In IN an DT Oct. NNP 19 CD review NN of IN `` `` The DT Misanthrope NN '' '' at IN Chicago NNP 's POS Goodman NNP Theatre NNP ( ( `` `` Revitalized VBN Classics NNS Take VBP the DT Stage NN in IN Windy NNP City NNP , , '' '' Leisure NN & CC Arts NNS ) ) , , the DT role NN of IN Celimene NNP , , played VBN by IN Kim NNP Cattrall NNP , , was VBD mistakenly RB attributed VBN to TO Christina NNP Haag NNP . . Ms. NNP Haag NNP plays VBZ Elianti NNP . . Rolls-Royce NNP Motor NNP Cars NNPS Inc. NNP said VBD it PRP expects VBZ its PRP$ U.S. NNP sales NNS to TO remain VB steady JJ at IN about IN 1,200 CD cars NNS in IN 1990 CD . . The DT luxury NN auto NN maker NN last JJ year NN sold VBD 1,214 CD cars NNS in IN the DT U.S. NNP Howard NNP Mosher NNP , , president NN and CC chief JJ executive NN officer NN , , said VBD he PRP anticipates VBZ growth NN for IN the DT luxury NN auto NN maker NN in IN Britain NNP and CC Europe NNP , , and CC in IN Far JJ Eastern JJ markets NNS . . BELL NNP INDUSTRIES NNP Inc. NNP increased VBD its PRP$ quarterly NN to TO 10 CD cents NNS from IN seven CD cents NNS a DT share NN . . The DT new JJ rate NN will MD be VB payable JJ Feb. NNP 15 CD . . A DT record NN date NN has VBZ n't RB been VBN set VBN . . Bell NNP , , based VBN in IN Los NNP Angeles NNP , , makes VBZ and CC distributes VBZ electronic JJ , , computer NN and CC building NN products NNS . . Investors NNS are VBP appealing VBG to TO the DT Securities NNPS and CC Exchange NNP Commission NNP not RB to TO limit VB their PRP$ access NN to TO information NN about IN stock NN purchases NNS and CC sales NNS by IN corporate JJ insiders NNS . . A DT SEC NNP proposal NN to TO ease VB reporting NN requirements NNS for IN some DT company NN executives NNS would MD undermine VB the DT usefulness NN of IN information NN on IN insider NN trades NNS as IN a DT stock-picking JJ tool NN , , individual JJ investors NNS and CC professional JJ money NN managers NNS contend VBP . . They PRP make VBP the DT argument NN in IN letters NNS to TO the DT agency NN about IN rule NN changes NNS proposed VBD this DT past JJ summer NN that IN , , among IN other JJ things NNS , , would MD exempt VB many JJ middle-management JJ executives NNS from IN reporting VBG trades NNS in IN their PRP$ own JJ companies NNS ' POS shares NNS . . The DT proposed VBN changes NNS also RB would MD allow VB executives NNS to TO report VB exercises NNS of IN options NNS later RBR and CC less RBR often RB . . Many JJ of IN the DT letters NNS maintain VBP that IN investor NN confidence NN has VBZ been VBN so RB shaken VBN by IN the DT 1987 CD stock NN market NN crash NN -- : and CC the DT markets NNS already RB so RB stacked VBN against IN the DT little JJ guy NN -- : that IN any DT decrease NN in IN information NN on IN insider-trading NN patterns NNS might MD prompt VB individuals NNS to TO get VB out RB of IN stocks NNS altogether RB . . `` `` The DT SEC NNP has VBZ historically RB paid VBN obeisance NN to TO the DT ideal NN of IN a DT level JJ playing NN field NN , , '' '' wrote VBD Clyde NNP S. NNP McGregor NNP of IN Winnetka NNP , , Ill. NNP , , in IN one CD of IN the DT 92 CD letters NNS the DT agency NN has VBZ received VBN since IN the DT changes NNS were VBD proposed VBN Aug. NNP 17 CD . . `` `` Apparently RB the DT commission NN did VBD not RB really RB believe VB in IN this DT ideal NN . . '' '' Currently RB , , the DT rules NNS force VBP executives NNS , , directors NNS and CC other JJ corporate JJ insiders NNS to TO report VB purchases NNS and CC sales NNS of IN their PRP$ companies NNS ' POS shares NNS within IN about IN a DT month NN after IN the DT transaction NN . . But CC about IN 25 CD % NN of IN the DT insiders NNS , , according VBG to TO SEC NNP figures NNS , , file VBP their PRP$ reports NNS late RB . . The DT changes NNS were VBD proposed VBN in IN an DT effort NN to TO streamline VB federal JJ bureaucracy NN and CC boost VB compliance NN by IN the DT executives NNS `` `` who WP are VBP really RB calling VBG the DT shots NNS , , '' '' said VBD Brian NNP Lane NNP , , special JJ counsel NN at IN the DT SEC NNP 's POS office NN of IN disclosure NN policy NN , , which WDT proposed VBD the DT changes NNS . . Investors NNS , , money NN managers NNS and CC corporate JJ officials NNS had VBD until IN today NN to TO comment VB on IN the DT proposals NNS , , and CC the DT issue NN has VBZ produced VBN more JJR mail NN than IN almost RB any DT other JJ issue NN in IN memory NN , , Mr. NNP Lane NNP said VBD . . The DT SEC NNP will MD probably RB vote VB on IN the DT proposal NN early RB next JJ year NN , , he PRP said VBD . . Not RB all PDT those DT who WP wrote VBD oppose VBP the DT changes NNS . . The DT Committee NNP on IN Federal NNP Regulation NNP of IN Securities NNPS for IN the DT American NNP Bar NNP Association NNP argues VBZ , , for IN example NN , , in IN its PRP$ lengthy JJ letter NN to TO the DT SEC NNP , , that IN the DT proposed VBN changes NNS `` `` would MD substantially RB improve VB the DT { ( law NN } ) by IN conforming VBG it PRP more RBR closely RB to TO contemporary JJ business NN realities NNS . . '' '' What WP the DT investors NNS who WP oppose VBP the DT proposed VBN changes NNS object VBP to TO most RBS is VBZ the DT effect NN they PRP say VBP the DT proposal NN would MD have VB on IN their PRP$ ability NN to TO spot VB telltale JJ `` `` clusters NNS '' '' of IN trading NN activity NN -- : buying NN or CC selling NN by IN more JJR than IN one CD officer NN or CC director NN within IN a DT short JJ period NN of IN time NN . . According VBG to TO some DT estimates NNS , , the DT rule NN changes NNS would MD cut VB insider NN filings NNS by IN more JJR than IN a DT third NN . . The DT SEC NNP 's POS Mr. NNP Lane NNP vehemently RB disputed VBD those DT estimates NNS . . The DT rules NNS will MD eliminate VB filings NNS policy-making VBG divisions NNS , , such JJ as IN sales NNS , , marketing NN , , finance NN and CC research NN and CC development NN , , Mr. NNP Lane NNP said VBD . . The DT proposed VBN rules NNS also RB would MD be VB tougher JJR on IN the DT insiders NNS still RB required JJ to TO file VB reports NNS , , he PRP said VBD . . Companies NNS would MD be VB compelled VBN to TO publish VB in IN annual JJ proxy NN statements NNS the DT names NNS of IN insiders NNS who WP fail VBP to TO file VB reports NNS on IN time NN . . Considered VBN as IN a DT whole NN , , Mr. NNP Lane NNP said VBD , , the DT filings NNS required VBN under IN the DT proposed VBN rules NNS `` `` will MD be VB at IN least RBS as IN effective JJ , , if IN not RB more RBR so RB , , for IN investors NNS following VBG transactions NNS . . '' '' But CC Robert NNP Gabele NNP , , president NN of IN Invest\/Net NNP , , a DT North NNP Miami NNP , , Fla. NNP , , company NN that WDT packages VBZ and CC sells VBZ the DT insider-trading NN data NNS , , said VBD the DT proposal NN is VBZ worded VBN so RB vaguely RB that IN key JJ officials NNS may MD fail VB to TO file VB the DT reports NNS . . Many JJ investors NNS wrote VBD asking VBG the DT SEC NNP to TO require VB insiders NNS to TO report VB their PRP$ purchases NNS and CC sales NNS immediately RB , , not RB a DT month NN later RB . . But CC Mr. NNP Lane NNP said VBD that IN while IN the DT SEC NNP regulates VBZ who WP files VBZ , , the DT law NN tells VBZ them PRP when WRB to TO do VB so RB . . Investors NNS who WP want VBP to TO change VB the DT required JJ timing NN should MD write VB their PRP$ representatives NNS in IN Congress NNP , , he PRP added VBD . . The DT SEC NNP would MD likely RB be VB amenable JJ to TO legislation NN that WDT required VBD insiders NNS to TO file VB transactions NNS on IN a DT more RBR timely JJ basis NN , , he PRP said VBD . . The DT nation NN 's POS largest JJS pension NN fund NN , , which WDT oversees VBZ $ $ 80 CD billion CD for IN college NN employees NNS , , plans VBZ to TO offer VB two CD new JJ investment NN options NNS to TO its PRP$ 1.2 CD million CD participants NNS . . The DT Teachers NNPS Insurance NNP and CC Annuity NNP Association-College NNP Retirement NNP Equities NNPS Fund NNP said VBD it PRP will MD introduce VB a DT stock NN and CC bond NN fund NN that WDT will MD invest VB in IN `` `` socially RB responsible JJ '' '' companies NNS , , and CC a DT bond NN fund NN . . Both DT funds NNS are VBP expected VBN to TO begin VB operation NN around IN March NNP 1 CD , , subject JJ to TO Securities NNPS and CC Exchange NNP Commission NNP approval NN . . For IN its PRP$ employees NNS to TO sign VB up RP for IN the DT options NNS , , a DT college NN also RB must MD approve VB the DT plan NN . . Some DT 4,300 CD institutions NNS are VBP part NN of IN the DT pension NN fund NN . . The DT new JJ options NNS carry VBP out RP part NN of IN an DT agreement NN that IN the DT pension NN fund NN , , under IN pressure NN to TO relax VB its PRP$ strict JJ participation NN rules NNS and CC to TO provide VB more JJR investment NN options NNS , , reached VBN with IN the DT SEC NNP in IN December NNP . . The DT new JJ `` `` social JJ choice NN '' '' fund NN will MD shun VB securities NNS of IN companies NNS linked VBN to TO South NNP Africa NNP , , nuclear JJ power NN and CC in IN some DT cases NNS , , Northern NNP Ireland NNP . . Also RB excluded VBN will MD be VB investments NNS in IN companies NNS with IN `` `` significant JJ '' '' business NN stemming VBG from IN weapons NNS manufacture NN , , alcoholic JJ beverages NNS or CC tobacco NN . . Sixty CD percent NN of IN the DT fund NN will MD be VB invested VBN in IN stocks NNS , , with IN the DT rest NN going VBG into IN bonds NNS or CC short-term JJ investments NNS . . The DT bond NN fund NN will MD invest VB in IN high-grade JJ or CC medium-grade JJ bonds NNS , , mortgages NNS or CC asset-backed JJ securities NNS , , including VBG as JJ much RB as IN 15 CD % NN in IN foreign JJ securities NNS . . The DT fund NN also RB might MD buy VB and CC sell VB futures NNS and CC options NNS contracts NNS , , subject JJ to TO approval NN by IN the DT New NNP York NNP State NNP Insurance NNP Department NNP . . Under IN two CD new JJ features NNS , , participants NNS will MD be VB able JJ to TO transfer VB money NN from IN the DT new JJ funds NNS to TO other JJ investment NN funds NNS or CC , , if IN their PRP$ jobs NNS are VBP terminated VBN , , receive VB cash NN from IN the DT funds NNS . . The DT investment NN choices NNS offered VBN by IN the DT pension NN fund NN currently RB are VBP limited VBN to TO a DT stock NN fund NN , , an DT annuity NN and CC a DT money-market NN fund NN . . New NNP Brunswick NNP Scientific NNP Co. NNP , , a DT maker NN of IN biotechnology NN instrumentation NN and CC equipment NN , , said VBD it PRP adopted VBD an DT anti-takeover JJ plan NN giving VBG shareholders NNS the DT right NN to TO purchase VB shares NNS at IN half JJ price NN under IN certain JJ conditions NNS . . The DT company NN said VBD the DT plan NN , , under IN review NN for IN some DT time NN , , will MD protect VB shareholders NNS against IN `` `` abusive JJ takeover NN tactics NNS . . W. NNP Ed NNP Tyler NNP , , 37 CD years NNS old JJ , , a DT senior JJ vice NN president NN at IN this DT printing VBG concern NN , , was VBD elected VBN president NN of IN its PRP$ technology NN group NN , , a DT new JJ position NN . . Solo JJ woodwind NN players NNS have VBP to TO be VB creative JJ if IN they PRP want VBP to TO work VB a DT lot NN , , because IN their PRP$ repertoire NN and CC audience NN appeal NN are VBP limited JJ . . The DT oboist NN Heinz NNP Holliger NNP has VBZ taken VBN a DT hard JJ line NN about IN the DT problem NN : : He PRP commissions VBZ and CC splendidly RB interprets VBZ fearsome JJ contemporary JJ scores NNS and CC does VBZ some DT conducting NN , , so IN he PRP does VBZ n't RB have VB to TO play VB the DT same JJ Mozart NNP and CC Strauss NNP concertos NNS over RB and CC over RB again RB . . Richard NNP Stoltzman NNP has VBZ taken VBN a DT gentler JJR , , more RBR audience-friendly JJ approach NN . . Years NNS ago RB , , he PRP collaborated VBD with IN the DT new JJ music NN gurus NNS Peter NNP Serkin NNP and CC Fred NNP Sherry NNP in IN the DT very RB countercultural JJ chamber NN group NN Tashi NNP , , which WDT won VBD audiences NNS over RP to TO dreaded JJ contemporary JJ scores NNS like IN Messiaen NNP 's POS `` `` Quartet NN for IN the DT End NN of IN Time NN . . '' '' Today NN , , the DT pixie-like JJ clarinetist NN has VBZ mostly RB dropped VBN the DT missionary JJ work NN ( ( though IN a DT touch NN of IN the DT old JJ Tashi NNP still RB survives VBZ ) ) and CC now RB goes VBZ on IN the DT road NN with IN piano NN , , bass NN , , a DT slide NN show NN , , and CC a DT repertoire NN that WDT ranges VBZ from IN light JJ classical JJ to TO light JJ jazz NN to TO light JJ pop NN , , with IN a DT few JJ notable JJ exceptions NNS . . Just RB the DT thing NN for IN the DT Vivaldi-at-brunch JJ set NN , , the DT yuppie NN audience NN that WDT has VBZ embraced VBN New NNP Age NNP as IN its PRP$ very RB own JJ easy JJ listening NN . . But CC you PRP ca MD n't RB dismiss VB Mr. NNP Stoltzman NNP 's POS music NN or CC his PRP$ motives NNS as RB merely RB commercial JJ and CC lightweight JJ . . He PRP believes VBZ in IN what WP he PRP plays VBZ , , and CC he PRP plays VBZ superbly RB . . His PRP$ recent JJ appearance NN at IN the DT Metropolitan NNP Museum NNP , , dubbed VBN `` `` A DT Musical JJ Odyssey NN , , '' '' was VBD a DT case NN in IN point NN . . It PRP felt VBD more RBR like IN a DT party NN , , or CC a DT highly RB polished JJ jam NN session NN with IN a DT few JJ friends NNS , , than IN a DT classical JJ concert NN . . Clad VBN in IN his PRP$ trademark NN black JJ velvet NN suit NN , , the DT soft-spoken JJ clarinetist NN announced VBD that IN his PRP$ new JJ album NN , , `` `` Inner JJ Voices NNS , , '' '' had VBD just RB been VBN released VBN , , that IN his PRP$ family NN was VBD in IN the DT front NN row NN , , and CC that IN it PRP was VBD his PRP$ mother NN 's POS birthday NN , , so RB he PRP was VBD going VBG to TO play VB her PRP$ favorite JJ tune NN from IN the DT record NN . . He PRP launched VBD into IN Saint-Saens NNP 's POS `` `` The DT Swan NN '' '' from IN `` `` Carnival NN of IN the DT Animals NNS , , '' '' a DT favorite JJ encore NN piece NN for IN cellists NNS , , with IN lovely JJ , , glossy JJ tone NN and CC no DT bite NN . . Then RB , , as IN if IN to TO show VB that IN he PRP could MD play VB fast RB as IN well RB , , he PRP offered VBD the DT second JJ movement NN from IN Saint-Saens NNP 's POS Sonata NN for IN Clarinet NN , , a DT whimsical JJ , , puckish JJ tidbit NN that WDT reflected VBD the DT flip JJ side NN of IN the DT Stoltzman NNP personality NN . . And CC so RB it PRP went VBD through IN the DT first JJ half NN : : an DT ingeniously RB chosen VBN potpourri NN of IN pieces NNS , , none NN longer JJR than IN five CD minutes NNS , , none NN that WDT would MD disturb VB or CC challenge VB a DT listener NN . . Mr. NNP Stoltzman NNP introduced VBD his PRP$ colleagues NNS : : Bill NNP Douglas NNP , , pianist\/bassoonist\/composer NN and CC an DT old JJ buddy NN from IN Yale NNP , , and CC jazz NN bassist NN Eddie NNP Gomez NNP . . An DT improvisational JJ section NN was VBD built VBN around IN pieces NNS by IN Mr. NNP Douglas NNP , , beginning NN with IN `` `` Golden JJ Rain NN , , '' '' a DT lilting JJ , , laid-back JJ lead NN in IN to TO the DT uptempo JJ `` `` Sky NN , , '' '' which WDT gave VBD Mr. NNP Stoltzman NNP the DT opportunity NN to TO wail VB in IN a DT high JJ register NN and CC show VB off RP his PRP$ fleet JJ fingers NNS . . Bach NNP 's POS `` `` Air NN '' '' followed VBD . . Mr. NNP Stoltzman NNP tied VBD the DT composer NN in RP by IN proclaiming VBG him PRP `` `` the DT great JJ improviser NN of IN the DT 18th JJ century NN , , '' '' and CC then RB built VBD on IN the DT image NN by IN joining VBG with IN Mr. NNP Douglas NNP in IN some DT Bach NNP two-part JJ inventions NNS , , cleverly RB arranged VBN for IN clarinet NN and CC bassoon NN by IN Mr. NNP Douglas NNP . . Keeping VBG the DT mood NN light JJ , , the DT two CD then RB chanted VBD and CC chortled VBD their PRP$ way NN through IN some DT murderous JJ polyrhythms NNS , , devised VBN by IN Mr. NNP Douglas NNP as IN an DT alternative NN to TO Hindemith NNP 's POS dry JJ theory-teaching VBG techniques NNS , , and CC then RB , , with IN Mr. NNP Gomez NNP , , soared VBD and CC improvised VBD on IN the DT composer NN 's POS tight JJ `` `` Bebop NNP Etudes NNP . . '' '' The DT end NN of IN the DT first JJ half NN , , however RB , , brought VBD what WP the DT standing-room-only JJ crowd NN seemed VBD to TO be VB waiting VBG for IN : : the DT pop NN singer NN Judy NNP Collins NNP , , who WP appears VBZ on IN `` `` Inner JJ Voices NNS . . '' '' Glamorous JJ and CC pure-voiced JJ as IN ever RB , , Ms. NNP Collins NNP sang VBD Joni NNP Mitchell NNP 's POS `` `` For IN Free RB '' '' -- : about IN an DT encounter NN with IN a DT street-corner JJ clarinetist NN , , to TO which WDT Mr. NNP Stoltzman NNP contributed VBD a DT clarinet NN obligatto NN -- : and CC Mr. NNP Douglas NNP 's POS lush JJ setting NN of IN a DT Gaelic JJ blessing NN , , `` `` Deep JJ Peace NN . . '' '' `` `` Deep JJ Peace NN '' '' also RB featured VBD a DT slide NN show NN of IN lovely JJ but CC predictable JJ images NNS of IN clouds NNS , , beaches NNS , , deserts NNS , , sunsets NNS , , etc FW . . It PRP was VBD all RB too RB mellow JJ to TO be VB believed VBN , , but CC they PRP probably RB would MD have VB gotten VBN away RP with IN it PRP , , had VBD they PRP not RB felt VBD compelled VBN to TO add VB Ms. NNP Collins NNP 's POS signature NN tune NN , , `` `` Amazing JJ Grace NN , , '' '' and CC ask VB for IN audience NN participation NN . . That WDT went VBD over IN the DT permissible JJ line NN for IN warm JJ and CC fuzzy JJ feelings NNS . . Was VBD this DT why WRB some DT of IN the DT audience NN departed VBD before IN or CC during IN the DT second JJ half NN ? . Or CC was VBD it PRP because IN Ms. NNP Collins NNP had VBD gone VBN ? . Either DT way NN it PRP was VBD a DT pity NN , , because IN Mr. NNP Stolzman NNP offered VBD the DT most RBS substantial JJ music NN of IN the DT evening NN just RB after IN intermission NN : : Steve NNP Reich NNP 's POS `` `` New NNP York NNP Counterpoint NN , , '' '' one CD of IN a DT series NN of IN Reich NNP works NNS that WDT juxtapose VBP a DT live JJ performer NN with IN recorded JJ tracks NNS of IN his PRP$ or CC her PRP$ own JJ playing NN . . ( ( Mr. NNP Reich NNP 's POS new JJ `` `` Different JJ Trains NNS '' '' for IN string NN quartet NN uses VBZ the DT technique NN magisterially RB . . ) ) Mr. NNP Stoltzman NNP must MD have VB worried VBN that IN his PRP$ audience NN might MD not RB be VB able JJ to TO take VB it PRP : : He PRP warned VBD us PRP in IN advance NN that IN `` `` New NNP York NNP Counterpoint NN '' '' lasts VBZ 11 CD 1\/2 CD minutes NNS . . He PRP also RB unfortunately RB illustrated VBD this DT intricate JJ , , jazzy JJ tapestry NN with IN Mr. NNP Pearson NNP 's POS images NNS , , this DT time NN of IN geometric JJ or CC repeating JJ objects NNS , , in IN a DT kitschy JJ mirroring NN of IN the DT musical JJ structure NN that WDT was VBD thoroughly RB distracting VBG from IN Mr. NNP Reich NNP 's POS piece NN and CC Mr. NNP Stoltzman NNP 's POS elegant JJ execution NN of IN it PRP . . The DT rest NN of IN the DT concert NN was VBD more JJR straight JJ jazz NN and CC mellow JJ sounds NNS written VBN by IN Charlie NNP Parker NNP , , Ornette NNP Coleman NNP , , Bill NNP Douglas NNP and CC Eddie NNP Gomez NNP , , with IN pictures NNS for IN the DT Douglas NNP pieces NNS . . It PRP was VBD enjoyable JJ to TO hear VB accomplished JJ jazz NN without IN having VBG to TO sit VB in IN a DT smoke-filled JJ club NN , , but CC like IN the DT first JJ half NN , , much JJ of IN it PRP was VBD easy JJ to TO take VB and CC ultimately RB forgettable JJ . . Is VBZ this DT the DT future NN of IN chamber NN music NN ? . Managers NNS and CC presenters NNS insist VBP that IN chamber NN music NN concerts NNS are VBP a DT hard JJ sell NN , , but CC can MD audiences NNS really RB enjoy VB them PRP only RB if IN the DT music NN is VBZ purged VBN of IN threatening JJ elements NNS , , served VBN up RP in IN bite-sized JJ morsels NNS and CC accompanied VBN by IN visuals NNS ? . What WP 's VBZ next JJ ? . Slides NNS to TO illustrate VB Shostakovich NNP quartets NNS ? . It PRP was VBD not RB an DT unpleasant JJ evening NN , , certainly RB , , thanks NNS to TO the DT high JJ level NN of IN performance NN , , the DT compositional JJ talents NNS of IN Mr. NNP Douglas NNP , , and CC the DT obvious JJ sincerity NN with IN which WDT Mr. NNP Stoltzman NNP chooses VBZ his PRP$ selections NNS . . But CC it PRP was VBD neither RB deep JJ nor CC lasting JJ : : light JJ entertainment NN that WDT was VBD no DT substitute NN for IN an DT evening NN of IN Brahms NNP . . Ms. NNP Waleson NNP is VBZ a DT free-lance JJ writer NN based VBN in IN New NNP York NNP . . One CD of IN Ronald NNP Reagan NNP 's POS attributes NNS as IN President NNP was VBD that IN he PRP rarely RB gave VBD his PRP$ blessing NN to TO the DT claptrap NN that WDT passes VBZ for IN `` `` consensus NN '' '' in IN various JJ international JJ institutions NNS . . In IN fact NN , , he PRP liberated VBD the DT U.S. NNP from IN one CD of IN the DT world NN 's VBZ most RBS corrupt JJ organizations NNS -- : UNESCO NNP . . This DT is VBZ the DT U.N. NNP group NN that WDT managed VBD to TO traduce VB its PRP$ own JJ charter NN of IN promoting VBG education NN , , science NN and CC culture NN . . Ever RB since IN , , the DT remaining VBG members NNS have VBP been VBN desperate JJ for IN the DT United NNP States NNPS to TO rejoin VB this DT dreadful JJ group NN . . Now RB UNESCO NNP apologists NNS are VBP lobbying VBG President NNP Bush NNP to TO renege VB on IN President NNP Reagan NNP 's POS decision NN to TO depart VB . . But CC we PRP can MD think VB of IN many JJ reasons NNS to TO stay VB out RB for IN the DT foreseeable JJ future NN and CC well RB beyond IN . . The DT U.S. NNP , , along IN with IN Britain NNP and CC Singapore NNP , , left VBD the DT agency NN when WRB its PRP$ anti-Western JJ ideology NN , , financial JJ corruption NN and CC top JJ leadership NN got VBD out IN of IN hand NN . . The DT personal JJ antics NNS of IN agency NN Director NNP Amadou-Mahtar NNP M'Bow NNP drew VBD much JJ attention NN , , such JJ as IN when WRB several JJ of IN his PRP$ top JJ aides NNS were VBD uncovered VBN as IN KGB NNP plants NNS and CC ejected VBN from IN France NNP and CC when WRB a DT mysterious JJ office NN fire NN was VBD set VBN just RB before IN Congress NNP sent VBD accountants NNS to TO trace VB U.S. NNP funds NNS . . Mr. NNP M'Bow NNP was VBD an DT extreme JJ case NN , , but CC even RB his PRP$ replacement NN , , the DT more RBR personally RB genial JJ Spanish JJ biochemist NN Federico NNP Mayor NNP , , has VBZ had VBN little JJ success NN at IN achieving VBG reforms NNS . . Several JJ ridiculous JJ projects NNS continue VBP , , including VBG the DT `` `` New JJ International JJ Economic JJ Order NN , , '' '' which WDT means VBZ redistributionism NN from IN the DT West NNP to TO pay VB for IN everyone NN else RB 's POS statism NN . . The DT Orwellian NNP `` `` New JJ World NN Information NN Order NN '' '' would MD give VB government NN officials NNS rights NNS against IN the DT press NN ; : journalists NNS would MD be VB obliged VBN to TO kowtow VB to TO their PRP$ government NN , , which WDT would MD have VB licensing NN and CC censorship NN powers NNS and CC , , indeed RB , , duties NNS to TO block VB printing NN of IN `` `` wrong JJ '' '' ideas NNS . . UNESCO NNP somehow RB converted VBD the DT founding JJ U.N. NNP ideals NNS of IN individual JJ rights NNS and CC liberty NN into IN `` `` peoples NNS ' POS rights NNS . . '' '' Million-dollar JJ conferences NNS were VBD held VBN to TO chew VB on IN subjects NNS such JJ as IN `` `` ethical JJ responsibilities NNS of IN scientists NNS in IN support NN of IN disarmament NN '' '' and CC `` `` the DT impact NN of IN the DT activities NNS of IN transnational JJ corporations NNS . . '' '' The DT agency NN was VBD so RB totally RB subverted VBN from IN the DT high JJ principles NNS of IN its PRP$ founding NN that IN even RB the DT Soviets NNPS now RB wonder VBP about IN an DT agency NN that WDT seemed VBD so RB congenial JJ to TO them PRP . . Glasnost FW may MD be VB partly RB responsible JJ , , but CC Soviet NNP Foreign NNP Minister NNP Eduard NNP Shevardnadze NNP last JJ year NN admitted VBD , , `` `` The DT exaggerated JJ ideological JJ approach NN undermined VBD tolerance NN intrinsic JJ to TO UNESCO NNP . . '' '' UNESCO NNP is VBZ now RB holding VBG its PRP$ biennial JJ meetings NNS in IN Paris NNP to TO devise VB its PRP$ next JJ projects NNS . . Mr. NNP Mayor NNP 's POS hope NN that IN references NNS to TO `` `` press NN freedom NN '' '' would MD survive VB unamended JJ seems VBZ doomed VBN to TO failure NN ; : the DT current JJ phrasing NN is VBZ `` `` educating VBG the DT public NN and CC media NNS to TO avoid VB manipulation NN . . '' '' He PRP has VBZ n't RB been VBN able JJ to TO replace VB the DT M'Bow NNP cabal NN . . Soviets NNPS remain VBP in IN charge NN of IN education NN programs NNS , , a DT former JJ head NN of IN an DT African JJ military JJ tribunal NN for IN executions NNS is VBZ in IN charge NN of IN culture NN , , and CC a DT hard-line JJ Polish JJ communist NN in IN exile NN directs VBZ the DT human-rights JJ and CC peace NN division NN . . Of IN the DT agency NN 's POS 2,750 CD staff NN members NNS , , 230 CD are VBP in IN the DT field NN working VBG on IN actual JJ projects NNS , , such JJ as IN literacy NN and CC oceanographic JJ research NN . . The DT position NN of IN the DT United NNP States NNPS , , which WDT once RB contributed VBD 25 CD % NN of IN the DT budget NN , , is VBZ that IN nothing NN has VBZ changed VBN . . John NNP Bolton NNP , , the DT assistant NN secretary NN of IN state NN for IN international JJ organizations NNS , , told VBD Congress NNP that IN the DT continuing VBG `` `` statist JJ , , restrictive JJ , , nondemocratic JJ '' '' programs NNS make VBP rejoining VBG any DT time NN soon RB `` `` extremely RB unlikely JJ . . '' '' This DT has VBZ n't RB much RB bothered VBN the DT UNESCO NNP delegates NNS , , who WP last JJ week NN could MD n't RB even RB agree VB to TO raise VB funds NNS by IN selling VBG off RP a DT fancy JJ 19th-century JJ French JJ chateau NN the DT agency NN somehow RB owns VBZ . . Other JJ countries NNS , , including VBG West NNP Germany NNP , , may MD have VB a DT hard JJ time NN justifying VBG continued JJ membership NN . . We PRP see VBP an DT even RB stronger JJR argument NN against IN UNESCO NNP than IN its PRP$ unsurprising JJ failure NN to TO reform NN . . This DT is VBZ that IN the DT Reagan NNP Revolution NNP spanning VBG Eastern NNP Europe NNP and CC Tiananmen NNP Square NNP shows VBZ the DT power NN of IN ideas NNS unencumbered JJ by IN international JJ civil JJ servants NNS or CC government NN functionaries NNS . . Free JJ markets NNS , , free JJ minds NNS and CC free JJ elections NNS have VBP an DT appeal NN that WDT seems VBZ to TO get VB muddled VBN only RB when WRB delivered VBN through IN U.N. NNP organizations NNS -- : which WDT of IN course NN are VBP made VBN up RP largely RB of IN governments NNS that WDT fear VBP these DT principles NNS at IN home NN . . The DT Babelists NNS of IN the DT United NNP Nations NNPS are VBP experts NNS at IN obfuscation NN . . This DT can MD have VB its PRP$ purposes NNS at IN times NNS , , but CC there EX 's VBZ no DT reason NN to TO cloud VB the DT importance NN and CC allure NN of IN Western JJ concepts NNS of IN freedom NN and CC justice NN . . We PRP can MD see VB plenty RB of IN reasons NNS to TO stay VB out RB , , and CC none NN to TO rejoin VB UNESCO NNP . . Researchers NNS at IN Plant NNP Genetic NNP Systems NNP N.V. NNP in IN Belgium NNP said VBD they PRP have VBP developed VBN a DT genetic JJ engineering NN technique NN for IN creating VBG hybrid JJ plants NNS for IN a DT number NN of IN key JJ crops NNS . . The DT researchers NNS said VBD they PRP have VBP isolated VBN a DT plant NN gene NN that WDT prevents VBZ the DT production NN of IN pollen NN . . The DT gene NN thus RB can MD prevent VB a DT plant NN from IN fertilizing VBG itself PRP . . Such JJ so-called JJ male-sterile JJ plants NNS can MD then RB be VB fertilized VBN by IN pollen NN from IN another DT strain NN of IN the DT plant NN , , thereby RB producing VBG hybrid JJ seed NN . . The DT new JJ generation NN of IN plants NNS will MD possess VB the DT flourishing JJ , , high-production JJ trait NN known VBN as IN `` `` hybrid JJ vigor NN , , '' '' similar JJ to TO that DT now RB seen VBN in IN hybrid JJ corn NN . . `` `` The DT development NN could MD have VB a DT dramatic JJ effect NN on IN farm NN production NN , , especially RB cotton NN , , '' '' said VBD Murray NNP Robinson NNP , , president NN of IN Delta NNP & CC Pine NNP Land NNP Co. NNP , , a DT Southwide NNP Inc. NNP subsidiary NN that WDT is VBZ one CD of IN the DT largest JJS cotton NN seed NN producers NNS in IN the DT U.S. NNP . . On IN a DT commercial JJ scale NN , , the DT sterilization NN of IN the DT pollen-producing VBG male JJ part NN has VBZ only RB been VBN achieved VBN in IN corn NN and CC sorghum NN feed NN grains NNS . . That DT 's VBZ because IN the DT male NN part NN , , the DT tassel NN , , and CC the DT female NN , , the DT ear NN , , are VBP some DT distance NN apart RB on IN the DT corn NN plant NN . . In IN a DT labor-intensive JJ process NN , , the DT seed NN companies NNS cut VBD off RP the DT tassels NNS of IN each DT plant NN , , making VBG it PRP male JJ sterile JJ . . They PRP sow VBP a DT row NN of IN male-fertile JJ plants NNS nearby RB , , which WDT then RB pollinate VBP the DT male-sterile JJ plants NNS . . The DT first JJ hybrid JJ corn NN seeds NNS produced VBN using VBG this DT mechanical JJ approach NN were VBD introduced VBN in IN the DT 1930s NNS and CC they PRP yielded VBD as RB much JJ as IN 20 CD % NN more JJR corn NN than IN naturally RB pollinated VBN plants NNS . . The DT vast JJ majority NN of IN the DT U.S. NNP corn NN crop NN now RB is VBZ grown VBN from IN hybrid JJ seeds NNS produced VBN by IN seed NN companies NNS . . A DT similar JJ technique NN is VBZ almost RB impossible JJ to TO apply VB to TO other JJ crops NNS , , such JJ as IN cotton NN , , soybeans NNS and CC rice NN . . The DT male JJ part NN , , the DT anthers NNS of IN the DT plant NN , , and CC the DT female NN , , the DT pistils NNS , , of IN the DT same JJ plant NN are VBP within IN a DT fraction NN of IN an DT inch NN or CC even RB attached VBN to TO each DT other JJ . . The DT anthers NNS in IN these DT plants NNS are VBP difficult JJ to TO clip VB off RP . . In IN China NNP , , a DT great JJ number NN of IN workers NNS are VBP engaged VBN in IN pulling VBG out RP the DT male JJ organs NNS of IN rice NN plants NNS using VBG tweezers NNS , , and CC one-third NN of IN rice NN produced VBN in IN that DT country NN is VBZ grown VBN from IN hybrid JJ seeds NNS . . At IN Plant NNP Genetic NNP Systems NNPS , , researchers NNS have VBP isolated VBN a DT pollen-inhibiting JJ gene NN that WDT can MD be VB inserted VBN in IN a DT plant NN to TO confer VB male JJ sterility NN . . Jan NNP Leemans NNP , , research NN director NN , , said VBD this DT gene NN was VBD successfully RB introduced VBN in IN oil-producing JJ rapeseed NN plants NNS , , a DT major JJ crop NN in IN Europe NNP and CC Canada NNP , , using VBG as IN a DT carrier NN a DT `` `` promoter NN gene NN '' '' developed VBN by IN Robert NNP Goldberg NNP at IN the DT University NNP of IN California NNP in IN Los NNP Angeles NNP . . The DT sterilizing VBG gene NN is VBZ expressed VBN just RB before IN the DT pollen NN is VBZ about IN to TO develop VB and CC it PRP deactivates VBZ the DT anthers NNS of IN every DT flower NN in IN the DT plant NN . . Mr. NNP Leemans NNP said VBD this DT genetic JJ manipulation NN does VBZ n't RB hurt VB the DT growth NN of IN that DT plant NN . . The DT researchers NNS also RB pulled VBD off RP a DT second JJ genetic JJ engineering NN trick NN in IN order NN to TO get VB male-sterile JJ plants NNS in IN large JJ enough JJ numbers NNS to TO produce VB a DT commercial JJ hybrid JJ seed NN crop NN . . They PRP attached VBD a DT second JJ gene NN , , for IN herbicide NN resistance NN , , to TO the DT pollen-inhibiting JJ gene NN . . Both DT genes NNS are VBP then RB inserted VBN into IN a DT few JJ greenhouse NN plants NNS , , which WDT are VBP then RB pollinated VBN and CC allowed VBN to TO mature VB and CC produce VB seed NN . . The DT laws NNS of IN heredity NN dictate VBP that IN half NN of IN the DT plants NNS springing VBG from IN these DT greenhouse-produced JJ seeds NNS will MD be VB male NN sterile JJ and CC herbicide NN resistant JJ and CC half NN will MD be VB male NN fertile JJ and CC herbicide NN susceptible JJ . . The DT application NN of IN herbicide NN would MD kill VB off RP the DT male-fertile JJ plants NNS , , leaving VBG a DT large JJ field NN of IN male-sterile JJ plants NNS that WDT can MD be VB cross-pollinated VBN to TO produce VB hybrid NN seed NN . . Mr. NNP Leemans NNP said VBD the DT hybrid NN rapeseeds NNS created VBN with IN this DT genetic JJ engineering NN yield NN 15 CD % NN to TO 30 CD % NN more JJR output NN than IN the DT commercial JJ strains NNS used VBN currently RB . . `` `` This DT technique NN is VBZ applicable JJ to TO a DT wide JJ variety NN of IN crops NNS , , '' '' he PRP said VBD , , and CC added VBD that IN some DT modifications NNS may MD be VB necessary JJ to TO accommodate VB the DT peculiarities NNS of IN each DT type NN of IN crop NN . . He PRP said VBD the DT company NN is VBZ experimenting VBG with IN the DT technique NN on IN alfalfa NN , , and CC plans VBZ to TO include VB cotton NN and CC corn NN , , among IN other JJ crops NNS . . He PRP said VBD that IN even RB though IN virtually RB all DT corn NN seeds NNS currently RB planted VBN are VBP hybrids NNS , , the DT genetic JJ approach NN will MD obviate VB the DT need NN for IN mechanical JJ emasculation NN of IN anthers NNS , , which WDT costs VBZ U.S. NNP seed NN producers NNS about IN $ $ 70 CD million CD annually RB . . In IN recent JJ years NNS , , demand NN for IN hybrid NN seeds NNS has VBZ spurred VBN research NN at IN a DT number NN of IN chemical NN and CC biotechnology NN companies NNS , , including VBG Monsanto NNP Co. NNP , , Shell NNP Oil NNP Co. NNP and CC Eli NNP Lilly NNP & CC Co NNP . . One CD technique NN developed VBN by IN some DT of IN these DT companies NNS involves VBZ a DT chemical NN spray NN supposed VBD to TO kill VB only RB a DT plant NN 's POS pollen NN . . But CC there EX have VBP been VBN problems NNS with IN chemical NN sprays NNS damaging VBG plants NNS ' POS female JJ reproductive JJ organs NNS and CC concern NN for IN the DT toxicity NN of IN such JJ chemical NN sprays NNS to TO humans NNS , , animals NNS and CC beneficial JJ insects NNS . . However RB , , Paul NNP Johanson NNP , , Monsanto NNP 's POS director NN of IN plant NN sciences NNS , , said VBD the DT company NN 's POS chemical NN spray NN overcomes VBZ these DT problems NNS and CC is VBZ `` `` gentle JJ on IN the DT female JJ organ NN . . '' '' Biosource NNP Genetics NNP Corp. NNP , , Vacaville NNP , , Calif. NNP , , is VBZ developing VBG a DT spray NN containing VBG a DT gene NN that WDT spreads VBZ from IN cell NN to TO cell NN and CC interferes VBZ with IN the DT genes NNS that WDT are VBP responsible JJ for IN producing VBG pollen NN . . This DT gene NN , , called VBN `` `` gametocide NN , , '' '' is VBZ carried VBN into IN the DT plant NN by IN a DT virus NN that WDT remains VBZ active JJ for IN a DT few JJ days NNS . . Robert NNP Erwin NNP , , president NN of IN Biosource NNP , , called VBD Plant NNP Genetic NNP 's POS approach NN `` `` interesting JJ '' '' and CC `` `` novel JJ , , '' '' and CC `` `` complementary JJ rather RB than IN competitive JJ . . '' '' `` `` There EX is VBZ a DT large JJ market NN out IN there RB hungry JJ for IN hybrid JJ seeds NNS , , '' '' he PRP said VBD . . Mr. NNP Robinson NNP of IN Delta NNP & CC Pine NNP , , the DT seed NN producer NN in IN Scott NNP , , Miss. NNP , , said VBD Plant NNP Genetic NNP 's POS success NN in IN creating VBG genetically RB engineered VBN male NN steriles NNS does VBZ n't RB automatically RB mean VB it PRP would MD be VB simple JJ to TO create VB hybrids NNS in IN all DT crops NNS . . That DT 's VBZ because RB pollination NN , , while IN easy JJ in IN corn NN because IN the DT carrier NN is VBZ wind NN , , is VBZ more RBR complex JJ and CC involves VBZ insects NNS as IN carriers NNS in IN crops NNS such JJ as IN cotton NN . . `` `` It PRP 's VBZ one CD thing NN to TO say VB you PRP can MD sterilize VB , , and CC another DT to TO then RB successfully RB pollinate VB the DT plant NN , , '' '' he PRP said VBD . . Nevertheless RB , , he PRP said VBD , , he PRP is VBZ negotiating VBG with IN Plant NNP Genetic NNP to TO acquire VB the DT technology NN to TO try VB breeding VBG hybrid JJ cotton NN . . A DT bitter JJ conflict NN with IN global JJ implications NNS has VBZ erupted VBN between IN Nomura NNP Securities NNPS Co. NNP and CC Industrial NNP Bank NNP of IN Japan NNP , , two CD of IN the DT world NN 's VBZ most RBS powerful JJ financial JJ companies NNS . . The DT clash NN is VBZ a DT sign NN of IN a DT new JJ toughness NN and CC divisiveness NN in IN Japan NNP 's POS once-cozy JJ financial JJ circles NNS . . Not RB only RB are VBP Japan NNP 's POS financial JJ institutions NNS putting VBG their PRP$ enormous JJ clout NN to TO work VB ; : increasingly RB they PRP 're VBP squaring VBG off RP against IN one CD another DT in IN unprecedented JJ public JJ fashion NN . . Already RB , , the DT consequences NNS are VBP being VBG felt VBN by IN other JJ players NNS in IN the DT financial JJ markets NNS -- : even JJ governments NNS . . What WP triggered VBD the DT latest JJS clash NN was VBD a DT skirmish NN over IN the DT timing NN of IN a DT New NNP Zealand NNP government NN bond NN issue NN . . Nomura NNP was VBD attempting VBG to TO organize VB the DT 50 CD billion-yen JJ ( ( $ $ 352 CD million CD ) ) borrowing NN in IN Japan NNP at IN a DT time NN when WRB many JJ Japanese JJ banks NNS , , led VBN by IN Industrial NNP Bank NNP of IN Japan NNP , , were VBD pressuring VBG the DT Wellington NNP government NN to TO help VB them PRP recover VB loans NNS made VBN to TO a DT defunct JJ investment NN bank NN that WDT had VBD been VBN owned VBN by IN New NNP Zealand NNP 's POS civil-service JJ pension NN fund NN . . Unwilling JJ to TO put VB up RP new JJ money NN for IN New NNP Zealand NNP until IN those DT debts NNS are VBP repaid VBN , , most JJS banks NNS refused VBD even RB to TO play VB administrative JJ roles NNS in IN the DT new JJ financing NN , , forcing VBG an DT embarrassed JJ Nomura NNP to TO postpone VB it PRP this DT week NN . . The DT dispute NN shows VBZ clearly RB the DT global JJ power NN of IN Japan NNP 's POS financial JJ titans NNS . . Aside RB from IN Nomura NNP 's POS injured JJ pride NN , , the DT biggest JJS victim NN so RB far RB has VBZ been VBN the DT New NNP Zealand NNP government NN . . Barred VBN by IN its PRP$ budget NN law NN from IN making VBG any DT new JJ domestic JJ bond NN issues NNS , , Wellington NNP 's POS Debt NNP Management NNP Office NNP had VBD been VBN casting VBG abroad RB to TO raise VB the DT 3 CD billion CD New NNP Zealand NNP dollars NNS ( ( US$ $ 1.76 CD billion CD ) ) to TO NZ$ $ 4 CD billion CD it PRP needs VBZ to TO come VB up RB with IN by IN the DT end NN of IN its PRP$ fiscal JJ year NN next IN June NNP 30 CD . . With IN Japan NNP 's POS cash-flush JJ banks NNS aligned VBN against IN it PRP , , though RB , , raising VBG money NN may MD be VB difficult JJ . . Not RB only RB can MD they PRP block VB Wellington NNP from IN raising VBG money NN in IN Japan NNP , , bankers NNS here RB say VBP , , but CC as IN the DT largest JJS underwriters NNS in IN the DT Eurobond NN market NN , , they PRP might MD be VB able JJ to TO scuttle VB borrowings NNS there RB , , too RB . . New NNP Zealand NNP 's POS finance NN minister NN , , David NNP Caygill NNP , , lashed VBD out RB at IN such JJ suggestions NNS . . He PRP told VBD reporters NNS in IN Wellington NNP Tuesday NNP that IN the DT government NN had VBD n't RB guaranteed VBN the DT loans NNS to TO DFC NNP New NNP Zealand NNP Ltd. NNP , , an DT investment NN bank NN 80%-owned JJ by IN the DT National NNP Provident NNP Fund NNP , , and CC would MD n't RB bail VB it PRP out RP . . `` `` It PRP may MD very RB well RB be VB what WP the DT Japanese JJ banks NNS want VBP , , '' '' he PRP told VBD Radio NNP New NNP Zealand NNP . . `` `` I PRP think VBP it PRP would MD be VB irresponsible JJ and CC I PRP am VBP not RB about IN to TO be VB blackmailed VBN by IN Japanese JJ banks NNS or CC any DT other JJ international JJ interests NNS . . '' '' No DT less RBR significant JJ than IN the DT Japanese JJ banks NNS ' POS attempt NN to TO cut VB off RP funds NNS to TO pressure VB a DT foreign JJ government NN are VBP the DT implications NNS of IN a DT confrontation NN between IN Japan NNP securities NNS and CC banking VBG industries NNS . . Anxiety NN is VBZ rising VBG over IN recent JJ government NN proposals NNS to TO eventually RB lower VB the DT strict JJ barriers NNS that WDT now RB separate VBP -- : and CC protect VBP -- : the DT two CD industries NNS from IN each DT other JJ . . Both DT sides NNS are VBP jealously RB guarding VBG their PRP$ turf NN , , and CC relations NNS have VBP been VBN at IN a DT flashpoint NN for IN months NNS . . The DT banks NNS badly RB want VBP to TO break VB into IN all DT aspects NNS of IN the DT securities NNS business NN . . Meanwhile RB , , the DT securities NNS companies NNS -- : most JJS of IN them PRP smaller JJR than IN the DT banks NNS -- : are VBP seeking VBG access NN only RB to TO limited JJ kinds NNS of IN banking NN that WDT would MD n't RB open VB them PRP to TO the DT full JJ brunt NN of IN competition NN from IN the DT banks NNS . . Nomura NNP , , the DT world NN 's POS biggest JJS securities NNS company NN largely RB by IN virtue NN of IN its PRP$ protected JJ home NN field NN , , and CC Industrial NNP Bank NNP of IN Japan NNP , , Japan NNP 's POS most RBS innovative JJ and CC aggressive JJ bank NN in IN capital NN markets NNS abroad RB , , captain VBP the DT opposing VBG sides NNS . . And CC their PRP$ suspicions NNS of IN each DT other JJ run VBP deep RB . . In IN the DT past JJ year NN , , both DT have VBP tried VBN to TO stretch VB the DT limits NNS of IN their PRP$ businesses NNS . . Nomura NNP started VBD a DT credit-card NN venture NN with IN American NNP Express NNP Co. NNP that WDT allowed VBD cardholders NNS to TO use VB their PRP$ Nomura NNP securities NNS accounts NNS like IN a DT bank NN account NN , , attracting VBG the DT wrath NN of IN banks NNS . . And CC Industrial NNP Bank NNP of IN Japan NNP started VBD up RP a DT London NNP securities NNS subsidiary NN that WDT sells VBZ Japanese JJ stocks NNS to TO non-Japanese JJ institutions NNS overseas RB , , a DT move NN that WDT stirred VBD the DT anger NN of IN the DT stock NN brokerage NN firms NNS . . The DT New NNP Zealand NNP bond NN issue NN simply RB has VBZ brought VBN the DT two CD institutions NNS face-to-face RB . . ITEL NNP CORP. NNP reported VBD third-quarter JJ earnings NNS , , which WDT were VBD mistakenly RB shown VBN in IN the DT Quarterly JJ Earnings NNS Surprises NNS table NN in IN yesterday NN 's POS edition NN to TO be VB lower JJR than IN the DT average NN of IN analysts NNS ' POS estimates NNS . . On IN a DT pretax JJ basis NN , , Itel NNP 's POS third-quarter JJ earnings NNS of IN 30 CD cents NNS a DT share NN were VBD actually RB 7.14 CD % NN higher JJR than IN the DT average NN of IN estimates NNS . . Raymond NNP E. NNP Ross NNP , , 53 CD years NNS old JJ , , formerly RB group NN vice NN president NN , , U.S. NNP plastics NNS machinery NN , , at IN this DT machine NN tool NN , , plastics NNS machinery NN and CC robots NNS concern NN , , was VBD named VBN senior JJ vice NN president NN , , industrial JJ systems NNS , , succeeding VBG David NNP A. NN Entrekin NNP , , who WP resigned VBD Monday NNP . . John NNP A. NN Conlon NNP Jr. NNP , , 45 CD , , was VBD named VBN a DT managing VBG director NN at IN this DT investment-banking JJ company NN . . He PRP will MD be VB in IN charge NN of IN research NN , , equity NN sales NNS and CC trading NN , , and CC the DT syndicate NN operation NN of IN Rothschild NNP . . Mr. NNP Conlon NNP was VBD executive NN vice NN president NN and CC director NN of IN the DT equity NN division NN of IN the DT international JJ division NN of IN Nikko NNP Securities NNPS Co NNP . . As IN Yogi NNP Berra NNP might MD say VB , , it PRP 's VBZ deja NN vu NN all RB over RB again RB . . Crouched VBN at IN shortstop NN , , Bert NNP Campaneris NNP , , once RB Oakland NNP 's POS master NN thief NN , , effortlessly RB scoops VBZ up RP a DT groundball NN and CC flips VBZ it PRP to TO second JJ . . In IN the DT outfield NN , , Paul NNP Blair NNP , , the DT Orioles NNP ' POS eight-time JJ Gold NNP Glove NNP winner NN , , elegantly RB shags VBZ a DT fly NN . . On IN the DT mound NN , , former JJ Red NNP Sox NNP great JJ Luis NNP Tiant NNP , , the DT wily JJ master NN of IN 1,001 CD moves NNS , , throws VBZ an DT off-speed JJ strike NN . . `` `` Babies NNS , , kiddies NNS , , '' '' growls VBZ their PRP$ manager NN -- : a DT fellow NN named VBN Earl NNP Weaver NNP , , who WP , , in IN a DT different JJ time NN , , handled VBD four CD World NNP Series NNP teams NNS and CC now RB handles VBZ the DT Gold NNP Coast NNP Suns NNPS . . `` `` Old-time JJ kiddies NNS , , '' '' he PRP says VBZ . . Perhaps RB . . But CC for IN the DT next JJ few JJ months NNS , , these DT boys NNS of IN summers NNS long JJ past NN are VBP going VBG to TO be VB reveling VBG in IN an DT Indian JJ summer NN of IN the DT soul NN . . Now RB that IN the DT baseball NN season NN is VBZ officially RB over RP , , you PRP see VBP , , it PRP 's VBZ time NN for IN a DT new JJ season NN to TO begin VB . . Today NN is VBZ the DT debut NN of IN the DT Senior NNP Professional NNP Baseball NNP Association NNP , , a DT new JJ eight-team JJ pro JJ sports NNS circuit NN , , modeled VBN after IN the DT highly RB successful JJ senior JJ tennis NN and CC golf NN tours NNS and CC complete JJ with IN good JJ salaries NNS , , a DT cable NN television NN contract NN and CC even RB expansion NN plans NNS . . One CD hundred CD and CC ninety CD two CD former JJ greats NNS , , near JJ greats NNS , , hardly RB knowns NNS and CC unknowns NNS begin VBP a DT 72-game JJ , , three-month JJ season NN in IN spring-training NN stadiums NNS up RB and CC down RB Florida NNP . . For IN everyone NN involved VBN , , it PRP 's VBZ one CD more JJR swig NN of IN that DT elixir NN of IN youth NN , , baseball NN . . `` `` Someone NN always RB makes VBZ you PRP quit VB , , '' '' says VBZ legendary JJ St. NNP Louis NNP Cardinals NNPS centerfielder NN Curt NNP Flood NNP , , the DT league NN 's POS commissioner NN . . `` `` You PRP feel VBP you PRP want VBP one CD more JJR -- : one NN more JJR at-bat NN , , one CD more JJR hit NN , , one CD more JJR game NN . . '' '' Until IN the DT baby-faced JJ heroes NNS of IN today NN reclaim VBP these DT ballparks NNS for IN spring NN training NN , , there EX is VBZ one CD more JJR . . And CC not RB just RB for IN the DT players NNS . . It PRP 's VBZ one CD more JJR for IN the DT baseball-loving JJ lawyers NNS , , accountants NNS and CC real JJ estate NN developers NNS who WP ponied VBD up RP about IN $ $ 1 CD million CD each DT for IN the DT chance NN to TO be VB an DT owner NN , , to TO step VB into IN the DT shoes NNS of IN a DT Gene NNP Autry NNP or CC have VB a DT beer NN with IN Rollie NNP Fingers NNP . . `` `` Nothing NN can MD be VB better JJR than IN this DT , , '' '' says VBZ Don NNP Sider NNP , , owner NN of IN the DT West NNP Palm NNP Beach NNP Tropics NNPS . . Early RB in IN the DT morning NN Mr. NNP Sider NNP , , an DT estate NN lawyer NN , , pores VBZ over IN last JJ wills NNS and CC testaments NNS . . Midmorning NN , , he PRP dons VBZ an DT orange-and-blue JJ uniform NN and CC , , for IN fun NN , , may MD field VB a DT bunt NN from IN Dave NNP Kingman NNP . . It PRP 's VBZ one CD more JJR , , too RB , , for IN the DT fans NNS who WP dream VBP of IN a DT season NN that WDT never RB ends VBZ . . `` `` I PRP feel VBP like IN a DT little JJ kid NN , , '' '' says VBZ a DT gleeful JJ Alex NNP de FW Castro NNP , , a DT car NN salesman NN , , who WP has VBZ stopped VBN by RP a DT workout NN of IN the DT Suns NNPS to TO slip VB six CD Campaneris NNP cards NNS to TO the DT Great JJ Man NN Himself PRP to TO be VB autographed VBN . . The DT league NN 's POS promoters NNS hope VBP retirees NNS and CC tourists NNS will MD join VB die-hard JJ fans NNS like IN Mr. NNP de FW Castro NNP and CC pack VB the DT stands NNS to TO see VB the DT seniors NNS . . The DT league NN is VBZ the DT brainchild NN of IN Colorado NNP real JJ estate NN developer NN James NNP Morley NNP -- : once RB a DT minor-leaguer NN himself PRP -- : who WP says VBZ he PRP had VBD the DT idea NN last JJ January NNP while IN lying VBG on IN a DT beach NN in IN Australia NNP . . When WRB he PRP sent VBD letters NNS offering VBG 1,250 CD retired JJ major JJ leaguers NNS the DT chance NN of IN another DT season NN , , 730 CD responded VBD . . Eventually RB , , about IN 250 CD made VBD the DT trip NN to TO Florida NNP to TO compete VB for IN the DT available JJ slots NNS . . ( ( Players NNS have VBP to TO be VB 35 CD or CC older JJR , , except IN for IN catchers NNS , , who WP are VBP eligible JJ at IN 32 CD because IN life NN behind IN the DT plate NN is VBZ so RB rough JJ . . ) ) For IN some DT players NNS , , the DT lure NN is VBZ money NN -- : up RB to TO $ $ 15,000 CD a DT month NN . . Others NNS , , just RB released VBN from IN the DT majors NNS , , hope VBP the DT senior JJ league NN will MD be VB their PRP$ bridge NN back RB into IN the DT big-time JJ . . But CC as IN they PRP hurl VBP fireballs NNS that WDT smolder VBP rather RB than IN burn VBP , , and CC relive VBP old JJ duels NNS in IN the DT sun NN , , it PRP 's VBZ clear JJ that IN most JJS are VBP there RB to TO make VB their PRP$ fans NNS cheer VB again RB or CC recapture VB the DT camaraderie NN of IN seasons NNS past JJ or CC prove VB to TO themselves PRP and CC their PRP$ colleagues NNS that IN they PRP still RB have VBP it PRP -- : or CC something NN close RB to TO it PRP . . `` `` My PRP$ fastball NN is VBZ good JJ . . Real RB good JJ , , '' '' says VBZ 39-year-old JJ Pete NNP Broberg NNP , , working VBG in IN the DT midday NN heat NN of IN the DT Tropics NNPS camp NN . . Mr. NNP Broberg NNP , , who WP started VBD with IN the DT now-defunct JJ Washington NNP Senators NNPS , , says VBZ that IN when WRB he PRP left VBD baseball NN in IN 1978 CD , , he PRP `` `` never RB looked VBD back RB . . '' '' For IN a DT long JJ time NN , , he PRP ignored VBD baseball NN altogether RB , , even RB the DT sports NNS pages NNS . . Now RB Mr. NNP Broberg NNP , , a DT lawyer NN , , claims VBZ he PRP 'd MD play VB for IN free RB . . `` `` You PRP ca MD n't RB give VB it PRP up RP that IN easily RB , , '' '' he PRP says VBZ . . `` `` I PRP tried VBD . . '' '' The DT nagging JJ memory NN of IN one CD afternoon NN fourteen CD years NNS ago RB drove VBD Jim NNP Gideon NNP , , a DT lean JJ 36-year-old JJ righthander NN to TO take VB a DT four-month JJ leave NN from IN selling VBG insurance NN in IN Texas NNP to TO try VB out RP for IN Mr. NNP Weaver NNP 's POS team NN . . `` `` It PRP does VBZ n't RB replace VB pitching VBG in IN the DT majors NNS , , but CC it PRP proves VBZ to TO me PRP that IN I PRP would MD have VB been VBN able JJ to TO play VB if IN I PRP 'd MD stayed VBN healthy JJ , , '' '' he PRP says VBZ . . Back RB in IN 1975 CD , , late RB in IN the DT season NN , , a DT then-21 JJ Mr. NNP Gideon NNP made VBD his PRP$ only JJ major JJ league NN appearance NN , , five CD and CC two-thirds NNS innings NN for IN the DT Texas NNP Rangers NNPS against IN the DT Chicago NNP White NNP Sox NNPS . . He PRP gave VBD up RP seven CD hits NNS , , walked VBD five CD and CC did VBD n't RB get VB a DT decision NN . . Arm NN troubles NNS forced VBD him PRP back RB to TO the DT minors NNS the DT next JJ year NN . . `` `` There EX 's VBZ a DT satisfaction NN in IN going VBG against IN the DT rules NNS , , '' '' offers VBZ Will NNP McEnaney NNP , , once RB a DT stopper NN with IN Cincinnati NNP 's POS Big JJ Red JJ Machine NN . . He PRP means VBZ the DT rule NN that IN a DT player NN ca MD n't RB cut VB it PRP after IN a DT certain JJ age NN . . These DT days NNS he PRP hustles VBZ to TO house-painting JJ jobs NNS in IN his PRP$ Chevy NNP pickup NN before IN and CC after IN training NN with IN the DT Tropics NNPS . . While IN sipping VBG a DT beer NN after IN practice NN , , he PRP vividly RB recounts VBZ getting VBG the DT Red NNP Sox NNPS 's POS Carl NNP Yastrzemski NNP to TO pop VB out RB to TO end VB the DT 1975 CD World NNP Series NNP , , and CC repeating VBG the DT feat NN against IN the DT Yankees NNPS ' POS Roy NNP White NNP in IN 1976 CD . . Some DT of IN the DT game NN 's POS reigning VBG philosophers NNS dislike VBP the DT idea NN of IN middle-aged JJ men NNS attempting VBG a DT young JJ man NN 's POS sport NN . . `` `` I PRP personally RB do VBP n't RB enjoy VB seeing VBG players NNS who WP I PRP remember VBP vividly RB from IN their PRP$ playing JJ days NNS running VBG about RB and CC being VBG gallant JJ about IN their PRP$ deficiencies NNS , , '' '' says VBZ Roger NNP Angell NNP , , New NNP Yorker NNP magazine NN 's POS resident JJ baseball NN sage NN . . `` `` I PRP feel VBP people NNS should MD be VB allowed VBN to TO remember VB players NNS as IN they PRP were VBD . . '' '' Worse JJR , , says VBZ baseball NN author NN Lawrence NNP Ritter NNP , , `` `` Someone NN will MD get VB a DT heart NN attack NN and CC that DT will MD be VB the DT end NN of IN the DT whole JJ story NN . . '' '' But CC the DT ballplayers NNS disagree VBP . . Most JJS are VBP trim JJ . . Some DT have VBP been VBN training VBG for IN months NNS ; : others NNS only RB recently RB left VBD active JJ status NN . . ( ( No DT one NN has VBZ worked VBN out RP the DT players NNS ' POS average NN age NN , , but CC most JJS appear VB to TO be VB in IN their PRP$ late JJ 30s NNS . . ) ) And CC there EX 's VBZ pride NN . . `` `` I PRP 'm VBP not RB going VBG to TO look VB stupid JJ , , '' '' vows VBZ former JJ Pittsburgh NNP Pirate NNP second JJ baseman NN Rennie NNP Stennett NNP , , sweat NN dotting VBG his PRP$ brow NN as IN he PRP prepares VBZ for IN some DT practice NN swings NNS . . `` `` It PRP 's VBZ going VBG to TO be VB a DT tough JJ league NN , , '' '' promises VBZ the DT 47-year-old JJ Mr. NNP Campaneris NNP . . `` `` There EX will MD be VB a DT lot NN of IN malice NN . . '' '' Men NNS who WP have VBP played VBN hard RB all DT their PRP$ lives NNS are VBP n't RB about IN to TO change VB their PRP$ habits NNS , , he PRP says VBZ . . Nonetheless RB , , one PRP ca MD n't RB help VB wonder VB whether IN the DT game NN will MD be VB just RB a DT little JJ bit NN slower JJR . . At IN the DT weatherbeaten JJ Pompano NNP Beach NNP municipal JJ stadium NN , , Mr. NNP Blair NNP , , the DT 45-year-old JJ former JJ Oriole NNP , , knows VBZ his PRP$ power NN is VBZ n't RB what WP it PRP used VBD to TO be VB . . So RB he PRP adjusts VBZ . . He PRP no RB longer RBR crowds VBZ the DT plate NN . . He PRP 's VBZ not RB thinking VBG about IN home NN runs NNS anymore RB , , just RB base NN hits NNS . . Still RB , , `` `` how WRB sweet JJ it PRP is VBZ , , '' '' he PRP says VBZ , , savoring VBG the DT fat JJ sound NN of IN the DT well-hit JJ line NN drive NN that IN bounces VBZ off RB the DT center JJ field NN wall NN . . And CC do VBP n't RB expect VB many JJ complete JJ games NNS by IN pitchers NNS -- : perhaps RB three CD out IN of IN 288 CD , , laughs VBZ Mr. NNP Fingers NNP , , the DT former JJ Oakland NNP reliever NN . . Expect VB `` `` tricky JJ '' '' stuff NN from IN pitchers NNS , , says VBZ Mr. NNP Weaver NNP , , the DT manager NN . . Expect VB brushbacks NNS but CC no DT beanballs NNS , , says VBZ Mr. NNP McEnaney NNP . . Even RB expect VB stolen VBN bases NNS , , says VBZ the DT wiry JJ and CC fit JJ Mr. NNP Campaneris NNP : : `` `` If IN you PRP know VBP how WRB to TO slide VB , , it PRP 's VBZ no DT problem NN , , '' '' he PRP says VBZ . . And CC expect VB slower JJR fastballs NNS . . `` `` I PRP 'm VBP not RB so RB young JJ anymore RB , , '' '' concedes VBZ the DT cigar-chomping JJ , , 48-year-old JJ Mr. NNP Tiant NNP . . `` `` I PRP wo MD n't RB be VB throwing VBG 90 CD mph NN , , but CC I PRP will MD throw VB 80-plus JJ , , '' '' he PRP says VBZ . . White-haired JJ Pedro NNP Ramos NNP , , at IN 54 CD the DT league NN 's POS oldest JJS player NN and CC a DT pitcher-coach NN with IN the DT Suns NNPS , , has VBZ lost VBN even RB more JJR speed NN . . Stuffing VBG a DT wad NN of IN Red NNP Man NN into IN his PRP$ cheek NN , , he PRP admits VBZ the DT fastball NN he PRP brought VBD into IN the DT majors NNS in IN 1955 CD has VBZ become VBN a DT slowball NN . . Its PRP$ maximum JJ velocity NN is VBZ 72 CD mph NN . . But CC he PRP is VBZ n't RB worried JJ . . He PRP will MD compensate VB with IN the DT guile NN learned VBN from IN his PRP$ years NNS in IN the DT majors NNS . . He PRP has VBZ good JJ control NN . . He PRP will MD keep VB the DT ball NN down RP , , move VB it PRP around RB . . After IN all DT , , he PRP says VBZ , , `` `` Even RB to TO make VB love VB , , you PRP need VBP experience VB . . Alltel NNP Corp. NNP said VBD it PRP will MD acquire VB the DT 55 CD % NN of IN Pond NNP Branch NNP Telephone NNP Company NNP Inc. NNP 's POS cellular JJ franchise NN that IN it PRP does VBZ n't RB own VB already RB . . Terms NNS were VBD n't RB disclosed VBN . . Alltel NNP holds VBZ 45 CD % NN of IN the DT franchise NN , , which WDT has VBZ operations NNS in IN Aiken NNP , , S.C. NNP , , and CC Augusta NNP , , Ga NNP . . Alltel NNP , , which WDT provides VBZ local JJ telephone NN service NN in IN 25 CD states NNS , , said VBD it PRP exercised VBD its PRP$ right NN of IN first JJ refusal NN following VBG an DT offer NN from IN an DT undisclosed JJ third JJ party NN to TO acquire VB the DT majority NN position NN in IN the DT franchise NN . . Stewart NNP & SYM Stevenson NNP Services NNPS Inc. NNP said VBD it PRP received VBD two CD contracts NNS totaling VBG $ $ 19 CD million CD to TO build VB gas-turbine JJ generators NNS . . The DT separate JJ contracts NNS were VBD from IN Paragould NNP Light NNP & CC Water NNP Commission NNP , , a DT utility NN in IN Paragould NNP , , Ark. NNP , , and CC PSE NNP Inc. NNP , , a DT cogeneration-plant NN operator NN in IN Houston NNP . . Stewart NNP & CC Stevenson NNP makes VBZ equipment NN powered VBN with IN diesel NN and CC gas NN turbines NNS . . Liberty NNP National NNP Bancorp NNP said VBD its PRP$ acquisition NN of IN Florence NNP Deposit NNP Bank NNP , , Florence NNP , , Ky. NNP , , first RB announced VBN in IN April NNP , , has VBZ been VBN completed VBN in IN a DT transaction NN valued VBN at IN $ $ 13.1 CD million CD . . Liberty NNP National NNP exchanged VBD about IN 78.64 CD shares NNS of IN its PRP$ common JJ stock NN for IN each DT of IN Florence NNP Deposit NNP 's POS 5,600 CD shares NNS outstanding JJ . . Liberty NNP National NNP , , a DT bank NN holding VBG company NN , , has VBZ assets NNS exceeding VBG $ $ 3 CD billion CD . . Hani NNP Zayadi NNP was VBD appointed VBN president NN and CC chief JJ executive NN officer NN of IN this DT financially RB troubled JJ department NN store NN chain NN , , effective JJ Nov. NNP 15 CD , , succeeding VBG Frank NNP Robertson NNP , , who WP is VBZ retiring VBG early RB . . Mr. NNP Zayadi NNP was VBD previously RB president NN and CC chief JJ operating VBG officer NN of IN Zellers NNP Inc. NNP , , a DT retail JJ chain NN that WDT is VBZ owned VBN by IN Toronto-based JJ Hudson NNP 's POS Bay NNP Co. NNP , , Canada NNP 's POS largest JJS department NN store NN operator NN . . Tuesday NNP , , October NNP 31 CD , , 1989 CD The DT key JJ U.S. NNP and CC foreign JJ annual JJ interest NN rates NNS below RB are VBP a DT guide NN to TO general JJ levels NNS but CC do VBP n't RB always RB represent VB actual JJ transactions NNS . . PRIME JJ RATE NN : : 10 CD 1\/2 CD % NN . . The DT base JJ rate NN on IN corporate JJ loans NNS at IN large JJ U.S. NNP money NN center NN commercial JJ banks NNS . . FEDERAL JJ FUNDS NNS : : 9 CD % NN high JJ , , 8 CD 13\/16 CD % NN low JJ , , 8 CD 7\/8 CD % NN near IN closing NN bid NN , , 8 CD 15\/16 CD % NN offered VBN . . Reserves NNS traded VBD among IN commercial JJ banks NNS for IN overnight JJ use NN in IN amounts NNS of IN $ $ 1 CD million CD or CC more JJR . . Source NN : : Fulton NNP Prebon NNP ( ( U.S.A NNP . . ) ) Inc NNP . . DISCOUNT NN RATE NN : : 7 CD % NN . . The DT charge NN on IN loans NNS to TO depository NN institutions NNS by IN the DT New NNP York NNP Federal NNP Reserve NNP Bank NNP . . CALL JJ MONEY NN : : 9 CD 3\/4 CD % NN to TO 10 CD % NN . . The DT charge NN on IN loans NNS to TO brokers NNS on IN stock NN exchange NN collateral NN . . COMMERCIAL JJ PAPER NN placed VBN directly RB by IN General NNP Motors NNPS Acceptance NNP Corp. NNP : : 8.55 CD % NN 30 CD to TO 44 CD days NNS ; : 8.25 CD % NN 45 CD to TO 59 CD days NNS ; : 8.40 CD % NN 60 CD to TO 89 CD days NNS ; : 8 CD % NN 90 CD to TO 119 CD days NNS ; : 7.90 CD % NN 120 CD to TO 149 CD days NNS ; : 7.80 CD % NN 150 CD to TO 179 CD days NNS ; : 7.55 CD % NN 180 CD to TO 270 CD days NNS . . COMMERCIAL JJ PAPER NN : : High-grade JJ unsecured JJ notes NNS sold VBN through IN dealers NNS by IN major JJ corporations NNS in IN multiples NNS of IN $ $ 1,000 CD : : 8.62 CD % NN 30 CD days NNS ; : 8.55 CD % NN 60 CD days NNS ; : 8.45 CD % NN 90 CD days NNS . . CERTIFICATES NNS OF IN DEPOSIT NN : : 8.09 CD % NN one CD month NN ; : 8.04 CD % NN two CD months NNS ; : 8.03 CD % NN three CD months NNS ; : 7.96 CD % NN six CD months NNS ; : 7.92 CD % NN one CD year NN . . Average JJ of IN top JJ rates NNS paid VBN by IN major JJ New NNP York NNP banks NNS on IN primary JJ new JJ issues NNS of IN negotiable JJ C.D.s NNPS , , usually RB on IN amounts NNS of IN $ $ 1 CD million CD and CC more JJR . . The DT minimum JJ unit NN is VBZ $ $ 100,000 CD . . Typical JJ rates NNS in IN the DT secondary JJ market NN : : 8.53 CD % NN one CD month NN ; : 8.50 CD % NN three CD months NNS ; : 8.30 CD % NN six CD months NNS . . BANKERS NNS ACCEPTANCES NNS : : 8.49 CD % NN 30 CD days NNS ; : 8.44 CD % NN 60 CD days NNS ; : 8.27 CD % NN 90 CD days NNS ; : 8.12 CD % NN 120 CD days NNS ; : 8.05 CD % NN 150 CD days NNS ; : 7.98 CD % NN 180 CD days NNS . . Negotiable JJ , , bank-backed JJ business NN credit NN instruments NNS typically RB financing VBG an DT import NN order NN . . LONDON NNP LATE JJ EURODOLLARS NNS : : 8 CD 3\/4 CD % NN to TO 8 CD 5\/8 CD % NN one CD month NN ; : 8 CD 3\/4 CD % NN to TO 8 CD 5\/8 CD % NN two CD months NNS ; : 8 CD 11\/16 CD % NN to TO 8 CD 9\/16 CD % NN three CD months NNS ; : 8 CD 9\/16 CD % NN to TO 8 CD 7\/16 CD % NN four CD months NNS ; : 8 CD 1\/2 CD % NN to TO 8 CD 3\/8 CD % NN five CD months NNS ; : 8 CD 7\/16 CD % NN to TO 8 CD 5\/16 CD % NN six CD months NNS . . LONDON NNP INTERBANK NNP OFFERED NNP RATES NNPS ( ( LIBOR NNP ) ) : : 8 CD 3\/4 CD % NN one CD month NN ; : 8 CD 11\/16 CD % NN three CD months NNS ; : 8 CD 7\/16 CD % NN six CD months NNS ; : 8 CD 7\/16 CD % NN one CD year NN . . The DT average NN of IN interbank NN offered JJ rates NNS for IN dollar NN deposits NNS in IN the DT London NNP market NN based VBN on IN quotations NNS at IN five CD major JJ banks NNS . . FOREIGN JJ PRIME JJ RATES NNS : : Canada NNP 13.50 CD % NN ; : Germany NNP 9 CD % NN ; : Japan NNP 4.875 CD % NN ; : Switzerland NNP 8.50 CD % NN ; : Britain NNP 15 CD % NN . . These DT rate NN indications NNS are VBP n't RB directly RB comparable JJ ; : lending JJ practices NNS vary VBP widely RB by IN location NN . . TREASURY NN BILLS NNS : : Results NNS of IN the DT Monday NNP , , October NNP 30 CD , , 1989 CD , , auction NN of IN short-term JJ U.S. NNP government NN bills NNS , , sold VBN at IN a DT discount NN from IN face JJ value NN in IN units NNS of IN $ $ 10,000 CD to TO $ $ 1 CD million CD : : 7.78 CD % NN 13 CD weeks NNS ; : 7.62 CD % NN 26 CD weeks NNS . . FEDERAL NNP HOME NNP LOAN NNP MORTGAGE NNP CORP NNP . . ( ( Freddie NNP Mac NNP ) ) : : Posted VBN yields NNS on IN 30-year JJ mortgage NN commitments NNS for IN delivery NN within IN 30 CD days NNS . . 9.78 CD % NN , , standard JJ conventional JJ fixed-rate JJ mortgages NNS ; : 7.875 CD % NN , , 2 CD % NN rate NN capped VBD one-year JJ adjustable JJ rate NN mortgages NNS . . Source NN : : Telerate NNP Systems NNPS Inc NNP . . FEDERAL NNP NATIONAL NNP MORTGAGE NNP ASSOCIATION NNP ( ( Fannie NNP Mae NNP ) ) : : Posted VBN yields NNS on IN 30 CD year NN mortgage NN commitments NNS for IN delivery NN within IN 30 CD days NNS ( ( priced VBN at IN par JJ ) ) 9.75 CD % NN , , standard JJ conventional JJ fixed-rate JJ mortgages NNS ; : 8.75 CD % NN , , 6\/2 CD rate NN capped VBD one-year JJ adjustable JJ rate NN mortgages NNS . . Source NN : : Telerate NNP Systems NNPS Inc NNP . . MERRILL NNP LYNCH NNP READY NNP ASSETS NNPS TRUST NNP : : 8.63 CD % NN . . Annualized VBN average JJ rate NN of IN return NN after IN expenses NNS for IN the DT past JJ 30 CD days NNS ; : not RB a DT forecast NN of IN future JJ returns NNS . . Canada NNP 's POS gross JJ domestic JJ product NN rose VBD an DT inflation-adjusted JJ 0.3 CD % NN in IN August NNP , , mainly RB as IN a DT result NN of IN service-industry NN growth NN , , Statistics NNPS Canada NNP , , a DT federal JJ agency NN , , said VBD . . The DT August NNP GDP NNP was VBD up RB 2.4 CD % NN from IN its PRP$ year-earlier JJ level NN . . GDP NNP is VBZ the DT total JJ value NN of IN a DT nation NN 's POS output NN of IN goods NNS and CC services NNS . . Statistics NNPS Canada NNP said VBD service-industry NN output NN in IN August NNP rose VBD 0.4 CD % NN from IN July NNP . . Output NN of IN goods-producing JJ industries NNS increased VBD 0.1 CD % NN . . Separately RB , , Statistics NNPS Canada NNP reported VBD that DT its PRP$ industrial-product NN price NN index NN dropped VBD 0.2 CD % NN in IN September NNP , , its PRP$ third JJ consecutive JJ monthly JJ decline NN . . It PRP also RB reported VBD a DT 2.6 CD % NN decline NN in IN its PRP$ raw-materials NNS price NN index NN for IN September NNP . . Columbia NNP Pictures NNPS Entertainment NNP Inc. NNP was VBD dropped VBN , , effective JJ today NN , , from IN the DT recreational JJ products NNS and CC services NNS industry NN group NN of IN the DT Dow NNP Jones NNP Equity NNP Market NNP Index NNP . . Columbia NNP Pictures NNPS is VBZ being VBG acquired VBN by IN Sony NNP Corp. NNP , , which WDT is VBZ based VBN in IN Japan NNP . . People NNPS 's POS Savings NNPS Financial NNP Corp. NNP said VBD it PRP will MD buy VB back RB as RB much JJ as IN 10 CD % NN of IN its PRP$ 2.4 CD million CD shares NNS outstanding JJ because IN the DT stock NN is VBZ undervalued VBN . . The DT holding VBG company NN said VBD it PRP has VBZ been VBN `` `` unfairly RB associated VBN '' '' with IN other JJ banks NNS in IN New NNP England NNP that WDT have VBP had VBN major JJ loan NN losses NNS in IN recent JJ quarters NNS . . The DT company NN said VBD its PRP$ People NNPS 's POS Savings NNPS Bank NNP unit NN does VBZ n't RB have VB a DT `` `` large JJ exposure NN to TO construction NN and CC commercial JJ loans NNS that WDT have VBP caused VBN the DT loan-loss JJ problems NNS in IN many JJ of IN the DT banks NNS . . A DT seat NN on IN the DT Chicago NNP Mercantile NNP Exchange NNP was VBD sold VBN for IN $ $ 410,000 CD , , down RB $ $ 6,000 CD from IN the DT previous JJ sale NN Oct NNP . . Seats NNS currently RB are VBP quoted VBN at IN $ $ 400,000 CD bid NN , , $ $ 425,000 CD asked VBN . . The DT record NN price NN for IN a DT full JJ membership NN on IN the DT exchange NN is VBZ $ $ 550,000 CD , , set VBN March NNP 9 CD . . In IN a DT surprise NN move NN , , the DT British JJ government NN cleared VBD the DT way NN for IN a DT bidding JJ war NN for IN Jaguar NNP PLC NNP by IN agreeing VBG to TO remove VB an DT obstacle NN to TO a DT takeover NN of IN the DT auto NN maker NN . . Trade NNP and CC Industry NNP Secretary NNP Nicholas NNP Ridley NNP told VBD the DT House NNP of IN Commons NNPS yesterday NN that IN he PRP will MD relinquish VB the DT government NN 's POS so-called JJ golden JJ share NN in IN the DT company NN as RB long RB as IN Jaguar NNP shareholders NNS agree VBP . . The DT golden JJ share NN restricts VBZ any DT individual JJ holding NN to TO 15 CD % NN and CC expires VBZ at IN the DT end NN of IN 1990 CD . . It PRP was VBD in IN Jaguar NNP 's POS best JJS interests NNS `` `` for IN the DT company NN 's POS future NN to TO be VB assured VBN and CC the DT present JJ climate NN of IN uncertainty NN resolved VBN as RB quickly RB as IN possible JJ , , '' '' Mr. NNP Ridley NNP said VBD . . Mr. NNP Ridley NNP 's POS decision NN fires VBZ the DT starting JJ pistol NN for IN perhaps RB a DT costly JJ contest NN between IN the DT world NN 's POS auto NN giants NNS for IN Britain NNP 's POS leading JJ luxury-car NN maker NN . . Both DT General NNP Motors NNPS Corp. NNP and CC Ford NNP Motor NNP Co. NNP have VBP been VBN trying VBG to TO amass VB 15 CD % JJ stakes NNS in IN Jaguar NNP . . Ford NNP , , which WDT already RB has VBZ an DT unwelcome JJ 13.2 CD % NN holding NN , , is VBZ prepared JJ to TO bid VB for IN the DT entire JJ company NN and CC had VBD lobbied VBN the DT government NN to TO lift VB the DT takeover NN restrictions NNS early RB . . GM NNP has VBZ been VBN negotiating VBG a DT friendly JJ transaction NN with IN Jaguar NNP that WDT likely RB would MD involve VB joint JJ ventures NNS and CC an DT eventual JJ stake NN of IN just RB under IN 30 CD % NN . . But CC the DT government NN 's POS action NN , , which WDT caught VBD Jaguar NNP management NN flat-footed RB , , may MD scuttle VB the DT GM NNP minority NN deal NN by IN forcing VBG it PRP to TO fight VB for IN all DT of IN Jaguar NNP . . `` `` I PRP ca MD n't RB believe VB they PRP ( ( GM NNP ) ) will MD let VB Ford NNP have VB a DT free JJ run NN , , '' '' said VBD Stephen NNP Reitman NNP , , a DT European JJ auto NN industry NN analyst NN at IN UBS-Phillips NNP & CC Drew NNP . . `` `` I PRP am VBP sure JJ they PRP will MD be VB going VBG for IN a DT full JJ bid NN . . '' '' Many JJ investors NNS certainly RB believe VBP a DT bidding JJ war NN is VBZ imminent JJ . . Jaguar NNP shares NNS skyrocketed VBD yesterday NN after IN Mr. NNP Ridley NNP 's POS announcement NN , , following VBG their PRP$ temporary JJ suspension NN on IN London NNP 's POS Stock NNP Exchange NNP . . In IN late JJ trading NN , , the DT shares NNS were VBD up RB a DT whopping JJ 122 CD pence NN ( ( $ $ 1.93 CD ) ) -- : a DT 16.3 CD % NN gain NN -- : to TO a DT record NN 869 CD pence NN on IN very RB heavy JJ volume NN of IN 9.7 CD million CD shares NNS . . In IN the DT U.S. NNP over-the-counter JJ market NN , , Jaguar NNP shares NNS trading VBG as IN American NNP Depositary NNP Receipts NNPS closed VBD at IN $ $ 13.625 CD , , up RB $ $ 1.75 CD . . Analysts NNS expect VBP Ford NNP will MD make VB the DT first JJ move NN , , perhaps RB today NN , , with IN an DT initial JJ offer NN of IN about IN 900 CD pence NN ( ( $ $ 14.25 CD ) ) a DT share NN . . Such JJ a DT proposal NN values VBZ Jaguar NNP at IN more JJR than IN # # 1.6 CD billion CD ( ( $ $ 2.53 CD billion CD ) ) . . Speculation NN about IN a DT takeover NN fight NN has VBZ sent VBN Jaguar NNP shares NNS soaring VBG in IN the DT past JJ six CD weeks NNS . . The DT share NN price NN was VBD languishing VBG at IN about IN 400 CD pence NN before IN Ford NNP 's POS Sept. NNP 19 CD announcement NN of IN its PRP$ interest NN in IN a DT minority NN stake NN . . Ford NNP is VBZ `` `` in IN the DT driving JJ seat NN at IN the DT moment NN , , '' '' observed VBD Bob NNP Barber NNP , , an DT auto NN analyst NN at IN brokers NNS James NNP Capel NNP & CC Co NNP . . An DT aggressive JJ Ford NNP bid NN for IN Jaguar NNP would MD put VB pressure NN on IN GM NNP to TO make VB a DT better JJR offer NN as IN the DT British JJ company NN 's POS `` `` white JJ knight NN . . '' '' Such JJ a DT countermove NN could MD end VB Jaguar NNP 's POS hopes NNS for IN remaining VBG independent JJ and CC British-owned JJ . . But CC it PRP is VBZ n't RB clear JJ how WRB long JJ GM NNP would MD be VB willing JJ to TO fight VB Ford NNP for IN Jaguar NNP . . Because IN of IN their PRP$ longstanding JJ rivalry NN , , GM NNP just RB `` `` wants VBZ to TO make VB sure JJ Ford NNP pays VBZ a DT huge JJ packet NN for IN ( ( Jaguar NNP ) ) , , '' '' said VBD John NNP Lawson NNP , , an DT auto NN analyst NN at IN London NNP 's POS Nomura NNP Research NNP Institute NNP . . People NNS close RB to TO the DT GM-Jaguar JJ talks NNS agreed VBD that IN Ford NNP now RB may MD be VB able JJ to TO shut VB out RP General NNP Motors NNPS . . `` `` It PRP 's VBZ either CC going VBG to TO be VB a DT shootout NN , , or CC there EX only RB may MD be VB one CD player NN in IN town NN , , '' '' one CD person NN said VBD . . Another DT person NN close JJ to TO the DT talks NNS said VBD , , `` `` It PRP is VBZ very RB hard JJ to TO justify VB paying VBG a DT silly JJ price NN for IN Jaguar NNP if IN an DT out-and-out JJ bidding JJ war NN were VBD to TO start VB now RB . . '' '' In IN a DT statement NN , , Jaguar NNP 's POS board NN said VBD they PRP `` `` were VBD not RB consulted VBN about IN the DT ( ( Ridley NNP decision NN ) ) in IN advance NN and CC were VBD surprised VBN at IN the DT action NN taken VBN . . '' '' The DT statement NN emphasized VBD that IN holders NNS representing VBG 75 CD % NN of IN the DT shares NNS voting VBG at IN a DT special JJ shareholders NNS ' POS meeting NN must MD agree VB to TO lift VB the DT takeover NN restrictions NNS . . Jaguar NNP officials NNS in IN the DT U.S. NNP noted VBD that IN Ford NNP , , as IN Jaguar NNP 's POS largest JJS shareholder NN , , now RB has VBZ the DT power NN to TO call VB for IN such JJ a DT meeting NN . . U.S. NNP auto NN analysts NNS also RB noted VBD that IN Ford NNP is VBZ in IN the DT best JJS position NN to TO benefit VB from IN the DT large JJ number NN of IN Jaguar NNP shares NNS that WDT have VBP moved VBN over IN the DT past JJ month NN into IN the DT hands NNS of IN arbitragers NNS waiting VBG for IN the DT highest JJS takeover NN bid NN . . Jaguar NNP 's POS own JJ defenses NNS against IN a DT hostile JJ bid NN are VBP weakened VBN , , analysts NNS add VBP , , because IN fewer JJR than IN 3 CD % NN of IN its PRP$ shares NNS are VBP owned VBN by IN employees NNS and CC management NN . . Ford NNP officials NNS in IN the DT U.S. NNP declined VBD to TO comment VB on IN the DT British JJ government NN 's POS action NN or CC on IN any DT plans NNS to TO call VB a DT special JJ Jaguar NNP shareholders NNS meeting NN . . But CC GM NNP officials NNS said VBD they PRP , , too RB , , were VBD surprised VBN by IN the DT move NN , , which WDT left VBD them PRP to TO `` `` consider VB all DT our PRP$ options NNS and CC explore VB matters NNS further RBR . . '' '' Although IN GM NNP has VBZ U.S. NNP approval NN to TO buy VB up IN to TO 15 CD % NN of IN Jaguar NNP 's POS stock NN , , it PRP has VBZ n't RB yet RB disclosed VBN how WRB many JJ shares NNS it PRP now RB owns VBZ . . In IN a DT prepared JJ statement NN , , GM NNP suggested VBD its PRP$ plans NNS for IN Jaguar NNP would MD be VB more RBR valuable JJ in IN the DT long JJ run NN than IN the DT initial JJ windfalls NNS investors NNS might MD reap VB from IN a DT hostile JJ Ford NNP bid NN . . `` `` Our PRP$ intensive JJ discussions NNS with IN Jaguar NNP , , at IN their PRP$ invitation NN , , '' '' GM NNP said VBD , , `` `` have VBP as RB their PRP$ objectives NNS to TO create VB a DT cooperative JJ business NN relationship NN with IN Jaguar NNP that WDT would MD provide VB for IN the DT continued JJ independence NN of IN this DT great JJ British JJ car NN company NN , , to TO ensure VB a DT secure JJ future NN for IN its PRP$ employees NNS and CC to TO provide VB an DT attractive JJ long-term JJ return NN for IN its PRP$ shareholders NNS . . '' '' Jaguar NNP was VBD shocked VBN by IN Mr. NNP Ridley NNP 's POS decision NN , , because IN management NN had VBD believed VBN the DT government NN would MD n't RB lift VB the DT golden JJ share NN without IN consulting VBG the DT company NN first RB . . Indeed RB , , the DT government NN is VBZ taking VBG a DT calculated JJ risk NN . . Mr. NNP Ridley NNP 's POS announcement NN set VBN off RP a DT howl NN of IN protests NNS from IN members NNS of IN the DT opposition NN Labor NNP Party NNP , , who WP accused VBD the DT Thatcher NNP administration NN of IN backing VBG down RB on IN promised JJ protection NN for IN a DT privatized JJ company NN . . The DT British JJ government NN retained VBD the DT single JJ golden JJ share NN after IN selling VBG its PRP$ stake NN in IN Jaguar NNP in IN The DT Conservative JJ government NN 's POS decision NN may MD reflect VB its PRP$ desire NN to TO shed VB a DT politically RB sensitive JJ issue NN well RB before IN the DT next JJ election NN , , expected VBN in IN late JJ 1991 CD . . `` `` It PRP 's VBZ now RB a DT very RB good JJ time NN politically RB to TO get VB this DT over RB and CC done RB with IN , , '' '' observed VBD Daniel NNP Jones NNP , , professor NN of IN motor NN industry NN management NN at IN the DT University NNP of IN Cardiff NNP in IN Wales NNP . . The DT government NN , , already RB buffeted VBN by IN high JJ interest NN rates NNS and CC a DT slowing VBG economy NN , , has VBZ been VBN badly RB hurt VBN by IN last JJ week NN 's POS shake-up NN in IN Mrs. NNP Thatcher NNP 's POS cabinet NN . . At IN the DT same JJ time NN , , the DT government NN did VBD n't RB want VB to TO appear VB to TO favor VB GM NNP by IN allowing VBG a DT minority NN stake NN that WDT might MD preclude VB a DT full JJ bid NN by IN Ford NNP . . Mr. NNP Ridley NNP hinted VBD at IN this DT motive NN in IN answering VBG questions NNS from IN members NNS of IN Parliament NNP after IN his PRP$ announcement NN . . He PRP said VBD he PRP was VBD giving VBG up RP the DT golden JJ share NN `` `` to TO clear VB the DT way NN so IN the DT playing NN field NN is VBZ level JJ between IN all DT contestants NNS . . '' '' Bradley NNP A. NN Stertz NNP in IN Detroit NNP contributed VBD to TO this DT article NN . . Dow NNP Chemical NNP Co. NNP , , Midland NNP , , Mich. NNP , , and CC Eli NNP Lilly NNP & CC Co. NNP , , Indianapolis NNP , , said VBD they PRP completed VBD the DT formation NN of IN Dow NNP Elanco NNP , , a DT joint JJ venture NN combining VBG their PRP$ plant-sciences JJ businesses NNS as RB well RB as IN Dow NNP 's POS industrial JJ pest-control JJ business NN . . The DT companies NNS said VBD Dow NNP Elanco NNP will MD be VB the DT largest JJS research-based JJ agricultural JJ concern NN in IN North NNP America NNP , , with IN projected VBN first-year JJ revenue NN of IN $ $ 1.5 CD billion CD . . Dow NNP will MD own VB 60 CD % NN of IN the DT venture NN , , with IN Eli NNP Lilly NNP holding VBG the DT rest NN . . The DT venture NN will MD be VB based VBN in IN Indianapolis NNP . . William NNP A. NN Wise NNP , , 44 CD years NNS old JJ , , president NN of IN the DT El NNP Paso NNP Natural NNP Gas NNP Co. NNP unit NN of IN this DT energy NN and CC natural-resources NNS concern NN , , was VBD named VBN to TO the DT additional JJ post NN of IN chief JJ executive NN officer NN , , succeeding VBG Travis NNP H. NNP Petty NNP , , 61 CD , , who WP continues VBZ as IN a DT vice NN chairman NN of IN the DT parent NN . . Erwin NNP Tomash NNP , , the DT 67-year-old JJ founder NN of IN this DT maker NN of IN data NNS communications NNS products NNS and CC a DT former JJ chairman NN and CC chief JJ executive NN , , resigned VBD as IN a DT director NN . . Dataproducts NNPS is VBZ fighting VBG a DT hostile JJ tender NN offer NN by IN DPC NNP Acquisition NNP Partners NNPS , , a DT group NN led VBN by IN New NNP York-based JJ Crescott NNP Investments NNPS Associates NNPS . . Under IN the DT circumstances NNS , , Dataproducts NNPS said VBD , , Mr. NNP Tomash NNP said VBD he PRP was VBD unable JJ to TO devote VB the DT time NN required JJ because RB of IN other JJ commitments NNS . . Mr. NNP Tomash NNP will MD remain VB as IN a DT director NN emeritus NN . . The DT company NN had VBD no DT comment NN on IN whether IN a DT replacement NN would MD be VB named VBN . . Robert NNP Q. NNP Marston NNP , , president NN emeritus NN , , University NNP of IN Florida NNP , , and CC a DT director NN of IN this DT maker NN of IN medical JJ devices NNS , , was VBD named VBN chairman NN . . Dr. NNP Marston NNP , , 66 CD years NNS old JJ , , succeeds VBZ Alexander NNP T. NNP Daignault NNP , , 72 CD , , who WP did VBD n't RB stand VB for IN re-election NN due JJ to TO mandatory JJ board NN retirement NN policy NN . . SFE NNP Technologies NNPS said VBD William NNP P. NNP Kuehn NNP was VBD elected VBN chairman NN and CC chief JJ executive JJ officer NN of IN this DT troubled JJ electronics NN parts NNS maker NN . . The DT 45-year-old JJ Mr. NNP Kuehn NNP , , who WP has VBZ a DT background NN in IN crisis NN management NN , , succeeds VBZ Alan NNP D. NNP Rubendall NNP , , 45 CD . . Jerome NNP J. NNP Jahn NNP , , executive NN vice NN president NN and CC chief JJ financial JJ officer NN , , said VBD Mr. NNP Rubendall NNP was VBD resigning VBG by IN `` `` mutual JJ agreement NN '' '' with IN the DT board NN . . `` `` He PRP is VBZ going VBG to TO pursue VB other JJ interests NNS , , '' '' Mr. NNP Jahn NNP said VBD . . Mr. NNP Rubendall NNP could MD n't RB be VB reached VBN . . Mr. NNP Kuehn NNP , , the DT company NN said VBD , , will MD retain VB the DT rest NN of IN the DT current JJ management NN team NN . . For IN the DT nine CD months NNS ended VBN July NNP 29 CD , , SFE NNP Technologies NNPS reported VBD a DT net JJ loss NN of IN $ $ 889,000 CD on IN sales NNS of IN $ $ 23.4 CD million CD . . That IN compared VBN with IN an DT operating NN loss NN of IN $ $ 1.9 CD million CD on IN sales NNS of IN $ $ 27.4 CD million CD in IN the DT year-earlier JJ period NN . . In IN national JJ over-the-counter JJ trading NN , , SFE NNP Technologies NNPS shares NNS closed VBD yesterday NN at IN 31.25 CD cents NNS a DT share NN , , up RB 6.25 CD cents NNS . . Sales NNS of IN new JJ cars NNS in IN Europe NNP fell VBD 4.2 CD % NN in IN September NNP from IN a DT year NN earlier RB and CC analysts NNS say VBP the DT market NN could MD continue VB to TO soften VB in IN the DT months NNS ahead RB . . After IN a DT stronger-than-expected JJ pace NN early RB this DT year NN , , analysts NNS say VBP the DT market NN , , after IN a DT series NN of IN sharp JJ swings NNS in IN recent JJ months NNS , , now RB shows VBZ signs NNS of IN retreating VBG . . Statistics NNS from IN 12 CD countries NNS which WDT normally RB account VBP for IN 94 CD % NN of IN non-communist JJ Europe NNP 's POS passenger NN car NN sales NNS showed VBD new JJ car NN registrations NNS totaled VBD 911,606 CD in IN September NNP , , down RB 21 CD % NN from IN August NNP and CC down RB 4.2 CD % NN for IN the DT year NN to TO date NN . . Tokyo NNP stocks NNS rebounded VBD Tuesday NNP from IN two CD consecutive JJ daily JJ losses NNS in IN relatively RB active JJ dealings NNS . . London NNP shares NNS also RB rose VBD , , while IN trading NN in IN Frankfurt NNP , , West NNP Germany NNP , , ended VBD higher RBR . . In IN Tokyo NNP , , the DT Nikkei NNP index NN of IN 225 CD selected VBN issues NNS was VBD up RB 132.00 CD points NNS to TO 35549.44 CD . . The DT index NN fell VBD 109.85 CD Monday NNP . . Volume NN on IN the DT First JJ Section NN was VBD estimated VBN at IN 900 CD million CD shares NNS , , up RB from IN 582 CD million CD shares NNS Monday NNP . . Advancing VBG issues NNS outnumbered VBD decliners NNS 542 CD to TO 362 CD , , while IN 208 CD issues NNS were VBD unchanged JJ . . Small-lot JJ buying NN targeted VBN at IN incentive-backed JJ issues NNS pushed VBN up RP the DT Nikkei NNP . . But CC other JJ sectors NNS failed VBD to TO attract VB investor NN interest NN and CC remained VBD sluggish JJ , , making VBG overall JJ trading NN appear VB mixed JJ . . Individuals NNS and CC corporations NNS , , as RB well RB as IN dealers NNS trading VBG for IN their PRP$ own JJ account NN , , actively RB bought VBD Tuesday NNP . . An DT official NN at IN Wako NNP Securities NNPS said VBD these DT investors NNS feel VBP the DT need NN to TO make VB quick JJ profits NNS , , despite IN destabilizing JJ external JJ factors NNS , , such JJ as IN political JJ uncertainty NN tied VBN to TO the DT ruling VBG party NN 's POS fate NN at IN next JJ year NN 's POS Lower NNP House NNP elections NNS - : an DT event NN which WDT could MD directly RB affect VB the DT stock NN market NN . . The DT Tokyo NNP Stock NNP Price NNP Index NNP of IN all DT issues NNS listed VBN in IN the DT First JJ Section NN , , which WDT declined VBD 5.16 CD on IN Monday NNP , , was VBD up RB 16.05 CD , , or CC 0.60 CD % NN , , at IN 2692.65 CD on IN Tuesday NNP . . The DT Second JJ Section NN index NN , , which WDT fell VBD 21.44 CD points NNS Monday NNP , , was VBD up RB 6.84 CD points NNS , , or CC 0.19 CD % NN , , to TO close VB at IN 3642.90 CD . . Second JJ Section NN volume NN was VBD estimated VBN at IN 14 CD million CD shares NNS , , unchanged JJ from IN Monday NNP . . Institutional JJ investors NNS mostly RB remained VBD on IN the DT sidelines NNS Tuesday NNP . . A DT fund NN manager NN at IN a DT life-insurance NN company NN said VBD three CD factors NNS make VBP it PRP difficult JJ to TO read VB market NN direction NN . . First LS , , he PRP said VBD , , domestic JJ interest NN rates NNS are VBP likely JJ to TO stay VB at IN higher JJR levels NNS as IN increased JJ anticipation NN of IN inflation NN followed VBD rising VBG consumer NN prices NNS reported VBN last JJ week NN . . Second LS , , the DT dollar NN is VBZ showing VBG persistent JJ strength NN despite IN a DT slowdown NN in IN the DT U.S. NNP economy NN shown VBN by IN economic JJ indicators NNS . . Third LS , , oil NN prices NNS have VBP n't RB declined VBN although IN supply NN has VBZ been VBN increasing VBG . . The DT topic NN that WDT attracted VBD participants NNS ' POS attention NN was VBD Mitsubishi NNP Estate NNP 's POS purchase NN of IN 51 CD % NN of IN Rockefeller NNP Center NNP Properties NNPS , , announced VBD late JJ Monday NNP in IN New NNP York NNP . . Mitsubishi NNP Estate NNP ended VBD the DT day NN at IN 2680 CD , , up RB 150 CD . . The DT gains NNS also RB sparked VBD buying NN interest NN in IN other JJ real-estate NN companies NNS , , traders NNS said VBD . . Sumitomo NNP Realty NNP & CC Development NNP rose VBD 40 CD to TO 2170 CD . . Heiwa NNP Real NNP Estate NNP gained VBD 40 CD to TO 2210 CD . . Investor NN focus NN shifted VBD quickly RB , , traders NNS said VBD . . Many JJ of IN the DT morning-session NN winners NNS turned VBD out RP to TO be VB losers NNS by IN afternoon NN . . In IN other JJ stock-market NN news NN , , the DT Tokyo NNP Stock NNP Exchange NNP said VBD that IN for IN the DT week NN ended VBN Friday NNP , , the DT balance NN of IN margin JJ buying NN rose VBD 189.8 CD billion CD yen NNS ( ( $ $ 1.34 CD billion CD ) ) , , to TO 7.160 CD trillion CD yen NNS ( ( $ $ 50.46 CD billion CD ) ) . . The DT balance NN of IN short JJ positions NNS outstanding JJ fell VBD 159.7 CD billion CD yen NNS , , to TO 779.8 CD billion CD yen NNS . . In IN London NNP , , prices NNS finished VBD at IN intraday JJ peaks NNS , , comforted VBN by IN a DT reassuring JJ early JJ performance NN on IN Wall NNP Street NNP and CC news NN that IN the DT British JJ government NN will MD waive VB its PRP$ `` `` golden JJ share NN '' '' in IN auto NN maker NN Jaguar NNP . . But CC trading NN was VBD very RB sketchy JJ , , as IN investment NN decision NN makers NNS remain VBP wary JJ from IN gyrations NNS and CC upsets NNS of IN recent JJ weeks NNS . . `` `` Volume NN has VBZ been VBN appalling JJ , , '' '' said VBD a DT dealer NN at IN a DT British JJ brokerage NN concern NN . . `` `` The DT market NN was VBD dragged VBN up RB by IN the DT scruff NN of IN its PRP$ neck NN by IN Wall NNP Street NNP and CC by IN market NN makers NNS getting VBG caught VBN short JJ . . No DT one NN wants VBZ stock NN on IN their PRP$ books NNS . . '' '' Meanwhile RB , , the DT broad-based JJ Financial NNP Times NNP 100-share JJ index NN added VBD 30.4 CD points NNS to TO end VB at IN 2142.6 CD , , while IN reaching VBG its PRP$ minimum NN of IN 2120.5 CD a DT half JJ hour NN into IN the DT session NN . . At IN the DT close NN , , the DT narrower JJR 30-share JJ index NN was VBD up RB 19.7 CD points NNS to TO 1721.4 CD . . Volume NN totaled VBD a DT modest JJ 334.5 CD million CD shares NNS , , up RB from IN 257.8 CD million CD shares NNS Monday NNP . . The DT market NN also RB moved VBD at IN early JJ afternoon NN on IN news NN that IN Jaguar NNP shares NNS were VBD being VBG temporarily RB suspended VBN at IN 746 CD pence NN ( ( $ $ 11.80 CD ) ) each DT . . Secretary NNP of IN State NNP for IN Trade NNP and CC Industry NNP Nicholas NNP Ridley NNP said VBD later RBR in IN the DT day NN that IN the DT government NN would MD abolish VB its PRP$ golden JJ share NN in IN Jaguar NNP , , the DT luxury NN auto NN maker NN being VBG stalked VBN by IN General NNP Motors NNPS and CC Ford NNP Motor NNP . . The DT golden JJ share NN dates NNS from IN Jaguar NNP 's POS public JJ offering NN in IN 1984 CD and CC was VBD designed VBN to TO protect VB the DT company NN from IN takeover NN . . The DT golden JJ share NN was VBD scheduled VBN to TO expire VB at IN the DT beginning NN of IN But CC although IN the DT golden JJ share NN has VBZ been VBN waived VBN , , a DT hostile JJ bidder NN for IN Jaguar NNP would MD still RB have VB to TO alter VB the DT British JJ concern NN 's POS articles NNS of IN association NN which WDT ban VBP shareholdings NNS of IN more JJR than IN 15 CD % NN . . Jaguar NNP shares NNS closed VBD at IN 869 CD pence NN , , up RB 122 CD pence NN , , on IN hefty JJ turnover NN of IN 9.7 CD million CD shares NNS . . As IN the DT London NNP trading NN session NN drew VBD to TO a DT close NN , , the DT market NN was VBD still RB listening VBG to TO the DT parliamentary JJ debate NN on IN the DT economy NN , , with IN new JJ Chancellor NNP of IN the DT Exchequer NNP John NNP Major NNP expected VBN to TO clarify VB his PRP$ approach NN to TO the DT British JJ economy NN and CC currency NN issues NNS . . On IN the DT Frankfurt NNP Stock NNP Exchange NNP , , share NN prices NNS closed VBD higher JJR in IN fairly RB thin JJ trading NN , , as IN selective JJ buying NN by IN foreigners NNS helped VBD propel VB prices NNS . . The DT DAX NNP index NN closed VBD at IN 1472.76 CD , , up RB from IN 1466.29 CD . . Despite IN the DT modest JJ gains NNS , , traders NNS said VBD the DT market NN remains VBZ dull JJ , , with IN investors NNS remaining VBG cautiously RB on IN the DT sidelines NNS . . Contributing VBG to TO the DT market NN 's POS reserved JJ stance NN was VBD the DT release NN later RBR in IN the DT day NN of IN new JJ data NNS on IN the DT health NN of IN the DT U.S. NNP economy NN , , in IN the DT form NN of IN the DT U.S. NNP index NN of IN leading VBG indicators NNS . . Additionally RB , , the DT end NN of IN the DT month NN position-squaring NN might MD have VB also RB played VBN a DT minor JJ role NN , , traders NNS said VBD . . Elsewhere RB , , share NN prices NNS closed VBD higher RBR in IN Amsterdam NNP , , Brussels NNP , , Milan NNP and CC Paris NNP . . Prices NNS were VBD mixed JJ in IN Zurich NNP and CC lower JJR in IN Stockholm NNP . . Stocks NNS closed VBD higher RBR in IN Hong NNP Kong NNP , , Manila NNP , , Singapore NNP , , Sydney NNP and CC Wellington NNP , , but CC were VBD lower JJR in IN Seoul NNP . . Taipei NNP was VBD closed VBN for IN a DT holiday NN . . Here RB are VBP price NN trends NNS on IN the DT world NN 's POS major JJ stock NN markets NNS , , as IN calculated VBN by IN Morgan NNP Stanley NNP Capital NNP International NNP Perspective NNP , , Geneva NNP . . To TO make VB them PRP directly RB comparable JJ , , each DT index NN is VBZ based VBN on IN the DT close NN of IN 1969 CD equaling VBG 100 CD . . The DT percentage NN change NN is VBZ since IN year-end NN . . French JJ consumer NN prices NNS rose VBD 0.2 CD % NN in IN September NNP from IN the DT previous JJ month NN and CC were VBD up RB 3.4 CD % NN from IN a DT year NN earlier RB , , according VBG to TO definitive JJ figures NNS from IN the DT National NNP Statistics NNPS Institute NNP . . The DT state NN agency NN 's POS figures NNS confirm VBP previous JJ estimates NNS and CC leave VBP the DT index NN at IN 178.9 CD , , up RB from IN 178.5 CD in IN August NNP and CC 173.1 CD a DT year NN earlier RB . . The DT index NN is VBZ based VBN on IN 1980 CD equaling VBG 100 CD . . A DT breakdown NN showed VBD that IN food NN prices NNS were VBD the DT most RBS active JJ part NN of IN growth NN with IN a DT rise NN of IN 0.6 CD % NN . . An DT official NN linked VBD the DT gain NN essentially RB to TO higher JJR prices NNS for IN beef NN and CC pork NN . . He PRP said VBD summer NN drought NN problems NNS that WDT had VBD hit VBN several JJ southern JJ agricultural JJ regions NNS had VBD stopped VBN being VBG a DT major JJ source NN of IN price NN pressure NN in IN September NNP . . Japan NNP 's POS index NN of IN leading VBG indicators NNS rose VBD to TO 63.6 CD in IN August NNP , , above IN the DT so-called JJ boom-or-bust JJ line NN of IN 50 CD for IN the DT first JJ time NN since IN May NNP , , the DT Economic NNP Planning NNP Agency NNP said VBD . . The DT leading VBG index NN recovered VBD from IN July NNP 's POS revised JJ level NN of IN 36.6 CD on IN strong JJ performances NNS in IN consumer NN durables NNS and CC machinery NN orders NNS , , among IN other JJ factors NNS , , according VBG to TO an DT agency NN spokeswoman NN . . The DT index NN is VBZ intended VBN to TO measure VB future JJ economic JJ performance NN . . A DT figure NN above IN 50 CD indicates VBZ the DT economy NN is VBZ likely JJ to TO expand VB ; : one CD below IN 50 CD indicates VBZ a DT contraction NN may MD be VB ahead RB . . Metromedia NNP Co. NNP said VBD its PRP$ Metromedia NNP Long NNP Distance NNP unit NN has VBZ been VBN renamed VBN Metromedia-ITT NNP Long NNP Distance NNP , , reflecting VBG acquisitions NNS from IN ITT NNP Corp. NNP , , which WDT licenses VBZ its PRP$ name NN to TO closely RB held JJ Metromedia NNP . . Metromedia NNP said VBD its PRP$ unit NN is VBZ the DT fifth-largest JJ provider NN of IN long-distance NN communications NNS service NN in IN the DT U.S. NNP , , with IN projected VBN 1989 CD revenue NN of IN more JJR than IN $ $ 550 CD million CD . . Metromedia NNP , , headed VBN by IN John NNP W. NNP Kluge NNP , , has VBZ interests NNS in IN telecommunications NN , , robotic JJ painting NN , , computer NN software NN , , restaurants NNS and CC entertainment NN . . South JJ Korean JJ consumer NN prices NNS rose VBD 5 CD % NN in IN the DT first JJ 10 CD months NNS of IN this DT year NN , , matching VBG the DT government NN 's POS target NN for IN the DT entire JJ year NN , , according VBG to TO the DT Bank NNP of IN Korea NNP and CC the DT Economic NNP Planning NNP Board NNP . . According VBG to TO reports NNS released VBN by IN the DT two CD government NN agencies NNS , , domestic JJ consumer NN and CC wholesale JJ prices NNS each DT rose VBD by IN 0.2 CD % NN in IN October NNP from IN the DT previous JJ month NN . . As IN a DT result NN , , consumer NN prices NNS for IN the DT first JJ 10 CD months NNS of IN 1989 CD surged VBD by IN 5 CD % NN and CC wholesale JJ prices NNS by IN 1.3 CD % NN . . The DT South JJ Korean JJ government NN had VBD been VBN projecting VBG a DT 5 CD % NN consumer NN price NN increase NN for IN the DT entire JJ year NN . . Martin NNP Marietta NNP Corp. NNP said VBD it PRP won VBD a DT $ $ 38.2 CD million CD contract NN from IN the DT U.S. NNP Postal NNP Service NNP to TO manufacture VB and CC install VB automated JJ mail-sorting VBG machines NNS . . Under IN terms NNS of IN the DT three-year JJ contract NN , , Martin NNP Marietta NNP said VBD it PRP will MD make VB and CC install VB 267 CD of IN the DT new JJ machines NNS at IN 156 CD postal JJ offices NNS . . The DT new JJ machines NNS are VBP capable JJ of IN sorting VBG by IN zip NN code NN up IN to TO 10,000 CD large JJ flat JJ mail NN pieces NNS , , including VBG magazines NNS and CC parcels NNS , , an DT hour NN . . Thomas NNP A. NN Donovan NNP , , 37 CD years NNS old JJ , , formerly RB vice NN president NN , , West NNP Coast NNP operations NNS , , at IN this DT hazardous-waste-site NN remediation NN concern NN , , was VBD named VBN executive NN vice NN president NN and CC chief JJ operating VBG officer NN , , both DT newly RB created VBN posts NNS , , and CC a DT director NN , , filling VBG a DT vacancy NN . . Canonie NNP said VBD it PRP anticipates VBZ naming VBG Mr. NNP Donovan NNP to TO succeed VB Richard NNP F. NNP Brissette NNP , , 55 CD , , as IN president NN and CC chief JJ executive NN officer NN , , effective JJ March NNP 1 CD . . Mr. NNP Brissette NNP will MD remain VB a DT Canonie NNP board NN member NN and CC will MD be VB a DT consultant NN to TO the DT company NN . . Yields NNS on IN savings-type JJ certificates NNS of IN deposit NN dropped VBD slightly RB in IN the DT week NN ended VBN yesterday NN . . The DT average JJ yield NN on IN a DT six-month JJ CD NN of IN $ $ 50,000 CD or CC less JJR was VBD 7.90 CD % NN , , compared VBN with IN 7.94 CD % NN a DT week NN earlier RB . . The DT average JJ one-year JJ savings-type JJ CD NN was VBD down RB to TO 7.99 CD % NN from IN 8.01 CD % NN , , according VBG to TO Banxquote NNP Money NNP Markets NNP , , a DT New NNP York NNP information NN service NN that WDT tracks VBZ CD NN yields NNS . . `` `` This DT week NN was VBD uneventful JJ for IN the DT CD NN market NN , , '' '' said VBD Norberto NNP Mehl NNP , , chairman NN of IN Banxquote NNP . . `` `` The DT major JJ banks NNS have VBP n't RB even RB reacted VBN to TO sharp JJ rises NNS in IN the DT three-month JJ Treasury NNP bill NN rates NNS '' '' in IN the DT past JJ two CD weeks NNS . . Banks NNS that WDT adjusted VBD payouts NNS on IN CDs NNS in IN the DT most RBS recent JJ week NN made VBD only RB fractional JJ moves NNS , , he PRP said VBD . . The DT CD NN trend NN runs VBZ counter RB to TO the DT direction NN of IN short-term JJ interest NN rates NNS at IN the DT Treasury NNP bill NN auction NN Monday NNP . . The DT average JJ six-month JJ bill NN was VBD sold VBN with IN a DT yield NN of IN 8.04 CD % NN , , up RB from IN 7.90 CD % NN . . The DT average JJ three-month JJ issue NN rose VBD to TO 8.05 CD % NN from IN 7.77 CD % NN . . Typically RB , , banks NNS offer VBP CD NN yields NNS higher JJR than IN those DT on IN Treasury NNP bills NNS , , which WDT are VBP considered VBN the DT safest JJS short-term JJ investments NNS ; : banks NNS need VBP a DT competitive JJ edge NN to TO sell VB their PRP$ products NNS . . But CC when WRB market NN interest NN rates NNS move VBP up RB rapidly RB , , increases NNS in IN bank NN CD NN yields NNS sometimes RB lag VBP . . Most JJS yields NNS on IN short-term JJ jumbo JJ CDs NNS , , those DT with IN denominations NNS over IN $ $ 90,000 CD , , also RB moved VBN in IN the DT opposite JJ direction NN of IN Treasury NNP bill NN yields NNS . . The DT average JJ six-month JJ yield NN on IN a DT jumbo JJ CD NN was VBD at IN 7.90 CD % NN , , down RB from IN 7.93 CD % NN , , Banxquote NNP said VBD . . For IN longer-term JJR CDs NNS , , yields NNS were VBD up RP . . The DT average JJ two-year JJ and CC five-year JJ jumbos NNS were VBD up RB 0.02 CD of IN a DT percentage NN point NN to TO 7.91 CD % NN and CC 7.96 CD % NN , , respectively RB . . However RB , , CDs NNS sold VBD through IN major JJ broker-dealer JJ networks NNS were VBD up RP slightly RB almost RB across IN the DT board NN . . The DT average JJ six-month JJ CD NN in IN that DT category NN added VBD 0.05 CD percentage NN point NN to TO 8.35 CD % NN , , for IN example NN . . Mr. NNP Mehl NNP attributed VBD the DT rise NN specifically RB to TO the DT Treasury NNP bill NN increase NN . . Among IN the DT major JJ banks NNS surveyed VBN by IN Banxquote NNP in IN six CD regions NNS of IN the DT country NN , , 8.33 CD % NN is VBZ the DT highest JJS yield NN available JJ . . It PRP is VBZ offered VBN by IN the DT flagship NN banks NNS of IN New NNP York NNP 's POS Manufacturers NNPS Hanover NNP Corp. NNP in IN the DT one-year JJ maturity NN only RB . . The DT yield NN is VBZ offered VBN across IN a DT range NN of IN maturities NNS at IN San NNP Francisco NNP 's POS BankAmerica NNP Corp. NNP and CC Wells NNP Fargo NNP & CC Co NNP . . Just RB two CD weeks NNS ago RB , , BankAmerica NNP 's POS yields NNS in IN many JJ of IN those DT maturities NNS was VBD 8.61 CD % NN . . Still RB , , on IN average NN , , the DT major JJ California NNP banks NNS have VBP the DT highest JJS yields NNS on IN CDs NNS , , according VBG to TO Banxquote NNP . . The DT average JJ yield NN there RB on IN six-month JJ issues NNS is VBZ 8.32 CD % NN . . I PRP had VBD to TO reach VB back RB to TO French NNP 101 CD when WRB the DT monsieur NN avec FW clipboard NN leaned VBD over IN my PRP$ shoulder NN during IN the DT coffee NN phase NN of IN dinner NN and CC asked VBD whether IN I PRP wanted VBD to TO ride VB in IN a DT montgolfiere FW . . I PRP was VBD a DT last-minute JJ ( ( read VB interloping VBG ) ) attendee NN at IN a DT French JJ journalism NN convention NN and CC so RB far RB the DT festivities NNS had VBD been VBN taken VBN up RP entirely RB by IN eating NN , , drinking NN , , smoking NN , , sleeping NN and CC drinking NN . . The DT man NN with IN the DT clipboard NN represented VBD a DT halfhearted JJ attempt NN to TO introduce VB a DT bit NN of IN les FW sportif FW into IN our PRP$ itinerary NN . . But CC as IN the DT French NNPS embody VBP a DT Zen-like JJ state NN of IN blase NN when WRB it PRP comes VBZ to TO athletics NNS ( ( try VB finding VBG a DT Nautilus JJ machine NN in IN Paris NNP ) ) , , my PRP$ fellow JJ conventioners NNS were VBD having VBG none NN of IN it PRP . . The DT diners NNS at IN my PRP$ table NN simply RB lit VBD more JJR Gauloises NNPS and CC scoffed VBD at IN the DT suggestion NN of IN interrupting VBG a DT perfectly RB good JJ Saturday NNP morning NN to TO go VB golfing NN or CC even RB montgolfing NN ( ( ballooning NN to TO you PRP ; : the DT brothers NNS Montgolfier NNP , , French JJ of IN course NN , , were VBD the DT world NN 's POS first JJ hot-air JJ balloonists NNS ) ) . . Back RB in IN the DT U.S.A. NNP this DT kind NN of IN chi-chi JJ airborne JJ activity NN wins VBZ heartwarmingly RB covetous JJ responses NNS . . As IN in IN : : `` `` You PRP went VBD ballooning VBG ? . ? . ! . ! . In IN France NNP ? . ? . ! . ! . '' '' Americans NNPS it PRP seems VBZ have VBP followed VBN Malcolm NNP Forbes NNP 's POS hot-air JJ lead NN and CC taken VBN to TO ballooning NN in IN a DT heady JJ way NN . . During IN the DT past JJ 25 CD years NNS , , the DT number NN of IN balloonists NNS ( ( those DT who WP have VBP passed VBN a DT Federal NNP Aviation NNP Authority NNP lighter-than-air JJ test NN ) ) have VBP swelled VBN from IN a DT couple JJ hundred CD to TO several JJ thousand CD , , with IN some DT estimates NNS running VBG as RB high JJ as IN 10,000 CD . . Some DT 30 CD balloon NN shows NNS are VBP held VBN annually RB in IN the DT U.S. NNP , , including VBG the DT world NN 's POS largest JJS convocation NN of IN ersatz JJ Phineas NNP Foggs NNP -- : the DT nine-day JJ Albuquerque NNP International NNP Balloon NNP Fiesta NNP that WDT attracts VBZ some DT 800,000 CD enthusiasts NNS and CC more JJR than IN 500 CD balloons NNS , , some DT of IN which WDT are VBP fetchingly RB shaped VBN to TO resemble VB Carmen NNP Miranda NNP , , Garfield NNP or CC a DT 12-story-high JJ condom NN . . ( ( The DT condom NN balloon NN was VBD denied VBN official JJ entry NN status NN this DT year NN . . ) ) But CC in IN Epinal NNP , , a DT gray JJ 16th-century JJ river NN town NN adjacent JJ to TO France NNP 's POS Vosges NNP mountain NN region NN , , none NN of IN these DT Yankee-come-lately JJ enthusiasms NNS for IN things NNS aloft RB was VBD evident JJ . . Ballooning NN at IN the DT de FW rigueur FW hour NN of IN 6 CD a.m. RB held VBD all PDT the DT attraction NN for IN most JJS people NNS of IN sunrise NN root-canal NN work NN . . Feeling VBG the DT naggings NNS of IN a DT culture NN imperative NN , , I PRP promptly RB signed VBD up RB . . The DT first JJ thing NN anybody NN will MD tell VB you PRP about IN ballooning NN is VBZ that IN it PRP requires VBZ zip NN in IN the DT way NN of IN athletic JJ prowess NN , , or CC even RB a DT measure NN of IN derring-do NN . . ( ( So RB long RB as IN you PRP do VBP n't RB look VB down RB . . ) ) They PRP will MD also RB tell VB you PRP that RB even RB if IN you PRP hate VBP heights NNS , , you PRP can MD still RB balloon VB . . ( ( I PRP still RB say VB do VBP n't RB look VB down RB . . At IN least JJS not RB when WRB you PRP are VBP ascending VBG . . ) ) What WP they PRP wo MD n't RB tell VB you PRP is VBZ not RB to TO go VB aloft RB in IN anything NN you PRP do VBP n't RB want VB to TO get VB wet JJ . . I PRP 'm VBP not RB referring VBG to TO the DT traditional JJ champagne NN drenching NN during IN the DT back-on-terra-firma JJ toast NN . . I PRP 'm VBP talking VBG about IN landing NN in IN a DT canal NN . . In IN a DT porous JJ wicker NN basket NN . . With IN a DT pilot NN who WP speaks VBZ no DT English NNP . . To TO wit NN , , my PRP$ maiden JJ voyage NN ( ( and CC novitiates NNS are VBP referred VBN to TO as IN virgins NNS ) ) began VBD at IN dawn NN on IN a DT dew-sodden JJ fairway NN and CC ended VBD at IN noon NN in IN a DT soggy JJ field NN . . ( ( Balloon NN flights NNS almost RB always RB occur VBP at IN dawn NN or CC dusk NN , , when WRB the DT winds NNS are VBP lightest JJS . . ) ) In IN between IN came VBD lots NNS of IN coffee NN drinking NN while IN watching VBG the DT balloons NNS inflate VB and CC lots NNS of IN standing VBG around RB deciding VBG who WP would MD fly VB in IN what WDT balloon NN and CC in IN what WDT order NN ( ( the DT baskets NNS hold VBP no RB more JJR than IN four CD passengers NNS ) ) . . When WRB it PRP was VBD n't RB my PRP$ turn NN in IN the DT balloon NN I PRP followed VBD its PRP$ progress NN from IN the DT `` `` chase JJ car NN , , '' '' listening VBG to TO the DT driver NN holler VB into IN a DT walkie-talkie NN . . After IN long JJ stretches NNS of IN this DT attendant JJ ground NN activity NN came VBD 20 CD or CC so RB lovely JJ minutes NNS of IN drifting VBG above IN the DT Vosges NNPS watching VBG the DT silver NN mists NNS rise VB off IN the DT river NN and CC the DT French JJ cows NNS amble VB about RB the DT fields NNS . . It PRP 's VBZ hard JJ not RB to TO feel VB that IN God NNP 's VBZ in IN his PRP$ heaven NN with IN this DT kind NN of IN bird's-eye JJ view NN of IN the DT world NN , , even RB if IN your PRP$ pilote FW in IN silly JJ plaid NN beret NN kept VBD pointing VBG out RP how WRB `` `` belle FW '' '' it PRP all DT was VBD . . Eventually RB little JJ French JJ farmers NNS and CC their PRP$ little JJ French JJ farmwives NNS came VBD out IN of IN their PRP$ stone NN houses NNS and CC put VB their PRP$ hands NNS above IN their PRP$ tiny JJ eyes NNS and CC squinted VBD at IN us PRP . . No DT wonder NN . . We PRP were VBD coming VBG down RB straight RB into IN their PRP$ canal NN . . See VB , , the DT other JJ rule NN of IN thumb NN about IN ballooning NN is VBZ that IN you PRP ca MD n't RB steer VB . . And CC neither RB can MD your PRP$ pilot NN . . You PRP can MD go VB only RB up RB or CC down RB ( ( by IN heating VBG the DT balloon NN 's POS air NN with IN a DT propane NN burner NN , , which WDT does VBZ make VB the DT top NN of IN your PRP$ head NN feel VB hot JJ ) ) and CC ride VB the DT air NN currents NNS . . Which WDT makes VBZ the DT chase NN car NN necessary JJ . . Most JJS balloonists NNS seldom RB go VB higher RBR than IN 2,000 CD feet NNS and CC most JJS average VBP a DT leisurely JJ 5-10 JJ miles NNS an DT hour NN . . When WRB the DT balloon NN is VBZ cruising VBG along RB at IN a DT steady JJ altitude NN there EX is VBZ little JJ sense NN of IN motion NN . . Only RB when WRB one NN is VBZ ascending VBG -- : or CC in IN our PRP$ case NN descending VBG a DT tad RB trop FW rapidement FW -- : does VBZ one CD feel NN , , well UH , , airborne JJ in IN a DT picnic NN basket NN . . `` `` What WP 's VBZ he PRP doing VBG ? . '' '' hissed VBD my PRP$ companion NN , , who WP was VBD the DT only RB other JJ English-speaking JJ member NN of IN the DT convention NN and CC whose WP$ knuckles NNS were VBD white JJ . . `` `` Attention VB , , '' '' yelled VBD our PRP$ pilot NN as IN our PRP$ basket NN plunged VBD into IN the DT canal NN . . `` `` You PRP bet RB attention NN , , '' '' I PRP yelled VBD back RB , , leaping VBG atop IN the DT propane NN tanks NNS , , `` `` I PRP 'm VBP wearing VBG alligator NN loafers NNS ! . '' '' Our PRP$ pilot NN simply RB laughed VBD , , fired VBD up RP the DT burner NN and CC with IN another DT blast NN of IN flame NN lifted VBD us PRP , , oh UH , , a DT good JJ 12-inches NNS above IN the DT water NN level NN . . We PRP scuttled VBD along RB for IN a DT few JJ feet NNS before IN he PRP plunged VBD us PRP into IN the DT drink NN again RB . . Eventually RB we PRP came VBD to TO rest VB in IN a DT soggy JJ patch NN of IN field NN where WRB we PRP had VBD the DT exquisite JJ pleasure NN of IN scrambling VBG out IN of IN the DT basket NN into IN the DT mud NN while IN the DT French JJ half NN of IN our PRP$ ballooning NN tag NN team NN scrambled VBD in RB . . I PRP looked VBD at IN my PRP$ watch NN . . Barely RB half-an-hour NN aloft RB . . Back RB in IN the DT chase NN car NN , , we PRP drove VBD around RB some DT more JJR , , got VBD stuck VBN in IN a DT ditch NN , , enlisted VBD the DT aid NN of IN a DT local JJ farmer NN to TO get VB out RP the DT trailer NN hitch NN and CC pull VB us PRP out IN of IN the DT ditch NN . . We PRP finally RB rendezvoused VBD with IN our PRP$ balloon NN , , which WDT had VBD come VBN to TO rest VB on IN a DT dirt NN road NN amid IN a DT clutch NN of IN Epinalers NNPS who WP watched VBD us PRP disassemble VB our PRP$ craft NN -- : another DT half-an-hour NN of IN non-flight JJ activity NN -- : that WDT included VBD the DT precision NN routine NN of IN yanking VBG the DT balloon NN to TO the DT ground NN , , punching VBG all PDT the DT air NN out IN of IN it PRP , , rolling VBG it PRP up RP and CC cramming VBG it PRP and CC the DT basket NN into IN the DT trailer NN . . It PRP was VBD the DT most JJS exercise NN we PRP 'd VBD had VBN all DT morning NN and CC it PRP was VBD followed VBN by IN our PRP$ driving VBG immediately RB to TO the DT nearest JJS watering NN hole NN . . This DT meant VBD returning VBG to TO the DT golf NN course NN , , where WRB we PRP watched VBD a DT few JJ French JJ duffers NNS maul VB the DT first JJ tee NN while IN we PRP sat VBD under IN Cinzano NNP umbrellas NNS , , me PRP nursing VBG an DT espresso NN and CC my PRP$ ego NN . . A DT whole JJ morning NN of IN ballooning NN and CC I PRP had VBD been VBN off IN the DT ground NN barely RB 30 CD minutes NNS . . Still RB , , I PRP figured VBD the DT event NN 's POS envy-quotient NN back RB in IN the DT U.S.A. NN was VBD near RB peerless JJ . . As IN for IN the DT ride NN back RB to TO camp NN , , our PRP$ pilot NN and CC all PDT the DT other JJ French-speaking JJ passengers NNS clambered VBD into IN the DT chase JJ car NN . . My PRP$ American JJ companion NN and CC I PRP were VBD left VBN to TO ride VB alfresco RB in IN the DT wicker NN basket NN . . As IN we PRP streaked VBD by IN a DT blase JJ gendarme NN , , I PRP could MD n't RB resist VB rearing VBG up RB on IN my PRP$ soggy JJ loafers NNS and CC saluting VBG . . Ms. NNP de NNP Vries NNP is VBZ a DT free-lance JJ writer NN . . Treasury NNP Undersecretary NNP David NNP Mulford NNP defended VBD the DT Treasury NNP 's POS efforts NNS this DT fall NN to TO drive VB down RP the DT value NN of IN the DT dollar NN , , saying VBG it PRP helped VBD minimize VB damage NN from IN the DT 190-point JJ drop NN in IN the DT stock NN market NN Oct. NNP 13 CD . . Testifying VBG before IN a DT House NNP subcommittee NN , , Mr. NNP Mulford NNP said VBD that IN if IN the DT Treasury NNP had VBD n't RB intervened VBN in IN foreign-exchange JJ markets NNS in IN September NNP and CC early JJ October NNP to TO reduce VB the DT dollar NN 's POS value NN , , the DT plunge NN in IN the DT stock NN market NN might MD have VB provoked VBN a DT steep JJ fall NN in IN the DT currency NN that WDT might MD have VB `` `` unhinged VBN financial JJ markets NNS . . '' '' Mr. NNP Mulford NNP , , responding VBG to TO critics NNS of IN intervention NN , , also RB said VBD intervention NN is VBZ `` `` highly RB visible JJ , , '' '' is VBZ taken VBN seriously RB by IN financial JJ markets NNS and CC works VBZ better RBR than IN `` `` was VBD recognized VBN some DT time NN ago RB . . '' '' Differences NNS between IN the DT Treasury NNP and CC the DT Federal NNP Reserve NNP on IN the DT usefulness NN of IN intervention NN to TO help VB restrain VB the DT dollar NN resurfaced VBD at IN the DT hearing NN . . Fed NNP Vice NNP Chairman NNP Manuel NNP Johnson NNP , , who WP had VBD dissented VBN from IN the DT Treasury NNP 's POS policy NN , , told VBD lawmakers NNS , , `` `` I PRP became VBD convinced JJ about IN what WP looked VBD to TO me PRP like IN an DT attempt NN to TO push VB the DT dollar NN down RP against IN the DT fundamentals NNS in IN the DT market NN . . '' '' Intervention NN , , he PRP added VBD , , is VBZ useful JJ only RB to TO smooth VB disorderly JJ markets NNS , , not RB to TO fundamentally RB influence VB the DT dollar NN 's POS value NN . . Rep. NNP John NNP LaFalce NNP ( ( D. NNP , , N.Y NNP . . ) ) said VBD Mr. NNP Johnson NNP refused VBD to TO testify VB jointly RB with IN Mr. NNP Mulford NNP and CC instead RB asked VBD to TO appear VB after IN the DT Treasury NNP official NN had VBD completed VBN his PRP$ testimony NN . . A DT Fed NNP spokesman NN denied VBD Mr. NNP LaFalce NNP 's POS statement NN . . Mr. NNP Mulford NNP said VBD reports NNS of IN tension NN between IN the DT Treasury NNP and CC Fed NNP have VBP been VBN exaggerated JJ , , insisting VBG that IN they PRP involved VBD `` `` nuances NNS . . '' '' Mr. NNP Johnson NNP also RB said VBD that IN `` `` in IN the DT scheme NN of IN things NNS , , these DT things NNS are VBP minor JJ . . '' '' On IN other JJ matters NNS , , Mr. NNP Mulford NNP said VBD West NNP Germany NNP is VBZ contributing VBG to TO imbalances NNS in IN the DT world NN economy NN because IN of IN its PRP$ success NN as IN an DT exporter NN . . `` `` The DT solution NN is VBZ stronger JJR domestic JJ growth NN { ( in IN Germany NNP } ) , , '' '' he PRP said VBD . . But CC because IN the DT growth NN of IN the DT German JJ economy NN has VBZ been VBN stronger JJR than IN expected VBN , , Mr. NNP Mulford NNP said VBD , , it PRP 's VBZ difficult JJ for IN the DT U.S. NNP to TO argue VB that IN Germany NNP ought MD to TO adopt VB more RBR stimulative JJ monetary JJ and CC fiscal JJ policies NNS . . Germany NNP 's POS trade NN surplus NN is VBZ largely RB with IN other JJ European JJ countries NNS rather RB than IN with IN the DT U.S. NNP , , Mr. NNP Mulford NNP acknowledged VBD . . But CC nonetheless RB U.S. NNP companies NNS might MD be VB more RBR successful JJ in IN European JJ markets NNS if IN not RB for IN the DT German JJ export NN push NN , , he PRP said VBD . . Five CD officials NNS of IN this DT investment NN banking VBG firm NN were VBD elected VBN directors NNS : : E. NNP Garrett NNP Bewkes NNP III NNP , , a DT 38-year-old JJ managing VBG director NN in IN the DT mergers NNS and CC acquisitions NNS department NN ; : Michael NNP R. NNP Dabney NNP , , 44 CD , , a DT managing VBG director NN who WP directs VBZ the DT principal JJ activities NNS group NN which WDT provides VBZ funding NN for IN leveraged JJ acquisitions NNS ; : Richard NNP Harriton NNP , , 53 CD , , a DT general JJ partner NN who WP heads VBZ the DT correspondent NN clearing NN services NNS ; : Michael NNP Minikes NNP , , 46 CD , , a DT general JJ partner NN who WP is VBZ treasurer NN ; : and CC William NNP J. NNP Montgoris NNP , , 42 CD , , a DT general JJ partner NN who WP is VBZ also RB senior JJ vice NN president NN of IN finance NN and CC chief JJ financial JJ officer NN . . The DT board NN increased VBN by IN one CD to TO 26 CD members NNS . . In IN the DT past NN year NN , , one CD inside JJ director NN resigned VBD , , while IN three CD others NNS retired VBD . . Some DT U.S. NNP allies NNS are VBP complaining VBG that IN President NNP Bush NNP is VBZ pushing VBG conventional-arms JJ talks NNS too RB quickly RB , , creating VBG a DT risk NN that IN negotiators NNS will MD make VB errors NNS that WDT could MD affect VB the DT security NN of IN Western NNP Europe NNP for IN years NNS . . Concerns NNS about IN the DT pace NN of IN the DT Vienna NNP talks NNS -- : which WDT are VBP aimed VBN at IN the DT destruction NN of IN some DT 100,000 CD weapons NNS , , as RB well RB as IN major JJ reductions NNS and CC realignments NNS of IN troops NNS in IN central JJ Europe NNP -- : also RB are VBP being VBG registered VBN at IN the DT Pentagon NNP . . Mr. NNP Bush NNP has VBZ called VBN for IN an DT agreement NN by IN next JJ September NNP at IN the DT latest JJS . . But CC some DT American JJ defense NN officials NNS believe VBP the DT North NNP Atlantic NNP Treaty NNP Organization NNP should MD take VB more JJR time NN to TO examine VB the DT long-term JJ implications NNS of IN the DT options NNS being VBG considered VBN . . For IN one CD thing NN , , Pentagon NNP officials NNS , , who WP asked VBD not RB to TO be VB identified VBN , , worry VBP that IN the DT U.S. NNP will MD have VB a DT much RB tougher JJR time NN persuading VBG Europeans NNPS to TO keep VB some DT short-range JJ nuclear JJ weapons NNS on IN their PRP$ soil NN once IN Soviet JJ armored JJ forces NNS are VBP thinned VBN out RP . . At IN the DT same JJ time NN , , they PRP contend VBP that IN a DT reduction NN of IN NATO NNP forces NNS under IN a DT treaty NN will MD increase VB the DT possibility NN of IN a DT conventional JJ Soviet JJ attack NN unless IN the DT West NNP retains VBZ a DT residual JJ force NN of IN nuclear JJ weapons NNS in IN Europe NNP . . Allies NNS concerned VBN about IN the DT deadline NN include VBP the DT British NNPS , , French NNPS and CC smaller JJR NATO NNP allies NNS , , some DT of IN whom WP do VBP n't RB have VB adequate JJ staffs NNS to TO provide VB quick JJ answers NNS to TO the DT questions NNS being VBG raised VBN by IN what WP generally RB are VBP considered VBN the DT most RBS complex JJ arms-control NN talks NNS ever RB attempted VBN . . So RB far RB , , no DT ally NN has VBZ complained VBN openly RB , , preserving VBG the DT impression NN that IN NATO NNP is VBZ in IN line NN with IN the DT Bush NNP position NN that IN a DT quick JJ agreement NN bringing VBG Soviet JJ conventional JJ forces NNS down RB to TO parity NN with IN NATO NNP is VBZ the DT West NNP 's POS top JJ bargaining NN priority NN . . But CC even RB though IN NATO NNP negotiators NNS have VBP only RB 10 CD months NNS left VBN under IN the DT Bush NNP timetable NN , , they PRP are VBP still RB wrestling VBG over IN such JJ seemingly RB fundamental JJ questions NNS as IN `` `` What WP is VBZ a DT tank NN ? . '' '' Five CD of IN the DT six CD categories NNS of IN weapons NNS under IN negotiation NN have VBP n't RB even RB been VBN defined VBN . . Tanks NNS currently RB are VBP defined VBN as IN armored JJ vehicles NNS weighing VBG 25 CD tons NNS or CC more JJR that IN carry VB large JJ guns NNS . . The DT Soviets NNPS complicated VBD the DT issue NN by IN offering VBG to TO include VB light JJ tanks NNS , , which WDT are VBP as RB light JJ as IN 10 CD tons NNS . . Oleg NNP A. NN Grinevsky NNP , , the DT chief JJ Soviet JJ negotiator NN in IN the DT conventional-arms JJ talks NNS , , argued VBD that IN this DT would MD mean VB the DT Soviets NNPS would MD have VB to TO destroy VB some DT 1,800 CD tanks NNS , , while IN the DT U.S. NNP would MD lose VB none NN because IN it PRP has VBZ no DT light JJ tanks NNS in IN Europe NNP . . But CC the DT issue NN is VBZ stickier JJR than IN it PRP seems VBZ . . France NNP , , Britain NNP and CC Italy NNP all DT have VBP light JJ tanks NNS they PRP would MD like VB to TO keep VB out IN of IN the DT talks NNS . . And CC some DT U.S. NNP Army NNP analysts NNS worry VBP that IN the DT proposed VBN Soviet JJ redefinition NN is VBZ aimed VBN at IN blocking VBG the DT U.S. NNP from IN developing VBG lighter JJR , , more RBR transportable JJ , , high-technology JJ tanks NNS . . Defining VBG combat NN aircraft NN is VBZ even RB tougher JJR . . The DT Soviets NNPS insisted VBD that DT aircraft NN be VB brought VBN into IN the DT talks NNS , , then RB argued VBD for IN exempting VBG some DT 4,000 CD Russian JJ planes NNS because IN they PRP are VBP `` `` solely RB defensive JJ . . '' '' NATO NNP has VBZ n't RB budged VBN from IN its PRP$ insistence NN that IN any DT gun-carrying JJ plane NN has VBZ offensive JJ capability NN . . The DT dispute NN over IN that DT issue NN , , according VBG to TO one CD U.S. NNP official NN , , is VBZ a DT `` `` potential JJ treaty NN stopper NN , , '' '' and CC only RB President NNP Bush NNP and CC Soviet JJ leader NN Mikhail NNP Gorbachev NNP may MD be VB able JJ to TO resolve VB it PRP . . Accounting NN problems NNS raise VBP more JJR knotty JJ issues NNS . . Greece NNP and CC Turkey NNP , , for IN example NN , , are VBP suspected VBN of IN overstating VBG their PRP$ arsenals NNS in IN hopes NNS that IN they PRP can MD emerge VB from IN the DT arms-reduction JJ treaty NN with IN large JJ remaining VBG forces NNS to TO deter VB each DT other JJ . . Other JJ nations NNS are VBP n't RB sure JJ how WRB many JJ weapons NNS they PRP have VBP in IN their PRP$ own JJ arsenals NNS . . `` `` It PRP 's VBZ just RB going VBG to TO be VB sloppy JJ , , both DT on IN our PRP$ side NN and CC theirs PRP { ( the DT Warsaw NNP Pact NNP 's POS } ) , , '' '' says VBZ one CD NATO NNP analyst NN . . So RB far RB , , neither CC the DT Bush NNP administration NN nor CC arms-control JJ experts NNS in IN Congress NNP seem VBP moved VBN by IN arguments NNS that IN these DT problems NNS may MD take VB more JJR time NN to TO thrash VB out RB than IN President NNP Bush NNP has VBZ allowed VBN . . They PRP argue VBP that IN the DT bigger JJR danger NN would MD be VB that IN the DT West NNP would MD delay VB action NN so RB long RB that IN the DT Soviets NNPS might MD back VB away RB from IN the DT current JJ conciliatory JJ attitude NN . . `` `` So RB what WP if IN you PRP miss VBP 50 CD tanks NNS somewhere RB ? . '' '' asks VBZ Rep. NNP Norman NNP Dicks NNP ( ( D. NNP , , Wash. NNP ) ) , , a DT member NN of IN the DT House NNP group NN that WDT visited VBD the DT talks NNS in IN Vienna NNP . . `` `` The DT bottom JJ line NN is VBZ that IN if IN we PRP can MD get VB that DT { ( Warsaw NNP Pact NNP } ) superiority NN brought VBD down RB to TO parity NN , , we PRP ought MD to TO keep VB pressing VBG ahead RB as RB quickly RB as IN possible JJ . . I PRP worry VBP more RBR about IN things NNS becoming VBG so RB unraveled JJ on IN the DT other JJ side NN that IN they PRP might MD become VB unable JJ to TO negotiate VB . . International NNP Lease NNP Finance NNP Corp. NNP announced VBD a DT leasing NN contract NN with IN charter NN carrier NN American JJ Trans NNP Air NNP Inc. NNP , , in IN a DT transaction NN involving VBG six CD Boeing NNP Co. NNP 757-200s NNS . . The DT value NN of IN the DT jets NNS , , including VBG spares NNS , , is VBZ in IN excess NN of IN $ $ 250 CD million CD . . Two CD of IN the DT 757-200s NNS are VBP new JJ aircraft NNS to TO be VB delivered VBN to TO American NNP Trans NNP Air NNP , , the DT main JJ subsidiary NN of IN Amtran NNP Inc. NNP , , in IN December NNP 1991 CD and CC January NNP 1992 CD . . Four CD of IN the DT planes NNS were VBD purchased VBN by IN International NNP Lease NNP from IN Singapore NNP Airlines NNPS in IN a DT previously RB announced JJ transaction NN . . Delivery NN of IN the DT first JJ aircraft NN is VBZ set VBN for IN early JJ November NNP , , a DT second NN for IN December NNP and CC two CD for IN April NNP 1990 CD . . Norway NNP 's POS unemployment NN rate NN for IN October NNP was VBD 3.6 CD % NN , , unchanged JJ from IN September NNP but CC up RB from IN 2.6 CD % NN in IN the DT same JJ month NN last JJ year NN . . The DT figure NN excludes VBZ a DT record NN number NN employed VBN by IN extraordinary JJ government NN work NN programs NNS , , the DT Labor NNP Directorate NNP announced VBD Tuesday NNP . . Including VBG those DT in IN the DT state NN programs NNS , , there EX were VBD 143,800 CD Norwegians NNPS , , or CC about IN 6.5 CD % NN of IN the DT work NN force NN , , without IN permanent JJ employment NN in IN October NNP , , up RB from IN September NNP 's POS 136,800 CD . . The DT number NN of IN people NNS registered VBN as IN jobless JJ at IN the DT end NN of IN October NNP declined VBD by IN 900 CD from IN September NNP to TO 78,600 CD . . Those DT employed VBN in IN state-funded JJ special JJ programs NNS increased VBN by IN 7,400 CD to TO 65,200 CD in IN the DT same JJ period NN , , the DT Directorate NNP said VBD . . In IN October NNP 1988 CD , , there EX were VBD 40,800 CD fewer JJR employed VBN by IN government NN programs NNS . . Coca-Cola NNP Co. NNP , , aiming VBG to TO boost VB soft-drink NN volume NN in IN Singapore NNP , , said VBD it PRP is VBZ discussing VBG a DT joint JJ venture NN with IN Fraser NNP & CC Neave NNP Ltd. NNP , , its PRP$ bottling VBG franchisee NN in IN that DT country NN . . The DT venture NN would MD be VB the DT latest JJS in IN Coke NNP 's POS rapid JJ expansion NN of IN overseas JJ investment NN . . So RB far RB this DT year NN , , it PRP has VBZ put VBN nearly RB $ $ 700 CD million CD into IN bottling VBG operations NNS in IN Australia NNP , , New NNP Zealand NNP and CC France NNP . . The DT move NN also RB reflects VBZ Coke NNP 's POS eagerness NN to TO have VB a DT hand NN in IN developing VBG the DT soft-drink NN markets NNS in IN Pacific NNP Basin NNP countries NNS . . Aside RB from IN Europe NNP , , the DT Pacific NNP division NN is VBZ where WRB Coke NNP will MD be VB focusing VBG much RB of IN its PRP$ attention NN for IN years NNS to TO come VB . . That DT 's VBZ because IN when WRB Coke NNP looks VBZ to TO the DT Pacific NNP area NN , , it PRP sees VBZ an DT economic JJ and CC demographic JJ gold NN mine NN . . In IN countries NNS such JJ as IN Taiwan NNP , , South NNP Korea NNP and CC Singapore NNP , , economies NNS are VBP growing VBG , , resulting VBG in IN a DT rise NN in IN disposable JJ income NN that IN consumers NNS can MD use VB for IN soft JJ drinks NNS . . And CC unlike IN Europe NNP and CC the DT U.S. NNP , , where WRB populations NNS are VBP aging VBG , , the DT Pacific NNP Basin NNP countries NNS have VBP growing VBG proportions NNS of IN youths NNS -- : the DT heaviest JJS consumers NNS of IN Coca-Cola NNP and CC other JJ sodas NNS . . A DT Coca-Cola NNP spokesman NN said VBD it PRP is VBZ too RB early JJ to TO say VB how WRB the DT joint JJ venture NN would MD be VB structured VBN , , or CC how WRB much JJ the DT company NN would MD invest VB in IN the DT transaction NN . . In IN the DT past NN , , however RB , , Coke NNP has VBZ typically RB taken VBN a DT minority NN stake NN in IN such JJ ventures NNS . . By IN acquiring VBG stakes NNS in IN bottling VBG companies NNS in IN the DT U.S. NNP and CC overseas RB , , Coke NNP has VBZ been VBN able JJ to TO improve VB bottlers NNS ' POS efficiency NN and CC production NN , , and CC in IN some DT cases NNS , , marketing NN . . Coke NNP has VBZ tended VBN to TO increase VB its PRP$ control NN when WRB results NNS were VBD sluggish JJ in IN a DT given VBN country NN . . That IN does VBZ n't RB appear VB to TO be VB the DT case NN in IN Singapore NNP , , a DT country NN of IN about IN three CD million CD people NNS with IN a DT relatively RB high JJ soft-drink NN consumption NN rate NN -- : a DT key JJ indicator NN of IN Coke NNP 's POS success NN in IN a DT market NN . . In IN Singapore NNP , , per-capita JJ consumption NN is VBZ about IN one-third NN that IN of IN the DT U.S. NNP . . And CC combining VBG Fraser NNP & CC Neave NNP 's POS own JJ soft JJ drinks NNS with IN Coca-Cola NNP 's POS gives VBZ the DT Singapore NNP company NN more JJR than IN half PDT the DT share NN of IN the DT soda NN market NN there RB , , Coke NNP said VBD . . Fraser NNP & CC Neave NNP , , which WDT also RB has VBZ interests NNS in IN packaging NN , , beer NN and CC dairy NN products NNS , , holds VBZ the DT Coke NNP licenses NNS for IN Malaysia NNP and CC Brunei NNP , , where WRB per-capita JJ consumption NN is VBZ n't RB as RB high JJ as IN in IN Singapore NNP . . Coke NNP could MD be VB interested JJ in IN more RBR quickly RB developing VBG some DT of IN the DT untapped JJ potential NN in IN those DT markets NNS . . A DT Coke NNP spokesman NN said VBD he PRP could MD n't RB say VB whether IN that DT is VBZ the DT direction NN of IN the DT talks NNS . . Coke NN said VBD the DT joint-venture NN arrangement NN , , which WDT needs VBZ approval NN from IN both DT companies NNS ' POS boards NNS , , should MD be VB completed VBN early JJ next JJ year NN . . AMERICAN NNP BRANDS NNPS Inc. NNP , , Old NNP Greenwich NNP , , Conn. NNP , , said VBD it PRP increased VBD its PRP$ quarterly JJ 11 CD % NN to TO 68 CD cents NNS a DT share NN from IN 61 CD cents NNS , , payable JJ Dec. NNP 1 CD to TO stock NN of IN record NN Nov. NNP 10 CD . . The DT increase NN follows VBZ the DT company NN 's POS report NN of IN strong JJ earnings NNS for IN the DT third JJ quarter NN , , and CC reflects VBZ what WP American NNP Brands NNPS called VBD its PRP$ `` `` tradition NN of IN sharing VBG earnings NNS growth NN '' '' with IN shareholders NNS . . American NNP Brands NNPS is VBZ a DT consumer NN products NNS company NN with IN core NN businesses NNS in IN tobacco NN , , distilled JJ spirits NNS and CC life NN insurance NN . . As IN of IN Sept. NNP 30 CD , , American NNP Brands NNPS had VBD 95.2 CD million CD shares NNS outstanding JJ . . Giovanni NNP Agnelli NNP & CC Co. NNP announced VBD a DT transaction NN that WDT will MD strengthen VB its PRP$ indirect JJ control NN of IN Fiat NNP S.p NNP . . A. NNP and CC will MD admit VB Prince NNP Karim NNP Aga NNP Khan NNP as IN its PRP$ first JJ non-family JJ shareholder NN . . Giovanni NNP Agnelli NNP , , a DT limited JJ partnership NN that WDT is VBZ the DT master NN holding VBG company NN for IN Fiat NNP 's POS Agnelli NNP family NN , , owns VBZ approximately RB 75 CD % NN of IN the DT shares NNS in IN Istituto NNP Finanziario NNP Industriale NNP , , which WDT in IN turn NN owns VBZ approximately RB 40 CD % NN of IN Fiat NNP , , Italy NNP 's POS biggest JJS private-sector NN industrial JJ group NN . . The DT company NN said VBD Maria NNP Sole NNP Agnelli NNP Teodorani NNP , , sister NN of IN Fiat NNP Chairman NNP Giovanni NNP Agnelli NNP , , agreed VBD to TO trade VB her PRP$ shares NNS in IN IFI NNP for IN new JJ ordinary JJ shares NNS in IN the DT limited JJ partnership NN , , which WDT will MD give VB her PRP$ control NN of IN 4.67 CD % NN of IN Giovanni NNP Agnelli NNP & CC Co NNP . . The DT Aga NNP Khan NNP , , meanwhile RB , , agreed VBD to TO trade VB some DT of IN his PRP$ stake NN in IN Luxembourg-based JJ Ifint NNP S.A. NNP , , another DT Agnelli NNP family NN company NN , , for IN 7.45 CD % NN of IN Giovanni NNP Agnelli NNP & CC Co. NNP 's POS capital NN . . His PRP$ new JJ stake NN would MD be VB in IN the DT form NN of IN preferred JJ shares NNS , , which WDT receive VBP higher JJR dividends NNS but CC have VBP voting VBG rights NNS only RB in IN extraordinary JJ shareholders NNS assemblies NNS . . The DT Aga NNP Khan NNP owns VBZ 10 CD % NN of IN Ifint NNP 's POS capital NN , , while IN IFI NNP owns VBZ 23 CD % NN . . As IN a DT result NN of IN the DT transaction NN , , which WDT is VBZ expected VBN to TO be VB approved VBN at IN a DT shareholders NNS meeting NN Nov. NNP 24 CD , , Giovanni NNP Agnelli NNP & CC Co. NNP will MD control VB 79.18 CD % NN of IN IFI NNP 's POS ordinary JJ shares NNS . . Its PRP$ capital NN will MD also RB be VB raised VBN to TO 232.4 CD billion CD lire NNS ( ( $ $ 172.5 CD million CD ) ) from IN the DT current JJ 204.3 CD billion CD lire NNS . . IFI NNP also RB has VBZ nonvoting JJ preferred JJ shares NNS , , which WDT are VBP quoted VBN on IN the DT Milan NNP stock NN exchange NN . . The DT value NN of IN the DT two CD transactions NNS was VBD n't RB disclosed VBN , , but CC an DT IFI NNP spokesman NN said VBD no DT cash NN would MD change VB hands NNS . . The DT move NN strengthens VBZ the DT existing VBG links NNS between IN the DT Agnellis NNPS and CC the DT Aga NNP Khan NNP , , the DT head NN of IN the DT world NN 's POS Ismaili NNP Moslems NNPS who WP is VBZ a DT longtime JJ family NN friend NN and CC frequently RB goes VBZ sailing NN with IN Mr. NNP Agnelli NNP . . Mr. NNP Agnelli NNP and CC the DT Aga NNP Khan NNP also RB have VBP some DT business NN ties NNS , , and CC a DT spokesman NN for IN the DT Agnelli NNP company NN did VBD n't RB rule VB out RB that IN the DT current JJ agreement NN could MD lead VB to TO further JJ collaboration NN . . For IN instance NN , , Ifint NNP earlier RBR this DT year NN bought VBD an DT 18 CD % NN stake NN in IN Alisarda NNP , , the DT Aga NNP Khan NNP 's POS airline NN , , which WDT flies VBZ between IN Italy NNP and CC Sardinia NNP . . Giovanni NNP Agnelli NNP & CC Co. NNP , , which WDT was VBD formed VBN in IN January NNP 1987 CD as IN a DT way NN of IN keeping VBG the DT Agnellis NNPS ' POS controlling VBG stake NN in IN Fiat NNP together RB despite IN an DT ever-growing JJ family NN tree NN , , has VBZ been VBN playing VBG a DT more RBR active JJ role NN in IN the DT Agnelli NNP group NN of IN late RB . . It PRP raised VBD financing NN of IN 300 CD billion CD lire NNS for IN the DT purchase NN this DT summer NN by IN another DT Agnelli-related JJ group NN of IN the DT food NN concern NN Galbani NNP S.p NNP . . A. NNP , , by IN selling VBG a DT chunk NN of IN its PRP$ IFI NNP shares NNS to TO Mediobanca NNP S.p NNP . . A. NNP Mediobanca NNP said VBD during IN the DT weekend NN that IN it PRP agreed VBD to TO sell VB the DT shares NNS back RP to TO Giovanni NNP Agnelli NNP for IN 333 CD billion CD lire NNS . . Your PRP$ Oct. NNP 2 CD page-one JJ article NN on IN people NNS riding VBG so-called JJ `` `` railbikes NNS '' '' on IN railroad NN tracks NNS was VBD a DT disservice NN to TO your PRP$ readers NNS . . It PRP unfortunately RB encourages VBZ others NNS to TO engage VB in IN a DT highly RB dangerous JJ and CC illegal JJ activity NN that IN only RB a DT very RB few JJ are VBP doing VBG now RB . . And CC it PRP treats VBZ such JJ activities NNS in IN a DT frivolous JJ , , cavalier JJ fashion NN , , with IN total JJ indifference NN to TO common JJ sense NN and CC public JJ safety NN . . Saul NNP Resnick NNP Vice NNP President NNP Public NNP Affairs NNPS Conrail NNP MCI NNP Communications NNPS Corp. NNP said VBD it PRP received VBD a DT three-year JJ contract NN valued VBN at IN more JJR than IN $ $ 15 CD million CD to TO provide VB network NN , , credit-card NN and CC other JJ telecommunications NN services NNS to TO Drexel NNP Burnham NNP Lambert NNP Inc NNP . . Congressional JJ Democrats NNPS and CC the DT Bush NNP administration NN agreed VBD on IN a DT compromise NN minimum-wage NN bill NN , , opening VBG the DT way NN for IN the DT first JJ wage-floor JJ boost NN in IN more JJR than IN nine CD years NNS . . The DT agreement NN ended VBD a DT long JJ impasse NN between IN the DT congressional JJ leaders NNS and CC the DT White NNP House NNP over IN the DT wage NN issue NN . . President NNP Bush NNP in IN June NNP vetoed VBD a DT measure NN passed VBN by IN Congress NNP and CC said VBD he PRP would MD n't RB accept VB any DT minimum-wage NN rise NN that WDT went VBD beyond IN limits NNS he PRP set VBD early RB in IN this DT year NN 's POS debate NN on IN the DT issue NN . . The DT compromise NN was VBD a DT somewhat RB softened JJ version NN of IN what WP the DT White NNP House NNP had VBD said VBN it PRP would MD accept VB . . Under IN the DT agreement NN with IN the DT House NNP and CC Senate NNP leaders NNS , , the DT minimum NN wage NN would MD rise VB from IN the DT current JJ $ $ 3.35 CD an DT hour NN to TO $ $ 4.25 CD an DT hour NN by IN April NNP 1991 CD . . Employers NNS could MD also RB pay VB a DT subminimum JJ `` `` training NN wage NN '' '' for IN 90 CD days NNS to TO new JJ workers NNS who WP are VBP up RB to TO 19 CD years NNS old JJ , , and CC then RB for IN another DT 90 CD days NNS if IN the DT company NN institutes NN a DT specific JJ training VBG program NN for IN the DT newcomers NNS . . White NNP House NNP officials NNS were VBD delighted JJ that IN the DT compromise NN includes VBZ the DT concept NN of IN a DT training NN wage NN , , which WDT Mr. NNP Bush NNP has VBZ fought VBN for IN throughout IN the DT year NN . . `` `` For IN the DT first JJ time NN in IN history NN , , we PRP have VBP a DT training NN wage NN that WDT will MD be VB part NN '' '' of IN the DT nation NN 's POS labor NN laws NNS , , said VBD Roger NNP Porter NNP , , assistant NN to TO the DT president NN for IN economic JJ and CC domestic JJ policy NN . . White NNP House NNP aides NNS said VBD that IN although IN they PRP made VBD a DT small JJ compromise NN on IN the DT length NN of IN a DT training NN wage NN , , the DT final JJ minimum-wage NN increase NN will MD meet VB the DT standards NNS set VBN by IN Mr. NNP Bush NNP . . The DT bill NN vetoed VBN by IN the DT president NN in IN June NNP , , which WDT the DT House NNP failed VBD to TO override VB , , would MD have VB lifted VBN the DT minimum NN wage NN to TO $ $ 4.55 CD an DT hour NN by IN late JJ 1991 CD , , with IN a DT training NN wage NN for IN up RB to TO two CD months NNS , , generally RB for IN a DT worker NN 's POS first JJ job NN . . Mr. NNP Bush NNP had VBD been VBN holding VBG out RB for IN a DT bill NN boosting VBG the DT wage NN floor NN to TO $ $ 4.25 CD an DT hour NN by IN the DT end NN of IN 1991 CD , , coupled VBN with IN a DT six-month JJ training NN wage NN for IN workers NNS newly RB hired VBN by IN any DT employer NN . . Under IN the DT compromise NN , , the DT $ $ 4.25 CD level NN would MD be VB reached VBN nine CD months NNS earlier RB , , while IN the DT training NN subminimum JJ would MD be VB shorter JJR , , unless IN it PRP is VBZ tied VBN to TO a DT training NN plan NN . . Democrats NNP argued VBD that IN the DT training NN wage NN was VBD a DT way NN of IN allowing VBG employers NNS to TO pay VB less JJR than IN the DT minimum NN wage NN , , while IN new JJ workers NNS need VBP far RB less JJR than IN six CD months NNS to TO be VB trained VBN for IN their PRP$ jobs NNS . . Democrats NNPS had VBD been VBN negotiating VBG with IN some DT Republican JJ congressional JJ leaders NNS on IN a DT compromise NN lately RB . . With IN congressional JJ elections NNS next IN year NN , , GOP NNP leaders NNS have VBP worried VBN about IN opposing VBG a DT minimum-wage NN rise NN for IN low-paid JJ workers NNS at IN a DT time NN when WRB Congress NNP is VBZ moving VBG toward IN a DT capital-gains NNS tax NN cut NN that WDT would MD directly RB benefit VB wealthier JJR taxpayers NNS . . Republicans NNPS have VBP been VBN imploring VBG the DT White NNP House NNP to TO compromise VB on IN the DT wage NN issue NN . . In IN the DT Senate NNP , , Edward NNP Kennedy NNP ( ( D. NNP , , Mass. NNP ) ) , , chairman NN of IN the DT Labor NNP Committee NNP , , and CC Pete NNP Domenici NNP , , ( ( R. NNP , , N.M NNP . . ) ) ranking VBG minority NN member NN of IN the DT Budget NNP Committee NNP , , have VBP been VBN working VBG on IN a DT compromise NN , , and CC their PRP$ soundings NNS showed VBD that IN the DT Senate NNP appeared VBD to TO be VB heading VBG toward IN enough JJ strength NN to TO override VB another DT Bush NNP veto NN , , a DT Democratic JJ staff NN official NN said VBD . . The DT House NNP is VBZ scheduled VBN to TO vote VB this DT week NN on IN the DT compromise NN , , as IN a DT substitute NN to TO a DT new JJ Democratic JJ bill NN , , itself PRP watered VBD down RB from IN last JJ spring NN 's POS version NN . . The DT Senate NNP will MD probably RB vote VB not RB long RB afterward RB . . Some DT Democrats NNPS thought VBD they PRP might MD have VB compromised VBN too RB much RB . . Rep. NNP Austin NNP Murphy NNP ( ( D. NNP , , Pa. NNP ) ) , , chairman NN of IN the DT House NNP labor NN standards NNS subcommittee NN , , said VBD they PRP might MD have VB done VBN better RBR `` `` if IN we PRP 'd VBD held VBN their PRP$ feet NNS to TO the DT fire NN . . '' '' Mr. NNP Kennedy NNP suggested VBD Democrats NNPS `` `` yielded VBD a DT great JJ deal NN '' '' on IN the DT size NN of IN the DT increase NN , , but CC he PRP cited VBD concessions NNS from IN the DT White NNP House NNP on IN the DT training NN wage NN , , which WDT he PRP said VBD make VB it PRP `` `` less RBR harsh JJ . . '' '' With IN only RB 16-year-olds NNS to TO 19-year-olds NNS eligible JJ , , 68 CD % NN of IN workers NNS getting VBG less JJR than IN $ $ 4.25 CD an DT hour NN , , who WP are VBP adults NNS , , wo MD n't RB be VB subject JJ to TO the DT training NN wage NN , , he PRP said VBD . . The DT AFL-CIO NNP , , which WDT previously RB opposed VBD the DT administration NN 's POS subminimum JJ idea NN , , said VBD the DT compromise NN has VBZ `` `` adequate JJ safeguards NNS , , so IN the DT youth NN are VBP not RB exploited VBN and CC older JJR workers NNS are VBP not RB displaced VBN . . '' '' Gerald NNP F. NNP Seib NNP contributed VBD to TO this DT article NN . . Moody NNP 's POS Investors NNPS Service NNP Inc. NNP said VBD it PRP lowered VBD the DT ratings NNS on IN about IN $ $ 3.2 CD billion CD of IN Houston NNP Lighting NNP & CC Power NNP Co. NNP 's POS securities NNS because IN of IN the DT company NN 's POS low JJ levels NNS of IN interest NN coverage NN and CC internal JJ cash NN generation NN . . Houston NNP Lighting NNP is VBZ a DT unit NN of IN Houston NNP Industries NNPS Inc. NNP , , a DT utility NN holding VBG company NN in IN Houston NNP . . Downgraded VBN by IN Moody NNP 's POS were VBD Houston NNP Lighting NNP 's POS first-mortgage JJ bonds NNS and CC secured JJ pollution-control JJ bonds NNS to TO single-A-3 JJ from IN single-A-2 JJ ; : unsecured JJ pollution-control NN bonds NNS to TO Baa-1 JJ from IN single-A-3 JJ ; : preferred JJ stock NN to TO single-A-3 JJ from IN single-A-2 JJ ; : a DT shelf NN registration NN for IN preferred JJ stock NN to TO a DT preliminary JJ rating NN of IN single-A-3 JJ from IN a DT preliminary JJ rating NN of IN single-A-2 JJ ; : two CD shelf NN registrations NNS for IN collateralized JJ debt NN securities NNS to TO a DT preliminary JJ rating NN of IN single-A-3 JJ from IN a DT preliminary JJ rating NN of IN single-A-2 JJ , , and CC the DT unit NN 's POS rating NN for IN commercial JJ paper NN to TO Prime-2 JJ from IN Prime-1 JJ . . Moody NNP 's POS said VBD Houston NNP Lighting NNP 's POS current JJ situation NN has VBZ some DT positive JJ aspects NNS , , including VBG managing VBG `` `` very RB well RB '' '' the DT construction NN and CC commercial JJ operation NN risks NNS of IN Units NNS 1 CD and CC 2 CD of IN the DT South NNP Texas NNP Project NNP nuclear JJ power NN plant NN . . Capital NN requirements NNS will MD be VB declining VBG and CC no DT new JJ generating VBG facilities NNS will MD be VB required VBN for IN several JJ years NNS , , Moody NNP 's POS said VBD . . Scott NNP C. NNP Smith NNP , , formerly RB vice NN president NN , , finance NN , , and CC chief JJ financial JJ officer NN of IN this DT media NNS concern NN , , was VBD named VBN senior JJ vice NN president NN . . Mr. NNP Smith NNP , , 39 CD , , retains VBZ the DT title NN of IN chief JJ financial JJ officer NN . . Armstrong NNP World NNP Industries NNPS Inc. NNP agreed VBD in IN principle NN to TO sell VB its PRP$ carpet NN operations NNS to TO Shaw NNP Industries NNPS Inc NNP . . The DT price NN was VBD n't RB disclosed VBN but IN one CD analyst NN estimated VBD that IN it PRP was VBD $ $ 150 CD million CD . . Armstrong NNP , , which WDT has VBZ faced VBN a DT takeover NN threat NN from IN the DT Belzberg NNP family NN of IN Canada NNP since IN July NNP , , said VBD that IN disposing VBG of IN the DT carpet NN business NN would MD improve VB `` `` total JJ financial JJ performance NN . . '' '' The DT move NN also RB would MD allow VB the DT company NN to TO concentrate VB on IN core JJ businesses NNS , , which WDT include VBP ceramic JJ tile NN , , floor NN coverings NNS and CC furniture NN . . Moreover JJR , , such PDT a DT sale NN could MD help VB Armstrong NNP reassure VB its PRP$ investors NNS and CC deter VB the DT Belzbergs NNPS , , who WP own VBP a DT 9.85 CD % NN stake NN in IN the DT Lancaster NNP , , Pa. NNP , , company NN . . Analysts NNS expect VBP Armstrong NNP to TO use VB proceeds NNS of IN the DT sale NN to TO reduce VB debt NN , , buy VB back RP stock NN or CC perhaps RB finance VB an DT acquisition NN . . The DT carpet NN division NN had VBD 1988 CD sales NNS of IN $ $ 368.3 CD million CD , , or CC almost RB 14 CD % NN of IN Armstrong NNP 's POS $ $ 2.68 CD billion CD total NN revenue NN . . The DT company NN has VBZ been VBN manufacturing VBG carpet NN since IN 1967 CD . . Recently RB it PRP upgraded VBD its PRP$ plants NNS so IN that IN it PRP could MD make VB stain-resistant JJ products NNS with IN higher JJR quality JJ dyes NNS . . For IN the DT past JJ year NN or CC two CD , , the DT carpet NN division NN 's POS operating NN profit NN margins NNS have VBP hovered VBN around IN 5 CD % NN , , high JJ by IN industry NN standards NNS , , but CC disappointing JJ compared VBN with IN the DT 13 CD % NN to TO 19 CD % NN margins NNS for IN two CD of IN Armstrong NNP 's POS chief JJ businesses NNS , , flooring NN and CC building NN products NNS . . Analysts NNS hailed VBD the DT planned JJ transaction NN as IN being VBG beneficial JJ to TO Armstrong NNP and CC Shaw NNP , , the DT market NN leader NN in IN the DT U.S. NNP carpet NN industry NN , , with IN an DT estimated VBN 17 CD % NN to TO 20 CD % NN share NN . . Shaw NNP , , based VBN in IN Dalton NNP , , Ga. NNP , , has VBZ annual JJ sales NNS of IN about IN $ $ 1.18 CD billion CD , , and CC has VBZ economies NNS of IN scale NN and CC lower JJR raw-material NN costs NNS that WDT are VBP expected JJ to TO boost VB the DT profitability NN of IN Armstrong NNP 's POS brands NNS , , sold VBN under IN the DT Armstrong NNP and CC Evans-Black NNP names NNS . . Yesterday NN , , in IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , Shaw NNP 's POS shares NNS closed VBD ex-dividend NN at IN $ $ 26.125 CD , , up RB $ $ 2.25 CD . . Armstrong NNP 's POS shares NNS , , also RB listed VBN on IN the DT Big NNP Board NNP , , closed VBD at IN $ $ 39.125 CD , , up RB 12.5 CD cents NNS . . Yesterday NN , , Armstrong NNP reported VBD flat JJ earnings NNS for IN the DT third JJ quarter NN and CC nine CD months NNS , , worsened VBN by IN the DT stock NN dilution NN of IN an DT employee NN stock NN ownership NN plan NN adopted VBN earlier RBR this DT year NN . . For IN the DT quarter NN , , earnings NNS were VBD $ $ 47 CD million CD , , or CC 92 CD cents NNS a DT share NN , , including VBG a DT one-time JJ gain NN of IN $ $ 5.9 CD million CD . . In IN the DT year-ago JJ quarter NN , , earnings NNS were VBD $ $ 42.9 CD million CD , , or CC 93 CD cents NNS a DT share NN . . Yesterday NN , , Armstrong NNP announced VBD an DT agreement NN to TO sell VB its PRP$ small JJ Applied NNP Color NNP Systems NNPS unit NN to TO a DT subsidiary NN of IN the DT Swiss JJ company NN , , Brauerei NNP Eichof NNP Ltd NNP . . The DT price NN was VBD n't RB disclosed VBN . . Armstrong NNP expects VBZ to TO close VB the DT sale NN of IN the DT color NN unit NN in IN late JJ November NNP and CC the DT carpet NN sale NN in IN December NNP , , with IN the DT gains NNS to TO be VB applied VBN to TO fourth JJ quarter NN or CC first-quarter JJ results NNS . . The DT government NN 's POS primary JJ economic-forecasting JJ gauge NN rose VBD a DT slight JJ 0.2 CD % NN in IN September NNP , , but CC economists NNS said VBD the DT report NN offered VBD little JJ new JJ information NN on IN the DT degree NN to TO which WDT the DT U.S. NNP economy NN is VBZ slowing VBG . . The DT small JJ increase NN in IN the DT index NN of IN leading VBG indicators NNS , , which WDT had VBD climbed VBN 0.5 CD % NN in IN August NNP but CC was VBD unchanged JJ in IN July NNP , , does VBZ lend VB support NN to TO the DT view NN that IN the DT economy NN has VBZ slowed VBN noticeably RB . . However RB , , it PRP does VBZ n't RB give VB much RB of IN a DT clue NN as IN to TO whether IN a DT recession NN is VBZ on IN the DT horizon NN . . `` `` I PRP do VBP n't RB think VB it PRP provides VBZ much RB new JJ information NN on IN the DT economy NN , , '' '' said VBD Richard NNP Rippe NNP , , economist NN at IN Dean NNP Witter NNP Reynolds NNP Inc NNP . . So RB far RB this DT year NN , , the DT index NN of IN leading VBG indicators NNS has VBZ risen VBN in IN four CD months NNS , , fallen VBN in IN four CD months NNS and CC remained VBD unchanged JJ in IN the DT other JJ month NN . . In IN another DT report NN yesterday NN , , the DT Commerce NNP Department NNP said VBD sales NNS of IN new JJ single-family JJ houses NNS plunged VBD 14 CD % NN in IN September NNP to TO an DT annual JJ rate NN of IN 618,000 CD from IN 719,000 CD in IN August NNP . . The DT declines NNS were VBD particularly RB pronounced VBN in IN the DT Northeast NNP and CC in IN the DT South NNP , , where WRB Hurricane NNP Hugo NNP was VBD a DT factor NN . . Although IN September NNP 's POS weakness NN followed VBD two CD strong JJ months NNS for IN home NN sales NNS , , the DT decline NN supports VBZ other JJ indications NNS that IN the DT drop NN in IN mortgage NN rates NNS earlier RBR this DT year NN has VBZ had VBN only RB a DT limited JJ beneficial JJ effect NN on IN the DT housing NN market NN . . The DT September NNP drop NN was VBD the DT largest JJS since IN a DT 19 CD % NN drop NN in IN January NNP 1982 CD , , but CC monthly JJ changes NNS in IN this DT measure NN are VBP even RB less RBR reliable JJ than IN those DT in IN other JJ economic JJ indicators NNS . . Because IN the DT figures NNS are VBP based VBN on IN a DT small JJ sample NN , , the DT department NN said VBD it PRP is VBZ 90 CD % NN confident JJ only RB that IN new-home JJ sales NNS fell VBD somewhere RB between IN 5 CD % NN and CC 23 CD % NN during IN the DT month NN . . The DT department NN also RB said VBD it PRP takes VBZ four CD months NNS to TO establish VB a DT trend NN . . So RB far RB this DT year NN , , 534,000 CD newly RB built VBN homes NNS have VBP been VBN sold VBN , , down RB 4.5 CD % NN from IN the DT like JJ months NNS of IN 1988 CD . . The DT index NN of IN leading VBG indicators NNS got VBD a DT major JJ boost NN in IN September NNP from IN a DT surge NN in IN consumer NN expectations NNS as IN measured VBN by IN the DT University NNP of IN Michigan NNP . . This DT measure NN had VBD dropped VBN sharply RB in IN August NNP . . The DT Commerce NNP Department NNP said VBD that IN as IN a DT result NN of IN a DT new JJ adjustment NN to TO the DT formula NN used VBN to TO calculate VB the DT index NN , , the DT influence NN of IN this DT component NN has VBZ been VBN reduced VBN . . Of IN the DT 11 CD components NNS to TO the DT index NN , , only RB three CD others NNS rose VBD in IN September NNP : : the DT money NN supply NN , , the DT length NN of IN the DT average JJ work NN week NN and CC stock NN prices NNS . . Several JJ components NNS that WDT track VBP the DT health NN of IN the DT manufacturing VBG sector NN of IN the DT economy NN turned VBD down RB in IN September NNP . . These DT include VBP new JJ orders NNS for IN manufactured JJ consumer NN goods NNS , , lead JJ times NNS on IN vendor NN deliveries NNS , , orders NNS for IN new JJ plant NN and CC equipment NN , , and CC backlogs NNS of IN orders NNS for IN durable JJ goods NNS . . Meanwhile RB , , the DT National NNP Association NNP of IN Manufacturers NNPS said VBD yesterday NN a DT recent JJ poll NN of IN 53 CD executives NNS on IN its PRP$ board NN found VBD that IN 61 CD % NN do VBP n't RB expect VB a DT recession NN to TO occur VB until IN 1991 CD or CC later RBR . . The DT remainder NN expect VBP a DT downturn NN to TO begin VB sometime RB in IN Although IN manufacturers NNS often RB are VBP quick JJ to TO call VB for IN lower JJR interest NN rates NNS , , 60 CD % NN of IN the DT executives NNS said VBD they PRP would MD prefer VB that IN the DT Fed NNP keep VB inflation-fighting NN as IN its PRP$ top JJ priority NN even RB if IN that DT means VBZ higher JJR rates NNS . . The DT other JJ 40 CD % NN said VBD the DT Fed NNP ought MD to TO worry VB less RBR about IN inflation NN and CC bring VB interest NN rates NNS down RP . . All PDT the DT figures NNS are VBP adjusted VBN to TO remove VB usual JJ seasonal JJ patterns NNS . . Here RB are VBP the DT net JJ contributions NNS of IN the DT components NNS of IN the DT Commerce NNP Department NNP 's POS index NN of IN leading VBG indicators NNS . . After IN various JJ adjustments NNS , , they PRP produced VBD a DT 0.5 CD % NN rise NN in IN the DT index NN for IN August NNP and CC a DT 0.2 CD % NN rise NN for IN September NNP . . September NNP , , and CC the DT change NN from IN August NNP , , are VBP : : from IN 1.11 CD in IN the DT previous JJ month NN . . Boston NNP Edison NNP Co. NNP said VBD it PRP will MD take VB a DT previously RB reported VBN $ $ 60 CD million CD charge NN against IN earnings NNS in IN the DT fourth JJ quarter NN . . The DT charge NN resulted VBD from IN a DT settlement NN approved VBN yesterday NN by IN the DT Massachusetts NNP Department NNP of IN Public NNP Utilities NNPS . . As IN expected VBN , , the DT settlement NN limits VBZ rate NN increases NNS for IN three CD years NNS and CC ties VBZ future JJ charges NNS to TO customers NNS for IN operation NN of IN the DT troubled JJ Pilgrim NNP Nuclear NNP Power NNP Station NNP to TO that DT plant NN 's POS performance NN . . In IN its PRP$ order NN , , the DT state NN regulatory JJ agency NN said VBD the DT company NN `` `` must MD be VB held VBN accountable JJ for IN the DT mistakes NNS made VBN in IN the DT management NN of IN the DT plant NN 's POS operation NN . . '' '' Pilgrim NNP had VBD been VBN closed JJ for IN 32 CD months NNS . . The DT average JJ interest NN rate NN rose VBD to TO 8.3875 CD % NN at IN Citicorp NNP 's POS $ $ 50 CD million CD weekly JJ auction NN of IN 91-day JJ commercial JJ paper NN , , or CC corporate JJ IOUs NNS , , from IN 8.337 CD % NN at IN last JJ week NN 's POS sale NN . . Bids NNS totaling VBG $ $ 515 CD million CD were VBD submitted VBN . . Accepted JJ bids NNS ranged VBD from IN 8.38 CD % NN to TO 8.395 CD % NN . . Citicorp NNP also RB said VBD that IN the DT average JJ rate NN rose VBD to TO 8.0087 CD % NN at IN its PRP$ $ $ 50 CD million CD auction NN of IN 182-day JJ commercial JJ paper NN from IN 7.962 CD % NN at IN last JJ week NN 's POS sale NN . . Bids NNS totaling VBG $ $ 475 CD million CD were VBD submitted VBN . . Accepted JJ bids NNS ranged VBD from IN 8 CD % NN to TO 8.019 CD % NN . . The DT bank NN holding NN company NN will MD auction VB another DT $ $ 50 CD million CD in IN each DT maturity NN next IN Tuesday NNP . . An DT imaginative JJ novelist NN writing VBG a DT thriller NN about IN amateur JJ spy-chasing NN might MD invent VB a DT Clifford NNP Stoll NNP , , but CC it PRP 's VBZ unlikely JJ . . It PRP 's VBZ also RB unnecessary JJ . . Amateur JJ spy-chaser NN Clifford NNP Stoll NNP is VBZ a DT real JJ person NN , , or CC as IN he PRP might MD waggishly RB put VB it PRP , , a DT surreal JJ person NN . . He PRP is VBZ 37 CD , , an DT astronomer NN with IN impressive JJ credentials NNS , , and CC something NN of IN a DT genius NN at IN making VBG computers NNS do VB his PRP$ bidding NN . . He PRP once RB described VBD himself PRP as IN a DT `` `` Berkeley NNP Hippie NNP , , '' '' and CC played VBD the DT role NN well RB ; : obligatory JJ ragged JJ jeans NNS , , a DT thicket NN of IN long JJ hair NN and CC rejection NN of IN all DT things NNS conventional JJ , , including VBG , , for IN a DT time NN at IN least JJS , , formal JJ marriage NN to TO his PRP$ `` `` sweetheart NN , , '' '' Martha NNP Matthews NNP . . He PRP also RB is VBZ an DT entertaining JJ writer NN , , combining VBG wisecracks NNS and CC wordplay NN with IN programmatic JJ detail NN and CC lucid JJ explanations NNS of IN how WRB computers NNS work VBP . . In IN `` `` The DT Cuckoo NN 's POS Egg NN '' '' ( ( Doubleday NNP , , 326 CD pages NNS , , $ $ 19.95 CD ) ) , , he PRP spins VBZ a DT remarkable JJ tale NN of IN his PRP$ efforts NNS over IN 18 CD months NNS to TO catch VB a DT computer NN spy NN . . The DT result NN last JJ spring NN was VBD the DT arrest NN by IN West JJ German NNP authorities NNS of IN five CD young JJ West NNPS Germans NNPS , , accused VBN of IN stealing VBG information NN from IN computers NNS in IN the DT U.S. NNP and CC Europe NNP and CC selling VBG it PRP to TO the DT Soviet NNP KGB NNP . . One CD of IN them PRP , , 25-year-old JJ Markus NNP Hess NNP of IN Hannover NNP , , allegedly RB used VBD the DT international JJ telecommunications NN network NN to TO break VB into IN more JJR than IN 30 CD high-security JJ computers NNS in IN the DT U.S. NNP , , searching VBG for IN secrets NNS . . He PRP probably RB did VBD n't RB penetrate VB any DT top-secret JJ files NNS , , but CC the DT KGB NNP in IN East NNP Berlin NNP was VBD willing JJ to TO pay VB two CD of IN his PRP$ associates NNS , , Peter NNP Carl NNP and CC Dirk NNP Brezinski NNP , , $ $ 15,000 CD for IN some DT of IN the DT material NN Hess NNP collected VBD . . They PRP promised VBD yet RB more JJR for IN really RB good JJ stuff NN . . Mr. NNP Stoll NNP draws VBZ his PRP$ title NN from IN the DT cuckoo NN 's POS habit NN of IN laying VBG eggs NNS in IN the DT nests NNS of IN other JJ birds NNS , , making VBG them PRP surrogate JJ parents NNS . . The DT computer NN spy NN had VBD discovered VBN that IN a DT popular JJ editing\/electronic JJ mail NN program NN called VBN Gnu-Emacs NNP could MD do VB tricks NNS with IN the DT widely RB used JJ Unix NNP operating VBG system NN created VBN by IN AT&T NNP . . Using VBG Gnu-Emacs NNP , , the DT spy NN could MD substitute VB a DT bogus JJ `` `` atrun JJ '' '' program NN for IN the DT one NN that WDT routinely RB cleans VBZ up RP the DT Unix NNP system NN every DT five CD minutes NNS . . Once RB his PRP$ cuckoo NN 's POS egg NN was VBD laid VBN , , he PRP could MD enter VB Unix NNP and CC become VB a DT `` `` super-user NN , , '' '' with IN access NN to TO everything NN . . Mr. NNP Stoll NNP was VBD scanning VBG the DT heavens NNS at IN the DT Keck NNP observatory NN of IN the DT Lawrence NNP Berkeley NNP Laboratory NNP in IN 1986 CD when WRB his PRP$ grant NN ran VBD low RB and CC he PRP was VBD asked VBN to TO switch VB to TO helping VBG run VB the DT lab NN 's POS computers NNS . . He PRP discovered VBD a DT 75-cent JJ discrepancy NN in IN the DT charges NNS made VBN to TO various JJ departments NNS for IN computer NN time NN and CC traced VBD it PRP to TO a DT user NN named VBN `` `` Hunter NNP , , '' '' who WP had VBD no DT valid JJ billing NN address NN . . Mr. NNP Stoll NNP suspected VBD the DT intruder NN was VBD one CD of IN those DT precocious JJ students NNS who WP has VBZ fun NN breaking VBG into IN computers NNS . . But CC after IN much JJ tracking NN , , it PRP became VBD evident JJ to TO Mr. NNP Stoll NNP , , through IN various JJ clues NNS , , that IN the DT hacker NN was VBD not RB on IN the DT Berkeley NNP campus NN or CC even RB in IN California NNP . . Finding VBG him PRP became VBD an DT obsession NN for IN Mr. NNP Stoll NNP . . He PRP made VBD a DT midnight NN requisition NN of IN all PDT the DT printers NNS he PRP could MD lay VB hands NNS on RB so IN that IN he PRP could MD monitor VB all PDT the DT telephone NN lines NNS coming VBG into IN the DT lab NN 's POS computers NNS . . After IN discovering VBG that IN the DT hacker NN had VBD taken VBN over RP the DT dormant JJ account NN of IN a DT legitimate JJ user NN named VBN Joe NNP Sventek NNP , , he PRP rigged VBD up RP an DT alarm NN system NN , , including VBG a DT portable JJ beeper NN , , to TO alert VB him PRP when WRB Sventek NNP came VBD on IN the DT line NN . . Some DT nights NNS he PRP slept VBD under IN his PRP$ desk NN . . His PRP$ boss NN complained VBD about IN neglect NN of IN other JJ chores NNS . . The DT hacker NN was VBD pawing VBG over IN the DT Berkeley NNP files NNS but CC also RB using VBG Berkeley NNP and CC other JJ easily RB accessible JJ computers NNS as IN stepping JJ stones NNS to TO the DT network NN of IN computers NNS used VBN by IN the DT military NN and CC national JJ security NN agencies NNS . . The DT White NNP Sands NNPS missile NN range NN and CC CIA NNP contractor NN Mitre NNP Inc. NNP were VBD among IN the DT targets NNS . . When WRB the DT hacker NN moved VBD , , Mr. NNP Stoll NNP moved VBD too RB , , calling VBG up RP other JJ systems NNS managers NNS to TO alert VB them PRP but CC keeping VBG his PRP$ own JJ system NN open JJ to TO avoid VB arousing VBG suspicion NN . . Sometimes RB , , if IN the DT hacker NN seemed VBD to TO be VB into IN a DT sensitive JJ file NN , , he PRP would MD drag VB his PRP$ keychain NN across IN the DT terminal NN to TO create VB static JJ or CC slow VB the DT system NN down RP to TO frustrate VB his PRP$ quarry NN . . The DT FBI NNP initially RB showed VBD little JJ interest NN , , and CC he PRP had VBD the DT impression NN other JJ federal JJ security NN agencies NNS were VBD tangled VBN up RB in IN legal JJ red JJ tape NN . . The DT CIA NNP told VBD him PRP it PRP does VBZ not RB do VB domestic JJ counterespionage NN . . One PRP learns VBZ a DT lot NN from IN this DT book NN , , or CC seems VBZ to TO , , about IN crippling JJ federal JJ bureaucracy NN . . `` `` Seems VBZ to TO '' '' because IN it PRP 's VBZ possible JJ that IN the DT CIA NNP and CC the DT National NNP Security NNP Agency NNP were VBD more RBR interested JJ than IN they PRP let VB on RP to TO Mr. NNP Stoll NNP . . Finally RB , , he PRP got VBD help NN . . Tymnet NNP is VBZ a DT major JJ network NN linking VBG computers NNS . . One CD of IN its PRP$ international JJ specialists NNS , , Steve NNP White NNP , , took VBD a DT quick JJ interest NN in IN Mr. NNP Stoll NNP 's POS hunt NN , , ultimately RB tracing VBG the DT hacker NN to TO West NNP Germany NNP . . The DT West NNPS Germans NNPS then RB took VBD over RB and CC finally RB found VBD Markus NNP Hess NNP . . Eventually RB , , Mr. NNP Stoll NNP was VBD invited VBN to TO both DT the DT CIA NNP and CC NSA NNP to TO brief VB high-ranking JJ officers NNS on IN computer NN theft NN . . He PRP savored VBD the DT humor NN of IN his PRP$ uncombed JJ appearance NN among IN these DT buttoned-up JJ chaps NNS . . Back RB in IN Berkeley NNP , , he PRP was VBD violently RB scolded VBN by IN a DT left-wing JJ lady NN friend NN for IN consorting VBG with IN such JJ people NNS . . He PRP became VBD angry JJ in IN return NN . . He PRP had VBD developed VBN a DT hatred NN for IN the DT hacker NN and CC a DT grudging JJ appreciation NN of IN the DT federal JJ `` `` spooks NNS '' '' who WP make VBP national JJ security NN their PRP$ business NN . . At IN several JJ different JJ levels NNS , , it PRP 's VBZ a DT fascinating JJ tale NN . . Mr. NNP Melloan NNP is VBZ deputy JJ editor NN of IN the DT Journal NNP . . Mips NNP Computer NNP Systems NNPS Inc. NNP today NN will MD unveil VB a DT new JJ general-purpose JJ computer NN that WDT will MD compete VB with IN more RBR expensive JJ machines NNS from IN companies NNS such JJ as IN Sun NNP Microsystems NNPS Inc. NNP and CC Digital NNP Equipment NNP Corp NNP . . The DT closely RB held JJ Sunnyvale NNP , , Calif. NNP , , company NN also RB will MD announce VB an DT agreement NN to TO supply VB computers NNS to TO Control NNP Data NNP Corp. NNP , , which WDT will MD sell VB Mips NNP machines NNS under IN its PRP$ own JJ label NN . . The DT new JJ Mips NNP machine NN , , called VBN the DT RC6280 NN , , will MD cost VB $ $ 150,000 CD for IN a DT basic JJ system NN . . The DT computer NN processes VBZ 55 CD million CD instructions NNS per IN second NN and CC uses VBZ only RB one CD central JJ processing VBG chip NN , , unlike IN many JJ rival JJ machines NNS using VBG several JJ processors NNS . . The DT machine NN employs VBZ reduced JJ instruction-set JJ computing NN , , or CC RISC NNP , , technology NN . . At IN that DT price NN , , an DT analyst NN familiar JJ with IN the DT machine NN said VBD , , the DT computer NN offers VBZ up IN to TO 10 CD times NNS the DT performance NN of IN similar JJ machines NNS . . `` `` In IN the DT price NN range NN it PRP 's VBZ a DT tremendously RB high-performing JJ product NN , , '' '' said VBD Sandy NNP Gant NNP , , an DT analyst NN at IN the DT market-research JJ firm NN InfoCorp NNP . . The DT machine NN is VBZ part NN of IN an DT effort NN by IN Mips NNP to TO establish VB itself PRP as IN a DT supplier NN of IN computers NNS , , not RB just RB of IN integrated-circuit JJ technology NN . . Mips NNP also RB wants VBZ to TO wedge VB into IN markets NNS other JJ than IN traditional JJ RISC NNP applications NNS such JJ as IN engineering NN ; : Mips NNP said VBD the DT new JJ machine NN will MD also RB be VB used VBN by IN businesses NNS and CC for IN communications NNS . . `` `` This DT clearly RB demonstrates VBZ that IN Mips NNP is VBZ a DT systems NNS company NN rather RB than IN just RB a DT chip NN company NN , , '' '' said VBD Mips NNP Vice NNP President NNP John NNP Hime NNP . . The DT Control NNP Data NNP deal NN is VBZ a DT boon NN for IN Mips NNP because IN it PRP gives VBZ the DT the DT five-year-old JJ company NN one CD more JJR ally NN as IN it PRP battles VBZ more RBR established JJ electronic JJ concerns NNS such JJ as IN Sun NNP , , Hewlett-Packard NNP Co. NNP , , Motorola NNP Inc. NNP and CC Intel NNP Corp. NNP for IN the DT emerging VBG market NN for IN RISC NNP machines NNS . . RISC NNP technology NN speeds VBZ up RP a DT computer NN by IN simplifying VBG the DT internal JJ software NN . . For IN Mips NNP , , which WDT expects VBZ revenue NN of IN $ $ 100 CD million CD this DT year NN , , big-name JJ allies NNS such JJ as IN Control NNP Data NNP are VBP essential JJ to TO attract VB software NN developers NNS to TO the DT company NN 's POS RISC NNP architecture NN . . `` `` The DT thing NN it PRP says VBZ about IN Mips NNP is VBZ that IN they PRP 're VBP on IN a DT roll NN right RB now RB , , '' '' said VBD Ms. NNP Gant NNP at IN InfoCorp NNP . . `` `` They PRP 're VBP getting VBG some DT major JJ wins NNS , , '' '' she PRP added VBD . . Last JJ month NN , , for IN example NN , , Mips NNP agreed VBD to TO supply VB its PRP$ computers NNS to TO Nixdorf NNP Computer NNP AG NNP of IN West NNP Germany NNP and CC France NNP 's POS Groupe NNP Bull NNP . . Sony NNP Corp. NNP , , Tandem NNP Computers NNPS Inc. NNP and CC Digital NNP Equipment NNP have VBP agreed VBN to TO sell VB MIPS NNP computers NNS and CC companies NNS such JJ as IN Japan NNP 's POS NEC NNP Corp. NNP and CC West NNP Germany NNP 's POS Siemens NNP A.G. NNP have VBP agreed VBN to TO make VB Mips NNP chips NNS under IN license NN . . Today NN 's POS agreement NN gives VBZ Control NNP Data NNP a DT machine NN to TO compete VB against IN Digital NNP and CC other JJ general-purpose JJ computer NN makers NNS , , said VBD John NNP Logan NNP , , a DT computer-market JJ analyst NN at IN Aberdeen NNP Group NNP Inc. NNP of IN Boston NNP . . The DT machine NN is VBZ essentially RB a DT mainframe NN computer NN , , he PRP said VBD . . `` `` Suddenly RB CDC NNP ( ( Control NNP Data NNP ) ) has VBZ a DT competitive JJ product NN to TO fight VB back RB against IN the DT VAX9000 NN , , '' '' a DT machine NN Digital NNP announced VBD last JJ month NN , , he PRP added VBD . . Control NNP Data NNP , , based VBN in IN Minneapolis NNP , , Minn. NNP , , expects VBZ its PRP$ sales NNS of IN Mips NNP systems NNS , , including VBG the DT new JJ RC6280 NN , , to TO amount VB to TO more JJR than IN $ $ 100 CD million CD by IN the DT end NN of IN 1991 CD , , Mips NNP said VBD . . Nixdorf NNP , , Bull NNP and CC others NNS will MD also RB sell VB versions NNS of IN the DT machine NN , , said VBD Mips NNP President NNP Robert NNP Miller NNP . . Mips NNP will MD start VB shipping VBG its PRP$ new JJ machine NN in IN the DT first JJ quarter NN of IN 1990 CD , , he PRP said VBD . . The DT machine NN uses VBZ a DT single JJ processor NN , , which WDT makes VBZ it PRP easier JJR to TO program VB than IN competing VBG machines NNS using VBG several JJ processors NNS . . The DT computer NN can MD process VB 13.3 CD million CD calculations NNS called VBD floating-point JJ operations NNS every DT second NN . . The DT machine NN can MD run VB software NN written VBN for IN other JJ Mips NNP computers NNS , , the DT company NN said VBD . . Another DT fight NN is VBZ brewing VBG between IN Congress NNP and CC the DT Bush NNP administration NN over IN how WRB to TO pay VB for IN the DT savings-and-loan NN bailout NN without IN adding VBG to TO the DT federal JJ budget NN deficit NN . . In IN a DT hearing NN before IN the DT House NNP Ways NNPS and CC Means NNPS Committee NNP , , the DT General NNP Accounting NNP Office NNP and CC the DT Congressional NNP Budget NNP Office NNP , , which WDT both DT are VBP arms NNS of IN Congress NNP , , advised VBD the DT new JJ S&L NN bailout NN agency NN to TO abandon VB plans NNS to TO raise VB temporary JJ working JJ capital NN through IN debt NN issued VBN from IN an DT agency NN that WDT would MD n't RB be VB counted VBN on IN the DT federal JJ budget NN . . Officials NNS of IN the DT Resolution NNP Trust NNP Corp. NNP have VBP said VBN privately RB that IN such PDT a DT plan NN was VBD the DT most RBS likely JJ alternative NN to TO raise VB short-term JJ cash NN for IN the DT bailout NN . . Instead RB , , the DT GAO NNP and CC the DT Congressional NNP Budget NNP Office NNP said VBD , , the DT RTC NNP should MD consider VB using VBG Treasury NNP debt NN , , which WDT is VBZ less RBR expensive JJ and CC subject JJ to TO oversight NN by IN Congress NNP . . The DT spending NN could MD be VB exempted VBN from IN meeting VBG deficit-reduction JJ targets NNS in IN the DT Gramm-Rudman NNP budget NN law NN . . The DT RTC NNP has VBZ projected VBN that IN it PRP will MD require VB between IN $ $ 50 CD billion CD to TO $ $ 100 CD billion CD in IN temporary JJ working JJ capital NN . . The DT borrowing NN to TO raise VB these DT funds NNS would MD be VB paid VBN off RB as IN assets NNS of IN sick JJ thrifts NNS are VBP sold VBN . . The DT new JJ S&L NN law NN allows VBZ the DT RTC NNP to TO issue VB notes NNS for IN as RB much JJ as IN 85 CD % NN of IN the DT value NN of IN the DT assets NNS it PRP holds VBZ . . But CC higher JJR interest NN rates NNS paid VBN on IN off-budget JJ debt NN could MD add VB billions NNS to TO the DT bailout NN costs NNS , , and CC would MD n't RB be VB subject JJ to TO congressional JJ scrutiny NN , , Ways NNPS and CC Means NNPS members NNS argued VBD . . `` `` To TO allow VB this DT massive JJ level NN of IN unfettered JJ federal JJ borrowing NN without IN prior JJ congressional JJ approval NN would MD be VB irresponsible JJ , , '' '' said VBD Rep. NNP Fortney NNP Stark NNP ( ( D. NNP , , Calif. NNP ) ) , , who WP has VBZ introduced VBN a DT bill NN to TO limit VB the DT RTC NNP 's POS authority NN to TO issue VB debt NN . . The DT RTC NNP will MD have VB to TO sell VB or CC merge VB hundreds NNS of IN insolvent JJ thrifts NNS over IN the DT next JJ three CD years NNS . . The DT new JJ S&L NN bailout NN law NN allows VBZ $ $ 50 CD billion CD to TO be VB spent VBN to TO sell VB or CC merge VB sick JJ S&Ls NNS and CC their PRP$ assets NNS , , but CC that DT is VBZ a DT net JJ cost NN . . In IN the DT meantime NN , , the DT agency NN must MD raise VB cash NN to TO maintain VB assets NNS , , such JJ as IN real JJ estate NN , , until IN they PRP can MD be VB sold VBN . . Then RB the DT short-term JJ debt NN is VBZ paid VBN off RB through IN the DT proceeds NNS of IN selling VBG the DT assets NNS . . David NNP Mullins NNP , , assistant NN secretary NN of IN the DT Treasury NNP , , said VBD that IN the DT working JJ capital NN is VBZ necessary JJ to TO reduce VB the DT final JJ costs NNS of IN the DT bailout NN , , by IN allowing VBG the DT agency NN to TO sell VB savings NNS and CC loans NNS without IN their PRP$ bad JJ assets NNS , , then RB hold VB the DT assets NNS until IN they PRP can MD be VB sold VBN under IN favorable JJ conditions NNS . . He PRP said VBD it PRP has VBZ n't RB yet RB been VBN determined VBN how WRB the DT RTC NNP will MD raise VB the DT cash NN , , but CC the DT administration NN does VBZ n't RB want VB it PRP to TO be VB included VBN on IN the DT federal JJ budget NN , , because IN it PRP would MD `` `` distort VB '' '' the DT budget NN process NN by IN requiring VBG either CC exemptions NNS from IN Gramm-Rudman NNP or CC big JJ increases NNS in IN the DT budget NN deficit NN . . But CC the DT worst JJS possibility NN would MD be VB raising VBG no DT working JJ capital NN , , he PRP said VBD . . `` `` If IN working JJ capital NN financing NN is VBZ not RB provided VBN , , '' '' he PRP said VBD , , `` `` the DT RTC NNP may MD have VB to TO slow VB { ( S&L NN sales NNS } ) or CC dump VB acquired VBN assets NNS through IN fire NN sales NNS . . Panhandle NNP Eastern NNP Corp. NNP said VBD it PRP applied VBD , , on IN behalf NN of IN two CD of IN its PRP$ subsidiaries NNS , , to TO the DT Federal NNP Energy NNP Regulatory NNP Commission NNP for IN permission NN to TO build VB a DT 352-mile JJ , , $ $ 273 CD million CD pipeline NN system NN from IN Pittsburg NNP County NNP , , Okla. NNP , , to TO Independence NNP , , Miss NNP . . The DT natural JJ gas NN pipeline NN concern NN said VBD the DT 500 CD million CD cubic JJ feet NNS a DT day NN capacity NN pipeline NN would MD be VB built VBN by IN a DT proposed VBN joint NN venture NN between IN two CD Panhandle NNP Eastern NNP units NNS - : Texas NNP Eastern NNP Transmission NNP Corp. NNP and CC Trunkline NNP Gas NNP Co NNP . . Texas NNP Eastern NNP Transmission NNP will MD build VB and CC operate VB the DT system NN , , which WDT will MD connect VB the DT Arkoma NNP Basin NNP with IN several JJ interstate JJ pipelines NNS . . Now RB was VBD that IN a DT quarter NN cup NN or CC a DT half JJ cup NN ? . Not RB a DT gripping JJ question NN , , unless IN you PRP 're VBP the DT pastry NN chef NN of IN this DT city NN 's POS Chez NNP Panisse NNP restaurant NN and CC you PRP 've VBP just RB lost VBN your PRP$ priceless JJ personal JJ dessert NN notebook NN . . Chez NNP Panisse NNP was VBD listed VBN among IN the DT top JJ 30 CD restaurants NNS in IN the DT world NN this DT year NN by IN Connoisseur NNP magazine NN . . The DT tattered JJ black JJ binder NN , , bulging VBG with IN 18 CD years NNS ' POS worth NN of IN recipes NNS held VBN together RB by IN rubber NN bands NNS , , was VBD in IN chef NN Lindsey NNP Shere NNP 's POS purse NN when WRB it PRP was VBD stolen VBN from IN her PRP$ house NN recently RB . . The DT Berkeley NNP police NNS do VBP n't RB have VB any DT leads NNS but CC doubt VB the DT crime NN was VBD driven VBN by IN a DT passion NN for IN sweets NNS . . Instead RB , , they PRP figure VBP the DT culprit NN probably RB took VBD money NN from IN Ms. NNP Shere NNP 's POS wallet NN and CC discarded VBD all PDT the DT tips NNS in IN the DT five-by-eight-inch JJ looseleaf NN . . Chez NNP Panisse NNP , , whose WP$ founder NN , , Alice NNP Waters NNP , , is VBZ considered VBN the DT inventor NN of IN the DT cooking JJ style NN known VBN as IN California NNP cuisine NN and CC whose WP$ patrons NNS make VBP reservations NNS a DT month NN in IN advance NN , , has VBZ n't RB exactly RB subjected VBN diners NNS to TO vanilla NN ice NN cream NN because IN of IN the DT theft NN . . For IN one CD thing NN , , Ms. NNP Shere NNP can MD draw VB on IN her PRP cookbook NN , , published VBN by IN Random NNP House NNP four CD years NNS ago RB , , which WDT is VBZ teeming VBG with IN recipes NNS for IN such JJ specialties NNS as IN kiwi NN sherbet NN , , gooseberry NN fool NN ( ( a DT creamy JJ dish NN made VBN with IN crushed JJ stewed JJ berries NNS ) ) and CC hazelnut NN `` `` oeufs FW a FW la FW neige FW . . '' '' For IN another DT , , sympathetic JJ fans NNS have VBP sent VBN Ms. NNP Shere NNP copies NNS of IN her PRP$ recipes NNS clipped VBN from IN magazines NNS over IN the DT years NNS . . Still RB , , the DT restaurant NN 's POS ever-changing JJ menu NN of IN five-course JJ dinners NNS -- : it PRP supposedly RB has VBZ n't RB repeated VBN a DT meal NN since IN opening VBG in IN 1971 CD -- : requires VBZ constant JJ improvisation NN . . And CC that DT puts VBZ added JJ pressure NN on IN Chez NNP Panisse NNP dessert-menu NN planners NNS . . `` `` We PRP make VBP what WP we PRP know VBP how WRB to TO make VB , , '' '' says VBZ business NN manager NN Richard NNP Mazzera NNP . . Many JJ in IN the DT Bay NNP Area NNP 's POS pastry NN community NN express VBP disbelief NN that IN Ms. NNP Shere NNP kept VBD only RB one CD copy NN of IN such JJ valuable JJ notes NNS , , but CC she PRP has VBZ received VBN moral JJ support NN from IN Baker NNP 's POS Dozen NNP , , a DT group NN of IN California NNP pastry NN chefs NNS that WDT meets VBZ regularly RB to TO discuss VB issues NNS like VB how WRB to TO keep VB meringues NNS from IN weeping VBG and CC how WRB bovine JJ eating JJ habits NNS affect VBP butter NN texture NN . . Ms. NNP Shere NNP has VBZ offered VBN a DT $ $ 500 CD reward NN for IN the DT book NN 's POS return NN but CC figures VBZ she PRP 'll MD have VB to TO reinvent VB many JJ recipes NNS from IN scratch NN . . `` `` It PRP 's VBZ an DT overwhelming JJ job NN , , '' '' she PRP says VBZ . . `` `` There EX are VBP so RB many JJ possible JJ proportions NNS when WRB you PRP consider VBP how WRB many JJ things NNS are VBP made VBN out IN of IN eggs NNS and CC butter NN and CC milk NN . . Newport NNP Electronics NNPS Inc. NNP named VBD a DT new JJ slate NN of IN officers NNS , , a DT move NN that WDT follows VBZ replacement NN of IN the DT company NN 's POS five CD incumbent JJ directors NNS last JJ week NN . . Milton NNP B. NNP Hollander NNP , , 60 CD years NNS old JJ , , was VBD named VBN chief JJ executive NN officer NN , , succeeding VBG Barrett NNP B. NNP Weekes NNP . . Mr. NNP Hollander NNP 's POS Stamford NNP , , Conn.-based JJ High NNP Technology NNP Holding NNP Co. NNP acquired VBD most JJS of IN its PRP$ 49.4 CD % NN stake NN in IN Newport NNP in IN August NNP . . Mr. NNP Hollander NNP was VBD named VBN chairman NN last JJ week NN , , succeeding VBG Mr. NNP Weekes NNP , , who WP was VBD among IN the DT ousted VBN directors NNS . . The DT company NN has VBZ declined VBN requests NNS to TO discuss VB the DT changes NNS , , but CC Mr. NNP Weekes NNP has VBZ said VBN that IN Mr. NNP Hollander NNP wanted VBD to TO have VB his PRP$ own JJ team NN . . Scott NNP Wakeman NNP was VBD named VBN president NN and CC chief JJ operating VBG officer NN of IN U.S. NNP operations NNS , , titles NNS that WDT had VBD been VBN held VBN by IN Mr. NNP Weekes NNP . . Mr. NNP Wakeman NNP was VBD vice NN president NN of IN the DT instrument NN and CC controls NNS division NN of IN closely RB held JJ Omega NNP Engineering NNP Inc. NNP , , another DT company NN controlled VBN by IN Mr. NNP Hollander NNP . . A DT company NN spokesman NN did VBD n't RB know VB Mr. NNP Wakeman NNP 's POS age NN . . James NNP R. NNP Lees NNP , , 51 CD , , vice NN president NN of IN Newport NNP 's POS European JJ operations NNS , , was VBD named VBN executive NN vice NN president NN and CC chief JJ operating VBG officer NN of IN European JJ operations NNS , , assuming VBG some DT former JJ duties NNS of IN Mr. NNP Weekes NNP . . Arthur NNP B. NNP Crozier NNP , , 34 CD , , an DT attorney NN , , was VBD named VBN secretary NN , , succeeding VBG John NNP Virtue NNP , , who WP was VBD another DT of IN the DT ousted VBN directors NNS . . UNIFIRST NNP Corp. NNP declared VBD a DT 2-for-1 JJ stock NN split NN . . The DT Wilmington NNP , , Mass. NNP , , garment NN service NN company NN also RB boosted VBD its PRP$ quarterly JJ dividend NN 20 CD % NN to TO three CD cents NNS a DT share NN adjusted VBN for IN the DT split NN . . The DT dividend NN had VBD been VBN five CD cents NNS a DT share NN . . The DT split NN and CC quarterly JJ dividend NN will MD be VB payable JJ Jan. NNP 3 CD to TO stock NN of IN record NN Nov. NNP 16 CD , , the DT company NN said VBD . . The DT split NN will MD raise VB the DT number NN of IN shares NNS outstanding JJ to TO about IN 10.2 CD million CD . . Separately RB , , UniFirst NNP reported VBD that DT net JJ income NN rose VBD 21 CD % NN to TO $ $ 3 CD million CD , , or CC 29 CD cents NNS a DT share NN adjusted VBN for IN the DT split NN , , for IN the DT fourth JJ quarter NN ended VBN Aug. NNP 26 CD . . A DT year NN earlier RB UniFirst NNP earned VBD $ $ 2.4 CD million CD , , or CC 24 CD cents NNS a DT share NN adjusted VBN for IN the DT split NN . . Sales NNS rose VBD to TO $ $ 52.4 CD million CD from IN $ $ 50.1 CD million CD . . Fibreboard NNP Corp. NNP said VBD it PRP completed VBD the DT previously RB reported JJ sale NN of IN approximately RB 27,500 CD acres NNS of IN timberland NN near IN Truckee NNP , , Calif. NNP , , to TO closely RB held JJ Sierra NNP Pacific NNP Industries NNPS Corp. NNP , , Arcata NNP , , Calif. NNP , , for IN $ $ 32.5 CD million CD . . The DT lumber NN , , insulation NN and CC fireproofing NN concern NN said VBD the DT transaction NN , , which WDT includes VBZ a DT swap NN of IN other JJ timber NN interests NNS , , would MD result VB in IN a DT $ $ 13.5 CD million CD after-tax JJ gain NN , , to TO be VB recorded VBN in IN the DT fourth JJ quarter NN . . Healthcare NNP International NNP Inc. NNP said VBD it PRP reached VBD a DT 120-day JJ standstill NN agreement NN with IN its PRP$ HealthVest NNP affiliate NN calling VBG for IN Healthcare NNP to TO pay VB HealthVest NNP $ $ 5 CD million CD right RB away RB and CC additional JJ amounts NNS in IN the DT future NN . . Under IN the DT agreement NN , , Healthcare NNP , , a DT manager NN of IN health-care NN facilities NNS , , said VBD it PRP would MD pay VB HealthVest NNP $ $ 3.9 CD million CD in IN overdue JJ rent NN and CC mortgage NN payments NNS and CC repay VB $ $ 1.1 CD million CD in IN funds NNS that IN HealthVest NNP advanced VBD for IN construction NN work NN on IN facilities NNS . . In IN return NN , , HealthVest NNP agreed VBD that IN it PRP wo MD n't RB exercise VB its PRP$ rights NNS and CC remedies NNS against IN Healthcare NNP during IN the DT 120-day JJ period NN . . After IN the DT payment NN , , Healthcare NNP still RB will MD be VB $ $ 6.5 CD million CD in IN arrears NNS on IN rent NN and CC mortgage NN payments NNS to TO HealthVest NNP , , a DT real JJ estate NN investment NN trust NN whose WP$ portfolio NN consists VBZ largely RB of IN properties NNS operated VBN by IN Healthcare NNP . . Healthcare NNP has VBZ given VBN HealthVest NNP a DT 12 CD % NN note NN for IN that DT overdue JJ amount NN , , to TO be VB repaid VBN over IN three CD years NNS . . In IN addition NN , , Healthcare NNP agreed VBD to TO make VB monthly JJ rent NN and CC mortgage NN payments NNS of IN $ $ 2.7 CD million CD to TO $ $ 3 CD million CD to TO HealthVest NNP during IN the DT standstill JJ period NN , , to TO be VB paid VBN when WRB Healthcare NNP successfully RB completes VBZ asset NN sales NNS . . Because IN Healthcare NNP actually RB owes VBZ HealthVest NNP $ $ 4.2 CD million CD in IN rent NN and CC mortgage NN payments NNS each DT month NN , , the DT amount NN due JJ above IN the DT amount NN paid VBN will MD be VB added VBN to TO the DT three-year JJ note NN . . The DT funds NNS should MD help VB ease VB a DT cash NN bind NN at IN HealthVest NNP , , which WDT has VBZ been VBN unable JJ to TO pay VB its PRP$ debts NNS because IN Healthcare NNP has VBZ n't RB made VBD complete JJ rent NN and CC mortgage NN payments NNS since IN July NNP . . A DT spokesman NN said VBD HealthVest NNP has VBZ paid VBN two CD of IN the DT three CD banks NNS it PRP owed VBD interest NN to TO in IN October NNP and CC is VBZ in IN negotiations NNS with IN the DT third JJ bank NN . . Healthcare NNP , , which WDT has VBZ been VBN in IN a DT severe JJ liquidity NN bind NN , , said VBD it PRP is VBZ able JJ to TO make VB the DT payments NNS because IN it PRP completed VBD a DT transaction NN with IN Greenery NNP Rehabilitation NNP Group NNP Inc. NNP in IN which WDT Greenery NNP purchased VBD stock NN and CC warrants NNS for IN $ $ 500,000 CD and CC loaned VBD Healthcare NNP $ $ 9 CD million CD . . The DT loan NN is VBZ backed VBN by IN Healthcare NNP 's POS 5.4 CD % NN stake NN in IN HealthVest NNP and CC interest NN in IN certain JJ facilities NNS . . I PRP was VBD pleased JJ to TO note VB that DT your PRP$ Oct. NNP 23 CD Centennial NNP Journal NNP item NN recognized VBD the DT money-fund NN concept NN as IN one CD of IN the DT significant JJ events NNS of IN the DT past JJ century NN . . Actually RB , , about IN two CD years NNS ago RB , , the DT Journal NNP listed VBD the DT creation NN of IN the DT money NN fund NN as IN one CD of IN the DT 10 CD most RBS significant JJ events NNS in IN the DT world NN of IN finance NN in IN the DT 20th JJ century NN . . But CC the DT Reserve NNP Fund NNP , , America NNP 's POS first JJ money NN fund NN , , was VBD not RB named VBN , , nor CC were VBD the DT creators NNS of IN the DT money-fund NN concept NN , , Harry NNP Brown NNP and CC myself PRP . . We PRP innovated VBD telephone NN redemptions NNS , , daily JJ dividends NNS , , total JJ elimination NN of IN share NN certificates NNS and CC the DT constant JJ $ $ 1 CD pershare JJ pricing NN , , all DT of IN which WDT were VBD painfully RB thought VBN out RB and CC not RB the DT result NN of IN some DT inadvertence NN on IN the DT part NN of IN the DT SEC NNP . . President NN The DT Reserve NNP Fund NNP The DT crowning JJ moment NN in IN the DT career NN of IN Joseph NNP F. NNP O'Kicki NNP came VBD as IN 300 CD local JJ and CC state NN dignitaries NNS packed VBD into IN his PRP$ elegant JJ , , marble-columned JJ courtroom NN here RB last JJ year NN for IN his PRP$ swearing NN in RB as IN President NNP Judge NNP of IN Cambria NNP County NNP . . Baskets NNS of IN roses NNS and CC potted JJ palms NNS adorned VBD his PRP$ bench NN . . The DT local JJ American NNP Legion NNP color NN guard NN led VBD the DT way NN . . As IN the DT judge NN marched VBD down IN the DT center JJ aisle NN in IN his PRP$ flowing VBG black JJ robe NN , , he PRP was VBD heralded VBN by IN a DT trumpet NN fanfare NN . . To TO many JJ , , it PRP was VBD a DT ceremony NN more RBR befitting JJ a DT king NN than IN a DT rural JJ judge NN seated VBN in IN the DT isolated JJ foothills NNS of IN the DT southern JJ Allegheny NNP Mountains NNPS . . But CC then RB Judge NNP O'Kicki NNP often RB behaved VBD like IN a DT man NN who WP would MD be VB king NN -- : and CC , , some DT say VBP , , an DT arrogant JJ and CC abusive JJ one NN . . While IN his PRP$ case NN may MD be VB extreme JJ , , it PRP reflects VBZ the DT vulnerability NN of IN many JJ small JJ communities NNS to TO domineering JJ judges NNS . . Last JJ March NNP , , nine CD months NNS after IN the DT judge NN 's POS swearing-in NN , , the DT state NN attorney NN general NN 's POS office NN indicted VBD him PRP on IN a DT sweeping JJ array NN of IN charges NNS alleging VBG more JJR than IN 10 CD years NNS of IN `` `` official JJ oppression NN '' '' in IN Cambria NNP County NNP , , a DT depressed JJ steel NN and CC mining NN community NN in IN western JJ Pennsylvania NNP . . The DT allegations NNS , , ranging VBG from IN theft NN and CC bribery NN to TO coercion NN and CC lewdness NN , , paint VBP a DT disquieting JJ picture NN . . According VBG to TO testimony NN in IN a DT public NN , , 80-page JJ grand-jury NN report NN handed VBD up RB to TO the DT state NN attorney NN general NN , , Judge NNP O'Kicki NNP extorted VBD cash NN from IN lawyers NNS , , muscled VBD favorable JJ loans NNS from IN banks NNS and CC bullied VBD local JJ businesses NNS for IN more JJR than IN a DT decade NN . . Prosecutors NNS , , in IN an DT indictment NN based VBN on IN the DT grand JJ jury NN 's POS report NN , , maintain VBP that IN at IN various JJ times NNS since IN 1975 CD , , he PRP owned VBD a DT secret JJ and CC illegal JJ interest NN in IN a DT beer NN distributorship NN ; : plotted VBD hidden JJ ownership NN interests NNS in IN real JJ estate NN that WDT presented VBD an DT alleged JJ conflict NN of IN interest NN ; : set VBN up RP a DT dummy JJ corporation NN to TO buy VB a DT car NN and CC obtain VB insurance NN for IN his PRP$ former JJ girlfriend NN ( ( now RB his PRP$ second JJ wife NN ) ) ; : and CC maintained VBD 54 CD accounts NNS in IN six CD banks NNS in IN Cambria NNP County NNP . . In IN testimony NN recorded VBN in IN the DT grand JJ jury NN report NN , , court NN employees NNS said VBD the DT judge NN , , now RB 59 CD years NNS old JJ , , harassed VBD his PRP$ secretaries NNS , , made VBD imperial JJ demands NNS on IN his PRP$ staff NN and CC hounded VBD anyone NN who WP crossed VBD him PRP . . Bailiffs NNS claimed VBD they PRP were VBD required VBN to TO chauffeur VB him PRP to TO and CC from IN work NN , , mow VB his PRP$ lawn NN , , chop VB his PRP$ wood NN , , fix VB his PRP$ car NN and CC even RB drop VB by RP his PRP$ house NN to TO feed VB his PRP$ two CD grown JJ mutts NNS , , Dixie NNP and CC Husky NNP . . One CD former JJ bailiff NN charged VBD that IN the DT judge NN double-crossed VBD him PRP by IN reneging VBG on IN a DT promise NN of IN a DT better RBR paying JJ job NN after IN pocketing VBG a DT $ $ 500 CD bribe NN . . Some DT of IN the DT allegations NNS are VBP simply RB bizarre JJ . . Two CD former JJ secretaries NNS told VBD the DT grand JJ jury NN they PRP were VBD summoned VBN to TO the DT judge NN 's POS chambers NNS on IN separate JJ occasions NNS to TO take VB dictation NN , , only RB to TO find VB the DT judge NN in IN his PRP$ bikini NN underwear NN . . One CD secretary NN testified VBD that IN the DT judge NN once RB called VBD her PRP to TO his PRP$ office NN while IN wearing VBG nothing NN at IN all DT . . The DT judge NN , , suspended VBN from IN his PRP$ bench NN pending VBG his PRP$ trial NN , , which WDT began VBD this DT week NN , , vehemently RB denies VBZ all PDT the DT allegations NNS against IN him PRP , , calling VBG them PRP `` `` ludicrous JJ '' '' and CC `` `` imaginative JJ , , political JJ demagoguery NN . . '' '' He PRP blames VBZ the DT indictment NN on IN local JJ political JJ feuding NN , , unhappiness NN with IN his PRP$ aggressive JJ efforts NNS to TO clear VB the DT courthouse NN 's POS docket NN and CC a DT vendetta NN by IN state NN investigators NNS and CC prosecutors NNS angered VBN by IN some DT of IN his PRP$ rulings NNS against IN them PRP . . `` `` I PRP do VBP n't RB know VB whose WP$ toes NNS I PRP 've VBP stepped VBN on IN , , '' '' says VBZ the DT judge NN . . `` `` I PRP 'll MD find VB out RB , , eventually RB , , who WP pushed VBD the DT state NN police NN buttons NNS into IN action NN . . '' '' Even RB if IN only RB some DT of IN the DT allegations NNS stand VBP up RP , , however RB , , they PRP provide VBP ample JJ testimony NN to TO the DT awesome JJ power NN of IN judges NNS in IN rural JJ communities NNS . . That DT power NN can MD sometimes RB be VB abused JJ , , particularly RB since IN jurists NNS in IN smaller JJR jurisdictions NNS operate VBP without IN many JJ of IN the DT restraints NNS that WDT serve VBP as IN corrective JJ measures NNS in IN urban JJ areas NNS . . Lawyers NNS and CC their PRP$ clients NNS who WP frequently RB bring VBP business NN to TO a DT country NN courthouse NN can MD expect VB to TO appear VB before IN the DT same JJ judge NN year NN after IN year NN . . Fear NN of IN alienating VBG that DT judge NN is VBZ pervasive JJ , , says VBZ Maurice NNP Geiger NNP , , founder NN and CC director NN of IN the DT Rural NNP Justice NNP Center NNP in IN Montpelier NNP , , Vt. NNP , , a DT public JJ interest NN group NN that WDT researches VBZ rural JJ justice NN issues NNS . . As IN a DT result NN , , says VBZ Mr. NNP Geiger NNP , , lawyers NNS think VBP twice RB before RB appealing VBG a DT judge NN 's POS ruling NN , , are VBP reluctant JJ to TO mount VB , , or CC even RB support VB , , challenges NNS against IN him PRP for IN re-election NN and CC are VBP usually RB loath JJ to TO file VB complaints NNS that WDT might MD impugn VB a DT judge NN 's POS integrity NN . . Judge NNP O'Kicki NNP , , a DT stern JJ and CC forbidding-looking JJ man NN , , has VBZ been VBN a DT fixture NN in IN the DT local JJ legal JJ community NN for IN more JJR than IN two CD decades NNS . . The DT son NN of IN an DT immigrant JJ stonemason NN of IN Slovenian JJ descent NN , , he PRP was VBD raised VBN in IN a DT small JJ borough NN outside IN Ebensburg NNP , , the DT Cambria NNP County NNP seat NN , , and CC put VBD himself PRP through IN the DT University NNP of IN Pittsburgh NNP Law NNP School NNP . . He PRP graduated VBD near IN the DT top NN of IN his PRP$ class NN , , serving VBG on IN the DT school NN law NN review NN with IN Richard NNP Thornburgh NNP , , who WP went VBD on RP to TO become VB governor NN of IN Pennsylvania NNP and CC , , now RB , , U.S. NNP Attorney NNP General NNP . . It PRP was VBD also RB in IN law NN school NN that IN Mr. NNP O'Kicki NNP and CC his PRP$ first JJ wife NN had VBD the DT first JJ of IN seven CD daughters NNS . . He PRP divorced VBD his PRP$ first JJ wife NN three CD years NNS ago RB and CC married VBD the DT daughter NN of IN his PRP$ court NN clerk NN . . Last JJ year NN , , Pennsylvania NNP Supreme NNP Court NNP Justice NNP John NNP P. NNP Flaherty NNP called VBD Mr. NNP O'Kicki NNP one CD of IN the DT finest JJS judges NNS `` `` not RB only RB in IN Pennsylvania NNP but CC in IN the DT United NNP States NNPS . . '' '' Clearly RB , , the DT judge NN has VBZ had VBN his PRP$ share NN of IN accomplishments NNS . . After IN practicing VBG law NN locally RB , , he PRP was VBD elected VBN to TO his PRP$ first JJ 10-year JJ term NN as IN judge NN in IN 1971 CD ; : in IN 1981 CD , , he PRP was VBD effectively RB re-elected VBN . . Six CD years NNS ago RB , , Judge NNP O'Kicki NNP was VBD voted VBN president NN of IN the DT Pennsylvania NNP Conference NNP of IN State NNP Trial NNP Judges NNP by IN the DT state NN 's POS 400 CD judges NNS . . He PRP has VBZ been VBN considered VBN several JJ times NNS for IN appointments NNS to TO federal JJ district NN and CC appellate JJ court NN vacancies NNS in IN Pennsylvania NNP . . And CC when WRB he PRP ran VBD unsuccessfully RB for IN a DT state NN appellate JJ court NN seat NN in IN 1983 CD , , the DT Pennsylvania NNP Bar NNP Association NNP rated VBD him PRP `` `` one CD of IN the DT best RBS available JJ , , '' '' after IN interviewing VBG local JJ lawyers NNS . . `` `` He PRP probably RB was VBD the DT smartest JJS guy NN who WP ever RB sat VBD on IN our PRP$ bench NN , , '' '' says VBZ a DT former JJ president NN of IN Cambria NNP County NNP 's POS 150-member JJ bar NN association NN , , who WP , , like IN most JJS lawyers NNS in IN Cambria NNP County NNP , , refuses VBZ to TO talk VB about IN the DT judge NN publicly RB . . `` `` He PRP 's VBZ sharp JJ as IN a DT tack NN . . He PRP could MD grasp VB an DT issue NN with IN the DT blink NN of IN an DT eye NN . . '' '' For IN more JJR than IN a DT decade NN , , virtually RB no DT one NN complained VBD about IN Judge NNP O'Kicki NNP . . `` `` What WP about IN those DT institutions NNS that WDT are VBP supposed VBN to TO be VB the DT bedrock NN of IN society NN , , the DT banks NNS and CC the DT bar NN association NN ... : ? . '' '' wrote VBD a DT columnist NN for IN the DT Tribune-Democrat NNP , , a DT newspaper NN in IN nearby JJ Johnstown NNP , , shortly RB after IN the DT scandal NN became VBD public JJ . . `` `` If IN only RB a DT banker NN or CC a DT lawyer NN had VBD spoken VBN out RP years NNS ago RB , , the DT judicial JJ process NN would MD n't RB be VB under IN the DT taint NN it PRP is VBZ today NN . . '' '' Officials NNS with IN the DT Pennsylvania NNP Judicial NNP Inquiry NNP and CC Review NNP Board NNP , , the DT arm NN of IN the DT state NN that WDT investigates VBZ judicial JJ misconduct NN , , counter VBP that IN they PRP had VBD no DT inkling NN of IN anything NN amiss JJ in IN Ebensburg NNP . . `` `` Nobody NN told VBD us PRP ; : nobody NN called VBD us PRP , , '' '' says VBZ an DT official JJ close NN to TO the DT case NN who WP asked VBD not RB to TO be VB named VBN . . `` `` Nobody NN had VBD the DT guts NNS to TO complain VB . . '' '' Certainly RB not RB the DT lawyers NNS . . Johnstown NNP attorney NN Richard NNP J. NNP Green NNP Jr. NNP shelled VBD out RP $ $ 500 CD in IN loans NNS to TO the DT judge NN over IN five CD years NNS , , he PRP said VBD in IN testimony NN to TO the DT grand JJ jury NN . . `` `` The DT judge NN never RB made VBD a DT pretense NN of IN repaying VBG the DT money NN , , '' '' said VBD Mr. NNP Green NNP . . Eventually RB , , Mr. NNP Green NNP testified VBD , , he PRP began VBD ducking VBG out RB of IN his PRP$ office NN rather RB than IN face VB the DT judge NN when WRB he PRP visited VBD . . When WRB Mr. NNP Green NNP won VBD a DT $ $ 240,000 CD verdict NN in IN a DT land NN condemnation NN case NN against IN the DT state NN in IN June NNP 1983 CD , , he PRP says VBZ Judge NNP O'Kicki NNP unexpectedly RB awarded VBD him PRP an DT additional JJ $ $ 100,000 CD . . Mr. NNP Green NNP thought VBD little RB of IN it PRP , , he PRP told VBD the DT grand JJ jury NN , , until IN the DT judge NN walked VBD up RB to TO him PRP after IN the DT courtroom NN had VBD cleared VBN and CC suggested VBD a DT kickback NN . . `` `` Do VBP n't RB you PRP think VB I PRP ought MD to TO get VB a DT commission NN ... : or CC part NN of IN your PRP$ fee NN in IN this DT case NN ? . '' '' Mr. NNP Green NNP said VBD the DT judge NN asked VBD him PRP . . Appalled JJ , , Mr. NNP Green NNP never RB paid VBD the DT money NN , , he PRP testified VBD . . But CC he PRP did VBD n't RB complain VB to TO the DT state NN 's POS Judicial NNP Inquiry NNP and CC Review NNP Board NNP , , either RB , , saying VBG later RBR that IN he PRP feared VBD retribution NN . . Mr. NNP O'Kicki NNP said VBD he PRP will MD respond VB to TO Mr. NNP Green NNP 's POS allegation NN at IN his PRP$ trial NN . . Like IN most JJS of IN Cambria NNP County NNP 's POS lawyers NNS and CC residents NNS who WP had VBD dealings NNS with IN the DT judge NN , , Mr. NNP Green NNP declined VBD to TO be VB interviewed VBN for IN this DT article NN . . And CC no DT one NN with IN a DT complaint NN about IN the DT judge NN would MD allow VB his PRP$ name NN to TO be VB printed VBN . . `` `` I PRP do VBP n't RB have VB anything NN much JJ to TO say VB , , and CC I PRP think VBP that DT 's VBZ what WP you PRP 're VBP going VBG to TO find VB from IN everyone NN else RB you PRP talk VBP to TO up RB here RB , , '' '' says VBZ local JJ attorney NN Edward NNP F. NNP Peduzzi NNP . . Says VBZ another DT lawyer NN : : `` `` The DT practice NN of IN law NN is VBZ a DT matter NN of IN biting VBG one PRP 's POS lip NN when WRB you PRP live VBP in IN a DT small JJ community NN . . One PRP had VBD best RBS not RB dance VB on IN top NN of IN a DT coffin NN until IN the DT lid NN is VBZ sealed VBN tightly RB shut VBN . . '' '' The DT judge NN was VBD considered VBN imperious JJ , , abrasive JJ and CC ambitious JJ , , those DT who WP practiced VBD before IN him PRP say VBP . . He PRP sipped VBD tea NN sweetened JJ with IN honey NN from IN his PRP$ high-backed JJ leather NN chair NN at IN his PRP$ bench NN , , while IN scribbling VBG notes NNS ordering VBG spectators NNS to TO stop VB whispering NN or CC to TO take VB off RP their PRP$ hats NNS in IN his PRP$ courtroom NN . . Four CD years NNS ago RB , , he PRP jailed VBD all DT nine CD members NNS of IN the DT Cambria NNP County NNP School NNP Board NNP for IN several JJ hours NNS after IN they PRP defied VBD his PRP$ order NN to TO extend VB the DT school NN year NN by IN several JJ weeks NNS to TO make VB up RP for IN time NN lost VBN during IN a DT teachers NNS ' POS strike NN . . Visitors NNS in IN his PRP$ chambers NNS say VBP he PRP could MD cite VB precisely RB the DT years NNS , , months NNS , , weeks NNS and CC days NNS remaining VBG until IN mandatory JJ retirement NN would MD force VB aside RB the DT presiding VBG president NN judge NN , , giving VBG Judge NNP O'Kicki NNP the DT seniority NN required VBN to TO take VB over RP as IN the DT county NN 's POS top JJ court NN administrator NN . . The DT judge NN , , they PRP say VBP , , was VBD fiercely RB proud JJ of IN his PRP$ abilities NNS and CC accomplishments NNS . . `` `` My PRP$ name NN is VBZ judge NN , , '' '' Judge NNP O'Kicki NNP told VBD a DT car NN salesman NN in IN Ebensburg NN when WRB he PRP bought VBD a DT new JJ red JJ Pontiac NNP Sunbird NNP in IN October NNP 1984 CD , , according VBG to TO the DT grand-jury JJ report NN . . The DT dealership NN dutifully RB recorded VBD the DT sale NN under IN the DT name NN `` `` Judge NNP O'Kicki NNP . . '' '' Yet RB , , despite IN the DT judge NN 's POS imperial JJ bearing NN , , no DT one NN ever RB had VBD reason NN to TO suspect VB possible JJ wrongdoing NN , , says VBZ John NNP Bognato NNP , , president NN of IN Cambria NNP County NNP 's POS 150-member JJ bar NN association NN . . `` `` The DT arrogance NN of IN a DT judge NN , , his PRP$ demeanor NN , , the DT way NN he PRP handles VBZ people NNS are VBP not RB a DT basis NN for IN filing VBG a DT complaint NN , , '' '' says VBZ Mr. NNP Bognato NNP . . `` `` Until IN this DT came VBD up RB and CC hit VB the DT press NN , , there EX was VBD never RB any DT indication NN that IN he PRP was VBD doing VBG anything NN wrong JJ . . '' '' State NN investigators NNS dispute VBP that DT view NN now RB , , particularly RB in IN light NN of IN the DT judge NN 's POS various JJ business NN dealings NNS in IN Cambria NNP County NNP . . The DT judge NN came VBD under IN scrutiny NN in IN late JJ 1987 CD , , after IN the DT state NN attorney NN general NN 's POS office NN launched VBD an DT unrelated JJ investigation NN into IN corruption NN in IN Cambria NNP County NNP . . The DT inquiry NN soon RB focused VBD on IN the DT judge NN . . Even RB his PRP$ routine JJ business NN transactions NNS caused VBD trouble NN , , according VBG to TO the DT grand JJ jury NN report NN . . When WRB the DT judge NN bought VBD his PRP$ new JJ Sunbird NNP from IN James NNP E. NNP Black NNP Pontiac-Cadillac NNP in IN Ebensburg NNP five CD years NNS ago RB , , the DT dealership NN had VBD `` `` certain JJ apprehensions NNS '' '' about IN the DT judge NN 's POS reputation NN , , according VBG to TO the DT grand-jury JJ report NN . . The DT dealership NN took VBD the DT extra JJ step NN of IN having VBG all PDT the DT paper NN work NN for IN the DT transaction NN pre-approved VBN by IN Ebensburg NNP 's POS local JJ lender NN , , Laurel NNP Bank NNP . . Then RB , , as IN an DT additional JJ precaution NN , , the DT car NN dealership NN took VBD the DT judge NN 's POS photograph NN as IN he PRP stood VBD next JJ to TO his PRP$ new JJ car NN with IN sales NNS papers NNS in IN hand NN -- : proof NN that IN he PRP had VBD received VBN the DT loan NN documents NNS . . But CC when WRB the DT judge NN received VBD his PRP$ payment NN book NN , , he PRP disavowed VBD the DT deal NN . . `` `` There EX was VBD no DT loan NN , , there EX is VBZ no DT loan NN , , there EX never RB shall MD be VB a DT loan NN , , '' '' the DT judge NN wrote VBD the DT bank NN on IN his PRP$ judicial JJ stationery NN , , according VBG to TO the DT report NN . . Later RBR , , the DT judge NN went VBD a DT step NN farther RB . . After IN Laurel NNP Bank NNP tried VBD to TO repossess VB the DT car NN , , a DT vice NN president NN asked VBD him PRP to TO intervene VB in IN an DT unrelated JJ legal JJ dispute NN involving VBG a DT trust NN account NN . . The DT judge NN wrote VBD again RB . . `` `` I PRP find VBP myself PRP in IN an DT adversary NN relationship NN with IN Laurel NNP Bank NNP , , and CC I PRP am VBP not RB inclined JJ to TO extend VB myself PRP as RB far RB as IN any DT favors NNS are VBP concerned VBN , , '' '' the DT judge NN wrote VBD back RB in IN a DT letter NN attached VBN to TO the DT grand JJ jury NN 's POS report NN . . `` `` Perhaps RB if IN my PRP$ personal JJ matters NNS can MD be VB resolved VBN with IN Laurel NNP bank NN in IN the DT near JJ future NN , , I PRP may MD be VB inclined VBN to TO reconsider VB your PRP$ request NN ... : . . '' '' The DT judge NN now RB says VBZ it PRP was VBD `` `` unfortunate JJ '' '' that IN he PRP chose VBD to TO write VB the DT letter NN but CC says VBZ `` `` there EX was VBD certainly RB no RB intent NN to TO extort VB there RB . . '' '' The DT bank NN acquiesced VBD . . It PRP refinanced VBD the DT judge NN 's POS loan NN , , lowered VBD its PRP$ interest NN rate NN and CC accepted VBD a DT trade-in NN that WDT had VBD n't RB originally RB been VBN part NN of IN the DT deal NN -- : a DT beat JJ up JJ 1981 CD Chevy NNP Citation NNP the DT dealer NN had VBD to TO repair VB before IN it PRP could MD be VB resold VBN . . The DT incident NN was VBD n't RB the DT only JJ time NN the DT judge NN got VBD special JJ treatment NN from IN his PRP$ local JJ bank NN . . Two CD years NNS later RB , , he PRP wrote VBD to TO complain VB that IN the DT interest NN he PRP was VBD paying VBG on IN an DT unsecured JJ $ $ 10,000 CD loan NN was VBD `` `` absolutely RB onerous JJ . . '' '' Paul NNP L. NNP Kane NNP , , Laurel NNP 's POS president NN at IN the DT time NN , , quickly RB responded VBD . . The DT bank NN , , he PRP wrote VBD back RB , , was VBD `` `` immediately RB '' '' lowering VBG the DT rate NN by IN 3.5 CD % NN , , `` `` as IN a DT concession NN to TO you PRP . . '' '' The DT judge NN says VBZ he PRP ca MD n't RB discuss VB in IN detail NN how WRB he PRP will MD defend VB himself PRP at IN his PRP$ trial NN , , although IN he PRP contends VBZ that IN if IN he PRP were VBD as RB corrupt JJ as IN state NN prosecutors NNS believe VBP , , he PRP would MD be VB far RB wealthier JJR than IN he PRP is VBZ . . His PRP$ seven-bedroom JJ cedar NN and CC brick NN house NN outside IN of IN Johnstown NNP is VBZ up RB for IN sale NN to TO pay VB for IN his PRP$ lawyers NNS . . The DT judge NN says VBZ he PRP is VBZ confident JJ he PRP will MD return VB to TO his PRP$ old JJ bench NN . . Already RB , , he PRP notes VBZ , , the DT 76 CD charges NNS originally RB filed VBN against IN him PRP have VBP been VBN trimmed VBN to TO 27 CD . . Most JJS of IN the DT allegations NNS no RB longer RB pending VBG were VBD ethics NNS charges NNS withdrawn VBN by IN state NN prosecutors NNS as IN part NN of IN a DT pre-trial JJ agreement NN . . The DT heart NN of IN the DT case NN -- : `` `` official JJ oppression NN '' '' -- : remains VBZ intact JJ . . `` `` If IN I PRP lose VBP , , I PRP lose VBP my PRP$ position NN , , my PRP$ career NN , , my PRP$ pension NN , , my PRP$ home NN and CC my PRP$ investments NNS , , '' '' says VBZ the DT judge NN . . `` `` My PRP$ God NNP and CC I PRP know VBP I PRP am VBP correct JJ and CC innocent JJ . . Many JJ thanks NNS for IN Alexander NNP Cockburn NNP 's POS comic JJ masterpiece NN ( ( `` `` U.S. NNP . . Economy NN : : A DT House NN Built VBN on IN Junk-Bond NN Sand NN , , '' '' Viewpoint NN , , Oct. NNP 19 CD ) ) . . The DT use NN of IN the DT abominable JJ construction NN practices NNS in IN the DT Soviet NNP Union NNP -- : as IN evidenced VBN by IN the DT collapse NN of IN sand NN apartment NN blocks NNS during IN the DT Armenian JJ earthquake NN -- : as IN a DT metaphor NN for IN the DT U.S. NNP economic JJ system NN was VBD a DT sublime JJ example NN of IN Mr. NNP Cockburn NNP 's POS satirical JJ muse NN . . I PRP await VBP his PRP$ sequel NN : : the DT economic JJ and CC social JJ resiliency NN of IN the DT San NNP Francisco NNP Bay NNP area NN and CC the DT outstanding JJ work NN of IN the DT local JJ governments NNS and CC the DT private JJ charitable JJ organizations NNS there RB as IN metaphors NNS for IN the DT supremacy NN of IN whatever WDT failed JJ system NN Mr. NNP Cockburn NNP now RB believes VBZ in IN . . It PRP should MD be VB a DT scream NN . . William NNP S. NNP Smith NNP As IN a DT money NN manager NN and CC a DT grass-roots JJ environmentalist NN , , I PRP was VBD very RB disappointed JJ to TO read VB in IN the DT premiere JJ issue NN of IN Garbage NNP that IN The DT Wall NNP Street NNP Journal NNP uses VBZ 220,000 CD metric JJ tons NNS of IN newsprint NN each DT year NN , , but CC that IN only RB 1.4 CD % NN of IN it PRP comes VBZ from IN recycled JJ paper NN . . By IN contrast NN , , the DT Los NNP Angeles NNP Times NNP , , for IN example NN , , uses VBZ 83 CD % NN recycled JJ paper NN . . With IN newspapers NNS being VBG the DT largest JJS single JJ component NN of IN solid JJ waste NN in IN our PRP$ landfills NNS , , and CC with IN our PRP$ country NN overflowing VBG with IN trash NN , , all DT sectors NNS of IN our PRP$ society NN and CC all DT types NNS of IN businesses NNS must MD become VB more RBR responsible JJ in IN our PRP$ use NN and CC disposal NN of IN precious JJ natural JJ resources NNS . . The DT Wall NNP Street NNP Journal NNP is VBZ an DT excellent JJ publication NN that IN I PRP enjoy VBP reading VBG ( ( and CC must MD read VB ) ) daily RB . . Please VB make VB me PRP and CC thousands NNS of IN other JJ readers NNS more RBR comfortable JJ with IN our PRP$ daily JJ purchase NN of IN your PRP$ newspaper NN by IN raising VBG your PRP$ environmental JJ standards NNS to TO your PRP$ overall JJ impeccable JJ quality NN levels NNS , , and CC increase VB your PRP$ use NN of IN recycled JJ paper NN . . Virginia NNP M.W. NNP Gardiner NNP FIRST NNP AMERICAN NNP FINANCIAL NNP Corp. NNP declared VBD a DT special JJ dividend NN of IN one CD share NN of IN Class NN B NNP common JJ stock NN for IN each DT share NN of IN Class NN A NNP common JJ stock NN , , payable JJ to TO holders NNS of IN record NN on IN Nov. NNP 10 CD if IN the DT Securities NNPS and CC Exchange NNP Commission NNP approves VBZ this DT as IN the DT effective JJ date NN of IN the DT registration NN statement NN . . Shareholders NNS of IN the DT Santa NNP Ana NNP , , Calif. NNP , , title-insurance JJ company NN approved VBD the DT creation NN of IN this DT second JJ class NN of IN stock NN , , which WDT will MD be VB traded VBN on IN the DT national JJ over-the-counter JJ market NN and CC which WDT the DT company NN said VBD would MD be VB used VBN for IN acquisitions NNS and CC other JJ general JJ corporate JJ purposes NNS . . The DT following JJ were VBD among IN yesterday NN 's POS offerings NNS and CC pricings NNS in IN the DT U.S. NNP and CC non-U.S. JJ capital NN markets NNS , , with IN terms NNS and CC syndicate NN manager NN , , as IN compiled VBN by IN Dow NNP Jones NNP Capital NNP Markets NNPS Report NNP : : Continental NNP Cablevision NNP Inc. NNP -- : $ $ 350 CD million CD of IN senior JJ subordinated JJ debentures NNS , , due JJ Nov. NNP 1 CD , , 2004 CD , , was VBD priced VBN at IN par JJ to TO yield VB 12 CD 7\/8 CD % NN . . Rated VBN single-B-1 JJ by IN Moody NNP 's POS Investors NNPS Service NNP Inc. NNP and CC single-B JJ by IN Standard NNP & CC Poor NNP 's POS Corp. NN , , the DT issue NN , , which WDT is VBZ non-callable JJ for IN five CD years NNS , , will MD be VB sold VBN through IN underwriters NNS led VBN by IN Morgan NNP Stanley NNP & CC Co NNP . . Beatrice NNP Co. NNP -- : $ $ 251 CD million CD of IN notes NNS , , due JJ Nov. NNP 1 CD , , 1997 CD , , was VBD priced VBN in IN a DT two-part JJ offering NN through IN underwriters NNS at IN Salomon NNP Brothers NNPS Inc NNP . . The DT size NN of IN the DT issue NN was VBD scaled VBN back RP from IN an DT originally RB planned VBN $ $ 350 CD million CD . . The DT first JJ part NN , , consisting VBG of IN $ $ 151 CD million CD of IN 13 CD 3\/4 CD % NN senior JJ subordinated JJ reset JJ notes NNS , , was VBD priced VBN at IN 99.75 CD . . The DT rate NN on IN the DT notes NNS will MD be VB reset VB annually RB to TO give VB the DT issue NN a DT market NN value NN of IN 101 CD . . However RB , , the DT maximum NN coupon NN at IN which WDT the DT notes NNS can MD be VB reset VB is VBZ 16 CD 1\/4 CD % NN . . The DT minimum JJ coupon NN is VBZ 13 CD 3\/4 CD % NN . . The DT second JJ part NN , , consisting VBG of IN $ $ 100 CD million CD of IN senior JJ subordinated JJ floating-rate JJ notes NNS , , was VBD priced VBN at IN 99 CD 3\/4 CD to TO float VB 4.25 CD % NN above IN the DT three-month JJ London NNP interbank NN offered JJ rate NN . . The DT initial JJ coupon NN on IN the DT floating-rate JJ notes NNS will MD be VB 12.9375 CD % NN . . The DT issue NN is VBZ rated VBN single-B-3 JJ by IN Moody NNP 's POS and CC single-B-plus JJ by IN S&P NNP . . New NNP Jersey NNP Wastewater NNP Treatment NNP Trust NNP -- : $ $ 75.1 CD million CD , , two-part JJ offering NN of IN bonds NNS apparently RB was VBD won VBN by IN a DT Merrill NNP Lynch NNP Capital NNP Markets NNPS group NN . . The DT group NN 's POS bid NN for IN $ $ 40.9 CD million CD of IN wastewater NN treatment NN insured JJ bonds NNS , , Series NN 1989 CD A NNP , , produced VBD a DT 7.0826 CD % NN true JJ interest NN cost NN . . The DT Series NN 1989 CD A NNP bonds NNS are VBP insured JJ and CC rated VBN triple-A JJ by IN Moody NNP 's POS and CC S&P NNP . . The DT group NN 's POS bid NN for IN $ $ 34.2 CD million CD of IN wastewater NN treatment NN bonds NNS , , Series NN 1989 CD B NNP , , produced VBD a DT 7.0808 CD % NN true JJ interest NN cost NN . . The DT Series NN 1989 CD B NNP bonds NNS are VBP uninsured JJ and CC rated VBN double-A JJ by IN Moody NNP 's POS and CC S&P NNP . . Both DT the DT Series NN 1989 CD A NNP and CC Series NNP 1989 CD B NNP bonds NNS were VBD priced VBN to TO yield VB from IN 6 CD % NN in IN 1991 CD to TO 7.15 CD % NN in IN 2008-2009 CD , , according VBG to TO a DT Merrill NNP Lynch NNP official NN . . Matagorda NNP County NNP Navigation NNP District NNP No. NNP 1 CD , , Texas NNP -- : $ $ 70.3 CD million CD of IN pollution NN control NN revenue NN bonds NNS ( ( Houston NNP Lighting NNP & CC Power NNP Co NNP . . Project NN ) ) , , due JJ Oct. NNP 1 CD , , 2019 CD , , were VBD tentatively RB priced VBN by IN a DT Goldman NNP , , Sachs NNP & CC Co. NNP group NN at IN 98 CD 1\/4 CD to TO yield VB 7.649 CD % NN with IN a DT coupon NN of IN 7 CD 1\/2 CD % NN . . Interest NN on IN the DT bonds NNS will MD be VB treated VBN as IN a DT preference NN item NN in IN calculating VBG the DT federal JJ alternative NN minimum JJ tax NN that WDT may MD be VB imposed VBN on IN certain JJ investors NNS . . The DT bonds NNS are VBP insured JJ and CC rated VBN triple-A JJ by IN Moody NNP 's POS and CC S&P NNP . . Federal NNP Home NNP Loan NNP Mortgage NNP Corp. NNP -- : $ $ 500 CD million CD of IN Remic NNP mortgage NN securities NNS is VBZ being VBG offered VBN in IN 11 CD classes NNS by IN a DT Morgan NNP Stanley NNP group NN . . The DT offering NN , , Series NNP 109 CD , , is VBZ backed VBN by IN Freddie NNP Mac NNP 10 CD % NN securities NNS . . Complete JJ details NNS were VBD n't RB immediately RB available JJ . . Lomas NNP Mortgage NNP Funding NNP Corp. NNP II NNP -- : $ $ 100 CD million CD issue NN of IN collateralized JJ mortgage NN obligations NNS is VBZ being VBG offered VBN in IN four CD classes NNS by IN a DT Morgan NNP Stanley NNP group NN . . The DT securities NNS yield VBP from IN 9.35 CD % NN to TO 10.48 CD % NN for IN a DT 30-year JJ issue NN with IN an DT average JJ life NN of IN 21.18 CD years NNS . . The DT 10.48 CD % NN yield NN represents VBZ a DT spread NN to TO the DT 20-year JJ Treasury NNP of IN 2.45 CD percentage NN points NNS . . The DT collateral NN consists VBZ of IN collateralized JJ whole JJ loans NNS with IN a DT weighted JJ average JJ coupon NN rate NN of IN 11.08 CD % NN and CC weighted JJ average NN remaining VBG term NN to TO maturity NN of IN 28 CD years NNS . . The DT issue NN is VBZ rated VBN triple-A JJ by IN S&P NNP , , Moody NNP 's POS and CC Fitch NNP Investors NNPS Service NNP Inc NNP . . The DT issue NN is VBZ 6 CD % NN to TO 7 CD % NN overcollateralized VBN , , and CC 75 CD % NN of IN the DT loans NNS are VBP covered VBN by IN a DT General NNP Electric NNP pool NN policy NN covering VBG losses NNS of IN as RB much JJ as IN 10 CD % NN of IN the DT original JJ principal JJ balance NN of IN the DT loans NNS . . J.C. NNP Penney NNP Co. NNP -- : $ $ 350 CD million CD of IN JCP NNP Master NNP Credit NNP Card NNP Trust NNP asset-backed JJ certificates NNS , , Series NNP B NNP , , with IN a DT final JJ stated VBN maturity NN of IN Oct. NNP 15 CD , , 2001 CD , , was VBD priced VBN at IN 99.1875 CD to TO yield VB 9.192 CD % NN with IN a DT coupon NN of IN 8.95 CD % NN . . The DT certificates NNS , , which WDT have VBP an , average JJ life NN of IN 10.05 CD years NNS , , were VBD priced VBN at IN 1.31 CD percentage NN points NNS over IN the DT benchmark JJ Treasury NNP 10-year JJ note NN . . Rated VBN triple-A JJ by IN Moody NNP 's POS and CC S&P NNP , , the DT issue NN will MD be VB sold VBN through IN First NNP Boston NNP Corp NNP . . The DT issue NN is VBZ backed VBN by IN a DT 12 CD % NN letter NN of IN credit NN from IN Credit NNP Suisse NNP . . Keio NNP Teito NNP Electric NNP Railway NNP Co NNP . . ( ( Japan NNP ) ) -- : $ $ 300 CD million CD of IN bonds NNS due JJ Nov. NNP 16 CD , , 1993 CD , , with IN equity-purchase JJ warrants NNS , , indicating VBG a DT 3 CD 3\/4 CD % NN coupon NN at IN par JJ via IN Nomura NNP International NNP Ltd NNP . . Each DT $ $ 5,000 CD bond NN carries VBZ one CD warrant NN , , exercisable JJ from IN Nov. NNP 30 CD through IN Nov. NNP 2 CD , , 1993 CD , , to TO buy VB company NN shares NNS at IN an DT expected JJ premium NN of IN 2 CD 1\/2 CD % NN to TO the DT closing VBG share NN price NN when WRB terms NNS are VBP fixed VBN Tuesday NNP . . Diesel NNP Kiki NNP Co NNP . . ( ( Japan NNP ) ) -- : $ $ 200 CD million CD of IN bonds NNS due JJ Nov. NNP 16 CD , , 1994 CD , , with IN equity-purchase JJ warrants NNS , , indicating VBG a DT 4 CD 1\/2 CD % NN coupon NN at IN par JJ via IN Yamaichi NNP International NNP Europe NNP Ltd NNP . . Each DT $ $ 5,000 CD bond NN carries VBZ one CD warrant NN , , exercisable JJ from IN Nov. NNP 30 CD through IN Nov. NNP 2 CD , , 1994 CD , , to TO buy VB company NN shares NNS at IN an DT expected JJ premium NN of IN 2 CD 1\/2 CD % NN to TO the DT closing VBG share NN price NN when WRB terms NNS are VBP fixed VBN Monday NNP . . Chugoku NNP Electric NNP Power NNP Co NNP . . ( ( Japan NNP ) ) -- : $ $ 150 CD million CD of IN 8 CD 7\/8 CD % NN bonds NNS due JJ Nov. NNP 29 CD , , 1996 CD , , priced VBN at IN 101 CD 7\/8 CD to TO yield VB 8 CD 7\/8 CD % NN less CC full JJ fees NNS via IN Nikko NNP Securities NNPS Ltd NNP . . Fees NNS 1 CD 7\/8 CD . . Monte NNP dei FW Paschi NNP di FW Siena NNP , , Singapore NNP branch NN ( ( Italian JJ parent NN ) ) , , via IN the DT Law NNP Debenture NNP Trust NNP Corp. NNP -- : 10 CD billion CD yen NNS ( ( $ $ 70 CD million CD ) ) of IN 6 CD % NN bonds NNS due JJ Feb. NNP 24 CD , , 1993 CD , , priced VBN at IN 101 CD 1\/4 CD , , via IN Daiwa NNP Europe NNP Ltd NNP . . Okobank NNP ( ( Finland NNP ) ) -- : 10 CD billion CD yen NNS of IN 6 CD % NN bonds NNS due JJ Nov. NNP 30 CD , , 1992 CD , , priced VBN at IN 101.225 CD to TO yield VB 6.056 CD % NN via IN IBJ NNP International NNP . . EG&G NNP Inc. NNP said VBD it PRP acquired VBD Laboratorium NNP Prof. NNP Dr. NNP Berthold NNP , , a DT German JJ maker NN of IN scientific JJ instruments NNS . . Terms NNS were VBD n't RB disclosed VBN . . The DT Wellesley NNP , , Mass. NNP , , maker NN of IN scientific JJ instruments NNS and CC electronic JJ parts NNS said VBD Berthold NNP expects VBZ 1989 CD sales NNS of IN more JJR than IN 100 CD million CD Deutsche FW marks NNS ( ( $ $ 54.5 CD million CD ) ) and CC employs VBZ about IN 400 CD people NNS . . Berthold NNP is VBZ based VBN in IN Wildbad NNP , , West NNP Germany NNP , , and CC also RB has VBZ operations NNS in IN Belgium NNP . . John NNP M. NNP Kucharski NNP , , EG&G NNP 's POS chairman NN and CC chief JJ executive NN , , said VBD the DT acquisition NN `` `` will MD extend VB EG&G NNP 's POS core NN technologies NNS , , strengthen VB its PRP$ position NN in IN the DT European NNP Economic NNP Community NNP and CC assure VB a DT strength NN and CC presence NN in IN the DT Eastern JJ European JJ market NN . . '' '' He PRP said VBD it PRP especially RB will MD strengthen VB the DT company NN 's POS efforts NNS in IN the DT rapidly RB growing VBG field NN of IN bio-analytical JJ instrumentation NN , , and CC in IN applied JJ nuclear JJ physics NNS . . Separately RB , , EG&G NNP said VBD it PRP sold VBD most JJS of IN its PRP$ Mason NNP Research NNP Institute NNP subsidiary NN to TO Transgenic NNP Sciences NNPS Inc. NNP , , a DT closely RB held JJ biotechnology NN company NN based VBN in IN Worcester NNP , , Mass NNP . . The DT sale NN , , for IN $ $ 7 CD million CD in IN cash NN and CC securities NNS , , will MD leave VB EG&G NNP with IN a DT 12 CD % NN stake NN in IN Transgenic NNP , , executives NNS said VBD . . Mason NNP is VBZ the DT largest JJS toxicology NN lab NN in IN New NNP England NNP , , with IN annual JJ revenue NN of IN $ $ 8 CD million CD and CC 140 CD employees NNS . . Mason NNP serves VBZ commercial JJ and CC government NN customers NNS , , including VBG the DT National NNP Institutes NNPS of IN Health NNP . . The DT combined JJ companies NNS will MD become VB profitable JJ by IN January NNP 1990 CD , , said VBD James NNP P. NNP Sherblom NNP , , Transgenic NNP 's POS chairman NN and CC chief JJ executive NN officer NN . . The DT Internal NNP Revenue NNP Service NNP said VBD it PRP is VBZ willing JJ to TO let VB the DT U.S. NNP Tax NNP Court NNP decide VB how WRB much JJ oil NN man NN William NNP Herbert NNP Hunt NNP will MD owe VB the DT government NN after IN his PRP$ assets NNS are VBP liquidated VBN . . The DT surprise NN announcement NN came VBD after IN the DT IRS NNP broke VBD off RP negotiations NNS with IN Mr. NNP Hunt NNP on IN a DT settlement NN of IN the DT one-time JJ tycoon NN 's POS personal JJ bankruptcy NN case NN . . Although IN the DT action NN removes VBZ one CD obstacle NN in IN the DT way NN of IN an DT overall JJ settlement NN to TO the DT case NN , , it PRP also RB means VBZ that IN Mr. NNP Hunt NNP could MD be VB stripped VBN of IN virtually RB all DT of IN his PRP$ assets NNS if IN the DT Tax NNP Court NNP rules VBZ against IN him PRP in IN a DT 1982 CD case NN heard VBN earlier RBR this DT year NN in IN Washington NNP , , D.C NNP . . The DT IRS NNP has VBZ been VBN seeking VBG more JJR than IN $ $ 300 CD million CD in IN back JJ taxes NNS from IN Mr. NNP Hunt NNP . . Separately RB , , a DT federal JJ judge NN hearing VBG Mr. NNP Hunt NNP 's POS bankruptcy NN case NN yesterday NN turned VBD down RP a DT proposed VBN $ $ 65.7 CD million CD settlement NN between IN Mr. NNP Hunt NNP and CC Minpeco NNP S.A. NNP , , another DT major JJ creditor NN in IN the DT case NN . . The DT Peruvian JJ minerals NNS concern NN had VBD been VBN seeking VBG a DT claim NN of IN $ $ 251 CD million CD against IN Mr. NNP Hunt NNP . . In IN addition NN to TO turning VBG down RP the DT compromise NN , , Judge NNP Harold NNP C. NNP Abramson NNP said VBD he PRP would MD allow VB a DT claim NN of IN only RB $ $ 19.7 CD million CD . . Minpeco NNP attorneys NNS said VBD they PRP would MD appeal VB the DT decision NN to TO a DT federal JJ district NN court NN . . Regarding VBG Mr. NNP Hunt NNP 's POS taxes NNS , , he PRP and CC the DT IRS NNP have VBP apparently RB agreed VBN on IN a DT basic JJ formula NN for IN liquidating VBG his PRP$ estate NN in IN which WDT the DT IRS NNP would MD get VB 70 CD % NN of IN the DT proceeds NNS from IN a DT liquidating JJ trust NN and CC 30 CD % NN would MD go VB to TO other JJ creditors NNS . . But CC they PRP have VBP been VBN at IN odds NNS over IN how WRB much JJ Mr. NNP Hunt NNP would MD owe VB the DT government NN after IN his PRP$ assets NNS are VBP sold VBN . . The DT IRS NNP had VBD demanded VBN $ $ 90 CD million CD but CC Mr. NNP Hunt NNP would MD agree VB to TO no DT more JJR than IN $ $ 60 CD million CD . . Grover NNP Hartt NNP III NNP , , a DT government NN lawyer NN , , warned VBD that IN Mr. NNP Hunt NNP stood VBD to TO lose VB certain JJ oil NN and CC gas NN properties NNS , , $ $ 200,000 CD in IN English JJ pottery NN , , a DT Colorado NNP condominium NN and CC other JJ assets NNS he PRP might MD have VB kept VBN if IN he PRP had VBD settled VBN with IN the DT IRS NNP . . `` `` But CC they PRP wanted VBD to TO roll VB the DT dice NNS and CC we PRP 're VBP going VBG to TO let VB them PRP , , '' '' Mr. NNP Hartt NNP said VBD . . Stephen NNP McCartin NNP , , Mr. NNP Hunt NNP 's POS attorney NN , , said VBD his PRP$ client NN welcomed VBD the DT gamble NN . . The DT Tax NNP Court NNP is VBZ n't RB expected VBN to TO rule VB before IN early RB next JJ year NN . . Japan NNP has VBZ found VBN another DT safe JJ outlet NN for IN its PRP$ money NN : : U.S. NNP home NN mortgages NNS . . An DT increasing VBG number NN of IN big JJ Japanese JJ investors NNS are VBP buying VBG up RP U.S. NNP home NN mortgages NNS that WDT have VBP been VBN pooled VBN and CC packaged VBN for IN sale NN as IN interest-bearing JJ instruments NNS known VBN as IN mortgage-backed JJ securities NNS . . As RB much JJ as IN 10 CD % NN of IN new JJ U.S. NNP mortgage NN securities NNS issued VBN by IN the DT Federal NNP National NNP Mortgage NNP Association NNP , , or CC Fannie NNP Mae NNP , , and CC Federal NNP Home NNP Loan NNP Mortgage NNP Corp. NNP , , or CC Freddie NNP Mac NNP , , now RB flow VBP into IN Japanese JJ hands NNS . . That DT may MD not RB come VB as IN a DT surprise NN to TO Americans NNPS who WP have VBP watched VBN the DT Japanese NNPS snap VBP up RP properties NNS in IN the DT U.S. NNP from IN golf NN courses NNS to TO a DT stake NN in IN Rockefeller NNP Center NNP . . But CC it PRP marks VBZ a DT big JJ change NN for IN the DT Japanese NNPS , , who WP shunned VBD mortgage NN securities NNS after IN getting VBG burned VBN by IN a DT big JJ downturn NN in IN interest NN rates NNS a DT few JJ years NNS back RB . . `` `` You PRP ca MD n't RB say VB it PRP 's VBZ a DT `` `` tsunami NN '' '' ( ( tidal JJ wave NN ) ) , , but CC we PRP 're VBP making VBG some DT headway NN , , '' '' says VBZ Fannie NNP Mae NNP 's POS chairman NN , , David NNP O. NNP Maxwell NNP , , who WP visits VBZ Tokyo NNP at IN least JJS once RB a DT year NN to TO explain VB and CC drum VB up RP investor NN interest NN in IN mortgage NN securities NNS . . `` `` Interest NN is VBZ a DT great JJ deal NN higher JJR than IN it PRP was VBD a DT year NN ago RB . . '' '' The DT steady JJ growth NN of IN the DT mortgage NN securities NNS market NN in IN the DT U.S. NNP has VBZ even RB triggered VBN talk NN of IN building NN up RP a DT similar JJ market NN here RB . . Evidence NN of IN the DT growing VBG Japanese JJ demand NN for IN mortgage NN securities NNS abounds VBZ . . Earlier RBR this DT year NN , , Blackstone NNP Group NNP , , a DT New NNP York NNP investment NN bank NN , , had VBD no DT trouble NN selling VBG out RP a DT special JJ $ $ 570 CD million CD mortgage-securities JJ trust NN it PRP created VBD for IN Japanese JJ investors NNS . . Industrial NNP Bank NNP of IN Japan NNP , , which WDT claims VBZ to TO be VB the DT biggest JJS Japanese JJ buyer NN of IN U.S. NNP mortgage NN securities NNS , , says VBZ it PRP will MD more RBR than IN double VB its PRP$ purchases NNS this DT year NN , , to TO an DT amount NN one CD official NN puts VBZ at IN several JJ billion CD dollars NNS . . And CC a DT Fannie NNP Mae NNP seminar NN this DT week NN promises VBZ to TO draw VB hundreds NNS of IN prospective JJ investors NNS , , who WP can MD be VB expected VBN to TO channel VB tens NNS of IN billions NNS of IN dollars NNS into IN the DT market NN in IN the DT next JJ few JJ years NNS . . `` `` Last JJ year NN , , there EX were VBD only RB several JJ big JJ investors NNS who WP were VBD interested JJ , , '' '' says VBZ Kinji NNP Kato NNP , , a DT vice NN president NN at IN the DT international JJ arm NN of IN Nomura NNP Securities NNPS Co NNP . . `` `` This DT year NN , , some DT investors NNS are VBP changing VBG their PRP$ policies NNS and CC investing VBG a DT lot NN . . '' '' Ultimately RB , , he PRP says VBZ , , strong JJ demand NN could MD help VB to TO drive VB down RP interest NN rates NNS on IN mortgage NN securities NNS . . At IN the DT moment NN , , Nomura NNP is VBZ the DT only JJ Japanese JJ institution NN authorized VBN to TO act VB as IN a DT primary JJ seller NN of IN Fannie NNP Mae NNP instruments NNS . . But CC other JJ Japanese JJ institutions NNS say VBP privately RB that IN they PRP are VBP considering VBG asking VBG to TO join VB the DT 59-dealer JJ selling VBG group NN . . These DT securities NNS are VBP attractive JJ to TO Japanese JJ investors NNS for IN three CD reasons NNS . . First LS , , they PRP are VBP safe JJ . . While IN they PRP are VBP n't RB backed VBN by IN the DT full JJ faith NN and CC credit NN of IN the DT U.S. NNP government NN , , as IN Treasury NNP bonds NNS are VBP , , it PRP is VBZ widely RB assumed VBN that IN the DT government NN would MD support VB them PRP if IN necessary JJ . . ( ( U.S. NNP Treasury NNP bonds NNS are VBP still RB the DT dollar-denominated JJ investment NN of IN choice NN for IN long-term JJ Japanese JJ investors NNS ) ) . . Second LS , , they PRP are VBP liquid JJ . . The DT secondary JJ market NN in IN federally RB backed JJ mortgage NN securities NNS now RB exceeds VBZ $ $ 900 CD billion CD , , or CC nearly RB half NN of IN the DT $ $ 2.2 CD trillion CD in IN U.S. NNP residential JJ mortgages NNS issued VBN . . Third LS , , they PRP offer VBP high JJ yields NNS . . At IN the DT moment NN , , some DT offer VBP as RB much JJ as IN 1.6 CD to TO 1.8 CD percentage NN points NNS over IN Treasury NNP securities NNS of IN similar JJ maturities NNS . . But CC there EX is VBZ a DT risk NN , , which WDT the DT Japanese NNPS discovered VBD when WRB they PRP first RB dipped VBD their PRP$ toes NNS into IN the DT market NN nearly RB five CD years NNS ago RB . . Since IN most JJS mortgages NNS can MD be VB prepaid VBN or CC refinanced VBN at IN any DT time NN , , issuers NNS of IN mortgage NN securities NNS retain VBP the DT right NN to TO buy VB back RB their PRP$ bonds NNS before IN maturity NN . . That DT 's VBZ a DT headache NN for IN long-term JJ investors NNS , , since IN it PRP forces VBZ them PRP to TO reinvest VB their PRP$ money NN -- : usually RB at IN lower JJR rates NNS than IN the DT original JJ mortgage NN securities NNS carried VBD . . `` `` Two CD or CC three CD years NNS ago RB , , the DT problem NN was VBD that IN people NNS did VBD n't RB understand VB the DT prepayment NN risk NN , , '' '' says VBZ Nomura NN 's POS Mr. NNP Kato NNP . . `` `` So RB they PRP were VBD surprised JJ and CC very RB disappointed JJ by IN prepayment NN . . '' '' Compounding VBG the DT trouble NN to TO Japanese JJ investors NNS , , mortgage NN securities NNS pay VBP interest NN monthly RB , , since IN most JJS mortgages NNS require VBP homeowners NNS to TO make VB monthly JJ payments NNS . . But CC Japanese JJ institutional JJ investors NNS are VBP used VBN to TO quarterly JJ or CC semiannual JJ payments NNS on IN their PRP$ investments NNS , , so IN the DT monthly JJ cash NN flow NN posed VBD administrative JJ problems NNS . . As IN a DT result NN , , Japanese JJ investors NNS steered VBD clear RB of IN the DT mortgage NN securities NNS . . But CC they PRP did VBD n't RB lose VB touch NN with IN the DT U.S. NNP issuers NNS . . Since IN 1985 CD , , Japanese JJ investors NNS have VBP bought VBN nearly RB 80 CD % NN of IN $ $ 10 CD billion CD in IN Fannie NNP Mae NNP corporate JJ debt NN issued VBN to TO foreigners NNS , , money NN that IN Fannie NNP Mae NNP uses VBZ to TO buy VB mortgages NNS from IN U.S. NNP banks NNS . . And CC Japanese JJ investors NNS took VBD up RP nearly RB all DT of IN two CD $ $ 200 CD million CD Real JJ Estate NNP Mortgage NNP Investment NNP Conduits NNS , , a DT kind NN of IN collateralized JJ mortgage NN obligation NN , , that WDT were VBD offered VBN to TO foreigners NNS this DT year NN . . In IN addition NN , , further JJ packaging NN of IN mortgage-backed JJ securities NNS , , such JJ as IN Blackstone VBP 's POS fund NN , , have VB reduced VBN the DT effects NNS of IN prepayment NN risk NN and CC automatically RB reinvest VB monthly JJ payments NNS so IN institutions NNS do VBP n't RB have VB to TO . . Freddie NNP Mac NNP for IN years NNS has VBZ offered VBN a DT so-called JJ participation NN certificate NN that WDT guarantees VBZ it PRP wo MD n't RB be VB prepaid VBN for IN a DT set NN number NN of IN years NNS and CC offers VBZ semiannual JJ payments NNS . . As IN Georgia-Pacific NNP 's POS bid NN for IN Great NNP Northern NNP Nekoosa NNP has VBZ shown VBN , , uninvited JJ takeovers NNS are VBP still RB alive JJ despite IN premature JJ reports NNS of IN their PRP$ demise NN . . Therefore RB , , the DT debate NN about IN poison NN pills NNS will MD continue VB to TO rage VB in IN the DT boardrooms NNS of IN corporations NNS and CC the DT halls NNS of IN academia NN . . Although IN poison NN pills NNS come VBP in IN different JJ colors NNS and CC shapes NNS , , they PRP usually RB give VBP current JJ shareholders NNS the DT right NN to TO buy VB more JJR stock NN of IN their PRP$ corporation NN at IN a DT large JJ discount NN if IN certain JJ events NNS occur VBP -- : typically RB , , if IN a DT hostile JJ bidder NN acquires VBZ more JJR than IN a DT specified JJ percentage NN of IN the DT corporation NN 's POS stock NN . . However RB , , these DT discount NN purchase NN rights NNS may MD generally RB be VB redeemed VBN at IN a DT nominal JJ cost NN by IN the DT corporation NN 's POS directors NNS if IN they PRP approve VBP of IN a DT bidder NN . . Supporters NNS of IN poison NN pills NNS argue VBP that DT their PRP$ adoption NN forces VBZ bidders NNS to TO negotiate VB with IN a DT corporation NN 's POS directors NNS , , who WP are VBP thereby RB put VBN in IN a DT better JJR position NN to TO pursue VB the DT long-term JJ interests NNS of IN the DT corporation NN . . Recent JJ studies NNS by IN Georgeson NNP & CC Co. NNP conclude VBP that IN corporations NNS with IN poison NN pills NNS have VBP experienced VBN greater JJR stock-price JJ appreciation NN than IN corporations NNS without IN poison NN pills NNS during IN the DT past JJ few JJ years NNS . . Critics NNS of IN poison NN pills NNS argue VBP that IN they PRP harm VBP shareholders NNS by IN letting VBG corporate JJ management NN defeat VB takeover NN bids NNS at IN premium JJ prices NNS and CC by IN deterring VBG premium JJ bids NNS from IN ever RB being VBG made VBN to TO shareholders NNS . . These DT critics NNS are VBP backed VBN by IN several JJ academic JJ studies NNS showing VBG that IN the DT adoption NN of IN poison NN pills NNS reduces VBZ shareholder NN values NNS not RB merely RB in IN the DT short JJ run NN , , but CC also RB over IN longer JJR periods NNS . . Institutional JJ investors NNS that WDT must MD evaluate VB poison NN pills NNS on IN a DT regular JJ basis NN are VBP interested JJ less RBR in IN this DT general JJ debate NN than IN in IN the DT answers NNS to TO specific JJ questions NNS about IN the DT corporation NN issuing VBG the DT pill NN . . Does VBZ this DT corporation NN have VB a DT high-quality JJ management NN team NN with IN a DT good JJ track NN record NN ? . Does VBZ this DT team NN have VB a DT viable JJ strategy NN for IN improving VBG shareholder NN values NNS , , and CC does VBZ this DT strategy NN require VB implementation NN over IN an DT extended JJ period NN ? . Will MD the DT adoption NN of IN this DT particular JJ form NN of IN a DT poison NN pill NN significantly RB improve VB the DT chances NNS for IN management NN to TO carry VB out RP this DT strategy NN ? . If IN the DT answers NNS to TO these DT questions NNS are VBP affirmative JJ , , then RB institutional JJ investors NNS are VBP likely JJ to TO be VB favorably RB disposed JJ toward IN a DT specific JJ poison NN pill NN . . However RB , , the DT problem NN is VBZ that DT once RB most JJS poison JJ pills NNS are VBP adopted VBN , , they PRP survive VBP forever RB . . Although IN the DT current JJ management NN team NN may MD be VB outstanding JJ , , who WP will MD be VB the DT CEO NNP in IN 10 CD years NNS ? . Although IN the DT five-year JJ strategy NN may MD be VB excellent JJ , , what WP will MD be VB the DT strategy NN in IN 25 CD years NNS ? . The DT solution NN to TO this DT problem NN is VBZ a DT time-limited JJ poison NN pill NN . . The DT limit NN could MD range VB from IN three CD years NNS to TO seven CD years NNS , , depending VBG on IN the DT composition NN of IN the DT management NN team NN and CC the DT nature NN of IN its PRP$ strategic JJ plan NN . . At IN the DT end NN of IN this DT period NN , , the DT poison NN pill NN would MD be VB eliminated VBN automatically RB , , unless IN a DT new JJ poison NN pill NN were VBD approved VBN by IN the DT then-current JJ shareholders NNS , , who WP would MD have VB an DT opportunity NN to TO evaluate VB the DT corporation NN 's POS strategy NN and CC management NN team NN at IN that DT time NN . . One CD rare JJ example NN of IN a DT time-limited JJ poison NN pill NN is VBZ the DT shareholder NN rights NNS plan NN adopted VBN by IN Pennzoil NNP last JJ year NN after IN it PRP received VBD a DT huge JJ litigation NN settlement NN from IN Texaco NNP . . Pennzoil NNP 's POS poison NN pill NN covers VBZ five CD years NNS in IN order NN to TO give VB current JJ management NN enough JJ time NN to TO put VB these DT proceeds NNS to TO work VB in IN a DT prudent JJ manner NN . . Another DT interesting JJ example NN is VBZ the DT poison NN pill NN adopted VBN recently RB by IN Pittsburgh-based JJ National NNP Intergroup NNP Inc. NNP , , a DT diversified JJ holding VBG company NN . . The DT State NNP of IN Wisconsin NNP Investment NNP Board NNP , , which WDT owned VBD about IN 7 CD % NN of IN the DT company NN 's POS voting NN stock NN , , worked VBD with IN management NN to TO devise VB a DT time-limited JJ poison NN pill NN . . This DT pill NN automatically RB expires VBZ after IN three CD years NNS unless IN continued VBN by IN a DT vote NN of IN the DT shareholders NNS . . The DT attitude NN of IN the DT Wisconsin NNP Investment NNP Board NNP reflects VBZ a DT growing VBG receptivity NN to TO time-limited JJ poison NN pills NNS on IN the DT part NN of IN institutional JJ investors NNS , , as IN shown VBN by IN the DT discussions NNS at IN recent JJ meetings NNS of IN the DT Council NNP of IN Institutional NNP Investors NNPS and CC my PRP$ informal JJ survey NN of IN several JJ retirement NN plans NNS with IN large JJ stock NN positions NNS . . More RBR widespread JJ time NN limits NNS on IN poison NN pills NNS would MD allow VB shareholders NNS to TO evaluate VB a DT specific JJ poison NN pill NN within IN the DT context NN of IN a DT specific JJ management NN team NN 's POS strategy NN . . Such JJ concrete JJ analysis NN is VBZ likely JJ to TO lead VB to TO more RBR fruitful JJ dialogue NN between IN management NN and CC shareholders NNS than IN the DT abstract JJ debate NN about IN poison NN pills NNS . . Mr. NNP Pozen NNP is VBZ the DT general JJ counsel NN and CC a DT managing VBG director NN of IN Fidelity NNP Investments NNPS in IN Boston NNP . . Michael NNP Blair NNP , , former JJ president NN and CC chief JJ executive NN officer NN of IN Enfield NNP Corp. NNP , , failed VBD to TO win VB election NN to TO the DT company NN 's POS board NN at IN a DT special JJ shareholder NN meeting NN . . Mr. NNP Blair NNP said VBD after IN the DT meeting NN that IN he PRP had VBD filed VBN separate JJ lawsuits NNS in IN the DT Ontario NNP Supreme NNP Court NNP for IN unjust JJ dismissal NN against IN Enfield NNP and CC for IN libel NN against IN its PRP$ largest JJS shareholder NN , , Canadian NNP Express NNP Ltd. NNP , , and CC two CD executives NNS of IN Hees NNP International NNP Bancorp NNP Inc. NNP , , which WDT controls VBZ Canadian NNP Express NNP . . Holders NNS at IN the DT meeting NN elected VBD a DT full JJ slate NN of IN Canadian NNP Express NNP nominees NNS to TO Enfield NNP 's POS 11-member JJ board NN . . Mr. NNP Blair NNP and CC Hees NNP have VBP been VBN feuding VBG for IN months NNS . . Yesterday NN 's POS election NN was VBD a DT sequel NN to TO Enfield NNP 's POS annual JJ meeting NN in IN June NNP when WRB Mr. NNP Blair NNP disallowed VBD proxies NNS in IN favor NN of IN two CD Hees NNP nominees NNS . . The DT Ontario NNP Supreme NNP Court NNP overturned VBD Mr. NNP Blair NNP 's POS decision NN . . He PRP later RB resigned VBD from IN his PRP$ executive NN positions NNS with IN Enfield NNP , , saying VBG that IN actions NNS by IN its PRP$ board NN `` `` amounted VBD to TO { ( my PRP$ } ) dismissal NN . . '' '' Mr. NNP Blair NNP said VBD his PRP$ libel NN suit NN seeks VBZ 10 CD million CD Canadian JJ dollars NNS ( ( US$ $ 8.5 CD million CD ) ) from IN Canadian NNP Express NNP and CC Hees NNP executives NNS Manfred NNP Walt NNP and CC Willard NNP L'Heureux NNP . . He PRP said VBD his PRP$ suit NN against IN Enfield NNP seeks VBZ two CD years NNS severance NN pay NN , , equivalent JJ to TO C$ $ 720,000 CD . . Hees NNP and CC Canadian NNP Express NNP executives NNS could MD n't RB be VB reached VBN for IN comment NN . . Enfield NNP is VBZ a DT holding VBG company NN with IN interests NNS in IN manufacturing VBG concerns NNS . . It PRP is VBZ 38.5 CD % NN owned VBN by IN Canadian NNP Express NNP , , another DT holding VBG company NN . . Hees NNP is VBZ a DT merchant NN bank NN controlled VBN by IN Toronto NNP financiers NNS Peter NNP and CC Edward NNP Bronfman NNP . . All PDT the DT concerns NNS are VBP based VBN in IN Toronto NNP . . Buying VBG 51 CD % NN of IN Rockefeller NNP Group NNP Inc. NNP is VBZ right RB up RB Mitsubishi NNP Estate NNP Co. NNP 's POS alley NN in IN one CD sense NN : : The DT huge JJ Japanese JJ real JJ estate NN company NN is VBZ entering VBG a DT long-term JJ relationship NN with IN a DT similarly RB conservative JJ U.S. NNP owner NN of IN tony JJ urban JJ property NN . . But CC in IN another DT sense NN , , the DT $ $ 846 CD million CD purchase NN is VBZ uncharacteristically RB nervy JJ , , industry NN analysts NNS say VBP . . The DT usually RB cautious JJ giant NN will MD become VB the DT majority NN owner NN of IN the DT company NN that WDT owns VBZ New NNP York NNP 's POS beloved JJ Rockefeller NNP Center NNP at IN a DT time NN when WRB tensions NNS over IN Japanese JJ purchases NNS of IN U.S. NNP property NN are VBP at IN an DT all-time JJ high NN . . Officials NNS of IN Rockefeller NNP Group NNP and CC Mitsubishi NNP Estate NNP prefer VBP to TO focus VB on IN the DT affinities NNS , , nearly RB dismissing VBG the DT threat NN of IN a DT backlash NN from IN the DT U.S. NNP public NN . . `` `` We PRP think VBP there EX will MD be VB positive JJ as RB well RB as IN negative JJ reactions NNS , , '' '' says VBZ Raymond NNP Pettit NNP , , senior JJ vice NN president NN and CC chief JJ financial JJ officer NN of IN Rockefeller NNP Group NNP . . `` `` On IN balance NN , , we PRP think VBP it PRP will MD be VB positive JJ . . '' '' But CC some DT Japanese JJ government NN officials NNS and CC businessmen NNS worry VBP that IN the DT prominent JJ purchase NN is VBZ just RB the DT sort NN of IN deal NN that WDT should MD be VB avoided VBN for IN the DT time NN being VBG . . In RB particular RB , , they PRP criticize VBP the DT timing NN , , coming VBG as IN it PRP does VBZ on IN the DT heels NNS of IN Sony NNP Corp. NNP 's POS controversial JJ purchase NN of IN Columbia NNP Pictures NNPS Entertainment NNP Inc NNP . . `` `` Officially RB , , yes UH , , we PRP encourage VBP the DT free JJ flow NN of IN direct JJ investment NN , , '' '' says VBZ a DT Foreign NNP Ministry NNP official NN . . `` `` But CC they PRP did VBD n't RB have VB to TO choose VB this DT particular JJ moment NN . . '' '' During IN the DT past JJ year NN , , government NN officials NNS and CC leading VBG business NN organizations NNS have VBP repeatedly RB urged VBN Japanese JJ companies NNS to TO refrain VB from IN flashy JJ real JJ estate NN purchases NNS in IN the DT Since IN the DT mid-1980s NNS , , Japan NNP 's POS other JJ major JJ real JJ estate NN purchases NNS in IN the DT U.S. NNP include VBP Dai-Ichi NNP Seimei NNP America NNP Corp. NNP 's POS $ $ 670 CD million CD purchase NN of IN an DT office NN building NN at IN 153 CD East NNP 53rd CD St. NNP in IN Manhattan NNP in IN 1987 CD and CC Mitsui NNP Fudosan NNP Inc. NNP 's POS $ $ 610 CD million CD purchase NN of IN the DT Exxon NNP Building NNP , , part NN of IN Rockefeller NNP Center NNP , , in IN 1986 CD . . In IN Los NNP Angeles NNP , , Arco NNP Plaza NNP was VBD sold VBN to TO Shuwa NNP Corp. NNP for IN $ $ 620 CD million CD in IN 1986 CD , , and CC Sumitomo NNP Life NNP Insurance NNP Co. NNP paid VBD $ $ 300 CD million CD for IN Atlanta NNP 's POS IBM NNP Tower NNP last JJ year NN . . Altogether RB , , annual JJ Japanese JJ investment NN in IN U.S. NNP commercial JJ real NN estate NN grew VBD from IN about IN $ $ 1.3 CD billion CD in IN 1985 CD to TO about IN $ $ 7.1 CD billion CD in IN 1988 CD . . Many JJ Japanese JJ companies NNS have VBP taken VBN the DT warnings NNS by IN the DT country NN 's POS leaders NNS to TO heart NN and CC sought VBD development NN partnerships NNS rather RB than IN landmark NN properties NNS . . Critics NNS say VBP Mitsubishi NNP Estate NNP 's POS decision NN to TO buy VB into IN Rockefeller NNP reflects VBZ the DT degree NN to TO which WDT companies NNS are VBP irritated JJ by IN the DT pressure NN to TO act VB for IN the DT good NN of IN Japan NNP . . `` `` Those DT who WP have VBP no DT money NN and CC are VBP n't RB buying VBG think VB it PRP 's VBZ right JJ to TO refrain VB , , but CC those DT with IN money NN who WP want VBP to TO buy VB for IN themselves PRP pay VBP no DT attention NN , , '' '' says VBZ an DT official NN of IN the DT Japan-U.S NNP . . Business NNP Council NNP . . But CC to TO Mitsubishi NNP Estate NNP , , the DT acquisition NN has VBZ just RB the DT elements NNS that WDT should MD win VB support NN from IN both DT sides NNS . . First RB of IN all RB , , it PRP is VBZ a DT friendly JJ acquisition NN in IN which WDT Rockefeller NNP sought VBD out RP Mitsubishi NNP Estate NNP and CC asked VBD it PRP to TO buy VB a DT majority NN share NN . . Secondly RB , , the DT two CD companies NNS found VBD a DT similarity NN in IN their PRP$ business NN and CC development NN philosophies NNS and CC intend VBP to TO cooperate VB in IN a DT range NN of IN activities NNS from IN real JJ estate NN to TO telecommunications NN . . Finally RB , , Mitsubishi NNP Estate NNP has VBZ no DT plans NNS to TO interfere VB with IN Rockefeller NNP 's POS management NN beyond IN taking VBG a DT place NN on IN the DT board NN . . `` `` We PRP 'll MD continue VB to TO work VB with IN them PRP , , in IN keeping VBG with IN the DT reputation NN of IN the DT company NN , , and CC we PRP 'll MD rely VB very RB much RB on IN their PRP$ leadership NN , , '' '' says VBZ Mitsubishi NNP Estate NNP President NNP Jotaro NNP Takagi NNP . . Rockefeller NNP may MD well RB have VB found VBN its PRP$ match NN in IN Mitsubishi NNP Estate NNP , , a DT company NN of IN long JJ history NN , , strong JJ government NN ties NNS and CC sound JJ resources NNS . . In IN asset NN terms NNS , , Mitsubishi NNP Estate NNP is VBZ the DT largest JJS real JJ estate NN firm NN in IN Japan NNP . . The DT core NN of IN its PRP$ holdings NNS is VBZ 190,000 CD square JJ meters NNS of IN incredibly RB expensive JJ property NN in IN the DT Marunouchi NNP district NN , , the DT business NN and CC financial JJ center NN of IN Tokyo NNP , , often RB jokingly RB called VBN `` `` Mitsubishi NNP Village NNP . . '' '' The DT Mitsubishi NNP family NN company NN acquired VBD that IN property NN from IN the DT government NN some DT 100 CD years NNS ago RB when WRB it PRP was VBD a DT portion NN of IN samurai NN residential JJ land NN running VBG from IN the DT moat NN of IN the DT Imperial NNP Palace NNP east RB toward IN the DT hodgepodge NN of IN tiny JJ shops NNS and CC twisted JJ alleys NNS that WDT made VBD up RP the DT merchants NNS ' POS district NN . . At IN the DT time NN , , Japan NNP had VBD just RB opened VBN its PRP$ doors NNS to TO the DT world NN after IN about IN 250 CD years NNS of IN isolation NN and CC needed VBD a DT Western-style JJ business NN center NN . . Mitsubishi NNP built VBD the DT government NN 's POS dream NN development NN , , the DT story NN goes VBZ , , in IN exchange NN for IN the DT official JJ decision NN to TO locate VB Tokyo NNP 's POS central JJ railway NN station NN there RB . . That DT was VBD just RB an DT early JJ step NN in IN a DT relationship NN with IN government NN that WDT has VBZ earned VBN the DT Mitsubishi NNP group NN the DT dubious JJ moniker NN of IN `` `` seisho FW , , '' '' literally RB government-business NN , , a DT title NN that WDT has VBZ the DT pejorative JJ connotation NN of IN doing VBG the DT government NN 's POS bidding NN , , but CC also RB suggests VBZ the DT clout NN inherent JJ in IN maintaining VBG such JJ close JJ ties NNS . . Mitsubishi NNP Estate NNP is VBZ one CD of IN the DT dozens NNS of IN companies NNS in IN today NN 's POS Mitsubishi NNP group NN . . It PRP 's VBZ known JJ for IN its PRP$ cautiousness NN in IN part NN because IN it PRP has VBZ had VBN little JJ need NN for IN bold JJ overseas JJ ventures NNS : : In IN the DT year NN ended VBN March NNP 31 CD , , 57.4 CD % NN of IN its PRP$ total JJ revenue NN came VBD from IN office NN building NN management NN . . Its PRP$ earnings NNS can MD rise VB 10 CD % NN to TO 12 CD % NN annually RB simply RB from IN the DT natural JJ turnover NN of IN tenants NNS and CC automatic JJ rent NN increases NNS , , says VBZ Graeme NNP McDonald NNP , , an DT industry NN analyst NN at IN James NNP Capel NNP Pacific NNP Ltd NNP . . For IN the DT latest JJS fiscal JJ year NN , , the DT company NN 's POS net JJ income NN jumped VBD a DT robust JJ 19 CD % NN to TO 35.5 CD billion CD yen NNS ( ( $ $ 250.2 CD million CD ) ) . . For IN Mitsubishi NNP Estate NNP , , the DT Rockefeller NNP purchase NN will MD catapult VB it PRP firmly RB into IN the DT overseas JJ real JJ estate NN business NN , , the DT one CD area NN where WRB it PRP has VBZ lagged VBN notably RB behind IN Japanese JJ competitors NNS such JJ as IN Mitsui NNP , , which WDT had VBD purchased VBN the DT Exxon NNP Building NNP . . `` `` Japanese JJ companies NNS need VBP to TO invest VB in IN overseas JJ real JJ estate NN for IN diversification NN , , '' '' says VBZ Yoshio NNP Shima NNP , , an DT industry NN analyst NN at IN Goldman NNP Sachs NNP ( ( Japan NNP ) ) Corp NNP . . Rockefeller NNP is VBZ n't RB the DT first JJ overseas JJ purchase NN for IN Mitsubishi NNP Estate NNP -- : it PRP has VBZ already RB played VBN a DT leading VBG role NN in IN designing VBG Los NNP Angeles NNP 's POS Citicorp NNP Plaza NNP . . But CC the DT Rockefeller NNP investment NN is VBZ its PRP$ largest JJS . . Nonetheless RB , , it PRP will MD barely RB make VB a DT dent NN in IN Mitsubishi NNP Estate NNP 's POS finances NNS , , analysts NNS say VBP . . Mitsubishi NNP Estate NNP has VBZ n't RB decided VBN how WRB it PRP will MD raise VB the DT funds NNS for IN the DT purchase NN , , which WDT are VBP due JJ in IN cash NN next IN April NNP , , but CC the DT Marunouchi NNP holdings NNS alone RB are VBP estimated VBN to TO have VB a DT market NN value NN of IN as RB much JJ as IN 10 CD trillion CD yen NNS to TO 11 CD trillion CD yen NNS . . Moreover RB , , as IN a DT member NN of IN the DT Mitsubishi NNP group NN , , which WDT is VBZ headed VBN by IN one CD of IN Japan NNP 's POS largest JJS banks NNS , , it PRP is VBZ sure JJ to TO win VB a DT favorable JJ loan NN . . Analysts NNS say VBP the DT company NN also RB could MD easily RB issue VB new JJ convertible JJ bonds NNS or CC warrants NNS . . Meanwhile RB , , at IN home NN , , Mitsubishi NNP has VBZ control VB of IN some DT major JJ projects NNS . . It PRP is VBZ the DT largest JJS private-sector JJ landowner NN of IN the DT Minato-Mirai NNP 21 CD project NN , , a DT multibillion-yen JJ development NN in IN the DT port JJ city NN of IN Yokohama NNP , , about IN an DT hour NN outside IN Tokyo NNP . . The DT project NN is VBZ one CD of IN a DT select JJ group NN of IN public JJ projects NNS opened VBN to TO U.S. NNP firms NNS under IN a DT U.S.-Japan JJ construction NN trade NN agreement NN reached VBD last JJ year NN . . The DT centerpiece NN of IN that DT complex NN , , the DT Landmark NNP Tower NNP , , will MD be VB Japan NNP 's POS tallest JJS building NN when WRB it PRP is VBZ completed VBN in IN 1993 CD . . Mitsubishi NNP is VBZ also RB pushing VBG ahead RP with IN a DT controversial JJ plan NN to TO redevelop VB Marunouchi NNP into IN a DT business NN center NN of IN high-tech JJ buildings NNS , , a DT project NN budgeted VBN for IN 30 CD years NNS and CC six CD trillion CD yen NNS . . Time NNP Warner NNP Inc. NNP and CC Sony NNP Corp. NNP may MD be VB today NN 's POS public JJ enemies NNS , , but CC the DT two CD entertainment NN giants NNS could MD end VB up RP becoming VBG partners NNS in IN a DT number NN of IN ventures NNS as IN part NN of IN a DT settlement NN of IN their PRP$ acrimonious JJ legal JJ dispute NN over IN Hollywood NNP producers NNS Peter NNP Guber NNP and CC Jon NNP Peters NNP . . The DT Warner NNP Bros. NNPS studio NN and CC Sony NNP signaled VBD they PRP are VBP close JJ to TO a DT settlement NN yesterday NN , , asking VBG a DT Los NNP Angeles NNP Superior NNP Court NNP to TO postpone VB a DT hearing NN scheduled VBN for IN tomorrow NN on IN Warner NNP 's POS request NN for IN a DT preliminary JJ injunction NN blocking VBG Mr. NNP Guber NNP and CC Mr. NNP Peters NNP from IN taking VBG the DT top JJ posts NNS at IN Columbia NNP Pictures NNPS Entertainment NNP Inc NNP . . In IN separate JJ statements NNS , , the DT two CD sides NNS said VBD they PRP want VBP to TO have VB `` `` further JJ discussions NNS . . '' '' Sony NNP is VBZ acquiring VBG Columbia NNP and CC Guber-Peters NNP Entertainment NNP Co. NNP in IN two CD separate JJ transactions NNS valued VBN at IN more JJR than IN $ $ 5 CD billion CD . . Warner NNP Communications NNPS Inc. NNP , , which WDT is VBZ being VBG acquired VBN by IN Time NNP Warner NNP , , has VBZ filed VBN a DT $ $ 1 CD billion CD breach-of-contract JJ suit NN against IN Sony NNP and CC the DT two CD producers NNS . . Warner NNP has VBZ a DT five-year JJ exclusive JJ contract NN with IN Mr. NNP Guber NNP and CC Mr. NNP Peters NNP that WDT requires VBZ them PRP to TO make VB movies NNS exclusively RB at IN the DT Warner NNP Bros. NNPS studio NN . . The DT two CD sides NNS in IN the DT legal JJ battle NN have VBP hurled VBN accusations NNS of IN duplicity NN at IN each DT other JJ for IN weeks NNS , , and CC both DT Warner NNP and CC Sony NNP have VBP accused VBN each DT other JJ of IN trying VBG to TO sabotage VB each DT other JJ 's POS prospects NNS for IN success NN in IN the DT entertainment NN business NN . . But CC it PRP may MD amount VB to TO little RB more JJR than IN posturing NN ; : the DT two CD have VBP continued VBN on-again JJ , , off-again JJ settlement NN talks NNS over IN the DT last JJ few JJ weeks NNS , , and CC people NNS familiar JJ with IN the DT talks NNS say VBP the DT matter NN could MD be VB resolved VBN within IN a DT week NN . . Both DT Warner NNP and CC Sony NNP declined VBD to TO comment VB on IN the DT terms NNS of IN the DT settlement NN discussions NNS . . But CC the DT people NNS familiar JJ with IN the DT talks NNS said VBD that IN Warner NNP is VBZ n't RB expected VBN to TO get VB any DT cash NN in IN the DT settlement NN . . Instead RB , , Sony NNP is VBZ likely JJ to TO agree VB to TO let VB Warner NNP participate VB in IN certain JJ of IN its PRP$ businesses NNS , , such JJ as IN the DT record NN club NN of IN Sony NNP 's POS CBS NNP Records NNPS unit NN . . Warner NNP has VBZ surpassed VBN Sony NNP as IN the DT largest JJS record NN company NN , , but CC it PRP does VBZ n't RB have VB a DT powerful JJ world-wide JJ record NN club NN like IN CBS NNP . . The DT two CD sides NNS are VBP also RB discussing VBG certain JJ business NN ventures NNS involving VBG cable NN rights NNS to TO Columbia NNP 's POS movies NNS . . In IN addition NN , , Sony NNP is VBZ expected VBN to TO agree VB to TO swap VB Columbia NNP 's POS 35 CD % NN stake NN in IN the DT sprawling JJ Burbank NNP , , Calif. NNP , , studio NN that IN Warner NNP and CC Columbia NNP share NN , , in IN exchange NN for IN the DT old JJ MGM NNP studio NN lot NN that IN Warner NNP acquired VBD with IN the DT purchase NN of IN Lorimar NNP Telepictures NNPS Corp NNP . . Still RB , , it PRP may MD be VB tough JJ for IN the DT two CD to TO have VB a DT smooth JJ partnership NN in IN anything NN , , in IN the DT wake NN of IN sworn VBN affidavits NNS filed VBN over IN the DT last JJ week NN . . One CD , , for IN example NN , , came VBD from IN CBS NNP Records NNPS Chairman NNP Walter NNP Yetnikoff NNP , , who WP will MD head VB a DT committee NN that WDT will MD oversee VB Sony NNP 's POS entertainment NN division NN , , including VBG both DT records NNS and CC movies NNS . . In IN his PRP$ affidavit NN , , Mr. NNP Yetnikoff NNP accused VBD Warner NNP Chairman NNP Steven NNP J. NNP Ross NNP of IN having VBG an DT `` `` antiSony JJ , , anti-Japanese JJ bias NN '' '' and CC said VBD that IN Mr. NNP Ross NNP had VBD tried VBN to TO talk VB him PRP out RB of IN letting VBG Sony NNP buy VB CBS NNP Records NNPS two CD years NNS ago RB for IN that DT reason NN . . Mr. NNP Ross NNP , , who WP will MD be VB chairman NN and CC co-chief JJ executive NN officer NN of IN Time NNP Warner NNP after IN the DT merger NN is VBZ complete JJ , , denied VBD that IN in IN his PRP$ own JJ affidavit NN , , and CC called VBD Mr. NNP Yetnikoff NNP 's POS remarks NNS `` `` vicious JJ '' '' and CC his PRP$ claims NNS `` `` reckless JJ , , irresponsible JJ and CC baseless JJ , , '' '' saying VBG Warner NNP under IN his PRP$ leadership NN has VBZ started VBN a DT number NN of IN businesses NNS in IN Japan NNP . . Mr. NNP Ross NNP also RB said VBD he PRP enjoys VBZ `` `` warm JJ professional NN and CC personal JJ relationships NNS '' '' with IN Japanese JJ executives NNS including VBG Sony NNP Chairman NNP Akio NNP Morita NNP , , `` `` who WP has VBZ visited VBN my PRP$ home NN here RB . . '' '' But CC despite IN the DT acrimony NN between IN Mr. NNP Ross NNP and CC Mr. NNP Yetnikoff NNP , , officials NNS of IN the DT Time NNP side NN of IN Time NNP Warner NNP have VBP reportedly RB been VBN increasingly RB interested JJ in IN a DT settlement NN that WDT might MD yield VB attractive JJ business NN opportunities NNS . . Time NNP executives NNS such JJ as IN the DT company NN 's POS president NN , , N.J NNP . . Nicholas NNS , , who WP will MD eventually RB be VB co-chief JJ executive NN of IN Time NNP Warner NNP alongside IN Mr. NNP Ross NNP , , have VBP no DT personal JJ relationships NNS or CC ego NN at IN stake NN in IN the DT fight NN over IN the DT Guber-Peters NNP duo NN , , and CC were VBD never RB directly RB drawn VBN into IN the DT fray NN . . Talks NNS between IN the DT two CD sides NNS could MD unravel VB , , of IN course NN , , as IN they PRP have VBP more RBR than IN once RB since IN Sony NNP announced VBD its PRP$ plans NNS to TO hire VB Mr. NNP Guber NNP and CC Mr. NNP Peters NNP . . But CC both DT sides NNS appear VBP to TO be VB more RBR willing JJ now RB to TO meet VB each DT other JJ 's POS terms NNS to TO resolve VB the DT issue NN . . And CC although IN Warner NNP has VBZ said VBN it PRP wanted VBD the DT producers NNS to TO fulfill VB the DT terms NNS of IN their PRP$ contract NN , , the DT producers NNS said VBD in IN sworn VBN court NN declarations NNS that IN they PRP did VBD n't RB believe VB the DT relationship NN could MD be VB repaired VBN after IN the DT acrimony NN of IN the DT legal JJ battle NN . . Any DT settlement NN is VBZ also RB expected VBN to TO exclude VB Mr. NNP Guber NNP and CC Mr. NNP Peters NNP from IN any DT of IN the DT projects NNS they PRP were VBD working VBG on IN at IN Warner NNP . . The DT Guber-Peters NNP duo NN have VBP 50 CD projects NNS in IN various JJ stages NNS of IN development NN and CC production NN at IN Warner NNP , , including VBG `` `` Bonfire NN of IN the DT Vanities NNS '' '' and CC `` `` A DT Bright JJ Shining VBG Lie NN . . '' '' But CC that IN does VBZ n't RB mean VB Mr. NNP Guber NNP and CC Mr. NNP Peters NNP might MD not RB eventually RB get VB their PRP$ hands NNS on IN some DT of IN their PRP$ projects NNS ; : studios NNS develop VBP hundreds NNS of IN movies NNS but CC produce VBP only RB 10 CD to TO 20 CD each DT year NN . . Once RB a DT studio NN chooses VBZ not RB to TO actually RB make VB a DT movie NN that WDT is VBZ in IN development NN , , producers NNS are VBP typically RB free JJ to TO take VB it PRP elsewhere RB . . Mr. NNP Guber NNP and CC Mr. NNP Peters NNP also RB almost RB certainly RB would MD n't RB be VB able JJ to TO participate VB in IN future JJ sequels NNS to TO `` `` Batman NNP , , '' '' the DT blockbuster NN hit NN they PRP produced VBD for IN Warner NNP . . But CC in IN acquiring VBG Guber-Peters NNP Entertainment NNP , , Sony NNP will MD actually RB get VB a DT piece NN of IN the DT profits NNS from IN `` `` Batman NNP , , '' '' since IN the DT publicly RB held JJ concern NN gets VBZ certain JJ revenue NN from IN the DT movies NNS Mr. NNP Guber NNP and CC Mr. NNP Peters NNP produce VBP . . The DT two CD producers NNS own VBP a DT combined JJ 28 CD % NN stake NN in IN Guber-Peters NNP . . Southern NNP Co. NNP 's POS Gulf NNP Power NNP Co. NNP subsidiary NN pleaded VBD guilty JJ to TO two CD felony NN charges NNS of IN conspiracy NN to TO make VB illegal JJ political JJ contributions NNS and CC tax NN evasion NN , , and CC paid VBD $ $ 500,000 CD in IN fines NNS . . Gulf NNP Power NNP 's POS guilty JJ plea NN before IN U.S. NNP District NNP Judge NNP Robert NNP L. NNP Vining NNP yesterday NN marks VBZ the DT end NN of IN only JJ one CD part NN of IN a DT wide-ranging JJ inquiry NN of IN Southern NNP Co NNP . . The DT company NN is VBZ the DT subject NN of IN a DT federal JJ grand JJ jury NN investigation NN into IN whether IN its PRP$ officials NNS and CC its PRP$ utility NN subsidiaries NNS conspired VBD to TO cover VB up RP their PRP$ accounting NN for IN spare JJ parts NNS to TO evade VB federal JJ income NN taxes NNS . . `` `` The DT terms NNS announced VBD today NN are VBP strictly RB between IN the DT United NNP States NNPS and CC Gulf NNP Power NNP , , '' '' said VBD U.S. NNP Attorney NNP Robert NNP L. NNP Barr NNP . . `` `` This DT is VBZ only RB a DT further JJ step NN in IN a DT lengthy JJ investigation NN . . '' '' The DT plea NN settlement NN does VBZ not RB allow VB Southern NNP Co. NNP to TO charge VB any DT of IN the DT $ $ 500,000 CD to TO its PRP$ customers NNS , , or CC take VB action NN against IN employees NNS who WP provided VBD information NN during IN the DT federal JJ inquiry NN . . Gulf NNP Power NNP had VBD been VBN under IN investigation NN for IN violating VBG the DT Utility NNP Holding NNP Company NNP Act NNP , , which WDT prohibits VBZ public JJ utilities NNS from IN making VBG political JJ contributions NNS . . In IN a DT statement NN , , Southern NNP Co. NNP President NNP Edward NNP L. NNP Addison NNP said VBD , , `` `` We PRP believe VBP our PRP$ decision NN to TO plead VB ( ( guilty JJ ) ) to TO these DT charges NNS is VBZ responsible JJ and CC proper JJ . . And CC our PRP$ action NN today NN will MD allow VB Gulf NNP Power NNP to TO avoid VB prolonged JJ , , distracting JJ legal JJ proceedings NNS . . '' '' He PRP did VBD not RB say VB what WDT effect NN , , if IN any DT , , the DT $ $ 500,000 CD fine NN would MD have VB on IN the DT company NN 's POS earnings NNS . . Mr. NNP Barr NNP said VBD yesterday NN 's POS plea NN by IN Gulf NNP Power NNP , , which WDT came VBD after IN months NNS of IN negotiations NNS , , was VBD based VBN on IN evidence NN that IN Gulf NNP Power NNP had VBD set VBN up RP an DT elaborate JJ payment NN system NN through IN which WDT it PRP reimbursed VBD outside JJ vendors NNS -- : primarily RB three CD Florida NNP advertising NN agencies NNS -- : for IN making VBG illegal JJ political JJ contributions NNS on IN its PRP$ behalf NN . . The DT Appleyard NNP Agency NNP , , for IN example NN , , allegedly RB made VBD contributions NNS from IN 1982 CD to TO 1984 CD to TO various JJ funds NNS for IN political JJ candidates NNS , , then RB submitted VBD bills NNS to TO Gulf NNP Power NNP . . The DT contributions NNS were VBD funded VBN by IN monthly JJ payments NNS of IN $ $ 1,000 CD to TO $ $ 2,000 CD to TO Appleyard NNP in IN the DT guise NN of IN a DT `` `` special JJ production NN fee NN '' '' -- : in IN effect NN , , hiding VBG the DT nature NN of IN the DT payments NNS from IN the DT Internal NNP Revenue NNP Service NNP , , federal JJ prosecutors NNS said VBD . . The DT government NN also RB indicated VBD that DT former JJ Gulf NNP Power NNP senior JJ vice NN president NN Jacob NNP F. NNP `` `` Jake NNP '' '' Horton NNP was VBD the DT mastermind NN behind IN the DT use NN of IN the DT ad NN agencies NNS -- : Appleyard NNP , , Dick NNP Leonard NNP Group NNP II NNP Inc. NNP and CC Hemmer NNP & CC Yates NNP Corp. NNP -- : to TO make VB payments NNS to TO various JJ political JJ candidates NNS from IN 1981 CD to TO 1988 CD . . Mr. NNP Horton NNP , , who WP oversaw VBD Gulf NNP Power NNP 's POS governmental-affairs JJ efforts NNS , , died VBD mysteriously RB in IN a DT plane NN crash NN in IN April NNP after IN learning VBG he PRP might MD be VB fired VBN following VBG the DT uncovering VBG of IN irregularities NNS in IN a DT company NN audit NN . . Government NN officials NNS declined VBD to TO say VB whether IN the DT investigation NN includes VBZ the DT ad NN agencies NNS or CC the DT politicians NNS involved VBN . . In IN New NNP York NNP Stock NNP Exchange NNP trading NN , , Southern NNP Co. NNP rose VBD 50 CD cents NNS a DT share NN to TO $ $ 27.125 CD . . ` `` Frequent JJ Drinker NN ' '' Offer NN Stirs VBZ Up RP Spirited JJ Debate NN TO TO GRAB NNP a DT bigger JJR piece NN of IN the DT declining VBG scotch NN market NN , , Seagram NNP Co. NNP has VBZ launched VBN a DT controversial JJ `` `` frequent JJ drinker NN '' '' promotion NN for IN its PRP$ Chivas NNP Regal NNP brand NN . . Under IN the DT program NN , , dubbed VBN Chivas NNP Class NNP , , customers NNS who WP send VBP in RP two CD labels NNS from IN Chivas NNP bottles NNS will MD receive VB an DT upgrade NN in IN seating VBG class NN on IN some DT Trans NNP World NNP Airlines NNPS flights NNS . . Repeat NN customers NNS also RB can MD purchase VB luxury NN items NNS at IN reduced JJ prices NNS . . But CC at IN a DT time NN of IN mounting VBG concern NN over IN alcohol NN abuse NN , , some DT liquor NN marketers NNS consider VBP Seagram NNP 's POS frequent JJ buyer NN promotion NN risky JJ . . `` `` I PRP 'm VBP surprised JJ they PRP 're VBP doing VBG this DT , , '' '' says VBZ Penn NNP Kavanagh NNP , , president NN of IN Schieffelin NNP & CC Somerset NNP Co. NNP , , which WDT markets VBZ Johnnie NNP Walker NNP scotches NNS . . `` `` I PRP would MD be VB very RB leery JJ of IN anything NN that WDT says VBZ if IN you PRP drink VBP more JJR , , you PRP get VBP more JJR . . '' '' Others NNS question VBP the DT impact NN on IN Chivas NNP 's POS upscale JJ image NN of IN a DT promotion NN that WDT has VBZ customers NNS soaking VBG off RP labels NNS . . `` `` It PRP 's VBZ really RB bizarre JJ , , '' '' says VBZ Albert NNP Lerman NNP , , creative JJ director NN at IN the DT Wells NNP Rich NNP Greene NNP ad NN agency NN . . `` `` Chivas NNP has VBZ an DT image NN of IN something NN you PRP would MD savor VB , , rather RB than IN guzzle VB . . '' '' Chivas NNP Class NNP is VBZ n't RB the DT first JJ such JJ promotion NN . . Last JJ year NN , , J&B NNP Scotch NNP offered VBD 500 CD TWA NNP frequent JJ flier NN miles NNS in IN exchange NN for IN a DT label NN . . And CC Dewar NNP 's POS gave VBD discounts NNS on IN Scottish JJ merchandise NN to TO people NNS who WP sent VBD in RP bottle NN labels NNS . . But CC the DT scope NN of IN Seagram NNP 's POS Chivas NNP promotion NN sets VBZ it PRP apart RB . . The DT current JJ campaign NN is VBZ just RB the DT first JJ leg NN of IN an DT aggressive JJ three-to-five-year JJ direct JJ marketing NN plan NN . . Seagram NNP says VBZ the DT promotion NN is VBZ designed VBN to TO build VB brand NN loyalty NN rather RB than IN promote VB heavy JJ drinking NN . . Seagram NNP asks VBZ customers NNS to TO buy VB only RB two CD or CC three CD bottles NNS over IN a DT 12-month JJ period NN , , says VBZ Richard NNP Shaw NNP , , vice NN president NN of IN U.S. NNP direct JJ marketing NN . . `` `` We PRP 're VBP not RB asking VBG them PRP to TO save VB up RP 50 CD proof-of-purchases NNS . . We PRP 're VBP not RB saying VBG drink VB more JJR , , we PRP 're VBP saying VBG trade NN up RP . . '' '' Goya NNP Concocts VBZ a DT Milk NN For IN Hispanic JJ Tastes NNS MOST JJS FOOD NN companies NNS these DT days NNS are VBP trimming VBG the DT fat NN and CC cholesterol NN content NN of IN their PRP$ products NNS to TO appeal VB to TO health-conscious JJ consumers NNS . . But CC Goya NNP Foods NNPS Inc. NNP believes VBZ it PRP can MD milk VB some DT sales NNS by IN bucking VBG the DT trend NN . . The DT Secaucus NNP , , N.J. NNP , , company NN has VBZ formed VBN a DT joint JJ venture NN with IN a DT distributor NN called VBN La NNP Lecheria NNP to TO market VB a DT higher-fat JJR milk NN targeted VBN at IN Hispanic JJ consumers NNS . . To TO give VB Leche NNP Fresca NNP the DT creamier JJR taste NN Goya NNP says VBZ Hispanics NNPS prefer VBP , , the DT new JJ brand NN has VBZ a DT butterfat NN content NN of IN 3.8 CD % NN . . That DT compares VBZ with IN 3.5 CD % NN butterfat NN for IN whole JJ milk NN . . A DT spokesman NN for IN Borden NNP Inc. NNP , , the DT nation NN 's POS largest JJS milk NN producer NN , , concedes VBZ Goya NNP may MD be VB on IN to TO something NN . . Borden NNP sells VBZ considerably RB more JJR whole JJ milk NN than IN reduced-fat JJ milks NNS in IN southern JJ and CC Hispanic JJ markets NNS , , he PRP says VBZ . . Borden NNP even RB tested VBD a DT milk NN with IN 4 CD % NN butterfat NN in IN the DT South NNP , , but CC decided VBD the DT market NN was VBD too RB small JJ . . Goya NNP is VBZ selling VBG Leche NNP Fresca NNP in IN nearly RB 500 CD grocery NN stores NNS and CC bodegas NNS in IN New NNP York NNP and CC parts NNS of IN New NNP Jersey NNP . . And CC it PRP 's VBZ adding VBG 15 CD to TO 20 CD new JJ outlets NNS a DT day NN , , says VBZ Greg NNP Ricca NNP , , sales NNS director NN at IN La NNP Lecheria NNP . . Because IN of IN Leche NNP Fresca NNP 's POS success NN , , he PRP says VBZ , , the DT joint JJ venture NN is VBZ developing VBG other JJ dairy NN products NNS tailored VBN to TO Hispanic JJ tastes NNS . . Jewelry NN Makers NNS Copy VBP Cosmetics NNS Sales NNS Ploys NNS FOR IN YEARS NNS , , costume JJ jewelry NN makers NNS fought VBD a DT losing JJ battle NN . . Jewelry NN displays NNS in IN department NN stores NNS were VBD often RB cluttered JJ and CC uninspired JJ . . And CC the DT merchandise NN was VBD , , well UH , , fake JJ . . As IN a DT result NN , , marketers NNS of IN faux JJ gems NNS steadily RB lost VBD space NN in IN department NN stores NNS to TO more RBR fashionable JJ rivals NNS -- : cosmetics NNS makers NNS . . But CC lately RB , , retailers NNS say VBP , , fake JJ has VBZ become VBN more RBR fashionable JJ . . And CC jewelry NN makers NNS are VBP beginning VBG to TO use VB many JJ of IN the DT same JJ marketing NN tricks NNS honed VBN in IN the DT aggressive JJ world NN of IN cosmetics NNS . . Last JJ year NN , , the DT total JJ women NNS 's POS fashion NN jewelry NN business NN topped VBD $ $ 4.9 CD billion CD , , says VBZ Karen NNP Alberg NNP , , editor NN of IN Accessories NNP magazine NN . . And CC it PRP 's VBZ growing VBG fast RB , , with IN annual JJ sales NNS gains NNS of IN more JJR than IN 10 CD % NN . . To TO increase VB their PRP$ share NN of IN that DT business NN , , jewelry NN makers NNS such JJ as IN Crystal NNP Brands NNPS Inc. NNP 's POS Trifari NNP and CC Monet NNP units NNS and CC Swank NNP Inc. NNP , , maker NN of IN Anne NNP Klein NNP jewelry NN , , are VBP launching VBG new JJ lines NNS with IN as RB much JJ fanfare NN as IN the DT fragrance NN companies NNS . . They PRP 're VBP hiring VBG models NNS to TO stroll VB the DT aisles NNS sporting VBG their PRP$ jewels NNS , , and CC they PRP 're VBP even RB beginning VBG to TO borrow VB a DT perennial JJ favorite NN of IN the DT beauty NN business NN -- : offering VBG a DT gift NN when WRB consumers NNS make VBP a DT purchase NN . . `` `` We PRP 've VBP started VBN trying VBG just RB about IN anything NN to TO keep VB sales NNS moving VBG in IN the DT stores NNS , , '' '' says VBZ Kim NNP Renk NNP , , a DT Swank NNP vice NN president NN . . But CC there EX are VBP limits NNS . . Ms. NNP Renk NNP says VBZ retailers NNS nixed VBD a DT promotion NN for IN pins NNS with IN animal NN motifs NNS . . Her PRP$ idea NN : : bring VB in RP live JJ zoo NN animals NNS . . Trifari NNP , , whose WP$ national JJ ads NNS earlier RB this DT year NN included VBD paper NN cutouts NNS of IN its PRP$ costume NN finery NN , , takes VBZ a DT tamer JJR approach NN . . The DT company NN focuses VBZ on IN the DT how-to JJ aspects NNS , , says VBZ Andrew NNP E. NNP Philip NNP , , president NN . . Trifari NNP now RB trains VBZ sales NNS help NN to TO advise VB customers NNS on IN the DT best JJS earring NN styles NNS . . But CC cosmetics NNS firms NNS still RB have VBP one CD big JJ marketing NN edge NN : : They PRP motivate VBP sales NNS people NNS with IN commissions NNS . . Jewelry NN makers NNS rarely RB pay VBP commissions NNS and CC are VBP n't RB expected VBN to TO anytime RB soon RB . . Odds NNS and CC Ends NNS DESPITE IN GROWING VBG interest NN in IN the DT environment NN , , U.S. NNP consumers NNS have VBP n't RB shown VBN much JJ interest NN in IN refillable JJ packages NNS for IN household NN products NNS . . Procter NNP & CC Gamble NNP Co. NNP recently RB introduced VBD refillable JJ versions NNS of IN four CD products NNS , , including VBG Tide NNP and CC Mr. NNP Clean NNP , , in IN Canada NNP , , but CC does VBZ n't RB plan VB to TO bring VB them PRP to TO the DT U.S. NNP . . Marketers NNS believe VBP most JJS Americans NNPS wo MD n't RB make VB the DT convenience NN trade-off NN ... : . . Braumeisters NNPS Ltd. NNP tests VBZ a DT beer NN brewed VBN with IN oat NN bran NN , , rather RB than IN rice NN or CC corn NN . . Called VBN Otto NNP 's POS Original NNP Oat NNP Bran NNP Beer NNP , , the DT brew NN costs VBZ about IN $ $ 12.75 CD a DT case NN . . No DT cholesterol NN , , of IN course NN . . Northwest NNP Airlines NNPS settled VBD the DT remaining VBG lawsuits NNS filed VBN on IN behalf NN of IN 156 CD people NNS killed VBN in IN a DT 1987 CD crash NN , , but CC claims NNS against IN the DT jetliner NN 's POS maker NN are VBP being VBG pursued VBN , , a DT federal JJ judge NN said VBD . . Northwest NNP , , a DT unit NN of IN NWA NNP Inc. NNP , , and CC McDonnell NNP Douglas NNP Corp. NNP , , which WDT made VBD the DT MD-80 NN aircraft NN , , also RB are VBP pursuing VBG counterclaims NNS against IN each DT other JJ in IN the DT crash NN near IN Detroit NNP Metropolitan NNP Airport NNP . . Terms NNS of IN the DT settlements NNS for IN the DT remaining VBG 145 CD lawsuits NNS against IN Northwest NNP were VBD n't RB disclosed VBN . . A DT total NN of IN 157 CD lawsuits NNS were VBD filed VBN on IN behalf NN of IN crash NN victims NNS . . U.S. NNP District NNP Judge NNP Julian NNP A. NN Cook NNP Jr. NNP announced VBD the DT settlements NNS as IN the DT jury NN trial NN was VBD to TO begin VB yesterday NN . . He PRP reset VB opening JJ arguments NNS for IN today NN . . The DT jury NN will MD resolve VB the DT claims NNS against IN McDonnell NNP Douglas NNP , , Northwest NNP 's POS claim NN that IN a DT defect NN in IN the DT aircraft NN caused VBD the DT crash NN , , and CC McDonnell NNP Douglas NNP ' POS claim NN that IN the DT plane NN was VBD improperly RB flown VBN . . The DT National NNP Transportation NNP Safety NNP Board NNP ruled VBD that IN pilots NNS failed VBD to TO set VB the DT plane NN 's POS wing NN flaps NNS and CC slats NNS properly RB for IN takeoff NN and CC failed VBD to TO make VB mandatory JJ preflight JJ checks NNS that WDT would MD have VB detected VBN the DT error NN . . Also RB , , a DT cockpit NN warning VBG system NN failed VBD to TO alert VB the DT pilots NNS the DT flaps NNS and CC slats NNS were VBD not RB set VBN for IN takeoff NN , , the DT NTSB NNP said VBD . . The DT only JJ passenger NN who WP survived VBD the DT crash NN was VBD Cecelia NNP Cichan NNP , , then RB 4 CD , , of IN Tempe NNP , , Ariz. NNP , , whose WP$ parents NNS and CC brother NN died VBD in IN the DT crash NN . . She PRP now RB lives VBZ with IN relatives NNS in IN Alabama NNP . . Sun NNP Myung NNP Moon NNP , , the DT Korean JJ evangelist-industrialist NN who WP in IN 1954 CD founded VBD the DT Unification NNP Church NNP , , remains VBZ the DT mystery NN man NN behind IN a DT multimillion-dollar JJ political JJ and CC publishing VBG operation NN based VBN in IN this DT country NN and CC catering VBG to TO the DT American JJ right NN . . But CC there EX may MD be VB less JJR there RB than IN meets VBZ the DT eye NN . . Mr. NNP Moon NNP planned VBD to TO convert VB millions NNS of IN Americans NNPS to TO his PRP$ unique JJ brand NN of IN Christianity NNP -- : in IN which WDT he PRP plays VBZ the DT role NN of IN Old NNP Testament-style JJ temporal JJ , , political JJ messiah NN -- : and CC then RB to TO make VB the DT U.S. NNP part NN of IN a DT unified JJ international JJ theocracy NN . . His PRP$ original JJ strategy NN ( ( in IN itself PRP a DT brilliant JJ innovation NN for IN spreading VBG a DT religion NN ) ) was VBD to TO create VB new JJ economic JJ enterprises NNS each DT time NN he PRP wanted VBD to TO extend VB and CC fund VB his PRP$ various JJ religious JJ missions NNS . . Tax-exempt JJ airport NN and CC street-corner JJ solicitations NNS were VBD intended VBN only RB to TO provide VB start-up JJ funds NNS . . More RBR stable JJ industries NNS were VBD to TO build VB an DT economically RB viable JJ infrastructure NN for IN the DT Moon NNP movement NN in IN North NNP America NNP , , as IN they PRP had VBD in IN Japan NNP and CC South NNP Korea NNP . . Then RB he PRP would MD move VB his PRP$ movement NN to TO Europe NNP . . But CC that DT was VBD not RB to TO be VB . . Throughout IN the DT 1970s NNS and CC early RB 1980s NNS spokesmen NNS for IN both DT the DT Unification NNP Church NNP and CC its PRP$ opponents NNS in IN the DT anticult NN movement NN gave VBD wildly RB exaggerated JJ membership NN figures NNS . . Their PRP$ legacy NN lives VBZ on RP . . It PRP is VBZ still RB common JJ to TO read VB in IN the DT press NN that IN the DT church NN has VBZ 10,000 CD or CC more JJR full-time JJ American JJ members NNS and CC 25,000 CD `` `` associates NNS . . '' '' Some DT estimates NNS have VBP gone VBN as RB high JJ as IN 80,000 CD members NNS . . But CC internal JJ church NN documents NNS clearly RB show VBP that IN at IN its PRP$ publicity-seeking JJ heights NNS , , as IN when WRB it PRP organized VBD a DT spectacular JJ Yankee NNP Stadium NNP bicentennial JJ rally NN in IN 1976 CD , , there EX actually RB were VBD only JJ about IN 2,000 CD full-time JJ Unification NNP Church NNP members NNS in IN the DT U.S. NNP Mr. NNP Moon NNP 's POS support NN for IN a DT Watergate-beleaguered JJ Richard NNP Nixon NNP , , the DT Koreagate NNP scandal NN , , and CC his PRP$ prison NN sentence NN for IN income-tax NN evasion NN did VBD not RB help VB the DT church NN 's POS recruitment NN efforts NNS . . Defections NNS , , burnouts NNS , , and CC abduction NN `` `` deprogrammings NNS '' '' kept VBN member NN turnover NN high RB . . That IN the DT membership NN number NN has VBZ even RB kept VBN close RB to TO its PRP$ 1976 CD size NN is VBZ the DT result NN of IN the DT `` `` graying NN '' '' of IN the DT church NN . . Many JJ of IN the DT enthusiastic JJ young JJ `` `` Moonies NNPS '' '' of IN the DT Nixon NNP era NN who WP remained VBD faithful NN to TO Father NNP Moon NNP are VBP now RB parents NNS , , producing VBG new JJ members NNS by IN procreation NN rather RB than IN conversion NN . . The DT reputed JJ wealth NN of IN the DT Unification NNP Church NNP is VBZ another DT matter NN of IN contention NN . . For IN a DT while NN in IN the DT 1970s NNS it PRP seemed VBD Mr. NNP Moon NNP was VBD on IN a DT spending JJ spree NN , , with IN such JJ purchases NNS as IN the DT former JJ New NNP Yorker NNP Hotel NNP and CC its PRP$ adjacent JJ Manhattan NNP Center NNP ; : a DT fishing\/processing JJ conglomerate NN with IN branches NNS in IN Alaska NNP , , Massachusetts NNP , , Virginia NNP and CC Louisiana NNP ; : a DT former JJ Christian NNP Brothers NNPS monastery NN and CC the DT Seagram NNP family NN mansion NN ( ( both DT picturesquely RB situated VBN on IN the DT Hudson NNP River NNP ) ) ; : shares NNS in IN banks NNS from IN Washington NNP to TO Uruguay NNP ; : a DT motion NN picture NN production NN company NN , , and CC newspapers NNS , , such JJ as IN the DT Washington NNP Times NNP , , the DT New NNP York NNP City NNP Tribune NNP ( ( originally RB the DT News NNP World NNP ) ) , , and CC the DT successful JJ Spanish-language JJ Noticias NNP del FW Mundo NNP . . Yet RB these DT purchases NNS can MD be VB misleading JJ . . Most JJS were VBD obtained VBN with IN huge JJ inputs NNS of IN church NN money NN from IN South NNP Korea NNP and CC Japan NNP , , minimum NN cash NN downpayments NNS and CC sizable JJ mortgages NNS . . Those DT teams NNS of IN young JJ fund-raisers NNS selling VBG flowers NNS , , peanuts NNS or CC begging VBG outright RB at IN traffic NN intersections NNS brought VBN in RP somewhere RB near IN $ $ 20 CD million CD a DT year NN during IN the DT mid-to-late JJ 1970s NNS , , but CC those DT revenues NNS were VBD a DT pittance NN compared VBN to TO the DT costs NNS of IN Mr. NNP Moon NNP 's POS lavish JJ international JJ conferences NNS , , speaking NN tours NNS , , and CC assorted JJ land NN buys NNS . . Only JJ his PRP$ factories NNS in IN Japan NNP and CC Korea NNP , , employing VBG his PRP$ followers NNS at IN subsistence NN wages NNS and CC producing VBG everything NN from IN rifles NNS to TO ginseng NN to TO expensive JJ marble NN vases NNS , , kept VBD the DT money NN flowing VBG westward RB . . Virginia NNP Commonwealth NNP University NNP sociologist NN David NNP Bromley NNP , , who WP more RBR than IN any DT other JJ researcher NN has VBZ delved VBN into IN the DT complex JJ world NN of IN Unificationist JJ finances NNS , , has VBZ concluded VBN that IN profitable JJ operations NNS in IN the DT U.S. NNP have VBP been VBN the DT exceptions NNS rather RB than IN the DT rule NN . . Likewise RB , , journalists NNS John NNP Burgess NNP and CC Michael NNP Isikoff NNP of IN the DT Washington NNP Post NNP have VBP estimated VBN that IN at IN least JJS $ $ 800 CD million CD was VBD transferred VBN from IN Japan NNP to TO the DT U.S. NNP to TO deal VB with IN the DT church NN 's POS annual JJ operating NN losses NNS in IN this DT country NN . . Mr. NNP Moon NNP 's POS two CD English-language JJ U.S. NNP newspapers NNS illustrate VBP the DT scope NN of IN this DT financial JJ drain NN . . Start-up JJ costs NNS for IN the DT Washington NNP Times NNPS alone RB were VBD close JJ to TO $ $ 50 CD million CD , , and CC the DT total JJ amount NN lost VBN in IN this DT journalistic JJ black JJ hole NN was VBD estimated VBN at IN $ $ 150 CD million CD by IN 1984 CD . . Since IN then RB , , Moon NNP 's POS organization NN has VBZ inaugurated VBN a DT pair NN of IN high-quality JJ glossy JJ opinion NN magazines NNS , , The DT World NNP and CC I NNP and CC Insight NNP , , which WDT are VBP a DT further JJ drain NN . . Insiders NNS say VBP that IN not RB even RB their PRP$ editors NNS know VBP for IN sure JJ how WRB much JJ these DT show-piece JJ publications NNS , , along IN with IN the DT newspapers NNS , , have VBP cost VBN Mr. NNP Moon NNP . . Many JJ American JJ church-owned JJ businesses NNS , , such JJ as IN a DT $ $ 30 CD million CD factory NN to TO build VB fishing NN vessels NNS , , are VBP defunct JJ . . Some DT components NNS of IN the DT American JJ church NN had VBD their PRP$ budgets NNS cut VBN in IN half NN last JJ year NN and CC again RB this DT year NN . . The DT relatively RB small JJ academic JJ conferences NNS that WDT have VBP attracted VBN conservative JJ guests NNS -- : and CC press NN scrutiny NN -- : in IN recent JJ years NNS are VBP much RB more RBR narrowly RB targeted JJ and CC austere JJ than IN the DT thousand-person JJ get-togethers NNS in IN fancy JJ digs NNS and CC exotic JJ locales NNS of IN years NNS past JJ . . I PRP attended VBD several JJ of IN these DT in IN the DT dual JJ role NN as IN a DT presenter NN of IN research NN findings NNS as RB well RB as IN an DT investigator NN of IN my PRP$ hosts NNS . . ( ( Mr. NNP Moon NNP 's POS Paragon NNP House NNP eventually RB even RB published VBD three CD of IN my PRP$ co-edited JJ books NNS on IN religion NN and CC politics NNS . . ) ) According VBG to TO veteran NN watchers NNS of IN Unificationist JJ affairs NNS , , such JJ as IN Dr. NNP J. NNP Gordon NNP Melton NNP , , director NN of IN the DT Institute NNP for IN the DT Study NNP of IN American NNP Religion NNP , , almost RB all DT operations NNS are VBP being VBG drastically RB reduced VBN as IN Mr. NNP Moon NNP now RB concentrates VBZ more RBR on IN developing VBG his PRP$ empire NN in IN the DT Far NNP East NNP . . `` `` Everything NN , , '' '' one CD non-`` `` Moonie NN '' '' senior JJ consultant NN to TO the DT Unification NNP Church NNP recently RB told VBD me PRP in IN an DT interview NN , , `` `` is VBZ going VBG back RB to TO Korea NNP and CC Japan NNP . . '' '' ( ( Europe NNP had VBD proved VBN even RB less RBR hospitable JJ than IN North NNP America NNP . . European JJ politicians NNS were VBD less RBR reluctant JJ to TO have VB their PRP$ governments NNS investigate VB and CC harass VB new JJ religions NNS . . ) ) So RB Mr. NNP Moon NNP is VBZ in IN retreat NN , , refocusing VBG on IN the DT Far NNP East NNP . . South NNP Korea NNP and CC Japan NNP continue VBP to TO be VB profitable JJ . . Moon NNP 's POS Tong'Il NNP industry NN conglomerate NN is VBZ now RB investing VBG heavily RB in IN China NNP , , where WRB church NN accountants NNS have VBP high JJ hopes NNS of IN expanding VBG and CC attracting VBG converts NNS even RB in IN the DT wake NN of IN the DT bloody JJ massacre NN in IN Tiananmen NNP Square NNP . . Panda NNP Motors NNPS is VBZ one CD such JJ investment NN . . According VBG to TO senior JJ consultants NNS to TO the DT church NN , , Mr. NNP Moon NNP has VBZ successfully RB negotiated VBN a DT joint JJ venture NN with IN the DT Chinese JJ government NN to TO build VB an DT automobile-parts JJ plant NN in IN Guangdong NNP Province NNP , , an DT area NN of IN China NNP with IN a DT substantial JJ Korean JJ minority NN . . Mr. NNP Moon NNP has VBZ agreed VBN to TO put VB up RP $ $ 10 CD million CD a DT year NN for IN 25 CD years NNS and CC keep VB the DT profits NNS in IN China NNP . . In IN return NN , , he PRP has VBZ the DT government NN 's POS blessing NN to TO build VB churches NNS and CC spread VBD Unificationism NNP in IN that DT country NN . . Whatever WDT respectability NN and CC ties NNS to TO intellectuals NNS and CC opinion-makers NNS the DT publications NNS and CC conferences NNS bring VBP really RB are VBP salvage NN -- : not RB the DT Rev. NNP Moon NNP 's POS original JJ final JJ goals NNS , , but CC the DT ones NNS for IN which WDT he PRP will MD have VB to TO settle VB . . Mr. NNP Shupe NNP is VBZ co-author NN ( ( with IN David NNP G. NNP Bromley NNP ) ) of IN `` `` ` `` Moonies NNS ' '' in IN America NNP : : Cult NN , , Church NN , , and CC Crusade NN '' '' and CC `` `` Strange JJ Gods NNS : : The DT Great JJ American JJ Cult NNP Scare NNP . . The DT Manville NNP Personal NNP Injury NNP Settlement NNP Trust NNP said VBD it PRP is VBZ considering VBG several JJ ways NNS to TO ease VB a DT liquidity NN crunch NN that WDT could MD include VB the DT sale NN of IN Manville NNP Corp. NNP to TO a DT third JJ party NN . . In IN a DT filing NN with IN the DT Securities NNPS and CC Exchange NNP Commission NNP , , the DT majority NN holder NN of IN Manville NNP acknowledged VBD that IN the DT cash NN portion NN of IN its PRP$ initial JJ funding NN of IN $ $ 765 CD million CD will MD be VB depleted VBN next JJ year NN , , and CC that IN alternative JJ sources NNS of IN funds NNS will MD be VB necessary JJ to TO meet VB its PRP$ obligations NNS . . The DT trust NN , , which WDT was VBD created VBN as IN part NN of IN Manville NNP 's POS bankruptcy-law NN reorganization NN to TO compensate VB victims NNS of IN asbestos-related JJ diseases NNS , , ultimately RB expects VBZ to TO receive VB $ $ 2.5 CD billion CD from IN Manville NNP , , but CC its PRP$ cash NN flow NN from IN investments NNS has VBZ so RB far RB lagged VBN behind IN its PRP$ payments NNS to TO victims NNS . . Spokespersons NNS for IN both DT the DT trust NN and CC the DT company NN refused VBD to TO comment VB on IN whether IN any DT talks NNS with IN a DT possible JJ acquirer NN of IN Manville NNP had VBD actually RB taken VBN place NN . . The DT trust NN is VBZ considering VBG a DT sale NN of IN its PRP$ Manville NNP holdings NNS , , but CC Manville NNP has VBZ the DT right NN of IN first JJ refusal NN on IN any DT sales NNS of IN its PRP$ stock NN held VBN by IN the DT trust NN . . Manville NNP , , a DT forest NN and CC building NN products NNS concern NN , , has VBZ offered VBN to TO pay VB the DT trust NN $ $ 500 CD million CD for IN a DT majority NN of IN Manville NNP 's POS convertible JJ preferred JJ stock NN . . Manville NNP and CC the DT trust NN are VBP discussing VBG the DT offer NN , , but CC no DT decision NN has VBZ been VBN made VBN . . The DT filing NN also RB said VBD the DT trust NN is VBZ considering VBG a DT sale NN of IN Manville NNP securities NNS in IN the DT open JJ market NN ; : an DT extraordinary JJ dividend NN on IN the DT common JJ stock NN ; : or CC a DT recapitalization NN of IN Manville NNP . . The DT Soviet NNP Union NNP 's POS jobless JJ rate NN is VBZ soaring VBG to TO 27 CD % NN in IN some DT areas NNS , , Pravda NNP said VBD . . It PRP said VBD the DT situation NN is VBZ caused VBN by IN efforts NNS to TO streamline VB bloated JJ factory NN payrolls NNS . . Unemployment NN has VBZ reached VBN 27.6 CD % NN in IN Azerbaijan NNP , , 25.7 CD % NN in IN Tadzhikistan NNP , , 22.8 CD % NN in IN Uzbekistan NNP , , 18.8 CD % NN in IN Turkmenia NNP , , 18 CD % NN in IN Armenia NNP and CC 16.3 CD % NN in IN Kirgizia NNP , , the DT Communist NNP Party NNP newspaper NN said VBD . . All DT are VBP non-Russian JJ republics NNS along IN the DT southern JJ border NN of IN the DT Soviet NNP Union NNP , , and CC all DT but CC Kirgizia NNP have VBP reported VBN rioting NN in IN the DT past JJ six CD months NNS . . The DT newspaper NN said VBD it PRP is VBZ past JJ time NN for IN the DT Soviet NNP Union NNP to TO create VB unemployment NN insurance NN and CC retraining VBG programs NNS like IN those DT of IN the DT West NNP . . Pravda NNP gave VBD no DT estimate NN for IN overall JJ unemployment NN but CC said VBD an DT `` `` Association NNP of IN the DT Unemployed NNP '' '' has VBZ cropped VBN up RP that DT says VBZ the DT number NN of IN jobless JJ is VBZ 23 CD million CD Soviets NNPS , , or CC 17 CD % NN of IN the DT work NN force NN . . An DT 11-week JJ dispute NN involving VBG Australia NNP 's POS 1,640 CD domestic JJ pilots NNS has VBZ slashed VBN airline NN earnings NNS and CC crippled VBN much JJ of IN the DT continent NN 's POS tourist NN industry NN . . `` `` The DT only JJ people NNS who WP are VBP flying VBG are VBP those DT who WP have VBP to TO , , '' '' said VBD Frank NNP Moore NNP , , chairman NN of IN the DT Australian NNP Tourist NNP Industry NNP Association NNP . . He PRP added VBD : : `` `` How WRB is VBZ a DT travel NN agent NN going VBG to TO sell VB a DT holiday NN when WRB he PRP can MD not RB guarantee VB a DT return NN flight NN ? . '' '' Transport VB giant NN TNT NNP , , which WDT owns VBZ half NN of IN one CD of IN the DT country NN 's POS two CD major JJ domestic JJ carriers NNS , , said VBD the DT cost NN of IN the DT dispute NN had VBD been VBN heavy JJ , , cutting VBG TNT NNP 's POS profits NNS 70 CD % NN to TO $ $ 12 CD million CD in IN the DT three CD months NNS to TO Sept. NNP 30 CD . . Brazilian JJ financier NN Naji NNP Nahas NNP , , who WP was VBD arrested VBN on IN Monday NNP after IN 102 CD days NNS in IN hiding NN , , is VBZ likely JJ to TO be VB interrogated VBN next JJ week NN by IN the DT Brazilian JJ judiciary NN . . Mr. NNP Nahas NNP , , who WP single-handedly RB provoked VBD a DT one-day JJ closure NN of IN Brazil NNP 's POS stock NN markets NNS in IN June NNP when WRB he PRP failed VBD to TO honor VB a DT debt NN of IN $ $ 31.1 CD million CD owed VBN to TO his PRP$ brokers NNS , , yesterday NN blamed VBD his PRP$ predicament NN on IN the DT president NN of IN the DT Sao NNP Paulo NNP stock NN exchange NN ; : a DT few JJ days NNS before IN Mr. NNP Nahas NNP 's POS failure NN , , the DT exchange NN raised VBD the DT required JJ margin NN on IN stock-margin JJ transactions NNS . . China NNP 's POS parliament NN ousted VBD two CD Hong NNP Kong NNP residents NNS from IN a DT panel NN drafting VBG a DT new JJ constitution NN for IN the DT colony NN . . The DT two CD , , Szeto NNP Wah NNP and CC Martin NNP Lee NNP , , were VBD deemed VBN unfit JJ because IN they PRP had VBD condemned VBN China NNP 's POS crackdown NN on IN its PRP$ pro-democracy JJ movement NN . . The DT committee NN is VBZ formulating VBG Hong NNP Kong NNP 's POS constitution NN for IN when WRB it PRP reverts VBZ to TO Chinese JJ control NN in IN 1997 CD , , and CC Chinese JJ lawmakers NNS said VBD the DT two CD can MD only RB return VB if IN they PRP `` `` abandon VBP their PRP$ antagonistic JJ stand NN against IN the DT Chinese JJ government NN and CC their PRP$ attempt NN to TO nullify VB the DT Sino-British JJ joint NN declaration NN on IN Hong NNP Kong NNP . . '' '' NUCLEAR NN REACTOR NN FOR IN ISRAEL NNP ? . Israeli JJ officials NNS confirmed VBD that IN Energy NNP Minister NNP Moshe NNP Shahal NNP and CC his PRP$ Canadian JJ counterpart NN , , Jake NNP Epp NNP , , discussed VBD a DT possible JJ Israeli JJ purchase NN of IN a DT $ $ 1.1 CD billion CD Canadian JJ nuclear JJ reactor NN for IN producing VBG electricity NN . . However RB , , a DT Canadian NNP Embassy NNP official NN in IN Tel NNP Aviv NNP said VBD that IN Canada NNP was VBD unlikely JJ to TO sell VB the DT Candu NNP heavy-water NN reactor NN to TO Israel NNP since IN Israel NNP has VBZ n't RB signed VBN the DT Nuclear NNP Non-Proliferation NNP Treaty NNP . . Israel NNP has VBZ been VBN accused VBN in IN the DT past NN of IN using VBG subterfuge NN to TO seek VB elements NNS needed VBN to TO develop VB nuclear JJ weapons NNS . . The DT South JJ Korean JJ government NN is VBZ signing VBG a DT protocol NN today NN establishing VBG formal JJ diplomatic JJ relations NNS with IN Poland NNP . . The DT two CD are VBP also RB signing VBG a DT trade NN agreement NN . . South JJ Korean JJ government NN officials NNS said VBD they PRP do VBP n't RB expect VB that IN Seoul NNP can MD loan VB money NN to TO Warsaw NNP , , but CC it PRP can MD `` `` offer VB experience NN . . '' '' Poland NNP is VBZ the DT second JJ Communist JJ nation NN to TO recognize VB the DT Seoul NNP government NN ; : South NNP Korea NNP established VBD diplomatic JJ relations NNS with IN Hungary NNP in IN February NNP 1989 CD . . Venezuela NNP will MD hold VB a DT debt-equity JJ auction NN Friday NNP , , with IN 32 CD potential JJ bidders NNS participating VBG . . Earlier RBR this DT year NN , , Venezuela NNP announced VBD it PRP was VBD opening VBG up RP debt-equity NN swaps NNS to TO foreign JJ investors NNS but CC said VBD the DT program NN would MD be VB limited JJ to TO a DT net JJ disbursement NN of IN $ $ 600 CD million CD a DT year NN . . Friday NNP 's POS auction NN will MD be VB limited JJ to TO $ $ 150 CD million CD disbursed VBN by IN the DT Central NNP Bank NNP to TO potential JJ investors NNS . . The DT office NN of IN foreign JJ investment NN has VBZ authorized VBN some DT $ $ 1.78 CD billion CD worth NN of IN investment NN proposals NNS , , said VBD Edwin NNP Perozo NNP , , superintendent NN of IN foreign JJ investment NN . . Most JJS of IN the DT proposals NNS are VBP in IN tourism NN , , basic JJ industry NN and CC fishery NN and CC agro-industry JJ projects NNS , , he PRP said VBD . . Under IN the DT debt-equity JJ program NN , , potential JJ investors NNS will MD submit VB sealed JJ bids NNS on IN the DT percentage NN of IN discount NN they PRP are VBP willing JJ to TO purchase VB the DT debt NN at IN , , and CC the DT bids NNS will MD be VB allocated VBN based VBN on IN these DT discount NN offers NNS . . The DT Venezuelan JJ central JJ bank NN set VBD a DT 30 CD % NN floor NN on IN the DT bidding NN . . A DT song NN by IN American JJ singer NN Tracy NNP Chapman NNP praising VBG jailed JJ black JJ leader NN Nelson NNP Mandela NNP was VBD banned VBN from IN South JJ African JJ state NN radio NN and CC television NN . . The DT South NNP African NNP Broadcasting NNP Corp. NNP said VBD the DT song NN `` `` Freedom NN Now RB '' '' was VBD `` `` undesirable JJ for IN broadcasting NN . . '' '' ... : Britain NNP 's POS House NNP of IN Commons NNPS passed VBD a DT law NN that WDT will MD force VB English JJ soccer NN fans NNS to TO carry VB identity NN cards NNS to TO enter VB stadiums NNS . . The DT `` `` anti-hooligan JJ '' '' law NN , , which WDT would MD deprive VB troublemakers NNS of IN cards NNS , , must MD be VB ratified VBN by IN the DT House NNP of IN Lords NNPS and CC is VBZ expected VBN to TO become VB effective JJ early JJ next JJ year NN . . A DT federal JJ judge NN ruled VBD that IN Imelda NNP Marcos NNP was VBD n't RB brought VBN to TO the DT U.S. NNP against IN her PRP$ will NN and CC that IN marital JJ privileges NNS , , which WDT protect VBP spouses NNS from IN incriminating VBG each DT other JJ , , do VBP n't RB apply VB in IN her PRP$ case NN . . As IN a DT result NN , , Judge NNP John NNP F. NNP Keenan NNP of IN New NNP York NNP ordered VBD Mrs. NNP Marcos NNP to TO turn VB over RP to TO the DT court NN all DT pleadings NNS and CC documents NNS she PRP may MD have VB filed VBN in IN foreign JJ countries NNS in IN opposition NN to TO U.S. NNP requests NNS for IN evidence NN . . Mrs. NNP Marcos NNP had VBD claimed VBN that IN she PRP did VBD n't RB have VB to TO turn VB over RP the DT documents NNS because IN she PRP was VBD brought VBN here RB involuntarily RB and CC because RB providing VBG the DT materials NNS would MD violate VB her PRP$ marital JJ privilege NN . . In IN 1988 CD , , a DT year NN and CC a DT half NN after IN Mrs. NNP Marcos NNP and CC her PRP$ late JJ husband NN , , Ferdinand NNP Marcos NNP , , the DT ousted JJ president NN of IN the DT Philippines NNPS , , fled VBD the DT Philippines NNPS for IN Hawaii NNP , , they PRP were VBD charged VBN with IN racketeering NN , , conspiracy NN , , obstruction NN of IN justice NN and CC mail NN fraud NN in IN a DT scheme NN in IN which WDT they PRP allegedly RB embezzled VBD more JJR than IN $ $ 100 CD million CD from IN their PRP$ homeland NN . . Much JJ of IN the DT money NN was VBD fraudulently RB concealed VBN through IN purchases NNS of IN prime JJ Manhattan NNP real JJ estate NN , , federal JJ prosecutors NNS have VBP charged VBN . . Mrs. NNP Marcos NNP 's POS trial NN is VBZ expected VBN to TO begin VB in IN March NNP . . U.S. NNP law NN requires VBZ criminal JJ defendants NNS to TO turn VB over RP foreign JJ documents NNS such JJ as IN those DT sought VBN in IN the DT Marcos NNP case NN . . The DT law NN is VBZ meant VBN to TO overcome VB delays NNS caused VBN by IN defendants NNS ' POS use NN of IN foreign JJ procedures NNS to TO block VB U.S. NNP requests NNS for IN records NNS , , Judge NNP Keenan NNP said VBD in IN his PRP$ opinion NN . . For IN instance NN , , the DT documents NNS could MD involve VB foreign JJ business NN dealings NNS or CC bank NN accounts NNS . . The DT U.S. NNP has VBZ charged VBN that IN the DT Marcoses NNPS ' POS alleged VBN crimes NNS involved VBD bank NN accounts NNS in IN the DT Philippines NNPS , , Hong NNP Kong NNP , , the DT U.S. NNP and CC other JJ countries NNS . . On IN the DT allegation NN of IN kidnapping NN , , Judge NNP Keenan NNP wrote VBD , , `` `` The DT suggestion NN that IN Mrs. NNP Marcos NNP was VBD brought VBN to TO this DT country NN against IN her PRP$ will NN is VBZ unsupported JJ by IN affidavit NN or CC affirmation NN . . '' '' The DT judge NN also RB said VBD the DT two CD marital JJ testimonial JJ privileges NNS cited VBN by IN Mrs. NNP Marcos NNP do VBP n't RB apply VB . . The DT first JJ one NN permits VBZ a DT witness NN to TO refuse VB to TO testify VB against IN her PRP$ spouse NN . . But CC Judge NNP Keenan NNP said VBD that DT privilege NN 's POS purpose NN is VBZ `` `` fostering VBG harmony NN in IN marriage NN . . '' '' Because IN Mr. NNP Marcos NNP died VBD Sept. NNP 28 CD , , the DT privilege NN can MD no RB longer RB apply VB , , the DT judge NN said VBD . . The DT second JJ marital JJ privilege NN cited VBN by IN Mrs. NNP Marcos NNP protects VBZ confidential JJ communications NNS between IN spouses NNS . . But CC Judge NNP Keenan NNP said VBD that DT privilege NN is VBZ meant VBN to TO protect VB private JJ utterances NNS -- : not RB litigation NN papers NNS filed VBN with IN foreign JJ governments NNS , , as IN Mrs. NNP Marcos NNP 's POS attorneys NNS maintained VBD . . Though IN Judge NNP Keenan NNP threw VBD out RP most JJS of IN Mrs. NNP Marcos NNP 's POS objections NNS , , he PRP agreed VBD with IN one CD of IN her PRP$ concerns NNS : : that IN turning VBG over RP the DT foreign JJ documents NNS could MD violate VB the DT defendant NN 's POS constitutional JJ right NN against IN self-incrimination NN . . As IN a DT result NN , , he PRP said VBD he PRP will MD examine VB the DT Marcos NNP documents NNS sought VBN by IN the DT prosecutors NNS to TO determine VB whether IN turning VBG over RP the DT filings NNS is VBZ self-incrimination NN . . Judge NNP Keenan NNP also RB directed VBD the DT prosecutors NNS to TO show VB that IN Mrs. NNP Marcos NNP 's POS Fifth NNP Amendment NNP right NN against IN self-incrimination NN wo MD n't RB be VB violated VBN . . Mrs. NNP Marcos NNP 's POS attorney NN in IN New NNP York NNP , , Sandor NNP Frankel NNP , , declined VBD to TO comment VB on IN the DT ruling NN . . Mrs. NNP Marcos NNP has VBZ n't RB admitted VBN that IN she PRP filed VBD any DT documents NNS such JJ as IN those DT sought VBN by IN the DT government NN . . Charles NNP LaBella NNP , , the DT assistant NN U.S. NNP attorney NN prosecuting VBG the DT Marcos NNP case NN , , did VBD n't RB return VB phone NN calls NNS seeking VBG comment NN . . U.S. NNP . . AND CC BRITISH JJ LAW NN FIRMS NNS announce VBP rare JJ joint JJ venture NN in IN Tokyo NNP . . Sidley NNP & CC Austin NNP , , a DT leading VBG Chicago-based JJ law NN firm NN , , and CC Ashurst NNP Morris NNP Crisp NNP , , a DT midsized JJ London NNP firm NN of IN solicitors NNS , , are VBP scheduled VBN today NN to TO announce VB plans NNS to TO open VB a DT joint JJ office NN in IN Tokyo NNP . . The DT firms NNS will MD be VB registered VBN under IN Japanese JJ law NN as IN foreign JJ legal JJ consultants NNS and CC their PRP$ practice NN with IN Japanese JJ clients NNS will MD be VB limited VBN to TO advising VBG them PRP on IN matters NNS of IN foreign JJ law NN . . The DT office NN may MD also RB be VB able JJ to TO advise VB foreign JJ and CC multinational JJ clients NNS on IN international JJ law NN and CC general JJ matters NNS . . The DT office NN will MD provide VB `` `` one-stop JJ shopping NN '' '' for IN Japanese JJ financial JJ institutions NNS and CC other JJ clients NNS seeking VBG advice NN on IN access NN to TO the DT world NN capital NN markets NNS , , according VBG to TO A. NN Bruce NNP Schimberg NNP , , Sidley NNP 's POS senior JJ banking NN specialist NN , , who WP will MD move VB to TO Tokyo NNP from IN Chicago NNP to TO open VB the DT office NN next JJ year NN . . The DT Sidley-Ashurst NNP venture NN will MD also RB be VB staffed VBN by IN another DT Sidley NNP partner NN specializing VBG in IN corporate JJ law NN , , a DT partner NN from IN Ashurst NNP concentrating VBG on IN acquisitions NNS and CC a DT Japanese JJ attorney NN . . The DT office NN will MD tap VB the DT resources NNS of IN Sidley NNP 's POS 700 CD lawyers NNS in IN the DT U.S. NNP , , London NNP and CC Singapore NNP as RB well RB as IN the DT 400 CD Ashurst NNP staff NN members NNS in IN London NNP and CC Brussels NNP . . Ashurst NNP is VBZ new JJ to TO the DT Far NNP East NNP . . Sidley NNP will MD maintain VB its PRP$ association NN with IN the DT Hashidate NNP Law NNP Office NNP in IN Tokyo NNP . . THE DT UNITED NNP AUTO NNP WORKERS NNPS said VBD it PRP will MD seek VB a DT rehearing NN of IN a DT U.S. NNP appellate JJ court NN ruling NN against IN the DT union NN 's POS claim NN that IN the DT state NN of IN Michigan NNP engages VBZ in IN wage-discrimination NN against IN female JJ employees NNS . . A DT three-judge JJ panel NN of IN the DT court NN in IN Cincinnati NNP made VBD the DT ruling NN Saturday NNP . . The DT UAW NNP is VBZ seeking VBG a DT hearing NN by IN the DT full JJ 14-judge JJ panel NN . . The DT union NN sued VBD the DT state NN in IN November NNP 1985 CD , , alleging VBG that IN it PRP intentionally RB segregated VBD job NN classifications NNS by IN sex NN and CC paid VBD employees NNS in IN predominantly RB female JJ jobs NNS less JJR than IN males NNS in IN comparable JJ jobs NNS . . The DT UAW NNP also RB charged VBD that IN the DT state NN applied VBD its PRP$ own JJ standards NNS for IN determining VBG pay NN in IN a DT discriminatory JJ manner NN . . In IN November NNP 1987 CD , , a DT district NN court NN judge NN in IN Detroit NNP ruled VBD against IN the DT UAW NNP . . The DT union NN is VBZ the DT bargaining NN representative NN for IN more JJR than IN 20,000 CD Michigan NNP state NN employees NNS . . NEW NNP JERSEY NNP MERGER NN : : One CD of IN the DT largest JJS law NN firms NNS in IN central JJ New NNP Jersey NNP has VBZ been VBN created VBN through IN the DT merger NN of IN Norris NNP , , McLaughlin NNP & CC Marcus NNP , , a DT 41-lawyer JJ firm NN , , and CC Manger NNP , , Kalison NNP , , McBride NNP & CC Webb NNP , , a DT health-care NN specialty NN law NN firm NN with IN 14 CD lawyers NNS . . Norris NNP McLaughlin NNP is VBZ a DT general-practice JJ firm NN that WDT has VBZ expanded VBN recently RB into IN such JJ specialties NNS as IN banking NN , , labor NN and CC environmental JJ work NN . . The DT merged VBN firm NN will MD carry VB Norris NNP McLaughlin NNP 's POS name NN . . DRUG NN WARS NNS : : A DT Texas NNP legislator NN proposes VBZ color-coding VBG drivers NNS ' POS licenses NNS of IN some DT drug NN offenders NNS . . The DT bill NN would MD authorize VB courts NNS to TO order VB the DT licenses NNS as IN a DT condition NN of IN probation NN . . State NNP Senator NNP J.E. NNP `` `` Buster NNP '' '' Brown NNP , , a DT Republican NNP who WP is VBZ running VBG for IN Texas NNP attorney NN general NN , , introduced VBD the DT bill NN . . He PRP said VBD an DT altered JJ license NN would MD be VB an DT `` `` embarrassment NN '' '' to TO teenagers NNS and CC young JJ adults NNS and CC would MD act VB as IN a DT deterrant JJ to TO drug NN use NN . . Richard NNP Avena NNP , , executive NN director NN of IN the DT Texas NNP Civil NNP Liberties NNPS Union NNP , , called VBD the DT proposal NN `` `` political JJ gimmickry NN , , '' '' and CC said VBD it PRP fails VBZ to TO recognize VB the DT drug NN problem NN as IN a DT health NN issue NN . . The DT amendment NN , , offered VBN by IN Rep. NNP Douglas NNP Bosco NNP ( ( D. NNP , , Calif. NNP ) ) , , was VBD approved VBN 283-132 JJ during IN debate NN on IN a DT bill NN designed VBN to TO strengthen VB the DT Transportation NNP Department NNP 's POS authority NN in IN dealing VBG with IN leveraged JJ buy-outs NNS of IN airlines NNS . . The DT bill NN would MD require VB the DT agency NN to TO block VB the DT acquisition NN of IN 15 CD % NN or CC more JJR of IN an DT airline NN 's POS stock NN if IN the DT purchase NN threatened VBD safety NN , , reduced VBD the DT carrier NN 's POS ability NN to TO compete VB , , or CC put VBD the DT airline NN under IN foreign JJ control NN . . Debate NN on IN the DT legislation NN , , which WDT faces VBZ a DT veto NN threat NN from IN President NNP Bush NNP , , is VBZ to TO continue VB today NN . . The DT amendment NN would MD require VB the DT department NN to TO block VB the DT purchase NN of IN a DT major JJ airline NN by IN anyone NN who WP has VBZ run VBN two CD or CC more JJR carriers NNS that WDT have VBP filed VBN for IN protection NN from IN creditors NNS under IN Chapter NN 11 CD of IN the DT Bankruptcy NNP Code NNP . . In IN 1983 CD , , Texas NNP Air NNP 's POS Continental NNP Airlines NNPS filed VBD for IN bankruptcy NN . . Earlier RBR this DT year NN , , Texas NNP Air NNP 's POS Eastern NNP Airlines NNPS filed VBD for IN bankruptcy NN . . `` `` This DT ought MD to TO be VB subtitled VBN the DT ` `` Do VBP n't RB let VB Frank NNP Lorenzo NNP take VB over RP another DT airline NN ' '' amendment NN , , '' '' said VBD Rep. NNP James NNP Oberstar NNP ( ( D. NNP , , Minn. NNP ) ) , , chairman NN of IN the DT House NNP aviation NN subcommittee NN , , who WP argued VBD that IN the DT provision NN was VBD unnecessary JJ because IN the DT bill NN already RB would MD give VB the DT department NN ample JJ power NN to TO block VB undesirable JJ deals NNS . . For IN years NNS , , a DT strict JJ regimen NN governed VBD the DT staff NN meetings NNS at IN Nissan NNP Motor NNP Co. NNP 's POS technical JJ center NN in IN Tokyo NNP 's POS western JJ suburbs NNS . . Employees NNS wore VBD identification NN badges NNS listing VBG not RB only RB their PRP$ names NNS but CC also RB their PRP$ dates NNS of IN hire NN . . No DT one NN could MD voice VB an DT opinion NN until IN everybody NN with IN more JJR seniority NN had VBD spoken VBN first RB , , so RB younger JJR employees NNS -- : often RB the DT most RBS enthusiastic JJ and CC innovative JJ -- : seldom RB spoke VBD up RP at IN all DT . . But CC in IN 1986 CD , , the DT badges NNS and CC the DT `` `` do VBP n't RB speak VB out IN of IN turn NN '' '' rule NN were VBD abolished VBN -- : early JJ steps NNS in IN a DT cultural JJ revolution NN still RB rolling VBG on RB with IN all PDT the DT subtlety NN of IN a DT freight NN train NN . . In IN recent JJ years NNS , , Nissan NNP has VBZ instituted VBN flex-time JJ work NN schedules NNS and CC allowed VBN employees NNS to TO dress VB casually RB , , even RB in IN blue JJ jeans NNS . . A DT rule NN forbidding VBG staffers NNS to TO own JJ competitors NNS ' POS cars NNS has VBZ been VBN lifted VBN , , and CC now RB many JJ designers NNS drive VBP foreign JJ cars NNS to TO get VB useful JJ ideas NNS . . Nissan NNP 's POS decades-old JJ corporate JJ song NN filled VBN with IN references NNS to TO Mount NNP Fuji NNP has VBZ been VBN scrapped VBN in IN favor NN of IN a DT snappy JJ tune NN sung VBN by IN a DT popular JJ Japanese JJ vocalist NN . . And CC in IN a DT Japanese JJ corporate JJ first JJ , , Nissan NNP recently RB opened VBD the DT first JJ coed NN company NN dormitory NN for IN single JJ employees NNS at IN the DT suburban JJ Tokyo NNP technical JJ center NN . . `` `` We PRP had VBD lots NNS of IN internal JJ debate NN about IN this DT one NN , , '' '' concedes VBZ Tadahiko NNP Fukuyama NNP , , a DT senior JJ public-relations NNS official NN . . `` `` But CC in IN the DT end NN , , top JJ management NN decided VBD to TO follow VB the DT voice NN of IN the DT younger JJR generation NN . . '' '' This DT corporate JJ glasnost FW is VBZ a DT big JJ reason NN Nissan NNP , , after IN years NNS of IN making VBG lackluster JJ cars NNS and CC lousy JJ profits NNS , , has VBZ loosened VBN up RP its PRP$ rigid JJ ways NNS and CC now RB is VBZ riding VBG a DT string NN of IN hits NNS , , ranging VBG from IN the DT sleek JJ Maxima NNP sedan NN and CC Porsche-like JJ 300ZX NNP to TO the DT whimsically RB nostalgic JJ Pao NNP , , a DT minicar NN sold VBN only RB in IN Japan NNP . . The DT company NN 's POS turnaround NN is VBZ far RB from IN complete JJ ; : many JJ crucial JJ tests NNS are VBP just RB beginning VBG . . But CC its PRP$ surprising JJ progress NN so RB far RB holds VBZ important JJ lessons NNS for IN companies NNS in IN trouble NN . . The DT big JJ one NN : : A DT company NN 's POS culture NN ca MD n't RB be VB radically RB changed VBN unless IN top JJ management NN first RB admits VBZ that IN things NNS have VBP gone VBN badly RB awry RB and CC then RB publicly RB leads VBZ the DT charge NN . . Atsushi NNP Muramatsu NNP , , Nissan NNP 's POS executive NN vice NN president NN for IN finance NN , , helped VBD set VB the DT tone NN in IN December NNP 1986 CD , , when WRB the DT company NN was VBD heading VBG toward IN the DT first JJ operating NN loss NN by IN a DT Japanese JJ auto NN maker NN since IN the DT nation NN 's POS postwar JJ recovery NN . . `` `` This DT is VBZ a DT time NN of IN self-criticism NN to TO discover VB what WP is VBZ wrong JJ with IN us PRP , , '' '' he PRP said VBD . . Yutaka NNP Kume NNP , , who WP took VBD the DT helm NN as IN Nissan NNP 's POS president NN in IN June NNP 1985 CD , , added VBD simply RB , , `` `` I PRP am VBP deeply RB disappointed JJ . . '' '' No DT wonder NN . . Nissan NNP , , Japan NNP 's POS second-largest JJ auto NN maker NN and CC the DT world NN 's POS fourth-largest JJ , , was VBD getting VBG beat NN up RP not RB only RB by IN its PRP$ bigger JJR rival NN , , Toyota NNP Motor NNP Corp. NNP , , but CC also RB by IN Honda NNP Motor NNP Co. NNP , , the DT most RBS successful JJ Japanese JJ car NN company NN in IN the DT U.S. NNP but CC a DT relative JJ pipsqueak NN in IN Japan NNP . . Nissan NNP 's POS market NN share NN in IN Japan NNP had VBD been VBN dropping VBG year NN by IN year NN since IN the DT beginning NN of IN the DT decade NN . . Its PRP$ U.S. NNP sales NNS sagged VBD , , partly RB because IN of IN price NN increases NNS due JJ to TO the DT rising VBG yen NNS . . Worst RBS of IN all DT , , Nissan NNP was VBD preoccupied VBN with IN management NN infighting NN , , cronyism NN and CC corporate JJ rigidity NN . . Consider VB the DT experience NN of IN Satoko NNP Kitada NNP , , a DT 30-year-old JJ designer NN of IN vehicle NN interiors NNS who WP joined VBD Nissan NNP in IN 1982 CD . . At IN that DT time NN , , tasks NNS were VBD assigned VBN strictly RB on IN the DT basis NN of IN seniority NN . . `` `` The DT oldest JJS designer NN got VBD to TO work VB on IN the DT dashboard NN , , '' '' she PRP recalls VBZ . . `` `` The DT next JJ level NN down RB did VBD doors NNS . . If IN a DT new JJ person NN got VBD to TO work VB on IN part NN of IN the DT speedometer NN , , that WDT was VBD a DT big JJ deal NN . . '' '' This DT system NN produced VBD boring JJ , , boxy JJ cars NNS that IN consumers NNS just RB were VBD n't RB buying VBG . . Desperately RB hoping VBG to TO spark VB sales NNS , , Nissan NNP transferred VBD 5,000 CD middle JJ managers NNS and CC plant NN workers NNS to TO dealerships NNS . . Meanwhile RB , , President NNP Kume NNP ordered VBD everyone NN from IN top JJ executives NNS to TO rookie NN designers NNS to TO go VB `` `` town NN watching NN , , '' '' to TO visit VB chic JJ parts NNS of IN Tokyo NNP to TO try VB to TO gain VB insights NNS into IN developing VBG cars NNS for IN trend-setters NNS . . Some DT town-watching JJ excursions NNS were VBD downright RB comic JJ . . One CD group NN of IN middle-aged JJ manufacturing VBG men NNS from IN the DT company NN 's POS Zama NNP plant NN outside IN Tokyo NNP was VBD supposed VBN to TO check VB out RP a DT trendy JJ restaurant NN in IN the DT city NN . . But CC when WRB they PRP arrived VBD at IN the DT door NN , , all DT were VBD afraid JJ to TO go VB in RB , , fearing VBG that IN they PRP would MD be VB out IN of IN place NN . . Other JJ trips NNS were VBD more RBR productive JJ . . Mr. NNP Kume NNP himself PRP visited VBD Honda NNP 's POS headquarters NN in IN Tokyo NNP 's POS upscale JJ Aoyama NNP district NN . . He PRP liked VBD the DT well-lighted JJ lobby NN display NN of IN Honda NNP 's POS cars NNS and CC trucks NNS so RB much RB that IN he PRP had VBD Nissan NNP 's POS gloomy JJ lobby NN exhibit NN refurbished VBN . . Later RB , , Nissan NNP borrowed VBD other JJ Honda NNP practices NNS , , including VBG an DT engineering NN `` `` idea NN contest NN '' '' to TO promote VB inventiveness NN . . One CD engineer NN developed VBD a DT `` `` crab NN car NN '' '' that WDT moves VBZ sideways RB . . Such JJ sudden JJ cultural JJ shifts NNS may MD come VB across RP as IN a DT bit RB forced JJ , , but CC they PRP seem VBP to TO be VB genuine JJ -- : so RB much RB so IN , , in IN fact NN , , that IN some DT older JJR employees NNS have VBP resisted VBN . . Nissan NNP handled VBD the DT die-hards NNS in IN a DT typically RB Japanese JJ fashion NN : : They PRP were VBD n't RB fired VBN but CC instead RB `` `` were VBD neglected VBN , , '' '' says VBZ Kouji NNP Hori NNP , , the DT personnel JJ manager NN at IN the DT Nissan NNP Technical NNP Center NNP . . Despite IN the DT pain NN of IN adjusting NN , , the DT cultural JJ revolution NN has VBZ begun VBN to TO yield VB exciting JJ cars NNS . . A DT year NN ago RB , , the DT company NN completely RB revamped VBD its PRP$ near-luxury JJ sedan NN , , the DT $ $ 17,699 CD Maxima NNP , , which WDT competes VBZ against IN a DT broad JJ range NN of IN upscale NN sedans NNS ; : it PRP replaced VBD its PRP$ boxy JJ , , pug-nosed JJ body NN with IN sleek JJ , , aerodynamic JJ lines NNS . . Since IN then RB , , Nissan NN also RB has VBZ launched VBN new JJ versions NNS of IN the DT $ $ 13,249 CD 240SX NNP sporty JJ coupe NN and CC 300ZX NNP sports NNS car NN . . The DT restyled JJ 300ZX NNP costs VBZ as RB much JJ as IN $ $ 33,000 CD and CC is VBZ squared VBN off RP against IN the DT Porche NNP 944 CD , , which WDT begins VBZ at IN $ $ 41,900 CD . . Besides IN new JJ styling NN , , the DT new JJ Nissans NNPS have VBP more RBR powerful JJ engines NNS and CC more RBR sophisticated JJ suspension NN systems NNS . . All DT three CD new JJ models NNS are VBP outselling VBG their PRP$ predecessors NNS by IN wide JJ margins NNS . . In IN its PRP$ home NN market NN , , Nissan NNP has VBZ grabbed VBN attention NN with IN limited-production JJ minicars NNS featuring VBG styling VBG odd JJ enough RB to TO be VB cute JJ . . One CD is VBZ the DT Pao NNP , , a DT tiny JJ coupe NN with IN a DT peelback JJ canvas NN top NN and CC tilted JJ headlights NNS that WDT give VBP it PRP a DT droopy-eyed JJ look NN . . Nissan NNP initially RB planned VBD to TO sell VB just RB 10,000 CD Paos NNPS , , but CC sales NNS have VBP passed VBN 50,000 CD , , and CC there EX 's VBZ a DT one-year JJ waiting NN list NN for IN the DT car NN . . Then RB , , there EX 's VBZ the DT S-Cargo NNP , , an DT offbeat JJ delivery NN van NN with IN a DT snail-like JJ body NN that WDT inspired VBD its PRP$ name NN . . Nissan NNP helped VBD develop VB a DT Tokyo NNP restaurant NN with IN both DT vehicles NNS as IN its PRP$ design NN theme NN . . The DT chairs NNS are VBP S-Cargo NNP seats NNS , , and CC a DT gift NN shop NN sells VBZ such JJ items NNS as IN alarm NN clocks NNS styled VBN like IN the DT Pao NNP 's POS oversized JJ speedometer NN . . All PDT these DT vehicles NNS have VBP sharply RB improved VBN Nissan NNP 's POS morale NN and CC image NN -- : but CC have VBP n't RB done VBN much RB for IN its PRP$ market NN share NN . . Nissan NNP had VBD 29 CD % NN of IN the DT Japanese JJ car NN market NN in IN 1980 CD before IN beginning VBG a DT depressing JJ eight-year JJ slide NN that WDT continued VBD through IN last JJ year NN . . Strong JJ sales NNS so RB far RB this DT year NN are VBP certain JJ to TO turn VB the DT tide NN , , but CC even RB the DT 25 CD % NN market NN share NN that IN Nissan NNP expects VBZ in IN 1989 CD will MD leave VB it PRP far RB below IN its PRP$ position NN at IN the DT beginning NN of IN the DT decade NN . . Nissan NNP concedes VBZ that IN it PRP wo MD n't RB recoup VB all DT its PRP$ market-share NN losses NNS in IN Japan NNP until IN at IN least JJS 1995 CD , , and CC even RB that DT timetable NN might MD prove VB optimistic JJ . . `` `` Everyone NN else JJ is VBZ going VBG to TO catch VB up RP '' '' with IN Nissan NNP 's POS innovative JJ designs NNS , , says VBZ A. NN Rama NNP Krishna NNP , , auto NN analyst NN at IN First JJ Boston NNP ( ( Japan NNP ) ) Ltd NNP . . Nissan NNP 's POS pace NN of IN new-model JJ hits NNS will MD slow VB , , he PRP adds VBZ , , just RB as IN arch-rival JJ Toyota NNP unleashes VBZ its PRP$ own JJ batch NN of IN new JJ cars NNS . . Likewise RB , , in IN the DT U.S. NNP , , Nissan NNP has VBZ grabbed VBN 5.2 CD % NN of IN the DT car NN market NN so RB far RB this DT year NN , , up RB from IN 4.5 CD % NN a DT year NN ago RB . . But CC even RB that WDT brings VBZ Nissan NNP only RB to TO the DT share NN it PRP had VBD in IN 1987 CD , , and CC leaves VBZ the DT company NN behind IN its PRP$ high NN of IN 5.5 CD % NN in IN 1980 CD and CC 1982 CD . . Why WRB ? . So RB far RB , , Nissan NNP 's POS new-model NN successes NNS are VBP mostly RB specialized JJ vehicles NNS with IN limited JJ sales NNS potential NN . . In IN compact NN and CC subcompact NN cars NNS , , the DT bread-and-butter JJ sales NNS generators NNS for IN Japanese JJ auto NN makers NNS , , Nissan NNP still RB trails VBZ Toyota NNP and CC Honda NNP . . Nissan NNP hopes VBZ that IN that DT will MD start VB to TO change VB this DT fall NN , , with IN its PRP$ new JJ version NN of IN the DT Stanza NNP compact JJ sedan NN . . The DT Stanza NNP has VBZ been VBN a DT nonentity NN compared VBN with IN Honda NNP 's POS hugely RB successful JJ Accord NNP and CC Toyota NNP 's POS Camry NNP . . But CC this DT year NN , , Honda NNP has VBZ revamped VBN the DT Accord NNP and CC made VBD it PRP a DT midsized JJ car NN . . Nissan NNP instead RB has VBZ kept VBN its PRP$ new JJ Stanza NNP a DT bit RB smaller JJR than IN that DT and CC cut VBN the DT base JJ price NN 6 CD % NN ; : at IN $ $ 11,450 CD , , Stanza NNP prices NNS start VBP $ $ 749 CD below IN the DT predecessor NN model NN yet RB have VBP a DT more-powerful JJR engine NN . . Accord NNP prices NNS start VBP at IN $ $ 12,345 CD . . Nissan NNP 's POS risk NN is VBZ that IN its PRP$ low-base-price JJ strategy NN might MD get VB lost VBN amid IN the DT highly RB publicized JJ rebates NNS being VBG offered VBN by IN Detroit NNP 's POS Big JJ Three CD . . But CC `` `` on IN a DT new JJ car NN , , a DT rebate NN does VBZ n't RB work VB well RB '' '' because IN it PRP cheapens VBZ the DT vehicle NN 's POS image NN , , contends VBZ Thomas NNP D. NNP Mignanelli NNP , , executive NN vice NN president NN of IN Nissan NNP 's POS U.S. NNP sales NNS arm NN . . Even RB if IN the DT new JJ Stanza NNP succeeds VBZ , , Nissan NNP will MD remain VB behind RB in IN the DT subcompact NN segment NN , , where WRB its PRP$ Sentra NNP does VBZ n't RB measure VB up RP to TO the DT Honda NNP Civic NNP and CC Toyota NNP Corolla NNP . . Nissan NNP will MD introduce VB a DT completely RB revamped VBN Sentra NNP next JJ fall NN . . At IN the DT opposite JJ end NN of IN the DT market NN , , Nissan NNP launches VBZ its PRP$ luxury NN Infiniti NNP division NN on IN Nov. NNP 8 CD -- : three CD years NNS after IN Honda NN pioneered VBD Japanese JJ luxury NN cars NNS and CC two CD months NNS after IN Toyota NNP 's POS Lexus NNP went VBD on IN sale NN . . Nissan NNP started VBD advertising VBG Infiniti NNP fully RB eight CD months NNS before IN the DT cars NNS hit VBD American JJ showrooms NNS . . The DT ads NNS featured VBD fences NNS , , rocks NNS and CC pussy-willow NN buds NNS -- : almost RB anything NN but CC the DT cars NNS themselves PRP . . The DT ads NNS have VBP generated VBN some DT laughs NNS but CC also RB plenty NN of IN attention NN because IN they PRP are VBP so RB unlike IN any DT other JJ U.S. NNP auto NN advertising NN . . On IN the DT other JJ hand NN , , Nissan NNP 's POS sales NNS goals NNS for IN Infiniti NNP are VBP modest JJ compared VBN with IN Toyota NNP 's POS targets NNS for IN Lexus NNP . . Nissan NNP will MD build VB only RB about IN 3,500 CD of IN the DT $ $ 38,000 CD Infiniti NNP Q45 NNP sedans NNS each DT month NN , , sending VBG about IN 2,000 CD of IN them PRP to TO the DT U.S. NNP and CC keeping VBG the DT rest NN for IN sale NN in IN Japan NNP . . Toyota NNP wants VBZ to TO sell VB about IN 49,000 CD Lexus NNP LS400 NN sedans NNS next JJ year NN in IN the DT U.S. NNP alone RB . . `` `` When WRB I PRP saw VBD the DT Lexus NNP sales NNS projections NNS , , I PRP got VBD worried JJ , , '' '' confesses VBZ Takashi NNP Oka NNP , , who WP led VBD the DT Infiniti NNP development NN team NN . . But CC on IN reflection NN , , Mr. NNP Oka NNP says VBZ , , he PRP concluded VBD that IN Nissan NNP is VBZ being VBG prudent JJ in IN following VBG its PRP$ slow-startup JJ strategy NN instead RB of IN simply RB copying VBG Lexus NNP . . `` `` Infiniti NNP is VBZ Nissan NNP 's POS big JJ business NN move NN for IN the DT 21st JJ century NN , , and CC we PRP 're VBP in IN no DT hurry NN to TO generate VB large JJ profits NNS right RB away RB , , '' '' Mr. NNP Oka NNP says VBZ . . Despite IN plans NNS to TO add VB two CD new JJ Infiniti NNP models NNS next IN year NN , , bringing VBG the DT total NN to TO four CD , , Infiniti NNP wo MD n't RB show VB profits NNS for IN at IN least JJS five CD years NNS , , he PRP adds VBZ . . These DT days NNS Nissan NNP can MD afford VB that DT strategy NN , , even RB though IN profits NNS are VBP n't RB exactly RB robust JJ . . Nissan NNP had VBD record NN net JJ income NN of IN 114.63 CD billion CD yen NNS ( ( $ $ 868 CD million CD ) ) in IN the DT fiscal JJ year NN ended VBN last JJ March NNP 31 CD , , a DT remarkable JJ recovery NN from IN the DT 20.39 CD billion CD yen NNS of IN two CD years NNS earlier RB , , when WRB the DT company NN lost VBD money NN on IN operations NNS . . Nissan NNP has VBZ increased VBN earnings NNS more RBR than IN market NN share NN by IN cutting VBG costs NNS and CC by IN taking VBG advantage NN of IN a DT general JJ surge NN in IN Japanese JJ car NN sales NNS . . But CC Nissan NNP expects VBZ to TO earn VB only RB 120 CD billion CD yen NNS in IN the DT current JJ fiscal JJ year NN , , a DT modest JJ increase NN of IN 4.7 CD % NN . . The DT big JJ reason NN : : For IN all DT its PRP$ cost-cutting NN , , Nissan NNP remains VBZ less RBR efficient JJ than IN Toyota NNP . . In IN its PRP$ last JJ fiscal JJ year NN , , Nissan NNP 's POS profit NN represented VBD just RB 2.3 CD % NN of IN sales NNS , , compared VBN with IN 4.3 CD % NN at IN Toyota NNP . . To TO help VB close RB the DT gap NN , , Nissan NNP recently RB established VBD a DT top-level JJ cost-cutting JJ committee NN . . Nissan NNP is VBZ the DT world NN 's POS only JJ auto NN maker NN currently RB building VBG vehicles NNS in IN all DT three CD of IN the DT world NN 's POS key JJ economic JJ arenas NNS -- : the DT U.S. NNP , , Japan NNP and CC Europe NNP . . That DT gives VBZ it PRP an DT enviable JJ strategic JJ advantage NN , , at IN least JJS until IN its PRP$ rivals NNS catch VB up RB , , but CC also RB plenty NN of IN managerial JJ headaches NNS . . For IN example NN , , Nissan NNP 's POS U.S. NNP operations NNS include VBP 10 CD separate JJ subsidiaries NNS -- : for IN manufacturing NN , , sales NNS , , design NN , , research NN , , etc. FW -- : that WDT report VBP separately RB back RB to TO Japan NNP . . And CC in IN July NNP , , Nissan NNP 's POS Tennessee NNP manufacturing NN plant NN beat VBD back RP a DT United NNP Auto NNP Workers NNPS organizing VBG effort NN with IN aggressive JJ tactics NNS that WDT have VBP left VBN some DT workers NNS bitter JJ . . `` `` We PRP are VBP in IN a DT transitional JJ phase NN from IN being VBG a DT Japanese JJ company NN to TO becoming VBG an DT international JJ company NN based VBN in IN Japan NNP , , '' '' says VBZ Mr. NNP Muramatsu NNP , , the DT executive NN vice NN president NN . . He PRP promises VBZ that DT Nissan NNP will MD soon RB establish VB a DT holding VBG company NN overseeing VBG all DT U.S. NNP operations NNS , , just RB as IN it PRP 's VBZ doing VBG in IN Europe NNP . . Perhaps RB the DT biggest JJS challenge NN , , however RB , , will MD be VB to TO prevent VB a DT return NN to TO its PRP$ former JJ corporate JJ rigidity NN as IN its PRP$ recovery NN continues VBZ . . Already RB , , personnel NNS officials NNS are VBP talking VBG about IN the DT need NN for IN a DT `` `` Phase NN Two CD '' '' cultural-reform NN effort NN of IN some DT sort NN . . `` `` We PRP are VBP still RB only RB half JJ way NN through IN the DT turnaround NN of IN this DT company NN , , and CC there EX are VBP many RB more JJR things NNS to TO do VB , , '' '' President NNP Kume NNP says VBZ . . He PRP adds VBZ , , however RB , , that IN `` `` the DT momentum NN we PRP have VBP generated VBN is VBZ unstoppable JJ . . As IN expected VBN , , Warner NNP Bros NNPS . . Records NNPS said VBD it PRP agreed VBD to TO form VB a DT recorded-music JJ and CC music-publishing JJ joint JJ venture NN with IN former JJ MCA NNP Records NNPS Chairman NNP Irving NNP Azoff NNP . . Warner NNP said VBD it PRP will MD provide VB financing NN for IN the DT venture NN , , but CC did VBD n't RB disclose VB terms NNS . . Mr. NNP Azoff NNP has VBZ n't RB named VBD the DT company NN yet RB , , but CC any DT records NNS it PRP produces VBZ will MD be VB distributed VBN by IN Warner NNP . . Warner NNP is VBZ part NN of IN Warner NNP Communications NNPS Inc. NNP , , which WDT is VBZ in IN the DT process NN of IN being VBG acquired VBN by IN Time NNP Warner NNP Inc NNP . . Mr. NNP Azoff NNP resigned VBD as IN head NN of IN MCA NNP Records NNPS , , a DT unit NN of IN MCA NNP Inc. NNP , , in IN September NNP , , and CC had VBD been VBN discussing VBG a DT joint JJ venture NN with IN both DT Warner NNP and CC MCA NNP . . In IN a DT statement NN yesterday NN , , Mr. NNP Azoff NNP said VBD he PRP chose VBD Warner NNP , , the DT largest JJS record NN company NN , , because IN `` `` their PRP$ standing NN in IN the DT entertainment NN industry NN is VBZ second JJ to TO none NN . . President NNP Bush NNP and CC Soviet JJ leader NN Mikhail NNP Gorbachev NNP will MD hold VB an DT informal JJ meeting NN in IN early JJ December NNP , , a DT move NN that WDT should MD give VB both DT leaders NNS a DT political JJ boost NN at IN home NN . . The DT White NNP House NNP is VBZ purposely RB not RB calling VBG the DT meeting NN a DT summit NN so IN that IN there EX wo MD n't RB be VB any DT expectation NN of IN detailed JJ negotiations NNS or CC agreements NNS . . Rather RB , , senior JJ administration NN officials NNS said VBD that IN the DT unexpected JJ meeting NN was VBD scheduled VBN at IN Mr. NNP Bush NNP 's POS request NN because IN of IN his PRP$ preference NN for IN conducting VBG diplomacy NN through IN highly RB personal JJ and CC informal JJ meetings NNS with IN other JJ leaders NNS . . The DT two CD leaders NNS will MD meet VB on IN Dec. NNP 2 CD and CC 3 CD , , alternating VBG the DT two CD days NNS of IN meetings NNS between IN a DT U.S. NNP and CC a DT Soviet JJ naval JJ vessel NN in IN the DT Mediterranean NNP Sea NNP . . The DT unusual JJ seaborne JJ meeting NN wo MD n't RB disrupt VB plans NNS for IN a DT formal JJ summit NN meeting VBG next JJ spring NN or CC summer NN , , at IN which WDT an DT arms-control NN treaty NN is VBZ likely JJ to TO be VB completed VBN . . In IN announcing VBG the DT meeting NN yesterday NN , , Mr. NNP Bush NNP told VBD reporters NNS at IN the DT White NNP House NNP that IN neither CC he PRP nor CC Mr. NNP Gorbachev NNP expects VBZ any DT `` `` substantial JJ decisions NNS or CC agreements NNS . . '' '' Instead RB , , he PRP said VBD that IN the DT purpose NN is VBZ simply RB for IN the DT two CD to TO get VB `` `` better RBR acquainted VBN '' '' and CC discuss VB a DT wide JJ range NN of IN issues NNS without IN a DT formal JJ agenda NN . . Despite IN the DT informal JJ nature NN of IN the DT session NN and CC the DT calculated JJ effort NN to TO hold VB down RP expectations NNS , , the DT meeting NN could MD pay VB significant JJ political JJ dividends NNS for IN both DT leaders NNS . . Mr. NNP Gorbachev NNP badly RB needs VBZ a DT diversion NN from IN the DT serious JJ economic JJ problems NNS and CC ethnic JJ unrest NN he PRP faces VBZ at IN home NN . . American JJ officials NNS have VBP said VBN that IN a DT meeting NN with IN the DT leader NN of IN the DT U.S. NNP could MD help VB bolster VB his PRP$ stature NN among IN Soviet JJ politicians NNS and CC academics NNS , , whose WP$ support NN he PRP needs VBZ . . For IN his PRP$ part NN , , Mr. NNP Bush NNP has VBZ been VBN criticized VBN regularly RB at IN home NN for IN moving VBG too RB slowly RB and CC cautiously RB in IN reacting VBG to TO Mr. NNP Gorbachev NNP 's POS reforms NNS and CC the DT historic JJ moves NNS away RB from IN communism NN in IN Eastern NNP Europe NNP . . A DT face-to-face JJ meeting NN with IN Mr. NNP Gorbachev NNP should MD damp VB such JJ criticism NN , , though IN it PRP will MD hardly RB eliminate VB it PRP . . Senate NNP Majority NNP Leader NNP George NNP Mitchell NNP ( ( D. NNP , , Maine NNP ) ) , , who WP has VBZ been VBN the DT most RBS prominent JJ Democratic JJ critic NN of IN Mr. NNP Bush NNP 's POS handling NN of IN the DT Soviet JJ relationship NN , , praised VBD the DT president NN for IN arranging VBG the DT meeting NN . . But CC he PRP added VBD : : `` `` The DT mere JJ fact NN of IN a DT meeting NN does VBZ n't RB deal VB with IN the DT substance NN of IN policy NN . . '' '' Mr. NNP Bush NNP said VBD that IN the DT December NNP meeting NN , , which WDT was VBD announced VBN simultaneously RB in IN Moscow NNP , , will MD be VB held VBN in IN the DT unusual JJ setting NN of IN ships NNS at IN sea NN to TO hold VB down RP the DT `` `` fanfare NN '' '' and CC force VB the DT two CD sides NNS to TO limit VB participation NN to TO just RB small JJ groups NNS of IN advisers NNS . . `` `` By IN doing VBG it PRP in IN this DT manner NN we PRP can MD have VB , , I PRP would MD say VB , , more JJR time NN without IN the DT press NN of IN social JJ activities NNS or CC mandatory JJ joint JJ appearances NNS , , things NNS of IN that DT nature NN for IN public JJ consumption NN , , '' '' Mr. NNP Bush NNP said VBD . . Soviet NNP Foreign NNP Minister NNP Eduard NNP Shevardnadze NNP , , at IN a DT news NN conference NN in IN Moscow NNP , , said VBD , , `` `` As IN the DT two CD sides NNS plan VBP to TO hold VB a DT full-scale JJ summit NN in IN late JJ spring-early JJ summer NN next IN year NN , , they PRP found VBD it PRP useful JJ , , I PRP would MD say VB even RB necessary JJ , , to TO hold VB an DT interim JJ informal JJ meeting NN . . '' '' Although IN no DT specific JJ agreements NNS are VBP expected VBN , , Mr. NNP Shevardnadze NNP said VBD `` `` that WDT does VBZ n't RB mean VB they PRP will MD be VB without IN an DT agenda NN . . '' '' If IN the DT two CD leaders NNS cover VBP the DT subjects NNS that WDT have VBP been VBN featured VBN in IN lower JJR level NN U.S.-Soviet JJ meetings NNS , , their PRP$ talks NNS would MD include VB human JJ rights NNS , , Soviet JJ reforms NNS , , regional JJ disputes NNS , , relations NNS with IN allies NNS , , economic JJ cooperation NN , , arms NNS control NN , , and CC joint JJ efforts NNS to TO fight VB narcotics NNS , , terrorism NN and CC pollution NN . . The DT president NN specifically RB mentioned VBD U.S. NNP economic JJ advice NN to TO Moscow NNP as IN a DT possible JJ topic NN . . Mr. NNP Gorbachev NNP has VBZ for IN months NNS been VBN publicly RB urging VBG the DT U.S. NNP to TO drop VB its PRP$ restrictions NNS on IN Soviet JJ trade NN . . He PRP recently RB told VBD a DT small JJ group NN of IN American JJ businessmen NNS in IN Moscow NNP that IN he PRP hoped VBD to TO sign VB a DT general JJ trade NN agreement NN with IN the DT U.S. NNP , , possibly RB at IN the DT 1990 CD summit NN . . The DT Soviets NNPS hope VBP a DT trade NN agreement NN would MD give VB them PRP Most-Favored JJS Nation NN status NN , , which WDT would MD lower VB the DT tariffs NNS on IN Soviet JJ exports NNS to TO the DT U.S. NNP . . In IN an DT unusually RB candid JJ article NN about IN the DT latest JJS economic JJ woe NN -- : unemployment NN -- : Pravda NNP yesterday NN reported VBD that IN three CD million CD Soviets NNPS have VBP lost VBN their PRP$ jobs NNS as IN a DT result NN of IN perestroika FW and CC the DT number NN could MD grow VB to TO 16 CD million CD by IN the DT year NN 2005 CD . . Economists NNS in IN Moscow NNP are VBP now RB proposing VBG that IN the DT state NN start VB a DT system NN of IN unemployment NN benefits NNS . . But CC one CD Bush NNP administration NN official NN knowledgeable JJ about IN the DT summit NN plan NN cautioned VBD against IN assuming VBG that IN there EX will MD be VB bold JJ new JJ initiatives NNS on IN the DT Soviet JJ economy NN or CC other JJ issues NNS . . `` `` Do VBP n't RB take VB this DT as IN some DT big JJ opening NN for IN major JJ movement NN on IN economic JJ cooperation NN , , or CC arms NNS control NN , , or CC the DT environment NN , , '' '' he PRP said VBD . . `` `` Those DT things NNS will MD all DT come VB up RP , , but CC in IN a DT fairly RB informal JJ way NN . . '' '' Instead RB , , this DT official NN said VBD , , `` `` This DT is VBZ vintage JJ George NNP Bush NNP . . This DT was VBD George NNP Bush NNP 's POS own JJ idea NN . . It PRP 's POS George NNP Bush NNP wanting VBG to TO meet VB a DT foreign JJ leader NN and CC talk VB to TO him PRP directly RB . . '' '' Aside RB from IN the DT Soviet JJ economic JJ plight NN and CC talks NNS on IN cutting VBG strategic JJ and CC chemical JJ arms NNS , , one CD other JJ issue NN the DT Soviets NNPS are VBP likely JJ to TO want VB to TO raise VB is VBZ naval JJ force NN reductions NNS . . Western JJ analysts NNS say VBP that IN , , given VBN the DT meeting NN 's POS setting NN at IN sea NN , , Gorbachev NNP is VBZ unlikely JJ to TO pass VB up RP the DT opportunity NN to TO press VB once RB again RB for IN negotiated VBN cuts NNS in IN the DT navies NNS of IN both DT the DT North NNP Atlantic NNP Treaty NNP Organization NNP and CC the DT Warsaw NNP Pact NNP . . That DT theme NN has VBZ been VBN a DT recurring VBG one NN for IN Soviet JJ military JJ officials NNS for IN much JJ of IN this DT year NN . . They PRP argue VBP that IN as IN the DT Kremlin NNP follows VBZ through RP on IN announced JJ plans NNS to TO cut VB land NN forces NNS -- : the DT Soviets NNPS ' POS area NN of IN greatest JJS strength NN -- : the DT U.S. NNP should MD show VB more JJR willingness NN to TO cut VB sea NN forces NNS -- : Washington NNP 's POS area NN of IN greatest JJS superiority NN . . One CD of IN the DT reasons NNS Bush NNP administration NN aides NNS are VBP anxious JJ to TO insist VB that IN the DT coming VBG meeting NN will MD be VB informal JJ is VBZ to TO avoid VB comparisons NNS with IN the DT last JJ such JJ loosely RB structured JJ superpower NN gathering NN , , former JJ President NNP Reagan NNP 's POS 1986 CD meeting NN with IN Mr. NNP Gorbachev NNP in IN Reykjavik NNP , , Iceland NNP . . That DT meeting NN sent VBD shivers NNS through IN the DT Western JJ alliance NN because IN Mr. NNP Reagan NNP was VBD pulled VBN into IN discussing VBG the DT possible JJ elimination NN of IN nuclear JJ weapons NNS without IN consulting VBG American JJ allies NNS . . Mr. NNP Bush NNP said VBD that IN he PRP initiated VBD talks NNS with IN the DT Soviets NNPS on IN the DT informal JJ meeting NN by IN sending VBG a DT proposal NN to TO Mr. NNP Gorbachev NNP last JJ July NNP , , which WDT the DT Soviet JJ leader NN readily RB accepted VBD . . But CC word NN of IN the DT possible JJ session NN was VBD closely RB held VBN by IN the DT president NN and CC a DT handful NN of IN top JJ aides NNS , , and CC word NN of IN it PRP did VBD n't RB reach VB many JJ second-level JJ officials NNS until IN the DT past JJ few JJ days NNS . . Indeed RB , , many JJ senior JJ officials NNS had VBD been VBN insisting VBG for IN weeks NNS that IN Mr. NNP Bush NNP was VBD n't RB interested JJ in IN such JJ an DT informal JJ get-together NN . . Though IN President NNP Bush NNP 's POS political JJ critics NNS at IN home NN have VBP been VBN urging VBG him PRP to TO open VB a DT more RBR direct JJ dialogue NN with IN Mr. NNP Gorbachev NNP , , it PRP actually RB was VBD the DT arguments NNS of IN leaders NNS within IN the DT Soviet JJ bloc NN itself PRP that WDT led VBD the DT president NN to TO seek VB the DT December NNP meeting NN . . Mr. NNP Bush NNP decided VBD he PRP wanted VBD the DT meeting NN after IN talking VBG in IN Europe NNP in IN July NNP with IN the DT leaders NNS of IN Poland NNP and CC Hungary NNP , , who WP urged VBD him PRP to TO support VB Mr. NNP Gorbachev NNP 's POS efforts NNS to TO transform VB the DT Soviet JJ system NN and CC to TO urge VB him PRP to TO loosen VB his PRP$ grip NN on IN Eastern NNP Europe NNP , , a DT senior JJ aide NN said VBD . . While IN flying VBG home RB from IN those DT discussions NNS , , Mr. NNP Bush NNP drafted VBD a DT letter NN to TO Mr. NNP Gorbachev NNP suggesting VBG an DT informal JJ get-together NN to TO precede VB their PRP$ formal JJ summit NN next IN year NN . . Peter NNP Gumbel NNP in IN Moscow NNP contributed VBD to TO this DT article NN . . Banca NNP Nazionale NNP del FW Lavoro NNP said VBD its PRP$ potential JJ losses NNS from IN lending VBG to TO Iraq NNP could MD reach VB 1.175 CD trillion CD lire NNS ( ( $ $ 872 CD million CD ) ) , , marking VBG the DT bank NN 's POS first JJ quantification NN of IN potential JJ costs NNS of IN unauthorized JJ lending NN by IN its PRP$ Atlanta NNP branch NN . . BNL NNP previously RB reported VBD that DT its PRP$ Georgia NNP branch NN had VBD taken VBN on RP loan NN commitments NNS topping VBG $ $ 3 CD billion CD without IN the DT Rome-based JJ management NN 's POS approval NN . . State-owned JJ BNL NNP , , Italy NNP 's POS largest JJS bank NN , , has VBZ filed VBN charges NNS against IN the DT branch NN 's POS former JJ manager NN , , Christopher NNP Drogoul NNP , , and CC a DT former JJ branch NN vice NN president NN , , alleging VBG fraud NN and CC breach NN of IN their PRP$ fiduciary JJ duties NNS . . BNL NNP also RB said VBD that DT its PRP$ board NN had VBD approved VBN `` `` after IN an DT in-depth JJ discussion NN , , '' '' a DT letter NN to TO the DT Bank NNP of IN Italy NNP outlining VBG measures NNS the DT state-owned JJ bank NN has VBZ taken VBN or CC plans VBZ to TO take VB to TO improve VB controls NNS on IN its PRP$ foreign JJ branches NNS . . The DT central JJ bank NN had VBD ordered VBN BNL NNP to TO come VB up RP with IN a DT suitable JJ program NN by IN yesterday NN . . Bank NNP of IN Italy NNP has VBZ also RB ordered VBN BNL NNP to TO shore VB up RP its PRP$ capital NN base NN to TO account VB for IN potential JJ foreign JJ loan NN losses NNS , , and CC the DT Rome NNP bank NN has VBZ outlined VBN a DT 3 CD trillion CD lire NNS capital-raising JJ operation NN . . BNL NNP was VBD unable JJ to TO elaborate VB on IN what WDT measures NNS were VBD planned VBN by IN the DT bank NN to TO improve VB controls NNS on IN its PRP$ branches NNS abroad RB . . Hardly RB a DT day NN passes VBZ without IN news NN photos NNS of IN the DT police NN dragging VBG limp JJ protesters NNS from IN some DT building NN or CC thoroughfare NN in IN one CD of IN our PRP$ cities NNS . . Of IN recent JJ note NN are VBP the DT activities NNS of IN the DT pro- JJ and CC anti-abortionists NNS , , anti-nuclear JJ activists NNS , , animal NN rights NNS protesters NNS , , college NN students NNS concerned JJ about IN racism NN , , anti-apartheid JJ groups NNS , , various JJ self-styled JJ `` `` environmentalists NNS '' '' and CC those DT dissatisfied JJ with IN the DT pace NN of IN the DT war NN against IN AIDS NNP . . Maybe RB he PRP did VBD n't RB start VB it PRP , , but CC Mohandas NNP Gandhi NNP certainly RB provided VBD a DT recognizable JJ beginning NN to TO non-violent JJ civil JJ disobedience NN as IN we PRP know VBP it PRP today NN . . The DT Mahatma NNP , , or CC `` `` great RB souled JJ one NN , , '' '' instigated VBD several JJ campaigns NNS of IN passive JJ resistance NN against IN the DT British JJ government NN in IN India NNP . . Unfortunately RB , , according VBG to TO Webster NNP 's POS Biographical NNP Dictionary NNP , , `` `` His PRP$ policies NNS went VBD beyond IN his PRP$ control NN and CC resulted VBD ... : in IN riots NNS and CC disturbances NNS '' '' and CC later RBR a DT renewed VBN campaign NN of IN civil JJ disobedience NN `` `` resulted VBD in IN rioting NN and CC a DT second JJ imprisonment NN . . '' '' I PRP am VBP not RB a DT proponent NN of IN everything NN Gandhi NNP did VBD , , but CC some DT of IN his PRP$ law NN breaking NN was VBD justified JJ because IN India NNP was VBD then RB under IN occupation NN by IN a DT foreign JJ power NN , , and CC Indians NNPS were VBD not RB able JJ to TO participate VB fully RB in IN decisions NNS that WDT vitally RB affected VBD them PRP . . It PRP is VBZ difficult JJ , , however RB , , to TO justify VB civil JJ disobedience NN , , non-violent JJ or CC not RB , , where WRB citizens NNS have VBP full JJ recourse NN to TO the DT ballot NN box NN to TO effect NN change NN . . Where WRB truly RB representative JJ governments NNS are VBP safeguarded VBN by IN constitutional JJ protections NNS of IN human JJ rights NNS and CC an DT independent JJ judiciary NN to TO construe VB those DT rights NNS , , there EX is VBZ no DT excuse NN for IN breaking VBG the DT law NN because IN some DT individual NN or CC group NN disagrees VBZ with IN it PRP . . There EX may MD be VB a DT few JJ cases NNS where WRB the DT law NN breaking NN is VBZ well RB pinpointed JJ and CC so RB completely RB non-invasive JJ of IN the DT rights NNS of IN others NNS that IN it PRP is VBZ difficult JJ to TO criticize VB it PRP . . The DT case NN of IN Rosa NNP Parks NNP , , the DT black JJ woman NN who WP refused VBD to TO sit VB at IN the DT back NN of IN the DT bus NN , , comes VBZ to TO mind VB as IN an DT illustration NN . . But CC most JJS cases NNS of IN non-violent JJ civil JJ disobedience NN are VBP not RB nearly RB so RB benign JJ . . The DT public NN has VBZ a DT tendency NN to TO equate VB lawful JJ demonstrations NNS with IN non-violent JJ civil JJ disobedience NN . . It PRP is VBZ true JJ that IN both DT are VBP non-violent JJ , , but CC there EX is VBZ a DT fundamental JJ difference NN between IN them PRP . . Lawful JJ demonstrations NNS , , such JJ as IN peaceful JJ picketing NN and CC other JJ assemblages NNS that WDT do VBP not RB disturb VB the DT peace NN or CC cause VB a DT public JJ nuisance NN or CC interfere VB with IN the DT rights NNS of IN others NNS , , are VBP rights NNS guaranteed VBN by IN any DT truly RB free JJ system NN of IN government NN . . Civil JJ disobedience NN , , violent JJ or CC non-violent JJ , , is VBZ intentional JJ law NN breaking NN . . The DT subject NN of IN this DT discussion NN is VBZ non-violent JJ civil JJ disobedience NN ; : but CC , , before IN we PRP get VBP on RP with IN that DT , , let VB me PRP make VB just RB a DT few JJ tangential JJ remarks NNS about IN lawful JJ demonstrations NNS . . They PRP are VBP useful JJ to TO call VB public JJ attention NN to TO grievances NNS , , but CC they PRP have VBP little JJ value NN in IN educating VBG anyone NN about IN the DT issues NNS in IN dispute NN . . The DT delight NN of IN television NN in IN dramatic JJ confrontation NN encourages VBZ overuse NN of IN slogans NNS chanted VBN through IN bullhorns NNS , , militant JJ gestures NNS , , accusatory JJ signs NNS and CC other JJ emotionally RB inspired JJ tactics NNS . . Civilized JJ discourse NN and CC an DT environment NN where WRB compromise NN can MD begin VB are VBP lost VBN in IN a DT hostile JJ posture NN abetted VBN by IN superficial JJ media NNS interviews NNS . . At IN best JJS , , demonstrations NNS are VBP overused JJ and CC boringly RB uninformative JJ ; : at IN worst JJS , , they PRP can MD become VB the DT stimuli NNS that WDT lead VBP to TO law NN breaking NN . . Demonstrations NNS are VBP particularly RB apt JJ to TO degenerate VB into IN criminal JJ conduct NN when WRB they PRP leave VBP the DT site NN of IN the DT grievance NN and CC become VBP mobile JJ . . Petty JJ criminals NNS and CC street NN people NNS looking VBG for IN excitement NN attach VBP themselves PRP like IN remora NNS to TO the DT fringes NNS of IN the DT crowd NN and CC use VBP the DT protest NN as IN an DT excuse NN for IN rock NN throwing NN , , auto NN trashing NN , , arson NN , , window NN breaking NN , , looting NN , , pocket NN picking NN and CC general JJ hooliganism NN . . Soon RB the DT whole JJ purpose NN of IN the DT demonstration NN is VBZ lost VBN in IN mob NN mania NN . . There EX are VBP better JJR ways NNS to TO promote VB a DT cause NN . . Where WRB non-violent JJ civil JJ disobedience NN is VBZ the DT centerpiece NN , , rather RB than IN a DT lawful JJ demonstration NN that WDT may MD only RB attract VB crime NN , , it PRP is VBZ difficult JJ to TO justify VB . . Some DT find VBP no DT harm NN in IN the DT misdemeanors NNS of IN trespass NN , , minor JJ property NN destruction NN , , blocking VBG traffic NN and CC the DT like JJ . . They PRP say VBP these DT are VBP small JJ prices NNS to TO pay VB for IN galvanizing VBG action NN for IN the DT all-important JJ cause NN . . The DT crimes NNS may MD appear VB small JJ , , but CC the DT prices NNS can MD be VB huge JJ . . Here RB are VBP two CD cases NNS to TO illustrate VB . . Assume VB a DT neighborhood NN demonstration NN to TO protest VB speeding NN on IN a DT certain JJ road NN or CC a DT careless JJ accident NN involving VBG a DT police NN car NN . . The DT protesters NNS lie VBP down RB in IN the DT street NN , , blocking VBG traffic NN , , and CC will MD not RB move VB until IN the DT authorities NNS carry VBP them PRP away RB . . Assume VB that IN someone NN caught VBD in IN the DT jam NN has VBZ a DT heart NN attack NN . . There EX is VBZ no DT way NN to TO get VB an DT ambulance NN in IN quickly RB to TO move VB him PRP to TO a DT hospital NN . . He PRP dies VBZ . . The DT demonstration NN was VBD non-violent JJ and CC involved VBN only RB a DT simple JJ misdemeanor NN , , but CC its PRP$ impact NN on IN that DT individual NN was VBD violent JJ and CC terminal JJ . . Assume VB that IN a DT TV NN network NN is VBZ airing VBG a DT celebrity NN interview NN program NN with IN a DT live JJ audience NN . . The DT politician NN appearing VBG is VBZ highly RB controversial JJ and CC has VBZ recently RB generated VBN a DT good JJ deal NN of IN rancor NN amid IN certain JJ groups NNS . . In IN a DT planned JJ protest NN against IN his PRP$ appearance NN , , several JJ members NNS of IN the DT studio NN audience NN chain VBP themselves PRP in IN front NN of IN the DT TV NN cameras NNS in IN such JJ a DT way NN that IN the DT program NN can MD not RB continue VB . . The DT network NN must MD refund VB money NN to TO the DT advertisers NNS and CC loses VBZ considerable JJ revenue NN and CC prestige NN . . The DT demonstrators NNS have VBP been VBN non-violent JJ , , but CC the DT result NN of IN their PRP$ trespasses NNS has VBZ been VBN to TO seriously RB impair VB the DT rights NNS of IN others NNS unconnected JJ with IN their PRP$ dispute NN . . It PRP might MD be VB alleged VBN that DT TV NN has VBZ done VBN more JJR than IN its PRP$ share NN to TO popularize VB and CC promote VB non-violent JJ civil JJ disobedience NN , , so RB the DT second JJ situation NN hypothesized VBN above RB would MD be VB simply RB a DT case NN of IN `` `` chickens NNS coming VBG home RB to TO roost VB . . '' '' Or CC maybe RB the DT TV NN network NN would MD lose VB nothing NN . . Geraldo NNP or CC Phil NNP would MD probably RB pull VB up RP another DT camera NN and CC interview VB the DT chained JJ protesters NNS . . Let VB us PRP look VB for IN a DT moment NN at IN another DT type NN of IN non-violent JJ civil JJ disobedience NN that WDT only RB harms VBZ other JJ people NNS indirectly RB , , yet RB does VBZ irreparable JJ damage NN to TO the DT nation NN as IN a DT whole NN . . I PRP am VBP referring VBG to TO those DT young JJ men NNS who WP chose VBD to TO disobey VB their PRP$ country NN 's POS call NN to TO arms NNS during IN the DT Vietnam NNP war NN and CC fled VBD to TO Canada NNP or CC some DT other JJ sanctuary NN to TO avoid VB combat NN . . Their PRP$ cowardly JJ acts NNS of IN civil JJ disobedience NN , , which WDT they PRP tried VBD to TO hide VB under IN the DT cloak NN of IN outrage NN at IN a DT war NN they PRP characterized VBD as IN `` `` immoral JJ , , '' '' weakened VBD the DT national JJ fabric NN and CC threw VBD additional JJ burdens NNS on IN those DT who WP served VBD honorably RB in IN that DT conflict NN . . Even RB more JJR at IN fault NN are VBP those DT leaders NNS in IN and CC out IN of IN government NN who WP urged VBD and CC supported VBD their PRP$ defections NNS , , thereby RB giving VBG great JJ help NN and CC comfort NN to TO the DT enemy NN propagandists NNS . . It PRP is VBZ amazing JJ that IN the DT ensuing VBG mass NN executions NNS in IN Vietnam NNP and CC Cambodia NNP do VBP not RB weight VB more RBR heavily RB on IN minds NNS so RB morally RB fine-tuned JJ . . Worse JJR , , it PRP remained VBD to TO a DT well-meaning JJ but CC naive JJ president NN of IN the DT United NNP States NNPS to TO administer VB the DT final JJ infamy NN upon IN those DT who WP fought VBD and CC died VBD in IN Vietnam NNP . . Under IN the DT guise NN of IN `` `` healing VBG the DT wounds NNS of IN the DT nation NN , , '' '' President NNP Carter NNP pardoned VBD thousands NNS of IN draft NN evaders NNS , , thus RB giving VBG dignity NN to TO their PRP$ allegations NNS of IN the DT war NN 's POS `` `` immorality NN . . '' '' The DT precedent NN having VBG been VBN set VBN , , who WP can MD complain VB if IN future JJ generations NNS called VBN upon RB to TO defend VB the DT U.S. NNP yield VBP to TO the DT temptation NN to TO avoid VB the DT danger NN of IN combat NN by IN simply RB declaring VBG the DT war NN immoral JJ and CC hiding VBG until IN it PRP is VBZ over RP ? . Finally RB , , I PRP think VBP it PRP important JJ to TO point VB out RP the DT extraordinarily RB high JJ visibility NN of IN non-violent JJ civil JJ disobedience NN in IN these DT days NNS of IN intensive JJ media NNS coverage NN . . Give VB television NN a DT chance NN to TO cover VB live RB any DT breaking NN of IN the DT law NN , , and CC no DT second JJ invitation NN will MD be VB required VBN . . This DT brings VBZ into IN question NN the DT motives NNS of IN those DT who WP lead VBP civil JJ disobedience NN demonstrations NNS . . Do VBP they PRP want VB the DT spotlight NN for IN themselves PRP or CC for IN their PRP$ cause NN ? . Here RB is VBZ a DT good JJ rule NN of IN thumb NN : : If IN the DT movement NN produced VBD the DT leader NN , , the DT chance NN that IN he PRP is VBZ sincere JJ is VBZ much RB greater JJR than IN if IN the DT leader NN produced VBD the DT movement NN . . In IN either DT case NN , , ask VB yourself PRP whether IN you PRP have VBP become VBN better RBR informed JJ on IN the DT issues NNS under IN protest NN by IN watching VBG the DT act NN of IN civil JJ disobedience NN . . If IN you PRP have VBP not RB , , it PRP is VBZ probable JJ that IN a DT thorough JJ airing NN of IN the DT dispute NN by IN calm JJ and CC rational JJ debate NN would MD have VB been VBN the DT better JJR course NN . . Mr. NNP Agnew NNP was VBD vice NN president NN of IN the DT U.S. NNP from IN 1969 CD until IN he PRP resigned VBD in IN 1973 CD . . Gov. NNP George NNP Deukmejian NNP and CC key JJ legislators NNS agreed VBD to TO back VB a DT temporary JJ one-quarter-cent JJ increase NN in IN the DT state NN sales NNS tax NN to TO raise VB $ $ 800 CD million CD for IN repairs NNS and CC relief NN associated VBN with IN last JJ month NN 's POS earthquake NN . . The DT tax NN increase NN , , which WDT will MD be VB considered VBN at IN a DT special JJ session NN of IN the DT state NN legislature NN that WDT begins VBZ tomorrow NN , , would MD cover VB only JJ part NN of IN the DT estimated VBN $ $ 4 CD billion CD to TO $ $ 6 CD billion CD in IN total JJ damage NN caused VBN by IN the DT Oct. NNP 17 CD quake NN . . Aside RB from IN as RB much JJ as IN $ $ 3.45 CD billion CD in IN recently RB approved VBN federal JJ aid NN , , the DT state NN is VBZ expected VBN to TO draw VB from IN a DT gubernatorial JJ emergency NN fund NN that WDT currently RB stands VBZ at IN an DT estimated VBN $ $ 700 CD million CD . . `` `` I PRP am VBP not RB aware JJ that IN there EX is VBZ anything NN but CC bipartisan JJ agreement NN for IN the DT general JJ outline NN '' '' of IN the DT revenue-raising JJ plan NN , , said VBD a DT spokesman NN for IN the DT governor NN , , after IN a DT Monday NNP meeting NN with IN legislative JJ leaders NNS over IN the DT quake-relief JJ question NN . . The DT tax NN increase NN -- : on IN top NN of IN the DT current JJ six-cent JJ per IN dollar NN sales NNS tax NN -- : would MD become VB effective JJ this DT Dec. NNP 1 CD and CC expire VB Dec. NNP 31 CD , , 1990 CD . . The DT sales-tax NN plan NN was VBD preferred VBN over IN an DT alternative NN that WDT would MD have VB boosted VBN the DT state NN gasoline NN tax NN . . Some DT legislators NNS expressed VBD concern NN that IN a DT gas-tax NN increase NN would MD take VB too RB long RB and CC possibly RB damage VB chances NNS of IN a DT major JJ gas-tax-increasing JJ ballot NN initiative NN that IN voters NNS will MD consider VB next JJ June NNP . . Despite IN continuing VBG problems NNS in IN its PRP$ newsprint NN business NN , , Kimberly-Clark NNP Corp. NNP posted VBD a DT 20 CD % NN gain NN in IN third-quarter JJ net JJ income NN . . The DT consumer-products NNS and CC newsprint NN company NN said VBD net NN rose VBD to TO $ $ 108.8 CD million CD , , or CC $ $ 1.35 CD a DT share NN , , from IN $ $ 90.5 CD million CD , , or CC $ $ 1.12 CD a DT share NN , , a DT year NN ago RB . . Sales NNS rose VBD 6.2 CD % NN to TO $ $ 1.45 CD billion CD from IN $ $ 1.37 CD billion CD . . After IN a DT flat JJ second JJ quarter NN tied VBN largely RB to TO lower JJR newsprint NN earnings NNS , , Kimberly-Clark NNP attributed VBD the DT gain NN to TO improved VBN results NNS in IN its PRP$ consumer NN businesses NNS in IN North NNP America NNP , , Brazil NNP and CC Korea NNP . . Those DT gains NNS came VBD from IN higher JJR prices NNS , , particularly RB for IN disposable JJ diapers NNS and CC tissue NN products NNS , , and CC from IN increased VBN sales NNS , , primarily RB for IN feminine-care JJ products NNS , , the DT company NN said VBD . . Newsprint NN results NNS continued VBD to TO be VB depressed JJ , , the DT company NN added VBD , , because IN of IN industrywide JJ price NN discounting NN . . The DT quarter-to-quarter JJ comparison NN was VBD also RB enhanced VBN by IN charges NNS taken VBN in IN the DT year-earlier JJ period NN , , including VBG $ $ 11 CD million CD related JJ to TO the DT modernization NN of IN a DT pulp NN and CC newsprint NN mill NN in IN Alabama NNP . . In IN the DT 1989 CD period NN also RB , , interest NN expense NN and CC tax NN rates NNS were VBD lower JJR than IN a DT year NN ago RB . . In IN the DT first JJ nine CD months NNS , , profit NN rose VBD 10 CD % NN to TO $ $ 313.2 CD million CD , , or CC $ $ 3.89 CD a DT share NN , , from IN $ $ 283.9 CD million CD , , or CC $ $ 3.53 CD a DT share NN . . Sales NNS rose VBD 6.7 CD % NN to TO $ $ 4.27 CD billion CD from IN $ $ 4 CD billion CD . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Kimberly-Clark NNP closed VBD at IN $ $ 66.50 CD a DT share NN , , up RB $ $ 1.50 CD . . INTENSIVE JJ AUDITS NNS are VBP coming VBG to TO 55,500 CD taxpayers NNS as IN research NN guinea NN pigs NNS . . This DT is VBZ the DT year NN : : Unsuspecting JJ filers NNS of IN 1988 CD personal JJ returns NNS are VBP being VBG picked VBD randomly RB for IN thorough JJ audits NN to TO help VB the DT IRS NNP update VB its PRP$ criteria NNS for IN enforcement NN , , audit NN selection NN , , and CC use NN of IN resources NNS . . The DT last JJ Taxpayer NNP Compliance NNP Measurement NNP Program NNP survey NN covered VBD 1985 CD returns NNS . . The DT 1988-return JJ project NN starts VBZ Jan. NNP 1 CD and CC is VBZ to TO be VB done VBN by IN May NNP 31 CD , , 1991 CD . . Specially RB trained JJ IRS NNP agents NNS will MD look VB for IN under-reported JJ income NN and CC unsupported JJ deductions NNS and CC credits NNS . . The DT agents NNS will MD make VB more JJR than IN routine JJ inquiries NNS about IN such JJ items NNS as IN marital JJ status NN and CC dependents NNS ; : they PRP want VBP to TO look VB at IN living NN standards NNS and CC business NN assets NNS . . But CC they PRP also RB are VBP to TO see VB that IN taxpayers NNS get VBP all DT allowable JJ tax NN benefits NNS and CC to TO ask VB if IN filers NNS who WP sought VBD IRS NNP aid NN were VBD satisfied JJ with IN it PRP . . Courts NNS have VBP ruled VBN that IN taxpayers NNS must MD submit VB to TO TCMP NNP audits NN , , but CC the DT IRS NNP will MD excuse VB from IN the DT fullscale JJ rigors NNS anyone NN who WP was VBD audited VBN without IN change NN for IN either DT 1986 CD or CC 1987 CD . . Rewards NNS have VBP been VBN suggested VBN -- : but CC never RB adopted VBN -- : for IN filers NNS who WP come VBP through IN TCMP NNP audits NN without IN change NN . . PENALTY NN OVERHAUL NN is VBZ still RB likely JJ , , congressional JJ sources NNS say VBP . . Long-debated JJ proposals NNS to TO simplify VB the DT more JJR than IN 150 CD civil JJ penalties NNS and CC make VB them PRP fairer JJR and CC easier JJR to TO administer VB are VBP in IN the DT House NNP tax NN bill NN . . But CC they PRP were VBD stripped VBN from IN the DT Senate NNP bill NN after IN staffers NNS estimated VBD penalty NN revenue NN would MD fall VB by IN $ $ 216 CD million CD over IN five CD years NNS . . Still RB , , congressional JJ aides NNS say VBP penalty NN reform NN is VBZ a DT strong JJ candidate NN for IN enactment NN , , even RB if IN not RB this DT time NN around RB , , although IN some DT provisions NNS may MD be VB modified VBN . . Sen. NNP Pryor NNP ( ( D. NNP , , Ark. NNP ) ) , , a DT leader NN on IN the DT issue NN who WP generally RB backs VBZ the DT House NNP plan NN , , wants VBZ some DT changes NNS -- : for IN one CD , , separate JJ sanctions NNS for IN negligence NN and CC large JJ misstatements NNS of IN tax NN owed VBN , , not RB a DT single JJ penalty NN . . He PRP would MD ease VB the DT proposed VBN penalties NNS for IN delayed JJ payroll-tax NN deposits NNS and CC for IN faulty JJ Form NN 1099 CD and CC other JJ reports NNS that IN taxpayers NNS correct VBP voluntarily RB . . The DT General NNP Accounting NNP Office NNP urges VBZ Congress NNP to TO ensure VB that IN all DT penalties NNS retain VBP their PRP$ force NN as IN deterrents NNS . . TAXPAYERS NNS ' POS RIGHTS NNS are VBP defined VBN by IN a DT growing VBG number NN of IN states NNS . . The DT 1988 CD tax NN act NN created VBD a DT federal JJ bill NN of IN rights NNS spelling VBG out RP IRS NNP duties NNS to TO protect VB taxpayers NNS ' POS rights NNS in IN the DT assessment NN and CC collection NN of IN taxes NNS . . States NNS are VBP following VBG suit NN . . California NNP enacted VBD a DT rights NNS law NN in IN 1988 CD . . In IN 1989 CD , , Illinois NNP , , Kansas NNP , , Ohio NNP , , Oregon NNP and CC South NNP Carolina NNP have VBP adopted VBN rights NNS laws NNS , , the DT Federation NNP of IN Tax NNP Administrators NNPS , , a DT state NN officials NNS ' POS group NN , , reports VBZ ; : the DT features NNS vary VBP . . And CC taxpayer NN groups NNS are VBP urging VBG legislation NN in IN many JJ other JJ states NNS . . One CD group NN is VBZ the DT Committee NN on IN State NNP Taxation NNP , , which WDT comprises VBZ 330 CD multistate NN corporations NNS and CC advises VBZ the DT Council NNP of IN State NNP Chambers NNPS of IN Commerce NNP . . The DT group NN 's POS Mark NNP Cahoon NNP says VBZ its PRP$ efforts NNS begun VBN in IN 1989 CD have VBP led VBN to TO the DT introduction NN of IN bills NNS in IN Massachusetts NNP , , Minnesota NNP and CC Colorado NNP to TO establish VB evenhanded JJ procedures NNS affecting VBG all DT kinds NNS of IN taxpayers NNS . . The DT group NN also RB seeks VBZ uniformity NN among IN states NNS in IN provisions NNS for IN taxpayers NNS ' POS rights NNS . . This DT week NN , , New NNP York NNP City NNP announced VBD a DT 10-point JJ policy NN patterned VBN on IN the DT federal JJ bill NN of IN rights NNS for IN taxpayers NNS . . THE DT MILEAGE NN RATE NN allowed VBN for IN business NN use NN of IN a DT car NN in IN 1989 CD has VBZ risen VBN to TO 25.5 CD cents NNS a DT mile NN for IN the DT first JJ 15,000 CD from IN 24 CD cents NNS in IN 1988 CD , , the DT IRS NNP says VBZ ; : the DT rate NN stays VBZ 11 CD cents NNS for IN each DT added VBN mile NN . . Also RB unaltered JJ : : 12 CD cents NNS for IN charitable JJ activities NNS and CC nine CD cents NNS for IN medical JJ and CC moving NN costs NNS . . IRA NNP BALANCES NNS could MD be VB used VBN to TO qualify VB for IN bank NN services NNS under IN a DT bill NN entered VBN by IN Reps. NNPS Chandler NNP ( ( R. NNP , , Wash NNP . . ) ) and CC Andrews NNP ( ( D. NNP , , Texas NNP ) ) . . The DT bill NN would MD thwart VB a DT recent JJ Labor NNP Department NNP opinion NN that IN investing VBG individual-retirement-account NN funds NNS to TO earn VB free JJ checking NN violates VBZ the DT law NN . . HUGO NNP FELLED VBD vast JJ timberlands NNS . . South NNP Carolina NNP 's POS congressional JJ delegation NN has VBZ entered VBN Senate NNP and CC House NNP bills NNS to TO provide VB special JJ casualty-loss JJ treatment NN and CC other JJ tax NN relief NN for IN timber NN growers NNS in IN the DT hurricane NN disaster NN areas NNS . . HE PRP RODE VBD HIS PRP$ HOBBY NN , , but CC he PRP could MD n't RB milk VB it PRP , , the DT Tax NNP Court NNP says VBZ . . The DT court NN often RB weighs VBZ deductions NNS of IN sideline-business JJ costs NNS : : Do VBP they PRP stem VB from IN a DT profit-seeking JJ activity NN or CC a DT nondeductible JJ hobby NN ? . But CC it PRP 's VBZ rare JJ to TO see VB both DT functions NNS in IN one CD case NN . . Charles NNP O. NNP Givens NNP of IN Mount NNP Vernon NNP , , Ind. NNP - : investment NN broker NN , , ex-accountant NN , , and CC son NN of IN a DT former JJ stable NN owner NN - : bred VBD Tennessee NNP Walking VBG Horses NNS for IN six CD years NNS , , raised VBD cattle NNS for IN four CD , , and CC never RB made VBD a DT profit NN on IN either DT . . He PRP claimed VBD losses NNS totaling VBG $ $ 42,455 CD -- : and CC the DT IRS NNP denied VBD them PRP all DT . . Special JJ Judge NNP Galloway NNP noted VBD that IN Givens NNP managed VBD horse-breeding NN in IN a DT businesslike JJ way NN : : He PRP kept VBD detailed JJ accounts NNS , , practiced VBD soil NN conservation NN , , enhanced VBD his PRP$ experience NN by IN consulting VBG experts NNS , , spent VBD several JJ hours NNS a DT day NN doing VBG chores NNS , , and CC dropped VBD the DT sideline NN when WRB his PRP$ best JJS brood NN mare NN died VBD . . Yet CC he PRP took VBD little RB businesslike JJ care NN with IN his PRP$ cattle NNS : : He PRP had VBD no DT prior JJ experience NN and CC did VBD n't RB seek VB business NN counsel NN about IN them PRP . . The DT judge NN said VBD Givens NNP may MD deduct VB his PRP$ $ $ 30,180 CD of IN losses NNS from IN horse NN breeding NN , , but CC rejected VBD the DT $ $ 12,275 CD in IN deductions NNS from IN the DT cattle NNS operation NN . . BRIEFS NNS : : The DT IRS NNP already RB is VBZ doing VBG intensive JJ TCMP NNP audits NN of IN 19,000 CD returns NNS for IN 1987 CD and CC fiscal JJ 1988 CD filed VBN by IN corporations NNS with IN under IN $ $ 10 CD million CD in IN assets NNS ... : . . President NNP Bush NNP says VBZ he PRP will MD name VB Donald NNP E. NNP Kirkendall NNP to TO the DT new JJ Treasury NNP post NN of IN inspector NN general NN , , which WDT has VBZ responsibilities NNS for IN the DT IRS NNP ... : . . The DT U.S. NNP and CC Finland NNP signed VBD an DT income-tax NN treaty NN , , subject JJ to TO ratification NN . . An DT arbitrator NN awarded VBD Eastern NNP Airlines NNPS pilots NNS between IN $ $ 60 CD million CD and CC $ $ 100 CD million CD in IN back JJ pay NN , , a DT decision NN that WDT could MD complicate VB the DT carrier NN 's POS bankruptcy-law NN reorganization NN . . Eastern NNP , , a DT unit NN of IN Texas NNP Air NNP Corp. NNP , , said VBD it PRP is VBZ examining VBG the DT ruling NN to TO determine VB if IN it PRP can MD appeal VB . . It PRP 's VBZ unclear JJ whether IN Eastern NNP will MD succeed VB in IN overturning VBG the DT arbitrator NN 's POS decision NN , , made VBN in IN a DT long-simmering JJ `` `` pay NN parity NN '' '' dispute NN that WDT predates VBZ both DT the DT carrier NN 's POS Chapter NN 11 CD petition NN and CC its PRP$ 1986 CD acquisition NN by IN Texas NNP Air NNP . . All DT Eastern NNP 's POS previous JJ court NN efforts NNS to TO head VB off RP the DT pilots NNS ' POS demands NNS have VBP failed VBN . . An DT Eastern NNP spokesman NN said VBD he PRP does VBZ n't RB expect VB that IN the DT arbitrator NN 's POS ruling NN `` `` will MD have VB any DT overall JJ material JJ effect NN on IN the DT company NN 's POS strategic JJ plan NN . . '' '' Bankruptcy NN experts NNS said VBD the DT law NN is VBZ n't RB clear JJ on IN how WRB such JJ an DT arbitration NN ruling NN can MD affect VB a DT company NN 's POS case NN . . Like IN any DT other JJ creditor NN , , the DT pilots NNS will MD have VB to TO apply VB to TO the DT court NN for IN payment NN of IN their PRP$ claim NN . . That DT may MD leave VB a DT lot NN of IN leeway NN for IN U.S. NNP Bankruptcy NNP Judge NNP Burton NNP R. NNP Lifland NNP to TO decide VB what WP , , if IN anything NN , , the DT pilots NNS actually RB collect VBP . . In IN August NNP , , he PRP issued VBD the DT ruling NN that WDT let VBD the DT pilots NNS pursue VB their PRP$ back-pay NN grievance NN before IN the DT arbitrator NN . . The DT pilots NNS ' POS contract NN with IN Eastern NNP calls VBZ for IN a DT mutually RB acceptable JJ private JJ arbitrator NN to TO resolve VB such JJ grievances NNS . . In IN a DT statement NN to TO employees NNS , , Eastern NNP said VBD the DT company NN was VBD disappointed JJ by IN the DT ruling NN . . `` `` The DT obligation NN is VBZ totally RB unwarranted JJ , , '' '' the DT statement NN said VBD . . James NNP Linsey NNP , , a DT lawyer NN for IN the DT Air NNP Line NNP Pilots NNPS Association NNP , , said VBD the DT pilots NNS were VBD extremely RB pleased JJ . . `` `` This DT is VBZ a DT blow NN not RB only RB to TO Eastern NNP but CC to TO the DT creditors NNS committee NN , , '' '' he PRP said VBD . . Eastern NNP 's POS creditors NNS committee NN , , along IN with IN the DT company NN , , has VBZ consistently RB opposed VBN the DT pilots NNS ' POS claim NN , , which WDT if IN paid VBN would MD have VB to TO come VB out IN of IN money NN both DT hope VBP to TO use VB to TO pay VB off RP other JJ bankruptcy NN claims NNS . . Eastern NNP and CC its PRP$ creditors NNS are VBP in IN the DT final JJ , , delicate JJ stages NNS of IN negotiating VBG a DT second JJ reorganization NN plan NN to TO pay VB off RP the DT airline NN 's POS debts NNS . . An DT earlier JJR plan NN , , which WDT had VBD received VBN the DT creditors NNS ' POS approval NN in IN July NNP , , fell VBD apart RB when WRB Eastern NNP changed VBD its PRP$ business NN plan NN . . It PRP is VBZ n't RB known JJ whether IN the DT pilot NN claim NN was VBD figured VBN into IN either DT plan NN . . The DT dispute NN between IN Eastern NNP and CC its PRP$ pilots NNS is VBZ over IN a DT `` `` pay NN parity NN '' '' clause NN in IN the DT pilots NNS ' POS contract NN . . The DT clause NN was VBD part NN of IN an DT agreement NN in IN which WDT pilots NNS accepted VBD a DT substantial JJ pay NN cut NN as RB long RB as IN no DT other JJ labor NN group NN got VBD a DT raise NN . . Shortly RB after IN Texas NNP Air NNP took VBD control NN of IN Eastern NNP , , some DT Machinists NNS union NN supervisors NNS received VBD a DT 20 CD % NN pay NN raise NN . . The DT pilots NNS argued VBD that IN this DT triggered VBD a DT pay NN raise NN for IN them PRP . . Eastern NNP has VBZ disputed VBN the DT claim NN , , but CC a DT federal JJ district NN court NN , , an DT appeals NNS court NN and CC now RB the DT arbitrator NN have VBP all DT sided VBN with IN the DT pilots NNS . . The DT two CD sides NNS do VBP n't RB even RB agree VB about IN how WRB much JJ money NN is VBZ at IN issue NN . . The DT pilots NNS put VBD the DT amount NN as RB high JJ as IN $ $ 100 CD million CD , , the DT company NN at IN $ $ 65 CD million CD . . Another DT arbitrator NN is VBZ hearing VBG another DT pay NN parity NN case NN between IN Eastern NNP and CC its PRP$ pilots NNS , , resulting VBG from IN a DT similar JJ set NN of IN circumstances NNS involving VBG a DT separate JJ pay NN raise NN granted VBN another DT union NN . . A DT decision NN on IN that DT case NN is VBZ n't RB expected VBN before IN mid-November NNP . . Ironically RB , , many JJ of IN the DT pilots NNS involved VBN have VBP left VBN Eastern NNP or CC are VBP still RB striking VBG the DT carrier NN , , which WDT filed VBD for IN bankruptcy NN protection NN March NNP 9 CD . . About IN 800 CD have VBP crossed VBN the DT picket NN lines NNS and CC returned VBN to TO work VB . . Few JJ people NNS in IN the DT advertising NN business NN have VBP raised VBN as IN many JJ hackles NNS as IN Alvin NNP A. NN Achenbaum NNP . . The DT general JJ public NN may MD not RB know VB his PRP$ name NN , , but CC he PRP 's VBZ famous JJ -- : make VB that DT infamous JJ -- : in IN advertising NN circles NNS : : A DT marketing VBG consultant NN , , he PRP pioneered VBD slashing VBG ad NN agency NN commissions NNS , , to TO the DT delight NN of IN advertising NN clients NNS and CC the DT dismay NN of IN agencies NNS . . Now RB , , after IN beating VBG them PRP , , Mr. NNP Achenbaum NNP is VBZ joining VBG them PRP . . Backer NNP Spielvogel NNP Bates NNP Worldwide NNP named VBD Mr. NNP Achenbaum NNP , , 62 CD , , vice NN chairman NN of IN professional JJ services NNS , , reporting VBG directly RB to TO Carl NNP Spielvogel NNP , , chairman NN and CC chief JJ executive NN officer NN . . He PRP joins VBZ Nov. NNP 13 CD , , dissolving VBG his PRP$ consulting VBG firm NN , , Canter NNP , , Achenbaum NNP Associates NNPS . . In IN years NNS past RB , , the DT ad NN industry NN 's POS most RBS distinguished JJ executives NNS did VBD n't RB hesitate VB to TO excorciate VB Mr. NNP Achenbaum NNP . . They PRP have VBP since RB mellowed VBN , , although IN one CD senior JJ Young NNP & CC Rubicam NNP executive NN , , echoing VBG others NNS , , said VBD : : `` `` I PRP think VBP ad NN agencies NNS owe VBP Carl NNP { ( Spielvogel NNP } ) a DT vote NN of IN thanks NNS for IN getting VBG him PRP out IN of IN the DT consulting NN business NN . . '' '' But CC industry NN executives NNS also RB believe VBP hiring VBG Mr. NNP Achenbaum NNP is VBZ a DT shrewd JJ move NN for IN Backer NNP Spielvogel NNP , , a DT unit NN of IN Saatchi NNP & CC Saatchi NNP . . Mr. NNP Achenbaum NNP has VBZ counted VBN among IN his PRP$ clients NNS some DT of IN the DT most RBS visible JJ blue-chip JJ advertisers NNS in IN the DT country NN , , including VBG Nissan NNP , , Toyota NNP , , Seagram NNP and CC Backer NNP Spielvogel NNP clients NNS Hyundai NNP and CC J.P. NNP Morgan NNP . . At IN Backer NNP Spielvogel NNP , , he PRP will MD work VB with IN clients NNS and CC potential JJ clients NNS on IN marketing NN strategies NNS ; : aside RB from IN agency NN compensation NN issues NNS , , he PRP helped VBD Nissan NNP , , for IN example NN , , come VB up RP with IN its PRP$ positioning NN and CC pricing NN for IN its PRP$ new JJ Infiniti NNP line NN . . His PRP$ client NN contacts NNS , , meanwhile RB , , could MD prove VB a DT gold NN mine NN for IN an DT agency NN that WDT has VBZ had VBN few JJ new JJ business NN wins NNS of IN late RB . . `` `` I PRP 've VBP done VBN over IN 40 CD ad NN agency NN searches NNS { ( for IN clients NNS } ) , , so RB I PRP have VBP a DT pretty RB good JJ notion NN of IN what WP clients NNS are VBP interested JJ in IN when WRB they PRP look VBP for IN an DT agency NN , , '' '' Mr. NNP Achenbaum NNP said VBD . . As IN a DT consultant NN , , he PRP has VBZ given VBN seminars NNS at IN agencies NNS including VBG Ogilvy NNP & CC Mather NNP on IN how WRB to TO win VB new JJ business NN . . Mr. NNP Spielvogel NNP said VBD he PRP hopes VBZ Mr. NNP Achenbaum NNP will MD do VB some DT strategic JJ consulting NN at IN the DT agency NN for IN `` `` non-clients NNS , , in IN hopes NNS that IN they PRP become VBP clients NNS . . '' '' At IN Backer NNP Spielvogel NNP , , Mr. NNP Spielvogel NNP 's POS hallmark NN has VBZ been VBN personal JJ involvement NN with IN all DT major JJ clients NNS . . He PRP pampers VBZ them PRP ; : he PRP invites VBZ them PRP to TO fabulous JJ parties NNS ; : he PRP strokes VBZ them PRP . . Mr. NNP Achenbaum NNP , , too RB , , delves VBZ into IN his PRP$ clients NNS ' POS business NN . . `` `` Carl NNP has VBZ a DT much RB higher JJR degree NN of IN intimacy NN with IN his PRP$ clients NNS than IN is VBZ ordinary JJ for IN an DT agency NN his PRP$ size NN . . And CC with IN Al NNP 's POS record NN of IN being VBG a DT delver NN and CC a DT detail NN guy NN , , you PRP can MD see VB how WRB the DT two CD fit VBP , , '' '' said VBD Alan NNP Gottesman NNP , , an DT analyst NN with IN PaineWebber NNP . . Mr. NNP Achenbaum NNP 's POS move NN follows VBZ the DT announcement NN last JJ month NN that IN his PRP$ consulting VBG partner NN , , Stanley NNP Canter NNP , , 66 CD , , would MD retire VB . . When WRB the DT announcement NN came VBD out RB , , `` `` I PRP picked VBD up RP the DT phone NN and CC said VBD , , ` `` Why WRB do VBP n't RB you PRP come VB to TO us PRP ? . ' '' '' '' Mr. NNP Spielvogel NNP said VBD . . Mr. NNP Achenbaum NNP , , who WP had VBD been VBN considering VBG paring VBG down RP his PRP$ firm NN or CC merging VBG it PRP with IN another DT small JJ consulting NN outfit NN , , soon RB agreed VBD . . The DT two CD men NNS are VBP longtime JJ friends NNS and CC tennis NN partners NNS , , having VBG met VBN about IN 25 CD years NNS ago RB . . Before IN becoming VBG a DT consultant NN in IN 1974 CD , , Mr. NNP Achenbaum NNP was VBD a DT senior JJ executive NN at IN J. NNP Walter NNP Thompson NNP Co NNP . . He PRP spent VBD most JJS of IN his PRP$ career NN formulating VBG marketing NN strategies NNS , , but CC became VBD best-known JJS for IN chipping VBG away RB at IN ad NN agency NN compensation NN . . Ad NN agencies NNS typically RB earned VBD a DT straight JJ 15 CD % NN commission NN ; : if IN a DT client NN spent VBN $ $ 100 CD million CD on IN TV NN time NN , , the DT agency NN made VBD $ $ 15 CD million CD . . But CC Mr. NNP Achenbaum NNP pioneered VBD negotiated JJ fees NNS , , which WDT often RB worked VBD out RP to TO less JJR than IN 15 CD % NN . . More RBR recently RB , , he PRP negotiated VBD `` `` indemnification NN '' '' clauses NNS in IN which WDT an DT ad NN agency NN in IN some DT cases NNS must MD pay VB a DT client NN if IN it PRP drops VBZ the DT account NN . . He PRP ultimately RB became VBD so RB well-known JJ for IN cutting VBG compensation NN , , however RB , , that IN clients NNS did VBD n't RB seek VB him PRP out RP for IN anything NN else JJ . . `` `` I PRP was VBD very RB frustrated JJ , , '' '' he PRP said VBD . . `` `` The DT fact NN of IN the DT matter NN is VBZ , , I PRP am VBP a DT marketer NN . . That DT 's VBZ another DT reason NN { ( for IN the DT Backer NNP Spielvogel NNP job NN } ) . . It PRP struck VBD me PRP as IN a DT way NN to TO get VB back RB to TO what WP I PRP really RB want VBP to TO do VB . . '' '' Mr. NNP Spielvogel NNP added VBD pointedly RB : : `` `` The DT pressure NN on IN commissions NNS did VBD n't RB begin VB with IN Al NNP Achenbaum NNP . . '' '' Mr. NNP Spielvogel NNP said VBD Mr. NNP Achenbaum NNP will MD work VB with IN clients NNS to TO determine VB the DT mix NN of IN promotion NN , , merchandising NN , , publicity NN and CC other JJ marketing VBG outlets NNS , , and CC to TO integrate VB those DT services NNS . . He PRP will MD concentrate VB on IN , , among IN others NNS , , J.P. NNP Morgan NNP and CC Hyundai NNP . . Mr. NNP Achenbaum NNP helped VBD Morgan NNP in IN its PRP$ recent JJ agency NN search NN , , and CC he PRP has VBZ a DT long JJ relationship NN with IN Hyundai NNP , , which WDT is VBZ having VBG severe JJ troubles NNS , , including VBG declining VBG sales NNS . . `` `` The DT trail NN of IN revenue NN is VBZ increasingly RB going VBG away RB from IN pure JJ advertising NN , , and CC going VBG towards IN other JJ services NNS , , '' '' Mr. NNP Spielvogel NNP said VBD . . Instead RB of IN being VBG just RB an DT ad NN agency NN , , he PRP said VBD : : `` `` We PRP have VBP redefined VBD our PRP$ mission NN here RB . . Our PRP$ mission NN is VBZ to TO help VB our PRP$ clients NNS grow VB , , and CC to TO use VB every DT tool NN of IN marketing NN communications NNS to TO accomplish VB that DT . . '' '' Industry NN executives NNS are VBP wishing VBG Mr. NNP Achenbaum NNP well RB . . Leonard NNP Matthews NNP , , then-president JJ of IN the DT American NNP Association NNP of IN Advertising NNP Agencies NNPS , , called VBD Mr. NNP Achenbaum NNP a DT `` `` quisling NN '' '' in IN an DT incendiary JJ 1987 CD speech NN . . Yesterday NN , , Mr. NNP Matthews NNP , , now RB a DT consultant NN with IN the DT Stamford NNP , , Conn. NNP , , firm NN Matthews NNP & CC Johnston NNP , , quipped VBD , , `` `` I PRP think VBP he PRP 'll MD be VB very RB good JJ at IN that DT { ( new JJ job NN } ) . . And CC much RB better JJR at IN that DT than IN at IN { ( the DT price-cutting NN } ) he PRP 's VBZ been VBN doing VBG recently RB . . '' '' Cotton NNP Inc NNP . . Campaign NN Cotton NNP Inc. NNP , , the DT fiber NN company NN that WDT represents VBZ cotton NN growers NNS , , will MD begin VB a DT new JJ ad NN campaign NN , , developed VBN by IN Ogilvy NNP & CC Mather NNP , , Thanksgiving NNP Day NNP . . J. NNP Nicholas NNP Hahn NNP , , Cotton NNP Inc. NNP 's POS president NN and CC chief JJ executive NN , , was VBD an DT outspoken JJ critic NN of IN WPP NNP Group NNP 's POS acquisition NN of IN Ogilvy NNP Group NNP earlier RBR this DT year NN . . During IN the DT takeover NN , , Mr. NNP Hahn NNP said VBD he PRP would MD put VB his PRP$ account NN up RP for IN review NN if IN WPP NNP 's POS bid NN were VBD successful JJ , , but CC he PRP did VBD n't RB . . Cotton NNP Inc. NNP 's POS new JJ $ $ 9 CD million CD campaign NN calls VBZ cotton NN the DT `` `` Fabric NN of IN Our PRP$ Lives NNS . . '' '' The DT campaign NN replaces VBZ its PRP$ `` `` Take VB Comfort NN in IN Cotton NN '' '' ads NNS and CC marks VBZ the DT end NN of IN its PRP$ national JJ cooperative JJ advertising NN efforts NNS . . For IN years NNS , , the DT company NN 's POS ads NNS were VBD tied VBN in RP with IN pitches NNS for IN Cannon NNP sheets NNS or CC Martex NNP towels NNS , , for IN example NN , , and CC an DT announcer NN at IN the DT end NN of IN the DT ads NNS would MD tell VB customers NNS where WRB to TO `` `` find VB the DT true JJ performance NN label NN . . '' '' With IN the DT new JJ TV NN spots NNS , , Ogilvy NNP & CC Mather NNP has VBZ opted VBN for IN a DT family NN style NN with IN lots NNS of IN laughter NN , , hugs NNS and CC tears NNS . . `` `` We PRP 're VBP making VBG a DT fairly RB obvious JJ plea NN for IN some DT emotional JJ reaction NN , , '' '' says VBZ Tom NNP Rost NNP , , creative JJ director NN at IN Ogilvy NNP & CC Mather NNP . . Cotton NNP Inc. NNP will MD spend VB nearly RB $ $ 2 CD million CD on IN broadcasting NN on IN Thanksgiving NNP Day NNP alone RB , , advertising VBG on IN such JJ programs NNS as IN `` `` Good JJ Morning NN America NNP , , '' '' `` `` Macy NNP 's POS Thanksgiving NNP Day NNP Parade NNP '' '' and CC the DT NFL NNP holiday NN game NN . . Frank NNP Mingo NNP Dies VBZ at IN 49 CD Frank NNP L. NNP Mingo NNP , , one CD of IN the DT pioneers NNS of IN advertising NN targeted VBN at IN black JJ audiences NNS , , died VBD at IN the DT age NN of IN 49 CD after IN a DT stroke NN . . Mr. NNP Mingo NNP was VBD chief JJ executive NN officer NN of IN the DT Mingo NNP Group NNP , , which WDT he PRP founded VBD in IN 1977 CD and CC which WDT created VBD ads NNS for IN the DT black JJ market NN . . Clients NNS include VBP Miller NNP Brewing NNP Co. NNP and CC General NNP Motors NNPS . . Mr. NNP Mingo NNP was VBD hospitalized VBN Sept. NNP 23 CD and CC died VBD Monday NNP , , according VBG to TO Samuel NNP J. NNP Chisholm NNP , , the DT agency NN 's POS president NN and CC chief NN operating VBG officer NN . . Ad NN Notes NNS ... : . . EARNINGS NNS : : Omnicom NNP Group NNP Inc. NNP , , New NNP York NNP , , reported VBD third-quarter JJ net JJ income NN rose VBD 54 CD % NN to TO $ $ 5.6 CD million CD , , or CC 22 CD cents NNS a DT share NN , , from IN $ $ 3.6 CD million CD , , or CC 15 CD cents NNS a DT share NN , , a DT year NN earlier RB . . Revenue NN increased VBD 20 CD % NN to TO $ $ 246.6 CD million CD from IN $ $ 204.8 CD million CD . . Prime NNP Minister NNP Lee NNP Kuan NNP Yew NNP , , Singapore NNP 's POS leader NN and CC one CD of IN Asia NNP 's POS leading VBG statesmen NNS for IN 30 CD years NNS , , recently RB announced VBD his PRP$ intention NN to TO retire VB next JJ year NN -- : though IN not RB necessarily RB to TO end VB his PRP$ influence NN . . The DT prime JJ minister NN , , whose WP$ hair NN is VBZ thinning VBG and CC gray JJ and CC whose WP$ face NN has VBZ a DT perpetual JJ pallor NN , , nonetheless RB continues VBZ to TO display VB an DT energy NN , , a DT precision NN of IN thought NN and CC a DT willingness NN to TO say VB publicly RB what WP most JJS other JJ Asian JJ leaders NNS dare VBP say VB only RB privately RB . . The DT 66-year-old JJ Mr. NNP Lee NNP recently RB spent VBD an DT hour NN discussing VBG the DT state NN of IN Asia NN and CC the DT world NN with IN two CD Journal NNP reporters NNS in IN his PRP$ plainly RB furnished JJ , , wood-paneled JJ office NN . . The DT interview NN did VBD not RB touch VB on IN Singapore NNP 's POS domestic JJ affairs NNS . . Skipping VBG personal JJ pleasantries NNS , , Mr. NNP Lee NNP picked VBD up RP exactly RB where WRB he PRP left VBD off RP several JJ months NNS earlier RB -- : before IN the DT government NN crackdown NN in IN China NNP -- : when WRB he PRP had VBD warned VBN that IN the DT orthodox JJ leadership NN in IN Beijing NNP feared VBD a DT plurality NN of IN views NNS . . Excerpts NNS follow VBP : : On IN China NNP 's POS turmoil NN : : `` `` It PRP is VBZ a DT very RB unhappy JJ scene NN , , '' '' he PRP said VBD . . `` `` It PRP took VBD Zhao NNP Ziyang NNP ( ( former JJ premier NN and CC party NN chief NN ) ) 10 CD years NNS to TO build VB a DT team NN of IN economists NNS who WP understood VBD how WRB the DT Western JJ economies NNS work VBP and CC now RB that DT team NN is VBZ part NN in IN exile NN , , part NN being VBG rusticated VBN and CC part NN missing VBG . . '' '' Rebuilding VBG that DT team NN , , Mr. NNP Lee NNP predicted VBD , , will MD take VB another DT 10 CD years NNS . . `` `` That DT 's VBZ very RB sad JJ for IN China NNP and CC for IN Asia NNP because IN China NNP could MD have VB been VBN a DT good JJ engine NN for IN growth NN , , not RB just RB for IN Hong NNP Kong NNP and CC Taiwan NNP but CC for IN Japan NNP , , Korea NNP and CC the DT rest NN of IN Asia NNP . . '' '' On IN similarities NNS between IN China NNP and CC the DT Soviet NNP Union NNP : : `` `` In IN important JJ particulars NNS , , the DT Soviets NNPS are VBP different JJ from IN the DT Chinese NNPS . . They PRP are VBP already RB industrialized JJ ... : . . Their PRP$ problem NN is VBZ one CD of IN inefficiency NN of IN an DT industrial JJ economy NN . . The DT Chinese JJ problem NN is VBZ much RB greater JJR -- : it PRP 's POS how WRB to TO industrialize VB to TO begin VB with RP . . '' '' Asked VBN if IN the DT Soviets NNPS , , like IN Chinese JJ officials NNS , , wo MD n't RB one CD day NN face VB a DT similar JJ conflict NN between IN the DT desire NN to TO liberalize VB economically RB and CC yet RB retain VB political JJ control NN , , Mr. NNP Lee NNP said VBD , , `` `` I PRP would MD think VB that IN the DT Soviets NNPS face VBP a DT deeper JJR dilemma NN because IN they PRP have VBP been VBN more RBR in IN blinkers NNS than IN the DT Chinese NNPS -- : I PRP mean VBP keeping VBG their PRP$ people NNS cut VBN off RP from IN the DT outside JJ world NN . . '' '' Mikhail NNP Gorbachev NNP , , he PRP said VBD , , is VBZ ahead RB of IN China NNP 's POS leaders NNS in IN his PRP$ awareness NN of IN the DT world NN . . `` `` But CC I PRP think VBP the DT Soviet JJ peoples NNS are VBP more RBR introverted JJ than IN the DT Chinese NNPS . . '' '' Regardless RB , , he PRP said VBD , , he PRP still RB believes VBZ the DT Soviet NNP Union NNP , , while IN falling VBG far RB short RB of IN the DT efficiency NN of IN a DT Western JJ economy NN , , may MD well RB manage VB to TO improve VB considerably RB . . On IN Asia-Pacific NNP prosperity NN : : `` `` If IN America NNP can MD keep VB up RP the DT present JJ situation NN -- : her PRP$ markets NNS open JJ for IN another DT 15 CD years NNS , , with IN adjustments NNS , , and CC Japan NNP can MD grow VB and CC not RB cut VB back RB , , and CC so RB too RB , , Korea NNP , , Taiwan NNP , , Hong NNP Kong NNP , , Singapore NNP , , ASEAN NNP , , Australia NNP and CC New NNP Zealand NNP -- : then RB in IN 15 CD years NNS , , the DT economies NNS of IN these DT countries NNS would MD be VB totally RB restructured VBN to TO be VB able JJ to TO almost RB sustain VB growth NN by IN themselves PRP . . '' '' In IN such JJ an DT arrangement NN , , `` `` all DT benefit VBP , , '' '' he PRP said VBD . . `` `` And CC if IN the DT Europeans NNPS come VBN in RB , , they PRP benefit VBP too RB . . It PRP 's VBZ not RB a DT zero-sum JJ game NN . . '' '' Asked VBN about IN the DT possibility NN of IN greater JJR economic JJ cooperation NN among IN Asia-Pacific NNP nations NNS , , which WDT will MD be VB discussed VBN Nov. NNP 6 CD and CC 7 CD at IN a DT ministerial JJ meeting NN in IN Canberra NNP , , Mr. NNP Lee NNP said VBD the DT goal NN `` `` is VBZ to TO have VB a DT free JJ and CC open JJ world NN trading VBG system NN . . '' '' An DT Asian JJ bloc NN is VBZ n't RB intended JJ , , he PRP said VBD . . `` `` That DT 's VBZ not RB possible JJ . . '' '' On IN U.S.-Japan JJ relations NNS : : `` `` I PRP 'm VBP encouraged JJ . . I PRP think VBP the DT earlier JJR strident JJ notes NNS struck VBN by IN { ( U.S. NNP Commerce NNP Secretary NNP Robert NNP } ) Mosbacher NNP and CC { ( U.S. NNP Trade NNP Representative NNP } ) Carla NNP Hills NNP have VBP been VBN more RBR rounded JJ . . I PRP believe VBP the DT U.S. NNP is VBZ becoming VBG more RBR patient JJ and CC circumspect JJ , , '' '' he PRP said VBD . . `` `` It PRP 's VBZ the DT total NN relationship NN that WDT is VBZ important JJ . . '' '' The DT total NN relationship NN , , as IN Mr. NNP Lee NNP sees VBZ it PRP , , is VBZ `` `` the DT flow NN of IN dollars NNS to TO the DT U.S. NNP to TO fund VB the DT deficits NNS , , the DT investments NNS the DT Japanese NNPS are VBP making VBG in IN the DT U.S. NNP in IN order NN to TO satisfy VB American JJ demand NN that IN American JJ products NNS consumed VBN in IN America NNP should MD be VB made VBN as RB much RB as IN possible JJ in IN America NNP by IN Americans NNPS with IN Japanese JJ technology NN and CC capital NN . . '' '' Japan NNP 's POS recent JJ political JJ turbulence NN , , Mr. NNP Lee NNP said VBD , , may MD mean VB Japan NNP will MD slow VB market NN adjustments NNS . . `` `` They PRP 'll MD be VB more RBR timorous JJ in IN tackling VBG their PRP$ own JJ voters NNS , , like IN opening VBG up RP more RBR to TO agricultural JJ imports NNS from IN America NNP , , hurting VBG their PRP$ farmers NNS . . '' '' On IN U.S. NNP military JJ presence NN in IN Asia NNP : : Asked VBN if IN his PRP$ offer NN to TO allow VB the DT American JJ military NN to TO use VB facilities NNS in IN Singapore NNP would MD help VB preserve VB America NNP 's POS presence NN in IN the DT region NN at IN bases NNS in IN the DT Philippines NNPS , , he PRP said VBD , , `` `` What WP we PRP have VBP done VBN is VBZ make VB it PRP easier JJR for IN the DT Philippines NNPS to TO continue VB to TO host VB American JJ bases NNS without IN it PRP being VBG said VBN they PRP are VBP lackeys NNS of IN the DT imperialists NNS and CC the DT only JJ ones NNS in IN Asia NNP or CC in IN Southeast NNP Asia NNP . . We PRP are VBP willing JJ to TO share VB the DT political JJ burden NN of IN being VBG host NN to TO America NNP , , an DT imperial JJ power NN . . We PRP think VBP it PRP is VBZ n't RB such JJ a DT great JJ burden NN , , that IN it PRP carries VBZ no DT stigma NN , , and CC we PRP are VBP prepared JJ to TO do VB it PRP . . '' '' On IN U.S.-Philippine JJ relations NNS : : `` `` It PRP 's VBZ such JJ a DT mixed-up JJ relationship NN going VBG back RB into IN history NN ... : . . I PRP really RB do VBP not RB understand VB how WRB it PRP is VBZ that IN Filipinos NNPS feel VBP so RB passionately RB involved JJ in IN this DT father NN figure NN that WDT they PRP want VBP to TO dispose VB of IN and CC yet RB they PRP need VBP . . I PRP just RB do VBP n't RB understand VB it PRP . . My PRP$ relationships NNS with IN the DT British NNPS are VBP totally RB different JJ . . They PRP lorded VBD it PRP over IN me PRP . . They PRP did VBD me PRP some DT good JJ . . They PRP did VBD themselves PRP even RB more RBR good JJ . . They PRP let VB me PRP down RP when WRB the DT Japanese NNPS came VBD down RB { ( during IN World NNP War NNP II NNP } ) ... : . . I PRP do VBP n't RB feel VB down RB or CC done VBN in RB because IN I PRP show VBP British JJ serials NNS on IN my PRP$ television NN network NN or CC read VBP their PRP$ books NNS . . I PRP mean VBP it PRP is VBZ a DT normal JJ adult NN relationship NN . . `` `` But CC the DT Filipinos NNPS and CC the DT Americans NNPS , , when WRB I PRP talk VBP to TO them PRP , , there EX 's VBZ so RB much JJ passion NN about IN Filipino JJ manhood NN being VBG diminished VBN as IN a DT result NN of IN being VBG squatted VBN upon IN by IN the DT Americans NNPS and CC so RB on RB . . The DT occasional JJ Englishman NNP tries VBZ to TO put VB on RP airs NNS but CC we PRP let VBP it PRP pass VB ... : . . It PRP 's VBZ just RB comic JJ when WRB they PRP try VBP to TO pretend VB they PRP 're VBP still RB the DT master NN race NN . . '' '' Mr. NNP Lee NNP added VBD that IN the DT Filipinos NNPS are VBP `` `` making VBG it PRP very RB difficult JJ '' '' for IN the DT U.S. NNP military JJ presence NN to TO last VB beyond IN five CD or CC 10 CD years NNS . . On IN military JJ alternatives NNS if IN the DT U.S. NNP pulls VBZ back RB : : `` `` The DT Soviets NNPS already RB are VBP present JJ . . I PRP suppose VBP sooner RBR or CC later RBR , , the DT Japanese NNPS would MD have VB to TO fill VB up RP a DT large JJ part NN of IN the DT gap NN on IN the DT naval JJ side NN . . Maybe RB the DT Chinese NNPS , , maybe RB even RB the DT Indians NNPS . . '' '' On IN economic JJ consequences NNS of IN a DT diminished JJ U.S. NNP presence NN : : `` `` America NNP is VBZ the DT only RB major JJ power NN in IN recent JJ history NN that WDT has VBZ used VBN its PRP$ military JJ might NN to TO sustain VB a DT system NN that WDT enables VBZ all DT participants NNS to TO equally RB benefit VB without IN her PRP as IN the DT provider NN of IN the DT security NN taking VBG royalties NNS . . '' '' Asked VBN why WRB so RB few JJ nations NNS seem VBP to TO share VB his PRP$ views NNS of IN America NNP , , he PRP said VBD , , `` `` Many JJ people NNS see VBP it PRP that DT way NN . . But CC they PRP have VBP just RB taken VBN it PRP for IN granted VBN . . '' '' On IN Cambodia NNP : : `` `` Let VB 's PRP assume VB that DT { ( former JJ Cambodian JJ leader NN Prince NNP Norodom NNP } ) Sihanouk NNP does VBZ what WP the DT press NN wants VBZ him PRP to TO do VB and CC joins VBZ up RP with IN { ( Vietnamese-backed JJ Cambodian JJ leader NN } ) Hun NNP Sen NNP . . Is VBZ the DT trouble NN over RP ? . Can MD Sihanouk NNP and CC Hun NNP Sen NNP knock VB off RP the DT Khmer NNP Rouge NNP still RB supported VBN by IN China NNP ? . He PRP ca MD n't RB . . `` `` What WP is VBZ the DT way NN forward RB ? . To TO get VB the DT Khmer NNP Rouge NNP as IN part NN of IN a DT process NN for IN elections NNS . . And CC when WRB they PRP lose VBP , , then RB we PRP can MD expect VB China NNP to TO stop VB aid NN . . Let VB 's PRP put VB it PRP bluntly RB . . The DT Chinese NNPS can MD not RB be VB seen VBN to TO have VB made VBN use NN of IN the DT Khmer NNP Rouge NNP and CC then RB discard VB them PRP . . '' '' Ms. NNP House NNP is VBZ vice NN president NN of IN Dow NNP Jones NNP International NNP Group NNP . . Mr. NNP Wain NNP is VBZ editor NN of IN The DT Asian NNP Wall NNP Street NNP Journal NNP . . Everything NN looked VBD good JJ as IN neurosurgeon NN Walter NNP Levy NNP and CC colleagues NNS carefully RB cut VB away RB a DT woman NN 's POS spinal JJ tumor NN at IN the DT Cleveland NNP Clinic NNP in IN 1978 CD . . Using VBG small JJ electrical JJ shocks NNS applied VBN to TO her PRP$ feet NNS , , they PRP were VBD able JJ to TO monitor VB sensory JJ nerves NNS . . The DT shocks NNS generated VBD nerve NN impulses NNS that WDT traveled VBD via IN spine NN to TO brain NN and CC showed VBD up RP clearly RB on IN a DT brain-wave JJ monitor NN , , indicating VBG no DT damage NN to TO the DT delicate JJ spinal JJ tissue NN . . Then RB , , says VBZ Dr. NNP Levy NNP , , `` `` she PRP woke VBD up RP paralyzed JJ . . '' '' The DT damage NN was VBD to TO her PRP$ motor NN nerves NNS , , which WDT could MD n't RB be VB monitored VBN along IN with IN the DT sensory JJ nerves NNS , , he PRP explains VBZ . . The DT tragedy NN , , he PRP adds VBZ , , `` `` galvanized VBD me PRP '' '' to TO look VB for IN a DT way NN to TO prevent VB similar JJ cases NNS . . Dr. NNP Levy NNP 's POS answer NN may MD come VB with IN a DT new JJ kind NN of IN magnetic JJ brain NN probe NN , , a DT device NN that IN he PRP and CC dozens NNS of IN U.S. NNP researchers NNS are VBP studying VBG with IN great JJ hope NN . . Besides IN holding VBG the DT promise NN of IN safer JJR spinal NN surgery NN , , the DT probe NN could MD improve VB the DT diagnosis NN of IN brain NN and CC nerve NN disorders NNS such JJ as IN strokes NNS and CC multiple JJ sclerosis NN . . Perhaps RB most RBS exciting JJ , , the DT device NN is VBZ thrusting VBG open RP a DT window NN to TO the DT workings NNS of IN the DT brain NN . . The DT probe NN , , which WDT is VBZ painless JJ , , non-invasive JJ and CC apparently RB harmless JJ , , employs VBZ strong JJ magnetic JJ fields NNS to TO induce VB small JJ whirlwinds NNS of IN electricity NN within IN the DT brain NN . . If IN positioned VBN over IN the DT brain NN 's POS motor-control JJ area NN , , the DT hand-held JJ electromagnets NNS generate VBP nerve NN impulses NNS that WDT zip VBP down IN motor NN nerves NNS and CC activate VBP muscles NNS , , making VBG , , say VB , , a DT finger NN twitch VB . . In IN principle NN , , they PRP will MD enable VB doctors NNS to TO check VB the DT body NN 's POS motor NN system NN the DT way NN an DT electrician NN tests VBZ a DT home NN 's POS electrical JJ circuits NNS by IN running VBG current NN through IN them PRP . . `` `` Until IN now RB , , we PRP 've VBP had VBN no DT objective JJ way NN of IN measuring VBG motor NN function NN , , '' '' says VBZ Keith NNP Chiappa NNP , , a DT neurologist NN conducting VBG clinical JJ tests NNS with IN the DT devices NNS at IN Boston NNP 's POS Massachusetts NNP General NNP Hospital NNP . . `` `` All DT we PRP could MD do VB was VBD tell VB a DT patient NN , , ` `` squeeze VB my PRP$ fingers NNS as RB hard RB as IN you PRP can MD ' '' or CC ` `` raise VB your PRP$ arm NN . . ' '' `` `` Under IN the DT best JJS circumstances NNS such JJ tests NNS are VBP subjective JJ ; : when WRB a DT patient NN is VBZ unconscious JJ , , they PRP do VBP n't RB work VB at IN all DT . . Magnetic JJ brain NN tweaking NN started VBD in IN the DT early JJ 1900s NNS , , when WRB researchers NNS produced VBD flashes NNS of IN light NN in IN the DT visual JJ field NN with IN magnets NNS . . In IN the DT 1960s NNS , , Mayo NNP Clinic NNP researchers NNS developed VBD magnetic JJ devices NNS to TO stimulate VB motor NN nerves NNS in IN the DT hand NN and CC other JJ limbs NNS . . But CC for IN brain NN tests NNS , , the DT unwieldy JJ machines NNS `` `` would MD have VB required VBN patients NNS to TO stand VB on IN their PRP$ heads NNS , , '' '' says VBZ Reginald NNP Bickford NNP , , a DT researcher NN at IN the DT University NNP of IN California NNP at IN San NNP Diego NNP . . The DT field NN took VBD off RB in IN 1985 CD after IN scientists NNS at IN Britain NNP 's POS Sheffield NNP University NNP developed VBD a DT handy JJ , , compact JJ magnet NN for IN brain NN stimulation NN . . Since IN then RB , , at IN least JJS two CD commercial JJ versions NNS have VBP been VBN put VBN on IN the DT U.S. NNP market NN , , and CC an DT estimated VBN 500 CD have VBP been VBN sold VBN . . In IN August NNP , , a DT Chicago NNP conference NN on IN such JJ devices NNS attracted VBD more JJR than IN 100 CD researchers NNS , , who WP reported VBD studies NNS on IN everything NN from IN brain NN mapping NN to TO physical JJ therapy NN . . `` `` We PRP do VBP n't RB feel VB we PRP can MD use VB { ( the DT devices NNS } ) routinely RB in IN surgery NN yet RB , , but CC we PRP 're VBP getting VBG close JJ , , '' '' says VBZ Dr. NNP Levy NNP , , who WP is VBZ now RB with IN the DT University NNP of IN Pittsburgh NNP . . A DT problem NN , , he PRP adds VBZ , , is VBZ that IN anesthetized JJ brains NNS are VBP more RBR resistant JJ to TO magnetic JJ stimulation NN than IN awake JJ ones NNS . . The DT devices NNS could MD help VB indicate VB when WRB surgery NN would MD help VB , , says VBZ Charles NNP Tator NNP , , a DT University NNP of IN Toronto NNP neurosurgeon NN . . For IN example NN , , paralyzed JJ car-crash JJ victims NNS occasionally RB have VBP some DT intact JJ spinal JJ tissues NNS that WDT , , if IN preserved VBN by IN emergency NN surgery NN , , enable VBP partial JJ recovery NN . . But CC such JJ operations NNS typically RB are VBP n't RB performed VBN because IN there EX is VBZ no DT sign NN right RB after IN an DT injury NN that DT surgery NN would MD be VB beneficial JJ . . `` `` The DT cost NN { ( of IN magnetic JJ stimulators NNS } ) would MD seem VB like IN peanuts NNS if IN we PRP could MD retrieve VB limb NN function NN '' '' in IN such JJ people NNS , , Dr. NNP Tator NNP says VBZ . . Scientists NNS caution VBP there EX is VBZ a DT chance NN the DT magnet NN technique NN might MD spark VB seizures NNS in IN epileptics NNS . . But CC no DT significant JJ problems NNS have VBP been VBN reported VBN among IN hundreds NNS of IN people NNS tested VBN with IN the DT devices NNS . . The DT main JJ sensation NN , , besides IN feeling NN like IN a DT puppet NN jerked VBN with IN invisible JJ strings NNS , , is VBZ `` `` like IN a DT rap NN on IN the DT head NN , , '' '' says VBZ Sam NNP Bridgers NNP , , a DT neurologist NN who WP has VBZ studied VBN the DT brain NN stimulators NNS at IN Yale NNP University NNP . . One CD apparent JJ side NN effect NN is VBZ a DT minor JJ increase NN in IN a DT brain NN hormone NN . . And CC some DT doctors NNS who WP have VBP conducted VBN hours NNS of IN tests NNS on IN themselves PRP report VBP temporary JJ headaches NNS . . At IN least JJS two CD companies NNS , , Cadwell NNP Laboratories NNPS Inc. NNP of IN Kennewick NNP , , Wash. NNP , , and CC Novametrix NNP Medical NNP Systems NNPS Inc. NNP of IN Wallingford NNP , , Conn. NNP , , now RB sell VBP versions NNS of IN the DT magnetic JJ devices NNS . . The DT machines NNS , , which WDT at IN $ $ 12,500 CD are VBP inexpensive JJ by IN medical JJ standards NNS , , have VBP n't RB been VBN approved VBN in IN the DT U.S. NNP for IN marketing NN as IN brain NN stimulators NNS but CC are VBP sold VBN for IN stimulating JJ nerves NNS in IN the DT hand NN , , legs NNS and CC other JJ non-brain JJ areas NNS . . Researchers NNS can MD apply VB for IN permission NN to TO use VB the DT probes NNS for IN brain NN studies NNS . . At IN the DT University NNP of IN Kentucky NNP , , a DT team NN led VBN by IN Dean NNP Currier NNP , , a DT physical JJ therapy NN researcher NN , , is VBZ testing VBG the DT stimulators NNS in IN conjunction NN with IN electric JJ shocks NNS to TO induce VB muscle NN contractions NNS to TO help VB prevent VB wasting NN of IN thigh NN muscles NNS after IN knee NN surgery NN . . Similarly RB , , a DT Purdue NNP University NNP team NN led VBN by IN heart NN researcher NN W.A. NNP Tacker NNP hopes VBZ to TO develop VB ways NNS to TO magnetically RB induce VB cardiac JJ muscle NN contractions NNS . . The DT devices NNS might MD someday RB serve VB as IN temporary JJ pacemakers NNS or CC restarters NNS for IN stopped VBN hearts NNS , , says VBZ Dr. NNP Tacker NNP , , whose WP$ prototype NN was VBD dubbed VBN the DT `` `` Tacker NNP whacker NN . . '' '' The DT devices NNS ' POS most RBS remarkable JJ possibilities NNS , , though RB , , involve VBP the DT brain NN . . Probing VBG with IN the DT stimulators NNS , , National NNP Institutes NNPS of IN Health NNP scientists NNS recently RB showed VBD how WRB the DT brain NN reorganizes VBZ motor-control JJ resources NNS after IN an DT amputation NN . . Similar JJ studies NNS are VBP expected VBN to TO reveal VB how WRB stroke NN patients NNS ' POS brains NNS regroup VBP -- : a DT first JJ step NN toward IN finding VBG ways NNS to TO bolster VB that DT process NN and CC speed NN rehabilitation NN . . Scientists NNS also RB are VBP exploring VBG memory NN and CC perception NN with IN the DT new JJ machines NNS . . At IN the DT State NNP University NNP of IN New NNP York NNP at IN Brooklyn NNP , , researchers NNS flash VBP two CD groups NNS of IN different JJ letters NNS on IN a DT computer NN screen NN in IN front NN of IN human JJ guinea NN pigs NNS . . Between IN flashes NNS , , certain JJ areas NNS in IN subjects NNS ' POS brains NNS are VBP jolted VBN with IN a DT magnetic JJ stimulator NN . . When WRB the DT jolt NN is VBZ timed VBN just RB right RB , , the DT subjects NNS do VBP n't RB recall VB seeing VBG the DT first JJ group NN of IN letters NNS . . `` `` Where WRB does VBZ that IN first JJ stimulus NN go VB ? . '' '' exclaims VBZ SUNY NNP neurologist NN Paul NNP Maccabee NNP . . `` `` Trying VBG to TO answer VB that DT is VBZ suggesting VBG all DT kinds NNS of IN theories NNS , , '' '' such JJ as IN precisely RB where WRB and CC how WRB the DT brain NN processes VBZ incoming JJ signals NNS from IN the DT eyes NNS . . He PRP and CC others NNS say VBP that IN the DT machines NNS are VBP weak JJ enough RB that IN they PRP do VBP n't RB jeopardize VB the DT memory NN . . Both DT the DT SUNY NNP team NN and CC researchers NNS at IN the DT National NNP Magnet NNP Laboratory NNP in IN Cambridge NNP , , Mass. NNP , , are VBP working VBG with IN more RBR potent JJ magnetic JJ brain NN stimulators NNS . . Among IN other JJ things NNS , , the DT stronger JJR devices NNS may MD be VB able JJ to TO summon VB forth RB half-forgotten JJ memories NNS and CC induce VB mood NN changes NNS , , neurologists NNS say VBP . . Du NNP Pont NNP Co. NNP , , Hewlett-Packard NNP Co. NNP and CC Los NNP Alamos NNP National NNP Laboratory NNP said VBD they PRP signed VBD a DT three-year JJ , , $ $ 11 CD million CD agreement NN to TO collaborate VB on IN superconductor NN research NN . . The DT collaboration NN will MD include VB at IN least JJS 25 CD researchers NNS and CC will MD be VB aimed VBN primarily RB at IN developing VBG thin JJ films NNS of IN high-temperature JJ superconductors NNS for IN use NN in IN electronics NNS , , the DT companies NNS said VBD . . The DT materials NNS , , discovered VBN during IN the DT past JJ three CD years NNS , , conduct VBP electricity NN without IN resistance NN and CC promise VBP smaller JJR , , faster JJR computers NNS and CC other JJ new JJ technologies NNS . . Joint-research JJ programs NNS have VBP proliferated VBN as IN U.S. NNP companies NNS seek VBP to TO spread VB the DT risks NNS and CC costs NNS of IN commercializing VBG new JJ superconductors NNS and CC to TO meet VB the DT challenges NNS posed VBN by IN foreign JJ consortia NN , , especially RB in IN Japan NNP . . The DT latest JJS research NN pact NN bolsters VBZ Du NNP Pont NNP 's POS growing VBG portfolio NN of IN investments NNS in IN superconductors NNS . . The DT Wilmington NNP , , Del. NNP , , chemicals NNS concern NN previously RB signed VBD research NN superconductor NN agreements NNS with IN Oak NNP Ridge NNP National NNP Laboratory NNP and CC with IN Argonne NNP National NNP Laboratory NNP . . Last JJ year NN , , Du NNP Pont NNP agreed VBD to TO pay VB $ $ 4.5 CD million CD for IN rights NNS to TO superconductor NN work NN at IN the DT University NNP of IN Houston NNP . . Hewlett-Packard NNP is VBZ a DT Palo NNP Alto NNP , , Calif. NNP , , computer NN maker NN . . The DT Los NNP Alamos NNP laboratory NN is VBZ one CD of IN three CD U.S. NNP Department NNP of IN Energy NNP national JJ laboratories NNS designed VBN as IN pilot NN centers NNS to TO foster VB joint JJ industry-government JJ programs NNS to TO speed VB the DT transfer NN of IN new JJ superconductors NNS to TO the DT marketplace NN . . J.C. NNP PENNEY NNP Co. NNP , , Dallas NNP , , said VBD it PRP issued VBD $ $ 350 CD million CD of IN securities NNS backed VBN by IN credit-card NN receivables NN . . The DT offering NN was VBD priced VBN with IN an DT 8.95 CD % NN coupon NN rate NN at IN 99.1875 CD % NN to TO yield VB 9.19 CD % NN . . The DT retailer NN said VBD the DT securities NNS are VBP expected VBN to TO be VB rated VBN triple-A JJ by IN Standard NNP & CC Poor NNP 's POS Corp. NNP and CC Aaa JJ by IN Moody NNP 's POS Investors NNPS Service NNP Inc NNP . . They PRP pay VBP interest NN only RB for IN 115 CD months NNS , , with IN principal JJ payments NNS beginning VBG thereafter RB . . The DT expected JJ average JJ life NN of IN the DT certificates NNS is VBZ 10 CD years NNS , , with IN the DT final JJ scheduled JJ payment NN in IN October NNP , , 2001 CD . . First NNP Boston NNP Corp. NNP is VBZ sole JJ underwriter NN . . As IN part NN of IN the DT transaction NN , , J.C. NNP Penney NNP will MD sell VB a DT portion NN of IN its PRP$ credit-card NN receivables NN to TO its PRP$ JCP NNP Receivables NNPS Inc. NNP unit NN , , which WDT will MD then RB transfer VB them PRP to TO a DT master NN trust NN . . The DT trust NN will MD issue VB the DT certificates NNS . . Credit NN support NN will MD be VB provided VBN by IN a DT letter NN of IN credit NN facility NN from IN Credit NNP Suisse NNP in IN favor NN of IN the DT trustee NN , , Fuji NNP Bank NNP & CC Trust NNP Co. NNP , , for IN the DT benefit NN of IN the DT certificate NN holders NNS . . J.C. NNP Penney NNP will MD continue VB to TO service VB the DT receivables NN . . Battle-tested JJ Japanese JJ industrial JJ managers NNS here RB always RB buck VBP up RP nervous JJ newcomers NNS with IN the DT tale NN of IN the DT first JJ of IN their PRP$ countrymen NNS to TO visit VB Mexico NNP , , a DT boatload NN of IN samurai FW warriors NNS blown VBN ashore RB 375 CD years NNS ago RB . . `` `` From IN the DT beginning NN , , it PRP took VBD a DT man NN with IN extraordinary JJ qualities NNS to TO succeed VB in IN Mexico NNP , , '' '' says VBZ Kimihide NNP Takimura NNP , , president NN of IN Mitsui NNP group NN 's POS Kensetsu NNP Engineering NNP Inc. NNP unit NN . . Here RB in IN this DT new JJ center NN for IN Japanese JJ assembly NN plants NNS just RB across IN the DT border NN from IN San NNP Diego NNP , , turnover NN is VBZ dizzying JJ , , infrastructure NN shoddy JJ , , bureaucracy NN intense JJ . . Even RB after-hours NNS drag VBP ; : `` `` karaoke FW '' '' bars NNS , , where WRB Japanese JJ revelers NNS sing VBP over IN recorded JJ music NN , , are VBP prohibited VBN by IN Mexico NNP 's POS powerful JJ musicians NNS union NN . . Still RB , , 20 CD Japanese JJ companies NNS , , including VBG giants NNS such JJ as IN Sanyo NNP Industries NNP Corp. NNP , , Matsushita NNP Electronics NNP Components NNP Corp. NNP and CC Sony NNP Corp. NNP have VBP set VBN up RP shop NN in IN the DT state NN of IN Northern NNP Baja NNP California NNP . . Keeping VBG the DT Japanese NNPS happy JJ will MD be VB one CD of IN the DT most RBS important JJ tasks NNS facing VBG conservative JJ leader NN Ernesto NNP Ruffo NNP when WRB he PRP takes VBZ office NN Nov. NNP 1 CD , , as IN the DT first JJ opposition NN governor NN in IN Mexico NNP 's POS modern JJ history NN . . Mexico NNP , , with IN its PRP$ desperate JJ need NN for IN investment NN , , and CC Japan NNP , , with IN its PRP$ huge JJ budget NN surplus NN , , would MD seem VB like IN a DT perfect JJ match NN . . But CC the DT two CD countries NNS remain VBP separated JJ by IN a DT cultural JJ barrier NN wider JJR than IN the DT ocean NN . . Conservative JJ Japanese JJ investors NNS are VBP put VBN off RP by IN what WP they PRP consider VBP Mexico NNP 's POS restrictive JJ investment NN regulations NNS and CC loose JJ work NN habits NNS . . From IN the DT Mexicans NNPS ' POS viewpoint NN , , vaunted JJ tactics NNS of IN methodical JJ Japanese JJ managers NNS do VBP n't RB count VB for IN much JJ in IN a DT land NN where WRB a DT saying NN says VBZ `` `` there EX are VBP no DT fixed JJ rules NNS . . '' '' Japan NNP ranks VBZ as IN only RB the DT fourth JJ largest JJS foreign JJ investor NN in IN Mexico NNP , , with IN 5 CD % NN of IN the DT total JJ investments NNS . . That DT is VBZ just RB 1 CD % NN of IN all PDT the DT money NN Japan NNP has VBZ invested VBN abroad RB . . Mexican NNP President NNP Carlos NNP Salinas NNP de NNP Gortari NNP would MD like VB to TO change VB that DT . . The DT young JJ president NN so RB admires VBZ Japanese JJ discipline NN that IN he PRP sends VBZ his PRP$ children NNS to TO a DT Japanese JJ school NN in IN Mexico NNP City NNP . . He PRP already RB has VBZ finagled VBN a DT $ $ 2 CD billion CD loan NN from IN the DT Japanese JJ government NN . . But CC Mexico NNP urgently RB needs VBZ more JJR help NN . . Mr. NNP Salinas NNP 's POS unpopular JJ Institutional NNP Revolutionary NNP Party NNP , , or CC PRI NNP , , faces VBZ congressional JJ elections NNS in IN 1991 CD . . For IN the DT PRI NNP to TO stand VB a DT chance NN , , Mr. NNP Salinas NNP has VBZ to TO press VB on RP with IN an DT economic JJ program NN that WDT so RB far RB has VBZ succeeded VBN in IN lowering VBG inflation NN and CC providing VBG moderate JJ economic JJ growth NN . . But CC maintaining VBG the DT key JJ components NNS of IN his PRP$ strategy NN -- : a DT stable JJ exchange NN rate NN and CC high JJ level NN of IN imports NNS -- : will MD consume VB enormous JJ amounts NNS of IN foreign JJ exchange NN . . Mr. NNP Salinas NNP needs VBZ big JJ investment NN inflows NNS -- : quickly RB . . The DT problem NN is VBZ that IN Japanese JJ businesses NNS make VBP decisions NNS with IN a DT view NN well RB beyond IN the DT coming JJ months NNS that WDT weigh VBP so RB heavily RB on IN Mr. NNP Salinas NNP . . `` `` The DT Japanese NNPS will MD come VB to TO Mexico NNP , , but CC not RB immediately RB , , '' '' says VBZ Kazushige NNP Suzuki NNP , , director-general NN of IN the DT Japanese NNP External NNP Trade NNP Organization NNP in IN Mexico NNP . . If IN not RB now RB , , when WRB ? . `` `` When WRB the DT fruit NN is VBZ ripe JJ , , it PRP falls VBZ from IN the DT tree NN by IN itself PRP , , '' '' he PRP says VBZ . . Pressed VBN on IN the DT matter NN , , he PRP is VBZ more RBR specific JJ . . `` `` There EX will MD be VB big JJ Japanese JJ investments NNS probably RB five CD to TO 10 CD years NNS from IN now RB . . '' '' Ryukichi NNP Imai NNP , , Japan NNP 's POS ambassador NN to TO Mexico NNP , , agrees VBZ that IN Mexico NNP may MD be VB too RB eager JJ . . `` `` There EX seems VBZ to TO be VB a DT presumption NN in IN some DT sectors NNS of IN ( ( Mexico NNP 's POS ) ) government NN that IN there EX is VBZ a DT lot NN of IN Japanese JJ money NN waiting VBG behind IN the DT gate NN , , and CC that IN by IN slightly RB opening VBG the DT gate NN , , that DT money NN will MD enter VB Mexico NNP . . I PRP do VBP n't RB think VB that DT is VBZ the DT case NN . . '' '' Mexican JJ officials NNS maintain VBP the DT Japanese JJ reserve NN is VBZ only RB a DT result NN of IN unfamiliarity NN . . `` `` Because IN of IN distance NN , , it PRP takes VBZ a DT while NN for IN them PRP to TO appreciate VB the DT economic JJ stability NN we PRP 've VBP achieved VBN , , '' '' says VBZ one CD economic JJ policymaker NN . . Mexico NNP is VBZ sending VBG a DT number NN of IN missions NNS to TO Japan NNP looking VBG for IN a DT major JJ breakthrough NN investment NN in IN telecommunications NNS , , petrochemicals NNS or CC tourism NN . . It PRP is VBZ hoped VBN that IN other JJ Japanese NNPS would MD then RB follow VB the DT leader NN . . But CC Japanese JJ investors NNS say VBP that IN their PRP$ reluctance NN to TO invest VB stems VBZ not RB only RB from IN concerns NNS about IN Mexico NNP 's POS economic JJ outlook NN , , but CC also RB reservations NNS about IN Mexico NNP 's POS recently RB revamped VBN investment NN law NN . . Unable JJ to TO get VB a DT new JJ law NN through IN a DT congress NN with IN a DT strong JJ leftist JJ bloc NN , , Mexico NNP jury-rigged VBD the DT existing VBG law NN 's POS regulations NNS . . It PRP created VBD special JJ 20-year JJ trusts NNS to TO allow VB foreigners NNS 100 CD % NN ownership NN in IN some DT once-closed JJ industries NNS . . It PRP also RB made VBD artful JJ use NN of IN semantics NNS , , redefining VBG as IN non-strategic JJ industries NNS some DT that WDT had VBD been VBN in IN the DT national JJ domain NN . . `` `` Those DT devices NNS do VBP n't RB give VB sufficient JJ certainty NN to TO our PRP$ bosses NNS in IN Japan NNP , , '' '' says VBZ Yasuo NNP Nakamura NNP , , representative NN of IN the DT Industrial NNP Bank NNP of IN Japan NNP . . Mr. NNP Nakamura NNP cites VBZ the DT case NN of IN a DT customer NN who WP wants VBZ to TO build VB a DT giant JJ tourism NN complex NN in IN Baja NN and CC has VBZ been VBN trying VBG for IN eight CD years NNS to TO get VB around IN Mexican NNP restrictions NNS on IN foreign JJ ownership NN of IN beachfront JJ property NN . . He PRP could MD develop VB the DT beach NN through IN a DT trust NN , , but CC instead RB is VBZ trying VBG have VB his PRP$ grandson NN become VB a DT naturalized JJ Mexican NNP so IN his PRP$ family NN gains VBZ direct JJ control NN . . Some DT say VBP the DT best JJS hope NN for IN the DT Mexicans NNPS is VBZ catching VBG the DT eye NN of IN Japan NNP by IN promoting VBG the DT one CD industry NN the DT Japanese NNPS clearly RB like VBP -- : the DT border NN assembly NN plants NNS , , known VBN as IN `` `` maquiladoras FW , , '' '' which WDT are VBP open JJ to TO 100 CD % NN foreign JJ control NN . . `` `` We PRP must MD do VB more JJR to TO help VB the DT Japanese NNPS here RB in IN Baja NNP if IN we PRP want VBP them PRP to TO invest VB elsewhere RB , , '' '' says VBZ Mr. NNP Ruffo NNP , , the DT governor-elect NN of IN the DT National NNP Action NNP Party NNP and CC himself PRP a DT succesful JJ businessman NN . . Plant NN operators NNS are VBP heartened VBN by IN Mr. NNP Ruffo NNP 's POS pledge NN to TO cut VB corruption NN associated VBN with IN the DT ruling VBG party NN officials NNS . . But CC Mr. NNP Ruffo NNP frets VBZ that IN an DT even RB bigger JJR problem NN could MD be VB protectionism NN from IN the DT U.S. NNP , , where WRB some DT politicians NNS oppose VBP what WP they PRP consider VBP Japanese JJ efforts NNS to TO use VB maquiladoras FW to TO crack VB the DT U.S. NNP market NN through IN the DT back JJ door NN . . Shaken VBN by IN tumbling VBG stock NN prices NNS and CC pessimistic JJ projections NNS of IN U.S. NNP economic JJ growth NN , , currency NN analysts NNS around IN the DT world NN have VBP toned VBN down RP their PRP$ assessments NNS of IN the DT dollar NN 's POS near-term JJ performance NN . . Most JJS of IN the DT 10 CD analysts NNS polled VBN last JJ week NN by IN Dow NNP Jones NNP International NNP News NNP Service NNP in IN Frankfurt NNP , , Tokyo NNP , , London NNP and CC New NNP York NNP expect VBP the DT U.S. NNP dollar NN to TO ease VB only RB mildly RB in IN November NNP . . Opinion NN is VBZ mixed JJ over IN its PRP$ three-month JJ prospects NNS . . Half NN of IN those DT polled VBN see VBP the DT currency NN trending VBG lower JJR over IN the DT next JJ three CD months NNS , , while IN the DT others NNS forecast VBP a DT modest JJ rebound NN after IN the DT New NNP Year NN . . In IN late JJ afternoon NN New NNP York NNP trading NN yesterday NN , , the DT dollar NN stood VBD at IN 1.8415 CD West JJ German JJ marks NNS , , up RB from IN 1.8340 CD marks NNS late RB Monday NNP , , and CC at IN 142.85 CD yen NNS , , up RB from IN 141.90 CD yen NNS late RB Monday NNP . . A DT month NN ago RB , , a DT similar JJ survey NN predicted VBD the DT dollar NN would MD be VB trading VBG at IN 1.8690 CD marks NNS and CC 139.75 CD yen NNS by IN the DT end NN of IN October NNP . . Sterling NN was VBD trading VBG at IN $ $ 1.5805 CD , , down RB from IN $ $ 1.5820 CD late JJ Monday NNP . . In IN Tokyo NNP Wednesday NNP , , the DT U.S. NNP currency NN was VBD trading VBG at IN about RB 142.95 CD yen NNS at IN midmorning NN , , up RB from IN 142.80 CD yen NNS at IN the DT opening NN and CC up RB from IN Tuesday NNP 's POS Tokyo NNP close NN of IN 142.15 CD yen NNS . . The DT average NN of IN estimates NNS of IN the DT 10 CD economists NNS polled VBN puts VBZ the DT dollar NN around IN 1.8200 CD marks NNS at IN the DT end NN of IN November NNP and CC at IN 141.33 CD yen NNS . . By IN late JJ January NNP , , the DT consensus NN calls VBZ for IN the DT dollar NN to TO be VB trading VBG around IN 1.8200 CD marks NNS and CC near IN 142 CD yen NNS . . Those DT with IN a DT bullish JJ view NN see VBP the DT dollar NN trading VBG up RB near IN 1.9000 CD marks NNS and CC 145 CD yen NNS , , while IN the DT dollar NN bears NNS see VBP the DT U.S. NNP currency NN trading VBG around IN 1.7600 CD marks NNS and CC 138 CD yen NNS . . A DT number NN of IN those DT polled VBN predict VBP the DT dollar NN will MD slip VB as IN the DT Federal NNP Reserve NNP eases VBZ interest NN rates NNS . . David NNP Owen NNP , , an DT economist NN at IN Kleinwort NNP Benson NNP & CC Co. NNP in IN London NNP , , said VBD he PRP expects VBZ further JJ cuts NNS in IN short-term JJ U.S. NNP rates NNS in IN an DT effort NN to TO encourage VB a DT narrowing NN of IN the DT trade NN gap NN and CC to TO ensure VB a DT soft JJ landing NN in IN the DT U.S. NNP economy NN . . Robert NNP White NNP , , a DT vice NN president NN and CC manager NN of IN corporate JJ trade NN at IN First NNP Interstate NNP of IN California NNP , , agreed VBD with IN that DT view NN and CC predicted VBD the DT U.S. NNP federal JJ funds NNS rate NN will MD drop VB to TO between IN 7 CD 3\/4 CD % NN and CC 8 CD % NN within IN 60 CD days NNS from IN its PRP$ current JJ level NN at IN 8 CD 13\/16 CD % NN . . Fed NNP funds NNS is VBZ the DT rate NN banks NNS charge VBP each DT other JJ on IN overnight JJ loans NNS ; : the DT Fed NNP influences VBZ the DT rate NN by IN adding VBG or CC draining VBG reserves NNS from IN the DT banking NN system NN . . Mr. NNP White NNP also RB predicted VBD a DT half-point JJ cut NN in IN the DT U.S. NNP discount NN rate NN in IN the DT near JJ future NN . . The DT discount NN rate NN , , currently RB 7 CD % NN , , is VBZ the DT rate NN the DT Fed NNP charges VBZ member NN banks NNS for IN loans NNS , , using VBG government NN securities NNS as IN collateral NN . . He PRP expects VBZ such PDT a DT cut NN `` `` because IN of IN problems NNS in IN several JJ sectors NNS of IN the DT economy NN , , particularly RB real JJ estate NN and CC automobiles NNS . . '' '' Bolstering VBG his PRP$ argument NN , , the DT Commerce NNP Department NNP reported VBD yesterday NN that IN new JJ home NN sales NNS for IN September NNP were VBD down RB 14 CD % NN from IN August NNP 's POS revised JJ 3.1 CD % NN fall NN . . The DT drop NN marked VBD the DT largest JJS monthly JJ tumble NN since IN a DT 19 CD % NN slide NN in IN January NNP 1982 CD . . In IN last JJ month NN 's POS survey NN , , a DT number NN of IN currency NN analysts NNS predicted VBD the DT dollar NN would MD be VB pressured VBN by IN a DT narrowing NN of IN interest NN rate NN differentials NNS between IN the DT U.S. NNP and CC West NNP Germany NNP . . Indeed RB , , in IN early JJ October NNP the DT West JJ German JJ central JJ bank NN raised VBD its PRP$ discount NN and CC Lombard NNP rates NNS by IN a DT full JJ percentage NN point NN . . Several JJ other JJ European JJ central JJ banks NNS , , notably RB in IN Britain NNP , , followed VBD the DT West JJ German JJ Bundesbank NNP 's POS lead NN by IN raising VBG their PRP$ own JJ key NN rates NNS . . And CC a DT week NN later RB , , Japan NNP raised VBD its PRP$ official JJ discount NN rate NN by IN a DT half JJ point NN to TO 3.75 CD % NN . . The DT Japanese JJ discount NN rate NN is VBZ the DT central JJ bank NN 's POS base JJ rate NN on IN loans NNS to TO commercial JJ banks NNS . . After IN a DT surprisingly RB sharp JJ widening NN in IN the DT U.S. NNP August NNP merchandise NN trade NN deficit NN -- : $ $ 10.77 CD billion CD from IN a DT revised JJ $ $ 8.24 CD billion CD in IN July NNP and CC well RB above IN expectations NNS -- : and CC a DT startling JJ 190-point JJ drop NN in IN stock NN prices NNS on IN Oct. NNP 13 CD , , the DT Federal NNP Reserve NNP relaxed VBD short-term JJ interest NN rates NNS , , knocking VBG fed VBN funds NNS from IN around IN 9 CD % NN to TO 8 CD 3\/4 CD % NN . . But CC predictions NNS that IN central JJ banks NNS of IN the DT Group NNP of IN Seven NNP ( ( G-7 NNP ) ) major JJ industrial JJ nations NNS would MD continue VB their PRP$ massive JJ dollar NN sales NNS went VBD astray RB , , as IN the DT market NN drove VBD the DT dollar NN downward RB on IN its PRP$ own JJ , , reacting VBG to TO Wall NNP Street NNP 's POS plunge NN and CC subsequent JJ price NN volatility NN , , lower JJR U.S. NNP interest NN rates NNS and CC signs NNS of IN a DT slowing VBG U.S. NNP economy NN . . G-7 NNP consists VBZ of IN the DT U.S. NNP , , Japan NNP , , Britain NNP , , West NNP Germany NNP , , Canada NNP , , France NNP and CC Italy NNP . . Tomoshige NNP Kakita NNP , , senior JJ deputy NN manager NN in IN the DT treasury NN department NN of IN Mitsui NNP Bank NNP Ltd. NNP in IN Tokyo NNP , , suggested VBD that IN uncertainty NN about IN U.S. NNP stocks NNS and CC bonds NNS has VBZ made VBN Japanese JJ investors NNS leery JJ of IN holding VBG those DT securities NNS in IN the DT near JJ term NN , , thus RB damping VBG dollar NN demand NN . . But CC , , Mr. NNP Kakita NNP added VBD , , once RB U.S. NNP equities NNS regain VBP some DT stability NN , , players NNS will MD move VB back RB into IN dollar-denominated JJ investments NNS , , especially RB Treasury NNP bonds NNS , , whose WP$ value NN rises VBZ when WRB interest NN rates NNS decline VBP . . Mr. NNP Kakita NNP said VBD the DT key JJ dollar-yen JJ exchange NN rate NN is VBZ at IN 135 CD yen NNS . . `` `` If IN 135 CD is VBZ broken VBN , , some DT panic NN will MD be VB seen VBN , , '' '' he PRP predicted VBD , , explaining VBG that IN Japanese JJ institutions NNS are VBP comfortable JJ with IN the DT dollar NN anywhere RB between IN current JJ levels NNS and CC 135 CD yen NNS . . Jens-Uwe NNP Fischer NNP , , a DT senior JJ trader NN at IN Manufacturers NNP Hanover NNP Trust NNP Co. NNP in IN Frankfurt NNP , , said VBD he PRP expects VBZ the DT dollar NN to TO recover VB within IN the DT next JJ three CD months NNS to TO around IN 1.88 CD marks NNS as IN U.S. NNP economic JJ data NNS , , particularly RB U.S. NNP trade NN figures NNS , , level VBP off RP . . He PRP contended VBD that IN the DT Fed NNP wo MD n't RB ease VB rates NNS further RB , , but CC predicted VBD Bundesbank NNP officials NNS will MD relax VB key JJ rates NNS in IN West NNP Germany NNP . . Alfred NNP Zapfel NNP , , chief JJ trader NN at IN Bank NNP of IN Boston NNP in IN Frankfurt NNP , , took VBD an DT opposite JJ stance NN . . He PRP said VBD he PRP expects VBZ U.S. NNP interest NN rates NNS to TO decline VB , , dragging VBG the DT dollar NN down RB to TO around IN 1.80 CD marks NNS by IN the DT end NN of IN January NNP after IN a DT short-lived JJ dash NN to TO 1.87 CD marks NNS by IN the DT end NN of IN November NNP . . West JJ German JJ interest NN rates NNS , , he PRP said VBD , , will MD remain VB unchanged JJ . . `` `` But CC I PRP 'm VBP not RB one CD of IN these DT great JJ dollar NN bears NNS you PRP see VBP more JJR of IN these DT days NNS , , '' '' Mr. NNP Zapfel NNP said VBD . . `` `` I PRP ca MD n't RB really RB see VB it PRP dropping VBG far RB below IN 1.80 CD marks NNS . . '' '' Scott NNP Greene NNP , , chief JJ foreign JJ exchange NN dealer NN with IN Julius NNP Baer NNP & CC Co. NNP in IN New NNP York NNP , , fits VBZ the DT description NN of IN a DT `` `` great JJ dollar NN bear NN . . '' '' He PRP predicted VBD the DT U.S. NNP unit NN will MD skid VB below IN 1.80 CD marks NNS to TO around IN 1.78 CD marks NNS this DT month NN and CC 1.75 CD marks NNS by IN the DT beginning NN of IN the DT new JJ year NN . . `` `` We PRP 're VBP finally RB seeing VBG the DT culmination NN of IN all PDT the DT recessionary JJ buildup NN of IN the DT last JJ few JJ months NNS , , '' '' he PRP said VBD , , noting VBG a DT continuing VBG downward JJ trend NN in IN U.S. NNP interest NN rates NNS , , a DT shaky JJ stock NN market NN and CC `` `` gloomier JJR economic JJ times NNS ahead RB '' '' all DT signal VBP a DT significantly RB lower JJR dollar NN . . In IN the DT wake NN of IN British NNP Chancellor NNP of IN the DT Exchequer NNP Nigel NNP Lawson NNP 's POS surprise JJ resignation NN and CC sterling NN 's POS subsequent JJ nose-dive NN , , most JJS analysts NNS had VBD little JJ good JJ to TO say VB about IN the DT pound NN 's POS near-term JJ prospects NNS . . Mr. NNP Owen NNP of IN Kleinwort NNP Benson NNP suggested VBD that IN the DT new JJ chancellor NN , , John NNP Major NNP , , will MD take VB a DT tough JJ line NN in IN his PRP$ autumn NN statement NN later RB this DT month NN , , helping VBG to TO underpin VB the DT pound NN . . But CC , , he PRP warned VBD , , the DT currency NN will MD remain VB at IN risk NN . . On IN the DT Commodity NNP Exchange NNP in IN New NNP York NNP , , gold NN for IN current JJ delivery NN dropped VBD $ $ 3.10 CD to TO $ $ 374.70 CD an DT ounce NN in IN moderate JJ trading NN . . Estimated JJ volume NN was VBD 3.5 CD million CD ounces NNS . . In IN early RB trading NN in IN Hong NNP Kong NNP Wednesday NNP , , gold NN was VBD quoted VBN at IN $ $ 373.80 CD an DT ounce NN . . Christopher NNP Hill NNP in IN Tokyo NNP , , Nicholas NNP Hastings NNP in IN London NNP , , Erik NNP Kirschbaum NNP in IN Frankfurt NNP and CC Caitlin NNP Randall NNP and CC Douglas NNP Appell NNP in IN New NNP York NNP contributed VBD to TO this DT article NN . . West NNP Germany NNP will MD repeal VB the DT unpopular JJ turnover NN tax NN on IN securities NNS transactions NNS as IN of IN Jan. NNP 1 CD , , 1991 CD , , Economics NNP Minister NNP Helmut NNP Haussmann NNP said VBD . . He PRP said VBD the DT government NN will MD also RB repeal VB the DT 1 CD % NN transaction NN tax NN on IN the DT first-time JJ purchase NN of IN stakes NNS in IN companies NNS . . The DT announcement NN follows VBZ several JJ comments NNS by IN government NN officials NNS that IN the DT government NN will MD speed VB up RP the DT repeal NN of IN the DT tax NN , , which WDT was VBD originally RB scheduled VBN to TO fall VB with IN the DT start NN of IN the DT single JJ internal JJ market NN in IN the DT European NNP Community NNP at IN the DT end NN of IN 1992 CD . . The DT securities-turnover JJ tax NN has VBZ been VBN long RB criticized VBN by IN the DT West JJ German JJ financial JJ community NN because IN it PRP tends VBZ to TO drive VB securities NNS trading NN and CC other JJ banking NN activities NNS out IN of IN Frankfurt NNP into IN rival JJ financial JJ centers NNS , , especially RB London NNP , , where WRB trading NN transactions NNS is VBZ n't RB taxed VBN . . The DT tax NN has VBZ raised VBN less JJR than IN one CD billion CD marks NNS ( ( $ $ 545.3 CD million CD ) ) annually RB in IN recent JJ years NNS , , but CC the DT government NN has VBZ been VBN reluctant JJ to TO abolish VB the DT levy NN for IN budgetary JJ concerns NNS . . In IN the DT interview NN , , Mr. NNP Haussmann NNP did VBD n't RB specify VB the DT amount NN of IN revenue NN the DT government NN will MD lose VB after IN the DT tax NN disappears VBZ . . The DT new JJ date NN means VBZ that IN the DT tax NN will MD be VB officially RB repealed VBN before IN the DT end NN of IN the DT current JJ parliamentary JJ term NN at IN the DT end NN of IN 1990 CD and CC guarantees VBZ its PRP$ abolition NN even RB if IN the DT current JJ center-right JJ coalition NN loses VBZ the DT elections NNS in IN December NNP 1990 CD . . Earlier RBR this DT year NN , , President NNP Bush NNP made VBD a DT final JJ `` `` take-it-or-leave JJ it PRP '' '' offer NN on IN the DT minimum JJ wage NN : : an DT increase NN to TO $ $ 4.25 CD an DT hour NN over IN three CD years NNS , , and CC only RB if IN accompanied VBN by IN a DT lower JJR wage NN for IN the DT first JJ six CD months NNS of IN a DT job NN . . Now RB , , the DT White NNP House NNP has VBZ decided VBN to TO accept VB the DT higher JJR wage NN over IN only RB two CD years NNS . . The DT sub-minimum JJ wage NN would MD apply VB only RB to TO first-time JJ teen-age JJ workers NNS for IN 90 CD days NNS . . The DT White NNP House NNP had VBD enough JJ votes NNS to TO sustain VB a DT veto NN but CC chose VBD to TO avoid VB a DT confrontation NN . . The DT only JJ permanent JJ losers NNS will MD be VB the DT 200,000 CD or CC so RB workers NNS everyone NN agrees VBZ will MD be VB priced VBN out IN of IN a DT job NN at IN the DT $ $ 4.25 CD rate NN Congress NNP is VBZ likely JJ to TO approve VB today NN . . It PRP is VBZ compromises NNS such JJ as IN this DT that WDT convince VBP Washington NNP 's POS liberals NNS that IN if IN they PRP simply RB stay VBP the DT course NN , , this DT administration NN will MD stray VB from IN its PRP$ own JJ course NN on IN this DT and CC other JJ issues NNS . . The DT head JJ trader NN of IN Chemical NNP Banking NNP Corp. NNP 's POS interest-rate NN options NNS group NN has VBZ left VBN the DT company NN , , following VBG valuation NN errors NNS that WDT resulted VBD in IN a DT $ $ 33 CD million CD charge NN against IN its PRP$ third-quarter JJ results NNS . . Chemical NNP said VBD Steven NNP Edelson NNP resigned VBD recently RB , , but CC one CD individual NN close RB to TO the DT situation NN said VBD the DT resignation NN was VBD forced VBN . . Mr. NNP Edelson NNP could MD n't RB be VB reached VBN for IN comment NN . . A DT separate JJ inquiry NN by IN Chemical NNP cleared VBD Mr. NNP Edelson NNP of IN allegations NNS that IN he PRP had VBD been VBN lavishly RB entertained VBN by IN a DT New NNP York NNP money NN broker NN . . That DT inquiry NN has VBZ n't RB resolved VBD similar JJ allegations NNS involving VBG another DT Chemical NNP options NNS trader NN . . In IN other JJ personnel NNS changes NNS stemming VBG from IN problems NNS in IN its PRP$ options NNS unit NN : : -- : Chemical NNP named VBD James NNP Kennedy NNP , , a DT trader NN in IN swaps NNS contracts NNS for IN the DT bank NN , , to TO assume VB Mr. NNP Edelson NNP 's POS duties NNS and CC to TO be VB trading NN manager NN for IN derivative JJ products NNS , , including VBG swaps NNS and CC interest-rate NN options NNS . . -- : Lee NNP Wakeman NNP , , vice NN president NN in IN charge NN of IN options NNS research NN who WP discovered VBD the DT valuation NN errors NNS and CC was VBD asked VBN by IN senior JJ management NN to TO straighten VB out RP the DT mess NN , , resigned VBD to TO take VB a DT position NN in IN asset NN and CC liability NN management NN at IN Continental NNP Bank NNP in IN Chicago NNP . . Mr. NNP Wakeman NNP , , whom WP Chemical NNP tried VBD to TO keep VB , , did VBD n't RB return VB calls NNS for IN comment NN . . Separately RB , , Chemical NNP confirmed VBD that IN it PRP took VBD an DT undisclosed JJ charge NN in IN the DT second JJ quarter NN for IN losses NNS on IN forward-rate JJ agreements NNS involving VBG foreign JJ currency NN written VBN by IN its PRP$ branch NN in IN Frankfurt NNP , , West NNP Germany NNP . . A DT Chemical NNP spokeswoman NN said VBD the DT second-quarter JJ charge NN was VBD `` `` not RB material JJ '' '' and CC that IN no DT personnel NNS changes NNS were VBD made VBN as IN a DT result NN . . The DT spokeswoman NN said VBD the DT Frankfurt NNP situation NN was VBD `` `` totally RB different JJ '' '' from IN problems NNS in IN the DT interest-rate NN options NNS unit NN . . According VBG to TO individuals NNS familiar JJ with IN the DT situation NN , , the DT Frankfurt NNP loss NN stemmed VBD from IN a DT computer NN program NN for IN calculating VBG prices NNS on IN forward-rate JJ agreements NNS that WDT failed VBD to TO envision VB an DT interest-rate NN environment NN where WRB short-term JJ rates NNS were VBD equal JJ to TO or CC higher JJR than IN long-term JJ rates NNS . . While IN the DT incidents NNS involving VBG interest-rate NN options NNS and CC forward-rate JJ agreements NNS are VBP unrelated JJ , , some DT observers NNS say VBP they PRP echo VBP a DT 1987 CD incident NN in IN which WDT Bankers NNP Trust NNP New NNP York NNP Corp. NNP restated VBD the DT value NN of IN its PRP$ foreign JJ exchange NN options NNS contracts NN downward RB by IN about RB $ $ 80 CD million CD . . These DT complex JJ products NNS require VBP close JJ monitoring NN because IN each DT must MD be VB valued VBN separately RB in IN light NN of IN current JJ market NN conditions NNS . . In IN an DT interest-rate NN options NNS contract NN , , a DT client NN pays VBZ a DT fee NN to TO a DT bank NN for IN custom-tailored JJ protection NN against IN adverse JJ interest-rate NN swings NNS for IN a DT specified JJ period NN . . In IN a DT forward-rate JJ agreement NN , , a DT client NN agrees VBZ to TO an DT exchange NN rate NN on IN a DT future JJ currency NN transaction NN . . Some DT competitors NNS maintain VBP the DT interestrate NN option NN loss NN , , in IN particular JJ , , may MD have VB resulted VBN more RBR from IN Chemical NNP 's POS taking VBG large JJ and CC often RB contrarian JJ positions NNS than IN a DT valuation NN problem NN . . Started VBN three CD years NNS ago RB , , Chemical NNP 's POS interest-rate NN options NNS group NN was VBD a DT leading JJ force NN in IN the DT field NN . . From IN 1987 CD to TO 1988 CD , , the DT value NN of IN Chemical NNP 's POS option NN contracts NNS outstanding JJ mushroomed VBD to TO $ $ 37 CD billion CD from IN $ $ 17 CD billion CD . . More RBR importantly RB , , the DT volume NN of IN options NNS written VBN exceeded VBD those DT purchased VBN by IN almost RB 2-to-1 JJ . . With IN such PDT a DT lopsided JJ book NN of IN options NNS , , traders NNS say VBP , , Chemical NNP was VBD more RBR vulnerable JJ to TO erroneous JJ valuation NN assumptions NNS . . The DT Chemical NNP spokeswoman NN said VBD the DT bank NN has VBZ examined VBN its PRP$ methodologies NNS and CC internal JJ controls NNS . . `` `` We PRP consider VBP our PRP$ internal JJ controls NNS to TO have VB worked VBN well RB , , '' '' she PRP said VBD , , adding VBG that IN some DT procedures NNS have VBP been VBN strengthened VBN . . Its PRP$ valuation NN methodologies NNS , , she PRP said VBD , , `` `` are VBP recognized VBN as IN some DT of IN the DT best JJS on IN the DT Street NNP . . Not RB a DT lot NN was VBD needed VBN to TO be VB done VBN . . When WRB Thomas NNP W. NNP Wathen NNP went VBD big JJ league NN last JJ year NN , , he PRP acquired VBD a DT treasure-trove NN of IN Americana NNS along IN with IN a DT well-known JJ but CC ailing JJ security NN business NN : : Pinkerton NNP 's POS Inc NNP . . There EX was VBD a DT wanted JJ poster NN offering VBG `` `` Rewards NNS for IN the DT Arrest NN of IN Express NN and CC Train NN Robbers NNS Frank NNP James NNP and CC Jesse NNP W. NNP James NNP '' '' and CC the DT original JJ Pinkerton NNP 's POS logo NN with IN an DT open JJ eye NN and CC the DT inscription NN `` `` We PRP Never RB Sleep VBP , , '' '' which WDT inspired VBD the DT phrase NN `` `` private JJ eye NN . . '' '' Then RB there EX were VBD two CD gold NN watches NNS once RB owned VBN by IN Allan NNP Pinkerton NNP , , who WP founded VBD the DT company NN in IN Chicago NNP in IN 1850 CD . . But CC there EX were VBD supposed VBN to TO be VB three CD , , Mr. NNP Wathen NNP 's POS company NN claims VBZ . . The DT missing JJ watch NN is VBZ emblematic JJ of IN the DT problems NNS Mr. NNP Wathen NNP encountered VBD in IN building VBG his PRP$ closely RB held VBN California NNP Plant NNP Protection NNP Security NNP Service NNP into IN the DT largest JJS detective NN and CC security NN agency NN in IN the DT U.S. NNP through IN acquisitions NNS . . The DT ever-optimistic JJ Mr. NNP Wathen NNP has VBZ learned VBN that IN while IN acquiring VBG a DT big JJ brand-name JJ company NN can MD be VB a DT shortcut NN to TO growth NN , , it PRP can MD also RB bring VB a DT host NN of IN unforeseen JJ problems NNS . . `` `` We PRP cleared VBD out RP a DT lot NN of IN rats NNS ' POS nests NNS , , '' '' says VBZ the DT 60-year-old JJ security NN veteran NN . . Mr. NNP Wathen NNP , , who WP started VBD his PRP$ career NN as IN an DT Air NNP Force NNP investigator NN and CC worked VBD as IN a DT security NN officer NN for IN several JJ large JJ companies NNS , , built VBD his PRP$ California NNP Plant NNP Protection NNP from IN a DT tiny JJ mom-and-pop JJ security NN patrol NN firm NN here RB in IN the DT San NNP Fernando NNP Valley NNP . . He PRP joined VBD the DT firm NN in IN 1963 CD and CC bought VBD it PRP from IN the DT owners NNS the DT next JJ year NN . . Over IN the DT next JJ 20 CD years NNS , , California NNP Plant NNP Protection NNP opened VBD 125 CD offices NNS around IN the DT country NN . . Yet CC although IN California NNP Plant NNP Protection NNP was VBD netting VBG bigger JJR and CC bigger JJR clients NNS -- : the DT firm NN provided VBD security NN for IN the DT 1984 CD Summer NNP Olympics NNP in IN Los NNP Angeles NNP -- : it PRP still RB did VBD n't RB have VB the DT name NN recognition NN of IN Pinkerton NNP 's POS . . So RB when WRB American NNP Brands NNP Inc. NNP decided VBD to TO sell VB the DT unit NN in IN 1987 CD as IN part NN of IN a DT divestiture NN of IN its PRP$ food NN and CC security NN industries NNS operations NNS , , Mr. NNP Wathen NNP saw VBD a DT chance NN to TO accomplish VB several JJ objectives NNS . . He PRP decided VBD he PRP could MD easily RB merge VB Pinkerton NNP 's POS operations NNS with IN his PRP$ own JJ while NN slashing VBG overhead JJ costs NNS because IN the DT two CD already RB operated VBD in IN many JJ of IN the DT same JJ cities NNS . . He PRP could MD acquire VB a DT staff NN of IN loyal JJ Pinkerton NNP 's POS employees NNS , , many DT of IN whom WP had VBD spent VBN their PRP$ entire JJ careers NNS with IN the DT firm NN , , he PRP could MD eliminate VB a DT competitor NN and CC he PRP could MD get VB the DT name NN recognition NN he PRP 'd VBD wanted VBN . . Mr. NNP Wathen NNP also RB relished VBD the DT chance NN to TO demonstrate VB an DT entrepreneur NN like IN himself PRP , , who WP 'd VBD spent VBN his PRP$ whole JJ career NN in IN the DT security NN business NN , , could MD run VB Pinkerton NNP 's POS better RBR than IN an DT unfocused JJ conglomerate NN or CC investment NN banker NN . . `` `` The DT security NN business NN is VBZ my PRP$ favorite JJ subject NN . . I PRP love VBP this DT business NN , , '' '' he PRP says VBZ . . `` `` Most JJS of IN the DT LBO NNP guys NNS do VBP n't RB know VB how WRB to TO run VB a DT business NN anyway RB . . '' '' But CC there EX were VBD hitches NNS , , not RB the DT least JJS of IN which WDT was VBD that DT , , Mr. NNP Wathen NNP says VBZ , , he PRP proceeded VBD almost RB blindly RB in IN doing VBG the DT $ $ 95 CD million CD acquisition NN , , which WDT was VBD completed VBN in IN January NNP 1988 CD . . `` `` We PRP were VBD n't RB allowed VBN to TO do VB any DT due JJ diligence NN because IN of IN competitive JJ reasons NNS . . If IN we PRP had VBD , , it PRP might MD have VB scared VBN us PRP off RP , , '' '' he PRP says VBZ . . Five CD years NNS of IN rapid JJ expansion NN under IN American NNP Brands NNP , , with IN an DT emphasis NN on IN marketing VBG the DT agency NN 's POS services NNS instead RB of IN improving VBG them PRP , , had VBD hurt VBN Pinkerton NNP 's POS profits NNS , , Mr. NNP Wathen NNP claims VBZ . . He PRP says VBZ his PRP$ team NN could MD n't RB tell VB whether IN accounts NNS receivable JJ had VBD been VBN paid VBN or CC not RB . . Pinkerton NNP 's POS had VBD locked VBN itself PRP into IN low-price JJ contracts NNS to TO win VB new JJ business NN , , with IN no DT hope NN of IN profitability NN until IN the DT contracts NNS expired VBD , , he PRP adds VBZ . . And CC regional JJ offices NNS were VBD `` `` egregiously RB overstaffed JJ , , '' '' he PRP claims VBZ . . One CD office NN had VBD 19 CD people NNS doing VBG the DT work NN of IN three CD , , `` `` and CC half NN of IN the DT employees NNS had VBD company NN automobiles NNS . . '' '' American NNP Brands NNP declined VBD to TO comment VB on IN Mr. NNP Wathen NNP 's POS accusations NNS . . The DT acquisition NN combined VBD the DT country NN 's POS second-largest JJ security NN company NN , , Pinkerton NNP 's POS , , with IN 1987 CD sales NNS of IN $ $ 410 CD million CD , , and CC the DT fourth JJ largest JJS , , California NNP Plant NNP Protection NNP , , with IN $ $ 250 CD million CD in IN sales NNS , , creating VBG the DT industry NN 's POS biggest JJS firm NN , , which WDT took VBD on RP the DT Pinkerton NNP 's POS name NN . . Even RB after IN divesting VBG itself PRP of IN $ $ 120 CD million CD of IN unprofitable JJ business NN , , the DT new JJ Pinkerton NNP 's POS will MD have VB sales NNS of IN about RB $ $ 610 CD million CD this DT year NN and CC operating NN profit NN roughly RB double RB the DT industry NN average NN of IN 2%-3 JJ % NN of IN sales NNS , , says VBZ Lloyd NNP Greif NNP of IN Sutro NNP & CC Co. NNP in IN Los NNP Angeles NNP , , which WDT arranged VBD the DT Pinkerton NNP 's POS acquisition NN . . Mr. NNP Wathen NNP says VBZ his PRP$ turnaround NN strategy NN has VBZ been VBN simple JJ : : just RB hack VB away RP at IN the DT fat NN . . He PRP began VBD by IN closing VBG 120 CD of IN the DT combined JJ companies NNS ' POS 260 CD offices NNS in IN two CD months NNS , , eliminating VBG about RB 31 CD % NN of IN the DT company NN 's POS 2,500-person JJ adminstrative JJ staff NN , , including VBG more JJR than IN 100 CD sales NNS positions NNS . . He PRP shut VBD down RP the DT company NN 's POS tony JJ New NNP York NNP headquarters NN . . Pinkerton NNP 's POS world NN headquarters NN today NN is VBZ a DT nondescript JJ , , two-story JJ office NN building NN across IN the DT street NN from IN the DT small JJ Van NNP Nuys NNP Airport NNP . . Next RB , , Mr. NNP Wathen NNP raised VBD Pinkerton NNP 's POS rates NNS , , which WDT were VBD 75-cents-an-hour NNS lower JJR than IN California NNP Plant NNP Protection NNP 's POS average JJ rate NN of IN around IN $ $ 8.63 CD . . And CC he PRP got VBD rid JJ of IN low-margin JJ businesses NNS that WDT just RB were VBD n't RB making VBG money NN for IN the DT company NN . . Mr. NNP Wathen NNP , , who WP says VBZ Pinkerton NNP 's POS had VBD a DT loss NN of IN nearly RB $ $ 8 CD million CD in IN 1987 CD under IN American NNP Brands NNP , , boasts VBZ that IN he PRP 's VBZ made VBN Pinkerton NNP 's POS profitable JJ again RB . . But CC Mr. NNP Wathen NNP 's POS team NN still RB must MD pay VB down RP about RB $ $ 82 CD million CD of IN long-term JJ bank NN debt NN from IN the DT acquisition NN within IN the DT next JJ four CD years NNS . . Last JJ year NN , , earnings NNS of IN the DT combined JJ companies NNS did VBD n't RB cover VB debt NN service NN and CC Pinkerton NNP 's POS was VBD forced VBN to TO borrow VB $ $ 20 CD million CD of IN subordinated JJ debt NN . . `` `` We PRP would MD n't RB have VB had VBN to TO refinance VB if IN a DT lot NN of IN the DT problems NNS had VBD n't RB been VBN there RB , , '' '' Mr. NNP Wathen NNP says VBZ . . This DT year NN , , Mr. NNP Wathen NNP says VBZ the DT firm NN will MD be VB able JJ to TO service VB debt NN and CC still RB turn VB a DT modest JJ profit NN . . Now RB Pinkerton NNP 's POS could MD become VB entangled JJ in IN a DT protracted JJ legal JJ fracas NN with IN its PRP$ former JJ parent NN . . The DT company NN recently RB filed VBD suit NN in IN state NN court NN in IN Los NNP Angeles NNP against IN American NNP Brands NNP , , seeking VBG at IN least JJS $ $ 40 CD million CD in IN damages NNS from IN the DT Old NNP Greenwich NNP , , Conn.-based JJ company NN . . The DT suit NN alleges VBZ that IN American NNP Brands NNP misrepresented VBD the DT financial JJ condition NN of IN Pinkerton NNP 's POS before IN the DT sale NN , , failed VBD to TO disclose VB pending VBG lawsuits NNS and CC material JJ contracts NNS in IN which WDT Pinkerton NNP 's POS was VBD in IN default NN , , had VBD n't RB registered VBN the DT Pinkerton NNP 's POS name NN and CC trademark NN in IN the DT United NNP Kingdom NNP and CC did VBD n't RB tell VB California NNP Plant NNP Protection NNP about IN some DT labor NN controversies NNS . . `` `` We PRP have VBP previously RB had VBN discussions NNS with IN representatives NNS of IN Pinkerton NNP 's POS Inc. NN concerning VBG the DT { ( sale NN of IN the DT company NN } ) and CC we PRP concluded VBD that IN we PRP did VBD not RB have VB liability NN under IN the DT contract NN , , '' '' says VBZ American NNP Brands NNP . . `` `` As IN this DT is VBZ now RB a DT litigation NN matter NN , , we PRP have VBP no DT further JJ comment NN . . '' '' And CC then RB there EX 's VBZ the DT case NN of IN the DT missing JJ gold NN watch NN . . The DT lawsuit NN alleges VBZ that IN an DT inventory NN of IN Pinkerton NNP 's POS memorabilia NNS disclosed VBD that IN one CD of IN the DT watches NNS had VBD n't RB been VBN forked VBN over RP by IN American NNP Brands NNP . . `` `` American NNP Brand NNP 's POS failure NN to TO surrender VB the DT gold NN watch NN has VBZ damaged VBN new JJ Pinkerton NNP 's POS in IN an DT amount NN as RB yet RB { ( to TO be VB } ) determined VBN and CC deprived VBN it PRP of IN a DT valuable JJ artifact NN for IN which WDT it PRP had VBD bargained VBN , , '' '' the DT suit NN charges VBZ . . The DT key NN to TO Pinkerton NNP 's POS future NN will MD be VB sticking VBG to TO what WP it PRP does VBZ best RBS -- : being VBG a DT security NN company NN , , says VBZ Mr. NNP Wathen NNP . . The DT company NN is VBZ also RB renewing VBG its PRP$ emphasis NN on IN investigations NNS , , particularly RB undercover JJ investigations NNS for IN corporations NNS . . Although IN investigations NNS now RB account VBP for IN only RB about RB 5 CD % NN of IN Pinkerton NNP 's POS total JJ revenue NN , , that DT side NN of IN the DT business NN has VBZ traditionally RB been VBN the DT more RBR `` `` glamorous JJ '' '' of IN the DT two CD and CC it PRP carries VBZ historical JJ and CC sentimental JJ value NN . . ( ( Author NN Dashiell NNP Hammett NNP , , who WP wrote VBD `` `` The DT Maltese JJ Falcon NN , , '' '' was VBD a DT former JJ Pinkerton NNP 's POS detective NN . . ) ) American NNP Brands NNP `` `` just RB had VBD a DT different JJ approach NN , , '' '' Mr. NNP Wathen NNP says VBZ . . `` `` Their PRP$ approach NN did VBD n't RB work NN ; : mine PRP is VBZ . . Farm NN prices NNS in IN October NNP edged VBD up RB 0.7 CD % NN from IN September NNP as IN raw JJ milk NN prices NNS continued VBD their PRP$ rise NN , , the DT Agriculture NNP Department NNP said VBD . . Milk NN sold VBN to TO the DT nation NN 's POS dairy NN plants NNS and CC dealers NNS averaged VBD $ $ 14.50 CD for IN each DT hundred CD pounds NNS , , up RB 50 CD cents NNS from IN September NNP and CC up RB $ $ 1.50 CD from IN October NNP 1988 CD , , the DT department NN said VBD . . Commercial JJ vegetables NNS , , led VBN by IN lettuce NN and CC tomatoes NNS , , rose VBD 19 CD % NN in IN October NNP ; : oranges NNS and CC other JJ fruits NNS rose VBD 5 CD % NN . . Broiler NN prices NNS fell VBD 6.5 CD cents NNS in IN October NNP to TO 30.6 CD cents NNS a DT pound NN , , while IN turkey NN prices NNS rose VBD 1.2 CD cents NNS a DT pound NN to TO 38.5 CD cents NNS . . Egg NN prices NNS averaged VBD 64.2 CD cents NNS a DT dozen NN , , down RB 0.2 CD cent NN from IN September NNP . . Hogs NNS rose VBD $ $ 3.40 CD to TO $ $ 46.80 CD a DT hundredweight NN in IN October NNP , , while IN beef NN cattle NNS slipped VBD 80 CD cents NNS to TO $ $ 67.40 CD for IN each DT hundred CD pounds NNS and CC calves NNS dropped VBD 90 CD cents NNS to TO $ $ 90.20 CD . . Soybeans NNS averaged VBD $ $ 5.28 CD a DT bushel NN , , down RB 42 CD cents NNS from IN September NNP ; : corn NN averaged VBD $ $ 2.20 CD , , down RB seven CD cents NNS , , and CC sorghum NN grain NN averaged VBD $ $ 3.61 CD for IN each DT hundred CD pounds NNS , , down RB 19 CD cents NNS , , according VBG to TO the DT department NN . . Paramount NNP Communications NNP Inc. NNP , , New NNP York NNP , , completed VBD the DT sale NN of IN its PRP$ Associates NNP Corp. NNP consumer NN and CC commercial JJ finance NN subsidiary NN to TO a DT unit NN of IN Ford NNP Motor NNP Co. NNP for IN $ $ 3.35 CD billion CD . . Paramount NNP , , which WDT agreed VBD to TO sell VB the DT unit NN in IN July NNP , , said VBD it PRP would MD realize VB net JJ proceeds NNS from IN the DT sale NN of IN $ $ 2.6 CD billion CD , , with IN an DT after-tax JJ gain NN of IN $ $ 1.2 CD billion CD . . Paramount NNP said VBD the DT gain NN would MD be VB recorded VBN in IN its PRP$ fourth JJ quarter NN , , which WDT ended VBD yesterday NN . . Paramount NNP said VBD the DT sale NN `` `` completes VBZ the DT strategic JJ restructuring NN '' '' it PRP began VBD in IN 1983 CD , , and CC would MD enable VB it PRP to TO focus VB on IN its PRP$ entertainment NN and CC publishing NN businesses NNS . . Ford NNP said VBD in IN July NNP it PRP planned VBD to TO operate VB Associates NNP , , based VBN in IN Dallas NNP , , as IN a DT separate JJ entity NN in IN its PRP$ Ford NNP Financial NNP Services NNP Group NNP . . Paramount NNP said VBD Associates NNP has VBZ about RB $ $ 14 CD billion CD in IN total JJ assets NNS , , making VBG it PRP third-largest JJ in IN terms NNS of IN assets NNS among IN independent JJ finance NN companies NNS in IN the DT U.S. NNP . . Sea NNP Containers NNP Ltd. NNP , , in IN a DT long-awaited JJ move NN to TO repel VB a DT hostile JJ takeover NN bid NN , , said VBD it PRP will MD sell VB $ $ 1.1 CD billion CD of IN assets NNS and CC use VB some DT of IN the DT proceeds NNS to TO buy VB about RB 50 CD % NN of IN its PRP$ common JJ shares NNS for IN $ $ 70 CD apiece RB . . Together RB with IN the DT 3.6 CD million CD shares NNS currently RB controlled VBN by IN management NN , , subsidiaries NNS and CC directors NNS , , the DT completed VBN tender NN offer NN would MD give VB Sea NNP Containers NNP a DT controlling VBG stake NN . . Describing VBG itself PRP as IN `` `` asset NN rich JJ , , '' '' Sea NNP Containers NNP said VBD it PRP will MD move VB immediately RB to TO sell VB two CD ports NNS , , various JJ ferries NNS , , ferry NN services NNS , , containers NNS , , and CC other JJ investments NNS . . Of IN the DT proceeds NNS , , $ $ 500 CD million CD will MD be VB used VBN to TO fund VB its PRP$ tender NN offer NN . . Sea NNP Containers NNP added VBD that IN the DT recapitalization NN plan NN will MD reduce VB its PRP$ debt NN by IN more JJR than IN $ $ 500 CD million CD . . The DT company NN , , which WDT has VBZ 13.8 CD million CD common JJ shares NNS outstanding JJ , , said VBD in IN mid-June NNP that IN it PRP was VBD considering VBG a DT restructuring NN to TO ward VB off RP a DT hostile NN takeover NN attempt NN by IN two CD European JJ shipping NN concerns NNS . . In IN late JJ May NNP , , Stena NNP Holding NNP AG NNP and CC Tiphook NNP PLC NNP , , launched VBD a DT $ $ 50-a-share JJ , , or CC $ $ 777 CD million CD , , tender NN offer NN for IN the DT Hamilton NNP , , Bermuda-based JJ Sea NNP Containers NNP . . In IN mid-August NNP , , the DT companies NNS , , through IN their PRP$ jointly RB owned VBN holding VBG company NN , , Temple NNP Holdings NNP Ltd. NNP , , sweetened VBD the DT offer NN to TO $ $ 63 CD a DT share NN , , or CC $ $ 963 CD million CD . . Officials NNP for IN Temple NNP declined VBD to TO comment VB . . News NN of IN the DT restructuring NN plan NN sent VBD Sea NNP Containers NNP ' POS shares NNS up IN $ $ 1 CD to TO $ $ 62 CD in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN . . Walter NNP Kirchberger NNP , , an DT analyst NN with IN PaineWebber NNP Inc. NNP , , said VBD that IN offering VBG holders NNS a DT higher JJR , , $ $ 70-a-share JJ price NN is VBZ `` `` a DT fairly RB effective JJ method NN of IN blocking VBG '' '' the DT Stena-Tiphook NNP bid NN . . Michael NNP Carstens NNP , , an DT analyst NN with IN Tucker NNP Anthony NNP & CC R.L. NNP Day NNP , , added VBD that IN the DT sale NN of IN assets NNS would MD allow VB Sea NNP Containers NNP to TO focus VB on IN its PRP$ core JJ container NN businesses NNS . . For IN holders NNS who WP decide VBP not RB to TO tender VB their PRP$ shares NNS , , Sea NNP Containers NNP will MD issue VB one CD share NN of IN preferred JJ stock NN with IN a DT stated JJ value NN of IN $ $ 25 CD , , plus CC a DT cash NN dividend NN on IN the DT common JJ stock NN . . The DT company NN said VBD its PRP$ directors NNS , , management NN and CC subsidiaries NNS will MD remain VB long-term JJ investors NNS and CC wo MD n't RB tender VB any DT of IN their PRP$ shares NNS under IN the DT offer NN . . Sea NNP Containers NNP said VBD the DT offer NN will MD proceed VB after IN the DT Bermuda NNP Supreme NNP Court NNP lifts VBZ or CC modifies VBZ an DT interim JJ injunction NN restraining VBG the DT company NN from IN buying VBG its PRP$ shares NNS . . That DT injunction NN resulted VBD from IN litigation NN between IN Temple NNP and CC Sea NNP Containers NNP last JJ May NNP . . The DT company NN said VBD the DT court NN has VBZ indicated VBN it PRP will MD make VB a DT decision NN on IN or CC about IN Nov. NNP 27 CD . . Sea NNP Containers NNP will MD soon RB set VB a DT date NN for IN its PRP$ annual JJ shareholder NN meeting NN to TO seek VB holder NN approval NN for IN the DT offer NN . . You PRP 'd MD think VB all PDT the DT stories NNS about IN well-heeled JJ communities NNS and CC developers NNS getting VBG HUD NNP grants NNS would MD prompt VB Congress NNP to TO tighten VB up RP on IN upscale JJ housing NN subsidies NNS . . No DT way NN . . Congress NNP has VBZ just RB made VBN it PRP easier JJR for IN the DT affluent JJ to TO qualify VB for IN insured JJ loans NNS from IN the DT deficit-ridden JJ Federal NNP Housing NNP Administration NNP . . It PRP appears VBZ that IN the DT only JJ thing NN Congress NNP is VBZ learning VBG from IN the DT HUD NNP story NN is VBZ how WRB to TO enlarge VB its PRP$ control NN of IN the DT honey NN pot NN going VBG to TO special JJ interests NNS . . Right RB now RB , , the DT largest JJS loan NN the DT FHA NNP can MD insure VB in IN high-cost JJ housing NN markets NNS is VBZ $ $ 101,250 CD . . Last JJ week NN , , housing NN lobbies NNS persuaded VBD Congress NNP to TO raise VB the DT ceiling NN to TO $ $ 124,875 CD , , making VBG FHA NNP loans NNS more RBR accessible JJ to TO the DT well-to-do JJ . . But CC it PRP does VBZ that DT at IN the DT cost NN of IN deepening VBG the DT taxpayer NN 's POS exposure NN if IN the DT FHA NNP is VBZ forced VBN to TO pay VB for IN more JJR loans NNS going VBG sour JJ . . This DT is VBZ no DT idle JJ fear NN last JJ year NN the DT FHA NNP lost VBD $ $ 4.2 CD billion CD in IN loan NN defaults NNS . . But CC the DT higher JJR mortgage NN ceiling NN is VBZ only RB the DT starter JJ kit NN for IN what WP Senator NNP Alan NNP Cranston NNP and CC Majority NNP Leader NNP George NNP Mitchell NNP have VBP in IN mind NN for IN housing NN . . The DT Senate NNP Banking NNP Committee NNP will MD begin VB hearings NNS next IN week NN on IN their PRP$ proposal NN to TO expand VB existing VBG federal JJ housing NN programs NNS . . Other JJ Senators NNP want VBP to TO lower VB the DT down JJ payments NNS required VBN on IN FHA-insured JJ loans NNS . . That DT would MD be VB a DT formula NN for IN ensuring VBG even RB more JJR FHA NNP red JJ ink NN . . Experience NN has VBZ shown VBN that IN the DT most RBS important JJ element NN in IN predicting VBG a DT housing-loan NN default NN is VBZ the DT down JJ payment NN . . Because IN a DT purchaser NN can MD use VB an DT FHA NNP loan NN to TO finance VB all DT points NNS and CC closing NN costs NNS , , the DT FHA NNP can MD wind VB up RP lending VBG more JJR than IN a DT house NN is VBZ worth IN . . If IN housing NN prices NNS continue VBP to TO fall VB , , many JJ borrowers NNS would MD be VB better JJR off RP walking VBG away RB from IN their PRP$ homes NNS and CC leaving VBG taxpayers NNS with IN the DT losses NNS . . Much RB the DT same JJ thing NN happened VBD with IN busted JJ S&Ls NNS , , a DT problem NN Congress NNP just RB `` `` solved VBD '' '' with IN a DT $ $ 166 CD billion CD bailout NN . . We PRP hear VBP that IN HUD NNP Secretary NNP Jack NNP Kemp NNP is VBZ toying VBG with IN going VBG along RP with IN some DT of IN the DT Cranston-Mitchell NNP proposals NNS . . That DT sounds VBZ like IN a DT formula NN for IN ensuring VBG that IN he PRP gets VBZ dragged VBN into IN the DT next JJ HUD NNP tar NN pit NN . . A DT group NN of IN 27 CD Senators NNPS has VBZ written VBN Mr. NNP Kemp NNP urging VBG him PRP to TO reject VB Cranston-Mitchell NNP and CC focus VB on IN programs NNS that WDT empower VBP the DT poor JJ rather RB than IN create VB vast JJ new JJ government NN obligations NNS . . But CC even RB if IN he PRP agrees VBZ , , Mr. NNP Kemp NNP does VBZ n't RB write VB the DT nation NN 's POS housing NN law NN -- : Congress NNP does VBZ . . And CC the DT majority NN of IN Members NNS cynically RB view VBP the DT current JJ discrediting NN of IN HUD NNP as IN mainly RB a DT chance NN to TO shove VB through RP their PRP$ own JJ slate NN of IN projects NNS . . Exhibit NN A NN is VBZ last JJ week NN 's POS House NNP vote NN to TO fund VB 40 CD pet JJ projects NNS out IN of IN the DT same JJ discretionary JJ fund NN that WDT is VBZ at IN the DT heart NN of IN the DT HUD NNP scandal NN . . None NN of IN the DT grants NNS had VBD been VBN requested VBN by IN HUD NNP , , judged VBN competitively RB or CC were VBD the DT subject NN of IN a DT single JJ hearing NN . . More JJR and CC more JJR observers NNS now RB realize VBP that IN the DT key NN to TO ending VBG future JJ HUD NNP scandals NNS lies VBZ in IN forcing VBG Congress NNP to TO clean VB up RP its PRP$ own JJ act NN . . This DT week NN , , a DT Baltimore NNP Sun NNP editorial NN said VBD the DT Lantos NNP subcommittee NN on IN HUD NNP should MD forget VB about IN Sam NNP Pierce NNP 's POS testimony NN for IN the DT moment NN and CC call VB some DT other JJ witnesses NNS : : the DT various JJ congressional JJ sponsors NNS of IN the DT 40 CD pork-barrel JJ projects NNS . . The DT Sun NNP concluded VBD that IN Mr. NNP Pierce NNP is VBZ only RB part NN of IN the DT problem NN -- : and CC a DT part NN that WDT 's VBZ gone VBN . . `` `` If IN HUD NNP is VBZ to TO be VB reformed VBN , , '' '' it PRP concluded VBD , , Members NNPS of IN Congress NNP will MD `` `` have VB to TO start VB looking VBG into IN , , and CC doing VBG something NN about IN , , the DT practices NNS of IN their PRP$ colleagues NNS . . '' '' Of IN course NN , , self-reform NN is VBZ about RB the DT last JJ thing NN this DT Congress NNP is VBZ interested JJ in IN . . Proponents NNS of IN expanding VBG FHA NNP programs NNS say VBP they PRP merely RB want VBP to TO help VB home NN buyers NNS who WP are VBP frozen VBN out IN of IN high-priced JJ markets NNS . . But CC the DT FHA NNP program NN is VBZ hemorrhaging VBG bad JJ loans NNS . . Jack NNP Kemp NNP has VBZ submitted VBN a DT package NN of IN reforms NNS , , and CC they PRP are VBP surely RB headed VBN for IN the DT Capitol NNP Hill NNP sausage-grinder NN . . Like IN the DT S&L NNP mess NN before IN it PRP , , this DT is VBZ a DT problem NN Congress NNP should MD be VB solving VBG , , not RB ignoring VBG . . Gillette NNP Co. NNP , , Boston NNP , , said VBD it PRP is VBZ planning VBG to TO restructure VB its PRP$ South JJ African JJ subsidiary NN . . Under IN the DT plan NN , , Gillette NNP South NNP Africa NNP will MD sell VB manufacturing NN facilities NNS in IN Springs NNP , , South NNP Africa NNP , , and CC its PRP$ business NN in IN toiletries NNS and CC plastic NN bags NNS to TO Twins NNP Pharmaceuticals NNP Ltd. NNP , , an DT affiliate NN of IN Anglo NNP American NNP Corp. NNP , , a DT South JJ African JJ company NN . . Terms NNS were VBD not RB disclosed VBN . . A DT final JJ agreement NN has VBZ not RB been VBN signed VBN , , and CC the DT moves NNS will MD not RB have VB a DT material JJ effect NN on IN the DT company NN , , Gillette NNP said VBD . . The DT company NN said VBD it PRP is VBZ part NN of IN a DT continuing VBG world-wide JJ restructuring NN in IN which WDT it PRP has VBZ downsized VBN or CC sold VBN operations NNS in IN several JJ countries NNS . . Gillette NNP said VBD its PRP$ continued JJ presence NN in IN South NNP Africa NNP `` `` enables VBZ it PRP to TO make VB meaningful JJ contributions NNS to TO South JJ African JJ society NN , , to TO the DT lives NNS of IN its PRP$ employees NNS and CC to TO the DT communities NNS in IN which WDT it PRP operates VBZ . . '' '' Gillette NNP South NNP Africa NNP employs VBZ about RB 250 CD people NNS . . About RB 60 CD % NN of IN the DT work NN force NN will MD continue VB with IN Gillette NNP or CC transfer VB to TO Twins NNP Pharmaceuticals NNPS , , the DT company NN said VBD . . The DT Soviet JJ legislature NN approved VBD a DT 1990 CD budget NN yesterday NN that WDT halves VBZ its PRP$ huge JJ deficit NN with IN cuts NNS in IN defense NN spending NN and CC capital NN outlays NNS while IN striving VBG to TO improve VB supplies NNS to TO frustrated JJ consumers NNS . . The DT vote NN to TO approve VB was VBD A DT proposal NN to TO raise VB prices NNS of IN beer NN , , tobacco NN and CC luxuries NNS was VBD rejected VBN 338-44 RB . . Soviet NNP President NNP Mikhail NNP S. NNP Gorbachev NNP told VBD the DT legislators NNS they PRP had VBD made VBN a DT good JJ start NN , , but CC that IN the DT most RBS difficult JJ work NN was VBD still RB ahead RB . . The DT Tass NNP news NN agency NN said VBD the DT 1990 CD budget NN anticipates VBZ income NN of IN 429.9 CD billion CD rubles NNS ( ( US$ $ 693.4 CD billion CD ) ) and CC expenditures VBZ of IN 489.9 CD billion CD rubles NNS ( ( US$ $ 790.2 CD billion CD ) ) . . Those DT figures NNS are VBP almost RB exactly RB what WP the DT government NN proposed VBD to TO legislators NNS in IN September NNP . . If IN the DT government NN can MD stick VB with IN them PRP , , it PRP will MD be VB able JJ to TO halve VB this DT year NN 's POS 120 CD billion CD ruble NN ( ( US$ $ 193 CD billion CD ) ) deficit NN . . Officials NNS proposed VBD a DT cut NN in IN the DT defense NN budget NN this DT year NN to TO 70.9 CD billion CD rubles NNS ( ( US$ $ 114.3 CD billion CD ) ) from IN 77.3 CD billion CD rubles NNS ( ( US$ $ 125 CD billion CD ) ) as RB well RB as IN large JJ cuts NNS in IN outlays NNS for IN new JJ factories NNS and CC equipment NN . . Tass NNP said VBD the DT final JJ budget NN and CC economic JJ plan NN calls VBZ for IN a DT sharp JJ increase NN in IN the DT production NN of IN consumer NN goods NNS . . Trial NN and CC Terror NN At IN times NNS I PRP sequester VBP my PRP$ mind NN When WRB I PRP must MD think VB with IN precision NN , , Detached VBN from IN all DT other JJ thoughts NNS While IN trying VBG to TO reach VB a DT decision NN . . But CC often RB nothing NN 's VBZ resolved VBN , , To TO my PRP$ frustration NN and CC fury NN : : With IN pros NNS and CC cons NNS in IN limbo NN , , I PRP feel VBP like IN a DT hung JJ jury NN . . -- : Arnold NNP J. NNP Zarett NNP . . Daffynition NN Rodeo NN applause NN : : broncs NNS cheer NN . . -- : Marvin NNP Alisky NNP . . Ocean NNP Drilling NNP & CC Exploration NNP Co. NNP will MD sell VB its PRP$ contract-drilling NN business NN , , and CC took VBD a DT $ $ 50.9 CD million CD loss NN from IN discontinued VBN operations NNS in IN the DT third JJ quarter NN because IN of IN the DT planned JJ sale NN . . The DT New NNP Orleans NNP oil NN and CC gas NN exploration NN and CC diving NN operations NNS company NN added VBD that IN it PRP does VBZ n't RB expect VB any DT further JJ adverse JJ financial JJ impact NN from IN the DT restructuring NN . . In IN the DT third JJ quarter NN , , the DT company NN , , which WDT is VBZ 61%-owned JJ by IN Murphy NNP Oil NNP Corp. NNP of IN Arkansas NNP , , had VBD a DT net JJ loss NN of IN $ $ 46.9 CD million CD , , or CC 91 CD cents NNS a DT share NN , , compared VBN with IN a DT restated JJ loss NN of IN $ $ 9 CD million CD , , or CC 18 CD cents NNS a DT share NN , , a DT year NN ago RB . . The DT latest JJS period NN had VBD profit NN from IN continuing JJ operations NNS of IN $ $ 4 CD million CD . . Revenue NN gained VBD 13 CD % NN to TO $ $ 77.3 CD million CD from IN $ $ 68.5 CD million CD . . Ocean NNP Drilling NNP said VBD it PRP will MD offer VB 15 CD % NN to TO 20 CD % NN of IN the DT contract-drilling NN business NN through IN an DT initial JJ public JJ offering NN in IN the DT near JJ future NN . . It PRP has VBZ long RB been VBN rumored VBN that IN Ocean NNP Drilling NNP would MD sell VB the DT unit NN to TO concentrate VB on IN its PRP$ core NN oil NN and CC gas NN business NN . . Ocean NNP Drilling NNP said VBD it PRP wo MD n't RB hold VB any DT shares NNS of IN the DT new JJ company NN after IN the DT restructuring VBG . . After IN 20 CD years NNS of IN pushing VBG labor NN proposals NNS to TO overhaul VB the DT nation NN 's POS health-care NN system NN , , Bert NNP Seidman NNP of IN the DT AFL-CIO NNP is VBZ finding VBG interest NN from IN an DT unlikely JJ quarter NN : : big JJ business NN . . Corporate JJ leaders NNS , , frustrated VBN by IN double-digit JJ increases NNS in IN health-care NN costs NNS , , are VBP beginning VBG to TO sound VB like IN liberal JJ Democrats NNPS . . Failure NN to TO check VB rising VBG medical JJ costs NNS ultimately RB could MD `` `` lead VB some DT of IN us PRP who WP today NN are VBP free-market NN advocates NNS to TO re-examine VB our PRP$ thinking NN and CC positions NNS with IN respect NN to TO government-sponsored JJ national JJ health NN insurance NN , , '' '' Arthur NNP Puccini NNP , , a DT General NNP Electric NNP Co. NNP vice NN president NN , , warned VBD earlier RBR this DT year NN . . The DT pocketbook NN impact NN of IN health NN benefits NNS has VBZ driven VBN business NN and CC labor NN to TO a DT surprising JJ consensus NN . . Both DT the DT AFL-CIO NNP and CC the DT National NNP Association NNP of IN Manufacturers NNPS are VBP calling VBG for IN measures NNS to TO control VB rising VBG costs NNS , , improve VB quality NN and CC provide VB care NN to TO the DT 31 CD million CD Americans NNPS who WP currently RB lack VBP health NN insurance NN . . Agreement NN on IN these DT points NNS is VBZ a DT long JJ way NN from IN a DT specific JJ program NN , , and CC nobody NN expects VBZ the DT U.S. NNP to TO rush VB toward IN radical JJ restructuring NN of IN the DT health-care NN system NN . . But CC there EX are VBP signs NNS that IN labor-management JJ cooperation NN could MD change VB the DT politics NNS of IN health-care NN legislation NN and CC the DT economics NNS of IN medicine NN . . `` `` I PRP ca MD n't RB remember VB a DT time NN when WRB virtually RB everyone NN can MD agree VB on IN what WP the DT problem NN is VBZ , , '' '' says VBZ Mr. NNP Seidman NNP , , who WP heads VBZ the DT AFL-CIO NNP 's POS department NN dealing VBG with IN health NN matters NNS . . Because IN the DT Bush NNP administration NN is VBZ n't RB taking VBG the DT initiative NN on IN health NN issues NNS , , business NN executives NNS are VBP dealing VBG with IN congressional JJ Democrats NNPS who WP champion VBP health-care NN revision NN . . `` `` Business NN across IN the DT country NN is VBZ spending VBG more JJR time NN addressing VBG this DT issue NN , , '' '' says VBZ Sen. NNP Edward NNP Kennedy NNP ( ( D. NNP , , Mass NNP . . ) ) . . `` `` It PRP 's VBZ a DT bottom-line JJ issue NN . . '' '' Business NN complained VBD earlier RBR this DT year NN when WRB Sen. NNP Kennedy NNP introduced VBD a DT bill NN that WDT would MD require VB employers NNS to TO provide VB a DT minimum JJ level NN of IN health NN insurance NN to TO workers NNS but CC does VBZ n't RB contain VB cost-control JJ measures NNS . . Partly RB in IN response NN , , a DT bipartisan JJ group NN of IN senators NNS from IN the DT finance NN and CC labor NN committees NNS is VBZ drafting VBG a DT plan NN to TO attract VB broader JJR support NN . . It PRP will MD feature VB a DT cost-containment JJ provision NN designed VBN to TO keep VB expanded JJ benefits NNS from IN fueling VBG higher JJR care NN prices NNS . . At IN 11.1 CD % NN of IN gross JJ national JJ product NN , , U.S. NNP health NN costs NNS already RB are VBP the DT highest JJS in IN the DT world NN . . By IN contrast NN , , Japan NNP 's POS equal VBP 6.7 CD % NN of IN GNP NN , , a DT nation NN 's POS total JJ output NN of IN goods NNS and CC services NNS . . Management NN and CC labor NN worry VBP that IN the DT gap NN makes VBZ U.S. NNP companies NNS less RBR competitive JJ . . Chrysler NNP Corp. NNP estimates VBZ that IN health NN costs NNS add VBP $ $ 700 CD to TO the DT price NN of IN each DT of IN its PRP$ cars NNS , , about RB $ $ 300 CD to TO $ $ 500 CD more JJR per IN car NN than IN foreign JJ competitors NNS pay VBP for IN health NN . . `` `` The DT cost NN of IN health NN care NN is VBZ eroding VBG standards NNS of IN living NN and CC sapping VBG industrial JJ strength NN , , '' '' complains VBZ Walter NNP Maher NNP , , a DT Chrysler NNP health-and-benefits JJ specialist NN . . Labor NN is VBZ upset JJ because IN many JJ companies NNS are VBP using VBG higher JJR employee NN insurance NN premiums NNS , , deductibles NNS and CC co-payments NNS to TO deflect VB surging JJ medical JJ costs NNS to TO workers NNS . . Health NNP benefits NNS are VBP contentious JJ issues NNS in IN the DT strikes NNS against IN Pittston NNP Co. NNP and CC Nynex NNP Corp NNP . . In IN their PRP$ new JJ contract NN this DT year NN , , American NNP Telephone NNP & CC Telegraph NNP Co. NNP and CC the DT Communications NNP Workers NNP of IN America NNP agreed VBD to TO look VB for IN `` `` prompt JJ and CC lasting JJ national JJ solutions NNS '' '' to TO rising VBG health-care NN costs NNS . . Some DT analysts NNS are VBP cynical JJ about IN the DT new JJ corporate JJ interest NN in IN health-care NN overhaul NN . . Carl NNP Schramm NNP , , president NN of IN the DT Health NNP Insurance NNP Association NNP of IN America NNP , , scoffs VBZ at IN `` `` capitalists NNS who WP want VBP to TO socialize VB the DT entire JJ financing NN system NN '' '' for IN health NN . . `` `` They PRP hope VBP they PRP can MD buy VB some DT government NN cost NN discipline NN , , '' '' but CC this DT is VBZ a DT false JJ hope NN , , Mr. NNP Schramm NNP says VBZ . . He PRP asserts VBZ that DT government NN has VBZ done VBN an DT even RB worse JJR job NN of IN controlling VBG its PRP$ health NN bill NN than IN business NN . . So RB far RB neither CC the DT Bush NNP administration NN nor CC Congress NNP is VBZ prepared VBN to TO lead VB the DT way NN toward IN revamping VBG health NN care NN . . The DT administration NN lacks VBZ a DT comprehensive JJ health-care NN policy NN . . Congress NNP still RB is VBZ struggling VBG to TO dismantle VB the DT unpopular JJ Catastrophic NNP Care NNP Act NNP of IN 1988 CD , , which WDT boosted VBD benefits NNS for IN the DT elderly JJ and CC taxed VBD them PRP to TO pay VB for IN the DT new JJ coverage NN . . A DT bipartisan JJ commission NN established VBN by IN Congress NNP and CC headed VBN by IN Sen. NNP John NNP Rockefeller NNP ( ( D. NNP , , W.Va NNP . . ) ) is VBZ scheduled VBN to TO present VB new JJ plans NNS for IN dealing VBG with IN the DT uninsured JJ and CC long-term JJ care NN for IN the DT elderly JJ by IN next JJ March NNP 1 CD . . A DT quadrennial JJ commission NN appointed VBN by IN Health NNP and CC Human NNP Services NNP Secretary NNP Louis NNP Sullivan NNP is VBZ taking VBG a DT broad JJ look NN at IN the DT economics NNS of IN Medicare NNP for IN the DT elderly JJ , , Medicaid NNP for IN the DT poor JJ and CC the DT health NN system NN in IN general NN . . It PRP is VBZ expected VBN to TO report VB next JJ summer NN . . `` `` No DT magic JJ bullet NN will MD be VB discovered VBN next JJ year NN , , an DT election NN year NN , , '' '' says VBZ Rep. NNP Fortney NNP Stark NNP ( ( D. NNP , , Calif NNP . . ) ) But CC 1991 CD could MD be VB a DT window NN for IN action NN . . The DT pressure NN for IN change NN will MD rise VB with IN costs NNS . . `` `` I PRP think VBP employers NNS are VBP really RB going VBG to TO be VB the DT ones NNS to TO push VB for IN major JJ change NN , , '' '' says VBZ Sharon NNP Canner NNP , , a DT health NN expert NN at IN NAM NNP . . Any DT major JJ attempt NN to TO revamp VB the DT health-care NN system NN is VBZ likely JJ to TO trigger VB opposition NN from IN politically RB powerful JJ interest NN groups NNS , , particularly RB the DT American NNP Medical NNP Association NNP , , and CC perhaps RB from IN the DT public NN as RB well RB , , if IN Congress NNP takes VBZ steps NNS that IN patients NNS fear VBP will MD limit VB the DT availability NN of IN care NN . . The DT NAM NNP embraces VBZ efforts NNS , , which WDT both CC the DT administration NN and CC the DT medical JJ profession NN have VB begun VBN , , to TO measure VB the DT effectiveness NN of IN medical JJ treatments NNS and CC then RB to TO draft VB medical-practice NN guidelines NNS . . Advocates NNS hope VBP that IN such JJ standards NNS will MD improve VB treatment NN while IN limiting VBG unnecessary JJ tests NNS and CC medical JJ procedures NNS . . HHS NNP Secretary NNP Sullivan NNP estimates VBZ that IN as RB much JJ as IN 25 CD % NN of IN the DT medical JJ procedures NNS performed VBN each DT year NN may MD be VB inappropriate JJ or CC unnecessary JJ . . Limiting VBG care NN wo MD n't RB be VB easy JJ or CC popular JJ . . `` `` To TO slow VB the DT rise NN in IN total JJ spending NN , , it PRP will MD be VB necessary JJ to TO reduce VB per-capita JJ use NN of IN services NNS , , '' '' the DT NAM NNP warns VBZ in IN a DT policy NN statement NN . . This DT will MD `` `` require VB us PRP to TO define VB -- : and CC redefine VB -- : what WP is VBZ ` `` necessary JJ ' '' or CC ` `` appropriate JJ ' '' care NN . . This DT involves VBZ trade-offs NNS and CC { ( it PRP } ) cuts VBZ against IN the DT grain NN of IN existing VBG consumer NN and CC even RB provider NN conceptions NNS of IN what WP is VBZ ` `` necessary JJ . . ' '' '' '' The DT AFL-CIO NNP also RB embraces VBZ treatment NN guidelines NNS . . In IN addition NN , , it PRP 's VBZ toying VBG with IN an DT approach NN that WDT would MD impose VB health-expenditure JJ ceilings NNS or CC budgets NNS on IN the DT government NN as IN a DT whole NN and CC on IN individual JJ states NNS as IN a DT way NN to TO slow VB health-care NN spending NN . . At IN a DT meeting NN here RB on IN Nov. NNP 15 CD , , the DT labor NN federation NN plans NNS to TO launch VB a DT major JJ effort NN to TO build VB grass-roots JJ support NN for IN health-care NN overhaul NN . . Stelco NNP Inc. NNP said VBD it PRP plans VBZ to TO shut VB down RP three CD Toronto-area JJ plants NNS , , moving VBG their PRP$ fastener NN operations NNS to TO a DT leased VBN facility NN in IN Brantford NNP , , Ontario NNP . . The DT company NN said VBD the DT fastener NN business NN `` `` has VBZ been VBN under IN severe JJ cost NN pressures NNS for IN some DT time NN . . '' '' The DT fasteners NNS , , nuts NNS and CC bolts NNS , , are VBP sold VBN to TO the DT North JJ American JJ auto NN market NN . . A DT company NN spokesman NN declined VBD to TO estimate VB the DT impact NN of IN the DT closures NNS on IN earnings NNS . . He PRP said VBD the DT new JJ facility NN will MD employ VB 500 CD of IN the DT existing VBG 600 CD employees NNS . . The DT steelmaker NN employs VBZ about RB 16,000 CD people NNS . . Stelco NN said VBD it PRP has VBZ an DT option NN to TO lease VB a DT 350,000-square-foot JJ building NN in IN Brantford NNP and CC proposes VBZ to TO spend VB 24.5 CD million CD Canadian JJ dollars NNS ( ( US$ $ 20.9 CD million CD ) ) on IN the DT facility NN . . The DT three CD existing VBG plants NNS and CC their PRP$ land NN will MD be VB sold VBN . . First NNP Security NNP Corp. NNP said VBD it PRP tentatively RB agreed VBD to TO acquire VB Deseret NNP Bancorp. NNP for IN stock NN valued VBN at IN about RB $ $ 18 CD million CD . . Terms NNS call VBP for IN First NNP Security NNP to TO issue VB about RB 0.55 CD share NN of IN its PRP$ stock NN for IN each DT Deseret NNP share NN held VBN , , or CC a DT total NN of IN about RB 550,000 CD First NNP Security NNP shares NNS . . It PRP has VBZ about RB 12.3 CD million CD shares NNS outstanding JJ . . Deseret NNP , , with IN about RB $ $ 100 CD million CD in IN assets NNS , , is VBZ the DT parent NN of IN the DT Deseret NNP Bank NNP , , which WDT has VBZ six CD offices NNS and CC headquarters NNS at IN Pleasant NNP Grove NNP , , Utah NNP . . The DT purchase NN price NN is VBZ equal JJ to TO about RB 1.65 CD times NNS Deseret NNP 's VBZ roughly RB $ $ 10.7 CD million CD book NN value NN , , or CC assets NNS less CC liabilities NNS . . Salt NNP Lake NNP City-based JJ First NNP Security NNP , , with IN $ $ 5.4 CD billion CD in IN assets NNS , , said VBD the DT agreement NN is VBZ subject JJ to TO shareholder NN and CC regulatory JJ approval NN , , and CC that IN it PRP hopes VBZ to TO complete VB the DT transaction NN early RB next JJ year NN . . Georgia-Pacific NNP Corp. NNP 's POS unsolicited JJ $ $ 3.19 CD billion CD bid NN for IN Great NNP Northern NNP Nekoosa NNP Corp. NNP was VBD hailed VBN by IN Wall NNP Street NNP despite IN a DT cool JJ reception NN by IN the DT target NN company NN . . William NNP R. NNP Laidig NNP , , Nekoosa NNP 's POS chairman NN , , chief JJ executive JJ officer NN and CC president NN , , characterized VBD the DT $ $ 58-a-share JJ bid NN as IN `` `` uninvited JJ '' '' and CC said VBD Nekoosa NNP 's POS board NN would MD consider VB the DT offer NN `` `` in IN due JJ course NN . . '' '' T. NNP Marshall NNP Hahn NNP Jr. NNP , , Georgia-Pacific NNP 's POS chairman NN and CC chief JJ executive NN , , said VBD in IN an DT interview NN that IN all DT terms NNS of IN the DT offer NN are VBP negotiable JJ . . He PRP added VBD that IN he PRP had VBD spoken VBN with IN Mr. NNP Laidig NNP , , whom WP he PRP referred VBD to TO as IN a DT friend NN , , by IN telephone NN Monday NNP evening NN . . `` `` I PRP 'm VBP hopeful JJ that IN we PRP 'll MD have VB further JJ discussions NNS , , '' '' Mr. NNP Hahn NNP said VBD . . On IN Wall NNP Street NNP , , takeover NN stock NN traders NNS bid VBD Nekoosa NNP 's POS stock NN well RB above IN the DT Georgia-Pacific NNP bid NN , , assuming VBG that IN Nekoosa NNP 's POS will MD either CC be VB sold VBN to TO a DT rival JJ bidder NN or CC to TO Georgia-Pacific NNP at IN a DT higher JJR price NN -- : as RB much JJ as IN $ $ 75 CD a DT share NN , , according VBG to TO some DT estimates NNS . . Yesterday NN , , Nekoosa NNP common JJ closed VBD in IN composite JJ New NNP York NNP Stock NNP Exchange NNP trading NN at IN $ $ 62.875 CD , , up RB $ $ 20.125 CD , , on IN volume NN of IN almost RB 6.3 CD million CD shares NNS . . Georgia-Pacific NNP closed VBD down RB $ $ 2.50 CD , , at IN $ $ 50.875 CD in IN Big NNP Board NNP trading NN . . Takeover NN stock NN traders NNS noted VBD that IN with IN the DT junk-bond NN market NN in IN disarray NN , , Georgia-Pacific NNP 's POS bid NN is VBZ an DT indication NN of IN where WRB the DT takeover NN game NN is VBZ headed VBN : : namely RB , , industrial JJ companies NNS can MD continue VB bidding NN for IN one CD another DT , , but CC financial JJ buyers NNS such JJ as IN leveraged JJ buy-out NN firms NNS will MD be VB at IN a DT disadvantage NN in IN obtaining VBG financing NN . . `` `` The DT way NN the DT world NN is VBZ shaping VBG up RP , , the DT strategic JJ buyer NN is VBZ going VBG to TO be VB the DT rule NN and CC the DT financial JJ buyer NN is VBZ going VBG to TO be VB the DT exception NN , , '' '' said VBD one CD trader NN . . For IN the DT paper NN industry NN specifically RB , , most JJS analysts NNS said VBD the DT deal NN will MD spur VB a DT wave NN of IN paper-company NN takeovers NNS , , possibly RB involving VBG such JJ companies NNS as IN Union NNP Camp NNP Corp. NNP , , Federal NNP Paperboard NNP Co. NNP and CC Mead NNP Corp NNP . . The DT analysts NNS argued VBD that IN Georgia-Pacific NNP 's POS offer NN , , the DT first JJ hostile NN bid NN ever RB among IN major JJ players NNS in IN the DT paper NN industry NN , , ends VBZ the DT unwritten JJ taboo NN on IN hostile JJ bids NNS , , and CC will MD push VB managements NNS to TO look VB closely RB at IN the DT industry NN 's POS several JJ attractive JJ takeover NN candidates NNS . . `` `` Consolidation NN has VBZ been VBN long RB overdue JJ . . It PRP was VBD just RB the DT culture NN of IN the DT industry NN that WDT kept VBD it PRP from IN happening VBG . . The DT Georgia-Pacific NNP offer NN has VBZ definitely RB changed VBN the DT landscape NN , , '' '' said VBD Gary NNP Palmero NNP of IN Oppenheimer NNP & CC Co NNP . . Added VBD Mark NNP Rogers NNP of IN Prudential-Bache NNP Securities NNPS Inc. NNP : : `` `` It PRP 's VBZ much RB easier JJR to TO be VB second JJ . . '' '' A DT Georgia-Pacific NNP acquisition NN of IN Nekoosa NNP would MD create VB the DT largest JJS U.S. NNP forest-products JJ company NN . . Based VBN on IN 1988 CD sales NNS , , Georgia-Pacific NNP ranked VBD third JJ at IN $ $ 9.51 CD billion CD , , behind IN Weyerhaeuser NNP Co. NNP at IN $ $ 10 CD billion CD and CC International NNP Paper NNP Co. NNP at IN $ $ 9.53 CD billion CD . . Nekoosa NNP ranked VBD 11th JJ with IN sales NNS of IN $ $ 3.59 CD billion CD . . The DT combined VBN company NN would MD have VB had VBN 1988 CD sales NNS of IN $ $ 13.1 CD billion CD . . But CC such PDT a DT combination NN also RB presents VBZ great JJ risks NNS . . At IN a DT time NN when WRB most JJS analysts NNS and CC industry NN consultants NNS say VBP pulp NN and CC paper NN prices NNS are VBP heading VBG for IN a DT dive NN , , adding VBG capacity NN and CC debt NN could MD squeeze VB Georgia-Pacific NNP if IN the DT industry NN declines VBZ more RBR than IN the DT company NN expects VBZ . . Moreover RB , , any DT unexpected JJ strengthening NN of IN the DT dollar NN would MD hurt VB Georgia-Pacific NNP because IN two CD of IN Nekoosa NN 's POS major JJ product NN lines NNS -- : containerboard NN , , which WDT is VBZ used VBN to TO make VB shipping NN boxes NNS , , and CC market NN pulp NN -- : are VBP exported VBN in IN large JJ quantities NNS . . `` `` Nobody NN knows VBZ how WRB deep JJ the DT cycle NN is VBZ going VBG to TO be VB , , '' '' said VBD Rod NNP Young NNP , , vice NN president NN of IN Resource NNP Information NNP Systems NNP Inc. NNP , , a DT Bedford NNP , , Mass. NNP , , economic-forecasting JJ firm NN . . `` `` Depending VBG on IN how WRB far RB down RB you PRP go VBP , , it PRP may MD be VB difficult JJ to TO pay VB off RP that DT debt NN . . '' '' One CD person NN familiar JJ with IN Georgia-Pacific NNP said VBD the DT acquisition NN would MD more RBR than IN double VB the DT company NN 's POS debt NN of IN almost RB $ $ 3 CD billion CD . . It PRP also RB could MD be VB a DT drag NN on IN Georgia-Pacific NNP earnings NNS because IN the DT roughly RB $ $ 1.5 CD billion CD in IN goodwill NN -- : the DT amount NN by IN which WDT the DT bid NN exceeds VBZ Nekoosa NNP 's POS book NN value NN of IN $ $ 1.5 CD billion CD -- : will MD have VB to TO be VB subtracted VBN from IN earnings NNS over IN a DT period NN of IN decades NNS . . Georgia-Pacific NNP 's POS Mr. NNP Hahn NNP said VBD that IN a DT combined JJ operation NN would MD allow VB savings NNS in IN many JJ ways NNS . . The DT two CD companies NNS each DT produce VBP market NN pulp NN , , containerboard NN and CC white JJ paper NN . . That DT means VBZ goods NNS could MD be VB manufactured VBN closer RBR to TO customers NNS , , saving VBG shipping NN costs NNS , , he PRP said VBD . . Moreover RB , , production NN runs NNS would MD be VB longer JJR , , cutting VBG inefficiencies NNS from IN adjusting VBG machinery NN between IN production NN cycles NNS . . And CC Georgia-Pacific NNP could MD save VB money NN in IN selling VBG pulp NN , , because IN the DT company NN uses VBZ its PRP$ own JJ sales NNS organization NN while IN Nekoosa NNP employs VBZ higher-cost JJ agents NNS . . Mr. NNP Hahn NNP said VBD Georgia-Pacific NNP has VBZ accounted VBN in IN its PRP$ strategy NN for IN a DT `` `` significant JJ downturn NN '' '' in IN the DT pulp NN and CC paper NN industry NN , , an DT event NN that IN he PRP said VBD would MD temporarily RB dilute VB earnings NNS . . But CC he PRP said VBD that IN even RB under IN those DT conditions NNS , , the DT company NN still RB would MD realize VB a DT savings NNS of IN tens NNS of IN millions NNS of IN dollars NNS in IN the DT first JJ year NN following VBG a DT merger NN . . `` `` The DT fit NN is VBZ so RB good JJ , , we PRP see VBP this DT as IN a DT time NN of IN opportunity NN , , '' '' he PRP said VBD . . Georgia-Pacific NNP , , which WDT has VBZ suspended VBN its PRP$ stock-repurchase JJ program NN , , would MD finance VB the DT acquisition NN with IN all DT bank NN debt NN , , provided VBN by IN banks NNS led VBN by IN BankAmerica NNP Corp NNP . . Georgia-Pacific NNP owns VBZ 349,900 CD Nekoosa NNP shares NNS and CC would MD need VB federal JJ antitrust JJ clearance NN to TO buy VB more JJR than IN $ $ 15 CD million CD worth NN . . U.S. NNP clearance NN also RB is VBZ needed VBN for IN the DT proposed JJ acquisition NN . . For IN Nekoosa NNP , , defense NN options NNS may MD be VB undercut JJ somewhat RB by IN the DT precarious JJ state NN of IN the DT junk-bond NN market NN , , which WDT limits VBZ how WRB much JJ value NN the DT target NN could MD reach VB in IN a DT debt-financed JJ recapitalization NN . . The DT company NN 's POS chairman NN , , Mr. NNP Laidig NNP , , and CC a DT group NN of IN advisers NNS met VBD at IN the DT offices NNS of IN Wachtel NNP Lipton NNP Rosen NNP & CC Katz NNP , , a DT law NN firm NN specializing VBG in IN takeover NN defense NN . . Nekoosa NNP also RB is VBZ being VBG advised VBN by IN Goldman NNP , , Sachs NNP & CC Co NNP . . Georgia-Pacific NNP 's POS advisers NNS are VBP Wasserstein NNP , , Perella NNP & CC Co. NNP , , which WDT stands VBZ to TO receive VB a DT $ $ 15 CD million CD fee NN if IN the DT takeover NN succeeds VBZ , , and CC the DT law NN firm NN of IN Shearman NNP & CC Sterling NNP . . People NNS familiar JJ with IN Nekoosa NNP said VBD its PRP$ board NN is VBZ n't RB likely JJ to TO meet VB before IN the DT week NN after IN next JJ to TO respond VB to TO the DT bid NN . . The DT board NN has VBZ 10 CD business NN days NNS to TO respond VB . . In IN addition NN to TO the DT usual JJ array NN of IN defenses NNS , , including VBG a DT so-called JJ poison NN pill NN and CC a DT staggered JJ board NN , , Nekoosa NNP has VBZ another DT takeover NN defense NN : : a DT Maine NNP state NN law NN barring VBG hostile JJ bidders NNS from IN merging VBG acquired VBN businesses NNS for IN five CD years NNS . . Nekoosa NNP is VBZ incorporated VBN in IN Maine NNP . . Georgia-Pacific NNP has VBZ filed VBN a DT lawsuit NN in IN federal JJ court NN in IN Maine NNP challenging VBG the DT poison NN pill NN and CC the DT Maine NNP merger NN law NN . . Nekoosa NNP 's POS poison NN pill NN allows VBZ shareholders NNS to TO vote VB to TO rescind VB it PRP , , but CC Georgia-Pacific NNP is VBZ n't RB likely JJ to TO pursue VB such PDT a DT course NN immediately RB because IN that DT would MD take VB 90 CD to TO 120 CD days NNS , , and CC would MD n't RB affect VB the DT provisions NNS of IN the DT Maine NNP law NN . . Among IN companies NNS mentioned VBN by IN analysts NNS as IN possible JJ counterbidders NNS for IN Nekoosa NNP are VBP International NNP Paper NNP , , Weyerhaeuser NNP , , Canadian NNP Pacific NNP Ltd. NNP and CC MacMillan NNP Bloedel NNP Ltd NNP . . `` `` I PRP 'm VBP sure JJ everybody NN else RB is VBZ putting VBG pencil NN to TO paper NN , , '' '' said VBD Kathryn NNP McAuley NNP , , an DT analyst NN with IN First NNP Manhattan NNP Co NNP . . International NNP Paper NNP and CC Weyerhaeuser NNP declined VBD to TO comment VB . . Canadian NNP Pacific NNP could MD n't RB be VB reached VBN for IN comment NN , , and CC MacMillan NNP Bloedel NNP said VBD it PRP has VBZ n't RB any DT plans NNS to TO make VB a DT bid NN for IN Nekoosa NN . . Investors NNS were VBD quick JJ to TO spot VB other JJ potential JJ takeover NN candidates NNS , , all DT of IN which WDT have VBP strong JJ cash NN flows NNS and CC low-cost JJ operations NNS . . Among IN paper NN company NN stocks NNS that WDT rallied VBD on IN the DT Big NNP Board NNP because IN of IN the DT offer NN were VBD Union NNP Camp NNP , , up RB $ $ 2.75 CD to TO $ $ 37.75 CD , , Federal NNP Paperboard NNP , , up RB $ $ 1.75 CD to TO $ $ 27.875 CD , , Mead NN , , up RB $ $ 2.375 CD to TO $ $ 38.75 CD , , and CC Temple NNP Inland NNP Inc. NNP , , up RB $ $ 3.75 CD to TO $ $ 62.25 CD . . In IN over-the-counter JJ national JJ trading NN , , Bowater NNP Inc. NNP jumped VBD $ $ 1.50 CD to TO $ $ 27.50 CD . . Some DT analysts NNS argued VBD that IN there EX wo MD n't RB be VB a DT flurry NN of IN takeovers NNS because IN the DT industry NN 's POS continuing JJ capacity-expansion JJ program NN is VBZ eating VBG up RP available JJ cash NN . . Moreover RB , , some DT analysts NNS said VBD they PRP expect VBP a DT foreign JJ paper NN company NN with IN deeper JJR pockets NNS than IN Georgia-Pacific NNP to TO end VB up RP acquiring VBG Nekoosa NNP , , signaling VBG to TO the DT rest NN of IN the DT industry NN that IN hostile JJ bids NNS are VBP unproductive JJ . . `` `` This DT is VBZ a DT one-time JJ event NN , , '' '' said VBD Lawrence NNP Ross NNP of IN PaineWebber NNP Inc. NNP , , referring VBG to TO the DT Georgia-Pacific NNP bid NN . . But CC many JJ analysts NNS believe VBP that IN , , given VBN the DT attractiveness NN of IN paper NN companies NNS ' POS cash NN flows NNS , , as RB well RB as IN the DT frantic JJ consolidation NN of IN the DT paper NN industry NN in IN Europe NNP , , there EX will MD be VB at IN least JJS a DT few JJ more JJR big JJ hostile NN bids NNS for IN U.S. NNP companies NNS within IN the DT next JJ several JJ months NNS . . The DT buyers NNS , , these DT analysts NNS added VBD , , could MD be VB either CC foreign JJ or CC other JJ U.S. NNP concerns NNS . . `` `` The DT Georgia-Pacific NNP bid NN may MD open VB the DT door NN to TO a DT new JJ era NN of IN consolidation NN '' '' in IN the DT paper NN industry NN , , said VBD Mark NNP Devario NNP of IN Shearson NNP Lehman NNP Hutton NNP Inc NNP . . `` `` I PRP do VBP n't RB think VB anyone NN is VBZ now RB immune JJ from IN takeover NN , , '' '' said VBD Robert NNP Schneider NNP of IN Duff NNP & CC Phelps NNP Inc. NNP , , Chicago NNP . . He PRP added VBD : : `` `` Every DT paper NN company NN management NN has VBZ to TO be VB saying VBG to TO itself PRP , , ` `` Before IN someone NN comes VBZ after IN me PRP , , I PRP 'm VBP going VBG to TO go VB after IN somebody NN . . ' '' '' '' Prudential-Bache NNP 's POS Mr. NNP Rodgers NNP said VBD he PRP does VBZ n't RB see VB the DT industry NN 's POS capacity-expansion NN program NN hindering VBG takeover NN activity NN . . Several JJ projects NNS , , he PRP said VBD , , are VBP still RB on IN the DT drawing VBG board NN . . Moreover RB , , `` `` it PRP 's VBZ a DT lot NN cheaper JJR and CC quicker JJR to TO buy VB a DT plant NN than IN to TO build VB one NN . . '' '' Indeed RB , , a DT number NN of IN analysts NNS said VBD that IN Japanese JJ paper NN companies NNS are VBP hungry JJ to TO acquire VB additional JJ manufacturing NN capacity NN anywhere RB in IN the DT world NN . . Some DT predicted VBD that IN Nekoosa NNP will MD end VB up RP being VBG owned VBN by IN a DT Japanese JJ company NN . . Meanwhile RB , , Shearson NNP Lehman NNP 's POS Mr. NNP Devario NNP said VBD that IN , , to TO stay VB competitive JJ , , the DT U.S. NNP paper NN industry NN needs VBZ to TO catch VB up RP with IN the DT European JJ industry NN . . Since IN the DT most-recent JJ wave NN of IN friendly JJ takeovers NNS was VBD completed VBN in IN the DT U.S. NNP in IN 1986 CD , , there EX have VBP been VBN more JJR than IN 100 CD mergers NNS and CC acquisitions NNS within IN the DT European JJ paper NN industry NN , , he PRP said VBD . . Lyphomed NNP Inc. NNP , , Rosemont NNP , , Ill. NNP , , and CC Medco NNP Research NNP Inc. NNP , , Los NNP Angeles NNP , , said VBD the DT Food NNP and CC Drug NNP Administration NNP granted VBD full JJ marketing NN approval NN for IN a DT new JJ drug NN for IN the DT treatment NN of IN a DT condition NN in IN which WDT the DT heart NN beats VBZ between IN 150 CD and CC 200 CD beats NNS a DT minute NN . . The DT condition NN , , known VBN as IN paroxysmal JJ supraventricular JJ tachycardia NN , , leads VBZ to TO dizziness NN and CC fainting NN . . The DT typical JJ healthy JJ heart NN beats VBZ 70 CD times NNS a DT minute NN . . The DT drug NN , , called VBN adenocard NN , , returns VBZ the DT heart NN to TO a DT normal JJ rhythm NN within IN seconds NNS , , according VBG to TO Lyphomed NNP . . Medco NNP Research NNP developed VBD the DT drug NN and CC licensed VBD it PRP to TO Lyphomed NNP for IN sale NN in IN the DT U.S. NNP and CC Canada NNP . . Private JJ industry NN 's POS labor NN costs NNS rose VBD 1.2 CD % NN in IN the DT third JJ quarter NN , , matching VBG the DT second-quarter JJ pace NN , , as IN health NN insurance NN costs NNS continued VBD to TO soar VB , , the DT Labor NNP Department NNP said VBD . . The DT increase NN in IN wage NN and CC benefit NN costs NNS in IN the DT third JJ quarter NN was VBD greater JJR than IN the DT 1 CD % NN rise NN reported VBN for IN the DT third JJ quarter NN of IN 1988 CD . . `` `` Wage NN increases NNS and CC overall JJ compensation NN increases NNS are VBP beginning VBG to TO curl VB upward RB a DT little JJ bit NN , , '' '' said VBD Audrey NNP Freedman NNP , , a DT labor NN economist NN at IN the DT Conference NNP Board NNP , , a DT business NN research NN organization NN . . `` `` One PRP would MD have VB thought VBN this DT would MD have VB happened VBN two CD or CC three CD years NNS ago RB as IN the DT labor NN market NN tightened VBD . . It PRP is VBZ a DT considerably RB delayed VBN reaction NN and CC it PRP 's VBZ not RB a DT severe JJ one NN at IN all DT , , '' '' she PRP added VBD . . The DT new JJ data NNS underscored VBD the DT severity NN of IN the DT nation NN 's POS health-care NN cost NN problem NN . . In IN the DT 12 CD months NNS ended VBN in IN September NNP , , wages NNS and CC salaries NNS of IN private-sector JJ workers NNS rose VBD 4.4 CD % NN , , while IN health NN insurance NN costs NNS spurted VBN by IN 13.7 CD % NN . . The DT consumer NN price NN index NN climbed VBD 4.3 CD % NN in IN the DT same JJ period NN . . Despite IN the DT big JJ increases NNS in IN health-care NN costs NNS , , wages NNS still RB account VBP for IN a DT far RB greater JJR share NN of IN overall JJ labor NN costs NNS . . The DT overall JJ private-sector JJ employment NN cost NN index NN , , which WDT includes VBZ both CC wages NNS and CC benefits NNS , , rose VBD 4.7 CD % NN in IN the DT 12 CD months NNS ended VBN in IN September NNP , , compared VBN with IN 4.5 CD % NN for IN both CC the DT 12 CD months NNS ended VBN in IN June NNP and CC the DT 12 CD months NNS ended VBD September NNP 1988 CD . . Labor NN costs NNS are VBP climbing VBG at IN a DT far RB more RBR rapid JJ pace NN in IN the DT health NN care NN industry NN than IN in IN other JJ industries NNS . . For IN instance NN , , wages NNS of IN private-sector JJ hospital NN workers NNS leaped VBD 6.6 CD % NN in IN the DT 12 CD months NNS ended VBN in IN September NNP , , compared VBN with IN 4.4 CD % NN for IN workers NNS in IN all DT industries NNS . . In IN the DT third JJ quarter NN , , wages NNS and CC salaries NNS in IN all DT private JJ industry NN rose VBD 1.2 CD % NN , , compared VBN with IN 1 CD % NN increases NNS in IN both CC the DT second JJ quarter NN and CC in IN the DT third JJ quarter NN of IN 1988 CD . . For IN the DT past JJ five CD years NNS , , unions NNS have VBP n't RB managed VBN to TO win VB wage NN increases VBZ as RB large JJ as IN those DT granted VBN to TO nonunion JJ workers NNS . . For IN private-sector JJ union NN workers NNS , , the DT cost NN of IN wages NNS and CC benefits NNS rose VBD 0.9 CD % NN in IN the DT third JJ quarter NN . . For IN nonunion JJ workers NNS , , the DT costs NNS rose VBD 1.4 CD % NN . . Labor NN costs NNS continued VBD to TO rise VB more RBR rapidly RB in IN service NN industries NNS than IN in IN goods-producing JJ industries NNS , , the DT report NN showed VBD . . It PRP also RB found VBD them PRP rising VBG much RB more RBR in IN the DT Northeast NNP than IN elsewhere RB . . Including VBG employees NNS of IN state NN and CC local JJ -- : but CC not RB the DT federal JJ -- : governments NNS , , the DT employment NN cost NN index NN rose VBD 1.6 CD % NN in IN the DT third JJ quarter NN , , compared VBN with IN a DT 1.3 CD % NN rise NN in IN the DT same JJ quarter NN in IN 1988 CD . . The DT index NN rose VBD 1.1 CD % NN in IN the DT second JJ quarter NN . . For IN the DT 12 CD months NNS ended VBN in IN September NNP , , this DT index NN was VBD up RB 5.1 CD % NN . . It PRP rose VBD 4.8 CD % NN for IN the DT 12 CD months NNS ended VBN in IN June NNP and CC 4.7 CD % NN in IN the DT 12 CD months NNS ended VBN in IN September NNP 1988 CD . . Unlike IN most JJS economic JJ indicators NNS , , none NN of IN these DT figures NNS are VBP adjusted VBN for IN seasonal JJ variations NNS . . DeSoto NNP Inc. NNP said VBD it PRP is VBZ dismissing VBG 200 CD employees NNS as IN part NN of IN a DT restructuring NN aimed VBN at IN producing VBG pretax JJ savings NNS of IN $ $ 10 CD million CD annually RB . . Under IN the DT plan NN , , DeSoto NN said VBD it PRP will MD sell VB certain JJ assets NNS and CC businesses NNS that WDT do VBP n't RB meet VB strategic JJ and CC profitability NN objectives NNS . . The DT Des NNP Plaines NNP , , Ill. NNP , , chemical JJ coatings NNS concern NN , , which WDT has VBZ about RB 2,000 CD employees NNS world-wide RB , , said VBD it PRP plans VBZ to TO sell VB its PRP$ domestic JJ rigid JJ container NN packaging NN and CC flexible JJ adhesives NNS businesses NNS , , and CC its PRP$ Chicago NNP Heights NNP , , Ill. NNP , , resin NN plant NN . . The DT company NN said VBD it PRP plans VBZ to TO use VB the DT sale NN proceeds NNS to TO invest VB in IN business NN opportunities NNS more RBR closely RB identified VBN with IN the DT company NN 's VBZ `` `` refocused VBN direction NN . . StatesWest NNP Airlines NNP , , Phoenix NNP , , Ariz. NNP , , said VBD it PRP withdrew VBD its PRP$ offer NN to TO acquire VB Mesa NNP Airlines NNP because IN the DT Farmington NNP , , N.M. NNP , , carrier NN did VBD n't RB respond VB to TO its PRP$ offer NN by IN the DT close NN of IN business NN yesterday NN , , a DT deadline NN StatesWest NNP had VBD set VBN for IN a DT response NN . . However RB , , StatesWest NNP is VBZ n't RB abandoning VBG its PRP$ pursuit NN of IN the DT much-larger JJ Mesa NNP . . StatesWest NNP , , which WDT has VBZ a DT 7.25 CD % NN stake NN in IN Mesa NNP , , said VBD it PRP may MD purchase VB more JJR Mesa NNP stock NN or CC make VB a DT tender NN offer NN directly RB to TO Mesa NNP shareholders NNS . . StatesWest NNP had VBD proposed VBN acquiring VBG Mesa NNP for IN $ $ 7 CD a DT share NN and CC one CD share NN of IN a DT new JJ series NN of IN StatesWest NNP 6 CD % NN convertible JJ preferred JJ stock NN it PRP values VBZ at IN $ $ 3 CD a DT share NN . . Earlier RBR , , Mesa NNP had VBD rejected VBN a DT general JJ proposal NN from IN StatesWest NNP to TO combine VB the DT two CD carriers NNS in IN some DT way NN . . StatesWest NNP serves VBZ 10 CD cities NNS in IN California NNP , , Arizona NNP and CC Nevada NNP . . Mesa NNP flies VBZ to TO 42 CD cities NNS in IN New NNP Mexico NNP , , Arizona NNP , , Wyoming NNP , , Colorado NNP and CC Texas NNP . . A DT shiny JJ new JJ takeover NN deal NN sparked VBD a DT big JJ rally NN in IN stock NN prices NNS , , which WDT buoyed VBD the DT dollar NN . . Bond NN prices NNS also RB edged VBD higher RBR . . Georgia-Pacific NNP 's POS $ $ 3.18 CD billion CD bid NN for IN Great NNP Northern NNP Nekoosa NNP helped VBD drive VB the DT Dow NNP Jones NNP Industrial NNP Average NNP up RB 41.60 CD points NNS , , to TO 2645.08 CD , , in IN active JJ trading NN . . The DT dollar NN drew VBD strength NN from IN the DT stock NN market NN 's POS climb NN . . Long-term JJ bond NN prices NNS rose VBD despite IN trepidation NN about IN what WP a DT key JJ economic JJ report NN will MD show VB today NN . . Analysts NNS said VBD the DT offer NN for IN Great NNP Northern NNP Nekoosa NNP broke VBD the DT pall NN that WDT settled VBD over IN the DT takeover NN business NN for IN the DT past JJ three CD weeks NNS in IN the DT wake NN of IN the DT collapsed JJ UAL NNP Corp NNP . . buy-out NN . . Great NNP Northern NNP Nekoosa NNP soared VBD $ $ 20.125 CD a DT share NN , , to TO $ $ 62.875 CD , , substantially RB above IN the DT $ $ 58 CD a DT share NN Georgia-Pacific NNP is VBZ offering VBG . . That DT indicates VBZ speculators NNS are VBP betting VBG a DT higher JJR offer NN is VBZ in IN the DT wings NNS . . Prices NNS of IN other JJ paper NN makers NNS rose VBD sharply RB , , although IN Georgia-Pacific NNP fell VBD $ $ 2.50 CD a DT share NN , , to TO $ $ 50.875 CD . . Despite IN all PDT the DT furor NN over IN program NN trading NN , , program NN trading NN played VBD a DT big JJ role NN in IN yesterday NN 's POS rally NN . . Some DT traders NNS point VBP out RP that IN as IN the DT big JJ brokerage NN firms NNS back VBP out IN of IN program NN trading NN for IN their PRP$ own JJ accounts NNS or CC for IN clients NNS , , opportunities NNS increase VBP for IN others NNS to TO engage VB in IN the DT controversial JJ practice NN . . That DT 's VBZ what WP happened VBD yesterday NN . . The DT rally NN notwithstanding RB , , there EX are VBP plenty NN of IN worries NNS about IN the DT short-term JJ course NN of IN stock NN prices NNS . . A DT slowing VBG economy NN and CC its PRP$ effect NN on IN corporate JJ earnings NNS is VBZ the DT foremost JJ concern NN of IN many JJ traders NNS and CC analysts NNS . . Unless IN the DT Federal NNP Reserve NNP eases VBZ interest NN rates NNS soon RB to TO stimulate VB the DT economy NN , , profits NNS could MD remain VB disappointing JJ . . Yesterday NN 's POS major JJ economic JJ news NN -- : a DT 0.2 CD % NN rise NN in IN the DT September NNP index NN of IN leading JJ economic JJ indicators NNS -- : had VBD little JJ impact NN on IN financial JJ markets NNS . . But CC the DT next JJ important JJ piece NN of IN news NN on IN the DT economy NN 's POS health NN -- : this DT morning NN 's POS release NN of IN the DT national JJ purchasing NN manager NN 's POS survey NN for IN October NNP -- : could MD prompt VB investors NNS into IN action NN . . A DT report NN late RB yesterday NN that IN the DT Chicago-area JJ purchasing NN managers NNS survey NN showed VBD increased JJ economic JJ activity NN in IN that DT part NN of IN the DT country NN cut VBD into IN bond-price JJ gains NNS . . If IN the DT national JJ survey NN confirms VBZ a DT pickup NN in IN the DT manufacturing NN sector NN , , it PRP could MD further RBR depress VB bond NN prices NNS while IN bolstering VBG stock NN prices NNS and CC the DT dollar NN . . Meanwhile RB , , bond NN investors NNS are VBP laboring VBG under IN the DT onus NN of IN a DT national JJ debt NN ceiling NN debate NN . . Although IN the DT Treasury NNP is VBZ expected VBN to TO announce VB details NNS of IN its PRP$ November NNP quarterly JJ refunding NN operation NN today NN , , the DT Nov. NNP 79 CD schedule NN could MD be VB delayed VBN unless IN Congress NNP and CC the DT president NN act NN soon RB to TO lift VB the DT nation NN 's POS debt NN ceiling NN . . In IN major JJ market NN activity NN : : Stock NNP prices NNS rallied VBD in IN active JJ trading NN . . Volume NN on IN the DT New NNP York NNP Stock NNP Exchange NNP totaled VBD 176.1 CD million CD shares NNS . . Advancing VBG issues NNS on IN the DT Big NNP Board NNP surged VBD ahead RB of IN decliners NNS 1,111 CD to TO Bond NN prices NNS rose VBD . . The DT Treasury NNP 's POS benchmark JJ 30-year JJ bond NN gained VBD less JJR than IN a DT quarter NN of IN a DT point NN , , or CC less JJR than IN $ $ 2.50 CD for IN each DT $ $ 1,000 CD of IN face NN amount NN . . The DT yield NN on IN the DT issue NN slipped VBD to TO 7.91 CD % NN . . The DT dollar NN gained VBN against IN most JJS foreign JJ currencies NNS . . In IN late JJ afternoon NN New NNP York NNP trading NN , , the DT dollar NN was VBD at IN 1.8415 CD marks NNS and CC 142.85 CD yen NNS compared VBN with IN 1.8340 CD marks NNS and CC 141.90 CD yen NNS late JJ Monday NNP . . Bouygues NNP S.A. NNP , , a DT diversified JJ construction NN concern NN based VBN in IN Paris NNP , , said VBD its PRP$ consolidated JJ profit NN for IN the DT 1989 CD first JJ half NN , , after IN payments NNS to TO minority NN interests NNS , , surged VBD to TO 188 CD million CD French JJ francs NNS ( ( $ $ 30.2 CD million CD ) ) from IN 65 CD million CD francs NNS a DT year NN earlier RBR . . Revenue NN rose VBD 21 CD % NN to TO 22.61 CD billion CD francs NNS from IN 18.69 CD billion CD francs NNS . . The DT company NN did VBD n't RB specify VB reasons NNS for IN the DT strong JJ earnings NNS gain NN . . But CC Bouygues NNP said VBD its PRP$ first-half JJ profit NN is VBZ n't RB indicative JJ of IN the DT full-year JJ trend NN because IN of IN the DT highly RB seasonal JJ nature NN of IN many JJ of IN the DT company NN 's POS activities NNS . . For IN all DT of IN 1988 CD , , Bouygues NNS had VBD consolidated JJ profit NN of IN 519 CD million CD francs NNS , , after IN payments NNS to TO minority NN interests NNS , , on IN revenue NN of IN 50 CD billion CD francs NNS . . The DT group NN has VBZ forecast VBN 1989 CD revenue NN of IN 56.9 CD billion CD francs NNS . . QVC NNP Network NNP Inc. NNP said VBD it PRP completed VBD its PRP$ acquisition NN of IN CVN NNP Cos. NNP for IN about RB $ $ 423 CD million CD . . QVC NNP agreed VBD to TO pay VB $ $ 19 CD and CC one-eighth NN QVC NNP share NN for IN each DT of IN CVN NNP 's POS 20 CD million CD fully RB diluted JJ shares NNS . . The DT acquisition NN brings VBZ together RB the DT two CD largest JJS competitors NNS to TO Home NNP Shopping NNP Network NNP Inc. NNP , , which WDT now RB reaches VBZ more JJR viewers NNS than IN any DT other JJ company NN in IN the DT video NN shopping NN industry NN . . Among IN them PRP , , Home NNP Shopping NNP , , QVC NNP and CC CVN NNP already RB control VBP most JJS of IN that DT young JJ and CC fast-growing JJ market NN , , which WDT last JJ year NN had VBD sales NNS of IN about RB $ $ 1.4 CD billion CD . . Coast NNP Savings NNP Financial NNP Inc. NNP reported VBD a DT third-quarter JJ loss NN , , citing VBG a DT previously RB announced VBN capital NN restructuring NN program NN . . The DT Los NNP Angeles NNP thrift NN holding VBG company NN said VBD it PRP had VBD a DT loss NN of IN $ $ 92.2 CD million CD , , or CC $ $ 6.98 CD a DT share NN , , for IN the DT quarter NN ended VBN Sept. NN 30 CD . . Coast NNP earned VBD $ $ 10.2 CD million CD , , or CC 67 CD cents NNS a DT share NN , , in IN the DT year-ago JJ quarter NN . . The DT year-ago JJ results NNS have VB been VBN restated VBN to TO comply VB with IN government NN regulations NNS . . The DT restructuring NN program NN is VBZ designed VBN to TO increase VB the DT company NN 's POS tangible JJ capital NN ratio NN . . It PRP includes VBZ removing VBG $ $ 242 CD million CD in IN good JJ will NN from IN the DT books NNS , , issuing VBG $ $ 150 CD million CD in IN preferred JJ stock NN and CC commencing VBG an DT exchange NN offer NN for IN $ $ 52 CD million CD in IN convertible JJ bonds NNS . . During IN the DT third JJ quarter NN , , the DT company NN charged VBN about RB $ $ 46 CD million CD against IN earnings NNS in IN reducing VBG goodwill NN , , added VBD $ $ 20 CD million CD to TO its PRP$ general JJ loan NN loss NN reserves NNS and CC established VBD a DT $ $ 30 CD million CD reserve NN for IN its PRP$ high-yield JJ bond NN portfolio NN . . The DT company NN said VBD its PRP$ junk-bond JJ portfolio NN after IN these DT moves NNS had VBD been VBN reduced VBN to TO less JJR than IN 1 CD % NN of IN assets NNS . . Philip NNP Morris NNP Cos. NNP is VBZ launching VBG a DT massive JJ corporate JJ advertising NN campaign NN that WDT will MD put VB the DT tobacco NN giant NN 's POS name NN in IN TV NN commercials NNS for IN the DT first JJ time NN since IN the DT early JJ 1950s CD , , when WRB it PRP stopped VBD advertising VBG its PRP$ namesake NN cigarette NN brand NN on IN television NN . . The DT campaign NN , , a DT patriotic JJ celebration NN of IN the DT 200th JJ anniversary NN of IN the DT Bill NNP of IN Rights NNPS , , does VBZ n't RB mention VB cigarettes NNS or CC smoking NN ; : cigarette NN ads NNS have VBP been VBN prohibited VBN on IN television NN since IN 1971 CD . . But CC even RB before IN it PRP begins VBZ , , the DT campaign NN is VBZ drawing VBG fire NN from IN anti-smoking JJ advocates NNS , , who WP criticize VB Philip NNP Morris NNP 's POS attempt NN to TO bolster VB its PRP$ beleaguered JJ image NN by IN wrapping VBG itself PRP in IN the DT document NN that WDT is VBZ a DT cornerstone NN of IN American JJ democracy NN . . Philip NNP Morris NNP , , which WDT became VBD the DT U.S. NNP 's POS largest JJS food NN company NN last JJ year NN with IN its PRP$ $ $ 12.9 CD billion CD acquisition NN of IN Kraft NNP Inc. NNP , , seems VBZ determined JJ to TO evolve VB beyond IN its PRP$ roots NNS in IN Marlboro NNP country NN . . The DT company NN 's POS research NN suggests VBZ that IN its PRP$ name NN recognition NN among IN most JJS consumers NNS remains VBZ unusually RB low JJ , , although IN its PRP$ array NN of IN brands NNS -- : including VBG Maxwell NNP House NNP coffee NN , , Jell-O NNP , , Cheez NNP Whiz NNP , , and CC Miller NNP beer NN -- : blanket VBP supermarket NN shelves NNS . . The DT company NN is VBZ expected VBN to TO spend VB about RB $ $ 30 CD million CD a DT year NN on IN its PRP$ two-year JJ corporate JJ campaign NN , , created VBN by IN WPP NNP Group NNP 's POS Ogilvy NNP & CC Mather NNP unit NN in IN New NNP York NNP . . The DT initial JJ spots NNS will MD appear VB during IN morning NN and CC prime-time NN news NN shows NNS . . Philip NNP Morris NNP hopes VBZ that IN by IN taking VBG its PRP$ Bill NNP of IN Rights NNPS theme NN to TO the DT airwaves NNS , , in IN addition NN to TO publications NNS , , it PRP will MD reach VB the DT broadest JJS possible JJ audience NN . . Until IN now RB , , its PRP$ corporate JJ ads NNS , , mainly RB promoting VBG its PRP$ sponsorship NN of IN the DT arts NNS , , have VB appeared VBN almost RB exclusively RB in IN newspapers NNS and CC magazines NNS . . `` `` Most JJS people NNS -- : whether IN in IN Toledo NNP , , Tucson NNP or CC Topeka NNP -- : have VBP n't RB got VBN a DT clue NN who WP we PRP are VBP , , '' '' says VBZ Guy NNP L. NNP Smith NNP , , Philip NNP Morris NNP 's POS vice NN president NN of IN corporate JJ affairs NNS . . `` `` If IN they PRP think VBP well RB of IN the DT company NN through IN our PRP$ support NN of IN the DT Bill NNP of IN Rights NNPS , , it PRP follows VBZ they PRP 'll MD think VB well RB of IN our PRP$ products NNS . . '' '' Mr. NNP Smith NNP says VBZ the DT Bill NNP of IN Rights NNPS commercial NN , , which WDT trumpets VBZ the DT themes NNS of IN liberty NN and CC freedom NN of IN expression NN , , is VBZ n't RB designed VBN to TO have VB any DT special JJ appeal NN for IN smokers NNS . . Although IN Philip NNP Morris NNP typically RB tries VBZ to TO defend VB the DT rights NNS of IN smokers NNS with IN free-choice JJ arguments NNS , , `` `` this DT has VBZ nothing NN to TO do VB with IN cigarettes NNS , , nor CC will MD it PRP ever RB , , '' '' the DT spokesman NN says VBZ . . But CC some DT anti-smoking JJ activists NNS disagree VBP , , expressing VBG anger NN at IN what WP they PRP see VBP as IN the DT company NN 's POS attempt NN to TO purchase VB innocence NN by IN association NN . . `` `` I PRP 'm VBP outraged JJ because IN this DT company NN is VBZ portraying VBG itself PRP at IN the DT heart NN of IN American JJ culture NN and CC political JJ freedom NN and CC in IN fact NN it PRP 's VBZ a DT killer NN , , '' '' says VBZ Michael NNP Pertschuk NNP , , former JJ chairman NN of IN the DT Federal NNP Trade NNP Commission NNP and CC a DT tobacco-industry NN critic NN . . `` `` It PRP should MD be VB treated VBN like IN the DT Medellin NNP { ( drug NN } ) mafia NN , , not RB the DT Founding VBG Fathers NNS . . '' '' Mr. NNP Pertschuk NNP adds VBZ that IN the DT new JJ commercial JJ dovetails VBZ perfectly RB with IN major JJ aspects NNS of IN Philip NNP Morris NNP 's POS political JJ strategy NN . . These DT include VB trying VBG to TO protect VB its PRP$ print NN advertising NN by IN invoking VBG the DT First NNP Amendment NNP , , and CC wooing VBG blacks NNS by IN portraying VBG itself PRP as IN a DT protector NN of IN civil JJ rights NNS . . ( ( The DT commercial NN features NNS , , among IN others NNS , , the DT voice NN of IN Martin NNP Luther NNP King NNP Jr. NNP , , the DT slain VBN civil JJ rights NNS leader NN . . ) ) Many JJ marketers NNS say VBP Philip NNP Morris NNP 's POS approach NN will MD be VB effective JJ , , but CC they PRP agree VBP that IN the DT ads NNS ' POS implied VBN smoking NN message NN is VBZ unmistakable JJ . . `` `` This DT is VBZ clever JJ , , subliminal JJ advertising NN that WDT really RB says VBZ , , ` `` Smokers NNS have VB rights NNS , , too RB , , ' '' '' '' says VBZ Al NNP Ries NNP , , chairman NN of IN Trout NNP & CC Ries NNP Inc. NNP , , a DT Greenwich NNP , , Conn. NNP , , marketing NN strategy NN firm NN . . `` `` This DT is VBZ designed VBN to TO get VB the DT wagons NNS in IN a DT circle NN and CC defend VB the DT smoking NN franchise NN . . '' '' Richard NNP Winger NNP , , a DT partner NN at IN Boston NNP Consulting NNP Group NNP , , adds VBZ : : `` `` It PRP 's VBZ very RB popular JJ to TO drape VB yourself PRP in IN the DT flag NN these DT days NNS . . If IN you PRP can MD do VB that DT and CC at IN the DT same JJ time NN send VB a DT message NN that WDT supports VBZ your PRP$ business NN , , that DT 's VBZ brilliant JJ . . '' '' RJR NNP Nabisco NNP Inc. NNP and CC American NNP Brands NNP Inc. NNP say VBP they PRP have VBP no DT plans NNS to TO follow VB Philip NNP Morris NNP 's POS lead NN . . ( ( Indeed RB , , RJR NNP Nabisco NNP is VBZ currently RB under IN fire NN for IN having VBG sent VBD 80-second JJ videotapes NNS touting VBG its PRP$ Now NNP brand NN to TO consumers NNS who WP smoke VBP American NNP Brands NNP ' POS Carltons NNPS . . ) ) Despite IN the DT criticism NN , , Philip NNP Morris NNP 's POS corporate JJ campaign NN runs VBZ little JJ risk NN of IN getting VBG yanked VBN off IN the DT tube NN . . `` `` They PRP are VBP n't RB showing VBG James NNP Madison NNP taking VBG a DT puff NN or CC lighting VBG up RP , , '' '' says VBZ Laurence NNP Tribe NNP , , a DT professor NN of IN constitutional JJ law NN at IN Harvard NNP University NNP . . `` `` All DT they PRP are VBP trying VBG to TO do VB is VBZ borrow VB some DT of IN the DT legitimacy NN of IN the DT Bill NNP of IN Rights NNPS itself PRP . . Technology NN stocks NNS woke VBD up RP , , helping VBG the DT over-the-counter JJ market NN rise VB from IN its PRP$ recent JJ doldrums NNS . . The DT Nasdaq NNP Composite NNP Index NNP surged VBD 4.26 CD , , or CC about RB 0.94 CD % NN , , to TO 455.63 CD . . It PRP was VBD the DT market NN 's POS biggest JJS gain NN since IN rising VBG more RBR than IN 7 CD points NNS on IN Oct. NNP 19 CD . . Advancing VBG OTC NNP stocks NNS outpaced VBD decliners NNS by IN 1,120 CD to TO 806 CD . . But CC the DT move NN lagged VBD a DT stronger JJR rise NN in IN New NNP York NNP Stock NNP Exchange NNP issues NNS . . The DT Big NNP Board NNP 's POS composite JJ index NN was VBD up RB more JJR than IN 1.4 CD % NN , , and CC the DT Dow NNP Jones NNP Industrial NNP Average NNP jumped VBD 1.6 CD % NN . . Nasdaq NNP 's POS gain NN was VBD led VBN by IN its PRP$ biggest JJS industrial JJ stocks NNS . . The DT Nasdaq NNP 100 CD rose VBD 7.08 CD to TO 445.23 CD . . The DT Financial NNP Index NNP of IN 100 CD biggest JJS banks NNS and CC insurance NN issues NNS added VBD 2.19 CD to TO 447.76 CD . . Other JJ strong JJ sectors NNS were VBD indicated VBN in IN gains NNS of IN the DT Transportation NNP Index NNP , , up RB 7.55 CD to TO 475.35 CD , , and CC the DT Utility NNP Index NNP , , up RB 8.68 CD to TO 730.37 CD . . National NNP Market NNP System NNP volume NN improved VBD to TO 94,425,000 CD shares NNS from IN 71.7 CD million CD Monday NNP . . Many JJ of IN Nasdaq NNP 's POS biggest JJS technology NN stocks NNS were VBD in IN the DT forefront NN of IN the DT rally NN . . Microsoft NNP added VBD 2 CD 1\/8 CD to TO 81 CD 3\/4 CD and CC Oracle NNP Systems NNP rose VBD 1 CD 1\/2 CD to TO 23 CD 1\/4 CD . . Intel NNP was VBD up RB 1 CD 3\/8 CD to TO 33 CD 3\/4 CD . . But CC traders NNS who WP watch VBP the DT stocks NNS warned VBD the DT rise NN may MD be VB yet RB another DT `` `` one-day JJ phenomenon NN . . '' '' Technology NN stocks NNS bore VBD the DT brunt NN of IN the DT OTC NNP market NN 's POS recent JJ sell-off NN , , and CC traders NNS say VBP it PRP 's VBZ natural JJ that IN they PRP rebound VB sharply RB now RB that IN the DT market NN has VBZ turned VBN around RP . . But CC , , they PRP caution VBP , , conservative JJ investors NNS would MD do VB well RB to TO sell VB into IN the DT strength NN . . `` `` They PRP are VBP always RB the DT first JJ to TO be VB sold VBN when WRB people NNS are VBP taking VBG profits NNS , , because IN people NNS are VBP most RBS scared JJ of IN the DT high-technology JJ stocks NNS , , '' '' said VBD Robin NNP West NNP , , director NN of IN research NN for IN Ladenburg NNP Thalmann NNP 's POS Lanyi NNP division NN , , which WDT specializes VBZ in IN emerging VBG growth NN stocks NNS . . The DT technology NN group NN includes VBZ many JJ of IN the DT OTC NNP market NN 's POS biggest JJS stocks NNS , , which WDT dominate VBP the DT market-weighted JJ Nasdaq NNP Composite NNP Index NNP . . Analysts NNS say VBP rallies NNS in IN the DT group NN historically RB have VBP lifted VBN the DT market NN , , while IN weakness NN in IN the DT sector NN often RB sank VBD unlisted JJ share NN prices NNS broadly RB . . But CC increasing VBG volatility NN in IN the DT sector NN has VBZ exhausted VBN investors NNS who WP try VBP to TO follow VB its PRP$ dips NNS and CC swings NNS . . The DT stocks NNS have VBP been VBN pummeled VBN repeatedly RB by IN inventory NN gluts NNS and CC disappointing JJ earnings NNS as IN the DT industry NN matures VBZ and CC slows VBZ . . Some DT even RB claim VBP the DT group NN has VBZ become VBN a DT lagging JJ , , not RB leading JJ , , indicator NN . . The DT technology NN sector NN of IN the DT Dow NNP Jones NNP Equity NNP Market NNP Index NNP has VBZ risen VBN only RB about RB 6.24 CD % NN this DT year NN , , while IN the DT Nasdaq NNP Composite NNP Index NNP has VBZ gained VBN 18.35 CD % NN . . While IN the DT composite JJ index NN lost VBD less JJR than IN a DT third NN of IN its PRP$ year-to-date JJ gains NNS in IN the DT market NN 's POS recent JJ decline NN , , the DT technology NN group NN 's POS gains NNS were VBD more RBR than IN halved JJ . . The DT OTC NNP technology NN sector NN is VBZ far RB from IN a DT cohesive JJ unit NN . . The DT group NN is VBZ divided VBN primarily RB between IN software NN , , semiconductors NNS and CC computers NNS . . While IN computer NN stocks NNS have VBP taken VBN the DT biggest JJS hit NN from IN the DT slowdown NN in IN the DT industry NN , , many JJ software NN and CC semiconductor NN stocks NNS have VBP continued VBN to TO outperform VB the DT market NN . . Microsoft NNP is VBZ up RB more JJR than IN 50 CD % NN this DT year NN , , while IN Intel NNP is VBZ up RB more JJR than IN 40 CD % NN . . The DT technology NN group NN is VBZ also RB split VBN between IN large JJ companies NNS and CC small JJ , , with IN the DT biggest JJS stocks NNS trading VBG as IN blue-chip JJ issues NNS in IN the DT institutional JJ marketplace NN , , while IN the DT smaller JJR stocks NNS churn VBP on IN their PRP$ individual JJ merits NNS or CC faults NNS , , analysts NNS say VBP . . The DT volatility NN of IN smaller JJR technology NN companies NNS has VBZ served VBN the DT group NN well RB overall RB in IN recent JJ stock NN trading NN , , according VBG to TO Hambrecht NNP & CC Quist NNP 's POS technology NN stock NN indexes NNS . . The DT brokerage NN firm NN tracks VBZ technology NN stocks NNS with IN its PRP$ Technology NNP Index NNP , , which WDT appreciated VBD only RB 10.59 CD % NN in IN the DT first JJ nine CD months NNS of IN this DT year NN . . But CC the DT firm NN also RB tracks VBZ smaller JJR technology NN companies NNS as IN a DT subset NN of IN the DT larger JJR group NN . . That DT index NN , , which WDT contains VBZ technology NN companies NNS with IN annual JJ revenues NNS of IN $ $ 200 CD million CD or CC less JJR , , gained VBD 17.97 CD % NN by IN Sept. NNP 30 CD this DT year NN -- : still RB lagging VBG the DT S&P NN 500 CD , , but CC leading VBG larger JJR technology NN firms NNS . . Yesterday NN , , bank NN stocks NNS lagged VBD behind IN the DT overall JJ OTC NNP market NN . . The DT Nasdaq NNP Bank NNP Index NNP rose VBD 0.17 CD to TO 432.78 CD . . George NNP Jennison NNP , , who WP trades VBZ bank NN stocks NNS for IN Shearson NNP Lehman NNP Hutton NNP , , said VBD the DT stocks NNS tend VBP to TO fall VB behind RB because IN they PRP are VBP n't RB traded VBN as RB much RB as IN many JJ other JJ issues NNS . . But CC , , he PRP added VBD , , interest-rate-sensitive JJ stocks NNS in IN general JJ are VBP stalled VBN . . `` `` The DT interest-rate NN sensitives NNS are VBP n't RB rallying VBG with IN the DT rest NN of IN the DT market NN because IN of IN fears NNS about IN what WP the DT ( ( Federal NNP Reserve NNP ) ) will MD do VB , , '' '' Mr. NNP Jennison NNP said VBD . . He PRP said VBD that IN investors NNS will MD scour VB the DT October NNP employment NN report NN , , due JJ out RB Friday NNP , , for IN clues NNS about IN the DT direction NN of IN the DT economy NN and CC the DT immediate JJ outlook NN for IN interest NN rates NNS . . On IN the DT other JJ hand NN , , Mr. NNP Jennison NNP noted VBD that IN the DT recent JJ slide NN in IN bank NN and CC thrift NN stocks NNS was VBD at IN least JJS halted VBN yesterday NN . . Shearson NNP Lehman NNP Hutton NNP gave VBD small JJ investors NNS some DT welcome JJ news NN by IN announcing VBG that IN it PRP would MD no RB longer RBR handle VB index-arbitrage-related JJ program NN trades NNS for IN its PRP$ accounts NNS . . Shearson NNP , , with IN its PRP$ in-house JJ order NN execution NN system NN , , has VBZ handled VBN the DT bulk NN of IN such JJ program NN trades NNS in IN the DT over-the-counter JJ market NN . . The DT trading NN has VBZ been VBN blamed VBN for IN much JJ of IN the DT market NN 's POS recent JJ volatility NN . . Jaguar NNP topped VBD the DT most-active JJ list NN , , as IN its PRP$ American JJ depository NN receipts NNS climbed VBD 1 CD 3\/4 CD to TO 13 CD 5\/8 CD with IN more JJR than IN 6.6 CD million CD ADRs NNS traded VBN . . Britain NNP said VBD it PRP would MD waive VB its PRP$ `` `` golden JJ share NN '' '' in IN the DT luxury JJ auto NN maker NN if IN shareholders NNS vote VBP to TO allow VB a DT suitor NN to TO acquire VB more JJR than IN 15 CD % NN of IN the DT company NN . . The DT announcement NN effectively RB removes VBZ the DT British JJ government NN as IN an DT impediment NN to TO a DT takeover NN of IN the DT company NN , , which WDT is VBZ being VBG stalked VBN by IN General NNP Motors NNP and CC Ford NNP . . Gen-Probe NNP was VBD another DT active JJ takeover NN stock NN . . It PRP surged VBD 2 CD 3\/4 CD to TO 6 CD on IN volume NN of IN more JJR than IN 1.7 CD million CD shares NNS after IN the DT company NN agreed VBD to TO be VB acquired VBN by IN Japan NNP 's POS Chugai NNP Pharmaceutical NNP for IN about RB $ $ 110 CD million CD -- : almost RB double RB the DT market NN price NN of IN Gen-Probe NNP 's POS stock NN . . Priam NNP Corp. NNP lost VBD 5\/32 CD to TO 3\/32 CD after IN filing VBG for IN protection NN from IN its PRP$ creditors NNS under IN Chapter NN 11 CD of IN the DT federal JJ Bankruptcy NNP Code NNP . . MCI NNP Communications NNP added VBD 1 CD 1\/2 CD to TO 43 CD 3\/8 CD . . The DT company NN has VBZ toted VBN up RP over IN $ $ 40 CD million CD in IN contracts NNS in IN the DT past JJ two CD days NNS . . Monday NNP , , MCI NNP announced VBD a DT $ $ 27 CD million CD multiyear JJ contract NN with IN the DT investment NN bank NN Stuart-James NNP . . Yesterday NN , , it PRP received VBD a DT $ $ 15 CD million CD , , three-year JJ contract NN from IN Drexel NNP Burnham NNP Lambert NNP . . Florida NNP National NNP Banks NNP of IN Fla. NNP slid VBD 1 CD 1\/8 CD to TO 24 CD 3\/4 CD . . Late RB Monday NNP , , the DT Federal NNP Reserve NNP Board NNP said VBD it PRP is VBZ delaying VBG approval NN of IN First NNP Union NNP Corp. NNP 's POS proposed JJ $ $ 849 CD million CD acquisition NN of IN Florida NNP National NNP Banks NNPS pending VBG the DT outcome NN of IN an DT examination NN into IN First NNP Union NNP 's POS lending NN practices NNS in IN low-income JJ heighborhoods NNS . . Florida NNP National NNP said VBD yesterday NN that IN it PRP remains VBZ committed JJ to TO the DT merger NN . . Dycom NNP Industries NNP gained VBD 3\/4 CD to TO 16 CD 3\/4 CD after IN it PRP said VBD it PRP agreed VBD to TO buy VB Ansco NNP & CC Associates NNP and CC two CD affiliates NNS for IN cash NN and CC stock NN . . The DT value NN of IN the DT transaction NN was VBD n't RB disclosed VBN . . The DT companies NNS being VBG acquired VBN provide VBP telecommunications NNS services NNS to TO the DT telephone NN industry NN . . Willamette NNP Industries NNP , , whose WP$ stock NN has VBZ suffered VBN steep JJ losses NNS in IN recent JJ sessions NNS , , surged VBD 1 CD 1\/2 CD to TO 49 CD . . The DT stock NN was VBD one CD of IN many JJ in IN the DT paper NN products NNS industry NN that WDT rose VBD following VBG Georgia-Pacific NNP 's POS $ $ 3.18 CD billion CD bid NN for IN Great NNP Northern NNP Nekoosa NNP . . A DT permanent JJ smoking NN ban NN on IN virtually RB all DT domestic JJ airline NN routes NNS won VBD approval NN from IN the DT House NNP , , which WDT separately RB sent VBD to TO President NNP Bush NNP a DT nearly RB $ $ 67 CD billion CD fiscal JJ 1990 CD bill NN including VBG the DT first JJ construction NN funds NNS for IN the DT space NN station NN . . The DT smoking NN prohibition NN remains VBZ attached JJ to TO a DT $ $ 27.1 CD billion CD transportation NN bill NN that WDT must MD still RB overcome VB budget NN obstacles NNS in IN Congress NNP . . But CC yesterday NN 's POS action NN put VBD to TO rest VB any DT lingering VBG resistance NN from IN tobacco NN interests NNS . . Faced VBN with IN inevitable JJ defeat NN , , the DT once RB dominant JJ industry NN declined VBD any DT recorded JJ vote NN on IN the DT ban NN , , which WDT covers VBZ all DT but IN a DT fraction NN of IN 1 CD % NN of IN daily JJ flights NNS in IN the DT U.S. NNP . . The DT sole JJ exceptions NNS are VBP an DT estimated JJ 30 CD flights NNS of IN six CD hours NNS or CC more RBR beginning VBG or CC ending VBG in IN Hawaii NNP and CC Alaska NNP . . Assuming VBG final JJ enactment NN this DT month NN , , the DT prohibition NN will MD take VB effect NN 96 CD days NNS later RB , , or CC in IN early JJ February NNP . . On IN a DT 394-21 JJ roll NN call NN , , the DT House NNP adopted VBD the DT underlying JJ transportation NN measure NN . . But CC the DT bill NN still RB faces VBZ budget NN questions NNS because IN it PRP also RB is VBZ the DT vehicle NN for IN an DT estimated JJ $ $ 3.1 CD billion CD in IN supplemental JJ appropriations NNS for IN law NN enforcement NN and CC anti-drug JJ programs NNS . . The DT additional JJ spending NN pushes VBZ the DT measure NN more JJR than IN $ $ 2 CD billion CD above IN its PRP$ prescribed JJ budget NN ceiling NN , , and CC the DT House NNP Appropriations NNP Committee NNP leadership NN must MD now RB seek VB a DT waiver NN in IN hopes NNS of IN completing VBG action NN today NN . . The DT separate JJ $ $ 67 CD billion CD bill NN sent VBN to TO the DT White NNP House NNP had VBD budget NN difficulties NNS , , too RB , , but CC was VBD saved VBN ultimately RB by IN its PRP$ importance NN to TO a DT broad JJ spectrum NN of IN interests NNS in IN Congress NNP and CC the DT administration NN itself PRP . . No DT single JJ bill NN this DT year NN includes VBZ more JJR discretionary JJ spending NN for IN domestic JJ programs NNS and CC , , apart RB from IN the DT space NN station NN , , the DT measure NN incorporates VBZ far-reaching JJ provisions NNS affecting VBG the DT federal JJ mortgage NN market NN . . The DT current JJ ceiling NN on IN home NN loans NNS insured VBN by IN the DT Federal NNP Housing NNP Administration NNP is VBZ increased VBN to TO $ $ 124,875 CD during IN fiscal JJ 1990 CD . . And CC in IN anticipation NN of IN increased JJ lending NN , , the DT cap NN on IN FHA NNP loan NN guarantees NNS would MD rise VB to TO approximately RB $ $ 73.8 CD billion CD . . Separately RB , , the DT bill NN gives VBZ authority NN to TO the DT Department NNP of IN Housing NNP and CC Urban NNP Development NNP to TO facilitate VB the DT refinancing NN of IN high-interest JJ loans NNS subsidized VBN by IN the DT government NN under IN the DT so-called JJ Section NN 235 CD home-ownership NN program NN for IN lower-income JJ families NNS . . This DT provision NN met VBD early JJ and CC strong JJ resistance NN from IN investment NN bankers NNS worried VBN about IN disruptions NNS in IN their PRP$ clients NNS ' POS portfolios NNS . . But CC the DT promise NN of IN at IN least JJS $ $ 15 CD million CD in IN new JJ savings NNS helped VBD to TO forge VB a DT partnership NN between IN HUD NNP Secretary NNP Jack NNP Kemp NNP and CC lawmakers NNS wanting VBG to TO protect VB their PRP$ projects NNS elsewhere RB . . The DT estimated JJ $ $ 1.8 CD billion CD for IN the DT space NN station NN would MD be VB double RB last JJ year NN 's POS level NN , , and CC total JJ appropriations NNS for IN the DT National NNP Aeronautics NNP and CC Space NNP Administration NNP would MD grow VB 16 CD % NN to TO nearly RB $ $ 12.4 CD billion CD . . A DT string NN of IN costly JJ projects NNS , , including VBG the DT high-speed JJ national JJ aerospace NN plane NN and CC the DT advanced JJ communications NNS technology NN satellite NN , , would MD continue VB to TO be VB developed VBN within IN these DT limits NNS . . And CC while IN imposing VBG a DT statutory JJ cap NN of IN $ $ 1.6 CD billion CD on IN future JJ spending NN , , the DT bill NN would MD give VB NASA NNP $ $ 30 CD million CD for IN the DT start-up NN of IN the DT CRAF-Cassini NNP mission NN , , a DT successor NN to TO the DT Voyager NNP space NN probe NN . . Separately NNP , , the DT National NNP Science NNP Foundation NNP is VBZ promised VBN a DT 7.7 CD % NN increase NN to TO bring VB its PRP$ appropriations NNS to TO $ $ 2.07 CD billion CD . . And CC while IN pursuing VBG these DT initiatives NNS , , Congress NNP and CC the DT White NNP House NNP are VBP squeezed VBN too RB by IN steady JJ increases NNS -- : $ $ 551 CD million CD -- : in IN veteran NN 's POS medical JJ care NN . . The DT result NN is VBZ that IN all DT sides NNS resort VBP to TO sleight NN of IN hand NN to TO make VB room NN for IN competing VBG housing NN and CC environmental JJ programs NNS , , and CC the DT commitments NNS now RB will MD drive VB excess JJ spending NN into IN fiscal JJ 1991 CD . . Senior JJ members NNS of IN the DT House NNP Budget NNP Committee NNP are VBP reduced VBN in IN frustration NN to TO raising VBG doomed JJ parliamentary JJ obstacles NNS to TO individual JJ bills NNS , , yet CC admit VBP that IN much JJ of IN the DT disorder NN now RB stems VBZ from IN the DT fiscal JJ legerdemain NN associated VBN with IN their PRP$ own JJ summit NN agreement NN with IN the DT White NNP House NNP this DT past JJ spring NN . . `` `` It PRP 's VBZ hard JJ to TO get VB the DT administration NN 's POS attention NN on IN anything NN , , '' '' said VBD Rep. NNP Bill NNP Frenzel NNP ( ( R. NNP , , Minn. NNP ) ) , , `` `` because IN the DT whole JJ agreement NN was VBD built VBN on IN gimmickry NN . . '' '' Among IN the DT subsidies NNS continued VBN in IN the DT transportation NN bill NN is VBZ $ $ 30.7 CD million CD to TO maintain VB commercial JJ air NN service NN for IN an DT estimated JJ 92 CD communities NNS , , often RB in IN rural JJ areas NNS . . Senate NNP Appropriations NNP Committee NNP Chairman NNP Robert NNP Byrd NNP ( ( D. NNP , , W.Va NNP . . ) ) strongly RB resisted VBD deeper JJR cuts NNS sought VBN by IN the DT House NNP . . But CC at IN a DT time NN when WRB the DT White NNP House NNP wants VBZ to TO kill VB the DT entire NN program NN , , Republicans NNPS have VBP been VBN among IN its PRP$ leading JJ champions NNS . . Sen. NNP Pete NNP Domenici NNP ( ( R. NNP , , N.M. NNP ) ) , , the DT ranking JJ Republican NNP on IN the DT Senate NNP Budget NNP Committee NNP , , used VBD his PRP$ influence NN to TO preserve VB more JJR than IN $ $ 132,000 CD in IN subsidies NNS for IN air NN service NN to TO Sante NNP Fe NNP , , N.M. NNP , , and CC more JJR than IN $ $ 2.1 CD million CD would MD go VB for IN service NN to TO eight CD communities NNS in IN the DT western JJ Nebraska NNP district NN of IN GOP NNP Rep. NNP Virginia NNP Smith NNP on IN the DT House NNP Appropriations NNP Committee NNP . . GP NNP Express NNP , , an DT independent JJ airline NN serving VBG much JJ of IN Nebraska NNP , , estimates VBZ that IN nearly RB 40 CD % NN of IN its PRP$ revenues NNS come VBP from IN the DT subsidies NNS that WDT , , in IN some DT cases NNS , , exceed VBP the DT cost NN of IN a DT ticket NN . . For IN example NN , , a DT passenger NN can MD fly VB from IN Chardon NNP , , Neb. NNP , , to TO Denver NNP for IN as RB little JJ as IN $ $ 89 CD to TO $ $ 109 CD , , according VBG to TO prices NNS quoted VBN by IN the DT company NN . . But CC given VBN the DT few JJ number NN of IN users NNS , , the DT cost NN to TO the DT federal JJ government NN per IN passenger NN is VBZ estimated VBN at IN $ $ 193 CD , , according VBG to TO House NNP and CC Senate NNP appropriations NNS committees NNS . . The DT House NNP action NN yesterday NN came VBD as IN the DT Senate NNP remained VBD mired JJ in IN difficulties NNS over IN a DT $ $ 17.25 CD billion CD measure NN covering VBG the DT budgets NNS for IN the DT State NNP , , Commerce NNP , , and CC Justice NNP departments NNS in IN fiscal JJ 1990 CD . . The DT compromise NN bill NN passed VBD the DT House NNP last JJ week NN but CC has VBZ now RB provoked VBN jurisdictional JJ fights NNS with IN the DT Senate NNP Foreign NNP Relations NNP Committee NNP , , which WDT jealously RB protects VBZ its PRP$ prerogatives NNS over IN operations NNS at IN the DT State NNP Department NNP . . The DT same JJ jealousy NN can MD breed VB confusion NN , , however RB , , in IN the DT absence NN of IN any DT authorization NN bill NN this DT year NN . . House NNP and CC Senate NNP appropriators NNS sought VBD to TO establish VB a DT Nov. NNP 30 CD deadline NN after IN which WDT their PRP$ bill NN would MD become VB the DT last JJ word NN on IN how WRB funds NNS are VBP distributed VBN . . But CC on IN a DT 53-45 JJ roll NN call NN this DT provision NN was VBD stripped VBN from IN the DT bill NN last JJ night NN after IN Foreign NNP Relations NNPS Chairman NNP Claiborne NNP Pell NNP ( ( D. NNP , , R.I NNP . . ) ) complained VBD that IN it PRP was VBD an DT intrusion NN on IN exclusive JJ powers NNS vested VBN in IN his PRP$ panel NN for IN more RBR than IN three CD decades NNS . . Coda NNP Energy NNP Inc. NNP said VBD it PRP arranged VBD a DT $ $ 50 CD million CD credit NN facility NN with IN NCNB NNP Texas NNP National NNP Bank NNP , , a DT unit NN of IN NCNB NNP Corp. NNP , , of IN Charlotte NNP , , N.C NNP . . The DT Dallas NNP oil NN and CC gas NN concern NN said VBD that IN $ $ 10 CD million CD of IN the DT facility NN would MD be VB used VBN to TO consolidate VB the DT company NN 's POS $ $ 8.1 CD million CD of IN existing VBG bank NN debt NN , , to TO repurchase VB 4 CD million CD of IN its PRP$ 4.9 CD million CD shares NNS outstanding JJ of IN Series NNP D NNP convertible JJ preferred JJ stock NN , , and CC to TO purchase VB a DT 10 CD % NN net-profits JJ interest NN in IN certain JJ oil NN and CC gas NN properties NNS from IN one CD of IN its PRP$ existing VBG lenders NNS , , National NNP Canada NNP Corp NNP . . The DT remaining VBG $ $ 40 CD million CD can MD be VB used VBN over IN three CD years NNS for IN oil NN and CC gas NN acquisitions NNS , , the DT company NN said VBD . . Ted NNP Eubank NNP , , Coda NNP 's POS president NN , , said VBD the DT loan NN carries VBZ an DT interest NN rate NN of IN prime JJ plus CC one CD percentage NN point NN , , with IN 85 CD % NN of IN the DT company NN 's POS net JJ oil NN and CC gas NN revenue NN each DT month NN dedicated VBN to TO repayment NN . . The DT company NN put VBD up RP `` `` virtually RB all DT '' '' of IN its PRP$ oil NN and CC gas NN properties NNS as IN collateral NN , , he PRP said VBD . . General NNP Dynamics NNP Corp. NNP was VBD given VBN an DT $ $ 843 CD million CD Air NNP Force NNP contract NN for IN F-16 NNP aircraft NNS and CC related JJ equipment NN . . Loral NNP Corp. NNP 's POS defense NN systems NNS division NN received VBD a DT $ $ 54.9 CD million CD Air NNP Force NNP contract NN for IN a DT F-15 NNP weapons NNS system NN trainer NN . . Southern NNP Air NNP Transport NNP Inc. NNP won VBD $ $ 47.5 CD million CD in IN Air NNP Force NNP and CC Navy NNP contracts NNS for IN transportation NN services NNS . . International NNP Business NNP Machines NNPS Corp. NNP was VBD given VBN a DT $ $ 31.2 CD million CD Air NNP Force NNP contract NN for IN satellite JJ data NNS systems NNS equipment NN . . Directed NNP Technologies NNPS received VBD a DT $ $ 28.3 CD million CD Defense NNP Advanced NNP Research NNP Projects NNPS Agency NNP contract NN for IN advanced JJ propulsion NN systems NNS research NN . . Propper NNP International NNP Inc. NNP got VBD a DT $ $ 22.8 CD million CD Defense NNP Logistics NNP Agency NNP contract NN for IN combat NN camouflage NN trousers NNS . . Santa NNP Fe NNP Pacific NNP was VBD the DT kind NN of IN story NN Wall NNP Street NNP loved VBD . . Since IN the DT value NN of IN its PRP$ assets NNS was VBD n't RB known VBN , , analysts NNS were VBD free JJ to TO pick VB a DT number NN . . In IN one CD of IN many JJ rosy JJ scenarios NNS , , Bear NNP Stearns NNP 's POS Gary NNP Schneider NNP wrote VBD in IN March NNP that IN its PRP$ real JJ estate NN alone RB had VBD a DT value NN of IN $ $ 4.5 CD billion CD . . Throw VB in RP its PRP$ railroad NN , , minerals NNS , , pipeline NN and CC oil NN assets NNS , , he PRP and CC others NNS argued VBD , , and CC the DT Chicago-based JJ conglomerate NN should MD be VB worth IN 30 CD a DT share NN . . And CC why WRB should MD holders NNS expect VB to TO realize VB that IN presumed JJ `` `` worth NN ? . '' '' That DT was VBD another DT reason NN the DT Street NNP loved VBD Santa NNP Fe NNP . . With IN real JJ estate NN experts NNS Olympia NNP & CC York NNP and CC Samuel NNP Zell NNP 's POS Itel NNP owning VBG close RB to TO 40 CD % NN of IN Santa NNP Fe NNP 's POS stock NN , , management NN was VBD under IN pressure NN -- : in IN a DT favored JJ phrase NN of IN Wall NNP Street NNP -- : to TO quickly RB `` `` maximize VB values NNS . . '' '' But CC value NN , , it PRP turns VBZ out RP , , is VBZ only RB what WP a DT buyer NN will MD pay VB . . And CC with IN the DT company NN 's POS recent JJ announcement NN that IN it PRP is VBZ contemplating VBG a DT partial JJ sale NN of IN its PRP$ real JJ estate NN , , the DT values NNS suddenly RB look VBP poorer JJR . . Santa NNP Fe NNP has VBZ disclosed VBN that IN it PRP is VBZ negotiating VBG to TO sell VB a DT 20 CD % NN interest NN in IN its PRP$ real JJ estate NN unit NN to TO the DT California NNP Public NNP Employees NNPS Retirement NNP System NNP for IN roughly RB $ $ 400 CD million CD . . Since IN the DT real JJ estate NN unit NN also RB includes VBZ debt NN , , the DT imputed JJ value NN of IN the DT real JJ estate NN itself PRP is VBZ close RB to TO $ $ 3 CD billion CD . . `` `` The DT implied JJ current JJ net JJ asset NN value NN of IN 22.70 CD { ( per IN share NN } ) is VBZ well RB below IN the DT 30 CD level NN that WDT the DT Street NNP believed VBD , , '' '' PaineWebber NNP says VBZ . . `` `` The DT upside NN was VBD in IN the DT intangible JJ real JJ estate NN ... : which WDT is VBZ no RB longer RBR an DT intangible NN . . '' '' So RB what WP is VBZ Santa NNP Fe NNP worth IN ? . If IN the DT railroad NN is VBZ valued VBN on IN a DT private JJ market NN basis NN -- : at IN the DT same JJ multiple NN of IN earnings NNS as IN in IN the DT recent JJ sale NN of IN CNW NNP -- : it PRP would MD have VB a DT value NN of IN $ $ 1.65 CD billion CD . . A DT compromise NN between IN bulls NNS and CC bears NNS puts VBZ remaining VBG assets NNS and CC cash NN -- : including VBG its PRP$ 44 CD % NN stake NN in IN its PRP$ publicly RB traded VBN pipeline NN -- : at IN $ $ 2 CD billion CD . . Santa NNP Fe NNP also RB has VBZ $ $ 3.7 CD billion CD in IN debt NN . . In IN addition NN , , its PRP$ railroad NN lost VBD a DT $ $ 750 CD million CD antitrust JJ suit NN , , which WDT is VBZ on IN appeal NN , , and CC which WDT analysts NNS say VB could MD be VB settled VBN for IN one-third RB that DT amount NN . . That DT nets VBZ out RP to TO about RB $ $ 17 CD a DT share NN for IN the DT company NN on IN a DT private JJ market NN basis NN . . But CC Santa NNP Fe NNP , , currently RB trading VBG at IN 18 CD 7\/8 CD , , is VBZ n't RB likely JJ to TO realize VB private JJ market NN values NNS by IN selling VBG assets NNS , , because IN the DT tax NN against IN it PRP would MD be VB onerous JJ . . Its PRP$ plan NN , , instead RB , , is VBZ to TO spin VB off RP the DT remainder NN of IN its PRP$ real JJ estate NN unit NN and CC to TO possibly RB do VB the DT same JJ with IN its PRP$ mining NN and CC energy NN assets NNS . . Robert NNP D. NNP Krebs NNP , , Santa NNP Fe NNP 's POS chairman NN , , argues VBZ that IN since IN its PRP$ businesses NNS are VBP valued VBN in IN different JJ ways NNS , , `` `` the DT sum NN of IN the DT parts NNS may MD be VB greater JJR than IN the DT whole NN . . '' '' But CC it PRP is VBZ n't RB clear JJ why WRB that DT should MD be VB so RB . . The DT spinoff NN argument NN , , after IN all DT , , reverses VBZ the DT current JJ notion NN that IN assets NNS are VBP worth IN more JJR to TO private JJ buyers NNS than IN to TO public JJ shareholders NNS . . And CC real JJ estate NN usually RB has VBZ n't RB traded VBN well RB under IN public JJ ownership NN . . Salomon NNP Brothers NNP says VBZ , , `` `` We PRP believe VBP the DT real JJ estate NN properties NNS would MD trade VB at IN a DT discount NN ... : after IN the DT realty NN unit NN is VBZ spun VBN off RP ... : . . And CC what WP about IN the DT cost NN , , and CC risk NN , , of IN waiting VBG to TO realize VB the DT hypothetical JJ private JJ market NN values NNS ? . '' '' Some DT analysts NNS remain VBP bullish JJ . . Mr. NNP Schneider NNP of IN Bear NNP Stearns NNP says VBZ he PRP is VBZ recalculating VBG the DT worth NN of IN the DT company NN 's POS assets NNS and CC , , in IN the DT meantime NN , , is VBZ sticking VBG to TO his PRP$ `` `` buy VB '' '' recommendation NN on IN the DT belief NN that IN he PRP will MD find VB `` `` values NNS '' '' of IN 30 CD a DT share NN . . He PRP adds VBZ : : `` `` If IN for IN any DT reason NN I PRP do VBP n't RB have VB the DT values NNS , , then RB I PRP wo MD n't RB recommend VB it PRP . . '' '' First RB Boston NNP 's POS Graeme NNP Anne NNP Lidgerwood NNP values VBZ Santa NNP Fe NNP at IN 24 CD , , down RB from IN her PRP$ earlier JJR estimate NN of IN 29 CD . . Her PRP$ recent JJ report NN classifies VBZ the DT stock NN as IN a DT `` `` hold VB . . '' '' But CC it PRP appears VBZ to TO be VB the DT sort NN of IN hold NN one CD makes VBZ while IN heading VBG for IN the DT door NN . . Quoting VBG from IN the DT report NN : : `` `` The DT stock NN 's POS narrow JJ discount NN to TO asset NN valuation NN makes VBZ it PRP a DT relatively RB unappealing JJ investment NN at IN current JJ prices NNS , , especially RB given VBN the DT risk NN that IN our PRP$ projections NNS could MD be VB on IN the DT aggressive JJ side NN . . '' '' Chairman NNP Krebs NNP says VBZ the DT California NNP pension NN fund NN is VBZ getting VBG a DT bargain NN price NN that WDT would MD n't RB have VB been VBN offered VBN to TO others NNS . . In IN other JJ words NNS : : The DT real JJ estate NN has VBZ a DT higher JJR value NN than IN the DT pending JJ deal NN suggests VBZ . . Since IN most JJS of IN the DT unit NN 's POS real JJ estate NN is VBZ in IN California NNP , , the DT pension NN fund NN will MD be VB a DT useful JJ political JJ ally NN in IN a DT state NN where WRB development NN is VBZ often RB held VBN hostage NN to TO zoning NN boards NNS . . And CC , , as IN Mr. NNP Zell NNP says VBZ , , with IN Itel NNP and CC O&Y NNP on IN the DT unit NN 's POS board NN , , the DT real JJ estate NN will MD be VB run VBN by IN `` `` a DT very RB unusual JJ group NN '' '' to TO say VB the DT least JJS . . It PRP is VBZ possible JJ then RB that IN Santa NNP Fe NNP 's POS real JJ estate NN -- : even RB in IN a DT state NN imperiled VBN by IN earthquakes NNS -- : could MD , , one CD day NN , , fetch VB a DT king NN 's POS ransom NN . . But CC as IN Drexel NNP analyst NN Linda NNP Dunn NNP notes VBZ , , its PRP$ properties NNS will MD be VB developed VBN over IN 15 CD to TO 20 CD years NNS . . So RB despite IN Wall NNP Street NNP 's POS rosy JJ talk NN of IN quickly RB `` `` maximizing VBG values NNS , , '' '' holders NNS could MD be VB in IN for IN a DT long JJ wait NN . . Santa NNP Fe NNP Pacific NNP ( ( NYSE NNP ; : Symbol NN : : SFX NNP ) ) Business NN : : Railroad NN , , natural JJ resources NNS and CC real JJ estate NN Year NN ended VBN Dec. NNP 31 CD , , 1988 CD : : Revenue NN : : $ $ 3.14 CD billion CD Net JJ loss NN : : $ $ 46.5 CD million CD ; : 30 CD cents NNS a DT share NN Third JJ quarter NN , , Sept. NNP 30 CD , , 1989 CD : : Net JJ income NN : : 21 CD cents NNS a DT share NN vs. FW net JJ loss NN of IN $ $ 4.11 CD a DT share NN Average JJ daily JJ trading NN volume NN : : 344,354 CD shares NNS Orkem NNP S.A. NNP , , a DT French JJ state-controlled JJ chemical JJ manufacturer NN , , is VBZ making VBG a DT friendly JJ bid NN of IN 470 CD pence NNS ( ( $ $ 7.43 CD ) ) a DT share NN for IN the DT 59.2 CD % NN of IN U.K. NNP specialty NN chemical JJ group NN Coates NNP Brothers NNP PLC NNP which WDT it PRP does VBZ n't RB already RB own VB , , the DT two CD sides NNS said VBD . . The DT offer NN , , which WDT values VBZ the DT whole NN of IN Coates NNP at IN # # 301 CD million CD , , has VBZ already RB been VBN accepted VBN by IN Coates NNP executives NNS and CC other JJ shareholders NNS owning VBG 12.4 CD % NN of IN the DT company NN . . The DT acceptances NNS give VBP Orkem VB a DT controlling JJ 53.2 CD % NN stake NN in IN the DT company NN . . Orkem NNP and CC Coates NNP said VBD last JJ Wednesday NNP that IN the DT two CD were VBD considering VBG a DT merger NN , , through IN Orkem NNP 's POS British JJ subsidiary NN , , Orkem NNP Coatings NNP U.K. NNP Ltd NNP . . Orkem NNP , , France NNP 's POS third-largest JJ chemical JJ group NN , , said VBD it PRP would MD fund VB the DT acquisition NN through IN internal JJ resources NNS . . The DT takeover NN would MD be VB followed VBN by IN a DT restructuring NN of IN Orkem NNP 's POS U.K. NNP unit NN , , including VBG the DT addition NN of IN related JJ Orkem NNP businesses NNS and CC possibly RB further JJ acquisitions NNS . . Orkem NNP said VBD it PRP eventually RB would MD seek VB to TO make VB a DT public JJ share NN offering NN in IN its PRP$ U.K. NNP business NN . . Intelogic NNP Trace NNP Inc. NNP said VBD it PRP is VBZ exploring VBG alternatives NNS to TO maximize VB shareholder NN value NN , , including VBG the DT possible JJ sale NN of IN the DT company NN . . But CC Asher NNP B. NNP Edelman NNP , , who WP controls VBZ about RB 16 CD % NN of IN the DT San NNP Antonio NNP , , Texas NNP , , computer-servicing JJ company NN , , insisted VBD that IN the DT announcement NN did VBD n't RB have VB anything NN to TO do VB with IN the DT ongoing JJ battle NN for IN control NN of IN Datapoint NNP Corp NNP . . Any DT sale NN of IN Intelogic NNP could MD have VB an DT impact NN on IN the DT battle NN between IN Mr. NNP Edelman NNP and CC New NNP York NNP attorney NN Martin NNP Ackerman NNP for IN control NN of IN Datapoint NNP . . Intelogic NNP holds VBZ 27.5 CD % NN of IN Datapoint NNP 's POS common JJ shares NNS outstanding JJ . . Mr. NNP Edelman NNP said VBD the DT decision NN `` `` has VBZ nothing NN to TO do VB with IN Marty NNP Ackerman NNP . . '' '' Mr. NNP Ackerman NNP contended VBD that IN it PRP was VBD a DT direct JJ response NN to TO his PRP$ efforts NNS to TO gain VB control NN of IN Datapoint NNP . . Intelogic NNP was VBD spun VBN off RP from IN Datapoint NNP four CD years NNS ago RB , , shortly RB after IN Mr. NNP Edelman NNP took VBD control NN of IN Datapoint NNP . . Marks NNP & CC Spencer NNP PLC NNP reported VBD a DT 12 CD % NN gain NN in IN first-half JJ pretax JJ profit NN , , mainly RB because IN of IN improving VBG performances NNS in IN the DT U.K. NN and CC continental JJ Europe NNP . . In IN the DT six CD months NNS ended VBD Sept. NNP 30 CD , , pretax JJ profit NN at IN the DT British JJ clothing NN and CC food NN retailer NN rose VBD to TO # # 208.7 CD million CD ( ( $ $ 330.1 CD million CD ) ) from IN # # 185.5 CD million CD a DT year NN ago RB . . The DT results NNS surpassed VBD analysts NNS ' POS forecasts NNS , , which WDT averaged VBD around RB # # 200 CD million CD , , and CC Marks NNP & CC Spencer NNP responded VBD in IN trading NN on IN London NNP 's POS Stock NNP Exchange NNP with IN an DT eight CD pence NNS rise NN to TO 188 CD pence NNS . . Profit NN after IN tax NN and CC minority NN interest NN but CC before IN extraordinary JJ items NNS rose VBD 12 CD % NN to TO # # 135.2 CD million CD ; : per-share JJ earnings NNS rose VBD to TO five CD pence NNS from IN 4.5 CD pence NNS . . Marks NNS declared VBD an DT interim JJ per-share JJ dividend NN of IN 1.85 CD pence NNS , , compared VBN with IN 1.7 CD pence NNS a DT year NN earlier RBR . . Sales NNS increased VBD 11 CD % NN to TO # # 2.5 CD billion CD from IN # # 2.25 CD billion CD , , while IN operating NN profit NN climbed VBD 13 CD % NN to TO # # 225.7 CD million CD from IN # # 199.8 CD million CD . . Sales NNS in IN North NNP America NNP and CC the DT Far NNP East NNP were VBD inflated VBN by IN acquisitions NNS , , rising VBG 62 CD % NN to TO # # 278 CD million CD . . Operating NN profit NN dropped VBD 35 CD % NN , , however RB , , to TO # # 3.8 CD million CD . . Brooks NNP Brothers NNP , , which WDT Marks NNP bought VBD last JJ year NN , , saw VBD operating NN profit NN drop NN in IN half NN to TO # # 5 CD million CD . . Federal JJ and CC state NN thrift NN examiners NNS said VBD they PRP saw VBD evidence NN of IN criminal JJ wrongdoing NN in IN the DT collapse NN of IN Lincoln NNP Savings NNP & CC Loan NNP Association NNP , , and CC a DT California NNP regulator NN described VBD an DT attempted JJ `` `` whitewash NN '' '' by IN deputies NNS of IN chief JJ federal JJ regulator NN Danny NNP Wall NNP . . In IN a DT riveting JJ day NN of IN hearings NNS before IN the DT House NNP Banking NNP Committee NNP , , the DT examiners NNS described VBD finding VBG shredded JJ documents NNS , , a DT mysterious JJ Panamanian JJ subsidiary NN , , millions NNS of IN dollars NNS funneled VBN into IN a DT Swiss JJ bank NN , , and CC a DT complacent JJ attitude NN by IN Mr. NNP Wall NNP 's POS deputies NNS , , one CD of IN whom WP was VBD portrayed VBN as IN acting VBG more RBR like IN a DT public-relations NN man NN for IN the DT thrift NN than IN a DT federal JJ regulator NN . . A DT California NNP official NN also RB said VBD he PRP sent VBD the DT Federal NNP Bureau NNP of IN Investigation NNP a DT packet NN of IN documents NNS relating VBG to TO a DT previously RB reported VBN $ $ 400,000 CD contribution NN from IN Lincoln NNP 's POS parent NN solicited VBN by IN Sen. NNP Alan NNP Cranston NNP ( ( D. NNP , , Calif NNP . . ) ) . . Federal JJ examiner NN Alex NNP Barabolak NNP said VBD Lincoln NNP 's POS operations NNS amounted VBD to TO `` `` pyramiding VBG debt NN to TO provide VB a DT luxurious JJ life NN style NN for IN its PRP$ owners NNS . . '' '' Another DT federal JJ examiner NN , , John NNP Meek NNP , , said VBD Lincoln NNP 's POS principal JJ owner NN , , Charles NNP Keating NNP Jr. NNP , , and CC his PRP$ family NN drew VBD off RP at IN least JJS $ $ 34 CD million CD from IN the DT thrift NN in IN salaries NNS , , bonuses NNS and CC proceeds NNS from IN securities NNS sales NNS in IN the DT 3 CD 1\/2 CD years NNS before IN federal JJ authorities NNS seized VBD it PRP earlier RBR this DT year NN . . Lincoln NNP 's POS collapse NN may MD cost VB taxpayers NNS as RB much JJ as IN $ $ 2.5 CD billion CD , , according VBG to TO estimates NNS , , making VBG it PRP the DT most RBS expensive JJ thrift NN failure NN in IN history NN . . `` `` I PRP think VBP there EX 's POS overwhelming JJ evidence NN to TO indicate VB probable JJ criminal JJ activity NN , , '' '' said VBD Mr. NNP Meek NNP , , who WP participated VBD last JJ year NN in IN an DT examination NN of IN the DT Irvine NNP , , Calif. NNP , , thrift NN . . He PRP said VBD the DT evidence NN pointed VBD to TO wrongdoing NN by IN Mr. NNP Keating NNP `` `` and CC others NNS , , '' '' although IN he PRP did VBD n't RB allege VB any DT specific JJ violation NN . . Richard NNP Newsom NNP , , a DT California NNP state NN official NN who WP last JJ year NN examined VBD Lincoln NNP 's POS parent NN , , American NNP Continental NNP Corp. NNP , , said VBD he PRP also RB saw VBD evidence NN that IN crimes NNS had VBD been VBN committed VBN . . `` `` It PRP sure RB smells VBZ like IN it PRP , , '' '' he PRP said VBD . . He PRP said VBD 30 CD % NN of IN the DT loans NNS he PRP sampled VBN were VBD `` `` dead JJ meat NN on IN the DT day NN they PRP were VBD made VBN . . '' '' The DT state NN examiner NN also RB said VBD supervisors NNS of IN a DT parallel JJ federal JJ examination NN seemed VBD so RB reluctant JJ to TO demand VB write-downs NNS of IN Lincoln NNP 's POS bad JJ loans NNS that IN he PRP immediately RB grew VBD suspicious JJ . . `` `` Later RB on RB , , my PRP$ concerns NNS about IN a DT whitewash NN became VBD even RB more RBR serious JJ , , '' '' he PRP said VBD . . He PRP called VBD the DT sour JJ loans NNS `` `` appalling JJ '' '' and CC added VBD , , `` `` You PRP opened VBD the DT file NN up RP and CC it PRP just RB jumped VBD at IN you PRP . . '' '' Leonard NNP Bickwit NNP , , a DT Washington NNP attorney NN for IN Lincoln NN 's POS parent NN corporation NN , , said VBD in IN an DT interview NN , , `` `` We PRP deny VBP any DT criminal JJ behavior NN by IN the DT association NN or CC its PRP$ officers NNS . . '' '' `` `` Those DT who WP testified VBD { ( yesterday NN } ) have VB consistently RB maintained VBN that IN anyone NN who WP did VBD n't RB agree VB with IN them PRP is VBZ part NN of IN a DT coverup NN , , a DT whitewash NN , , or CC the DT subject NN of IN excessive JJ influence NN , , '' '' Mr. NNP Bickwit NNP said VBD . . `` `` We PRP simply RB do VBP n't RB agree VB with IN that DT or CC the DT findings NNS of IN their PRP$ investigation NN . . '' '' Mr. NNP Wall NNP 's POS deputies NNS complained VBD that IN they PRP had VBD n't RB been VBN given VBN an DT opportunity NN to TO respond VB to TO the DT criticism NN brought VBD out RP during IN the DT Banking NNP Committee NNP 's POS hearings NNS , , which WDT Committee NNP Chairman NNP Henry NNP Gonzalez NNP ( ( D. NNP , , Texas NNP ) ) has VBZ used VBN as IN a DT forum NN to TO flay VB Mr. NNP Wall NNP 's POS handling NN of IN the DT affair NN and CC to TO demand VB that IN he PRP step VB aside RB from IN his PRP$ job NN . . `` `` A DT couple NN of IN things NNS Mr. NNP Newsom NNP said VBD were VBD at IN least JJS misleading JJ , , '' '' said VBD Kevin NNP O'Connell NNP , , one CD of IN the DT Washington NNP regulators VBZ responsible JJ for IN the DT handling NN of IN Lincoln NNP . . In IN an DT interview NN , , he PRP said VBD federal JJ regulators NNS eventually RB declared VBD one CD of IN the DT loans NNS the DT state NN regulator NN cited VBD to TO be VB a DT total JJ loss NN , , and CC forced VBD Lincoln NNP to TO make VB an DT $ $ 18 CD million CD downward JJ adjustment NN on IN another DT . . `` `` Our PRP$ response NN to TO the DT whitewash NN would MD simply RB be VB , , look VB what WP happened VBD , , '' '' another DT Washington NNP official NN , , Alvin NNP Smuzynski NNP , , said VBD in IN an DT interview NN . . Federal JJ officials NNS seized VBD the DT association NN in IN April NNP , , a DT day NN after IN the DT parent NN corporation NN entered VBD bankruptcy-law NN proceedings NNS . . The DT government NN later RB brought VBD a DT $ $ 1.1 CD billion CD fraud NN suit NN against IN Mr. NNP Keating NNP and CC others NNS . . Rep. NNP Gonzalez NNP has VBZ complained VBN that IN regulators NNS waited VBD far RB too RB long RB , , however RB , , ignoring VBG a DT recommendation NN from IN regional JJ officials NNS to TO place VB Lincoln NNP into IN receivership NN two CD years NNS before IN it PRP failed VBD . . `` `` He PRP took VBD the DT reckless JJ course NN of IN ignoring VBG the DT evidence NN , , '' '' Rep. NNP Gonzalez NNP said VBD . . State NN thrift NN examiner NN Eugene NNP Stelzer NNP said VBD he PRP found VBD the DT chief JJ federal JJ examiner NN Steve NNP Scott NNP to TO be VB totally RB uninterested JJ in IN one CD allegedly RB fraudulent JJ series NN of IN transactions NNS . . `` `` Frankly RB , , it PRP was VBD like IN he PRP worked VBD for IN the DT Lincoln NNP public-relations NN department NN , , '' '' Mr. NNP Stelzer NNP testified VBD . . And CC David NNP Riley NNP , , a DT federal JJ examiner NN who WP worked VBD under IN Mr. NNP Scott NNP , , said VBD he PRP found VBD his PRP$ chief NN oddly RB upbeat JJ about IN Lincoln NNP . . Asked VBN to TO comment VB , , a DT spokesman NN for IN Mr. NNP Scott NNP said VBD : : `` `` Mr. NNP Scott NNP has VBZ spoken VBN to TO his PRP$ attorney NN , , who WP has VBZ advised VBN him PRP not RB to TO talk VB to TO anybody NN . . '' '' Mr. NNP Meek NNP said VBD that IN a DT day NN or CC two CD before IN Lincoln NN 's POS parent NN entered VBD bankruptcy NN proceedings NNS , , he PRP and CC other JJ examiners NNS saw VBD `` `` a DT truck NN with IN a DT sign NN on IN it PRP that WDT said VBD it PRP was VBD from IN the DT ` `` Document NNP Destruction NNP Center NNP . . ' '' We PRP observed VBD at IN least JJS two CD large JJ plastic NN bags NNS of IN shredded JJ paper NN loaded VBN into IN this DT truck NN . . '' '' Mr. NNP Bickwit NNP said VBD the DT paper NN had VBD been VBN donated VBN to TO `` `` a DT charitable JJ organization NN that WDT sells VBZ it PRP for IN recycling VBG . . They PRP shredded VBD it PRP simply RB because IN it PRP contained VBD financial JJ information NN about IN their PRP$ creditors NNS and CC depositors NNS . . '' '' Mr. NNP Meek NNP said VBD his PRP$ suspicions NNS were VBD aroused VBN by IN several JJ foreign JJ investments NNS by IN Lincoln NNP , , including VBG $ $ 22 CD million CD paid VBN to TO Credit NNP Suisse NNP of IN Switzerland NNP , , an DT $ $ 18 CD million CD interest NN in IN Saudi NNP European NNP Bank NNP in IN Paris NNP , , a DT $ $ 17.5 CD million CD investment NN in IN a DT Bahamas NNPS trading NN company NN , , and CC a DT recently RB discovered VBN holding NN in IN a DT Panama-based JJ company NN , , Southbrook NNP Holdings NNPS . . Mr. NNP Bickwit NNP said VBD , , `` `` I PRP can MD see VB why WRB an DT S&L NN examiner NN would MD regard VB these DT as IN unusual JJ activities NNS , , '' '' but CC said VBD the DT overseas JJ investments NNS `` `` essentially RB broke VBD even RB '' '' for IN the DT S&L NN . . LTV NNP Steel NNP Co. NNP is VBZ boosting VBG the DT prices NNS of IN flat JJ rolled VBN steel NN products NNS by IN an DT average NN of IN 3 CD % NN following VBG a DT recent JJ erosion NN in IN the DT prices NNS of IN such JJ crucial JJ steel NN products NNS . . The DT big JJ questions NNS are VBP whether IN the DT increase NN , , effective JJ Jan. NNP 1 CD , , 1990 CD , , will MD stick VB , , and CC whether IN other JJ major JJ steelmakers NNS will MD follow VB suit NN . . It PRP is VBZ widely RB expected VBN that IN they PRP will MD . . The DT increase NN is VBZ on IN the DT base JJ price NN , , which WDT is VBZ already RB being VBG discounted VBN by IN virtually RB all DT steel NN producers NNS . . But CC LTV NNP 's POS move NN marks VBZ the DT first JJ effort NN by IN a DT major JJ steelmaker NN to TO counter VB the DT free JJ fall NN in IN spot NN prices NNS . . Major JJ steel NN producers NNS are VBP selling VBG cold JJ rolled VBN sheet NN steel NN at IN about RB $ $ 370 CD a DT ton NN , , compared VBN with IN a DT peak JJ price NN of IN $ $ 520 CD a DT ton NN in IN 1988 CD . . Second-tier JJ companies NNS are VBP receiving VBG even RB less JJR per IN ton NN . . LTV NNP 's POS planned JJ increase NN , , which WDT was VBD announced VBN in IN an DT Oct. NNP 26 CD memo NN to TO district NN managers NNS , , does VBZ n't RB affect VB electrogalvanized JJ steel NN or CC tin NN plate NN . . LTV NNP confirmed VBD the DT price-increase NN plan NN , , saying VBG the DT move NN is VBZ designed VBN to TO more RBR accurately RB reflect VB the DT value NN of IN products NNS and CC to TO put VB steel NN on IN more RBR equal JJ footing NN with IN other JJ commodities NNS . . A DT spokesman NN for IN LTV NNP Steel NNP , , which WDT is VBZ a DT unit NN of IN Dallas-based JJ LTV NNP Corp. NNP , , noted VBD that IN steel NN prices NNS , , adjusted VBN for IN inflation NN , , increased VBD only RB 1.7 CD % NN between IN 1981 CD and CC the DT fourth JJ quarter NN of IN 1988 CD , , while IN the DT prices NNS of IN other JJ industrial JJ commodities NNS increased VBD nearly RB five CD times NNS as RB much JJ . . At IN the DT same JJ time NN , , steelmakers NNS are VBP trying VBG to TO invest VB more JJR to TO modernize VB technology NN and CC make VB themselves PRP more RBR competitive JJ . . But CC analysts NNS say VBP the DT company NN is VBZ also RB trying VBG to TO prevent VB further JJ price NN drops NNS . . Moreover RB , , they PRP note VBP that IN LTV NNP may MD be VB trying VBG to TO send VB a DT signal NN to TO major JJ customers NNS , , such JJ as IN Chrysler NNP Corp. NNP and CC Whirlpool NNP Corp. NNP , , that IN steelmakers NNS need VBP more JJR money NN . . Both DT companies NNS are VBP in IN the DT process NN of IN negotiating VBG contracts NNS with IN LTV NNP and CC others NNS . . `` `` They PRP { ( LTV NNP } ) may MD believe VB this DT can MD impact VB contract NN negotiations NNS and CC is VBZ their PRP$ signal NN to TO the DT world NN that WDT now RB is VBZ the DT time NN to TO get VB tough JJ on IN prices NNS , , '' '' said VBD Peter NNP Marcus NNP , , an DT analyst NN with IN PaineWebber NNP Inc NNP . . Mr. NNP Marcus NNP believes VBZ spot NN steel NN prices NNS will MD continue VB to TO fall VB through IN early JJ 1990 CD and CC then RB reverse VB themselves PRP . . He PRP is VBZ n't RB convinced VBN , , though RB , , that IN the DT price NN decline NN reflects VBZ falling VBG demand NN because IN the DT world NN economy NN remains VBZ relatively RB strong JJ . . And CC while IN customers NNS such JJ as IN steel NN service NN centers NNS are VBP continuing VBG to TO reduce VB inventories NNS through IN the DT fourth JJ quarter NN , , they PRP eventually RB will MD begin VB stocking VBG up RP again RB , , he PRP notes VBZ . . It PRP wo MD n't RB be VB clear JJ for IN months NNS whether IN the DT price NN increase NN will MD stick VB . . Steelmakers NNS announced VBD a DT round NN of IN base-price NN increases NNS last JJ year NN , , but CC began VBD offering VBG sizable JJ discounts NNS over IN the DT summer NN . . In IN fact NN , , LTV NNP was VBD the DT first JJ steelmaker NN to TO publicly RB boost VB discounts NNS for IN buyers NNS of IN cold JJ rolled VBN sheet NN steel NN and CC hot-dipped JJ galvanized JJ sheet NN steel NN . . In IN composite JJ New NNP York NNP Stock NNP Exchange NNP trading NN yesterday NN , , LTV NNP common JJ shares NNS fell VBD 12.5 CD cents NNS to TO close VB at IN $ $ 1.50 CD . . The DT Treasury NNP plans NNS to TO raise VB $ $ 2.3 CD billion CD in IN new JJ cash NN with IN the DT sale NN Monday NNP of IN about RB $ $ 16 CD billion CD in IN short-term JJ bills NNS to TO redeem VB $ $ 13.71 CD billion CD in IN maturing VBG bills NNS . . However RB , , the DT Treasury NNP said VBD it PRP will MD postpone VB the DT auction NN unless IN it PRP has VBZ assurances NNS of IN enactment NN of IN legislation NN to TO raise VB the DT statutory JJ debt NN limit NN before IN the DT scheduled JJ auction NN date NN . . The DT offering NN will MD be VB divided VBN evenly RB between IN 13-week JJ and CC 26-week JJ bills NNS maturing VBG on IN Feb. NNP 8 CD , , 1990 CD , , and CC May NNP 10 CD , , 1990 CD , , respectively RB . . Tenders NNS for IN the DT bills NNS , , available JJ in IN minimum JJ $ $ 10,000 CD denominations NNS , , must MD be VB received VBN by IN 1 CD p.m. NN EST NNP Monday NNP at IN the DT Treasury NNP or CC at IN Federal NNP Reserve NNP banks NNS or CC branches NNS . . J.C. NNP Penney NNP Co. NNP is VBZ extending VBG its PRP$ involvement NN in IN a DT televised JJ home-shopping NN service NN by IN five CD to TO 10 CD years NNS . . Shop NNP Television NNP Network NNP Inc. NNP , , of IN Los NNP Angeles NNP , , said VBD Penney NNP agreed VBD to TO continue VB its PRP$ exclusive JJ arrangement NN with IN Shop NNP Television NNP , , which WDT does VBZ the DT production NN , , marketing NN and CC cable NN distribution NN for IN the DT J.C. NNP Penney NNP Television NNP Shopping NNP Channel NNP . . The DT channel NN reaches VBZ 6.5 CD million CD homes NNS , , a DT Penney NNP spokesman NN said VBD . . Michael NNP Rosen NNP , , president NN of IN Shop NNP Television NNP , , said VBD Penney NN decided VBD to TO extend VB its PRP$ involvement NN with IN the DT service NN for IN at IN least JJS five CD years NNS . . If IN , , by IN that DT time NN , , the DT network NN reaches VBZ 14 CD million CD homes NNS , , the DT contract NN will MD be VB renewed VBN for IN five CD more JJR years NNS . . Earlier RBR this DT year NN , , Penney NNP abandoned VBD another DT home NN shopping NN venture NN , , Telaction NNP Corp. NNP , , after IN investing VBG $ $ 106 CD million CD in IN it PRP . . The DT company NN took VBD a DT $ $ 20 CD million CD charge NN in IN the DT fiscal NN first JJ quarter NN ended VBN April NNP 29 CD , , related VBN to TO discontinuing VBG the DT service NN . . ( ( During IN its PRP$ centennial JJ year NN , , The DT Wall NNP Street NNP Journal NNP will MD report VB events NNS of IN the DT past JJ century NN that DT stand NN as IN milestones NNS of IN American JJ business NN history NN . . ) ) LUTHER NNP BURBANK NNP CROSS-BRED VBD PLANTS NNS to TO produce VB the DT billion-dollar JJ Idaho NNP potato NN . . Bioengineers NNS set VBD out RP to TO duplicate VB that DT feat NN -- : scientifically RB and CC commercially RB -- : with IN new JJ life NN forms NNS . . In IN 1953 CD , , James NNP Watson NNP and CC his PRP$ colleagues NNS unlocked VBD the DT double JJ helix NN of IN DNA NN ( ( deoxyribonucleic JJ acid NN ) ) , , the DT genetic JJ key NN to TO heredity NN . . Twenty CD years NNS later RB , , two CD California NNP academics NNS , , Stanley NNP Cohen NNP and CC Herbert NNP Boyer NNP , , made VBD `` `` recombinant JJ '' '' DNA NN , , transplanting VBG a DT toad NN 's POS gene NN into IN bacteria NNS , , which WDT then RB reproduced VBD toad NN genes NNS . . When WRB Boyer NNP met VBD Robert NNP Swanson NNP , , an DT M.I.T.-trained JJ chemist-turned-entrepreneur NN in IN 1976 CD , , they PRP saw VBD dollar NN signs NNS . . With IN $ $ 500 CD apiece RB and CC an DT injection NN of IN outside JJ capital NN , , they PRP formed VBD Genentech NNP Inc NNP . . Commercial JJ gene-splicing NN was VBD born VBN . . Genentech NNP 's POS first JJ product NN , , a DT brain NN protein NN called VBD somatostatin NN , , proved VBD its PRP$ technology NN . . The DT next JJ to TO be VB cloned VBN , , human JJ insulin NN , , had VBD market NN potential NN and CC Genentech NNP licensed VBD it PRP to TO Eli NNP Lilly NNP , , which WDT produced VBD 80 CD % NN of IN the DT insulin NN used VBN by IN 1.5 CD million CD U.S. NNP diabetics NNS . . Their PRP$ laboratory NN credentials NNS established VBN , , Boyer NNP and CC Swanson NNP headed VBD for IN Wall NNP Street NNP in IN 1980 CD . . At IN the DT time NN , , Genentech NN had VBD only RB one CD profitable JJ year NN behind IN it PRP ( ( a DT modest JJ $ $ 116,000 CD on IN revenue NN of IN $ $ 2.6 CD million CD in IN 1979 CD ) ) and CC no DT product NN of IN its PRP$ own JJ on IN the DT market NN . . Nonetheless RB , , the DT $ $ 36 CD million CD issue NN they PRP floated VBD in IN 1980 CD opened VBD at IN $ $ 35 CD and CC leaped VBD to TO $ $ 89 CD within IN 20 CD minutes NNS . . The DT trip NN from IN the DT test NN tube NN was VBD not RB without IN snags NNS . . Boyer NNP and CC Cohen NNP , , for IN instance NN , , both DT still RB university NN researchers NNS , , had VBD to TO be VB talked VBN into IN applying VBG for IN a DT patent NN on IN their PRP$ gene-splicing NN technique NN -- : and CC then RB the DT Patent NNP Office NNP refused VBD to TO grant VB it PRP . . That DT judgment NN , , in IN turn NN , , was VBD reversed VBN by IN the DT U.S. NNP Supreme NNP Court NNP , , leaving VBG Cohen NNP and CC Boyer NNP holding VBG the DT first JJ patents NNS for IN making VBG recombinant JJ DNA NNP ( ( now RB assigned VBN to TO their PRP$ schools NNS ) ) . . Gene-splicing NN now RB is VBZ an DT integral JJ part NN of IN the DT drug NN business NN . . Genentech NN 's POS 1988 CD sales NNS were VBD $ $ 335 CD million CD , , both CC from IN licensing NN and CC its PRP$ own JJ products NNS . . The DT portfolio NN unit NN of IN the DT French JJ bank NN group NN Credit NNP Lyonnais NNP told VBD stock NN market NN regulators NNS that IN it PRP bought VBD 43,000 CD shares NNS of IN Cie. NNP de FW Navigation NNP Mixte NNP , , apparently RB to TO help VB fend VB off RP an DT unwelcome JJ takeover NN bid NN for IN the DT company NN . . Earlier RBR yesterday NN , , the DT Societe NNP de FW Bourses NNP Francaises NNP was VBD told VBN that IN a DT unit NN of IN Framatome NNP S.A. NNP also RB bought VBD Navigation NNP Mixte NNP shares NNS , , this DT purchase NN covering VBG more JJR than IN 160,000 CD shares NNS . . Both DT companies NNS are VBP allies NNS of IN Navigation NNP Mixte NNP in IN its PRP$ fight NN against IN a DT hostile JJ takeover NN bid NN launched VBN last JJ week NN by IN Cie NNP . . Financiere NNP de FW Paribas NNP at IN 1,850 CD French JJ francs NNS ( ( $ $ 297 CD ) ) a DT share NN . . Navigation NNP Mixte NNP 's POS chairman NN had VBD suggested VBN that IN friendly JJ institutions NNS were VBD likely JJ to TO buy VB its PRP$ stock NN as RB soon RB as IN trading NN opened VBD Monday NNP . . The DT Credit NNP Lyonnais NNP purchase NN , , for IN 33,000 CD regular JJ common JJ shares NNS and CC 10,000 CD newly RB created VBN shares NNS , , is VBZ valued VBN at IN about RB slightly RB more JJR than IN 80 CD million CD French JJ francs NNS . . Unocal NNP Corp. NNP , , Los NNP Angeles NNP , , said VBD it PRP and CC Petroleos NNP de FW Venezuela NNP S.A. NNP would MD create VB a DT petroleum NN marketing NN and CC refining NN general JJ partnership NN in IN the DT Midwest NNP . . The DT joint JJ venture NN , , Uno-Ven NNP Co. NNP , , would MD generate VB total JJ annual JJ revenue NN of IN about RB $ $ 500 CD million CD and CC have VB 1,100 CD employees NNS , , a DT Unocal NNP spokesman NN said VBD . . Unocal NNP said VBD the DT venture NN would MD enable VB it PRP to TO recover VB more JJR of IN its PRP$ refining NN and CC marketing NN investment NN and CC prepare VB for IN expected JJ growth NN in IN exploration NN , , production NN , , chemicals NNS and CC other JJ areas NNS . . It PRP said VBD financing NN would MD consist VB of IN $ $ 250 CD million CD from IN a DT private JJ placement NN obtained VBN through IN Shearson NNP Lehman NNP Hutton NNP Inc. NNP and CC a DT $ $ 150 CD million CD revolving JJ credit NN line NN underwritten VBN by IN Chase NNP Manhattan NNP Bank NNP . . In IN addition NN to TO Unocal NNP 's POS 153,000 CD barrel-a-day JJ refinery NN near IN Lemont NNP , , Ill. NNP , , the DT new JJ venture NN would MD control VB 17 CD distribution NN terminals NNS , , a DT lubricating-oil NN blending NN and CC packaging NN plant NN , , and CC 131 CD company-owned JJ Unocal NNP service NN stations NNS . . It PRP said VBD the DT venture NN , , expected VBN to TO take VB control NN of IN the DT facilities NNS Dec. NNP 1 CD , , would MD also RB serve VB another DT 3,300 CD independent JJ Unocal NNP gasoline NN stations NNS . . Petroleos NNP will MD supply VB 135,000 CD barrels NNS of IN oil NN a DT day NN for IN the DT refinery NN , , Unocal NNP said VBD . . Mitsubishi NNP Heavy NNP Industries NNP Ltd. NNP said VBD unconsolidated JJ pretax JJ earnings NNS in IN the DT fiscal NN first JJ half NN surged VBD 79 CD % NN to TO a DT record JJ 63.25 CD billion CD yen NNS ( ( $ $ 445.7 CD million CD ) ) , , reflecting VBG strong JJ demand NN for IN a DT variety NN of IN products NNS . . In IN the DT period NN ended VBN Sept. NNP 30 CD , , net JJ income NN rose VBD 90 CD % NN to TO 31.18 CD billion CD yen NNS , , or CC 9.34 CD yen NNS a DT share NN , , from IN 16.38 CD billion CD yen NNS , , or CC 5.05 CD yen NNS a DT share NN . . A DT year NN ago RB , , the DT Tokyo NNP company NN had VBD pretax JJ profit NN of IN 35.38 CD billion CD yen NNS . . Sales NNS amounted VBD to TO 1.011 CD trillion CD yen NNS , , climbing VBG 29 CD % NN from IN 787.02 CD billion CD yen NNS . . Encouraged VBN by IN the DT brisk JJ performance NN , , Mitsubishi NNP plans VBZ to TO raise VB its PRP$ per-share JJ dividend NN to TO 3.50 CD yen NNS from IN three CD yen NNS . . Company NN officials NNS said VBD the DT current JJ robust JJ domestic JJ demand NN that WDT has VBZ been VBN fueling VBG sustained JJ economic JJ expansion NN helped VBD push NN up RP sales NNS of IN products NNS like IN ships NNS , , steel NN structures NNS , , power NN systems NNS and CC machinery NN and CC resulted VBD in IN sharply RB higher JJR profit NN . . Senate NNP leaders NNS traded VBD proposals NNS aimed VBN at IN speeding VBG action NN on IN legislation NN to TO narrow VB the DT deficit NN and CC raise VB the DT federal JJ government NN 's POS debt NN limit NN -- : but CC the DT major JJ stumbling JJ block NN remains VBZ President NNP Bush NNP 's POS proposal NN to TO cut VB the DT capital-gains NNS tax NN rate NN . . Democrats NNPS want VBP the DT tax NN provision NN to TO be VB a DT separate JJ bill NN , , subject JJ to TO the DT usual JJ procedural JJ obstacles NNS . . Republicans NNPS , , meanwhile RB , , want VBP to TO try VB to TO protect VB the DT measure NN by IN combining VBG it PRP with IN two CD politically RB popular JJ issues NNS that IN Democrats NNPS could MD find VB hard JJ to TO block VB . . The DT talks NNS between IN Senate NNP Majority NNP Leader NNP George NNP Mitchell NNP of IN Maine NNP and CC his PRP$ GOP NNP counterpart NN , , Sen. NNP Robert NNP Dole NNP of IN Kansas NNP , , are VBP expected VBN to TO resume VB today NN . . Last JJ night NN , , after IN meeting NN with IN Mr. NNP Bush NNP and CC administration NN officials NNS at IN the DT White NNP House NNP , , Mr. NNP Dole NNP proposed VBD streamlining VBG the DT fiscal JJ 1990 CD deficit-reduction JJ bill NN , , now RB stalled VBN in IN a DT House-Senate NNP conference NN committee NN , , and CC passing VBG a DT long-term JJ extension NN of IN the DT federal JJ debt NN ceiling NN without IN any DT accompanying VBG amendments NNS . . Under IN this DT plan NN , , two CD provisions NNS currently RB in IN the DT House NNP version NN of IN the DT deficit-cutting JJ bill NN -- : repeal NN of IN both DT the DT catastrophic-illness JJ insurance NN program NN and CC a DT controversial JJ 1986 CD tax NN provision NN intended VBN to TO counter VB discrimination NN in IN employee-benefit JJ plans NNS -- : would MD be VB made VBN into IN a DT separate JJ bill NN . . Republicans NNPS would MD try VB to TO attach VB a DT capital-gains NNS provision NN to TO that DT legislation NN , , hoping VBG the DT political JJ popularity NN of IN its PRP$ other JJ two CD parts NNS would MD dissuade VB Democrats NNPS from IN blocking VBG it PRP . . Democrats NNPS want VBP to TO avoid VB having VBG to TO make VB that DT choice NN by IN making VBG the DT capital-gains NNS tax NN cut NN an DT individual JJ bill NN . . Sen. NNP Mitchell NNP is VBZ confident JJ he PRP has VBZ sufficient JJ votes NNS to TO block VB such PDT a DT measure NN with IN procedural JJ actions NNS . . Both DT plans NNS would MD drop VB child-care NN provisions NNS from IN the DT House NNP version NN of IN the DT deficit-reduction JJ legislation NN and CC let VB it PRP progress VB as IN a DT separate JJ bill NN . . While IN that DT could MD make VB it PRP vulnerable JJ to TO a DT veto NN by IN Mr. NNP Bush NNP , , Democrats NNP argue VBP that IN a DT presidential JJ rejection NN would MD give VB their PRP$ party NN a DT valuable JJ issue NN in IN next JJ year NN 's POS congressional JJ elections NNS . . Senate NNP Democrats NNPS are VBP to TO meet VB today NN to TO consider VB the DT GOP NNP proposal NN . . Yesterday NN , , Mr. NNP Dole NNP seemed VBD weary JJ of IN the DT Bush NNP administration NN 's POS strategy NN of IN pushing VBG the DT capital-gains NNS measure NN at IN every DT chance NN in IN the DT face NN of IN Democratic JJ procedural JJ hurdles NNS . . Pushing VBG the DT issue NN on IN legislation NN needed VBN to TO avoid VB default NN by IN the DT federal JJ government NN , , he PRP told VBD reporters NNS , , `` `` does VBZ n't RB seem VB to TO be VB very RB good JJ strategy NN to TO me PRP . . '' '' At IN 12:01 CD a.m. NN EST RB today NN , , the DT federal JJ government NN 's POS temporary JJ $ $ 2.87 CD trillion CD debt NN limit NN expired VBD . . To TO avoid VB default NN , , lawmakers NNS must MD pass VB legislation NN raising VBG the DT limit NN to TO $ $ 3.12 CD trillion CD from IN $ $ 2.80 CD trillion CD by IN next JJ Wednesday NNP , , according VBG to TO the DT Treasury NNP . . Pressed VBN by IN Chairman NNP Dan NNP Rostenkowski NNP ( ( D. NNP , , Ill NNP . . ) ) of IN the DT House NNP Ways NNP and CC Means NNP Committee NNP , , Treasury NNP Undersecretary NNP Robert NNP Glauber NNP told VBD a DT congressional JJ hearing NN that IN the DT administration NN would MD give VB up RP its PRP$ demand NN for IN the DT capital-gains NNS tax NN cut NN if IN faced VBN with IN a DT potential JJ default NN . . Price NNP Stern NNP Sloan NNP Inc. NNP said VBD it PRP hired VBD an DT investment NN banking NN firm NN to TO assist VB in IN evaluating VBG restructuring NN or CC merger NN alternatives NNS and CC reported VBD a DT net JJ loss NN of IN $ $ 8.1 CD million CD , , or CC $ $ 2.14 CD a DT share NN , , for IN the DT third JJ quarter NN ended VBN Sept NNP . . These DT results NNS compare VBP with IN net JJ income NN of IN $ $ 1.8 CD million CD , , or CC 44 CD cents NNS a DT share NN , , for IN the DT corresponding JJ period NN last JJ year NN . . This DT quarter NN 's POS loss NN includes VBZ pretax JJ charges NNS of IN $ $ 4.9 CD million CD on IN the DT proposed JJ discontinuation NN of IN the DT company NN 's POS troubled JJ British JJ subsidiary NN , , and CC $ $ 3.7 CD million CD of IN other JJ write-offs NNS the DT company NN said VBD were VBD non-recurring JJ and CC principally RB related VBN to TO inventory NN , , publishing NN advances NNS and CC pre-publication JJ costs NNS . . The DT publishing NN concern NN said VBD it PRP retained VBD the DT investment NN banking NN firm NN of IN Donaldson NNP , , Lufkin NNP & CC Jenrette NNP Securities NNP Inc. NNP to TO act VB as IN its PRP$ financial JJ adviser NN , , assisting VBG in IN the DT evaluation NN of IN various JJ financial JJ and CC strategic JJ alternatives NNS , , including VBG debt NN refinancing NN , , raising VBG capital NN , , recapitalization NN , , a DT merger NN or CC sale NN of IN the DT company NN . . The DT company NN also RB retained VBD attorney NN Martin NNP P. NNP Levin NNP , , a DT director NN of IN the DT company NN and CC former JJ head NN of IN the DT Times-Mirror NNP Publishing NNP Group NNP , , as IN an DT adviser NN . . Net JJ sales NNS for IN this DT year NN 's POS third JJ quarter NN were VBD $ $ 14 CD million CD , , down RB from IN $ $ 21.4 CD million CD last JJ year NN . . The DT company NN attributed VBD the DT decrease NN in IN part NN to TO the DT exclusion NN of IN the DT company NN 's POS British JJ sales NNS from IN the DT current JJ year NN 's POS figures NNS as IN a DT result NN of IN the DT subsidiary NN 's POS status NN as IN a DT proposed JJ discontinued JJ operation NN and CC , , in IN part NN , , to TO lower VB sales NNS in IN certain JJ key JJ foreign JJ and CC domestic JJ accounts NNS . . U.K. NNP sales NNS for IN last JJ year NN 's POS quarter NN were VBD about RB $ $ 3 CD million CD . . Stock NN prices NNS surged VBD as IN a DT multibillion-dollar JJ takeover NN proposal NN helped VBD restore VB market NN players NNS ' POS confidence NN about IN the DT prospects NNS for IN further JJ deal-making NN . . Paper NN and CC forest-products NNS stocks NNS were VBD especially RB strong JJ , , as IN the DT offer NN for IN Great NNP Northern NNP Nekoosa NNP by IN Georgia-Pacific NNP triggered VBD speculation NN that IN the DT industry NN could MD be VB in IN for IN a DT wave NN of IN merger NN activity NN . . The DT Dow NNP Jones NNP Industrial NNP Average NNP climbed VBD 41.60 CD to TO 2645.08 CD even RB though IN some DT late JJ selling NN caused VBD the DT market NN to TO retreat VB from IN session NN highs NNS . . Trading NN was VBD moderate JJ , , with IN 176,100,000 CD shares NNS changing VBG hands NNS on IN the DT New NNP York NNP Stock NNP Exchange NNP . . Aside RB from IN the DT takeover NN news NN , , big JJ buy NN orders NNS were VBD placed VBN for IN blue-chip JJ shares NNS in IN afternoon NN trading NN . . Traders NNS said VBD the DT buy NN programs NNS came VBD from IN very RB large JJ institutional JJ accounts NNS that WDT were VBD also RB active JJ in IN the DT stock-index NN futures NNS markets NNS . . At IN one CD point NN , , almost RB all DT of IN the DT shares NNS in IN the DT 20-stock JJ Major NNP Market NNP Index NNP , , which WDT mimics VBZ the DT industrial JJ average NN , , were VBD sharply RB higher JJR . . Some DT 1,111 CD Big NNP Board NNP issues NNS advanced VBD in IN price NN and CC only RB 448 CD declined VBD , , while IN broader JJR market NN averages NNS rose VBD sharply RB . . Standard NNP & CC Poor NNP 's POS 500-Stock NNP Index NNP climbed VBD 5.29 CD to TO 340.36 CD , , the DT Dow NNP Jones NNP Equity NNP Market NNP Index NNP added VBD 4.70 CD to TO 318.79 CD and CC the DT New NNP York NNP Stock NNP Exchange NNP Composite NNP Index NNP climbed VBD 2.65 CD to TO Great NNP Northern NNP surged VBD 20 CD 1\/8 CD to TO 62 CD 7\/8 CD , , well RB above IN Georgia-Pacific NNP 's POS offering NN price NN of IN $ $ 58 CD a DT share NN , , amid IN speculation NN that IN other JJ suitors NNS for IN the DT company NN would MD surface VB or CC that IN the DT bid NN would MD be VB raised VBN . . Nearly RB 6.3 CD million CD shares NNS , , or CC about RB 11.5 CD % NN of IN the DT company NN 's POS shares NNS outstanding JJ , , changed VBD hands NNS in IN Big NNP Board NNP composite JJ trading NN . . With IN stocks NNS having VBG been VBN battered VBN lately RB because IN of IN the DT collapse NN of IN takeover NN offers NNS for IN UAL NNP , , the DT parent NN company NN of IN United NNP Airlines NNPS , , and CC AMR NNP , , the DT parent NN of IN American NNP Airlines NNPS , , analysts NNS viewed VBD the DT proposal NN as IN a DT psychological JJ lift NN for IN the DT market NN . . The DT $ $ 3.18 CD billion CD bid NN , , which WDT had VBD been VBN rumored VBN since IN last JJ week NN , , `` `` creates VBZ a DT better JJR feeling NN that IN there EX 's VBZ value NN in IN the DT market NN at IN current JJ levels NNS and CC renews VBZ prospects NNS for IN a DT hot JJ tape NN , , '' '' says VBZ A.C. NNP Moore NNP , , director NN of IN research NN at IN Argus NNP Research NNP Corp NNP . . Traders NNS and CC analysts NNS alike RB said VBD the DT market NN 's POS surge NN also RB reflected VBD an DT easing NN of IN concerns NNS about IN volatility NN because IN of IN moves NNS by IN a DT number NN of IN brokerage NN firms NNS to TO curtail VB or CC cease VB stock-index JJ arbitrage NN . . Much JJ of IN the DT instability NN in IN stock NN prices NNS lately RB has VBZ been VBN blamed VBN on IN arbitrage NN trading NN , , designed VBN to TO profit VB from IN differences NNS in IN prices NNS between IN stocks NNS and CC index NN futures NNS . . `` `` People NNS are VBP looking VBG for IN an DT ability NN to TO try VB and CC read VB the DT market NN , , rather RB than IN be VB manipulated VBN , , '' '' said VBD Dudley NNP A. NN Eppel NNP , , manager NN of IN equity NN trading NN at IN Donaldson NNP , , Lufkin NNP & CC Jenrette NNP . . He PRP noted VBD that IN institutional JJ investors NNS showed VBD `` `` pretty RB general JJ '' '' interest NN in IN stocks NNS in IN the DT latest JJS session NN . . But CC traders NNS also RB said VBD arbitrage-related JJ trading NN contributed VBD to TO the DT market NN 's POS surge NN , , as IN buy NN programs NNS boosted VBD prices NNS shortly RB after IN the DT opening NN and CC sporadically RB through IN the DT remainder NN of IN the DT session NN . . Georgia-Pacific NNP fell VBD 2 CD 1\/2 CD to TO 50 CD 7\/8 CD , , but CC most JJS paper NN and CC forest-products NNS stocks NNS firmed VBD as IN market NN players NNS speculated VBD about IN other JJ potential JJ industry NN takeover NN targets NNS . . Within IN the DT paper NN sector NN , , Mead NNP climbed VBD 2 CD 3\/8 CD to TO 38 CD 3\/4 CD on IN 1.3 CD million CD shares NNS , , Union NNP Camp NNP rose VBD 2 CD 3\/4 CD to TO 37 CD 3\/4 CD , , Federal NNP Paper NNP Board NNP added VBD 1 CD 3\/4 CD to TO 23 CD 7\/8 CD , , Bowater NN gained VBD 1 CD 1\/2 CD to TO 27 CD 1\/2 CD , , Stone NNP Container NNP rose VBD 1 CD to TO 26 CD 1\/8 CD and CC Temple-Inland NNP jumped VBD 3 CD 3\/4 CD to TO 62 CD 1\/4 CD . . Forest-products NNS issues NNS showing VBG strength NN included VBD Champion NNP International NNP , , which WDT went VBD up RB 1 CD 3\/8 CD to TO 31 CD 7\/8 CD ; : Weyerhaeuser NNP , , up RB 3\/4 CD to TO 27 CD 1\/4 CD ; : Louisiana-Pacific NNP , , up RB 1 CD 1\/8 CD to TO 40 CD 3\/8 CD , , and CC Boise NNP Cascade NNP , , up RB 5\/8 CD to TO 42 CD . . The DT theme NN of IN industry NN consolidation NN had VBD surfaced VBN earlier RBR this DT year NN among IN drug NN stocks NNS , , which WDT posted VBD solid JJ gains NNS in IN the DT latest JJS session NN . . Pfizer NNP gained VBN 1 CD 7\/8 CD to TO 67 CD 5\/8 CD , , Schering-Plough NNP added VBD 2 CD 1\/4 CD to TO 75 CD 3\/4 CD , , Eli NNP Lilly NNP rose VBD 1 CD 3\/8 CD to TO 62 CD 1\/8 CD and CC Upjohn NNP firmed VBD 3\/4 CD to TO 38 CD . . Also RB , , SmithKline NNP Beecham NNP rose VBD 1 CD 3\/8 CD to TO 39 CD 1\/2 CD . . An DT advisory JJ committee NN of IN the DT Food NNP and CC Drug NNP Administration NNP recommended VBD that IN the DT agency NN approve VB Eminase NNP , , the DT company NN 's POS heart NN drug NN . . Two CD rumored JJ restructuring NN candidates NNS in IN the DT oil NN industry NN moved VBD higher RBR : : Chevron NNP , , which WDT rose VBD 1 CD 3\/4 CD to TO 68 CD 1\/4 CD on IN 3.5 CD million CD shares NNS , , and CC USX NNP , , which WDT gained VBD 1 CD 1\/4 CD to TO 34 CD 5\/8 CD . . Pennzoil NNP is VBZ rumored VBN to TO be VB accumulating VBG a DT stake NN in IN Chevron NNP in IN order NN to TO push VB for IN a DT revamping NN of IN the DT company NN ; : investor NN Carl NNP Icahn NNP has VBZ recently RB increased VBN his PRP$ stake NN in IN USX NNP , , which WDT separately RB reported VBD earnings NNS that WDT were VBD in IN line NN with IN expectations NNS . . Paramount NNP Communications NNP , , which WDT completed VBD the DT $ $ 3.35 CD billion CD sale NN of IN its PRP$ Associates NNPS Corp NNP . . financial-services NNS unit NN to TO Ford NNP Motor NNP , , gained VBD 1 CD 1\/8 CD to TO 55 CD 7\/8 CD after IN losing VBG one CD point NN Monday NNP amid IN rumors NNS of IN a DT delay NN . . The DT company NN said VBD the DT sale NN would MD produce VB a DT $ $ 1.2 CD billion CD gain NN in IN the DT fourth JJ quarter NN . . BankAmerica NNP climbed VBD 1 CD 3\/4 CD to TO 30 CD after IN PaineWebber NNP boosted VBD its PRP$ investment NN opinion NN on IN the DT stock NN to TO its PRP$ highest JJS rating NN . . The DT upgrade NN reflected VBD the DT 20 CD % NN decline NN in IN shares NNS of IN the DT bank NN since IN the DT firm NN lowered VBD its PRP$ rating NN in IN early JJ October NNP , , based VBN on IN the DT belief NN the DT stock NN had VBD become VBN expensive JJ . . Sea NNP Containers NNPS , , which WDT unveiled VBD a DT proposed JJ restructuring NN , , advanced VBD 1 CD to TO 62 CD . . The DT company NN said VBD it PRP would MD repurchase VBD half NN of IN its PRP$ common JJ shares NNS at IN $ $ 70 CD each DT , , sell VB an DT estimated JJ $ $ 1.1 CD billion CD in IN assets NNS and CC pay VB a DT special JJ preferred-stock JJ dividend NN to TO common-stock JJ holders NNS . . Shaw NNP Industries NNP , , which WDT agreed VBD to TO acquire VB Armstrong NNP World NNP Industries NNP ' POS carpet NN operations NNS for IN an DT undisclosed JJ price NN , , rose VBD 2 CD 1\/4 CD to TO 26 CD 1\/8 CD . . Armstrong NNP added VBD 1\/8 CD to TO 39 CD 1\/8 CD . . ERC NNP Corp. NNP rose VBD 7\/8 CD to TO 12 CD . . The DT company NN agreed VBD definitively RB to TO be VB acquired VBN by IN Ogden NNP Corp. NNP in IN a DT stock NN swap NN valued VBN at IN about RB $ $ 82.5 CD million CD . . Ogden NNP gained VBD 1 CD 1\/4 CD to TO 32 CD 7\/8 CD . . Ocean NNP Drilling NNP & CC Research NNP dropped VBD 1 CD 1\/4 CD to TO 21 CD 1\/2 CD following VBG news NN of IN a DT restructuring NN plan NN that WDT calls VBZ for IN the DT company NN to TO reorganize VB its PRP$ drilling NN business NN into IN a DT separate JJ company NN and CC offer VB a DT 15 CD % NN to TO 20 CD % NN stake NN to TO the DT public NN . . The DT American NNP Stock NNP Exchange NNP Market NNP Value NNP Index NNP rose VBD 1.71 CD to TO 370.58 CD . . Volume NN totaled VBD 11,820,000 CD shares NNS . . Imperial NNP Holly NNP fell VBD 1 CD 5\/8 CD to TO 27 CD 1\/8 CD in IN the DT wake NN of IN its PRP$ third-quarter JJ earnings NNS report NN . . Net JJ income NN was VBD down RB from IN a DT year NN ago RB , , when WRB a DT gain NN from IN the DT restructuring NN of IN a DT retirement NN plan NN boosted VBD earnigs NNS . . Cilcorp NNP Inc. NNP , , Peoria NNP , , Ill. NNP , , said VBD it PRP agreed VBD to TO acquire VB the DT environmental JJ consulting NN and CC analytical JJ service NN businesses NNS of IN Hunter NNP Environmental NNP Services NNP Inc. NNP of IN Southport NNP , , Conn NNP . . The DT utility NN holding VBG company NN said VBD Hunter NNP will MD receive VB 390,000 CD shares NNS of IN a DT new JJ series NN of IN Cilcorp NNP convertible NN preferred JJ stock NN with IN a DT face NN value NN of IN $ $ 39 CD million CD for IN the DT businesses NNS . . Cilcorp NNP will MD also RB assume VB $ $ 22 CD million CD of IN Hunter NNP 's POS existing VBG debt NN . . As IN part NN of IN the DT agreement NN , , Cilcorp NNP said VBD it PRP will MD pay VB Hunter NNP $ $ 4 CD million CD in IN exchange NN for IN agreements NNS not RB to TO compete VB . . Cilcorp NN said VBD the DT businesses NNS to TO be VB acquired VBN had VBD revenue NN of IN $ $ 76 CD million CD for IN the DT year NN ended VBD March NNP 31 CD . . Separately NNP , , Cilcorp NNP said VBD it PRP plans VBZ to TO purchase VB as RB many JJ as IN 1.4 CD million CD shares NNS , , or CC 10 CD % NN of IN its PRP$ common JJ stock NN outstanding JJ from IN time NN to TO time NN on IN the DT open JJ market NN and CC through IN privately RB negotiated VBN transactions NNS . . The DT company NN , , which WDT currently RB has VBZ 13.5 CD million CD common JJ shares NNS outstanding JJ , , said VBD it PRP has VBZ no DT specific NN plans VBZ for IN the DT shares NNS . . BUSH NNP AND CC GORBACHEV NNP WILL MD HOLD VB two CD days NNS of IN informal JJ talks NNS next JJ month NN . . The DT president NN said VBD that IN he PRP and CC the DT Kremlin NNP leader NN would MD meet VB Dec. NNP 2-3 CD aboard IN U.S. NNP and CC Soviet NNP naval JJ vessels NNS in IN the DT Mediterranean NNP to TO discuss VB a DT wide JJ range NN of IN issues NNS without IN a DT formal JJ agenda NN . . A DT simultaneous JJ announcement NN was VBD made VBN in IN Moscow NNP . . Bush NNP said VBD that IN neither CC he PRP nor CC Gorbachev NNP expected VBD any DT `` `` substantial JJ decisions NNS or CC agreements NNS . . '' '' The DT seaborne JJ meetings NNS wo MD n't RB disrupt VB plans NNS for IN a DT formal JJ summit NN next JJ spring NN or CC summer NN , , at IN which WDT an DT arms-control NN treaty NN is VBZ likely JJ to TO be VB completed VBN . . The DT two CD leaders NNS are VBP expected VBN to TO discuss VB changes NNS sweeping VBG the DT East JJ bloc NN as RB well RB as IN human-rights NNS issues NNS , , regional JJ disputes NNS and CC economic JJ cooperation NN . . Israel NNP 's POS army NN lifted VBD a DT blockade NN around IN a DT Palestinian JJ town NN in IN the DT occupied JJ West NNP Bank NNP , , ending VBG a DT 42-day JJ campaign NN of IN seizing VBG cars NNS , , furniture NN and CC other JJ goods NNS to TO crush VB a DT tax NN boycott NN . . While IN residents NNS claimed VBD a DT victory NN , , military JJ authorities NNS said VBD they PRP had VBD confiscated VBN the DT equivalent NN of IN more JJR than IN $ $ 1.5 CD million CD to TO make VB up RP for IN the DT unpaid JJ taxes NNS . . East JJ German JJ leader NN Krenz NNP arrived VBD in IN Moscow NNP for IN talks NNS today NN with IN Gorbachev NNP on IN restructuring NN proposals NNS . . In IN East NNP Berlin NNP , , Communist NNP Party NNP officials NNS considered VBD legalizing VBG New NNP Forum NNP , , the DT country NN 's POS largest JJS opposition NN alliance NN , , as IN about RB 20,000 CD demonstrators NNS staged VBD protests NNS in IN three CD cities NNS to TO press VB demands NNS for IN democratic JJ freedoms NNS . . The DT House NNP approved VBD a DT permanent JJ smoking NN ban NN on IN nearly RB all DT domestic JJ airline NN routes NNS as IN part NN of IN a DT $ $ 27.1 CD billion CD transportation NN bill NN that WDT must MD still RB overcome VB budget NN obstacles NNS in IN Congress NNP . . The DT chamber NN also RB sent VBD to TO Bush NNP a DT nearly RB $ $ 67 CD billion CD fiscal JJ 1990 CD measure NN that WDT includes VBZ the DT first JJ construction NN funds NNS for IN a DT space NN station NN . . Nicaragua NNP 's POS Ortega NNP postponed VBD until IN today NN a DT decision NN on IN whether IN to TO end VB a DT 19-month-old JJ cease-fire NN in IN the DT conflict NN with IN the DT Contra NNP rebels NNS . . In IN Washington NNP , , the DT Senate NNP voted VBD to TO condemn VB Ortega NNP 's POS threat NN to TO cancel VB the DT truce NN , , and CC Bush NNP said VBD he PRP would MD review VB U.S. NNP policy NN toward IN Managua NNP , , including VBG the DT possibility NN of IN renewing VBG military JJ aid NN to TO the DT rebels NNS . . Chinese JJ leader NN Deng NNP told VBD former JJ President NNP Nixon NNP that IN the DT U.S. NNP was VBD deeply RB involved VBN in IN `` `` the DT turmoil NN and CC counterrevolutionary JJ rebellion NN '' '' that WDT gripped VBD Beijing NNP last JJ spring NN . . Nixon NNP , , on IN the DT fourth JJ day NN of IN a DT private JJ visit NN to TO China NNP , , said VBD that DT damage NN to TO Sino-U.S. JJ relations NNS was VBD `` `` very RB great JJ , , '' '' calling VBG the DT situation NN `` `` the DT most RBS serious JJ '' '' since IN 1972 CD . . Afghanistan NNP 's POS troops NNS broke VBD through IN a DT guerrilla NN blockade NN on IN the DT strategic JJ Salang NNP Highway NNP , , allowing VBG trucks NNS carrying VBG food NN and CC other JJ necessities NNS to TO reach VB Kabul NNP after IN a DT missile NN attack NN on IN rebel NN strongholds NNS . . The DT convoy NN of IN about RB 100 CD vehicles NNS was VBD the DT first JJ to TO make VB deliveries NNS to TO the DT capital NN in IN about RB 10 CD days NNS . . Turkey NNP 's POS legislature NN elected VBD Prime NNP Minister NNP Ozal NNP as IN the DT country NN 's POS first JJ civilian JJ president NN since IN 1960 CD , , opening VBG the DT way NN for IN a DT change NN of IN government NN under IN a DT new JJ premier NN he PRP will MD select VB . . The DT vote NN in IN Ankara NNP was VBD boycotted VBN by IN opposition NN politicians NNS , , who WP vowed VBD to TO oust VB Ozal NNP . . He PRP begins VBZ his PRP$ seven-year JJ term NN Nov. NNP 9 CD , , succeeding VBG Kenan NNP Evren NNP . . South NNP Africa NNP 's POS government NN dismissed VBD demands NNS by IN right-wing JJ Conservatives NNPS , , the DT nation NN 's POS main JJ opposition NN party NN , , for IN emergency NN talks NNS on IN Pretoria NNP 's POS recent JJ tolerance NN of IN dissent NN . . The DT government NN also RB urged VBD whites NNS to TO refrain VB from IN panic NN over IN growing JJ black JJ protests NNS , , such JJ as IN the DT massive JJ anti-apartheid JJ rally NN Sunday NNP on IN the DT outskirts NNS of IN Soweto NNP . . Researchers NNP in IN Belgium NNP said VBD they PRP have VBP developed VBN a DT genetic JJ engineering NN technique NN for IN creating VBG hybrid JJ plants NNS for IN a DT number NN of IN crops NNS , , such JJ as IN cotton NN , , soybeans NNS and CC rice NN . . The DT scientists NNS at IN Plant NNP Genetic NNP Systems NNP N.V. NNP isolated VBD a DT gene NN that WDT could MD lead VB to TO a DT generation NN of IN plants NNS possessing VBG a DT high-production JJ trait NN . . A DT bomb NN exploded VBD at IN a DT leftist JJ union NN hall NN in IN San NNP Salvador NNP , , killing VBG at IN least JJS eight CD people NNS and CC injuring VBG about RB 30 CD others NNS , , including VBG two CD Americans NNPS , , authorities NNS said VBD . . The DT blast NN , , which WDT wrecked VBD the DT opposition NN labor NN group NN 's POS offices NNS , , was VBD the DT latest JJS in IN a DT series NN of IN attacks NNS in IN El NNP Salvador NNP 's POS 10-year-old JJ civil JJ war NN . . Hungary NNP 's POS Parliament NNP voted VBD to TO hold VB a DT national JJ referendum NN on IN an DT election NN to TO fill VB the DT new JJ post NN of IN president NN . . The DT balloting NN to TO decide VB when WRB and CC how WRB to TO fill VB the DT position NN , , which WDT replaces VBZ a DT collective JJ presidency NN under IN a DT pact NN signed VBN by IN the DT ruling VBG Socialists NNPS and CC opposition NN groups NNS , , is VBZ to TO be VB held VBN Nov NNP . . The DT State NNP Department NNP denied VBD asylum NN to TO a DT Vietnamese JJ man NN who WP escaped VBD from IN his PRP$ homeland NN by IN lashing VBG himself PRP to TO the DT rudder NN housing NN of IN a DT tanker NN for IN two CD days NNS in IN monsoon NN seas NNS . . A DT spokesman NN for IN Democratic JJ Sen. NNP Pell NNP of IN Rhode NNP Island NNP said VBD , , however RB , , that IN the DT Immigration NNP and CC Naturalization NNP Service NNP would MD review VB the DT stowaway NN 's POS request NN . . Ogden NNP Projects NNPS Inc. NNP said VBD net JJ income NN jumped VBD to TO $ $ 6.6 CD million CD , , or CC 18 CD cents NNS a DT share NN , , in IN the DT third JJ quarter NN . . The DT Fairfield NNP , , N.J. NNP , , company NN , , which WDT is VBZ 92%-owned JJ by IN Ogden NNP Corp. NNP , , New NNP York NNP , , had VBD net NN of IN $ $ 1.1 CD million CD , , or CC four CD cents NNS a DT share NN , , a DT year NN ago RB . . Revenue NN soared VBD to TO $ $ 101.7 CD million CD from IN $ $ 39.5 CD million CD . . Ogden NNP Projects NNPS , , whose WP$ shares NNS began VBD trading VBG on IN the DT New NNP York NNP Stock NNP Exchange NNP in IN August NNP , , closed VBD yesterday NN at IN $ $ 26.875 CD , , down RB 75 CD cents NNS . . The DT stock NN began VBD trading VBG this DT summer NN at IN $ $ 14 CD apiece RB . . Ogden NNP Projects NNPS , , which WDT has VBZ interests NNS in IN solid-waste NN recovery NN and CC hazardous-waste NN cleanup NN , , said VBD it PRP has VBZ 13 CD facilities NNS in IN operation NN , , up RB from IN seven CD a DT year NN ago RB . . Meanwhile RB , , Ogden NNP Corp. NNP , , which WDT also RB has VBZ interests NNS in IN building NN maintenance NN and CC management NN , , reported VBD third-quarter JJ net JJ income NN of IN $ $ 27.1 CD million CD , , or CC 67 CD cents NNS a DT share NN , , more JJR than IN twice RB the DT $ $ 13.5 CD million CD , , or CC 34 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . Revenue NN rose VBD 33 CD % NN to TO $ $ 378.1 CD million CD from IN $ $ 283.8 CD million CD . . Under IN attack NN by IN its PRP$ own JJ listed JJ companies NNS and CC powerful JJ floor NN traders NNS , , the DT New NNP York NNP Stock NNP Exchange NNP is VBZ considering VBG reinstituting VBG a DT `` `` collar NN '' '' on IN program NN trading NN that WDT it PRP abandoned VBD last JJ year NN , , according VBG to TO people NNS familiar JJ with IN the DT Big NNP Board NNP . . The DT exchange NN also RB may MD step VB up RP its PRP$ disclosure NN of IN firms NNS engaged VBN in IN program NN trading NN , , these DT people NNS said VBD . . Big NNP Board NNP officials NNS would MD n't RB comment VB publicly RB . . But CC in IN an DT interview NN in IN which WDT he PRP called VBD the DT stock NN market NN 's POS volatility NN a DT `` `` national JJ problem NN , , '' '' Big NNP Board NNP Chairman NNP John NNP J. NNP Phelan NNP Jr. NNP said VBD , , `` `` We PRP are VBP going VBG to TO try VB to TO do VB some DT things NNS in IN the DT short JJ intermediate JJ term NN '' '' to TO help VB the DT situation NN . . Mr. NNP Phelan NNP has VBZ been VBN viewed VBN by IN many JJ exchange NN members NNS as IN being VBG indifferent JJ to TO stock-price JJ swings NNS caused VBN by IN program NN trades NNS . . He PRP said VBD he PRP is VBZ `` `` very RB surprised JJ '' '' by IN the DT furor NN over IN program NN trading NN and CC the DT exchange NN 's POS role NN in IN it PRP that WDT has VBZ raged VBN in IN recent JJ days NNS . . Mr. NNP Phelan NNP said VBD that IN the DT Big NNP Board NNP has VBZ been VBN trying VBG to TO deal VB quietly RB with IN the DT issue NN , , but CC that IN banning VBG computer-assisted JJ trading NN strategies NNS entirely RB , , as IN some DT investors NNS want VBP , , would MD be VB like IN `` `` taking VBG everybody NN out IN of IN an DT automobile NN and CC making VBG them PRP ride VB a DT horse NN . . '' '' The DT exchange NN has VBZ a DT board NN meeting NN scheduled VBN for IN tomorrow NN , , and CC it PRP is VBZ expected VBN that IN some DT public JJ announcement NN could MD be VB made VBN after IN that DT . . Big NNP Board NNP officials NNS have VBP been VBN under IN seige NN from IN both DT investors NNS and CC the DT exchange NN 's POS own JJ floor NN traders NNS since IN the DT Dow NNP Jones NNP Industrial NNP Average NNP 's POS 190-point JJ tumble NN on IN Oct. NNP 13 CD . . Mr. NNP Phelan NNP has VBZ n't RB been VBN making VBG public JJ remarks NNS in IN recent JJ days NNS , , and CC many JJ people NNS have VBP urged VBN him PRP to TO take VB more JJR of IN a DT leadership NN role NN on IN the DT program NN trading NN issue NN . . What WP the DT Big NNP Board NNP is VBZ considering VBG is VBZ re-establishing VBG a DT `` `` collar NN '' '' on IN program NN trading NN when WRB the DT market NN moves VBZ significantly RB . . Early RB last JJ year NN , , after IN a DT 140-point JJ , , one-day JJ drop NN in IN the DT Dow NNP , , the DT Big NNP Board NNP instituted VBD the DT collar NN , , which WDT banned VBD program NN trading NN through IN the DT Big NNP Board NNP 's POS computers NNS whenever WRB the DT Dow NNP moved VBD 50 CD points NNS up RB or CC down RB in IN a DT day NN . . It PRP did VBD n't RB work VB . . `` `` The DT collar NN was VBD penetrated VBN on IN a DT number NN of IN occasions NNS , , '' '' meaning VBG securities NNS firms NNS figured VBD out RP ways NNS to TO conduct VB program NN trades NNS to TO circumvent VB the DT collar NN and CC use VB the DT Big NNP Board NNP 's POS electronic JJ trading NN system NN , , Mr. NNP Phelan NNP said VBD . . That DT was VBD when WRB the DT exchange NN took VBD a DT new JJ tack NN by IN publishing VBG monthly JJ statistics NNS listing VBG the DT top JJ 15 CD program NN trading NN firms NNS . . Exchange NN officials NNS emphasized VBD that IN the DT Big NNP Board NNP is VBZ considering VBG a DT variety NN of IN actions NNS to TO deal VB with IN program NN trading NN . . People NNS familiar JJ with IN the DT exchange NN said VBD another DT idea NN likely RB to TO be VB approved VBN is VBZ expanding VBG the DT monthly JJ reports NNS on IN program NN trading NN to TO cover VB specific JJ days NNS or CC even RB hours NNS of IN heavy JJ program NN trading JJ and CC who WP was VBD doing VBG it PRP . . Meanwhile RB , , another DT big JJ Wall NNP Street NNP brokerage NN firm NN joined VBD others NNS that WDT have VBP been VBN pulling VBG back RP from IN program NN trading NN . . American NNP Express NNP Co. NNP 's POS Shearson NNP Lehman NNP Hutton NNP Inc. NNP unit NN said VBD it PRP ceased VBD all DT index-arbitrage NN program NN trading NN for IN client NN accounts NNS . . In IN stock-index NN arbitrage NN , , traders NNS buy VBP and CC sell VBP large JJ amounts NNS of IN stock NN with IN offsetting VBG trades NNS in IN stock-index NN futures NNS to TO profit VB from IN fleeting JJ price NN discrepancies NNS between IN the DT two CD markets NNS . . Shearson NNP , , which WDT in IN September NNP was VBD the DT 11th-biggest JJ program NN trader NN on IN the DT Big NNP Board NNP , , had VBD already RB suspended VBN stock-index NN arbitrage NN for IN its PRP$ own JJ account NN . . Also RB , , CS NNP First NNP Boston NNP Inc. NNP 's POS First NNP Boston NNP Corp. NNP unit NN , , the DT fifth-biggest JJ program NN trader NN in IN September NNP , , is VBZ `` `` preparing VBG a DT response NN '' '' to TO the DT program-trading NN outcry NN , , officials NNS of IN the DT firm NN said VBD . . First RB Boston NNP is VBZ one CD of IN the DT few JJ major JJ Wall NNP Street NNP firms NNS that WDT have VBP n't RB pulled VBN back RP from IN program NN trading NN in IN recent JJ days NNS . . Mr. NNP Phelan NNP is VBZ an DT adroit JJ diplomat NN who WP normally RB appears VBZ to TO be VB solidly RB in IN control NN of IN the DT Big NNP Board NNP 's POS factions NNS . . But CC he PRP has VBZ been VBN getting VBG heat NN from IN all DT sides NNS over IN program NN trading NN . . Mr. NNP Phelan NNP 's POS recent JJ remarks NNS that IN investors NNS simply RB must MD get VB used VBN to TO the DT stock-market NN volatility NN from IN program NN trading NN have VBP drawn VBN criticism NN from IN both CC the DT exchange NN 's POS stock NN specialists NNS , , who WP make VBP markets NNS in IN individual JJ stocks NNS , , and CC from IN many JJ companies NNS that WDT have VBP shares NNS listed VBN on IN the DT Big NNP Board NNP . . Mr. NNP Phelan NNP said VBD that IN his PRP$ predicting VBG continued JJ volatility NN is VBZ just RB `` `` how WRB the DT world NN is VBZ . . If IN bringing VBG the DT message NN is VBZ a DT crime NN , , I PRP 'm VBP guilty JJ of IN it PRP . . '' '' But CC he PRP said VBD this DT does VBZ n't RB mean VB he PRP is VBZ satisfied JJ with IN the DT market NN 's POS big JJ swings NNS . . `` `` We PRP 're VBP trying VBG to TO take VB care NN of IN a DT heck NN of IN a DT lot NN of IN constituents NNS , , '' '' Mr. NNP Phelan NNP said VBD . . `` `` Each DT one NN has VBZ a DT different JJ agenda NN . . '' '' For IN example NN , , in IN a DT special JJ meeting NN Monday NNP with IN Mr. NNP Phelan NNP , , senior JJ officials NNS of IN some DT of IN the DT Big NNP Board NNP 's POS 49 CD stock NN specialist NN firms NNS complained VBD that IN the DT exchange NN is VBZ no DT longer RBR representing VBG their PRP$ interests NNS . . `` `` We PRP are VBP looking VBG for IN representation NN we PRP have VBP n't RB had VBD , , '' '' a DT specialist NN said VBD . . `` `` We PRP 've VB had VBD dictation NN . . '' '' After IN another DT session NN Mr. NNP Phelan NNP held VBD yesterday NN with IN major JJ brokerage NN firms NNS such JJ as IN Morgan NNP Stanley NNP & CC Co. NNP , , Goldman NNP , , Sachs NNP & CC Co. NNP , , PaineWebber NNP Group NNP Inc. NNP and CC First NNP Boston NNP -- : all DT of IN which WDT have VBP engaged VBN in IN program NN trading NN -- : an DT executive NN of IN a DT top JJ brokerage NN firm NN said VBD , , `` `` Clearly RB , , the DT firms NNS want VBP the DT exchange NN to TO take VB leadership NN . . '' '' Many JJ specialist JJ firms NNS resent VBP the DT Big NNP Board NNP 's POS new JJ `` `` basket NN '' '' product NN that WDT allows VBZ institutions NNS to TO buy VB or CC sell VB all DT stocks NNS in IN the DT Standard NNP & CC Poor NNP 's POS 500-stock JJ index NN in IN one CD shot NN . . Ultimately RB , , the DT specialists NNS view VBP this DT as IN yet RB another DT step NN toward IN electronic JJ trading NN that WDT could MD eventually RB destroy VB their PRP$ franchise NN . . `` `` His PRP$ { ( Phelan NN 's POS } ) own JJ interests NNS are VBP in IN building VBG an DT electronic JJ marketplace NN , , '' '' said VBD a DT market NN maker NN . . The DT basket NN product NN , , while IN it PRP has VBZ got VBD off RP to TO a DT slow JJ start NN , , is VBZ being VBG supported VBN by IN some DT big JJ brokerage NN firms NNS -- : another DT member NN of IN Mr. NNP Phelan NNP 's POS splintered JJ constituency NN . . Mr. NNP Phelan NNP has VBZ had VBD difficulty NN convincing VBG the DT public NN that IN the DT Big NNP Board NNP is VBZ serious JJ about IN curbing VBG volatility NN , , especially RB as IN the DT exchange NN clearly RB relishes VBZ its PRP$ role NN as IN the DT home NN for IN $ $ 200 CD billion CD in IN stock-index NN funds NNS , , which WDT buy VBP huge JJ baskets NNS of IN stocks NNS to TO mimic VB popular JJ stock-market NN indexes NNS like IN the DT Standard NNP & CC Poor NNP 's POS 500 CD , , and CC which WDT sometimes RB employ VBP program NN trading NN . . The DT Big NNP Board NNP wants VBZ to TO keep VB such JJ index NN funds NNS from IN fleeing VBG to TO overseas JJ markets NNS , , but CC only RB as RB long RB as IN it PRP `` `` handles VBZ it PRP intelligently RB , , '' '' Mr. NNP Phelan NNP said VBD . . Despite IN what WP some DT investors NNS are VBP suggesting VBG , , the DT Big NNP Board NNP is VBZ n't RB even RB considering VBG a DT total JJ ban NN on IN program NN trading NN or CC stock NN futures NNS , , exchange NN officials NNS said VBD . . Most JJS revisions NNS it PRP will MD propose VB will MD be VB geared VBN toward IN slowing VBG down RP program NN trading NN during IN stressful JJ periods NNS , , said VBD officials NNS working VBG with IN the DT exchange NN . . Computers NNS have VBP made VBN trading NN more RBR rapid JJ , , but CC that DT can MD be VB fixed VBN with IN some DT fine-tuning NN . . `` `` I PRP think VBP if IN you PRP { ( can MD } ) speed VB things NNS up RP , , you PRP can MD slow VB them PRP down RP , , '' '' Mr. NNP Phelan NNP said VBD . . `` `` That DT 's VBZ different JJ than IN wrecking VBG them PRP . . '' '' While IN volatility NN wo MD n't RB go VB away RB , , he PRP said VBD , , `` `` Volatility NN is VBZ greater JJR than IN program NN trading NN . . What WP I PRP 'm VBP trying VBG to TO say VB to TO people NNS is VBZ , , it PRP 's VBZ proper JJ to TO worry VB about IN program NN trading NN , , but CC it PRP 's VBZ only RB a DT piece NN of IN the DT business NN . . '' '' For IN example NN , , Mr. NNP Phelan NNP said VBD that IN big JJ institutions NNS have VBP so RB much JJ control NN over IN public JJ investments NNS that IN they PRP can MD cause VB big JJ swings NNS in IN the DT market NN , , regardless RB of IN index NN arbitrage NN . . `` `` A DT lot NN of IN people NNS would MD like VB to TO go VB back RB to TO 1970 CD , , '' '' before IN program NN trading NN , , he PRP said VBD . . `` `` I PRP would MD like VB to TO go VB back RB to TO 1970 CD . . But CC we PRP 're VBP not RB going VBG back RB to TO 1970 CD . . '' '' Indeed RB , , Mr. NNP Phelan NNP said VBD that IN if IN stock-market NN volatility NN persists VBZ , , the DT U.S. NNP may MD lose VB its PRP$ edge NN as IN being VBG the DT best JJS place NN to TO raise VB capital NN . . `` `` Japan NNP 's POS markets NNS are VBP more RBR stable JJ , , '' '' he PRP said VBD . . `` `` If IN that DT continues VBZ , , a DT significant JJ number NN of IN { ( U.S. NNP . . } ) companies NNS will MD go VB over IN there RB to TO raise VB money NN . . '' '' In IN coming JJ days NNS , , when WRB the DT Big NNP Board NNP formulates VBZ its PRP$ responses NNS to TO the DT program-trading NN problem NN , , Mr. NNP Phelan NNP may MD take VB a DT more RBR public JJ role NN in IN the DT issue NN . . Lewis NNP L. NNP Glucksman NNP , , vice NN chairman NN of IN Smith NNP Barney NNP , , Harris NNP Upham NNP & CC Co. NNP , , said VBD : : `` `` This DT is VBZ a DT problem NN that WDT 's VBZ taking VBG on RP a DT life NN of IN its PRP$ own JJ . . The DT program NN trading NN situation NN seems VBZ to TO have VB driven VBN individual JJ investors NNS as RB well RB as IN others NNS out IN of IN the DT market NN , , and CC even RB Europeans NNPS are VBP suspicious JJ . . The DT exchange NN should MD take VB a DT pro-active JJ position NN . . '' '' For IN now RB , , however RB , , Mr. NNP Phelan NNP said VBD : : `` `` I PRP refuse VBP to TO get VB out RB there RB and CC tell VB everybody NN everything NN is VBZ hunky-dory JJ . . We PRP have VBP a DT major JJ problem NN , , and CC that DT problem NN is VBZ volatility NN . . '' '' Craig NNP Torres NNP contributed VBD to TO this DT article NN . . A DT NEW JJ MINIMUM-WAGE NN PLAN NN has VBZ been VBN worked VBN out RP by IN Congress NNP and CC Bush NNP , , opening VBG the DT way NN for IN the DT first JJ increase NN in IN over IN nine CD years NNS . . The DT compromise NN proposal NN , , ending VBG a DT long JJ impasse NN between IN Democrats NNPS and CC the DT president NN , , would MD boost VB the DT minimum JJ wage NN to TO $ $ 4.25 CD an DT hour NN by IN April NNP 1991 CD from IN $ $ 3.35 CD now RB . . The DT legislation NN also RB includes VBZ a DT lower JJR `` `` training NN wage NN '' '' for IN new JJ workers NNS who WP are VBP teen-agers NNS . . The DT Big NNP Board NNP is VBZ considering VBG reviving VBG a DT curb NN on IN program NN trading NN when WRB the DT market NN is VBZ volatile JJ . . The DT exchange NN , , which WDT abandoned VBD such PDT a DT `` `` collar NN '' '' last JJ year NN because IN it PRP did VBD n't RB prevent VB sharp JJ price NN swings NNS , , has VBZ been VBN under IN attack NN recently RB for IN not RB taking VBG action NN against IN program NN trading NN . . Great NNP Northern NNP Nekoosa NNP reacted VBD coolly RB to TO Georgia-Pacific NNP 's POS takeover NN bid NN of IN $ $ 58 CD a DT share NN , , or CC $ $ 3.19 CD billion CD , , though IN the DT suitor NN said VBD all DT terms NNS are VBP negotiable JJ . . Great NNP Northern NNP 's POS stock NN soared VBD $ $ 20.125 CD , , to TO $ $ 62.875 CD , , on IN speculation NN that IN a DT higher JJR bid NN would MD emerge VB . . Stock NN prices NNS rallied VBD as IN the DT Georgia-Pacific NNP bid NN broke VBD the DT market NN 's POS recent JJ gloom NN . . The DT Dow NNP Jones NNP industrials NNS finished VBD up RB 41.60 CD , , at IN 2645.08 CD . . The DT dollar NN and CC bond NN prices NNS also RB closed VBD higher JJR . . Leading JJ indicators NNS rose VBD a DT slight JJ 0.2 CD % NN in IN September NNP , , a DT further JJ indication NN the DT economy NN is VBZ slowing VBG but CC without IN any DT clear JJ sign NN of IN whether IN a DT recession NN looms VBZ . . Meanwhile RB , , new-home JJ sales NNS plunged VBD 14 CD % NN in IN the DT month NN . . Labor NN costs NNS climbed VBD 1.2 CD % NN in IN private JJ industry NN during IN the DT third JJ quarter NN , , matching VBG the DT second-quarter JJ rise NN . . Health-insurance NN costs NNS soared VBD . . Time NN Warner NNP and CC Sony NNP could MD end VB up RP becoming VBG partners NNS in IN several JJ business NN ventures NNS as IN part NN of IN a DT settlement NN of IN their PRP$ dispute NN over IN Hollywood NNP producers NNS Peter NNP Guber NNP and CC Jon NNP Peters NNP . . A DT bidding NN war NN for IN Jaguar NN became VBD more RBR likely JJ as IN Britain NNP unexpectedly RB decided VBD to TO end VB restrictions NNS blocking VBG a DT takeover NN of IN the DT luxury NN car NN maker NN . . Sea NNP Containers NNPS plans VBZ to TO sell VB $ $ 1.1 CD billion CD of IN assets NNS and CC use VB some DT of IN the DT proceeds NNS to TO buy VB about RB 50 CD % NN of IN its PRP$ common JJ shares NNS for IN $ $ 70 CD each DT . . The DT company NN is VBZ trying VBG to TO fend VB off RP a DT hostile JJ bid NN by IN two CD European JJ shipping NN firms NNS . . Eastern NNP Airlines NNP pilots NNS were VBD awarded VBN between IN $ $ 60 CD million CD and CC $ $ 100 CD million CD in IN back JJ pay NN by IN an DT arbitrator NN , , a DT decision NN that WDT could MD complicate VB the DT carrier NN 's POS bankruptcy NN reorganization NN . . LTV NNP Steel NNP is VBZ boosting VBG prices NNS of IN flat JJ rolled VBN steel NN products NNS an DT average JJ 3 CD % NN , , but CC it PRP 's VBZ unclear JJ whether IN the DT increases NNS , , set VBN for IN Jan. NNP 1 CD , , 1990 CD , , will MD stick VB . . Southern NNP 's POS Gulf NNP Power NNP unit NN paid VBD $ $ 500,000 CD in IN fines NNS after IN pleading VBG guilty JJ to TO conspiracy NN to TO make VB illegal JJ political JJ contributions NNS and CC tax NN evasion NN . . More JJR big JJ Japanese NNP investors NNS are VBP buying VBG U.S. NNP mortgage-backed JJ securities NNS , , reversing VBG a DT recent JJ trend NN . . USX NNP 's POS profit NN dropped VBD 23 CD % NN in IN the DT third JJ quarter NN as IN improved JJ oil NN results NNS failed VBD to TO offset VB weakness NN in IN the DT firm NN 's POS steel NN and CC natural JJ gas NN operations NNS . . Miniscribe NNP reported VBD a DT negative JJ net JJ worth NN and CC hinted VBD it PRP may MD file VB for IN Chapter NNP 11 NNP . . The DT disk-drive NN maker NN disclosed VBD a DT major JJ fraud NN two CD months NNS ago RB . . Markets NNS -- : Stocks NNS : : Volume NN 176,100,000 CD shares NNS . . Dow NNP Jones NNP industrials NNS 2645.08 CD , , up IN 41.60 CD ; : transportation NN 1205.01 CD , , up RB 13.15 CD ; : utilities NNS 219.19 CD , , up RB 2.45 CD . . Bonds NNS : : Shearson NNP Lehman NNP Hutton NNP Treasury NNP index NN 3426.33 CD , , up RB Commodities NNS : : Dow NNP Jones NNP futures NNS index NN 129.63 CD , , up RB 0.25 CD ; : spot NN index NN 129.84 CD , , off RB 0.25 CD . . Dollar NN : : 142.85 CD yen NNS , , up IN 0.95 CD ; : 1.8415 CD marks NNS , , up IN 0.0075 CD . . Bond NN prices NNS staggered VBD in IN seesaw JJ trading NN , , rising VBG on IN reports NNS of IN economic JJ weakness NN and CC falling VBG on IN reports NNS of IN economic JJ strength NN . . Treasury NNP bonds NNS got VBD off RB to TO a DT strong JJ start NN , , advancing VBG modestly RB during IN overnight JJ trading NN on IN foreign JJ markets NNS . . `` `` We PRP saw VBD good JJ buying NN in IN Japan NNP and CC excellent JJ buying NN in IN London NNP , , '' '' said VBD Jay NNP Goldinger NNP , , market NN strategist NN and CC trader NN at IN Capital NNP Insight NNP Inc. NNP , , Beverly NNP Hills NNP , , Calif NNP . . The DT market NN 's POS tempo NN was VBD helped VBN by IN the DT dollar NN 's POS resiliency NN , , he PRP said VBD . . Late RB in IN London NNP , , the DT dollar NN was VBD quoted VBN at IN 1.8410 CD West JJ German JJ marks NNS and CC 142.70 CD Japanese JJ yen NNS , , up RB from IN late JJ Monday NNP in IN New NNP York NNP . . British JJ sterling NN eased VBD to TO $ $ 1.5775 CD from IN $ $ 1.5825 CD . . When WRB U.S. NNP trading NN began VBD , , Treasury NNP bonds NNS received VBD an DT additional JJ boost NN from IN news NN that IN sales NNS of IN new JJ single-family JJ homes NNS fell VBD 14 CD % NN in IN September NNP . . The DT contraction NN was VBD twice RB as RB large JJ as IN economists NNS projected VBD and CC was VBD the DT sharpest JJS decline NN since IN a DT 19 CD % NN drop NN in IN January NNP 1982 CD . . Economists NNS said VBD the DT report NN raised VBD speculation NN that IN the DT economic JJ slowdown NN could MD turn VB into IN a DT recession NN , , which WDT would MD pave VB the DT way NN for IN the DT Federal NNP Reserve NNP to TO lower VB interest NN rates NNS . . But CC later RBR in IN the DT day NN , , a DT report NN by IN the DT Purchasing NNP Management NNP Association NNP of IN Chicago NNP cast VBD doubt NN on IN the DT recession NN scenario NN . . The DT association NN said VBD its PRP$ October NNP index NN of IN economic JJ activity NN rose VBD to TO 51.6 CD % NN after IN having VBG been VBN below IN 50 CD % NN for IN three CD consecutive JJ months NNS . . A DT reading NN below IN 50 CD % NN indicates VBZ that IN the DT manufacturing NN industry NN is VBZ slowing VBG while IN a DT reading NN above IN 50 CD % NN suggests VBZ that IN the DT industry NN is VBZ expanding VBG . . Bond NN prices NNS fell VBD after IN the DT Chicago NNP report NN was VBD released VBN . . By IN the DT end NN of IN the DT day NN , , bond NN prices NNS were VBD mixed JJ . . The DT benchmark JJ 30-year JJ bond NN was VBD nearly RB 1\/4 CD point NN higher JJR , , or CC up RB about RB $ $ 2.50 CD for IN each DT $ $ 1,000 CD face NN amount NN . . New JJ two-year JJ notes NNS ended VBD unchanged JJ while IN three-year JJ and CC four-year JJ notes NNS were VBD slightly RB lower JJR . . Municipal JJ bonds NNS ended VBD unchanged JJ to TO as RB much JJ as IN 1\/2 CD point NN higher JJR while IN mortgage-backed JJ securities NNS were VBD up RB about RB 1\/8 CD point NN . . Corporate JJ bonds NNS were VBD unchanged JJ . . In IN the DT corporate JJ market NN , , an DT expected JJ debt NN offering NN today NN by IN International NNP Business NNP Machines NNP Corp. NNP generated VBD considerable JJ attention NN . . The DT giant JJ computer NN maker NN is VBZ slated VBN to TO offer VB $ $ 500 CD million CD of IN 30-year JJ non-callable JJ debentures NNS through IN underwriters NNS led VBN by IN Salomon NNP Brothers NNP Inc NNP . . Traders NNS expect VBP the DT bonds NNS to TO yield VB about RB 0.60 CD to TO 0.65 CD percentage NN point NN above IN the DT Treasury NNP 's POS benchmark JJ 30-year JJ bond NN , , which WDT ended VBD Tuesday NNP with IN a DT yield NN of IN about RB 7.90 CD % NN . . The DT last JJ time NN IBM NNP tapped VBD the DT corporate JJ debt NN market NN was VBD in IN April NNP 1988 CD , , when WRB it PRP offered VBD $ $ 500 CD million CD of IN debt NN securities NNS . . IBM NNP 's POS visits NNS to TO the DT debt NN market NN are VBP closely RB watched VBN by IN treasurers NNS at IN other JJ corporations NNS and CC by IN credit NN market NN analysts NNS . . Some DT analysts NNS believe VBP the DT company NN has VBZ the DT ability NN to TO pinpoint VB the DT trough NN in IN interest-rate JJ cycles NNS . . In IN October NNP 1979 CD , , just RB days NNS before IN the DT Federal NNP Reserve NNP raised VBD interest NN rates NNS , , IBM NNP offered VBD $ $ 1 CD billion CD in IN debt NN securities NNS . . The DT boost NN in IN rates NNS sent VBD IBM NNP 's POS bonds NNS tumbling VBG , , leaving VBG underwriters NNS with IN millions NNS of IN dollars NNS of IN losses NNS and CC triggering VBG a DT sell-off NN in IN the DT overall JJ market NN . . The DT company NN `` `` ca MD n't RB be VB bullish JJ if IN they PRP 're VBP doing VBG a DT sizable JJ 30-year JJ bullet NN , , '' '' said VBD one CD analyst NN . . Others NNS said VBD IBM NNP might MD increase VB the DT size NN of IN the DT offering NN to TO as RB much JJ as IN $ $ 1 CD billion CD if IN investor NN demand NN is VBZ strong JJ . . The DT company NN has VBZ $ $ 1 CD billion CD in IN debt NN filed VBN with IN the DT Securities NNPS and CC Exchange NNP Commission NNP . . `` `` I PRP think VBP the DT $ $ 500 CD million CD is VBZ a DT little JJ bit NN of IN a DT fire NN drill NN , , '' '' said VBD Jim NNP Ednee NNP , , head NN of IN the DT industrial JJ bond NN department NN at IN Drexel NNP Burnham NNP Lambert NNP Inc NNP . . `` `` I PRP think VBP as IN the DT pricing NN time NN arrives VBZ , , the DT bonds NNS will MD come VB a DT little JJ richer JJR and CC in IN a DT larger JJR amount NN . . '' '' Treasury NNP Securities NNS Treasury NNP prices NNS ended VBD mixed JJ in IN light JJ trading NN . . The DT benchmark JJ 30-year JJ bond NN was VBD quoted VBN late RB at IN 102 CD 12\/32 CD to TO yield VB 7.90 CD % NN compared VBN with IN 102 CD 7\/32 CD to TO yield VB 7.92 CD % NN Monday NNP . . The DT latest JJS 10-year JJ notes NNS were VBD unchanged JJ at IN 100 CD 16\/32 CD to TO yield VB 7.904 CD % NN . . Short-term JJ rates NNS also RB were VBD mixed JJ . . The DT discount NN rate NN on IN three-month JJ Treasury NNP bills NNS rose VBD slightly RB from IN the DT average JJ rate NN at IN Monday NNP 's POS auction NN to TO 7.79 CD % NN for IN a DT bond-equivalent JJ yield NN of IN 8.04 CD % NN . . The DT discount NN rate NN on IN six-month JJ Treasury NNP bills NNS fell VBD slightly RB to TO 7.60 CD % NN for IN a DT bond-equivalent JJ yield NN of IN 7.99 CD % NN . . Corporate JJ Issues NNS Two CD junk NN bond NN issues NNS were VBD priced VBN yesterday NN , , including VBG a DT scaled-backed JJ offering NN by IN Beatrice NNP Co NNP . . A DT spokesman NN for IN underwriters NNS Salomon NNP Brothers NNP Inc. NNP said VBD Beatrice NN cut VBD its PRP$ high-yield JJ offering NN to TO $ $ 251 CD million CD from IN a DT planned JJ $ $ 350 CD million CD after IN it PRP became VBD clear JJ the DT company NN would MD have VB to TO give VB investors NNS higher JJR yields NNS . . In IN the DT two-part JJ offering NN , , $ $ 151 CD million CD of IN senior JJ subordinated JJ reset JJ notes NNS were VBD priced VBN at IN 99.75 CD and CC carried VBD a DT rate NN of IN 13 CD 3\/4 CD % NN , , while IN the DT $ $ 100 CD million CD of IN senior JJ subordinated JJ floating JJ rate NN notes NNS were VBD priced VBN to TO float VB at IN 4.25 CD percentage NN points NNS above IN the DT London NNP Interbank NNP Offered NNP Rate NNP , , or CC LIBOR NNP . . The DT one-year JJ LIBOR NNP rate NN yesterday NN was VBD 8 CD 7\/16 CD % NN . . Since IN the DT recent JJ deterioration NN of IN the DT junk-bond NN market NN , , at IN least JJS two CD other JJ junk NN issuers NNS have VBP said VBN they PRP plan VBP to TO scale VB back RP planned JJ high-yield JJ offerings NNS , , and CC several JJ issues NNS have VBP been VBN postponed VBN . . William NNP Carmichael NNP , , Beatrice NNP chief JJ financial JJ officer NN , , said VBD favorable JJ market NN conditions NNS in IN September NNP prompted VBD the DT company NN to TO plan VB more JJR debt NN than IN necessary JJ . . `` `` However RB , , given VBN the DT changes NNS in IN the DT market NN conditions NNS that WDT have VBP occurred VBN since IN then RB , , we PRP decided VBD to TO sell VB only RB the DT amount NN needed VBD to TO proceed VB with IN our PRP$ contemplated JJ recapitalization NN , , '' '' he PRP said VBD . . Under IN the DT firm NN 's POS original JJ bank NN credit NN agreement NN , , it PRP was VBD required VBN to TO raise VB $ $ 250 CD million CD of IN subordinated JJ debt NN to TO be VB used VBN to TO repay VB some DT of IN the DT bank NN borrowings NNS drawn VBN to TO redeem VB $ $ 526.3 CD million CD of IN increasing VBG rate NN debentures NNS in IN August NNP . . A DT month NN ago RB , , when WRB Beatrice NNP first RB filed VBD to TO sell VB debt NN , , the DT company NN had VBD planned VBN to TO offer VB $ $ 200 CD million CD of IN its PRP$ senior JJ subordinated JJ reset JJ notes NNS at IN a DT yield NN of IN 12 CD 3\/4 CD % NN . . The DT $ $ 150 CD million CD in IN senior JJ subordinated JJ floating-rate JJ notes NNS were VBD targeted VBN to TO be VB offered VBN at IN a DT price NN to TO float VB four CD percentage NN points NNS above IN the DT three-month JJ LIBOR NNP . . By IN October NNP , , however RB , , market NN conditions NNS had VBD deteriorated VBN and CC the DT reset NN notes NNS were VBD targeted VBN to TO be VB offered VBN at IN a DT yield NN of IN between IN 13 CD 1\/4 CD % NN and CC 13 CD 1\/2 CD % NN . . Mr. NNP Carmichael NNP said VBD investors NNS also RB demanded VBD stricter JJR convenants NNS . . Continental NNP Cablevision NNP Inc. NNP , , via IN underwriters NNS at IN Morgan NNP Stanley NNP & CC Co. NNP , , priced VBD $ $ 350 CD million CD of IN junk NN bonds NNS at IN par NN to TO yield VB 12 CD 7\/8 CD % NN . . Mortgage-Backed JJ Securities NNS J.C. NNP Penney NNP & CC Co. NNP issued VBD $ $ 350 CD million CD of IN securities NNS backed VBN by IN credit-card JJ receivables NN . . The DT securities NNS were VBD priced VBN at IN 99.1875 CD to TO yield VB about RB 9.19 CD % NN . . Underwriters NNS at IN First NNP Boston NNP Corp. NNP said VBD the DT J.C. NNP Penney NNP credit-card JJ securities NNS are VBP the DT first JJ with IN a DT 10-year JJ average JJ life NN , , which WDT is VBZ much RB longer JJR than IN previous JJ such JJ issues NNS . . Elsewhere RB , , Ginnie NNP Mae NNP 's POS 9 CD % NN issue NN for IN November NNP delivery NN was VBD quoted VBN at IN 98 CD 18\/32 CD bid NN , , up RB 5\/32 CD from IN late JJ Monday NNP , , to TO yield VB about RB 9.333 CD % NN to TO a DT 12-year JJ average JJ life NN assumption NN . . Freddie NNP Mac NNP 's POS 9 CD 1\/2 CD % NN issue NN was VBD quoted VBN at IN 99 CD 20\/32 CD , , up RB 3\/32 CD from IN Monday NNP . . Fannie NNP Mae NNP 's POS 9 CD % NN issue NN was VBD at IN 98 CD 7\/32 CD , , up RB 1\/8 CD . . On IN the DT pricing NN front NN , , an DT 11-class JJ issue NN of IN $ $ 500 CD million CD Federal NNP Home NNP Loan NNP Mortgage NNP Corp NNP . . Remic NNP mortgage NN securities NNS was VBD launched VBN by IN a DT Morgan NNP Stanley NNP group NN . . The DT offering NN is VBZ backed VBN by IN Freddie NNP Mac NNP 's POS 10 CD % NN issue NN with IN a DT weighted JJ average JJ term NN to TO maturity NN of IN 29.583 CD months NNS . . Municipal JJ Issues NNS Municipal JJ bonds NNS were VBD little RB changed VBN to TO 1\/2 CD point NN higher JJR in IN late JJ dealings NNS . . `` `` We PRP were VBD oversold VBN and CC today NN we PRP bounced VBD back RP . . Some DT accounts NNS came VBD in RP for IN some DT blocks NNS in IN the DT secondary JJ { ( market NN } ) , , which WDT we PRP have VBP n't RB seen VBN for IN a DT while NN , , '' '' said VBD one CD trader NN . . `` `` There EX were VBD no DT { ( sell VB } ) lists NNS and CC the DT calendar NN is VBZ lightening VBG up RP a DT bit NN . . There EX 's VBZ light NN at IN the DT end NN of IN the DT tunnel NN for IN municipals NNS , , '' '' he PRP said VBD , , adding VBG that IN he PRP expects VBZ prices NNS to TO `` `` inch VB up RB '' '' in IN the DT near JJ term NN . . The DT market NN 's POS tone NN improved VBD after IN Monday NNP 's POS pricing NN of IN $ $ 813 CD million CD New NNP York NNP City NNP general JJ obligation NN bonds NNS . . The DT issue NN 's POS smooth JJ absorption NN eased VBD fears NNS that IN supply NN would MD overwhelm VB demand NN in IN coming JJ sessions NNS , , traders NNS said VBD . . Demand NN for IN the DT bonds NNS was VBD strong JJ enough RB to TO permit VB underwriters NNS to TO trim VB some DT yields NNS in IN the DT tax-exempt JJ portion NN of IN the DT offering NN late JJ Monday NNP . . A DT two-part JJ $ $ 75.1 CD million CD offering NN of IN wastewater NN treatment NN bonds NNS by IN the DT New NNP Jersey NNP Wastewater NNP Treatment NNP Trust NNP was VBD more RBR than IN half RB sold VBN by IN late RB in IN the DT session NN , , according VBG to TO lead JJ underwriter NN Merrill NNP Lynch NNP Capital NNP Markets NNP . . The DT debt NN was VBD reoffered VBN priced VBN to TO yield VB from IN 6 CD % NN in IN 1991 CD to TO 7.15 CD % NN in IN 2008-2009 CD . . Foreign JJ Bonds NNS Most JJS foreign JJ government NN bonds NNS markets NNS were VBD quiet JJ . . West JJ German JJ bonds NNS firmed VBD a DT bit NN after IN Monday NNP 's POS fall NN , , but CC traders NNS said VBD the DT market NN remains VBZ bearish JJ due RB to TO speculation NN that IN interest NN rates NNS could MD rise VB again RB . . In IN a DT speech NN given VBN Friday NNP but CC released VBN late JJ Monday NNP , , Bundesbank NNP Vice NNP President NNP Helmut NNP Schlesinger NNP suggested VBD that IN it PRP was VBD risky JJ to TO claim VB that IN the DT booming JJ German JJ economy NN has VBZ reached VBN the DT peak NN of IN its PRP$ cycle NN . . His PRP$ comments NNS were VBD interpreted VBN as IN a DT sign NN that IN higher JJR interest NN rates NNS are VBP possible JJ . . On IN Oct. NNP 5 CD , , the DT Bundesbank NNP raised VBD the DT Lombard NNP and CC discount NN rates NNS by IN one CD percentage NN point NN to TO 8 CD % NN and CC 6 CD % NN , , respectively RB , , the DT highest JJS levels NNS in IN seven CD years NNS . . Germany NNP 's POS 7 CD % NN bond NN due JJ October NNP 1999 CD was VBD unchanged JJ at IN 99.35 CD to TO yield VB 7.09 CD % NN while IN the DT 6 CD 3\/4 CD % NN notes NNS due JJ July NNP 1994 CD rose VBD 0.025 CD point NN to TO 97.275 CD to TO yield VB 7.445 CD % NN . . Japanese JJ government NN bonds NNS showed VBD little JJ change NN . . Japan NNP 's POS benchmark JJ No. NN 111 CD issue NN due JJ 1998 CD ended VBD on IN brokers NNS ' POS screens NNS at IN 95.90 CD , , down RB 0.02 CD point NN , , to TO yield VB 5.435 CD % NN . . British JJ government NN bonds NNS were VBD little RB changed VBN as IN investors NNS awaited VBD an DT address NN on IN economic JJ policy NN by IN John NNP Major NNP , , the DT new JJ Chancellor NNP of IN the DT Exchequer NNP . . Britain NNP 's POS benchmark JJ 11 CD 3\/4 CD % NN bond NN due JJ 2003\/2007 CD rose VBD 2\/32 CD to TO 111 CD 1\/2 CD to TO yield VB 10.14 CD % NN while IN the DT 11 CD 3\/4 CD % NN notes NNS due JJ 1991 CD were VBD unchanged JJ at IN 98 CD 21\/32 CD to TO yield VB 12.95 CD % NN . . Paramount NNP Communications NNP Inc. NNP said VBD it PRP sold VBD two CD Simon NNP & CC Schuster NNP information NN services NNS units NNS to TO Macmillan NNP Inc. NNP , , a DT subsidiary NN of IN Maxwell NNP Communication NNP Corp NNP . . The DT two CD units NNS are VBP Prentice NNP Hall NNP Information NNP Services NNP , , which WDT publishes VBZ tax NN , , financial JJ planning NN and CC business NN law NN information NN , , among IN other JJ services NNS , , and CC Prentice NNP Hall NNP Information NNP Network NNP , , which WDT electronically RB delivers VBZ tax NN information NN . . Terms NNS were VBD n't RB disclosed VBN , , but CC industry NN executives NNS said VBD the DT units NNS were VBD sold VBN for IN $ $ 40 CD million CD . . Arthur NNP H. NNP Rosenfeld NNP , , previously RB president NN of IN the DT Prentice NNP Hall NNP Tax NNP and CC Professional NNP Services NNP division NN , , was VBD named VBN president NN of IN the DT newly RB formed VBN Macmillan NNP Professional NNP and CC Business NNP Reference NNP division NN . . Simon NNP & CC Schuster NNP retains VBZ the DT Corporation NNP Law NNP looseleaf NN service NN , , which WDT will MD become VB part NN of IN its PRP$ Prentice NNP Hall NNP Law NNP & CC Business NNP unit NN . . A DT governing VBG body NN of IN both CC the DT Financial NNP Accounting NNP Standards NNP Board NNP and CC the DT Governmental NNP Accounting NNP Standards NNP Board NNP voted VBD to TO give VB the DT FASB NNP jurisdiction NN over IN accounting NN standards NNS for IN certain JJ government-owned JJ entities NNS . . The DT Financial NNP Accounting NNP Foundation NNP voted VBD 12-2 RB that DT FASB NNP accounting NN rules NNS supercede VBP GASB NNP rules NNS in IN regard NN to TO utilities NNS , , hospitals NNS , , and CC colleges NNS and CC universities NNS owned VBN by IN the DT government NN . . GASB NNP rules NNS still RB apply VBP for IN other JJ government NN units NNS . . After IN the DT GASB NNP was VBD founded VBN in IN 1984 CD , , 11 CD years NNS after IN the DT FASB NNP , , the DT government-owned JJ entities NNS were VBD supposed VBN to TO follow VB FASB NNP rules NNS unless IN the DT GASB NNP superceded VBD them PRP . . The DT GASB NNP had VBD told VBN governments NNS they PRP did VBD n't RB have VB to TO follow VB FASB NNP rules NNS on IN depreciation NN , , making VBG it PRP difficult JJ for IN bond-rating JJ agencies NNS to TO compare VB private JJ and CC state-owned JJ schools NNS , , which WDT compete VBP in IN the DT public JJ bond NN market NN . . The DT foundation NN vote NN is VBZ effective JJ for IN the DT affected JJ government NN entities NNS with IN fiscal JJ years NNS that WDT begin VBP starting VBG next JJ Jan. NNP 1 CD and CC makes VBZ the DT financial JJ results NNS of IN the DT hospitals NNS , , colleges NNS and CC schools NNS easier JJR to TO compare VB with IN for-profit JJ businesses NNS . . But CC it PRP may MD lead VB to TO separate JJ financial JJ reports NNS based VBN on IN different JJ rules NNS for IN the DT government NN entities NNS under IN FASB NNP rules NNS and CC those DT still RB under IN GASB NNP rules NNS . . `` `` Managers NNS of IN government NN entities NNS are VBP often RB more RBR concerned JJ with IN the DT political JJ and CC legal JJ structure NN and CC financial-report JJ comparability NN with IN profit-making JJ businesses NNS is VBZ n't RB always RB as RB high JJ a DT priority NN , , '' '' a DT foundation NN spokesman NN said VBD . . Avery NNP Inc. NNP said VBD it PRP completed VBD the DT sale NN of IN Uniroyal NNP Chemical NNP Holding NNP Co. NNP to TO a DT group NN led VBN by IN management NN of IN Uniroyal NNP Chemical NNP Co. NNP , , the DT unit NN 's POS main JJ business NN . . It PRP valued VBD the DT transaction NN at IN $ $ 800 CD million CD . . Avery NNP , , which WDT continues VBZ to TO operate VB a DT coal NN company NN it PRP expects VBZ to TO sell VB at IN a DT loss NN , , said VBD in IN proxy JJ materials NNS it PRP intends VBZ to TO seek VB control NN of IN one CD or CC more JJR companies NNS . . After IN fees NNS and CC repayment NN of IN debt NN , , Avery NNP is VBZ left VBN with IN about RB $ $ 24 CD million CD in IN cash NN and CC securities NNS from IN the DT Uniroyal NNP sale NN . . Avery NNP paid VBD $ $ 750 CD million CD , , including VBG various JJ legal JJ and CC financing NN fees NNS , , to TO acquire VB Uniroyal NNP Chemical NNP , , Middlebury NNP , , Conn. NNP , , in IN 1986 CD -- : a DT move NN that WDT burdened VBD Avery NNP with IN debt NN . . In IN over-the-counter JJ trading NN , , Avery NNP shares NNS were VBD quoted VBN yesterday NN at IN a DT bid NN price NN of IN 93.75 CD cents NNS a DT share NN . . According VBG to TO Avery NNP , , for IN the DT year NN ended VBN Sept. NNP 30 CD , , 1988 CD , , Uniroyal NNP Chemical NNP had VBD sales NNS of IN $ $ 734.2 CD million CD and CC a DT net JJ loss NN of IN $ $ 47.1 CD million CD . . An DT Avery NNP spokesman NN said VBD that IN the DT loss NN was VBD magnified VBN by IN accounting NN adjustments NNS and CC that IN the DT company NN 's POS loss NN was VBD smaller JJR on IN a DT cash NN basis NN . . Uniroyal NNP has VBZ 2,600 CD employees NNS and CC facilities NNS in IN the DT U.S. NNP , , Canada NNP , , Brazil NNP , , Italy NNP and CC Taiwan NNP . . In IN a DT related JJ development NN , , Avery NNP said VBD it PRP completed VBD a DT recapitalization NN in IN which WDT its PRP$ controlling VBG shareholders NNS and CC top JJ officers NNS , , Nelson NNP Peltz NNP and CC Peter NNP W. NNP May NNP , , surrendered VBD warrants NNS and CC preferred JJ stock NN in IN exchange NN for IN a DT larger JJR stake NN in IN Avery NNP 's POS common JJ shares NNS . . On IN a DT fully RB diluted JJ basis NN , , the DT two CD raised VBD their PRP$ stake NN to TO 68 CD % NN from IN 51 CD % NN . . In IN December NNP 1988 CD , , Messrs. NNPS Peltz NNP and CC May NNP sold VBD their PRP$ stock NN in IN Triangle NNP Industries NNP Inc. NNP , , a DT packaging NN company NN they PRP controlled VBD , , to TO Pechiney NNP Corp. NNP of IN France NNP . . The DT executives NNS had VBD profited VBN handsomely RB by IN building VBG American NNP National NNP Can MD Co. NNP , , Triangle NNP 's POS chief JJ asset NN . . In IN January NNP 1989 CD , , the DT two CD men NNS acquired VBD the DT non-packaging JJ assets NNS of IN Triangle NNP , , including VBG a DT controlling JJ stake NN in IN Avery NNP and CC , , by IN extension NN , , Uniroyal NNP Chemical NNP . . In IN the DT August NNP proxy NN material NN , , Avery NNP said VBD that IN unless IN it PRP sold VBD Uniroyal NNP , , its PRP$ ability NN to TO service NN debt NN would MD be VB hurt VBN and CC Avery NNP 's POS shareholder NN value NN would MD `` `` continue VB to TO erode VB . . '' '' Until IN Avery NNP makes VBZ an DT acquisition NN , , Messrs. NNPS Peltz NNP and CC May NNP will MD waive VB their PRP$ direct JJ salaries NNS and CC bonuses NNS , , the DT company NN said VBD . . For IN at IN least JJS the DT next JJ six CD months NNS , , however RB , , Avery NNP will MD continue VB to TO pay VB $ $ 200,000 CD a DT month NN for IN management NN services NNS to TO a DT company NN controlled VBN by IN Messrs. NN Peltz NNP and CC May NNP , , according VBG to TO the DT proxy JJ material NN . . Clarcor NNP Inc. NNP said VBD a DT plan NN to TO sell VB its PRP$ J.L. NNP Clark NNP Inc. NNP subsidiary NN to TO a DT group NN headed VBN by IN Anderson NNP Industries NNPS Inc. NNP for IN $ $ 70.3 CD million CD has VBZ been VBN terminated VBN . . Clarcor NNP , , a DT maker NN of IN packaging NN and CC filtration NN products NNS , , said VBD the DT two CD companies NNS could MD n't RB agree VB on IN terms NNS of IN a DT definitive JJ agreement NN . . The DT sale NN price NN of IN the DT unit NN , , which WDT makes VBZ packaging NN products NNS , , was VBD to TO consist VB of IN cash NN , , notes NNS and CC an DT amount NN to TO be VB determined VBN by IN the DT unit NN 's POS future JJ performance NN . . Clarcor NNP said VBD it PRP is VBZ inviting VBG proposals NNS from IN other JJ prospective JJ purchasers NNS of IN the DT unit NN . . Both DT Clarcor NNP and CC Anderson NNP are VBP based VBN in IN Rockford NNP , , Ill NNP . . Rally NNP 's POS Inc. NN said VBD it PRP adopted VBD a DT shareholders NNS rights NNS plan NN to TO protect VB shareholders NNS from IN an DT inadequately RB priced VBN takeover NN offer NN . . The DT plan NN provides VBZ for IN the DT distribution NN of IN one CD common JJ stock-purchase JJ right NN as IN a DT dividend NN for IN each DT share NN of IN common JJ outstanding JJ . . Each DT right NN entitles VBZ shareholders NNS to TO buy VB one-half JJ share NN of IN common JJ for IN $ $ 30 CD . . Earlier RBR this DT month NN , , a DT group NN led VBN by IN three CD of IN the DT company NN 's POS directors NNS , , Burt NNP Sugarman NNP , , James NNP M. NNP Trotter NNP III NNP and CC Willam NNP E. NNP Trotter NNP II NNP , , indicated VBD it PRP had VBD a DT 45.2 CD % NN stake NN in IN the DT Louisville NNP , , Ky. NNP , , fast-food NN company NN and CC that IN it PRP planned VBD to TO seek VB a DT majority NN of IN seats NNS on IN Rally NNP 's POS nine-member JJ board NN . . The DT company NN said VBD it PRP was VBD `` `` concerned VBN about IN the DT announced JJ intent NN to TO acquire VB control NN of IN the DT company NN '' '' by IN a DT Sugarman-led JJ group NN . . Fujitsu NNP Ltd. NNP said VBD it PRP wants VBZ to TO withdraw VB its PRP$ controversial JJ one-yen JJ bid NN to TO design VB a DT waterworks NN computer NN system NN for IN the DT city NN of IN Hiroshima NNP . . Meanwhile RB , , Japan NNP 's POS Fair NNP Trade NNP Commission NNP said VBD it PRP was VBD considering VBG launching VBG an DT investigation NN into IN whether IN the DT bid NN , , the DT equivalent NN of IN less JJR than IN a DT penny NN , , violates VBZ anti-monopoly JJ laws NNS . . Hiroshima NNP last JJ week NN held VBD an DT auction NN to TO pick VB the DT contractor NN , , expecting VBG to TO pay VB about RB 11 CD million CD yen NNS for IN the DT project NN . . Eight CD companies NNS submitted VBD bids NNS , , but CC Fujitsu NNP won VBD the DT contract NN by IN essentially RB saying VBG it PRP would MD do VB the DT job NN for IN free JJ . . News NNP of IN the DT bid NN drew VBD sharp JJ criticism NN from IN other JJ computer NN companies NNS and CC industry NN observers NNS . . Fujitsu NNP itself PRP , , which WDT said VBD the DT bid NN had VBD n't RB been VBN approved VBN by IN its PRP$ headquarters NNS , , was VBD clearly RB embarrassed JJ . . The DT bid NN was VBD n't RB `` `` socially RB acceptable JJ , , '' '' a DT company NN spokeswoman NN said VBD . . Hiroshima NNP officials NNS said VBD they PRP still RB consider VBP the DT contract NN in IN effect NN and CC had VBD no DT immediate JJ plans NNS to TO cancel VB it PRP . . They PRP said VBD they PRP wanted VBD to TO wait VB for IN the DT outcome NN of IN any DT government NN investigation NN before IN deciding VBG what WP to TO do VB . . The DT city NN 's POS Department NNP of IN Consumer NNP Affairs NNP charged VBD Newmark NNP & CC Lewis NNP Inc. NNP with IN failing VBG to TO deliver VB on IN its PRP$ promise NN of IN lowering VBG prices NNS . . In IN a DT civil JJ suit NN commenced VBD in IN state NN Supreme NNP Court NNP in IN New NNP York NNP , , the DT agency NN alleged VBD that IN the DT consumer-electronics NNS and CC appliance NN discount-retailing NN chain NN engaged VBD in IN deceptive JJ advertising NN by IN claiming VBG to TO have VB `` `` lowered VBN every DT price NN on IN every DT item NN '' '' as IN part NN of IN an DT advertising NN campaign NN that WDT began VBD June NNP 1 CD . . The DT agency NN said VBD it PRP monitored VBD Newmark NNP & CC Lewis NNP 's POS advertised JJ prices NNS before IN and CC after IN the DT ad NN campaign NN , , and CC found VBD that IN the DT prices NNS of IN at IN least JJS 50 CD different JJ items NNS either CC increased VBD or CC stayed VBD the DT same JJ . . In IN late JJ May NNP , , Newmark NNP & CC Lewis NNP announced VBD a DT plan NN to TO cut VB prices NNS 5 CD % NN to TO 20 CD % NN and CC eliminate VB what WP it PRP called VBD a DT `` `` standard JJ discount-retailing NN practice NN '' '' of IN negotiating VBG individual JJ deals NNS with IN customers NNS . . The DT consumer NN agency NN also RB disputed VBN Newmark NNP & CC Lewis NNP 's POS continuing VBG strategy NN of IN advertising VBG `` `` new JJ lower JJR prices NNS '' '' when WRB allgedly RB there EX have VBP n't RB been VBN price NN reductions NNS since IN June NNP 1 CD . . Richard NNP D. NNP Lewis NNP , , president NN of IN the DT 47-store JJ chain NN , , defended VBD the DT company NN 's POS pricing NN campaign NN , , saying VBG it PRP did VBD n't RB use VB `` `` the DT misleading JJ expression NN ` `` reduced VBN from IN original JJ prices NNS . . ' '' '' '' Mr. NNP Lewis NNP said VBD the DT company NN marked VBD price NN tags NNS and CC advertised VBD at IN its PRP$ `` `` lowest JJS possible JJ prices NNS '' '' for IN all PDT its PRP$ merchandise NN to TO reduce VB public JJ confusion NN . . Mr. NNP Lewis NNP said VBD the DT company NN gave VBD the DT Consumer NNP Affairs NNP department NN `` `` volumes NNS of IN documents NNS '' '' to TO substantiate VB its PRP$ statements NNS , , and CC made VBD `` `` every DT effort NN to TO comply VB '' '' with IN all DT the DT agency NN 's POS policies NNS . . In IN its PRP$ suit NN , , the DT consumer NN agency NN seeks VBZ fines NNS of IN $ $ 1,000 CD per IN violation NN of IN the DT city NN 's POS Consumer NNP Protection NNP Law NNP , , costs NNS of IN investigation NN , , and CC an DT injunction NN to TO prevent VB Newmark NNP & CC Lewis NNP from IN continuing VBG its PRP$ allegedly RB deceptive JJ advertising NN . . Wary JJ investors NNS have VBP been VBN running VBG for IN the DT stock NN market NN 's POS equivalent NN of IN bomb NN shelters NNS , , buying VBG shares NNS of IN gold-mining NN and CC utility NN companies NNS . . Those DT two CD groups NNS have VBP recently RB been VBN leading VBG the DT list NN of IN stocks NNS setting VBG new JJ highs NNS . . On IN Friday NNP , , when WRB only RB a DT dozen NN common JJ stocks NNS hit VBD 52-week JJ highs NNS on IN the DT New NNP York NNP Stock NNP Exchange NNP , , five CD were VBD gold-mining NN issues NNS , , and CC another DT four CD were VBD utilities NNS . . On IN Monday NNP , , when WRB a DT mere JJ seven CD common JJ stocks NNS managed VBD new JJ highs NNS , , six CD were VBD utilities NNS or CC golds NNS . . At IN first JJ glance NN , , gold NN and CC utilities NNS seem VBP strange JJ bedfellows NNS . . After IN all DT , , gold NN prices NNS usually RB soar VBP when WRB inflation NN is VBZ high JJ . . Utility NN stocks NNS , , on IN the DT other JJ hand NN , , thrive VBP on IN disinflation NN , , because IN the DT fat JJ dividends NNS utilities NNS pay VBP look VBP more RBR attractive JJ when WRB prices NNS are VBP falling VBG ( ( or CC rising VBG slowly RB ) ) . . But CC the DT two CD groups NNS have VBP something NN very RB important JJ in IN common JJ : : They PRP are VBP both DT havens NNS for IN scared JJ money NN , , stocks NNS for IN people NNS who WP hate VBP stocks NNS . . It PRP 's POS as IN if IN investors NNS , , the DT past JJ few JJ days NNS , , are VBP betting VBG that IN something NN is VBZ going VBG to TO go VB wrong JJ -- : even RB if IN they PRP do VBP n't RB know VB what WP . . If IN the DT stock NN market NN and CC the DT economy NN catch VBP their PRP$ breath NN and CC show VBP that IN they PRP 're VBP on IN firmer JJR footing NN , , these DT stocks NNS might MD well RB fall VB back RB . . Indeed RB , , that DT happened VBD to TO some DT extent NN yesterday NN , , as IN industrial JJ stocks NNS rebounded VBD , , partly RB on IN news NN of IN takeovers NNS in IN the DT paper NN industry NN . . Still RB , , a DT lot NN of IN investors NNS clearly RB have VBP revived VBN their PRP$ interest NN in IN gold NN and CC utility NN shares NNS . . `` `` The DT primary JJ overriding JJ thing NN is VBZ that IN people NNS are VBP frightened JJ , , '' '' says VBZ Martin NNP Sass NNP , , a DT New NNP York NNP money NN manager NN . . `` `` The DT aftershocks NNS of IN Oct. NNP 13 CD ( ( when WRB the DT Dow NNP Jones NNP Industrial NNP Average NNP dropped VBD 190 CD points NNS ) ) are VBP still RB reverberating VBG . . '' '' Certainly RB , , the DT Oct. NNP 13 CD sell-off NN did VBD n't RB settle VB any DT stomachs NNS . . Beyond IN that DT , , money NN managers NNS and CC analysts NNS see VBP other JJ problems NNS . . Inventories NNS are VBP creeping VBG up RB ; : car NN inventories NNS are VBP already RB high JJ , , and CC big JJ auto NN makers NNS are VBP idling VBG plants NNS . . Takeover NN fever NN has VBZ cooled VBN , , removing VBG a DT major JJ horse NN from IN the DT market NN 's POS cart NN . . Britain NNP 's POS unsettled JJ political JJ scene NN also RB worries VBZ some DT investors NNS . . `` `` The DT gyrations NNS in IN the DT British JJ government NN '' '' add VB political JJ uncertainty NN on IN top NN of IN high JJ inflation NN and CC a DT ragged JJ stock NN market NN , , says VBZ John NNP Hoffman NNP , , assistant JJ director NN of IN research NN at IN Smith NNP Barney NNP , , Harris NNP Upham NNP & CC Co NNP . . `` `` One CD of IN the DT three CD major JJ markets NNS in IN the DT world NN is VBZ getting VBG chewed VBD up RP pretty RB bad RB . . '' '' `` `` If IN the DT Fed NNP does VBZ not RB come VBN to TO the DT rescue NN and CC produce VB lower JJR short-term JJ interest NN rates NNS over IN the DT next JJ 30 CD days NNS , , the DT market NN 's VBZ going VBG to TO flounder VB , , '' '' says VBZ Larry NNP Wachtel NNP , , a DT market NN analyst NN with IN Prudential-Bache NNP Securities NNP . . With IN this DT sort NN of IN sentiment NN common JJ , , it PRP 's VBZ natural JJ for IN investors NNS to TO seek VB out RP `` `` defensive JJ '' '' investments NNS . . Utilities NNS are VBP a DT classic JJ example NN : : Even RB in IN recessions NNS , , people NNS continue VBP to TO use VB electric JJ power NN , , water NN and CC gas NN at IN a DT fairly RB steady JJ rate NN . . Such JJ defensive NN issues NNS as IN food NN , , tobacco NN , , and CC drug NN stocks NNS have VBP been VBN in IN favor NN for IN some DT time NN . . But CC many JJ of IN these DT stocks NNS have VBP now RB become VBN expensive JJ . . Mr. NNP Wachtel NNP points NNS to TO Coca-Cola NNP Co. NNP and CC PepsiCo NNP Inc. NNP as IN examples NNS : : They PRP 're VBP selling VBG for IN 18 CD to TO 22 CD times NNS estimated JJ 1990 CD per-share JJ earnings NNS . . Gold NN stocks NNS are VBP n't RB cheap JJ on IN this DT basis NN , , either RB , , with IN many JJ selling VBG for IN 20 CD times NNS earnings NNS or CC more JJR . . Even RB utility NN stocks NNS are VBP n't RB all RB that RB inexpensive JJ , , at IN an DT average NN of IN 14 CD times NNS earnings NNS . . But CC the DT two CD groups NNS represent VBP a DT further JJ step NN in IN defensiveness NN . . If IN gold JJ stocks NNS and CC utilities NNS continue VBP to TO lead VB , , it PRP may MD signal VB that IN the DT market NN is VBZ in IN for IN rough JJ times NNS . . That DT 's VBZ just RB what WP Joseph NNP Granville NNP expects VBZ . . `` `` We PRP are VBP going VBG to TO explode VB lower JJR , , '' '' says VBZ the DT flamboyant JJ market NN seer NN , , who WP had VBD a DT huge JJ following NN a DT few JJ years NNS back RB . . `` `` Anyone NN telling VBG you PRP to TO buy VB stocks NNS in IN this DT market NN is VBZ technically RB irresponsible JJ . . You PRP do VBP n't RB want VB to TO own VB anything NN long RB except IN gold NN stocks NNS . . '' '' One CD reason NN for IN his PRP$ gloom NN is VBZ a DT weekly JJ tally NN he PRP keeps VBZ of IN stocks NNS within IN a DT point NN of IN hitting VBG new JJ highs NNS or CC lows NNS . . Last JJ Friday NNP , , 96 CD stocks NNS on IN the DT Big NNP Board NNP hit VBD new JJ 12-month JJ lows NNS . . But CC by IN Mr. NNP Granville NNP 's POS count NN , , 493 CD issues NNS were VBD within IN one CD point NN of IN such JJ lows NNS . . Robert NNP Stovall NNP , , a DT veteran JJ New NNP York NNP money NN manager NN and CC president NN of IN Stovall\/Twenty-First NNP Securities NNP , , has VBZ money NN in IN both CC gold NN and CC utility NN issues NNS . . `` `` I PRP think VBP we PRP could MD very RB well RB have VB { ( an DT economic JJ } ) slowdown NN , , beginning VBG very RB soon RB if IN not RB already RB , , '' '' he PRP says VBZ . . Mr. NNP Stovall NNP does VBZ n't RB expect VB an DT actual JJ recession NN . . But CC he PRP does VBZ expect VB `` `` a DT muffler NN dragger NN '' '' of IN an DT economy NN , , with IN `` `` very RB slow JJ growth NN , , maybe RB one CD quarter NN of IN no DT growth NN at IN all DT . . '' '' In IN such PDT a DT climate NN , , utility NN stocks NNS look VBP good JJ to TO him PRP . . He PRP favors VBZ FPL NNP Group NNP Inc. NNP , , Florida NNP Progress NNP Corp. NNP , , TECO NNP Energy NNP Inc. NNP , , Wisconsin NNP Energy NNP Corp. NNP , , and CC Dominion NNP Resources NNP Inc NNP . . The DT appeal NN of IN gold NN issues NNS , , Mr. NNP Stovall NNP says VBZ , , is VBZ that IN `` `` they PRP 're VBP a DT counter JJ group NN . . You PRP go VBP into IN them PRP because IN they PRP move VBP counter RB to TO the DT general JJ market NN . . '' '' He PRP adds VBZ that IN gold NN stocks NNS had VBD been VBN down RB so RB long RB they PRP were VBD `` `` ready JJ for IN a DT bounce NN . . '' '' His PRP$ favorites NNS are VBP American NNP Barrick NNP Resources NNP Corp. NNP , , Echo NNP Bay NNP Mines NNP Ltd. NNP and CC Coeur NNP d'Alene NNP Mines NNP Corp NNP . . Nevertheless RB , , Mr. NNP Stovall NNP emphasizes VBZ that IN `` `` you PRP do VBP n't RB buy VB { ( gold NN stocks NNS } ) based VBN on IN powerful JJ fundamentals NNS . . '' '' In IN addition NN to TO having VBG high JJ price-earnings JJ ratios NNS , , most JJS pay VBP puny JJ dividends NNS , , if IN any DT . . `` `` The DT earning NN power NN { ( of IN gold NN mining NN companies NNS } ) is VBZ restricted JJ unless IN the DT gold NN price NN hops VBZ up IN over IN $ $ 425 CD an DT ounce NN , , '' '' he PRP says VBZ . . Abby NNP Cohen NNP , , an DT investment NN strategist NN for IN Drexel NNP Burnham NNP Lambert NNP , , also RB thinks VBZ it PRP makes VBZ sense NN to TO have VB some DT money NN in IN both CC utilities NNS and CC gold NN . . `` `` My PRP$ outlook NN is VBZ for IN a DT decline NN of IN about RB 10 CD % NN in IN corporate JJ profits NNS '' '' in IN 1990 CD , , she PRP says VBZ . . But CC `` `` a DT bunch NN of IN utilities NNS '' '' should MD post VB profit NN increases NNS . . Among IN utilities NNS , , Drexel NNP currently RB favors VBZ Entergy NNP Corp. NNP and CC General NNP Public NNP Utilities NNP Corp NNP . . As IN for IN gold NN , , she PRP notes VBZ that IN it PRP usually RB rises VBZ when WRB the DT dollar NN is VBZ weak JJ , , as IN it PRP has VBZ been VBN lately RB . . Among IN gold JJ stocks NNS , , Drexel NNP likes VBZ Battle NNP Mountain NNP Gold NNP Co. NNP , , Newmont NNP Gold NNP Co. NNP and CC Freeport-McMoRan NNP Gold NNP Co NNP . . It PRP never RB ceases VBZ to TO amaze VB me PRP how WRB the DT business NN world NN continues VBZ to TO trivialize VB the DT world NN 's POS environmental JJ problems NNS ( ( `` `` Is VBZ Science NN , , or CC Private JJ Gain NN , , Driving VBG Ozone NN Policy NN ? . '' '' by IN George NNP Melloan NNP , , Business NNP World NNP , , Oct. NNP 24 CD ) ) . . To TO suggest VB that IN a DT 10 CD % NN drop NN in IN ozone NN by IN the DT middle NN of IN the DT next JJ century NN would MD be VB negligible JJ is VBZ irresponsible JJ and CC shortsighted JJ . . Consider VB the DT fact NN that IN a DT mere JJ 2 CD % NN drop NN in IN ozone NN would MD increase VB birth NN defects NNS and CC mutations NNS by IN allowing VBG solar JJ radiation NN to TO alter VB the DT DNA NN structure NN . . Even RB a DT small JJ reduction NN is VBZ unacceptable JJ and CC to TO suggest VB otherwise RB is VBZ penny-wise JJ and CC pound-foolish JJ . . The DT reason NN environmentalists NNS `` `` do VBP n't RB mind VB seeing VBG new JJ crises NNS arise VB '' '' is VBZ because IN there EX are VBP new JJ crises NNS . . Crises NNS larger JJR and CC more RBR dangerous JJ to TO the DT quality NN of IN life NN than IN they PRP were VBD 10 CD years NNS ago RB . . If IN you PRP are VBP doubtful JJ , , consider VB for IN a DT moment NN that IN the DT Pomton NNP Lakes NNP Reservoirs NNP in IN northern JJ New NNP Jersey NNP , , which WDT supply VBP the DT tristate JJ area NN with IN drinking NN water NN , , are VBP riddled JJ with IN toxic JJ PCBs NNS . . This DT is VBZ a DT fact NN and CC not RB the DT product NN of IN some DT environmental JJ doomsayer NN or CC a DT group NN 's POS ploy NN to TO create VB a DT market NN . . It PRP 's POS time NN business NN leaders NNS and CC the DT general JJ public NN learn VBP that IN mankind NN does VBZ not RB rule VB over IN this DT natural JJ environment NN but CC is VBZ rather RB the DT integral JJ , , symbiotic JJ player NN within IN nature NN 's POS workings NNS . . Mark NNP T. NNP Kuiper NNP Jersey NNP City NNP , , N.J NNP . . Mr. NNP Melloan NNP 's POS column NN was VBD right RB on IN the DT money NN , , but CC I PRP wish VBP it PRP could MD have VB gone VBN one CD step NN further RBR . . As IN an DT employee NN of IN a DT major JJ refrigerator NN and CC freezer NN manufacturer NN , , I PRP have VBP been VBN heavily RB involved VBN in IN dealing VBG with IN the DT political JJ manifestations NNS of IN the DT Rowland-Molina NNP theory NN ( ( named VBN after IN the DT researchers NNS who WP found VBD in IN 1974 CD that IN chlorofluorocarbons NNS contributed VBD to TO the DT depletion NN of IN ozone NN in IN the DT earth NN 's POS atmosphere NN ) ) and CC the DT Montreal NNP Protocol NNP . . An DT important JJ part NN of IN my PRP$ effort NN has VBZ been VBN to TO understand VB the DT science NN so IN I PRP can MD explain VB it PRP to TO corporate JJ colleagues NNS facing VBG major JJ changes NNS in IN product NN design NN . . In IN my PRP$ research NN , , I PRP have VBP found VBN a DT paper NN by IN Joseph NNP Scotto NNP of IN the DT National NNP Cancer NNP Institute NNP and CC several JJ colleagues NNS reporting VBG an DT 11-year JJ decrease NN in IN UV-B NNP radiation NN at IN eight CD U.S. NNP measurement NN sites NNS . . Our PRP$ concern NN for IN the DT ozone NN layer NN , , of IN course NN , , grows VBZ out IN of IN the DT potential NN for IN increasing VBG UV-B NN radiation NN , , which WDT could MD damage VB flora NNS and CC fauna NNS . . The DT last JJ of IN the DT measurements NNS reported VBN was VBD in IN 1985 CD , , but CC recent JJ conversations NNS with IN Mr. NNP Scotto NNP indicated VBD that IN he PRP knew VBD of IN no DT recent JJ changes NNS in IN the DT trend NN . . I PRP understand VBP , , but CC have VBP n't RB yet RB verified VBN , , that IN there EX are VBP studies NNS by IN Norwegians NNPS , , Russians NNPS and CC the DT Max NNP Planck NNP Institute NNP that WDT show VBP either DT unchanging JJ or CC declining VBG UV-B NN at IN the DT surface NN . . To TO me PRP , , this DT calls VBZ into IN question NN the DT validity NN of IN the DT Rowland-Molina NNP theory NN and CC hence RB the DT whole JJ chlorofluorocarbons NNS replacement NN effort NN . . This DT , , in IN turn NN , , threatens VBZ the DT massive JJ vested JJ interests NNS of IN which WDT you PRP have VBP written VBN . . My PRP$ questions NNS on IN this DT subject NN at IN a DT recent JJ meeting NN at IN the DT World NNP Resources NNPS Institute NNP with IN representatives NNS of IN the DT National NNP Resource NNP Development NNP Commission NNP , , the DT Environmental NNP Protection NNP Agency NNP , , Friends NNPS of IN the DT Earth NNP , , etc. NN were VBD greeted VBN with IN derision NN and CC some DT mumbled VBN comments NNS about IN that DT report NN being VBG discredited VBN . . When WRB I PRP expressed VBD amazement NN that IN no DT one NN was VBD undertaking VBG a DT more RBR current JJ and CC credible JJ UV-B NN study NN , , I PRP was VBD urged VBN to TO get VB back RB to TO the DT agenda NN topic NN , , which WDT was VBD , , ironically RB , , a DT schedule NN for IN getting VBG rid JJ of IN HCFCs NNS , , the DT so-called JJ soft JJ CFCs NNS that WDT are VBP such PDT an DT important JJ part NN of IN the DT CFC NNP substitution NN scenario NN . . Subsequently NNP , , I PRP have VBP learned VBN that IN a DT private JJ group NN , , of IN which WDT Du NNP Pont NNP is VBZ a DT part NN , , is VBZ funding VBG a DT modest JJ program NN to TO continue VB data NNS gathering NN at IN the DT Scotto NNP report NN stations NNS as RB well RB as IN to TO develop VB more RBR sophisticated JJ UVB NN measuring NN instruments NNS . . But CC this DT is VBZ almost RB an DT underground JJ activity NN . . To TO my PRP$ knowledge NN , , no DT government NN entities NNS , , including VBG the DT EPA NNP , , are VBP pursuing VBG UV-B NN measurements NNS . . The DT topic NN never RB comes VBZ up RP in IN ozonedepletion NN `` `` establishment NN '' '' meetings NNS , , of IN which WDT I PRP have VBP attended VBN many JJ . . It PRP seems VBZ to TO me PRP that IN such JJ measurements NNS are VBP a DT vital JJ part NN of IN any DT intellectually RB honest JJ evaluation NN of IN the DT threat NN posed VBN by IN CFCs NNS . . While IN recognizing VBG that IN professional JJ environmentalists NNS may MD feel VB threatened JJ , , I PRP intend VBP to TO urge VB that IN UV-B JJ be VB monitored VBN whenever WRB I PRP can MD . . Frederick NNP H. NNP Hallett NNP Vice NNP President NNP Industry NNP and CC Government NNP Relations NNP White NNP Consolidated NNP Industries NNP Inc NNP . . Washington NNP The DT relationship NN between IN surface NN release NN of IN CFCs NNS and CC global JJ stratospheric JJ ozone NN loss NN was VBD identified VBN back RB in IN 1974 CD . . Although IN , , like IN all DT scientific JJ theories NNS , , it PRP had VBD its PRP$ initial JJ opponents NNS , , few JJ experts NNS question VBP the DT connection NN now RB . . The DT discovery NN of IN the DT ozone NN `` `` hole NN '' '' over IN Antarctica NNP and CC the DT results NNS of IN ground-based JJ and CC high-altitude JJ aircraft NN experiments NNS conducted VBN over IN the DT past JJ several JJ years NNS serve VBP as IN evidence NN that IN ozone NN depletion NN is VBZ related VBN to TO CFC NNP concentrations NNS . . In IN the DT September NNP issue NN of IN Scientific NNP American NNP , , Thomas NNP E. NNP Graedel NNP , , distinguished JJ member NN of IN the DT technical JJ staff NN at IN AT&T NNP Bell NNP Laboratories NNPS , , and CC Paul NNP J. NNP Crutzen NNP , , director NN of IN the DT air NN chemistry NN division NN of IN the DT Max NNP Planck NNP Institute NNP for IN Chemistry NNP in IN Mainz NNP , , West NNP Germany NNP , , wrote VBD , , `` `` It PRP is VBZ now RB quite RB evident JJ that IN chlorofluorocarbons NNS , , particularly RB CFC-11 NN and CC CFC-12 NN are VBP the DT major JJ culprits NNS responsible JJ for IN ozone NN depletion NN . . '' '' Mr. NNP Melloan NNP quotes VBZ Peter NNP Teagan NNP and CC invokes VBZ the DT name NN of IN Arthur NNP D. NNP Little NNP Inc. NNP to TO support VB his PRP$ statement NN . . However RB , , unlike IN Messrs. NNPS Graedel NNP and CC Crutzen NNP , , who WP are VBP both DT pioneers NNS in IN the DT study NN of IN atmospheric JJ chemistry NN , , Mr. NNP Teagan NNP has VBZ no DT special JJ expertise NN in IN the DT area NN . . He PRP is VBZ a DT mechanical JJ engineer NN , , not RB an DT atmospheric JJ chemist NN . . It PRP is VBZ insulting JJ and CC demeaning JJ to TO say VB that IN scientists NNS `` `` needed VBD new JJ crises NNS to TO generate VB new JJ grants NNS and CC contracts NNS '' '' and CC that IN environmental JJ groups NNS need VBP them PRP to TO stay VB in IN business NN . . Solving VBG the DT global JJ environmental JJ problems NNS we PRP all DT face VBP will MD require VB an DT unprecedented JJ level NN of IN cooperation NN and CC communication NN among IN industry NN , , policy NN makers NNS and CC the DT scientific JJ community NN world-wide RB . . Karen NNP Fine NNP Coburn NNP Publisher NN Global NNP Environmental NNP Change NNP Report NNP Arlington NNP , , Mass NNP . . Nearly RB two CD months NNS after IN saying VBG it PRP had VBD been VBN the DT victim NN of IN widespread JJ fraud NN , , MiniScribe NNP Corp. NNP disclosed VBD it PRP had VBD a DT negative JJ net JJ worth NN of IN $ $ 88 CD million CD as IN of IN July NNP 2 CD and CC hinted VBD that IN it PRP might MD be VB forced VBN to TO file VB for IN protection NN under IN bankruptcy NN laws NNS . . Richard NNP Rifenburgh NNP , , chairman NN and CC chief JJ executive NN of IN the DT Longmont NNP , , Colo. NNP , , disk-drive NN maker NN , , also RB said VBD the DT company NN continued VBD losing VBG money NN in IN the DT third JJ quarter NN and CC expects VBZ to TO sustain VB further JJ losses NNS through IN the DT end NN of IN the DT year NN . . Mr. NNP Rifenburgh NNP told VBD industry NN analysts NNS he PRP is VBZ moving VBG `` `` aggressively RB '' '' to TO negotiate VB out-of-court JJ settlements NNS on IN a DT number NN of IN shareholder NN lawsuits NNS , , but CC noted VBD that IN the DT company NN could MD file VB for IN bankruptcy-law NN protection NN if IN settlement NN talks NNS fail VBP . . Mr. NNP Rifenburgh NNP also RB noted VBD that IN 150 CD million CD shares NNS of IN MiniScribe NNP common JJ stock NN were VBD traded VBN during IN the DT past JJ three CD years NNS , , `` `` so IN there EX 's VBZ a DT tremendous JJ amount NN of IN exposure NN . . '' '' MiniScribe NNP has VBZ said VBD that IN its PRP$ financial JJ results NNS for IN the DT past JJ three CD fiscal NN years NNS would MD have VB to TO be VB restated VBN because RB of IN the DT allegedly RB fraudulent JJ accounting NN and CC marketing NN practices NNS that IN inflated VBD revenues NNS and CC net JJ income NN . . MiniScribe NNP also RB has VBZ n't RB filed VBN any DT financial JJ statements NNS for IN 1989 CD . . Mr. NNP Rifenburgh NNP said VBD such JJ statements NNS should MD be VB ready JJ by IN the DT end NN of IN November NNP . . He PRP said VBD he PRP expects VBZ the DT company NN to TO have VB $ $ 500 CD million CD in IN sales NNS for IN this DT year NN . . He PRP did VBD n't RB say VB what WP the DT company NN expected VBD to TO report VB for IN year-earlier JJ sales NNS , , which WDT will MD be VB restated VBN from IN the DT previously RB reported VBN $ $ 603 CD million CD . . The DT release NN of IN MiniScribe NNP 's POS new JJ balance NN sheet NN came VBD one CD day NN after IN it PRP introduced VBD its PRP$ new JJ line NN of IN one-inch JJ disk NN drives NNS , , on IN which WDT it PRP is VBZ pinning VBG much JJ of IN its PRP$ hope NN for IN survival NN . . Although IN it PRP is VBZ not RB the DT first JJ company NN to TO produce VB the DT thinner JJR drives NNS , , which WDT store VBP information NN in IN personal JJ computers NNS , , MiniScribe NNP says VBZ it PRP is VBZ the DT first JJ with IN an DT 80-megabyte JJ drive NN ; : the DT company NN plans VBZ to TO introduce VB a DT 120-megabyte JJ drive NN next JJ year NN . . Analysts NNS and CC consultants NNS had VBD mixed JJ reactions NNS to TO yesterday NN 's POS announcements NNS , , praising VBG Mr. NNP Rifenburgh NNP 's POS efforts NNS but CC questioning VBG whether IN the DT company NN can MD survive VB in IN a DT highly RB competitive JJ marketplace NN . . `` `` It PRP 's VBZ a DT wait-and-see JJ attitude NN , , '' '' said VBD Dave NNP Vellante NNP , , vice NN president NN of IN storage NN research NN for IN International NNP Data NNP Corp NNP . . Others NNS pointed VBD out RP that IN at IN least JJS four CD other JJ disk-drive NN makers NNS will MD have VB competitive JJ one-inch JJ drives NNS early RB next JJ year NN and CC that IN the DT industry NN already RB operates VBZ on IN very RB thin JJ margins NNS . . The DT company NN also RB faces VBZ delisting NN by IN the DT National NNP Association NNP of IN Securities NNPS Dealers NNPS . . The DT company NN continues VBZ to TO trade VB in IN the DT over-the-counter JJ market NN with IN an DT exception NN to TO listing NN requirements NNS . . MiniScribe NNP filed VBD a DT status NN report NN with IN the DT NASD NNP on IN Monday NNP , , detailing VBG its PRP$ efforts NNS to TO comply VB with IN listing NN requirements NNS and CC requesting VBG an DT extension NN of IN the DT exception NN , , but CC has VBZ n't RB received VBD a DT response NN . . MiniScribe NNP common JJ closed VBD yesterday NN at IN $ $ 1.9375 CD , , down RB 6.25 CD cents NNS , , and CC has VBZ been VBN trading VBG for IN several JJ months NNS at IN less JJR than IN $ $ 3 CD a DT share NN . . Meanwhile RB , , U.S. NNP Attorney NNP Jerry NNP Rafferty NNP in IN Denver NNP is VBZ reviewing VBG the DT report NN prepared VBN by IN MiniScribe NNP 's POS outside JJ directors NNS , , to TO determine VB if IN criminal JJ charges NNS should MD be VB brought VBN before IN a DT grand JJ jury NN . . The DT MiniScribe NNP report NN outlines VBZ a DT host NN of IN allegedly RB fraudulent JJ practices NNS , , including VBG the DT shipment NN of IN bricks NNS and CC defective JJ disk NN drives NNS that WDT were VBD booked VBN as IN sales NNS , , and CC inventory NN forgeries NNS in IN accounting NN records NNS . . The DT internal JJ investigation NN also RB criticized VBD MiniScribe NNP 's POS auditors NNS , , Coopers NNP & CC Lybrand NNP , , for IN allegedly RB ignoring VBG numerous JJ red JJ flags NNS . . Mr. NNP Rifenburgh NNP said VBD the DT board NN still RB has VBZ n't RB acted VBN on IN most JJS of IN the DT internal JJ report NN 's POS recommendations NNS , , pending VBG restatement NN of IN the DT balance NN sheet NN . . He PRP added VBD that IN he PRP expects VBZ to TO make VB a DT recommendation NN within IN a DT few JJ weeks NNS on IN whether IN MiniScribe NNP should MD file VB its PRP$ own JJ lawsuits NNS against IN former JJ company NN officers NNS and CC directors NNS . . American NNP Enterprise NNP Institute NNP scholar NN Norman NNP Ornstein NNP in IN the DT Oct. NNP 21 CD TV NNP Guide NNP on IN `` `` What WP TV NN News NN Does VBZ n't RB Report VB About IN Congress NNP -- : and CC Should MD '' '' : : By IN concentrating VBG all PDT their PRP$ resources NNS on IN the DT pay NN raise NN , , Wright NNP and CC Tower NNP , , the DT networks NNS actually RB overlooked VBD some DT major JJ stories NNS that WDT showed VBD the DT flaws NNS and CC shortcomings NNS of IN the DT institution NN ... : . . An DT imaginative JJ producer NN could MD easily RB have VB created VBN a DT fast-moving JJ and CC interesting JJ piece NN about IN how WRB Congress NNP really RB works VBZ -- : and CC why WRB voters NNS in IN , , say UH , , West NNP Virginia NNP got VBD a DT federally RB funded JJ university NN project NN and CC building NN while IN voters NNS in IN Arkansas NNS did VBD not RB . . But CC nobody NN did VBD such PDT a DT piece NN , , reflecting VBG a DT contemporary JJ axiom NN : : the DT more RBR a DT scandal NN has VBZ to TO do VB with IN a DT congressman NN 's POS duties NNS as IN a DT congressman NN , , the DT less RBR likely JJ it PRP is VBZ to TO catch VB the DT fancy NN of IN a DT network NN . . Ethicist NN Michael NNP Josephson NNP , , in IN one CD of IN his PRP$ institute NN 's POS recent JJ publications NNS on IN `` `` Journalism NN : : In IN the DT Year NN 2000 CD '' '' : : The DT operative JJ definition NN of IN newsworthiness NN will MD favor VB virtually RB unrestrained JJ use NN of IN personal JJ , , sensitive JJ and CC intimate JJ facts NNS . . Traditional JJ standards NNS of IN relevancy NN and CC importance NN ( ( `` `` is NNS this DT something NN the DT public NN ought MD to TO know VB '' '' ) ) will MD be VB replaced VBN by IN a DT much RB broader JJR test NN ( ( `` `` is NNS this DT something NN the DT public NN is VBZ interested JJ in IN knowing VBG '' '' ) ) . . And CC , , since IN the DT public NN has VBZ always RB been VBN fascinated VBN by IN gossip NN and CC voyeurism NN , , reporters NNS and CC editors NNS will MD strain VB for IN creative JJ angles NNS to TO justify VB the DT inclusion NN of IN collateral JJ facts NNS about IN private JJ lives NNS including VBG sexual JJ activities NNS and CC domestic JJ relationships NNS , , activities NNS of IN family NN members NNS , , and CC all DT matters NNS about IN mental JJ and CC physical JJ health NN . . Similarly RB , , visual JJ images NNS will MD be VB more RBR vivid JJ , , sensational JJ and CC , , sometimes RB , , gruesome JJ . . One CD consequence NN of IN the DT trend NN toward IN tabloid JJ standards NNS of IN taste NN will MD be VB fierce JJ attacks NNS from IN politicians NNS who WP will MD find VB sufficient JJ evidence NN of IN abuse NN to TO arouse VB an DT already RB cynical JJ public NN to TO control VB the DT press NN . . Bankers NNPS Trust NNP New NNP York NNP Corp. NNP won VBD permission NN from IN the DT Federal NNP Reserve NNP Board NNP to TO move VB the DT company NN 's POS private JJ placement NN department NN to TO its PRP$ fledgling JJ securities NNS subsidiary NN . . The DT seemingly RB mundane JJ action NN , , which WDT was VBD opposed VBN by IN the DT Securities NNPS Industry NNP Association NNP , , a DT trade NN group NN , , has VBZ important JJ implications NNS for IN banks NNS ' POS recent JJ entry NN into IN the DT underwriting NN of IN corporate JJ securities NNS . . The DT Fed NNP 's POS action NN increases VBZ the DT volume NN of IN publicly RB registered VBN securities NNS that IN banks NNS ' POS securities NNS affiliates NNS will MD be VB able JJ to TO underwrite VB . . Several JJ other JJ banks NNS have VBP similar JJ applications NNS pending JJ . . Over IN the DT past JJ two CD years NNS , , the DT Fed NNP has VBZ given VBN a DT handful NN of IN banks NNS ' POS securities NNS affiliates NNS permission NN to TO underwrite VB and CC deal VB in IN a DT variety NN of IN corporate JJ , , asset-backed JJ and CC municipal JJ securities NNS that WDT had VBD previously RB been VBN the DT sole JJ domain NN of IN securities NNS firms NNS . . Securities NNS firms NNS have VBP challenged VBN those DT Fed NNP approvals NNS , , saying VBG they PRP violate VBP federal JJ laws NNS separating VBG the DT banking NN and CC securities NNS businesses NNS . . However RB , , the DT Fed NNP limited VBD the DT revenue NN that WDT banks NNS could MD earn VB from IN these DT new JJ underwriting NN activities NNS to TO no DT more JJR than IN 10 CD % NN of IN the DT revenue NN earned VBN from IN other JJ securities NNS activities NNS long RB open RB to TO banks NNS , , such JJ as IN dealing VBG in IN U.S. NNP Treasurys NNPS . . For IN some DT banks NNS that DT 10 CD % NN ceiling NN created VBD problems NNS . . But CC , , by IN allowing VBG BT NNP Securities NNP Inc. NNP to TO handle VB private JJ placements NNS , , the DT Fed NNP boosted VBD the DT volume NN of IN new JJ types NNS of IN underwriting NN that IN the DT unit NN can MD do VB . . Private JJ placements NNS involve VBP debt NN and CC equity NN securities NNS , , typically RB in IN denominations NNS of IN $ $ 1 CD million CD , , that WDT are VBP sold VBN to TO institutional JJ investors NNS and CC are VBP n't RB registered JJ with IN the DT Securities NNP and CC Exchange NNP Commission NNP . . Last JJ year NN , , Bankers NNP Trust NNP said VBD it PRP placed VBD $ $ 10 CD billion CD of IN corporate JJ debt NN and CC equities NNS privately RB . . Companies NNS listed VBN below RB reported VBD quarterly JJ profit NN substantially RB different JJ from IN the DT average NN of IN analysts NNS ' POS estimates NNS . . The DT companies NNS are VBP followed VBN by IN at IN least JJS three CD analysts NNS , , and CC had VBD a DT minimum JJ five-cent JJ change NN in IN actual JJ earnings NNS per IN share NN . . Estimated JJ and CC actual JJ results NNS involving VBG losses NNS are VBP omitted VBN . . The DT percent NN difference NN compares VBZ actual JJ profit NN with IN the DT 30-day JJ estimate NN where WRB at IN least JJS three CD analysts NNS have VBP issues NNS forecasts NNS in IN the DT past JJ 30 CD days NNS . . Otherwise RB , , actual JJ profit NN is VBZ compared VBN with IN the DT 300-day JJ estimate NN . . Bonnie NNP J. NNP Stedt NNP was VBD named VBN an DT executive JJ vice NN president NN of IN the DT American NNP Express NNP Travel NNP Related NNP Services NNPS Co. NNP unit NN of IN this DT travel NN and CC financial JJ services NNS firm NN . . She PRP retains VBZ her PRP$ duties NNS of IN human-resources NNS director NN . . Joe NNP F. NNP Lynch NNP , , the DT 56-year-old JJ chairman NN and CC chief JJ executive JJ officer NN of IN First NNP Continental NNP Real NNP Estate NNP Investment NNP Trust NNP , , was VBD named VBN to TO the DT new JJ post NN of IN vice NN chairman NN of IN this DT bank NN holding VBG company NN . . Every DT workday NN at IN 11 CD a.m. RB , , 40-year-old JJ Mike NNP Sinyard NNP dons VBZ cycling NN clothes NNS , , hops VBZ on IN a DT bike NN he PRP keeps VBZ at IN his PRP$ Morgan NNP Hill NNP , , Calif. NNP , , office NN and CC sets VBZ out RP to TO cover VB a DT distance NN most JJS people NNS would MD travel VB only RB by IN car NN . . As RB many JJ as IN 50 CD of IN his PRP$ employees NNS at IN Specialized NNP Bicycle NNP Components NNP Inc. NNP ride VBP with IN him PRP . . When WRB they PRP return VBP to TO their PRP$ desks NNS at IN 1 CD p.m. NN , , they PRP have VBP pedaled VBN 20 CD miles NNS . . Such JJ fervor NN for IN cycling NN helped VBD Mr. NNP Sinyard NNP build VB a DT creative JJ company NN at IN the DT forefront NN of IN its PRP$ industry NN . . Founded VBN by IN bike NN enthusiasts NNS rather RB than IN businessmen NNS , , Specialized NNP spotted VBD the DT appeal NN of IN fat-tired JJ bikes NNS that WDT go VBP almost RB anywhere RB and CC began VBD mass-producing VBG them PRP in IN 1981 CD . . In IN the DT past JJ five CD years NNS , , the DT company NN 's POS sales NNS have VBP grown VBN to TO $ $ 80 CD million CD from IN $ $ 26 CD million CD . . Today NN , , so-called JJ mountain NN bikes NNS account VBP for IN two-thirds NNS of IN the DT $ $ 2 CD billion CD spent VBN annually RB on IN all DT bicycles NNS in IN the DT U.S. NNP . . With IN 65 CD % NN of IN its PRP$ sales NNS coming VBG from IN mountain NN bikes NNS , , Specialized NNP is VBZ widely RB considered VBN to TO be VB a DT market NN leader NN . . ( ( Accessories NNS , , largely RB for IN mountain-bike NN users NNS , , account VBP for IN much JJ of IN the DT rest NN of IN sales NNS . . ) ) But CC today NN , , the DT company NN needs VBZ its PRP$ entrepreneurial JJ spirit NN more RBR than IN ever RB . . One CD large JJ competitor NN after IN another DT is VBZ leaping VBG into IN the DT booming JJ market NN Specialized NNP helped VBD create VB , , turning VBG out RP mountain NN bikes NNS with IN such JJ well-known JJ names NNS as IN Schwinn NNP , , Peugeot NNP , , Raleigh NNP and CC Nishiki NNP . . Thus RB , , Mr. NNP Sinyard NNP 's POS company NN must MD innovate VB more RBR than IN ever RB to TO stay VB ahead RB of IN them PRP , , by IN developing VBG new JJ products NNS specifically RB for IN mountain NN biking NN . . At IN the DT same JJ time NN , , though RB , , it PRP must MD become VB more RBR structured JJ to TO better RBR manage VB its PRP$ growth NN . . Accomplishing VBG both DT will MD be VB a DT balancing NN act NN as RB challenging JJ as IN riding VBG a DT unicycle NN . . It PRP is VBZ a DT problem NN common JJ to TO small JJ companies NNS that WDT have VBP grown VBN fast RB -- : especially RB when WRB their PRP$ success NN attracts VBZ big-time JJ competitors NNS . . `` `` The DT big JJ word NN around IN Specialized NNP is VBZ passion NN , , '' '' says VBZ Erik NNP Eidsmo NNP , , a DT former JJ ski-industry NN executive NN whom WP Mr. NNP Sinyard NNP recruited VBD from IN Citicorp NNP to TO run VB marketing NN and CC sales NNS . . `` `` What WP I PRP hope VBP to TO bring VB to TO this DT is VBZ another DT word NN : : process NN . . That IN 's POS my PRP$ challenge NN . . It PRP 's VBZ Mike NNP 's POS challenge NN as RB well RB . . '' '' Mr. NNP Eidsmo NNP is VBZ one CD of IN several JJ key JJ people NNS from IN outside IN the DT cycling NN industry NN who WP were VBD hired VBN to TO bring VB the DT free-wheeling JJ , , fast-growing JJ company NN under IN tighter JJR control NN . . `` `` We PRP had VBD a DT lot NN of IN problems NNS , , '' '' Mr. NNP Sinyard NNP says VBZ . . While IN the DT company NN 's POS sales NNS were VBD soaring VBG , , `` `` We PRP still RB had VBD a DT system NN that WDT was VBD probably RB appropriate JJ for IN $ $ 10 CD million CD to TO $ $ 20 CD million CD in IN sales NNS . . '' '' Adds VBZ Mr. NNP Eidsmo NNP , , `` `` What WP felt VBD good JJ that IN day NN was VBD done VBN that DT day NN . . '' '' Since IN his PRP$ arrival NN in IN May NNP , , Mr. NNP Eidsmo NNP has VBZ put VBN in IN place NN techniques NNS learned VBN while IN working VBG for IN Citicorp NNP , , such JJ as IN management-by-objective NN , , detailed JJ project NN plans NNS and CC forecasts NNS of IN company NN sales NNS and CC product NN trends NNS . . `` `` We PRP 're VBP finally RB getting VBG -- : and CC it PRP 's VBZ been VBN very RB painful JJ -- : some DT understanding NN of IN what WP the DT company NN 's POS long-term JJ horizon NN should MD begin VB to TO look VB like IN , , '' '' Mr. NNP Eidsmo NNP says VBZ . . `` `` But CC it PRP 's VBZ risky JJ , , '' '' he PRP says VBZ of IN Specialized NNP 's POS attempt NN to TO adopt VB a DT corporate JJ structure NN . . `` `` You PRP do VBP n't RB want VB to TO lose VB the DT magic NN '' '' of IN the DT company NN 's POS creative JJ drive NN . . Hoping VBG to TO stay VB ahead RB of IN the DT pack NN , , the DT company NN is VBZ emphasizing VBG innovation NN . . At IN a DT recent JJ trade NN show NN , , convention-goers NNS lined VBD up RP to TO view VB a DT new JJ Specialized NNP bike NN frame NN that WDT weighs VBZ just RB 2.7 CD pounds NNS -- : a DT pound NN less JJR than IN the DT lightest JJS mountain-bike NN frame NN on IN the DT market NN . . By IN replacing VBG the DT frame NN 's POS steel NN lugs NNS with IN titanium NN ones NNS , , Mr. NNP Sinyard NNP 's POS company NN plans VBZ to TO make VB its PRP$ next JJ generation NN of IN frames NNS even RB lighter JJR . . At IN the DT trade NN show NN , , Specialized NNP also RB unveiled VBD a DT revolutionary JJ three-spoked JJ bike NN wheel NN developed VBD jointly RB by IN Specialized NNP and CC Du NNP Pont NNP Co NNP . . Made VBN of IN space-age JJ materials NNS , , the DT wheel NN spokes NNS are VBP designed VBN like IN airplane NN wings NNS to TO shave VB 10 CD minutes NNS off IN the DT time NN of IN a DT rider NN in IN a DT 100-mile JJ race NN , , the DT company NN claims VBZ . . It PRP currently RB costs VBZ $ $ 750 CD , , though IN Mr. NNP Sinyard NNP thinks VBZ the DT price NN can MD be VB reduced VBN within IN three CD years NNS to TO between IN $ $ 200 CD and CC $ $ 250 CD . . He PRP was VBD able JJ to TO slash VB the DT price NN of IN the DT company NN 's POS least RBS expensive JJ mountain NN bike NN to TO $ $ 279 CD from IN $ $ 750 CD in IN But CC demands NNS on IN the DT company NN 's POS creativity NN are VBP certain JJ to TO grow VB . . Competition NN is VBZ intensifying VBG as RB larger JJR companies NNS invade VBP a DT mountain-bike NN market NN Mr. NNP Sinyard NNP 's POS company NN once RB had VBD virtually RB all RB to TO itself PRP . . U.S. NNP Cycling NNP Federation NNP official NN Philip NNP Milburn NNP says VBZ mountain NN biking NN is VBZ `` `` growing VBG at IN such PDT a DT monstrous JJ rate NN that IN a DT lot NN of IN companies NNS are VBP getting VBG into IN this DT . . '' '' One NN especially RB coveted JJ Specialized NNP market NN the DT new JJ players NNS are VBP targeting VBG is VBZ mountain-bike NN accessories NNS , , which WDT Mr. NNP Eidsmo NNP calls VBZ `` `` the DT future NN of IN our PRP$ business NN . . '' '' Accessories NNS not RB only RB sell VBP faster RBR than IN whole JJ bikes NNS , , they PRP also RB offer VBP profit NN margins NNS nearly RB double RB the DT 25 CD % NN to TO 30 CD % NN or CC so RB on IN sales NNS of IN complete JJ cycles NNS . . To TO get VB a DT piece NN of IN the DT business NN , , Nike NNP Inc. NNP , , Beaverton NNP , , Ore. NNP , , introduced VBD a DT line NN of IN mountain-bike NN shoes NNS . . About RB a DT month NN ago RB , , Michelin NNP Tire NNP Corp. NNP , , Greenville NNP , , S.C. NNP , , began VBD selling VBG mountain-bike NN tires NNS , , for IN years NNS a DT Specialized NNP stronghold NN . . Competition NN in IN the DT sale NN of IN complete JJ bikes NNS is VBZ heating VBG up RP too RB . . Trek NNP Bicycle NNP Corp. NNP , , which WDT accounts VBZ for IN one-quarter NN of IN the DT $ $ 400 CD million CD in IN annual JJ sales NNS at IN its PRP$ Milwaukee-based JJ parent NN , , Intrepid NNP Corp. NNP , , entered VBD the DT mountain-bike NN business NN in IN 1983 CD . . Trek NNP previously RB made VBD only JJ traditional JJ road NN bikes NNS , , but CC `` `` it PRP did VBD n't RB take VB a DT rocket NN scientist NN to TO change VB a DT road NN bike NN into IN a DT mountain NN bike NN , , '' '' says VBZ Trek NNP 's POS president NN , , Dick NNP Burke NNP . . The DT segment NN now RB makes VBZ up RP roughly RB two-thirds NNS of IN his PRP$ company NN 's POS total JJ sales NNS . . At IN Giant NNP Bicycle NNP Inc. NNP , , Rancho NNP Dominguez NNP , , Calif. NNP , , sales NNS have VBP tripled VBN since IN the DT company NN entered VBD the DT U.S. NNP mountain-bike NN business NN in IN 1987 CD . . A DT subsidiary NN of IN a DT Taiwanese JJ holding VBG company NN with IN world-wide JJ sales NNS of IN $ $ 150 CD million CD , , Giant NNP is VBZ one CD example NN of IN the DT sudden JJ globalization NN of IN Mr. NNP Sinyard NNP 's POS once-cozy JJ market NN niche NN . . Schwinn NNP Bicycle NNP Co. NNP , , Chicago NNP , , established VBD joint JJ ventures NNS with IN bike NN companies NNS in IN mainland JJ China NNP and CC Hungary NNP to TO sell VB bikes NNS . . In IN the DT past JJ year NN , , Derby NNP International NNP Corp. NNP , , Luxembourg NNP , , has VBZ acquired VBN such JJ major JJ brands NNS as IN Peugeot NNP , , Raleigh NNP and CC Nishiki NNP . . In IN response NN to TO the DT internationalization NN of IN the DT business NN , , Mr. NNP Sinyard NNP 's POS company NN is VBZ replacing VBG independent JJ distributors NNS overseas RB with IN wholly RB owned VBN subsidiaries NNS . . The DT move NN will MD cut VB out RP the DT cost NN of IN a DT middleman NN and CC give VB Specialized NNP more JJR control NN over IN marketing NN and CC sales NNS . . But CC as IN Bill NNP Austin NNP , , Giant NNP 's POS president NN , , puts VBZ it PRP , , `` `` With IN some DT of IN the DT bigger JJR players NNS consolidating VBG their PRP$ strength NN , , the DT game NN has VBZ changed VBN . . Carl NNP E. NNP Pfeiffer NNP , , chief JJ executive JJ officer NN , , was VBD named VBN to TO the DT additional JJ post NN of IN chairman NN of IN this DT specialty-metals NNS manufacturing NN concern NN . . Robert NNP C. NNP Snyder NNP , , a DT director NN and CC chief NN operating NN officer NN of IN the DT company NN , , succeeds VBZ Mr. NNP Pfeiffer NNP as IN president NN . . Roger NNP M. NNP Marino NNP , , president NN , , was VBD named VBN to TO the DT new JJ post NN of IN vice NN chairman NN . . Michael NNP Ruettgers NNP , , who WP had VBD been VBN executive JJ vice NN president NN , , operations NNS , , was VBD named VBN president NN and CC chief NN operating NN officer NN . . EMC NNP manufactures VBZ data-storage JJ systems NNS for IN mainframes NNS and CC minicomputers NNS . . Richard NNP J. NNP Riordan NNP was VBD elected VBN a DT director NN of IN this DT single-family JJ home NN builder NN , , increasing VBG the DT board NN to TO nine CD . . He PRP is VBZ a DT senior JJ partner NN with IN the DT law NN firm NN of IN Riordan NNP & CC McKinzie NNP and CC is VBZ a DT partner NN in IN Riordan NNP Venture NNP Management NNP . . John NNP Franco NNP , , 47 CD years NNS old JJ , , formerly RB vice NN chairman NN of IN Capital NNP Holding NNP Corp. NNP and CC president NN of IN its PRP$ Accumulation NNP Investment NNP Group NNP , , was VBD named VBN chief JJ executive JJ officer NN of IN this DT insurance NN holding VBG company NN , , effective JJ Dec. NNP 1 CD , , succeeding VBG Robert NNP T. NNP Shaw NNP , , who WP remains VBZ chairman NN . . I.C.H. NNP also RB named VBD Steven NNP B. NNP Bing NNP , , 42 CD , , senior JJ vice NN president NN since IN 1986 CD , , as IN president NN , , succeeding VBG John NNP W. NNP Gardiner NNP , , who WP will MD join VB the DT HMS NNP Acquisition NNP Corp. NNP division NN of IN Hicks NNP , , Muse NNP & CC Co. NNP , , which WDT has VBZ agreed VBN to TO buy VB most JJS of IN I.C.H. NNP 's POS Denver-based JJ subsidiaries NNS . . MCI NNP Communications NNP Corp. NNP said VBD it PRP won VBD a DT $ $ 27 CD million CD contract NN from IN Stuart-James NNP Co. NNP , , a DT Denver NNP investment NN banking NN concern NN , , to TO provide VB voice NN and CC data NN telecommunications NNS services NNS . . The DT agreement NN calls VBZ for IN MCI NNP to TO provide VB data NN service NN , , 800 CD and CC Vnet NNP service NN , , a DT virtual JJ private JJ network NN service NN . . The DT companies NNS would MD n't RB disclose VB the DT length NN of IN the DT contract NN except IN to TO say VB it PRP was VBD a DT multiyear JJ agreement NN . . The DT head NN of IN British NNP Satellite NNP Broadcasting NNP Ltd. NNP said VBD he PRP hopes VBZ to TO raise VB about RB # # 450 CD million CD ( ( $ $ 711 CD million CD ) ) before IN the DT satellite-TV JJ venture NN makes VBZ its PRP$ delayed JJ debut NN next JJ spring NN -- : with IN a DT major JJ chunk NN coming VBG from IN new JJ investors NNS . . `` `` We PRP 'll MD raise VB it PRP through IN bank NN loans NNS . . We PRP 'll MD raise VB it PRP through IN { ( new JJ } ) equity NN . . And CC we PRP 'll MD raise VB it PRP through IN existing VBG shareholders NNS '' '' as RB well RB as IN through IN junk NN bonds NNS , , said VBD Anthony NNP Simonds-Gooding NNP , , the DT private JJ consortium NN 's POS chief JJ executive NN . . He PRP said VBD he PRP believes VBZ the DT bank NN loan NN , , to TO be VB arranged VBN by IN February NNP , , will MD supply VB about RB half NN of IN the DT financing NN . . British NNP Satellite NNP , , which WDT already RB has VBZ raised VBN # # 423.5 CD million CD from IN 10 CD backers NNS , , initially RB expected VBD to TO seek VB an DT additional JJ # # 400 CD million CD . . Mr. NNP Simonds-Gooding NNP said VBD the DT additional JJ financing NN may MD leave VB British NNP Satellite NNP owned VBN by IN about RB 20 CD investors NNS , , including VBG Australian JJ entrepreneur NN Alan NNP Bond NNP , , whose WP$ nearly RB 36 CD % NN stake NN would MD be VB reduced VBN to TO as RB little JJ as IN 20 CD % NN . . Bond NNP Corp. NNP , , British NNP Satellite NNP 's POS biggest JJS investor NN , , would MD like VB to TO withdraw VB from IN the DT satellite-TV JJ consortium NN , , and CC analysts NNS have VBP speculated VBN Hollywood NNP studios NNS might MD buy VB the DT Bond NNP stake NN . . But CC Mr. NNP Simonds-Gooding NNP said VBD he PRP is VBZ n't RB talking VBG to TO any DT studios NNS about IN investing VBG . . Besides IN Bond NNP Corp. NNP , , British NNP Satellite NNP 's POS other JJ backers NNS include VBP Pearson NNP PLC NNP , , Reed NNP International NNP PLC NNP and CC Granada NNP Group NNP PLC NNP . . The DT consortium NN faced VBD a DT setback NN in IN May NNP when WRB technical JJ problems NNS forced VBD it PRP to TO postpone VB the DT September NNP launch NN until IN next JJ spring NN . . Continued JJ uncertainty NN about IN the DT timing NN of IN the DT consortium NN 's POS debut NN could MD make VB it PRP hard JJ to TO find VB a DT # # 450 CD million CD cash NN injection NN . . Mr. NNP Simonds-Gooding NNP conceded VBD that IN British NNP Satellite NNP 's POS potential JJ U.K. NNP lenders NNS `` `` are VBP saying VBG , , ` `` When WRB you PRP 're VBP on IN the DT air NN , , you PRP 'll MD { ( actually RB } ) get VB the DT money NN . . ' '' '' '' The DT bankers NNS also RB insist VBP that IN the DT loans NNS depend VBP on IN the DT consortium NN raising VBG more JJR money NN from IN new JJ and CC existing VBG backers NNS . . British NNP Satellite NNP today NN is VBZ unveiling VBG a DT # # 30 CD million CD advertising NN and CC promotional JJ drive NN for IN the DT consortium NN 's VBZ planned JJ five CD channels NNS of IN movies NNS , , sports NNS , , entertainment NN and CC news NN shows NNS . . As IN part NN of IN the DT drive NN , , the DT first JJ 50,000 CD viewers NNS who WP put VBP up RP # # 10 CD each DT will MD get VB a DT package NN valued VBN at IN # # 170 CD -- : including VBG a DT satellite NN receiving NN dish NN , , equipment NN installation NN and CC a DT three-month JJ subscription NN to TO its PRP$ pay-movie JJ service NN . . British NNP Satellite NNP faces VBZ competition NN from IN Sky NNP Television NNP , , a DT satellite-TV JJ venture NN begun VBN last JJ February NNP and CC owned VBN by IN Rupert NNP Murdoch NNP 's POS News NNP Corp NNP . . The DT rivals NNS currently RB are VBP locked VBN in IN a DT costly JJ bidding NN contest NN for IN Hollywood NNP film NN rights NNS . . Shares NNS closed VBD sharply RB higher JJR in IN London NNP in IN the DT year NN 's POS thinnest JJS volume NN Monday NNP , , supported VBN largely RB by IN a DT technical JJ bounce NN after IN last JJ week NN 's POS sharp JJ declines NNS . . Tokyo NNP stocks NNS posted VBD a DT second-consecutive JJ loss NN Monday NNP , , while IN trading VBG in IN Frankfurt NNP , , West NNP Germany NNP , , was VBD mixed JJ . . In IN London NNP , , the DT Financial NNP Times NNP 100-share JJ index NN finished VBD 30.1 CD points NNS higher JJR at IN 2112.2 CD . . The DT index NN settled VBD off IN the DT high JJ of IN 2117.1 CD posted VBN after IN Wall NNP Street NNP opened VBD stronger JJR . . But CC it PRP showed VBD strength NN throughout IN the DT session NN , , hitting VBG a DT low NN of IN only RB 2102.2 CD within IN the DT first JJ few JJ minutes NNS of IN dealings NNS . . The DT 30-share JJ index NN settled VBD 23.2 CD points NNS higher JJR at IN 1701.7 CD . . Volume NN was VBD only RB 256.6 CD million CD shares NNS , , breaking VBG the DT previous JJ 1989 CD low NN of IN 276.8 CD million CD shares NNS recorded VBN Oct. NNP 23 CD . . Turnover NN was VBD also RB down RB substantially RB from IN 840.8 CD million CD shares NNS on IN Friday NNP . . Dealers NNS said VBD the DT market NN was VBD supported VBN to TO some DT extent NN by IN a DT firmer JJR pound NN , , gains NNS on IN Wall NNP Street NNP and CC shopping NN by IN market-makers NNS to TO cover VB internal JJ requirements NNS for IN selected JJ stocks NNS in IN the DT 100-share JJ index NN . . Dealers NNS attributed VBD most JJS of IN the DT day NN 's POS gains NNS to TO market-makers NNS moving VBG prices NNS higher RBR , , rather RB than IN an DT outbreak NN of IN significant JJ buying NN interest NN . . Prices NNS were VBD up RB across IN the DT board NN , , with IN most RBS blue-chip JJ stocks NNS registering VBG solid JJ gains NNS . . Though IN the DT market NN was VBD stronger JJR , , dealers NNS said VBD fresh JJ buying NN interest NN was VBD sidelined VBN ahead RB of IN a DT potential JJ market-affecting JJ debate NN in IN the DT House NNP of IN Commons NNP set NN for IN Tuesday NNP . . It PRP will MD be VB Chancellor NNP of IN the DT Exchequer NNP John NNP Major NNP 's POS first JJ appearance NN before IN the DT opposition NN Labor NNP Party NNP . . The DT market NN is VBZ keenly RB interested JJ in IN hearing VBG what WP he PRP has VBZ to TO say VB about IN the DT status NN of IN the DT current JJ 15 CD % NN base JJ lending NN rate NN . . In IN London NNP trading NN , , Courtaulds NNP , , a DT chemicals NNS and CC textiles NNS company NN , , increased VBD 15 CD pence NN to TO 362 CD after IN it PRP disclosed VBD plans NNS to TO spin VB off RP its PRP$ textiles NNS operations NNS into IN a DT separately RB listed VBN company NN on IN Jan. NNP 1 CD . . It PRP was VBD the DT most RBS active JJ of IN the DT 100-share JJ index NN at IN 8.3 CD million CD shares NNS , , 6.5 CD million CD of IN which WDT were VBD traded VBN by IN midday NN . . Jaguar NNP ended VBD 22 CD higher JJR at IN 747 CD . . Dealers NNS said VBD fresh JJ buying NN was VBD drawn VBN into IN Jaguar NNP after IN a DT senior JJ executive NN of IN Daimler-Benz NNP , , the DT auto NN maker NN , , told VBD a DT British JJ television NN interviewer NN during IN the DT weekend NN that IN the DT West JJ German JJ company NN held VBD talks NNS with IN the DT luxury NN auto NN maker NN over IN possible JJ joint JJ ventures NNS . . Although IN Daimler NNP has VBZ said VBD it PRP is VBZ n't RB interested JJ in IN mounting VBG a DT bid NN for IN Jaguar NNP , , dealers NNS said VBD its PRP$ name NN further RB underlined VBD the DT growing VBG interest NN in IN the DT British JJ concern NN . . Glaxo NNP was VBD the DT biggest JJS gainer NN , , jumping VBG 35 CD to TO # # 13.78 CD ( ( $ $ 21.72 CD ) ) on IN anticipation NN of IN a DT stock NN split NN next JJ week NN . . Total JJ turnover NN in IN Glaxo NNP was VBD a DT thin JJ 975,000 CD shares NNS . . In IN Tokyo NNP , , stocks NNS had VBD a DT second-consecutive JJ loss NN Monday NNP in IN quiet JJ trading NN with IN the DT exception NN of IN concentrated JJ buying NN in IN some DT incentive-backed JJ issues NNS . . The DT Nikkei NNP index NN of IN 225 CD selected JJ issues NNS fell VBD 109.85 CD points NNS to TO 35417.44 CD . . The DT index NN fell VBD 151.20 CD Friday NNP . . In IN early JJ trading NN in IN Tokyo NNP Tuesday NNP , , the DT Nikkei NNP index NN rose VBD 35.28 CD points NNS to TO 35452.72 CD . . On IN Monday NNP , , volume NN on IN the DT First NNP Section NNP was VBD estimated VBN at IN 600 CD million CD shares NNS , , down IN from IN 1.24 CD billion CD shares NNS Friday NNP . . Declining VBG issues NNS outnumbered VBD advancers NNS 551 CD to TO 349 CD ; : 224 CD issues NNS were VBD unchanged JJ . . Investors NNS , , who WP took VBD profits NNS Friday NNP , , mostly RB took VBD a DT wait-and-see JJ attitude NN Monday NNP amid IN uncertainty NN in IN the DT foreign-currency NN market NN and CC New NNP York NNP stocks NNS , , traders NNS said VBD . . Takamori NNP Matsuda NNP , , an DT analyst NN at IN Dresdner-ABD NNP Securities NNP , , said VBD fading JJ expectation NN for IN lower JJR interest NN rates NNS made VBD investors NNS step VB back RB from IN real-estate NN shares NNS , , which WDT advanced VBD last JJ week NN . . Some DT traders NNS said VBD institutions NNS were VBD waiting VBG to TO see VB the DT U.S. NNP jobless JJ rate NN to TO be VB issued VBN Friday NNP . . The DT Tokyo NNP Stock NNP Price NNP Index NNP of IN all DT issues NNS listed VBN in IN the DT First NNP Section NNP , , which WDT fell VBD 15.82 CD points NNS Friday NNP , , was VBD down RB 5.16 CD points NNS , , or CC 0.19 CD % NN , , at IN 2676.60 CD . . The DT Second NNP Section NNP index NN , , which WDT fell VBD 36.87 CD points NNS Friday NNP , , was VBD down RB 21.44 CD points NNS , , or CC 0.59 CD % NN , , to TO close VB at IN 3636.06 CD . . Second NNP Section NNP volume NN was VBD estimated VBN at IN 15 CD million CD shares NNS , , down RB from IN 24.5 CD million CD shares NNS Friday NNP . . Monday NNP 's POS losers NNS included VBD railway NN , , electric-utility JJ and CC high-technology NN issues NNS . . The DT energy NN of IN participating VBG investors NNS streamed VBD into IN Tokyu NNP Group NNP shares NNS , , pushing VBG prices NNS of IN its PRP$ companies NNS up RP across IN the DT board NN . . Tokyu NNP Group NNP announced VBD during IN the DT weekend NN that IN each DT Group NNP company NN will MD buy VB the DT others NNS ' POS stocks NNS to TO defend VB themselves PRP against IN a DT rumored JJ takeover NN . . The DT announcement NN fueled VBD speculation NN for IN future JJ advances NNS in IN the DT shares NNS . . Tokyu NNP Department NNP Store NNP advanced VBD 260 CD to TO 2410 CD . . Tokyu NNP Corp. NNP was VBD up RB 150 CD at IN 2890 CD . . Tokyu NNP Construction NNP gained VBD 170 CD to TO 1610 CD . . Other JJ winners NNS Monday NNP included VBD nonferrous JJ metals NNS , , which WDT attracted VBD investors NNS because IN of IN a DT surge NN in IN gold NN prices NNS on IN the DT back NN of IN the DT unstable JJ dollar NN . . Petroleum NN companies NNS were VBD also RB popular JJ because IN of IN expectations NNS of IN a DT weaker JJR dollar NN , , which WDT cuts VBZ dollar-denominated JJ crude-oil JJ prices NNS . . Share NN prices NNS in IN Frankfurt NN closed VBD narrowly RB mixed JJ after IN listless JJ and CC directionless JJ trading NN . . The DT DAX NNP index NN closed VBD at IN 1466.29 CD , , up RB only RB 3.36 CD . . Traders NNS said VBD turnover NN was VBD particularly RB thin JJ as IN investors NNS waited VBD for IN Wall NNP Street NNP to TO set VB the DT direction NN for IN the DT week NN . . Most JJS expect VBP the DT decline NN in IN New NNP York NNP stock NN prices NNS to TO continue VB this DT week NN . . Another DT factor NN weighing VBG on IN the DT Frankfurt NNP market NN involves VBZ fears NNS about IN the DT impending JJ wage NN talks NNS between IN the DT IG NNP Metall NNP metal-workers NNS union NN and CC industry NN representatives NNS , , which WDT could MD result VB in IN a DT wave NN of IN strikes NNS next IN spring NN , , traders NNS said VBD . . A DT few JJ blue-chip JJ stocks NNS posted VBD strong JJ gains NNS , , boosted VBN by IN special JJ factors NNS , , while IN the DT majority NN of IN shares NNS ended VBD little RB changed JJ . . Elsewhere RB , , stock NN prices NNS were VBD lower JJR in IN Brussels NNP , , Milan NNP and CC Stockholm NNP , , and CC mixed JJ in IN Amsterdam NNP , , Paris NNP and CC Zurich NNP . . Stocks NNS closed VBD higher JJR in IN Hong NNP Kong NNP , , Manila NNP , , Seoul NNP , , Sydney NNP , , Taipei NNP and CC Wellington NNP , , but CC were VBD lower JJR in IN Singapore NNP . . Here RB are VBP price NN trends NNS on IN the DT world NN 's POS major JJ stock NN markets NNS , , as IN calculated VBN by IN Morgan NNP Stanley NNP Capital NNP International NNP Perspective NNP , , Geneva NNP . . To TO make VB them PRP directly RB comparable JJ , , each DT index NN is VBZ based VBN on IN the DT close NN of IN 1969 CD equaling VBG 100 CD . . The DT percentage NN change NN is VBZ since IN year-end NN . . Deere NNP & CC Co. NNP said VBD it PRP reached VBD a DT tentative JJ agreement NN with IN the DT machinists NNS ' POS union NN at IN its PRP$ Horicon NNP , , Wis. NNP , , plant NN , , ending VBG a DT month-old JJ strike NN by IN workers NNS at IN the DT facility NN . . The DT maker NN of IN farm NN equipment NN said VBD the DT three-year JJ labor NN agreement NN with IN the DT International NNP Association NNP of IN Machinists NNP and CC Aerospace NNP Workers NNP at IN John NNP Deere NNP Horicon NNP Works NNP , , Deere NNP 's POS primary JJ facility NN for IN producing VBG lawn NN and CC grounds-care JJ equipment NN , , takes VBZ effect NN immediately RB and CC extends VBZ through IN Oct. NNP 1 CD , , 1992 CD . . About RB 1,150 CD employees NNS are VBP covered VBN by IN the DT new JJ agreement NN , , Deere NNP said VBD . . Courtaulds NNP PLC NNP announced VBD plans NNS to TO spin VB off RP its PRP$ textiles NNS operations NNS to TO existing VBG shareholders NNS in IN a DT restructuring NN to TO boost VB shareholder NN value NN . . The DT British JJ chemical NN and CC textile NN company NN 's POS plan NN , , which WDT requires VBZ shareholder NN approval NN , , would MD create VB a DT new JJ , , listed JJ U.K. NNP stock NN with IN a DT probable JJ market NN capitalization NN between IN # # 300 CD million CD ( ( $ $ 473 CD million CD ) ) and CC # # 400 CD million CD , , analysts NNS said VBD . . The DT establishment NN of IN the DT separate JJ company NN , , to TO be VB called VBN Courtaulds NNP Textiles NNP , , could MD be VB effective JJ as RB early RB as IN next JJ year NN 's POS first JJ quarter NN . . Investors NNS welcomed VBD the DT move NN . . Courtaulds NNP ' POS shares NNS rose VBD 15 CD pence NN to TO 362 CD pence NN , , valuing VBG the DT entire JJ company NN at IN about RB # # 1.44 CD billion CD . . Courtaulds NNP ' POS spinoff NN reflects VBZ pressure NN on IN British JJ industry NN to TO boost VB share NN prices NNS beyond IN the DT reach NN of IN corporate JJ raiders NNS . . Courtaulds NNP ' POS restructuring NN is VBZ among IN the DT largest JJS thus RB far RB in IN Britain NNP , , though IN it PRP is VBZ dwarfed VBN by IN B.A.T NNP Industries NNPS PLC NNP 's POS plans NNS to TO spin VB off RP roughly RB # # 4 CD billion CD in IN assets NNS to TO help VB fend VB off RP a DT takeover NN bid NN from IN Anglo-French JJ financier NN Sir NNP James NNP Goldsmith NNP . . The DT divested JJ Courtaulds NNP textile NN operations NNS had VBD operating NN profit NN of IN # # 50 CD million CD on IN # # 980 CD million CD in IN revenue NN in IN the DT year NN ended VBN March NNP 31 CD . . Some DT analysts NNS have VBP said VBD Courtaulds NNP ' POS moves NNS could MD boost VB the DT company NN 's POS value NN by IN 5 CD % NN to TO 10 CD % NN , , because IN the DT two CD entities NNS separately RB will MD carry VB a DT higher JJR price NN earnings NNS multiple NN than IN they PRP did VBD combined JJ . . In IN addition NN , , Courtaulds NNP said VBD the DT moves NNS are VBP logical JJ because IN they PRP will MD allow VB both DT the DT chemicals NNS and CC textile NN businesses NNS to TO focus VB more RBR closely RB on IN core NN activities NNS . . Courtaulds NNP has VBZ been VBN under IN pressure NN to TO enhance VB shareholder NN value NN since IN takeover NN speculators NNS -- : including VBG Australian JJ financier NN Kerry NNP Packer NNP -- : surfaced VBD holding VBG small JJ stakes NNS last JJ year NN . . Though IN Mr. NNP Packer NNP has VBZ since IN sold VBN his PRP$ stake NN , , Courtaulds NNP is VBZ moving VBG to TO keep VB its PRP$ institutional JJ shareholders NNS happy JJ . . Even RB without IN a DT specific NN takeover NN threat NN , , Courtaulds NNP is VBZ giving VBG shareholders NNS `` `` choice NN and CC value NN , , '' '' said VBD Julia NNP Blake NNP , , an DT analyst NN at IN London NNP stockbrokers NNS Barclays NNP de IN Zoete NNP Wedd NNP . . In IN a DT statement NN , , the DT company NN said VBD : : `` `` Both DT parts NNS can MD only RB realize VB their PRP$ full JJ potential NN and CC be VB appropriately RB valued VBN by IN the DT market NN if IN they PRP are VBP separately RB quoted VBN companies NNS . . The DT sharper JJR definition NN and CC the DT autonomy NN which WDT each DT will MD thereby RB gain VB will MD benefit VB shareholders NNS , , customers NNS and CC employees NNS . . '' '' Courtaulds NNP Chairman NNP and CC Chief NNP Executive NNP Sir NNP Christopher NNP Hogg NNP will MD remain VB in IN both DT posts NNS at IN the DT surviving VBG chemical NN company NN after IN the DT spinoff NN . . Sanwa NNP Shutter NNP Corp. NNP said VBD its PRP$ affiliated JJ company NN in IN Malaysia NN , , established VBN this DT April NNP , , will MD begin VB manufacturing VBG steel NN doors NNS Wednesday NNP . . Its PRP$ partner NN in IN the DT joint JJ venture NN is VBZ Sin NNP Kean NNP Boon NNP Metal NNP Industries NNP , , Penang NNP , , Malaysia NNP . . Company NN officials NNS said VBD the DT new JJ company NN , , Sin NNP Kean NNP Boon-Sanwa NNP ( ( J.V NNP . . ) ) is VBZ capitalized VBN at IN the DT equivalent NN of IN 54 CD million CD yen NNS ( ( $ $ 381,000 CD ) ) . . The DT Japanese JJ concern NN has VBZ a DT 40 CD % NN stake NN , , while IN the DT local JJ partner NN has VBZ a DT 60 CD % NN stake NN . . The DT new JJ company NN was VBD created VBN to TO meet VB growing VBG demand NN for IN steel NN doors NNS , , concurrent JJ with IN increasing VBG local JJ concern NN about IN fire NN prevention NN , , the DT company NN said VBD . . Barbara NNP Hackman NNP Franklin NNP , , president NN of IN Franklin NNP Associates NNPS , , was VBD elected VBN a DT director NN of IN this DT building NN products NNS maker NN . . Ms. NNP Franklin NNP , , 49 CD years NNS old JJ , , fills VBZ the DT position NN vacated VBN by IN Naomi NNP G. NNP Albanese NNP , , who WP retired VBD earlier RBR this DT year NN at IN age NN 72 CD . . NEC NNP Corp. NNP said VBD it PRP plans VBZ to TO more RBR than IN double VB its PRP$ British NNP subsidiary NN 's POS capacity NN for IN the DT production NN of IN semiconductor NN wafers NNS . . Officials NNS at IN the DT Japanese JJ semiconductor NN maker NN said VBD the DT company NN intends VBZ to TO increase VB investment NN in IN plant NN and CC equipment NN by IN 10 CD billion CD yen NNS ( ( $ $ 70.6 CD million CD ) ) , , to TO 90 CD billion CD yen NNS , , in IN the DT year NN ending VBG March NNP 31 CD , , with IN the DT extra JJ funds NNS used VBN to TO increase VB production NN overseas RB . . Officials NNS said VBD they PRP were VBD n't RB sure JJ how WRB the DT money NN will MD be VB distributed VBN among IN overseas JJ units NNS , , but CC added VBD that IN NEC NNP Semiconductors NNP U.K. NNP Ltd. NNP will MD receive VB priority NN . . Officials NNS also RB disclosed VBD it PRP 's VBZ possible JJ that IN NEC NNP may MD reduce VB domestic JJ production NN of IN one-megabit JJ chips NNS to TO five CD million CD a DT month NN from IN six CD million CD , , beginning VBG January NNP , , because IN of IN deteriorating VBG market NN prices NNS . . Japan NNP 's POS steel NN exports NNS fell VBD 12.2 CD % NN in IN September NNP from IN a DT year NN earlier RBR and CC were VBD down RB 1.1 CD % NN from IN the DT previous JJ month NN , , the DT Japan NNP Iron NNP and CC Steel NNP Federation NNP reported VBD . . September NNP was VBD the DT 10th JJ consecutive JJ month NN in IN which WDT steel NN exports NNS failed VBD to TO reach VB the DT year-earlier JJ level NN . . A DT federation NN official NN attributed VBD the DT decline NN to TO brisk JJ demand NN from IN domestic JJ industries NNS backed VBN by IN continuing VBG economic JJ expansion NN in IN Japan NNP . . Japanese JJ steel NN companies NNS are VBP apparently RB focusing VBG on IN domestic JJ sales NNS , , but CC the DT official NN said VBD it PRP does VBZ n't RB necessarily RB mean VB that IN local JJ sales NNS contracts NNS are VBP increasing VBG that RB markedly RB . . `` `` They PRP are VBP just RB too RB busy JJ to TO meet VB domestic JJ demand NN and CC have VBP little JJ room NN for IN overseas JJ shipments NNS , , '' '' the DT official NN said VBD . . After IN a DT bad JJ start NN , , Treasury NNP bonds NNS were VBD buoyed VBN by IN a DT late JJ burst NN of IN buying VBG to TO end VB modestly RB higher RBR . . `` `` The DT market NN was VBD pretty RB dull JJ '' '' for IN most JJS of IN the DT day NN , , said VBD Robert NNP H. NNP Chandross NNP , , vice NN president NN at IN Lloyds NNP Bank NNP PLC NNP . . He PRP said VBD some DT investors NNS were VBD reluctant JJ to TO plunge VB into IN the DT market NN ahead RB of IN several JJ key JJ economic JJ indicators NNS due RB this DT week NN , , especially RB Friday NNP 's POS potentially RB market-moving JJ employment NN report NN . . During IN the DT first JJ hour NN of IN trading NN yesterday NN , , prices NNS fell VBD as RB much RB as IN 1\/4 CD point NN , , or CC down RB about RB $ $ 2.50 CD for IN each DT $ $ 1,000 CD face NN amount NN . . But CC market NN activity NN was VBD energized VBN as IN investors NNS started VBD to TO view VB the DT lower JJR price NN levels NNS as IN attractive JJ . . And CC the DT Treasury NNP 's POS $ $ 17.6 CD billion CD auction NN of IN short-term JJ bills NNS , , which WDT generated VBD strong JJ buying NN interest NN , , helped VBD to TO lift VB the DT bond NN market NN out IN of IN the DT doldrums NN . . `` `` We PRP saw VBD good JJ retail JJ demand NN by IN small JJ banks NNS , , individuals NNS and CC institutions NNS and CC that DT is VBZ one CD reason NN why WRB the DT market NN advanced VBD '' '' late RB in IN the DT day NN , , said VBD Sung NNP Won NNP Sohn NNP , , senior JJ vice NN president NN and CC chief JJ economist NN at IN Norwest NNP Corp. NNP , , Minneapolis NNP . . He PRP said VBD the DT change NN in IN sentiment NN also RB reflected VBD perceptions NNS that IN the DT slate NN of IN economic JJ statistic NN due RB this DT week NN will MD be VB `` `` conducive JJ to TO a DT bond NN market NN rally NN . . '' '' The DT employment NN report NN , , which WDT will MD provide VB the DT first JJ official JJ measure NN of IN the DT economy NN 's POS strength NN in IN October NNP , , is VBZ expected VBN to TO show VB smaller JJR gains NNS in IN the DT generation NN of IN new JJ jobs NNS . . Other JJ key JJ economic JJ indicators NNS due RB this DT week NN include VBP today NN 's POS release NN of IN the DT September NNP leading VBG indicators NNS index NN and CC new-home JJ sales NNS . . Tomorrow NNP , , the DT October NNP purchasing NN managers NNS report NN is VBZ due JJ and CC on IN Thursday NNP comes VBZ October NNP chain-store JJ sales NNS . . Despite IN yesterday NN 's POS modest JJ bond NN market NN gains NNS , , economists NNS say VBP investors NNS are VBP anxious JJ about IN the DT Treasury NNP 's POS huge JJ quarterly NN refunding VBG of IN government NN debt NN , , the DT timing NN of IN which WDT depends VBZ on IN Congressional JJ efforts NNS to TO raise VB the DT debt NN ceiling NN . . Although IN the DT Treasury NNP will MD announce VB details NNS of IN the DT November NNP refunding NN tomorrow NN , , it PRP could MD be VB delayed VBN if IN Congress NNP and CC President NNP Bush NNP fail VBP to TO increase VB the DT Treasury NNP 's POS borrowing NN capacity NN . . The DT debt NN ceiling NN is VBZ scheduled VBN to TO fall VB to TO $ $ 2.8 CD trillion CD from IN $ $ 2.87 CD trillion CD at IN midnight NN tonight NN . . The DT Treasury NNP 's POS benchmark NN 30-year JJ bond NN rose VBD 1\/8 CD point NN . . Mortgage-backed JJ securities NNS were VBD up RB less JJR than IN 1\/8 CD point NN and CC investment-grade JJ corporate JJ bonds NNS were VBD unchanged JJ . . Strong JJ demand NN for IN New NNP York NNP City NNP 's POS $ $ 813 CD million CD general JJ obligation NN bonds NNS propped VBN up RP the DT municipal JJ market NN . . Traders NNS said VBD most JJS municipal JJ bonds NNS ended VBD 1\/2 CD point NN higher RBR . . The DT New NNP York NNP City NNP issue NN included VBD $ $ 757 CD million CD of IN tax-exempt JJ bonds NNS priced VBN to TO yield VB between IN 6.50 CD % NN to TO 7.88 CD % NN , , depending VBG on IN the DT maturity NN . . The DT $ $ 56 CD million CD of IN New NNP York NNP 's POS taxable JJ general JJ obligation NN bonds NNS were VBD priced VBN to TO yield VB between IN 9.125 CD % NN to TO 9.90 CD % NN . . As IN expected VBN , , the DT longer-term JJ tax-exempt JJ New NNP York NNP bonds NNS had VBD yields NNS nearly RB as RB high JJ as IN those DT on IN taxable JJ long-term JJ Treasury NNP bonds NNS . . The DT yield NN on IN the DT benchmark JJ 30-year JJ Treasury NNP bond NN ended VBD yesterday NN at IN about RB 7.92 CD % NN . . Bond NN dealers NNS said VBD the DT rates NNS for IN the DT long-term JJ tax-exempt JJ New NNP York NNP City NNP bonds NNS were VBD among IN the DT highest JJS , , as IN a DT percentage NN of IN Treasury NNP rates NNS , , for IN any DT New NNP York NNP City NNP issue NN in IN recent JJ memory NN . . A DT spokesman NN for IN New NNP York NNP City NNP Comptroller NNP Harrison NNP Goldin NNP said VBD the DT high JJ rates NNS reflect VBP investors NNS concerns NNS about IN the DT city NN 's POS financial JJ health NN and CC political JJ uncertainties NNS . . New NNP York NNP bonds NNS , , which WDT have VBP been VBN hammered VBN in IN recent JJ weeks NNS on IN the DT pending VBG supply NN and CC reports NNS that IN the DT city NN 's POS economy NN is VBZ growing VBG weaker JJR , , rose VBD 1\/2 CD point NN yesterday NN . . Treasury NNP Securities NNP Treasury NNP bonds NNS ended VBD slightly RB higher RBR in IN light JJ trading VBG . . The DT benchmark NN 30-year JJ bond NN ended VBN at IN 102 CD 7\/32 CD to TO yield VB 7.92 CD % NN , , compared VBN with IN Friday NNP 's POS price NN of IN 102 CD 2\/32 CD to TO yield VB 7.93 CD % NN . . The DT latest JJS 10-year JJ notes NNS ended VBD at IN about RB 100 CD 16\/32 CD to TO yield VB 7.90 CD % NN , , compared VBN with IN 100 CD 11\/32 CD to TO yield VB 7.93 CD % NN on IN Friday NNP . . Short-term JJ interest NN rates NNS rose VBD at IN the DT government NN 's POS regular JJ weekly JJ Treasury-bill NN auction NN . . The DT average JJ discount NN rate NN on IN three-month JJ bills NNS was VBD 7.78 CD % NN and CC the DT rate NN on IN six-month JJ bills NNS was VBD 7.62 CD % NN . . Those DT rates NNS are VBP up RB from IN 7.52 CD % NN and CC 7.50 CD % NN , , respectively RB , , at IN last JJ week NN 's POS auction NN . . Due JJ to TO the DT Treasury NNP 's POS need NN to TO raise VB funds NNS quickly RB before IN the DT current JJ authority NN to TO issue VB debt NN expires VBZ at IN midnight NN tonight NN , , yesterday NN 's POS auction NN was VBD structured VBN differently RB from IN previous JJ sales NNS . . The DT Treasury NNP bills NNS sold VBD yesterday NN settle VB today NN , , rather RB than IN the DT standard JJ settlement NN day NN of IN Thursday NNP . . And CC because IN of IN the DT early JJ settlement NN , , the DT three-month JJ bills NNS actually RB have VBP a DT 93-day JJ maturity NN , , and CC the DT six-month JJ bills NNS have VBP an DT 184-day JJ maturity NN . . Because IN of IN the DT early JJ settlement NN , , the DT Federal NNP Reserve NNP was VBD unable JJ to TO purchase VB bills NNS for IN its PRP$ system NN account NN . . However RB , , analysts NNS expect VBP the DT Fed NNP to TO buy VB Treasury NNP bills NNS that WDT were VBD auctioned VBN yesterday NN in IN the DT secondary JJ market NN . . The DT Treasury NNP also RB held VBD a DT hastily RB scheduled VBN $ $ 2 CD billion CD sale NN of IN 51-cash JJ management NN bills NNS yesterday NN . . Here RB are VBP details NNS of IN yesterday NN 's POS three-month JJ and CC six-month JJ bill NN auction NN : : Rates NNS are VBP determined VBN by IN the DT difference NN between IN the DT purchase NN price NN and CC face NN value NN . . Thus RB , , higher JJR bidding NN narrows VBZ the DT investor NN 's POS return NN while IN lower JJR bidding NN widens VBZ it PRP . . The DT percentage NN rates NNS are VBP calculated VBN on IN a DT 360-day JJ year NN , , while IN the DT coupon NN equivalent JJ yield NN is VBZ based VBN on IN a DT 365-day JJ year NN . . Both DT issues NNS are VBP dated VBN Oct. NNP 31 CD . . The DT 13-week JJ bills NNS mature VBP Feb. NNP 1 CD , , and CC the DT 26-week JJ bills NNS mature VBP May NNP 3 CD , , 1990 CD . . Here RB are VBP details NNS of IN yesterday NN 's POS 51-day JJ cash NN management NN bill NN auction NN : : Interest NN rate NN 8.07 CD % NN The DT bills NNS are VBP dated VBN Oct. NNP 31 CD and CC mature NNP Dec. NNP 21 CD , , 1989 CD . . Corporate NNP Issues NNP The DT junk NN bond NN prices NNS of IN Western NNP Union NNP Corp. NNP tumbled VBD after RB the DT company NN said VBD it PRP wo MD n't RB proceed VB with IN an DT exchange NN offer NN to TO holders NNS of IN its PRP$ reset NN notes NNS . . The DT Upper NNP Saddle NNP River NNP , , N.J. NNP , , communications NNS firm NN said VBD it PRP is VBZ considering VBG alternatives NNS to TO the DT restructuring VBG of IN the DT senior JJ secured VBN notes NNS because IN of IN changes NNS in IN the DT high-yield JJ market NN . . In IN June NNP , , Western NNP Union NNP was VBD forced VBN to TO reset VB the DT interest NN rate NN on IN the DT senior JJ secured VBN notes NNS due RB in IN 1992 CD to TO 19 CD 1\/4 CD % NN from IN 16 CD 1\/2 CD % NN , , a DT move NN which WDT increased VBD the DT firm NN 's POS annual JJ interest NN payments NNS by IN $ $ 13.8 CD million CD . . Although IN the DT notes NNS held VBD at IN a DT price NN of IN 92 CD to TO 93 CD immediately RB after IN the DT reset NN , , they PRP started VBD falling VBG soon RB afterward RB . . Yesterday NN , , Western NNP Union NNP 's POS senior JJ secured VBN reset NN notes NNS fell VBD 3 CD 3\/4 CD points NNS , , or CC about RB $ $ 37.50 CD for IN each DT $ $ 1,000 CD face NN amount NN , , to TO close VB at IN 50 CD 1\/4 CD . . Other JJ Western NNP Union NNP securities NNS were VBD also RB lower JJR . . The DT company NN 's POS 7.90 CD % NN sinking NN fund NN debentures NNS were VBD quoted VBN at IN a DT bid NN price NN of IN 14 CD 1\/4 CD and CC an DT offered VBN price NN of IN 30 CD , , while IN the DT 10 CD 3\/4 CD % NN subordinated VBD debentures NNS of IN 1997 CD were VBD being VBG bid VBN for IN at IN 28 CD and CC offered VBD at IN around RB 34 CD 3\/4 CD . . The DT 10 CD 3\/4 CD % NN debentures NNS last RB traded VBD at IN 35 CD . . High-yield JJ traders NNS said VBD spreads NNS between IN the DT bid NN and CC offered VBN prices NNS of IN Western NNP Union NNP junk NN bonds NNS have VBP been VBN widening VBG for IN some DT time NN , , and CC in IN certain JJ cases NNS , , bids NNS for IN Western NNP Union NNP securities NNS are VBP not RB available JJ . . Elsewhere RB , , prices NNS of IN investment-grade JJ and CC high-risk JJ , , high-yield JJ junk NN bonds NNS ended VBD unchanged JJ . . In IN the DT new-issue JJ market NN for IN junk NN securities NNS , , underwriters NNS at IN Salomon NNP Brothers NNP Inc. NNP are VBP expected VBN to TO price VB today NN a DT $ $ 350 CD million CD junk NN bond NN offering NN by IN Beatrice NNP Co. NNP . . The DT two-part JJ issue NN consists VBZ of IN $ $ 200 CD million CD of IN senior JJ subordinated VBN reset NN notes NNS maturing VBG in IN 1997 CD and CC $ $ 150 CD million CD of IN subordinated VBN floating VBG rate NN notes NNS also RB maturing VBG in IN 1997 CD . . Portfolio NN managers NNS said VBD expectations NNS are VBP for IN the DT issue NN to TO be VB priced VBN at IN a DT discount NN with IN a DT coupon NN of IN 13 CD 3\/4 CD % NN and CC a DT yield NN of IN about RB 14 CD % NN . . The DT Chicago-based JJ food NN and CC consumer NN goods NNS concern NN was VBD acquired VBN in IN April NNP 1986 CD in IN a DT $ $ 6.2 CD billion CD leveraged VBN buy-out NN engineered VBN by IN Kohlberg NNP Kravis NNP Roberts NNP & CC Co NNP . . Proceeds NNS from IN the DT note NN sale NN will MD be VB used VBN to TO repay VB a DT portion NN of IN the DT bank NN borrowings NNS used VBN by IN Beatrice NNP to TO redeem VB its PRP$ $ $ 526.3 CD million CD principal JJ amount NN of IN increasing VBG rate NN debentures NNS in IN August NNP . . Meanwhile RB , , underwriters NNS at IN Morgan NNP Stanley NNP & CC Co. NNP are VBP expected VBN today NN to TO price VB a DT $ $ 350 CD million CD high-yield JJ offering NN by IN Continental NNP Cablevision NNP Inc NNP . . The DT senior JJ subordinated VBN debentures NNS maturing VBG in IN 2004 CD are VBP targeted VBN to TO be VB offered VBN at IN a DT yield NN of IN between IN 12 CD 5\/8 CD % NN to TO 12 CD 3\/4 CD % NN . . Mortgage-Backed JJ Securities NNP Mortgage NN securities NNS ended VBD 2\/32 CD to TO 4\/32 CD higher RBR in IN light JJ trading NN . . Ginnie NNP Mae NNP 's POS 9 CD % NN issue NN for IN November NNP delivery NN finished VBN at IN 98 CD 1\/2 CD , , up RB 4\/32 CD , , and CC its PRP$ 10 CD % NN issue NN at IN 102 CD 3\/8 CD , , up RB 4\/32 CD . . Freddie NNP Mac NNP 's POS 9 CD % NN issue NN ended VBN at IN 97 CD 19\/32 CD , , up RB 2\/32 CD . . In IN the DT derivative JJ market NN , , insurance NN companies NNS have VBP scaled VBN back RP their PRP$ purchases NNS of IN Remic NNP securities NNS , , or CC real JJ estate NN mortgage NN investment NN conduits NNS , , as IN they PRP assess VBP potential JJ claims NNS from IN the DT recent JJ California NNP earthquake NN and CC hurricane NN in IN the DT Carolinas NNPS . . This DT could MD mean VB diminished JJ issuance NN of IN derivative JJ mortgage NN issues NNS during IN the DT next JJ few JJ weeks NNS . . Insurance NN companies NNS have VBP been VBN major JJ buyers NNS of IN prepayment-protected JJ planned VBN amortization NN classes NNS ( ( PACs NNPS ) ) during IN the DT past JJ few JJ months NNS . . The DT PACs NNPS appeal NN to TO insurance NN companies NNS and CC other JJ investors NNS because IN they PRP have VBP higher JJR yields NNS than IN topgrade JJ corporate JJ bonds NNS and CC carry VBP the DT guarantee NN of IN Freddie NNP Mac NNP and CC Fannie NNP Mae NNP , , quasi-federal JJ agencies NNS . . In IN the DT asset-backed JJ market NN , , Beneficial NNP Corp. NNP offered VBD $ $ 248 CD million CD of IN securities NNS backed VBN by IN home-equity NN loans NNS , , the DT second JJ large JJ deal NN in IN the DT past NN week NN . . Last JJ week NN , , a DT unit NN of IN MNC NNP Financial NNP Corp. NNP offered VBD $ $ 268 CD million CD of IN home-equity NN securities NNS . . Both DT the DT MNC NNP and CC Beneficial NNP offering NN were VBD underwritten JJ by IN Merrill NNP Lynch NNP Capital NNP Markets NNP , , the DT leading VBG Wall NNP Street NNP firm NN in IN the DT home-equity NN securities NNS market NN , , which WDT was VBD created VBN early RB this DT year NN . . Municipal NNP Issues NNP The DT improved JJ tone NN in IN the DT municipal JJ market NN , , largely RB an DT offshoot NN of IN the DT New NNP York NNP City NNP sale NN 's POS reception NN , , helped VBD municipal JJ futures NNS rebound VB from IN early JJ lows NNS , , but CC the DT spread NN between IN the DT contract NN and CC Tbond JJ futures NNS continued VBD to TO grow VB more RBR negative JJ . . The DT MOB NNP spread NN , , or CC difference NN between IN the DT municipal JJ and CC T-bond JJ futures NNS contracts NNS , , has VBZ been VBN near IN all-time JJ lows NNS in IN recent JJ trading NN , , driven VBN basically RB by IN concerns NNS that IN new-issue JJ supply NN would MD overwhelm VB demand NN . . December NNP municipal JJ futures NNS ended VBN up RP 11\/32 CD point NN to TO 92-14 CD , , having VBG pulled VBN off RP a DT morning NN low NN of IN 91-23 CD as IN cash NN municipals NNS rebounded VBD . . But CC front JJ month NN T-bond JJ futures NNS settled VBD the DT afternoon NN session NN up RB a DT slightly RB greater JJR 13\/32 CD at IN 99-04 CD . . Foreign NNP Bonds NNP British JJ government NN bonds NNS ended VBD moderately RB higher RBR , , encouraged VBN by IN a DT steadier JJR pound NN and CC a DT rise NN in IN British JJ stocks NNS . . The DT benchmark NN 11 CD 3\/4 CD % NN bond NN due JJ 2003\/2007 CD rose VBD 10\/32 CD to TO 111 CD 14\/32 CD to TO yield VB 10.14 CD % NN , , while IN the DT Treasury NNP 's POS 12 CD % NN notes NNS due JJ 1995 CD rose VBD 7\/32 CD to TO 103 CD 5\/8 CD to TO yield VB 11.04 CD % NN . . West NNP German NNP government NN bonds NNS fell VBD as RB much RB as IN 0.60 CD point NN in IN light JJ , , nervous JJ trading VBG . . The DT 7 CD % NN Treasury NNP bond NN due JJ October NNP 1999 CD ended VBD off RB 0.60 CD point NN to TO 99.35 CD to TO yield VB 7.09 CD % NN , , while IN the DT 6 CD 3\/4 CD % NN notes NNS due JJ 1994 CD fell VBD 0.35 CD point NN to TO 97.25 CD to TO yield VB 7.45 CD % NN . . Japanese JJ government NN bonds NNS continued VBD to TO erode VB as IN the DT dollar NN remained VBD resilient JJ against IN the DT yen NN . . Japan NNP 's POS No. NN 111 CD 4.6 CD % NN bond NN due JJ 1998 CD ended VBD the DT day NN on IN brokers NNS screens NNS at IN 95.11 CD to TO yield VB 5.43 CD % NN . . So-called JJ cross-border JJ acquisitions NNS totaled VBD $ $ 23.1 CD billion CD in IN the DT second JJ quarter NN , , down RB from IN $ $ 33.6 CD billion CD a DT year NN earlier RB , , according VBG to TO the DT accounting NN firm NN KPMG NNP Peat NNP Marwick NNP . . In IN a DT cross-border JJ transaction NN , , the DT buyer NN is VBZ in IN a DT different JJ region NN of IN the DT globe NN from IN the DT target NN . . Such JJ transactions NNS numbered VBD 670 CD in IN the DT second JJ quarter NN , , up IN from IN 527 CD a DT year NN earlier RB . . However RB , , the DT total JJ value NN declined VBD for IN deals NNS of IN $ $ 100 CD million CD and CC up RB . . The DT downturn NN in IN total JJ value NN may MD be VB only RB temporary JJ , , suggested VBD Herb NNP Adler NNP , , a DT KPMG NNP Peat NNP Marwick NNP partner NN . . He PRP explained VBD , , in IN part NN , , that IN restructuring VBG to TO prepare VB for IN the DT Common NNP Market NNP expansion NN due NN in IN 1992 CD `` `` has VBZ become VBN more JJR of IN a DT strategic JJ priority NN , , both DT for IN companies NNS inside IN and CC outside IN the DT European NNP Community NNP . . '' '' In IN the DT second JJ quarter NN , , middle-market JJ cross-border JJ transactions NNS -- : deals NNS under IN $ $ 100 CD million CD each DT -- : numbered VBD 619 CD and CC totaled VBD $ $ 6 CD billion CD , , compared VBN with IN 478 CD such JJ transactions NNS totaling VBG $ $ 4.9 CD billion CD a DT year NN earlier RB , , the DT firm NN said VBD . . Large JJ cross-border JJ deals NNS numbered VBD 51 CD and CC totaled VBD $ $ 17.1 CD billion CD in IN the DT second JJ quarter NN , , the DT firm NN added VBD . . That DT compared VBD with IN 49 CD such JJ transactions NNS totaling VBG $ $ 28.7 CD billion CD as IN year NN earlier RB . . Rymer NNP Foods NNP Inc. NNP said VBD its PRP$ board NN authorized VBD the DT purchase NN of IN as RB many JJ as IN 500,000 CD of IN its PRP$ common JJ stock NN purchase NN warrants NNS at IN a DT price NN of IN $ $ 4 CD a DT warrant NN . . The DT food NN company NN , , which WDT has VBZ 720,000 CD warrants NNS and CC about RB 2.9 CD million CD common JJ shares NNS outstanding JJ , , said VBD it PRP may MD increase VB the DT offer NN to TO purchase VB any DT or CC all DT warrants NNS that WDT are VBP properly RB tendered VBN . . A DT warrant NN permits VBZ a DT holder NN to TO acquire VB one CD share NN of IN common JJ stock NN for IN $ $ 17.50 CD a DT share NN . . The DT warrants NNS expire VBP on IN Oct. NNP 15 CD , , 1992 CD , , and CC may MD be VB called VBN by IN the DT company NN at IN a DT price NN of IN $ $ 5.25 CD . . The DT offer NN is VBZ scheduled VBN to TO expire VB on IN Nov. NNP 28 CD , , unless IN extended VBN . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Rymer NNP closed VBD yesterday NN at IN $ $ 10.875 CD , , down RB 12.5 CD cents NNS . . Seasonal NNP Stackup NNP Air-traffic NN problems NNS , , though RB often RB quite RB grim JJ , , This DT time NN of IN year NN leave VBP us PRP in IN stitches NNS , , When WRB we PRP notice VBP around IN our PRP$ airport NN A DT holding NN pattern NN for IN witches NNS . . -- : Edward NNP F. NNP Dempsey NNP . . Double-Jointed NNP `` `` I PRP am VBP beside RB myself PRP , , '' '' I PRP 've VBP said VBD in IN moments NNS of IN heat NN , , Without IN ever RB bothering VBG To TO marvel VB at IN the DT feat NN . . -- : Joshua NNP Adams NNP . . Humility NNP Helper NNP The DT ultimate JJ blow NN to TO the DT ego NN is VBZ learning VBG that IN even RB your PRP$ mistakes NNS go VBP unnoticed JJ . . -- : Ivern NNP Ball NNP . . Gen-Probe NNP Inc. NNP , , a DT biotechnology NN concern NN , , said VBD it PRP signed VBD a DT definitive JJ agreement NN to TO be VB acquired VBN by IN Chugai NNP Pharmaceutical NNP Co. NNP of IN Tokyo NNP for IN about RB $ $ 110 CD million CD , , or CC almost RB double RB the DT market NN price NN of IN Gen-Probe NNP 's POS stock NN . . The DT move NN is VBZ sure JJ to TO heighten VB concerns NNS about IN increased VBN Japanese JJ investment NN in IN U.S. NNP biotechnology NN firms NNS . . It PRP is VBZ also RB likely JJ to TO bolster VB fears NNS that IN the DT Japanese NNP will MD use VB their PRP$ foothold NN in IN U.S. NNP biotechnology NN concerns NNS to TO gain VB certain JJ trade NN and CC competitive JJ advantages NNS . . Gen-Probe NNP , , an DT industry NN leader NN in IN the DT field NN of IN genetic JJ probes NNS , , which WDT is VBZ a DT new JJ technology NN used VBN in IN diagnostic JJ tests NNS , , last JJ year NN signed VBD an DT agreement NN for IN Chugai NNP to TO exclusively RB market VB its PRP$ diagnostic JJ products NNS in IN Japan NNP for IN infectious JJ diseases NNS and CC cancer NN . . Chugai NNP agreed VBD then RB to TO fund VB certain JJ associated VBN research NN and CC development NN costs NNS . . That DT arrangement NN apparently RB has VBZ worked VBN well RB , , and CC Thomas NNP A. NNP Bologna NNP , , president NN and CC chief JJ executive JJ officer NN of IN Gen-Probe NNP , , founded VBN in IN 1983 CD , , said VBD the DT sale NN of IN the DT company NN means VBZ `` `` we PRP will MD be VB able JJ to TO concentrate VB on IN running VBG the DT business NN rather RB than IN always RB looking VBG for IN sources NNS of IN financing NN . . '' '' Chugai NNP agreed VBD to TO pay VB $ $ 6.25 CD a DT share NN for IN Gen-Probe NNP 's POS 17.6 CD million CD common JJ shares NNS outstanding JJ on IN a DT fully RB diluted VBN basis NN . . Yesterday NN , , in IN national JJ trading NN in IN the DT over-the-counter JJ market NN , , Gen-Probe NNP common NN closed VBD at IN $ $ 3.25 CD a DT share NN . . Because IN the DT U.S. NNP leads VBZ in IN most JJS areas NNS of IN biotechnology NN -- : largely RB because IN of IN research NN investment NN by IN the DT U.S. NNP government NN -- : the DT sale NN is VBZ sure JJ to TO increase VB concerns NNS that IN Japanese JJ companies NNS will MD buy VB American NNP know-how NN and CC use VB it PRP to TO obtain VB the DT upper JJ hand NN in IN biotechnology NN trade NN and CC competition NN . . `` `` The DT biotechnology NN firms NNS may MD be VB setting VBG up RP their PRP$ own JJ competitors NNS , , '' '' said VBD Richard NNP Godown NNP , , president NN of IN the DT Industrial NNP Biotechnology NNP Association NNP . . He PRP added VBD that IN until IN now RB the DT Japanese NNS have VBP only RB acquired VBN equity NN positions NNS in IN U.S. NNP biotechnology NN companies NNS . . `` `` They PRP are VBP piggybacking VBG onto IN developed VBN technology NN , , '' '' he PRP said VBD . . During IN the DT past JJ five CD years NNS , , Japanese JJ concerns NNS have VBP invested VBN in IN several JJ of IN the DT U.S. NNP 's POS 431 CD independent JJ biotechnology NN companies NNS . . Chugai NNP has VBZ been VBN one CD of IN the DT most RBS active JJ Japanese JJ players NNS in IN U.S. NNP biotechnology NN companies NNS ; : it PRP has VBZ an DT equity NN investment NN in IN Genetics NNP Institute NNP Inc. NNP , , Cambridge NNP , , Mass. NNP , , and CC a DT joint-venture JJ agreement NN with IN Upjohn NNP Co. NNP , , Kalamazoo NNP , , Mich NNP . . The DT Japanese JJ government NN , , Mr. NNP Godown NNP said VBD , , has VBZ stated VBN that IN it PRP wants VBZ 10 CD % NN to TO 11 CD % NN of IN its PRP$ gross JJ national JJ product NN to TO come VB from IN biotechnology NN products NNS . . `` `` It PRP is VBZ becoming VBG more JJR of IN a DT horse NN race NN every DT day NN between IN the DT U.S. NNP and CC Japan NNP , , '' '' he PRP said VBD , , adding VBG that IN some DT fear VBP that IN as IN with IN the DT semiconductor NN , , electronics NNS , , and CC automobile NN industries NNS , , Japanese JJ companies NNS will MD use VB U.S.-developed JJ technology NN to TO gain VB trade NN advantages NNS . . Mr. NNP Bologna NNP said VBD the DT sale NN would MD allow VB Gen-Probe NNP to TO speed VB up RP the DT development NN of IN new JJ technology NN , , and CC to TO more RBR quickly RB apply VB existing VBG technology NN to TO an DT array NN of IN diagnostic JJ products NNS the DT company NN wants VBZ to TO offer VB . . By IN 1988 CD , , when WRB only RB 10 CD genetic JJ probe-based JJ tests NNS of IN diagnostic JJ infectious JJ diseases NNS of IN humans NNS had VBD been VBN approved VBN for IN marketing VBG by IN the DT Food NNP and CC Drug NNP Administration NNP , , eight CD of IN them PRP had VBD been VBN developed VBN and CC sold VBN by IN Gen-Probe NNP . . Osamu NNP Nagayama NNP , , deputy NN president NN of IN Chugai NNP , , which WDT spends VBZ about RB 15 CD % NN of IN its PRP$ sales NNS on IN research NN and CC development NN , , was VBD unable JJ to TO pinpoint VB how WRB much JJ money NN Chugai NNP would MD pump VB into IN Gen-Probe NNP . . `` `` We PRP think VBP Gen-Probe NNP has VBZ technology NN important JJ to TO people NNS 's POS health NN , , '' '' he PRP said VBD , , adding VBG : : `` `` We PRP think VBP it PRP is VBZ important JJ for IN us PRP to TO have VB such JJ technology NN . . '' '' He PRP and CC Mr. NNP Bologna NNP emphasized VBD that IN both DT companies NNS would MD gain VB technological JJ knowledge NN through IN the DT sale NN of IN Gen-Probe NNP , , which WDT will MD expand VB `` `` significantly RB '' '' as IN a DT result NN of IN the DT acquisition NN . . In IN 1988 CD , , Chugai NNP had VBD net JJ income NN of IN $ $ 60 CD million CD on IN revenue NN of IN $ $ 991 CD million CD . . GenProbe NN had VBD a DT net JJ loss NN of IN $ $ 9.5 CD million CD on IN revenue NN of IN $ $ 5.8 CD million CD . . Recently RB , , Gen-Probe NNP received VBD a DT broad JJ U.S. NNP patent NN for IN a DT technology NN that WDT helps VBZ detect VB , , identify VB and CC quantify VB non-viral JJ organisms NNS through IN the DT targeting VBG of IN a DT form NN of IN genetic JJ material NN called VBN ribosomal JJ RNA NNP . . Among IN other JJ things NNS , , Mr. NNP Bologna NNP said VBD that IN the DT sale NN will MD facilitate VB Gen-Probe NNP 's POS marketing NN of IN a DT diagnostic JJ test NN for IN acquired VBN immune JJ deficiency NN syndrome NN , , or CC AIDS NNP . . Chugai NNP also RB will MD help VB Gen-Probe NNP with IN its PRP$ regulatory JJ and CC marketing NN expertise NN in IN Asia NNP , , Mr. NNP Bologna NNP said VBD . . The DT tender NN offer NN for IN Gen-Probe NNP 's POS shares NNS is VBZ expected VBN to TO begin VB next JJ Monday NNP , , the DT company NN said VBD . . It PRP was VBD supposed VBN to TO be VB a DT routine JJ courtesy NN call NN . . A DT half-dozen JJ Soviet JJ space NN officials NNS , , in IN Tokyo NNP in IN July NNP for IN an DT exhibit NN , , stopped VBD by RP to TO see VB their PRP$ counterparts NNS at IN the DT National NNP Space NNP Development NNP Agency NNP of IN Japan NNP . . But CC after IN a DT few JJ pleasantries NNS , , the DT Soviets NNS unexpectedly RB got VBD serious JJ . . The DT Soviets NNS have VBP a DT world-leading JJ space NN program NN , , the DT guests NNS noted VBD . . Would MD n't RB the DT Japanese NNS like VB a DT piece NN of IN it PRP ? . The DT visitors NNS then RB listed VBD technologies NNS up IN for IN sale NN , , including VBG launch NN services NNS and CC propulsion NN hardware NN . . `` `` We PRP were VBD just RB surprised VBN , , '' '' says VBZ Tad NNP Inada NNP , , NASDA NNP 's POS director NN for IN international JJ affairs NNS . . `` `` Shocked VBN . . '' '' That IN Moscow NNP , , with IN its PRP$ dilapidated JJ economic JJ machine NN , , would MD try VB to TO sell VB high JJ technology NN to TO Japan NNP , , one CD of IN the DT world NN 's POS high-tech NN leaders NNS , , sounds VBZ like IN a DT coals-to-Newcastle JJ notion NN . . But CC `` `` the DT Soviet NNP Union NNP has VBZ areas NNS where WRB it PRP is VBZ n't RB behind IN Japan NNP , , '' '' says VBZ Mikhail NNP Shapovalov NNP of IN the DT Soviet NNP Ministry NNP of IN Foreign NNP Economic NNP Relations NNP . . `` `` We PRP have VBP obtained VBN through IN the DT development NN of IN Cosmos NNP { ( the DT Soviet JJ space NN program NN } ) technologies NNS you PRP do VBP n't RB see VB anywhere RB else RB . . '' '' The DT sales NNS pitch NN might MD n't RB be VB as RB farfetched JJ as IN it PRP seems VBZ . . Japan-U.S. JJ trade NN relations NNS are VBP bumpy JJ these DT days NNS , , and CC some DT Japanese NNS favor VBP decreasing VBG their PRP$ reliance NN on IN U.S. NNP technology NN in IN light NN of IN the DT FSX NNP fighter-plane NN flap NN , , when WRB U.S. NNP officials NNS reversed VBD an DT earlier JJR decision NN and CC refused VBD to TO share VB certain JJ crucial JJ fighter-plane NN technology NN . . And CC , , despite IN its PRP$ image NN as IN a DT technology NN superpower NN , , Japan NNP has VBZ a DT lot NN of IN weaknesses NNS . . It PRP 's VBZ a DT world NN leader NN in IN semiconductors NNS , , but CC behind RB the DT U.S. NNP in IN making VBG the DT computers NNS that WDT use VBP those DT chips NNS . . It PRP 's VBZ a DT world NN leader NN in IN auto NN manufacturing NN , , but CC its PRP$ aviation NN industry NN is VBZ struggling VBG , , and CC its PRP$ space NN program NN is VBZ years NNS behind IN the DT U.S. NNP , , the DT Europeans NNS and CC the DT Soviets NNS . . One CD question NN being VBG debated VBN in IN the DT Soviet NNP Union NNP is VBZ how WRB to TO use VB the DT defense NN sector NN 's POS research-and-production JJ expertise NN in IN the DT rest NN of IN the DT economy NN . . Many JJ plants NNS that WDT used VBD to TO make VB military JJ equipment NN are VBP now RB being VBG ordered VBN to TO produce VB televisions NNS , , videocassette NN recorders NNS , , small JJ tractors NNS and CC food-processing JJ machinery NN . . The DT Soviets NNS also RB hope VBP to TO make VB better JJR use NN of IN their PRP$ considerable JJ expertise NN in IN theoretical JJ science NN , , which WDT has VBZ helped VBN them PRP win VB twice RB as RB many JJ Nobel NNP science NN prizes NNS as IN the DT Japanese NNS . . Where WRB they PRP lag VBP behind IN the DT Japanese NNS is VBZ in IN turning VBG the DT scientific JJ inventiveness NN into IN improved VBN production NN . . By IN contrast NN , , the DT Japanese NNS have VBP proved VBN adept JJ at IN making VBG use NN of IN Soviet JJ inventions NNS . . Kobe NNP Steel NNP Ltd. NNP adopted VBD Soviet JJ casting VBG technology NN in IN 1966 CD and CC used VBD it PRP for IN 14 CD years NNS until IN it PRP developed VBD its PRP$ own JJ system NN . . Kawasaki NNP Steel NNP Corp. NNP bought VBD a DT Soviet JJ steel-casting JJ patent NN two CD years NNS ago RB and CC has VBZ jointly RB developed VBN the DT system NN with IN the DT Soviets NNS . . In IN 1991 CD , , the DT Soviets NNS will MD take VB a DT Japanese JJ journalist NN into IN space NN , , the DT first JJ Japanese NN to TO go VB into IN orbit NN . . Soviet JJ efforts NNS to TO sell VB their PRP$ technology NN abroad RB do VBP n't RB appear VB to TO worry VB the DT U.S. NNP , , Japan NNP 's POS principal JJ ally NN . . `` `` We PRP have VBP never RB opposed VBN the DT development NN of IN economic JJ relations NNS between IN our PRP$ allies NNS and CC the DT Soviet NNP Union NNP , , '' '' says VBZ a DT State NNP Department NNP official NN . . `` `` Frankly NNP , , I PRP would MD n't RB expect VB the DT Japanese NNP to TO get VB hooked JJ on IN anybody NN 's POS technology NN , , least JJS of IN all DT the DT Soviets NNP . . '' '' Under IN Mikhail NNP Gorbachev NNP 's POS perestroika NN , , the DT Soviets NNS have VBP sought VBN economic JJ ties NNS all DT over IN the DT world NN , , including VBG new JJ export NN markets NNS . . They PRP believe VBP technology NN is VBZ one CD of IN their PRP$ best JJS bets NNS , , and CC some DT Soviet JJ officials NNS say VBP Moscow NNP will MD even RB consider VB declassifying VBG military JJ know-how NN if IN the DT price NN is VBZ right JJ . . The DT Soviets NNS held VBD export NN exhibitions NNS that WDT included VBD high-tech JJ items NNS in IN New NNP York NNP and CC West NNP Germany NNP . . Last JJ week NN , , a DT Soviet JJ delegation NN came VBD to TO Japan NNP to TO push VB more JJR space NN technologies NNS . . Japan NNP is VBZ a DT major JJ target NN for IN the DT Soviets NNS . . In IN August NNP , , representatives NNS of IN Keidanren NNP , , Japan NNP 's POS largest JJS business NN organization NN , , visited VBD Moscow NNP to TO explore VB exports NNS and CC investments NNS that WDT would MD help VB the DT Soviet JJ economy NN . . Out IN of IN the DT blue NN , , the DT Soviet NNP Chamber NNP of IN Commerce NNP handed VBD over RP details NNS on IN 59 CD technologies NNS that IN the DT Japanese NNS might MD want VB to TO buy VB . . These DT mainly RB involved VBD such JJ areas NNS as IN materials NNS -- : advanced JJ soldering JJ machines NNS , , for IN example NN -- : and CC medical JJ developments NNS derived VBN from IN experimentation NN in IN space NN , , such JJ as IN artificial JJ blood NN vessels NNS . . A DT main JJ motive NN is VBZ hard JJ cash NN . . But CC , , while IN the DT Soviets NNS ca MD n't RB expect VB direct JJ technology NN flow NN from IN Japan NNP , , they PRP also RB hope VBP to TO benefit VB from IN Japanese JJ manufacturing NN expertise NN . . `` `` The DT Soviet NNP Union NNP has VBZ a DT lot NN of IN know-how NN , , but CC it PRP has VBZ been VBN difficult JJ to TO put VB that DT into IN actual JJ production NN because IN of IN various JJ structural JJ problems NNS in IN the DT economy NN , , '' '' says VBZ Mr. NNP Shapovalov NNP , , the DT Foreign NNP Ministry NNP official NN . . The DT Soviets NNS are VBP `` `` contemplating VBG a DT flexible JJ system NN under IN which WDT it PRP would MD be VB possible JJ to TO develop VB { ( technology NN } ) jointly RB and CC even RB to TO market VB it PRP jointly RB , , '' '' he PRP says VBZ . . Even RB if IN the DT Japanese NNS find VBP Soviet JJ technology NN desirable JJ , , such JJ discussions NNS would MD be VB fraught JJ with IN political JJ complications NNS . . Still RB stinging VBG from IN the DT international JJ backlash NN over IN the DT sale NN two CD years NNS ago RB of IN sensitive JJ military JJ technology NN to TO the DT Soviets NNS by IN a DT subsidiary NN of IN Japan NNP 's POS Toshiba NNP Corp. NNP , , many JJ Japanese NNS are VBP eager JJ to TO avoid VB appearing VBG to TO help VB the DT Soviets NNS in IN any DT way NN . . Another DT hurdle NN concerns VBZ Japan NNP 's POS attempts NNS to TO persuade VB the DT Soviet NNP Union NNP to TO relinquish VB its PRP$ post-World NNP War NNP II NNP control NN of IN four CD islands NNS north RB of IN Japan NNP . . So IN far RB , , the DT Soviets NNS have VBP provided VBN only RB the DT sketchiest JJS information NN about IN their PRP$ technology NN and CC business NN plans NNS . . And CC what WP they PRP have VBP shown VBN is VBZ n't RB impressive JJ . . `` `` My PRP$ impression NN is VBZ that IN there EX is VBZ n't RB anything NN which WDT arouses VBZ our PRP$ interest NN at IN first JJ glance NN , , '' '' says VBZ an DT official NN from IN Japan NNP 's POS Ministry NNP of IN International NNP Trade NNP and CC Industry NNP . . Peter NNP Gumbel NNP in IN Moscow NNP contributed VBD to TO this DT article NN . . ( ( During IN its PRP$ centennial NN year NN , , The DT Wall NNP Street NNP Journal NNP will MD report VB events NNS of IN the DT past JJ century NN that WDT stand VBP as IN milestones NNS of IN American JJ business NN history NN . . ) ) MAY NNP 1 CD , , 1975 CD , , SIGNALED VBN A DT DISTRESSFUL JJ May NNP Day NNP for IN securities NNS houses NNS , , which WDT were VBD forced VBN to TO end VB 183 CD years NNS of IN charging VBG fixed VBN commissions NNS . . It PRP scared VBD brokers NNS , , but CC most JJS survived VBN . . It PRP took VBD effect NN after IN seven CD years NNS of IN bitter JJ debate NN between IN the DT Securities NNP and CC Exchange NNP Commission NNP and CC traders NNS and CC exchanges NNS . . Despite IN warnings NNS from IN such JJ leaders NNS as IN former JJ Federal NNP Reserve NNP Board NNP Chairman NNP William NNP McChesney NNP Martin NNP that IN unfixed JJ commissions NNS would MD undo VB the DT industry NN , , the DT SEC NNP in IN September NNP 1973 CD said VBD full JJ competition NN must MD start VB May NNP l NN , , 1975 CD . . The DT timing NN for IN change NN was VBD right JJ . . Institutions NNS had VBD become VBN active JJ market NN players NNS in IN the DT early JJ 1970s CD and CC sought VBD exchange NN seats NNS to TO handle VB their PRP$ own JJ trades NNS . . And CC the DT industry NN was VBD rife JJ with IN brokers NNS trying VBG to TO secure VB big JJ client NN orders NNS by IN using VBG kickbacks NNS , , gifts NNS , , women NNS and CC junkets NNS . . Within IN three CD weeks NNS of IN the DT 1975 CD end NN to TO fixed VBN rates NNS there EX were VBD all-out JJ price NN wars NNS among IN brokers NNS fighting VBG for IN institutional JJ business NN , , with IN rate NN slashes NNS of IN 35 CD % NN to TO 60 CD % NN below IN pre-May JJ 1 CD levels NNS . . Ray NNP Garrett NNP Jr. NNP , , SEC NNP chairman NN , , said VBD the DT `` `` breadth NN and CC depth NN of IN the DT discounting NN is VBZ more JJR than IN I PRP expected VBD . . '' '' Even RB a DT federal JJ measure NN in IN June NNP allowing VBG houses NNS to TO add VB research NN fees NNS to TO their PRP$ commissions NNS did VBD n't RB stop VB it PRP . . Longer JJR term NN , , the DT impact NN is VBZ unclear JJ . . The DT change NN prompted VBD the DT rise NN of IN discount NN brokers NNS and CC a DT reduction NN in IN securities NNS research NN firms NNS . . But CC there EX are VBP currently RB more JJR exchange NN members NNS than IN in IN 1975 CD , , with IN the DT bigger JJR houses NNS gaining VBG a DT larger JJR share NN of IN total JJ commissions NNS . . Commissions NNS , , however RB , , account VBP for IN a DT smaller JJR share NN of IN investment-house NN business NN as IN takeover NN advisory NN fees NNS have VBP soared VBN . . Foreign JJ stock NN markets NNS , , with IN which WDT the DT U.S. NNP is VBZ entwined VBN , , also RB have VBP ended VBN fixed VBN commissions NNS in IN recent JJ years NNS . . It PRP came VBD in IN London NNP 's POS `` `` Big NNP Bang NNP '' '' 1986 CD deregulation NN ; : and CC Toronto NNP 's POS `` `` Little NNP Bang NNP '' '' the DT same JJ year NN . . Paris NNP is VBZ currently RB phasing VBG out RP fixed VBN commissions NNS under IN its PRP$ `` `` Le NNP Petit NNP Bang NNP '' '' plan NN . . President NNP Bush NNP said VBD that IN three CD members NNS of IN his PRP$ cabinet NN will MD lead VB a DT presidential JJ mission NN to TO Poland NNP to TO gauge VB how WRB the DT U.S. NNP can MD help VB the DT new JJ non-Communist JJ government NN 's POS economic JJ changes NNS . . Mr. NNP Bush NNP announced VBD several JJ weeks NNS ago RB that IN he PRP intended VBD to TO send VB such JJ a DT mission NN , , composed VBN of IN top JJ government NN aides NNS and CC business NN and CC labor NN leaders NNS . . The DT mission NN will MD visit VB Poland NNP from IN Nov. NNP 29 CD to TO Dec. NNP 2 CD , , the DT White NNP House NNP said VBD . . In IN remarks NNS at IN a DT White NNP House NNP ceremony NN marking VBG Polish NNP Heritage NNP Month NNP , , Mr. NNP Bush NNP announced VBD that IN Agriculture NNP Secretary NNP Clayton NNP Yeutter NNP , , Commerce NNP Secretary NNP Robert NNP Mosbacher NNP and CC Labor NNP Secretary NNP Elizabeth NNP Dole NNP will MD lead VB the DT U.S. NNP group NN . . Michael NNP Boskin NNP , , chairman NN of IN the DT Council NNP of IN Economic NNP Advisers NNP , , also RB will MD be VB a DT member NN . . In IN addition NN , , the DT White NNP House NNP said VBD that IN Charles NNP Harper NNP , , chairman NN of IN ConAgra NNP Inc. NNP , , and CC John NNP McGillicuddy NNP , , chairman NN of IN Manufacturers NNP Hanover NNP Corp. NNP , , will MD be VB among IN a DT group NN of IN at IN least JJS 15 CD business NN and CC labor NN representatives NNS in IN the DT presidential JJ mission NN . . Mr. NNP Bush NNP said VBD the DT group NN is VBZ to TO `` `` focus VB on IN economic JJ sectors NNS where WRB U.S. NNP expertise NN and CC cooperation NN can MD indeed RB make VB a DT difference NN . . '' '' Mr. NNP Bush NNP has VBZ asked VBN Congress NNP to TO provide VB more JJR than IN $ $ 400 CD million CD in IN economic JJ aid NN and CC food NN grants NNS for IN Poland NNP 's POS new JJ government NN , , but CC has VBZ been VBN chided VBN by IN Democrats NNS for IN failing VBG to TO do VB more JJR . . Warner NNP Communications NNP Inc. NNP is VBZ close JJ to TO an DT agreement NN to TO back VB a DT new JJ recorded VBN music NN and CC music NN publishing NN company NN in IN partnership NN with IN Irving NNP Azoff NNP , , who WP resigned VBD in IN September NNP as IN head NN of IN MCA NNP Inc. NNP 's POS MCA NNP Records NNP unit NN . . Warner NNP and CC Mr. NNP Azoff NNP declined VBD comment NN , , as IN did VBD MCA NNP , , where WRB Mr. NNP Azoff NNP had VBD also RB been VBN discussing VBG such JJ a DT venture NN . . But CC record NN industry NN executives NNS familiar JJ with IN the DT talks NNS said VBD Mr. NNP Azoff NNP and CC Warner NNP came VBD to TO an DT agreement NN yesterday NN to TO form VB a DT 50-50 JJ joint-venture NN company NN funded VBN by IN Warner NNP and CC run VBN by IN Mr. NNP Azoff NNP . . Among IN other JJ things NNS , , they PRP said VBD , , Mr. NNP Azoff NNP would MD develop VB musical JJ acts NNS for IN a DT new JJ record NN label NN . . The DT agreement NN is VBZ said VBD to TO be VB similar JJ to TO Warner NNP 's POS 50-50 JJ partnership NN with IN record NN and CC movie NN producer NN David NNP Geffen NNP , , whose WP$ films NNS and CC records NNS are VBP distributed VBN by IN the DT Warner NNP Bros. NNP studio NN and CC the DT Warner NNP records NNS unit NN . . Although IN Mr. NNP Azoff NNP wo MD n't RB produce VB films NNS at IN first JJ , , it PRP is VBZ possible JJ that IN he PRP could MD do VB so RB later RB , , the DT sources NNS said VBD . . Like IN Mr. NNP Geffen NNP 's POS arrangement NN , , the DT venture NN gives VBZ Mr. NNP Azoff NNP a DT link NN to TO the DT world NN 's POS largest JJS and CC most RBS successful JJ record NN distributor NN ; : in IN the DT U.S. NNP alone RB , , Warner NNP has VBZ a DT 40 CD % NN share NN of IN the DT market NN , , about RB double JJ its PRP$ nearest JJS competitor NN , , Sony NNP Corp. NNP 's POS CBS NNP Records NNP . . For IN Warner NNP , , meanwhile RB , , it PRP gives VBZ the DT company NN a DT second JJ young JJ partner NN with IN a DT finger NN on IN the DT pulse NN of IN the DT hottest JJS trends NNS in IN the DT music NN business NN . . The DT 41-year-old CD Mr. NNP Azoff NNP , , a DT former JJ rock NN 'n' CC roll NN manager NN , , is VBZ credited VBN with IN turning VBG around RP MCA NNP 's POS once-moribund JJ music NN division NN in IN his PRP$ six CD years NNS at IN the DT company NN . . But CC Mr. NNP Azoff NNP had VBD been VBN negotiating VBG for IN more JJR than IN a DT year NN to TO get VB out IN of IN his PRP$ MCA NNP contract NN , , which WDT expired VBD in IN 1991 CD . . Mr. NNP Azoff NNP reportedly RB was VBD bored VBN and CC frequently RB clashed VBN with IN top JJ MCA NNP management NN over IN a DT number NN of IN issues NNS such JJ as IN compensation NN and CC business NN plans NNS . . Mr. NNP Azoff NNP also RB was VBD eager JJ to TO return VB to TO a DT more RBR entrepreneurial JJ role NN in IN which WDT he PRP had VBD a DT big JJ financial JJ stake NN in IN his PRP$ own JJ efforts NNS . . In IN an DT interview NN at IN the DT time NN of IN his PRP$ resignation NN from IN MCA NNP , , he PRP said VBD : : `` `` I PRP 'd MD rather RB build VB a DT company NN than IN run VB one CD . . Part NN of IN a DT Series NN } ) Tom NNP Panelli NNP had VBD a DT perfectly RB good JJ reason NN for IN not RB using VBG the DT $ $ 300 CD rowing NN machine NN he PRP bought VBD three CD years NNS ago RB . . `` `` I PRP ate VBD a DT bad JJ tuna NN sandwich NN , , got VBD food NN poisoning NN and CC had VBD to TO have VB a DT shot NN in IN my PRP$ shoulder NN , , '' '' he PRP says VBZ , , making VBG it PRP too RB painful JJ to TO row VB . . The DT soreness NN , , he PRP admits VBZ , , went VBD away RB about RB a DT week NN after IN the DT shot NN . . Yet CC the DT rowing NN machine NN has VBZ n't RB been VBN touched VBN since IN , , even RB though IN he PRP has VBZ moved VBN it PRP across IN the DT country NN with IN him PRP twice RB . . A DT San NNP Francisco NNP lawyer NN , , Mr. NNP Panelli NNP rowed VBD religiously RB when WRB he PRP first RB got VBD the DT machine NN , , but CC , , he PRP complains VBZ , , it PRP left VBD grease NN marks NNS on IN his PRP$ carpet NN , , `` `` and CC it PRP was VBD boring VBG . . It PRP 's VBZ a DT horrible JJ machine NN , , actually RB . . I PRP 'm VBP ashamed JJ I PRP own VBP the DT stupid JJ thing NN . . '' '' Mr. NNP Panelli NNP has VBZ plenty NN of IN company NN . . Nearly RB three-fourths JJ of IN the DT people NNS who WP own VBP home NN exercise NN equipment NN do VBP n't RB use VB it PRP as RB much RB as IN they PRP planned VBD , , according VBG to TO The DT Wall NNP Street NNP Journal NNP 's POS `` `` American NNP Way NNP of IN Buying NNP '' '' survey NN . . The DT Roper NNP Organization NNP , , which WDT conducted VBD the DT survey NN , , said VBD almost RB half NN of IN the DT exercise NN equipment NN owners NNS found VBD it PRP duller RBR than IN they PRP expected VBD . . It PRP is VBZ n't RB just RB exercise NN gear NN that WDT is VBZ n't RB getting VBG a DT good JJ workout NN . . The DT fitness NN craze NN itself PRP has VBZ gone VBN soft JJ , , the DT survey NN found VBD . . Fewer JJR people NNS said VBD they PRP were VBD working VBG up RP a DT sweat NN with IN such JJ activities NNS as IN jogging NN , , tennis NN , , swimming NN and CC aerobics NN . . Half NN of IN those DT surveyed VBN said VBD they PRP simply RB walk VB these DT days NNS for IN exercise NN . . That IN 's POS good JJ news NN for IN marketers NNS of IN walking NN shoes NNS . . The DT survey NN also RB detected VBD a DT bit NN more JJR interest NN in IN golf NN , , a DT positive JJ sign NN for IN country NN clubs NNS and CC golf NN club NN makers NNS . . The DT survey NN 's POS findings NNS certainly RB are VBP n't RB encouraging JJ for IN marketers NNS of IN health-club JJ memberships NNS , , tennis NN rackets NNS and CC home NN exercise NN equipment NN , , but CC people NNS 's POS good JJ intentions NNS , , if IN not RB their PRP$ actions NNS , , are VBP keeping VBG sales NNS of IN some DT fitness NN products NNS healthy JJ . . For IN instance NN , , sales NNS of IN treadmills NNS , , exercise NN bikes NNS , , stair NN climbers NNS and CC the DT like JJ are VBP expected VBN to TO rise VB 8 CD % NN to TO about RB $ $ 1.52 CD billion CD this DT year NN , , according VBG to TO the DT National NNP Sporting NNP Goods NNP Association NNP , , which WDT sees VBZ the DT home NN market NN as IN one CD of IN the DT hottest JJS growth NN areas NNS for IN the DT 1990s CD . . But CC even RB that DT group NN knows VBZ some DT people NNS do VBP n't RB use VB their PRP$ machines NNS as RB much RB as IN they PRP should MD . . `` `` The DT first JJ excuse NN is VBZ they PRP do VBP n't RB have VB enough JJ time NN , , '' '' says VBZ research NN director NN Thomas NNP Doyle NNP . . `` `` The DT second NN is VBZ they PRP do VBP n't RB have VB enough JJ discipline NN . . '' '' With IN more RBR than IN 15 CD million CD exercise NN bikes NNS sold VBN in IN the DT past JJ five CD years NNS , , he PRP adds VBZ , , `` `` a DT lot NN of IN garages NNS , , basements NNS and CC attics NNS must MD be VB populated VBN with IN them PRP . . '' '' Still RB , , the DT average JJ price NN of IN such JJ bikes NNS rose VBD last JJ year NN to TO $ $ 145 CD . . Mr. NNP Doyle NNP predicts VBZ a DT trend NN toward IN fewer JJR pieces NNS of IN home NN exercise NN equipment NN being VBG sold VBN at IN higher JJR prices NNS . . Electronic JJ gimmicks NNS are VBP key JJ . . Premark NNP International NNP Inc. NNP , , for IN example NN , , peddles VBZ the DT M8.7sp NNP Electronic NNP Cycling NNP Simulator NNP , , a DT $ $ 2,000 CD stationary JJ cycle NN . . On IN a DT video NN screen NN , , riders NNS can MD see VB 30 CD different JJ `` `` rides NNS , , '' '' including VBG urban JJ , , mountain NN and CC desert NN scenes NNS , , and CC check VB how WRB many JJ calories NNS are VBP burned VBN a DT minute NN . . Nancy NNP Igdaloff NNP , , who WP works VBZ in IN corporate JJ payments NNS at IN Bank NNP of IN America NNP in IN San NNP Francisco NNP , , may MD be VB a DT good JJ prospect NN for IN such JJ a DT gizmo NN . . She PRP 's VBZ trying VBG to TO sell VB a DT $ $ 150 CD exercise NN bike NN she PRP bought VBD about RB five CD years NNS ago RB for IN her PRP$ roommate NN . . But CC rather RB than IN write VB off RP home NN fitness NN equipment NN , , she PRP traded VBD up RB : : Ms. NNP Igdaloff NNP just RB paid VBD about RB $ $ 900 CD for IN a DT fancier JJR stationary JJ bike NN , , with IN a DT timer NN , , dials NNS showing VBG average JJ and CC maximum NN speeds NNS and CC a DT comfortable JJ seat NN that WDT feels VBZ almost RB like IN a DT chair NN . . `` `` I PRP 'm VBP using VBG it PRP a DT lot NN , , '' '' she PRP says VBZ . . `` `` I PRP spent VBD so RB much JJ money NN that IN if IN I PRP look VBP at IN it PRP , , and CC I PRP 'm VBP not RB on IN it PRP , , I PRP feel VBP guilty JJ . . '' '' The DT poll NN points VBZ up RP some DT inconsistencies NNS between IN what WDT people NNS say VBP and CC what WP they PRP do VBP . . A DT surprising JJ 78 CD % NN of IN people NNS said VBD they PRP exercise VBP regularly RB , , up RB from IN 73 CD % NN in IN 1981 CD . . This DT conjures VBZ up RP images NNS of IN a DT nation NN full JJ of IN trim JJ , , muscular JJ folks NNS , , and CC suggests VBZ couch NN potatoes NNS are VBP out IN of IN season NN . . Of IN course NN , , that WDT is VBZ n't RB really RB the DT case NN . . The DT discrepancy NN may MD be VB because RB asking VBG people NNS about IN their PRP$ fitness NN regime NN is VBZ a DT bit NN like IN inquiring VBG about IN their PRP$ love NN life NN . . They PRP 're VBP bound VBN to TO exaggerate VB . . `` `` People NNS say VBP they PRP swim VBP , , and CC that DT may MD mean VB they PRP 've VBP been VBN to TO the DT beach NN this DT year NN , , '' '' says VBZ Krys NNP Spain NNP , , research NN specialist NN for IN the DT President NNP 's POS Council NNP on IN Physical NNP Fitness NNP and CC Sports NNP . . `` `` It PRP 's VBZ hard JJ to TO know VB if IN people NNS are VBP responding VBG truthfully RB . . People NNS are VBP too RB embarrassed VBN to TO say VB they PRP have VBP n't RB done VBN anything NN . . '' '' While IN she PRP applauds VBZ the DT fact NN that IN more JJR Americans NNS are VBP getting VBG up RP from IN the DT television NN to TO stroll VB or CC garden VB , , she PRP says VBZ the DT percentage NN of IN Americans NNS who WP do VBP `` `` real JJ exercise NN to TO build VB the DT heart NN '' '' is VBZ only RB 10 CD % NN to TO 20 CD % NN . . So RB many JJ people NNS fudge VBP on IN answers NNS about IN exercise NN , , the DT president NNP 's POS council NN now RB uses VBZ specific JJ criteria NNS to TO determine VB what WP is VBZ considered VBN vigorous JJ : : It PRP must MD produce VB contractions NNS of IN large JJ muscle NN groups NNS , , must MD achieve VB 60 CD % NN of IN maximum NN aerobic JJ capacity NN and CC must MD be VB done VBN three CD or CC more JJR times NNS a DT week NN for IN a DT minimum NN of IN 20 CD minutes NNS . . One CD of IN the DT council NN 's POS goals NNS , , set VBN in IN 1980 CD , , was VBD to TO see VB more JJR than IN 60 CD % NN of IN adults NNS under IN 65 CD years NNS of IN age NN getting VBG vigorous JJ exercise NN by IN 1990 CD . . That DT target NN has VBZ been VBN revised VBN to TO 30 CD % NN by IN the DT year NN 2000 CD . . But CC even RB that DT goal NN may MD prove VB optimistic JJ . . Of IN 14 CD activities NNS , , the DT Journal NNP survey NN found VBD that IN 12 CD -- : including VBG bicycling NN , , skiing NN and CC swimming NN -- : are VBP being VBG done VBN by IN fewer JJR Americans NNS today NN than IN eight CD years NNS ago RB . . Time NN pressures NNS and CC the DT ebb NN of IN the DT fitness NN fad NN are VBP cited VBN as IN reasons NNS for IN the DT decline NN . . Only RB walking NN and CC golf NN increased VBD in IN popularity NN during IN the DT 1980s CD -- : and CC only RB slightly RB . . Jeanette NNP Traverso NNP , , a DT California NNP lawyer NN , , gave VBD up RP running NN three CD times NNS a DT week NN to TO play VB a DT weekly JJ round NN of IN golf NN , , finding VBG it PRP more RBR social JJ and CC serene JJ . . It PRP 's VBZ an DT activity NN she PRP feels VBZ she PRP can MD do VB for IN life NN , , and CC by IN pulling VBG a DT golf NN cart NN , , she PRP still RB gets VBZ a DT good JJ workout NN . . `` `` I PRP 'm VBP really RB wiped VBN out RP after IN walking VBG five CD hours NNS , , '' '' she PRP says VBZ . . Most JJS people NNS said VBD they PRP exercise VBP both DT for IN health NN and CC enjoyment NN . . `` `` If IN you PRP sit VBP down RP all DT the DT time NN , , you PRP 'll MD go VB stiff JJ , , '' '' says VBZ Joyce NNP Hagood NNP , , a DT Roxboro NNP , , N.C. NNP , , homemaker NN who WP walks VBZ several JJ miles NNS a DT week NN . . `` `` And CC it PRP 's VBZ relaxing JJ . . Sometimes RB , , if IN you PRP have VBP a DT headache NN , , you PRP can MD go VB out RB and CC walk VB it PRP right RB off RP . . '' '' Only RB about RB a DT quarter NN of IN the DT respondents NNS said VBD they PRP exercise VBP to TO lose VB weight NN . . Slightly RB more RBR , , like IN Leslie NNP Sherren NNP , , a DT law NN librarian NN in IN San NNP Francisco NNP who WP attends VBZ dance NN aerobics NN five CD times NNS a DT week NN , , exercise VBP to TO relieve VB stress NN . . `` `` Working VBG with IN lawyers NNS , , '' '' she PRP says VBZ , , `` `` I PRP need VBP it PRP . . '' '' But CC fully RB 90 CD % NN of IN those DT polled VBN felt VBD they PRP did VBD n't RB need VB to TO belong VB to TO a DT health NN club NN . . `` `` They PRP 're VBP too RB crowded VBN , , and CC everybody NN 's VBZ showing VBG off RP , , '' '' says VBZ Joel NNP Bryant NNP , , a DT 22-year-old JJ student NN from IN Pasadena NNP , , Calif NNP . . `` `` The DT guys NNS are VBP being VBG macho JJ , , and CC the DT girls NNS are VBP walking VBG around RP in IN little JJ things NNS . . They PRP 're VBP not RB there RB to TO work VB out RP . . '' '' But CC at IN least JJS they PRP show VBP up RP . . Nearly RB half NN of IN those DT who WP joined VBD health NN clubs NNS said VBD they PRP did VBD n't RB use VB their PRP$ membership NN as RB often RB as IN they PRP planned VBD . . Feeling VBG they PRP should MD devote VB more JJR time NN to TO their PRP$ families NNS or CC their PRP$ jobs NNS , , many JJ yuppies NNS are VBP skipping VBG their PRP$ once-sacred JJ workout NN . . Even RB so RB , , the DT Association NNP of IN Quality NNP Clubs NNP , , a DT health-club JJ trade NN group NN in IN Boston NNP , , says VBZ membership NN revenues NNS will MD rise VB about RB 5 CD % NN this DT year NN from IN last JJ year NN 's POS $ $ 5 CD billion CD . . A DT spokeswoman NN adds VBZ , , however RB , , that IN the DT group NN is VBZ considering VBG offering VBG `` `` a DT behavior-modification NN course NN , , similar JJ to TO a DT smoking-cessation NN program NN , , to TO teach VB people NNS ways NNS to TO stay VB with IN it PRP . . '' '' There EX are VBP die-hard JJ bodies NNS , , of IN course NN . . The DT proprietor NN of IN Sante NNP West NNP , , an DT aerobics NN studio NN in IN San NNP Francisco NNP 's POS Marina NNP district NN , , which WDT was VBD hit VBN hard JJ by IN the DT earthquake NN , , says VBZ , , `` `` People NNS were VBD going VBG nuts NNS the DT minute NN we PRP opened VBD , , '' '' three CD days NNS after IN the DT quake NN . . `` `` The DT emotional JJ aspect NN is VBZ so RB draining VBG , , they PRP needed VBD a DT good JJ workout NN . . '' '' Perhaps RB the DT most RBS disturbing JJ finding NN is VBZ that IN the DT bowling NN alley NN may MD be VB an DT endangered VBN American JJ institution NN . . The DT survey NN reported VBD the DT number NN of IN people NNS who WP said VBD they PRP bowl VBP regularly RB has VBZ fallen VBN to TO just RB 8 CD % NN from IN 17 CD % NN in IN 1981 CD . . The DT American JJ Bowling NNP Congress NNP claims VBZ a DT higher JJR percentage NN of IN the DT public JJ bowls VBZ regularly RB , , but CC concedes VBZ its PRP$ membership NN has VBZ declined VBN this DT decade NN . . To TO find VB out RP why WRB , , the DT group NN recently RB commissioned VBD a DT study NN of IN the DT past JJ 20 CD years NNS of IN bowling-related JJ research NN . . Three CD reasons NNS were VBD pinpointed VBN : : a DT preference NN for IN watching VBG bowling NN and CC other JJ sports NNS on IN television NN rather RB than IN actually RB bowling VBG , , dowdy JJ bowling NN centers NNS , , and CC dissatisfaction NN with IN bowling VBG itself PRP . . People NNS who WP start VBP bowling NN expecting VBG it PRP to TO be VB a DT pleasurable JJ exercise NN `` `` have VBP been VBN generally RB disappointed VBN , , '' '' the DT report NN said VBD . . But CC not RB Richard NNP Cottrell NNP , , a DT San NNP Francisco NNP cab NN driver NN who WP bowls VBZ in IN two CD weekly JJ leagues NNS . . He PRP hit VBD the DT lanes NNS three CD years NNS ago RB on IN the DT advice NN of IN his PRP$ doctor NN . . `` `` It PRP 's VBZ good JJ exercise NN , , '' '' he PRP says VBZ . . `` `` I PRP ca MD n't RB do VB anything NN score-wise JJ , , but CC I PRP like VBP meeting VBG the DT girls NNS . . '' '' He PRP says VBZ bowling NN helps VBZ him PRP shed VB pounds NNS , , though IN that DT effort NN is VBZ sometimes RB thwarted VBN by IN the DT fact NN that IN `` `` when WRB I PRP 'm VBP drinking VBG , , I PRP bowl VBP better RB . . '' '' His PRP$ Tuesday NNP night NN team NN , , the DT Leftovers NNP , , is VBZ in IN first JJ place NN . . WPP NNP GROUP NNP 'S POS Ogilvy NNP & CC Mather NNP expects VBZ profit NN margins NNS to TO improve VB to TO 11.5 CD % NN in IN 1990 CD in IN the DT U.S. NNP Yesterday NN 's POS edition NN did VBD n't RB specify VB where WRB the DT improvement NN would MD take VB place NN . . Concerning VBG your PRP$ Sept. NNP 29 CD article NN `` `` Retailers NNP Face NNP Cutbacks NNP , , Uncertain NNP Future NNP '' '' : : The DT outcome NN of IN our PRP$ leveraged VBN buyout NN is VBZ looking VBG very RB positive JJ . . Unlike IN most JJS of IN the DT other JJ retailers NNS mentioned VBN in IN the DT story NN , , Jos. NNP A. NNP Bank NNP Clothiers NNP Inc. NNP is VBZ not RB in IN serious JJ financial JJ problems NNS . . We PRP did VBD experience VB some DT difficulties NNS with IN the DT initial JJ LBO NNP terms NNS and CC , , as IN your PRP$ article NN made VBD clear JJ , , successfully RB restructured VBN our PRP$ debt NN earlier RBR this DT year NN , , something NN those DT other JJ retailers NNS have VBP yet RB to TO accomplish VB . . Your PRP$ were VBD on IN target NN regarding VBG industry NN problems NNS , , but CC wide JJ of IN the DT mark NN in IN portraying VBG the DT financial JJ health NN of IN this DT company NN . . Chairman NNP and CC CEO NNP Jos. NNP A. NNP Bank NNP Clothiers NNP Inc. NNP Owings NNP Mills NNP , , Md NNP . . Private JJ housing NN starts NNS in IN Japan NNP were VBD unchanged JJ in IN September NNP from IN a DT year NN earlier RB at IN 144,610 CD units NNS , , the DT Construction NNP Ministry NNP said VBD . . The DT flat JJ report NN followed VBD a DT four-month JJ string NN of IN declines NNS . . The DT down JJ trend NN was VBD partly RB the DT result NN of IN tighter JJR credit NN sparked VBN by IN a DT discount NN rate NN increase NN by IN the DT Bank NNP of IN Japan NNP in IN May NNP . . The DT central JJ bank NN also RB unexpectedly RB raised VBD the DT base NN rate NN by IN half PDT a DT percentage NN point NN to TO 3.75 CD % NN Oct. NNP 11 CD as IN part NN of IN an DT inflation-fighting JJ move NN that WDT indirectly RB increases VBZ interest NN rates NNS charged VBN on IN new JJ home NN construction NN loans NNS . . If IN there EX 's VBZ somethin' NN strange JJ in IN your PRP$ neighborhood NN ... : If IN there EX 's VBZ something NN ' '' weird JJ and CC it PRP do VBP n't RB look VB good JJ . . Who WP ya PRP gon VB na TO call VB ? . For IN starters NNS , , some DT people NNS call VBP Ed NNP and CC Lorraine NNP Warren NNP . . When WRB it PRP comes VBZ to TO busting VBG ghosts NNS , , the DT Monroe NNP , , Conn. NNP , , couple NN are VBP perfect JJ demons NNS . . They PRP claim VBP to TO have VB busted VBN spirits NNS , , poltergeists NNS and CC other JJ spooks NNS in IN hundreds NNS of IN houses NNS around IN the DT country NN . . They PRP say VBP they PRP now RB get VBP three CD or CC four CD `` `` legitimate JJ '' '' calls VBZ a DT week NN from IN people NNS harried VBN by IN haunts NNS . . `` `` I PRP firmly RB believe VBP in IN angels NNS , , devils NNS and CC ghosts NNS , , '' '' says VBZ Mr. NNP Warren NNP , , whose WP$ business NN card NN identifies VBZ him PRP as IN a DT `` `` demonologist NN . . '' '' If IN psychics NNS do VBP n't RB work VB , , but CC your PRP$ house NN still RB seems VBZ haunted VBN , , you PRP can MD call VB any DT one CD of IN a DT swelling VBG band NN of IN skeptics NNS such JJ as IN Richard NNP Busch NNP . . A DT professional JJ magician NN and CC musician NN , , he PRP heads VBZ the DT Pittsburgh NNP branch NN of IN the DT Committee NNP for IN the DT Scientific NNP Investigation NNP of IN the DT Paranormal NNP . . Mr. NNP Busch NNP says VBZ there EX is VBZ a DT scientific JJ explanation NN for IN all DT haunts NNS , , and CC he PRP can MD even RB tell VB you PRP how WRB to TO encourage VB the DT spirits NNS . . `` `` All DT you PRP have VBP to TO do VB is VBZ eat VB a DT big JJ pizza NN , , and CC then RB go VB to TO bed NN , , '' '' he PRP says VBZ . . `` `` You PRP 'll MD have VB weird JJ dreams NNS , , too RB . . '' '' Either CC way NN , , the DT ghostbusting NN business NN is VBZ going VBG like IN gangbusters NNS . . Tales NNS of IN haunts NNS and CC horrors NNS are VBP proliferating VBG beyond IN the DT nation NN 's POS Elm NNP Streets NNPS and CC Amityvilles NNPS . . `` `` I PRP get VBP calls NNS nearly RB every DT day NN from IN people NNS who WP have VBP ghosts NNS in IN their PRP$ house NN , , '' '' says VBZ Raymond NNP Hyman NNP , , a DT skeptical JJ psychology NN professor NN at IN the DT University NNP of IN Oregon NNP . . In IN a DT public JJ opinion NN poll NN published VBN in IN the DT October NNP issue NN of IN Parents NNP Magazine NNP , , a DT third JJ of IN those DT queried VBN said VBD they PRP believe VBP that IN ghosts NNS or CC spirits NNS make VBP themselves PRP known VBN to TO people NNS . . `` `` The DT movies NNS , , the DT books NNS , , the DT tabloids NNS -- : even RB Nancy NNP Reagan NNP is VBZ boosting VBG this DT stuff NN , , '' '' says VBZ Paul NNP Kurtz NNP , , a DT philosophy NN professor NN at IN the DT State NNP University NNP of IN New NNP York NNP at IN Buffalo NNP , , who WP heads VBZ the DT Committee NNP for IN the DT Scientific NNP Investigation NNP of IN the DT Paranormal NNP . . The DT committee NN , , formed VBN in IN 1967 CD , , now RB has VBZ 60 CD chapters NNS around IN the DT world NN . . The DT spirits NNS , , of IN course NN , , could MD hardly RB care VB less RBR whether CC people NNS do VBP or CC do VBP n't RB believe VB in IN them PRP . . They PRP do VBP n't RB even RB give VB a DT nod NN to TO human JJ sensibilities NNS by IN celebrating VBG Halloween NNP . . For IN the DT spooks NNS it PRP 's VBZ just RB another DT day NN of IN ectoplasmic JJ business NN as IN usual JJ , , ghostbusters NNS say VBP ; : the DT holiday NN seems VBZ to TO occasion VB no DT unusual JJ number NN of IN ghost NN reports NNS . . One CD of IN the DT busiest JJS ghostbusters NNS is VBZ Robert NNP Baker NNP , , a DT 68-year-old JJ semi-retired JJ University NNP of IN Kentucky NNP psychology NN professor NN whose WP$ bushy JJ gray JJ eyebrows NNS arch VBP at IN the DT mere JJ mention NN of IN a DT ghost NN . . Mr. NNP Baker NNP says VBZ he PRP has VBZ personally RB bested VBN more JJR than IN 50 CD haunts NNS , , from IN aliens NNS to TO poltergeists NNS . . Mr. NNP Baker NNP heads VBZ the DT Kentucky NNP Association NNP of IN Science NNP Educators NNP and CC Skeptics NNP . . Like IN Hollywood NNP 's POS Ghostbusters NNS , , Kentucky NNP 's POS stand VBP ready JJ to TO roll VB when WRB haunts NNS get VBP out IN of IN hand NN . . But CC they PRP do VBP n't RB careen VB around RP in IN an DT old JJ Cadillac NN , , wear VB funny JJ suits NNS or CC blast VB away RP at IN slimy JJ spirits NNS . . Mr. NNP Baker NNP drives VBZ a DT 1987 CD Chevy NNP and CC usually RB wears VBZ a DT tweed NN jacket NN on IN his PRP$ ghostbusting NN forays NNS . . `` `` I PRP 've VBP never RB met VBN a DT ghost NN that WDT could MD n't RB be VB explained VBN away RP by IN perfectly RB natural JJ means NNS , , '' '' he PRP says VBZ . . When WRB a DT Louisville NNP woman NN complained VBD that IN a DT ghost NN was VBD haunting VBG her PRP$ attic NN , , Mr. NNP Baker NNP discovered VBD a DT rat NN dragging VBG a DT trap NN across IN the DT rafters NNS . . A DT foul-smelling JJ demon NN supposedly RB plagued VBD a DT house NN in IN Mannington NNP , , Ky NNP . . Mr. NNP Baker NNP found VBD an DT opening NN under IN the DT house NN that WDT led VBD to TO a DT fume-filled JJ coal NN mine NN . . When WRB the DT weather NN cools VBZ , , Mr. NNP Baker NNP says VBZ , , hobos NNS often RB hole VBP up RP in IN abandoned VBN houses NNS . . `` `` People NNS see VBP activity NN in IN there RB , , and CC the DT next JJ thing NN you PRP know VBP , , you PRP 've VBP got VBN a DT haunting NN , , '' '' he PRP says VBZ . . On IN a DT recent JJ afternoon NN , , Mr. NNP Baker NNP and CC a DT reporter NN go VBP ghost-busting NN , , visiting VBG Kathleen NNP Stinnett NNP , , a DT Lexington NNP woman NN who WP has VBZ phoned VBN the DT University NNP of IN Kentucky NNP to TO report VB mysterious JJ happenings NNS in IN her PRP$ house NN . . Mrs. NNP Stinnett NNP says VBZ she PRP never RB believed VBD in IN ghosts NNS before RB , , but CC lately RB her PRP$ vacuum NN cleaner NN turned VBD itself PRP on RP , , a DT telephone NN flew VBD off IN its PRP$ stand NN , , doors NNS slammed VBD inexplicably RB , , and CC she PRP heard VBD footsteps NNS in IN her PRP$ empty JJ kitchen NN . . `` `` I PRP was VBD doing VBG the DT laundry NN and CC nearly RB broke VBD my PRP$ neck NN running VBG upstairs NN to TO see VB who WP was VBD there RB , , and CC it PRP was VBD nobody NN , , '' '' she PRP says VBZ , , eyes NNS wide JJ at IN the DT recollection NN . . Mr. NNP Baker NNP hears VBZ her PRP out RP , , pokes VBZ around RP a DT bit NN , , asks VBZ a DT few JJ questions NNS and CC proposes VBZ some DT explanations NNS . . Of IN the DT self-starting JJ vacuum NN cleaner JJR , , he PRP says VBZ : : `` `` Could MD be VB Cuddles NNP , , { ( Mrs. NNP Stinnett NNP 's POS dog NN } ) . . '' '' The DT flying VBG telephone NN : : `` `` You PRP tangle VBP the DT base NN cord NN around IN a DT chair NN leg NN , , and CC the DT receiver NN does VBZ seem VB to TO fly VB off RB . . '' '' The DT ghostly JJ footsteps NNS : : `` `` Interstate NNP 64 CD is VBZ a DT block NN away RB , , and CC heavy JJ traffic NN can MD sure RB set VB a DT house NN to TO vibrating VBG . . '' '' `` `` I PRP 'm VBP not RB sure RB he PRP 's POS explained VBD everything NN , , '' '' Mrs. NNP Stinnett NNP says VBZ grudgingly RB . . `` `` There EX are VBP some DT things NNS that WDT have VBP gone VBN on RP here RB that IN nobody NN can MD explain VB , , '' '' she PRP says VBZ . . Mr. NNP Baker NNP promises VBZ to TO return VB if IN the DT haunting NN continues VBZ . . For IN especially RB stubborn JJ haunts NNS , , Mr. NNP Baker NNP carries VBZ a DT secret JJ weapon NN , , a DT vial NN of IN cornstarch NN . . `` `` I PRP tell VBP people NNS it PRP 's VBZ the DT groundup JJ bones NNS of IN saints NNS , , '' '' he PRP says VBZ . . `` `` I PRP sprinkle VBP a DT little JJ around RP and CC tell VBP the DT demons NNS to TO leave VB . . It PRP 's VBZ reassuring VBG , , and CC it PRP usually RB works VBZ . . '' '' Oregon NNP 's POS Mr. NNP Hyman NNP has VBZ investigated VBN claims NNS of IN flying VBG cats NNS , , apparitions NNS and CC bouncing VBG chandeliers NNS and CC has VBZ come VBN up RP with IN a DT plausible JJ explanation NN , , he PRP says VBZ , , for IN every DT one CD . . `` `` Invariably RB , , '' '' he PRP says VBZ , , `` `` eyewitnesses NNS are VBP untrustworthy JJ . . '' '' Two CD years NNS ago RB , , a DT Canadian JJ reader NN bet VBD Omni NNP Magazine NNP $ $ 1,000 CD that IN it PRP could MD n't RB debunk VB the DT uncanny JJ goings-on NNS in IN `` `` the DT Oregon NNP Vortex NNP , , '' '' a DT former JJ Indian JJ burial NN ground NN in IN southern JJ Oregon NNP . . To TO viewers NNS from IN a DT distance NN , , visitors NNS to TO the DT spot NN seemed VBD to TO shrink VB disproportionately RB , , relative JJ to TO the DT background NN . . The DT magazine NN called VBN in RP Mr. NNP Hyman NNP as IN a DT consultant NN . . He PRP showed VBD up RP with IN a DT carpenter NN 's POS level NN , , carefully RB measured VBN every DT surface NN and CC showed VBD how WRB the DT apparent JJ shrinkage NN was VBD caused VBN by IN the DT perspective NN . . `` `` A DT very RB striking JJ illusion NN , , '' '' Mr. NNP Hyman NNP says VBZ now RB , , his PRP$ voice NN dripping VBG with IN skepticism NN , , `` `` but CC an DT illusion NN nevertheless RB . . '' '' The DT Canadian NN wound VBD up RP writing VBG a DT check NN . . The DT Rev. NNP Alphonsus NNP Trabold NNP , , a DT theology NN professor NN and CC exorcism NN expert NN at IN St. NNP Bonaventure NNP University NNP in IN Olean NNP , , N.Y. NNP , , frequently RB is VBZ asked VBN to TO exorcise VB unruly JJ spirits NNS , , and CC he PRP often RB obliges VBZ . . `` `` On IN certain JJ occasions NNS a DT spirit NN could MD be VB earthbound JJ and CC make VB itself PRP known VBN , , '' '' he PRP says VBZ . . `` `` It PRP happens VBZ . . '' '' Father NNP Trabold NNP often RB uses VBZ what WP he PRP calls VBZ `` `` a DT therapeutic JJ exorcism NN '' '' : : a DT few JJ prayers NNS and CC an DT admonition NN to TO the DT spirit NN to TO leave VB . . `` `` If IN the DT person NN believes VBZ there EX 's VBZ an DT evil JJ spirit NN , , you PRP ask VBP it PRP to TO be VB gone VBN , , '' '' he PRP says VBZ . . `` `` The DT suggestion NN itself PRP may MD do VB the DT healing NN . . '' '' But CC sometimes RB more RBR energetic JJ attacks NNS are VBP required VBN . . To TO wrestle VB with IN a DT demon NN in IN a DT house NN owned VBN by IN a DT Litchfield NNP , , Conn. NNP , , woman NN , , the DT Warrens NNS recently RB called VBD in RP an DT exorcist NN , , the DT Rev. NNP Robert NNP McKenna NNP , , a DT dissident JJ clergyman NN who WP hews VBZ to TO the DT Catholic NNP Church NNP 's POS old JJ Latin NNP liturgy NN . . I PRP attend VBP , , and CC so RB does VBZ a DT television NN crew NN from IN New NNP York NNP City NNP . . Mr. NNP Warren NNP pronounces VBZ the DT Litchfield NNP case NN `` `` your PRP$ typical JJ demonic JJ infestation NN . . '' '' A DT Scottish JJ dwarf NN built VBD the DT small JJ red JJ house NN 110 CD years NNS ago RB and CC now RB his PRP$ demonic JJ ghost NN haunts VBZ it PRP , , Mr. NNP Warren NNP says VBZ . . The DT owner NN , , who WP begs VBZ anonymity NN , , asserts VBZ that IN the DT dwarf NN , , appearing VBG as IN a DT dark JJ shadow NN , , has VBZ manhandled VBN her PRP , , tossing VBG her PRP around IN the DT living NN room NN and CC yanking VBG out RP a DT hank NN of IN hair NN . . Two CD previous JJ exorcisms NNS have VBP failed VBN . . `` `` This DT is VBZ a DT very RB tenacious JJ ghost NN , , '' '' Mr. NNP Warren NNP says VBZ darkly RB . . Father NNP McKenna NNP moves VBZ through IN the DT house NN praying VBG in IN Latin NNP , , urging VBG the DT demon NN to TO split VB . . Suddenly RB the DT woman NN begins VBZ swaying VBG and CC then RB writhing VBG . . `` `` She PRP 's VBZ being VBG attacked VBN by IN the DT demon NN , , '' '' Mrs. NNP Warren NNP stagewhispers VBZ as IN the DT priest NN sprinkles VBZ holy JJ water NN over IN the DT squirming VBG woman NN , , and CC the DT television NN camera NN grinds VBZ . . A DT half-hour NN later RB , , the DT woman NN is VBZ smiling VBG and CC chatting VBG ; : the DT demon NN seems VBZ to TO have VB gone VBN . . But CC Mr. NNP Warren NNP says VBZ the DT woman NN has VBZ `` `` psychic JJ burns NNS '' '' on IN her PRP$ back NN from IN the DT confrontation NN . . She PRP declines VBZ to TO show VB them PRP . . `` `` This DT was VBD an DT invisible JJ , , powerful JJ force NN that WDT 's VBZ almost RB impossible JJ for IN a DT layman NN to TO contemplate VB , , '' '' Mr. NNP Warren NNP says VBZ solemnly RB as IN the DT ghostbusting NN entourage NN packs VBZ up RP to TO leave VB . . `` `` This DT time NN though IN , , '' '' he PRP says VBZ , , `` `` I PRP think VBP we PRP got VBD it PRP . . '' '' Lyrics NNS from IN `` `` Ghostbusters NNP '' '' by IN Ray NNP S. NNP Parker NNP Jr. NNP 1984 CD by IN Golden NNP Torch NNP Music NNP Corp. NNP ( ( ASCAP NNP ) ) and CC Raydiola NNP Music NNP ( ( ASCAP NNP ) ) . . All DT administrative JJ rights NNS for IN the DT U.S. NNP jointly RB controlled VBN by IN both DT companies NNS . . International JJ copyright NN secured VBN . . Made VBN in IN USA NNP . . All DT rights NNS Reserved VBN . . Reprinted VBN by IN permission NN . . BROKERAGE NN HIRING NN languishes VBZ amid IN market NN turmoil NN . . But CC survivors NNS earn VBP more JJR . . Shearson NNP Lehman NNP Hutton NNP Inc. NNP counts VBZ under JJ 39,000 CD workers NNS , , down RB 100 CD from IN the DT start NN of IN the DT year NN and CC off IN 8,500 CD from IN after IN its PRP$ merger NN and CC the DT market NN collapse NN two CD years NNS ago RB . . Another DT major JJ firm NN has VBZ cut VBN 6,000 CD workers NNS , , 13 CD % NN of IN its PRP$ staff NN , , since IN Black NNP Monday NNP . . The DT Bureau NNP of IN Labor NNP Statistics NNP says VBZ securities NNS firms NNS in IN New NNP York NNP City NNP alone RB have VBP slashed VBN 17,000 CD jobs NNS from IN the DT December NNP 1987 CD peak NN of IN 163,000 CD . . Average JJ annual JJ earnings NNS of IN those DT who WP have VBP hung VBN on RP , , though RB , , surged VBD to TO $ $ 78,625 CD last JJ year NN from IN $ $ 69,553 CD in IN 1987 CD . . Any DT hiring VBG is VBZ confined VBN to TO retail JJ sales NNS . . Illinois NNP Company NNP Investments NNP had VBD been VBN trimming VBG its PRP$ ranks NNS until IN last JJ summer NN . . But CC then RB it PRP was VBD acquired VBN by IN Household NNP International NNP Inc NNP . . Now RB it PRP offers VBZ richer JJR commissions NNS to TO lure VB a DT broker NN a DT week NN . . Interstate\/Johnson NNP Lane NNP Inc. NNP this DT year NN adds VBZ 70 CD people NNS -- : 60 CD of IN them PRP in IN retail NN -- : to TO its PRP$ 1,300-member JJ staff NN . . A.G. NNP Edwards NNP & CC Sons NNP runs VBZ training NN classes NNS and CC looks VBZ for IN experienced JJ brokers NNS . . `` `` We PRP 're VBP always RB going VBG to TO hire VB someone NN we PRP consider VBP to TO be VB a DT winner NN , , '' '' an DT Edwards NNP official NN says VBZ . . SKILLED JJ WORKERS NNS aplenty JJ are VBP available JJ to TO cope VB with IN earthquake NN damage NN . . `` `` I PRP do VBP n't RB foresee VB any DT shortages NNS over IN the DT next JJ few JJ months NNS , , '' '' says VBZ Ken NNP Allen NNP , , an DT official NN of IN Operating NNP Engineers NNP Local NNP 3 CD in IN San NNP Francisco NNP . . Ironically RB , , `` `` up IN until IN the DT quake NN , , we PRP desperately RB tried VBD to TO fill VB jobs NNS , , '' '' especially RB for IN crane NN and CC bulldozer NN operators NNS . . But CC the DT Oct. NNP 17 CD temblor NN put VBD a DT halt NN to TO much JJ nonessential JJ building NN , , and CC heavy JJ rains NNS last JJ week NN slowed VBD the DT rest NN , , freeing VBG construction NN workers NNS for IN earthquake NN repairs NNS . . The DT supply NN of IN experienced VBN civil JJ engineers NNS , , though RB , , is VBZ tighter JJR . . In IN recent JJ months NNS , , California NNP 's POS Transportation NNP Department NNP has VBZ been VBN recruiting VBG in IN Pennsylvania NNP , , Arizona NNP and CC Texas NNP for IN engineers NNS experienced VBN in IN road NN and CC bridge NN design NN . . But CC , , with IN the DT state NN offering VBG only RB $ $ 39,000 CD a DT year NN and CC California NNP 's POS high JJ standard NN of IN living NN , , `` `` there EX are VBP n't RB too RB many JJ to TO choose VB from IN , , '' '' says VBZ Brent NNP Scott NNP , , a DT recruiting NN officer NN . . He PRP says VBZ the DT department NN now RB has VBZ 75 CD openings NNS and CC wants VBZ to TO hire VB 625 CD civil JJ engineers NNS over IN the DT next JJ 15 CD months NNS . . THE DT IRS NNP may MD taketh VB what WP the DT Labor NNP Department NNP giveth VBZ . . But CC stay VB tuned VBN . . Employee-benefit JJ specialists NNS drew VBD a DT collective JJ sigh NN of IN relief NN in IN early JJ October NNP when WRB the DT Labor NNP Department NNP backed VBD away RB from IN a DT proposal NN that IN companies NNS let VB former JJ employees NNS and CC beneficiaries NNS -- : along IN with IN active JJ workers NNS -- : borrow VB against IN balances NNS in IN 401 CD ( ( k NN ) ) and CC similar JJ savings NNS plans NNS . . In IN an DT advisory JJ letter NN , , the DT department NN said VBD that IN , , starting VBG Oct. NNP 18 CD , , loans NNS could MD be VB limited VBN to TO `` `` parties NNS in IN interest NN , , '' '' which WDT generally RB means VBZ active JJ workers NNS but CC also RB includes VBZ retirees NNS who WP continue VBP as IN directors NNS and CC 10 CD % NN shareholders NNS . . Now RB comes VBZ word NN that IN IRS NNP regulations NNS being VBG drafted VBN could MD put VB companies NNS in IN violation NN of IN the DT tax NN code NN if IN they PRP make VBP loans NNS to TO retiree NN shareholders NNS and CC directors NNS but CC do VBP n't RB make VB them PRP available JJ to TO other JJ former JJ workers NNS who WP usually RB earned VBD less JJR . . The DT IRS NNP says VBZ the DT question NN wo MD n't RB be VB settled VBN until IN the DT regulations NNS are VBP issued VBN `` `` shortly RB . . '' '' But CC violation NN could MD bring VB substantial JJ tax NN penalties NNS to TO both DT employer NN and CC employees NNS . . `` `` It PRP 's VBZ a DT severe JJ case NN of IN regulatory JJ whiplash NN , , '' '' complains VBZ Henry NNP Saveth NNP of IN consultant NN A. NNP Foster NNP Higgins NNP & CC Co NNP . . Frederick NNP Rumack NNP of IN Buck NNP Consultants NNP has VBZ asked VBN Labor NNP to TO recraft VB its PRP$ rule NN to TO remove VB the DT IRS NNP threat NN . . CORPORATE JJ DOWNSIZING NN digs VBZ deeper JJR . . Outplacement NN consultant NN Right NNP Associates NNP says VBZ the DT average JJ pay NN of IN its PRP$ clients NNS fell VBD to TO $ $ 66,743 CD last JJ year NN from IN $ $ 70,765 CD in IN 1987 CD ; : severance JJ pay NN dropped VBD to TO 25 CD weeks NNS from IN 29 CD . . Both DT reflect VBP the DT dismissal NN of IN lower-level JJ and CC shorter-tenure JJ executives NNS . . FIRST RB TEACH VB THYSELF PRP . . Executives NNS universally RB believe VBP workers NNS should MD know VB their PRP$ employer-sponsored JJ benefits NNS . . But CC three CD out IN of IN four CD managers NNS ca MD n't RB accurately RB state VBP the DT value NN of IN their PRP$ own JJ packages NNS , , consultant NN Noble NNP Lowndes NNP says VBZ . . MEA NNP CULPA NNP . . Fully RB 62 CD % NN of IN the DT doctors NNS surveyed VBN for IN Metropolitan NNP Life NNP Insurance NNP Co. NNP think VBP their PRP$ fellow JJ physicians NNS are VBP responsible JJ for IN rising JJ health-care NN costs NNS , , ahead RB of IN hospitals NNS ( ( 55 CD % NN ) ) and CC patients NNS ( ( 48 CD % NN ) ) . . NO RB , , YOU PRP WORK VBP ! . Only RB one CD in IN four CD companies NNS with IN flexible JJ benefit NN plans NNS lets VBZ workers NNS buy VB or CC sell VB vacation NN days NNS , , consultant NN Towers NNP Perrin NNP says VBZ . . Employees NNS like VBP the DT option NN but CC firms NNS say VBP it PRP 's VBZ too RB tough JJ to TO run VB . . STUDENTS NNS SHUN VBP burger NN flipping VBG for IN jobs NNS tied VBN to TO careers NNS . . Some DT even RB study VBP . . `` `` Fast-food NN jobs NNS are VBP n't RB popular JJ no DT matter NN what WP they PRP pay VBP , , '' '' says VBZ a DT Tufts NNP official NN . . Working JJ students NNS , , she PRP explains VBZ , , want VBP `` `` some DT satisfaction NN . . '' '' University NNP of IN Michigan NNP students NNS look VBP for IN jobs NNS related VBN to TO planned VBN careers NNS . . Carnegie NNP Mellon NNP , , though RB , , says VBZ some DT students NNS conclude VBP they PRP can MD help VB their PRP$ careers NNS most RBS by IN hitting VBG the DT books NNS : : `` `` They PRP 're VBP opting VBG to TO build VB their PRP$ resumes NNS through IN good JJ grades NNS and CC leadership NN roles NNS in IN fraternities NNS . . '' '' Slowing JJ economies NNS in IN some DT areas NNS limit VBP student NN choice NN . . Student NN job NN postings NNS at IN Boston NNP University NNP slip VBP 10 CD % NN this DT year NN following VBG a DT 10 CD % NN drop NN in IN 1988 CD . . Still RB , , the DT school NN says VBZ there EX are VBP an DT ample JJ number NN and CC pay NN is VBZ up IN to TO $ $ 7.20 CD an DT hour NN from IN $ $ 6.90 CD last JJ year NN . . M.B.A. NNP candidates NNS at IN the DT University NNP of IN Pittsburgh NNP earn VBP up IN to TO $ $ 15 CD an DT hour NN on IN marketing NN or CC computer NN projects NNS . . THE DT CHECKOFF NN : : Fiery JJ ambition NN : : Hyatt NNP Corp. NNP hires VBZ a DT University NNP of IN Wyoming NNP graduate NN with IN degrees NNS in IN geology NN and CC petroleum NN engineering NN for IN $ $ 7.50 CD an DT hour NN to TO tend VB wood NN fires NNS at IN a DT Colorado NNP ski NN resort NN ... : . . Is VBZ somebody NN telling VBG us PRP something NN ? . Our PRP$ copy NN of IN Racine NNP ( ( Wis NNP . . ) ) Labor NN comes VBZ through IN the DT mail NN wrapped VBN around IN two CD sections NNS of IN Baseball NNP Card NNP News NNP . . Democracy NN is VBZ making VBG a DT return NN with IN a DT vengeance NN to TO Latin NNP America NNP 's POS most RBS populous JJ and CC deeply RB indebted JJ country NN . . On IN Nov. NNP 15 CD , , when WRB Brazilians NNS elect VBP a DT president NN for IN the DT first JJ time NN in IN 29 CD years NNS , , the DT country NN 's POS 82 CD million CD voters NNS will MD have VB 22 CD candidates NNS to TO choose VB from IN . . The DT candidates NNS have VBP been VBN crisscrossing VBG this DT huge JJ country NN of IN 145 CD million CD people NNS , , holding VBG rallies NNS and CC televised VBN debates NNS in IN hope NN of IN being VBG elected VBN to TO what WP must MD be VB one CD of IN the DT world NN 's POS most RBS thankless JJ political JJ jobs NNS : : trying VBG to TO drag VB Brazil NNP out IN of IN its PRP$ economic JJ and CC social JJ mess NN . . `` `` I PRP feel VBP sorry RB for IN whoever WP wins VBZ , , '' '' says VBZ a DT Brazilian JJ diplomat NN . . Who WP that DT winner NN will MD be VB is VBZ highly RB uncertain JJ . . A DT half-dozen JJ candidates NNS , , backing VBG policies NNS ranging VBG from IN Thatcherism NNP to TO watered-down JJ Marxism NNP , , are VBP given VBN a DT chance NN of IN winning VBG . . `` `` Whoever WP says VBZ he PRP knows VBZ which WDT of IN the DT six CD will MD win VB is VBZ out IN of IN his PRP$ mind NN , , '' '' says VBZ Antonio NNP Britto NNP , , a DT centrist JJ member NN of IN Parliament NNP . . The DT favorite NN remains VBZ Fernando NNP Collor NNP de IN Mello NNP , , a DT 40-year-old JJ former JJ governor NN of IN the DT state NN of IN Alagoas NNP . . He PRP came VBD out IN of IN nowhere RB to TO grab VB the DT lead NN in IN opinion NN polls NNS , , probably RB less RBR because RB of IN his PRP$ vague JJ program NN to TO `` `` build VB a DT new JJ Brazil NNP '' '' than IN because IN of IN his PRP$ good JJ looks NNS , , the DT open JJ backing NN of IN the DT powerful JJ Rede NNP Globo NNP television NN network NN and CC his PRP$ reputation NN as IN a DT hunter NN of IN `` `` maharajahs NNS , , '' '' or CC overpaid VBN and CC underworked JJ civil JJ servants NNS . . But CC after RB building VBG up RP a DT commanding JJ lead NN , , the DT moderate JJ to TO conservative JJ Mr. NNP Collor NNP has VBZ slipped VBN to TO about RB 30 CD % NN in IN the DT polls NNS from IN a DT high NN of IN about RB 43 CD % NN only RB a DT few JJ weeks NNS ago RB . . To TO avoid VB a DT runoff NN , , one CD candidate NN would MD have VB to TO win VB 50 CD % NN of IN the DT vote NN -- : a DT feat NN that IN most JJS analysts NNS consider VBP impossible JJ with IN so RB many JJ candidates NNS running VBG . . Two CD left-wing JJ politicians NNS , , Socialist NNP Leonel NNP Brizola NNP , , a DT former JJ governor NN of IN Rio NNP de IN Janeiro NNP state NN , , and CC Marxist-leaning NNP Luis NNP Inacio NNP da NN Silva NN , , currently RB are VBP running VBG neck NN and CC neck NN at IN about RB 15 CD % NN , , and CC three CD other JJ candidates NNS are VBP given VBN a DT chance NN of IN reaching VBG the DT Dec. NN 17 CD runoff NN election NN between IN the DT two CD biggest JJS vote-getters NNS : : Social NNP Democrat NNP Mario NNP Covas NNP and CC two CD conservatives NNS , , Paulo NNP Salim NNP Maluf NNP , , a DT former JJ governor NN of IN the DT state NN of IN Sao NNP Paulo NNP , , and CC Guilherme NNP Afif NNP Domingos NNP . . The DT uncertainty NN is VBZ sending VBG shivers NNS through IN Brazilian JJ financial JJ markets NNS . . The DT dollar NN , , the DT best JJS indicator NN of IN the DT country NN 's POS mood NN , , has VBZ skyrocketed VBN on IN the DT parallel JJ market NN , , as IN has VBZ gold NN . . Capital NN flight NN is VBZ reported VBN to TO be VB strong JJ . . The DT big JJ question NN is VBZ whether IN the DT new JJ president NN will MD have VB the DT strength NN and CC the DT political JJ support NN in IN Congress NNP to TO take VB steps NNS to TO cure VB Brazil NNP 's POS economic JJ ills NNS . . President NNP Jose NNP Sarney NNP , , who WP took VBD office NN in IN 1985 CD when WRB the DT man NN picked VBN by IN an DT electoral JJ college NN became VBD critically RB ill RB , , appears VBZ to TO be VB simply RB trying VBG to TO avoid VB hyperinflation NN . . The DT unpopular JJ Mr. NNP Sarney NNP , , whose WP$ task NN was VBD to TO bring VB about RP a DT smooth JJ transition NN to TO democracy NN after IN 21 CD years NNS of IN military JJ rule NN , , is VBZ n't RB seeking VBG re-election NN . . What WP comes VBZ out IN of IN the DT ballot NN box NN could MD be VB crucial JJ in IN determining VBG whether IN Brazil NNP finally RB lives VBZ up RP to TO the DT potential NN of IN the DT world NN 's POS eighth JJ largest JJS economy NN or CC keeps VBZ living VBG up RP to TO its PRP$ other JJ , , less RBR enviable JJ title NN : : that DT of IN the DT developing JJ world NN 's POS largest JJS debtor NN , , teetering VBG on IN the DT brink NN of IN hyperinflation NN , , mired VBN in IN deficits NNS and CC stagnation NN , , with IN huge JJ economic JJ inequalities NNS and CC social JJ discontent NN boiling VBG under IN the DT surface NN . . If IN Brazil NNP devises VBZ an DT economic JJ strategy NN allowing VBG it PRP to TO resume VB growth NN and CC service VB debt NN , , this DT could MD lead VB it PRP to TO open VB up RP and CC deregulate VB its PRP$ sheltered JJ economy NN , , analysts NNS say VBP , , just RB as IN Argentinian JJ President NNP Carlos NNP Saul NNP Menem NNP has VBZ been VBN doing VBG even RB though IN he PRP was VBD elected VBN on IN a DT populist JJ platform NN . . `` `` Depending VBG on IN the DT president NN , , we PRP could MD either RB be VB a DT trillion-dollar JJ economy NN by IN the DT end NN of IN the DT century NN or CC stay VB where WRB we PRP are VBP , , '' '' says VBZ political JJ scientist NN Amaury NNP de IN Souza NNP . . `` `` And CC where WRB we PRP are VBP is VBZ bad JJ . . '' '' Despite IN valiant JJ efforts NNS by IN Finance NNP Minister NNP Mailson NNP Ferreira NNP da NNP Nobrega NNP , , inflation NN came VBD to TO 36 CD % NN in IN September NNP alone RB and CC is VBZ expected VBN to TO top VB 1,000 CD % NN for IN the DT year NN . . That DT might MD have VB been VBN considered VBN hyperinflation NN not RB long RB ago RB , , but CC Argentina NNP endured VBD price NN increases NNS of IN almost RB 200 CD % NN in IN July NNP before IN bringing VBG the DT rate NN down RP sharply RB in IN August NNP and CC September NNP . . Still RB , , massive JJ internal JJ debt NN has VBZ forced VBN the DT government NN to TO borrow VB massively RB on IN the DT domestic JJ market NN and CC to TO offer VB inflation-adjusted JJ returns NNS of IN 2 CD % NN to TO 3 CD % NN a DT month NN just RB to TO get VB investors NNS to TO hold VB on RP to TO its PRP$ paper NN . . About RB $ $ 70 CD billion CD is VBZ estimated VBN to TO be VB tied VBN up RP in IN the DT short-term JJ money NN market NN , , which WDT acts VBZ both DT as IN a DT hedge NN against IN inflation NN for IN consumers NNS and CC an DT accelerator NN of IN inflation NN and CC deficits NNS for IN the DT government NN . . By IN some DT estimates NNS , , Brazil NNP 's POS internal JJ debt NN , , or CC combined VBN public JJ deficit NN , , could MD reach VB 6.5 CD % NN of IN its PRP$ $ $ 351 CD billion CD gross JJ domestic JJ product NN . . Much RB of IN the DT money NN goes VBZ into IN subsidies NNS or CC keeping VBG inefficient JJ state-controlled JJ companies NNS operating VBG . . Among IN the DT results NNS is VBZ a DT frequent JJ breakdown NN of IN public JJ services NNS . . It PRP 's VBZ not RB uncommon JJ to TO wait VB three CD minutes NNS for IN a DT dial NN tone NN after IN picking VBG up RP the DT telephone NN , , and CC then RB to TO be VB interrupted VBN by IN a DT busy JJ signal NN before IN finishing VBG dialing VBG the DT number NN . . Officials NNS also RB say VBP a DT national JJ electricity NN shortage NN might MD not RB be VB far RB off RP . . Economists NNS , , businessmen NNS and CC some DT politicians NNS agree VBP that IN the DT answer NN is VBZ an DT orthodox JJ economic JJ austerity NN program NN including VBG reduced VBN state NN spending NN ; : focusing VBG spending NN on IN vital JJ areas NNS such JJ as IN education NN , , health NN and CC welfare NN ; : turning VBG state NN companies NNS private JJ ; : reforming VBG the DT tax NN system NN , , raising VBG public JJ service NN rates NNS to TO match VB costs NNS ; : and CC possibly RB a DT temporary JJ wage NN and CC price NN freeze NN and CC a DT devaluation NN of IN the DT cruzado NN . . Analysts NNS also RB say VBP it PRP 's VBZ inevitable JJ that IN Brazil NNP will MD seek VB to TO renegotiate VB its PRP$ $ $ 115 CD billion CD foreign JJ debt NN , , on IN which WDT it PRP suspended VBD interest NN payments NNS last JJ month NN . . Analysts NNS say VBP , , however RB , , that IN a DT tough JJ economic JJ program NN would MD have VB to TO be VB accompanied VBN by IN measures NNS to TO shield VB the DT poor JJ from IN its PRP$ recessionary JJ effects NNS , , for IN instance NN by IN subsidizing VBG staple JJ food NN items NNS . . About RB 80 CD % NN of IN Brazil NNP 's POS voters NNS are VBP believed VBN to TO live VB near IN the DT poverty NN level NN . . Of IN the DT three CD candidates NNS with IN a DT serious JJ chance NN of IN winning VBG , , Mr. NNP Collor NNP comes VBZ closest JJS to TO advocating VBG the DT sort NN of IN measures NNS that IN economists NNS say VBP are VBP necessary JJ . . But CC his PRP$ inexperience NN raises VBZ doubts NNS that IN he PRP would MD have VB the DT political JJ power NN to TO carry VB them PRP out RP . . The DT 67-year-old JJ Mr. NNP Brizola NNP has VBZ been VBN vague JJ about IN his PRP$ intentions NNS and CC often RB inflammatory JJ in IN his PRP$ rhetoric NN , , but CC analysts NNS say VBP he PRP probably RB would MD be VB pragmatic JJ . . Mr. NNP da NNP Silva NNP , , a DT 43-year-old JJ former JJ factory NN worker NN and CC labor NN leader NN , , is VBZ the DT most RBS radical JJ , , vowing VBG to TO withhold VB payments NNS on IN the DT foreign JJ debt NN and CC saying VBG he PRP `` `` would MD n't RB go VB around RP putting VBG the DT country NN up RP for IN sale NN to TO the DT highest JJS bidder NN . . '' '' But CC despite IN the DT differences NNS in IN what WP they PRP say VBP , , according VBG to TO some DT analysts NNS here RB , , economic JJ constraints NNS mean VBP the DT next JJ president NN may MD not RB have VB many JJ choices NNS about IN what WP he PRP does VBZ . . Hospital NN Regulation NN Sparks VBZ Kentucky NNP Feud NN WHICH WDT IS VBZ the DT best JJS medicine NN for IN runaway JJ health NN costs NNS : : competition NN or CC regulation NN ? . The DT question NN is VBZ at IN the DT root NN of IN a DT brawl NN between IN Humana NNP Inc. NNP , , the DT big JJ for-profit JJ hospital NN and CC insurance NN company NN , , and CC its PRP$ not-for-profit JJ brethren NNS in IN its PRP$ home NN state NN of IN Kentucky NNP . . The DT battle NN focuses VBZ on IN the DT state NN 's POS certificate-of-need NN law NN , , which WDT regulates VBZ investment NN in IN new JJ medical JJ technology NN . . The DT law NN has VBZ prevented VBN $ $ 216 CD million CD of IN unnecessary JJ expenditures NNS since IN 1986 CD , , according VBG to TO William NNP S. NNP Conn NNP , , president NN of IN the DT Kentucky NNP Hospital NNP Association NNP . . But CC according VBG to TO David NNP Jones NNP , , Humana NNP 's POS chief JJ executive NN , , it PRP promotes VBZ technology NN monopolies NNS , , stifles VBZ innovation NN and CC raises VBZ prices NNS . . If IN the DT Legislature NNP does VBZ n't RB repeal VB the DT law NN , , due JJ for IN revision NN in IN 1990 CD , , Mr. NNP Jones NNP says VBZ Humana NNP may MD move VB its PRP$ insurance NN operations NNS , , including VBG 3,000 CD jobs NNS in IN Louisville NNP , , to TO another DT state NN . . The DT company NN complains VBZ that IN it PRP paid VBD $ $ 10 CD million CD to TO non-Humana JJ hospitals NNS in IN its PRP$ latest JJS fiscal JJ year NN for IN services NNS provided VBN to TO its PRP$ insurance NN plan NN members NNS . . But CC Humana NNP says VBZ its PRP$ own JJ facilities NNS could MD serve VB its PRP$ insured VBN for IN less JJR if IN they PRP were VBD properly RB equipped VBN . . Mr. NNP Conn NNP charges VBZ that IN Humana NNP 's POS own JJ actions NNS undermine VBP its PRP$ argument NN . . When WRB a DT hospital NN in IN Lexington NNP installed VBD a DT lithotripter NN last JJ year NN , , demand NN for IN a DT similar JJ kidney-stone NN smashing NN machine NN at IN a DT Humana NNP hospital NN in IN Louisville NNP fell VBD 34 CD % NN . . The DT Humana NNP hospital NN responded VBD by IN jacking VBG up RP prices NNS to TO make VB up RP for IN lost VBN revenue NN , , Mr. NNP Conn NNP says VBZ , , and CC now RB charges VBZ as RB much JJ as IN $ $ 8,000 CD for IN the DT procedure NN , , which WDT costs VBZ only RB about RB $ $ 3,500 CD in IN Lexington NNP . . Humana NNP contends VBZ that IN $ $ 8,000 CD represents VBZ an DT extreme JJ case NN and CC that IN its PRP$ regular JJ charge NN for IN lithotripsy NN is VBZ $ $ 4,900 CD . . Meanwhile RB , , another DT hospital NN 's POS proposal NN for IN a DT new-generation NN lithotripter NN is VBZ pending VBG before IN the DT board NN that WDT administers VBZ the DT certificate-of-need NN law NN . . Humana NNP , , which WDT wants VBZ to TO acquire VB one CD of IN the DT new JJ machines NNS itself PRP , , is VBZ on IN the DT record NN as IN opposed VBN to TO the DT proposal NN . . Debt-Burdened JJ Doctors NNS Seek VBP Financial JJ Security NN HEALTH-CARE NN experts NNS have VBP long RB worried VBN that IN young JJ doctors NNS emerging VBG from IN medical JJ school NN with IN a DT mountain NN of IN debt NN will MD choose VB careers NNS in IN high-paying JJ specialties NNS instead RB of IN primary JJ care NN , , where WRB more JJR physicians NNS are VBP needed VBN most RBS . . Now RB there EX 's VBZ a DT new JJ wrinkle NN in IN what WP young JJ doctors NNS want VBP : : More JJR than IN half NN of IN 300 CD residents NNS responding VBG to TO recent JJ survey NN said VBD they PRP 'd MD prefer VB a DT guaranteed VBN salary NN over IN traditional JJ fee-for-service JJ compensation NN in IN their PRP$ first JJ professional JJ position NN . . And CC 81 CD % NN preferred VBD a DT group NN practice NN or CC health NN maintenance NN organization NN , , while IN just RB 11 CD % NN favored VBD solo NN practice NN . . `` `` Ten CD years NNS ago RB , , a DT physician NN would MD go VB to TO a DT town NN and CC take VB out RP a DT loan NN ( ( to TO start VB a DT practice NN ) ) , , '' '' says VBZ James NNP Merritt NNP , , president NN of IN Merritt NNP , , Hawkins NNP & CC Associates NNP , , an DT Irvine NNP , , Calif. NNP , , physician NN recruiter NN that WDT conducted VBD the DT survey NN . . `` `` They PRP wo MD n't RB do VB that DT very RB often RB today NN at IN all DT . . They PRP 're VBP looking VBG for IN something NN that WDT 's VBZ very RB safe JJ . . '' '' The DT numbers NNS behind IN such JJ fears NNS : : The DT average JJ debt NN of IN medical JJ school NN graduates NNS who WP borrowed VBD to TO pay VB for IN their PRP$ education NN jumped VBD 10 CD % NN to TO $ $ 42,374 CD this DT year NN from IN $ $ 38,489 CD in IN 1988 CD , , says VBZ the DT Association NNP of IN American NNP Medical NNP Colleges NNP . . That DT 's VBZ 115 CD % NN more JJR than IN in IN 1981 CD . . Money NN is VBZ n't RB the DT only JJ reason NN for IN the DT shift NN in IN practice NN preferences NNS . . It PRP reflects VBZ values NNS of IN a DT generation NN that WDT wants VBZ more JJR time NN for IN families NNS and CC personal JJ interests NNS , , says VBZ John NNP H. NNP Moxley NNP III NNP , , who WP directs VBZ physician-executive JJ searches NNS for IN Korn\/Ferry NNP International NNP . . `` `` This DT is VBZ a DT change NN in IN the DT social JJ fabric NN of IN medicine NN , , '' '' he PRP says VBZ . . Related JJ Roommates NNS Trim VBP Hospital NN Bills NNS WHEN WRB Catherine NNP Bobar NNP spent VBD several JJ weeks NNS at IN the DT Medical NNP Center NNP of IN Vermont NNP recently RB with IN a DT bone NN infection NN in IN her PRP$ toe NN , , she PRP shared VBD a DT room NN just RB like IN most JJS patients NNS . . But CC unlike IN most JJS patients NNS , , her PRP$ roommate NN was VBD her PRP$ husband NN . . `` `` It PRP was VBD certainly RB good JJ to TO have VB him PRP handy JJ , , '' '' Mrs. NNP Bobar NNP says VBZ . . The DT 12-bed JJ `` `` cooperative JJ care NN '' '' unit NN is VBZ one CD of IN about RB 18 CD nationwide JJ where WRB a DT family NN member NN or CC friend NN helps VBZ care VB for IN a DT patient NN in IN the DT hospital NN . . `` `` The DT philosophy NN is VBZ to TO make VB the DT patient NN and CC the DT family NN very RB responsible JJ for IN a DT portion NN of IN their PRP$ own JJ care NN , , '' '' says VBZ Anthony NNP J. NNP Grieco NNP , , medical JJ director NN of IN cooperative JJ care NN at IN New NNP York NNP University NNP Medical NNP Center NNP , , where WRB the DT concept NN began VBD 10 CD years NNS ago RB . . `` `` It PRP helps VBZ us PRP , , and CC them PRP , , while IN they PRP 're VBP here RB , , and CC it PRP certainly RB makes VBZ them PRP a DT better JJR health-care NN team NN when WRB they PRP get VBP home NN . . '' '' It PRP also RB saves VBZ money NN . . Because IN patients NNS require VBP less JJR attention NN from IN nurses NNS and CC other JJ staff NN , , room NN charges NNS are VBP lower JJR -- : about RB $ $ 100 CD less JJR per IN day NN than IN a DT regular JJ room NN at IN the DT Vermont NNP hospital NN . . Cancer NN patients NNS needing VBG prolonged JJ radiation NN therapy NN , , diabetics NNS learning VBG to TO manage VB their PRP$ blood NN sugar NN levels NNS , , and CC cardiac JJ bypass NN patients NNS are VBP among IN those DT who WP spend VBP time NN on IN cooperative-care JJ units NNS . . The DT approach NN has VBZ generated VBN so RB much JJ interest NN that IN NYU NNP is VBZ host NN to TO the DT first JJ conference NN on IN cooperative JJ care NN Nov. NNP 30 CD . . `` `` It PRP 's VBZ really RB part NN of IN the DT hospital NN of IN the DT 21st JJ century NN , , '' '' Dr. NNP Grieco NNP says VBZ . . Odds NNS and CC Ends NNS THE DT CHIEF JJ NURSING NN officer NN can MD be VB responsible JJ for IN more JJR than IN 1,000 CD employees NNS and CC at IN least JJS one-third JJ of IN a DT hospital NN 's POS budget NN ; : a DT head NN nurse NN typically RB oversees VBZ up IN to TO 80 CD employees NNS and CC $ $ 8 CD million CD . . So RB says VBZ the DT Commonwealth NNP Fund NNP , , a DT New NNP York NNP philanthropist NN that WDT 's VBZ sponsoring VBG a DT $ $ 1 CD million CD project NN to TO develop VB joint JJ masters NNS in IN business NN and CC nursing NN programs NNS at IN 10 CD universities NNS ... : . . Meharry NNP Medical NNP College NNP in IN Nashville NNP , , Tenn. NNP , , launches VBZ a DT new JJ research NN publication NN in IN the DT spring NN : : the DT Journal NNP on IN Health NNP Care NNP for IN the DT Poor NNP and CC Underserved NNP . . A DT group NN of IN Michigan NNP investors NNS has VBZ offered VBN to TO buy VB Knight-Ridder NNP Inc. NNP 's POS ailing VBG Detroit NNP Free NNP Press NNP for IN $ $ 68 CD million CD but CC has VBZ left VBN unclear JJ how WRB the DT offer NN will MD be VB financed VBN . . The DT offer NN came VBD just RB prior RB to TO arguments NNS before IN the DT U.S. NNP Supreme NNP Court NNP over IN whether IN the DT Free NNP Press NNP should MD be VB allowed VBN to TO enter VB into IN a DT joint JJ operating NN pact NN with IN Gannett NNP Co. NNP 's POS Detroit NNP News NNP . . The DT group NN led VBD by IN Birmingham NNP , , Mich. NNP , , publicist NN William NNP D. NNP McMaster NNP did VBD n't RB name VB an DT investment NN banker NN backing VBG the DT deal NN or CC say VB how WRB much JJ its PRP$ members NNS will MD contribute VB to TO the DT offer NN . . Indeed UH , , some DT individuals NNS identified VBN with IN the DT group NN said VBD they PRP have VBP n't RB committed VBN any DT money NN to TO the DT bid NN and CC were VBD n't RB aware JJ of IN it PRP until IN they PRP heard VBD about IN it PRP in IN local JJ news NN accounts NNS over IN the DT weekend NN . . Knight-Ridder NNP would MD n't RB comment VB on IN the DT offer NN . . The DT company NN has VBZ said VBD the DT paper NN is VBZ n't RB for IN sale NN , , and CC has VBZ rebuffed VBN Mr. NNP McMaster NNP 's POS earlier JJR requests NNS for IN access NN to TO Free NNP Press NNP financial JJ statements NNS . . In IN his PRP$ letter NN to TO Knight-Ridder NNP President NNP James NNP K. NNP Batten NNP , , Mr. NNP McMaster NNP said VBD he PRP arrived VBD at IN the DT $ $ 68 CD million CD figure NN using VBG Knight-Ridder NNP 's POS corporate JJ financial JJ statements NNS and CC comments NNS by IN Knight-Ridder NNP officials NNS that IN the DT Free NNP Press NNP has VBZ a DT $ $ 50 CD million CD value NN in IN salvage NN . . But CC in IN an DT interview NN , , Mr. NNP McMaster NNP said VBD he PRP and CC his PRP$ investment NN banker NN would MD need VB access NN to TO full JJ financial JJ records NNS before IN firming VBG up RP the DT offer NN . . Mitsui NNP & CC Co. NNP said VBD it PRP started VBD a DT joint JJ venture NN with IN Dae NNP Woong NNP Chemical NNP Co. NNP , , a DT major JJ pharmaceutical JJ manufacturer NN in IN South NNP Korea NNP , , to TO manufacture VB antibiotic JJ medicines NNS . . The DT new JJ company NN is VBZ capitalized VBN at IN about RB $ $ 3.5 CD million CD . . Mitsui NNS expects VBZ the DT antibiotic JJ products NNS to TO be VB exported VBN to TO Southeast NNP Asia NNP and CC Africa NNP . . It PRP also RB hopes VBZ to TO enter VB the DT U.S. NNP market NN . . NRM NNP Energy NNP Co. NNP said VBD it PRP filed VBD materials NNS with IN the DT Securities NNP and CC Exchange NNP Commission NNP calling VBG for IN it PRP to TO restructure VB into IN a DT corporation NN from IN a DT limited VBN partnership NN . . The DT partnership NN said VBD it PRP is VBZ proposing VBG the DT change NN largely RB because IN the DT provisions NNS of IN its PRP$ senior JJ notes NNS restrict VBP it PRP from IN making VBG distributions NNS on IN its PRP$ units NNS outstanding JJ . . NRM NNP suspended VBD its PRP$ common JJ distribution NN in IN June NNP 1988 CD and CC the DT distribution NN on IN its PRP$ $ $ 2 CD cumulative JJ convertible JJ acquisition NN preferred VBN units NNS in IN September NNP . . However RB , , unpaid JJ distributions NNS on IN the DT acquisition NN preferred VBN are VBP cumulative JJ and CC would MD total VB $ $ 23 CD million CD a DT year NN , , hurting VBG NRM NNP 's POS financial JJ flexibility NN and CC its PRP$ ability NN to TO raise VB capital NN , , NRM NNP said VBD . . In IN following VBG several JJ other JJ oil NN and CC gas NN partnerships NNS that WDT have VBP made VBN the DT conversion NN to TO a DT corporation NN in IN the DT last JJ year NN , , NRM NNP also RB noted VBD that IN tax NN advantages NNS for IN partnerships NNS have VBP diminished VBN under IN new JJ tax NN laws NNS and CC said VBD it PRP would MD save VB $ $ 2 CD million CD a DT year NN in IN administrative JJ costs NNS from IN the DT change NN . . Under IN the DT plan NN , , NRM NNP said VBD holders NNS of IN its PRP$ common JJ units NNS will MD receive VB one CD share NN of IN new JJ common JJ stock NN in IN Edisto NNP Resources NNP Corp. NNP for IN every DT 14.97 CD common JJ units NNS owned VBN . . Holders NNS of IN NRM NNP 's POS $ $ 2 CD cumulative JJ convertible JJ acquisition NN preferred VBD units NNS will MD receive VB one CD new JJ common JJ share NN in IN Edisto NNP for IN every DT 1.342 CD units NNS they PRP own VBP . . After IN the DT transaction NN , , current JJ common JJ unitholders NNS will MD own VB about RB 21.3 CD % NN of IN Edisto NNP , , current JJ acquisition NN preferred VBD holders NNS will MD own VB 72.3 CD % NN , , and CC current JJ stockholders NNS of IN Edisto NNP will MD own VB about RB 6.4 CD % NN , , about RB the DT same JJ stake NN as IN Edisto NNP owns VBZ now RB in IN NRM NNP . . Edisto NNP currently RB is VBZ the DT general JJ partner NN of IN NRM NNP . . As IN the DT largest JJS holder NN of IN acquisition NN preferred VBG units NNS , , Mesa NNP Limited NNP Partnership NNP would MD own VB about RB 28 CD % NN of IN Edisto NNP after IN the DT transaction NN . . As IN part NN of IN the DT transaction NN , , Edisto NNP agreed VBD to TO give VB Mesa NNP , , an DT Amarillo NNP , , Texas NNP , , oil NN and CC gas NN partnership NN managed VBN by IN T. NNP Boone NNP Pickens NNP Jr. NNP , , a DT seat NN on IN its PRP$ board NN . . NRM NNP said VBD its PRP$ $ $ 2.60 CD senior JJ cumulative JJ convertible JJ preferred VBN units NNS will MD be VB converted VBN into IN an DT equal JJ number NN of IN shares NNS of IN $ $ 2.60 CD senior JJ cumulative JJ convertible NN preferred VBD stock NN of IN Edisto NNP . . The DT transaction NN is VBZ subject JJ to TO approval NN of IN NRM NNP unitholders NNS of IN record NN on IN Oct. NNP 23 CD , , among IN other JJ conditions NNS . . NRM NNP said VBD it PRP expects VBZ unitholders NNS to TO vote VB on IN the DT restructuring NN at IN a DT meeting NN Dec. NNP 15 CD . . Sherwin-Williams NNP Co. NNP and CC Whittaker NNP Corp. NNP said VBD they PRP 've VBP discontinued VBN talks NNS toward IN a DT definitive JJ agreement NN regarding VBG Sherwin-Williams NNP ' POS acquisition NN of IN Whittaker NNP 's POS chemical NN coating NN group NN . . The DT companies NNS reached VBD an DT agreement NN in IN principle NN for IN the DT sale NN in IN August NNP . . Terms NNS were VBD n't RB disclosed VBN . . Cleveland-based JJ Sherwin-Williams NNP produces VBZ paints NNS and CC coatings NNS , , while IN the DT Los NNP Angeles-based JJ Whittaker NNP coatings NNS group NN produces VBZ industrial JJ coatings NNS . . USG NNP Corp. NNP agreed VBD to TO sell VB its PRP$ headquarters NNS building NN here RB to TO Manufacturers NNP Life NNP Insurance NNP Co. NNP of IN Toronto NNP , , and CC will MD lease VB the DT 19-story JJ facility NN until IN it PRP moves VBZ to TO a DT new JJ quarters NNS in IN 1992 CD . . The DT building-materials NNS concern NN did VBD n't RB disclose VB terms NNS of IN the DT sale NN , , which WDT will MD close VB in IN the DT first JJ quarter NN of IN next JJ year NN . . Proceeds NNS from IN the DT planned VBN sale NN of IN the DT 250,000-square-foot JJ building NN `` `` will MD help VB reduce VB the DT debt NN incurred VBN as IN a DT result NN of IN our PRP$ July NNP 1988 CD recapitalization NN , , '' '' said VBD a DT USG NNP official NN . . The DT recently RB revived VBN enthusiasm NN among IN small JJ investors NNS for IN stock NN mutual JJ funds NNS has VBZ been VBN damped VBN by IN a DT jittery JJ stock NN market NN and CC the DT tumult NN over IN program NN trading NN . . After IN hitting VBG two-year JJ highs NNS this DT summer NN , , net JJ sales NNS of IN stock NN funds NNS slowed VBD in IN September NNP , , according VBG to TO the DT Investment NNP Company NNP Institute NNP , , a DT trade NN group NN . . The DT sales NNS recovery NN screeched VBD to TO a DT halt NN this DT month NN , , some DT analysts NNS say VBP . . `` `` Confidence NN was VBD starting VBG to TO come VB back RB because IN we PRP did VBD n't RB have VB wildly RB volatile JJ days NNS , , '' '' says VBZ Tyler NNP Jenks NNP , , research NN director NN for IN Kanon NNP Bloch NNP Carre NNP & CC Co. NNP , , a DT Boston NNP research NN firm NN . . `` `` Now RB everything NN '' '' -- : such JJ as IN program NN trading NN and CC wide JJ stock NN market NN swings NNS -- : `` `` that IN everyone NN had VBD pushed VBN back RB in IN their PRP$ consciousness NN is VBZ just RB sitting VBG right RB there RB . . '' '' Net JJ sales NNS of IN stock NN funds NNS in IN September NNP totaled VBD $ $ 839.4 CD million CD , , down RB from IN $ $ 1.1 CD billion CD in IN August NNP , , the DT institute NN said VBD . . But CC if IN reinvested VBN dividends NNS are VBP excluded VBN , , investors NNS put VBD in RB only RB $ $ 340 CD million CD more JJR than IN they PRP pulled VBD out RP for IN the DT month NN . . October NNP 's POS numbers NNS , , which WDT wo MD n't RB be VB released VBN for IN a DT month NN , , are VBP down RB further RB , , mutual JJ fund NN executives NNS say VBP . . Investors NNS in IN stock NN funds NNS did VBD n't RB panic VB the DT weekend NN after IN mid-October JJ 's POS 190-point NN market NN plunge NN . . Most JJS of IN the DT those DT who WP left VBD stock NN funds NNS simply RB switched VBD into IN money NN market NN funds NNS . . And CC some DT fund NN groups NNS said VBD investors NNS actually RB became VBD net JJ buyers NNS . . But CC the DT stock NN market NN swings NNS have VBP continued VBN . . The DT recent JJ outcry NN over IN program NN trading NN will MD cast VB a DT pall NN over IN the DT stock-fund NN environment NN in IN the DT coming JJ months NNS , , some DT analysts NNS say VBP . . `` `` The DT public NN is VBZ very RB close RB to TO having VBG had VBD it PRP , , '' '' Mr. NNP Jenks NNP says VBZ . . Investors NNS pulled VBD back RP from IN bond NN funds NNS in IN September NNP , , too RB . . Net JJ sales NNS of IN bond NN funds NNS for IN the DT month NN totaled VBD $ $ 1.1 CD billion CD , , down RB two-thirds NNS from IN $ $ 3.1 CD billion CD in IN August NNP . . The DT major JJ reason NN : : heavy NN outflows NNS from IN high-risk JJ , , high-yield JJ junk NN bond NN funds NNS . . Big JJ withdrawals NNS from IN the DT junk NN funds NNS have VBP continued VBN this DT month NN . . Overall JJ , , net JJ sales NNS of IN all DT mutual JJ funds NNS , , excluding VBG money NN market NN funds NNS , , fell VBD to TO $ $ 1.9 CD billion CD in IN September NNP from IN $ $ 4.2 CD billion CD in IN August NNP , , the DT trade NN group NN said VBD . . `` `` Small JJ net JJ inflows NNS into IN stock NN and CC bond NN funds NNS were VBD offset VBN by IN slight JJ declines NNS in IN the DT value NN of IN mutual JJ fund NN stock NN and CC bond NN portfolios NNS '' '' stemming VBG from IN falling VBG prices NNS , , said VBD Jacob NNP Dreyer NNP , , the DT institute NN 's POS chief JJ economist NN . . Many JJ small JJ investors NNS went VBD for IN the DT safety NN of IN money NN market NN funds NNS . . Assets NNS of IN these DT and CC other JJ short-term JJ funds NNS surged VBD more RBR than IN $ $ 5 CD billion CD in IN September NNP , , the DT institute NN said VBD . . Analysts NNS say VBP additional JJ investors NNS transferred VBD their PRP$ assets NNS into IN money NN funds NNS this DT month NN . . At IN Fidelity NNP Investments NNP , , the DT nation NN 's POS largest JJS fund NN group NN , , money NN funds NNS continue VBP to TO draw VB the DT most JJS business NN , , says VBZ Michael NNP Hines NNP , , vice NN president NN , , marketing NN . . In IN October NNP , , net JJ sales NNS of IN stock NN funds NNS at IN Fidelity NNP dropped VBD sharply RB , , Mr. NNP Hines NNP said VBD . . But CC he PRP emphasized VBD that IN new JJ accounts NNS , , new JJ sales NNS , , inquiries NNS and CC subsequent JJ sales NNS of IN stock NN funds NNS are VBP all DT up RB this DT month NN from IN September NNP 's POS level NN . . Investor NN interest NN in IN stock NN funds NNS `` `` has VBZ n't RB stalled VBN at IN all DT , , '' '' Mr. NNP Hines NNP maintains VBZ . . He PRP notes VBZ that IN most JJS of IN the DT net JJ sales NNS drop NN stemmed VBD from IN a DT three-day JJ period NN following VBG the DT Friday NNP the DT 13th JJ plunge NN . . `` `` If IN that DT follows VBZ through RP next JJ month NN , , then RB it PRP will MD be VB a DT different JJ story NN , , '' '' he PRP says VBZ . . But CC , , Mr. NNP Hines NNP adds VBZ , , sales NNS `` `` based VBN on IN a DT few JJ days NNS ' POS events NNS do VBP n't RB tell VB you PRP much JJ about IN October NNP 's POS trends NNS . . '' '' One CD trend NN that WDT continues VBZ is VBZ growth NN in IN the DT money NN invested VBN in IN funds NNS . . Buoyed VBN by IN the DT continued VBN inflows NNS into IN money NN funds NNS , , assets NNS of IN all DT mutual JJ funds NNS swelled VBD to TO a DT record NN $ $ 953.8 CD billion CD in IN September NNP , , up RB fractionally RB from IN $ $ 949.3 CD billion CD in IN August NNP . . Stock-fund NN managers NNS , , meantime RB , , went VBD into IN October NNP with IN less JJR cash NN on IN hand NN than IN they PRP held VBD earlier RBR this DT year NN . . These DT managers NNS held VBD 9.8 CD % NN of IN assets NNS in IN cash NN at IN the DT end NN of IN September NNP , , down RB from IN 10.2 CD % NN in IN August NNP and CC 10.6 CD % NN in IN September NNP 1988 CD . . Large JJ cash NN positions NNS help VBP buffer VB funds NNS from IN market NN declines NNS but CC can MD cut VB down RP on IN gains NNS in IN rising VBG markets NNS . . Managers NNS of IN junk NN funds NNS were VBD bolstering VBG their PRP$ cash NN hoards NNS after IN the DT September NNP cash NN crunch NN at IN Campeau NNP Corp NNP . . Junk-portfolio NN managers NNS raised VBD their PRP$ cash NN position NN to TO 9.4 CD % NN of IN assets NNS in IN September NNP from IN 8.3 CD % NN in IN August NNP . . In IN September NNP 1988 CD , , that DT level NN was VBD 9.5 CD % NN . . Investors NNS in IN all DT funds NNS will MD seek VB safety NN in IN the DT coming JJ months NNS , , some DT analysts NNS say VBP . . Among IN stock NN funds NNS , , the DT conservative JJ growth-and-income JJ portfolios NNS probably RB will MD remain VB popular JJ , , fund NN specialists NNS say VBP . . `` `` There EX will MD be VB a DT continuation NN and CC possibly RB greater JJR focus NN on IN conservative JJ equity NN funds NNS , , at IN the DT expense NN of IN growth NN and CC aggressive JJ growth NN funds NNS , , '' '' says VBZ Avi NNP Nachmany NNP , , an DT analyst NN at IN Strategic NNP Insight NNP , , a DT New NNP York NNP fund-research JJ concern NN . . Secretary NNP of IN State NNP Baker NNP , , we PRP read VBP , , decided VBD to TO kill VB a DT speech NN that IN Robert NNP Gates NNP , , deputy JJ national JJ security NN adviser NN and CC a DT career NN Soviet NNP expert NN , , was VBD going VBG to TO give VB to TO a DT student NN colloquium NN , , the DT National NNP Collegiate NNP Security NNP Conference NNP . . We PRP keep VBP wondering VBG what WP Mr. NNP Gates NNP wanted VBD to TO say VB . . Perhaps RB he PRP might MD have VB cited VBN Mr. NNP Gorbachev NNP 's POS need NN for IN `` `` a DT stable JJ currency NN , , free JJ and CC competitive JJ markets NNS , , private JJ property NN and CC real JJ prices NNS '' '' and CC other JJ pie-in-the-sky NN reforms NNS . . Perhaps RB he PRP 'd MD have VB called VBD for IN `` `` a DT decentralized VBN political JJ and CC economic JJ system NN '' '' without IN a DT dominant JJ communist JJ party NN . . Or CC political JJ arrangements NNS `` `` to TO alleviate VB the DT grievances NNS and CC demands NNS of IN Soviet NNP ethnic JJ minorities NNS and CC republics NNS . . '' '' Why WRB , , a DT Bob NNP Gates NNP might MD even RB have VB said VBD , , `` `` Nor CC are VBP Soviet NNP problems NNS susceptible JJ to TO rescue NN from IN abroad RB through IN abundant JJ Western JJ credits NNS . . '' '' If IN Mr. NNP Gates NNP had VBD been VBN allowed VBN to TO say VB these DT things NNS , , we PRP would MD now RB be VB hearing VBG about IN `` `` discord NN '' '' and CC `` `` disarray NN '' '' on IN foreign JJ policy NN . . Dark JJ hints NNS would MD be VB raised VBN that IN parts NNS of IN the DT administration NN hope VBP Mr. NNP Gorbachev NNP would MD fail VB , , just RB as IN they PRP were VBD when WRB Vice NNP President NNP Quayle NNP voiced VBD similar JJ sentiments NNS . . It PRP 's VBZ somehow RB OK JJ for IN Secretary NNP Baker NNP himself PRP , , however RB , , to TO say VB all DT the DT same JJ things NNS . . In IN fact NN , , he PRP did VBD ; : the DT quotes NNS above RB are VBP from IN Mr. NNP Baker NNP 's POS speech NN of IN two CD weeks NNS ago RB . . So RB far RB as IN we PRP can MD see VB , , there EX is VBZ no DT disagreement NN among IN Mr. NNP Baker NNP , , Mr. NNP Quayle NNP , , the DT Mr. NNP Gates NNP we PRP 've VBP read VBN , , or CC for IN that DT matter NN President NNP Bush NNP . . They PRP all DT understand VBP point NN one CD : : Nothing NN the DT U.S. NNP can MD do VB will MD make VB much JJ difference NN in IN whether IN Mr. NNP Gorbachev NNP succeeds VBZ with IN perestroika FW . . Perhaps RB Mr. NNP Gates NNP would MD emphasize VB more RBR than IN Mr. NNP Baker NNP the DT many JJ hurdles NNS the DT Soviet JJ leader NN must MD leap VB if IN he PRP is VBZ going VBG to TO succeed VB . . But CC everyone NN agrees VBZ that IN Mr. NNP Gorbachev NNP 's POS problems NNS result VBP from IN the DT failure NN of IN his PRP$ own JJ system NN . . They PRP can MD be VB relieved VBN only RB by IN changing VBG that DT system NN , , not RB by IN pouring VBG Western JJ money NN into IN it PRP . . GATT NNP membership NN will MD not RB matter VB to TO Donbas NNP coal NN miners NNS short JJ of IN soap NN , , nor CC will MD a DT START NNP treaty NN make VBP any DT difference NN to TO Ukrainian JJ nationalists NNS . . On IN the DT other JJ hand NN , , so RB long RB as IN Mr. NNP Gorbachev NNP is VBZ easing VBG his PRP$ grip NN on IN his PRP$ empire NN , , everyone NN we PRP 've VBP heard VBN agrees VBZ that IN the DT U.S. NNP can MD benefit VB by IN engaging VBG him PRP . . If IN a DT deal NN can MD be VB made VBN to TO cut VB the DT world NN 's POS Ortegas NNPS loose RB from IN Moscow NNP , , why WRB not RB ? . We PRP do VBP n't RB expect VB much JJ good NN from IN nuclear-arms NNS control NN , , but CC conventional-arms NNS talks NNS might MD demilitarize VB Eastern NNP Europe NNP . . There EX 's VBZ nothing NN in IN the DT least JJS contradictory NN in IN all DT this DT , , and CC it PRP would MD be VB nice JJ to TO think VB that IN Washington NNP could MD tolerate VB a DT reasonably RB sophisticated JJ , , complex JJ view NN . . Yet RB much JJ of IN the DT political JJ culture NN seems VBZ intent NN on IN castigating VBG the DT Bush NNP administration NN for IN not RB `` `` helping VBG '' '' Mr. NNP Gorbachev NNP . . So IN every DT time NN a DT Bush NNP official NN raises VBZ a DT doubt NN about IN Mr. NNP Gorbachev NNP , , the DT Washington NNP community NN shouts VBZ `` `` Cold NNP War NNP '' '' and CC `` `` timidity NN , , '' '' and CC an DT administration NN spokesman NN is VBZ quickly RB trotted VBN out RP to TO reply VB , , `` `` Mr. NNP Bush NNP wants VBZ perestroika FW to TO succeed VB . . '' '' Mr. NNP Baker NNP seems VBZ especially RB sensitive JJ to TO the DT Washington NNP ailment NN known VBN as IN Beltway-itis NN . . Its PRP$ symptoms NNS include VBP a DT cold JJ sweat NN at IN the DT sound NN of IN debate NN , , clammy JJ hands NNS in IN the DT face NN of IN congressional JJ criticism NN , , and CC fainting NN spells NNS when WRB someone NN writes VBZ the DT word NN `` `` controversy NN . . '' '' As IN one CD unidentified JJ official NN clearly RB in IN the DT late JJ stages NNS of IN the DT disease NN told VBD the DT Times NNP : : `` `` Baker NNP just RB felt VBD that IN there EX were VBD some DT lines NNS in IN the DT speech NN that WDT could MD be VB misinterpreted VBN and CC seized VBN by IN the DT press NN . . '' '' In IN short JJ , , the DT problem NN is VBZ not RB intra-administration JJ disagreement NN , , but CC preoccupation NN with IN the DT prospect NN that DT perestrokia NN might MD fail VB , , and CC its PRP$ political JJ opponents NNS will MD ask VB `` `` Who WP lost VBD Gorbachev NNP ? . '' '' Mr. NNP Baker NNP may MD want VB to TO avoid VB criticism NN from IN Senate NNP Majority NNP Leader NNP George NNP Mitchell NNP , , but CC as IN Secretary NNP of IN State NNP his PRP$ audience NN is VBZ the DT entire JJ Free JJ World NN , , not RB just RB Congress NNP . . In IN any DT case NN , , he PRP 's VBZ likely JJ to TO find VB that IN the DT more RBR he PRP muzzles VBZ his PRP$ colleagues NNS , , the DT more JJR leaks NNS will MD pop VB up RP all DT around IN Washington NNP , , a DT lesson NN once RB learned VBN by IN Henry NNP Kissinger NNP . . Letting VBG officials NNS express VB their PRP$ own JJ nuances NNS can MD be VB educational JJ . . We PRP note VBP that IN in IN Rome NNP yesterday NN Defense NNP Secretary NNP Cheney NNP said VBD that IN European JJ euphoria NN over IN Mr. NNP Gorbachev NNP is VBZ starting VBG to TO be VB tempered VBN by IN a DT recognition NN of IN `` `` the DT magnitude NN of IN the DT problems NNS he PRP was VBD trying VBG to TO deal VB with IN . . '' '' It PRP is VBZ in IN the DT Western JJ interest NN to TO see VB Mr. NNP Gorbachev NNP succeed VB . . The DT odds NNS are VBP against IN him PRP , , as IN he PRP himself PRP would MD no RB doubt VB tell VB you PRP . . The DT ultimate JJ outcome NN depends VBZ on IN what WP he PRP does VBZ , , not RB on IN what WP we PRP do VBP . . Even RB if IN the DT press NN is VBZ ready JJ to TO seize VB and CC misinterpret VB , , these DT are VBP not RB very RB complicated VBN thoughts NNS . . Surely RB there EX is VBZ someone NN in IN the DT administration NN , , maybe RB Bob NNP Gates NNP , , who WP could MD explain VB them PRP to TO college NN students NNS , , or CC even RB schoolchildren NNS . . Vernon NNP E. NNP Jordan NNP was VBD elected VBN to TO the DT board NN of IN this DT transportation NN services NNS concern NN . . Mr. NNP Jordan NNP has VBZ served VBN as IN executive JJ director NN of IN the DT United NNP Negro NNP College NNP Fund NNP , , director NN of IN the DT Voter NNP Education NNP Project NNP of IN the DT Southern NNP Regional NNP Council NNP and CC attorney-consultant NN to TO the DT U.S. NNP Office NNP of IN Economic NNP Opportunity NNP . . His PRP$ election NN increases VBZ Ryder NNP 's POS board NN to TO 14 CD members NNS . . The DT American NNP Stock NNP Exchange NNP said VBD a DT seat NN was VBD sold VBN for IN $ $ 160,000 CD , , down RB $ $ 5,000 CD from IN the DT previous JJ sale NN last JJ Friday NNP . . Seats NNS are VBP currently RB quoted VBN at IN $ $ 151,000 CD , , bid VBN , , and CC $ $ 162,000 CD , , asked VBN . . Two CD gunmen NNS entered VBD a DT Maryland NNP restaurant NN , , ordered VBD two CD employees NNS to TO lie VB on IN the DT floor NN and CC shot VBD them PRP in IN the DT backs NNS of IN their PRP$ heads NNS . . The DT killers NNS fled VBD with IN less JJR than IN $ $ 100 CD . . Describing VBG this DT and CC other JJ grisly JJ killings NNS , , Sen. NNP Strom NNP Thurmond NNP ( ( R. NNP , , S.C NNP . . ) ) recently RB urged VBD fellow JJ lawmakers NNS to TO revive VB a DT broad JJ federal JJ death NN penalty NN . . `` `` The DT ultimate JJ punishment NN , , '' '' he PRP declared VBD , , `` `` will MD protect VB the DT law-abiding JJ from IN the DT vicious JJ , , cruel JJ individuals NNS who WP commit VBP these DT crimes NNS . . '' '' There EX 's VBZ just RB one CD problem NN : : The DT law NN that WDT Sen. NNP Thurmond NNP is VBZ pushing VBG would MD be VB irrelevant JJ in IN the DT case NN of IN the DT Maryland NNP restaurant NN murders NNS and CC almost RB all DT other JJ killings NNS . . Most JJS murders NNS are VBP state NN crimes NNS , , so IN any DT federal JJ capital-punishment NN law NN probably RB would MD turn VB out RP to TO be VB more JJR symbolism NN than IN substance NN . . Yet RB the DT bill NN is VBZ riding VBG high JJ on IN the DT furor NN over IN drug NN trafficking NN . . Senate NNP Republicans NNP , , after IN repeatedly RB failing VBG to TO attach VB death-penalty JJ amendments NNS to TO unrelated JJ legislation NN , , have VBP finally RB gotten VBN a DT full-blown JJ death-penalty NN bill NN through IN committee NN . . The DT Democratic JJ leadership NN agreed VBD to TO allow VB a DT floor NN vote NN on IN the DT issue NN before IN the DT end NN of IN the DT year NN -- : a DT debate NN certain JJ to TO focus VB on IN the DT alleged VBN racial JJ inequality NN of IN death NN sentencing NN . . Even RB some DT Democrats NNS concede VBP that IN there EX is VBZ probably RB a DT majority NN in IN the DT Senate NNP that WDT favors VBZ some DT kind NN of IN broad JJ capital-punishment NN measure NN . . The DT pending VBG bill NN , , introduced VBN by IN Mr. NNP Thurmond NNP , , would MD revive VB the DT long-dormant JJ federal JJ death-penalty NN laws NNS by IN instituting VBG legal JJ procedures NNS required VBN by IN the DT Supreme NNP Court NNP . . In IN 1972 CD , , the DT high JJ court NN swept VBD aside RB all DT capital-punishment NN laws NNS -- : federal JJ and CC state NN alike RB -- : as IN unconstitutional JJ . . But CC in IN 1976 CD , , the DT court NN permitted VBD resurrection NN of IN such JJ laws NNS , , if IN they PRP meet VBP certain JJ procedural JJ requirements NNS . . For IN instance NN , , juries NNS would MD have VB to TO consider VB specific JJ `` `` aggravating JJ '' '' and CC `` `` mitigating JJ '' '' factors NNS before IN deciding VBG whether IN to TO condemn VB someone NN to TO death NN . . Since IN that DT 1976 CD ruling NN , , 37 CD states NNS have VBP reintroduced VBN the DT death NN penalty NN . . But CC congressional JJ Democrats NNS have VBP blocked VBN the DT same JJ from IN occurring VBG at IN the DT federal JJ level NN , , with IN the DT exception NN of IN a DT 1988 CD law NN allowing VBG capital JJ punishment NN for IN certain JJ drug-related JJ homicides NNS . . The DT Thurmond NNP bill NN would MD establish VB a DT federally RB administered VBN death NN sentence NN for IN 23 CD crimes NNS , , most JJS of IN which WDT were VBD formerly RB punishable JJ by IN death NN under IN federal JJ statutes NNS that IN the DT Supreme NNP Court NNP invalidated VBD . . Among IN these DT crimes NNS are VBP murder NN on IN federal JJ land NN , , presidential JJ assassination NN and CC espionage NN . . The DT Thurmond NNP bill NN would MD also RB add VB five CD new JJ crimes NNS punishable JJ by IN death NN , , including VBG murder NN for IN hire NN . . ( ( Separately RB , , the DT Senate NNP last JJ week NN passed VBD a DT bill NN permitting VBG execution NN of IN terrorists NNS who WP kill VBP Americans NNS abroad RB . . ) ) Amid IN the DT swirl NN of IN punitive JJ rhetoric NN surrounding VBG the DT issue NN , , one CD critical JJ question NN involves VBZ whether IN a DT federal JJ death NN penalty NN , , on IN top NN of IN existing VBG state NN laws NNS , , would MD deter VB any DT would-be JJ criminals NNS . . For IN one CD thing NN , , it PRP 's VBZ unlikely JJ that IN many JJ people NNS would MD receive VB federal JJ death NN sentences NNS , , let VB alone RB be VB executed VBN . . Most JJS of IN the DT crimes NNS incorporated VBN in IN the DT Thurmond NNP bill NN are VBP exceedingly RB rare JJ -- : killing VBG a DT Supreme NNP Court NNP justice NN , , for IN instance NN , , or CC deliberately RB causing VBG a DT train NN wreck NN that WDT results VBZ in IN a DT death NN . . In IN fact NN , , only RB 28 CD defendants NNS would MD have VB been VBN eligible JJ for IN federal JJ death NN sentences NNS if IN the DT Thurmond NNP bill NN had VBD been VBN in IN effect NN in IN the DT past JJ three CD years NNS , , according VBG to TO a DT study NN by IN the DT Senate NNP Judiciary NNP Committee NNP 's POS Democratic JJ staff NN . . The DT last JJ federal JJ execution NN before IN the DT Supreme NNP Court NNP 's POS 1972 CD ruling NN banning VBG the DT death NN penalty NN took VBD place NN in IN 1963 CD , , meaning VBG that IN the DT federal JJ government NN did VBD n't RB exercise VB its PRP$ execution NN authority NN for IN eight CD years NNS . . `` `` In IN that DT sense NN , , the DT whole JJ debate NN is VBZ sort NN of IN a DT fraud NN , , '' '' argues VBZ a DT Democratic JJ Senate NNP staff NN member NN . . `` `` It PRP 's VBZ distracting VBG attention NN from IN serious JJ issues NNS , , like IN how WRB to TO make VB DEA NNP , , FBI NNP and CC Customs NNP work VB together RB '' '' on IN drug NN enforcement NN . . Republicans NNS acknowledge VBP that IN few JJ people NNS would MD be VB executed VBN under IN the DT Thurmond NNP bill NN , , but CC they PRP contend VBP that DT is VBZ n't RB the DT point NN . . `` `` Many JJ scholars NNS are VBP of IN the DT opinion NN that IN the DT mere JJ existence NN of IN the DT penalty NN deters VBZ many JJ people NNS from IN the DT commission NN of IN capital JJ crimes NNS , , '' '' says VBZ Sen. NNP Orrin NNP Hatch NNP ( ( R. NNP , , Utah NNP ) ) . . Executions NNS , , regardless RB of IN how WRB frequently RB they PRP occur VBP , , are VBP also RB `` `` proper JJ retribution NN '' '' for IN heinous JJ crimes NNS , , Mr. NNP Hatch NNP argues VBZ . . Thomas NNP Boyd NNP , , a DT senior JJ Justice NNP Department NNP official NN , , says VBZ the DT new JJ federal JJ drug-related JJ crimes NNS punishable JJ by IN death NN since IN last JJ November NNP may MD result VB in IN a DT jump NN in IN capital JJ sentences NNS , , though IN that DT has VBZ n't RB happened VBN so RB far RB . . In IN addition NN to TO resuscitating VBG the DT old JJ issue NN of IN whether IN death NN sentences NNS deter VBP criminals NNS , , this DT bill NN has VBZ made VBN race NN a DT major JJ part NN of IN the DT death-penalty NN debate NN . . Before IN the DT bill NN left VBD committee NN , , Sen. NNP Edward NNP Kennedy NNP ( ( D. NNP , , Mass NNP . . ) ) attached VBD an DT amendment NN that WDT would MD allow VB a DT defendant NN to TO escape VB from IN a DT death NN sentence NN in IN jurisdictions NNS shown VBN to TO have VB meted VBN out RP executions NNS in IN a DT racist NN manner NN . . The DT amendment NN prompted VBD an DT ironic JJ protest NN from IN Mr. NNP Thurmond NNP , , who WP complained VBD that IN it PRP would MD `` `` kill VB '' '' capital JJ punishment NN . . A DT large JJ number NN of IN studies NNS suggest VBP that IN state NN judges NNS and CC juries NNS have VBP imposed VBN the DT penalty NN in IN a DT racially RB discriminatory JJ fashion NN . . And CC the DT Kennedy NNP amendment NN would MD invade VB not RB only RB federal JJ but CC state NN sentencings NNS , , in IN two CD important JJ ways NNS . . It PRP would MD allow VB all DT defendants NNS to TO introduce VB statistical JJ evidence NN showing VBG racially RB disproportionate JJ application NN of IN the DT death NN penalty NN in IN the DT past NN . . And CC it PRP would MD shift VB the DT burden NN to TO prosecutors NNS to TO disprove VB that IN discrimination NN caused VBD any DT statistical JJ racial JJ disparities NNS . . `` `` That DT burden NN is VBZ very RB difficult JJ , , if IN not RB impossible JJ , , to TO meet VB , , '' '' says VBZ Mr. NNP Boyd NNP . . `` `` How WRB do VB you PRP prove VBP a DT negative NN ? . '' '' Since IN most JJS prosecutors NNS would MD n't RB be VB able JJ to TO demonstrate VB conclusively RB that IN racial JJ considerations NNS did VBD n't RB affect VB sentencing VBG , , executions NNS everywhere RB might MD come VB to TO a DT halt NN , , Mr. NNP Boyd NNP explains VBZ . . At IN least JJS 15 CD major JJ studies NNS purport VBP to TO show VB that IN particular JJ states NNS have VBP imposed VBN the DT death NN penalty NN disproportionately RB against IN killers NNS of IN whites NNS compared VBN with IN blacks NNS , , and CC against IN black JJ defendants NNS compared VBN with IN white JJ defendants NNS . . Conservatives NNS question VBP the DT validity NN of IN the DT studies NNS and CC note VBP that IN the DT Supreme NNP Court NNP ruled VBD in IN 1987 CD that IN such JJ research NN , , regardless RB of IN its PRP$ accuracy NN , , is VBZ n't RB relevant JJ to TO a DT constitutional JJ attack NN on IN a DT particular JJ death NN sentence NN . . The DT Kennedy NNP amendment NN would MD , , in IN effect NN , , legislate VB around IN the DT Supreme NNP Court NNP ruling NN . . Lawyers NNS would MD eagerly RB seize VB on IN the DT provision NN in IN their PRP$ death-penalty NN appeals NNS , , says VBZ Richard NNP Burr NNP , , director NN of IN the DT NAACP NNP Legal NNP Defense NNP and CC Educational NNP Fund NNP 's POS capital-punishment NN defense NN team NN . . Mr. NNP Kennedy NNP failed VBD to TO get VB his PRP$ amendment NN incorporated VBN into IN last JJ year NN 's POS anti-drug JJ legislation NN , , and CC it PRP will MD be VB severely RB attacked VBN on IN the DT Senate NNP floor NN this DT time NN around RP . . But CC if IN it PRP survives VBZ , , it PRP could MD prompt VB other JJ statutory JJ changes NNS , , according VBG to TO the DT Mr. NNP Burr NNP . . It PRP might MD force VB Congress NNP and CC the DT states NNS to TO narrow VB the DT death NN penalty NN only RB to TO convictions NNS shown VBN to TO be VB relatively RB free JJ of IN racial JJ imbalance NN -- : murders NNS by IN repeat NN offenders NNS who WP torture VBP their PRP$ victims NNS , , perhaps RB . . Narrowing VBG the DT penalty NN in IN this DT fashion NN would MD clearly RB reduce VB whatever WDT deterrent NN effect NN it PRP now RB has VBZ . . And CC that DT , , in IN turn NN , , would MD only RB strengthen VB the DT argument NN of IN those DT who WP oppose VBP execution NN under IN any DT circumstances NNS . . A DT state NN judge NN postponed VBD a DT decision NN on IN a DT move NN by IN holders NNS of IN Telerate NNP Inc. NNP to TO block VB the DT tender NN offer NN of IN Dow NNP Jones NNP & CC Co. NNP for IN the DT 33 CD % NN of IN Telerate NNP it PRP does VBZ n't RB already RB own VB . . Vice NNP Chancellor NNP Maurice NNP A. NNP Hartnett NNP III NNP of IN Delaware NNP 's POS Court NNP of IN Chancery NNP heard VBD arguments NNS for IN more JJR than IN two CD hours NNS here RB , , but CC he PRP made VBD no DT comment NN and CC asked VBD no DT questions NNS . . He PRP could MD rule VB as RB early RB as IN today NN on IN the DT motion NN seeking VBG a DT temporary JJ injunction NN against IN the DT Dow NNP Jones NNP offer NN . . Dow NNP Jones NNP has VBZ offered VBN to TO pay VB $ $ 18 CD a DT share NN , , or CC about RB $ $ 576 CD million CD , , for IN the DT remaining VBG Telerate NNP stake NN . . The DT offer NN will MD expire VB at IN 5 CD p.m. NN EST NNP on IN Nov. NNP 6 CD , , unless IN extended VBN again RB . . Robert NNP Kornreich NNP , , an DT attorney NN for IN the DT Telerate NNP holders NNS , , told VBD Judge NNP Hartnett NNP the DT Dow NNP Jones NNP offer NN is VBZ `` `` arrogant JJ '' '' and CC `` `` hostile JJ . . '' '' He PRP accused VBD Dow NNP Jones NNP of IN `` `` using VBG unfair JJ means NNS to TO obtain VB the DT stock NN at IN an DT unfair JJ price NN . . '' '' Michael NNP Rauch NNP , , an DT attorney NN for IN Dow NNP Jones NNP , , defended VBD the DT offer NN as IN adequate JJ , , based VBN on IN what WP the DT company NN considers VBZ realistic JJ projections NNS of IN Telerate NNP 's POS revenue NN growth NN , , in IN the DT range NN of IN 12 CD % NN . . He PRP also RB contended VBD that IN the DT plaintiffs NNS failed VBD to TO cite VB any DT legal JJ authority NN that WDT would MD justify VB such JJ an DT injunction NN . . Telerate NNP provides VBZ information NN about IN financial JJ markets NNS through IN an DT electronic JJ network NN . . Dow NNP Jones NNP publishes VBZ The DT Wall NNP Street NNP Journal NNP , , Barron NNP 's POS magazine NN , , other JJ periodicals NNS and CC community NN newspapers NNS and CC operates VBZ electronic JJ business NN information NN services NNS . . Japan NNP 's POS exports NNS of IN cars NNS , , trucks NNS and CC buses NNS declined VBD 2.4 CD % NN to TO 535,322 CD units NNS in IN September NNP from IN a DT year NN earlier RB , , the DT Japan NNP Automobile NNP Manufacturers NNP Association NNP said VBD . . The DT association NN attributed VBD the DT drop NN to TO a DT trend NN among IN auto NN makers NNS to TO move VB manufacturing NN operations NNS overseas RB . . With IN the DT exception NN of IN August NNP , , when WRB exports NNS rose VBD 2.1 CD % NN , , exports NNS have VBP declined VBN every DT month NN from IN year-earlier JJ levels NNS since IN March NNP . . Lone NNP Star NNP Technologies NNP Inc. NNP said VBD its PRP$ Lone NNP Star NNP Steel NNP Co. NNP unit NN sued VBD it PRP in IN federal JJ court NN here RB , , seeking VBG to TO recover VB an DT intercompany NN receivable NN valued VBN at IN a DT minimum NN of IN $ $ 23 CD million CD . . The DT lawsuit NN was VBD filed VBN by IN Lone NNP Star NNP Steel NNP 's POS unsecured JJ creditors NNS ' POS committee NN on IN behalf NN of IN Lone NNP Star NNP Steel NNP , , which WDT has VBZ been VBN operating VBG under IN Chapter NNP 11 CD of IN the DT federal JJ Bankruptcy NNP Code NNP since IN June NNP 30 CD . . Lone NNP Star NNP Technologies NNP said VBD it PRP and CC its PRP$ subsidiary NN 's POS creditors NNS agree VBP that IN the DT parent NN company NN owes VBZ the DT unit NN money NN , , but CC they PRP have VBP n't RB been VBN able JJ to TO reach VB agreement NN on IN the DT amount NN . . Judith NNP Elkin NNP , , lawyer NN for IN the DT creditors NNS , , said VBD the DT creditors NNS group NN is VBZ challenging VBG certain JJ accounting VBG entries NNS on IN the DT parent NN company NN 's POS books NNS and CC estimates VBZ that IN the DT receivable NN owed VBN the DT steel NN company NN could MD be VB as RB much JJ as IN $ $ 40 CD million CD . . The DT Lone NNP Star NNP Steel NNP lawsuit NN also RB asks VBZ the DT court NN to TO rule VB that IN Lone NNP Star NNP Technologies NNP is VBZ jointly RB responsible JJ for IN a DT $ $ 4.5 CD million CD Lone NNP Star NNP Steel NNP pension NN payment NN that WDT was VBD due JJ , , but CC was VBD n't RB paid VBD , , in IN September NNP and CC that IN the DT parent NN company NN ca MD n't RB recover VB the DT amount NN from IN its PRP$ subsidiary NN if IN the DT parent NN company NN makes VBZ the DT payment NN . . Separately RB , , Lone NNP Star NNP Technologies NNP said VBD the DT bankruptcy NN court NN granted VBD Lone NNP Star NNP Steel NNP an DT extension NN until IN year NN end NN on IN its PRP$ exclusive JJ period NN to TO present VB a DT reorganization NN plan NN . . The DT 120-day JJ exclusivity NN period NN was VBD to TO expire VB yesterday NN . . Under IN Chapter NNP 11 CD , , a DT company NN continues VBZ to TO operate VB , , but CC is VBZ protected VBN from IN creditor NN lawsuits NNS while IN it PRP tries VBZ to TO work VB out RP a DT plan NN to TO pay VB its PRP$ debt NN . . Nothing NN was VBD going VBG to TO hold VB up RP the DT long-delayed JJ settlement NN of IN Britton NNP vs. IN Thomasini NNP . . Not RB even RB an DT earthquake NN . . On IN the DT afternoon NN of IN Oct. NNP 17 CD , , after IN hours NNS of IN haggling VBG with IN five CD insurance-claims NNS adjusters NNS over IN settling VBG a DT toxic-waste NN suit NN , , four CD lawyers NNS had VBD an DT agreement NN in IN hand NN . . But CC as IN Judge NNP Thomas NNP M. NNP Jenkins NNP donned VBD his PRP$ robes NNS so IN he PRP could MD give VB final JJ approval NN , , the DT major JJ earthquake NN struck VBD , , its PRP$ epicenter NN not RB far RB from IN his PRP$ courtroom NN in IN Redwood NNP City NNP , , Calif NNP . . The DT walls NNS shook VBD ; : the DT building NN rocked VBD . . For IN a DT while NN , , it PRP looked VBD like IN the DT deal NN -- : not RB to TO mention VB the DT courtroom NN itself PRP -- : was VBD on IN the DT verge NN of IN collapse NN . . `` `` The DT judge NN came VBD out RB and CC said VBD , , ` `` Quick RB , , let VB 's POS put VB this DT on IN the DT record NN , , ' '' '' '' says VBZ Sandy NNP Bettencourt NNP , , the DT judge NN 's POS court NN reporter NN . . `` `` I PRP said VBD , , ` `` NOW RB ? . ' '' I PRP was VBD shaking VBG the DT whole JJ time NN . . '' '' A DT 10-gallon JJ water NN cooler NN had VBD toppled VBN onto IN the DT floor NN , , soaking VBG the DT red JJ carpeting NN . . Lights NNS flickered VBD on RP and CC off RP ; : plaster NN dropped VBD from IN the DT ceiling NN , , the DT walls NNS still RB shook VBD and CC an DT evacuation NN alarm NN blared VBD outside RB . . The DT four CD lawyers NNS climbed VBD out IN from IN under IN a DT table NN . . `` `` Let VB 's POS close VB the DT door NN , , '' '' said VBD the DT judge NN as IN he PRP climbed VBD to TO his PRP$ bench NN . . At IN stake NN was VBD an DT $ $ 80,000 CD settlement NN involving VBG who WP should MD pay VB what WP share NN of IN cleanup NN costs NNS at IN the DT site NN of IN a DT former JJ gas NN station NN , , where WRB underground JJ fuel NN tanks NNS had VBD leaked VBN and CC contaminated VBN the DT soil NN . . And CC the DT lawyers NNS were VBD just RB as RB eager JJ as IN the DT judge NN to TO wrap VB it PRP up RP . . `` `` We PRP were VBD never RB going VBG to TO get VB these DT insurance NN companies NNS to TO agree VB again RB , , '' '' says VBZ John NNP V. NNP Trump NNP , , a DT San NNP Francisco NNP defense NN lawyer NN in IN the DT case NN . . Indeed RB , , the DT insurance NN adjusters NNS had VBD already RB bolted VBN out IN of IN the DT courtroom NN . . The DT lawyers NNS went VBD to TO work VB anyway RB , , duly RB noting VBG that IN the DT proceeding NN was VBD taking VBG place NN during IN a DT major JJ earthquake NN . . Ten CD minutes NNS later RB , , it PRP was VBD done VBN . . For IN the DT record NN , , Jeffrey NNP Kaufman NNP , , an DT attorney NN for IN Fireman NN 's POS Fund NN , , said VBD he PRP was VBD `` `` rattled VBN -- : both DT literally RB and CC figuratively RB . . '' '' `` `` My PRP$ belief NN is VBZ always RB , , if IN you PRP 've VBP got VBD a DT settlement NN , , you PRP read VBP it PRP into IN the DT record NN . . '' '' says VBZ Judge NNP Jenkins NNP , , now RB known VBN in IN his PRP$ courthouse NN as IN `` `` Shake NNP 'Em NNP Down NNP Jenkins NNP . . '' '' The DT insurance NN adjusters NNS think VBP differently RB . . `` `` I PRP did VBD n't RB know VB if IN it PRP was VBD World NNP War NNP III NNP or CC what WP , , '' '' says VBZ Melanie NNP Carvain NNP of IN Morristown NNP , , N.J NNP . . `` `` Reading VBG the DT settlement NN into IN the DT record NN was VBD the DT last JJ thing NN on IN my PRP$ mind NN . . Edison NNP Brothers NNP Stores NNP Inc. NNP said VBD it PRP agreed VBD to TO buy VB 229 CD Foxmoor NNP women NNS 's POS apparel NN stores NNS from IN Foxmoor NNP Specialty NNP Stores NNP Corp. NNP , , a DT unit NN of IN Dylex NNP Ltd. NNP of IN Toronto NNP . . Terms NNS were VBD n't RB disclosed VBN . . Edison NN said VBD the DT acquired VBN stores NNS would MD be VB integrated VBN into IN its PRP$ current JJ operations NNS . . BROWN-FORMAN NNP Corp NNP . . ( ( Louisville NNP , , Ky. NNP ) ) -- : David NNP R. NNP Jackson NNP , , formerly RB vice NN president NN , , managing VBG director NN of IN corporate JJ communications NNS for IN Maxwell NNP Communication NNP Inc. NNP , , was VBD named VBN vice NN president NN and CC assistant NN to TO the DT chairman NN of IN this DT maker NN of IN alcoholic JJ beverages NNS and CC consumer NN products NNS . . Your PRP$ Oct. NNP 4 CD front JJ page NN noted VBD that IN British JJ lawyers NNS have VBP to TO wear VB wigs NNS in IN court NN and CC that IN these DT wigs NNS are VBP made VBN from IN horses NNS ' POS tails NNS . . Do VBP you PRP think VB the DT British NNS know VBP something NN that IN we PRP do VBP n't RB ? . Yale NNP Jay NNP Lubkin NNP Owings NNP , , Md NNP . . Applause NN for IN `` `` Sometimes RB , , Talk NN Is VBZ the DT Best JJS Medicine NN , , '' '' in IN your PRP$ Oct. NNP 5 CD Marketplace NNP section NN . . Indeed RB , , the DT `` `` art NN of IN doctoring NN '' '' does VBZ contribute VB to TO better JJR health NN results NNS and CC discourages VBZ unwarranted JJ malpractice NN litigation NN . . Elaborating VBG on IN the DT concern NN about IN doctors NNS ' POS sacrificing VBG earnings NNS in IN order NN to TO spend VB `` `` talk NN time NN '' '' with IN patients NNS , , we PRP are VBP finding VBG the DT quality NN of IN the DT time NN spent VBN is VBZ the DT key NN to TO true JJ rapport NN . . Even RB brief JJ conversations NNS can MD show VB caring NN and CC trust NN , , and CC need MD not RB restrict VB the DT efficiency NN of IN the DT communication NN or CC restrain VB the DT doctor NN 's POS earnings NNS . . The DT issue NN is VBZ far-reaching JJ . . Right RB now RB , , the DT American JJ populace NN is VBZ spending VBG about RB 12 CD % NN of IN our PRP$ gross JJ national JJ product NN on IN health NN care NN . . That DT amounts VBZ to TO more JJR than IN $ $ 350 CD billion CD a DT year NN . . And CC it PRP is VBZ estimated VBN that IN more JJR than IN 20 CD % NN of IN that DT , , $ $ 70 CD billion CD , , goes VBZ to TO `` `` defensive JJ medicine NN '' '' -- : those DT measures NNS taken VBN by IN doctors NNS to TO protect VB themselves PRP from IN the DT most RBS unlikely JJ possibilities NNS . . So IN we PRP all DT stand VBP to TO benefit VB if IN patient-physician JJ relations NNS become VBP a DT `` `` partnership NN . . '' '' President NNP North NNP American NNP Physicians NNP Insurance NNP Risk NNP Retention NNP Group NNP Chrysler NNP Corp. NNP Chairman NNP Lee NNP A. NNP Iacocca NNP said VBD the DT nation NN 's POS No. NN 3 CD auto NN maker NN will MD need VB to TO close VB one CD or CC two CD of IN its PRP$ assembly NN plants NNS because RB of IN the DT slowdown NN hitting VBG the DT industry NN . . In IN an DT interview NN with IN the DT trade NN journal NN Automotive NNP News NNP , , Mr. NNP Iacocca NNP declined VBD to TO say VB which WDT plants NNS will MD close VB or CC when WRB Chrysler NNP will MD make VB the DT moves NNS . . But CC he PRP said VBD , , `` `` we PRP have VBP too RB many JJ plants NNS in IN our PRP$ system NN . . So IN the DT older JJR or CC most RBS inefficient JJ capacity NN has VBZ got VBD to TO go VB . . '' '' According VBG to TO industry NN analysts NNS , , Chrysler NNP plants NNS most RBS likely JJ to TO close RB are VBP the DT St. NNP Louis NNP No. NN 1 CD facility NN , , which WDT builds VBZ Chrysler NNP LeBaron NNP and CC Dodge NNP Daytona NNP models NNS ; : the DT Toledo NNP , , Ohio NNP , , Jeep NNP plant NN , , which WDT dates VBZ back RB to TO the DT early JJ 1900s CD ; : and CC two CD Canadian JJ plants NNS that WDT build VBP the DT Jeep NNP Wrangler NNP and CC Chrysler NNP 's POS full-sized JJ vans NNS . . Chrysler NNP has VBZ had VBD to TO temporarily RB close VB the DT St. NNP Louis NNP and CC Toledo NNP plants NNS recently RB because IN of IN excess JJ inventories NNS of IN vehicles NNS built VBN there RB . . At IN Chrysler NNP 's POS 1990 CD model NN preview NN last JJ month NN , , Chrysler NNP Motors NNP President NNP Robert NNP A. NNP Lutz NNP said VBD the DT No. NN 3 CD auto NN maker NN , , along IN with IN other JJ U.S. NNP manufacturers NNS , , might MD be VB forced VBN to TO `` `` realign VB ... : capacity NN '' '' if IN market NN demand NN does VBZ n't RB improve VB . . But CC Mr. NNP Iacocca NNP 's POS remarks NNS are VBP the DT most RBS specific JJ indication NN to TO date NN of IN how WRB many JJ plants NNS could MD be VB in IN jeopardy NN . . General NNP Motors NNP Corp. NNP has VBZ signaled VBN that IN as RB many JJ as IN five CD of IN its PRP$ U.S. NNP and CC Canadian JJ plants NNS may MD not RB survive VB the DT mid-1990s NNS as IN it PRP struggles VBZ to TO trim VB its PRP$ excess JJ vehicle-production JJ capacity NN . . The DT overcapacity NN problem NN has VBZ intensified VBN in IN recent JJ years NNS , , with IN foreign JJ auto NN makers NNS beginning VBG car NN and CC truck NN production NN in IN the DT U.S. NNP . . With IN companies NNS such JJ as IN Honda NNP Motor NNP Co. NNP , , Toyota NNP Motor NNP Corp. NNP and CC Nissan NNP Motor NNP Co. NNP running VBG so-called JJ transplant NN auto NN operations NNS , , Japanese JJ auto NN production NN in IN the DT U.S. NNP will MD reach VB one CD million CD vehicles NNS this DT year NN . . `` `` Unless IN the DT market NN goes VBZ to TO 19 CD million CD units NNS -- : which WDT we PRP all DT know VBP it PRP 's VBZ not RB going VBG to TO do VB -- : we PRP have VBP the DT inescapable JJ fact NN that IN the DT transplants NNS are VBP adding VBG capacity NN , , '' '' Mr. NNP Lutz NNP said VBD last JJ month NN . . The DT Japanese-managed JJ plants NNS eventually RB will MD have VB the DT capacity NN to TO build VB some DT 2.5 CD million CD vehicles NNS in IN the DT U.S. NNP and CC that DT will MD translate VB into IN `` `` market NN share NN that WDT is VBZ going VBG to TO have VB to TO come VB out IN of IN somebody NN , , '' '' he PRP added VBD . . Already RB Chrysler NNP has VBZ closed VBN the DT Kenosha NNP , , Wis. NNP , , plant NN it PRP acquired VBD when WRB it PRP bought VBD American NNP Motors NNP Corp. NNP in IN 1987 CD . . Chrysler NNP has VBZ also RB launched VBN a DT $ $ 1 CD billion CD cost-cutting NN program NN that WDT will MD cut VB about RB 2,300 CD white-collar JJ workers NNS from IN the DT payroll NN in IN the DT next JJ few JJ months NNS . . Revco NNP D.S. NNP Inc. NNP , , the DT drugstore NN chain NN that WDT filed VBD for IN bankruptcy-court NN protection NN last JJ year NN , , received VBD a DT $ $ 925 CD million CD offer NN from IN a DT group NN led VBD by IN Texas NNP billionaire NN Robert NNP Bass NNP . . Revco NNP reacted VBD cautiously RB , , saying VBG the DT plan NN would MD add VB $ $ 260 CD million CD of IN new JJ debt NN to TO the DT highly RB leveraged VBN company NN . . It PRP was VBD Revco NNP 's POS huge JJ debt NN from IN its PRP$ $ $ 1.3 CD billion CD leveraged VBN buy-out NN in IN 1986 CD that IN forced VBN it PRP to TO seek VB protection NN under IN Chapter NNP 11 CD of IN the DT federal JJ Bankruptcy NNP Code NNP . . Revco NNP insists VBZ that IN the DT proposal NN is VBZ simply RB an DT `` `` expression NN of IN interest NN , , '' '' because IN under IN Chapter NNP 11 CD Revco NNP has VBZ `` `` exclusivity NN rights NNS '' '' until IN Feb. NNP 28 CD . . Those DT rights NNS prevent VBP anyone NN other JJ than IN Revco NNP from IN proposing VBG a DT reorganization NN plan NN . . Also RB under IN Chapter NNP 11 CD , , a DT reorganization NN plan NN is VBZ subject JJ to TO approval NN by IN bondholders NNS , , banks NNS and CC other JJ creditors NNS . . A DT financial JJ adviser NN for IN Revco NNP bondholders NNS , , David NNP Schulte NNP , , of IN Chilmark NNP Partners NNP , , had VBD mixed VBN reactions NNS to TO the DT offer NN . . He PRP said VBD he PRP feared VBD a DT Revco NNP reorganization NN might MD force VB bondholders NNS to TO accept VB a DT `` `` cheap JJ deal NN , , '' '' and CC that IN the DT Bass NNP group NN 's POS offer NN would MD give VB them PRP more JJR money NN . . However RB , , the DT group NN is VBZ offering VBG to TO pay VB off RP bondholders NNS in IN cash NN only RB -- : $ $ 260.5 CD million CD -- : and CC no DT equity NN . . The DT Revco NNP bonds NNS are VBP high-yield JJ , , high-risk JJ `` `` junk NN '' '' bonds NNS ; : holders NNS have VBP $ $ 750 CD million CD in IN claims NNS against IN Revco NNP , , Mr. NNP Schulte NNP said VBD . . Revco NNP received VBD the DT offer NN Oct. NNP 20 CD , , but CC issued VBD a DT response NN yesterday NN only RB after IN a DT copy NN of IN the DT proposal NN was VBD made VBN public NN by IN bondholders NNS . . Acadia NNP Partners NNP Limited NNP Partnership NNP , , a DT Fort NNP Worth NNP , , Texas NNP , , partnership NN that WDT includes VBZ the DT Robert NNP M. NNP Bass NNP Group NNP , , made VBD the DT proposal NN . . Mr. NNP Bass NNP is VBZ based VBN in IN Fort NNP Worth NNP . . Analysts NNS said VBD the DT nation NN 's POS second-largest JJ drugstore NN chain NN was VBD a DT valuable JJ company NN , , despite IN its PRP$ financial JJ woes NNS . . Its PRP$ problem NN , , they PRP say VBP , , is VBZ that DT management NN paid VBD too RB much JJ in IN the DT leveraged VBN buy-out NN and CC the DT current JJ $ $ 515 CD million CD debt NN load NN is VBZ keeping VBG Revco NNP in IN the DT red NN . . `` `` If IN bought VBN at IN the DT right JJ price NN , , it PRP could MD still RB be VB profitable JJ , , '' '' said VBD Jeffrey NNP Stein NNP , , an DT analyst NN at IN McDonald NNP & CC Co. NNP , , Cleveland NNP . . In IN addition NN , , Revco NNP 's POS 1,900 CD stores NNS in IN 27 CD states NNS represent VBP a DT lot NN of IN real JJ estate NN , , he PRP said VBD , , and CC demographics NNS are VBP helping VBG pharmacies NNS : : The DT nation NN 's POS aging VBG population NN will MD boost VB demand NN for IN prescription NN drugs NNS . . Last JJ week NN , , Revco NNP 's POS parent NN company NN , , Anac NNP Holding NNP Corp. NNP , , said VBD the DT company NN reported VBD a DT loss NN of IN $ $ 16.2 CD million CD for IN the DT fiscal JJ first JJ quarter NN , , compared VBN with IN a DT loss NN of IN $ $ 27.9 CD million CD in IN the DT year-earlier JJ quarter NN . . Sales NNS were VBD $ $ 597.8 CD million CD , , up RB 2.4 CD % NN from IN the DT previous JJ year NN . . The DT company NN , , based VBN in IN Twinsburg NNP , , Ohio NNP , , said VBD its PRP$ operating NN profit NN before IN depreciation NN and CC amortization NN increased VBD 51 CD % NN , , to TO $ $ 9.2 CD million CD from IN $ $ 6.1 CD million CD . . Acadia NNP Partners NNP and CC the DT Bass NNP Group NNP declined VBD to TO comment VB . . The DT partnership NN also RB includes VBZ American NNP Express NNP Co. NNP , , Equitable NNP Life NNP Assurance NNP Society NNP of IN the DT U.S. NNP and CC Shearson NNP Lehman NNP Hutton NNP Inc NNP . . The DT offer NN consists VBZ of IN $ $ 410.5 CD million CD in IN cash NN and CC the DT rest NN in IN notes NNS . . Acadia NNP would MD sell VB up IN to TO 10 CD % NN of IN the DT equity NN in IN the DT reorganized VBN company NN to TO creditors NNS and CC bondholders NNS in IN exchange NN for IN the DT cash NN distribution NN , , but CC creditors NNS and CC bondholders NNS would MD receive VB no DT discount NN for IN their PRP$ shares NNS . . Revco NNP 's POS chairman NN and CC chief JJ executive NN officer NN , , Boake NNP A. NNP Sells NNP , , said VBD both DT the DT company NN and CC the DT bondholders NNS have VBP put VBN forth RP reorganization NN plans NNS , , but CC little JJ progress NN has VBZ been VBN made VBN since IN negotiations NNS began VBD this DT summer NN . . He PRP said VBD he PRP has VBZ not RB met VBN with IN representatives NNS from IN Acadia NNP . . Any DT reorganization NN proposal NN , , Mr. NNP Sells NNP said VBD , , is VBZ difficult JJ to TO assess VB because IN it PRP must MD be VB agreed VBN upon IN by IN the DT company NN , , bondholders NNS , , banks NNS and CC other JJ creditors NNS . . Revco NNP has VBZ $ $ 1.5 CD billion CD in IN claims NNS outstanding JJ . . `` `` It PRP 's VBZ not RB like IN the DT board NN can MD decide VB '' '' by IN itself PRP , , Mr. NNP Sells NNP said VBD , , adding VBG , , `` `` we PRP 're VBP indifferent JJ to TO ( ( the DT Bass NNP ) ) plan NN . . We PRP just RB want VBP a DT plan NN that IN satisfies VBZ creditors NNS and CC at IN the DT end NN leaves VBZ a DT healthy JJ Revco NNP . . '' '' But CC Mr. NNP Schulte NNP , , the DT bondholders NNS ' POS adviser NN , , said VBD Revco NNP was VBD dragging VBG its PRP$ feet NNS in IN responding VBG to TO the DT proposal NN . . `` `` They PRP want VBP to TO pretend VB it PRP does VBZ n't RB exist VB , , '' '' he PRP said VBD . . Mr. NNP Schulte NNP , , who WP met VBD with IN Acadia NNP representatives NNS on IN Oct. NNP 10 CD , , said VBD , , `` `` It PRP 's VBZ certainly RB a DT responsible JJ offer NN . . It PRP 's VBZ not RB an DT effort NN to TO steal VB the DT company NN '' '' in IN the DT middle NN of IN the DT night NN . . Copper NN futures NNS prices NNS failed VBD to TO extend VB Friday NNP 's POS rally NN . . Declines NNS came VBD because RB of IN concern NN that IN demand NN for IN copper NN may MD slow VB down RP . . The DT December NNP contract NN was VBD down RB three CD cents NNS a DT pound NN , , settling VBG at IN $ $ 1.1280 CD , , which WDT was VBD just RB above IN the DT day NN 's POS low NN of IN $ $ 1.1270 CD . . Futures NNS prices NNS fell VBD during IN three CD of IN five CD sessions NNS last JJ week NN , , and CC the DT losses NNS , , individually RB and CC cumulatively RB , , were VBD greater JJR than IN the DT advances NNS . . Two CD of IN the DT major JJ factors NNS buoying VBG prices NNS , , the DT prolonged JJ strikes NNS at IN the DT Highland NNP Valley NNP mine NN in IN Canada NNP and CC the DT Cananea NNP mine NN in IN Mexico NNP , , were VBD finally RB resolved VBN . . Also RB , , the DT premiums NNS paid VBN by IN the DT U.S. NNP government NN on IN a DT purchase NN of IN copper NN for IN the DT U.S. NNP Mint NNP were VBD lower JJR than IN expected VBN , , and CC acted VBD as IN a DT price NN depressant NN , , analysts NNS said VBD . . The DT mint NN purchases NNS were VBD at IN premiums NNS about RB 4 CD 1\/2 CD cents NNS a DT pound NN above IN the DT respective JJ prices NNS for IN the DT copper NN . . At IN the DT time NN merchants NNS were VBD asking VBG for IN premiums NNS of IN about RB five CD cents NNS a DT pound NN . . All DT this DT has VBZ led VBN to TO prolonged VBN selling NN in IN futures NNS , , mostly RB on IN the DT part NN of IN computer-guided JJ funds NNS . . Prices NNS fell VBD through IN levels NNS regarded VBN as IN important JJ support NN areas NNS , , which WDT added VBD to TO the DT selling NN . . The DT reluctance NN of IN traders NNS to TO buy VB contracts NNS indicates VBZ that IN they PRP have VBP begun VBN focusing VBG on IN demand NN rather RB than IN supply NN . . At IN least JJS one CD analyst NN noted VBD that IN as IN production NN improves VBZ , , the DT concern NN among IN traders NNS is VBZ whether IN the DT prospective JJ increased VBN supply NN will MD find VB buyers NNS because RB of IN uncertainty NN over IN national JJ economies NNS . . `` `` Demand NN from IN Japan NNP is VBZ expected VBN to TO continue VB strong JJ , , but CC not RB from IN other JJ areas NNS of IN the DT world NN into IN the DT first JJ quarter NN of IN next JJ year NN , , '' '' he PRP said VBD . . Japan NNP normally RB depends VBZ heavily RB on IN the DT Highland NNP Valley NNP and CC Cananea NNP mines NNS as RB well RB as IN the DT Bougainville NNP mine NN in IN Papua NNP New NNP Guinea NNP . . Recently RB , , Japan NNP has VBZ been VBN buying VBG copper NN elsewhere RB . . But CC as IN Highland NNP Valley NNP and CC Cananea NNP begin VB operating VBG , , they PRP are VBP expected VBN to TO resume VB their PRP$ roles NNS as IN Japan NNP 's POS suppliers NNS . . According VBG to TO Fred NNP Demler NNP , , metals NNS economist NN for IN Drexel NNP Burnham NNP Lambert NNP , , New NNP York NNP , , `` `` Highland NNP Valley NNP has VBZ already RB started VBN operating VBG and CC Cananea NNP is VBZ expected VBN to TO do VB so RB soon RB . . '' '' The DT Bougainville NNP mine NN is VBZ generally RB expected VBN to TO remain VB closed JJ until IN at IN least JJS the DT end NN of IN the DT year NN . . It PRP has VBZ n't RB been VBN operating VBG since IN May NNP 15 CD because IN of IN attacks NNS by IN native JJ landowners NNS . . A DT recent JJ attempt NN to TO resume VB operations NNS was VBD cut VBN short JJ quickly RB by IN these DT attacks NNS . . However RB , , traders NNS disregarded VBD a DT potential JJ production NN disruption NN in IN Chile NNP and CC a DT continued VBN drop NN in IN inventories NNS . . Workers NNS at IN two CD Chilean JJ mines NNS , , Los NNP Bronces NNP and CC El NNP Soldado NNP , , which WDT belong VBP to TO the DT Exxon-owned JJ Minera NNP Disputado NNP group NN , , will MD vote VB Thursday NNP on IN whether IN to TO strike VB after RB a DT two-year JJ labor NN pact NN ends VBZ today NN . . The DT mines NNS produced VBD a DT total NN of IN 110,000 CD tons NNS of IN copper NN in IN 1988 CD . . According VBG to TO Drexel NNP 's POS Mr. NNP Demler NNP , , the DT potential JJ strike NN is VBZ expected VBN to TO be VB resolved VBN quickly RB , , which WDT may MD be VB one CD reason NN why WRB the DT situation NN did VBD n't RB affect VB prices NNS much RB . . Another DT analyst NN said VBD that IN , , if IN there EX was VBD any DT concern NN , , it PRP was VBD that IN a DT strike NN could MD encourage VB other JJ walkouts NNS in IN Chile NNP . . London NNP Metal NNP Exchange NNP copper NN inventories NNS fell VBD 550 CD tons NNS last JJ week NN to TO 83,950 CD tons NNS , , a DT smaller-than-expected JJ decline NN . . But CC that DT development NN also RB had VBD little JJ effect NN on IN traders NNS ' POS sentiment NN . . Mr. NNP Demler NNP said VBD that IN stocks NNS of IN copper NN in IN U.S. NNP producers NNS ' POS hands NNS at IN the DT end NN of IN September NNP were VBD down RB 16,000 CD metric JJ tons NNS from IN August NNP to TO 30,000 CD tons NNS . . Outside IN the DT U.S. NNP , , he PRP said VBD , , producer NN stocks NNS at IN the DT end NN of IN August NNP were VBD 273,000 CD tons NNS , , down RB 3,000 CD tons NNS from IN the DT end NN of IN July NNP . . Consumer NN stocks NNS of IN copper NN in IN the DT U.S. NNP fell VBD to TO 44,000 CD tons NNS at IN the DT end NN of IN September NNP from IN 54,000 CD tons NNS a DT month NN earlier RBR , , and CC stocks NNS of IN copper NN held VBN by IN consumers NNS and CC merchants NNS outside IN of IN the DT U.S. NNP at IN the DT end NN of IN July NNP stood VBD at IN 123,000 CD tons NNS , , down RB from IN 125,000 CD tons NNS in IN June NNP . . The DT high JJ point NN of IN foreigners NNS ' POS copper NN stocks NNS this DT year NN was VBD 136,000 CD tons NNS at IN the DT end NN of IN April NNP , , according VBG to TO Mr. NNP Demler NNP . . In IN other JJ commodity NN markets NNS yesterday NN : : GRAINS NNS AND CC SOYBEANS NNS : : The DT prices NNS of IN most JJS corn NN , , soybean NN and CC wheat NN futures NNS contracts NNS dropped VBD slightly RB as IN farmers NNS in IN the DT Midwest NNP continued VBN to TO rebuild VB stockpiles NNS that WDT were VBD depleted VBN by IN the DT 1988 CD drought NN . . Buying NN by IN the DT Soviets NNS has VBZ helped VBN to TO prop VB up RP corn NN prices NNS in IN recent JJ weeks NNS , , but CC a DT lack NN of IN any DT new JJ purchases NNS kept VBD prices NNS in IN the DT doldrums NN . . COFFEE NN : : Futures NNS prices NNS rose VBD slightly RB in IN a DT market NN filled VBN with IN rumors NNS that IN a DT new JJ international JJ coffee NN agreement NN might MD still RB be VB achieved VBN . . The DT December NNP contract NN ended VBD with IN a DT gain NN of IN 1.29 CD cents NNS a DT pound NN at IN 74.35 CD cents NNS . . According VBG to TO one CD analyst NN , , prices NNS opened VBD higher RBR because IN of IN reports NNS over IN the DT weekend NN that IN Brazil NNP and CC Colombia NNP , , at IN the DT Pan-American JJ summit NN meeting NN in IN Costa NNP Rica NNP , , had VBD agreed VBN to TO a DT reduction NN in IN their PRP$ coffee NN export NN quotas NNS for IN the DT sake NN of IN creating VBG a DT new JJ agreement NN . . The DT reports NNS , , attributed VBN to TO the DT Colombian JJ minister NN of IN economic JJ development NN , , said VBD Brazil NNP would MD give VB up RP 500,000 CD bags NNS of IN its PRP$ quota NN and CC Colombia NNP 200,000 CD bags NNS , , the DT analyst NN said VBD . . These DT reports NNS were VBD later RB denied VBN by IN a DT high JJ Brazilian JJ official NN , , who WP said VBD Brazil NNP was VBD n't RB involved VBN in IN any DT coffee NN discussions NNS on IN quotas NNS , , the DT analyst NN said VBD . . The DT Colombian JJ minister NN was VBD said VBD to TO have VB referred VBN to TO a DT letter NN that IN he PRP said VBD President NNP Bush NNP sent VBD to TO Colombian JJ President NNP Virgilio NNP Barco NNP , , and CC in IN which WDT President NNP Bush NNP said VBD it PRP was VBD possible JJ to TO overcome VB obstacles NNS to TO a DT new JJ agreement NN . . The DT minister NN was VBD also RB quoted VBN as IN saying VBG that IN a DT new JJ pact NN could MD be VB achieved VBN during IN the DT first JJ half NN of IN next JJ year NN , , according VBG to TO the DT analyst NN . . PRECIOUS JJ METALS NNS : : Futures NNS prices NNS showed VBD modest JJ changes NNS in IN light JJ trading NN volume NN . . December NNP delivery NN gold NN eased VBD 40 CD cents NNS an DT ounce NN to TO $ $ 380.80 CD . . December NNP silver NN was VBD off RB 3.7 CD cents NNS an DT ounce NN at IN $ $ 5.2830 CD . . January NNP platinum NN rose VBD 90 CD cents NNS an DT ounce NN at IN $ $ 500.20 CD . . The DT market NN turned VBD quiet JJ after IN rising VBG sharply RB late JJ last JJ week NN , , according VBG to TO one CD analyst NN . . Last JJ week NN 's POS uncertainty NN in IN the DT stock NN market NN and CC a DT weaker JJR dollar NN triggered VBD a DT flight NN to TO safety NN , , he PRP said VBD , , but CC yesterday NN the DT market NN lacked VBD such JJ stimuli NNS . . There EX was VBD some DT profit-taking NN because IN prices NNS for IN all DT the DT precious JJ metals NNS had VBD risen VBN to TO levels NNS at IN which WDT there EX was VBD resistance NN to TO further RBR advance NN , , he PRP said VBD . . The DT dollar NN was VBD also RB slightly RB firmer JJR and CC prompted VBD some DT selling NN , , as IN well RB , , according VBG to TO the DT analyst NN . . Louisiana-Pacific NNP Corp. NNP said VBD its PRP$ board NN authorized VBD the DT purchase NN of IN as RB many JJ as IN five CD million CD of IN its PRP$ common JJ shares NNS for IN employee NN stock NN plans NNS and CC other JJ general JJ corporate JJ purposes NNS . . The DT forest-products NNS concern NN currently RB has VBZ about RB 38 CD million CD shares NNS outstanding JJ . . In IN yesterday NN 's POS composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , Louisiana-Pacific NNP shares NNS closed VBD at IN $ $ 39.25 CD , , down RB 37.5 CD cents NNS . . When WRB the DT Supreme NNP Soviet NNP passed VBD laws NNS on IN workers NNS ' POS rights NNS in IN May NNP 1987 CD and CC on IN self-managing JJ cooperatives NNS a DT year NN later RBR , , some DT Western JJ observers NNS assumed VBD Mikhail NNP Gorbachev NNP had VBD launched VBN the DT Soviet NNP Union NNP on IN a DT course NN that WDT would MD lead VB inevitably RB to TO the DT creation NN of IN a DT market NN economy NN . . Their PRP$ only JJ doubt NN concerned VBD the DT possibility NN that IN Mr. NNP Gorbachev NNP might MD not RB survive VB the DT opposition NN that IN his PRP$ reforms NNS would MD arouse VB and CC that IN the DT whole JJ process NN might MD be VB reversed VBN . . If IN Mr. NNP Gorbachev NNP 's POS goal NN is VBZ the DT creation NN of IN a DT free JJ market NN , , he PRP and CC these DT Western JJ observers NNS have VBP good JJ reason NN to TO fear VB for IN his PRP$ future NN , , as IN economic JJ liberalization NN within IN communist JJ societies NNS leads VBZ inexorably RB to TO demands NNS for IN fundamental JJ political JJ reform NN accompanied VBN by IN civil JJ unrest NN . . These DT fears NNS were VBD clearly RB apparent JJ when WRB , , last JJ week NN , , Secretary NNP of IN State NNP James NNP Baker NNP blocked VBD a DT speech NN by IN Robert NNP Gates NNP , , deputy JJ national JJ security NN adviser NN and CC Soviet NNP expert NN , , on IN the DT ground NN that IN it PRP was VBD too RB pessimistic JJ about IN the DT chances NNS of IN Mr. NNP Gorbachev NNP 's POS economic JJ reforms NNS succeeding VBG . . Yet CC the DT Soviet JJ leader NN 's POS readiness NN to TO embark VB on IN foreign JJ visits NNS and CC steady JJ accumulation NN of IN personal JJ power NN , , particularly RB since IN the DT last JJ Politburo NNP reshuffle NN on IN Sept. NNP 30 CD , , do VBP not RB suggest VB that IN Mr. NNP Gorbachev NNP is VBZ on IN the DT verge NN of IN being VBG toppled VBN ; : nor CC does VBZ he PRP look VB likely RB to TO reverse VB the DT powers NNS of IN perestroika FW . . Indeed RB , , the DT Soviet JJ miners NNS strike NN this DT summer NN clearly RB demonstrated VBD that IN Mr. NNP Gorbachev NNP must MD proceed VB with IN economic JJ reform NN . . But CC is VBZ he PRP so RB clever JJ that IN he PRP has VBZ achieved VBN the DT political JJ equivalent NN of IN making VBG water NN run VB uphill RB ? . And CC has VBZ he PRP truly RB persuaded VBD the DT Communist NNP Party NNP to TO accept VB economic JJ change NN of IN a DT kind NN that WDT will MD , , sooner RB or CC later RB , , lead VB to TO its PRP$ demise NN ? . An DT alternative JJ and CC more RBR convincing JJ explanation NN , , confirmed VBN by IN recent JJ events NNS and CC a DT close JJ inspection NN of IN the DT Gorbachev NNP program NN , , is VBZ that IN the DT new JJ Soviet JJ economic JJ and CC social JJ structures NNS are VBP intended VBN to TO conform VB to TO a DT model NN other JJ than IN that DT of IN the DT market NN . . For IN example NN , , while IN the DT laws NNS on IN individual JJ labor NN activity NN allow VBP a DT citizen NN to TO earn VB a DT living NN independent JJ of IN the DT state NN , , strict JJ provisions NNS are VBP attached VBN on IN how WRB far RB this DT may MD lead VB to TO the DT development NN of IN a DT free JJ market NN . . Before IN becoming VBG self-employed JJ , , or CC setting VBG up RP a DT cooperative NN , , workers NNS must MD seek VB permission NN from IN the DT local JJ soviet JJ ( ( council NN ) ) . . Permission NN is VBZ far RB from IN automatic JJ : : The DT soviets NNS have VBP the DT legal JJ right NN to TO turn VB down RP applications NNS and CC impose VB conditions NNS , , and CC they PRP appear VBP to TO be VB exercising VBG these DT powers NNS . . Private JJ dressmaking NN , , for IN example NN , , is VBZ allowed VBN in IN 10 CD Soviet JJ republics NNS but CC banned VBN by IN five CD ; : shoemaking VBG is VBZ allowed VBN in IN seven CD but CC illegal JJ in IN nine CD . . The DT controls NNS on IN cooperatives NNS appeared VBD relatively RB liberal JJ when WRB first RB introduced VBN . . But CC that DT changed VBD following VBG a DT resolution NN from IN the DT Supreme NNP Soviet NNP banning VBG cooperatives NNS from IN operating VBG in IN some DT areas NNS of IN the DT economy NN , , and CC permitting VBG activity NN in IN others NNS only RB if IN the DT cooperatives NNS are VBP under IN contract NN to TO the DT state NN . . All DT independent JJ media NNS activity NN is VBZ now RB illegal JJ , , which WDT perhaps RB is VBZ not RB surprising JJ , , but CC so RB is VBZ the DT manufacture NN of IN perfume NN , , cosmetics NNS , , household NN chemicals NNS and CC sand NN candles NNS . . Medical JJ cooperatives NNS , , among IN the DT most RBS successful JJ in IN the DT U.S.S.R. NNP , , are VBP banned VBN from IN providing VBG general-practitioner NN services NNS ( ( their PRP$ main JJ source NN of IN income NN ) ) , , carrying VBG out RP surgery NN , , and CC treating VBG cancer NN patients NNS , , drug NN addicts NNS and CC pregnant JJ women NNS . . Earlier RB this DT month NN , , the DT Supreme NNP Soviet NNP adopted VBD two CD more JJR resolutions NNS restricting VBG the DT freedom NN of IN cooperatives NNS : : The DT first JJ enables VBZ the DT soviets NNS to TO set VB prices NNS for IN which WDT goods NNS may MD be VB sold VBN ; : the DT second JJ bans VBZ cooperatives NNS from IN buying VBG `` `` industrial JJ and CC food NN goods NNS '' '' from IN the DT state NN or CC other JJ cooperatives NNS . . If IN Mr. NNP Gorbachev NNP is VBZ looking VBG toward IN unleashing VBG the DT productive JJ forces NNS of IN the DT market NN , , these DT latest JJS resolutions NNS are VBP nothing NN short JJ of IN reckless JJ . . Along IN with IN some DT other JJ revealing JJ indicators NNS , , these DT developments NNS suggest VBP that IN while IN Mr. NNP Gorbachev NNP wishes VBZ to TO move VB away RB from IN some DT rigid JJ central JJ controls NNS , , he PRP is VBZ bent JJ on IN creating VBG economic JJ structures NNS of IN a DT kind NN that WDT would MD scarcely RB find VB favor NN with IN the DT Austrian JJ or CC Chicago NNP schools NNS of IN economic JJ thought NN . . Mr. NNP Gorbachev NNP has VBZ ruled VBN out RP the DT use NN of IN the DT market NN to TO solve VB the DT problem NN of IN insufficient JJ consumer NN goods NNS . . He PRP told VBD the DT Congress NNP of IN People NNS 's POS Deputies NNS on IN May NNP 30 CD : : `` `` We PRP do VBP not RB share VB this DT approach NN , , since IN it PRP would MD immediately RB destroy VB the DT social JJ situation NN and CC disrupt VB all DT the DT processes NNS in IN the DT country NN . . '' '' Having VBG rejected VBN central JJ economic JJ planning NN for IN economic JJ reasons NNS , , and CC the DT market NN for IN fear NN of IN the DT social JJ ( ( political JJ ) ) consequences NNS , , Mr. NNP Gorbachev NNP seeks VBZ a DT `` `` third JJ way NN '' '' that WDT would MD combine VB the DT discipline NN and CC controls NNS of IN the DT former JJ with IN the DT economic JJ benefits NNS of IN the DT latter JJ . . Most RBS important JJ , , this DT would MD leave VB the DT party NN intact JJ and CC its PRP$ monopoly NN of IN political JJ power NN largely RB undisturbed JJ . . Indeed RB , , Mr. NNP Gorbachev NNP 's POS proposals NNS display VBP a DT close JJ conceptual JJ resemblance NN to TO the DT tenets NNS of IN Italian JJ fascism NN , , whose WP$ architects NNS spoke VBD specifically RB of IN a DT `` `` third JJ way NN '' '' : : of IN having VBG produced VBN a DT historic JJ synthesis NN of IN socialism NN and CC capitalism NN . . They PRP , , too RB , , promised VBD to TO combine VB economic JJ efficiency NN with IN order NN and CC discipline NN . . The DT emergence NN of IN Russian JJ corporatism NN had VBD been VBN anticipated VBN in IN journalist NN George NNP Urban NNP 's POS introduction NN to TO a DT series NN of IN colloquies NNS -- : `` `` Can MD the DT Soviet JJ System NN Survive VB Reform NN ? . '' '' -- : published VBN this DT spring NN . . `` `` Communism NNP will MD reach VB its PRP$ final JJ stage NN of IN development NN in IN a DT feckless JJ Russo NNP -- : corporation-socialist JJ in IN form NN , , nationalistic JJ in IN content NN and CC Oriental JJ in IN style NN -- : that WDT will MD puzzle VB the DT world NN with IN alternating VBG feats NNS of IN realism NN and CC recklessness NN ... : . . '' '' The DT fascist JJ concept NN of IN corporatism NN envisaged VBD an DT `` `` organic JJ '' '' society NN in IN which WDT citizens NNS were VBD spiritually RB and CC morally RB unified VBN , , and CC prepared VBD to TO sacrifice VB themselves PRP for IN the DT nation NN . . This DT unification NN was VBD to TO be VB brought VBN about RP through IN policies NNS and CC institutions NNS that WDT would MD unite VB workers NNS and CC employers NNS with IN government NN in IN a DT fully RB integrated VBN and CC `` `` harmonic JJ '' '' society NN . . The DT key NN to TO the DT creation NN of IN the DT `` `` organic JJ '' '' state NN lay VBD in IN the DT formation NN of IN `` `` natural JJ '' '' groups NNS that WDT would MD undertake VB the DT role NN of IN decision-making NN . . By IN contrast NN , , a DT parliamentary JJ system NN based VBN on IN abstract JJ political JJ rights NNS and CC groups NNS was VBD held VBN to TO cause VB , , rather RB than IN resolve VB , , conflict NN . . The DT closeness NN of IN Soviet JJ perestroika FW to TO the DT fascist JJ social JJ blueprint NN of IN Mussolini NNP was VBD evident JJ when WRB Mr. NNP Gorbachev NNP presented VBD his PRP$ economic JJ vision NN to TO the DT Soviet NNP Congress NNP . . In IN doing VBG so RB , , he PRP neither RB rejected VBD a DT socialist JJ planned JJ economy NN nor CC embraced VBD the DT free JJ market NN . . Instead RB , , he PRP proposed VBD a DT `` `` law-governed JJ economy NN , , '' '' in IN which WDT there EX would MD be VB a DT `` `` clear-cut JJ division NN between IN state NN direction NN of IN the DT economy NN and CC economic JJ management NN . . '' '' The DT latter JJ would MD be VB undertaken VBN by IN `` `` enterprises NNS , , joint JJ stock NN companies NNS and CC cooperatives NNS . . '' '' These DT would MD not RB function VB independently RB , , but CC would MD act VB together RB to TO form VB `` `` combines NNS , , unions NNS and CC associations NNS '' '' to TO tackle VB problems NNS and CC coordinate VB their PRP$ activities NNS . . Mr. NNP Gorbachev NNP is VBZ in IN a DT much RB stronger JJR position NN to TO pursue VB the DT corporatist NN ideal NN than IN was VBD Mussolini NNP , , who WP was VBD never RB able JJ to TO influence VB business NN giants NNS such JJ as IN Pirelli NNP and CC Fiat NNP . . The DT Soviet NNP Communist NNP Party NNP has VBZ the DT power NN to TO shape VB corporate JJ development NN and CC mold NN it PRP into IN a DT body NN dependent JJ upon IN it PRP . . To TO ensure VB the DT loyalty NN of IN the DT business NN sector NN , , Mr. NNP Gorbachev NNP may MD offer VB concessions NNS and CC powers NNS that WDT will MD allow VB the DT business NN community NN to TO preserve VB its PRP$ own JJ interests NNS , , probably RB by IN restricting VBG competition NN . . However RB , , Mr. NNP Gorbachev NNP must MD ensure VB that IN within IN this DT `` `` alliance NN '' '' the DT business NN sector NN remains VBZ subordinate JJ to TO the DT party NN . . At IN the DT same JJ time NN , , he PRP must MD give VB it PRP sufficient JJ freedom NN to TO provide VB the DT economic JJ benefits NNS so RB desperately RB needed VBN . . It PRP is VBZ the DT promise NN of IN economic JJ returns NNS that WDT is VBZ supposed VBN to TO make VB the DT corporatist NN model NN attractive JJ to TO both DT the DT party NN and CC labor NN . . The DT work NN force NN provides VBZ the DT third JJ arm NN of IN the DT `` `` alliance NN . . '' '' Within IN the DT alliance NN it PRP is VBZ supposed VBN to TO act VB as IN a DT balancing VBG force NN , , guarding VBG against IN excessive JJ control NN by IN government NN or CC abuse NN of IN its PRP$ economic JJ position NN by IN business NN , , for IN either DT could MD result VB in IN a DT deterioration NN of IN its PRP$ living NN standards NNS ( ( under IN the DT new JJ resolutions NNS , , workers NNS councils NNS may MD demand VB that IN a DT cooperative NN be VB closed VBN or CC its PRP$ prices NNS be VB reduced VBN ) ) . . By IN providing VBG workers NNS with IN the DT opportunity NN to TO move VB into IN the DT private JJ sector NN where WRB wages NNS tend VB to TO be VB higher JJR , , and CC by IN holding VBG out RP the DT promise NN of IN more JJR consumer NN goods NNS , , Mr. NNP Gorbachev NNP hopes VBZ to TO revive VB the DT popularity NN of IN the DT party NN . . At IN the DT same JJ time NN , , the DT strategy NN requires VBZ that IN he PRP deal VB effectively RB with IN those DT who WP seek VBP genuine JJ Western-style JJ political JJ pluralism NN . . The DT most RBS important JJ development NN in IN Mr. NNP Gorbachev NNP 's POS policy NN for IN marginalizing VBG the DT opposition NN movement NN is VBZ the DT claim NN that IN the DT U.S.S.R. NNP also RB suffers VBZ from IN terrorism NN . . An DT increasing VBG number NN of IN references NNS by IN the DT Soviet JJ press NN to TO opposition NN groups NNS now RB active JJ in IN the DT U.S.S.R. NNP , , particularly RB the DT Democratic NNP Union NNP , , allege VBP that IN they PRP show VBP `` `` terroristic JJ tendencies NNS '' '' and CC claim VBP that IN they PRP would MD be VB prepared VBN to TO kill VB in IN order NN to TO achieve VB their PRP$ aims NNS . . It PRP is VBZ possible JJ that IN , , in IN perpetuating VBG such JJ myths NNS , , the DT ground NN is VBZ being VBG laid VBN for IN the DT arrest NN of IN opposition NN activists NNS on IN the DT ground NN of IN terrorism NN . . Mr. NNP Gorbachev NNP would MD appear VB to TO see VB his PRP$ central JJ task NN , , however RB , , as IN that DT of IN ensuring VBG that IN foundations NNS of IN an DT alliance NN among IN labor NN , , capital NN and CC the DT state NN are VBP properly RB laid VBN before RB the DT demands NNS for IN a DT multiparty NN system NN reach VBP a DT crescendo NN . . If IN he PRP were VBD able JJ to TO construct VB a DT popular JJ and CC efficient JJ corporatist NN system NN , , he PRP or CC his PRP$ heir NN would MD be VB wellplaced JJ to TO rein VB in RP political JJ opposition NN , , and CC to TO re-establish VB control NN in IN Eastern NNP Europe NNP . . The DT weaknesses NNS in IN his PRP$ plan NN do VBP not RB lie VB in IN the DT political JJ calculations NNS -- : Mr. NNP Gorbachev NNP is VBZ a DT consummate JJ political JJ leader NN , , perhaps RB one CD of IN the DT greatest JJS -- : but CC in IN its PRP$ economic JJ prescription NN . . Contrary JJ to TO widespread JJ belief NN , , Mussolini NNP failed VBD to TO live VB up RP to TO his PRP$ promise NN to TO make VB the DT trains NNS run VB on IN time NN ; : it PRP is VBZ doubtful JJ whether IN Soviet-style JJ corporatism NN will MD make VB Soviet JJ trains NNS run VB on IN time NN , , or CC fill VB the DT shops NNS with IN goods NNS that IN the DT consumers NNS so RB desperately RB crave VBP . . Miss NNP Brady NNP is VBZ deputy JJ director NN of IN the DT Russian NNP Research NNP Foundation NNP in IN London NNP . . New JJ construction NN contracting NN climbed VBD 8 CD % NN in IN September NNP to TO an DT annualized VBN $ $ 274.2 CD billion CD , , with IN commercial JJ , , industrial JJ and CC public-works NNS contracts NNS providing VBG most JJS of IN the DT increase NN , , according VBG to TO F.W. NNP Dodge NNP Group NNP . . Through IN the DT first JJ nine CD months NNS of IN the DT year NN , , the DT unadjusted JJ total NN of IN all DT new JJ construction NN was VBD $ $ 199.6 CD billion CD , , flat JJ compared VBN with IN a DT year NN earlier RBR . . The DT South NNP was VBD off RB 2 CD % NN after IN the DT first JJ nine CD months NNS , , while IN the DT North NNP Central NNP region NN was VBD up RB 3 CD % NN . . The DT Northeast NNP and CC West NNP regions NNS were VBD unchanged JJ . . A DT small JJ decline NN in IN total JJ construction NN for IN the DT entire JJ year NN is VBZ possible JJ if IN contracting NN for IN housing NN does VBZ n't RB increase VB in IN response NN to TO this DT year NN 's POS lower JJR mortgage NN rates NNS , , said VBD George NNP A. NNP Christie NNP , , vice NN president NN and CC chief JJ economist NN of IN Dodge NNP , , the DT forecasting NN division NN of IN publisher NN McGraw-Hill NNP Inc NNP . . The DT seasonally RB adjusted VBN Dodge NNP Index NNP reached VBD 175 CD in IN September NNP , , its PRP$ highest JJS level NN this DT year NN , , from IN 162 CD in IN August NNP . . The DT index NN uses VBZ a DT base NN of IN 100 CD in IN 1982 CD . . Newly RB contracted VBN residential JJ work NN edged VBD up RB 2 CD % NN in IN September NNP to TO an DT annualized VBN $ $ 121.2 CD billion CD , , largely RB because IN multifamily JJ building VBG rebounded VBD from IN a DT very RB weak JJ August NNP . . `` `` At IN the DT end NN of IN the DT third JJ quarter NN , , there EX was VBD still RB no DT evidence NN of IN renewed VBN home NN building VBG in IN response NN to TO the DT midyear NN decline NN of IN mortgage NN rates NNS , , '' '' Mr. NNP Christie NNP said VBD . . Housing NN has VBZ been VBN weak JJ all DT year NN and CC especially RB so RB in IN the DT past JJ five CD months NNS . . Contracting VBG for IN non-residential JJ buildings NNS rose VBD 10 CD % NN in IN September NNP to TO an DT annualized VBN $ $ 100.8 CD billion CD . . Commercial JJ and CC industrial JJ construction NN rose VBD sharply RB , , partly RB because IN of IN three CD large JJ projects NNS , , each DT expected VBN to TO cost VB more JJR than IN $ $ 100 CD million CD . . Institutional JJ building VBG , , such JJ as IN hospitals NNS and CC schools NNS , , eased VBD in IN September NNP following VBG a DT surge NN in IN August NNP . . Although IN the DT third JJ quarter NN was VBD the DT best JJS so RB far RB this DT year NN for IN non-residential JJ building VBG , , weakness NN early RB in IN the DT year NN held VBD the DT nine-month JJ total NN to TO $ $ 69.6 CD billion CD , , up RB just RB 1 CD % NN from IN a DT year NN earlier RBR . . Public-works NNS and CC utility NN projects NNS , , also RB known VBN as IN non-building JJ contracting NN , , grew VBD 18 CD % NN to TO $ $ 52.2 CD billion CD in IN September NNP , , but CC the DT nine-month JJ total NN of IN $ $ 36.9 CD billion CD was VBD down RB 3 CD % NN from IN a DT year NN earlier RBR . . The DT Sept. NNP 30 CD end NN of IN the DT federal JJ fiscal JJ year NN may MD have VB prodded VBN contractors NNS to TO get VB any DT behind-schedule JJ road NN and CC bridge NN construction NN under IN way NN `` `` before IN the DT clock NN ran VBD out RP , , '' '' Mr. NNP Christie NNP said VBD , , referring VBG to TO threatened VBN 5 CD % NN across-the-board JJ budget NN cuts NNS . . a SYM - : Monthly JJ construction NN contract NN values NNS are VBP reported VBN on IN an DT annualized VBN , , seasonally RB adjusted VBN basis NN . . Moody NNP 's POS Investors NNP Service NNP Inc. NNP said VBD it PRP lowered VBD ratings NNS on IN long-term JJ debt NN of IN CS NNP First NNP Boston NNP Inc. NNP , , the DT holding VBG company NN of IN Wall NNP Street NNP giant JJ First NNP Boston NNP Corp. NNP , , because IN of IN First NNP Boston NNP 's POS `` `` aggressive JJ merchant NN banking NN risk NN '' '' in IN highly RB leveraged VBN takeovers NNS . . In IN downgrading VBG CS NNP First NNP Boston NNP 's POS subordinated VBN domestic NN , , Euromarket NNP and CC Swiss JJ debt NN to TO single-A-3 NN from IN single-A-2 NN , , Moody NNP 's POS is VBZ matching VBG a DT move NN made VBN by IN the DT other JJ major JJ credit NN rating NN concern NN , , Standard NNP & CC Poor NNP 's POS Corp. NNP , , several JJ months NNS ago RB . . Moody NNP 's VBZ also RB confirmed VBN the DT Prime-1 NN rating NN , , its PRP$ highest JJS , , on IN CS NNP First NNP Boston NNP 's POS commercial JJ paper NN , , or CC short-term JJ corporate JJ IOUs NNS . . In IN addition NN , , Moody NNP 's VBZ said VBD it PRP downgraded VBD Financiere NNP Credit NNP Suisse-First NNP Boston NNP 's POS senior JJ and CC subordinated VBD Swiss JJ debt NN to TO single-A-2 JJ from IN single-A-1 JJ and CC lowered VBD Financiere NNP CSFB NNP N.V. NNP 's POS junior JJ subordinated VBN perpetual JJ Eurodebt NNP , , guaranteed VBN by IN Financiere NNP Credit NNP Suisse NNP -- : First NNP Boston NNP , , to TO single-A-3 NN from IN single-A-2 NN . . About RB $ $ 550 CD million CD of IN long-term JJ debt NN is VBZ affected VBN , , according VBG to TO Moody NNP 's POS . . A DT spokesman NN for IN CS NNP First NNP Boston NNP said VBD : : `` `` We PRP remain VBP committed JJ to TO a DT full JJ range NN of IN businesses NNS , , including VBG merchant NN banking NN . . We PRP think VBP that IN the DT ratings NNS revision NN is VBZ unfortunate JJ but CC not RB unexpected JJ . . Our PRP$ commitment NN to TO manage VB these DT businesses NNS profitably RB will MD continue VB . . '' '' First NNP Boston NNP 's POS merchant NN banking NN risks NNS mounted VBD last JJ month NN as RB highly RB leveraged VBN Campeau NNP Corp. NNP , , First NNP Boston NNP 's POS most RBS lucrative JJ client NN of IN the DT decade NN , , was VBD hit VBN by IN a DT cash NN squeeze NN and CC the DT high-risk JJ junk NN bond NN market NN tumbled VBD . . First NNP Boston NNP incurred VBN millions NNS of IN dollars NNS of IN losses NNS on IN Campeau NNP securities NNS it PRP owned VBD as RB well RB as IN on IN special JJ securities NNS it PRP could MD n't RB sell VB . . First NNP Boston NNP financings NNS for IN several JJ other JJ highly RB leveraged JJ clients NNS , , including VBG Ohio NNP Mattress NNP , , unraveled VBD as IN the DT high-risk JJ junk NN bond NN market NN plummeted VBD . . Moody JJ 's POS said VBD its PRP$ rating NN changes NNS actions NNS `` `` reflect VBP CS NNP First NNP Boston NNP 's POS aggressive JJ merchant NN banking VBG risk NN as RB well RB as IN the DT risk NN profile NN of IN its PRP$ current JJ merchant NN banking NN exposures NNS . . '' '' It PRP said VBD CS NNP First NNP Boston NNP `` `` has VBZ consistently RB been VBN one CD of IN the DT most RBS aggressive JJ firms NNS in IN merchant NN banking NN '' '' and CC that IN `` `` a DT very RB significant JJ portion NN '' '' of IN the DT firm NN 's POS profit NN in IN recent JJ years NNS has VBZ come VBN from IN merchant NN banking-related JJ business NN . . `` `` Moody NNP 's POS believes VBZ that IN the DT uncertain JJ environment NN for IN merchant NN banking NN could MD put VB pressure NN on IN CS NNP First NNP Boston NNP 's POS performance NN , , '' '' the DT rating NN concern NN said VBD , , citing VBG `` `` continued VBN problems NNS '' '' from IN the DT firm NN 's POS exposures NNS to TO `` `` various JJ Campeau-related JJ firms NNS '' '' and CC to TO Ohio NNP Mattress NNP . . `` `` These DT two CD exposures NNS alone RB represent VBP a DT very RB substantial JJ portion NN of IN CS NNP First NNP Boston NNP 's POS equity NN , , '' '' Moody NNP 's POS said VBD . . `` `` Total JJ merchant NN banking NN exposures NNS are VBP in IN excess NN of IN the DT firm NN 's POS equity NN . . Quotron NNP Systems NNP Inc. NNP plans VBZ to TO cut VB about RB 400 CD , , or CC 16 CD % NN , , of IN its PRP$ 2,500 CD employees NNS over IN the DT next JJ several JJ months NNS . . `` `` This DT action NN will MD continue VB to TO keep VB operating NN expenses NNS in IN line NN '' '' with IN revenue NN , , said VBD J. NNP David NNP Hann NNP , , president NN and CC chief JJ executive JJ officer NN of IN Los NNP Angeles-based JJ Quotron NNP . . The DT move NN by IN the DT financial JJ information NN and CC services NNS subsidiary NN of IN Citicorp NNP is VBZ a DT `` `` response NN to TO changing VBG conditions NNS in IN the DT retail JJ securities NNS industry NN , , which WDT has VBZ been VBN contracting VBG '' '' since IN October NNP 1987 CD 's POS stock NN market NN crash NN , , the DT executive NN added VBD . . Quotron NNP , , which WDT Citicorp VB purchased VBD in IN 1986 CD , , provides VBZ price NN quotations NNS for IN securities NNS , , particularly RB stocks NNS . . Quotron NNP also RB provides VBZ trading NN and CC other JJ systems NNS , , services NNS for IN brokerage NN firms NNS , , and CC communications-network JJ services NNS . . Independent JJ providers NNS of IN financial JJ information NN , , including VBG Quotron NN , , have VBP been VBN under IN some DT pressure NN as IN the DT major JJ securities NNS houses NNS try VBP to TO regain VB their PRP$ hold NN on IN the DT production NN of IN market NN data NNS and CC on IN the DT related JJ revenue NN . . Shearson NNP , , Goldman NNP , , Sachs NNP & CC Co. NNP , , Morgan NNP Stanley NNP & CC Co. NNP and CC Salomon NNP Inc. NNP are VBP discussing VBG formation NN of IN a DT group NN to TO sell VB securities-price JJ data NNS . . The DT job NN cuts NNS , , to TO be VB made VBN in IN a DT number NN of IN areas NNS at IN various JJ job NN levels NNS , , are VBP `` `` a DT streamlining NN of IN operations NNS , , '' '' a DT spokeswoman NN said VBD . . The DT company NN has VBZ no DT immediate JJ plans NNS to TO close VB any DT operations NNS , , she PRP said VBD , , but CC Quotron NNP may MD subcontract VB some DT work NN that IN it PRP has VBZ been VBN doing VBG in-house NN , , including VBG refurbishment NN and CC production NN of IN Quotron NNP 1000 CD equipment NN used VBN in IN delivering VBG financial JJ data NNS . . The DT spokeswoman NN said VBD the DT move NN is VBZ n't RB directly RB a DT response NN to TO Quotron NNP 's POS loss NN of IN its PRP$ two CD biggest JJS customers NNS , , Merrill NNP Lynch NNP & CC Co. NNP and CC American NNP Express NNP Co. NNP 's POS Shearson NNP Lehman NNP Hutton NNP Inc. NNP , , to TO Automated NNP Data NNP Processing NNP Inc. NNP earlier RB this DT year NN . . The DT spokeswoman NN noted VBD that DT last JJ week NN , , Kidder NNP , , Peabody NNP & CC Co. NNP , , the DT securities NNS subsidiary NN of IN General NNP Electric NNP Co. NNP , , chose VBD a DT Quotron NNP subsidiary NN to TO provide VB order-processing JJ services NNS . . And CC Oct. NNP 24 CD , , Quotron NNP said VBD it PRP will MD market VB the DT automated VBN trading NN system NN of IN broker-dealer JJ Chapdelaine NNP Government NNP Securities NNP Inc NNP . . Quotron NNP is VBZ n't RB profitable JJ on IN Citicorp NNP 's POS books NNS because IN of IN the DT interest NN charges VBZ the DT New NNP York NNP bank NN holding VBG company NN incurred VBD in IN buying VBG the DT financial-data JJ concern NN for IN $ $ 680 CD million CD , , says VBZ Ronald NNP I. NNP Mandle NNP , , analyst NN for IN Sanford NNP C. NNP Bernstein NNP & CC Co NNP . . But CC Citicorp NNP `` `` does VBZ view VB Quotron NNP ) ) as IN being VBG crucial JJ to TO the DT financial-services NNS business NN in IN the DT 1990s CD , , '' '' the DT analyst NN added VBD . . This DT past NN summer NN , , Quotron NNP sold VBD its PRP$ customer-service JJ unit NN , , employing VBG 600 CD , , to TO Phoenix NNP Technologies NNP Inc. NNP , , a DT closely RB held VBN computer-service JJ firm NN in IN Valley NNP Forge NNP , , Pa NNP . . Terms NNS were VBD n't RB disclosed VBN . . The DT Oakland NNP Athletics NNP ' POS four-game JJ sweep NN over IN the DT San NNP Francisco NNP Giants NNP in IN the DT World NNP Series NNP may MD widen VB already-sizable JJ losses NNS that IN the DT ABC NNP network NN will MD incur VB on IN the DT current JJ , , final JJ year NN of IN its PRP$ baseball NN contract NN . . The DT 1989 CD Series NNP , , disrupted VBN by IN a DT devastating VBG earthquake NN and CC diminished VBN in IN national JJ interest NN because IN both DT teams NNS came VBD from IN the DT San NNP Francisco NNP Bay NNP area NN , , is VBZ likely JJ to TO end VB up RP as IN the DT lowest-rated JJ Series NNP of IN this DT decade NN and CC probably RB since IN the DT event NN has VBZ been VBN broadcast VBN . . The DT first JJ three CD games NNS were VBD seen VBN by IN an DT average NN of IN only JJ 17 CD % NN of IN U.S. NNP homes NNS , , a DT sharp JJ decline NN from IN the DT 23.7 CD % NN rating NN for IN last JJ year NN 's POS Series NNP . . A DT final JJ ratings NNS tally NN from IN A.C. NNP Nielsen NNP Co. NNP is VBZ due JJ today NN . . The DT sweep NN by IN the DT A's NNP , , whose WP$ pitchers NNS and CC home-run NN hitters NNS dominated VBD the DT injury-prone JJ Giants NNP , , will MD only RB make VB things NNS worse JJR for IN ABC NNP , , owned VBN by IN Capital NNP Cities\/ABC NNP Inc NNP . . The DT network NN had VBD been VBN expected VBN to TO have VB losses NNS of IN as RB much JJ as IN $ $ 20 CD million CD on IN baseball NN this DT year NN . . It PRP is VBZ n't RB clear JJ how WRB much RB those DT losses NNS may MD widen VB because RB of IN the DT short JJ Series NNP . . Had VBD the DT contest NN gone VBN a DT full JJ seven CD games NNS , , ABC NNP could MD have VB reaped VBN an DT extra JJ $ $ 10 CD million CD in IN ad NN sales NNS on IN the DT seventh JJ game NN alone RB , , compared VBN with IN the DT ad NN take NN it PRP would MD have VB received VBN for IN regular JJ prime-time NN shows NNS . . ABC NNP had VBD based VBN its PRP$ budget NN for IN baseball NN on IN a DT six-game JJ Series NNP . . A DT network NN spokesman NN would MD n't RB comment VB , , and CC ABC NNP Sports NNP officials NNS declined VBD to TO be VB interviewed VBN . . But CC some DT industry NN executives NNS said VBD ABC NNP , , in IN anticipation NN of IN a DT four-game JJ sweep NN , , limited VBD its PRP$ losses NNS by IN jacking VBG up RP the DT number NN of IN commercials NNS it PRP aired VBD in IN the DT third JJ and CC fourth JJ games NNS . . A DT World NNP Series NNP telecast NN typically RB carries VBZ 56 CD 30-second JJ commercials NNS , , but CC by IN the DT fourth JJ game NN ABC NNP was VBD cramming VBG in RP 60 CD to TO 62 CD ads NNS to TO generate VB extra JJ revenue NN . . ABC NNP 's POS baseball NN experience NN may MD be VB of IN interest NN to TO CBS NNP Inc. NNP , , which WDT next JJ season NN takes VBZ over RP the DT broadcasting NN of IN all DT baseball NN playoffs NNS in IN a DT four-year JJ television NN contract NN priced VBN at IN $ $ 1.06 CD billion CD . . CBS NNP Sports NNP President NNP Neal NNP Pilson NNP has VBZ conceded VBN only RB that IN CBS NNP will MD have VB a DT loss NN in IN the DT first JJ year NN . . But CC other JJ industry NN executives NNS contend VBP the DT losses NNS could MD reach VB $ $ 250 CD million CD over IN four CD years NNS and CC could MD go VB even RB higher RBR if IN the DT World NNP Series NNP end VBP in IN four-game JJ romps NNS . . The DT Series NNP typically RB is VBZ among IN the DT highest-rated JJ sports NNS events NNS on IN television NN . . Last JJ year NN 's POS series NN , , broadcast VBN by IN General NNP Electric NNP Co. NNP 's POS NBC NNP , , was VBD the DT lowest-rated JJ Series NNP in IN four CD years NNS ; : instead RB of IN featuring VBG a DT major JJ East NNP Coast NNP team NN against IN a DT West NNP Coast NNP team NN , , it PRP pitted VBD the DT Los NNP Angeles NNP Dodgers NNP against IN the DT losing NN Oakland NNP A's NNP . . ABC NNP 's POS hurdle NN was VBD even RB higher JJR this DT year NN with IN two CD teams NNS from IN the DT same JJ area NN . . The DT Series NNP got VBD off IN to TO a DT lukewarm JJ start NN Oct. NNP 14 CD with IN a DT 16.2 CD % NN rating NN ; : the DT next JJ night NN it PRP drew VBD 17.4 CD % NN of IN homes NNS . . Then RB came VBD the DT earthquake NN and CC a DT damaging JJ delay NN of IN 11 CD days NNS . . Some DT people NNS had VBD hoped VBN ABC NNP 's POS ratings NNS would MD go VB up RB because RB of IN the DT intense JJ focus NN on IN the DT event NN in IN the DT aftermath NN of IN the DT earthquake NN . . An DT analyst NN 's POS opinion NN to TO that DT effect NN even RB sent VBD Capital NNP Cities\/ABC NNP shares NNS soaring VBG two CD weeks NNS ago RB . . But CC interest NN instead RB decreased VBD . . The DT third JJ game NN , , last JJ Friday NNP night NN , , drew VBD a DT disappointing JJ 17.5 CD rating NN . . Bargain NN hunters NNS helped VBD stock NN prices NNS break VB a DT weeklong NN losing NN streak NN while IN bond NN prices NNS and CC the DT dollar NN inched VBD higher RBR . . The DT Dow NNP Jones NNP Industrial NNP Average NNP gained VBD 6.76 CD points NNS to TO 2603.48 CD in IN light NN trading NN after IN losing VBG more JJR than IN 92 CD points NNS last JJ week NN . . Bond NN prices NNS continued VBD to TO edge VB higher RBR in IN anticipation NN of IN more JJR news NN showing VBG a DT slower JJR economy NN . . Although IN the DT dollar NN rose VBD slightly RB against IN most JJS major JJ currencies NNS , , the DT focus NN in IN currency NN markets NNS was VBD on IN the DT beleaguered JJ British JJ pound NN , , which WDT gained VBD slightly RB against IN the DT dollar NN . . Trading NN volume NN on IN the DT New NNP York NNP Stock NNP Exchange NNP dwindled VBD to TO only RB 126.6 CD million CD shares NNS yesterday NN as IN major JJ brokerage NN firms NNS continued VBD to TO throw VB in RP the DT towel NN on IN program NN trading NN . . Kidder NNP Peabody NNP became VBD the DT most RBS recent JJ firm NN to TO swear VB off RP stock-index JJ arbitrage NN trading NN for IN its PRP$ own JJ account NN , , and CC Merrill NNP Lynch NNP late JJ yesterday NN took VBD the DT major JJ step NN of IN renouncing VBG the DT trading NN strategy NN even RB for IN its PRP$ clients NNS . . Yet CC that DT did VBD n't RB eliminate VB program NN trading NN from IN the DT market NN . . The DT Dow NNP industrials NNS shot VBN up RB 23 CD points NNS in IN the DT opening NN hour NN , , at IN least JJS in IN part NN because IN of IN buy NN programs NNS generated VBN by IN stock-index JJ arbitrage NN , , a DT form NN of IN program NN trading NN involving VBG futures NNS contracts NNS . . But CC interest NN waned VBD as IN the DT day NN wore VBD on RB and CC investors NNS looked VBD ahead RB to TO the DT release NN later RB this DT week NN of IN two CD important JJ economic JJ reports NNS . . The DT first JJ is VBZ Wednesday NNP 's POS survey NN of IN purchasing NN managers NNS , , considered VBD a DT good JJ indicator NN of IN how WRB the DT nation NN 's POS manufacturing NN sector NN fared VBD in IN October NNP . . The DT other JJ is VBZ Friday NNP 's POS measure NN of IN October NNP employment NN , , an DT indicator NN of IN the DT broader JJR economy NN 's POS health NN . . Both DT are VBP expected VBN to TO show VB continued JJ sluggishness NN , , which WDT would MD be VB good JJ for IN bonds NNS and CC bad JJ for IN stocks NNS . . In IN major JJ market NN activity NN : : Stock NN prices NNS rose VBD in IN light JJ trading NN . . But CC declining VBG issues NNS on IN the DT New NNP York NNP Stock NNP Exchange NNP outnumbered VBD gainers NNS 774 CD to TO 684 CD , , and CC broader JJR market NN indexes NNS were VBD virtually RB unchanged JJ . . Bond NN prices NNS crept VBD higher RBR . . The DT Treasury NNP 's POS benchmark NN 30-year CD bond NN gained VBN about RB an DT eighth JJ of IN a DT point NN , , or CC about RB $ $ 1.25 CD for IN each DT $ $ 1,000 CD face NN amount NN . . The DT yield NN on IN the DT issue NN slipped VBD to TO 7.92 CD % NN . . The DT dollar NN gained VBD . . In IN late JJ New NNP York NNP trading NN the DT dollar NN was VBD quoted VBN at IN 1.8340 CD marks NNS and CC 141.90 CD yen NNS , , compared VBN with IN 1.8300 CD marks NNS and CC 141.65 CD yen NNS Friday NNP . . The DT British JJ pound NN , , pressured VBN by IN last JJ week NN 's POS resignations NNS of IN key JJ Thatcher NNP administration NN officials NNS , , nevertheless RB rose VBD Monday NNP to TO $ $ 1.5820 CD from IN Friday NNP 's POS $ $ 1.5795 CD . . If IN Japanese JJ companies NNS are VBP so RB efficient JJ , , why WRB does VBZ Kawasaki-Rikuso NNP Transportation NNP Co. NNP sometimes RB need VB a DT week NN just RB to TO tell VB its PRP$ clients NNS how WRB soon RB it PRP can MD ship VB goods NNS from IN here RB to TO Osaka NNP ? . Why WRB , , until IN last JJ spring NN , , did VBD the DT Long-Term NNP Credit NNP Bank NNP of IN Japan NNP sometimes RB take VB several JJ days NNS to TO correct VB typographical JJ errors NNS in IN its PRP$ paper NN work NN for IN international JJ transactions NNS ? . Because IN the DT companies NNS have VBP lacked VBN office NN computers NNS considered VBN standard JJ equipment NN in IN the DT U.S. NNP and CC Western NNP Europe NNP , , Japanese JJ corporations NNS ' POS reputation NN as IN hi-tech JJ powerhouses NNS is VBZ only RB half RB right JJ . . Their PRP$ factories NNS may MD look VB like IN sets NNS for IN a DT Spielberg NNP movie NN , , but CC their PRP$ offices NNS , , with IN rows NNS of IN clerks NNS hunched VBN over IN ledgers NNS and CC abacuses NNS , , are VBP more RBR like IN scenes NNS from IN a DT Dickens NNP novel NN . . Now RB , , the DT personal-computer NN revolution NN is VBZ finally RB reaching VBG Japan NNP . . Kawasaki-Rikuso NNP , , a DT freight NN company NN , , set VBD up RP its PRP$ own JJ software NN subsidiary NN this DT year NN and CC is VBZ spending VBG nearly RB a DT year NN 's POS profit NN to TO more RBR than IN double RB the DT computer NN terminals NNS at IN its PRP$ main JJ office NN . . In IN April NNP , , the DT Long-Term NNP Credit NNP Bank NNP linked VBD its PRP$ computers NNS in IN Tokyo NNP with IN its PRP$ three CD American JJ offices NNS . . Overall JJ , , PC NN sales NNS in IN Japan NNP in IN the DT first JJ half NN of IN 1989 CD were VBD 34 CD % NN higher JJR than IN in IN the DT year-earlier JJ period NN . . Combined JJ PC NN and CC work-station NN use NN in IN Japan NNP will MD jump VB as RB much JJ as IN 25 CD % NN annually RB over IN the DT next JJ five CD years NNS , , according VBG to TO some DT analysts NNS , , compared VBN with IN about RB 10 CD % NN in IN the DT U.S. NNP . . And CC with IN a DT labor NN shortage NN and CC intense JJ competitive JJ pressure NN to TO improve VB efficiency NN , , more JJR and CC more JJR Japanese JJ companies NNS are VBP concluding VBG that IN they PRP have VBP no DT choice NN . . `` `` We PRP have VBP too RB many JJ people NNS in IN our PRP$ home NN offices NNS , , '' '' says VBZ Yoshio NNP Hatakeyama NNP , , the DT president NN of IN the DT Japan NNP Management NNP Association NNP . . `` `` Productivity NNP in IN Japanese NNP offices NNS is VBZ relatively RB low JJ . . '' '' With IN Japanese NNP companies NNS in IN a DT wide JJ range NN of IN industries NNS -- : from IN heavy NN industry NN to TO securities NNS firms NNS -- : increasing VBG their PRP$ market NN share NN world-wide JJ , , the DT prospect NN of IN an DT even RB more RBR efficient JJ Japanese JJ economic JJ army NN may MD rattle VB foreigners NNS . . But CC it PRP also RB offers VBZ opportunities NNS ; : Americans NNS are VBP well RB poised VBN to TO supply VB the DT weapons NNS . . Japan NNP may MD be VB a DT tough JJ market NN for IN outsiders NNS to TO penetrate VB , , and CC the DT U.S. NNP is VBZ hopelessly RB behind IN Japan NNP in IN certain JJ technologies NNS . . But CC for IN now RB , , at IN least JJS , , Americans NNS are VBP far RB better JJR at IN making VBG PCs NNS and CC the DT software NN that WDT runs VBZ them PRP . . After IN years NNS of IN talking VBG about IN selling VBG in IN Japan NNP , , more JJR and CC more JJR U.S. NNP companies NNS are VBP seriously RB pouring VBG in RP . . Apple NNP Computer NNP Inc. NNP has VBZ doubled VBN its PRP$ staff NN here RB over IN the DT past JJ year NN . . Lotus NNP Development NNP Corp. NNP has VBZ slashed VBN the DT lag NN between IN U.S. NNP and CC Japan NNP product NN introductions NNS to TO six CD months NNS from IN three CD years NNS . . Ungermann-Bass NNP Inc. NNP has VBZ a DT bigger JJR share NN of IN the DT computer-network NN market NN in IN Japan NNP than IN at IN home NN . . But CC the DT Japanese NNS have VBP to TO go VB a DT long JJ way NN to TO catch VB up RP . . Typical JJ is VBZ one CD office NN of IN the DT Ministry NNP of IN International NNP Trade NNP and CC Industry NNP 's POS Machinery NNP and CC Information NNP Industries NNP Bureau NNP -- : the DT main JJ bureaucracy NN overseeing VBG the DT computer NN industry NN . . `` `` Personal NNP Computer NNP '' '' yearbooks NNS are VBP lined VBN up RP on IN nearly RB every DT desk NN , , and CC dog-eared JJ copies NNS of IN Nikkei NNP Computer NNP crowd VBP magazine NN racks NNS . . But CC amid IN the DT two CD dozen NN bureaucrats NNS and CC secretaries NNS sits VBZ only RB one CD real-life JJ PC NN . . While IN American JJ PC NN sales NNS have VBP averaged VBN roughly RB 25 CD % NN annual JJ growth NN since IN 1984 CD and CC West JJ European JJ sales NNS a DT whopping JJ 40 CD % NN , , Japanese JJ sales NNS were VBD flat JJ for IN most JJS of IN that DT time NN . . Japanese NNP office NN workers NNS use VBP PCs NNS at IN half PDT the DT rate NN of IN their PRP$ European JJ counterparts NNS and CC one-third JJ that IN of IN the DT Americans NNS . . Moreover RB , , Japanese JJ offices NNS tend VBP to TO use VB computers NNS less RBR efficiently RB than IN American JJ offices NNS do VBP . . In IN the DT U.S. NNP , , PCs NNS commonly RB perform VBP many JJ tasks NNS and CC plug VBP into IN a DT broad JJ network NN . . In IN Japan NNP , , many JJ desktop NN terminals NNS are VBP limited VBN to TO one CD function NN and CC ca MD n't RB communicate VB with IN other JJ machines NNS . . The DT market NN planning NN and CC sales JJ promotion NN office NN of IN Nomura NNP Securities NNP Co. NNP , , for IN example NN , , has VBZ more JJR than IN 30 CD computers NNS for IN its PRP$ 60 CD workers NNS , , a DT respectable JJ ratio NN . . But CC the DT machines NNS are VBP n't RB on IN employees NNS ' POS desks NNS ; : they PRP ring VBP the DT perimeter NN of IN the DT large JJ office NN . . Some DT machines NNS make VBP charts NNS for IN presentations NNS . . Others NNS analyze VBP the DT data NN . . To TO transfer VB information NN from IN one CD to TO the DT other JJ , , employees NNS make VBP printouts NNS and CC enter VBP the DT data NN manually RB . . To TO transmit VB charts NNS to TO branch NN offices NNS , , they PRP use VBP a DT fax NN machine NN . . Meanwhile RB , , a DT woman NN sitting VBG next JJ to TO a DT new JJ Fujitsu NNP terminal NN writes VBZ stock-market JJ information NN on IN a DT chart NN with IN a DT pencil NN and CC adds VBZ it PRP up RP with IN a DT hand NN calculator NN . . In IN an DT efficient JJ setup NN , , the DT same JJ PC NNP could MD perform VB all DT those DT tasks NNS . . In IN the DT U.S. NNP , , more JJR than IN half PDT the DT PC NN software NN sold VBN is VBZ either DT for IN spreadsheets NNS or CC for IN database NN analysis NN , , according VBG to TO Lotus NNP . . In IN Japan NNP , , those DT functions NNS account VBP for IN only RB about RB a DT third JJ of IN the DT software NN market NN . . Machines NNS dedicated VBN solely RB to TO word NN processing NN , , which WDT have VBP all DT but CC disappeared VBD in IN the DT U.S. NNP , , are VBP still RB more RBR common JJ in IN Japan NNP than IN PCs NNS . . In IN the DT U.S. NNP , , one-fifth JJ of IN the DT office NN PCs NNS are VBP hooked VBN up RP to TO some DT sort NN of IN network NN . . In IN Japan NNP , , about RB 1 CD % NN are VBP linked VBN . . `` `` Computers NNS here RB are VBP used VBN for IN data NN gathering NN , , '' '' says VBZ Roger NNP J. NNP Boisvert NNP , , who WP manages VBZ the DT integrated-technologies NNS group NN in IN McKinsey NNP & CC Co. NNP 's POS Tokyo NNP office NN . . Some DT Japanese JJ operations NNS , , such JJ as IN securities-trading JJ rooms NNS , , may MD be VB ahead RB of IN their PRP$ American JJ counterparts NNS , , he PRP says VBZ , , but CC `` `` basically RB , , there EX 's POS little JJ analysis NN done VBN on IN computers NNS in IN Japan NNP . . '' '' Of IN course NN , , simply RB buying VBG computers NNS does VBZ n't RB always RB solve VB problems NNS , , and CC many JJ American JJ companies NNS have VBP erred VBN by IN purchasing VBG technology NN they PRP did VBD n't RB understand VB . . But CC healthy JJ skepticism NN is VBZ only RB a DT small JJ reason NN for IN Japan NNP 's POS PC NNP lag NN . . Various JJ cultural JJ and CC economic JJ forces NNS have VBP suppressed VBN demand NN . . Because IN the DT Japanese JJ `` `` alphabet NN '' '' is VBZ so RB huge JJ , , Japan NNP has VBZ no DT history NN of IN typewriter NN use NN , , and CC so IN `` `` keyboard NN allergy NN , , '' '' especially RB among IN older JJR workers NNS , , remains VBZ a DT common JJ affliction NN . . `` `` I PRP have VBP no DT experience NN before RB with IN such JJ sophisticated JJ machinery NN , , '' '' says VBZ Matsuo NNP Toshimitsu NNP , , a DT 66-year-old JJ executive NN vice NN president NN of IN Japan NNP Air NNP Lines NNP , , explaining VBG his PRP$ reluctance NN before IN accepting VBG a DT terminal NN in IN his PRP$ office NN this DT summer NN . . While IN most JJS American JJ employees NNS have VBP their PRP$ own JJ private JJ space NN , , Japanese JJ `` `` salarymen NNS '' '' usually RB share VBP large JJ , , common JJ tables NNS and CC rely VBP heavily RB on IN old-fashioned JJ personal JJ contact NN . . Top JJ Japanese JJ executives NNS often RB make VBP decisions NNS based VBN on IN consensus NN and CC personal JJ relationships NNS rather RB than IN complex JJ financial JJ projections NNS and CC fancy JJ presentations NNS . . And CC Japan NNP 's POS management NN system NN makes VBZ it PRP hard JJ to TO impose VB a DT single JJ , , integrated VBN computer NN system NN corporatewide JJ . . Besides IN , , a DT computer NN processing VBG the DT Japanese JJ language NN needs VBZ a DT huge JJ memory NN and CC much JJ processing NN capability NN , , while IN the DT screen NN and CC printer NN need VBP far RB better JJR definition NN to TO depict VB accurately RB the DT intricate JJ symbols NNS . . Until IN recently RB , , much JJ of IN the DT necessary JJ technology NN has VBZ been VBN unavailable JJ or CC at IN least JJS unaffordable JJ . . Some DT analysts NNS estimate VBP the DT average JJ PC NN costs VBZ about RB 50 CD % NN more JJR in IN Japan NNP than IN the DT U.S. NNP . . But CC the DT complex JJ language NN is VBZ n't RB the DT only JJ reason NN . . For IN the DT past JJ decade NN , , NEC NNP Corp. NNP has VBZ owned VBN more JJR than IN half PDT the DT Japanese JJ PC NN market NN and CC ruled VBD it PRP with IN near-monopoly JJ power NN . . With IN little JJ competition NN , , the DT computer NN industry NN here RB is VBZ inefficient JJ . . The DT U.S. NNP market NN , , too RB , , is VBZ dominated VBN by IN a DT giant NN , , International NNP Business NNP Machines NNP Corp NNP . . But CC early RB on RB , , IBM NNP offered VBD its PRP$ basic JJ design NN to TO anybody NN wanting VBG to TO copy VB it PRP . . Dozens NNS of IN small JJ companies NNS did VBD , , swiftly RB establishing VBG a DT standard NN operating NN system NN . . That DT spurs VBZ competition NN and CC growth NN , , allows VBZ users NNS to TO change VB and CC mix VB brands NNS easily RB , , and CC increases VBZ software NN firms NNS ' POS incentive NN to TO write VB packages NNS because IN they PRP can MD be VB sold VBN to TO users NNS of IN virtually RB any DT computer NN . . If IN a DT record NN industry NN lacked VBD a DT common JJ standard NN , , Sony NNP CD NN owners NNS could MD listen VB to TO a DT Sony NNP version NN of IN Madonna NNP 's POS `` `` Like IN a DT Prayer NN '' '' but CC not RB one CD made VBD for IN a DT Panasonic NNP player NN . . That DT is VBZ the DT state NN of IN Japan NNP 's POS computer NN industry NN . . NEC NNP wo MD n't RB release VB its PRP$ code NN , , and CC every DT one CD of IN the DT dozen NN or CC so RB makers NNS has VBZ its PRP$ own JJ proprietary NN operating NN system NN -- : all DT incompatible JJ with IN each DT other JJ . . IBM NNP established VBD its PRP$ standard NN to TO try VB to TO stop VB falling VBG behind IN upstart NN Apple NNP Computer NNP , , but CC NEC NNP was VBD ahead RB from IN the DT start NN and CC did VBD n't RB need VB to TO invite VB in RP competitive JJ allies NNS . . Meanwhile RB , , the DT big JJ players NNS have VBP n't RB tried VBN to TO copy VB the DT NEC NNP standard NN . . Corporate JJ pride NN as RB well RB as IN the DT close JJ ties NNS common JJ among IN Japanese JJ manufacturers NNS help VBP explain VB why WRB . . Most JJS rivals NNS `` `` have VBP a DT working NN relationship NN with IN NEC NNP , , often RB through IN cross-licensing NN of IN technology NN , , '' '' the DT Japan NNP Personal NNP Computer NNP Software NNP Association NNP noted VBD recently RB . . `` `` They PRP hesitate VBP to TO market VB NEC-compatible JJ machines NNS ; : NEC NNP disapproves VBZ of IN such JJ machines NNS , , and CC marketing VBG one CD would MD jeopardize VB their PRP$ relationship NN . . '' '' The DT result NN , , according VBG to TO many JJ analysts NNS , , is VBZ higher JJR prices NNS and CC less JJR innovation NN . . While IN tens NNS of IN thousands NNS of IN software NN packages NNS using VBG the DT IBM NNP standard NN are VBP available JJ in IN the DT U.S. NNP , , they PRP say VBP only RB about RB 8,000 CD are VBP written VBN for IN NEC NNP . . A DT year NN ago RB , , Japan NNP 's POS Fair NNP Trade NNP Commission NNP warned VBD NEC NNP about IN possible JJ violations NNS of IN anti-monopoly JJ laws NNS for IN discouraging VBG retailers NNS from IN discounting VBG . . In IN Japan NNP , , `` `` software NN is VBZ four CD to TO five CD years NNS behind IN the DT U.S. NNP because IN hardware NN is VBZ four CD to TO five CD years NNS behind IN , , because IN NEC NNP is VBZ enjoying VBG a DT monopoly NN , , '' '' complains VBZ Kazuhiko NNP Nishi NNP , , the DT president NN of IN Ascii NNP Corp. NNP , , one CD of IN Japan NNP 's POS leading JJ PC-magazine JJ publishing NN and CC software NN companies NNS . . `` `` There EX are VBP no DT price NN wars NNS , , no DT competition NN . . '' '' An DT NEC NNP spokeswoman NN responds VBZ that IN prices NNS are VBP higher JJR in IN Japan NNP because IN customers NNS put VBP a DT greater JJR emphasis NN on IN quality NN and CC service NN than IN they PRP do VBP in IN the DT U.S. NNP . . She PRP adds VBZ that IN some DT technological JJ advances NNS trail VBP those DT in IN the DT U.S. NNP because IN the DT Japanese NNS still RB import VBP basic JJ operating VBG systems NNS from IN American JJ companies NNS . . But CC the DT market NN is VBZ changing VBG . . The DT government NN is VBZ funding VBG several JJ projects NNS to TO push VB PC NN use NN . . Over IN the DT next JJ three CD years NNS , , public JJ schools NNS will MD get VB 1.5 CD million CD PCs NNS , , a DT 15-fold JJ increase NN from IN current JJ levels NNS . . In IN the DT private JJ sector NN , , practically RB every DT major JJ company NN is VBZ setting VBG explicit JJ goals NNS to TO increase VB employees NNS ' POS exposure NN to TO computers NNS . . Toyota NNP Motor NNP Corp. NNP 's POS sales NNS offices NNS in IN Japan NNP have VBP one-tenth JJ the DT computers NNS per IN employee NN that IN its PRP$ own JJ U.S. NNP offices NNS do VBP ; : over IN the DT next JJ five CD years NNS , , it PRP is VBZ aiming VBG for IN rough JJ parity NN . . Within IN a DT year NN , , Kao NNP Corp. NNP , , a DT major JJ cosmetics NNS company NN , , plans VBZ to TO eliminate VB 1,000 CD clerical JJ jobs NNS by IN putting VBG on RP a DT central JJ computer NN network NN some DT work NN , , such JJ as IN credit NN reports NNS , , currently RB performed VBN in IN 22 CD separate JJ offices NNS . . By IN increasing VBG the DT number NN of IN PCs NNS it PRP uses VBZ from IN 66 CD to TO 1,000 CD , , Omron NNP Tateishi NNP Electronics NNP Co. NNP , , of IN Kyoto NNP , , hopes VBZ not RB only JJ to TO make VB certain JJ tasks NNS easier RBR but CC also RB to TO transform VB the DT way NN the DT company NN is VBZ run VBN . . `` `` Managers NNS have VBP long RB been VBN those DT who WP supervise VBP their PRP$ subordinates NNS so IN orders NNS would MD be VB properly RB acted VBN on IN , , '' '' a DT spokesman NN says VBZ . . `` `` But CC new JJ managers NNS will MD have VBP to TO be VB creators NNS and CC innovators NNS ... : and CC for IN that DT purpose NN it PRP is VBZ necessary JJ to TO create VB an DT environment NN where WRB information NN from IN both DT inside IN and CC outside IN the DT company NN can MD be VB reached VBN easily RB , , and CC also RB shared VBN . . '' '' Meanwhile RB , , more JJR computer NN makers NNS now RB are VBP competing VBG for IN the DT new JJ business NN . . Seiko NNP Epson NNP Corp. NNP , , a DT newcomer NN to TO the DT industry NN , , fought VBN off RP a DT legal JJ challenge NN and CC started VBD selling VBG NEC NNP clones NNS last JJ year NN . . It PRP has VBZ won VBN about RB 15 CD % NN of IN the DT retail JJ PC NN market NN . . Sony NNP Corp. NNP , , which WDT temporarily RB dropped VBD out IN of IN the DT PC NN business NN three CD years NNS ago RB , , started VBD selling VBG its PRP$ work NN station NN in IN 1987 CD and CC quickly RB became VBD the DT leading VBG Japanese JJ company NN in IN that DT market NN . . In IN a DT country NN where WRB elbow NN room NN is VBZ scarce JJ , , laptop JJ machines NNS will MD take VB a DT large JJ portion NN of IN the DT industry NN 's POS future JJ growth NN . . Toshiba NNP Corp. NNP busted VBD open JJ that DT sector NN this DT summer NN with IN a DT notebook-sized JJ machine NN that WDT retails VBZ for IN less JJR than IN 200,000 CD yen NN ( ( under IN $ $ 1,500 CD ) ) -- : one CD of IN the DT smallest JJS , , cheapest JJS PCs NNS available JJ in IN the DT country NN . . Fujitsu NNP Ltd. NNP is VBZ lavishing VBG the DT most RBS expensive JJ promotion NN campaign NN in IN its PRP$ history NN -- : including VBG a DT 100,000-guest JJ bash NN at IN Tokyo NNP Dome NNP -- : for IN its PRP$ sophisticated JJ sound\/graphics JJ FM JJ Towns NNP machine NN , , which WDT it PRP advertises VBZ for IN everything NN from IN balancing VBG the DT family NN checkbook NN to TO practicing VBG karaoke NN , , bar NN singing NN . . Many JJ of IN the DT companies NNS are VBP even RB dropping VBG their PRP$ traditional JJ independence NN and CC trying VBG to TO band VB together RB to TO create VB some DT sort NN of IN standard NN . . Two CD years NNS ago RB , , most JJS of IN the DT smaller JJR makers NNS joined VBD under IN the DT Microsoft NNP Corp. NNP umbrella NN to TO adopt VB a DT version NN of IN the DT American JJ IBM NNP AT NNP standard NN . . That DT has VBZ n't RB generated VBD much JJ sales NNS , , but CC this DT summer NN Microsoft NNP rallied VBD all DT the DT major JJ NEC NNP competitors NNS to TO make VB their PRP$ new JJ machines NNS compatible JJ with IN the DT IBM NNP OS\/2 NNP standard NN . . A DT healthy JJ , , coherent JJ Japanese JJ market NN could MD also RB make VB it PRP far RB easier RBR for IN Japanese JJ companies NNS to TO sell VB overseas RB , , where WRB their PRP$ share NN is VBZ still RB minimal JJ . . But CC it PRP could MD also RB help VB American JJ companies NNS , , which WDT also RB are VBP starting VBG to TO try VB to TO open VB the DT market NN . . As IN with IN many JJ other JJ goods NNS , , the DT American JJ share NN of IN Japan NNP 's POS PC NN market NN is VBZ far RB below IN that DT in IN the DT rest NN of IN the DT world NN . . U.S. NNP makers NNS have VBP under IN 10 CD % NN share NN , , compared VBN with IN half PDT the DT market NN in IN Europe NNP and CC 80 CD % NN at IN home NN . . Though IN no DT formal JJ trade NN barriers NNS exist VBP , , the DT Japanese JJ computer NN industry NN is VBZ difficult JJ for IN outsiders NNS to TO enter VB . . `` `` If IN it PRP were VBD an DT open JJ market NN , , we PRP would MD have VB been VBN in RB in IN 1983 CD or CC 1984 CD , , '' '' says VBZ Eckhard NNP Pfeiffer NNP , , who WP heads VBZ Compaq NNP Computer NNP Corp. NNP 's POS European JJ and CC international JJ operations NNS . . His PRP$ company NN , , without IN any DT major JJ effort NN , , sells VBZ more JJR machines NNS in IN China NNP than IN in IN Japan NNP . . Although IN it PRP has VBZ opened VBN a DT New NNP Zealand NNP subsidiary NN , , it PRP is VBZ still RB only RB `` `` studying VBG '' '' Japan NNP , , the DT only JJ nation NN that DT has VBZ n't RB adopted VBN IBM-oriented JJ specifications NNS . . And CC because IN general JJ retail JJ centers NNS such JJ as IN ComputerLand NNP have VBP little JJ presence NN in IN Japan NNP , , sales NNS remain VBP in IN the DT iron NN grip NN of IN established VBN computer NN makers NNS . . But CC the DT Americans NNS are VBP also RB to TO blame VB . . They PRP long RB made VBD little JJ effort NN here RB . . IBM NNP , , though IN long RB a DT leader NN in IN the DT Japanese JJ mainframe NN business NN , , did VBD n't RB introduce VB its PRP$ first JJ PC NN in IN Japan NNP until IN five CD years NNS after IN NEC NNP did VBD , , and CC that DT was VBD n't RB compatible JJ even RB with IN the DT U.S. NNP IBM NNP standard NN . . Apple NNP did VBD n't RB introduce VB a DT kanji FW machine NN -- : one NN that WDT handles VBZ the DT Chinese JJ characters NNS of IN written VBN Japanese NNP -- : until IN three CD years NNS after IN entering VBG the DT market NN . . Critics NNS also RB say VBP American JJ companies NNS charge VBP too RB much JJ . . Japan NNP 's POS FTC NNP says VBZ it PRP is VBZ investigating VBG Apple NNP for IN allegedly RB discouraging VBG retailers NNS from IN discounting VBG . . But CC the DT U.S. NNP companies NNS are VBP redoubling VBG their PRP$ efforts NNS . . Apple NNP recently RB hired VBD its PRP$ first JJ Japanese JJ president NN , , luring VBG away RP an DT official NN of IN Toshiba NNP 's POS European JJ operations NNS , , as RB well RB as IN a DT whole JJ Japanese JJ top-management JJ team NN . . Earlier RBR this DT year NN , , it PRP introduced VBD a DT much RB more RBR powerful JJ kanji FW operating NN system NN and CC a DT kanji FW laser NN printer NN . . IBM NNP just RB last JJ year NN started VBD selling VBG its PRP$ first JJ machine NN that WDT could MD run VB in IN both DT Japanese NNP and CC English NNP and CC that WDT substantially RB enhances VBZ compatibility NN with IN its PRP$ American JJ products NNS . . `` `` It PRP may MD take VB five CD years NNS to TO break VB even JJ in IN Japan NNP , , '' '' says VBZ John NNP A. NNP Siniscal NNP , , who WP runs VBZ the DT Asia-Pacific JJ office NN for IN McCormack NNP & CC Dodge NNP , , a DT U.S. NNP software NN company NN . . `` `` But CC it PRP 's VBZ an DT enormous JJ business NN opportunity NN . . From IN a DT reading NN of IN the DT somewhat RB scant JJ English-language JJ medical JJ literature NN on IN RU-486 NNP , , the DT French JJ abortion NN pill NN emerges VBZ as IN one CD of IN the DT creepiest JJS concoctions NNS around RP . . This DT is VBZ not RB only RB because IN it PRP kills VBZ the DT unborn NN , , a DT job NN at IN which WDT it PRP actually RB is VBZ not RB outstandingly RB efficient JJ , , zapping VBG only RB 50 CD % NN to TO 85 CD % NN of IN them PRP depending VBG on IN which WDT study NN you PRP read VBP ( ( prostaglandin NN , , taken VBN in IN conjunction NN with IN the DT pill NN , , boosts VBZ the DT rate NN to TO 95 CD % NN ) ) . . By IN contrast NN , , surgical JJ abortion NN is VBZ 99 CD % NN effective NN . . Abortion NN via IN the DT pill NN is VBZ far RB more JJR of IN an DT ordeal NN than IN conventional JJ surgical JJ abortion NN . . It PRP is VBZ time-consuming JJ ( ( the DT abortion NN part NN alone RB lasts VBZ three CD days NNS , , and CC the DT clinical JJ part NN comprises VBZ a DT week NN 's POS worth NN of IN visits NNS ) ) , , bloody JJ ( ( one CD woman NN in IN a DT Swedish JJ trial NN required VBD a DT transfusion NN , , although IN for IN most JJS it PRP resembles VBZ a DT menstrual JJ period NN , , with IN bleeding VBG lasting VBG an DT average NN of IN 10 CD days NNS ) ) , , and CC painful JJ ( ( many JJ women NNS require VBP analgesic JJ shots NNS to TO ease VB them PRP through RP ) ) . . Nausea NN and CC vomiting NN are VBP other JJ common JJ side NN effects NNS . . Timing NN is VBZ of IN the DT essence NN with IN RU-486 NNP . . It PRP is VBZ most RBS effective JJ taken VBN about RB a DT week NN after RB a DT woman NN misses VBZ her PRP menstrual JJ period NN up IN through IN the DT seventh JJ week NN of IN pregnancy NN , , when WRB it PRP is VBZ markedly RB less RBR effective JJ . . That DT is VBZ typically RB about RB a DT three-week JJ window NN . . So IN far RB , , all DT the DT studies NNS have VBP concluded VBN that IN RU-486 NNP is VBZ `` `` safe JJ . . '' '' But CC `` `` safe JJ , , '' '' in IN the DT definition NN of IN Marie NNP Bass NNP of IN the DT Reproductive NNP Health NNP Technologies NNP Project NNP , , means VBZ `` `` there EX 's VBZ been VBN no DT evidence NN so RB far RB of IN mortality NN . . '' '' No DT one PRP has VBZ researched VBN the DT long-term JJ effects NNS of IN RU-486 NNP on IN a DT woman NN 's POS health NN or CC fertility NN . . The DT drug NN seems VBZ to TO suppress VB ovulation NN for IN three CD to TO seven CD months NNS after IN it PRP is VBZ taken VBN . . Some DT women NNS clearly RB have VBP no DT trouble NN eventually RB conceiving VBG again RB : : The DT studies NNS have VBP reported VBN repeaters NNS in IN their PRP$ programs NNS . . But CC there EX are VBP no DT scientific JJ data NN on IN this DT question NN . . Rather RB ominously RB , , rabbit NN studies NNS reveal VBP that IN RU-486 NNP can MD cause VB birth NN defects NNS , , Lancet NNP , , the DT British JJ medical JJ journal NN , , reported VBD in IN 1987 CD . . However RB , , Dr. NNP Etienne-Emile NNP Baulieu NNP , , the DT French JJ physician NN who WP invented VBD RU-486 NNP , , wrote VBD in IN a DT Science NNP magazine NN article NN last JJ month NN that IN the DT rabbit-test JJ results NNS could MD not RB be VB duplicated VBN in IN rats NNS and CC monkeys NNS . . The DT drug NN has VBZ a DT three-dimensional JJ structure NN similar JJ to TO that DT of IN DES NNP , , the DT anti-miscarriage JJ drug NN that WDT has VBZ been VBN linked VBN to TO cervical JJ and CC vaginal JJ cancer NN in IN some DT of IN the DT daughters NNS of IN the DT women NNS who WP took VBD it PRP . . All DT the DT published VBN studies NNS recommend VBP that IN women NNS on IN whom WP the DT drug NN proves VBZ ineffective JJ not RB carry VB the DT pregnancy NN to TO term VB but CC undergo VBP a DT surgical JJ abortion NN . . A DT risk NN of IN birth NN defects NNS , , a DT sure JJ source NN of IN lawsuits NNS , , is VBZ one CD reason NN the DT U.S. NNP pharmaceutical JJ industry NN is VBZ steering VBG clear JJ of IN RU-486 NNP . . One NN might MD well RB ask VB : : Why WRB bother VBP with IN this DT drug NN at IN all DT ? . Some DT abortion NN advocates NNS have VBP been VBN asking VBG themselves PRP this DT very JJ question NN . . RU-486 NNP `` `` probably RB represents VBZ a DT technical JJ advance NN in IN an DT area NN where WRB none NN is VBZ needed VBN , , or CC at IN least JJS not RB very RB much JJ , , '' '' said VBD Phillip NNP Stubblefield NNP , , president NN of IN the DT National NNP Abortion NNP Federation NNP , , at IN a DT reproductive JJ health NN conference NN in IN 1986 CD . . Many JJ physicians NNS have VBP expressed VBN concern NN over IN the DT heavy JJ bleeding NN , , which WDT occurs VBZ even RB if IN the DT drug NN fails VBZ to TO induce VB an DT abortion NN . . It PRP typically RB takes VBZ from IN eight CD to TO 10 CD years NNS to TO obtain VB the DT Food NNP and CC Drug NNP Administration NNP 's POS approval NN for IN a DT new JJ drug NN , , and CC the DT cost NN of IN testing VBG and CC marketing VBG a DT new JJ drug NN can MD range VB from IN $ $ 30 CD million CD to TO $ $ 70 CD million CD . . The DT Health NNP and CC Human NNP Services NNP Department NNP currently RB forbids VBZ the DT National NNP Institutes NNP of IN Health NNP from IN funding VBG abortion NN research NN as IN part NN of IN its PRP$ $ $ 8 CD million CD contraceptive NN program NN . . But CC the DT Population NNP Council NNP , , a DT 37-year-old JJ , , $ $ 20 CD million CD nonprofit JJ organization NN that WDT has VBZ the DT backing NN of IN the DT Rockefeller NNP and CC Mellon NNP foundations NNS and CC currently RB subsidizes VBZ most JJS U.S. NNP research NN on IN contraceptives NNS , , has VBZ recently RB been VBN paying VBG for IN U.S. NNP studies NNS of IN RU-486 NNP on IN a DT license NN from IN its PRP$ French JJ developer NN , , Roussel-Uclaf NNP , , a DT joint JJ subsidiary NN of IN the DT German JJ pharmaceutical JJ company NN Hoechst NNP and CC the DT French JJ government NN . . In IN the DT year NN since IN the DT pill NN went VBD on IN the DT French JJ market NN , , the DT National NNP Organization NNP for IN Women NNP and CC its PRP$ offshoot NN , , former JJ NOW NNP President NNP Eleanor NNP Smeal NNP 's POS Fund NNP for IN a DT Feminist NNP Majority NNP , , have VBP been VBN trying VBG to TO browbeat VB the DT U.S. NNP pharmaceutical JJ industry NN into IN getting VBG involved VBN . . ( ( Its PRP$ scare-tactic NN prediction NN : : the DT pill NN `` `` will MD be VB available JJ in IN the DT U.S. NNP , , either DT legally RB or CC illegally RB , , in IN no DT more JJR than IN 2-5 CD years NNS . . '' '' ) ) Following VBG the DT feminist JJ and CC population-control JJ lead NN has VBZ been VBN a DT generally RB bovine JJ press NN . . A DT June NNP 1988 CD article NN in IN Mother NNP Jones NNP magazine NN is VBZ typical JJ of IN the DT general JJ level NN of IN media NNS ignorance NN . . `` `` For IN a DT woman NN whose WP$ period NN is VBZ late JJ , , using VBG RU-486 NNP means VBZ no DT waiting VBG , , no DT walking VBG past RB picket NN lines NNS at IN abortion NN clinics NNS , , and CC no DT feet NNS up RB in IN stirrups NNS for IN surgery NN , , '' '' burbles VBZ health NN writer NN Laura NNP Fraser NNP . . `` `` It PRP also RB means VBZ she PRP will MD never RB have VB to TO know VB whether IN she PRP had VBD actually RB been VBN pregnant JJ . . '' '' Wrong JJ on IN all DT counts NNS , , Miss NNP Fraser NNP . . RU-486 NNP is VBZ being VBG administered VBN in IN France NNP only RB under IN strict JJ supervision NN in IN the DT presence NN of IN a DT doctor NN . . ( ( Roussel NNP reportedly RB has VBZ every DT pill NN marked VBN and CC accounted VBN for IN to TO make VB sure JJ none NN slips VBZ into IN the DT black JJ market NN . . ) ) Thus RB , , a DT woman NN who WP used VBD RU-486 NNP to TO have VB an DT abortion NN would MD have VB to TO make VB three CD trips NNS to TO the DT clinic NN past IN those DT picket NN lines NNS ; : an DT initial JJ visit NN for IN medical JJ screening NN ( ( anemics NNS and CC those DT with IN previous JJ pregnancy NN problems NNS are VBP eliminated VBN ) ) and CC to TO take VB the DT pill NN , , a DT second JJ trip NN 48 CD hours NNS later RBR for IN the DT prostaglandin NN , , administered VBN either CC via IN injection NN or CC vaginal JJ suppository NN , , and CC a DT third JJ trip NN a DT week NN later RBR to TO make VB sure JJ she PRP has VBZ completely RB aborted VBN . . Furthermore RB , , because IN timing NN is VBZ so RB critical JJ with IN RU-486 NNP , , she PRP will MD learn VB , , via IN a DT pelvic JJ examination NN and CC ultrasound NN , , not RB only RB that IN she PRP is VBZ pregnant JJ , , but CC just RB how WRB pregnant JJ she PRP is VBZ . . No DT doctor NN who WP fears VBZ malpractice NN liability NN would MD likely RB expose VB a DT non-pregnant JJ patient NN to TO the DT risk NN of IN hemorrhaging VBG . . Many JJ women NNS may MD even RB see VB the DT dead JJ embryo NN they PRP have VBP expelled VBN , , a DT sight NN the DT surgical-abortion JJ industry NN typically RB spares VBZ them PRP . . At IN seven CD weeks NNS , , an DT embryo NN is VBZ about RBR three-fourths JJ of IN an DT inch NN long RB and CC recognizably RB human JJ . . At IN the DT behest NN of IN pro-choice JJ members NNS of IN Congress NNP , , a DT four-year JJ reauthorization NN bill NN for IN Title NNP X NNP federal JJ family-planning JJ assistance NN now RB contains VBZ a DT $ $ 10 CD million CD grant NN for IN `` `` development NN , , evaluation NN and CC bringing NN to TO the DT marketplace NN of IN new JJ improved VBN contraceptive JJ devices NNS , , drugs NNS and CC methods NNS . . '' '' If IN this DT passes VBZ -- : a DT Senate NNP version NN has VBZ already RB been VBN cleared VBN for IN a DT floor NN vote NN that WDT is VBZ likely RB early JJ next JJ year NN -- : it PRP would MD put VB the DT federal JJ government NN into IN the DT contraceptive JJ marketing NN business NN for IN the DT first JJ time NN . . It PRP also RB could MD put VB the DT government NN into IN the DT RU-486 NNP business NN , , which WDT would MD please VB feminists NNS dismayed VBN at IN what WP they PRP view VBP as IN pusillanimity NN in IN the DT private-sector JJ drug NN industry NN . . We PRP do VBP not RB know VB whether IN RU-486 NNP will MD be VB as RB disastrous JJ as IN some DT of IN the DT earlier JJR fertility-control JJ methods NNS released VBN to TO unblinking JJ , , uncritical JJ cheers NNS from IN educated VBN people NNS who WP should MD have VB known VBN better RBR . . ( ( Remember VB the DT Dalkon NNP Shield NNP and CC the DT early JJ birth-control NN pills NNS ? . ) ) We PRP will MD not RB know VB until IN a DT first JJ generation NN of IN female JJ guinea NN pigs NNS -- : all DT of IN whom WP will MD be VB more RBR than IN happy JJ to TO volunteer VB for IN the DT job NN -- : has VBZ put VBN the DT abortion NN pill NN through IN the DT clinical JJ test NN of IN time NN . . Mrs. NNP Allen NNP is VBZ a DT senior JJ editor NN of IN Insight NNP magazine NN . . This DT article NN is VBZ adapted VBN from IN one CD in IN the DT October NNP American NNP Spectator NNP . . On IN June NNP 30 CD , , a DT major JJ part NN of IN our PRP$ trade NN deficit NN went VBD poof NN ! . No DT figure NN juggling NN ; : no DT witchcraft NN ; : just RB vastly RB improved VBN recording NN of IN some DT of IN our PRP$ exports NNS . . The DT result NN ? . The DT Commerce NNP Department NNP found VBD that IN U.S. NNP exports NNS in IN 1988 CD , , net NN of IN imports NNS , , were VBD understated VBN by IN $ $ 20.9 CD billion CD a DT year NN and CC understated VBD at IN the DT annualized VBN rate NN of IN $ $ 25.4 CD billion CD in IN the DT first JJ quarter NN of IN 1989 CD . . More RBR than IN half NN of IN the DT `` `` newly RB found VBN '' '' net JJ exports NNS were VBD from IN just RB a DT few JJ service-sector JJ categories NNS . . Some DT of IN the DT biggest JJS service-industry JJ exporters NNS -- : American JJ financial-service JJ companies NNS , , for IN example NN -- : have VBP yet RB to TO be VB fully RB included VBN in IN our PRP$ export NN statistics NNS . . Nearly RB 10 CD years NNS ago RB , , representatives NNS of IN service-sector JJ companies NNS worked VBN out RP a DT plan NN with IN the DT Commerce NNP Department NNP to TO improve VB the DT data NN on IN service-sector JJ exports NNS . . Both DT groups NNS believed VBD that IN tens NNS of IN billions NNS of IN dollars NNS of IN service NN exports NNS -- : such JJ as IN inbound JJ tourism NN ; : legal JJ , , accounting NN and CC other JJ professional JJ services NNS furnished VBN to TO foreigners NNS ; : financial JJ , , engineering NN and CC construction NN services NNS ; : and CC the DT like JJ -- : were VBD not RB being VBG counted VBN as IN exports NNS . . The DT monthly JJ `` `` trade NN deficit NN '' '' figure NN is VBZ limited VBN to TO traditional JJ merchandise NN trade NN : : manufactured VBN goods NNS and CC raw JJ materials NNS . . In IN the DT quarterly JJ balance-of-payments NNS report NN , , those DT merchandise NN trade NN figures NNS are VBP merged VBN with IN statistics NNS on IN exports NNS and CC imports NNS of IN services NNS , , as RB well RB as IN returns NNS on IN investments NNS abroad RB by IN Americans NNS and CC returns NNS on IN foreign JJ investments NNS in IN the DT U.S. NNP . . Over IN time NN , , through IN benchmark NN surveys NNS , , the DT corrected VBN data NN on IN service NN exports NNS and CC imports NNS have VBP been VBN gathered VBN . . The DT first JJ three CD major JJ areas NNS of IN the DT service NN sector NN to TO be VB revamped VBN were VBD expenditures NNS by IN foreign JJ students NNS in IN the DT U.S. NNP . . ( ( net JJ after IN expenditures NNS by IN Americans NNS studying VBG abroad RB ) ) , , some DT exports NNS by IN professional JJ firms NNS ( ( a DT law NN firm NN billing VBG a DT German JJ client NN for IN services NNS rendered VBN in IN watching VBG legislation NN in IN Washington NNP is VBZ as RB much JJ an DT export NN as IN shipment NN of IN an DT American JJ jet NN engine NN ) ) , , and CC improved VBN data NNS from IN travel NN and CC tourism NN . . In IN just RB these DT three CD areas NNS , , the DT Commerce NNP Department NNP found VBD $ $ 23 CD billion CD more JJR exports NNS than IN previously RB reported VBN and CC $ $ 11.6 CD billion CD more JJR imports NNS , , with IN the DT net JJ result NN that IN the DT U.S. NNP service NN surplus NN in IN 1988 CD increased VBD by IN $ $ 11.3 CD billion CD , , to TO $ $ 19 CD billion CD . . Combined VBN with IN recalculations NNS and CC revisions NNS in IN other JJ trade NN areas NNS , , the DT value NN of IN U.S. NNP net JJ exports NNS that WDT had VBD not RB previously RB been VBN recorded VBN was VBD about RB $ $ 20 CD billion CD a DT year NN . . That DT means VBZ that IN the DT U.S. NNP trade NN deficit NN was VBD running VBG closer RB to TO $ $ 75 CD billion CD than IN to TO $ $ 95 CD billion CD in IN 1988 CD , , and CC $ $ 55 CD billion CD ( ( annualized VBN ) ) rather RB than IN $ $ 80 CD billion CD in IN the DT first JJ quarter NN of IN 1989 CD . . These DT revised VBN figures NNS also RB may MD explain VB some DT of IN the DT recent JJ strength NN of IN the DT dollar NN . . The DT materially RB smaller JJR trade NN deficit NN may MD have VB been VBN already RB discounted VBN in IN the DT market NN . . What WP does VBZ this DT mean NN for IN trade NN policy NN ? . Too RB early JJ to TO tell VB , , but CC a DT trade NN deficit NN that WDT is VBZ significantly RB smaller JJR than IN we PRP imagined VBD does VBZ suggest VB a DT review NN of IN our PRP$ trade NN posture NN . . It PRP does VBZ not RB relieve VB the DT need NN for IN our PRP$ market-opening JJ efforts NNS for IN both DT goods NNS and CC services NNS , , but CC it PRP does VBZ suggest VB that IN it PRP is VBZ our PRP$ exports NNS of IN services NNS , , and CC not RB just RB borrowing NN , , that WDT is VBZ financing VBG our PRP$ imports NNS of IN goods NNS . . Mr. NNP Freeman NNP is VBZ an DT executive JJ vice NN president NN of IN American NNP Express NNP . . The DT collapse NN of IN a DT $ $ 6.79 CD billion CD labor-management JJ buy-out NN of IN United NNP Airlines NNP parent NN UAL NNP Corp. NNP may MD not RB stop VB some DT of IN Wall NNP Street NNP 's POS top JJ talent NN from IN collecting VBG up RB to TO $ $ 53.7 CD million CD in IN fees NNS . . According VBG to TO one CD person NN familiar JJ with IN the DT airline NN , , the DT buy-out NN group NN -- : led VBN by IN United NNP 's POS pilots NNS union NN and CC UAL NNP Chairman NNP Stephen NNP Wolf NNP -- : has VBZ begun VBN billing VBG UAL NNP for IN fees NNS and CC expenses NNS it PRP owes VBZ to TO investment NN bankers NNS , , law NN firms NNS and CC banks NNS . . The DT tab NN even RB covers VBZ $ $ 8 CD million CD in IN commitment NN fees NNS owed VBD to TO Citicorp NNP and CC Chase NNP Manhattan NNP Corp. NNP , , even RB though IN their PRP$ failure NN to TO obtain VB $ $ 7.2 CD billion CD in IN bank NN loans NNS for IN the DT buy-out NN was VBD the DT main JJ reason NN for IN its PRP$ collapse NN . . Under IN a DT merger NN agreement NN reached VBD Sept. NNP 14 CD , , the DT UAL NNP board NN agreed VBD to TO reimburse VB certain JJ of IN the DT buy-out NN group NN 's POS expenses NNS out IN of IN company NN funds NNS even RB if IN the DT transaction NN was VBD n't RB completed VBD , , provided VBD the DT group NN did VBD n't RB breach VB the DT agreement NN . . The DT failure NN to TO obtain VB financing NN does VBZ n't RB by IN itself PRP constitute VB a DT breach NN . . The DT merger NN agreement NN says VBZ the DT buy-out NN group NN is VBZ entitled VBN to TO be VB repaid VBN $ $ 26.7 CD million CD in IN fees NNS for IN its PRP$ investment NN bankers NNS , , Lazard NNP Freres NNP & CC Co. NNP and CC Salomon NNP Brothers NNP Inc. NNP , , and CC its PRP$ law NN firm NN , , Paul NNP Weiss NNP Rifkind NNP Wharton NNP & CC Garrison NNP . . The DT buy-out NN group NN is VBZ also RB entitled VBN to TO $ $ 16 CD million CD to TO repay VB a DT fund NN created VBN by IN the DT pilots NNS union NN for IN an DT employee NN stock NN ownership NN plan NN . . In IN addition NN to TO the DT $ $ 8 CD million CD for IN Citicorp NNP and CC Chase NNP , , Salomon NNP Brothers NNP is VBZ also RB owed VBN $ $ 3 CD million CD for IN promising VBG to TO make VB a DT $ $ 200 CD million CD bridge NN loan NN . . A DT spokesman NN for IN the DT buy-out NN group NN was VBD n't RB immediately RB available JJ for IN comment NN . . Separately NNP , , UAL NNP stock NN rose VBD $ $ 4 CD a DT share NN to TO $ $ 175 CD in IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP on IN reports NNS that IN Los NNP Angeles NNP investor NN Marvin NNP Davis NNP has VBZ asked VBN United NNP Airlines NNP unions NNS if IN they PRP 're VBP interested JJ in IN cooperating VBG with IN Mr. NNP Davis NNP in IN a DT new JJ bid NN for IN UAL NNP . . But CC neither DT the DT pilots NNS nor CC the DT machinists NNS appear VBP interested VBN , , and CC Mr. NNP Davis NNP is VBZ barred VBN from IN making VBG a DT new JJ bid NN under IN terms NNS of IN an DT agreement NN he PRP made VBD with IN UAL NNP in IN September NNP unless IN UAL NNP accepts VBZ an DT offer NN below IN $ $ 300 CD a DT share NN . . Wall NNP Street NNP continued VBD to TO buckle VB under IN the DT public JJ outcry NN against IN computer-driven JJ program NN trading NN . . Kidder NNP , , Peabody NNP & CC Co. NNP , , a DT unit NN of IN General NNP Electric NNP Co. NNP , , announced VBD it PRP would MD stop VB doing VBG stock-index JJ arbitrage NN for IN its PRP$ own JJ account NN , , and CC Merrill NNP Lynch NNP & CC Co. NNP pulled VBD out RB of IN the DT practice NN altogether RB . . At IN the DT New NNP York NNP Stock NNP Exchange NNP , , which WDT has VBZ been VBN buffeted VBN by IN complaints NNS from IN angry JJ individual JJ investors NNS and CC the DT exchange NN 's POS own JJ listed VBN companies NNS , , Chairman NNP John NNP J. NNP Phelan NNP Jr. NNP held VBD an DT emergency NN meeting NN with IN senior JJ partners NNS of IN some DT of IN the DT Big NNP Board NNP 's POS 49 CD stock NN specialist NN firms NNS . . The DT specialists NNS , , a DT trader NN said VBD , , were VBD `` `` livid JJ '' '' about IN Mr. NNP Phelan NNP 's POS recent JJ remarks NNS that IN sophisticated JJ computer-driven JJ trading NN strategies NNS are VBP `` `` here RB to TO stay VB . . '' '' Many JJ investors NNS blame VBP program NN trading NN for IN wild JJ swings NNS in IN the DT stock NN market NN , , including VBG the DT 190-point JJ plunge NN in IN the DT Dow NNP Jones NNP Industrial NNP Average NNP on IN Oct. NNP 13 CD . . A DT specialist NN is VBZ an DT exchange NN member NN designated VBN to TO maintain VB a DT fair JJ and CC orderly JJ market NN in IN a DT specified VBN stock NN . . Mr. NNP Phelan NNP 's POS meeting NN with IN the DT floor NN brokers NNS comes VBZ as IN he PRP prepares VBZ to TO explain VB the DT exchange NN 's POS position NN on IN program NN trading NN to TO key JJ congressional JJ regulators NNS in IN a DT closed JJ session NN tomorrow NN , , according VBG to TO exchange NN officials NNS . . A DT Big NNP Board NNP spokesman NN would MD only RB say VB , , `` `` We PRP 're VBP working VBG the DT problem NN and CC looking VBG at IN the DT issue NN and CC meeting VBG with IN a DT broad JJ number NN of IN customers NNS and CC constituents NNS to TO get VB their PRP$ views NNS and CC ideas NNS on IN the DT issue NN . . '' '' The DT program-trading JJ outcry NN was VBD taken VBN to TO a DT new JJ level NN when WRB giant JJ Contel NNP Corp. NNP said VBD it PRP and CC 20 CD or CC more JJR of IN the DT Big NNP Board NNP 's POS listed VBN companies NNS are VBP forming VBG an DT unprecedented JJ alliance NN to TO complain VB about IN the DT exchange NN 's POS role NN in IN program NN trading NN . . The DT decision NN by IN Merrill NNP , , the DT nation NN 's POS largest JJS securities NNS firm NN , , represents VBZ the DT biggest JJS retreat NN yet RB from IN program NN trading NN . . Merrill NNP has VBZ been VBN the DT fourth-biggest JJ stock-index JJ arbitrage NN trader NN on IN the DT Big NNP Board NNP this DT year NN , , executing VBG an DT average NN of IN 18.1 CD million CD shares NNS a DT month NN in IN such JJ trades NNS , , or CC about RB one CD million CD shares NNS a DT day NN . . Merrill NN 's POS move NN is VBZ one CD of IN the DT most RBS sweeping JJ program-trading JJ pullbacks NNS of IN recent JJ days NNS , , because IN the DT big JJ securities NNS firm NN will MD no RB longer RB execute VB stock-index JJ arbitrage NN trades NNS for IN customers NNS . . Most JJS Wall NNP Street NNP firms NNS , , in IN pulling VBG back RB , , have VBP merely RB stopped VBN such JJ trading VBG for IN their PRP$ own JJ accounts NNS . . Merrill NNP has VBZ been VBN one CD of IN the DT main JJ firms NNS executing VBG index NN arbitrage NN for IN customers NNS . . Merrill NNP also RB said VBD it PRP is VBZ lobbying VBG for IN significant JJ regulatory JJ controls NNS on IN program NN trading NN , , including VBG tough JJ margin NN -- : or CC down-payment NN -- : requirements NNS and CC limits NNS on IN price NN moves NNS for IN program-driven JJ financial JJ futures NNS . . Merrill NNP , , in IN a DT statement NN by IN Chairman NNP William NNP A. NNP Schreyer NNP and CC President NNP Daniel NNP P. NNP Tully NNP , , said VBD index NN arbitrage NN `` `` has VBZ been VBN clearly RB identified VBN in IN the DT investing JJ public NN 's POS mind NN as IN a DT contributing JJ factor NN to TO excess JJ market NN volatility NN , , '' '' so IN Merrill NNP wo MD n't RB execute VB such JJ trades NNS until IN `` `` effective JJ controls NNS '' '' are VBP in IN place NN . . In IN stock-index JJ arbitrage NN , , traders NNS buy VBP and CC sell VBP large JJ amounts NNS of IN stocks NNS with IN offsetting VBG trades NNS in IN stock-index JJ futures NNS and CC options NNS . . The DT idea NN is VBZ to TO lock VB in RP profits NNS from IN short-term JJ swings NNS in IN volatile JJ markets NNS . . Last JJ Thursday NNP , , PaineWebber NNP Group NNP Inc. NNP also RB said VBD it PRP would MD cease VB index NN arbitrage NN altogether RB , , but CC the DT firm JJ was VBD n't RB as RB big JJ an DT index NN arbitrager NN as IN Merrill NN is VBZ . . Other JJ large JJ firms NNS , , including VBG Bear NNP , , Stearns NNP & CC Co. NNP and CC Morgan NNP Stanley NNP & CC Co. NNP , , last JJ week NN announced VBD a DT pullback NN from IN index NN arbitrage NN , , but CC only RB for IN the DT firms NNS ' POS own JJ accounts NNS . . Kidder NNP made VBD an DT abrupt JJ about-face NN on IN program NN trading NN yesterday NN , , after IN a DT special JJ meeting NN between IN the DT firm NN 's POS president NN and CC chief JJ executive NN officer NN , , Michael NNP Carpenter NNP , , and CC its PRP$ senior JJ managers NNS . . Just RB a DT week NN ago RB , , Mr. NNP Carpenter NNP staunchly RB defended VBD index NN arbitrage NN at IN Kidder NNP , , the DT most RBS active JJ index-arbitrage NN trading NN firm NN on IN the DT stock NN exchange NN this DT year NN . . Index NN arbitrage NN , , Mr. NNP Carpenter NNP said VBD last JJ week NN , , does VBZ n't RB have VB a DT `` `` negative JJ impact NN on IN the DT market NN as IN a DT whole NN '' '' and CC Kidder NNP 's POS customers NNS were VBD `` `` sophisticated JJ '' '' enough RB to TO know VB that DT . . But CC yesterday NN , , Mr. NNP Carpenter NNP said VBD big JJ institutional JJ investors NNS , , which WDT he PRP would MD n't RB identify VB , , `` `` told VBD us PRP they PRP would MD n't RB do VB business NN with IN firms NNS '' '' that WDT continued VBD to TO do VB index NN arbitrage NN for IN their PRP$ own JJ accounts NNS . . `` `` We PRP were VBD following VBG the DT trend NN of IN our PRP$ competitors NNS who WP were VBD under IN pressure NN from IN institutions NNS , , '' '' he PRP said VBD . . Kidder NNP so RB far RB this DT year NN has VBZ executed VBN a DT monthly JJ average NN of IN 37.8 CD million CD shares NNS in IN index-arbitrage NN trading NN , , and CC is VBZ second JJ only RB to TO Morgan NNP Stanley NNP in IN overall JJ program NN trading NN , , which WDT includes VBZ index NN arbitrage NN . . Most JJS of IN Kidder NNP 's POS program NN trading NN is VBZ for IN its PRP$ own JJ account NN , , according VBG to TO the DT New NNP York NNP Stock NNP Exchange NNP . . Kidder NNP denied VBD that IN GE NNP 's POS chairman NN and CC chief JJ executive NN , , John NNP F. NNP Welch NNP , , had VBD anything NN to TO do VB with IN Kidder NNP 's POS decision NN . . But CC at IN least JJS one CD chief NN executive NN said VBD he PRP called VBD Mr. NNP Welch NNP to TO complain VB about IN Kidder NNP 's POS aggressive JJ use NN of IN program NN trading NN , , and CC other JJ market NN sources NNS said VBD they PRP understood VBD that IN Mr. NNP Welch NNP received VBD many JJ phone NN calls NNS complaining VBG about IN Kidder NNP 's POS reliance NN on IN index NN arbitrage NN as IN a DT major JJ business NN . . Kidder NNP has VBZ generally RB been VBN sensitive JJ to TO suggestions NNS that IN GE NNP makes VBZ decisions NNS for IN its PRP$ Kidder NNP unit NN . . `` `` Our PRP$ decision NN had VBD nothing NN to TO do VB with IN any DT pressure NN Mr. NNP Welch NNP received VBD , , '' '' Mr. NNP Carpenter NNP said VBD . . `` `` This DT was VBD a DT Kidder NNP Peabody NNP stand-alone JJ decision NN . . '' '' A DT spokeswoman NN for IN GE NNP in IN Fairfield NNP , , Conn. NNP , , said VBD , , `` `` Absolutely RB no DT one PRP spoke VBD to TO Jack NNP Welch NNP on IN this DT subject NN '' '' and CC added VBD , , `` `` Anyone NN who WP claims VBZ they PRP talked VBD to TO Jack NNP Welch NNP is VBZ n't RB telling VBG the DT truth NN . . '' '' Supporters NNS of IN index NN arbitrage NN have VBP n't RB been VBN publicly RB sticking VBG up RP for IN the DT trading NN strategy NN , , as IN some DT did VBD during IN the DT post-crash JJ outcry NN of IN 1987 CD . . But CC Merrill NNP Lynch NNP , , in IN its PRP$ statement NN about IN pulling VBG out RB of IN index NN arbitrage NN , , suggested VBD that IN the DT current JJ debate NN has VBZ missed VBN the DT mark NN . . Merrill NN said VBD it PRP continues VBZ to TO believe VB that IN `` `` the DT causes NNS of IN excess JJ market NN volatility NN are VBP far RB more RBR complex JJ than IN any DT particular JJ computer NN trading NN strategy NN . . Indeed RB , , there EX are VBP legitimate JJ hedging NN strategies NNS used VBN by IN managers NNS of IN large JJ portfolios NNS such JJ as IN pension NN funds NNS that WDT involve VBP program NN trading NN as IN a DT means NN of IN protecting VBG the DT assets NNS of IN their PRP$ pension NN beneficiaries NNS . . '' '' Merrill NNP 's POS index NN arbitragers NNS will MD continue VB to TO do VB other JJ kinds NNS of IN computer-assisted JJ program NN trading NN , , so IN there EX probably RB wo MD n't RB be VB any DT layoffs NNS at IN the DT firm NN , , people NNS familiar JJ with IN Merrill NNP 's POS program NN operation NN said VBD . . Meanwhile RB , , Bear NNP Stearns NNP Chairman NNP and CC Chief NNP Executive NNP Alan NNP C. NNP Greenberg NNP said VBD his PRP$ firm NN will MD continue VB stock-index JJ arbitrage NN for IN its PRP$ clients NNS . . At IN the DT firm NN 's POS annual JJ meeting NN last JJ night NN , , he PRP told VBD shareholders NNS that IN index NN arbitrage NN wo MD n't RB go VB away RP , , despite IN the DT public JJ outcry NN . . `` `` If IN they PRP think VBP they PRP are VBP going VBG to TO stop VB index NN arbitrage NN by IN causing VBG a DT few JJ Wall NNP Street NNP firms NNS to TO quit VB , , they PRP are VBP crazy JJ , , '' '' Mr. NNP Greenberg NNP said VBD . . `` `` It PRP 's VBZ not RB going VBG to TO stop VB it PRP at IN all DT . . '' '' Mr. NNP Greenberg NNP , , noting VBG that IN stock-index JJ arbitrage NN rises VBZ and CC ebbs VBZ with IN stock NN market NN 's POS volatility NN , , said VBD that IN for IN the DT first JJ four CD months NNS of IN the DT firm NN 's POS fiscal JJ year NN beginning NN in IN July NNP , , stock-index JJ arbitrage NN had VBD been VBN a DT `` `` break-even JJ '' '' proposition NN for IN Bear NNP Stearns NNP . . In IN response NN to TO a DT shareholder NN 's POS suggestion NN , , Mr. NNP Greenberg NNP agreed VBD that IN European JJ firms NNS will MD simply RB pick VB up RP the DT index-arbitrage NN business NN left VBD behind RP by IN U.S. NNP institutions NNS . . Pressure NN from IN big JJ institutional JJ investors NNS has VBZ been VBN the DT major JJ catalyst NN for IN Wall NNP Street NNP 's POS program-trading JJ pullback NN . . And CC there EX was VBD speculation NN yesterday NN that IN Fidelity NNP Investments NNP and CC other JJ large JJ mutual-fund JJ companies NNS might MD soon RB follow VB the DT lead NN of IN Kemper NNP Corp. NNP and CC other JJ institutions NNS in IN cutting VBG off RP trading VBG business NN to TO securities NNS firms NNS that WDT do VBP program VB trading NN . . A DT Fidelity NNP spokesman NN in IN Boston NNP denied VBD the DT speculation NN , , saying VBG the DT program-trading JJ issue NN was VBD more JJR of IN a DT regulatory JJ problem NN . . But CC a DT much RB smaller JJR mutual JJ fund NN company NN , , the DT USAA NNP Investment NNP Management NNP Co. NNP unit NN of IN USAA NNP , , San NNP Antonio NNP , , Texas NNP , , said VBD it PRP informed VBD nine CD national JJ brokerage NN firms NNS it PRP will MD cease VB business NN with IN them PRP unless IN they PRP stop VBP index-arbitrage NN trading NN . . USAA NNP , , with IN 400,000 CD mutual JJ fund NN accounts NNS , , manages VBZ more JJR than IN $ $ 10 CD billion CD , , $ $ 2 CD billion CD of IN which WDT is VBZ in IN the DT stock NN market NN . . Michael NNP J.C. NNP Roth NNP , , USAA NNP executive NN vice NN president NN , , called VBN program NN trading NN `` `` mindless JJ . . '' '' He PRP said VBD there EX is VBZ `` `` no DT valid JJ investment NN reason NN '' '' for IN stock-index JJ futures NNS to TO exist VB . . A DT program-bashing JJ move NN is VBZ clearly RB on RP . . Charles NNP Wohlstetter NNP , , chairman NN of IN Contel NNP , , who WP is VBZ helping VBG organize VB the DT alliance NN of IN Big NNP Board-listed JJ firms NNS , , said VBD he PRP had VBD no DT time NN to TO work VB yesterday NN because IN he PRP received VBD so RB many JJ phone NN calls NNS , , faxes NNS and CC letters NNS supporting VBG his PRP$ view NN that IN the DT Big NNP Board NNP has VBZ been VBN turned VBN into IN a DT `` `` gambling NN casino NN '' '' by IN program NN traders NNS . . `` `` We PRP are VBP reaching VBG the DT moment NN of IN truth NN '' '' on IN Wall NNP Street NNP , , said VBD Rep. NNP Edward NNP J. NNP Markey NNP ( ( D. NNP , , Mass. NNP ) ) , , chairman NN of IN the DT House NNP subcommittee NN on IN telecommunications NNS and CC finance NN . . `` `` { ( Wall NNP Street NNP } ) is VBZ beginning VBG to TO realize VB -- : as IN Shakespeare NNP said VBD -- : the DT trouble NN is VBZ not RB in IN our PRP$ stars NNS , , but CC in IN ourselves PRP . . '' '' Craig NNP Torres NNP and CC Anne NNP Newman NNP contributed VBD to TO this DT article NN . . An DT ancient JJ red-figured JJ Greek JJ kylix NN , , or CC drinking NN cup NN , , was VBD recovered VBN backstage RB at IN Sotheby NNP 's POS this DT spring NN and CC has VBZ been VBN returned VBN to TO the DT Manhattan NNP couple NN who WP lost VBD it PRP in IN a DT burglary NN three CD years NNS ago RB . . Robert NNP Guy NNP , , an DT associate JJ curator NN at IN the DT Princeton NNP Art NNP Museum NNP , , was VBD previewing VBG a DT June NNP antiquities NNS sale NN at IN the DT auction NN house NN when WRB he PRP recognized VBD the DT kylix NN , , which WDT he PRP , , as IN a DT specialist NN in IN Attic JJ pottery NN and CC a DT careful JJ reader NN of IN the DT Stolen NNP Art NNP Alert NNP in IN `` `` IFAR NNP Reports NNP , , '' '' knew VBD was VBD stolen VBN . . The DT timing NN of IN his PRP$ visit NN was VBD fortuitous JJ ; : the DT man NN who WP had VBD brought VBN it PRP in RB for IN an DT estimate NN had VBD returned VBN to TO collect VB it PRP and CC was VBD waiting VBG in IN the DT hall NN . . To TO confirm VB Mr. NNP Guy NNP 's POS identification NN , , Sotheby NNP 's POS and CC IFAR NNP exchanged VBD photos NNS by IN fax NN , , and CC the DT waiting VBG man NN , , apparently RB innocent JJ of IN knowledge NN that IN the DT kylix NN was VBD stolen VBN , , agreed VBN to TO release VB it PRP . . The DT cup NN had VBD been VBN insured VBN , , and CC in IN short JJ order NN it PRP was VBD given VBN over RP to TO a DT Chubb NNP & CC Son NNP representative NN . . The DT original JJ owners NNS happily RB repaid VBD the DT claim NN and CC took VBD their PRP$ kylix NN home NN . . A DT former JJ curator NN of IN the DT Museum NNP of IN Cartoon NNP Art NNP in IN Rye NNP Brook NNP , , N.Y. NNP , , pleaded VBD guilty JJ in IN July NNP to TO stealing VBG and CC selling VBG original JJ signed VBN and CC dated VBN comic JJ strips NNS , , among IN them PRP 29 CD Dick NNP Tracy NNP strips NNS by IN Chester NNP Gould NNP , , 77 CD Prince NNP Valiant NNP Sunday NNP cartoons NNS by IN Hal NNP Foster NNP , , and CC a DT dozen NN Walt NNP Disney NNP animation NN celluloids NNS , , according VBG to TO Barbara NNP Hammond NNP , , the DT museum NN 's POS director NN . . He PRP sold VBD them PRP well RB below IN market NN value NN to TO raise VB cash NN `` `` to TO pay VB off RP mounting VBG credit-card NN debts NNS , , '' '' incurred VBN to TO buy VB presents NNS for IN his PRP$ girlfriend NN , , his PRP$ attorney NN , , Philip NNP Russell NNP , , told VBD IFAR NNP . . The DT curator NN , , 27-year-old JJ Sherman NNP Krisher NNP of IN Greenwich NNP , , Conn. NNP , , had VBD worked VBN his PRP$ way NN up IN from IN janitor NN in IN seven CD years NNS at IN the DT museum NN . . The DT theft NN was VBD discovered VBN early RB this DT year NN , , soon RB after RB Ms. NNP Hammond NNP took VBD her PRP$ post NN . . Sentencing VBG was VBD postponed VBN on IN Aug. NNP 18 CD , , when WRB Mr. NNP Krisher NNP was VBD hospitalized VBN for IN depression NN . . His PRP$ efforts NNS to TO get VB back RP the DT stolen VBN strips NNS had VBD resulted VBN in IN recovery NN of IN just RB three CD . . But CC on IN Oct. NNP 6 CD , , he PRP had VBD reason NN to TO celebrate VB . . Two CD days NNS earlier RBR , , his PRP$ attorney NN met VBN in IN a DT Park NNP Avenue NNP law NN office NN with IN a DT cartoon NN dealer NN who WP expected VBD to TO sell VB 44 CD of IN the DT most RBS important JJ stolen VBN strips NNS to TO Mr. NNP Russell NNP for IN $ $ 62,800 CD . . Instead RB , , New NNP York NNP City NNP police NNS seized VBD the DT stolen VBN goods NNS , , and CC Mr. NNP Krisher NNP avoided VBD jail NN . . He PRP was VBD sentenced VBN to TO 500 CD hours NNS of IN community NN service NN and CC restitution NN to TO the DT museum NN of IN $ $ 45,000 CD . . Authorities NNS at IN London NNP 's POS Heathrow NNP Airport NNP are VBP investigating VBG the DT disappearance NN of IN a DT Paul NNP Gauguin NNP watercolor NN , , `` `` Young NNP Tahitian NNP Woman NNP in IN a DT Red NNP Pareo NNP , , '' '' that WDT has VBZ two CD sketches NNS on IN its PRP$ verso NN ( ( opposite JJ ) ) side NN . . Valued VBN at IN $ $ 1.3 CD million CD , , it PRP was VBD part NN of IN a DT four-crate JJ shipment NN . . The DT air-waybill JJ number NN was VBD changed VBN en IN route NN , , and CC paper NN work NN showing VBG that IN the DT crates NNS had VBD cleared VBN customs NNS was VBD misplaced VBN , , so IN it PRP was VBD a DT week NN before RB three CD of IN the DT four CD crates NNS could MD be VB located VBN in IN a DT bonded VBN warehouse NN and CC the DT Gauguin NNP discovered VBN missing VBG . . Although IN Heathrow NNP authorities NNS have VBP been VBN watching VBG a DT group NN of IN allegedly RB crooked JJ baggage NN handlers NNS for IN some DT time NN , , the DT Gauguin NNP may MD be VB `` `` lost VBN . . '' '' Chief NNP Inspector NNP Peter NNP Seacomb NNP of IN the DT Criminal NNP Investigation NNP Department NNP at IN the DT airport NN said VBD , , `` `` It PRP is VBZ not RB uncommon JJ for IN property NN to TO be VB temporarily RB mislaid VBN or CC misrouted VBN . . '' '' Officials NNS at IN the DT University NNP of IN Virginia NNP Art NNP Museum NNP certainly RB would MD agree VB . . Their PRP$ museum NN had VBD purchased VBN an DT Attic JJ black-figured JJ column NN krater NN and CC shipped VBD it PRP from IN London NNP . . It PRP was VBD reported VBN stolen VBN in IN transit NN en IN route NN to TO Washington NNP , , D.C. NNP , , in IN February NNP . . Months NNS later RB , , the DT Greek JJ vase NN arrived VBN in IN good JJ condition NN at IN the DT museum NN in IN Charlottesville NNP , , having VBG inexplicably RB traveled VBN by IN a DT circuitous JJ route NN through IN Nairobi NNP . . Two CD Mexican JJ college NN dropouts NNS , , not RB professional JJ art NN thieves NNS , , have VBP been VBN arrested VBN for IN a DT 1985 CD Christmas NNP Eve NNP burglary NN from IN the DT National NNP Museum NNP of IN Anthropology NNP in IN Mexico NNP City NNP . . About RB 140 CD Mayan JJ , , Aztec JJ , , Mixtec JJ and CC Zapotec JJ objects NNS , , including VBG some DT of IN Mexico NNP 's POS best-known JJ archaeological JJ treasures NNS , , were VBD taken VBN . . The DT government NN offered VBD a DT reward NN for IN the DT return NN of IN the DT antiquities NNS , , but CC routine JJ police NN work NN led VBN to TO the DT recovery NN . . As IN it PRP turned VBD out RP , , Carlos NNP Perches NNP Trevino NNP and CC Ramon NNP Sardina NNP Garcia NNP had VBD hidden VBN the DT haul NN in IN a DT closet NN in IN the DT Perches NNP family NN 's POS home NN for IN a DT year NN . . Then RB they PRP took VBD the DT art NN to TO Acapulco NNP and CC began VBD to TO trade VB some DT of IN it PRP for IN cocaine NN . . Information NN from IN an DT arrested VBN drug NN trafficker NN led VBN to TO the DT two CD men NNS and CC the DT recovery NN of IN almost RB all DT the DT stolen VBN art NN . . Among IN other JJ happy JJ news NN bulletins NNS from IN the DT German NNP Democratic NNP Republic NNP , , the DT Leipzig NNP Museum NNP of IN Fine NNP Arts NNP announced VBD that IN it PRP has VBZ recovered VBN `` `` Cemetery NNP in IN the DT Snow NNP , , '' '' a DT painting NN by IN the DT German JJ Romantic JJ painter NN Caspar NNP David NNP Friedrich NNP . . The DT artist NN 's POS melancholy JJ subjects NNS bring VBP high JJ prices NNS on IN the DT world NN market NN , , and CC the DT U.S. NNP State NNP Department NNP notified VBD IFAR NNP of IN the DT theft NN in IN February NNP 1988 CD . . According VBG to TO a DT source NN at IN the DT East NNP Europe NNP desk NN , , two CD previously RB convicted VBN felons NNS were VBD charged VBN , , tried VBN , , convicted VBN and CC sentenced VBN to TO prison NN terms NNS of IN four CD and CC 12 CD years NNS . . The DT precious JJ canvas NN , , cut VBN from IN its PRP$ frame NN at IN the DT time NN of IN the DT theft NN , , was VBD found VBN in IN nearby JJ Jena NNP , , hidden VBN in IN the DT upholstery NN of IN an DT easy JJ chair NN in IN the DT home NN of IN the DT girlfriend NN of IN one CD of IN the DT thieves NNS . . No DT charges NNS were VBD brought VBN against IN her PRP . . Trompe FW l'oeil FW painting NN is VBZ meant VBN to TO fool VB the DT eye NN , , but CC Robert NNP Lawrence NNP Trotter NNP , , 35 CD , , of IN Kennett NNP Square NNP , , Pa. NNP , , took VBD his PRP$ fooling NN seriously RB . . He PRP painted VBD one CD himself PRP in IN the DT style NN of IN John NNP Haberle NNP and CC sold VBD it PRP as IN a DT 19th-century NN original NN to TO antique JJ dealers NNS in IN Woodbridge NNP , , Conn NNP . . Mr. NNP Trotter NNP 's POS painting NN showed VBD a DT wall NN of IN wood NN boards NNS with IN painted VBN ribbons NNS tacked VBD down RP in IN a DT rectangle NN ; : tucked VBN behind IN the DT ribbons NNS were VBD envelopes NNS , , folded VBN , , faded VBN and CC crumpled VBN papers NNS and CC currency NN . . Mr. NNP Trotter NNP 's POS fake JJ Haberle NNP was VBD offered VBN at IN a DT bargain NN price NN of IN $ $ 25,000 CD with IN a DT phony JJ story NN that IN it PRP belonged VBD to TO his PRP$ wife NN 's POS late JJ aunt NN in IN New NNP Canaan NNP , , Conn NNP . . The DT dealers NNS immediately RB showed VBD their PRP$ new JJ acquisition NN to TO an DT expert NN and CC came VBD to TO see VB it PRP as IN a DT fake NN . . They PRP persuaded VBD Mr. NNP Trotter NNP to TO take VB it PRP back RB and CC , , with IN the DT help NN of IN the DT FBI NNP , , taped VBD their PRP$ conversation NN with IN him PRP . . After IN his PRP$ arrest NN , , the DT forger NN admitted VBN to TO faking VBG and CC selling VBG other JJ paintings NNS up IN and CC down IN the DT Eastern JJ seaboard NN . . Ms. NNP Lowenthal NNP is VBZ executive JJ director NN of IN the DT International NNP Foundation NNP for IN Art NNP Research NNP ( ( IFAR NNP ) ) . . Ford NNP Motor NNP Co. NNP said VBD it PRP is VBZ recalling VBG about RB 3,600 CD of IN its PRP$ 1990-model JJ Escorts NNS because IN the DT windshield NN adhesive NN was VBD improperly RB applied VBN to TO some DT cars NNS . . Separately NNP , , Ford NNP and CC Mazda NNP Motor NNP Corp. NNP 's POS U.S. NNP sales NNS arm NN said VBD they PRP are VBP recalling VBG about RB 88,500 CD 1988-model JJ Mercury NNP Tracers NNP and CC 220,000 CD 1986 CD , , 1987 CD and CC 1988 CD model NN Mazda NNP 323s NNS equipped VBN with IN 1.6-liter JJ fuel-injected JJ engines NNS to TO replace VB the DT oil NN filler NN cap NN . . Mazda NNP makes VBZ the DT Tracer NNP for IN Ford NNP . . As IN a DT result NN of IN the DT adhesive JJ problem NN on IN the DT Ford NNP Escort NNP subcompacts NNS , , windshields NNS may MD easily RB separate VB from IN the DT car NN during IN frontal JJ impact NN , , the DT U.S. NNP auto NN maker NN said VBD . . When WRB properly RB applied VBN , , the DT adhesive NN is VBZ designed VBN to TO retain VB the DT windshield NN in IN place NN in IN a DT crash JJ test NN at IN 30 CD miles NNS per IN hour NN . . A DT Ford NNP spokesman NN said VBD the DT Dearborn NNP , , Mich. NNP , , auto NN maker NN is VBZ n't RB aware JJ of IN any DT injuries NNS caused VBN by IN the DT windshield NN problem NN . . Ford NNP said VBD owners NNS should MD return VB the DT cars NNS to TO dealers NNS so IN the DT windshields NNS can MD be VB removed VBN and CC securely RB reinstalled VBN . . Mazda NNP and CC Ford NNP said VBD a DT combination NN of IN limited JJ crankcase NN ventilation NN and CC improper JJ maintenance NN could MD cause VB engine NN oil NN in IN some DT of IN the DT Mercury NNP Tracers NNP and CC Mazda NNP 323s NNS to TO deteriorate VB more RBR rapidly RB than IN normal JJ , , causing VBG increased VBN engine NN noise NN or CC reduced VBN engine NN life NN . . They PRP said VBD the DT problems NNS are VBP n't RB safety NN related VBN . . Both DT companies NNS will MD replace VB the DT oil NN filler NN cap NN with IN a DT ventilated VBN oil NN filler NN cap NN . . Both DT also RB will MD inspect VB and CC replace VB , , if IN necessary JJ , , oil NN filters NNS and CC oil NN strainers NNS , , at IN no DT charge NN to TO owners NNS . . For IN owners NNS who WP have VBP followed VBN the DT recommended VBN oil NN maintenance NN schedule NN , , Mazda NNP will MD extend VB to TO five CD years NNS or CC 60,000 CD miles NNS the DT warranty NN term NN for IN engine NN damage NN due JJ to TO abnormal JJ engine NN oil NN deterioration NN . . The DT normal JJ term NN for IN the DT 1986 CD and CC 1987 CD model NN 323 CD is VBZ two CD years NNS or CC 24,000 CD miles NNS ; : the DT term NN for IN the DT 1988 CD 323 CD is VBZ three CD years NNS or CC 50,000 CD miles NNS . . Ford NNP said VBD the DT term NN on IN its PRP$ warranty NN is VBZ already RB six CD years NNS or CC 60,000 CD miles NNS . . Separately NNP , , Ford NNP said VBD it PRP will MD offer VB $ $ 750 CD cash NN rebates NNS to TO buyers NNS of IN its PRP$ 1990-model JJ Ford NNP Bronco NNP sport NN utility NN vehicle NN . . It PRP said VBD it PRP will MD also RB offer VB buyers NNS the DT option NN of IN financing NN as RB low JJ as IN 6.9 CD % NN on IN 24-month JJ loans NNS . . Ford NNP also RB offered VBD the DT low JJ financing NN rate NN option NN on IN 1989-model JJ Broncos NNS , , which WDT previously RB carried VBD a DT $ $ 750 CD cash NN discount NN . . Ford NNP said VBD the DT new JJ offer NN will MD begin VB Saturday NNP and CC run VB indefinitely RB . . The DT Supreme NNP Court NNP agreed VBD to TO decide VB whether IN the DT federal JJ Pension NNP Benefit NNP Guaranty NNP Corp. NNP may MD require VB LTV NNP Corp. NNP to TO reassume VB funding NN responsibility NN for IN a DT $ $ 2.3 CD billion CD shortfall NN in IN the DT company NN 's POS pension NN plans NNS . . The DT high JJ court NN 's POS decision NN , , expected VBN next JJ spring NN , , may MD affect VB the DT stability NN of IN many JJ large JJ corporate JJ pension NN plans NNS that WDT have VBP relied VBN on IN the DT availability NN of IN pension NN insurance NN provided VBN by IN the DT federal JJ pension NN regulatory JJ and CC insurance NN agency NN . . The DT agency NN , , which WDT is VBZ funded VBN through IN insurance NN premiums NNS from IN employers NNS , , insures VBZ pension NN benefits NNS for IN some DT 30 CD million CD private-sector JJ workers NNS who WP take VBP part NN in IN single-employer JJ pension NN plans NNS . . It PRP recently RB reported VBD assets NNS of IN $ $ 2.4 CD billion CD and CC liabilities NNS of IN $ $ 4 CD billion CD . . In IN its PRP$ appeal NN to TO the DT high JJ court NN , , the DT agency NN said VBD the DT federal JJ appeals NNS court NN ruling NN , , which WDT favored VBD LTV NNP , , threatened VBD to TO transform VB the DT agency NN from IN an DT insurer NN of IN troubled VBN pension NN plans NNS into IN an DT `` `` open-ended JJ source NN of IN industry NN bailouts NNS . . '' '' The DT ruling NN also RB may MD determine VB how WRB quickly RB LTV NNP is VBZ able JJ to TO complete VB its PRP$ Chapter NNP 11 CD reorganization NN . . LTV NNP filed VBD for IN protection NN under IN Chapter NNP 11 CD in IN federal JJ bankruptcy NN court NN in IN 1986 CD . . The DT filing NN was VBD partly RB the DT result NN of IN the DT $ $ 2.3 CD billion CD shortfall NN in IN LTV NNP 's POS three CD pension NN plans NNS operated VBN for IN its PRP$ LTV NNP Steel NNP Co. NNP subsidiary NN 's POS employees NNS . . In IN January NNP 1987 CD , , as IN LTV NNP Steel NNP continued VBD operating VBG while NN under IN reorganization NN , , the DT agency NN terminated VBD the DT three CD LTV NNP pension NN plans NNS to TO keep VB its PRP$ insurance NN liability NN from IN increasing VBG . . Termination NN means VBZ that IN the DT agency NN 's POS insurance NN assumes VBZ the DT liabilities NNS and CC pays VBZ the DT pension NN benefits NNS already RB owed VBN under IN the DT plans NNS , , but CC workers NNS do VBP n't RB accrue VB new JJ benefits NNS . . A DT few JJ months NNS later RB , , under IN pressure NN from IN the DT United NNP Steelworkers NNP of IN America NNP , , LTV NNP instituted VBD a DT new JJ program NN to TO provide VB retirement NN benefits NNS similar JJ to TO those DT in IN the DT terminated VBN plans NNS . . Because IN the DT federal JJ pension NN agency NN had VBD taken VBN over RP the DT old JJ plans NNS , , LTV NNP would MD be VB responsible JJ only RB for IN benefits NNS paid VBN under IN the DT new JJ pension NN plans NNS . . But CC the DT agency NN viewed VBD the DT creation NN of IN the DT new JJ plans NNS as IN an DT abuse NN of IN federal JJ pension NN law NN and CC an DT attempt NN to TO transfer VB the DT liability NN of IN the DT $ $ 2.3 CD billion CD shortfall NN from IN LTV NNP to TO federal JJ insurance NN . . The DT agency NN also RB concluded VBD that IN LTV NNP 's POS financial JJ status NN had VBD improved VBN while IN it PRP was VBD under IN reorganization NN . . In IN September NNP 1987 CD , , it PRP ordered VBD LTV NNP to TO reassume VB liability NN and CC funding VBG for IN the DT three CD original JJ plans NNS . . LTV NNP challenged VBD the DT order NN , , and CC a DT federal JJ district NN court NN in IN New NNP York NNP in IN June NNP 1988 CD ruled VBD that IN the DT agency NN improperly RB ordered VBD LTV NNP to TO reassume VB responsibility NN for IN the DT plans NNS . . In IN May NNP , , a DT federal JJ appeals NNS court NN in IN New NNP York NNP agreed VBD that IN the DT agency NN acted VBD unlawfully RB . . The DT appeals NNS court NN said VBD there EX was VBD no DT evidence NN that IN Congress NNP intended VBD to TO allow VB the DT pension NN agency NN to TO consider VB a DT company NN 's POS creation NN of IN new JJ benefit NN plans NNS as IN a DT basis NN for IN ordering VBG that DT company NN to TO reassume VB liability NN for IN old JJ plans NNS . . The DT appeals NNS court NN also RB said VBD the DT agency NN had VBD to TO consider VB a DT company NN 's POS long-term JJ ability NN to TO fund VB pension NN plans NNS , , not RB just RB short-term JJ improved VBN financial JJ status NN . . In IN Dallas NNP , , LTV NNP said VBD that IN it PRP was VBD disappointed VBN that IN the DT court NN agreed VBD to TO hear VB the DT case NN because IN it PRP believes VBZ the DT move NN will MD further RBR delay VB its PRP$ Chapter NNP 11 CD proceedings NNS . . The DT company NN has VBZ n't RB been VBN able JJ to TO come VB up RP with IN a DT reorganization NN plan NN , , in IN part NN , , because IN of IN the DT sizable JJ disagreement NN with IN the DT pension NN agency NN . . But CC LTV NNP , , a DT steel NN , , aerospace NN and CC energy NN concern NN , , said VBD it PRP is VBZ confident JJ that IN the DT Supreme NNP Court NNP will MD uphold VB the DT lower-court NN decisions NNS and CC said VBD it PRP expects VBZ to TO continue VB discussions NNS with IN the DT agency NN about IN a DT settlement NN while IN the DT case NN is VBZ being VBG reviewed VBN . . ( ( Pension NNP Benefit NNP Guaranty NNP Corp. NNP vs. IN LTV NNP Corp NNP . . The DT commercial NN was VBD absolutely RB silent JJ . . Breaking VBG into IN the DT raucous JJ Chicago NNP Bears-Cleveland NNP Browns NNP match NN during IN last JJ week NN 's POS Monday NNP night NN football NN game NN , , it PRP was VBD nothing NN but CC simple NN block NN letters NNS superimposed VBN on IN the DT TV NN screen NN . . `` `` Due JJ to TO the DT earthquake NN in IN San NNP Francisco NNP , , Nissan NNP is VBZ donating VBG its PRP$ commercial JJ air NN time NN to TO broadcast VB American NNP Red NNP Cross NNP Emergency NNP Relief NNP messages NNS . . Please VB contribute VB what WP you PRP can MD , , '' '' the DT ad NN said VBD . . The DT Nissan NNP logo NN flashed VBD on IN the DT screen NN for IN a DT moment NN , , and CC then RB came VBD a DT taped VBN plea NN for IN donations NNS from IN former JJ President NNP Reagan NNP -- : followed VBN by IN the DT silent JJ print NN telling VBG viewers NNS where WRB to TO call VB . . Within IN two CD hours NNS , , viewers NNS pledged VBN over IN $ $ 400,000 CD , , according VBG to TO a DT Red NNP Cross NNP executive NN . . Call VB it PRP disaster NN marketing NN . . Nissan NNP Motor NNP is VBZ just RB one CD of IN a DT slew NN of IN advertisers NNS that WDT have VBP hitched VBN their PRP$ ads NNS to TO the DT devastating JJ San NNP Francisco NNP quake NN and CC Hurricane NNP Hugo NNP . . Sometimes RB , , the DT ads NNS attempt VB to TO raise VB money NN ; : always RB , , they PRP try VBP to TO boost VB good JJ will NN . . By IN advertising VBG disaster NN relief NN , , these DT companies NNS are VBP hoping VBG to TO don VB a DT white JJ hat NN and CC come VBN out RP a DT hero NN . . But CC the DT strategy NN can MD backfire VB ; : if IN the DT ads NNS appear VBP too RB self-serving JJ , , the DT companies NNS may MD end VB up RP looking VBG like IN rank NN opportunists NNS instead RB of IN good JJ Samaritans NNS . . That DT has VBZ n't RB deterred VBD plenty JJ of IN companies NNS . . Along IN with IN Nissan NNP , , Grand NNP Metropolitan NNP PLC NNP 's POS Burger NNP King NNP and CC New NNP York NNP Life NNP Insurance NNP have VBP tied VBN ads NNS to TO Red NNP Cross NNP donations NNS . . Other JJ ads NNS do VBP n't RB bother VB with IN the DT fundraising NN ; : a DT touching JJ , , if IN self-congratulatory JJ , , American NNP Telephone NNP & CC Telegraph NNP ad NN that WDT aired VBD Sunday NNP intermixed VBD footage NN of IN the DT devastation NN in IN San NNP Francisco NNP and CC Charleston NNP , , S.C. NNP , , with IN interviews NNS of IN people NNS recounting VBG how WRB AT&T NNP helped VBD . . At IN Nissan NNP , , `` `` we PRP felt VBD we PRP wanted VBD to TO do VB something NN to TO help VB them PRP gather VB money NN , , and CC we PRP had VBD this DT airtime NN on IN Monday NNP Night NNP Football NNP , , '' '' explains VBZ Brooke NNP Mitzel NNP , , a DT Nissan NNP advertising VBG creative JJ manager NN . . `` `` What WP did VBD we PRP get VB out IN of IN it PRP ? . We PRP got VBD some DT exposure NN ... : and CC pretty RB much JJ good JJ will NN . . '' '' The DT ads NNS are VBP just RB the DT latest JJS evidence NN of IN how WRB television NN advertising NN is VBZ getting VBG faster RBR on IN the DT draw NN . . While IN TV NN commercials NNS typically RB take VBP weeks NNS to TO produce VB , , advertisers NNS in IN the DT past JJ couple NN of IN years NNS have VBP learned VBN to TO turn VB on IN a DT dime NN , , to TO crash VB out RP ads NNS in IN days NNS or CC even JJ hours NNS . . The DT big JJ brokerage NN houses NNS learned VBD the DT art NN of IN the DT instant JJ commercial NN after IN the DT 1987 CD crash NN , , when WRB they PRP turned VBD out RP reassuring JJ ads NNS inviting VBG investors NNS right RB back RB into IN the DT stock NN market NN . . They PRP trotted VBD out RP another DT crop NN of IN instant JJ commercials NNS after IN the DT sudden JJ market NN dip NN a DT few JJ weeks NNS ago RB . . Nissan NNP created VBD its PRP$ quake NN ad NN in IN a DT weekend NN . . But CC as IN advertisers NNS latch VBP onto IN disasters NNS with IN increasing JJ frequency NN , , they PRP risk VBP hurting VBG themselves PRP as RB much RB as IN helping VBG the DT cause NN . . They PRP chance VBP alienating VBG the DT customers NNS they PRP hope VBP to TO woo VB by IN looking VBG like IN opportunistic JJ sharks NNS . . `` `` People NNS see VBP extra JJ messages NNS in IN advertising NN , , and CC if IN a DT manufacturer NN is VBZ clearly RB trying VBG to TO get VB something NN out IN of IN it PRP ... : if IN it PRP 's VBZ too RB transparent JJ ... : then IN consumers NNS will MD see VB through IN that DT , , '' '' warns VBZ John NNP Philip NNP Jones NNP , , chairman NN of IN the DT advertising NN department NN at IN the DT Newhouse NNP School NNP of IN Public NNP Communications NNP at IN Syracuse NNP University NNP . . `` `` It PRP can MD backfire VB because IN companies NNS can MD step VB across IN the DT line NN and CC go VB too RB far RB , , be VB too RB pushy JJ , , '' '' agrees VBZ Gary NNP Stibel NNP , , a DT principal NN with IN New NNP England NNP Consulting NNP Group NNP , , Westport NNP , , Conn NNP . . `` `` The DT ultimate JJ form NN of IN charity NN is VBZ when WRB you PRP do VBP n't RB tell VB anyone NN . . '' '' Still RB , , he PRP says VBZ that IN only RB a DT few JJ of IN the DT quake-related JJ campaigns NNS have VBP been VBN `` `` tasteless JJ '' '' and CC that IN `` `` the DT majority NN have VBP been VBN truly RB beneficial JJ to TO the DT people NNS who WP need VBP the DT help NN . . We PRP do VBP n't RB consider VB that DT ambulance NN chasing NN . . '' '' The DT companies NNS running VBG the DT disaster NN ads NNS certainly RB do VBP n't RB see VB themselves PRP as IN ambulance NN chasers NNS , , either RB . . Burger NNP King NNP 's POS chief JJ executive NN officer NN , , Barry NNP Gibbons NNP , , stars VBZ in IN ads NNS saying VBG that IN the DT fast-food NN chain NN will MD donate VB 25 CD cents NNS to TO the DT Red NNP Cross NNP for IN every DT purchase NN of IN a DT BK NNP Doubles NNP hamburger NN . . The DT campaign NN , , which WDT started VBD last JJ week NN and CC runs VBZ through IN Nov. NNP 23 CD , , with IN funds NNS earmarked VBN for IN both DT the DT quake NN and CC Hugo NNP , , `` `` was VBD Barry NNP 's POS idea NN , , '' '' a DT spokeswoman NN says VBZ . . `` `` Barry NNP felt VBD very RB committed VBN . . He PRP felt VBD we PRP should MD be VB giving VBG something NN back RB . . '' '' While IN the DT campaign NN was VBD Mr. NNP Gibbons NNP 's POS idea NN , , however RB , , he PRP wo MD n't RB be VB paying VBG for IN it PRP : : The DT donations NNS will MD come VB out IN of IN the DT chain NN 's POS national JJ advertising NN fund NN , , which WDT is VBZ financed VBN by IN the DT franchisees NNS . . And CC by IN basing VBG donations NNS on IN BK NNP Doubles NNP , , a DT new JJ double-hamburger NN line NN the DT fast-food NN chain NN is VBZ trying VBG to TO push VB , , Burger NNP King NNP works VBZ a DT sales NNS pitch NN into IN its PRP$ public-service JJ message NN . . Toyota NNP 's POS upscale JJ Lexus NNP division NN , , a DT sponsor NN of IN the DT World NNP Series NNP , , also RB put VBD in RP a DT plug NN for IN Red NNP Cross NNP donations NNS in IN a DT World NNP Series NNP game NN it PRP sponsored VBD . . `` `` The DT World NNP Series NNP is VBZ brought VBN to TO you PRP by IN Lexus NNP , , who WP urges VBZ you PRP to TO help VB relieve VB the DT suffering NN caused VBN by IN the DT recent JJ earthquake NN ... : , , '' '' the DT game NN announcer NN said VBD . . And CC New NNP York NNP Life NNP made VBD a DT plea NN for IN Red NNP Cross NNP donations NNS in IN newspaper NN ads NNS in IN the DT San NNP Francisco NNP area NN , , latching VBG onto IN the DT coattails NNS of IN the DT Red NNP Cross NNP 's POS impeccable JJ reputation NN : : `` `` The DT Red NNP Cross NNP has VBZ been VBN helping VBG people NNS for IN 125 CD years NNS . . New NNP York NNP Life NNP has VBZ been VBN doing VBG the DT same JJ for IN over IN 140 CD years NNS . . '' '' Nancy NNP Craig NNP , , advertising NN manager NN for IN the DT Red NNP Cross NNP , , readily RB admits VBZ `` `` they PRP 're VBP piggybacking VBG on IN our PRP$ reputation NN . . '' '' But CC she PRP has VBZ no DT problem NN with IN that DT , , she PRP says VBZ : : `` `` In IN the DT meanwhile NN , , they PRP 're VBP helping VBG us PRP . . '' '' The DT Red NNP Cross NNP does VBZ n't RB track VB contributions NNS raised VBN by IN the DT disaster NN ads NNS , , but CC it PRP has VBZ amassed VBN $ $ 46.6 CD million CD since IN it PRP first RB launched VBD its PRP$ hurricane NN relief NN effort NN Sept. NNP 23 CD . . Ad NN Notes NNS ... : . . NEW JJ ACCOUNT NN : : Northrup NNP King NNP Co. NNP , , Golden NNP Valley NNP , , Minn. NNP , , awarded VBD its PRP$ $ $ 4 CD million CD field-crop-seeds JJ account NN to TO Creswell NNP , , Munsell NNP , , Fultz NNP & CC Zirbel NNP , , a DT Cedar NNP Rapids NNP , , Iowa NNP , , division NN of IN Young NNP & CC Rubicam NNP . . The DT account NN had VBD previously RB been VBN handled VBN by IN Saatchi NNP & CC Saatchi NNP Wegener NNP , , New NNP York NNP . . TV NN GUIDE NNP : : Wieden NNP & CC Kennedy NNP , , Portland NNP , , Ore. NNP , , was VBD named VBN to TO handle VB the DT News NNP Corp. NNP publication NN 's POS $ $ 1 CD million CD to TO $ $ 2 CD million CD trade-ad NN account NN . . N NNP W NNP Ayer NNP , , the DT New NNP York NNP agency NN that WDT had VBD handled VBN the DT account NN since IN 1963 CD , , resigned VBD the DT account NN about RB two CD weeks NNS ago RB . . NO DT ALCOHOL NNP : : Miller NNP Brewing NNP Co. NNP will MD introduce VB its PRP$ first JJ non-alcoholic JJ beer NN Jan. NNP 1 CD . . The DT brew NN , , called VBN Miller NNP Sharp NNP 's POS , , will MD be VB supported VBN by IN ads NNS developed VBN by IN Frankenberry NNP , , Laughlin NNP & CC Constable NNP , , Milwaukee NNP . . RADIO NN : : Viacom NNP Broadcasting NNP Inc. NNP definitively RB agreed VBD to TO acquire VB KOFY NNP ( ( AM VBP ) ) and CC KOFY-FM NNP in IN San NNP Francisco NNP for IN about RB $ $ 19.5 CD million CD from IN Pacific NNP FM NNP Inc NNP . . The DT Supreme NNP Court NNP let VBD stand VB a DT New NNP York NNP court NN 's POS ruling NN that IN the DT manufacturers NNS of IN a DT drug NN once RB used VBN to TO prevent VB miscarriages NNS must MD share VB liability NN for IN injuries NNS or CC deaths NNS when WRB the DT maker NN of IN an DT individual JJ dose NN is VBZ unknown JJ . . The DT high JJ court NN 's POS action NN , , refusing NN to TO hear VB appeals NNS by IN several JJ drug NN companies NNS , , is VBZ likely JJ to TO have VB a DT significant JJ impact NN at IN several JJ levels NNS . . The DT most RBS immediate JJ effect NN is VBZ in IN New NNP York NNP , , where WRB former JJ manufacturers NNS of IN the DT anti-miscarriage JJ drug NN DES NNP -- : the DT synthetic JJ female NN hormone NN diethylstilbestrol NN -- : face VBP the DT prospect NN of IN shared VBN liability NN for IN damages NNS in IN many JJ of IN the DT 700 CD to TO 1,000 CD DES NNP lawsuits NNS pending VBG in IN that DT state NN . . The DT lawsuits NNS stemmed VBD from IN the DT development NN of IN cancer NN and CC other JJ problems NNS in IN the DT daughters NNS of IN women NNS who WP took VBD the DT drug NN . . On IN a DT broader JJR scale NN , , the DT ruling NN could MD encourage VB other JJ states NNS ' POS courts NNS to TO adopt VB the DT logic NN of IN the DT New NNP York NNP court NN , , not RB only RB in IN DES NNP cases NNS but CC in IN other JJ product-related JJ lawsuits NNS , , as RB well RB . . The DT New NNP York NNP Court NNP of IN Appeals NNP ruling NN parallels VBZ a DT 1980 CD decision NN by IN the DT California NNP Supreme NNP Court NNP requiring VBG shared VBN liability NN among IN manufacturers NNS for IN injuries NNS when WRB it PRP ca MD n't RB be VB determined VBN which WDT company NN is VBZ at IN fault NN . . Paul NNP Rheingold NNP , , a DT New NNP York NNP lawyer NN who WP represents VBZ DES NNP victims NNS , , said VBD that IN before RB the DT New NNP York NNP ruling NN , , only RB the DT states NNS of IN Washington NNP and CC Wisconsin NNP had VBD followed VBN the DT California NNP decision NN . . Now RB that IN the DT New NNP York NNP decision NN has VBZ been VBN left VBN intact JJ , , other JJ states NNS may MD follow VB suit NN . . `` `` Generally RB , , when WRB New NNP York NNP and CC California NNP go VBP one CD way NN , , it PRP has VBZ a DT tremendous JJ influence NN on IN other JJ states NNS , , especially RB small JJ ones NNS , , '' '' said VBD Mr. NNP Rheingold NNP . . The DT high JJ court NN refused VBD to TO hear VB appeals NNS by IN Rexall NNP Drug NNP Co. NNP , , which WDT went VBD out IN of IN business NN in IN 1987 CD and CC was VBD taken VBN over RP by IN RXDC NNP Liquidating NNP Trust NNP ; : E.R. NNP Squibb NNP & CC Sons NNP Inc. NNP , , a DT unit NN of IN Squibb NNP Corp. NNP ; : and CC Eli NNP Lilly NNP & CC Co NNP . . The DT appeals NNS involved VBD DES NNP , , which WDT was VBD approved VBN by IN the DT Food NNP and CC Drug NNP Administration NNP for IN use NN from IN the DT 1940s CD until IN 1971 CD to TO prevent VB miscarriages NNS during IN pregnancy NN . . In IN 1971 CD , , the DT FDA NNP banned VBD the DT use NN of IN DES NNP after IN studies NNS linked VBD it PRP to TO cancer NN and CC other JJ problems NNS in IN daughters NNS of IN women NNS who WP took VBD the DT drug NN . . Lawsuits NN over IN the DT harm NN caused VBN by IN DES NNP have VBP flooded VBN federal JJ and CC state NN courts NNS in IN the DT past NN decade NN . . In IN many JJ cases NNS , , the DT lawsuit NN was VBD filed VBN long RB after RB the DT drug NN was VBD used VBN -- : the DT cancer NN in IN the DT daughters NNS was VBD typically RB not RB detected VBN for IN years NNS -- : and CC there EX is VBZ no DT way NN to TO prove VB which WDT of IN several JJ companies NNS manufactured VBD the DT doses NNS consumed VBN by IN certain JJ women NNS . . Under IN traditional JJ legal JJ theories NNS , , inability NN to TO prove VB which WDT company NN manufactured VBD a DT drug NN that WDT caused VBD an DT injury NN or CC death NN would MD lead VB to TO the DT lawsuit NN being VBG dismissed VBN . . But CC in IN its PRP$ ruling NN last JJ April NNP , , the DT New NNP York NNP court NN said VBD that IN all DT producers NNS of IN the DT anti-miscarriage JJ drug NN should MD share VB liability NN when WRB the DT manufacturer NN of IN a DT specific NN dose NN ca MD n't RB be VB determined VBN . . Each DT company NN 's POS share NN of IN liability NN would MD be VB based VBN on IN their PRP$ share NN of IN the DT national JJ DES NNP market NN . . The DT New NNP York NNP court NN also RB upheld VBD a DT state NN law NN , , passed VBN in IN 1986 CD , , extending VBG for IN one CD year NN the DT statute NN of IN limitations NNS on IN filing NN DES NNP lawsuits NNS . . The DT effect NN is VBZ that IN lawsuits NNS that WDT might MD have VB been VBN barred VBN because IN they PRP were VBD filed VBN too RB late RB could MD proceed VB because RB of IN the DT one-year JJ extension NN . . ( ( Rexall NNP Drug NNP Co. NNP vs. IN Tigue NNP ; : E.R. NNP Squibb NNP & CC Sons NNP Inc. NNP vs. IN Hymowitz NNP , , and CC Eli NNP Lilly NNP & CC Co. NNP vs. IN Hymowitz NNP ) ) Government NN Contractors NNS The DT high JJ court NN , , leaving VBG intact JJ a DT $ $ 4.25 CD million CD damage NN award NN against IN General NNP Dynamics NNP Corp. NNP , , declined VBD to TO resolve VB questions NNS about IN a DT legal JJ defense NN against IN civil JJ lawsuits NNS often RB used VBN by IN government NN contractors NNS . . Last JJ year NN , , the DT Supreme NNP Court NNP defined VBD when WRB companies NNS , , such JJ as IN military JJ contractors NNS , , may MD defend VB themselves PRP against IN lawsuits NNS for IN deaths NNS or CC injuries NNS by IN asserting VBG that IN they PRP were VBD simply RB following VBG specifications NNS of IN a DT federal JJ government NN contract NN . . In IN that DT decision NN , , the DT high JJ court NN said VBD a DT company NN must MD prove VB that IN the DT government NN approved VBD precise JJ specifications NNS for IN the DT contract NN , , that IN those DT specifications NNS were VBD met VBN and CC that IN the DT government NN was VBD warned VBN of IN any DT dangers NNS in IN use NN of IN the DT equipment NN . . But CC last JJ February NNP , , a DT federal JJ appeals NNS court NN in IN New NNP Orleans NNP upheld VBD a DT damage NN award NN against IN General NNP Dynamics NNP , , rejecting VBG the DT company NN 's POS use NN of IN the DT government NN contractor NN defense NN . . The DT appeals NNS court NN said VBD the DT defense NN is VBZ valid JJ only RB if IN federal JJ officials NNS did VBD more JJR than IN rubber NN stamp VB a DT company NN 's POS design NN or CC plans NNS and CC engaged VBN in IN a DT `` `` substantive JJ review NN and CC evaluation NN '' '' on IN a DT par NN with IN a DT policy NN decision NN . . General NNP Dynamics NNP appealed VBD to TO the DT high JJ court NN , , backed VBN by IN numerous JJ business NN trade NN groups NNS , , arguing VBG that IN the DT appeals NNS court NN definition NN restricts VBZ the DT defense NN too RB severely RB . . General NNP Dynamics NNP was VBD sued VBN by IN the DT families NNS of IN five CD Navy NNP divers NNS who WP were VBD killed VBN in IN 1982 CD after IN they PRP re-entered VBD a DT submarine NN through IN a DT diving JJ chamber NN . . The DT accident NN was VBD caused VBN by IN faulty JJ operation NN of IN a DT valve NN . . A DT federal JJ district NN court NN awarded VBD damages NNS to TO the DT families NNS and CC the DT appeals NNS court NN affirmed VBD the DT award NN . . ( ( General NNP Dynamics NNP Corp. NNP vs. IN Trevino NNP Court NN in IN Brief NN In IN other JJ action NN yesterday NN , , the DT high JJ court NN : : -- : Let VBD stand VB the DT mail NN fraud NN and CC conspiracy NN conviction NN of IN John NNP Lavery NNP , , a DT former JJ vice NN president NN of IN Beech-Nut NNP Nutrition NNP Corp. NNP , , a DT unit NN of IN Nestle NNP S.A NNP . . The DT conviction NN stemmed VBD from IN federal JJ charges NNS of IN consumer NN fraud NN for IN sale NN of IN phony JJ infant NN apple NN juice NN between IN 1978 CD and CC 1983 CD . . ( ( Lavery NNP vs. IN U.S. NNP . . ) ) -- : Left VBD intact JJ an DT award NN of IN $ $ 1.5 CD million CD in IN damages NNS against IN Dow NNP Chemical NNP Co. NNP in IN the DT death NN of IN an DT Oregon NNP man NN from IN exposure NN to TO Agent NNP Orange NNP . . The DT award NN was VBD made VBN by IN a DT federal JJ court NN to TO the DT widow NN of IN a DT U.S. NNP Forest NNP Service NNP employee NN who WP contracted VBD Hodgkin NNP 's POS disease NN after IN using VBG herbicides NNS containing VBG Agent NNP Orange NNP in IN a DT weed-killing JJ program NN . . It PRP can MD be VB hoped VBN that IN Spanish JJ Prime NNP Minister NNP Felipe NNP Gonzalez NNP will MD draw VB the DT right JJ conclusion NN from IN his PRP$ narrow JJ election NN victory NN Sunday NNP . . A DT strong JJ challenge NN from IN the DT far RB left JJ , , the DT Communist JJ coalition NN Izquierda NNP Unida NNP , , failed VBD to TO topple VB him PRP . . He PRP should MD consider VB his PRP$ victory NN a DT mandate NN to TO continue VB his PRP$ growth-oriented JJ economic JJ reforms NNS and CC not RB a DT demand NN that IN he PRP move VB further RBR left RB . . If IN he PRP follows VBZ the DT correct JJ path NN , , he PRP may MD be VB able JJ to TO look VB back RP on IN this DT election NN as IN the DT high-water JJ mark NN of IN far-left JJ opposition NN . . The DT far JJ left NN had VBD some DT good JJ issues NNS even RB if IN it PRP did VBD not RB have VB good JJ programs NNS for IN dealing VBG with IN them PRP . . It PRP could MD point VB to TO plenty JJ of IN ailments NNS that IN the DT Spanish JJ economic JJ rejuvenation NN so RB far RB has VBZ failed VBN to TO cure VB . . Unemployment NN still RB is VBZ officially RB recorded VBN at IN 16.5 CD % NN , , the DT highest JJS rate NN in IN Europe NNP , , although IN actual JJ joblessness NN may MD be VB lower JJR . . Housing NN is VBZ scarce JJ and CC public JJ services NNS -- : the DT court NN system NN , , schools NNS , , mail NN service NN , , telephone NN network NN and CC the DT highways NNS -- : are VBP in IN disgraceful JJ condition NN . . Large JJ pockets NNS of IN poverty NN still RB exist VBP . . The DT left NN also RB is VBZ critical JJ of IN the DT style NN of IN the DT Socialist JJ government NN -- : a DT remarkable JJ parallel NN to TO the DT situation NN in IN Britain NNP . . Mr. NNP Gonzalez NNP and CC his PRP$ colleagues NNS , , particularly RB the DT finance NN minister NN , , Carlos NNP Solchaga NNP , , are VBP charged VBN with IN having VBG abandoned VBN their PRP$ socialist JJ principles NNS and CC with IN having VBG become VBN arrogant JJ elitists NNS who WP refuse VBP even RB to TO go VB on IN television NN ( ( controlled VBN by IN the DT state NN ) ) to TO face VB their PRP$ accusers NNS . . In IN response NN to TO this DT , , the DT Socialist JJ prime JJ minister NN has VBZ simply RB cited VBN his PRP$ free-market NN accomplishments NNS . . They PRP are VBP very RB considerable JJ : : Since IN 1986 CD , , when WRB Spain NNP joined VBD the DT European NNP Community NNP , , its PRP$ gross JJ domestic JJ product NN has VBZ grown VBN at IN an DT annual JJ average NN of IN 4.6 CD % NN -- : the DT fastest JJS in IN the DT EC NNP . . In IN that DT time NN more JJR than IN 1.2 CD million CD jobs NNS have VBP been VBN created VBN and CC the DT official JJ jobless JJ rate NN has VBZ been VBN pushed VBN below IN 17 CD % NN from IN 21 CD % NN . . A DT 14 CD % NN inflation NN rate NN dropped VBD below IN 5 CD % NN . . Net JJ foreign JJ investment NN through IN August NNP this DT year NN has VBZ been VBN running VBG at IN a DT pace NN of IN $ $ 12.5 CD billion CD , , about RB double RB the DT year-earlier JJ rate NN . . Mr. NNP Gonzalez NNP also RB has VBZ split VBN with IN the DT left NN in IN reaffirming VBG Spain NNP 's POS NATO NNP commitment NN and CC in IN renewing VBG a DT defense NN treaty NN with IN the DT U.S. NNP . . Mr. NNP Gonzalez NNP is VBZ not RB quite RB a DT closet NN supply-side NN revolutionary NN , , however RB . . He PRP did VBD not RB go VB as RB far RB as IN he PRP could MD have VB in IN tax NN reductions NNS ; : indeed RB he PRP combined VBD them PRP with IN increases NNS in IN indirect JJ taxes NNS . . Yet RB the DT best JJS the DT far-left NN could MD do VB was VBD not RB enough JJ to TO deter VB the DT biggest JJS voting NN bloc NN -- : nearly RB 40 CD % NN -- : from IN endorsing VBG the DT direction NN Spain NNP is VBZ taking VBG . . Now RB he PRP can MD go VB further RB . . He PRP should MD do VB more JJR to TO reduce VB tax NN rates NNS on IN wealth NN and CC income NN , , in IN recognition NN of IN the DT fact NN that IN those DT cuts NNS yield VBP higher JJR , , not RB lower JJR , , revenues NNS . . He PRP could MD do VB more JJR to TO cut VB public JJ subsidies NNS and CC transfers NNS , , thus RB making VBG funds NNS available JJ for IN public JJ services NNS starved VBN of IN money NN for IN six CD years NNS . . The DT voters NNS delivered VBD Mr. NNP Gonzalez NNP a DT third JJ mandate NN for IN his PRP$ successes NNS . . They PRP , , as RB well RB as IN numerous JJ Latin JJ American JJ and CC East JJ European JJ countries NNS that WDT hope VBP to TO adopt VB elements NNS of IN the DT Spanish JJ model NN , , are VBP supporting VBG the DT direction NN Spain NNP is VBZ taking VBG . . It PRP would MD be VB sad JJ for IN Mr. NNP Gonzalez NNP to TO abandon VB them PRP to TO appease VB his PRP$ foes NNS . . Monday NNP , , October NNP 30 CD , , 1989 CD The DT key JJ U.S. NNP and CC foreign JJ annual JJ interest NN rates NNS below RB are VBP a DT guide NN to TO general JJ levels NNS but CC do VBP n't RB always RB represent VB actual JJ transactions NNS . . PRIME NNP RATE NNP : : 10 CD 1\/2 CD % NN . . The DT base NN rate NN on IN corporate JJ loans NNS at IN large JJ U.S. NNP money NN center NN commercial JJ banks NNS . . FEDERAL NNP FUNDS NNP : : 8 CD 3\/4 CD % NN high JJ , , 8 CD 11\/16 CD % NN low JJ , , 8 CD 3\/4 CD % NN near IN closing NN bid NN , , 8 CD 3\/4 CD % NN offered VBN . . Reserves NNS traded VBD among IN commercial JJ banks NNS for IN overnight JJ use NN in IN amounts NNS of IN $ $ 1 CD million CD or CC more JJR . . Source NN : : Fulton NNP Prebon NNP ( ( U.S.A NNP . . ) ) Inc NNP . . DISCOUNT NNP RATE NNP : : 7 CD % NN . . The DT charge NN on IN loans NNS to TO depository NN institutions NNS by IN the DT New NNP York NNP Federal NNP Reserve NNP Bank NNP . . CALL NNP MONEY NNP : : 9 CD 3\/4 CD % NN to TO 10 CD % NN . . The DT charge NN on IN loans NNS to TO brokers NNS on IN stock NN exchange NN collateral NN . . COMMERCIAL NNP PAPER NNP placed VBN directly RB by IN General NNP Motors NNP Acceptance NNP Corp. NNP : : 8.50 CD % NN 30 CD to TO 44 CD days NNS ; : 8.25 CD % NN 45 CD to TO 62 CD days NNS ; : 8.375 CD % NN 63 CD to TO 89 CD days NNS ; : 8 CD % NN 90 CD to TO 119 CD days NNS ; : 7.90 CD % NN 120 CD to TO 149 CD days NNS ; : 7.80 CD % NN 150 CD to TO 179 CD days NNS ; : 7.55 CD % NN 180 CD to TO 270 CD days NNS . . COMMERCIAL NNP PAPER NNP : : High-grade JJ unsecured JJ notes NNS sold VBD through IN dealers NNS by IN major JJ corporations NNS in IN multiples NNS of IN $ $ 1,000 CD : : 8.55 CD % NN 30 CD days NNS ; : 8.50 CD % NN 60 CD days NNS ; : 8.45 CD % NN 90 CD days NNS . . CERTIFICATES NNS OF IN DEPOSIT NN : : 8.09 CD % NN one CD month NN ; : 8.04 CD % NN two CD months NNS ; : 8.03 CD % NN three CD months NNS ; : 7.96 CD % NN six CD months NNS ; : 7.92 CD % NN one CD year NN . . Average NN of IN top JJ rates NNS paid VBN by IN major JJ New NNP York NNP banks NNS on IN primary JJ new JJ issues NNS of IN negotiable JJ C.D.s NNS , , usually RB on IN amounts NNS of IN $ $ 1 CD million CD and CC more JJR . . The DT minimum NN unit NN is VBZ $ $ 100,000 CD . . Typical JJ rates NNS in IN the DT secondary JJ market NN : : 8.55 CD % NN one CD month NN ; : 8.55 CD % NN three CD months NNS ; : 8.35 CD % NN six CD months NNS . . BANKERS NNS ACCEPTANCES NNS : : 8.47 CD % NN 30 CD days NNS ; : 8.42 CD % NN 60 CD days NNS ; : 8.25 CD % NN 90 CD days NNS ; : 8.10 CD % NN 120 CD days NNS ; : 8.02 CD % NN 150 CD days NNS ; : 7.95 CD % NN 180 CD days NNS . . Negotiable JJ , , bank-backed JJ business NN credit NN instruments NNS typically RB financing VBG an DT import NN order NN . . LONDON NNP LATE RB EURODOLLARS NNS : : 8 CD 3\/4 CD % NN to TO 8 CD 5\/8 CD % NN one CD month NN ; : 8 CD 13\/16 CD % NN to TO 8 CD 11\/16 CD % NN two CD months NNS ; : 8 CD 11\/16 CD % NN to TO 8 CD 9\/16 CD % NN three CD months NNS ; : 8 CD 9\/16 CD % NN to TO 8 CD 7\/16 CD % NN four CD months NNS ; : 8 CD 1\/2 CD % NN to TO 8 CD 3\/8 CD % NN five CD months NNS ; : 8 CD 7\/16 CD % NN to TO 8 CD 5\/16 CD % NN six CD months NNS . . LONDON NNP INTERBANK NNP OFFERED NNP RATES NNP ( ( LIBOR NNP ) ) : : 8 CD 11\/16 CD % NN one CD month NN ; : 8 CD 11\/16 CD % NN three CD months NNS ; : 8 CD 7\/16 CD % NN six CD months NNS ; : 8 CD 3\/8 CD % NN one CD year NN . . The DT average NN of IN interbank NN offered VBN rates NNS for IN dollar NN deposits NNS in IN the DT London NNP market NN based VBN on IN quotations NNS at IN five CD major JJ banks NNS . . FOREIGN JJ PRIME JJ RATES NNS : : Canada NNP 13.50 CD % NN ; : Germany NNP 9 CD % NN ; : Japan NNP 4.875 CD % NN ; : Switzerland NNP 8.50 CD % NN ; : Britain NNP 15 CD % NN . . These DT rate NN indications NNS are VBP n't RB directly RB comparable JJ ; : lending NN practices NNS vary VBP widely RB by IN location NN . . TREASURY NNP BILLS NNS : : Results NNS of IN the DT Monday NNP , , October NNP 30 CD , , 1989 CD , , auction NN of IN short-term JJ U.S. NNP government NN bills NNS , , sold VBD at IN a DT discount NN from IN face NN value NN in IN units NNS of IN $ $ 10,000 CD to TO $ $ 1 CD million CD : : 7.78 CD % NN , , 13 CD weeks NNS ; : 7.62 CD % NN , , 26 CD weeks NNS . . FEDERAL NNP HOME NNP LOAN NNP MORTGAGE NNP CORP. NNP ( ( Freddie NNP Mac NNP ) ) : : Posted VBD yields NNS on IN 30-year JJ mortgage NN commitments NNS for IN delivery NN within IN 30 CD days NNS . . 9.86 CD % NN , , standard JJ conventional JJ fixed-rate JJ mortgages NNS ; : 7.875 CD % NN , , 2 CD % NN rate NN capped VBD one-year JJ adjustable JJ rate NN mortgages NNS . . Source NN : : Telerate NNP Systems NNP Inc NNP . . FEDERAL NNP NATIONAL NNP MORTGAGE NNP ASSOCIATION NNP ( ( Fannie NNP Mae NNP ) ) : : Posted VBD yields NNS on IN 30 CD year NN mortgage NN commitments NNS for IN delivery NN within IN 30 CD days NNS ( ( priced VBN at IN par NN ) ) . . 9.76 CD % NN , , standard JJ conventional JJ fixed-rate JJ mortgages NNS ; : 8.75 CD % NN , , 6\/2 CD rate NN capped VBD one-year JJ adjustable JJ rate NN mortgages NNS . . Source NN : : Telerate NNP Systems NNP Inc NNP . . MERRILL NNP LYNCH NNP READY NNP ASSETS NNP TRUST NNP : : 8.70 CD % NN . . Annualized VBN average JJ rate NN of IN return NN after IN expenses NNS for IN the DT past JJ 30 CD days NNS ; : not RB a DT forecast NN of IN future JJ returns NNS . . Oh UH , , that DT terrible JJ Mr. NNP Ortega NNP . . Just RB when WRB American JJ liberalism NN had VBD pulled VBN the DT arms NNS plug NN on IN the DT Contras NNS and CC their PRP$ friend NN Ronald NNP Reagan NNP , , along IN comes VBZ Mr. NNP Ortega NNP in IN Costa NNP Rica NNP this DT weekend NN to TO `` `` blunder VB '' '' into IN the DT hands NNS of IN what WP are VBP often RB called VBN conservatives NNS . . Conservatives NNS are VBP the DT faction NN in IN U.S. NNP politics NNS which WDT always RB said VBD that IN Mr. NNP Ortega NNP and CC his PRP$ friends NNS do VBP n't RB want VB to TO hold VB an DT election NN in IN Nicaragua NNP . . Liberals NNS are VBP the DT faction NN that WDT says VBZ , , Give VB peace NN a DT chance NN ; : now RB they PRP are VBP saying VBG Mr. NNP Ortega NNP should MD give VB them PRP a DT break NN , , lest IN the DT conservatives NNS ask VB them PRP to TO vote VB for IN bullets NNS instead RB of IN bandages NNS . . We PRP suspect VBP Daniel NNP Ortega NNP knows VBZ the DT difference NN between IN a DT blunder NN and CC a DT strategy NN . . He PRP knows VBZ that IN making VBG George NNP Bush NNP look VB silly JJ in IN a DT photograph NN with IN him PRP will MD trigger VB Noriegan JJ fulminations NNS , , and CC that IN announcing VBG an DT end NN to TO the DT liberals NNS ' POS cease-fire NN will MD produce VB mainly RB their PRP$ concern NN over IN the DT Contras NNP ' POS military JJ activities NNS in IN northern JJ Nicaragua NNP . . Mr. NNP Ortega NNP understands VBZ better RBR than IN those DT who WP worry VBP about IN his PRP$ behavior NN that IN what WP sustains VBZ the DT Sandinista NNP movement NN is VBZ not RB democratic JJ peace NN , , but CC nondemocratic JJ unpeace NN . . It PRP is VBZ the DT presence NN of IN internal JJ and CC external JJ `` `` enemies NNS '' '' which WDT justifies VBZ the DT need NN for IN a DT large JJ , , active JJ army NN that IN Mikhail NNP Gorbachev NNP 's POS Soviet NNP Union NNP continues VBZ to TO supply VB with IN bullets NNS . . Annualized VBN interest NN rates NNS on IN certain JJ investments NNS as IN reported VBN by IN the DT Federal NNP Reserve NNP Board NNP on IN a DT weekly-average JJ basis NN : : a SYM - : Discounted VBN rate NN . . b SYM - : Week NN ended VBN Wednesday NNP , , October NNP 25 CD , , 1989 CD and CC Wednesday NNP October NNP 18 CD , , 1989 CD . . c SYM - : Yields NNS , , adjusted VBN for IN constant JJ maturity NN . . Cetus NNP Corp. NNP said VBD the DT government NN of IN Spain NNP approved VBD the DT marketing NN of IN its PRP$ Proleukin NNP interleukin-2 NN drug NN to TO treat VB kidney NN cancer NN . . The DT biotechnology NN concern NN said VBD Spanish JJ authorities NNS must MD still RB clear VB the DT price NN for IN the DT treatment NN , , but CC that IN it PRP expects VBZ to TO receive VB such JJ approval NN by IN year NN end NN . . Four CD other JJ countries NNS in IN Europe NNP have VBP approved VBN Proleukin NNP in IN recent JJ months NNS . . Cetus NNP is VBZ currently RB trying VBG to TO obtain VB federal JJ regulatory JJ clearance NN for IN U.S. NNP distribution NN . . The DT Treasury NNP Department NNP proposed VBD that IN banks NNS be VB required VBN to TO keep VB detailed JJ records NNS of IN international JJ wire NN transfers NNS , , which WDT officials NNS believe VBP is VBZ the DT main JJ vehicle NN used VBN by IN drug NN traffickers NNS to TO move VB billions NNS of IN dollars NNS in IN and CC out IN of IN the DT U.S. NNP . . In IN recent JJ testimony NN on IN Capitol NNP Hill NNP , , Treasury NNP officials NNS said VBD they PRP were VBD considering VBG the DT new JJ reporting NN requirements NNS , , and CC the DT expected VBN publication NN of IN the DT proposal NN in IN the DT Federal NNP Register NNP today NN is VBZ the DT first JJ official JJ step NN toward IN creating VBG final JJ regulations NNS . . The DT Treasury NNP is VBZ still RB working VBG out RP the DT details NNS with IN bank NN trade NN associations NNS and CC the DT other JJ government NN agencies NNS that WDT have VBP a DT hand NN in IN fighting VBG money NN laundering NN . . Among IN the DT possibilities NNS the DT Treasury NNP is VBZ considering VBG are VBP requirements NNS that IN banks NNS keep VB records NNS identifying VBG the DT originators NNS and CC recipients NNS of IN international JJ wire NN transfers NNS . . Another DT suggestion NN would MD draw VB banks NNS more RBR directly RB into IN tracking VBG down RP money NN launderers NNS by IN developing VBG a DT `` `` suspicious JJ international JJ wire NN transfer NN profile NN , , '' '' which WDT banks NNS would MD use VB to TO spotlight VB questionable JJ payments NNS . . But CC banks NNS may MD prefer VB using VBG a DT profile NN that WDT targets VBZ selected VBN transactions NNS , , rather RB than IN a DT blanket NN reporting NN requirement NN . . Banks NNS now RB are VBP required VBN only RB to TO report VB cash NN deposits NNS or CC withdrawals NNS of IN $ $ 10,000 CD or CC more JJR . . But CC wire NN transfers NNS from IN a DT standing VBG account NN -- : including VBG those DT bigger JJR than IN $ $ 10,000 CD -- : are VBP n't RB reported VBN . . Officials NNS believe VBP this DT has VBZ left VBN a DT gaping JJ loophole NN that IN illegal JJ drug NN businesses NNS are VBP exploiting VBG . . Authorities NNS estimate VBP that IN revenues NNS from IN illegal JJ drugs NNS in IN the DT U.S. NNP total VBP about RB $ $ 110 CD billion CD annually RB . . Sen. NNP John NNP Kerry NNP ( ( D. NNP , , Mass. NNP ) ) , , chairman NN of IN a DT Senate NNP Foreign NNP Relations NNP subcommittee NN that WDT oversees VBZ the DT issue NN of IN money NN laundering NN , , criticized VBD the DT proposal NN for IN ignoring VBG wire NN transfers NNS between IN foreign JJ banks NNS that WDT are VBP executed VBN and CC cleared VBN on IN U.S. NNP wire NN systems NNS . . The DT American NNP Bankers NNP Association NNP did VBD n't RB have VB any DT comment NN on IN the DT plan NN . . The DT proposal NN now RB enters VBZ a DT 60-day JJ comment NN period NN , , after IN which WDT the DT Treasury NNP will MD propose VB final JJ regulations NNS , , followed VBN by IN another DT comment NN period NN . . Western NNP Union NNP Corp. NNP took VBD steps NNS to TO withdraw VB its PRP$ proposed VBN debt NN swap NN for IN $ $ 500 CD million CD in IN high-interest JJ notes NNS and CC said VBD it PRP is VBZ looking VBG at IN other JJ alternatives NNS for IN refinancing VBG the DT debt NN . . Western NNP Union NNP had VBD said VBD two CD weeks NNS ago RB that IN it PRP might MD withdraw VB the DT pending VBG offer NN , , which WDT would MD have VB replaced VBN $ $ 500 CD million CD in IN so-called JJ reset JJ notes NNS , , now RB paying VBG 19.25 CD % NN annual JJ interest NN and CC set VBN to TO come VB due RB in IN 1992 CD , , with IN two CD new JJ issues NNS paying VBG lower JJR interest NN . . Yesterday NN the DT company NN said VBD it PRP had VBD filed VBN a DT request NN with IN the DT Securities NNP and CC Exchange NNP Commission NNP to TO withdraw VB the DT registration NN statement NN regarding VBG the DT proposed VBN swap NN . . A DT Western NNP Union NNP spokesman NN , , citing VBG adverse JJ developments NNS in IN the DT market NN for IN high-yield JJ `` `` junk NN '' '' bonds NNS , , declined VBD to TO say VB what WP alternatives NNS are VBP under IN consideration NN . . But CC some DT holders NNS of IN the DT Western NNP Union NNP notes NNS expect VBP the DT company NN to TO propose VB a DT more-attractive JJ debt NN swap NN that WDT will MD give VB them PRP a DT substantial JJ equity NN stake NN in IN the DT company NN . . Western NNP Union NNP has VBZ had VBD major JJ losses NNS in IN recent JJ years NNS as IN its PRP$ telex NN business NN has VBZ faltered VBN in IN the DT face NN of IN competition NN from IN facsimile NN machines NNS and CC as RB other JJ business NN ventures NNS have VBP gone VBN awry RB . . The DT major JJ question NN , , said VBD one CD holder NN who WP asked VBD not RB to TO be VB named VBN , , is VBZ whether IN New NNP York NNP investor NN Bennett NNP S. NNP LeBow NNP , , whose WP$ Brooke NNP Partners NNP controls VBZ Western NNP Union NNP , , is VBZ willing JJ to TO offer VB a DT large JJ enough RB equity NN stake NN to TO entice VB bondholders NNS into IN agreeing VBG to TO a DT new JJ swap NN . . The DT $ $ 500 CD million CD in IN notes NNS , , the DT largest JJS chunk NN of IN Western NNP Union NNP 's POS $ $ 640 CD million CD in IN long-term JJ debt NN , , stems VBZ from IN the DT company NN 's POS major JJ restructuring NN in IN December NNP 1987 CD . . The DT notes NNS became VBD burdensome JJ when WRB reset NN provisions NNS allowed VBD their PRP$ interest NN rate NN to TO be VB raised VBN to TO 19.25 CD % NN last JJ June NNP . . Western NNP Union NNP had VBD offered VBN to TO swap VB each DT $ $ 1,000 CD face NN amount NN of IN the DT notes NNS for IN six CD shares NNS of IN common JJ stock NN and CC two CD new JJ debt NN issues NNS : : a DT $ $ 500 CD note NN paying VBG an DT interest NN rate NN starting VBG at IN 16.75 CD % NN annually RB and CC rising VBG in IN later JJ years NNS , , due RB in IN 1992 CD , , and CC a DT $ $ 500 CD note NN , , due RB in IN 1997 CD , , paying VBG a DT fixed VBN rate NN of IN 17 CD % NN and CC including VBG rights NNS protecting VBG a DT holder NN against IN a DT decline NN in IN the DT trading NN price NN of IN the DT bond NN . . Western NNP Union NNP must MD make VB $ $ 48 CD million CD in IN interest NN payments NNS on IN the DT reset NN notes NNS on IN Dec. NNP 15 CD , , and CC a DT company NN spokesman NN said VBD it PRP fully RB intends VBZ to TO meet VB the DT payments NNS . . But CC Western NNP Union NNP has VBZ said VBD it PRP must MD lower VB the DT interest NN rate NN on IN its PRP$ debt NN to TO regain VB full JJ financial JJ health NN . . Genentech NNP Inc. NNP said VBD the DT West NNP German NNP distributor NN of IN its PRP$ heart NN drug NN TPA NNP reached VBD a DT joint NN marketing NN agreement NN with IN a DT subsidiary NN of IN Hoechst NNP AG NNP , , which WDT makes VBZ the DT rival JJ anti-clotting JJ agent NN streptokinase NNP . . The DT biotechnology NN concern NN said VBD the DT agreement NN between IN its PRP$ longtime NN West NNP German NNP distributor NN , , Boehringer-Ingleheim NNP 's POS Dr. NNP Karl NNP Thomae NNP G.m.b.H. NNP subsidiary NN , , and CC Hoechst NNP 's POS Behringwerke NNP subsidiary NN was VBD an DT attempt NN to TO expand VB the DT market NN for IN blood-clot NN drugs NNS in IN general NN . . A DT Genentech NNP spokeswoman NN said VBD the DT agreement NN calls VBZ for IN Hoechst NNP to TO promote VB TPA NNP for IN heart NN patients NNS and CC streptokinase NNP for IN other JJ clot-reducing JJ purposes NNS . . Investors NNS in IN the DT over-the-counter JJ market NN dumped VBD banking NN and CC insurance NN issues NNS , , sending VBG the DT Nasdaq NNP composite JJ index NN lower RBR for IN the DT third JJ consecutive JJ session NN . . All DT Nasdaq NNP industry NN indexes NNS finished VBD lower RBR , , with IN financial JJ issues NNS hit VBN the DT hardest JJS . . Despite IN some DT early JJ computer-guided JJ program NN buying NN , , the DT Nasdaq NNP composite NN fell VBD 1.39 CD to TO 451.37 CD . . The DT OTC NNP market NN now RB has VBZ declined VBN in IN eight CD of IN the DT past JJ 11 CD sessions NNS . . The DT Nasdaq NNP bank NN index NN fell VBD 5.00 CD to TO 432.61 CD , , while IN the DT insurance NN index NN fell VBD 3.56 CD to TO 528.56 CD , , and CC the DT `` `` other JJ finance NN '' '' index NN dropped VBD 3.27 CD to TO 529.32 CD . . The DT largest JJS financial JJ issues NNS , , as IN measured VBN by IN the DT Nasdaq NNP financial JJ index NN , , tumbled VBD 3.23 CD to TO Meanwhile RB , , the DT index NN of IN the DT 100 CD biggest JJS non-financial JJ stocks NNS , , the DT Nasdaq NNP 100 CD , , gained VBD 0.47 CD to TO 438.15 CD . . Profit-taking NN accounted VBD for IN much JJ of IN the DT slide NN in IN OTC NNP stock NN prices NNS , , according VBG to TO David NNP Mills NNP , , senior JJ vice NN president NN of IN Boston NNP Company NNP Advisers NNP . . He PRP said VBD many JJ portfolio NN managers NNS , , whose WP$ year-end JJ bonuses NNS are VBP tied VBN to TO annual JJ performance NN , , are VBP selling VBG now RB rather RB than IN risk VB seeing VBG their PRP$ gains NNS erode VB further RBR . . `` `` The DT profit NN locking-in NN is VBZ definitely RB going VBG on RP , , '' '' said VBD Mr. NNP Mills NNP , , whose WP$ firm NN manages VBZ $ $ 600 CD million CD for IN Boston NNP Co NNP . . Tax-loss NN sellers NNS , , those DT investors NNS who WP sell VBP loss-making JJ stocks NNS so IN they PRP can MD deduct VB their PRP$ losses NNS from IN this DT year NN 's POS income NN , , are VBP also RB getting VBG out RB , , Mr. NNP Mills NNP said VBD . . That DT 's VBZ helping VBG put VB pressure NN on IN both DT the DT market NN 's POS winners NNS and CC its PRP$ losers NNS . . `` `` The DT stocks NNS that WDT have VBP been VBN the DT best JJS are VBP having VBG big JJ pullbacks NNS , , and CC the DT ones NNS that WDT have VBP been VBN the DT worst JJS are VBP getting VBG clobbered VBD , , '' '' Mr. NNP Mills NNP said VBD . . He PRP expects VBZ the DT market NN to TO sink VB further RBR and CC to TO reach VB a DT low NN sometime RB next JJ month NN or CC in IN December NNP . . The DT selling NN by IN money NN managers NNS and CC individual JJ investors NNS is VBZ turning VBG traders NNS bearish JJ as IN well RB . . `` `` We PRP are VBP advising VBG a DT lot NN of IN our PRP$ clients NNS to TO make VB moves NNS that WDT make VBP sense NN to TO them PRP , , rather RB than IN waiting VBG until IN the DT last JJ minute NN , , because IN things NNS have VBP been VBN so RB volatile JJ , , '' '' said VBD William NNP Sulya NNP , , head NN of IN OTC NNP trading VBG at IN A.G. NNP Edwards NNP & CC Sons NNP in IN St. NNP Louis NNP . . Ralph NNP Costanza NNP , , head NN of IN the DT OTC NNP trading NN department NN at IN Smith NNP Barney NNP , , Harris NNP Upham NNP , , said VBD many JJ market NN players NNS are VBP awaiting VBG some DT resolution NN of IN the DT current JJ debate NN over IN program NN trading NN . . Much JJ of IN the DT market NN 's POS recent JJ volatility NN has VBZ been VBN blamed VBN on IN this DT large-scale JJ computerized JJ trading NN technique NN that WDT can MD send VB stock NN prices NNS surging VBG or CC plummeting VBG in IN a DT matter NN of IN minutes NNS . . The DT problem NN has VBZ been VBN particularly RB damaging JJ to TO the DT OTC NNP market NN , , traditionally RB a DT base NN for IN the DT small JJ investor NN . . Weisfield NNP 's POS surged VBD 14 CD to TO 53 CD after IN agreeing VBG in IN principle NN to TO be VB acquired VBN by IN a DT unit NN of IN Ratners NNP Group NNP for IN $ $ 50 CD a DT share NN . . The DT stock NN jumped VBD 9 CD 1\/2 CD Friday NNP , , when WRB the DT company NN announced VBD it PRP was VBD in IN takeover NN talks NNS . . Ratners NNP and CC Weisfield NNP 's POS said VBD they PRP expect VBP to TO sign VB definitive JJ agreements NNS shortly RB and CC to TO complete VB the DT transaction NN by IN Dec. NNP 15 CD . . Mid-State NNP Federal NNP Savings NNP Bank NNP advanced VBD 1 CD 1\/2 CD to TO 20 CD 1\/4 CD after IN it PRP said VBD it PRP is VBZ in IN talks NNS with IN a DT possible JJ acquirer NN . . The DT bank NN said VBD the DT talks NNS resulted VBD from IN solicitations NNS by IN its PRP$ financial JJ adviser NN . . Jaguar NNP assumed VBD its PRP$ recently RB customary JJ place NN on IN the DT OTC NNP most RBS active JJ list NN as IN its PRP$ American JJ depository NN receipts NNS gained VBD 1\/4 CD to TO 11 CD 7\/8 CD on IN volume NN of IN 1.2 CD million CD shares NNS and CC Daimler-Benz NNP joined VBD the DT list NN of IN companies NNS interested VBN in IN the DT British JJ car NN maker NN . . Daimler NNP said VBD it PRP has VBZ had VBD talks NNS with IN Jaguar NNP about IN possible JJ joint JJ ventures NNS . . Meanwhile RB , , General NNP Motors NNP and CC Ford NNP Motor NNP continue VBP their PRP$ pursuit NN of IN the DT company NN . . Ford NNP has VBZ acquired VBN more JJR than IN 13 CD % NN of IN Jaguar NNP 's POS shares NNS , , and CC GM NNP has VBZ received VBN U.S. NNP regulatory JJ clearance NN to TO buy VB 15 CD % NN . . ShowBiz NNP Pizza NNP Time NNP gained VBD 1 CD 1\/2 CD to TO 13 CD . . The DT company NN reported VBD third-quarter JJ operating NN profit NN of IN 37 CD cents NNS a DT share NN , , compared VBN with IN 12 CD cents NNS a DT share NN a DT year NN earlier RB . . A DT third-quarter JJ charge NN of IN $ $ 3.5 CD million CD related VBN to TO planned VBN restaurant NN closings NNS resulted VBD in IN a DT net JJ loss NN for IN the DT quarter NN . . Employers NNP Casualty NNP , , which WDT reported VBD a DT $ $ 53.9 CD million CD third-quarter JJ loss NN late JJ Friday NNP , , fell VBD 2 CD 1\/4 CD to TO 13 CD 3\/4 CD . . The DT loss NN was VBD largely RB due JJ to TO a DT $ $ 55.2 CD million CD addition NN to TO reserves NNS . . Employers NNP Casualty NNP had VBD a DT loss NN of IN $ $ 3.6 CD million CD in IN the DT year-earlier JJ quarter NN . . Old NNP Stone NNP fell VBD 1 CD 5\/8 CD to TO 13 CD 1\/2 CD . . Late RB Friday NNP , , the DT company NN reported VBD a DT loss NN of IN $ $ 51.3 CD million CD for IN the DT third JJ quarter NN after IN earning VBG $ $ 9.2 CD million CD a DT year NN before RB . . The DT loss NN came VBD after IN a DT $ $ 23.3 CD million CD addition NN to TO loan-loss JJ reserves NNS . . The DT bank NN made VBD a DT $ $ 4.5 CD million CD provision NN in IN the DT 1988 CD quarter NN . . Old NNP Stone NNP repeated VBD projections NNS that IN it PRP will MD be VB profitable JJ for IN the DT fourth JJ quarter NN and CC will NN about RB break VB even RB for IN the DT year NN . . Abraham NNP Lincoln NNP Federal NNP Savings NNP Bank NNP sank VBD 4 CD to TO 13 CD 1\/2 CD after IN announcing VBG a DT shakeup NN that WDT will MD change VB senior JJ management NN and CC reorganize VB the DT bank NN 's POS mortgage NN business NN as IN a DT separate JJ unit NN . . The DT bank NN also RB said VBD it PRP will MD establish VB a DT loan-loss JJ reserve NN of IN $ $ 2.5 CD million CD to TO $ $ 4 CD million CD against IN a DT construction NN loan NN that WDT is VBZ in IN default NN . . The DT bank NN , , which WDT previously RB said VBD it PRP was VBD for IN sale NN , , said VBD it PRP has VBZ received VBN no DT offers NNS and CC that DT its PRP$ board NN will MD review VB whether IN to TO continue VB soliciting VBG bids NNS . . Medical JJ scientists NNS are VBP starting VBG to TO uncover VB a DT handful NN of IN genes NNS which WDT , , if IN damaged VBN , , unleash VBP the DT chaotic JJ growth NN of IN cells NNS that WDT characterizes VBZ cancer NN . . Scientists NNS say VBP the DT discovery NN of IN these DT genes NNS in IN recent JJ months NNS is VBZ painting VBG a DT new JJ and CC startling JJ picture NN of IN how WRB cancer NN develops VBZ . . An DT emerging VBG understanding NN of IN the DT genes NNS is VBZ expected VBN to TO produce VB an DT array NN of IN new JJ strategies NNS for IN future JJ cancer NN treatment NN and CC prevention NN . . That DT is VBZ for IN the DT future NN . . Already RB , , scientists NNS are VBP developing VBG tests NNS based VBN on IN the DT newly RB identified VBN genes NNS that WDT , , for IN the DT first JJ time NN , , can MD predict VB whether IN an DT otherwise RB healthy JJ individual NN is VBZ likely JJ to TO get VB cancer NN . . `` `` It PRP 's VBZ a DT super-exciting JJ set NN of IN discoveries NNS , , '' '' says VBZ Bert NNP Vogelstein NNP , , a DT Johns NNP Hopkins NNP University NNP researcher NN who WP has VBZ just RB found VBN a DT gene NN pivotal JJ to TO the DT triggering VBG of IN colon NN cancer NN . . `` `` Only RB a DT decade NN ago RB cancer NN was VBD a DT black JJ box NN about IN which WDT we PRP knew VBD nothing NN at IN the DT molecular JJ level NN . . Today NN , , we PRP know VBP that IN the DT accumulation NN of IN several JJ of IN these DT altered VBN genes NNS can MD initiate VB a DT cancer NN and CC , , then RB , , propel VB it PRP into IN a DT deadly JJ state NN . . '' '' Scientists NNS call VBP the DT new JJ class NN of IN genes NNS tumor-suppressors NNS , , or CC simply RB anti-cancer JJ genes NNS . . When WRB functioning VBG normally RB , , they PRP make VBP proteins NNS that WDT hold VBP a DT cell NN 's POS growth NN in IN check NN . . But CC if IN the DT genes NNS are VBP damaged VBN -- : perhaps RB by IN radiation NN , , a DT chemical NN or CC through IN a DT chance NN accident NN in IN cell NN division NN -- : their PRP$ growth-suppressing JJ proteins VBZ no DT longer RBR work VBP , , and CC cells NNS normally RB under IN control NN turn VBP malignant JJ . . The DT newly RB identified VBN genes NNS differ VBP from IN a DT family NN of IN genes NNS discovered VBN in IN the DT early JJ 1980s CD called VBN oncogenes NNS . . Oncogenes NNS must MD be VB present JJ for IN a DT cell NN to TO become VB malignant JJ , , but CC researchers NNS have VBP found VBN them PRP in IN normal JJ as RB well RB as IN in IN cancerous JJ cells NNS , , suggesting VBG that IN oncogenes NNS do VBP n't RB cause VB cancer NN by IN themselves PRP . . In IN recent JJ months NNS , , researchers NNS have VBP come VBN to TO believe VB the DT two CD types NNS of IN cancer NN genes NNS work VBP in IN concert NN : : An DT oncogene NN may MD turn VB proliferating VBG cells NNS malignant JJ only RB after RB the DT tumor-suppressor JJ gene NN has VBZ been VBN damaged VBN . . Like IN all DT genes NNS , , tumor-suppressor JJ genes NNS are VBP inherited VBN in IN two CD copies NNS , , one CD from IN each DT parent NN . . Either DT copy NN can MD make VB the DT proteins NNS needed VBN to TO control VB cell NN growth NN , , so RB for IN cancer NN to TO arise VB , , both DT copies NNS must MD be VB impaired JJ . . A DT person NN who WP is VBZ born VBN with IN one CD defective JJ copy NN of IN a DT suppressor NN gene NN , , or CC in IN whom WP one CD copy NN is VBZ damaged VBN early RB in IN life NN , , is VBZ especially RB prone JJ to TO cancer NN because IN he PRP need MD only RB lose VB the DT other JJ copy NN for IN a DT cancer NN to TO develop VB . . Emerging JJ genetic JJ tests NNS will MD be VB able JJ to TO spot VB such JJ cancer-susceptible JJ individuals NNS , , ushering VBG in RP what WP some DT scientists NNS believe VBP is VBZ a DT new JJ age NN of IN predictive JJ cancer NN diagnosis NN . . Bill NNP and CC Bonnie NNP Quinlan NNP are VBP among IN the DT first JJ beneficiaries NNS of IN the DT new JJ findings NNS . . The DT Dedham NNP , , Mass. NNP , , couple NN knew VBD even RB before RB Bonnie NNP became VBD pregnant JJ in IN 1987 CD that IN any DT child NN of IN theirs JJ had VBD a DT 50 CD % NN chance NN of IN being VBG at IN risk NN for IN retinoblastoma NN , , an DT eye NN cancer NN that WDT occurs VBZ about RB once RB every DT 20,000 CD births NNS . . Mr. NNP Quinlan NNP , , 30 CD years NNS old JJ , , knew VBD he PRP carried VBD a DT damaged VBN gene NN , , having VBG lost VBN an DT eye NN to TO the DT rare JJ tumor NN when WRB he PRP was VBD only RB two CD months NNS old JJ -- : after IN his PRP$ mother NN had VBD suffered VBN the DT same JJ fate NN when WRB she PRP was VBD a DT baby NN . . Because IN of IN the DT isolation NN of IN the DT retinoblastoma NN tumor-suppressor JJ gene NN , , it PRP became VBD possible JJ last JJ January NNP to TO find VB out RP what WP threat NN the DT Quinlan NNP baby NN faced VBD . . A DT test NN using VBG new JJ `` `` genetic JJ probes NNS '' '' showed VBD that DT little JJ Will NNP Quinlan NNP had VBD not RB inherited VBN a DT damaged VBN retinoblastoma NN supressor NN gene NN and CC , , therefore RB , , faced VBD no DT more JJR risk NN than IN other JJ children NNS of IN developing VBG the DT rare JJ cancer NN . . `` `` It PRP made VBD our PRP$ New NNP Year NNP , , '' '' says VBZ Mr. NNP Quinlan NNP . . This DT test NN was VBD the DT first JJ to TO predict VB reliably RB whether IN an DT individual NN could MD expect VB to TO develop VB cancer NN . . Equally RB important JJ , , the DT initial JJ discovery NN of IN the DT gene NN that WDT controls VBZ retinal JJ cell NN growth NN , , made VBN by IN a DT Boston NNP doctor NN named VBN Thaddeus NNP Dryja NNP , , has VBZ opened VBN a DT field NN of IN cancer NN study NN , , which WDT in IN recent JJ months NNS has VBZ exploded VBN . . `` `` It PRP turns VBZ out RP that IN studying VBG a DT tragic JJ but CC uncommon JJ tumor NN made VBD possible JJ some DT fundamental JJ insights NNS about IN the DT most JJS basic JJ workings NNS of IN cancer NN , , '' '' says VBZ Samuel NNP Broder NNP , , director NN of IN the DT National NNP Cancer NNP Institute NNP . . `` `` All DT this DT may MD not RB be VB obvious JJ to TO the DT public NN , , which WDT is VBZ concerned VBN about IN advances NNS in IN treatment NN , , but CC I PRP am VBP convinced VBN this DT basic JJ research NN will MD begin VB showing VBG results NNS there RB soon RB . . '' '' To TO date NN , , scientists NNS have VBP fingered VBN two CD of IN these DT cancer-suppressors NNS . . Dr. NNP Dryja NNP made VBD his PRP$ retinoblastoma NN discovery NN in IN 1986 CD . . Then RB last JJ spring NN , , researchers NNS reported VBD finding VBG a DT gene NN called VBN p53 CD which WDT , , if IN impaired VBN , , turns VBZ healthy JJ colon NN cells NNS cancerous JJ . . Soon RB after IN that DT report NN , , two CD other JJ research NN teams NNS uncovered VBD evidence NN that IN the DT same JJ damaged VBN p53 NN gene NN is VBZ present JJ in IN tissue NN from IN lung NN and CC breast NN cancers NNS . . Colon NN , , lung NN and CC breast NN cancers NNS are VBP the DT most RBS common JJ and CC lethal JJ forms NNS of IN the DT disease NN , , collectively RB killing VBG almost RB 200,000 CD Americans NNS a DT year NN . . Right RB now RB about RB a DT dozen NN laboratories NNS , , in IN the DT U.S. NNP , , Canada NNP and CC Britain NNP , , are VBP racing VBG to TO unmask VB other JJ suspected VBN tumor-suppressing JJ genes NNS . . They PRP have VBP about RB seven CD candidates NNS . . Researchers NNS say VBP the DT inactivation NN of IN tumor-suppressor JJ genes NNS , , alone RB or CC in IN combination NN , , appears VBZ crucial JJ to TO the DT development NN of IN such JJ scourges NNS as IN cancer NN of IN the DT brain NN , , the DT skin NN , , kidney NN , , prostate NN , , and CC cervix NN . . There EX is VBZ evidence NN that IN if IN people NNS inherit VBP defective JJ versions NNS of IN these DT genes NNS , , they PRP are VBP especially RB prone JJ to TO cancer NN , , perhaps RB explaining VBG , , finally RB , , why WRB some DT cancers NNS seem VBP to TO haunt VB certain JJ families NNS . . The DT story NN of IN tumor-suppressor JJ genes NNS goes VBZ back RB to TO the DT 1970s NNS , , when WRB a DT pediatrician NN named VBN Alfred NNP G. NNP Knudson NNP Jr. NNP proposed VBD that DT retinoblastoma NN stemmed VBD from IN two CD separate JJ genetic JJ defects NNS . . He PRP theorized VBD that IN in IN the DT eye NN cancer NN , , an DT infant NN inherited VBD a DT damaged VBN copy NN of IN a DT gene NN from IN one CD parent NN and CC a DT normal JJ copy NN from IN the DT other JJ . . The DT tumor NN , , he PRP suggested VBD , , developed VBD when WRB the DT second JJ , , normal JJ copy NN also RB was VBD damaged VBN . . But CC there EX was VBD no DT way NN to TO prove VB Dr. NNP Knudson NNP 's POS `` `` two-hit JJ '' '' theory NN . . Back RB then RB , , scientists NNS had VBD no DT way NN of IN ferreting VBG out RP specific JJ genes NNS , , but CC under IN a DT microscope NN they PRP could MD see VB the DT 23 CD pairs NNS of IN chromosomes NNS in IN the DT cells NNS that WDT contain VBP the DT genes NNS . . Occasionally RB , , gross JJ chromosome NN damage NN was VBD visible JJ . . Dr. NNP Knudson NNP found VBD that IN some DT children NNS with IN the DT eye NN cancer NN had VBD inherited VBN a DT damaged VBN copy NN of IN chromosome NN No. NN 13 CD from IN a DT parent NN who WP had VBD had VBN the DT disease NN . . Under IN a DT microscope NN he PRP could MD actually RB see VB that IN a DT bit NN of IN chromosome NN 13 CD was VBD missing VBG . . He PRP assumed VBD the DT missing VBG piece NN contained VBD a DT gene NN or CC genes NNS whose WP$ loss NN had VBD a DT critical JJ role NN in IN setting VBG off RP the DT cancer NN . . But CC he PRP did VBD n't RB know VB which WDT gene NN or CC genes NNS had VBD disappeared VBN . . Then RB , , a DT scientific JJ team NN led VBN by IN molecular JJ geneticist NN Webster NNP Cavenee NNP , , then RB at IN the DT University NNP of IN Utah NNP , , found VBD the DT answer NN . . The DT team NN used VBD a DT battery NN of IN the DT newly RB developed VBN `` `` gene NN probes NNS , , '' '' snippets NNS of IN genetic JJ material NN that WDT can MD track VB a DT gene NN 's POS presence NN in IN a DT cell NN . . By IN analyzing VBG cells NNS extracted VBN from IN eye NN tumors NNS , , they PRP found VBD defects NNS in IN the DT second JJ copy NN of IN chromosome NN 13 CD in IN the DT exact JJ area NN as IN in IN the DT first JJ copy NN of IN the DT chromosome NN . . The DT finding NN riveted VBD medicine NN . . It PRP was VBD the DT first JJ time NN anyone NN had VBD showed VBN that IN the DT loss NN of IN both DT copies NNS of IN the DT same JJ gene NN could MD lead VB to TO the DT eruption NN of IN a DT cancer NN . . `` `` It PRP was VBD extraordinarily RB satisfying JJ , , '' '' says VBZ Dr. NNP Knudson NNP , , now RB at IN Fox NNP Chase NNP Cancer NNP Research NNP Center NNP in IN Philadelphia NNP . . `` `` I PRP was VBD convinced VBN that IN what WP was VBD true JJ of IN retinoblastoma NN would MD be VB true JJ for IN all DT cancers NNS . . '' '' It PRP was VBD an DT audacious JJ claim NN . . But CC in IN Baltimore NNP , , Dr. NNP Vogelstein NNP , , a DT young JJ molecular JJ biologist NN at IN Johns NNP Hopkins NNP Medical NNP School NNP , , believed VBD Dr. NNP Knudson NNP was VBD right JJ , , and CC set VBD out RP to TO repeat VB the DT Cavenee NNP experiment NN in IN cells NNS from IN other JJ cancers NNS . . His PRP$ was VBD one CD of IN two CD research NN teams NNS in IN 1984 CD to TO report VB dual JJ chromosome NN losses NNS for IN a DT rare JJ childhood NN cancer NN of IN the DT kidney NN called VBN Wilm NNP 's POS tumor NN . . Dr. NNP Vogelstein NNP next JJ turned VBD his PRP$ attention NN to TO colon NN cancer NN , , the DT second JJ biggest JJS cancer NN killer NN in IN the DT U.S. NNP after IN lung NN cancer NN . . He PRP believed VBD colon NN cancer NN might MD also RB arise VB from IN multiple JJ `` `` hits NNS '' '' on IN cancer NN suppressor NN genes NNS , , because IN it PRP often RB seems VBZ to TO develop VB in IN stages NNS . . It PRP often RB is VBZ preceded VBN by IN the DT development NN of IN polyps NNS in IN the DT bowel NN , , which WDT in IN some DT cases NNS become VBP increasingly RB malignant JJ in IN identifiable JJ stages NNS -- : progressing VBG from IN less RBR severe JJ to TO deadly JJ -- : as IN though IN a DT cascade NN of IN genetic JJ damage NN might MD be VB occurring VBG . . Dr. NNP Vogelstein NNP and CC a DT doctoral JJ student NN , , Eric NNP Fearon NNP , , began VBD months NNS of IN tedious JJ and CC often RB frustrating JJ probing VBG of IN the DT chromosomes NNS searching VBG for IN signs NNS of IN genetic JJ damage NN . . They PRP began VBD uncovering VBG a DT confusing JJ variety NN of IN genetic JJ deletions NNS , , some DT existing VBG only RB in IN benign JJ polyps NNS , , others NNS in IN malignant JJ cells NNS and CC many JJ in IN both DT polyps NNS and CC malignant JJ cells NNS . . Gradually RB , , a DT coherent JJ picture NN of IN cancer NN development NN emerged VBD . . If IN both DT copies NNS of IN a DT certain JJ gene NN were VBD knocked VBN out RP , , benign JJ polyps NNS would MD develop VB . . If IN both DT copies NNS of IN a DT second JJ gene NN were VBD then RB deleted VBN , , the DT polyps NNS would MD progress VB to TO malignancy NN . . It PRP was VBD clear JJ that IN more JJR than IN one CD gene NN had VBD to TO be VB damaged VBN for IN colon NN cancer NN to TO develop VB . . Their PRP$ report NN galvanized VBD other JJ molecular JJ biologists NNS . . `` `` It PRP was VBD the DT confirming VBG evidence NN we PRP all DT needed VBD that IN { ( gene NN } ) losses NNS were VBD critical JJ to TO the DT development NN of IN a DT common JJ tumor NN , , '' '' says VBZ Ray NNP White NNP at IN Howard NNP Hughes NNP Medical NNP Institute NNP in IN Salt NNP Lake NNP City NNP . . But CC Dr. NNP Vogelstein NNP had VBD yet RB to TO nail VB the DT identity NN of IN the DT gene NN that IN , , if IN damaged VBN , , flipped VBD a DT colon NN cell NN into IN full-blown JJ malignancy NN . . They PRP focused VBD on IN chromosome NN 17 CD . . For IN months NNS the DT Johns NNP Hopkins NNP researchers NNS , , using VBG gene NN probes NNS , , experimentally RB crawled VBD down RB the DT length NN of IN chromosome NN 17 CD , , looking VBG for IN the DT smallest JJS common JJ bit NN of IN genetic JJ material NN lost VBN in IN all DT tumor NN cells NNS . . Such JJ a DT piece NN of IN DNA NNP would MD probably RB constitute VB a DT gene NN . . When WRB they PRP found VBD it PRP last JJ winter NN , , Dr. NNP Vogelstein NNP was VBD dubious JJ that IN the DT search NN was VBD over RB . . His PRP$ doubts NNS stemmed VBD from IN the DT fact NN that IN several JJ years NNS earlier RBR a DT Princeton NNP University NNP researcher NN , , Arnold NNP Levine NNP , , had VBD found VBN in IN experiments NNS with IN mice NNS that IN a DT gene NN called VBN p53 NN could MD transform VB normal JJ cells NNS into IN cancerous JJ ones NNS . . The DT deletion NN Dr. NNP Vogelstein NNP found VBD was VBD in IN exactly RB the DT same JJ spot NN as IN p53 NN . . But CC Mr. NNP Levine NNP had VBD said VBD the DT p53 NN gene NN caused VBD cancer NN by IN promoting VBG growth NN , , whereas IN the DT Johns NNP Hopkins NNP scientists NNS were VBD looking VBG for IN a DT gene NN that WDT suppressed VBD growth NN . . Despite IN that DT , , when WRB the DT Johns NNP Hopkins NNP scientists NNS compared VBD the DT gene NN they PRP had VBD found VBN in IN the DT human JJ cancer NN cells NNS with IN the DT Mr. NNP Levine NNP 's POS p53 NN gene NN they PRP found VBD the DT two CD were VBD identical JJ ; : it PRP turned VBD out RP that IN in IN Mr. NNP Levine NNP 's POS cancer NN studies NNS , , he PRP had VBD unknowingly RB been VBN observing VBG a DT damaged VBN form NN of IN p53 NN -- : a DT cancer-suppressing JJ gene NN . . The DT discovery NN `` `` suddenly RB puts VBZ an DT obscure JJ gene NN right NN in IN the DT cockpit NN of IN cancer NN formation NN , , '' '' says VBZ Robert NNP Weinberg NNP , , a DT leader NN in IN cancer-gene JJ research NN at IN Whitehead NNP Institute NNP in IN Cambridge NNP , , Mass NNP . . Evidence NN now RB is VBZ emerging VBG that IN the DT p53 NN suppressor NN gene NN is VBZ involved VBN in IN other JJ cancers NNS , , too RB . . Researchers NNP in IN Edinburgh NNP , , Scotland NNP , , have VBP found VBN that IN in IN 23 CD of IN 38 CD breast NN tumors NNS , , one CD copy NN of IN chromosome NN 17 CD was VBD mutated VBN at IN the DT spot NN where WRB gene NN p53 NN lies NNS . . The DT scientists NNS say VBP that IN since IN breast NN cancer NN often RB strikes VBZ multiple JJ members NNS of IN certain JJ families NNS , , the DT gene NN , , when WRB inherited VBN in IN a DT damaged VBN form NN , , may MD predispose VB women NNS to TO the DT cancer NN . . The DT p53 NN gene NN has VBZ just RB been VBN implicated VBN in IN lung NN cancer NN . . In IN a DT report NN out IN last JJ week NN , , John NNP Minna NNP and CC colleagues NNS at IN the DT National NNP Cancer NNP Institute NNP say VBP that IN about RB half PDT the DT cells NNS taken VBN from IN lung NN cancer NN tissue NN they PRP tested VBD are VBP missing VBG this DT gene NN . . There EX also RB are VBP reports NNS from IN several JJ labs NNS , , as RB yet RB unpublished JJ , , of IN missing VBG p53 NN genes NNS in IN tissue NN taken VBN from IN kidney NN , , brain NN and CC skin NN cancers NNS . . At IN the DT same JJ time NN , , the DT Johns NNP Hopkins NNP team NN and CC others NNS are VBP rushing VBG to TO pinpoint VB other JJ tumor-suppressor JJ genes NNS . . Dr. NNP Vogelstein NNP hopes VBZ soon RB to TO isolate VB one CD on IN chromosome NN 18 CD , , also RB involved VBN in IN colon NN cancer NN . . Ray NNP White NNP in IN Utah NNP and CC Walter NNP Bodmer NNP , , a DT researcher NN in IN Great JJ Britain NNP , , are VBP close JJ to TO finding VBG another DT gene NN involved VBN with IN some DT types NNS of IN colon NN cancer NN , , thought VBN to TO be VB on IN chromosome NN 5 CD . . Dr. NNP Minna NNP believes VBZ people NNS who WP inherit VBP a DT defective JJ gene NN somewhere RB on IN one CD of IN their PRP$ two CD copies NNS of IN chromosome NN 3 CD are VBP especially RB prone JJ to TO lung NN cancer NN . . Recently RB , , he PRP and CC others NNS reported VBN that IN the DT retinoblastoma NN suppressor NN gene NN may MD also RB be VB involved VBN in IN some DT lung NN cancers NNS , , as RB well RB as IN several JJ other JJ more JJR common JJ cancers NNS , , too RB . . Where WRB these DT discoveries NNS will MD lead VB , , scientists NNS can MD only RB speculate VB . . Already RB two CD major JJ pharmaceutical JJ companies NNS , , the DT Squibb NNP unit NN of IN Bristol-Myers NNP Squibb NNP Co. NNP and CC Hoffmann-La NNP Roche NNP Inc. NNP , , are VBP collaborating VBG with IN gene NN hunters NNS to TO turn VB the DT anticipated VBN cascade NN of IN discoveries NNS into IN predictive JJ tests NNS and CC , , maybe RB , , new JJ therapies NNS . . Some DT researchers NNS say VBP new JJ cancer NN drugs NNS to TO slow VB or CC reverse VB tumor NN growth NN may MD be VB based VBN on IN the DT suppressor NN proteins NNS normally RB produced VBN by IN the DT genes NNS . . The DT idea NN would MD be VB to TO administer VB to TO patients NNS the DT growth-controlling JJ proteins NNS made VBN by IN healthy JJ versions NNS of IN the DT damaged VBN genes NNS . . It PRP may MD even RB be VB possible JJ to TO replace VB defective JJ genes NNS with IN healthy JJ versions NNS , , though IN no DT one PRP has VBZ come VBN close RB to TO doing VBG that DT so RB far RB . . In IN any DT case NN , , says VBZ Dr. NNP Minna NNP of IN the DT National NNP Cancer NNP Institute NNP , , `` `` We PRP 're VBP witnessing VBG the DT discovery NN of IN one CD of IN the DT most RBS important JJ steps NNS in IN the DT genesis NN of IN cancer NN . . Many JJ investors NNS give VBP Michael NNP Foods NNP about RB as RB much JJ chance NN of IN getting VBG it PRP together RB as IN Humpty NNP Dumpty NNP . . But CC now RB at IN least JJS there EX 's VBZ a DT glimmer NN of IN hope NN for IN the DT stock NN . . Burger NNP King NNP , , which WDT breaks VBZ thousands NNS of IN fresh JJ eggs NNS each DT morning NN , , is VBZ quietly RB switching VBG over RP to TO an DT alternative JJ egg NN product NN made VBN by IN Michael NNP Foods NNP . . Known VBN as IN Easy NNP Eggs NNP , , the DT product NN has VBZ disappointed VBN investors NNS . . When WRB the DT company NN this DT month NN announced VBD lower-than-forecast JJ sales NNS of IN Easy NNP Eggs NNP , , the DT stock NN dropped VBD nearly RB 19 CD % NN . . Michael NNP wo MD n't RB confirm VB the DT identities NNS of IN any DT Easy NNP Egg NNP customers NNS , , nor CC will MD it PRP say VB much JJ of IN anything NN else RB . . Two CD Minneapolis NNP shareholder NN suits NNS in IN the DT past JJ month NN have VBP accused VBN top JJ officers NNS of IN making VBG `` `` various JJ untrue JJ statements NNS . . '' '' These DT federal-court JJ suits NNS accuse VBP the DT officers NNS of IN failing VBG to TO disclose VB that IN Easy NNP Eggs NNP were VBD unlikely JJ to TO sell VB briskly RB enough RB to TO justify VB all DT of IN Michael NNP 's POS production NN capacity NN . . But CC at IN least JJS Burger NNP King NNP has VBZ signed VBN on RP , , and CC says VBZ that IN by IN year NN end NN it PRP wo MD n't RB be VB using VBG any DT shell NN eggs NNS . . The DT Miami NNP fast-food NN chain NN , , owned VBN by IN Grand NNP Metropolitan NNP of IN Britain NNP , , expects VBZ to TO consume VB roughly RB 34 CD million CD pounds NNS of IN liquefied VBN eggs NNS annually RB . . So IN there EX is VBZ reason NN to TO believe VB that IN Michael NNP 's POS hopes NNS for IN a DT bacteria-free JJ , , long-shelf-life JJ egg NN were VBD n't RB all DT hype NN . . ( ( Easy NNP Eggs NNP are VBP pasteurized VBN in IN a DT heat-using JJ process NN . . ) ) Still RB , , caution NN is VBZ advisable JJ . . A DT company NN official NN says VBZ Michael NNP 's POS break-even JJ volume NN on IN Easy NNP Eggs NNP is VBZ around RB 60 CD million CD pounds NNS a DT year NN -- : apparently RB well RB above RB current JJ shipments NNS and CC a DT far JJ cry NN from IN what WP the DT company NN once RB suggested VBD was VBD a DT billion-pound JJ market NN waiting VBG for IN such JJ a DT product NN . . Perhaps RB to TO debunk VB the DT analysts NNS ' POS talk NN of IN over-capacity NN , , Michael NNP today NN will MD take VB some DT of IN the DT skeptics NNS on IN a DT tour NN of IN its PRP$ new JJ Gaylord NNP , , Minn. NNP , , plant NN . . There EX has VBZ been VBN no DT announcement NN of IN the DT Burger NNP King NNP arrangement NN by IN either DT party NN , , possibly RB for IN fear NN that DT McDonald NNP 's POS and CC other JJ fast-food NN rivals NNS would MD seize VB on IN it PRP in IN scornful JJ advertising NN . . But CC Burger NNP King NNP operators NNS independently RB confirm VBP using VBG Michael NNP 's POS product NN . . Other JJ institutional JJ users NNS reportedly RB include VBP Marriott NNP , , which WDT is VBZ moving VBG away RB from IN fresh JJ eggs NNS on IN a DT region-by-region JJ basis NN . . The DT extent NN of IN Marriott NNP 's POS use NN is VBZ n't RB known VBN , , and CC Marriott NNP officials NNS could MD n't RB be VB reached VBN for IN comment NN . . Michael NNP Foods NNP has VBZ attracted VBN a DT good JJ many JJ short-sellers NNS , , the DT people NNS who WP sell VBP borrowed VBN shares NNS in IN a DT bet NN that IN a DT stock NN price NN will MD drop VB and CC allow VB the DT return NN of IN cheaper JJR shares NNS to TO the DT lender NN . . Many JJ analysts NNS question VBP management NN 's POS credibility NN . . `` `` The DT stock NN , , in IN my PRP$ opinion NN , , is VBZ going VBG to TO go VB lower RBR , , not RB only RB because IN of IN disappointing JJ earnings NNS but CC { ( because IN } ) the DT credibility NN gap NN is VBZ certainly RB not RB closing VBG , , '' '' says VBZ L. NNP Craig NNP Carver NNP of IN Dain NNP Bosworth NNP . . Mr. NNP Carver NNP says VBZ that IN at IN a DT recent JJ Dain-sponsored JJ conference NN in IN New NNP York NNP , , he PRP asked VBD Michael NNP 's POS chief JJ executive NN officer NN if IN the DT fourth JJ quarter NN would MD be VB down JJ . . The DT CEO NNP , , Richard NNP G. NNP Olson NNP , , replied VBD `` `` yes RB , , '' '' but CC would MD n't RB elaborate VB . . ( ( The DT company NN did VBD n't RB put VBN out RP a DT public JJ announcement NN . . A DT spokesman NN said VBD later RBR that IN Mr. NNP Olson NNP was VBD being VBG `` `` conservative JJ '' '' in IN his PRP$ estimate NN . . But CC the DT spokesman NN added VBD that IN while IN Michael NNP will MD earn VB less JJR than IN last JJ year NN 's POS $ $ 1.20 CD a DT share NN , , it PRP thinks VBZ Street NNP estimates NNS of IN $ $ 1 CD or CC so RB are VBP low JJ . . ) ) Analyst NNP Robin NNP Young NNP of IN John NNP Kinnard NNP & CC Co. NNP , , Minneapolis NNP , , calls VBZ himself PRP `` `` the DT last JJ remaining JJ bull NN on IN the DT stock NN . . '' '' He PRP argues VBZ that IN Michael NNP Foods NNP is VBZ misunderstood VBN : : `` `` This DT is VBZ a DT growth NN company NN in IN the DT packaged VBN food NN industry NN -- : a DT rare JJ breed NN , , like IN finding VBG a DT white JJ rhino NN . . '' '' Earnings NNS are VBP n't RB keeping VBG pace NN , , he PRP says VBZ , , because IN of IN heavy NN investments NNS in IN the DT egg NN technologies NNS and CC drought-related JJ costs NNS in IN its PRP$ potato NN business NN . . Mr. NNP Carver NNP , , however RB , , believes VBZ the DT company NN 's POS egg NN product NN wo MD n't RB help VB the DT bottom JJ line NN in IN the DT short JJ run NN , , even RB though IN it PRP `` `` makes VBZ sense NN -- : it PRP 's VBZ more RBR convenient JJ '' '' and CC justifies VBZ its PRP$ price NN , , which WDT is VBZ higher JJR than IN shell NN eggs NNS , , because IN of IN health NN and CC sanitation NN concerns NNS . . Prospective JJ competition NN is VBZ one CD problem NN . . Last JJ week NN a DT closely RB held VBN New NNP Jersey NNP concern NN , , Papetti NNP High-Grade NNP Egg NNP Products NNP Co. NNP , , rolled VBD out RP an DT aseptically RB packaged VBN liquefied VBN item NN called VBN Table NNP Ready NNP . . Company NNP President NNP Steve NNP Papetti NNP says VBZ Marriott NN will MD be VB among IN his PRP$ clients NNS as RB well RB . . Michael NNP shares NNS closed VBD at IN 13 CD 3\/4 CD yesterday NN in IN national JJ over-the-counter JJ trading NN . . Says VBZ New NNP York-based JJ short JJ seller NN Mark NNP Cohodes NNP , , `` `` In IN my PRP$ mind NN this DT is VBZ a DT $ $ 7 CD stock NN . . '' '' Michael NNP late RB yesterday NN announced VBD a DT $ $ 3.8 CD million CD stock NN buy-back JJ program NN . . Michael NNP , , which WDT also RB processes VBZ potatoes NNS , , still RB relies VBZ on IN spuds NNS for IN about RB a DT fourth JJ of IN its PRP$ sales NNS and CC nearly RB half NN its PRP$ pretax JJ profit NN . . But CC dry JJ growing NN conditions NNS in IN the DT Red NNP River NNP Valley NNP of IN Minnesota NNP and CC North NNP Dakota NNP are VBP pushing VBG spot NN prices NNS of IN potatoes NNS beyond IN what WP Michael NNP contracted VBD to TO pay VB last JJ spring NN . . Company NN lawyers NNS recently RB sent VBD letters NNS to TO growers NNS saying VBG that IN Michael NNP `` `` would MD take VB very RB seriously RB any DT effort NN ... : to TO divert VB its PRP$ contracted-for JJ potatoes NNS to TO other JJ outlets NNS . . '' '' Still RB , , analysts NNS believe VBP that IN profit NN margins NNS in IN the DT potato NN business NN will MD be VB down RB again RB this DT year NN . . Pierre NNP Peladeau NNP , , a DT Canadian JJ newspaper NN publisher NN little-known JJ in IN the DT U.S. NNP , , figures VBZ to TO become VB a DT big JJ player NN in IN North JJ American JJ printing NN -- : and CC his PRP$ ambitions NNS do VBP n't RB end VB there RB . . Yesterday NN , , Quebecor NNP Inc. NNP , , a DT Montreal NNP printing NN , , publishing NN and CC forest-products NNS company NN 53%-owned JJ by IN Mr. NNP Peladeau NNP , , agreed VBD to TO acquire VB Maxwell NNP Communication NNP Corp. NNP 's POS U.S. NNP printing NN subsidiary NN , , Maxwell NNP Graphics NNP Inc. NNP , , for IN $ $ 500 CD million CD in IN cash NN and CC securities NNS . . The DT purchase NN , , expected VBN to TO be VB completed VBN by IN year NN end NN , , will MD make VB Quebecor NNP the DT second-largest JJ commercial JJ printer NN in IN North NNP America NNP , , behind IN only JJ R.R. NNP Donnelley NNP & CC Sons NNP Co. NNP , , Chicago NNP . . The DT printing NN customers NNS that DT Quebecor NNP will MD gain VB through IN Maxwell NNP Graphics NNP include VBP the DT Sunday NNP newspaper NN supplement NN Parade NNP , , Time NNP , , Sports NNP Illustrated NNP and CC TV NNP Guide NNP . . But CC the DT transaction NN is VBZ just RB Mr. NNP Peladeau NNP 's POS latest JJS step NN in IN a DT larger JJR design NN : : to TO build VB Quebecor NNP through IN acquisitions NNS into IN an DT integrated VBN paper NN , , publishing NN and CC printing NN concern NN with IN a DT reach NN throughout IN North NNP America NNP . . He PRP already RB has VBZ achieved VBN vertical JJ integration NN on IN a DT limited VBN scale NN : : Quebecor NNP can MD put VB a DT weekly JJ newspaper NN on IN almost RB any DT Quebec NNP doorstep NN without IN using VBG outside JJ help NN , , from IN chopping VBG down RP the DT tree NN to TO making VBG the DT newsprint NN to TO flinging VBG it PRP up IN onto IN the DT porch NN . . Analysts NNS say VBP Quebecor NNP 's POS purchase NN is VBZ part NN of IN a DT trend NN toward IN consolidation NN in IN the DT North JJ American JJ printing NN industry NN . . Along IN with IN Donnelley NNP , , says VBZ Jacques NNP Massicotte NNP , , an DT analyst NN with IN Nesbitt NNP Thomson NNP Deacon NNP Inc. NNP in IN Montreal NNP , , `` `` Quebecor NNP has VBZ positioned VBN itself PRP as IN one CD of IN the DT two CD key NN players NNS . . '' '' He PRP adds VBZ : : `` `` I PRP think VBP this DT is VBZ a DT great JJ strategic JJ move NN for IN Quebecor NNP . . They PRP are VBP buying VBG an DT operation NN that WDT is VBZ running VBG well RB . . '' '' Mr. NNP Peladeau NNP says VBZ he PRP is VBZ n't RB trying VBG to TO catch VB up RP to TO Donnelley NNP , , which WDT has VBZ annual JJ sales NNS of IN over IN $ $ 3 CD billion CD . . `` `` Size NN does VBZ n't RB matter VB , , '' '' Mr. NNP Peladeau NNP says VBZ . . `` `` What WP counts VBZ is VBZ the DT bottom JJ line NN . . '' '' Some DT of IN Mr. NNP Peladeau NNP 's POS ventures NNS , , including VBG an DT earlier JJR push NN into IN the DT U.S. NNP market NN , , have VBP n't RB paid VBN off RP on IN the DT bottom JJ line NN . . Quebecor NNP started VBD the DT Philadelphia NNP Journal NNP , , a DT daily JJ tabloid NN , , in IN 1977 CD and CC closed VBD it PRP three CD years NNS later RBR . . The DT venture NN cost VBD Quebecor NNP $ $ 12 CD million CD , , Mr. NNP Peladeau NNP says VBZ . . More RBR recently RB , , some DT former JJ Quebecor NNP executives NNS started VBD their PRP$ own JJ printing NN company NN , , specializing VBG in IN printing NN and CC distributing NN advertising NN circulars NNS . . Quebecor NNP still RB lags VBZ in IN the DT Quebec NNP circulars NNS market NN , , while IN Mr. NNP Peladeau NNP 's POS former JJ employees NNS are VBP expanding VBG across IN Canada NNP . . Mr. NNP Peladeau NNP took VBD his PRP$ first JJ big JJ gamble NN 25 CD years NNS ago RB , , when WRB he PRP took VBD advantage NN of IN a DT strike NN at IN La NNP Presse NNP , , then RB Montreal NNP 's POS dominant JJ French-language JJ newspaper NN , , to TO launch VB the DT Journal NNP de IN Montreal NNP . . The DT tabloid NN 's POS circulation NN soared VBD to TO 80,000 CD , , but CC plunged VBD to TO under IN 10,000 CD when WRB the DT La NNP Presse NNP strike NN ended VBD . . Still RB , , Mr. NNP Peladeau NNP stuck VBD with IN the DT venture NN . . Now RB the DT Journal NNP , , flush JJ with IN ads NNS and CC hugely RB profitable JJ , , is VBZ even RB with IN La NNP Presse NNP in IN weekend NN circulation NN and CC outsells VBZ it PRP 3 CD to TO 2 CD every DT weekday NN . . Mr. NNP Peladeau NNP has VBZ never RB made VBN any DT apologies NNS for IN publishing VBG the DT tabloid NN , , a DT brash JJ mix NN of IN crime NN and CC sports NNS . . `` `` I PRP 've VBP read VBN Balzac NNP , , '' '' he PRP answers VBZ critics NNS . . `` `` It PRP 's VBZ tabloid JJ news NN from IN A NN to TO Z NN . . '' '' Quebecor NNP also RB publishes VBZ a DT second JJ tabloid NN in IN Montreal NNP , , the DT struggling VBG 18-month-old JJ Montreal NNP Daily NNP News NNP ; : dailies NNS in IN Quebec NNP City NNP and CC Winnipeg NNP , , Manitoba NNP ; : and CC dozens NNS of IN weeklies NNS covering VBG most JJS of IN Quebec NNP . . A DT series NN of IN recent JJ acquisitions NNS made VBD it PRP the DT dominant JJ magazine NN publisher NN in IN Quebec NNP . . After IN a DT recent JJ merger NN , , it PRP is VBZ also RB the DT only JJ province-wide JJ distributor NN of IN magazines NNS and CC newspapers NNS in IN Quebec NNP . . Finally RB , , with IN Maxwell NNP Communication NNP , , the DT company NN controls VBZ 54 CD % NN of IN Donohue NNP Inc. NNP , , a DT Quebec NNP City NNP pulp NN and CC paper NN concern NN . . In IN yesterday NN 's POS accord NN , , Quebecor NNP agreed VBD to TO pay VB $ $ 400 CD million CD in IN cash NN for IN Maxwell NNP Graphics NNP , , and CC to TO give VB Maxwell NNP Communication NNP a DT 20 CD % NN stake NN , , valued VBN at IN $ $ 100 CD million CD , , in IN Quebecor NNP 's POS new JJ printing NN subsidiary NN . . The DT new JJ , , as RB yet RB unnamed JJ , , subsidiary NN will MD combine VB Quebecor NNP 's POS existing VBG printing NN unit NN and CC Maxwell NNP Graphics NNP . . It PRP will MD have VB 61 CD plants NNS from IN coast NN to TO coast NN and CC $ $ 1.5 CD billion CD in IN annual JJ sales NNS . . Quebecor NNP will MD own VB 57.5 CD % NN of IN the DT new JJ subsidiary NN . . Caisse NNP de IN Depot NNP et CC Placement NNP , , the DT Quebec NNP government NN pension-fund NN agency NN , , will MD pay VB $ $ 112.5 CD million CD for IN the DT remaining VBG 22.5 CD % NN stake NN in IN the DT printing NN operation NN . . Pierre-Karl NNP Peladeau NNP , , the DT founder NN 's POS son NN and CC the DT executive NN in IN charge NN of IN the DT acquisition NN , , says VBZ Quebecor NNP has VBZ n't RB decided VBD how WRB it PRP will MD finance VB its PRP$ share NN of IN the DT purchase NN , , but CC he PRP says VBZ it PRP most RBS likely RB will MD use VB debt NN . . The DT Maxwell NNP deal NN is VBZ Quebecor NNP 's POS second JJ big JJ printing NN acquisition NN in IN just RB over IN a DT year NN . . Last JJ October NNP , , Quebecor NNP bought VBD 23 CD Canadian NNP printing NN plants NNS from IN BCE NNP Inc. NNP , , a DT Montreal NNP telecommunications NNS , , manufacturing NN , , energy NN and CC real JJ estate NN company NN . . That DT purchase NN doubled VBD Quebecor NNP 's POS annual JJ printing NN revenue NN to TO $ $ 750 CD million CD . . Maxwell NNP 's POS sale NN of IN its PRP$ U.S. NNP printing NN unit NN was VBD expected VBN , , the DT last JJ major JJ business NN to TO be VB disposed VBN of RP in IN a DT major JJ reshuffling VBG of IN assets NNS . . According VBG to TO its PRP$ most RBS recent JJ annual JJ report NN , , covering VBG the DT 15 CD months NNS ended VBD March NNP 31 CD , , Maxwell NNP Communication NNP bought VBD $ $ 3.85 CD billion CD in IN assets NNS -- : including VBG Macmillan NNP Inc. NNP and CC Official NNP Airlines NNP Guides NNP -- : and CC sold VBD $ $ 2 CD billion CD in IN non-strategic JJ businesses NNS . . Now RB , , Maxwell NNP founder NN Robert NNP Maxwell NNP says VBZ he PRP has VBZ an DT appetite NN for IN new JJ acquisitions NNS in IN the DT U.S. NNP , , adding VBG that IN he PRP could MD spend VB `` `` a DT good JJ deal NN more JJR '' '' than IN $ $ 1 CD billion CD on IN another DT U.S. NNP purchase NN . . In IN London NNP trading NN yesterday NN , , Maxwell NNP Communication NNP shares NNS rose VBD nine CD pence NN , , to TO 216 CD pence NN ( ( $ $ 3.41 CD ) ) . . In IN Montreal NNP , , Quebecor NNP 's POS multiple JJ voting NN Class NN A NN stock NN closed VBD at IN C$ $ 16.375 CD ( ( US$ $ 13.94 CD ) ) , , down RB 12.5 CD Canadian JJ cents NNS . . Quebecor NNP Class NN B NN stock NN closed VBD at IN C$ $ 15.375 CD , , up RB 62.5 CD Canadian JJ cents NNS . . Craig NNP Forman NNP in IN London NNP contributed VBD to TO this DT article NN . . G.D. NNP Searle NNP & CC Co. NNP said VBD the DT Food NNP and CC Drug NNP Administration NNP approved VBD the DT sale NN of IN Kerlone NNP , , a DT hypertension NN drug NN developed VBN by IN a DT joint JJ venture NN between IN Searle NNP and CC a DT French JJ concern NN . . Searle NNP , , a DT unit NN of IN Monsanto NNP Co. NNP , , said VBD the DT `` `` beta-blocker NN '' '' high-blood-pressure JJ drug NN Kerlone NNP is VBZ the DT first JJ product NN to TO reach VB the DT market NN through IN Lorex NNP Pharmaceuticals NNP , , the DT U.S. NNP company NN jointly RB owned VBN by IN Searle NNP and CC Synthelabo NNP , , a DT French JJ pharmaceutical JJ concern NN owned VBN by IN France NNP 's POS L'Oreal NNP S.A NNP . . The DT U.S. NNP Equal NNP Employment NNP Opportunity NNP Commission NNP sued VBD New NNP York NNP state NN for IN age NN discrimination NN against IN appointed VBN state NN judges NNS . . The DT suit NN , , filed VBN in IN federal JJ court NN in IN Manhattan NNP , , charges VBZ that IN New NNP York NNP 's POS mandatory JJ retirement NN age NN of IN 76 CD violates VBZ federal JJ law NN . . Separately RB , , the DT commission NN intervened VBD in IN a DT Connecticut NNP state NN judge NN 's POS age-bias JJ suit NN in IN federal JJ court NN in IN New NNP Haven NNP . . The DT commission NN 's POS filing NN in IN that DT case NN challenges VBZ Connecticut NNP 's POS mandatory JJ retirement NN age NN of IN 70 CD for IN appointed VBN judges NNS . . The DT New NNP York NNP suit NN was VBD filed VBN on IN behalf NN of IN Justice NNP Isaac NNP Rubin NNP , , whose WP$ appointment NN to TO the DT state NN appellate JJ division NN expires VBZ at IN year NN end NN , , and CC all DT other JJ judges NNS hurt VBN by IN the DT alleged VBN age NN discrimination NN . . The DT suit NN , , assigned VBN to TO federal JJ Judge NNP Kimba NNP Wood NNP , , seeks VBZ a DT permanent JJ injunction NN , , back JJ pay NN for IN judges NNS who WP have VBP been VBN forced VBN to TO retire VB , , reinstatement NN of IN retired VBN judges NNS and CC `` `` other JJ affirmative JJ relief NN necessary JJ to TO eradicate VB the DT effects NNS of IN ( ( New NNP York NNP 's POS ) ) unlawful JJ employment NN practices NNS . . '' '' Justice NNP Rubin NNP , , a DT state NN judge NN since IN 1969 CD , , said VBD the DT mandatory-retirement JJ age NN hurts VBZ the DT court NN system NN because IN it PRP deprives VBZ the DT state NN of IN experienced JJ judges NNS still RB capable JJ of IN serving VBG on IN the DT bench NN . . `` `` The DT issue NN is VBZ n't RB age NN -- : age NN is VBZ just RB a DT number NN . . The DT issue NN is VBZ one CD of IN a DT judge NN 's POS experience NN , , his PRP$ competence NN and CC his PRP$ physical JJ ability NN to TO serve VB on IN the DT bench NN , , '' '' Justice NNP Rubin NNP said VBD . . `` `` I PRP 've VBP had VBD no DT problems NNS performing VBG my PRP$ duties NNS and CC responsibilities NNS . . '' '' Because IN Justice NNP Rubin NNP turned VBD 76 CD on IN May NNP 9 CD , , he PRP is VBZ n't RB eligible JJ to TO be VB reappointed VBN to TO the DT bench NN at IN the DT end NN of IN the DT year NN . . The DT suit NN 's POS impact NN on IN New NNP York NNP may MD be VB narrow JJ , , however RB . . Most JJS New NNP York NNP judges NNS are VBP elected VBN , , and CC the DT federal JJ age-discrimination JJ law NN does VBZ n't RB apply VB to TO elected VBN officials NNS , , said VBD James NNP L. NNP Lee NNP , , regional JJ attorney NN for IN the DT EEOC NNP in IN New NNP York NNP . . Under IN New NNP York NNP law NN , , elected VBN judges NNS must MD retire VB at IN age NN 70 CD , , but CC then RB can MD be VB appointed VBN to TO two-year JJ terms NNS until IN they PRP reach VBP 76 CD . . A DT spokeswoman NN for IN the DT state NN 's POS Office NNP of IN Court NNP Administration NNP declined VBD to TO comment VB on IN the DT suit NN . . But CC she PRP said VBD the DT state NN currently RB has VBZ 35 CD appointed VBN judges NNS who WP are VBP over IN 70 CD . . In IN Connecticut NNP , , however RB , , most JJS state NN judges NNS are VBP appointed VBN by IN the DT governor NN and CC approved VBD by IN the DT state NN legislature NN . . The DT parties NNS in IN the DT Connecticut NNP case NN have VBP agreed VBN to TO stay VB proceedings NNS pending VBG the DT appeal NN of IN another DT EEOC NNP age-bias JJ case NN against IN Vermont NNP . . In IN the DT Vermont NNP case NN , , a DT federal JJ judge NN ruled VBD that IN the DT state NN 's POS mandatory JJ age NN of IN 70 CD for IN appointed VBN judges NNS was VBD illegal JJ ; : Vermont NNP 's POS appeal NN of IN that DT decision NN is VBZ pending VBG before IN the DT U.S. NNP Second NNP Circuit NNP Court NNP of IN Appeals NNP in IN Manhattan NNP . . Aaron NNP Ment NNP , , Connecticut NNP 's POS chief JJ court NN administrator NN , , declined VBD to TO comment VB on IN the DT suit NN and CC the DT EEOC NNP 's POS intervention NN . . He PRP said VBD the DT state NN has VBZ 165 CD appointed VBN judges NNS and CC 15 CD `` `` trial NN referees NNS , , '' '' who WP are VBP former JJ judges NNS over RB age NN 70 CD and CC serve VBP a DT restricted VBN role NN on IN the DT bench NN . . ORGANIZED VBN CRIME NN Strike NN Forces NNS likely JJ to TO be VB abolished VBN next JJ month NN . . U.S. NNP Attorney NNP General NNP Dick NNP Thornburgh NNP 's POS plan NN to TO dissolve VB the DT 14 CD regional JJ organized-crime NN strike NN forces NNS is VBZ expected VBN to TO go VB into IN effect NN next IN month NN , , despite IN the DT opposition NN of IN Democratic JJ congressional JJ leaders NNS and CC lawyers NNS in IN the DT special JJ units NNS . . The DT units NNS are VBP autonomous JJ from IN U.S. NNP attorneys NNS ' POS offices NNS and CC focus VBP exclusively RB on IN prosecuting VBG organized-crime NN cases NNS . . In IN February NNP , , Mr. NNP Thornburgh NNP announced VBD his PRP$ plan NN to TO abolish VB the DT units NNS . . He PRP says VBZ the DT strike-force NN lawyers NNS will MD work VB more RBR efficiently RB under IN the DT supervision NN of IN U.S. NNP attorneys NNS . . Mr. NNP Thornburgh NNP will MD be VB free JJ to TO disband VB the DT strike NN forces NNS after IN Congress NNP approves VBZ a DT $ $ 479 CD million CD appropriation NN for IN federal JJ law-enforcement NN and CC drug-interdiction NN agencies NNS , , according VBG to TO David NNP Runkel NNP , , a DT Justice NNP Department NNP spokesman NN . . The DT bill NN is VBZ expected VBN to TO pass VB in IN Congress NNP next JJ month NN . . Congress NNP temporarily RB halted VBD Mr. NNP Thornburgh NNP 's POS effort NN with IN an DT appropriation NN resolution NN that WDT prohibited VBD him PRP from IN using VBG budgeted VBN funds NNS to TO implement VB his PRP$ plan NN . . Opponents NNS say VBP Mr. NNP Thornburgh NNP 's POS plan NN will MD needlessly RB break VB up RP longtime JJ , , tightly RB knit VBN crime-fighting JJ units NNS that WDT have VBP successfully RB prosecuted VBN major JJ organized-crime NN figures NNS . . They PRP predict VBP that DT organized-crime NN activity NN will MD increase VB once RB the DT units NNS are VBP dissolved VBN and CC their PRP$ responsibilities NNS transferred VBN to TO U.S. NNP attorneys NNS ' POS offices NNS . . Some DT former JJ strike-force NN personnel NNS say VBP the DT units NNS have VBP already RB begun VBN to TO break VB up RP . . The DT Eastern NNP District NNP unit NN in IN Brooklyn NNP , , N.Y. NNP , , lost VBD seven CD of IN its PRP$ 15 CD attorneys NNS this DT year NN partly RB because IN the DT lawyers NNS were VBD troubled VBN by IN the DT proposed VBN reorganization NN , , says VBZ Laura NNP A. NNP Brevetti NNP , , who WP left VBD the DT strike NN force NN to TO join VB Morrison NNP Cohen NNP Singer NNP & CC Weinstein NNP , , a DT New NNP York NNP law NN firm NN . . `` `` Those DT who WP have VBP left VBN have VBP expressed VBN an DT opinion NN that IN the DT strike NN force NN should MD continue VB , , '' '' Ms. NNP Brevetti NNP says VBZ . . But CC Mr. NNP Runkel NNP contends VBZ there EX has VBZ been VBN no DT exodus NN of IN strike-force NN lawyers NNS . . He PRP says VBZ 27 CD lawyers NNS have VBP left VBN and CC 21 CD have VBP been VBN hired VBN since IN Mr. NNP Thornburgh NNP announced VBD his PRP$ plan NN . . At IN the DT time NN the DT plan NN was VBD announced VBN , , there EX were VBD 135 CD lawyers NNS . . Some DT congressional JJ leaders NNS intend VBP to TO continue VB to TO fight VB for IN independent JJ strike NN forces NNS . . A DT spokesman NN for IN Sen. NNP Edward NNP M. NNP Kennedy NNP ( ( D. NNP , , Mass NNP . . ) ) says VBZ Mr. NNP Thornburgh NNP would MD be VB required VBN to TO reinstate VB the DT units NNS next IN year NN if IN an DT proposed VBN omnibus NN crime NN bill NN is VBZ passed VBN . . Among IN other JJ things NNS , , the DT bill NN calls VBZ for IN a DT reorganization NN of IN the DT Justice NNP Department NNP . . The DT Senate NNP is VBZ expected VBN to TO consider VB the DT bill NN shortly RB , , says VBZ the DT senator NN 's POS spokesman NN . . Mr. NNP Runkel NNP says VBZ he PRP doubts VBZ Mr. NNP Kennedy NNP can MD muster VB enough JJ congressional JJ support NN to TO reorganize VB the DT Justice NNP Department NNP . . `` `` We PRP will MD vigorously RB oppose VB the DT bill NN , , '' '' he PRP says VBZ . . `` `` I PRP do VBP n't RB think VB ( ( the DT reorganization NN is VBZ ) ) going VBG to TO happen VB . . '' '' WHITMAN NNP & CC RANSOM NNP recruits VBZ lawyers NNS from IN disbanding VBG firm NN : : The DT 204-lawyer JJ New NNP York NNP firm NN will MD bring VB in RP at IN least JJS 12 CD partners NNS and CC a DT not RB yet RB determined VBN number NN of IN associates NNS from IN Golenbock NNP & CC Barell NNP , , which WDT will MD dissolve VB Dec. NNP 31 CD . . Golenbock NNP , , with IN 35 CD lawyers NNS , , has VBZ lost VBN several JJ partners NNS during IN the DT past JJ year NN . . Some DT Golenbock NNP lawyers NNS wo MD n't RB be VB invited VBN to TO join VB Whitman NNP & CC Ransom NNP , , according VBG to TO partners NNS at IN both DT firms NNS . . Whitman NNP & CC Ransom NNP managing NN partner NN Maged NNP F. NNP Riad NNP said VBD the DT Golenbock NNP recruits NNS will MD enhance VB the DT firm NN 's POS corporate JJ and CC litigation NN departments NNS . . SHORT NNP SKIRTS NNP not RB welcome JJ in IN Texas NNP court NN : : Shelly NNP Hancock NNP , , a DT male JJ county NN court NN judge NN in IN Houston NNP , , refused VBD to TO let VB a DT woman NN plead VB guilty JJ to TO a DT drunk-driving JJ charge NN because IN her PRP$ skirt NN stopped VBD three CD inches NNS above IN her PRP$ knees NNS . . The DT woman NN appeared VBD in IN court NN Thursday NNP to TO enter VB her PRP plea NN , , but CC when WRB she PRP started VBD to TO approach VB the DT bench NN , , she PRP was VBD stopped VBN by IN Judge NNP Hancock NNP . . He PRP told VBD the DT woman NN 's POS lawyer NN , , Victor NNP Blaine NNP , , that IN the DT short JJ skirt NN was VBD inappropriate JJ for IN a DT court NN appearance NN . . Despite IN Mr. NNP Blaine NNP 's POS protests NNS , , the DT judge NN rescheduled VBD her PRP$ case NN for IN Nov. NNP 27 CD . . Kelly NNP Siegler NNP , , an DT assistant JJ district NN attorney NN who WP was VBD in IN the DT courtroom NN , , disputed VBD suggestions NNS the DT action NN was VBD sexist JJ , , saying VBG she PRP had VBD seen VBN Judge NNP Hancock NNP turn VB away RP male JJ defendants NNS dressed VBN in IN shorts NNS , , tank NN tops NNS or CC muscle NN shirts NNS `` `` many JJ times NNS . . '' '' Judge NNP Hancock NNP did VBD n't RB return VB phone NN calls NNS . . Warner NNP Communications NNP Inc. NNP and CC Sony NNP Corp. NNP resumed VBD settlement NN talks NNS on IN their PRP$ legal JJ battle NN over IN Hollywood NNP producers NNS Peter NNP Guber NNP and CC Jon NNP Peters NNP , , but CC continued VBD to TO level VB strong JJ accusations NNS at IN each DT other JJ in IN legal JJ documents NNS . . Warner NNP has VBZ filed VBN a DT $ $ 1 CD billion CD breach NN of IN contract NN suit NN in IN Los NNP Angeles NNP Superior NNP Court NNP against IN Sony NNP and CC the DT Guber-Peters JJ duo NN , , who WP in IN turn NN are VBP countersuing VBG Warner NNP for IN trying VBG to TO interfere VB in IN Sony NNP 's POS acquisition NN of IN Columbia NNP Pictures NNP Entertainment NNP Inc. NNP and CC Guber NNP Peters NNP Entertainment NNP Co. NNP in IN two CD transactions NNS valued VBN at IN over IN $ $ 5 CD billion CD . . Although IN settlement NN talks NNS had VBD been VBN dropped VBN , , attorneys NNS for IN the DT two CD sides NNS apparently RB began VBD talking VBG again RB yesterday NN in IN an DT attempt NN to TO settle VB the DT matter NN before IN Thursday NNP , , when WRB a DT judge NN is VBZ expected VBN to TO rule VB on IN Warner NNP 's POS request NN for IN an DT injunction NN that WDT would MD block VB the DT two CD producers NNS from IN taking VBG over RP the DT management NN of IN Columbia NNP . . Yesterday NN , , in IN documents NNS filed VBN in IN connection NN with IN that DT case NN , , Warner NNP accused VBD Sony NNP officials NNS of IN falsely RB claiming VBG that IN they PRP never RB read VBD the DT five-year JJ contract NN requiring VBG the DT two CD producers NNS to TO make VB movies NNS exclusively RB for IN Columbia NNP , , citing VBG Securities NNP and CC Exchange NNP Commission NNP filings NNS made VBN by IN Sony NNP that WDT described VBD the DT contracts NNS . . Warner NNP was VBD referring VBG to TO documents NNS filed VBN last JJ week NN in IN which WDT Sony NNP Corp. NNP of IN America NNP Vice NNP Chairman NNP Michael NNP Schulof NNP and CC Walter NNP Yetnikoff NNP , , president NN of IN its PRP$ CBS NNP Records NNP unit NN , , said VBD they PRP had VBD taken VBN Mr. NNP Guber NNP and CC Mr. NNP Peters NNP at IN their PRP$ word NN when WRB the DT producers NNS told VBD them PRP that IN getting VBG out RB of IN the DT contract NN would MD be VB no DT problem NN because IN of IN a DT previous JJ oral JJ agreement NN . . Wayne NNP Smith NNP , , an DT attorney NN at IN Gibson NNP , , Dunn NNP & CC Crutcher NNP in IN Los NNP Angeles NNP representing VBG Sony NNP , , said VBD the DT Sony NNP executives NNS had VBD n't RB seen VBN the DT contract NN because IN `` `` it PRP was VBD n't RB relevant JJ once IN Guber NNP and CC Peters NNP told VBD them PRP Warner NNP would MD let VB them PRP terminate VB it PRP at IN any DT time NN . . '' '' Mr. NNP Smith NNP said VBD statements NNS about IN the DT contract NN made VBN in IN SEC NNP filings NNS were VBD made VBN by IN attorneys NNS who WP did VBD have VB access NN to TO the DT contracts NNS but CC who WP were VBD n't RB part NN of IN the DT negotiations NNS between IN Sony NNP and CC the DT duo NN . . Warner NNP executives NNS also RB filed VBD new JJ sworn JJ affidavits NNS denying VBG claims NNS by IN Messrs. NNS Guber NNP and CC Peters NNP that IN the DT two CD sides NNS had VBD an DT oral JJ agreement NN that WDT enabled VBD the DT producers NNS to TO terminate VB their PRP$ contract NN with IN Warner NNP should MD the DT opportunity NN to TO run VB a DT major JJ studio NN come VBN up RP . . But CC Mr. NNP Smith NNP said VBD Sony NNP intends VBZ to TO prove VB that IN the DT oral JJ agreement NN did VBD in IN fact NN exist VB , , and CC that IN even RB the DT existing VBG written VBN contract NN does VBZ n't RB preclude VB the DT producers NNS from IN taking VBG executive JJ posts NNS at IN another DT studio NN . . Warner NNP described VBD as IN `` `` nonsense NN '' '' yesterday NN Sony NNP 's POS assertions NNS in IN prior JJ court NN filings NNS that IN Mr. NNP Guber NNP and CC Mr. NNP Peters NNP could MD in IN theory NN run VBN Columbia NNP while IN still RB fulfilling VBG their PRP$ contract NN to TO produce VB movies NNS for IN Warner NNP . . Such JJ a DT dual JJ role NN would MD be VB `` `` impractical JJ and CC unethical JJ , , '' '' Warner NNP said VBD , , adding VBG , , `` `` that DT concept NN is VBZ as RB silly RB as IN suggesting VBG that IN the DT head JJ coach NN of IN the DT Los NNP Angeles NNP Dodgers NNP could MD simultaneously RB be VB general JJ manager NN of IN the DT San NNP Francisco NNP Giants NNP . . '' '' Warner NNP , , which WDT is VBZ in IN the DT process NN of IN being VBG acquired VBN by IN New NNP York-based JJ Time NNP Warner NNP Inc. NNP , , also RB said VBD it PRP paid VBD the DT two CD producers NNS a DT fixed VBN annual JJ salary NN of IN $ $ 3 CD million CD . . Dataproducts NNP Inc. NNP said VBD it PRP filed VBD a DT lawsuit NN in IN Delaware NNP Chancery NNP Court NNP to TO block VB a DT tender NN offer NN by IN DPC NNP Acquisition NNP Partners NNP , , alleging VBG that IN the DT hostile NN offer NN violates VBZ a DT standstill JJ agreement NN between IN the DT two CD concerns NNS . . DPC NNP , , an DT investor NN group NN led VBN by IN New NNP York-based JJ Crescott NNP Investment NNP Associates NNP , , had VBD itself PRP filed VBD a DT suit NN in IN state NN court NN in IN Los NNP Angeles NNP seeking VBG to TO nullify VB the DT agreement NN . . Earlier RBR this DT year NN , , Dataproducts NNP had VBD rejected VBN a DT $ $ 15 CD a DT share NN offer NN from IN DPC NNP , , saying VBG it PRP was VBD n't RB adequately RB financed VBN . . DPC NNP last JJ week NN launched VBD a DT new JJ , , $ $ 10-a-share JJ offer NN for IN the DT Woodland NNP Hills NNP , , Calif.-based JJ computer NN printer NN maker NN . . DPC NNP said VBD it PRP could MD n't RB comment VB on IN the DT suit NN . . Boeing NNP Co. NNP 's POS third-quarter JJ profit NN leaped VBD 68 CD % NN , , but CC Wall NNP Street NNP 's POS attention NN was VBD focused VBN on IN the DT picket NN line NN , , not RB the DT bottom JJ line NN . . In IN fact NN , , the DT earnings NNS report NN unfolded VBD as IN representatives NNS of IN the DT world NN 's POS No. NN 1 CD jet NN maker NN and CC the DT striking JJ Machinists NNS union NN came VBD back RB to TO the DT negotiating NN table NN for IN their PRP$ first JJ meeting NN in IN two CD weeks NNS . . Doug NNP Hammond NNP , , the DT federal JJ mediator NN in IN Seattle NNP , , where WRB Boeing VBG is VBZ based VBN , , said VBD the DT parties NNS will MD continue VB to TO sit VB down RP daily RB until IN a DT new JJ settlement NN proposal NN emerges VBZ or CC the DT talks NNS break VBP off RP again RB . . Despite IN the DT progress NN , , Boeing VBG indicated VBD that IN the DT work NN stoppage NN , , now RB in IN its PRP$ 27th JJ day NN , , will MD have VB `` `` a DT serious JJ adverse JJ impact NN '' '' on IN the DT current JJ quarter NN . . For IN the DT third JJ quarter NN , , net NN rose VBD to TO $ $ 242 CD million CD , , or CC $ $ 1.05 CD a DT share NN , , from IN $ $ 144 CD million CD , , or CC 63 CD cents NNS a DT share NN . . Sales NNS climbed VBD 71 CD % NN to TO $ $ 6.36 CD billion CD from IN $ $ 3.72 CD billion CD as IN the DT company NN capitalized VBD on IN the DT ravenous JJ global JJ demand NN for IN commercial JJ airliners NNS . . Because IN it PRP 's VBZ impossible JJ to TO gauge VB how WRB long JJ the DT walkout NN by IN 55,000 CD Machinists NNS rank NN and CC file NN will MD last VB , , the DT precise JJ impact NN on IN Boeing VBG 's POS sales NNS , , earnings NNS , , cash NN flow NN and CC short-term JJ investment NN position NN could MD n't RB be VB determined VBN . . The DT investment NN community NN , , however RB , , strongly RB believes VBZ that IN the DT strike NN will MD be VB settled VBN before RB there EX is VBZ any DT lasting JJ effect NN on IN either CC Boeing NNP or CC its PRP$ work NN force NN . . The DT company NN 's POS total JJ firm JJ backlog NN of IN unfilled JJ orders NNS at IN Sept. NNP 30 CD stood VBD at IN a DT mighty JJ $ $ 69.1 CD billion CD , , compared VBN with IN $ $ 53.6 CD billion CD at IN the DT end NN of IN Although IN the DT company NN could MD see VB fourth-quarter JJ revenue NN shrink VB by IN nearly RB $ $ 5 CD billion CD if IN it PRP is VBZ n't RB able JJ to TO deliver VB any DT more JJR planes NNS this DT year NN , , those DT dollars NNS actually RB would MD just RB be VB deferred VBN until IN 1990 CD . . And CC the DT company NN is VBZ certain JJ to TO get VB out RP some DT aircraft NN with IN just JJ supervisors NNS and CC other JJ non-striking JJ employees NNS on IN hand NN . . Before IN the DT union NN rejected VBD the DT company NN 's POS offer NN and CC the DT strike NN was VBD launched VBN with IN the DT graveyard NN shift NN of IN Oct. NNP 4 CD , , Boeing NNP had VBD been VBN counting VBG on IN turning VBG 96 CD aircraft NN out RB the DT door NN in IN the DT present JJ period NN . . That DT included VBD 21 CD of IN the DT company NN 's POS 747-400 JJ jumbo JJ jets NNS , , its PRP$ most RBS successful JJ product NN . . `` `` It PRP 's VBZ not RB a DT pretty JJ picture NN , , '' '' said VBD David NNP Smith NNP , , an DT analyst NN with IN Raymond NNP James NNP & CC Associates NNP . . `` `` But CC it PRP would MD just RB mean VB a DT great JJ first JJ and CC second JJ quarter NN next JJ year NN . . '' '' Phillip NNP Brannon NNP of IN Merrill NNP Lynch NNP Capital NNP Markets NNP added VBD : : `` `` You PRP do VBP n't RB want VB to TO minimize VB this DT and CC say VB nobody NN is VBZ looking VBG at IN it PRP . . But CC the DT strike NN has VBZ n't RB gone VBN on RP long RB enough RB for IN Boeing NNP to TO lose VB business NN in IN any DT real JJ sense NN . . '' '' That DT 's VBZ the DT primary JJ reason NN the DT company NN 's POS share NN price NN has VBZ held VBN up RP so RB well RB when WRB , , in IN Mr. NNP Smith NNP 's POS words NNS , , `` `` most JJS companies NNS would MD have VB unraveled VBN '' '' by IN now RB . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Boeing NNP closed VBD yesterday NN at IN $ $ 54.50 CD a DT share NN , , off RB a DT scant JJ 12.5 CD cents NNS . . Still RB , , Boeing NNP went VBD through IN its PRP$ normal JJ verbal JJ gymnastics NNS and CC played VBD up RP the DT downside NN . . In IN a DT statement NN , , Chairman NNP Frank NNP Shrontz NNP asserted VBD that IN the DT company NN `` `` faces VBZ significant JJ challenges NNS and CC risks NNS , , '' '' on IN both DT its PRP$ commercial NN and CC government NN contracts NNS . . For IN instance NN , , he PRP noted VBD that IN spending VBG on IN Pentagon NNP programs NNS is VBZ shrinking VBG , , and CC Boeing NNP is VBZ either CC the DT prime JJ contractor NN or CC a DT major JJ supplier NN on IN many JJ important JJ military JJ projects NNS , , including VBG the DT B-2 NNP Stealth NNP bomber NN , , the DT V-22 NNP Osprey NNP tilt-rotor JJ aircraft NN and CC the DT Air NNP Force NNP 's POS next-generation JJ tactical JJ fighter NN . . Because IN of IN cost NN overruns NNS on IN fixed-price JJ military JJ work NN , , Mr. NNP Shrontz NNP said VBD , , the DT company NN 's POS defense NN business NN will MD record VB `` `` a DT significant JJ loss NN '' '' in IN 1989 CD . . Moreover RB , , Mr. NNP Shrontz NNP added VBD , , production-rate JJ increases NNS that WDT have VBP been VBN implemented VBN on IN the DT 737 CD , , 747 CD , , 757 CD and CC 767 CD programs NNS have VBP resulted VBN in RP `` `` serious JJ work NN force NN skill-dilution JJ problems NNS . . '' '' Suppliers NNS and CC subcontractors NNS are VBP experiencing VBG heightened VBN pressure NN to TO support VB delivery NN schedules NNS . . And CC , , of IN course NN , , there EX 's VBZ the DT unsteady JJ labor NN situation NN . . Besides IN the DT Machinists NNS pact NN , , accords NNS representing VBG 30,000 CD of IN the DT company NN 's POS engineering NN and CC technical JJ employees NNS in IN the DT Puget NNP Sound NNP and CC Wichita NNP , , Kan. NNP , , areas NNS expire VBP in IN early JJ December NNP . . Also RB , , a DT contract NN with IN the DT United NNP Auto NNP Workers NNP at IN the DT company NN 's POS helicopter NN plant NN in IN Philadelphia NNP expired VBD Oct. NNP 15 CD . . This DT contract NN , , covering VBG about RB 3,000 CD hourly JJ production NN and CC maintenance NN workers NNS , , is VBZ being VBG extended VBN on IN a DT day-to-day JJ basis NN . . The DT Machinists NNS rejected VBD a DT proposal NN featuring VBG a DT 10 CD % NN base NN wage NN increase NN over IN the DT life NN of IN the DT three-year JJ contract NN , , plus CC bonuses NNS of IN 8 CD % NN the DT first JJ year NN and CC 3 CD % NN the DT second JJ . . On IN top NN of IN that DT , , Boeing NNP would MD make VB cost-of-living JJ adjustments NNS projected VBN to TO be VB 5 CD % NN for IN each DT year NN of IN the DT contract NN . . The DT union NN , , though RB , , has VBZ called VBN the DT offer NN `` `` insulting JJ . . '' '' The DT company NN reiterated VBD yesterday NN that IN it PRP 's VBZ willing JJ to TO reconfigure NN the DT package NN , , but CC not RB add VB to TO the DT substance NN of IN it PRP . . For IN the DT nine CD months NNS , , Boeing NNP 's POS net NN increased VBD 36 CD % NN to TO $ $ 598 CD million CD , , or CC $ $ 2.60 CD a DT share NN , , from IN $ $ 440 CD million CD , , or CC $ $ 1.92 CD a DT share NN . . Sales NNS soared VBD 28 CD % NN to TO $ $ 15.43 CD billion CD from IN $ $ 12.09 CD billion CD . . In IN a DT separate JJ matter NN , , the DT Justice NNP Department NNP yesterday NN said VBD Boeing NNP agreed VBD to TO pay VB the DT government NN $ $ 11 CD million CD to TO settle VB claims NNS that IN the DT company NN provided VBD inaccurate JJ cost NN information NN to TO the DT Air NNP Force NNP while IN negotiating VBG contracts NNS to TO replace VB the DT aluminum NN skins NNS on IN the DT KC-135 NNP tanker NN aircraft NN . . The DT settlement NN relates VBZ to TO four CD contracts NNS negotiated VBN from IN 1982 CD to TO 1985 CD , , prosecutors NNS said VBD . . They PRP added VBD that IN the DT settlement NN is VBZ the DT culmination NN of IN a DT 2 CD 1\/2-year JJ investigation NN into IN the DT company NN 's POS aluminum NN pricing NN practices NNS in IN connection NN with IN KC-135s NNS . . A DT Boeing NNP spokesman NN responded VBD : : `` `` All DT along IN the DT company NN has VBZ said VBD there EX was VBD no DT grounds NNS for IN criminal JJ prosecution NN . . That DT was VBD borne VBN out RP by IN the DT Justice NNP Department NNP 's POS decision NN '' '' to TO settle VB the DT case NN . . Foothills NNP Pipe NNP Lines NNP Ltd. NNP filed VBD an DT application NN with IN Canadian JJ regulators NNS to TO build VB a DT 4.4 CD billion CD Canadian JJ dollar NN ( ( US$ $ 3.74 CD billion CD ) ) pipeline NN to TO transport VB natural JJ gas NN from IN Canada NNP 's POS Arctic NNP to TO U.S. NNP markets NNS beginning VBG in IN The DT application NN by IN Foothills NNP , , owned VBN by IN Calgary-based JJ Nova NNP Corp. NNP of IN Alberta NNP and CC Westcoast NNP Energy NNP Inc. NNP of IN Vancouver NNP , , Canada NNP , , is VBZ expected VBN to TO kick VB off RP what WP could MD be VB a DT contentious JJ battle NN for IN the DT right NN to TO transport VB vast JJ quantities NNS of IN gas NN to TO southern JJ markets NNS from IN still-undeveloped JJ fields NNS in IN Canada NNP 's POS Mackenzie NNP River NNP delta NN . . `` `` This DT is VBZ a DT pre-emptive JJ strike NN by IN Foothills NNP , , '' '' said VBD Rick NNP Hillary NNP , , natural JJ gas NN manager NN of IN the DT Calgary-based JJ Independent NNP Petroleum NNP Association NNP of IN Canada NNP , , an DT industry NN group NN . . `` `` Foothills NNS wants VBZ to TO make VB it PRP clear JJ to TO other JJ pipeline NN companies NNS that IN it PRP 's VBZ on IN first NN insofar RB as IN transporting NN gas NN from IN the DT Arctic NNP to TO southern JJ markets NNS , , '' '' Mr. NNP Hillary NNP said VBD . . At IN least JJS two CD rival JJ applications NNS are VBP expected VBN to TO emerge VB in IN coming VBG months NNS , , including VBG one CD from IN TransCanada NNP PipeLines NNP Ltd. NNP , , Canada NNP 's POS largest JJS natural JJ gas NN pipeline NN operator NN . . Another DT is VBZ expected VBN from IN a DT consortium NN of IN oil NN and CC gas NN producers NNS who WP won VBD conditional JJ approval NN this DT month NN from IN Canada NNP 's POS National NNP Energy NNP Board NNP to TO export VB about RB 9.2 CD trillion CD cubic JJ feet NNS of IN Mackenzie NNP delta NN gas NN to TO the DT U.S. NNP starting VBG in IN 1996 CD . . The DT producers NNS include VBP Shell NNP Canada NNP Ltd. NNP , , a DT unit NN of IN Royal NNP Dutch\/Shell NNP Group NNP ; : Esso NNP Resources NNP Canada NNP Ltd. NNP , , a DT unit NN of IN Imperial NNP Oil NNP Ltd. NNP , , which WDT is VBZ 71%-owned CD by IN Exxon NNP Corp. NNP ; : and CC Gulf NNP Canada NNP Resources NNP Ltd. NNP , , a DT unit NN of IN Olympia NNP & CC York NNP Developments NNP Ltd NNP . . `` `` The DT { ( National NNP Energy NNP Board NNP } ) approval NN of IN the DT exports NNS just RB waved VBD the DT starting NN flag NN for IN the DT next JJ stage NN , , the DT rush NN to TO build VB facilities NNS to TO transport VB the DT gas NN , , '' '' said VBD Bill NNP Koerner NNP , , an DT analyst NN with IN Brady NNP & CC Berliner NNP , , a DT Washington NNP , , D.C. NNP , , law NN firm NN . . Foothills NNP ' POS main JJ rival NN to TO build VB a DT Mackenzie NNP Delta NNP pipeline NN is VBZ likely JJ to TO be VB TransCanada NNP PipeLines NNP . . The DT Toronto-based NNP company NN , , together RB with IN Tenneco NNP Inc. NNP of IN Houston NNP , , has VBZ had VBD an DT incomplete JJ proposal NN filed VBN with IN Canadian JJ regulators NNS since IN 1984 CD that IN it PRP is VBZ now RB updating VBG . . Like IN Foothills NNP , , TransCanada NNP 's POS Polar NNP Gas NNP consortium NN plans NNS to TO build VB a DT pipeline NN directly RB south RB from IN the DT Mackenzie NNP River NNP delta NN in IN Canada NNP 's POS western JJ Arctic NNP with IN an DT initial JJ capacity NN to TO transport VB 1.2 CD billion CD cubic JJ feet NNS of IN gas NN daily RB . . Industry NN sources NNS said VBD they PRP expect VBP a DT fierce JJ battle NN to TO emerge VB between IN TransCanada NNP , , which WDT has VBZ a DT monopoly NN on IN Canadian JJ gas NN transportation NN east JJ of IN Alberta NNP , , and CC Nova NNP and CC Westcoast NNP , , which WDT control VBP the DT pipelines NNS within IN and CC running VBG west NN of IN Alberta NNP , , respectively RB . . `` `` This DT is VBZ virgin JJ territory NN , , unclaimed JJ , , and CC it PRP 's VBZ going VBG to TO be VB nasty JJ , , '' '' said VBD one CD observer NN , , who WP asked VBD not RB to TO be VB named VBN . . `` `` Neither CC is VBZ going VBG to TO back VB down RP easily RB . . '' '' TransCanada NNP declined VBD to TO comment VB on RP the DT Foothills NNP application NN . . But CC last JJ week NN Gerald NNP Maier NNP , , president NN and CC chief JJ executive JJ officer NN of IN TransCanada NNP , , said VBD the DT company NN `` `` intends VBZ to TO be VB a DT party NN to TO any DT transportation NN system NN that WDT goes VBZ up RP there RB '' '' and CC that IN it PRP would MD consider VB joint JJ ventures NNS with IN other JJ players NNS to TO ensure VB it PRP has VBZ a DT role NN . . A DT number NN of IN issues NNS still RB need VB to TO be VB resolved VBN before RB Canadian JJ regulators NNS give VBP any DT project NN the DT final JJ go-ahead NN . . First RB , , the DT price NN of IN natural JJ gas NN will MD have VB to TO almost RB double VB . . Kent NNP Jesperson NNP , , president NN of IN Foothills NNP , , said VBD the DT company NN believes VBZ the DT project NN would MD be VB viable JJ if IN gas NN prices NNS reach VBP US$ $ 3.25 CD a DT thousand CD cubic JJ feet NNS by IN 1995 CD , , in IN current JJ dollars NNS , , up RB from IN a DT current JJ spot NN price NN of IN about RB US$ $ 1.50 CD . . Mr. NNP Jesperson NNP 's POS US$ $ 3.25 CD estimate NN is VBZ somewhat RB below IN the DT $ $ 3.39 CD floor NN price NN that IN Calgary-based JJ consulting JJ firm NN Paul NNP Ziff NNP & CC Co. NNP recently RB said VBD would MD be VB needed VBN for IN Mackenzie NNP delta NN gas NN producers NNS to TO see VB a DT return NN on IN their PRP$ investment NN . . U.S. NNP gas NN buyers NNS must MD also RB decide VB whether IN they PRP want VBP to TO enter VB firm JJ contracts NNS for IN Mackenzie NNP delta NN gas NN or CC develop VB Alaskan JJ reserves NNS in IN the DT Prudhoe NNP Bay NNP area NN first RB , , a DT project NN that WDT has VBZ been VBN on IN hold NN for IN more JJR than IN a DT decade NN . . Robert NNP Pierce NNP , , chairman NN and CC chief JJ executive NN of IN Foothills NNP , , said VBD it PRP 's VBZ too RB early JJ to TO say VB whether CC Alaskan JJ or CC Mackenzie NNP delta JJ gas NN would MD flow VB to TO market NN first RB . . But CC Foothills NNP said VBD it PRP plans VBZ to TO seek VB regulatory JJ approval NN to TO build VB an DT alternative JJ line NN , , the DT Alaska NNP Natural NNP Gas NNP Transportation NNP System NNP further RBR north RB toward IN Alaska NNP . . If IN that DT option NN is VBZ favored VBN by IN gas NN buyers NNS and CC regulators NNS , , Foothills NNP said VBD it PRP would MD build VB another DT smaller JJR pipeline NN connecting VBG Mackenzie NNP Delta NNP reserves NNS to TO the DT Alaska NNP mainline NN . . It PRP 's VBZ also RB likely JJ that IN regulators NNS will MD try VB to TO forge VB some DT kind NN of IN consensus NN between IN the DT would-be JJ pipeline NN builders NNS before IN undertaking VBG any DT hearings NNS into IN rival JJ projects NNS . . Douglas NNP Stoneman NNP , , vice NN president NN of IN Shell NNP Canada NNP , , noted VBD that IN producers NNS would MD prefer VB to TO avoid VB hearings NNS into IN competing VBG proposals NNS that WDT would MD lengthen VB the DT regulatory JJ review NN process NN and CC bog VB down RP development NN . . Interprovincial NNP Pipe NNP Line NNP Co. NNP , , an DT oil NN pipeline NN operator NN rumored VBN to TO be VB mulling VBG a DT gas NN pipeline NN proposal NN of IN its PRP$ own JJ , , said VBD that IN is VBZ n't RB in IN the DT cards NNS . . Instead RB , , Richard NNP Haskayne NNP , , president NN and CC chief JJ executive NN of IN Interprovincial NNP 's POS Calgary-based JJ parent NN , , Interhome NNP Energy NNP Inc. NNP , , said VBD the DT company NN would MD prefer VB to TO work VB with IN other JJ `` `` interested JJ parties NNS '' '' on IN a DT joint JJ proposal NN . . As IN for IN Foothills NNP ' POS pre-emptive JJ bid NN , , Mr. NNP Haskayne NNP said VBD , , `` `` If IN they PRP think VBP it PRP gives VBZ them PRP some DT kind NN of IN priority NN position NN , , well UH , , that DT 's POS their PRP$ strategy NN . . The DT Federal NNP Reserve NNP Board NNP said VBD it PRP is VBZ delaying VBG approval NN of IN First JJ Union NNP Corp. NNP 's POS proposed VBN $ $ 849 CD million CD acquisition NN of IN Florida NNP National NNP Banks NNP of IN Florida NNP Inc. NNP , , pending VBG the DT outcome NN of IN an DT examination NN into IN First JJ Union NNP 's POS lending VBG practices NNS in IN low-income JJ neighborhoods NNS . . The DT decision NN reflects VBZ the DT Fed NNP 's POS tougher JJR stance NN on IN enforcing VBG the DT Community NNP Reinvestment NNP Act NNP , , a DT federal JJ law NN passed VBN in IN 1977 CD to TO help VB low-income JJ residents NNS obtain VB loans NNS . . In IN recent JJ years NNS , , unions NNS and CC community NN groups NNS have VBP won VBN big JJ commitments NNS from IN banks NNS to TO make VB low-interest JJ loans NNS in IN certain JJ neighborhoods NNS by IN threatening VBG to TO hold VB up RP proposed VBN acquisitions NNS with IN protests NNS to TO the DT Fed NNP about IN reinvestment NN act NN compliance NN . . Few JJ petitions NNS , , however RB , , have VBP actually RB delayed VBN or CC scuttled VBN mergers NNS . . The DT current JJ dispute NN involves VBZ allegations NNS that IN Charlotte NNP , , N.C.-based JJ First NNP Union NNP has VBZ n't RB lived VBD up RP to TO its PRP$ responsibilities NNS under IN the DT reinvestment NN act NN . . During IN the DT summer NN , , Legal NNP Services NNP Corp. NNP , , a DT Florida NNP legal JJ aid NN group NN , , filed VBD a DT petition NN with IN the DT Fed NNP on IN behalf NN of IN residents NNS in IN four CD Florida NNP counties NNS . . The DT petition NN challenged VBD First NNP Union NNP 's POS lending NN record NN in IN the DT state NN , , saying VBG that IN the DT bank-holding JJ company NN had VBD `` `` shut VBN itself PRP off RP from IN contact NN with IN the DT low-income JJ community NN and CC is VBZ redlining VBG almost RB every DT black JJ neighborhood NN that IN it PRP serves VBZ in IN the DT state NN . . '' '' In IN deferring VBG action NN on IN the DT merger NN , , the DT Fed NNP said VBD , , `` `` The DT Board NNP does VBZ not RB believe VB that IN there EX is VBZ sufficient JJ information NN in IN the DT record NN at IN this DT time NN to TO allow VB { ( it PRP } ) to TO reach VB a DT final JJ conclusion NN on IN First JJ Union NNP 's POS record NN of IN helping VBG to TO meet VB the DT credit NN needs NNS of IN the DT communities NNS it PRP serves VBZ in IN Florida NNP and CC North NNP Carolina NNP , , including VBG low JJ to TO moderate-income JJ neighborhoods NNS in IN those DT communities NNS . . '' '' The DT Fed NNP said VBD the DT Comptroller NNP of IN the DT Currency NNP is VBZ expected VBN to TO begin VB a DT Community NNP Reinvestment NNP Act NNP examination NN of IN First NNP Union NNP 's POS Florida NNP and CC North NNP Carolina NNP banking NN units NNS in IN the DT next JJ two CD weeks NNS . . First NNP Union NNP , , with IN assets NNS of IN about RB $ $ 32 CD billion CD , , said VBD it PRP was VBD disappointed VBN by IN the DT delay NN but CC said VBD it PRP would MD cooperate VB with IN regulatory JJ authorities NNS . . The DT bank NN added VBD that IN it PRP believes VBZ the DT review NN will MD `` `` demonstrate VB that IN First NNP Union NNP is VBZ in IN compliance NN with IN the DT requirements NNS of IN the DT Community NNP Reinvestment NNP Act NNP . . '' '' The DT company NN has VBZ already RB missed VBN its PRP$ initial JJ Oct. NNP 1 CD target NN date NN for IN completing VBG the DT merger NN . . It PRP said VBD yesterday NN it PRP still RB expects VBZ to TO close VB the DT acquisition NN later RBR this DT year NN or CC early RB in IN 1990 CD . . Florida NNP National NNP , , if IN acquired VBN , , would MD almost RB double VB First NNP Union NNP 's POS banking VBG franchise NN in IN Florida NNP to TO $ $ 17 CD billion CD in IN assets NNS . . That DT would MD make VB it PRP the DT second-largest JJ bank NN , , after IN Barnett NNP Banks NNP Inc. NNP , , in IN a DT state NN widely RB considered VBN to TO be VB the DT most RBS lucrative JJ banking NN market NN in IN the DT country NN . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN yesterday NN , , First NNP Union NNP shares NNS rose VBD 25 CD cents NNS to TO $ $ 23 CD . . Florida NNP National NNP stock NN closed VBD unchanged JJ at IN $ $ 25.875 CD in IN national JJ over-the-counter JJ trading NN . . Earlier RBR this DT year NN , , the DT Fed NNP denied VBD an DT application NN by IN Continental NNP Bank NNP Corp. NNP to TO purchase VB Grand NNP Canyon NNP State NNP Bank NNP in IN Scottsdale NNP , , Ariz. NNP , , on IN grounds NNS that IN Continental NNP had VBD n't RB fully RB complied VBN with IN the DT Community NNP Reinvestment NNP Act NNP . . At IN the DT time NN , , the DT Fed NNP said VBD the DT denial NN , , the DT first JJ ever RB on IN such JJ grounds NNS , , signaled VBD the DT agency NN 's POS new JJ emphasis NN on IN the DT Community NNP Reinvestment NNP Act NNP . . Eastern NNP Airlines NNP ' POS creditors NNS committee NN backed VBD off RP a DT move NN to TO come VB up RP with IN its PRP$ own JJ alternative JJ proposals NNS to TO the DT carrier NN 's POS bankruptcy NN reorganization NN plans NNS , , according VBG to TO sources NNS familiar JJ with IN the DT committee NN . . In IN a DT meeting NN in IN New NNP York NNP yesterday NN , , the DT committee NN put VBD on IN hold NN instructions NNS it PRP gave VBD two CD weeks NNS ago RB to TO its PRP$ experts NNS to TO explore VB other JJ options NNS for IN Eastern NNP 's POS future NN , , the DT sources NNS said VBD . . The DT consultants NNS had VBD been VBN working VBG to TO finish VB a DT report NN this DT week NN . . That DT means VBZ Eastern NNP , , a DT unit NN of IN Texas NNP Air NNP Corp. NNP of IN Houston NNP , , can MD go VB forward RB with IN its PRP$ pitch NN for IN creditor NN approval NN as RB early RB as IN today NN , , when WRB it PRP is VBZ expected VBN to TO deliver VB a DT revised VBN reorganization NN plan NN to TO the DT committee NN . . The DT committee NN intends VBZ to TO meet VB next JJ week NN to TO make VB a DT recommendation NN on IN the DT new JJ plan NN . . In IN another DT development NN yesterday NN , , creditors NNS were VBD told VBN that IN $ $ 40 CD million CD they PRP had VBD expected VBN to TO become VB available JJ for IN implementing VBG a DT reorganization NN may MD not RB materialize VB , , according VBG to TO one CD source NN . . Texas NNP Air NNP has VBZ run VBN into IN difficulty NN reselling VBG about RB $ $ 20 CD million CD of IN debt NN securities NNS because IN of IN problems NNS in IN the DT junk NN bond NN market NN , , the DT person NN said VBD . . And CC plans NNS to TO raise VB another DT $ $ 20 CD million CD through IN changes NNS to TO an DT insurance NN policy NN have VBP hit VBN a DT snag NN , , the DT source NN said VBD . . An DT Eastern NNP spokesman NN said VBD `` `` the DT $ $ 40 CD million CD will MD have VB no DT effect NN whatsoever RB on IN the DT asset NN structure NN of IN Eastern NNP 's POS plan NN . . Forty CD million CD in IN the DT total JJ scheme NN of IN things NNS is VBZ not RB that RB significant JJ . . '' '' It PRP is VBZ unclear JJ what WP caused VBD the DT creditors NNS to TO do VB an DT about-face NN on IN exploring VBG alternatives NNS to TO Eastern NNP 's POS new JJ reorganization NN plan NN . . However RB , , since IN Eastern NNP first RB filed VBD for IN Chapter NNP 11 CD protection NN March NNP 9 CD , , it PRP has VBZ consistently RB promised VBN to TO pay VB creditors NNS 100 CD cents NNS on IN the DT dollar NN . . Because IN the DT carrier NN is VBZ still RB pledging VBG to TO do VB that DT , , some DT committee NN members NNS successfully RB argued VBD that IN there EX 's POS little JJ reason NN yet RB to TO explore VB a DT different JJ plan NN , , according VBG to TO one CD person NN familiar JJ with IN the DT creditors NNS ' POS position NN . . Earlier RBR this DT month NN the DT accounting NN firm NN of IN Ernst NNP & CC Young NNP and CC the DT securities NNS firm NN of IN Goldman NNP , , Sachs NNP & CC Co. NNP , , the DT experts NNS hired VBN by IN the DT creditors NNS , , contended VBD that IN Eastern NNP would MD have VB difficulty NN meeting VBG earnings NNS targets NNS the DT airline NN was VBD projecting VBG . . Ernst NNP & CC Young NNP said VBD Eastern NNP 's POS plan NN would MD miss VB projections NNS by IN $ $ 100 CD million CD . . Goldman NNP said VBD Eastern NNP would MD miss VB the DT same JJ mark NN by IN at IN least JJS $ $ 120 CD million CD . . The DT consultants NNS maintained VBD Eastern NNP would MD n't RB generate VB the DT cash NN it PRP needs VBZ and CC would MD have VB to TO issue VB new JJ debt NN to TO meet VB its PRP$ targets NNS under IN the DT plan NN . . Eastern NNP at IN the DT time NN disputed VBD those DT assessments NNS and CC called VBD the DT experts NNS ' POS report NN `` `` completely RB off IN base NN . . '' '' Yesterday NN , , Joel NNP Zweibel NNP , , an DT attorney NN for IN Eastern NNP 's POS creditors NNS committee NN , , declined VBD to TO comment VB on IN whether IN the DT experts NNS had VBD ever RB been VBN instructed VBN to TO look VB at IN other JJ choices NNS and CC whether IN they PRP now RB were VBD asked VBN not RB to TO . . He PRP said VBD only RB that IN the DT committee NN has VBZ not RB yet RB taken VBN any DT position NN on IN Eastern NNP 's POS reorganization NN plan NN and CC that IN the DT two CD sides NNS were VBD still RB negotiating VBG . . `` `` In IN every DT case NN , , people NNS would MD like VB to TO see VB a DT consentual JJ plan NN , , '' '' he PRP said VBD . . Eastern NNP and CC its PRP$ creditors NNS agreed VBD in IN July NNP on IN a DT reorganization NN plan NN that WDT called VBD for IN the DT carrier NN to TO sell VB off RP $ $ 1.8 CD billion CD in IN assets NNS and CC to TO emerge VB from IN Chapter NNP 11 CD status NN in IN late RB 1989 CD at IN two-thirds JJ its PRP$ former JJ size NN . . Eastern NNP eventually RB decided VBD not RB to TO sell VB off RP a DT major JJ chunk NN , , its PRP$ South JJ American JJ routes NNS , , which WDT were VBD valued VBN at IN $ $ 400 CD million CD . . Such JJ a DT change NN meant VBD the DT reorganization NN plan NN the DT creditors NNS had VBD agreed VBN on RP was VBD no DT longer RBR valid JJ , , and CC the DT two CD sides NNS had VBD to TO begin VB negotiating VBG again RB . . Eastern NNP has VBZ publicly RB stated VBN it PRP is VBZ exceeding VBG its PRP$ goals NNS for IN getting VBG back RB into IN operation NN and CC has VBZ predicted VBN it PRP would MD emerge VB from IN Chapter NNP 11 CD proceedings NNS early RB next IN year NN , , operating VBG more JJR flights NNS than IN it PRP originally RB had VBD scheduled VBN . . The DT following VBG were VBD among IN yesterday NN 's POS offerings NNS and CC pricings NNS in IN the DT U.S. NNP and CC non-U.S. JJ capital NN markets NNS , , with IN terms NNS and CC syndicate NN manager NN , , as IN compiled VBN by IN Dow NNP Jones NNP Capital NNP Markets NNP Report NNP : : New NNP York NNP City NNP -- : $ $ 813.4 CD million CD of IN general JJ obligation NN bonds NNS , , Fiscal NNP 1990 CD Series NNP C NNP and CC D NNP , , including VBG $ $ 757.4 CD million CD of IN tax-exempt JJ bonds NNS and CC $ $ 56 CD million CD of IN taxable JJ bonds NNS , , tentatively RB priced VBN by IN a DT Goldman NNP Sachs NNP & CC Co. NNP group NN . . Yields NNS for IN tax-exempt JJ bonds NNS range VBP from IN 6 CD 1\/2 CD % NN in IN 1990 CD to TO 7.88 CD % NN in IN 2003-2005 CD . . Yields NNS for IN taxable JJ bonds NNS range VBP from IN 9 CD 1\/8 CD % NN in IN 1994 CD to TO 9.90 CD % NN in IN 2009 CD and CC 2010 CD . . The DT bonds NNS are VBP all RB rated VBN single-A NNP by IN Moody NNP 's POS Investors NNP Service NNP Inc NNP . . The DT underwriters NNS expect VBP a DT single-A-minus JJ rating NN from IN Standard NNP & CC Poor NNP 's POS Corp. NNP , , which WDT has VBZ the DT issue NN under IN review NN . . Collateralized NNP Mortgage NNP Securities NNP Corp. NNP -- : $ $ 150 CD million CD of IN Remic JJ mortgage NN securities NNS offered VBD in IN 12 CD classes NNS by IN First NNP Boston NNP Corp NNP . . The DT offering NN , , Series NNP 1989-3 CD , , is VBZ by IN a DT company NN established VBN by IN First NNP Boston NNP for IN issuing VBG Remics NNS and CC other JJ derivative JJ mortgage NN securities NNS . . It PRP is VBZ backed VBN by IN Government NNP National NNP Mortgage NNP Association NNP 9 CD 1\/2 CD % NN securities NNS with IN a DT weighted JJ average JJ remaining JJ term NN to TO maturity NN of IN 29 CD years NNS and CC being VBG offered VBN at IN market NN prices NNS . . Beneficial NNP Corp. NNP -- : $ $ 248.3 CD million CD of IN securities NNS backed VBN by IN home-equity JJ loans NNS through IN Merrill NNP Lynch NNP Capital NNP Markets NNP . . The DT offering NN , , with IN an DT expected VBN average JJ life NN of IN 3.2 CD years NNS , , will MD float VB monthly RB at IN 20 CD basis NN points NNS above IN the DT rate NN on IN an DT index NN of IN 30-day JJ double-A-rated JJ commercial JJ paper NN , , which WDT now RB yields VBZ about RB 8.50 CD % NN . . The DT issue NN has VBZ an DT expected VBN final JJ maturity NN date NN of IN 1998 CD . . The DT offering NN is VBZ rated VBN triple-A JJ by IN Moody NNP 's POS and CC S&P NNP , , based VBN on IN the DT quality NN of IN the DT underlying JJ home NN equity NN loans NNS and CC a DT letter NN of IN credit NN covering VBG 10 CD % NN of IN the DT deal NN from IN Union NNP Bank NNP of IN Switzerland NNP . . The DT offering NN is VBZ being VBG made VBN through IN BCI NNP Home NNP Equity NNP Loan NNP Asset-Backed NNP Certificates NNP , , Series NNP 1989-1 NNP . . Rochester NNP Community NNP Savings NNP Bank NNP -- : $ $ 200 CD million CD of IN 8.85 CD % NN certificates NNS backed VBD by IN automobile NN loans NNS priced VBN to TO yield VB 8.99 CD % NN via IN First NNP Boston NNP Corp NNP . . The DT issue NN , , through IN RCSB NNP 1989-A NNP Grantor NNP Trust NNP , , was VBD priced VBN at IN a DT yield NN spread NN of IN 100 CD basis NN points NNS above RB the DT Treasury NNP 7 CD 3\/4 CD % NN note NN due JJ July NNP 1991 CD . . The DT offering NN has VBZ an DT expected VBN average JJ life NN of IN 1.7 CD years NNS and CC a DT final JJ maturity NN date NN of IN May NNP 15 CD , , 1995 CD . . The DT issue NN is VBZ rated VBN triple-A JJ by IN Moody NNP 's POS , , based VBN on IN the DT quality NN of IN the DT underlying JJ auto NN loans NNS and CC a DT letter NN of IN credit NN covering VBG 13 CD % NN of IN the DT deal NN from IN Credit NNP Suisse NNP . . South NNP Australian NNP Government NNP Finance NNP Authority NNP ( ( agency NN ) ) -- : 125 CD million CD Australian NNP dollars NNS of IN zero-coupon JJ Eurobonds NNS due JJ Dec. NNP 12 CD , , 1994 CD , , priced VBN at IN 50.9375 CD to TO yield VB 15.06 CD % JJ less CC fees NNS via IN Hambros NNP Bank NNP Ltd NNP . . Guaranteed VBN by IN the DT South NNP Australian NNP Treasury NNP . . Fees NNS 1 CD 3\/8 CD . . Government NNP Insurance NNP Office NNP of IN New NNP South NNP Wales NNP ( ( agency NN ) ) -- : A$ $ 50 CD million CD of IN 17 CD 1\/2 CD % NN Eurobonds NNS due JJ Dec. NNP 4 CD , , 1991 CD , , priced VBN at IN 101.95 CD to TO yield VB 17.06 CD less CC fees NNS via IN Westpac NNP Banking NNP Corp NNP . . Fees NNS 1 CD 1\/4 CD . . Swedish NNP Export NNP Credit NNP Corp NNP . . ( ( Sweden NNP ) ) -- : 100 CD million CD Swiss JJ francs NNS of IN 6 CD 1\/8 CD % NN privately RB placed VBN notes NNS due JJ Sept. NNP 30 CD , , 1996 CD , , priced VBN at IN 100 CD 3\/4 CD to TO yield VB 5.99 CD % NN via IN Citicorp NNP Investment NNP Bank NNP Switzerland NNP . . Call NN from IN Sept. NNP 30 CD , , 1993 CD , , at IN 100 CD 3\/16 CD , , declining VBG by IN 1\/16 CD point NN a DT year NN to TO to TO par NN . . Fees NNS 1 CD 3\/4 CD . . West JJ German JJ insurance NN giant NN Allianz NNP AG NNP entered VBD the DT takeover NN battle NN between IN France NNP 's POS Cie NNP . . Financiere NNP de IN Paribas NNP and CC Cie. NNP de IN Navigation NNP Mixte NNP . . Allianz NNP said VBD it PRP won VBD French JJ government NN approval NN to TO buy VB as RB much JJ as IN one-third JJ of IN Navigation NNP Mixte NNP , , a DT diversified JJ financial JJ , , transport NN and CC food NN holding VBG company NN . . The DT move NN comes VBZ a DT week NN after IN Paribas NNP announced VBD that IN it PRP was VBD preparing VBG to TO bid VB for IN 66.7 CD % NN control NN of IN Navigation NNP Mixte NNP . . Munich-based JJ Allianz NNP 's POS brief JJ explanatory JJ statement NN said VBD it PRP is VBZ acting VBG to TO protect VB its PRP$ own JJ interests NNS as IN a DT shareholder NN of IN Navigation NNP Mixte NNP . . That DT would MD be VB a DT blow NN to TO both DT Paribas NNP and CC Navigation NNP Mixte NNP . . Each DT had VBD claimed VBN Allianz NNP , , Europe NNP 's POS largest JJS insurance NN company NN , , as IN a DT tacit JJ ally NN . . The DT Allianz NNP statement NN also RB reinforced VBD the DT belief NN that IN the DT takeover NN battle NN could MD be VB a DT long JJ one CD . . It PRP led VBD to TO broad JJ market NN speculation NN that IN Paribas NNP now RB will MD sweeten VB its PRP$ bid NN , , which WDT is VBZ expected VBN to TO be VB formally RB launched VBN later RB this DT week NN , , after IN approval NN from IN French JJ government NN regulators NNS . . Allianz NNP 's POS entry NN reflects VBZ the DT increasing VBG eagerness NN of IN West NNP German NNP companies NNS , , looking VBG ahead RB to TO the DT reduction NN in IN European NNP Community NNP internal JJ barriers NNS in IN 1992 CD , , to TO get VB involved VBN in IN what WP until IN now RB were VBD considered VBN internal JJ French JJ affairs NNS . . Deutsche NNP Bank NNP , , Dresdner NNP Bank NNP and CC Commerzbank NNP all RB also RB have VBP expressed VBN eagerness NN to TO expand VB in IN France NNP before IN 1992 CD . . Dresdner NNP Bank NNP this DT month NN moved VBD to TO acquire VB Banque NNP Internationale NNP des NNP Placements NNP , , a DT small JJ French JJ merchant NN bank NN that IN Deutsche NNP Bank NNP had VBD looked VBN at IN and CC passed VBD over IN . . Commerzbank NNP had VBD hoped VBN to TO buy VB a DT stake NN in IN Credit NNP Lyonnais NNP , , until IN the DT Socialists NNS returned VBD to TO government NN last JJ year NN and CC canceled VBD plans NNS to TO privatize VB the DT large JJ French JJ bank NN . . Deutsche NNP Bank NNP has VBZ actively RB sought VBN a DT French JJ acquisition NN for IN at IN least JJS two CD years NNS . . Lately RB , , analysts NNS say VBP , , Deutsche NNP Bank NNP has VBZ shocked VBN some DT in IN the DT French JJ financial JJ community NN by IN indicating VBG it PRP wants VBZ a DT strong JJ bank NN with IN a DT large JJ number NN of IN branches NNS . . `` `` We PRP are VBP still RB looking VBG , , '' '' said VBD a DT Deutsche NNP Bank NNP spokesman NN . . `` `` The DT banks NNS we PRP think VBP would MD fit VB into IN our PRP$ concept NN are VBP either DT government-owned JJ or CC not RB for IN sale NN , , though IN Deutsche NNP Bank NNP would MD be VB able JJ to TO pay VB a DT good JJ price NN . . '' '' While IN Allianz NNP officials NNS were VBD n't RB willing JJ to TO comment VB in IN any DT detail NN on IN their PRP$ plans NNS , , they PRP said VBD Allianz NNP currently RB holds VBZ between IN 5 CD % NN and CC 10 CD % NN of IN Navigation NNP Mixte NNP , , an DT apparent JJ increase NN from IN the DT 5 CD % NN stake NN that IN Navigation NNP Mixte NNP officials NNS had VBD earlier RBR announced VBN . . Paris NNP market NN sources NNS said VBD they PRP believed VBD Allianz NNP was VBD buying VBG yesterday NN morning NN , , and CC Navigation NNP Mixte NNP moved VBD up RB 108 CD francs NNS ( ( $ $ 17.19 CD ) ) to TO close VB at IN 1,908 CD francs NNS in IN heavy JJ trading NN . . It PRP was VBD the DT first JJ day NN of IN trading NN following VBG the DT suspension NN of IN Navigation NNP Mixte NNP shares NNS last JJ Monday NNP , , when WRB Paribas NNP announced VBD its PRP$ plan NN to TO pay VB 1,850 CD francs NNS for IN each DT Navigation NNP Mixte NNP share NN . . Allianz NNP also RB holds VBZ a DT 50 CD % NN stake NN in IN Navigation NNP Mixte NNP 's POS insurance NN subsidiary NN , , one CD of IN France NNP 's POS largest JJS insurance NN groups NNS , , which WDT it PRP bought VBD for IN about RB 6.5 CD billion CD francs NNS just RB before RB Paribas NNP launched VBD its PRP$ bid NN . . Navigation NNP Mixte NNP holds VBZ the DT remaining JJ 50 CD % NN . . Allianz NNP said VBD in IN its PRP$ statement NN that IN it PRP was VBD acting VBG to TO protect VB that DT interest NN , , which WDT ties VBZ it PRP to TO Navigation NNP Mixte NNP as IN a DT partner NN . . Allianz NNP 's POS statement NN stressed VBD the DT company NN 's VBZ previously RB announced VBN position NN that IN Paribas NNP 's POS offer NN price NN is VBZ too RB low JJ . . Allianz NNP also RB suggested VBD , , without IN saying VBG so RB directly RB , , that IN it PRP regrets VBZ that IN Paribas NNP is VBZ n't RB bidding VBG for IN all DT of IN Navigation NNP Mixte NNP 's POS shares NNS . . The DT problem NN here RB , , analysts NNS say VBP , , is VBZ that IN if IN Paribas NNP wins VBZ its PRP$ 66.7 CD % NN , , remaining JJ Navigation NNP Mixte NNP shares NNS will MD fall VB in IN value NN . . That DT displeases VBZ many JJ current JJ holders NNS , , such JJ as IN Allianz NNP , , which WDT could MD n't RB be VB sure JJ of IN selling VBG all DT their PRP$ shares NNS if IN they PRP tendered VBD to TO Paribas NNP . . The DT Allianz NNP statement NN led VBD to TO speculation NN that IN Allianz NNP eventually RB could MD sell VB to TO Paribas NNP . . That DT would MD be VB bad JJ news NN for IN Navigation NNP Mixte NNP 's POS current JJ management NN , , which WDT was VBD counting VBG on IN Allianz NNP to TO help VB fend VB off RP Paribas NNP . . Allianz NNP did VBD n't RB say VB whom WP , , if IN anyone NN , , it PRP will MD support VB . . It PRP said VBD simply RB that IN it PRP will MD boost VB its PRP$ Navigation NNP Mixte NNP stake NN as IN it PRP sees VBZ fit JJ over IN the DT coming VBG days NNS to TO protect VB itself PRP , , as RB long RB as IN it PRP has VBZ French JJ regulatory JJ officials NNS ' POS approval NN . . Paribas NNP currently RB intends VBZ to TO offer VB 1,850 CD francs NNS a DT share NN for IN Navigation NNP Mixte NNP shares NNS that WDT receive VBP full JJ dividends NNS this DT year NN . . It PRP is VBZ to TO offer VB 1,800 CD francs NNS for IN shares NNS created VBN on IN July NNP 1 CD , , which WDT receive VBP partial JJ dividends NNS . . Alternatively RB , , it PRP would MD offer VB to TO swap VB three CD Paribas NNP shares NNS for IN one CD Navigation NNP Mixte NNP share NN . . Paribas NNP already RB holds VBZ about RB 18.7 CD % NN of IN Navigation NNP Mixte NNP , , and CC the DT acquisition NN of IN the DT additional JJ 48 CD % NN would MD cost VB it PRP about RB 11 CD billion CD francs NNS under IN its PRP$ current JJ bid NN . . The DT bid NN values VBZ Navigation NNP Mixte NNP at IN around RB 23 CD billion CD francs NNS , , depending VBG on IN how WRB many JJ holders NNS of IN Navigation NNP Mixte NNP warrants NNS exchange VBP them PRP for IN shares NNS before RB the DT bid NN expires VBZ . . Penn NNP Central NNP Corp. NNP , , Cincinnati NNP , , said VBD it PRP agreed VBD in IN principle NN to TO acquire VB Noranda NNP Inc. NNP 's POS Carol NNP Cable NNP Co. NNP unit NN for IN $ $ 177 CD million CD . . The DT company NN said VBD Carol NNP Cable NNP , , based VBN in IN Pawtucket NNP , , R.I. NNP , , is VBZ a DT leading VBG supplier NN of IN electrical JJ and CC electronic JJ wire NN and CC cable NN for IN the DT distributor NN , , retail JJ and CC original JJ equipment NN manufacturer NN markets NNS . . Carol NNP Cable NNP , , which WDT operates VBZ 12 CD manufacturing NN plants NNS , , had VBD operating NN profit NN of IN $ $ 11.7 CD million CD on IN sales NNS of IN $ $ 153.3 CD million CD for IN the DT first JJ six CD months NNS of IN this DT year NN and CC operating NN profit NN of IN $ $ 25.6 CD million CD on IN sales NNS of IN $ $ 294.6 CD million CD for IN all DT of IN 1988 CD . . The DT maker NN of IN telecommunications NNS and CC defense NN equipment NN said VBD Carol NNP Cable NNP 's POS portfolio NN and CC market NN focus NN would MD complement VB the DT company NN 's POS current JJ wire NN and CC cable NN businesses NNS . . The DT plan NN is VBZ subject JJ to TO a DT satisfactory JJ due JJ diligence NN investigation NN of IN Carol NNP Cable NNP by IN Penn NNP Central NNP , , a DT definitive JJ agreement NN and CC regulatory JJ approvals NNS . . Fletcher NNP Challenge NNP Ltd. NNP said VBD its PRP$ Petrocorp NNP unit NN agreed VBD to TO acquire VB certain JJ Alberta NNP oil NN and CC gas NN interests NNS from IN Amoco NNP Corp. NNP 's POS Canadian JJ unit NN , , for IN about RB 130 CD million CD Canadian JJ dollars NNS ( ( US$ $ 110.6 CD million CD ) ) . . Fletcher NNP Challenge NNP , , a DT big JJ New NNP Zealand-based JJ forest NN products NNS concern NN with IN forestry NN operations NNS in IN Canada NNP , , said VBD the DT assets NNS include VBP stakes NNS in IN four CD natural JJ gas NN fields NNS and CC one CD oil NN field NN near IN Provost NNP , , Alberta NNP , , plus IN gas NN processing NN facilities NNS and CC about RB 247,000 CD acres NNS of IN undeveloped JJ land NN . . The DT proposed VBN purchase NN requires VBZ approval NN from IN Investment NNP Canada NNP , , which WDT monitors VBZ large JJ foreign JJ investments NNS in IN Canada NNP . . Amoco NNP Canada NNP Petroleum NNP Co. NNP , , which WDT operates VBZ the DT major JJ properties NNS included VBN in IN the DT asset NN package NN , , said VBD the DT sale NN is VBZ part NN of IN a DT plan NN to TO streamline VB its PRP$ assets NNS . . Petrocorp NNP , , a DT New NNP Zealand-based JJ oil NN and CC gas NN producer NN , , said VBD the DT planned VBN purchase NN would MD be VB its PRP$ first JJ oil NN and CC gas NN acquisition NN outside IN its PRP$ home NN country NN , , and CC would MD form VB the DT basis NN for IN a DT new JJ stand-alone JJ exploration NN and CC production NN unit NN in IN Canada NNP . . MiniScribe NNP Corp. NNP , , Longmont NNP , , Colo. NNP , , said VBD it PRP introduced VBD a DT one-inch JJ high JJ , , 80-megabyte JJ hard JJ disk NN drive NN that IN it PRP hopes VBZ will MD prove VB popular JJ with IN makers NNS of IN high-performance JJ laptop JJ and CC portable JJ computers NNS . . The DT troubled JJ disk NN drive NN maker NN aims VBZ with IN the DT new JJ 3 CD 1\/2-inch JJ disks NNS to TO revive VB its PRP$ reputation NN and CC sales NNS growth NN . . MiniScribe NNP said VBD the DT disk NN drives NNS have VBP more JJR memory NN capacity NN than IN other JJ disks NNS that DT size NN . . MiniScribe NNP said VBD it PRP expects VBZ to TO begin VB full JJ volume NN production NN of IN the DT drives NNS in IN the DT U.S. NNP and CC Singapore NNP in IN the DT first JJ quarter NN next JJ year NN . . A DT drive NN with IN 120 CD megabytes NNS of IN capacity NN is VBZ scheduled VBN for IN release NN during IN the DT third JJ quarter NN of IN 1990 CD . . MiniScribe NNP has VBZ been VBN on IN the DT rocks NNS since IN it PRP disclosed VBD early RB this DT year NN that IN its PRP$ earnings NNS reports NNS for IN 1988 CD were VBD n't RB accurate JJ . . After IN an DT internal JJ investigation NN , , the DT company NN found VBD that IN senior JJ officials NNS used VBD a DT variety NN of IN schemes NNS to TO fabricate VB sales JJ gains NNS , , including VBG counting NN shipments NNS of IN bricks NNS and CC defective JJ drives NNS as IN sales NNS . . The DT New NNP York NNP Times NNP Co. NNP said VBD it PRP reached VBD a DT settlement NN with IN independent JJ home NN delivery NN dealers NNS in IN the DT metropolitan JJ New NNP York NNP area NN that WDT will MD free VB the DT newspaper NN to TO expand VB home NN delivery NN circulation NN . . The DT settlement NN stemmed VBD from IN a DT lawsuit NN the DT dealers NNS filed VBD in IN 1982 CD when WRB the DT Times NNP began VBD its PRP$ own JJ competing VBG direct JJ delivery NN service NN . . The DT pact NN calls VBZ for IN the DT Times NNP to TO pay VB dealers NNS $ $ 3.6 CD million CD over IN six CD years NNS , , as RB well RB as IN other JJ payments NNS in IN the DT form NN of IN subsidies NNS over IN three CD years NNS , , based VBN on IN the DT number NN of IN `` `` new JJ customers NNS started VBN by IN the DT dealers NNS and CC on IN pricing VBG structures NNS , , '' '' the DT Times NNP said VBD . . The DT amount NN of IN the DT settlement NN will MD be VB taken VBN as IN a DT charge NN against IN earnings NNS in IN the DT fourth JJ quarter NN . . The DT settlement NN , , which WDT involves VBZ most RBS of IN the DT 300 CD independent JJ newspaper NN dealers NNS in IN the DT New NNP York NNP area NN , , will MD allow VB the DT Times NNP to TO freely RB operate VB its PRP$ own JJ direct JJ home NN delivery NN system NN . . Home NN delivery NN is VBZ the DT fastest JJS growing VBG segment NN of IN the DT Times NNP 's POS 1.1 CD million CD daily JJ circulation NN . . Currently RB , , about RP 60 CD % NN of IN home NN delivery NN subscribers NNS in IN the DT New NNP York NNP area NN receive VBP the DT paper NN directly RB from IN the DT Times NNP . . Mercury NNP Savings NNP & CC Loan NNP Association NNP , , Huntington NNP Beach NNP , , Calif. NNP , , reported VBD a DT third-quarter JJ loss NN of IN $ $ 3.9 CD million CD , , or CC 61 CD cents NNS a DT share NN , , compared VBN with IN net JJ income NN of IN $ $ 1.4 CD million CD , , or CC 22 CD cents NNS a DT share NN , , in IN the DT year-earlier JJ quarter NN . . Mercury NNP attributed VBD the DT loss NN to TO rapid JJ prepayments NNS of IN loans NNS and CC costs NNS incurred VBN in IN refinancing VBG many JJ house NN loans NNS this DT past JJ spring NN and CC summer NN , , when WRB interest NN rates NNS dipped VBD . . The DT thrift NN hired VBD an DT investment NN banker NN earlier RBR this DT month NN to TO advise VB it PRP regarding VBG a DT possible JJ sale NN or CC merger NN . . Mercury NNP also RB is VBZ shrinking VBG itself PRP , , part NN of IN its PRP$ plan NN to TO change VB its PRP$ emphasis NN from IN buying VBG mortgage NN loans NNS from IN mortgage NN brokers NNS to TO making VBG loans NNS directly RB . . Such JJ a DT focus NN is VBZ `` `` more RBR profitable JJ , , more RBR efficient JJ and CC gives VBZ us PRP a DT greater JJR sense NN of IN control NN , , '' '' said VBD William NNP A. NNP Shane NNP , , Mercury NNP 's POS senior JJ executive JJ vice NN president NN . . As IN of IN Sept. NNP 30 CD , , Mercury NNP 's POS assets NNS were VBD $ $ 2.25 CD billion CD , , down RB from IN $ $ 2.62 CD billion CD a DT year NN ago RB . . For IN the DT nine CD months NNS , , Mercury NNP posted VBD a DT loss NN of IN $ $ 5.4 CD million CD , , or CC 86 CD cents NNS share NN , , against IN net JJ income NN of IN $ $ 4 CD million CD , , or CC 63 CD cents NNS share NN , , a DT year NN earlier RBR . . Mercury NNP shares NNS closed VBD yesterday NN at IN $ $ 4.625 CD , , up RB 50 CD cents NNS , , in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN . . Bancroft NNP Convertible NNP Fund NNP Inc. NNP , , New NNP York NNP , , likely RB will MD reject VB a DT renewed VBN offer NN from IN Florida NNP investor NN Robert NNP I. NNP Green NNP to TO buy VB Bancroft NNP for IN $ $ 18.95 CD a DT share NN . . Sigmund NNP Levine NNP , , Bancroft NNP secretary NN and CC treasurer NN , , said VBD the DT closed-end JJ fund NN 's POS directors NNS will MD consider VB Mr. NNP Green NNP 's POS offer NN in IN a DT couple NN of IN weeks NNS at IN a DT regular JJ meeting NN . . `` `` He PRP has VBZ n't RB added VBD anything NN , , '' '' Mr. NNP Levine NNP said VBD , , predicting VBG the DT board NN will MD again RB reject VB Mr. NNP Green NNP 's POS proposal NN . . In IN a DT Securities NNP and CC Exchange NNP Commission NNP filing NN , , Mr. NNP Green NNP said VBD he PRP had VBD boosted VBN his PRP$ holdings NNS in IN Bancroft NNP common JJ to TO 10.4 CD % NN from IN 8.5 CD % NN , , and CC renewed VBN an DT offer NN he PRP made VBD in IN March NNP to TO acquire VB the DT fund NN . . Mr. NNP Levine NNP noted VBD that DT Bancroft NNP 's POS shares NNS have VBP been VBN trading VBG at IN or CC above IN Mr. NNP Green NNP 's POS offering NN price NN for IN the DT last JJ several JJ months NNS . . He PRP said VBD Bancroft NNP attorneys NNS are VBP scheduled VBN to TO meet VB with IN Mr. NNP Green NNP 's POS attorneys NNS in IN Delaware NNP Chancery NNP Court NNP at IN the DT end NN of IN this DT week NN to TO respond VB to TO the DT investor NN 's POS request NN for IN company NN records NNS for IN the DT past JJ five CD years NNS . . Mr. NNP Green NNP could MD n't RB be VB reached VBN . . Giant NNP Group NNP said VBD a DT federal JJ court NN in IN Delaware NNP has VBZ denied VBN a DT motion NN by IN Rally NNP 's POS Inc. NN seeking VBG to TO block VB a DT group NN led VBD by IN Giant NNP Chairman NNP Burt NNP Sugarman NNP from IN acquiring VBG more JJR of IN the DT company NN 's POS shares NNS . . Rally NNP 's POS , , a DT fast-food NN chain NN based VBN in IN Louisville NNP , , Ky. NNP , , is VBZ contending VBG that IN Mr. NNP Sugarman NNP and CC two CD other JJ company NN directors NNS failed VBD to TO disclose VB to TO the DT Securities NNP and CC Exchange NNP Commission NNP that IN they PRP intended VBD to TO acquire VB a DT big JJ Rally NNP stake NN . . Mr. NNP Sugarman NNP has VBZ in IN turn NN contended VBN that IN the DT other JJ major JJ shareholder NN group NN -- : whose WP$ interests NNS are VBP represented VBN by IN three CD other JJ directors NNS connected VBN to TO trusts NNS in IN the DT name NN of IN the DT children NNS of IN the DT company NN 's POS founder NN , , James NNP Patterson NNP -- : has VBZ ties NNS to TO a DT competing VBG fast JJ food NN chain NN , , Wendy NNP 's POS International NNP Inc NNP . . The DT company NN last JJ week NN assembled VBD a DT three-member JJ committee NN of IN directors NNS aligned VBN with IN neither DT side NN to TO analyze VB the DT situation NN . . Each DT group NN controls VBZ more JJR than IN 40 CD % NN of IN Rally NNP 's POS stock NN . . The DT company NN just RB went VBD public JJ earlier RBR this DT month NN . . Rally NNP 's POS had VBD no DT comment NN , , but CC was VBD expected VBN to TO make VB an DT announcement NN this DT morning NN about IN the DT situation NN . . Singer NNP Bette NNP Midler NNP won VBD a DT $ $ 400,000 CD federal JJ court NN jury NN verdict NN against IN Young NNP & CC Rubicam NNP in IN a DT case NN that WDT threatens VBZ a DT popular JJ advertising NN industry NN practice NN of IN using VBG `` `` sound-alike JJ '' '' performers NNS to TO tout VB products NNS . . The DT decision NN in IN Los NNP Angeles NNP federal JJ court NN stems VBZ from IN a DT 1985 CD Mercury NNP Sable NNP TV NN ad NN that IN Young NNP & CC Rubicam NNP worked VBD up RP for IN Ford NNP Motor NNP Co NNP . . The DT ad NN agency NN had VBD approached VBN Ms. NNP Midler NNP about IN appearing VBG , , but CC she PRP declined VBD , , citing VBG a DT longstanding JJ policy NN of IN refusing VBG advertising NN work NN . . The DT agency NN then RB turned VBD to TO a DT former JJ backup NN singer NN for IN Ms. NNP Midler NNP who WP appeared VBD in IN the DT ad NN and CC crooned VBD what WP was VBD generally RB considered VBN a DT more RBR than IN credible JJ imitation NN of IN Ms. NNP Midler NNP 's POS 1973 CD hit NN song NN `` `` Do NNP You PRP Wanna NNP Dance NNP . . '' '' The DT appeals NNS court NN held VBD : : `` `` When WRB a DT distinctive JJ voice NN of IN a DT professional JJ singer NN is VBZ widely RB known VBN and CC is VBZ deliberately RB imitated VBN in IN order NN to TO sell VB a DT product NN , , the DT sellers NNS have VBP appropriated VBN what WP is VBZ not RB theirs JJ . . '' '' The DT judge NN in IN the DT jury NN trial NN said VBD there EX was VBD insufficient JJ evidence NN to TO hold VB Ford NNP liable JJ in IN the DT case NN . . In IN a DT statement NN , , Young NNP & CC Rubicam NNP called VBD the DT award NN `` `` unfortunate JJ but CC bearable JJ . . '' '' Peter NNP Laird NNP , , a DT Los NNP Angeles NNP lawyer NN for IN Ms. NNP Midler NNP , , said VBD , , `` `` We PRP believe VBP that IN the DT verdict NN reaffirms VBZ her PRP$ position NN and CC our PRP$ position NN that IN advertisers NNS and CC advertising NN agencies NNS can MD not RB with IN impunity NN imitate VBP the DT voices NNS of IN well-known JJ performers NNS . . That DT is VBZ a DT property NN right NN that WDT belongs VBZ to TO the DT performer JJ . . '' '' The DT award NN , , although IN far RB less JJR than IN the DT $ $ 10 CD million CD , , including VBG punitive JJ damages NNS , , that IN Ms. NNP Midler NNP sought VBD , , is VBZ likely JJ to TO force VB Madison NNP Avenue NNP to TO further RBR rethink VB how WRB they PRP use VBP famous JJ songs NNS in IN ads NNS . . Last JJ year NN 's POS appeals NNS court NN decision NN , , for IN instance NN , , spawned VBD several JJ suits NNS , , reportedly RB including VBG a DT recent JJ action NN by IN the DT heirs NNS of IN singer NN Bobby NNP Darin NNP against IN McDonald NNP 's POS Corp. NNP over IN its PRP$ `` `` Mac NNP Tonight NNP '' '' TV NN commercials NNS , , a DT rough JJ parody NN of IN Mr. NNP Darin NNP 's POS `` `` Mack NNP the DT Knife NNP '' '' trademark NN . . The DT appeals-court NN decision NN last JJ year NN was VBD particularly RB surprising JJ because IN the DT same JJ court NN had VBD dismissed VBN a DT similar JJ case NN in IN 1970 CD involving VBG singer NN Nancy NNP Sinatra NNP and CC a DT tire NN ad NN -- : also RB a DT Young NNP & CC Rubicam NNP product NN . . Ms. NNP Sinatra NNP sued VBD over IN the DT use NN of IN her PRP$ `` `` These DT Boots NNP are NNP Made NNP for IN Walkin NNP ' '' '' '' song NN in IN the DT ad NN . . At IN that DT time NN , , the DT court NN held VBD that IN such JJ a DT claim NN would MD interfere VB with IN federal JJ copyright NN law NN , , which WDT has VBZ always RB cracked VBN down RP on IN the DT unauthorized JJ copying NN of IN songs NNS and CC musical JJ compositions NNS but CC never RB actual JJ performances NNS . . `` `` One CD thing NN that WDT is VBZ a DT little JJ unnerving JJ is VBZ that IN you PRP had VBD three CD old JJ men NNS on IN the DT court NN of IN appeals NNS in IN California NNP coming VBG up RP with IN a DT statement NN that IN Nancy NNP Sinatra NNP is VBZ not RB distinctive JJ but CC that IN Bette NNP Midler NNP is VBZ . . I PRP am VBP not RB sure JJ that IN judges NNS , , many DT of IN whom WP I PRP like VBP very RB much RB , , are VBP proper JJ repositories NNS for IN making VBG distinctions NNS about IN pop NN singers NNS , , '' '' said VBD Richard NNP Kurnit NNP , , a DT New NNP York NNP advertising NN lawyer NN . . Nonetheless RB , , Mr. NNP Kurnit NNP said VBD that IN the DT latest JJS decisions NNS are VBP having VBG a DT chilling VBG effect NN . . `` `` It PRP has VBZ made VBN people NNS think VB twice RB about IN how WRB they PRP use VBP music NN and CC is VBZ forcing VBG them PRP to TO be VB more RBR circumspect JJ about IN doing VBG a DT particular JJ rendition NN of IN a DT song NN in IN its PRP$ most RBS famous JJ form NN , , '' '' he PRP said VBD . . Joanne NNP Lipman NNP contributed VBD to TO this DT article NN . . James NNP River NNP Corp. NNP , , Richmond NNP , , Va. NNP , , said VBD it PRP acquired VBD the DT tissue NN operations NNS of IN Buhrmann-Tetterode NNP N.V. NNP of IN the DT Netherlands NNP for IN about RB $ $ 77 CD million CD . . The DT Dutch JJ unit NN , , known VBN as IN Celtona NNP B.V. NNP , , is VBZ a DT leading VBG maker NN of IN consumer NN and CC away-from-home JJ tissue NN products NNS for IN the DT Benelux NNP region NN . . In IN addition NN , , the DT acquisition NN includes VBZ production NN assets NNS of IN Invercon NNP Papermils NNP , , a DT maker NN of IN household NN tissue NN products NNS for IN the DT U.K. NNP and CC Ireland NNP . . The DT combined VBN operations NNS had VBD 1988 CD revenue NN of IN about RB $ $ 100 CD million CD . . James NNP River NNP , , a DT maker NN of IN pulp NN , , paper NN and CC plastic NN products NNS , , already RB has VBZ interests NNS in IN tissue NN businesses NNS in IN France NNP , , Spain NNP , , Italy NNP and CC Turkey NNP . . The DT company NN said VBD it PRP plans VBZ to TO form VB European JJ ventures NNS with IN Italian JJ and CC Finnish JJ companies NNS . . The DT Celtona NNP operations NNS would MD become VB part NN of IN those DT ventures NNS . . Vitro NNP S.A. NNP of IN Monterrey NNP , , Mexico NNP , , said VBD its PRP$ THR NNP Corp. NNP subsidiary NN has VBZ entered VBN into IN definitive JJ loan NN agreements NNS in IN connection NN with IN Vitro NNP 's POS $ $ 21.25-a-share JJ tender NN offer NN for IN Anchor NNP Glass NNP Container NNP Corp NNP . . The DT agreements NNS are VBP with IN Security NNP Pacific NNP National NNP Bank NNP and CC an DT affiliate NN of IN Donaldson NNP , , Lufkin NNP & CC Jenrette NNP Securities NNP Corp NNP . . Proceeds NNS of IN the DT loan NN agreement NN , , together RB with IN funds NNS from IN Vitro NNP , , will MD permit VB the DT purchase NN of IN all DT shares NNS outstanding JJ of IN Anchor NNP and CC the DT payment NN of IN all DT related VBN costs NNS and CC expenses NNS . . Vitro NNP said VBD the DT definitive JJ agreements NNS require VBP that IN Anchor NNP obtain VB a DT waiver NN from IN its PRP$ bank NN lenders NNS of IN existing VBG covenant NN defaults NNS under IN its PRP$ bank NN facilities NNS . . Since IN Anchor NNP is VBZ still RB seeking VBG this DT waiver NN , , Vitro NNP said VBD the DT tender NN offer NN is VBZ being VBG extended VBN until IN 5 CD p.m. NN EST NNP tomorrow NN . . The DT dollar NN finished VBD mostly RB stronger JJR yesterday NN , , boosted VBN by IN a DT modest JJ recovery NN in IN share NN prices NNS . . The DT Dow NNP Jones NNP Industrial NNP Average NNP climbed VBD 6.76 CD points NNS in IN a DT spate NN of IN bargain-hunting NN following VBG last JJ week NN 's POS declines NNS . . `` `` Attention NN is VBZ fixed VBN on IN the DT stock NN market NN for IN lack NN of IN anything NN else RB to TO sink VB our PRP$ teeth NNS into IN , , '' '' said VBD Robert NNP White NNP , , a DT vice NN president NN at IN First JJ Interstate NNP of IN California NNP . . Some DT analysts NNS predict VBP that IN in IN the DT absence NN of IN market-moving JJ news NN to TO push VB the DT U.S. NNP unit NN sharply RB higher RBR or CC lower RBR , , the DT currency NN is VBZ likely JJ to TO drift VB below IN 1.80 CD marks NNS this DT week NN . . But CC others NNS reject VBP the DT view NN , , and CC forecast VBP the DT dollar NN will MD continue VB to TO hold VB its PRP$ current JJ tight JJ trading NN pattern NN . . They PRP argue VBP that DT weakness NN in IN both DT the DT yen NN and CC sterling NN have VBP helped VBN offset VB bearish JJ U.S. NNP economic JJ news NN and CC have VBP lent VBN support NN to TO the DT dollar NN . . In IN late JJ New NNP York NNP trading NN yesterday NN , , the DT dollar NN was VBD quoted VBN at IN 1.8340 CD marks NNS , , up RB from IN 1.8300 CD marks NNS late JJ Friday NNP , , and CC at IN 141.90 CD yen NN , , up RB from IN 141.65 CD yen NN late JJ Friday NNP . . Sterling NN was VBD quoted VBN at IN $ $ 1.5820 CD , , up RB from IN $ $ 1.5795 CD late JJ Friday NNP . . The DT dollar NN rose VBD against IN the DT Swiss JJ and CC French JJ francs NNS . . In IN Tokyo NNP Tuesday NNP , , the DT U.S. NNP currency NN opened VBD for IN trading NN at IN 142.32 CD yen NN , , up RB from IN Monday NNP 's POS Tokyo NNP close NN of IN 142.17 CD yen NN . . Last JJ week NN , , the DT surprise NN resignation NN of IN British NNP Chancellor NNP of IN the DT Exchequer NNP Nigel NNP Lawson NNP sent VBD the DT British JJ pound NN into IN a DT tailspin NN . . While IN sterling NN bounced VBD back RB from IN session NN lows NNS in IN a DT bout NN of IN short-covering NN yesterday NN , , foreign JJ exchange NN dealers NNS said VBD that IN any DT hopes NNS that IN the DT pound NN would MD soon RB post VB significant JJ gains NNS have VBP evaporated VBN . . Traders NNS said VBD that IN statements NNS made VBN over IN the DT weekend NN to TO quell VB concern NN about IN the DT stability NN of IN Prime NNP Minister NNP Margaret NNP Thatcher NNP 's POS government NN and CC the DT future NN of IN her PRP$ economic JJ program NN largely RB failed VBD to TO reassure VB investors NNS and CC bolster VB the DT flagging JJ British JJ unit NN . . In IN her PRP$ first JJ televised VBN interview NN following VBG Mr. NNP Lawson NNP 's POS resignation NN , , Mrs. NNP Thatcher NNP reiterated VBD her PRP$ desire NN to TO keep VB sterling NN strong JJ and CC warned VBD again RB that IN full JJ entry NN into IN the DT European NNP Monetary NNP System NNP 's POS exchange NN rate NN mechanism NN would MD provide VB no DT easy JJ solution NN to TO Britain NNP 's POS economic JJ troubles NNS . . She PRP said VBD that IN the DT timing NN of IN the DT United NNP Kingdom NNP 's POS entry NN would MD depend VB on IN the DT speed NN with IN which WDT other JJ members NNS liberalize VBP their PRP$ economies NNS . . Mrs. NNP Thatcher NNP 's POS remarks NNS were VBD seen VBN as IN a DT rebuff NN to TO several JJ leading VBG members NNS of IN her PRP$ own JJ Conservative NNP Party NNP who WP have VBP called VBN for IN a DT more RBR clear-cut JJ British JJ commitment NN to TO the DT EMS NNP . . At IN the DT same JJ time NN , , a DT recent JJ poll NN shows VBZ that IN Mrs. NNP Thatcher NNP has VBZ hit VBN the DT lowest JJS popularity NN rating NN of IN any DT British JJ leader NN since IN polling NN began VBD 50 CD years NNS ago RB . . Comments NNS by IN John NNP Major NNP , , who WP has VBZ succeeded VBN Mr. NNP Lawson NNP , , also RB failed VBD to TO damp VB market NN concern NN , , despite IN his PRP$ pledge NN to TO maintain VB relatively RB high JJ British JJ interest NN rates NNS . . According VBG to TO one CD London-based JJ analyst NN , , even RB higher JJR interest NN rates NNS wo MD n't RB help VB the DT pound NN if IN Britain NNP 's POS government NN continues VBZ to TO appear VB unstable JJ . . One CD U.S. NNP trader NN , , however RB , , dismissed VBD sterling JJ doomsayers NNS while IN acknowledging VBG there EX is VBZ little RB immediate JJ upside JJ potential NN for IN the DT U.K. NNP unit NN . . `` `` There EX is VBZ no DT question NN that IN the DT situation NN is VBZ bad JJ , , but CC we PRP may MD be VB painting VBG a DT gloomier RBR picture NN than IN we PRP should MD , , '' '' he PRP said VBD . . He PRP predicts VBZ the DT pound NN will MD continue VB to TO trade VB in IN a DT very RB volatile JJ fashion NN , , with IN `` `` fits NNS of IN being VBG oversold VBN and CC overbought VBN '' '' before IN recovering VBG its PRP$ losses NNS . . Dealers NNS also RB note VBP that IN the DT general JJ lack NN of IN enthusiasm NN for IN the DT yen NN has VBZ helped VBN bolster VB the DT U.S. NNP dollar NN . . They PRP observe VBP that DT persistent JJ Japanese JJ investor NN demand NN for IN dollars NNS for IN both DT portfolio NN and CC direct JJ investment NN has VBZ kept VBN a DT base NN of IN support NN for IN the DT dollar NN at IN around IN 140 CD yen NN . . The DT dollar NN began VBD yesterday NN on IN a DT firm JJ note NN in IN Tokyo NNP , , closing VBG higher RBR in IN late JJ trade NN . . In IN Europe NNP , , the DT dollar NN closed VBD slightly RB up RB in IN a DT market NN dominated VBN by IN cross NN trades NNS . . On IN the DT Commodity NNP Exchange NNP in IN New NNP York NNP , , gold NN for IN current JJ delivery NN settled VBD at IN $ $ 377.80 CD an DT ounce NN , , down RB 70 CD cents NNS . . Estimated VBN volume NN was VBD a DT moderate JJ 3.5 CD million CD ounces NNS . . In IN early RB trading NN in IN Hong NNP Kong NNP Tuesday NNP , , gold NN was VBD quoted VBN at IN $ $ 376.80 CD an DT ounce NN . . General NNP Electric NNP Capital NNP Corp. NNP 's POS Monogram NNP Bank NNP USA NNP acquired VBD a DT Visa NNP and CC MasterCard NNP portfolio NN from IN Commercial NNP Federal NNP Savings NNP & CC Loan NNP Association NNP , , an DT Omaha NNP , , Neb. NNP , , unit NN of IN Commercial NNP Federal NNP Corp. NNP of IN Omaha NNP . . Terms NNS were VBD n't RB disclosed VBN . . The DT portfolio NN currently RB includes VBZ $ $ 95 CD million CD in IN receivables NNS , , GE NNP Capital NNP said VBD . . GE NNP Capital NNP is VBZ a DT financial JJ services NNS subsidiary NN of IN General NNP Electric NNP Co. NNP of IN Fairfield NNP , , Conn. NNP , , which WDT also RB has VBZ broadcasting NN and CC electrical-products NNS businesses NNS . . GE NNP Capital NNP said VBD Commercial NNP Federal NNP Savings NNP will MD continue VB to TO market VB Visa NNP and CC MasterCard NNP programs NNS while IN Monogram NNP provides VBZ `` `` operational JJ and CC marketing NN support NN '' '' and CC actually RB owns VBZ the DT accounts NNS . . With IN the DT acquisition NN , , Monogram NNP , , Blue NNP Ash NNP , , Ohio NNP , , has VBZ more JJR than IN 2.4 CD million CD total JJ accounts NNS , , GE NNP Capital NNP added VBD . . EAST NNS GERMANS NNS RALLIED VBD in IN three CD cities NNS to TO demand VB democratic JJ freedoms NNS . . As IN the DT country NN 's POS new JJ leader NN , , Egon NNP Krenz NNP , , prepared VBD to TO travel VB to TO Moscow NNP today NN for IN talks NNS with IN Soviet JJ leader NN Gorbachev NNP , , hundreds NNS of IN thousands NNS of IN East NNP Germans NNP massed VBD in IN the DT streets NNS of IN Leipzig NNP , , Halle NNP and CC Schwerin NNP to TO call VB for IN internal JJ freedoms NNS and CC the DT legalization NN of IN the DT New NNP Forum NNP opposition NN group NN . . Krenz NNP , , however RB , , vowed VBD to TO preserve VB the DT Communist NNP Party NNP 's POS hold NN on IN political JJ power NN and CC said VBD East NNS Germans NNS should MD n't RB destabilize VB the DT nation NN with IN unrealistic JJ demands NNS . . Communist JJ officials NNS this DT month NN have VBP faced VBN nearly RB daily JJ pro-democracy JJ protests NNS , , accompanied VBN by IN the DT flight NN to TO the DT West NNP by IN thousands NNS of IN East NNS Germans NNS . . Soviet JJ police NNS clashed VBD with IN demonstrators NNS in IN Moscow NNP following VBG a DT candlelight NN vigil NN around IN the DT KGB NNP 's POS Lubyanka NNP headquarters NN in IN memory NN of IN those DT persecuted VBN under IN Stalin NNP . . More RBR than IN 1,000 CD Muscovites NNS attended VBD the DT service NN . . A DT splinter NN group NN demonstrated VBD in IN Pushkin NNP Square NNP , , where WRB the DT police NN clubbed VBD and CC detained VBD a DT number NN of IN protesters NNS . . Police NNP in IN Yugoslavia NNP dispersed VBD about RB 1,000 CD ethnic JJ Albanians NNS who WP were VBD protesting VBG the DT trial NN of IN the DT former JJ Communist NNP Party NNP chief NN of IN the DT southern JJ province NN of IN Kosovo NNP . . Azem NNP Vlasi NNP and CC 14 CD others NNS are VBP accused VBN of IN inciting VBG riots NNS and CC strikes NNS and CC opposing VBG constitutional JJ limits NNS to TO Kosovo NNP 's POS autonomy NN . . If IN convicted VBN , , they PRP could MD be VB sentenced VBN to TO death NN . . A DT court NN in IN Jerusalem NNP sentenced VBD a DT Palestinian NN to TO 16 CD life NN terms NNS for IN forcing VBG a DT bus NN off IN a DT cliff NN July NNP 6 CD , , killing VBG 16 CD people NNS , , Israeli JJ radio NN reported VBD . . He PRP also RB received VBD 20-year JJ sentences NNS for IN each DT of IN the DT 24 CD passengers NNS injured VBN . . It PRP was VBD considered VBN the DT stiffest JJS sentence NN passed VBD since IN the DT start NN of IN the DT 22-month-old JJ Arab NNP uprising NN in IN the DT Israeli-occupied JJ territories NNS . . U.S. NNP and CC Soviet JJ negotiators NNS opened VBD talks NNS in IN New NNP York NNP aimed VBD at IN resolving VBG differences NNS in IN proposals NNS to TO reduce VB chemical-weapons NNS arsenals NNS . . While IN the DT Kremlin NNP has VBZ urged VBN a DT ban NN on IN output NN of IN the DT poison NN gases NNS , , the DT White NNP House NNP wants VBZ to TO continue VB producing VBG the DT weapons NNS even RB after IN an DT international JJ treaty NN calling VBG for IN their PRP$ destruction NN is VBZ signed VBN . . South NNP Africa NNP 's POS government NN said VBD peaceful JJ demonstrations NNS such JJ as IN the DT anti-apartheid JJ rally NN Sunday NNP near IN Soweto NNP have VBP helped VBN ease VB tensions NNS and CC assisted VBN political JJ changes NNS . . About RB 70,000 CD people NNS attended VBD the DT anti-government JJ rally NN , , at IN which WDT leaders NNS of IN the DT banned VBN African NNP National NNP Congress NNP refused VBD to TO renounce VB violence NN to TO end VB apartheid NN . . Secretary NNP of IN State NNP Baker NNP expressed VBD concern NN that IN Nicaraguan NNP President NNP Ortega NNP may MD attempt VB to TO use VB alleged JJ attacks NNS by IN the DT U.S.backed JJ Contra NNP rebels NNS as IN an DT excuse NN to TO scuttle VB elections NNS scheduled VBN for IN February NNP . . Ortega NNP had VBD threatened VBN to TO end VB a DT 19-month-old JJ ceasefire NN . . Baker NNP 's POS remarks NNS came VBD as IN the DT White NNP House NNP urged VBD both DT sides NNS to TO honor VB the DT truce NN . . The DT USS NNP Lexington NNP returned VBD to TO dock NN in IN Pensacola NNP , , Fla. NNP , , following VBG an DT accident NN Sunday NNP in IN which WDT the DT pilot NN of IN a DT training NN jet NN crashed VBD into IN the DT ship NN , , killing VBG five CD sailors NNS . . The DT captain NN of IN the DT aircraft NN carrier NN , , the DT oldest JJS in IN the DT Navy NNP , , said VBD the DT flier NN was VBD making VBG his PRP$ first JJ attempt NN to TO land NN on IN a DT carrier NN . . Four CD people NNS torched VBD three CD U.S. NNP flags NNS on IN the DT central JJ steps NNS of IN the DT U.S. NNP Capitol NNP in IN a DT bid NN to TO test VB a DT new JJ federal JJ law NN protecting VBG the DT American JJ flag NN from IN desecration NN . . All DT four CD demonstrators NNS were VBD arrested VBN . . The DT law NN , , which WDT Bush NNP allowed VBD to TO take VB effect NN without IN his PRP$ signature NN , , went VBD into IN force NN Friday NNP . . Chinese JJ officials NNS said VBD armed JJ police NNS would MD replace VB soldiers NNS in IN Tiananmen NNP Square NNP as IN part NN of IN a DT scaling VBG down RP of IN Beijing NNP 's POS five-month-old JJ state NN of IN emergency NN . . Separately RB , , the DT U.S. NNP Embassy NNP has VBZ filed VBN three CD protests NNS in IN as RB many JJ days NNS with IN China NNP 's POS government NN , , alleging VBG harassment NN of IN diplomats NNS and CC their PRP$ families NNS , , an DT embassy NN source NN said VBD . . Authorities NNP in IN Algeria NNP said VBD the DT toll NN from IN two CD earthquakes NNS Sunday NNP had VBD reached VBN at IN least JJS 30 CD dead JJ and CC about RB 250 CD injured JJ . . The DT heaviest JJS damage NN was VBD reported VBN in IN Tipasa NNP , , about RB 40 CD miles NNS west RB of IN Algiers NNP . . As IN rescue NN teams NNS continued VBD searching VBG for IN victims NNS , , hundreds NNS of IN suvivors NNS accused VBD the DT government NN of IN a DT feeble JJ response NN following VBG the DT temblors NNS . . Britain NNP 's POS Thatcher NNP summoned VBD senior JJ advisers NNS for IN strategy NN talks NNS as IN opinion NN polls NNS showed VBD the DT prime JJ minister NN 's POS popularity NN had VBD hit VBN a DT record NN low NN following VBG the DT resignation NN last JJ Thursday NNP of IN Chancellor NNP of IN the DT Exchequer NNP Lawson NNP . . One CD poll NN , , conducted VBN for IN the DT British JJ Broadcasting NNP Corp. NNP , , found VBD that IN 52 CD % NN of IN voters NNS believed VBD that IN she PRP should MD quit VB . . Lawmakers NNS in IN Hungary NNP approved VBD legislation NN granting VBG amnesty NN to TO many JJ people NNS convicted VBN of IN crimes NNS punishable JJ by IN less JJR than IN three CD years NNS in IN prison NN . . They PRP also RB established VBD an DT office NN to TO control VB government NN and CC party NN finances NNS . . The DT laws NNS take VBP effect NN next JJ month NN . . Died VBN : : Robert NNP V. NNP Van NNP Fossan NNP , , 63 CD , , chairman NN of IN Mutual NNP Benefit NNP Life NNP Insurance NNP Co. NNP , , Sunday NNP , , in IN Morristown NNP , , N.J. NNP , , of IN cancer NN . . Fluor NNP Corp. NNP said VBD it PRP was VBD awarded VBN a DT $ $ 300 CD million CD contract NN to TO provide VB engineering NN and CC construction-management JJ services NNS at IN a DT copper NN mine NN in IN Irian NNP Jaya NNP , , Indonesia NNP , , for IN a DT unit NN of IN Freeport-McMoRan NNP Copper NNP Co NNP . . Fluor NNP , , based VBN in IN Irvine NNP , , Calif. NNP , , will MD direct VB expansion NN of IN the DT mine NN 's POS capacity NN to TO 52,000 CD metric JJ tons NNS a DT day NN from IN 32,000 CD metric JJ tons NNS a DT day NN . . Completion NN of IN the DT project NN is VBZ expected VBN by IN mid-1992 NN . . In IN 1988 CD , , Fluor NNP had VBD revenue NN of IN $ $ 5.1 CD billion CD and CC earnings NNS of IN $ $ 56.4 CD million CD , , or CC 71 CD cents NNS a DT share NN . . Nixdorf NNP Computer NNP AG NNP , , citing VBG continued VBN profitability NN problems NNS , , said VBD it PRP will MD have VB to TO reduce VB personnel NNS further RBR , , notably RB in IN research NN and CC development NN sectors NNS . . The DT troubled JJ West NNP German NNP computer NN company NN said VBD , , in IN a DT statement NN to TO its PRP$ employees NNS , , that IN the DT number NN of IN persons NNS working VBG in IN product NN development NN will MD be VB reduced VBN world-wide JJ to TO 2,440 CD from IN 2,888 CD by IN the DT end NN of IN 1990 CD . . The DT number NN of IN workers NNS in IN production NN sectors NNS will MD be VB cut VBN by IN 488 CD , , to TO 5,200 CD by IN September NNP . . The DT cuts NNS will MD be VB made VBN half NN within IN Germany NNP and CC half NN abroad RB . . In IN the DT first JJ nine CD months NNS of IN 1989 CD , , Nixdorf NNP said VBD , , sales NNS rose VBD 5 CD % NN amid IN good JJ growth NN in IN selected VBN areas NNS such JJ as IN banks NNS and CC trading NN companies NNS . . The DT company NN also RB cited VBD some DT success NN in IN damping VBG cost NN increases NNS and CC said VBD it PRP wants VBZ to TO return VB to TO profitability NN in IN 1990 CD . . It PRP cited VBD the DT expected VBN beneficial JJ effects NNS of IN a DT concentration NN on IN key JJ products NNS , , further JJ structural JJ changes NNS within IN the DT group NN and CC cooperation NN agreements NNS with IN other JJ companies NNS . . GREAT JJ NORTHERN NNP NEKOOSA NNP is VBZ being VBG sought VBN by IN another DT big JJ paper NN company NN , , Georgia-Pacific NNP , , for IN $ $ 58 CD a DT share NN , , or CC about RB $ $ 3.18 CD billion CD . . The DT tender NN offer NN , , which WDT surprised VBD analysts NNS because IN it PRP appeared VBD to TO be VB unsolicited JJ , , could MD spark VB a DT period NN of IN industry NN consolidation NN . . Analysts NNS questioned VBD whether IN Georgia-Pacific NNP will MD ultimately RB prevail VB , , saying VBG other JJ paper NN concerns NNS may MD make VB competing VBG bids NNS . . Two CD more JJR securities NNS firms NNS bowed VBD to TO the DT outcry NN over IN program NN trading NN . . GE NNP 's POS Kidder NNP Peabody NNP unit NN said VBD it PRP would MD stop VB doing VBG stock-index JJ arbitrage NN for IN its PRP$ own JJ account NN , , while IN Merrill NNP Lynch NNP said VBD it PRP was VBD halting VBG such JJ trading NN entirely RB . . Also RB , , the DT Big NNP Board NNP met VBD with IN angry JJ stock NN specialists NNS . . A DT big JJ pension-insurance JJ case NN will MD be VB reviewed VBN by IN the DT Supreme NNP Court NNP . . The DT justices NNS agreed VBD to TO decide VB whether IN federal JJ insurers NNS can MD require VB LTV NNP to TO take VB back RP responsiblilty NN for IN funding VBG its PRP$ $ $ 2.3 CD billion CD pension NN shortfall NN . . Drug NN companies NNS lost VBD a DT major JJ liability NN case NN . . The DT Supreme NNP Court NNP let VBP stand VB a DT New NNP York NNP ruling NN that IN all DT manufacturers NNS of IN an DT anti-miscarriage JJ drug NN are VBP liable JJ for IN injuries NNS or CC deaths NNS if IN the DT actual JJ maker NN is VBZ n't RB known VBN . . Revco NNP received VBD a DT $ $ 925 CD million CD takeover NN offer NN from IN Texas NNP financier NN Robert NNP Bass NNP and CC Acadia NNP Partners NNP . . The DT drugstore NN chain NN reacted VBD cautiously RB , , saying VBG the DT plan NN would MD further RB swell VB its PRP$ huge JJ debt NN , , which WDT forced VBD the DT company NN into IN Chapter NNP 11 CD protection NN last JJ year NN . . Rockefeller NNP Group NNP agreed VBD to TO sell VB a DT 51 CD % NN interest NN to TO Mitsubishi NNP Estate NNP , , a DT major JJ Japanese JJ developer NN and CC property NN owner NN , , for IN $ $ 846 CD million CD . . Officials NNS at IN some DT Rockefeller NNP units NNS are VBP said VBD to TO be VB unhappy JJ with IN the DT agreement NN . . Continental NNP Air NNP replaced VBD its PRP$ top JJ executive NN for IN the DT sixth JJ time NN in IN as RB many JJ years NNS . . Chairman NNP and CC Chief NNP Executive NNP Joseph NNP Corr NNP was VBD succeeded VBN by IN Frank NNP Lorenzo NNP , , chief NN of IN parent NN Texas NNP Air NNP . . United NNP Air NNP 's POS parent NN may MD have VB to TO pay VB as RB much JJ as IN $ $ 53.7 CD million CD to TO the DT labor-management JJ buy-out NN group NN for IN fees NNS and CC expenses NNS incurred VBN in IN their PRP$ failed JJ $ $ 6.79 CD billion CD takeover NN bid NN . . Gen-Probe NNP agreed VBD to TO be VB bought VBN by IN Chugai NNP Pharmaceutical NNP for IN about RB $ $ 110 CD million CD . . The DT sale NN is VBZ likely JJ to TO fuel VB concern NN about IN growing VBG Japanese JJ investment NN in IN U.S. NNP biotechnology NN firms NNS . . Boeing NNP posted VBD a DT 68 CD % NN jump NN in IN third-quarter JJ earnings NNS , , but CC Wall NNP Street NNP 's POS attention NN was VBD focused VBN on IN the DT continued VBN strike NN at IN the DT aircraft NN maker NN . . The DT Fed NNP delayed VBD approval NN of IN First NNP Union NNP 's POS $ $ 849 CD million CD acquisition NN of IN Florida NNP National NNP Banks NNP pending VBG a DT review NN of IN First NNP Union NNP 's POS lending NN practices NNS in IN low-income JJ neighborhoods NNS . . Allianz NNP of IN West NNP Germany NNP entered VBD the DT takeover NN battle NN between IN France NNP 's POS Paribas NNP and CC Navigation NNP Mixte NNP . . Maxwell NNP agreed VBD to TO sell VB its PRP$ U.S. NNP printing NN unit NN to TO Quebecor NNP for IN $ $ 500 CD million CD , , making VBG Quebecor NNP the DT No. NN 2 CD commercial JJ printer NN in IN North NNP America NNP . . New JJ construction NN contracts NNS rose VBD 8 CD % NN in IN September NNP , , led VBN by IN commercial JJ , , industrial JJ and CC public-works JJ projects NNS , , according VBG to TO F.W. NNP Dodge NNP Group NNP . . Western NNP Union NNP took VBD steps NNS to TO withdraw VB a DT $ $ 500 CD million CD debt NN swap NN , , citing VBG turmoil NN in IN the DT junk NN bond NN market NN . . Markets NNS -- : Stocks NNS : : Volume NN 126,630,000 CD shares NNS . . Dow NNP Jones NNP industrials NNS 2603.48 CD , , up RB 6.76 CD ; : transportation NN 1191.86 CD , , up RB 1.43 CD ; : utilities NNS 216.74 CD , , up RB 0.88 CD . . Bonds NNS : : Shearson NNP Lehman NNP Hutton NNP Treasury NNP index NN 3416.81 CD , , up RB Commodities NNS : : Dow NNP Jones NNP futures NNS index NN 129.38 CD , , off RB 0.11 CD ; : spot NN index NN 130.09 CD , , off RB 0.71 CD . . Dollar NN : : 141.90 CD yen NN , , up RB 0.25 CD ; : 1.8340 CD marks NNS , , up RB 0.0040 CD . . Pacific NNP Telesis NNP Group NNP said VBD its PRP$ Pacific NNP Bell NNP unit NN sustained VBD property NN damage NN of IN about RB $ $ 45 CD million CD to TO $ $ 50 CD million CD from IN the DT California NNP earthquake NN earlier RBR this DT month NN . . The DT San NNP Francisco-based JJ telecommunications NNS company NN said VBD it PRP carries VBZ $ $ 150 CD million CD of IN earthquake NN insurance NN with IN a DT $ $ 10 CD million CD deductible JJ provision NN . . Sam NNP Ginn NNP , , chairman NN and CC chief JJ executive NN officer NN , , told VBD securities NNS analysts NNS in IN New NNP York NNP that IN the DT company NN expects VBZ somewhat RB slower JJR per-share JJ earnings NNS growth NN in IN 1990 CD , , although IN annual JJ growth NN should MD return VB to TO the DT traditional JJ figure NN of IN about RB 7 CD % NN thereafter RB . . As IN factors NNS contributing VBG to TO the DT temporary JJ slowdown NN , , he PRP cited VBD one-time JJ rate NN reductions NNS prescribed VBN by IN California NNP regulators NNS as IN a DT prelude NN to TO a DT new JJ framework NN that WDT removes VBZ profit NN constraints NNS . . He PRP also RB mentioned VBD increased VBN capital NN investment NN by IN Pacific NNP Bell NNP for IN network NN improvements NNS . . Mr. NNP Ginn NNP said VBD the DT company NN 's POS cellular JJ operations NNS now RB serve VBP about RB 341,000 CD customers NNS , , up RB 46 CD % NN from IN a DT year NN ago RB . . General NNP Motors NNP Corp. NNP is VBZ planning VBG to TO build VB a DT new JJ engine NN plant NN in IN Europe NNP that WDT may MD be VB built VBN in IN Britain NNP , , provided VBN the DT company NN can MD reach VB a DT satisfactory JJ agreement NN with IN unions NNS , , sources NNS said VBD . . Officials NNP of IN Vauxhall NNP Motors NNP Ltd. NNP , , GM NNP 's POS British JJ unit NN , , were VBD meeting VBG with IN union NN leaders NNS late JJ yesterday NN in IN hopes NNS of IN winning VBG such JJ an DT accord NN . . The DT engine NN plant NN may MD encompass VB plans NNS for IN a DT joint JJ components NNS venture NN with IN Jaguar NNP . . Alternatively RB , , a DT separate JJ engine NN plant NN may MD be VB built VBN as IN part NN of IN GM NNP 's POS planned VBN tie-up NN with IN the DT British JJ luxury NN car NN maker NN , , the DT sources NNS said VBD . . Sources NNS said VBD a DT `` `` complex JJ and CC detailed VBN '' '' announcement NN of IN a DT joint JJ agreement NN between IN General NNP Motors NNP and CC Jaguar NNP would MD be VB made VBN by IN Jaguar NNP `` `` some DT time NN in IN the DT next JJ 2 CD 1\/2 CD weeks NNS . . Cray NNP Research NNP Inc. NNP won VBD government NN clearance NN for IN its PRP$ proposed VBN reorganization NN of IN founder NN Seymour NNP Cray NNP 's POS supercomputer NN design NN team NN into IN a DT separate JJ company NN . . Internal NNP Revenue NNP Service NNP approval NN of IN the DT move NN as IN a DT tax-free JJ transaction NN was VBD the DT last JJ hurdle NN to TO splitting NN up RP the DT world NN 's POS dominant JJ maker NN of IN supercomputers NNS , , which WDT Mr. NNP Cray NNP founded VBD in IN 1974 CD . . Cray NNP 's POS directors NNS set VBD Nov. NNP 15 CD as IN the DT record NN date NN for IN distribution NN of IN shares NNS in IN the DT new JJ company NN , , to TO be VB called VBN Cray NNP Computer NNP Corp NNP . . It PRP will MD trade VB over IN the DT counter NN under IN the DT symbol NN CRAY NNP . . The DT plan NN calls VBZ for IN Cray NNP Research NNP holders NNS to TO receive VB one CD share NN in IN the DT new JJ company NN for IN every DT two CD shares NNS held VBD . . An DT estimated VBN 14.7 CD million CD Cray NNP Computer NNP shares NNS will MD be VB distributed VBN , , Cray NNP Research NNP said VBD . . Under IN the DT accord NN , , Cray NNP Research NNP will MD transfer VB to TO Mr. NNP Cray NNP 's POS fledgling NN operation NN $ $ 53.3 CD million CD of IN assets NNS primarily RB related VBN to TO the DT Cray-3 NNP development NN project NN his PRP$ team NN is VBZ undertaking VBG and CC will MD lend VB Cray NNP Computer NNP $ $ 98.6 CD million CD . . Cray NNP Research NNP will MD retain VB a DT 10 CD % NN interest NN in IN the DT new JJ company NN , , which WDT will MD be VB based VBN in IN Colorado NNP Springs NNP , , Colo NNP . . When WRB it PRP announced VBD the DT planned VBN breakup NN in IN May NNP , , Cray NNP Research NNP said VBD development NN costs NNS of IN several JJ competing VBG projects NNS were VBD squeezing VBG its PRP$ earnings NNS growth NN . . After IN the DT split NN , , the DT two CD companies NNS presumably RB will MD be VB rivals NNS for IN orders NNS from IN government NN and CC commercial JJ customers NNS . . Interface NNP Systems NNP Inc. NNP , , Ann NNP Arbor NNP , , Mich. NNP , , said VBD it PRP will MD report VB net JJ income NN for IN the DT fourth JJ quarter NN ended VBD Sept. NNP 30 CD fell VBD to TO $ $ 470,000 CD , , or CC 11 CD cents NNS a DT share NN , , from IN $ $ 805,000 CD , , or CC 19 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . Chairman NNP Carl NNP L. NNP Bixby NNP said VBD the DT decline NN occurred VBD although IN revenue NN rose VBD 30 CD % NN to TO more JJR than IN $ $ 8.3 CD million CD from IN $ $ 6.4 CD million CD a DT year NN earlier RBR . . The DT company NN , , which WDT makes VBZ computer NN parts NNS said VBD fiscal JJ 1989 CD earnings NNS were VBD `` `` down RB slightly RB '' '' from IN $ $ 3.2 CD million CD , , or CC 74 CD cents NNS a DT share NN , , in IN fiscal JJ l988 CD . . The DT company NN said VBD fiscal JJ 1989 CD revenue NN increased VBD about RB 30 CD % NN to TO more JJR than IN $ $ 32 CD million CD from IN $ $ 25.3 CD million CD . . Mr. NNP Bixby NNP said VBD that IN early JJ signs NNS point NN to TO improved VBN earnings NNS and CC revenue NN in IN the DT first JJ quarter NN of IN fiscal JJ 1990 CD . . `` `` The DT current JJ backlog NN of IN orders NNS is VBZ strong JJ throughout IN the DT corporation NN , , '' '' he PRP said VBD . . Priam NNP Corp. NNP said VBD it PRP filed VBD for IN protection NN under IN Chapter NNP 11 CD of IN the DT federal JJ Bankruptcy NNP Code NNP and CC announced VBD a DT 35 CD % NN reduction NN in IN its PRP$ world-wide JJ employment NN . . The DT filing NN in IN bankruptcy NN court NN here RB follows VBZ a DT string NN of IN quarterly JJ losses NNS and CC product NN glitches NNS for IN the DT maker NN of IN harddisk NN drives NNS for IN minicomputers NNS and CC microcomputers NNS . . Priam NNP had VBD a DT loss NN of IN $ $ 25.4 CD million CD for IN the DT fiscal JJ year NN ended VBN July NNP 7 CD , , compared VBN with IN year-earlier JJ profit NN of IN $ $ 543,000 CD , , or CC two CD cents NNS a DT share NN . . Revenue NN for IN the DT year NN fell VBD 13 CD % NN to TO $ $ 122.7 CD million CD . . The DT 200-person JJ staff NN cutback NN announced VBD yesterday NN will MD bring VB Priam NNP 's POS employment NN to TO about RB 380 CD workers NNS , , less JJR than IN half NN of IN what WP it PRP was VBD before IN a DT similar JJ , , 230-person JJ reduction NN in IN August NNP . . The DT company NN yesterday NN also RB said VBD it PRP was VBD scrapping VBG one CD of IN its PRP$ major JJ new JJ products NNS , , a DT 760-megabyte JJ drive NN , , which WDT , , while IN technically RB proficient JJ , , did VBD n't RB hold VB much JJ promise NN of IN generating VBG substantial JJ orders NNS because IN financing NN problems NNS caused VBD a DT nine-month JJ delay NN in IN getting VBG the DT product NN to TO market NN . . The DT French JJ Economics NNP Ministry NNP approved VBD a DT planned VBN asset NN swap NN between IN the DT defense NN and CC electronics NNS group NN Thomson-CSF NNP S.A. NNP and CC the DT bank NN group NN Credit NNP Lyonnais NNP . . The DT ministry NN said VBD the DT swap NN , , details NNS of IN which WDT were VBD disclosed VBN last JJ Thursday NNP , , will MD allow VB both DT state-controlled JJ companies NNS to TO reinforce VB operations NNS in IN their PRP$ main JJ markets NNS and CC argued VBD that IN the DT move NN shows VBZ the DT dynamism NN of IN France NNP 's POS state-sector JJ concerns NNS . . The DT approval NN also RB ends VBZ any DT hope NN that IN Banque NNP Nationale NNP de IN Paris NNP , , another DT state-sector JJ bank NN , , might MD have VB had VBN about IN taking VBG Credit NNP Lyonnais NNP 's POS place NN in IN the DT accord NN . . It PRP hinted VBD over IN the DT weekend NN that IN it PRP would MD have VB been VBN interested JJ in IN a DT hook-up NN with IN Thomson-CSF NNP . . Under IN details NNS of IN the DT accord NN , , Credit NNP Lyonnais NNP will MD take VB slightly RB more JJR than IN 50 CD % NN of IN Thomson-CSF NNP Finance NNP in IN exchange NN for IN about RB 14 CD % NN of IN its PRP$ own JJ shares NNS . . The DT move NN will MD help VB the DT bank NN to TO keep VB up RP with IN international JJ solvency NN ratios NNS being VBG phased VBD in RP by IN the DT Bank NNP for IN International NNP Settlements NNP and CC will MD also RB represent VB the DT first JJ time NN that IN its PRP$ voting NN shares NNS have VBP been VBN held VBN by IN a DT party NN other JJ than IN the DT government NN . . Bio-Technology NNP General NNP Corp. NNP received VBD tenders NNS for IN 97.9 CD % NN of IN its PRP$ 7.5 CD % NN convertible JJ senior JJ subordinated VBN notes NNS due JJ April NNP 15 CD , , 1997 CD , , and CC 96 CD % NN of IN its PRP$ 11 CD % NN convertible JJ senior JJ subordinated VBN debentures NNS due JJ March NNP 1 CD , , 2006 CD . . In IN exchange NN offers NNS that WDT expired VBD Friday NNP , , holders NNS of IN each DT $ $ 1,000 CD of IN notes NNS will MD receive VB $ $ 250 CD face NN amount NN of IN Series NNP A NNP 7.5 CD % NN senior JJ secured VBN convertible JJ notes NNS due JJ Jan. NNP 15 CD , , 1995 CD , , and CC 200 CD common JJ shares NNS . . For IN each DT $ $ 1,000 CD face NN amount NN of IN debentures NNS , , holders NNS received VBD $ $ 250 CD of IN Series NNP B NNP 11 CD % NN senior JJ secured VBN convertible JJ notes NNS due JJ Oct. NNP 15 CD , , 1998 CD , , and CC 200 CD common JJ shares NNS . . Bio-Technology NNP , , a DT New NNP York NNP maker NN of IN genetically RB engineered VBN products NNS for IN human NN and CC animal NN health NN care NN , , said VBD it PRP made VBD the DT exchange NN offer NN to TO reduce VB its PRP$ interest NN payments NNS . . Japanese JJ companies NNS have VBP long RB been VBN accused VBN of IN sacrificing VBG profit NN to TO boost VB sales NNS . . But CC Fujitsu NNP Ltd. NNP has VBZ taken VBN that DT practice NN to TO a DT new JJ extreme NN . . Japan NNP 's POS biggest JJS computer NN maker NN last JJ week NN undercut VBD seven CD competitors NNS to TO win VB a DT contract NN to TO design VB a DT mapping NN system NN for IN the DT city NN of IN Hiroshima NNP 's POS waterworks NN . . Its PRP$ bid NN : : one CD yen NN , , or CC less JJR than IN a DT U.S. NNP penny NN . . The DT bid NN created VBD such PDT a DT furor NN that IN Fujitsu NNP said VBD it PRP is VBZ now RB offering VBG to TO withdraw VB from IN the DT project NN . . `` `` From IN a DT common-sense JJ viewpoint NN , , it PRP was VBD not RB socially RB acceptable JJ , , '' '' a DT Fujitsu NNP spokeswoman NN said VBD yesterday NN . . Hiroshima NNP city NN officials NNS could MD n't RB be VB reached VBN to TO find VB out RP whether IN they PRP would MD drop VB Fujitsu NNP 's POS bid NN . . Fujitsu NNP said VBD it PRP issued VBD the DT low JJ bid NN because IN it PRP wanted VBD a DT foot NN in IN the DT door NN of IN a DT potentially RB lucrative JJ market NN . . `` `` We PRP desperately RB wanted VBD the DT contract NN because IN we PRP want VBP experience NN in IN the DT field NN , , '' '' the DT Fujitsu NNP spokeswoman NN said VBD . . `` `` We PRP expect VBP a DT big JJ market NN in IN the DT future NN , , so RB in IN the DT long JJ term NN it PRP will MD be VB profitable JJ . . It PRP 's VBZ a DT kind NN of IN an DT investment NN . . '' '' Hiroshima NNP 's POS waterworks NN bureau NN said VBD the DT municipal JJ government NN had VBD budgeted VBN about IN 11 CD million CD yen NN ( ( $ $ 77,500 CD ) ) for IN the DT project NN . . `` `` I PRP was VBD flabbergasted VBN , , '' '' Tatsuhara NNP Yamane NNP , , head NN of IN the DT bureau NN , , was VBD quoted VBN by IN Kyodo NNP news NN service NN as IN saying VBG . . `` `` I PRP understand VBP the DT firm NN 's POS enthusiasm NN in IN getting VBG the DT deal NN , , but CC such PDT a DT large JJ company NN would MD have VB been VBN better JJR off IN showing VBG a DT little JJ more JJR discretion NN . . '' '' Indeed RB , , Fujitsu NNP officials NNS admitted VBD they PRP may MD have VB been VBN a DT little RB overzealous JJ . . The DT Fujitsu NNP spokeswoman NN said VBD headquarter JJ officials NNS did VBD n't RB approve VB the DT bid NN in IN advance NN and CC will MD take VB measures NNS so RB this DT kind NN of IN thing NN does VBZ n't RB happen VB in IN the DT future NN . . `` `` It PRP 's VBZ contrary JJ to TO common JJ sense NN , , '' '' she PRP added VBD . . Specifically RB , , Fujitsu NNP won VBD the DT right NN to TO design VB the DT specifications NNS for IN a DT computerized NN system NN that WDT will MD show VB water NN lines NNS throughout IN the DT city NN . . The DT system NN could MD be VB used VBN in IN a DT fire NN or CC earthquake NN to TO locate VB problems NNS , , among IN other JJ things NNS . . A DT waterworks NN official NN said VBD Fujitsu NNP will MD have VB to TO design VB the DT system NN so IN it PRP would MD be VB compatible JJ with IN other JJ makers NNS ' POS equipment NN . . But CC industry NN officials NNS expressed VBD concern NN that IN the DT initial JJ project NN might MD give VB Fujitsu NNP an DT edge NN in IN winning VBG more JJR lucrative JJ contracts NNS later RB . . Fujitsu NNP said VBD it PRP hopes VBZ the DT Hiroshima NNP contract NN will MD help VB it PRP secure VB pacts NNS with IN other JJ municipalities NNS . . Japanese JJ local JJ governments NNS are VBP expected VBN to TO invest VB heavily RB in IN computer NN systems NNS over IN the DT next JJ few JJ years NNS , , and CC many JJ companies NNS expect VBP that DT field NN to TO provide VB substantial JJ revenue NN . . `` `` In IN the DT near JJ future NN , , it PRP will MD be VB a DT big JJ market NN , , not RB just RB for IN waterworks NN , , but CC for IN all DT mapping NN systems NNS , , '' '' the DT Fujitsu NNP spokeswoman NN said VBD . . `` `` We PRP can MD expect VB a DT hundreds-of-billions-of-yen JJ market NN . . '' '' No DT foreign JJ companies NNS bid VBP on IN the DT Hiroshima NNP project NN , , according VBG to TO the DT bureau NN . . But CC the DT Japanese JJ practice NN of IN deep JJ discounting NN often RB is VBZ cited VBN by IN Americans NNPS as IN a DT classic JJ barrier NN to TO entry NN in IN Japan NNP 's POS market NN . . Earlier RBR this DT year NN , , the DT U.S. NNP complained VBD that IN Japan NNP 's POS supercomputer NN makers NNS were VBD effectively RB closing VBG out RP foreign JJ competitors NNS by IN slashing VBG prices NNS as RB much RB as IN 90 CD % NN for IN universities NNS . . Fujitsu NNP was VBD n't RB the DT only JJ company NN willing JJ to TO sacrifice VB profit NN on IN the DT project NN . . Three CD competitors NNS bid VBD between IN 300,000 CD yen NN and CC 500,000 CD yen NN , , according VBG to TO the DT Hiroshima NNP government NN office NN . . Other JJ bids NNS ranged VBD from IN about IN 10 CD million CD yen NN to TO 29 CD million CD yen NN . . American NNP Airlines NNPS will MD expand VB its PRP$ trans-Atlantic JJ service NN 30 CD % NN beginning VBG next JJ year NN with IN six CD new JJ daily JJ flights NNS between IN the DT U.S. NNP and CC Europe NNP , , officials NNS announced VBD yesterday NN . . American NNP , , a DT unit NN of IN AMR NNP Corp. NNP , , is VBZ the DT nation NN 's POS largest JJS airline NN . . The DT new JJ nonstop JJ flights NNS , , starting VBG next JJ May NNP , , will MD include VB Chicago-Warsaw NNP , , Chicago-Helsinki NNP , , Miami-Madrid NNP , , Dallas-Barcelona NNP , , a DT second JJ daily JJ Chicago-Paris NNP flight NN and CC a DT second JJ daily JJ Chicago-Manchester NNP flight NN , , the DT officials NNS said VBD . . Chicago NNP has VBZ the DT largest JJS population NN of IN citizens NNS of IN Polish JJ heritage NN in IN any DT city NN outside IN Poland NNP . . With IN the DT new JJ service NN , , American NNP will MD fly VB 161 CD flights NNS a DT week NN to TO 17 CD European JJ cities NNS . . The DT additions NNS solidify VBP American NNP 's POS position NN as IN the DT third-largest JJ U.S. NNP transatlantic NN carrier NN , , behind IN PanAm NNP Corp. NNP 's POS Pan NNP American NNP World NNP Airways NNPS and CC Trans NNP World NNP Airlines NNPS . . Karstadt NNP AG NNP said VBD sales NNS for IN its PRP$ domestic JJ group NN rose VBD 4.6 CD % NN in IN the DT first JJ nine CD months NNS of IN 1989 CD from IN a DT year NN earlier RBR . . The DT West JJ German JJ retailing VBG group NN also RB said VBD that IN the DT results NNS of IN the DT first JJ three CD quarters NNS suggest VBP it PRP will MD meet VB its PRP$ profit NN goal NN for IN the DT year NN . . Earnings NNS at IN the DT department-store NN division NN , , which WDT generates VBZ the DT bulk NN of IN profit NN , , should MD remain VB at IN least JJS stable JJ , , while IN income NN at IN the DT mail-order NN and CC tourism NN units NNS is VBZ likely JJ to TO fall VB slightly RB from IN 1988 CD , , the DT company NN said VBD . . Karstadt NNP did VBD n't RB give VB any DT group NN sales NNS or CC profit NN figures NNS for IN the DT first JJ nine CD months NNS . . Georgia-Pacific NNP Corp. NNP offered VBD to TO acquire VB Great NNP Northern NNP Nekoosa NNP Corp. NNP for IN $ $ 58 CD a DT share NN , , or CC about IN $ $ 3.18 CD billion CD . . The DT offer NN capped VBD a DT week NN of IN rumors NNS that IN Georgia-Pacific NNP , , an DT Atlanta-based JJ forest-products NNS company NN , , was VBD considering VBG making VBG a DT bid NN for IN Nekoosa NNP , , a DT paper-products NNS concern NN based VBN in IN Norwalk NNP , , Conn NNP . . Executives NNS at IN Nekoosa NNP could MD n't RB be VB reached VBN , , and CC officials NNS at IN Georgia NNP Pacific NNP declined VBD to TO comment VB . . Analysts NNS , , however RB , , were VBD surprised VBN because IN the DT tender NN offer NN appeared VBD unsolicited JJ . . `` `` It PRP 's VBZ quite RB a DT bombshell NN , , '' '' said VBD one CD , , adding VBG that IN the DT offer NN could MD spark VB a DT period NN of IN industry NN consolidation NN . . The DT two CD companies NNS would MD appear VB to TO be VB a DT logical JJ fit NN because IN of IN their PRP$ complementary JJ lines NNS , , and CC analysts NNS described VBD the DT offer NN , , representing VBG a DT 36 CD % NN premium NN over IN Nekoosa NNP 's POS market NN price NN , , as IN fair JJ . . Nekoosa NNP closed VBD yesterday NN at IN $ $ 42.75 CD , , up RB $ $ 2.75 CD , , in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN . . But CC industry NN observers NNS still RB questioned VBD whether IN Georgia NNP Pacific NNP will MD ultimately RB prevail VB . . `` `` You PRP have VBP to TO watch VB out RP for IN counterbids NNS , , '' '' said VBD one CD analyst NN . . `` `` International NNP Paper NNP or CC Weyerhaeuser NNP could MD step VB in RB . . '' '' The DT bid NN for IN Great NNP Northern NNP , , a DT notice NN of IN which WDT appears VBZ in IN an DT advertisement NN in IN today NN 's POS Wall NNP Street NNP Journal NNP , , is VBZ the DT first RB big JJ takeover NN offer NN since IN the DT collapse NN of IN a DT $ $ 6.79 CD billion CD buy-out NN of IN United NNP Airlines NNPS parent NN UAL NNP Corp. NNP Oct. NNP 13 CD . . That DT collapse NN , , following VBG on IN the DT heels NNS of IN disarray NN in IN the DT market NN for IN high-risk JJ , , high-yield JJ bonds NNS , , cast VBD doubt NN on IN the DT entire JJ takeover NN business NN , , which WDT has VBZ fueled VBN both DT big JJ profits NNS among IN Wall NNP Street NNP securities NNS firms NNS and CC big JJ gains NNS in IN the DT stock NN market NN generally RB . . While IN Georgia-Pacific NNP 's POS stock NN has VBZ outperformed VBN the DT market NN in IN the DT past JJ two CD years NNS , , Nekoosa NNP has VBZ lagged VBN the DT market NN in IN the DT same JJ period NN . . Yesterday NN 's POS rise NN in IN Nekoosa NNP 's POS share NN price NN came VBD on IN volume NN of IN 786,700 CD shares NNS , , four CD times NNS the DT daily JJ average NN . . According VBG to TO Dow NNP Jones NNP Professional NNP Investor NNP Report NNP , , options NNS trading NN in IN Nekoosa NNP was VBD also RB heavy JJ , , ranking VBG only RB behind IN International NNP Business NNP Machines NNPS Corp. NNP and CC UAL NNP in IN volume NN on IN the DT Chicago NNP Board NNP Options NNPS Exchange NNP . . According VBG to TO the DT Value NNP Line NNP Investment NNP Survey NNP , , demand NN for IN Nekoosa NNP 's POS commodity NN paper NN has VBZ weakened VBN , , prompting VBG earnings NNS to TO decline VB by IN 6.6 CD % NN in IN the DT third JJ quarter NN ended VBD Sept. NNP 30 CD . . Value NNP Line NNP added VBD , , `` `` With IN discounts NNS widening VBG on IN business NN papers NNS , , and CC with IN newsprint NN and CC corrugated JJ shipments NNS flat JJ , , we PRP expect VBP negative JJ earnings NNS comparisons NNS through IN next JJ year NN . . '' '' By IN contrast NN , , Value NNP Line NNP said VBD Georgia-Pacific NNP `` `` is VBZ in IN a DT comparatively RB good JJ position NN to TO deal VB with IN weakening VBG paper NN markets NNS , , '' '' because IN its PRP$ production NN is VBZ concentrated VBN not RB in IN the DT Northwest NN but CC in IN the DT South NN , , where WRB it PRP should MD be VB able JJ to TO avoid VB some DT of IN the DT cost NN pressures NNS from IN rising VBG wood-chip NN prices NNS . . Also RB , , it PRP is VBZ n't RB exposed VBN to TO the DT weakening NN newsprint NN business NN , , and CC is VBZ strong JJ in IN the DT less-cyclical JJ tissue NN business NN . . The DT purchase NN of IN Nekoosa NNP would MD easily RB eclipse VB Georgia-Pacific NNP 's POS $ $ 530 CD million CD acquisition NN of IN Brunswick NNP Pulp NNP & CC Paper NNP Co. NNP last JJ year NN . . That DT acquisition NN , , which WDT also RB included VBD the DT assumption NN of IN $ $ 135 CD million CD in IN debt NN , , was VBD designed VBN to TO allow VB Georgia-Pacific NNP to TO capitalize VB on IN the DT strong JJ demand NN for IN softwood JJ pulp NN , , as RB well RB as IN reduce VB its PRP$ exposure NN to TO the DT housing NN market NN . . Wasserstein NNP Perella NNP & CC Co. NNP is VBZ the DT dealer-manager NN for IN the DT offer NN , , which WDT will MD expire VB Nov. NNP 29 CD , , unless IN extended VBN . . Ratners NNP Group NNP PLC NNP 's POS U.S. NNP subsidiary NN has VBZ agreed VBN to TO acquire VB jewelry NN retailer NN Weisfield NNP 's POS Inc. NNP for IN $ $ 50 CD a DT share NN , , or CC about IN $ $ 55 CD million CD . . Weisfield NNP 's POS shares NNS soared VBD on IN the DT announcement NN yesterday NN , , closing VBG up RB $ $ 11 CD to TO close VB at IN $ $ 50 CD in IN national JJ over-the-counter JJ trading NN . . Ratners NNP and CC Weisfield NNP 's POS said VBD they PRP reached VBD an DT agreement NN in IN principle NN for IN the DT acquisition NN of IN Weisfield NNP 's POS by IN Sterling NNP Inc NNP . . The DT companies NNS said VBD the DT acquisition NN is VBZ subject JJ to TO a DT definitive JJ agreement NN . . They PRP said VBD they PRP expect VBP the DT transaction NN to TO be VB completed VBN by IN Dec. NNP 15 CD . . Weisfield NNP 's POS , , based VBN in IN Seattle NNP , , Wash. NNP , , currently RB operates VBZ 87 CD specialty NN jewelry NN stores NNS in IN nine CD states NNS . . In IN the DT fiscal JJ year NN ended VBD Jan. NNP 31 CD , , the DT company NN reported VBD sales NNS of IN $ $ 59.5 CD million CD and CC pretax JJ profit NN of IN $ $ 2.9 CD million CD . . Ratners NNP , , which WDT controls VBZ 25 CD % NN of IN the DT British JJ jewelry NN market NN , , would MD increase VB the DT number NN of IN its PRP$ U.S. NNP stores NNS to TO about IN 450 CD stores NNS from IN 360 CD . . It PRP has VBZ said VBN it PRP hopes VBZ to TO control VB 5 CD % NN of IN jewelry NN business NN in IN the DT U.S. NNP by IN 1992 CD ; : currently RB it PRP controls VBZ about IN 2 CD % NN . . McDonnell NNP Douglas NNP Corp. NNP received VBD contracts NNS totaling VBG $ $ 244.8 CD million CD for IN 72 CD F-A-18 NN aircraft NN for IN the DT Navy NNP and CC helicopter NN spare JJ parts NNS for IN the DT Army NNP . . Aerojet NNP General NNP Corp. NNP , , a DT unit NN of IN GenCorp NNP Inc. NNP , , was VBD awarded VBN a DT $ $ 40.1 CD million CD Air NNP Force NNP contract NN for IN Minuteman NNP missile NN rocket NN motors NNS . . Rockwell NNP International NNP Corp. NNP received VBD a DT $ $ 26.7 CD million CD Navy NNP contract NN for IN submarine JJ ballistic JJ missiles NNS . . Honeywell NNP Inc. NNP got VBD a DT $ $ 22.3 CD million CD Navy NNP contract NN for IN aircraft NN missile NN warning VBG sets NNS . . Beech NNP Aircraft NNP Corp. NNP , , a DT unit NN of IN Raytheon NNP Co. NNP , , received VBD an DT $ $ 11.5 CD million CD Air NNP Force NNP contract NN for IN C-12 NN aircraft NN support NN . . Analog NNP Devices NNPS Inc. NNP said VBD it PRP may MD purchase VB as RB many JJ as IN one CD million CD of IN its PRP$ common JJ shares NNS over IN the DT next JJ several JJ months NNS . . Analog NNP also RB said VBD that IN a DT one CD million CD share NN buy-back JJ program NN announced VBD in IN March NNP is VBZ substantially RB complete JJ . . The DT company NN , , which WDT makes VBZ integrated VBN circuits NNS and CC other JJ electronic JJ parts NNS , , now RB has VBZ about IN 47 CD million CD common JJ shares NNS outstanding JJ . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN yesterday NN , , Analog NNP Devices NNPS closed VBD at IN $ $ 8.875 CD , , up RB 25 CD cents NNS . . John NNP Lehman NNP 's POS editorial-page JJ article NN on IN the DT Pentagon NNP as IN a DT haunted VBN house NN omits VBZ the DT real JJ roots NNS of IN its PRP$ ghost NN population NN ( ( `` `` In IN the DT Pentagon NNP , , the DT Undead NN Walk VBP , , '' '' Oct. NNP 18 CD ) ) . . The DT media NNS 's POS treatment NN of IN the DT Defense NNP Department NNP during IN the DT Vietnam NNP War NNP , , the DT Carter NNP administration NN 's POS denigration NN of IN the DT military JJ , , and CC the DT public NN scapegoating NN of IN Lt. NNP Col. NNP Oliver NNP North NNP have VBP all DT served VBD to TO emasculate VB the DT poor JJ souls NNS who WP live VBP there RB . . The DT resulting VBG haunted VBN house NN tends VBZ to TO reward VB followership NN , , not RB leadership NN , , it PRP creates VBZ guilt NN about IN wearing VBG the DT uniform NN , , and CC raises VBZ doubt NN about IN having VBG the DT will NN to TO fulfill VB the DT ghosts NNS ' POS role NN , , i.e. FW , , to TO be VB able JJ to TO win VB if IN called VBN on IN . . Perhaps RB the DT Halloween NNP season NN is VBZ a DT good JJ time NN for IN Congress NNP to TO be VB looking VBG at IN funding NN for IN some DT ghostbusting NN equipment NN . . Mike NNP Greece NNP Former NNP Air NNP Force NNP Career NNP Officer NNP New NNP York NNP Where WRB does VBZ Mr. NNP Lehman NNP get VB off RP castigating VBG Gen. NNP George NNP Marshall NNP for IN muscling VBG in RP on IN naval JJ prerogatives NNS ? . Ever RB since IN the DT days NNS of IN Alfred NNP Thayer NNP Mahan NNP ( ( U.S. NNP naval JJ officer NN and CC naval JJ historian NN ) ) and CC Teddy NNP Roosevelt NNP the DT Navy NNP has VBZ been VBN the DT service NN most RBS favored VBN by IN Washington NNP officialdom NN . . Mr. NNP Lehman NNP overlooks VBZ the DT fact NN that IN the DT Navy NNP possesses VBZ its PRP$ own JJ air NN force NN ( ( the DT carrier NN fleet NN ) ) and CC its PRP$ own JJ army NN ( ( the DT Marines NNPS ) ) , , which WDT in IN turn NN has VBZ its PRP$ own JJ air NN force NN . . Of IN course NN these DT turf JJ battles NNS are VBP unseemly JJ , , wasteful JJ and CC potentially RB dangerous JJ and CC should MD be VB resolved VBN in IN the DT interest NN of IN national JJ security NN , , but CC Mr. NNP Lehman NNP seems VBZ to TO be VB part NN of IN the DT problem NN rather RB than IN part NN of IN the DT answer NN . . L.H. NNP Blum NNP Beaumont NNP , , Texas NNP I PRP agree VBP with IN Mr. NNP Lehman NNP 100 CD % NN ! . Is VBZ n't RB this DT the DT same JJ guy NN who WP resigned VBD as IN Navy NNP secretary NN because IN he PRP could MD n't RB get VB his PRP$ 1,000-ship JJ Navy NNP ? . I PRP personally RB do VBP not RB want VB to TO hasten VB Mr. NNP Lehman NNP 's POS demise NN , , but CC I PRP can MD see VB him PRP figuring VBG prominently RB in IN his PRP$ own JJ article NN . . Carl NNP Banerian NNP Jr NNP . . Birmingham NNP , , Mich NNP . . For IN the DT sixth JJ time NN in IN as RB many JJ years NNS , , Continental NNP Airlines NNPS has VBZ a DT new JJ senior JJ executive NN . . Gone VBN is VBZ D. NNP Joseph NNP Corr NNP , , the DT airline NN 's POS chairman NN , , chief NN executive NN and CC president NN , , appointed VBN only RB last JJ December NNP . . Mr. NNP Corr NNP resigned VBD to TO pursue VB other JJ business NN interests NNS , , the DT airline NN said VBD . . He PRP could MD not RB be VB reached VBN for IN comment NN . . Succeeding VBG him PRP as IN chairman NN and CC chief NN executive NN will MD be VB Frank NNP Lorenzo NNP , , chairman NN and CC chief NN executive NN of IN Continental NNP 's POS parent NN , , Texas NNP Air NNP Corp NNP . . Mr. NNP Lorenzo NNP , , 49 CD years NNS old JJ , , is VBZ reclaiming VBG the DT job NN that WDT was VBD his PRP before IN Mr. NNP Corr NNP signed VBD on IN . . The DT airline NN also RB named VBD Mickey NNP Foret NNP as IN president NN . . Mr. NNP Foret NNP , , 44 CD , , is VBZ a DT 15-year JJ veteran NN of IN Texas NNP Air NNP and CC Texas NNP International NNP Airlines NNPS , , its PRP$ predecessor NN . . Most RBS recently RB he PRP had VBD been VBN executive JJ vice NN president NN for IN planning NN and CC finance NN at IN Texas NNP Air NNP . . Top JJ executives NNS at IN Continental NNP have VBP n't RB lasted VBN long RB , , especially RB those DT recruited VBN from IN outside NN . . But CC Mr. NNP Corr NNP 's POS tenure NN was VBD shorter JJR than IN most JJS . . The DT 48-year-old JJ Mr. NNP Corr NNP was VBD hired VBN largely RB because IN he PRP was VBD credited VBN with IN returning VBG Trans NNP World NNP Airlines NNPS Inc. NNP to TO profitability NN while IN he PRP was VBD its PRP$ president NN from IN 1986 CD to TO 1988 CD . . Before IN that DT , , he PRP was VBD an DT executive NN with IN a DT manufacturing VBG concern NN . . At IN Continental NNP he PRP cut VBD money-losing JJ operations NNS , , which WDT helped VBD produce VB a DT modest JJ profit NN in IN this DT year NN 's POS second JJ quarter NN . . But CC Mr. NNP Corr NNP , , a DT stunt NN pilot NN in IN his PRP$ spare JJ time NN , , was VBD understood VBN to TO be VB frustrated VBN by IN what WP he PRP regarded VBD as RB limited VBN freedom NN under IN Mr. NNP Lorenzo NNP . . While IN not RB officially RB an DT executive NN at IN Continental NNP during IN Mr. NNP Corr NNP 's POS tenure NN , , Mr. NNP Lorenzo NNP is VBZ known VBN for IN keeping VBG close JJ tabs NNS on IN Texas NNP Air NNP 's POS operating VBG units NNS . . Continental NNP is VBZ Texas NNP Air NNP 's POS flagship NN and CC was VBD built VBN painfully RB to TO its PRP$ present JJ size NN under IN Mr. NNP Lorenzo NNP after IN emerging VBG from IN bankruptcy NN proceedings NNS in IN 1986 CD . . It PRP 's VBZ unclear JJ what WDT role NN , , if IN any DT , , Mr. NNP Lorenzo NNP 's POS recent JJ exploration NN of IN a DT possible JJ sale NN of IN a DT stake NN in IN Continental NNP had VBD in IN Mr. NNP Corr NNP 's POS departure NN . . One CD source NN familiar JJ with IN the DT airline NN said VBD , , however RB , , that IN Mr. NNP Corr NNP was VBD n't RB informed VBN in IN advance NN during IN the DT summer NN when WRB Mr. NNP Lorenzo NNP began VBD discussions NNS with IN potential JJ buyers NNS . . During IN his PRP$ tenure NN , , Mr. NNP Corr NNP attempted VBD through IN a DT series NN of IN meetings NNS to TO inform VB managers NNS of IN some DT of IN the DT company NN 's POS future JJ plans NNS , , traveled VBD widely RB to TO talk VB to TO employees NNS and CC backed VBD training NN sessions NNS designed VBN to TO improve VB the DT carrier NN 's POS image NN . . Mr. NNP Foret NNP is VBZ one CD of IN a DT handful NN of IN executives NNS Mr. NNP Lorenzo NNP has VBZ relied VBN on RP over IN the DT years NNS . . Previously RB , , he PRP had VBD served VBN in IN financial JJ planning VBG positions NNS at IN the DT company NN 's POS Eastern NNP Airlines NNPS unit NN . . Another DT longtime NN ally NN , , Phil NNP Bakes NNP , , currently RB heads VBZ Eastern NNP , , now RB in IN Chapter NN 11 CD bankruptcy NN proceedings NNS . . Mr. NNP Bakes NNP previously RB had VBD a DT turn NN at IN running VBG Continental NNP . . Among IN the DT other JJ alumni NNS are VBP Stephen NNP Wolf NNP , , now RB chairman NN of IN UAL NNP Inc. NNP , , and CC Thomas NNP Plaskett NNP , , president NN of IN Pan NNP Am NNP Corp NNP . . Doskocil NNP Cos. NNP said VBD its PRP$ bank-debt NN payments NNS have VBP been VBN extended VBN until IN May NNP 31 CD , , 1990 CD , , to TO give VB it PRP more JJR time NN to TO sell VB its PRP$ Wilson NNP Foods NNP Corp. NNP retail JJ and CC fresh JJ meat NN operations NNS . . The DT company NN was VBD to TO repay VB $ $ 58 CD million CD in IN debt NN on IN Dec. NNP 31 CD and CC $ $ 15 CD million CD on IN March NNP 31 CD . . The DT company NN acquired VBD the DT debt NN when WRB it PRP paid VBD $ $ 155 CD million CD to TO purchase VB Wilson NNP last JJ year NN . . An DT agreement NN to TO sell VB the DT Wilson NNP assets NNS for IN $ $ 150 CD million CD in IN cash NN and CC notes NNS collapsed VBD in IN late JJ September NNP , , when WRB the DT buyer NN , , a DT company NN controlled VBN by IN George NNP Gillett NNP , , could MD n't RB secure VB financing NN . . Companies NNS listed VBN below IN reported VBD quarterly JJ profit NN substantially RB different JJ from IN the DT average NN of IN analysts NNS ' POS estimates NNS . . The DT companies NNS are VBP followed VBN by IN at IN least JJS three CD analysts NNS , , and CC had VBD a DT minimum JJ five-cent JJ change NN in IN actual JJ earnings NNS per IN share NN . . Estimated VBN and CC actual JJ results NNS involving VBG losses NNS are VBP omitted VBN . . The DT percent NN difference NN compares VBZ actual JJ profit NN with IN the DT 30-day JJ estimate NN where WRB at IN least JJS three CD analysts NNS have VBP issues NNS forecasts NNS in IN the DT past JJ 30 CD days NNS . . Otherwise RB , , actual JJ profit NN is VBZ compared VBN with IN the DT 300-day JJ estimate NN . . Charles NNP D NNP . . Way NNP , , president NN of IN this DT restaurant NN operator NN , , assumed VBD the DT additional JJ post NN of IN chief NN executive NN officer NN . . He PRP succeeds VBZ Alvin NNP A. NNP McCall NNP in IN the DT position NN . . Mr. NNP McCall NNP will MD remain VB chairman NN . . Australia NNP 's POS inflation NN is VBZ expected VBN to TO rise VB as RB high JJ as IN 8.3 CD % NN in IN the DT quarter NN ending VBG March NNP 30 CD , , but CC could MD fall VB to TO around IN 7 CD % NN by IN June NNP , , according VBG to TO economists NNS . . The DT government NN said VBD the DT consumer NN price NN index NN rose VBD 2.3 CD % NN in IN the DT quarter NN ended VBD Sept. NNP 30 CD from IN the DT previous JJ quarter NN and CC 8 CD % NN from IN a DT year NN ago IN . . Charles NNP A. NNP Pearce NNP , , 66 CD years NNS old JJ , , will MD retire VB from IN his PRP$ post NN as IN chief NN executive JJ officer NN of IN this DT bank NN holding VBG company NN effective JJ Dec. NNP 31 CD . . He PRP will MD remain VB chairman NN . . Charles NNP R. NNP Simpson NNP Jr. NNP , , 46 CD , , president NN and CC chief NN operating VBG officer NN , , will MD assume VB the DT chief NN executive NN 's POS post NN . . It PRP is VBZ a DT peaceful JJ time NN in IN this DT part NN of IN western JJ India NNP . . The DT summer NN crop NN is VBZ harvested VBN , , winter NN sowing NN has VBZ yet RB to TO begin VB . . Farmers NNS in IN loose JJ turbans NNS and CC fancy JJ earrings NNS spend VBP their PRP$ afternoons NNS laughing VBG and CC gossiping VBG at IN the DT markets NNS . . One CD could MD imagine VB such PDT a DT lull NN in IN the DT lives NNS of IN the DT Arabs NNPS before IN the DT quadrupling NN of IN oil NN prices NNS . . For IN just RB as IN the DT Arabs NNPS were VBD in IN the DT 1960s CD , , the DT farmers NNS of IN Sidhpur NNP are VBP on IN the DT brink NN of IN global JJ power NN and CC fame NN . . The DT Arabs NNPS had VBD merely RB oil NN . . These DT farmers NNS may MD have VB a DT grip NN on IN the DT world NN 's POS very JJ heart NN . . Or CC , , at IN least JJS , , its PRP$ heart NN disease NN . . That DT is VBZ because IN Sidhpur NNP has VBZ a DT near-monopoly NN on IN the DT world NN 's POS supply NN of IN flea NN seed NN , , also RB known VBN as IN flea NN wort NN or CC , , in IN Western JJ parlance NN , , psyllium NN : : a DT tiny JJ , , tasteless JJ , , obscure JJ seed NN that IN , , according VBG to TO early JJ research NN , , may MD reduce VB cholesterol NN levels NNS in IN the DT blood NN . . Ever RB since IN the DT link NN to TO cholesterol NN was VBD disclosed VBN , , Americans NNPS have VBP begun VBN scarfing VBG up RP psyllium NN in IN their PRP$ breakfast NN cereals NNS . . If IN further JJ research NN proves VBZ the DT seed NN 's POS benefits NNS , , this DT dusty JJ farm NN district NN could MD become VB the DT epicenter NN of IN a DT health-food NN fad NN to TO rival VB all DT fads NNS since IN cod-liver NN oil NN . . `` `` This DT seed NN 's VBZ not RB grown VBN anywhere RB else RB in IN India NNP , , or CC anywhere RB else RB in IN the DT world NN , , '' '' says VBZ T.V. NNP Krishnamurthy NNP , , a DT vice NN president NN of IN Procter NNP & CC Gamble NNP India NNP Ltd. NNP , , a DT major JJ psyllium NN buyer NN and CC promoter NN . . `` `` The DT proper JJ climatic JJ conditions NNS do VBP n't RB exist VB in IN many JJ places NNS in IN the DT world NN . . '' '' Arvind NNP Patel NNP , , a DT processor NN and CC exporter NN of IN the DT seed NN , , raves VBZ : : `` `` If IN psyllium NN takes VBZ the DT place NN of IN oat NN bran NN , , it PRP will MD be VB huge JJ . . '' '' Whether IN psyllium NN makes VBZ Sidhpur NNP 's POS fortune NN depends VBZ on IN cholesterol-fearing JJ Americans NNPS , , the DT U.S. NNP Food NNP and CC Drug NNP Administration NNP and CC , , of IN course NN , , the DT outcome NN of IN further JJ research NN . . Only RB one CD thing NN is VBZ certain JJ here RB : : Pysllium NN is VBZ likely JJ to TO remain VB solely RB an DT export JJ item NN from IN Sidhpur NNP for IN a DT long JJ time NN . . Local JJ farmers NNS say VBP it PRP is VBZ as RB good JJ a DT cash NN crop NN as IN mustard NN or CC fenugreek NN , , a DT legume NN . . But CC they PRP have VBP no DT desire NN to TO eat VB a DT bowl NN of IN psyllium NN each DT morning NN , , and CC , , perhaps RB , , little JJ need NN : : lean JJ , , frugal JJ vegetarians NNS , , the DT farmers NNS are VBP innocents NNS in IN the DT clogged JJ , , treacherous JJ world NN of IN cholesterol NN . . Psyllium NN is VBZ an DT annual JJ herb NN , , Plantago NN ovata NN , , that WDT has VBZ been VBN used VBN for IN centuries NNS by IN folk NN doctors NNS here RB , , mainly RB as IN a DT laxative NN and CC anti-diarrheal JJ . . As IN such JJ , , the DT soluble JJ fiber NN has VBZ an DT almost RB fanatic JJ following NN in IN northern JJ India NNP . . `` `` I PRP can MD assure VB you PRP , , '' '' attests VBZ a DT 25-year-old JJ lawyer NN in IN New NNP Delhi NNP , , with IN a DT meaningfully RB raised VBN eyebrow NN , , `` `` from IN personal JJ experience NN , , it PRP works VBZ . . '' '' A DT prominent JJ businessman NN in IN Bombay NNP gives VBZ a DT similar JJ testimonial NN : : `` `` I PRP have VBP been VBN taking VBG it PRP daily RB since IN 1961 CD . . '' '' Folk NN doctors NNS also RB prescribe VBP it PRP for IN kidney NN , , bladder NN and CC urethra NN problems NNS , , duodenal JJ ulcers NNS and CC hemorrhoids NNS . . Some DT apply VBP it PRP to TO gouty JJ joints NNS . . The DT plant NN has VBZ a DT hairy JJ stem NN that WDT produces VBZ flowers NNS and CC diminutive JJ seeds NNS . . It PRP is VBZ the DT seed NN 's POS colorlessness NN and CC size NN -- : 1,000 CD of IN them PRP weigh VBP only RB 1.5 CD grams NNS , , or CC about IN as RB much JJ as IN two CD paper NN clips NNS -- : that WDT explain VBP the DT historical JJ allusions NNS to TO fleas NNS . . The DT transluscent JJ husk NN of IN the DT seed NN is VBZ removed VBN , , sifted VBN and CC crushed VBN ; : the DT seed NN itself PRP is VBZ fed VBN to TO animals NNS . . Some DT 90 CD % NN of IN the DT crop NN , , which WDT was VBD worth JJ $ $ 26 CD million CD last JJ year NN , , is VBZ exported VBN . . For IN decades NNS , , psyllium NN husk NN has VBZ been VBN the DT main JJ ingredient NN in IN such JJ laxatives NNS as IN Procter NNP & CC Gamble NNP Co. NNP 's POS Metamucil NNP , , the DT top-selling JJ brand NN in IN the DT U.S. NNP , , and CC Ciba-Geigy NNP Corp. NNP 's POS Fiberall NNP . . But CC some DT time NN ago IN , , researchers NNS discovered VBD that IN soluble JJ fibers NNS also RB lower VBP cholesterol NN levels NNS in IN the DT blood NN . . Cincinnati-based JJ P&G NNP took VBD an DT interest NN ; : it PRP ordered VBD two CD studies NNS on IN psyllium NN and CC cholesterol NN . . One CD of IN the DT studies NNS , , done VBN at IN the DT University NNP of IN Minnesota NNP , , tested VBD 75 CD people NNS with IN raised VBN cholesterol NN levels NNS . . After IN 16 CD weeks NNS , , the DT group NN that WDT took VBD three CD daily JJ teaspoons NNS of IN Metamucil NNP saw VBD a DT significant JJ dip NN in IN their PRP$ general JJ cholesterol NN levels NNS , , and CC an DT even RB larger JJR reduction NN in IN levels NNS of IN low-density NN lipoproteins NNS , , the DT so-called JJ bad JJ cholesterol NN . . In IN late JJ 1987 CD , , P&G NNP asked VBD the DT FDA NNP for IN approval NN to TO market VB Metamucil NNP as IN the DT first JJ non-prescription JJ , , cholesterol-lowering JJ product NN in IN the DT In IN April NNP , , the DT psyllium NN bandwagon NN got VBD more RBR crowded VBN . . General NNP Mills NNPS Inc. NNP , , the DT food NN giant NN , , launched VBD a DT breakfast NN cereal NN called VBN Benefit NNP , , containing VBG psyllium NN , , oat NN , , wheat NN and CC beet NN bran NN ; : the DT words NNS , , `` `` reduce VB cholesterol NN '' '' were VBD prominently RB displayed VBN on IN its PRP$ package NN . . In IN September NNP , , Kellogg NNP Co. NNP launched VBD a DT competing VBG psyllium-fortified JJ cereal NN called VBN Heartwise NNP . . Suddenly RB , , on IN television NN , , in IN advertisements NNS and CC on IN their PRP$ cereal NN boxes NNS , , Americans NNPS were VBD inundated VBN with IN news NN about IN the DT obscure JJ seed NN . . The DT flood NN of IN claims NNS and CC counter-claims NNS worried VBD consumers NNS and CC actually RB hurt VBD sales NNS of IN the DT new JJ cereals NNS . . This DT month NN , , the DT Food NNP and CC Drug NNP Administration NNP expressed VBD concern NN that IN Americans NNPS might MD someday RB , , in IN various JJ forms NNS , , ingest VB too RB much JJ psyllium NN . . Currently RB , , there EX is VBZ a DT lull NN in IN the DT psyllium NN war NN . . The DT FDA NNP has VBZ asked VBN Kellogg NNP and CC General NNP Mills NNPS to TO show VB research NN that IN their PRP$ cereals NNS are VBP safe JJ . . It PRP also RB ordered VBD P&G NNP to TO produce VB more JJR studies NNS to TO buttress VB its PRP$ claims NNS that IN Metamucil NNP can MD lower VB cholesterol NN . . But CC the DT agency NN has VBZ n't RB yanked VBN psyllium NN off IN store NN shelves NNS . . If IN the DT FDA NNP approves VBZ the DT new JJ uses NNS of IN psyllium NN , , other JJ companies NNS are VBP expected VBN to TO rush VB to TO market NN with IN psyllium NN products NNS . . `` `` It PRP 's VBZ going VBG to TO be VB a DT sensational JJ thing NN , , '' '' says VBZ Mr. NNP Krishnamurthy NNP of IN P&G NNP in IN Bombay NNP . . Says VBZ psyllium NN exporter NN Mr. NNP Patel NNP : : `` `` I PRP just RB got VBD back RB yesterday NN from IN the DT U.S. NNP . . In IN the DT newspapers NNS , , on IN the DT radio NN and CC TV NN , , psyllium NN is VBZ everywhere RB . . '' '' But CC the DT news NN of IN the DT boom NN has VBZ yet RB to TO trickle VB down IN to TO the DT farmers NNS . . They PRP only RB know VBP of IN one CD use NN for IN the DT crop NN , , as IN a DT laxative NN , , and CC with IN psyllium NN prices NNS currently RB languishing VBG in IN the DT wake NN of IN a DT bumper NN crop NN , , they PRP think VBP of IN the DT seed NN as IN a DT marginal JJ crop NN , , something NN to TO grow VB between IN summer NN wheat NN crops NNS . . `` `` Psyllium NN 's VBZ not RB a DT good JJ crop NN , , '' '' complains VBZ Sooraji NNP Jath NNP , , a DT 26-year-old JJ farmer NN from IN the DT village NN of IN Lakshmipura NNP . . `` `` You PRP get VBP a DT rain NN at IN the DT wrong JJ time NN and CC the DT crop NN is VBZ ruined VBN . . '' '' Even RB at IN the DT Basic NNP Chemicals NNPS , , Pharmaceuticals NNPS and CC Cosmetics NNPS Export NNP Promotion NNP Council NNP , , the DT government NN agency NN that WDT promotes VBZ the DT seed NN , , the DT psyllium NN boom NN is VBZ distant JJ thunder NN . . The DT staff NN brags VBZ about IN psyllium NN 's POS hefty JJ contribution NN to TO American JJ regularity NN , , without IN quite RB grasping VBG the DT implications NNS of IN the DT research NN on IN cholesterol NN . . The DT council NN 's POS annual JJ report NN has VBZ psyllium NN on IN its PRP$ last JJ page NN , , lumped VBN with IN such JJ unglamorous JJ export NN items NNS as IN sarsaparilla NN and CC `` `` Nux NN vomica NN , , '' '' a DT plant NN that WDT induces VBZ vomiting VBG . . In IN one CD way NN , , the DT psyllium NN middlemen NNS -- : the DT buyers NNS and CC exporters NNS -- : are VBP glad JJ to TO keep VB news NN of IN the DT boom NN to TO themselves PRP . . They PRP want VBP psyllium NN prices NNS low JJ for IN their PRP$ purchases NNS next IN year NN . . But CC there EX 's VBZ a DT catch NN . . Sidhpur NNP and CC adjacent JJ districts NNS are VBP the DT only JJ places NNS in IN the DT world NN where WRB psyllium NN is VBZ grown VBN in IN large JJ quantities NNS . . This DT is VBZ partly RB due JJ to TO the DT particular JJ demands NNS of IN the DT crop NN . . Psyllium NN needs VBZ sandy JJ soil NN , , dew NN during IN the DT first JJ few JJ weeks NNS , , and CC then RB total JJ dryness NN when WRB its PRP$ seeds NNS are VBP maturing VBG . . Small JJ crops NNS are VBP grown VBN in IN Pakistan NNP , , France NNP , , Spain NNP , , Italy NNP , , Belgium NNP and CC Brazil NNP , , but CC their PRP$ quality NN ca MD n't RB compare VB to TO that DT of IN Indian JJ psyllium NN . . Big JJ buyers NNS like IN Procter NNP & CC Gamble NNP say VBP there EX are VBP other JJ spots NNS on IN the DT globe NN , , and CC in IN India NNP , , where WRB the DT seed NN could MD be VB grown VBN . . `` `` It PRP 's VBZ not RB a DT crop NN that WDT ca MD n't RB be VB doubled VBN or CC tripled VBN , , '' '' says VBZ Mr. NNP Krishnamurthy NNP . . But CC no DT one NN has VBZ made VBN a DT serious JJ effort NN to TO transplant VB the DT crop NN . . In IN Sidhpur NNP , , it PRP is VBZ almost RB time NN to TO sow VB this DT year NN 's POS crop NN . . Many JJ farmers NNS , , too RB removed VBN to TO glean VB psyllium NN 's POS new JJ sparkle NN in IN the DT West NN , , have VBP decided VBN to TO plant VB mustard NN , , fennel NN , , cumin NN , , fenugreek NN or CC castor-oil NN seeds NNS . . Mr. NNP Jath NNP is VBZ thinking VBG of IN passing VBG up RP psyllium NN altogether RB this DT year NN in IN favor NN of IN a DT crop NN with IN a DT future NN such JJ as IN cumin NN or CC fennel NN . . `` `` Maybe RB I PRP 'll MD plant VB castor-oil NN seeds NNS . . '' '' His PRP$ brother NN , , Parkhaji NNP , , whose WP$ head NN is VBZ swathed VBN in IN a DT gorgeous JJ crimson JJ turban NN , , nods VBZ vigorous JJ assent NN . . So RB when WRB next JJ year NN 's POS psyllium NN crop NN is VBZ harvested VBN in IN March NNP , , it PRP may MD be VB smaller JJR than IN the DT 16,000 CD metric JJ tons NNS of IN the DT past JJ few JJ years NNS -- : right RB at IN the DT crest NN of IN the DT psyllium NN boom NN . . And CC the DT world NN could MD experience VB its PRP$ first JJ psyllium NN shortage NN . . Kellwood NNP Co. NNP said VBD it PRP completed VBD a DT previously RB announced VBN acquisition NN of IN Crowntuft NNP Manufacturing NNP Corp. NNP , , a DT New NNP York-based JJ maker NN of IN chenille NN robes NNS and CC lounge NN wear NN . . The DT apparel NN maker NN would MD n't RB disclose VB terms NNS of IN the DT agreement NN . . Kellwood NNP said VBD Gabriel NNP Hakim NNP Sr. NNP , , president NN of IN Crowntuft NNP , , will MD continue VB to TO head VB Crowntuft NNP 's POS management NN group NN . . A DT seat NN on IN the DT Chicago NNP Mercantile NNP Exchange NNP was VBD sold VBN for IN $ $ 416,000 CD , , down RB $ $ 36,000 CD from IN the DT previous JJ sale NN Oct NNP . . Seats NNS currently RB are VBP quoted VBN at IN $ $ 410,000 CD bid NN , , $ $ 425,000 CD asked VBN . . The DT record NN price NN for IN a DT full JJ membership NN on IN the DT exchange NN is VBZ $ $ 550,000 CD , , set VBN March NNP 9 CD , , 1989 CD . . Small JJ businesses NNS say VBP a DT recent JJ trend NN is VBZ like IN a DT dream NN come VBN true JJ : : more-affordable JJ rates NNS for IN employee-health NN insurance NN , , initially RB at IN least JJS . . But CC then RB they PRP wake VBP up RB to TO a DT nightmare NN . . The DT reasonable JJ first-year JJ rates NNS can MD be VB followed VBN by IN increases NNS of IN 60 CD % NN or CC more JJR if IN a DT covered VBN employee NN files VBZ a DT major JJ claim NN , , they PRP complain VBP . . Insurance NN premiums NNS for IN one CD small JJ Maryland NNP concern NN went VBD up RP 130 CD % NN in IN less JJR than IN two CD years NNS , , the DT last JJ increase NN coming VBG after IN one CD of IN its PRP$ three CD workers NNS developed VBD a DT herniated VBN disk NN . . `` `` There EX 's VBZ a DT distinct JJ possibility NN that IN I PRP may MD lose VB my PRP$ job NN over IN this DT , , '' '' the DT employee NN , , Karen NNP Allen NNP , , of IN Floor NNP Covering NNP Resources NNPS , , Kensington NNP , , Md. NNP , , recently RB told VBD a DT congressional JJ hearing NN . . She PRP said VBD her PRP$ employer NN ca MD n't RB afford VB the DT rate NN increases NNS , , and CC she PRP fears VBZ she PRP wo MD n't RB find VB another DT job NN with IN a DT benefit NN plan NN covering VBG her PRP$ ailment NN . . For IN employee NN and CC employer NN alike RB , , the DT worry NN is VBZ widespread JJ . . Surveys NNS repeatedly RB show VBP that IN small-business NN owners NNS rank VBP the DT availability NN and CC rising VBG cost NN of IN health NN insurance NN as IN one CD of IN their PRP$ biggest JJS concerns NNS . . The DT House NNP Energy NNP and CC Commerce NNP Committee NNP 's POS health NN subcommittee NN , , headed VBN by IN Democratic NNP Rep. NNP Henry NNP Waxman NNP of IN California NNP , , is VBZ looking VBG into IN complaints NNS that IN small JJ businesses NNS not RB only RB ca MD n't RB keep VB reasonably RB priced VBN employee-health NN insurance NN if IN claims NNS are VBP filed VBN , , but CC often RB ca MD n't RB get VB coverage NN at IN all DT if IN a DT worker NN is VBZ termed VBN medically RB uninsurable JJ . . `` `` I PRP have VBP an DT old-fashioned JJ name NN for IN people NNS in IN that DT position NN : : sick JJ people NNS who WP need VBP health NN insurance NN , , '' '' Rep. NNP Waxman NNP says VBZ . . `` `` What WP we PRP 're VBP seeing VBG now RB makes VBZ a DT mockery NN of IN the DT idea NN of IN insurance NN : : collect VB premiums NNS from IN the DT healthy JJ , , dump VB the DT sick JJ and CC let VB them PRP pay VB their PRP$ own JJ bills NNS . . '' '' Some DT lawmakers NNS may MD seek VB legislation NN to TO limit VB overly RB restrictive JJ insurance NN policies NNS . . The DT concern NN grows VBZ out IN of IN increased VBN efforts NNS by IN the DT insurers NNS to TO woo VB the DT small-business NN market NN . . As IN larger JJR companies NNS increasingly RB self-insure VBP , , or CC use VBP reserves NNS to TO pay VB their PRP$ own JJ workers NNS ' POS medical JJ bills NNS , , the DT insurance NN industry NN has VBZ turned VBN to TO the DT small-employer NN market NN that WDT was VBD once RB a DT backwater NN for IN them PRP . . `` `` Insurance NN companies NNS will MD offer VB a DT good JJ rate NN if IN no DT one NN is VBZ sick JJ , , but CC it PRP 's VBZ a DT roll NN of IN the DT dice NNS , , '' '' says VBZ Rosemary NNP Heinhold NNP of IN the DT Small NNP Business NNP Service NNP Bureau NNP , , a DT group NN representing VBG 35,000 CD small JJ businesses NNS nationwide JJ . . `` `` One CD case NN of IN cancer NN or CC a DT high-risk JJ pregnancy NN with IN a DT sick JJ infant NN , , and CC rates NNS go VBP up RB 40 CD % NN to TO 60 CD % NN . . Small-business NN people NNS end VBP up RP paying VBG insurance NN premiums NNS worth IN two CD to TO three CD times NNS the DT cost NN of IN one CD illness NN . . '' '' In IN addition NN , , the DT group NN says VBZ some DT of IN its PRP$ member NN companies NNS have VBP been VBN denied VBN insurance NN because IN individual JJ workers NNS had VBD medical JJ problems NNS that WDT ranged VBD from IN a DT mild JJ cardiac JJ condition NN to TO psychological JJ counseling NN after IN a DT divorce NN , , hemorrhoids NNS and CC overweight NN . . The DT Health NNP Insurance NNP Association NNP of IN America NNP , , an DT insurers NNS ' POS trade NN group NN , , acknowledges VBZ that IN stiff JJ competition NN among IN its PRP$ members NNS to TO insure VB businesses NNS likely JJ to TO be VB good JJ risks NNS during IN the DT first JJ year NN of IN coverage NN has VBZ aggravated VBN the DT problem NN in IN the DT small-business NN market NN . . But CC it PRP says VBZ that IN rapid JJ rate NN increases NNS are VBP directly RB tied VBN to TO the DT soaring VBG cost NN of IN health NN care NN . . Some DT business NN analysts NNS blame VBP the DT problem NN on IN tough JJ competition NN in IN the DT insurance NN market NN . . They PRP say VBP insurance NN companies NNS use VBP policies NNS aimed VBN at IN excluding VBG bad JJ risks NNS because IN their PRP$ competitors NNS do VBP . . But CC the DT general JJ practice NN makes VBZ it PRP more RBR difficult JJ to TO combine VB small JJ groups NNS of IN people NNS into IN larger JJR groups NNS , , thus RB spreading VBG the DT risk NN over IN a DT larger JJR base NN of IN premiums NNS . . `` `` I PRP 'm VBP not RB accusing VBG insurers NNS of IN dereliction NN of IN duty NN , , '' '' Robert NNP Patricelli NNP of IN the DT U.S. NNP Chamber NNP of IN Commerce NNP told VBD Mr. NNP Waxman NNP 's POS panel NN . . `` `` You PRP ca MD n't RB ask VB one CD carrier NN to TO underwrite VB on IN social JJ grounds NNS when WRB that WDT might MD destroy VB it PRP in IN the DT marketplace NN . . '' '' Rep. NNP Waxman NNP and CC Democratic NNP Sen. NNP Edward NNP Kennedy NNP of IN Massachusetts NNP have VBP proposed VBN regulation NN to TO deal VB with IN the DT problem NN . . The DT proposal NN is VBZ just RB part NN of IN legislation NN that WDT would MD require VB businesses NNS to TO provide VB health NN benefits NNS , , an DT idea NN that WDT is VBZ strongly RB opposed VBN by IN small JJ business NN who WP say VBP it PRP would MD just RB compound VB the DT insurance-cost JJ problems NNS . . But CC small-business NN lobbyists NNS say VBP they PRP support VBP the DT idea NN , , included VBN in IN the DT Kennedy-Waxman NNP bill NN , , of IN new JJ laws NNS or CC regulations NNS requiring VBG greater JJR use NN of IN community NN rating NN , , which WDT pegs VBZ rates NNS to TO the DT use NN of IN health NN care NN by IN a DT community NN or CC other JJ large JJ group NN , , and CC is VBZ designed VBN to TO prevent VB insurance NN companies NNS from IN taking VBG only JJ low-risk JJ small JJ companies NNS as IN clients NNS . . But CC first JJ on IN the DT list NN of IN priorities NNS , , says VBZ the DT National NNP Federation NNP of IN Independent NNP Business NNP , , is VBZ to TO prohibit VB state NN laws NNS requiring VBG the DT inclusion NN of IN specialty NN items NNS , , such JJ as IN psychiatric JJ care NN , , in IN basic JJ health NN plans NNS . . Such JJ requirements NNS , , they PRP argue VBP , , make VBP it PRP difficult JJ to TO provide VB a DT basic JJ , , low-cost JJ health-benefits JJ package NN . . `` `` Before IN the DT state NN of IN Wisconsin NNP mandated VBD that IN mental-health NN care NN be VB covered VBN , , there EX were VBD only RB 70 CD mental-health NN clinics NNS in IN the DT state NN ; : now RB there EX are VBP 400 CD , , '' '' says VBZ Carolyn NNP Miller NNP , , an DT NFIB NNP lobbyist NN . . She PRP contends VBZ that IN similar JJ mandates NNS have VBP driven VBN up RP insurance NN costs NNS 20 CD % NN in IN Maryland NNP and CC 30 CD % NN in IN California NNP . . The DT insurance-industry NN association NN also RB strongly RB disagrees VBZ with IN the DT proposed VBN community NN rating NN , , which WDT `` `` does VBZ n't RB save VB one CD dollar NN , , '' '' argues VBZ James NNP Dorsch NNP , , HIAA NNP 's POS Washington NNP counsel NN . . `` `` It PRP just RB makes VBZ healthy JJ businesses NNS subsidize VB unhealthy JJ ones NNS and CC gives VBZ each DT employer NN less JJR incentive NN to TO keep VB his PRP$ workers NNS healthy JJ . . '' '' Mr. NNP Dorsch NNP says VBZ the DT HIAA NNP is VBZ working VBG on IN a DT proposal NN to TO establish VB a DT privately RB funded VBN reinsurance NN mechanism NN to TO help VB cover VB small JJ groups NNS that WDT ca MD n't RB get VB insurance NN without IN excluding VBG certain JJ employees NNS . . The DT complexities NNS of IN the DT insurance NN problem NN make VBP the DT outcome NN difficult JJ to TO predict VB . . But CC to TO Ms. NNP Allen NNP , , the DT employee NN whose WP$ back NN problem NN triggered VBD a DT huge JJ insurance-rate JJ increase NN , , the DT issue NN was VBD simple JJ . . `` `` What WP good NN is VBZ having VBG health NN insurance NN , , '' '' she PRP asked VBD , , `` `` when WRB it PRP 's VBZ so RB expensive JJ that IN it PRP becomes VBZ impossible JJ to TO keep VB after IN only RB one CD major JJ claim NN ? . The DT Belgian JJ consumer NN price NN index NN rose VBD a DT provisional JJ 0.1 CD % NN in IN October NNP from IN the DT previous JJ month NN and CC was VBD up RB 3.64 CD % NN from IN October NNP 1988 CD , , the DT Ministry NNP of IN Economic NNP Affairs NNPS said VBD . . The DT index NN , , which WDT uses VBZ a DT base NN of IN 1981 CD as IN 100 CD , , was VBD calculated VBN at IN 140.91 CD points NNS in IN October NNP , , from IN 140.74 CD in IN September NNP . . Annual JJ inflation NN rose VBD to TO 3.64 CD % NN in IN October NNP from IN 3.55 CD % NN in IN September NNP . . Belgium NNP 's POS inflation NN has VBZ been VBN rising VBG steadily RB for IN the DT past JJ year NN , , but CC the DT ministry NN said VBD the DT latest JJS rise NN is VBZ slower JJR than IN gains NNS in IN September NNP and CC August NNP . . Nashua NNP Corp. NNP , , rumored VBD a DT potential JJ takeover NN target NN for IN six CD months NNS , , said VBD that IN a DT Dutch NNP company NN has VBZ sought VBN U.S. NNP approval NN to TO buy VB up IN to TO 25 CD % NN of IN Nashua NNP 's POS shares NNS . . Nashua NNP immediately RB responded VBD by IN strengthening VBG a DT poison-pill JJ plan NN and CC saying VBG it PRP will MD buy VB back RB up IN to TO one CD million CD of IN its PRP$ shares NNS , , or CC 10.4 CD % NN of IN the DT 9.6 CD million CD outstanding JJ . . Nashua NNP , , whose WP$ major JJ business NN is VBZ selling VBG copiers NNS , , facsimile JJ machines NNS and CC related VBN supplies NNS , , said VBD Reiss NNP & CC Co NNP . . B.V. NNP of IN the DT Netherlands NNP filed VBD a DT request NN with IN the DT Federal NNP Trade NNP Commission NNP under IN the DT Hart-Scott-Rodino NNP Act NNP for IN permission NN to TO buy VB more JJR than IN $ $ 15 CD million CD of IN Nashua NNP 's POS stock NN but CC less JJR than IN 25 CD % NN . . Previously RB , , an DT affiliate NN of IN Unicorp NNP Canada NNP disclosed VBD a DT stake NN of IN less JJR than IN 5 CD % NN in IN Nashua NNP , , according VBG to TO Daniel NNP M. NNP Junius NNP , , Nashua NNP 's POS treasurer NN . . Nashua NNP 's POS stock NN has VBZ fluctuated VBN sharply RB on IN takeover NN speculation NN , , rising VBG to TO a DT high JJ for IN the DT year NN of IN $ $ 42.875 CD a DT share NN in IN June NNP from IN $ $ 29.75 CD in IN March NNP . . But CC the DT company NN has VBZ had VBN weak JJ results NNS so RB far RB this DT year NN , , with IN earnings NNS declining VBG 43 CD % NN to TO $ $ 13.7 CD million CD , , or CC $ $ 1.43 CD a DT share NN , , on IN a DT 4 CD % NN decline NN in IN revenue NN to TO $ $ 713.5 CD million CD through IN the DT first JJ nine CD months NNS of IN the DT year NN . . Its PRP$ stock NN has VBZ slumped VBN recently RB , , closing VBG unchanged JJ Friday NNP at IN $ $ 29 CD a DT share NN in IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP ; : at IN that DT price NN , , the DT company NN has VBZ a DT market NN value NN of IN about IN $ $ 278.4 CD million CD . . Nashua NNP announced VBD the DT Reiss NNP request NN after IN the DT market NN closed VBD . . Mr. NNP Junius NNP said VBD Nashua NNP 's POS `` `` intention NN is VBZ to TO remain VB an DT independent JJ public JJ company NN . . '' '' The DT company NN said VBD it PRP amended VBD its PRP$ shareholder NN rights NNS plan NN by IN reducing VBG to TO 10 CD % NN from IN 20 CD % NN the DT level NN of IN ownership NN by IN an DT outsider NN that WDT would MD trigger VB the DT issuance NN to TO other JJ holders NNS of IN rights NNS to TO buy VB additional JJ shares NNS of IN Nashua NNP common JJ at IN half JJ price NN . . In IN addition NN , , the DT company NN 's POS board NN authorized VBD the DT purchase NN of IN up IN to TO an DT additional JJ one CD million CD shares NNS . . Under IN a DT program NN approved VBN by IN the DT company NN in IN 1987 CD that WDT did VBD n't RB specify VB a DT share NN amount NN , , Nashua NNP had VBD purchased VBN 481,000 CD shares NNS through IN Sept. NNP 29 CD . . Alex NNP Henderson NNP , , an DT analyst NN at IN Prudential-Bache NNP Securities NNPS , , said VBD that IN while IN Nashua NNP 's POS performance NN this DT year NN has VBZ been VBN `` `` atrocious JJ , , '' '' the DT company NN nonetheless RB is VBZ attractive JJ as IN a DT `` `` classic JJ breakup NN candidate NN because IN there EX 's VBZ no DT similarity NN between IN its PRP$ { ( four CD } ) businesses NNS . . '' '' He PRP estimated VBD the DT breakup NN value NN at IN $ $ 55 CD a DT share NN . . In IN addition NN to TO selling VBG Japanese-made JJ photocopiers NNS and CC facsimile JJ machines NNS in IN Europe NNP and CC copier NN supplies NNS in IN the DT U.S. NNP , , Nashua NNP has VBZ three CD other JJ major JJ businesses NNS : : labels NNS and CC tapes NNS , , data NNS storage NN disks NNS for IN computers NNS and CC mail-order JJ photofinishing NN . . The DT closely RB held VBN supermarket NN chain NN named VBD Frank NNP Nicastro NNP vice NN president NN and CC treasurer NN . . The DT 47-year-old JJ Mr. NNP Nicastro NNP joins VBZ Grand NNP Union NNP from IN Singer NNP Co. NNP , , where WRB he PRP was VBD treasurer NN . . The DT current JJ account NN deficit NN on IN France NNP 's POS balance NN of IN payments NNS narrowed VBD to TO 1.48 CD billion CD French JJ francs NNS ( ( $ $ 236.8 CD million CD ) ) in IN August NNP from IN a DT revised VBN 2.1 CD billion CD francs NNS in IN July NNP , , the DT Finance NNP Ministry NNP said VBD . . Previously RB , , the DT July NNP figure NN was VBD estimated VBN at IN a DT deficit NN of IN 613 CD million CD francs NNS . . Seasonally RB adjusted VBN figures NNS for IN August NNP were VBD n't RB available JJ because IN of IN a DT recent JJ strike NN that WDT has VBZ disrupted VBN the DT ministry NN 's POS data NNS collection NN . . Weisfield NNP 's POS Inc. NNP said VBD it PRP is VBZ in IN preliminary JJ discussions NNS regarding VBG the DT possible JJ sale NN of IN the DT company NN . . A DT spokesman NN for IN the DT retail JJ jeweler NN said VBD the DT company NN would MD provide VB more JJR details NNS today NN and CC that IN it PRP expects VBZ to TO reach VB a DT definitive JJ agreement NN by IN the DT end NN of IN the DT week NN . . In IN over-the-counter JJ trading NN Friday NNP , , Weisfield NNP 's POS gained VBD $ $ 9.50 CD to TO $ $ 39 CD . . At IN that DT price NN , , the DT company NN has VBZ an DT indicated VBN value NN of IN $ $ 42.9 CD million CD . . Weisfield NNP 's POS had VBD about IN 1.1 CD million CD shares NNS outstanding JJ as IN of IN July NNP 31 CD . . The DT stock NN gained VBD $ $ 2.75 CD Thursday NNP to TO close VB at IN a DT then-52 JJ week NN high JJ . . In IN the DT aftermath NN of IN the DT Beijing NNP massacre NN on IN June NNP 4 CD , , economists NNS advanced VBD wildly RB divergent JJ views NNS on IN how WRB Hong NNP Kong NNP would MD be VB affected VBN . . Among IN the DT most JJS upbeat NN was VBD BT NNP Brokerage NNP ( ( Asia NNP ) ) Ltd NNP . . In IN a DT June NNP 5 CD reaction NN , , the DT Bankers NNPS Trust NNP Co. NNP unit NN proclaimed VBD the DT economy NN `` `` shockproof JJ . . '' '' Others NNS were VBD more RBR cautious JJ . . In IN a DT July NNP analysis NN titled VBN `` `` From IN Euphoria NNP to TO Despair NN , , '' '' W.I. NNP Carr NNP ( ( Far NNP East NNP ) ) Ltd. NNP , , another DT securities NNS firm NN , , said VBD that IN eroding VBG confidence NN might MD undermine VB future JJ economic JJ development NN . . Today NN , , with IN business NN activity NN in IN Hong NNP Kong NNP staggering VBG along RB at IN an DT uneven JJ pace NN , , the DT economy NN itself PRP seems VBZ locked VBN in IN a DT struggle NN between IN hope NN and CC fear NN . . Manufacturers NNS have VBP survived VBN the DT turmoil NN in IN China NNP largely RB unscathed JJ . . Signs NNS of IN revival NN seem VBP evident JJ in IN Hong NNP Kong NNP 's POS hard-hit JJ hotel NN sector NN . . But CC in IN the DT stock NN and CC real-estate NN markets NNS , , activity NN remains VBZ spotty JJ even RB though IN prices NNS have VBP regained VBN much RB of IN their PRP$ lost VBN ground NN . . Waning JJ demand NN reported VBN by IN importers NNS , , retailers NNS and CC even RB fancy JJ restaurants NNS all DT reinforce VBP a DT profile NN of IN a DT community NN that WDT is VBZ sharply RB tightening VBG its PRP$ belt NN . . As IN many JJ economists NNS and CC businessmen NNS see VBP it PRP , , those DT incongruities NNS underscore VBP a DT paradox NN that WDT seems VBZ likely JJ to TO bedevil VB the DT economy NN throughout IN the DT 1990s CD . . That DT paradox NN is VBZ Hong NNP Kong NNP 's POS economically RB rewarding JJ yet CC politically RB perilous JJ relationship NN with IN China NNP . . As IN a DT model NN of IN capitalist JJ efficiency NN on IN southern JJ China NNP 's POS doorstep NN , , Hong NNP Kong NNP 's POS prospects NNS look VBP good JJ . . China NNP 's POS land NN and CC labor NN offer VBP inexpensive JJ alternatives NNS to TO local JJ industry NN . . China-bound JJ freight NN streams NNS through IN the DT territory NN 's POS port NN . . In IN the DT decade NN since IN the DT communist NN nation NN emerged VBD from IN isolation NN , , its PRP$ burgeoning VBG trade NN with IN the DT West NN has VBZ lifted VBN Hong NNP Kong NNP 's POS status NN as IN a DT regional JJ business NN center NN . . These DT benefits NNS seem VBP secure JJ despite IN China NNP 's POS current JJ economic JJ and CC political JJ troubles NNS . . But CC to TO Hong NNP Kong NNP , , China NNP is VBZ n't RB purely RB business NN . . It PRP is VBZ also RB the DT sovereign JJ power NN that IN , , come VB 1997 CD , , will MD take VB over RP this DT British JJ colony NN . . China NNP 's POS leaders NNS have VBP promised VBN generous JJ liberties NNS for IN post-1997 JJ Hong NNP Kong NNP . . That DT promise NN sounds VBZ shaky JJ now RB that IN those DT same JJ leaders NNS have VBP fallen VBN back RB on IN Marxist JJ dogma NN and CC brute JJ force NN to TO crush VB their PRP$ nation NN 's POS democracy NN movement NN . . Outflows NNS of IN people NNS and CC capital NN from IN Hong NNP Kong NNP have VBP been VBN growing VBG since IN the DT sovereignty NN issue NN first RB arose VBD in IN the DT early JJ 1980s CD . . A DT widely RB held VBN assumption NN all DT along IN has VBZ been VBN that IN , , given VBN its PRP$ robust JJ economy NN , , Hong NNP Kong NNP will MD be VB able JJ to TO attract VB sufficient JJ foreign JJ money NN and CC talent NN to TO comfortably RB offset VB the DT outflows NNS . . With IN interest NN in IN emigration NN and CC investment NN abroad RB soaring VBG since IN June NNP 4 CD , , that DT assumption NN no RB longer RB seems VBZ so RB safe JJ . . Investment NN and CC emigration NN plans NNS take VBP time NN to TO come VB to TO fruition NN . . Only RB four CD months NNS have VBP passed VBN since IN the DT Beijing NNP massacre NN , , and CC few JJ are VBP prepared VBN to TO predict VB its PRP$ ultimate JJ impact NN . . The DT only JJ consensus NN is VBZ that IN more JJR money NN and CC people NNS may MD leave VB Hong NNP Kong NNP than IN had VBD been VBN thought VBN likely RB . . This DT expected VBN blow NN has VBZ cast VBN a DT pall NN over IN the DT economy NN 's POS prospects NNS . . The DT question NN , , as IN many JJ people NNS see VBP it PRP , , is VBZ how WRB long JJ such JJ uncertainty NN will MD last VB . . Maureen NNP Fraser NNP , , an DT economist NN with IN W.I. NNP Carr NNP , , a DT subsidiary NN of IN France NNP 's POS Banque NNP Indosuez NNP , , believes VBZ that IN the DT territory NN may MD not RB be VB able JJ to TO regain VB its PRP$ momentum NN until IN some DT time NN after IN 1997 CD . . It PRP may MD experience VB an DT upswing NN or CC two CD in IN between IN . . But CC with IN local JJ investors NNS shaken VBN by IN China NNP 's POS political JJ and CC economic JJ turmoil NN , , she PRP says VBZ , , a DT genuine JJ recovery NN may MD not RB arrive VB until IN Hong NNP Kong NNP can MD prove VB itself PRP secure JJ under IN Chinese JJ sovereignty NN . . `` `` Investors NNS have VBP to TO accept VB the DT possibility NN of IN a DT significant JJ slowdown NN in IN economic JJ activity NN in IN the DT runup NN to TO 1997 CD , , '' '' she PRP says VBZ . . `` `` Over IN the DT next JJ few JJ years NNS , , I PRP would MD advise VB caution NN . . '' '' In IN a DT soon-to-be JJ published VBN book NN on IN the DT territory NN , , a DT political JJ economist NN , , Miron NNP Mushkat NNP , , has VBZ derived VBN three CD future JJ scenarios NNS from IN interviews NNS with IN 41 CD Hong NNP Kong NNP government NN officials NNS and CC businessmen NNS . . Nearly RB half DT of IN them PRP argue VBP that IN Hong NNP Kong NNP 's POS uneasy JJ relationship NN with IN China NNP will MD constrain VB -- : though IN not RB inhibit VB -- : long-term JJ economic JJ growth NN . . The DT rest NN are VBP split VBN roughly RB between IN optimists NNS who WP expect VBP Hong NNP Kong NNP to TO hum VB along RB as RB before IN and CC pessimists NNS who WP foresee VBP irreparable JJ chaos NN . . The DT interviews NNS took VBD place NN two CD years NNS ago IN . . Since IN the DT China NNP crisis NN erupted VBD , , Mr. NNP Mushkat NNP says VBZ , , the DT scenario NN as IN depicted VBN by IN the DT middle-of-the-road JJ group NN bears VBZ a DT remarkable JJ resemblance NN to TO the DT difficulties NNS Hong NNP Kong NNP currently RB faces VBZ . . The DT consensus NN of IN this DT group NN , , which WDT he PRP dubs VBZ `` `` realists NNS , , '' '' is VBZ that IN the DT local JJ economy NN will MD grow VB through IN the DT 1990s CD at IN annual JJ rates NNS averaging VBG between IN 3 CD % NN and CC 5 CD % NN . . Such PDT a DT pace NN of IN growth NN , , though IN respectable JJ for IN mature JJ industrialized VBN economies NNS , , would MD be VB unusually RB slow JJ for IN Hong NNP Kong NNP . . Only RB twice RB since IN the DT 1960s CD has VBZ annual JJ gross JJ domestic JJ product NN growth NN here RB fallen VBN below IN 5 CD % NN for IN two CD or CC more JJR consecutive JJ years NNS . . The DT first JJ instance NN occurred VBD in IN 1967-68 CD , , when WRB China NNP 's POS Cultural NNP Revolution NNP triggered VBD bloody JJ street NN rioting NN in IN the DT colony NN . . The DT other JJ came VBD in IN 1974-75 CD from IN the DT combined VBN shock NN of IN world NN recession NN and CC a DT severe JJ local JJ stock NN market NN crash NN . . During IN the DT past JJ 10 CD years NNS , , Hong NNP Kong NNP 's POS economic JJ growth NN has VBZ averaged VBN 8.3 CD % NN annually RB . . Given VBN Hong NNP Kong NNP 's POS record NN , , Mr. NNP Mushkat NNP 's POS `` `` realists NNS '' '' might MD have VB sounded VBN unduly RB conservative JJ when WRB the DT interviews NNS took VBD place NN two CD years NNS ago IN . . Under IN the DT current JJ circumstances NNS , , he PRP says VBZ , , their PRP$ scenario NN no RB longer RB seems VBZ unrealistic JJ . . `` `` The DT city NN could MD lose VB some DT of IN its PRP$ entrepreneurial JJ flavor NN . . It PRP could MD lose VB some DT of IN its PRP$ dynamism NN , , '' '' says VBZ Mr. NNP Mushkat NNP , , a DT director NN of IN Baring NNP Securities NNPS ( ( Hong NNP Kong NNP ) ) Ltd. NNP , , a DT unit NN of IN Britain NNP 's POS Barings NNPS PLC NNP . . `` `` It PRP does VBZ n't RB have VB to TO be VB a DT disaster NN . . It PRP just RB means VBZ that IN Hong NNP Kong NNP would MD become VB a DT less RBR exciting JJ place NN . . '' '' Going VBG by IN official JJ forecasts NNS of IN GDP NNP , , which WDT measures VBZ the DT colony NN 's POS output NN of IN goods NNS and CC services NNS , , minus CC foreign JJ income NN , , Mr. NNP Mushkat NNP 's POS `` `` realists NNS '' '' seem VBP relatively RB close RB to TO the DT mark NN . . After IN taking VBG into IN account NN the DT fallout NN from IN the DT China NNP crisis NN , , the DT government NN has VBZ projected VBN 1989 CD GDP NNP growth NN of IN 5 CD % NN . . The DT updated VBN forecast NN , , published VBN Aug. NNP 25 CD , , compares VBZ with IN an DT earlier JJR forecast NN of IN 6 CD % NN published VBN March NNP 1 CD and CC a DT 7.4 CD % NN rate NN achieved VBN in IN Sir NNP Piers NNP Jacobs NNP , , Hong NNP Kong NNP 's POS financial JJ secretary NN , , says VBZ a DT further RB downward JJ revision NN may MD be VB justified VBN unless IN the DT economy NN stages VBZ a DT more RBR convincing JJ rally NN . . `` `` We PRP are VBP n't RB looking VBG at IN anything NN like IN a DT doomsday NN scenario NN , , '' '' he PRP says VBZ . . `` `` But CC clearly RB we PRP 're VBP entering VBG a DT difficult JJ period NN . . '' '' Many JJ factors NNS besides IN a DT dread NN of IN 1997 CD will MD have VB a DT bearing NN on IN Hong NNP Kong NNP 's POS economy NN . . One CD concerns VBZ Japanese JJ investors NNS . . Barely RB visible JJ on IN Hong NNP Kong NNP 's POS property NN scene NN in IN 1985 CD , , by IN last JJ year NN Japan NNP had VBD become VBN the DT top JJ foreign JJ investor NN , , spending VBG $ $ 602 CD million CD . . The DT market NN has VBZ grown VBN relatively RB quiet JJ since IN the DT China NNP crisis NN . . But CC if IN the DT Japanese NNPS return VBP in IN force NN , , their PRP$ financial JJ might NN could MD compensate VB to TO some DT extent NN for IN local JJ investors NNS ' POS waning VBG commitment NN . . Another DT -- : and CC critical JJ -- : factor NN is VBZ the DT U.S. NNP , , Hong NNP Kong NNP 's POS biggest JJS export NN market NN . . Even RB before IN the DT China NNP crisis NN , , weak JJ U.S. NNP demand NN was VBD slowing VBG local JJ economic JJ growth NN . . Conversely RB , , strong JJ consumer NN spending NN in IN the DT U.S. NNP two CD years NNS ago IN helped VBD propel VB the DT local JJ economy NN at IN more RBR than IN twice RB its PRP$ current JJ rate NN . . Indeed RB , , a DT few JJ economists NNS maintain VBP that IN global JJ forces NNS will MD continue VB to TO govern VB Hong NNP Kong NNP 's POS economic JJ rhythm NN . . Once IN external JJ conditions NNS , , such JJ as IN U.S. NNP demand NN , , swing VBP in IN the DT territory NN 's POS favor NN , , they PRP argue VBP , , local JJ businessmen NNS will MD probably RB overcome VB their PRP$ 1997 CD worries NNS and CC continue VB doing VBG business NN as IN usual JJ . . But CC economic JJ arguments NNS , , however RB solid JJ , , wo MD n't RB necessarily RB impress VB Hong NNP Kong NNP 's POS 5.7 CD million CD people NNS . . Many DT are VBP refugees NNS , , having VBG fled VBN China NNP 's POS unending JJ cycles NNS of IN political JJ repression NN and CC poverty NN since IN the DT Communist NNP Party NNP took VBD power NN in IN 1949 CD . . As IN a DT result NN , , many JJ of IN those DT now RB planning VBG to TO leave VB Hong NNP Kong NNP ca MD n't RB easily RB be VB swayed VBN by IN momentary JJ improvements NNS in IN the DT colony NN 's POS political JJ and CC economic JJ climate NN . . Emigration NN applications NNS soared VBD in IN 1985 CD , , when WRB Britain NNP and CC China NNP ratified VBD their PRP$ accord NN on IN Hong NNP Kong NNP 's POS future NN . . In IN 1987 CD , , Hong NNP Kong NNP 's POS most JJS prosperous JJ year NN for IN a DT decade NN , , 30,000 CD left VBD , , up IN 58 CD % NN from IN the DT previous JJ year NN . . Last JJ year NN , , 45,000 CD went VBD . . The DT government NN predicts VBZ that IN annual JJ outflows NNS will MD level VB off RB over IN the DT next JJ few JJ years NNS at IN as RB much JJ as IN 60,000 CD -- : a DT projection NN that WDT is VBZ widely RB regarded VBN as RB unrealistically RB low JJ . . A DT large JJ number NN of IN those DT leaving VBG are VBP managers NNS and CC professionals NNS . . While IN no DT one NN professes VBZ to TO know VB the DT exact JJ cost NN of IN such PDT a DT `` `` brain NN drain NN '' '' to TO the DT economy NN , , hardly RB anyone NN doubts VBZ that IN it PRP poses VBZ a DT threat NN . . `` `` When WRB the DT economy NN loses VBZ a DT big JJ portion NN of IN its PRP$ work NN force NN that WDT also RB happens VBZ to TO include VB its PRP$ most JJS productive JJ members NNS , , economic JJ growth NN is VBZ bound VBN to TO be VB affected VBN , , '' '' says VBZ Anthong NNP Wong NNP , , an DT economist NN with IN Hang NNP Seng NNP Bank NNP . . While IN Wall NNP Street NNP is VBZ retreating VBG from IN computer-driven JJ program NN trading NN , , big JJ institutional JJ investors NNS are VBP likely JJ to TO continue VB these DT strategies NNS at IN full JJ blast NN , , further RB roiling VBG the DT stock NN market NN , , trading VBG executives NNS say VBP . . Bowing VBG to TO a DT mounting VBG public NN outcry NN , , three CD more JJR major JJ securities NNS firms NNS -- : Bear NNP , , Stearns NNP & CC Co. NNP Inc. NNP , , Morgan NNP Stanley NNP & CC Co. NNP and CC Oppenheimer NNP & CC Co. NNP -- : announced VBD Friday NNP they PRP would MD suspend VB stock-index NN arbitrage NN trading NN for IN their PRP$ own JJ accounts NNS . . PaineWebber NNP Group NNP Inc. NNP announced VBD a DT pullback NN on IN Thursday NNP from IN stock-index NN arbitrage NN , , a DT controversial JJ program-trading NN strategy NN blamed VBN by IN many JJ investors NNS for IN encouraging VBG big JJ stock-market NN swings NNS . . Though IN the DT trading NN halts NNS are VBP offered VBN as IN a DT sign NN of IN concern NN about IN recent JJ stock NN market NN volatility NN , , most JJS Wall NNP Street NNP firms NNS remain VBP open JJ to TO handle VB program NN trading NN for IN customers NNS . . Trading VBG executives NNS privately RB say VBP that IN huge JJ stock-index NN funds NNS , , which WDT dwarf VBP Wall NNP Street NNP firms NNS in IN terms NNS of IN the DT size NN of IN their PRP$ program NN trades NNS , , will MD continue VB to TO launch VB big JJ programs NNS through IN the DT stock NN market NN . . Wells NNP Fargo NNP Investment NNP Advisers NNPS , , Bankers NNPS Trust NNP Co. NNP and CC Mellon NNP Capital NNP Management NNP are VBP among IN the DT top JJ stock-index NN arbitrage NN clients NNS of IN Wall NNP Street NNP , , trading VBG executives NNS say VBP . . These DT huge JJ stock-index NN funds NNS build VBP portfolios NNS that WDT match VBP the DT S&P NNP 500 CD stock NN index NN or CC other JJ stock NN indexes NNS , , and CC frequently RB swap VBP between IN stocks NNS and CC futures NNS to TO capture VB profits NNS . . `` `` They PRP will MD do VB it PRP every DT chance NN they PRP get VBP , , '' '' said VBD one CD program-trading JJ executive NN . . Consequently RB , , abrupt JJ swings NNS in IN the DT stock NN market NN are VBP not RB likely JJ to TO disappear VB anytime RB soon RB , , they PRP say VBP . . In IN fact NN , , without IN Wall NNP Street NNP firms NNS trading VBG for IN their PRP$ own JJ accounts NNS , , the DT stock-index NN arbitrage NN trading NN opportunities NNS for IN the DT big JJ funds NNS may MD be VB all PDT the DT more RBR abundant JJ . . `` `` More JJR customers NNS may MD come VB to TO us PRP now RB , , '' '' said VBD James NNP Cayne NNP , , president NN of IN Bear NNP Stearns NNP Cos NNP . . Executives NNS who WP manage VBP these DT funds NNS see VBP the DT current JJ debate NN over IN program NN trading NN as IN a DT repeat NN of IN the DT concern NN expressed VBN after IN the DT 1987 CD crash NN . . They PRP noted VBD that IN studies NNS completed VBN after IN the DT 1987 CD crash NN exonerated VBD program NN trading NN as IN a DT source NN of IN volatility NN . . `` `` The DT issues NNS that WDT are VBP ( ( now RB ) ) being VBG raised VBN , , in IN classic JJ anti-intellectual JJ fashion NN , , fly VBP in IN the DT face NN of IN a DT number NN of IN post-crash JJ studies NNS , , '' '' said VBD Fred NNP Grauer NNP , , chairman NN of IN Wells NNP Fargo NNP Investment NNP Advisers NNPS . . A DT Bankers NNPS Trust NNP spokesman NN said VBD that IN the DT company NN 's POS investment NN arm NN uses VBZ stock-index NN arbitrage NN to TO enhance VB investors NNS ' POS returns NNS . . Officials NNS at IN Mellon NNP Capital NNP were VBD unavailable JJ for IN comment NN . . Stock-index NN funds NNS have VBP grown VBN in IN popularity NN over IN the DT past JJ decade NN as IN pension NN funds NNS and CC other JJ institutional JJ investors NNS have VBP sought VBN a DT low-cost NN way NN to TO match VB the DT performance NN of IN the DT stock NN market NN as IN a DT whole NN . . Many JJ money NN managers NNS who WP trade VBP stock NN actively RB have VBP trouble NN consistently RB matching VBG the DT S&P-500 CD 's POS returns NNS . . Some DT stock-index NN funds NNS are VBP huge JJ . . Wells NNP Fargo NNP Investment NNP Advisers NNPS , , for IN example NN , , managed VBD $ $ 25 CD billion CD in IN stock NN investments NNS tracking VBG the DT S&P NNP 500 CD at IN the DT end NN of IN June NNP , , according VBG to TO Standard NNP & CC Poor NNP 's POS Corp NNP . . Mr. NNP Grauer NNP said VBD $ $ 2 CD billion CD of IN that WDT is VBZ used VBN in IN active JJ index NN arbitrage NN . . Stock-index NN funds NNS frequently RB use VBP the DT futures NNS markets NNS as IN a DT hedging VBG tool NN , , but CC that DT is VBZ a DT far RB less RBR aggressive JJ strategy NN than IN stock-index NN arbitrage NN , , in IN which WDT traders NNS buy VBP and CC sell VBP big JJ blocks NNS of IN stocks NNS with IN offsetting VBG trades NNS in IN stock-index NN futures NNS to TO profit VB from IN price NN differences NNS . . The DT 190-point JJ plunge NN in IN the DT stock NN market NN Oct. NNP 13 CD has VBZ heightened VBN concerns NNS about IN volatility NN . . And CC while IN signs NNS of IN an DT economic JJ slowdown NN , , softer JJR corporate JJ earnings NNS and CC troubles NNS with IN takeover NN financing VBG all DT have VBP contributed VBN to TO the DT stock NN market NN 's POS recent JJ weakness NN , , many JJ investors NNS rushed VBD to TO blame VB program NN trading NN for IN aggravating VBG market NN swings NNS . . The DT Wall NNP Street NNP firms NNS ' POS pullback NN followed VBD their PRP$ recent JJ blacklisting NN by IN several JJ institutional JJ investors NNS . . Last JJ Tuesday NNP , , Kemper NNP Corp. NNP 's POS Kemper NNP Financial NNP Services NNPS Inc. NNP unit NN said VBD it PRP would MD no RB longer RB trade VB with IN firms NNS committed VBN to TO stock-index NN arbitrage NN , , including VBG the DT three CD that IN later RB suspended VBN stock-index NN arbitrage NN trading NN on IN Friday NNP . . Phoenix NNP Mutual NNP Life NNP Insurance NNP Co. NNP and CC Founders NNP Asset NNP Management NNP Inc. NNP also RB cut VBD off RP brokerage NN firms NNS that WDT engage VBP in IN program NN trading NN . . Though IN it PRP is VBZ still RB doing VBG stock-index NN arbitrage NN trades NNS for IN customers NNS , , Morgan NNP Stanley NNP 's POS trading NN halt NN for IN its PRP$ own JJ account NN is VBZ likely JJ to TO shake VB up RP firms NNS such JJ as IN Kidder NNP , , Peabody NNP & CC Co. NNP that WDT still RB do VBP such JJ trades NNS for IN their PRP$ own JJ account NN . . Morgan NNP Stanley NNP has VBZ consistently RB been VBN one CD of IN the DT top JJ stock-index NN arbitrage NN traders NNS in IN recent JJ months NNS . . Indeed RB , , Morgan NNP Stanley NNP 's POS president NN , , Richard NNP B. NNP Fisher NNP , , said VBD the DT firm NN is VBZ putting VBG up RP money NN to TO form VB a DT group NN of IN regulators NNS , , investors NNS and CC investment NN banks NNS to TO find VB out RP if IN stock-index JJ arbitrage NN artificially RB induces VBZ stock-market NN volatility NN . . `` `` We PRP have VBP to TO clear VB up RP these DT issues NNS and CC find VB out RP what WP is VBZ present JJ that WDT is VBZ creating VBG artificial JJ volatility NN , , '' '' Mr. NNP Fisher NNP said VBD . . `` `` There EX is VBZ no DT question NN that IN investor NN confidence NN ( ( in IN the DT stock NN market NN ) ) is VBZ critical JJ . . '' '' Joining VBG the DT call NN for IN some DT kind NN of IN study NN or CC regulatory JJ action NN , , Merrill NNP Lynch NNP & CC Co. NNP recommended VBD program-trading JJ reforms NNS late JJ Friday NNP , , including VBG higher JJR margins NNS on IN stock-index NN futures NNS and CC greater JJR regulatory JJ coordination NN . . Separately RB , , Mr. NNP Cayne NNP of IN Bear NNP Stearns NNP said VBD his PRP$ firm NN is VBZ working VBG with IN regulators NNS to TO balance VB margin NN requirements NNS to TO `` `` enhance VB stabilization NN . . '' '' Margin NN rules NNS determine VBP the DT minimum JJ amount NN of IN cash NN an DT investor NN must MD put VB up RP when WRB buying VBG a DT security NN . . Current JJ rules NNS permit VBP investors NNS to TO put VB up RP less JJR cash NN for IN futures NNS than IN for IN stocks NNS . . Some DT observers NNS say VBP that IN different JJ rules NNS governing VBG stock NN and CC futures NNS markets NNS are VBP partly RB responsible JJ for IN volatility NN . . These DT rules NNS , , they PRP say VBP , , permit VBP faster JJR and CC cheaper JJR trading NN in IN futures NNS than IN in IN stocks NNS , , which WDT frequently RB knocks VBZ the DT two CD markets NNS out IN of IN line NN . . Stock-index NN arbitrage NN , , because IN it PRP sells VBZ the DT more JJR `` `` expensive JJ '' '' market NN and CC buys VBZ the DT `` `` cheaper JJR '' '' one CD , , attempts VBZ to TO reestablish VB the DT link NN between IN the DT stock NN and CC futures NNS markets NNS , , and CC the DT adjustments NNS are VBP often RB abrupt JJ . . But CC unequal JJ trading NN rules NNS allow VBP the DT futures NNS market NN to TO trade VB differently RB from IN stocks NNS , , which WDT invites VBZ frequent JJ bouts NNS of IN stock-index NN arbitrage NN in IN the DT first JJ place NN . . `` `` There EX has VBZ to TO be VB better JJR coordination NN on IN a DT regulatory JJ basis NN , , '' '' said VBD Christopher NNP Pedersen NNP , , director NN of IN trading NN at IN Twenty-First NNP Securities NNPS Corp NNP . . `` `` One CD agency NN should MD have VB the DT authority NN over IN all DT equity NN products NNS . . Like IN so RB many JJ trends NNS in IN the DT entertainment NN industry NN , , the DT current JJ spate NN of IN rape NN dramas NN on IN television NN seems VBZ to TO represent VB a DT confluence NN of IN high-mindedness NN and CC self-interest NN . . The DT former NN comes VBZ from IN the DT latest JJS wave NN of IN political JJ activism NN in IN Hollywood NNP , , especially RB around IN feminist JJ issues NNS such JJ as IN abortion NN . . The DT latter NN comes VBZ from IN the DT perception NN , , on IN the DT part NN of IN many JJ people NNS in IN network NN TV NN , , that IN their PRP$ only JJ hope NN of IN keeping VBG viewers NNS from IN defecting VBG to TO cable NN is VBZ to TO fill VB the DT airwaves NNS with IN an DT increasingly RB raw JJ sensationalism NN . . Put VB these DT together RB , , and CC you PRP get VBP programs NNS about IN rape NN . . The DT best JJS of IN the DT crop NN was VBD last JJ week NN 's POS season NN premiere NN of IN `` `` In IN the DT Heat NNP of IN the DT Night NNP , , '' '' the DT NBC NNP series NN based VBN on IN a DT 1967 CD feature NN film NN about IN a DT black JJ Philadelphia NNP police NN detective NN in IN a DT small JJ Southern JJ town NN . . In IN the DT series NN , , Virgil NNP Tibbs NNP ( ( Howard NNP Rollins NNP ) ) and CC his PRP$ wife NN , , Althea NNP ( ( Anne-Marie NNP Johnson NNP ) ) have VBP settled VBN in IN Sparta NNP , , Miss NNP . . Because IN the DT show NN has VBZ acquired VBN a DT sense NN of IN place NN by IN being VBG filmed VBN on IN location NN in IN Georgia NNP , , this DT episode NN -- : in IN which WDT Althea NNP gets VBZ raped VBN by IN an DT arrogant JJ white JJ schoolteacher NN -- : does VBZ a DT decent JJ job NN of IN tracing VBG the DT social JJ repercussions NNS of IN the DT crime NN . . Obviously RB , , it PRP 's VBZ harder JJR to TO establish VB a DT sense NN of IN place NN in IN a DT one-shot JJ TV NN movie NN . . But CC tonight NN 's POS offering NN , , `` `` Settle VB the DT Score NN '' '' ( ( 9-11 CD p.m. RB EST NNP , , on IN NBC NNP ) ) , , does VBZ n't RB even RB try VB . . This DT tale NN of IN a DT Chicago NNP policewoman NN returning VBG home NN to TO find VB the DT man NN who WP raped VBD her PRP 20 CD years NNS earlier RBR is VBZ supposed VBN to TO be VB set VBN in IN the DT Ozarks NNPS . . But CC it PRP 's VBZ more JJR like IN an DT illustration NN of IN what WP Ben NNP Stein NNP describes VBZ in IN his PRP$ study NN of IN social JJ attitudes NNS in IN the DT TV NN industry NN : : `` `` Fear NN of IN violence NN and CC animosity NN ... : because IN of IN race NN or CC religion NN , , fear NN and CC lack NN of IN comprehension NN about IN the DT politics NNS of IN small-town JJ people NNS ... : produce VBP a DT powerful JJ wave NN of IN dislike NN of IN small JJ towns NNS in IN the DT minds NNS of IN TV NN writers NNS and CC producers NNS . . '' '' The DT writer NN and CC executive NN producer NN of IN `` `` Settle VB the DT Score NN , , '' '' Steve NNP Sohmer NNP , , is VBZ a DT graduate NN of IN Yale NNP who WP participated VBD in IN a DT PBS NNP documentary NN , , aired VBD this DT summer NN , , in IN which WDT six CD members NNS of IN the DT Yale NNP class NN of IN 1963 CD ruminated VBD about IN their PRP$ lives NNS since IN graduation NN . . At IN one CD point NN in IN the DT documentary NN , , Mr. NNP Sohmer NNP , , who WP is VBZ Jewish NNP , , says VBZ he PRP felt VBD rejected VBN by IN many JJ of IN the DT Protestants NNPS and CC Southerners NNPS he PRP met VBD at IN Yale NNP . . He PRP quotes VBZ one CD student NN saying VBG , , `` `` You PRP 're VBP just RB the DT kind NN of IN Jewboy NN we PRP Southerners NNPS ca MD n't RB stand VB . . '' '' Mr. NNP Sohmer NNP confesses VBZ that IN it PRP was VBD partly RB in IN response NN to TO such JJ attitudes NNS that IN he PRP is VBZ now RB `` `` a DT dweller NN on IN one CD of IN the DT two CD islands NNS off IN the DT coast NN of IN America NNP . . '' '' But CC is VBZ exile NN in IN Hollywood NNP enough RB ? . Not RB to TO judge VB by IN `` `` Settle VB the DT Score NN , , '' '' in IN which WDT Mr. NNP Sohmer NNP seems VBZ to TO be VB settling VBG a DT score NN of IN his PRP$ own JJ . . Of IN all PDT the DT unflattering JJ portraits NNS of IN small-town JJ America NNP I PRP 've VBP seen VBN on IN TV NN , , this DT film NN is VBZ the DT most RBS gratuitously RB nasty JJ . . The DT sole JJ sympathetic JJ character NN is VBZ the DT prodigal JJ daughter NN Kate NNP ( ( Jaclyn NNP Smith NNP ) ) , , and CC she PRP is VBZ tolerable JJ only RB by IN virtue NN of IN having VBG nothing NN in IN common JJ with IN her PRP$ kinfolk NNS , , a DT truly RB benighted JJ pack NN of IN Southern JJ Protestants NNPS whose WP$ grim JJ existence NN consists VBZ mostly RB of IN growing VBG peaches NNS and CC repressing VBG sex NN . . I PRP mean VBP , , these DT folks NNS are VBP so RB uptight JJ that IN they PRP blame VBP pretty JJ Kate NNP for IN the DT fact NN that IN when WRB she PRP was VBD a DT teen-ager NN , , someone NN tied VBD her PRP$ hands NNS behind IN her PRP back RB , , thrust VBD her PRP$ head NN into IN a DT gunny NN sack NN , , brutally RB raped VBD and CC beat VBD her PRP , , and CC then RB left VBD her PRP to TO die VB in IN a DT cold-storage JJ room NN . . Her PRP$ Pa NNP ( ( Howard NNP Duff NNP ) ) is VBZ the DT kind NN of IN guy NN who WP , , while IN saying VBG grace NN at IN the DT supper NN table NN , , pauses VBZ at IN the DT word NN `` `` sin NN '' '' and CC glares VBZ at IN the DT daughter NN he PRP has VBZ n't RB seen VBN for IN two CD decades NNS , , because IN he PRP knows VBZ in IN his PRP$ heart NN that IN she PRP enjoyed VBD what WP happened VBD in IN the DT cold-storage JJ room NN , , and CC has VBZ been VBN indulging VBG the DT same JJ taste NN ever RB since IN in IN the DT fleshpots NNS of IN Chicago NNP . . People NNS like IN Pa NNP do VBP exist VB , , of IN course NN . . But CC in IN Mr. NNP Sohmer NNP 's POS Ozarks NNPS , , he PRP is VBZ but IN the DT tip NN of IN the DT patriarchal JJ iceberg NN . . Every DT man NN Kate NNP encounters VBZ is VBZ either RB sniggeringly RB puritanical JJ , , viciously RB patronizing VBG , , revoltingly RB lecherous JJ , , or CC all DT three CD . . Add VB the DT fact NN that IN any DT one CD of IN them PRP , , including VBG Pa NNP , , could MD be VB her PRP$ attacker NN , , and CC you PRP have VBP a DT setting NN that WDT does VBZ n't RB resemble VB small-town JJ America NNP , , or CC even RB Hollywood NNP 's POS nightmare NN of IN small-town JJ America NNP , , so RB much RB as IN a DT paranoid JJ feminist NN dystopia NN like IN Margaret NNP Atwood NNP 's POS `` `` The NNP Handmaid NNP 's POS Tale NNP , , '' '' itself PRP soon RB to TO be VB ( ( you PRP guessed VBD it PRP ) ) a DT Hollywood NNP movie NN . . There EX are VBP two CD exceptions NNS : : Josh NNP ( ( Jeffrey NNP DeMunn NNP ) ) , , the DT local JJ doctor NN who WP has VBZ always RB loved VBN Kate NNP ; : and CC Lincoln NNP ( ( Richard NNP Masur NNP ) ) , , Kate NNP 's POS simple-minded JJ but CC affectionate JJ brother NN . . Josh NNP makes VBZ clumsy JJ passes NNS at IN Kate NNP when WRB she PRP 's VBZ seething VBG with IN anger NN and CC fear NN , , but CC we PRP know VBP from IN the DT outset NN that IN he PRP 's VBZ not RB a DT member NN of IN the DT evil JJ patriarchy NN . . How WRB could MD he PRP be VB ? . He PRP 's VBZ the DT director NN of IN the DT local JJ Planned NNP Parenthood NNP chapter NN . . As IN for IN Lincoln NNP , , if IN you PRP ca MD n't RB guess VB why WRB he PRP 's VBZ so RB sweet JJ to TO his PRP$ sister NN when WRB everybody NN else RB hates VBZ her PRP , , then RB I PRP 'm VBP not RB going VBG to TO tell VB you PRP . . As IN for IN the DT women NNS , , they PRP 're VBP pathetic JJ . . Kate NNP 's POS Ma NNP ( ( Louise NNP Latham NNP ) ) is VBZ a DT moral JJ coward NN . . Her PRP$ sister-in-law NN ( ( Amy NNP Wright NNP ) ) is VBZ a DT sniveling VBG prude NN afraid JJ that IN Kate NNP will MD seduce VB all PDT the DT married VBN men NNS in IN town NN , , including VBG a DT particularly RB loathsome JJ fellow NN named VBN Tucker NNP , , whose WP$ idea NN of IN fun NN is VBZ to TO leave VB his PRP$ wife NN at IN home NN tending VBG to TO her PRP$ bruises NNS and CC cigarette NN burns NNS , , while IN he PRP bullies VBZ Kate NNP into IN a DT dance NN that WDT consists VBZ of IN drooling VBG on IN her PRP while IN trying VBG to TO break VB her PRP$ ribs NNS . . At IN the DT very RB least JJS , , it PRP would MD appear VB that IN Sis NNP is VBZ a DT poor JJ judge NN of IN masculine JJ charm NN . . Yet RB even RB these DT insulting JJ caricatures NNS are VBP not RB as RB bad JJ as IN the DT moral JJ hypocrisy NN at IN the DT heart NN of IN `` `` Settle VB the DT Score NN . . '' '' In IN the DT aforementioned JJ episode NN of IN `` `` In NNP the DT Heat NNP of IN the DT Night NNP , , '' '' we PRP saw VBD Althea NNP being VBG attacked VBN , , but CC we PRP were VBD n't RB invited VBN to TO enjoy VB the DT spectacle NN . . In IN Mr. NNP Sohmer NNP 's POS film NN , , by IN contrast NN , , we PRP are VBP urged VBN to TO share VB the DT perverse JJ excitement NN of IN the DT rapist NN creeping VBG up RP on IN his PRP$ victim NN , , as IN the DT camera NN ogles VBZ Kate NNP in IN various JJ stages NNS of IN undress NN and CC lingers VBZ on IN the DT sight NN of IN her PRP$ trussed-up JJ body NN during IN frequent JJ flashbacks NNS to TO the DT rape NN . . At IN this DT point NN , , the DT truce NN between IN feminism NN and CC sensationalism NN gets VBZ mighty RB uneasy JJ . . Take VB the DT scene NN in IN which WDT Kate NNP stands VBZ naked JJ by IN a DT lighted VBN window NN , , whispering VBG to TO her PRP$ hidden VBN assailant NN , , `` `` Look VB all DT you PRP want VBP . . Starting VBG tomorrow NN , , I PRP 'm VBP stalking VBG you PRP . . '' '' Or CC the DT one CD in IN which WDT she PRP and CC Josh NNP are VBP stranded VBN in IN the DT city NN , , and CC , , after IN insisting VBG on IN separate JJ motel NN rooms NNS , , she PRP knocks VBZ on IN his PRP$ door NN to TO pour VB out RP her PRP$ feelings NNS about IN the DT rape NN -- : wearing VBG nothing NN but CC a DT mini-slip NN and CC a DT push-up JJ bra NN . . Surely RB the DT question NN is VBZ obvious JJ . . With IN friends NNS like IN Mr. NNP Sohmer NNP , , do VBP the DT feminists NNS of IN Hollywood NNP need VB enemies NNS ? . Crossland NNP Savings NNPS Bank NNP 's POS stock NN plummeted VBD after IN management NN recommended VBD a DT suspension NN of IN dividend NN payments NNS on IN both PDT its PRP$ common JJ and CC preferred JJ stock NN because IN Crossland NNP may MD not RB meet VB the DT new JJ government NN capital NN criteria NNS effective JJ Dec. NNP 7 CD . . In IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP Friday NNP , , Crossland NNP closed VBD at IN $ $ 5.25 CD , , down RB $ $ 1.875 CD , , a DT 26 CD % NN decline NN . . A DT spokesman NN said VBD the DT savings NNS bank NN may MD not RB qualify VB for IN the DT capital NN requirements NNS because IN , , under IN the DT proposed VBN guidelines NNS , , its PRP$ $ $ 380 CD million CD of IN preferred VBN stock NN does VBZ n't RB meet VB the DT `` `` core NN capital NN '' '' criteria NNS outlined VBN under IN the DT new JJ Financial NNP Institutions NNPS Reform NNP , , Recovery NNP and CC Enforcement NNP Act NNP of IN 1989 CD . . He PRP added VBD that IN final JJ guidelines NNS to TO be VB published VBN in IN early JJ November NNP will MD determine VB whether IN the DT bank NN is VBZ in IN compliance NN . . Crossland NNP said VBD it PRP retained VBD three CD investment NN bankers NNS to TO assist VB it PRP in IN developing VBG and CC implementing VBG a DT financial JJ restructuring NN plan NN . . It PRP would MD n't RB identify VB the DT bankers NNS . . Additionally RB , , Crossland NNP reported VBD a DT third-quarter NN loss NN of IN $ $ 175.5 CD million CD , , or CC $ $ 13.44 CD a DT share NN , , compared VBN with IN net JJ income NN of IN $ $ 27.1 CD million CD , , or CC $ $ 1.16 CD a DT share NN , , a DT year NN ago IN . . A DT major JJ factor NN in IN the DT third-quarter NN loss NN was VBD the DT write-down NN of IN $ $ 143.6 CD million CD of IN goodwill NN . . The DT spokesman NN said VBD that IN the DT proposed VBN guidelines NNS caused VBD Crossland NNP to TO revise VB its PRP$ business NN objectives NNS and CC , , consequently RB , , to TO write VB down RP the DT asset NN value NN of IN some DT previous JJ acquisitions NNS . . Crossland NNP recorded VBD an DT additional JJ $ $ 20 CD million CD in IN loan NN loss NN reserves NNS in IN the DT third JJ quarter NN . . Net JJ interest NN income NN for IN the DT third JJ quarter NN declined VBD to TO $ $ 35.6 CD million CD from IN $ $ 70.1 CD million CD a DT year NN ago IN . . However RB , , non-interest JJ income NN rose VBD to TO $ $ 23.5 CD million CD from IN $ $ 22 CD million CD . . Third-quarter NN loan NN originations NNS dropped VBD sharply RB to TO $ $ 663 CD million CD from IN $ $ 1 CD billion CD a DT year NN ago IN . . Standard NNP & CC Poor NNP 's POS Corp. NNP lowered VBD the DT rating NN on IN Crossland NNP 's POS preferred VBN stock NN to TO double-C NN from IN single-B-minus NN and CC placed VBD it PRP on IN CreditWatch NNP for IN possible JJ further JJ downgrade NN . . It PRP also RB placed VBD on IN CreditWatch NNP for IN possible JJ downgrade NN other JJ securities NNS , , including VBG the DT double-B-minus\/B NN rating NN of IN Crossland NNP 's POS certificates NNS of IN deposit NN and CC the DT single-B NN rating NN of IN its PRP$ senior JJ subordinated VBN capital NN notes NNS . . About IN $ $ 518 CD million CD of IN debt NN is VBZ affected VBN . . The DT envelope NN arrives VBZ in IN the DT mail NN . . Open VB it PRP and CC two CD soulful JJ eyes NNS on IN a DT boy NN 's POS brown JJ face NN peer VBP out IN from IN the DT page NN , , pleadingly RB . . Does VBZ the DT tyke NN have VB a DT good JJ mind NN about IN to TO be VB wasted VBN ? . Is VBZ he PRP a DT victim NN of IN Gramm-Rudman NNP cuts NNS ? . No UH , , but CC he PRP 's VBZ endangered VBN all PDT the DT same JJ : : His PRP$ new JJ sitcom NN on IN ABC NNP needs VBZ a DT following NN to TO stay VB on IN the DT air NN . . ABC NNP has VBZ n't RB had VBN much JJ luck NN with IN shows NNS featuring VBG blacks NNS in IN recent JJ years NNS , , and CC the DT producers NNS of IN one CD new JJ arrival NN are VBP a DT bit NN desperate JJ . . `` `` Homeroom NNP , , '' '' a DT show NN about IN a DT black JJ ad NN executive NN who WP gives VBZ up RP the DT boardroom NN for IN a DT fourth-grade JJ classroom NN , , is VBZ flunking VBG the DT ratings NNS test NN . . So IN producers NNS Alyce NNP and CC Topper NNP Carew NNP spun VBD their PRP$ Rolodexes NNPS and CC gathered VBD names NNS of IN black JJ opinion NN makers NNS to TO mount VB a DT direct-mail JJ campaign NN . . By IN wooing VBG a DT core NN black JJ audience NN they PRP figure VBP they PRP might MD keep VB the DT show NN alive JJ at IN least JJS until IN the DT spring NN semester NN . . Using VBG direct JJ mail NN for IN a DT TV NN show NN is VBZ like IN fishing VBG for IN whale NN with IN a DT breaded VBN hook NN . . It PRP just RB is VBZ n't RB done VBN . . But CC employing VBG this DT kind NN of IN gut-wrenching JJ plea NN to TO black JJ consciousness NN makes VBZ it PRP even RB more RBR unusual JJ . . Still RB , , Mr. NNP Carew NNP thinks VBZ he PRP can MD reach VB a DT good JJ chunk NN of IN the DT three CD million-plus JJ black JJ homes NNS he PRP needs VBZ by IN mailing VBG to TO the DT almost RB 10,000 CD blacks NNS who WP form VBP what WP he PRP calls VBZ `` `` the DT grapevine NN . . '' '' `` `` The DT grapevine NN is VBZ n't RB organized VBN , , but CC you PRP and CC I PRP know VBP it PRP exists VBZ , , '' '' says VBZ Mr. NNP Carew NNP , , referring VBG to TO the DT often RB uncannily RB small JJ world NN of IN black JJ professionals NNS and CC community NN leaders NNS . . `` `` This DT is VBZ a DT very RB personal JJ , , ethnic JJ style NN , , '' '' Mr. NNP Carew NNP says VBZ . . `` `` I PRP want VBP people NNS in IN the DT barber NN shops NNS and CC the DT beauty NN shops NNS and CC standing VBG in IN line NN at IN the DT rib NN joints NNS to TO be VB talking VBG about IN the DT show NN . . I PRP want VBP white JJ America NNP to TO talk VB about IN it PRP , , too RB , , but CC I PRP 'm VBP convinced VBN that IN the DT grapevine NN is VBZ what WP 's VBZ happening VBG . . '' '' ABC NNP says VBZ it PRP is VBZ aware JJ of IN the DT producers NNS ' POS action NN , , but CC the DT mailing NN was VBD sent VBN without IN the DT network NN 's POS blessing NN . . The DT letter NN , , in IN fact NN , , takes VBZ a DT jab NN at IN ABC NNP for IN being VBG a DT laggard NN in IN black JJ programming NN . . Meanwhile RB , , as IN the DT Sunday NNP evening NN show NN struggles VBZ to TO stay VB afloat RB against IN the DT tough JJ competition NN of IN `` `` Murder NN , , She NN Wrote VBD , , '' '' the DT grapevine NN idea NN is VBZ threatening VBG to TO turn VB into IN a DT weed NN : : The DT tactic NN apparently RB has VBZ inspired VBN sample NN viewings NNS , , but CC accolades NNS are VBP slow JJ in IN coming VBG . . Doug NNP Alligood NNP , , a DT black JJ advertising NN executive NN who WP tracks VBZ black JJ viewing VBG patterns NNS , , gives VBZ the DT Carews NNPS an DT `` `` A NN '' '' for IN marketing NN moxie NN , , but CC is VBZ n't RB alone RB in IN his PRP$ lukewarm JJ reaction NN . . Some DT shows NNS just RB do VBP n't RB impress VB , , he PRP says VBZ , , and CC this DT is VBZ one CD of IN them PRP . . TransCanada NNP PipeLines NNPS Ltd. NNP said VBD it PRP plans VBZ to TO shift VB its PRP$ headquarters NNS to TO Calgary NNP , , Alberta NNP , , from IN Toronto NNP next JJ year NN to TO cut VB costs NNS and CC be VB closer JJR to TO the DT upstream JJ natural-gas NN industry NN . . Gerald NNP Maier NNP , , president NN and CC chief NN executive JJ officer NN of IN the DT natural-gas JJ pipeline NN and CC marketing NN concern NN , , said VBD the DT company NN 's POS future JJ growth NN is VBZ `` `` increasingly RB linked VBN '' '' to TO decisions NNS made VBN by IN Calgary-based JJ gas NN producers NNS . . `` `` Since IN deregulation NN of IN the DT market NN in IN 1985 CD , , producers NNS have VBP become VBN much RB more RBR intensely RB involved VBN in IN both DT transportation NN and CC marketing NN , , '' '' Mr. NNP Maier NNP said VBD . . `` `` It PRP 's VBZ a DT matter NN of IN being VBG close JJ to TO those DT suppliers NNS ; : many JJ of IN those DT companies NNS do VBP n't RB know VB us PRP as RB well RB as IN they PRP should MD . . '' '' TransCanada NNP transports VBZ all DT gas NN that WDT moves VBZ eastward RB from IN Alberta NNP . . That DT includes VBZ all PDT the DT gas NN consumed VBN in IN Ontario NNP and CC Quebec NNP , , along IN with IN the DT bulk NN of IN Canadian JJ gas NN exports NNS to TO the DT Walter NNP Litvinchuk NNP , , vice NN president NN of IN Pan-Alberta NNP Gas NNP Ltd. NNP , , a DT Calgary-based JJ gas NN marketing NN concern NN , , said VBD the DT industry NN will MD welcome VB the DT move NN . . `` `` Having VBG more JJR than IN a DT token JJ presence NN here RB should MD enhance VB communications NNS and CC business NN relationships NNS , , '' '' Mr. NNP Litvinchuk NNP said VBD . . `` `` Since IN the DT cost NN of IN transporting VBG gas NN is VBZ so RB important JJ to TO producers NNS ' POS ability NN to TO sell VB it PRP , , it PRP helps VBZ to TO have VB input NN and CC access NN to TO transportation NN companies NNS . . '' '' The DT move NN , , which WDT could MD cost VB TransCanada NNP as RB much RB as IN 50 CD million CD Canadian JJ dollars NNS ( ( US$ $ 42.5 CD million CD ) ) in IN relocation NN and CC severance NN payments NNS , , should MD be VB complete JJ by IN next JJ summer NN , , Mr. NNP Maier NNP said VBD . . All DT 700 CD Toronto-based JJ employees NNS will MD be VB offered VBN positions NNS in IN Calgary NNP , , the DT company NN said VBD . . The DT company NN will MD save VB between IN C$ $ 4 CD million CD and CC C$ $ 6 CD million CD annually RB in IN office NN expenses NNS and CC other JJ administrative JJ costs NNS by IN moving VBG to TO Calgary NNP , , Mr. NNP Maier NNP added VBD . . Part NN of IN both PDT the DT costs NNS and CC the DT savings NNS could MD be VB passed VBN on RP to TO shippers NNS on IN the DT TransCanada NNP pipeline NN through IN tolls NNS , , which WDT are VBP based VBN on IN the DT value NN of IN the DT pipeline NN system NN and CC the DT cost NN of IN operating VBG it PRP . . TransCanada NNP is VBZ 49.1 CD % NN owned VBN by IN Montreal-based JJ holding VBG company NN BCE NNP Inc NNP . . Since IN its PRP$ founding NN in IN 1818 CD , , Brooks NNP Brothers NNPS , , the DT standard-bearer NN of IN the DT Ivy NNP League NNP look NN , , has VBZ eschewed VBN flashy JJ sales NNS promotions NNS and CC fashion NN trends NNS -- : the DT rules NNS that IN most JJS retailers NNS live VBP by IN . . But CC with IN sales NNS growth NN sluggish JJ and CC other JJ men NNS 's POS stores NNS putting VBG on RP the DT heat NN , , the DT venerable JJ retailer NN can MD no RB longer RB afford VB such PDT a DT smug JJ attitude NN . . So RB two CD weeks NNS ago IN , , thousands NNS of IN Brooks NNP Brothers NNPS charge VBP customers NNS -- : customers NNS conditioned VBN to TO wait VB for IN twice-yearly JJ clearance NN sales NNS -- : got VBD a DT surprise NN : : an DT invitation NN to TO come VB in IN and CC buy VB any DT one CD item NN for IN 25 CD % NN off IN . . During IN the DT four-day JJ promotion NN , , shoppers NNS at IN the DT Short NNP Hills NNP , , N.J. NNP , , store NN lined VBD up RP to TO pay VB for IN big-ticket JJ items NNS like IN coats NNS and CC suits NNS . . That DT 's VBZ not RB all DT . . Departing VBG from IN its PRP$ newspaper NN ads NNS featuring VBG prim JJ sketches NNS of IN a DT suit NN or CC a DT coat NN , , Brooks NNP Brothers NNPS is VBZ marketing VBG an DT updated VBN image NN in IN a DT new JJ campaign NN that WDT carries VBZ the DT slogan NN , , `` `` The DT Surprise NNP of IN Brooks NNP Brothers NNPS . . '' '' One CD color NN photo NN displays VBZ a DT rainbow NN of IN dress NN shirts NNS tied VBN in IN a DT knot NN ; : another DT picture NN shows VBZ neckties NNS with IN bold JJ designs NNS . . The DT message NN is VBZ loud JJ and CC clear JJ : : This DT is VBZ not RB your PRP$ father NN 's POS Brooks NNP Brothers NNPS . . As IN part NN of IN its PRP$ national JJ ad NN pitch NN , , Brooks NNP Brothers NNPS will MD show VB less RBR preppy JJ women NNS 's POS clothes NNS , , moving VBG away RB from IN its PRP$ floppy-tie JJ business NN stereotype NN . . One CD ad NN shows VBZ a DT bright JJ red JJ jacket NN paired VBN with IN a DT black JJ leather NN skirt NN . . And CC the DT ad NN copy NN is VBZ cheeky JJ : : `` `` How WRB can MD you PRP be VB a DT Wall NNP Street NNP hot JJ shot NN without IN at IN least JJS one CD Brooks NNP Brothers NNPS suit NN in IN your PRP$ portfolio NN ? . '' '' Brooks NNP Brothers NNPS hopes VBZ that IN shaking VBG its PRP$ time-honored JJ traditions NNS will MD attract VB more RBR young JJ men NNS and CC more JJR women NNS and CC change VB consumer NN perceptions NNS about IN its PRP$ range NN of IN merchandise NN . . `` `` We PRP have VBP men NNS who WP only RB buy VBP their PRP$ shirts NNS and CC underwear NN here RB or CC younger JJR customers NNS who WP only RB buy VBP their PRP$ { ( job NN } ) interview NN suit NN here RB , , '' '' says VBZ William NNP Roberti NNP , , chairman NN and CC chief NN executive JJ officer NN of IN Brooks NNP Brothers NNPS . . `` `` We PRP want VBP them PRP to TO buy VB more JJR of IN their PRP$ wardrobe NN here RB . . '' '' Industry NN watchers NNS agree VBP that IN Brooks NNP Brothers NNPS is VBZ long RB overdue JJ in IN updating VBG its PRP$ buttoned-down JJ image NN , , which WDT has VBZ stunted VBN its PRP$ growth NN . . When WRB acquired VBN in IN May NNP 1988 CD by IN British JJ retailer NN Marks NNP & CC Spencer NNP PLC NNP , , Brooks NNP Brothers NNPS ' POS annual JJ operating VBG profit NN was VBD about IN $ $ 41.8 CD million CD on IN sales NNS of IN $ $ 290.1 CD million CD . . Mr. NNP Roberti NNP concedes VBZ that IN since IN the DT $ $ 750 CD million CD takeover NN , , `` `` sales NNS growth NN has VBZ n't RB been VBN dramatic JJ . . '' '' For IN the DT 11 CD months NNS ended VBD March NNP 31 CD , , operating VBG profit NN at IN the DT 52-store JJ chain NN totaled VBD $ $ 40.5 CD million CD on IN sales NNS of IN $ $ 286.8 CD million CD . . As IN Brooks NNP Brothers NNPS jumps VBZ into IN the DT fashion NN fray NN , , it PRP will MD be VB playing VBG catch VB up IN . . Many JJ clothiers NNS , , especially RB Ralph NNP Lauren NNP , , have VBP cashed VBN in RP on IN the DT recent JJ popularity NN of IN updated VBN Ivy NNP League NNP and CC English JJ styles NNS . . In IN keeping VBG with IN men NNS 's POS broader JJR fashion NN scope NN today NN , , businessmen NNS are VBP dabbling VBG in IN English JJ and CC Italian JJ suits NNS that WDT are VBP conservative JJ but CC not RB stodgy JJ . . The DT rigid JJ Ivy NNP League NNP customer NN , , Brooks NNP Brothers NNPS ' POS bread NN and CC butter NN , , meanwhile RB is VBZ becoming VBG extinct JJ . . Thus RB , , Brooks NNP Brothers NNPS has VBZ lost VBN customers NNS to TO stores NNS that WDT offer VBP more JJR variety NN such JJ as IN Paul NNP Stuart NNP , , Barneys NNP New NNP York NNP and CC Louis NNP , , Boston NNP . . `` `` Brooks NNP Brothers NNPS no RB longer RB has VBZ a DT lock NN on IN the DT { ( Ivy NNP League NNP } ) customer NN who WP is VBZ status-conscious JJ about IN his PRP$ clothes NNS , , '' '' says VBZ Charlie NNP Davidson NNP , , president NN of IN the DT Andover NNP Shop NNP , , a DT traditional JJ men NNS 's POS store NN in IN Cambridge NNP , , Mass NNP . . By IN making VBG a DT break NN from IN tradition NN , , Brooks NNP Brothers NNPS is VBZ seeking VBG a DT delicate JJ balance NN . . If IN it PRP promotes VBZ fashion NN too RB much JJ , , the DT shop NN risks VBZ alienating VBG its PRP$ old-line NN customers NNS ; : by IN emphasizing VBG `` `` value NN , , '' '' it PRP risks VBZ watering VBG down RP its PRP$ high-minded JJ mystique NN . . Fashion NN industry NN consultants NNS also RB question VBP whether IN the DT company NN can MD make VB significant JJ strides NNS in IN its PRP$ women NNS 's POS business NN , , given VBN that IN its PRP$ customer NN base NN is VBZ less RBR established VBN and CC that IN conservative JJ business NN dress NN for IN women NNS is VBZ on IN the DT decline NN . . Brooks NNP Brothers NNPS ' POS aim NN is VBZ for IN 20 CD % NN of IN total JJ sales NNS to TO come VB from IN the DT women NNS 's POS department NN , , up RB from IN the DT current JJ 12 CD % NN . . `` `` Everybody NN forgets VBZ that IN there EX are VBP fashion NN cycles NNS in IN classic JJ merchandise NN , , '' '' observes VBZ Carol NNP Farmer NNP , , a DT retail JJ consultant NN . . `` `` For IN women NNS , , dressing VBG for IN success NN in IN a DT real JJ structured JJ way NN is VBZ over IN . . '' '' Despite IN these DT challenges NNS , , Marks NNP & CC Spencer NNP sees VBZ big JJ potential NN in IN Brooks NNP Brothers NNPS , , noting VBG the DT widely RB recognized VBN name NN and CC global JJ presence NN . . Marks NNP & CC Spencer NNP plans VBZ to TO open VB roughly RB 18 CD more JJR U.S. NNP stores NNS in IN the DT next JJ five CD years NNS . . Brooks NNP Brothers NNPS says VBZ business NN is VBZ robust JJ at IN its PRP$ 30 CD outlets NNS in IN Japan NNP and CC two CD shops NNS in IN Hong NNP Kong NNP . . Marks NNP & CC Spencer NNP is VBZ also RB considering VBG opening VBG stores NNS across IN Europe NNP sometime RB in IN the DT future NN . . Alan NNP Smith NNP , , president NN of IN Marks NNP & CC Spencer NNP North NNP America NNP and CC Far NNP East NNP , , says VBZ that IN Brooks NNP Brothers NNPS ' POS focus NN is VBZ to TO boost VB sales NNS by IN broadening VBG its PRP$ merchandise NN assortment NN while IN keeping VBG its PRP$ `` `` traditional JJ emphasis NN . . '' '' The DT British JJ parent NN is VBZ also RB streamlining VBG : : Brooks NNP Brothers NNPS , , which WDT continues VBZ to TO make VB almost RB all DT of IN its PRP$ merchandise NN , , recently RB shut VBD one CD of IN its PRP$ two CD shirt NN plants NNS in IN Paterson NNP , , N.J. NNP , , and CC has VBZ closed VBN boys NNS ' POS departments NNS in IN all DT but CC 20 CD stores NNS . . Brooks NNP Brothers NNPS is VBZ also RB remodeling VBG its PRP$ stores NNS . . Wednesday NNP , , it PRP will MD unveil VB a DT $ $ 7 CD million CD refurbishing NN at IN its PRP$ flagship NN store NN on IN Madison NNP Avenue NNP . . With IN newly RB installed VBN escalators NNS , , the DT store NN retains VBZ its PRP$ signature NN wood-and-brass NN look NN but CC is VBZ less RBR intimidating VBG . . More JJR shirts NNS and CC sweaters NNS will MD be VB laid VBN out RP on IN tables NNS , , instead RB of IN sitting VBG behind IN glass NN cases NNS , , so IN that IN customers NNS can MD `` `` walk VB up IN and CC touch VB them PRP , , '' '' Mr. NNP Roberti NNP says VBZ . . Because IN the DT biggest JJS growth NN in IN menswear NN is VBZ in IN casual JJ sportswear NN , , Brooks NNP Brothers NNPS is VBZ chasing VBG more JJR of IN that DT business NN . . The DT entire JJ second JJ floor NN of IN its PRP$ Madison NNP Avenue NNP store NN is VBZ now RB casual JJ sportswear NN featuring VBG items NNS such JJ as IN ski JJ sweaters NNS , , leather NN backpacks NNS and CC a DT $ $ 42 CD wool NN baseball NN hat NN with IN the DT store NN 's POS crest NN . . The DT centerpiece NN of IN the DT overhaul NN , , according VBG to TO Mr. NNP Roberti NNP , , is VBZ the DT men NNS 's POS tailored VBN clothing NN department NN , , where WRB Brooks NNP Brothers NNPS has VBZ added VBN new JJ suit NN styles NNS and CC fabrics NNS . . `` `` The DT perception NN out IN there RB is VBZ that IN we PRP are VBP very RB conservative JJ and CC we PRP only RB sell VB one CD type NN of IN suit NN , , '' '' Mr. NNP Roberti NNP says VBZ , , referring VBG to TO Brooks NNP Brothers NNPS ' POS signature NN three-button JJ `` `` sack NN suit NN , , '' '' with IN a DT center-vented JJ jacket NN and CC boxy JJ fit NN . . But CC it PRP now RB offers VBZ more RBR two-button JJ versions NNS and CC suits NNS with IN a DT tapered JJ fit NN . . It PRP also RB plans VBZ to TO add VB suits NNS cut VBN for IN athletic JJ men NNS with IN broader JJR upper JJ bodies NNS . . Next JJ spring NN , , nearly RB 30 CD % NN of IN its PRP$ suits NNS will MD have VB pleated JJ pants NNS , , compared VBN with IN virtually RB none NN a DT couple NN of IN years NNS ago IN . . Says VBZ Mr. NNP Roberti NNP : : `` `` We PRP want VBP to TO turn VB the DT customer NN on RP . . Ferro NNP Corp. NNP said VBD it PRP will MD buy VB back RB as RB many JJ as IN one CD million CD common JJ shares NNS . . The DT maker NN of IN chemical NN and CC industrial JJ materials NNS did VBD n't RB say VB how WRB much JJ it PRP would MD pay VB or CC when WRB it PRP would MD make VB the DT transactions NNS . . Ferro NNP also RB said VBD it PRP would MD cancel VB the DT unused JJ portion NN of IN a DT 1987 CD buy-back NN plan NN for IN administrative JJ reasons NNS . . The DT plan NN calls VBZ for IN the DT company NN to TO buy VB back RB 2,250,000 CD shares NNS , , which WDT reflects VBZ a DT 3-for-2 JJ stock NN split NN this DT year NN . . So IN far RB the DT company NN had VBD bought VBN back RB 1.6 CD million CD shares NNS . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN Friday NNP , , Ferro NNP closed VBD at IN $ $ 25.25 CD , , down RB 50 CD cents NNS . . Arthur NNP Price NNP abruptly RB quit VBD as IN president NN and CC chief NN executive JJ officer NN of IN MTM NNP Entertainment NNP Inc. NNP , , a DT Los NNP Angeles NNP production NN company NN that WDT has VBZ fallen VBN on IN hard JJ times NNS . . Mr. NNP Price NNP , , 61 CD years NNS old JJ , , also RB stepped VBD down IN from IN the DT board NN of IN TVS NNP Entertainment NNP PLC NNP , , the DT British JJ TV NN company NN that IN last JJ year NN bought VBD MTM NNP , , producer NN of IN such JJ TV NN programs NNS as IN `` `` Hill NNP Street NNP Blues NNP '' '' and CC `` `` The NNP Mary NNP Tyler NNP Moore NNP Show NNP . . '' '' A DT TVS NNP spokesman NN said VBD he PRP did VBD n't RB know VB Mr. NNP Price NNP 's POS plans NNS . . James NNP Gatward NNP , , TVS NNP 's POS chief NN executive NN , , said VBD in IN a DT statement NN that IN he PRP will MD `` `` assume VB overall JJ responsibility NN '' '' for IN MTM NNP 's POS operations NNS until IN a DT successor NN is VBZ named VBN . . Industry NN analysts NNS speculated VBD that IN Mr. NNP Price NNP 's POS sudden JJ departure NN may MD have VB stemmed VBN from IN conflicts NNS with IN Mr. NNP Gatward NNP . . Mr. NNP Price NNP `` `` wanted VBD to TO run VB the DT MTM NNP business NN '' '' and CC may MD have VB regretted VBN selling VBG the DT company NN to TO TVS NNP , , suggested VBD Charles NNP Denton NNP , , managing VBG director NN of IN Zenith NNP Productions NNPS , , a DT subsidiary NN of IN Carlton NNP Communications NNP PLC NNP , , London NNP . . Mr. NNP Gatward NNP declined VBD to TO comment VB , , and CC Mr. NNP Price NNP could MD n't RB be VB reached VBN on IN Friday NNP . . In IN the DT TVS NNP statement NN , , Mr. NNP Price NNP said VBD `` `` leaving VBG MTM NNP was VBD a DT very RB difficult JJ decision NN , , '' '' but CC added VBD that IN `` `` it PRP is VBZ now RB time NN for IN a DT change NN ... : . . '' '' The DT $ $ 320 CD million CD purchase NN of IN MTM NNP represented VBD an DT audacious JJ international JJ move NN for IN TVS NNP , , which WDT then RB was VBD about IN half PDT the DT U.S. NNP concern NN 's POS size NN . . At IN the DT time NN , , Mr. NNP Gatward NNP said VBD his PRP$ friendship NN with IN Mr. NNP Price NNP had VBD smoothed VBN the DT way NN for IN its PRP$ link NN with IN the DT small JJ British JJ company NN . . But CC TVS NNP stunned VBD industry NN analysts NNS last JJ month NN by IN disclosing VBG that IN it PRP expected VBD MTM NNP to TO post VB an DT operating NN loss NN for IN this DT year NN . . In IN that DT announcement NN , , TVS NNP also RB said VBD it PRP was VBD trimming VBG production NN finance NN and CC hiring VBG a DT new JJ U.S. NNP sales NNS manager NN . . Mr. NNP Gatward NNP has VBZ spent VBN a DT lot NN of IN time NN since IN late JJ September NNP at IN MTM NNP 's POS headquarters NN ; : he PRP eliminated VBD three CD departments NNS and CC fired VBD six CD executives NNS , , according VBG to TO the DT TVS NNP spokesman NN . . Further JJ staff NN cuts NNS are VBP likely JJ , , the DT spokesman NN indicated VBD . . `` `` Obviously RB , , we PRP are VBP looking VBG at IN making VBG economies NNS across IN the DT board NN . . '' '' TVS NNP blames VBZ difficulties NNS in IN peddling JJ reruns NNS of IN MTM NNP shows NNS to TO U.S. NNP broadcasters NNS for IN the DT problems NNS at IN MTM NNP . . The DT market NN for IN reruns NNS sold VBN to TO local JJ U.S. NNP broadcasters NNS has VBZ been VBN weak JJ for IN the DT past JJ three CD or CC four CD seasons NNS . . Mr. NNP Price NNP co-founded VBD MTM NNP in IN 1969 CD with IN U.S. NNP actress NN Mary NNP Tyler NNP Moore NNP and CC Grant NNP Tinker NNP , , her PRP$ then-husband NN . . Mr. NNP Tinker NNP later RB left VBD to TO become VB chairman NN of IN National NNP Broadcasting NNP Co NNP . . The DT TVS NNP spokesman NN said VBD Mr. NNP Price NNP still RB holds VBZ about IN an DT 8 CD % NN TVS NNP stake NN , , acquired VBD as IN part NN of IN the DT MTM NNP acquisition NN . . In IN late RB trading NN on IN London NNP 's POS Stock NNP Exchange NNP Friday NNP , , TVS NNP shares NNS rose VBD four CD pence NN to TO 195 CD pence NN a DT share NN . . Two CD rival JJ bidders NNS for IN Connaught NNP BioSciences NNPS extended VBD their PRP$ offers NNS to TO acquire VB the DT Toronto-based JJ vaccine NN manufacturer NN Friday NNP . . Institut NNP Merieux NNP S.A. NNP , , which WDT offered VBD 942 CD million CD Canadian JJ dollars NNS ( ( US$ $ 801.2 CD million CD ) ) , , or CC C$ $ 37 CD a DT share NN for IN Connaught NNP , , said VBD it PRP would MD extend VB its PRP$ bid NN , , due JJ to TO expire VB last JJ Thursday NNP , , to TO Nov. NNP 6 CD . . A DT C$ $ 30-a-share JJ bid NN by IN Ciba-Geigy NNP Ltd. NNP , , a DT pharmaceutical JJ company NN based VBN in IN Basel NNP , , Switzerland NNP , , and CC California-based JJ Chiron NNP Corp. NNP , , a DT bioresearch NN concern NN , , was VBD extended VBN to TO Nov. NNP 16 CD . . It PRP had VBD been VBN due JJ to TO expire VB Friday NNP evening NN . . Merieux NNP previously RB said VBD it PRP would MD ensure VB its PRP$ bid NN remained VBD open JJ pending VBG a DT final JJ decision NN by IN Canadian JJ regulators NNS on IN whether IN to TO approve VB the DT takeover NN . . Merieux NNP , , a DT vaccine NN and CC bioresearch NN firm NN based VBN in IN Lyon NNP , , France NNP , , is VBZ controlled VBN 50.1 CD % NN by IN state-owned JJ Rhone NNP Poulenc NNP S.A NNP . . The DT Canadian JJ government NN previously RB said VBD Merieux NNP 's POS bid NN did VBD n't RB offer VB enough RB `` `` net JJ benefit NN '' '' to TO Canada NNP to TO be VB approved VBN , , and CC gave VBD Merieux NNP an DT until IN mid-November NNP to TO submit VB additional JJ information NN . . Merieux NNP officials NNS said VBD last JJ week NN that IN they PRP are VBP `` `` highly RB confident JJ '' '' the DT offer NN will MD be VB approved VBN once IN it PRP submits VBZ details NNS of IN its PRP$ proposed VBN investments NNS to TO federal JJ regulators NNS . . Both DT offers NNS are VBP conditional JJ on IN regulatory JJ approvals NNS and CC enough JJ shares NNS being VBG tendered VBN to TO give VB the DT bidders NNS a DT majority NN of IN Connaught NNP 's POS shares NNS outstanding JJ . . Institut NNP Merieux NNP , , which WDT already RB holds VBZ a DT 12.5 CD % NN stake NN in IN Connaught NNP , , said VBD that IN at IN the DT close NN of IN business NN Thursday NNP , , 5,745,188 CD shares NNS of IN Connaught NNP and CC C$ $ 44.3 CD million CD face NN amount NN of IN debentures NNS , , convertible JJ into IN 1,826,596 CD common JJ shares NNS , , had VBD been VBN tendered VBN to TO its PRP$ offer NN . . At IN the DT close NN of IN business NN Thursday NNP , , Ciba-Geigy NNP and CC Chiron NNP said VBD 11,580 CD common JJ shares NNS had VBD been VBN tendered VBN to TO their PRP$ offer NN . . At IN last JJ report NN , , Connaught NNP had VBD 21.8 CD million CD shares NNS outstanding JJ . . Separately RB , , the DT Ontario NNP Supreme NNP Court NNP said VBD it PRP will MD postpone VB indefinitely RB a DT ruling NN on IN the DT lawsuit NN launched VBN by IN the DT University NNP of IN Toronto NNP against IN Connaught NNP in IN connection NN with IN the DT Merieux NNP bid NN . . In IN a DT statement NN prepared VBN by IN lawyers NNS for IN the DT university NN and CC Connaught NNP , , the DT parties NNS said VBD they PRP agreed VBD that IN as IN a DT result NN of IN reaching VBG a DT C $ 415 CD million CD research NN accord NN , , `` `` It PRP is VBZ unnecessary JJ that IN there EX be VB a DT judgment NN on IN the DT merits NNS { ( of IN the DT case NN } ) at IN this DT time NN . . '' '' Lawyers NNS for IN the DT two CD sides NNS were VBD n't RB immediately RB available JJ for IN comment NN . . The DT university NN had VBD sought VBN an DT injunction NN blocking VBG Connaught NNP 's POS board NN from IN recommending VBG or CC supporting VBG an DT offer NN for IN the DT company NN by IN Merieux NNP . . Conseco NNP Inc. NNP said VBD it PRP is VBZ calling VBG for IN the DT redemption NN on IN Dec. NNP 7 CD of IN all PDT the DT 800,000 CD remaining VBG shares NNS outstanding JJ of IN its PRP$ $ $ 1.875 CD Series NNP A NNP convertible JJ preferred VBN stock NN at IN $ $ 26.805 CD a DT share NN . . The DT insurance NN concern NN said VBD all DT conversion NN rights NNS on IN the DT stock NN will MD terminate VB on IN Nov. NNP 30 CD . . Until IN then RB , , Conseco NNP said VBD the DT stock NN remains VBZ convertible JJ into IN common JJ stock NN at IN the DT rate NN of IN 1.439 CD shares NNS of IN common JJ stock NN for IN each DT share NN of IN preferred VBN stock NN , , which WDT is VBZ equivalent JJ to TO a DT conversion NN price NN of IN $ $ 17.50 CD a DT common JJ share NN . . In IN New NNP York NNP Stock NNP Exchange NNP trading NN Friday NNP , , Conseco NNP closed VBD at IN $ $ 19.50 CD , , down RB 25 CD cents NNS . . Centerior NNP Energy NNP Corp. NNP said VBD the DT Ohio NNP Water NNP Development NNP Authority NNP approved VBD terms NNS for IN two CD series NNS of IN tax-exempt JJ bonds NNS to TO finance VB a DT water-pollution NN control NN and CC solid-waste NN disposal NN facilities NNS . . The DT authority NN will MD issue VB a DT total NN of IN $ $ 446.5 CD million CD of IN pollution-control JJ revenue NN bonds NNS . . Proceeds NNS of IN the DT sale NN will MD go VB to TO Centerior NNP 's POS operating VBG subsidiaries NNS to TO finance VB the DT projects NNS , , located VBN at IN a DT nuclear JJ unit NN located VBN near IN Cleveland NNP . . The DT bonds NNS will MD be VB issued VBN for IN a DT term NN of IN 34 CD years NNS at IN an DT interest NN rate NN of IN 8 CD % NN . . Goldman NNP , , Sachs NNP & CC Co. NNP is VBZ the DT underwriter NN . . General NNP Motors NNPS Corp. NNP 's POS GMC NNP Truck NNP division NN put VBD a DT $ $ 750 CD cash NN incentive NN on IN its PRP$ 1990 CD full-sized JJ Jimmy NNP and CC Suburban NNP trucks NNS . . The DT program NN , , which WDT runs VBZ through IN Jan. NNP 4 CD , , also RB offers VBZ low-rate JJ financing NN in IN lieu NN of IN the DT cash NN rebate NN . . After IN days NNS of IN intense JJ but CC fruitless JJ negotiations NNS , , a DT federal JJ judge NN last JJ week NN threatened VBD to TO convert VB William NNP Herbert NNP Hunt NNP 's POS Chapter NN 11 CD personal JJ bankruptcy NN case NN into IN a DT Chapter NN 7 CD liquidation NN . . Judge NNP Harold NNP C. NNP Abramson NNP raised VBD the DT possibility NN after IN talks NNS to TO end VB a DT feud NN between IN two CD major JJ creditors NNS failed VBD and CC all DT three CD reorganization NN plans NNS in IN the DT case NN ran VBD into IN roadblocks NNS . . If IN the DT case NN is VBZ converted VBN to TO Chapter NN 7 CD , , what WP remains VBZ of IN the DT oil NN tycoon NN 's POS once-vast JJ estate NN -- : now RB believed VBN to TO have VB a DT value NN of IN less JJR than IN $ $ 125 CD million CD -- : would MD be VB sold VBN off RP quickly RB with IN most JJS of IN the DT proceeds NNS going VBG to TO the DT Internal NNP Revenue NNP Service NNP , , whose WP$ claim NN for IN $ $ 300 CD million CD in IN back JJ taxes NNS has VBZ priority NN in IN the DT case NN . . Hundreds NNS of IN smaller JJR creditors NNS could MD get VB nothing NN , , according VBG to TO attorneys NNS involved VBN . . While IN admitting VBG such PDT a DT move NN would MD be VB `` `` devastating VBG '' '' to TO most JJS creditors NNS , , Judge NNP Abramson NNP told VBD a DT courtroom NN filled VBN with IN nearly RB two CD dozen NN attorneys NNS that IN he PRP was VBD concerned VBN about IN the DT toll NN mounting VBG legal JJ bills NNS will MD take VB on IN Mr. NNP Hunt NNP 's POS shrinking VBG estate NN and CC about IN the DT fact NN that IN , , following VBG voting NN by IN creditors NNS , , none NN of IN the DT reorganization NN plans NNS appeared VBD to TO be VB viable JJ in IN their PRP$ present JJ form NN . . `` `` It PRP would MD be VB a DT shame NN to TO have VB a DT Chapter NN 7 CD after IN all PDT the DT progress NN in IN this DT case NN , , '' '' said VBD Judge NNP Abramson NNP . . Under IN Chapter NN 11 CD of IN the DT Federal NNP Bankruptcy NNP Code NNP , , a DT company NN continues VBZ to TO operate VB under IN protection NN from IN creditors NNS ' POS lawsuits NNS while IN it PRP works VBZ out RP a DT plan NN to TO pay VB its PRP$ debts NNS . . Under IN Chapter NN 7 CD , , the DT assets NNS of IN a DT company NN are VBP sold VBN off RP to TO pay VB creditors NNS . . Despite IN his PRP$ reluctance NN to TO take VB the DT latter JJ step NN , , the DT judge NN indicated VBD he PRP would MD move VB quickly RB after IN hearing VBG testimony NN later RB this DT week NN in IN the DT bitter JJ dispute NN between IN Manufacturers NNPS Hanover NNP Trust NNP Co. NNP and CC Minpeco NNP S.A. NNP , , a DT minerals NNS concern NN owned VBN by IN the DT Peruvian JJ governmemt NN . . The DT Manufacturers NNPS Hanover NNP Corp. NNP unit NN , , which WDT is VBZ seeking VBG repayment NN of IN a DT $ $ 36 CD million CD loan NN , , has VBZ asked VBN the DT court NN to TO give VB its PRP$ claim NN priority NN over IN that DT of IN Minpeco NNP , , which WDT won VBD a DT $ $ 132 CD million CD judgment NN against IN Mr. NNP Hunt NNP , , his PRP$ brother NN Nelson NNP Bunker NNP Hunt NNP and CC other JJ defendants NNS last JJ year NN in IN a DT case NN stemming VBG from IN their PRP$ alleged VBN attempts NNS to TO corner VB the DT silver JJ market NN in IN While IN claiming VBG that IN penalties NNS , , legal JJ fees NNS and CC interest NN have VBP driven VBN the DT value NN of IN its PRP$ claim NN to TO more JJR than IN $ $ 250 CD million CD , , Minpeco NNP has VBZ agreed VBN to TO settle VB for IN an DT allowed JJ claim NN of IN as RB much JJ as IN $ $ 65.7 CD million CD . . But CC even RB that DT is VBZ disputed VBN by IN Manufacturers NNPS Hanover NNP which WDT , , in IN alliance NN with IN the DT IRS NNP , , contends VBZ that IN Minpeco NNP has VBZ already RB collected VBN more JJR than IN its PRP$ actual JJ damages NNS from IN other JJ defendants NNS in IN the DT silver-conspiracy NN case NN . . Under IN prodding VBG from IN Judge NNP Abramson NNP , , a DT Minpeco NNP executive NN flew VBD in IN from IN Peru NNP last JJ week NN to TO talk VB directly RB with IN executives NNS from IN Manufacturers NNPS Hanover NNP on IN a DT settlement NN . . Despite IN long JJ private JJ sessions NNS in IN both DT New NNP York NNP and CC Dallas NNP , , the DT two CD sides NNS ended VBD the DT week NN `` `` 6,000 CD miles NNS and CC many JJ dollars NNS apart RB , , '' '' according VBG to TO attorney NN Hugh NNP Ray NNP , , who WP represents VBZ Manufacturers NNPS Hanover NNP . . Meanwhile RB , , inside IN the DT courtroom NN , , the DT judge NN said VBD he PRP would MD fine VB attorneys NNS for IN the DT two CD creditors NNS $ $ 50 CD every DT time NN they PRP referred VBD to TO each DT other JJ with IN terms NNS such JJ as IN `` `` liar NN '' '' or CC `` `` slime NN . . '' '' All DT three CD major JJ creditors NNS -- : the DT IRS NNP , , Minpeco NNP and CC Manufacturers NNPS Hanover NNP -- : voted VBD against IN and CC effectively RB doomed VBD a DT reorganization NN plan NN proposed VBN by IN Mr. NNP Hunt NNP . . A DT reorganization NN plan NN proposed VBN jointly RB by IN the DT IRS NNP and CC Manufacturers NNPS Hanover NNP was VBD stalled VBN by IN a DT negative JJ vote NN from IN Minpeco NNP . . The DT mineral NN concern NN 's POS own JJ reorganization NN plan NN met VBD a DT similar JJ fate NN after IN opposition NN from IN the DT IRS NNP and CC Manufacturers NNPS Hanover NNP . . Neither DT plan NN is VBZ dead JJ , , however RB , , and CC the DT judge NN could MD force VB creditors NNS to TO accept VB some DT version NN of IN them PRP after IN ruling VBG on IN the DT Minpeco-Manufacturers NNPS Hanover NNP dispute NN . . Meanwhile RB , , settlement NN negotiations NNS continue VBP between IN Mr. NNP Hunt NNP and CC the DT IRS NNP , , which WDT has VBZ already RB reached VBN a DT tentative JJ agreement NN with IN Nelson NNP Bunker NNP Hunt NNP . . The DT two CD sides NNS have VBP been VBN far RB apart RB on IN how WRB much JJ Herbert NNP Hunt NNP will MD continue VB to TO owe VB the DT government NN after IN his PRP$ assets NNS are VBP sold VBN . . Stuart NNP E. NNP Eizenstat NNP , , a DT partner NN in IN the DT Washington NNP law NN firm NN of IN Powell NNP , , Goldstein NNP , , Frazer NNP & CC Murphy NNP , , was VBD named VBN a DT director NN of IN this DT utility NN holding VBG company NN , , increasing VBG board NN membership NN to TO 14 CD . . Pacific NNP First NNP Financial NNP Corp. NNP said VBD it PRP signed VBD a DT non-binding JJ letter NN of IN intent NN to TO acquire VB the DT construction NN lending NN unit NN of IN Old NNP Stone NNP Bank NNP of IN California NNP . . Terms NNS have VBP n't RB been VBN finalized VBN , , but CC the DT transaction NN is VBZ expected VBN to TO close VB by IN year NN end NN , , Pacific NNP First NNP said VBD . . Old NNP Stone NNP 's POS construction NN lending NN portfolio NN includes VBZ about IN $ $ 250 CD million CD in IN real-estate NN loans NNS outstanding JJ . . The DT unit NN has VBZ 30 CD employees NNS in IN four CD California NNP offices NNS , , the DT company NN said VBD . . Pacific NNP First NNP owns VBZ Pacific NNP First NNP Federal NNP Savings NNP Banks NNPS and CC other JJ financial JJ services NNS firms NNS . . General NNP Electric NNP Co. NNP 's POS rail-car NN leasing NN unit NN completed VBD the DT $ $ 178.5 CD million CD purchase NN of IN similar JJ businesses NNS from IN Leucadia NNP National NNP Corp. NNP and CC Brae NNP Corp. NNP , , 74%-owned JJ by IN Leucadia NNP , , the DT sellers NNS said VBD . . The DT buyer NN was VBD GE NNP Capital NNP Railcar NNP Services NNPS , , Chicago NNP , , a DT major JJ owner NN of IN railway NN equipment NN and CC part NN of IN the DT GE NNP Capital NNP operations NNS . . Leucadia NNP , , New NNP York NNP , , estimated VBD it PRP had VBD a DT pre-tax JJ gain NN on IN the DT transaction NN of IN $ $ 57 CD million CD , , including VBG its PRP$ part NN of IN Brae NNP 's POS gain NN . . Because IN of IN tax-loss NN carry-forward NN , , Leucadia NNP said VBD it PRP expects VBZ to TO escape VB taxes NNS on IN `` `` a DT substantial JJ portion NN of IN the DT gain NN . . '' '' The DT estimated VBN gain NN for IN Brae NNP is VBZ $ $ 15 CD million CD , , including VBG a DT tax NN credit NN of IN $ $ 7 CD million CD , , the DT sellers NNS said VBD . . `` `` The DT credit NN for IN income NN taxes NNS is VBZ a DT result NN of IN having VBG provided VBN deferred JJ income NN taxes NNS applicable JJ to TO the DT sold VBN assets NNS at IN the DT higher JJR income NN tax NN rates NNS in IN effect NN in IN prior JJ years NNS , , '' '' the DT sellers NNS said VBD . . Automatic NNP Data NNP Processing NNP Inc. NNP plans VBZ to TO redeem VB on IN Nov. NNP 16 CD its PRP$ $ $ 150 CD million CD of IN 6.5 CD % NN convertible JJ subordinated VBN debentures NNS due JJ March NNP 1 CD , , 2011 CD . . The DT computing-services JJ concern NN will MD pay VB $ $ 1,059.04 CD for IN each DT $ $ 1,000 CD face NN amount NN of IN debt NN . . The DT conversion NN price NN for IN the DT debentures NNS is VBZ $ $ 41.725 CD a DT share NN . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN Friday NNP , , Automatic NNP Data NNP closed VBD at IN $ $ 46.50 CD a DT share NN , , down RB $ $ 2.25 CD . . If IN all PDT the DT debt NN is VBZ converted VBN to TO common JJ , , Automatic NNP Data NNP will MD issue VB about IN 3.6 CD million CD shares NNS ; : last JJ Monday NNP , , the DT company NN had VBD nearly RB 73 CD million CD shares NNS outstanding JJ . . Automatic NNP Data NNP is VBZ redeeming JJ the DT bonds NNS because IN the DT after-tax JJ cost NN of IN the DT interest NN on IN the DT bonds NNS is VBZ higher JJR than IN the DT dividend NN yield NN on IN the DT common JJ , , a DT spokesman NN said VBD . . Dow NNP Jones NNP & CC Co. NNP extended VBD its PRP$ tender NN offer NN of IN $ $ 18 CD a DT share NN , , or CC about IN $ $ 576 CD million CD , , for IN the DT 33 CD % NN of IN Telerate NNP Inc. NNP that IN it PRP does VBZ n't RB already RB own JJ until IN 5 CD p.m. RB EST NN , , Nov. NNP 6 CD . . The DT offer NN , , which WDT Telerate NNP 's POS two CD independent JJ directors NNS have VBP rejected VBN as IN inadequate JJ , , previously RB had VBD been VBN scheduled VBN to TO expire VB at IN midnight NN Friday NNP . . Dow NNP Jones NNP said VBD it PRP extended VBD the DT offer NN to TO allow VB shareholders NNS time NN to TO review VB a DT supplement NN to TO the DT Dow NNP Jones NNP tender NN offer NN circular JJ that IN it PRP mailed VBD last JJ Friday NNP . . The DT supplement NN contains VBZ various JJ information NN that WDT has VBZ been VBN filed VBN with IN the DT Securities NNPS and CC Exchange NNP Commission NNP since IN Dow NNP Jones NNP launched VBD the DT offer NN on IN Sept. NNP 26 CD , , but CC it PRP does VBZ n't RB change VB the DT terms NNS and CC conditions NNS of IN the DT offer NN except IN to TO extend VB its PRP$ expiration NN date NN . . In IN Delaware NNP Chancery NNP Court NNP litigation NN , , Telerate NNP has VBZ criticized VBN Dow NNP Jones NNP for IN not RB disclosing VBG that IN Telerate NNP 's POS management NN expects VBZ the DT company NN 's POS revenue NN to TO increase VB by IN 20 CD % NN annually RB , , while IN Dow NNP Jones NNP based VBD its PRP$ projections NNS of IN Telerate NNP 's POS performance NN on IN a DT 12 CD % NN revenue NN growth NN forecast NN . . In IN the DT tender NN offer NN supplement NN , , Dow NNP Jones NNP discloses VBZ the DT different JJ growth NN forecasts NNS but CC says VBZ it PRP views VBZ the DT 20 CD % NN growth NN rate NN `` `` as IN a DT hoped-for JJ goal NN '' '' of IN Telerate NNP 's POS management NN `` `` and CC not RB as IN a DT realistic JJ basis NN on IN which WDT to TO project VB the DT company NN 's POS likely JJ future NN performance NN . . '' '' Telerate NNP shares NNS fell VBD 50 CD cents NNS on IN Friday NNP to TO close VB at IN $ $ 20 CD each DT in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN . . Dow NNP Jones NNP shares NNS also RB fell VBD 50 CD cents NNS to TO close VB at IN $ $ 36.125 CD in IN Big NNP Board NNP composite JJ trading NN . . Dow NNP Jones NNP has VBZ said VBN it PRP believes VBZ the DT $ $ 18-a-share JJ price NN is VBZ fair JJ to TO Telerate NNP 's POS minority NN shareholders NNS . . Late JJ last JJ week NN , , representatives NNS of IN Dow NNP Jones NNP and CC Telerate NNP began VBD negotiations NNS about IN the DT terms NNS of IN the DT offer NN , , but CC those DT talks NNS did VBD n't RB result VB in IN any DT changes NNS in IN the DT offer NN . . Telerate NNP provides VBZ information NN about IN financial JJ markets NNS through IN an DT electronic JJ network NN . . Dow NNP Jones NNP , , which WDT owns VBZ 67 CD % NN of IN Telerate NNP , , publishes VBZ The NNP Wall NNP Street NNP Journal NNP , , Barron NNP 's POS magazine NN , , community NN newspapers NNS and CC operates VBZ financial JJ news NN services NNS and CC computer NN data NNS bases NNS . . Chamberlain NNP Manufacturing NNP Corp. NNP won VBD a DT $ $ 25.8 CD million CD Army NNP contract NN for IN 155mm CD artillery NN shell NN casings NNS . . Avondale NNP Industries NNPS Inc. NNP received VBD a DT $ $ 13.5 CD million CD Navy NNP contract NN for IN ship NN spare JJ parts NNS . . Air NNP & CC Water NNP Technologies NNPS Corp. NNP completed VBD the DT acquisition NN of IN Falcon NNP Associates NNPS Inc. NNP , , a DT Bristol NNP , , Pa. NNP , , asbestos-abatement NN concern NN , , for IN $ $ 25 CD million CD of IN stock NN . . Air NNP & CC Water NNP , , which WDT provides VBZ environmental JJ services NNS and CC systems NNS , , paid VBD about IN 1.4 CD million CD of IN its PRP$ shares NNS for IN Falcon NNP . . In IN American NNP Stock NNP Exchange NNP composite JJ trading NN Friday NNP , , Air NNP & CC Water NNP closed VBD unchanged JJ at IN $ $ 17.50 CD . . At IN July NNP 31 CD , , Air NNP & CC Water NNP had VBD nearly RB 10 CD million CD shares NNS outstanding JJ . . The DT Canadian JJ pig NN herd NN totaled VBD 10,674,500 CD at IN Oct. NNP 1 CD , , down RB 3 CD % NN from IN a DT year NN earlier RBR , , said VBD Statistics NNPS Canada NNP , , a DT federal JJ agency NN . . Sows NNS for IN breeding VBG and CC bred VBN gilts NNS totaled VBD 1,070,000 CD , , down RB 2 CD % NN from IN a DT year NN ago IN . . ( ( Jacksonville NNP , , Fla. NNP ) ) -- : Charles NNP Bates NNP , , president NN , , chief NN executive NN and CC chief NN operating VBG officer NN will MD resign VB from IN these DT positions NNS and CC the DT board NN effective JJ Oct. NNP 31 CD . . Norman NNP J. NNP Harrison NNP , , chairman NN , , will MD succeed VB him PRP as RB chief NN executive NN . . Roger NNP L. NNP Sutton NNP , , executive JJ vice NN president NN , , was VBD appointed VBN as IN the DT new JJ president NN and CC chief NN operating VBG officer NN . . Kerry NNP P. NNP Charlet NNP will MD become VB executive JJ vice NN president NN , , and CC retain VB his PRP$ positions NNS as IN chief NN financial JJ officer NN and CC treasurer NN . . Upset VBN over IN the DT use NN of IN what WP it PRP says VBZ are VBP its PRP$ exclusive JJ trademarks NNS , , Hells NNP Angels NNP Motorcycle NNP Corp. NNP is VBZ fighting VBG back RB -- : in IN court NN . . Concord NNP New NNP Horizons NNP Corp. NNP , , creators NNS of IN a DT 1988 CD movie NN called VBN Nam NNP Angels NNPS , , used VBD the DT gang NN 's POS name NN and CC trademarks NNS without IN authorization NN , , the DT not-for-profit JJ corporation NN says VBZ in IN a DT complaint NN filed VBN in IN federal JJ court NN . . Nam NNP Angels NNPS depicts VBZ a DT group NN of IN the DT cycle NN gang NN 's POS members NNS on IN a DT mercenary JJ mission NN to TO Viet NNP Nam NNP during IN the DT war NN years NNS . . In IN addition NN to TO being VBG broadcast VBN on IN cable NN television NN , , the DT movie NN also RB is VBZ being VBG distributed VBN on IN videocassettes NNS , , the DT suit NN alleges VBZ in IN seeking VBG unspecified JJ damages NNS . . Also RB named VBN in IN the DT suit NN is VBZ Media NNP Home NNP Entertainment NNP Inc. NNP of IN Culver NNP City NNP , , Calif. NNP , , its PRP$ parent NN , , Heron NNP Communications NNPS Inc. NNP , , and CC Broadstar NNP Television NNP of IN Los NNP Angeles NNP , , holders NNS of IN the DT copyright NN on IN the DT movie NN . . A DT Concord NNP spokeswoman NN called VBD the DT suit NN `` `` unfounded JJ '' '' but CC declined VBD to TO comment VB further RB . . Besides IN being VBG upset VBN with IN the DT film NN 's POS use NN of IN the DT Hells NNP Angels NNPS name NN and CC logos NNS , , the DT Angels NNPS are VBP angry JJ with IN their PRP$ depiction NN in IN the DT movie NN . . `` `` There EX is VBZ absolutely RB no DT way NN our PRP$ board NN or CC membership NN would MD have VB approved VBN the DT portrayal NN of IN the DT Hells NNP Angels NNPS in IN this DT movie NN , , '' '' said VBD George NNP Christie NNP , , president NN of IN the DT club NN 's POS Ventura NNP chapter NN . . `` `` Portrayal NN of IN our PRP$ members NNS as IN disloyal JJ to TO each DT other JJ is VBZ totally RB contrary JJ to TO the DT most RBS important JJ values NNS of IN our PRP$ organization NN -- : loyalty NN and CC trust NN . . '' '' Nam NNP Angels NNPS shows VBZ Angels NNPS fighting VBG with IN each DT other JJ and CC also RB depicts VBZ them PRP as IN showing VBG no DT remorse NN when WRB a DT member NN is VBZ killed VBN . . Both DT of IN these DT actions NNS are VBP n't RB characteristic JJ of IN real JJ Hells NNP Angels NNPS , , Mr. NNP Christie NNP said VBD . . Hells NNP Angels NNPS was VBD formed VBN in IN 1948 CD and CC incorporated VBN in IN 1966 CD . . In IN addition NN to TO 26 CD chapters NNS in IN the DT U.S. NNP , , there EX are VBP 40 CD chapters NNS in IN foreign JJ countries NNS . . Douglas NNP H. NNP Miller NNP , , self-employed JJ in IN the DT oil NN and CC gas NN securities NNS business NN , , was VBD named VBN chairman NN of IN this DT oil NN and CC gas NN exploration NN company NN , , filling VBG a DT vacancy NN . . Mr. NNP Miller NNP , , who WP has VBZ been VBN a DT Coda NNP director NN , , also RB was VBD named VBN chief NN executive NN officer NN , , succeeding VBG Ted NNP Eubank NNP , , who WP remains VBZ president NN and CC chief NN operating VBG officer NN . . Lawrence NNP M. NNP Gressette NNP Jr. NNP , , president NN , , was VBD elected VBN to TO the DT additional JJ posts NNS of IN chairman NN and CC chief NN executive JJ officer NN of IN this DT utility NN holding NN company NN , , effective JJ Feb. NNP 1 CD , , 1990 CD . . The DT 57-year-old JJ Mr. NNP Gressette NNP , , who WP was VBD also RB elected VBN chairman NN and CC chief NN executive NN of IN all DT Scana NNP subsidiaries NNS , , succeeds VBZ John NNP A. NNP Warren NNP . . Mr. NNP Warren NNP will MD remain VB on IN the DT company NN 's POS board NN . . The DT American NNP Stock NNP Exchange NNP said VBD a DT seat NN was VBD sold VBN for IN $ $ 165,000 CD , , unchanged JJ from IN the DT previous JJ sale NN Oct. NNP 13 CD . . Seats NNS on IN the DT Amex NNP currently RB are VBP quoted VBN at IN $ $ 151,000 CD bid NN and CC $ $ 200,000 CD asked VBN . . The DT world NN had VBD a DT big JJ yuk NN recently RB when WRB the DT Soviets NNPS reported VBD a DT rash NN of IN UFO NNP landings NNS , , one CD of IN them PRP bringing VBG tall JJ aliens NNS who WP glowed VBD in IN the DT dark NN to TO Voronezh NNP . . It PRP is VBZ the DT opinion NN of IN Timothy NNP Good NNP , , author NN of IN `` `` Above NNP Top NNP Secret NNP : : The NNP World NNP UFO NNP Cover-Up NNP '' '' ( ( Quill\/William NNP Morrow NNP , , 592 CD pages NNS , , $ $ 12.95 CD ) ) , , that IN the DT world NN laughs VBZ too RB fast RB . . Here RB is VBZ a DT bible JJ for IN UFO NNP watchers NNS , , complete JJ with IN pictures NNS of IN people NNS who WP say VBP they PRP 've VBP had VBN personal JJ relationships NNS with IN aliens NNS . . One CD photo NN shows VBZ a DT woman NN sporting VBG a DT scar NN she PRP says VBZ was VBD made VBN by IN a DT laser NN beam NN ( ( a DT low-caliber NN weapon NN , , from IN the DT looks NNS of IN the DT wound NN ) ) . . So RB far RB anyway RB , , our PRP$ alien JJ visitors NNS seem VBP more JJR intent NN on IN brightening VBG our PRP$ skies NNS than IN pulverizing VBG us PRP . . Mr. NNP Good NNP devotes VBZ much RB serious JJ space NN to TO the DT events NNS of IN Feb. NNP 25 CD , , 1942 CD , , when WRB American JJ gunners NNS spotted VBD strange JJ lights NNS in IN the DT sky NN above IN Los NNP Angeles NNP . . Air-raid JJ sirens NNS sounded VBD the DT alarm NN at IN 2:25 CD a.m. RB , , summoning VBG 12,000 CD air NN wardens NNS to TO duty NN . . Soon RB all DT hell NN broke VBD loose RB . . Ground NN batteries NNS , , targeting VBG an DT odd JJ assortment NN of IN aircraft NN traveling VBG at IN highly RB unusual JJ speeds NNS , , opened VBD up RP a DT furious JJ fusillade NN . . The DT sky NN filled VBD with IN 12.8-pound JJ shells NNS , , several JJ of IN which WDT fell VBD back RB to TO Earth NN , , destroying VBG homes NNS and CC buildings NNS . . When WRB the DT smoke NN cleared VBD , , six CD people NNS were VBD dead JJ ( ( three CD from IN heart NN attacks NNS ) ) , , and CC everyone NN wondered VBD what WP in IN the DT world NN they PRP were VBD shooting VBG at IN . . Mr. NNP Good NNP , , who WP documents VBZ these DT things NNS as RB best RB he PRP can MD , , provides VBZ an DT official JJ explanation NN in IN the DT form NN of IN a DT memorandum NN from IN Chief NNP of IN Staff NNP George NNP C. NNP Marshall NNP to TO President NNP Roosevelt NNP : : `` `` 1,430 CD pounds NNS of IN ammunition NN , , '' '' he PRP wrote VBD his PRP$ commander NN in IN chief NN , , were VBD expended VBN on IN `` `` unidentified JJ aircraft NN , , '' '' flying VBG at IN speeds NNS as RB slow JJ as IN 200 CD mph NN and CC elevations NNS between IN 9,000 CD and CC 18,000 CD feet NNS . . Well UH , , thousands NNS of IN Californians NNPS on IN the DT scene NN insisted VBD the DT ammo NN had VBD been VBN uselessly RB aimed VBN at IN a DT large JJ , , hardy JJ UFO NNP , , but CC you PRP will MD just RB have VB to TO make VB your PRP$ own JJ decision NN about IN such JJ sightings NNS . . One CD thing NN 's VBZ for IN sure JJ : : There EX have VBP been VBN a DT ton NN of IN them PRP , , and CC greater JJR beings NNS than IN the DT editors NNS of IN the DT National NNP Enquirer NNP have VBP shown VBN interest NN . . Gerald NNP Ford NNP , , a DT fairly RB down-to-earth JJ fellow NN , , once RB sent VBD a DT letter NN to TO the DT chairman NN of IN the DT Armed NNP Services NNPS Committee NNP recommending VBG that IN `` `` there EX be VB a DT committee NN investigation NN of IN the DT UFO NNP phenomenon NN . . I PRP think VBP we PRP owe VBP it PRP to TO the DT American JJ people NNS to TO establish VB credibility NN regarding VBG UFOs NNS and CC to TO produce VB the DT greatest JJS possible JJ enlightenment NN on IN the DT subject NN . . '' '' Jimmy NNP Carter NNP went VBD further RB in IN a DT 1976 CD campaign NN promise NN : : `` `` If IN I PRP become VBP president NN , , I PRP 'll MD make VB every DT piece NN of IN information NN this DT country NN has VBZ about IN UFO NNP sightings NNS available JJ to TO the DT public NN , , and CC the DT scientists NNS . . I PRP am VBP convinced VBN that IN UFOs NNS exist VBP because IN I PRP have VBP seen VBN one CD ... : . . '' '' But CC you PRP know VBP about IN campaign NN promises NNS . . It PRP still RB does VBZ n't RB look VB like IN governments NNS are VBP coughing VBG up RP everything NN they PRP know VBP . . Still RB , , despite IN their PRP$ efforts NNS to TO convince VB the DT world NN that IN we PRP are VBP indeed RB alone RB , , the DT visitors NNS do VBP seem VB to TO keep VB coming VBG and CC , , like IN the DT recent JJ sightings NNS , , there EX 's VBZ often RB a DT detail NN or CC two CD that WDT suggests VBZ they PRP may MD actually RB be VB a DT little JJ on IN the DT dumb JJ side NN . . For IN instance NN , , witnesses NNS in IN Voronezh NNP say VBP the DT pinheaded JJ behemoths NNS and CC their PRP$ robot NN friend NN , , after IN strolling VBG around IN the DT city NN park NN , , left VBD behind RP some DT rocks NNS . . Now RB why WRB , , you PRP have VBP to TO ask VB yourself PRP , , would MD intelligent JJ beings NNS haul VB a DT bunch NN of IN rocks NNS around IN the DT universe NN ? . Or CC land VB in IN Russia NNP so RB often RB . . In IN a DT 1961 CD incident NN , , a DT Soviet JJ mail NN plane NN disappeared VBD off IN the DT radar NN screen NN just RB after IN radioing VBG its PRP$ position NN to TO ground NN control NN in IN Sverdlovsk NNP . . A DT search NN party NN soon RB found VBD the DT unscathed JJ aircraft NN in IN a DT forest NN clearing NN much RB too RB small JJ to TO have VB allowed VBN a DT conventional JJ landing NN . . What WP 's VBZ more JJR , , the DT seven CD mail NN personnel NNS aboard IN were VBD missing VBG . . Again RB , , you PRP have VBP to TO ask VB the DT obvious JJ question NN : : Why WRB would MD intelligent JJ beings NNS kidnap VB seven CD Soviet JJ mailmen NNS ? . Speculation NN as IN to TO the DT nature NN of IN aliens NNS will MD no DT doubt NN continue VB until IN we PRP wake VBP up RP one CD morning NN to TO find VB they PRP 've VBP taken VBN over IN `` `` The NNP Today NNP Show NNP , , '' '' the DT way NN they PRP overwhelm VBP an DT entire JJ town NN in IN Jack NNP Finney NNP 's POS `` `` Invasion NNP of IN the DT Body NNP Snatchers NNPS '' '' ( ( Fireside\/Simon NNP & CC Schuster NNP , , 216 CD pages NNS , , $ $ 8.95 CD ) ) . . Maybe RB some DT of IN our PRP$ talk-show JJ hosts NNS and CC anchors NNS have VBP already RB been VBN taken VBN over IN ? . The DT point NN of IN this DT 1955 CD novel NN , , which WDT spawned VBD two CD movies NNS , , is VBZ that IN the DT soulless JJ pod NN people NNS replicated VBN by IN alien JJ plants NNS are VBP virtually RB indistinguishable JJ from IN human JJ folks NNS . . Another DT guy NN who WP thinks VBZ they PRP 're VBP out IN there RB and CC closing VBG fast RB is VBZ Whitley NNP Strieber NNP , , whose WP$ new JJ novel NN , , `` `` Majestic NNP '' '' ( ( Putnam NNP , , 317 CD pages NNS , , $ $ 18.95 CD ) ) , , takes VBZ a DT look NN at IN a DT reported VBN 1947 CD UFO NNP crash NN near IN the DT Roswell NNP Army NNP Air NNP Field NNP in IN a DT New NNP Mexico NNP desert NN . . Mr. NNP Strieber NNP knows VBZ a DT lot NN about IN aliens NNS . . He PRP even RB had VBD sex NN with IN one CD -- : sort NN of IN , , and CC not RB intentionally RB -- : as IN readers NNS learned VBD in IN his PRP$ `` `` Communion NNP '' '' ( ( a DT book NN recently RB described VBN in IN the DT New NNP York NNP Times NNP as IN a DT `` `` nonfiction NN best JJS seller NN '' '' ) ) . . The DT way NN Mr. NNP Strieber NNP tells VBZ it PRP in IN his PRP$ earnest JJ prose NN , , the DT intelligence NN officer NN who WP found VBD the DT craft NN 's POS strange JJ debris NN was VBD forced VBN by IN the DT government NN to TO call VB the DT flower-inscribed JJ scraps NNS parts NNS of IN a DT weather NN balloon NN . . The DT apparent JJ crash NN became VBD top JJ secret NN , , and CC the DT alien NN creatures NNS went VBD away RB upset VBN with IN the DT rude JJ ways NNS of IN human JJ beings NNS . . We PRP lost VBD our PRP$ chance NN to TO communicate VB with IN sweet-natured JJ visitors NNS `` `` about IN four CD feet NNS tall JJ { ( who WP } ) looked VBD as IN though IN they PRP were VBD made VBN of IN puffed-up JJ marshmallow NN . . '' '' Mr. NNP Shiflett NNP is VBZ an DT editorial NN writer NN for IN the DT Rocky NNP Mountain NNP News NNP . . Trustcorp NNP Inc. NNP will MD become VB Society NNP Bank NNP & CC Trust NNP when WRB its PRP$ merger NN is VBZ completed VBN with IN Society NNP Corp. NNP of IN Cleveland NNP , , the DT bank NN said VBD . . Society NNP Corp. NNP , , which WDT is VBZ also RB a DT bank NN , , agreed VBN in IN June NNP to TO buy VB Trustcorp NNP for IN 12.4 CD million CD shares NNS of IN stock NN with IN a DT market NN value NN of IN about IN $ $ 450 CD million CD . . The DT transaction NN is VBZ expected VBN to TO close VB around IN year NN end NN . . When WRB the DT economy NN stumbled VBD in IN the DT mid-1970s CD , , Akzo NNP NV NNP fell VBD out IN of IN bed NN . . Towering VBG overcapacity NN in IN the DT synthetic JJ fiber NN business NN , , which WDT accounted VBD for IN half NN of IN the DT Dutch JJ chemical NN company NN 's POS sales NNS , , led VBD to TO huge JJ losses NNS and CC left VBD Akzo NNP 's POS survival NN in IN doubt NN . . It PRP was VBD n't RB until IN the DT early JJ 1980s CD that IN Akzo NNP nursed VBD itself PRP back RB to TO health NN . . Now RB , , as IN a DT new JJ downturn NN in IN the DT chemical NN industry NN looms VBZ , , Akzo NNP says VBZ it PRP is VBZ in IN far RB better JJR shape NN to TO cope VB . . Investment NN analysts NNS generally RB agree VBP . . Aside RB from IN slashing VBG costs NNS and CC investing VBG heavily RB in IN its PRP$ plants NNS , , Akzo NNP has VBZ spent VBN 3.9 CD billion CD guilders NNS ( ( $ $ 1.88 CD billion CD ) ) on IN acquisitions NNS since IN 1983 CD to TO give VB it PRP better JJR balance NN . . During IN the DT same JJ period NN , , the DT company NN has VBZ sold VBN about IN 1.6 CD billion CD guilders NNS of IN assets NNS . . The DT fibers NNS business NN , , whose WP$ products NNS go VBP into IN textiles NNS , , carpeting NN and CC myriad JJ industrial JJ uses NNS , , now RB accounts VBZ for IN only RB 20 CD % NN of IN Akzo NNP 's POS sales NNS . . `` `` We PRP have VBP definitely RB become VBN less RBR cyclical JJ , , '' '' Syb NNP Bergsma NNP , , executive JJ vice NN president-finance NN , , said VBD in IN an DT interview NN . . Still RB , , Akzo NNP has VBZ n't RB yet RB found VBN a DT way NN to TO achieve VB another DT goal NN : : a DT large JJ presence NN in IN the DT U.S. NNP market NN for IN prescription NN drugs NNS . . Mr. NNP Bergsma NNP said VBD prices NNS for IN U.S. NNP pharmaceutical JJ companies NNS remain VBP too RB high JJ , , making VBG it PRP unlikely JJ that IN Akzo NNP will MD pursue VB any DT major JJ acquisitions NNS in IN that DT area NN . . But CC he PRP said VBD Akzo NNP is VBZ considering VBG `` `` alliances NNS '' '' with IN American JJ drug NN companies NNS , , although IN he PRP would MD n't RB elaborate VB . . An DT indication NN of IN Akzo NNP 's POS success NN in IN reshaping VBG itself PRP will MD come VB Thursday NNP when WRB it PRP reports VBZ third-quarter NN results NNS . . Analysts NNS expect VBP the DT company NN to TO show VB profit NN of IN about IN 225 CD million CD guilders NNS , , up RB 9 CD % NN from IN 206.3 CD million CD guilders NNS a DT year NN earlier RBR . . A DT bigger JJR test NN will MD come VB next JJ year NN if IN , , as IN many JJ analysts NNS expect VBP , , bulk JJ chemical NN prices NNS slump VBP in IN Europe NNP . . `` `` Maybe RB Akzo NNP can MD surprise VB the DT investment NN world NN a DT bit NN , , '' '' said VBD Jaap NNP Visker NNP , , an DT analyst NN at IN Amsterdam-Rotterdam NNP Bank NNP NV NNP . . He PRP figures VBZ Akzo NNP is VBZ likely JJ to TO be VB one CD of IN the DT few JJ major JJ chemical NN companies NNS to TO show VB profit NN growth NN next IN year NN . . The DT bank NN projects VBZ Akzo NNP will MD show VB per-share JJ earnings NNS of IN 24 CD guilders NNS in IN 1990 CD , , up RB from IN an DT estimated VBN 22.5 CD guilders NNS for IN this DT year NN and CC the DT 20.9 CD guilders NNS reported VBN for IN 1988 CD . . At IN James NNP Capel NNP & CC Co. NNP in IN London NNP , , analyst NN Jackie NNP Ashurst NNP notes VBZ that IN Akzo NNP is VBZ less RBR exposed VBN than IN many JJ of IN its PRP$ rivals NNS to TO the DT most RBS volatile JJ chemical NN products NNS . . For IN example NN , , Akzo NNP has VBZ only RB minor JJ petrochemical NN operations NNS , , is VBZ small JJ in IN plastics NNS and CC does VBZ n't RB make VB fertilizers NNS . . Thus RB , , while IN Akzo NNP profited VBD less JJR than IN many JJ rivals NNS from IN the DT boom NN of IN recent JJ years NNS in IN petrochemicals NNS and CC plastics NNS , , it PRP has VBZ less JJR to TO fear VB from IN the DT current JJ slump NN . . The DT company NN is VBZ exposed VBN to TO bulk NN chemicals NNS , , however RB . . Although IN bulk-chemical JJ prices NNS have VBP begun VBN falling VBG in IN the DT U.S. NNP , , they PRP are VBP generally RB stable JJ in IN Europe NNP , , Mr. NNP Bergsma NNP said VBD . . A DT decline NN may MD come VB in IN the DT first JJ half NN of IN 1990 CD , , he PRP said VBD , , but CC the DT market NN does VBZ n't RB appear VB on IN the DT verge NN of IN a DT severe JJ downturn NN . . To TO reduce VB the DT danger NN of IN such JJ pricing NN cycles NNS , , Akzo NNP has VBZ invested VBN heavily RB in IN specialty NN chemicals NNS , , which WDT have VBP highly RB specific JJ industrial JJ uses NNS and CC tend VBP to TO produce VB much JJ higher JJR profit NN margins NNS than IN do VBP bulk JJ chemicals NNS . . Akzo NNP 's POS biggest JJS move NN in IN this DT area NN was VBD the DT 1987 CD acquisition NN of IN Stauffer NNP Chemical NNP Co. NNP 's POS specialty NN chemical NN business NN for IN $ $ 625 CD million CD . . In IN a DT less RBR glamorous JJ field NN , , Akzo NNP is VBZ the DT world NN 's POS biggest JJS producer NN of IN industrial JJ salt NN , , used VBD as IN a DT raw JJ material NN for IN the DT chemical JJ industry NN as RB well RB as IN for IN such JJ tasks NNS as IN melting VBG ice NN . . Akzo NNP also RB makes VBZ products NNS derived VBN from IN salt NN , , such JJ as IN chlorine NN and CC caustic JJ soda NN . . In IN the DT fibers NNS division NN , , profit NN remains VBZ weak JJ , , largely RB because IN of IN persistent JJ overcapacity NN . . But CC Akzo NNP is VBZ still RB slimming VBG down IN : : It PRP recently RB announced VBD plans NNS to TO eliminate VB about IN 1,700 CD fiber-related JJ jobs NNS in IN the DT Netherlands NNP and CC West NNP Germany NNP . . Although IN the DT polyester NN and CC rayon NN markets NNS remain VBP mostly RB bleak JJ , , Akzo NNP has VBZ high JJ hopes NNS for IN some DT emerging VBG fiber NN businesses NNS , , such JJ carbon NN fibers NNS and CC aramid NN , , extremely RB strong JJ fibers NNS used VBN to TO reinforce VB tires NNS and CC metals NNS and CC to TO make VB such JJ products NNS as IN bullet-proof JJ vests NNS . . Akzo NNP 's POS Twaron NNP aramid NN fiber NN is VBZ a DT distant JJ second NN to TO Du NNP Pont NNP Co. NNP 's POS Kevlar NNP , , which WDT dominates VBZ the DT market NN . . Mr. NNP Bergsma NNP said VBD world-wide JJ industry NN sales NNS of IN aramid NN fibers NNS are VBP expected VBN to TO total VB about IN $ $ 500 CD million CD this DT year NN . . Sales NNS growth NN of IN 10 CD % NN a DT year NN seems VBZ possible JJ , , he PRP said VBD , , and CC Akzo NNP expects VBZ its PRP$ Twaron NNP business NN to TO become VB profitable JJ in IN 1990 CD . . Akzo NNP also RB has VBZ spent VBN heavily RB on IN acquisitions NNS in IN paints NNS , , auto NN finishes NNS and CC industrial JJ coatings NNS . . In IN August NNP , , for IN example NN , , it PRP completed VBD the DT $ $ 110 CD million CD acquisition NN of IN Reliance NNP Universal NNP Inc. NNP , , a DT U.S. NNP maker NN of IN industrial JJ coatings NNS for IN wood NN , , metals NNS and CC plastics NNS , , from IN Tyler NNP Corp NNP . . Mr. NNP Bergsma NNP said VBD Akzo NNP is VBZ likely JJ to TO see VB strong JJ profit NN growth NN from IN coatings NNS as IN it PRP realizes VBZ cost NN savings NNS and CC other JJ benefits NNS from IN its PRP$ greater JJR scale NN . . For IN Akzo NNP 's POS drug NN business NN , , where WRB profits NNS have VBP shown VBN litle JJ change NN for IN the DT past JJ five CD years NNS , , Mr. NNP Bergsma NNP predicted VBD moderate JJ profit NN growth NN . . Akzo NNP is VBZ the DT leading VBG seller NN of IN birth-control JJ pills NNS in IN Europe NNP but CC is VBZ still RB seeking VBG regulatory JJ approvals NNS to TO enter VB that DT market NN in IN the DT U.S. NNP and CC Japan NNP . . Mr. NNP Bergsma NNP said VBD Akzo NNP hopes VBZ to TO have VB approval NN to TO sell VB its PRP$ Marvelon NNP pill NN in IN the DT U.S. NNP in IN 1992 CD . . Akzo NNP also RB has VBZ small JJ operations NNS in IN diagnostic JJ tests NNS , , generic JJ drugs NNS and CC veterinary JJ products NNS . . Veterinary JJ products NNS are VBP showing VBG especially RB strong JJ growth NN , , Mr. NNP Bergsma NNP said VBD . . Among IN the DT leading VBG products NNS is VBZ a DT flu NN shot NN for IN horses NNS . . We PRP 're VBP sorry JJ to TO see VB Nigel NNP Lawson NNP 's POS departure NN from IN the DT British JJ government NN . . He PRP is VBZ a DT politician NN with IN the DT courage NN of IN true JJ conviction NN , , as IN in IN summarily RB sacking VBG exchange NN controls NNS and CC in IN particular JJ slashing VBG the DT top JJ rate NN of IN income NN taxation NN to TO 40 CD % NN . . But CC in IN the DT end NN his PRP$ resignation NN as IN Chancellor NNP of IN the DT Exchequer NNP may MD be VB a DT good JJ thing NN , , especially RB if IN it PRP works VBZ as IN he PRP no DT doubt NN intends VBZ -- : by IN forcing VBG Prime NNP Minister NNP Thatcher NNP and CC her PRP$ counterparts NNS elsewhere RB to TO confront VB the DT genuine JJ intellectual JJ issues NNS involved VBN . . The DT early JJ omens NNS , , we PRP admit VBP , , scarcely RB suggest VBP so RB wholesome JJ an DT outcome NN . . The DT Fleet NNP Street NNP reaction NN was VBD captured VBN in IN the DT Guardian NNP headline NN , , `` `` Departure NN Reveals VBZ Thatcher NNP Poison NN . . '' '' British JJ politicians NNS divide VBP into IN two CD groups NNS of IN chickens NNS , , those DT with IN their PRP$ necks NNS cut VBN and CC those DT screaming VBG the DT sky NN is VBZ falling VBG . . So RB far RB as IN we PRP can MD see VB only RB two CD persons NNS are VBP behaving VBG with IN a DT dignity NN recognizing VBG the DT seriousness NN of IN the DT issues NNS : : Mr. NNP Lawson NNP and CC Sir NNP Alan NNP Walters NNP , , the DT counterpoint NN of IN the DT Chancellor NNP 's POS difficulties NNS , , who WP also RB resigned VBD as IN personal JJ adviser NN to TO Mrs. NNP Thatcher NNP . . The DT problem NN is VBZ that IN on IN the DT vital JJ issue NN of IN monetary JJ policy NN and CC exchange NN rates NNS , , conservative JJ , , free-market JJ economists NNS divide VBP into IN at IN least JJS three CD incompatible JJ camps NNS . . There EX are VBP the DT strict JJ monetarists NNS , , who WP believe VBP that IN floating VBG exchange NN rates NNS free VBP an DT economy NN to TO stabilize VB its PRP$ price NN level NN by IN stabilizing VBG the DT monetary JJ aggregates NNS . . There EX are VBP the DT supply-side JJ globalists NNS , , who WP seek VBP to TO spread VB the DT advantages NNS of IN a DT common JJ currency NN through IN fixed VBN exchange NN rates NNS . . And CC there EX are VBP the DT twin-deficit NN Keynesians NNPS , , who WP predict\/advocate VBP devaluations NNS to TO balance VB trade NN flows NNS . . This DT is VBZ a DT problem NN not RB only RB for IN Prime NNP Minister NNP Thatcher NNP but CC for IN President NNP Bush NNP , , as IN shown VBN in IN the DT ongoing JJ bickering NN over IN the DT dollar NN between IN the DT Federal NNP Reserve NNP and CC the DT Mulford NNP Treasury NNP . . In IN the DT British JJ case NN , , Mr. NNP Lawson NNP is VBZ the DT closest JJS thing NN in IN London NNP to TO a DT supply-side JJ globalist NN . . He PRP not RB only RB slashed VBD marginal JJ tax NN rates NNS , , initially RB sparking VBG fresh JJ growth NN in IN Britain NNP , , but CC he PRP wanted VBD to TO regulate VB monetary JJ policy NN by IN targeting VBG exchange NN rates NNS , , indeed RB joining VBG the DT European NNP Monetary NNP System NNP . . While IN no DT doubt NN agreeing VBG with IN Mr. NNP Lawson NNP on IN everything NN else RB , , Sir NNP Alan NNP is VBZ a DT dyed-in-the-wool JJ monetarist NN , , inclined VBN to TO defend VB floating VBG rates NNS to TO the DT death NN . . To TO make VB matters NNS even RB more RBR confusing JJ , , the DT earlier JJR U.S. NNP experience NN made VBD clear JJ that IN Mr. NNP Lawson NNP 's POS tax NN cuts NNS would MD have VB profound JJ effects NNS on IN Britain NNP 's POS international JJ accounts NNS and CC the DT value NN of IN sterling NN . . They PRP increased VBD the DT after-tax JJ rate NN of IN return NN and CC made VBD Britain NNP a DT far RB more RBR attractive JJ place NN to TO invest VB , , producing VBG sudden JJ capital NN inflows NNS . . By IN accounting VBG definitions NNS , , this DT had VBD to TO produce VB a DT sudden JJ trade NN deficit NN . . As IN in IN the DT U.S. NNP , , it PRP also RB produced VBD a DT sudden JJ burst NN in IN the DT demand NN for IN sterling NN , , that DT is VBZ a DT surge NN in IN the DT sterling NN monetary JJ aggregates NNS , , M-Whatever NN . . At IN this DT point NN , , the DT options NNS were VBD : : Crunch VB money NN to TO stop VB the DT boost NN in IN the DT aggregates NNS , , as IN Sir NNP Alan NNP surely RB advised VBD , , and CC forget VB the DT soaring VBG pound NN . . To TO push VB the DT pound NN even RB lower RBR trying VBG to TO cure VB the DT trade NN deficit NN , , a DT policy NN Britain NNP has VBZ repeatedly RB proved VBN disastrous JJ . . Or CC to TO supply VB enough JJ money NN to TO meet VB the DT increased VBN demand NN and CC stabilize VB the DT exchange NN rate NN , , as IN the DT Chancellor NNP argued VBD , , and CC ensure VB the DT permanence NN of IN this DT policy NN by IN joining VBG the DT EMS NNP . . Faced VBN with IN a DT similar JJ situation NN , , Paul NNP Volcker NNP let VBD the DT dollar NN soar VB , , ( ( though IN monetary JJ aggregates NNS also RB grew VBD so RB rapidly RB monetarists NNS issued VBD egg-on-the-face JJ warnings NNS of IN inflation NN ) ) . . But CC this DT devastated VBD the DT U.S. NNP manufacturing NN sector NN , , laying VBG the DT seeds NNS of IN protectionism NN . . Mr. NNP Lawson NNP , , though IN not RB allowed VBN to TO join VB the DT EMS NNP , , chose VBD to TO `` `` shadow VB '' '' the DT deutsche NN mark NN . . He PRP reaped VBD inflation NN along IN with IN rapid JJ growth NN , , no DT doubt NN validating VBG Sir NNP Alan NNP 's POS predictions NNS in IN the DT Prime NNP Minister NNP 's POS mind NN . . But CC more RBR recently RB , , the DT pound NN has VBZ been VBN falling VBG with IN high JJ inflation NN , , which WDT has VBZ also RB seemed VBN almost RB impervious JJ to TO the DT high JJ interest NN rates NNS Mr. NNP Lawson NNP deployed VBD to TO stop VB it PRP . . So IN the DT British JJ experience NN presents VBZ a DT genuine JJ puzzle NN that WDT reaches VBZ far RB beyond IN the DT shores NNS of IN Albion NNP . . We PRP had VBD been VBN soliciting VBG opinions NNS on IN it PRP long JJ before IN Mr. NNP Lawson NNP 's POS resignation NN , , and CC offer VBP some DT of IN the DT collection NN for IN the DT benefit NN of IN his PRP$ successor NN and CC one-time JJ deputy NN , , John NNP Major NNP . . To TO begin VB with IN , , we PRP should MD note VB that IN in IN contrast NN to TO the DT U.S. NNP deficit NN , , Britain NNP has VBZ been VBN running VBG largish JJ budget NN surpluses NNS . . In IN pursuit NN of IN this DT mystery NN , , Keynesian JJ adepts NNS and CC twin-deficit NN mavens NNS need MD not RB apply VB . . We PRP should MD also RB add VB Mr. NNP Lawson NNP 's POS own JJ explanation NN , , as IN we PRP understand VBP it PRP . . Unlike IN the DT U.S. NNP , , Britain NNP never RB achieved VBD even RB a DT momentary JJ reduction NN in IN real JJ wages NNS . . The DT wage NN stickiness NN , , which WDT OECD NNP studies NNS confirm VBP is VBZ particularly RB high JJ in IN Britain NNP , , gives VBZ its PRP$ economy NN a DT structural JJ bias NN toward IN inflation NN . . Inflation NN is VBZ easier JJR to TO spark VB and CC harder JJR to TO control VB . . We PRP should MD also RB concede VB that IN in IN the DT British JJ experience NN the DT monetarist NN cause NN regains VBZ some DT of IN the DT credibility NN it PRP lost VBD in IN the DT U.S. NNP experience NN . . Nearby JJ Paul NNP Craig NNP Roberts NNP , , a DT distinguished VBN supply-sider NN with IN monetarist NN sympathies NNS , , argues VBZ the DT case NN for IN Sir NNP Alan NNP . . Perhaps RB the DT fiscal JJ shock NN of IN tax NN cuts NNS is VBZ after IN all DT best JJS absorbed VBN by IN floating VBG rates NNS , , though IN of IN course NN in IN the DT event NN Mr. NNP Lawson NNP resigned VBD over IN whether IN to TO support VB a DT weak JJ pound NN , , not RB restrain VB a DT strong JJ one CD . . We PRP recall VBP that IN Mr. NNP Roberts NNP not RB only RB chides VBZ the DT Chancellor NNP for IN being VBG too RB easy RB because IN of IN a DT desire NN to TO constrain VB sterling JJ , , but CC also RB led VBD the DT chorus NN saying VBG that IN Mr. NNP Volcker NNP was VBD too RB tight JJ when WRB he PRP let VBD the DT dollar NN rise NN . . Somewhere RB in IN between IN there EX must MD be VB a DT golden JJ mean NN , , perhaps RB measured VBN by IN M-Whatever NNP , , but CC perhaps RB measured VBN by IN purchasing VBG power NN parity NN . . The DT globalists NNS tend VBP to TO think VB Mr. NNP Lawson NNP ran VBD onto IN technical JJ reefs NNS . . In IN fixing VBG rates NNS the DT choice NN of IN initial JJ parities NNS is VBZ crucial JJ , , for IN example NN , , and CC perhaps RB he PRP picked VBD the DT wrong JJ pound-DM JJ rate NN . . For IN that DT matter NN , , perhaps RB he PRP fixed VBD to TO the DT wrong JJ currency NN . . We PRP sympathize VBP with IN Mrs. NNP Thatcher NNP 's POS reluctance NN to TO tie VB her PRP$ currency NN to TO one CD governed VBN by IN the DT domestic JJ political JJ imperatives NNS of IN West NNP Germany NNP . . Perhaps RB the DT shock NN would MD have VB been VBN less JJR if IN they PRP 'd VBD fixed VBN to TO another DT low-tax NN , , deregulated VBN , , supply-side JJ economy NN . . Alan NNP Reynolds NNP of IN Polyconomics NNP adds VBZ his PRP$ suspicion NN that IN the DT unrecognized JJ inflationary JJ culprit NN is VBZ the DT budget NN surplus NN . . Those DT who WP can MD shake VB Keynesian JJ ghosts NNS out IN of IN their PRP$ heads NNS might MD recognize VB that IN the DT retirement NN of IN gilts NNS for IN cash NN is VBZ equivalent JJ to TO an DT expansionary JJ open-market NN operation NN , , indeed RB , , it PRP is VBZ the DT definition NN of IN an DT open JJ market NN operation NN to TO expand VB the DT money NN supply NN . . Mr. NNP Reynolds NNP also RB notes VBZ that IN since IN British JJ banks NNS have VBP no DT reserve NN requirements NNS , , high JJ interest NN rates NNS are VBP less RBR likely JJ to TO curb VB inflation NN than IN to TO cause VB recession NN . . We PRP would MD add VB that IN in IN political JJ terms NNS , , Mrs. NNP Thatcher NNP 's POS problem NN was VBD failing VBG to TO decide VB between IN the DT Chancellor NNP and CC her PRP$ adviser NN . . In IN the DT end NN , , neither DT policy NN was VBD followed VBN , , and CC instead RB of IN learning VBG anything NN we PRP are VBP left VBN with IN a DT mystery NN . . In IN particular JJ , , `` `` shadowing VBG '' '' a DT currency NN is VBZ anything NN but CC fixing VBG ; : it PRP is VBZ an DT open JJ announcement NN that IN the DT exchange NN rate NN target NN has VBZ no DT credibility NN . . All PDT the DT more RBR so RB when WRB strong JJ voices NNS are VBP heard VBN opposing VBG the DT policy NN . . Better JJR to TO have VB a DT true JJ monetarist NN policy NN , , just RB for IN the DT experience NN . . So IN Mr. NNP Lawson NNP had VBD to TO resign VB . . In IN the DT end NN his PRP$ move NN was VBD sparked VBN by IN remarks NNS in IN excerpts NNS from IN Sir NNP Alan NNP 's POS autobiography NN in IN The DT American NNP Economist NNP , , a DT 10,000-circulation JJ academic JJ journal NN . . But CC it PRP was VBD the DT underlying VBG situation NN that WDT became VBD intolerable JJ . . What WP Mr. NNP Major NNP and CC Mrs. NNP Thatcher NNP will MD do VB now RB remains VBZ to TO be VB seen VBN . . They PRP confront VBP stubborn JJ inflation NN and CC a DT sagging VBG economy NN , , that WDT is VBZ to TO say VB , , stagflation NN . . This DT can MD not RB be VB solved VBN by IN provoking VBG a DT further JJ downturn NN ; : reducing VBG the DT supply NN of IN goods NNS does VBZ not RB solve VB inflation NN . . Our PRP$ advice NN is VBZ this DT : : Immediately RB return VB the DT government NN surpluses NNS to TO the DT economy NN through IN incentive-maximizing JJ tax NN cuts NNS , , and CC find VB some DT monetary JJ policy NN target NN that WDT balances VBZ both DT supply NN and CC demand NN for IN money NN ( ( which WDT neither DT aggregates NNS nor CC interest NN rates NNS can MD do VB ) ) . . This DT was VBD the DT version NN of IN supply-side JJ economics NNS that IN , , in IN the DT late JJ 1970s CD and CC early RB '80s CD , , worked VBD in IN America NNP and CC world-wide JJ to TO solve VB a DT far RB more RBR serious JJ stagflation NN than IN afflicts VBZ Britain NNP today NN . . Ogilvy NNP & CC Mather NNP , , whose WP$ declining VBG profitability NN prompted VBD its PRP$ takeover NN by IN WPP NNP Group NNP earlier RBR this DT year NN , , will MD see VB its PRP$ profit NN margins NNS bounce VB back RB to TO the DT `` `` 11.5 CD % NN range NN '' '' in IN 1990 CD , , said VBD Graham NNP Phillips NNP , , the DT agency NN 's POS new JJ chairman-elect NN . . The DT ad NN agency NN 's POS pretax NN profit NN margins NNS were VBD slightly RB under IN 10 CD % NN at IN the DT time NN of IN the DT takeover NN , , according VBG to TO analysts NNS ; : London-based JJ WPP NNP 's POS goal NN is VBZ to TO increase VB margins NNS to TO 12 CD % NN . . Mr. NNP Phillips NNP made VBD his PRP$ comments NNS during IN an DT interview NN detailing VBG his PRP$ plans NNS for IN the DT agency NN . . British-born JJ , , the DT 24-year JJ Ogilvy NNP veteran NN was VBD named VBN last JJ week NN to TO succeed VB Kenneth NNP Roman NNP , , who WP is VBZ leaving VBG by IN year NN 's POS end NN to TO take VB a DT top JJ post NN at IN American NNP Express NNP , , an DT Ogilvy NNP client NN . . Surrounded VBN by IN stacks NNS of IN paper NN , , two CD computers NNS and CC photos NNS of IN himself PRP boating VBG and CC flying VBG , , Mr. NNP Phillips NNP laid VBD out RP several JJ changes NNS he PRP hopes VBZ to TO make VB at IN the DT agency NN . . First RB and CC foremost RB , , Mr. NNP Phillips NNP said VBD he PRP hopes VBZ to TO improve VB client NN service NN . . Ogilvy NNP under IN the DT fastidious JJ Mr. NNP Roman NNP gained VBD a DT reputation NN as IN occasionally RB being VBG high-handed JJ in IN its PRP$ treatment NN of IN clients NNS , , of IN preaching VBG what WDT strategy NN a DT client NN should MD -- : indeed RB , , must MD -- : follow VB . . And CC some DT of IN its PRP$ top JJ client-service JJ executives NNS , , including VBG Mr. NNP Phillips NNP , , were VBD promoted VBN to TO the DT point NN they PRP were VBD saddled VBN with IN administrative JJ duties NNS , , with IN little JJ time NN to TO see VB clients NNS . . But CC Mr. NNP Phillips NNP recently RB freed VBD himself PRP up RP to TO spend VB more JJR time NN with IN clients NNS by IN delegating VBG much JJ of IN his PRP$ administrative JJ work NN to TO a DT deputy NN . . He PRP also RB plans VBZ to TO get VB to TO know VB clients NNS that IN Mr. NNP Roman NNP was VBD closer JJR to TO , , such JJ as IN Lever NNP Brothers NNPS , , American NNP Express NNP and CC Seagram NNP . . The DT two CD men NNS are VBP planning VBG joint JJ visits NNS to TO a DT number NN of IN clients NNS to TO attempt VB to TO smoothly RB hand VB over RP the DT reins NNS . . `` `` Clients NNS want VBP to TO see VB more JJR of IN our PRP$ senior JJ people NNS involved VBN in IN the DT business NN -- : not RB once IN a DT month NN , , but CC two CD or CC three CD times NNS a DT week NN , , '' '' he PRP said VBD . . Mr. NNP Phillips NNP also RB hopes VBZ to TO finally RB implement VB a DT reorganization NN announced VBN earlier RBR this DT year NN but CC put VBN on IN hold NN by IN the DT WPP NNP takeover NN . . The DT reorganization NN is VBZ supposed VBN to TO make VB one-stop JJ shopping NN -- : buying VBG advertising NN , , public JJ relations NNS and CC design NN all DT in IN one CD place NN , , or CC `` `` Ogilvy NNP Orchestration NNP '' '' in IN Ogilvyspeak NNP -- : a DT reality NN . . Under IN the DT reorganization NN , , Ogilvy NNP plans VBZ to TO name VB one CD executive NN on IN each DT account NN as IN a DT `` `` client NN service NN director NN '' '' to TO work VB as IN the DT client NN 's POS single JJ contact NN for IN all PDT those DT services NNS . . `` `` There EX is VBZ little JJ or CC no DT integration NN of IN our PRP$ work NN , , quality NN is VBZ spotty JJ , , there EX is VBZ no DT single JJ focus NN , , '' '' Mr. NNP Phillips NNP complained VBD to TO staffers NNS in IN March NNP , , when WRB the DT reorganization NN was VBD announced VBN . . Now RB Mr. NNP Phillips NNP says VBZ he PRP hopes VBZ to TO have VB the DT new JJ system NN in IN place NN for IN several JJ clients NNS -- : including VBG American NNP Express NNP , , American NNP Telephone NNP & CC Telegraph NNP and CC Ryder NNP -- : by IN year NN 's POS end NN . . Industry NN executives NNS and CC analysts NNS are VBP divided VBN on IN whether IN Mr. NNP Phillips NNP is VBZ up IN to TO the DT task NN . . He PRP is VBZ n't RB as RB well-known JJ to TO clients NNS as IN is VBZ Mr. NNP Roman NNP . . Under IN his PRP$ watch NN , , office NN politicking NN was VBD often RB rampant JJ in IN the DT agency NN 's POS New NNP York NNP operation NN and CC the DT office NN there RB has VBZ had VBN a DT dismal JJ new-business NN record NN for IN more JJR than IN a DT year NN . . And CC while IN last JJ week NN the DT agency NN hired VBD a DT top JJ Chiat\/Day\/Mojo NNP executive NN , , Bill NNP Hamilton NNP , , to TO try VB to TO bolster VB its PRP$ work NN , , `` `` Graham NNP has VBZ to TO get VB the DT revenue NN of IN that DT New NNP York NNP office NN moving VBG , , '' '' says VBZ James NNP Dougherty NNP , , an DT analyst NN with IN County NNP NatWest NNP Securities NNPS . . The DT one CD thing NN Mr. NNP Phillips NNP clearly RB does VBZ have VB going VBG for IN him PRP is VBZ continuity NN , , although IN it PRP is VBZ n't RB certain JJ if IN that DT will MD be VB enough RB . . As IN Mr. NNP Dougherty NNP says VBZ , , `` `` The DT last JJ thing NN they PRP need VBP is VBZ enormous JJ disruption NN at IN the DT top NN ... : and CC Graham NNP is VBZ obviously RB a DT long-term JJ member NN of IN the DT Ogilvy NNP Mafia NNP , , as IN we PRP call VBP it PRP . . '' '' Mr. NNP Phillips NNP and CC Mr. NNP Roman NNP are VBP indeed RB quite RB similar JJ in IN substance NN , , if IN not RB in IN style NN . . While IN Mr. NNP Roman NNP is VBZ a DT workaholic NN detailsman NN , , Mr. NNP Phillips NNP would MD rather RB delegate VB , , leaving VBG him PRP time NN for IN his PRP$ interests NNS outside IN the DT office NN . . Mr. NNP Roman NNP , , by IN contrast NN , , seems VBZ rarely RB to TO cut VB loose JJ at IN all DT , , although IN he PRP did VBD appear VB at IN Ogilvy NNP 's POS Halloween NNP party NN Friday NNP decked VBN out RP in IN duck NN feet NNS and CC a DT duck NN hat NN , , costumed VBN as IN a DT `` `` lame JJ duck NN . . '' '' Mr. NNP Phillips NNP said VBD the DT company NN 's POS expected VBN margin NN improvement NN will MD be VB all DT but CC inevitable JJ , , given VBN that IN the DT company NN 's POS profitability NN was VBD dragged VBN down RP this DT year NN by IN an DT expensive JJ move NN to TO luxurious JJ , , oversized JJ new JJ New NNP York NNP headquarters NN . . The DT move NN , , budgeted VBN at IN about IN $ $ 7 CD million CD , , actually RB came VBD in RP at IN about IN $ $ 10 CD million CD , , he PRP said VBD . . But CC margins NNS will MD be VB helped VBN , , too RB , , by IN some DT other JJ cost-saving JJ steps NNS . . Ogilvy NNP eliminated VBD the DT mail NN room NN staff NN , , closed VBD the DT executive NN dining NN room NN and CC , , after IN the DT takeover NN , , let VBD go VB half PDT a DT dozen NN financial JJ executives NNS . . WPP NNP , , which WDT assumes VBZ financial JJ control NN of IN its PRP$ businesses NNS in IN a DT hands-on JJ way NN , , instituted VBD a DT new JJ financial JJ system NN and CC plans VBZ to TO sublet VB some DT floors NNS in IN Ogilvy NNP 's POS new JJ headquarters NN building NN to TO outsiders NNS . . The DT fact NN that IN the DT agency NN will MD now RB be VB part NN of IN a DT U.K. NNP company NN , , under IN British JJ accounting NN rules NNS , , will MD also RB make VB the DT profit NN picture NN look VB better RB . . Y&R NNP 's POS Klein NNP Steps VBZ Down RB Arthur NNP Klein NNP , , president NN of IN Young NNP & CC Rubicam NNP 's POS New NNP York NNP office NN , , stepped VBD down RB `` `` temporarily RB '' '' in IN the DT wake NN of IN charges NNS by IN a DT federal JJ grand JJ jury NN in IN New NNP Haven NNP , , Conn. NNP , , that IN he PRP , , the DT agency NN and CC another DT top JJ executive NN bribed VBD Jamaican JJ tourist NN officials NNS to TO win VB its PRP$ account NN in IN 1981 CD . . In IN an DT internal JJ memo NN , , Alex NNP Kroll NNP , , the DT agency NN 's POS chairman NN , , said VBD Mr. NNP Klein NNP decided VBD to TO remove VB himself PRP to TO minimize VB `` `` negative JJ reaction NN '' '' from IN prospective JJ clients NNS and CC others NNS and CC to TO prepare VB for IN his PRP$ defense NN . . `` `` The DT fact NN that IN he PRP is VBZ in IN the DT process NN of IN defending VBG himself PRP against IN the DT present JJ charges NNS could MD conceivably RB have VB an DT adverse JJ impact NN on IN Y&R NNP , , '' '' Mr. NNP Kroll NNP wrote VBD . . He PRP said VBD Mr. NNP Klein NNP will MD return VB to TO his PRP$ post NN at IN the DT end NN of IN the DT trial NN `` `` at IN which WDT he PRP will MD be VB vindicated VBN . . '' '' Mr. NNP Klein NNP will MD work VB with IN Mr. NNP Kroll NNP on IN some DT of IN the DT agency NN 's POS joint JJ venture NN activities NNS and CC acquisitions NNS while IN the DT case NN is VBZ pending VBG . . Peter NNP Georgescu NNP , , president NN of IN Y&R NNP 's POS ad NN operations NNS , , will MD assume VB Mr. NNP Klein NNP 's POS day-to-day JJ role NN . . Wells NNP Rich NNP 's POS New NNP Partner NNP Wells NNP , , Rich NNP , , Greene NNP named VBD Cheryl NNP Heller NNP as IN an DT executive JJ vice NN president NN and CC creative JJ partner NN in IN its PRP$ image NN group NN , , which WDT concentrates VBZ on IN fashion NN and CC visually RB oriented VBN advertising NN . . Ms. NNP Heller NNP , , 38 CD , , had VBD headed VBN up RP Boston NNP agency NN Heller\/Breene NNP , , a DT unit NN of IN WCRS NNP . . The DT agency NN , , with IN about IN $ $ 35 CD million CD in IN billings NNS , , will MD be VB dissolved VBN , , with IN some DT of IN its PRP$ staffers NNS absorbed VBN by IN WCRS NNP 's POS Della NNP Femina NNP McNamee NNP unit NN in IN Boston NNP , , Ms. NNP Heller NNP said VBD . . She PRP said VBD it PRP was VBD too RB early JJ to TO say VB what WP would MD happen VB to TO its PRP$ clients NNS , , including VBG Reebok NNP and CC Apple NNP . . At IN Wells NNP Rich NNP , , Ms. NNP Heller NNP will MD concentrate VB on IN accounts NNS that WDT include VBP Philip NNP Morris NNP 's POS Benson NNP & CC Hedges NNP cigarette NN brand NN , , which WDT relies VBZ on IN print NN ads NNS , , Ms. NNP Heller NNP 's POS specialty NN . . As IN previously RB reported VBN , , the DT account NN is VBZ troubled JJ , , with IN Philip NNP Morris NNP asking VBG Backer NNP Spielvogel NNP Bates NNP , , Ogilvy NNP & CC Mather NNP , , and CC possibly RB others NNS to TO try VB their PRP$ hand NN at IN developing VBG new JJ creative JJ work NN . . Wells NNP Rich NNP declined VBD to TO comment VB on IN the DT status NN of IN the DT account NN , , as IN did VBD the DT other JJ agencies NNS . . Waxman NNP Industries NNPS Inc. NNP said VBD holders NNS of IN $ $ 6,542,000 CD face NN amount NN of IN its PRP$ 6 CD 1\/4 CD % NN convertible JJ subordinated VBN debentures NNS , , due JJ March NNP 15 CD , , 2007 CD , , have VBP elected VBN to TO convert VB the DT debt NN into IN about IN 683,000 CD common JJ shares NNS . . The DT conversion NN price NN is VBZ $ $ 9.58 CD a DT share NN . . The DT company NN said VBD the DT holders NNS represent VBP 52 CD % NN of IN the DT face NN amount NN of IN the DT debentures NNS . . Waxman NNP sells VBZ a DT variety NN of IN hardware NN products NNS for IN the DT home NN repair NN market NN . . R.H. NNP Macy NNP & CC Co. NNP , , the DT closely RB held VBN department NN store NN chain NN , , said VBD in IN a DT financial JJ filing NN Friday NNP that IN its PRP$ sales NNS for IN the DT fiscal JJ fourth JJ quarter NN ended VBD July NNP 29 CD were VBD up RB 10 CD % NN to TO $ $ 1.59 CD billion CD against IN $ $ 1.44 CD billion CD a DT year NN earlier RBR . . Comparable JJ store NN sales NNS for IN the DT quarter NN were VBD up RB 7.3 CD % NN . . The DT net JJ loss NN for IN the DT quarter NN was VBD $ $ 43.1 CD million CD against IN a DT year-earlier JJ loss NN of IN $ $ 106 CD million CD . . The DT loss NN in IN the DT fourth JJ quarter NN of IN 1988 CD reflected VBN in IN part NN expenses NNS for IN an DT unsuccessful JJ bid NN for IN Federated NNP Department NNP Stores NNPS Inc. NNP , , as RB well RB as IN the DT restructuring NN of IN some DT of IN its PRP$ department NN store NN operations NNS . . For IN the DT year NN , , sales NNS were VBD up RB 5.6 CD % NN to TO $ $ 6.97 CD billion CD compared VBN with IN $ $ 6.61 CD billion CD in IN fiscal JJ 1988 CD . . Sales NNS for IN both DT years NNS reflect VBP 12-month JJ performances NNS for IN each DT year NN of IN I. NNP Magnin NNP , , Bullock NNP 's POS , , and CC Bullocks NNP Wilshire NNP . . Macy NNP acquired VBD those DT three CD businesses NNS in IN May NNP 1988 CD . . On IN a DT comparable JJ store NN basis NN , , including VBG the DT new JJ acquisitions NNS for IN both DT years NNS , , sales NNS for IN fiscal JJ 1989 CD were VBD up RB 1.9 CD % NN . . Macy NNP reported VBD a DT net JJ loss NN for IN fiscal JJ 1989 CD of IN $ $ 53.7 CD million CD compared VBN with IN a DT net JJ loss NN of IN $ $ 188.2 CD million CD for IN fiscal JJ 1988 CD . . The DT company NN 's POS earnings NNS before IN interest NN , , taxes NNS and CC depreciation NN , , which WDT bondholders NNS use VBP a DT measurement NN of IN the DT chain NN 's POS ability NN to TO pay VB its PRP$ existing VBG debt NN , , increased VBD 11 CD % NN in IN fiscal JJ 1989 CD to TO $ $ 926.1 CD million CD from IN $ $ 833.6 CD million CD . . The DT $ $ 833.6 CD million CD figures NNS includes VBZ the DT new JJ acquisitions NNS . . Excluding VBG those DT businesses NNS , , earnings NNS before IN interest NN , , taxes NNS and CC depreciation NN for IN 1988 CD would MD have VB been VBN $ $ 728.5 CD million CD . . As IN of IN Feb. NNP 1 CD , , 1990 CD , , the DT Bullocks NNP Wilshire NNP stores NNS will MD operate VB as IN I. NNP Magnin NNP stores NNS . . Altogether RB , , Macy NNP and CC its PRP$ subsidiaries NNS own VBP or CC lease VBP 149 CD department NN stores NNS and CC 61 CD specialty NN stores NNS nationwide JJ . . Although IN management NN led VBD a DT leveraged JJ buy-out NN of IN R.H. NNP Macy NNP in IN July NNP 1986 CD , , the DT company NN still RB makes VBZ financial JJ filings NNS because IN of IN its PRP$ publicly RB traded VBN debt NN . . The DT company NN estimates VBZ its PRP$ total JJ debt NN at IN about IN $ $ 5.2 CD billion CD . . This DT includes VBZ $ $ 4.6 CD billion CD of IN long-term JJ debt NN , , $ $ 457.5 CD million CD in IN short-term JJ debt NN , , and CC $ $ 95.7 CD million CD of IN the DT current JJ portion NN of IN long-term JJ debt NN . . In IN a DT letter NN to TO investors NNS , , Chairman NNP Edward NNP S. NNP Finkelstein NNP wrote VBD that IN he PRP expects VBZ the DT company NN to TO `` `` benefit VB from IN some DT of IN the DT disruption NN faced VBN by IN our PRP$ competitors NNS . . While IN our PRP$ competitors NNS are VBP concerned VBN with IN their PRP$ financial JJ viability NN and CC possible JJ ownership NN changes NNS , , we PRP will MD be VB concentrating VBG on IN buying VBG and CC selling VBG merchandise NN our PRP$ customers NNS need VBP and CC want VBP . . '' '' Mr. NNP Finkelstein NNP is VBZ apparently RB referring VBG to TO B. NNP Altman NNP and CC Bonwit NNP Teller NNP , , two CD New NNP York NNP retailers NNS that WDT have VBP recently RB filed VBN for IN Chapter NN 11 CD bankruptcy NN protection NN , , as RB well RB as IN the DT retail JJ chains NNS owned VBN by IN financially RB troubled JJ Campeau NNP Corp NNP . . Those DT chains NNS include VBP Bloomingdale NNP 's POS , , which WDT Campeau NNP recently RB said VBD it PRP will MD sell VB . . Other JJ retail JJ properties NNS for IN sale NN include VBP Saks NNP Fifth NNP Avenue NNP and CC Marshall NNP Field NNP , , retailers NNS now RB owned VBN by IN B.A.T NNP PLC NNP , , the DT British JJ tobacco NN conglomerate NN . . In IN his PRP$ letter NN , , Mr. NNP Finkelstein NNP also RB referred VBD to TO the DT recent JJ San NNP Francisco NNP earthquake NN . . Mr. NNP Finkelstein NNP flew VBD to TO San NNP Francisco NNP the DT day NN after IN the DT earthquake NN , , and CC found VBD that IN 10 CD to TO 12 CD of IN his PRP$ company NN 's POS stores NNS had VBD sustained VBN some DT damage NN , , including VBG the DT breakage NN of IN most JJS windows NNS at IN the DT I. NNP Magnin NNP store NN on IN Union NNP Square NNP . . `` `` The DT volume NN and CC profit NN impact NN on IN our PRP$ fiscal JJ first JJ quarter NN will MD not RB be VB positive JJ , , but CC looking VBG at IN the DT whole JJ fiscal JJ year NN , , we PRP do VBP n't RB see VB the DT effect NN as IN material NN , , '' '' wrote VBD Mr. NNP Finkelstein NNP . . RJR NNP Nabisco NNP Inc. NNP said VBD it PRP agreed VBD to TO sell VB its PRP$ Baby NNP Ruth NNP , , Butterfinger NNP and CC Pearson NNP candy NN businesses NNS to TO Nestle NNP S.A. NNP 's POS Nestle NNP Foods NNPS unit NN for IN $ $ 370 CD million CD . . The DT sale NN , , at IN a DT higher JJR price NN than IN some DT analysts NNS had VBD expected VBN , , helps VBZ the DT food NN and CC tobacco NN giant NN raise VB funds NNS to TO pay VB debt NN and CC boosts NNS Nestle NNP 's POS 7 CD % NN share NN of IN the DT U.S. NNP candy NN market NN to TO about IN 12 CD % NN . . The DT candy NN businesses NNS had VBD sales NNS of IN about IN $ $ 154 CD million CD last JJ year NN , , which WDT was VBD roughly RB 12 CD % NN of IN total JJ revenue NN for IN RJR NNP 's POS Planters NNP LifeSavers NNPS unit NN , , according VBG to TO a DT memorandum NN distributed VBN by IN RJR NNP 's POS owner NN , , Kohlberg NNP Kravis NNP Roberts NNP & CC Co. NNP , , to TO bankers NNS last JJ December NNP . . The DT Nestle NNP acquisition NN includes VBZ a DT candy NN plant NN in IN Franklin NNP Park NNP , , Ill. NNP , , which WDT employs VBZ about IN 800 CD workers NNS . . The DT sale NN , , which WDT had VBD been VBN expected VBN , , is VBZ part NN of IN KKR NNP 's POS program NN to TO pay VB down RP $ $ 5 CD billion CD of IN a DT $ $ 6 CD billion CD bridge NN loan NN by IN February NNP . . Roughly RB $ $ 2 CD billion CD of IN that DT debt NN has VBZ already RB been VBN repaid VBN from IN previous JJ asset NN sales NNS , , and CC RJR NNP expects VBZ to TO use VB another DT $ $ 2 CD billion CD from IN the DT pending VBG , , two-part JJ sale NN of IN most JJS of IN its PRP$ Del NNP Monte NNP unit NN . . That DT sale NN , , however RB , , could MD still RB fall VB through RB if IN financing NN problems NNS develop VBP . . Thus RB , , it PRP remains VBZ crucial JJ for IN RJR NNP to TO obtain VB top JJ dollar NN for IN its PRP$ smaller JJR assets NNS like IN the DT candy NN brands NNS . . Louis NNP Gerstner NNP Jr. NNP , , chairman NN and CC chief NN executive JJ officer NN of IN New NNP York-based JJ RJR NNP , , called VBD the DT sale NN a DT `` `` significant JJ step NN '' '' in IN the DT company NN 's POS divestiture NN program NN , , as RB well RB as IN a DT `` `` a DT strategic JJ divestiture NN . . '' '' Since IN KKR NNP bought VBD RJR NNP in IN February NNP for IN $ $ 25 CD billion CD of IN debt NN , , it PRP has VBZ agreed VBN to TO sell VB nearly RB $ $ 5 CD billion CD of IN RJR NNP assets NNS . . RJR NNP 's POS executives NNS have VBP said VBN they PRP will MD dispense VB with IN certain JJ brands NNS , , in IN particular JJ , , that WDT are VBP n't RB leaders NNS in IN their PRP$ markets NNS . . `` `` RJR NNP Nabisco NNP and CC Planters NNP LifeSavers NNPS will MD concentrate VB more RBR on IN our PRP$ own JJ core NN businesses NNS , , '' '' Mr. NNP Gerstner NNP said VBD Friday NNP . . Baby NNP Ruth NNP and CC Butterfinger NNP are VBP both DT among IN the DT top-selling JJ 15 CD chocolate NN bars NNS in IN the DT U.S. NNP , , but CC RJR NNP 's POS overall JJ share NN of IN the DT roughly RB $ $ 5.1 CD billion CD market NN is VBZ less JJR than IN 5 CD % NN . . Nestle NNP 's POS share NN of IN 7 CD % NN before IN Friday NNP 's POS purchases NNS is VBZ far RB below IN the DT shares NNS of IN market NN leaders NNS Hershey NNP Foods NNPS Corp. NNP and CC Mars NNP Inc. NNP , , which WDT have VBP about IN 40 CD % NN and CC 36 CD % NN of IN the DT market NN , , respectively RB . . `` `` This DT means VBZ Nestle NNP is VBZ now RB in IN the DT candybar NN business NN in IN a DT big JJ way NN , , '' '' said VBD Lisbeth NNP Echeandia NNP , , publisher NN of IN Orlando NNP , , Fla.-based JJ Confectioner NNP Magazine NNP . . `` `` For IN them PRP , , it PRP makes VBZ all DT kinds NNS of IN sense NN . . They PRP 've VBP been VBN given VBN a DT mandate NN from IN Switzerland NNP '' '' to TO expand VB their PRP$ U.S. NNP chocolate NN operations NNS . . Nestle NNP S.A. NNP is VBZ based VBN in IN Vevey NNP , , Switzerland NNP . . The DT new JJ candy NN bars NNS , , `` `` make VBP an DT important JJ contribution NN to TO our PRP$ Nestle NNP Foods NNPS commitment NN to TO this DT very RB important JJ strategic JJ unit NN , , '' '' said VBD C. NNP Alan NNP MacDonald NNP , , president NN of IN Nestle NNP Foods NNPS in IN Purchase NNP , , N.Y NNP . . Aetna NNP Life NNP & CC Casualty NNP Co. NNP 's POS third-quarter NN net JJ income NN fell VBD 22 CD % NN to TO $ $ 182.6 CD million CD , , or CC $ $ 1.63 CD a DT share NN , , reflecting VBG the DT damages NNS from IN Hurricane NNP Hugo NNP and CC lower JJR results NNS for IN some DT of IN the DT company NN 's POS major JJ divisions NNS . . Catastrophe NN losses NNS reduced VBD Aetna NNP 's POS net JJ income NN by IN $ $ 50 CD million CD , , including VBG $ $ 36 CD million CD from IN Hugo NNP . . Last JJ year NN catastrophe NN losses NNS totaled VBD $ $ 5 CD million CD , , when WRB net NN was VBD $ $ 235.5 CD million CD , , or CC $ $ 2.07 CD a DT share NN . . The DT year-earlier JJ results NNS have VBP been VBN restated VBN to TO reflect VB an DT accounting NN change NN . . The DT insurer NN has VBZ started VBN processing VBG claims NNS from IN the DT Northern NNP California NNP earthquake NN nearly RB two CD weeks NNS ago IN . . But CC because IN these DT claims NNS are VBP more RBR difficult JJ to TO evaluate VB and CC have VBP been VBN coming VBG in RB more RBR slowly RB , , the DT company NN has VBZ no DT estimate NN of IN the DT impact NN of IN the DT earthquake NN on IN fourth-quarter NN results NNS . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN Friday NNP , , Aetna NNP closed VBD at IN $ $ 60 CD , , down RB 50 CD cents NNS . . In IN the DT latest JJS quarter NN , , Aetna NNP had VBD a DT $ $ 23 CD million CD loss NN on IN its PRP$ auto\/homeowners NNS line NN , , compared VBN with IN earnings NNS of IN $ $ 33 CD million CD last JJ year NN . . Profit NN for IN its PRP$ commercial JJ insurance NN division NN fell VBD 30 CD % NN to TO $ $ 59 CD million CD , , reflecting VBG higher JJR catastrophe NN losses NNS and CC the DT price NN war NN in IN the DT property\/casualty NN market NN for IN nearly RB three CD years NNS . . However RB , , Aetna NNP 's POS employee NN benefits NNS division NN , , which WDT includes VBZ its PRP$ group NN health NN insurance NN operations NNS , , posted VBD a DT 34 CD % NN profit NN gain NN to TO $ $ 106 CD million CD . . Third-quarter NN results NNS included VBD net JJ realized VBN capital NN gains NNS of IN $ $ 48 CD million CD , , which WDT included VBD $ $ 27 CD million CD from IN the DT sale NN of IN Federated NNP Investors NNPS in IN August NNP and CC a DT $ $ 15 CD million CD tax NN credit NN . . In IN the DT nine CD months NNS , , net NN rose VBD 4.3 CD % NN to TO $ $ 525.8 CD million CD or CC $ $ 4.67 CD a DT share NN , , from IN $ $ 504.2 CD million CD , , or CC $ $ 4.41 CD a DT share NN , , last JJ year NN . . Out IN of IN the DT mouths NNS of IN revolutionaries NNS are VBP coming VBG words NNS of IN moderation NN . . Here RB , , at IN a DT soccer NN stadium NN near IN the DT black JJ township NN of IN Soweto NNP yesterday NN , , were VBD eight CD leaders NNS of IN the DT African NNP National NNP Congress NNP , , seven CD of IN whom WP had VBD spent VBN most JJS of IN their PRP$ adult NN lives NNS in IN prison NN for IN sabotage NN and CC conspiracy NN to TO overthrow VB the DT government NN . . Here RB were VBD more JJR than IN 70,000 CD ANC NNP supporters NNS , , gathering VBG for IN the DT first JJ ANC NNP rally NN inside IN South NNP Africa NNP since IN the DT black JJ liberation NN movement NN was VBD banned VBN in IN 1960 CD . . Here RB was VBD the DT state NN security NN appartus NN poised VBN to TO pounce VB on IN any DT words NNS or CC acts NNS of IN provocation NN , , let VB alone JJ revolution NN . . But CC the DT words NNS that WDT boomed VBD over IN the DT loudspeakers NNS bore VBD messages NNS of IN peace NN , , unity NN , , negotiation NN and CC discipline NN . . `` `` We PRP stand VBP for IN peace NN today NN and CC we PRP will MD stand VB for IN peace NN tomorrow NN , , '' '' said VBD Walter NNP Sisulu NNP , , the DT ANC NNP 's POS former JJ secretary NN general NN who WP , , along IN with IN five CD of IN his PRP$ colleagues NNS , , served VBD 26 CD years NNS in IN prison NN before IN being VBG released VBN two CD weeks NNS ago IN . . Some DT members NNS of IN the DT huge JJ crowd NN shouted VBD `` `` Viva FW peace NN , , viva FW . . '' '' These DT are VBP curious JJ times NNS in IN South JJ African JJ politics NNS . . The DT government NN and CC the DT ANC NNP , , the DT bitterest JJS of IN enemies NNS , , are VBP engaged VBN in IN an DT elaborate JJ mating NN dance NN designed VBN to TO entice VB each DT other JJ to TO the DT negotiating VBG table NN . . Pretoria NN releases VBZ the DT ANC NNP leaders NNS , , most JJS of IN whom WP were VBD serving VBG life NN sentences NNS , , and CC allows VBZ them PRP to TO speak VB freely RB , , hoping VBG that IN the DT ANC NNP will MD abandon VB its PRP$ use NN of IN violence NN . . The DT ANC NNP leaders NNS speak VBP in IN tones NNS of IN moderation NN , , emphasizing VBG discipline NN , , hoping VBG the DT government NN will MD be VB encouraged VBN to TO take VB further JJ steps NNS , , such JJ as IN freeing VBG Nelson NNP Mandela NNP , , the DT most RBS prominent JJ ANC NNP figure NN , , and CC unbanning VBG the DT organization NN . . The DT government NN of IN President NNP F.W. NNP de NNP Klerk NNP is VBZ using VBG this DT situation NN to TO improve VB its PRP$ international JJ image NN and CC head VB off RP further JJ economic JJ sanctions NNS . . Meanwhile RB , , the DT many JJ organizations NNS inside IN the DT country NN that WDT back VBP the DT ANC NNP are VBP taking VBG the DT opportunity NN to TO regain VB their PRP$ strength NN and CC mobilize VB their PRP$ supporters NNS even RB though IN the DT state NN of IN emergency NN , , which WDT has VBZ severely RB curtailed VBN black JJ opposition NN , , remains VBZ in IN force NN . . The DT result NN is VBZ that IN the DT unthinkable JJ and CC illogical JJ are VBP happening VBG . . Six CD months NNS ago IN , , government NN approval NN for IN an DT ANC NNP rally NN was VBD inconceivable JJ . . Equally RB inconceivable JJ is VBZ that IN the DT ANC NNP , , given VBN the DT chance NN to TO hold VB a DT rally NN , , would MD extend VB a DT hand NN , , albeit IN warily RB , , to TO the DT government NN . . In IN a DT message NN read VBN out RP at IN the DT rally NN , , exiled VBD ANC NNP President NNP Oliver NNP Tambo NNP , , who WP ca MD n't RB legally RB be VB quoted VBN in IN South NNP Africa NNP , , said VBD the DT country NN was VBD at IN a DT crossroads NNS and CC that IN Mr. NNP de NNP Klerk NNP `` `` may MD yet RB earn VB a DT place NN among IN the DT peacemakers NNS of IN our PRP$ country NN '' '' if IN he PRP chooses VBZ a DT `` `` path NN of IN genuine JJ political JJ settlement NN . . '' '' Still RB , , this DT does VBZ n't RB mean VB that IN either CC the DT government NN or CC the DT ANC NNP is VBZ changing VBG stripes NNS -- : or CC that IN either DT has VBZ moved VBN significantly RB closer RBR to TO the DT other JJ . . The DT government NN may MD ease VB repression NN in IN some DT areas NNS , , but CC it PRP still RB keeps VBZ a DT tight JJ grip NN in IN others NNS . . For IN instance NN , , it PRP releases VBZ Mr. NNP Sisulu NNP without IN conditions NNS , , yet RB his PRP$ son NN , , Zwelakhe NNP , , a DT newspaper NN editor NN , , is VBZ restricted VBN to TO his PRP$ home NN much RB of IN the DT day NN and CC is VBZ n't RB allowed VBN to TO work VB as IN a DT journalist NN . . The DT ANC NNP vows VBZ to TO keep VB up RP pressure NN on IN the DT government NN . . Speakers NNS yesterday NN called VBD on IN foreign JJ governments NNS to TO increase VB sanctions NNS against IN Pretoria NN and CC urged VBD supporters NNS inside IN the DT country NN to TO continue VB defying VBG emergency NN restrictions NNS and CC racial JJ segregation NN , , known VBN as IN apartheid NN . . `` `` We PRP can MD not RB wait VB on IN the DT government NN to TO make VB changes NNS at IN its PRP$ own JJ pace NN , , '' '' Mr. NNP Sisulu NNP said VBD . . Because IN the DT ANC NNP remains VBZ banned VBN , , both PDT the DT government NN , , which WDT approved VBD the DT rally NN , , and CC the DT organizers NNS , , who WP orchestrated VBD it PRP , , denied VBD it PRP was VBD an DT ANC NNP rally NN . . They PRP both DT called VBD it PRP a DT `` `` welcome JJ home NN '' '' gathering NN . . Nevertheless RB , , an DT ANC NNP rally NN by IN any DT other JJ name NN is VBZ still RB an DT ANC NNP rally NN . . The DT recently RB released VBN leaders NNS sat VBD high RB atop IN a DT podium NN in IN one CD section NN of IN the DT stadium NN stands NNS . . Behind IN them PRP was VBD a DT huge JJ ANC NNP flag NN and CC an DT even RB bigger JJR sign NN that WDT said VBD `` `` ANC NNP Lives VBZ , , ANC NNP Leads VBZ . . '' '' Next JJ to TO them PRP was VBD the DT red JJ flag NN of IN the DT outlawed VBN South NNP African NNP Communist NNP Party NNP , , which WDT has VBZ long RB been VBN an DT ANC NNP ally NN . . In IN the DT stands NNS , , people NNS waved VBD ANC NNP flags NNS , , wore VBD ANC NNP T-shirts NNS , , sang VBD ANC NNP songs NNS and CC chanted VBD ANC NNP slogans NNS . . `` `` Today NN , , '' '' said VBD Mr. NNP Sisulu NNP , , `` `` the DT ANC NNP has VBZ captured VBN the DT center NN stage NN of IN political JJ life NN in IN South NNP Africa NNP . . '' '' As IN a DT police NN helicopter NN circled VBD overhead RB , , Mr. NNP Sisulu NNP repeated VBD the DT ANC NNP 's POS demands NNS on IN the DT government NN to TO create VB a DT climate NN for IN negotiations NNS : : Release VB all DT political JJ prisoners NNS unconditionally RB ; : lift VB all DT bans NNS and CC restrictions NNS on IN individuals NNS and CC organizations NNS ; : remove VB all DT troops NNS from IN the DT black JJ townships NNS ; : end VB the DT state NN of IN emergency NN , , and CC cease VB all DT political JJ trials NNS and CC political JJ executions NNS . . If IN these DT conditions NNS are VBP met VBN , , he PRP said VBD , , the DT ANC NNP would MD be VB prepared VBN to TO discuss VB suspending VBG its PRP$ guerrilla NN activities NNS . . `` `` There EX can MD be VB no DT question NN of IN us PRP unilaterally RB abandoning VBG the DT armed VBN struggle NN , , '' '' he PRP said VBD . . `` `` To TO date NN , , we PRP see VBP no DT clear JJ indication NN that IN the DT government NN is VBZ serious JJ about IN negotiations NNS . . All PDT their PRP$ utterances NNS are VBP vague JJ . . '' '' Echoing VBG a DT phrase NN from IN Mr. NNP de NNP Klerk NNP , , Mr. NNP Sisulu NNP said VBD , , `` `` Let VB all DT of IN us PRP who WP love VBP this DT country NN engage VB in IN the DT task NN of IN building VBG a DT new JJ South NNP Africa NNP . . When WRB Westinghouse NNP Electric NNP Corp. NNP shuttered VBD its PRP$ massive JJ steam NN turbine NN plant NN in IN Lester NNP , , Pa. NNP , , three CD years NNS ago IN , , it PRP seemed VBD like IN the DT company NN had VBD pulled VBN the DT plug NN on IN its PRP$ century-old JJ power NN generation NN business NN . . But CC now RB Westinghouse NNP is VBZ enjoying VBG a DT resurgence NN in IN demand NN for IN both DT steam NN and CC combustion NN turbines NNS and CC may MD even RB join VB the DT growing VBG legion NN of IN independent JJ electric JJ producers NNS . . And CC with IN its PRP$ new JJ venture NN with IN Japan NNP 's POS Mitsubishi NNP Heavy NNP Industries NNPS Ltd. NNP , , announced VBD last JJ week NN , , it PRP is VBZ poised VBN to TO penetrate VB growing VBG markets NNS overseas RB . . For IN the DT first JJ time NN since IN the DT mid-1970s CD , , Westinghouse NNP this DT year NN has VBZ seen VBN a DT significant JJ increase NN in IN orders NNS for IN power NN plants NNS . . Most JJS are VBP from IN independent JJ producers NNS instead RB of IN regulated JJ utilities NNS , , and CC Westinghouse NNP believes VBZ it PRP will MD ride VB a DT wave NN of IN demand NN stretching VBG over IN the DT next JJ six CD years NNS . . Analysts NNS agree VBP , , predicting VBG that IN the DT revived VBN market NN could MD significantly RB boost VB Westinghouse NNP 's POS bottom NN line NN in IN coming VBG years NNS . . `` `` Westinghouse NNP 's POS earnings NNS could MD be VB materially RB enhanced VBN in IN the DT mid-1990s CD or CC sooner RBR , , '' '' says VBZ Russell NNP L. NNP Leavitt NNP , , of IN Salomon NNP Brothers NNPS Inc NNP . . The DT company NN expects VBZ a DT need NN for IN 140,000 CD megawatts NNS of IN new JJ generation NN in IN the DT U.S. NNP over IN the DT next JJ decade NN . . Already RB this DT year NN , , it PRP has VBZ received VBN orders NNS for IN four CD 150-megawatt JJ advanced JJ combustion NN turbines NNS from IN Florida NNP Power NNP & CC Light NNP Co. NNP and CC for IN two CD 300-megawatt JJ plants NNS from IN Intercontinental NNP Energy NNP Corp. NNP , , among IN others NNS . . Westinghouse NNP 's POS own JJ role NN as IN a DT supplier NN also RB is VBZ changing VBG . . In IN the DT past NN , , the DT company NN usually RB took VBD token JJ equity NN positions NNS in IN power NN plants NNS it PRP supplied VBD as IN a DT `` `` kicker NN '' '' to TO close VB deals NNS . . But CC last JJ June NNP 's POS annnouncement NN that IN Westinghouse NNP would MD put VB up RP all DT of IN the DT $ $ 70 CD million CD to TO build VB a DT new JJ 55-megawatt JJ plant NN could MD herald VB a DT new JJ age NN . . Westinghouse NNP 's POS plant NN will MD provide VB electrical JJ power NN to TO the DT Southern NNP California NNP Edison NNP Co. NNP and CC backup JJ power NN and CC steam NN to TO the DT U.S. NNP Borax NNP & CC Chemical NNP Co NNP . . `` `` We PRP have VBP n't RB decided VBN on IN a DT strategy NN yet RB , , but CC we PRP could MD become VB an DT independent JJ producer NN depending VBG on IN whether IN we PRP 're VBP the DT developer NN or CC just RB the DT supplier NN , , '' '' says VBZ Theodore NNP Stern NNP , , executive JJ vice NN president NN of IN the DT company NN 's POS energy NN and CC utility NN systems NNS group NN . . At IN the DT same JJ time NN , , Westinghouse NNP hopes VBZ its PRP$ venture NN with IN Mitsubishi NNP will MD help VB fend VB off RP growing VBG competition NN , , particularly RB in IN the DT U.S. NNP , , from IN such JJ European JJ competitors NNS as IN Asea NNP Brown NNP Boveri NNP AG NNP , , Siemens NNP AG NNP , , and CC British NNP General NNP Electric NNP Co NNP . . Under IN the DT agreement NN , , Westinghouse NNP will MD be VB able JJ to TO purchase VB smaller JJR combustion NN turbines NNS from IN its PRP$ Japanese JJ partner NN , , and CC package VB and CC sell VB them PRP with IN its PRP$ own JJ generators NNS and CC other JJ equipment NN . . Westinghouse NNP also RB jointly RB will MD bid VB on IN projects NNS with IN Misubishi NNP , , giving VBG it PRP an DT edge NN in IN developing VBG Asian JJ markets NNS . . In IN addition NN , , the DT two CD companies NNS will MD develop VB new JJ steam NN turbine NN technology NN , , such JJ as IN the DT plants NNS ordered VBN by IN Florida NNP Power NNP , , and CC even RB utilize VB each DT other JJ 's POS plants NNS at IN times NNS to TO take VB advantage NN of IN currency NN fluctuations NNS . . `` `` Even RB though IN we PRP 'll MD still RB compete VB against IN Mitsubishi NNP , , we PRP can MD also RB work VB jointly RB on IN some DT projects NNS , , and CC we PRP 'll MD gain VB a DT lot NN of IN sourcing VBG flexibility NN , , '' '' Mr. NNP Stern NNP contends VBZ . . The DT Westinghouse-Mitsubishi NNP venture NN was VBD designed VBN as IN a DT non-equity JJ transaction NN , , circumventing VBG any DT possible JJ antitrust JJ concerns NNS . . Westinghouse NNP carefully RB crafted VBD the DT agreement NN because IN the DT Justice NNP Department NNP earlier RBR this DT year NN successfully RB challenged VBD a DT proposed VBN steam NN turbine NN joint NN venture NN with IN Asea NNP Brown NNP Boveri NNP . . It PRP is VBZ expected VBN that IN the DT current JJ surge NN in IN demand NN for IN new JJ power NN will MD be VB filled VBN primarily RB by IN independent JJ producers NNS which WDT , , unlike IN utilities NNS , , are VBP n't RB regulated VBN and CC therefore RB do VBP n't RB need VB government NN approval NN to TO construct VB new JJ plants NNS . . Westinghouse NNP expects VBZ about IN half NN of IN its PRP$ new JJ orders NNS for IN turbines NNS to TO come VB from IN independent JJ producers NNS for IN at IN least JJS the DT next JJ six CD years NNS . . Despite IN shutdowns NNS of IN the DT company NN 's POS Lester NNP and CC East NNP Pittsburgh NNP plants NNS , , the DT company NN believes VBZ it PRP has VBZ sufficient JJ capacity NN to TO meet VB near-term JJ demand NN with IN its PRP$ much JJ smaller JJR and CC more RBR efficient JJ manufacturing VBG facilities NNS in IN North NNP Carolina NNP . . Still RB , , Westinghouse NNP acknowledges VBZ that IN demand NN from IN independent JJ producers NNS could MD evaporate VB if IN prices NNS for IN fuel NN such JJ as IN natural JJ gas NN or CC oil NN rise VBP sharply RB or CC if IN utilities NNS , , which WDT have VBP been VBN pressured VBN by IN regulators NNS to TO keep VB down IN rates NNS , , are VBP suddenly RB freed VBN to TO add VB significant JJ generating VBG capacity NN . . Even RB if IN that DT scenario NN occurs VBZ , , Westinghouse NNP figures VBZ it PRP is VBZ prepared VBN . . The DT company NN already RB is VBZ gearing VBG up RP for IN a DT renaissance NN of IN nuclear JJ power NN even RB though IN it PRP has VBZ n't RB received VBN an DT order NN for IN a DT domestic JJ nuclear JJ plant NN in IN a DT decade NN . . John NNP C. NNP Marous NNP , , chairman NN and CC chief NN executive NN officer NN , , says VBZ he PRP expects VBZ a DT commercial JJ order NN by IN 1995 CD for IN the DT company NN 's POS AP600 NN nuclear JJ power NN plant NN , , which WDT is VBZ under IN development NN . . `` `` Once RB we PRP see VBP an DT order NN , , we PRP expect VBP it PRP 'll MD be VB on IN line NN by IN 2000 CD . . Among IN the DT things NNS I PRP learned VBD covering VBG the DT World NNP Series NNP these DT past IN few JJ weeks NNS is VBZ that IN the DT Richter NNP scale NN , , which WDT measures VBZ earthquakes NNS , , is VBZ n't RB like IN the DT one CD in IN your PRP$ bathroom NN . . A DT quake NN that WDT measures VBZ two CD on IN the DT Richter NNP is VBZ n't RB twice RB as RB severe JJ as IN a DT `` `` one CD '' '' -- : it PRP 's VBZ 10 CD times NNS worse JJR . . A DT `` `` three CD '' '' is VBZ 10 CD times NNS 10 CD again RB , , and CC so RB on IN . . That WDT put VBD the DT `` `` seven CD '' '' of IN Oct. NNP 17 CD in IN perspective NN for IN me PRP . . Think VBP I PRP 'll MD buy VB one CD of IN those DT `` `` I PRP Survived VBD '' '' T-shirts NNS after IN all DT . . By IN Richterian JJ standards NNS , , the DT show NN that IN the DT Oakland NNP Athletics NNP put VBD on RP Friday NNP and CC Saturday NNP nights NNS , , in IN putting VBG a DT mercifully RB swift JJ end NN to TO the DT game NN 's POS Longest NNP Short NNP Series NNP , , rated VBD somewhere RB between IN a DT 10 CD and CC an DT 11 CD . . The DT boys NNS with IN the DT white JJ elephants NNS on IN their PRP$ sleeves NNS might MD not RB have VB made VBN the DT earth NN move VB much RB , , but CC they PRP certainly RB did VBD some DT impressive JJ things NNS with IN baseballs NNS . . The DT Pale NNP Pachyderms NNPS propelled VBD six CD of IN 'em PRP out IN of IN the DT unfriendly JJ confines NNS of IN Candlestick NNP Park NNP during IN the DT two CD games NNS en IN route NN to TO 13-7 CD and CC 9-6 CD wins NNS over IN the DT San NNP Francisco NNP Giants NNPS . . Combined VBN with IN their PRP$ two CD pre-quake JJ victories NNS , , way RB back RB on IN Oct. NNP 14 CD and CC 15 CD ( ( the DT scores NNS were VBD 5-0 CD and CC 5-1 CD , , remember VB ? . ) ) , , that WDT gave VBD them PRP a DT sweep NN of IN the DT best-of-seven JJ series NN . . The DT joke NN here RB is VBZ that IN the DT Giants NNPS lost VBD by IN de IN fault NN . . That DT 's VBZ geologically RB correct JJ , , but CC a DT trifle RB unfair JJ otherwise RB . . They PRP showed VBD up IN , , but CC did VBD n't RB -- : or CC could MD n't RB -- : challenge VB . . They PRP led VBD for IN nary DT an DT inning NN in IN the DT four CD games NNS , , and CC managed VBD to TO stir VB their PRP$ fans NNS only RB once RB . . That WDT came VBD in IN the DT seventh JJ inning NN of IN Game NNP Four NNP when WRB , , trailing VBG 8-2 CD , , they PRP scored VBD four CD times NNS and CC brought VBD their PRP$ big JJ heat NN -- : Will NNP Clark NNP and CC Kevin NNP Mitchell NNP -- : to TO the DT plate NN with IN one CD out NN and CC a DT runner NN on IN . . But CC Clark NNP flied VBD out RP to TO short VB right JJ field NN and CC Mitchell NNP 's POS drive NN to TO left JJ was VBD caught VBN on IN the DT warning VBG track NN by IN Rickey NNP Henderson NNP as IN 62,000 CD sets NNS of IN lungs NNS exhaled VBD as IN one CD . . `` `` I PRP went VBD out IN to TO Todd NNP { ( Burns NNP , , the DT A NNP 's POS reliever NN } ) and CC told VBD him PRP that IN we PRP were VBD n't RB gon VBG na TO let VB this DT guy NN beat VB us PRP , , '' '' said VBD Oakland NNP catcher NN Terry NNP Steinbach NNP of IN the DT decisive JJ confrontation NN with IN Mitchell NNP , , the DT National NNP League NNP 's POS reigning VBG home-run JJ king NN . . `` `` I PRP told VBD him PRP to TO make VB Mitchell NNP reach VB for IN everything NN , , and CC that DT 's VBZ what WP we PRP did VBD . . The DT ball NN he PRP hit VBD was VBD n't RB a DT strike NN . . If IN it PRP had VBD been VBN , , he PRP mighta MD hit VB it PRP out IN . . '' '' But CC if IN the DT A NNP 's POS had VBD n't RB won VBN in IN four CD , , they PRP would MD have VB prevailed VBN in IN five CD , , or CC six CD , , or CC seven CD . . The DT best JJS team NN won VBD this DT Series NN , , which WDT is VBZ more RBR unusual JJ than IN it PRP may MD sound VB . . Baseball NN ai VBP n't RB football NN , , where WRB the DT good JJ teams NNS beat VBP up RP on IN the DT bad JJ ones NNS . . The DT best JJS baseball NN teams NNS win VBP six CD of IN 10 CD games NNS and CC the DT worst JJS win VBP four CD of IN 10 CD . . Without IN becoming VBG overly RB contentious JJ , , allow VB me PRP to TO suggest VB that IN several JJ recent JJ champions NNS of IN the DT world NN according VBG to TO us PRP ( ( as IN in IN U.S. NNP ) ) might MD not RB have VB ranked VBN No. NN 1 CD in IN many JJ polls NNS . . That DT list NN includes VBZ last JJ season NN 's POS champs NNS , , the DT Los NNP Angeles NNP Dodgers NNPS , , who WP rode VBD a DT miracle NN home NN run NN by IN Kirk NNP Gibson NNP and CC two CD faultless JJ pitching NN performances NNS by IN Orel NNP Hershiser NNP to TO a DT five-game JJ triumph NN over IN a DT bewitched VBN , , bothered VBN Oakland NNP crew NN . . These DT A NNP 's POS , , however RB , , got VBD few JJ grades NNS as RB low JJ as IN B NN on IN their PRP$ 1989 CD report NN card NN . . They PRP led VBD the DT Major NNP Leagues NNPS in IN regular-season JJ wins NNS with IN 99 CD and CC flattened VBD the DT Toronto NNP Blue NNP Jays NNPS four CD games NNS to TO one CD for IN the DT American NNP League NNP pennant NN before IN stomping VBG their PRP$ cross-bay JJ rivals NNS . . The DT pithiest JJS testimony NN to TO their PRP$ domination NN of IN the DT just-concluded JJ tournament NN came VBD from IN Giants NNPS ' POS manager NN Roger NNP Craig NNP after IN his PRP$ team NN had VBD fallen VBN in IN Game NNP Three NNP to TO a DT five-home-run JJ barrage NN that WDT tied VBD a DT 61-year-old JJ Series NN record NN . . Asked VBN what WP he PRP would MD do VB differently RB on IN the DT morrow NN , , Craig NNP allowed VBD that IN he PRP might MD play VB his PRP$ outfielders NNS deeper RBR , , `` `` maybe RB on IN the DT other JJ side NN of IN the DT fence NN . . '' '' The DT A NNP 's POS offensive JJ showing NN in IN the DT Series NNP got VBD an DT A NN , , as IN in IN awesome JJ . . Their PRP$ 85 CD total NN bases NNS broke VBD a DT record NN for IN a DT four-game JJ set NN , , and CC their PRP$ nine CD home NN runs NNS tied VBD one CD . . Eight CD Oakland NNP players NNS hit VBD homers NNS , , with IN centerfielder NN Dave NNP Henderson NNP getting VBG two CD , , both DT on IN Friday NNP . . Rickey NNP Henderson NNP , , the DT do-everything JJ leadoff NN man NN , , had VBD nine CD hits NNS and CC set VBD or CC tied VBD four-game JJ Series NNP marks NNS for IN triples NNS ( ( 2 CD ) ) and CC stolen VBN bases NNS ( ( 3 CD ) ) . . The DT sole NN A NNP not RB to TO homer VB was VBD cleanup NN hitter NN Mark NNP McGwire NNP , , their PRP$ regular-season JJ leader NN with IN 33 CD , , and CC he PRP contributed VBD five CD hits NNS plus CC a DT diving JJ fielding NN play NN on IN a DT ground NN ball NN in IN Game NNP Three NNP that WDT stopped VBD a DT Giant NNP rally NN while IN the DT issue NN still RB was VBD in IN doubt NN . . `` `` Think VBP I PRP 'll MD redo VB my PRP$ image NN -- : get VB this DT changed VBN to TO a DT glove NN , , '' '' quipped VBD the DT big JJ first JJ baseman NN Saturday NNP night NN , , fingering VBG the DT gold JJ bat NN he PRP wears VBZ on IN a DT neck NN chain NN . . Even RB with IN that DT power NN show NN , , though RB , , the DT Oakland NNP Series NNP ' POS star NN , , certified VBN by IN the DT Most NNP Valuable NNP Player NNP award NN , , was VBD a DT pitcher NN , , Dave NNP Stewart NNP . . He PRP shut VBD out RP the DT Giants NNPS on IN five CD hits NNS in IN Game NNP One NNP , , and CC allowed VBD three CD runs NNS on IN five CD hits NNS in IN seven CD innings NNS Friday NNP after IN the DT 12-day JJ break NN caused VBN by IN the DT earthquake NN . . Stewart NNP 's POS honor NN was VBD a DT nice JJ note NN on IN a DT couple NN of IN grounds NNS . . One CD was VBD that IN , , despite IN his PRP$ 62 CD regular-season JJ wins NNS over IN the DT past JJ three CD seasons NNS in IN the DT Land NNP Beyond NNP the DT Late NNP News NNP , , he PRP has VBZ been VBN overshadowed VBN by IN his PRP$ more-muscular JJ mates NNS and CC missed VBN out RP on IN prizes NNS that WDT might MD have VB been VBN his PRP$ due NN . . The DT other JJ is VBZ that IN he PRP 's VBZ an DT Oakland NNP native NN , , and CC lifted VBD residents NNS ' POS spirits NNS by IN his PRP$ visits NNS to TO quake-hit JJ areas NNS last JJ week NN . . Afterward RB , , as IN the DT A NNP 's POS toasted VBD their PRP$ victory NN with IN beer NN ( ( they PRP dispensed VBD with IN traditional JJ champagne NN showers NNS in IN deference NN to TO the DT quake NN victims NNS ) ) , , Stewart NNP said VBD he PRP thought VBD his PRP$ championship-team JJ ring NN would MD outshine VB his PRP$ individual JJ trophy NN . . `` `` Give VB me PRP four CD or CC five CD more JJR Series NN with IN these DT guys NNS , , and CC I PRP do VBP n't RB care VB if IN I PRP ever RB win VBP a DT Cy NNP Young NNP , , '' '' he PRP said VBD , , in IN reference NN to TO baseball NN 's POS best-pitcher JJ award NN . . Indeed RB , , the DT possibility NN of IN an DT A NNP 's POS ring NN cycle NN , , a\/k\/a IN a DT dynasty NN , , was VBD a DT major JJ topic NN of IN post-game JJ discussion NN Saturday NNP , , so RB much RB so RB that IN Sandy NNP Alderson NNP , , the DT team NN 's POS general JJ manager NN , , felt VBD obliged VBN to TO dampen VB it PRP . . `` `` People NNS change VBP , , teams NNS change VBP , , '' '' he PRP cautioned VBD . . `` `` It PRP 's VBZ easier JJR to TO get VB worse JJR than IN better JJR in IN this DT game NN . . '' '' He PRP might MD have VB added VBN an DT interesting JJ historical JJ fact NN : : The DT last JJ Series NN sweep NN , , by IN the DT Cincinnati NNP Reds NNP , , came VBD in IN 1976 CD , , which WDT also RB was VBD the DT first JJ year NN of IN baseball NN player NN free JJ agency NN . . It PRP was VBD widely RB predicted VBN that IN free JJ agency NN would MD allow VB the DT glamorous JJ , , `` `` big JJ market NN '' '' teams NNS to TO monopolize VB the DT best JJS talent NN , , but CC quite RB the DT opposite NN has VBZ occurred VBN : : Twelve CD different JJ clubs NNS have VBP won VBN titles NNS in IN the DT 14 CD seasons NNS since IN its PRP$ advent NN . . The DT number NN includes VBZ such JJ unstylish JJ burgs NNS as IN , , well UH , , Oakland NNP . . The DT rationale NN for IN responding VBG to TO your PRP$ customers NNS ' POS needs NNS faster RBR than IN the DT competition NN can MD is VBZ clear JJ : : Your PRP$ company NN will MD benefit VB in IN terms NNS of IN market NN share NN , , customer NN satisfaction NN and CC profitability NN . . In IN fact NN , , managers NNS today NN are VBP probably RB more RBR aware JJ of IN speed NN as IN a DT competitive JJ variable NN than IN ever RB before IN . . However RB , , for IN many JJ , , managing VBG speed NN does VBZ not RB come VBN naturally RB . . `` `` Most JJS of IN us PRP grew VBD up RP believing VBG in IN the DT axioms NNS ` `` Haste NN makes VBZ waste NN ' '' and CC ` `` Do VBP n't RB cut VB corners NNS , , ' '' ideas NNS that WDT seem VBP to TO run VB counter RB to TO the DT concept NN of IN managing VBG speed NN , , '' '' says VBZ Dean NNP Cassell NNP , , vice NN president NN for IN product NN integrity NN at IN Grumman NNP Corp NNP . . `` `` But CC in IN the DT real JJ world NN , , you PRP learn VBP that IN speed NN and CC quality NN are VBP not RB a DT trade-off NN . . Speed NN is VBZ a DT component NN of IN quality NN -- : one CD of IN the DT things NNS we PRP must MD deliver VB to TO satisfy VB customers NNS . . '' '' Companies NNS that WDT actually RB market VBP speed NN as IN part NN of IN their PRP$ service NN train VBP their PRP$ managers NNS to TO lead VB and CC participate VB in IN teams NNS that WDT increase VBP speed NN and CC improve VBP quality NN in IN everyday JJ operations NNS . . Managers NNS learn VBP to TO spot VB opportunities NNS to TO increase VB customer NN satisfaction NN through IN speed NN , , and CC shift VB some DT responsibility NN for IN analyzing VBG , , improving VBG and CC streamlining VBG work NN processes NNS from IN themselves PRP to TO teams NNS of IN employees NNS . . One CD team NN at IN the DT Federal NNP Express NNP Ground NNP Operations NNPS station NN in IN Natick NNP , , Mass. NNP , , focused VBD on IN a DT particularly RB time-sensitive JJ operation NN : : the DT morning NN package NN sort NN . . Every DT morning NN , , tractor-trailer NN trucks NNS arrive VBP at IN the DT Natick NNP Ground NNP Station NNP from IN Boston NNP 's POS Logan NNP Airport NNP , , carrying VBG the DT day NN 's POS package NN load NN . . In IN peak NN periods NNS that DT load NN may MD include VB 4,000 CD pieces NNS . . The DT packages NNS must MD be VB sorted VBN quickly RB and CC distributed VBN to TO smaller JJR vans NNS for IN delivery NN , , so IN couriers NNS can MD be VB on IN the DT road NN by IN 8:35 CD . . No DT customer NN is VBZ present JJ at IN the DT morning NN package NN sort NN , , but CC the DT process NN is VBZ nevertheless RB critical JJ to TO customer NN satisfaction NN . . `` `` We PRP 're VBP committed VBN to TO deliver VB the DT customer NN 's POS package NN by IN a DT stated VBN time NN , , usually RB 10:30 CD , , '' '' notes VBZ Glenn NNP Mortimer NNP , , a DT Federal NNP Express NNP courier NN who WP led VBD the DT Natick NNP team NN . . `` `` The DT sooner RB our PRP$ vans NNS hit VBP the DT road NN each DT morning NN , , the DT easier JJR it PRP is VBZ for IN us PRP to TO fulfill VB that DT obligation NN . . '' '' Following VBG a DT problem-solving JJ formula NN used VBN by IN teams NNS throughout IN Federal NNP Express NNP , , members NNS of IN the DT Natick NNP team NN monitored VBD their PRP$ morning NN routine NN , , carefully RB noting VBG where WRB and CC when WRB the DT work NN group NN 's POS resources NNS were VBD used VBN effectively RB and CC where WRB they PRP were VBD idle JJ , , waiting VBG for IN others NNS upstream RB in IN the DT process NN to TO send VB packages NNS their PRP$ way NN . . `` `` We PRP suspected VBD there EX was VBD downtime NN built VBN into IN our PRP$ process NN . . But CC we PRP did VBD n't RB know VB just RB where WRB it PRP was VBD until IN we PRP completed VBD our PRP$ data NNS gathering NN , , '' '' Mr. NNP Mortimer NNP says VBZ . . `` `` We PRP used VBD the DT data NNS to TO redesign VB our PRP$ sorting VBG system NN and CC put VB our PRP$ resources NNS where WRB they PRP could MD do VB the DT most RBS good JJ . . '' '' The DT team NN even RB created VBD a DT points NNS system NN to TO identify VB those DT couriers NNS and CC subgroups NNS that WDT were VBD doing VBG the DT most JJS to TO reduce VB package-sort JJ cycle NN time NN . . Winners NNS of IN the DT friendly JJ competition NN earn VBP a DT steak NN dinner NN out IN with IN their PRP$ spouses NNS . . `` `` Monitoring NN shows VBZ that IN the DT Natick NNP team NN 's POS new JJ system NN really RB does VBZ reduce VB cycle NN time NN for IN the DT morning NN package NN sort NN , , '' '' reports VBZ James NNP Barksdale NNP , , chief NN operating VBG officer NN at IN Federal NNP Express NNP . . `` `` The DT vans NNS leave VBP at IN least JJS 15 CD minutes NNS earlier RBR , , on IN average NN , , than IN they PRP used VBD to TO . . And CC service NN levels NNS have VBP increased VBN to TO the DT point NN where WRB they PRP 're VBP consistently RB above IN 99 CD % NN . . '' '' A DT cross-functional JJ team NN at IN Union NNP Carbide NNP 's POS Tonawanda NNP , , N.Y. NNP , , facility NN , , which WDT produces VBZ air-separation NN plants NNS , , followed VBD a DT similar JJ path NN to TO reduce VB manufacturing VBG cycle NN time NN . . `` `` The DT team NN included VBD craftsmen NNS from IN the DT shop NN floor NN as RB well RB as IN engineering NN , , scheduling NN and CC purchasing NN personnel NNS , , '' '' reports VBZ Alan NNP Westendorf NNP , , director NN of IN quality NN . . `` `` First JJ , , they PRP produced VBD a DT flowchart NN detailing VBG the DT process NN by IN which WDT an DT air-separation NN plant NN actually RB gets VBZ built VBN . . Then RB they PRP identified VBD snags NNS in IN the DT process NN . . '' '' The DT Tonawanda NNP team NN determined VBD that IN holdups NNS for IN inspections NNS were VBD the DT main JJ problem NN and CC identified VBD which WDT kinds NNS of IN delays NNS involved VBN critical JJ inspections NNS and CC which WDT were VBD less RBR critical JJ or CC could MD be VB handled VBN by IN workers NNS already RB on IN the DT line NN . . The DT team NN then RB proposed VBD modifications NNS in IN their PRP$ work NN process NN to TO management NN . . `` `` The DT streamlined JJ manufacturing NN process NN benefits VBZ our PRP$ customers NNS in IN at IN least JJS two CD ways NNS , , '' '' Mr. NNP Westendorf NNP concludes VBZ . . `` `` First JJ , , we PRP have VBP better JJR quality NN assurance NN than IN ever RB , , because IN the DT people NNS building VBG the DT product NN have VBP taken VBN on RP more JJR responsibility NN for IN the DT quality NN of IN their PRP$ own JJ work NN . . Second JJ , , we PRP trimmed VBD more JJR than IN a DT month NN off IN the DT time NN required VBN to TO deliver VB a DT finished VBN product NN . . '' '' At IN Grumman NNP 's POS Aircraft NNP Systems NNPS Division NNP , , a DT cross-functional JJ team NN reduced VBD the DT cycle NN time NN required VBN to TO produce VB a DT new JJ business NN proposal NN for IN an DT important JJ government NN contract NN . . The DT team NN was VBD composed VBN of IN representatives NNS from IN engineering NN , , manufacturing NN , , corporate JJ estimating NN , , flight NN test NN , , material NN , , quality NN control NN , , and CC other JJ departments NNS . . `` `` We PRP needed VBD contributions NNS from IN all PDT these DT departments NNS to TO generate VB the DT proposal NN , , '' '' says VBZ Carl NNP Anton NNP , , configuration-data JJ manager NN for IN Grumman NNP 's POS A-6 NN combat NN aircraft NN program NN . . `` `` But CC instead RB of IN gathering VBG their PRP$ input NN piecemeal RB , , we PRP formed VBD the DT team NN , , which WDT reached VBD consensus NN on IN the DT proposal NN objectives NNS and CC produced VBD a DT statement NN of IN work NN to TO guide VB all PDT the DT functions NNS that WDT were VBD involved VBN . . '' '' Armed VBN with IN this DT shared VBN understanding NN and CC requisite JJ background NN information NN , , each DT department NN developed VBD its PRP$ specialized VBN contribution NN to TO the DT proposal NN , , submitting VBG data NNS and CC cost NN estimates NNS on IN a DT closely RB managed VBN schedule NN . . `` `` We PRP cleared VBD up RP questions NNS and CC inconsistencies NNS very RB quickly RB , , because IN the DT people NNS who WP had VBD the DT skills NNS and CC perspective NN required VBN to TO resolve VB them PRP were VBD part NN of IN the DT task NN team NN , , '' '' Mr. NNP Anton NNP explains VBZ . . The DT team NN trimmed VBD more JJR than IN two CD months NNS from IN the DT cycle NN time NN previously RB required VBN to TO develop VB comparable JJ proposals NNS . . `` `` The DT team NN eliminated VBD the DT crisis NN mentality NN that IN proposal NN deadlines NNS can MD generate VB . . The DT result NN was VBD a DT more RBR thoughtful JJ , , complete JJ and CC competitive JJ proposal NN , , '' '' Mr. NNP Anton NNP concludes VBZ . . The DT successes NNS achieved VBN at IN Federal NNP Express NNP , , Union NNP Carbide NNP and CC Grumman NNP suggest VBP that IN managing VBG speed NN may MD be VB an DT underutilized VBN source NN of IN competitive JJ advantage NN . . Managers NNS in IN all DT three CD companies NNS recognize VBP speed NN as IN a DT component NN of IN quality NN and CC a DT key NN to TO customer NN satisfaction NN . . They PRP effectively RB lead VBP team NN efforts NNS to TO reduce VB cycle NN time NN . . And CC they PRP prepare VBP all PDT their PRP$ people NNS to TO increase VB the DT speed NN and CC improve VB the DT quality NN of IN their PRP$ own JJ work NN . . Mr. NNP Labovitz NNP is VBZ president NN of IN ODI NNP , , a DT consulting VBG firm NN in IN Burlington NNP , , Mass NNP . . Home NN taping NN of IN pre-recorded JJ music NN cuts VBZ into IN record NN industry NN revenues NNS , , but CC banning VBG home NN taping NN would MD hurt VB consumers NNS even RB more RBR . . That DT 's VBZ the DT conclusion NN of IN an DT independent JJ report NN prepared VBN by IN the DT Office NNP of IN Technology NNP Assessment NNP at IN the DT request NN of IN the DT House NNP and CC Senate NNP judiciary NN committees NNS . . The DT report NN is VBZ to TO be VB released VBN today NN . . The DT report NN says VBZ the DT availability NN of IN such JJ advanced VBN analog NN recording VBG equipment NN as IN cassette NN recorders NNS does VBZ n't RB seem VB to TO increase VB the DT quantity NN of IN home NN copying NN . . That DT finding NN , , the DT report NN says VBZ , , casts VBZ doubt NN on IN the DT record NN industry NN 's POS contention NN that IN the DT new JJ generation NN of IN digital JJ recording NN equipment NN will MD inevitably RB lead VB to TO wholesale JJ abuse NN of IN copyrighted VBN material NN by IN home NN tapers NNS . . The DT longstanding JJ position NN of IN the DT Recording NNP Industry NNP Association NNP of IN America NNP , , a DT trade NN group NN based VBN in IN Washington NNP , , D.C. NNP , , is VBZ that IN record NN companies NNS , , performers NNS , , songwriters NNS and CC music NN publishers NNS need VBP to TO be VB remunerated VBN by IN government-imposed JJ fees NNS on IN the DT sale NN of IN blank JJ tapes NNS and CC recording VBG equipment NN to TO make VB up RP for IN royalties NNS lost VBN to TO home NN taping NN . . `` `` I PRP think VBP it PRP is VBZ a DT nail NN in IN the DT coffin NN in IN any DT royalty NN tax NN proposal NN , , '' '' says VBZ Gary NNP Shapiro NNP , , vice NN president NN for IN government NN and CC legal JJ affairs NNS of IN the DT Electronic NNP Industries NNPS Association NNP in IN Washington NNP . . `` `` What WP { ( the DT report NN } ) shows VBZ is VBZ everything NN we PRP 've VBP been VBN saying VBG for IN the DT past JJ eight CD or CC nine CD years NNS -- : that IN audio JJ taping NN is VBZ the DT best JJS thing NN to TO happen VB for IN the DT recording NN industry NN . . The DT people NNS who WP tape VBP the DT most JJS buy VBP the DT most JJS . . '' '' Trish NNP Heimers NNP , , a DT spokesperson NN for IN RIAA NNP says VBZ her PRP$ organization NN has VBZ n't RB received VBN a DT copy NN of IN the DT completed VBN report NN yet RB and CC has VBZ no DT immediate JJ comment NN . . A DT recent JJ agreement NN between IN the DT recording NN industry NN and CC electronics NNS manufacturers NNS requires VBZ that IN any DT digital JJ audio NN tape NN , , or CC DAT NNP , , recorder NN sold VBN in IN the DT U.S. NNP have VB a DT built-in JJ device NN that WDT restricts VBZ its PRP$ ability NN to TO make VB second JJ copies NNS from IN DAT NNP tape NN copies NNS of IN digital JJ compact JJ disks NNS . . But CC the DT disappointing JJ sales NNS of IN DAT NNP machines NNS here RB and CC abroad RB so RB far RB have VBP not RB seemed VBN to TO warrant VB the DT three CD years NNS of IN legal JJ wrangling NN that WDT went VBD into IN the DT agreement NN . . Under IN current JJ copyright JJ laws NNS , , it PRP is VBZ considered VBN `` `` fair JJ use NN '' '' to TO reproduce VB copyrighted VBN material NN for IN one NN 's POS personal JJ use NN or CC for IN use NN by IN one NN 's POS family NN or CC friends NNS , , while IN copying VBG for IN purposes NNS of IN resale NN or CC profit NN is VBZ prohibited VBN . . A DT survey NN contained VBN in IN the DT 291-page JJ report NN , , `` `` Copyright NNP and CC Home NNP Copying NNP : : Technology NN Challenges VBZ the DT Law NN , , '' '' found VBD that IN most JJS people NNS consider VBP home NN copying NN for IN such JJ personal JJ use NN a DT `` `` right NN '' '' -- : a DT right NN , , moreover RB , , that WDT was VBD exercised VBN by IN 40 CD % NN of IN Americans NNPS over IN the DT age NN of IN 10 CD in IN the DT past NN year NN . . The DT study NN says VBZ that IN the DT `` `` ambiguous JJ legal JJ status NN '' '' of IN home NN copying NN makes VBZ it PRP `` `` appropriate JJ to TO examine VB the DT effects NNS on IN consumers NNS , , as RB well RB as IN on IN industry NN . . '' '' Reports NNS by IN the DT Office NNP of IN Technology NNP Assessment NNP do VBP n't RB prescribe VB any DT specific JJ legislative JJ action NN but CC suggest VBP a DT range NN of IN options NNS that IN Congress NNP may MD pursue VB . . The DT study NN also RB says VBZ that IN advent NN of IN new JJ communications NNS technologies NNS makes VBZ `` `` an DT explicit JJ congressional JJ definition NN of IN the DT legal JJ status NN of IN home NN copying NN more RBR desirable JJ in IN order NN to TO reduce VB legal JJ and CC market NN uncertainties NNS and CC to TO prevent VB de FW facto FW changes NNS to TO copyright NN law NN through IN technology NN , , '' '' and CC says VBZ that IN finding VBG an DT `` `` appropriate JJ balance NN of IN harms NNS and CC benefits NNS is VBZ a DT political JJ decision NN , , not RB a DT technical JJ one CD . . Switzerland NNP 's POS most RBS famous JJ raider NN says VBZ he PRP is VBZ n't RB one CD . . Werner NNP K. NNP Rey NNP believes VBZ fortunes NNS are VBP made VBN by IN being VBG friendly JJ . . And CC in IN little RB more JJR than IN a DT decade NN of IN being VBG friendly JJ -- : and CC at IN the DT same JJ time NN rocking VBG the DT staid JJ Swiss JJ business NN community NN with IN some DT U.S.-style JJ wheeling NN and CC dealing NN -- : the DT 46-year-old JJ Mr. NNP Rey NNP has VBZ grown VBN from IN a DT modest JJ banker NN to TO a DT billionaire NN . . He PRP achieved VBD this DT in IN part NN with IN an DT uncanny JJ talent NN for IN getting VBG his PRP$ foot NN peacefully RB in IN the DT door NN of IN established VBN European JJ companies NNS . . His PRP$ latest JJS coup NN : : September NNP 's POS masterminding NN of IN the DT five CD billion CD Swiss-franc NN ( ( $ $ 3.07 CD billion CD ) ) merger NN between IN Adia NNP S.A. NNP , , the DT world NN 's POS second-largest JJ temporary JJ employment NN agency NN , , and CC Inspectorate NNP International NNP S.A. NNP , , a DT Rey-controlled JJ product-inspection JJ company NN . . Shareholders NNS must MD approve VB the DT merger NN at IN general JJ meetings NNS of IN the DT two CD companies NNS in IN late JJ November NNP . . But CC approval NN is VBZ almost RB certain JJ since IN Mr. NNP Rey NNP and CC a DT friendly JJ Adia NNP management NN are VBP in IN control NN . . After IN the DT transaction NN , , Mr. NNP Rey NNP estimates VBZ the DT value NN of IN his PRP$ 20 CD % NN stake NN in IN the DT new JJ company NN , , to TO be VB held VBN by IN his PRP$ Omni NNP Holding NNP AG NNP , , will MD be VB about IN 1 CD billion CD Swiss JJ francs NNS . . This DT will MD be VB his PRP$ return NN on IN an DT original JJ investment NN of IN between IN 50 CD million CD Swiss JJ francs NNS and CC 80 CD million CD Swiss JJ francs NNS . . Mr. NNP Rey NNP bought VBD a DT controlling VBG stake NN in IN Inspectorate NNP for IN 18 CD million CD Swiss JJ francs NNS in IN 1982 CD , , building VBG up RP the DT little-known JJ engineering NN company NN with IN European JJ and CC U.S. NNP acquisitions NNS . . `` `` I PRP like VBP to TO succeed VB , , '' '' says VBZ Mr. NNP Rey NNP during IN a DT recent JJ morning NN of IN working VBG at IN home NN , , which WDT he PRP also RB likes VBZ . . Home NN is VBZ an DT estate NN with IN green JJ meadows NNS opening VBG onto IN Lake NNP Geneva NNP and CC a DT low-slung JJ house NN whose WP$ rooms NNS overlook VBP the DT water NN and CC offer VBP a DT view NN of IN the DT French NNP Alps NNP . . In IN the DT corner NN of IN his PRP$ reception NN room NN is VBZ a DT delicate JJ antique NN desk NN piled VBN high RB with IN dossiers NNS . . There EX is VBZ a DT small JJ Renoir NNP on IN the DT wall NN . . Zurich-based JJ magazine NN Bilanz NNP lists VBZ Mr. NNP Rey NNP as IN having VBG a DT fortune NN of IN about IN 1.5 CD billion CD Swiss JJ francs NNS . . Writes VBZ Bilanz NNP : : `` `` No DT one NN in IN Switzerland NNP ever RB came VBD so RB far RB so RB fast RB ... : He PRP was VBD simply RB the DT first JJ in IN this DT country NN to TO realize VB that IN treasures NNS were VBD just RB lying VBG around RB waiting VBG to TO be VB picked VBN up IN . . In IN short JJ : : Rey NNP found VBD companies NNS with IN weak JJ earnings NNS but CC rich JJ assets NNS . . '' '' However RB , , the DT Swiss JJ financial JJ press NN in IN general JJ , , as RB well RB as IN many JJ analysts NNS , , have VBP had VBN a DT hard JJ time NN making VBG up RP their PRP$ minds NNS about IN Mr. NNP Rey NNP and CC his PRP$ un-Swiss JJ ways NNS . . For IN Switzerland NNP 's POS most JJS prestigious JJ newspaper NN , , Neue NNP Zuercher NNP Zeitung NNP , , Mr. NNP Rey NNP seems VBZ destined VBN to TO remain VB the DT `` `` former JJ Bally NNP raider NN , , '' '' an DT image NN that WDT has VBZ proved VBN hard RB to TO overcome VB . . In IN 1976 CD , , as IN an DT upstart NN in IN the DT eyes NNS of IN Switzerland NNP 's POS establishment NN , , Mr. NNP Rey NNP laid VBD the DT foundations NNS of IN his PRP$ present-day JJ prominence NN with IN an DT unheard-of JJ raid NN on IN Bally NNP , , the DT country NN 's POS traditional JJ shoemaker NN . . Sitting VBG beside IN a DT banker NN at IN a DT luncheon NN in IN London NNP , , where WRB he PRP was VBD working VBG as IN a DT financial JJ consultant NN , , he PRP learned VBD that IN a DT large JJ packet NN of IN Bally NNP 's POS shares NNS was VBD up IN for IN sale NN . . Looking VBG into IN Bally NNP , , he PRP could MD hardly RB believe VB what WP he PRP saw VBD : : a DT company NN with IN enormous JJ real-estate NN holdings NNS in IN major JJ European JJ cities NNS and CC a DT market NN capitalization NN of IN 28 CD million CD Swiss JJ francs NNS ; : it PRP had VBD 7,000 CD employees NNS . . Investing VBG four CD million CD Swiss JJ francs NNS earned VBN from IN his PRP$ financial JJ transactions NNS and CC two CD million CD Swiss JJ francs NNS from IN his PRP$ parents NNS and CC his PRP$ wife NN , , Mr. NNP Rey NNP acquired VBD 20 CD % NN of IN Bally NNP 's POS shares NNS . . But CC such JJ tactics NNS were VBD alien JJ to TO Switzerland NNP in IN 1976 CD , , and CC still RB are VBP n't RB common JJ because IN of IN share NN restrictions NNS that IN companies NNS are VBP allowed VBN to TO maintain VB . . Eventually RB , , Mr. NNP Rey NNP was VBD forced VBN to TO sell VB his PRP$ Bally NNP shares NNS to TO the DT weapons NNS maker NN Oerlikon-Buehrle NNP Holding NNP AG NNP as IN establishment NN pressure NN grew VBD on IN this DT hostile JJ move NN into IN the DT Swiss JJ old JJ boys NNS ' POS network NN . . Mr. NNP Rey NNP made VBD 50 CD million CD Swiss JJ francs NNS on IN the DT sale NN . . `` `` Bally NNP was VBD not RB an DT unfriendly JJ takeover NN , , '' '' he PRP insists VBZ . . Buying VBG from IN willing JJ shareholders NNS makes VBZ an DT unfriendly JJ takeover NN impossible JJ , , Mr. NNP Rey NNP contends VBZ . . `` `` I PRP bought VBD from IN willing JJ shareholders NNS . . '' '' Nevertheless RB , , Mr. NNP Rey NNP has VBZ been VBN very RB careful JJ since IN then RB to TO make VB sure JJ his PRP$ moves NNS are VBP welcome JJ . . And CC he PRP has VBZ worked VBN to TO shed VB his PRP$ raider NN image NN . . In IN 1979 CD , , his PRP$ career NN as IN an DT industrialist NN began VBD with IN the DT acquisition NN of IN the DT Swiss JJ metals NNS works NNS Selve NNP , , based VBN in IN Thun NNP . . With IN the DT nonferrous JJ metals NNS business NN undermined VBN in IN Switzerland NNP by IN tough JJ foreign JJ competition NN and CC high JJ domestic JJ costs NNS , , this DT looked VBD like IN a DT dull JJ undertaking NN . . But CC Mr. NNP Rey NNP brought VBD about RP a DT merger NN in IN the DT next JJ few JJ years NNS between IN the DT country NN 's POS major JJ producers NNS ; : the DT increased VBN efficiency NN has VBZ perked VBN up RP the DT industry NN . . Three CD years NNS later RB , , machinery NN producer NN Ateliers NNP de NNP Constructions NNP Mecaniques NNP de NNP Vevey NNP S.A. NNP was VBD to TO become VB part NN of IN the DT Rey NNP empire NN . . Once RB again RB the DT company NN 's POS future NN looked VBD less JJR than IN rosy JJ . . But CC after IN restructuring VBG under IN new JJ management NN , , the DT profits NNS began VBD rolling VBG in IN . . A DT major JJ boost NN to TO Mr. NNP Rey NNP 's POS respectability NN among IN the DT Swiss NNPS came VBD in IN 1986 CD when WRB he PRP sold VBD 60 CD % NN of IN his PRP$ Phibro NNP Bank NNP to TO the DT conservative JJ Swiss JJ cantonal JJ banks NNS . . They PRP renamed VBD it PRP Swiss NNP Cantobank NNP and CC are VBP using VBG it PRP to TO expand VB abroad RB . . In IN 1987 CD , , Mr. NNP Rey NNP bested VBD leading VBG publishing VBG houses NNS to TO take VB over RP Switzerland NNP 's POS Jean NNP Frey NNP AG NNP , , a DT major JJ producer NN of IN magazines NNS and CC newspapers NNS . . And CC with IN the DT recent JJ acquisition NN of IN 30 CD % NN of IN Winterthur-based JJ machinery NN manufacturer NN Gebrueder NNP Sulzer NNP AG NNP , , Mr. NNP Rey NNP has VBZ enjoyed VBN the DT status NN of IN white JJ knight NN . . Sulzer NNP preferred VBD him PRP to TO financier NN Tito NNP Tettamanti NNP , , whose WP$ secretive JJ raid NN on IN the DT company NN 's POS stock NN had VBD led VBN to TO a DT bitter JJ battle NN . . Meanwhile RB , , as IN such JJ strategic JJ investments NNS have VBP mounted VBN , , the DT merchant-banking JJ arm NN of IN Mr. NNP Rey NNP 's POS Omni NNP Holding NNP has VBZ been VBN busily RB buying VBG and CC selling VBG dozens NNS of IN companies NNS , , often RB after IN a DT financial JJ or CC corporate JJ restructuring NN . . Today NN , , this DT branch NN of IN Mr. NNP Rey NNP 's POS empire NN runs VBZ under IN the DT name NN Omnicorp NNP Offering NNP Services NNPS and CC handles VBZ mergers NNS and CC acquisitions NNS , , placement NN of IN securities NNS and CC real JJ estate NN . . In IN its PRP$ portfolio NN are VBP such JJ diverse JJ companies NNS as IN United JJ Kingdom-based JJ Air NNP Europe NNP ; : Checkrobot NNP Inc. NNP , , a DT U.S. NNP company NN that WDT makes VBZ supermarket NN checkout NN machines NNS ; : Norment NNP Industries NNPS , , a DT U.S. NNP manufacturer NN of IN securities NNS systems NNS ; : Com NNP Systems NNPS Inc. NNP , , a DT U.S. NNP regional JJ telephone NN company NN ; : and CC major JJ real-estate NN projects NNS in IN the DT U.S. NNP and CC Europe NNP . . For IN financial JJ analysts NNS , , reading VBG Omni NNP 's POS accounts NNS is VBZ a DT tough JJ challenge NN . . `` `` Companies NNS move VBP in IN and CC out IN , , '' '' says VBZ Helga NNP Kern NNP of IN KK NNP Swiss NNP Investment NNP . . Financial JJ analysts NNS note VBP that IN Mr. NNP Rey NNP is VBZ attracted VBN to TO companies NNS that WDT are VBP undervalued VBN on IN the DT basis NN of IN their PRP$ real-estate NN interests NNS . . In IN August NNP , , Omni NNP unexpectedly RB bought VBD Inspectorate NNP 's POS 80 CD % NN stake NN in IN Harpener NNP AG NNP of IN West NNP Germany NNP , , a DT land-rich JJ company NN . . The DT internal JJ transaction NN within IN the DT Rey NNP empire NN puzzled VBD Harpener NNP 's POS small JJ shareholders NNS , , but CC analysts NNS say VBP it PRP makes VBZ sense NN for IN Inspectorate-Adia NNP to TO focus VB on IN its PRP$ main JJ businesses NNS of IN product NN inspection NN and CC temporary JJ help NN . . Mr. NNP Rey NNP says VBZ the DT move NN is VBZ yet RB another DT example NN of IN his PRP$ conservatism NN . . He PRP explains VBZ that IN companies NNS with IN real JJ estate NN give VBP `` `` security NN . . '' '' The DT real JJ estate NN can MD be VB used VBN , , he PRP points VBZ out RP , , as IN guarantees NNS for IN bank NN loans NNS for IN corporate JJ development NN . . He PRP says VBZ he PRP wants VBZ to TO `` `` influence VB '' '' but CC not RB `` `` manage VB '' '' companies NNS . . `` `` I PRP do VBP n't RB want VB to TO be VB like IN { ( financier NN Alan NNP } ) Bond NNP and CC the DT other JJ Australians NNPS . . I PRP do VBP n't RB want VB companies NNS to TO be VB built VBN around IN me PRP as IN a DT person NN . . I PRP want VBP them PRP to TO stand VB alone RB . . Ultimate NNP Corp. NNP signed VBD a DT letter NN of IN intent NN to TO market VB Hewlett-Packard NNP Co. NNP minicomputers NNS , , the DT companies NNS said VBD . . Ultimate NNP expects VBZ the DT 3 CD 1\/2-year JJ agreement NN to TO generate VB $ $ 100 CD million CD in IN sales NNS , , but CC it PRP would MD n't RB estimate VB profit NN . . Under IN terms NNS of IN the DT pact NN , , Ultimate NNP , , a DT computer-systems NNS concern NN , , will MD market VB the DT full JJ line NN of IN HP NNP 9000 CD series NN 800 CD multipleuser JJ minicomputers NNS . . Hewlett-Packard NNP is VBZ based VBN in IN Palo NNP Alto NNP , , Calif NNP . . In IN the DT second JJ step NN of IN a DT reorganization NN that WDT began VBD earlier RBR this DT year NN , , Boeing NNP Co. NNP said VBD it PRP will MD create VB a DT Defense NNP and CC Space NNP Group NNP to TO consolidate VB several JJ divisions NNS . . Meanwhile RB , , Boeing NNP officials NNS and CC representatives NNS of IN the DT Machinists NNS union NN met VBD separately RB last JJ night NN with IN a DT federal JJ mediator NN in IN an DT attempt NN to TO break VB the DT month-old JJ strike NN that WDT has VBZ shut VBN the DT aerospace NN giant NN 's POS assembly NN lines NNS at IN a DT time NN when WRB it PRP has VBZ an DT $ $ 80 CD billion CD backlog NN of IN jetliner NN orders NNS . . The DT two CD sides NNS were VBD scheduled VBN to TO meet VB with IN the DT mediator NN this DT morning NN . . Machinists NNS already RB have VBP rejected VBN a DT package NN that WDT would MD provide VB a DT 10 CD % NN pay NN raise NN plus CC bonuses NNS over IN the DT three-year JJ life NN of IN the DT contract NN . . Boeing NNP has VBZ said VBN repeatedly RB it PRP wo MD n't RB expand VB its PRP$ offer NN and CC the DT machinists NNS have VBP responded VBN that IN the DT offer NN is VBZ n't RB good JJ enough RB . . However RB , , the DT resolve NN of IN some DT of IN the DT striking JJ 57,000 CD machinists NNS might MD be VB weakening VBG . . About IN 1,000 CD strikers NNS signed VBD petitions NNS last JJ week NN calling VBG for IN Boeing NNP and CC Machinists NNPS representatives NNS to TO schedule VB new JJ meetings NNS . . The DT two CD sides NNS had VBD n't RB met VBN since IN Oct. NNP 18 CD . . While IN Boeing NNP 's POS commercial JJ business NN is VBZ booming JJ , , its PRP$ military JJ business NN is VBZ feeling VBG the DT effects NNS of IN a DT declining VBG defense NN budget NN after IN a DT strong JJ buildup NN during IN the DT Reagan JJ presidency NN . . In IN May NNP , , the DT company NN consolidated VBD its PRP$ Aerospace NNP and CC Electronics NNP groups NNS ; : the DT new JJ Defense NNP and CC Space NNP Group NNP will MD contain VB the DT Aerospace NNP and CC Electronics NNP division NN and CC Advanced NNP Systems NNPS , , both DT based VBN in IN the DT Seattle NNP area NN ; : Boeing NNP Helicopters NNPS in IN Philadelphia NNP ; : Boeing NNP Military NNP Airplanes NNPS in IN Wichita NNP , , Kan. NNP , , and CC ArgoSystems NNPS in IN Sunnyvale NNP , , Calif NNP . . B. NNP Dan NNP Pinick NNP , , president NN of IN Boeing NNP Aerospace NNP and CC Electronics NNP , , will MD become VB president NN of IN the DT new JJ group NN , , which WDT will MD become VB operational JJ Jan. NNP 2 CD . . In IN addition NN , , Boeing NNP said VBD it PRP also RB will MD reorganize VB all PDT its PRP$ work NN in IN Wichita NNP into IN military JJ and CC commercial JJ divisions NNS . . All DT of IN the DT changes NNS will MD reduce VB its PRP$ overhead NN and CC streamline VB operations NNS , , Boeing NNP said VBD . . Analysts NNS agreed VBD . . `` `` It PRP 's VBZ a DT further JJ step NN to TO better JJR returns NNS in IN the DT hemorrhaging JJ defense NN business NN , , '' '' said VBD Steven NNP Binder NNP , , an DT analyst NN with IN Bear NNP , , Stearns NNP & CC Co. NNP in IN New NNP York NNP . . `` `` They PRP had VBD to TO do VB it PRP . . '' '' Howard NNP Rubel NNP , , an DT analyst NN with IN C.J. NNP Lawrence NNP , , Morgan NNP Grenfell NNP Inc. NNP in IN New NNP York NNP , , said VBD the DT shift NN reflects VBZ Boeing NNP confidence NN in IN Mr. NNP Pinick NNP , , described VBN by IN Mr. NNP Rubel NNP as IN an DT expert NN on IN doing VBG business NN with IN the DT military NN . . `` `` His PRP$ side NN of IN the DT business NN has VBZ been VBN successful JJ in IN a DT tough JJ environment NN , , '' '' Mr. NNP Rubel NNP said VBD . . A DT two-day JJ meeting NN of IN representatives NNS of IN Cocom NNP , , the DT 17-nation JJ group NN that WDT oversees VBZ exports NNS of IN sensitive JJ goods NNS to TO communist NN countries NNS , , did VBD n't RB take VB any DT substantive JJ decisions NNS on IN trimming VBG the DT list NN of IN items NNS under IN controls NNS . . Nor CC did VBD it PRP ease VB restrictions NNS on IN exports NNS to TO Poland NNP and CC Hungary NNP , , according VBG to TO U.S. NNP officials NNS who WP attended VBD the DT talks NNS . . The DT U.S. NNP had VBD been VBN under IN pressure NN from IN several JJ Cocom NNP members NNS , , especially RB France NNP , , West NNP Germany NNP and CC Italy NNP , , to TO ease VB restrictions NNS on IN some DT types NNS of IN machine NN tools NNS , , which WDT those DT countries NNS argued VBD were VBD now RB widely RB available JJ to TO East NNP Bloc NNP countries NNS from IN non-Cocom JJ members NNS . . For IN several JJ years NNS some DT European JJ countries NNS have VBP complained VBN that IN outdated JJ Cocom NNP lists NNS and CC restrictions NNS served VBD more RBR to TO hamper VB their PRP$ trade NN than IN to TO add VB to TO Western JJ security NN . . Some DT countries NNS also RB have VBP been VBN pressing VBG for IN special JJ treatment NN for IN Hungary NNP and CC Poland NNP as IN they PRP move VBP toward IN more RBR democratic JJ rule NN , , just RB as IN special JJ treatment NN had VBD been VBN agreed VBN on RP for IN China NNP . . But CC U.S. NNP officials NNS said VBD representatives NNS at IN the DT meeting NN decided VBD that IN this DT was VBD `` `` a DT matter NN for IN further JJ discussion NN at IN future JJ meetings NNS . . '' '' They PRP added VBD that IN `` `` all DT of IN us PRP ( ( Cocom NNP members NNS ) ) look VBP at IN the DT changes NNS in IN Hungary NNP and CC Poland NNP in IN a DT positive JJ way NN , , but CC a DT question NN of IN this DT scope NN deserves VBZ further JJ discussion NN and CC study NN . . '' '' The DT officials NNS also RB said VBD the DT meeting NN agreed VBD to TO continue VB treating VBG China NNP as IN a DT special JJ case NN , , despite IN the DT recent JJ repression NN of IN dissent NN there RB , , but CC to TO offer VB no DT further JJ concessions NNS . . The DT U.S. NNP officials NNS said VBD that IN despite IN the DT rapid JJ changes NNS under IN way NN in IN Eastern NNP Europe NNP and CC the DT Soviet NNP Union NNP , , all PDT the DT Cocom NNP members NNS agreed VBD on IN `` `` the DT continuing VBG need NN for IN this DT organization NN , , '' '' which WDT was VBD founded VBN 40 CD years NNS ago IN at IN the DT start NN of IN the DT Cold NNP War NNP . . The DT officials NNS said VBD the DT meeting NN agreed VBD to TO continue VB working VBG toward IN `` `` streamlining VBG '' '' Cocom NNP 's POS restricted VBN products NNS list NN , , and CC to TO improve VB procedures NNS for IN punishing VBG companies NNS that WDT do VBP n't RB comply VB with IN the DT export NN restrictions NNS . . The DT officials NNS said VBD this DT meeting NN `` `` put VBD in IN motion NN '' '' procedural JJ steps NNS that WDT would MD speed VB up RP both DT of IN these DT functions NNS , , but CC that IN no DT specific JJ decisions NNS were VBD taken VBN on IN either DT matter NN . . Unisys NNP Corp. NNP 's POS announcement NN Friday NNP of IN a DT $ $ 648.2 CD million CD loss NN for IN the DT third JJ quarter NN showed VBD that IN the DT company NN is VBZ moving VBG even RB faster RBR than IN expected VBN to TO take VB write-offs NNS on IN its PRP$ various JJ problems NNS and CC prepare VB for IN a DT turnaround NN next IN year NN . . At IN the DT same JJ time NN , , the DT sheer NN size NN of IN the DT loss NN , , coupled VBN with IN a DT slowing NN of IN orders NNS , , made VBD some DT securities NNS analysts NNS wonder VB just RB how WRB strong JJ that DT turnaround NN will MD be VB at IN the DT computer NN maker NN and CC defense-electronics NNS concern NN . . `` `` Unisys NNP is VBZ getting VBG clobbered VBN . . Just RB clobbered VBN , , '' '' said VBD Ulric NNP Weil NNP , , an DT analyst NN at IN Weil NNP & CC Associates NNPS who WP had VBD once RB been VBN high JJ on IN the DT company NN . . `` `` The DT quarter NN was VBD terrible JJ , , and CC the DT future NN looks VBZ anything NN but CC encouraging VBG . . '' '' Unisys NNP , , whose WP$ revenue NN inched VBD up RB 3.7 CD % NN in IN the DT quarter NN to TO $ $ 2.35 CD billion CD from IN $ $ 2.27 CD billion CD in IN the DT year-earlier JJ quarter NN , , had VBD an DT operating NN loss NN of IN about IN $ $ 30 CD million CD . . On IN top NN of IN that DT , , the DT Blue NNP Bell NNP , , Pa. NNP , , concern NN took VBD a DT $ $ 230 CD million CD charge NN related VBN to TO the DT layoffs NNS of IN 8,000 CD employees NNS . . That DT is VBZ at IN the DT high JJ end NN of IN the DT range NN of IN 7,000 CD to TO 8,000 CD employees NNS that IN Unisys NNP said VBD a DT month NN ago IN would MD be VB laid VBN off IN . . Unisys NNP said VBD that DT should MD help VB it PRP save VB $ $ 500 CD million CD a DT year NN in IN costs NNS , , again RB at IN the DT high JJ end NN of IN the DT previously RB reported VBN range NN of IN $ $ 400 CD million CD to TO $ $ 500 CD million CD . . The DT company NN also RB took VBD a DT write-off NN of IN $ $ 150 CD million CD to TO cover VB losses NNS on IN some DT fixed-price JJ defense NN contracts NNS , , as IN some DT new JJ managers NNS took VBD a DT hard JJ look NN at IN the DT prospects NNS for IN that DT slow-growing JJ business NN . . In IN addition NN , , Unisys NNP set VBD up RP an DT unspecified JJ reserve NN -- : apparently RB $ $ 60 CD million CD to TO $ $ 70 CD million CD -- : to TO cover VB the DT minimum JJ amount NN it PRP will MD have VB to TO pay VB the DT government NN because IN of IN its PRP$ involvement NN in IN the DT defense-procurement NN scandal NN . . Unisys NNP also RB noted VBD that IN it PRP paid VBD $ $ 78.8 CD million CD in IN taxes NNS during IN the DT quarter NN , , even RB though IN tax NN payments NNS normally RB would MD be VB minimal JJ in IN a DT quarter NN that WDT produced VBD such PDT a DT big JJ loss NN . . The DT tax NN payments NNS will MD leave VB Unisys NNP with IN $ $ 225 CD million CD in IN loss NN carry-forwards NNS that WDT will MD cut VB tax NN payments NNS in IN future JJ quarters NNS . . In IN addition NN , , Unisys NNP said VBD it PRP reduced VBD computer NN inventories NNS a DT further JJ $ $ 100 CD million CD during IN the DT quarter NN , , leaving VBG it PRP within IN $ $ 100 CD million CD of IN its PRP$ goal NN of IN a DT reduction NN of IN $ $ 500 CD million CD by IN the DT end NN of IN the DT year NN . . Still RB , , Unisys NNP said VBD its PRP$ European JJ business NN was VBD weak JJ during IN the DT quarter NN , , a DT worrisome JJ sign NN given VBN that IN the DT company NN has VBZ relied VBN on IN solid JJ results NNS overseas JJ to TO overcome VB weakness NN in IN the DT U.S. NNP over IN the DT past JJ several JJ quarters NNS . . The DT company NN also RB reported VBD slower JJR growth NN in IN another DT important JJ business NN : : systems NNS that WDT use VBP the DT Unix NNP operating VBG system NN . . That DT would MD be VB a DT huge JJ problem NN if IN it PRP were VBD to TO continue VB , , because IN Unisys NNP is VBZ betting VBG its PRP$ business NN on IN the DT assumption NN that IN customers NNS want VBP to TO move VB away RB from IN using VBG operating VBG systems NNS that WDT run VBP on IN only RB one CD manufacturer NN 's POS equipment NN and CC toward IN systems NNS -- : mainly RB Unix NNP -- : that WDT work VBP on IN almost RB anyone NN 's POS machines NNS . . In IN addition NN , , Unisys NNP must MD deal VB with IN its PRP$ increasingly RB oppressive JJ debt NN load NN . . Debt NN has VBZ risen VBN to TO around IN $ $ 4 CD billion CD , , or CC about IN 50 CD % NN of IN total JJ capitalization NN . . That DT means VBZ Unisys NNP must MD pay VB about IN $ $ 100 CD million CD in IN interest NN every DT quarter NN , , on IN top NN of IN $ $ 27 CD million CD in IN dividends NNS on IN preferred JJ stock NN . . Jim NNP Unruh NNP , , Unisys NNP 's POS president NN , , said VBD he PRP is VBZ approaching VBG next JJ year NN with IN caution NN . . He PRP said VBD the DT strength NN of IN the DT world-wide JJ economy NN is VBZ suspect JJ , , and CC does VBZ n't RB see VB much JJ revenue NN growth NN in IN the DT cards NNS . . He PRP also RB said VBD that IN the DT price NN wars NNS flaring VBG up RB in IN parts NNS of IN the DT computer NN industry NN will MD continue VB through IN next JJ year NN . . He PRP said VBD the DT move NN toward IN standard JJ operating VBG systems NNS means VBZ customers NNS are VBP n't RB locked VBN into IN buying VBG from IN their PRP$ traditional JJ computer NN supplier NN and CC can MD force VB prices NNS down RP . . That DT , , he PRP said VBD , , is VBZ why WRB Unisys NNP is VBZ overhauling VBG its PRP$ whole JJ business NN : : It PRP needs VBZ to TO prepare VB for IN a DT world NN in IN which WDT profit NN margins NNS will MD be VB lower JJR than IN computer NN companies NNS have VBP been VBN used VBN to TO . . `` `` We PRP 've VBP approached VBN this DT not RB as IN a DT response NN to TO a DT temporary JJ condition NN in IN the DT industry NN but CC as IN a DT fundamental JJ change NN the DT industry NN is VBZ going VBG through IN , , '' '' Mr. NNP Unruh NNP said VBD . . `` `` The DT information-systems NNS industry NN is VBZ still RB going VBG to TO be VB a DT high-growth NN business NN , , and CC we PRP 're VBP confident JJ that IN we PRP have VBP tremendous JJ assets NNS as IN a DT company NN . . But CC we PRP do VBP n't RB minimize VB the DT challenges NNS of IN the DT near JJ term NN . . '' '' Securities NNS analysts NNS were VBD even RB more RBR cautious JJ , , having VBG been VBN burned VBN repeatedly RB on IN Unisys NNP this DT year NN . . Some DT had VBD predicted VBN earnings NNS of IN more JJR than IN $ $ 4 CD a DT share NN for IN this DT year NN , , up IN from IN last JJ year NN 's POS fully RB diluted VBN $ $ 3.27 CD a DT share NN on IN earnings NNS of IN $ $ 680.6 CD million CD . . But CC the DT company NN said VBD Friday NNP that IN it PRP had VBD losses NNS of IN $ $ 673.3 CD million CD through IN the DT first JJ nine CD months NNS , , compared VBN with IN earnings NNS a DT year NN earlier RBR of IN $ $ 382.2 CD million CD , , or CC $ $ 2.22 CD a DT share NN fully RB diluted VBN , , as IN revenue NN inched VBD up RB 1.4 CD % NN to TO $ $ 7.13 CD billion CD from IN $ $ 7.03 CD billion CD . . And CC Unisys NNP is VBZ expected VBN to TO do VB little RB better RB than IN break VB even JJ in IN the DT fourth JJ quarter NN . . So IN Steve NNP Milunovich NNP at IN First NNP Boston NNP said VBD he PRP is VBZ cutting VBG his PRP$ earnings NNS estimate NN for IN next JJ year NN to TO $ $ 2 CD a DT share NN from IN $ $ 3 CD . . `` `` I PRP was VBD feeling VBG like IN I PRP was VBD too RB high JJ to TO begin VB with RB , , '' '' he PRP said VBD . . Mr. NNP Weil NNP of IN Weil NNP & CC Associates NNPS said VBD he PRP will MD remain VB at IN $ $ 1 CD a DT share NN for IN next JJ year NN but CC said VBD he PRP wonders VBZ whether IN even RB that IN low JJ target NN is VBZ at IN risk NN . . `` `` The DT break-even JJ point NN for IN next JJ year NN is VBZ much RB lower JJR , , but CC is VBZ it PRP low JJ enough RB ? . '' '' he PRP asked VBD . . Reflecting VBG the DT concern NN , , Unisys NNP stock NN fell VBD a DT further JJ 75 CD cents NNS to TO $ $ 16.25 CD in IN composite JJ trading NN Friday NNP on IN the DT New NNP York NNP Stock NNP Exchange NNP . . If IN a DT TV NN weatherman NN gets VBZ butterflies NNS facing VBG the DT camera NN again RB after IN a DT questionable JJ forecast NN , , Donald NNP H. NNP Straszheim NNP surely RB understands VBZ . . The DT chief NN economist NN of IN Merrill NNP Lynch NNP & CC Co. NNP finds VBZ himself PRP in IN such PDT a DT position NN as IN he PRP buzzes VBZ the DT Midwest NN on IN his PRP$ first JJ road NN trip NN since IN backpedaling VBG on IN a DT major JJ prediction NN . . Mr. NNP Straszheim NNP expects VBZ he PRP will MD take VB some DT heat NN , , and CC he PRP 's VBZ right JJ . . Since IN the DT last JJ time NN he PRP traveled VBD this DT way NN several JJ months NNS ago IN , , he PRP has VBZ recanted VBN a DT series NN of IN bold JJ forecasts NNS of IN a DT recession NN . . In IN February NNP 1988 CD , , for IN example NN , , Merrill NNP Lynch NNP 's POS weekly JJ commentary NN announced VBD that IN `` `` the DT economy NN is VBZ likely JJ to TO fall VB into IN recession NN in IN early JJ 1989 CD . . '' '' The DT forecasts NNS were VBD widely RB disseminated VBN , , and CC , , in IN a DT splashy JJ ad NN campaign NN launched VBN in IN the DT summer NN of IN 1988 CD , , Merrill NNP Lynch NNP urged VBD investors NNS to TO buy VB bonds NNS . . It PRP said VBD long-term JJ interest NN rates NNS , , then RB above IN 9 CD % NN , , could MD drop VB to TO 7 CD % NN by IN the DT end NN of IN 1989 CD , , so IN bonds NNS , , which WDT benefit VBP from IN falling VBG rates NNS , , would MD be VB a DT good JJ buy NN . . The DT firm NN also RB raised VBD the DT percentage NN of IN bonds NNS in IN its PRP$ model NN portfolio NN from IN 40 CD % NN to TO 45 CD % NN and CC later RB to TO 55 CD % NN . . But CC this DT September NNP -- : just RB when WRB many JJ market NN economists NNS , , including VBG some DT at IN Merrill NNP Lynch NNP , , believed VBD that IN Mr. NNP Straszheim NNP was VBD about IN to TO be VB proved VBN right RB -- : he PRP took VBD a DT detour NN if IN not RB a DT U-turn NN . . He PRP softened VBD the DT talk NN about IN a DT recession NN . . Now RB , , in IN fact NN , , he PRP is VBZ predicting VBG economic JJ growth NN of IN 2.9 CD % NN this DT year NN and CC 2.1 CD % NN next JJ year NN , , a DT more RBR optimistic JJ outlook NN than IN the DT consensus NN of IN some DT four CD dozen NN top NN forecasters NNS surveyed VBN by IN Blue NNP Chip NNP Economic NNP Indicators NNPS newsletter NN . . And CC , , just RB recently RB , , Merrill NNP Lynch NNP cut VBD the DT recommended VBN bondholdings NNS back RB to TO 50 CD % NN . . While IN such JJ changes NNS might MD sound VB minor JJ , , they PRP are VBP n't RB : : Merrill NNP Lynch NNP manages VBZ or CC oversees VBZ some DT $ $ 300 CD billion CD in IN retail JJ accounts NNS that WDT include VBP everything NN from IN mutual JJ funds NNS to TO individual JJ annuities NNS . . Two CD well-known JJ colleagues NNS who WP believe VBP Mr. NNP Straszheim NNP was VBD right RB the DT first JJ time NN are VBP David NNP Bostian NNP Jr. NNP and CC A. NNP Gary NNP Shilling NNP , , both DT of IN whom WP run VBP their PRP$ own JJ New NNP York NNP research NN firms NNS . . Mr. NNP Bostian NNP said VBD in IN August NNP that IN his PRP$ macroeconomic JJ index NN signaled VBD recession NN . . Mr. NNP Shilling NNP , , who WP was VBD Merrill NNP Lynch NNP 's POS chief NN economist NN from IN 1967 CD to TO 1971 CD , , has VBZ heralded VBN a DT recession NN for IN months NNS . . `` `` My PRP$ own JJ personal JJ opinion NN is VBZ that IN Don NNP threw VBD in IN the DT towel NN just RB about IN the DT time NN he PRP should MD have VB doubled VBN his PRP$ bet NN , , '' '' he PRP says VBZ . . Now RB a DT rocky JJ stock NN market NN and CC weak JJ corporate JJ profits NNS may MD further RB threaten VB the DT economy NN . . And CC Mr. NNP Straszheim NNP conceded VBD after IN a DT recent JJ drop NN in IN manufacturing VBG jobs NNS that IN `` `` it PRP may MD prove VB to TO be VB the DT case NN that IN we PRP got VBD whipsawed VBN -- : that IN we PRP pulled VBD the DT recession NN forecast NN at IN just RB the DT wrong JJ time NN . . '' '' He PRP adds VBZ , , `` `` That DT 's VBZ the DT forecasting NN business NN . . '' '' However WRB risky JJ the DT business NN , , it PRP 's VBZ brisk JJ these DT days NNS . . Pestered VBN by IN bosses NNS , , brokers NNS , , clients NNS and CC media NNS people NNS and CC pushed VBN by IN their PRP$ own JJ egos NNS , , Wall NNP Street NNP economists NNS are VBP forecasting VBG about IN everything NN from IN broad JJ economic JJ trends NNS to TO the DT dinkiest JJS monthly JJ indicator NN . . But CC the DT surprisingly RB durable JJ seven-year JJ economic JJ expansion NN has VBZ made VBN mincemeat NN of IN more JJR than IN one CD forecast NN . . This DT is VBZ n't RB the DT quiet JJ economic JJ science NN practiced VBN in IN the DT universities NNS . . This DT is VBZ the DT commercial JJ version NN . . Carrying VBG the DT new JJ message NN on IN the DT road NN , , Mr. NNP Straszheim NNP meets VBZ confrontation NN that WDT often RB occurs VBZ in IN inverse JJ proportion NN to TO the DT size NN of IN the DT client NN . . No DT sophisticated JJ professional NN expects VBZ economists NNS to TO be VB right RB all PDT the DT time NN . . Some DT smaller JJR clients NNS do VBP n't RB seem VB to TO notice VB his PRP$ switch NN . . But CC with IN some DT clients NNS , , the DT talk NN can MD heat VB up RP a DT bit NN . . Dennis NNP O'Brien NNP , , the DT treasurer NN of IN Commonwealth NNP Edison NNP Co. NNP in IN Chicago NNP , , adopts VBZ a DT polite JJ approach NN , , waiting VBG for IN an DT opportunity NN to TO ask VB about IN the DT forecast NN . . A DT good JJ half-hour NN into IN breakfast NN at IN the DT Palmer NNP House NNP , , Mr. NNP O'Brien NNP looks VBZ up RP from IN his PRP$ plate NN after IN Mr. NNP Straszheim NNP says VBZ something NN about IN people NNS who WP believe VBP interest NN rates NNS are VBP about IN to TO nosedive JJ . . `` `` I PRP 'm VBP one CD of IN them PRP who WP hope VBP they PRP will MD , , with IN $ $ 6 CD billion CD in IN debt NN on IN the DT books NNS . . Is VBZ that IN the DT forecast NN ? . '' '' Mr. NNP O'Brien NNP asks VBZ , , trying VBG to TO pin VB down RP the DT economist NN . . He PRP does VBZ n't RB fully RB succeed VB , , although IN Mr. NNP Straszheim NNP lists VBZ an DT array NN of IN interest-rate NN scenarios NNS . . In IN a DT chilly JJ conference NN room NN at IN Alliance NNP Capital NNP Management NNP in IN Minneapolis NNP , , in IN contrast NN , , the DT firm NN 's POS money NN managers NNS seem VBP ready JJ to TO pin VB Mr. NNP Straszheim NNP to TO the DT wall NN . . Alfred NNP Harrison NNP , , the DT manager NN , , shoves VBZ Mr. NNP Straszheim NNP 's POS handout NN back RB at IN him PRP : : `` `` Do VBP we PRP want VB to TO go VB through IN this DT ? . Or CC can MD we PRP ask VB you PRP why WRB you PRP changed VBD your PRP$ forecast NN just RB when WRB it PRP 's VBZ about IN to TO be VB right JJ ? . '' '' Swiveling VBG in IN his PRP$ chair NN , , Mr. NNP Straszheim NNP replies VBZ that IN the DT new JJ outlook NN , , though IN still RB weak JJ , , does VBZ n't RB justify VB calling VBG a DT recession NN right RB now RB . . `` `` It PRP 's VBZ all DT in IN this DT handout NN you PRP do VBP n't RB want VB to TO look VB at IN . . We PRP could MD still RB have VB a DT recession NN '' '' at IN some DT point NN . . One CD of IN Mr. NNP Straszheim NNP 's POS recurring VBG themes NNS is VBZ that IN the DT state NN of IN the DT economy NN is VBZ n't RB a DT simple JJ black JJ or CC white JJ . . Sometimes RB , , like IN now RB , , it PRP 's VBZ gray JJ . . This DT somewhat-ambiguous JJ assessment NN moves VBZ one CD Alliance NNP portfolio NN manager NN to TO ask VB : : `` `` So RB , , what WP is VBZ this DT -- : a DT Stealth NNP recession NN ? . '' '' Another DT challenges VBZ Merrill NNP Lynch NNP 's POS bond NN recommendation NN last JJ year NN . . `` `` We PRP 're VBP not RB running VBG that DT ad NN campaign NN any DT more JJR , , '' '' Mr. NNP Straszheim NNP snaps VBZ in IN a DT rare JJ show NN of IN irritation NN . . He PRP adds VBZ , , `` `` I PRP think VBP it PRP was VBD a DT fairly RB decent JJ call NN . . '' '' Explaining VBG his PRP$ change NN of IN mind NN , , Mr. NNP Straszheim NNP says VBZ later RB , , `` `` It PRP 's VBZ hard JJ to TO pin VB this DT on IN one CD factor NN . . '' '' He PRP says VBZ the DT economy NN , , and CC especially RB the DT employment NN numbers NNS , , look VBP much RB better RB than IN he PRP expected VBD ; : interest NN rates NNS have VBP generally RB declined VBN ; : inflation NN has VBZ n't RB run VB amok RB . . `` `` Our PRP$ business NN is VBZ constantly RB looking VBG at IN all PDT these DT things NNS , , '' '' he PRP says VBZ . . His PRP$ new JJ forecast NN calls VBZ for IN `` `` a DT soft JJ landing NN . . '' '' And CC it PRP may MD be VB right JJ , , judging VBG from IN last JJ week NN 's POS report NN that IN inflation-adjusted JJ gross JJ national JJ product NN rose VBD at IN a DT 2.5 CD % NN annual JJ rate NN in IN the DT third JJ quarter NN . . Mr. NNP Shilling NNP understands VBZ Mr. NNP Straszheim NNP 's POS problems NNS . . `` `` There EX 's VBZ unbelievable JJ pressure NN on IN economists NNS to TO forecast VB these DT numbers NNS , , '' '' he PRP says VBZ . . `` `` You PRP make VBP a DT forecast NN , , and CC then RB you PRP become VBP its PRP$ prisoner NN . . '' '' It PRP is VBZ indeed RB hard JJ to TO back VB away RB from IN a DT widely RB publicized VBN forecast NN , , and CC Mr. NNP Straszheim NNP is VBZ fidgeting VBG with IN the DT handcuffs NNS on IN this DT trip NN . . His PRP$ approach NN to TO the DT recantation NN is VBZ direct JJ but CC low-key JJ . . `` `` For IN some DT time NN , , we PRP had VBD forecast VBN negative JJ third JJ - : and CC fourth-quarter NN growth NN . . We PRP pulled VBD that DT forecast NN , , '' '' he PRP begins VBZ matter-of-factly RB in IN a DT meeting NN with IN Piper NNP , , Jaffray NNP & CC Hopwood NNP Inc. NNP officials NNS in IN Minneapolis NNP , , the DT first JJ stop NN . . Crane NNP Co. NNP said VBD it PRP holds VBZ an DT 8.9 CD % NN stake NN in IN Milton NNP Roy NNP Corp. NNP , , an DT analytical-instruments JJ maker NN , , and CC may MD seek VB control NN of IN the DT company NN . . Crane NNP , , a DT maker NN of IN engineered VBN products NNS for IN aerospace NN , , construction NN , , defense NN and CC other JJ uses NNS , , made VBD the DT disclosure NN in IN a DT Securities NNPS and CC Exchange NNP Commission NNP filing NN . . In IN the DT filing NN , , Crane NNP said VBD that IN in IN the DT past NN it PRP considered VBD seeking VBG control NN of IN Milton NNP Roy NNP , , of IN St. NNP Petersburg NNP , , Fla. NNP , , through IN a DT merger NN or CC tender NN offer NN and CC that IN it PRP expects VBZ to TO continue VB to TO evaluate VB an DT acquisition NN from IN time NN to TO time NN . . Crane NNP officials NNS did VBD n't RB return VB phone NN calls NNS seeking VBG comment NN . . Crane NNP holds VBZ 504,200 CD Milton NNP Roy NNP shares NNS , , including VBG 254,200 CD bought VBD from IN Sept. NNP 14 CD to TO Thursday NNP for IN $ $ 15.50 CD to TO $ $ 16.75 CD each DT . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN Friday NNP , , Milton NNP Roy NNP shares NNS leaped VBD $ $ 2 CD , , to TO $ $ 18.375 CD each DT , , while IN Crane NNP sank VBD $ $ 1.125 CD , , to TO $ $ 21.125 CD a DT share NN . . John NNP M. NNP McNamara NNP , , chief NN financial JJ officer NN of IN Milton NNP Roy NNP , , said VBD the DT company NN has VBZ no DT comment NN on IN Crane NNP 's POS filing NN . . Milton NNP Roy NNP recently RB fended VBD off RP unsolicited JJ overtures NNS from IN Thermo NNP Electron NNP Corp. NNP , , a DT Waltham NNP , , Mass. NNP , , maker NN of IN biomedical JJ products NNS . . Milton NNP Roy NNP disclosed VBD in IN May NNP that IN it PRP was VBD approached VBN for IN a DT possible JJ acquisition NN by IN Thermo NNP Electron NNP , , which WDT agreed VBD to TO purchase VB Milton NNP Roy NNP 's POS liquid-chromatography NN line NN for IN $ $ 22 CD million CD in IN February NNP . . Thermo NNP Electron NNP acquired VBD some DT 6 CD % NN of IN Milton NNP Roy NNP 's POS common JJ stock NN before IN throwing VBG in RP the DT towel NN and CC reducing VBG its PRP$ stake NN in IN early JJ September NNP . . Gabelli NNP Group NNP began VBD raising VBG its PRP$ Milton NNP Roy NNP stake NN in IN July NNP , , and CC holds VBZ 14.6 CD % NN , , according VBG to TO a DT recent JJ SEC NNP filing NN . . It PRP has VBZ n't RB made VBN merger NN overtures NNS to TO the DT board NN . . Earlier RBR this DT month NN , , Milton NNP Roy NNP signed VBD a DT letter NN of IN intent NN to TO acquire VB Automated NNP Custom NNP Systems NNPS Inc. NNP , , Orange NNP , , Calif. NNP , , and CC its PRP$ sister NN operation NN , , Environmental NNP Testing NNP Co. NNP , , in IN Aurora NNP , , Colo NNP . . The DT companies NNS are VBP automotive-emissions-testing JJ concerns NNS . . Under IN the DT terms NNS , , Milton NNP Roy NNP will MD pay VB an DT initial JJ $ $ 4 CD million CD for IN the DT operations NNS and CC additional JJ payments NNS during IN the DT next JJ four CD years NNS based VBN on IN the DT earnings NNS performance NN of IN the DT businesses NNS . . In IN the DT nine CD months NNS , , Milton NNP Roy NNP earned VBD $ $ 6.6 CD million CD , , or CC $ $ 1.18 CD a DT share NN , , on IN sales NNS of IN $ $ 94.3 CD million CD . . Last JJ week NN the DT British NNPS displayed VBD unusual JJ political JJ immaturity NN . . The DT Chancellor NNP of IN the DT Exchequer NNP , , Nigel NNP Lawson NNP , , resigned VBD because IN Prime NNP Minister NNP Thatcher NNP would MD not RB fire VB her PRP trusted VBN adviser NN Sir NNP Alan NNP Walters NNP . . The DT opposition NN Labor NNP Party NNP leader NN , , Neil NNP Kinnock NNP , , in IN a DT display NN of IN the DT male JJ chauvinism NN typical JJ of IN the DT British JJ lower JJR class NN , , denounced VBD Mrs. NNP Thatcher NNP for IN having VBG an DT independent JJ mind NN and CC refusing VBG to TO heed VB the DT men NNS in IN her PRP$ Cabinet NNP . . The DT British JJ press NN , , making VBG a DT mountain NN out IN of IN a DT molehill NN , , precipitated VBD an DT unnecessary JJ economic JJ crisis NN by IN portraying VBG Mrs. NNP Thatcher NNP as IN an DT autocrat NN who WP had VBD thrown VBN economic JJ policy NN into IN confusion NN by IN driving VBG a DT respected VBN figure NN from IN her PRP$ government NN . . Behind IN the DT silly JJ posturing NN lies VBZ a DT real JJ dispute NN . . Mr. NNP Lawson NNP and CC his PRP$ European-minded JJ colleagues NNS want VBP the DT British JJ pound NN formally RB tied VBN to TO the DT West JJ German JJ mark NN . . Sir NNP Alan NNP considers VBZ this DT an DT ill-advised JJ and CC costly JJ policy NN . . As IN there EX is VBZ an DT effort NN to TO `` `` anchor VB the DT dollar NN '' '' either CC to TO gold NN or CC other JJ currencies NNS , , the DT dispute NN is VBZ worth JJ examining VBG . . Until IN his PRP$ resignation NN , , Mr. NNP Lawson NNP had VBD been VBN conducting VBG British JJ monetary JJ policy NN as IN if IN the DT pound NN were VBD tied VBN to TO the DT mark NN . . When WRB Mrs. NNP Thatcher NNP cut VBD the DT top JJ tax NN rate NN to TO 40 CD % NN , , Mr. NNP Lawson NNP flooded VBD the DT country NN with IN money NN to TO prevent VB the DT pound NN from IN rising VBG against IN the DT mark NN . . As IN a DT result NN , , he PRP reignited VBD the DT inflation NN that IN Mrs. NNP Thatcher NNP , , through IN a DT long JJ and CC costly JJ effort NN , , had VBD subdued VBN . . With IN inflation NN surging VBG , , the DT pound NN began VBD falling VBG against IN the DT mark NN . . To TO keep VB the DT exchange NN rate NN pegged VBD , , Mr. NNP Lawson NNP tightened VBD monetary JJ policy NN and CC pushed VBD interest NN rates NNS up RB to TO 15 CD % NN . . This DT doubled VBD the DT mortgage NN interest NN rates NNS of IN the DT many JJ new JJ homeowners NNS that IN Mrs. NNP Thatcher NNP 's POS policies NNS had VBD created VBN , , producing VBG widespread JJ disaffection NN and CC pushing VBG Labor NN ahead RB in IN the DT polls NNS . . Instead RB of IN realizing VBG his PRP$ mistake NN in IN letting VBG the DT exchange NN rate NN dominate VB both DT British JJ economic JJ policy NN and CC Mrs. NNP Thatcher NNP 's POS political JJ fortune NN , , Mr. NNP Lawson NNP pushed VBD for IN tying VBG the DT pound NN formally RB to TO the DT mark NN by IN entering VBG the DT European NNP Monetary NNP System NNP , , which WDT subordinates VBZ all DT member NN currencies NNS to TO German JJ monetary JJ policy NN . . This DT put VBD Mrs. NNP Thatcher NNP in IN a DT bind NN . . The DT concept NN of IN European JJ integration NN is VBZ one CD of IN those DT grand JJ schemes NNS that WDT appeal VBP to TO intellectuals NNS , , the DT media NNS and CC the DT imagination NN , , but CC are VBP full JJ of IN practical JJ pitfalls NNS . . If IN the DT pound NN had VBD been VBN tied VBN to TO the DT mark NN , , the DT British NNPS would MD have VB been VBN unable JJ to TO cut VB their PRP$ exorbitant JJ tax NN rates NNS . . The DT reason NN is VBZ simple JJ . . When WRB a DT country NN cuts VBZ tax NN rates NNS , , it PRP makes VBZ itself PRP more RBR attractive JJ to TO investors NNS and CC drives VBZ up RP the DT value NN of IN its PRP$ currency NN . . It PRP was VBD fear NN of IN disturbing VBG EMS NNP exchange-rate JJ relationships NNS that WDT caused VBD the DT Chirac NNP government NN in IN France NNP to TO be VB timid JJ about IN cutting VBG tax NN rates NNS . . Edouard NNP Balladur NNP , , the DT finance NN minister NN at IN the DT time NN , , was VBD sold VBN on IN the DT tax-cut JJ policy NN but CC was VBD concerned VBN that IN his PRP$ government NN would MD be VB criticized VBN as IN anti-European JJ for IN disturbing VBG the DT linked VBN European JJ currency NN relationship NN . . The DT price NN of IN attracting VBG capital NN -- : whether IN one NN 's POS own JJ or CC that IN of IN foreigners NNS -- : is VBZ a DT trade NN deficit NN . . To TO avoid VB this DT deficit NN Mr. NNP Lawson NNP inflated VBD the DT pound NN in IN order NN to TO prevent VB its PRP$ rise NN . . This DT misguided JJ policy NN could MD not RB prevent VB a DT British JJ trade NN deficit NN . . Consequently RB , , Mr. NNP Lawson NNP saddled VBD Mrs. NNP Thatcher NNP with IN a DT record NN trade NN deficit NN , , renewed VBN inflation NN and CC high JJ interest NN rates NNS -- : three CD political JJ failures NNS in IN a DT row NN . . Little JJ wonder NN that IN Mrs. NNP Thatcher NNP 's POS opponents NNS were VBD so RB anxious JJ to TO keep VB Mr. NNP Lawson NNP in IN office NN . . It PRP is VBZ extraordinary JJ that IN the DT British NNP Treasury NNP thought VBD it PRP could MD prevent VB a DT trade NN deficit NN by IN inflating VBG the DT pound NN . . The DT British JJ balance-of-payments NNS statistics NNS show VBP that IN after IN the DT top JJ tax NN rate NN was VBD cut VBN to TO 40 CD % NN , , the DT flow NN abroad RB of IN British JJ capital NN slowed VBD , , to TO 50 CD billion CD pounds NNS ( ( $ $ 79 CD billion CD at IN the DT current JJ rate NN ) ) in IN 1988 CD from IN 93 CD billion CD pounds NNS in IN 1986 CD . . This DT change NN in IN the DT British JJ capital NN account NN required VBD an DT offsetting VBG change NN in IN the DT trade NN account NN , , a DT change NN that WDT could MD not RB be VB prevented VBN by IN pegging VBG the DT currency NN . . Nigel NNP Lawson NNP was VBD a DT victim NN of IN the DT immense JJ confusion NN in IN thought NN that WDT has VBZ been VBN characteristic JJ of IN Western JJ financial JJ circles NNS during IN the DT 1980s CD . . The DT most RBS important JJ governments NNS have VBP ignored VBN the DT role NN of IN low JJ tax NN rates NNS in IN attracting VBG real JJ capital NN investment NN , , instead RB emphasizing VBG financial JJ flows NNS in IN response NN to TO high JJ interest NN rates NNS . . This DT has VBZ led VBN them PRP in IN a DT fruitless JJ and CC destructive JJ policy NN circle NN . . First RB comes VBZ monetary JJ expansion NN to TO drive VB down RP the DT currency NN 's POS value NN that WDT was VBD pushed VBN up RP by IN tax-rate JJ reduction NN . . Then RB , , when WRB the DT currency NN falls VBZ , , interest NN rates NNS are VBP raised VBN to TO attract VB financial JJ flows NNS in IN order NN to TO stabilize VB the DT exchange NN rate NN . . This DT policy NN is VBZ totally RB mindless JJ , , and CC Sir NNP Alan NNP is VBZ correct JJ to TO point VB out RP its PRP$ deficiencies NNS . . Britain NNP and CC all DT of IN Europe NNP need VBP to TO reconsider VB the DT prospects NNS for IN European JJ integration NN in IN light NN of IN the DT possible JJ reunification NN and CC neutralization NN of IN Germany NNP . . A DT unified VBN Germany NNP that WDT remained VBD within IN the DT Western JJ alliance NN would MD give VB Germany NNP such PDT an DT overshadowing VBG position NN that IN all DT other JJ members NNS of IN a DT unified VBN Europe NNP would MD become VB vassals NNS of IN the DT German JJ state NN . . Unless IN the DT Soviet NNP Union NNP collapses VBZ , , German JJ reunification NN is VBZ likely JJ to TO require VB Germany NNP 's POS neutralization NN . . The DT implications NNS for IN Britain NNP , , France NNP and CC the DT rest NN of IN Europe NNP of IN having VBG their PRP$ currencies NNS tied VBN to TO the DT economic JJ policy NN of IN a DT neutral JJ country NN need VBP considering VBG before IN we PRP judge VBP Mr. NNP Lawson NNP 's POS resignation NN to TO be VB unfortunate JJ . . In IN the DT least JJS , , we PRP must MD recognize VB the DT futility NN of IN trying VBG to TO use VB exchange-rate JJ intervention NN to TO offset VB the DT effects NNS of IN tax-rate JJ reduction NN on IN capital NN flows NNS . . Mr. NNP Roberts NNP was VBD assistant JJ Treasury NNP secretary NN under IN President NNP Reagan NNP . . Joseph NNP P. NNP Jordan NNP , , 52 CD years NNS old JJ , , becomes VBZ president NN , , chief NN executive NN officer NN and CC a DT director NN of IN the DT bank NN company NN . . Mr. NNP Jordan NNP , , formerly RB president NN and CC chief NN executive NN of IN Fishkill NNP National NNP Bank NNP in IN Beacon NNP , , N.Y. NNP , , succeeds VBZ Donald NNP Broderick NNP , , who WP died VBD at IN 52 CD in IN an DT automobile NN accident NN . . Personal JJ spending NN , , which WDT fueled VBD the DT economy NN 's POS growth NN in IN the DT third JJ quarter NN , , was VBD clearly RB slowing VBG by IN the DT end NN of IN the DT period NN , , raising VBG questions NNS about IN the DT economy NN 's POS strength NN as IN the DT year NN ends VBZ . . Personal JJ spending NN grew VBD 0.2 CD % NN in IN September NNP to TO a DT $ $ 3.526 CD trillion CD annual JJ rate NN , , the DT Commerce NNP Department NNP said VBD . . It PRP was VBD the DT smallest JJS monthly JJ increase NN in IN a DT year NN . . At IN the DT same JJ time NN , , personal JJ income NN was VBD held VBN down RP by IN the DT effects NNS of IN Hurricane NNP Hugo NNP , , which WDT tore VBD through IN parts NNS of IN North NNP and CC South NNP Carolina NNP in IN late JJ September NNP . . The DT department NN said VBD personal JJ income NN rose VBD 0.3 CD % NN in IN September NNP to TO a DT $ $ 4.469 CD trillion CD rate NN but CC would MD have VB climbed VBD 0.6 CD % NN had VBD it PRP not RB been VBN for IN the DT storm NN . . Among IN the DT economic JJ effects NNS of IN the DT hurricane NN was VBD a DT sharp JJ drop NN in IN rental JJ income NN . . The DT figures NNS came VBD a DT day NN after IN the DT government NN released VBD a DT report NN showing VBG that IN consumer NN spending NN propelled VBD U.S. NNP economic JJ expansion NN in IN the DT third JJ quarter NN while IN -- : on IN an DT inflation-adjusted JJ basis NN -- : business NN investment NN slowed VBD , , government NN spending NN declined VBD , , and CC exports NNS were VBD flat JJ . . But CC the DT new JJ statistics NNS show VBP that IN by IN September NNP , , the DT burst NN in IN spending NN seemed VBD to TO be VB tapering VBG off RB . . Many JJ economists NNS expect VBP the DT weakness NN to TO continue VB . . `` `` I PRP think VBP the DT consumer NN has VBZ pretty RB well RB played VBN himself PRP out IN , , '' '' said VBD David NNP Littman NNP , , senior JJ economist NN at IN Manufacturers NNPS National NNP Bank NNP of IN Detroit NNP . . `` `` I PRP do VBP n't RB think VB there EX 's VBZ a DT lot NN in IN the DT wings NNS '' '' in IN other JJ sectors NNS of IN the DT economy NN to TO keep VB growth NN above IN 1 CD % NN , , he PRP said VBD . . In IN the DT third JJ quarter NN , , the DT economy NN grew VBD at IN a DT moderate JJ 2.5 CD % NN annual JJ rate NN . . In IN August NNP , , personal JJ income NN rose VBD 0.3 CD % NN and CC spending NN grew VBD 0.9 CD % NN . . Analysts NNS have VBP attributed VBN much JJ of IN the DT summer NN 's POS spurt NN in IN spending VBG to TO bargain NN car NN prices NNS at IN the DT end NN of IN the DT model NN year NN . . Car NN sales NNS slackened VBD in IN September NNP after IN the DT 1990 CD models NNS were VBD introduced VBN . . According VBG to TO the DT Commerce NNP Department NNP report NN , , spending VBG on IN durable JJ goods NNS -- : items NNS expected VBN to TO last VB at IN least JJS three CD years NNS , , including VBG cars NNS -- : declined VBD by IN $ $ 6.2 CD billion CD . . The DT nation NN 's POS savings NN rate NN was VBD unchanged JJ in IN September NNP at IN 4.9 CD % NN of IN after-tax JJ income NN , , far RB below IN the DT 5.6 CD % NN it PRP reached VBD in IN July NNP . . All PDT the DT figures NNS are VBP adjusted VBN for IN seasonal JJ variations NNS . . Here RB is VBZ the DT Commerce NNP Department NNP 's POS latest JJS report NN on IN personal JJ income NN . . The DT figures NNS are VBP at IN seasonally RB adjusted VBN annual JJ rates NNS in IN trillions NNS of IN dollars NNS . . CRA NNP Ltd. NNP said VBD it PRP agreed VBD to TO sell VB a DT 40 CD % NN stake NN in IN its PRP$ Howick NNP coal NN mine NN in IN the DT state NN of IN New NNP South NNP Wales NNP to TO Mitsubishi NNP Development NNP Pty. NNP of IN Japan NNP . . The DT price NN was VBD n't RB disclosed VBN . . The DT agreement NN is VBZ subject JJ to TO government NN approval NN . . RA NNP acquired VBD the DT Howick NNP coal NN mine NN Oct. NNP 20 CD when WRB it PRP bought VBD British NNP Petroleum NNP Co. NNP 's POS Australian JJ coal NN interests NNS for IN $ $ 275 CD million CD . . CRA NNP said VBD then RB that IN it PRP was VBD looking VBG for IN a DT partner NN for IN the DT mine NN , , which WDT produces VBZ more JJR than IN three CD million CD metric JJ tons NNS of IN coal NN a DT year NN . . CRA NNP is VBZ 49%-owned JJ by IN RTZ NNP Corp. NNP of IN Britain NNP . . Control NNP Data NNP Corp. NNP , , which WDT just RB months NNS ago IN was VBD hemorrhaging VBG financially RB , , thinks VBZ it PRP will MD be VB healthy JJ enough RB soon RB to TO consider VB repurchasing VBG public JJ debt NN . . Moreover RB , , the DT company NN , , whose WP$ go-it-alone JJ approach NN nearly RB proved VBD fatal JJ , , now RB sees VBZ alliances NNS with IN others NNS as IN the DT way NN back RB to TO prosperity NN in IN what WP it PRP calls VBZ `` `` the DT data NNS solutions NNS '' '' business NN . . `` `` I PRP 'm VBP not RB saying VBG everything NN is VBZ hunky-dory JJ , , but CC we PRP have VBP completed VBN the DT transition NN , , '' '' Robert NNP M. NNP Price NNP , , chairman NN and CC chief NN executive NN , , said VBD in IN an DT interview NN . . `` `` Transition NN '' '' is VBZ a DT reference NN to TO the DT company NN 's POS five-year JJ restructuring NN effort NN . . During IN that DT time NN , , Control NNP Data NNP had VBD losses NNS of IN more JJR than IN $ $ 1 CD billion CD . . Now RB , , following VBG asset NN sales NNS that WDT shrank VBD revenue NN by IN more JJR than IN one-third NN this DT year NN alone RB , , Control NNP Data NNP is VBZ flush JJ with IN cash NN . . So RB its PRP$ senior JJ executives NNS are VBP talking VBG openly RB about IN possibly RB buying VBG back RP some DT of IN the DT company NN 's POS $ $ 172.5 CD million CD in IN subordinated VBN convertible JJ debentures NNS next IN year NN . . `` `` We PRP 'd MD like VB to TO continue VB to TO reduce VB debt NN , , '' '' President NNP Lawrence NNP Perlman NNP said VBD . . Noting VBG that IN the DT company NN is VBZ offering VBG to TO buy VB back RP $ $ 154.2 CD million CD in IN senior JJ notes NNS paying VBG 12 CD 3\/4 CD % NN , , he PRP said VBD the DT response NN will MD help VB determine VB future JJ debt-reduction NN efforts NNS . . The DT offer NN was VBD automatically RB triggered VBN by IN the DT recent JJ sale NN of IN Control NNP Data NNP 's POS Imprimis NNP disk-drive NN business NN to TO Seagate NNP Technology NNP Inc NNP . . Mr. NNP Perlman NNP , , who WP is VBZ also RB acting VBG chief NN financial JJ officer NN and CC the DT odds-on JJ favorite NN to TO become VB the DT next JJ chief NN executive NN , , said VBD the DT company NN is VBZ achieving VBG `` `` modest JJ positive JJ cash NN flow NN from IN operations NNS , , and CC we PRP expect VBP that DT to TO continue VB into IN 1990 CD . . '' '' He PRP said VBD the DT company NN has VBZ no DT intention NN of IN tapping VBG its PRP$ short-term JJ bank NN lines NNS `` `` for IN a DT good JJ part NN of IN 1990 CD . . '' '' Sometime RB next JJ year NN , , Control NNP Data NNP will MD `` `` develop VB a DT new JJ bank NN relationship NN , , '' '' Mr. NNP Perlman NNP said VBD . . In IN recent JJ months NNS a DT group NN of IN lenders NNS , , led VBN by IN Bank NNP of IN America NNP , , has VBZ extended VBN Control NNP Data NNP up RB to TO $ $ 90 CD million CD in IN revolving JJ loans NNS through IN January NNP , , as RB well RB as IN $ $ 115 CD million CD in IN standby JJ letters NNS of IN credit NN . . Loan NN covenants NNS require VBP that IN the DT company NN achieve VB specified VBN levels NNS of IN operating NN earnings NNS and CC meet VB a DT rolling VBG four-quarter JJ profitability NN test NN . . Last JJ week NN Control NNP Data NNP reported VBD third-quarter NN earnings NNS of IN $ $ 9.8 CD million CD , , or CC 23 CD cents NNS a DT share NN , , on IN revenue NN of IN $ $ 763 CD million CD . . Through IN the DT first JJ nine CD months NNS , , the DT company NN had VBD a DT loss NN of IN $ $ 484 CD million CD , , largely RB reflecting VBG the DT closing NN of IN its PRP$ supercomputer NN unit NN . . While IN a DT few JJ assets NNS are VBP still RB being VBG shopped VBN -- : including VBG the DT sports NNS and CC entertainment NN ticketing VBG portion NN of IN the DT company NN 's POS Ticketron NNP unit NN -- : Mr. NNP Price NNP said VBD future JJ restructuring NN would MD be VB a DT question NN of IN strategy NN . . `` `` We PRP do VBP n't RB need VB the DT cash NN . . '' '' Ticketron NNP 's POS automated VBN wagering NN business NN , , which WDT operates VBZ lotteries NNS in IN a DT half DT dozen NN states NNS , , is VBZ not RB for IN sale NN , , the DT company NN said VBD . . Rather RB , , Mr. NNP Perlman NNP said VBD , , Control NNP Data NNP intends VBZ to TO bid VB for IN the DT coming VBG Minnesota NNP lottery NN contract NN and CC is VBZ seeking VBG new JJ applications NNS for IN the DT technology NN overseas RB , , where WRB `` `` there EX is VBZ great JJ interest NN in IN games NNS of IN skill NN . . '' '' He PRP would MD n't RB elaborate VB . . Control NNP Data NNP 's POS semiconductor NN business NN , , VTC NNP Inc. NNP , , continues VBZ to TO lose VB money NN , , the DT executives NNS acknowledged VBD , , but CC they PRP said VBD they PRP consider VBP some DT of IN the DT technology NN vital JJ to TO national JJ defense NN and CC so RB are VBP reluctant JJ to TO dispose VB of IN it PRP . . The DT company NN 's POS strategy NN for IN keeping VBG its PRP$ computer NN products NNS business NN profitable JJ -- : it PRP recently RB achieved VBD profitability NN after IN several JJ quarters NNS of IN losses NNS -- : calls VBZ for IN a DT narrow JJ focus NN and CC a DT lid NN on IN expenses NNS . . Partly RB , , costs NNS will MD be VB held VBN down RP through IN strategic JJ technology NN alliances NNS , , management NN said VBD . . Control NNP Data NNP recently RB announced VBD an DT agreement NN with IN MIPS NNP Computer NNP Systems NNPS Inc. NNP to TO jointly RB develop VB machines NNS with IN simplified VBN operating NN software NN . . James NNP E. NNP Ousley NNP , , computer NN products NNS group NN president NN , , said VBD such JJ arrangements NNS could MD help VB slash VB Control NNP Data NNP 's POS computer NN research NN and CC development NN costs NNS in IN half DT by IN the DT end NN of IN 1990 CD . . He PRP disclosed VBD that IN before IN Control NNP Data NNP scrapped VBD its PRP$ ETA NNP Systems NNPS Inc. NNP supercomputer NN business NN this DT past NN spring NN , , those DT costs NNS were VBD running VBG at IN nearly RB 35 CD % NN of IN group NN revenue NN . . At IN the DT same JJ time NN four CD of IN six CD design NN projects NNS were VBD spiked VBN , , he PRP said VBD . . Asked VBN how WRB the DT company NN hopes VBZ to TO expand VB its PRP$ computer NN hardware NN business NN , , Mr. NNP Ousley NNP said VBD it PRP sees VBZ good JJ opportunities NNS in IN systems NNS integration NN . . `` `` We PRP think VBP we PRP 're VBP getting VBG only RB 10 CD % NN of IN the DT integration NN dollars NNS our PRP$ customers NNS are VBP spending VBG , , '' '' he PRP said VBD . . `` `` We PRP 're VBP in IN environments NNS that WDT are VBP going VBG to TO spend VB a DT lot NN of IN money NN on IN that DT . . '' '' Control NNP Data NNP mainframes NNS are VBP designed VBN for IN numerically RB intensive JJ computing VBG users NNS , , such JJ as IN the DT scientific JJ , , engineering NN and CC academic JJ communities NNS . . Utilities NNS management NN is VBZ a DT major JJ commercial JJ niche NN . . Reviewing VBG the DT company NN 's POS scrape NN with IN disaster NN , , Mr. NNP Price NNP conceded VBD it PRP had VBD tried VBN to TO do VB too RB much RB on IN its PRP$ own JJ . . `` `` Absolutely RB , , '' '' he PRP said VBD . . But CC while IN its PRP$ stock NN is VBZ selling VBG at IN about IN half DT Control NNP Data NNP 's POS estimated VBN breakup NN value NN , , neither CC Messrs. NNP Perlman NNP nor CC Price NNP said VBD he PRP spends VBZ much JJ time NN considering VBG the DT possibility NN of IN a DT hostile JJ takeover NN . . `` `` We PRP 've VBP been VBN listed VBN as IN a DT candidate NN for IN so RB long JJ it PRP 's VBZ not RB worth JJ worrying VBG about IN , , '' '' said VBD Mr. NNP Price NNP . . Well UH , , the DT arrogant JJ East NNP Coast NNP media NNS have VBP spoken VBN again RB ( ( `` `` Going VBG for IN the DT Green NN , , '' '' editorial NN , , Oct. NNP 17 CD ) ) . . Having VBG resided VBN in IN the DT great JJ state NN of IN California NNP for IN the DT past JJ seven CD years NNS , , I PRP find VBP it PRP hard JJ to TO ignore VB our PRP$ environmental JJ problems NNS when WRB I PRP start VBP my PRP$ commute NN to TO work NN with IN eyes NNS tearing VBG and CC head NN aching VBG from IN the DT polluted JJ air NN ; : when WRB I PRP try VBP to TO enjoy VB the DT beaches NNS and CC come VBD home NN covered VBN with IN tar NN and CC oil NN ; : when WRB I PRP hear VBP of IN numerous JJ deaths NNS related VBN to TO irresponsible JJ processing NN of IN cheese NN and CC use NN of IN chemicals NNS in IN fruit NN growing NN . . Perhaps RB it PRP 's VBZ entertaining VBG for IN those DT like IN you PRP to TO discount VB the DT concerns NNS of IN environmentalists NNS , , suggesting VBG that IN their PRP$ save-the-earth JJ initiatives NNS are VBP `` `` whacky JJ '' '' and CC referring VBG to TO so RB many JJ citizens NNS as IN `` `` la-la JJ activists NNS . . '' '' Strange JJ that IN we PRP do VBP n't RB hear VB similar JJ criticisms NNS of IN the DT East NNP Coast NNP activists NNS who WP seek VBP to TO clean VB up RP Boston NNP Harbor NNP or CC rid VB their PRP$ beaches NNS of IN medical JJ waste NN . . While IN there EX are VBP no DT easy JJ low-cost JJ solutions NNS , , simply RB ignoring VBG our PRP$ problems NNS will MD result VB in IN their PRP$ severity NN increasing VBG and CC spreading VBG throughout IN the DT state NN , , the DT nation NN and CC the DT world NN . . If IN nothing NN else RB , , such JJ initiatives NNS as IN these DT will MD provide VB an DT awareness NN to TO citizens NNS and CC lawmakers NNS and CC encourage VB appropriate JJ corrective JJ action NN . . Before IN your PRP$ next JJ California-bashing JJ editorial NN , , please VB spend VB more JJR time NN out IN here RB witnessing VBG the DT situation NN -- : it PRP just RB may MD change VB your PRP$ view NN . . John NNP Barry NNP Ventura NNP , , Calif NNP . . I PRP realize VBP you PRP were VBD just RB looking VBG for IN something NN snotty JJ to TO say VB about IN California NNP and CC its PRP$ environmental JJ movement NN , , but CC picking VBG Frank NNP Lloyd NNP Wright NNP to TO say VB it PRP for IN you PRP was VBD a DT bad JJ call NN . . Wright NNP 's POS organic JJ architecture NN demonstrated VBD a DT keen JJ sensitivity NN to TO the DT environment NN decades NNS before IN it PRP became VBD fashionable JJ among IN `` `` la-la JJ activists NNS . . '' '' Indeed RB , , Wright NNP said VBD all PDT his PRP$ life NN that IN the DT greatest JJS lessons NNS he PRP learned VBD were VBD derived VBN from IN the DT study NN of IN nature NN . . Obviously RB , , it PRP 's VBZ lost VBN on IN you PRP that IN about IN 75 CD % NN of IN the DT American JJ people NNS these DT days NNS ( ( and CC in IN fact NN the DT president NN of IN the DT United NNP States NNPS ) ) consider VBP themselves PRP environmentalists NNS . . As IN for IN California NNP being VBG a DT state NN run VBN by IN liberal JJ environmental JJ loonies NNS , , let VB 's PRP not RB forget VB where WRB Ronald NNP Reagan NNP came VBD from IN . . Perhaps RB Mr. NNP Reagan NNP , , who WP claimed VBD that IN air NN pollution NN is VBZ caused VBN by IN trees NNS , , is VBZ the DT man NN you PRP should MD be VB quoting VBG to TO back VB up RP your PRP$ position NN that IN economics NN is VBZ more RBR important JJ than IN the DT Earth NN . . But CC it PRP was VBD Frank NNP Lloyd NNP Wright NNP who WP said VBD , , `` `` Is VBZ this DT not RB Anti-Christ NNP ? . The DT Moloch NNP that WDT knows VBZ no DT God NNP but CC more JJR ? . '' '' Robert NNP Borden NNP Santa NNP Monica NNP , , Calif NNP . . Your PRP$ editorial NN was VBD commendable JJ and CC neatly RB matched VBN by IN the DT readers NNS ' POS comments NNS in IN letters NNS to TO the DT editor NN , , `` `` Alar NN : : Scaring VBG on IN the DT Side NN of IN Caution NN . . '' '' The DT illogic NN and CC inaccuracy NN of IN John NNP H. NNP Adams NNP 's POS comments NNS for IN the DT National NNP Resources NNPS Defense NNP Council NNP fully RB justifies VBZ your PRP$ characterization NN of IN California NNP 's POS Greens NNS in IN particular JJ as IN `` `` la-la JJ activists NNS . . '' '' We PRP may MD all DT hope VB that IN California NNP 's POS voters NNS will MD heed VB the DT scientific JJ realities NNS that IN their PRP$ own JJ university NN 's POS renowned JJ Prof. NNP Tom NNP Jukes NNP provides VBZ them PRP and CC ignore VB the DT charlatanry NN profferred VBN by IN their PRP$ `` `` wealthy JJ Hollywood NNP weepers NNS . . '' '' I PRP have VBP a DT different JJ approach NN to TO offer VB , , not RB only RB to TO Californians NNPS , , but CC to TO all DT Americans NNPS . . In IN a DT free JJ country NN , , the DT law NN should MD restrict VB citizens NNS as RB little JJ as IN is VBZ consistent JJ with IN good JJ manners NNS and CC public JJ safety NN . . Would-be JJ naysayers NNS should MD have VB the DT burden NN of IN proving VBG reasonable JJ necessity NN when WRB they PRP urge VBP a DT prohibition NN for IN enactment NN into IN law NN . . W. NNP Brown NNP Morton NNP Jr NNP . . Warsaw NNP , , Va NNP . . The DT 170 CD airlines NNS in IN the DT International NNP Air NNP Transport NNP Association NNP last JJ year NN posted VBD group NN net JJ profit NN of IN $ $ 2.5 CD billion CD on IN revenue NN of IN $ $ 125.1 CD billion CD . . According VBG to TO the DT association NN 's POS annual JJ report NN , , scheduled VBN to TO be VB released VBN today NN in IN Warsaw NNP , , IATA NNP members NNS have VBP n't RB posted VBN such PDT a DT strong JJ performance NN since IN the DT late JJ 1970s CD . . Revenue NN last JJ year NN increased VBD by IN more JJR than IN 11 CD % NN over IN 1988 CD , , and CC net JJ income NN nearly RB tripled VBD from IN restated VBN year-earlier JJ net NN of IN $ $ 900 CD million CD . . The DT group NN attributed VBD the DT strong JJ results NNS to TO the DT favorable JJ economic JJ climate NN , , rising VBG demand NN for IN air NN travel NN and CC improved VBN average JJ yield NN ( ( revenue NN received VBN per IN ton NN of IN traffic NN transported VBN a DT kilometer NN ) ) . . Systemwide NNP , , IATA NNP airlines NNS carried VBD 632 CD million CD passengers NNS last JJ year NN , , 2 CD % NN more JJR than IN in IN 1987 CD . . But CC passenger-kilometers NNS , , the DT distance NN flown VBN while IN carrying VBG people NNS , , increased VBD 5.3 CD % NN in IN 1988 CD . . The DT association NN said VBD that DT lack NN of IN airport NN and CC air NN space NN capacity NN is VBZ the DT biggest JJS problem NN facing VBG the DT airline NN industry NN . . The DT KGB NNP has VBZ abolished VBN a DT unit NN known VBN for IN persecuting VBG dissidents NNS , , the DT government NN newspaper NN Izvestia NNP said VBD . . The DT newspaper NN quoted VBD KGB NNP chairman NN Vladimir NNP A. NNP Kryuchkov NNP as IN saying VBG the DT definition NN of IN anti-Soviet JJ crimes NNS had VBD narrowed VBN , , the DT laws NNS had VBD changed VBN and CC people NNS no RB longer RB have VBP to TO fear VB a DT simple JJ slip NN of IN the DT tongue NN . . Mr. NNP Kryuchkov NNP was VBD quoted VBN as IN saying VBG that IN in IN place NN of IN the DT infamous JJ 5th JJ Directorate NN a DT new JJ unit NN would MD work VB `` `` to TO foil VB the DT conspiracies NNS of IN foreign JJ intelligence NN services NNS to TO create VB and CC use VB organized VBN anti-government JJ groups NNS in IN our PRP$ country NN . . '' '' Czechoslovakia NNP has VBZ restricted VBN consumer-goods NNS exports NNS to TO neighbor NN countries NNS because IN of IN `` `` massive JJ buying NN out IN of IN food NN '' '' by IN tourists NNS from IN Poland NNP , , Hungary NNP and CC the DT Soviet NNP Union NNP , , the DT Rude NNP Pravo NNP daily RB said VBD . . Rising VBG inflation NN in IN Poland NNP and CC Hungary NNP makes VBZ Czechoslovak JJ food NN , , clothing NN and CC shoes NNS relatively RB cheap JJ for IN visitors NNS from IN these DT countries NNS . . The DT paper NN gave VBD no DT details NNS of IN what WP the DT restrictions NNS would MD entail VB but CC said VBD the DT measures NNS were VBD necessary JJ to TO protect VB the DT domestic JJ market NN . . West NNP Germany NNP 's POS biggest JJS union NN , , IG NNP Metall NNP , , said VBD it PRP is VBZ ready JJ to TO back VB demands NNS for IN more JJR pay NN and CC shorter JJR hours NNS with IN strikes NNS against IN the DT nation NN 's POS automotive JJ , , steel NN and CC engineering NN industries NNS . . Its PRP$ chairman NN told VBD the DT union NN to TO prepare VB for IN the DT worst JJS in IN next JJ year NN 's POS confrontation NN with IN employers NNS over IN a DT new JJ three-year JJ wage NN deal NN . . A DT major JJ goal NN is VBZ to TO cut VB the DT working VBG week NN to TO 35 CD hours NNS from IN the DT present JJ 37 CD . . Last JJ week NN came VBD news NN of IN alarm NN in IN Venice NNP over IN a DT plan NN to TO tap VB gas NN fields NNS off IN the DT city NN 's POS coast NN . . Now RB comes VBZ word NN from IN a DT scientist NN that IN over IN the DT next JJ century NN Venice NNP will MD sink VB nearly RB three CD times NNS faster RBR than IN the DT present JJ rate NN because IN of IN the DT `` `` greenhouse NN effect NN . . '' '' `` `` Global JJ warming NN means VBZ higher JJR tides NNS which WDT will MD lower VB Venice NNP by IN another DT 23 CD inches NNS in IN the DT next JJ 100 CD years NNS , , '' '' Giovanni NNP Cecconi NNP of IN the DT the DT New NNP Venice NNP Consortium NNP said VBD . . The DT consortium NN of IN scientists NNS and CC companies NNS was VBD set VBN up RP by IN Italy NNP to TO help VB preserve VB the DT fabled JJ city NN of IN canals NNS . . Venice NNP has VBZ sunk VBN 10 CD inches NNS in IN this DT century NN . . West NNP Germany NNP 's POS Quelle NNP said VBD it PRP will MD establish VB a DT mail-order JJ operation NN with IN two CD local JJ partners NNS in IN the DT Soviet NNP Union NNP next JJ year NN . . Saying VBG this DT is VBZ a DT first JJ for IN a DT Western JJ company NN , , West NNP Germany NNP 's POS largest JJS mail-order NN group NN said VBD the DT newly RB established VBN Moscow-based JJ Intermoda NNP company NN is VBZ scheduled VBN to TO begin VB operations NNS in IN February NNP 1990 CD . . Intermoda NNP will MD initially RB only RB send VB the DT textile NN and CC clothing NN section NN of IN the DT Quelle NNP catalog NN , , translated VBN into IN Russian NNP , , to TO Soviet JJ customers NNS who WP have VBP access NN to TO convertible JJ currency NN . . The DT European NNP Community NNP Commission NNP has VBZ imposed VBN provisional JJ anti-dumping JJ duties NNS on IN imports NNS of IN South JJ Korean JJ small-screen JJ color-television NN sets NNS . . Saying VBG that IN a DT surge NN in IN low-priced JJ imports NNS had VBD damaged VBN EC NNP producers NNS ' POS profits NNS and CC led VBN to TO job NN losses NNS , , the DT commission NN imposed VBD a DT duty NN of IN 10.2 CD % NN on IN TVs NNS made VBN by IN Daewoo NNP , , a DT duty NN of IN 12.3 CD % NN on IN Goldstar NNP Co. NNP , , 13 CD % NN on IN Samsung NNP and CC 19.6 CD % NN on IN TVs NNS made VBN by IN other JJ South JJ Korean JJ producers NNS . . The DT commission NN said VBD that IN EC NNP television NN producers NNS lost VBD `` `` important JJ market NN shares NNS '' '' and CC suffered VBD an DT `` `` unsustainable JJ '' '' pressure NN on IN prices NNS because IN of IN the DT Korean JJ companies NNS ' POS marketing NN and CC pricing NN policies NNS , , which WDT it PRP said VBD were VBD `` `` in IN clear JJ violation NN '' '' of IN international JJ trade NN rules NNS . . In IN other JJ news NN concerning VBG South NNP Korea NNP 's POS television NN industry NN , , Samsung NNP signed VBD an DT agreement NN with IN Soyuz NNP , , the DT external-trade JJ organization NN of IN the DT Soviet NNP Union NNP , , to TO swap VB Korean JJ television NN sets NNS and CC videocassette NN recorders NNS for IN pig NN iron NN from IN the DT Soviet NNP Union NNP . . South NNP Korea NNP and CC the DT Soviet NNP Union NNP have VBP no DT diplomatic JJ relations NNS but CC exchanged VBD trade NN offices NNS earlier RBR this DT year NN . . Sri NNP Lanka NNP , , where WRB more JJR than IN 15,000 CD people NNS have VBP died VBN in IN six CD years NNS of IN ethnic JJ turmoil NN , , said VBD it PRP will MD ban VB sex NN and CC violence NN from IN state-owned JJ television NN next IN year NN . . `` `` Many JJ programs NNS we PRP have VBP now RB come VBP from IN the DT West NN and CC are VBP not RB suitable JJ to TO our PRP$ culture NN , , '' '' a DT government NN minister NN said VBD . . A DT star NN attraction NN on IN the DT national JJ network NN is VBZ the DT U.S. NNP 's POS `` `` Dynasty NNP . . '' '' ... : A DT poll NN of IN South NNP Koreans NNPS showed VBD overwhelming JJ opposition NN to TO efforts NNS to TO curb VB dog-meat NN consumption NN just RB because IN it PRP offends VBZ foreigners NNS . . Broad NNP Inc. NNP said VBD it PRP doubled VBD its PRP$ regular JJ quarterly JJ dividend NN to TO five CD cents NNS a DT share NN from IN 2.5 CD cents NNS on IN common JJ , , and CC to TO 4.5 CD cents NNS a DT share NN 2.25 CD cents NNS on IN Class NNP B NNP stock NN , , payable JJ Nov. NNP 10 CD to TO holders NNS of IN record NN Nov. NNP 6 CD . . The DT financial JJ services NNS company NN emerged VBD from IN the DT restructuring NN of IN Kaufman NNP & CC Broad NNP , , Inc. NNP , , which WDT spun VBD off RP its PRP$ home-building JJ subsidiary NN into IN Kaufman NNP & CC Broad NNP Home NNP Corp. NNP earlier RBR this DT year NN and CC changed VBD its PRP$ name NN to TO Broad NNP Inc NNP . . For IN the DT 10-month JJ fiscal JJ year NN ended VBD Sept. NNP 30 CD , , Chairman NNP Eli NNP Broad NNP said VBD he PRP expected VBD earnings NNS results NNS to TO approximate JJ analysts NNS ' POS estimates NNS , , which WDT the DT company NN said VBD have VBP been VBN revised VBN upward RB to TO 80 CD cents NNS a DT share NN . . This DT would MD compare VB with IN an DT estimated VBN loss NN of IN 3 CD cents NNS a DT share NN for IN the DT comparable JJ 10 CD months NNS last JJ year NN , , which WDT included VBD restructuring NN costs NNS . . If IN this DT battle NN were VBD a DT movie NN , , the DT producers NNS would MD be VB fighting VBG over IN two CD scripts NNS with IN nothing NN but CC an DT opening JJ scene NN in IN common NN . . In IN the DT opener NN , , Sony NNP Corp. NNP would MD agree VB to TO buy VB Columbia NNP Pictures NNPS Entertainment NNP Inc. NNP in IN a DT transaction NN valued VBN at IN close RB to TO $ $ 5 CD billion CD . . Shortly RB after IN that DT , , Sony NNP would MD offer VB to TO buy VB Guber-Peters NNP Entertainment NNP Co. NNP for IN $ $ 200 CD million CD and CC offer VB its PRP$ co-chairmen NNS , , Peter NNP Guber NNP and CC Jon NNP Peters NNP , , the DT chance NN to TO run VB Columbia NNP . . Mr. NNP Peters NNP would MD fly VB to TO New NNP York NNP with IN the DT intention NN of IN telling VBG Warner NNP Communications NNPS Inc. NNP Chairman NNP Steven NNP J. NNP Ross NNP that IN Guber-Peters NNP planned VBD to TO end VB its PRP$ five-year JJ contract NN to TO produce VB movies NNS exclusively RB for IN Warner NNP . . That DT 's VBZ where WRB the DT two CD scripts NNS would MD diverge VB . . In IN affidavits NNS filed VBN in IN Los NNP Angeles NNP Superior NNP Court NNP in IN connection NN with IN the DT $ $ 1 CD billion CD breach-of-contract JJ suit NN Warner NNP brought VBD against IN Sony NNP for IN hiring VBG the DT two CD producers NNS , , Mr. NNP Guber NNP and CC Mr. NNP Peters NNP tell VBP one CD story NN . . Warner NNP tells VBZ another DT . . In IN the DT affidavits NNS , , Mr. NNP Peters NNP says VBZ he PRP was VBD `` `` shocked VBN '' '' when WRB Mr. NNP Ross NNP refused VBD a DT meeting NN and CC made VBD it PRP clear JJ he PRP would MD stop VB them PRP . . Mr. NNP Peters NNP claims VBZ he PRP reminded VBD Mr. NNP Ross NNP that IN Robert NNP Daly NNP and CC Terry NNP Semel NNP , , the DT top JJ executives NNS of IN the DT Warner NNP Brothers NNPS studio NN , , had VBD `` `` repeatedly RB agreed VBN that IN we PRP had VBD every DT right NN to TO accept VB '' '' an DT offer NN such JJ as IN Sony NNP 's POS . . In IN response NN , , Mr. NNP Peters NNP says VBZ , , Mr. NNP Ross NNP referred VBD to TO his PRP$ colleagues NNS at IN Warner NNP with IN an DT `` `` obscenity NN '' '' and CC said VBD : : `` `` Tell VB them PRP that IN they PRP do VBP n't RB have VB a DT job NN . . You PRP can MD take VB them PRP with IN you PRP . . '' '' Warner NNP denies VBZ Mr. NNP Ross NNP ever RB said VBD any DT such JJ thing NN , , and CC , , in IN fact NN , , denies VBZ virtually RB everything NN Mr. NNP Guber NNP and CC Mr. NNP Peters NNP say VBP in IN their PRP$ affidavits NNS . . Tomorrow NN , , Warner NNP will MD file VB another DT batch NN of IN documents NNS contending VBG that IN `` `` the DT essence NN of IN everything NN these DT guys NNS are VBP saying VBG is VBZ basically RB lies NNS , , '' '' says VBZ Warner NNP 's POS chief NN outside JJ counsel NN , , Stuart NNP Rabinowitz NNP . . Thursday NNP , , a DT judge NN is VBZ scheduled VBN to TO rule VB on IN Warner NNP 's POS motion NN seeking VBG to TO block VB the DT Guber-Peters NNP duo NN from IN going VBG to TO Columbia NNP . . The DT battery NN of IN legal JJ documents NNS filed VBN in IN the DT past JJ week NN in IN connection NN with IN the DT suit NN provide VBP a DT peek NN into IN the DT inner JJ workings NNS of IN this DT Hollywood NNP dogfight NN . . But CC they PRP also RB make VBP it PRP clear JJ that IN the DT first JJ thing NN a DT judge NN will MD have VB to TO decide VB is VBZ which WDT , , if IN any DT , , version NN of IN events NNS in IN this DT morass NN is VBZ fiction NN , , and CC which WDT fact NN . . The DT matter NN may MD never RB even RB be VB tried VBN in IN court NN . . Warner NNP says VBZ that IN what WP it PRP really RB wants VBZ is VBZ for IN the DT producers NNS to TO fulfill VB their PRP$ contractual JJ obligations NNS , , but CC the DT bitterness NN of IN this DT battle NN and CC the DT accusations NNS flying VBG on IN both DT sides NNS make VBP it PRP unlikely JJ that IN the DT decade-long JJ relationship NN between IN Warner NNP and CC its PRP$ two CD most JJS prolific JJ producers NNS can MD ever RB be VB repaired VBN . . Warner NNP , , which WDT is VBZ in IN the DT process NN of IN merging VBG with IN Time NNP Warner NNP Inc. NNP , , says VBZ it PRP is VBZ willing JJ to TO settle VB the DT matter NN out IN of IN court NN . . So IN far RB , , however RB , , Sony NNP has VBZ n't RB been VBN willing JJ to TO meet VB its PRP$ considerable JJ financial JJ demands NNS . . Mr. NNP Guber NNP and CC Mr. NNP Peters NNP do VBP n't RB have VB much RB to TO gain VB from IN a DT protracted JJ battle NN . . Sony NNP , , for IN its PRP$ part NN , , could MD decide VB that IN the DT cost NN of IN a DT Warner NNP settlement NN or CC court NN fight NN is VBZ too RB high JJ , , choosing VBG instead RB to TO find VB someone NN else RB to TO run VB Columbia NNP , , although IN that DT too RB would MD be VB costly JJ given VBN the DT financial JJ arrangement NN already RB guaranteed VBN to TO Mr. NNP Guber NNP and CC Mr. NNP Peters NNP . . In IN that DT case NN , , Mr. NNP Guber NNP and CC Mr. NNP Peters NNP might MD not RB suffer VB financially RB , , but CC they PRP would MD be VB left VBN without IN their PRP$ dream NN job NN of IN running VBG a DT studio NN and CC with IN a DT considerably RB scarred VBN relationship NN with IN Warner NNP . . At IN the DT center NN of IN any DT court NN fight NN will MD be VB the DT differing VBG interpretations NNS of IN the DT written VBN contract NN between IN Warner NNP and CC the DT two CD producers NNS , , but CC other JJ murkier JJR issues NNS will MD play VB a DT big JJ role NN . . Sony NNP and CC the DT Guber-Peters NNP team NN are VBP hanging VBG much RB of IN their PRP$ case NN on IN Warner NNP 's POS willingness NN last JJ year NN to TO release VB the DT producers NNS from IN another DT contract NN and CC on IN an DT oral JJ agreement NN they PRP say VBP allowed VBN them PRP to TO terminate VB the DT current JJ written VBN contract NN if IN the DT opportunity NN to TO run VB a DT major JJ studio NN came VBD up IN . . Warner NNP denies VBZ such PDT an DT agreement NN was VBD made VBN , , and CC disputes VBZ the DT Guber-Peters NNP version NN of IN virtually RB every DT telephone NN call NN and CC meeting VBG the DT two CD sides NNS had VBD on IN the DT matter NN . . Just RB how WRB rancorous JJ the DT relationship NN has VBZ become VBN is VBZ clear JJ from IN the DT differing VBG versions NNS of IN the DT two CD sides NNS ' POS current JJ business NN dealings NNS . . Mr. NNP Guber NNP and CC Mr. NNP Peters NNP say VBP in IN their PRP$ affidavits NNS that IN Warner NNP already RB is VBZ taking VBG steps NNS to TO freeze VB them PRP out IN of IN their PRP$ projects NNS at IN Warner NNP , , notably RB the DT Sylvester NNP Stallone NNP film NN `` `` Tango NNP and CC Cash NNP . . '' '' Mr. NNP Peters NNP says VBZ in IN his PRP$ affidavit NN that IN the DT movie NN 's POS staff NN was VBD told VBN last JJ week NN that IN Warner NNP was VBD `` `` taking VBG over RP '' '' the DT picture NN , , and CC another DT producer NN would MD be VB giving VBG all DT of IN the DT orders NNS . . Over IN his PRP$ objections NNS , , Mr. NNP Peters NNP says VBZ , , the DT film NN 's POS release NN date NN was VBD moved VBN up RP `` `` by IN many JJ months NNS '' '' to TO December NNP , , and CC plans NNS for IN a DT soundtrack NN `` `` worth JJ millions NNS of IN dollars NNS '' '' were VBD dropped VBN . . Hubert NNP de NNP la NNP Bouillaire NNP , , an DT editor NN on IN the DT film NN , , backs VBZ Mr. NNP Peters NNP in IN a DT separate JJ sworn VBN declaration NN . . Mr. NNP de NNP la NNP Bouillaire NNP says VBZ Warner NNP Brothers NNPS production NN president NN Mark NNP Canton NNP called VBD him PRP Oct. NNP 19 CD and CC said VBD Mr. NNP Peters NNP is VBZ `` `` off IN the DT picture NN . . If IN he PRP calls VBZ you PRP up IN , , just RB tell VB him PRP everything NN is VBZ fine JJ . . '' '' The DT editor NN also RB says VBZ the DT new JJ producer NN on IN the DT film NN , , Bruce NNP Baird NNP , , told VBD editors NNS to TO screen VB the DT picture NN without IN telling VBG stars NNS Sylvester NNP Stallone NNP and CC Kurt NNP Russell NNP or CC Mr. NNP Peters NNP . . `` `` The DT less JJS they PRP know VBP , , the DT easier JJR it PRP is VBZ for IN us PRP . . If IN someone NN asks VBZ , , just RB lie VB and CC tell VB them PRP it PRP will MD be VB done VBN , , '' '' Mr. NNP de NNP la NNP Bouillaire NNP says VBZ Mr. NNP Baird NNP told VBD them PRP . . That IN , , says VBZ Warner NNP 's POS Mr. NNP Rabinowitz NNP , , is VBZ `` `` a DT total JJ 100 CD % NN lie NN . . '' '' The DT movie NN , , he PRP says VBZ , , is VBZ in IN its PRP$ post-production NN stages NNS of IN `` `` cleaning VBG up RP the DT film NN . . '' '' He PRP says VBZ Mr. NNP Peters NNP and CC Mr. NNP Guber NNP , , as IN the DT contractual JJ producers NNS with IN consultation NN rights NNS , , have VBP been VBN invited VBN to TO screenings NNS and CC to TO give VB their PRP$ input NN on IN the DT film NN . . Dozens NNS of IN Guber-Peters NNP staffers NNS are VBP still RB working VBG on IN the DT Warner NNP lot NN and CC consulting VBG on IN various JJ projects NNS on IN a DT `` `` daily JJ basis NN , , '' '' the DT attorney NN says VBZ . . Mr. NNP Guber NNP , , in IN his PRP$ affidavit NN , , says VBZ that IN when WRB he PRP advised VBD Warner NNP President NNP Terry NNP Semel NNP of IN the DT Sony NNP offer NN at IN lunch NN on IN Sept. NNP 25 CD , , Mr. NNP Semel NNP `` `` hugged VBD and CC congratulated VBD me PRP , , and CC expressed VBD joy NN that IN we PRP had VBD finally RB realized VBN our PRP$ long-term JJ ambition NN of IN running VBG and CC having VBG an DT equity NN position NN in IN a DT major JJ entertainment NN company NN . . '' '' Mr. NNP Guber NNP says VBZ he PRP brought VBD to TO lunch NN a DT release NN document NN Warner NNP had VBD agreed VBN to TO in IN 1988 CD , , when WRB he PRP and CC Mr. NNP Peters NNP made VBD an DT aborted JJ bid NN to TO buy VB part NN of IN MGM\/UA NNP Entertainment NNP Co. NNP to TO run VB the DT MGM NNP studio NN . . Mr. NNP Guber NNP says VBZ he PRP had VBD crossed VBN out RP `` `` MGM NNP '' '' with IN a DT red JJ pen NN and CC written VBN in RP `` `` Columbia NNP , , '' '' giving VBG the DT document NN to TO Mr. NNP Semel NNP . . `` `` Mr. NNP Semel NNP said VBD absolutely RB nothing NN to TO indicate VB Warner NNP would MD have VB any DT objection NN to TO our PRP$ assuming VBG management NN positions NNS at IN Columbia NNP , , '' '' Mr. NNP Guber NNP says VBZ . . Mr. NNP Semel NNP , , in IN his PRP$ affidavit NN , , does VBZ n't RB mention VB any DT hugging NN or CC congratulating NN . . He PRP says VBZ he PRP told VBD Mr. NNP Guber NNP he PRP could MD n't RB sign VB any DT documents NNS and CC that IN `` `` the DT deal NN , , although IN apparently RB a DT good JJ one CD for IN him PRP and CC Mr. NNP Peters NNP , , would MD have VB a DT very RB negative JJ impact NN on IN Warner NNP . . '' '' He PRP said VBD he PRP would MD contact VB Mr. NNP Ross NNP and CC Warner NNP Brothers NNPS Chairman NNP Robert NNP Daly NNP and CC that IN , , in IN a DT conference NN call NN , , the DT three CD agreed VBD they PRP could MD n't RB let VB the DT producers NNS out IN of IN their PRP$ contract NN . . Mr. NNP Ross NNP , , in IN his PRP$ own JJ affidavit NN , , says VBZ he PRP and CC Mr. NNP Daly NNP instructed VBD Mr. NNP Semel NNP to TO tell VB the DT producers NNS Warner NNP would MD n't RB terminate VB their PRP$ agreement NN . . Mr. NNP Guber NNP says VBZ that IN Mr. NNP Semel NNP did VBD convey VB that DT information NN and CC that IN Mr. NNP Semel NNP said VBD Mr. NNP Ross NNP was VBD `` `` crazy JJ because IN of IN the DT Time NNP deal NN , , '' '' meaning NN , , Mr. NNP Guber NNP says VBZ , , that IN Mr. NNP Ross NNP `` `` did VBD not RB want VB to TO communicate VB to TO his PRP$ new JJ merger NN partner NN , , Time NNP Inc. NNP , , that IN Warner NNP 's POS agreements NNS provided VBD for IN our PRP$ departure NN under IN these DT circumstances NNS . . '' '' Mr. NNP Guber NNP also RB says VBZ in IN his PRP$ affidavit NN that IN Mr. NNP Daly NNP `` `` told VBD us PRP that IN even RB if IN Sony NNP did VBD not RB want VB us PRP , , Warner NNP 's POS relationship NN with IN us PRP already RB was VBD irreparably RB damaged VBN , , that IN there EX was VBD no DT way NN ` `` to TO put VB the DT egg NN together RB , , ' '' and CC that IN it PRP would MD sue VB Sony NNP for IN tons NNS of IN money NN . . '' '' Moreover RB , , Mr. NNP Guber NNP claims VBZ , , Mr. NNP Semel NNP told VBD him PRP that IN Mr. NNP Ross NNP probably RB would MD n't RB object VB `` `` if IN it PRP were VBD anybody NN other JJ than IN Sony NNP . . But CC Sony NNP is VBZ a DT problem NN . . '' '' The DT Guber-Peters NNP side NN has VBZ said VBN Warner NNP is VBZ particularly RB concerned VBN about IN the DT prospect NN of IN a DT huge JJ Japanese JJ company NN controlling VBG important JJ segments NNS of IN the DT U.S. NNP entertainment NN business NN . . Some DT in IN Hollywood NNP suggest VBP Mr. NNP Guber NNP and CC Mr. NNP Peters NNP took VBD encouragement NN from IN Warner NNP studio NN executives NNS such JJ as IN Mr. NNP Semel NNP and CC Mr. NNP Canton NNP too RB literally RB . . According VBG to TO this DT theory NN , , Warner NNP executives NNS , , hoping VBG to TO strengthen VB their PRP$ relationships NNS with IN the DT producers NNS , , encouraged VBD Mr. NNP Guber NNP and CC Mr. NNP Peters NNP in IN their PRP$ ambitions NNS to TO build VB a DT major JJ entertainment NN company NN . . But CC the DT Warner NNP executives NNS in IN their PRP$ affidavits NNS deny VBP ever RB telling VBG the DT producers NNS they PRP could MD get VB out IN of IN their PRP$ written VBN contract NN . . Mr. NNP Rabinowitz NNP , , the DT Warner NNP attorney NN , , says VBZ the DT studio NN still RB wants VBZ the DT producers NNS to TO come VB back RB and CC fulfill VB their PRP$ contract NN . . `` `` They PRP are VBP like IN a DT mini-studio NN ; : they PRP have VBP 50 CD projects NNS in IN development NN for IN Warner NNP , , '' '' he PRP says VBZ . . But CC Mr. NNP Guber NNP indicates VBZ in IN his PRP$ affidavit NN that IN not RB all DT of IN the DT projects NNS will MD be VB used VBN . . For IN example NN , , he PRP says VBZ that IN since IN 1985 CD , , he PRP and CC Mr. NNP Peters NNP have VBP developed VBN over IN 85 CD movie NN projects NNS , , and CC Warner NNP has VBZ `` `` passed VBN '' '' or CC chosen VBN not RB to TO produce VB at IN least JJS 76 CD . . As IN for IN the DT projects NNS remaining VBG at IN Warner NNP , , Mr. NNP Guber NNP says VBZ , , `` `` Mr. NNP Semel NNP informed VBD me PRP that IN Warner NNP 's POS producers NNS have VBP already RB started VBN a DT ` `` feeding NN frenzy NN ' '' for IN our PRP$ projects NNS . . E.W. NNP Scripps NNP Co. NNP said VBD it PRP has VBZ acquired VBN a DT Georgia NNP cable NN television NN company NN and CC a DT Massachusetts NNP publishing NN firm NN . . Terms NNS on IN both DT deals NNS were VBD n't RB disclosed VBN . . The DT media NNS company NN said VBD it PRP purchased VBD Cable NNP USA NNP Inc. NNP , , a DT privately RB held VBN cable NN television NN system NN in IN Carroll NNP County NNP , , Ga. NNP , , a DT suburb NN of IN Atlanta NNP . . The DT system NN is VBZ still RB under IN construction NN and CC will MD serve VB a DT market NN of IN 7,600 CD homes NNS . . The DT company NN also RB has VBZ acquired VBN Sundance NNP Publishers NNPS and CC Distributors NNPS Inc. NNP , , a DT family NN owned VBN producer NN and CC distributor NN of IN educational JJ materials NNS in IN Littleton NNP , , Mass NNP . . Despite IN politicians NNS ' POS hand-wringing NN about IN the DT federal JJ budget NN , , the DT government NN ended VBD fiscal JJ 1989 CD with IN a DT $ $ 152.08 CD billion CD deficit NN , , about IN the DT same JJ as IN the DT two CD previous JJ years NNS . . Even RB White NNP House NNP budget NN director NN Richard NNP Darman NNP had VBD trouble NN finding VBG a DT silver NN lining NN in IN the DT report NN . . `` `` I PRP suppose VBP you PRP could MD say VB the DT good JJ news NN is VBZ that IN the DT deficits NNS are VBP not RB heading VBG up IN , , '' '' he PRP said VBD , , `` `` but CC you PRP ca MD n't RB be VB satisfied VBN with IN deficits NNS at IN this DT level NN and CC we PRP 're VBP not RB . . '' '' The DT federal JJ deficit NN was VBD $ $ 155.15 CD billion CD in IN 1988 CD and CC $ $ 149.69 CD billion CD in IN 1987 CD . . The DT 1989 CD deficit NN would MD have VB been VBN nearly RB $ $ 10 CD billion CD larger JJR had VBD the DT government NN been VBN able JJ to TO spend VB as RB much RB as IN Congress NNP intended VBD on IN cleaning NN up RP the DT thrift NN industry NN before IN the DT year NN ended VBD on IN Sept. NNP 30 CD . . Because IN the DT Resolution NNP Trust NNP Corp NNP . . could MD n't RB spend VB the DT money NN fast RB enough RB , , the DT savings-and-loan NN outlays NNS were VBD pushed VBN into IN fiscal JJ 1990 CD . . Nevertheless RB , , the DT 1989 CD deficit NN still RB exceeded VBD the DT $ $ 136 CD billion CD target NN set VBN by IN the DT Gramm-Rudman NNP deficit-reduction NN law NN by IN $ $ 16 CD billion CD , , a DT reminder NN of IN that DT law NN 's POS shortcomings NNS . . The DT law NN sets VBZ a DT deficit NN target NN of IN $ $ 100 CD billion CD for IN fiscal JJ 1990 CD . . A DT partisan JJ fight NN over IN cutting VBG capital-gains JJ taxes NNS has VBZ slowed VBN the DT progress NN of IN 1990 CD deficit-reduction NN legislation NN almost RB to TO a DT halt NN , , triggering VBG across-the-board JJ spending NN cuts NNS under IN the DT Gramm-Rudman NNP law NN . . The DT White NNP House NNP and CC the DT Democratic JJ leadership NN in IN Congress NNP blame VBP each DT other JJ for IN turning VBG capital-gains JJ taxes NNS into IN such PDT a DT divisive JJ issue NN this DT year NN . . Neither DT side NN showed VBD any DT sign NN of IN retreating VBG . . Meeting VBG with IN reporters NNS Friday NNP , , Mr. NNP Darman NNP again RB said VBD he PRP would MD rather RB live VB with IN across-the-board JJ spending NN cuts NNS than IN accept VB a DT deficit-reduction JJ bill NN like IN the DT one CD passed VBN by IN the DT House NNP , , which WDT would MD increase VB spending NN in IN future JJ years NNS . . Underscoring VBG the DT size NN of IN the DT deficits NNS of IN the DT past JJ few JJ years NNS , , the DT Treasury NNP report NN showed VBD that IN for IN the DT first JJ time NN interest NN paid VBN on IN the DT public JJ debt NN -- : $ $ 240.86 CD billion CD -- : exceeded VBD spending NN on IN Social NNP Security NNP , , the DT single JJ largest JJS government NN program NN . . In IN all DT , , federal JJ outlays NNS amounted VBD to TO $ $ 1.143 CD trillion CD in IN 1989 CD , , up RB 7.5 CD % NN from IN the DT previous JJ year NN , , the DT Treasury NNP said VBD . . Federal NNP revenues NNS rose VBD 9 CD % NN to TO $ $ 990.79 CD billion CD . . The DT Treasury NNP said VBD a DT surge NN in IN tax NN receipts NNS noted VBN earlier RBR in IN the DT year NN did VBD n't RB turn VB out RP to TO be VB quite RB as RB strong JJ as IN it PRP first RB appeared VBD . . The DT Treasury NNP marked VBD up RP its PRP$ forecast NN by IN $ $ 17 CD million CD in IN July NNP , , but CC that DT proved VBD to TO be VB about IN $ $ 5 CD billion CD too RB optimistic JJ . . The DT government NN ran VBD a DT deficit NN of IN $ $ 6.16 CD billion CD in IN September NNP , , compared VBN with IN a DT surplus NN of IN $ $ 10.17 CD billion CD in IN September NNP 1988 CD . . Outlays NNS for IN the DT month NN totaled VBD $ $ 105.39 CD billion CD , , up RB from IN $ $ 87.57 CD billion CD a DT year NN earlier RBR . . The DT increase NN reflects VBZ spending VBG on IN the DT S&L NN rescue NN as RB well RB as IN payroll NN and CC Social NNP Security NNP checks NNS normally RB issued VBN in IN October NNP that WDT were VBD issued VBN in IN September NNP this DT year NN because IN Oct. NNP 1 CD fell VBD on IN a DT Sunday NNP . . Revenues NNS were VBD $ $ 99.23 CD billion CD , , up RB from IN $ $ 97.74 CD billion CD a DT year NN earlier RBR . . CMS NNP Energy NNP Corp. NNP said VBD it PRP would MD begin VB paying VBG a DT 10-cent-a-share JJ quarterly NN dividend NN , , the DT company NN 's POS first JJ since IN 1984 CD . . Consumers NNP Power NNP Co. NNP , , now RB the DT main JJ unit NN of IN CMS NNP Energy NNP , , ran VBD into IN financial JJ problems NNS over IN its PRP$ $ $ 4.2 CD billion CD Midland NNP nuclear JJ plant NN , , which WDT was VBD abandoned VBN as IN a DT nuclear JJ facility NN in IN 1984 CD because IN of IN construction NN delays NNS and CC high JJ costs NNS . . CMS NNP is VBZ nearly RB done VBN converting VBG the DT Midland NNP plant NN to TO a DT gas-fired JJ cogeneration NN facility NN at IN a DT cost NN of IN $ $ 600 CD million CD . . CMS NNP management NN said VBD Thursday NNP that IN they PRP planned VBD to TO recommend VB paying VBG a DT modest JJ dividend NN when WRB the DT board NN of IN directors NNS met VBD Friday NNP . . The DT dividend NN will MD be VB paid VBN Nov. NNP 22 CD to TO shares NNS of IN record NN Nov. NNP 7 CD . . The DT company NN suffered VBD a DT loss NN of IN $ $ 270 CD million CD in IN 1985 CD , , but CC its PRP$ financial JJ situation NN has VBZ been VBN improving VBG since IN then RB . . Humana NNP Inc. NNP said VBD it PRP expects VBZ to TO receive VB about IN $ $ 27 CD million CD in IN federal JJ income-tax JJ refunds NNS and CC interest NN from IN a DT court NN ruling VBG on IN a DT tax NN dispute NN . . The DT health-care JJ company NN said VBD it PRP expects VBZ the DT refund NN to TO be VB included VBN in IN the DT first JJ quarter NN ending VBG Nov. NNP 30 CD . . The DT refund NN is VBZ about IN $ $ 9 CD million CD . . Accrued VBN interest NN on IN the DT refund NN was VBD about IN $ $ 18 CD million CD as IN of IN Oct. NNP 25 CD . . The DT refund NN stems VBZ from IN a DT court NN ruling NN that WDT found VBD certain JJ payments NNS by IN Humana NNP subsidiaries NNS to TO its PRP$ insurance NN subsidiary NN during IN fiscal JJ 1977 CD through IN 1979 CD were VBD deductible JJ as IN premiums NNS for IN liability NN insurance NN . . Polly NNP Peck NNP International NNP Inc. NNP 's POS agreement NN to TO acquire VB 51 CD % NN of IN Sansui NNP Electric NNP Co. NNP proves VBZ that IN foreign JJ companies NNS can MD acquire VB Japanese JJ companies NNS -- : if IN the DT alternative NN for IN the DT Japanese JJ company NN is VBZ extinction NN . . Polly NNP Peck NNP , , a DT fast-growing JJ British JJ conglomerate NN , , will MD pay VB 15.6 CD billion CD yen NN ( ( $ $ 110 CD million CD ) ) for IN 39 CD million CD new JJ shares NNS of IN Sansui NNP , , a DT well-known JJ maker NN of IN high-fidelity NN audio NN equipment NN that WDT failed VBD to TO adjust VB to TO changing VBG market NN conditions NNS . . Japanese JJ government NN officials NNS , , eager JJ to TO rebut VB foreign JJ criticism NN of IN Japanese JJ investments NNS overseas RB , , hailed VBD the DT transaction NN as IN proof NN foreigners NNS can MD make VB similar JJ investments NNS in IN Japan NNP . . Polly NNP Peck NNP 's POS chairman NN , , Asil NNP Nadir NNP , , echoed VBD the DT official JJ Japanese JJ view NN of IN the DT accord NN , , which WDT was VBD announced VBN Friday NNP . . `` `` The DT myths NNS that IN Japan NNP is VBZ not RB open JJ to TO concerns NNS from IN outside NN has VBZ , , I PRP think VBP , , been VBN demolished VBN at IN a DT stroke NN , , '' '' Mr. NNP Nadir NNP said VBD . . But CC analysts NNS say VBP Sansui NNP is VBZ a DT special JJ case NN . . It PRP expects VBZ to TO post VB a DT loss NN of IN 6.4 CD billion CD yen NN for IN the DT year NN ending VBG tomorrow NN and CC its PRP$ liabilities NNS currently RB exceed VBP its PRP$ assets NNS by IN about IN 13.8 CD billion CD yen NN . . `` `` If IN you PRP find VBP sound JJ , , healthy JJ companies NNS in IN Japan NNP , , they PRP are VBP not RB for IN sale NN , , '' '' said VBD George NNP Watanabe NNP , , a DT management-consultant NN at IN Tokyo-based JJ Asia NNP Advisory NNP Services NNPS Inc NNP . . Statistics NNS on IN acquisitions NNS by IN foreigners NNS vary VBP in IN detail NN , , because IN unlike IN Sansui NNP , , which WDT is VBZ listed VBN on IN the DT Tokyo NNP and CC Osaka NNP stock NN exchanges NNS , , most JJS of IN the DT Japanese JJ companies NNS acquired VBN by IN foreigners NNS are VBP privately RB held VBN . . But CC by IN all DT accounts NNS foreign JJ companies NNS have VBP bought VBN only RB a DT relative JJ handful NN of IN Japanese JJ companies NNS this DT year NN , , while IN Japanese JJ companies NNS have VBP acquired VBN hundreds NNS of IN foreign JJ companies NNS . . Nor CC do VBP analysts NNS expect VB the DT Sansui NNP deal NN to TO touch VB off RP a DT fresh JJ wave NN of IN foreign JJ purchases NNS . . If IN the DT strong JJ yen NN and CC the DT high JJ stock NN prices NNS of IN Japanese JJ companies NNS were VBD n't RB deterrents NNS enough RB , , webs NNS of IN cross-shareholdings NNS between IN friendly JJ Japanese JJ companies NNS and CC fiercely RB independent JJ Japanese JJ corporate JJ attitudes NNS repel VBP most RBS would-be JJ acquirers NNS . . Usually RB when WRB a DT Japanese JJ company NN is VBZ ready JJ to TO sell VB , , it PRP has VBZ few JJ alternatives NNS remaining VBG , , and CC the DT grim JJ demeanors NNS of IN Sansui NNP 's POS directors NNS at IN a DT joint JJ news NN conference NN here RB left VBD little JJ doubt NN that IN this DT was VBD not RB the DT company NN 's POS finest JJS hour NN . . Sansui NNP was VBD once RB one CD of IN Japan NNP 's POS premier JJR makers NNS of IN expensive JJ , , high-quality NN stereo NN gear NN for IN audiophiles NNS . . But CC in IN recent JJ years NNS , , the DT market NN has VBZ moved VBN toward IN less RBR expensive JJ `` `` mini-component JJ '' '' sets NNS , , miniaturized VBN amplifiers NNS and CC receivers NNS and CC software NN players NNS that WDT could MD be VB stacked VBN on IN top NN of IN each DT other JJ . . Some DT of IN Sansui NNP 's POS fellow NN audio-specialty NN companies NNS , , such JJ as IN Aiwa NNP Co. NNP and CC Pioneer NNP Electric NNP Corp. NNP , , responded VBD to TO the DT challenge NN by IN quickly RB bringing VBG out RP mini-component JJ products NNS of IN their PRP$ own JJ , , by IN moving VBG heavily RB into IN the DT booming JJ compact JJ disk NN businesses NNS or CC by IN diversifying VBG into IN other JJ consumer-electronics JJ fields NNS , , including VBG laser NN disks NNS or CC portable JJ cassette NN players NNS . . Sansui NNP was VBD late JJ into IN the DT mini-component JJ business NN and CC failed VBD to TO branch VB into IN other JJ new JJ businesses NNS . . As IN the DT yen NN soared VBD in IN recent JJ years NNS , , Sansui NNP 's POS deepening VBG financial JJ problems NNS became VBD a DT vicious JJ circle NN . . While IN competitors NNS moved VBD production NN offshore RB in IN response NN to TO the DT sagging VBG competitiveness NN of IN Japanese JJ factories NNS , , Sansui NNP lacked VBD the DT money NN to TO build VB new JJ plants NNS in IN Southeast NNP Asia NNP . . `` `` Our PRP$ company NN has VBZ not RB been VBN able JJ to TO cope VB very RB effectively RB with IN '' '' changes NNS in IN the DT marketplace NN , , said VBD Ryosuke NNP Ito NNP , , Sansui NNP 's POS president NN . . But CC even RB a DT Japanese JJ company NN that WDT looks VBZ like IN a DT dog NN may MD turn VB out RP to TO be VB a DT good JJ investment NN for IN a DT foreign JJ concern NN , , some DT management NN consultants NNS maintain VBP . . Yoshihisa NNP Murasawa NNP , , a DT management NN consultant NN for IN Booz-Allen NNP & CC Hamilton NNP ( ( Japan NNP ) ) Inc. NNP , , said VBD his PRP$ firm NN will MD likely RB be VB recommending VBG acquisitions NNS of IN Japanese JJ companies NNS more RBR often RB to TO foreign JJ clients NNS in IN the DT future NN . . `` `` Attitudes NNS { ( toward IN being VBG acquired VBN } ) are VBP still RB negative JJ , , but CC they PRP 're VBP becoming VBG more RBR positive JJ , , '' '' Mr. NNP Murasawa NNP said VBD . . `` `` In IN some DT industries NNS , , like IN pharmaceuticals NNS , , acquisitions NNS make VBP sense NN . . '' '' Whether NNP Polly NNP Peck NNP 's POS acquisition NN makes VBZ sense NN remains VBZ to TO be VB seen VBN , , but CC at IN the DT news NN conference NN , , Mr. NNP Nadir NNP brimmed VBD with IN self-confidence NN that IN he PRP can MD turn VB Sansui NNP around IN . . Sansui NNP , , he PRP said VBD , , is VBZ a DT perfect JJ fit NN for IN Polly NNP Peck NNP 's POS electronics NNS operations NNS , , which WDT make VBP televisions NNS , , videocassette NN recorders NNS , , microwaves NNS and CC other JJ products NNS on IN an DT `` `` original JJ equipment NN maker NN '' '' basis NN for IN sale NN under IN other JJ companies NNS ' POS brand NN names NNS . . He PRP said VBD Polly NNP Peck NNP will MD greatly RB expand VB Sansui NNP 's POS product NN line NN , , using VBG Sansui NNP 's POS engineers NNS to TO design VB the DT new JJ products NNS , , and CC will MD move VB Sansui NNP 's POS production NN of IN most JJS products NNS other JJ than IN sophisticated JJ audio JJ gear NN offshore RB into IN Polly NNP Peck NNP 's POS own JJ factories NNS . . `` `` Whatever WDT capital NN it PRP ( ( Sansui NNP ) ) needs VBZ so IN it PRP can MD compete VB and CC become VB a DT totally RB global JJ entity NN capable JJ of IN competing VBG with IN the DT best JJS in IN the DT world NN , , that DT capital NN will MD be VB injected VBN , , '' '' Mr. NNP Nadir NNP said VBD . . And CC while IN Polly NNP Peck NNP is VBZ n't RB jettisoning VBG the DT existent JJ top-management NN structure NN of IN Sansui NNP , , it PRP is VBZ bringing VBG in RP a DT former JJ Toshiba NNP Corp. NNP executive NN as IN executive JJ vice NN president NN and CC chief NN operating VBG officer NN . . Such JJ risk NN taking NN is VBZ an DT everyday JJ matter NN for IN the DT brash JJ Mr. NNP Nadir NNP , , who WP is VBZ 25 CD % NN owner NN of IN Polly NNP Peck NNP as RB well RB as IN its PRP$ chairman NN . . He PRP took VBD Polly NNP Peck NNP , , once RB a DT small JJ fabric NN wholesaler NN , , and CC used VBD it PRP at IN as IN a DT base NN to TO build VB a DT conglomerate NN that WDT has VBZ been VBN doubling VBG its PRP$ profits NNS annually RB since IN 1980 CD . . In IN September NNP , , it PRP announced VBD plans NNS to TO acquire VB the DT tropical-fruit NN business NN of IN RJR NNP Nabisco NNP Inc. NNP 's POS Del NNP Monte NNP foods NNS unit NN for IN # # 557 CD million CD ( ( $ $ 878 CD million CD ) ) . . Last JJ month NN , , Polly NNP Peck NNP posted VBD a DT 38 CD % NN jump NN in IN pretax NN profit NN for IN the DT first JJ half DT to TO # # 54.8 CD million CD from IN # # 39.8 CD million CD on IN a DT 63 CD % NN rise NN in IN sales NNS . . Joann NNP S. NNP Lublin NNP in IN London NNP contributed VBD to TO this DT article NN . . The DT bolstered VBN cellular JJ agreement NN between IN BellSouth NNP Corp. NNP and CC LIN NNP Broadcasting NNP Corp. NNP carries VBZ heightened VBN risks NNS and CC could MD fail VB to TO fend VB off RP McCaw NNP Cellular NNP Communications NNPS Inc. NNP , , the DT rival JJ suitor NN for IN LIN NNP . . Moreover RB , , the DT amended VBN pact NN shows VBZ how WRB McCaw NNP 's POS persistence NN has VBZ pushed VBN LIN NNP and CC BellSouth NNP into IN a DT corner NN , , forcing VBG huge JJ debt NN on IN the DT proposed VBN new JJ company NN . . The DT debt NN , , estimated VBN at IN $ $ 4.7 CD billion CD , , could MD mortgage VB the DT cellular JJ company NN 's POS future NN earning VBG power NN in IN order NN to TO placate VB some DT LIN NNP holders NNS in IN the DT short JJ term NN . . The DT plan NN still RB calls VBZ for IN LIN NNP to TO combine VB its PRP$ cellular JJ telephone NN properties NNS with IN BellSouth NNP 's POS and CC to TO spin VB off RP its PRP$ broadcasting VBG operations NNS . . But CC under IN new JJ terms NNS of IN the DT agreement NN , , announced VBN Friday NNP , , LIN NNP holders NNS would MD receive VB a DT special JJ cash NN dividend NN of IN $ $ 42 CD a DT share NN , , representing VBG a DT payout NN of IN about IN $ $ 2.23 CD billion CD , , shortly RB before IN the DT proposed VBN merger NN . . LIN NNP said VBD it PRP expects VBZ to TO borrow VB the DT money NN to TO pay VB the DT dividend NN , , but CC commitments NNS from IN banks NNS still RB have VBP n't RB been VBN obtained VBN . . Under IN previous JJ terms NNS , , holders NNS would MD have VB received VBN a DT dividend NN of IN only RB $ $ 20 CD a DT share NN . . In IN addition NN , , New NNP York-based JJ LIN NNP would MD exercise VB its PRP$ right NN to TO buy VB out RP for IN $ $ 1.9 CD billion CD the DT 55 CD % NN equity NN interest NN of IN its PRP$ partner NN , , Metromedia NNP Co. NNP , , in IN a DT New NNP York NNP cellular JJ franchise NN . . That DT money NN also RB would MD have VB to TO be VB borrowed VBN . . In IN effect NN , , McCaw NNP has VBZ forced VBN LIN NNP 's POS hand NN by IN bidding NN $ $ 1.9 CD billion CD for IN the DT stake NN earlier RBR this DT month NN . . `` `` We PRP 're VBP taking VBG on RP more JJR debt NN than IN we PRP would MD have VB liked VBN to TO , , '' '' acknowledged VBD Michael NNP Plouf NNP , , LIN NNP 's POS vice NN president NN and CC treasurer NN . . Although IN he PRP expressed VBD confidence NN that IN the DT proposed VBN new JJ company NN 's POS cash NN flow NN would MD be VB sufficient JJ to TO cover VB interest NN payments NNS on IN the DT debt NN , , he PRP estimated VBD that IN the DT company NN would MD n't RB be VB profitable JJ until IN 1994 CD or CC later RB . . Analyst NN estimate VBP the DT value NN of IN the DT BellSouth NNP proposal NN at IN about IN $ $ 115 CD to TO $ $ 125 CD a DT share NN . . They PRP value VBP McCaw NNP 's POS bid NN at IN $ $ 112 CD to TO $ $ 118 CD a DT share NN . . The DT previous JJ BellSouth NNP pact NN was VBD valued VBN at IN about IN $ $ 98 CD to TO $ $ 110 CD a DT share NN . . McCaw NNP , , the DT largest JJS provider NN of IN cellular JJ telephone NN service NN in IN the DT U.S. NNP , , already RB owns VBZ about IN 9.4 CD % NN of IN LIN NNP 's POS stock NN . . In IN response NN to TO BellSouth NNP 's POS amended VBN pact NN , , the DT Kirkland NNP , , Wash. NNP , , company NN extended VBD its PRP$ own JJ offer NN to TO buy VB 22 CD million CD LIN NNP shares NNS for IN $ $ 125 CD apiece RB , , which WDT would MD give VB McCaw NNP a DT 50.3 CD % NN controlling VBG interest NN . . Over IN the DT weekend NN , , McCaw NNP continued VBD to TO call VB for IN an DT auction NN of IN LIN NNP . . Analysts NNS said VBD they PRP expect VBP McCaw NNP to TO escalate VB the DT bidding NN again RB . . `` `` This DT game NN is VBZ n't RB over IN yet RB , , '' '' said VBD Joel NNP D. NNP Gross NNP , , a DT vice NN president NN at IN Donaldson NNP , , Lufkin NNP & CC Jenrette NNP Securities NNPS Corp NNP . . `` `` At IN some DT point NN , , it PRP will MD become VB non-economical JJ for IN one CD company NN . . But CC I PRP do VBP n't RB think VB we PRP 're VBP at IN that DT point NN yet RB . . '' '' Under IN its PRP$ revised VBN proposal NN , , Atlanta-based JJ BellSouth NNP would MD have VB a DT 50 CD % NN interest NN in IN the DT new JJ cellular JJ company NN and CC would MD be VB responsible JJ for IN half DT of IN its PRP$ debt NN . . To TO sweeten VB the DT pact NN further RB -- : and CC to TO ease VB concerns NNS of IN institutional JJ investors NNS -- : BellSouth NNP added VBD a DT provision NN designed VBN to TO give VB extra JJ protection NN to TO holders NNS if IN the DT regional JJ Bell NNP company NN ever RB decides VBZ to TO buy VB the DT rest NN of IN the DT new JJ cellular JJ company NN . . The DT provision NN , , described VBN as IN `` `` back-end JJ '' '' protection NN , , would MD require VB BellSouth NNP to TO pay VB a DT price NN equivalent JJ to TO what WP an DT outside JJ party NN might MD have VB to TO pay VB . . McCaw NNP 's POS bid NN also RB has VBZ a DT similar JJ clause NN . . Only RB McCaw NNP 's POS proposal NN requires VBZ the DT company NN to TO begin VB an DT auction NN process NN in IN June NNP 1994 CD for IN remaining VBG shares NNS at IN third-party JJ prices NNS . . To TO mollify VB shareholders NNS concerned VBN about IN the DT long-term JJ value NN of IN the DT company NN under IN the DT BellSouth-LIN JJ agreement NN , , BellSouth NNP also RB agreed VBD to TO pay VB as RB much RB as IN $ $ 10 CD a DT share NN , , or CC $ $ 540 CD million CD , , if IN , , after IN five CD years NNS , , the DT trading NN value NN of IN the DT new JJ cellular JJ company NN is VBZ n't RB as RB high JJ as IN the DT value NN that WDT shareholders NNS would MD have VB realized VBN from IN the DT McCaw NNP offer NN . . `` `` We PRP 're VBP very RB pleased JJ with IN the DT new JJ deal NN . . We PRP did VBD n't RB expect VB BellSouth NNP to TO be VB so RB responsive JJ , , '' '' said VBD Frederick NNP A. NNP Moran NNP , , president NN of IN Moran NNP Asset NNP Management NNP Inc. NNP , , which WDT holds VBZ 500,000 CD LIN NNP shares NNS . . BellSouth NNP 's POS `` `` back-end JJ protection NN was VBD flawed VBN previously RB . . We PRP think VBP this DT is VBZ a DT superior JJ deal NN to TO McCaw NNP 's POS . . We PRP 're VBP surprised VBN . . We PRP did VBD n't RB think VB a DT sleeping VBG { ( Bell NNP } ) mentality NN would MD be VB willing JJ to TO take VB on RP dilution NN . . '' '' But CC Kenneth NNP Leon NNP , , a DT telecommunications NNS analyst NN with IN Bear NNP , , Stearns NNP & CC Co. NNP , , finds VBZ the DT BellSouth NNP proposal NN still RB flawed VBN because IN the DT company NN does VBZ n't RB have VB to TO wait VB five CD years NNS to TO begin VB buying VBG more JJR LIN NNP shares NNS . . `` `` How WRB many JJ shares NNS will MD be VB around IN in IN 1995 CD ? . '' '' he PRP asked VBD . . `` `` There EX 's VBZ nothing NN preventing VBG BellSouth NNP from IN buying VBG up RP shares NNS in IN the DT meanwhile NN . . '' '' BellSouth NNP 's POS revised VBN proposal NN surprised VBD many JJ industry NN analysts NNS , , especially RB because IN of IN the DT company NN 's POS willingness NN to TO accept VB some DT dilution NN of IN future JJ earnings NNS . . William NNP O. NNP McCoy NNP , , president NN of IN the DT company NN 's POS BellSouth NNP Enterprises NNPS Inc. NNP unit NN , , said VBD the DT revised VBN agreement NN with IN LIN NNP would MD dilute VB BellSouth NNP earnings NNS by IN about IN 9 CD % NN in IN both DT 1990 CD and CC 1991 CD and CC by IN significantly RB less RBR thereafter RB . . Indeed RB , , BellSouth NNP 's POS cellular JJ operations NNS were VBD among IN the DT first JJ in IN the DT country NN to TO become VB profitable JJ . . For IN 1988 CD , , BellSouth NNP earned VBD $ $ 1.7 CD billion CD , , or CC $ $ 3.51 CD a DT share NN , , on IN revenue NN of IN $ $ 13.6 CD billion CD . . Analysts NNS were VBD predicting VBG 1990 CD BellSouth NNP earnings NNS in IN the DT range NN of IN $ $ 3.90 CD a DT share NN , , or CC $ $ 1.9 CD billion CD , , but CC now RB those DT estimates NNS are VBP being VBG scaled VBN back RB . . In IN composite JJ trading NN Friday NNP on IN the DT New NNP York NNP Stock NNP Exchange NNP , , BellSouth NNP shares NNS fell VBD 87.5 CD cents NNS to TO $ $ 52.125 CD . . In IN national JJ over-the-counter JJ trading NN , , LIN NNP shares NNS soared VBD $ $ 4.625 CD to TO closed VBD at IN $ $ 112.625 CD , , while IN McCaw NNP fell VBD $ $ 2.50 CD a DT share NN to TO $ $ 37.75 CD . . The DT proposed VBN BellSouth-LIN NNP cellular JJ company NN , , including VBG the DT newly RB acquired VBN Metromedia NNP stake NN , , would MD give VB the DT new JJ entity NN 55 CD million CD potential JJ customers NNS , , including VBG about IN 35 CD million CD in IN the DT nation NN 's POS top JJ 10 CD markets NNS . . Mr. NNP Leon NNP of IN Bear NNP Stearns NNP speculated VBD that IN McCaw NNP , , in IN an DT attempt NN to TO buy VB time NN , , might MD consider VB filing VBG an DT antitrust JJ suit NN against IN BellSouth NNP with IN the DT Justice NNP Department NNP and CC U.S. NNP District NNP Judge NNP Harold NNP Greene NNP , , who WP oversees VBZ enforcement NN of IN the DT consent NN decree NN that WDT broke VBD up RP the DT Bell NNP system NN in IN 1984 CD . . Indeed RB , , McCaw NNP seemed VBD to TO hint VB at IN that DT option NN in IN a DT brief JJ statement NN . . Urging NNP LIN NNP directors NNS to TO conduct VB `` `` a DT fair JJ auction NN on IN a DT level NN playing VBG field NN , , '' '' McCaw NNP asked VBD how WRB well RB the DT public JJ interest NN would MD be VB served VBN `` `` with IN the DT Bell NNP operating VBG companies NNS controlling VBG over IN 94 CD % NN of IN all DT cellular JJ { ( potential JJ customers NNS } ) in IN the DT nation NN 's POS top JJ 10 CD markets NNS . . Market NN makers NNS in IN Nasdaq NNP over-the-counter JJ stocks NNS are VBP adding VBG their PRP$ voices NNS to TO the DT swelling VBG chorus NN of IN complaints NNS about IN program NN trading NN . . Their PRP$ motivation NN , , however RB , , has VBZ a DT strong JJ practical JJ aspect NN : : Program NN trading NN is VBZ hazardous JJ to TO their PRP$ paychecks NNS . . The DT most RBS controversial JJ form NN of IN program NN trading NN , , stock-index NN arbitrage NN , , is VBZ `` `` making VBG it PRP tough JJ for IN traders NNS to TO make VB money NN , , '' '' declares VBZ Robert NNP Antolini NNP , , head NN of IN OTC NNP trading NN at IN Donaldson NNP , , Lufkin NNP & CC Jenrette NNP . . Stock-index NN arbitrage NN -- : the DT computer-guided JJ buying NN and CC selling NN of IN stocks NNS with IN offsetting VBG trades NNS in IN stock-index NN futures NNS to TO profit VB from IN fleeting JJ price NN discrepancies NNS -- : affects VBZ the DT OTC NNP market NN directly RB through IN the DT 31 CD stocks NNS included VBN in IN Standard NNP & CC Poor NNP 's POS 500-stock JJ index NN . . The DT S&P NNP 500 CD is VBZ often RB used VBN in IN arbitrage NN strategies NNS . . The DT portion NN of IN OTC NNP volume NN attributable JJ to TO program NN trading NN is VBZ n't RB known VBN , , as IN it PRP is VBZ on IN the DT New NNP York NNP Stock NNP Exchange NNP , , where WRB it PRP amounted VBD to TO more JJR than IN 13 CD % NN in IN September NNP . . Estimates NNS from IN traders NNS put VBD it PRP at IN less JJR than IN 5 CD % NN of IN Nasdaq NNP 's POS average JJ daily JJ volume NN of IN roughly RB 133 CD million CD shares NNS . . Other JJ market-maker NN gripes NNS : : Program NN trading NN also RB causes VBZ the DT Nasdaq NNP Composite NNP Index NNP to TO lose VB ground NN against IN other JJ segments NNS of IN the DT stock NN market NN . . Because IN of IN program NN trading NN it PRP is VBZ more RBR difficult JJ to TO trade VB many JJ OTC NNP stocks NNS without IN sharp JJ price NN moves NNS , , a DT condition NN known VBN as IN illiquidity NN . . Moreover RB , , the DT price NN volatility NN that WDT is VBZ amplified VBN by IN program NN trading NN is VBZ undercutting VBG efforts NNS to TO woo VB individual JJ investors NNS back RB to TO an DT OTC NNP market NN that WDT sorely RB misses VBZ them PRP . . Some DT of IN these DT problems NNS are VBP neither DT new JJ nor CC unique JJ to TO the DT OTC NNP market NN . . But CC the DT big JJ , , often RB tumultuous JJ slide NN in IN stock NN prices NNS this DT month NN has VBZ turned VBN some DT of IN those DT who WP have VBP been VBN profiting VBG from IN the DT practice NN against IN it PRP . . Peter NNP DaPuzzo NNP , , head NN of IN retail JJ equity NN trading NN at IN Shearson NNP Lehman NNP Hutton NNP , , acknowledges VBZ that IN he PRP was VBD n't RB troubled JJ by IN program NN trading NN when WRB it PRP began VBD in IN the DT pre-crash JJ bull NN market NN because IN it PRP added VBD liquidity NN and CC people NNS were VBD pleased JJ to TO see VB stock NN prices NNS rising NN . . `` `` We PRP were VBD n't RB as RB concerned VBN until IN they PRP became VBD sell NN programs NNS , , '' '' says VBZ Mr. NNP DaPuzzo NNP , , who WP now RB thinks VBZ it PRP adds VBZ unnecessary JJ volatility NN . . Shearson NNP Lehman NNP , , however RB , , executes VBZ program NN trades NNS for IN clients NNS . . Merrill NNP Lynch NNP , , Goldman NNP Sachs NNP and CC Kidder NNP Peabody NNP , , in IN addition NN to TO Shearson NNP , , do VBP program-trade JJ OTC NNP stocks NNS . . Shearson NNP , , Merrill NNP Lynch NNP and CC Goldman NNP Sachs NNP say VBP they PRP do VBP so RB only RB for IN customers NNS , , however RB . . Kidder NNP Peabody NNP does VBZ program NN trading NN for IN its PRP$ own JJ as RB well RB as IN clients NNS ' POS accounts NNS . . Of IN course NN , , there EX were VBD sell NN programs NNS in IN past JJ years NNS , , too RB , , but CC they PRP seem VBP to TO hurt VB market NN makers NNS more RBR painfully RB these DT days NNS . . That DT 's VBZ largely RB because IN of IN defensive JJ measures NNS they PRP adopted VBD after IN the DT 1987 CD crash NN , , when WRB individual JJ investors NNS fled VBD the DT market NN and CC trading NN activity NN dwindled VBD . . Market NN makers NNS , , to TO cut VB costs NNS , , slashed VBD inventories NNS of IN stocks NNS they PRP keep VBP on IN hand NN to TO sell VB investors NNS when WRB other JJ holders NNS are VBP n't RB selling VBG . . And CC to TO protect VB their PRP$ reduced VBN capital NN investment NN from IN eroding VBG further RB , , market NN makers NNS became VBD quicker RBR to TO lower VB price NN quotes NNS when WRB sell NN programs NNS are VBP in IN progress NN . . On IN days NNS when WRB prices NNS are VBP tumbling VBG , , they PRP must MD be VB willing JJ to TO buy VB shares NNS from IN sellers NNS when WRB no DT one NN else RB will MD . . In IN such PDT an DT environment NN , , market NN makers NNS can MD suffer VB huge JJ losses NNS both DT on IN trades NNS made VBN that DT day NN at IN steadily RB dropping VBG prices NNS and CC in IN the DT value NN of IN their PRP$ inventories NNS of IN shares NNS . . `` `` It PRP makes VBZ no DT sense NN for IN us PRP to TO put VB money NN at IN risk NN when WRB you PRP know VBP you PRP 're VBP going VBG to TO lose VB , , '' '' says VBZ Mr. NNP Antolini NNP , , of IN Donaldson NNP Lufkin NNP . . But CC this DT skittishness NN , , Mr. NNP Antolini NNP says VBZ , , is VBZ creating VBG liquidity NN problems NNS in IN certain JJ OTC NNP stocks NNS . . `` `` It PRP 's VBZ harder JJR to TO sell VB stocks NNS when WRB the DT sell NN programs NNS come VBD in RB because IN some DT market NN makers NNS do VBP n't RB want VB to TO { ( take VB the DT orders NNS } ) . . No DT one NN has VBZ big JJ positions NNS and CC no DT one NN wants VBZ to TO take VB big JJ risks NNS . . '' '' Joseph NNP Hardiman NNP , , president NN of IN the DT National NNP Association NNP of IN Securities NNPS Dealers NNPS , , which WDT oversees VBZ trading NN on IN Nasdaq NNP , , agrees VBZ that IN program NN trading NN is VBZ hurting VBG the DT market NN 's POS efforts NNS to TO bring VB back RB small JJ investors NNS . . But CC , , he PRP observes VBZ , , while IN makers NNS suffer VBP losses NNS when WRB program NN trading NN drags VBZ the DT market NN down RP , , they PRP also RB make VBP money NN when WRB program NN trading NN pushes VBZ the DT prices NNS higher RBR . . `` `` Sometimes RB { ( traders NNS } ) lose VBP sight NN of IN that DT , , '' '' he PRP says VBZ . . The DT OTC NNP stocks NNS in IN the DT S&P NNP 500 CD include VBP Nasdaq NNP 's POS biggest JJS , , such JJ as IN Apple NNP Computer NNP , , MCI NNP Communications NNPS , , Tele-Communications NNPS and CC Liz NNP Claiborne NNP . . These DT big JJ stocks NNS greatly RB influence VBP the DT Nasdaq NNP Composite NNP Index NNP . . When WRB the DT computers NNS say VBP `` `` sell VB , , '' '' the DT composite JJ tumbles VBZ as RB well RB as IN the DT Dow NNP Jones NNP Industrial NNP Average NNP . . The DT problem NN , , market NN makers NNS say VBP , , is VBZ that IN while IN the DT industrial JJ average NN and CC the DT S&P NNP 500 CD usually RB recover VBP as IN buy NN programs NNS kick VBP in IN , , the DT Nasdaq NNP Composite NNP frequently RB is VBZ left VBN behind IN . . Eight CD trading NN days NNS after IN Oct. NNP 12 CD , , the DT day NN before IN the DT stock NN market NN plunge NN , , for IN instance NN , , the DT Nasdaq NNP Composite NNP had VBD fallen VBN 4.3 CD % NN , , compared VBN with IN 3.3 CD % NN for IN the DT S&P NNP 500 CD , , 3.5 CD % NN for IN the DT New NNP York NNP Stock NNP Exchange NNP Composite NNP Index NNP and CC 3.6 CD % NN for IN the DT industrial JJ average NN . . This DT gap NN eventually RB closes VBZ , , but CC slowly RB . . Three CD days NNS later RB , , as IN of IN Friday NNP 's POS close NN , , the DT Nasdaq NNP Composite NNP was VBD down RB 6 CD % NN , , compared VBN with IN 5.9 CD % NN for IN the DT industrial JJ average NN , , 5.7 CD % NN for IN the DT S&P NNP 500 CD and CC 5.8 CD % NN for IN the DT Big NNP Board NNP Composite NNP . . The DT main JJ reason NN for IN this DT lag NN is VBZ that IN individual JJ investors NNS own JJ 65 CD % NN of IN the DT OTC NNP market NN 's POS capitalization NN , , according VBG to TO Mr. NNP Hardiman NNP , , much RB more JJR than IN on IN the DT Big NNP Board NNP . . Such JJ investors NNS tend VBP to TO be VB more RBR cautious JJ than IN institutional JJ investors NNS are VBP about IN re-entering VBG the DT market NN after IN massive JJ selloffs NNS , , market NN makers NNS say VBP . . Friday NNP 's POS Market NNP Activity NNP The DT Nasdaq NNP Composite NNP Index NNP tumbled VBD 5.39 CD , , or CC 1.2 CD % NN to TO 452.76 CD on IN Friday NNP . . For IN the DT week NN , , the DT index NN dropped VBD 3.8 CD % NN . . Weakness NN in IN big JJ technology NN stocks NNS hurt VBP the DT composite NN as RB well RB as IN the DT Nasdaq NNP 100 CD Index NNP , , which WDT fell VBD 1.4 CD % NN , , or CC 6.43 CD , , on IN Friday NNP , , to TO 437.68 CD . . The DT Nasdaq NNP Financial NNP Index NNP lost VBD about IN 1 CD % NN , , or CC 3.95 CD , , to TO 448.80 CD . . Friday NNP 's POS trading NN volume NN totaled VBD 132.8 CD million CD shares NNS . . The DT average JJ daily JJ share NN turnover NN for IN October NNP is VBZ almost RB 148 CD million CD shares NNS . . LIN NNP Broadcasting NNP surged VBD 4 CD 5\/8 CD to TO 112 CD 5\/8 CD ; : LIN NNP and CC BellSouth NNP sweetened VBD their PRP$ merger NN agreement NN in IN an DT attempt NN to TO keep VB shareholders NNS from IN tendering VBG their PRP$ shares NNS to TO McCaw NNP Cellular NNP Communications NNPS . . McCaw NNP , , which WDT dropped VBD 2 CD 1\/2 CD to TO 37 CD 3\/4 CD , , has VBZ offered VBN $ $ 125 CD a DT share NN for IN a DT majority NN of IN LIN NNP 's POS shares NNS . . The DT revised VBN LIN-BellSouth NNP agreement NN boosts VBZ the DT dollar NN amount NN of IN the DT special JJ dividend NN LIN NNP promises VBZ to TO pay VB shareholders NNS . . LIN NNP now RB plans VBZ to TO dole VB out RP $ $ 42 CD a DT share NN in IN cash NN , , up RB from IN the DT earlier JJR $ $ 20 CD amount NN . . Intel NNP eased VBD 1\/8 CD to TO 31 CD 7\/8 CD . . The DT semiconductor NN concern NN said VBD the DT interruption NN in IN shipment NN of IN its PRP$ 80486 CD computer NN chip NN will MD be VB brief JJ and CC have VB little JJ impact NN on IN the DT company NN 's POS earnings NNS . . The DT stock NN fell VBD 7\/8 CD Thursday NNP amid IN concerns NNS over IN problems NNS discovered VBN with IN the DT chip NN . . Intel NNP told VBD analysts NNS that IN the DT company NN will MD resume VB shipments NNS of IN the DT chips NNS within IN two CD to TO three CD weeks NNS . . Weisfield NNP 's POS rocketed VBD 9 CD 1\/2 CD to TO 39 CD after IN the DT jewelry NN store NN operator NN said VBD it PRP is VBZ in IN preliminary JJ discussions NNS , , with IN a DT party NN it PRP would MD n't RB identify VB , , regarding VBG the DT possible JJ acquisition NN of IN the DT company NN . . Starpointe NNP Savings NNP Bank NNP rose VBD 3 CD to TO 20 CD after IN the DT Federal NNP Deposit NNP Insurance NNP Corp. NNP approved VBD Dime NNP Savings NNP Bank NNP of IN New NNP York NNP 's POS $ $ 21-a-share JJ acquisition NN of IN Starpointe NNP . . Kirschner NNP Medical NNP fell VBD 4 CD to TO 15 CD . . The DT company NN said VBD its PRP$ third-quarter NN earnings NNS will MD probably RB be VB lower JJR than IN the DT 16 CD cents NNS a DT share NN it PRP reported VBD last JJ year NN , , despite IN a DT rise NN in IN the DT company NN 's POS revenue NN . . Kirschner NNP earned VBD $ $ 376,000 CD on IN revenue NN of IN $ $ 14.5 CD million CD in IN the DT 1988 CD quarter NN . . The DT company NN blamed VBD a DT number NN of IN factors NNS for IN the DT earnings NNS decline NN , , including VBG softer JJR sales NNS of IN joint-implants NNS . . London NNP share NN prices NNS closed VBD sharply RB lower JJR Friday NNP in IN active JJ trading NN after IN Chancellor NNP of IN the DT Exchequer NNP Nigel NNP Lawson NNP 's POS resignation NN slapped VBD the DT market NN and CC Wall NNP Street NNP 's POS rapid JJ initial JJ sell-off NN knocked VBD it PRP down RP . . London NNP shares NNS were VBD depressed VBN initially RB by IN overnight JJ losses NNS in IN New NNP York NNP and CC by IN the DT drop NN in IN sterling NN after IN Mr. NNP Lawson NNP 's POS resignation NN . . It PRP showed VBD some DT early JJ resilience NN after IN central JJ bank NN support NN firmed VBD sterling JJ , , but CC the DT weight NN of IN Wall NNP Street NNP late RB in IN London NNP trading NN , , and CC signs NNS of IN further JJ weakness NN in IN the DT British JJ pound NN , , proved VBD a DT hefty JJ load NN to TO bear VB . . New NNP York NNP stocks NNS recovered VBD some DT of IN their PRP$ losses NNS after IN the DT London NNP market NN closed VBD . . The DT Financial NNP Times NNP 100-share JJ index NN shed VBD 47.3 CD points NNS to TO close VB at IN 2082.1 CD , , down RB 4.5 CD % NN from IN the DT previous JJ Friday NNP and CC 6.8 CD % NN from IN Oct. NNP 13 CD , , when WRB Wall NNP Street NNP 's POS plunge NN helped VBD spark VB the DT current JJ weakness NN in IN London NNP . . The DT 30-share JJ index NN settled VBD 42.0 CD points NNS lower JJR at IN 1678.5 CD . . Volume NN was VBD 840.8 CD million CD shares NNS , , up RB from IN 443.6 CD million CD Thursday NNP and CC the DT week NN 's POS most RBS active JJ session NN . . Dealers NNS said VBD the DT turnover NN , , largely RB confined VBN to TO the DT 100-share JJ index NN stocks NNS , , partly RB reflected VBD the DT flurry NN of IN activity NN typical JJ at IN the DT close NN of IN a DT two-week JJ trading NN account NN and CC the DT start NN of IN a DT new JJ account NN . . But CC they PRP said VBD Friday NNP 's POS focus NN on IN the DT top-tier JJ stocks NNS telegraphed VBD active JJ overseas JJ selling NN and CC showed VBD the DT broad-based JJ fears NNS over IN the DT status NN of IN the DT U.K. NNP economy NN and CC Britain NNP 's POS currency NN in IN the DT wake NN of IN the DT upheaval NN in IN Prime NNP Minister NNP Margaret NNP Thatcher NNP 's POS cabinet NN . . A DT senior JJ dealer NN with IN Warburg NNP Securities NNPS noted VBD British NNP Gas NNP , , the DT most RBS active JJ blue-chip JJ stock NN at IN 20 CD million CD shares NNS traded VBD , , was VBD affected VBN by IN the DT political JJ implications NNS of IN Mr. NNP Lawson NNP 's POS departure NN and CC Mrs. NNP Thatcher NNP 's POS cabinet NN shuffle NN . . He PRP attributed VBD the DT unusually RB high JJ volume NN to TO broad-based JJ selling NN on IN fears NNS that IN the DT Thatcher NNP government NN may MD be VB in IN turmoil NN and CC Britain NNP 's POS Labor NNP Party NNP positioned VBD to TO regain VB control NN of IN the DT government NN and CC renew VB efforts NNS at IN nationalization NN . . British NNP Gas NNP shed VBD 8.5 CD pence NN a DT share NN to TO close VB at IN 185 CD pence NN ( ( $ $ 2.90 CD ) ) . . Other JJ dealers NNS added VBD that IN the DT blue-chip JJ stocks NNS in IN general JJ were VBD hit VBN by IN profit-taking NN over IN concerns NNS that IN London NNP shares NNS will MD continue VB posting VBG declines NNS and CC the DT uncertainty NN over IN sterling JJ given VBN that IN Mr. NNP Lawson NNP 's POS successor NN , , John NNP Major NNP , , had VBD only RB been VBN in IN the DT job NN one CD day NN . . Besides IN British NNP Gas NNP , , British NNP Steel NNP skidded VBD 1.74 CD to TO 123.5 CD on IN turnover NN of IN 11 CD million CD shares NNS . . British NNP Petroleum NNP fell VBD 5 CD to TO 286 CD on IN 14 CD million CD shares NNS traded VBN . . Dealers NNS said VBD the DT multinational JJ oil NN company NN was VBD pressured NN by IN recent JJ brokerage NN recommendations NNS urging VBG investors NNS to TO switch VB into IN Shell NNP Trading NNP & CC Transport NNP . . Shell NNP eased VBD 1 CD to TO 416 CD on IN turnover NN of IN 4.8 CD million CD shares NNS . . Among IN the DT other JJ actively RB traded VBN blue-chip JJ issues NNS , , Imperial NNP Chemical NNP Industries NNPS dropped VBD 11 CD to TO # # 10.86 CD , , Hanson NNP skidded VBD 9.5 CD to TO 200.5 CD , , and CC British NNP Telecom NNP fell VBD 10 CD to TO 250 CD . . In IN Tokyo NNP , , stocks NNS closed VBD lower JJR but CC above JJ intraday NN lows NNS in IN active JJ trading NN . . The DT Nikkei NNP index NN was VBD pressured VBN down RB by IN profit-taking NN triggered VBN by IN sharp JJ advances NNS made VBN through IN this DT week NN and CC fell VBD 151.20 CD points NNS to TO 35527.29 CD . . In IN early RB trading NN in IN Tokyo NNP Monday NNP , , the DT Nikkei NNP index NN fell VBD 148.85 CD points NNS to TO 35378.44 CD . . On IN Friday NNP , , the DT Tokyo NNP stock NN price NN index NN of IN first JJ section NN issues NNS was VBD down RB 15.82 CD at IN 2681.76 CD . . First-section JJ volume NN was VBD estimated VBN at IN 1.3 CD billion CD shares NNS , , up RB from IN 886 CD million CD shares NNS Thursday NNP . . An DT official NN at IN Wako NNP Securities NNPS said VBD brokerages NNS ' POS excessive JJ expectations NNS about IN recent JJ advances NNS in IN Tokyu NNP Group NNP shares NNS and CC real JJ estate NN issues NNS were VBD dashed VBN Friday NNP . . Dealers NNS placed VBD heavy JJ buy NN orders NNS in IN the DT morning NN to TO start VB the DT first JJ trading NN day NN for IN November NNP transactions NNS . . But CC they PRP failed VBD to TO sell VB these DT stocks NNS to TO client NN investors NNS , , who WP were VBD cautious JJ about IN the DT sharp JJ gains NNS these DT issues NNS made VBD this DT week NN , , the DT Wako NNP official NN said VBD . . Fund NN managers NNS said VBD Friday NNP 's POS profittaking NN was VBD a DT natural JJ result NN of IN the DT week NN 's POS `` `` abnormal JJ fever NN '' '' in IN buying VBG real JJ estate NN , , shipbuilding NN , , steel NN and CC construction NN shares NNS . . Frankfurt NNP prices NNS closed VBD lower JJR again RB Friday NNP , , the DT fourth JJ decline NN in IN the DT past JJ five CD days NNS and CC the DT culmination NN of IN a DT week NN that WDT saw VBD the DT DAX NNP index NN lose VB 4 CD % NN . . The DT DAX NNP dropped VBD 19.69 CD points NNS Friday NNP to TO 1462.93 CD . . Traders NNS said VBD the DT continued VBN turbulence NN in IN other JJ markets NNS , , coupled VBN with IN the DT drop NN in IN London NNP following VBG the DT Lawson NNP resignation NN , , were VBD responsible JJ . . Traders NNS said VBD that IN selling VBG pressure NN was VBD n't RB enormous JJ and CC that IN the DT DAX NNP dropped VBD Friday NNP more JJR on IN a DT lack NN of IN any DT substantial JJ buying NN interest NN . . They PRP said VBD contributing VBG to TO the DT downward JJ drift NN was VBD the DT fact NN that IN many JJ professional JJ traders NNS had VBD chosen VBN to TO square VB positions NNS ahead RB of IN the DT weekend NN . . `` `` It PRP 's VBZ the DT whole JJ uncertainty NN about IN what WP 's VBZ happening VBG around IN us PRP , , '' '' said VBD Valentin NNP Von NNP Korff NNP , , a DT trader NN at IN Credit NNP Suisse NNP First NNP Boston NNP in IN Frankfurt NNP . . `` `` If IN you PRP take VBP away RB the DT outside JJ influences NNS , , the DT market NN itself PRP looks VBZ very RB cheap JJ . . What WP 's VBZ happening VBG here RB is VBZ n't RB justified VBN by IN the DT fundamentals NNS . . '' '' Traders NNS said VBD the DT market NN remains VBZ extremely RB nervous JJ because IN of IN the DT wild JJ swings NNS seen VBN on IN the DT New NNP York NNP Stock NNP Exchange NNP last JJ week NN . . That DT 's VBZ leaving VBG small JJ investors NNS with IN cold JJ feet NNS , , they PRP said VBD , , and CC prompting VBG institutions NNS to TO take VB a DT reserved VBN stance NN on IN the DT sidelines NNS as IN well RB , , at IN least JJS until IN the DT market NN in IN New NNP York NNP settles VBZ down RP somewhat RB . . Elsewhere RB , , share NN prices NNS closed VBD lower RBR in IN Paris NNP , , Zurich NNP , , Amsterdam NNP , , Brussels NNP and CC Stockholm NNP , , and CC were VBD mixed VBN in IN Milan NNP . . The DT British JJ shakeup NN was VBD widely RB cited VBN for IN the DT declines NNS . . Share NN prices NNS also RB closed VBD lower JJR in IN Sydney NNP , , Hong NNP Kong NNP , , Singapore NNP , , Taipei NNP , , Manila NNP , , Wellington NNP and CC Seoul NNP . . Concern NN about IN declines NNS in IN other JJ markets NNS , , especially RB New NNP York NNP , , caused VBD selling JJ pressure NN . . Here RB are VBP price NN trends NNS on IN the DT world NN 's POS major JJ stock NN markets NNS , , as IN calculated VBN by IN Morgan NNP Stanley NNP Capital NNP International NNP Perspective NNP , , Geneva NNP . . To TO make VB them PRP directly RB comparable JJ , , each DT index NN is VBZ based VBN on IN the DT close NN of IN 1969 CD equaling VBG 100 CD . . The DT percentage NN change NN is VBZ since IN year-end NN . . Last JJ week NN 's POS best JJS and CC worst JJS performing VBG stocks NNS among IN those DT issues NNS that WDT make VBP up RP 80 CD % NN of IN the DT world NN 's POS stock NN market NN capitalization NN ( ( in IN local JJ currency NN ) ) Source NN : : Morgan NNP Stanley NNP Capital NNP Intl NNP . . APARTHEID NNP FOES NNS STAGED VBD a DT massive JJ anti-government JJ rally NN in IN South NNP Africa NNP . . More JJR than IN 70,000 CD people NNS filled VBD a DT soccer NN stadium NN on IN the DT outskirts NNS of IN the DT black JJ township NN of IN Soweto NNP and CC welcomed VBD freed VBN leaders NNS of IN the DT outlawed VBN African NNP National NNP Congress NNP . . It PRP was VBD considered VBN South NNP Africa NNP 's POS largest JJS opposition NN rally NN . . Walter NNP Sisulu NNP , , the DT ANC NNP 's POS former JJ secretary NN general NN who WP served VBD 26 CD years NNS in IN prison NN before IN being VBG released VBN two CD weeks NNS ago IN , , urged VBD peace NN , , negotiation NN and CC discipline NN . . President NNP de NNP Klerk NNP 's POS government NN permitted VBD the DT rally NN , , and CC security NN forces NNS did VBD n't RB interfere VB . . Pretoria NNP 's POS approval NN of IN the DT demonstration NN and CC the DT ANC NNP 's POS conciliatory JJ tone NN appeared VBD aimed VBN at IN setting VBG up RP negotiations NNS to TO give VB blacks NNS political JJ rights NNS . . CONGRESSIONAL JJ LEADERS NNS BACKED VBD Bush NNP 's POS criticism NN of IN Nicaragua NNP 's POS Ortega NNP . . While IN lawmakers NNS have VBP n't RB raised VBN the DT possibility NN of IN renewing VBG military JJ aid NN to TO the DT Contras NNPS following VBG Ortega NNP 's POS weekend NN threat NN to TO end VB a DT truce NN , , Senate NNP Majority NNP Leader NNP Mitchell NNP said VBD on IN NBC-TV NNP that IN Ortega NNP had VBD made VBN `` `` a DT very RB unwise JJ move NN . . '' '' Minority NNP Leader NNP Dole NNP plans VBZ to TO offer VB a DT resolution NN tomorrow NN denouncing VBG the DT Nicaraguan JJ president NN , , whose WP$ remarks NNS came VBD during IN a DT celebration NN in IN Costa NNP Rica NNP marking VBG regional JJ moves NNS to TO democracy NN . . Ortega NNP cited VBD renewed VBN attacks NNS by IN the DT U.S.backed JJ rebels NNS . . Lawmakers NNS must MD decide VB next JJ month NN whether IN the DT Contras NNPS will MD get VB so-called JJ humanitarian JJ aid NN under IN a DT bipartisan JJ agreement NN reached VBN in IN March NNP . . Spain NNP 's POS Socialist NNP Party NNP claimed VBD victory NN in IN nationwide JJ elections NNS , , saying VBG it PRP had VBD retained VBN its PRP$ parliamentary JJ majority NN by IN one CD seat NN . . With IN all PDT the DT votes NNS counted VBN , , a DT government NN spokesman NN said VBD Prime NNP Minister NNP Gonzalez NNP 's POS party NN won VBD 176 CD seats NNS in IN the DT 350-seat JJ Cortes NNP , , or CC lower JJR house NN of IN parliament NN . . The DT Socialists NNPS held VBD 184 CD seats NNS going VBG into IN the DT balloting NN . . Thousands NNS of IN East NNP Germans NNPS attended VBD public JJ rallies NNS organized VBN by IN the DT Communist NNP leadership NN and CC demanded VBD free JJ speech NN , , controls NNS on IN the DT security NN forces NNS and CC an DT end NN to TO official JJ privileges NNS . . The DT gatherings NNS in IN East NNP Berlin NNP and CC elsewhere RB were VBD viewed VBN as IN part NN of IN a DT government NN effort NN to TO stop VB activists NNS from IN staging VBG protests NNS to TO press VB their PRP$ demands NNS . . Dissidents NNS in IN Czechoslovakia NNP said VBD the DT nation NN 's POS pro-democracy JJ movement NN was VBD growing VBG despite IN the DT government NN 's POS move NN to TO crush VB a DT protest NN Saturday NNP in IN Prague NNP 's POS Wenceslas NNP Square NNP . . More JJR than IN 10,000 CD demonstrators NNS had VBD called VBN for IN free JJ elections NNS and CC the DT resignation NN of IN Communist NNP Party NNP leader NN Milos NNP Jakes NNP . . Police NNS detained VBD more JJR than IN 350 CD people NNS . . Federal NNP investigators NNS have VBP determined VBN a DT metallurgical JJ flaw NN that WDT developed VBD during IN the DT making NN of IN an DT engine NN disk NN led VBD to TO the DT July NNP crash NN of IN a DT United NNP Airlines NNPS jetliner NN in IN Sioux NNP City NNP , , Iowa NNP , , killing VBG 112 CD people NNS . . Congress NNP sent VBD to TO Bush NNP an DT $ $ 8.5 CD billion CD military JJ construction NN bill NN that WDT cuts VBZ spending NN for IN new JJ installations NNS by IN 16 CD % NN . . The DT measure NN also RB moves VBZ more JJR than IN $ $ 450 CD million CD in IN the DT Pentagon NNP budget NN to TO home-state JJ projects NNS from IN foreign JJ bases NNS . . U.S. NNP and CC Soviet JJ officials NNS are VBP to TO open VB a DT new JJ round NN of IN talks NNS today NN aimed VBN at IN reducing VBG chemical-weapons NNS arsenals NNS amid IN superpower NN differences NNS over IN whether IN to TO stop VB making VBG the DT gases NNS . . The DT talks NNS in IN New NNP York NNP are VBP the DT first JJ since IN Bush NNP and CC Soviet JJ Foreign NNP Minister NNP Shevardnadze NNP unveiled VBD proposals NNS in IN September NNP to TO scrap VB existing VBG weapons NNS . . Afghan NNP guerrillas NNS bombarded VBD Kabul NNP in IN a DT weekend NN assault NN that IN Western JJ diplomats NNS called VBD one CD of IN the DT biggest JJS offensives NNS since IN the DT Soviet NNP Union NNP completed VBD a DT troop NN withdrawal NN in IN February NNP . . The DT rebels NNS also RB reportedly RB tightened VBD a DT blockade NN on IN roads NNS leading VBG to TO the DT capital NN , , and CC government NN forces NNS shelled VBD a DT guerrilla-held JJ area NN in IN western JJ Afghanistan NNP . . Lebanon NNP 's POS Christian NNP leader NN convened VBD an DT emergency NN meeting NN of IN his PRP$ cabinet NN after IN indications NNS that IN he PRP might MD dissolve VB Parliament NNP in IN an DT attempt NN to TO scuttle VB an DT Arab-sponsored JJ peace NN plan NN . . Gen. NNP Michel NNP Aoun NNP rejected VBD the DT pact NN because IN it PRP fails VBZ to TO provide VB a DT timetable NN for IN a DT Syrian JJ troop NN pullout NN from IN Lebanon NNP . . Authorities NNS in IN Hawaii NNP said VBD the DT wreckage NN of IN a DT missing VBG commuter NN plane NN with IN 20 CD people NNS aboard IN was VBD spotted VBN in IN a DT remote JJ valley NN on IN the DT island NN of IN Molokai NNP . . There EX was VBD n't RB any DT evidence NN of IN survivors NNS . . The DT plane NN failed VBD to TO reach VB Molokai NNP 's POS airport NN Saturday NNP while IN on IN a DT flight NN from IN the DT neighboring VBG island NN of IN Maui NNP . . The DT Oakland NNP Athletics NNP won VBD baseball NN 's POS World NNP Series NNP , , defeating VBG the DT San NNP Francisco NNP Giants NNPS in IN a DT four-game JJ sweep NN . . An DT earthquake NN Oct. NNP 17 CD in IN Northern NNP California NNP had VBD caused VBN a DT 10-day JJ delay NN midway NN through IN the DT championship NN contest NN , , which WDT ended VBD Saturday NNP at IN San NNP Francisco NNP 's POS Candlestick NNP Park NNP . . Died VBD : : Rudolf NNP von NNP Bennigsen-Foerder NNP , , 63 CD , , chairman NN of IN Veba NNP AG NNP of IN West NNP Germany NNP , , in IN Duesseldorf NNP , , of IN pneumonia NN . . The DT West JJ German JJ machinery NN and CC plant NN equipment NN industry NN 's POS orders NNS rose VBD an DT inflation-adjusted JJ 1 CD % NN in IN September NNP from IN a DT year NN earlier RBR despite IN a DT sharp JJ drop NN in IN foreign JJ orders NNS , , the DT German NNP Association NNP of IN Machinery NNP Makers NNPS said VBD . . Before IN adjustment NN for IN inflation NN , , the DT association NN said VBD , , orders NNS were VBD up RB a DT nominal JJ 5 CD % NN . . While IN domestic JJ orders NNS climbed VBD an DT adjusted VBN 8 CD % NN and CC a DT nominal JJ 11 CD % NN in IN September NNP , , foreign JJ orders NNS declined VBD 4 CD % NN after IN inflation NN and CC 1 CD % NN on IN a DT nominal JJ basis NN . . In IN the DT third JJ quarter NN , , orders NNS rose VBD a DT real JJ 5 CD % NN and CC a DT nominal JJ 9 CD % NN . . Domestic JJ orders NNS were VBD up RB a DT real JJ 11 CD % NN and CC a DT nominal JJ 14 CD % NN , , while IN foreign JJ orders NNS rose VBD a DT real JJ 1 CD % NN and CC a DT nominal JJ 5 CD % NN . . When WRB Michael NNP S. NNP Perry NNP took VBD the DT podium NN at IN a DT recent JJ cosmetics NNS industry NN event NN , , more JJR than IN 500 CD executives NNS packing VBG the DT room NN snapped VBD to TO attention NN . . Mr. NNP Perry NNP , , who WP runs VBZ Unilever NNP Group NNP 's POS world-wide JJ personal-care JJ business NN , , paused VBD to TO scan VB the DT crowd NN . . `` `` I PRP see VBP we PRP have VBP about IN half PDT the DT audience NN working VBG for IN us PRP , , '' '' he PRP said VBD , , tongue NN in IN cheek NN . . `` `` The DT other JJ half NN , , we PRP may MD have VB before IN long JJ . . '' '' Members NNS of IN the DT audience NN gasped VBD or CC laughed VBD nervously RB ; : their PRP$ industry NN has VBZ been VBN unsettled VBN recently RB by IN acquisitions NNS . . First JJ Unilever NNP , , the DT Anglo-Dutch NNP packaged-goods NNS giant JJ , , spent VBD $ $ 2 CD billion CD to TO acquire VB brands NNS such JJ as IN Faberge NNP and CC Elizabeth NNP Arden NNP . . It PRP now RB holds VBZ the DT No. NN 3 CD position NN at IN U.S. NNP department-store NN cosmetic NN counters NNS . . Then RB Procter NNP & CC Gamble NNP Co. NNP agreed VBD to TO buy VB Noxell NNP Corp. NNP for IN $ $ 1.3 CD billion CD . . That DT acquisition NN , , to TO be VB completed VBN by IN year NN end NN , , will MD include VB the DT Cover NNP Girl NNP and CC Clarion NNP makeup NN lines NNS , , making VBG P&G NNP the DT top JJ marketer NN of IN cosmetics NNS in IN mass-market JJ outlets NNS . . It PRP 's VBZ not RB so RB much JJ the DT idea NN of IN acquisitions NNS that WDT has VBZ agitated VBN the DT cosmetics NNS industry NN as IN the DT companies NNS doing VBG the DT acquiring VBG : : P&G NNP and CC Unilever NNP bring VBP with IN them PRP great JJ experience NN with IN mundane JJ products NNS like IN soap NN and CC toilet NN paper NN , , sparking VBG disdain NN in IN the DT glitzy NN cosmetics NNS trade NN ; : but CC they PRP also RB bring VBP mammoth JJ marketing NN clout NN , , sparking VBG fear NN . . Though IN it PRP is VBZ far RB from IN certain JJ that IN companies NNS best RB known VBN for IN selling VBG Promise NNP margarine NN and CC Tide NNP detergent NN will MD succeed VB in IN cosmetics NNS , , there EX 's VBZ little JJ doubt NN they PRP will MD shake VB up RP the DT industry NN . . For IN now RB , , both DT companies NNS are VBP keeping VBG quiet JJ about IN their PRP$ specific JJ plans NNS . . But CC industry NN watchers NNS expect VBP them PRP to TO blend VB the DT methodical JJ marketing VBG strategies NNS they PRP use VBP for IN more RBR mundane JJ products NNS with IN the DT more RBR intuitive JJ approach NN typical JJ of IN cosmetics NNS companies NNS . . Likely JJ changes NNS include VBP more JJR emphasis NN on IN research NN , , soaring VBG advertising VBG budgets NNS and CC aggressive JJ pricing NN . . But CC some DT cosmetics-industry NN executives NNS wonder VBP whether IN techniques NNS honed VBN in IN packaged VBN goods NNS will MD translate VB to TO the DT cosmetics NNS business NN . . Estee NNP Lauder NNP Inc. NNP , , Revlon NNP Inc. NNP and CC other JJ cosmetics NNS houses NNS traditionally RB have VBP considered VBN themselves PRP fashion NN enterprises NNS whose WP$ product NN development NN is VBZ guided VBN by IN the DT creative JJ intuition NN of IN their PRP$ executives NNS . . Cosmetics NNS companies NNS roll VBP out RP new JJ makeup NN colors NNS several JJ times NNS a DT year NN , , and CC since IN most JJS products NNS can MD be VB easily RB copied VBN by IN competitors NNS , , they PRP 're VBP loath JJ to TO test VB them PRP with IN consumers NNS . . `` `` Just RB because IN upscale JJ cosmetics NNS look VBP like IN packaged VBN goods NNS and CC smell NN like IN packaged VBN goods NNS , , it PRP does VBZ n't RB mean VB they PRP are VBP packaged VBN goods NNS , , '' '' says VBZ Leonard NNP Lauder NNP , , chief NN executive NN of IN Estee NNP Lauder NNP . . `` `` They PRP 're VBP really RB fashion NN items NNS wrapped VBD up RP in IN little JJ jars NNS . . '' '' In IN contrast NN to TO the DT more RBR artistic JJ nature NN of IN traditional JJ cosmetics NNS houses NNS , , Unilever NNP and CC P&G NNP are VBP the DT habitats NNS of IN organization NN men NNS in IN gray-flannel NN suits NNS . . Both DT companies NNS are VBP conservative JJ marketers NNS that WDT rely VBP on IN extensive JJ market NN research NN . . P&G NNP , , in IN particular JJ , , rarely RB rolls VBZ out RP a DT product NN nationally RB before IN extensive JJ test-marketing NN . . Both DT can MD be VB extremely RB aggressive JJ at IN pricing VBG such JJ products NNS as IN soaps NNS and CC diapers NNS -- : to TO the DT extent NN that IN some DT industry NN consultants NNS predict VBP cents-off JJ coupons NNS for IN mascara NN could MD result VB from IN their PRP$ entry NN into IN the DT field NN . . P&G NNP already RB has VBZ shown VBN it PRP can MD meld VB some DT traditional JJ packaged-goods NNS techniques NNS with IN the DT image-making NN of IN the DT cosmetics NNS trade NN in IN the DT mass-market JJ end NN of IN the DT business NN . . Consider VB Oil NNP of IN Olay NNP , , which WDT P&G NNP acquired VBD as IN part NN of IN Richardson-Vicks NNP International NNP in IN 1985 CD . . The DT moisturizer NN , , introduced VBN in IN 1962 CD , , had VBD a DT dowdy JJ image NN . . `` `` Oil NNP of IN Olay NNP brought VBD with IN it PRP the DT baggage NN of IN being VBG used VBN basically RB by IN older JJR women NNS who WP had VBD already RB aged VBN , , '' '' says VBZ David NNP Williams NNP , , a DT consultant NN with IN New NNP England NNP Consulting NNP Group NNP . . P&G NNP set VBD out IN to TO reposition VB the DT brand NN by IN broadening VBG the DT product NN line NN to TO include VB facial JJ cleansers NNS and CC moisturizers NNS for IN sensitive JJ skin NN . . It PRP also RB redesigned VBD Oil NNP of IN Olay NNP 's POS packaging NN , , stamping VBG the DT traditional JJ pink JJ boxes NNS with IN gold JJ lines NNS to TO create VB a DT more RBR opulent JJ look NN . . Moreover RB , , P&G NNP shifted VBD its PRP$ ad NN campaign NN from IN one CD targeting VBG older JJR women NNS to TO one CD featuring VBG a DT woman NN in IN her PRP$ mid-30s CD vowing VBG `` `` not RB to TO grow VB old JJ gracefully RB . . '' '' The DT company NN says VBZ sales NNS have VBP soared VBN . . Goliaths NNS like IN Unilever NNP and CC P&G NNP have VBP enormous JJ financial JJ advantages NNS over IN smaller JJR rivals NNS . . Next JJ year NN , , Noxell NNP plans VBZ to TO roll VB out RP a DT perfume NN called VBN Navy NNP , , says VBZ George NNP L. NNP Bunting NNP Jr. NNP , , chairman NN of IN Noxell NNP . . Without IN P&G NNP 's POS backing NN , , Noxell NNP might MD not RB have VB been VBN able JJ to TO spend VB the DT estimated VBN $ $ 5 CD million CD to TO $ $ 7 CD million CD needed VBN to TO accomplish VB that IN without IN scrimping VBG on IN its PRP$ existing VBG brands NNS . . Packaged-goods NNS companies NNS `` `` will MD make VB it PRP tougher JJR for IN smaller JJR people NNS to TO remain VB competitive JJ , , '' '' Mr. NNP Bunting NNP says VBZ . . Further JJ consolidations NNS in IN the DT industry NN could MD follow VB . . Rumors NNS that IN Unilever NNP is VBZ interested JJ in IN acquiring VBG Schering-Plough NNP Corp. NNP 's POS Maybelline NNP unit NN are VBP widespread JJ . . Unilever NNP wo MD n't RB comment VB ; : Schering NNP , , however RB , , denies VBZ the DT brand NN is VBZ for IN sale NN . . The DT presence NN of IN Unilever NNP and CC P&G NNP is VBZ likely JJ to TO increase VB the DT impact NN of IN advertising NN on IN cosmetics NNS . . While IN the DT two CD are VBP among IN the DT world NN 's POS biggest JJS advertisers NNS , , most JJS makers NNS of IN upscale NN cosmetics NNS spend VBP relatively RB little JJ on IN national JJ ads NNS . . Instead RB , , they PRP focus VBP on IN events NNS in IN department NN stores NNS and CC pour VBP their PRP$ promotional JJ budgets NNS into IN gifts NNS that WDT go VBP along RB with IN purchases NNS . . Estee NNP Lauder NNP , , for IN example NN , , spends VBZ only RB an DT estimated VBN 5 CD % NN of IN sales NNS on IN advertising NN in IN the DT U.S. NNP , , and CC Mr. NNP Lauder NNP says VBZ he PRP has VBZ no DT plans NNS to TO change VB his PRP$ strategy NN . . The DT most RBS dramatic JJ changes NNS , , however RB , , probably RB will MD come VB in IN new-product NN development NN . . Nearly RB 70 CD % NN of IN cosmetics NNS sales NNS come VBP through IN mass-distribution JJ outlets NNS such JJ as IN drug NN stores NNS and CC supermarkets NNS , , according VBG to TO Andrew NNP Shore NNP , , an DT analyst NN at IN Shearson NNP Lehman NNP Hutton NNP Inc NNP . . That DT figure NN has VBZ been VBN inching VBG up RB for IN several JJ years NNS . . As IN the DT trend NN continues VBZ , , demand NN for IN mass-market JJ items NNS that WDT are VBP high JJ quality NN but CC only RB mid-priced JJ -- : particularly RB skin-care NN products NNS -- : is VBZ expected VBN to TO increase VB . . This DT fall NN , , for IN example NN , , L'Oreal NNP Group NNP , , ordinarily RB a DT high-end JJ line NN , , rolled VBD out RP a DT drug-store NN line NN of IN skin-care NN products NNS called VBN Plenitude NNP , , which WDT retail VBP for IN $ $ 5 CD to TO $ $ 15 CD . . The DT packaged-goods NNS marketers NNS may MD try VB filling VBG that DT gap NN with IN a DT spate NN of IN new JJ products NNS . . Unlike IN the DT old-line NN cosmetics NNS houses NNS , , Unilever NNP and CC P&G NNP both DT have VBP enormous JJ research NN and CC development NN bases NNS to TO draw VB on IN for IN new JJ products NNS . . P&G NNP , , in IN fact NN , , is VBZ noted VBN for IN gaining VBG market NN leadership NN by IN introducing VBG products NNS that WDT offer VBP a DT technical JJ edge NN over IN the DT competition NN . . Sales NNS of IN its PRP$ Tide NNP detergent NN soared VBD earlier RBR this DT year NN , , for IN example NN , , after IN P&G NNP introduced VBD a DT version NN that WDT includes VBZ a DT bleach NN safe JJ for IN all DT colors NNS and CC fabrics NNS . . That DT 's VBZ led VBN industry NN executives NNS to TO speculate VB that IN future JJ product NN development NN will MD be VB driven VBN more JJR by IN technological JJ innovation NN than IN by IN fashion NN whims NNS -- : especially RB among IN mass-market JJ brands NNS . . `` `` There EX will MD be VB more JJR emphasis NN on IN quality NN , , '' '' says VBZ Guy NNP Peyrelongue NNP , , chief NN executive NN of IN Cosmair NNP Inc. NNP , , the DT U.S. NNP licensee NN of IN L'Oreal NNP . . `` `` You PRP 'll MD see VB fewer JJR gimmicks NNS . . '' '' But CC success NN for IN Unilever NNP and CC P&G NNP is VBZ far RB from IN guaranteed VBN , , as IN shown VBN by IN the DT many JJ consumer-product NN companies NNS that WDT have VBP tried VBN and CC failed VBN to TO master VB the DT quirky JJ beauty NN business NN . . In IN the DT 1970s CD , , several JJ pharmaceutical JJ and CC packaged-goods JJ companies NNS , , including VBG Colgate-Palmolive NNP Co. NNP , , Eli NNP Lilly NNP & CC Co. NNP , , Pfizer NNP Inc. NNP and CC Schering-Plough NNP acquired VBD cosmetics NNS companies NNS . . Industry NN consultants NNS say VBP only RB Schering-Plough NNP , , which WDT makes VBZ the DT mass-market JJ Maybelline NNP , , has VBZ maintained VBN a DT meaningful JJ business NN . . Colgate NNP , , which WDT acquired VBD Helena NNP Rubenstein NNP in IN 1973 CD , , sold VBD the DT brand NN seven CD years NNS later RB after IN the DT brand NN languished VBD . . Unilever NNP already RB has VBZ experienced VBN some DT disappointment NN . . The DT mass-market JJ Aziza NNP brand NN , , which WDT it PRP acquired VBD in IN 1987 CD along IN with IN Chesebrough-Pond NNP 's POS Inc. NNP , , has VBZ lost VBN share NN , , according VBG to TO industry NN analysts NNS . . The DT ritzy JJ world NN of IN department-store NN cosmetics NNS retailing NN , , where WRB Unilever NNP is VBZ concentrating VBG its PRP$ efforts NNS , , may MD prove VB even RB more RBR treacherous JJ . . In IN this DT niche NN , , makeup NN colors NNS change VBP seasonally RB because IN they PRP are VBP linked VBN to TO ready-to-wear JJ fashions NNS . . Because IN brand NN loyalty NN is VBZ weak JJ and CC most JJS cosmetics NNS purchases NNS are VBP unplanned JJ , , careful JJ training NN of IN store NN sales NNS staffs NNS by IN cosmetics NNS companies NNS is VBZ important JJ . . And CC cultivating VBG a DT luxury NN image NN strong JJ enough RB to TO persuade VB consumers NNS to TO pay VB more JJR than IN $ $ 15 CD for IN lipstick NN or CC eye NN makeup NN requires VBZ a DT subtle JJ touch NN that IN packaged-goods JJ companies NNS have VBP yet RB to TO demonstrate VB on IN their PRP$ own JJ . . There EX may MD be VB a DT truce NN in IN the DT long JJ war NN of IN nerves NNS between IN the DT White NNP House NNP and CC Congress NNP over IN how WRB this DT country NN conducts VBZ secret JJ intelligence NN operations NNS abroad RB . . After IN years NNS of IN mistrust NN born VBN of IN Watergate NNP , , past JJ misdeeds NNS of IN the DT Central NNP Intelligence NNP Agency NNP , , and CC the DT Iran-Contra NNP scandal NN , , President NNP Bush NNP and CC the DT Senate NNP Intelligence NNP Committee NNP appear VBP ready JJ -- : for IN now RB , , at IN least JJS -- : to TO trust VB each DT other JJ when WRB it PRP comes VBZ to TO setting VBG policy NN on IN covert JJ activities NNS . . If IN that DT attitude NN lasts VBZ , , it PRP could MD infuse VB covert JJ action NN planning VBG with IN a DT level NN of IN care NN and CC confidence NN that WDT has VBZ n't RB been VBN seen VBN in IN years NNS . . Over IN the DT past JJ week NN , , the DT president NN has VBZ agreed VBN to TO keep VB the DT committee NN informed VBN , , usually RB in IN advance NN , , of IN covert JJ actions NNS and CC to TO put VB key JJ intelligence NN decisions NNS in IN writing NN . . That DT was VBD n't RB always RB the DT way NN the DT Reagan NNP administration NN handled VBD such JJ matters NNS . . Mr. NNP Bush NNP has VBZ pledged VBN as RB well RB to TO respect VB the DT 14-year-old JJ executive NN order NN barring VBG U.S. NNP agents NNS from IN assassinating VBG foreign JJ leaders NNS or CC helping VBG others NNS to TO do VB so RB . . Congress NNP never RB fully RB trusted VBD former JJ CIA NNP chief NN William NNP Casey NNP and CC National NNP Security NNP Adviser NNP John NNP Poindexter NNP to TO honor VB the DT ban NN . . Despite IN objections NNS by IN the DT CIA NNP , , Mr. NNP Bush NNP also RB has VBZ agreed VBN to TO the DT establishment NN of IN an DT inspector NN general NN at IN the DT CIA NNP who WP would MD be VB independent JJ of IN the DT CIA NNP director NN . . In IN return NN , , the DT Senate NNP panel NN has VBZ dropped VBN efforts NNS to TO enact VB legislation NN requiring VBG the DT administration NN to TO inform VB it PRP within IN 48 CD hours NNS of IN the DT launching NN of IN any DT covert JJ activity NN . . It PRP also RB has VBZ removed VBN a DT ban NN on IN CIA NNP use NN of IN a DT contingency NN fund NN for IN covert JJ acts NNS and CC has VBZ agreed VBN to TO wipe VB away RB some DT tortured JJ and CC legalistic JJ restrictions NNS on IN coup NN planning NN put VBN in IN place NN to TO ensure VB that IN the DT CIA NNP did VBD n't RB get VB back RB in IN the DT assassination NN game NN . . `` `` We PRP 've VBP finally RB been VBN able JJ to TO convince VB them PRP that IN Casey NNP and CC { ( Oliver NNP } ) North NNP do VBP n't RB work VB here RB anymore RB , , '' '' says VBZ one CD administration NN official NN . . The DT new JJ understanding NN did VBD n't RB just RB spring VB to TO life NN in IN a DT spontaneous JJ eruption NN of IN sweetness NN and CC light NN . . It PRP emerged VBD after IN a DT rancorous JJ display NN of IN old-style JJ intelligence NN politics NNS that WDT followed VBD this DT month NN 's POS failed VBN coup NN attempt NN in IN Panama NNP . . The DT White NNP House NNP used VBD television NN appearances NNS and CC leaks NNS to TO argue VB that IN congressionally RB imposed VBN restrictions NNS on IN covert JJ actions NNS made VBD U.S. NNP support NN for IN such JJ coups NNS difficult JJ . . Mr. NNP Bush NNP even RB disclosed VBD privately RB that IN one CD Reagan-era NN deal NN with IN Congress NNP required VBD him PRP to TO notify VB the DT odious JJ Panamanian JJ dictator NN , , Manuel NNP Noriega NNP , , if IN the DT U.S. NNP learned VBD of IN a DT coup NN plot NN that WDT might MD endanger VB his PRP$ life NN . . The DT president NN also RB hinted VBD he PRP might MD veto VB this DT year NN 's POS intelligence NN authorization NN bill NN if IN it PRP is VBZ too RB restrictive JJ . . Intelligence NNP Committee NNP Chairman NNP David NNP Boren NNP ( ( D. NNP , , Okla NNP . . ) ) and CC Vice NNP Chairman NNP William NNP Cohen NNP ( ( R. NNP , , Maine NNP ) ) , , for IN their PRP$ part NN , , angrily RB accused VBD the DT White NNP House NNP of IN selectively RB leaking VBG classified VBN documents NNS and CC trying VBG unfairly RB to TO shift VB the DT blame NN to TO Congress NNP for IN the DT bungled VBN attempt NN to TO topple VB Gen. NNP Noriega NNP . . The DT White NNP House NNP got VBD the DT better JJR of IN the DT exchange NN but CC took VBD care NN not RB to TO press VB its PRP$ advantage NN to TO the DT kind NN of IN constitutional JJ confrontation NN sought VBN by IN conservative JJ Republicans NNPS who WP do VBP n't RB want VB any DT congressional JJ oversight NN of IN intelligence NN activities NNS . . Instead RB , , Mr. NNP Bush NNP and CC his PRP$ aides NNS made VBD it PRP clear JJ they PRP respected VBD Congress NNP 's POS role NN and CC felt VBD they PRP could MD work VB with IN the DT conservative JJ Mr. NNP Boren NNP and CC the DT moderate JJ Mr. NNP Cohen NNP to TO iron VB out RP their PRP$ differences NNS . . The DT senators NNS responded VBD in IN kind NN . . Sen. NNP Boren NNP happily RB told VBD reporters NNS that IN there EX had VBD been VBN `` `` a DT meeting NN of IN the DT minds NNS '' '' with IN the DT White NNP House NNP , , and CC that IN the DT committee NN had VBD given VBN Mr. NNP Bush NNP `` `` a DT clean JJ slate NN , , '' '' free JJ of IN the DT impediments NNS imposed VBN during IN the DT Reagan NNP years NNS . . Sen. NNP Cohen NNP said VBD the DT relationship NN has VBZ reverted VBN to TO its PRP$ pre-Reagan JJ character NN . . There EX still RB are VBP some DT details NNS to TO be VB nailed VBN down IN . . Mr. NNP Bush NNP is VBZ reserving VBG the DT right NN in IN `` `` rare JJ '' '' instances NNS to TO keep VB Congress NNP in IN the DT dark NN , , asserting VBG a DT constitutional JJ prerogative NN the DT committee NN does VBZ n't RB recognize VB . . And CC a DT pending VBG Justice NNP Department NNP interpretation NN of IN the DT assassination NN ban NN could MD raise VB questions NNS that WDT would MD have VB to TO be VB settled VBN . . Moreover RB , , both DT sides NNS may MD face VB political JJ critics NNS . . Some DT conservatives NNS will MD accuse VB the DT president NN of IN promising JJ Congress NNP too RB much RB . . And CC they PRP continue VBP anonymously RB attacking VBG CIA NNP Director NNP William NNP Webster NNP for IN being VBG too RB accommodating VBG to TO the DT committee NN . . At IN the DT same JJ time NN , , some DT congressional JJ liberals NNS will MD accuse VB Sens. NNP Boren NNP and CC Cohen NNP of IN wimping VBG out IN , , and CC they PRP will MD warn VB that IN the DT lawmakers NNS ' POS concessions NNS raise VBP the DT specter NN of IN more RBR internationally RB embarrassing JJ covert JJ operations NNS like IN the DT mining NN of IN Nicaraguan JJ harbors NNS and CC the DT Iran NNP arms NNS sales NNS . . But CC if IN the DT cooperative JJ attitude NN holds VBZ and CC there EX is VBZ greater JJR consultation NN on IN covert JJ activities NNS , , the DT country NN could MD be VB entering VBG an DT era NN when WRB such JJ hare-brained JJ schemes NNS are VBP scrapped VBN before IN they PRP get VBP off IN the DT drawing NN boards NNS , , while IN risky JJ but CC well-planned JJ secret JJ operations NNS can MD be VB undertaken VBN without IN fear NN that IN a DT panicky JJ Congress NNP will MD balk VB . . Several JJ of IN the DT New NNP York NNP Stock NNP Exchange NNP 's POS own JJ listed VBN companies NNS , , led VBN by IN giant JJ Contel NNP Corp. NNP , , are VBP joining VBG for IN the DT first JJ time NN to TO complain VB about IN program NN trading NN and CC the DT exchange NN 's POS role NN in IN it PRP . . Claiming VBG program NN trading NN has VBZ turned VBN the DT Big NNP Board NNP into IN a DT `` `` gambling NN casino NN , , '' '' Contel NNP Chairman NNP Charles NNP Wohlstetter NNP said VBD that IN he PRP and CC at IN least JJS 20 CD other JJ corporate JJ executives NNS are VBP forming VBG an DT unprecedented JJ alliance NN . . The DT group NN , , Mr. NNP Wohlstetter NNP said VBD in IN an DT interview NN , , wants VBZ to TO end VB the DT market NN 's POS wild JJ price NN swings NNS that IN critics NNS blame VBP on IN computer-aided JJ program-trading JJ strategies NNS . . The DT group NN will MD complain VB to TO Washington NNP , , to TO the DT heads NNS of IN program-trading JJ firms NNS and CC to TO the DT heads NNS of IN the DT Big NNP Board NNP itself PRP , , he PRP said VBD . . `` `` They PRP should MD call VB { ( the DT exchange NN } ) Trump NNP East NNP , , '' '' charged VBD Mr. NNP Wohlstetter NNP , , the DT 79-year-old JJ founder NN of IN Contel NNP who WP 's VBZ also RB a DT former JJ investment NN banker NN and CC stock NN trader NN . . `` `` What WP is VBZ the DT mission NN of IN the DT financial JJ community NN -- : to TO help VB some DT scavengers NNS or CC schemers NNS , , or CC help VB corporate JJ America NNP ? . '' '' Contel NNP is VBZ a DT $ $ 6 CD billion CD telephone NN and CC electronics NNS company NN . . Pressure NN has VBZ been VBN building VBG on IN the DT Big NNP Board NNP in IN the DT past JJ two CD weeks NNS to TO do VB something NN about IN market NN volatility NN , , which WDT many JJ investors NNS say VBP is VBZ caused VBN by IN program NN trading NN . . The DT market NN 's POS Friday-the-13th JJ plunge NN of IN 190 CD points NNS in IN the DT Dow NNP Jones NNP Industrial NNP Average NNP , , and CC the DT Big NNP Board NNP 's POS understated VBN response NN to TO it PRP , , galvanized VBD some DT longstanding JJ dissatisfaction NN among IN companies NNS listed VBN on IN the DT exchange NN . . Last JJ month NN , , program NN trading NN accounted VBD for IN a DT record NN 13.8 CD % NN of IN average JJ daily JJ Big NNP Board NNP volume NN . . Mr. NNP Wohlstetter NNP , , for IN example NN , , said VBD he PRP wrote VBD to TO Big NNP Board NNP Chairman NNP John NNP J. NNP Phelan NNP Jr. NNP about IN program NN trading NN after IN the DT 190-point JJ Dow NNP plunge NN , , and CC as IN in IN previous JJ queries NNS , , `` `` what WP I PRP get VBP back RB is VBZ gobbledygook NN . . '' '' He PRP said VBD he PRP 's VBZ upset VBN that IN Mr. NNP Phelan NNP , , trying VBG to TO calm VB investors NNS after IN the DT plunge NN , , said VBD that IN investors NNS would MD simply RB have VB to TO get VB used VBN to TO the DT market NN 's POS big JJ price NN swings NNS . . The DT Big NNP Board NNP `` `` is VBZ partly RB to TO blame VB { ( for IN the DT price NN swings NNS } ) , , because IN they PRP 're VBP cowards NNS , , '' '' said VBD Mr. NNP Wohlstetter NNP . . `` `` Their PRP$ powerful JJ members NNS manage VBP them PRP . . '' '' The DT focus NN of IN the DT outcry NN has VBZ been VBN stock-index NN arbitrage NN , , which WDT accounts VBZ for IN about IN half PDT the DT program NN trading NN that WDT goes VBZ on RB . . Index NN arbitragers NNS argue VBP that IN their PRP$ trading NN is VBZ healthy JJ because IN it PRP links VBZ markets NNS , , but CC critics NNS say VBP such JJ trading NN accelerates VBZ market NN movements NNS and CC increases VBZ the DT chance NN for IN a DT crash NN . . The DT Big NNP Board NNP has VBZ refused VBN to TO be VB drawn VBN into IN a DT public JJ debate NN about IN program NN trading NN . . Richard NNP Grasso NNP , , Big NNP Board NNP president NN , , last JJ week NN said VBD only RB that IN the DT exchange NN is VBZ concerned VBN about IN all PDT its PRP$ constituents NNS . . Privately RB , , exchange NN officials NNS worry VBP that IN without IN a DT hospitable JJ system NN for IN program NN trading NN at IN the DT Big NNP Board NNP , , billions NNS of IN dollars NNS in IN trading NN will MD simply RB migrate VB to TO overseas JJ exchanges NNS such JJ as IN London NNP 's POS . . It PRP is VBZ partly RB for IN this DT reason NN that IN the DT exchange NN last JJ week NN began VBD trading VBG in IN its PRP$ own JJ stock NN `` `` basket NN '' '' product NN that WDT allows VBZ big JJ investors NNS to TO buy VB or CC sell VB all DT 500 CD stocks NNS in IN the DT Standard NNP & CC Poor NNP 's POS index NN in IN a DT single JJ trade NN . . One CD intended VBN customer NN of IN the DT new JJ basket NN product NN is VBZ index NN arbitragers NNS , , according VBG to TO the DT exchange NN . . Investors NNS have VBP complained VBN for IN some DT time NN about IN program NN trading NN , , particularly RB index NN arbitrage NN , , to TO little JJ avail NN . . But CC according VBG to TO some DT Big NNP Board NNP traders NNS , , an DT organized VBN campaign NN from IN exchange-listed JJ companies NNS might MD make VB the DT exchange NN finally RB consider VB big JJ changes NNS . . `` `` They PRP wo MD n't RB fight VB the DT listed VBN companies NNS . . Now RB the DT assault NN is VBZ on IN , , '' '' said VBD one CD top NN trader NN . . The DT Big NNP Board NNP ca MD n't RB ban VB stock-index NN futures NNS , , of IN course NN , , but CC it PRP could MD ban VB use NN of IN its PRP$ high-speed JJ electronic JJ trading NN system NN for IN program NN trading NN or CC at IN least JJS encourage VB securities NNS firms NNS to TO back VB off RB . . The DT exchange NN put VBD a DT bit NN of IN a DT damper NN on IN program NN trading NN when WRB , , last JJ year NN , , it PRP simply RB started VBD to TO publish VB monthly JJ statistics NNS of IN each DT firm NN 's POS program-trading JJ volume NN . . Contel NNP 's POS Mr. NNP Wohlstetter NNP said VBD the DT group NN of IN Big NNP Board NNP companies NNS is VBZ n't RB ready JJ to TO go VB public JJ yet RB with IN its PRP$ effort NN , , and CC that IN he PRP does VBZ n't RB plan VB to TO be VB the DT leader NN once IN it PRP is VBZ public JJ . . However RB , , he PRP said VBD he PRP planned VBD to TO spend VB the DT weekend NN making VBG calls NNS to TO gather VB additional JJ support NN . . Among IN those DT Mr. NNP Wohlstetter NNP said VBD he PRP has VBZ been VBN talking VBG to TO are VBP Sanford NNP Weill NNP of IN Primerica NNP Corp. NNP , , which WDT is VBZ the DT parent NN of IN Smith NNP Barney NNP , , Harris NNP Upham NNP & CC Co. NNP ; : GTE NNP Corp. NNP 's POS James NNP Johnson NNP , , and CC ITT NNP Corp. NNP 's POS Rand NNP Araskog NNP . . None NN of IN these DT chief NN executives NNS were VBD available JJ for IN comment NN . . Among IN the DT targets NNS of IN the DT Big NNP Board NNP companies NNS ' POS campaign NN will MD be VB some DT corporate JJ pension NN funds NNS that WDT use VBP program-trading JJ strategies NNS to TO maximize VB returns NNS on IN their PRP$ investments NNS . . For IN Contel NNP 's POS part NN , , the DT company NN a DT month NN ago IN informed VBD each DT of IN its PRP$ money NN managers NNS that IN it PRP would MD drop VB them PRP if IN they PRP give VBP business NN to TO program-trading JJ firms NNS . . It PRP was VBD just RB those DT kinds NNS of IN ultimatums NNS that IN last JJ week NN succeeded VBN in IN turning VBG up RP the DT heat NN in IN the DT debate NN . . Kemper NNP Corp. NNP 's POS Kemper NNP Financial NNP Services NNP unit NN said VBD it PRP cut VBD off RP Bear NNP Stearns NNP , , Morgan NNP Stanley NNP , , Oppenheimer NNP and CC General NNP Electric NNP Co. NNP 's POS Kidder NNP , , Peabody NNP & CC Co. NNP unit NN . . All DT of IN the DT firms NNS except IN Kidder NNP , , which WDT is VBZ the DT second-biggest JJ program NN trader NN on IN Wall NNP Street NNP , , quickly RB announced VBD pull-backs NNS from IN index NN arbitrage NN . . Kidder NNP officials NNS stand VBP by IN their PRP$ aggressive JJ use NN of IN program NN trading NN . . Chief NNP Executive NNP Officer NNP Michael NNP Carpenter NNP said VBD that IN despite IN the DT outcry NN even RB by IN some DT of IN Kidder NNP 's POS own JJ brokers NNS , , he PRP believes VBZ index NN arbitrage NN does VBZ n't RB have VB a DT `` `` negative JJ impact NN on IN the DT market NN as IN a DT whole NN . . '' '' However RB , , pressure NN on IN Kidder NNP 's POS parent NN , , GE NNP , , could MD change VB Kidder NNP 's POS policy NN . . GE NNP Chairman NNP John NNP Welch NNP has VBZ been VBN `` `` besieged VBN with IN phone NN calls NNS '' '' complaining VBG about IN his PRP$ unit NN 's POS program NN trading NN , , according VBG to TO a DT person NN close JJ to TO him PRP . . Margaret NNP Thatcher NNP 's POS instinctive JJ response NN to TO the DT latest JJS upheaval NN in IN her PRP$ government NN is VBZ to TO promise VB business NN as IN usual JJ . . That DT may MD be VB the DT last JJ thing NN she PRP needs VBZ . . As IN the DT air NN clears VBZ from IN last JJ week NN 's POS storm NN of IN resignations NNS and CC reshufflings NNS , , the DT government NN faces VBZ a DT daunting VBG job NN of IN rebuilding VBG confidence NN in IN its PRP$ policies NNS . . The DT prime JJ minister NN and CC her PRP$ new JJ chancellor NN of IN the DT exchequer NN , , the DT untested JJ John NNP Major NNP , , need VBP to TO haul VB the DT country NN through IN something NN like IN a DT recession NN to TO bring VB down RP inflation NN and CC set VB the DT economy NN moving VBG again RB . . Mrs. NNP Thatcher NNP has VBZ to TO come VB to TO terms NNS with IN European JJ economic JJ integration NN , , beginning VBG with IN the DT European NNP Monetary NNP System NNP , , which WDT Britain NNP is VBZ committed VBN to TO joining VBG fully RB someday RB . . Finally RB , , the DT government NN has VBZ to TO convince VB a DT rattled JJ financial JJ community NN -- : and CC voters NNS -- : it PRP is VBZ proceeding VBG coherently RB toward IN its PRP$ goals NNS . . It PRP sounds VBZ like IN the DT work NN of IN a DT decade NN , , but CC the DT deadline NN is VBZ late RB 1991 CD , , when WRB Mrs. NNP Thatcher NNP is VBZ expected VBN to TO call VB another DT national JJ election NN . . What WP 's VBZ worrying VBG her PRP$ supporters NNS is VBZ that IN the DT economic JJ cycle NN may MD be VB out IN of IN kilter NN with IN the DT political JJ timetable NN . . She PRP could MD end VB up RP seeking VBG a DT fourth JJ term NN in IN an DT economy NN sick JJ with IN inflation NN , , high JJ interest NN rates NNS and CC a DT heavy JJ trade NN deficit NN . . Though NNP Mrs. NNP Thatcher NNP has VBZ pulled VBN through IN other JJ crises NNS , , supporters NNS wonder VBP if IN her PRP$ steely JJ , , autocratic JJ ways NNS are VBP the DT right JJ formula NN today NN . . `` `` There EX 's VBZ a DT rising VBG fear NN that IN perhaps RB Mrs. NNP Thatcher NNP 's POS style NN of IN management NN has VBZ become VBN a DT political JJ liability NN , , '' '' says VBZ Bill NNP Martin NNP , , senior JJ economist NN at IN London NNP brokers NNS UBS-Phillips NNP & CC Drew NNP . . The DT prime JJ minister NN 's POS insistence NN on IN keeping VBG a DT private JJ coterie NN of IN advisers NNS -- : including VBG an DT economic JJ guru NN who WP openly RB criticized VBD former JJ Chancellor NNP of IN the DT Exchequer NNP Nigel NNP Lawson NNP -- : confused VBD the DT financial JJ community NN . . Last JJ week NN , , the DT strategy NN of IN playing VBG the DT two CD experts NNS off IN each DT other JJ blew VBD up IN : : Mr. NNP Lawson NNP quit VBP in IN exasperation NN and CC Sir NNP Alan NNP Walters NNP , , the DT adviser NN , , announced VBD his PRP$ resignation NN within IN an DT hour NN . . The DT confusion NN could MD be VB costly JJ . . Currency NN traders NNS , , suspecting VBG Mr. NNP Major NNP wo MD n't RB defend VB the DT pound NN strenuously RB , , sent VBD the DT British JJ currency NN sharply RB lower JJR Friday NNP against IN the DT dollar NN and CC West JJ German JJ mark NN . . Analysts NNS expect VBP further JJ jitters NNS this DT week NN . . A DT continuing VBG slide NN in IN the DT pound NN could MD force VB the DT government NN to TO push VB through IN another DT rise NN in IN the DT base NN rate NN , , currently RB 15 CD % NN . . That DT could MD shove VB a DT weak JJ economy NN into IN recession NN . . Economists NNS have VBP been VBN anticipating VBG a DT slump NN for IN months NNS , , but CC they PRP now RB say VBP it PRP will MD be VB deeper JJR and CC longer JJR than IN they PRP had VBD thought VBN . . Britain NNP 's POS economy NN `` `` is VBZ developing VBG rapidly RB toward IN no-growth NN , , '' '' says VBZ J. NNP Paul NNP Horne NNP , , international JJ economist NN with IN Smith NNP Barney NNP , , Harris NNP Upham NNP Co. NNP in IN Paris NNP . . A DT mild JJ slowdown NN probably RB would MD have VB run VBN its PRP$ course NN by IN early JJ 1991 CD , , economists NNS say VBP , , while IN the DT grueling VBG downturn NN now RB expected VBN could MD stretch VB into IN 1992 CD . . Recovery NN could MD be VB hampered VBN if IN Britain NNP 's POS major JJ trading VBG partners NNS in IN Europe NNP , , which WDT are VBP enjoying VBG robust JJ economic JJ activity NN , , cool VBP off RB as RB expected VBN in IN late JJ 1990 CD and CC 1991 CD . . That DT would MD leave VB Mrs. NNP Thatcher NNP little JJ room NN for IN maneuver NN . . For IN the DT Tories NNPS to TO win VB the DT next JJ election NN , , voters NNS will MD need VB to TO sense VB economic JJ improvement NN for IN about IN a DT year NN beforehand RB . . Though NNP Mrs. NNP Thatcher NNP does VBZ n't RB need VB to TO call VB an DT election NN until IN June NNP 1992 CD , , she PRP would MD prefer VB doing VBG so RB in IN late JJ 1991 CD . . `` `` If IN the DT economy NN shows VBZ no DT sign NN of IN turning VBG around RB in IN about IN year NN 's POS time NN , , she PRP will MD be VB very RB vulnerable JJ , , '' '' says VBZ John NNP Barnes NNP , , a DT lecturer NN at IN the DT London NNP School NNP of IN Economics NNP . . There EX 's VBZ an DT equally RB pressing VBG deadline NN for IN the DT government NN to TO define VB its PRP$ monetary JJ and CC economic JJ ties NNS to TO the DT rest NN of IN the DT European NNP Community NNP . . It PRP has VBZ sent VBN mixed VBN signals NNS about IN its PRP$ willingness NN to TO take VB part NN in IN the DT exchange-rate NN mechanism NN of IN the DT European NNP Monetary NNP System NNP , , which WDT links VBZ the DT major JJ EC NNP currencies NNS . . At IN a DT June NNP EC NNP summit NN , , Mrs. NNP Thatcher NNP appeared VBD to TO ease VB her PRP$ opposition NN to TO full JJ EMS NNP membership NN , , saying VBG Britain NNP would MD join VB once RB its PRP$ inflation NN rate NN fell VBD and CC the DT EC NNP liberalized VBD capital NN movements NNS . . Since IN then RB , , the DT government NN has VBZ left VBN observers NNS wondering VBG if IN it PRP ever RB meant VBD to TO join VB . . Sir NNP Alan NNP assailed VBD the DT monetary JJ arrangement NN as IN `` `` half-baked JJ '' '' in IN an DT article NN being VBG published VBN in IN an DT American JJ economics NNS journal NN . . That DT produced VBD little JJ reaction NN from IN his PRP$ boss NN , , reinforcing VBG speculation NN the DT government NN would MD use VB its PRP$ two CD conditions NNS as IN a DT pretext NN for IN avoiding VBG full JJ EMS NNP membership NN . . Despite IN the DT departure NN of IN Mr. NNP Lawson NNP and CC Sir NNP Alan NNP , , the DT tug-of-war NN over IN the DT EMS NNP could MD continue VB . . Sir NNP Geoffrey NNP Howe NNP , , deputy JJ prime JJ minister NN and CC a DT Lawson NNP ally NN on IN the DT EMS NNP , , has VBZ signaled VBN he PRP will MD continue VB pressing VBG for IN early JJ membership NN . . Of IN immediate JJ concern NN is VBZ whether IN the DT Thatcher NNP government NN will MD continue VB Mr. NNP Lawson NNP 's POS policy NN of IN tracking VBG the DT monetary JJ policies NNS of IN the DT West NNP German NNP Bundesbank NNP and CC responding VBG in IN kind NN when WRB the DT Frankfurt NNP authorities NNS move VBP interest NN rates NNS . . Mrs. NNP Thatcher NNP `` `` does VBZ n't RB like VB taking VBG orders NNS from IN foreigners NNS , , '' '' says VBZ Tim NNP Congdon NNP , , economist NN with IN Gerrard NNP & CC National NNP Holding NNP PLC NNP . . As IN Conservatives NNPS rally VBP around IN Mrs. NNP Thatcher NNP during IN the DT crisis NN , , many JJ harbor VBP hopes NNS last JJ week NN 's POS debacle NN will MD prompt VB change NN . . `` `` We PRP wo MD n't RB have VB any DT more JJR of IN this DT wayward JJ behavior NN , , '' '' says VBZ Sir NNP Peter NNP Hordern NNP , , a DT backbench JJ Tory NNP member NN of IN Parliament NNP . . `` `` The DT party NN is VBZ fed VBN up RP with IN sackings NNS of IN good JJ people NNS . . '' '' It PRP 's VBZ an DT unrealistic JJ expectation NN . . As RB long RB as IN a DT decade NN ago IN , , Mrs. NNP Thatcher NNP declared VBD she PRP did VBD n't RB want VB debate NN in IN her PRP$ cabinet NN ; : she PRP wanted VBD strong JJ government NN . . Over IN the DT weekend NN , , she PRP said VBD she PRP did VBD n't RB intend VB to TO change VB her PRP$ style NN and CC denied VBD she PRP is VBZ authoritarian JJ . . `` `` Nonsense NN , , '' '' she PRP told VBD an DT interviewer NN yesterday NN on IN London NNP Weekend NNP Television NNP . . `` `` I PRP am VBP staying VBG my PRP$ own JJ sweet JJ , , reasonable JJ self NN . . Joseph NNP L. NNP Dionne NNP , , chairman NN and CC chief NN executive JJ officer NN of IN McGraw-Hill NNP Inc. NNP , , was VBD elected VBN to TO the DT board NN of IN directors NNS of IN this DT electronics NNS manufacturer NN . . He PRP succeeds VBZ the DT retiring VBG James NNP W. NNP Wilcock NNP . . Base NNP Data NNP Computers NNS that WDT once RB were VBD the DT state NN of IN the DT art NN , , The DT marvels NNS bought VBN three CD years NNS ago IN , , Are VBP now RB obsolete JJ . . As IN we PRP queasily RB start VBP The DT search NN for IN replacements NNS , , we PRP know VBP The DT new JJ one CD we PRP purchase VBP in IN hopes NNS it PRP will MD do VB , , Despite IN every DT wonder NN that WDT 's VBZ stated VBN , , Means VBZ more JJR speed NN , , more JJR graphics NNS , , more JJR memory NN , , too RB , , But CC also RB more RBR quickly RB out IN - : dated JJ ! . -- : Bern NNP Sharfman NNP . . Curdling NNP Confession NNP I PRP know VBP when WRB dividends NNS are VBP due JJ ; : When WRB bonds NNS should MD be VB retired VBN ; : But CC what WP gets VBZ by IN me PRP every DT time NN Is VBZ has VBZ the DT milk NN expired VBN ? . -- : Ralph NNP Shaffer NNP . . Daffynition NNP Tithing NN : : Obedience NN to TO one-tenth NN Commandment NN . . -- : Len NNP Elliott NNP . . Wives NNS May MD Not RB Benefit VB When WRB Men NN Do VB Chores NNS WHEN WRB HUSBANDS NNS take VBP on RP more JJR housework NN , , they PRP tend VBP to TO substitute VB for IN chores NNS done VBN by IN the DT kids NNS rather RB than IN by IN the DT wife NN . . Rand NNP Corp. NNP researchers NNS Linda NNP Waite NNP and CC Frances NNP Goldscheider NNP analyzed VBD a DT large JJ sample NN of IN married JJ women NNS with IN at IN least JJS one CD child NN at IN home NN between IN the DT ages NNS of IN six CD and CC 18 CD . . The DT women NNS indicated VBD which WDT family NN member NN usually RB did VBD various JJ household NN chores NNS and CC the DT approximate JJ share NN each DT did VBD . . Not RB unexpectedly RB , , wives NNS , , whether IN working VBG or CC non-working JJ , , did VBD by IN far RB the DT most JJS -- : about IN 80 CD % NN of IN the DT shopping NN , , laundry NN and CC cooking NN , , and CC about IN two-thirds NNS of IN housecleaning NN , , washing VBG dishes NNS , , child NN care NN and CC family NN paper NN work NN . . Only RB for IN yardwork NN and CC home NN maintenance NN did VBD women NNS do VB less JJR than IN half NN . . But CC the DT researchers NNS found VBD that IN while IN children NNS 's POS household NN tasks NNS eased VBD the DT mother NN 's POS burden NN appreciably RB , , the DT husband NN 's POS helping VBG hand NN `` `` appears VBZ to TO lighten VB the DT children NNS 's POS load NN almost RB on IN a DT one-for-one JJ basis NN and CC to TO reduce VB the DT wife NN 's POS responsibility NN only RB modestly RB . . '' '' This DT pattern NN was VBD particularly RB evident JJ among IN more RBR highly RB educated VBN couples NNS . . In IN these DT families NNS , , husbands NNS took VBD on RP 80 CD % JJ more JJR chores NNS than IN in IN couples NNS with IN only JJ grammar NN school NN education NN . . But CC the DT kids NNS with IN highly RB educated VBN parents NNS did VBD 68 CD % NN less JJR housework NN than IN those DT in IN less-educated JJ families NNS . . `` `` It PRP is VBZ clear JJ , , '' '' Ms. NNP Waite NNP says VBZ , , `` `` that DT most JJS of IN the DT effect NN of IN increasing VBG education NN has VBZ been VBN to TO shift VB who WP is VBZ helping VBG the DT wife\/mother NN . . Her PRP$ share NN decreases VBZ , , but CC only RB slightly RB . . '' '' Nursing NNP Home NNP Patients NNPS Apt JJ to TO Be VB Private JJ Payers NNS FAR RB FEWER JJR elderly JJ nursing NN home NN residents NNS bankrupt VBP themselves PRP than IN was VBD previously RB believed VBN , , two CD recent JJ studies NNS declare VBP . . State NN governments NNS place VBP very RB low JJ ceilings NNS on IN how WRB much JJ property NN people NNS may MD own VB or CC how WRB much JJ income NN they PRP may MD keep VB if IN they PRP want VBP welfare NN help NN on IN medical JJ bills NNS . . Conventional JJ wisdom NN has VBZ long RB held VBN that RB anywhere RB from IN one-fourth NN to TO one-half NN of IN all DT elderly JJ long-term JJ care NN patients NNS are VBP obliged VBN to TO spend VB themselves PRP into IN poverty NN before IN qualifying VBG for IN Medicaid NNP assistance NN . . But CC separate JJ reports NNS from IN Joshua NNP Weiner NNP and CC Denise NNP Spence NNP of IN the DT Brookings NNP Institution NNP and CC Korbin NNP Liu NNP of IN the DT Urban NNP Institute NNP find VBP that IN `` `` a DT surprisingly RB small JJ proportion NN '' '' -- : only RB about IN 10 CD % NN -- : of IN residents NNS start VBP out IN as RB private JJ payers NNS but CC `` `` spend VBP down RP '' '' to TO Medicaid NNP levels NNS in IN a DT single JJ nursing NN home NN stay NN before IN they PRP die VBP or CC are VBP discharged VBN . . ( ( Another DT one-third NN are VBP already RB on IN Medicaid NNP when WRB they PRP enter VBP the DT nursing NN homes NNS , , a DT considerably RB higher JJR proportion NN than IN the DT analysts NNS anticipated VBN . . ) ) But CC a DT remarkably RB high JJ percentage NN -- : over IN half DT -- : are VBP private JJ payers NNS throughout IN their PRP$ stay NN , , even RB a DT fairly RB lengthy JJ one CD . . About IN one-third NN pay NN out IN of IN their PRP$ own JJ pockets NNS , , while IN the DT rest NN are VBP covered VBN throughout IN by IN Medicare NNP , , private JJ insurers NNS or CC the DT Veterans NNPS Administration NNP . . Both DT reports NNS are VBP based VBN on IN several JJ thousand CD patients NNS sampled VBN in IN a DT 1985 CD nationwide JJ government NN survey NN . . The DT Brookings NNP and CC Urban NNP Institute NNP authors NNS caution VBP , , however RB , , that IN most JJS nursing NN home NN stays NNS are VBP of IN comparatively RB short JJ duration NN , , and CC reaching VBG the DT Medicaid NNP level NN is VBZ more RBR likely JJ with IN an DT unusually RB long JJ stay NN or CC repeated VBN stays NNS . . Moreover RB , , they PRP note VBP , , those DT who WP manage VBP to TO pay VB their PRP$ own JJ way NN often RB do VBP so RB only RB by IN selling VBG their PRP$ homes NNS , , using VBG up RP life NN savings NNS or CC drawing VBG heavily RB on IN children NNS and CC other JJ relatives NNS . . Reagan NNP Era NN Young NN Hold VBP Liberal JJ Views NNS THE DT REAGAN NNP generation NN young JJ men NNS and CC women NNS reaching VBG political JJ maturity NN during IN Ronald NNP Reagan NNP 's POS presidency NN -- : are VBP firmly RB liberal JJ on IN race NN and CC gender NN , , according VBG to TO NORC NNP , , the DT social JJ science NN research NN center NN at IN the DT University NNP of IN Chicago NNP . . Many JJ political JJ analysts NNS have VBP speculated VBN that IN the DT Reagan NNP years NNS would MD produce VB a DT staunchly RB conservative JJ younger JJR generation NN . . NORC NNP 's POS most JJS recent JJ opinion NN surveys NNS find VBP the DT youngest JJS adults NNS indeed RB somewhat RB more JJR pro-Reagan JJ and CC pro-Republican JJ than IN other JJ adults NNS . . But CC , , says VBZ chief NN investigator NN Tom NNP Smith NNP , , this DT `` `` does VBZ not RB translate VB into IN support NN for IN conservatism NN in IN general JJ or CC into IN conservative JJ positions NNS on IN feminist JJ and CC civil JJ rights NNS issues NNS . . '' '' Answers NNS to TO a DT dozen NN questions NNS in IN the DT 1986 CD , , 1987 CD , , 1988 CD and CC 1989 CD national JJ surveys NNS reveal VBP that IN men NNS and CC women NNS in IN the DT 18 CD to TO 24 CD age NN bracket NN are VBP considerably RB more RBR liberal JJ on IN race NN and CC gender VB than IN were VBD the DT 18 CD to TO 24 CD year NN olds NNS in IN NORC NNP 's POS polling NN in IN the DT early JJ 1970s CD and CC early JJ 1980s CD . . They PRP were VBD also RB as RB liberal JJ or CC more RBR liberal JJ than IN any DT other JJ age NN group NN in IN the DT 1986 CD through IN 1989 CD surveys NNS . . For IN example NN , , 66 CD % NN of IN the DT 18 CD to TO 24 CD year NN olds NNS in IN the DT four CD latest JJS surveys NNS favored VBD an DT `` `` open JJ housing NN '' '' law NN prohibiting VBG homeowners NNS from IN refusing VBG on IN racial JJ grounds NNS to TO sell VB to TO prospective JJ buyers NNS . . That DT compares VBZ with IN 58 CD % NN of IN the DT similar JJ age NN group NN in IN the DT 1980 CD through IN 1982 CD surveys NNS and CC 55 CD % NN in IN the DT 1972 CD through IN 1975 CD surveys NNS . . Asked VBN whether IN they PRP agreed VBD or CC disagreed VBD with IN the DT claim NN that IN men NNS are VBP emotionally RB better RB suited VBN to TO politics NNS than IN women NNS , , 70 CD % NN of IN the DT Reagan NNP generation NN disagreed VBD , , compared VBN with IN under IN 60 CD % NN of IN younger JJR men NNS and CC women NNS in IN the DT earlier JJR years NNS . . Odds NNPS and CC Ends NNPS SEPARATED VBN and CC divorced VBN men NNS and CC women NNS are VBP far RB more RBR likely JJ to TO be VB smokers NNS than IN married JJ persons NNS , , the DT Centers NNPS for IN Disease NNP Control NNP discovers VBZ ... : . . Graduate NN students NNS are VBP taking VBG longer RBR than IN ever RB to TO get VB their PRP$ doctor NN of IN philosophy NN degrees NNS , , the DT National NNP Research NNP Council NNP says VBZ . . It PRP estimates VBZ the DT time NN between IN college NN graduation NN and CC the DT awarding NN of IN a DT Ph. NNP D. NNP has VBZ lengthened VBN by IN 30 CD % NN over IN the DT past JJ 20 CD years NNS , , with IN the DT average JJ gap NN now RB ranging VBG from IN about IN 7.4 CD years NNS in IN the DT physical JJ sciences NNS to TO 16.2 CD years NNS in IN education NN . . October NNP was VBD an DT edgy JJ month NN for IN the DT practitioners NNS of IN glasnost NN , , the DT official JJ Soviet JJ policy NN of IN allowing VBG more JJR candor NN from IN the DT nation NN 's POS media NNS . . For IN one CD of IN the DT superstars NNS of IN glasnost NN , , Vitaly NNP Korotich NNP , , editor NN of IN the DT trail-blazing JJ weekly JJ Ogonyok NNP , , Friday NNP , , Oct. NNP 20 CD was VBD a DT somersaulting JJ day NN that WDT turned VBD from IN tension NN to TO elation NN . . He PRP had VBD been VBN summoned VBN to TO the DT Central NNP Committee NNP of IN the DT Soviet NNP Communist NNP Party NNP , , after IN he PRP finished VBD his PRP$ lunch NN at IN the DT Savoy NNP Hotel NNP , , an DT unlikely JJ prelude NN to TO a DT bureaucratic JJ brow-beating NN : : Eight-foot-tall JJ Rubenesquely JJ naked JJ ladies NNS float VBP on IN their PRP$ canvases NNS toward IN a DT ceiling NN teeming VBG with IN cherubs NNS , , all DT surrounded VBN by IN gilt NN laid VBN on RP with IN a DT pastry NN chef NN 's POS trowel NN and CC supported VBN by IN marble NN corinthian JJ columns NNS whose WP$ capitals NNS are VBP fluting NN fountains NNS of IN gold NN . . Why WRB had VBD Mr. NNP Korotich NNP been VBN called VBN ? . `` `` I PRP told VBD my PRP$ driver NN , , '' '' he PRP said VBD , , `` `` that IN he PRP was VBD taking VBG my PRP$ butt NN to TO the DT Central NNP Committee NNP so IN they PRP can MD ... : '' '' whack VB , , whack VB , , whack VB his PRP$ hand NN made VBD vigorous JJ spanking JJ gestures NNS on IN his PRP$ left JJ palm NN . . `` `` They PRP feel VBP the DT need NN from IN time NN to TO time NN to TO ` `` educate VB ' '' me PRP . . '' '' And CC indeed RB , , as IN he PRP later RB reported VBD , , that DT was VBD the DT import NN of IN the DT meeting NN . . Anxious JJ allies NNS of IN President NNP Mikhail NNP Gorbachev NNP are VBP cautioning VBG media NNS leaders NNS to TO take VB it PRP easy RB , , to TO be VB careful JJ not RB to TO do VB anything NN that WDT could MD be VB used VBN by IN Mr. NNP Gorbachev NNP 's POS opponents NNS . . The DT government NN is VBZ nervous JJ . . According VBG to TO Mr. NNP Korotich NNP , , who WP was VBD present JJ , , Mr. NNP Gorbachev NNP 's POS publicized VBN tongue-lashing NN of IN the DT press NN on IN Oct. NNP 13 CD was VBD more JJR of IN a DT plea NN : : `` `` Be VB careful JJ boys NNS ; : use VB good JJ judgment NN . . We PRP 're VBP standing VBG in IN gasoline NN , , so RB do VB n't RB smoke VB ! . '' '' U.S. NNP and CC northern JJ European JJ diplomats NNS confirm VBP Mr. NNP Korotich NNP 's POS assessment NN that IN glasnost NN is VBZ in IN no DT immediate JJ danger NN . . In IN fact NN , , a DT very RB high-ranking JJ Soviet JJ official NN told VBD an DT American JJ official NN at IN a DT diplomatic JJ dinner NN that IN no DT change NN in IN the DT policy NN was VBD contemplated VBN . . The DT day NN after IN that DT conversation NN at IN the DT residence NN of IN the DT U.S. NNP ambassador NN , , the DT Brezhnevite NNP editor NN of IN Pravda NNP , , Victor NNP Afnasjev NNP , , was VBD replaced VBN by IN a DT college NN classmate NN of IN Mr. NNP Gorbachev NNP 's POS . . Brezhnevite NNP holdovers NNS have VBP more JJR to TO fear VB from IN Mr. NNP Gorbachev NNP than IN the DT verbal JJ spanking NN he PRP gave VBD to TO the DT press NN . . At IN the DT end NN of IN the DT very JJ week NN in IN which WDT Mr. NNP Korotich NNP was VBD called VBN to TO the DT Central NNP Committee NNP , , Ogonyok NNP was VBD again RB demonstrating VBG its PRP$ independence NN by IN printing VBG a DT poll NN that WDT showed VBD that IN 35 CD % NN of IN the DT Soviet JJ population NN , , a DT plurality NN , , believed VBD that IN Mr. NNP Gorbachev NNP 's POS economic JJ reforms NNS , , perestroika FW , , would MD result VB in IN only JJ insignificant JJ change NN . . A DT good JJ measurement NN of IN the DT popularity NN of IN ice-breaker JJ journals NNS like IN Ogonyok NNP is VBZ circulation NN . . When WRB Mr. NNP Korotich NNP took VBD it PRP over RP in IN 1986 CD , , it PRP sold VBD 250,000 CD copies NNS ; : today NN it PRP sells VBZ 3.4 CD million CD . . Pravda NNP , , meanwhile RB , , has VBZ retained VBN only RB 57 CD % NN of IN its PRP$ 1986 CD readership NN . . Glasnost FW has VBZ made VBN celebrities NNS of IN men NNS like IN Mr. NNP Korotich NNP . . Prevented VBN by IN the DT Communist NNP Party NNP from IN getting VBG on IN its PRP$ slate NN of IN nominees NNS for IN the DT new JJ Supreme NNP Soviet NNP , , he PRP stood VBD as IN an DT independent JJ candidate NN for IN Congress NNP from IN his PRP$ native JJ Ukraine NNP and CC won VBD with IN 84 CD % NN of IN the DT vote NN . . The DT same JJ evening NN that IN he PRP was VBD summoned VBN for IN a DT warning NN from IN the DT Party NNP , , he PRP was VBD cheered VBN by IN thousands NNS of IN his PRP$ supporters NNS at IN a DT rally NN of IN what WP can MD only RB be VB called VBN the DT Korotich NNP party NN . . But CC as RB astounding JJ as IN the DT changes NNS that WDT have VBP already RB occurred VBN are VBP , , there EX is VBZ a DT fragility NN to TO glasnost FW . . Censorship NN is VBZ n't RB a DT Marxist JJ invention NN . . The DT czars NNS were VBD no RB civil JJ libertarians NNS . . As RB late RB as IN the DT 1890s CD , , the DT Russian JJ government NN prevented VBD any DT coverage NN of IN famines NNS . . It PRP even RB directed VBD newspapers NNS not RB to TO publish VB anything NN that WDT might MD stain VB the DT honor NN of IN the DT Turkish JJ sultan NN 's POS wives NNS . . So IN glasnost FW is VBZ not RB a DT value NN woven VBN with IN steel NN threads NNS into IN the DT fabric NN of IN Russian JJ society NN . . It PRP is VBZ an DT admirable JJ public JJ relations NNS program NN initiated VBN by IN a DT single JJ political JJ leader NN during IN a DT four-year JJ blink NN of IN history NN . . It PRP is VBZ public JJ relations NNS of IN the DT highest JJS sophistication NN , , that WDT recognizes VBZ that IN credibility NN is VBZ enhanced VBN by IN honesty NN -- : up IN to TO a DT point NN . . What WP is VBZ that DT point NN ? . Will MD Ogonyok NNP begin VB a DT series NN of IN reports NNS analyzing VBG the DT failures NNS of IN perestroika FW ? . `` `` I PRP 'd MD be VB destroying VBG myself PRP , , '' '' replies VBZ Mr. NNP Korotich NNP , , who WP then RB asks VBZ , , `` `` What WP would MD that DT accomplish VB ? . '' '' His PRP$ answer NN reveals VBZ his PRP$ vulnerability NN -- : it PRP also RB draws VBZ the DT line NN that IN Soviet JJ society NN must MD cross VB to TO enter VB the DT normal JJ dialogue NN of IN Western JJ culture NN . . It PRP is VBZ the DT line NN beyond IN which WDT the DT press NN can MD report VB not RB only RB on IN the DT bankruptcy NN of IN factories NNS but CC on IN the DT failures NNS of IN even RB admirable JJ leaders NNS . . Mr. NNP Ayers NNP is VBZ editor NN and CC publisher NN of IN the DT Anniston NNP , , Ala. NNP , , Star NNP . . A DT state NN trial NN judge NN in IN Illinois NNP gave VBD preliminary JJ approval NN to TO a DT proposed VBN settlement NN of IN a DT suit NN against IN a DT Bank NNP of IN New NNP York NNP Co. NNP unit NN , , Irving NNP Trust NNP Co. NNP , , over IN the DT interest NN rates NNS on IN Irving NNP 's POS former JJ One CD Wall NNP Street NNP Account NNP money-market JJ deposit NN accounts NNS . . Judge NNP Albert NNP Green NNP , , in IN Cook NNP County NNP Circuit NNP Court NNP in IN Chicago NNP , , also RB recognized VBD the DT suit NN , , filed VBN last JJ May NNP by IN Robert NNP and CC Cynthia NNP Langendorf NNP , , as IN a DT class NN action NN covering VBG thousands NNS of IN Irving NNP customers NNS . . The DT plaintiffs NNS accused VBD Irving NNP of IN paying VBG less JJR interest NN than IN promised VBN in IN a DT marketing NN brochure NN . . Irving NNP maintained VBD -- : and CC still RB does VBZ -- : that IN its PRP$ actions NNS were VBD proper JJ under IN its PRP$ account NN agreements NNS with IN customers NNS . . Under IN the DT proposed VBN settlement NN , , customers NNS with IN valid JJ claims NNS -- : to TO be VB submitted VBN by IN Dec. NNP 15 CD -- : will MD receive VB `` `` valuable JJ bank NN services NNS , , '' '' such JJ as IN credit NN cards NNS with IN reduced VBN finance NN charges NNS , , for IN two CD years NNS . . Larry NNP Drury NNP , , attorney NN for IN the DT plaintiffs NNS , , valued VBD the DT settlement NN at IN between IN $ $ 6 CD million CD and CC $ $ 8 CD million CD . . A DT Bank NNP of IN New NNP York NNP spokesman NN in IN Manhattan NNP , , Owen NNP Brady NNP , , said VBD , , `` `` That DT 's VBZ the DT maximum JJ , , outside JJ figure NN . . Federal NNP Reserve NNP critics NNS used VBD to TO complain VB of IN `` `` stop VB and CC go VB '' '' monetary JJ policies NNS . . They PRP claimed VBD that IN the DT Fed NNP would MD first RB give VB a DT green JJ light NN to TO the DT economy NN by IN making VBG credit NN readily RB available JJ and CC then RB turn VB on RP the DT red JJ and CC bring VB growth NN to TO a DT screeching JJ halt NN . . But CC under IN Alan NNP Greenspan NNP that WDT has VBZ changed VBN . . A DT supremely RB cautious JJ man NN , , the DT Fed NNP chairman NN is VBZ forever RB blinking RB yellow JJ . . Indeed RB , , his PRP$ caution NN has VBZ become VBN legendary JJ within IN the DT government NN . . He PRP fusses VBZ endlessly RB over IN economic JJ statistics NNS , , dissecting VBG them PRP in IN dozens NNS of IN ways NNS , , probing VBG for IN hours NNS in IN search NN of IN potential JJ problems NNS . . After IN thoroughly RB digesting VBG reams NNS of IN information NN , , he PRP often RB concludes VBZ that IN more JJR data NNS are VBP needed VBN , , and CC when WRB he PRP finally RB decides VBZ to TO act VB , , his PRP$ movements NNS sometimes RB seem VBP excrutiatingly RB small JJ . . Such JJ caution NN was VBD evident JJ after IN the DT recent JJ Friday-the-13th JJ stock NN market NN plunge NN . . Some DT Bush NNP administration NN officials NNS urged VBD Mr. NNP Greenspan NNP to TO make VB an DT immediate JJ public JJ announcement NN of IN his PRP$ plans NNS to TO provide VB ample JJ credit NN to TO the DT markets NNS . . But CC he PRP refused VBD , , claiming VBG that IN he PRP wanted VBD to TO see VB what WP happened VBD Monday NNP morning NN before IN making VBG any DT public JJ statement NN . . Mr. NNP Greenspan NNP 's POS decision NN to TO keep VB quiet NN also RB prompted VBD a DT near-mutiny NN within IN the DT Fed NNP 's POS ranks NNS . . A DT `` `` senior JJ Fed NNP official NN '' '' spoke VBD on IN Saturday NNP after IN the DT market NN swoon NN to TO both PDT the DT Washington NNP Post NNP and CC the DT New NNP York NNP Times NNP , , saying VBG the DT Fed NNP was VBD prepared VBN to TO provide VB as IN much JJ credit NN as IN the DT markets NNS needed VBD . . The DT statement NN angered VBD Chairman NNP Greenspan NNP , , but CC it PRP was VBD greeted VBN with IN applause NN by IN the DT Bush NNP administration NN and CC the DT financial JJ markets NNS . . And CC , , while IN the DT mutinous JJ Fed NNP member NN has VBZ n't RB gone VBN public JJ , , some DT Fed NNP governors NNS , , most RBS notably RB Vice NNP Chairman NNP Manuel NNP Johnson NNP , , are VBP known VBN to TO have VB disagreed VBN with IN the DT chairman NN 's POS decision NN to TO remain VB silent JJ . . Ironically RB , , the DT anonymous JJ official NN 's POS comments NNS have VBP earned VBN some DT plaudits NNS for IN Mr. NNP Greenspan NNP , , who WP is VBZ mistakenly RB seen VBN as IN the DT source NN . . At IN a DT hearing NN last JJ week NN , , Democratic JJ Sen. NNP Chris NNP Dodd NNP of IN Connecticut NNP told VBD Treasury NNP Secretary NNP Nicholas NNP Brady NNP that IN `` `` Chairman NNP Greenspan NNP 's POS '' '' announcement NN over IN the DT Oct. NNP 13 CD weekend NN was VBD a DT `` `` very RB important JJ statement NN . . '' '' Mr. NNP Brady NNP hesitantly RB replied VBD that IN he PRP was VBD n't RB sure JJ whether IN Mr. NNP Greenspan NNP `` `` made VBD a DT statement NN himself PRP , , or CC whether IN that DT was VBD a DT newspaper NN report NN . . '' '' The DT Fed NNP chairman NN 's POS caution NN was VBD apparent JJ again RB on IN the DT Monday NNP morning NN after IN the DT market NN 's POS plunge NN , , when WRB the DT central JJ bank NN took VBD only RB modest JJ steps NNS to TO aid VB the DT markets NNS . . A DT surprisingly RB small JJ amount NN of IN reserves NNS was VBD added VBN to TO the DT banking NN system NN . . And CC , , by IN the DT end NN of IN that DT week NN , , the DT key JJ federal JJ funds NNS interest NN rate NN , , which WDT is VBZ largely RB controlled VBN by IN the DT Fed NNP , , had VBD settled VBN at IN 8.75 CD % NN , , barely RB changed VBN from IN the DT level NN of IN just RB under IN 9 CD % NN that WDT prevailed VBD the DT previous JJ week NN . . Bush NNP administration NN officials NNS appear VBP increasingly RB concerned VBN that IN Mr. NNP Greenspan NNP is VBZ cautious JJ to TO a DT fault NN . . Signs NNS of IN growing VBG weakness NN in IN the DT economy NN , , paired VBN with IN indications NNS that IN inflation NN is VBZ staying VBG well RB under IN control NN , , have VBP caused VBN them PRP to TO wonder VB why WRB the DT Fed NNP chairman NN is VBZ so RB grudging JJ in IN reducing VBG rates NNS . . Those DT concerns NNS are VBP n't RB expressed VBN in IN public NN . . In IN fact NN , , the DT administration NN and CC the DT Fed NNP have VBP been VBN going VBG out IN of IN their PRP$ way NN in IN the DT past JJ two CD weeks NNS to TO dispel VB any DT impression NN that IN they PRP are VBP at IN odds NNS , , fearing VBG stories NNS about IN an DT administration-Fed JJ split NN added VBN to TO the DT stock NN market NN 's POS jitters NNS . . Still RB , , the DT split NN is VBZ there RB . . The DT administration NN 's POS concerns NNS are VBP understandable JJ . . The DT economy NN is VBZ showing VBG signs NNS of IN weakness NN , , particularly RB among IN manufacturers NNS . . Exports NNS , , which WDT played VBD a DT key JJ role NN in IN fueling VBG growth NN over IN the DT last JJ two CD years NNS , , seem VBP to TO have VB stalled VBN . . Factory NN payrolls NNS and CC production NN fell VBD in IN September NNP , , and CC the DT auto NN industry NN and CC housing NN are VBP in IN a DT severe JJ crunch NN . . But CC Mr. NNP Greenspan NNP remains VBZ reluctant JJ to TO loosen VB policy NN , , partly RB because IN he PRP faces VBZ a DT phalanx NN of IN presidents NNS of IN regional JJ Fed NNP banks NNS who WP oppose VBP credit NN easing NN . . In IN addition NN , , the DT chairman NN has VBZ a DT wary JJ eye NN aimed VBN a DT year NN or CC two CD down IN the DT road NN . . Inflation NN may MD be VB stable JJ at IN the DT moment NN , , running VBG at IN about IN 4.5 CD % NN . . But CC if IN the DT Fed NNP eases VBZ too RB soon RB , , Mr. NNP Greenspan NNP fears VBZ , , prices NNS may MD begin VB to TO accelerate VB again RB next JJ year NN . . Moreover RB , , if IN the DT Fed NNP holds VBZ tight RB , , it PRP may MD be VB able JJ gradually RB to TO reduce VB inflation NN , , moving VBG toward IN the DT zero-inflation NN goal NN that IN the DT Fed NNP chairman NN embraced VBD in IN testimony NN to TO Congress NNP last JJ week NN . . So IN far RB , , Mr. NNP Greenspan NNP 's POS cautious JJ approach NN to TO policy NN has VBZ served VBN both DT him PRP and CC the DT nation NN well RB . . His PRP$ hand NN on IN the DT monetary JJ tiller NN seems VBZ one CD reason NN why WRB the DT economy NN next JJ month NN seems VBZ highly RB likely JJ to TO begin VB an DT unprecedented JJ eighth JJ year NN of IN peacetime NN growth NN without IN a DT recession NN . . `` `` We PRP 've VBP gotten VBN through IN two CD stock NN market NN crashes NNS , , and CC we PRP 've VBP gone VBN through IN an DT election NN without IN any DT major JJ problems NNS , , '' '' says VBZ David NNP Hale NNP , , an DT economist NN of IN Kemper NNP Financial NNP Services NNPS . . `` `` I PRP think VBP you PRP have VBP to TO give VB Greenspan NNP a DT good JJ rating NN . . '' '' But CC such JJ caution NN is VBZ no DT guarantee NN against IN mistakes NNS . . The DT Fed NNP 's POS reluctance NN to TO ease VB credit NN now RB could MD be VB laying VBG the DT groundwork NN for IN a DT new JJ recession NN , , perhaps RB starting VBG early JJ next JJ year NN . . If IN that DT happens VBZ , , Chairman NNP Greenspan NNP could MD well RB become VB an DT open JJ target NN . . Already RB , , Congress NNP is VBZ toying VBG with IN legislation NN to TO curb VB the DT Fed NNP 's POS independence NN . . If IN the DT economy NN turns VBZ down RB , , such JJ proposals NNS could MD gain VB strong JJ momentum NN . . The DT following VBG issues NNS were VBD recently RB filed VBN with IN the DT Securities NNPS and CC Exchange NNP Commission NNP : : ECI NNP Environmental NNP Inc. NNP , , initial JJ offering NN of IN 1.1 CD million CD shares NNS , , of IN which WDT ECI NNP will MD sell VB 990,000 CD and CC co-founders NNS will MD sell VB 110,000 CD shares NNS , , via IN Oppenheimer NNP & CC Co NNP . . Fastenal NNP Co. NNP , , proposed VBN offering NN of IN 400,000 CD common JJ shares NNS by IN holders NNS , , via IN Robert NNP W. NNP Baird NNP & CC Co. NNP and CC William NNP Blair NNP & CC Co NNP . . First NNP Capital NNP Holdings NNP Corp. NNP , , proposed VBN offering NN of IN $ $ 275 CD million CD of IN floating VBG rate NN senior JJ notes NNS , , via IN Shearson NNP Lehman NNP Hutton NNP Inc NNP . . Industrial NNP Funding NNP Corp. NNP , , initial JJ offering NN of IN common JJ stock NN , , via IN Alex NNP . . Brown NNP & CC Sons NNPS Inc. NNP and CC Piper NNP Jaffray NNP & CC Hopwood NNP . . Parametric NNP Technology NNP Corp. NNP , , initial JJ offering NN of IN 1.7 CD million CD common JJ shares NNS , , of IN which WDT 1,365,226 CD shares NNS will MD be VB sold VBN by IN the DT company NN and CC 334,774 CD shares NNS by IN holders NNS , , via IN Alex NNP Brown NNP & CC Sons NNPS , , Hambrecht NNP & CC Quist NNP and CC Wessels NNP , , Arnold NNP & CC Henderson NNP . . Union NNP Camp NNP Corp. NNP , , shelf NN offering NN of IN up IN to TO $ $ 250 CD million CD of IN debt NN securities NNS . . Spencer NNP J. NNP Volk NNP , , president NN and CC chief NN operating NN officer NN of IN this DT consumer NN and CC industrial JJ products NNS company NN , , was VBD elected VBN a DT director NN . . Mr. NNP Volk NNP , , 55 CD years NNS old JJ , , succeeds VBZ Duncan NNP Dwight NNP , , who WP retired VBD in IN September NNP . . In IN an DT age NN of IN specialization NN , , the DT federal JJ judiciary NN is VBZ one CD of IN the DT last JJ bastions NNS of IN the DT generalist NN . . A DT judge NN must MD jump VB from IN murder NN to TO antitrust JJ cases NNS , , from IN arson NN to TO securities NNS fraud NN , , without IN missing VBG a DT beat NN . . But CC even RB on IN the DT federal JJ bench NN , , specialization NN is VBZ creeping VBG in RP , , and CC it PRP has VBZ become VBN a DT subject NN of IN sharp JJ controversy NN on IN the DT newest JJS federal JJ appeals NNS court NN . . The DT Court NNP of IN Appeals NNPS for IN the DT Federal NNP Circuit NNP was VBD created VBN in IN 1982 CD to TO serve VB , , among IN other JJ things NNS , , as IN the DT court NN of IN last JJ resort NN for IN most JJS patent NN disputes NNS . . Previously RB , , patent NN cases NNS moved VBD through IN the DT court NN system NN to TO one CD of IN the DT 12 CD circuit NN appeals NNS courts NNS . . There RB , , judges NNS who WP saw VBD few JJ such JJ cases NNS and CC had VBD no DT experience NN in IN the DT field NN grappled VBD with IN some DT of IN the DT most RBS technical JJ and CC complex JJ disputes NNS imaginable JJ . . A DT new JJ specialty NN court NN was VBD sought VBN by IN patent NN experts NNS , , who WP believed VBD that IN the DT generalists NNS had VBD botched VBN too RB many RB important JJ , , multimillion-dollar JJ cases NNS . . Some DT patent NN lawyers NNS had VBD hoped VBN that IN such PDT a DT specialty NN court NN would MD be VB filled VBN with IN experts NNS in IN the DT field NN . . But CC the DT Reagan NNP administration NN thought VBD otherwise RB , , and CC so RB may MD the DT Bush NNP administration NN . . Since IN 1984 CD , , the DT president NN has VBZ filled VBN four CD vacancies NNS in IN the DT Federal NNP Circuit NNP court NN with IN non-patent JJ lawyers NNS . . Now RB only RB three CD of IN the DT 12 CD judges NNS -- : Pauline NNP Newman NNP , , Chief NNP Judge NNP Howard NNP T. NNP Markey NNP , , 68 CD , , and CC Giles NNP Rich NNP , , 85 CD -- : have VBP patent-law NN backgrounds NNS . . The DT latter JJ two CD and CC Judge NNP Daniel NNP M. NNP Friedman NNP , , 73 CD , , are VBP approaching VBG senior JJ status NN or CC retirement NN . . Three CD seats NNS currently RB are VBP vacant JJ and CC three CD others NNS are VBP likely JJ to TO be VB filled VBN within IN a DT few JJ years NNS , , so IN patent NN lawyers NNS and CC research-based JJ industries NNS are VBP making VBG a DT new JJ push NN for IN specialists NNS to TO be VB added VBN to TO the DT court NN . . Several JJ organizations NNS , , including VBG the DT Industrial NNP Biotechnical NNP Association NNP and CC the DT Pharmaceutical NNP Manufacturers NNP Association NNP , , have VB asked VBN the DT White NNP House NNP and CC Justice NNP Department NNP to TO name VB candidates NNS with IN both DT patent NN and CC scientific JJ backgrounds NNS . . The DT associations NNS would MD like VB the DT court NN to TO include VB between IN three CD and CC six CD judges NNS with IN specialized JJ training NN . . Some DT of IN the DT associations NNS have VB recommended VBN Dr. NNP Alan NNP D. NNP Lourie NNP , , 54 CD , , a DT former JJ patent NN agent NN with IN a DT doctorate NN in IN organic JJ chemistry NN who WP now RB is VBZ associate JJ general JJ counsel NN with IN SmithKline NNP Beckman NNP Corp. NNP in IN Philadelphia NNP . . Dr. NNP Lourie NNP says VBZ the DT Justice NNP Department NNP interviewed VBD him PRP last JJ July NNP . . Their PRP$ effort NN has VBZ received VBN a DT lukewarm JJ response NN from IN the DT Justice NNP Department NNP . . `` `` We PRP do VBP not RB feel VB that IN seats NNS are VBP reserved VBN ( ( for IN patent NN lawyers NNS ) ) , , '' '' says VBZ Justice NNP spokesman NN David NNP Runkel NNP , , who WP declines VBZ to TO say VB how WRB soon RB a DT candidate NN will MD be VB named VBN . . `` `` But CC we PRP will MD take VB it PRP into IN consideration NN . . '' '' The DT Justice NNP Department NNP 's POS view NN is VBZ shared VBN by IN other JJ lawyers NNS and CC at IN least JJS one CD member NN of IN the DT court NN , , Judge NNP H. NNP Robert NNP Mayer NNP , , a DT former JJ civil JJ litigator NN who WP served VBD at IN the DT claims NNS court NN trial NN level NN before IN he PRP was VBD appointed VBN to TO the DT Federal NNP Circuit NNP two CD years NNS ago RB . . `` `` I PRP believe VBP that IN any DT good JJ lawyer NN should MD be VB able JJ to TO figure VB out RP and CC understand VB patent NN law NN , , '' '' Judge NNP Mayer NNP says VBZ , , adding VBG that IN `` `` it PRP 's VBZ the DT responsibility NN of IN highly RB paid VBN lawyers NNS ( ( who WP argue VBP before IN the DT court NN ) ) to TO make VB us PRP understand VB ( ( complex JJ patent NN litigation NN ) ) . . '' '' Yet CC some DT lawyers NNS point VBP to TO Eli NNP Lilly NNP & CC Co. NNP vs. NN Medtronic NNP , , Inc. NNP , , the DT patent NN infringement NN case NN the DT Supreme NNP Court NNP this DT month NN agreed VBD to TO review VB , , as IN an DT example NN of IN poor JJ legal JJ reasoning NN by IN judges NNS who WP lack VBP patent JJ litigation NN experience NN . . ( ( Judge NNP Mayer NNP was VBD not RB on IN the DT three-member JJ panel NN . . ) ) In IN the DT Lilly NNP case NN , , the DT appeals NNS court NN broadly RB construed VBD a DT federal JJ statute NN to TO grant VB Medtronic NNP , , a DT medical JJ device NN manufacturer NN , , an DT exemption NN to TO infringe VB a DT patent NN under IN certain JJ circumstances NNS . . If IN the DT Supreme NNP Court NNP holds VBZ in IN Medtronic NNP 's POS favor NN , , the DT decision NN will MD have VB billion-dollar JJ consequences NNS for IN the DT manufacturers NNS of IN medical JJ devices NNS , , color NN and CC food NN additives NNS and CC all DT other JJ non-drug JJ products NNS that WDT required VBD Food NNP & CC Drug NNP Administration NNP approval NN . . Lisa NNP Raines NNP , , a DT lawyer NN and CC director NN of IN government NN relations NNS for IN the DT Industrial NNP Biotechnical NNP Association NNP , , contends VBZ that IN a DT judge NN well-versed JJ in IN patent NN law NN and CC the DT concerns NNS of IN research-based JJ industries NNS would MD have VB ruled VBN otherwise RB . . And CC Judge NNP Newman NNP , , a DT former JJ patent NN lawyer NN , , wrote VBD in IN her PRP$ dissent NN when WRB the DT court NN denied VBD a DT motion NN for IN a DT rehearing NN of IN the DT case NN by IN the DT full JJ court NN , , `` `` The DT panel NN 's POS judicial JJ legislation NN has VBZ affected VBN an DT important JJ high-technological JJ industry NN , , without IN regard NN to TO the DT consequences NNS for IN research NN and CC innovation NN or CC the DT public JJ interest NN . . '' '' Says VBZ Ms. NNP Raines NNP , , `` `` ( ( The DT judgment NN ) ) confirms VBZ our PRP$ concern NN that IN the DT absence NN of IN patent NN lawyers NNS on IN the DT court NN could MD prove VB troublesome JJ . . Friday NNP , , October NNP 27 CD , , 1989 CD The DT key JJ U.S. NNP and CC foreign JJ annual JJ interest NN rates NNS below RB are VBP a DT guide NN to TO general JJ levels NNS but CC do VBP n't RB always RB represent VB actual JJ transactions NNS . . PRIME JJ RATE NN : : 10 CD 1\/2 CD % NN . . The DT base JJ rate NN on IN corporate JJ loans NNS at IN large JJ U.S. NNP money NN center NN commercial JJ banks NNS . . FEDERAL JJ FUNDS NNS : : 8 CD 3\/4 CD % NN high JJ , , 8 CD 11\/16 CD % NN low JJ , , 8 CD 5\/8 CD % NN near IN closing VBG bid NN , , 8 CD 11\/16 CD % NN offered VBN . . Reserves NNS traded VBN among IN commercial JJ banks NNS for IN overnight JJ use NN in IN amounts NNS of IN $ $ 1 CD million CD or CC more JJR . . Source NN : : Fulton NNP Prebon NNP ( ( U.S.A NNP . . ) ) Inc NNP . . DISCOUNT NN RATE NN : : 7 CD % NN . . The DT charge NN on IN loans NNS to TO depository NN institutions NNS by IN the DT New NNP York NNP Federal NNP Reserve NNP Bank NNP . . CALL NN MONEY NN : : 9 CD 3\/4 CD % NN to TO 10 CD % NN . . The DT charge NN on IN loans NNS to TO brokers NNS on IN stock NN exchange NN collateral NN . . COMMERCIAL JJ PAPER NN placed VBN directly RB by IN General NNP Motors NNP Acceptance NNP Corp. NNP : : 8.50 CD % NN 30 CD to TO 44 CD days NNS ; : 8.25 CD % NN 45 CD to TO 65 CD days NNS ; : 8.375 CD % NN 66 CD to TO 89 CD days NNS ; : 8 CD % NN 90 CD to TO 119 CD days NNS ; : 7.875 CD % NN 120 CD to TO 149 CD days NNS ; : 7.75 CD % NN 150 CD to TO 179 CD days NNS ; : 7.50 CD % NN 180 CD to TO 270 CD days NNS . . COMMERCIAL JJ PAPER NN : : High-grade JJ unsecured JJ notes NNS sold VBN through IN dealers NNS by IN major JJ corporations NNS in IN multiples NNS of IN $ $ 1,000 CD : : 8.575 CD % NN 30 CD days NNS ; : 8.475 CD % NN 60 CD days NNS ; : 8.40 CD % NN 90 CD days NNS . . CERTIFICATES NNS OF IN DEPOSIT NN : : 8.09 CD % NN one CD month NN ; : 8.04 CD % NN two CD months NNS ; : 8.03 CD % NN three CD months NNS ; : 7.96 CD % NN six CD months NNS ; : 7.92 CD % NN one CD year NN . . Average NN of IN top JJ rates NNS paid VBN by IN major JJ New NNP York NNP banks NNS on IN primary JJ new JJ issues NNS of IN negotiable JJ C.D.s NNS , , usually RB on IN amounts NNS of IN $ $ 1 CD million CD and CC more JJR . . The DT minimum JJ unit NN is VBZ $ $ 100,000 CD . . Typical JJ rates NNS in IN the DT secondary JJ market NN : : 8.55 CD % NN one CD month NN ; : 8.50 CD % NN three CD months NNS ; : 8.40 CD % NN six CD months NNS . . BANKERS NNS ACCEPTANCES NNS : : 8.52 CD % NN 30 CD days NNS ; : 8.35 CD % NN 60 CD days NNS ; : 8.33 CD % NN 90 CD days NNS ; : 8.17 CD % NN 120 CD days NNS ; : 8.08 CD % NN 150 CD days NNS ; : 8 CD % NN 180 CD days NNS . . Negotiable JJ , , bank-backed JJ business NN credit NN instruments NNS typically RB financing VBG an DT import NN order NN . . LONDON NNP LATE JJ EURODOLLARS NNS : : 8 CD 11\/16 CD % NN to TO 8 CD 9\/16 CD % NN one CD month NN ; : 8 CD 5\/8 CD % NN to TO 8 CD 1\/2 CD % NN two CD months NNS ; : 8 CD 11\/16 CD % NN to TO 8 CD 9\/16 CD % NN three CD months NNS ; : 8 CD 9\/16 CD % NN to TO 8 CD 7\/16 CD % NN four CD months NNS ; : 8 CD 1\/2 CD % NN to TO 8 CD 3\/8 CD % NN five CD months NNS ; : 8 CD 7\/16 CD % NN to TO 8 CD 5\/16 CD % NN six CD months NNS . . LONDON NNP INTERBANK JJ OFFERED VBN RATES NNS ( ( LIBOR NNP ) ) : : 8 CD 11\/16 CD % NN one CD month NN ; : 8 CD 11\/16 CD % NN three CD months NNS ; : 8 CD 7\/16 CD % NN six CD months NNS ; : 8 CD 3\/8 CD % NN one CD year NN . . The DT average NN of IN interbank JJ offered VBN rates NNS for IN dollar NN deposits NNS in IN the DT London NNP market NN based VBN on IN quotations NNS at IN five CD major JJ banks NNS . . FOREIGN JJ PRIME JJ RATES NNS : : Canada NNP 13.50 CD % NN ; : Germany NNP 9 CD % NN ; : Japan NNP 4.875 CD % NN ; : Switzerland NNP 8.50 CD % NN ; : Britain NNP 15 CD % NN . . These DT rate NN indications NNS are VBP n't RB directly RB comparable JJ ; : lending NN practices NNS vary VBP widely RB by IN location NN . . TREASURY NNP BILLS NNS : : Results NNS of IN the DT Monday NNP , , October NNP 23 CD , , 1989 CD , , auction NN of IN short-term JJ U.S. NNP government NN bills NNS , , sold VBN at IN a DT discount NN from IN face NN value NN in IN units NNS of IN $ $ 10,000 CD to TO $ $ 1 CD million CD : : 7.52 CD % NN 13 CD weeks NNS ; : 7.50 CD % NN 26 CD weeks NNS . . FEDERAL NNP HOME NNP LOAN NNP MORTGAGE NNP CORP NNP . . ( ( Freddie NNP Mac NNP ) ) : : Posted VBN yields NNS on IN 30-year JJ mortgage NN commitments NNS for IN delivery NN within IN 30 CD days NN . . 9.80 CD % NN , , standard JJ conventional JJ fixed-rate JJ mortgages NNS ; : 7.875 CD % NN , , 2 CD % NN rate NN capped VBN one-year JJ adjustable JJ rate NN mortgages NNS . . Source NN : : Telerate NNP Systems NNPS Inc NNP . . FEDERAL NNP NATIONAL NNP MORTGAGE NNP ASSOCIATION NNP ( ( Fannie NNP Mae NNP ) ) : : Posted VBN yields NNS on IN 30 CD year NN mortgage NN commitments NNS for IN delivery NN within IN 30 CD days NNS ( ( priced VBN at IN par NN ) ) 9.75 CD % NN , , standard JJ conventional JJ fixed-rate JJ mortgages NNS ; : 8.70 CD % NN , , 6\/2 CD rate NN capped VBN one-year JJ adjustable JJ rate NN mortgages NNS . . Source NN : : Telerate NNP Systems NNPS Inc NNP . . MERRILL NNP LYNCH NNP READY NNP ASSETS NNPS TRUST NNP : : 8.65 CD % NN . . Annualized VBN average JJ rate NN of IN return NN after IN expenses NNS for IN the DT past JJ 30 CD days NNS ; : not RB a DT forecast NN of IN future JJ returns NNS . . THE DT FINANCIAL NNP ACCOUNTING NNP STANDARDS NNPS BOARD'S NNP coming JJ rule NN on IN disclosure NN involving VBG financial JJ instruments NNS will MD be VB effective JJ for IN financial JJ statements NNS with IN fiscal JJ years NNS ending VBG after IN June NNP 15 CD , , 1990 CD . . The DT date NN was VBD misstated VBN in IN Friday NNP 's POS edition NN . . Kidder NNP , , Peabody NNP & CC Co. NNP is VBZ trying VBG to TO struggle VB back RP . . Only RB a DT few JJ months NNS ago RB , , the DT 124-year-old JJ securities NNS firm NN seemed VBD to TO be VB on IN the DT verge NN of IN a DT meltdown NN , , racked VBN by IN internal JJ squabbles NNS and CC defections NNS . . Its PRP$ relationship NN with IN parent NN General NNP Electric NNP Co. NNP had VBD been VBN frayed VBN since IN a DT big JJ Kidder NNP insider-trading NN scandal NN two CD years NNS ago RB . . Chief JJ executives NNS and CC presidents NNS had VBD come VBN and CC gone VBN . . Now RB , , the DT firm NN says VBZ it PRP 's VBZ at IN a DT turning NN point NN . . By IN the DT end NN of IN this DT year NN , , 63-year-old JJ Chairman NNP Silas NNP Cathcart NNP -- : the DT former JJ chairman NN of IN Illinois NNP Tool NNP Works NNP who WP was VBD derided VBN as IN a DT `` `` tool-and-die JJ man NN '' '' when WRB GE NNP brought VBD him PRP in RP to TO clean VB up RP Kidder NNP in IN 1987 CD -- : retires VBZ to TO his PRP$ Lake NNP Forest NNP , , Ill. NNP , , home NN , , possibly RB to TO build VB a DT shopping NN mall NN on IN some DT land NN he PRP owns VBZ . . `` `` I PRP 've VBP done VBN what WP I PRP came VBD to TO do VB '' '' at IN Kidder NNP , , he PRP says VBZ . . And CC that DT means VBZ 42-year-old JJ Michael NNP Carpenter NNP , , president NN and CC chief JJ executive NN since IN January NNP , , will NN for IN the DT first JJ time NN take VB complete JJ control NN of IN Kidder NNP and CC try VB to TO make VB good JJ on IN some DT grandiose JJ plans NNS . . Mr. NNP Carpenter NNP says VBZ he PRP will MD return VB Kidder NNP to TO prominence NN as IN a DT great JJ investment NN bank NN . . Wall NNP Street NNP is VBZ understandably RB skeptical JJ . . Through IN the DT first JJ nine CD months NNS of IN the DT year NN , , Kidder NNP ranks VBZ a DT distant JJ 10th JJ among IN underwriters NNS of IN U.S. NNP stocks NNS and CC bonds NNS , , with IN a DT 2.8 CD % NN market NN share NN , , up IN slightly RB from IN 2.5 CD % NN in IN the DT year-earlier JJ period NN , , according VBG to TO Securities NNPS Data NNPS Co NNP . . It PRP 's VBZ quite PDT a DT fall NN from IN the DT early JJ 1980s NNS , , when WRB Kidder NNP still RB was VBD counted VBN as IN an DT investment-banking NN powerhouse NN . . Gary NNP S. NNP Goldstein NNP , , president NN of IN the DT Whitney NNP Group NNP , , an DT executive JJ search NN firm NN , , said VBD : : `` `` I PRP 'd MD like VB to TO see VB ( ( Kidder NNP ) ) succeed VB . . But CC they PRP have VBP to TO attract VB good JJ senior JJ bankers NNS who WP can MD bring VB in RP the DT business NN from IN day NN one CD . . '' '' In IN 1988 CD , , Kidder NNP eked VBD out RP a DT $ $ 46 CD million CD profit NN , , mainly RB because IN of IN severe JJ cost NN cutting NN . . Its PRP$ 1,400-member JJ brokerage NN operation NN reported VBD an DT estimated JJ $ $ 5 CD million CD loss NN last JJ year NN , , although IN Kidder NNP expects VBZ it PRP to TO turn VB a DT profit NN this DT year NN . . In IN fact NN , , Kidder NNP is VBZ a DT minor JJ player NN in IN just RB about RB every DT business NN it PRP does VBZ except IN computer-driven JJ program NN trading NN ; : in IN that DT controversial JJ business NN , , only RB Morgan NNP Stanley NNP & CC Co. NNP rivals VBZ Kidder NNP . . But CC even RB that DT niche NN is VBZ under IN attack NN , , as IN several JJ Wall NNP Street NNP firms NNS pulled VBD back RP from IN program NN trading NN last JJ week NN under IN pressure NN from IN big JJ investors NNS . . Mr. NNP Carpenter NNP , , a DT former JJ consulting-firm NN executive NN who WP has VBZ a DT love NN for IN `` `` task NN forces NNS , , '' '' says VBZ he PRP has VBZ done VBN a DT `` `` complete JJ rethink NN '' '' of IN Kidder NNP in IN recent JJ months NNS . . There EX have VBP been VBN a DT dizzying JJ parade NN of IN studies NNS of IN the DT firm NN 's POS operations NNS . . More JJR than IN 20 CD new JJ managing VBG directors NNS and CC senior JJ vice NN presidents NNS have VBP been VBN hired VBN since IN January NNP . . The DT firm NN 's POS brokerage NN force NN has VBZ been VBN trimmed VBN and CC its PRP$ mergers-and-acquisitions JJ staff NN increased VBN to TO a DT record JJ 55 CD people NNS . . Mr. NNP Carpenter NNP says VBZ that IN when WRB he PRP assumes VBZ full JJ control NN , , Kidder NNP will MD finally RB tap VB the DT resources NNS of IN GE NNP . . One CD of IN GE NNP 's POS goals NNS when WRB it PRP bought VBD 80 CD % NN of IN Kidder NNP in IN 1986 CD was VBD to TO take VB advantage NN of IN `` `` syngeries NNS '' '' between IN Kidder NNP and CC General NNP Electric NNP Capital NNP Corp. NNP , , GE NNP 's POS corporate-finance JJ unit NN , , which WDT has VBZ $ $ 42 CD billion CD in IN assets NNS . . The DT leveraged JJ buy-out JJ group NN of IN GE NNP Capital NNP now RB reports VBZ to TO Mr. NNP Carpenter NNP . . So RB far RB , , instead RB of IN teaming VBG up RP , , GE NNP Capital NNP staffers NNS and CC Kidder NNP investment NN bankers NNS have VBP bickered VBN . . Yet RB , , says VBZ Mr. NNP Carpenter NNP , , `` `` We PRP 've VB really RB started VBN to TO exploit VB the DT synergy NN between IN GE NNP Capital NNP and CC Kidder NNP Peabody NNP . . '' '' The DT units NNS have VBP worked VBN on IN 37 CD investment NN banking NN deals NNS this DT year NN , , he PRP says VBZ , , though IN not RB all DT of IN them PRP have VBP panned VBN out RP . . `` `` We PRP 've VBP had VBD a DT good JJ relationship NN with IN GE NNP , , which WDT is VBZ the DT first JJ time NN you PRP could MD say VB that DT -- : uh UH , , let VB me PRP withdraw VB that DT . . It PRP 's VBZ been VBN a DT steadily RB improving VBG relationship NN , , '' '' says VBZ Mr. NNP Carpenter NNP . . Still RB , , without IN many JJ actual JJ deals NNS to TO show VB off RP , , Kidder NNP is VBZ left VBN to TO stress VB that IN it PRP finally RB has VBZ `` `` a DT team NN '' '' in IN place NN , , and CC that IN everyone NN works VBZ harder RBR . . A DT month NN ago RB , , the DT firm NN started VBD serving VBG dinner NN at IN about RB 7:30 CD each DT night NN ; : about RB 50 CD to TO 60 CD of IN the DT 350 CD people NNS in IN the DT investment NN banking NN operation NN have VBP consistently RB been VBN around RB that DT late RB . . `` `` We PRP are VBP working VBG significantly RB longer RBR and CC harder RBR than IN has VBZ been VBN the DT case NN in IN the DT past NN , , '' '' says VBZ Scott NNP C. NNP Newquist NNP , , Kidder NNP 's POS head NN of IN investment NN banking NN since IN June NNP . . Everywhere RB , , Kidder NNP stresses VBZ the DT `` `` always RB working VBG '' '' theme NN . . A DT new JJ in-house JJ magazine NN , , Kidder NNP World NNP -- : which WDT will MD focus VB on IN the DT firm NN 's POS synergy NN strategy NN , , says VBZ Mr. NNP Carpenter NNP -- : confides VBZ that IN on IN weekends NNS Mr. NNP Newquist NNP `` `` often RB gets VBZ value-added JJ ideas NNS while IN flying VBG his PRP$ single-engine JJ Cessna NNP Centurion NNP on IN the DT way NN to TO Nantucket NNP . . '' '' The DT firm NN 's POS new JJ head NN of IN mergers NNS and CC acquisitions NNS under IN Mr. NNP Newquist NNP , , B.J. NNP Megargel NNP , , talks VBZ of IN the DT opportunity NN to TO `` `` rebuild VB a DT franchise NN '' '' at IN Kidder NNP . . `` `` The DT Kidder NNP name NN is VBZ one CD of IN only RB six CD or CC seven CD that WDT every DT CEO NN recognizes VBZ as IN a DT viable JJ alternative NN '' '' when WRB considering VBG a DT merger NN deal NN , , he PRP says VBZ . . Now RB , , according VBG to TO a DT Kidder NNP World NNP story NN about IN Mr. NNP Megargel NNP , , all DT the DT firm NN has VBZ to TO do VB is VBZ `` `` position VB ourselves PRP more RBR in IN the DT deal NN flow NN . . '' '' With IN investment NN banking NN as IN Kidder NNP 's POS `` `` lead NN business NN , , '' '' where WRB do VB Kidder NNP 's POS 42-branch JJ brokerage NN network NN and CC its PRP$ 1,400 CD brokers NNS fit VBN in RP ? . Mr. NNP Carpenter NNP this DT month NN sold VBD off RP Kidder NNP 's POS eight CD brokerage NN offices NNS in IN Florida NNP and CC Puerto NNP Rico NNP to TO Merrill NNP Lynch NNP & CC Co. NNP , , refueling VBG speculation NN that IN Kidder NNP is VBZ getting VBG out IN of IN the DT brokerage NN business NN entirely RB . . Mr. NNP Carpenter NNP denies VBZ the DT speculation NN . . To TO answer VB the DT brokerage NN question NN , , Kidder NNP , , in IN typical JJ fashion NN , , completed VBD a DT task-force NN study NN . . The DT result NN : : Kidder NNP will MD focus VB on IN rich JJ individual JJ investors NNS and CC small JJ companies NNS , , much RB closer RBR to TO the DT clientele NNS of IN Goldman NNP , , Sachs NNP & CC Co. NNP than IN a DT serve-the-world JJ firm NN like IN Merrill NNP Lynch NNP or CC Shearson NNP Lehman NNP Hutton NNP Inc NNP . . Mr. NNP Carpenter NNP notes NNS that IN these DT types NNS of IN investors NNS also RB are VBP `` `` sophisticated JJ '' '' enough RB not RB to TO complain VB about IN Kidder NNP 's POS aggressive JJ use NN of IN program NN trading NN . . As IN part NN of IN the DT upscale JJ push NN , , Kidder NNP is VBZ putting VBG brokers NNS through IN a DT 20-week JJ training NN course NN , , turning VBG them PRP into IN `` `` investment NN counselors NNS '' '' with IN knowledge NN of IN corporate JJ finance NN . . They PRP will MD get VB `` `` new JJ and CC improved JJ tools NNS to TO sell VB , , particularly RB to TO the DT affluent JJ investor NN , , '' '' says VBZ brokerage NN chief NN Charles NNP V. NNP Sheehan NNP . . Theoretically RB , , the DT brokers NNS will MD then RB be VB able JJ to TO funnel VB `` `` leads NNS '' '' on IN corporate JJ finance NN opportunities NNS to TO Kidder NNP 's POS investment NN bankers NNS , , possibly RB easing VBG the DT longstanding JJ tension NN between IN the DT two CD camps NNS . . However RB , , skeptics NNS caution VBP that IN this DT kind NN of IN cross-pollination NN between IN brokers NNS and CC investment NN bankers NNS looks VBZ great JJ on IN paper NN , , but CC does VBZ n't RB always RB happen VB . . Kidder NNP competitors NNS are VBP n't RB outwardly RB hostile JJ to TO the DT firm NN , , as IN many JJ are VBP to TO a DT tough JJ competitor NN like IN Drexel NNP Burnham NNP Lambert NNP Inc. NNP that WDT does VBZ n't RB have VB Kidder NNP 's POS long JJ history NN . . However RB , , competitors NNS say VBP that IN Kidder NNP 's POS hiring NN binge NN involving VBG executive-level JJ staffers NNS , , some DT with IN multiple-year JJ contract NN guarantees NNS , , could MD backfire VB unless IN there EX are VBP results NNS . . The DT departing VBG Mr. NNP Cathcart NNP says VBZ he PRP has VBZ no DT worries NNS about IN Kidder NNP 's POS future NN . . Mr. NNP Cathcart NNP , , who WP will MD return VB to TO the DT Quaker NNP Oats NNP Co. NNP board NN of IN directors NNS , , in IN addition NN to TO his PRP$ personal JJ ventures NNS , , is VBZ credited VBN with IN bringing VBG some DT basic JJ budgeting NN and CC planning NN discipline NN to TO traditionally RB free-wheeling JJ Kidder NNP . . He PRP also RB improved VBD the DT firm NN 's POS compliance NN procedures NNS for IN trading VBG . . Mr. NNP Cathcart NNP says VBZ he PRP has VBZ had VBD `` `` a DT lot NN of IN fun NN '' '' at IN Kidder NNP , , adding VBG the DT crack NN about IN his PRP$ being VBG a DT `` `` tool-and-die JJ man NN '' '' never RB bothered VBD him PRP . . `` `` It PRP was VBD an DT absolutely RB marvelous JJ line NN and CC one CD I PRP used VBD many JJ times NNS , , '' '' he PRP says VBZ . . Smiling VBG broadly RB when WRB he PRP talks VBZ about IN Mr. NNP Carpenter NNP , , Mr. NNP Cathcart NNP says VBZ the DT new JJ Kidder NNP chief NN is VBZ `` `` going VBG to TO be VB recognized VBN shortly RB as IN one CD of IN the DT real JJ leaders NNS in IN the DT investment-banking NN business NN . . '' '' In IN coming JJ years NNS , , Mr. NNP Cathcart NNP says VBZ , , Kidder NNP is VBZ `` `` gon VBG na TO hum NN . . '' '' Or CC , , as IN Mr. NNP Carpenter NNP , , again RB drawing VBG on IN his PRP$ consulting-firm NN background NN , , puts VBZ it PRP : : `` `` We PRP 're VBP ready JJ to TO implement VB at IN this DT point NN . . UNDER IN A DT PROPOSAL NN by IN Democrats NNPS to TO expand VB Individual NNP Retirement NNP Accounts NNPS , , a DT $ $ 2,000 CD contribution NN by IN a DT taxpayer NN in IN the DT 33 CD % NN bracket NN would MD save VB $ $ 330 CD on IN his PRP$ taxes NNS . . The DT savings NN was VBD given VBN incorrectly RB in IN Friday NNP 's POS edition NN . . In IN what WP could MD prove VB a DT major JJ addition NN to TO the DT Philippines NNPS ' POS foreign-investment JJ portfolio NN , , a DT Taiwanese JJ company NN signed VBD a DT $ $ 180 CD million CD construction NN contract NN to TO build VB the DT centerpiece NN of IN a DT planned JJ petrochemical NN complex NN . . Taiwan NNP 's POS USI NNP Far NNP East NNP Corp. NNP , , a DT petrochemical NN company NN , , initialed VBD the DT agreement NN with IN an DT unidentified JJ Japanese JJ contractor NN to TO build VB a DT naphtha NN cracker NN , , according VBG to TO Alson NNP Lee NNP , , who WP heads VBZ the DT Philippine JJ company NN set VBN up RP to TO build VB and CC operate VB the DT complex NN . . Mr. NNP Lee NNP , , president NN of IN Luzon NNP Petrochemical NNP Corp. NNP , , said VBD the DT contract NN was VBD signed VBN Wednesday NNP in IN Tokyo NNP with IN USI NNP Far NNP East NNP officials NNS . . Contract NN details NNS , , however RB , , have VBP n't RB been VBN made VBN public JJ . . The DT complex NN is VBZ to TO be VB located VBN in IN Batangas NNP , , about RB 70 CD miles NNS south RB of IN Manila NNP . . USI NNP Far NNP East NNP will MD hold VB a DT 60 CD % NN stake NN in IN Luzon NNP Petrochemical NNP , , according VBG to TO papers NNS signed VBN with IN the DT Philippine JJ government NN 's POS Board NNP of IN Investments NNP . . The DT proposed JJ petrochemical NN plant NN would MD use VB naphtha NN to TO manufacture VB the DT petrochemicals NNS propylene NN and CC ethylene NN and CC their PRP$ resin NN derivatives NNS , , polypropylene NN and CC polyethylene NN . . These DT are VBP the DT raw JJ materials NNS used VBN in IN making VBG plastics NNS . . The DT contract NN signing NN represented VBD a DT major JJ step NN in IN the DT long-planned JJ petrochemical NN project NN . . At IN an DT estimated JJ $ $ 360 CD million CD , , the DT project NN would MD represent VB the DT single JJ largest JJS foreign JJ investment NN in IN the DT Philippines NNPS since IN President NNP Corazon NNP Aquino NNP took VBD office NN in IN February NNP 1986 CD . . It PRP also RB is VBZ considered VBN critical JJ to TO the DT country NN 's POS efforts NNS to TO both DT attract VB other JJ investment NN from IN Taiwan NNP and CC raise VB heavy JJ industry NN capabilities NNS . . The DT project NN has VBZ been VBN in IN and CC out IN of IN the DT pipeline NN for IN more RBR than IN a DT decade NN . . However RB , , workers NNS ca MD n't RB break VB ground NN until IN legal JJ maneuvers NNS to TO block VB the DT complex NN are VBP resolved VBN , , moves NNS which WDT caused VBD the DT signing NN to TO remain VB questionable JJ up IN to TO the DT last JJ moment NN . . As IN previously RB reported VBN , , a DT member NN of IN the DT Philippines NNPS ' POS House NNP of IN Representatives NNPS has VBZ sued VBN to TO stop VB the DT plant NN . . The DT legislator NN , , Enrique NNP Garcia NNP , , had VBD actively RB backed VBN the DT plant NN , , but CC at IN the DT original JJ site NN in IN his PRP$ constituency NN northwest RB of IN Manila NNP . . The DT country NN 's POS Supreme NNP Court NNP dismissed VBD the DT suit NN , , but CC Mr. NNP Garcia NNP late RB last JJ month NN filed VBD for IN a DT reconsideration NN . . In IN addition NN , , President NNP Aquino NNP has VBZ yet RB to TO sign VB into IN law NN a DT bill NN removing VBG a DT stiff JJ 48 CD % NN tax NN on IN naphtha NN , , the DT principal JJ raw JJ material NN to TO be VB used VBN in IN the DT cracker NN . . However RB , , at IN a DT news NN conference NN Thursday NNP , , Mrs. NNP Aquino NNP backed VBD the DT project NN and CC said VBD her PRP$ government NN was VBD attempting VBG to TO soothe VB the DT feelings NNS of IN residents NNS at IN the DT original JJ site NN , , adjacent JJ to TO the DT government NN 's POS major JJ petroleum NN refinery NN in IN Bataan NNP province NN . . `` `` We PRP have VBP tried VBN our PRP$ best JJS to TO tell VB the DT people NNS in IN Bataan NNP that IN maybe RB this DT time NN it PRP will MD not RB go VB to TO them PRP , , but CC certainly RB we PRP will MD do VB our PRP$ best JJS to TO encourage VB other JJ investors NNS to TO go VB to TO their PRP$ province NN , , '' '' Mrs. NNP Aquino NNP told VBD Manila-based JJ foreign JJ correspondents NNS . . The DT project NN appeared VBD to TO be VB on IN the DT rocks NNS earlier RBR this DT month NN when WRB the DT other JJ major JJ partner NN in IN the DT project NN , , China NNP General NNP Plastics NNPS Corp. NNP , , backed VBD out RP . . China NNP General NNP Plastics NNPS , , another DT Taiwanese JJ petrochemical NN manufacturer NN , , was VBD to TO have VB a DT 40 CD % NN stake NN in IN Luzon NNP Petrochemical NNP . . However RB , , Mr. NNP Lee NNP said VBD that IN USI NNP Far NNP East NNP is VBZ confident JJ other JJ investors NNS will MD take VB up RP the DT slack NN . . He PRP said VBD USI NNP Far NNP East NNP has VBZ applied VBN to TO both CC the DT Asian NNP Development NNP Bank NNP and CC the DT World NNP Bank NNP 's POS International NNP Finance NNP Corp. NNP for IN financing NN that WDT could MD include VB equity NN stakes NNS . . Three CD new JJ issues NNS begin VBP trading VBG on IN the DT New NNP York NNP Stock NNP Exchange NNP today NN , , and CC one CD began VBD trading VBG on IN the DT Nasdaq\/National NNP Market NNP System NNP last JJ week NN . . On IN the DT Big NNP Board NNP , , Crawford NNP & CC Co. NNP , , Atlanta NNP , , ( ( CFD NNP ) ) begins VBZ trading VBG today NN . . Crawford NNP evaluates VBZ health NN care NN plans NNS , , manages VBZ medical JJ and CC disability NN aspects NNS of IN worker NN 's POS compensation NN injuries NNS and CC is VBZ involved VBN in IN claims NNS adjustments NNS for IN insurance NN companies NNS . . Also RB beginning VBG trading VBG today NN on IN the DT Big NNP Board NNP are VBP El NNP Paso NNP Refinery NNP Limited NNP Partnership NNP , , El NNP Paso NNP , , Texas NNP , , ( ( ELP NNP ) ) and CC Franklin NNP Multi-Income NNP Trust NNP , , San NNP Mateo NNP , , Calif. NNP , , ( ( FMI NNP ) ) . . El NNP Paso NNP owns VBZ and CC operates VBZ a DT petroleum NN refinery NN . . Franklin NNP is VBZ a DT closed-end JJ management NN investment NN company NN . . On IN the DT Nasdaq NNP over-the-counter JJ system NN , , Allied NNP Capital NNP Corp. NNP , , Washington NNP , , D.C. NNP , , ( ( ALII NNP ) ) began VBD trading VBG last JJ Thursday NNP . . Allied NNP Capital NNP is VBZ a DT closed-end JJ management NN investment NN company NN that WDT will MD operate VB as IN a DT business NN development NN concern NN . . THE DT YALE NNP POLITICAL JJ UNION NN does VBZ n't RB pay VB an DT honorarium NN to TO speakers NNS . . In IN Thursday NNP 's POS edition NN , , it PRP was VBD incorrectly RB indicated VBN that IN the DT union NN had VBD paid VBN a DT fee NN to TO former JJ House NNP Speaker NNP Jim NNP Wright NNP . . President NNP Bush NNP insists VBZ it PRP would MD be VB a DT great JJ tool NN for IN curbing VBG the DT budget NN deficit NN and CC slicing VBG the DT lard NN out IN of IN government NN programs NNS . . He PRP wants VBZ it PRP now RB . . Not RB so IN fast RB , , says VBZ Rep. NNP Mickey NNP Edwards NNP of IN Oklahoma NNP , , a DT fellow JJ Republican NNP . . `` `` I PRP consider VBP it PRP one CD of IN the DT stupidest JJS ideas NNS of IN the DT 20th JJ century NN , , '' '' he PRP says VBZ . . It PRP 's VBZ the DT line-item JJ veto NN , , a DT procedure NN that WDT would MD allow VB the DT president NN to TO kill VB individual JJ items NNS in IN a DT big JJ spending NN bill NN passed VBN by IN Congress NNP without IN vetoing VBG the DT entire JJ bill NN . . Whatever WDT one PRP thinks VBZ of IN the DT idea NN , , it PRP 's VBZ far RB more JJR than IN the DT budgetary JJ gimmick NN it PRP may MD seem VB at IN first JJ glance NN . . Rather RB , , it PRP 's VBZ a DT device NN that WDT could MD send VB shock NN waves NNS through IN the DT president NN 's POS entire JJ relationship NN with IN Democrats NNPS and CC Republicans NNPS alike RB in IN Congress NNP , , fundamentally RB enhance VB the DT power NN of IN the DT presidency NN and CC transform VB the DT way NN the DT government NN does VBZ its PRP$ business NN . . President NNP Bush NNP badly RB wants VBZ a DT line-item JJ veto NN and CC has VBZ long RB called VBN for IN a DT law NN giving VBG it PRP to TO the DT president NN . . Now RB the DT White NNP House NNP is VBZ declaring VBG that IN he PRP might MD not RB rely VB on IN Congress NNP -- : which WDT has VBZ n't RB shown VBN any DT willingness NN to TO surrender VB such JJ authority NN -- : to TO pass VB the DT line-item JJ veto NN law NN he PRP seeks VBZ . . White NNP House NNP spokesmen NNS last JJ week NN said VBD Mr. NNP Bush NNP is VBZ considering VBG simply RB declaring VBG that IN the DT Constitution NNP gives VBZ him PRP the DT power NN , , exercising VBG a DT line-item JJ veto NN and CC inviting VBG a DT court NN challenge NN to TO decide VB whether IN he PRP has VBZ the DT right NN . . Although IN that DT may MD sound VB like IN an DT arcane JJ maneuver NN of IN little JJ interest NN outside IN Washington NNP , , it PRP would MD set VB off RP a DT political JJ earthquake NN . . `` `` The DT ramifications NNS are VBP enormous JJ , , '' '' says VBZ Rep. NNP Don NNP Edwards NNP , , a DT California NNP Democrat NNP who WP is VBZ a DT senior JJ member NN of IN the DT House NNP Judiciary NNP Committee NNP . . `` `` It PRP 's VBZ a DT real JJ face-to-face JJ arm NN wrestling NN challenge NN to TO Congress NNP . . '' '' White NNP House NNP aides NNS know VBP it PRP 's VBZ a DT step NN that WDT ca MD n't RB be VB taken VBN lightly RB -- : and CC for IN that DT reason NN , , the DT president NN may MD back VB down RP from IN launching VBG a DT test NN case NN this DT year NN . . Some DT senior JJ advisers NNS argue VBP that IN with IN further JJ fights NNS over IN a DT capital-gains NNS tax NN cut NN and CC a DT budget-reduction JJ bill NN looming VBG , , Mr. NNP Bush NNP already RB has VBZ enough JJ pending JJ confrontations NNS with IN Congress NNP . . They PRP prefer VBP to TO put VB off RP the DT line-item JJ veto NN until IN at IN least JJS next JJ year NN . . Still RB , , Mr. NNP Bush NNP and CC some DT other JJ aides NNS are VBP strongly RB drawn VBN to TO the DT idea NN of IN trying VBG out RP a DT line-item JJ veto NN . . The DT issue NN arose VBD last JJ week NN when WRB Vice NNP President NNP Dan NNP Quayle NNP told VBD an DT audience NN in IN Chicago NNP that IN Mr. NNP Bush NNP was VBD looking VBG for IN a DT test NN case NN . . White NNP House NNP Press NNP Secretary NNP Marlin NNP Fitzwater NNP confirmed VBD that IN Mr. NNP Bush NNP was VBD interested JJ in IN the DT idea NN , , but CC cautioned VBD that IN there EX was VBD n't RB a DT firm JJ decision NN to TO try VB it PRP . . Mr. NNP Bush NNP , , former JJ President NNP Reagan NNP and CC a DT host NN of IN conservative JJ activists NNS have VBP been VBN arguing VBG that IN a DT line-item JJ veto NN would MD go VB a DT long JJ way NN in IN restoring VBG discipline NN to TO the DT budget NN process NN . . They PRP maintain VBP that IN a DT president NN needs VBZ the DT ability NN to TO surgically RB remove VB pork-barrel JJ spending NN projects NNS that WDT are VBP attached VBN to TO big JJ omnibus JJ spending NN bills NNS . . Those DT bills NNS ca MD n't RB easily RB be VB vetoed VBN in IN their PRP$ entirety NN because IN they PRP often RB are VBP needed VBN to TO keep VB the DT government NN operating VBG . . Conservatives NNS note VBP that IN 43 CD governors NNS have VBP the DT line-item JJ veto NN to TO use VB on IN state NN budgets NNS . . More RBR provocatively RB , , some DT conservative JJ legal JJ theorists NNS have VBP begun VBN arguing VBG that IN Mr. NNP Bush NNP does VBZ n't RB need VB to TO wait VB for IN a DT law NN giving VBG him PRP the DT veto NN because IN the DT power NN already RB is VBZ implicit JJ in IN the DT Constitution NNP . . They PRP base VBP their PRP$ argument NN on IN a DT clause NN buried VBN in IN Article NNP I PRP , , Section NNP 7 CD , , of IN the DT Constitution NNP that WDT states VBZ : : `` `` Every DT order NN , , resolution NN , , or CC vote NN to TO which WDT the DT concurrence NN of IN the DT Senate NNP and CC House NNP of IN Representatives NNPS may MD be VB necessary JJ ( ( except IN on IN a DT question NN of IN adjournment NN ) ) shall MD be VB presented VBN to TO the DT President NNP of IN the DT United NNP States NNPS ; : and CC before IN the DT same JJ shall MD take VB effect NN , , shall MD be VB approved VBN by IN him PRP or CC ... : disapproved VBN by IN him PRP ... : . . '' '' This DT clause NN , , they PRP argue VBP , , is VBZ designed VBN to TO go VB beyond IN an DT earlier JJR clause NN specifying VBG that IN the DT president NN can MD veto VB a DT `` `` bill NN , , '' '' and CC is VBZ broad JJ enough RB to TO allow VB him PRP to TO strike VB out RP items NNS and CC riders NNS within IN bills NNS . . Senate NNP Minority NNP Leader NNP Robert NNP Dole NNP ( ( R. NNP , , Kan. NNP ) ) , , for IN one CD , , accepts VBZ this DT argument NN and CC earlier RBR this DT year NN publicly RB urged VBD Mr. NNP Bush NNP `` `` to TO use VB the DT line-item JJ veto NN and CC allow VB the DT courts NNS to TO decide VB whether IN or CC not RB it PRP is VBZ constitutional JJ . . '' '' There EX 's POS little JJ doubt NN that IN such PDT a DT move NN would MD be VB immediately RB challenged VBN in IN court NN -- : and CC that IN it PRP would MD quickly RB make VB its PRP$ way NN to TO the DT Supreme NNP Court NNP to TO be VB ultimately RB resolved VBN . . `` `` It PRP 's VBZ a DT major JJ issue NN , , and CC they PRP would MD n't RB want VB to TO leave VB it PRP at IN a DT lower JJR level NN , , '' '' says VBZ Stephen NNP Glazier NNP , , a DT New NNP York NNP attorney NN whose WP$ writings NNS have VBP been VBN instrumental JJ in IN pushing VBG the DT idea NN that IN a DT president NN already RB has VBZ a DT line-item JJ veto NN . . Rep. NNP Edwards NNP , , the DT California NNP Democrat NNP , , is VBZ one CD who WP pledges VBZ that IN he PRP would MD immediately RB challenge VB Mr. NNP Bush NNP in IN the DT courts NNS , , arguing VBG a DT line-item JJ veto NN would MD expand VB a DT president NN 's POS powers NNS far RB beyond IN anything NN the DT framers NNS of IN the DT Constitution NNP had VBD in IN mind NN . . `` `` It PRP puts VBZ this DT president NN in IN the DT legislative JJ business NN , , '' '' he PRP declares VBZ . . `` `` That DT 's VBZ not RB what WP our PRP$ fathers NNS had VBN in IN mind NN . . '' '' In IN addition NN to TO giving VBG a DT president NN powers NNS to TO rewrite VB spending NN bills NNS meant VBN to TO be VB written VBN in IN Congress NNP , , Rep. NNP Edwards NNP argues VBZ , , a DT line-item JJ veto NN would MD allow VB the DT chief JJ executive NN to TO blackmail VB lawmakers NNS . . He PRP notes VBZ that IN , , as IN a DT lawmaker NN from IN the DT San NNP Francisco NNP area NN , , he PRP fights VBZ each DT year NN to TO preserve VB federal JJ funds NNS for IN the DT Bay NNP Area NNP Rapid NNP Transit NNP system NN . . If IN a DT president NN had VBD a DT line-item JJ veto NN and CC wanted VBD to TO force VB him PRP to TO support VB a DT controversial JJ foreign-policy NN initiative NN , , Rep. NNP Edwards NNP says VBZ , , the DT president NN could MD call VB and CC declare VB that IN he PRP would MD single-handedly RB kill VB the DT BART NNP funds NNS unless IN the DT congressman NN `` `` shapes VBZ up RP '' '' on IN the DT foreign-policy NN issue NN . . Proponents NNS maintain VBP that IN a DT president NN would MD choose VB to TO use VB a DT line-item JJ veto NN more RBR judiciously RB than IN that DT . . But CC there EX may MD be VB another DT problem NN with IN the DT device NN : : Despite IN all PDT the DT political JJ angst NN it PRP would MD cause VB , , it PRP might MD n't RB be VB effective JJ in IN cutting VBG the DT deficit NN . . Big JJ chunks NNS of IN the DT government NN budget NN , , like IN the DT entitlement NN programs NNS of IN Social NNP Security NNP and CC Medicare NNP , , would MD n't RB be VB affected VBN . . Governors NNS have VBP found VBN that IN they PRP have VBP to TO use VB the DT device NN sparingly RB to TO maintain VB political JJ comity NN . . And CC it PRP is VBZ n't RB even RB clear JJ that IN some DT pork-barrel JJ projects NNS can MD be VB hit VBN with IN a DT line-item JJ veto NN because IN they PRP tend VBP to TO be VB listed VBN in IN informal JJ conference NN reports NNS accompanying VBG spending NN bills NNS rather RB than IN in IN the DT official JJ bills NNS themselves PRP . . Still RB , , proponents NNS contend VB that IN the VBP veto NN would MD have VB what WP Mr. NNP Glazier NNP calls VBZ an DT important JJ `` `` chilling JJ effect NN '' '' on IN all DT manner NN of IN appropriations NNS bills NNS . . Lawmakers NNS , , they PRP say VBP , , would MD avoid VB putting VBG many JJ spending NN projects NNS into IN legislation NN in IN the DT first JJ place NN for IN fear NN of IN the DT embarrassment NN of IN having VBG them PRP singled VBN out RP for IN a DT line-item JJ veto NN later RB . . Whatever WDT the DT outcome NN of IN a DT test NN case NN , , President NNP Bush NNP would MD have VB to TO move VB cautiously RB becase IN the DT very JJ attempt NN would MD `` `` antagonize VB not RB just RB Democrats NNPS but CC Republicans NNPS , , '' '' says VBZ Louis NNP Fisher NNP , , a DT scholar NN at IN the DT Congressional NNP Research NNP Service NNP who WP specializes VBZ in IN executive-legislative JJ relations NNS . . Republicans NNPS have VBP as RB much JJ interest NN as IN Democrats NNPS in IN `` `` the DT way NN the DT system NN works VBZ , , '' '' he PRP notes VBZ . . Indeed RB , , although IN a DT majority NN of IN Republican JJ lawmakers NNS favor VBP a DT line-item JJ veto NN , , some DT , , ranging VBG from IN liberal JJ Oregon NNP Sen. NNP Mark NNP Hatfield NNP to TO conservative JJ Rep. NNP Edwards NNP are VBP opposed JJ . . Rep. NNP Edwards NNP voices VBZ the DT traditional JJ conservative JJ view NN that IN it PRP 's VBZ a DT mistake NN to TO put VB too RB much JJ power NN in IN the DT hands NNS of IN a DT single JJ person NN . . Conservatives NNS pushing VBG for IN a DT line-item JJ veto NN now RB , , he PRP notes VBZ , , may MD regret VB it PRP later RB : : `` `` Sometime RB , , you PRP 're VBP going VBG to TO have VB a DT Democratic JJ president NN again RB '' '' who WP 'll MD use VB his PRP$ expanded JJ powers NNS against IN those DT very JJ same JJ conservatives NNS . . `` `` Every DT order NN , , resolution NN , , or CC vote NN to TO which WDT the DT concurrence NN of IN the DT Senate NNP and CC House NNP of IN Representatives NNPS may MD be VB necessary JJ ( ( except IN on IN a DT question NN of IN adjournment NN ) ) shall MD be VB presented VBN to TO the DT President NNP of IN the DT United NNP States NNPS ; : and CC before IN the DT same JJ shall MD take VB effect NN , , shall MD be VB approved VBN by IN him PRP , , or CC being VBG disapproved VBN by IN him PRP , , shall MD be VB repassed VBN by IN two-thirds NNS of IN the DT Senate NNP and CC House NNP of IN Representatives NNPS , , according VBG to TO the DT rules NNS and CC limitations NNS prescribed VBN in IN the DT case NN of IN a DT bill NN . . '' '' This DT has VBZ n't RB been VBN Kellogg NNP Co. NNP 's POS year NN . . The DT oat-bran NN craze NN has VBZ cost VBN the DT world NN 's POS largest JJS cereal NN maker NN market NN share NN . . The DT company NN 's POS president NN quit VBD suddenly RB . . And CC now RB Kellogg NNP is VBZ indefinitely RB suspending VBG work NN on IN what WP was VBD to TO be VB a DT $ $ 1 CD billion CD cereal NN plant NN . . The DT company NN said VBD it PRP was VBD delaying VBG construction NN because IN of IN current JJ market NN conditions NNS . . But CC the DT Memphis NNP , , Tenn. NNP , , facility NN was VBD n't RB to TO begin VB turning VBG out RP product NN until IN 1993 CD , , so IN the DT decision NN may MD reveal VB a DT more RBR pessimistic JJ long-term JJ outlook NN as RB well RB . . Kellogg NNP , , which WDT has VBZ n't RB been VBN as RB successful JJ in IN capitalizing VBG on IN the DT public NN 's POS health-oriented JJ desire NN for IN oat NN bran NN as IN rival JJ General NNP Mills NNP Inc. NNP , , has VBZ been VBN losing VBG share NN in IN the DT $ $ 6 CD billion CD ready-to-eat JJ cereal NN market NN . . Kellogg NNP 's POS current JJ share NN is VBZ believed VBN to TO be VB slightly RB under IN 40 CD % NN while IN General NNP Mills NNP ' POS share NN is VBZ about RB 27 CD % NN . . Led VBN by IN its PRP$ oat-based JJ Cheerios NNPS line NN , , General NNP Mills NNP has VBZ gained VBN an DT estimated JJ 2 CD % NN share NN so RB far RB this DT year NN , , mostly RB at IN the DT expense NN of IN Kellogg NNP . . Each DT share NN point NN is VBZ worth IN about RB $ $ 60 CD million CD in IN sales NNS . . Analysts NNS say VBP much JJ of IN Kellogg NNP 's POS erosion NN has VBZ been VBN in IN such JJ core NN brands NNS as IN Corn NNP Flakes NNPS , , Rice NNP Krispies NNPS and CC Frosted NNP Flakes NNPS , , which WDT represent VBP nearly RB one-third NN of IN its PRP$ sales NNS volume NN . . Kellogg NNP is VBZ so RB anxious JJ to TO turn VB around RP Corn NNP Flakes NNP sales NNS that IN it PRP soon RB will MD begin VB selling VBG boxes NNS for IN as RB little JJ as IN 99 CD cents NNS , , trade NN sources NNS say VBP . . `` `` Cheerios NNPS and CC Honey NNP Nut NNP Cheerios NNPS have VBP eaten VBN away RP sales NNS normally RB going VBG to TO Kellogg NNP 's POS corn-based JJ lines NNS simply RB because IN they PRP are VBP made VBN of IN oats NNS , , '' '' says VBZ Merrill NNP Lynch NNP food NN analyst NN William NNP Maguire NNP . . `` `` They PRP are VBP not RB a DT happy JJ group NN of IN people NNS at IN Battle NNP Creek NNP right RB now RB . . '' '' Kellogg NNP is VBZ based VBN in IN Battle NNP Creek NNP , , Mich. NNP , , a DT city NN that WDT calls VBZ itself PRP the DT breakfast NN capital NN of IN the DT world NN . . Another DT analyst NN , , John NNP C. NNP Maxwell NNP Jr. NNP of IN Wheat NNP , , First NNP Securities NNP in IN Richmond NNP , , Va. NNP , , recently RB went VBD to TO a DT `` `` sell NN '' '' recommendation NN on IN Kellogg NNP stock NN , , which WDT closed VBD Friday NNP at IN $ $ 71.75 CD , , down RB 75 CD cents NNS , , in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN . . `` `` I PRP do VBP n't RB think VB Kellogg NNP can MD get VB back RB to TO 40 CD % NN this DT year NN , , '' '' he PRP said VBD . . `` `` Kellogg NNP 's POS main JJ problem NN is VBZ life NN style NN . . People NNS are VBP reading VBG the DT boxes NNS and CC deciding VBG they PRP want VBP something NN that WDT 's POS ` `` healthy JJ ' '' for IN you PRP -- : oats NNS , , bran NN . . '' '' Mr. NNP Maxwell NNP said VBD he PRP would MD n't RB be VB surprised JJ if IN , , over IN the DT next JJ two CD years NNS or CC so RB , , General NNP Mills NNP ' POS share NN increased VBD to TO 30 CD % NN or CC more JJR . . In IN announcing VBG the DT plant NN delay NN , , Kellogg NNP Chairman NNP William NNP E. NNP LaMothe NNP said VBD , , `` `` Cereal NN volume NN growth NN in IN the DT U.S. NNP has VBZ not RB met VBN our PRP$ expectations NNS for IN 1989 CD . . '' '' He PRP said VBD construction NN would MD n't RB resume VB until IN market NN conditions NNS warrant VBP it PRP . . Kellogg NNP indicated VBD that IN it PRP has VBZ room NN to TO grow VB without IN adding VBG facilities NNS . . The DT company NN has VBZ five CD other JJ U.S. NNP plants NNS , , including VBG a DT modern JJ facility NN at IN its PRP$ Battle NNP Creek NNP headquarters NNS known VBN as IN Building NN 100 CD , , which WDT is VBZ to TO add VB bran-processing JJ and CC rice-processing JJ capacity NN next IN year NN . . General NNP Mills NNP , , meanwhile RB , , finds VBZ itself PRP constrained VBN from IN boosting VBG sales NNS further RBR because IN its PRP$ plants NNS are VBP operating VBG at IN capacity NN . . A DT large JJ plant NN in IN Covington NNP , , Ga. NNP , , is VBZ to TO come VB on IN line NN next IN year NN . . A DT Kellogg NNP officer NN , , who WP asked VBD not RB to TO be VB named VBN , , said VBD the DT Memphis NNP project NN was VBD `` `` pulled VBD in RP for IN a DT reconsideration NN of IN costs NNS , , '' '' an DT indication NN that IN the DT ambitious JJ plans NNS might MD be VB scaled VBN back RP in IN any DT future JJ construction NN . . Initial JJ cost NN estimates NNS for IN the DT plant NN , , which WDT was VBD to TO have VB been VBN built VBN in IN phases NNS , , ranged VBD from IN $ $ 1 CD billion CD to TO $ $ 1.2 CD billion CD . . A DT company NN spokesman NN said VBD it PRP was VBD `` `` possible JJ , , but CC highly RB unlikely JJ , , '' '' that IN the DT plant NN might MD never RB be VB built VBN . . `` `` As IN we PRP regain VBP our PRP$ leadership NN level NN where WRB we PRP have VB been VBN , , and CC as IN we VBP continue VBP to TO put VB new JJ products NNS into IN the DT marketplace NN and CC need VBP additional JJ capacity NN , , we PRP will MD look VB at IN resuming VBG our PRP$ involvement NN with IN our PRP$ plan NN , , '' '' he PRP said VBD . . The DT new JJ facility NN was VBD to TO have VB been VBN the DT world NN 's VBZ most RBS advanced JJ cereal NN manufacturing NN plant NN , , and CC Kellogg NNP 's POS largest JJS construction NN project NN . . The DT company NN had VBD retained VBN the DT Fluor NNP Daniel NNP unit NN of IN Fluor NNP Corp. NNP as IN general JJ contractor NN . . But CC in IN recent JJ weeks NNS , , construction-industry NN sources NNS reported VBD that DT early JJ preparation NN work NN was VBD slowing VBG at IN the DT 185-acre JJ site NN . . Subcontractors NNS said VBD they PRP were VBD told VBN that IN equipment NN orders NNS would MD be VB delayed VBN . . Fluor NNP Daniel NNP already RB has VBZ reassigned VBN most JJS of IN its PRP$ work NN crew NN , , the DT sources NNS said VBD . . Last JJ Friday NNP 's POS announcement NN was VBD the DT first JJ official NN word NN that IN the DT project NN was VBD in IN trouble NN and CC that IN the DT company NN 's POS plans NNS for IN a DT surge NN in IN market NN share NN may MD have VB been VBN overly RB optimistic JJ . . Until IN recently RB , , Kellogg NN had VBD been VBN telling VBG its PRP$ sales NNS force NN and CC Wall NNP Street NNP that IN by IN 1992 CD it PRP intended VBD to TO achieve VB a DT 50 CD % NN share NN of IN market NN , , measured VBN in IN dollar NN volume NN . . Although IN he PRP called VBD current JJ market NN conditions NNS `` `` highly RB competitive JJ , , '' '' Mr. NNP LaMothe NNP , , Kellogg NNP 's POS chairman NN and CC chief JJ executive JJ officer NN , , forecast VBD an DT earnings NNS increase NN for IN the DT full JJ year NN . . Last JJ year NN , , the DT company NN earned VBD $ $ 480.4 CD million CD , , or CC $ $ 3.90 CD a DT share NN , , on IN sales NNS of IN $ $ 4.3 CD billion CD . . As IN expected VBN , , Kellogg NN reported VBD lower JJR third-quarter JJ earnings NNS . . Net NN fell VBD 16 CD % NN to TO $ $ 123.1 CD million CD , , or CC $ $ 1.02 CD a DT share NN , , from IN $ $ 145.7 CD million CD , , or CC $ $ 1.18 CD a DT share NN . . Sales NNS rose VBD 4.8 CD % NN to TO $ $ 1.20 CD billion CD from IN $ $ 1.14 CD billion CD . . The DT company NN had VBD a DT one-time JJ charge NN of IN $ $ 14.8 CD million CD in IN the DT latest JJS quarter NN covering VBG the DT disposition NN of IN certain JJ assets NNS . . The DT company NN would MD n't RB elaborate VB , , citing VBG competitive JJ reasons NNS . . PARKER NNP HANNIFIN NNP Corp. NNP , , which WDT is VBZ selling VBG three CD automotive JJ replacement NN parts NNS divisions NNS , , said VBD it PRP will MD retain VB its PRP$ Automotive NNP Connectors NNPS and CC Cliff NNP Impact NNP divisions NNS . . The DT divisions NNS that WDT Parker NNP Hannifin NNP is VBZ retaining VBG were VBD n't RB mentioned VBN in IN Thursday NNP 's POS edition NN . . The DT following JJ were VBD among IN Friday NNP 's POS offerings NNS and CC pricings NNS in IN the DT U.S. NNP and CC non-U.S. JJ capital NN markets NNS , , with IN terms NNS and CC syndicate NN manager NN , , as IN compiled VBN by IN Dow NNP Jones NNP Capital NNP Markets NNPS Report NNP : : Sun NNP Microsystems NNPS Inc. NNP -- : $ $ 125 CD million CD of IN 6 CD 3\/8 CD % NN convertible JJ subordinated JJ debentures NNS due JJ Oct. NNP 15 CD , , 1999 CD , , priced VBN at IN 84.90 CD to TO yield VB 7.51 CD % NN . . The DT debentures NNS are VBP convertible JJ into IN common JJ stock NN at IN $ $ 25 CD a DT share NN , , representing VBG a DT 24 CD % NN conversion NN premium NN over IN Thursday NNP 's POS closing NN price NN . . Rated VBN single-B-1 JJ by IN Moody NNP 's POS Investors NNPS Service NNP Inc. NNP and CC single-B-plus JJ by IN Standard NNP & CC Poor NNP 's POS Corp. NNP , , the DT issue NN will MD be VB sold VBN through IN underwriters NNS led VBN by IN Goldman NNP , , Sachs NNP & CC Co NNP . . Hertz NNP Corp. NNP -- : $ $ 100 CD million CD of IN senior JJ notes NNS due JJ Nov. NNP 1 CD , , 2009 CD , , priced VBN at IN par NN to TO yield VB 9 CD % NN . . The DT issue NN , , which WDT is VBZ puttable JJ back RB to TO the DT company NN in IN 1999 CD , , was VBD priced VBN at IN a DT spread NN of IN 110 CD basis NN points NNS above IN the DT Treasury NNP 's POS 10-year JJ note NN . . Rated VBN single-A-3 JJ by IN Moody NNP 's POS and CC triple-B JJ by IN S&P NNP , , the DT issue NN will MD be VB sold VBN through IN underwriters NNS led VBN by IN Merrill NNP Lynch NNP Capital NNP Markets NNPS . . Canadian NNP Imperial NNP Bank NNP of IN Commerce NNP ( ( Canada NNP ) ) -- : 10 CD billion CD yen NNS of IN 5.7 CD % NN bonds NNS due JJ Nov. NNP 17 CD , , 1992 CD , , priced VBN at IN 101 CD 1\/4 CD to TO yield VB 5.75 CD % NN less CC full JJ fees NNS , , via IN LTCB NNP International NNP Ltd NNP . . Fees NNS 1 CD 3\/8 CD . . The DT Singapore NNP and CC Kuala NNP Lumpur NNP stock NN exchanges NNS are VBP bracing VBG for IN a DT turbulent JJ separation NN , , following VBG Malaysian JJ Finance NNP Minister NNP Daim NNP Zainuddin NNP 's POS long-awaited JJ announcement NN that IN the DT exchanges NNS will MD sever VB ties NNS . . On IN Friday NNP , , Datuk NNP Daim NNP added VBD spice NN to TO an DT otherwise RB unremarkable JJ address NN on IN Malaysia NNP 's POS proposed JJ budget NN for IN 1990 CD by IN ordering VBG the DT Kuala NNP Lumpur NNP Stock NNP Exchange NNP `` `` to TO take VB appropriate JJ action NN immediately RB '' '' to TO cut VB its PRP$ links NNS with IN the DT Stock NNP Exchange NNP of IN Singapore NNP . . The DT delisting NN of IN Malaysian-based JJ companies NNS from IN the DT Singapore NNP exchange NN may MD not RB be VB a DT smooth JJ process NN , , analysts NNS say VBP . . Though IN the DT split NN has VBZ long RB been VBN expected VBN , , the DT exchanges NNS are VBP n't RB fully RB prepared JJ to TO go VB their PRP$ separate JJ ways NNS . . The DT finance NN minister NN 's POS order NN was VBD n't RB sparked VBN by IN a DT single JJ event NN and CC does VBZ n't RB indicate VB a DT souring NN in IN relations NNS between IN the DT neighboring JJ countries NNS . . Rather RB , , the DT two CD closely RB linked VBN exchanges NNS have VBP been VBN drifting VBG apart RB for IN some DT years NNS , , with IN a DT nearly RB five-year-old JJ moratorium NN on IN new JJ dual JJ listings NNS , , separate JJ and CC different JJ listing NN requirements NNS , , differing VBG trading NN and CC settlement NN guidelines NNS and CC diverging VBG national-policy NN aims NNS . . QUANTUM NNP CHEMICAL NNP Corp. NNP 's POS plant NN in IN Morris NNP , , Ill. NNP , , is VBZ expected VBN to TO resume VB production NN in IN early JJ 1990 CD . . The DT year NN was VBD misstated VBN in IN Friday NNP 's POS editions NNS . . Italy NNP 's POS trade NN deficit NN narrowed VBD to TO 2.007 CD trillion CD lire NNS ( ( $ $ 1.49 CD billion CD ) ) in IN September NNP from IN 2.616 CD trillion CD lire NNS a DT year NN earlier RBR , , the DT state NN statistical JJ office NN Istat NNP said VBD . . The DT deficit NN was VBD 466 CD billion CD lire NNS in IN August NNP . . For IN the DT first JJ nine CD months NNS , , the DT trade NN deficit NN was VBD 14.933 CD trillion CD lire NNS , , compared VBN with IN 10.485 CD trillion CD lire NNS in IN the DT year-earlier JJ period NN . . Istat NNP said VBD the DT statistics NNS are VBP provisional JJ and CC are VBP n't RB seasonally RB adjusted VBN . . Imports NNS rose VBD 11 CD % NN to TO 18.443 CD trillion CD lire NNS in IN September NNP from IN a DT year NN earlier RBR , , while IN exports NNS rose VBD 17 CD % NN to TO 16.436 CD trillion CD lire NNS . . In IN the DT nine CD months NNS , , imports NNS rose VBD 20 CD % NN to TO 155.039 CD trillion CD lire NNS , , while IN exports NNS grew VBD 18 CD % NN to TO 140.106 CD trillion CD lire NNS . . Import NN values NNS are VBP calculated VBN on IN a DT cost NN , , insurance NN and CC freight NN ( ( c.i.f JJ . . ) ) basis NN , , while IN exports NNS are VBP accounted VBN for IN on IN a DT free-on-board JJ ( ( f.o.b JJ . . ) ) basis NN . . As IN competition NN heats VBZ up RP in IN Spain NNP 's POS crowded JJ bank NN market NN , , Banco NNP Exterior NNP de FW Espana NNP is VBZ seeking VBG to TO shed VB its PRP$ image NN of IN a DT state-owned JJ bank NN and CC move VB into IN new JJ activities NNS . . Under IN the DT direction NN of IN its PRP$ new JJ chairman NN , , Francisco NNP Luzon NNP , , Spain NNP 's POS seventh JJ largest JJS bank NN is VBZ undergoing VBG a DT tough JJ restructuring NN that WDT analysts NNS say VBP may MD be VB the DT first JJ step NN toward IN the DT bank NN 's POS privatization NN . . The DT state-owned JJ industrial JJ holding VBG company NN Instituto NNP Nacional NNP de FW Industria NNP and CC the DT Bank NNP of IN Spain NNP jointly RB hold VBP a DT 13.94 CD % NN stake NN in IN Banco NNP Exterior NNP . . The DT government NN directly RB owns VBZ 51.4 CD % NN and CC Factorex NNP , , a DT financial JJ services NNS company NN , , holds VBZ 8.42 CD % NN . . The DT rest NN is VBZ listed VBN on IN Spanish JJ stock NN exchanges NNS . . Some DT analysts NNS are VBP concerned JJ , , however RB , , that IN Banco NNP Exterior NNP may MD have VB waited VBD too RB long JJ to TO diversify VB from IN its PRP$ traditional JJ export-related JJ activities NNS . . Catching VBG up RP with IN commercial JJ competitors NNS in IN retail JJ banking NN and CC financial JJ services NNS , , they PRP argue VBP , , will MD be VB difficult JJ , , particularly RB if IN market NN conditions NNS turn VBP sour JJ . . If IN that DT proves VBZ true JJ , , analysts NNS say VBP Banco NNP Exterior NNP could MD be VB a DT prime JJ partner NN -- : or CC even RB a DT takeover NN target NN -- : for IN either CC a DT Spanish JJ or CC foreign JJ bank NN seeking VBG to TO increase VB its PRP$ market NN share NN after IN 1992 CD , , when WRB the DT European NNP Community NNP plans VBZ to TO dismantle VB financial JJ barriers NNS . . With IN 700 CD branches NNS in IN Spain NNP and CC 12 CD banking NN subsidiaries NNS , , five CD branches NNS and CC 12 CD representative JJ offices NNS abroad RB , , the DT Banco NNP Exterior NNP group NN has VBZ a DT lot NN to TO offer VB a DT potential JJ suitor NN . . Mr. NNP Luzon NNP and CC his PRP$ team NN , , however RB , , say VBP they PRP are VBP n't RB interested JJ in IN a DT merger NN . . Instead RB , , they PRP are VBP working VBG to TO transform VB Banco NNP Exterior NNP into IN an DT efficient JJ bank NN by IN the DT end NN of IN 1992 CD . . `` `` I PRP want VBP this DT to TO be VB a DT model NN of IN the DT way NN a DT public-owned JJ company NN should MD be VB run VBN , , '' '' Mr. NNP Luzon NNP says VBZ . . Banco NNP Exterior NNP was VBD created VBN in IN 1929 CD to TO provide VB subsidized JJ credits NNS for IN Spanish JJ exports NNS . . The DT market NN for IN export NN financing NN was VBD liberalized VBN in IN the DT mid-1980s NNS , , however RB , , forcing VBG the DT bank NN to TO face NN competition NN . . At IN the DT same JJ time NN , , many JJ of IN Spain NNP 's POS traditional JJ export NN markets NNS in IN Latin NNP America NNP and CC other JJ developing VBG areas NNS faced VBD a DT sharp JJ decline NN in IN economic JJ growth NN . . As IN a DT result NN , , the DT volume NN of IN Banco NNP Exterior NNP 's POS export NN credit NN portfolio NN plunged VBD from IN 824 CD billion CD pesatas NNS ( ( $ $ 7.04 CD billion CD ) ) as IN of IN Dec. NNP 31 CD , , 1986 CD , , to TO its PRP$ current JJ 522 CD billion CD pesetas NNS . . The DT other JJ two CD main JJ pillars NNS of IN Banco NNP Exterior NNP 's POS traditional JJ business NN -- : wholesale JJ banking NN and CC foreign JJ currency NN trading NN -- : also RB began VBD to TO crumble VB under IN the DT weight NN of IN heavy JJ competition NN and CC changing VBG client NN needs NNS . . The DT bank NN was VBD hamstrung JJ in IN its PRP$ efforts NNS to TO face VB the DT challenges NNS of IN a DT changing VBG market NN by IN its PRP$ links NNS to TO the DT government NN , , analysts NNS say VBP . . Until IN Mr. NNP Luzon NNP took VBD the DT helm NN last JJ November NNP , , Banco NNP Exterior NNP was VBD run VBN by IN politicians NNS who WP lacked VBD either CC the DT skills NNS or CC the DT will NN to TO introduce VB innovative JJ changes NNS . . But CC Mr. NNP Luzon NNP has VBZ moved VBN swiftly RB to TO streamline VB bureaucracy NN , , cut VB costs NNS , , increase VB capital NN and CC build VB up RP new JJ areas NNS of IN business NN . . `` `` We PRP 've VBP got VBN a DT lot NN to TO do VB , , '' '' he PRP acknowledged VBD . . `` `` We PRP 've VBP got VBN to TO move VB quickly RB . . '' '' In IN Mr. NNP Luzon NNP 's POS first JJ year NN , , the DT bank NN eliminated VBD 800 CD jobs NNS . . Now RB it PRP says VBZ it PRP 'll MD trim VB another DT 1,200 CD jobs NNS over IN the DT next JJ three CD to TO four CD years NNS . . The DT bank NN employs VBZ 8,000 CD people NNS in IN Spain NNP and CC 2,000 CD abroad RB . . To TO strengthen VB its PRP$ capital NN base NN , , Banco NNP Exterior NNP this DT year NN issued VBD $ $ 105 CD million CD in IN subordinated JJ debt NN , , launched VBD two CD rights NNS issues NNS and CC sold VBD stock NN held VBN in IN its PRP$ treasury NN to TO small JJ investors NNS . . The DT bank NN is VBZ now RB aggressively RB marketing VBG retail JJ services NNS at IN its PRP$ domestic JJ branches NNS . . Last JJ year NN 's POS drop NN in IN export NN credit NN was VBD partially RB offset VBN by IN a DT 15 CD % NN surge NN in IN lending NN to TO individuals NNS and CC small JJ and CC medium-sized JJ companies NNS . . Though NNP Spain NNP has VBZ an DT excess NN of IN banks NNS , , analysts NNS say VBP the DT country NN still RB has VBZ one CD of IN the DT most RBS profitable JJ markets NNS in IN Europe NNP , , which WDT will MD aid VB Banco NNP Exterior NNP with IN the DT tough JJ tasks NNS it PRP faces VBZ ahead RB . . Expansion NN plans NNS also RB include VBP acquisitions NNS in IN growing VBG foreign JJ markets NNS . . The DT bank NN says VBZ it PRP 's VBZ interested VBN in IN purchasing VBG banks NNS in IN Morocco NNP , , Portugal NNP and CC Puerto NNP Rico NNP . . But CC the DT bank NN 's POS retail JJ activities NNS in IN Latin NNP America NNP are VBP likely JJ to TO be VB cut VBN back RP . . Banco NNP Exterior NNP was VBD one CD of IN the DT last JJ banks NNS to TO create VB a DT brokerage NN house NN before IN the DT four CD Spanish JJ stock NN exchanges NNS underwent VBD sweeping JJ changes NNS in IN July NNP . . The DT late JJ start NN may MD be VB a DT handicap NN for IN the DT bank NN as IN Spain NNP continues VBZ to TO open VB up RP its PRP$ market NN to TO foreign JJ competition NN . . But CC Mr. NNP Luzon NNP contends VBZ that IN the DT experienced JJ team NN he PRP brought VBD with IN him PRP from IN Banco NNP Bilbao NNP Vizcaya NNP , , where WRB he PRP was VBD formerly RB director NN general JJ , , will MD whip VB the DT bank NN 's POS capital NN market NN division NN into IN shape NN by IN the DT end NN of IN 1992 CD . . The DT bank NN also RB says VBZ it PRP 'll MD use VB its PRP$ international JJ network NN to TO channel VB investment NN from IN London NNP , , Frankfurt NNP , , Zurich NNP and CC Paris NNP into IN the DT Spanish JJ stock NN exchanges NNS . . General NNP Motors NNP Corp. NNP 's POS general JJ counsel NN hopes VBZ to TO cut VB the DT number NN of IN outside JJ law NN firms NNS the DT auto NN maker NN uses VBZ from IN about RB 700 CD to TO 200 CD within IN two CD years NNS . . Harry NNP J. NNP Pearce NNP , , named VBN general JJ counsel NN in IN May NNP 1987 CD , , says VBZ the DT reduction NN is VBZ a DT cost-cutting JJ measure NN and CC an DT effort NN to TO let VB the DT No. NN 1 CD auto NN maker NN 's POS 134-lawyer JJ in-house JJ legal JJ department NN take VB on RP matters NNS it PRP is VBZ better RBR equipped JJ and CC trained JJ to TO handle VB . . GM NNP trimmed VBD about RB 40 CD firms NNS from IN its PRP$ approved JJ local JJ counsel NN list NN , , Mr. NNP Pearce NNP says VBZ . . The DT move NN is VBZ consistent JJ with IN a DT trend NN for IN corporate JJ legal JJ staffs NNS to TO do VB more JJR work NN in-house RB , , instead RB of IN farming VBG it PRP out RP to TO law NN firms NNS . . Mr. NNP Pearce NNP set VBD up RP GM NNP 's POS first JJ in-house JJ litigation NN group NN in IN May NNP with IN four CD lawyers NNS , , all DT former JJ assistant JJ U.S. NNP attorneys NNS with IN extensive JJ trial NN experience NN . . He PRP intends VBZ to TO add VB to TO the DT litigation NN staff NN . . Among IN the DT types NNS of IN cases NNS the DT in-house JJ litigators NNS handle VBP are VBP disputes NNS involving VBG companies NNS doing VBG business NN with IN GM NNP and CC product-related JJ actions NNS , , including VBG one CD in IN which WDT a DT driver NN is VBZ suing VBG GM NNP for IN damages NNS resulting VBG from IN an DT accident NN . . Mr. NNP Pearce NNP has VBZ also RB encouraged VBN his PRP$ staff NN to TO work NN more RBR closely RB with IN GM NNP 's POS technical JJ staffs NNS to TO help VB prevent VB future JJ litigation NN . . GM NNP lawyers NNS have VBP been VBN working VBG with IN technicians NNS to TO develop VB more RBR uniform JJ welding NN procedures NNS -- : the DT way NN a DT vehicle NN is VBZ welded VBN has VBZ a DT lot NN to TO do VB with IN its PRP$ durability NN . . The DT lawyers NNS also RB monitor VBP suits NNS to TO identify VB specific JJ automobile NN parts NNS that WDT cause VBP the DT biggest JJS legal JJ problems NNS . . Mr. NNP Pearce NNP says VBZ law NN firms NNS with IN the DT best JJS chance NN of IN retaining VBG or CC winning VBG business NN with IN GM NNP will MD be VB those DT providing VBG the DT highest-quality JJ service NN at IN the DT best JJS cost NN -- : echoing VBG similar JJ directives NNS from IN GM NNP 's POS auto NN operations NNS to TO suppliers NNS . . This DT does VBZ n't RB necessarily RB mean VB larger JJR firms NNS have VBP an DT advantage NN ; : Mr. NNP Pearce NNP said VBD GM NNP works NNS with IN a DT number NN of IN smaller JJR firms NNS it PRP regards VBZ highly RB . . Mr. NNP Pearce NNP has VBZ shaken VBN up RP GM NNP 's POS legal JJ staff NN by IN eliminating VBG all DT titles NNS and CC establishing VBG several JJ new JJ functions NNS , , including VBG a DT special-projects JJ group NN that WDT has VBZ made VBN films NNS on IN safety NN and CC drunk JJ driving NN . . FEDERAL JJ PROSECUTORS NNS are VBP concluding VBG fewer JJR criminal JJ cases NNS with IN trials NNS . . That DT 's VBZ a DT finding NN of IN a DT new JJ study NN of IN the DT Justice NNP Department NNP by IN researchers NNS at IN Syracuse NNP University NNP . . David NNP Burnham NNP , , one CD of IN the DT authors NNS , , says VBZ fewer JJR trials NNS probably RB means VBZ a DT growing VBG number NN of IN plea NN bargains NNS . . In IN 1980 CD , , 18 CD % NN of IN federal JJ prosecutions NNS concluded VBD at IN trial NN ; : in IN 1987 CD , , only RB 9 CD % NN did VBD . . The DT study NN covered VBD 11 CD major JJ U.S. NNP attorneys NNS ' POS offices NNS -- : including VBG those DT in IN Manhattan NNP and CC Brooklyn NNP , , N.Y. NNP , , and CC New NNP Jersey NNP -- : from IN 1980 CD to TO 1987 CD . . The DT Justice NNP Department NNP rejected VBD the DT implication NN that IN its PRP$ prosecutors NNS are VBP currently RB more RBR willing JJ to TO plea NN bargain NN . . `` `` Our PRP$ felony NN caseloads NNS have VB been VBN consistent JJ for IN 20 CD years NNS , , '' '' with IN about RB 15 CD % NN of IN all DT prosecutions NNS going VBG to TO trial NN , , a DT department NN spokeswoman NN said VBD . . The DT discrepancy NN is VBZ somewhat RB perplexing JJ in IN that IN the DT Syracuse NNP researchers NNS said VBD they PRP based VBD their PRP$ conclusions NNS on IN government NN statistics NNS . . `` `` One CD possible JJ explanation NN for IN this DT decline NN '' '' in IN taking VBG cases NNS to TO trial NN , , says VBZ Mr. NNP Burnham NNP , , `` `` is VBZ that IN the DT number NN of IN defendants NNS being VBG charged VBN with IN crimes NNS by IN all DT U.S. NNP attorneys NNS has VBZ substantially RB increased VBN . . '' '' In IN 1980 CD , , the DT study NN says VBZ , , prosecutors NNS surveyed VBN filed VBD charges NNS against IN 25 CD defendants NNS for IN each DT 100,000 CD people NNS aged VBN 18 CD years NNS and CC older JJR . . In IN 1987 CD , , prosecutors NNS filed VBD against IN 35 CD defendants NNS for IN every DT 100,000 CD adults NNS . . Another DT finding NN from IN the DT study NN : : Prosecutors NNS set VBP significantly RB different JJ priorities NNS . . The DT Manhattan NNP U.S. NNP attorney NN 's POS office NN stressed VBD criminal JJ cases NNS from IN 1980 CD to TO 1987 CD , , averaging VBG 43 CD for IN every DT 100,000 CD adults NNS . . But CC the DT New NNP Jersey NNP U.S. NNP attorney NN averaged VBD 16 CD . . On IN the DT civil JJ side NN , , the DT Manhattan NNP prosecutor NN filed VBD an DT average NN of IN only RB 11 CD cases NNS for IN every DT 100,000 CD adults NNS during IN the DT same JJ period NN ; : the DT San NNP Francisco NNP U.S. NNP attorney NN averaged VBD 79 CD . . The DT study NN is VBZ to TO provide VB reporters NNS , , academic JJ experts NNS and CC others NNS raw JJ data NN on IN which WDT to TO base VB further JJ inquiries NNS . . IMELDA NNP MARCOS NNP asks VBZ for IN dismissal NN , , says VBZ she PRP was VBD kidnapped VBN . . The DT former JJ first JJ lady NN of IN the DT Philippines NNP , , asked VBD a DT federal JJ court NN in IN Manhattan NNP to TO dismiss VB an DT indictment NN against IN her PRP , , claiming VBG among IN other JJ things NNS , , that IN she PRP was VBD abducted NN from IN her PRP$ homeland NN . . Mrs. NNP Marcos NNP and CC her PRP$ late JJ husband NN , , former JJ Philippines NNPS President NNP Ferdinand NNP Marcos NNP , , were VBD charged VBN with IN embezzling VBG more JJR than IN $ $ 100 CD million CD from IN that DT country NN and CC then RB fraudulently RB concealing VBG much JJ of IN the DT money NN through IN purchases NNS of IN prime JJ real JJ estate NN in IN Manhattan NNP . . Mrs. NNP Marcos NNP 's POS attorneys NNS asked VBD federal JJ Judge NNP John NNP F. NNP Keenan NNP to TO give VB them PRP access NN to TO all DT U.S. NNP documents NNS about IN her PRP$ alleged JJ abduction NN . . The DT U.S. NNP attorney NN 's POS office NN , , in IN documents NNS it PRP filed VBD in IN response NN , , said VBD Mrs. NNP Marcos NNP was VBD making VBG the DT `` `` fanciful JJ -- : and CC factually RB unsupported JJ -- : claim NN that IN she PRP was VBD kidnapped VBN into IN this DT country NN '' '' in IN order NN to TO obtain VB classified JJ material NN in IN the DT case NN . . The DT office NN also RB said VBD Mrs. NNP Marcos NNP and CC her PRP$ husband NN were VBD n't RB brought VBN to TO the DT U.S. NNP against IN their PRP$ will NN after IN Mr. NNP Marcos NNP was VBD ousted VBN as IN president NN . . The DT prosecutor NN quoted VBD statements NNS from IN the DT Marcoses NNPS in IN which WDT they PRP said VBD they PRP were VBD in IN this DT country NN at IN the DT invitation NN of IN President NNP Reagan NNP and CC that IN they PRP were VBD enjoying VBG the DT hospitality NN of IN the DT U.S. NNP . . Lawyers NNP for IN Mrs. NNP Marcos NNP say VBP that IN because IN she PRP was VBD taken VBN to TO the DT U.S. NNP against IN her PRP$ wishes NNS , , the DT federal JJ court NN lacks VBZ jurisdiction NN in IN the DT case NN . . THE DT FEDERAL JJ COURT NN of IN appeals NNS in IN Manhattan NNP ruled VBD that IN the DT dismissal NN of IN a DT 1980 CD indictment NN against IN former JJ Bank NNP of IN Crete NNP owner NN George NNP Koskotas NNP should MD be VB reconsidered VBN . . The DT indictment NN , , which WDT was VBD sealed VBN and CC apparently RB forgotten VBN by IN investigators NNS until IN 1987 CD , , charges VBZ Mr. NNP Koskotas NNP and CC three CD others NNS with IN tax NN fraud NN and CC other JJ violations NNS . . He PRP made VBD numerous JJ trips NNS to TO the DT U.S. NNP in IN the DT early JJ 1980s CD , , but CC was VBD n't RB arrested VBN until IN 1987 CD when WRB he PRP showed VBD up RP as IN a DT guest NN of IN then-Vice NNP President NNP George NNP Bush NNP at IN a DT government NN function NN . . A DT federal JJ judge NN in IN Manhattan NNP threw VBD out RP the DT indictment NN , , finding VBG that IN the DT seven-year JJ delay NN violated VBD the DT defendant NN 's POS constitutional JJ right NN to TO a DT speedy JJ trial NN . . The DT appeals NNS court NN , , however RB , , said VBD the DT judge NN did VBD n't RB adequately RB consider VB whether IN the DT delay NN would MD actually RB hurt VB the DT chances NNS of IN a DT fair JJ trial NN . . Mr. NNP Koskotas NNP is VBZ fighting VBG extradition NN proceedings NNS that WDT would MD return VB him PRP to TO Greece NNP , , where WRB he PRP is VBZ charged VBN with IN embezzling VBG more JJR than IN $ $ 250 CD million CD from IN the DT Bank NNP of IN Crete NNP . . His PRP$ attorney NN could MD n't RB be VB reached VBN for IN comment NN . . PRO FW BONO FW VOLUNTARISM NN : : In IN an DT effort NN to TO stave VB off RP a DT plan NN that WDT would MD require VB all DT lawyers NNS in IN New NNP York NNP state NN to TO provide VB twenty CD hours NNS of IN free JJ legal JJ aid NN a DT year NN , , the DT state NN bar NN recommended VBD an DT alternative JJ program NN to TO increase VB voluntary JJ participation NN in IN pro FW bono FW programs NNS . . The DT state NN bar NN association NN 's POS policy NN making NN body NN , , the DT House NNP of IN Delegate NNP , , voted VBD Saturday NNP to TO ask VB Chief NNP Judge NNP Sol NNP Wachtler NNP to TO give VB the DT bar NN 's POS voluntary JJ program NN three CD years NNS to TO prove VB its PRP$ effectiveness NN before IN considering VBG mandatory JJ pro FW bono FW . . `` `` We PRP believe VBP our PRP$ suggested JJ plan NN is VBZ more RBR likely JJ to TO improve VB the DT availability NN of IN quality JJ legal JJ service NN to TO the DT poor JJ than IN is VBZ the DT proposed JJ mandatory JJ pro FW bono FW plan NN and CC will MD achieve VB that DT objective NN without IN the DT divisiveness NN , , distraction NN , , administrative JJ burdens NNS and CC possible JJ failure NN that IN we PRP fear VBP would MD accompany VB an DT attempt NN to TO impose VB a DT mandatory JJ plan NN , , '' '' said VBD Justin NNP L. NNP Vigdor NNP of IN Rochester NNP , , who WP headed VBD the DT bar NN 's POS pro FW bono FW study NN committee NN . . DALLAS NNP AND CC HOUSTON NNP law NN firms NNS merge VBP : : Jackson NNP & CC Walker NNP , , a DT 130-lawyer JJ firm NN in IN Dallas NNP and CC Datson NNP & CC Scofield NNP , , a DT 70-lawyer JJ firm NN in IN Houston NNP said VBD they PRP have VBP agreed VBN in IN principle NN to TO merge VB . . The DT consolidated JJ firm NN , , which WDT would MD rank VB among IN the DT 10 CD largest JJS in IN Texas NNP , , would MD operate VB under IN the DT name NN Jackson NNP & CC Walker NNP . . The DT merger NN must MD be VB formally RB approved VBN by IN the DT partners NNS of IN both DT firms NNS but CC is VBZ expected VBN to TO be VB completed VBN by IN year NN end NN . . Jackson NNP & CC Walker NNP has VBZ an DT office NN in IN Fort NNP Worth NNP , , Texas NNP , , and CC Dotson NNP & CC Scofield NNP has VBZ an DT office NN in IN New NNP Orleans NNP . . PILING VBG ON RP ? . Piggybacking VBG on IN government NN assertions NNS that IN General NNP Electric NNP Co. NNP may MD have VB covered VBN up RP fraudulent JJ billings NNS to TO the DT Pentagon NNP , , two CD shareholders NNS have VBP filed VBN a DT civil JJ racketeering NN suit NN against IN the DT company NN . . The DT suit NN was VBD filed VBN by IN plaintiffs NNS ' POS securities NNS lawyer NN Richard NNP D. NNP Greenfield NNP in IN U.S. NNP District NNP Court NNP in IN Philadelphia NNP . . He PRP seeks VBZ damages NNS from IN the DT company NN 's POS 15 CD directors NNS on IN grounds NNS that IN they PRP either DT `` `` participated VBD in IN or CC condoned VBD the DT illegal JJ acts NNS ... : or CC utterly RB failed VBD to TO carry VB out RP their PRP$ duties NNS as IN directors NNS . . '' '' GE NNP is VBZ defending VBG itself PRP against IN government NN criminal JJ charges NNS of IN fraud NN and CC false JJ claims NNS in IN connection NN with IN a DT logistics-computer NN contract NN for IN the DT Army NNP . . The DT trial NN begins VBZ today NN in IN federal JJ court NN in IN Philadelphia NNP . . The DT government NN 's POS assertions NNS of IN the DT cover-up NN were VBD made VBN in IN last JJ minute JJ pretrial JJ motions NNS . . GE NNP , , which WDT vehemently RB denies VBZ the DT government NN 's POS allegations NNS , , denounced VBD Mr. NNP Greenfield NNP 's POS suit NN . . `` `` It PRP is VBZ a DT cheap-shot JJ suit NN -- : procedurally RB defective JJ and CC thoroughly RB fallacious JJ -- : which WDT was VBD hurriedly RB filed VBN by IN a DT contingency-fee JJ lawyer NN as IN a DT result NN of IN newspaper NN reports NNS , , '' '' said VBD a DT GE NNP spokeswoman NN . . She PRP added VBD that IN the DT company NN was VBD considering VBG bringing VBG sanctions NNS against IN Mr. NNP Greenfield NNP for IN making VBG `` `` grossly RB inaccurate JJ and CC unsupported JJ allegations NNS . . The DT head NN of IN the DT nation NN 's POS largest JJS car-dealers NNS group NN is VBZ telling VBG dealers NNS to TO `` `` just RB say VB no UH '' '' when WRB auto NN makers NNS pressure VBP them PRP to TO stockpile VB cars NNS on IN their PRP$ lots NNS . . In IN an DT open JJ letter NN that WDT will MD run VB today NN in IN the DT trade NN journal NN Automotive NNP News NNP , , Ron NNP Tonkin NNP , , president NN of IN the DT National NNP Car NNP Dealers NNPS Association NNP , , says VBZ dealers NNS should MD cut VB their PRP$ inventories NNS to TO no DT more JJR than IN half PDT the DT level NN traditionally RB considered VBN desirable JJ . . Mr. NNP Tonkin NNP , , who WP has VBZ been VBN feuding VBG with IN the DT Big NNP Three NNP since IN he PRP took VBD office NN earlier RBR this DT year NN , , said VBD that IN with IN half NN of IN the DT nation NN 's POS dealers NNS losing VBG money NN or CC breaking VBG even RB , , it PRP was VBD time NN for IN `` `` emergency NN action NN . . '' '' U.S. NNP car NN dealers NNS had VBD an DT average NN of IN 59 CD days NNS ' POS supply NN of IN cars NNS in IN their PRP$ lots NNS at IN the DT end NN of IN September NNP , , according VBG to TO Ward NNP 's POS Automotive NNP Reports NNPS . . But CC Mr. NNP Tonkin NNP said VBD dealers NNS should MD slash VB stocks NNS to TO between IN 15 CD and CC 30 CD days NNS to TO reduce VB the DT costs NNS of IN financing VBG inventory NN . . His PRP$ message NN is VBZ getting VBG a DT chilly JJ reception NN in IN Detroit NNP , , where WRB the DT Big NNP Three NNP auto NN makers NNS are VBP already RB being VBG forced VBN to TO close VB plants NNS because IN of IN soft JJ sales NNS and CC reduced JJ dealer NN orders NNS . . Even RB before IN Mr. NNP Tonkin NNP 's POS broadside NN , , some DT large JJ dealers NNS said VBD they PRP were VBD cutting VBG inventories NNS . . Ford NNP Motor NNP Co. NNP and CC Chrysler NNP Corp. NNP representatives NNS criticized VBD Mr. NNP Tonkin NNP 's POS plan NN as IN unworkable JJ . . It PRP `` `` is VBZ going VBG to TO sound VB neat JJ to TO the DT dealer NN except IN when WRB his PRP$ 15-day JJ car NN supply NN does VBZ n't RB include VB the DT bright JJ red JJ one NN that IN the DT lady NN wants VBZ to TO buy VB and CC she PRP goes VBZ up IN the DT street NN to TO buy VB one CD , , '' '' a DT Chrysler NNP spokesman NN said VBD . . Southern NNP Co. NNP 's POS Gulf NNP Power NNP Co. NNP unit NN may MD plead VB guilty JJ this DT week NN to TO charges NNS that IN it PRP illegally RB steered VBD company NN money NN to TO politicians NNS through IN outside JJ vendors NNS , , according VBG to TO individuals NNS close RB to TO an DT investigation NN of IN the DT utility NN holding VBG company NN . . The DT tentative NN settlement NN between IN Gulf NNP Power NNP , , a DT Pensacola NNP , , Fla. NNP , , electric JJ company NN , , and CC federal JJ prosecutors NNS would MD mark VB the DT end NN of IN one CD part NN of IN a DT wide-ranging JJ inquiry NN of IN Southern NNP Co. NNP in IN the DT past JJ year NN . . A DT grand JJ jury NN has VBZ been VBN investigating VBG whether IN officials NNS at IN Southern NNP Co. NNP conspired VBD to TO cover VB up RP their PRP$ accounting NN for IN spare JJ parts NNS to TO evade VB federal JJ income NN taxes NNS . . The DT grand JJ jury NN has VBZ also RB been VBN investigating VBG whether IN Gulf NNP Power NNP executives NNS violated VBD the DT federal JJ Utility NNP Holding NNP Company NNP Act NNP , , which WDT prohibits VBZ certain JJ utilities NNS from IN making VBG political JJ contributions NNS . . The DT individuals NNS said VBD Gulf NNP Power NNP and CC federal JJ prosecutors NNS are VBP considering VBG a DT settlement NN under IN which WDT the DT company NN would MD plead VB guilty JJ to TO two CD felony NN charges NNS and CC pay VB fines NNS totaling VBG between IN $ $ 500,000 CD and CC $ $ 1.5 CD million CD . . Under IN one CD count NN , , Gulf NNP Power NNP would MD plead VB guilty JJ to TO conspiring VBG to TO violate VB the DT Utility NNP Holding NNP Company NNP Act NNP . . Under IN the DT second JJ count NN , , the DT company NN would MD plead VB guilty JJ to TO conspiring VBG to TO evade VB taxes NNS . . The DT guilty JJ pleas NNS would MD be VB made VBN solely RB by IN Gulf NNP Power NNP , , the DT individuals NNS said VBD . . No DT employee NN or CC vendor NN would MD be VB involved VBN . . A DT spokesman NN for IN Southern NNP Co. NNP would MD say VB only RB that IN discussions NNS are VBP continuing VBG between IN Gulf NNP Power NNP and CC federal JJ prosecutors NNS . . `` `` We PRP have VB no DT further JJ developments NNS to TO report VB , , '' '' he PRP said VBD . . Officials NNS at IN Gulf NNP Power NNP could MD n't RB be VB reached VBN for IN comment NN . . And CC prosecutors NNS declined VBD to TO comment VB . . While IN Southern NNP Co. NNP has VBZ been VBN reluctant JJ to TO discuss VB the DT grand JJ jury NN investigations NNS , , Edward NNP L. NNP Addison NNP , , chief JJ executive JJ officer NN , , has VBZ said VBD the DT company NN is VBZ prepared VBN to TO defend VB its PRP$ tax NN and CC acccounting NN practices NNS if IN any DT charges NNS are VBP brought VBN against IN it PRP . . Morever RB , , Mr. NNP Addison NNP has VBZ said VBD Southern NNP Co. NNP and CC its PRP$ units NNS do VBP n't RB condone VB illegal JJ political JJ contributions NNS . . Neither CC Mr. NNP Addison NNP nor CC any DT other JJ Southern NNP Co. NNP official NN has VBZ been VBN charged VBN with IN any DT wrongdoing NN in IN connection NN with IN the DT current JJ inquiries NNS . . The DT probe NN of IN Southern NNP Co. NNP has VBZ attracted VBN considerable JJ attention NN this DT year NN because IN of IN several JJ events NNS that WDT have VBP befallen VBN the DT company NN , , including VBG the DT death NN of IN a DT Gulf NNP Power NNP executive NN in IN a DT plane NN crash NN and CC the DT disappearance NN of IN a DT company NN vendor NN who WP was VBD to TO be VB a DT key JJ grand JJ jury NN witness NN . . Witnesses NNS have VBP said VBN the DT grand JJ jury NN has VBZ asked VBN numerous JJ questions NNS about IN Jacob NNP F. NNP `` `` Jake NN '' '' Horton NNP , , the DT senior JJ vice NN president NN of IN Gulf NNP Power NNP who WP died VBD in IN the DT plane NN crash NN in IN April NNP . . Mr. NNP Horton NNP oversaw VBD Gulf NNP Power NNP 's POS governmental-affairs NNS efforts NNS . . On IN the DT morning NN of IN the DT crash NN , , he PRP had VBD been VBN put VBN on IN notice NN that IN an DT audit NN committee NN was VBD recommending VBG his PRP$ dismissal NN because IN of IN invoicing NN irregularities NNS in IN a DT company NN audit NN . . Investigators NNS have VBP been VBN trying VBG to TO determine VB whether IN the DT crash NN was VBD an DT accident NN , , sabotage NN or CC suicide NN . . Gulf NNP Power NNP said VBD in IN May NNP that IN an DT internal JJ audit NN had VBD disclosed VBN that IN at IN least JJS one CD vendor NN had VBD used VBN false JJ invoices NNS to TO fund VB political JJ causes NNS . . But CC the DT company NN said VBD the DT political JJ contributions NNS had VBD been VBN made VBN more RBR than IN five CD years NNS ago RB . . Exxon NNP Corp. NNP is VBZ resigning VBG from IN the DT National NNP Wildlife NNP Federation NNP 's POS corporate JJ advisory JJ panel NN , , saying VBG the DT conservation NN group NN has VBZ been VBN unfairly RB critical JJ of IN the DT Exxon NNP Valdez NNP oil NN spill NN along IN the DT Alaskan JJ coast NN . . The DT federation NN said VBD Friday NNP that IN it PRP regrets VBZ the DT resignation NN , , but CC issued VBD a DT stinging JJ response NN that WDT called VBD Exxon NNP a DT `` `` corporate JJ pariah NN '' '' that WDT should MD keep VB an DT open JJ dialogue NN with IN environmentalists NNS . . The DT federation NN , , with IN 5.8 CD million CD members NNS nationwide JJ , , has VBZ been VBN one CD of IN the DT sharpest JJS critics NNS of IN Exxon NNP 's POS handling NN of IN the DT 11 CD million CD gallon NN tanker NN spill NN and CC has VBZ accused VBN the DT company NN of IN repeatedly RB ignoring VBG requests NNS to TO meet VB and CC discuss VB it PRP . . The DT March NNP 24 CD oil NN spill VB soiled VBD hundreds NNS of IN miles NNS of IN shoreline NN along IN Alaska NNP 's POS southern JJ coast NN and CC wreaked VBD havoc NN with IN wildlife NN and CC the DT fishing NN industry NN . . Exxon NNP 's POS Exxon NNP USA NNP unit NN was VBD one CD of IN the DT charter JJ members NNS of IN the DT Corporate NNP Conservation NNP Council NNP , , a DT panel NN of IN executives NNS formed VBN in IN 1982 CD by IN the DT National NNP Wildlife NNP Federation NNP to TO foster VB `` `` frank JJ and CC open JJ discussions NNS '' '' between IN industry NN and CC the DT federation NN 's POS leaders NNS . . In IN a DT letter NN to TO the DT federation NN , , Raymond NNP Campion NNP , , Exxon NNP 's POS environmental JJ coordinator NN , , said VBD : : `` `` Recent JJ public JJ actions NNS by IN you PRP regarding VBG the DT Valdez NNP oil NN spill NN have VB failed VBN to TO demonstrate VB any DT sense NN of IN objectivity NN or CC fairness NN . . '' '' The DT federation NN was VBD among IN the DT plaintiffs NNS in IN a DT lawsuit NN filed VBN in IN August NNP against IN Exxon NN seeking VBG full JJ payment NN of IN environmental JJ recovery NN costs NNS from IN the DT spill NN . . First NNP Tennessee NNP National NNP Corp. NNP said VBD it PRP would MD take VB a DT $ $ 4 CD million CD charge NN in IN the DT fourth JJ quarter NN , , as IN a DT result NN of IN plans NNS to TO expand VB its PRP$ systems NNS operation NN . . The DT banking NN company NN said VBD it PRP reached VBD an DT agreement NN in IN principle NN with IN International NNP Business NNP Machines NNPS Corp. NNP on IN a DT systems NNS operations NNS contract NN calling VBG for IN IBM NNP to TO operate VB First NNP Tennessee NNP 's POS computer NN and CC telecommunications NNS functions NNS . . Further RB , , under IN the DT agreement NN , , First NNP Tennesse NNP would MD continue VB to TO develop VB the DT software NN that WDT creates VBZ customer NN products NNS and CC sevices NNS . . `` `` Because IN personal JJ computers NNS will MD soon RB be VB on IN the DT desks NNS of IN all DT of IN our PRP$ tellers NNS , , and CC customer NN service NN and CC loan NN representatives NNS , , information NN will MD be VB instantly RB available JJ to TO help VB customers NNS with IN product NN decisions NNS and CC provide VB them PRP with IN information NN about IN their PRP$ accounts NNS , , '' '' according VBG to TO John NNP Kelley NNP , , executive JJ vice NN president NN and CC corporate JJ services NNS group NN manager NN at IN First NNP Tennessee NNP . . However RB , , about RB 120 CD employees NNS will MD be VB affected VBN by IN the DT agreement NN . . First NNP Tennessee NNP , , assisted VBN by IN IBM NNP , , said VBD it PRP will MD attempt VB to TO place VB the DT employees NNS within IN the DT company NN , , IBM NNP or CC other JJ companies NNS in IN Memphis NNP . . The DT process NN will MD take VB as RB many JJ as IN six CD months NNS to TO complete VB , , the DT company NN said VBD . . The DT agreement NN is VBZ subject JJ to TO the DT banking NN company NN 's POS board NN approval NN , , which WDT is VBZ expected VBN next JJ month NN . . The DT Treasury NNP Department NNP said VBD the DT U.S. NNP trade NN deficit NN may MD worsen VB next JJ year NN , , after IN two CD years NNS of IN significant JJ improvement NN . . In IN its PRP$ report NN to TO Congress NNP on IN international JJ economic JJ policies NNS , , the DT Treasury NNP said VBD that IN any DT improvement NN in IN the DT broadest JJS measure NN of IN trade NN , , known VBN as IN the DT current JJ account NN , , `` `` is VBZ likely JJ at IN best JJS to TO be VB very RB modest JJ , , '' '' and CC `` `` the DT possibility NN of IN deterioration NN in IN the DT current JJ account NN next JJ year NN can MD not RB be VB excluded VBN . . '' '' The DT statement NN was VBD the DT U.S. NNP government NN 's POS first JJ acknowledgement NN of IN what WP other JJ groups NNS , , such JJ as IN the DT International NNP Monetary NNP Fund NNP , , have VBP been VBN predicting VBG for IN months NNS . . Continued JJ strength NN in IN the DT dollar NN was VBD cited VBN as IN one CD reason NN the DT trade NN position NN may MD deteriorate VB . . The DT Treasury NNP 's POS report NN , , which WDT is VBZ required VBN annually RB by IN a DT provision NN of IN the DT 1988 CD trade NN act NN , , again RB took VBD South NNP Korea NNP to TO task NN for IN its PRP$ exchange-rate NN policies NNS . . `` `` We PRP believe VBP that IN there EX have VBP continued VBD to TO be VB indications NNS of IN exchange-rate NN ` `` manipulation NN ' '' '' '' during IN the DT past JJ six CD months NNS , , it PRP said VBD , , citing VBG the DT lack NN of IN market NN forces NNS in IN South NNP Korea NNP 's POS exchange-rate NN system NN and CC the DT use NN of IN capital NN and CC interest-rate NN controls NNS to TO manipulate VB exchange NN rates NNS . . The DT Treasury NNP expressed VBD pleasure NN , , however RB , , with IN the DT government NN of IN Taiwan NNP , , which WDT was VBD cited VBN for IN exchange-rate NN manipulation NN in IN last JJ year NN 's POS report NN . . The DT Treasury NNP said VBD Taiwan NNP has VBZ liberalized VBN its PRP$ exchange NN rate NN system NN in IN the DT past JJ year NN . . The DT fiscal JJ 1989 CD budget NN deficit NN figure NN came VBD out RP Friday NNP . . It PRP was VBD down IN a DT little JJ . . The DT next JJ time NN you PRP hear VBP a DT Member NNP of IN Congress NNP moan VB about IN the DT deficit NN , , consider VB what WP Congress NNP did VBD Friday NNP . . The DT Senate NNP , , 84-6 RB , , voted VBD to TO increase VB to TO $ $ 124,000 CD the DT ceiling NN on IN insured JJ mortgages NNS from IN the DT FHA NNP , , which WDT lost VBD $ $ 4.2 CD billion CD in IN loan NN defaults NNS last JJ year NN . . Then RB , , by IN voice NN vote NN , , the DT Senate NNP voted VBD a DT pork-barrel JJ bill NN , , approved VBN Thursday NNP by IN the DT House NNP , , for IN domestic JJ military JJ construction NN . . Compare VB the DT Bush NNP request NN to TO what WP the DT Senators NNS gave VBD themselves PRP : : For IN construction NN in IN West NNP Virginia NNP , , Mr. NNP Bush NNP requested VBD $ $ 4.5 CD million CD ; : Congress NNP gave VBD Senator NNP Byrd NNP 's POS state NN $ $ 21.5 CD million CD . . Senator NNP Byrd NNP is VBZ chairman NN of IN the DT Appropriations NNPS Committee NNP . . For IN Iowa NNP , , a DT $ $ 1.8 CD million CD request NN became VBD $ $ 12 CD million CD for IN Senator NNP Grassley NNP , , ranking JJ minority NN member NN of IN a DT military JJ construction NN subcommittee NN . . Rep. NNP Jamie NNP Whitten NNP of IN Mississippi NNP and CC chairman NN of IN House NNP Appropriations NNPS turned VBD a DT $ $ 20 CD million CD Bush NNP request NN for IN his PRP$ state NN into IN a DT $ $ 49.7 CD million CD bequest NN . . Senator NNP Sasser NNP of IN Tennessee NNP is VBZ chairman NN of IN the DT Appropriations NNPS subcommittee NN on IN military JJ construction NN ; : Mr. NNP Bush NNP 's POS $ $ 87 CD million CD request NN for IN Tennessee NNP increased VBD to TO $ $ 109 CD million CD . . In IN a DT remark NN someone NN should MD remember VB this DT time NN next JJ year NN , , Senator NNP Sasser NNP said VBD , , `` `` I PRP think VBP we PRP 've VBP seen VBN the DT peak NN of IN military JJ construction NN spending VBG for IN many JJ years NNS to TO come VB . . '' '' Tell VB us PRP about IN spending NN restraint NN . . Tell VB us PRP about IN the DT HUD NNP scandals NNS . . Tell VB us PRP what WDT measure NN , , short RB of IN house NN arrest NN , , will MD get VB this DT Congress NNP under IN control NN . . Costa NNP Rica NNP reached VBD an DT agreement NN with IN its PRP$ creditor NN banks NNS that WDT is VBZ expected VBN to TO cut VB that DT government NN 's POS $ $ 1.8 CD billion CD in IN bank NN debt NN by IN as RB much JJ as IN 60 CD % NN . . The DT agreement NN was VBD announced VBN by IN Costa JJ Rican JJ President NNP Oscar NNP Arias NNP Friday NNP , , as IN President NNP Bush NNP and CC other JJ leaders NNS from IN the DT Western NNP Hemisphere NNP gathered VBN in IN the DT Central JJ American JJ nation NN for IN a DT celebration NN of IN democracy NN . . Costa NNP Rica NNP had VBD been VBN negotiating VBG with IN the DT U.S. NNP and CC other JJ banks NNS for IN three CD years NNS , , but CC the DT debt NN plan NN was VBD rushed VBN to TO completion NN in IN order NN to TO be VB announced VBN at IN the DT meeting NN . . The DT government NN had VBD fallen VBN $ $ 300 CD million CD behind RB in IN interest NN payments NNS . . Treasury NNP Secretary NNP Nicholas NNP Brady NNP called VBD the DT agreement NN `` `` an DT important JJ step NN forward RB in IN the DT strengthened JJ debt NN strategy NN , , '' '' noting VBG that IN it PRP will MD `` `` when WRB implemented VBN , , provide VB significant JJ reduction NN in IN the DT level NN of IN debt NN and CC debt NN service NN owed VBN by IN Costa NNP Rica NNP . . '' '' Under IN the DT plan NN , , Costa NNP Rica NNP will MD buy VB back RP roughly RB 60 CD % NN of IN its PRP$ bank NN debt NN outstanding JJ at IN a DT deeply RB discounted VBN price NN , , according VBG to TO officials NNS involved VBN in IN the DT agreement NN . . The DT remainder NN of IN the DT debt NN will MD be VB exchanged VBN for IN new JJ Costa JJ Rican JJ bonds NNS with IN a DT 6 CD 1\/4 CD % NN interest NN rate NN . . The DT International NNP Monetary NNP Fund NNP and CC the DT World NNP Bank NNP are VBP expected VBN to TO provide VB approximately RB $ $ 180 CD million CD to TO help VB support VB the DT deal NN , , and CC additional JJ funds NNS are VBP expected VBN from IN Japan NNP . . Treasury NNP officials NNS say VBP the DT Costa JJ Rican JJ agreement NN demonstrates VBZ that IN the DT Brady NNP debt NN plan NN can MD benefit VB small JJ debtor NN countries NNS as RB well RB as IN big JJ debtors NNS , , such JJ as IN Mexico NNP . . The DT Treasury NNP said VBD it PRP plans VBZ to TO sell VB $ $ 2 CD billion CD of IN 51-day JJ cash-management JJ bills NNS today NN , , raising VBG all RB new JJ cash NN . . The DT bills NNS will MD be VB dated VBN Oct. NNP 31 CD and CC will MD mature VB Dec. NNP 21 CD , , No DT non-competitive JJ tenders NNS will MD be VB accepted VBN . . Tenders NNS , , available JJ in IN minimum JJ denominations NNS of IN $ $ 1 CD million CD , , must MD be VB received VBN by IN noon NN EST NN today NN at IN Federal NNP Reserve NNP Banks NNPS or CC branches NNS . . The DT Treasury NNP also RB announced VBD details NNS of IN this DT week NN 's POS unusual JJ bill NN auction NN , , which WDT has VBZ been VBN changed VBN to TO accommodate VB the DT expiration NN of IN the DT federal JJ debt NN ceiling NN at IN midnight NN tomorrow NN . . The DT 13-week JJ and CC 27-week JJ bills NNS will MD be VB issued VBN tomorrow NN rather RB than IN Thursday NNP , , Nov. NNP 2 CD , , as RB originally RB planned VBN . . The DT three-month JJ bills NNS will MD still RB mature VB Feb. NNP 1 CD , , 1990 CD , , and CC the DT six-month JJ bills NNS on IN May NNP 3 CD , , 1990 CD . . The DT Treasury NNP also RB said VBD noncompetitive JJ tenders NNS will MD be VB considered VBN timely JJ if IN postmarked VBN no RB later RBR than IN Sunday NNP , , Oct. NNP 29 CD , , and CC received VBN no RB later RBR than IN tomorrow NN . . The DT Treasury NNP said VBD it PRP wo MD n't RB be VB able JJ to TO honor VB reinvestment NN requests NNS from IN holders NNS of IN bills NNS maturing VBG Nov. NNP 2 CD held VBN in IN the DT Treasury NNP 's POS book-entry JJ system NN . . The DT department NN will MD make VB payment NN for IN bills NNS maturing VBG on IN Nov. NNP 2 CD to TO all DT investors NNS who WP have VBP requested VBN reinvestment NN of IN their PRP$ bills NNS on IN that DT date NN , , as RB well RB as IN to TO all DT account NN holders NNS who WP have VBP previously RB requested VBN payment NN . . American NNP Pioneer NNP Inc. NNP said VBD it PRP agreed VBD in IN principle NN to TO sell VB its PRP$ American NNP Pioneer NNP Life NNP Insurance NNP Co. NNP subsidiary NN to TO Harcourt NNP Brace NNP Jovanovich NNP Inc. NNP 's POS HBJ NNP Insurance NNP Cos. NNP for IN $ $ 27 CD million CD . . American NNP Pioneer NNP , , parent NN of IN American NNP Pioneer NNP Savings NNPS Bank NNP , , said VBD the DT sale NN will MD add VB capital NN and CC reduce VB the DT level NN of IN investments NNS in IN subsidiaries NNS for IN the DT thrift NN holding VBG company NN . . Recently RB , , the DT boards NNS of IN both CD the DT parent NN company NN and CC the DT thrift NN also RB voted VBD to TO suspend VB dividends NNS on IN preferred JJ shares NNS of IN both DT companies NNS and CC convert VB all DT preferred JJ into IN common JJ shares NNS . . The DT company NN said VBD the DT move NN was VBD necessary JJ to TO meet VB capital NN requirements NNS . . The DT transaction NN is VBZ subject JJ to TO execution NN of IN a DT definitive JJ purchase NN agreement NN and CC approval NN by IN various JJ regulatory JJ agencies NNS , , including VBG the DT insurance NN departments NNS of IN the DT states NNS of IN Florida NNP and CC Indiana NNP , , the DT company NN said VBD . . In IN the DT second JJ quarter NN , , American NNP Pioneer NNP reported VBD a DT loss NN of IN $ $ 7.3 CD million CD , , compared VBN with IN net JJ income NN of IN $ $ 1.1 CD million CD a DT year NN earlier RBR . . The DT banking NN operation NN had VBD a DT loss NN of IN $ $ 8.7 CD million CD in IN the DT second JJ quarter NN , , largely RB because IN of IN problem NN real-estate NN loans NNS , , while IN the DT insurance NN operations NNS earned VBD $ $ 884,000 CD . . October NNP employment NN data NNS -- : also RB could MD turn VB out RP to TO be VB the DT most RBS confusing JJ . . On IN the DT surface NN , , the DT overall JJ unemployment NN rate NN is VBZ expected VBN to TO be VB little RB changed VBN from IN September NNP 's POS 5.3 CD % NN . . But CC the DT actual JJ head NN count NN of IN non-farm JJ employment NN payroll NN jobs NNS is VBZ likely JJ to TO be VB muddied VBN by IN the DT impact NN of IN Hurricane NNP Hugo NNP , , strikes NNS , , and CC less-than-perfect JJ seasonal JJ adjustments NNS , , economists NNS said VBD . . The DT consensus NN view NN calls VBZ for IN an DT overall JJ job NN gain NN of IN 155,000 CD compared VBN with IN September NNP 's POS 209,000 CD increase NN . . But CC the DT important JJ factory-jobs NNS segment NN , , which WDT last JJ month NN plunged VBD by IN 103,000 CD positions NNS and CC raised VBD recession NN fears NNS , , is VBZ most RBS likely JJ to TO be VB skewed VBN by IN the DT month NN 's POS unusual JJ events NNS . . Several JJ other JJ reports NNS come VBN before IN Friday NNP 's POS jobs NNS data NNS , , including VBG : : the DT September NNP leading JJ indicators NNS index NN , , new-home JJ sales NNS and CC October NNP agricultural JJ prices NNS reports NNS due JJ out RB tomorrow NN ; : the DT October NNP purchasing NN managers NNS ' POS index NN and CC September NNP construction NN spending NN and CC manufacturers NNS ' POS orders NNS on IN Wednesday NNP ; : and CC October NNP chain-store JJ sales NNS on IN Thursday NNP . . Friday NNP brings VBZ the DT final JJ count NN on IN October NNP auto NN sales NNS . . `` `` The DT employment NN report NN is VBZ going VBG to TO be VB difficult JJ to TO interpret VB , , '' '' said VBD Michael NNP Englund NNP , , economist NN with IN MMS NNP International NNP , , a DT unit NN of IN McGraw-Hill NNP Inc. NNP , , New NNP York NNP . . Mr. NNP Englund NNP added VBD that IN next JJ month NN 's POS data NN is VBZ n't RB likely JJ to TO be VB much RB better JJR , , because IN it PRP will MD be VB distorted VBN by IN San NNP Francisco NNP 's POS earthquake NN . . What WP 's VBZ more JJR , , he PRP believes VBZ seasonal JJ swings NNS in IN the DT auto NN industry NN this DT year NN are VBP n't RB occurring VBG at IN the DT same JJ time NN as IN in IN the DT past NN , , because IN of IN production NN and CC pricing NN differences NNS that WDT are VBP curbing VBG the DT accuracy NN of IN seasonal JJ adjustments NNS built VBN into IN the DT employment NN data NN . . Wednesday NNP 's POS report NN from IN the DT purchasing VBG agents NNS will MD be VB watched VBN to TO see VB if IN the DT index NN maintains VBZ a DT level NN below IN 50 CD % NN , , as IN it PRP has VBZ for IN the DT past JJ couple NN of IN months NNS . . A DT reading NN of IN less JJR than IN 50 CD % NN indicates VBZ an DT economy NN that WDT is VBZ generally RB contracting VBG while IN a DT reading NN above IN 50 CD % NN indicates VBZ an DT economy NN that WDT 's VBZ expanding VBG . . Samuel NNP D. NNP Kahan NNP , , chief JJ financial JJ economist NN at IN Kleinwort NNP Benson NNP Government NNP Securities NNPS Inc. NNP , , Chicago NNP , , said VBD that IN the DT purchasers NNS ' POS report NN is VBZ valuable JJ because IN it PRP often RB presents VBZ the DT first JJ inkling NN of IN economic JJ data NNS for IN the DT month NN . . But CC he PRP added VBD : : `` `` Some DT people NNS use VBP the DT purchasers NNS ' POS index NN as IN a DT leading JJ indicator NN , , some DT use VBP it PRP as IN a DT coincident JJ indicator NN . . But CC the DT thing NN it PRP 's VBZ supposed VBN to TO measure VB -- : manufacturing NN strength NN -- : it PRP missed VBD altogether RB last JJ month NN . . '' '' David NNP Wyss NNP , , chief JJ financial JJ economist NN at IN Data NNP Resources NNP Inc. NNP , , Boston NNP , , said VBD that IN the DT purchasers NNS ' POS index NN `` `` does VBZ miss VB occasionally RB , , '' '' adding VBG : : `` `` When WRB it PRP misses VBZ one CD month NN it PRP tends VBZ to TO miss VB the DT next JJ month NN , , too RB . . '' '' The DT consensus NN view NN on IN September NNP leading JJ indicators NNS calls VBZ for IN a DT gain NN of IN 0.3 CD % NN , , the DT same JJ as IN in IN August NNP . . Economists NNS said VBD greatly RB increased JJ consumer NN optimism NN , , a DT larger JJR money NN supply NN and CC higher JJR stock NN prices NNS helped VBD lift VB the DT index NN . . All DT orders-related JJ components NNS , , such JJ as IN consumer-goods NNS orders NNS and CC building NN permits NNS , , are VBP thought VBN to TO have VB been VBN weaker JJR . . Data NNP Resources NNP ' POS Mr. NNP Wyss NNP added VBD that IN he PRP will MD be VB keeping VBG a DT closer JJR eye NN than IN ususal JJ on IN October NNP chain-store JJ sales NNS . . Usually RB , , October NNP `` `` is VBZ n't RB a DT very RB interesting JJ month NN { ( for IN retail JJ figures NNS } ) because IN school NN clothes NNS have VBP been VBN bought VBN and CC people NNS are VBP waiting VBG for IN December NNP to TO buy VB Christmas NNP presents NNS , , '' '' he PRP said VBD . . But CC Mr. NNP Wyss NNP said VBD he PRP will MD watch VB the DT numbers NNS to TO get VB an DT inkling NN of IN whether IN consumers NNS ' POS general JJ buying NN habits NNS may MD slack VB off RP as RB much RB as IN their PRP$ auto-buying NN apparently RB has VBZ . . He PRP noted VBD that IN higher JJR gasoline NN prices NNS will MD help VB buoy VB the DT October NNP totals NNS . . Seasonal JJ factors NNS are VBP also RB expected VBN to TO have VB taken VBN their PRP$ toll NN on IN September NNP new-home JJ sales NNS , , which WDT are VBP believed VBN to TO have VB fallen VBN sharply RB from IN August NNP 's POS 755,000 CD units NNS . . Construction NN spending NN is VBZ believed VBN to TO have VB slipped VBN about RB 0.5 CD % NN from IN August NNP levels NNS , , although IN economists NNS noted VBD the DT rate NN probably RB will MD pick VB up RP in IN the DT months NNS ahead RB in IN response NN to TO hurricane NN and CC earthquake NN damage NN . . Factory NN owners NNS are VBP buying VBG new JJ machinery NN at IN a DT good JJ rate NN this DT fall NN , , machine NN tool NN makers NNS say VBP , , but CC sluggish JJ sales NNS of IN new JJ cars NNS and CC trucks NNS raise VBP questions NNS about IN fourth-quarter JJ demand NN from IN the DT important JJ automotive JJ industry NN . . September NNP orders NNS for IN machine NN tools NNS rebounded VBD from IN the DT summer NN doldrums NNS , , but CC remained VBD 7.7 CD % NN below IN year-earlier JJ levels NNS , , according VBG to TO figures NNS from IN NMTBA NNP -- : the DT Association NNP for IN Manufacturing NNP Technology NNP . . Domestic JJ machine NN tool NN plants NNS received VBD $ $ 303 CD million CD of IN orders NNS last JJ month NN , , up RB 33 CD % NN from IN August NNP 's POS $ $ 227.1 CD million CD , , but CC still RB below IN the DT $ $ 328.2 CD million CD of IN September NNP 1988 CD , , NMTBA NNP said VBD . . Machine NN tools NNS are VBP complex JJ machines NNS ranging VBG from IN lathes NNS to TO metal-forming JJ presses NNS that WDT are VBP used VBN to TO shape VB most JJS metal NN parts NNS . . `` `` Overall JJ demand NN still RB is VBZ very RB respectable JJ , , '' '' says VBZ Christopher NNP C. NNP Cole NNP , , group NN vice NN president NN at IN Cincinnati NNP Milacron NNP Inc. NNP , , the DT nation NN 's POS largest JJS machine NN tool NN producer NN . . `` `` The DT outlook NN is VBZ positive JJ for IN the DT intermediate JJ to TO long JJ term NN . . '' '' September NNP orders NNS for IN all DT U.S. NNP producers NNS , , in IN fact NN , , were VBD slightly RB above IN the DT monthly JJ average NN for IN 1988 CD , , a DT good JJ year NN for IN the DT industry NN . . `` `` Aerospace NN orders NNS are VBP very RB good JJ , , '' '' Mr. NNP Cole NNP says VBZ . . `` `` And CC export NN business NN is VBZ still RB good JJ . . While IN some DT automotive JJ programs NNS have VBP been VBN delayed VBN , , they PRP have VBP n't RB been VBN canceled VBN . . '' '' `` `` September NNP was VBD one CD of IN the DT biggest JJS order NN months NNS in IN our PRP$ history NN , , '' '' says VBZ James NNP R. NNP Roberts NNP , , vice NN president NN , , world-wide JJ sales NNS and CC marketing NN , , for IN Giddings NNP & CC Lewis NNP Inc. NNP , , Fond NNP du NNP Lac NNP , , Wis NNP . . At IN a DT recent JJ meeting NN of IN manufacturing NN executives NNS , , `` `` everybody NN I PRP talked VBD with IN was VBD very RB positive JJ , , '' '' he PRP says VBZ . . Most JJS say VBP they PRP plan VBP to TO spend VB more JJR on IN factory NN equipment NN in IN 1990 CD than IN in IN 1989 CD . . But CC sales NNS of IN North JJ American-made JJ 1990-model JJ cars NNS are VBP running VBG at IN an DT annual JJ rate NN of IN only RB six CD million CD , , down RB from IN 7.1 CD million CD a DT year NN earlier RBR . . And CC truck NN sales NNS also RB are VBP off RB more RBR than IN 20 CD % NN . . Auto NN makers NNS , , who WP began VBD deferring VBG some DT equipment NN purchases NNS last JJ spring NN , , can MD be VB expected VBN to TO remain VB cautious JJ about IN spending VBG if IN their PRP$ sales NNS do VBP n't RB pick VB up RP , , machine NN tool NN builders NNS say VBP . . Machine NN tool NN executives NNS are VBP hopeful JJ , , however RB , , that IN recent JJ developments NNS in IN Eastern NNP Europe NNP will MD expand VB markets NNS for IN U.S.-made JJ machine NN tools NNS in IN that DT region NN . . There EX is VBZ demand NN for IN state-of-the-art JJ machine NN tools NNS in IN the DT Soviet NNP Union NNP and CC in IN other JJ Eastern JJ European JJ countries NNS as IN those DT nations NNS strive VBP to TO improve VB the DT efficiency NN of IN their PRP$ ailing VBG factories NNS as RB well RB as IN the DT quality NN of IN their PRP$ goods NNS . . However RB , , there EX 's VBZ a DT continuing VBG dispute NN between IN machine NN tool NN makers NNS and CC the DT Defense NNP Department NNP over IN whether IN sophisticated JJ U.S. NNP machine NN tools NNS would MD increase VB the DT Soviet NNP Union NNP 's POS military JJ might NN . . `` `` The DT Commerce NNP Department NNP says VBZ go VB , , and CC the DT Defense NNP Department NNP says VBZ stop VB , , '' '' complains VBZ one CD machine NN tool NN producer NN . . If IN that DT controversy NN continues VBZ , , U.S. NNP machine NN tool NN makers NNS say VBP , , West JJ German JJ and CC other JJ foreign JJ producers NNS are VBP likely JJ to TO grab VB most JJS of IN the DT sales NNS in IN Eastern NNP Europe NNP . . September NNP orders NNS for IN machining NN centers NNS , , lathes NNS , , milling NN machines NNS , , grinders NNS , , boring NN mills NNS and CC other JJ machines NNS that IN shape NN metal NN by IN cutting VBG totaled VBD $ $ 192.9 CD million CD , , down RB 28 CD % NN from IN $ $ 266.5 CD million CD a DT year NN earlier RBR , , but CC a DT 23 CD % NN increase NN from IN August NNP 's POS $ $ 156.3 CD million CD , , NMTBA NNP said VBD . . Orders NNS last JJ month NN for IN metal-forming JJ presses NNS and CC other JJ machinery NN to TO form VB metal NN with IN pressure NN surged VBD to TO $ $ 110.1 CD million CD , , a DT 78 CD % NN rise NN from IN $ $ 61.7 CD million CD a DT year NN earlier RBR and CC a DT 55 CD % NN gain NN from IN $ $ 70.9 CD million CD in IN August NNP . . Today NN 's POS presses NNS are VBP large JJ and CC costly JJ machines NNS , , and CC a DT few JJ orders NNS can MD produce VB a DT high JJ total NN for IN one CD month NN that DT does VBZ n't RB necessarily RB indicate VB a DT trend NN . . Machine NN tool NN shipments NNS last JJ month NN were VBD $ $ 281.2 CD million CD , , a DT 24 CD % NN rise NN from IN a DT year NN earlier RBR and CC a DT 25 CD % NN increase NN from IN August NNP . . Shipments NNS have VBP run VBN well RB ahead RB of IN 1988 CD all DT year NN , , as IN machine NN tool NN builders NNS produce VBP against IN relatively RB good JJ backlogs NNS . . U.S. NNP producers NNS had VBD a DT $ $ 2.15 CD billion CD backlog NN of IN unfilled JJ orders NNS at IN the DT end NN of IN September NNP . . That DT was VBD up RB 2.8 CD % NN from IN a DT year NN earlier RBR , , even RB though IN orders NNS for IN the DT first JJ nine CD months NNS of IN 1989 CD were VBD down RB 19 CD % NN from IN the DT comparable JJ 1988 CD period NN . . $ $ 2,057,750,000 CD . . $ $ 675,400,000 CD . . $ $ 1,048,500,000 CD . . $ $ 588,350,000 CD . . In IN Bombay NNP stock NN market NN circles NNS , , the DT buzzword NN is VBZ `` `` mega JJ . . '' '' At IN least JJS 40 CD companies NNS are VBP coming VBG to TO the DT capital NN market NN to TO raise VB $ $ 6 CD billion CD , , an DT amount NN never RB thought VBN possible JJ in IN India NNP . . `` `` When WRB they PRP talk VBP mega-issues NNS , , they PRP 're VBP truly RB talking VBG mega JJ , , '' '' says VBZ S.A. NNP Dave NNP , , chairman NN of IN the DT Securities NNPS and CC Exchange NNP Board NNP of IN India NNP . . `` `` The DT capital NN market NN is VBZ booming VBG . . '' '' But CC the DT mega-issues NNS are VBP raising VBG megaquestions NNS about IN the DT rapidly RB evolving VBG Indian JJ capital NN market NN . . One CD is VBZ whether IN there EX is VBZ enough JJ money NN to TO fund VB the DT new JJ issues NNS without IN depressing VBG stock NN trading NN . . Moreover RB , , in IN the DT relatively RB unregulated JJ Indian JJ stock NN markets NNS , , investors NNS frequently RB do VBP n't RB know VB what WP they PRP are VBP getting VBG when WRB they PRP subscribe VBP to TO an DT issue NN . . A DT prospectus NN in IN India NNP does VBZ n't RB always RB tell VB a DT potential JJ investor NN much JJ . . Some DT of IN the DT large JJ amounts NNS are VBP being VBG raised VBN by IN small JJ firms NNS . . In IN addition NN , , once RB money NN is VBZ raised VBN , , investors NNS usually RB have VBP no DT way NN of IN knowing VBG how WRB it PRP is VBZ spent VBN . . Some DT analysts NNS are VBP concerned JJ that IN the DT mega-issues NNS , , in IN such PDT an DT unregulated JJ environment NN , , could MD lead VB to TO a DT mega-crash NN . . `` `` The DT rate NN of IN failures NNS will MD be VB much RB more JJR than IN the DT rate NN of IN successes NNS in IN the DT mega-projects NNS , , '' '' says VBZ G.S. NNP Patel NNP , , a DT former JJ chairman NN of IN the DT giant JJ , , government-run JJ mutual JJ fund NN , , the DT Unit NNP Trust NNP of IN India NNP . . `` `` They PRP 're VBP going VBG to TO have VB mega-problems NNS . . '' '' The DT Indian JJ stock NN markets NNS have VBP been VBN on IN a DT five-year JJ high NN , , with IN dips NNS and CC corrections NNS , , since IN Prime NNP Minister NNP Rajiv NNP Gandhi NNP started VBD liberalizing VBG industry NN . . But CC the DT last JJ stock NN market NN boom NN , , in IN 1986 CD , , seems VBZ small JJ compared VBN with IN the DT current JJ rush NN to TO market NN . . The DT $ $ 6 CD billion CD that IN some RB 40 CD companies NNS are VBP looking VBG to TO raise VB in IN the DT year NN ending VBG March NNP 31 CD compares VBZ with IN only RB $ $ 2.7 CD billion CD raised VBD on IN the DT capital NN market NN in IN the DT previous JJ fiscal JJ year NN . . In IN fiscal JJ 1984 CD , , before IN Mr. NNP Gandhi NNP came VBD to TO power NN , , only RB $ $ 810 CD million CD was VBD raised VBN . . This DT year NN 's POS biggest JJS issue NN , , $ $ 570 CD million CD of IN convertible JJ debentures NNS by IN engineering NN company NN Larsen NNP & CC Toubro NNP Ltd. NNP , , is VBZ the DT largest JJS in IN Indian JJ history NN . . And CC it PRP is VBZ n't RB the DT only JJ giant JJ issue NN : : together RB , , the DT top JJ four CD issues NNS will MD raise VB $ $ 1.3 CD billion CD . . Convertible JJ debentures NNS -- : bonds NNS that WDT can MD later RB be VB converted VBN into IN equity NN shares NNS -- : are VBP the DT most RBS popular JJ instrument NN this DT year NN , , though IN many JJ companies NNS are VBP also RB selling VBG nonconvertible JJ bonds NNS or CC equity NN shares NNS . . These DT mega-issues NNS are VBP being VBG propelled VBN by IN two CD factors NNS , , economic JJ and CC political JJ . . In IN the DT past NN , , the DT socialist JJ policies NNS of IN the DT government NN strictly RB limited VBD the DT size NN of IN new JJ steel NN mills NNS , , petrochemical NN plants NNS , , car NN factories NNS and CC other JJ industrial JJ concerns NNS to TO conserve VB resources NNS and CC restrict VB the DT profits NNS businessmen NNS could MD make VB . . As IN a DT result NN , , industry NN operated VBD out IN of IN small JJ , , expensive JJ , , highly RB inefficient JJ industrial JJ units NNS . . When WRB Mr. NNP Gandhi NNP came VBD to TO power NN , , he PRP ushered VBD in RP new JJ rules NNS for IN business NN . . He PRP said VBD industry NN should MD build VB plants NNS on IN the DT same JJ scale NN as IN those DT outside IN India NNP and CC benefit NN from IN economies NNS of IN scale NN . . If IN the DT output NN was VBD too RB great JJ for IN the DT domestic JJ market NN , , he PRP said VBD , , companies NNS should MD export VB . . India NNP 's POS overregulated JJ businessmen NNS had VBD to TO be VB persuaded VBN , , but CC they PRP have VBP started VBD to TO think VB big JJ . . Some DT of IN the DT projects NNS being VBG funded JJ by IN the DT new JJ issues NNS are VBP the DT first JJ fruits NNS of IN Mr. NNP Gandhi NNP 's POS policy NN , , and CC they PRP require VBP more JJR capital JJ than IN the DT smaller JJR industrial JJ units NNS built VBN in IN the DT past NN . . The DT industrial JJ revolution NN has VBZ produced VBN an DT explosion NN in IN the DT capital NN market NN , , which WDT is VBZ a DT far RB cheaper JJR source NN of IN funds NNS than IN government-controlled JJ banks NNS , , where WRB interest NN rates NNS for IN prime JJ borrowers NNS are VBP around RB 16 CD % NN . . The DT second JJ factor NN spurring VBG mega-issues NNS is VBZ political JJ . . Mr. NNP Gandhi NNP has VBZ called VBN general JJ elections NNS for IN November NNP , , and CC many JJ businessmen NNS fear VBP that IN he PRP and CC his PRP$ Congress NNP ( ( I NNP ) ) Party NNP will MD lose VB . . Some DT companies NNS are VBP raising VBG money NN in IN anticipation NN of IN a DT government NN less RBR predictable JJ than IN Mr. NNP Gandhi NNP 's POS , , and CC possibly RB more RBR restrictive JJ . . The DT buoyant JJ Bombay NNP rumor NN mill NN also RB says VBZ that IN some DT of IN the DT money NN raised VBN in IN the DT current JJ spate NN of IN issues NNS will MD be VB used VBN as IN campaign NN donations NNS before IN the DT elections NNS . . No DT one NN admits VBZ to TO anything NN , , but CC India NNP 's POS industrialists NNS have VBP a DT history NN of IN making VBG under-the-table JJ campaign NN donations NNS . . So RB far RB , , the DT mega-issues NNS are VBP a DT hit NN with IN investors NNS . . Earlier RBR this DT year NN , , Tata NNP Iron NNP & CC Steel NNP Co. NNP 's POS offer NN of IN $ $ 355 CD million CD of IN convertible JJ debentures NNS was VBD oversubscribed VBN . . Essar NNP Gujarat NNP Ltd. NNP , , a DT marine JJ construction NN company NN , , had VBD similar JJ success NN with IN a DT slightly RB smaller JJR issue NN . . Larsen NNP & CC Toubro NNP started VBD accepting VBG applications NNS for IN its PRP$ giant JJ issue NN earlier RBR this DT month NN ; : bankers NNS and CC analysts NNS expect VBP it PRP to TO be VB oversubscribed VBN . . Still RB to TO come VB are VBP big JJ issues NNS by IN Bindal NNP Agro NNP Chem NNP Ltd. NNP , , a DT petrochemical NN and CC agrochemical NN company NN , , and CC Usha NNP Rectifier NNP Corp NNP . . ( ( India NNP ) ) , , a DT semiconductor NN maker NN . . While IN many JJ investors NNS are VBP selling VBG parts NNS of IN their PRP$ portfolios NNS to TO buy VB the DT new JJ issues NNS , , prices NNS on IN India NNP 's POS 16 CD stock NN exchanges NNS are VBP holding VBG up RP so RB far RB . . `` `` I PRP do VBP n't RB think VB it PRP will MD lead VB to TO any DT chaos NN in IN the DT secondary JJ market NN , , '' '' says VBZ Mr. NNP Patel NNP , , `` `` only RB a DT sagging NN tendency NN . . '' '' Says VBZ M.J. NNP Pherwani NNP , , chairman NN of IN the DT Unit NNP Trust NNP of IN India NNP : : The DT `` `` markets NNS are VBP headed VBN for IN growth NN unheard JJ of IN and CC unseen JJ before RB . . '' '' But CC with IN growth NN come VBP growing NN pains NNS , , and CC never RB has VBZ this DT been VBN clearer JJR on IN the DT Indian JJ capital NN market NN than IN now RB . . In IN the DT past NN , , the DT government NN controlled VBD the DT markets NNS indirectly RB , , through IN its PRP$ tight JJ grip NN on IN industry NN itself PRP . . Various JJ ministries NNS decided VBD the DT products NNS businessmen NNS could MD produce VB and CC how WRB much JJ ; : and CC government-owned JJ banks NNS controlled VBD the DT financing NN of IN projects NNS and CC monitored VBD whether IN companies NNS came VBD through RB on IN promised VBN plans NNS . . The DT government NN has VBZ been VBN content JJ with IN this DT far-reaching JJ , , subtle JJ form NN of IN control NN , , exercised VBN on IN a DT case-by-case JJ basis NN with IN no DT clear JJ rules NNS or CC guidelines NNS . . But CC now RB , , with IN large JJ amounts NNS being VBG raised VBN from IN investors NNS , , the DT government NN 's VBZ dawdling VBG on IN regulation NN and CC disclosure NN requirements NNS has VBZ a DT more RBR dangerous JJ aspect NN . . The DT Securities NNP and CC Exchange NNP Board NNP of IN India NNP was VBD set VBN up RP earlier RBR this DT year NN , , along IN the DT lines NNS of IN the DT U.S. NNP Securities NNPS and CC Exchange NNP Commission NNP , , but CC New NNP Delhi NNP has VBZ n't RB pushed VBN the DT legislation NN to TO make VB it PRP operational JJ . . Mr. NNP Dave NNP , , its PRP$ head NN , , acts VBZ cheery JJ and CC patient JJ , , but CC he PRP makes VBZ no DT bones NNS about IN the DT need NN to TO get VB to TO work VB . . `` `` Mega JJ or CC non-mega JJ , , we PRP feel VBP the DT prospectus NN standards NNS need VB to TO be VB considerably RB improved VBN , , '' '' he PRP says VBZ . . `` `` Disclosures NNS are VBP very RB poor JJ in IN India NNP . . '' '' He PRP says VBZ the DT big JJ questions NNS -- : `` `` Do VBP you PRP really RB need VB this RB much JJ money NN to TO put VB up RP these DT investments NNS ? . Have VBP you PRP told VBN investors NNS what WP is VBZ happening VBG in IN your PRP$ sector NN ? . What WP about IN your PRP$ track NN record NN ? . -- : `` `` are VBP n't RB asked VBN of IN companies NNS coming VBG to TO market NN . . Instead RB , , he PRP says VBZ , , most JJS investors NNS have VBP to TO rely VB on IN the DT rumor-happy JJ Indian JJ press NN . . An DT example NN is VBZ the DT biggest JJS offering NN of IN them PRP all DT , , Larsen NNP & CC Toubro NNP 's POS $ $ 570 CD million CD bond NN issue NN . . The DT engineering NN company NN was VBD acquired VBN in IN a DT takeover NN earlier RBR this DT year NN by IN the DT giant JJ Reliance NNP textile NN group NN . . Although IN Larsen NNP & CC Toubro NNP had VBD n't RB raised VBN money NN from IN the DT public NN in IN 38 CD years NNS , , its PRP$ new JJ owners NNS frequently RB raise VBP funds NNS on IN the DT local JJ market NN . . ( ( Reliance NNP floated VBD a DT $ $ 357 CD million CD petrochemical NN company NN in IN 1988 CD that WDT was VBD , , at IN the DT time NN , , the DT largest JJS public JJ issue NN in IN Indian JJ history NN . . ) ) The DT media NNS has VBZ raised VBN questions NNS about IN Larsen NNP & CC Toubro NNP 's POS issue NN , , pointing VBG out RP that IN it PRP exceeds VBZ the DT company NN 's POS annual JJ sales NNS and CC its PRP$ market NN capitalization NN . . Even JJ stranger NN is VBZ the DT case NN of IN Usha NNP Rectifier NNP , , a DT semiconductor NN company NN with IN 1988 CD sales NNS of IN $ $ 28 CD million CD that DT 's POS raising VBG $ $ 270 CD million CD to TO build VB an DT iron NN plant NN . . Once RB the DT money NN is VBZ raised VBN , , it PRP is VBZ n't RB always RB certain JJ how WRB it PRP is VBZ used VBN . . Larsen NNP & CC Toubro NNP , , for IN example NN , , says VBZ it PRP 's VBZ raising VBG $ $ 570 CD million CD to TO use VB as IN supplier NN credit NN on IN large JJ engineering NN jobs NNS . . Unlike IN other JJ companies NNS , , it PRP has VBZ n't RB pin-pointed VBN specific JJ projects NNS for IN the DT funds NNS . . And CC even RB when WRB specific JJ projects NNS are VBP described VBN in IN prospectuses NNS , , the DT money NN often RB is VBZ used VBN elsewhere RB , , according VBG to TO analysts NNS . . `` `` Someone NN must MD monitor VB where WRB the DT funds NNS are VBP deployed VBN , , '' '' says VBZ Mr. NNP Dave NNP . . Mr. NNP Patel NNP agrees VBZ : : `` `` There EX is VBZ no DT proper JJ monitoring NN and CC screening NN of IN the DT use NN of IN these DT funds NNS . . They PRP 're VBP trying VBG to TO plug VB the DT various JJ loopholes NNS , , but CC they PRP 're VBP totally RB unprepared JJ for IN this DT . . '' '' Because IN of IN the DT large JJ amounts NNS of IN money NN being VBG raised VBN , , the DT loose JJ disclosure NN requirements NNS and CC the DT casual JJ monitoring NN of IN how WRB the DT money NN is VBZ used VBN , , some DT analysts NNS fear VBP that IN there EX could MD be VB a DT few JJ mega-crashes NNS , , which WDT could MD hurt VB market NN confidence NN far RB more RBR than IN the DT small JJ bankruptcies NNS that WDT followed VBD the DT boom NN of IN 1986 CD . . The DT government NN insists VBZ that IN such PDT a DT possibility NN is VBZ low JJ . . It PRP says VBZ that IN despite IN loose JJ regulation NN of IN the DT market NN itself PRP , , its PRP$ longstanding JJ regulation NN of IN industry NN will MD prevent VB such JJ crashes NNS . . T.T. NNP Ram NNP Mohan NNP contributed VBD to TO this DT article NN . . Lion NNP Nathan NNP Ltd. NNP , , a DT New NNP Zealand NNP brewing NN and CC retail NN concern NN , , said VBD Friday NNP that IN Bond NNP Corp NNP . . Holdings NNPS Ltd. NNP is VBZ `` `` committed JJ '' '' to TO a DT transaction NN whereby WRB Lion NNP Nathan NNP would MD acquire VB 50 CD % NN of IN Bond NNP 's POS Australian JJ brewing NN assets NNS . . Lion NNP Nathan NNP issued VBD a DT statement NN saying VBG it PRP is VBZ applying VBG to TO Australia NNP 's POS National NNP Companies NNPS & CC Securities NNPS Commission NNP , , the DT nation NN 's POS corporate JJ watchdog NN agency NN , , for IN a DT modification NN to TO takeover NN regulations NNS `` `` similar JJ to TO that DT obtained VBN by IN '' '' S.A. NNP Brewing NNP Holdings NNPS Ltd NNP . . SA NNP Brewing NNP , , an DT Australian JJ brewer NN , , last JJ Thursday NNP was VBD given VBN approval NN to TO acquire VB an DT option NN for IN up IN to TO 20 CD % NN of IN Bell NNP Resources NNPS Ltd. NNP , , a DT unit NN of IN Bond NNP Corp NNP . . Bell NNP Resources NNPS is VBZ acquiring VBG Bond NNP 's POS brewing NN businesses NNS for IN 2.5 CD billion CD Australian JJ dollars NNS ( ( US$ $ 1.9 CD billion CD ) ) . . S.A. NNP brewing NN would MD make VB a DT takeover NN offer NN for IN all DT of IN Bell NNP Resources NNPS if IN it PRP exercises VBZ the DT option NN , , according VBG to TO the DT commission NN . . Bond NNP Corp. NNP , , a DT brewing NN , , property NN , , media NNS and CC resources NNS company NN , , is VBZ selling VBG many JJ of IN its PRP$ assets NNS to TO reduce VB its PRP$ debts NNS . . `` `` Lion NNP Nathan NNP has VBZ a DT concluded VBN contract NN with IN Bond NNP and CC Bell NNP Resources NNP , , '' '' said VBD Douglas NNP Myers NNP , , chief JJ executive NN of IN Lion NNP Nathan NNP . . Finnair NNP , , Finland NNP 's POS state-owned JJ airline NN , , joined VBD the DT wave NN of IN global JJ airline NN alliances NNS and CC signed VBD a DT wide-ranging JJ cooperation NN agreement NN with IN archrival JJ Scandinavian NNP Airlines NNP System NNP . . Under IN the DT accord NN , , Finnair NNP agreed VBD to TO coordinate VB flights NNS , , marketing NN and CC other JJ functions NNS with IN SAS NNP , , the DT 50%-state-owned JJ airline NN of IN Denmark NNP , , Norway NNP and CC Sweden NNP . . The DT pact NN also RB calls VBZ for IN coordination NN between IN Finnair NNP and CC Switzerland NNP 's POS national JJ carrier NN , , Swissair NNP , , with IN which WDT SAS NNP entered VBD a DT similar JJ alliance NN last JJ month NN . . Finnair NNP and CC SAS NNP said VBD they PRP plan VBP to TO swap VB stakes NNS in IN each DT other JJ . . Neither DT disclosed VBD details NNS pending VBG board NN meetings NNS next IN month NN . . Officials NNS hinted VBD , , however RB , , that IN SAS NNP would MD take VB a DT stake NN of IN at IN least JJS 6 CD % NN in IN Finnair NNP , , valued VBN at IN about RB $ $ 40 CD million CD at IN current JJ market NN prices NNS . . Finnair NNP would MD receive VB SAS NNP shares NNS valued VBN at IN the DT same JJ amount NN , , officials NNS said VBD . . General NNP Motors NNP Corp. NNP and CC Ford NNP Motor NNP Co. NNP are VBP now RB going VBG head NN to TO head NN in IN the DT markets NNS for IN shares NNS of IN Jaguar NNP PLC NNP , , as IN GM NNP got VBD early JJ clearance NN from IN the DT Federal NNP Trade NNP Commission NNP to TO boost VB its PRP$ stake NN in IN the DT British JJ luxury NN car NN maker NN . . GM NNP confirmed VBD Friday NNP that IN it PRP received VBD permission NN late RB Thursday NNP from IN U.S. NNP antitrust JJ regulators NNS to TO increase VB its PRP$ Jaguar NNP holdings NNS past IN the DT $ $ 15 CD million CD level NN . . Ford NNP got VBD a DT similar JJ go-ahead NN earlier RBR in IN October NNP , , and CC on IN Friday NNP , , Jaguar NNP announced VBD that IN the DT No. JJ 2 CD U.S. NNP auto NN maker NN had VBD raised VBN its PRP$ stake NN to TO 13.2 CD % NN , , or CC 24.2 CD million CD shares NNS , , from IN 12.4 CD % NN earlier RBR in IN the DT week NN . . A DT spokesman NN for IN GM NNP , , the DT No. NN 1 CD auto NN maker NN , , declined VBD to TO say VB how WRB many JJ Jaguar NNP shares NNS that DT company NN owns VBZ . . In IN late JJ trading NN Friday NNP , , Jaguar NNP shares NNS bucked VBD the DT downward JJ tide NN in IN London NNP 's POS stock NN market NN and CC rose VBD five CD pence NNS to TO 725 CD pence NNS ( ( $ $ 11.44 CD ) ) . . Trading NN volume NN was VBD a DT moderately RB heavy JJ 3.1 CD million CD shares NNS . . In IN the DT U.S. NNP , , Jaguar NNP 's POS American JJ depositary NN receipts NNS were VBD among IN the DT most RBS active JJ issues NNS Friday NNP in IN national JJ over-the-counter JJ trading NN where WRB they PRP closed VBD at IN $ $ 11.625 CD each DT , , up RB 62.5 CD cents NNS . . Analysts NNS expect VBP that IN the DT two CD U.S. NNP auto NN giants NNS will MD move VB quickly RB to TO buy VB up RP 15 CD % NN stakes NNS in IN Jaguar NNP , , setting VBG up RP a DT potential JJ bidding NN war NN for IN the DT prestigious JJ Jaguar NNP brand NN . . British JJ government NN restrictions NNS prevent VBP any DT single JJ shareholder NN from IN going VBG beyond IN 15 CD % NN before IN the DT end NN of IN 1990 CD without IN government NN permission NN . . The DT British JJ government NN , , which WDT owned VBD Jaguar NN until IN 1984 CD , , still RB holds VBZ a DT controlling VBG `` `` golden JJ share NN '' '' in IN the DT company NN . . With IN the DT golden JJ share NN as IN protection NN , , Jaguar NNP officials NNS have VBP rebuffed VBN Ford NNP 's POS overtures NNS , , and CC moved VBN instead RB to TO forge VB an DT alliance NN with IN GM NNP . . Jaguar NNP officials NNS have VBP indicated VBN they PRP are VBP close RB to TO wrapping VBG up RP a DT friendly JJ alliance NN with IN GM NNP that WDT would MD preserve VB Jaguar NNP 's POS independence NN , , but CC no DT deal NN has VBZ been VBN announced VBN . . Ford NNP , , on IN the DT other JJ hand NN , , has VBZ said VBD it PRP 's VBZ willing JJ to TO bid VB for IN all DT of IN Jaguar NNP , , despite IN the DT objections NNS of IN Jaguar NNP chairman NN Sir NNP John NNP Egan NNP . . Analysts NNS continued VBD to TO speculate VB late RB last JJ week NN that IN Ford NNP may MD try VB to TO force VB the DT issue NN by IN calling VBG for IN a DT special JJ shareholder NN 's POS meeting NN and CC urging VBG that IN the DT government NN and CC Jaguar NNP holders NNS remove VB the DT barriers NNS to TO a DT full JJ bidding NN contest NN before IN December NNP 1990 CD . . But CC a DT Ford NNP spokeswoman NN in IN Dearborn NNP said VBD Friday NNP the DT company NN has VBZ n't RB requested VBN such PDT a DT meeting NN yet RB . . Individuals NNS close RB to TO the DT situation NN believe VBP Ford NNP officials NNS will MD seek VB a DT meeting NN this DT week NN with IN Sir NNP John NNP to TO outline VB their PRP$ proposal NN for IN a DT full JJ bid NN . . Any DT discussions NNS with IN Ford NNP could MD postpone VB the DT Jaguar-GM NNP deal NN , , headed VBN for IN completion NN within IN the DT next JJ two CD weeks NNS . . The DT GM NNP agreement NN is VBZ expected VBN to TO retain VB Jaguar NNP 's POS independence NN by IN involving VBG an DT eventual JJ 30 CD % NN stake NN for IN the DT U.S. NNP auto NN giant NN as RB well RB as IN joint JJ manufacturing NN and CC marketing NN ventures NNS . . Jaguar NNP and CC GM NNP hope VBP to TO win VB Jaguar NNP shareholders NNS approval NN for IN the DT accord NN partly RB by IN structuring VBG it PRP in IN a DT way NN that WDT would MD n't RB preclude VB a DT full JJ Ford NNP bid NN once RB the DT golden JJ share NN expires VBZ . . `` `` There EX 's VBZ either CC a DT minority NN { ( stake NN } ) package NN capable JJ of IN getting VBG Jaguar NNP shareholder NN approval NN or CC there EX is VBZ n't RB , , '' '' said VBD one CD knowledgeable JJ individual NN . . `` `` If IN there EX is VBZ n't RB , , { ( the DT deal NN } ) wo MD n't RB be VB put VBN forward RB '' '' to TO shareholders NNS . . Union NN sentiment NN also RB could MD influence VB shareholder NN reaction NN to TO a DT Jaguar-GM NNP accord NN . . GM NNP 's POS U.K. NNP unit NN holds VBZ crucial JJ talks NNS today NN with IN union NN officials NNS about IN its PRP$ consideration NN of IN an DT Ellesmere NNP Port NNP site NN for IN its PRP$ first JJ major JJ engine NN plant NN in IN Britain NNP . . One CD auto-industry NN union NN leader NN said VBD , , `` `` If IN they PRP try VBP to TO build VB it PRP somewhere RB else RB { ( in IN Europe NNP } ) besides IN the DT U.K. NNP , , they PRP are VBP going VBG to TO be VB in IN big JJ trouble NN '' '' with IN unionists NNS over IN any DT Jaguar NNP deal NN . . These DT are VBP the DT last JJ words NNS Abbie NNP Hoffman NNP ever RB uttered VBD , , more RBR or CC less RBR , , before IN he PRP killed VBD himself PRP . . And CC You PRP Are VBP There RB , , sort NN of IN : : ABBIE NNP : : `` `` I PRP 'm VBP OK JJ , , Jack NNP . . I PRP 'm VBP OK JJ . . '' '' ( ( listening VBG ) ) `` `` Yeah UH . . I PRP 'm VBP out IN of IN bed NN . . I PRP got VBP my PRP$ feet NNS on IN the DT floor NN . . Yeah UH . . Two CD feet NNS . . I PRP 'll MD see VB you PRP Wednesday NNP ? . ... : Thursday NNP . . '' '' He PRP listens VBZ impassively RB . . ABBIE NNP ( ( cont'd. VBN ) ) : : `` `` I PRP 'll MD always RB be VB with IN you PRP , , Jack NNP . . Do VB n't RB worry VB . . '' '' Abbie NNP lies VBZ back RP and CC leaves VBZ the DT frame NN empty JJ . . Of IN course NN that DT was VBD n't RB the DT actual JJ conversation NN the DT late JJ anti-war JJ activist NN , , protest NN leader NN and CC founder NN of IN the DT Yippies NNPS ever RB had VBD with IN his PRP$ brother NN . . It PRP 's VBZ a DT script NN pieced VBN together RB from IN interviews NNS by IN CBS NNP News NNP for IN a DT re-enactment NN , , a DT dramatic JJ rendering NN by IN an DT actor NN of IN Mr. NNP Hoffman NNP 's VBZ ultimately RB unsuccessful JJ struggle NN with IN depression NN . . The DT segment NN is VBZ soon RB to TO be VB broadcast VBN on IN the DT CBS NNP News NNP series NN `` `` Saturday NNP Night NNP With IN Connie NNP Chung NNP , , '' '' thus RB further RB blurring VBG the DT distinction NN between IN fiction NN and CC reality NN in IN TV NN news NN . . It PRP is VBZ the DT New NNP Journalism NNP come VBN to TO television NN . . Ms. NNP Chung NNP 's POS program NN is VBZ just RB one CD of IN several JJ network NN shows NNS ( ( and CC many JJ more JJR in IN syndication NN ) ) that WDT rely VBP on IN the DT controversial JJ technique NN of IN reconstructing VBG events NNS , , using VBG actors NNS who WP are VBP supposed VBN to TO resemble VB real JJ people NNS , , living JJ and CC dead JJ . . Ms. NNP Chung NNP 's POS , , however RB , , is VBZ said VBN to TO be VB the DT only JJ network NN news NN program NN in IN history NN to TO employ VB casting NN directors NNS . . Abbie NNP Hoffman NNP in IN this DT case NN is VBZ to TO be VB played VBN by IN Hollywood NNP actor NN Paul NNP Lieber NNP , , who WP is VBZ n't RB new JJ to TO the DT character NN . . He PRP was VBD Mr. NNP Hoffman NNP in IN a DT 1979 CD Los NNP Angeles NNP production NN of IN a DT play NN called VBN `` `` The DT Chicago NNP Conspiracy NNP Trial NNP . . '' '' Television NN news NN , , of IN course NN , , has VBZ always RB been VBN part NN show-biz NN . . Broadcasters NNS have VBP a DT healthy JJ appreciation NN of IN the DT role NN entertainment NN values NNS play VBP in IN captivating VBG an DT audience NN . . But CC , , as IN CBS NNP Broadcast NNP Group NNP president NN Howard NNP Stringer NNP puts VBZ it PRP , , the DT network NN now RB needs VBZ to TO `` `` broaden VB the DT horizons NNS of IN nonfiction NN television NN , , and CC that DT includes VBZ some DT experimentation NN . . '' '' Since IN its PRP$ premiere NN Sept. NNP 16 CD , , the DT show NN on IN which WDT Ms. NNP Chung NNP appears VBZ has VBZ used VBN an DT actor NN to TO portray VB the DT Rev. NNP Vernon NNP Johns NNP , , a DT civil-rights NNS leader NN , , and CC one NN to TO play VB a DT teenage JJ drug NN dealer NN . . It PRP has VBZ depicted VBN the DT bombing NN of IN Pan NNP Am VBP flight NN 103 CD over IN the DT Scottish JJ town NN of IN Lockerbie NNP . . On IN Oct. NNP 21 CD , , it PRP did VBD a DT rendition NN of IN the DT kidnapping NN and CC imprisonment NN of IN Associated NNP Press NNP correspondent NN Terry NNP Anderson NNP , , who WP was VBD abducted NN in IN March NNP 1985 CD and CC is VBZ believed VBN to TO be VB held VBN in IN Lebanon NNP . . The DT production NN had VBD actors NNS playing VBG Mr. NNP Anderson NNP and CC former JJ hostages NNS David NNP Jacobsen NNP , , the DT Rev. NNP Benjamin NNP Weir NNP and CC Father NNP Lawrence NNP Jenco NNP . . ABC NNP News NNP has VBZ similarly RB branched VBN out RP into IN entertainment NN gimmickry NN . . `` `` Prime NNP Time NNP Live NNP , , '' '' a DT new JJ show NN this DT season NN featuring VBG Sam NNP Donaldson NNP and CC Diane NNP Sawyer NNP , , has VBZ a DT studio NN audience NN that WDT applauds VBZ and CC that WDT one CD night NN ( ( to TO the DT embarrassment NN of IN the DT network NN ) ) waved VBD at IN the DT camera NN like IN the DT crowd NN on IN `` `` Let NNP 's NNP Make NNP a NNP Deal NNP . . '' '' ( ( ABC NNP stops VBZ short RB of IN using VBG an DT `` `` applause NN '' '' sign NN and CC a DT comic NN to TO warm VB up RP the DT audience NN . . The DT stars NNS do VBP that DT themselves PRP . . ) ) NBC NNP News NNP has VBZ produced VBN three CD episodes NNS of IN an DT occasional JJ series NN produced VBN by IN Sid NNP Feders NNP called VBD `` `` Yesterday NNP , , Today NNP and NNP Tomorrow NNP , , '' '' starring VBG Maria NNP Shriver NNP , , Chuck NNP Scarborough NNP and CC Mary NNP Alice NNP Williams NNP , , that WDT also RB gives VBZ work NN to TO actors NNS . . Call VB it PRP a DT fad NN . . Or CC call VB it PRP the DT wave NN of IN the DT future NN . . NBC NNP 's POS re-creations NNS are VBP produced VBN by IN Cosgrove-Meurer NNP Productions NNP , , which WDT also RB makes VBZ the DT successful JJ prime-time NN NBC NNP Entertainment NNP series NN `` `` Unsolved NNP Mysteries NNPS . . '' '' The DT marriage NN of IN news NN and CC theater NN , , if IN not RB exactly RB inevitable JJ , , has VBZ been VBN consummated VBN nonetheless RB . . News NN programs NNS , , particularly RB if IN they PRP score VBP well RB in IN the DT ratings NNS , , appeal NN to TO the DT networks NNS ' POS cost-conscious JJ corporate JJ parents NNS because IN they PRP are VBP so RB much RB less RBR expensive JJ to TO produce VB than IN an DT entertainment NN show NN is VBZ -- : somewhere RB between IN $ $ 400,000 CD and CC $ $ 500,000 CD for IN a DT one-hour JJ program NN . . Entertainment NN shows NNS tend VBP to TO cost VB twice RB that DT . . Re-enactments NNS have VBP been VBN used VBN successfully RB for IN several JJ seasons NNS on IN such JJ syndicated VBN `` `` tabloid JJ TV NN '' '' shows NNS as IN `` `` A NNP Current NNP Affair NNP , , '' '' which WDT is VBZ produced VBN by IN the DT Fox NNP Broadcasting NNP Co. NNP unit NN of IN Rupert NNP Murdoch NNP 's POS News NNP Corp NNP . . That DT show NN , , whose WP$ host NN is VBZ Ms. NNP Chung NNP 's POS husband NN , , Maury NNP Povich NNP , , has VBZ a DT particular JJ penchant NN for IN grisly JJ murders NNS and CC stories NNS having VBG to TO do VB with IN sex NN -- : the DT Robert NNP Chambers NNP murder NN case NN , , the DT Rob NNP Lowe NNP tapes NNS , , what WP have VB you PRP . . Gerald NNP Stone NNP , , the DT executive JJ producer NN of IN `` `` A NNP Current NNP Affair NNP , , '' '' says VBZ , , `` `` We PRP have VBP opened VBN eyes NNS to TO being VBG a DT little JJ less RBR conservative JJ and CC more RBR imaginative JJ in IN how WRB to TO present VB the DT news NN . . '' '' Nowhere RB have VB eyes NNS been VBN opened VBD wider RBR than IN at IN CBS NNP News NNP . . At IN 555 CD W. NN 57th JJ St. NNP in IN Manhattan NNP , , one CD floor NN below IN the DT offices NNS of IN `` `` 60 NNP Minutes NNPS , , '' '' the DT most RBS successful JJ prime-time JJ news NN program NN ever RB , , actors NNS wait VBP in IN the DT reception NN area NN to TO audition VB for IN `` `` Saturday NNP Night NNP With IN Connie NNP Chung NNP . . '' '' CBS NNP News NNP sends VBZ scripts NNS to TO agents NNS , , who WP pass VBP them PRP along RP to TO clients NNS . . The DT network NN deals VBZ a DT lot NN with IN unknowns NNS , , including VBG Scott NNP Wentworth NNP , , who WP portrayed VBD Mr. NNP Anderson NNP , , and CC Bill NNP Alton NNP as IN Father NNP Jenco NNP , , but CC the DT network NN has VBZ some DT big JJ names NNS to TO contend VB with IN , , too RB . . James NNP Earl NNP Jones NNP is VBZ cast VBN to TO play VB the DT Rev. NNP Mr. NNP Johns NNP . . Ned NNP Beatty NNP may MD portray VB former JJ California NNP Gov. NNP Pat NNP Brown NNP in IN a DT forthcoming JJ epsiode NN on IN Caryl NNP Chessman NNP , , the DT last JJ man NN to TO be VB executed VBN in IN California NNP , , in IN 1960 CD . . `` `` Saturday NNP Night NNP '' '' has VBZ cast VBN actors NNS to TO appear VB in IN future JJ stories NNS ranging VBG from IN the DT abortion NN rights NNS of IN teen-agers NNS to TO a DT Nov. NNP 4 CD segment NN on IN a DT man NN named VBN Willie NNP Bosket NNP , , who WP calls VBZ himself PRP a DT `` `` monster NN '' '' and CC is VBZ reputed VBN to TO be VB the DT toughest JJS prisoner NN in IN New NNP York NNP . . CBS NNP News NNP , , which WDT as RB recently RB as IN two CD years NNS ago RB fired VBD hundreds NNS of IN its PRP$ employees NNS in IN budget NN cutbacks NNS , , now RB hires VBZ featured JJ actors NNS beginning VBG at IN $ $ 2,700 CD a DT week NN . . That DT is VBZ n't RB much JJ compared VBN with IN what WP Bill NNP Cosby NNP makes VBZ , , or CC even RB Connie NNP Chung NNP for IN that DT matter NN ( ( who WP is VBZ paid VBN $ $ 1.6 CD million CD a DT year NN and CC who WP recently RB did VBD a DT guest NN shot NN of IN her PRP own JJ on IN the DT sitcom NN `` `` Murphy NNP Brown NNP '' '' ) ) . . But CC the DT money NN is VBZ n't RB peanuts NNS either RB , , particularly RB for IN a DT news NN program NN . . CBS NNP News NNP is VBZ also RB re-enacting VBG the DT 1979 CD Three NNP Mile NNP Island NNP nuclear JJ accident NN in IN Middletown NNP , , Pa. NNP , , with IN something NN less JJR than IN a DT cast NN of IN thousands NNS . . It PRP is VBZ combing VBG the DT town NN of IN 10,000 CD for IN about RB 200 CD extras NNS . . On IN Oct. NNP 20 CD , , the DT town NN 's POS mayor NN , , Robert NNP Reid NNP , , made VBD an DT announcement NN on IN behalf NN of IN CBS NNP during IN half-time NN at IN the DT Middletown NNP High NNP School NNP football NN game NN asking VBG for IN volunteers NNS . . `` `` There EX was VBD a DT roll NN of IN laughter NN through IN the DT stands NNS , , '' '' says VBZ Joe NNP Sukle NNP , , the DT editor NN of IN the DT weekly JJ Press NNP and CC Journal NNP in IN Middletown NNP . . `` `` They PRP 're VBP filming VBG right RB now RB at IN the DT bank NN down IN the DT street NN , , and CC they PRP want VBP shots NNS of IN people NNS getting VBG out IN of IN cars NNS and CC kids NNS on IN skateboards NNS . . They PRP are VBP approaching VBG everyone NN on IN the DT street NN and CC asking VBG if IN they PRP want VBP to TO be VB in IN a DT docudrama NN . . '' '' Mr. NNP Sukle NNP says VBZ he PRP would MD n't RB dream VB of IN participating VBG himself PRP : : `` `` No DT way NN . . I PRP think VBP re-enactments NNS stink VBP . . '' '' Though IN a DT re-enactment NN may MD have VB the DT flavor NN , , Hollywood NNP on IN the DT Hudson NN it PRP is VBZ n't RB . . Some DT producers NNS seem VBP tentative JJ about IN the DT technique NN , , squeamish JJ even RB . . So IN the DT results NNS , , while IN not RB news NN , , are VBP n't RB exactly RB theater NN either RB , , at IN least JJS not RB good JJ theater NN . . And CC some DT people NNS do VBP think VB that IN acting VBG out RP scripts NNS is VBZ n't RB worthy JJ of IN CBS NNP News NNP , , which WDT once RB lent VBD prestige NN to TO the DT network NN and CC set NN standards NNS for IN the DT industry NN . . In IN his PRP$ review NN of IN `` `` Saturday NNP Night NNP With NNP Connie NNP Chung NNP , , '' '' Tom NNP Shales NNP , , the DT TV NN critic NN of IN the DT Washington NNP Post NNP and CC generally RB an DT admirer NN of IN CBS NNP , , wrote VBD that IN while IN the DT show NN is VBZ `` `` impressive JJ , , ... : one PRP has VBZ to TO wonder VB if IN this DT is VBZ the DT proper JJ direction NN for IN a DT network NN news NN division NN to TO take VB . . '' '' Re-creating VBG events NNS has VBZ , , in IN general JJ , , upset VBN news NN traditionalists NNS , , including VBG former JJ CBS NNP News NNP President NNP Richard NNP S. NNP Salant NNP and CC former JJ NBC NNP News NNP President NNP Reuven NNP Frank NNP , , former JJ CBS NNP News NNP anchorman NN Walter NNP Cronkite NNP and CC the DT new JJ dean NN of IN the DT Columbia NNP University NNP Graduate NNP School NNP of IN Journalism NNP , , Joan NNP Konner NNP . . Says VBZ she PRP : : `` `` Once IN you PRP add VBP dramatizations NNS , , it PRP 's VBZ no DT longer RBR news NN , , it PRP 's VBZ drama NN , , and CC that DT has VBZ no DT place NN on IN a DT network NN news NN broadcast NN ... : . . They PRP should MD never RB be VB on RB . . Never RB . . '' '' Criticism NN of IN the DT Abbie NNP Hoffman NNP segment NN is VBZ particularly RB scathing JJ among IN people NNS who WP knew VBD and CC loved VBD the DT man NN . . That DT includes VBZ his PRP$ companion NN of IN 15 CD years NNS , , Johanna NNP Lawrenson NNP , , as RB well RB as IN his PRP$ former JJ wife NN , , Anita NNP . . Both DT women NNS say VBP they PRP also RB find VBP it PRP distasteful JJ that IN CBS NNP News NNP is VBZ apparently RB concentrating VBG on IN Mr. NNP Hoffman NNP 's POS problems NNS as IN a DT manic-depressive NN . . `` `` This DT is VBZ dangerous JJ and CC misrepresents VBZ Abbie NNP 's POS life NN , , '' '' says VBZ Ms. NNP Lawrenson NNP , , who WP has VBZ had VBD an DT advance JJ look NN at IN the DT 36-page JJ script NN . . `` `` It PRP 's VBZ a DT sensational JJ piece NN about IN someone NN who WP is VBZ not RB here RB to TO defend VB himself PRP . . '' '' Mrs. NNP Hoffman NNP says VBZ that IN dramatization NN `` `` makes VBZ the DT truth NN flexible JJ . . It PRP takes VBZ one CD person NN 's POS account NN and CC gives VBZ it PRP authenticity NN . . '' '' CBS NNP News NNP interviewed VBD Jack NNP Hoffman NNP and CC his PRP$ sister NN , , Phyllis NNP , , as RB well RB as IN Mr. NNP Hoffman NNP 's POS landlord NN in IN Solebury NNP Township NNP , , Pa NNP . . Also RB Jonathan NNP Silvers NNP , , who WP collaborated VBD with IN Mr. NNP Hoffman NNP on IN two CD books NNS . . Mr. NNP Silvers NNP says VBZ , , `` `` I PRP wanted VBD to TO be VB interviewed VBN to TO get VB Abbie NNP 's POS story NN out RB , , and CC maybe RB talking VBG about IN the DT illness NN will MD do VB some DT good NN . . '' '' The DT executive JJ producer NN of IN `` `` Saturday NNP Night NNP With IN Connie NNP Chung NNP , , '' '' Andrew NNP Lack NNP , , declines VBZ to TO discuss VB re-creactions NNS as IN a DT practice NN or CC his PRP$ show NN , , in IN particular JJ . . `` `` I PRP do VBP n't RB talk VB about IN my PRP$ work NN , , '' '' he PRP says VBZ . . The DT president NN of IN CBS NNP News NNP , , David NNP W. NNP Burke NNP , , did VBD n't RB return JJ numerous JJ telephone NN calls NNS . . One CD person NN close RB to TO the DT process NN says VBZ it PRP would MD not RB be VB in IN the DT best JJS interest NN of IN CBS NNP News NNP to TO comment VB on IN a DT `` `` work NN in IN progress NN , , '' '' such JJ as IN the DT Hoffman NNP re-creation NN , , but CC says VBZ CBS NNP News NNP is VBZ `` `` aware JJ '' '' of IN the DT concerns NNS of IN Ms. NNP Lawrenson NNP and CC Mr. NNP Hoffman NNP 's POS former JJ wife NN . . Neither DT woman NN was VBD invited VBN by IN CBS NNP News NNP to TO participate VB in IN a DT round-table JJ discussion NN about IN Mr. NNP Hoffman NNP that WDT is VBZ to TO follow VB the DT re-enactment NN . . Mr. NNP Lieber NNP , , the DT actor NN who WP plays VBZ Mr. NNP Hoffman NNP , , says VBZ he PRP was VBD concerned JJ at IN first JJ that IN the DT script NN would MD `` `` misrepresent VB an DT astute JJ political JJ mind NN , , one CD that WDT I PRP admired VBD , , '' '' but CC that IN his PRP$ concerns NNS were VBD allayed VBN . . The DT producers NNS , , he PRP says VBZ , , did VBD a DT good JJ job NN of IN depicting VBG someone NN `` `` who WP had VBD done VBN so RB much JJ , , but CC who WP was VBD also RB a DT manic-depressive NN . . Dentsu NNP Inc. NNP , , the DT world NN 's POS largest JJS advertising NN agency NN on IN the DT strength NN of IN its PRP$ dominance NN in IN the DT Japanese JJ market NN , , is VBZ setting VBG its PRP$ sights NNS on IN overseas JJ expansion NN . . Last JJ year NN , , Dentsu NNP started VBD HDM NNP , , a DT joint JJ network NN with IN U.S. NNP ad NN agency NN Young NNP & CC Rubicam NNP and CC Eurocom NNP of IN France NNP . . A DT few JJ months NNS ago RB , , Dentsu NNP acquired VBD 69 CD % NN of IN Australian JJ agency NN Fortune NNP Communication NNP Holdings NNS Ltd. NNP for IN 5.9 CD million CD Australian JJ dollars NNS ( ( US$ $ 4.6 CD million CD ) ) . . Dentsu NNP has VBZ U.S. NNP subsidiaries NNS , , but CC they PRP keep VBP low JJ profiles NNS . . Now RB , , the DT giant JJ marketing NN company NN , , which WDT holds VBZ 25 CD % NN of IN Japan NNP 's POS 4.4 CD trillion CD yen NNS ( ( $ $ 30.96 CD billion CD ) ) advertising NN industry NN , , is VBZ considering VBG the DT acquisition NN of IN an DT advertising NN network NN in IN the DT U.S. NNP or CC Europe NNP . . What WP is VBZ driving VBG Dentsu NNP 's POS international JJ expansion NN largely RB is VBZ the DT need NN to TO keep VB up RP with IN its PRP$ Japanese JJ clients NNS as IN they PRP grow VBP in IN the DT U.S. NNP and CC Europe NNP . . `` `` If IN we PRP do VBP n't RB do VB something NN ... : we PRP wo MD n't RB be VB able JJ to TO catch VB up RP with IN demand NN , , '' '' says VBZ a DT Dentsu NNP spokesman NN . . `` `` Our PRP$ president NN said VBD acquisition NN is VBZ an DT effective JJ method NN . . '' '' Last JJ year NN , , Dentsu NNP 's POS foreign JJ business NN accounted VBD for IN less JJR than IN 10 CD % NN of IN total JJ billings NNS , , but CC the DT company NN is VBZ aiming VBG at IN 20 CD % NN in IN the DT near JJ future NN . . So RB far RB , , it PRP appears VBZ cautious JJ about IN taking VBG the DT big JJ step NN . . For IN example NN , , the DT spokesman NN says VBZ Dentsu NNP has VBZ been VBN approached VBN by IN banks NNS and CC securities NNS companies NNS a DT number NN of IN times NNS to TO invest VB in IN the DT troubled JJ British JJ marketing NN group NN Saatchi NNP & CC Saatchi NNP PLC NNP . . But CC he PRP said VBD Dentsu NNP has VBZ n't RB looked VBD seriously RB at IN Saatchi NNP . . Though IN Dentsu NNP says VBZ it PRP has VBN no DT concrete JJ acquisition NN plans NNS or CC deadlines NNS , , it PRP is VBZ laying VBG the DT groundwork NN for IN international JJ growth NN . . It PRP is VBZ setting VBG up RP a DT special JJ team NN in IN charge NN of IN international JJ markets NNS and CC training VBG workers NNS to TO do VB business NN abroad RB . . For IN the DT year NN ended VBN March NNP 31 CD , , Dentsu NNP sales NNS rose VBD 19 CD % NN to TO $ $ 8.9 CD billion CD from IN $ $ 7.5 CD billion CD , , and CC net JJ income NN jumped VBD 59 CD % NN to TO $ $ 102 CD million CD from IN $ $ 64 CD million CD . . Dentsu NNP 's POS billings NNS last JJ year NN were VBD larger JJR than IN those DT of IN Young NNP & CC Rubicam NNP , , the DT world NN 's POS second-largest JJ ad NN agency NN , , according VBG to TO a DT survey NN by IN the DT publication NN Advertising NNP Age NNP . . But CC success NN overseas RB in IN unfamiliar JJ markets NNS could MD be VB trickier JJR than IN for IN other JJ industries NNS such JJ as IN manufacturers NNS . . On IN its PRP$ own JJ , , Dentsu NNP 's POS muscle NN in IN Japan NNP may MD count VB for IN little RB in IN major JJ foreign JJ markets NNS when WRB seeking VBG non-Japanese JJ clients NNS . . Thus RB , , an DT acquisition NN may MD prove VB the DT necessary JJ course NN . . But CC Japanese JJ agencies NNS are VBP cautious JJ about IN expanding VBG abroad RB because IN client NN relationships NNS are VBP different JJ . . Japanese JJ agencies NNS do VBP business NN with IN rival JJ clients NNS in IN the DT same JJ industry NN , , a DT practice NN `` `` that WDT would MD be VB unacceptable JJ by IN traditional JJ Western JJ conflict NN rules NNS , , '' '' says VBZ Roy NNP Warman NNP , , the DT London NNP chief JJ executive NN of IN Saatchi NNP & CC Saatchi NNP 's POS communications NNS division NN . . Although IN acquiring VBG a DT foreign JJ company NN would MD expand VB Japanese JJ advertising NN agencies NNS ' POS business NN to TO foreign JJ clients NNS , , many JJ clients NNS would MD also RB be VB Japanese JJ companies NNS expanding VBG overseas RB , , says VBZ the DT Dentsu NNP spokesman NN . . But CC the DT different JJ business NN system NN would MD make VB it PRP hard JJ for IN Dentsu NNP to TO provide VB these DT Japanese JJ companies NNS the DT same JJ kind NN of IN services NNS they PRP do VBP in IN Japan NNP . . Ciba-Geigy NNP AG NNP , , the DT big JJ Swiss JJ chemicals NNS company NN , , said VBD that IN it PRP agreed VBD in IN a DT letter NN of IN intent NN with IN Corning NNP Inc. NNP to TO acquire VB Corning NNP 's POS 50 CD % NN share NN of IN Ciba NNP Corning NNP Diagnostics NNPS Corp. NNP , , based VBN in IN Medfield NNP , , Mass NNP . . Ciba NNP Corning NNP , , which WDT had VBD been VBN a DT 50-50 JJ venture NN between IN Basel-based JJ Ciba-Geigy NNP and CC Corning NNP , , has VBZ annual JJ sales NNS of IN about RB $ $ 300 CD million CD , , the DT announcement NN said VBD . . Terms NNS of IN the DT transaction NN were VBD n't RB disclosed VBN . . Ciba NNP Corning NNP makes VBZ clinical JJ diagnostics NNS systems NNS and CC related JJ products NNS for IN the DT medical-care NN industry NN . . The DT announcement NN said VBD the DT acquisition NN should MD be VB completed VBN by IN December NNP after IN a DT definitive JJ agreement NN is VBZ completed VBN and CC regulatory JJ approval NN is VBZ received VBN . . Ciba-Geigy NNP intends VBZ to TO develop VB the DT Ciba NNP Corning NNP unit NN into IN a DT `` `` substantial JJ business NN , , '' '' making VBG the DT unit NN an DT `` `` integral JJ part NN '' '' of IN Ciba-Geigy NNP 's POS `` `` comprehensive JJ disease NN management NN concept NN . . The DT NBC NNP network NN canceled VBD its PRP$ first JJ new JJ series NN of IN the DT fall NN TV NN season NN , , killing VBG Mel NNP Brooks NNP 's POS wacky JJ hotel NN comedy NN `` `` The NNP Nutt NNP House NNP . . '' '' The DT show NN , , one CD of IN five CD new JJ NBC NNP series NN , , is VBZ the DT second JJ casualty NN of IN the DT three CD networks NNS so RB far RB this DT fall NN . . Last JJ week NN CBS NNP Inc. NNP canceled VBD `` `` The NNP People NNP Next NNP Door NNP . . '' '' NBC NNP 's POS comedy NN had VBD aired VBN Wednesdays NNS at IN 9:30 CD p.m. NN and CC in IN five CD outings NNS had VBD drawn VBN an DT average NN of IN only JJ 13.2 CD % NN of IN homes NNS , , lagging VBG behind IN the DT Jamie NNP Lee NNP Curtis NNP comedy NN `` `` Anything NNP But NNP Love NNP '' '' on IN ABC NNP and CC CBS NNP 's POS one-hour JJ drama NN `` `` Jake NNP and NNP the NNP Fatman NNP . . '' '' NBC NNP , , a DT unit NN of IN General NNP Electric NNP Co. NNP , , has VBZ n't RB decided VBN on IN a DT permanent JJ replacement NN for IN the DT canceled VBN series NN . . John NNP Labatt NNP Ltd. NNP said VBD it PRP plans VBZ a DT private JJ placement NN of IN 150 CD million CD Canadian JJ dollars NNS ( ( US$ $ 127.5 CD million CD ) ) in IN preferred JJ shares NNS , , to TO be VB completed VBN around IN Nov. NNP 1 CD . . Proceeds NNS will MD be VB used VBN to TO reduce VB short-term JJ debt NN at IN the DT beer NN and CC food NN concern NN , , said VBD Robert NNP Vaux NNP , , vice NN president NN , , finance NN . . The DT preferred JJ shares NNS will MD carry VB a DT floating JJ annual JJ dividend NN equal JJ to TO 72 CD % NN of IN the DT 30-day JJ bankers NNS ' POS acceptance NN rate NN until IN Dec. NNP 31 CD , , 1994 CD . . Thereafter RB , , the DT rate NN will MD be VB renegotiated VBN . . Mr. NNP Vaux NNP said VBD that IN if IN no DT agreement NN is VBZ reached VBN , , other JJ buyers NNS will MD be VB sought VBN by IN bid NN or CC auction NN . . The DT shares NNS are VBP redeemable JJ after IN the DT end NN of IN 1994 CD . . Mr. NNP Vaux NNP said VBD the DT share NN issue NN is VBZ part NN of IN a DT strategy NN to TO strengthen VB Labatt NNP 's POS balance NN sheet NN in IN anticipation NN of IN acquisitions NNS to TO be VB made VBN during IN the DT next JJ 12 CD to TO 18 CD months NNS . . Labatt NNP 's POS has VBZ no DT takeover NN bids NNS outstanding JJ currently RB , , he PRP said VBD . . Lead JJ underwriter NN to TO the DT issue NN is VBZ Toronto NNP Dominion NNP Securities NNPS Inc NNP . . Texas NNP Instruments NNPS Inc. NNP , , once RB a DT pioneer NN in IN portable JJ computer NN technology NN , , today NN will MD make VB a DT bid NN to TO reassert VB itself PRP in IN that DT business NN by IN unveiling VBG three CD small JJ personal JJ computers NNS . . The DT announcements NNS are VBP scheduled VBN to TO be VB made VBN in IN Temple NNP , , Texas NNP , , and CC include VBP a DT so-called JJ `` `` notebook NN '' '' PC NN that WDT weighs VBZ less JJR than IN seven CD pounds NNS , , has VBZ a DT built-in JJ hard JJ disk NN drive NN and CC is VBZ powered VBN by IN Intel NNP Corp. NNP 's POS 286 CD microprocessor NN . . That DT introduction NN comes VBZ only RB two CD weeks NNS after IN Compaq NNP Computer NNP Corp. NNP , , believing VBG it PRP had VBD a DT lead NN of IN three CD to TO six CD months NNS on IN competitors NNS , , introduced VBD the DT first JJ U.S. NNP notebook NN computer NN with IN such JJ features NNS . . Despite IN the DT inevitable JJ comparison NN with IN Compaq NNP , , however RB , , Texas NNP Instruments NNP ' POS new JJ notebook NN wo MD n't RB be VB a DT direct JJ competitor NN . . While IN Compaq NNP sells VBZ its PRP$ machines NNS to TO businesses NNS through IN computer NN retailers NNS , , Texas NNP Instruments NNP will MD be VB selling VBG most JJS of IN its PRP$ machines NNS to TO the DT industrial JJ market NN and CC to TO value-added JJ resellers NNS and CC original-equipment JJ manufacturers NNS . . The DT introductions NNS also RB mark VBP Texas NNP Instruments NNP ' POS plunge NN back RB into IN a DT technology NN it PRP has VBZ all RB but RB ignored VBN for IN the DT past JJ several JJ years NNS . . Although IN the DT Dallas-based JJ computer NN giant NN introduced VBD the DT first JJ portable JJ data NNS terminal NN in IN 1971 CD -- : a DT 38-pound JJ monster NN -- : and CC the DT world NN 's POS first JJ microprocessor-based JJ portable NN in IN 1976 CD , , the DT only JJ portable JJ machines NNS it PRP has VBZ introduced VBN since IN the DT first JJ part NN of IN the DT decade NN have VBP been VBN `` `` dumb JJ '' '' terminals NNS with IN limited JJ on-board JJ processing NN ability NN . . It PRP stopped VBD selling VBG a DT standard JJ personal JJ computer NN a DT while NN ago RB . . Now RB that DT is VBZ about RB to TO change VB , , as IN Texas NNP Instruments NNPS begins VBZ marketing VBG two CD 14-pound JJ laptop JJ PCs NNS with IN 20 CD megabyte NN and CC 40 CD megabyte NN hard JJ drives NNS . . The DT laptops NNS are VBP not RB revolutionary JJ and CC , , indeed RB , , are VBP tardy JJ in IN a DT market NN first RB opened VBN by IN GRiD NNP Systems NNPS Corp. NNP , , now RB a DT unit NN of IN Tandy NNP Corp. NNP , , almost RB two CD years NNS ago RB . . But CC the DT notebook NN , , with IN the DT more RBR advanced JJ microprocessor NN and CC hard JJ disk NN , , is VBZ more RBR innovative JJ . . Weighing VBG 6.7 CD pounds NNS with IN battery NN , , the DT notebook NN measures VBZ 8.2 CD by IN 11.7 CD inches NNS , , has VBZ a DT 20-megabyte JJ hard JJ disk NN drive NN and CC boasts VBZ a DT backlit JJ screen NN that WDT is VBZ 22 CD % NN larger JJR than IN Compaq NNP 's POS . . Its PRP$ keyboard NN , , according VBG to TO industry NN consultants NNS , , is VBZ better JJR than IN Compaq NNP 's POS , , but CC its PRP$ battery NN life NN of IN two CD to TO three CD hours NNS is VBZ shorter JJR . . It PRP does VBZ n't RB have VB an DT internal JJ floppy JJ disk NN drive NN , , although IN a DT snap-on JJ drive NN can MD be VB purchased VBN separately RB . . Its PRP$ greatest JJS drawback NN may MD be VB its PRP$ 3-inch JJ thickness NN , , big JJ enough RB for IN one CD consultant NN to TO describe VB it PRP as IN `` `` clunky JJ . . '' '' List NN prices NNS on IN the DT heavier JJR Texas NNP Instrument NNP laptops NNS will MD be VB $ $ 4,999 CD for IN the DT TI NNP Model NNP 25 CD , , with IN a DT 20 CD megabyte NN disk NN drive NN , , and CC $ $ 5,599 CD for IN the DT 40-megabyte JJ Model NNP 45 CD . . The DT notebook NN , , the DT TI NNP Model NNP 12 CD , , will MD be VB priced VBN at IN $ $ 4,199 CD . . Shearson NNP Lehman NNP Hutton NNP Inc. NNP said VBD it PRP applied VBD to TO Taiwanese JJ securities NNS officials NNS for IN permission NN to TO open VB brokerage NN offices NNS in IN Taipei NNP . . Shearson NNP 's POS application NN is VBZ the DT first JJ since IN the DT Taiwan NNP Securities NNPS and CC Exchange NNP Commission NNP announced VBD June NNP 21 CD that IN it PRP would MD allow VB foreign JJ brokerage NN firms NNS to TO do VB business NN in IN that DT country NN . . Taiwan NNP officials NNS are VBP expected VBN to TO review VB the DT Shearson NNP application NN later RB this DT year NN . . Under IN current JJ rules NNS , , investors NNS in IN Taiwan NNP can MD buy VB overseas JJ stocks NNS only RB through IN the DT purchase NN of IN mutual JJ funds NNS issued VBN by IN local JJ and CC foreign JJ investment NN trusts NNS . . The DT new JJ rules NNS will MD allow VB investors NNS to TO buy VB foreign JJ stocks NNS directly RB . . A DT spokesman NN for IN Shearson NNP said VBD the DT brokerage NN service NN will MD be VB directed VBN at IN individual JJ investors NNS who WP want VBP to TO buy VB foreign JJ and CC domestic JJ stocks NNS . . `` `` It PRP 's VBZ an DT attractive JJ market NN with IN good JJ growth NN opportunities NNS , , '' '' he PRP added VBD . . Retailers NNS in IN the DT West NNP and CC parts NNS of IN the DT South NNP are VBP entering VBG the DT critical JJ Christmas NNP shopping NN season NN with IN more JJR momentum NN than IN those DT in IN other JJ regions NNS . . In IN a DT new JJ report NN , , the DT International NNP Council NNP of IN Shopping NNP Centers NNPS said VBD sales NNS of IN general JJ merchandise NN in IN the DT West NNP for IN the DT first JJ seven CD months NNS of IN 1989 CD rose VBD 6.6 CD % NN above IN year-earlier JJ levels NNS . . Sales NNS increased VBD a DT more RBR modest JJ 4.8 CD % NN in IN the DT South NNP and CC 4.4 CD % NN in IN the DT Midwest NNP . . But CC sales NNS in IN the DT oil-patch NN state NN of IN Texas NNP surged VBD 12.9 CD % NN and CC sales NNS in IN South NNP Carolina NNP jumped VBD 10.6 CD % NN in IN the DT period NN , , the DT New NNP York NNP trade NN group NN said VBD . . In IN the DT Northeast NNP , , however RB , , sales NNS declined VBD 0.4 CD % NN in IN the DT period NN , , with IN sales NNS in IN New NNP England NNP falling VBG 2.6 CD % NN . . The DT numbers NNS show VBP that IN `` `` we PRP do VBP n't RB have VB a DT monolithic JJ economy NN , , '' '' said VBD Isaac NNP Lagnado NNP , , council NN research NN director NN . . `` `` There EX are VBP a DT lot NN of IN have JJ and CC have-not JJ markets NNS . . '' '' Sales NNS nationally RB rose VBD 3.9 CD % NN through IN July NNP , , the DT latest JJS month NN for IN which WDT the DT figures NNS are VBP available JJ , , the DT council NN said VBD . . The DT Northern NNP California NNP earthquake NN and CC Hurricane NNP Hugo NNP are VBP likely JJ to TO temporarily RB damp VB sales JJ growth NN in IN the DT West NNP and CC South NNP Carolina NNP . . But CC Mr. NNP Lagnado NNP predicted VBD the DT regional JJ trends NNS would MD continue VB through IN Christmas NNP . . `` `` The DT big JJ mo NN is VBZ as RB much JJ of IN a DT factor NN in IN retailing NN as IN in IN politics NN , , '' '' he PRP said VBD . . The DT Christmas NNP quarter NN is VBZ important JJ to TO retailers NNS because IN it PRP represents VBZ roughly RB a DT third JJ of IN their PRP$ sales NNS and CC nearly RB half NN of IN their PRP$ profits NNS . . The DT council NN 's POS report NN is VBZ based VBN on IN data NNS the DT trade NN group NN buys VBZ from IN the DT U.S. NNP Census NNP Bureau NNP . . The DT information NN on IN 125 CD metropolitan JJ markets NNS is VBZ supplied VBN by IN retailers NNS such JJ as IN Sears NNP , , Roebuck NNP & CC Co. NNP and CC K NNP mart NNP Corp. NNP as RB well RB as IN closely RB held VBN concerns NNS such JJ as IN R.H. NNP Macy NNP & CC Co NNP . . The DT council NN plans VBZ to TO release VB its PRP$ regional JJ reports NNS monthly RB . . Mr. NNP Lagnado NNP said VBD strength NN in IN employment NN appears VBZ to TO have VB the DT biggest JJS impact NN on IN sales NNS growth NN . . El NNP Paso NNP , , Austin NNP and CC Fort NNP Worth NNP , , the DT three CD strongest JJS retail JJ markets NNS in IN the DT nation NN , , are VBP all DT located VBN in IN Texas NNP , , where WRB employment NN grew VBD a DT relatively RB strong JJ 2 CD % NN . . Massachusetts NNP , , which WDT has VBZ lost VBN jobs NNS in IN the DT computer NN and CC defense-related JJ industries NNS , , was VBD the DT weakest JJS link NN in IN bleak JJ New NNP England NNP . . The DT results NNS reflect VBP a DT reversal NN in IN the DT fortunes NNS of IN the DT regions NNS during IN the DT past JJ two CD years NNS . . In IN 1987 CD , , the DT West NNP had VBD the DT slowest JJS sales NNS growth NN , , and CC the DT South NNP and CC the DT Midwest NNP were VBD first JJ and CC second JJ respectively RB , , according VBG to TO the DT council NN . . Mr. NNP Lagnado NNP said VBD that IN although IN retailers NNS probably RB wo MD n't RB ever RB recover VB sales NNS lost VBN because RB of IN the DT California NNP quake NN and CC Hurricane NNP Hugo NNP , , they PRP could MD see VB some DT benefits NNS later RB on RB . . Stores NNS such JJ as IN Sears NNS that WDT sell VBP big-ticket JJ durable JJ goods NNS might MD actually RB get VB a DT boost NN as IN consumers NNS rush VBP to TO replace VB items NNS lost VBN in IN the DT disasters NNS , , he PRP said VBD . . Kerr-McGee NNP Corp. NNP said VBD it PRP will MD spend VB $ $ 42 CD million CD to TO purchase VB land NN and CC relocate VB its PRP$ ammonium NN perchlorate NN storage NN facility NN to TO Clark NNP County NNP , , Nev. NNP , , from IN Henderson NNP , , Nev NNP . . The DT company NN said VBD it PRP will MD move VB the DT storage NN and CC cross-blending JJ operations NNS to TO a DT site NN 23 CD miles NNS northeast RB of IN Las NNP Vegas NNP to TO distance VB the DT operations NNS from IN residential JJ areas NNS . . Ammonium NN perchlorate NN is VBZ an DT oxidizer NN that WDT is VBZ mixed VBN with IN a DT propellant NN to TO make VB rocket NN fuel NN used VBN in IN the DT space NN shuttle NN and CC military JJ rockets NNS . . In IN May NNP 1988 CD , , an DT ammonium NN perchlorate NN plant NN in IN Henderson NNP owned VBN by IN an DT American NNP Pacific NNP Corp. NNP unit NN was VBD leveled VBN by IN a DT series NN of IN explosions NNS . . After IN the DT explosion NN , , Kerr-McGee NNP temporarily RB shut VBD down RP its PRP$ facility NN just RB south RB of IN Las NNP Vegas NNP for IN a DT safety NN inspection NN . . American NNP Pacific NNP and CC Kerr-McGee NNP are VBP the DT only JJ two CD U.S. NNP manufacturers NNS of IN ammonium NN perchlorate NN . . When WRB the DT plant NN was VBD destroyed VBN , , `` `` I PRP think VBP everyone NN got VBD concerned JJ that IN the DT same JJ thing NN would MD happen VB at IN our PRP$ plant NN , , '' '' a DT KerrMcGee NNP spokeswoman NN said VBD . . That DT prompted VBD Kerr-McGee NNP to TO consider VB moving VBG the DT potentially RB volatile JJ storage NN facilities NNS and CC cross-blending JJ operations NNS away RB from IN town NN . . Kerr-McGee NNP said VBD it PRP has VBZ purchased VBN 3,350 CD acres NNS from IN the DT federal JJ government NN in IN Clark NNP County NNP and CC plans NNS to TO begin VB construction NN early RB next JJ year NN . . The DT new JJ facility NN is VBZ expected VBN to TO begin VB operations NNS in IN early JJ 1991 CD . . The DT Henderson NNP plant NN will MD continue VB its PRP$ other JJ chemical JJ operations NNS , , the DT company NN said VBD . . This DT maker NN of IN electronic JJ devices NNS said VBD it PRP replaced VBD all DT five CD incumbent JJ directors NNS at IN a DT special JJ meeting NN called VBN by IN Milton NNP B. NNP Hollander NNP , , whose WP$ High NNP Technology NNP Holding NNP Co. NNP of IN Stamford NNP , , Conn. NNP acquired VBD most JJS of IN its PRP$ 49.4 CD % NN stake NN in IN Newport NNP in IN August NNP . . Elected VBN as IN directors NNS were VBD Mr. NNP Hollander NNP , , Frederick NNP Ezekiel NNP , , Frederick NNP Ross NNP , , Arthur NNP B. NNP Crozier NNP and CC Rose NNP Pothier NNP . . Removed VBN from IN office NN were VBD George NNP Pratt NNP , , Robert NNP E. NNP Davis NNP , , Norman NNP Gray NNP , , John NNP Virtue NNP , , corporate JJ secretary NN , , and CC Barrett NNP B. NNP Weekes NNP , , chairman NN , , president NN and CC chief JJ executive JJ officer NN . . Newport NNP officials NNS did VBD n't RB respond VB Friday NNP to TO requests NNS to TO discuss VB the DT changes NNS at IN the DT company NN but CC earlier RB , , Mr. NNP Weekes NNP had VBD said VBD Mr. NNP Hollander NNP wanted VBD to TO have VB his PRP$ own JJ team NN on IN the DT board NN . . Shiseido NNP Co. NNP , , Japan NNP 's POS leading JJ cosmetics NNS producer NN , , said VBD it PRP had VBD net JJ income NN of IN 5.64 CD billion CD yen NNS ( ( $ $ 39.7 CD million CD ) ) in IN its PRP$ first JJ half NN , , which WDT ended VBD Sept. NNP 30 CD . . Exact JJ comparisons NNS with IN the DT previous JJ year NN were VBD unavailable JJ because IN of IN a DT change NN in IN the DT company NN 's POS fiscal IN calendar NN . . The DT Tokyo-based JJ company NN had VBD net NN of IN 3.73 CD billion CD yen NNS in IN the DT previous JJ reporting NN period NN , , which WDT was VBD the DT four CD months NNS ended VBN March NNP 31 CD . . Sales NNS in IN the DT first JJ half NN came VBD to TO 159.92 CD billion CD yen NNS , , compared VBN with IN 104.79 CD billion CD yen NNS in IN the DT four-month JJ period NN . . Shiseido NN predicted VBD that IN sales NNS for IN the DT year NN ending VBG next JJ March NNP 31 CD will MD be VB 318 CD billion CD yen NNS , , compared VBN with IN 340.83 CD billion CD yen NNS in IN the DT year NN ended VBD Nov. NNP 30 CD , , 1988 CD . . It PRP said VBD it PRP expects VBZ net NN to TO rise VB to TO 11 CD billion CD yen NNS from IN 8.22 CD billion CD yen NNS . . Bruce NNP W. NNP Wilkinson NNP , , president NN and CC chief JJ executive JJ officer NN , , was VBD named VBN to TO the DT additional JJ post NN of IN chairman NN of IN this DT architectural JJ and CC design NN services NNS concern NN . . Mr. NNP Wilkinson NNP , , 45 CD years NNS old JJ , , succeeds VBZ Thomas NNP A. NN Bullock NNP , , 66 CD , , who WP is VBZ retiring VBG as IN chairman NN but CC will MD continue VB as IN a DT director NN and CC chairman NN of IN the DT executive JJ committee NN . . Merger NN and CC acquisition NN activity NN in IN the DT third JJ quarter NN exceeded VBD the DT year-earlier JJ pace NN , , said VBD Merrill NNP Lynch NNP & CC Co. NNP 's POS W.T. NNP Grimm NNP & CC Co. NNP unit NN in IN Schaumburg NNP , , Ill NNP . . A DT total NN of IN 672 CD transactions NNS were VBD announced VBN during IN the DT latest JJS quarter NN , , up RB 13 CD % NN from IN the DT year-earlier JJ period NN 's POS 597 CD , , Grimm NNP said VBD . . Transactions NNS in IN which WDT prices NNS were VBD disclosed VBN totaled VBD $ $ 71.9 CD billion CD , , up RB 36 CD % NN from IN $ $ 52.9 CD billion CD a DT year NN earlier RBR , , the DT company NN added VBD . . Grimm NN counted VBD 16 CD transactions NNS valued VBN at IN $ $ 1 CD billion CD or CC more JJR in IN the DT latest JJS period NN , , twice RB as RB many JJ as IN a DT year NN earlier RBR . . The DT largest JJS was VBD the DT $ $ 12 CD billion CD merger NN creating VBG Bristol-Myers NNP Squibb NNP Co NNP . . In IN the DT first JJ nine CD months NNS , , 1,977 CD transactions NNS were VBD announced VBN , , up RB 15 CD % NN from IN 1,716 CD in IN the DT year-earlier JJ period NN . . Transactions NNS in IN which WDT prices NNS were VBD disclosed VBN totaled VBD $ $ 188.1 CD billion CD , , up RB 15 CD % NN from IN $ $ 163.2 CD billion CD a DT year NN earlier RBR . . Citing VBG current JJ stock NN market NN conditions NNS and CC the DT trend NN away RB from IN highly RB leveraged JJ transactions NNS , , Grimm NNP said VBD it PRP was VBD n't RB certain JJ that IN the DT total JJ value NN of IN transactions NNS for IN the DT year NN will MD exceed VB the DT record JJ $ $ 247 CD billion CD in IN 1988 CD . . MEDICINE NNP SHOPPE NNP INTERNATIONAL NNP Inc. NNP declared VBD a DT 3-for-2 JJ stock NN split NN , , and CC substantially RB boosted VBD the DT dividend NN payout NN . . The DT franchiser NN of IN pharmacies NNS said VBD the DT added JJ shares NNS will MD be VB distributed VBN Dec. NNP 4 CD to TO stock NN of IN record NN Nov. NNP 13 CD . . The DT company NN also RB changed VBD its PRP$ dividend NN policy NN , , under IN which WDT holders NNS had VBD received VBN an DT annual JJ 10 CD cents-a-share JJ payment NN , , by IN declaring VBG a DT four-cents-a-share JJ dividend NN , , to TO be VB paid VBN quarterly RB on IN post-split JJ shares NNS . . NBI NNP Inc. NNP said VBD that IN it PRP can MD not RB pay VB the DT Oct. NNP 31 CD dividend NN on IN its PRP$ Series NNP A NNP convertible JJ preferred JJ stock NN , , allowing VBG the DT stock NN 's POS holder NN to TO convert VB the DT shares NNS into IN as RB much JJ as IN 27.7 CD % NN of IN NBI NNP 's POS shares NNS outstanding JJ . . NBI NNP said VBD that IN it PRP has VBZ the DT funds NNS to TO pay VB the DT dividend NN , , but CC that IN it PRP does VBZ n't RB have VB the DT surplus NN or CC profit NN required VBN under IN Delaware NNP law NN for IN payment NN of IN the DT dividend NN . . All PDT the DT preferred JJ stock NN is VBZ held VBN by IN the DT Yukon NNP Office NNP Supply NNP Stock NNP Ownership NNP Plan NNP . . Under IN terms NNS of IN the DT stock NN , , the DT Yukon NNP ESOP NNP can MD demand VB that IN the DT stock NN be VB redeemed VBN for IN $ $ 4,090,000 CD on IN Nov. NNP 30 CD , , but CC NBI NNP said VBD it PRP is VBZ legally RB prohibited VBN from IN making VBG the DT redemption NN . . Failure NN to TO pay VB the DT dividend NN allows VBZ Yukon NNP to TO convert VB all DT or CC some DT of IN its PRP$ shares NNS into IN NBI NNP common JJ after IN Nov. NNP 30 CD , , at IN a DT conversion NN price NN based VBN on IN NBI NNP 's POS closing NN stock NN price NN . . NBI NNP , , a DT maker NN of IN word-processing NN systems NNS , , said VBD it PRP ca MD n't RB predict VB if IN any DT of IN the DT preferred JJ stock NN will MD be VB converted VBN . . NBI NNP also RB said VBD it PRP has VBZ hired VBN Prudential-Bache NNP Securities NNPS Inc. NNP as IN its PRP$ financial JJ adviser NN and CC investment NN banker NN to TO help VB it PRP restructure VB financially RB and CC improve VB its PRP$ balance NN sheet NN . . Insurers NNS may MD see VB claims NNS resulting VBG from IN the DT San NNP Francisco NNP earthquake NN totaling VBG nearly RB $ $ 1 CD billion CD -- : far RB less JJR than IN the DT claims NNS they PRP face VBP from IN Hurricane NNP Hugo NNP -- : but CC the DT recent JJ spate NN of IN catastrophes NNS should MD jolt VB property NN insurance NN rates NNS in IN coming JJ months NNS . . The DT property NN claims NNS service NN division NN of IN the DT American NNP Insurance NNP Services NNPS Group NNP estimated VBD insured JJ losses NNS from IN the DT earthquake NN at IN $ $ 960 CD million CD . . This DT estimate NN does VBZ n't RB include VB claims NNS under IN workers NNS ' POS compensation NN , , life NN , , health NN disability NN and CC liability NN insurance NN and CC damage NN to TO infrastructure NN such JJ as IN bridges NNS , , highways NNS and CC public JJ buildings NNS . . The DT estimated JJ earthquake NN losses NNS are VBP low JJ compared VBN with IN the DT $ $ 4 CD billion CD in IN claims NNS that IN insurers NNS face VBP from IN Hurricane NNP Hugo NNP , , which WDT ripped VBD through IN the DT Caribbean NNP and CC the DT Carolinas NNPS last JJ month NN . . That DT 's VBZ because IN only RB about RB 30 CD % NN of IN California NNP homes NNS and CC businesses NNS had VBD earthquake NN insurance NN to TO cover VB the DT losses NNS . . However RB , , insurance NN brokers NNS and CC executives NNS say VBP that IN the DT combination NN of IN the DT Bay NNP area NN earthquake NN , , Hugo NNP and CC last JJ week NN 's POS explosion NN at IN the DT Phillips NNP Petroleum NNP Co. NNP 's POS refinery NN in IN Pasadena NNP , , Texas NNP , , will MD cause VB property NN insurance NN and CC reinsurance NN rates NNS to TO jump VB . . Other JJ insurance NN rates NNS such JJ as IN casualty NN insurance NN , , which WDT would MD cover VB liability NN claims NNS , , are VBP n't RB likely JJ to TO firm VB right RB away RB , , says VBZ Alice NNP Cornish NNP , , an DT industry NN analyst NN with IN Northington NNP Research NNP in IN Avon NNP , , Conn NNP . . She PRP believes VBZ the DT impact NN of IN losses NNS from IN these DT catastrophes NNS is VBZ n't RB likely JJ to TO halt VB the DT growth NN of IN the DT industry NN 's POS surplus JJ capital NN next JJ year NN . . Property NN reinsurance NN rates NNS are VBP likely JJ to TO climb VB first RB , , analysts NNS and CC brokers NNS believe VBP . . `` `` The DT reinsurance NN market NN has VBZ been VBN bloodied VBN by IN disasters NNS '' '' in IN the DT U.S. NNP as RB well RB as IN in IN Great NNP Britain NNP and CC Europe NNP , , says VBZ Thomas NNP Rosencrants NNP , , director NN of IN research NN at IN Interstate\/Johnson NNP Lane NNP Inc. NNP in IN Atlanta NNP . . Insurers NNP typically RB retain VBP a DT small JJ percentage NN of IN the DT risks NNS they PRP underwrite VBP and CC pass VBP on RP the DT rest NN of IN the DT losses NNS . . Insurers NNP buy VBP this DT insurance NN protection NN for IN themselves PRP by IN giving VBG up RP a DT portion NN of IN the DT premiums NNS they PRP collect VBP on IN a DT policy NN to TO another DT firm NN -- : a DT reinsurance NN company NN , , which WDT , , in IN turn NN , , accepts VBZ a DT portion NN of IN any DT losses NNS resulting VBG from IN this DT policy NN . . Insurers NNP , , such JJ as IN Cigna NNP Corp. NNP , , Transamerica NNP Corp NNP , , and CC Aetna NNP Life NNP & CC Casualty NNP Co. NNP , , buy VBP reinsurance NN from IN other JJ U.S.-based JJ companies NNS and CC Lloyd NNP 's VBZ of IN London NNP for IN one CD catastrophe NN at IN a DT time NN . . After IN Hugo NNP hit VBD , , many JJ insurers NNS exhausted VBD their PRP$ reinsurance NN coverage NN and CC had VBD to TO tap VB reinsurers NNS to TO replace VB that DT coverage NN in IN case NN there EX were VBD any DT other JJ major JJ disasters NNS before IN the DT end NN of IN the DT year NN . . After IN the DT earthquake NN two CD weeks NNS ago RB , , brokers NNS say VBP companies NNS scrambled VBD to TO replace VB reinsurance NN coverages NNS again RB and CC Lloyd NNP 's POS syndicates NNS turned VBD to TO the DT London NNP market NN excess NN lines NNS for IN protection NN of IN their PRP$ own JJ . . James NNP Snedeker NNP , , senior JJ vice NN president NN of IN Gill NNP & CC Roeser NNP Inc. NNP , , a DT New NNP York-based JJ reinsurance NN broker NN , , says VBZ insurers NNS who WP took VBD big JJ losses NNS this DT fall NN and CC had VBD purchased VBN little JJ reinsurance NN in IN recent JJ years NNS will MD be VB asked VBN to TO pay VB some DT pretty JJ hefty JJ rates NNS if IN they PRP want VBP to TO buy VB reinsurance NN for IN 1990 CD . . However RB , , companies NNS with IN few JJ catastrophe NN losses NNS this DT year NN and CC already RB big JJ buyers NNS of IN reinsurance NN are VBP likely JJ to TO see VB their PRP$ rates NNS remain VBP flat JJ , , or CC perhaps RB even RB decline VBP slightly RB . . Many JJ companies NNS will MD be VB negotiating VBG their PRP$ 1990 CD reinsurance NN contracts NNS in IN the DT next JJ few JJ weeks NNS . . `` `` It PRP 's VBZ a DT seller NN 's POS market NN , , '' '' said VBD Mr. NNP Snedeker NNP of IN the DT reinsurance NN market NN right RB now RB . . But CC some DT large JJ insurers NNS , , such JJ as IN State NNP Farm NNP Mutual NNP Automobile NNP Insurance NNP Co. NNP , , do VBP n't RB purchase VB reinsurance NN , , but CC fund VBP their PRP$ own JJ program NN . . A DT few JJ years NNS ago RB , , State NNP Farm NNP , , the DT nation NN 's POS largest JJS home NN insurer NN , , stopped VBD buying VBG reinsurance NN because IN no DT one CD carrier NN could MD provide VB all PDT the DT coverage NN that IN it PRP needed VBD and CC the DT company NN found VBD it PRP cheaper JJR to TO self-reinsure VB . . The DT $ $ 472 CD million CD of IN losses NNS State NNP Farm NNP expects VBZ from IN Hugo NNP and CC an DT additional JJ $ $ 300 CD million CD from IN the DT earthquake NN are VBP less JJR than IN 5 CD % NN of IN State NNP Farm NNP 's POS $ $ 16.7 CD billion CD total JJ net JJ worth NN . . Since IN few JJ insurers NNS have VBP announced VBN what WDT amount NN of IN losses NNS they PRP expect VBP to TO see VB from IN the DT earthquake NN , , it PRP 's VBZ impossible JJ to TO get VB a DT clear JJ picture NN of IN the DT quake NN 's POS impact NN on IN fourth-quarter JJ earnings NNS , , said VBD Herbert NNP Goodfriend NNP at IN Prudential-Bache NNP Securities NNPS Corp NNP . . Transamerica NNP expects VBZ an DT after-tax JJ charge NN of IN less JJR than IN $ $ 3 CD million CD against IN fourth-quarter JJ net NN ; : Hartford NNP Insurance NNP Group NNP , , a DT unit NN of IN ITT NNP Corp. NNP , , expects VBZ a DT $ $ 15 CD million CD or CC 10 CD cents NNS after-tax JJ charge NN ; : and CC Fireman NNP 's POS Fund NNP Corp. NNP expects VBZ a DT charge NN of IN no DT more JJR than IN $ $ 50 CD million CD before IN taxes NNS and CC after IN using VBG its PRP$ reinsurance NN . . Sharp NNP Corp. NNP , , Tokyo NNP , , said VBD net JJ income NN in IN its PRP$ first JJ half NN rose VBD 59 CD % NN to TO 18.32 CD billion CD yen NNS ( ( $ $ 128.9 CD million CD ) ) from IN 11.53 CD billion CD yen NNS a DT year NN earlier RBR . . The DT consumer NN electronics NNS , , home NN appliances NNS and CC information-processing NN concern NN said VBD revenue NN in IN the DT six CD months NNS ended VBN Sept. NNP 30 CD rose VBD 8.9 CD % NN to TO 517.85 CD billion CD yen NNS from IN 475.6 CD billion CD yen NNS . . Sales NNS of IN information-processing NN products NNS and CC electric JJ parts NNS increased VBD a DT strong JJ 22 CD % NN to TO 236.23 CD billion CD yen NNS from IN 194.24 CD billion CD yen NNS and CC accounted VBD for IN 46 CD % NN of IN total JJ sales NNS . . In IN audio JJ equipment NN , , sales NNS rose VBD 13 CD % NN to TO 44.3 CD billion CD yen NNS from IN 39.19 CD billion CD yen NNS . . Sales NNS of IN electric JJ appliances NNS were VBD flat JJ , , and CC sales NNS of IN electronic JJ equipment NN declined VBD slightly RB . . Sharp JJ projected JJ sales NNS for IN the DT current JJ year NN ending VBG March NNP 31 CD at IN 1.6 CD trillion CD yen NNS , , a DT 7 CD % NN increase NN the DT previous JJ fiscal JJ year NN . . It PRP said VBD it PRP expects VBZ net NN to TO rise VB 45 CD % NN to TO 380 CD billion CD yen NNS . . Sun NNP Microsystems NNPS Inc. NNP , , a DT computer NN maker NN , , announced VBD the DT effectiveness NN of IN its PRP$ registration NN statement NN for IN $ $ 125 CD million CD of IN 6 CD 3\/8 CD % NN convertible JJ subordinated JJ debentures NNS due JJ Oct. NNP 15 CD , , 1999 CD . . The DT company NN said VBD the DT debentures NNS are VBP being VBG issued VBN at IN an DT issue NN price NN of IN $ $ 849 CD for IN each DT $ $ 1,000 CD principal JJ amount NN and CC are VBP convertible JJ at IN any DT time NN prior RB to TO maturity NN at IN a DT conversion NN price NN of IN $ $ 25 CD a DT share NN . . The DT debentures NNS are VBP available JJ through IN Goldman NNP , , Sachs NNP & CC Co NNP . . Nelson NNP Holdings NNPS International NNP Ltd. NNP shareholders NNS approved VBD a DT 1-for-10 JJ consolidation NN of IN the DT company NN 's POS common JJ stock NN at IN a DT special JJ meeting NN . . At IN the DT same JJ time NN , , shareholders NNS approved VBD the DT adoption NN of IN a DT rights NNS plan NN and CC a DT super-majority JJ voting NN approval NN requirement NN . . They PRP also RB approved VBD the DT relocation NN of IN the DT company NN 's POS registered JJ office NN to TO Toronto NNP from IN Vancouver NNP and CC a DT name NN change NN to TO NHI NNP Nelson NNP Holdings NNPS International NNP Ltd NNP . . Following VBG the DT consolidation NN , , the DT entertainment NN company NN , , which WDT has VBZ film NN and CC television NN operations NNS in IN Beverly NNP Hills NNP , , Calif. NNP , , will MD have VB about RB 4.1 CD million CD shares NNS outstanding JJ . . The DT number NN of IN authorized JJ common JJ shares NNS will MD remain VB at IN 100 CD million CD . . Under IN the DT rights NNS plan NN , , holders NNS will MD have VB one CD right NN for IN each DT common JJ share NN held VBN , , with IN each DT right NN entitling VBG the DT purchase NN of IN one CD common JJ share NN for IN 100 CD Canadian JJ dollars NNS . . The DT rights NNS plan NN would MD be VB triggered VBN if IN a DT person NN or CC group NN acquires VBZ 20 CD % NN or CC more JJR of IN the DT common JJ shares NNS outstanding JJ without IN making VBG an DT offer NN to TO all DT shareholders NNS . . Under IN the DT super-majority JJ amendment NN , , certain JJ mergers NNS and CC other JJ transactions NNS would MD require VB approval NN of IN holders NNS of IN 80 CD % NN of IN the DT company NN 's POS common JJ shares NNS outstanding JJ . . Wilfred NNP American NNP Educational NNP Corp. NNP said VBD a DT federal JJ grand JJ jury NN in IN Boston NNP indicted VBD the DT operator NN of IN cosmetology NN and CC business NN schools NNS for IN mail NN fraud NN . . The DT charges NNS in IN the DT 12-count JJ indictment NN , , which WDT stem VBP from IN events NNS that WDT allegedly RB occurred VBD in IN late JJ 1984 CD and CC early JJ 1985 CD , , involve VBP enrollment NN procedures NNS of IN six CD students NNS and CC the DT preparation NN of IN certain JJ reports NNS , , Wilfred VBD said VBD . . No DT individuals NNS were VBD charged VBN in IN the DT indictment NN . . Wilfred NNP American NNP said VBD it PRP will MD `` `` vigorously RB defend VB '' '' itself PRP against IN the DT charges NNS and CC added VBD that IN the DT charges NNS relate VBP to TO procedures NNS that WDT it PRP has VBZ since RB changed VBN . . Eight CD admissions NNS representatives NNS at IN two CD of IN Wilfred NNP 's POS former JJ Massachusetts NNP schools NNS previously RB pleaded VBD guilty JJ to TO charges NNS of IN aiding VBG , , abetting VBG and CC counseling VBG students NNS to TO submit VB false JJ financial-aid NN applications NNS . . Wilfred NNP closed VBD its PRP$ Massachusetts NNP schools NNS earlier RBR this DT year NN . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN Friday NNP , , Wilfred NNP fell VBD 6.25 CD cents NNS to TO 93.75 CD cents NNS a DT share NN . . Rally NNP 's POS Inc. NNP said VBD it PRP filed VBD suit NN in IN U.S. NNP District NNP Court NNP in IN Delaware NNP against IN a DT group NN led VBN by IN Burt NNP Sugarman NNP , , seeking VBG to TO block VB the DT investors NNS from IN buying VBG more JJR shares NNS . . Rally NNP 's POS , , a DT Louisville NNP , , Ky. NNP , , fast-food NN chain NN , , alleges VBZ that IN the DT three CD investors NNS , , who WP are VBP directors NNS of IN the DT company NN , , broke VBD securities NNS laws NNS because IN they PRP did VBD n't RB disclose VB their PRP$ intentions NNS to TO acquire VB a DT big JJ Rally NNP 's POS stake NN . . The DT group NN , , led VBN by IN Giant NNP Group NNP Ltd. NNP and CC its PRP$ chairman NN , , Mr. NNP Sugarman NNP , , owns VBZ about RB 45.2 CD % NN of IN Rally NNP 's POS . . In IN the DT Securities NNPS and CC Exchange NNP Commission NNP filings NNS , , the DT group NN has VBZ said VBN it PRP may MD seek VB control NN of IN Rally NNP 's POS . . Mr. NNP Sugarman NNP called VBD the DT lawsuit NN `` `` not RB nice JJ '' '' and CC said VBD his PRP$ group NN will MD continue VB to TO push VB for IN control NN of IN the DT company NN and CC the DT removal NN of IN certain JJ directors NNS . . He PRP asserts VBZ that IN some DT directors NNS , , who WP have VBP joined VBN forces NNS with IN company NN founder NN James NNP Patterson NNP , , have VB ties NNS to TO Wendy NNP 's VBZ , , a DT competing JJ hamburger NN chain NN . . The DT Patterson NNP group NN , , which WDT controls VBZ about RB 42 CD % NN of IN Rally NN 's POS shares NNS , , also RB may MD seek VB control NN . . Rally NNP 's POS also RB said VBD it PRP formed VBD a DT committee NN of IN three CD directors NNS , , who WP are VBP n't RB associated VBN with IN either CC the DT Patterson NNP or CC Sugarman NNP groups NNS , , to TO analyze VB the DT situation NN . . Leaseway NNP Transportation NNP Corp. NNP said VBD it PRP will MD restructure VB $ $ 192.5 CD million CD of IN certain JJ subordinated JJ debentures NNS to TO reduce VB its PRP$ debt NN obligations NNS and CC interest NN expense NN . . The DT 13.25 CD % NN subordinated JJ debentures NNS due JJ 2002 CD were VBD issued VBN in IN August NNP 1987 CD as IN part NN of IN the DT $ $ 690 CD million CD financing NN for IN a DT leveraged JJ buy-out NN of IN the DT company NN . . Leaseway NNP provides VBZ transportation NN services NNS for IN manufacturers NNS , , distributors NNS and CC retailers NNS . . Leaseway NNP said VBD it PRP has VBZ begun VBN discussions NNS with IN certain JJ institutional JJ debt NN holders NNS to TO review VB the DT proposed JJ private JJ placement NN transaction NN , , which WDT would MD exchange VB the DT debt NN for IN new JJ subordinated JJ debt NN instruments NNS and CC equity NN securities NNS . . Specific JJ terms NNS are VBP subject JJ to TO review VB and CC a DT final JJ agreement NN with IN debt NN holders NNS , , the DT company NN said VBD . . But CC the DT proposed JJ transaction NN calls VBZ for IN an DT exchange NN of IN the DT debt NN for IN new JJ debentures NNS of IN lower JJR face NN value NN and CC reduced JJ cash NN interest NN . . Also RB , , debt NN holders NNS would MD be VB offered VBN an DT equity NN position NN in IN Leaseway NNP , , which WDT in IN total NN would MD represent VB a DT controlling VBG interest NN in IN the DT company NN . . Drexel NNP Burnham NNP Lambert NNP Inc. NNP is VBZ the DT adviser NN on IN the DT transaction NN . . Company NN officials NNS said VBD Leaseway NNP fulfilled VBD payment NN requirements NNS of IN its PRP$ debt NN obligations NNS since IN the DT leveraged JJ buy-out NN , , but CC `` `` our PRP$ performance NN since IN the DT { ( buy-out NN } ) makes VBZ it PRP imperative JJ to TO implement VB actions NNS that WDT will MD further RB improve VB our PRP$ cash NN flow NN . . Nicaraguan JJ President NNP Daniel NNP Ortega NNP may MD have VB accomplished VBN over IN the DT weekend NN what WP his PRP$ U.S. NNP antagonists NNS have VBP failed VBN to TO do VB : : revive VB a DT constituency NN for IN the DT Contra NNP rebels NNS . . Lawmakers NNS have VBP n't RB publicly RB raised VBN the DT possibility NN of IN renewing VBG military JJ aid NN to TO the DT Contras NNPS , , and CC President NNP Bush NNP parried VBD the DT question NN at IN a DT news NN conference NN here RB Saturday NNP , , saying VBG only RB that IN `` `` if IN there EX 's VBZ an DT all-out JJ military JJ offensive NN , , that WDT 's VBZ going VBG to TO change VB the DT equation NN 180 CD degrees NNS . . '' '' But CC Mr. NNP Ortega NNP 's POS threat NN over IN the DT weekend NN to TO end VB a DT 19-month JJ cease-fire NN with IN the DT rebels NNS seeking VBG to TO topple VB him PRP , , effectively RB elevated VBD the DT Contras NNPS as IN a DT policy NN priority NN just RB as IN they PRP were VBD slipping VBG from IN the DT agendas NNS of IN their PRP$ most JJS ardent JJ supporters NNS . . Senate NNP Majority NNP Leader NNP George NNP Mitchell NNP ( ( D. NNP , , Maine NNP ) ) said VBD yesterday NN on IN NBC-TV NNP 's POS `` `` Meet NNP the NNP Press NNP '' '' that IN Mr. NNP Ortega NNP 's POS threat NN was VBD `` `` a DT very RB unwise JJ move NN , , particularly RB the DT timing NN of IN it PRP . . '' '' The DT threat NN came VBD during IN a DT two-day JJ celebration NN in IN Costa NNP Rica NNP to TO highlight VB Central NNP America NNP 's POS progress NN toward IN democracy NN in IN the DT region NN , , attended VBN by IN President NNP Bush NNP , , Canadian JJ Prime NNP Minister NNP Brian NNP Mulroney NNP and CC 14 CD other JJ Western NNP Hemisphere NNP leaders NNS . . Mr. NNP Bush NNP returned VBD to TO Washington NNP Saturday NNP night NN . . Mr. NNP Ortega NNP announced VBD on IN Friday NNP that IN he PRP would MD end VB the DT cease-fire NN this DT week NN in IN response NN to TO the DT periodic JJ Contra NNP assaults NNS against IN his PRP$ army NN . . Saturday NNP , , he PRP amended VBD his PRP$ remarks NNS to TO say VB that IN he PRP would MD continue VB to TO abide VB by IN the DT cease-fire NN if IN the DT U.S. NNP ends VBZ its PRP$ financial JJ support NN for IN the DT Contras NNPS . . He PRP asked VBD that IN the DT remaining VBG U.S. NNP humanitarian JJ aid NN be VB diverted VBN to TO disarming VBG and CC demobilizing VBG the DT rebels NNS . . Not RB only RB did VBD Mr. NNP Ortega NNP 's POS comments NNS come VB in IN the DT midst NN of IN what WP was VBD intended VBN as IN a DT showcase NN for IN the DT region NN , , it PRP came VBD as IN Nicaragua NNP is VBZ under IN special JJ international JJ scrutiny NN in IN anticipation NN of IN its PRP$ planned JJ February NNP elections NNS . . Outside JJ observers NNS are VBP gathering VBG in IN Nicaragua NNP to TO monitor VB the DT registration NN and CC treatment NN of IN opposition NN candidates NNS . . And CC important JJ U.S. NNP lawmakers NNS must MD decide VB at IN the DT end NN of IN November NNP if IN the DT Contras NNPS are VBP to TO receive VB the DT rest NN of IN the DT $ $ 49 CD million CD in IN so-called JJ humanitarian JJ assistance NN under IN a DT bipartisan JJ agreement NN reached VBN with IN the DT Bush NNP administration NN in IN March NNP . . The DT humanitarian JJ assistance NN , , which WDT pays VBZ for IN supplies NNS such JJ as IN food NN and CC clothing NN for IN the DT rebels NNS amassed VBN along IN the DT Nicaraguan JJ border NN with IN Honduras NNS , , replaced VBD the DT military JJ aid NN cut VBN off RP by IN Congress NNP in IN February NNP 1988 CD . . While IN few JJ lawmakers NNS anticipated VBD that IN the DT humanitarian JJ aid NN would MD be VB cut VBN off RP next JJ month NN , , Mr. NNP Ortega NNP 's POS threat NN practically RB guarantees VBZ that IN the DT humanitarian JJ aid NN will MD be VB continued VBN . . Senate NNP Minority NNP Leader NNP Robert NNP Dole NNP ( ( R. NNP , , Kan NNP . . ) ) said VBD yesterday NN on IN `` `` Meet NNP the NNP Press NNP '' '' : : `` `` I PRP would MD hope VB after IN his PRP$ { ( Mr. NNP Ortega NNP 's POS } ) act NN yesterday NN or CC the DT day NN before IN , , we PRP 'd MD have VB unanimous JJ support NN for IN quick JJ action NN on IN remaining VBG humanitarian JJ aid NN . . '' '' Sen. NNP Dole NNP also RB said VBD he PRP hoped VBD for IN unanimous JJ support NN for IN a DT resolution NN he PRP plans VBZ to TO offer VB tomorrow NN denouncing VBG the DT Nicaraguan JJ leader NN . . While IN renewing VBG military JJ aid NN had VBD been VBN considered VBN out IN of IN the DT question NN , , rejected VBN by IN Congress NNP and CC de-emphasized VBN by IN the DT Bush NNP administration NN , , Mr. NNP Ortega NNP 's POS statement NN provides VBZ Contra NNP supporters NNS with IN the DT opportunity NN to TO press VB the DT administration NN on IN the DT issue NN . . `` `` The DT administration NN should MD now RB state VB that IN if IN the DT { ( February NNP } ) election NN is VBZ voided VBN by IN the DT Sandinistas NNS ... : they PRP should MD call VB for IN military JJ aid NN , , '' '' said VBD former JJ Assistant NNP Secretary NNP of IN State NNP Elliott NNP Abrams NNP . . `` `` In IN these DT circumstances NNS , , I PRP think VBP they PRP 'd MD win VB . . '' '' Sen. NNP Mitchell NNP said VBD that IN congressional JJ Democrats NNPS intend VBP to TO honor VB the DT March NNP agreement NN to TO give VB non-lethal JJ support NN to TO the DT Contras NNPS through IN the DT February NNP elections NNS , , although IN he PRP added VBD that IN the DT agreement NN requires VBZ that IN the DT Contras NNPS not RB initiate VB any DT military JJ action NN . . Mr. NNP Ortega NNP 's POS threat NN to TO breach VB the DT cease-fire NN comes VBZ as IN U.S. NNP officials NNS were VBD acknowledging VBG that IN the DT Contras NNPS have VBP at IN times NNS violated VBN it PRP themselves PRP . . Secretary NNP of IN State NNP James NNP Baker NNP , , who WP accompanied VBD President NNP Bush NNP to TO Costa NNP Rica NNP , , told VBD reporters NNS Friday NNP : : `` `` I PRP have VBP no DT reason NN to TO deny VB reports NNS that IN some DT Contras NNP ambushed VBD some DT Sandinista NNP soldiers NNS . . '' '' Mr. NNP Baker NNP 's POS assistant NN for IN inter-American JJ affairs NNS , , Bernard NNP Aronson NNP , , while IN maintaining VBG that IN the DT Sandinistas NNPS had VBD also RB broken VBN the DT cease-fire NN , , acknowledged VBD : : `` `` It PRP 's VBZ never RB very RB clear JJ who WP starts VBZ what WP . . '' '' He PRP added VBD that IN the DT U.S. NNP has VBZ cut VBN off RP aid NN to TO some DT rebel JJ units NNS when WRB it PRP was VBD determined VBN that IN those DT units NNS broke VBD the DT cease-fire NN . . In IN addition NN to TO undermining VBG arguments NNS in IN favor NN of IN ending VBG Contra NNP aid NN , , Mr. NNP Ortega NNP 's POS remarks NNS also RB played VBD to TO the DT suspicions NNS of IN some DT U.S. NNP officials NNS and CC conservatives NNS outside IN the DT government NN that IN he PRP is VBZ searching VBG for IN ways NNS to TO manipulate VB or CC void VB the DT February NNP elections NNS . . Administration NN officials NNS traveling VBG with IN President NNP Bush NNP in IN Costa NNP Rica NNP interpreted VBD Mr. NNP Ortega NNP 's VBZ wavering NN as IN a DT sign NN that IN he PRP is VBZ n't RB responding VBG to TO the DT military JJ attacks NNS so RB much RB as IN he PRP is VBZ searching VBG for IN ways NNS to TO strengthen VB his PRP$ hand NN prior RB to TO the DT elections NNS . . Mr. NNP Abrams NNP said VBD that IN Mr. NNP Ortega NNP is VBZ seeking VBG to TO demobilize VB the DT Contras NNPS prior RB to TO the DT elections NNS to TO remove VB any DT pressure NN to TO hold VB fair JJ elections NNS . . `` `` My PRP$ sense NN is VBZ what WP they PRP have VBP in IN mind NN is VBZ an DT excuse NN for IN clamping VBG down RP on IN campaigning NN '' '' by IN creating VBG an DT atmosphere NN of IN a DT military JJ emergency NN , , he PRP said VBD . . Milton NNP Petrie NNP , , chairman NN of IN Petrie NNP Stores NNPS Corp. NNP , , said VBD he PRP has VBZ agreed VBN to TO sell VB his PRP$ 15.2 CD % NN stake NN in IN Deb NNP Shops NNPS Corp. NNP to TO Petrie NNP Stores NNP . . In IN a DT Securities NNPS and CC Exchange NNP Commission NNP filing VBG , , Mr. NNP Petrie NNP said VBD that IN on IN Oct. NNP 26 CD Petrie NNP Stores NNPS agreed VBD to TO purchase VB Mr. NNP Petrie NNP 's POS 2,331,100 CD Deb NNP Shops NNPS shares NNS . . The DT transaction NN will MD take VB place NN tomorrow NN . . The DT filing NN said VBD Petrie NNP Stores NNPS of IN Secaucus NNP , , N.J. NNP , , is VBZ purchasing VBG Mr. NNP Petrie NNP 's POS Deb NNP Shops NNPS stake NN as IN an DT investment NN . . Although IN Petrie NNP Stores NNPS has VBZ considered VBN seeking VBG to TO acquire VB the DT remaining VBG equity NN of IN Deb NNP Stores NNPS , , it PRP has VBZ no DT current JJ intention NN to TO pursue VB such PDT a DT possibility NN , , the DT filing NN said VBD . . Philadelphia-based JJ Deb NNP Shops NNPS said VBD it PRP saw VBD little JJ significance NN in IN Mr. NNP Petrie NNP selling VBG his PRP$ stock NN to TO Petrie NNP Stores NNPS . . `` `` We PRP did VBD n't RB look NN at IN it PRP and CC say VB , , ` `` Oh UH my PRP$ God NNP , , something NN is VBZ going VBG to TO happen VB , , ' '' '' '' said VBD Stanley NNP Uhr NNP , , vice NN president NN and CC corporate JJ counsel NN . . Mr. NNP Uhr NNP said VBD that IN Mr. NNP Petrie NNP or CC his PRP$ company NN have VBP been VBN accumulating VBG Deb NNP Shops NNPS stock NN for IN several JJ years NNS , , each DT time NN issuing VBG a DT similar JJ regulatory JJ statement NN . . He PRP said VBD no DT discussions NNS currently RB are VBP taking VBG place NN between IN the DT two CD companies NNS . . Nikon NNP Corp. NNP said VBD unconsolidated JJ pretax JJ profit NN increased VBD 70 CD % NN to TO 12.12 CD billion CD yen NNS ( ( $ $ 85.3 CD million CD ) ) in IN the DT first JJ half NN ended VBN Sept. NNP 30 CD , , from IN 7.12 CD billion CD yen NNS a DT year NN ago RB . . The DT Tokyo NNP camera NN maker NN said VBD net JJ income NN more RBR than IN doubled VBD to TO 5.85 CD billion CD yen NNS , , or CC 16.08 CD a DT share NN , , from IN 2.63 CD billion CD yen NNS , , or CC 7.24 CD yen NNS a DT share NN . . Nikon NNP said VBD sales NNS rose VBD despite IN the DT adverse JJ effect NN of IN Japan NNP 's POS unpopular JJ consumption NN tax NN , , introduced VBN in IN April NNP . . Increasing VBG personal JJ spending NN and CC capital NN investment NN are VBP fueling VBG growth NN , , the DT company NN said VBD . . Rising VBG export NN sales NNS also RB contributed VBD to TO strong JJ growth NN , , Nikon NNP added VBD . . Total JJ sales NNS gained VBD 20 CD % NN to TO 122.36 CD billion CD yen NNS from IN 102.01 CD billion CD yen NNS . . Exports NNS made VBD up RP 46.2 CD % NN of IN the DT latest JJS year NN 's POS total NN , , up RB from IN 39.8 CD % NN a DT year NN ago RB . . Camera NN sales NNS showed VBD the DT strongest JJS gains NNS , , rising VBG 37 CD % NN to TO 50.59 CD billion CD yen NNS . . Nikon NNP forecast NN sales NNS for IN the DT year NN ending VBG March NNP 31 CD will MD rise VB 9.6 CD % NN to TO 240 CD billion CD yen NNS . . Pretax JJ profit NN is VBZ expected VBN to TO increase VB 18 CD % NN to TO 22 CD billion CD yen NNS and CC net JJ income NN is VBZ expected VBN to TO rise VB 53 CD % NN to TO 10.5 CD billion CD yen NNS . . Presidio NNP Oil NNP Co. NNP said VBD it PRP signed VBD a DT definitive JJ agreement NN to TO acquire VB Gulf NNP Canada NNP Resources NNPS Ltd. NNP 's POS U.S. NNP unit NN for IN $ $ 163 CD million CD . . Presidio NNP , , a DT Denver NNP oil NN and CC gas NN concern NN , , said VBD it PRP will MD acquire VB the DT properties NNS and CC operations NNS of IN Home NNP Petroleum NNP Corp. NNP , , which WDT includes VBZ two CD regional JJ gas-gathering JJ systems NNS and CC proved JJ reserves NNS of IN about RB nine CD million CD barrels NNS of IN oil NN and CC 72 CD billion CD cubic JJ feet NNS of IN natural JJ gas NN . . Presidio NN said VBD the DT properties NNS are VBP generally RB situated VBN in IN Wyoming NNP , , North NNP Dakota NNP , , Texas NNP , , Oklahoma NNP and CC Louisiana NNP . . Gulf NNP Canada NNP , , Calgary NNP , , said VBD the DT transaction NN is VBZ part NN of IN its PRP$ plan NN to TO sell VB non-strategic JJ assets NNS and CC focus VB operations NNS on IN Canada NNP , , Indonesia NNP and CC other JJ international JJ areas NNS . . A DT spokesman NN for IN Gulf NNP Canada NNP , , which WDT is VBZ controlled VBN by IN Toronto NNP 's POS Reichmann NNP family NN , , said VBD the DT properties NNS account VBP for IN about RB 6 CD % NN of IN the DT company NN 's POS assets NNS and CC produce VBP about RB 5,000 CD barrels NNS of IN oil NN and CC 35 CD million CD cubic JJ feet NNS of IN gas NN a DT day NN . . He PRP said VBD Gulf NNP Canada NNP will MD likely RB report VB an DT extraordinary JJ gain NN from IN the DT sale NN in IN the DT fourth JJ quarter NN , , but CC he PRP would MD n't RB offer VB a DT specific JJ estimate NN . . The DT transaction NN is VBZ expected VBN to TO close VB by IN Nov. NNP 30 CD . . NEC NNP Corp. NNP , , a DT Tokyo-based JJ computer NN and CC electronics NN concern NN , , said VBD net JJ income NN rose VBD 18 CD % NN to TO 29.66 CD billion CD yen NNS ( ( $ $ 208.7 CD million CD ) ) in IN the DT fiscal JJ first JJ half NN , , ended VBN Sept. NNP 30 CD , , from IN 25.12 CD billion CD yen NNS a DT year NN earlier RBR . . Sales NNS rose VBD 7.4 CD % NN to TO 1.255 CD trillion CD yen NNS from IN 1.168 CD trillion CD yen NNS . . NEC NNP said VBD first-half JJ computer NN sales NNS totaled VBD 555.5 CD billion CD yen NNS , , up RB 11 CD % NN from IN 500.26 CD billion CD yen NNS a DT year NN earlier RBR . . Sales NNS of IN electrical JJ devices NNS rose VBD 13 CD % NN to TO 283.8 CD billion CD yen NNS from IN 251.8 CD billion CD yen NNS . . It PRP said VBD sales NNS of IN home NN electronic JJ products NNS advanced VBD 3.7 CD % NN to TO 44.92 CD billion CD yen NNS from IN 43.34 CD billion CD yen NNS . . In IN the DT period NN just RB ended VBN , , computers NNS accounted VBD for IN 44 CD % NN of IN total JJ sales NNS , , NEC NNP said VBD , , and CC electrical JJ devices NNS made VBD up RP 23 CD % NN . . NEC NNP forecast VBD sales NNS for IN the DT year NN ending VBG next JJ March NNP 31 CD of IN 2.74 CD trillion CD yen NNS , , an DT increase NN of IN 27 CD % NN from IN the DT previous JJ fiscal JJ year NN . . It PRP said VBD net JJ income NN will MD rise VB 25 CD % NN to TO 69 CD billion CD yen NNS . . Montedison NNP S.p.A. NNP definitively RB agreed VBD to TO buy VB all DT of IN the DT publicly RB held VBN shares NNS of IN Erbamont NNP N.V. NNP for IN $ $ 37 CD each DT . . Montedison NNP now RB owns VBZ about RB 72 CD % NN of IN Erbamont NNP 's POS shares NNS outstanding JJ . . The DT companies NNS said VBD the DT accord NN was VBD unanimously RB approved VBN by IN a DT special JJ committee NN of IN Erbamont NNP directors NNS unaffiliated JJ with IN Montedison NNP . . Under IN the DT pact NN , , Montedision NN will MD make VB a DT $ $ 37-a-share JJ tender NN offer NN for IN Erbamont NNP stock NN outstanding JJ . . The DT tender NN offer NN will MD be VB followed VBN by IN the DT sale NN of IN all DT of IN Erbamont NNP 's POS assets NNS , , subject JJ to TO all DT of IN its PRP$ liabilities NNS , , to TO Montedison NNP . . Erbamont NNP will MD then RB be VB liquidated VBN , , with IN any DT remaining VBG Erbamont NNP holders NNS receiving VBG a DT distribution NN of IN $ $ 37 CD a DT share NN . . The DT companies NNS said VBD the DT transaction NN is VBZ being VBG structured VBN this DT way NN because IN the DT laws NNS of IN the DT Netherlands NNPS Antilles NNPS , , under IN which WDT Erbamont NNP is VBZ organized VBN , , do VBP n't RB provide VB for IN merger NN transactions NNS . . A DT unit NN of IN DPC NNP Acquisition NNP Partners NNPS launched VBD a DT $ $ 10-a-share JJ tender NN offer NN for IN the DT shares NNS outstanding JJ of IN Dataproducts NNPS Corp. NNP , , and CC said VBD it PRP would MD seek VB to TO liquidate VB the DT computer-printer NN maker NN `` `` as RB soon RB as IN possible JJ , , '' '' even RB if IN a DT merger NN is VBZ n't RB consummated VBN . . DPC NNP Acquisition NNP is VBZ controlled VBN by IN Crescott NNP Investment NNP Associates NNPS , , Wilson NNP Investment NNP Group NNP , , Kernel NNP Corp. NNP and CC Catalyst NNP Partners NNPS . . The DT investor NN group NN owns VBZ 1,534,600 CD Dataproducts NNPS common JJ shares NNS , , or CC a DT 7.6 CD % NN stake NN . . The DT offer NN is VBZ based VBN on IN several JJ conditions NNS , , including VBG obtaining VBG financing NN . . DPC NNP Acquisition NNP said VBD it PRP had VBD received VBN the DT reasonable JJ assurance NN of IN Chase NNP Manhattan NNP Bank NNP N.A. NNP that IN the DT financing NN can MD be VB obtained VBN . . In IN a DT filing NN with IN the DT Securities NNPS and CC Exchange NNP Commission NNP , , DPC NNP Acquisition NNP said VBD it PRP expects VBZ it PRP will MD need VB about RB $ $ 215 CD million CD to TO buy VB the DT shares NNS and CC pay VB related VBN fees NNS and CC expenses NNS . . DPC NNP Acquisition NNP added VBD that IN it PRP has VBZ not RB begun VBN discussions NNS with IN financing NN sources NNS , , and CC said VBD it PRP expected VBD to TO repay VB the DT amounts NNS borrowed VBN through IN proceeds NNS of IN the DT liquidation NN . . Dataproducts NNPS officials NNS declined VBD to TO comment VB , , and CC said VBD they PRP had VBD not RB yet RB seen VBN a DT suit NN filed VBN in IN federal JJ court NN by IN DPC NNP Acquisition NNP that WDT seeks VBZ to TO nullify VB a DT standstill JJ agreement NN between IN DPC NNP Acquisition NNP and CC Dataproducts NNPS . . Earlier RBR this DT year NN , , DPC NNP Acquisition NNP made VBD a DT $ $ 15-a-share JJ offer NN for IN Dataproducts NNPS , , which WDT the DT Dataproducts NNPS board NN said VBD it PRP rejected VBD because IN the DT $ $ 283.7 CD million CD offer NN was VBD not RB fully RB financed VBN . . Dataproducts NNP has VBZ since IN started VBN a DT restructuring NN , , and CC has VBZ said VBN it PRP is VBZ not RB for IN sale NN . . Jayark NNP Corp. NNP agreed VBD to TO pay VB $ $ 4 CD million CD in IN cash NN , , $ $ 2 CD million CD of IN 12 CD % NN convertible JJ debentures NNS , , and CC 1.6 CD million CD common JJ shares NNS to TO acquire VB closely RB held VBN Kofcoh NNP Imports NNP Inc NNP . . In IN over-the-counter JJ trading NN Friday NNP , , Jayark NNP was VBD quoted VBN at IN 87.5 CD cents NNS bid NN , , down RB 15.625 CD cents NNS . . At IN the DT market NN price NN , , the DT transaction NN has VBZ a DT total JJ indicated JJ value NN of IN $ $ 7.4 CD million CD . . Kofcoh NNP is VBZ a DT New NNP York NNP holding VBG company NN for IN Rosalco NNP Inc. NNP , , which WDT imports VBZ furniture NN and CC other JJ items NNS . . David NNP L. NNP Koffman NNP , , president NN and CC chief JJ executive JJ officer NN of IN Jayark NNP , , holds VBZ about RB 40 CD % NN of IN Kofcoh NNP , , Jayark NNP said VBD . . Jayark NNP , , New NNP York NNP , , distributes VBZ and CC rents VBZ audio-visual JJ equipment NN and CC prints VBZ promotional JJ ads NNS for IN retailers NNS . . In IN the DT quarter NN ended VBN July NNP 31 CD , , Jayark NNP had VBD an DT average NN of IN 5.6 CD million CD shares NNS outstanding JJ . . The DT transaction NN is VBZ subject JJ to TO approval NN by IN a DT panel NN of IN disinterested JJ directors NNS , , the DT company NN said VBD , , adding VBG that IN shareholder NN approval NN is VBZ n't RB needed VBN . . Ajinomoto NNP Co. NNP , , a DT Tokyo-based JJ food-processing NN concern NN , , said VBD net JJ income NN in IN its PRP$ first JJ half NN rose VBD 8.9 CD % NN to TO 8.2 CD billion CD yen NNS ( ( $ $ 57.7 CD million CD ) ) from IN 7.54 CD billion CD yen NNS a DT year NN earlier RBR . . Sales NNS in IN the DT six CD months NNS ended VBN Sept. NNP 30 CD were VBD up RB 4.5 CD % NN to TO 229.03 CD billion CD yen NNS from IN 219.27 CD billion CD yen NNS . . Sales NNS were VBD higher JJR in IN all DT of IN the DT company NN 's POS business NN categories NNS , , with IN the DT biggest JJS growth NN coming VBG in IN sales NNS of IN foodstuffs NNS such JJ as IN margarine NN , , coffee NN and CC frozen JJ food NN , , which WDT rose VBD 6.3 CD % NN . . Oils NNS and CC fats NNS also RB did VBD well RB , , posting VBG a DT 5.3 CD % NN sales NNS increase NN . . Sales NNS in IN the DT category NN that WDT includes VBZ pharmaceuticals NNS , , amino JJ acids NNS and CC chemicals NNS rose VBD 4.7 CD % NN . . Ajinomoto NNP predicted VBD sales NNS in IN the DT current JJ fiscal JJ year NN ending VBG next IN March NNP 31 CD of IN 480 CD billion CD yen NNS , , compared VBN with IN 460.05 CD billion CD yen NNS in IN fiscal JJ 1989 CD . . It PRP said VBD it PRP expects VBZ full-year JJ net NN of IN 16 CD billion CD yen NNS , , compared VBN with IN 15 CD billion CD yen NNS in IN the DT latest JJS year NN . . The DT New NNP York NNP Mercantile NNP Exchange NNP , , the DT world NN 's POS chief JJ oil NN futures NNS marketplace NN , , is VBZ at IN a DT critical JJ juncture NN . . Several JJ longtime JJ observers NNS of IN the DT commodities NNS industry NN think VBP the DT fortunes NNS of IN the DT Merc NNP over IN the DT next JJ decade NN will MD be VB determined VBN to TO a DT large JJ extent NN by IN how WRB well RB its PRP$ new JJ natural JJ gas NN futures NNS contract NN does VBZ and CC how WRB successful JJ its PRP$ new JJ president NN is VBZ in IN raising VBG the DT level NN of IN compliance NN by IN floor NN traders NNS with IN exchange NN and CC Commodity NNP Futures NNP Trading NNP Commission NNP rules NNS . . If IN the DT exchange NN falters VBZ in IN these DT moves NNS , , they PRP say VBP , , it PRP might MD once RB again RB fall VB behind IN its PRP$ chief JJ New NNP York NNP competitor NN , , the DT Commodity NNP Exchange NNP . . On IN Friday NNP , , the DT Merc NNP 's POS board NN announced VBD that IN it PRP had VBD approved VBN Sabine NNP Pipe NNP Line NNP Co. NNP 's POS Henry NNP Hub NNP in IN Erath NNP , , La. NNP , , as IN the DT delivery NN site NN for IN its PRP$ long-awaited JJ natural JJ gas NN futures NNS contract NN . . It PRP also RB said VBD that IN it PRP would MD start VB trading VBG the DT contract NN as RB soon RB as IN the DT CFTC NNP approved VBD it PRP . . The DT CFTC NNP has VBZ 90 CD days NNS to TO respond VB to TO such JJ applications NNS . . The DT Merc NNP first RB started VBD working VBG on IN developing VBG this DT contract NN in IN 1984 CD . . Only RB three CD weeks NNS earlier RBR , , the DT Merc NNP had VBD turned VBN to TO one CD of IN its PRP$ own JJ executives NNS , , 40-year-old JJ R. NNP Patrick NNP Thompson NNP , , to TO replace VB Rosemary NNP T. NNP McFadden NNP as IN president NN . . Mr. NNP Thompson NNP is VBZ believed VBN to TO have VB a DT mandate NN from IN the DT board NN of IN directors NNS to TO help VB improve VB the DT Merc NNP 's POS tarnished JJ reputation NN as IN an DT exchange NN whose WP$ floor NN traders NNS do VBP n't RB follow VB the DT rules NNS very RB well RB . . Ms. NNP McFadden NNP had VBD been VBN forced VBN out RP in IN July NNP in IN a DT bitter JJ power NN struggle NN with IN Z. NNP Lou NNP Guttman NNP , , chairman NN and CC a DT longtime JJ floor NN trader NN on IN the DT exchange NN . . Mr. NNP Guttman NNP told VBD one CD person NN familiar JJ with IN the DT New NNP York NNP exchanges NNS during IN the DT search NN for IN a DT replacement NN that IN he PRP was VBD looking VBG for IN a DT president NN who WP would MD be VB `` `` responsive JJ to TO the DT needs NNS of IN the DT membership NN and CC the DT board NN . . '' '' Mr. NNP Thompson NNP first RB came VBD to TO the DT exchange NN in IN 1981 CD and CC has VBZ been VBN executive JJ vice NN president NN since IN March NNP 1988 CD . . He PRP previously RB held VBD posts NNS of IN senior JJ vice NN president NN of IN compliance NN and CC senior JJ vice NN president NN and CC general JJ counsel NN . . By IN contrast NN , , the DT Comex NNP in IN July NNP imported VBD a DT highly RB regarded JJ outsider NN , , Arnold NNP F. NNP Staloff NNP , , as IN its PRP$ president NN . . Mr. NNP Staloff NNP , , 44 CD , , was VBD a DT senior JJ officer NN of IN the DT Philadelphia NNP Stock NNP Exchange NNP and CC is VBZ considered VBN a DT specialist NN in IN new JJ financial JJ products NNS . . Mr. NNP Thompson NNP is VBZ n't RB bereft JJ of IN experience NN with IN new JJ products NNS , , however RB . . For IN the DT past JJ two CD years NNS , , he PRP said VBD , , he PRP and CC the DT exchange NN 's POS research NN department NN have VBP been VBN working VBG on IN the DT new JJ natural JJ gas NN contract NN , , seeking VBG a DT good JJ delivery NN site NN and CC studying VBG the DT natural JJ gas NN market NN . . `` `` Our PRP$ members NNS are VBP eager JJ to TO begin VB trading VBG this DT contract NN , , so IN we PRP expect VBP no DT difficulty NN in IN attracting VBG locals NNS to TO the DT natural JJ gas NN pit NN , , '' '' he PRP said VBD . . The DT educational JJ effort NN of IN teaching VBG companies NNS in IN the DT natural JJ gas NN industry NN how WRB to TO use VB the DT futures NNS to TO hedge VB would MD have VB to TO continue VB for IN another DT a DT year NN or CC two CD , , he PRP added VBD . . The DT Merc NNP 's VBZ extremely RB successful JJ contracts NNS in IN crude NN oil NN , , gasoline NN and CC heating NN oil NN have VBP made VBN it PRP the DT largest JJS futures NNS exchange NN in IN New NNP York NNP , , and CC third JJ behind IN the DT Chicago NNP Board NNP of IN Trade NNP and CC Chicago NNP Mercantile NNP Exchange NNP . . In IN a DT recent JJ interview NN , , Mr. NNP Thompson NNP said VBD the DT biggest JJS problem NN facing VBG all DT commodity NN exchanges NNS was VBD one NN of IN image NN . . Earlier RBR this DT year NN , , the DT U.S. NNP attorney NN indicted VBD 45 CD floor NN traders NNS and CC one CD clerk NN at IN the DT two CD big JJ Chicago NNP exchanges NNS . . Federal NNP authorities NNS in IN New NNP York NNP started VBD investigating VBG exchanges NNS in IN May NNP , , though IN no DT indictments NNS have VB been VBN handed VBN down RP there RB . . So RB far RB they PRP have VBP issued VBN scores NNS of IN subpoenas NNS , , some DT of IN which WDT went VBD to TO members NNS of IN the DT New NNP York NNP Merc NNP . . Mr. NNP Thompson NNP will MD have VB to TO face VB some DT of IN the DT consequences NNS of IN those DT subpoenas NNS . . In IN a DT recent JJ General NNP Accounting NNP Office NNP study NN , , the DT Merc NNP was VBD found VBN to TO have VB been VBN the DT most RBS lax JJ in IN enforcing VBG exchange NN rules NNS . . It PRP levied VBD the DT smallest JJS number NN of IN suspensions NNS of IN traders NNS and CC fines NNS of IN the DT four CD largest JJS commodity NN exchanges NNS studied VBN over IN the DT past JJ five CD years NNS . . It PRP also RB had VBD both CC the DT fewest JJS , , and CC least JJS experienced JJ , , investigators NNS per IN million CD contracts NNS traded VBN . . The DT Merc NNP received VBD considerable JJ criticism NN in IN 1987 CD when WRB it PRP was VBD discovered VBN that IN its PRP$ compliance NN director NN , , Kevin NNP P. NNP Conway NNP , , who WP then RB was VBD responsible JJ for IN policing VBG the DT exchange NN 's POS busy JJ oil NN and CC metal NN pits NNS , , `` `` was VBD engaged VBN in IN other JJ personal JJ business NN activities NNS on IN Exchange NNP time NN , , '' '' including VBG out-of-state JJ trips NNS , , according VBG to TO a DT New NNP York NNP Merc NNP report NN prepared VBN last JJ year NN . . Mr. NNP Conway NNP is VBZ no RB longer RBR at IN the DT exchange NN . . `` `` We PRP had VBD a DT management NN breakdown NN in IN 1987 CD in IN terms NNS of IN compliance NN , , '' '' Mr. NNP Thompson NNP says VBZ . . `` `` We PRP recognized VBD the DT problem NN and CC took VBD care NN of IN it PRP . . '' '' He PRP says VBZ that IN even RB if IN the DT natural JJ gas NN contract NN boosts VBZ volume NN at IN the DT exchange NN strongly RB , , the DT 1990 CD business NN plan NN calls VBZ for IN having VBG adequate JJ compliance NN people NNS to TO ensure VB that IN exchange NN rules NNS are VBP being VBG followed VBN . . For IN years NNS the DT five CD New NNP York NNP exchanges NNS have VBP been VBN talking VBG about IN cooperating VBG in IN various JJ aspects NNS of IN their PRP$ business NN in IN order NN to TO improve VB the DT efficiency NN of IN their PRP$ operations NNS . . Periodically RB , , there EX has VBZ even RB been VBN talk NN of IN mergers NNS between IN one CD or CC more JJR exchanges NNS . . So RB far RB there EX is VBZ little JJ to TO show VB for IN such JJ efforts NNS . . Mr. NNP Thompson NNP believes VBZ the DT case NN for IN working VBG together RB is VBZ stronger JJR now RB than IN ever RB . . `` `` The DT cost NN of IN competition NN has VBZ become VBN extremely RB high JJ , , '' '' he PRP says VBZ . . `` `` We PRP must MD find VB ways NNS to TO save VB money NN for IN the DT futures NNS commission NN merchants NNS who WP do VBP business NN on IN our PRP$ exchanges NNS . . '' '' He PRP thinks VBZ that IN progress NN in IN cooperation NN can MD be VB made VBN in IN areas NNS where WRB no DT vested JJ interests NNS have VBP built VBN up RP . . One CD of IN those DT areas NNS is VBZ the DT development NN of IN a DT hand-held JJ electronic JJ device NN that WDT would MD permit VB floor NN traders NNS to TO enter VB trades NNS as IN they PRP make VBP them PRP . . The DT GAO NNP has VBZ recommended VBN the DT creation NN of IN a DT system NN to TO record VB trade NN data NNS so RB that IN an DT independent JJ , , verifiable JJ audit NN trail NN can MD be VB established VBN to TO prevent VB customer NN fraud NN . . The DT Merc NNP is VBZ now RB cooperating VBG with IN the DT Comex NNP in IN developing VBG such PDT a DT device NN to TO provide VB such PDT an DT audit NN trail NN . . The DT Chicago NNP exchanges NNS also RB are VBP working VBG on IN such PDT a DT device NN . . Another DT major JJ electronics NN problem NN faces VBZ Mr. NNP Thompson NNP -- : the DT creation NN of IN a DT 24-hour JJ trading NN system NN that WDT can MD be VB used VBN outside IN normal JJ trading NN hours NNS . . In IN January NNP , , the DT New NNP York NNP Merc NNP signed VBD a DT letter NN of IN intent NN with IN the DT Chicago NNP Merc NNP as IN a DT preliminary JJ step NN to TO joining VBG their PRP$ electronic JJ system NN called VBD Globex NNP . . But CC in IN May NNP , , the DT Chicago NNP Merc NNP said VBD it PRP was VBD looking VBG into IN creating VBG a DT common JJ system NN with IN the DT Chicago NNP Board NNP of IN Trade NNP , , and CC it PRP suspended VBD negotiations NNS with IN the DT New NNP York NNP Merc NNP . . Mr. NNP Thompson NNP says VBZ his PRP$ exchange NN is VBZ n't RB waiting VBG for IN the DT results NNS of IN the DT Chicago NNP exchanges NNS ' POS cooperation NN . . It PRP recently RB began VBD a DT pilot JJ program NN to TO test VB an DT electronic JJ trading NN system NN called VBN ATS\/2 NNP , , the DT automated JJ trading NN system NN created VBN by IN the DT International NNP Commodities NNP Clearing NNP House NNP . . Looking VBG ahead RB to TO commodity NN markets NNS this DT week NN : : Copper NN Michael NNP Frawley NNP , , metals NNS trader NN for IN PaineWebber NNP Inc. NNP in IN New NNP York NNP , , said VBD there EX is VBZ good JJ technical JJ support NN between IN $ $ 1.10 CD and CC $ $ 1.12 CD a DT pound NN for IN December NNP copper NN , , which WDT ended VBD Friday NNP at IN $ $ 1.1580 CD a DT pound NN , , up RB 1.6 CD cents NNS . . He PRP views VBZ the DT $ $ 1.10 CD to TO $ $ 1.12 CD range NN as IN a DT buying NN opportunity NN and CC considers VBZ the DT market NN oversold JJ . . `` `` I PRP think VBP the DT market NN could MD pop VB up RP to TO the DT $ $ 1.22 CD to TO $ $ 1.25 CD level NN without IN too RB much JJ difficulty NN , , '' '' he PRP said VBD . . But CC he PRP said VBD it PRP wo MD n't RB climb VB further RBR and CC he PRP expects VBZ it PRP to TO remain VB in IN a DT trading NN range NN between IN $ $ 1.10 CD and CC $ $ 1.25 CD . . He PRP noted VBD that IN the DT equity NN markets NNS will MD set VB the DT tone NN for IN the DT industrial JJ metals NNS this DT week NN and CC traders NNS should MD keep VB an DT eye NN on IN Wall NNP Street NNP . . William NNP O'Neill NNP , , research NN director NN for IN Elders NNP Futures NNP Inc. NNP in IN New NNP York NNP , , said VBD for IN a DT rally NN to TO occur VB , , there EX must MD be VB demand NN from IN the DT Far NNP East NNP . . He PRP added VBD that IN talk NN of IN strike NN settlements NNS at IN producing VBG mines NNS has VBZ been VBN fully RB discounted VBN . . However RB , , to TO resume VB the DT bull NN trend NN , , according VBG to TO Mr. NNP O'Neill NNP , , copper NN would MD have VB to TO close VB over IN $ $ 1.19 CD . . He PRP said VBD there EX are VBP two CD reports NNS this DT week NN that WDT might MD affect VB prices NNS : : the DT purchasing NN managers NNS report NN on IN Wednesday NNP and CC the DT unemployment NN report NN on IN Friday NNP . . Precious JJ Metals NNS Friday NNP 's POS strong JJ price NN gains NNS confirmed VBD a DT turnaround NN in IN the DT precious JJ metals NNS markets NNS , , according VBG to TO PaineWebber NNP 's POS Mr. NNP Frawley NNP . . `` `` Most JJS traders NNS will MD be VB looking VBG to TO buy VB { ( on IN } ) pullbacks NNS , , '' '' he PRP said VBD . . He PRP thought VBD the DT moves NNS in IN the DT metals NNS last JJ week NN were VBD most RBS influenced VBN by IN the DT uncertainty NN in IN the DT equity NN and CC other JJ financial JJ markets NNS . . According VBG to TO Mr. NNP Frawley NNP , , floor NN traders NNS say VBP there EX is VBZ good JJ support NN for IN December NNP gold NN in IN the DT $ $ 374 CD to TO $ $ 375 CD per IN ounce NN area NN , , around IN $ $ 5.20 CD an DT ounce NN for IN December NNP silver NN and CC in IN the DT $ $ 485 CD to TO $ $ 490 CD an DT ounce NN range NN for IN January NNP platinum NN . . William NNP O'Neill NNP , , research NN director NN for IN Elders NNP Futures NNP Inc. NNP in IN New NNP York NNP , , said VBD the DT price NN action NN for IN all DT of IN last JJ week NN is VBZ the DT best JJS he PRP has VBZ seen VBN on IN a DT weekly JJ basis NN in IN more RBR than IN a DT year NN . . He PRP said VBD last JJ week NN 's POS activity NN in IN gold NN could MD portend VB a DT move NN to TO $ $ 390 CD an DT ounce NN for IN the DT December NNP contract NN . . He PRP also RB said VBD traders NNS should MD keep VB an DT eye NN on IN the DT stock NN market NN , , because IN `` `` if IN the DT stock NN market NN rallies VBZ , , that DT could MD spell VB trouble NN for IN the DT precious JJ metals NNS . . '' '' He PRP said VBD traders NNS should MD be VB on IN the DT lookout NN for IN how WRB metals NNS producers NNS react VBP to TO this DT rally NN . . `` `` I PRP expect VBP to TO see VB some DT selling NN , , but CC will MD they PRP kill VB this DT one NN as IN they PRP have VBP every DT rally NN in IN the DT recent JJ past NN '' '' by IN selling VBG and CC locking VBG in RP prices NNS for IN their PRP$ production NN ? . He PRP noted VBD that IN for IN the DT first JJ time NN in IN months NNS there EX was VBD some DT light JJ investor NN interest NN in IN the DT metals NNS . . Grains NNS And CC Soybeans NNS Prices NNS this DT week NN will MD likely RB be VB dominated VBN by IN reports NNS on IN the DT progress NN of IN the DT corn NN and CC soybean NN harvest NN as RB well RB as IN by IN speculation NN about IN more JJR purchases NNS of IN U.S. NNP crops NNS by IN the DT Soviet NNP Union NNP . . In IN recent JJ weeks NNS , , warm JJ and CC dry JJ weather NN has VBZ sped VBN the DT Midwest NNP harvest NN and CC that DT is VBZ permitting VBG farmers NNS to TO rebuild VB the DT stockpiles NNS that WDT were VBD cut VBN by IN the DT 1988 CD drought NN . . If IN the DT weather NN allowed VBD farmers NNS to TO work VB in IN their PRP$ fields NNS over IN the DT weekend NN , , many JJ Midwest NNP grain NN elevators NNS will MD probably RB sell VB futures NNS contracts NNS today NN at IN the DT Chicago NNP Board NNP of IN Trade NNP in IN order NN to TO hedge VB their PRP$ weekend NN purchases NNS from IN farmers NNS . . That DT selling NN of IN futures NNS contracts NNS by IN elevators NNS is VBZ what WP helps VBZ keep VB downward JJ pressure NN on IN crop NN prices NNS during IN the DT harvest NN . . Traders NNS will MD also RB watch VB for IN whether IN the DT Soviet NNP Union NNP continues VBZ its PRP$ traditional JJ fall NN buying NN of IN U.S. NNP grain NN . . So RB far RB this DT month NN , , the DT Soviets NNPS have VBP bought VBN about RB 7.2 CD million CD metric JJ tons NNS of IN U.S. NNP corn NN . . There EX may MD be VB some DT activity NN in IN soybean NN prices NNS this DT week NN as IN investors NNS try VBP to TO get VB rid JJ of IN the DT contract NN for IN November NNP delivery NN . . Investors NNS usually RB do VBP n't RB want VB to TO take VB physical JJ delivery NN of IN a DT contract NN , , preferring VBG instead RB to TO profit VB from IN its PRP$ price NN swings NNS and CC then RB end VB any DT obligation NN to TO take VB delivery NN or CC make VB delivery NN as IN it PRP nears VBZ expiration NN . . Employees NNS of IN the DT Globe NNP and CC Mail NNP , , a DT Thomson NNP Corp. NNP newspaper NN in IN Toronto NNP , , voted VBD to TO accept VB a DT tentative JJ contract NN agreement NN Saturday NNP , , averting VBG a DT strike NN at IN Canada NNP 's POS leading JJ daily NN . . Under IN the DT terms NNS of IN the DT three-year JJ contract NN , , similar JJ to TO one CD reached VBN at IN Torstar NNP Corp. NNP 's POS Toronto NNP Star NNP newspaper NN earlier RBR this DT month NN , , the DT 500 CD Globe NNP and CC Mail NNP workers NNS will MD see VB a DT raise NN of IN 8 CD % NN in IN the DT contract NN 's POS first JJ year NN and CC 7 CD % NN in IN each DT of IN the DT following JJ two CD years NNS . . Lorne NNP Slotnick NNP , , vice NN chairman NN of IN the DT Southern NNP Ontario NNP Newspaper NNP Guild NNP , , the DT union NN representing VBG the DT workers NNS , , said VBD Thomson NNP made VBD significant JJ concessions NNS in IN the DT final JJ round NN of IN talks NNS . . In IN addition NN to TO wage NN increases NNS , , the DT union NN negotiated VBD improved JJ vacation NN plans NNS , , benefit NN packages NNS and CC pension NN plans NNS , , Mr. NNP Slotnick NNP said VBD . . He PRP said VBD more JJR than IN 70 CD % NN of IN the DT bargaining NN unit NN voted VBD in IN favor NN of IN the DT agreement NN . . Wall NNP Street NNP is VBZ just RB about RB ready JJ to TO line VB the DT bird NN cage NN with IN paper NN stocks NNS . . For IN three CD years NNS , , a DT healthy JJ economy NN and CC the DT export-boosting JJ effects NNS of IN a DT weak JJ dollar NN propelled VBD sales NNS and CC earnings NNS of IN the DT big JJ paper NN companies NNS to TO record NN levels NNS . . As IN the DT good JJ times NNS rolled VBD they PRP more RBR than IN doubled VBD their PRP$ prices NNS for IN pulp NN , , a DT raw JJ material NN used VBN in IN all DT sorts NNS of IN paper NN , , to TO $ $ 830 CD a DT metric JJ ton NN this DT past JJ spring NN from IN $ $ 380 CD a DT ton NN at IN the DT start NN of IN 1986 CD . . But CC now RB the DT companies NNS are VBP getting VBG into IN trouble NN because IN they PRP undertook VBD a DT record JJ expansion NN program NN while IN they PRP were VBD raising VBG prices NNS sharply RB . . Third-quarter JJ profits NNS fell VBD at IN several JJ companies NNS . . `` `` Put VB your PRP$ money NN in IN a DT good JJ utility NN or CC bank NN stock NN , , not RB a DT paper NN company NN , , '' '' advises VBZ George NNP Adler NNP of IN Smith NNP Barney NNP . . Other JJ analysts NNS are VBP nearly RB as RB pessimistic JJ . . Gary NNP Palmero NNP of IN Oppenheimer NNP & CC Co. NNP expects VBZ a DT 30 CD % NN decline NN in IN earnings NNS between IN now RB and CC 1991 CD for IN `` `` commodity-oriented JJ '' '' paper NN companies NNS , , which WDT account VBP for IN the DT majority NN of IN the DT industry NN . . Robert NNP Schneider NNP of IN Duff NNP & CC Phelps NNP sees VBZ paper-company JJ stock NN prices NNS falling VBG 10 CD % NN to TO 15 CD % NN in IN 1990 CD , , perhaps RB 25 CD % NN if IN there EX 's VBZ a DT recession NN . . Paper NN companies NNS concede VBP that DT business NN has VBZ been VBN off RB recently RB . . But CC they PRP attribute VBP much JJ of IN the DT weakness NN to TO customer NN inventory NN reductions NNS . . Generally RB they PRP maintain VBP that IN , , barring VBG a DT recession NN and CC a DT further JJ strengthening NN of IN the DT dollar NN against IN foreign JJ currencies NNS , , the DT industry NN is VBZ n't RB headed VBN for IN a DT prolonged JJ slump NN . . `` `` It PRP wo MD n't RB be VB an DT earthshaking JJ drop NN , , '' '' a DT Weyerhaeuser NNP spokesman NN says VBZ . . Last JJ week NN Mr. NNP Adler NNP lowered VBD his PRP$ rating NN from IN hold VB to TO `` `` avoid VB '' '' on IN Boise NNP Cascade NNP , , Champion NNP International NNP , , Great NNP Northern NNP Nekoosa NNP , , International NNP Paper NNP , , Louisiana NNP Pacific NNP and CC Weyerhaeuser NNP . . Oppenheimer NNP 's POS Mr. NNP Palmero NNP , , meanwhile RB , , is VBZ steering VBG clear RB of IN Gaylord NNP Container NNP , , Stone NNP Container NNP and CC Federal NNP Paper NNP Board NNP . . Mr. NNP Schneider NNP is VBZ cool JJ to TO Georgia NNP Pacific NNP and CC Abitibi-Price NNP . . Lawrence NNP Ross NNP of IN PaineWebber NNP would MD avoid VB Union NNP Camp NNP . . The DT companies NNS in IN question NN believe VBP the DT analysts NNS are VBP too RB pessimistic JJ . . Great NNP Northern NNP Nekoosa NNP said VBD , , `` `` The DT odds NNS of IN the DT dire JJ predictions NNS about IN us PRP being VBG right JJ are VBP small JJ . . '' '' International NNP Paper NNP emphasizes VBZ that IN it PRP is VBZ better RBR positioned VBN than IN most JJS companies NNS for IN the DT coming JJ overcapacity NN because IN its PRP$ individual JJ mills NNS can MD make VB more JJR than IN one CD grade NN of IN paper NN . . A DT Boise-Cascade NNP spokesman NN referred VBD to TO a DT speech NN by IN Chairman NNP John NNP Fery NNP , , in IN which WDT he PRP said VBD that IN markets NNS generally RB are VBP stable JJ , , although IN some DT risk NN of IN further JJ price NN deterioration NN exists VBZ . . Stone NNP Container NNP Chairman NNP Roger NNP Stone NNP said VBD that IN , , unlike IN for IN some DT other JJ paper NN products NNS , , demand NN for IN Stone NNP 's POS principal JJ commodity NN , , unbleached JJ containerboard NN , , remains VBZ strong JJ . . He PRP expects VBZ the DT price NN for IN that DT product NN to TO rise VB even RB more RBR next JJ year NN . . Gaylord NNP Container NNP said VBD analysts NNS are VBP skeptical JJ of IN it PRP because IN it PRP 's VBZ carrying VBG a DT lot NN of IN debt NN . . Champion NNP International NNP said VBD , , `` `` We PRP 've VBP gotten VBN our PRP$ costs NNS down RB and CC we PRP 're VBP better RBR positioned VBN for IN any DT cyclical JJ downturn NN than IN we PRP 've VBP ever RB been VBN . . '' '' Louisiana NNP Pacific NNP and CC Georgia NNP Pacific NNP said VBD a DT number NN of IN other JJ analysts NNS are VBP recommending VBG them PRP because RB of IN their PRP$ strong JJ wood-products NNS business NN . . Federal NNP Paper NNP Board NNP said VBD , , `` `` We PRP 're VBP not RB as RB exposed JJ as IN the DT popular JJ perception NN of IN us PRP . . '' '' The DT company NN explained VBD that IN its PRP$ main JJ product NN , , bleached JJ paperboard NN , , which WDT goes VBZ into IN some DT advertising NN materials NNS and CC white JJ boxes NNS , , historically RB does VBZ n't RB have VB sharp JJ price NN swings NNS . . Because IN the DT stock NN prices NNS of IN some DT paper NN companies NNS already RB reflect VBP an DT expected JJ profit NN slump NN , , PaineWebber NNP 's POS Mr. NNP Ross NNP says VBZ he PRP thinks VBZ that IN next JJ year NN the DT share NN prices NNS of IN some DT companies NNS may MD fall VB at IN most RBS only RB 5 CD % NN to TO 10 CD % NN . . A DT company NN such JJ as IN Federal NNP Paper NNP Board NNP may MD be VB overly RB discounted VBN and CC looks VBZ `` `` tempting JJ '' '' to TO him PRP , , he PRP says VBZ , , though IN he PRP is VBZ n't RB yet RB recommending VBG the DT shares NNS . . Wall NNP Street NNP is VBZ n't RB avoiding VBG everything NN connected VBN with IN paper NN . . Mr. NNP Palmero NNP recommends VBZ Temple-Inland NNP , , explaining VBG that IN it PRP is VBZ `` `` virtually RB the DT sole JJ major JJ paper NN company NN not RB undergoing VBG a DT major JJ capacity NN expansion NN , , '' '' and CC thus RB should MD be VB able JJ to TO lower VB long-term JJ debt NN substantially RB next JJ year NN . . A DT Temple-Inland NNP spokesman NN said VBD the DT company NN expects VBZ record JJ earnings NNS in IN 1989 CD , , and CC `` `` we PRP 're VBP still RB pretty RB bullish JJ '' '' on IN 1990 CD . . The DT analysts NNS say VBP their PRP$ gloomy JJ forecasts NNS have VBP a DT flip JJ side NN . . Some DT take VBP a DT warm JJ view NN of IN consumer-oriented JJ paper NN companies NNS , , which WDT buy VBP pulp NN from IN the DT commodity NN producers NNS and CC should MD benefit VB from IN the DT expected JJ declines NNS in IN pulp NN prices NNS . . Estimates NNS on IN how WRB much JJ pulp NN prices NNS will MD fall VB next JJ year NN currently RB run VBP between IN $ $ 150 CD and CC $ $ 250 CD a DT metric JJ ton NN . . Analysts NNS agree VBP that IN the DT price NN drop NN should MD especially RB benefit VB the DT two CD big JJ tissue NN makers NNS , , Scott NNP Paper NNP and CC Kimberly-Clark NNP . . A DT spokesman NN for IN Scott NNP says VBZ that IN assuming VBG the DT price NN of IN pulp NN continues VBZ to TO soften VB , , `` `` We PRP should MD do VB well RB . . Shoney NNP 's POS Inc. NNP said VBD it PRP will MD report VB a DT write-off NN of IN $ $ 2.5 CD million CD , , or CC seven CD cents NNS a DT share NN , , for IN its PRP$ fourth JJ quarter NN ended VBN yesterday NN . . The DT restaurant NN operator NN cited VBD transaction NN costs NNS from IN its PRP$ 1988 CD recapitalization NN as IN a DT result NN of IN a DT $ $ 160 CD million CD restructuring NN of IN its PRP$ bank NN debt NN . . The DT write-off NN will MD be VB reported VBN as IN an DT extraordinary JJ item NN in IN the DT company NN 's POS 1989 CD operating NN results NNS . . In IN addition NN , , the DT effective JJ interest NN rate NN on IN the DT $ $ 410 CD million CD of IN total JJ remaining VBG bank NN debt NN after IN the DT restructuring NN is VBZ 10.66 CD % NN . . The DT combined JJ effect NN of IN these DT changes NNS is VBZ expected VBN to TO save VB the DT company NN about RB $ $ 4 CD million CD in IN interest NN expenses NNS next IN year NN , , or CC six CD cents NNS a DT share NN . . Shoney NNP 's POS said VBD the DT latest JJS restructuring NN affected VBD bank NN indebtedness NN that WDT was VBD incurred VBN to TO finance VB $ $ 585 CD million CD of IN the DT company NN 's POS $ $ 728 CD million CD recapitalization NN that WDT took VBD place NN in IN The DT company NN has VBZ made VBN payments NNS of IN $ $ 175 CD million CD against IN the DT original JJ $ $ 585 CD million CD of IN bank NN debt NN incurred VBN in IN connection NN with IN the DT recapitalization NN . . These DT payments NNS consisted VBD of IN $ $ 54 CD million CD in IN scheduled JJ payments NNS and CC $ $ 121 CD million CD in IN prepayments NNS , , funded VBN by IN $ $ 82.8 CD million CD from IN operating NN cash NN flow NN , , zero-coupon JJ subordinated JJ debt NN and CC assets NNS sales NNS . . ABB NNP Asea NNP Brown NNP Boveri NNP B.V. NNP said VBD it PRP signed VBD a DT contract NN for IN the DT largest-ever JJ power NN plant NN order NN in IN the DT Netherlands NNPS . . ABB NNP said VBD the DT contract NN , , signed VBN with IN the DT Dutch JJ utility NN N.V NNP . . Energieproduktiebedrijf NNP UNA NNP , , is VBZ valued VBN in IN excess NN of IN $ $ 200 CD million CD . . The DT accord NN is VBZ for IN a DT turbogenerator NN plant NN at IN the DT coal-fired JJ power NN station NN Hemweg NNP in IN Amsterdam NNP . . ABB NNP Asea NNP Brown NNP Boveri NNP is VBZ the DT Dutch JJ unit NN of IN the DT Swedish-Swiss JJ electrical JJ engineering NN group NN ABB NNP Asea NNP Brown NNP Boveri NNP AG NNP . . ABB NNP said VBD a DT significant JJ portion NN of IN the DT order NN will MD be VB placed VBN with IN Dutch JJ subcontractors NNS , , adding VBG that IN a DT group NN has VBZ been VBN set VBN up RP for IN this DT purpose NN . . The DT Dutch JJ utility NN firm NN serves VBZ the DT Amsterdam NNP and CC Utrecht NNP areas NNS . . The DT planned JJ turbogenerator NN plant NN is VBZ expected VBN to TO go VB into IN operation NN in IN 1994 CD . . Nissan NNP Motor NNP Co. NNP expects VBZ net JJ income NN to TO reach VB 120 CD billion CD yen NNS ( ( U.S. NNP $ $ 857 CD million CD ) ) in IN its PRP$ current JJ fiscal JJ year NN , , up RB from IN 114.6 CD billion CD yen NNS in IN the DT previous JJ year NN , , Yutaka NNP Kume NNP , , president NN , , said VBD . . Mr. NNP Kume NNP made VBD the DT earnings NNS projection NN for IN fiscal JJ 1990 CD , , ending VBG next JJ March NNP 31 CD , , in IN an DT interview NN with IN U.S. NNP automotive JJ writers NNS attending VBG the DT Tokyo NNP Motor NNP Show NNP . . The DT executive NN said VBD that IN the DT anticipated JJ earnings NN increase NN is VBZ fairly RB modest JJ because IN Nissan NNP is VBZ spending VBG heavily RB to TO bolster VB its PRP$ dealership NN network NN in IN Japan NNP and CC because RB of IN currency-exchange JJ fluctuations NNS . . During IN the DT next JJ decade NN , , Mr. NNP Kume NNP said VBD , , Nissan NNP plans VBZ to TO boost VB overseas JJ vehicle NN production NN sufficiently RB to TO account VB for IN a DT majority NN of IN sales NNS outside IN Japan NNP . . Last JJ year NN , , Mr. NNP Kume NNP said VBD , , Nissan NNP exported VBD slightly RB over IN one CD million CD vehicles NNS , , and CC produced VBD 570,000 CD cars NNS and CC trucks NNS at IN its PRP$ factories NNS in IN North NNP America NNP , , Europe NNP and CC Australia NNP . . But CC by IN 1992 CD , , he PRP added VBD , , Nissan NNP will MD build VB one CD million CD vehicles NNS a DT year NN outside IN Japan NNP , , or CC sufficient JJ to TO equal VB exports NNS . . `` `` By IN the DT end NN of IN the DT 1990s NNS , , '' '' he PRP said VBD , , `` `` we PRP want VBP to TO be VB producing VBG roughly RB two CD vehicles NNS overseas RB for IN every DT vehicle NN that IN we PRP export VBP from IN Japan NNP . . '' '' That WDT will MD involve VB a DT substantial JJ increase NN in IN overseas JJ manufacturing NN capacity NN , , he PRP acknowledged VBD , , but CC did VBD n't RB provide VB specific JJ details NNS . . National NNP Intergroup NNP Inc. NNP said VBD it PRP expects VBZ to TO report VB a DT charge NN of IN $ $ 5.3 CD million CD related VBN to TO the DT sale NN of IN its PRP$ aluminum NN unit NN 's POS extrusion NN division NN for IN the DT third JJ quarter NN . . The DT company NN said VBD it PRP has VBZ agreed VBN to TO sell VB the DT extrusion NN division NN for IN $ $ 15 CD million CD to TO R.D. NNP Werner NNP Co. NNP , , a DT closely RB held VBN firm NN based VBN in IN Greenville NNP , , Pa NNP . . The DT charge NN is VBZ offset VBN by IN an DT after-tax JJ gain NN of IN about RB $ $ 30 CD million CD in IN the DT quarter NN from IN the DT previously RB announced VBN pact NN to TO sell VB National NNP Aluminum NNP 's POS rolling NN division NN . . National NNP Intergroup NNP in IN the DT year-ago JJ third JJ quarter NN earned VBD $ $ 22.5 CD million CD , , or CC 97 CD cents NNS a DT share NN , , including VBG a DT gain NN of IN $ $ 18 CD million CD from IN the DT sale NN of IN a DT steel NN tube NN company NN . . Revenue NN was VBD $ $ 778.6 CD million CD . . The DT company NN also RB said VBD it PRP continues VBZ to TO explore VB all DT options NNS concerning VBG the DT possible JJ sale NN of IN National NNP Aluminum NNP 's POS 54.5 CD % NN stake NN in IN an DT aluminum NN smelter NN in IN Hawesville NNP , , Ky NNP . . The DT sale NN of IN the DT extrusion NN division NN is VBZ subject JJ to TO audit VB adjustments NNS for IN working VBG capital NN changes NNS through IN the DT closing NN . . The DT agreement NN also RB provides VBZ for IN potential JJ payments NNS of IN additional JJ proceeds NNS to TO National NNP Aluminum NNP over IN the DT next JJ two CD years NNS , , depending VBG on IN the DT plant NN 's POS shipping NN levels NNS . . The DT extrusion NN unit NN produces VBZ bare JJ and CC painted JJ custom NN extrusions NNS for IN building NN products NNS and CC construction NN industries NNS . . In IN fiscal JJ 1989 CD , , it PRP had VBD sales NNS of IN about RB $ $ 40 CD million CD and CC an DT operating NN loss NN of IN $ $ 1.5 CD million CD . . The DT municipal JJ bond NN market NN is VBZ bracing VBG for IN tough JJ times NNS through IN the DT end NN of IN the DT year NN as IN it PRP struggles VBZ to TO absorb VB an DT oversupply NN of IN bonds NNS and CC two CD of IN its PRP$ best JJS customers NNS turn VBP into IN sellers NNS . . Commercial JJ banks NNS and CC property\/casualty JJ insurers NNS , , which WDT together RB own VBP about RB 36 CD % NN of IN all DT municipal JJ bonds NNS , , have VBP been VBN dumping VBG their PRP$ securities NNS for IN weeks NNS . . Last JJ week NN , , traders NNS said VBD , , there EX were VBD three CD institutional JJ sellers NNS for IN every DT buyer NN . . `` `` Every DT day NN we PRP 're VBP getting VBG new JJ bid NN lists NNS '' '' from IN would-be JJ sellers NNS , , one CD trader NN said VBD . . `` `` Most JJS dealers NNS can MD not RB continue VB to TO absorb VB this DT supply NN . . '' '' As IN a DT result NN , , yields NNS on IN long-term JJ muni JJ bonds NNS now RB stand VBP at IN about RB 95 CD % NN of IN long-term JJ Treasury NNP yields NNS , , the DT highest JJS such JJ level NN in IN more RBR than IN two CD years NNS . . `` `` There EX is VBZ incredible JJ negative JJ psychology NN building VBG in IN the DT market NN , , '' '' said VBD Donna NNP Avedisian NNP , , a DT vice NN president NN at IN Merrill NNP Lynch NNP & CC Co NNP . . `` `` People NNS are VBP very RB concerned JJ about IN who WP is VBZ going VBG to TO step VB up RB to TO the DT plate NN and CC buy VB municipal JJ bonds NNS in IN the DT absence NN of IN institutional JJ buyers NNS . . '' '' The DT yield NN on IN a DT group NN of IN 25 CD revenue NN bonds NNS compiled VBN by IN the DT Bond NNP Buyer NNP , , a DT trade NN publication NN , , now RB exceeds VBZ 7.50 CD % NN . . At IN this DT week NN 's POS New NNP York NNP City NNP bond NN sale NN , , traders NNS expect VBP yields NNS on IN the DT 20-year JJ New NNP York NNP bonds NNS to TO nearly RB match VB the DT 7.9 CD % NN yield NN on IN 30-year JJ Treasury NNP bonds NNS . . For IN an DT investor NN in IN the DT 28 CD % NN federal JJ tax NN bracket NN , , 7.9 CD % NN tax-free JJ is VBZ the DT same JJ as IN 10.38 CD % NN on IN a DT taxable JJ investment NN . . That DT 's VBZ a DT taxable-equivalent JJ yield NN nearly RB three CD percentage NN points NNS more JJR than IN the DT current JJ yield NN on IN 30-year JJ Treasury NNP bonds NNS . . How WRB quickly RB things NNS change VBP . . This DT past JJ summer NN , , investors NNS ' POS appetite NN for IN municipal JJ bonds NNS seemed VBD insatiable JJ . . Individuals NNS eager JJ for IN tax-free JJ income NN drove VBD up RP bond NN prices NNS , , making VBG state NN and CC local JJ government NN debt NN one CD of IN the DT best-performing JJ types NNS of IN fixed-income NN investments NNS during IN the DT period NN . . But CC while IN analysts NNS say VBP that IN municipal JJ bonds NNS still RB offer VBP good JJ value NN , , you PRP would MD n't RB know VB it PRP by IN the DT way NN institutional JJ investors NNS are VBP rushing VBG to TO dump VB their PRP$ holdings NNS . . Bond NN market NN analysts NNS say VBP the DT institutional JJ selling NN was VBD triggered VBN by IN several JJ factors NNS . . Big JJ banks NNS such JJ as IN Chemical NNP Bank NNP and CC Chase NNP Manhattan NNP , , which WDT have VBP been VBN taking VBG heavy JJ charges NNS to TO expand VB their PRP$ Third JJ World NNP loan-loss NN reserves NNS , , are VBP n't RB looking VBG for IN tax-exempt JJ income NN . . `` `` We PRP do VBP n't RB need VB the DT shelter NN of IN tax-free JJ bonds NNS , , '' '' said VBD a DT spokeswoman NN at IN Chemical NNP . . In IN recent JJ weeks NNS , , traders NNS said VBD , , Chemical NNP has VBZ sold VBN more JJR than IN $ $ 1 CD billion CD of IN tax-free JJ bonds NNS . . The DT spokeswoman NN confirmed VBD that IN the DT bank NN has VBZ significantly RB reduced VBN its PRP$ muni JJ holdings NNS , , but CC could MD n't RB immediately RB confirm VB the DT amount NN . . Insurance NN companies NNS are VBP rushing VBG to TO sell VB before IN the DT end NN of IN the DT year NN , , when WRB some DT of IN their PRP$ tax NN benefits NNS associated VBN with IN municipal JJ bonds NNS will MD be VB phased VBN out RP . . There EX is VBZ speculation NN that IN property\/casualty JJ firms NNS will MD sell VB even RB more JJR munis NNS as IN they PRP scramble VBP to TO raise VB cash NN to TO pay VB claims NNS related VBN to TO Hurricane NNP Hugo NNP and CC the DT Northern NNP California NNP earthquake NN . . Fundamental JJ factors NNS are VBP at IN work NN as RB well RB . . Muni JJ bond NN holders NNS are VBP worried JJ about IN the DT impact NN of IN a DT slowing VBG economy NN on IN tax NN revenue NN , , at IN a DT time NN when WRB many JJ state NN and CC local JJ governments NNS already RB face VBP budget NN deficits NNS and CC huge JJ spending NN needs NNS . . The DT recent JJ natural JJ disasters NNS , , and CC the DT need NN of IN many JJ other JJ cities NNS to TO rebuild VB crumbling VBG infrastructure NN , , suggests VBZ that IN supply NN of IN new JJ issues NNS will MD continue VB to TO rise VB sharply RB -- : even RB as IN demand NN tapers VBZ off RP . . `` `` There EX is VBZ just RB so RB much RB going VBG on RP that IN it PRP 's VBZ difficult JJ to TO pick VB just RB one CD factor NN that WDT 's VBZ driving VBG the DT market NN , , '' '' said VBD Ronald NNP Ian NNP Heller NNP , , vice NN president NN at IN First NNP Chicago NNP Capital NNP Markets NNP Inc. NNP , , a DT subsidiary NN of IN First NNP Chicago NNP Corp NNP . . Some DT of IN the DT recent JJ selling NN could MD actually RB be VB considered VBN a DT positive JJ sign NN . . Mutual JJ funds NNS , , for IN example NN , , are VBP said VBN to TO be VB selling VBG existing VBG municipal JJ bonds NNS to TO raise VB cash NN to TO buy VB new JJ issues NNS . . Because IN municipal JJ bonds NNS yields NNS have VBP risen VBN at IN a DT time NN when WRB interest NN rates NNS generally RB have VBP fallen VBN , , some DT portfolio NN managers NNS are VBP assuming VBG that IN bonds NNS bought VBN now RB will MD appreciate VB in IN value NN as IN the DT municipal JJ bond NN market NN rebounds VBZ . . Ms. NNP Avedisian NNP believes VBZ that IN the DT mutual JJ funds NNS are VBP selling VBG muni JJ bonds NNS that WDT have VBP a DT negative JJ convexity NN -- : those DT that WDT have VBP appreciated VBN in IN price NN slowly RB relative JJ to TO the DT decline NN in IN interest NN rates NNS . . Such JJ bonds NNS , , she PRP says VBZ , , are VBP those DT that WDT are VBP nearing VBG their PRP$ call NN date NN . . But CC traders NNS said VBD the DT market NN 's POS tone NN could MD pick VB up RP this DT week NN if IN New NNP York NNP City NNP 's POS $ $ 787 CD million CD bond NN offering NN goes VBZ well RB . . The DT offering NN will MD include VB $ $ 729 CD million CD of IN 20-year JJ tax-exempt JJ bonds NNS and CC $ $ 57.8 CD million CD of IN taxable JJ bonds NNS . . A DT few JJ weeks NNS ago RB , , New NNP York NNP sold VBD $ $ 750 CD million CD of IN tax-exempts NNS . . New NNP York NNP City NNP bonds NNS have VBP been VBN beaten VBN down RP for IN three CD straight JJ weeks NNS . . On IN Friday NNP , , some DT issues NNS fell VBD nearly RB one CD point NN , , or CC close RB to TO $ $ 10 CD for IN each DT $ $ 1,000 CD face NN amount NN . . The DT sell-off NN in IN New NNP York NNP City NNP bonds NNS was VBD triggered VBN by IN concerns NNS about IN the DT city NN 's POS financial JJ health NN and CC political JJ uncertainty NN in IN view NN of IN the DT impending JJ mayoral JJ election NN . . The DT city NN 's POS economy NN is VBZ growing VBG weaker JJR and CC expenditures NNS are VBP rising VBG as IN tax NN revenue NN is VBZ falling VBG . . `` `` The DT city NN has VBZ issued VBN so RB much JJ supply NN recently RB that IN some DT people NNS are VBP getting VBG a DT little JJ concerned JJ . . They PRP 'd MD like VB to TO see VB some DT other JJ names NNS in IN their PRP$ portfolios NNS , , '' '' said VBD Michael NNP S. NNP Appelbaum NNP , , first JJ vice NN president NN at IN Shearson NNP Lehman NNP Hutton NNP . . But CC he PRP thinks VBZ investors NNS may MD be VB overreacting VBG to TO the DT market NN 's POS problems NNS . . Overall RB , , he PRP says VBZ , , municipal JJ prices NNS are VBP `` `` very RB cheap JJ '' '' and CC represent VB an DT `` `` excellent JJ buying NN opportunity NN . . '' '' Friday NNP 's POS Market NN Activity NN Treasury NNP bonds NNS fell VBD sharply RB on IN confusion NN about IN this DT week NN 's POS Treasury NNP debt NN auction NN and CC rumors NNS that IN a DT major JJ Japanese JJ investor NN was VBD unloading VBG large JJ amounts NNS of IN long-term JJ bonds NNS . . The DT Treasury NNP 's POS benchmark NN 30-year JJ bond NN ended VBD at IN a DT price NN of IN 102 CD 2\/32 CD , , down RB nearly RB 5\/8 CD point NN from IN Thursday NNP , , or CC about RB $ $ 6.25 CD for IN each DT $ $ 1,000 CD face NN amount NN . . The DT issue NN 's POS yield NN rose VBD to TO 7.93 CD % NN from IN 7.88 CD % NN . . Late RB Thursday NNP , , the DT Treasury NNP said VBD it PRP needed VBD to TO raise VB $ $ 17 CD billion CD quickly RB and CC would MD do VB so RB by IN issuing VBG new JJ securities NNS this DT week NN . . Credit NN market NN analysts NNS expected VBD the DT Treasury NNP to TO cancel VB today NN 's POS three-month JJ and CC six-month JJ sale NN and CC to TO sell VB $ $ 17 CD billion CD of IN cash NN management NN bills NNS . . Instead RB , , the DT Treasury NNP announced VBD it PRP would MD sell VB $ $ 2 CD billion CD of IN 51-day JJ cash NN management NN bills NNS today NN and CC said VBD that IN the DT weekly JJ sale NN of IN $ $ 15.6 CD billion CD of IN three-month JJ and CC six-month JJ bills NNS will MD take VB place NN today NN , , as RB usual JJ , , but CC the DT sale NN will MD settle VB tomorrow NN instead RB of IN Thursday NNP . . By IN moving VBG the DT settlement NN date NN ahead RB , , the DT Treasury NNP can MD raise VB money NN under IN the DT $ $ 2.87 CD trillion CD debt NN ceiling NN that WDT is VBZ in IN effect NN through IN tomorrow NN , , after IN which WDT it PRP reverts VBZ to TO $ $ 2.8 CD trillion CD . . The DT market NN also RB was VBD hurt VBN by IN rumors NNS that IN Nippon NNP Kangyo NNP Kakumaru NNP , , a DT Japanese JJ brokerage NN firm NN , , was VBD unloading VBG some DT of IN the DT 30-year JJ bonds NNS it PRP recently RB purchased VBD . . One CD dealer NN said VBD the DT talk NN was VBD that IN the DT firm NN sold VBD about RB $ $ 500 CD million CD of IN bellwether JJ 30-year JJ bonds NNS . . The DT firm NN is VBZ thought VBN to TO have VB purchased VBN up IN to TO $ $ 3 CD billion CD of IN 30-year JJ bonds NNS in IN a DT buying JJ spree NN on IN Wednesday NNP and CC the DT previous JJ Thursday NNP . . Dealers NNS say VBP the DT firm NN apparently RB has VBZ wanted VBN to TO publicize VB its PRP$ recent JJ buying NN and CC subsequent JJ selling NN of IN 30-year JJ bonds NNS by IN using VBG Cantor NNP Fitzgerald NNP Securities NNP Corp. NNP as IN a DT broker NN . . Cantor NNP provides VBZ price NN quotes NNS to TO Telerate NNP Systems NNP Inc. NNP , , a DT widely RB used VBN electronic JJ system NN . . Nippon NNP Kangyo NNP 's POS moves NNS puzzled VBD traders NNS and CC created VBN confusion NN among IN potential JJ investors NNS , , many DT of IN whom WP decided VBD to TO stay VB out IN of IN the DT market NN . . As IN a DT result NN of IN its PRP$ large-scale JJ buying NN , , some DT analysts NNS now RB say VBP that DT liquidity NN , , or CC the DT ability NN to TO easily RB buy VB and CC sell VB , , has VBZ been VBN constrained VBN in IN the DT benchmark JJ Treasury NNP bond NN issue NN . . In IN other JJ markets NNS : : -- : The DT junk NN bonds NNS of IN RJR NNP Nabisco NNP Inc. NNP rallied VBD Friday NNP on IN news NN that IN the DT company NN is VBZ selling VBG its PRP$ candy NN bar NN brands NNS to TO Nestle NNP Foods NNP Corp. NNP for IN $ $ 370 CD million CD . . The DT sale NN price NN , , which WDT was VBD above IN Wall NNP Street NNP expectations NNS , , sent VBD many JJ RJR NNP securities NNS up RB by IN one CD point NN . . `` `` It PRP shows VBZ that IN there EX are VBP buyers NNS of IN high-quality JJ assets NNS at IN high JJ prices NNS in IN today NN 's POS market NN , , '' '' said VBD Robert NNP Long NNP , , managing NN director NN and CC head NN of IN the DT high-yield JJ research NN department NN at IN First NNP Boston NNP Corp NNP . . Many JJ of IN the DT RJR NNP securities NNS , , which WDT had VBD been VBN trading VBG near IN their PRP$ 52-week JJ lows NNS earlier RBR in IN the DT session NN , , bounced VBD back RP after IN the DT company NN 's POS announcement NN that IN it PRP agreed VBD to TO sell VB its PRP$ Baby NNP Ruth NNP , , Butterfinger NNP and CC Pearson NNP candy NN businesses NNS to TO Nestle NNP Foods NNP , , a DT unit NN of IN the DT Swiss-based JJ food NN concern NN . . The DT sale NN , , expected VBN to TO close VB before IN the DT end NN of IN the DT year NN , , also RB includes VBZ a DT manufacturing NN plant NN in IN Franklin NNP Park NNP , , Ill NNP . . RJR NNP 's POS subordinated JJ discount NN debentures NNS of IN 2001 CD , , which WDT traded VBD as RB low JJ as IN 45 CD Friday NNP , , finished VBD the DT day NN at IN 46 CD 7\/8 CD . . Other JJ RJR NNP securities NNS also RB closed VBD higher JJR . . RJR NNP Holdings NNP Capital NNP Corp. NNP 's POS 14.7 CD % NN convertible JJ pay-in-kind JJ securities NNS maturing VBG in IN 2009 CD closed VBD 1\/2 CD higher JJR at IN 86 CD 1\/2 CD after IN trading VBG as RB low JJ as IN 85 CD 1\/4 CD . . Most RBS other JJ junk NN bond NN issues NNS finished VBD a DT quarter-point NN lower JJR on IN rumors NNS that IN Campeau NNP Corp. NNP was VBD filing VBG for IN protection NN from IN creditors NNS under IN Chapter NN 11 CD of IN the DT Bankruptcy NNP Code NNP . . A DT spokesman NN for IN Campeau NNP called VBD the DT rumors NNS `` `` ridiculous JJ . . '' '' Most JJS investment-grade JJ bonds NNS fell VBD 3\/8 CD to TO 1\/2 CD point NN . . -- : Mortgage NN securities NNS fell VBD 7\/32 CD to TO 8\/32 CD but CC held VBD up RP better RBR than IN intermediate JJ Treasurys NNPS . . Dealers NNS said VBD some DT defensive JJ investors NNS were VBD buyers NNS of IN mortgages NNS , , as IN were VBD dealers NNS seeking VBG collateral NN for IN REMICs NNS priced VBN earlier RBR last JJ week NN . . Among IN major JJ issues NNS , , Government NNP National NNP Mortgage NNP Association NNP 9 CD % NN securities NNS for IN November NNP delivery NN ended VBD at IN 98 CD 12\/32 CD , , down RB 8\/32 CD point NN for IN a DT yield NN of IN about RB 9.35 CD % NN to TO a DT 12-year JJ average JJ life NN assumption NN . . The DT premium NN the DT elderly JJ pay NN for IN coverage NN of IN doctor NN 's POS bills NNS under IN Part NNP B NNP of IN the DT Medicare NNP health NN insurance NN plan NN will MD rise VB to TO $ $ 29 CD a DT month NN in IN 1990 CD from IN $ $ 27.90 CD , , the DT Department NNP of IN Health NNP and CC Human NNP Services NNP said VBD . . In IN addition NN , , a DT second JJ Part NNP B NNP premium NN to TO cover VB the DT cost NN of IN the DT new JJ program NN of IN insurance NN against IN catastrophic JJ illness NN will MD rise VB to TO $ $ 4.90 CD a DT month NN from IN $ $ 4 CD , , if IN Congress NNP does VBZ n't RB change VB the DT program NN . . The DT House NNP has VBZ voted VBN to TO repeal VB most JJS of IN the DT Catastrophic NNP Coverage NNP Act NNP of IN 1988 CD , , however RB , , which WDT would MD end VB the DT monthly JJ catastrophic-care NN premium NN , , as RB well RB as IN an DT unpopular JJ income NN surtax NN paid VBN by IN about RB 40 CD % NN of IN the DT wealthier JJR Medicare NNP beneficiaries NNS . . Under IN a DT less-sweeping JJ Senate NNP plan NN , , the DT catastrophic-care NN monthly JJ premium NN would MD continue VB , , rising VBG to TO $ $ 4.90 CD next JJ year NN , , but CC the DT surtax NN would MD be VB abolished VBN . . Medicare NNP Part NNP B NNP pays VBZ 80 CD % NN of IN a DT beneficiary NN 's POS allowable JJ doctor NN 's POS bills NNS after IN an DT annual JJ deductible JJ of IN $ $ 75 CD . . The DT Catastrophic NNP Coverage NNP Act NNP would MD add VB a DT stop-loss JJ provision NN next JJ year NN to TO limit VB the DT maximum JJ beneficiaries NNS must MD pay VB for IN doctors NNS . . Both CC the DT House NNP and CC Senate NNP bills NNS to TO reduce VB the DT cost NN and CC coverage NN of IN the DT catastrophic-care NN plan NN would MD eliminate VB the DT cap NN on IN doctor NN 's POS bills NNS . . If IN the DT House NNP prevails VBZ in IN its PRP$ efforts NNS to TO kill VB the DT catastrophic-care NN plan NN , , the DT monthly JJ Part NNP B NNP premium NN will MD be VB $ $ 29 CD next JJ year NN . . If IN the DT Senate NNP plan NN prevails VBZ , , the DT premium NN will MD be VB $ $ 33.90 CD , , with IN the DT additional JJ $ $ 4.90 CD going VBG to TO pay VB for IN expanded JJ hospital NN coverage NN under IN Part NNP A NNP of IN Medicare NNP . . Most JJS of IN Part NNP A NNP 's POS costs NNS are VBP paid VBN by IN a DT payroll NN tax NN on IN workers NNS and CC employers NNS . . Lockheed NNP Corp. NNP said VBD it PRP will MD trim VB its PRP$ Aeronautical NNP Systems NNP work NN force NN in IN California NNP and CC Georgia NNP by IN several JJ hundred CD workers NNS , , reflecting VBG the DT defense NN industry NN 's POS decline NN . . The DT Lockheed NNP unit NN has VBZ 24,000 CD workers NNS ; : it PRP expects VBZ to TO make VB the DT cuts NNS through IN a DT combination NN of IN furloughs NNS , , attrition NN and CC retirements NNS . . The DT reductions NNS should MD be VB complete JJ by IN the DT end NN of IN the DT year NN , , a DT spokesman NN said VBD , , adding VBG that IN the DT exact JJ number NN to TO be VB cut VBN has VBZ n't RB been VBN determined VBN . . Lockheed NNP reported VBD a DT $ $ 32 CD million CD third-quarter JJ net JJ loss NN , , largely RB because IN of IN cost NN overruns NNS on IN fixed-price JJ military JJ contracts NNS . . Noting VBG that IN other JJ defense NN contractors NNS are VBP complaining VBG of IN losses NNS on IN such JJ contracts NNS , , analysts NNS say VBP taxpayers NNS have VBP been VBN getting VBG illusionary JJ bargains NNS on IN weapons NNS systems NNS in IN recent JJ years NNS . . Defense NN contractors NNS `` `` can MD not RB continue VB to TO get VB contracts NNS on IN that DT basis NN , , '' '' said VBD Howard NNP Rubel NNP , , an DT analyst NN with IN C.J. NNP Lawrence NNP , , Morgan NNP Grenfell NNP Inc. NNP in IN New NNP York NNP . . `` `` The DT pain NN is VBZ too RB great JJ . . Jim NNP Pattison NNP Industries NNP Ltd. NNP , , one CD of IN a DT group NN of IN closely RB held VBN companies NNS owned VBN by IN entrepreneur NN James NNP Pattison NNP , , said VBD it PRP `` `` intends VBZ to TO seek VB control NN '' '' of IN 30%-owned JJ Innopac NNP Inc. NNP , , a DT Toronto NNP packaging NN concern NN . . Jim NNP Pattison NNP Industries NNP , , a DT holding VBG company NN with IN annual JJ sales NNS of IN about RB C$ $ 1.9 CD billion CD , , largely RB from IN car NN dealerships NNS and CC grocery NN stores NNS , , did VBD n't RB elaborate VB on IN the DT statement NN , , and CC a DT company NN official NN declined VBD further JJ comment NN . . The DT company NN said VBD it PRP currently RB holds VBZ about RB 4.2 CD million CD of IN Innopac NNP 's POS 13.8 CD million CD common JJ shares NNS outstanding JJ , , which WDT have VBP an DT aggregate JJ market NN value NN of IN about RB 137.8 CD million CD Canadian JJ dollars NNS ( ( US$ $ 117.3 CD million CD ) ) . . Separately NNP , , Innopac NNP reported VBD a DT fourth-quarter JJ loss NN of IN about RB C$ $ 2.6 CD million CD , , or CC 18 CD Canadian JJ cents NNS a DT share NN , , reflecting VBG inventory NN write-downs NNS . . The DT results NNS made VBD net JJ income NN for IN the DT year NN ended VBN Aug. NNP 31 CD C$ $ 2.7 CD million CD , , or CC 20 CD Canadian JJ cents NNS a DT share NN , , down RB from IN C$ $ 9.7 CD million CD , , or CC 70 CD Canadian JJ cents NNS a DT share NN last JJ year NN . . Revenue NN was VBD C$ $ 291.6 CD million CD , , up RB from IN C$ $ 252 CD million CD in IN 1988 CD . . Martin NNP Fabi NNP , , Innopac NNP 's POS president NN and CC chief JJ executive NN , , said VBD Innopac NNP viewed VBD Mr. NNP Pattison NNP 's POS decision NN to TO seek VB control NN as IN a DT `` `` very RB positive JJ '' '' move NN . . `` `` I PRP 'm VBP happy JJ that IN he PRP feels VBZ positively RB about IN our PRP$ company NN , , '' '' he PRP said VBD . . Mr. NNP Fabi NNP would MD n't RB say VB directly RB whether IN Mr. NNP Pattison NNP has VBZ disclosed VBN potential JJ terms NNS for IN his PRP$ planned JJ bid NN for IN control NN . . Among IN other JJ things NNS , , Innopac NNP is VBZ involved VBN in IN recycling VBG polystyrene NN foam NN products NNS that WDT are VBP often RB used VBN by IN fast JJ food NN chains NNS , , such JJ as IN McDonald NNP 's VBZ Corp. NNP , , for IN food NN packaging NN . . A DT joint JJ venture NN involving VBG units NNS of IN Innopac NNP and CC Mobil NNP Corp. NNP earlier RBR this DT year NN opened VBD the DT first JJ U.S. NNP polystyrene NN recycling NN plant NN , , in IN Leominster NNP , , Mass NNP . . PROGRAM NN TRADING NN is VBZ being VBG curbed VBN by IN more JJR securities NNS firms NNS , , but CC big JJ institutional JJ investors NNS are VBP expected VBN to TO continue VB the DT practice NN , , further RB roiling VBG the DT stock NN market NN . . Bowing VBG to TO criticism NN , , Bear NNP Stearns NNP , , Morgan NNP Stanley NNP and CC Oppenheimer NNP joined VBD PaineWebber NNP in IN suspending VBG stock-index JJ arbitrage NN trading NN for IN their PRP$ own JJ accounts NNS . . Still RB , , stock-index JJ funds NNS are VBP expected VBN to TO continue VB launching VBG big JJ programs NNS through IN the DT market NN . . Several JJ Big NNP Board NNP firms NNS are VBP organizing VBG to TO complain VB about IN program NN trading NN and CC the DT exchange NN 's POS role NN in IN it PRP . . The DT effort NN is VBZ being VBG led VBN by IN Contel NNP . . Personal JJ spending NN rose VBD 0.2 CD % NN in IN September NNP , , the DT smallest JJS gain NN in IN a DT year NN . . The DT slowdown NN raises VBZ questions NNS about IN the DT economy NN 's POS strength NN because IN spending NN fueled VBD much JJ of IN the DT third-quarter JJ GNP NNP growth NN . . Meanwhile RB , , personal JJ income NN edged VBD up RB 0.3 CD % NN . . Factory NN owners NNS are VBP buying VBG new JJ machinery NN at IN a DT healthy JJ rate NN this DT fall NN , , machine-tool JJ makers NNS say VBP . . But CC weak JJ car NN sales NNS raise VBP questions NNS about IN future JJ demand NN from IN the DT auto NN sector NN . . Southern NNP 's POS Gulf NNP Power NNP unit NN may MD plead VB guilty JJ this DT week NN to TO charges NNS it PRP illegally RB steered VBD company NN money NN to TO politicians NNS through IN third JJ parties NNS . . The DT tentative JJ pact NN would MD resolve VB part NN of IN a DT broad JJ investigation NN of IN the DT Atlanta-based JJ company NN in IN the DT past JJ year NN . . LIN NNP Broadcasting NNP and CC BellSouth NNP sweetened VBD their PRP$ plan NN to TO merge VB cellular JJ phone NN operations NNS , , offering VBG LIN NNP holders NNS a DT special JJ $ $ 42-a-share JJ payout NN . . But CC the DT new JJ pact NN will MD force VB huge JJ debt NN on IN the DT new JJ firm NN and CC could MD still RB fail VB to TO thwart VB rival JJ suitor NN McCaw NNP Cellular NNP . . Unisys NNP posted VBD a DT $ $ 648.2 CD million CD loss NN for IN the DT third JJ quarter NN as IN it PRP moved VBD quickly RB to TO take VB write-offs NNS for IN various JJ problems NNS and CC prepare VB for IN a DT turnaround NN . . But CC some DT analysts NNS wonder VBP how WRB strong JJ the DT recovery NN will MD be VB . . RJR NNP Nabisco NNP agreed VBD to TO sell VB three CD candy NN businesses NNS to TO Nestle NNP for IN $ $ 370 CD million CD . . The DT accord NN helps VBZ RJR NNP pay NN off RP debt NN and CC boosts VBZ Nestle NNP 's POS 7 CD % NN share NN of IN the DT U.S. NNP candy NN market NN to TO 12 CD % NN . . GM NNP and CC Ford NNP are VBP expected VBN to TO go VB head NN to TO head NN in IN the DT markets NNS to TO buy VB up RP rival JJ 15 CD % NN stakes NNS in IN Jaguar NNP . . GM NNP confirmed VBD it PRP received VBD U.S. NNP antitrust JJ clearance NN to TO boost VB its PRP$ holding NN . . Sansui NNP Electric NNP agreed VBD to TO sell VB a DT 51 CD % NN stake NN to TO Polly NNP Peck NNP of IN Britain NNP for IN $ $ 110 CD million CD . . Still RB , , analysts NNS said VBD the DT accord NN does VBZ n't RB suggest VB Japan NNP is VBZ opening VBG up RP to TO more JJR foreign JJ takeovers NNS . . Kellogg NNP suspended VBD work NN on IN a DT $ $ 1 CD billion CD cereal NN plant NN , , indicating VBG a DT pessimistic JJ outlook NN by IN the DT cereal NN maker NN , , which WDT has VBZ been VBN losing VBG market NN share NN . . Insurers NNS could MD see VB claims NNS totaling VBG nearly RB $ $ 1 CD billion CD from IN the DT San NNP Francisco NNP earthquake NN , , far RB less JJR than IN the DT $ $ 4 CD billion CD from IN Hurricane NNP Hugo NNP . . Nashua NNP strengthened VBD its PRP$ poison-pill JJ plan NN after IN announcing VBG a DT Dutch JJ firm NN is VBZ seeking VBG to TO buy VB up RP to TO 25 CD % NN of IN the DT New NNP Hampshire NNP copier NN company NN . . Mobil NNP is VBZ cutting VBG back RP its PRP$ U.S. NNP oil NN and CC gas NN exploration NN and CC production NN group NN by IN up IN to TO 15 CD % NN as IN part NN of IN a DT restructuring NN of IN the DT business NN . . Markets NNS -- : Stocks NNS : : Volume NN 170,330,000 CD shares NNS . . Dow NNP Jones NNP industrials NNS 2596.72 CD , , off IN 17.01 CD ; : transportation NN 1190.43 CD , , off RB 14.76 CD ; : utilities NNS 215.86 CD , , up RB 0.19 CD . . Bonds NNS : : Shearson NNP Lehman NNP Hutton NNP Treasury NNP index NN 3406.31 CD , , off RB Commodities NNS : : Dow NNP Jones NNP futures NNS index NN 129.49 CD , , up RB 0.27 CD ; : spot NN index NN 130.80 CD , , off RB 0.24 CD . . Dollar NN : : 141.65 CD yen NNS , , off RB 0.45 CD ; : 1.8300 CD marks NNS , , off RB 0.0100 CD . . ( ( During IN its PRP$ centennial NN year NN , , The DT Wall NNP Street NNP Journal NNP will MD report VB events NNS of IN the DT past JJ century NN that WDT stand VBP as IN milestones NNS of IN American JJ business NN history NN . . ) ) Thomas NNP Jefferson NNP sold VBD Congress NNP on IN the DT idea NN of IN the DT decimal JJ system NN for IN currency NN , , thus RB saving VBG Americans NNPS the DT headaches NNS of IN pounds NNS , , shillings NNS and CC pence NNS . . But CC he PRP struck VBD out RP with IN the DT decimal JJ system NN of IN metric JJ weights NNS and CC measures VBZ the DT French NNP had VBD invented VBN . . Instead RB , , Congress NNP opted VBD for IN the DT inches NNS , , feet NNS and CC yards NNS the DT colonists NNS had VBD brought VBN with IN them PRP . . Americans NNPS did VBD n't RB dislike VB metrics NNS ; : they PRP simply RB ignored VBD them PRP . . Scientists NNS felt VBD differently RB . . In IN 1807 CD , , the DT Swiss JJ mathematician NN who WP headed VBD the DT U.S. NNP Coast NNP and CC Geodetic NNP Survey NNP made VBD an DT `` `` iron NN meter NN '' '' that WDT he PRP had VBD brought VBN from IN Europe NNP the DT standard NN of IN measure NN . . By IN the DT end NN of IN the DT century NN scientists NNS had VBD embraced VBN the DT system NN . . Businessmen NNS took VBD their PRP$ cue NN from IN the DT engineers NNS . . When WRB Congress NNP finally RB passed VBD the DT Metric NNP Conversion NNP Act NNP in IN 1975 CD , , industry NN was VBD far RB ahead RB . . Because IN the DT law NN made VBD compliance NN voluntary JJ , , it PRP inspired VBD little JJ more JJR than IN jokes NNS . . ( ( The DT press NN had VBD a DT field NN day NN with IN questions NNS about IN what WP would MD happen VB to TO `` `` six-footer NN , , '' '' `` `` yardstick NN '' '' and CC `` `` inchworm NN . . '' '' ) ) Today NN , , though IN the DT public NN is VBZ barely RB aware JJ , , much JJ of IN U.S. NNP industry NN , , particularly RB companies NNS manufacturing VBG or CC selling VBG overseas RB , , have VB made VBN metrics NNS routine JJ . . General NNP Motors NNP , , for IN example NN , , uses VBZ metric JJ terms NNS for IN its PRP$ automobile NN bodies NNS and CC power NN trains NNS . . ( ( In IN auto NN advertising NN , , however RB , , items NNS such JJ as IN wheelbases NNS are VBP still RB described VBN in IN inches NNS . . ) ) Farm-machine NN makers NNS such JJ as IN Caterpillar NNP and CC Deere NNP work VBP in IN the DT metric JJ system NN . . The DT liquor NN industry NN went VBD metric JJ 10 CD years NNS ago RB . . The DT Pentagon NNP has VBZ led VBN the DT charge NN , , particularly RB as IN military JJ alliances NNS spread VBD world-wide RB . . New JJ weapons NNS systems NNS will MD be VB around RB until IN the DT next JJ century NN , , notes VBZ John NNP Tascher NNP , , the DT Defense NNP Department NNP 's POS metric JJ coordinator NN . . Still RB , , like IN the DT auto NN makers NNS , , when WRB dealing VBG with IN Mr. NNP Everyman NNP the DT Pentagon NNP sticks NNS to TO the DT tried JJ and CC true JJ . . Soldiers NNS and CC sailors NNS are VBP still RB measured VBN in IN inches NNS and CC pounds NNS . . Whittle NNP Communications NNP L.P. NNP , , which WDT for IN months NNS has VBZ fought VBN a DT public JJ relations NNS battle NN with IN education NN leaders NNS , , said VBD it PRP has VBZ signed VBN 500 CD schools NNS in IN 24 CD states NNS to TO subscribe VB to TO the DT controversial JJ Channel NNP One CD news NN program NN and CC its PRP$ sister JJ programs NNS . . Channel NNP One CD , , a DT satellite-delivered JJ daily JJ program NN supported VBN by IN advertising NN , , is VBZ scheduled VBN to TO be VB launched VBN next IN March NNP . . Whittle NN said VBD its PRP$ field NN staff NN signed VBD up RP the DT 500 CD schools NNS in IN 238 CD school NN districts NNS after IN only RB eight CD weeks NNS and CC company NN executives NNS now RB expect VBP to TO reach VB their PRP$ start-up JJ goal NN of IN 1,000 CD schools NNS before IN the DT end NN of IN this DT year NN . . Christopher NNP Whittle NNP , , chairman NN of IN the DT Knoxville NNP , , Tenn. NNP , , media NNS company NN that WDT is VBZ 50 CD % NN owned VBN by IN Time NN Warner NNP Inc. NNP , , said VBD that IN by IN December NNP 1990 CD he PRP expects VBZ to TO have VB Channel NNP One CD installed VBN in IN about RB 8,000 CD schools NNS with IN a DT potential JJ audience NN of IN six CD million CD . . Installation NN of IN the DT TV NN system NN , , which WDT includes VBZ providing VBG free JJ 19-inch JJ TV NN sets NNS in IN classrooms NNS , , begins VBZ in IN January NNP . . `` `` What WP we PRP 've VBP done VBN in IN eight CD weeks NNS shows VBZ we PRP wo MD n't RB have VB enormous JJ difficulties NNS getting VBG to TO the DT place NN we PRP want VBP to TO be VB , , '' '' said VBD Mr. NNP Whittle NNP . . He PRP said VBD his PRP$ sales NNS force NN is VBZ signing VBG up RP schools NNS at IN the DT rate NN of IN 25 CD a DT day NN . . In IN California NNP and CC New NNP York NNP , , state NN officials NNS have VBP opposed VBN Channel NNP One CD . . Mr. NNP Whittle NNP said VBD private JJ and CC parochial JJ schools NNS in IN both DT states NNS will MD be VB canvassed VBN to TO see VB if IN they PRP are VBP interested JJ in IN getting VBG the DT programs NNS . . Subscribing VBG schools NNS get VBP the DT 12-minute JJ daily JJ Channel NNP One CD news NN program NN , , whose WP$ four CD 30-second JJ TV NN ads NNS during IN each DT show NN have VBP drawn VBN protests NNS from IN educators NNS . . Subscribers NNS also RB get VBP the DT Classroom NNP Channel NNP , , which WDT will MD feature VB ad-free JJ educational JJ programming NN similar JJ to TO some DT public-TV NN shows NNS , , and CC the DT Educator NNP 's POS Channel NNP , , which WDT will MD offer VB instructional JJ programming NN for IN teachers NNS and CC school NN administrators NNS and CC will MD be VB supported VBN by IN advertising NN . . Whittle NNP has VBZ met VBN some DT resistance NN . . The DT Educational NNP Network NNP , , as IN Mr. NNP Whittle NNP has VBZ named VBN the DT three CD programs NNS , , has VBZ been VBN offered VBN to TO 1,290 CD school NN districts NNS and CC Whittle NNP continues VBZ to TO negotiate VB with IN 919 CD districts NNS . . About RB 10 CD % NN of IN the DT school NN districts NNS approached VBN have VBP rejected VBN the DT network NN . . Mr. NNP Whittle NNP said VBD that IN so RB far RB , , three CD of IN the DT six CD schools NNS that WDT carried VBD the DT program NN in IN a DT five-week JJ test NN last JJ spring NN have VBP subscribed VBN to TO the DT program NN . . One CD of IN the DT test NN schools NNS , , Withrow NNP High NNP School NNP in IN Cincinnati NNP , , rejected VBD the DT project NN . . John NNP Bruner NNP , , associate JJ director NN of IN communications NNS for IN Cincinnati NNP Public NNP Schools NNP , , said VBD Channel NNP One NN was VBD rejected VBN because IN students NNS watching VBG the DT program NN did VBD n't RB fare NN particularly RB better RBR on IN a DT 28-question JJ current JJ events NNS quiz NN than IN a DT control JJ school NN without IN the DT program NN and CC school NN absences NNS were VBD almost RB unchanged JJ during IN the DT period NN when WRB the DT program NN was VBD being VBG aired VBN . . `` `` The DT number NN of IN correct JJ responses NNS was VBD 45 CD % NN on IN the DT test NN and CC school NN absences NNS did VBD n't RB change NN much RB , , '' '' said VBD Mr. NNP Bruner NNP . . `` `` The DT pilot JJ program NN was VBD received VBN well RB ( ( by IN teachers NNS and CC students NNS ) ) , , but CC there RB was VBD n't RB reason NN enough JJ to TO sign VB up RP . . We PRP even RB invited VBD the DT public NN to TO stop VB by RP and CC see VB the DT program NN , , but CC there RB was VBD n't RB much JJ interest NN . . '' '' Advertisers NNS are VBP showing VBG interest NN . . Last JJ month NN , , Whittle NNP announced VBD it PRP had VBD sold VBN $ $ 150 CD million CD in IN advertising NN time NN on IN the DT network NN to TO national JJ advertisers NNS . . Mr. NNP Whittle NNP Friday NNP said VBD several JJ more JJR advertisers NNS have VBP been VBN added VBN . . Whittle NNP is VBZ spending VBG $ $ 150 CD million CD initially RB to TO launch VB the DT network NN . . Installation NN of IN satellite NN dishes NNS , , TVs NNS and CC videocassette NN equipment NN will MD cost VB the DT company NN about RB $ $ 20,000 CD per IN school NN , , Mr. NNP Whittle NNP said VBD . . The DT following JJ U.S. NNP Treasury NNP , , corporate JJ and CC municipal JJ offerings NNS are VBP tentatively RB scheduled VBN for IN sale NN this DT week NN , , according VBG to TO Dow NNP Jones NNP Capital NNP Markets NNP Report NNP : : $ $ 15.6 CD billion CD of IN three-month JJ and CC six-month JJ bills NNS . . $ $ 2 CD billion CD of IN 51-day JJ cash NN management NN bills NNS . . Associated NNP Natural NNP Gas NNP Corp. NNP -- : 1.4 CD million CD common JJ shares NNS , , via IN Dillon NNP Read NNP & CC Co NNP . . B NNP & CC H NNP Crude NNP Carriers NNP Ltd. NNP -- : Four CD million CD common JJ shares NNS , , via IN Salomon NNP Brothers NNP Inc NNP . . Chemical NNP Banking NNP Corp. NNP -- : 14 CD million CD common JJ shares NNS , , via IN Goldman NNP , , Sachs NNP & CC Co NNP . . Chemex NNP Pharmaceuticals NNP Inc. NNP -- : 1.2 CD million CD units NNS consisting VBG of IN two CD shares NNS of IN common JJ stock NN and CC one CD common JJ warrant NN , , via IN PaineWebber NNP Inc NNP . . Comcast NNP Corp. NNP -- : $ $ 150 CD million CD convertible JJ debentures NNS , , via IN Merrill NNP Lynch NNP Capital NNP Markets NNP . . Energy NNP Service NNP Co. NNP -- : 9.5 CD million CD common JJ shares NNS , , via IN Alex NNP . . Brown NNP & CC Sons NNP Inc NNP . . Harmonia NNP Bancorp NNP Inc. NNP -- : 4,750,000 CD common JJ shares NNS , , via IN Shearson NNP Lehman NNP Hutton NNP Inc NNP . . Healthsource NNP Inc. NNP -- : Two CD million CD common JJ shares NNS , , via IN Kidder NNP , , Peabody NNP & CC Co NNP . . Immune NNP Response NNP Corp. NNP -- : Three CD million CD common JJ shares NNS , , via IN Merrill NNP Lynch NNP . . Marsam NNP Pharmaceuticals NNP Inc. NNP -- : 1.3 CD million CD common JJ shares NNS , , via IN Smith NNP Barney NNP Harris NNP Upham NNP & CC Co NNP . . Potash NNP Corp. NNP of IN Saskatchewan NNP Inc. NNP -- : 13 CD million CD common JJ shares NNS , , via IN Merrill NNP Lynch NNP . . Municipal JJ New NNP Jersey NNP Wastewater NNP Treatment NNP Trust NNP -- : $ $ 75,075,000 CD of IN various JJ bonds NNS , , including VBG $ $ 40.86 CD million CD Wastewater NNP Treatment NNP insured JJ bonds NNS , , Series NNP 1989A NNP , , and CC $ $ 34,215,000 CD Wastewater NNP Treatment NNP bonds NNS , , Series NNP 1989B NNP , , via IN competitive JJ bid NN . . Eastern NNP Municipal NNP Water NNP District NNP , , Calif. NNP -- : $ $ 56,565,000 CD of IN 1989 CD certificates NNS of IN participation NN ( ( treatment NN plant NN projects NNS ) ) , , via IN competitive JJ bid NN . . California NNP Health NNP Facilities NNP Financing NNP Authority NNP -- : $ $ 114 CD million CD of IN health NN facility NN revenue NN bonds NNS ( ( Catholic NNP Healthcare NNP West NNP ) ) , , Series NNP 1989A NNP , , via IN a DT First NNP Boston NNP Corp. NNP group NN . . Detroit NNP -- : $ $ 130 CD million CD of IN distributable JJ state NN aid NN bonds NNS , , via IN a DT Chemical NNP Securities NNP Inc. NNP group NN . . Maryland NNP Community NNP Development NNP Administration NNP , , Department NNP of IN Housing NNP and CC Community NNP Development NNP -- : $ $ 80 CD million CD of IN single-family JJ program NN bonds NNS , , 1989 CD 4th JJ and CC 5th JJ Series NN , , via IN a DT Merrill NNP Lynch NNP group NN . . Matagorda NNP County NNP Navigation NNP District NNP No. NN 1 CD , , Texas NNP -- : $ $ 70,315,000 CD of IN pollution NN control NN revenue NN Alternative NNP Minimum NNP Tax NNP ( ( AMT NNP ) ) bonds NNS ( ( South NNP Texas NNP Project NNP Units NNP No. VB 1 CD and CC 2 CD ) ) , , via IN a DT Goldman NNP Sachs NNP group NN . . New NNP York NNP City NNP -- : $ $ 786,860,000 CD of IN bonds NNS , , Fiscal NN 1990 CD Series NNP C NNP and CC D NNP , , including VBG $ $ 729.04 CD million CD tax-exempt JJ bonds NNS and CC $ $ 57.82 CD million CD taxable JJ bonds NNS , , via IN a DT Goldman NNP Sachs NNP group NN . . Santa NNP Ana NNP Redevelopment NNP Agency NNP -- : $ $ 107 CD million CD of IN tax NN allocation NN bonds NNS , , 1989 CD Series NNP A-D NNP , , via IN a DT Donaldson NNP Lufkin NNP & CC Jenrette NNP Securities NNP Corp. NNP group NN . . Pending NNP Shelby NNP County NNP , , Tenn. NNP -- : $ $ 80 CD million CD of IN refunding VBG bonds NNS , , Series NNP 1989 CD , , via IN a DT First NNP Tennessee NNP Bank NNP group NN . . Hewlett-Packard NNP Co. NNP said VBD it PRP raised VBD its PRP$ stake NN in IN Octel NNP Communications NNP Corp. NNP to TO 8.5 CD % NN of IN the DT common JJ shares NNS outstanding JJ . . In IN a DT Securities NNP and CC Exchange NNP Commission NNP filing NN , , Hewlett-Packard NNP said VBD it PRP now RB holds VBZ 1,384,119 CD Octel NN common JJ shares NNS , , including VBG 100,000 CD shares NNS bought VBN from IN Aug. NNP 26 CD to TO Oct. NNP 20 CD for IN $ $ 23.31 CD to TO $ $ 24.25 CD a DT share NN . . Hewlett-Packard NNP , , a DT Palo NNP Alto NNP , , Calif. NNP , , computer NN company NN , , said VBD it PRP acquired VBD the DT stock NN `` `` to TO develop VB and CC maintain VB a DT strategic JJ partnership NN in IN which WDT each DT company NN remains VBZ independent JJ while IN working VBG together RB to TO market VB and CC sell VB their PRP$ products NNS . . '' '' Octel NNP said VBD the DT purchase NN was VBD expected VBN . . Hewlett-Packard NNP affirmed VBD it PRP does VBZ n't RB plan VB to TO obtain VB control NN of IN Octel NNP , , a DT Milpitas NNP , , Calif. NNP , , maker NN of IN voice-processing JJ systems NNS . . According VBG to TO the DT filing NN , , Hewlett-Packard NNP acquired VBD 730,070 CD common JJ shares NNS from IN Octel NNP as IN a DT result NN of IN an DT Aug. NNP 10 CD , , 1988 CD , , stock NN purchase NN agreement NN . . That DT accord NN also RB called VBD for IN Hewlett-Packard NNP to TO buy VB 730,070 CD Octel NNP shares NNS in IN the DT open JJ market NN within IN 18 CD months NNS . . In IN addition NN , , Hewlett-Packard NNP acquired VBD a DT two-year JJ option NN to TO buy VB an DT extra JJ 10 CD % NN , , of IN which WDT half NN may MD be VB sold VBN directly RB to TO Hewlett-Packard NNP by IN Octel NNP . . Following VBG is VBZ a DT weekly JJ listing NN of IN unadited JJ net JJ asset NN values NNS of IN publicly RB traded VBN investment NN fund NN shares NNS , , reported VBN by IN the DT companies NNS as IN of IN Friday NNP 's POS close NN . . Also RB shown VBN is VBZ the DT closing NN listed JJ market NN price NN or CC a DT dealer-to-dealer JJ asked JJ price NN of IN each DT fund NN 's POS shares NNS , , with IN the DT percentage NN of IN difference NN . . Closed JJ End NN Bond NN Funds NNS Flexible JJ Portfolio NN Funds NNS Specialized JJ Equity NN and CC Convertible JJ Funds NNS a SYM - : Ex-dividend NN . . b SYM - : As IN of IN Thursday NNP 's POS close NN . . c SYM - : Translated VBN at IN Commercial NNP Rand NNP exchange NN rate NN . . e SYM - : In IN Canadian JJ dollars NNS . . f SYM - : As IN of IN Wednesday NNP 's POS close NN . . z SYM - : Not RB available JJ . . Wham UH ! . Bam UH ! . Twice RB in IN two CD weeks NNS the DT unraveling NN of IN the DT on-again JJ , , off-again JJ UAL NNP buy-out NN slammed VBD the DT stock NN market NN . . Now RB , , stock NN prices NNS seem VBP to TO be VB in IN a DT general JJ retreat NN . . Since IN peaking VBG at IN 2791.41 CD on IN Oct. NNP 9 CD , , the DT Dow NNP Jones NNP Industrial NNP Average NNP has VBZ lost VBN 194.69 CD points NNS , , or CC 7 CD % NN , , closing VBG Friday NNP at IN 2596.72 CD , , down RB 17.01 CD . . The DT number NN of IN issues NNS falling VBG on IN the DT New NNP York NNP Stock NNP Exchange NNP each DT day NN is VBZ eclipsing VBG the DT number NN of IN gainers NNS . . And CC the DT number NN of IN stocks NNS hitting VBG new JJ lows NNS far RB outstrips VBZ the DT number NN setting VBG new JJ highs NNS . . But CC why WRB should MD an DT iffy JJ $ $ 6.79 CD billion CD leveraged JJ buy-out NN deal NN shake VB the DT foundations NNS of IN the DT entire JJ stock NN market NN ? . Opinions NNS vary VBP about IN how WRB important JJ the DT UAL NNP deal NN was VBD to TO the DT market NN 's POS health NN , , but CC analysts NNS generally RB agree VBP that IN the DT market NN gyrations NNS created VBN as IN the DT UAL NNP plan NN crumbled VBD revealed VBD a DT fundamental JJ change NN in IN investor NN psychology NN . . `` `` If IN this DT had VBD happened VBN a DT few JJ months NNS ago RB when WRB the DT atmosphere NN was VBD still RB very RB positive JJ it PRP would MD n't RB have VB been VBN greeted VBN with IN anything NN like IN the DT impact NN it PRP has VBZ had VBN over IN the DT past JJ two CD weeks NNS , , '' '' says VBZ Dennis NNP Jarrett NNP , , a DT market NN strategist NN at IN Kidder NNP Peabody NNP . . There EX are VBP , , of IN course NN , , analysts NNS who WP view VBP the DT near-panic NN that WDT briefly NN swept VBD through IN investors NNS on IN Oct. NNP 13 CD and CC again RB on IN Oct. NNP 24 CD as IN momentary JJ lapses NNS of IN good JJ judgment NN that WDT have VBP only RB temporarily RB undermined VBN a DT healthy JJ stock NN market NN . . Sure RB , , price NN action NN is VBZ volatile JJ and CC that DT 's VBZ scary JJ , , but CC all-in-all RB stocks NNS are VBP still RB a DT good JJ place NN to TO be VB , , they PRP suggest VBP . . The DT reaction NN to TO the DT UAL NNP debacle NN `` `` is VBZ mindless JJ , , '' '' says VBZ John NNP Connolly NNP , , chief JJ market NN strategist NN at IN Dean NNP Witter NNP . . `` `` UAL NNP is VBZ a DT small JJ deal NN as RB far RB as IN the DT overall JJ market NN is VBZ concerned VBN . . The DT only JJ way NN you PRP can MD make VB it PRP a DT big JJ deal NN is VBZ to TO draw VB linkages NNS that WDT just RB do VBP n't RB make VB sense NN . . '' '' He PRP suggests VBZ , , for IN example NN , , that IN investors NNS may MD have VB assumed VBN that RB just RB because IN UAL NNP could MD n't RB get VB financing NN , , no DT leveraged JJ buy-outs NNS can MD get VB financing NN . . Carried VBN even RB further RBR , , some DT investors NNS assumed VBD that IN since IN leveraged JJ buy-outs NNS are VBP the DT only JJ thing NN propping VBG up RP stock NN prices NNS , , the DT market NN would MD collapse VB if IN no DT more JJR LBOs NNS could MD be VB done VBN . . `` `` There EX will MD still RB be VB deals NNS , , '' '' argues VBZ Mr. NNP Connolly NNP . . `` `` There EX may MD not RB be VB as RB many JJ and CC the DT buyers NNS may MD not RB get VB away RP with IN some DT of IN the DT things NNS they PRP 've VBP done VBN in IN the DT past NN , , but CC deals NNS wo MD n't RB disappear VB . . '' '' He PRP forecasts VBZ that IN the DT emphasis NN in IN mergers NNS and CC acquisitions NNS may MD soon RB return VB to TO what WP he PRP calls VBZ `` `` strategic JJ deals NNS , , in IN which WDT somebody NN is VBZ taking VBG over RP a DT company NN not RB to TO milk VB the DT cash NN flow NN , , but CC because IN it PRP 's VBZ a DT good JJ fit NN . . '' '' And CC even RB without IN deals NNS , , Mr. NNP Connolly NNP figures VBZ the DT market NN would MD remain VB healthy JJ . . He PRP notes VBZ , , for IN instance NN , , that WDT there RB has VBZ n't RB been VBN a DT merger NN or CC acquisition NN among IN the DT 30 CD stocks NNS in IN the DT Dow NNP Jones NNP Industrial NNP Average NNP since IN 1986 CD , , yet CC that DT average NN only RB three CD weeks NNS ago RB hit VBD a DT record JJ high NN . . `` `` Those DT stocks NNS are VBP up RB because IN their PRP$ earnings NNS are VBP up RB and CC their PRP$ dividends NNS are VBP up RB , , '' '' he PRP says VBZ . . Even RB the DT volatility NN created VBN by IN stock NN index NN arbitrage NN and CC other JJ computer-driven JJ trading NN strategies NNS is VBZ n't RB entirely RB bad JJ , , in IN Mr. NNP Connolly NNP 's POS view NN . . For IN the DT long-term JJ investor NN who WP picks VBZ stocks NNS carefully RB , , the DT price NN volatility NN can MD provide VB welcome JJ buying NN opportunities NNS as IN short-term JJ players NNS scramble VBP frantically RB to TO sell VB stocks NNS in IN a DT matter NN of IN minutes NNS . . `` `` Who WP can MD make VB the DT better JJR decision NN , , the DT guy NN who WP has VBZ 10 CD seconds NNS to TO decide VB what WP to TO do VB or CC the DT guy NN with IN all PDT the DT time NN in IN the DT world NN ? . '' '' he PRP says VBZ . . `` `` What WP on IN earth NN does VBZ the DT UAL NNP deal NN have VB to TO do VB with IN the DT price NN of IN Walmart NNP , , which WDT I PRP was VBD able JJ to TO buy VB on IN Oct. NNP 16 CD at IN a DT very RB attractive JJ price NN ? . '' '' Kidder NNP Peabody NNP 's POS Mr. NNP Jarrett NNP also RB sees VBZ some DT benefits NNS to TO the DT stock NN market NN 's POS recent JJ drop NN . . `` `` We PRP 've VBP run VBN into IN a DT market NN that WDT was VBD beginning VBG to TO run VB out RP of IN steam NN and CC get VB frothy JJ , , '' '' he PRP says VBZ . . `` `` The DT balloon NN had VBD been VBN blown VBN up RP so RB big JJ that IN when WRB somebody NN came VBD along RB with IN a DT pin NN -- : in IN this DT case NN the DT UAL NNP deal NN -- : we PRP got VBD a DT little JJ pop NN . . '' '' The DT pop NN sobered VBD up RP investors NNS who WP had VBD been VBN getting VBG a DT little JJ too RB ebullient JJ , , says VBZ Mr. NNP Jarrett NNP . . `` `` It PRP provided VBD an DT excuse NN for IN people NNS to TO get VB back RB to TO reality NN and CC to TO look VB at IN the DT economic JJ data NN , , especially RB the DT third-quarter JJ economic JJ numbers NNS , , and CC to TO realize VB that IN we PRP ca MD n't RB continue VB to TO gloss VB over RP what WP is VBZ going VBG on RP in IN the DT junk NN bond NN market NN . . '' '' But CC he PRP figures VBZ that IN at IN current JJ levels NNS the DT stock NN market NN is VBZ comfortably RB valued VBN , , even RB with IN the DT economy NN obviously RB slowing VBG . . `` `` Just RB because IN we PRP 've VBP got VBN some DT realism NN back RB in IN the DT market NN does VBZ n't RB mean VB it PRP 's VBZ going VBG lower RBR from IN here RB , , '' '' he PRP says VBZ . . `` `` The DT bottom JJ line NN is VBZ that IN it PRP 's VBZ healthy JJ to TO have VB this DT kind NN of IN sideways JJ activity NN , , especially RB after IN a DT 30 CD % NN gain NN in IN stock NN values NNS over IN the DT past JJ 12 CD months NNS . . '' '' He PRP 's VBZ now RB estimating VBG that IN after IN a DT period NN of IN consolidation NN , , the DT Dow NNP Jones NNP Industrial NNP Average NNP will MD once RB again RB forge VB new JJ highs NNS . . Maybe RB , , maybe RB not RB . . Abby NNP Joseph NNP Cohen NNP , , a DT market NN strategist NN at IN Drexel NNP Burnham NNP Lambert NNP , , is VBZ n't RB nearly RB so RB sanguine JJ about IN the DT market NN 's POS chances NNS of IN surging VBG to TO new JJ highs NNS anytime RB soon RB . . Her PRP$ view NN is VBZ that IN stock NN prices NNS have VBP three CD major JJ props NNS : : merger NN and CC buy-out NN proposals NNS , , earnings NNS and CC the DT economic JJ outlook NN . . At IN current JJ levels NNS of IN economic JJ activity NN and CC earnings NNS , , stocks NNS are VBP fairly RB valued VBN , , she PRP says VBZ . . But CC any DT chance NN for IN prices NNS to TO surge VB above IN fair JJ value NN lies VBZ in IN the DT speculation NN that WDT accompanies VBZ a DT vigorous JJ merger NN and CC buy-out NN business NN , , and CC UAL NNP has VBZ obviously RB put VBN a DT damper NN on IN that DT . . `` `` Stocks NNS are VBP n't RB cheap RB anymore RB , , there EX have VBP been VBN some DT judicial JJ and CC legislative JJ changes NNS in IN the DT merger NN area NN and CC all DT of IN this DT changes VBZ the DT arithmetic NN of IN deals NNS , , '' '' she PRP says VBZ . . `` `` I PRP 'm VBP not RB saying VBG they PRP 've VBP stopped VBD altogether RB , , but CC future JJ deals NNS are VBP going VBG to TO be VB structured VBN differently RB and CC bids VBZ probably RB wo MD n't RB be VB as RB high JJ . . '' '' But CC that DT 's VBZ not RB the DT only JJ problem NN for IN stocks NNS . . The DT other JJ two CD props NNS -- : earnings NNS and CC the DT economic JJ outlook NN -- : are VBP troubling JJ , , too RB . . `` `` M&A NN is VBZ getting VBG all PDT the DT headlines NNS right RB now RB , , but CC these DT other JJ things NNS have VBP been VBN building VBG up RP more RBR gradually RB , , '' '' she PRP says VBZ . . Third-quarter JJ earnings NNS have VBP been VBN generally RB disappointing JJ and CC with IN economic JJ data NNS showing VBG a DT clear JJ slowing NN , , the DT outlook NN for IN earnings NNS in IN the DT fourth JJ quarter NN and CC all DT of IN 1990 CD is VBZ getting VBG worse JJR . . `` `` There EX are VBP a DT lot NN more RBR downward JJ than IN upward JJ revisions NNS and CC it PRP looks VBZ like IN people NNS are VBP questioning VBG corporate JJ profits NNS as IN a DT means NN of IN support NN for IN stock NN prices NNS , , '' '' she PRP says VBZ . . With IN all PDT this DT , , can MD stock VB prices NNS hold VB their PRP$ own JJ ? . `` `` The DT question NN is VBZ unanswerable JJ at IN this DT point NN , , '' '' she PRP says VBZ . . `` `` It PRP depends VBZ on IN what WP happens VBZ . . If IN the DT economy NN slips VBZ into IN a DT recession NN , , then RB this DT is VBZ n't RB a DT level NN that WDT 's VBZ going VBG to TO hold VB . . '' '' Friday NNP 's POS Market NN Activity NN Stock NN prices NNS tumbled VBD for IN a DT third JJ consecutive JJ day NN as IN earnings NNS disappointments NNS , , a DT sluggish JJ economy NN and CC a DT fragile JJ junk NN bond NN market NN continued VBD to TO weigh VB on IN investors NNS . . The DT Dow NNP Jones NNP Industrial NNP Average NNP fell VBD 17.01 CD points NNS to TO 2596.72 CD in IN active JJ trading NN . . Volume NN on IN the DT New NNP York NNP Stock NNP Exchange NNP totaled VBD 170,330,000 CD shares NNS . . Declining VBG issues NNS on IN the DT Big NNP Board NNP were VBD far RB ahead RB of IN gainers NNS , , 1,108 CD to TO 416 CD . . For IN the DT week NN the DT Dow NNP Jones NNP Industrial NNP Average NNP sank VBD 92.42 CD points NNS , , or CC 3.4 CD % NN . . Oil NN stocks NNS escaped VBD the DT brunt NN of IN Friday NNP 's POS selling NN and CC several JJ were VBD able JJ to TO post VB gains NNS , , including VBG Chevron NNP , , which WDT rose VBD 5\/8 CD to TO 66 CD 3\/8 CD in IN Big NNP Board NNP composite NN trading NN of IN 2.4 CD million CD shares NNS . . The DT stock NN 's POS advance NN reflected VBD ongoing JJ speculation NN that IN Pennzoil NNP is VBZ accumulating VBG a DT stake NN in IN the DT company NN , , according VBG to TO Dow NNP Jones NNP Professional NNP Investor NNP Report NNP . . Both DT companies NNS declined VBD to TO comment VB on IN the DT rumors NNS , , but CC several JJ industry NN analysts NNS told VBD the DT Professional NNP Investor NNP Report NNP they PRP believed VBD it PRP was VBD plausible JJ that IN Pennzoil NNP may MD be VB buying VBG Chevron NNP shares NNS as IN a DT prelude NN to TO pushing VBG for IN a DT restructuring NN of IN the DT company NN . . USX NNP gained VBD 1\/2 CD to TO 33 CD 3\/8 CD on IN a DT report NN in IN Business NNP Week NNP magazine NN that IN investor NN Carl NNP Icahn NNP is VBZ said VBD to TO have VB raised VBN his PRP$ stake NN in IN the DT oil NN and CC steel NN company NN to TO just RB about RB 15 CD % NN . . Earlier RB this DT month NN , , Mr. NNP Icahn NNP boosted VBD his PRP$ USX NNP stake NN to TO 13.4 CD % NN . . Elsewhere RB in IN the DT oil NN sector NN , , Exxon NNP rallied VBD 7\/8 CD to TO 45 CD 3\/4 CD ; : Amoco NNP rose VBD 1\/8 CD to TO 47 CD ; : Texaco NNP was VBD unchanged JJ at IN 51 CD 3\/4 CD , , and CC Atlantic NNP Richfield NNP fell VBD 1 CD 5\/8 CD to TO 99 CD 1\/2 CD . . Mobil NNP , , which WDT said VBD it PRP plans VBZ to TO cut VB its PRP$ exploration NN and CC production NN work NN force NN by IN about RB 8 CD % NN in IN a DT restructuring NN , , dropped VBD 5\/8 CD to TO 56 CD 1\/8 CD . . The DT precious JJ metals NNS sector NN outgained VBD other JJ Dow NNP Jones NNP industry NN groups NNS by IN a DT wide JJ margin NN for IN the DT second JJ consecutive JJ session NN . . Hecla NNP Mining NNP rose VBD 5\/8 CD to TO 14 CD ; : Battle NNP Mountain NNP Gold NNP climbed VBD 3\/4 CD to TO 16 CD 3\/4 CD ; : Homestake NNP Mining NNP rose VBD 1 CD 1\/8 CD to TO 16 CD 7\/8 CD ; : Lac NNP Minerals NNP added VBD 5\/8 CD to TO 11 CD ; : Placer NNP Dome NNP went VBD up RB 7\/8 CD to TO 16 CD 3\/4 CD , , and CC ASA NNP Ltd. NNP jumped VBD 3 CD 5\/8 CD to TO 49 CD 5\/8 CD . . Gold NNP mining NN stocks NNS traded VBN on IN the DT American NNP Stock NNP Exchange NNP also RB showed VBD strength NN . . Echo NNP Bay NNP Mines NNP rose VBD 5\/8 CD to TO 15 CD 7\/8 CD ; : Pegasus NNP Gold NNP advanced VBD 1 CD 1\/2 CD to TO 12 CD , , and CC Corona NNP Class NNP A NNP gained VBD 1\/2 CD to TO 7 CD 1\/2 CD . . Unisys NNP dropped VBD 3\/4 CD to TO 16 CD 1\/4 CD after IN posting VBG a DT third-quarter JJ loss NN of IN $ $ 4.25 CD a DT share NN , , including VBG restructuring NN charges NNS , , but CC other JJ important JJ technology NN issues NNS were VBD mixed JJ . . Compaq NNP Computer NNP , , which WDT had VBD lost VBN 8 CD 5\/8 CD Thursday NNP following VBG a DT disappointing JJ quarterly JJ report NN , , gained VBD 5\/8 CD to TO 100 CD 5\/8 CD . . International NNP Business NNP Machines NNP dropped VBD 7\/8 CD to TO 99 CD 7\/8 CD . . Digital NNP Equipment NNP tacked VBD on RP 1 CD 1\/8 CD to TO 89 CD 1\/8 CD , , and CC Hewlett-Packard NNP fell VBD 3\/8 CD to TO 49 CD 3\/8 CD . . Dividend-related JJ trading NN swelled VBD volume NN in IN Merrill NNP Lynch NNP , , which WDT closed VBD unchanged JJ at IN 28 CD 3\/8 CD as IN 2.7 CD million CD shares NNS changed VBD hands NNS . . The DT stock NN has VBZ a DT 3.5 CD % NN dividend NN yield NN and CC goes VBZ ex-dividend JJ today NN . . Erbamont NNP advanced VBD 1 CD 1\/8 CD to TO 36 CD 1\/2 CD on IN 1.9 CD million CD shares NNS . . Montedison NNP , , which WDT owns VBZ about RB 72 CD % NN of IN the DT company NN 's POS common JJ stock NN , , agreed VBD to TO buy VB the DT rest NN for IN $ $ 37 CD a DT share NN . . Himont NNP , , another DT majority-owned JJ unit NN of IN Montedison NNP , , added VBD 1 CD 1\/4 CD to TO 47 CD 1\/8 CD . . Milton NNP Roy NNP jumped VBD 2 CD to TO 18 CD 3\/8 CD . . Crane NNP said VBD it PRP holds VBZ an DT 8.9 CD % NN stake NN in IN the DT company NN and CC may MD seek VB control NN . . Crane NNP dropped VBD 1 CD 1\/8 CD to TO 21 CD 1\/8 CD . . Comprehensive NNP Care NNP , , which WDT terminated VBD its PRP$ agreement NN to TO merge VB with IN First NNP Hospital NNP , , dropped VBD 7\/8 CD to TO 3 CD 7\/8 CD . . The DT company NN 's POS decision NN was VBD made VBN after IN First NNP Hospital NNP failed VBD to TO obtain VB financing NN for IN its PRP$ offer NN . . Federal JJ investigators NNS have VBP identified VBN the DT problem NN in IN last JJ July NNP 's POS crash NN of IN a DT United NNP Airlines NNP flight NN in IN Iowa NNP : : a DT structural JJ flaw NN that WDT developed VBD during IN the DT making NN of IN a DT titanium NN engine NN disk NN . . For IN several JJ months NNS , , officials NNS at IN the DT Federal NNP Aviation NNP Administration NNP and CC the DT National NNP Transportation NNP Safety NNP Board NNP have VBP suspected VBN that IN a DT metallurgical JJ flaw NN in IN the DT disk NN led VBD to TO a DT crack NN that WDT ultimately RB caused VBD the DT tail NN engine NN to TO break VB apart RB in IN flight NN . . The DT explosion NN sent VBD shards NNS of IN metal NN flying VBG , , severing VBG the DT DC-10 NNP 's VBZ hydraulic JJ or CC control NN systems NNS , , and CC led VBD to TO the DT crash NN that WDT killed VBD 112 CD people NNS . . But CC investigators NNS could MD confirm VB their PRP$ theory NN only RB after IN the DT recent JJ retrieval NN of IN a DT big JJ chunk NN of IN Flight NNP 232 CD 's POS tail NN engine NN from IN a DT cornfield NN near IN the DT Sioux NNP City NNP Airport NNP in IN Iowa NNP . . The DT safety NN board NN will MD begin VB four CD days NNS of IN hearings NNS on IN the DT accident NN tomorrow NN in IN Sioux NNP City NNP . . Among IN the DT issues NNS the DT board NN will MD examine VB is VBZ whether IN United NNP Airlines NNP , , a DT unit NN of IN UAL NNP Corp. NNP , , should MD have VB been VBN able JJ to TO detect VB the DT cracks NNS through IN maintenance NN checks NNS . . The DT engine NN involved VBN was VBD a DT CF6-6 NNP made VBN by IN General NNP Electric NNP Co NNP . . Anthony NNP Broderick NNP , , the DT FAA NNP 's POS acting JJ executive NN director NN for IN regulatory JJ standards NNS and CC compliance NN , , said VBD that IN recent JJ tests NNS of IN the DT failed JJ engine NN disk NN indicate VBP that IN a DT flaw NN -- : known VBN as IN `` `` hard JJ alpha NN '' '' -- : occurred VBD in IN the DT titanium NN during IN its PRP$ production NN almost RB 20 CD years NNS ago RB . . He PRP said VBD there EX was VBD n't RB any DT way NN to TO detect VB the DT flaw NN at IN that DT time NN , , and CC that IN the DT process NN has VBZ since IN been VBN changed VBN to TO decrease VB the DT chance NN that IN such JJ flaws NNS would MD occur VB . . The DT FAA NNP already RB has VBZ ordered VBN that IN all DT 232 CD disks NNS made VBN by IN the DT old JJ process NN be VB removed VBN from IN the DT planes NNS and CC subjected VBN to TO an DT ultrasonic JJ test NN in IN a DT water-submersion JJ chamber NN . . Such JJ tests NNS make VBP the DT FAA NNP confident JJ that IN a DT Sioux NNP City-type JJ accident NN `` `` wo MD n't RB happen VB again RB , , '' '' said VBD Mr. NNP Broderick NNP . . A DT spokesman NN for IN GE NNP said VBD that IN the DT company NN has VBZ been VBN working VBG with IN the DT FAA NNP all RB along RB on IN this DT issue NN and CC `` `` will MD comply VB fully RB with IN the DT required JJ inspections NNS . . '' '' But CC he PRP also RB pointed VBD out RP that IN the DT recalls NNS will MD have VB no DT impact NN on IN GE NNP 's POS engine NN production NN . . The DT CF6-6 NNP series NN engines NNS are VBP n't RB being VBG manufactured VBN any DT more RBR ; : they PRP are VBP only RB being VBG used VBN in IN the DT DC-10 NNP Series NNP 10 CD planes NNS currently RB in IN service NN , , he PRP said VBD . . A DT frozen JJ mountaintop NN in IN Tibet NNP may MD offer VB an DT important JJ clue NN about IN whether IN the DT Earth NNP is VBZ warming VBG perilously RB . . Researchers NNS at IN Ohio NNP State NNP University NNP and CC Lanzhou NNP Institute NNP of IN Glaciology NNP and CC Geocryology NNP in IN China NNP have VBP analyzed VBN samples NNS of IN glacial JJ ice NN in IN Tibet NNP and CC say VBP temperatures NNS there RB have VBP been VBN significantly RB higher JJR on IN average NN over IN the DT past JJ half-century NN than IN in IN any DT similar JJ period NN in IN the DT past JJ 10,000 CD years NNS . . The DT ice NN samples NNS are VBP an DT important JJ piece NN of IN evidence NN supporting VBG theories NNS that IN the DT Earth NNP has VBZ warmed VBN considerably RB in IN recent JJ times NNS , , largely RB because IN of IN pollutants NNS in IN the DT air NN , , and CC will MD warm VB far RB more RBR in IN the DT century NN ahead RB . . A DT substantial JJ warming VBG would MD melt VB some DT of IN the DT Earth NNP 's POS polar JJ ice NN caps NNS , , raising VBG the DT level NN of IN the DT oceans NNS and CC causing VBG widespread JJ flooding NN of IN heavily RB populated VBN coastal JJ areas NNS . . `` `` If IN you PRP can MD use VB data NNS to TO reconstruct VB what WP happened VBD in IN the DT past NN , , you PRP have VBP much RB more JJR confidence NN in IN predictions NNS for IN the DT future NN , , '' '' said VBD Lonnie NNP Thompson NNP , , a DT research NN scientist NN at IN Ohio NNP State NNP who WP dug VBD for IN and CC analyzed VBD the DT ice NN samples NNS . . To TO compare VB temperatures NNS over IN the DT past JJ 10,000 CD years NNS , , researchers NNS analyzed VBD the DT changes NNS in IN concentrations NNS of IN two CD forms NNS of IN oxygen NN . . These DT measurements NNS can MD indicate VB temperature NN changes NNS , , researchers NNS said VBD , , because IN the DT rates NNS of IN evaporation NN of IN these DT oxygen NN atoms NNS differ VBP as IN temperatures NNS change VBP . . Analysis NN of IN ice NN from IN the DT Dunde NNP ice NN cap NN , , a DT glacial JJ plateau NN in IN Tibet NNP 17,000 CD feet NNS above IN sea NN level NN , , show VBP that IN average JJ temperatures NNS were VBD higher JJR in IN 1937-87 CD than IN in IN any DT other JJ 50-year JJ period NN since IN before IN the DT last JJ Ice NNP Age NNP , , Mr. NNP Thompson NNP said VBD . . Some DT climate NN models NNS project VBP that IN interior JJ regions NNS of IN Asia NNP would MD be VB among IN the DT first JJ to TO heat VB up RP in IN a DT global JJ warming NN because IN they PRP are VBP far RB from IN oceans NNS , , which WDT moderate VBP temperature NN changes NNS . . But CC the DT ice-core NN samples NNS are VBP n't RB definitive JJ proof NN that IN the DT so-called JJ greenhouse NN effect NN will MD lead VB to TO further JJ substantial JJ global JJ heating NN , , Mr. NNP Thompson NNP acknowledged VBD . . According VBG to TO greenhouse NN theories NNS , , increased JJ carbon NN dioxide NN emissions NNS , , largely RB caused VBN by IN burning NN of IN fossil JJ fuels NNS , , will MD cause VB the DT Earth NNP to TO warm VB up RP because IN carbon NN dioxide NN prevents VBZ heat NN from IN escaping VBG into IN space NN . . Skeptics NNS say VBP that IN if IN that DT 's VBZ the DT case NN , , temperatures NNS should MD have VB risen VBN fairly RB uniformly RB over IN the DT past JJ century NN , , reflecting VBG the DT increase NN in IN carbon NN dioxide NN . . Instead RB , , the DT Dunde NNP ice-core NN record NN shows VBZ increasing VBG temperatures NNS from IN 1900 CD through IN the DT early JJ 1950s NNS , , decreasing VBG temperatures NNS from IN the DT late JJ 1950s NNS through IN the DT mid-1970s NNS , , then RB higher JJR temperatures NNS again RB through IN last JJ year NN . . Other JJ temperature NN data NNS show VBP similar JJ unexplained JJ swings NNS . . `` `` Climate NN varies VBZ drastically RB due RB to TO natural JJ causes NNS , , '' '' said VBD Mr. NNP Thompson NNP . . But CC he PRP said VBD ice NN samples NNS from IN Peru NNP , , Greenland NNP and CC Antarctica NNP all DT show VBP substantial JJ signs NNS of IN warming VBG . . Telxon NNP Corp. NNP said VBD its PRP$ vice NN president NN for IN manufacturing NN resigned VBD and CC its PRP$ Houston NNP work NN force NN has VBZ been VBN trimmed VBN by IN 40 CD people NNS , , or CC about RB 15 CD % NN . . The DT maker NN of IN hand-held JJ computers NNS and CC computer NN systems NNS said VBD the DT personnel NNS changes NNS were VBD needed VBN to TO improve VB the DT efficiency NN of IN its PRP$ manufacturing NN operation NN . . The DT company NN said VBD it PRP has VBZ n't RB named VBN a DT successor NN to TO Ronald NNP Bufton NNP , , the DT vice NN president NN who WP resigned VBD . . Its PRP$ Houston NNP work NN force NN now RB totals VBZ 230 CD . . CNW NNP Corp. NNP said VBD the DT final JJ step NN in IN the DT acquisition NN of IN the DT company NN has VBZ been VBN completed VBN with IN the DT merger NN of IN CNW NNP with IN a DT subsidiary NN of IN Chicago NNP & CC North NNP Western NNP Holdings NNP Corp NNP . . As IN reported VBN , , CNW NNP agreed VBD to TO be VB acquired VBN by IN a DT group NN of IN investors NNS led VBN by IN Blackstone NNP Capital NNP Partners NNP Limited NNP Partnership NNP for IN $ $ 50 CD a DT share NN , , or CC about RB $ $ 950 CD million CD . . Congress NNP sent VBD to TO President NNP Bush NNP an DT $ $ 8.5 CD billion CD military JJ construction NN bill NN that WDT cuts VBZ spending NN for IN new JJ installations NNS by IN 16 CD % NN while IN revamping VBG the DT Pentagon NNP budget NN to TO move VB more JJR than IN $ $ 450 CD million CD from IN foreign JJ bases NNS to TO home-state JJ projects NNS . . The DT fiscal JJ 1990 CD measure NN builds VBZ on IN a DT pattern NN set VBN earlier RBR this DT year NN by IN House NNP and CC Senate NNP defense NN authorizing VBG committees NNS , , and CC -- : at IN a DT time NN of IN retrenchment NN for IN the DT military NN and CC concern NN about IN the DT U.S. NNP 's VBZ standing NN in IN the DT world NN economy NN -- : overseas JJ spending NN is VBZ most RBS vulnerable JJ . . Total JJ Pentagon NNP requests NNS for IN installations NNS in IN West NNP Germany NNP , , Japan NNP , , South NNP Korea NNP , , the DT United NNP Kingdom NNP and CC the DT Philippines NNPS , , for IN example NN , , are VBP cut VBN by IN almost RB two-thirds NNS , , while IN lawmakers NNS added VBD to TO the DT military JJ budget NN for IN construction NN in IN all DT but IN a DT dozen NN states NNS at IN home NN . . The DT result NN is VBZ that IN instead RB of IN the DT Pentagon NNP 's POS proposed JJ split NN of IN 60-40 JJ between IN domestic JJ and CC foreign JJ bases NNS , , the DT reduced JJ funding NN is VBZ distributed VBN by IN a DT ratio NN of IN approximately RB 70-30 JJ . . The DT extra JJ margin NN for IN bases NNS in IN the DT U.S. NNP enhances VBZ the DT power NN of IN the DT appropriations NNS committees NNS ; : meanwhile RB , , lawmakers NNS used VBD their PRP$ positions NNS to TO garner VB as RB much JJ as IN six CD times NNS what WP the DT Pentagon NNP had VBD requested VBN for IN their PRP$ individual JJ states NNS . . House NNP Appropriations NNP Committee NNP Chairman NNP Jamie NNP Whitten NNP ( ( D. NNP , , Miss NNP . . ) ) helped VBD secure VB $ $ 49.7 CD million CD for IN his PRP$ state NN , , or CC more JJR than IN double RB the DT Pentagon NNP 's POS budget NN . . West NNP Virginia NNP , , home NN of IN Senate NNP Appropriations NNP Committee NNP Chairman NNP Robert NNP Byrd NNP , , would MD receive VB $ $ 21.5 CD million CD -- : four CD times NNS the DT military NN 's POS request NN . . Tennessee NNP and CC North NNP Carolina NNP , , home NN states NNS of IN the DT two CD Democratic JJ chairmen NNS of IN the DT House NNP and CC Senate NNP military JJ construction NN subcommittees NNS , , receive VBP $ $ 243.2 CD million CD , , or CC 25 CD % NN above IN the DT Pentagon NNP 's POS request NN . . Though IN spending NN for IN Iowa NNP and CC Oregon NNP was VBD far RB less JJR , , their PRP$ increases NNS above IN Pentagon NNP requests NNS -- : 640 CD % NN and CC 430 CD % NN , , respectively RB -- : were VBD much RB greater JJR because IN of IN the DT influence NN of IN Republicans NNPS at IN critical JJ junctures NNS . . The DT swift JJ passage NN of IN the DT bill NN , , which WDT cleared VBD the DT Senate NNP and CC House NNP on IN simple JJ voice NN votes NNS last JJ week NN , , contrasts VBZ with IN the DT problems NNS still RB facing VBG a DT more RBR cumbersome JJ $ $ 66.8 CD billion CD measure NN funding VBG housing NN , , environmental JJ , , space NN and CC veterans NNS programs NNS . . By IN an DT 84-6 JJ margin NN , , the DT Senate NNP approved VBD the DT bulk NN of IN the DT spending NN Friday NNP , , but CC the DT bill NN was VBD then RB sent VBN back RB to TO the DT House NNP to TO resolve VB the DT question NN of IN how WRB to TO address VB budget NN limits NNS on IN credit NN allocations NNS for IN the DT Federal NNP Housing NNP Administration NNP . . The DT House NNP Democratic JJ leadership NN could MD seek VB to TO waive VB these DT restrictions NNS , , but CC the DT underlying JJ bill NN is VBZ already RB under IN attack NN for IN excesses NNS elsewhere RB . . Appropriations NNS committees NNS have VBP used VBN an DT assortment NN of IN devices NNS to TO disguise VB as RB much JJ as IN $ $ 1 CD billion CD in IN spending NN , , and CC as IN critics NNS have VBP awakened VBN to TO these DT devices NNS , , the DT bill NN can MD seem VB like IN a DT wounded JJ caribou NN trying VBG to TO make VB it PRP past IN ice NN and CC wolves NNS to TO reach VB safer JJR winter NN grazing NN . . Much JJ of IN the DT excess JJ spending NN will MD be VB pushed VBN into IN fiscal JJ 1991 CD , , and CC in IN some DT cases NNS is VBZ temporarily RB parked VBN in IN slow-spending JJ accounts NNS in IN anticipation NN of IN being VBG transferred VBN to TO faster-spending JJ areas NNS after IN the DT budget NN scorekeeping NN is VBZ completed VBN . . For IN example NN , , a DT House-Senate NNP conference NN ostensibly RB increased VBD the DT National NNP Aeronautics NNP and CC Space NNP Administration NNP budget NN for IN construction NN of IN facilities NNS to TO nearly RB $ $ 592 CD million CD , , or CC more JJR than IN $ $ 200 CD million CD above IN what WP either DT chamber NN had VBD previously RB approved VBN . . Part NN of IN the DT increase NN would MD provide VB $ $ 90 CD million CD toward IN ensuring VBG construction NN of IN a DT costly JJ solid JJ rocket-motor NN facility NN in IN Mr. NNP Whitten NNP 's POS Mississippi NNP . . But CC as RB much JJ as IN $ $ 177 CD million CD , , or CC nearly RB 30 CD % NN of IN the DT account NN , , is VBZ marked VBN for IN potential JJ transfers NNS to TO research NN , , management NN and CC flight NN accounts NNS that WDT are VBP spent VBN out RP at IN a DT faster JJR clip NN . . The DT bill NN 's POS managers NNS face VBP criticism NN , , too RB , , for IN the DT unusual JJ number NN of IN conditions NNS openly RB imposed VBN on IN where WRB funds NNS will MD be VB spent VBN . . Conservatives NNS , , embarrassed VBN by IN Republican JJ influence-peddling NN scandals NNS at IN the DT Department NNP of IN Housing NNP and CC Urban NNP Development NNP , , have VBP used VBN the DT issue NN in IN an DT effort NN to TO shift VB blame VB onto IN a DT Democratic-controlled JJ Congress NNP . . HUD NNP Secretary NNP Jack NNP Kemp NNP backed VBD an DT unsuccessful JJ effort NN to TO strike VB such JJ language NN last JJ week NN , , but CC received VBD little JJ support NN from IN the DT White NNP House NNP budget NN office NN , , which WDT wants VBZ to TO protect VB space-station NN funding NN in IN the DT bill NN and CC has VBZ tended VBN to TO turn VB its PRP$ eyes NNS from IN pork-barrel JJ amendments NNS . . Within IN discretionary JJ funds NNS for IN community NN development NN grants NNS , , more JJR than IN $ $ 3.7 CD million CD is VBZ allocated VBN to TO six CD projects NNS in IN Michigan NNP , , home NN state NN of IN a DT subcommittee NN chairman NN , , Rep. NNP Bob NNP Traxler NNP . . House NNP Speaker NNP Thomas NNP Foley NNP won VBD $ $ 510,000 CD for IN a DT project NN in IN his PRP$ district NN in IN Washington NNP state NN , , and CC $ $ 1.3 CD million CD , , earmarked VBN by IN Sen. NNP Daniel NNP Inouye NNP , , amounts VBZ to TO a DT business NN subsidy NN under IN the DT title NN `` `` Hawaiian JJ sugar NN mills NNS job NN retention NN . . '' '' The DT powerful JJ Democrat NNP had VBD first RB wanted VBN to TO add VB language NN relaxing VBG environmental JJ restrictions NNS on IN two CD mills NNS on IN the DT Hamakua NN coast NN that WDT are VBP threatening VBG to TO close VB . . When WRB this DT plan NN met VBD resistance NN , , it PRP was VBD agreed VBN instead RB to TO take VB money NN from IN HUD NNP to TO subsidize VB needed JJ improvements NNS in IN two CD settling NN ponds NNS for IN the DT mills NNS , , which WDT employ VBP an DT estimated JJ 1,500 CD workers NNS , , according VBG to TO Mr. NNP Inouye NNP 's POS office NN . . Dennis NNP Farney NNP 's POS Oct. NNP 13 CD page-one JJ article NN `` `` River NN of IN Despair NN , , '' '' about IN the DT poverty NN along IN the DT Mississippi NNP , , fanned VBD childhood NN memories NNS of IN when WRB my PRP$ parents NNS were VBD sharecroppers NNS in IN southeastern JJ Arkansas NNP , , only RB a DT few JJ miles NNS from IN the DT river NN . . Although IN we PRP were VBD white JJ , , the DT same JJ economic JJ factors NNS affected VBD us PRP as IN affects VBZ the DT black JJ people NNS Mr. NNP Farney NNP writes VBZ about IN . . Fortunately RB , , an DT aunt NN with IN a DT college NN degree NN bought VBD a DT small JJ farm NN and CC moved VBD us PRP 50 CD miles NNS north RB to TO good JJ schools NNS and CC an DT environment NN that WDT opened VBD the DT world NN of IN opportunity NN for IN me PRP as IN an DT eight-year-old NN . . Though NNP I PRP 've VBP been VBN blessed VBN with IN academic JJ degrees NNS and CC some DT success NN in IN the DT materialistic JJ world NN , , I PRP 've VBP never RB forgotten VBN or CC lost VBN contact NN with IN those DT memories NNS of IN the DT 1930s CD . . Most JJS of IN the DT land NN in IN that DT and CC other JJ parts NNS of IN the DT Delta NNP are VBP now RB owned VBN by IN second JJ , , third JJ or CC fourth JJ generations NNS of IN the DT same JJ families NNS . . These DT are VBP the DT families NNS who WP used VBD -- : and CC sometime RB abused VBN -- : their PRP$ sharecroppers NNS , , people NNS who WP had VBD no DT encouragement NN and CC little JJ access NN to TO an DT education NN or CC training NN for IN a DT better JJR life NN . . Following VBG World NNP War NNP II NNP , , when WRB one CD family NN with IN mechanized JJ equipment NN could MD farm VB crops NNS formerly RB requiring VBG 20 CD families NNS , , the DT surplus JJ people NNS were VBD dumped VBN into IN the DT mainstream NN of IN society NN with IN no DT Social NNP Security NNP , , no DT skills NNS in IN the DT workplace NN , , no DT hope NN for IN their PRP$ future NN except IN welfare NN . . And CC today NN , , many JJ of IN their PRP$ children NNS , , grandchildren NNS and CC great-grandchildren NNS remain VBP on IN welfare NN . . In IN the DT meantime NN , , the DT landowners NNS continue VBP receiving VBG generous JJ subsidies NNS that WDT began VBD during IN New NNP Deal NNP days NNS . . Or CC those DT who WP choose VBP not RB to TO farm NN can MD lease VB their PRP$ lands NNS and CC crop NN allotments NNS for IN handsome JJ sums NNS . . Farmers NNS in IN the DT Midwest NNP and CC other JJ areas NNS have VBP suffered VBN , , but CC those DT along IN the DT Mississippi NNP continue VBP to TO prosper VB with IN holdings NNS that WDT were VBD built VBN with IN the DT sweat NN of IN men NNS and CC women NNS living VBG in IN economic JJ slavery NN . . And CC when WRB they PRP were VBD no RB longer RBR needed VBN , , they PRP were VBD turned VBN loose RB unprepared JJ to TO build VB lives NNS of IN their PRP$ own JJ . . Denton NNP Harris NNP Chairman NN Metro NNP Bank NNP Atlanta NNP Because IN the DT cycle NN of IN poverty NN along IN the DT lower JJR Mississippi NNP goes VBZ back RB so RB many JJ generations NNS , , breaking VBG this DT cycle NN will MD be VB next RB to TO impossible JJ . . Sadly RB , , the DT cycle NN appears VBZ not RB as IN waves NNS but CC as IN a DT downward JJ spiral NN . . Yet CC the DT evidence NN that IN we PRP have VBP not RB hit VBN bottom NN is VBZ found VBN in IN the DT fact NN that IN we PRP are VBP not RB yet RB helping VBG ourselves PRP . . The DT people NNS of IN the DT Delta NNP are VBP waiting VBG for IN that DT big JJ factory NN to TO open VB , , river NN traffic NN to TO increase NN , , government NN spending NN to TO fund VB job-training NN programs NNS or CC public JJ schools NNS to TO educate VB apathetic JJ students NNS . . Because IN we PRP refuse VBP to TO face VB the DT tough JJ answers NNS , , the DT questions NNS continue VBP as IN fodder NN for IN the DT commissions NNS and CC committees NNS , , for IN the DT media NNS and CC politicians NNS . . Coffee-shop NN chatter NN does VBZ not RB lend VB itself PRP to TO solving VBG the DT problems NNS of IN racism NN , , teen JJ pregnancy NN or CC lack NN of IN parental JJ support NN or CC guidance NN . . Does NNP the DT Delta NNP deserve VB government NN help NN in IN attracting VBG industry NN when WRB the DT majority NN of IN residents NNS , , black JJ and CC white JJ , , do VB not RB realize VB racism NN alienates VBZ potential JJ employers NNS ? . Should MD we PRP focus VB on IN the DT region NN 's POS infant-mortality NN rate NN when WRB the DT vocal JJ right-wingers NNS and CC the DT school NN boards NNS , , mayors NNS and CC legislators NNS prohibit VBP schools NNS from IN teaching VBG the DT two CD ways NNS ( ( abstinence NN or CC contraceptives NNS ) ) of IN decreasing VBG teen JJ pregnancy NN ? . Delta NNP problems NNS are VBP difficult JJ , , not RB impossible JJ , , to TO solve VB -- : I PRP am VBP just RB not RB convinced JJ that IN we PRP are VBP ready JJ to TO solve VB them PRP yet RB . . Leslie NNP Falls NNP Humphries NNP Little NNP Rock NNP , , Ark NNP . . I PRP would MD like VB to TO issue VB a DT challenge NN to TO corporate JJ America NNP . . The DT next JJ time NN expansion NN plans NNS are VBP mentioned VBN at IN the DT old JJ company NN and CC somebody NN says VBZ , , `` `` Aw UH heck UH , , guys NNS , , nobody NN can MD do VB it PRP like IN Japan NNP or CC South NNP Korea NNP , , '' '' I PRP wish VBP you PRP would MD butt VB in RP and CC say VB , , `` `` Hold VB it PRP , , fellas NNS , , why WRB do VBP n't RB we PRP compare VB prices NNS and CC use VB our PRP$ own JJ little JJ Third NNP World NNP country NN . . We PRP would MD even RB save VB on IN freight NN . . '' '' There EX is VBZ no DT mystery NN why WRB the DT Delta NN originated VBP `` `` Singin VBG ' '' the DT Blues NNS . . '' '' Eugene NNP S. NNP Clarke NNP IV NNP Hollandale NNP , , Miss NNP . . Your PRP$ story NN is VBZ an DT insult NN to TO the DT citizens NNS of IN the DT Mississippi NNP Delta NNP . . Many JJ of IN the DT problems NNS you PRP presented VBN exist VBP in IN every DT part NN of IN this DT country NN . . Poverty NN is VBZ only RB two CD blocks NNS from IN President NNP Bush NNP 's POS residence NN . . For IN years NNS , , we PRP tried VBD to TO ignore VB the DT problem NN of IN poverty NN , , and CC now RB that IN it PRP has VBZ gotten VBN out IN of IN hand NN it PRP 's VBZ a DT new JJ crusade NN for IN the DT media NNS and CC our PRP$ Democratic JJ Congress NNP . . Nobody NN should MD have VB to TO live VB in IN such JJ poor JJ conditions NNS as IN in IN `` `` Sugar NNP Ditch NNP , , '' '' but CC when WRB you PRP travel VBP to TO Washington NNP , , Boston NNP , , Chicago NNP or CC New NNP York NNP , , the DT same JJ problems NNS exist VBP . . The DT only JJ difference NN is VBZ , , in IN those DT cities NNS the DT poor JJ are VBP housed VBN in IN high-rise-project JJ apartments NNS each DT consisting VBG of IN one CD room NN , , with IN rusty JJ pipes NNS called VBN plumbing NN , , rodents NNS and CC cockroaches NNS everywhere RB and CC nonworking JJ elevators NNS -- : and CC with IN the DT building NN patrolled VBN by IN gangs NNS and CC drug NN dealers NNS . . Many JJ middle-class JJ people NNS would MD love VB free JJ food NN , , Medicaid NNP insurance NN , , utilities NNS and CC rent NN . . Then RB maybe RB I PRP could MD stay VB home RB and CC have VB seven CD children NNS and CC watch VB Oprah NNP Winfrey NNP , , like IN Beulah NNP in IN the DT article NN , , instead RB of IN having VBG one CD child NN and CC working VBG constantly RB just RB to TO stay VB above IN water NN , , like IN so RB many JJ families NNS in IN this DT country NN . . Dee NNP Ann NNP Wilson NNP Greenville NNP , , Miss NNP . . Mobil NNP Corp. NNP is VBZ in IN the DT midst NN of IN cutting VBG back RP its PRP$ exploration NN and CC production NN group NN , , which WDT finds VBZ and CC develops VBZ oil NN and CC gas NN reserves NNS in IN the DT U.S. NNP , , by IN as RB much JJ as IN 15 CD % NN as IN part NN of IN a DT new JJ restructuring NN of IN that DT sector NN of IN its PRP$ business NN . . Management NN advised VBD employees NNS Friday NNP that IN it PRP was VBD going VBG to TO reduce VB employment NN in IN production NN operations NNS of IN the DT group NN by IN 8 CD % NN , , or CC 400 CD people NNS . . The DT exploration NN side NN of IN the DT unit NN has VBZ recently RB undergone VBN a DT similar JJ overhaul NN , , during IN which WDT it PRP also RB lost VBD as RB many JJ as IN 400 CD employees NNS , , a DT company NN spokesman NN said VBD in IN response NN to TO questions NNS . . Mobil NNP Exploration NNP & CC Producing NNP U.S. NNP Inc. NNP , , the DT group NN involved VBN , , currently RB has VBZ a DT work NN force NN of IN somewhat RB less JJR than IN 5,000 CD . . A DT few JJ years NNS ago RB , , Mobil NNP restructured VBD the DT entire JJ company NN during IN an DT industrywide JJ shakeout NN . . But CC since IN then RB U.S. NNP oil NN production NN has VBZ declined VBN and CC Mobil NNP wants VBZ to TO focus VB its PRP$ oil-finding JJ efforts NNS overseas RB . . Mobil NNP alluded VBD to TO the DT work-force NN cuts NNS last JJ week NN when WRB it PRP took VBD a DT $ $ 40 CD million CD charge NN as IN part NN of IN its PRP$ third-quarter JJ earnings NNS and CC attributed VBD it PRP to TO a DT restructuring NN . . Mobil NNP officials NNS said VBD that IN it PRP is VBZ unlikely JJ any DT additional JJ charges NNS related VBN to TO this DT move NN will MD be VB taken VBN in IN future JJ quarters NNS . . On IN Wednesday NNP , , Mobil NNP will MD begin VB offering VBG separation NN packages NNS and CC voluntary JJ retirement NN in IN its PRP$ U.S. NNP production NN operation NN . . Mobil NNP officials NNS said VBD they PRP have VBP been VBN studying VBG ways NNS of IN streamlining VBG these DT operations NNS since IN early RB this DT year NN . . During IN the DT coming JJ months NNS , , layers NNS of IN management NN will MD be VB peeled VBN away RB and CC regional JJ offices NNS will MD become VB more RBR autonomous JJ . . For IN greater JJR efficiency NN , , employees NNS at IN those DT locations NNS will MD be VB reorganized VBN into IN teams NNS responsible JJ for IN managing VBG the DT properties NNS under IN their PRP$ jurisdiction NN , , Mobil NNP said VBD . . `` `` The DT main JJ feature NN of IN the DT new JJ organization NN is VBZ that IN each DT local JJ manager NN will MD have VB both CC the DT authority NN and CC accountability NN for IN profitable JJ and CC technically RB sound JJ operations NNS , , '' '' said VBD Charles NNP E. NNP Spruell NNP , , president NN of IN the DT Mobil NNP unit NN . . Field NN offices NNS at IN New NNP Orleans NNP ; : Houston NNP ; : Denver NNP ; : Midland NNP , , Tex. NNP ; : Bakersfield NNP , , Calif. NNP ; : Oklahoma NNP City NNP ; : and CC Liberal NNP , , Kan. NNP , , will MD be VB maintained VBN . . But CC the DT staffs NNS at IN some DT of IN those DT locations NNS will MD be VB slashed VBN while IN at IN others NNS the DT work NN force NN will MD be VB increased VBN . . For IN instance NN , , employment NN in IN Denver NNP will MD be VB reduced VBN to TO 105 CD from IN 430 CD . . But CC on IN the DT West NNP Coast NNP , , where WRB profitable JJ oil NN production NN is VBZ more RBR likely JJ than IN in IN the DT midcontinent JJ region NN , , the DT Bakersfield NNP , , Calif. NNP , , office NN staff NN of IN 130 CD will MD grow VB by IN 175 CD to TO 305 CD . . The DT reorganization NN will MD `` `` focus VB on IN the DT value NN and CC potential NN of IN assets NNS , , '' '' Mr. NNP Spruell NNP said VBD . . Wanted VBN : : An DT investment NN that WDT 's VBZ as RB simple JJ and CC secure JJ as IN a DT certificate NN of IN deposit NN but CC offers VBZ a DT return NN worth IN getting VBG excited JJ about IN . . With IN $ $ 150 CD billion CD of IN CDs NNS maturing VBG this DT month NN , , a DT lot NN of IN people NNS have VBP been VBN scouring VBG the DT financial JJ landscape NN for IN just RB such PDT an DT investment NN . . In IN April NNP , , when WRB many JJ of IN them PRP bought VBD their PRP$ CDs NNS , , six-month JJ certificates NNS were VBD yielding VBG more JJR than IN 9 CD % NN ; : investors NNS willing JJ to TO look VB could MD find VB double-digit JJ yields NNS at IN some DT banks NNS and CC thrifts NNS . . Now RB , , the DT nationwide JJ average JJ yield NN on IN a DT six-month JJ CD NNP is VBZ just RB under IN 8 CD % NN , , and CC 8.5 CD % NN is VBZ about RB the DT best JJS around RB . . But CC investors NNS looking VBG for IN alternatives NNS are VBP n't RB finding VBG it PRP easy JJ . . Yields NNS on IN most JJS fixed-income JJ securities NNS are VBP lower JJR than IN several JJ months NNS ago RB . . And CC the DT stock NN market NN 's POS recent JJ gyrations NNS are VBP a DT painful JJ reminder NN of IN the DT dangers NNS there RB . . `` `` If IN you PRP 're VBP looking VBG for IN a DT significantly RB higher JJR yield NN with IN the DT same JJ level NN of IN risk NN as IN a DT CD NNP , , you PRP 're VBP not RB going VBG to TO find VB it PRP , , '' '' says VBZ Washington NNP financial JJ planner NN Dennis NNP M. NNP Gurtz NNP . . There EX are VBP , , however RB , , some DT alternatives NNS that IN income-oriented JJ investors NNS should MD consider VB , , investment NN advisers NNS say VBP . . Short-term JJ municipal JJ bonds NNS , , bond NN funds NNS and CC tax-deferred JJ annuities NNS are VBP some DT of IN the DT choices NNS they PRP mention VBP -- : and CC not RB just RB as IN a DT way NN to TO get VB a DT higher JJR return NN . . In IN particular JJ , , advisers NNS say VBP , , investors NNS may MD want VB to TO look VB at IN securities NNS that WDT reduce VBP the DT risk NN that IN CD NNP holders NNS are VBP confronting VBG right RB now RB , , of IN having VBG to TO reinvest VB the DT proceeds NNS of IN maturing VBG short-term JJ certificates NNS at IN lower JJR rates NNS . . A DT mix NN of IN CDs NNS and CC other JJ holdings NNS may MD make VB the DT most JJS sense NN . . `` `` People NNS should MD remember VB their PRP$ money NN is VBZ n't RB all DT or CC nothing NN -- : they PRP do VBP n't RB need VB to TO be VB shopping VBG for IN the DT one CD interest-rate-type JJ investment NN and CC putting VBG all PDT their PRP$ money NN in IN it PRP , , '' '' says VBZ Bethesda NNP , , Md. NNP , , adviser NN Karen NNP Schaeffer NNP . . Here RB 's VBZ a DT look NN at IN some DT of IN the DT alternatives NNS : : SHORT-TERM JJ MUNICIPALS NNS : : Investors NNS with IN a DT heavy JJ tax NN load NN should MD take VB out RP their PRP$ calculators NNS . . Yields NNS on IN municipal JJ bonds NNS can MD be VB higher JJR than IN after-tax JJ yields NNS on IN CDs NNS for IN maturities NNS of IN perhaps RB one CD to TO five CD years NNS . . That DT 's VBZ because RB municipal-bond JJ interest NN is VBZ exempt JJ from IN federal JJ income NN tax NN -- : and CC from IN state NN and CC local JJ taxes NNS too RB , , for IN in-state JJ investors NNS . . For IN an DT investor NN paying VBG tax NN at IN a DT 33 CD % NN rate NN , , a DT seemingly RB puny JJ 6 CD % NN yield NN on IN a DT one-year JJ muni NNS is VBZ equivalent JJ to TO a DT taxable JJ 9 CD % NN . . Rates NNS approach VBP 6.5 CD % NN on IN five-year JJ municipals NNS . . Some DT of IN the DT more RBR cautious JJ CD NNP holders NNS might MD like VB `` `` pre-refunded JJ '' '' municipals NNS . . These DT securities NNS get VBP top JJ credit NN ratings NNS because IN the DT issuers NNS have VBP put VBN aside RP U.S. NNP bonds NNS that WDT will MD be VB sold VBN to TO pay VB off RP holders NNS when WRB the DT municipals NNS are VBP retired VBN . . `` `` It PRP 's VBZ a DT no-brainer NN : : You PRP do VBP n't RB have VB to TO worry VB about IN diversification NN ; : you PRP do VBP n't RB have VB to TO worry VB about IN quality NN , , '' '' says VBZ Steven NNP J. NNP Hueglin NNP , , executive JJ vice NN president NN of IN the DT New NNP York NNP bond NN firm NN of IN Gabriele NNP , , Hueglin NNP & CC Cashman NNP Inc NNP . . Consider VB a DT `` `` laddered JJ '' '' bond NN portfolio NN , , with IN issues NNS maturing VBG in IN , , say VB , , 1992 CD , , 1993 CD and CC 1994 CD , , advises VBZ Malcolm NNP A. NN Makin NNP , , a DT Westerly NNP , , R.I. NNP , , financial JJ planner NN . . The DT idea NN is VBZ to TO have VB money NN rolling VBG over RP each DT year NN at IN prevailing JJ interest NN rates NNS . . BOND NN FUNDS NNS : : Bond NN mutual JJ funds NNS offer VBP diversification NN and CC are VBP easy JJ to TO buy VB and CC sell VB . . That DT makes VBZ them PRP a DT reasonable JJ option NN for IN investors NNS who WP will MD accept VB some DT risk NN of IN price NN fluctuation NN in IN order NN to TO make VB a DT bet NN that IN interest NN rates NNS will MD decline VB over IN the DT next JJ year NN or CC so RB . . Buyers NNS can MD look VB forward RP to TO double-digit JJ annual JJ returns NNS if IN they PRP are VBP right JJ . . But CC they PRP will MD have VB disappointing JJ returns NNS or CC even JJ losses NNS if IN interest NN rates NNS rise VBP instead RB . . Bond NN resale NN prices NNS , , and CC thus RB fund NN share NN prices NNS , , move VBP in IN the DT opposite JJ direction NN from IN rates NNS . . The DT price NN movements NNS get VB bigger JJR as IN the DT maturity NN of IN the DT securities NNS lengthens VBZ . . Consider VB , , for IN instance NN , , two CD bond NN funds NNS from IN Vanguard NNP Group NNP of IN Investment NNP Cos. NNP that WDT were VBD both DT yielding VBG 8.6 CD % NN on IN a DT recent JJ day NN . . The DT Short NNP Term NNP Bond NNP Fund NNP , , with IN an DT average JJ maturity NN of IN 2 CD 1\/2 CD years NNS , , would MD deliver VB a DT total JJ return NN for IN one CD year NN of IN about RB 10.6 CD % NN if IN rates NNS drop VBP one CD percentage NN point NN and CC a DT one-year JJ return NN of IN about RB 6.6 CD % NN if IN rates NNS rise VBP by IN the DT same JJ amount NN . . But CC , , in IN the DT same JJ circumstances NNS , , the DT returns NNS would MD be VB a DT more RBR extreme JJ 14.6 CD % NN and CC 2.6 CD % NN for IN the DT Vanguard NNP Bond NNP Market NNP Fund NNP , , with IN its PRP$ 12 CD 1\/2-year JJ average JJ maturity NN . . `` `` You PRP get VB equity-like JJ returns NNS '' '' from IN bonds NNS if IN you PRP guess VB right RB on IN rates NNS , , says VBZ James NNP E. NNP Wilson NNP , , a DT Columbia NNP , , S.C. NNP , , planner NN . . If IN interest NN rates NNS do VBP n't RB change VB , , bond NN fund NN investors NNS ' POS returns NNS will MD be VB about RB equal JJ to TO the DT funds NNS ' POS current JJ yields NNS . . DEFERRED JJ ANNUITIES NNS : : These DT insurance NN company NN contracts NNS feature VBP some DT of IN the DT same JJ tax NN benefits NNS and CC restrictions NNS as IN non-deductible JJ individual JJ retirement NN accounts NNS : : Investment NN gains NNS are VBP compounded VBN without IN tax NN consequences NNS until IN money NN is VBZ withdrawn VBN , , but CC a DT 10 CD % NN penalty NN tax NN is VBZ imposed VBN on IN withdrawals NNS made VBN before IN age NN 59 CD 1\/2 CD . . Aimed VBN specifically RB at IN CD NNP holders NNS are VBP so-called JJ CD-type JJ annuities NNS , , or CC certificates NNS of IN annuity NN . . An DT interest NN rate NN is VBZ guaranteed VBN for IN between IN one CD and CC seven CD years NNS , , after IN which WDT holders NNS get VBP 30 CD days NNS to TO choose VB another DT guarantee NN period NN or CC to TO switch VB to TO another DT insurer NN 's POS contract NN without IN the DT surrender NN charges NNS that WDT are VBP common JJ to TO annuities NNS . . Some DT current JJ rates NNS exceed VBP those DT on IN CDs NNS . . For IN instance NN , , a DT CD-type JJ annuity NN from IN North NNP American NNP Co. NNP for IN Life NNP & CC Health NNP Insurance NNP , , Chicago NNP , , offers VBZ 8.8 CD % NN interest NN for IN one CD year NN or CC a DT 9 CD % NN rate NN for IN two CD years NNS . . Annuities NNS are VBP rarely RB a DT good JJ idea NN at IN age NN 35 CD because IN of IN the DT withdrawal NN restrictions NNS . . But CC at IN age NN 55 CD , , `` `` they PRP may MD be VB a DT great JJ deal NN , , '' '' says VBZ Mr. NNP Wilson NNP , , the DT Columbia NNP , , S.C. NNP , , planner NN . . MONEY NN MARKET NN FUNDS NNS : : That DT 's VBZ right JJ , , money NN market NN mutual JJ funds NNS . . The DT conventional JJ wisdom NN is VBZ to TO go VB into IN money NN funds NNS when WRB rates NNS are VBP rising VBG and CC shift VB out RB at IN times NNS such JJ as IN the DT present NN , , when WRB rates NNS seem VBP headed VBN down RB . . With IN average JJ maturities NNS of IN a DT month NN or CC so RB , , money NN funds NNS offer VBP fixed JJ share NN prices NNS and CC floating VBG returns NNS that IN track VBP market NN interest NN rates NNS , , with IN a DT slight JJ lag NN . . Still RB , , today NN 's POS highest-yielding JJ money NN funds NNS may MD beat VB CDs NNS over IN the DT next JJ year NN even RB if IN rates NNS fall VBP , , says VBZ Guy NNP Witman NNP , , an DT editor NN of IN the DT Bond NNP Market NNP Advisor NNP newsletter NN in IN Atlanta NNP . . That DT 's VBZ because RB top-yielding JJ funds NNS currently RB offer VBP yields NNS almost RB 1 CD 1\/2 CD percentage NN points NNS above IN the DT average JJ CD NN yield NN . . Mr. NNP Witman NNP likes VBZ the DT Dreyfus NNP Worldwide NNP Dollar NNP Money NNP Market NNP Fund NNP , , with IN a DT seven-day JJ compound JJ yield NN just RB under IN 9.5 CD % NN . . A DT new JJ fund NN , , its PRP$ operating NN expenses NNS are VBP being VBG temporarily RB subsidized VBN by IN the DT sponsor NN . . Try VB combining VBG a DT money NN fund NN and CC an DT intermediate-term JJ bond NN fund NN as IN a DT low-risk JJ bet NN on IN falling VBG rates NNS , , suggests VBZ Back NNP Bay NNP Advisors NNP Inc. NNP , , a DT mutual JJ fund NN unit NN of IN New NNP England NNP Insurance NNP Co NNP . . If IN rates NNS unexpectedly RB rise VBP , , the DT increasing VBG return NN on IN the DT money NN fund NN will MD partly RB offset VB the DT lower-than-expected JJ return NN from IN the DT bond NN fund NN . . Federal JJ drug NN regulators NNS , , concerned VBN over IN British JJ reports NNS that IN diabetics NNS have VBP died VBN after IN shifting VBG from IN animal JJ to TO human-based JJ insulin NN , , say VBP they PRP are VBP considering VBG a DT study NN to TO see VB if IN similar JJ deaths NNS have VB occurred VBN here RB . . The DT United NNP Kingdom NNP reports NNS came VBD from IN Dr. NNP Patrick NNP Toseland NNP , , head NN of IN clinical JJ chemistry NN at IN Guy NNP 's POS Hospital NNP in IN London NNP . . In IN a DT telephone NN interview NN Friday NNP , , Dr. NNP Toseland NNP said VBD the DT number NN of IN sudden JJ , , unexplained JJ deaths NNS of IN diabetics NNS he PRP had VBD seen VBN this DT year NN was VBD 17 CD compared VBN with IN just RB two CD in IN 1985 CD . . At IN least JJS six CD of IN the DT deaths NNS occurred VBD among IN relatively RB young JJ diabetics NNS who WP had VBD switched VBN from IN animal NN to TO human JJ insulin NN within IN the DT past JJ year NN , , he PRP said VBD . . Dr. NNP Solomon NNP Sobel NNP , , director NN of IN metabolism NN and CC endrocrine JJ drug NN products NNS for IN the DT U.S. NNP Food NNP and CC Drug NNP Administration NNP , , said VBD FDA NNP officials NNS have VBP discussed VBN Dr. NNP Toseland NNP 's POS findings NNS `` `` fairly RB intensively RB . . '' '' While IN there EX have VBP been VBN no DT reports NNS of IN similar JJ sudden JJ unexplained JJ deaths NNS among IN diabetics NNS in IN the DT U.S. NNP , , Dr. NNP Sobel NNP said VBD the DT FDA NNP plans NNS to TO examine VB Dr. NNP Toseland NNP 's POS evidence NN and CC is VBZ considering VBG its PRP$ own JJ study NN here RB . . Dr. NNP Toseland NNP , , a DT toxicologist NN , , said VBD he PRP was VBD preparing VBG an DT article NN for IN a DT British JJ forensic JJ medical JJ journal NN raising VBG the DT possibility NN that IN the DT deaths NNS may MD have VB occurred VBN after IN human JJ insulin NN blunted VBD critical JJ warning NN signs NNS indicating VBG hypoglycemia NN , , or CC low JJ blood NN sugar NN , , which WDT can MD kill VB diabetics NNS . . The DT usual JJ warning NN signs NNS of IN hypoglycemia NN include VBP sweating NN , , anxiety NN and CC cramps NNS . . With IN proper JJ warning NN , , diabetics NNS can MD easily RB raise VB their PRP$ blood NN sugar NN to TO safe JJ levels NNS by IN eating VBG sugar NN or CC sugary JJ food NN . . `` `` The DT anecdotal JJ data NN certainly RB shows VBZ that IN some DT of IN the DT people NNS were VBD not RB aware JJ of IN the DT rapid JJ onset NN of IN hypoglycemia NN , , '' '' Dr. NNP Toseland NNP said VBD . . At IN the DT U.S. NNP National NNP Institutes NNP of IN Health NNP , , Dr. NNP Robert NNP E. NNP Silverman NNP , , chief NN of IN the DT diabetes NN program NN branch NN , , said VBD no DT evidence NN of IN unexpected JJ deaths NNS from IN hypoglycemia NN had VBD shown VBN up RP in IN a DT study NN of IN 1,500 CD diabetics NNS that WDT has VBZ been VBN under IN way NN at IN NIH NNP for IN five CD years NNS . . However RB , , he PRP said VBD officials NNS conducting VBG the DT study NN had VBD n't RB been VBN looking VBG for IN signs NNS of IN problems NNS related VBN to TO hypoglycemia NN unawareness NN . . `` `` We PRP are VBP now RB monitoring VBG for IN it PRP much RB more RBR closely RB , , '' '' he PRP said VBD . . `` `` We PRP do VBP know VB there EX are VBP slight JJ differences NNS in IN the DT way NN human JJ and CC animal JJ insulins NNS drive VBP down RP blood NN sugar NN , , '' '' Dr. NNP Sobel NNP said VBD . . The DT human-based JJ drug NN starts VBZ the DT blood NN sugar NN dropping VBG sooner RBR and CC drives VBZ it PRP down RP faster RBR , , he PRP said VBD . . `` `` But CC we PRP do VBP n't RB believe VB there EX is VBZ enough JJ of IN a DT difference NN to TO be VB clinically RB significant JJ , , '' '' Dr. NNP Sobel NNP said VBD . . Reports NNS of IN Dr. NNP Toseland NNP 's POS findings NNS in IN the DT British JJ press NN have VBP triggered VBN widespread JJ concern NN among IN diabetics NNS there RB . . Both DT the DT British NNP Diabetic NNP Association NNP and CC the DT Committee NNP on IN Safety NNP in IN Medicines NNP -- : Britain NNP 's POS equivalent NN of IN the DT U.S. NNP FDA NNP -- : recently RB issued VBD statements NNS noting VBG the DT lack NN of IN hard JJ scientific JJ evidence NN to TO support VB Dr. NNP Toseland NNP 's POS findings NNS . . On IN Friday NNP , , the DT American NNP Diabetes NNP Association NNP issued VBD a DT similar JJ statement NN urging VBG the DT six CD million CD U.S. NNP diabetics NNS not RB to TO overreact VB to TO the DT British JJ report NN . . `` `` A DT loss NN of IN the DT warning NN symptoms NNS of IN hypoglycemia NN is VBZ a DT complex JJ problem NN that WDT is VBZ very RB unlikely JJ to TO be VB due RB simply RB to TO the DT type NN of IN insulin NN used VBN , , '' '' the DT American JJ association NN said VBD . . The DT FDA NNP already RB requires VBZ drug NN manufacturers NNS to TO include VB warnings NNS with IN insulin NN products NNS that IN symptoms NNS of IN hypoglycemia NN are VBP less RBR pronounced JJ with IN human JJ insulin NN than IN with IN animal-based JJ products NNS . . Eli NNP Lilly NNP & CC Co. NNP , , the DT Indianapolis-based JJ drug NN manufacturer NN , , dominates VBZ the DT U.S. NNP human JJ insulin NN market NN with IN its PRP$ product NN known VBN as IN Humulin NNP . . Lilly NNP is VBZ building VBG plants NNS to TO make VB the DT insulin NN in IN Indianapolis NNP and CC Fagershein NNP , , France NNP . . In IN its PRP$ latest JJS annual JJ report NN , , Lilly NNP said VBD Humulin NNP sales NNS have VBP shown VBN `` `` excellent JJ growth NN . . '' '' Lilly NNP officials NNS said VBD they PRP had VBD seen VBN reports NNS of IN hypoglycemic JJ unawareness NN among IN some DT patients NNS making VBG the DT shift NN from IN animal JJ to TO human JJ insulin NN , , but CC did VBD n't RB know VB if IN the DT problem NN had VBD caused VBN any DT deaths NNS . . Dr. NNP Leigh NNP Thompson NNP , , a DT Lilly NNP group NN vice NN president NN , , said VBD the DT company NN 's POS clinical JJ trials NNS of IN both CC its PRP$ animal JJ and CC human-based JJ insulins NNS indicated VBD no DT difference NN in IN the DT level NN of IN hypoglycemia NN between IN users NNS of IN either DT product NN . . Dr. NNP Toseland NNP said VBD most JJS of IN the DT British JJ diabetics NNS who WP died VBD had VBD been VBN taking VBG a DT human-based JJ insulin NN made VBN by IN Novo\/Nordisk NNP , , a DT Danish JJ manufacturer NN . . None NN of IN the DT diabetics NNS were VBD using VBG Lilly NNP 's POS insulin NN . . SharesBase NNP Corp. NNP said VBD it PRP will MD reduce VB its PRP$ 221-person JJ work NN force NN by IN about RB 25 CD % NN , , effective JJ tomorrow NN , , in IN an DT effort NN to TO stem VB continuing VBG losses NNS . . The DT company NN , , which WDT makes VBZ data NN base NN systems NNS and CC software NN , , said VBD it PRP expects VBZ to TO report VB a DT loss NN for IN the DT third JJ quarter NN ended VBD Sept. NNP 30 CD . . Defense NN intellectuals NNS have VBP complained VBN for IN years NNS that IN the DT Pentagon NNP can MD not RB determine VB priorities NNS because IN it PRP has VBZ no DT strategy NN . . Last JJ April NNP , , the DT new JJ defense NN secretary NN , , Richard NNP Cheney NNP , , acknowledged VBD that IN , , `` `` given VBN an DT ideal JJ world NN , , we PRP 'd MD have VB a DT nice JJ , , neat JJ , , orderly JJ process NN . . We PRP 'd MD do VB the DT strategy NN and CC then RB we PRP 'd MD come VB around RB and CC do VB the DT budget NN . . This DT city NN does VBZ n't RB work VB that DT way NN . . '' '' With IN a DT five-year JJ defense NN plan NN costing VBG more JJR than IN $ $ 1.6 CD trillion CD , , it PRP 's VBZ about RB time NN we PRP put VBP together RP a DT defense NN strategy NN that WDT works VBZ in IN Washington NNP . . This DT wo MD n't RB happen VB until IN strategists NNS come VBP down IN from IN their PRP$ ivory NN tower NN and CC learn VB to TO work VB in IN the DT real JJ world NN of IN limited JJ budgets NNS and CC uncertain JJ futures NNS . . As IN it PRP is VBZ , , we PRP identify VBP national JJ goals NNS and CC the DT threats NNS to TO these DT goals NNS , , we PRP shape VBP a DT strategy NN to TO counter VB these DT threats NNS , , we PRP determine VBP the DT forces NNS needed VBN to TO execute VB the DT strategy NN , , before IN finally RB forging VBG the DT budgets NNS needed VBN to TO build VB and CC maintain VB the DT forces NNS . . These DT procedures NNS consume VBP millions NNS of IN man-hours NN of IN labor NN and CC produce VB tons NNS of IN paper NN , , and CC each DT year NN , , their PRP$ end JJ product NN -- : the DT Five CD Year NN Defense NN Plan NN -- : promptly RB melts VBZ away RB . . The DT graph NN on IN the DT left NN shows VBZ how WRB this DT happens VBZ ( ( see VB accompanying VBG illustration NN -- : WSJ NNP Oct. NNP 30 CD , , 1989 CD ) ) . . Compare VB the DT past JJ eight CD five-year JJ plans NNS with IN actual JJ appropriations NNS . . The DT Pentagon NNP 's POS strategists NNS produce VBP budgets NNS that WDT simply RB can MD not RB be VB executed VBN because IN they PRP assume VBP a DT defense NN strategy NN depends VBZ only RB on IN goals NNS and CC threats NNS . . Strategy NN , , however RB , , is VBZ about IN possibilities NNS , , not RB hopes NNS and CC dreams NNS . . By IN ignoring VBG costs NNS , , U.S. NNP strategists NNS abdicate VBP their PRP$ responsibility NN for IN hard JJ decisions NNS . . That DT puts VBZ the DT real JJ strategic JJ decisions NNS in IN the DT hands NNS of IN others NNS : : bean NN counters NNS , , budgeteers NNS , , and CC pork-barrelers NNS . . These DT people NNS have VBP different JJ agendas NNS . . And CC as IN a DT result NN -- : as IN the DT recent JJ vote NN by IN the DT House NNP to TO undo VB Mr. NNP Cheney NNP 's POS program NN terminations NNS suggests VBZ -- : the DT preservation NN of IN jobs NNS is VBZ becoming VBG the DT real JJ goal NN of IN defense NN `` `` strategy NN . . '' '' How WRB can MD we PRP turn VB this DT situation NN around RB ? . Reform NN starts VBZ in IN the DT Pentagon NNP . . Strategists NNS should MD consider VB the DT impact NN of IN budget NN uncertainties NNS at IN the DT beginning NN of IN the DT planning NN process NN . . They PRP ought MD to TO examine VB how WRB a DT range NN of IN optimistic JJ to TO pessimistic JJ budget NN scenarios NNS would MD change VB the DT defense NN program NN . . They PRP would MD then RB develop VB priorities NNS by IN identifying VBG the DT least JJS painful JJ program NN cuts NNS as IN they PRP moved VBD from IN higher JJR to TO lower JJR budgets NNS . . They PRP would MD also RB identify VB the DT best JJS way NN to TO add VB programs NNS , , should MD the DT budget NN come VB in RB at IN higher JJR levels NNS . . This DT kind NN of IN contingency NN analysis NN is VBZ common JJ in IN war NN planning NN and CC business NN planning NN . . There EX is VBZ no DT reason NN that IN it PRP can MD not RB be VB done VBN for IN defense NN planning NN . . Two CD steps NNS are VBP necessary JJ to TO translate VB this DT idea NN into IN action NN . . Step NN 1 CD cleans VBZ up RP our PRP$ books NNS . . Our PRP$ five-year JJ plan NN contains VBZ three CD accounting NN devices NNS -- : negative JJ money NN , , an DT above JJ guidance NN management NN reserve NN and CC optimistic JJ inflation NN estimates NNS -- : which WDT understate VBP the DT spending NN the DT Pentagon NNP has VBZ committed VBN itself PRP to TO by IN almost RB $ $ 100 CD billion CD . . Negative JJ money NN was VBD invented VBN in IN 1988 CD to TO make VB the DT 1990-94 CD Five CD Year NN Defense NN Plan NN conform VB to TO the DT numbers NNS in IN President NNP Reagan NNP 's POS final JJ budget NN submission NN to TO Congress NNP . . That DT plan NN exceeded VBD the DT numbers NNS contained VBN in IN his PRP$ budget NN message NN by IN $ $ 45 CD billion CD . . To TO make VB the DT books NNS balance VB , , as IN is VBZ required VBN by IN law NN , , somebody NN invented VBD a DT new JJ budget NN line NN item NN that WDT simply RB subtracted VBD $ $ 45 CD billion CD . . It PRP is VBZ known VBN in IN the DT Pentagon NNP as IN the DT `` `` negative JJ wedge NN . . '' '' The DT Pentagon NNP argues VBZ that IN the DT negative JJ wedge NN is VBZ the DT net JJ effect NN of IN $ $ 22 CD billion CD in IN the DT as-yet RB unidentified JJ procurement NN reductions NNS that WDT it PRP intends VBZ to TO find VB in IN future JJ years NNS and CC $ $ 23 CD billion CD in IN an DT `` `` above JJ guidance NN '' '' management NN reserve NN that WDT accounts VBZ for IN undefined JJ programs NNS that WDT will MD materialize VB in IN the DT future NN . . The DT 1990 CD plan NN also RB assumes VBZ inflation NN will MD decline VB to TO 1.7 CD % NN by IN 1994 CD . . Most JJS forecasters NNS , , including VBG those DT in IN the DT Congressional NNP Budget NNP Office NNP , , assume VBP inflation NN will MD be VB in IN excess NN of IN 4 CD % NN in IN each DT of IN those DT five CD years NNS . . At IN that DT rate NN , , the DT defense NN plan NN is VBZ underfunded VBN by IN $ $ 48 CD billion CD . . By IN adding VBG the DT negative JJ wedge NN and CC recalculating VBG the DT remaining VBG program NN using VBG a DT more RBR probable JJ inflation NN estimate NN , , we PRP arrive VBP at IN a DT baseline JJ program NN costing VBG $ $ 1.7 CD trillion CD between IN 1990 CD and CC 1994 CD . . Step NN 2 CD examines VBZ how WRB four CD progressively RB lower JJR budget NN scenarios NNS would MD change VB the DT baseline NN and CC how WRB these DT changes NNS would MD affect VB our PRP$ national JJ security NN . . The DT graph NN on IN the DT right NN ( ( which WDT assumes VBZ a DT 4 CD % NN rate NN of IN inflation NN ) ) , , places VBZ these DT scenarios NNS in IN the DT context NN of IN recent JJ appropriations NNS ( ( see VB accompanying VBG illustration NN -- : WSJ NNP Oct. NNP 30 CD , , 1989 CD ) ) . . Note VB how WRB the DT baseline NN program NN assumes VBZ a DT sharp JJ increase NN in IN future JJ appropriations NNS . . Step NN 2 CD will MD answer VB the DT question NN : : What WP happens VBZ if IN these DT increases NNS do VBP not RB materialize VB ? . Scenario NN 1 CD , , known VBN as IN the DT `` `` Constant JJ Dollar NN Freeze NN , , '' '' reimburses VBZ the DT Pentagon NNP for IN inflation NN only RB -- : it PRP slopes VBZ upward RB at IN 4 CD % NN per IN year NN . . This DT scenario NN has VBZ been VBN the DT rough JJ position NN of IN the DT U.S. NNP Senate NNP since IN 1985 CD , , and CC it PRP reduces VBZ the DT baseline NN by IN $ $ 106 CD billion CD between IN 1990 CD and CC 1994 CD . . Scenario NN 3 CD , , the DT `` `` Current JJ Dollar NN Freeze NN , , '' '' has VBZ been VBN the DT approximate JJ position NN of IN the DT House NNP of IN Representatives NNP for IN about RB four CD years NNS . . It PRP freezes VBZ the DT budget NN at IN its PRP$ current JJ level NN , , and CC forces VBZ the DT Pentagon NNP to TO eat VB the DT effects NNS of IN inflation NN until IN 1994 CD . . This DT reduces VBZ the DT baseline NN by IN $ $ 229 CD billion CD . . Scenario NN 2 CD extends VBZ the DT recent JJ compromises NNS between IN the DT House NNP and CC the DT Senate NNP ; : it PRP splits VBZ the DT difference NN between IN Scenarios NNS 1 CD and CC 3 CD , , by IN increasing VBG the DT budget NN at IN 2 CD % NN per IN year NN . . It PRP reduces VBZ the DT baseline NN by IN $ $ 169 CD billion CD . . Finally RB , , Scenario NN 4 CD reduces VBZ the DT budget NN by IN 2 CD % NN per IN year NN for IN the DT next JJ five CD years NNS -- : a DT total JJ reduction NN of IN $ $ 287 CD billion CD . . This DT can MD be VB thought VBN of IN as IN a DT pessimistic JJ prediction NN , , perhaps RB driven VBN by IN the DT sequestering NN effects NNS of IN the DT Gramm-Rudman NNP deficit NN reduction NN law NN or CC possibly RB a DT relaxation NN of IN tensions NNS with IN the DT Soviet NNP Union NNP . . The DT strategic JJ planners NNS in IN the DT Joint NNP Chiefs NNPS of IN Staff NNP would MD construct VB the DT most RBS effective JJ defense NN program NN for IN each DT scenario NN , , maximizing VBG strengths NNS and CC minimizing VBG weaknesses NNS . . They PRP would MD conclude VB their PRP$ efforts NNS by IN producing VBG a DT comprehensive JJ net NN assessment NN for IN each DT plan NN -- : including VBG the DT assumptions NNS made VBN , , an DT analysis NN of IN its PRP$ deficiencies NNS and CC limitations NNS , , the DT impact NN on IN national JJ security NN , , and CC the DT best JJS strategy NN for IN working VBG around IN these DT limitations NNS . . This DT exercise NN would MD reveal VB the DT true JJ cost NN of IN a DT particular JJ program NN by IN forcing VBG the DT strategists NNS to TO make VB hard JJ decisions NNS . . If IN , , for IN example NN , , they PRP choose VBP to TO keep VB the DT B-2 NNP Stealth NNP bomber NN , , they PRP would MD have VB to TO sacrifice VB more JJR and CC more JJR other JJ programs NNS -- : such JJ as IN carrier NN battlegroups NNS or CC army NN divisions NNS -- : as IN they PRP moved VBD toward IN lower JJR budget NN levels NNS . . These DT trade-offs NNS would MD evolve VB priorities NNS by IN revealing VBG when WRB the DT cost NN of IN the DT B-2 NNP became VBD prohibitive JJ . . Some DT may MD be VB tempted VBN to TO argue VB that IN the DT idea NN of IN a DT strategic JJ review NN merely RB resurrects VBZ the DT infamous JJ Zero-Based NNP Budgeting NNP ( ( ZBB NNP ) ) concept NN of IN the DT Carter NNP administration NN . . But CC ZBB NNP did VBD not RB involve VB the DT strategic JJ planners NNS in IN the DT Joint NNP Chiefs NNPS of IN Staff NNP , , and CC therefore RB degenerated VBD into IN a DT bean-counting NN drill NN driven VBN by IN budget NN politics NNS . . Anyway RB , , ZBB NNP 's POS procedures NNS were VBD so RB cumbersome JJ that IN everyone NN involved VBN was VBD crushed VBN under IN a DT burden NN of IN marginalia NNS . . A DT strategic JJ review NN is VBZ fundamentally RB different JJ . . It PRP would MD be VB run VBN by IN the DT joint JJ chiefs NNS under IN simple JJ directions NNS : : Produce VB the DT best JJS possible JJ force NN for IN each DT budget NN scenario NN and CC provide VB the DT Secretary NNP of IN Defense NNP with IN a DT comprehensive JJ net JJ assessment NN of IN how WRB that DT force NN could MD be VB used VBN to TO achieve VB U.S. NNP goals NNS . . It PRP might MD be VB feared VBN that IN even RB thinking VBG about IN lower JJR budgets NNS will MD hurt VB national JJ security NN because IN the DT door NN will MD be VB opened VBN to TO opportunistic JJ budget NN cutting NN by IN an DT irresponsible JJ Congress NNP . . This DT argument NN plays VBZ well RB in IN the DT atmosphere NN of IN gaming NN and CC mistrust NN permeating VBG the DT Pentagon NNP and CC Congress NNP , , and CC unfortunately RB , , there EX is VBZ some DT truth NN to TO it PRP . . But CC in IN the DT end NN , , it PRP must MD be VB rejected VBN for IN logical JJ as RB well RB as IN moral JJ reasons NNS . . To TO say VB that IN the DT Pentagon NNP should MD act VB irresponsibly RB because IN acting VBG responsibly RB will MD provoke VB Congress NNP into IN acting VBG irresponsibly RB leads VBZ to TO the DT conclusion NN that IN the DT Pentagon NNP should MD deliberately RB exaggerate VB its PRP$ needs NNS in IN the DT national JJ interest NN ; : in IN other JJ words NNS , , that IN it PRP is VBZ justified JJ in IN committing VBG a DT crime NN -- : lying VBG to TO Congress NNP -- : because IN it PRP is VBZ morally RB superior JJ . . Strategy NNP is VBZ not RB a DT game NN between IN the DT Pentagon NNP and CC Congress NNP ; : it PRP is VBZ the DT art NN of IN the DT possible JJ in IN a DT world NN where WRB constraints NNS force VBP us PRP to TO choose VB between IN unpleasant JJ or CC imperfect JJ alternatives NNS . . If IN we PRP want VBP meaningful JJ priorities NNS , , we PRP must MD understand VB the DT trade-offs NN they PRP imply VBP before IN we PRP make VBP commitments NNS . . Strategy NN is VBZ not RB a DT separate JJ event NN in IN an DT idealized JJ sequence NN of IN discrete JJ events NNS ; : it PRP is VBZ a DT way NN of IN thinking NN that WDT neutralizes VBZ threats NNS to TO our PRP$ interests NNS in IN a DT manner NN consistent JJ with IN our PRP$ financial JJ , , cultural JJ and CC physical JJ limitations NNS . . Mr. NNP Spinney NNP is VBZ a DT permanent JJ Pentagon NNP official NN . . This DT is VBZ a DT condensed JJ version NN of IN an DT essay NN that WDT will MD appear VB in IN the DT January NNP issue NN of IN the DT Naval NNP Institute NNP Proceedings NNP . . The DT views NNS expressed VBN do VB not RB reflect VB the DT official JJ policy NN of IN the DT Department NNP of IN Defense NNP . . Although IN bullish JJ dollar NN sentiment NN has VBZ fizzled VBN , , many JJ currency NN analysts NNS say VBP a DT massive JJ sell-off NN probably RB wo MD n't RB occur VB in IN the DT near JJ future NN . . While IN Wall NNP Street NNP 's POS tough JJ times NNS and CC lower JJR U.S. NNP interest NN rates NNS continue VBP to TO undermine VB the DT dollar NN , , weakness NN in IN the DT pound NN and CC the DT yen NN is VBZ expected VBN to TO offset VB those DT factors NNS . . `` `` By IN default NN , , '' '' the DT dollar NN probably RB will MD be VB able JJ to TO hold VB up RP pretty RB well RB in IN coming JJ days NNS , , says VBZ Francoise NNP Soares-Kemp NNP , , a DT foreign-exchange JJ adviser NN at IN Credit NNP Suisse NNP . . `` `` We PRP 're VBP close RB to TO the DT bottom NN '' '' of IN the DT near-term JJ ranges NNS , , she PRP contends VBZ . . In IN late JJ Friday NNP afternoon NN New NNP York NNP trading NN , , the DT dollar NN was VBD at IN 1.8300 CD marks NNS and CC 141.65 CD yen NNS , , off RB from IN late JJ Thursday NNP 's POS 1.8400 CD marks NNS and CC 142.10 CD yen NNS . . The DT pound NN strengthened VBD to TO $ $ 1.5795 CD from IN $ $ 1.5765 CD . . In IN Tokyo NNP Monday NNP , , the DT U.S. NNP currency NN opened VBD for IN trading VBG at IN 141.70 CD yen NNS , , down IN from IN Friday NNP 's POS Tokyo NNP close NN of IN 142.75 CD yen NNS . . The DT dollar NN began VBD Friday NNP on IN a DT firm NN note NN , , gaining VBG against IN all DT major JJ currencies NNS in IN Tokyo NNP dealings NNS and CC early JJ European JJ trading NN despite IN reports NNS that IN the DT Bank NNP of IN Japan NNP was VBD seen VBN unloading VBG dollars NNS around RB 142.70 CD yen NNS . . The DT rise NN came VBD as IN traders NNS continued VBD to TO dump VB the DT pound NN after IN the DT sudden JJ resignation NN Thursday NNP of IN British NNP Chancellor NNP of IN the DT Exchequer NNP Nigel NNP Lawson NNP . . But CC once RB the DT pound NN steadied VBD with IN help NN from IN purchases NNS by IN the DT Bank NNP of IN England NNP and CC the DT Federal NNP Reserve NNP Bank NNP of IN New NNP York NNP , , the DT dollar NN was VBD dragged VBN down RP , , traders NNS say VBP , , by IN the DT stock-market JJ slump NN that WDT left VBD the DT Dow NNP Jones NNP Industrial NNP Average NNP with IN a DT loss NN of IN 17.01 CD points NNS . . With IN the DT stock NN market NN wobbly JJ and CC dollar NN buyers NNS discouraged VBN by IN signs NNS of IN U.S. NNP economic JJ weakness NN and CC the DT recent JJ decline NN in IN U.S. NNP interest NN rates NNS that WDT has VBZ diminished VBN the DT attractiveness NN of IN dollar-denominated JJ investments NNS , , traders NNS say VBP the DT dollar NN is VBZ still RB in IN a DT precarious JJ position NN . . `` `` They PRP 'll MD be VB looking VBG at IN levels NNS to TO sell VB the DT dollar NN , , '' '' says VBZ James NNP Scalfaro NNP , , a DT foreign-exchange JJ marketing NN representative NN at IN Bank NNP of IN Montreal NNP . . While IN some DT analysts NNS say VBP the DT dollar NN eventually RB could MD test VB support NN at IN 1.75 CD marks NNS and CC 135 CD yen NNS , , Mr. NNP Scalfaro NNP and CC others NNS do VBP n't RB see VB the DT currency NN decisively RB sliding VBG under IN support NN at IN 1.80 CD marks NNS and CC 140 CD yen NNS soon RB . . Predictions NNS for IN limited JJ dollar NN losses NNS are VBP based VBN largely RB on IN the DT pound NN 's POS weak JJ state NN after IN Mr. NNP Lawson NNP 's POS resignation NN and CC the DT yen NN 's POS inability NN to TO strengthen VB substantially RB when WRB there EX are VBP dollar NN retreats NNS . . With IN the DT pound NN and CC the DT yen NN lagging VBG behind IN other JJ major JJ currencies NNS , , `` `` you PRP do VBP n't RB have VB a DT confirmation NN '' '' that IN a DT sharp JJ dollar NN downturn NN is VBZ in IN the DT works NNS , , says VBZ Mike NNP Malpede NNP , , senior JJ currency NN analyst NN at IN Refco NNP Inc. NNP in IN Chicago NNP . . As RB far RB as IN the DT pound NN goes VBZ , , some DT traders NNS say VB a DT slide NN toward IN support NN at IN $ $ 1.5500 CD may MD be VB a DT favorable JJ development NN for IN the DT dollar NN this DT week NN . . While IN the DT pound NN has VBZ attempted VBN to TO stabilize VB , , currency NN analysts NNS say VBP it PRP is VBZ in IN critical JJ condition NN . . Sterling NN plunged VBD about RB four CD cents NNS Thursday NNP and CC hit VBD the DT week NN 's POS low NN of IN $ $ 1.5765 CD when WRB Mr. NNP Lawson NNP resigned VBD from IN his PRP$ six-year JJ post NN because IN of IN a DT policy NN squabble NN with IN other JJ cabinet NN members NNS . . He PRP was VBD succeeded VBN by IN John NNP Major NNP , , who WP Friday NNP expressed VBD a DT desire NN for IN a DT firm JJ pound NN and CC supported VBD the DT relatively RB high JJ British JJ interest NN rates NNS that IN he PRP said VBD `` `` are VBP working VBG exactly RB as RB intended VBN '' '' in IN reducing VBG inflation NN . . But CC the DT market NN remains VBZ uneasy JJ about IN Mr. NNP Major NNP 's POS policy NN strategy NN and CC the DT prospects NNS for IN the DT pound NN , , currency NN analysts NNS contend VBP . . Although IN the DT Bank NNP of IN England NNP 's POS tight JJ monetary JJ policy NN has VBZ fueled VBN worries NNS that IN Britain NNP 's POS slowing VBG economy NN is VBZ headed VBN for IN a DT recession NN , , it PRP is VBZ widely RB believed VBN that IN Mr. NNP Lawson NNP 's POS willingness NN to TO prop VB up RP the DT pound NN with IN interest-rate JJ increases NNS helped VBD stem NN pound NN selling NN in IN recent JJ weeks NNS . . If IN there EX are VBP any DT signs NNS that IN Mr. NNP Major NNP will MD be VB less RBR inclined JJ to TO use VB interest-rate JJ boosts NNS to TO rescue VB the DT pound NN from IN another DT plunge NN , , that DT currency NN is VBZ expected VBN to TO fall VB sharply RB . . `` `` It PRP 's VBZ fair JJ to TO say VB there EX are VBP more JJR risks NNS for IN the DT pound NN under IN Major JJ than IN there EX were VBD under IN Lawson NNP , , '' '' says VBZ Malcolm NNP Roberts NNP , , a DT director NN of IN international JJ bond NN market NN research NN at IN Salomon NNP Brothers NNP in IN London NNP . . `` `` There EX 's VBZ very RB little JJ upside NN to TO sterling NN , , '' '' Mr. NNP Roberts NNP says VBZ , , but CC he PRP adds VBZ that IN near-term JJ losses NNS may MD be VB small JJ because IN the DT selling NN wave NN that WDT followed VBD Mr. NNP Major NNP 's POS appointment NN apparently RB has VBZ run VBN its PRP$ course NN . . But CC some DT other JJ analysts NNS have VBP a DT stormier JJR forecast NN for IN the DT pound NN , , particularly RB because IN Britain NNP 's POS inflation NN is VBZ hovering VBG at IN a DT relatively RB lofty JJ annual JJ rate NN of IN about RB 7.6 CD % NN and CC the DT nation NN is VBZ burdened VBN with IN a DT struggling VBG government NN and CC large JJ current JJ account NN and CC trade NN deficits NNS . . The DT pound NN likely RB will MD fall VB in IN coming JJ days NNS and CC may MD trade VB as RB low JJ as IN 2.60 CD marks NNS within IN the DT next JJ year NN , , says VBZ Nigel NNP Rendell NNP , , an DT international JJ economist NN at IN James NNP Capel NNP & CC Co. NNP in IN London NNP . . The DT pound NN was VBD at IN 2.8896 CD marks NNS late JJ Friday NNP , , off RB sharply RB from IN 2.9511 CD in IN New NNP York NNP trading NN a DT week NN earlier RBR . . If IN the DT pound NN falls VBZ closer RBR to TO 2.80 CD marks NNS , , the DT Bank NNP of IN England NNP may MD raise VB Britain NNP 's POS base NN lending NN rate NN by IN one CD percentage NN point NN to TO 16 CD % NN , , says VBZ Mr. NNP Rendell NNP . . But CC such PDT an DT increase NN , , he PRP says VBZ , , could MD be VB viewed VBN by IN the DT market NN as IN `` `` too RB little JJ too RB late RB . . '' '' The DT Bank NNP of IN England NNP indicated VBD its PRP$ desire NN to TO leave VB its PRP$ monetary JJ policy NN unchanged JJ Friday NNP by IN declining VBG to TO raise VB the DT official JJ 15 CD % NN discount-borrowing NN rate NN that IN it PRP charges VBZ discount NN houses NNS , , analysts NNS say VBP . . Pound NN concerns NNS aside RB , , the DT lack NN of IN strong JJ buying NN interest NN in IN the DT yen NN is VBZ another DT boon NN for IN the DT dollar NN , , many JJ traders NNS say VBP . . The DT dollar NN has VBZ a DT `` `` natural JJ base NN of IN support NN '' '' around RB 140 CD yen NNS because IN the DT Japanese JJ currency NN has VBZ n't RB been VBN purchased VBN heavily RB in IN recent JJ weeks NNS , , says VBZ Ms. NNP Soares-Kemp NNP of IN Credit NNP Suisse NNP . . The DT yen NN 's POS softness NN , , she PRP says VBZ , , apparently RB stems VBZ from IN Japanese JJ investors NNS ' POS interest NN in IN buying VBG dollars NNS against IN the DT yen NN to TO purchase VB U.S. NNP bond NN issues NNS and CC persistent JJ worries NNS about IN this DT year NN 's POS upheaval NN in IN the DT Japanese JJ government NN . . On IN New NNP York NNP 's POS Commodity NNP Exchange NNP Friday NNP , , gold NN for IN current JJ delivery NN jumped VBD $ $ 5.80 CD , , to TO $ $ 378.30 CD an DT ounce NN , , the DT highest JJS settlement NN since IN July NNP 12 CD . . Estimated JJ volume NN was VBD a DT heavy JJ seven CD million CD ounces NNS . . In IN early JJ trading NN in IN Hong NNP Kong NNP Monday NNP , , gold NN was VBD quoted VBN at IN $ $ 378.87 CD an DT ounce NN . . We PRP are VBP deeply RB disturbed JJ that IN a DT recent JJ editorial NN stated VBD that IN the DT `` `` Americans NNP With IN Disabilities NNP Act NNP of IN 1989 CD '' '' was VBD `` `` crafted VBN primarily RB by IN Democratic JJ Senators NNPS Kennedy NNP and CC Harkin NNP '' '' with IN a DT premise NN `` `` based VBN on IN the DT presumption NN that IN most JJS Americans NNPS are VBP hostile JJ to TO the DT disabled JJ ... : . . '' '' Perhaps RB even RB more RBR offensive JJ is VBZ the DT statement NN , , `` `` It PRP is VBZ surprising JJ that IN George NNP Bush NNP and CC the DT White NNP House NNP inner JJ circle NN would MD ally VB themselves PRP with IN this DT crabby JJ philosophy NN . . '' '' This DT legislation NN was VBD not RB drafted VBN by IN a DT handful NN of IN Democratic JJ `` `` do-gooders NNS . . '' '' Quite PDT the DT contrary JJ -- : it PRP results VBZ from IN years NNS of IN work NN by IN members NNS of IN the DT National NNP Council NNP on IN the DT Handicapped NNP , , all RB appointed VBN by IN President NNP Reagan NNP . . You PRP depict VBP the DT bill NN as IN something NN Democratic JJ leaders NNS `` `` hoodwinked VBN '' '' the DT administration NN into IN endorsing VBG . . The DT opposite JJ is VBZ true JJ : : It PRP 's VBZ the DT product NN of IN many JJ meetings NNS with IN administration NN officials NNS , , Senate NNP staffers NNS , , advocates NNS , , and CC business NN and CC transportation NN officials NNS . . Many JJ congressmen NNS are VBP citing VBG the DT compromise NN on IN the DT `` `` Americans NNP With IN Disabilities NNP Act NNP of IN 1989 CD '' '' as IN a DT model NN for IN bipartisan JJ deliberations NNS . . Most JJS National NNP Council NNP members NNS are VBP themselves PRP disabled JJ or CC are VBP parents NNS of IN children NNS with IN disabilities NNS . . We PRP know VBP firsthand RB the DT discrimination NN addressed VBN by IN the DT act NN : : to TO be VB told VBN there EX 's VBZ no DT place NN for IN your PRP$ child NN in IN school NN ; : to TO spend VB lonely JJ hours NNS at IN home NN because IN there EX is VBZ no DT transportation NN for IN someone NN in IN a DT wheelchair NN ; : to TO be VB denied VBN employment NN because IN you PRP are VBP disabled JJ . . Your PRP$ editorial NN mockingly RB entitles VBZ this DT legislation NN the DT `` `` Lawyers NNP ' POS Employment NNP Act NNP . . '' '' For IN the DT 43 CD million CD people NNS with IN disabilities NNS and CC their PRP$ families NNS , , this DT legislation NN is VBZ the DT `` `` Emancipation NNP Proclamation NNP . . '' '' Sandra NNP Swift NNP Parrino NNP Chairperson NNP National NNP Council NNP on IN the DT Handicapped NNP A DT group NN of IN investors NNS led VBN by IN Giant NNP Group NNP Ltd. NNP and CC its PRP$ chairman NN , , Burt NNP Sugarman NNP , , said VBD it PRP filed VBD with IN federal JJ antitrust JJ regulators NNS for IN clearance NN to TO buy VB more JJR than IN 50 CD % NN of IN the DT stock NN of IN Rally NNP 's POS Inc. NNP , , a DT fast-food NN company NN based VBN in IN Louisville NNP , , Ky NNP . . Rally NNP 's POS operates VBZ and CC franchises VBZ about RB 160 CD fast-food NN restaurants NNS throughout IN the DT U.S. NNP . . The DT company NN went VBD public JJ earlier RBR this DT month NN , , offering VBG 1,745,000 CD shares NNS of IN common JJ stock NN at IN $ $ 15 CD a DT share NN . . Giant NN has VBZ interests NNS in IN cement NN making NN and CC newsprint NN . . The DT investor NN group NN includes VBZ Restaurant NNP Investment NNP Partnership NNP , , a DT California NNP general JJ partnership NN , , and CC three CD Rally NNP 's POS directors NNS : : Mr. NNP Sugarman NNP , , James NNP M. NNP Trotter NNP III NNP and CC William NNP E. NNP Trotter NNP II NNP . . The DT group NN currently RB holds VBZ 3,027,330 CD Rally NNP 's POS shares NNS , , or CC 45.2 CD % NN of IN its PRP$ commmon JJ shares NNS outstanding JJ . . Giant NNP Group NNP owned VBD 22 CD % NN of IN Rally NNP 's POS shares NNS before IN the DT initial JJ public JJ offering NN . . A DT second JJ group NN of IN three CD company NN directors NNS , , aligned VBN with IN Rally NNP 's POS founder NN James NNP Patterson NNP , , also RB is VBZ seeking VBG control NN of IN the DT fast-food NN chain NN . . It PRP is VBZ estimated VBN that IN the DT Patterson NNP group NN controls VBZ more JJR than IN 40 CD % NN of IN Rally NNP 's POS stock NN . . Rally NNP officials NNS were VBD n't RB available JJ to TO comment VB late RB yesterday NN . . For IN the DT year NN ended VBN July NNP 2 CD , , Rally NNP had VBD net JJ income NN of IN $ $ 2.4 CD million CD , , or CC 34 CD cents NNS a DT share NN , , on IN revenue NN of IN $ $ 52.9 CD million CD . . Companies NNS listed VBN below RB reported VBD quarterly JJ profit NN substantially RB different JJ from IN the DT average NN of IN analysts NNS ' POS estimates NNS . . The DT companies NNS are VBP followed VBN by IN at IN least JJS three CD analysts NNS , , and CC had VBD a DT minimum JJ five-cent JJ change NN in IN actual JJ earnings NNS per IN share NN . . Estimated JJ and CC actual JJ results NNS involving VBG losses NNS are VBP omitted VBN . . The DT percent NN difference NN compares VBZ actual JJ profit NN with IN the DT 30-day JJ estimate NN where WRB at IN least JJS three CD analysts NNS have VBP issues NNS forecasts NNS in IN the DT past JJ 30 CD days NNS . . Otherwise RB , , actual JJ profit NN is VBZ compared VBN with IN the DT 300-day JJ estimate NN . . DPC NNP Acquisition NNP Partners NNP , , a DT hostile NN suitor NN for IN Dataproducts NNP Corp. NNP , , filed VBD a DT petition NN in IN federal JJ district NN court NN in IN Los NNP Angeles NNP seeking VBG to TO have VB its PRP$ standstill NN agreement NN with IN the DT computer NN printer NN maker NN declared VBN void NN , , and CC it PRP proceeded VBD with IN a DT $ $ 10-a-share JJ tender NN offer NN for IN the DT company NN . . The DT offer NN would MD give VB the DT transaction NN an DT indicated JJ value NN of IN $ $ 189 CD million CD , , based VBN on IN the DT 18.9 CD million CD shares NNS the DT group NN does VBZ n't RB already RB own VB . . DPC NNP holds VBZ about RB 7.8 CD % NN of IN Dataproducts NNP ' POS shares NNS . . Lawyers NNS representing VBG DPC NNP declined VBD to TO elaborate VB , , saying VBG they PRP did VBD n't RB have VB a DT final JJ copy NN of IN the DT filing NN . . Jack NNP Davis NNP , , Dataproducts NNP ' POS chairman NN , , said VBD he PRP had VBD n't RB yet RB seen VBN the DT filing NN and CC could MD n't RB comment VB . . DPC NNP made VBD a DT $ $ 15-a-share JJ bid NN for IN the DT company NN in IN May NNP , , but CC Dataproducts NNP management NN considered VBD the DT $ $ 283.7 CD million CD proposal NN unacceptable JJ . . Dataproducts NNP had VBD sought VBN a DT buyer NN for IN several JJ months NNS , , but CC it PRP is VBZ now RB in IN the DT midst NN of IN a DT restructuring NN plan NN and CC management NN says VBZ the DT company NN is VBZ no RB longer RBR for IN sale NN . . Appalachian NNP Power NNP Co. NNP , , a DT subsidiary NN of IN American NNP Electric NNP Power NNP Co. NNP , , said VBD it PRP will MD redeem VB on IN Dec. NNP 1 CD the DT entire JJ $ $ 44.2 CD million CD of IN its PRP$ 12 CD 7\/8 CD % NN first JJ mortgage NN bonds NNS due JJ 2013 CD . . The DT redemption NN price NN will MD be VB 109.66 CD % NN of IN the DT principal NN amount NN of IN the DT bonds NNS , , plus CC accrued JJ interest NN to TO the DT date NN of IN redemption NN . . The DT European NNP Community NNP 's POS consumer NN price NN index NN rose VBD a DT provisional JJ 0.6 CD % NN in IN September NNP from IN August NNP and CC was VBD up RB 5.3 CD % NN from IN September NNP 1988 CD , , according VBG to TO Eurostat NNP , , the DT EC NNP 's POS statistical JJ agency NN . . The DT month-to-month JJ rise NN in IN the DT index NN was VBD the DT largest JJS since IN April NNP , , Eurostat NNP said VBD . . Efforts NNS by IN the DT Hong NNP Kong NNP Futures NNPS Exchange NNP to TO introduce VB a DT new JJ interest-rate NN futures NNS contract NN continue VBP to TO hit VB snags NNS , , despite IN the DT support NN the DT proposed VBN instrument NN enjoys VBZ in IN the DT colony NN 's POS financial JJ community NN . . Hong NNP Kong NNP financial JJ institutions NNS have VBP been VBN waiting VBG for IN interest-rate NN futures NNS for IN a DT long JJ time NN . . The DT contract NN was VBD first RB proposed VBN more JJR than IN two CD years NNS ago RB , , but CC shortly RB afterward RB , , the DT colony NN 's POS markets NNS were VBD hit VBN hard RB by IN the DT October NNP 1987 CD global JJ stock NN crash NN . . The DT subsequent JJ drive NN to TO reform VB Hong NNP Kong NNP 's POS markets NNS also RB has VBZ embroiled VBN the DT interest-rate NN futures NNS contract NN . . The DT Securities NNPS and CC Futures NNPS Commission NNP , , a DT government NN watchdog NN set VBD up RP after IN the DT 1987 CD crash NN to TO try VB to TO restore VB confidence NN and CC order NN to TO Hong NNP Kong NNP 's POS markets NNS , , had VBD been VBN expected VBN to TO give VB the DT contract NN conditional JJ approval NN last JJ week NN . . But CC regulators NNS this DT week NN said VBD futures-exchange NN officials NNS still RB have VB a DT way NN to TO go VB before IN they PRP answer VBP all PDT the DT remaining VBG detailed JJ questions NNS about IN the DT contract NN . . The DT exchange NN had VBD forecast VBN that IN the DT contract NN would MD begin VB trading VBG by IN December NNP . . But CC securities NNS regulators NNS now RB say VBP privately RB that IN it PRP is VBZ n't RB likely JJ to TO start VB until IN the DT first JJ quarter NN of IN next JJ year NN . . Analysts NNS and CC financial JJ officials NNS in IN the DT British JJ colony NN consider VBP the DT new JJ contract NN essential JJ to TO the DT revival NN of IN the DT Hong NNP Kong NNP Futures NNPS Exchange NNP , , which WDT has VBZ never RB fully RB recovered VBN from IN the DT October NNP 1987 CD crash NN . . Many JJ believe VBP that DT without IN a DT healthy JJ futures NNS exchange NN , , Hong NNP Kong NNP 's POS aspirations NNS to TO be VB recognized VBN as IN an DT international JJ financial JJ center NN will MD suffer VB . . In IN addition NN , , local JJ banks NNS say VBP the DT new JJ contract NN is VBZ important JJ in IN helping VBG them PRP offset VB their PRP$ Hong NNP Kong-dollar NN exposure NN . . The DT contract NN will MD be VB based VBN on IN the DT three-month JJ Hong NNP Kong NNP interbank NN offered JJ rate NN , , or CC Hibor NNP . . It PRP is VBZ almost RB a DT carbon NN copy NN of IN the DT Chicago NNP Mercantile NNP Exchange NNP 's POS Eurodollar NN contract NN , , which WDT is VBZ based VBN on IN the DT three-month JJ Eurodollar NN rate NN , , the DT rate NN paid VBN on IN U.S.-dollar NN deposits NNS in IN London NNP banks NNS . . If IN the DT contract NN is VBZ as RB successful JJ as IN some DT expect VBP , , it PRP may MD do VB much RB to TO restore VB confidence NN in IN futures NNS trading VBG in IN Hong NNP Kong NNP . . `` `` The DT contract NN is VBZ definitely RB important JJ to TO the DT exchange NN , , '' '' says VBZ Robert NNP Gilmore NNP , , executive NN director NN of IN the DT Securities NNPS and CC Futures NNPS Commission NNP . . Two CD years NNS ago RB , , the DT futures NNS exchange NN was VBD the DT envy NN of IN other JJ would-be JJ futures NNS centers NNS . . After IN only RB 17 CD months NNS , , its PRP$ main JJ contract NN , , based VBN on IN the DT Hang NNP Seng NNP index NN , , had VBD grown VBN to TO be VB the DT second-largest JJ stock-index-futures NNS contract NN in IN the DT world NN . . { ( A DT futures NNS contract NN is VBZ an DT agreement NN to TO buy VB or CC sell VB a DT commodity NN or CC financial JJ instrument NN at IN a DT set JJ price NN on IN a DT specified JJ date NN . . In IN the DT case NN of IN stock-index NN and CC interest-rate NN futures NNS , , the DT instruments NNS are VBP given VBN an DT underlying VBG cash NN value NN and CC are VBP settled VBN in IN cash NN . . } ) But CC in IN the DT week NN following VBG the DT 1987 CD stock NN crash NN , , the DT exchange NN verged VBD on IN collapse NN , , and CC the DT stock NN and CC futures NNS markets NNS in IN Hong NNP Kong NNP were VBD closed VBN for IN four CD days NNS . . Only RB a DT government-sponsored JJ bailout NN kept VBD the DT crisis NN from IN swallowing VBG the DT exchange NN . . Trading NN in IN Hang NNP Seng NNP index NN futures NNS remains VBZ crippled VBN by IN the DT experience NN . . Volume NN for IN the DT entire JJ month NN of IN September NNP totaled VBD only RB 21,687 CD contracts NNS , , compared VBN with IN a DT daily JJ average NN of IN 27,000 CD in IN the DT month NN before IN the DT 1987 CD crash NN . . Despite IN the DT thin JJ trading NN , , and CC after IN two CD painful JJ years NNS of IN restructuring NN , , the DT futures NNS market NN has VBZ shown VBN itself PRP to TO be VB resilient JJ in IN two CD recent JJ tests NNS . . While IN Asian JJ markets NNS struggled VBD to TO cope VB with IN the DT uncertainty NN caused VBN by IN the DT Oct. NNP 13 CD plunge NN in IN New NNP York NNP stock NN prices NNS , , futures NNS trading NN in IN Hong NNP Kong NNP was VBD relatively RB heavy JJ and CC went VBD smoothly RB . . That DT was VBD also RB the DT case NN in IN the DT days NNS following VBG the DT June NNP 4 CD massacre NN in IN Beijing NNP , , which WDT caused VBD a DT sharp JJ drop NN in IN Hong NNP Kong NNP stock NN prices NNS . . `` `` There EX was VBD no DT problem NN at IN all DT , , '' '' says VBZ Douglas NNP Ford NNP , , chief JJ executive NN officer NN of IN the DT futures NNS exchange NN . . Most RBS important JJ to TO the DT contract NN 's POS success NN is VBZ the DT commitment NN of IN Hong NNP Kong NNP 's POS big JJ financial JJ institutions NNS , , especially RB the DT two CD leaders NNS , , Hongkong NNP & CC Shanghai NNP Banking NNP Corp. NNP and CC the DT local JJ subsidiary NN of IN Britain NNP 's POS Standard NNP Chartered NNP Bank NNP PLC NNP . . The DT two CD big JJ banks NNS were VBD instrumental JJ in IN designing VBG the DT new JJ contract NN . . `` `` If IN those DT two CD banks NNS are VBP there RB , , then RB the DT balance NN of IN the DT banking NN institutions NNS will MD be VB there RB , , '' '' says VBZ Mr. NNP Gilmore NNP , , the DT Securities NNPS and CC Futures NNPS Commission NNP official NN . . Colony NN banks NNS have VBP a DT major JJ stake NN in IN how WRB interest NN rates NNS move VBP because IN of IN their PRP$ enormous JJ Hong NNP Kong-dollar NN exposure NN . . Even RB though IN the DT currency NN is VBZ pegged VBN to TO the DT U.S. NNP dollar NN , , with IN a DT fixed JJ exchange NN rate NN of IN HK$ $ 7.8 CD to TO the DT American JJ currency NN , , the DT U.S. NNP and CC Hong NNP Kong NNP economies NNS do VBP n't RB always RB move VB in IN lock JJ step NN , , making VBG it PRP difficult JJ to TO predict VB where WRB interest NN rates NNS in IN the DT colony NN will MD go VB . . In IN early RB 1988 CD , , when WRB the DT three-month JJ Eurodollar NN rate NN was VBD between IN 7 CD % NN and CC 8 CD % NN , , the DT three-month JJ Hibor NNP rate NN was VBD as RB low JJ as IN 1 CD % NN . . Just RB a DT few JJ months NNS ago RB , , the DT three-month JJ Eurodollar NN rate NN was VBD around IN 9.5 CD % NN , , while IN three-month JJ Hibor NNP hit VBD highs NNS above IN 11 CD % NN . . The DT Hibor NNP contract NN `` `` solves VBZ quite RB a DT bit NN of IN the DT problem NN of IN interest-rate NN risk NN in IN the DT interbank NN market NN , , '' '' says VBZ Eric NNP Cheng NNP , , a DT director NN of IN James NNP Capel NNP ( ( Far NNP East NNP ) ) Ltd. NNP , , the DT Hong NNP Kong NNP arm NN of IN the DT British JJ brokerage NN firm NN . . Despite IN the DT initial JJ support NN expected VBD , , trading NN in IN the DT contract NN is VBZ likely JJ to TO start VB slowly RB . . The DT wounds NNS from IN the DT 1987 CD crash NN have VBP n't RB yet RB healed VBN , , and CC not RB all DT claims NNS against IN the DT exchange NN clearinghouse NN -- : by IN those DT who WP bet VB the DT Hang NNP Seng NNP index NN would MD fall VB -- : have VBP been VBN settled VBN . . Companies NNS and CC financial JJ institutions NNS familiar JJ with IN Hong NNP Kong NNP remain VBP wary JJ of IN trading NN in IN its PRP$ futures NNS market NN . . And CC Mr. NNP Gilmore NNP cautions VBZ that IN there EX may MD be VB limits NNS on IN how WRB much JJ the DT contract NN can MD grow VB because IN the DT Hong NNP Kong NNP dollar NN is VBZ n't RB a DT widely RB traded JJ currency NN . . He PRP says VBZ the DT contract NN will MD be VB considered VBN a DT success NN if IN it PRP starts VBZ trading VBG 500 CD to TO 1,000 CD lots NNS a DT day NN . . Exchange NN officials NNS also RB point VBP out RP that IN Hibor NNP futures NNS were VBD designed VBN for IN institutions NNS and CC corporations NNS , , not RB for IN the DT type NN of IN small JJ individual JJ investors NNS who WP were VBD very RB active JJ in IN Hang NNP Seng NNP index NN futures NNS and CC defaulted VBD in IN the DT 1987 CD crash NN . . Mr. NNP Cheng NNP says VBZ the DT low JJ margin NN required VBN for IN trading NN futures NNS attracted VBD a DT lot NN of IN small JJ investors NNS before IN the DT 1987 CD crash NN who WP did VBD n't RB realize VB that DT their PRP$ risk NN was VBD virtually RB unlimited JJ . . `` `` You PRP 're VBP not RB going VBG to TO get VB your PRP$ taxi NN drivers NNS and CC amahs NNS and CC all PDT that DT , , '' '' says VBZ Rory NNP Nicholas NNP , , a DT director NN for IN securities NNS company NN Elders NNPS Bullion NNP & CC Futures NNPS Ltd NNP . . That DT should MD help VB to TO inspire VB confidence NN , , Mr. NNP Gilmore NNP says VBZ . . But CC many JJ bankers NNS remain VBP nervous JJ , , especially RB as IN the DT start-up NN of IN the DT contract NN continues VBZ to TO be VB delayed VBN . . Two CD of IN Japan NNP 's POS largest JJS paper NN manufacturers NNS , , Oji NNP Paper NNP Co. NNP and CC Jujo NNP Paper NNP Co. NNP , , posted VBD unconsolidated JJ pretax JJ profit NN gains NNS from IN a DT year NN earlier RB for IN the DT first JJ half NN ended VBD Sept. NNP 30 CD , , on IN continuing VBG robust JJ domestic JJ demand NN for IN paper NN products NNS . . Oji NNP Paper NNP , , the DT nation NN 's POS largest JJS in IN terms NNS of IN sales NNS , , said VBD its PRP$ pretax JJ profit NN rose VBD 1.5 CD % NN to TO 23.11 CD billion CD yen NNS ( ( US$ $ 163.3 CD million CD ) ) from IN 22.76 CD billion CD yen NNS . . Sales NNS jumped VBD 12.2 CD % NN to TO 232.12 CD billion CD yen NNS from IN 206.87 CD billion CD yen NNS . . Net JJ income NN increased VBN 6.7 CD % NN to TO 12.43 CD billion CD yen NNS from IN 11.66 CD billion CD yen NNS . . Per-share JJ net NN rose VBD to TO 20.48 CD yen NNS from IN 19.51 CD yen NNS . . Oji NNP Paper NNP 's POS sales NNS strength NN was VBD evident JJ in IN overall JJ paper NN products NNS sales NNS , , including VBG newsprints NNS , , printing NN and CC wrapping NN papers NNS , , which WDT rose VBD to TO 221.61 CD billion CD yen NNS in IN the DT first JJ half NN from IN 200.70 CD billion CD yen NNS a DT year NN earlier RB . . Pulp NN , , processed JJ and CC miscellaneous JJ paper NN sales NNS also RB surged VBD . . For IN the DT full JJ fiscal JJ year NN ending VBG next JJ March NNP , , Oji NNP predicted VBD that IN total JJ sales NNS of IN 477.00 CD billion CD yen NNS , , up RB from IN 420.68 CD billion CD yen NNS in IN the DT previous JJ fiscal JJ year NN . . Pretax JJ profit NN is VBZ seen VBN at IN 45.00 CD billion CD yen NNS , , down RB from IN 47.17 CD billion CD yen NNS , , while IN net JJ income NN is VBZ estimated VBN at IN 23.500 CD billion CD yen NNS , , up RB from IN 23.031 CD billion CD yen NNS . . The DT company NN did VBD n't RB provide VB an DT explanation NN for IN the DT softer JJR pretax JJ profit NN performance NN and CC officials NNS could MD n't RB be VB reached VBN for IN comment NN . . Jujo NNP Paper NNP said VBD its PRP$ pretax JJ profit NN rose VBD 0.3 CD % NN to TO 13.05 CD billion CD yen NNS from IN 13.02 CD billion CD yen NNS . . Sales NNS rose VBD 8.5 CD % NN to TO 195.19 CD billion CD yen NNS from IN 179.916 CD billion CD yen NNS . . Net JJ income NN surged VBD 10 CD % NN to TO 7.12 CD billion CD yen NNS from IN 6.47 CD billion CD yen NNS . . Per-share JJ net NN rose VBD to TO 14.95 CD yen NNS from IN 14.44 CD yen NNS . . General JJ paper NN product NN sales NNS , , including VBG newsprints NNS and CC other JJ papers NNS , , accounting VBG for IN the DT bulk NN of IN sales NNS , , rose VBD to TO 157.78 CD billion CD yen NNS from IN 143.88 CD billion CD yen NNS . . Jujo NNP Paper NNP predicted VBD that IN for IN the DT full JJ fiscal JJ year NN ending VBG next IN March NNP 31 CD , , sales NNS will MD total VB 400.0 CD billion CD yen NNS , , up RB from IN 366.89 CD billion CD yen NNS . . Pretax JJ profit NN was VBD estimated VBN at IN 23.0 CD billion CD yen NNS , , down RB from IN 25.51 CD billion CD yen NNS , , while IN net JJ income NN was VBD estimated VBN at IN 12 CD billion CD yen NNS , , up RB from IN 11.95 CD billion CD yen NNS . . Unocal NNP Corp. NNP 's POS decision NN to TO put VB its PRP$ Norwegian JJ oil NN and CC gas NN interests NNS up RP for IN sale NN earlier RBR this DT week NN is VBZ another DT step NN in IN the DT company NN 's POS strategic JJ review NN of IN its PRP$ properties NNS , , and CC shows VBZ that IN few JJ of IN them PRP are VBP sacred JJ cows NNS . . The DT company NN declined VBD to TO estimate VB the DT value NN of IN the DT Norwegian JJ holding NN . . But CC Eugene NNP L. NNP Nowak NNP , , an DT analyst NN at IN Dean NNP Witter NNP Reynolds NNP Inc. NNP , , forecast VBN that IN the DT sale NN will MD bring VB in RP `` `` $ $ 200 CD million CD or CC substantially RB more JJR . . '' '' The DT proposed VBN transaction NN is VBZ the DT latest JJS in IN a DT redeployment NN of IN assets NNS by IN the DT Los NNP Angeles-based JJ oil NN company NN that WDT has VBZ included VBN the DT $ $ 200 CD million CD sale NN of IN its PRP$ headquarters NN property NN and CC the DT pending VBG sale NN of IN half NN of IN its PRP$ Chicago NNP refinery NN and CC related JJ marketing NN operations NNS to TO Petroleos NNP de FW Venezuela NNP S.A NNP . . Mr. NNP Nowak NNP said VBD he PRP attaches VBZ particular JJ importance NN to TO the DT proposed VBN sale NN because IN it PRP suggests VBZ that IN the DT company NN is VBZ willing JJ to TO sell VB oil NN and CC gas NN assets NNS that WDT are VBP n't RB part NN of IN its PRP$ major JJ strategic JJ strengths NNS . . Unocal NNP said VBD it PRP expects VBZ to TO complete VB the DT sale NN of IN its PRP$ Unocal NNP Norge NNP A\/S NNP unit NN by IN next JJ March NNP or CC April NNP . . In IN addition NN to TO an DT 18 CD % NN stake NN in IN the DT Veslefrikk NNP offshore JJ field NN , , the DT Norwegian JJ unit NN has VBZ interests NNS ranging VBG from IN 10 CD % NN to TO 25 CD % NN in IN three CD other JJ Norwegian JJ oil NN and CC gas NN production NN licenses NNS . . In IN 1986 CD , , Unocal NNP sold VBD a DT 7.5 CD % NN stake NN in IN the DT Veslefrikk NNP field NN to TO Deutsche NNP Erdolversorgungs NNP G.m.b NNP . . H. NNP , , a DT West JJ German JJ oil NN company NN , , for IN an DT undisclosed JJ amount NN . . In IN 1987 CD , , it PRP sold VBD a DT 2.5 CD % NN stake NN in IN the DT Veslefrikk NNP field NN to TO the DT Swedish JJ national JJ oil NN company NN , , resulting VBG in IN a DT $ $ 7 CD million CD after-tax JJ gain NN . . However RB , , those DT sales NNS were VBD early JJ in IN the DT field NN 's POS history NN , , before IN production NN equipment NN was VBD installed VBN . . The DT field NN is VBZ currently RB being VBG developed VBN and CC is VBZ slated VBN to TO start VB production NN by IN the DT end NN of IN the DT year NN . . It PRP 's VBZ expected VBN to TO produce VB about IN 62,000 CD barrels NNS per IN day NN . . A DT company NN spokesman NN said VBD the DT Veslefrikk NNP field NN 's POS gross JJ reserves NNS were VBD estimated VBN in IN 1987 CD at IN 229 CD million CD barrels NNS . . However RB , , he PRP added VBD that IN that DT estimate NN , , made VBN before IN extensive JJ development NN drilling NN , , currently RB is VBZ being VBG reappraised VBN . . The DT spokesman NN said VBD Unocal NNP has VBZ had VBN `` `` considerable JJ interest NN '' '' from IN prospective JJ buyers NNS . . The DT company NN has VBZ retained VBN J. NNP Henry NNP Schroder NNP Wagg NNP & CC Co. NNP as IN financial JJ adviser NN and CC agent NN for IN the DT sale NN . . France NNP 's POS unemployment NN rate NN was VBD steady JJ at IN a DT seasonally RB adjusted VBN 9.5 CD % NN in IN September NNP , , the DT Social NNP Affairs NNPS Ministry NNP said VBD . . In IN September NNP , , the DT number NN of IN jobless JJ rose VBD 0.1 CD % NN from IN the DT previous JJ month NN to TO 2.5 CD million CD on IN a DT seasonally RB adjusted VBN basis NN . . The DT following JJ were VBD among IN yesterday NN 's POS offerings NNS and CC pricings NNS in IN the DT U.S. NNP and CC non-U.S. JJ capital NN markets NNS , , with IN terms NNS and CC syndicate NN manager NN , , as IN compiled VBN by IN Dow NNP Jones NNP Capital NNP Markets NNPS Report NNP : : Tenneco NNP Credit NNP Corp. NNP -- : $ $ 150 CD million CD of IN 9 CD 1\/4 CD % NN senior JJ notes NNS due JJ Nov. NNP 1 CD , , 1996 CD , , priced VBN at IN 99.625 CD to TO yield VB 9.324 CD % NN . . The DT noncallable JJ issue NN was VBD priced VBN at IN a DT spread NN of IN 144 CD basis NN points NNS above IN the DT Treasury NNP 's POS seven-year JJ note NN . . Rated VBN Baa-2 JJ by IN Moody NNP 's POS Investors NNPS Service NNP Inc. NNP and CC triple-B-plus JJ by IN Standard NNP & CC Poor NNP 's POS Corp. NNP , , the DT issue NN will MD be VB sold VBN through IN underwriters NNS led VBN by IN Merrill NNP Lynch NNP Capital NNP Markets NNPS . . Tenneco NNP Credit NNP is VBZ a DT unit NN of IN Tenneco NNP Inc NNP . . Allegany NNP Health NNP System NNP -- : three-part JJ issue NN of IN $ $ 156.7 CD million CD of IN revenue NN bonds NNS , , tentatively RB priced VBN through IN a DT Morgan NNP Stanley NNP & CC Co. NNP group NN . . The DT offering NN includes VBZ a DT new JJ issue NN of IN $ $ 53 CD million CD of IN Tampa NNP , , Fla. NNP , , Series NNP 1989 CD revenue NN bonds NNS for IN St. NNP Joseph NNP 's POS Hospital NNP Inc. NNP , , due JJ 1996-2000 CD , , 2005 CD and CC 2023 CD . . The DT bonds NNS are VBP tentatively RB priced VBN to TO yield VB from IN 6.90 CD % NN in IN 1996 CD to TO 7.55 CD % NN in IN 2023 CD . . The DT other JJ two CD portions NNS of IN the DT deal NN are VBP remarketings NNS of IN outstanding JJ debt NN rather RB than IN new JJ issues NNS . . The DT bonds NNS are VBP rated VBN single-A JJ by IN Moody NNP 's POS and CC single-A-plus JJ by IN S&P NN , , according VBG to TO the DT lead JJ underwriter NN . . City NNP and CC County NNP of IN Honolulu NNP -- : $ $ 75 CD million CD of IN general JJ obligation NN bonds NNS , , 1989 CD Series NN B NNP , , due JJ 1993-2009 CD , , through IN a DT Bear NNP , , Stearns NNP & CC Co. NNP group NN . . The DT bonds NNS , , rated VBN double-A JJ by IN Moody NNP 's POS and CC S&P NNP , , were VBD priced VBN to TO yield VB from IN 6.20 CD % NN in IN 1993 CD to TO 7.10 CD % NN in IN 2008 CD and CC 2009 CD . . Federal NNP National NNP Mortgage NNP Association NNP -- : $ $ 500 CD million CD of IN Remic NNP mortgage NN securities NNS being VBG offered VBN in IN 12 CD classes NNS by IN Shearson NNP Lehman NNP Hutton NNP Inc NNP . . The DT offering NN , , Series NNS 1989-89 CD , , backed VBN by IN Fannie NNP Mae NNP 9 CD % NN securities NNS , , brings VBZ Fannie NNP Mae NNP 's POS 1989 CD Remic NNP issuance NN to TO $ $ 33.2 CD billion CD and CC its PRP$ total JJ Remic NNP volume NN to TO $ $ 45.3 CD billion CD since IN the DT program NN began VBD in IN April NNP 1987 CD . . Pricing NN terms NNS were VBD n't RB available JJ . . Kyushu NNP Electric NNP Power NNP Co NNP . . ( ( Japan NNP ) ) -- : $ $ 200 CD million CD of IN 8 CD 7\/8 CD % NN bonds NNS due JJ Nov. NNP 28 CD , , 1996 CD , , priced VBN at IN 101 CD 7\/8 CD to TO yield VB 8 CD 7\/8 CD % NN less CC full JJ fees NNS , , via IN Yamaichi NNP International NNP Europe NNP Ltd NNP . . Fees NNS 1 CD 7\/8 CD . . Toshiba NNP Corp NNP . . ( ( Japan NNP ) ) -- : $ $ 1.2 CD billion CD of IN bonds NNS due JJ Nov. NNP 16 CD , , 1993 CD , , with IN equity-purchase NN warrants NNS , , indicating VBG a DT 3 CD 3\/4 CD % NN coupon NN at IN par JJ , , via IN Nomura NNP International NNP Ltd NNP . . Each DT $ $ 5,000 CD bond NN carries VBZ a DT warrant NN exercisable JJ Dec. NNP 1 CD , , 1989 CD , , through IN Nov. NNP 9 CD , , 1993 CD , , to TO buy VB company NN shares NNS at IN an DT expected JJ premium NN of IN 2 CD 1\/2 CD % NN to TO the DT closing NN share NN price NN when WRB terms NNS are VBP fixed VBN Nov. NNP 2 CD . . Credit NNP Lyonnais NNP Australia NNP Ltd NNP . . ( ( French JJ parent NN ) ) -- : 50 CD million CD Australian JJ dollars NNS of IN 16 CD 1\/4 CD % NN bonds NNS due JJ Nov. NNP 30 CD , , 1992 CD , , priced VBN at IN 102 CD to TO yield VB 16.03 CD % NN less CC full JJ fees NNS , , via IN Hambros NNP Bank NNP Ltd NNP . . Guarantee NN by IN Credit NNP Lyonnais NNP . . Fees NNS 1 CD 1\/2 CD . . World NNP Bank NNP ( ( agency NN ) ) -- : # # 100 CD million CD of IN 10 CD 7\/8 CD % NN bonds NNS due JJ Aug. NNP 15 CD , , 1994 CD , , offered VBN at IN 96.95 CD to TO yield VB 11.71 CD % NN , , via IN Baring NNP Brothers NNPS & CC Co NNP . . Tap VB on IN outstanding JJ # # 100 CD million CD issue NN . . Also RB issued VBN were VBD 10 CD billion CD yen NNS of IN bonds NNS due JJ Dec. NNP 5 CD , , 1994 CD , , priced VBN at IN 101 CD 1\/2 CD , , with IN coupon NN paid VBN in IN Australian JJ dollars NNS , , via IN LTCB NNP International NNP Ltd NNP . . Interest NN during IN first JJ year NN paid VBN semiannually RB at IN 7.51 CD % NN . . Thereafter RB , , interest NN paid VBN annually RB at IN 7.65 CD % NN . . The DT World NNP Bank NNP also RB offered VBD 100 CD million CD Swiss JJ francs NNS of IN 6 CD % NN bonds NNS due JJ Nov. NNP 16 CD , , 1999 CD , , priced VBN at IN 101 CD 1\/4 CD to TO yield VB 5.83 CD % NN via IN Credit NNP Suisse NNP . . Option NN by IN borrower NN to TO increase VB issue NN amount NN to TO 150 CD million CD francs NNS . . Mandom NNP Corp NNP . . ( ( Japan NNP ) ) -- : 80 CD million CD Swiss JJ francs NNS of IN privately RB placed VBN convertible JJ notes NNS due JJ March NNP 31 CD , , 1994 CD , , with IN fixed JJ 0.25 CD % NN coupon NN at IN par JJ , , via IN Nomura NNP Bank NNP Switzerland NNP . . Put VBD March NNP 31 CD , , 1992 CD , , at IN a DT fixed JJ 107 CD 3\/4 CD to TO yield VB 3.43 CD % NN . . Each DT 50,000 CD Swiss JJ franc NN note NN convertible NN Dec. NNP 4 CD , , 1989 CD , , through IN March NNP 17 CD , , 1994 CD , , at IN a DT 5 CD % NN premium NN over IN closing NN share NN price NN Nov. NNP 1 CD , , when WRB terms NNS are VBP fixed VBN . . Nippon NNP Air NNP Brake NNP Co NNP . . ( ( Japan NNP ) ) -- : 140 CD million CD Swiss JJ francs NNS of IN privately RB placed VBN convertible JJ notes NNS due JJ March NNP 31 CD , , 1994 CD , , with IN fixed VBN 0.25 CD % NN coupon NN at IN par JJ , , via IN Yamaichi NNP Bank NNP ( ( Switzerland NNP ) ) . . Put VBD March NNP 31 CD , , 1992 CD , , at IN fixed JJ 107 CD 13\/16 CD to TO yield VB 3.43 CD % NN . . Each DT 50,000 CD Swiss JJ franc NN note NN convertible JJ Nov. NNP 27 CD , , 1989 CD , , through IN March NNP 17 CD , , 1994 CD , , at IN a DT 5 CD % NN premium NN over IN closing NN share NN price NN Nov. NNP 1 CD , , when WRB terms NNS are VBP fixed VBN . . Credit NNP Suisse NNP Finance NNP Gibraltar NNP Ltd NNP . . ( ( Swiss JJ parent NN ) ) -- : 100 CD billion CD lire NNS of IN 12 CD 5\/8 CD % NN bonds NNS due JJ June NNP 30 CD , , 1993 CD , , priced VBN at IN 101.45 CD to TO yield VB 12.75 CD % NN less CC full JJ fees NNS , , via IN Banca NNP Nazionale NNP del FW Lavaro NN . . Guarantee NN by IN Credit NNP Suisse NNP . . Fees NNS 1 CD 5\/8 CD . . Maryland NNP National NNP Bank NNP -- : $ $ 267 CD million CD of IN securities NNS backed VBN by IN home-equity NN lines NNS of IN credit NN through IN Merrill NNP Lynch NNP Capital NNP Markets NNPS . . The DT bank NN is VBZ a DT subsidiary NN of IN Baltimore-based JJ MNC NNP Financial NNP Inc NNP . . The DT securities NNS were VBD priced VBN to TO float VB monthly RB at IN 20 CD basis NN points NNS above IN the DT 30-day JJ commercial JJ paper NN rate NN . . The DT issue NN , , formally RB titled VBN MNB NNP Home NNP Equity NNP Loan NNP Asset NNP Backed NNP Certificates NNPS , , Series NN 1989 CD , , will MD represent VB interest NN in IN a DT trust NN fund NN of IN home NN equity NN revolving VBG credit NN line NN loans NNS originated VBN by IN the DT retail JJ finance NN division NN of IN Maryland NNP National NNP Bank NNP and CC secured VBN primarily RB by IN second JJ deeds NNS of IN trust NN or CC second JJ mortgages NNS on IN single JJ to TO four-family JJ residential JJ properties NNS . . The DT securities NNS are VBP rated VBN triple-A JJ by IN Moody NNP 's POS and CC Duff NNP & CC Phelps NNP Inc NNP . . They PRP are VBP expected VBN to TO have VB an DT average JJ life NN of IN 3.16 CD years NNS . . Maryland NNP National NNP Bank NNP 's POS retail JJ finance NN division NN will MD continue VB to TO service VB the DT loans NNS . . First NNP National NNP Bank NNP of IN Chicago NNP will MD act VB as IN trustee NN , , and CC the DT transaction NN will MD be VB supported VBN by IN an DT 8 CD % NN letter NN of IN credit NN issued VBN by IN Dai-Ichi NNP Kangyo NNP Bank NNP Ltd. NNP , , Chicago NNP branch NN . . Province NNP of IN Nova NNP Scotia NNP -- : $ $ 250 CD million CD of IN 8 CD 1\/4 CD % NN debentures NNS due JJ Nov. NNP 15 CD , , 2019 CD , , priced VBN at IN 99.775 CD to TO yield VB 8.28 CD % NN . . The DT noncallable JJ issue NN , , which WDT can MD be VB put VBN back RB to TO the DT province NN in IN 2001 CD , , was VBD priced VBN at IN a DT spread NN of IN 41 CD basis NN points NNS above IN the DT Treasury NNP 's POS 10-year JJ note NN . . Rated VBN single-A-2 JJ by IN Moody NNP 's POS and CC single-A-minus NN by IN S&P NNP , , the DT issue NN will MD be VB sold VBN through IN underwriters NNS led VBN by IN Merrill NNP Lynch NNP Capital NNP Markets NNPS . . Bausch NNP & CC Lomb NNP Inc. NNP said VBD it PRP plans VBZ to TO introduce VB next JJ year NN a DT new JJ line NN of IN sunglasses NNS containing VBG melanin NN , , the DT pigment NN that WDT protects VBZ against IN damage NN from IN ultraviolet JJ rays NNS . . The DT optical JJ products NNS company NN has VBZ signed VBN a DT licensing NN agreement NN with IN Photoprotective NNP Technologies NNPS Inc. NNP , , a DT closely RB held JJ firm NN in IN San NNP Antonio NNP , , Texas NNP , , which WDT has VBZ developed VBN a DT method NN to TO incorporate VB the DT synthetic JJ melanin NN into IN plastic JJ lenses NNS . . Terms NNS were VBD n't RB disclosed VBN . . Security NNP Pacific NNP Corp. NNP has VBZ set VBN its PRP$ sights NNS on IN buying VBG its PRP$ second JJ bank NN holding VBG company NN this DT year NN . . Security NN said VBD it PRP signed VBD a DT letter NN of IN intent NN to TO purchase VB La NNP Jolla NNP Bancorp NNP , , agreeing VBG to TO pay VB $ $ 15 CD of IN its PRP$ own JJ stock NN for IN each DT share NN of IN La NNP Jolla NNP . . Based VBN on IN the DT current JJ number NN of IN La NNP Jolla NNP shares NNS , , that WDT gives VBZ the DT transaction NN a DT value NN of IN $ $ 104 CD million CD . . La NNP Jolla NNP is VBZ the DT parent NN company NN of IN La NNP Jolla NNP Bank NNP & CC Trust NNP Co. NNP , , which WDT has VBZ 12 CD branches NNS in IN San NNP Diego NNP County NNP . . As IN of IN Sept. NNP 30 CD , , the DT bank NN had VBD assets NNS of IN $ $ 511 CD million CD and CC deposits NNS of IN $ $ 469 CD million CD , , Security NNP Pacific NNP said VBD . . Earlier RBR this DT month NN , , Security NNP Pacific NNP , , which WDT is VBZ among IN the DT 10 CD largest JJS bank NN holding VBG companies NNS in IN the DT U.S. NNP , , completed VBD the DT acquisition NN of IN San NNP Diego-based JJ Southwest NNP Bancorp NNP . . South NNP Africa NNP 's POS current JJ account NN surplus NN swelled VBD to TO a DT seasonally RB adjusted VBN annual JJ rate NN of IN between IN five CD billion CD and CC six CD billion CD rand NNS ( ( $ $ 1.9 CD billion CD and CC $ $ 2.28 CD billion CD ) ) in IN the DT third JJ quarter NN , , Reserve NNP Bank NNP Governor NNP Chris NNP Stals NNP said VBD . . The DT surplus NN was VBD two CD billion CD rand NNS in IN the DT second JJ quarter NN and CC 2.7 CD billion CD rand NNS in IN the DT first JJ quarter NN . . He PRP said VBD this DT improvement NN means VBZ it PRP is VBZ still RB possible JJ to TO reach VB the DT targeted JJ current JJ account NN surplus NN of IN four CD billion CD rand NNS for IN 1989 CD . . Moscom NNP Corp. NNP said VBD its PRP$ board NN approved VBD the DT repurchase NN of IN as RB many JJ as IN 300,000 CD common JJ shares NNS when WRB market NN conditions NNS are VBP suitable JJ . . The DT maker NN of IN telecommunications NN management NN systems NNS had VBD 6,420,268 CD shares NNS outstanding JJ as IN of IN Sept. NNP 30 CD . . In IN over-the-counter JJ trading NN yesterday NN , , Moscom NNP closed VBD at IN $ $ 4.375 CD , , up RB 37.5 CD cents NNS . . Service NNP Corp. NNP International NNP said VBD it PRP expects VBZ to TO report VB net JJ income NN of IN 15 CD cents NNS a DT share NN for IN the DT third JJ quarter NN . . The DT company NN said VBD it PRP expects VBZ to TO release VB third-quarter JJ results NNS in IN mid-November NNP . . The DT funeral JJ home NN and CC cemetery NN operator NN changed VBD from IN a DT fiscal JJ year NN to TO a DT calendar NN year NN in IN December NNP . . In IN the DT comparable JJ year-ago JJ quarter NN , , the DT second JJ quarter NN ended VBD Oct. NNP 31 CD , , Service NNP Corp. NNP had VBD a DT loss NN of IN about IN $ $ 12.5 CD million CD , , or CC 26 CD cents NNS a DT share NN , , on IN revenue NN of IN $ $ 175.4 CD million CD . . Results NNS for IN that DT quarter NN included VBD a DT $ $ 30 CD million CD , , or CC 40 CD cents NNS a DT share NN , , write-down NN associated VBN with IN the DT consolidation NN of IN a DT facility NN . . Your PRP$ Sept. NNP 25 CD criticism NN of IN credit-card NN foreign-exchange NN charges NNS is VBZ unwarranted JJ . . I PRP have VBP just RB returned VBN from IN France NNP , , and CC the DT net JJ exchange NN rate NN charged VBN on IN my PRP$ Visa NNP account NN was VBD more RBR favorable JJ than IN I PRP obtained VBD for IN traveler NN 's POS checks NNS in IN any DT of IN the DT several JJ banks NNS where WRB I PRP converted VBD them PRP . . Vincent NNP Jolivet NNP Kenmore NNP , , Wash NNP . . The DT state-controlled JJ French JJ metals NNS group NN Pechiney NNP S.A. NNP said VBD it PRP has VBZ signed VBN a DT preliminary JJ accord NN to TO sell VB its PRP$ Paris NNP headquarters NN to TO Groupement NNP Foncier NNP Francais NNP and CC Nouveaux NNP Constructeurs NNP for IN 2.76 CD billion CD francs NNS ( ( $ $ 443 CD million CD ) ) . . The DT sale NN , , which WDT Pechiney NNP had VBD been VBN eager JJ to TO make VB for IN several JJ months NNS , , is VBZ still RB subject JJ to TO certain JJ unspecified JJ conditions NNS and CC is VBZ expected VBN to TO be VB completed VBN during IN the DT first JJ quarter NN of IN 1990 CD , , the DT group NN . . Hong NNP Kong NNP 's POS main JJ measure NN of IN consumer NN prices NNS rose VBD 10 CD % NN in IN September NNP from IN a DT year NN earlier RB , , the DT government NN said VBD . . The DT Consumer NNP Price NNP Index NNP `` `` A NNP '' '' , , which WDT measures VBZ price NN changes NNS for IN the DT 50 CD % NN of IN urban JJ households NNS that WDT spend VBP between IN 2,000 CD Hong NNP Kong NNP dollars NNS ( ( US$ $ 256.18 CD ) ) and CC HK$ $ 6,499 CD a DT month NN , , edged VBD up RB 1.5 CD % NN in IN September NNP from IN August NNP . . Index NN `` `` B NNP '' '' , , which WDT monitors VBZ price NN changes NNS for IN the DT 30 CD % NN of IN urban JJ households NNS that WDT spend VBP between IN HK$ $ 6,500 CD and CC HK$ $ 9,999 CD a DT month NN , , rose VBD 9.9 CD % NN last JJ month NN from IN a DT year NN earlier RB and CC was VBD up RB 1.3 CD % NN from IN the DT preceding VBG month NN . . September NNP 's POS Hang NNP Seng NNP Consumer NNP Price NNP Index NNP , , which WDT measures VBZ price NN changes NNS for IN the DT 10 CD % NN of IN urban JJ households NNS spending VBG HK$ $ 10,000 CD and CC HK$ $ 24,999 CD a DT month NN , , was VBD up RB 11 CD % NN from IN a DT year NN ago RB and CC up RB 1.3 CD % NN from IN August NNP . . The DT main JJ factors NNS for IN the DT September NNP increase NN from IN the DT previous JJ month NN were VBD higher JJR prices NNS for IN services NNS , , food NN and CC housing NN . . Prices NNS fell VBD marginally RB for IN fuel NN and CC electricity NN . . West JJ German JJ and CC French JJ authorities NNS have VBP cleared VBN Dresdner NNP Bank NNP AG NNP 's POS takeover NN of IN a DT majority NN stake NN in IN Banque NNP Internationale NNP de FW Placement NNP ( ( BIP NNP ) ) , , Dresdner NNP Bank NNP said VBD . . The DT approval NN , , which WDT had VBD been VBN expected VBN , , permits VBZ West NNP Germany NNP 's POS second-largest JJ bank NN to TO acquire VB shares NNS of IN the DT French JJ investment NN bank NN . . In IN a DT first JJ step NN , , Dresdner NNP Bank NNP will MD buy VB 32.99 CD % NN of IN BIP NNP for IN 1,015 CD French JJ francs NNS ( ( $ $ 162 CD ) ) a DT share NN , , or CC 528 CD million CD francs NNS ( ( $ $ 84.7 CD million CD ) ) . . Dresdner NNP Bank NNP said VBD it PRP will MD also RB buy VB all DT shares NNS tendered VBN by IN shareholders NNS on IN the DT Paris NNP Stock NNP Exchange NNP at IN the DT same JJ price NN from IN today NN through IN Nov. NNP 17 CD . . In IN addition NN , , the DT bank NN has VBZ an DT option NN to TO buy VB a DT 30.84 CD % NN stake NN in IN BIP NNP from IN Societe NNP Generale NNP after IN Jan. NNP 1 CD , , 1990 CD at IN 1,015 CD francs NNS a DT share NN . . Furukawa NNP Electric NNP Co. NNP , , one CD of IN Japan NNP 's POS leading VBG electric JJ wire NN and CC cable NN manufacturers NNS , , said VBD unconsolidated JJ pretax JJ profit NN in IN the DT fiscal JJ first JJ half NN ended VBN Sept. NNP 30 CD fell VBD 5.3 CD % NN to TO 6.11 CD billion CD yen NNS ( ( $ $ 43.1 CD million CD ) ) from IN 6.45 CD billion CD yen NNS a DT year NN earlier RB . . Sales NNS increased VBN 11.9 CD % NN to TO 279.39 CD billion CD yen NNS from IN 249.68 CD billion CD yen NNS . . Net NN fell VBD 1 CD % NN to TO 3.23 CD billion CD yen NNS from IN 3.26 CD billion CD yen NNS . . Pershare JJ net NN fell VBD to TO 4.97 CD yen NNS from IN 5.40 CD yen NNS . . The DT growing VBG sales NNS sustained VBN by IN domestic JJ demand NN failed VBD to TO counter VB rising VBG material NN metal NN costs NNS and CC declining VBG profitability NN in IN overseas JJ construction NN , , Furukawa NNP said VBD . . Rolled VBN copper NN product NN sales NNS were VBD major JJ contributors NNS to TO overall JJ sales NNS growth NN . . Sales NNS by IN category NN rose VBD 24 CD % NN to TO 35.23 CD billion CD yen NNS , , reflecting VBG increased VBN production NN in IN automobile NN , , airconditioner JJR and CC electric JJ machine NN industries NNS , , which WDT are VBP major JJ users NNS of IN wire NN and CC cable NN products NNS . . Sales NNS for IN electric JJ wires NNS and CC cables NNS rose VBD 13.2 CD % NN to TO 153.93 CD billion CD yen NNS . . West NNP Germany NNP 's POS cost-of-living NN index NN rose VBD a DT preliminary JJ 0.3 CD % NN in IN October NNP from IN September NNP and CC was VBD up RB 3.3 CD % NN from IN a DT year NN earlier RB , , the DT Federal NNP Statistics NNPS Office NNP in IN Wiesbaden NNP said VBD . . The DT increase NN follows VBZ a DT monthly JJ rise NN of IN 0.2 CD % NN in IN September NNP from IN August NNP . . Preliminary JJ cost-of-living NN data NNS for IN the DT current JJ month NN are VBP calculated VBN based VBN on IN inflation NN data NNS from IN the DT four CD largest JJS West JJ German JJ states NNS -- : Baden-Wuerttemberg NNP , , North NNP Rhine-Westphalia NNP , , Bavaria NNP and CC Hesse NNP . . The DT Philippine JJ government NN awarded VBD Finland NN 's POS Outokumpu NNP Oy NNP the DT contract NN to TO upgrade VB the DT facilities NNS of IN Philippine NNP Associated NNP Smelting NNP & CC Refining NNP Corp. NNP , , according VBG to TO documents NNS from IN National NNP Development NNP Corp. NNP , , one CD of IN Philippine NNP company NN 's POS owners NNS . . The DT project NN costs VBZ $ $ 46.8 CD million CD , , and CC is VBZ intended VBN to TO boost VB the DT company NN 's POS production NN capacity NN by IN 25 CD % NN to TO 34,500 CD metric JJ tons NNS of IN copper NN cathode NN a DT year NN . . Outokumpu NNP is VBZ a DT mining NN , , trading NN and CC construction NN concern NN . . September NNP sales NNS at IN major JJ Japanese JJ retail NN stores NNS rose VBD 9.4 CD % NN from IN a DT year NN earlier RB to TO 1.388 CD trillion CD yen NNS ( ( $ $ 9.81 CD billion CD ) ) , , marking VBG the DT fifth-consecutive JJ monthly JJ increase NN , , the DT Ministry NNP of IN International NNP Trade NNP and CC Industry NNP announced VBD . . According VBG to TO the DT ministry NN , , retail JJ sales NNS at IN major JJ department NN stores NNS were VBD up RB 12 CD % NN to TO 745.7 CD billion CD yen NNS , , while IN sales NNS at IN supermarkets NNS rose VBD 6.7 CD % NN to TO 642 CD billion CD yen NNS . . September NNP 's POS growth NN followed VBD a DT 8.7 CD % NN rise NN in IN July NNP and CC an DT 8 CD % NN increase NN in IN August NNP , , showing VBG continued JJ expansion NN at IN high JJ year-on-year JJ levels NNS . . A DT ministry NN official NN said VBD the DT growth NN leads VBZ to TO the DT conclusion NN the DT adverse JJ effects NNS of IN a DT consumption NN tax NN introduced VBN in IN April NNP have VBP diminished VBN . . Shell NNP Canada NNP Ltd. NNP said VBD it PRP plans VBZ to TO build VB a DT lubricants NNS blending NN and CC packaging NN plant NN at IN Brockville NNP , , Ontario NNP , , with IN start-up NNS scheduled VBN for IN 1992 CD . . A DT spokesman NN said VBD the DT plant NN , , which WDT will MD replace VB older JJR lubricant NN and CC grease NN manufacturing NN plants NNS in IN Montreal NNP and CC Toronto NNP , , will MD cost VB about IN 50 CD million CD Canadian JJ dollars NNS ( ( US$ $ 42.5 CD million CD ) ) to TO build VB . . Brockville NNP is VBZ about IN 100 CD miles NNS east RB of IN Toronto NNP . . Shell NNP Canada NNP , , an DT oil NN and CC gas NN producer NN and CC marketer NN , , is VBZ a DT unit NN of IN Royal NNP Dutch\/Shell NNP Group NNP , , an DT Anglo-Dutch JJ concern NN . . When WRB the DT going VBG gets VBZ tough JJ , , it PRP 's VBZ tough JJ to TO trade VB stocks NNS in IN continental JJ Europe NNP . . That DT 's VBZ the DT troubling JJ conclusion NN reached VBN by IN many JJ international JJ investors NNS and CC money NN managers NNS angry JJ at IN the DT malfunctions NNS on IN Continental JJ stock NN exchanges NNS during IN last JJ week NN 's POS global JJ market NN turbulence NN . . They PRP say VBP the DT recent JJ market NN volatility NN has VBZ underscored VBN the DT shortcomings NNS of IN the DT way NN many JJ European JJ exchanges NNS trade VBP stocks NNS . . The DT weaknesses NNS of IN Continental JJ exchanges NNS are VBP driving VBG some DT fund NN managers NNS to TO switch VB business NN to TO stocks NNS traded VBN on IN London NNP 's POS stock NN exchange NN , , which WDT quotes VBZ firm NN trading NN prices NNS for IN about IN 350 CD blue-chip JJ issues NNS from IN 12 CD major JJ countries NNS . . `` `` I PRP 'm VBP not RB saying VBG London NNP covered VBD itself PRP in IN glory NN , , but CC the DT events NNS of IN the DT past JJ week NN have VBP certainly RB exposed VBN Europe NNP 's POS weaknesses NNS , , '' '' says VBZ Stewart NNP Gilchrist NNP , , a DT director NN of IN Scottish NNP Amicable NNP Investment NNP Managers NNPS in IN Glasgow NNP , , Scotland NNP , , which WDT manages VBZ about IN # # 6 CD billion CD ( ( $ $ 9.63 CD billion CD ) ) in IN institutional JJ money NN . . He PRP says VBZ the DT problems NNS on IN European JJ exchanges NNS included VBD market-system NN breakdowns NNS , , delayed JJ execution NN of IN buy JJ and CC sell JJ orders NNS and CC trading NN suspensions NNS . . `` `` The DT events NNS strengthen VBP London NNP 's POS hand NN in IN becoming VBG the DT center NN for IN trading VBG European JJ stocks NNS , , '' '' Mr. NNP Gilchrist NNP says VBZ . . Unable JJ to TO unload VB a DT large JJ block NN of IN a DT French JJ blue-chip JJ company NN 's POS shares NNS in IN Paris NNP for IN two CD days NNS last JJ week NN , , a DT frustrated JJ Scottish NNP Amicable NNP fund NN manager NN finally RB tossed VBD down RP her PRP$ phone NN in IN disgust NN and CC called VBD James NNP Capel NNP & CC Co. NNP , , a DT London NNP brokerage NN firm NN . . The DT firm NN did VBD the DT trade NN in IN seconds NNS on IN the DT London NNP stock NN exchange NN 's POS SEAQ NNP automated-quotation NN system NN . . On IN so-called JJ Manic NNP Monday NNP , , Oct. NNP 16 CD , , stock NN prices NNS plunged VBD across IN Europe NNP and CC trading NN problems NNS erupted VBD . . London NNP had VBD some DT problems NNS , , too RB . . The DT London NNP exchange NN 's POS electronic JJ price-reporting NN system NN provided VBD only RB indicative JJ , , or CC non-firm JJ , , prices NNS for IN about IN 40 CD minutes NNS on IN Manic NNP Monday NNP . . Some DT dealers NNS say VBP other JJ traders NNS were VBD n't RB picking VBG up RP their PRP$ phones NNS . . But CC London NNP 's POS problems NNS were VBD nothing NN compared VBN with IN the DT Continent NN 's POS . . In IN Brussels NNP , , which WDT recently RB spent VBD millions NNS of IN dollars NNS on IN a DT computer-assisted JJ trading NN system NN , , disgusted JJ traders NNS watched VBD helplessly RB as IN a DT software NN failure NN before IN opening NN on IN Manic NNP Monday NNP prevented VBD trading NN for IN two CD days NNS . . For IN 48 CD hours NNS , , no DT one CD had VBD any DT idea NN precisely RB how WRB much JJ his PRP$ securities NNS were VBD worth JJ . . By IN Wednesday NNP , , frustrated JJ Belgian JJ brokers NNS reopened VBD the DT market NN by IN using VBG the DT time-honored JJ method NN of IN quoting VBG stocks NNS with IN chalk NN on IN a DT blackboard NN . . The DT Belgian JJ computer NN system NN finally RB was VBD repaired VBN and CC restarted VBN on IN Tuesday NNP of IN this DT week NN , , with IN the DT aid NN of IN Toronto NNP Stock NNP Exchange NNP officials NNS who WP developed VBD the DT system NN . . In IN Frankfurt NNP , , which WDT only RB has VBZ a DT two-hour JJ daily JJ stock-trading NN session NN even RB in IN the DT best JJS of IN times NNS , , stocks NNS did VBD n't RB open VB for IN the DT first JJ 45 CD minutes NNS because RB of IN order NN imbalances NNS that WDT brokers NNS blame VBP on IN a DT wave NN of IN sell JJ orders NNS from IN small JJ investors NNS . . As IN banks NNS processed VBD six-foot JJ telexes NNS of IN sell JJ orders NNS , , the DT crush NN led VBD to TO Manic NNP Monday NNP 's POS worst JJS decline NN : : German JJ stocks NNS ended VBD down RB 13 CD % NN . . Exchange NN officials NNS extended VBD trading NN hours NNS , , 75 CD minutes NNS on IN Monday NNP and CC 65 CD minutes NNS on IN Tuesday NNP , , to TO clear VB up RP order NN backlogs NNS . . In IN France NNP , , more JJR than IN half NN the DT top JJ 25 CD blue-chip JJ stocks NNS -- : including VBG such JJ giants NNS as IN BSN NNP and CC Elf NNP Aquitaine NNP -- : did VBD n't RB open VB until IN Wall NNP Street NNP rallied VBD late RB in IN the DT European JJ trading NN day NN , , traders NNS say VBP . . The DT rally NN transformed VBD some DT big JJ sell NN orders NNS into IN big JJ buy NN orders NNS , , solving VBG an DT order-imbalance NN problem NN . . But CC by IN that DT time NN , , many JJ big JJ institutions NNS had VBD switched VBN business NN to TO London NNP . . `` `` Belgium NNP was VBD closed VBN for IN two CD days NNS , , France NNP closed VBD for IN a DT couple NN of IN hours NNS , , Germany NNP was VBD stuck VBN . . It PRP was VBD a DT nightmare NN , , '' '' says VBZ Susan NNP Noble NNP , , an DT investment NN manager NN at IN Robert NNP Fleming NNP Holdings NNPS Ltd. NNP 's POS International NNP Investment NNP Management NNP unit NN in IN London NNP . . `` `` It PRP 's VBZ very RB worrying JJ that IN these DT markets NNS ca MD n't RB cope VB . . '' '' On IN Manic NNP Monday NNP , , the DT volume NN of IN German JJ shares NNS traded VBN in IN London NNP more RBR than IN tripled VBD to TO 2.2 CD million CD , , and CC the DT volume NN of IN French JJ shares NNS rose VBD 48 CD % NN . . ( ( By IN comparison NN , , German JJ domestic JJ stock NN volume NN in IN Frankfurt NNP only RB doubled VBD that DT day NN . . ) ) The DT switch NN to TO the DT London NNP market NN during IN such JJ turbulent JJ times NNS is VBZ significant JJ . . For IN one CD thing NN , , the DT size NN of IN the DT affected JJ market NN is VBZ enormous JJ -- : the DT European JJ stock NN markets NNS account VBP for IN some DT 22.5 CD % NN of IN global JJ stock NN market NN capitalization NN , , with IN an DT estimated VBN value NN of IN $ $ 2.175 CD trillion CD , , according VBG to TO Morgan NNP Stanley NNP Capital NNP International NNP . . The DT Continental JJ markets NNS alone RB contribute VBP about IN 14.3 CD % NN of IN estimated VBN world NN market NN capitalization NN of IN $ $ 9.671 CD trillion CD . . Though IN the DT widely RB traded VBN shares NNS that WDT are VBP quoted VBN in IN London NNP account NN for IN only RB a DT small JJ portion NN of IN those DT totals NNS , , they PRP still RB are VBP the DT most RBS closely RB watched JJ stocks NNS and CC are VBP often RB viewed VBN as IN a DT barometer NN for IN the DT local JJ markets NNS generally RB . . The DT switch NN to TO London NNP underscores VBZ the DT fact NN that IN despite IN the DT economic JJ restructuring NN associated VBN with IN European NNP Community NNP efforts NNS to TO develop VB a DT single JJ market NN by IN 1992 CD , , European JJ stock NN trading NN remains VBZ a DT highly RB fragmented JJ and CC very RB localized JJ activity NN . . Against IN this DT backdrop NN , , one CD thing NN that WDT does VBZ n't RB seem VB likely RB to TO result VB from IN 1992 CD is VBZ a DT single JJ European JJ stock NN market NN . . Rather RB , , there EX increasingly RB is VBZ a DT group NN of IN international JJ brokerage NN and CC trading JJ firms NNS that WDT operate VBP in IN most JJS European JJ financial JJ centers NNS -- : including VBG European JJ giants NNS such JJ as IN Barclays NNP Bank NNP PLC NNP and CC Deutsche NNP Bank NNP , , as RB well RB as IN Merrill NNP Lynch NNP & CC Co. NNP and CC Shearson NNP Lehman NNP Hutton NNP Inc. NNP of IN the DT U.S. NNP and CC Japan NNP 's POS Nomura NNP Securities NNPS Co NNP . . These DT firms NNS , , which WDT often RB have VBP acquired VBN a DT local JJ brokerage NN firm NN , , are VBP calling VBG the DT shots NNS when WRB it PRP comes VBZ to TO deciding VBG in IN which WDT market NN to TO transact VB a DT trade NN . . And CC senior JJ officials NNS of IN two CD U.S. NNP securities NNS houses NNS say VBP they PRP switched VBD trades NNS in IN European JJ stocks NNS to TO the DT London NNP market NN last JJ week NN when WRB they PRP could MD n't RB unwind VB positions NNS on IN the DT Continent NN . . Meantime RB , , brokers NNS on IN the DT Continent NN are VBP worried JJ , , too RB , , mostly RB by IN the DT potential JJ loss NN of IN business NN . . `` `` I PRP would MD be VB much RB happier JJR if IN this DT volume NN { ( in IN German JJ stocks NNS } ) were VBD in IN Frankfurt NNP rather RB than IN London NNP , , '' '' says VBZ Dieter NNP Bauernfeind NNP , , head NN of IN international JJ equity NN sales NNS at IN Dresdner NNP Bank NNP in IN Frankfurt NNP . . He PRP acknowledges VBZ that IN spreads NNS `` `` were VBD too RB wide JJ and CC volumes NNS too RB light JJ '' '' in IN the DT extreme JJ conditions NNS on IN Manic NNP Monday NNP . . Already RB the DT Germans NNPS appear VBP to TO be VB acting VBG ; : at IN a DT special JJ meeting NN on IN the DT day NN of IN the DT decline NN , , directors NNS of IN the DT Frankfurt NNP Stock NNP Exchange NNP voted VBD to TO extend VB their PRP$ trading NN hours NNS , , although IN they PRP have VBP n't RB decided VBN when WRB or CC by IN how WRB much JJ . . A DT Frankfurt NNP exchange NN official NN , , acknowledging VBG the DT brokers NNS ' POS anxieties NNS , , says VBZ the DT market NN still RB feels VBZ it PRP `` `` functioned VBD OK UH during IN this DT crash NN . . '' '' The DT Dutch NNPS , , who WP had VBD some DT trading NN problems NNS because IN of IN insufficient JJ computer NN capacity NN , , say VBP new JJ equipment NN to TO solve VB the DT problems NNS ought MD to TO be VB installed VBN within IN a DT month NN . . Says VBZ a DT spokeswoman NN for IN the DT Brussels NNP Bourse NNP : : `` `` Nobody NN around IN here RB will MD tell VB you PRP they PRP are VBP happy JJ the DT system NN did VBD n't RB work NN . . But CC it PRP 's VBZ just RB one CD of IN those DT things NNS that WDT happened VBD . . Investors NNS can MD be VB assured VBN now RB that IN this DT kind NN of IN problem NN can MD never RB occur VB again RB . . '' '' But CC for IN others NNS , , the DT pledges NNS echo VBP the DT promises NNS made VBN after IN the DT 1987 CD stock NN crash NN , , when WRB similar JJ problems NNS led VBD many JJ markets NNS to TO develop VB the DT new JJ systems NNS that WDT performed VBD so RB badly RB last JJ week NN . . `` `` They PRP all DT said VBD they PRP invested VBD huge JJ amounts NNS of IN money NN . . But CC they PRP either RB did VBD n't RB buy VB the DT right JJ machines NNS or CC they PRP wasted VBD it PRP , , '' '' says VBZ Fleming NNP 's POS Ms. NNP Noble NNP . . Canadian JJ steel NN production NN totaled VBD 290,541 CD metric JJ tons NNS in IN the DT week NN ended VBD Oct. NNP 21 CD , , a DT 5.1 CD % NN increase NN from IN 276,334 CD tons NNS the DT previous JJ week NN but CC a DT 7.2 CD % NN decline NN from IN 313,125 CD tons NNS a DT year NN earlier RB , , Statistics NNPS Canada NNP said VBD . . The DT federal JJ agency NN said VBD that IN in IN the DT year NN through IN Oct. NNP 21 CD production NN totaled VBD 12,573,758 CD tons NNS , , up RB 7.1 CD % NN from IN 11,742,368 CD tons NNS . . Trinova NNP Corp. NNP said VBD it PRP will MD resume VB buying VBG back RP as RB many JJ as IN three CD million CD of IN its PRP$ common JJ shares NNS under IN a DT program NN announced VBN two CD years NNS ago RB . . Trinova NNP , , which WDT had VBD 34.2 CD million CD common JJ shares NNS outstanding JJ Sept. NNP 30 CD , , had VBD repurchased VBN 29,700 CD shares NNS since IN October NNP 1987 CD before IN this DT latest JJS announcement NN . . The DT company NN said VBD it PRP is VBZ n't RB making VBG a DT commitment NN to TO purchase VB a DT specific JJ number NN of IN shares NNS . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN yesterday NN , , Trinova NNP closed VBD at IN $ $ 32.125 CD , , up RB 12.5 CD cents NNS . . Calgene NNP Inc. NNP and CC Gustafson NNP Inc. NNP said VBD they PRP plan VBP a DT joint JJ project NN to TO develop VB biological JJ products NNS to TO control VB such JJ plant NN diseases NNS as IN aflatoxin NN , , a DT potent JJ cancer-causing JJ agent NN . . Under IN the DT plan NN , , the DT companies NNS will MD use VB Calgene NNP 's POS patented JJ technology NN to TO encapsulate VB microbes NNS such JJ as IN Bacillus NN subtilis NNS , , a DT bacterium NN , , to TO enhance VB their PRP$ biological JJ activity NN against IN plant NN diseases NNS . . Calgene NNP , , an DT agricultural JJ biotechnology NN concern NN , , said VBD initial JJ work NN will MD concentrate VB on IN a DT proprietary JJ strain NN of IN Bacillus NN subtilis NNS which WDT has VBZ shown VBN promise NN for IN controlling VBG aflatoxin NN . . The DT strain NN was VBD discovered VBN by IN Morinaga NNP & CC Co. NNP and CC licensed VBN to TO Gustafson NNP , , a DT unit NN of IN Uniroyal NNP Chemical NNP Co NNP . . Aflatoxin NN is VBZ released VBN by IN molds NNS during IN grain NN and CC seed NN storage NN . . The DT recent JJ appearance NN of IN aflatoxin NN in IN such JJ foods NNS as IN corn NN and CC peanut NN butter NN has VBZ sparked VBN public JJ concern NN and CC consumer NN scrutiny NN of IN food NN handling NN and CC storage NN procedures NNS . . European JJ Community NNP employers NNS fear VBP that IN the DT EC NNP Commission NNP 's POS plans NNS for IN a DT `` `` charter NN of IN fundamental JJ social JJ rights NNS '' '' is VBZ a DT danger NN to TO industrial JJ competitiveness NN . . `` `` We PRP do VBP n't RB want VB Brussels NNP deciding VBG conditions NNS for IN workers NNS unless IN they PRP are VBP necessary JJ and CC useful JJ , , '' '' said VBD Zygmunt NNP Tyszkiewicz NNP , , secretary NN general NN of IN the DT employers NNS ' POS confederation NN Unice NNP . . Unice NNP -- : an DT acronym NN for IN the DT Union NNP of IN Industrial NNP and CC Employers NNPS ' POS Confederations NNPS of IN Europe NNP -- : fears VBZ that IN the DT charter NN will MD force VB EC NNP countries NNS to TO adopt VB a DT single JJ pattern NN in IN labor NN relations NNS . . Workers NNS and CC management NN , , Mr. NNP Tyszkiewicz NNP said VBD , , would MD lose VB the DT `` `` flexibility NN and CC diversity NN '' '' that WDT has VBZ so RB far RB allowed VBN them PRP to TO adapt VB to TO local JJ conditions NNS and CC traditions NNS . . The DT British JJ government NN also RB strongly RB opposes VBZ the DT charter NN in IN its PRP$ current JJ form NN . . It PRP argues VBZ , , as RB does VBZ Unice NNP , , that IN labor NN relations NNS are VBP best RB left VBN to TO be VB regulated VBN at IN the DT national JJ level NN . . France NNP will MD propose VB a DT slightly RB watered-down JJ version NN of IN the DT charter NN to TO be VB discussed VBN by IN EC NNP social-affairs NNS ministers NNS on IN Monday NNP , , officials NNS said VBD . . But CC the DT cosmetic JJ changes NNS are VBP n't RB expected VBN to TO win VB over RP Britain NNP . . `` `` We PRP still RB have VBP serious JJ differences NNS with IN the DT text NN , , '' '' a DT British JJ official NN said VBD , , because IN it PRP provides VBZ for IN a DT `` `` regulation NN of IN the DT labor NN market NN . . '' '' Mr. NNP Tyszkiewicz NNP said VBD the DT charter NN would MD put VB poorer JJR EC NNP countries NNS such JJ as IN Spain NNP , , Greece NNP and CC Portugal NNP at IN a DT disadvantage NN . . It PRP would MD force VB these DT countries NNS to TO introduce VB minimum JJ standards NNS for IN pay NN and CC working NN hours NNS , , and CC provide VB for IN collective JJ bargaining NN and CC worker NN `` `` participation NN '' '' in IN major JJ corporate JJ decisions NNS . . This DT , , he PRP warned VBD , , would MD prevent VB these DT countries NNS from IN bridging VBG the DT difference NN with IN their PRP$ richer JJR EC NNP brethren NNS . . Indeed RB , , lower JJR wages NNS -- : in IN Greece NNP , , they PRP are VBP a DT third JJ of IN the DT EC NNP average NN -- : are VBP n't RB enough RB to TO offset VB higher JJR transport NN costs NNS and CC lower JJR productivity NN in IN the DT southern JJ countries NNS . . Increasing VBG labor NN costs NNS , , Mr. NNP Tyszkiewicz NNP argued VBD , , would MD only RB put VB the DT countries NNS at IN a DT further JJ disadvantage NN in IN competing VBG in IN the DT barrier-free JJ EC NNP market NN planned VBN for IN after IN 1992 CD . . But CC the DT Unice NNP official NN said VBD that IN producing VBG a DT charter NN acceptable JJ to TO both DT Britain NNP and CC European JJ industry NN is VBZ n't RB an DT unattainable JJ goal NN . . The DT charter NN would MD just RB have VB to TO be VB restricted VBN to TO a DT list NN of IN workers NNS ' POS fundamental JJ rights NNS , , without IN seeking VBG to TO impose VB any DT norms NNS . . A DT key JJ provision NN in IN the DT current JJ version NN of IN the DT charter NN would MD give VB the DT commission NN a DT mandate NN to TO produce VB an DT `` `` action NN program NN '' '' detailing VBG on IN what WDT points NNS EC NNP member NN states NNS would MD be VB required VBN to TO comply VB with IN the DT goals NNS set VBN out RP in IN the DT charter NN . . This DT provision NN lies VBZ at IN the DT heart NN of IN the DT British JJ and CC Unice NNP fears NNS of IN `` `` social JJ engineering NN '' '' by IN the DT commission NN . . One CD possible JJ political JJ solution NN , , an DT EC NNP official NN said VBD , , would MD be VB for IN the DT commission NN to TO present VB the DT action NN program NN in IN late JJ November NNP , , before IN the DT adoption NN of IN the DT charter NN at IN a DT summit NN of IN EC NNP governments NNS on IN Dec. NNP 8 CD and CC 9 CD . . This DT would MD leave VB Britain NNP free JJ to TO adopt VB the DT charter NN after IN having VBG rebutted VBN the DT action NN program NN . . The DT charter NN was VBD approved VBN by IN the DT EC NNP Commission NNP on IN Sept. NNP 21 CD . . France NNP 's POS Socialist JJ government NN , , which WDT currently RB holds VBZ the DT council NN 's POS rotating VBG presidency NN , , is VBZ committed VBN to TO having VBG the DT charter NN adopted VBN by IN all DT 12 CD EC NNP states NNS before IN the DT end NN of IN 1989 CD -- : the DT bicentennial NN of IN the DT French JJ revolution NN and CC its PRP$ `` `` Universal NNP Declaration NNP of IN Human NNP Rights NNPS . . Bruno NNP DeGol NNP , , chairman NN of IN DeGol NNP Brothers NNPS Lumber NNP , , Gallitzin NNP , , Pa. NNP , , was VBD named VBN a DT director NN of IN this DT bank-holding JJ company NN , , expanding VBG the DT board NN to TO 11 CD members NNS . . Sam NNP Ramirez NNP and CC his PRP$ men NNS are VBP late JJ . . They PRP pile VBP out IN of IN their PRP$ truck NN and CC furiously RB begin VBP twisting VBG together RP steel NN pipes NNS linking VBG a DT giant JJ storage NN tank NN to TO the DT Sharpshooter NNP , , a DT freshly RB drilled VBN oil NN well NN two CD miles NNS deep RB . . If IN they PRP finish VBP today NN , , the DT Sharpshooter NNP can MD pump VB tomorrow NN . . One CD roustabout NN , , hanging VBG by IN his PRP$ hands NNS from IN a DT ladder NN , , bounces VBZ his PRP$ weight NN on IN a DT three-foot JJ wrench NN to TO loosen VB a DT stuck JJ fitting NN . . `` `` We PRP 've VBP been VBN putting VBG in RP long JJ hours NNS , , '' '' Mr. NNP Ramirez NNP says VBZ -- : six-day JJ weeks NNS and CC 13-hour JJ days NNS for IN the DT last JJ two CD months NNS . . A DT year NN ago RB , , when WRB almost RB nothing NN was VBD happening VBG amid IN these DT desolate JJ dunes NNS , , `` `` you PRP 'd MD spend VB two CD days NNS working VBG and CC two CD days NNS in IN the DT yard NN , , '' '' he PRP recalls VBZ . . After IN a DT three-year JJ nightmare NN of IN uncertain JJ oil NN prices NNS , , draconian JJ budget NN cuts NNS and CC sweeping JJ layoffs NNS , , fear NN is VBZ finally RB leaving VBG the DT oil NN patch NN . . Independent JJ drillers NNS are VBP gingerly RB sinking VBG bits NNS into IN the DT Earth NNP 's POS crust NN again RB . . Some DT in IN Big JJ Oil NN are VBP easing VBG the DT grip NN on IN their PRP$ wallets NNS . . Investment NN capital NN is VBZ creeping VBG back RB , , and CC oil NN properties NNS are VBP fetching VBG more JJR . . Oil-tool NN prices NNS are VBP even RB edging VBG up RP . . What WP happened VBD ? . In IN broadest JJS terms NNS , , stability NN has VBZ quietly RB settled VBN into IN international JJ oil NN markets NNS . . Mideast NN politics NNS have VBP calmed VBN down RP and CC the DT squabbling NN within IN the DT Organization NNP of IN Petroleum NNP Exporting NNP Countries NNPS seems VBZ under IN control NN for IN now RB . . `` `` The DT fundamentals NNS of IN supply NN and CC demand NN once RB again RB are VBP setting VBG oil NN prices NNS , , '' '' says VBZ Victor NNP Burk NNP , , an DT Arthur NNP Andersen NNP & CC Co. NNP oil NN expert NN . . After IN years NNS of IN wild JJ swings NNS , , oil NN prices NNS over IN the DT last JJ 12 CD months NNS have VBP settled VBN at IN around IN $ $ 15 CD to TO $ $ 20 CD a DT barrel NN . . That DT is VBZ n't RB the DT $ $ 40 CD that WDT delighted VBD producers NNS a DT decade NN ago RB or CC the DT $ $ 10 CD that WDT pleased VBD users NNS a DT year NN ago RB . . But CC it PRP is VBZ high JJ enough RB to TO prod VB the DT search NN for IN future JJ supplies NNS , , low RB enough RB to TO promote VB consumption NN and CC , , most RBS important JJ , , steady JJ enough RB for IN both DT producers NNS and CC users NNS to TO believe VB in RP . . Not RB that DT oil NN suddenly RB is VBZ a DT sure JJ thing NN again RB . . The DT current JJ equilibrium NN is VBZ fragile JJ and CC depends VBZ on IN steady JJ , , strong JJ demand NN and CC continued JJ relative JJ harmony NN within IN OPEC NNP , , producer NN of IN more JJR than IN 40 CD % NN of IN the DT non-Communist JJ world NN 's POS crude NN . . A DT recession NN or CC new JJ OPEC NNP blowup NN could MD put VB oil NN markets NNS right RB back RB in IN the DT soup NN . . Also RB , , the DT new JJ stirrings NNS are VBP faint JJ , , and CC some DT question VBP their PRP$ extent NN . . Drilling NN activity NN is VBZ still RB far RB below IN eight CD years NNS ago RB , , there EX 's VBZ no DT hiring NN surge NN and CC some DT companies NNS continue VBP to TO shrink VB . . With IN all PDT this DT , , even RB the DT most RBS wary JJ oil NN men NNS agree VBP something NN has VBZ changed VBN . . `` `` It PRP does VBZ n't RB appear VB to TO be VB getting VBG worse RBR . . That DT in IN itself PRP has VBZ got VBD to TO cause VB people NNS to TO feel VB a DT little RB more RBR optimistic JJ , , '' '' says VBZ Glenn NNP Cox NNP , , the DT president NN of IN Phillips NNP Petroleum NNP Co NNP . . Though IN modest JJ , , the DT change NN reaches VBZ beyond IN the DT oil NN patch NN , , too RB . . The DT same JJ roller-coaster NN prices NNS that WDT halted VBD U.S. NNP oil NN exploration NN and CC drove VBD many JJ veteran JJ oil NN men NNS and CC companies NNS out IN of IN the DT business NN also RB played VBD havoc NN with IN the DT nation NN 's POS inflation NN rate NN , , the DT trade NN deficit NN and CC oil NN users NNS ' POS corporate JJ and CC personal JJ budgets NNS . . Now RB , , at IN least JJS some DT predictability NN has VBZ returned VBN , , for IN everyone NN from IN economists NNS to TO motorists NNS . . Corporate JJ planners NNS can MD plan VB again RB . . `` `` Management NN does VBZ n't RB want VB surprises NNS , , '' '' notes VBZ Jack NNP Zaves NNP , , who WP , , as IN fuel-services NNS director NN at IN American NNP Airlines NNPS , , buys VBZ some DT 2.4 CD billion CD gallons NNS of IN jet NN fuel NN a DT year NN . . Prices NNS had VBD been VBN so RB unstable JJ that IN two CD years NNS ago RB Mr. NNP Zaves NNP gave VBD up RP on IN long-term JJ forecasts NNS . . And CC consumers NNS `` `` should MD be VB comfortable JJ , , '' '' adds VBZ W. NNP Henson NNP Moore NNP , , U.S. NNP deputy NN secretary NN of IN energy NN . . `` `` I PRP do VBP n't RB see VB anything NN on IN the DT horizon NN that WDT could MD lead VB to TO a DT precipitous JJ rise NN in IN the DT price NN . . '' '' The DT catalyst NN for IN all PDT this DT has VBZ been VBN OPEC NNP . . About IN a DT year NN ago RB , , it PRP ended VBD an DT on-again JJ , , off-again JJ internal JJ production NN war NN that WDT had VBD put VBN prices NNS on IN a DT roller NN coaster NN and CC pitched VBN oil NN towns NNS from IN Houston NNP to TO Caracas NNP into IN recession NN . . Saudi NNP Arabia NNP , , OPEC NNP 's POS kingpin NN , , abandoned VBD a DT policy NN of IN flooding VBG the DT market NN to TO punish VB quota-cheaters NNS . . About IN the DT same JJ time NN , , the DT Iran-Iraq NNP war NN , , which WDT was VBD roiling VBG oil NN markets NNS , , ended VBD . . In IN addition NN , , global JJ petroleum NN demand NN has VBZ been VBN climbing VBG . . It PRP is VBZ projected VBN to TO keep VB growing VBG by IN a DT million CD barrels NNS a DT day NN , , or CC up RB to TO 2 CD % NN annually RB , , for IN years NNS to TO come VB . . For IN OPEC NNP , , that WDT 's VBZ ideal JJ . . The DT resulting JJ firm JJ prices NNS and CC stability NN `` `` will MD allow VB both DT producers NNS and CC consumers NNS to TO plan VB confidently RB , , '' '' says VBZ Saudi NNP Arabian NNP Oil NNP Minister NNP Hisham NNP Nazer NNP . . OPEC NNP Secretary-General NNP Subroto NNP explains VBZ : : Consumers NNS offer VBP security NN of IN markets NNS , , while IN OPEC NNP provides VBZ security NN of IN supply NN . . `` `` This DT is VBZ an DT opportune JJ time NN to TO find VB mutual JJ ways NNS { ( to TO prevent VB } ) price NN shocks NNS from IN happening VBG again RB , , '' '' he PRP says VBZ . . To TO promote VB this DT balance NN , , OPEC NNP now RB is VBZ finally RB confronting VBG a DT long-simmering JJ internal JJ problem NN . . At IN its PRP$ November NNP meeting NN , , it PRP will MD try VB to TO revise VB its PRP$ quotas NNS to TO satisfy VB Persian NNP Gulf NNP members NNS that WDT can MD produce VB far RB more JJR oil NN than IN their PRP$ allotments NNS . . Being VBG held VBN well RB below IN capacity NN greatly RB irritates VBZ them PRP , , and CC has VBZ led VBN to TO widespread JJ cheating NN . . OPEC NNP has VBZ repeatedly RB raised VBN its PRP$ self-imposed JJ production NN ceiling NN to TO legitimize VB some DT of IN that DT unauthorized JJ output NN . . Oil NN ministers NNS now RB hope VBP to TO solve VB the DT issue NN for IN good RB through IN an DT Iranian JJ proposal NN that WDT gives VBZ a DT larger JJR share NN of IN output NN to TO countries NNS with IN surplus NN capacity NN and CC reduces VBZ the DT shares NNS of IN those DT that WDT ca MD n't RB produce VB more JJR anyway RB . . But CC `` `` if IN they PRP walk VBP out RB without IN any DT effort NN to TO resolve VB their PRP$ problem NN , , production NN could MD increase VB to TO 23 CD million CD or CC 24 CD million CD barrels NNS a DT day NN , , making VBG for IN a DT very RB troublesome JJ first JJ quarter NN , , '' '' warns VBZ Nordine NNP Ait-Laoussine NNP , , a DT consultant NN and CC former JJ Algerian NNP OPEC NNP delegate NN . . That DT would MD send VB prices NNS plummeting VBG from IN what WP some DT gun-shy JJ U.S. NNP oil NN executives NNS still RB regard VB as IN too RB low JJ a DT level NN . . Patrick NNP J NNP . . Early NNP , , president NN of IN Amoco NNP Corp. NNP 's POS oil-production NN unit NN , , says VBZ that IN despite IN recent JJ stability NN , , he PRP plans VBZ continued JJ tightening NN of IN costs NNS and CC exploration NN spending NN . . The DT view NN of IN some DT others NNS in IN Big JJ Oil NN , , he PRP maintains VBZ , , `` `` is VBZ very RB much RB { ( similar JJ to TO } ) Amoco NNP 's POS outlook NN . . '' '' Just RB this DT week NN Mobil NNP Corp. NNP disclosed VBD new JJ cutbacks NNS in IN its PRP$ domestic JJ exploration NN and CC production NN operations NNS . . Out RB here RB on IN the DT Querecho NNP Plains NNPS of IN New NNP Mexico NNP , , however RB , , the DT mood NN is VBZ more RBR upbeat JJ ; : trucks NNS rumble VBP along IN the DT dusty JJ roads NNS and CC burly JJ men NNS in IN hard JJ hats NNS sweat VBP and CC swear VBP through IN the DT afternoon NN sun NN . . Santa NNP Fe NNP Energy NNP Co. NNP , , a DT unit NN of IN Santa NNP Fe NNP Southern NNP Pacific NNP Co. NNP , , bought VBD from IN Amoco NNP the DT rights NNS that WDT allowed VBD it PRP to TO drill VB the DT Sharpshooter NNP . . A DT mile NN and CC a DT half NN away RB looms VBZ the DT 150-foot-tall JJ rig NN of IN the DT Sniper NNP , , due JJ to TO be VB pumping VBG by IN December NNP . . `` `` Talk NN is VBZ that IN everybody NN is VBZ going VBG to TO drill VB more JJR wells NNS , , '' '' says VBZ foreman NN Tommy NNP Folsom NNP . . Santa NNP Fe NNP aims VBZ to TO drill VB about IN 30 CD wells NNS in IN this DT area NN in IN 1989 CD and CC double VB that DT next JJ year NN . . It PRP is VBZ more RBR aggressive JJ than IN most JJS , , but CC it PRP is VBZ n't RB the DT only JJ company NN with IN a DT new JJ attitude NN , , as IN it PRP found VBD when WRB it PRP went VBD looking VBG for IN a DT partner NN for IN the DT Sharpshooter NNP . . `` `` We PRP went VBD to TO six CD companies NNS over IN two CD days NNS pitching VBG the DT prospect NN , , '' '' says VBZ Tim NNP Parker NNP , , a DT Santa NNP Fe NNP exploration NN manager NN . . `` `` Five CD were VBD interested JJ . . '' '' Mitchell NNP Energy NNP & CC Development NNP Corp. NNP became VBD the DT partner NN , , ponying VBG up RP more JJR than IN half NN of IN the DT $ $ 600,000 CD in IN drilling NN and CC start-up JJ costs NNS . . Mitchell NNP will MD get VB a DT half-interest NN in IN the DT oil NN . . `` `` A DT kind NN of IN no-mistakes JJ mentality NN '' '' had VBD been VBN stifling VBG activity NN , , says VBZ Don NNP Covey NNP , , Mitchell NNP 's POS oil NN exploration NN chief NN . . Now RB `` `` everybody NN is VBZ a DT lot RB more RBR optimistic JJ . . '' '' One CD attraction NN for IN oil NN operators NNS here RB and CC in IN other JJ fields NNS is VBZ the DT bargain-basement NN cost NN of IN drilling NN and CC equipment NN , , reflecting VBG service NN companies NNS ' POS hunger NN for IN work NN . . Kadane NNP Oil NNP Co. NNP , , a DT small JJ Texas NNP independent NN , , is VBZ currently RB drilling VBG two CD wells NNS itself PRP and CC putting VBG money NN into IN three CD others NNS . . One CD of IN its PRP$ wells NNS , , in IN southwestern JJ Oklahoma NNP , , is VBZ a DT `` `` rank JJ wildcat NN , , '' '' a DT risky JJ well NN where WRB oil NN previously RB has VBZ n't RB been VBN found VBN . . `` `` At IN this DT price NN , , $ $ 18 CD plus CC or CC minus CC , , and CC with IN costs NNS being VBG significantly RB less JJR than IN they PRP were VBD several JJ years NNS ago RB , , the DT economics NNS are VBP pretty RB good JJ , , '' '' says VBZ George NNP Kadane NNP , , head NN of IN the DT company NN . . `` `` If IN you PRP know VBP you PRP 've VBP got VBN stability NN in IN price NN , , you PRP can MD do VB things NNS you PRP would MD n't RB do VB with IN the DT volatility NN of IN the DT past JJ few JJ years NNS . . '' '' The DT activity NN is VBZ enough JJ to TO move VB some DT oil-service NN prices NNS back RP up RP a DT little RB . . Some DT drill-bit NN prices NNS have VBP risen VBN 5 CD % NN in IN the DT past JJ month NN . . In IN the DT Gulf NNP of IN Mexico NNP , , a DT boat NN to TO deliver VB supplies NNS to TO offshore JJ rigs NNS now RB costs VBZ around IN $ $ 3,000 CD a DT day NN , , up RB nearly RB 60 CD % NN since IN June NNP . . Some DT service NN boats NNS recently RB were VBD auctioned VBN for IN about IN $ $ 1.7 CD million CD each DT , , up RB from IN less JJR than IN $ $ 1 CD million CD two CD years NNS ago RB . . At IN the DT bottom NN of IN the DT slump NN , , Schlumberger NNP Inc. NNP was VBD discounting VBG 75 CD % NN on IN an DT electronic JJ evaluation NN of IN a DT well NN ; : now RB it PRP discounts VBZ about IN 50 CD % NN , , drillers NNS say VBP . . Still RB , , there EX is VBZ money NN to TO be VB made VBN . . Most JJS oil NN companies NNS , , when WRB they PRP set VBP exploration NN and CC production NN budgets NNS for IN this DT year NN , , forecast VBP revenue NN of IN $ $ 15 CD for IN each DT barrel NN of IN crude NN produced VBN . . Prices NNS have VBP averaged VBN more JJR than IN $ $ 2 CD a DT barrel NN higher JJR than IN that DT -- : not RB a DT windfall NN , , but CC at IN least JJS a DT pleasant JJ bonus NN for IN them PRP . . So RB , , according VBG to TO a DT Dun NNP & CC Bradstreet NNP Corp. NNP survey NN , , companies NNS that WDT had VBD been VBN refusing VBG to TO spend VB even RB their PRP$ very RB conservative JJ budgets NNS may MD loosen VB up RP before IN year NN end NN . . It PRP says VBZ 40 CD % NN of IN those DT surveyed VBN report VBP that IN 1989 CD exploration NN spending NN will MD exceed VB 1988 CD 's POS . . Funds NNS for IN drilling NN may MD inch VB up RB more RBR next JJ year NN if IN oil NN prices NNS stay VBP stable JJ . . Texaco NNP , , thinking VBG in IN terms NNS of IN $ $ 18-to-$19 JJ oil NN for IN 1990 CD , , may MD raise VB spending NN , , especially RB for IN low-risk JJ prospects NNS , , an DT official NN says VBZ . . Outside JJ investors NNS , , scarce JJ since IN '86 CD , , are VBP edging VBG back RB . . Although IN `` `` it PRP 's VBZ still RB difficult JJ to TO raise VB money NN for IN a DT pure JJ wildcat NN program NN , , '' '' says VBZ William NNP Thomas NNP , , a DT Texas NNP Commerce NNP Bank NNP official NN in IN Houston NNP , , `` `` institutions NNS are VBP starting VBG to TO see VB there EX are VBP cycles NNS to TO these DT things NNS , , and CC this DT one NN is VBZ beginning VBG to TO turn VB . . '' '' Wall NNP Street NNP generally RB likes VBZ the DT industry NN again RB . . The DT appetite NN for IN oil-service NN stocks NNS has VBZ been VBN especially RB strong JJ , , although IN some DT got VBD hit VBN yesterday NN when WRB Shearson NNP Lehman NNP Hutton NNP cut VBD its PRP$ short-term JJ investment NN ratings NNS on IN them PRP . . Contractors NNS such JJ as IN Parker NNP Drilling NNP Co. NNP are VBP raising VBG cash NN again RB through IN stock NN offerings NNS , , and CC for IN the DT first JJ time NN in IN years NNS , , two CD oil-service NN companies NNS recently RB went VBD public JJ . . ( ( They PRP are VBP Grace NNP Energy NNP Corp. NNP of IN Dallas NNP and CC Marine NNP Drilling NNP Co. NNP of IN Houston NNP . . ) ) Most JJS oil NN companies NNS are VBP still RB reluctant JJ to TO add VB to TO the DT office NN and CC professional JJ staffs NNS they PRP slashed VBD so RB deeply RB . . But CC a DT few JJ new JJ spots NNS are VBP opening VBG . . Arthur NNP Andersen NNP , , the DT accounting NN firm NN , , has VBZ increased VBN its PRP$ energy NN staff NN 10 CD % NN in IN a DT year NN . . Out IN in IN the DT oil NN fields NNS , , if IN activity NN picks VBZ up RB much RB more RBR , , shortages NNS could MD appear VB because IN so RB many JJ roughnecks NNS , , roustabouts NNS and CC others NNS left VBD after IN the DT crash NN . . Already RB `` `` it PRP 's VBZ hard JJ to TO get VB people NNS . . They PRP 're VBP so RB busy JJ , , '' '' says VBZ one CD Santa NNP Fe NNP drilling NN foreman NN here RB . . For IN most JJS field NN workers NNS , , it PRP 's VBZ about IN time NN . . Mr. NNP Ramirez NNP , , who WP arrived VBD late RB at IN the DT Sharpshooter NNP with IN his PRP$ crew NN because IN he PRP had VBD started VBN early RB in IN the DT morning NN setting VBG up RP tanks NNS at IN another DT site NN , , just RB got VBD the DT first JJ raise NN he PRP can MD remember VB in IN eight CD years NNS , , to TO $ $ 8.50 CD an DT hour NN from IN $ $ 8 CD . . Norman NNP Young NNP , , a DT `` `` mud-logger NN '' '' at IN the DT Sniper NNP well NN , , has VBZ worked VBN all DT but CC about IN nine CD days NNS of IN this DT year NN . . Last JJ year NN , , `` `` I PRP was VBD off RP a DT straight JJ month NN , , then RB one CD time NN for IN two CD to TO three CD weeks NNS and CC another DT two CD to TO three CD weeks NNS , , '' '' he PRP says VBZ . . Butch NNP McCarty NNP , , who WP sells VBZ oil-field NN equipment NN for IN Davis NNP Tool NNP Co. NNP , , is VBZ also RB busy JJ . . A DT native NN of IN the DT area NN , , he PRP is VBZ back RB now RB after IN riding VBG the DT oil-field NN boom NN to TO the DT top NN , , then RB surviving VBG the DT bust NN running VBG an DT Oklahoma NNP City NNP convenience NN store NN . . `` `` First JJ year NN I PRP came VBD back RB there RB was VBD n't RB any DT work NN , , '' '' he PRP says VBZ . . `` `` I PRP think VBP it PRP 's VBZ on IN the DT way NN back RB now RB . . But CC it PRP wo MD n't RB be VB a DT boom NN again RB . . No DT major JJ booms NNS , , no DT major JJ setbacks NNS , , '' '' he PRP predicts VBZ . . Business NN has VBZ been VBN good JJ enough RB that IN he PRP just RB took VBD a DT spur-of-the-moment JJ weekend NN trip NN to TO the DT mountain NN area NN of IN Cloudcroft NNP , , something NN `` `` I PRP have VBP n't RB done VBN in IN years NNS . . '' '' The DT figures NNS confirm VBP that IN there EX certainly RB is VBZ n't RB any DT drilling NN boom NN . . Only RB 14,505 CD wells NNS , , including VBG 4,900 CD dry JJ holes NNS , , were VBD drilled VBN for IN oil NN and CC natural JJ gas NN in IN the DT U.S. NNP in IN the DT first JJ nine CD months NNS of IN the DT year NN , , down RB 22.4 CD % NN from IN the DT like JJ 1988 CD period NN . . But CC that DT was VBD off RP less JJR than IN at IN midyear NN , , when WRB completions NNS lagged VBN by IN 27.1 CD % NN . . And CC the DT number NN of IN rigs NNS active JJ in IN the DT U.S. NNP is VBZ inching VBG up RP . . According VBG to TO Baker NNP Hughes NNP Inc. NNP , , 992 CD rotary JJ rigs NNS were VBD at IN work NN in IN the DT U.S. NNP last JJ week NN , , up RB from IN the DT year-ago JJ count NN of IN 933 CD . . ( ( In IN 1981 CD , , before IN the DT bust NN , , the DT rig NN count NN was VBD above IN 4,000 CD . . ) ) Global JJ offshore-rig NN use NN shows VBZ a DT similar JJ upward JJ trend NN . . Some DT equipment NN going VBG to TO work VB is VBZ almost RB new JJ . . Grace NNP Energy NNP just RB two CD weeks NNS ago RB hauled VBD a DT rig NN here RB 500 CD miles NNS from IN Caspar NNP , , Wyo. NNP , , to TO drill VB the DT Bilbrey NNP well RB , , a DT 15,000-foot JJ , , $ $ 1-million-plus JJ natural JJ gas NN well NN . . The DT rig NN was VBD built VBN around IN 1980 CD , , but CC has VBZ drilled VBN only RB two CD wells NNS , , the DT last JJ in IN 1982 CD . . Until IN now RB it PRP had VBD sat VBN idle JJ . . For IN Zel NNP Herring NNP , , owner NN and CC a DT cook NN at IN the DT Sandhills NNP Luncheon NNP Cafe NNP , , a DT tin NN building NN in IN midtown NN , , all PDT this DT has VBZ made VBN for IN a DT very RB good JJ year NN . . After IN 11:30 CD a.m. RB or CC so RB `` `` we PRP have VBP them PRP standing VBG and CC waiting VBG , , '' '' she PRP says VBZ , , as IN she PRP whips VBZ out RP orders NNS for IN hamburgers NNS and CC the DT daily JJ special NN ( ( grilled JJ roast NN beef NN , , cheese NN and CC jalapeno JJ pepper NN sandwich NN on IN whole JJ wheat NN , , potato NN salad NN , , baked JJ beans NNS and CC pudding NN , , plus CC coffee NN or CC iced JJ tea NN . . Price NN : : $ $ 4.50 CD ) ) . . Mike NNP Huber NNP , , a DT roustabout NN , , is VBZ even RB making VBG it PRP in IN his PRP$ new JJ career NN as IN an DT entrepreneur NN . . He PRP started VBD Arrow NNP Roustabouts NNPS Inc. NNP a DT year NN ago RB with IN a DT loan NN from IN a DT friend NN , , since RB repaid VBN , , and CC now RB employs VBZ 15 CD . . He PRP got VBD three CD trucks NNS and CC a DT backhoe NN cheap RB . . `` `` I PRP want VBP to TO add VB one CD more JJR truck NN , , '' '' Mr. NNP Huber NNP says VBZ . . I PRP sense VBP that IN it PRP 's VBZ going VBG to TO continue VB to TO grow VB . . That DT 's VBZ the DT word NN . . The DT word NN is VBZ out RP . . Eight CD people NNS , , including VBG a DT supervisor NN of IN Security NNP Pacific NNP National NNP Bank NNP 's POS central JJ vault NN , , were VBD arrested VBN in IN an DT investigation NN of IN an DT alleged VBN drug NN money-laundering NN operation NN . . The DT U.S. NNP Attorney NNP 's POS office NN filed VBD a DT criminal JJ complaint NN against IN six CD bank NN employees NNS charging VBG them PRP with IN conspiracy NN in IN the DT scheme NN , , which WDT apparently RB was VBD capable JJ of IN handling VBG millions NNS of IN dollars NNS a DT week NN by IN funneling VBG cash NN through IN fictitious JJ bank NN accounts NNS . . Two CD other JJ men NNS also RB were VBD charged VBN with IN participating VBG in IN the DT operation NN . . The DT arrests NNS capped VBD a DT four-month JJ investigation NN by IN the DT Internal NNP Revenue NNP Service NNP , , the DT U.S. NNP Attorney NNP 's POS office NN and CC a DT Security NNP Pacific NNP internal JJ investigation NN team NN . . Walter NNP S. NNP Fisher NNP , , executive NN vice NN president NN and CC general JJ auditor NN of IN the DT bank NN 's POS parent NN , , Security NNP Pacific NNP Corp. NNP , , said VBD no DT bank NN funds NNS were VBD at IN risk NN during IN the DT investigation NN . . Arrested VBN were VBD Jose NNP O. NNP Lopez NNP , , 27 CD years NNS old JJ , , of IN Whittier NNP , , Calif. NNP , , the DT vault NN supervisor NN ; : Carlos NNP O. NNP Huerta NNP , , 29 CD , , of IN La NNP Puente NNP ; : Luis NNP A. NN Arroyo NNP , , 36 CD , , of IN Los NNP Angeles NNP ; : Ignacio NNP Rojas NNP Jr. NNP , , 32 CD , , of IN Baldwin NNP Park NNP ; : Doris NNP Moreno NNP , , 37 CD , , of IN Bell NNP Gardens NNP ; : and CC Ana NNP L. NNP Azucena NNP , , 27 CD , , of IN Huntington NNP Park NNP . . Geno NNP M. NNP Apicella NNP , , 27 CD , , of IN Los NNP Angeles NNP , , and CC Terrell NNP N. NNP Madison NNP , , 27 CD , , of IN Hawthorne NN , , were VBD also RB charged VBN with IN participating VBG in IN the DT conspiracy NN . . Each DT defendant NN faces VBZ a DT possible JJ sentence NN of IN 20 CD years NNS in IN prison NN and CC $ $ 250,000 CD in IN fines NNS . . The DT defendants NNS could MD n't RB immediately RB be VB reached VBN for IN comment NN . . S.A. NNP Brewing NNP Holdings NNPS Ltd. NNP began VBD laying VBG the DT groundwork NN to TO launch VB a DT rival JJ offer NN for IN Bond NNP Corp NNP . . Holdings NNPS Ltd. NNP 's POS Australian JJ brewing NN operations NNS . . Such JJ an DT offer NN could MD torpedo VB a DT plan NN by IN Lion NNP Nathan NNP Ltd. NNP of IN New NNP Zealand NNP to TO acquire VB half PDT the DT brewing NN interests NNS . . But CC it PRP would MD probably RB increase VB the DT amount NN of IN cash NN that IN debt-ridden JJ Bond NNP Corp. NNP would MD earn VB from IN the DT transaction NN . . Australia NNP 's POS National NNP Companies NNPS and CC Securities NNPS Commission NNP said VBD it PRP will MD allow VB S.A. NNP Brewing NNP to TO acquire VB an DT option NN on IN as RB much JJ as IN 20 CD % NN of IN Bell NNP Resources NNPS Ltd. NNP , , a DT unit NN of IN Bond NNP Corp. NNP that WDT is VBZ in IN the DT process NN of IN acquiring VBG Bond NNP Corp. NNP 's POS brewing NN businesses NNS for IN 2.5 CD billion CD Australian JJ dollars NNS ( ( US$ $ 1.93 CD billion CD ) ) . . S.A. NNP Brewing NNP , , which WDT is VBZ 20%-owned JJ by IN Elders NNPS IXL NNP Ltd. NNP , , Australia NNP 's POS largest JJS brewer NN , , will MD make VB a DT takeover NN offer NN for IN all DT of IN Bell NNP Resources NNPS if IN it PRP exercises VBZ the DT option NN , , the DT corporate JJ regulators NNS said VBD in IN a DT statement NN . . Bond NNP Corp. NNP , , a DT brewing NN , , property NN , , media NNS and CC resources NNS concern NN controlled VBN by IN financier NN Alan NNP Bond NNP , , is VBZ selling VBG many JJ of IN its PRP$ assets NNS to TO reduce VB an DT A$ $ 6.9 CD billion CD debt NN . . Contrary JJ to TO what WP might MD be VB expected VBN based VBN on IN the DT headline NN on IN John NNP R. NNP Dorfman NNP 's POS recent JJ Money NN Matters NNS article NN ( ( `` `` Pros NNS Hit VBP Theorists NNS Right RB Where WRB It PRP Hurts VBZ '' '' Oct. NNP 3 CD ) ) , , I PRP was VBD able JJ to TO stand VB proudly RB before IN my PRP$ undergraduate NN finance NN students NNS and CC proclaim VB that IN the DT findings NNS of IN your PRP$ yearlong JJ experiment NN on IN stock NN picking NN is VBZ completely RB consistent JJ with IN what WP they PRP have VBP been VBN taught VBN in IN the DT classroom NN . . In IN particular JJ , , I PRP do VBP not RB find VB the DT fact NN that IN your PRP$ group NN of IN pros NNS ' POS monthly JJ selections NNS of IN four CD stocks NNS outperforms VBZ the DT market NN in IN general JJ to TO be VB inconsistent JJ with IN market NN efficiency NN . . Mr. NNP Dorfman NNP states VBZ that IN an DT investor NN who WP invested VBD $ $ 100,000 CD a DT year NN ago RB in IN the DT first JJ four CD stocks NNS selected VBN by IN your PRP$ pros NNS and CC then RB sold VBD those DT one CD month NN later RB , , purchasing VBG the DT four CD new JJ pro NN picks NNS , , and CC repeated VBD this DT process NN for IN the DT year NN would MD have VB accumulated VBN $ $ 166,537 CD , , excluding VBG account NN dividends NNS , , taxes NNS and CC commissions NNS . . In IN contrast NN , , an DT investor NN holding VBG the DT Dow NNP Jones NNP portfolio NN over IN the DT year NN would MD have VB accumulated VBN only RB $ $ 127,446 CD . . Accepted JJ theories NNS of IN asset NN pricing NN offer VBP a DT perfectly RB legitimate JJ explanation NN . . Accepted JJ theories NNS state VBP that IN investors NNS require VBP higher JJR returns NNS on IN riskier JJR investments NNS . . Thus RB , , rather RB than IN seeing VBG the DT excess JJ returns NNS to TO the DT pro-selected JJ portfolio NN as IN being VBG abnormal JJ , , I PRP see VBP those DT returns NNS as IN simply RB compensations NNS for IN taking VBG on RP added VBN risk NN . . I PRP believe VBP the DT risk NN for IN each DT individual JJ stock NN selected VBN by IN your PRP$ pros NNS is VBZ very RB large JJ . . If IN you PRP asked VBD me PRP to TO select VB a DT stock NN with IN the DT highest JJS expected JJ return NN , , I PRP would MD select VB a DT stock NN with IN the DT greatest JJS amount NN of IN undiversifiable JJ risk NN , , as IN I PRP am VBP sure RB your PRP$ pros NNS do VBP . . Your PRP$ hypothetical JJ investor NN is VBZ simply RB being VBG compensated VBN for IN taking VBG on RP this DT added VBN risk NN . . Moreover RB , , your PRP$ hypothetical JJ investor NN has VBZ forsaken VBN the DT gains NNS to TO be VB had VBN in IN reducing VBG risk NN by IN diversifying VBG his PRP$ portfolio NN . . A DT four-stock JJ portfolio NN is VBZ still RB exposed VBN to TO a DT great JJ deal NN of IN unnecessary JJ risk NN . . This DT means VBZ the DT returns NNS can MD vary VB a DT great JJ deal NN . . Mr. NNP Dorfman NNP provides VBZ confirming VBG evidence NN of IN this DT phenomenon NN when WRB he PRP reports VBZ that IN your PRP$ staff NN of IN dart NN throwers NNS would MD have VB accumulated VBN only RB $ $ 112,383 CD by IN randomly RB selecting VBG four CD new JJ stocks NNS to TO be VB held VBN in IN a DT portfolio NN each DT month NN . . Scott NNP E. NNP Hein NNP Texas NNP Tech NNP University NNP Lubbock NNP , , Texas NNP Your PRP$ Investment NN Dartboard NN article NN misses VBZ the DT target NN . . The DT fact NN that IN stock NN pickers NNS have VBP bested VBN a DT randomly RB selected VBN portfolio NN in IN eight CD of IN 12 CD months NNS has VBZ no DT bearing NN on IN the DT efficient-market NN theory NN . . What WP matters VBZ is VBZ that IN the DT stocks NNS recommended VBN by IN your PRP$ pros NNS tend VBP to TO be VB substantially RB riskier JJR than IN a DT diversified JJ portfolio NN . . For IN example NN , , your PRP$ pickers NNS ' POS recommendations NNS for IN the DT coming VBG month NN are VBP , , on IN average NN , , 22.5 CD % NN riskier JJR than IN holding VBG the DT market NN portfolio NN according VBG to TO Value NNP Line NNP 's POS Beta NN estimates NNS . . James NNP Morgan NNP 's POS pick NN for IN October NNP -- : Dynascan NNP -- : is VBZ a DT substantial JJ 35 CD % NN riskier JJR than IN the DT market NN portfolio NN ; : his PRP$ lauded VBD Thermo NNP Electron NNP pick NN is VBZ 40 CD % NN riskier JJR . . Eric NNP C. NNP Meltzer NNP Peter NNP W. NNP Likins NNP , , president NN of IN Lehigh NNP University NNP , , Bethlehem NNP , , Pa. NNP , , was VBD elected VBN a DT director NN of IN this DT maker NN of IN industrial JJ motion-control NN parts NNS and CC systems NNS . . His PRP$ appointment NN expands VBZ the DT board NN to TO 13 CD members NNS . . California NNP Thefts NNS Make VBP Travel NN Agents NNS Jittery JJ BEING VBG A DT TRAVEL NN agent NN used VBN to TO be VB pretty RB glamorous JJ . . Now RB it PRP 's VBZ getting VBG downright RB dangerous JJ . . In IN recent JJ months NNS , , more JJR than IN 25 CD agencies NNS have VBP been VBN robbed VBN , , compared VBN with IN only RB a DT handful NN all DT last JJ year NN , , according VBG to TO police NN and CC travel-agency NN groups NNS . . Most JJS of IN the DT cases NNS have VBP been VBN in IN California NNP , , where WRB one CD agent NN was VBD stabbed VBN and CC another DT was VBD shot VBN and CC killed VBN . . Los NNP Angeles NNP police NNS say VBP the DT thieves NNS seem VBP to TO be VB part NN of IN a DT crime NN network NN that WDT knows VBZ how WRB to TO convert VB blank JJ tickets NNS into IN real JJ ones NNS . . Already RB , , the DT stolen JJ tickets NNS have VBP been VBN used VBN for IN flights NNS all DT over IN the DT world NN . . So RB far RB , , the DT thieves NNS have VBP stolen VBN 3,632 CD blank JJ tickets NNS , , according VBG to TO Airline NNP Reporting NNP Corp. NNP , , a DT ticket NN processing NN center NN . . Police NNS say VBP the DT robberies NNS are VBP usually RB pulled VBN off RP by IN two CD to TO five CD men NNS , , who WP walk VBP into IN the DT agencies NNS near IN closing NN or CC lunch NN time NN , , when WRB few JJ employees NNS are VBP there RB . . `` `` They PRP looked VBD like IN ordinary JJ vacationers NNS at IN first RB , , '' '' says VBZ Willy NNP LLerena NNP , , owner NN of IN Travel NNP Air NNP Service NNP in IN Monte NNP Bello NNP , , Calif. NNP , , describing VBG five CD men NNS who WP entered VBD his PRP$ agency NN last JJ June NNP . . But CC then RB , , he PRP says VBZ , , they PRP put VBD two CD loaded JJ pistols NNS to TO his PRP$ temple NN and CC demanded VBD he PRP open VB the DT safe NN . . When WRB he PRP initially RB refused VBD , , he PRP says VBZ , , they PRP stabbed VBD him PRP in IN the DT back NN and CC made VBD off RP with IN $ $ 2,000 CD and CC 280 CD blank JJ tickets NNS . . `` `` They PRP said VBD they PRP wanted VBD to TO show VB me PRP how WRB serious JJ they PRP were VBD , , '' '' he PRP says VBZ . . As IN word NN of IN the DT crime NN spree NN has VBZ spread VBN , , many JJ agents NNS have VBP started VBN changing VBG their PRP$ open-door JJ policies NNS . . At IN El NNP Monte NNP Travel NNP Center NNP in IN El NNP Monte NNP , , Calif. NNP , , customers NNS now RB can MD get VB in RB only RB through IN a DT buzzer NN and CC lock NN system NN . . `` `` It PRP 's VBZ hard JJ to TO deal VB with IN clients NNS this DT way NN in IN a DT service NN business NN , , '' '' says VBZ Ralph NNP `` `` Bud NNP '' '' Conner NNP , , owner NN of IN the DT agency NN , , which WDT was VBD robbed VBN of IN 180 CD blank JJ tickets NNS and CC $ $ 850 CD last JJ month NN . . `` `` But CC we PRP 're VBP just RB too RB nervous JJ . . '' '' The DT robberies NNS also RB have VBP set VBN off RP a DT controversy NN involving VBG the DT airlines NNS . . Agents NNS say VBP airlines NNS , , which WDT track VBP ticket NN numbers NNS of IN all DT stolen VBN tickets NNS , , should MD be VB doing VBG more JJR to TO catch VB the DT thieves NNS by IN confiscating VBG the DT tickets NNS when WRB they PRP 're VBP used VBN . . `` `` They PRP have VBP the DT most RBS sophisticated JJ computers NNS in IN the DT world NN , , '' '' says VBZ Mr. NNP LLerena NNP . . `` `` They PRP ought MD to TO be VB able JJ to TO do VB this DT . . '' '' But CC airlines NNS say VBP it PRP would MD be VB too RB expensive JJ and CC cause VB too RB many JJ delays NNS if IN they PRP started VBD using VBG computerized JJ scanners NNS to TO check VB tickets NNS at IN the DT gate NN . . Texans NNPS Get VBP Reasonable JJ Car NN Rental JJ Insurance NN CONSUMER NN advocates NNS have VBP long RB claimed VBN that IN car NN rental JJ companies NNS charge VBP too RB much RB for IN car NN rental NN insurance NN . . Now RB , , a DT new JJ law NN in IN Texas NNP seems VBZ to TO be VB providing VBG the DT proof NN . . The DT law NN -- : the DT first JJ of IN its PRP$ kind NN -- : requires VBZ car NN rental JJ companies NNS in IN Texas NNP to TO charge VB only JJ `` `` reasonable JJ '' '' rates NNS for IN collision-damage NN waiver NN insurance NN . . Specifically RB , , the DT law NN says VBZ the DT rates NNS must MD closely RB reflect VB what WP the DT company NN 's POS actual JJ expenses NNS have VBP been VBN to TO replace VB damaged JJ cars NNS . . Before IN the DT law NN went VBD into IN effect NN last JJ month NN , , car NN rental NN companies NNS were VBD charging VBG as RB much JJ as IN $ $ 12 CD a DT day NN for IN the DT waiver NN in IN Texas NNP . . Now RB , , they PRP 're VBP charging VBG as RB little JJ $ $ 3 CD a DT day NN . . `` `` If IN they PRP 're VBP telling VBG the DT truth NN now RB , , then RB they PRP 've VBP been VBN charging VBG 300 CD % NN more JJR than IN what WP is VBZ reasonable JJ , , '' '' says VBZ Steve NNP Gardner NNP , , an DT assistant NN state NN attorney NN general NN in IN Texas NNP . . A DT spokesman NN for IN Hertz NNP Corp. NNP acknowledges VBZ , , `` `` The DT waiver NN is VBZ n't RB a DT source NN of IN protection NN for IN consumers NNS , , but CC a DT source NN of IN revenue NN . . '' '' But CC Hertz NNP points VBZ out RP that DT at IN least RBS it PRP 's VBZ now RB charging VBG only RB $ $ 3.95 CD a DT day NN in IN Texas NNP , , while IN some DT competitors NNS are VBP charging VBG $ $ 6.99 CD . . The DT state NN attorney NN general NN 's POS office NN is VBZ investigating VBG rental JJ car NN agencies NNS charging VBG noticeably RB higher JJR prices NNS . . Flight NN Attendants NNS Lag NN Before IN Jets NNS Even RB Land VBP IF IN YOUR JJ FLIGHT NN attendant NN seems VBZ a DT little RB weary JJ , , it PRP may MD be VB because IN he PRP or CC she PRP has VBZ been VBN working VBG 20 CD straight JJ hours NNS . . A DT recent JJ study NN for IN the DT Federal NNP Aviation NNP Administration NNP found VBD that IN major JJ airlines NNS sometimes RB make VB flight NN attendants NNS work VB 16 CD hours NNS or CC more JJR straight RB -- : despite IN union NN contracts NNS at IN some DT airlines NNS limiting VBG duty NN time NN to TO 14 CD hours NNS . . Some DT flight NN attendants NNS on IN charter NN planes NNS are VBP putting VBG in RP 20-hour JJ work NN days NNS , , the DT study NN found VBD . . This DT happens VBZ because IN the DT FAA NNP does VBZ n't RB have VB any DT rules NNS on IN duty NN time NN for IN flight NN attendants NNS ; : by IN contrast NN , , it PRP strictly RB restricts VBZ duty NN time NN for IN pilots NNS and CC air NN traffic NN controllers NNS , , usually RB to TO a DT maximum NN of IN 10 CD consecutive JJ hours NNS . . `` `` As RB far RB as IN the DT FAA NNP is VBZ concerned VBN , , '' '' says VBZ Matt NNP Finucane NNP , , air NN safety NN director NN at IN the DT Association NNP of IN Flight NNP Attendants NNPS , , `` `` flight NN attendants NNS can MD work VB an DT unlimited JJ number NN of IN hours NNS . . '' '' Experts NNS say VBP such JJ long JJ hours NNS for IN attendants NNS pose VBP a DT safety NN risk NN . . For IN instance NN , , tired JJ flight NN attendants NNS might MD not RB react VB quickly RB enough RB during IN an DT emergency NN evacuation NN . . `` `` At IN the DT end NN of IN their PRP$ day NN , , they PRP are VBP zombies NNS , , '' '' says VBZ John NNP Galipault NNP , , president NN of IN the DT Aviation NNP Safety NNP Institute NNP , , a DT public-interest JJ group NN in IN Worthington NNP , , Ohio NNP . . `` `` They PRP have VBP to TO work VB such JJ long JJ hours NNS and CC then RB we PRP expect VBP them PRP to TO be VB heroes NNS if IN there EX 's VBZ an DT evacuation NN . . '' '' In IN response NN to TO the DT study NN , , the DT FAA NNP says VBZ it PRP is VBZ considering VBG changing VBG its PRP$ policy NN -- : or CC lack NN of IN it PRP -- : on IN flight NN attendants NNS . . The DT agency NN may MD not RB have VB much JJ choice NN : : A DT congressional JJ bill NN has VBZ been VBN introduced VBN that WDT would MD force VB the DT agency NN to TO limit VB flight NN attendant NN duty NN time NN to TO 14 CD hours NNS on IN U.S. NNP flights NNS and CC 16 CD hours NNS on IN international JJ trips NNS . . Odds NNS and CC Ends NNS GOLF NN HAS VBZ BECOME VB the DT latest JJ diversion NN for IN travelers NNS stuck VBN at IN some DT airports NNS . . Simulated JJ golf NN games NNS , , in IN which WDT players NNS hit VBP golf NN balls NNS into IN nets NNS , , have VBP been VBN installed VBN at IN airports NNS in IN Denver NNP and CC Pittsburgh NNP ... : . . The DT average JJ cost NN for IN breakfast NN at IN a DT `` `` decent JJ '' '' hotel NN restaurant NN in IN New NNP York NNP is VBZ $ $ 17.12 CD , , according VBG to TO Corporate NNP Travel NNP magazine NN . . The DT cheapest JJS , , among IN 100 CD cities NNS surveyed VBN , , was VBD $ $ 5.11 CD in IN El NNP Paso NNP , , Texas NNP . . Mark NNP Q. NNP Huggins NNP was VBD named VBN executive NN vice NN president NN and CC chief JJ financial JJ officer NN . . Mr. NNP Huggins NNP , , 39 CD years NNS old JJ , , formerly RB was VBD controller NN and CC chief JJ accounting NN officer NN at IN Harte-Hanks NNP Communications NNPS Inc NNP . . Management NNP Co. NNP manages VBZ entertainers NNS and CC produces VBZ , , markets VBZ and CC finances VBZ entertainment NN . . Why WRB do VBP you PRP continually RB ignore VB the DT salubrious JJ effects NNS of IN indexing VBG the DT basis NN of IN capital NN gains NNS for IN inflation NN ? . Why WRB do VBP you PRP maintain VB the DT House-passed JJ capital-gains NNS plan NN is VBZ a DT `` `` temporary JJ '' '' reduction NN when WRB it PRP is VBZ not RB ? . I PRP think VBP the DT reason NN is VBZ that IN you PRP are VBP confusing VBG tax NN `` `` rates NNS '' '' with IN tax NN `` `` payments NNS . . '' '' Your PRP$ Sept. NNP 29 CD page-one NN story NN on IN the DT House-passed JJ capital-gains NNS plan NN is VBZ a DT good JJ example NN . . You PRP lead VBP readers NNS to TO believe VB that IN the DT House NNP reduced VBD the DT capital-gains NNS tax NN for IN two CD years NNS only RB . . You PRP virtually RB ignore VBP the DT tax-reducing VBG power NN of IN indexation NN , , which WDT in IN many JJ cases NNS is VBZ more RBR substantial JJ than IN a DT lower JJR rate NN . . The DT monetary JJ tax NN benefit NN of IN indexation NN for IN all DT gains NNS in IN excess NN of IN inflation NN can MD be VB measured VBN using VBG the DT following JJ equation NN : : tax NN rate NN , , times CC inflation NN rate NN , , times CC basis NN for IN the DT gain NN . . Depending VBG on IN the DT size NN of IN the DT gain NN and CC the DT rate NN of IN inflation NN , , indexation NN can MD mean VB a DT lower JJR tax NN payment NN than IN using VBG the DT 19.6 CD % NN rate NN without IN indexation NN . . But CC in IN any DT event NN -- : and CC this DT is VBZ the DT important JJ point NN -- : tax NN `` `` payments NNS '' '' on IN capital NN gains NNS will MD be VB lower JJR with IN indexation NN than IN under IN current JJ law NN , , even RB though IN the DT tax NN `` `` rate NN '' '' is VBZ the DT same JJ under IN both DT systems NNS . . As IN you PRP can MD see VB , , the DT capital-gains NNS reduction NN plan NN adopted VBN by IN the DT House NNP would MD not RB be VB temporary JJ , , but CC permanent JJ . . I PRP hope VBP that IN you PRP begin VB talking VBG about IN the DT plan NN 's POS permanent JJ and CC , , in IN my PRP$ view NN , , most RBS beneficial JJ feature NN -- : indexation NN . . Rep. NNP Robert NNP K. NNP Dornan NNP ( ( R. NNP , , Calif NNP . . ) ) Washington NNP That IN the DT motivation NN for IN the DT two-year JJ reduction NN to TO 19.6 CD % NN is VBZ budgetary JJ does VBZ not RB mean VB it PRP is VBZ not RB in IN the DT public JJ interest NN . . The DT reduction NN eases VBZ the DT burden NN on IN portfolio NN changes NNS and CC frees VBZ capital NN to TO seek VB more RBR productive JJ or CC more RBR appropriate JJ uses NNS . . But CC what WP is VBZ really RB significant JJ is VBZ the DT indexation NN of IN capital NN gains NNS after IN 1991 CD . . To TO argue VB that IN this DT is VBZ `` `` not RB likely JJ '' '' to TO affect VB the DT economy NN in IN positive JJ ways NNS is VBZ contrary JJ both DT to TO recent JJ experience NN with IN capital-gains NNS tax NN cuts NNS and CC to TO common JJ sense NN . . A DT large JJ part NN of IN the DT long-term JJ appreciation NN of IN assets NNS reflects VBZ inflation NN , , and CC the DT taxation NN of IN inflation-created JJ capital NN gains NNS is VBZ confiscation NN . . Does VBZ the DT Journal NNP really RB believe VB that IN people NNS ignore VBP the DT prospect NN of IN having VBG a DT substantial JJ part NN of IN their PRP$ capital NN confiscated VBN when WRB they PRP decide VBP whether IN to TO save VB or CC how WRB to TO invest VB ? . Under IN current JJ law NN , , it PRP is VBZ not RB financially RB rational JJ to TO forgo VB consumption NN . . Real JJ , , aftertax JJ returns NNS from IN financial JJ assets NNS are VBP on IN the DT order NN of IN 1 CD % NN or CC 2 CD % NN a DT year NN . . The DT capital-gains NNS tax NN reform NN is VBZ a DT step NN toward IN correcting VBG one CD of IN the DT gravest JJS structural JJ weaknesses NNS of IN the DT U.S. NNP economy NN , , the DT closely RB connected JJ phenomena NNS of IN low JJ savings NNS rates NNS , , weak JJ capital NN formation NN and CC high JJ capital NN costs NNS . . J. NNP Sigurd NNP Nielsen NNP Richmond NNP , , Va NNP . . Isaac NNP Hersly NNP , , 41 CD years NNS old JJ , , was VBD elected VBN president NN and CC chief JJ operating VBG officer NN of IN this DT designer NN and CC marketer NN of IN graphics NNS , , video NN , , cable NN and CC other JJ television-related JJ equipment NN . . He PRP succeeds VBZ Alfred NNP O.P. NNP Leubert NNP , , 66 CD , , who WP continues VBZ as IN chairman NN and CC chief JJ executive NN officer NN . . Mr. NNP Hersly NNP formerly RB was VBD group NN vice NN president NN of IN marketing NN and CC product NN planning NN for IN Chyron NNP and CC president NN of IN the DT telesystems NNS and CC video NN products NNS division NN . . W.R. NNP Grace NNP & CC Co. NNP said VBD it PRP formed VBD a DT new JJ horticultural-products NNS company NN by IN combining VBG its PRP$ soil-nutrients NNS and CC fertilizers NNS business NN with IN Sierra NNP Chemical NNP Co. NNP , , Milpitas NNP , , Calif NNP . . Grace NNP , , a DT maker NN of IN specialty NN chemicals NNS that WDT already RB owned VBD about IN 30 CD % NN of IN closely RB held JJ Sierra NNP , , said VBD it PRP owns VBZ a DT 49 CD % NN stake NN in IN the DT new JJ company NN . . Grace NNP said VBD it PRP did VBD n't RB invest VB any DT additional JJ capital NN in IN the DT venture NN , , which WDT will MD be VB known VBN as IN Grace-Sierra NNP Horticultural NNP Products NNPS Co NNP . . The DT business NN is VBZ expected VBN to TO have VB sales NNS of IN about IN $ $ 100 CD million CD in IN 1990 CD , , Grace NNP said VBD . . The DT new JJ company NN 's POS product NN lines NNS will MD be VB aimed VBN at IN nurseries NNS , , greenhouses NNS and CC the DT lawn NN and CC garden NN industry NN . . The DT Financial NNP Accounting NNP Standards NNPS Board NNP said VBD it PRP will MD soon RB issue VB a DT rule NN requiring VBG disclosure NN about IN the DT financial JJ risk NN of IN certain JJ financial JJ instruments NNS . . But CC the DT chief JJ rule-making NN body NN for IN accountants NNS backed VBD off RP one CD part NN of IN its PRP$ original JJ proposal NN made VBN earlier RBR this DT year NN that WDT would MD have VB required VBN a DT breakdown NN of IN certain JJ balance-sheet NN items NNS related VBN to TO off-balance JJ sheet NN instruments NNS . . The DT balance-sheet NN detail NN was VBD opposed VBN by IN many JJ banks NNS and CC thrifts NNS that WDT felt VBD the DT cost NN of IN supplying VBG such JJ data NNS was VBD n't RB worth JJ the DT value NN of IN the DT disclosures NNS . . Under IN the DT initial JJ proposal NN , , for IN example NN , , banks NNS would MD have VB been VBN required VBN to TO disclose VB that DT portion NN of IN allowances NNS for IN loan NN losses NNS that WDT reflects VBZ specific JJ letters NNS of IN credit NN for IN which WDT customers NNS had VBD defaulted VBN . . The DT final JJ rule NN wo MD n't RB require VB such JJ a DT breakdown NN of IN the DT allowances NNS for IN loan NN losses NNS , , which WDT appears VBZ on IN the DT balance NN sheet NN . . The DT FASB NNP rule NN will MD cover VB such JJ financial JJ instruments NNS as IN interest NN rate NN swaps NNS , , financial JJ guarantees NNS , , foward JJ interest NN rate NN contracts NNS , , loan NN contracts NNS , , loan NN commitments NNS and CC options NNS written VBN on IN securites NNS held JJ . . It PRP will MD require VB companies NNS to TO spell VB out RP in IN more JJR detail NN collateral NN polices NNS and CC concentrations NNS of IN credit NN risk NN for IN all DT financial JJ instruments NNS . . The DT rule NN will MD require VB companies NNS with IN financial JJ instruments NNS that WDT have VBP off-balance JJ sheet NN risks NNS to TO disclose VB data NNS about IN the DT value NN and CC terms NNS of IN the DT instruments NNS , , any DT accounting NN loss NN that WDT would MD occur VB if IN the DT outside JJ party NN involved JJ in IN the DT instrument NN failed VBD to TO perform VB , , and CC the DT company NN 's POS policy NN for IN requiring VBG collateral NN or CC other JJ security NN for IN the DT instrument NN . . Scott NNP Miller NNP , , an DT FASB NNP project NN manager NN , , said VBD that IN a DT final JJ rule NN will MD be VB issued VBN before IN year NN end NN . . But CC he PRP noted VBD that IN the DT initial JJ effective JJ date NN of IN the DT earlier JJR proposal NN had VBD been VBN delayed VBN by IN six CD months NNS . . Poughkeepsie NNP Savings NNPS Bank NNP said VBD a DT plan NN to TO sell VB its PRP$ South NNP Carolina NNP branch NN offices NNS to TO First NNP Citizens NNPS Bank NNP , , of IN Columbia NNP , , S.C. NNP , , fell VBD through RP . . Poughkeepsie NNP also RB expects VBZ to TO post VB a DT one-time JJ charge NN of IN $ $ 8.3 CD million CD , , resulting VBG in IN a DT net JJ loss NN for IN the DT third JJ quarter NN . . The DT charge NN represents VBZ a DT write-down NN of IN the DT goodwill NN associated VBN with IN Poughkeepsie NNP 's POS investment NN in IN the DT banks NNS it PRP is VBZ trying VBG to TO sell VB and CC its PRP$ North NNP Carolina NNP branches NNS as RB well RB . . The DT thrift NN announced VBD the DT plan NN Aug. NNP 21 CD . . Among IN other JJ reasons NNS , , high JJ fees NNS regulators NNS imposed VBN on IN certain JJ transfers NNS of IN thrift NN deposits NNS to TO commercial JJ banks NNS `` `` substantially RB altered VBD the DT economics NNS of IN the DT transaction NN for IN both DT parties NNS , , '' '' Poughkeepsie NNP said VBD . . Additionally RB , , the DT bank NN is VBZ increasing VBG its PRP$ loan-loss NN reserves NNS for IN the DT third JJ quarter NN by IN $ $ 8.5 CD million CD before IN taxes NNS . . In IN the DT year-earlier JJ third JJ quarter NN , , Poughkeepsie NNP Savings NNPS had VBD net JJ income NN of IN $ $ 2.8 CD million CD , , or CC 77 CD cents NNS a DT share NN . . Poughkeepsie NNP said VBD it PRP is VBZ continuing VBG to TO try VB to TO sell VB itself PRP , , under IN a DT June NNP agreement NN with IN a DT dissident-shareholder NN group NN . . The DT bank NN also RB said VBD its PRP$ effort NN would MD continue VB past IN the DT Nov. NNP 1 CD deadline NN set VBN in IN that DT agreement NN and CC that IN the DT litigation NN between IN the DT two CD sides NNS might MD resume VB as IN a DT result NN . . The DT thrift NN and CC the DT holders NNS had VBD suspended VBN their PRP$ lawsuits NNS as IN part NN of IN the DT agreement NN . . Joe NNP Frank NNP Sanderson NNP Jr. NNP was VBD elected VBN president NN and CC chief JJ executive NN officer NN of IN this DT poultry NN producer NN . . Joe NNP Frank NNP Sanderson NNP , , who WP is VBZ currently RB chairman NN , , chief JJ executive NN and CC treasurer NN , , will MD remain VB chairman NN . . The DT current JJ president NN and CC chief JJ operating VBG officer NN , , J. NNP Odell NNP Johnson NNP , , was VBD elected VBN to TO the DT new JJ position NN of IN vice NN chairman NN of IN the DT board NN . . Kinder-Care NNP Inc. NNP was VBD dropped VBN from IN the DT consumer NN services NNS industry NN group NN of IN the DT Dow NNP Jones NNP Equity NNP Market NNP index NN because IN the DT company NN split VBD itself PRP in IN a DT restructuring NN . . It PRP was VBD succeeded VBN in IN the DT group NN by IN Fuqua NNP Industries NNPS Inc NNP . . Both DT moves NNS are VBP effective JJ today NN . . A DT potentially RB safer JJR whooping JJ cough NN vaccine NN made VBN by IN novel JJ genetic JJ engineering NN techniques NNS was VBD described VBN by IN a DT team NN of IN Italian JJ , , U.S. NNP and CC Japanese JJ scientists NNS . . The DT team NN reported VBD they PRP managed VBD to TO induce VB bacteria NNS to TO produce VB a DT non-toxic JJ version NN of IN the DT poisons NNS produced VBN by IN the DT bacterium NN that WDT causes VBZ whooping JJ cough NN . . Laboratory NN tests NNS showed VBD that IN non-toxic JJ versions NNS of IN the DT poisons NNS are VBP capable JJ of IN inducing VBG an DT immunity NN to TO whooping JJ cough NN , , the DT researchers NNS reported VBD in IN this DT week NN 's POS issue NN of IN the DT journal NN Science NNP . . The DT current JJ vaccine NN for IN whooping JJ cough NN , , or CC pertussis NN , , is VBZ part NN of IN the DT `` `` DPT NNP '' '' ( ( for IN diphtheria NN , , pertussis NN , , tetanus NN ) ) shot NN given VBN most JJS infants NNS and CC young JJ children NNS . . The DT vaccine NN is VBZ effective JJ in IN preventing VBG a DT disease NN that WDT still RB afflicts VBZ about IN 60 CD million CD children NNS a DT year NN world-wide RB , , causing VBG an DT estimated VBN one CD million CD deaths NNS . . The DT vaccine NN , , however RB , , causes VBZ allergic JJ reactions NNS that WDT can MD be VB fatal JJ . . The DT reactions NNS stem VBP from IN the DT fact NN that IN the DT vaccine NN contains VBZ multiple JJ copies NNS of IN the DT whole JJ Bordetella NN pertussis NN bacterium NN , , which WDT causes VBZ whooping JJ cough NN . . This DT bacterium NN produces VBZ a DT toxin NN that IN , , if IN used VBN as IN a DT vaccine NN , , can MD induce VB immunity NN to TO whooping JJ cough NN . . Unfortunately RB , , the DT toxin NN is VBZ also RB poisonous JJ . . The DT Italian-led JJ scientific JJ team NN said VBD they PRP had VBD succeeded VBN in IN getting VBG bacteria NNS to TO produce VB a DT non-toxic JJ version NN of IN the DT pertussis NN toxin NN , , which WDT could MD be VB used VBN as IN a DT safe JJ vaccine NN . . The DT researchers NNS reported VBD they PRP have VBP been VBN able JJ to TO pluck VB the DT five CD genes NNS that WDT produced VBD the DT toxin NN out IN of IN the DT pertussis NN bacterium NN . . It PRP turned VBD out RB that IN although IN it PRP took VBD all DT five CD genes NNS to TO produce VB the DT toxin NN , , only RB one CD was VBD responsible JJ for IN the DT toxin NN 's POS virulence NN . . Ordinarily RB in IN genetic JJ engineering NN each DT of IN these DT genes NNS , , minus CC the DT one NN that WDT caused VBD the DT virulence NN , , would MD have VB been VBN transferred VBN to TO another DT bacterium NN , , called VBN E. NNP coli NNS , , which WDT would MD then RB produce VB a DT nonvirulent JJ version NN of IN the DT toxin NN . . The DT researchers NNS said VBD they PRP did VBD this DT , , but CC the DT toxin NN did VBD n't RB induce VB immunity NN to TO whooping JJ cough NN . . The DT scientists NNS then RB took VBD the DT five CD toxin NN genes NNS and CC triggered VBD a DT mutation NN in IN the DT one CD gene NN that WDT caused VBD virulence NN . . Then RB , , using VBG a DT new JJ technique NN ( ( called VBN homologous RB recombination NN ) ) for IN introducing VBG genes NNS into IN cells NNS , , they PRP transferred VBD all DT five CD genes NNS to TO bacteria NNS closely RB related JJ to TO the DT pertussis NN organism NN . . These DT bacterial JJ `` `` cousins NNS '' '' ordinarily RB do VBP n't RB make VBP the DT toxin NN . . But CC the DT genes NNS were VBD accompanied VBN by IN a DT piece NN of IN DNA NNP , , called VBD a DT promoter NN , , that WDT turns VBZ the DT genes NNS on RP . . The DT new JJ bacteria NNS recipients NNS of IN the DT genes NNS began VBD producing VBG pertussis NN toxin NN which WDT , , because IN of IN the DT mutant JJ virulence NN gene NN , , was VBD no DT longer JJR toxic NN . . Experiments NNS showed VBD that IN the DT new JJ , , non-virulent JJ toxin NN is VBZ capable JJ of IN inducing VBG immunity NN , , according VBG to TO the DT researchers NNS from IN the DT Selavo NNP Research NNP Center NNP in IN Siena NNP , , Italy NNP , , the DT Medical NNP College NNP of IN Wisconsin NNP in IN Milwaukee NNP and CC the DT Japanese JJ National NNP Institutes NNPS of IN Health NNP . . Carl NNP E. NNP Pissocra NNP , , president NN and CC chief JJ executive NN officer NN of IN Bank NNP One NNP , , Dover NNP , , has VBZ been VBN named VBN regional JJ president NN , , a DT new JJ post NN at IN the DT bank-holding JJ company NN . . Mr. NNP Pissocra NNP , , 56 CD years NNS old JJ , , will MD be VB responsible JJ for IN the DT company NN 's POS 10 CD banks NNS in IN the DT Eastern JJ region NN . . Dan NNP J. NNP Hartwell NNP , , 41 CD , , executive NN vice NN president NN of IN Bank NNP One NNP , , Dover NNP , , was VBD named VBN president NN and CC chief JJ executive NN of IN the DT Dover NNP bank NN , , succeeding VBG Mr. NNP Pissocra NNP . . No DT one NN was VBD named VBN to TO succeed VB Mr. NNP Hartwell NNP . . At IN a DT time NN when WRB foreign JJ banks NNS are VBP pouring VBG vast JJ resources NNS and CC personnel NNS into IN West NNP Germany NNP 's POS financial JJ center NN , , the DT opening NN of IN a DT three-man JJ office NN on IN a DT Frankfurt NNP side JJ street NN should MD n't RB attract VB much JJ attention NN . . Unless IN , , of IN course NN , , it PRP happens VBZ to TO be VB run VBN by IN the DT Rothschilds NNPS . . After IN an DT 88-year JJ absence NN from IN the DT birthplace NN of IN the DT family NN banking NN empire NN , , the DT return NN of IN the DT Rothschild NNP group NN to TO Frankfurt NNP was VBD greeted VBN by IN the DT glare NN of IN television NN lights NNS , , curious JJ reporters NNS and CC a DT mayoral JJ reception NN in IN Town NNP Hall NNP . . Like IN other JJ foreign JJ banks NNS establishing VBG a DT presence NN here RB , , the DT family NN describes VBZ its PRP$ move NN as IN a DT calculated JJ decision NN to TO set VB up RP a DT financial JJ services NNS outlet NN in IN Europe NNP 's POS largest JJS economy NN ahead RB of IN the DT integration NN of IN European NNP Community NNP markets VBZ after IN 1992 CD . . Yet CC the DT Rothschilds NNPS do VBP n't RB deny VB an DT emotional JJ element NN to TO the DT decision NN . . In IN 1796 CD , , Mayer NNP Amschel NNP Rothschild NNP founded VBD Bankhaus NNP M.A. NNP Rothschild NNP & CC Sons NNPS and CC later RB sent VBD his PRP$ four CD sons NNS to TO London NNP , , Paris NNP , , Vienna NNP and CC Naples NNP to TO begin VB the DT bank NN 's POS expansion NN during IN the DT early JJ 19th JJ century NN . . The DT original JJ bank NN in IN Frankfurt NNP closed VBD in IN 1901 CD after IN the DT death NN of IN Wilhelm NNP Carl NNP von NNP Rothschild NNP , , and CC the DT family NN 's POS banking NN activities NNS focused VBD on IN London NNP and CC Paris NNP . . Baron NNP Elie NNP de FW Rothschild NNP , , the DT family NN 's POS elder JJR spokesman NN , , explains VBZ that IN by IN the DT end NN of IN the DT 19th JJ century NN , , Berlin NNP had VBD replaced VBN Frankfurt NNP as IN Germany NNP 's POS financial JJ center NN . . Yet RB the DT chief JJ reason NN for IN the DT closure NN , , he PRP says VBZ , , was VBD rooted VBN in IN a DT family NN tradition NN that WDT would MD n't RB allow VB a DT bank NN to TO bear VB the DT Rothschild NNP name NN without IN a DT Rothschild NNP in IN its PRP$ management NN . . `` `` At IN the DT time NN we PRP had VBD only JJ daughters NNS , , '' '' explains VBZ the DT 72-year-old JJ patriarch NN , , `` `` so RB we PRP had VBD to TO close VB the DT bank NN . . '' '' Much JJ of IN the DT family NN 's POS mystique NN remained VBD . . Although IN its PRP$ palatial JJ residence NN was VBD destroyed VBN by IN bombs NNS during IN World NNP War NNP II NNP , , the DT Rothschilds NNPS ' POS place NN in IN Frankfurt NNPS 's POS history NN is VBZ still RB recalled VBN by IN the DT city NN park NN and CC a DT street NN bearing VBG the DT Rothschild NNP name NN . . The DT family NN 's POS long JJ absence NN is VBZ understandable JJ . . The DT family NN was VBD in IN Allied JJ countries NNS during IN both DT World NNP War NNP I NNP and CC the DT long JJ period NN of IN economic JJ strife NN of IN the DT 1920s NN . . During IN the DT Third NNP Reich NNP , , the DT Rothschilds NNPS were VBD a DT target NN of IN Nazi JJ propaganda NN against IN Jewish JJ financiers NNS . . The DT persecution NN pursued VBD the DT Rothschilds NNPS across IN Europe NNP as IN the DT Nazis NNPS grabbed VBD countries NNS , , confiscating VBG the DT family NN 's POS property NN in IN the DT process NN . . American JJ journalist NN William NNP L. NNP Shirer NNP , , in IN his PRP$ book NN `` `` The DT Rise NN and CC Fall NN of IN the DT Third NNP Reich NNP , , '' '' wrote VBD of IN how WRB in IN Vienna NNP he PRP had VBD witnessed VBN `` `` squads NNS of IN { ( Nazi JJ } ) SS NNP men NNS carting VBG off RP silver NN , , tapestries NNS , , paintings NNS and CC other JJ loot NN from IN the DT Rothschild NNP palace NN . . '' '' In IN the DT immediate JJ postwar JJ years NNS , , the DT Rothschilds NNPS concentrated VBD on IN rebuilding VBG their PRP$ other JJ European JJ operations NNS , , delaying VBG their PRP$ return NN to TO Frankfurt NNP . . `` `` For IN a DT member NN of IN the DT Rothschild NNP family NN , , the DT return NN to TO Frankfurt NNP is VBZ a DT very RB meaningful JJ event NN , , although IN it PRP might MD not RB mean VB as RB much RB to TO German JJ banking NN as IN it PRP means VBZ to TO us PRP , , '' '' says VBZ Baron NNP David NNP de FW Rothschild NNP , , Elie NNP 's POS younger JJR cousin NN and CC a DT partner NN in IN Rothschild NNP & CC Cie NNP . . Banque NNP in FW Paris NNP . . Indeed RB , , the DT competition NN is VBZ n't RB greatly RB concerned JJ . . `` `` It PRP would MD be VB surprising JJ if IN they PRP did VBD n't RB come VBN to TO Frankfurt NNP in IN time NN for IN 1992 CD , , and CC they PRP bring VBP an DT interesting JJ tradition NN . . But CC the DT market NN really RB is VBZ n't RB going VBG to TO be VB stood VBN on IN its PRP$ head NN , , '' '' said VBD a DT banker NN at IN one CD of IN Frankfurt NNP 's POS Big JJ Three CD banks NNS . . The DT return NN of IN the DT Rothschilds NNPS is VBZ modest JJ . . The DT new JJ representative JJ office NN , , with IN one CD manager NN and CC two CD assistants NNS -- : none NN a DT member NN of IN the DT Rothschild NNP family NN -- : will MD carry VB out RP no DT banking VBG operations NNS of IN its PRP$ own JJ . . Instead RB , , it PRP is VBZ to TO seek VB out RP corporate JJ financing NN business NN and CC sell VB investment NN products NNS on IN behalf NN of IN the DT family NN 's POS mainstay NN banking VBG units NNS : : N NNP M NNP Rothschild NNP & CC Sons NNP Ltd. NNP in IN London NNP , , Rothschild NNP & CC Cie. NNP in IN Paris NNP and CC Rothschild NNP Bank NNP AG NNP in IN Zurich NNP . . The DT constraints NNS do VBP n't RB bother VB the DT office NN 's POS 54-year-old JJ manager NN , , Erich NNP Stromeyer NNP . . He PRP left VBD his PRP$ job NN as IN general JJ manager NN of IN Shearson NNP Lehman NNP Hutton NNP Holdings NNPS Inc. NNP 's POS Frankfurt NNP office NN because RB , , he PRP says VBZ , , `` `` When WRB the DT Rothschilds NNPS called VBD , , I PRP could MD n't RB resist VB . . '' '' Each DT Rothschild NNP bank NN is VBZ linked VBN by IN family NN ties NNS and CC cross-ownership NN . . In IN March NNP , , N NNP M NNP Rothschild NNP in IN London NNP and CC Rothschild NNP Bank NNP in IN Zurich NNP showed VBD assets NNS of IN # # 4.1 CD billion CD ( ( $ $ 6.51 CD billion CD ) ) and CC 1.26 CD billion CD Swiss JJ francs NNS ( ( $ $ 774 CD million CD ) ) , , respectively RB . . The DT Paris NNP bank NN does VBZ n't RB publish VB that DT figure NN . . In IN Europe NNP , , the DT Rothschilds NNPS banks NNS are VBP focusing VBG on IN mergers NNS and CC acquisitions NNS as IN European JJ industry NN restructures VBZ ahead RB of IN 1992 CD . . Yet RB the DT group NN 's POS limited JJ resources NNS makes VBZ it PRP a DT niche NN player NN . . `` `` Obviously RB , , there EX are VBP quantitative JJ limitations NNS on IN the DT assistance NN we PRP can MD provide VB , , '' '' concedes VBZ Baron NNP David NNP de FW Rothschild NNP , , `` `` but CC we PRP feel VBP we PRP have VBP some DT cards NNS to TO play VB . . '' '' Among IN them PRP , , he PRP says VBZ , , is VBZ the DT family NN 's POS traditional JJ ties NNS to TO old JJ wealth NN and CC decision-makers NNS in IN banking NN and CC industry NN throughout IN Europe NNP and CC beyond IN . . The DT Rothschilds NNPS hope NN to TO use VB a DT long JJ history NN in IN private JJ banking NN and CC an DT aura NN of IN exclusivity NN to TO attract VB private JJ and CC institutional JJ investors NNS . . As RB at IN the DT Zurich NNP bank NN , , the DT minimum NN investment NN for IN individuals NNS will MD be VB high JJ : : about IN a DT million CD German JJ marks NNS ( ( $ $ 538,000 CD ) ) , , three CD times NNS what WP many JJ other JJ West JJ German JJ investment NN banks NNS require VBP . . `` `` But CC we PRP do VBP make VB exceptions NNS , , '' '' says VBZ a DT smiling VBG Baron NNP Elie NNP de FW Rothschild NNP , , `` `` especially RB if IN they PRP are VBP very RB young JJ and CC have VB very RB rich JJ parents NNS . . As IN program NN trading NN comes VBZ under IN renewed VBN attack NN for IN causing VBG stock NN market NN gyrations NNS , , a DT few JJ people NNS on IN Wall NNP Street NNP say VBP it PRP is VBZ time NN to TO consider VB extreme JJ measures NNS . . The DT real JJ answer NN to TO curbing VBG wild JJ swings NNS in IN stock NN prices NNS , , they PRP say VBP , , might MD be VB to TO curb VB or CC even RB abolish VB stock-index NN futures NNS . . A DT stock-index NN future NN is VBZ a DT contract NN to TO buy VB or CC sell VB the DT market NN value NN of IN a DT basket NN of IN stocks NNS , , such JJ as IN the DT Standard NNP & CC Poor NNP 's POS 500-stock JJ index NN . . Since IN stock NN futures NNS were VBD created VBN in IN 1982 CD , , trading VBG on IN the DT Chicago NNP Mercantile NNP Exchange NNP and CC other JJ exchanges NNS has VBZ boomed VBN to TO the DT point NN where WRB trading NN in IN stock-index NN futures NNS rivals VBZ that DT in IN the DT stocks NNS themselves PRP . . The DT conventional JJ view NN , , as IN voiced VBN by IN Goldman NNP , , Sachs NNP & CC Co. NNP partner NN Fischer NNP Black NNP , , is VBZ that IN stocks NNS and CC `` `` derivatives NNS '' '' such JJ as IN futures NNS and CC options NNS `` `` form VBP a DT single JJ market NN , , and CC that IN derivatives NNS make VBP it PRP a DT more RBR liquid JJ market NN . . '' '' But CC increasingly RB , , people NNS are VBP questioning VBG that DT view NN , , and CC the DT critics NNS include VBP some DT of IN the DT country NN 's VBZ most RBS successful JJ investors NNS . . Warren NNP Buffett NNP has VBZ been VBN on IN record NN as IN opposing VBG stock-index NN futures NNS since IN their PRP$ inception NN in IN 1982 CD . . And CC Mario NNP Gabelli NNP , , another DT star NN in IN the DT investing NN world NN , , says VBZ , , `` `` My PRP$ gut NN says VBZ the DT negatives NNS of IN futures NNS and CC synthetics NNS far RB outweigh VBP the DT benefits NNS . . '' '' Like IN others NNS , , Mr. NNP Gabelli NNP says VBZ that IN if IN futures NNS cause VBP investors NNS to TO lose VB confidence NN in IN stocks NNS , , they PRP will MD move VB away RB from IN stocks NNS -- : as IN many JJ have VBP already RB done VBN . . And CC those DT who WP remain VBP , , he PRP says VBZ `` `` will MD demand VB a DT higher JJR return NN and CC over IN time NN raise VB the DT cost NN of IN capital NN to TO companies NNS . . '' '' Essentially RB , , the DT critics NNS of IN stock-index NN futures NNS fall VBP into IN two CD camps NNS . . One CD group NN says VBZ the DT futures NNS contribute VBP to TO stock VB market NN volatility NN ; : the DT other JJ contends VBZ that IN futures NNS are VBP a DT sideshow NN of IN speculation NN that WDT detracts VBZ from IN the DT stock NN market NN 's POS basic JJ function NN of IN raising VBG capital NN . . `` `` Before IN futures NNS , , '' '' says VBZ New NNP York NNP investor NN Michael NNP Harkins NNP , , `` `` you PRP actually RB had VBD to TO pay VB attention NN to TO whether IN the DT thing NN you PRP were VBD buying VBG had VBD any DT intrinsic JJ value NN . . '' '' While IN it PRP was VBD once RB expected VBN that IN futures NNS would MD mimic VB stock NN prices NNS , , traders NNS now RB routinely RB check VBP the DT futures NNS markets NNS in IN Chicago NNP before IN they PRP buy VBP or CC sell VBP stocks NNS . . When WRB Chicago NNP futures NNS prices NNS jump VBP up RB or CC down RB , , the DT New NNP York NNP Stock NNP Exchange NNP follows VBZ . . On IN Tuesday NNP , , for IN instance NN , , the DT Dow NNP Jones NNP Industrial NNP Average NNP plunged VBD 80 CD points NNS in IN little RB more JJR than IN an DT hour NN . . Then RB , , in IN the DT space NN of IN a DT 20-minute JJ coffee NN break NN , , the DT average NN rallied VBD almost RB all DT of IN the DT way NN back RB . . Paul NNP Lesutis NNP , , who WP manages VBZ more JJR than IN $ $ 3 CD billion CD of IN investments NNS at IN Provident NNP Capital NNP Management NNP Inc. NNP , , blames VBZ futures NNS markets NNS for IN leading VBG the DT way NN . . `` `` The DT fundamentals NNS do VBP n't RB change VB in IN an DT hour NN , , '' '' he PRP says VBZ . . `` `` I PRP think VBP they PRP should MD close VB down RP the DT futures NNS exchange NN and CC then RB we PRP could MD get VB back RB to TO investing NN . . '' '' Index NN arbitrage NN -- : the DT rapid-fire JJ buying NN and CC selling NN of IN stocks NNS offset VBN with IN opposite JJ trades NNS in IN futures NNS -- : is VBZ frequently RB blamed VBN for IN adding VBG to TO stock NN market NN volatility NN . . Although IN index NN arbitrage NN is VBZ said VBN to TO add VB liquidity NN to TO markets NNS , , John NNP Bachmann NNP , , managing VBG partner NN of IN Edward NNP D. NNP Jones NNP , , says VBZ too RB much JJ liquidity NN is VBZ n't RB a DT good JJ thing NN `` `` The DT kind NN of IN instant NN liquidity NN that WDT is VBZ implied VBN by IN index NN futures NNS is VBZ that IN you PRP can MD buy VB a DT portfolio NN over IN two CD years NNS and CC get VB out RP in IN one CD day NN . . It PRP 's VBZ too RB disruptive JJ , , '' '' he PRP says VBZ . . `` `` It PRP is VBZ n't RB investing NN . . '' '' But CC stock-index NN futures NNS have VBP plenty NN of IN support NN . . Defenders NNS say VBP futures NNS make VBP markets NNS more RBR efficient JJ and CC provide VBP ways NNS for IN investors NNS to TO reduce VB risks NNS . . They PRP note VBP that IN stocks NNS experienced VBD volatile JJ swings NNS long RB before RB futures NNS . . And CC , , defenders NNS say VBP , , few JJ people NNS complain VBP about IN futures NNS when WRB stock NN prices NNS are VBP rising VBG . . Louis NNP Margolis NNP , , managing VBG director NN in IN charge NN of IN equity NN options NNS and CC futures NNS at IN Salomon NNP Inc. NNP , , says VBZ that IN trading VBG baskets NNS of IN stocks NNS began VBD in IN the DT 1970s NNS , , a DT decade NN before IN the DT advent NN of IN futures NNS . . Futures NNS , , he PRP says VBZ , , merely RB cut VBD down RP on IN trading NN costs NNS . . He PRP says VBZ `` `` blaming VBG futures NNS is VBZ like IN blaming VBG the DT messenger NN . . '' '' Since IN stock-index NN arbitrage NN merely RB narrows VBZ the DT gap NN between IN prices NNS in IN the DT futures NNS and CC stock NN markets NNS , , it PRP ca MD n't RB add VB to TO volatility NN , , he PRP says VBZ . . Futures NNS `` `` do VBP n't RB need VB defending VBG , , '' '' says VBZ Andrew NNP Yemma NNP , , a DT spokesman NN for IN the DT Chicago NNP Mercantile NNP Exchange NNP , , which WDT trades VBZ the DT S&P NNP 500 CD , , by IN far RB the DT largest JJS stock-index NN futures NNS contract NN . . Despite IN the DT current JJ outcry NN over IN stock NN market NN volatility NN , , few JJ people NNS expect VBP stock NN futures NNS to TO disappear VB . . For IN one CD thing NN , , the DT Chicago NNP futures NNS exchanges NNS have VBP political JJ and CC financial JJ clout NN -- : including VBG many JJ friends NNS in IN Congress NNP . . And CC traders NNS say VBP that IN futures NNS have VBP become VBN an DT accepted JJ part NN of IN the DT financial JJ landscape NN . . `` `` All DT life NN is VBZ about IN change NN -- : either CC you PRP adapt VBP or CC die VBP , , '' '' says VBZ one CD Chicago NNP futures NNS trader NN . . `` `` If IN futures NNS are VBP n't RB permitted VBN here RB , , we PRP 'll MD take VB it PRP to TO Australia NNP or CC Tokyo NNP . . '' '' Average JJ daily JJ volume NN in IN S&P NNP 500 CD futures NNS last JJ year NN was VBD 44,877 CD contracts NNS . . Based VBN on IN yesterday NN 's POS closing NN price NN of IN the DT S&P NNP , , the DT average JJ value NN of IN one CD day NN 's POS trading NN amounts NNS to TO $ $ 7.6 CD billion CD . . By IN contrast NN , , average JJ dollar NN volume NN on IN the DT Big NNP Board NNP last JJ year NN was VBD $ $ 5.3 CD billion CD . . Many JJ investment NN managers NNS say VBP futures NNS are VBP useful JJ as IN a DT way NN to TO hedge VB portfolios NNS . . If IN managers NNS fear VBP that IN the DT overall JJ stock NN market NN will MD fall VB , , but CC want VBP to TO continue VB owning VBG stocks NNS , , they PRP can MD hold VB on RP to TO specific JJ stocks NNS and CC sell VB a DT corresponding JJ amount NN of IN futures NNS contracts NNS . . Average JJ daily JJ volume NN in IN S&P NNP 500 CD futures NNS last JJ year NN was VBD 44,877 CD contracts NNS . . Based VBN on IN yesterday NN 's POS closing NN price NN of IN the DT S&P NNP , , the DT average JJ value NN of IN one CD day NN 's POS trading NN amounts NNS to TO $ $ 7.6 CD billion CD . . By IN contrast NN , , average JJ dollar NN volume NN on IN the DT Big NNP Board NNP last JJ year NN was VBD $ $ 5.3 CD billion CD . . Many JJ investment NN managers NNS say VBP futures NNS are VBP useful JJ as IN a DT way NN to TO hedge VB portfolios NNS . . If IN managers NNS fear VBP that IN the DT overall JJ stock NN market NN will MD fall VB , , but CC want VBP to TO continue VB owning NN stocks NNS , , they PRP can MD hold VB on RP to TO specific JJ stocks NNS and CC sell VB a DT corresponding JJ amount NN of IN futures NNS contracts NNS . . And CC although IN criticism NN of IN futures NNS generally RB comes VBZ from IN Wall NNP Street NNP , , one CD Chicago NNP futures NNS trader NN notes VBZ that IN brokerage NN firms NNS rely VBP on IN futures NNS as IN hedging NN tools NNS when WRB they PRP buy VBP and CC sell VBP big JJ blocks NNS of IN stocks NNS from IN institutions NNS . . One CD reason NN futures NNS are VBP said VBN to TO add VB volatility NN is VBZ that DT -- : unlike IN in IN stocks NNS -- : people NNS can MD speculate VB in IN futures NNS with IN little JJ money NN down RP . . Margin NN requirements NNS for IN speculators NNS on IN the DT Chicago NNP Mercantile NNP Exchange NNP are VBP currently RB about IN 7 CD % NN . . `` `` For IN $ $ 10 CD million CD , , you PRP can MD move VB $ $ 100 CD million CD of IN stocks NNS , , '' '' a DT specialist NN on IN the DT Big NNP Board NNP gripes VBZ . . `` `` That DT gives VBZ futures NNS traders NNS a DT lot RB more JJR power NN . . '' '' By IN contrast NN , , an DT investor NN in IN stocks NNS must MD put VB up RP 50 CD % NN in IN cash NN . . Some DT critics NNS say VBP futures NNS encourage VBP people NNS to TO think VB of IN stocks NNS as IN a DT single JJ commodity NN , , rather RB than IN as IN investments NNS in IN individual JJ businesses NNS . . Thus RB , , they PRP say VBP , , futures NNS inhibit VBP the DT basic JJ purpose NN of IN the DT stock NN market NN : : to TO accurately RB price VB securities NNS so IN that IN capital NN and CC investment NN flows VBZ where WRB it PRP 's VBZ needed VBN most RBS . . The DT S&P NNP 500 CD index NN futures NNS `` `` transferred VBD the DT identity NN of IN 500 CD stocks NNS into IN one CD unit NN - : making VBG them PRP a DT simple JJ commodity NN to TO trade VB , , '' '' says VBZ George NNP Kegler NNP , , senior JJ vice NN president NN at IN A. NN Webster NNP Dougherty NNP in IN Philadelphia NNP . . `` `` It PRP took VBD away RP the DT need NN to TO know VB the DT bad JJ third-quarter JJ report NN of IN IBM NNP , , for IN example NN , , '' '' Mr. NNP Kegler NNP says VBZ . . Of IN course NN , , portfolio NN trading NN -- : the DT increasingly RB common JJ practice NN of IN buying VBG or CC selling VBG baskets NNS of IN actual JJ stocks NNS -- : also RB treats VBZ stocks NNS as IN homogenous JJ commodities NNS . . `` `` There EX is VBZ a DT class NN of IN investor NN that WDT wants VBZ to TO be VB exposed VBN '' '' to TO the DT whole JJ market NN , , says VBZ Sandip NNP Bhagat NNP , , assistant NN vice NN president NN at IN Travelers NNPS Investment NNP Management NNP Co NNP . . The DT S&P NNP futures NNS are VBP merely RB a DT `` `` cheaper JJR and CC quicker JJR '' '' way NN to TO get VB access NN to TO all DT 500 CD stocks NNS , , he PRP says VBZ . . The DT Big NNP Board NNP yesterday NN began VBD trading VBG in IN its PRP$ own JJ basket NN trading NN vehicle NN representing VBG the DT S&P NNP 500 CD stocks NNS . . But CC owning VBG index NN futures NNS is VBZ n't RB the DT same JJ as IN owning VBG the DT underlying VBG stocks NNS . . Stockholders NNS , , as IN a DT group NN , , can MD win VB , , because IN they PRP own VBP a DT share NN of IN corporate JJ earnings NNS , , which WDT can MD grow VB and CC boost VB stock NN prices NNS . . Futures NNS , , on IN the DT other JJ hand NN , , are VBP a DT zero CD sum NN game NN -- : a DT market NN for IN making VBG side JJ bets NNS about IN the DT direction NN of IN stock NN prices NNS . . `` `` You PRP do VBP n't RB own VB anything NN , , '' '' says VBZ Stephen NNP Boesel NNP , , a DT money NN manager NN for IN T. NNP Rowe NNP Price NNP in IN Baltimore NNP . . `` `` You PRP 're VBP making VBG a DT pure JJ bet NN on IN the DT market NN . . The DT European NNP Community NNP Commission NNP challenged VBD an DT agreement NN on IN routes NNS and CC fares NNS between IN France NNP 's POS two CD largest JJS airlines NNS on IN antitrust JJ grounds NNS . . Meeting VBG in IN Strasbourg NNP Wednesday NNP , , the DT commission NN voted VBD , , as IN expected VBN , , to TO formally RB object VB to TO the DT accord NN between IN Air NNP France NNP , , the DT state-owned JJ airline NN , , and CC state-controlled JJ domestic JJ carrier NN Air NNP Inter NNP . . An DT EC NNP spokesman NN said VBD the DT two CD companies NNS will MD be VB notified VBN so IN they PRP can MD begin VB negotiations NNS with IN Brussels NNP on IN how WRB to TO modify VB the DT pact NN . . At IN issue NN is VBZ an DT accord NN dating VBG back RB to TO March NNP in IN which WDT Air NNP France NNP gained VBD access NN to TO five CD domestic JJ French JJ routes NNS under IN Air NNP Inter NNP 's POS flight NN numbers NNS and CC the DT domestic JJ airline NN got VBD to TO fly VB to TO five CD cities NNS outside JJ of IN France NNP under IN the DT flag NN of IN Air NNP France NNP . . The DT two CD shared VBD results NNS from IN this DT route NN swap NN , , and CC followed VBD rules NNS on IN ticket NN pricing NN . . The DT EC NNP Commission NNP decided VBD that IN such JJ an DT accord NN does VBZ n't RB benefit VB consumers NNS enough RB to TO merit VB an DT exemption NN from IN antitrust JJ law NN . . The DT airlines NNS presented VBD it PRP as IN offering VBG consumers NNS more JJR choice NN and CC better JJR flight NN connections NNS . . An DT Air NNP France NNP spokeswoman NN said VBD , , `` `` we PRP 're VBP absolutely RB ready JJ to TO study VB all DT solutions NNS . . '' '' An DT Air NNP Inter NNP spokesman NN said VBD , , `` `` Because IN they PRP { ( the DT EC NNP } ) have VBP doubts NNS , , we PRP will MD work VB again RB on IN the DT text NN and CC the DT contents NNS of IN the DT accord NN . . A DT state NN appellate NN court NN reinstated VBD the DT 1987 CD convictions NNS of IN Pymm NNP Thermometer NNP Corp. NNP and CC two CD of IN its PRP$ executives NNS on IN charges NNS of IN assault NN for IN exposing VBG workers NNS to TO toxic JJ mercury NN vapors NNS . . The DT indictment NN charged VBD that DT Pymm NNP operated VBD a DT machine NN to TO crush VB broken JJ thermometers NNS and CC recover VB the DT mercury NN in IN an DT illegal JJ workroom NN . . The DT charges NNS said VBD that IN one CD worker NN suffered VBD permanent JJ brain NN damage NN from IN mercury NN exposure NN . . The DT judge NN handling VBG the DT case NN in IN state NN Supreme NNP Court NNP , , a DT trial NN court NN , , had VBD tossed VBN out RP the DT jury NN verdicts NNS , , ruling VBG that IN the DT matter NN should MD have VB been VBN handled VBN under IN federal JJ Occupational NNP Safety NNP and CC Health NNP Administration NNP rules NNS . . But CC the DT Appellate NNP Division NNP of IN State NNP Supreme NNP Court NNP held VBD that DT federal JJ law NN did VBD n't RB pre-empt VB the DT states NNS from IN such JJ a DT prosecution NN . . Elizabeth NNP Holtzman NNP , , district NN attorney NN for IN Brooklyn NNP , , N.Y. NNP , , said VBD , , `` `` The DT appellate NN division NN has VBZ agreed VBN with IN our PRP$ view NN that IN despite IN federal JJ worker-safety NN laws NNS , , state NN prosecutors NNS have VBP the DT power NN to TO protect VB working VBG people NNS . . '' '' Lawyers NNS for IN the DT company NN and CC executives NNS could MD n't RB be VB reached VBN for IN comment NN . . The DT executives NNS face VBP five CD to TO 15 CD years NNS in IN prison NN and CC fines NNS of IN $ $ 5,000 CD or CC double JJ the DT profit NN made VBN by IN failing VBG to TO comply VB with IN the DT rules NNS . . The DT company NN could MD be VB fined VBN a DT maximum NN of IN $ $ 10,000 CD , , or CC double JJ the DT profit NN . . General NNP Motors NNPS Corp. NNP wants VBZ to TO buy VB as RB much JJ as IN 15 CD % NN of IN Jaguar NNP PLC NNP , , marking VBG its PRP$ first JJ salvo NN in IN a DT possible JJ full-scale JJ battle NN against IN Ford NNP Motor NNP Co. NNP for IN control NN of IN the DT British JJ car NN maker NN . . GM NNP sought VBD U.S. NNP antitrust JJ clearance NN last JJ week NN to TO purchase VB more JJR than IN $ $ 15 CD million CD worth NN of IN Jaguar NNP shares NNS but CC does VBZ n't RB own VB any DT yet RB , , according VBG to TO GM NNP officials NNS here RB and CC at IN the DT company NN 's POS Detroit NNP headquarters NN . . The DT No. NN 1 CD U.S. NNP auto NN maker NN then RB wrote VBD Jaguar NNP that IN it PRP intends VBZ `` `` to TO go VB to TO that DT 15 CD % NN '' '' level NN once IN it PRP wins VBZ the DT U.S. JJ clearance NN to TO go VB beyond IN $ $ 15 CD million CD , , a DT Jaguar NNP spokesman NN said VBD yesterday NN . . The DT GM NNP move NN follows VBZ Tuesday NNP 's POS declaration NN by IN Ford NNP , , which WDT holds VBZ an DT unwelcome JJ 12.45 CD % NN stake NN in IN Jaguar NNP , , that IN it PRP is VBZ prepared JJ to TO bid VB for IN the DT entire JJ company NN . . GM NNP is VBZ close JJ to TO completing VBG a DT friendly JJ deal NN with IN Jaguar NNP that WDT is VBZ likely JJ to TO involve VB an DT eventual JJ 30 CD % NN stake NN and CC joint JJ manufacturing NN ventures NNS . . Speculative JJ investors NNS , , betting VBG on IN an DT imminent JJ clash NN between IN Ford NNP and CC GM NNP , , pushed VBD up RP Jaguar NNP 's POS share NN price NN five CD pence NN ( ( eight CD U.S. NNP cents NNS ) ) to TO a DT near-record JJ 720 CD pence NN ( ( $ $ 11.60 CD ) ) in IN late JJ trading NN on IN London NNP 's POS stock NN exchange NN yesterday NN . . Since IN Tuesday NNP , , the DT shares NNS have VBP gained VBN nearly RB 4 CD % NN . . But CC an DT all-out JJ bidding NN war NN between IN the DT world NN 's POS top JJ auto NN giants NNS for IN Britain NNP 's POS leading VBG luxury-car NN maker NN seems VBZ unlikely JJ . . `` `` We PRP will MD not RB go VB over IN a DT certain JJ level NN , , '' '' said VBD David NNP N. NNP McCammon NNP , , Ford NNP 's POS vice NN president NN for IN finance NN , , at IN a DT news NN conference NN yesterday NN in IN Dearborn NNP , , Mich NNP . . `` `` There EX 's VBZ some DT price NN at IN which WDT we PRP 'd MD stop VB bidding NN . . '' '' He PRP would MD n't RB specify VB what WP it PRP was VBD . . And CC powerful JJ political JJ pressures NNS may MD convince VB the DT Conservative JJ government NN to TO keep VB its PRP$ so-called JJ golden JJ share NN , , which WDT limits VBZ any DT individual JJ holding NN to TO 15 CD % NN , , until IN the DT restriction NN expires VBZ on IN Dec. NNP 31 CD , , 1990 CD . . `` `` I PRP really RB do VBP n't RB see VB the DT government NN doing VBG something NN that DT Jaguar NNP does VBZ n't RB want VB over IN the DT next JJ 14 CD months NNS , , '' '' said VBD Kenneth NNP Warren NNP , , a DT Conservative JJ member NN of IN Parliament NNP and CC chairman NN of IN the DT Select NNP Committee NNP on IN Trade NNP and CC Industry NNP in IN Britain NNP 's POS House NNP of IN Commons NNPS . . `` `` The DT golden JJ share NN is VBZ a DT single JJ share NN , , but CC it PRP is VBZ the DT magic JJ share NN . . '' '' The DT government NN retained VBD the DT single JJ share NN after IN selling VBG its PRP$ stake NN in IN Jaguar NNP in IN 1984 CD -- : part NN of IN a DT nationalistic JJ practice NN of IN protecting VBG former JJ government-owned JJ enterprises NNS to TO deflect VB criticism NN of IN privatization NN . . The DT 15 CD % NN restriction NN covers VBZ any DT would-be JJ suitor NN , , British JJ or CC foreign JJ . . Ford NNP is VBZ willing JJ to TO bid VB for IN 100 CD % NN of IN Jaguar NNP 's POS shares NNS if IN both DT the DT government NN and CC Jaguar NNP shareholders NNS agree VBP to TO relax VB the DT anti-takeover JJ barrier NN prematurely RB . . As IN Jaguar NNP 's POS biggest JJS holder NN and CC Britain NNP 's POS biggest JJS car NN maker NN , , Ford NNP could MD turn VB up RP the DT heat NN by IN convening VBG a DT special JJ shareholders NNS ' POS meeting NN and CC urging VBG holders NNS to TO drop VB the DT limits NNS early RB . . Ford NNP might MD succeed VB because IN many JJ shareholders NNS are VBP speculators NNS keen JJ for IN a DT full JJ bid NN or CC institutional JJ investors NNS unhappy JJ over IN Jaguar NNP management NN 's POS handling VBG of IN its PRP$ current JJ financial JJ difficulties NNS . . The DT government NN probably RB would MD n't RB give VB in RP readily RB to TO a DT hostile JJ foray NN by IN Ford NNP , , however RB . . It PRP has VBZ relinquished VBN a DT golden JJ share NN only RB once RB before RB -- : during IN British NNP Petroleum NNP Co. NNP 's POS # # 2.5 CD billion CD ( ( $ $ 4 CD billion CD ) ) takeover NN of IN Britoil NNP PLC NNP in IN 1988 CD . . In IN wooing VBG British JJ lawmakers NNS , , GM NNP has VBZ pointed VBN out RP that IN its PRP$ willingness NN to TO settle VB for IN a DT minority NN stake NN would MD keep VB Jaguar NNP British-owned JJ and CC independent JJ . . This DT week NN , , the DT U.S. NNP auto NN giant NN paid VBD for IN 10 CD House NNP of IN Commons NNPS members NNS and CC two CD House NNP of IN Lords NNPS members NNS to TO fly VB to TO Detroit NNP and CC tour VB its PRP$ operations NNS there RB . . While IN the DT visit NN was VBD unrelated JJ to TO Jaguar NNP , , GM NNP Chairman NNP Roger NNP Smith NNP answered VBD the DT legislators NNS ' POS questions NNS about IN it PRP over IN lunch NN Tuesday NNP . . He PRP said VBD Jaguar NNP `` `` should MD n't RB be VB smothered VBN by IN anyone NN else JJ , , '' '' recalled VBD one CD participant NN . . Politics NN also RB influences VBZ the DT government NN 's POS thinking NN on IN the DT anti-takeover JJ restriction NN . . The DT Conservatives NNPS do VBP n't RB dare VB jeopardize VB marginal JJ Tory NNP seats NNS in IN Coventry NNP , , where WRB Jaguar NNP has VBZ headquarters NN , , nor CC can MD the DT government NN easily RB back RB down RP on IN promised VBN protection NN for IN a DT privatized VBN company NN while IN it PRP proceeds VBZ with IN controversial JJ plans NNS to TO privatize VB most JJS of IN Britain NNP 's POS water NN and CC electricity NN industries NNS . . Prime NNP Minister NNP Margaret NNP Thatcher NNP might MD , , however RB , , be VB receptive JJ to TO any DT request NN by IN Jaguar NNP Chairman NNP Sir NNP John NNP Egan NNP for IN the DT restriction NN 's POS early JJ removal NN to TO let VB GM NNP amass VB more JJR than IN 15 CD % NN or CC mount VB a DT friendly JJ suitor NN bid NN against IN Ford NNP . . In IN the DT end NN , , Sir NNP John NNP -- : rather RB than IN the DT government NN or CC Jaguar NNP shareholders NNS -- : may MD hold VB the DT key NN that WDT unlocks VBZ the DT golden JJ share NN . . Swedish JJ rolling-steel NN and CC ball-bearing NN group NN AB NNP SKF NNP said VBD its PRP$ pretax JJ profit NN rose VBD 78 CD % NN to TO 1.78 CD billion CD kronor NNS ( ( $ $ 278 CD million CD ) ) in IN the DT first JJ nine CD months NNS from IN one CD billion CD kronor NNS ( ( $ $ 156 CD million CD ) ) in IN the DT corresponding JJ period NN a DT year NN earlier RB . . SKF NNP said VBD sales NNS increased VBD 17 CD % NN to TO 18.46 CD billion CD kronor NNS from IN 15.72 CD billion CD . . Earnings NNS per IN share NN were VBD 10.35 CD kronor NNS compared VBN with IN 5.80 CD kronor NNS . . SKF NNP said VBD demand NN for IN the DT group NN 's POS main JJ product NN , , rolling JJ bearings NNS , , remained VBD favorable JJ in IN Europe NNP , , which WDT accounts VBZ for IN slightly RB more JJR than IN two-thirds NNS of IN group NN sales NNS . . Latin JJ American JJ markets NNS continued VBD their PRP$ recovery NN after IN a DT weak JJ start NN to TO the DT year NN , , SKF NNP said VBD . . The DT company NN said VBD the DT situation NN in IN the DT U.S. NNP is VBZ still RB uncertain JJ as IN reduced JJ production NN in IN the DT country NN 's POS automotive JJ industry NN has VBZ resulted VBN in IN weakened JJ demand NN for IN rolling JJ bearings NNS . . Analysts NNS said VBD SKF NNP 's POS results NNS for IN the DT first JJ nine CD months NNS lived VBD up RP to TO market NN expectations NNS as IN brokerage NN firms NNS had VBD predicted VBN a DT pretax JJ profit NN of IN 1.74 CD billion CD to TO 1.86 CD billion CD kronor NNS . . The DT three CD business NN areas NNS engaged VBN in IN rolling JJ bearing NN operations NNS continued VBD to TO show VB favorable JJ sales NNS development NN . . Sales NNS of IN rolling JJ bearings NNS increased VBD 19 CD % NN to TO 15.7 CD billion CD kronor NNS from IN 13.2 CD billion CD kronor NNS in IN the DT corresponding JJ period NN the DT previous JJ year NN . . We PRP read VBP with IN interest NN Robert NNP Tomsho NNP 's POS Sept. NNP 28 CD page-one NN article NN on IN Robert NNP Redford NNP ( ( `` `` The DT Sundance NNP Kid NNP Gets VBZ Little JJ Respect NN Around IN Sundance NNP '' '' ) ) . . Misunderstanding VBG conversations NNS with IN us PRP , , Mr. NNP Tomsho NNP argued VBD that IN Mr. NNP Redford NNP 's POS environmental JJ views NNS are VBP at IN odds NNS with IN Utah NNP residents NNS . . This DT may MD have VB been VBN true JJ 10 CD years NNS ago RB , , but CC times NNS have VBP changed VBN , , even RB in IN Utah NNP . . Mr. NNP Redford NNP no RB longer RB stands VBZ out RP as IN an DT extremist NN . . He PRP has VBZ not RB changed VBN , , but CC those DT around IN him PRP have VBP . . Many JJ of IN his PRP$ views NNS on IN the DT protection NN of IN wilderness NN areas NNS , , rivers NNS and CC canyons NNS are VBP now RB embraced VBN by IN mainstream JJ , , conservative JJ Utahans NNPS . . Recently RB , , some DT 60 CD environmental JJ and CC outdoor JJ groups NNS representing VBG such JJ divergent JJ points NNS of IN view NN as IN the DT Sierra NNP Club NNP , , the DT League NNP of IN Women NNP Voters NNPS and CC the DT National NNP Rifle NNP Association NNP joined VBD together RB to TO request VB a DT reassessment NN of IN the DT environmentally RB unsound JJ Central NNP Utah NNP Project NNP . . While IN Utah NNP is VBZ not RB yet RB a DT haven NN for IN environmentalism NN , , public JJ views NNS toward IN the DT environment NN have VBP significantly RB improved VBN . . In IN one CD of IN the DT most RBS conservative JJ , , Republican JJ states NNS in IN the DT entire JJ nation NN , , the DT greening NN of IN Robert NNP Redford NNP 's POS neighbors NNS is VBZ the DT real JJ story NN that IN Mr. NNP Tomsho NNP missed VBD . . Sammye NNP Meadows NNP Sam NNP Rushforth NNP Gary NNP Bryner NNP Heber NNP City NNP , , Utah NNP If IN Mr. NNP Redford NNP wanted VBD to TO be VB accepted VBN by IN the DT people NNS of IN Utah NNP , , he PRP should MD have VB taken VBN an DT advisory JJ role NN instead RB of IN one CD of IN forcing VBG his PRP$ personal JJ preferences NNS . . Furthermore RB , , his PRP$ actions NNS imply VBP that IN it PRP is VBZ too RB damaging JJ or CC costly JJ for IN society NN to TO provide VB jobs NNS through IN power-plant NN construction NN , , coal NN mining NN or CC to TO build VB roads NNS for IN public JJ safety NN because IN of IN the DT adverse JJ impact NN on IN the DT environment NN , , but CC it PRP is VBZ just RB fine JJ and CC dandy JJ for IN him PRP to TO transform VB a DT mountain NN high RB in IN the DT Wasatch NNP Range NNP into IN a DT ski JJ resort NN . . It PRP astounds VBZ me PRP he PRP can MD rationalize VB his PRP$ self-righteous JJ and CC greedy JJ actions NNS in IN Utah NNP . . An DT excellent JJ environmental JJ actor NN he PRP is VBZ . . David NNP Vranian NNP M.B.A. NNP Student NNP University NNP of IN Colorado NNP Boulder NNP , , Colo NNP . . Mr. NNP Redford NNP , , like VB it PRP or CC not RB , , is VBZ like IN a DT braking VBG system NN on IN a DT runaway JJ truck NN , , kind RB of IN slowing VBG it PRP down RP into IN control NN . . He PRP 's VBZ rich JJ , , famous JJ and CC intelligent JJ , , and CC has VBZ the DT time NN to TO do VB something NN that IN not RB even RB the DT federal JJ government NN will MD do VB . . Mr. NNP Redford NNP is VBZ slowing VBG down RP a DT mindless JJ , , speeding JJ maniac NN known VBN as IN the DT progress NN of IN mankind NN . . Personally RB , , I PRP 'm VBP glad JJ there EX are VBP people NNS like IN him PRP around RB to TO slow VB down RP the DT profit NN takers NNS , , and CC those DT who WP are VBP in IN such JJ a DT blind JJ hurry NN for IN something NN that WDT may MD appear VB to TO benefit VB them PRP in IN the DT immediate JJ future NN , , not RB caring VBG about IN the DT long-range JJ implications NNS . . Ron NNP Dyer NNP When WRB President NNP Bush NNP travels VBZ to TO Costa NNP Rica NNP today NN , , he PRP 'll MD go VB with IN little RB of IN the DT fanfare NN that WDT accompanies VBZ many JJ of IN his PRP$ foreign JJ travels NNS . . But CC the DT two-day JJ trip NN still RB has VBZ managed VBN to TO fuel VB controversy NN over IN his PRP$ administration NN 's POS policies NNS in IN Central NNP America NNP . . Some DT conservatives NNS say VBP Mr. NNP Bush NNP should MD n't RB make VB the DT trip NN , , during IN which WDT he PRP will MD participate VB in IN Costa NNP Rica NNP 's POS celebration NN of IN 100 CD years NNS of IN democracy NN . . These DT critics NNS object VBP to TO Mr. NNP Bush NNP 's POS participation NN in IN a DT meeting NN that WDT includes VBZ Nicaraguan JJ President NNP Daniel NNP Ortega NNP among IN the DT guests NNS . . In IN addition NN , , they PRP argue VBP he PRP wo MD n't RB help VB Washington NNP 's POS standing NN in IN the DT region NN by IN trumpeting VBG the DT U.S. NNP commitment NN to TO democracy NN less JJR than IN a DT month NN after IN his PRP$ administration NN played VBD an DT ineffectual JJ role NN in IN the DT failed VBN coup NN attempt NN in IN Panama NNP . . `` `` I PRP believe VBP it PRP will MD do VB more JJR damage NN than IN good JJ because IN it PRP will MD legitimize VB people NNS like IN Daniel NNP Ortega NNP , , '' '' says VBZ Curtin NNP Windsor NNP , , who WP served VBD as IN U.S. NNP ambassador NN to TO Costa NNP Rica NNP during IN the DT Reagan NNP administration NN . . Mr. NNP Windsor NNP , , among IN other JJ analysts NNS connected VBN to TO the DT conservative JJ Heritage NNP Foundation NNP , , fears VBZ the DT gathering NN of IN 18 CD leaders NNS , , mostly RB from IN Central JJ American JJ nations NNS , , will MD force VB Mr. NNP Bush NNP `` `` to TO explain VB and CC redeem VB himself PRP '' '' in IN the DT wake NN of IN charges NNS that IN the DT U.S. NNP failed VBD to TO do VB enough RB to TO aid VB the DT removal NN of IN Panamanian JJ dictator NN Manuel NNP Noriega NNP . . At IN the DT same JJ time NN , , liberal JJ and CC moderate JJ Democrats NNPS note VBP the DT irony NN of IN Mr. NNP Bush NNP 's POS joining VBG a DT celebration NN of IN Costa JJ Rican JJ democracy NN at IN a DT time NN his PRP$ administration NN has VBZ sought VBN sharp JJ cuts NNS in IN U.S. NNP aid NN to TO the DT tiny JJ country NN . . The DT administration NN proposed VBD only RB $ $ 57 CD million CD in IN so-called JJ economic JJ support NN funds NNS for IN Costa NNP Rica NNP this DT year NN , , down RB from IN the DT $ $ 90 CD million CD the DT U.S. NNP provided VBD last JJ year NN . . The DT administration NN said VBD improvements NNS in IN Costa NNP Rica NNP 's POS economic JJ condition NN warrant VBP the DT cut NN in IN aid NN , , which WDT the DT country NN uses VBZ mainly RB to TO make VB payments NNS on IN its PRP$ $ $ 4.5 CD billion CD foreign JJ debt NN . . But CC Costa JJ Rican JJ officials NNS argue VBP that IN the DT recent JJ drop NN in IN coffee NN prices NNS , , combined VBN with IN the DT country NN 's POS continuing VBG struggle NN to TO reinvigorate VB its PRP$ economy NN , , make VBP the DT support NN as RB necessary JJ as IN ever RB . . `` `` We PRP are VBP crossing VBG the DT river NN and CC we PRP need VBP a DT little RB more JJR help NN to TO get VB to TO the DT other JJ side NN , , '' '' said VBD Rodrigo NNP Sotela NNP , , an DT economic JJ affairs NNS specialist NN at IN the DT Costa JJ Rican JJ Embassy NNP in IN Washington NNP . . Democrats NNP argue VBP that IN Costa NNP Rica NNP deserves VBZ more JJR assistance NN for IN the DT same JJ reason NN that IN Mr. NNP Bush NNP is VBZ attending VBG the DT celebration NN this DT weekend NN : : to TO reward VB the DT country NN for IN its PRP$ stability NN in IN a DT region NN wracked VBN with IN turmoil NN and CC for IN its PRP$ efforts NNS to TO promote VB peace NN in IN Nicaragua NNP . . However RB , , peace NN efforts NNS by IN Costa JJ Rican JJ President NNP Oscar NNP Arias NNP have VBP n't RB always RB helped VBN the DT country NN 's POS cause NN in IN Washington NNP . . Mr. NNP Arias NNP 's POS long-time JJ refusal NN to TO support VB the DT U.S. NNP 's POS campaign NN against IN leftist JJ Nicaragua NNP earned VBD him PRP the DT ire NN of IN the DT Reagan NNP White NNP House NNP . . And CC more RBR recently RB , , he PRP insisted VBD on IN signing VBG a DT five-nation JJ agreement NN intended VBN to TO disarm VB Nicaragua NNP 's POS U.S.-backed JJ Contra JJ rebels NNS faster RBR than IN the DT Bush NNP administration NN would MD prefer VB . . `` `` I PRP think VBP Bush NNP 's POS going VBG there RB is VBZ a DT helpful JJ sign NN , , '' '' said VBD Sen. NNP Terry NNP Sanford NNP ( ( D. NNP , , N.C NNP . . ) ) a DT member NN of IN the DT Foreign NNP Relations NNPS Committee NNP who WP pushed VBD to TO provide VB Costa NNP Rica NNP about IN the DT same JJ amount NN of IN aid NN as IN it PRP received VBD last JJ year NN . . Lawmakers NNS in IN both DT houses NNS support VBP the DT higher JJR level NN . . Administration NN officials NNS defend VBP Mr. NNP Bush NNP 's POS decision NN to TO make VB the DT trip NN . . While IN they PRP acknowledge VBP the DT president NN will MD attend VB several JJ meals NNS and CC a DT working NN session NN also RB attended VBD by IN Mr. NNP Ortega NNP , , they PRP insist VBP that IN Mr. NNP Bush NNP wo MD n't RB be VB extending VBG the DT Nicaraguan JJ leader NN any DT special JJ courtesies NNS . . The DT administration NN also RB made VBD clear JJ its PRP$ continuing VBG distate NN for IN the DT leftist JJ Nicaraguan JJ government NN in IN recent JJ days NNS , , endorsing VBG a DT package NN of IN electoral JJ aid NN to TO the DT Nicaraguan JJ opposition NN , , renewing VBG the DT U.S. NNP trade NN embargo NN against IN the DT country NN and CC continuing VBG to TO complain VB that IN the DT country NN supports VBZ rebel NN groups NNS in IN the DT region NN . . Officials NNS also RB insist VBP Mr. NNP Bush NNP will MD use VB the DT trip NN to TO highlight VB his PRP$ own JJ initiatives NNS for IN pushing VBG democracy NN in IN the DT region NN , , fighting VBG illegal JJ drugs NNS and CC assisting VBG the DT less RBR developed JJ countries NNS . . `` `` Let VB me PRP say VB there EX is VBZ a DT symbolic JJ component NN to TO this DT trip NN , , '' '' Secretary NNP of IN State NNP James NNP Baker NNP told VBD reporters NNS Wednesday NNP . . `` `` There EX wo MD n't RB be VB any DT formal JJ resolutions NNS or CC communiques NNS , , I PRP do VBP n't RB think VB . . But CC we PRP still RB see VB this DT as IN an DT opportunity NN to TO discuss VB many JJ , , many JJ very RB important JJ issues NNS . . In IN 1987 CD , , the DT Presidents NNPS Commission NNP of IN the DT NCAA NNP , , which WDT oversees VBZ most JJS U.S. NNP intercollegiate JJ sports NNS , , contracted VBD with IN the DT Washington-based JJ American NNP Institutes NNPS for IN Research NNP to TO do VB a DT survey NN on IN the DT college NN experiences NNS of IN what WP the DT body NN chooses VBZ to TO call VB student-athletes NNS . . A DT brief JJ `` `` executive NN summary NN '' '' was VBD issued VBN last JJ April NNP , , and CC attracted VBD some DT , , but CC not RB much RB , , attention NN . . More-detailed JJR reports NNS followed VBD , , and CC attracted VBD even RB less JJR notice NN . . I PRP suspect VBP I PRP may MD be VB one CD of IN the DT few JJ people NNS to TO have VB read VBN them PRP all DT . . The DT sixth JJ and CC last JJ report NN now RB is VBZ out RP , , and CC it PRP puts VBZ the DT effort NN in IN perspective NN . . Titled VBN `` `` Comments NNS From IN Students NNS , , '' '' it PRP focuses VBZ on IN the DT real JJ shame NN of IN college NN sports NNS : : what WP happens VBZ to TO young JJ athletes NNS once IN they PRP enter VBP academe NN . . It PRP 's VBZ little RB less JJR than IN a DT cry NN for IN help NN from IN those DT who WP make VBP the DT costly JJ show NN possible JJ . . The DT previous JJ five CD reports NNS were VBD mainly RB statistical JJ , , but CC clear RB enough RB in IN outline NN . . They PRP showed VBD that IN participants NNS in IN Division NN I CD football NN and CC men NNS 's POS basketball NN , , the DT big-time JJ `` `` revenue NN sports NNS , , '' '' entered VBD school NN with IN poorer JJR high-school JJ grades NNS and CC test NN scores NNS than IN `` `` minor-sport NN '' '' jocks NNS and CC students NNS who WP participated VBD in IN other JJ extracurricular JJ activities NNS , , and CC they PRP got VBD lower JJR grades NNS once IN they PRP got VBD there RB , , at IN least JJS partly RB because IN of IN the DT athletic JJ demands NNS placed VBN on IN them PRP . . The DT football NN and CC basketball NN players NNS spent VBD more JJR time NN on IN their PRP$ sports NNS in IN season NN than IN they PRP did VBD on IN class NN attendance NN and CC homework NN combined VBN ( ( 30 CD hours NNS a DT week NN versus IN 25.3 CD ) ) . . Almost RB half NN ( ( 49.8 CD % NN ) ) reported VBD suffering VBG `` `` mental JJ abuse NN '' '' from IN coaches NNS , , and CC almost RB one-quarter NN ( ( 24.8 CD % NN ) ) said VBD they PRP had VBD been VBN pressured VBN to TO ignore VB injuries NNS . . But CC even RB those DT numbers NNS do VBP n't RB describe VB the DT situation NN as RB well RB as IN the DT athletes NNS do VBP in IN their PRP$ own JJ words NNS . . The DT composite JJ portrait NN that WDT emerges VBZ is VBZ n't RB of IN a DT pampered JJ jock NN marking VBG time NN until IN he PRP can MD land VB a DT seven-figure JJ pro JJ contract NN -- : he PRP 's VBZ part NN of IN a DT tiny JJ minority NN . . Rather RB , , it PRP 's VBZ of IN a DT kid NN ( ( we PRP 're VBP talking VBG about IN 17 CD to TO 22 CD year NN olds NNS here RB ) ) having VBG a DT tough JJ time NN making VBG the DT best JJS of IN what WP will MD probably RB be VB his PRP$ one CD shot NN at IN college NN . . The DT pertinent JJ question NN , , coming VBG at IN the DT end NN of IN a DT lengthy JJ , , confidential JJ questionnaire NN , , was VBD this DT : : `` `` Are VBP there RB things NNS about IN your PRP$ college NN life NN you PRP would MD like VB to TO tell VB us PRP that IN we PRP did VBD n't RB ask VB about IN ? . '' '' Of IN the DT almost RB 3,000 CD athletes NNS surveyed VBN , , 1,240 CD took VBD the DT time NN to TO respond VB . . Here RB are VBP a DT few JJ of IN their PRP$ answers NNS : : -- : `` `` They PRP say VBP that IN I PRP am VBP a DT student-athlete NN , , but CC really RB I PRP 'm VBP an DT athlete-student NN . . They PRP lied VBD to TO me PRP on IN the DT recruiting NN trip NN . . Football NN is VBZ the DT No. NN 1 CD thing NN here RB '' '' . . -- : Junior NN football NN player NN . . -- : `` `` Being VBG a DT student-athlete NN at IN college NN is VBZ a DT lot RB different JJ from IN high JJ school NN . . First RB , , the DT sport NN you PRP play VBP is VBZ no RB longer RB a DT game NN -- : it PRP becomes VBZ a DT job NN . . Your PRP$ coaches NNS demand VBP a DT lot NN more JJR out IN of IN you PRP even RB though IN some DT of IN them PRP are VBP not RB willing JJ to TO take VB the DT time NN to TO watch VB you PRP progress VB . . You PRP become VBP expendable JJ . . Your PRP$ interest NN is VBZ not RB taken VBN to TO heart NN because IN people NNS only RB care VB about IN your PRP$ performance NN '' '' . . -- : Freshman NN basketball NN player NN . . -- : `` `` The DT coaches NNS should MD have VB a DT more RBR personal JJ and CC sympathetic JJ attitude NN toward IN the DT athletes NNS -- : not RB treat VB us PRP like IN pieces NNS of IN meat NN . . They PRP always RB say VBP to TO get VB a DT degree NN first RB , , but CC they PRP do VBP n't RB allow VB us PRP time NN or CC to TO skip VB practice NN to TO study VB for IN a DT test NN . . They PRP just RB want VBP to TO get VB their PRP$ job NN done VBN at IN any DT cost NN to TO the DT athlete NN '' '' . . -- : Freshman NN football NN player NN . . -- : `` `` The DT pressure NN put VBN on IN us PRP to TO win VB at IN all DT times NNS has VBZ resulted VBN in IN physical JJ violence NN , , such JJ as IN punching NN and CC slapping NN by IN coaches NNS . . Some DT days NNS the DT coaches NNS make VBP you PRP feel VB as IN though IN you PRP are VBP part NN of IN a DT large JJ herd NN of IN animals NNS . . In IN other JJ words NNS , , they PRP treat VBP you PRP like IN a DT piece NN of IN meat NN '' '' . . -- : Sophomore NN football NN player NN . . -- : `` `` Playing VBG intercollegiate JJ sports NNS does VBZ n't RB give VB you PRP a DT lot NN of IN time NN to TO spend VB with IN others NNS . . We PRP are VBP almost RB left VBN out RP of IN { ( campus NN } ) social JJ activities NNS . . This DT mostly RB happens VBZ because IN we PRP go VBP from IN football NN in IN the DT fall NN to TO lifting NN in IN the DT winter NN to TO football NN again RB in IN the DT spring NN '' '' . . -- : Freshman NN football NN player NN . . -- : `` `` You PRP talk VBP about IN free JJ time NN -- : .what WDT free JJ time NN ? . Time NN to TO relax VB and CC enjoy VB ourselves PRP is VBZ always RB taken VBN up RP by IN something NN to TO do VB with IN football NN ( ( meetings NNS , , lifting VBG weights NNS , , conditioning NN or CC films NNS ) ) . . There EX is VBZ no DT recovery NN period NN -- : it PRP 's VBZ go VB , , go VB , , go VB . . ABUSE NN to TO our PRP$ bodies NNS is VBZ overwhelming JJ . . With IN our PRP$ schedule NN , , it PRP 's VBZ hard JJ to TO sleep VB well RB knowing VBG what WP is VBZ going VBG to TO happen VB the DT next JJ day NN '' '' . . -- : Junior NN football NN player NN . . -- : `` `` Physical JJ exhaustion NN and CC depression NN are VBP common JJ in IN my PRP$ life NN and CC in IN some DT of IN my PRP$ teammates NNS ' POS lives NNS '' '' . . -- : Football NN player NN , , class NN unspecified JJ . . -- : `` `` More RBR often RB than IN not RB , , college NN athletes NNS go VBP through IN college NN never RB really RB experiencing VBG collegiate JJ life NN to TO the DT fullest JJS . . One PRP has VBZ to TO establish VB one PRP 's POS own JJ identity NN away RB from IN athletics NNS and CC make VB athletics NNS only RB a DT part NN , , not RB a DT whole JJ , , of IN the DT student-athlete NN 's POS life NN '' '' . . -- : Sophomore NN basketball NN player NN . . -- : `` `` Somehow RB , , and CC I PRP do VBP n't RB know VB how WRB , , the DT game NN needs VBZ to TO be VB played VBN for IN fun NN again RB , , and CC not RB for IN the DT big JJ bowl NN revenues NNS or CC lucrative JJ TV NN contracts NNS '' '' . . -- : Graduate-student NN football NN player NN . . There EX have VBP been VBN rumblings NNS that IN , , at IN long RB last RB , , changes NNS may MD be VB in IN the DT works NNS . . The DT Knight NNP Foundation NNP , , of IN Akron NNP , , Ohio NNP , , has VBZ established VBN a DT national JJ commission NN to TO look VB into IN college-sports NNS reform NN , , and CC the DT NCAA NNP Presidents NNPS Commission NNP earlier RB this DT month NN recommended VBD cutting VBG spring NN football NN practice NN in IN half NN , , moving VBG the DT start NN of IN basketball NN practice NN back RB by IN a DT month NN and CC reducing VBG maximum JJ schedules NNS in IN that DT sport NN to TO 25 CD games NNS from IN 28 CD . . The DT key JJ word NN in IN that DT paragraph NN , , though RB , , is VBZ `` `` may MD . . '' '' NCAA NNP Executive NNP Director NNP Richard NNP Schultz NNP , , in IN accepting VBG a DT place NN on IN the DT Knight NNP Commission NNP , , urged VBD that IN the DT panel NN take VB a DT `` `` balanced JJ '' '' view NN , , which WDT looks VBZ for IN all PDT the DT world NN like IN a DT plea NN not RB to TO rock VB the DT boat NN too RB much RB , , and CC the DT presidents NNS ' POS recommendations NNS could MD face VB considerable JJ opposition NN at IN the DT NCAA NNP 's POS full JJ convention NN in IN January NNP , , which WDT will MD vote VB on IN them PRP . . I PRP read VBD that IN one CD unnamed JJ athletics NNS director NN predicted VBD that IN the DT basketball-cutback NN proposal NN could MD fail VB because IN of IN `` `` real JJ world NN '' '' ( ( i.e. FW , , economic JJ ) ) considerations NNS . . But CC the DT `` `` real JJ world NN '' '' also RB includes VBZ the DT unpleasant JJ truth NN that IN colleges NNS are VBP cheating VBG the DT athletes NNS they PRP have VBP wooed VBN and CC won VBN . . If IN they PRP wo MD n't RB change VB their PRP$ ways NNS voluntarily RB , , maybe RB somebody NN bigger JJR -- : Congress NNP -- : should MD make VB them PRP . . They PRP want VBP late-night JJ shuttles NNS to TO the DT biology NN labs NNS . . They PRP want VBP a DT 24-hour JJ library NN . . And CC like IN college NN radicals NNS everywhere RB , , they PRP are VBP talking VBG about IN a DT demonstration NN -- : where WRB protesters NNS would MD gather VB quietly RB near IN the DT science NN building NN and CC raise VB their PRP$ hands NNS , , classroom NN style NN . . Such JJ is VBZ the DT fiber NN of IN the DT wool NN that IN woolly JJ intellectuals NNS let VBP fly VB at IN gatherings NNS of IN Harvard NNP University NNP 's POS new JJ Society NNP of IN Nerds NNPS and CC Geeks NNPS , , or CC SONG NNP . . SONGsters NNS are VBP mad JJ as IN heck NN about IN campus NN anti-intellectualism NN and CC they PRP are VBP n't RB going VBG to TO take VB it PRP anymore RB , , at IN least JJS not RB without IN trying VBG a DT few JJ really RB neat JJ ideas NNS first RB . . `` `` We PRP could MD have VB called VBN ourselves PRP the DT Academic NNP Intellectual NNP Society NNP , , but CC then RB everyone NN would MD have VB said VBD , , ` `` Oh UH , , you PRP mean VBP the DT nerd-and-geek JJ club NN , , ' '' '' '' Leonid NNP Fridman NNP , , SONG NNP 's POS graduate-student NN adviser NN , , told VBD 19 CD attendees NNS at IN the DT club NN 's POS inaugural JJ meeting NN earlier RBR this DT month NN . . Membership NN has VBZ since IN swelled VBN to TO between IN 20 CD and CC 25 CD . . Some DT people NNS may MD think VB of IN nerds NNS as IN calculator-toting JJ , , socially RB awkward JJ individuals NNS with IN shirt-pocket NN liners NNS for IN their PRP$ pencils NNS and CC a DT preoccupation NN with IN computers NNS and CC matters NNS numerical JJ . . Geeks NNS , , by IN at IN least JJS one CD definition NN , , are VBP chicken-mutilating JJ circus NN freaks NNS . . But CC SONG NNP founder NN Jeremy NNP Kahn NNP , , a DT Harvard NNP junior NN , , thinks VBZ of IN nerds NNS and CC geeks NNS more JJR as IN `` `` nonconformists NNS , , '' '' albeit IN with IN a DT studious JJ bent NN . . One CD of IN the DT group NN 's POS first JJ projects NNS is VBZ a DT `` `` procrastination NN hot JJ line NN '' '' that IN students NNS could MD call VB when WRB they PRP have VBP an DT urge NN to TO delay VB studying VBG . . The DT club NN plans VBZ to TO show VB nerdy JJ movies NNS , , such JJ as IN `` `` Real JJ Genius NN , , '' '' in IN which WDT physics NN whizzes NNS pop VBP corn NN with IN lasers NNS ; : and CC naturally RB , , the DT `` `` Revenge NN of IN the DT Nerds NNS , , '' '' a DT tale NN of IN college NN males NNS with IN runny JJ noses NNS and CC ill-fitting JJ pants NNS . . One CD of IN its PRP$ `` `` more RBR ambitious JJ goals NNS '' '' is VBZ to TO get VB Jaime NNP Escalante NNP , , the DT Los NNP Angeles NNP high-school NN mathematics NNS teacher NN featured VBN in IN the DT film NN `` `` Stand VB and CC Deliver VB , , '' '' to TO come VB to TO Harvard NNP for IN a DT guest NN lecture NN . . Nerds NNS and CC geeks NNS sometimes RB find VBP themselves PRP a DT bit RB isolated JJ at IN Harvard NNP . . So RB Mr. NNP Kahn NNP says VBZ high JJ priority NN is VBZ being VBG given VBN to TO creating VBG a DT computerized JJ matchmaking NN service NN `` `` where WRB instead RB of IN being VBG matched VBN for IN eye NN color NN , , you PRP could MD be VB matched VBN for IN similar JJ intellectual JJ interests NNS . . '' '' For IN instance NN ? . `` `` I PRP 'm VBP a DT math NN major NN , , but CC I PRP want VBP to TO know VB about IN psychobiology NN . . Hopefully NNP , , I PRP 'd MD find VB someone NN in IN psychobiology NN who WP wanted VBD to TO know VB more JJR about IN mathematics NNS . . '' '' It PRP could MD work VB . . Meanwhile RB , , finding VBG a DT volunteer NN to TO write VB the DT computer NN program NN is VBZ n't RB a DT problem NN . . Dime NNP Savings NNPS Bank NNP of IN New NNP York NNP was VBD cleared VBN by IN the DT Federal NNP Deposit NNP Insurance NNP Corp. NNP to TO acquire VB Starpointe NNP Savings NNPS Bank NNP of IN Somerset NNP , , N.J. NNP , , the DT banks NNS said VBD . . Starpointe NNP holders NNS , , who WP approved VBD the DT plan NN last JJ April NNP , , will MD receive VB $ $ 21 CD in IN cash NN a DT share NN , , or CC a DT total JJ $ $ 63 CD million CD . . The DT FDIC NNP cleared VBD the DT move NN yesterday NN , , and CC the DT banks NNS must MD wait VB at IN least JJS 30 CD days NNS before IN closing VBG the DT purchase NN . . A DT closing NN date NN has VBZ n't RB been VBN set VBN . . AEP NNP INDUSTRIES NNPS Inc. NNP directors NNS authorized VBD a DT 3-for-2 JJ split NN of IN the DT common JJ , , payable JJ Dec. NNP 7 CD to TO stock VB of IN record NN Nov. NNP 22 CD . . The DT split NN was VBD aimed VBN at IN boosting VBG the DT stock NN 's POS liquidity NN , , said VBD Brendan NNP Barba NNP , , chairman NN of IN the DT Moonachie NNP , , N.J. NNP , , maker NN of IN plastic NN film NN products NNS . . After IN the DT split NN , , the DT company NN will MD have VB more JJR than IN 4.7 CD million CD shares NNS outstanding JJ . . In IN national JJ over-the-counter JJ trading NN yesterday NN , , AEP NNP shares NNS closed VBD at IN $ $ 21.25 CD , , down RB 50 CD cents NNS . . CRESTMONT NNP FEDERAL NNP SAVINGS NNPS & CC LOAN NNP ASSOCIATION NNP ( ( Edison NNP , , N.J. NNP ) ) -- : Lawrence NNP B. NNP Seidman NNP , , 41 CD years NNS old JJ , , was VBD named VBN chairman NN of IN this DT savings NNS and CC loan NN institution NN . . He PRP will MD succeed VB Charles NNP L. NNP Harrington NNP , , chairman NN and CC chief JJ executive NN officer NN , , who WP retired VBD last JJ month NN . . Crestmont NNP is VBZ conducting VBG a DT search NN for IN a DT chief JJ executive NN . . Mr. NNP Seidman NNP , , a DT director NN of IN Crestmont NNP since IN July NNP , , is VBZ general JJ partner NN of IN Seidman NNP Financial NNP Associates NNPS , , which WDT owns VBZ 9.89 CD % NN of IN Crestmont NNP . . William NNP J. NNP Russo NNP was VBD named VBN senior JJ vice NN president NN , , public JJ affairs NNS and CC advertising NN , , for IN this DT financial JJ and CC travel NN services NNS concern NN 's POS American NNP Express NNP Bank NNP Ltd. NNP subsidiary NN . . Mr. NNP Russo NNP , , 38 CD years NNS old JJ , , previously RB was VBD first JJ vice NN president NN , , public JJ affairs NNS and CC advertising NN , , at IN the DT banking VBG unit NN . . Environmental JJ concerns NNS are VBP beginning VBG to TO have VB as RB much JJ influence NN in IN oil-industry NN spending NN plans NNS as IN the DT price NN of IN crude NN does VBZ . . In IN the DT wake NN of IN the DT Exxon NNP Valdez NNP spill NN in IN March NNP , , new JJ governmental JJ drilling NN bans NNS are VBP sharply RB curtailing VBG exploration NN in IN promising JJ locations NNS offshore RB and CC in IN Alaska NNP . . At IN the DT same JJ time NN , , moves NNS toward IN tighter JJR air-quality NN standards NNS are VBP spurring VBG interest NN in IN lighter JJR or CC alternative JJ fuels NNS that WDT do VBP n't RB pollute VB as RB much RB as IN fuel NN refined VBN from IN `` `` heavy JJ '' '' crudes NNS , , generally RB high JJ in IN sulfur NN . . Over IN the DT years NNS , , the DT world NN 's POS stream NN of IN oil NN has VBZ been VBN growing VBG heavier RBR . . So RB the DT scramble NN is VBZ on IN for IN lighter JJR crudes NNS globally RB , , and CC for IN natural JJ gas NN in IN the DT U.S. NNP . . Recently RB Saudi NNP Arabia NNP and CC Venezuela NNP , , traditional JJ heavy-crude NN producers NNS , , have VBP boasted VBN of IN new JJ finds NNS of IN light JJ , , low-sulfur JJ oil NN by IN their PRP$ national JJ oil NN companies NNS . . Venezuela NNP has VBZ also RB earmarked VBN $ $ 200 CD million CD in IN new JJ money NN for IN light-crude NN exploration NN . . And CC some DT oil NN companies NNS are VBP trying VBG to TO lock VB in RP future JJ supplies NNS . . Typical JJ is VBZ Ente NNP Nazionale NNP Idrocarburi NNP , , Italy NNP 's POS state-owned JJ energy NN company NN , , which WDT not RB long RB ago RB acquired VBN through IN its PRP$ AGIP NNP oil NN subsidiary NN a DT 5 CD % NN share NN in IN the DT consortium NN accounting NN for IN half NN of IN Nigeria NNP 's POS oil NN output NN . . AGIP NNP already RB has VBZ an DT oil NN stake NN in IN Libya NNP . . Both DT countries NNS produce VBP high-quality JJ , , low-sulfur JJ crudes NNS especially RB suited VBN to TO making VBG high-octane JJ motor NN fuel NN at IN minimum NN refining NN cost NN . . Franco NNP Reviglio NNP , , ENI NNP chairman NN , , looks VBZ for IN sweeping JJ structural JJ change NN in IN the DT oil NN industry NN -- : he PRP calls VBZ it PRP a DT `` `` revolution NN '' '' requiring VBG huge JJ investments NNS -- : as IN a DT result NN of IN environmental JJ issues NNS . . He PRP made VBD a DT special JJ trip NN to TO examine VB U.S. NNP environmental JJ trends NNS because IN they PRP are VBP often RB followed VBN in IN Europe NNP . . ENI NNP needs VBZ to TO know VB what WP 's VBZ coming VBG as IN it PRP prepares VBZ to TO spend VB some DT $ $ 1.3 CD billion CD on IN upgrading VBG its PRP$ refineries NNS , , he PRP says VBZ . . Oil NN companies NNS world-wide RB will MD have VB `` `` to TO spend VB a DT lot NN of IN money NN for IN the DT cleaner JJR fuels NNS that WDT will MD be VB required VBN , , '' '' says VBZ John NNP H. NNP Lichtblau NNP , , the DT president NN of IN the DT Petroleum NNP Industry NNP Research NNP Foundation NNP . . It PRP will MD go VB for IN work NN ranging VBG from IN refinery NN modification NN to TO changes NNS in IN the DT distribution NN system NN , , including VBG the DT way NN service NN stations NNS pump VBP fuel NN into IN cars NNS . . In IN the DT U.S. NNP , , the DT search NN for IN oil NN had VBD been VBN headed VBN toward IN environmentally RB sensitive JJ areas NNS believed VBN to TO have VB vast JJ reserves NNS . . Alaska NNP 's POS Arctic NNP National NNP Wildlife NNP Refuge NNP alone RB is VBZ thought VBN to TO hide VB more JJR than IN three CD billion CD barrels NNS of IN oil NN . . Until IN the DT tanker NN spill NN , , Big NNP Oil NNP was VBD slowly RB convincing JJ authorities NNS it PRP could MD safely RB produce VB from IN such JJ places NNS . . Now RB the DT wildlife NN refuge NN has VBZ been VBN closed VBN to TO the DT industry NN , , possibly RB for IN years NNS . . Similarly RB , , a DT group NN of IN companies NNS led VBN by IN Chevron NNP Corp. NNP has VBZ been VBN unable JJ to TO pump VB oil NN found VBN off IN the DT California NNP coast NN in IN the DT early JJ 1980s NNS . . A DT huge JJ production NN system NN built VBN in IN the DT sea NN off IN Santa NNP Barbara NNP and CC ashore RB is VBZ sitting VBG idle JJ . . But CC the DT push NN for IN cleaner JJR fuels NNS is VBZ increasing VBG the DT attractiveness NN of IN natural JJ gas NN . . More JJR than IN half PDT the DT domestic JJ drilling NN now RB under IN way NN is VBZ for IN gas NN , , partly RB on IN the DT assumption NN that DT demand NN will MD rise VB for IN a DT fuel NN that WDT is VBZ cleaner JJR to TO burn VB than IN either DT oil NN or CC coal NN . . Activity NN has VBZ revived VBN in IN the DT largest JJS U.S. NNP gas-producing NN regions NNS , , such JJ as IN the DT Gulf NNP of IN Mexico NNP . . Santa NNP Fe NNP International NNP Corp. NNP , , which WDT is VBZ owned VBN by IN Kuwait NNP ( ( and CC is VBZ n't RB related VBN to TO Santa NNP Fe NNP Southern NNP Pacific NNP 's POS unit NN ) ) , , is VBZ stepping VBG up RP development NN of IN a DT well NN off IN Texas NNP ' POS Matagorda NNP Island NNP where WRB it PRP found VBD gas NN in IN 1987 CD . . `` `` We PRP could MD have VB sat VBN on IN it PRP longer RBR , , but CC the DT impetus NN is VBZ to TO get VB the DT gas NN to TO the DT marketplace NN , , '' '' says VBZ Richard NNP Poole NNP , , senior JJ scout NN for IN Santa NNP Fe NNP International NNP . . `` `` We PRP 're VBP trying VBG to TO get VB it PRP on IN line NN as RB soon RB as IN possible RB now RB . . '' '' This DT month NN , , Exxon NNP Corp. NNP announced VBD plans NNS for IN a DT 400-day JJ project NN drilling VBG for IN gas NN about IN five CD miles NNS underground RB in IN the DT Anadarko NNP Basin NNP of IN western JJ Oklahoma NNP -- : the DT deepest JJS drilling NN project NN in IN the DT U.S. NNP . . Exxon NNP will MD use VB a DT Parker NNP Drilling NNP Co. NNP rig NN built VBN in IN 1981 CD that WDT can MD go VB down RP 9 CD 1\/2 CD miles NNS . . As IN the DT Soviet NNP Union NNP grapples VBZ with IN its PRP$ worsening VBG economy NN , , leading JJ reformers NNS have VBP drawn VBN up RP a DT blueprint NN for IN change NN designed VBN to TO push VB the DT nation NN much RB closer RBR to TO a DT free-market NN system NN . . The DT proposals NNS go VBP far RB beyond IN the DT current JJ and CC rather RB confused JJ policies NNS of IN perestroika FW , , Mikhail NNP Gorbachev NNP 's POS restructuring NN of IN the DT economy NN . . They PRP lay VBD out RP a DT clear JJ timetable NN and CC methodology NN for IN liberalizing VBG the DT system NN of IN setting VBG prices NNS , , breaking VBG up RP huge JJ industrial JJ monopolies NNS and CC putting VBG unprofitable JJ state-owned JJ companies NNS out IN of IN business NN . . They PRP also RB address VBP such JJ taboo JJ subjects NNS as IN the DT likelihood NN of IN unemployment NN and CC high JJ inflation NN , , and CC recommend VB ways NNS to TO soften VB the DT social JJ consequences NNS . . While IN many JJ solutions NNS to TO the DT nation NN 's POS economic JJ troubles NNS are VBP being VBG discussed VBN , , the DT blueprint NN is VBZ attracting VBG widespread JJ attention NN here RB because IN of IN its PRP$ comprehensiveness NN and CC presumed VBN high-level JJ authorship NN . . Although IN it PRP was VBD published VBN unsigned JJ in IN the DT latest JJS edition NN of IN the DT weekly JJ Ekonomicheskaya NNP Gazeta NNP , , Soviet JJ sources NNS say VBP the DT article NN was VBD written VBN by IN Leonid NNP Abalkin NNP and CC a DT small JJ group NN of IN colleagues NNS . . Mr. NNP Abalkin NNP , , head NN of IN the DT Academy NNP of IN Science NNP 's POS Institute NNP of IN Economics NNP , , was VBD recently RB appointed VBN deputy NN chairman NN of IN the DT Soviet JJ government NN and CC head NN of IN a DT state NN commission NN on IN economic JJ reform NN . . `` `` It PRP 's VBZ clearly RB a DT manifesto NN for IN the DT next JJ stage NN of IN perestroika FW , , '' '' said VBD one CD analyst NN . . The DT economic JJ ideas NNS in IN the DT document NN are VBP much RB bolder JJR than IN current JJ policies NNS . . For IN example NN , , the DT proposed VBN overhaul NN of IN prices NNS -- : an DT extremely RB sensitive JJ political JJ topic NN -- : is VBZ far RB more RBR precise JJ than IN the DT vague JJ plans NNS announced VBN by IN Mr. NNP Gorbachev NNP in IN 1987 CD and CC later RB dropped VBD . . But CC the DT proposals NNS also RB display VBP political JJ savvy NN , , couching VBG some DT of IN the DT most RBS controversial JJ ideas NNS in IN cautious JJ language NN so RB as RB not RB to TO alienate VB powerful JJ conservatives NNS in IN the DT government NN who WP stand VBP to TO lose VB out RP if IN they PRP are VBP implemented VBN . . Seeking VBG a DT middle JJ path NN between IN opponents NNS of IN change NN and CC radicals NNS who WP demand VBP overnight JJ solutions NNS , , the DT article NN advocates VBZ what WP it PRP calls VBZ a DT `` `` radical-moderate JJ approach NN . . '' '' The DT document NN is VBZ to TO be VB discussed VBN at IN a DT conference NN of IN leading JJ economists NNS late RB this DT month NN , , and CC will MD probably RB be VB presented VBN to TO the DT Soviet NNP Parliament NNP for IN consideration NN this DT year NN . . As IN policy-makers NNS draw VBP up RP proposals NNS for IN the DT next JJ five-year JJ plan NN , , which WDT starts VBZ in IN 1991 CD , , the DT blueprint NN represents VBZ a DT powerful JJ first JJ shot NN in IN what WP is VBZ likely JJ to TO be VB a DT fierce JJ battle NN over IN economic JJ reform NN . . The DT authors NNS make VBP a DT gloomy JJ assessment NN of IN the DT economy NN and CC concede VBP that IN `` `` quick JJ and CC easy JJ paths NNS to TO success NN simply RB do VBP n't RB exist VB . . '' '' Instead RB , , they PRP map VBP out RP a DT strategy NN in IN several JJ phases NNS from IN now RB until IN 1995 CD . . Most JJS of IN the DT measures NNS would MD probably RB only RB start VB to TO have VB an DT effect NN on IN beleaguered JJ Soviet JJ consumers NNS in IN two CD to TO three CD years NNS at IN the DT earliest JJS . . The DT key JJ steps NNS advocated VBN include VBP : : -- : PROPERTY NN . . Rigid JJ ideological JJ restrictions NNS on IN property NN ownership NN should MD be VB abandoned VBN . . The DT document NN proposes VBZ breaking VBG up RP the DT monolithic JJ system NN of IN state-owned JJ enterprises NNS and CC farms NNS and CC allowing VBG a DT big JJ private JJ sector NN to TO flourish VB , , helped VBN by IN tough JJ anti-monopoly JJ legislation NN . . The DT economy NN would MD be VB thrown VBN open JJ to TO numerous JJ types NNS of IN ownership NN between IN now RB and CC 1992 CD , , including VBG factories NNS leased VBN by IN workers NNS or CC owned VBN by IN shareholders NNS , , cooperatives NNS and CC joint JJ ventures NNS . . Some DT forms NNS of IN private JJ property NN would MD be VB sanctioned VBN . . Such JJ moves NNS would MD greatly RB reduce VB the DT power NN of IN government NN ministries NNS , , who WP now RB jealously RB guard VBP their PRP$ turf NN and CC are VBP seen VBN as IN one CD of IN the DT major JJ obstacles NNS blocking VBG economic JJ reform NN . . -- : FINANCES NNS . . Emergency NN measures NNS would MD be VB introduced VBN to TO ease VB the DT country NN 's POS financial JJ crisis NN , , notably RB its PRP$ $ $ 200 CD billion CD budget NN deficit NN . . By IN the DT end NN of IN next JJ year NN , , all DT loss-making JJ state NN enterprises NNS would MD be VB put VBN out IN of IN business NN or CC handed VBN over RP to TO workers NNS who WP would MD buy VB or CC lease VB them PRP or CC turn VB them PRP into IN cooperatives NNS . . Similar JJ steps NNS would MD be VB taken VBN to TO liquidate VB unprofitable JJ state NN and CC collective JJ farms NNS by IN the DT end NN of IN 1991 CD . . A DT unified JJ system NN of IN taxation NN should MD be VB introduced VBN rapidly RB . . To TO mop VB up RP some DT of IN the DT 300 CD billion CD rubles NNS in IN circulation NN , , the DT government NN should MD encourage VB home NN ownership NN , , including VBG issuing VBG bonds NNS that WDT guarantee VBP holders NNS the DT right NN to TO purchase VB an DT apartment NN . . -- : LABOR NN . . A DT genuine JJ market NN for IN labor NN and CC wages NNS would MD replace VB the DT present JJ rigid JJ , , centralized JJ system NN . . Departing VBG from IN decades NNS of IN Soviet JJ dogma NN , , the DT new JJ system NN would MD lead VB to TO big JJ differences NNS in IN pay NN between IN workers NNS and CC almost RB certainly RB to TO unemployment NN . . To TO cushion VB the DT blows NNS , , the DT government NN would MD introduce VB a DT minimum NN wage NN and CC unemployment NN benefits NNS . . -- : PRICES NN . . The DT entire JJ system NN of IN centrally RB set VBN prices NNS would MD be VB overhauled VBN , , and CC free-market NN prices NNS introduced VBN for IN most JJS wholesale JJ trade NN and CC some DT retail JJ trade NN . . Consumers NNS would MD still RB be VB able JJ to TO buy VB some DT food NN and CC household NN goods NNS at IN subsidized JJ prices NNS , , but CC luxury NN and CC imported VBN items NNS , , including VBG food NN , , would MD be VB sold VBN at IN market NN prices NNS . . Wholesale JJ prices NNS would MD be VB divided VBN into IN three CD categories NNS : : raw JJ materials NNS sold VBN at IN fixed VBN prices NNS close RB to TO world NN levels NNS ; : government-set VBN procurement NN prices NNS for IN a DT small JJ number NN of IN key JJ products NNS ; : and CC free JJ prices NNS for IN everything NN else RB to TO be VB determined VBN by IN contracts NNS between IN suppliers NNS and CC purchasers NNS . . Inflation-adjusted VBN social JJ benefits NNS would MD ensure VB that IN the DT poor JJ and CC elderly JJ do VBP n't RB suffer VB unduly RB . . -- : FOREIGN JJ TRADE NN . . The DT current JJ liberalization NN and CC decentralization NN of IN foreign JJ trade NN would MD be VB taken VBN much RB further RBR . . Soviet JJ companies NNS would MD face VB fewer JJR obstacles NNS for IN exports NNS and CC could MD even RB invest VB their PRP$ hard JJ currency NN abroad RB . . Foreigners NNS would MD receive VB greater JJR incentives NNS to TO invest VB in IN the DT U.S.S.R. NNP Alongside RB the DT current JJ non-convertible JJ ruble NN , , a DT second JJ currency NN would MD be VB introduced VBN that DT could MD be VB freely RB exchanged VBN for IN dollars NNS and CC other JJ Western JJ currencies NNS . . A DT domestic JJ foreign JJ exchange NN market NN would MD be VB set VBN up RP as IN part NN of IN an DT overhaul NN of IN the DT nation NN 's POS banking NN system NN . . The DT blueprint NN is VBZ at IN its PRP$ vaguest JJS when WRB referring VBG to TO the DT fate NN of IN the DT two CD powerful JJ economic JJ institutions NNS that WDT seem VBP likely RB to TO oppose VB such JJ sweeping JJ plans NNS : : the DT State NNP Planning NNP Committee NNP , , known VBN as IN Gosplan NNP , , and CC the DT State NNP Committee NNP for IN Material NNP Supply NNP , , or CC Gossnab NNP . . But CC it PRP hints VBZ strongly RB that IN both DT organizations NNS would MD increasingly RB lose VB their PRP$ clout NN as IN the DT changes NNS , , particularly RB the DT introduction NN of IN wholesale JJ trade NN and CC the DT breakup NN of IN state NN monopolies NNS , , take VBP effect NN . . Ready JJ , , Willing JJ and CC Unable JJ I PRP always RB lift VBP the DT hood NN When WRB my PRP$ car NN does VBZ n't RB start VB ; : If IN gadgets NNS at IN home NN do VBP n't RB work VB I PRP coolly RB take VBP them PRP apart RB . . I PRP 'll MD admit VB there EX 's VBZ nothing NN wrong JJ That IN I PRP ever RB do VBP find VB , , But CC it PRP 's VBZ nice JJ when WRB people NNS say VBP I PRP appear VBP mechanically RB inclined JJ . . -- : Joshua NNP Adams NNP . . Flick NN Shock NN At IN the DT movies NNS today NN In IN detail NN you PRP see VBP What WP the DT prof NN would MD n't RB show VB In IN Physiology NNP Three NNP . . -- : Robert NNP Gordon NNP . . Candid JJ Comment NN Do VBP n't RB worry VB ; : people NNS will MD learn VB to TO read VB as RB long RB as IN there EX are VBP TV NN program NN listings NNS . . -- : John NNP Drybred NNP . . Albert NNP Engelken NNP and CC Robert NNP Thomson NNP had VBD never RB met VBN , , though IN for IN 38 CD years NNS their PRP$ lives NNS had VBD been VBN intertwined VBN in IN a DT way NN peculiar JJ to TO the DT sports NNS world NN . . Mr. NNP Engelken NNP , , now RB a DT transit-association NN executive NN in IN Washington NNP , , D.C. NNP , , and CC Mr. NNP Thomson NNP , , a DT paper-products NNS salesman NN in IN Montvale NNP , , N.J. NNP , , had VBD n't RB even RB talked VBN to TO each DT other JJ . . But CC one CD recent JJ day NN , , they PRP became VBD much RB closer JJR . . Mr. NNP Engelken NNP , , a DT rabid JJ baseball NN fan NN , , pores VBZ over IN the DT sports NNS pages NNS to TO chart VB the DT exploits NNS of IN `` `` my PRP$ favorite JJ and CC not-so-favorite JJ teams NNS and CC players NNS . . '' '' He PRP often RB groans VBZ , , he PRP says VBZ , , at IN the DT `` `` clutter NN '' '' of IN sports NNS stories NNS about IN drugs NNS , , alcohol NN , , gambling NN and CC some DT player NN 's POS lament NN `` `` about IN the DT miserly JJ millions NNS he PRP is VBZ offered VBN to TO play VB the DT game NN . . '' '' His PRP$ morning NN paper NN , , the DT Washington NNP Post NNP , , even RB carries VBZ a DT sports NNS column NN called VBN `` `` Jurisprudence NN '' '' that WDT recounts VBZ the DT latest JJS arrests NNS and CC convictions NNS of IN players NNS and CC team NN managers NNS . . Like IN many JJ sports NNS buffs NNS , , Mr. NNP Engelken NNP has VBZ turned VBN cynic JJ . . But CC his PRP$ is VBZ a DT story NN about IN a DT hero NN in IN an DT era NN of IN sports NNS anti-heroes NNS , , and CC about IN what WP Babe NNP Ruth NNP , , Mr. NNP Engelken NNP reminds VBZ us PRP , , once RB called VBD `` `` the DT only RB real JJ game NN in IN the DT world NN . . '' '' To TO Mr. NNP Engelken NNP , , it PRP is VBZ also RB a DT story NN `` `` about IN love NN , , because IN I PRP 'm VBP blessed VBN to TO have VB a DT wife NN who WP still RB thinks VBZ her PRP slightly RB eccentric JJ husband NN 's POS 50th JJ birthday NN deserves VBZ the DT ultimate JJ present NN . . '' '' To TO understand VB what WP Mr. NNP Engelken NNP means VBZ , , one PRP must MD go VB back RB to TO a DT sunny JJ October NNP afternoon NN in IN 1951 CD at IN New NNP York NNP 's POS Polo NNP Grounds NNPS stadium NN , , where WRB , , it PRP can MD be VB argued VBN , , the DT most RBS dramatic JJ moment NN in IN baseball NN history NN was VBD played VBN out RP . . It PRP was VBD the DT ninth JJ inning NN of IN the DT third JJ game NN of IN a DT three-game JJ playoff NN between IN the DT Brooklyn NNP Dodgers NNPS and CC the DT New NNP York NNP Giants NNPS ( ( the DT predecessor NN to TO the DT San NNP Francisco NNP Giants NNP scheduled VBN to TO play VB in IN tonight NN 's POS world NN series NN ) ) . . Baseball NN fans NNS throughout IN New NNP York NNP had VBD sweated VBN out RP a DT long JJ summer NN with IN their PRP$ teams NNS , , and CC now RB it PRP had VBD come VBN to TO this DT : : a DT battle NN between IN the DT two CD for IN the DT National NNP League NNP pennant NN -- : down IN to TO the DT last JJ inning NN of IN the DT last JJ game NN , , no RB less RB . . Some DT 34,320 CD fans NNS jammed VBD the DT stands NNS , , and CC shouted VBD at IN the DT top NN of IN their PRP$ lungs NNS . . Mr. NNP Engelken NNP was VBD doing VBG the DT same JJ across IN the DT Hudson NNP River NNP in IN New NNP Jersey NNP , , where WRB , , with IN his PRP$ nose NN pressed VBN against IN the DT front JJ window NN of IN the DT Passaic-Clifton NNP National NNP Bank NNP , , he PRP watched VBD the DT duel NN on IN a DT television NN set NN the DT bank NN set VBN up RP for IN the DT event NN . . The DT playoff NN series NN had VBD riveted VBN the DT 12-year-old JJ Giants NNPS fan NN . . `` `` The DT Giants NNP struck VBD first RB , , winning VBG the DT opener NN , , 3-1 CD , , on IN a DT two-run JJ homer NN off IN Dodger NNP right-hander NN Ralph NNP Branca NNP , , '' '' Mr. NNP Engelken NNP recalls VBZ with IN precision NN today NN . . `` `` The DT Giants NNP got VBD swamped VBN in IN the DT second JJ game NN , , 100 CD , , and CC trailed VBD 4-1 CD going VBG into IN the DT bottom NN of IN the DT ninth JJ of IN the DT third JJ and CC deciding JJ game NN . . The DT Giants NNPS scored VBD once RB and CC had VBD runners NNS on IN second JJ { ( Whitey NNP Lockman NNP } ) and CC third JJ { ( Clint NNP Hartung NNP } ) as IN Bobby NNP Thomson NNP advanced VBD to TO the DT plate NN . . '' '' The DT rest NN , , as IN they PRP say VBP , , is VBZ history NN . . Mr. NNP Thomson NNP , , a DT tall JJ , , Scottish-born JJ , , right-hand JJ hitter NN , , stepped VBD into IN the DT batter NN 's POS box NN . . `` `` Thomson NNP took VBD a DT called VBN strike NN , , '' '' Mr. NNP Engelken NNP recounts VBZ . . The DT tension NN mounted VBD as IN Ralph NNP Branca NNP , , again RB on IN the DT mound NN , , stared VBD down RP the DT batter NN . . He PRP wound VBD up RB and CC let VB loose VB a DT fastball NN . . The DT pitch NN sailed VBD toward IN Bobby NNP Thomson NNP high RB and CC inside RB and CC then RB , , with IN a DT crack NN of IN the DT bat NN , , was VBD sent VBN rocketing VBG back RB into IN the DT lower JJR leftfield NN stands NN . . `` `` Giants NNS fans NNS went VBD into IN euphoria NN , , '' '' says VBZ Mr. NNP Engelken NNP . . And CC Bobby NNP Thomson NNP was VBD made VBN a DT legend NN . . The DT same JJ Bobby NNP Thomson NNP , , it PRP turns VBZ out RB , , who WP sells VBZ those DT paper-goods NNS today NN . . There EX ca MD n't RB be VB an DT older JJR baseball NN fan NN alive JJ who WP does VBZ n't RB clearly RB remember VB that IN Bobby NNP Thomson NNP homer NN , , who WP ca MD n't RB tell VB you PRP where WRB he PRP was VBD when WRB he PRP heard VBD the DT famous JJ Russ NNP Hodges NNP radio NN broadcast NN -- : the DT one NN that WDT concluded VBD with IN Mr. NNP Hodges NNP shouting VBG , , over RB and CC over RB , , `` `` The DT Giants NNPS win VBP the DT pennant NN , , the DT Giants NNPS win VBP the DT pennant NN ! . '' '' Mr. NNP Engelken NNP and CC Mr. NNP Thomson NNP drifted VBD in IN different JJ directions NNS in IN the DT subsequent JJ years NNS , , and CC the DT Polo NNP Grounds NNPS , , located VBN under IN Coogan NNP 's POS Bluff NNP in IN upper JJ Manhattan NNP , , was VBD replaced VBN by IN a DT public-housing NN project NN . . Mr. NNP Thomson NNP played VBD outfield NN and CC third JJ base NN until IN 1960 CD , , posting VBG a DT lifetime NN .270 CD batting NN average NN and CC chalking VBG up RP 264 CD home NN runs NNS before IN retiring VBG and CC going VBG into IN paper-goods NNS sales NNS . . Mr. NNP Engelken NNP moved VBD south RB to TO Washington NNP , , but CC he PRP took VBD with IN him PRP enduring VBG memories NNS of IN the DT homer NN of IN 1951 CD . . When WRB his PRP$ wife NN , , Betsy NNP , , came VBD down IN the DT aisle NN on IN their PRP$ wedding NN day NN in IN 1966 CD , , Mr. NNP Engelken NNP -- : no DT slouch NN on IN the DT romantic JJ front NN -- : gave VBD her PRP the DT ultimate JJ compliment NN : : `` `` You PRP look VBP prettier JJR than IN Bobby NNP Thomson NNP 's POS home NN run NN . . '' '' The DT couple NN 's POS first JJ dog NN , , Homer NNP , , was VBD named VBN after IN the DT Great JJ Event NN , , though IN unwitting JJ friends NNS assumed VBD he PRP was VBD the DT namesake NN of IN the DT poet NN . . And CC when WRB Mr. NNP Engelken NNP 's POS sister NN , , Martha NNP , , who WP was VBD born VBN two CD days NNS before IN the DT home NN run NN , , reached VBD her PRP 25th JJ birthday NN , , Mr. NNP Engelken NNP wrote VBD his PRP$ sports NNS hero NN to TO tell VB him PRP of IN the DT coincidence NN of IN events NNS . . Mr. NNP Thomson NNP sent VBD off RP a DT card NN to TO Martha NNP : : `` `` It PRP does VBZ n't RB seem VB like IN 25 CD years NNS since IN I PRP hit VBP that DT home NN run VB to TO celebrate VB your PRP$ birth NN , , '' '' it PRP read VBD . . Martha NNP was VBD pleased JJ , , but CC nowhere RB near RB as RB much RB as IN Mr. NNP Engelken NNP . . The DT family NN license NN plate NN reads VBZ `` `` ENG NNP 23 CD , , '' '' the DT first JJ three CD letters NNS of IN the DT family NN name NN and CC -- : no DT surprise NN here RB -- : Bobby NNP Thomson NNP 's POS uniform JJ number NN . . And CC on IN Mr. NNP Engelken NNP 's POS 40th JJ birthday NN , , his PRP$ wife NN bought VBD a DT book NN detailing VBG the DT big JJ homer NN and CC sent VBD it PRP off RP to TO Mr. NNP Thomson NNP to TO be VB autographed VBN . . `` `` What WP could MD have VB been VBN better JJR ? . '' '' asks VBZ Mr. NNP Engelken NNP . . Betsy NNP Engelken NNP asked VBD the DT same JJ question NN earlier RBR this DT year NN , , when WRB her PRP$ husband NN was VBD about IN to TO turn VB 50 CD . . She PRP had VBD an DT idea NN . . On IN her PRP$ husband NN 's POS 50th JJ birthday NN ( ( after IN an DT auspicious JJ 23 CD years NNS of IN marriage NN , , it PRP should MD be VB noted VBN ) ) , , Betsy NNP , , Al NNP and CC their PRP$ college-bound JJ son NN set VBD out RB for IN New NNP York NNP to TO visit VB Fordham NNP University NNP . . Mrs. NNP Engelken NNP had VBD scheduled VBN a DT stop NN on IN the DT New NNP Jersey NNP Turnpike NNP to TO , , she PRP told VBD her PRP husband NN , , pick VB up RP some DT papers NNS for IN a DT neighbor NN . . The DT papers NNS would MD be VB handed VBN over RP at IN a DT bank NN of IN telephone NN booths NNS just RB off IN Exit NN 10 CD . . `` `` It PRP sounded VBD like IN something NN out IN of IN Ian NNP Fleming NNP , , '' '' Mr. NNP Engelken NNP recalls VBZ . . At IN the DT appointed JJ exit NN , , the DT family NN pulled VBD over RB , , and CC Mrs. NNP Engelken NNP went VBD to TO get VB her PRP$ papers NNS . . Mr. NNP Engelken NNP turned VBD off RP the DT motor NN and CC rolled VBD down RP the DT window NN . . In IN a DT matter NN of IN minutes NNS , , she PRP was VBD back RB , , with IN a DT tall JJ , , silver-haired JJ man NN in RB tow RB . . She PRP crouched VBD down RB by IN the DT car NN window NN and CC addressed VBD her PRP$ husband NN with IN her PRP$ favorite JJ nickname NN : : `` `` Bertie NNP , , '' '' she PRP said VBD , , `` `` Happy JJ 50th JJ Birthday NN . . This DT is VBZ Bobby NNP Thomson NNP . . '' '' `` `` And CC there EX he PRP was VBD , , '' '' recalls VBZ Mr. NNP Engelken NNP . . `` `` The DT hero NN of IN my PRP$ youth NN , , the DT one CD person NN in IN history NN I PRP 'd MD most RBS like VB to TO meet VB . . Keep VB your PRP$ Thomas NNP Jeffersons NNPS , , or CC St. NNP Augustines NNPS or CC Michelangelos NNPS ; : I PRP 'd MD take VB baseball NN 's POS Flying NNP Scot NNP without IN hesitation NN . . '' '' They PRP talked VBD of IN the DT home NN run NN . . `` `` I PRP thought VBD it PRP was VBD in IN the DT upper JJ deck NN , , '' '' said VBD Bobby NNP Thomson NNP , , now RB 66 CD years NNS old JJ . . They PRP talked VBD of IN the DT aftermath NN . . `` `` I PRP never RB thought VBD it PRP would MD become VB so RB momentous JJ , , '' '' Bobby NNP remarked VBD . . Mr. NNP Engelken NNP , , says VBZ his PRP$ wife NN , , `` `` was VBD overwhelmed JJ by IN the DT whole JJ thing NN . . It PRP was VBD worth JJ it PRP , , just RB for IN the DT look NN on IN Albert NNP 's POS face NN . . '' '' The DT two CD men NNS spent VBD an DT hour NN at IN Exit NN 10 CD , , rehashing VBG the DT event NN , , `` `` fulfilling VBG the DT lifelong JJ dream NN of IN a DT young JJ boy NN now RB turned VBN 50 CD , , '' '' Mr. NNP Engelken NNP says VBZ . . His PRP$ hero NN signed VBD photographs NNS of IN the DT homer NN and CC diplomatically RB called VBD Ralph NNP Branca NNP `` `` a DT very RB fine JJ pitcher NN . . '' '' And CC when WRB Mr. NNP Engelken NNP asked VBD him PRP why WRB he PRP took VBD time NN off RP from IN work NN for IN somebody NN he PRP did VBD n't RB even RB know VB , , Bobby NNP Thomson NNP replied VBD : : `` `` You PRP know VBP , , Albert NNP , , if IN you PRP have VBP the DT chance NN in IN life NN to TO make VB somebody NN this DT happy JJ , , you PRP have VBP an DT obligation NN to TO do VB it PRP . . '' '' In IN an DT interview NN , , Mr. NNP Thomson NNP , , who WP is VBZ married JJ and CC has VBZ three CD grown JJ children NNS , , says VBZ he PRP has VBZ few JJ ties NNS to TO baseball NN these DT days NNS , , other JJ than IN playing VBG old-timers NNS games NNS now RB and CC again RB . . But CC his PRP$ fans NNS , , to TO his PRP$ constant JJ amazement NN , , never RB let VBP him PRP forget VB the DT famous JJ four-bagger NN . . His PRP$ mail NN regularly RB recalls VBZ `` `` my PRP$ one CD event NN , , '' '' and CC has VBZ been VBN growing VBG in IN recent JJ years NNS . . In IN response NN to TO the DT letters NNS , , Mr. NNP Thomson NNP usually RB sends VBZ an DT autographed JJ photo NN with IN a DT polite JJ note NN , , and CC rarely RB arranges VBZ a DT rendezvous NN . . But CC when WRB Betsy NNP Engelken NNP wrote VBD him PRP , , saying VBG she PRP could MD stop VB near IN his PRP$ New NNP Jersey NNP home NN , , it PRP seemed VBD different JJ . . `` `` What WP a DT good JJ feeling NN it PRP would MD be VB for IN me PRP to TO do VB that DT , , '' '' he PRP says VBZ he PRP thought VBD . . When WRB the DT Engelken NNP family NN got VBD back RB from IN its PRP$ trip NN up RB north RB , , Mr. NNP Engelken NNP wrote VBD it PRP all DT down RP , , just RB to TO make VB sure JJ no DT detail NN was VBD missed VBN . . `` `` On IN the DT way NN home NN , , '' '' his PRP$ notes NNS recall VBP , , `` `` it PRP took VBD concentrated JJ effort NN to TO keep VB that DT car NN pointed VBD south RB . . My PRP$ mind NN was VBD miles NNS north RB at IN a DT place NN called VBD Coogan NNP 's POS Bluff NNP , , where WRB a DT real JJ sports NNS hero NN had VBD captured VBN the DT imagination NN of IN a DT kid NN who WP never RB fully RB grew VBD up RB and CC is VBZ all PDT the DT richer JJR for IN it PRP . . `` `` Take VB heart NN , , sports NNS fans NNS , , '' '' he PRP wrote VBD . . `` `` Real JJ heroes NNS exist VBP . . You PRP might MD not RB find VB one NN in IN the DT ` `` Jurisprudence NN ' '' column NN . . But CC who WP knows VBZ ? . You PRP might MD meet VB up RP with IN him PRP at IN that DT bank NN of IN telephone NN booths NNS just RB off IN Exit NN 10 CD of IN the DT New NNP Jersey NNP Turnpike NNP . . Southam NNP Inc. NNP said VBD its PRP$ unprofitable JJ weekly JJ newspaper NN , , The DT Financial NNP Times NNP of IN Canada NNP , , is VBZ up IN for IN sale NN . . Analysts NNS said VBD the DT announcement NN , , the DT latest JJS in IN a DT series NN of IN divestitures NNS and CC restructuring VBG moves NNS , , is VBZ aimed VBN at IN improving VBG Southam NNP 's POS earnings NNS before IN the DT expiration NN in IN June NNP of IN a DT standstill JJ pact NN with IN Torstar NNP Corp NNP . . When WRB that DT agreement NN expires VBZ , , Torstar NNP will MD be VB free JJ to TO increase VB its PRP$ 22.4 CD % NN stake NN in IN Southam NNP , , or CC to TO make VB an DT offer NN for IN the DT whole JJ company NN . . Descendants NNS of IN the DT Southam NNP family NN hold VBP an DT additional JJ 22.6 CD % NN stake NN in IN the DT Toronto-based JJ company NN , , Canada NNP 's POS largest JJS newspaper NN publisher NN . . The DT newspaper NN could MD fetch VB between IN 15 CD million CD and CC 20 CD million CD Canadian JJ dollars NNS ( ( US$ $ 12.8 CD million CD to TO $ $ 17.1 CD million CD ) ) , , said VBD one CD analyst NN , , who WP asked VBD not RB to TO be VB identified VBN . . A DT spokesman NN for IN Southam NN declined VBD to TO comment VB on IN the DT price NN the DT company NN is VBZ seeking VBG or CC on IN estimates NNS of IN the DT paper NN 's POS annual JJ losses NNS , , which WDT most JJS analysts NNS place VBP at IN between IN C$ $ 4 CD million CD and CC C$ $ 7 CD million CD . . Yesterday NN , , Southam NNP reported VBD third-quarter JJ earnings NNS of IN C$ $ 10.8 CD million CD on IN revenue NN of IN C$ $ 395.4 CD million CD , , down RB from IN C$ $ 14.6 CD million CD on IN revenue NN of IN C$ $ 389.6 CD million CD in IN the DT year-ago JJ quarter NN . . `` `` To TO be VB profitable JJ , , the DT paper NN requires VBZ more JJR circulation NN and CC building NN circulation NN is VBZ an DT expensive JJ undertaking NN , , '' '' said VBD John NNP Macfarlane NNP , , the DT paper NN 's POS publisher NN . . Southam NNP said VBD the DT level NN of IN future JJ investment NN required VBN by IN the DT paper NN would MD have VB restricted VBN its PRP$ options NNS in IN other JJ areas NNS . . The DT acquisition NN of IN the DT Financial NNP Times NNP of IN Canada NNP is VBZ `` `` well RB within IN reach NN for IN any DT number NN of IN media NNS companies NNS , , both DT public JJ and CC private JJ , , '' '' said VBD James NNP Cole NNP , , an DT analyst NN with IN Toronto-based JJ BBN NNP James NNP Capel NNP Inc NNP . . Possible JJ bidders NNS include VBP Christopher NNP Ondaatje NNP , , a DT Toronto NNP financier NN and CC vice NN chairman NN of IN Hees NNP International NNP Bancorp NNP Inc. NNP , , a DT holding VBG company NN controlled VBN by IN Toronto NNP 's POS Bronfman NNP family NN . . Mr. NNP Ondaatje NNP sold VBD his PRP$ stake NN in IN Pagurian NNP Corp. NNP to TO Hees NNP earlier RB this DT year NN and CC is VBZ said VBN to TO be VB seeking VBG a DT media NNS acquisition NN . . Mr. NNP Ondaatje NNP could MD n't RB be VB reached VBN for IN comment NN , , but CC Roy NNP Mac-Laren NNP , , chairman NN of IN CB NNP Media NNP , , a DT closely RB held JJ concern NN that WDT publishes VBZ two CD business NN magazines NNS , , said VBD his PRP$ company NN would MD take VB a DT close JJ look NN at IN the DT newspaper NN . . Mr. NNP Cole NNP said VBD the DT sale NN of IN the DT 77-year JJ Financial NNP Times NNPS , , which WDT Southam NNP has VBZ owned VBN since IN 1961 CD , , is VBZ consistent JJ with IN Southam NNP 's POS strategy NN of IN cutting VBG costs NNS to TO obtain VB maximum JJ profits NNS from IN its PRP$ operations NNS while IN disposing VBG of IN `` `` chronically RB under-performing JJ '' '' assets NNS . . Southam NNP agreed VBD to TO sell VB its PRP$ 47 CD % NN stake NN in IN Selkirk NNP Communications NNPS Ltd. NNP , , a DT broadcasting VBG concern NN , , to TO Maclean NNP Hunter NNP Ltd. NNP for IN about IN C$ $ 285 CD million CD last JJ year NN . . This DT year NN , , it PRP has VBZ moved VBN to TO cut VB costs NNS in IN its PRP$ newspaper NN division NN through IN layoffs NNS and CC asset NN sales NNS , , while IN reaching VBG joint JJ venture NN and CC acquisition NN agreements NNS in IN other JJ areas NNS . . The DT Financial NNP Times NNPS of IN Canada NNP has VBZ no DT links NN to TO the DT British JJ daily JJ newspaper NN , , The DT Financial NNP Times NNPS . . Norton NNP Co. NNP said VBD net JJ income NN for IN the DT third JJ quarter NN fell VBD 6 CD % NN to TO $ $ 20.6 CD million CD , , or CC 98 CD cents NNS a DT share NN , , from IN $ $ 22 CD million CD , , or CC $ $ 1.03 CD a DT share NN . . Operating NN profit NN for IN the DT abrasives NNS , , engineering NN materials NNS and CC petroleum NN services NNS concern NN was VBD $ $ 19.2 CD million CD , , or CC 91 CD cents NNS a DT share NN , , up RB 3 CD % NN from IN $ $ 18.7 CD million CD , , or CC 87 CD cents NNS a DT share NN . . The DT company NN had VBD a DT tax NN credit NN of IN $ $ 1.4 CD million CD . . In IN the DT year-earlier JJ quarter NN , , the DT tax NN credit NN was VBD $ $ 3.3 CD million CD . . Sales NNS rose VBD 8 CD % NN to TO $ $ 368.5 CD million CD from IN $ $ 340.7 CD million CD . . Operating NN profit NN in IN the DT company NN 's POS abrasives NNS segment NN rose VBD 16 CD % NN while IN operating NN profit NN in IN the DT engineering NN materials NNS segment NN rose VBD 2 CD % NN . . However RB , , the DT company NN 's POS petroleum NN services NNS segment NN , , while IN profitable JJ , , was VBD hurt VBN by IN high JJ financing NN costs NNS associated VBN with IN the DT company NN 's POS buy-out NN of IN a DT 50 CD % NN stake NN in IN Eastman NNP Christensen NNP Co. NNP from IN Texas NNP Eastern NNP Corp. NNP last JJ June NNP . . Norton NNP and CC Texas NNP Eastern NNP had VBD each DT held VBD a DT 50 CD % NN stake NN in IN Eastman NNP in IN a DT joint JJ venture NN . . Norton NN announced VBD earlier RB this DT month NN that IN it PRP was VBD exploring VBG the DT possible JJ sale NN of IN all DT or CC part NN of IN Eastman NNP Christensen NNP . . For IN the DT nine CD months NNS , , Norton NNP had VBD net NN of IN $ $ 81.2 CD million CD , , or CC $ $ 3.87 CD a DT share NN , , and CC a DT tax NN credit NN of IN $ $ 4.4 CD million CD . . In IN the DT year-earlier JJ period NN , , the DT company NN had VBD net NN of IN $ $ 77.2 CD million CD , , or CC $ $ 3.68 CD a DT share NN , , and CC a DT tax NN credit NN of IN $ $ 7.7 CD million CD . . Norton NNP had VBD operating NN profit NN of IN $ $ 76.8 CD million CD , , or CC $ $ 3.66 CD a DT share NN , , up RB 11 CD % NN from IN $ $ 69.5 CD million CD , , or CC $ $ 3.31 CD a DT share NN . . Sales NNS rose VBD 8 CD % NN to TO $ $ 1.15 CD billion CD from IN $ $ 1.06 CD billion CD . . Y.J. NNP Park NNP and CC her PRP$ family NN scrimped VBD for IN four CD years NNS to TO buy VB a DT tiny JJ apartment NN here RB , , but CC found VBD that IN the DT closer RBR they PRP got VBD to TO saving VBG the DT $ $ 40,000 CD they PRP originally RB needed VBD , , the DT more RBR the DT price NN rose VBD . . By IN this DT month NN , , it PRP had VBD more RBR than IN doubled VBN . . Now RB the DT 33-year-old JJ housewife NN , , whose WP$ husband NN earns VBZ a DT modest JJ salary NN as IN an DT assistant NN professor NN of IN economics NNS , , is VBZ saving VBG harder RBR than IN ever RB . . `` `` I PRP am VBP determined VBN to TO get VB an DT apartment NN in IN three CD years NNS , , '' '' she PRP says VBZ . . `` `` It PRP 's VBZ all DT I PRP think VBP about IN or CC talk VB about IN . . '' '' For IN the DT Parks NNPS and CC millions NNS of IN other JJ young JJ Koreans NNPS , , the DT long-cherished JJ dream NN of IN home NN ownership NN has VBZ become VBN a DT cruel JJ illusion NN . . For IN the DT government NN , , it PRP has VBZ become VBN a DT highly RB volatile JJ political JJ issue NN . . Last JJ May NNP , , a DT government NN panel NN released VBD a DT report NN on IN the DT extent NN and CC causes VBZ of IN the DT problem NN . . During IN the DT past JJ 15 CD years NNS , , the DT report NN showed VBD , , housing NN prices NNS increased VBD nearly RB fivefold RB . . The DT report NN laid VBD the DT blame NN on IN speculators NNS , , who WP it PRP said VBD had VBN pushed VBN land NN prices NNS up RP ninefold RB . . The DT panel NN found VBD that IN since IN 1987 CD , , real-estate NN prices NNS rose VBD nearly RB 50 CD % NN in IN a DT speculative JJ fever NN fueled VBN by IN economic JJ prosperity NN , , the DT 1988 CD Seoul NNP Olympics NNPS and CC the DT government NN 's POS pledge NN to TO rapidly RB develop VB Korea NNP 's POS southwest NN . . The DT result NN is VBZ that IN those DT rich JJ enough RB to TO own VB any DT real JJ estate NN at IN all DT have VBP boosted VBN their PRP$ holdings NNS substantially RB . . For IN those DT with IN no DT holdings NNS , , the DT prospects NNS of IN buying VBG a DT home NN are VBP ever RB slimmer JJR . . In IN 1987 CD , , a DT quarter NN of IN the DT population NN owned VBD 91 CD % NN of IN the DT nation NN 's POS 71,895 CD square JJ kilometers NNS of IN private JJ land NN , , the DT report NN said VBD , , and CC 10 CD % NN of IN the DT population NN owned VBD 65 CD % NN of IN the DT land NN devoted VBN to TO housing NN . . Meanwhile RB , , the DT government NN 's POS Land NNP Bureau NNP reports VBZ that IN only JJ about IN a DT third NN of IN Korean JJ families NNS own VBP their PRP$ own JJ homes NNS . . Rents NNS have VBP soared VBN along IN with IN house NN prices NNS . . Former JJ National NNP Assemblyman NNP Hong NNP Sa-Duk NNP , , now RB a DT radio NN commentator NN , , says VBZ the DT problem NN is VBZ intolerable JJ for IN many JJ people NNS . . `` `` I PRP 'm VBP afraid JJ of IN a DT popular JJ revolt NN if IN this DT situation NN is VBZ n't RB corrected VBN , , '' '' he PRP adds VBZ . . In IN fact NN , , during IN the DT past JJ three CD months NNS there RB have VBP been VBN several JJ demonstrations NNS at IN the DT office NN complex NN where WRB the DT Land NNP Bureau NNP is VBZ housed VBN , , and CC at IN the DT National NNP Assembly NNP , , demanding VBG the DT government NN put VBD a DT stop NN to TO real-estate NN speculation NN . . President NNP Roh NNP Tae NNP Woo NNP 's POS administration NN has VBZ been VBN studying VBG the DT real-estate NN crisis NN for IN the DT past JJ year NN with IN an DT eye NN to TO partial JJ land NN redistribution NN . . Last JJ week NN , , the DT government NN took VBD three CD bills NNS to TO the DT National NNP Assembly NNP . . The DT proposed JJ legislation NN is VBZ aimed VBN at IN rectifying VBG some DT of IN the DT inequities NNS in IN the DT current JJ land-ownership NN system NN . . Highlights NNS of IN the DT bills NNS , , as RB currently RB framed VBN , , are VBP : : -- : A DT restriction NN on IN the DT amount NN of IN real JJ estate NN one CD family NN can MD own VB , , to TO 660 CD square NN meters NNS in IN the DT nation NN 's POS six CD largest JJS cities NNS , , but CC more JJR in IN smaller JJR cities NNS and CC rural JJ areas NNS . . The DT government NN will MD penalize VB offenders NNS , , but CC wo MD n't RB confiscate VB property NN . . -- : A DT tax NN of IN between IN 3 CD % NN and CC 6 CD % NN on IN property NN holdings NNS that WDT exceed VBP the DT governmentset VBN ceiling NN . . -- : Taxes NNS of IN between IN 15 CD % NN and CC 50 CD % NN a DT year NN on IN `` `` excessive JJ '' '' profits NNS from IN the DT resale NN of IN property NN , , or CC the DT sale NN of IN idle JJ land NN to TO the DT government NN . . The DT government NN defines VBZ excessive JJ profits NNS as IN those DT above IN the DT average NN realized VBN for IN other JJ similar-sized JJ properties NNS in IN an DT area NN . . -- : Grace NN periods NNS ranging VBG from IN two CD to TO five CD years NNS before IN the DT full JJ scope NN of IN the DT penalties NNS takes VBZ effect NN . . The DT administration NN says VBZ the DT measures NNS would MD stem VB rampant JJ property NN speculation NN , , free VB more JJR land NN for IN the DT government NN 's POS ambitious JJ housing-construction NN program NN , , designed VBN to TO build VB two CD million CD apartments NNS by IN 1992 CD -- : and CC , , perhaps RB , , boost VB the DT popular JJ standing NN of IN President NNP Roh NNP . . But CC opposition NN legislators NNS and CC others NNS calling VBG for IN help NN for IN South NNP Korea NNP 's POS renters NNS say VBP the DT proposed VBN changes NNS do VBP n't RB go VB far RB enough RB to TO make VB it PRP possible JJ for IN ordinary JJ people NNS to TO buy VB a DT home NN . . Some DT want VBP lower JJR limits NNS on IN house NN sizes NNS ; : others NNS insist VBP on IN progressively RB higher JJR taxation NN for IN larger JJR homes NNS and CC lots NNS . . The DT Citizens NNPS Coalition NNP for IN Economic NNP Justice NNP , , a DT public-interest NN group NN leading VBG the DT charge NN for IN radical JJ reform NN , , wants VBZ restrictions NNS on IN landholdings NNS , , high JJ taxation NN of IN capital NN gains NNS , , and CC drastic RB revamping VBG of IN the DT value-assessment NN system NN on IN which WDT property NN taxes NNS are VBP based VBN . . But CC others NNS , , large JJ landowners NNS , , real-estate NN developers NNS and CC business NN leaders NNS , , say VBP the DT government NN 's POS proposals NNS are VBP intolerable JJ . . Led VBN by IN the DT Federation NNP of IN Korean NNP Industries NNPS , , the DT critics NNS are VBP lobbying VBG for IN the DT government NN to TO weaken VB its PRP$ proposed VBN restrictions NNS and CC penalties NNS . . Government NN officials NNS who WP are VBP urging VBG real-estate NN reforms NNS balk VBP at IN the DT arguments NNS of IN business NN leaders NNS and CC chafe VBP at IN their PRP$ pressure NN . . `` `` There EX is VBZ no DT violation NN of IN the DT capitalistic JJ principle NN of IN private JJ property NN in IN what WP we PRP are VBP doing VBG , , '' '' says VBZ Lee NNP Kyu NNP Hwang NNP , , director NN of IN the DT government NN 's POS Land NNP Bureau NNP , , which WDT drafted VBD the DT bills NNS . . But CC , , he PRP adds VBZ , , the DT constitution NN empowers VBZ the DT government NN to TO impose VB some DT controls NNS , , to TO mitigate VB the DT shortage NN of IN land NN . . The DT land NN available JJ for IN housing NN construction NN stands VBZ at IN about IN 46.2 CD square JJ meters NNS a DT person NN -- : 18 CD % NN lower JJR than IN in IN Taiwan NNP and CC only RB about IN half PDT that DT of IN Japan NNP . . Mr. NNP Lee NNP estimates VBZ that IN about IN 10,000 CD property NN speculators NNS are VBP operating VBG in IN South NNP Korea NNP . . The DT chief JJ culprits NNS , , he PRP says VBZ , , are VBP big JJ companies NNS and CC business NN groups NNS that WDT buy VBP huge JJ amounts NNS of IN land NN `` `` not RB for IN their PRP$ corporate JJ use NN , , but CC for IN resale NN at IN huge JJ profit NN . . '' '' One CD research NN institute NN calculated VBD that IN as RB much JJ as IN 67 CD % NN of IN corporate-owned JJ land NN is VBZ held VBN by IN 403 CD companies NNS -- : and CC that IN as RB little JJ as IN 1.5 CD % NN of IN that WDT is VBZ used VBN for IN business NN . . The DT government NN 's POS Office NNP of IN Bank NNP Supervision NNP and CC Examination NNP told VBD the DT National NNP Assembly NNP this DT month NN that IN in IN the DT first JJ half NN of IN 1989 CD , , the DT nation NN 's POS 30 CD largest JJS business NN groups NNS bought VBD real JJ estate NN valued VBN at IN $ $ 1.5 CD billion CD . . The DT Ministry NNP of IN Finance NNP , , as IN a DT result NN , , has VBZ proposed VBN a DT series NN of IN measures NNS that WDT would MD restrict VB business NN investment NN in IN real JJ estate NN even RB more RBR tightly RB than IN restrictions NNS aimed VBN at IN individuals NNS . . Under IN those DT measures NNS , , financial JJ institutions NNS would MD be VB restricted VBN from IN owning VBG any DT more JJR real JJ estate NN than IN they PRP need VBP for IN their PRP$ business NN operations NNS . . Banks NNS , , investment NN and CC credit NN firms NNS would MD be VB permitted VBN to TO own JJ land NN equivalent NN in IN value NN to TO 50 CD % NN of IN their PRP$ capital NN -- : currently RB the DT proportion NN is VBZ 75 CD % NN . . The DT maximum JJ allowable JJ property NN holdings NNS for IN insurance NN companies NNS would MD be VB reduced VBN to TO 10 CD % NN of IN their PRP$ total JJ asset NN value NN , , down RB from IN 15 CD % NN currently RB . . But CC Mrs. NNP Park NNP acknowledges VBZ that IN even RB if IN the DT policies NNS work VBP to TO slow VB or CC stop VB speculation NN , , apartment NN prices NNS are VBP unlikely JJ to TO go VB down RP . . At IN best RBS , , she PRP realizes VBZ , , they PRP will MD rise VB more RBR slowly RB -- : more RBR slowly RB , , she PRP hopes VBZ , , than IN her PRP$ family NN 's POS income NN . . CAMBREX NNP Corp. NNP , , Bayonne NNP , , N.J. NNP , , declared VBD its PRP$ initial JJ quarterly NN of IN five CD cents NNS a DT share NN , , payable JJ Dec. NNP 1 CD to TO stock VB of IN record NN Nov. NNP 10 CD . . The DT maker NN of IN specialty NN chemicals NNS has VBZ about IN 5.9 CD million CD shares NNS outstanding JJ . . The DT company NN said VBD the DT move NN recognizes VBZ its PRP$ strong JJ financial JJ position NN . . Although IN profits NNS were VBD `` `` squeezed VBN '' '' in IN 1989 CD , , mainly RB as IN a DT result NN of IN higher JJR raw-material NN costs NNS , , the DT company NN said VBD it PRP is VBZ confident JJ about IN future JJ earnings NNS and CC cash NN flow NN for IN 1990 CD and CC beyond IN . . In IN national JJ over-the-counter JJ trading NN yesterday NN , , Cambrex NNP shares NNS rose VBD 50 CD cents NNS to TO close VB at IN $ $ 13 CD a DT share NN . . The DT Justice NNP Department NNP said VBD it PRP is VBZ seeking VBG to TO join VB a DT private JJ lawsuit NN challenging VBG a DT Pittsburgh NNP suburb NN 's POS zoning VBG ordinance NN that WDT sharply RB restricts VBZ the DT locations NNS available JJ to TO group VB homes NNS for IN the DT handicapped NNS . . This DT would MD be VB the DT department NN 's POS first JJ suit NN challenging VBG a DT local JJ zoning VBG ordinance NN under IN 1988 CD amendments NNS to TO the DT Fair NNP Housing NNP Act NNP . . Under IN those DT amendments NNS , , which WDT took VBD effect NN in IN March NNP of IN this DT year NN , , the DT federal JJ government NN can MD intervene VB in IN private JJ housing-discrimination NN lawsuits NNS . . The DT ordinance NN , , in IN Moon NNP Township NNP , , prohibits VBZ locating VBG a DT group NN home NN for IN the DT handicapped NNS within IN a DT mile NN of IN another DT such JJ facility NN . . In IN papers NNS filed VBN with IN the DT federal JJ district NN court NN in IN Pittsburgh NNP , , the DT Justice NNP Department NNP alleged VBD that IN the DT ordinance NN , , by IN limiting VBG the DT number NN of IN group NN homes NNS that WDT can MD be VB established VBN in IN the DT township NN , , makes VBZ housing NN unavailable JJ on IN account NN of IN handicap NN . . The DT private JJ suit NN was VBD brought VBN by IN three CD mentally RB retarded JJ people NNS who WP live VBP in IN a DT group NN home NN in IN Moon NNP . . Greg NNP Smith NNP , , Moon NNP Township NNP manager NN , , said VBD the DT ordinance NN is VBZ intended VBN to TO prevent VB the DT concentration NN of IN group NN homes NNS for IN the DT mentally RB retarded JJ from IN changing VBG `` `` the DT character NN and CC flavor NN of IN the DT neighborhood NN . . '' '' He PRP said VBD the DT ordinance NN also RB will MD benefit VB the DT mentally RB retarded JJ . . `` `` Our PRP$ intent NN is VBZ to TO spread VB them PRP out RP '' '' to TO insure VB they PRP are VBP well RB integrated JJ into IN the DT community NN , , he PRP said VBD . . Energetic JJ and CC concrete JJ action NN has VBZ been VBN taken VBN in IN Colombia NNP during IN the DT past JJ 60 CD days NNS against IN the DT mafiosi NNS of IN the DT drug NN trade NN , , but CC it PRP has VBZ not RB been VBN sufficiently RB effective JJ , , because RB , , unfortunately RB , , it PRP came VBD too RB late JJ . . Ten CD years NNS ago RB , , the DT newspaper NN El NNP Espectador NNP , , of IN which WDT my PRP$ brother NN Guillermo NNP was VBD editor NN , , began VBD warning VBG of IN the DT rise NN of IN the DT drug NN mafias NNS and CC of IN their PRP$ leaders NNS ' POS aspirations NNS to TO control VB Colombian JJ politics NNS , , especially RB the DT Congress NNP . . Then RB , , when WRB it PRP would MD have VB been VBN easier JJR to TO resist VB them PRP , , nothing NN was VBD done VBN and CC my PRP$ brother NN was VBD murdered VBN by IN the DT drug NN mafias NNS three CD years NNS ago RB . . The DT most RBS ruthless JJ dictatorships NNS have VBP not RB censored VBN their PRP$ press NN more RBR brutally RB than IN the DT drug NN mafias NNS censor VBP Colombia NNP 's POS . . The DT censorship NN is VBZ enforced VBN through IN terrorism NN and CC assassination NN . . In IN the DT past JJ 10 CD years NNS about IN 50 CD journalists NNS have VBP been VBN silenced VBN forever RB , , murdered VBN . . Within IN the DT past JJ two CD months NNS a DT bomb NN exploded VBD in IN the DT offices NNS of IN the DT El NNP Espectador NNP in IN Bogota NNP , , destroying VBG a DT major JJ part NN of IN its PRP$ installations NNS and CC equipment NN . . And CC only RB last JJ week NN the DT newspaper NN Vanguardia NNP Liberal NNP in IN the DT city NN of IN Bucaramanga NNP was VBD bombed VBN , , and CC its PRP$ installations NNS destroyed VBN . . Journalists NNS and CC their PRP$ families NNS are VBP constantly RB threatened VBN as IN are VBP the DT newspaper NN distribution NN outlets NNS . . Distribution NN centers NNS are VBP bombed VBN , , and CC advertisers NNS are VBP intimidated VBN . . Censorship NN is VBZ imposed VBN by IN terrorism NN . . If IN the DT Colombian JJ media NNS accept VBP this DT new JJ and CC hideous JJ censorship NN there EX is VBZ little JJ doubt NN that IN the DT drug NN mafia NN 's POS terrorism NN someday RB will MD extend VB to TO all PDT the DT newspapers NNS published VBN in IN the DT free JJ world NN . . The DT solidarity NN of IN the DT uncensored JJ media NNS world-wide JJ against IN drug NN terrorism NN is VBZ the DT only JJ way NN press NN freedom NN can MD survive VB . . The DT American JJ people NNS and CC their PRP$ government NN also RB woke VBD up RB too RB late RB to TO the DT menace NN drugs NNS posed VBD to TO the DT moral JJ structure NN of IN their PRP$ country NN . . Even RB now RB , , the DT American JJ attack NN upon IN this DT tremendous JJ problem NN is VBZ timid JJ in IN relation NN to TO the DT magnitude NN of IN the DT threat NN . . I PRP can MD attest VB that IN a DT recent JJ Colombian JJ visitor NN to TO the DT U.S. NNP was VBD offered VBN drugs NNS three CD times NNS in IN the DT few JJ blocks NNS ' POS walk NN between IN Grand NNP Central NNP Terminal NNP and CC the DT Waldorf NNP Astoria NNP Hotel NNP in IN midtown JJ Manhattan NNP . . Colombia NNP alone RB -- : its PRP$ government NN , , its PRP$ people NNS , , its PRP$ newspapers NNS -- : does VBZ not RB have VB the DT capacity NN to TO fight VB this DT battle NN successfully RB . . All DT drug-consuming JJ countries NNS must MD jointly RB decide VB to TO combat VB and CC punish VB the DT consumers NNS and CC distributors NNS of IN drugs NNS . . The DT U.S. NNP , , as IN the DT major JJ drug NN consumer NN , , should MD lead VB this DT joint JJ effort NN . . Reduction NN , , if IN not RB the DT total JJ cessation NN , , of IN drug NN consumption NN is VBZ the DT requirement NN for IN victory NN . . Much RB is VBZ being VBG done VBN in IN Colombia NNP to TO fight VB the DT drug NN cartel NN mafia NN . . Luxurious JJ homes NNS and CC ranches NNS have VBP been VBN raided VBN by IN the DT military JJ authorities NNS , , and CC sophisticated JJ and CC powerful JJ communications NNS equipment NN have VBP been VBN seized VBN . . More JJR than IN 300 CD planes NNS and CC helicopters NNS have VBP been VBN impounded VBN at IN airports NNS , , and CC a DT large JJ number NN of IN vehicles NNS and CC launches NNS has VBZ been VBN confiscated VBN . . The DT military NN has VBZ also RB captured VBN enormous JJ arsenals NNS of IN powerful JJ and CC sophisticated JJ weapons NNS , , explosives NNS and CC other JJ war-like JJ materiel NN . . Much JJ has VBZ been VBN accomplished VBN and CC public JJ opinion NN decisively RB supports VBZ the DT government NN and CC the DT army NN -- : but CC , , on IN the DT other JJ hand NN , , none NN of IN the DT key JJ drug NN barons NNS have VBP been VBN captured VBN . . There EX has VBZ been VBN a DT lot NN of IN talk NN that IN a DT large JJ portion NN of IN the DT Colombian JJ economy NN is VBZ sustained VBN by IN the DT laundering NN of IN drug NN money NN . . In IN my PRP$ opinion NN , , this DT is VBZ not RB true JJ . . Laundered VBN drug NN money NN has VBZ served VBN only RB to TO increase VB , , unrealistically RB , , the DT price NN of IN real JJ estate NN , , creating VBG serious JJ problems NNS for IN low-income JJ people NNS who WP aspire VBP to TO own VB their PRP$ own JJ homes NNS . . Drug NN money NN has VBZ also RB gone VBN to TO buy VB expensive JJ cars NNS , , airplanes NNS , , launches NNS and CC nightclubs NNS where WRB drugs NNS are VBP consumed VBN . . But CC most RBS of IN the DT drug NN money NN is VBZ kept VBN in IN investments NNS and CC in IN financial JJ institutions NNS outside IN Colombia NNP . . In IN fact NN , , the DT cooperation NN of IN those DT financial JJ institutions NNS is VBZ essential JJ to TO the DT success NN of IN the DT drug NN battle NN . . What WP is VBZ of IN much RB more JJR importance NN to TO the DT Colombian JJ economy NN than IN the DT supposed VBN benefits NNS of IN laundered VBN drug NN money NN is VBZ higher JJR prices NNS for IN Colombia NNP 's POS legitimate JJ products NNS . . The DT price NN of IN coffee NN has VBZ gone VBN down RB almost RB 45 CD % NN since IN the DT beginning NN of IN the DT year NN , , to TO the DT lowest JJS level NN ( ( after IN inflation NN ) ) since IN the DT Great NNP Depression NNP . . Market NN conditions NNS point VBP to TO even VB lower JJR prices NNS next IN year NN . . The DT 27-year-old JJ coffee NN cartel NN had VBD to TO be VB formally RB dissolved VBN this DT summer NN . . As IN a DT result NN , , Colombia NNP will MD earn VB $ $ 500 CD million CD less JJR from IN its PRP$ coffee NN this DT year NN than IN last JJ . . Our PRP$ coffee NN growers NNS face VBP reductions NNS in IN their PRP$ income NN , , and CC this DT tempts VBZ them PRP to TO contemplate VB substituting VBG coca NN crops NNS for IN coffee NN . . U.S. NNP interests NNS occasionally RB try VBP to TO impose VB barriers NNS to TO the DT import NN of IN another DT important JJ Colombian JJ export NN -- : cut JJ flowers NNS -- : into IN the DT American JJ market NN . . A DT just JJ price NN and CC an DT open JJ market NN for IN what WP Colombian JJ produces VBZ and CC exports VBZ should MD be VB the DT policy NN of IN the DT U.S. NNP . . I PRP take VBP advantage NN of IN this DT opportunity NN given VBN to TO me PRP by IN The DT Wall NNP Street NNP Journal NNP to TO make VB a DT plea NN to TO the DT millions NNS of IN readers NNS of IN this DT newspaper NN , , to TO become VB soldiers NNS dedicated JJ to TO the DT fight NN against IN the DT use NN of IN drugs NNS . . Each DT gram NN of IN cocaine NN consumed VBN is VBZ a DT deadly JJ bullet NN against IN those DT in IN our PRP$ country NN and CC in IN the DT rest NN of IN the DT world NN who WP fight VBP this DT terrible JJ scourge NN . . A DT crusade NN of IN NO UH to TO the DT consumption NN of IN drugs NNS is VBZ imperative JJ . . Mr. NNP Cano NNP is VBZ president NN of IN El NNP Espectador NNP , , a DT newspaper NN founded VBN by IN his PRP$ grandfather NN . . It PRP has VBZ more JJR drug NN users NNS than IN Boston NNP has VBZ people NNS . . Thirty-four CD thousand CD of IN its PRP$ children NNS live VBP in IN foster JJ homes NNS , , while IN 50,000 CD residents NNS have VBP no DT homes NNS at IN all DT . . Its PRP$ tax NN base NN is VBZ shrinking VBG , , a DT $ $ 1 CD billion CD budget NN deficit NN looms VBZ , , and CC the DT city NN faces VBZ contract NN negotiations NNS with IN all DT major JJ municipal JJ unions NNS next IN year NN . . This DT is VBZ New NNP York NNP City NNP . . When WRB the DT dust NN and CC dirt NN settle VBP in IN an DT extra-nasty JJ mayoral JJ race NN , , the DT man NN most RBS likely JJ to TO gain VB custody NN of IN all PDT this DT is VBZ a DT career NN politician NN named VBN David NNP Dinkins NNP . . Running VBG the DT nation NN 's POS largest JJS and CC most RBS ornery JJ city NN may MD be VB no DT treat NN , , but CC at IN least JJS Mr. NNP Dinkins NNP knows VBZ what WP to TO expect VB from IN it PRP . . As IN the DT campaign NN hits VBZ the DT home NN stretch NN , , however RB , , voters NNS still RB have VBP very RB little JJ idea NN what WP they PRP can MD expect VB from IN him PRP . . After IN 25 CD years NNS in IN city NN politics NNS , , David NNP Dinkins NNP remains VBZ an DT enigma NN . . The DT soft-spoken JJ , , silver-haired JJ Manhattan NNP borough NN president NN -- : the DT first JJ black JJ man NN to TO win VB the DT Democratic JJ nomination NN for IN mayor NN here RB -- : does VBZ n't RB have VB a DT single JJ prominent JJ political JJ enemy NN . . While IN he PRP is VBZ widely RB described VBN as IN a DT man NN with IN deep JJ convictions NNS , , he PRP has VBZ few JJ major JJ political JJ programs NNS that IN he PRP can MD call VB his PRP$ own JJ . . Asked VBN about IN his PRP$ greatest JJS achievement NN in IN public JJ life NN , , he PRP first RB speaks VBZ about IN the DT quality NN of IN his PRP$ staff NN . . Now RB , , as IN election NN day NN nears VBZ , , even RB some DT supporters NNS wonder VBP what WP he PRP will MD do VB if IN he PRP wins VBZ the DT mayoralty NN on IN Nov. NNP 7 CD . . They PRP wonder VBP whether IN he PRP can MD be VB firm JJ with IN his PRP$ longtime JJ allies NNS , , including VBG union NN leaders NNS and CC political JJ cronies NNS who WP may MD seek VB a DT place NN at IN the DT trough NN . . They PRP wonder VBP whether IN he PRP has VBZ the DT economic JJ know-how NN to TO steer VB the DT city NN through IN a DT possible JJ fiscal JJ crisis NN , , and CC they PRP wonder VBP who WP will MD be VB advising VBG him PRP . . Will MD he PRP , , if IN he PRP wins VBZ , , be VB in IN the DT thrall NN of IN the DT most RBS liberal JJ of IN his PRP$ allies NNS , , who WP advocate VBP such JJ policies NNS as IN rent NN control NN for IN commercial JJ buildings NNS , , or CC will MD he PRP tilt VB toward IN the DT real-estate NN interests NNS that WDT have VBP funneled VBN money NN into IN his PRP$ campaign NN ? . After IN his PRP$ decisive JJ primary NN victory NN over IN Mayor NNP Edward NNP I. NN Koch NNP in IN September NNP , , Mr. NNP Dinkins NNP coasted VBD , , until IN recently RB , , on IN a DT quite-comfortable JJ lead NN over IN his PRP$ Republican JJ opponent NN , , Rudolph NNP Giuliani NNP , , the DT former JJ crime NN buster NN who WP has VBZ proved VBN a DT something NN of IN a DT bust NN as IN a DT candidate NN . . But CC Mr. NNP Dinkins NNP has VBZ stumbled VBN in IN the DT past JJ two CD weeks NNS over IN his PRP$ campaign NN 's POS payments NNS to TO a DT black JJ activist NN who WP is VBZ a DT convicted VBN kidnapper NN , , and CC over IN his PRP$ handling NN of IN a DT stock NN sale NN to TO his PRP$ son NN . . Polls NNS also RB have VBP recorded VBN some DT slippage NN in IN Mr. NNP Dinkins NNP 's POS support NN among IN Jewish JJ voters NNS , , and CC citywide JJ projections NNS now RB put VB his PRP$ lead NN at IN between IN four CD and CC 20 CD percentage NN points NNS . . In IN an DT interview NN with IN reporters NNS and CC editors NNS of IN The DT Wall NNP Street NNP Journal NNP , , Mr. NNP Dinkins NNP appears VBZ quite RB confident JJ of IN victory NN and CC of IN his PRP$ ability NN to TO handle VB the DT mayoralty NN . . `` `` A DT lot NN of IN people NNS think VBP I PRP will MD give VB away RP the DT store NN , , but CC I PRP can MD assure VB you PRP I PRP will MD not RB , , '' '' he PRP says VBZ . . `` `` I PRP am VBP aware JJ we PRP have VBP real JJ budgetary JJ problems NNS . . '' '' The DT city NN is VBZ full JJ of IN aging VBG bridges NNS , , water NN mains NNS and CC roadways NNS that WDT are VBP in IN need NN of IN billions NNS of IN dollars NNS worth JJ of IN repair NN . . Renewed VBN efforts NNS to TO fight VB drugs NNS and CC crime NN will MD be VB costly JJ . . But CC city NN officials NNS say VBP tax NN revenues NNS are VBP lagging JJ . . And CC after IN a DT decade NN of IN explosive JJ job NN growth NN on IN Wall NNP Street NNP , , a DT period NN of IN contraction NN is VBZ under IN way NN . . Mr. NNP Koch NNP already RB has VBZ announced VBN he PRP will MD drop VB 3,200 CD jobs NNS from IN the DT city NN payroll NN , , but CC that DT wo MD n't RB be VB enough RB . . New NNP York NNP State NNP Comptroller NNP Edward NNP Regan NNP predicts VBZ a DT $ $ 1.3 CD billion CD budget NN gap NN for IN the DT city NN 's POS next JJ fiscal JJ year NN , , a DT gap NN that WDT could MD grow VB if IN there EX is VBZ a DT recession NN . . If IN elected VBN , , Mr. NNP Dinkins NNP will MD probably RB have VB no DT choice NN but CC to TO raise VB taxes NNS on IN overburdened JJ businesses NNS or CC cut VB spending NN in IN already RB under-serviced JJ neighborhoods NNS . . `` `` He PRP is VBZ going VBG to TO face VB a DT mess NN , , '' '' says VBZ City NNP Council NNP President NNP Andrew NNP Stein NNP . . `` `` His PRP$ supporters NNS are VBP not RB venal JJ , , but CC their PRP$ solution NN to TO everything NN will MD be VB to TO spend VB more JJR money NN , , and CC he PRP wo MD n't RB have VB any DT money NN . . '' '' By RB and CC large RB , , Mr. NNP Dinkins NNP has VBZ finessed VBN the DT touchy JJ question NN of IN whose WP$ ox NN he PRP would MD gore VB . . Instead RB of IN focusing VBG on IN the DT financial JJ future NN , , Mr. NNP Dinkins NNP has VBZ sold VBN himself PRP as IN a DT unifier NN for IN a DT city NN recently RB touched VBN by IN racial JJ violence NN and CC as IN a DT soothing JJ antidote NN to TO 12 CD years NNS of IN commotion NN generated VBN by IN Mayor NNP Koch NNP . . `` `` The DT thing NN about IN the DT Dinkins NNP candidacy NN is VBZ that IN it PRP offers VBZ hope NN to TO a DT broad JJ range NN of IN people NNS , , '' '' says VBZ Meyer NNP Frucher NNP , , a DT real-estate NN executive NN and CC former JJ aide NN to TO Gov. NNP Mario NNP Cuomo NNP . . `` `` It PRP is VBZ a DT feel-good JJ candidacy NN . . '' '' No DT doubt NN , , Mr. NNP Dinkins NNP has VBZ been VBN a DT calming JJ influence NN . . He PRP is VBZ an DT avuncular JJ figure NN who WP remembers VBZ the DT birthdays NNS of IN colleagues NNS ' POS children NNS , , opens VBZ doors NNS for IN women NNS , , and CC almost RB never RB has VBZ a DT bad JJ word NN to TO say VB about IN anybody NN . . More RBR important JJ , , he PRP emerged VBD as IN a DT peacemaker NN last JJ summer NN after IN the DT Central NNP Park NNP rape NN of IN a DT white JJ jogger NN -- : in IN which WDT a DT group NN of IN Harlem NNP teens NNS was VBD charged VBN -- : and CC the DT racial JJ murder NN of IN a DT black JJ teen-ager NN in IN the DT white JJ Brooklyn NNP neighborhood NN of IN Bensonhurst NNP . . Rather RB than IN scaring VBG off RP white JJ voters NNS , , as IN many JJ predicted VBD he PRP would MD , , Mr. NNP Dinkins NNP attracted VBD many JJ whites NNS precisely RB because IN of IN his PRP$ reputation NN for IN having VBG a DT cool JJ head NN . . ( ( Keeping VBG cool JJ is VBZ a DT Dinkins NNP priority NN : : On IN humid JJ days NNS this DT summer NN , , he PRP was VBD known VBN to TO change VB his PRP$ double-breasted JJ suits NNS as RB many JJ as IN four CD times NNS a DT day NN . . ) ) But CC even RB in IN his PRP$ front-runner NN campaign NN , , he PRP has VBZ shown VBN signs NNS of IN the DT indecisiveness NN and CC confusion NN that IN some DT say VBP has VBZ plagued VBN his PRP$ tenure NN as IN Manhattan NNP borough NN president NN -- : and CC might MD hinder VB him PRP as IN mayor NN . . Over IN the DT last JJ few JJ weeks NNS , , he PRP has VBZ frittered VBN away RP roughly RB half NN of IN what WP was VBD once RB a DT 33-point JJ lead NN in IN the DT polls NNS over IN Mr. NNP Giuliani NNP . . A DT story NN about IN how WRB he PRP mishandled VBD the DT sale NN to TO his PRP$ son NN of IN his PRP$ stock NN in IN a DT media NNS company NN controlled VBN by IN his PRP$ political JJ patron NN Percy NNP Sutton NNP was VBD allowed VBN to TO fester VB a DT full JJ week NN before IN Mr. NNP Dinkins NNP faced VBD the DT media NNS . . He PRP has VBZ canceled VBN numerous JJ campaign NN appointments NNS and CC was VBD largely RB inaccessible JJ to TO the DT media NNS until IN the DT stock NN story NN broke VBD . . His PRP$ campaign NN was VBD caught VBN flat-footed RB amid IN allegations NNS it PRP paid VBD almost RB $ $ 10,000 CD for IN what WP it PRP said VBD was VBD a DT `` `` get-out-the-vote JJ '' '' effort NN by IN black JJ activist NN Sonny NNP Carson NNP , , a DT convicted VBN kidnapper NN who WP later RB said VBD publicly RB that IN he PRP is VBZ `` `` anti-white JJ . . '' '' Critics NNS have VBP said VBN the DT payment NN looked VBD like IN an DT attempt NN by IN the DT Dinkins NNP camp NN to TO get VB Mr. NNP Carson NNP to TO stop VB leading VBG confrontational JJ demonstrations NNS protesting VBG the DT Bensonhurst NNP murder NN -- : protests VBZ the DT campaign NN may MD have VB feared VBN could MD cause VB some DT white JJ voters NNS to TO turn VB from IN a DT black JJ candidate NN . . Mr. NNP Dinkins NNP also RB has VBZ failed VBN to TO allay VB Jewish JJ voters NNS ' POS fears NNS about IN his PRP$ association NN with IN the DT Rev. NNP Jesse NNP Jackson NNP , , despite IN the DT fact NN that IN few JJ local JJ non-Jewish JJ politicians NNS have VBP been VBN as RB vocal NN for IN Jewish JJ causes NNS in IN the DT past JJ 20 CD years NNS as IN Mr. NNP Dinkins NNP has VBZ . . These DT campaign NN problems NNS have VBP echoed VBN difficulties NNS Mr. NNP Dinkins NNP has VBZ run VBN into IN before RB . . A DT former JJ U.S. NNP Marine NNP , , Mr. NNP Dinkins NNP got VBD off RB to TO a DT quick JJ start NN in IN politics NNS , , joining VBG a DT local JJ Democratic JJ political JJ club NN in IN the DT 1950s NNS , , linking VBG up RP with IN black JJ urban JJ leaders NNS such JJ as IN Charles NNP Rangel NNP , , Basil NNP Paterson NNP and CC Mr. NNP Sutton NNP , , and CC getting VBG himself PRP elected VBN to TO the DT state NN assembly NN in IN 1965 CD . . But CC his PRP$ chance NN to TO become VB deputy JJ mayor NN under IN Mayor NNP Abraham NNP Beame NNP , , a DT plan NN boosted VBN by IN Mr. NNP Sutton NNP , , was VBD squandered VBN because RB of IN Mr. NNP Dinkins NNP 's POS failure NN -- : still RB largely RB unexplained JJ -- : to TO file VB income NN tax NN returns NNS for IN four CD years NNS running VBG . . `` `` I PRP always RB thought VBD of IN this DT as IN a DT thing NN that WDT could MD always RB be VB done VBN tomorrow NN , , '' '' he PRP said VBD at IN the DT time NN . . Later RB , , Mr. NNP Dinkins NNP became VBD more RBR deeply RB indebted JJ to TO Mr. NNP Sutton NNP and CC other JJ city NN pols NNS , , including VBG then-City JJ Council NNP President NNP Paul NNP O'Dwyer NNP , , when WRB they PRP helped VBD him PRP get VB appointed VBN city NN clerk NN , , a DT largely RB ceremonial JJ post NN responsible JJ for IN the DT city NN 's POS marriage NN bureau NN , , among IN other JJ things NNS . . ( ( Mr. NNP O'Dwyer NNP is VBZ now RB one CD of IN the DT lawyers NNS for IN Mr. NNP Sutton NNP 's POS media NNS company NN . . ) ) The DT debt NN rose VBD further RBR in IN 1977 CD when WRB Mr. NNP Sutton NNP resigned VBD his PRP$ position NN as IN Manhattan NNP borough NN president NN to TO run VB for IN mayor NN . . Mr. NNP Sutton NNP recalls VBZ : : `` `` When WRB I PRP left VBD , , I PRP sat VBD down RB with IN Charlie NNP { ( Rangel NNP } ) , , Basil NNP { ( Paterson NNP } ) and CC David NNP , , and CC David NNP said VBD , , ` `` Who WP will MD run VB for IN borough NN president NN ? . ' '' And CC I PRP said VBD , , ` `` You PRP will MD . . ' '' '' '' David NNP Garth NNP , , Mayor NNP Koch NNP 's POS longtime JJ media NNS adviser NN , , says VBZ of IN Mr. NNP Dinkins NNP , , `` `` He PRP really RB is VBZ the DT personification NN of IN the DT patronage NN system NN . . But CC the DT guy NN is VBZ so RB personally RB decent JJ , , people NNS tend VBP to TO forget VB that DT . . '' '' Mr. NNP Dinkins NNP lost VBD twice RB by IN wide JJ margins NNS before IN finally RB getting VBG elected VBN borough NN president NN in IN 1985 CD . . But CC by IN most JJS accounts NNS , , he PRP made VBD little RB of IN the DT post NN and CC was VBD best RBS known JJ among IN city NN politicians NNS for IN his PRP$ problems NNS making VBG up RP his PRP$ mind NN on IN matters NNS before IN the DT city NN 's POS Board NNP of IN Estimate NNP , , the DT body NN that WDT votes VBZ on IN crucial JJ budget NN and CC land-use NN matters NNS . . Colleagues NNS today NN recall VBP with IN some DT humor NN how WRB meetings NNS would MD crawl VB into IN the DT early JJ morning NN hours NNS as IN Mr. NNP Dinkins NNP would MD march VB his PRP$ staff NN out IN of IN board NN meetings NNS and CC into IN his PRP$ private JJ office NN to TO discuss VB , , en FW masse FW , , certain JJ controversial JJ proposals NNS . . `` `` He PRP taught VBD me PRP how WRB to TO drink VB herbal JJ tea NN instead RB of IN coffee NN at IN 3 CD a.m. RB , , I PRP 'll MD give VB him PRP that DT , , '' '' says VBZ Deputy NNP Mayor NNP Robert NNP Esnard NNP . . Often RB , , Mr. NNP Dinkins NNP 's POS procrastination NN prevented VBD him PRP from IN having VBG a DT say NN in IN the DT way NN things NNS turned VBD out RP , , critics NNS claim VBP . . On IN the DT campaign NN stump NN , , he PRP often RB points VBZ out RP that IN he PRP was VBD the DT only JJ Board NNP of IN Estimate NNP member NN to TO vote VB against IN a DT controversial JJ real-estate NN project NN at IN Manhattan NNP 's POS Columbus NNP Circle NNP . . But CC board NN members NNS say VBP he PRP took VBD so RB long JJ to TO decide VB how WRB to TO vote VB that IN by IN the DT time NN he PRP decided VBD , , it PRP was VBD too RB late JJ to TO try VB to TO draw VB other JJ members NNS to TO his PRP$ position NN . . Says VBZ one CD city NN official NN : : `` `` Everybody NN else RB had VBD brought VBN in RP the DT wagons NNS and CC made VBN their PRP$ deal NN . . He PRP would MD have VB got VBN a DT lot NN more JJR done VBN if IN he PRP made VBD up RP his PRP$ mind NN faster RBR . . '' '' One CD Board NN member NN , , Bronx NNP Borough NNP President NNP Ferdinand NNP Ferrer NNP , , was VBD said VBN to TO be VB so RB impatient JJ with IN Mr. NNP Dinkins NNP 's POS behavior NN at IN many JJ meetings NNS that IN he PRP withheld VBD his PRP$ support NN for IN Mr. NNP Dinkins NNP 's POS mayoral JJ effort NN until IN late JJ in IN the DT primary JJ campaign NN . . `` `` I PRP had VBD some DT problem NN from IN time NN to TO time NN on IN the DT length NN of IN time NN he PRP would MD take VB to TO make VB up RP his PRP$ mind NN , , '' '' Mr. NNP Ferrer NNP admits VBZ , , but CC he PRP maintains VBZ that IN he PRP did VBD n't RB delay VB his PRP$ support NN of IN Mr. NNP Dinkins NNP and CC that IN he PRP backs VBZ the DT Democratic JJ candidate NN enthusiastically RB . . Mr. NNP Dinkins NNP 's POS campaign NN manager NN and CC former JJ chief NN of IN staff NN , , Bill NNP Lynch NNP , , denies VBZ that IN the DT Manhattan NNP borough NN president NN has VBZ taken VBN too RB long JJ to TO decide VB important JJ issues NNS . . `` `` We PRP did VBD n't RB rubber-stamp VB everything NN that WDT came VBD to TO us PRP , , '' '' Mr. NNP Lynch NNP says VBZ . . On IN some DT occasions NNS when WRB Mr. NNP Dinkins NNP has VBZ discussed VBN the DT issues NNS during IN the DT campaign NN , , he PRP has VBZ run VBN into IN a DT familiar JJ kind NN of IN trouble NN . . Some DT supporters NNS were VBD stunned JJ this DT summer NN when WRB Mr. NNP Dinkins NNP suggested VBD weakening VBG the DT law NN forbidding VBG public JJ employees NNS to TO go VB on IN strike NN . . He PRP withdrew VBD the DT remark NN . . When WRB he PRP later RB sided VBD with IN striking JJ hospital NN workers NNS , , some DT allies NNS cringed VBD a DT little RB more RBR , , concerned JJ that IN Mr. NNP Dinkins NNP was VBD setting VBG the DT wrong JJ tone NN for IN coming VBG contract NN negotiations NNS with IN city NN employees NNS . . Then RB , , two CD days NNS before IN receiving VBG an DT endorsement NN from IN environmental JJ groups NNS , , Mr. NNP Dinkins NNP promised VBD he PRP would MD issue VB a DT three-year JJ moratorium NN on IN construction NN of IN garbage-incinerator NN plants NNS . . That DT announcement NN was VBD roundly RB criticized VBN by IN Mayor NNP Koch NNP -- : who WP has VBZ endorsed VBN Mr. NNP Dinkins NNP -- : because IN the DT city NN faces VBZ a DT garbage NN crisis NN and CC has VBZ already RB spent VBN $ $ 5 CD million CD planning NN for IN an DT incinerator NN that WDT would MD be VB scrapped VBN under IN Mr. NNP Dinkins NNP 's POS proposal NN . . While IN his PRP$ public JJ statements NNS have VBP at IN times NNS been VBN confusing VBG , , Mr. NNP Dinkins NNP 's POS position NN papers NNS have VBP more RBR consistently RB reflected VBN anti-development JJ sentiment NN . . He PRP favors VBZ a DT form NN of IN commercial JJ rent NN control NN , , which WDT the DT financial JJ community NN believes VBZ would MD make VB it PRP more RBR difficult JJ to TO attract VB investment NN in IN the DT city NN . . In IN the DT midst NN of IN a DT labor NN shortage NN , , he PRP proposes VBZ linking VBG city NN subsidies NNS to TO businesses NNS to TO their PRP$ record NN of IN hiring VBG New NNP York NNP City NNP residents NNS . . With IN an DT untrained JJ local JJ labor NN pool NN , , many JJ experts NNS believe VBP , , that DT policy NN could MD drive VB businesses NNS from IN the DT city NN . . And CC he PRP favors VBZ a DT more RBR cooperative JJ approach NN toward IN the DT neighboring VBG states NNS of IN New NNP Jersey NNP and CC Connecticut NNP in IN the DT battle NN over IN companies NNS thinking VBG of IN moving VBG employees NNS out IN of IN New NNP York NNP City NNP . . Many JJ economic-development NN officials NNS say VBP the DT Koch NNP administration NN 's POS aggressive JJ approach NN helped VBD save VB 5,000 CD Chase NNP Manhattan NNP Bank NNP jobs NNS from IN moving VBG across IN the DT Hudson NNP . . But CC Mr. NNP Dinkins NNP 's POS economic JJ planks NNS do VBP n't RB seem VB to TO bother VB the DT business NN community NN , , where WRB he PRP draws VBZ significant JJ support NN . . Steven NNP Spinola NNP , , president NN of IN the DT Real NNP Estate NNP Board NNP of IN New NNP York NNP , , an DT industry NN organization NN , , says VBZ Mr. NNP Dinkins NNP 's POS `` `` economic JJ development NN program NN is VBZ shortsighted JJ , , but CC when WRB it PRP comes VBZ down RB to TO it PRP , , he PRP can MD be VB reasonable JJ . . '' '' Mr. NNP Dinkins NNP 's POS inner JJ circle NN of IN advisers NNS appears VBZ to TO include VB both DT ideologues NNS and CC pragmatists NNS , , leaving VBG voters NNS with IN little JJ clue NN as IN to TO who WP will MD be VB more RBR influential JJ . . The DT key JJ man NN seems VBZ to TO be VB the DT campaign NN manager NN , , Mr. NNP Lynch NNP . . A DT disheveled JJ , , roly-poly JJ son NN of IN a DT Long NNP Island NNP potato NN farmer NN , , Mr. NNP Lynch NNP is VBZ a DT veteran JJ union NN organizer NN who WP worked VBD on IN the DT presidential JJ campaigns NNS of IN Sen. NNP Edward NNP Kennedy NNP and CC Mr. NNP Jackson NNP . . But CC as IN the DT Dinkins NNP campaign NN hit VBD tough JJ times NNS this DT month NN , , Andrew NNP Cuomo NNP , , the DT politically RB seasoned JJ son NN of IN the DT New NNP York NNP governor NN , , is VBZ also RB said VBN to TO have VB taken VBN a DT more RBR active JJ role NN on IN strategy NN . . Another DT close JJ ally NN is VBZ Ruth NNP Messinger NNP , , a DT Manhattan NNP city NN councilwoman NN , , some DT of IN whose WP$ programs NNS , , such JJ as IN commercial JJ rent NN control NN , , have VBP made VBN their PRP$ way NN into IN Mr. NNP Dinkins NNP 's POS position NN papers NNS . . If IN she PRP remains VBZ influential JJ with IN Mr. NNP Dinkins NNP , , as IN some DT suggest VBP she PRP will MD , , his PRP$ mayoralty NN may MD take VB on RP a DT more RBR anti-development JJ flavor NN . . But CC Lincoln NNP Center NNP President NNP Nathan NNP Leventhal NNP , , who WP would MD head VB a DT Dinkins NNP transition NN team NN , , is VBZ more RBR mainstream JJ , , as IN is VBZ real-estate NN executive NN Anthony NNP Gliedman NNP , , another DT insider NN . . Mr. NNP Dinkins NNP also RB has VBZ said VBN he PRP would MD receive VB economic JJ advice NN from IN a DT board NN that WDT would MD include VB American NNP Express NNP Co. NNP chairman NN James NNP D. NNP Robinson NNP III NNP , , investment NN banker NN Felix NNP Rohatyn NNP , , leveraged-buy-out NN specialist NN Reginald NNP Lewis NNP and CC attorney NN Joseph NNP Flom NNP . . Some DT business NN leaders NNS and CC others NNS also RB believe VB that IN Mr. NNP Dinkins NNP would MD place VB significant JJ responsibility NN in IN the DT hands NNS of IN a DT deputy JJ mayor NN with IN a DT strong JJ administrative JJ background NN . . Names NNS of IN possible JJ deputies NNS that WDT have VBP surfaced VBN include VBP former JJ mayoral JJ candidate NN Richard NNP Ravitch NNP , , former JJ schools NNS chancellor NN Frank NNP Macchiarola NNP and CC Messrs. NNPS Leventhal NNP and CC Gliedman NNP . . Then RB there EX are VBP Mr. NNP Dinkins NNP 's POS old-time JJ Harlem NNP colleagues NNS , , such JJ as IN U.S. NNP Rep. NNP Rangel NNP , , former JJ Deputy NNP Mayor NNP Paterson NNP and CC Mr. NNP Sutton NNP . . Having VBG attained VBN positions NNS of IN real JJ influence NN or CC wealth NN , , these DT men NNS constitute VBP the DT Old NNP Guard NNP of IN New NNP York NNP City NNP black JJ politics NNS ; : they PRP are VBP less RBR confrontational JJ than IN the DT younger JJR , , more RBR activist JJ black JJ political JJ community NN that WDT has VBZ been VBN based VBN largely RB in IN Brooklyn NNP . . ( ( Part NN of IN Mr. NNP Dinkins NNP 's POS strength NN is VBZ his PRP$ ability NN to TO win VB the DT support NN of IN both DT the DT Brooklyn NNP and CC Harlem NNP factions NNS . . ) ) `` `` We PRP know VBP there EX are VBP potholes NNS for IN the DT city NN out RB there RB , , '' '' says VBZ Mr. NNP Paterson NNP , , Mr. NNP Dinkins NNP 's POS former JJ law NN partner NN . . `` `` If IN any DT of IN us PRP think VBP we PRP 're VBP going VBG to TO sidetrack VB David NNP 's POS determination NN to TO be VB the DT best RBS possible JJ mayor NN because IN of IN his PRP$ obligations NNS to TO us PRP , , we PRP are VBP making VBG a DT sad JJ mistake NN . . '' '' Adds VBZ Ms. NNP Messinger NNP , , who WP is VBZ expected VBN to TO win VB the DT borough NN president NN 's POS job NN Mr. NNP Dinkins NNP is VBZ vacating VBG , , `` `` You PRP have VBP to TO remember VB David NNP is VBZ a DT pragmatist NN . . '' '' But CC Mr. NNP Dinkins NNP 's POS sense NN of IN pragmatism NN often RB comes VBZ across RB more RBR as IN an DT insider NN 's POS determination NN not RB to TO upset VB the DT political JJ apple NN cart NN . . He PRP is VBZ taken VBN aback RB in IN an DT interview NN when WRB asked VBD whether IN , , as IN mayor NN , , he PRP plans VBZ on IN reforming VBG the DT political JJ `` `` fiefdoms NNS '' '' that WDT perpetuate VBP the DT monumental JJ ineffectiveness NN of IN New NNP York NNP 's POS school NN system NN . . `` `` I PRP will MD sit VB down RB and CC talk VB some DT of IN the DT problems NNS out RP , , but CC take VB on RP the DT political JJ system NN ? . Uh-uh UH , , '' '' he PRP says VBZ with IN a DT shake NN of IN the DT head NN . . Despite IN many JJ doubts NNS about IN his PRP$ candidacy NN , , white JJ New NNPS Yorkers NNPS -- : who WP gave VBD Mr. NNP Dinkins NNP 30 CD % NN of IN their PRP$ votes NNS in IN the DT primary NN -- : are VBP n't RB expected VBN to TO desert VB in IN sufficient JJ numbers NNS to TO turn VB the DT election NN to TO Mr. NNP Giuliani NNP . . The DT former JJ U.S. NNP attorney NN , , who WP prosecuted VBD targets NNS ranging VBG from IN Mafia NNP dons NNS to TO Wall NNP Street NNP executives NNS , , has VBZ succeeded VBN in IN raising VBG questions NNS about IN Mr. NNP Dinkins NNP 's POS ethical JJ standards NNS , , but CC so RB far RB has VBZ failed VBN to TO generate VB excitement NN about IN his PRP$ own JJ candidacy NN . . As IN a DT Republican NNP in IN an DT overwhelmingly RB Democratic JJ city NN , , Mr. NNP Giuliani NNP has VBZ an DT inherent JJ handicap NN . . As IN a DT first-time JJ candidate NN , , he PRP has VBZ been VBN slow JJ to TO learn VB the DT nuances NNS of IN New NNP York NNP City NNP politicking NN . . Mr. NNP Giuliani NNP is VBZ finding VBG that IN Mr. NNP Dinkins NNP , , in IN his PRP$ many JJ years NNS in IN public JJ life NN , , has VBZ built VBN up RP considerable JJ good JJ will NN that WDT so RB far RB has VBZ led VBN many JJ voters NNS to TO overlook VB certain JJ failings NNS . . `` `` The DT bottom JJ line NN is VBZ that IN he PRP is VBZ a DT very RB genuine JJ and CC decent JJ guy NN , , '' '' says VBZ Malcolm NNP Hoenlein NNP , , a DT Jewish JJ community NN leader NN . . `` `` In IN the DT end NN , , I PRP think VBP David NNP will MD be VB judged VBN for IN being VBG David NNP . . Toni NNP Johnson NNP pulls VBZ a DT tape NN measure NN across IN the DT front NN of IN what WP was VBD once RB a DT stately JJ Victorian JJ home NN . . A DT deep JJ trench NN now RB runs VBZ along IN its PRP$ north NN wall NN , , exposed VBN when WRB the DT house NN lurched VBD two CD feet NNS off IN its PRP$ foundation NN during IN last JJ week NN 's POS earthquake NN . . A DT side NN porch NN was VBD ripped VBN away RB . . The DT chimney NN is VBZ a DT pile NN of IN bricks NNS on IN the DT front JJ lawn NN . . The DT remainder NN of IN the DT house NN leans VBZ precariously RB against IN a DT sturdy JJ oak NN tree NN . . The DT petite JJ , , 29-year-old JJ Ms. NNP Johnson NNP , , dressed VBN in IN jeans NNS and CC a DT sweatshirt NN as IN she PRP slogs VBZ through IN the DT steady JJ afternoon NN rain NN , , is VBZ a DT claims NNS adjuster NN with IN Aetna NNP Life NNP & CC Casualty NNP . . She PRP has VBZ been VBN on IN the DT move NN almost RB incessantly RB since IN last JJ Thursday NNP , , when WRB an DT army NN of IN adjusters NNS , , employed VBN by IN major JJ insurers NNS , , invaded VBD the DT San NNP Francisco NNP area NN to TO help VB policyholders NNS sift VB through IN the DT rubble NN and CC restore VB some DT order NN to TO their PRP$ lives NNS . . Equipped VBN with IN cellular JJ telephones NNS , , laptop NN computers NNS , , calculators NNS and CC a DT pack NN of IN blank JJ checks NNS , , they PRP parcel VBP out RP money NN so IN their PRP$ clients NNS can MD find VB temporary JJ living NN quarters NNS , , buy VB food NN , , replace VB lost VBN clothing NN , , repair VB broken JJ water NN heaters NNS , , and CC replaster VB walls NNS . . Some DT of IN the DT funds NNS will MD used VBN to TO demolish VB unstable JJ buildings NNS and CC clear VB sites NNS for IN future JJ construction NN . . Many JJ adjusters NNS are VBP authorized VBN to TO write VB checks NNS for IN amounts NNS up RB to TO $ $ 100,000 CD on IN the DT spot NN . . They PRP do VBP n't RB flinch VB at IN writing VBG them PRP . . `` `` That DT 's VBZ my PRP$ job NN -- : get VB { ( policyholders NNS } ) what WP they PRP 're VBP entitled VBN to TO , , '' '' says VBZ Bill NNP Schaeffer NNP , , a DT claims NNS supervisor NN who WP flew VBD in RB from IN Aetna NN 's POS Bridgeport NNP , , Conn. NNP , , office NN . . The DT Victorian JJ house NN that IN Ms. NNP Johnson NNP is VBZ inspecting VBG has VBZ been VBN deemed VBN unsafe JJ by IN town NN officials NNS . . But CC she PRP asks VBZ a DT workman NN toting VBG the DT bricks NNS from IN the DT lawn NN to TO give VB her PRP a DT boost NN through IN an DT open JJ first-floor NN window NN . . Once RB inside RB , , she PRP spends VBZ nearly RB four CD hours NNS measuring VBG and CC diagramming VBG each DT room NN in IN the DT 80-year-old JJ house NN , , gathering VBG enough JJ information NN to TO estimate VB what WP it PRP would MD cost VB to TO rebuild VB it PRP . . She PRP snaps VBZ photos NNS of IN the DT buckled JJ floors NNS and CC the DT plaster NN that WDT has VBZ fallen VBN away RB from IN the DT walls NNS . . While IN she PRP works VBZ inside RB , , a DT tenant NN returns VBZ with IN several JJ friends NNS to TO collect VB furniture NN and CC clothing NN . . One CD of IN the DT friends NNS sweeps VBZ broken JJ dishes NNS and CC shattered JJ glass NN from IN a DT countertop NN and CC starts VBZ to TO pack VB what WP can MD be VB salvaged VBN from IN the DT kitchen NN . . Others NNS grab VBP books NNS , , records NNS , , photo NN albums NNS , , sofas NNS and CC chairs NNS , , working VBG frantically RB in IN the DT fear NN that IN an DT aftershock NN will MD jolt VB the DT house NN again RB . . The DT owners NNS , , William NNP and CC Margie NNP Hammack NNP , , are VBP luckier JJR than IN many JJ others NNS . . A DT few JJ years NNS ago RB , , Mrs. NNP Hammack NNP insisted VBD on IN buying VBG earthquake NN insurance NN for IN this DT house NN , , which WDT had VBD been VBN converted VBN into IN apartments NNS . . Only RB about IN 20 CD % NN of IN California NNP home NN and CC business NN owners NNS carried VBD earthquake NN coverage NN . . The DT Hammacks NNP ' POS own JJ home NN , , also RB in IN Los NNP Gatos NNP , , suffered VBD comparatively RB minor JJ damage NN . . Ms. NNP Johnson NNP , , who WP works VBZ out IN of IN Aetna NNP 's POS office NN in IN Walnut NNP Creek NNP , , an DT East NNP Bay NNP suburb NN , , is VBZ awed JJ by IN the DT earthquake NN 's POS destructive JJ force NN . . `` `` It PRP really RB brings VBZ you PRP down RP to TO a DT human JJ level NN , , '' '' she PRP says VBZ . . `` `` It PRP 's VBZ hard JJ to TO accept VB all PDT the DT suffering NN people NNS are VBP going VBG through IN , , but CC you PRP have VBP to TO . . If IN you PRP do VBP n't RB , , you PRP ca MD n't RB do VB your PRP$ job NN . . '' '' For IN Aetna NNP and CC other JJ insurers NNS , , the DT San NNP Francisco NNP earthquake NN hit VBD when WRB resources NNS in IN the DT field NN already RB were VBD stretched VBN . . Most RBS companies NNS still RB are VBP trying VBG to TO sort VB through IN the DT wreckage NN caused VBN by IN Hurricane NNP Hugo NNP in IN the DT Carolinas NNPS last JJ month NN . . Aetna NNP , , which WDT has VBZ nearly RB 3,000 CD adjusters NNS , , had VBD deployed VBN about IN 750 CD of IN them PRP in IN Charlotte NNP , , Columbia NNP , , and CC Charleston NNP . . Adjusters NNS who WP had VBD been VBN working VBG on IN the DT East NNP Coast NNP say VBP the DT insurer NN will MD still RB be VB processing VBG claims NNS from IN that DT storm NN through IN December NNP . . It PRP could MD take VB six CD to TO nine CD months NNS to TO handle VB the DT earthquake-related JJ claims NNS . . When WRB the DT earthquake NN rocked VBD northern JJ California NNP last JJ week NN , , Aetna NNP senior JJ claims NNS executives NNS from IN the DT San NNP Francisco NNP area NN were VBD at IN the DT company NN 's POS Hartford NNP , , Conn. NNP , , headquarters NN for IN additional JJ training NN on IN how WRB to TO handle VB major JJ catastrophes NNS , , including VBG earthquakes NNS . . Since IN commercial JJ airline NN flights NNS were VBD disrupted VBN , , the DT company NN chartered VBD three CD planes NNS to TO fly VB these DT executives NNS back RB to TO the DT West NNP Coast NNP and CC bring VB along RB portable JJ computers NNS , , cellular JJ phones NNS and CC some DT claims NNS adjusters NNS . . Because IN of IN the DT difficulty NN of IN assessing VBG the DT damages NNS caused VBN by IN the DT earthquake NN , , Aetna NNP pulled VBD together RB a DT team NN of IN its PRP$ most RBS experienced JJ claims NNS adjusters NNS from IN around IN the DT country NN . . Even RB so RB , , few JJ had VBD ever RB dealt VBN with IN an DT earthquake NN . . Some DT adjusters NNS , , like IN Alan NNP Singer NNP of IN San NNP Diego NNP , , had VBD been VBN working VBG in IN Charleston NNP for IN nearly RB four CD weeks NNS . . He PRP returned VBD home RB last JJ Thursday NNP , , packed VBD a DT bag NN with IN fresh JJ clothes NNS and CC reported VBD for IN duty NN Friday NNP in IN Walnut NNP Creek NNP . . Offices NNS were VBD set VBN up RP in IN San NNP Francisco NNP and CC San NNP Jose NNP . . In IN a DT few JJ instances NNS , , Aetna NNP knew VBD it PRP would MD probably RB be VB shelling VBG out RP big JJ bucks NNS , , even RB before IN a DT client NN called VBD or CC faxed VBD in RP a DT claim NN . . For IN example NN , , officials NNS at IN Walnut NNP Creek NNP office NN learned VBD that IN the DT Amfac NNP Hotel NNP near IN the DT San NNP Francisco NNP airport NN , , which WDT is VBZ insured VBN by IN Aetna NNP , , was VBD badly RB damaged VBN when WRB they PRP saw VBD it PRP on IN network NN television NN news NN . . `` `` The DT secret NN to TO being VBG a DT good JJ adjuster NN is VBZ counting VBG , , '' '' says VBZ Gerardo NNP Rodriguez NNP , , an DT Aetna NNP adjuster NN from IN Santa NNP Ana NNP . . `` `` You PRP have VBP to TO count VB everything NN . . '' '' Adjusters NNS must MD count VB the DT number NN of IN bathrooms NNS , , balconies NNS , , fireplaces NNS , , chimneys NNS , , microwaves NNS and CC dishwashers NNS . . But CC they PRP must MD also RB assign VB a DT price NN to TO each DT of IN these DT items NNS as RB well RB as IN to TO floors NNS , , wallcoverings NNS , , roofing NN and CC siding NN , , to TO come VB up RB with IN a DT total JJ value NN for IN a DT house NN . . To TO do VB that DT , , they PRP must MD think VB in IN terms NNS of IN sheetrock NN by IN the DT square NN foot NN , , carpeting NN by IN the DT square NN yard NN , , wallpaper NN by IN the DT roll NN , , molding NN by IN the DT linear JJ foot NN . . Using VBG a DT calculator NN and CC a DT unit-price NN guide NN for IN such JJ jobs NNS as IN painting NN , , plumbing NN and CC roofing NN in IN each DT major JJ region NN of IN the DT country NN , , adjusters NNS can MD figure VB out RP the DT value NN of IN a DT home NN in IN today NN 's POS market NN and CC what WP it PRP would MD cost VB to TO rebuild VB it PRP . . Sometimes RB repairs NNS are VBP out IN of IN the DT question NN . . When WRB Aetna NNP adjuster NN Bill NNP Schaeffer NNP visited VBD a DT retired JJ couple NN in IN Oakland NN last JJ Thursday NNP , , he PRP found VBD them PRP living VBG in IN a DT mobile JJ home NN parked VBN in IN front NN of IN their PRP$ yard NN . . The DT house NN itself PRP , , located VBN about IN 50 CD yards NNS from IN the DT collapsed JJ section NN of IN double-decker JJ highway NN Interstate NNP 880 CD , , was VBD pushed VBN about IN four CD feet NNS off IN its PRP$ foundation NN and CC then RB collapsed VBD into IN its PRP$ basement NN . . The DT next JJ day NN , , Mr. NNP Schaeffer NNP presented VBD the DT couple NN with IN a DT check NN for IN $ $ 151,000 CD to TO help VB them PRP build VB a DT new JJ home NN in IN the DT same JJ neighborhood NN . . He PRP also RB is VBZ working VBG with IN a DT real-estate NN agent NN to TO help VB find VB them PRP an DT apartment NN to TO rent VB while IN their PRP$ home NN is VBZ being VBG built VBN . . Many JJ of IN the DT adjusters NNS employed VBN by IN Aetna NNP and CC other JJ insurers NNS have VBP some DT experience NN with IN construction NN work NN or CC carpentry NN . . But CC such JJ skills NNS were VBD alien JJ to TO Toni NNP Johnson NNP . . Four CD years NNS ago RB , , she PRP was VBD managing VBG a DT film-processing NN shop NN and CC was VBD totally RB bored JJ . . A DT friend NN mentioned VBD that IN she PRP might MD want VB to TO look VB into IN a DT position NN at IN Aetna NNP , , if IN she PRP was VBD interested JJ in IN a DT job NN that WDT would MD constantly RB challenge VB her PRP . . She PRP signed VBD up RB , , starting VBG as IN an DT `` `` inside JJ '' '' adjuster NN , , who WP settles VBZ minor JJ claims NNS and CC does VBZ a DT lot NN of IN work NN by IN phone NN . . A DT year NN later RB , , she PRP moved VBD to TO the DT commercial JJ property NN claims NNS division NN . . She PRP spent VBD a DT month NN at IN an DT Aetna NNP school NN in IN Gettysburg NNP , , Pa. NNP , , learning VBG all DT about IN the DT construction NN trade NN , , including VBG masonry NN , , plumbing NN and CC electrical JJ wiring NN . . That DT was VBD followed VBN by IN three CD months NNS at IN the DT Aetna NNP Institute NNP in IN Hartford NNP , , where WRB she PRP was VBD immersed VBN in IN learning VBG how WRB to TO read VB and CC interpret VB policies NNS . . Her PRP$ new JJ line NN of IN work NN has VBZ some DT perils NNS . . Recently RB , , a DT contractor NN saved VBD her PRP from IN falling VBG three CD stories NNS as IN she PRP investigated VBD what WP remained VBD of IN an DT old JJ Victorian JJ house NN torched VBN by IN an DT arsonist NN . . `` `` I PRP owe VBP that DT contractor NN . . I PRP really RB do VBP , , '' '' she PRP says VBZ . . As IN Ms. NNP Johnson NNP stands VBZ outside IN the DT Hammack NNP house NN after IN winding VBG up RP her PRP$ chores NNS there EX , , the DT house NN begins VBZ to TO creak VB and CC sway VB . . The DT ground NN shakes VBZ underneath IN her PRP . . It PRP is VBZ an DT aftershock NN , , one CD of IN about IN 2,000 CD since IN the DT earthquake NN , , and CC it PRP makes VBZ her PRP uneasy JJ . . The DT next JJ day NN , , as IN she PRP prepares VBZ a DT $ $ 10,000 CD check NN for IN the DT Hammacks NNPS , , which WDT will MD cover VB the DT cost NN of IN demolishing VBG the DT house NN and CC clearing VBG away RB the DT debris NN , , she PRP jumps VBZ at IN the DT slightest JJS noise NN . . On IN further JJ reflection NN , , she PRP admits VBZ that IN venturing VBG inside IN the DT Hammacks NNP ' POS house NN the DT previous JJ day NN was VBD n't RB `` `` such JJ a DT great JJ idea NN . . '' '' During IN her PRP$ second JJ meeting NN with IN the DT Hammacks NNPS , , Ms. NNP Johnson NNP reviews VBZ exactly RB what WP their PRP$ policy NN covers VBZ . . They PRP would MD like VB to TO retrieve VB some DT appliances NNS on IN the DT second JJ floor NN , , but CC wonder VBP if IN it PRP 's VBZ safe JJ to TO venture VB inside RB . . Ms. NNP Johnson NNP tells VBZ them PRP that IN , , if IN the DT appliances NNS ca MD n't RB be VB salvaged VBN , , their PRP$ policy NN covers VBZ the DT replacement NN cost NN . . Mr. NNP Hammack NNP is VBZ eager JJ to TO know VB what WP Aetna NNP will MD pay VB for IN the DT house NN , , which WDT has VBZ to TO come VB down RP . . `` `` When WRB will MD I PRP get VB that DT check NN for IN a DT million CD dollars NNS ? . '' '' he PRP jokes VBZ . . The DT adjuster NN had VBD n't RB completed VBN all PDT the DT calculations NNS , , but CC says VBZ : : `` `` We PRP 're VBP talking VBG policy NN limits NNS . . '' '' In IN this DT case NN , , that WDT 's VBZ about IN $ $ 250,000 CD . . It PRP suddenly RB dawns VBZ on IN Mr. NNP Hammack NNP that IN rebuilding VBG the DT house NN in IN Los NNP Gatos NNP , , an DT affluent JJ community NN in IN Santa NNP Clara NNP County NNP , , may MD cost VB more JJR than IN Aetna NNP 's POS policy NN will MD pay VB . . `` `` We PRP can MD lose VB money NN on IN this DT , , '' '' he PRP says VBZ . . `` `` And CC you PRP did VBD n't RB want VB me PRP to TO buy VB earthquake NN insurance NN , , '' '' says VBZ Mrs. NNP Hammack NNP , , reaching VBG across IN the DT table NN and CC gently RB tapping VBG his PRP$ hand NN . . Earthquake NN insurance NN costs VBZ about IN $ $ 2 CD to TO $ $ 4 CD annually RB for IN every DT $ $ 1,000 CD of IN value NN , , and CC high JJ deductibles NNS mean VBP it PRP generally RB pays VBZ only RB when WRB there EX is VBZ a DT catastrophe NN . . So RB , , many JJ Californians NNPS believe VBP they PRP can MD get VB by RP without IN it PRP . . Even RB Ms. NNP Johnson NNP herself PRP made VBD that DT assumption NN . . `` `` I PRP always RB knew VBD that IN the DT ` `` Big JJ One NN ' '' was VBD coming VBG , , but CC not RB during IN my PRP$ lifetime NN , , '' '' she PRP says VBZ . . Now RB she PRP says VBZ she PRP 's VBZ thinking VBG of IN contacting VBG her PRP$ own JJ insurance NN agent NN . . For IN Ms. NNP Johnson NNP , , dealing VBG with IN the DT earthquake NN has VBZ been VBN more JJR than IN just RB a DT work NN experience NN . . She PRP lives VBZ in IN Oakland NNP , , a DT community NN hit VBN hard RB by IN the DT earthquake NN . . She PRP did VBD n't RB have VB hot JJ water NN for IN five CD days NNS . . The DT apartment NN she PRP shares VBZ with IN a DT 12-year-old JJ daughter NN and CC her PRP$ sister NN was VBD rattled VBN , , books NNS and CC crystal NN hit VBD the DT floor NN , , but CC nothing NN was VBD severely RB damaged JJ . . Her PRP$ sister NN , , Cynthia NNP , , wishes VBZ Toni NNP had VBD a DT different JJ job NN . . `` `` We PRP worry VBP about IN her PRP out RB there RB , , '' '' Cynthia NNP says VBZ . . Last JJ Sunday NNP , , Ms. NNP Johnson NNP finally RB got VBD a DT chance NN to TO water VB her PRP$ plants NNS , , but CC stopped VBD abruptly RB . . `` `` I PRP realized VBD I PRP could MD n't RB waste VB this DT water NN when WRB there EX are VBP people NNS in IN Watsonville NNP who WP do VBP n't RB have VB fresh JJ water NN to TO drink VB . . '' '' She PRP has VBZ n't RB played VBN any DT music NN since IN the DT earthquake NN hit VB , , out IN of IN respect NN for IN those DT who WP died VBD on IN Interstate NNP 880 CD where WRB the DT roadway NN collapsed VBD . . The DT Federal NNP Communications NNPS Commission NNP allowed VBD American NNP Telephone NNP & CC Telegraph NNP Co. NNP to TO continue VB offering VBG discount NN phone NN services NNS for IN large-business JJ customers NNS and CC said VBD it PRP would MD soon RB re-examine VB its PRP$ regulation NN of IN the DT long-distance NN market NN . . The DT FCC NNP moves NNS were VBD good JJ news NN for IN AT&T NNP , , which WDT has VBZ been VBN striving VBG since IN the DT breakup NN of IN the DT phone NN system NN for IN greater JJR latitude NN in IN pricing NN and CC reduced JJ regulation NN . . Alfred NNP Sikes NNP , , the DT new JJ FCC NNP chairman NN , , championed VBD deregulation NN of IN AT&T NNP at IN his PRP$ last JJ job NN as IN head NN of IN a DT Commerce NNP Department NNP telecommunications NN agency NN . . But CC it PRP has VBZ been VBN an DT open JJ question NN whether IN Mr. NNP Sikes NNP , , an DT extraordinarily RB cautious JJ man NN , , would MD continue VB pushing VBG deregulation NN at IN the DT FCC NNP in IN the DT face NN of IN what WP is VBZ likely JJ to TO be VB great JJ political JJ pressure NN . . `` `` It PRP means VBZ that IN Sikes NNP is VBZ serious JJ about IN the DT deregulation NN of IN long JJ distance NN , , '' '' said VBD Jack NNP Grubman NNP , , a DT telecommunications NN analyst NN at IN PaineWebber NNP Inc. NNP , , who WP attended VBD the DT FCC NNP meeting NN . . `` `` All PDT the DT commissioners NNS were VBD in IN amazing JJ agreement NN { ( to TO re-examine VB regulation NN } ) for IN only RB having VBG been VBN together RB for IN a DT few JJ months NNS . . '' '' The DT FCC NNP took VBD three CD specific JJ actions NNS regarding VBG AT&T NNP . . By IN a DT 4-0 JJ vote NN , , it PRP allowed VBD AT&T NNP to TO continue VB offering VBG special JJ discount NN packages NNS to TO big JJ customers NNS , , called VBD Tariff NN 12 CD , , rejecting VBG appeals NNS by IN AT&T NNP competitors NNS that IN the DT discounts NNS were VBD illegal JJ . . Then RB by IN a DT separate JJ 4-0 JJ vote NN , , it PRP chose VBD the DT narrowest JJS possible JJ grounds NNS to TO strike VB down RP a DT different JJ discount NN plan NN , , called VB Tariff NN 15 VBN , , that IN AT&T NNP offered VBD to TO Holiday NNP Corp NNP . . AT&T NNP gave VBD a DT 5 CD % NN to TO 10 CD % NN discount NN to TO the DT Memphis NNP , , Tenn. NNP , , company NN that WDT oversees VBZ Holiday NNP Inns NNPS , , in IN response NN to TO a DT similar JJ discount NN offered VBD to TO Holiday NNP Corp. NNP by IN MCI NNP Communications NNPS Corp NNP . . The DT agency NN said VBD that IN because IN MCI NNP 's POS offer NN had VBD expired VBN AT&T NNP could MD n't RB continue VB to TO offer VB its PRP$ discount NN plan NN . . But CC the DT agency NN specifically RB did VBD n't RB rule VB whether IN AT&T NNP had VBD the DT right NN to TO match VB offers NNS by IN competitors NNS if IN that DT means VBZ giving VBG discounts NNS not RB generally RB available JJ to TO other JJ phone NN users NNS . . Indeed RB , , Joe NNP Nacchio NNP , , AT&T NNP 's POS vice NN president NN for IN business-communications NNS services NNS , , said VBD AT&T NNP offered VBD a DT similar JJ Tariff NN 15 CD discount NN to TO Resort NNP Condominium NNP International NNP , , of IN Indianapolis NNP , , to TO meet VB another DT MCI NNP bid NN . . The DT FCC NNP `` `` did VBD n't RB say VB I PRP could MD n't RB do VB it PRP again RB , , '' '' he PRP said VBD . . Apart RB from IN those DT two CD actions NNS , , Mr. NNP Sikes NNP and CC the DT three CD other JJ commissioners NNS said VBD they PRP expect VBP to TO re-examine VB how WRB AT&T NNP is VBZ regulated VBN since IN competition NN has VBZ increased VBN . . Richard NNP Firestone NNP , , chief NN of IN the DT FCC NNP 's POS common-carrier NN bureau NN , , said VBD he PRP expected VBD the DT agency NN to TO propose VB new JJ rules NNS next IN year NN . . AT&T NNP applauded VBD the DT FCC NNP 's POS actions NNS . . `` `` The DT time NN is VBZ long RB overdue JJ to TO take VB a DT look NN at IN the DT fierce JJ competition NN in IN the DT long-distance NN business NN and CC the DT rules NNS governing VBG it PRP , , '' '' the DT New NNP York NNP telecommunications NN firm NN said VBD in IN a DT statement NN . . But CC MCI NNP , , of IN Washington NNP , , was VBD displeased JJ with IN the DT FCC NNP decision NN concerning VBG Tariff NN 12 CD , , arguing VBG that IN `` `` AT&T NNP can MD not RB be VB allowed VBN to TO flaunt VB FCC NNP rules NNS . . '' '' United NNP Telecommunications NNP Inc. NNP 's POS US PRP Sprint NNP unit NN said VBD it PRP was VBD `` `` obviously RB disappointed JJ '' '' with IN the DT FCC NNP decision NN on IN Tariff NN 12 CD . . US PRP Sprint NNP said VBD was VBD it PRP will MD petition VB the DT FCC NNP decision NN in IN federal JJ court NN . . `` `` We PRP believe VBP that IN the DT court NN will MD find VB it PRP unlawful JJ , , '' '' said VBD a DT US PRP Sprint NNP spokesman NN . . Separately RB , , AT&T NNP filed VBD a DT countersuit NN against IN MCI NNP accusing VBG it PRP of IN misleading VBG consumers NNS through IN allegedly RB `` `` false JJ and CC deceptive JJ '' '' advertising NN . . The DT AT&T NNP action NN was VBD the DT most RBS recent JJ blow NN in IN a DT nasty JJ fight NN . . Earlier RBR this DT month NN , , MCI NNP sued VBD AT&T NNP in IN federal JJ district NN court NN , , claiming VBG that IN AT&T NNP 's POS ads NNS are VBP false JJ . . AT&T NNP assembled VBD three CD of IN its PRP$ top JJ executives NNS in IN Washington NNP , , all RB visibly RB angry JJ , , to TO try VB to TO refute VB MCI NNP 's POS charges NNS . . `` `` MCI NNP has VBZ made VBN hawks NNS out IN of IN the DT upper JJ echelon NN of IN AT&T NNP , , '' '' said VBD PaineWebber NNP 's POS Mr. NNP Grubman NNP , , who WP said VBD he PRP expected VBD AT&T NNP to TO become VB increasingly RB aggressive JJ in IN dealing VBG with IN its PRP$ longtime JJ nemesis NN . . Julie NNP Amparano NNP Lopez NNP in IN Philadelphia NNP also RB contributed VBD to TO this DT article NN . . Billions NNS of IN investors NNS ' POS dollars NNS are VBP pouring VBG out IN of IN the DT nation NN 's POS junk-bond NN mutual JJ funds NNS , , undermining VBG a DT pillar NN of IN support NN in IN the DT already RB reeling VBG junk NN market NN . . Last JJ week NN alone RB , , an DT eye-popping JJ $ $ 1.6 CD billion CD flowed VBD out RB of IN the DT junk NN funds NNS , , or CC nearly RB 5 CD % NN of IN their PRP$ total JJ assets NNS , , according VBG to TO estimates NNS by IN Dalbar NNP Financial NNP Services NNP Inc. NNP , , a DT Boston NNP research NN firm NN . . In IN the DT past JJ two CD months NNS the DT nation NN 's POS 88 CD junk NN funds NNS have VBP lost VBN a DT total NN of IN about IN $ $ 6 CD billion CD -- : more JJR than IN 15 CD % NN of IN assets NNS -- : through IN sales NNS or CC transfers NNS of IN junk-fund NN shares NNS , , Dalbar NNP says VBZ . . It PRP made VBD the DT estimates NNS based VBN on IN data NNS collected VBN from IN more JJR than IN a DT dozen NN big JJ junk NN funds NNS . . Interviews NNS with IN three CD major JJ fund NN groups NNS -- : Fidelity NNP Investments NNPS , , Vanguard NNP Group NNP Inc. NNP and CC T. NNP Rowe NNP Price NNP Associates NNPS Inc. NNP -- : confirm VBP the DT trend NN . . Their PRP$ junk NN funds NNS combined VBN have VBP had VBN net JJ outflows NNS totaling VBG nearly RB $ $ 500 CD million CD , , or CC about IN 13 CD % NN of IN their PRP$ junk NN fund NN assets NNS , , in IN the DT past JJ two CD months NNS . . Some DT fund NN managers NNS say VBP negative JJ publicity NN has VBZ exacerbated VBN investors NNS ' POS concern NN about IN recent JJ declines NNS in IN junk-bond NN prices NNS . . `` `` People NNS have VBP been VBN seeing VBG headline NN after IN headline NN after IN headline NN and CC saying VBG : : ` `` I PRP ca MD n't RB take VB it PRP anymore RB -- : I PRP 'm VBP getting VBG out RB , , ' '' '' '' says VBZ Kurt NNP Brouwer NNP of IN Brouwer NNP & CC Janachowski NNP , , a DT San NNP Francisco NNP investment NN adviser NN . . The DT withdrawals NNS could MD spell VB trouble NN for IN the DT $ $ 200 CD billion CD junk NN market NN . . If IN the DT heavy JJ outflows NNS continue VBP , , fund NN managers NNS will MD face VB increasing VBG pressure NN to TO sell VB off RP some DT of IN their PRP$ junk NN to TO pay VB departing VBG investors NNS in IN the DT weeks NNS ahead RB . . Such JJ selling NN could MD erode VB prices NNS of IN high-yield JJ junk NN bonds NNS , , already RB weakened VBN by IN a DT rash NN of IN corporate JJ credit NN problems NNS . . Mutual JJ fund NN groups NNS have VBP n't RB lost VBN control NN of IN much RB of IN the DT outgoing JJ money NN , , says VBZ Louis NNP Harvey NNP , , Dalbar NNP 's POS president NN . . Mutual JJ fund NN officials NNS say VBP that IN investors NNS have VBP transferred VBN most JJS of IN it PRP into IN their PRP$ money NN market NN accounts NNS , , and CC to TO a DT lesser JJR extent NN , , government-bond NN funds NNS . . So CC the DT impact NN on IN the DT $ $ 950 CD billion CD mutual JJ fund NN industry NN as IN a DT whole NN probably RB will MD be VB slight JJ . . But CC tremors NNS are VBP likely JJ in IN the DT junk-bond NN market NN , , which WDT has VBZ helped VBN to TO finance VB the DT takeover NN boom NN of IN recent JJ years NNS . . Mutual JJ funds NNS are VBP the DT among IN the DT largest JJS holders NNS of IN junk NN , , accounting VBG for IN more JJR than IN a DT quarter NN of IN the DT entire JJ high-yield JJ , , high-risk JJ market NN . . The DT 88 CD mutual JJ funds NNS investing VBG solely RB in IN junk NN bonds NNS hold VBP assets NNS of IN about IN $ $ 32 CD billion CD . . Other JJ funds NNS hold VBP a DT smattering NN of IN junk NN bonds NNS , , too RB . . The DT $ $ 1.5 CD billion CD Fidelity NNP High NNP Income NNP Fund NNP has VBZ had VBN a DT net JJ outflow NN of IN about IN $ $ 150 CD million CD in IN the DT past JJ two CD months NNS . . About IN $ $ 60 CD million CD streamed VBD out IN last JJ week NN alone RB , , double JJ the DT level NN of IN the DT week NN following VBG last JJ month NN 's POS Campeau NNP Corp. NNP credit NN squeeze NN . . About IN 98 CD % NN of IN the DT outflow NN was VBD transferred VBN to TO other JJ Fidelity NNP funds NNS , , says VBZ Neal NNP Litvack NNP , , a DT Fidelity NNP vice NN president NN , , marketing NN , , with IN most JJS going VBG into IN money NN market NN funds NNS . . `` `` You PRP get VBP a DT news NN item NN , , it PRP hits VBZ , , you PRP have VBP strong JJ redemptions NNS that IN day NN and CC for IN two CD days NNS following VBG -- : then RB go VBP back RB to TO normal JJ , , '' '' says VBZ Mr. NNP Litvack NNP . . The DT fund NN , , with IN a DT cash NN cushion NN of IN more JJR than IN 10 CD % NN , , has VBZ `` `` met VBN all PDT the DT redemptions NNS without IN having VBG to TO sell VB one CD thing NN , , '' '' Mr. NNP Litvack NNP says VBZ . . He PRP adds VBZ : : `` `` Our PRP$ fund NN has VBZ had VBN { ( positive JJ } ) net JJ sales NNS every DT month NN for IN the DT last JJ three CD years NNS -- : until IN this DT month NN . . '' '' Vanguard NNP 's POS $ $ 1 CD billion CD High NNP Yield NNP Bond NNP Portfolio NNP has VBZ seen VBN $ $ 161 CD million CD flow NN out RB since IN early JJ September NNP ; : $ $ 14 CD million CD of IN that DT seeped VBD out RB Friday NNP Oct. NNP 13 CD alone RB . . Still RB , , two-thirds NNS of IN the DT outflow NN has VBZ been VBN steered VBN into IN other JJ Vanguard NNP portfolios NNS , , says VBZ Brian NNP Mattes NNP , , a DT vice NN president NN . . The DT fund NN now RB holds VBZ a DT cash NN position NN of IN about IN 15 CD % NN . . At IN the DT $ $ 932 CD million CD T. NNP Rowe NNP Price NNP High NNP Yield NNP Fund NNP , , investors NNS yanked VBD out RP about IN $ $ 182 CD million CD in IN the DT past JJ two CD months NNS . . Those DT withdrawals NNS , , most JJS of IN which WDT were VBD transferred VBN to TO other JJ T. NNP Rowe NNP Price NNP funds NNS , , followed VBD little JJ change NN in IN the DT fund NN 's POS sales NNS picture NN this DT year NN through IN August NNP . . `` `` The DT last JJ two CD months NNS have VBP been VBN the DT whole JJ ball NN game NN , , '' '' says VBZ Steven NNP Norwitz NNP , , a DT vice NN president NN . . Junk-fund NN holders NNS have VBP barely RB broken VBN even RB this DT year NN , , as IN fat JJ interest NN payments NNS barely RB managed VBD to TO offset VB declining VBG prices NNS . . Through IN Oct. NNP 19 CD , , high-yield JJ funds NNS had VBD an DT average JJ 0.85 CD % NN total JJ return NN ( ( the DT price NN change NN plus CC dividends NNS on IN fund NN shares NNS ) ) , , according VBG to TO Lipper NNP Analytical NNP Services NNPS Inc NNP . . That DT 's VBZ even RB less JJR than IN the DT 4.35 CD % NN total JJ return NN of IN the DT Merrill NNP Lynch NNP High-Yield NNP Index NNP . . Fidelity NNP 's POS junk NN fund NN has VBZ fallen VBN 2.08 CD % NN this DT year NN through IN Oct. NNP 19 CD , , Lipper NNP says VBZ ; : the DT Vanguard NNP fund NN rose VBD 1.84 CD % NN ; : and CC the DT T. NNP Rowe NNP Price NNP fund NN edged VBD up RB 0.66 CD % NN . . People NNS who WP remain VBP in IN junk NN funds NNS now RB could MD get VB hit VB again RB , , some DT analysts NNS and CC fund NN specialists NNS say VBP . . Many JJ funds NNS in IN recent JJ weeks NNS and CC months NNS have VBP been VBN selling VBG their PRP$ highest-quality JJ junk NN issues NNS , , such JJ as IN RJR NNP Nabisco NNP , , to TO raise VB cash NN to TO meet VB expected JJ redemptions NNS . . Funds NNS might MD be VB forced VBN to TO accept VB lower JJR prices NNS if IN they PRP expand VBP their PRP$ selling NN to TO the DT securities NNS of IN less-creditworthy JJ borrowers NNS . . And CC then RB , , asset NN values NNS of IN the DT funds NNS could MD plunge VB more RBR than IN they PRP have VBP so RB far RB . . Says VBZ Michael NNP Hirsch NNP , , chief JJ investment NN officer NN of IN Republic NNP National NNP Bank NNP and CC manager NN of IN the DT FundTrust NNP Group NNP in IN New NNP York NNP : : `` `` It PRP 's VBZ a DT time NN bomb NN just RB waiting VBG to TO go VB off RP . . The DT surprise NN resignation NN yesterday NN of IN British NNP Chancellor NNP of IN the DT Exchequer NNP Nigel NNP Lawson NNP sent VBD sterling NN into IN a DT tailspin NN against IN the DT dollar NN by IN creating VBG uncertainties NNS about IN the DT direction NN of IN the DT British JJ economy NN . . The DT U.S. NNP unit NN also RB firmed VBN against IN other JJ currencies NNS on IN the DT back NN of IN sterling NN 's POS tumble NN , , as IN market NN participants NNS switched VBD out IN of IN pounds NNS . . The DT pound NN also RB dropped VBD precipitously RB against IN the DT mark NN , , falling VBG below IN the DT key JJ 2.90-mark JJ level NN to TO 2.8956 CD marks NNS from IN 2.9622 CD marks NNS late JJ Wednesday NNP . . Mr. NNP Lawson NNP 's POS resignation NN shocked VBD many JJ analysts NNS , , despite IN the DT recent JJ recurring VBG speculation NN of IN a DT rift NN between IN the DT chancellor NN and CC Prime NNP Minister NNP Margaret NNP Thatcher NNP . . Indeed RB , , only RB hours NNS earlier RB , , Mrs. NNP Thatcher NNP had VBD called VBN Mr. NNP Lawson NNP 's POS economic JJ policies NNS `` `` sound JJ '' '' and CC said VBD she PRP has VBZ `` `` always RB supported VBN '' '' him PRP . . `` `` There EX was VBD a DT general JJ feeling NN that IN we PRP 'd MD seen VBN the DT worst JJS , , '' '' said VBD Patrick NNP Foley NNP , , deputy NN chief JJ economic JJ adviser NN for IN Lloyds NNP Bank NNP in IN London NNP . . `` `` The DT resignation NN came VBD as IN a DT great JJ surprise NN . . '' '' Graham NNP Beale NNP , , manager NN of IN foreign-exchange NN operations NNS at IN Hong NNP Kong NNP & CC Shanghai NNP Banking NNP Corp. NNP in IN New NNP York NNP , , added VBD that IN Mrs. NNP Thatcher NNP 's POS comments NNS reinforced VBD the DT market NN 's POS growing VBG confidence NN about IN sterling NN and CC compounded VBD the DT unit NN 's POS later JJ decline NN . . `` `` The DT market NN was VBD caught VBN totally RB the DT wrong JJ way NN ... : . . Everyone NN was VBD extremely RB long JJ on IN sterling NN , , '' '' Mr. NNP Beale NNP said VBD . . In IN late JJ New NNP York NNP trading NN yesterday NN , , the DT dollar NN was VBD quoted VBN at IN 1.8400 CD marks NNS , , up RB from IN 1.8353 CD marks NNS late JJ Wednesday NNP , , and CC at IN 142.10 CD yen NNS , , up RB from IN 141.52 CD yen NNS late JJ Wednesday NNP . . Sterling NN was VBD quoted VBN at IN $ $ 1.5765 CD , , sharply RB down RB from IN $ $ 1.6145 CD late JJ Wednesday NNP . . In IN Tokyo NNP Friday NNP , , the DT U.S. NNP currency NN opened VBD for IN trading NN at IN 142.02 CD yen NNS , , up RB from IN Thursday NNP 's POS Tokyo NNP close NN of IN 141.90 CD yen NNS . . Few JJ analysts NNS had VBD much RB good JJ to TO say VB about IN the DT pound NN 's POS near-term JJ prospects NNS , , despite IN the DT fact NN that WDT most JJS do VBP n't RB anticipate VB a DT shift NN in IN Mrs. NNP Thatcher NNP 's POS economic JJ policies NNS . . Mr. NNP Foley NNP of IN Lloyds NNP noted VBD that IN Mr. NNP Lawson NNP 's POS replacement NN , , John NNP Major NNP , , the DT British JJ foreign JJ minister NN , , will MD take VB time NN to TO establish VB his PRP$ credibility NN and CC , , in IN the DT meantime NN , , sterling NN could MD trend VB downward RB in IN volatile JJ trade NN . . But CC Mr. NNP Foley NNP predicted VBD few JJ economic JJ policy NN changes NNS ahead RB , , commenting VBG that IN Mr. NNP Major NNP shares VBZ `` `` a DT very RB similar JJ view NN of IN the DT world NN '' '' with IN Mr. NNP Lawson NNP . . Bob NNP Chandross NNP , , chief JJ economist NN at IN Lloyds NNP Bank NNP in IN New NNP York NNP , , also RB noted VBD that IN the DT pound NN 's POS sharp JJ decline NN is VBZ pegged VBN more JJR to TO uncertainty NN in IN the DT market NN than IN a DT vision NN of IN altered JJ United NNP Kingdom NNP economic JJ policies NNS . . Unless IN Mr. NNP Lawson NNP 's POS resignation NN leads VBZ to TO a DT change NN in IN British JJ interest-rate NN policy NN -- : Mrs. NNP Thatcher NNP 's POS administration NN firmly RB supports VBZ high JJ interest NN rates NNS to TO keep VB inflation NN in IN check NN -- : or CC posturing VBG toward IN full JJ inclusion NN in IN the DT European JJ Monetary NNP System NNP 's POS exchange-rate NN mechanism NN , , Mr. NNP Lawson NNP 's POS withdrawal NN will MD have VB little JJ long-term JJ impact NN on IN exchange NN rates NNS , , Mr. NNP Chandross NNP concluded VBD . . Also RB announcing VBG his PRP$ resignation NN Thursday NNP was VBD Alan NNP Walters NNP , , Mrs. NNP Thatcher NNP 's POS economic JJ adviser NN and CC Mr. NNP Lawson NNP 's POS nemesis NN . . The DT pound NN , , which WDT had VBD been VBN trading VBG at IN about IN $ $ 1.6143 CD in IN New NNP York NNP prior RB to TO Mr. NNP Lawson NNP 's POS announcement NN , , sank VBD more JJR than IN two CD cents NNS to TO $ $ 1.5930 CD , , prompting VBG the DT Federal NNP Reserve NNP Bank NNP to TO buy VB pounds NNS for IN dollars NNS . . The DT Fed NNP 's POS move NN , , however RB , , only RB proved VBD a DT stopgap NN to TO the DT pound NN 's POS slide NN and CC the DT Fed NNP intervened VBD for IN a DT second JJ time NN at IN around IN $ $ 1.5825 CD , , according VBG to TO New NNP York NNP traders NNS . . Meanwhile RB , , dollar NN trading NN was VBD relatively RB uninspired JJ throughout IN the DT session NN , , according VBG to TO dealers NNS , , who WP noted VBD that IN Thursday NNP 's POS release NN of IN the DT preliminary JJ report NN on IN the DT U.S. NNP third-quarter JJ gross JJ national JJ product NN was VBD something NN of IN a DT nonevent NN . . U.S. NNP GNP NNP rose VBD at IN an DT annual JJ rate NN of IN 2.5 CD % NN in IN the DT third JJ quarter NN . . The DT implicit JJ price NN deflator NN , , a DT measure NN of IN inflation NN , , was VBD down RB to TO a DT 2.9 CD % NN annual JJ rate NN of IN increase NN in IN the DT quarter NN from IN a DT 4.6 CD % NN rate NN of IN gain NN in IN the DT second JJ quarter NN . . In IN Europe NNP , , the DT dollar NN ended VBD lower RBR in IN dull JJ trading NN . . The DT market NN closed VBD prior RB to TO Mr. NNP Lawson NNP 's POS announcement NN . . On IN the DT Commodity NNP Exchange NNP in IN New NNP York NNP , , gold NN for IN current JJ delivery NN rose VBD $ $ 3.40 CD to TO $ $ 372.50 CD an DT ounce NN in IN heavy JJ trading NN . . The DT close NN was VBD the DT highest JJS since IN August NNP 3 CD . . Estimated VBN volume NN was VBD five CD million CD ounces NNS . . In IN early RB trading NN in IN Hong NNP Kong NNP Friday NNP , , gold NN was VBD quoted VBN at IN $ $ 370.85 CD an DT ounce NN . . The DT following JJ issues NNS were VBD recently RB filed VBN with IN the DT Securities NNPS and CC Exchange NNP Commission NNP : : Anheuser-Busch NNP Cos. NNP , , shelf NN offering NN of IN $ $ 575 CD million CD of IN debt NN securities NNS . . Coca-Cola NNP Bottling NNP Co. NNP Consolidated NNP , , shelf NN offering NN of IN $ $ 200 CD million CD of IN debt NN securities NNS , , via IN Salomon NNP Brothers NNPS Inc. NNP and CC Goldman NNP , , Sachs NNP & CC Co NNP . . First NNP Brands NNPS Corp. NNP , , proposed VBN offering NN of IN 6,475,000 CD common JJ shares NNS , , of IN which WDT 1,475,000 CD common JJ shares NNS will MD be VB sold VBN by IN the DT company NN and CC five CD million CD shares NNS by IN holders NNS , , via IN First JJ Boston NNP Corp. NNP and CC Credit NNP Suisse NNP First NNP Boston NNP Ltd NNP . . Home NNP Nutritional NNP Services NNPS Inc. NNP , , a DT wholly RB owned JJ subsidiary NN of IN Healthdyne NNP Inc. NNP , , proposed VBD initial JJ offering NN of IN four CD million CD common JJ shares NNS , , of IN which WDT 1.8 CD million CD will MD be VB sold VBN by IN Home NNP Nutritional NNP Services NNPS and CC 2.2 CD million CD will MD be VB sold VBN by IN Healthdyne NNP , , via IN Smith NNP Barney NNP , , Harris NNP Upham NNP & CC Co NNP . . Parametric NNP Technology NNP Corp. NNP , , initial JJ public JJ offering NN of IN 1.7 CD million CD common JJ shares NNS , , of IN which WDT 1,365,226 CD will MD be VB offered VBN by IN the DT company NN and CC 334,774 CD will MD be VB offered VBN by IN holders NNS , , via IN Alex NNP . . Brown NNP & CC Sons NNPS Inc. NNP , , Hambrecht NNP & CC Quist NNP Inc. NNP and CC Wessels NNP , , Arnold NNP & CC Henderson NNP . . SynOptics NNPS Communications NNPS Inc. NNP , , proposed VBD public JJ offering NN of IN 1.5 CD million CD common JJ shares NNS , , of IN which WDT 1,003,884 CD shares NNS are VBP to TO be VB sold VBN by IN the DT company NN and CC 496,116 CD shares NNS are VBP to TO be VB sold VBN by IN holders NNS , , via IN Morgan NNP Stanley NNP & CC Co. NNP and CC Hambrecht NNP & CC Quist NNP . . On IN an DT office NN wall NN of IN the DT Senate NNP intelligence NN committee NN hangs VBZ a DT quote NN from IN Chairman NNP David NNP Boren NNP , , `` `` Do VBP n't RB hold VB your PRP$ ticket NN 'til IN the DT show NN 's VBZ over RP . . '' '' He PRP once RB used VBD that DT line NN in IN a DT closed-door JJ meeting NN on IN Panama NNP , , meaning NN do VBP n't RB shrink VB from IN taking VBG action NN against IN Manuel NNP Noriega NNP . . So RB how WRB did VBD a DT good JJ senator NN like IN this DT end NN up RB approving VBG a DT policy NN that WDT required VBD the DT U.S. NNP to TO warn VB Mr. NNP Noriega NNP of IN any DT coup NN plot NN against IN him PRP ? . `` `` I PRP agree VBP , , it PRP 's VBZ ridiculous JJ , , '' '' says VBZ Mr. NNP Boren NNP , , and CC indeed RB by IN now RB ridiculous JJ may MD be VB the DT only JJ way NN to TO describe VB how WRB the DT U.S. NNP decides VBZ to TO take VB -- : or CC rather RB , , not RB to TO take VB -- : covert JJ action NN . . George NNP Bush NNP disclosed VBD the DT policy NN last JJ week NN by IN reading VBG it PRP to TO GOP NNP senators NNS , , perhaps RB as IN a DT way NN of IN shifting VBG blame NN for IN the DT Panama NNP fiasco NN to TO Congress NNP . . But CC the DT broader JJR truth NN is VBZ more RBR complicated JJ -- : and CC dismaying JJ . . The DT policy NN was VBD contained VBN in IN an DT exchange NN of IN letters NNS last JJ October NNP between IN the DT Senate NNP intelligence NN committee NN and CC the DT CIA NNP and CC National NNP Security NNP Council NNP . . Staff NN lawyers NNS for IN both DT sides NNS were VBD busy JJ agreeing VBG with IN one NN another DT about IN what WP the DT U.S. NNP could MD not RB do VB to TO oust VB the DT Panamanian JJ thug NN . . They PRP simply RB got VBD carried VBN away RB with IN interpreting VBG what WP the DT executive NN order NN banning VBG assassinations NNS really RB meant VBN . . Mr. NNP Boren NNP himself PRP did VBD n't RB discover VB the DT warn-your-enemy JJ nuance NN until IN Mr. NNP Bush NNP told VBD him PRP privately RB at IN the DT White NNP House NNP last JJ week NN . . It PRP 's VBZ ironic JJ that IN David NNP Boren NNP should MD be VB in IN the DT center NN of IN this DT mire NN . . A DT former JJ Oklahoma NNP governor NN , , he PRP 's VBZ a DT thoughtful JJ defender NN of IN presidential JJ powers NNS in IN foreign JJ policy NN . . He PRP 's VBZ a DT rare JJ Democratic JJ hawk NN . . He PRP 's VBZ the DT senator NN most JJS like IN Arthur NNP Vandenberg NNP , , the DT GOP NNP senator NN from IN Michigan NNP who WP worked VBD to TO forge VB a DT bipartisan JJ foreign JJ policy NN in IN the DT 1940s NNS . . `` `` Vandenberg NNP and CC Rayburn NNP are VBP heroes NNS of IN mine NN , , '' '' Mr. NNP Boren NNP says VBZ , , referring VBG as RB well RB to TO Sam NNP Rayburn NNP , , the DT Democratic JJ House NNP speaker NN who WP cooperated VBD with IN President NNP Eisenhower NNP . . `` `` They PRP allowed VBD this DT country NN to TO be VB credible JJ . . I PRP really RB want VBP to TO see VB that DT happen VB again RB . . '' '' If IN this DT were VBD 1949 CD , , Mr. NNP Boren NNP might MD even RB succeed VB . . But CC in IN 1989 CD most JJS senators NNS have VBP other JJ ideas NNS . . Last JJ July NNP , , his PRP$ committee NN rejected VBD a DT Reagan NNP administration NN plan NN to TO support VB a DT coup NN in IN Panama NNP . . Ohio NNP Democrat NNP Howard NNP Metzenbaum NNP refused VBD to TO support VB any DT plan NN that WDT might MD get VB people NNS hurt JJ , , a DT charming JJ notion NN for IN a DT great JJ power NN . . Maine NNP Republican NNP William NNP Cohen NNP said VBD the DT plan NN might MD violate VB the DT assassination NN ban NN . . So RB the DT administration NN dropped VBD it PRP . . By IN October NNP , , when WRB the DT committee NN rejected VBD a DT much RB more RBR modest JJ covert JJ proposal NN , , even RB the DT administration NN was VBD agreeing VBG little JJ should MD be VB done VBN . . Mr. NNP Boren NNP does VBZ n't RB think VB all PDT this DT influenced VBD the DT failed VBN coup NN this DT month NN , , but CC he PRP does VBZ concede VB that IN Congress NNP has VBZ made VBN mistakes NNS . . `` `` In IN the DT aftermath NN of IN Vietnam NNP , , in IN the DT aftermath NN of IN Iran-Contra NNP , , I PRP can MD understand VB some DT people NNS might MD think VB that IN if IN they PRP plan VBP a DT coup NN , , they PRP have VBP to TO bring VB their PRP$ lawyers NNS , , '' '' he PRP says VBZ . . But CC even RB Mr. NNP Boren NNP defends VBZ congressional JJ oversight NN . . Writing VBG in IN the DT Harvard NNP International NNP Review NNP , , he PRP says VBZ that IN his PRP$ committee NN approves VBZ covert JJ operations NNS only RB when WRB there EX 's VBZ a DT `` `` consensus NN . . '' '' So RB what WP does VBZ consensus NN mean VB ? . `` `` It PRP does VBZ n't RB mean VB unanimous JJ , , '' '' he PRP insists VBZ , , though IN he PRP implies VBZ it PRP means VBZ a DT bipartisan JJ majority NN . . `` `` The DT sustainability NN of IN U.S. NNP foreign JJ policy NN is VBZ essential JJ , , '' '' he PRP explains VBZ . . `` `` Why WRB was VBD containment NN so RB successful JJ ? . Because IN it PRP had VBD bipartisan JJ support NN . . '' '' Mr. NNP Boren NNP is VBZ confusing VBG consensus NN on IN general JJ principles NNS with IN agreement NN on IN specific JJ actions NNS . . Elliott NNP Abrams NNP , , a DT veteran NN of IN intelligence NN committee NN debates NNS , , doubts NNS that WDT even RB Grenada NNP or CC the DT Libyan JJ raid NN would MD have VB taken VBN place NN if IN `` `` consensus NN '' '' had VBD been VBN required VBN . . Vandenberg NNP and CC Rayburn NNP were VBD wise JJ enough RB to TO leave VB specific JJ operations NNS to TO presidents NNS ; : modern JJ senators NNS , , Mr. NNP Boren NNP notwithstanding IN , , are VBP less RBR modest JJ . . The DT result NN is VBZ that IN the DT Senate NNP committee NN has VBZ what WP amounts VBZ to TO veto NN power NN over IN every DT covert JJ action NN . . `` `` I PRP would MD n't RB say VB it PRP 's VBZ quite RB a DT veto NN , , '' '' Mr. NNP Boren NNP demurs VBZ . . But CC would MD n't RB a DT president NN who WP acted VBD despite IN Senate NNP objections NNS be VB taking VBG grave JJ political JJ risks NNS ? . `` `` He PRP would MD , , '' '' agrees VBZ the DT chairman NN . . `` `` But CC that DT is VBZ something NN the DT president NN ought MD to TO know VB before IN he PRP goes VBZ ahead RB . . '' '' Mr. NNP Boren NNP even RB spies VBZ a DT silver JJ lining NN . . He PRP figures VBZ the DT episode NN will MD help VB `` `` clarify VB any DT ambiguities NNS '' '' between IN the DT committee NN and CC administration NN . . He PRP points VBZ to TO a DT letter NN on IN his PRP$ desk NN , , his PRP$ second JJ in IN a DT week NN from IN President NNP Bush NNP , , saying VBG that IN they PRP `` `` do VBP n't RB disagree VB . . '' '' More RBR broadly RB , , Mr. NNP Boren NNP hopes VBZ that IN Panama NNP will MD shock VB Washington NNP out IN of IN its PRP$ fear NN of IN using VBG military JJ power NN . . `` `` Maybe RB this DT will MD jolt VB us PRP out IN of IN the DT post-Vietnam JJ syndrome NN that IN we PRP never RB are VBP prepared JJ to TO use VB force NN , , '' '' he PRP says VBZ . . Maybe RB -- : if IN every DT senator NN shared VBD the DT principles NNS of IN Mr. NNP Boren NNP . . But CC it PRP 's VBZ just RB as RB plausible JJ to TO argue VB that IN if IN even RB David NNP Boren NNP can MD get VB mired VBN in IN this DT sort NN of IN mess NN , , the DT problem NN goes VBZ beyond IN legal JJ interpretation NN . . Maybe RB the DT problem NN is VBZ a DT political JJ system NN that WDT wo MD n't RB act VB without IN an DT `` `` exchange NN of IN letters NNS , , '' '' that WDT insists VBZ on IN running VBG foreign JJ policy NN by IN committee NN , , that WDT treats VBZ a DT president NN as RB just RB another DT guy NN at IN the DT table NN . . The DT reply NN of IN the DT Metzenbaums NNPS and CC Cohens NNPS is VBZ that IN we PRP ca MD n't RB abolish VB these DT oversight NN committees NNS because IN we PRP 've VBP seen VBN too RB many JJ abuses NNS of IN executive NN power NN . . But CC Panama NNP illustrates VBZ that IN their PRP$ substitute NN is VBZ a DT system NN that WDT produces VBZ an DT absurd JJ gridlock NN . . The DT lawyers NNS are VBP now RB in IN charge NN of IN our PRP$ national JJ security NN . . In IN Panama NNP , , the DT U.S. NNP interests NNS at IN stake NN were VBD happily RB minor JJ ; : the DT only JJ people NNS killed VBN were VBD foreigners NNS hapless JJ enough RB to TO trust VB American JJ will NN . . Americans NNPS may MD not RB be VB so RB lucky JJ the DT next JJ time NN . . I PRP was VBD impressed JJ by IN the DT perceptiveness NN of IN your PRP$ Sept. NNP 12 CD story NN `` `` Rural JJ Enterprise NN : : Tough JJ Row NNP To TO Hoe VB . . '' '' We PRP lived VBD in IN rural JJ areas NNS many JJ years NNS , , but CC now RB live VBP in IN St. NNP Louis NNP County NNP , , Mo NNP . . This DT morning NN as IN I PRP drove VBD the DT 13 CD miles NNS to TO my PRP$ law NN office NN and CC endured VBD the DT routine JJ heavy JJ traffic NN during IN that DT twice-daily JJ journey NN , , I PRP thought VBD of IN how WRB fortunate JJ it PRP was VBD that IN we PRP made VBD the DT decision NN to TO be VB residents NNS of IN an DT expanding VBG community NN with IN so RB many JJ opportunities NNS and CC where WRB so RB much JJ is VBZ happening VBG . . The DT presence NN of IN so RB many JJ people NNS , , cars NNS and CC competing VBG businesses NNS is VBZ evidence NN of IN a DT healthy JJ economy NN in IN a DT place NN where WRB people NNS want VBP to TO live VB . . I PRP thought VBD back RB to TO our PRP$ time NN in IN small JJ , , sparsely RB populated JJ communities NNS . . I PRP remembered VBD how WRB hard JJ it PRP was VBD for IN an DT outsider NN to TO become VB accepted VBN by IN long-established JJ , , stake-holding JJ residents NNS , , and CC what WDT pitfalls NNS awaited VBD an DT original JJ thinker NN in IN societies NNS that WDT were VBD long RB accustomed JJ to TO unchanging JJ , , `` `` safe JJ '' '' ways NNS of IN thought NN and CC action NN . . I PRP remembered VBD being VBG fired VBN at IN age NN 44 CD , , with IN five CD children NNS at IN home NN , , when WRB my PRP$ views NNS and CC actions NNS were VBD deemed VBN unsettling JJ by IN a DT timid JJ , , small-town JJ employer NN . . How WRB difficult JJ it PRP is VBZ for IN a DT thinking VBG person NN to TO live VB among IN societies NNS rooted VBN in IN the DT past NN . . Now RB , , I PRP revel VBP in IN the DT freedom NN , , culture NN , , activity NN and CC diversity NN of IN this DT great JJ metropolitan JJ area NN with IN its PRP$ traffic NN jams NNS and CC perpetual JJ road-building NN projects NNS . . Yet RB when WRB my PRP$ youngest JJS child NN died VBD two CD years NNS ago RB , , I PRP buried VBD him PRP in IN the DT church NN cemetery NN of IN a DT small JJ Missouri NNP town NN . . So RB after IN all DT , , even RB the DT bitterest JJS critic NN of IN rural JJ exclusivity NN harbors VBZ a DT continuing VBG yearning NN for IN those DT scarce JJ , , rural JJ virtues NNS thought VBN to TO exist VB amid IN fields NNS , , forests NNS and CC country NN lanes NNS . . Ronald NNP Edwin NNP Parsons NNP Ballwin NNP , , Mo NNP . . Finnish JJ government NN officials NNS are VBP negotiating VBG with IN creditors NNS of IN Waertsilae NNP Marine NNP Oy NNP , , a DT major JJ shipyard NN that WDT filed VBD for IN bankruptcy NN protection NN this DT week NN , , amid IN confusion NN and CC mounting VBG doubts NNS that IN collapse NN of IN the DT nation NN 's POS entire JJ shipbuilding NN industry NN can MD be VB averted VBN . . At IN stake NN are VBP almost RB 10,000 CD jobs NNS in IN an DT industry NN that WDT has VBZ been VBN the DT mainstay NN of IN Finland NNP 's POS post-war JJ economic JJ revival NN . . Shipbuilding NN became VBD a DT point NN of IN pride NN as IN Finnish JJ shipyards NNS remained VBD profitable JJ long RB after IN rivals NNS collapsed VBD all DT over IN Europe NNP . . But CC if IN , , as IN many JJ now RB fear VBP , , Waertsilae NNP Marine NNP joins VBZ the DT ranks NNS of IN failed VBN shipyards NNS it PRP might MD turn VB out RP to TO be VB remembered VBN most RBS as IN a DT blemish NN on IN Finland NNP 's POS international JJ reputation NN . . The DT shipyard NN 's POS 6.5 CD billion CD Finnish JJ markka FW ( ( $ $ 1.54 CD billion CD ) ) backlog NN includes VBZ about IN 20 CD ships NNS ordered VBN by IN big JJ international JJ shippers NNS , , including VBG three CD for IN Carnival NNP Cruise NNP Lines NNPS Inc NNP . . Miami-based JJ Carnival NNP said VBD the DT first JJ of IN the DT three CD ships NNS is VBZ scheduled VBN to TO be VB delivered VBN next JJ month NN , , just RB in IN time NN for IN the DT winter NN tourist NN season NN in IN the DT Caribbean NNP . . The DT second JJ ship NN is VBZ scheduled VBN to TO be VB delivered VBN in IN fall NN 1990 CD and CC the DT third JJ in IN fall NN 1991 CD . . One CD analyst NN said VBD the DT first JJ ship NN probably RB will MD be VB delivered VBN close RB to TO schedule NN , , but CC that IN Carnival NNP may MD have VB to TO pay VB up RB to TO 25 CD % NN more JJR to TO get VB the DT second JJ and CC third JJ ships NNS . . All PDT the DT ships NNS are VBP covered VBN by IN loan NN guarantees NNS from IN a DT state NN export NN financing VBG agency NN , , even RB though IN it PRP 's VBZ not RB clear JJ whether IN they PRP will MD actually RB be VB built VBN . . Bankers NNS worry VBP that IN if IN the DT government NN makes VBZ good RB a DT threat NN to TO withdraw VB its PRP$ guarantee NN commitments NNS , , shippers NNS will MD counter VB with IN a DT hail NN of IN lawsuits NNS . . State NN loan NN guarantees NNS are VBP rarely RB a DT source NN of IN controversy NN . . However RB , , some DT bankers NNS cited VBD possible JJ parallels NNS between IN the DT Waertsilae NNP Marine NNP case NN and CC the DT collapse NN of IN Norway NNP 's POS state-owned JJ Kongsberg NNP Vappenfabrikk NNP AS NNP two CD years NNS ago RB . . In IN that DT case NN , , international JJ banks NNS and CC investors NNS incurred VBD big JJ losses NNS because IN they PRP incorrectly RB believed VBD the DT company NN 's POS debt NN carried VBD implicit JJ state NN guarantees NNS . . Doubts NNS about IN the DT quality NN of IN state NN credit NN guarantees NNS could MD reduce VB the DT competitive JJ strength NN of IN Finnish JJ companies NNS in IN world NN markets NNS where WRB financing NN often RB is VBZ the DT key NN to TO winning VBG orders NNS , , analysts NNS warn VBP . . Moreover RB , , state-owned JJ Finnish JJ companies NNS lacking VBG formal JJ state NN guarantees NNS could MD face VB greater JJR difficulty NN raising VBG funds NNS in IN international JJ financial JJ markets NNS , , bankers NNS say VBP . . The DT decision NN by IN a DT majority NN of IN state-appointed JJ Waertsilae NNP Marine NNP directors NNS Monday NNP to TO file VB for IN bankruptcy NN was VBD an DT abrupt JJ about-face NN from IN previous JJ government NN policy NN . . In IN August NNP , , the DT government NN played VBD a DT major JJ part NN in IN a DT sweeping JJ restructuring NN of IN the DT troubled JJ shipyard NN . . At IN the DT time NN 71%-controlled JJ by IN Oy NNP Waertsilae NNP , , a DT conglomerate NN , , the DT shipbuilding NN unit NN faced VBD potential JJ losses NNS estimated VBN at IN one CD billion CD markka NNS and CC was VBD on IN the DT brink NN of IN liquidation NN . . Under IN the DT rescue NN plan NN , , Waertsilae NNP sold VBD 51 CD % NN of IN its PRP$ stake NN to TO a DT group NN of IN banks NNS and CC pension NN funds NNS . . The DT government NN , , in IN turn NN , , guaranteed VBD financing NN to TO complete VB the DT order NN backlog NN and CC took VBD control NN of IN the DT board NN . . Government NN officials NNS were VBD expected VBN to TO combine VB Waertsilae NNP Marine NNP with IN two CD other JJ struggling VBG firms NNS , , and CC thus RB ensure VB Finland NNP 's POS survival NN as IN a DT shipbuilding NN nation NN . . The DT government NN spent VBD most JJS of IN last JJ year NN attempting VBG to TO carry VB out RP such JJ a DT plan NN but CC was VBD thwarted VBN when WRB the DT parent NN Waertsilae NNP concern NN pulled VBD out RB at IN the DT last JJ minute NN . . After IN the DT restructuring NN of IN Waertsilae NNP Marine NNP and CC bolstered VBN by IN state NN loan NN guarantees NNS , , two CD big JJ bank NN creditors NNS , , Union NNP Bank NNP of IN Finland NNP and CC state-controlled JJ Postipankki NNP , , resumed VBD lending NN the DT shipyard NN working NN capital NN . . But CC the DT bankers NNS got VBD cold JJ feet NNS recently RB as IN government NN officials NNS complained VBD they PRP had VBD been VBN misled VBN about IN the DT shipyard NN 's POS actual JJ financial JJ condition NN , , and CC hinted VBD the DT credit NN guarantees NNS might MD be VB withdrawn VBN . . People NNS familiar JJ with IN Monday NNP 's POS board NN meeting NN said VBD it PRP was VBD the DT state NN 's POS refusal NN to TO explicitly RB reaffirm VB the DT credit NN guarantees NNS that WDT led VBD Union NNP Bank NNP and CC Postipankki NNP to TO halt VB lending VBG to TO Waertsilae NNP Marine NNP . . Then RB , , in IN a DT boardroom NN showdown NN , , state-appointed JJ directors NNS voted VBD to TO file VB for IN bankruptcy NN , , apparently RB under IN instructions NNS from IN Finland NNP 's POS Industry NNP Minister NNP Ilkka NNP Suominen NNP . . Analysts NNS say VBP Mr. NNP Suominen NNP had VBD grown VBN increasingly RB worried JJ about IN the DT state NN 's POS potential JJ financial JJ exposure NN as IN Waertsilae NNP Marine NNP 's POS losses NNS ballooned VBD to TO more RBR than IN double JJ the DT figure NN estimated VBN in IN August NNP . . Noting VBG that DT Sweden NNP wound VB up RP wasting VBG state NN subsidies NNS of IN about IN 35 CD billion CD Swedish JJ kronor NNS ( ( $ $ 5.47 CD billion CD ) ) during IN the DT 1970s NNS in IN a DT vain JJ attempt NN to TO salvage VB its PRP$ shipbuilding NN industry NN , , one CD analyst NN suggested VBD that IN Mr. NNP Suominen NNP may MD have VB decided VBD to TO cut VB Finland NNP 's POS losses NNS once RB and CC for IN all DT . . Senior JJ ministry NN officials NNS huddled VBD with IN creditors NNS during IN the DT week NN in IN an DT attempt NN to TO agree VB on IN some DT form NN of IN restructuring NN that DT would MD keep VB Waertsilae NNP Marine NNP operating VBG . . The DT talks NNS may MD drag VB on RP for IN weeks NNS before IN any DT concrete JJ result NN is VBZ announced VBN , , people NNS familiar JJ with IN them PRP said VBD . . One CD solution NN would MD be VB to TO sell VB the DT shipyard NN to TO an DT outsider NN . . But CC there RB appear VB to TO be VB few JJ , , if IN any DT , , suitors NNS . . Indeed RB , , the DT potential JJ losses NNS make VBP any DT rescue NN scheme NN unlikely JJ unless IN the DT politicians NNS once RB again RB change VBP tack NN and CC agree VBP to TO pick VB up RP the DT bill NN , , analysts NNS said VBD . . Meantime RB , , shippers NNS with IN vessels NNS on IN order NN from IN Waertsilae NNP Marine NNP will MD remain VB in IN limbo NN . . Turner NNP Broadcasting NNP System NNP Inc. NNP said VBD it PRP expects VBZ to TO report VB an DT extraordinary JJ loss NN of IN about IN $ $ 122 CD million CD in IN the DT fourth JJ quarter NN due JJ to TO early JJ retirement NN of IN debt NN . . The DT cable NN programmer NN said VBD the DT loss NN will MD consist VB primarily RB of IN prepayment NN penalties NNS , , and CC unamortized JJ issue NN discount NN and CC costs NNS related JJ to TO its PRP$ just-completed JJ $ $ 1.6 CD billion CD refinancing NN of IN its PRP$ long-term JJ debt NN and CC some DT preferred JJ stock NN in IN one CD of IN its PRP$ subsidiaries NNS . . A DT Turner NNP spokesman NN would MD n't RB speculate VB on IN the DT extent NN of IN the DT charge NN 's POS effect NN on IN the DT quarter NN 's POS earnings NNS , , but CC said VBD the DT company NN continues VBZ to TO expect VB to TO report VB a DT net JJ loss NN for IN 1989 CD . . The DT company NN said VBD the DT repayment NN or CC redemption NN of IN the DT long-term JJ debt NN , , and CC the DT outstanding JJ Class NN A NNP cumulative JJ exchangeable JJ preferred JJ stock NN of IN Cable NNP News NNP Network NNP , , was VBD made VBN possible JJ by IN an DT offering NN of IN about IN $ $ 750 CD million CD of IN debentures NNS and CC notes NNS and CC $ $ 900 CD million CD in IN bank NN borrowings NNS . . The DT offering NN included VBD $ $ 550 CD million CD of IN 12 CD % NN senior JJ subordinated JJ debentures NNS due JJ 2001 CD and CC $ $ 200 CD million CD of IN zero CD coupon NN liquid JJ yield NN option NN notes NNS due JJ 2004 CD . . The DT notes NNS were VBD priced VBN to TO yield VB 8 CD % NN and CC are VBP convertible JJ into IN the DT company NN 's POS Class NN B NNP common JJ stock NN at IN a DT price NN which WDT represents VBZ a DT 15 CD % NN premium NN over IN the DT market NN price NN on IN Oct. NNP 10 CD , , 1989 CD . . In IN addition NN , , the DT company NN called VBD its PRP$ 12 CD 7\/8 CD % NN senior JJ subordinated JJ notes NNS due JJ 1994 CD , , with IN an DT aggregate NN principal JJ amount NN of IN $ $ 200 CD million CD , , for IN redemption NN on IN Dec. NNP 15 CD . . As IN a DT result NN of IN the DT refinancing NN , , the DT company NN said VBD the DT interest NN on IN the DT debt NN will MD fall VB to TO slightly RB more JJR than IN 11 CD % NN from IN slightly RB more JJR than IN 14 CD % NN . . In IN American NNP Stock NNP Exchange NNP composite JJ trading NN , , Turner NNP 's POS Class NN A NNP stock NN closed VBD at IN $ $ 50.50 CD , , down RB 37.5 CD cents NNS . . General NNP Motors NNPS Corp. NNP said VBD it PRP will MD temporarily RB idle VB its PRP$ Arlington NNP , , Texas NNP , , assembly NN plant NN for IN one CD week NN beginning NN Monday NNP because IN of IN slow JJ sales NNS . . The DT closing NN will MD affect VB about IN 3,000 CD workers NNS and CC eliminate VB production NN of IN 700 CD cars NNS . . The DT assembly NN plant NN builds VBZ the DT Cadillac NNP DeVille NNP , , Chevrolet NNP Caprice NNP and CC Oldsmobile NNP Cutlass NNP Ciera NNP Wagon NNP . . In IN addition NN , , GM NNP 's POS Truck NNP & CC Bus NNP Group NNP said VBD slow JJ sales NNS are VBP forcing VBG it PRP to TO close VB its PRP$ Detroit NNP assembly NN plant NN the DT week NN beginning VBG Monday NNP . . The DT plant NN builds VBZ chassis NNS for IN recreational JJ vehicles NNS and CC about IN 450 CD workers NNS will MD be VB affected VBN by IN the DT closing NN . . The DT No. NN 1 CD auto NN maker NN scheduled VBD overtime NN this DT week NN at IN its PRP$ Janesville NNP , , Wis. NNP , , assembly NN plant NN , , manufacturer NN of IN the DT Chevrolet NNP Cavalier NNP . . The DT nine CD major JJ U.S. NNP auto NN makers NNS plan VBP to TO build VB 147,121 CD vehicles NNS this DT week NN , , down RB 9.6 CD % NN from IN the DT 162,767 CD a DT year NN ago RB , , but CC 2.5 CD % NN higher JJR than IN last JJ week NN 's POS 143,534 CD . . Ford NNP Motor NNP Co. NNP slated VBD overtime NN again RB this DT week NN at IN its PRP$ Wixom NNP , , Mich. NNP ; : Wayne NNP , , Mich. NNP ; : Kansas NNP City NNP , , Mo. NNP , , and CC Norfolk NNP , , Va. NNP , , assembly NN plants NNS . . They PRP build VBP the DT Lincoln NNP Town NNP Car NNP , , Continental NNP and CC Mark NNP VII NNP , , the DT Ford NNP Escort NNP and CC full-sized JJ pickup NN trucks NNS . . Chrysler NNP Corp. NNP scheduled VBD overtime RB this DT week NN at IN its PRP$ St. NNP Louis NNP Assembly NNP Plant NNP No. NN 2 CD , , Newark NNP , , Del. NNP , , and CC Sterling NNP Heights NNP , , Mich. NNP , , assembly NN plants NNS . . They PRP build VBP extended JJ minivans NNS and CC the DT Dodge NNP Spirit NNP , , Acclaim NNP , , Shadow NNP and CC Sundance NNP . . d LS - : Percentage NN change NN is VBZ greater JJR than IN 999 CD % NN . . e LS - : Estimated VBN . . f LS - : Includes VBZ Chevrolet NNP Prizm NNP and CC Toyota NNP Corolla NNP . . r LS - : Revised VBN . . x LS - : Year-to-date JJ 1988 CD figure NN includes VBZ Volkswagen NN domestic-production NN through IN July NNP . . The DT surprise NN resignations NNS of IN two CD top JJ economic JJ government NN officials NNS heaped VBD more JJR uncertainty NN on IN London NNP 's POS financial JJ markets NNS , , which WDT already RB have VBP been VBN laboring VBG under IN worries NNS about IN Britain NNP 's POS ailing VBG economy NN . . `` `` The DT last JJ thing NN markets NNS like VBP is VBZ uncertainty NN , , '' '' said VBD Ian NNP Harwood NNP , , chief JJ economist NN at IN S.G. NNP Warburg NNP & CC Co. NNP , , of IN the DT resignations NNS of IN Chancellor NNP of IN the DT Exchequer NNP Nigel NNP Lawson NNP and CC chief JJ economic JJ adviser NN Sir NNP Alan NNP Walters NNP . . `` `` I PRP think VBP you PRP 'll MD see VB share NN prices NNS go VB down RP , , and CC sterling NN now RB is VBZ under IN something NN of IN a DT cloud NN . . '' '' The DT pound NN immediately RB began VBD to TO take VB a DT buffetting NN after IN the DT resignations NNS were VBD announced VBN . . In IN late JJ New NNP York NNP trading NN , , sterling NN stood VBD at IN $ $ 1.5765 CD , , down RB from IN $ $ 1.6145 CD late JJ Wednesday NNP . . The DT British JJ economy NN is VBZ hardly RB the DT picture NN of IN health NN these DT days NNS . . At IN 15 CD % NN , , base NN interest NN rates NNS are VBP the DT highest JJS in IN eight CD years NNS , , and CC the DT 7.6 CD % NN annual JJ inflation NN rate NN is VBZ by IN far RB the DT highest JJS in IN the DT European NNP Community NNP . . Unions NNS are VBP pressing VBG demands NNS for IN wage NN increases NNS of IN more JJR than IN 10 CD % NN despite IN general JJ belief NN that IN economic JJ growth NN next JJ year NN will MD be VB less JJR than IN 2 CD % NN . . Increasingly RB , , the DT financial JJ markets NNS are VBP reflecting VBG the DT gloom NN . . The DT Financial NNP Times NNPS 100-share JJ index NN has VBZ dropped VBN about IN 12 CD % NN from IN its PRP$ 1989 CD high NN of IN 2423.9 CD on IN Sept. NNP 8 CD . . Yesterday NN , , even RB before IN the DT resignations NNS were VBD announced VBN , , the DT index NN dove VBD 32.5 CD points NNS to TO close VB at IN 2129.4 CD . . `` `` We PRP are VBP expecting VBG a DT recession NN , , '' '' says VBZ Donald NNP Franklin NNP , , chief JJ economist NN at IN Schroders NNP investment NN bank NN . . `` `` The DT only JJ question NN is VBZ , , how WRB deep RB is VBZ it PRP going VBG to TO be VB ? . The DT outlook NN for IN corporate JJ earnings NNS is VBZ fairly RB bleak JJ . . It PRP 's VBZ quite RB likely JJ we PRP 're VBP going VBG to TO get VB repeats NNS '' '' of IN the DT mid-October NNP market NN shocks NNS . . Red JJ ink NN already RB has VBZ begun VBN to TO flow VB in IN the DT wake NN of IN the DT U.S.-U.K. JJ market NN breaks NNS of IN Oct. NNP 13 CD and CC Oct. NNP 16 CD . . London-based JJ LIT NNP Holdings NNPS , , the DT largest JJS financer NN of IN traders NNS in IN the DT Chicago NNP options NNS and CC futures NNS markets NNS , , said VBD yesterday NN it PRP will MD incur VB a DT second-half JJ loss NN as IN a DT result NN of IN the DT market NN plunge NN . . The DT company NN , , which WDT also RB will MD omit VB its PRP$ second-half JJ dividend NN , , did VBD n't RB specify VB the DT size NN . . But CC company NN insiders NNS estimated VBN that IN the DT loss NN could MD approach VB the DT equivalent NN of IN $ $ 10 CD million CD . . Christopher NNP Castleman NNP , , LIT NNP chief NN executive NN , , said VBD in IN an DT interview NN that IN the DT loss NN stemmed VBD from IN the DT default NN of IN three CD options NNS traders NNS who WP had VBD bet VBN on IN a DT price NN rise NN in IN UAL NNP Corp. NNP shares NNS before IN Oct. NNP 13 CD . . The DT price NN plummeted VBD after IN a DT proposed VBN leveraged NN buy-out NN of IN the DT airline NN fell VBD through RB . . LIT NNP Holdings NNPS shares NNS plummeted VBD 36 CD pence NNS to TO close VB at IN 54 CD pence NNS ( ( 85 CD cents NNS ) ) , , a DT 40 CD % NN drop NN , , on IN London NNP 's POS stock NN exchange NN . . Denizens NNS of IN London NNP 's POS financial JJ district NN are VBP cushioning VBG themselves PRP for IN heavy JJ blows NNS . . `` `` A DT lot NN more JJR of IN our PRP$ customers NNS are VBP staying VBG until IN our PRP$ 10 CD p.m. RB closing NN time NN , , '' '' says VBZ Christopher NNP Brown NNP , , managing VBG director NN of IN Corney NNP & CC Barrow NNP Restaurants NNPS Ltd. NNP , , which WDT runs VBZ five CD tony JJ wine NN bars NNS in IN the DT district NN . . `` `` There EX 's VBZ a DT strong JJ sense NN among IN the DT martini NN set NN that IN there EX 's VBZ more JJR { ( bad JJ news NN } ) to TO come VB , , '' '' asserts VBZ Roger NNP Yates NNP , , chief JJ investment NN officer NN at IN Morgan NNP Grenfell NNP Asset NNP Management NNP . . `` `` People NNS in IN the DT stock NN market NN were VBD very RB much JJ Thatcher NNP 's POS children NNS -- : very RB young JJ and CC wealthy JJ optimists NNS . . Now RB it PRP 's VBZ dawning VBG on IN them PRP that IN they PRP can MD be VB non-wealthy JJ . . '' '' The DT malaise NN has VBZ created VBN a DT nostalgic JJ longing NN for IN the DT uncomplicated JJ days NNS of IN the DT mid-1980s NNS , , before IN a DT rash NN of IN securities-firm NN mergers NNS on IN the DT eve NN of IN the DT industry NN 's POS deregulation NN in IN 1986 CD . . `` `` People NNS come VBP to TO us PRP saying VBG they PRP 'd MD like VB to TO be VB back RB where WRB they PRP were VBD a DT few JJ years NNS ago RB , , in IN a DT more RBR collegial JJ atmosphere NN , , with IN less JJR tension NN , , '' '' says VBZ Stephen NNP Waterhouse NNP , , managing VBG director NN of IN Hanover NNP Partners NNPS Ltd. NNP , , a DT financial JJ district NN head-hunting NN firm NN . . But CC after IN trading NN losses NNS in IN the DT mid-October JJ market NN jolts NNS here RB , , many JJ people NNS will MD be VB lucky JJ to TO have VB jobs NNS at IN all DT , , executives NNS predict VBP . . The DT industry NN , , which WDT currently RB employs VBZ about IN 25,000 CD people NNS in IN London NNP , , has VBZ shed VBN about IN 2,500 CD jobs NNS over IN the DT past JJ two CD years NNS . . `` `` I PRP can MD see VB cuts NNS of IN at IN least JJS 20 CD % NN more JJR , , '' '' says VBZ the DT head NN of IN the DT London NNP office NN of IN a DT major JJ U.S. NNP firm NN . . The DT mergers NNS and CC acquisitions NNS market NN has VBZ been VBN a DT saving VBG grace NN for IN the DT industry NN , , but CC uncertainties NNS are VBP beginning VBG to TO mount VB even RB there RB . . Intra-European JJ takeovers NNS are VBP expected VBN to TO continue VB at IN their PRP$ brisk JJ pace NN . . But CC investment NN bankers NNS say VBP that IN stock NN market NN uncertainties NNS in IN the DT U.S. NNP may MD cause VB many JJ European JJ companies NNS to TO mark VB time NN before IN bidding NN for IN American JJ companies NNS , , in IN the DT hope NN that IN share NN prices NNS will MD come VB down RP . . `` `` If IN prices NNS in IN the DT States NNPS go VBP down RP , , industrial JJ buyers NNS in IN Europe NNP have VBP the DT opportunity NN of IN getting VBG reasonable JJ prices NNS in IN the DT U.S. NNP , , '' '' says VBZ Francois NNP von NNP Hurter NNP , , chief NN of IN Continential NNP M&A NNP at IN Credit NNP Suisse NNP First JJ Boston NNP Ltd NNP . . But CC he PRP adds VBZ : : `` `` Everybody NN and CC his PRP$ sister NN have VBP opened VBN up RP M&A NNP shops NNS . . It PRP 's VBZ difficult JJ to TO see VB that IN there EX 's VBZ going VBG to TO be VB enough JJ business NN to TO go VB around RP . . About IN eight CD firms NNS will MD get VB the DT lion NN 's POS share NN . . At IN the DT others NNS , , there EX are VBP going VBG to TO be VB a DT lot NN of IN disappointments NNS , , after IN all PDT those DT promises NNS and CC all PDT that DT big JJ money NN that WDT 's VBZ been VBN paid VBN to TO people NNS . . '' '' It PRP all DT adds VBZ up RP to TO a DT cold JJ winter NN here RB . . Says VBZ Allen NNP D. NNP Wheat NNP , , head NN of IN trading NN at IN Bankers NNPS Trust NNP Co. NNP : : `` `` People NNS are VBP just RB plain RB scared JJ . . '' '' One CD person NN who WP is VBZ past RB worrying VBG about IN London NNP 's POS blues NNS is VBZ Christopher NNP Hartley NNP . . Last JJ summer NN , , he PRP chucked VBD his PRP$ 10-year JJ career NN as IN a DT London NNP stockbroker NN and CC headed VBD for IN the DT mountains NNS . . He PRP did VBD n't RB stop VB until IN he PRP got VBD to TO Jackson NNP Hole NNP , , Wyo NNP . . `` `` I PRP 'm VBP glad JJ to TO be VB out RP , , '' '' said VBD the DT 32-year-old JJ Mr. NNP Hartley NNP in IN a DT phone NN interview NN . . `` `` The DT percentage NN of IN your PRP$ day NN spent VBD twiddling VBG your PRP$ thumbs NNS got VBD greater JJR , , and CC the DT work NN day NN kept VBD getting VBG longer JJR . . What WP am VBP I PRP doing VBG in IN Jackson NNP Hole NNP ? . Not RB a DT great JJ deal NN . . My PRP$ wife NN and CC I PRP will MD stay VB through IN the DT skiing NN season NN , , or CC until IN the DT money NN runs VBZ out RP -- : whichever WDT comes VBZ first RB . . But CC unlike IN London NNP , , out IN here RB I PRP 've VBP never RB heard VBN anybody NN blow VB a DT car NN horn NN in IN anger NN . . SYDNEY-Qintex NNP Australia NNP Ltd. NNP , , under IN pressure NN from IN bank NN lenders NNS , , has VBZ called VBN in RP accounting NN firm NN Peat NNP Marwick NNP Hungerfords NNP to TO help VB oversee VB asset NN sales NNS and CC restructure VB the DT resorts NNS and CC media NNS company NN . . Analysts NNS said VBD the DT move NN could MD presage VB even RB harsher JJR action NN by IN the DT banks NNS . . But CC any DT move NN by IN the DT banks NNS to TO take VB over RP Qintex NNP Australia NNP 's POS management NN could MD threaten VB its PRP$ ability NN to TO operate VB its PRP$ national JJ television NN network NN under IN Australian JJ broadcast NN license NN rules NNS . . That IN , , in IN turn NN , , could MD substantially RB reduce VB the DT value NN of IN the DT television NN assets NNS . . The DT appointment NN of IN Peat NNP Marwick NNP , , which WDT has VBZ a DT unit NN that WDT specializes VBZ in IN advising VBG troubled JJ companies NNS , , came VBD about RP as IN a DT result NN of IN a DT round NN of IN meetings NNS held VBN by IN Qintex NNP Australia NNP Chairman NNP Christopher NNP Skase NNP with IN bank NN creditors NNS . . Yesterday NN , , Mr. NNP Skase NNP said VBD the DT company NN is VBZ `` `` solvent JJ and CC with IN the DT continued JJ support NN of IN its PRP$ bankers NNS is VBZ able JJ to TO meet VB its PRP$ financial JJ commitments NNS . . '' '' Qintex NNP Australia NNP is VBZ a DT unit NN of IN Qintex NNP Ltd NNP . . The DT Qintex NNP group NN 's POS problems NNS began VBD in IN earnest NN in IN March NNP , , when WRB Mr. NNP Skase NNP agreed VBD to TO buy VB MGM\/UA NNP Communications NNPS Co NNP . . But CC the DT transaction NN faltered VBD in IN September NNP , , when WRB Qintex NNP Australia NNP was VBD forced VBN to TO increase VB its PRP$ offer NN to TO US$ $ 1.5 CD billion CD following VBG a DT counterbid NN from IN Rupert NNP Murdoch NNP ; : the DT deal NN fell VBD apart RP altogether RB earlier RBR this DT month NN . . Qintex NNP Australia NNP owes VBZ creditors NNS around IN A$ $ 1.2 CD billion CD . . Last JJ Friday NNP , , Qintex NNP Entertainment NNP Inc. NNP , , its PRP$ 43%-owned JJ U.S. NNP TV NN production NN and CC distribution NN affiliate NN , , filed VBD for IN Chapter NNP 11 CD protection NN . . The DT government NN is VBZ sharpening VBG its PRP$ newest JJS weapon NN against IN white-collar JJ defendants NNS : : the DT power NN to TO prevent VB them PRP from IN paying VBG their PRP$ legal JJ bills NNS . . And CC defense NN lawyers NNS are VBP warning VBG that IN they PRP wo MD n't RB stick VB around RP if IN they PRP do VBP n't RB get VB paid VBN . . The DT issue NN has VBZ come VBN to TO a DT boil NN in IN Newark NNP , , N.J. NNP , , where WRB federal JJ prosecutors NNS have VBP warned VBN lawyers NNS for IN Eddie NNP Antar NNP that IN if IN the DT founder NN and CC former JJ chairman NN of IN Crazy NNP Eddie NNP Inc. NNP is VBZ indicted VBN , , the DT government NN may MD move VB to TO seize VB the DT money NN that IN Mr. NNP Antar NNP is VBZ using VBG to TO pay VB legal JJ fees NNS . . The DT warning NN by IN the DT U.S. NNP attorney NN 's POS office NN follows VBZ two CD decisions NNS by IN the DT U.S. NNP Supreme NNP Court NNP last JJ June NNP . . In IN those DT cases NNS , , the DT high JJ court NN ruled VBD that DT federal JJ law NN gives VBZ prosecutors NNS broad JJ authority NN to TO seize VB assets NNS of IN people NNS accused VBN of IN racketeering NN and CC drug-related JJ crimes NNS , , including VBG fees NNS paid VBN to TO lawyers NNS before IN an DT indictment NN . . If IN the DT government NN succeeds VBZ in IN seizing VBG Mr. NNP Antar NNP 's POS assets NNS , , he PRP could MD be VB left VBN without IN top-flight JJ legal JJ representation NN , , because IN his PRP$ attorneys NNS are VBP likely JJ to TO quit VB , , according VBG to TO individuals NNS familiar JJ with IN the DT case NN . . A DT seizure NN also RB would MD make VB the DT case NN the DT largest JJS -- : and CC one CD of IN the DT first JJ -- : in IN which WDT lawyers NNS ' POS fees NNS have VBP been VBN confiscated VBN in IN a DT prosecution NN unrelated JJ to TO drugs NNS . . `` `` The DT people NNS who WP suffer VBP in IN the DT short JJ run NN are VBP defendants NNS , , but CC the DT people NNS who WP suffer VBP in IN the DT long JJ run NN are VBP all DT of IN the DT people NNS , , because IN there EX wo MD n't RB be VB a DT vigorous JJ private JJ bar NN to TO defend VB the DT Bill NNP of IN Rights NNPS , , '' '' says VBZ Gerald NNP Lefcourt NNP , , a DT criminal NN defense NN attorney NN who WP says VBZ he PRP has VBZ turned VBN down RP a DT number NN of IN cases NNS to TO avoid VB possible JJ fee NN seizures NNS . . Mr. NNP Antar NNP is VBZ being VBG investigated VBN by IN a DT federal JJ grand JJ jury NN in IN Newark NNP , , where WRB prosecutors NNS have VBP told VBN him PRP that IN they PRP may MD soon RB seek VB an DT indictment NN on IN racketeering NN and CC securities NNS fraud NN charges NNS . . Under IN the DT Racketeer NNP Influenced NNP and CC Corrupt NNP Organizations NNPS law NN , , or CC RICO NNP , , the DT government NN has VBZ the DT authority NN to TO seek VB to TO freeze VB or CC seize VB a DT defendant NN 's POS assets NNS before IN trial NN . . According VBG to TO individuals NNS familiar JJ with IN Mr. NNP Antar NNP 's POS case NN , , prosecutors NNS issued VBD their PRP$ warning NN this DT week NN after IN one CD of IN Mr. NNP Antar NNP 's POS attorneys NNS asked VBD whether IN legal JJ fees NNS might MD be VB subject JJ to TO seizure NN . . In IN a DT letter NN , , prosecutors NNS told VBD Mr. NNP Antar NNP 's POS lawyers NNS that IN because IN of IN the DT recent JJ Supreme NNP Court NNP rulings NNS , , they PRP could MD expect VB that IN any DT fees NNS collected VBN from IN Mr. NNP Antar NNP may MD be VB seized VBN . . Prosecutors NNS have VBP told VBN Mr. NNP Antar NNP 's POS attorneys NNS that IN they PRP believe VBP Mr. NNP Antar NNP 's VBZ allegedly RB ill-gotten JJ gains NNS are VBP so RB great JJ that IN any DT money NN he PRP has VBZ used VBN to TO pay VB attorneys NNS derives VBZ from IN illegal JJ activities NNS . . Therefore RB , , they PRP said VBD , , the DT money NN can MD be VB taken VBN from IN the DT lawyers NNS even RB after IN they PRP are VBP paid VBN . . Justin NNP Feldman NNP and CC Jack NNP Arseneault NNP , , attorneys NNS for IN Mr. NNP Antar NNP , , both DT declined VBD to TO comment VB on IN the DT matter NN . . In IN Newark NNP , , U.S. NNP Attorney NNP Samuel NNP A. NN Alito NNP said VBD , , `` `` I PRP do VBP n't RB think VB there EX 's VBZ any DT legal JJ reason NN to TO limit VB forfeiture NN of IN attorney NN 's POS fees NNS to TO drug NN cases NNS . . '' '' Mr. NNP Alito NNP said VBD his PRP$ office NN `` `` just RB responded VBD to TO an DT attorney NN 's POS question NN about IN whether IN we PRP would MD go VB after IN attorney NN 's POS fees NNS , , and CC that DT is VBZ different JJ from IN actually RB doing VBG it PRP , , although IN we PRP reserve VBP that DT right NN . . '' '' Mr. NNP Antar NNP was VBD charged VBN last JJ month NN in IN a DT civil JJ suit NN filed VBN in IN federal JJ court NN in IN Newark NNP by IN the DT Securities NNPS and CC Exchange NNP Commission NNP . . In IN that DT suit NN , , the DT SEC NNP accused VBD Mr. NNP Antar NNP of IN engaging VBG in IN a DT `` `` massive JJ financial JJ fraud NN '' '' to TO overstate VB the DT earnings NNS of IN Crazy NNP Eddie NNP , , Edison NNP , , N.J. NNP , , over IN a DT three-year JJ period NN . . Through IN his PRP$ lawyers NNS , , Mr. NNP Antar NNP has VBZ denied VBN allegations NNS in IN the DT SEC NNP suit NN and CC in IN civil JJ suits NNS previously RB filed VBN by IN shareholders NNS against IN Mr. NNP Antar NNP and CC others NNS . . The DT SEC NNP has VBZ alleged VBN that IN Mr. NNP Antar NNP aimed VBD to TO pump VB up RP the DT company NN 's POS stock NN price NN through IN false JJ financial JJ statements NNS in IN order NN to TO sell VB his PRP$ stake NN and CC reap VB huge JJ profits NNS . . Mr. NNP Antar NNP , , the DT SEC NNP said VBD , , made VBD more JJR than IN $ $ 60 CD million CD from IN the DT sale NN of IN his PRP$ shares NNS between IN 1985 CD and CC 1987 CD . . The DT Justice NNP Department NNP has VBZ emphasized VBN that IN the DT government NN 's POS fee-forfeiture NN power NN is VBZ to TO be VB used VBN sparingly RB . . According VBG to TO department NN policy NN , , prosecutors NNS must MD make VB a DT strong JJ showing NN that IN lawyers NNS ' POS fees NNS came VBD from IN assets NNS tainted VBN by IN illegal JJ profits NNS before IN any DT attempts NNS at IN seizure NN are VBP made VBN . . Still RB , , criminal JJ defense NN lawyers NNS worry VBP that IN defendants NNS are VBP being VBG deprived VBN of IN their PRP$ Sixth NNP Amendment NNP right NN to TO counsel NN and CC a DT fair JJ trial NN if IN the DT government NN can MD seize VB lawyers NNS ' POS fees NNS . . They PRP also RB worry VBP that IN if IN the DT government NN applies VBZ asset-forfeiture NN laws NNS broadly RB , , the DT best JJS defense NN lawyers NNS will MD be VB unwilling JJ to TO take VB criminal JJ cases NNS unless IN they PRP are VBP assured VBN of IN being VBG paid VBN . . The DT stock NN market NN correction NN of IN Oct. NNP 13 CD , , 1989 CD , , was VBD a DT grim JJ reminder NN of IN the DT Oct. NNP 19 CD , , 1987 CD market NN collapse NN . . Since IN , , like IN earthquakes NNS , , stock NN market NN disturbances NNS will MD always RB be VB with IN us PRP , , it PRP is VBZ prudent JJ to TO take VB all DT possible JJ precautions NNS against IN another DT such JJ market NN collapse NN . . In IN general JJ , , markets NNS function VBP well RB and CC adjust VBP smoothly RB to TO changing VBG economic JJ and CC financial JJ circumstances NNS . . But CC there EX are VBP times NNS when WRB they PRP seize VBP up RP , , and CC panicky JJ sellers NNS can MD not RB find VB buyers NNS . . That DT 's VBZ just RB what WP happened VBD in IN the DT October NNP 1987 CD crash NN . . As IN the DT market NN tumbled VBD , , disorderly JJ market NN conditions NNS prevailed VBD : : The DT margins NNS between IN buying NN bids NNS and CC selling NN bids NNS widened VBD ; : trading NN in IN many JJ stocks NNS was VBD suspended VBN ; : orders NNS took VBD unduly RB long JJ to TO be VB executed VBN ; : and CC many JJ specialists NNS stopped VBD trading VBG altogether RB . . These DT failures NNS in IN turn NN contributed VBD to TO the DT fall NN in IN the DT market NN averages NNS : : Uncertainty NN extracted VBD an DT extra JJ risk NN premium NN and CC margin-calls NNS triggered VBD additional JJ selling NN pressures NNS . . The DT situation NN was VBD like IN that DT of IN a DT skier NN who WP is VBZ thrown VBN slightly RB off IN balance NN by IN an DT unexpected JJ bump NN on IN the DT slope NN . . His PRP$ skis NNS spread VBP farther RBR and CC farther RBR apart RB -- : just RB as IN buy-sell JJ spreads NNS widen VBP during IN a DT financial JJ panic NN -- : and CC soon RB he PRP is VBZ out IN of IN control NN . . Unable JJ to TO stop VB his PRP$ accelerating VBG descent NN , , he PRP crashes VBZ . . After IN the DT 1987 CD crash NN , , and CC as IN a DT result NN of IN the DT recommendations NNS of IN many JJ studies NNS , , `` `` circuit NN breakers NNS '' '' were VBD devised VBN to TO allow VB market NN participants NNS to TO regroup VB and CC restore VB orderly JJ market NN conditions NNS . . It PRP 's VBZ doubtful JJ , , though IN , , whether IN circuit NN breakers NNS do VBP any DT real JJ good NN . . In IN the DT additional JJ time NN they PRP provide VBP even RB more JJR order NN imbalances NNS might MD pile VB up RP , , as IN would-be JJ sellers NNS finally RB get VB their PRP$ broker NN on IN the DT phone NN . . Instead RB , , an DT appropriate JJ institution NN should MD be VB charged VBN with IN the DT job NN of IN preventing VBG chaos NN in IN the DT market NN : : the DT Federal NNP Reserve NNP . . The DT availability NN of IN timely JJ assistance NN -- : of IN a DT backstop NN -- : can MD help VB markets NNS retain VB their PRP$ resilience NN . . The DT Fed NNP already RB buys VBZ and CC sells VBZ foreign JJ exchange NN to TO prevent VB disorderly JJ conditions NNS in IN foreign-exchange NN markets NNS . . The DT Fed NNP has VBZ assumed VBN a DT similar JJ responsibility NN in IN the DT market NN for IN government NN securities NNS . . The DT stock NN market NN is VBZ the DT only RB major JJ market NN without IN a DT market-maker NN of IN unchallenged JJ liquidity NN or CC a DT buyer NN of IN last JJ resort NN . . This DT does VBZ not RB mean VB that IN the DT Federal NNP Reserve NNP does VBZ not RB already RB play VB an DT important JJ indirect JJ role NN in IN the DT stock NN market NN . . In IN 1987 CD , , it PRP pumped VBD billions NNS into IN the DT markets NNS through IN open JJ market NN operations NNS and CC the DT discount NN window NN . . It PRP lent VBD money NN to TO banks NNS and CC encouraged VBD them PRP to TO make VB funds NNS available JJ to TO brokerage NN houses NNS . . They PRP , , in IN turn NN , , lent VBD money NN to TO their PRP$ customers NNS -- : who WP were VBD supposed VBN to TO recognize VB the DT opportunity NN to TO make VB a DT profit NN in IN the DT turmoil NN and CC buy VB shares NNS . . The DT Fed NNP also RB has VBZ the DT power NN to TO set VB margin NN requirements NNS . . But CC would MD n't RB it PRP be VB more RBR efficient JJ and CC effective JJ to TO supply VB such JJ support NN to TO the DT stock NN market NN directly RB ? . Instead RB of IN flooding VBG the DT entire JJ economy NN with IN liquidity NN , , and CC thereby RB increasing VBG the DT danger NN of IN inflation NN , , the DT Fed NNP could MD support VB the DT stock NN market NN directly RB by IN buying VBG market NN averages NNS in IN the DT futures NNS market NN , , thus RB stabilizing VBG the DT market NN as IN a DT whole NN . . The DT stock NN market NN is VBZ certainly RB not RB too RB big JJ for IN the DT Fed NNP to TO handle VB . . The DT foreign-exchange NN and CC government NN securities NNS markets NNS are VBP vastly RB larger JJR . . Daily JJ trading NN volume NN in IN the DT New NNP York NNP foreign JJ exchange NN market NN is VBZ $ $ 130 CD billion CD . . The DT daily JJ volume NN for IN Treasury NNP Securities NNPS is VBZ about IN $ $ 110 CD billion CD . . The DT combined JJ value NN of IN daily JJ equity NN trading NN on IN the DT New NNP York NNP Exchange NNP , , the DT American NNP Stock NNP Exchange NNP and CC the DT NASDAQ NNP over-the-counter JJ market NN ranges VBZ between IN $ $ 7 CD billion CD and CC $ $ 10 CD billion CD . . The DT $ $ 13 CD billion CD the DT Fed NNP injected VBD into IN the DT money NN markets NNS after IN the DT 1987 CD crash NN is VBZ more RBR than IN enough JJ to TO buy VB all PDT the DT stocks NNS traded VBN on IN a DT typical JJ day NN . . More RBR carefully RB targeted VBN intervention NN might MD actually RB reduce VB the DT need NN for IN government NN action NN . . And CC taking VBG more RBR direct JJ action NN has VBZ the DT advantage NN of IN avoiding VBG sharp JJ increases NNS in IN the DT money NN supply NN , , such JJ as IN happened VBN in IN October NNP 1987 CD . . The DT Fed NNP 's POS stock NN market NN role NN ought MD not RB to TO be VB very RB ambitious JJ . . It PRP should MD seek VB only RB to TO maintain VB the DT functioning NN of IN markets NNS -- : not RB to TO prop VB up RP the DT Dow NNP Jones NNP or CC New NNP York NNP Stock NNP Exchange NNP averages NNS at IN a DT particular JJ level NN . . The DT Fed NNP should MD guard VB against IN systemic JJ risk NN , , but CC not RB against IN the DT risks NNS inherent JJ in IN individual JJ stocks NNS . . It PRP would MD be VB inappropriate JJ for IN the DT government NN or CC the DT central JJ bank NN to TO buy VB or CC sell VB IBM NNP or CC General NNP Motors NNPS shares NNS . . Instead RB , , the DT Fed NNP could MD buy VB the DT broad JJ market NN composites NNS in IN the DT futures NNS market NN . . The DT increased VBN demand NN would MD normalize VB trading NN and CC stabilize VB prices NNS . . Stabilizing VBG the DT derivative JJ markets NNS would MD tend VB to TO stabilize VB the DT primary JJ market NN . . The DT Fed NNP would MD eliminate VB the DT cause NN of IN the DT potential JJ panic NN rather RB than IN attempting VBG to TO treat VB the DT symptom NN -- : the DT liquidity NN of IN the DT banks NNS . . Disorderly JJ market NN conditions NNS could MD be VB observed VBN quite RB frequently RB in IN foreign JJ exchange NN markets NNS in IN the DT 1960s NNS and CC 1970s NNS . . But CC since IN the DT member NN countries NNS of IN the DT International NNP Monetary NNP Fund NNP agreed VBD to TO the DT `` `` Guidelines NNS to TO Floating VBG '' '' in IN 1974 CD , , such JJ difficulties NNS have VBP been VBN avoided VBN . . I PRP can MD not RB recall VB any DT disorder NN in IN currency NN markets NNS since IN the DT 1974 CD guidelines NNS were VBD adopted VBN . . Thus RB , , the DT mere JJ existence NN of IN a DT market-stabilizing JJ agency NN helps VBZ to TO avoid VB panic NN in IN emergencies NNS . . The DT old JJ saying NN advises VBZ : : `` `` If IN it PRP ai VBP n't RB broke VBD , , do VBP n't RB fix VB it PRP . . '' '' But CC this DT could MD be VB a DT case NN where WRB we PRP all DT might MD go VB broke RB if IN it PRP is VBZ n't RB fixed VBN . . Mr. NNP Heller NNP , , now RB at IN VISA NNP International NNP , , was VBD a DT governor NN of IN the DT Federal NNP Reserve NNP Board NNP from IN 1986 CD until IN earlier RBR this DT year NN . . This DT is VBZ adapted VBN from IN a DT speech NN to TO the DT Commonwealth NNP Club NNP in IN San NNP Francisco NNP . . Bank NNP of IN England NNP Governor NNP Robin NNP Leigh-Pemberton NNP urged VBD banks NNS to TO be VB cautious JJ in IN financing VBG leveraged JJ buy-outs NNS . . `` `` Caution NN should MD ... : be VB the DT rule NN of IN the DT day NN , , '' '' said VBD Mr. NNP Leigh-Pemberton NNP in IN a DT speech NN to TO the DT Association NNP of IN Corporate NNP Treasurers NNPS ' POS annual JJ dinner NN . . `` `` It PRP would MD be VB damaging VBG to TO industry NN and CC to TO the DT financial JJ sector NN in IN general JJ , , to TO say VB nothing NN of IN banks NNS , , if IN prudence NN does VBZ not RB guide VB the DT financing NN of IN leveraged JJ transactions NNS . . '' '' His PRP$ remarks NNS were VBD distributed VBN to TO the DT press NN before IN Chancellor NNP of IN the DT Exchequer NNP Nigel NNP Lawson NNP announced VBD his PRP$ resignation NN last JJ evening NN . . Bank NNP of IN England NNP officials NNS said VBD the DT central JJ bank NN had VBD no DT comment NN on IN Mr. NNP Lawson NNP 's POS resignation NN . . Mr. NNP Leigh-Pemberton NNP reiterated VBD that IN the DT exposure NN of IN United NNP Kingdom NNP banks NNS to TO leveraged JJ deals NNS have VBP n't RB yet RB reached VBN `` `` worrying JJ levels NNS . . '' '' However RB , , in IN light NN of IN the DT risks NNS involved VBN in IN such JJ transactions NNS , , banks NNS should MD satisfy VB themselves PRP that IN they PRP have VBP the DT skills NNS to TO participate VB in IN this DT market NN and CC clear JJ policy NN guidelines NNS on IN acceptable JJ levels NNS of IN exposure NN to TO such JJ transactions NNS , , he PRP said VBD . . In IN other JJ comments NNS , , he PRP said VBD takeovers NNS may MD not RB always RB be VB the DT most RBS efficient JJ way NN of IN securing VBG a DT change NN of IN corporate JJ direction NN or CC strategy NN . . `` `` A DT similar JJ result NN could MD sometimes RB be VB achieved VBN , , at IN less JJR cost NN , , by IN changing VBG managements NNS , , '' '' he PRP said VBD . . Intel NNP Corp. NNP 's POS most RBS powerful JJ computer NN chip NN has VBZ flaws NNS that WDT could MD delay VB several JJ computer NN makers NNS ' POS marketing NN efforts NNS , , but CC the DT `` `` bugs NNS '' '' are VBP n't RB expected VBN to TO hurt VB Intel NNP and CC most JJS computer NN makers NNS . . Computer NN experts NNS familiar JJ with IN the DT flaws NNS , , found VBN in IN Intel NNP 's POS 80486 CD chip NN , , say VBP the DT defects NNS do VBP n't RB affect VB the DT average JJ user NN and CC are VBP likely JJ to TO be VB cleared VBN up RP before IN most JJS computers NNS using VBG the DT chip NN as IN their PRP$ `` `` brains NNS '' '' appear VBP on IN the DT market NN sometime RB next JJ year NN . . Intel NNP said VBD that DT last JJ week NN a DT customer NN discovered VBD two CD flaws NNS in IN its PRP$ 80486 CD microprocessor NN chip NN 's POS `` `` floating-point NN unit NN '' '' , , a DT set NN of IN circuits NNS that WDT do VBP certain JJ calculations NNS . . On IN Friday NNP , , Intel NNP began VBD notifying VBG customers NNS about IN the DT bugs NNS which WDT cause VBP the DT chip NN to TO give VB wrong JJ answers NNS for IN some DT mathematical JJ calculations NNS . . But CC while IN International NNP Business NNP Machines NNPS Corp. NNP and CC Compaq NNP Computer NNP Corp. NNP say VBP the DT bugs NNS will MD delay VB products NNS , , most JJS big JJ computer NN makers NNS said VBD the DT flaws NNS do VBP n't RB affect VB them PRP . . `` `` Bugs NNS like IN this DT are VBP just RB a DT normal JJ part NN of IN product NN development NN , , '' '' said VBD Richard NNP Archuleta NNP , , director NN of IN Hewlett-Packard NNP Co. NNP 's POS advanced JJ systems NNS development NN . . Hewlett NNP announced VBD last JJ week NN that IN it PRP planned VBD to TO ship VB a DT computer NN based VBN on IN the DT 486 CD chip NN early JJ next JJ year NN . . `` `` These DT bugs NNS do VBP n't RB affect VB our PRP$ schedule NN at IN all DT , , '' '' he PRP said VBD . . Likewise RB , , AST NNP Research NNP Inc. NNP and CC Sun NNP Microsystems NNPS Inc. NNP said VBD the DT bugs NNS wo MD n't RB delay VB their PRP$ development NN of IN 486-based JJ machines NNS . . `` `` We PRP have VBP n't RB modified VBN our PRP$ schedules NNS in IN any DT way NN , , '' '' said VBD a DT Sun NNP spokesman NN . . To TO switch VB to TO another DT vendor NN 's POS chips NNS , , `` `` would MD definitely RB not RB be VB an DT option NN , , '' '' he PRP said VBD . . Nonetheless RB , , concern NN about IN the DT chip NN may MD have VB been VBN responsible JJ for IN a DT decline NN of IN 87.5 CD cents NNS in IN Intel NNP 's POS stock NN to TO $ $ 32 CD a DT share NN yesterday NN in IN over-the-counter JJ trading NN , , on IN volume NN of IN 3,609,800 CD shares NNS , , and CC partly RB responsible JJ for IN a DT drop NN in IN Compaq NNP 's POS stock NN in IN New NNP York NNP Stock NNP Exchange NNP composite NN trading NN on IN Wednesday NNP . . Yesterday NN , , Compaq NNP plunged VBD further RBR , , closing VBG at IN $ $ 100 CD a DT share NN , , off RB $ $ 8.625 CD a DT share NN , , on IN volume NN of IN 2,633,700 CD shares NNS . . Most JJS of IN Compaq NNP 's POS decline NN is VBZ being VBG attributed VBN to TO a DT third-quarter JJ earnings NN report NN that WDT came VBD in RP at IN the DT low JJ end NN of IN analysts NNS ' POS expectations NNS . . Intel NNP said VBD it PRP had VBD corrected VBN the DT problems NNS and CC would MD start VB producing VBG bugless JJ chips NNS next IN week NN . . `` `` We PRP should MD not RB be VB seeing VBG any DT more JJR , , '' '' said VBD Bill NNP Rash NNP , , Intel NNP 's POS director NN for IN the DT 486 CD chip NN . . What WP 's VBZ more JJR , , the DT bugs NNS only RB emerge VBP on IN esoteric JJ applications NNS such JJ as IN computer-aided JJ design NN and CC scientific JJ calculations NNS , , he PRP said VBD , , and CC then RB very RB seldom RB . . `` `` These DT errata NNS do VBP not RB affect VB business NN programs NNS , , '' '' he PRP said VBD . . The DT bugs NNS will MD cause VB problems NNS in IN `` `` specific JJ and CC rare JJ circumstances NNS that WDT will MD not RB occur VB in IN typical JJ applications NNS '' '' such JJ as IN word-processing NNS and CC spreadsheets NNS , , said VBD Michael NNP Slater NNP , , editor NN of IN the DT Microprocessor NNP Report NNP , , an DT industry NN newsletter NN . . Sun NNP , , Hewlett-Packard NNP and CC others NNS say VBP Intel NNP is VBZ n't RB wholly RB to TO blame VB for IN the DT snafu NN . . The DT real JJ culprits NNS , , they PRP said VBD , , are VBP computer NN makers NNS such JJ as IN IBM NNP that WDT have VBP jumped VBN the DT gun NN to TO unveil VB 486-based JJ products NNS . . `` `` The DT reason NN this DT is VBZ getting VBG so RB much JJ visibility NN is VBZ that IN some DT started VBD shipping NN and CC announced VBD early JJ availability NN , , '' '' said VBD Hewlett-Packard NNP 's POS Mr. NNP Archuleta NNP . . `` `` You PRP can MD do VB that DT but CC you PRP 're VBP taking VBG a DT risk NN . . Those DT companies NNS are VBP paying VBG the DT price NN for IN taking VBG the DT risk NN . . '' '' In IN late JJ September NNP , , IBM NNP began VBD shipping VBG a DT plug-in JJ card NN that WDT converts VBZ its PRP$ PS\/2 NNP model NN 70-A21 CD from IN a DT 80386 CD machine NN to TO an DT 80486 CD machine NN . . An DT IBM NNP spokeswoman NN said VBD the DT company NN told VBD customers NNS Monday NNP about IN the DT bugs NNS and CC temporarily RB stopped VBD shipping VBG the DT product NN . . IBM NNP has VBZ no DT plans NNS to TO recall VB its PRP$ add-on JJ cards NNS , , the DT spokeswoman NN said VBD , , and CC could MD probably RB circumvent VB the DT bugs NNS without IN long JJ product NN delays NNS . . `` `` We PRP do VBP n't RB look VB at IN this DT as IN a DT major JJ problem NN for IN us PRP , , '' '' she PRP said VBD . . Compaq NNP , , which WDT said VBD it PRP discovered VBD the DT bugs NNS , , still RB plans VBZ to TO announce VB new JJ 486 CD products NNS on IN Nov. NNP 6 CD . . Because IN of IN the DT glitch NN , , however RB , , the DT company NN said VBD it PRP does VBZ n't RB know VB when WRB its PRP$ machine NN will MD be VB commercially RB available JJ . . That DT 's VBZ a DT break NN from IN Compaq NNP tradition NN , , because IN the DT company NN does VBZ n't RB announce VB products NNS until IN they PRP 're VBP actually RB at IN the DT dealers NNS . . The DT problem NN is VBZ being VBG ballyhooed VBN , , experts NNS say VBP , , because IN the DT 486 CD is VBZ Intel NNP 's POS future JJ flagship NN . . Intel NNP 's POS microprocessors NNS are VBP the DT chips NNS of IN choice NN in IN many JJ of IN today NN 's POS personal JJ computers NNS and CC the DT 80486 CD microprocessor NN is VBZ the DT spearhead NN of IN the DT company NN 's POS bid NN to TO guard VB that DT spot NN in IN the DT next JJ generation NN of IN machines NNS . . `` `` Although IN these DT sorts NNS of IN bugs NNS are VBP not RB at IN all RB uncommon JJ , , the DT 486 CD is VBZ an DT extremely RB high-profile JJ product NN , , '' '' said VBD Mr. NNP Slater NNP , , the DT newsletter NN editor NN . . Intel NNP 's POS 80486 CD chip NN is VBZ the DT Corvette NNP of IN Intel NNP 's POS microprocessors NNS , , a DT super-fast JJ , , super-expensive JJ chip NN that IN only RB the DT most RBS power-hungry JJ computer NN users NNS are VBP likely JJ to TO buy VB for IN at IN least JJS several JJ years NNS . . Unveiled VBN last JJ April NNP , , the DT chip NN crams VBZ 1.2 CD million CD transistors NNS on IN a DT sliver NN of IN silicon NN , , more JJR than IN four CD times CC as RB many JJ as IN on IN Intel NNP 's POS earlier JJR model NN , , 80386 CD . . Intel NNP clocks VBZ the DT chip NN 's POS speed NN at IN 15 CD million CD instructions NNS per IN second NN , , or CC MIPs NNS . . That DT 's VBZ four CD times CC as RB fast JJ as IN the DT 386 CD . . Machines NNS using VBG the DT 486 CD are VBP expected VBN to TO challenge VB higher-priced JJ work NN stations NNS and CC minicomputers NNS in IN applications NNS such JJ as IN so-called JJ servers NNS , , which WDT connect VBP groups NNS of IN computers NNS together RB , , and CC in IN computer-aided JJ design NN . . But CC while IN the DT chip NN 's POS speed NN in IN processing VBG power NN is VBZ dazzling JJ , , it PRP 's POS real JJ strength NN lies VBZ in IN its PRP$ software NN inheritance NN . . The DT 486 CD is VBZ the DT descendant NN of IN a DT long JJ series NN of IN Intel NNP chips NNS that WDT began VBD dominating VBG the DT market NN ever RB since IN IBM NNP picked VBD the DT 16-bit JJ 8088 CD chip NN for IN its PRP$ first JJ personal JJ computer NN . . ( ( A DT 16-bit JJ microprocessor NN processes VBZ 16 CD pieces NNS of IN data NNS at IN a DT time NN and CC is VBZ slower JJR than IN newer JJR , , 32-bit JJ chips NNS . . ) ) Since IN then RB , , Intel NNP has VBZ cornered VBN a DT large JJ part NN of IN the DT market NN with IN successive JJ generations NNS of IN 16-bit JJ and CC 32-bit JJ chips NNS , , all DT of IN which WDT can MD run VB software NN written VBN for IN previous JJ models NNS . . That DT 's VBZ what WP will MD keep VB computer NN makers NNS coming VBG in IN spite NN of IN the DT irritation NN of IN bugs NNS . . Big JJ personal JJ computer NN makers NNS and CC many JJ makers NNS of IN engineering NN workstations NNS are VBP developing VBG 486-based JJ machines NNS , , which WDT are VBP expected VBN to TO reach VB the DT market NN early JJ next JJ year NN . . Of IN the DT big JJ computer NN makers NNS , , only RB Apple NNP Computer NNP Co. NNP bases VBZ its PRP$ machines NNS on IN Motorola NNP chips NNS instead RB . . `` `` The DT 486 CD is VBZ going VBG to TO have VB a DT big JJ impact NN on IN the DT industry NN , , '' '' said VBD Hewlett-Packard NNP 's POS Mr. NNP Archuleta NNP . . `` `` It PRP 's VBZ going VBG to TO be VB the DT leading VBG edge NN technology NN in IN personal JJ computers NNS for IN the DT next JJ few JJ years NNS . . This DT bug NN is VBZ not RB going VBG to TO have VB any DT affect VB on IN that DT at IN all DT . . '' '' Andy NNP Zipser NNP in IN Dallas NNP contributed VBD to TO this DT article NN . . Bethlehem NNP Steel NNP Corp. NNP has VBZ agreed VBN in IN principle NN to TO form VB a DT joint JJ venture NN with IN the DT world NN 's POS second-largest JJ steelmaker NN , , Usinor-Sacilor NNP of IN France NNP , , to TO modernize VB a DT portion NN of IN Bethlehem NNP 's POS ailing VBG BethForge NNP division NN . . The DT venture NN , , which WDT involves VBZ adding VBG sophisticated JJ equipment NN to TO make VB cast-iron NN mill NN rolls NNS , , is VBZ part NN of IN a DT two-pronged JJ effort NN to TO shore VB up RP a DT division NN that WDT has VBZ posted VBN continuing VBG operating NN losses NNS for IN several JJ years NNS . . The DT other JJ element NN includes VBZ consolidating VBG BethForge NNP 's POS press-forge NN operations NNS . . The DT entire JJ division NN employs VBZ about IN 850 CD workers NNS . . While IN the DT joint JJ venture NN affects VBZ only RB a DT small JJ part NN of IN Bethlehem NNP 's POS operations NNS , , it PRP is VBZ significant JJ because IN it PRP marks VBZ the DT first JJ time NN the DT nation NN 's POS No. NN 2 CD steelmaker NN has VBZ joined VBN forces NNS with IN a DT foreign JJ partner NN . . Wall NNP Street NNP analysts NNS have VBP criticized VBN Bethlehem NNP for IN not RB following VBG its PRP$ major JJ competitors NNS in IN linking VBG with IN a DT foreign JJ company NN to TO share VB costs NNS and CC provide VB technology NN to TO modernize VB old JJ facilities NNS or CC build VB new JJ ones NNS . . `` `` We PRP think VBP it PRP 's VBZ a DT step NN in IN the DT right JJ direction NN for IN Bethlehem NNP , , '' '' said VBD Felix NNP Bello NNP , , WEFA NNP Group NNP 's POS international JJ steel NN analyst NN . . `` `` It PRP 's VBZ important JJ to TO share VB the DT risk NN and CC even RB more RBR so RB when WRB the DT market NN has VBZ already RB peaked VBN . . '' '' He PRP said VBD the DT move NN could MD be VB the DT beginning NN of IN a DT broader JJR relationship NN between IN the DT two CD companies NNS , , one NN that WDT could MD open VB up RP new JJ markets NNS for IN Bethlehem NNP . . Bethlehem NNP had VBD little JJ choice NN but CC to TO go VB with IN a DT European JJ steelmaker NN , , because IN its PRP$ competitors NNS already RB have VB tapped VBN the DT Japanese JJ and CC South JJ Korean JJ industry NN leaders NNS , , analysts NNS noted VBD . . Under IN terms NNS of IN the DT agreement NN , , Usinor NNP 's POS Chavanne-Ketin NNP unit NN and CC Bethlehem NNP would MD establish VB a DT modernized JJ facility NN to TO make VB cast-iron NN mill NN rolls NNS at IN the DT company NN 's POS cast-iron NN shop NN here RB . . Terms NNS for IN the DT venture NN , , which WDT would MD be VB jointly RB owned VBN by IN both DT companies NNS , , were VBD n't RB disclosed VBN . . The DT Usinor NNP unit NN has VBZ agreed VBN to TO provide VB technology NN and CC expertise NN to TO install VB a DT so-called JJ spin NN caster NN by IN early JJ next JJ fall NN . . The DT caster NN improves VBZ the DT metallurgical JJ quality NN of IN the DT iron NN mill NN rolls NNS , , which WDT are VBP basically RB huge JJ rolling VBG pins NNS used VBN to TO flatten VB or CC shape VB steel NN products NNS . . Bethlehem NNP is VBZ also RB working VBG with IN the DT United NNP Steelworkers NNPS union NN to TO consolidate VB BethForge NNP 's POS two CD machine NN shops NNS and CC four CD heat-treatment NN facilities NNS of IN the DT press-forge NN operations NNS . . Once RB the DT consolidation NN is VBZ complete JJ , , Bethlehem NNP plans VBZ to TO concentrate VB its PRP$ forgings NNS business NN on IN nuclear JJ fabrication NN , , hardened VBN steel NN and CC large-diameter JJ steel NN rolls NNS for IN rolling VBG mills NNS and CC selected VBN custom-die NN applications NNS . . Bethlehem NNP said VBD earlier RBR this DT year NN that IN it PRP planned VBD to TO restructure NN the DT BethForge NNP division NN to TO improve VB its PRP$ cost NN structure NN . . In IN the DT second JJ quarter NN , , Bethlehem NNP posted VBD a DT $ $ 50 CD million CD charge NN related JJ to TO its PRP$ plans NNS to TO realign VB the DT division NN . . If IN you PRP 're VBP still RB wondering VBG about IN the DT causes NNS of IN the DT slump NN in IN the DT junk-bond NN market NN , , consider VB the DT case NN of IN Columbia NNP Savings NNPS & CC Loan NNP . . The DT California NNP thrift NN has VBZ just RB announced VBN a DT $ $ 226 CD million CD third-quarter NN loss NN . . How WRB did VBD this DT happen VB ? . Well RB , , when WRB Congress NNP in IN its PRP$ recent JJ S&L NN bailout NN mandated VBD that IN the DT thrifts NNS sell VB off RP all DT their PRP$ junk-bond NN holdings NNS by IN 1994 CD , , it PRP not RB only RB artificially RB increased VBD the DT supply NN of IN these DT bonds NNS in IN the DT market NN but CC also RB eliminated VBD one CD of IN the DT few JJ profitable JJ investments NNS thrifts NNS have VBP made VBN . . But CC there EX is VBZ a DT grimly RB ironic JJ twist NN to TO the DT Columbia NNP loss NN . . As IN followers NNS of IN the DT debate NN over IN a DT capital-gains NNS tax NN cut NN know VBP , , there EX is VBZ much JJ talk NN in IN Congress NNP and CC indeed RB all DT over IN Washington NNP about IN the DT need NN to TO `` `` encourage VB '' '' long-term JJ investment NN and CC discourage VB the DT financial JJ sector NN 's POS presumed JJ obsession NN with IN the DT short JJ term NN . . Now RB , , we PRP regard VBP this DT as IN a DT largely RB phony JJ issue NN , , but CC the DT `` `` long JJ term NN '' '' is VBZ nonetheless RB a DT big JJ salon NN topic NN all DT around IN the DT Beltway NNP . . It PRP turns VBZ out RP that IN Columbia NNP had VBD this DT huge JJ loss NN in IN large JJ part NN because IN the DT new JJ congressionally RB mandated VBN rules NNS forced VBD it PRP to TO adjust VB the DT book NN value NN of IN its PRP$ soon-to-be-sold JJ junk NN bonds NNS to TO the DT lower JJR of IN either DT their PRP$ cost NN or CC market NN value NN . . They PRP could MD no RB longer RB be VB classified VBN as IN what WP Columbia NNP regarded VBD them PRP , , namely RB long-term JJ investments NNS . . Congress NNP 's POS ham-handed JJ treatment NN of IN the DT existing VBG structure NN of IN junk-bond NN holdings NNS reminds VBZ us PRP of IN a DT story NN in IN the DT Journal NNP earlier RBR this DT year NN about IN the DT Baby NNP Bell NNP companies NNS ' POS desire NN to TO have VB the DT court-ordered JJ bans NNS lifted VBN on IN offering VBG information NN services NNS . . The DT issue NN of IN seeking VBG relief NN from IN Congress NNP was VBD raised VBN to TO Delbert NNP Staley NNP , , the DT chairman NN of IN Nynex NNP . . Mr. NNP Staley NNP replied VBD : : `` `` Legislation NN tends VBZ to TO be VB compromised VBN . . I PRP believe VBP we PRP have VBP to TO take VB a DT shot NN at IN getting VBG as RB much JJ done VBN as IN we PRP can MD through IN the DT court NN , , through IN Justice NN and CC through IN state NN and CC federal JJ regulatory JJ agencies NNS . . I PRP see VBP Congress NNP as IN a DT last JJ resort NN . . '' '' Healthy JJ thrifts NNS such JJ as IN Columbia NNP or CC the DT junk-bond NN market NN itself PRP should MD have VB been VBN so RB lucky JJ . . The DT reality NN of IN life NN in IN modern JJ America NNP is VBZ that IN if IN you PRP want VBP to TO wreck VB something NN that WDT works VBZ , , let VB it PRP fall VB into IN the DT hands NNS of IN Congress NNP . . Exxon NNP Corp. NNP said VBD it PRP will MD move VB its PRP$ headquarters NN from IN Manhattan NNP to TO Dallas NNP . . Most JJS of IN the DT 300 CD employees NNS at IN the DT oil NN company NN 's POS midtown JJ headquarters NN building NN -- : including VBG much JJ of IN senior JJ management NN -- : were VBD unaware JJ of IN the DT plan NN until IN informed VBN at IN a DT morning NN meeting NN by IN Chairman NNP Lawrence NNP G. NNP Rawl NNP . . The DT shift NN wo MD n't RB affect VB operations NNS . . As IN part NN of IN its PRP$ restructuring NN several JJ years NNS ago RB , , Exxon NNP moved VBD most JJS of IN those DT out IN of IN the DT city NN and CC sold VBD its PRP$ 53-floor JJ Rockefeller NNP Center NNP skyscraper NN to TO a DT Japanese JJ company NN . . But CC the DT pullout NN is VBZ an DT embarrassment NN to TO New NNP York NNP City NNP officials NNS , , coming VBG at IN a DT time NN of IN high JJ office NN building NN vacancy NN rates NNS and CC departures NNS by IN other JJ major JJ companies NNS . . Mobil NNP Corp. NNP is VBZ in IN the DT process NN of IN vacating VBG its PRP$ headquarters NNS here RB , , and CC huge JJ operations NNS like IN J.C. NNP Penney NNP & CC Co. NNP and CC Trans NNP World NNP Airlines NNPS have VBP recently RB left VBN . . New NNP York NNP authorities NNS , , informed VBN yesterday NN about IN the DT move NN , , reacted VBD with IN concern NN and CC even RB some DT anger NN to TO the DT idea NN of IN the DT nation NN 's POS third-largest JJ corporation NN leaving VBG without IN giving VBG them PRP an DT opportunity NN to TO accommodate VB it PRP . . `` `` We PRP are VBP dismayed JJ , , but CC there EX 's VBZ nothing NN we PRP can MD do VB about IN it PRP now RB , , '' '' said VBD Stanley NNP Grayson NNP , , New NNP York NNP City NNP deputy NN mayor NN for IN finance NN and CC economic JJ development NN . . Meanwhile RB , , Dallas NNP welcomed VBD the DT move NN . . City NN officials NNS there EX had VBD been VBN were VBD aware JJ that IN a DT large JJ company NN was VBD moving VBG in RP , , but CC negotiations NNS had VBD all DT been VBN conducted VBN through IN a DT law NN firm NN and CC under IN the DT code NN name NN `` `` Everglades NNS . . '' '' `` `` When WRB we PRP were VBD told VBD it PRP was VBD Exxon NNP , , it PRP was VBD beyond IN all DT expectations NNS ; : what WP a DT coup NN , , '' '' said VBD Tom NNP Lewis NNP , , senior JJ vice NN president NN of IN Dallas NNP Partnership NNP , , the DT economic JJ development NN affiliate NN of IN the DT city NN 's POS Chamber NNP of IN Commerce NNP . . Dallas NNP , , its PRP$ economy NN based VBN on IN oil NN and CC real JJ estate NN , , has VBZ been VBN in IN a DT slump NN . . Exxon NNP said VBD it PRP will MD build VB a DT new JJ headquarters NN on IN a DT 132-acre JJ tract NN in IN the DT 10-year-old JJ Las NNP Colinas NNP complex NN in IN the DT suburb NN of IN Irving NNP . . Until IN the DT building NN is VBZ completed VBN , , Exxon NNP will MD rent VB part NN of IN an DT existing VBG office NN tower NN . . Las NNP Colinas NNP , , once RB a DT huge JJ Texas NNP ranch NN , , is VBZ a DT sprawling VBG complex NN of IN office NN buildings NNS , , homes NNS and CC recreational JJ facilities NNS that IN its PRP$ developers NNS have VBP been VBN struggling VBG to TO populate VB in IN recent JJ years NNS . . Exxon NNP officials NNS said VBD it PRP will MD cost VB less JJR to TO run VB its PRP$ headquarters NN at IN Las NNP Colinas NNP than IN in IN New NNP York NNP . . The DT company NN wo MD n't RB say VB how WRB much JJ it PRP will MD save VB , , but CC during IN at IN its PRP$ interim NN location NN , , sources NNS say VBP it PRP will MD likely RB pay VB rent VB of IN $ $ 10 CD to TO $ $ 15 CD per IN square JJ foot NN . . Owners NNS of IN the DT building NN in IN New NNP York NNP say VBP they PRP will MD be VB asking VBG $ $ 50 CD per IN square JJ foot NN for IN rent NN to TO fill VB the DT space NN that IN Exxon NNP is VBZ vacating VBG . . In IN Texas NNP , , taxes NNS and CC development NN costs NNS are VBP also RB lower JJR , , they PRP said VBD . . Plus CC , , one CD Exxon NNP official NN said VBD , , by IN eliminating VBG the DT typically RB long JJ New NNP York NNP commutes NNS between IN office NN and CC home NN , , management NN will MD expect VB employees NNS to TO work VB 40 CD hours NNS a DT week NN in IN Dallas NNP , , rather RB than IN a DT 35-hour JJ work NN week NN in IN New NNP York NNP . . Canadian JJ production NN of IN market NN pulp NN rose VBD 1 CD % NN in IN September NNP from IN a DT year NN earlier RB as IN the DT industry NN operated VBD at IN 87 CD % NN of IN capacity NN . . The DT Canadian NNP Pulp NNP and CC Paper NNP Association NNP , , an DT industry NN group NN , , said VBD Canadian JJ mills NNS produced VBD 532,000 CD metric JJ tons NNS of IN market NN pulp NN in IN September NNP , , compared VBN with IN 527,000 CD metric JJ tons NNS a DT year NN earlier RB . . Market NN pulp NN is VBZ wood NN pulp NN sold VBN on IN the DT open JJ market NN to TO producers NNS of IN paper NN and CC other JJ products NNS . . The DT statistics NNS exclude VBP pulp NN consumed VBN at IN the DT producing VBG mill NN or CC shipped VBN to TO another DT mill NN that WDT is VBZ affiliated JJ with IN the DT producing VBG mill NN . . Canada NNP is VBZ the DT world NN 's POS largest JJS producer NN of IN market NN pulp NN . . The DT September NNP 87 CD % NN operating NN rate NN compared VBN with IN a DT rate NN of IN 101 CD % NN in IN August NNP but CC was VBD unchanged JJ from IN a DT year NN earlier RB . . In IN the DT first JJ nine CD months NNS of IN this DT year NN output NN was VBD 5,377,000 CD metric JJ tons NNS , , down RB from IN 5,441,000 CD metric JJ tons NNS a DT year NN earlier RB . . IMA NNP Holdings NNPS Corp. NNP completed VBD its PRP$ $ $ 3 CD billion CD acquisition NN of IN American NNP Medical NNP International NNP Inc. NNP , , purchasing VBG 63 CD million CD shares NNS , , or CC 86 CD % NN , , of IN the DT Los NNP Angeles-based JJ health-care NN services NNS concern NN for IN $ $ 26.50 CD a DT share NN . . The DT price NN also RB includes VBZ assumption NN of IN about IN $ $ 1.4 CD billion CD in IN debt NN . . IMA NNP is VBZ a DT group NN that WDT includes VBZ First NNP Boston NNP Corp. NNP and CC the DT Pritzker NNP family NN of IN Chicago NNP through IN the DT leveraged JJ buy-out NN fund NN Harry NNP Gray NNP Melvyn NNP Klein NNP & CC Partners NNPS . . Harry NNP J. NNP Gray NNP and CC Melvyn NNP N. NNP Klein NNP , , along IN with IN five CD other JJ IMA NNP designees NNS , , were VBD named VBN to TO join VB American NNP Medical NNP 's POS 10-member JJ board NN . . The DT completion NN of IN the DT merger NN agreement NN follows VBZ months NNS of IN twists NNS and CC turns NNS . . In IN January NNP , , American NNP Medical NNP brought VBD in RP a DT new JJ chief JJ executive NN officer NN , , Richard NNP A. NN Gilleland NNP , , 45 CD , , who WP will MD remain VB as IN chairman NN , , president NN and CC chief JJ executive NN . . A DT few JJ days NNS later RB , , American NNP Medical NNP announced VBD sharply RB lower JJR earnings NNS , , taking VBG charges NNS of IN $ $ 24 CD million CD for IN insurance NN reserves NNS and CC canceled VBN real JJ estate NN leases NNS . . In IN March NNP , , American NNP Medical NNP received VBD a DT $ $ 24-a-share JJ offer NN to TO take VB the DT company NN private RB from IN an DT investor NN group NN including VBG large JJ holder NN M. NNP Lee NNP Pearce NNP . . It PRP also RB was VBD considering VBG a DT restructuring NN to TO help VB boost VB the DT stock NN price NN . . A DT group NN including VBG several JJ members NNS of IN the DT the DT Bass NNP family NN of IN Texas NNP urged VBD the DT company NN to TO take VB some DT steps NNS to TO maximize VB shareholder NN value NN . . The DT following VBG month NN , , the DT company NN put VBD itself PRP up RP for IN sale NN . . It PRP received VBD more JJR offers NNS , , but CC the DT auction NN was VBD surprisingly RB won VBN by IN IMA NNP , , which WDT bid VBD $ $ 28 CD a DT share NN and CC asked VBD Mr. NNP Gilleland NNP to TO stay VB on RP as IN an DT equity NN participant NN . . He PRP indicated VBD that IN some DT assets NNS might MD be VB sold VBN off RB to TO service VB the DT debt NN . . Then RB , , after IN extending VBG its PRP$ offer NN four CD times NNS waiting VBG for IN a DT congressional JJ tax NN ruling NN , , IMA NNP early RB this DT month NN lowered VBD its PRP$ offer NN to TO $ $ 26.50 CD a DT share NN amid IN turbulence NN in IN the DT junk NN bond NN market NN . . American NNP Medical NNP accepted VBD the DT offer NN , , meanwhile RB indicating VBG it PRP had VBD heard VBN from IN two CD other JJ suitors NNS . . But CC they PRP never RB materialized VBD and CC IMA NNP completed VBD the DT purchase NN yesterday NN . . Other JJ new JJ board NN members NNS include VBP John NNP S. NNP Harrison NNP and CC Mark NNP A. NN Adley NNP of IN First NNP Boston NNP , , James NNP F. NNP Lyons NNP , , William NNP S. NNP Goldberg NNP and CC Harold NNP S. NNP Handelsman NNP . . Treasury NNP Secretary NNP Nicholas NNP Brady NNP said VBD that IN Congress NNP should MD grant VB the DT Securities NNPS and CC Exchange NNP Commission NNP the DT power NN to TO close VB the DT stock NN markets NNS in IN periods NNS of IN crisis NN . . In IN testimony NN to TO the DT Senate NNP securities NNS subcommittee NN , , Mr. NNP Brady NNP disputed VBD the DT view NN of IN SEC NNP Chairman NNP Richard NNP Breeden NNP , , who WP told VBD a DT House NNP panel NN Wednesday NNP that IN he PRP does VBZ n't RB want VB the DT ability NN to TO halt VB the DT markets NNS . . Mr. NNP Breeden NNP contended VBD that DT discretionary JJ power NN could MD have VB an DT impact NN on IN the DT markets NNS if IN rumors NNS were VBD to TO circulate VB about IN when WRB the DT exchanges NNS might MD be VB closed VBN . . He PRP added VBD that IN the DT president NN already RB has VBZ the DT power NN to TO close VB the DT markets NNS in IN an DT emergency NN . . But CC Mr. NNP Brady NNP argued VBD that IN the DT SEC NNP is VBZ closer JJR to TO the DT markets NNS and CC in IN a DT better JJR position NN to TO understand VB when WRB the DT exchanges NNS are VBP under IN such JJ stress NN that IN they PRP should MD be VB closed VBN . . Separately RB , , Mr. NNP Brady NNP said VBD he PRP asked VBD the DT Working NNP Group NNP on IN Financial NNP Markets NNPS to TO determine VB whether IN futures NNS margins NNS are VBP too RB low JJ . . He PRP noted VBD that IN some DT minimum NN margin NN requirements NNS have VBP been VBN reduced VBN to TO levels NNS below IN those DT before IN the DT 1987 CD crash NN . . `` `` This DT raises VBZ questions NNS whether IN futures NNS and CC equity NN margin NN requirements NNS are VBP consistent JJ at IN these DT levels NNS and CC whether IN futures NNS margins NNS are VBP adequate JJ , , '' '' Mr. NNP Brady NNP said VBD . . Margins NNS are VBP the DT amount NN of IN money NN an DT investor NN needs VBZ to TO put VB up RB to TO buy VB or CC sell VB a DT futures NNS contract NN . . Margins NNS on IN the DT futures NNS exchanges NNS typically RB are VBP raised VBN and CC lowered VBN according VBG to TO market NN volatility NN . . The DT Chicago NNP Mercantile NNP Exchange NNP margins NNS for IN the DT Standard NNP & CC Poor NNP 's POS 500 CD stock-index NN futures NNS stood VBD at IN $ $ 10,000 CD a DT contract NN for IN speculators NNS and CC $ $ 5,000 CD for IN hedgers NNS before IN Oct. NNP 16 CD , , 1987 CD ; : that DT day NN the DT hedging VBG margin NN was VBD raised VBN to TO $ $ 7,500 CD . . Margins NNS were VBD raised VBN or CC lowered VBN about IN a DT dozen NN times NNS since IN the DT crash NN Oct. NNP 19 CD , , 1987 CD . . Currently RB , , they PRP stand VBP at IN $ $ 12,000 CD for IN speculators NNS , , who WP are VBP typically RB individuals NNS and CC non-member NN traders NNS , , and CC $ $ 6,000 CD for IN hedgers NNS , , which WDT are VBP usually RB institutions NNS and CC have VBP offsetting VBG positions NNS in IN the DT underlying VBG stocks NNS . . Mr. NNP Brady NNP also RB said VBD he PRP expects VBZ the DT leveraged JJ buy-out NN phenomenon NN to TO `` `` end VB under IN ( ( its PRP$ ) ) own JJ weight NN . . '' '' Asked VBN whether IN there EX is VBZ anything NN Congress NNP should MD do VB to TO curb VB the DT LBO NN boom NN , , Mr. NNP Brady NNP responded VBD , , `` `` I PRP think VBP the DT LBO NN phenomenon NN , , ( ( while IN ) ) it PRP wo MD n't RB stop VB completely RB , , will MD be VB a DT thing NN of IN the DT past NN . . '' '' Before IN taking VBG any DT action NN , , he PRP advised VBD the DT panel NN to TO `` `` see VB what WP the DT market NN has VBZ produced VBN as IN a DT cure NN . . '' '' Mr. NNP Brady NNP also RB agreed VBD with IN senators NNS ' POS concerns NNS about IN recent JJ stock-market NN volatility NN , , and CC said VBD he PRP realizes VBZ that IN the DT gyrations NNS are VBP scaring VBG investors NNS from IN investing VBG in IN stocks NNS . . But CC he PRP added VBD that IN individuals NNS still RB are VBP participating VBG in IN the DT equity NN market NN indirectly RB through IN mutual JJ funds NNS and CC pension NN funds NNS . . The DT former JJ Wall NNP Street NNP executive NN refused VBD to TO offer VB an DT opinion NN on IN the DT controversy NN surrounding VBG program NN trading NN , , which WDT has VBZ recently RB become VBN a DT larger JJR part NN of IN the DT trading NN in IN the DT market NN and CC has VBZ been VBN blamed VBN for IN accelerating VBG the DT drop NN two CD weeks NNS ago RB . . `` `` I PRP do VBP not RB have VB a DT view NN of IN whether IN we PRP should MD do VB anything NN about IN program NN trading NN at IN this DT time NN , , '' '' he PRP said VBD . . But CC Mr. NNP Brady NNP endorsed VBD the DT market-revision NN bill NN that IN both DT houses NNS of IN Congress NNP will MD try VB to TO push VB through RB this DT session NN . . That DT bill NN , , proposed VBN by IN the DT SEC NNP last JJ year NN , , would MD require VB brokerage NN firms NNS to TO disclose VB the DT financial JJ positions NNS of IN their PRP$ holding VBG companies NNS , , mandate VB large JJ traders NNS ' POS reporting NN of IN program NN or CC block NN trades NNS , , and CC improve VB clearing VBG and CC settlement NN of IN trades NNS between IN the DT futures NNS and CC stock NN markets NNS . . The DT bill NN also RB would MD give VB the DT SEC NNP the DT power NN to TO close VB the DT markets NNS , , a DT discretion NN that IN former JJ SEC NNP Chairman NNP David NNP Ruder NNP wanted VBD but CC Mr. NNP Breeden NNP does VBZ n't RB . . Mr. NNP Brady NNP and CC senators NNS agreed VBD to TO have VB their PRP$ staffs NNS meet VB within IN the DT next JJ week NN to TO start VB fine-tuning VB the DT bill NN . . The DT Senate NNP Agriculture NNP Committee NNP is VBZ responding VBG to TO trading NN abuses NNS in IN the DT futures NNS markets NNS with IN a DT far-reaching JJ bill NN that WDT would MD become VB the DT Futures NNPS Trading NNP Practices NNPS Act NNP of IN 1989 CD . . The DT proposed VBN legislation NN has VBZ a DT laudable JJ goal NN : : to TO assure VB the DT integrity NN of IN the DT U.S. NNP futures NNS markets NNS . . However RB , , as IN is VBZ common JJ with IN sweeping JJ legislation NN , , the DT proposal NN contains VBZ many JJ provisions NNS that WDT could MD destroy VB important JJ parts NNS of IN the DT system NN it PRP sets VBZ out RP to TO preserve VB . . The DT complex JJ bill NN , , introduced VBN by IN Sens. NNP Patrick NNP Leahy NNP ( ( D. NNP , , Vt. NNP ) ) , , Richard NNP Lugar NNP ( ( R. NNP , , Ind. NNP ) ) , , and CC Bob NNP Kerrey NNP ( ( D. NNP , , Neb. NNP ) ) , , covers VBZ a DT wide JJ range NN of IN provisions NNS that WDT would MD affect VB the DT funding NN and CC authority NN of IN the DT Commodity NNP Futures NNPS Trading NNP Commission NNP and CC would MD profoundly RB change VB the DT way NN the DT industry NN is VBZ regulated VBN . . These DT include VBP provisions NNS relating VBG to TO the DT technology NN and CC systems NNS that WDT must MD be VB employed VBN by IN exchanges NNS , , oversight NN and CC disciplinary JJ procedures NNS for IN exchange NN trading NN practices NNS , , the DT relationship NN between IN commodity NN brokerage NN firms NNS and CC floor NN traders NNS , , and CC exchange NN governance NN . . The DT bill NN also RB elevates VBZ even RB minor JJ rule NN infractions NNS to TO felonies NNS and CC provides VBZ for IN recovery NN of IN punitive JJ damages NNS in IN civil JJ lawsuits NNS and CC arbitration NN cases NNS without IN any DT showing NN of IN willful JJ misconduct NN . . Many JJ aspects NNS of IN the DT bill NN are VBP salutary JJ , , providing VBG appropriate JJ public JJ safeguards NNS that WDT can MD and CC should MD be VB instituted VBN throughout IN the DT industry NN . . Indeed RB , , some DT of IN the DT bill NN 's POS requirements NNS , , including VBG broad JJ representation NN on IN the DT exchanges NNS ' POS boards NNS of IN directors NNS and CC strong JJ measures NNS to TO prevent VB conflicts NNS of IN interest NN , , already RB have VBP been VBN put VBN in IN place NN by IN the DT Coffee NNP , , Sugar NNP & CC Cocoa NNP Exchange NNP and CC other JJ futures NNS exchanges NNS . . Other JJ aspects NNS of IN the DT bill NN , , however RB , , are VBP either RB structured VBN in IN ways NNS that WDT create VBP unnecessary JJ burdens NNS for IN the DT industry NN or CC actually RB are VBP harmful JJ to TO the DT exchanges NNS , , the DT industry NN and CC ultimately RB the DT general JJ public NN . . One CD of IN the DT most RBS prominent JJ features NNS is VBZ the DT requirement NN that IN in IN three CD years NNS all DT exchanges NNS have VBP in IN place NN a DT system NN that WDT records VBZ all DT trades NNS by IN a DT source NN independent JJ of IN the DT executing VBG broker NN . . The DT New NNP York NNP futures NNS exchanges NNS have VBP been VBN working VBG together RB to TO develop VB a DT trade NN recording VBG system NN much JJ like IN the DT one NN called VBN for RB in IN the DT bill NN . . We PRP would MD be VB delighted JJ to TO have VB such JJ a DT system NN in IN place NN today NN . . But CC is VBZ it PRP realistic JJ for IN Congress NNP to TO mandate VB by IN a DT rigid JJ deadline NN a DT system NN that WDT has VBZ not RB yet RB been VBN subjected VBN to TO feasibility NN studies NNS ? . What WP if IN the DT system NN does VBZ n't RB work VB ? . What WP if IN the DT only JJ system NN that WDT does VBZ work NN is VBZ so RB expensive JJ that IN , , at IN best RBS , , only RB the DT largest JJS exchanges NNS can MD afford VB it PRP ? . Cost NN is VBZ a DT key JJ consideration NN because IN of IN the DT global JJ sweep NN of IN the DT financial JJ markets NNS . . The DT U.S. NNP futures NNS exchanges NNS compete VBP world-wide RB as RB never RB before RB . . Today NN , , trading NN in IN almost RB any DT commodity NN can MD be VB diverted VBN from IN U.S. NNP markets NNS with IN just RB a DT few JJ strokes NNS of IN a DT keyboard NN . . All DT foreign JJ markets NNS are VBP aggressively RB courting VBG U.S. NNP business NN . . In IN fact NN , , several JJ London NNP markets NNS already RB offer VBP lower JJR costs NNS for IN trading VBG in IN the DT same JJ or CC very RB similar JJ contracts NNS . . The DT U.S. NNP exchanges NNS need VBP both DT market NN integrity NN and CC cost-efficiency NN ; : long-term JJ growth NN depends VBZ on IN it PRP . . The DT Senate NNP bill NN contains VBZ many JJ provisions NNS that WDT will MD increase VB the DT costs NNS of IN trading NN . . The DT most RBS arbitrary JJ of IN these DT is VBZ the DT imposition NN of IN `` `` service NN fees NNS , , '' '' which WDT will MD directly RB widen VB the DT cost NN spread NN between IN U.S. NNP and CC foreign JJ markets NNS . . Other JJ provisions NNS have VBP a DT more RBR subtle JJ , , but CC nonetheless RB real JJ and CC detrimental JJ effect NN on IN the DT international JJ position NN of IN U.S. NNP exchanges NNS . . These DT include VBP the DT extension NN of IN liability NN into IN areas NNS beyond IN those DT established VBN by IN judicial JJ precedent NN and CC the DT expansion NN of IN liability NN to TO include VB punitive JJ damages NNS . . In IN addition NN to TO increasing VBG costs NNS as IN a DT result NN of IN greater JJR financial JJ exposure NN for IN members NNS , , these DT measures NNS could MD have VB other JJ , , far-reaching JJ repercussions NNS . . One CD section NN of IN the DT bill NN would MD make VB all DT commodity NN brokerage NN firms NNS and CC floor NN brokers NNS liable JJ for IN damages NNS without IN willful JJ misconduct NN . . Nowhere RB in IN the DT federal JJ securities NNS law NN is VBZ simple JJ negligence NN or CC inadvertent JJ action NN a DT source NN of IN liability NN under IN similar JJ circumstances NNS . . It PRP is VBZ only RB logical JJ to TO assume VB that IN the DT enactment NN of IN this DT provision NN will MD lead VB to TO increased VBN litigation NN . . In IN an DT already RB low-profitmargin NN business NN , , commodity NN brokerage NN firms NNS may MD well RB decide VB to TO eliminate VB the DT risk NN and CC expense NN of IN dealing VBG with IN the DT retail JJ public NN , , depriving VBG the DT private JJ individual NN of IN access NN to TO the DT markets NNS . . Another DT measure NN makes VBZ commodity NN brokerage NN firms NNS liable JJ for IN violations NNS committed VBN by IN independent JJ floor NN brokers NNS who WP execute VBP trades NNS for IN them PRP . . This DT untried JJ concept NN would MD expose VB these DT firms NNS to TO potentially RB astronomical JJ punitive JJ damages NNS . . Faced VBN with IN the DT virtually RB impossible JJ task NN of IN supervising VBG the DT execution NN of IN each DT trade NN , , many JJ commodity NN brokerage NN firms NNS are VBP likely JJ to TO stop VB doing VBG business NN with IN independents NNS and CC instead RB hire VB their PRP$ own JJ salaried JJ floor NN brokers NNS . . This DT would MD force VB out IN of IN business NN many JJ of IN the DT individuals NNS and CC small JJ firms NNS that WDT function VBP as IN floor NN brokers NNS . . A DT consequence NN of IN their PRP$ departure NN could MD be VB a DT serious JJ diminution NN of IN market NN liquidity NN . . Finally RB , , under IN the DT bill NN , , a DT number NN of IN legitimate JJ , , longstanding JJ business NN practices NNS would MD be VB arbitrarily RB banned VBN , , unless IN the DT CFTC NNP were VBD to TO take VB specific JJ and CC timely JJ action NN to TO permit VB them PRP to TO continue VB . . In IN other JJ words NNS , , regulation NN will MD occur VB through IN inaction NN and CC happenstance NN , , rather RB than IN through IN a DT normal JJ deliberative JJ procedure NN . . The DT affected JJ practices NNS include VBP the DT placing NN of IN oral JJ orders NNS , , which WDT is VBZ the DT way NN most RBS public JJ customer NN orders NNS are VBP placed VBN , , and CC trading NN between IN affiliated JJ brokers NNS , , even RB though IN in IN some DT cases NNS trading VBG with IN affiliates NNS may MD be VB the DT only JJ way NN to TO obtain VB the DT best JJS execution NN for IN a DT client NN . . Also RB precluded JJ would MD be VB dual JJ trading NN , , whereby WRB a DT broker NN trades VBZ for IN customers NNS as RB well RB as IN his PRP$ own JJ account NN , , a DT practice NN that WDT provides VBZ needed JJ liquidity NN to TO the DT markets NNS . . All DT U.S. NNP futures NNS exchanges NNS agree VBP that IN these DT and CC other JJ trading NN practices NNS require VBP proper JJ regulation NN and CC supervision NN . . Nonetheless RB , , each DT has VBZ too RB much RB potential JJ value NN to TO the DT system NN to TO be VB banned VBN by IN legislative JJ fiat NN before IN the DT CFTC NNP carefully RB considers VBZ all PDT the DT consequences NNS of IN a DT ban NN and CC what WP the DT regulatory JJ alternatives NNS are VBP . . The DT markets NNS are VBP complex JJ , , as IN is VBZ the DT environment NN in IN which WDT they PRP function VBP . . When WRB problems NNS surface VBP , , the DT temptation NN becomes VBZ strong JJ to TO summarily RB overhaul VB a DT market NN system NN that WDT has VBZ served VBN for IN more JJR than IN 100 CD years NNS . . That DT temptation NN must MD be VB put VBN aside RB to TO permit VB careful JJ consideration NN of IN all PDT the DT implications NNS , , positive JJ and CC negative JJ , , of IN the DT proposed VBN resolutions NNS to TO those DT problems NNS , , and CC to TO avoid VB creating VBG a DT marketplace NN where WRB no DT one CD trades VBZ . . Mr. NNP Nastro NNP is VBZ chairman NN of IN the DT Coffee NNP , , Sugar NNP & CC Cocoa NNP Exchange NNP in IN New NNP York NNP and CC director NN of IN commodity NN administration NN at IN Shearson NNP Lehman NNP Hutton NNP . . Initial JJ claims NNS for IN state NN unemployment NN benefits NNS fell VBD to TO a DT seasonally RB adjusted JJ 332,000 CD for IN the DT week NN ended VBN Oct. NNP 14 CD from IN 396,000 CD the DT previous JJ week NN , , the DT Labor NNP Department NNP said VBD . . The DT number NN of IN people NNS receiving VBG state NN benefits NNS in IN the DT week NN ended VBN Oct. NNP 7 CD fell VBD to TO a DT seasonally RB adjusted JJ 2,202,000 CD , , or CC 2.1 CD % NN of IN those DT covered JJ by IN unemployment NN insurance NN , , from IN 2,205,000 CD the DT previous JJ week NN , , when WRB the DT insured JJ unemployment NN rate NN was VBD 2.2 CD % NN . . Counting VBG all DT state NN and CC federal JJ benefit NN programs NNS , , the DT number NN of IN people NNS receiving VBG unemployment NN benefits NNS in IN the DT week NN ended VBN Oct. NNP 7 CD fell VBD to TO 1,784,400 CD from IN 1,810,700 CD a DT week NN earlier RB . . These DT figures NNS are VBP n't RB seasonally RB adjusted JJ . . On IN the DT hungry JJ streets NNS of IN Naguib NNP Mahfouz NNP 's POS Cairo NN , , life NN is VBZ nasty JJ , , brutish JJ and CC wickedly RB entertaining JJ . . Zaita NNP the DT `` `` cripple-maker NN '' '' rearranges VBZ the DT limbs NNS of IN aspiring JJ beggars NNS -- : and CC takes VBZ a DT cut NN of IN every DT cent NN they PRP cadge VBP . . Hassan NNP Kamel NNP Ali NNP is VBZ a DT card NN shark NN and CC dope NN dealer NN who WP has VBZ a DT simple JJ creed NN : : `` `` I PRP live VBP in IN this DT world NN , , assuming VBG that IN there EX is VBZ no DT morality NN , , God NNP or CC police NNS . . '' '' For IN the DT killer NN and CC thief NN , , Said NNP Mahran NNP , , fame NN flows VBZ from IN the DT barrel NN of IN a DT gun NN . . `` `` One CD man NN said VBD you PRP act VBP as IN a DT stimulant NN , , '' '' a DT prostitute NN tells VBZ him PRP , , `` `` a DT diversion NN to TO relieve VB people NNS 's POS boredom NN . . '' '' Mr. NNP Mahfouz NNP 's POS Cairo NNP also RB has VBZ Sufi JJ sheiks NNS and CC saintly JJ wives NNS who WP look VBP to TO God NNP , , not RB crime NN , , for IN their PRP$ salvation NN . . But CC it PRP is VBZ his PRP$ portrait NN of IN Cairo NNP low-life JJ -- : of IN charlatans NNS and CC opium NN addicts NNS , , of IN streets NNS filled VBN with IN `` `` dust NN , , vegetable NN litter NN , , and CC animal NN dung NN '' '' -- : that IN made VBD his PRP$ reputation NN , , and CC won VBD him PRP the DT Nobel NNP Prize NNP in IN 1988 CD . . Three CD novels NNS , , `` `` The DT Beginning NN and CC the DT End NN '' '' ( ( 412 CD pages NNS , , $ $ 19.95 CD ) ) , , `` `` The DT Thief NN and CC the DT Dogs NNS '' '' ( ( 158 CD pages NNS , , $ $ 16.95 CD ) ) , , and CC `` `` Wedding NN Song NN '' '' ( ( 174 CD pages NNS , , $ $ 16.95 CD ) ) , , recently RB published VBN by IN Doubleday NNP offer VBP an DT uneven JJ sample NN of IN the DT 77-year-old JJ Mr. NNP Mahfouz NNP 's POS talent NN . . But CC they PRP do VBP show VB the DT range NN of IN a DT restless JJ intellect NN whose WP$ 30-odd JJ novels NNS span VBP five CD decades NNS and CC include VBP work NN of IN social JJ realism NN , , protest NN and CC allegory NN . . They PRP also RB chart VBP the DT evolution NN of IN a DT city NN that WDT has VBZ grown VBN tenfold RB in IN the DT author NN 's POS lifetime NN , , from IN a DT colonial NN outpost NN of IN fez-wearing JJ pashas NNS to TO a DT Third NNP World NNP slum NN choking VBG on IN its PRP$ own JJ refuse NN . . `` `` Soon RB it PRP 'll MD be VB so RB crowded JJ , , '' '' a DT narrator NN complains VBZ , , `` `` that IN people NNS will MD start VB eating VBG each DT other JJ . . '' '' `` `` The DT Beginning NN and CC the DT End NN , , '' '' easily RB the DT best JJS of IN the DT three CD , , belongs VBZ to TO Mr. NNP Mahfouz NNP 's POS `` `` realistic JJ '' '' period NN and CC it PRP is VBZ the DT one NN for IN which WDT he PRP is VBZ most RBS renowned JJ . . Published VBN in IN 1949 CD , , it PRP follows VBZ the DT decline NN of IN a DT Cairo NNP family NN with IN the DT saga-like JJ sweep NN and CC rich JJ detail NN that IN critics NNS often RB compare VBP to TO Dickens NNP , , Balzac NNP and CC Galsworthy NNP . . A DT minor JJ bureaucrat NN dies VBZ suddenly RB , , dooming VBG his PRP$ family NN to TO poverty NN and CC eventual JJ disgrace NN . . His PRP$ daughter NN turns VBZ to TO dressmaking NN , , then RB to TO peddling VBG herself PRP for IN a DT few JJ piasters NNS . . One CD son NN sacrifices VBZ his PRP$ own JJ career NN so IN that IN his PRP$ avaricious JJ brother NN can MD succeed VB , , while IN another DT helps VBZ support VB the DT family NN with IN money NN siphoned VBN from IN crime NN . . The DT real JJ tragedy NN , , though RB , , lies VBZ not RB in IN the DT family NN 's POS circumstances NNS but CC in IN its PRP$ concern NN for IN appearances NNS . . Mourning VBG for IN the DT father NN is VBZ overshadowed VBN by IN the DT shame NN of IN burying VBG him PRP in IN a DT pauper NN 's POS grave NN . . The DT family NN moves VBZ to TO another DT house NN at IN night NN to TO conceal VB shabby JJ belongings NNS from IN neighbors NNS . . And CC the DT successful JJ son NN wishes VBZ his PRP$ embarrassing JJ siblings NNS dead JJ . . As IN a DT critique NN of IN middle-class NN mores NNS , , the DT story NN is VBZ heavy-handed JJ . . But CC its PRP$ unsentimental JJ sketches NNS of IN Cairo NNP life NN are VBP vintage JJ Mahfouz NNP . . We PRP see VBP , , smell VBP and CC hear VBP slums NNS filled VBN with IN `` `` the DT echoes NNS of IN hawkers NNS advertising VBG their PRP$ wares NNS interspersed VBN with IN abusive JJ language NN , , rattling VBG coughs NNS and CC the DT sound NN of IN people NNS gathering VBG spittle NN in IN their PRP$ throats NNS and CC spewing VBG into IN the DT street NN . . '' '' And CC we PRP meet VBP engaging JJ crooks NNS , , such JJ as IN Hassan NNP `` `` the DT Head NNP , , '' '' famed VBN for IN his PRP$ head-butting JJ fights NNS , , his PRP$ whoring NN and CC his PRP$ hashish NN . . `` `` ` `` God NNP has VBZ not RB yet RB ordained VBN that IN I PRP should MD have VB earnings NNS , , ' '' he PRP tells VBZ his PRP$ worried JJ mother NN . . '' '' Hassan NNP comes VBZ to TO a DT bad JJ end NN , , but CC so RB does VBZ almost RB everyone NN else JJ in IN the DT book NN . . If IN the DT setting NN is VBZ exotic JJ , , the DT prose NN is VBZ closer JJR to TO Balzac NNP 's POS `` `` Pere NNP Goriot NNP '' '' than IN it PRP is VBZ to TO `` `` Arabian NNP Nights NNPS . . '' '' Mr. NNP Mahfouz NNP began VBD writing VBG when WRB there EX was VBD no DT novelistic JJ tradition NN in IN Arabic NNP , , and CC he PRP modeled VBD his PRP$ work NN on IN Western JJ classics NNS . . In IN one CD sense NN , , this DT limits VBZ him PRP ; : unlike IN a DT writer NN such JJ as IN Gabriel NNP Garcia NNP Marquez NNP , , who WP has VBZ a DT distinctive JJ Latin JJ voice NN , , Mr. NNP Mahfouz NNP 's POS style NN offers VBZ little RB that WDT can MD be VB labeled VBN `` `` Egyptian JJ . . '' '' But CC the DT familiarity NN of IN his PRP$ style NN also RB makes VBZ his PRP$ work NN accessible JJ , , as IN the DT streets NNS of IN Cairo NNP come VBP alive JJ for IN the DT Western JJ reader NN as RB vividly RB as IN Dickens NNP 's POS London NNP or CC Dostoevski NNP 's POS St. NNP Petersburg NNP . . `` `` The DT Thief NN and CC the DT Dogs NNS , , '' '' written VBN in IN 1961 CD , , is VBZ a DT taut JJ , , psychological JJ drama NN , , reminiscent JJ of IN `` `` Crime NN and CC Punishment NN . . '' '' Its PRP$ antihero NN , , Said NNP Mahran NNP , , is VBZ an DT Egyptian JJ Raskolnikov NNP who WP seeks VBZ nobility NN in IN robbing VBG and CC killing VBG . . `` `` I PRP am VBP the DT hope NN and CC the DT dream NN , , the DT redemption NN of IN cowards NNS , , '' '' he PRP says VBZ in IN one CD of IN many JJ interior JJ monologues NNS . . Later RB , , he PRP recalls VBZ the DT words NNS of IN his PRP$ Marxist JJ mentor NN : : `` `` The DT people NNS ! . Theft NN ! . The DT holy JJ fire NN ! . '' '' Said NNP 's POS story NN reflects VBZ the DT souring NN of IN socialism NN under IN Nasser NNP , , whose WP$ dictatorial JJ rule NN replaced VBD the DT monarchy NN overthrown VBN in IN 1952 CD . . By IN 1961 CD , , Mr. NNP Mahfouz NNP 's POS idealism NN had VBD vanished VBN or CC become VBN twisted JJ , , as IN it PRP has VBZ in IN Said NNP . . His PRP$ giddy JJ dream NN of IN redeeming VBG a DT life NN of IN `` `` badly RB aimed VBN bullets NNS '' '' by IN punishing VBG the DT `` `` real JJ robbers NNS '' '' -- : the DT rich JJ `` `` dogs NNS '' '' who WP prey VBP on IN the DT poor JJ -- : leads VBZ only RB to TO the DT death NN of IN innocents NNS , , and CC eventually RB to TO his PRP$ own JJ . . Cairo NNP 's POS spirited JJ squalor NN also RB has VBZ gone VBN gray JJ . . Here RB , , the DT city NN is VBZ dark JJ and CC laden JJ with IN symbolism NN : : Said NNP has VBZ left VBN his PRP$ jail NN cell NN only RB to TO enter VB the DT larger JJR prison NN of IN Cairo NNP society NN . . While IN the DT theme NN is VBZ compelling JJ , , the DT plot NN and CC characters NNS are VBP not RB . . We PRP never RB care VBP about IN Said NNP or CC the DT `` `` hypocrites NNS '' '' he PRP hunts VBZ . . `` `` The DT Thief NN and CC the DT Dogs NNS '' '' is VBZ a DT pioneering JJ work NN , , the DT first JJ stream-of-consciousness NN novel NN in IN Arabic NNP , , but CC it PRP is VBZ likely JJ to TO disappoint VB Western JJ readers NNS . . The DT 1981 CD novel NN `` `` Wedding NN Song NN '' '' also RB is VBZ experimental JJ , , and CC another DT badly RB aimed VBN bullet NN . . The DT story NN of IN a DT playwright NN 's POS stage NN debut NN unfolds VBZ in IN first-person NN monologues NNS , , in IN the DT manner NN of IN Faulkner NNP 's POS `` `` The DT Sound NN and CC the DT Fury NN . . '' '' But CC the DT device NN obscures VBZ more JJR than IN it PRP illuminates VBZ . . Buried VBN in IN the DT work NN is VBZ a DT meditation NN on IN the DT morality NN of IN art NN , , and CC on IN the DT struggle NN for IN integrity NN in IN an DT unfair JJ world NN . . But CC again RB , , the DT themes NNS get VBP tangled VBN in IN Mr. NNP Mahfouz NNP 's POS elliptical JJ storytelling NN . . The DT indirectness NN of IN his PRP$ later JJ work NN reflects VBZ both DT an DT appetite NN for IN new JJ genres NNS and CC the DT hazards NNS of IN art NN in IN the DT Arab JJ world NN . . Mr. NNP Mahfouz NNP has VBZ been VBN pilloried VBN and CC censored VBN for IN questioning VBG Islam NNP and CC advocating VBG peace NN with IN Israel NNP . . Veiling VBG his PRP$ message NN has VBZ helped VBN him PRP endure VB . . Art NN , , says VBZ the DT playwright NN in IN `` `` Wedding NN Song NN , , '' '' is VBZ `` `` the DT surrogate NN for IN the DT action NN that IN an DT idealist NN like IN me PRP is VBZ unable JJ to TO take VB . . '' '' `` `` Wedding NN Song NN '' '' gives VBZ glimpses NNS of IN a DT Cairo NNP that WDT has VBZ become VBN so RB much RB harsher JJR since IN his PRP$ youth NN , , when WRB , , as IN he PRP once RB said VBD , , `` `` the DT poorest JJS person NN was VBD able JJ to TO find VB his PRP$ daily JJ bread NN and CC without IN great JJ difficulty NN . . '' '' The DT clutter NN of IN the DT 1940s NNS remains NNS , , but CC its PRP$ color NN has VBZ drained VBN away RB , , and CC the DT will NN to TO overcome VB has VBZ been VBN defeated VBN . . Cars NNS ca MD n't RB move VB because RB of IN overflowing VBG sewers NNS . . Characters NNS complain VBP ceaselessly RB about IN food NN queues NNS , , prices NNS and CC corruption NN . . And CC the DT ubiquitous JJ opium NN addict NN is VBZ now RB a DT cynical JJ and CC selfish JJ man NN who WP gripes VBZ : : `` `` Only JJ government NN ministers NNS can MD afford VB it PRP these DT days NNS ! . '' '' Having VBG lost VBN their PRP$ faith NN in IN God NNP , , in IN social JJ reform NN and CC in IN opium NN , , Cairenes NNPS are VBP left VBN with IN nothing NN but CC their PRP$ sense NN of IN humor NN . . Mr. NNP Horwitz NNP is VBZ a DT Journal NNP staff NN reporter NN covering VBG the DT Middle NNP East NNP . . Norwood NNP Partners NNPS Limited NNP Partnership NNP of IN Boston NNP said VBD it PRP may MD make VB a DT tender NN offer NN for IN some DT or CC all DT of IN Phoenix NNP Technologies NNPS Ltd. NNP 's POS common JJ shares NNS . . Norwood NNP , , Mass.-based JJ Phoenix NNP , , a DT once-high-flying JJ maker NN of IN software NN for IN personal JJ computers NNS , , has VBZ had VBN substantial JJ losses NNS in IN the DT past JJ two CD quarters NNS . . Its PRP$ stock NN , , which WDT was VBD as RB high JJ as IN $ $ 18.75 CD a DT share NN , , has VBZ been VBN trading VBG under IN $ $ 4 CD a DT share NN recently RB . . Yesterday NN it PRP closed VBD at IN $ $ 4.375 CD a DT share NN , , up RB $ $ 1.125 CD , , in IN national JJ over-the-counter JJ trading NN . . In IN a DT Securities NNPS and CC Exchange NNP Commission NNP filing NN , , Norwood NNP said VBD it PRP 's VBZ part NN of IN a DT group NN that WDT holds VBZ 525,546 CD Phoenix NNP Technologies NNPS common JJ shares NNS , , or CC a DT 5.3 CD % NN stake NN . . Norwood NNP has VBZ made VBN `` `` no DT detailed JJ plans NNS , , '' '' but CC it PRP has VBZ engaged VBN in IN talks NNS with IN other JJ shareholders NNS , , the DT filing NN said VBD . . Phoenix NNP declined VBD to TO comment VB . . Norwood NNP is VBZ controlled VBN by IN Daniel NNP L. NNP Barnett NNP and CC Paul NNP A. NN Reese NNP , , both DT officers NNS of IN Boston-based JJ Oasis NNP Capital NNP Management NNP Inc. NNP , , a DT small JJ Boston NNP money NN management NN firm NN . . Also RB involved JJ in IN the DT group NN is VBZ Robert NNP F. NNP Angelo NNP , , formerly RB Phoenix NNP 's POS senior JJ vice NN president NN , , field NN operations NNS , , who WP left VBD Phoenix NNP at IN the DT beginning NN of IN October NNP . . Mr. NNP Angelo NNP was VBD described VBN in IN the DT filing NN as IN a DT consultant NN to TO Oasis NNP . . Weirton NNP Steel NNP Corp. NNP said VBD it PRP reached VBD a DT tentative JJ agreement NN on IN a DT 48-month JJ labor NN contract NN with IN the DT Independent NNP Steelworkers NNPS Union NNP covering VBG production NN and CC maintenance NN employees NNS . . The DT agreement NN , , subject NN to TO approval NN of IN union NN members NNS , , would MD cover VB about IN 6,000 CD workers NNS . . The DT tentative JJ agreement NN provides VBZ for IN wage NN increases NNS of IN 85 CD cents NNS an DT hour NN retroactive JJ to TO Sept. NNP 25 CD , , 1989 CD , , and CC for IN increases NNS of IN 19 CD cents NNS , , 70 CD cents NNS and CC 35 CD cents NNS an DT hour NN effective JJ Jan. NNP 1 CD , , 1991 CD , , 1992 CD and CC 1993 CD , , respectively RB . . It PRP also RB provides VBZ for IN benefit NN adjustments NNS , , including VBG a DT partial JJ restoration NN of IN vacations NNS and CC holidays NNS , , as RB well RB as IN work-rule NN changes NNS to TO increase VB productivity NN . . Ground NN zero CD of IN the DT HUD NNP scandal NN is VBZ the DT Secretary NNP 's POS `` `` discretionary JJ fund NN , , '' '' a DT honey NN pot NN used VBN to TO fund VB projects NNS that WDT were VBD n't RB approved VBN through IN normal JJ HUD NNP channels NNS . . Jack NNP Kemp NNP wants VBZ to TO abolish VB it PRP . . Instead RB , , Congress NNP 's POS idea NN of IN reform NN is VBZ to TO increase VB this DT slush NN fund NN by IN $ $ 28.4 CD million CD . . And CC transfer VB control NN of IN much JJ of IN it PRP to TO Capitol NNP Hill NNP . . The DT HUD NNP scandals NNS will MD simply RB continue VB , , but CC under IN new JJ mismanagement NN . . After IN one CD of IN the DT most RBS amazing JJ debates NNS we PRP 've VBP ever RB seen VBN on IN the DT cable NN channel NN C-SPAN NNP , , the DT House NNP voted VBD 250 CD to TO 170 CD on IN Wednesday NNP to TO order VB $ $ 28.4 CD million CD in IN spending NN for IN a DT New NNP Jersey NNP arts NNS center NN , , a DT Michigan NNP library NN and CC 38 CD other JJ pet JJ projects NNS out IN of IN the DT same JJ discretionary JJ fund NN that WDT was VBD supposed VBN to TO have VB been VBN so RB abused JJ during IN Sam NNP Pierce NNP 's POS tenure NN . . HUD NNP has VBZ no DT paper NN work NN whatsoever RB on IN 30 CD of IN the DT projects NNS , , none NN of IN the DT others NNS has VBZ been VBN approved VBN and CC not RB a DT single JJ congressional JJ hearing NN has VBZ been VBN held VBN on IN any DT of IN them PRP . . However RB , , four CD are VBP in IN the DT Michigan NNP district NN of IN Rep. NNP Bob NNP Traxler NNP , , the DT chairman NN of IN the DT House NNP subcommittee NN that WDT writes VBZ the DT HUD NNP spending NN bill NN . . Of IN course NN , , this DT kind NN of IN blatant JJ congressional JJ pork-barreling NN is VBZ called VBN `` `` constituent JJ service NN '' '' by IN Members NNS , , while IN the DT same JJ kind NN of IN noncompetitive JJ favoritism NN at IN HUD NNP is VBZ labeled VBN `` `` influence NN peddling NN . . '' '' Unlike IN those DT awful JJ Republican JJ consultants NNS , , Members NNP do VBP n't RB profit VB directly RB from IN HUD NNP projects NNS . . They PRP merely RB collect VBP campaign NN contributions NNS from IN developers NNS that WDT help VBP keep VB them PRP in IN office NN . . The DT 40 CD pet NN projects NNS were VBD discovered VBN buried VBN in IN the DT appropriations NNS bill NN for IN HUD NNP and CC some DT other JJ agencies NNS after IN it PRP returned VBD from IN a DT conference NN committee NN that WDT was VBD called VBN to TO resolve VB differences NNS between IN the DT House NNP and CC Senate NNP versions NNS . . Conference NN committees NNS are VBP breeding VBG grounds NNS for IN mischief NN . . They PRP are VBP often RB closed VBN to TO the DT public NN and CC no DT minutes NNS are VBP taken VBN . . Members NNS find VBP it PRP easy JJ to TO doctor VB legislation NN by IN slipping VBG in RP special JJ provisions NNS that WDT could MD never RB survive VB in IN the DT cold JJ light NN of IN day NN . . In IN this DT case NN , , the DT Members NNS outdid VBD themselves PRP . . They PRP transferred VBD some DT $ $ 28 CD million CD from IN the DT Community NNP Development NNP Block NNP Grant NNP program NN designated VBN largely RB for IN low JJ - : and CC moderate-income JJ projects NNS and CC funneled VBD it PRP into IN such JJ items NNS as IN : : -- : $ $ 1.2 CD million CD for IN a DT performing-arts NNS center NN in IN Newark NNP , , -- : $ $ 1.3 CD million CD for IN `` `` job NN retention NN '' '' in IN Hawaiian JJ sugar NN mills NNS . . -- : $ $ 400,000 CD for IN a DT collapsing VBG utility NN tunnel NN in IN Salisbury NNP , , -- : $ $ 500,000 CD for IN `` `` equipment NN and CC landscaping NN to TO deter VB crime NN and CC aid VB police NN surveillance NN '' '' at IN a DT Michigan NNP park NN . . -- : $ $ 450,000 CD for IN `` `` integrated JJ urban JJ data NNS based VBN in IN seven CD cities NNS . . '' '' No DT other JJ details NNS . . -- : $ $ 390,000 CD for IN a DT library NN and CC recreation NN center NN at IN Mackinac NNP Island NNP , , Mich NNP . . Rep. NNP Traxler NNP recently RB purchased VBD an DT unimproved JJ building NN lot NN on IN the DT island NN . . This DT is VBZ slightly RB adapted VBN from IN remarks NNS Oct. NNP 7 CD by IN former JJ Secretary NNP of IN State NNP George NNP P. NNP Shultz NNP to TO an DT alumni NNS gathering NN at IN the DT Stanford NNP Business NNP School NNP , , where WRB he PRP has VBZ returned VBN to TO the DT faculty NN : : I PRP was VBD struck VBN a DT couple NN of IN years NNS ago RB by IN the DT drug-interdiction NN effort NN in IN the DT Bahamas NNPS . . We PRP had VBD intercepted VBN during IN the DT year NN an DT estimated VBN $ $ 5 CD billion CD street NN value NN of IN cocaine NN . . I PRP do VBP n't RB know VB how WRB much JJ got VBD through RB . . Nobody NN has VBZ any DT credible JJ estimate NN . . The DT GNP NNP of IN the DT Bahamas NNPS is VBZ probably RB somewhere RB between IN one CD and CC two CD billion CD dollars NNS . . So RB you PRP get VBP an DT idea NN of IN the DT leverage NN there RB and CC elsewhere RB that IN our PRP$ market NN for IN drugs NNS has VBZ brought VBN about RP . . I PRP welcome VBP the DT emphasis NN that WDT is VBZ now RB being VBG put VBN on IN the DT drug NN problem NN . . The DT efforts NNS to TO get VB to TO the DT people NNS who WP are VBP addicted VBN , , try VB to TO rehabilitate VB them PRP ; : if IN they PRP can MD not RB be VB rehabilitated VBN , , at IN least RBS to TO contain VB them PRP ; : to TO educate VB people NNS , , to TO strongly RB discourage VB use NN of IN drugs NNS by IN people NNS who WP are VBP casual JJ users NNS and CC first JJ users NNS , , to TO stop VB this DT process NN among IN the DT young JJ -- : all DT of IN these DT things NNS I PRP think VBP are VBP extremely RB important JJ . . But CC , , I PRP have VBP to TO tell VB you PRP that IN it PRP seems VBZ to TO me PRP that IN the DT conceptual JJ base NN of IN the DT current JJ program NN is VBZ flawed VBN and CC the DT program NN is VBZ not RB likely JJ to TO work VB . . The DT conceptual JJ base NN -- : a DT criminal-justice NN approach NN -- : is VBZ the DT same JJ that IN I PRP have VBP worked VBN through IN before RB , , in IN the DT Nixon NNP administration NN when WRB I PRP was VBD budget NN director NN and CC secretary NN of IN the DT treasury NN with IN jurisdiction NN over IN the DT Customs NNS . . We PRP designed VBD a DT comprehensive JJ program NN , , and CC we PRP worked VBD hard RB on IN it PRP . . In IN the DT Reagan NNP administration NN we PRP designed VBD a DT comprehensive JJ program NN ; : we PRP worked VBD very RB hard RB on IN it PRP . . Our PRP$ international JJ efforts NNS were VBD far RB greater JJR than IN ever RB before RB . . You PRP 're VBP looking VBG at IN a DT guy NN whose WP$ motorcade NN was VBD attacked VBN in IN Bolivia NNP by IN the DT drug NN terrorists NNS , , so IN I PRP 'm VBP personally RB a DT veteran NN of IN this DT war NN . . What WP we PRP have VBP before IN us PRP now RB is VBZ essentially RB the DT same JJ program NN but CC with IN more JJR resources NNS plowed VBN into IN all DT of IN the DT efforts NNS to TO enforce VB and CC control VB . . These DT efforts NNS wind VBP up RP creating VBG a DT market NN where WRB the DT price NN vastly RB exceeds VBZ the DT cost NN . . With IN these DT incentives NNS , , demand NN creates VBZ its PRP$ own JJ supply NN and CC a DT criminal JJ network NN along IN with IN it PRP . . It PRP seems VBZ to TO me PRP we PRP 're VBP not RB really RB going VBG to TO get VB anywhere RB until IN we PRP can MD take VB the DT criminality NN out IN of IN the DT drug NN business NN and CC the DT incentives NNS for IN criminality NN out IN of IN it PRP . . Frankly RB , , the DT only JJ way NN I PRP can MD think VB of IN to TO accomplish VB this DT is VBZ to TO make VB it PRP possible JJ for IN addicts NNS to TO buy VB drugs NNS at IN some DT regulated JJ place NN at IN a DT price NN that WDT approximates VBZ their PRP$ cost NN . . When WRB you PRP do VBP that IN you PRP wipe VBP out RP the DT criminal JJ incentives NNS , , including VBG , , I PRP might MD say VB , , the DT incentive NN that IN the DT drug NN pushers NNS have VBP to TO go VB around RP and CC get VB kids NNS addicted VBN , , so IN that IN they PRP create VBP a DT market NN for IN themselves PRP . . They PRP wo MD n't RB have VB that DT incentive NN because IN they PRP wo MD n't RB have VB that DT market NN . . So RB I PRP think VBP the DT conceptual JJ base NN needs VBZ to TO be VB thought VBN out RP in IN a DT different JJ way NN . . If IN I PRP am VBP catching VBG your PRP$ attention NN , , then RB read VB a DT bold JJ and CC informative JJ article NN in IN this DT September NNP 's POS issue NN of IN Science NNP by IN Ethan NNP Nadelmann NNP on IN this DT subject NN . . We PRP need VBP at IN least RBS to TO consider VB and CC examine VB forms NNS of IN controlled JJ legalization NN of IN drugs NNS . . I PRP find VBP it PRP very RB difficult JJ to TO say VB that DT . . Sometimes RB at IN a DT reception NN or CC cocktail NN party NN I PRP advance VBP these DT views NNS and CC people NNS head VBP for IN somebody NN else JJ . . They PRP do VBP n't RB even RB want VB to TO talk VB to TO you PRP . . I PRP know VBP that IN I PRP 'm VBP shouting VBG into IN the DT breeze NN here RB as RB far RB as IN what WP we PRP 're VBP doing VBG now RB . . But CC I PRP feel VBP that IN if IN somebody NN does VBZ n't RB get VB up RB and CC start VB talking VBG about IN this DT now RB , , the DT next JJ time NN around RP , , when WRB we PRP have VBP the DT next JJ iteration NN of IN these DT programs NNS , , it PRP will MD still RB be VB true JJ that IN everyone NN is VBZ scared VBN to TO talk VB about IN it PRP . . No DT politician NN wants VBZ to TO say VB what WP I PRP just RB said VBD , , not RB for IN a DT minute NN . . The DT U.S. NNP economy NN grew VBD at IN a DT moderate JJ 2.5 CD % NN annual JJ rate NN in IN the DT third JJ quarter NN , , the DT same JJ pace NN as IN the DT second JJ quarter NN , , despite IN the DT worst JJS trade NN performance NN in IN six CD years NNS , , the DT Commerce NNP Department NNP reported VBD . . Personal JJ spending NN , , buoyed VBN by IN a DT burst NN of IN automobile NN buying NN , , was VBD the DT main JJ catalyst NN to TO the DT economy NN 's POS expansion NN . . But CC trade NN , , one CD of IN the DT economy NN 's POS main JJ forces NNS in IN the DT past JJ few JJ years NNS , , showed VBD a DT sharp JJ deterioration NN . . Imports NNS of IN goods NNS and CC services NNS soared VBD , , while IN exports NNS were VBD flat JJ . . Some DT economists NNS found VBD the DT mixture NN ominous JJ . . `` `` For IN the DT past JJ two CD years NNS , , the DT foreign JJ trade NN sector NN has VBZ been VBN a DT major JJ contributor NN to TO economic JJ growth NN . . You PRP ca MD n't RB rely VB now RB solely RB on IN consumer NN spending NN to TO sustain VB the DT economy NN on IN a DT solid JJ growth NN path NN , , '' '' said VBD Norman NNP Robertson NNP , , chief JJ economist NN at IN Mellon NNP Bank NNP in IN Pittsburgh NNP . . Although IN the DT economy NN showed VBD no DT change NN of IN pace NN from IN the DT second JJ quarter NN , , many JJ analysts NNS expect VBP it PRP to TO slow VB considerably RB in IN the DT fourth JJ quarter NN as IN demand NN for IN autos NNS falls VBZ , , partly RB because IN of IN higher JJR prices NNS on IN models NNS introduced VBN last JJ month NN . . Many JJ economists NNS think VBP the DT rise NN in IN the DT value NN of IN the DT U.S. NNP dollar NN this DT year NN will MD further RBR crimp VB progress NN in IN trade NN , , because IN it PRP makes VBZ exports NNS more RBR expensive RB and CC imports VBZ cheaper RBR . . And CC business NN investment NN -- : which WDT slowed VBD in IN the DT third JJ quarter NN , , according VBG to TO yesterday NN 's POS report NN -- : is VBZ expected VBN to TO continue VB to TO be VB sluggish JJ . . A DT sharp JJ reduction NN in IN inflation NN was VBD by IN far RB the DT brightest JJS spot NN in IN the DT report NN on IN the DT real JJ gross JJ national JJ product NN -- : the DT inflation-adjusted JJ market NN value NN of IN all PDT the DT goods NNS and CC services NNS the DT economy NN produced VBD . . An DT inflation NN gauge NN that WDT measures VBZ the DT quarterly JJ change NN in IN prices NNS of IN an DT array NN of IN goods NNS and CC services NNS slowed VBD its PRP$ growth NN to TO a DT 2.9 CD % NN annual JJ rate NN in IN the DT third JJ quarter NN from IN 5 CD % NN in IN the DT second NN . . Much RB of IN the DT moderation NN came VBD from IN declining VBG energy NN prices NNS , , which WDT have VBP since IN turned VBN up RP a DT bit RB , , analysts NNS said VBD . . Consequently RB , , Michael NNP Darby NNP , , undersecretary NN for IN economic JJ affairs NNS at IN the DT Commerce NNP Department NNP , , said VBD inflation NN probably RB will MD edge VB up RB from IN the DT third-quarter JJ rate NN in IN the DT final JJ three CD months NNS of IN 1989 CD . . But CC he PRP said VBD he PRP believes VBZ the DT second JJ quarter NN 's POS 5 CD % NN rate NN `` `` will MD prove VB to TO have VB been VBN this DT year NN 's POS peak JJ quarterly JJ inflation NN rate NN . . '' '' Generally RB , , the DT Bush NNP administration NN expressed VBD satisfaction NN with IN the DT economy NN 's POS progress NN as IN it PRP heads VBZ into IN its PRP$ eighth JJ year NN of IN sustained JJ growth NN next IN month NN . . Treasury NNP Secretary NNP Nicholas NNP Brady NNP called VBD the DT 2.5 CD % NN pace NN `` `` good JJ , , solid JJ growth NN , , '' '' although IN he PRP said VBD he PRP expects VBZ the DT expansion NN to TO slow VB in IN the DT fourth JJ quarter NN . . He PRP added VBD : : `` `` Inflation NN is VBZ lower JJR than IN I PRP think VBP people NNS expected VBD it PRP to TO be VB , , and CC I PRP think VBP that IN 's VBZ good JJ news NN . . '' '' But CC administration NN officials NNS were VBD concerned VBN over IN the DT bleak JJ trade NN report NN , , which WDT showed VBD the DT deficit NN in IN the DT country NN 's POS trade NN of IN goods NNS and CC services NNS swelling VBG to TO a DT $ $ 74 CD billion CD annual JJ rate NN in IN the DT third JJ quarter NN from IN a DT $ $ 51 CD billion CD rate NN in IN the DT second JJ quarter NN . . Mr. NNP Darby NNP called VBD it PRP a DT `` `` disappointment NN '' '' but CC predicted VBD exports NNS will MD pick VB up RB again RB . . `` `` We PRP were VBD unprepared JJ for IN the DT deterioration NN in IN net JJ exports NNS , , '' '' said VBD Daniel NNP Van NNP Dyke NNP , , vice NN president NN of IN U.S. NNP forecasting NN at IN Bank NNP of IN America NNP in IN San NNP Francisco NNP . . `` `` I PRP ca MD n't RB believe VB it PRP will MD continue VB , , '' '' he PRP added VBD , , noting VBG that IN the DT economies NNS of IN the DT country NN 's POS major JJ trading NN partners NNS are VBP strong JJ and CC prices NNS of IN U.S. NNP products NNS are VBP still RB competitive JJ . . Some DT analysts NNS also RB were VBD disturbed VBN by IN a DT pickup NN in IN the DT growth NN of IN business NN inventories NNS . . While IN a DT buildup NN of IN these DT stocks NNS adds VBZ to TO GNP NNP , , it PRP can MD hurt VB the DT economy NN because IN a DT pileup NN of IN unsold JJ goods NNS can MD lead VB to TO production NN cuts NNS and CC layoffs NNS . . According VBG to TO the DT report NN , , inventories NNS outside IN the DT farm NN sector NN grew VBD at IN an DT annual JJ rate NN of IN $ $ 24.6 CD billion CD in IN the DT third JJ quarter NN , , up RB from IN a DT $ $ 19.5 CD billion CD pace NN in IN the DT second JJ quarter NN . . Manufacturers NNS ' POS stocks NNS fattened VBD at IN an DT $ $ 18.4 CD billion CD annual JJ rate NN , , up RB from IN $ $ 8.3 CD billion CD . . `` `` That DT suggests VBZ there EX is VBZ a DT little RB more JJR inventory NN overhang NN than IN some DT people NNS expected VBD , , '' '' said VBD Edward NNP Boss NNP , , senior JJ financial JJ economist NN at IN Continental NNP Bank NNP in IN Chicago NNP . . `` `` I PRP do VBP n't RB think VB it PRP 's VBZ anything NN that WDT 's VBZ going VBG to TO cause VB a DT downturn NN in IN economic JJ activity NN . . But CC it PRP will MD slow VB production NN . . '' '' Devastation NN from IN Hurricane NNP Hugo NNP , , which WDT slammed VBD into IN the DT Southeast NNP coast NN in IN late JJ September NNP , , diminished VBD personal JJ income NN by IN about IN $ $ 4 CD billion CD , , the DT department NN said VBD , , but CC it PRP called VBD the DT effect NN on IN the DT roughly RB $ $ 5 CD trillion CD economy NN `` `` negligible JJ . . '' '' Except IN for IN the DT loss NN from IN the DT hurricane NN , , all PDT the DT figures NNS were VBD adjusted VBN for IN seasonal JJ factors NNS and CC inflation NN . . Here RB are VBP some DT of IN the DT major JJ components NNS of IN the DT gross JJ national JJ product NN expressed VBN in IN seasonally RB adjusted JJ annual JJ rates NNS in IN billions NNS of IN constant JJ ( ( 1982 CD ) ) dollars NNS : : In IN the DT third JJ quarter NN , , the DT implicit JJ price NN deflator NN fell VBD to TO 2.9 CD % NN of IN the DT 1982 CD average NN , , from IN 4.6 CD % NN in IN the DT previous JJ quarter NN . . Northrop NNP Corp. NNP received VBD a DT $ $ 93.5 CD million CD contract NN by IN the DT U.S. NNP Air NNP Force NNP for IN production NN tooling NN and CC test NN equipment NN for IN the DT Tacit NNP Rainbow NNP defense-suppression NN missile NN . . The DT contract NN provides VBZ additional JJ equipment NN for IN Northrop NNP , , the DT prime JJ contractor NN on IN the DT missile NN , , and CC also RB supports VBZ a DT 1990 CD purchase NN of IN 90 CD missiles NNS for IN follow-on JJ flight NN tests NNS . . General NNP Motors NNPS Corp. NNP 's POS Chevrolet NNP division NN said VBD it PRP is VBZ offering VBG $ $ 750 CD cash NN incentives NNS on IN all DT 1990 CD models NNS of IN its PRP$ full-size JJ Blazer NNP and CC Suburban NNP truck NN lines NNS . . Chevrolet NNP already RB has VBZ cash NN incentives NNS on IN the DT 1989 CD models NNS of IN these DT vehicles NNS . . Hudson NNP 's POS Bay NNP Co. NNP announced VBD terms NNS of IN a DT previously RB proposed VBN rights NNS issue NN that WDT is VBZ expected VBN to TO raise VB about IN 396 CD million CD Canadian JJ dollars NNS ( ( US$ $ 337 CD million CD ) ) net NN of IN expenses NNS . . Proceeds NNS of IN the DT offering NN will MD be VB used VBN to TO redeem VB C$ $ 264 CD million CD of IN preferred JJ shares NNS and CC to TO reduce VB short-term JJ debt NN , , the DT company NN said VBD . . Canada NNP 's POS largest JJS department NN store NN operator NN said VBD the DT rights NNS offering NN will MD entitle VB holders NNS of IN its PRP$ ordinary JJ shares NNS , , except IN residents NNS in IN the DT U.S. NNP and CC Britain NNP , , to TO subscribe VB for IN two CD additional JJ shares NNS for IN every DT five CD shares NNS held VBN at IN a DT price NN of IN C$ $ 31.25 CD a DT share NN . . The DT record NN date NN is VBZ Nov. NNP 9 CD . . The DT company NN has VBZ about IN 31 CD million CD ordinary JJ shares NNS outstanding JJ . . On IN the DT Toronto NNP Stock NNP Exchange NNP , , Hudson NNP 's POS Bay NNP shares NNS closed VBD at IN C$ $ 35 CD , , up RB 12.5 CD cents NNS . . Hudson NNP 's POS Bay NNP said VBD that IN Woodbridge NNP Co. NNP , , which WDT currently RB holds VBZ about IN 77 CD % NN of IN the DT ordinary JJ shares NNS , , will MD subscribe VB for IN all PDT the DT shares NNS to TO which WDT it PRP is VBZ entitled VBN and CC for IN any DT shares NNS that WDT are VBP n't RB otherwise RB taken VBN up RP . . Woodbridge NNP is VBZ a DT holding VBG company NN owned VBN by IN Toronto NNP 's POS Thomson NNP family NN . . Hudson NNP 's POS Bay NN said VBD it PRP will MD redeem VB 9.5 CD million CD Series NN H NNP preferred JJ shares NNS on IN Oct. NNP 31 CD at IN a DT price NN of IN C$ $ 27.75 CD each DT . . The DT move NN was VBD approved VBN at IN a DT special JJ shareholders NNS ' POS meeting NN yesterday NN . . Gary NNP Lukassen NNP , , chief JJ financial JJ officer NN , , said VBD redemption NN of IN the DT preferred JJ shares NNS , , originally RB issued VBN at IN C$ $ 25 CD each DT , , will MD eliminate VB dividend NN payments NNS of IN C$ $ 17.9 CD million CD annually RB . . Iverson NNP Technology NNP Corp. NNP was VBD one CD of IN the DT fastest-growing JJS small JJ companies NNS in IN America NNP -- : until IN last JJ year NN . . The DT McLean NNP , , Va. NNP , , company NN modifies VBZ computers NNS to TO keep VB sensitive JJ military JJ data NNS out IN of IN unfriendly JJ hands NNS . . From IN 1984 CD to TO 1987 CD , , its PRP$ earnings NNS soared VBD six-fold RB , , to TO $ $ 3.8 CD million CD , , on IN a DT seven-fold JJ increase NN in IN revenue NN , , to TO $ $ 44.1 CD million CD . . But CC in IN 1988 CD , , it PRP ran VBD into IN a DT buzz NN saw NN : : a DT Defense NNP Department NNP spending NN freeze NN . . Iverson NNP 's POS earnings NNS plunged VBD 70 CD % NN to TO $ $ 1.2 CD million CD . . The DT troubles NNS continued VBN in IN this DT year NN 's POS first JJ half NN , , when WRB profit NN plunged VBD 81 CD % NN to TO $ $ 302,000 CD . . Iverson NNP Technology NNP is VBZ one CD of IN many JJ small JJ defense NN contractors NNS besieged VBN by IN the DT slowdown NN in IN defense NN spending NN . . Unlike IN larger JJR contractors NNS with IN a DT broad JJ enough JJ base NN to TO weather VB the DT downturn NN easily RB , , these DT companies NNS are VBP suffering VBG big JJ drops NNS in IN business NN as IN once-lucrative JJ specialty NN niches NNS in IN the DT massive JJ military NN market NN erode VBP or CC even RB disappear VBP . . Companies NNS that WDT only RB recently RB were VBD thriving JJ find VBP themselves PRP scrambling VBG to TO survive VB . . As IN their PRP$ varied JJ strategies NNS suggest VBP , , there EX is VBZ more JJR than IN one CD way NN to TO respond VB to TO a DT disaster NN -- : though IN it PRP 's VBZ too RB soon RB to TO tell VB whether IN the DT changes NNS will MD pay VB off RP . . For IN many JJ companies NNS , , the DT instinctive JJ first JJ response NN is VBZ to TO cut VB costs NNS . . Others NNS are VBP trying VBG to TO find VB specialty NN defense NN work NN spared VBN by IN the DT slowdown NN or CC new JJ niches NNS created VBN by IN budget-cutting NN . . More RBR venturesome JJ businesses NNS are VBP applying VBG their PRP$ skills NNS in IN commercial JJ fields NNS . . ERC NNP International NNP Inc. NNP , , which WDT provides VBZ professional JJ and CC technical JJ services NNS to TO the DT military NN , , is VBZ refining VBG its PRP$ defense NN niche NN , , not RB retreating VBG from IN it PRP . . After IN quadrupling VBG annual JJ earnings NNS over IN four CD years NNS to TO $ $ 6.8 CD million CD in IN 1988 CD , , the DT Fairfax NNP , , Va. NNP , , company NN , , posted VBD a DT 23 CD % NN drop NN in IN earnings NNS for IN this DT year NN 's POS first JJ half NN . . In IN the DT belief NN that DT development NN of IN advanced JJ military JJ technology NN will MD remain VB a DT top JJ Defense NNP Department NNP priority NN , , ERC NNP last JJ year NN acquired VBD W.J. NNP Schafer NNP Associates NNPS , , a DT technical JJ and CC scientific JJ analysis NN company NN with IN contracts NNS under IN the DT Strategic NNP Defense NNP Initiative NNP . . While IN the DT SDI NNP anti-missile JJ program NN recently RB awarded VBD W.J. NNP Schafer NNP two CD contracts NNS totaling VBG $ $ 13.4 CD million CD , , ERC NNP 's POS chairman NN and CC founder NN , , Jack NNP Aalseth NNP , , says VBZ he PRP bought VBD the DT company NN `` `` more JJR for IN its PRP$ technology NN than IN its PRP$ customer NN . . '' '' UNC NNP Inc. NNP , , an DT Annapolis NNP , , Md. NNP , , contractor NN that WDT earned VBD $ $ 23.8 CD million CD on IN revenue NN of IN $ $ 400.4 CD million CD in IN 1988 CD , , has VBZ gone VBN even RB further RBR in IN realigning VBG its PRP$ military JJ business NN . . As IN orders NNS for IN its PRP$ aircraft NN and CC submarine NN parts NNS dwindled VBD , , three CD years NNS of IN steady JJ growth NN ended VBD with IN a DT 69 CD % NN drop NN in IN income NN in IN this DT year NN 's POS first JJ half NN . . The DT company NN hit VBD on IN a DT new JJ strategy NN : : If IN the DT Defense NNP Department NNP is VBZ so RB intent JJ on IN saving VBG money NN , , why WRB not RB make VB money NN off IN that DT trend NN ? . Among IN the DT company NN 's POS current JJ efforts NNS : : repairing VBG old JJ parts NNS at IN 25 CD % NN of IN the DT cost NN of IN replacing VBG them PRP . . UNC NNP also RB is VBZ selling VBG new JJ parts NNS , , if IN needed VBN , , directly RB to TO the DT military JJ instead RB of IN through IN a DT prime JJ contractor NN . . At IN as RB little JJ as IN one-third NN of IN the DT government NN 's POS cost NN , , the DT company NN is VBZ running VBG a DT program NN to TO train VB Army NNP helicopter NN pilots NNS . . It PRP is VBZ also RB taking VBG over RP the DT maintenance NN of IN certain JJ Navy NNP aircraft NN with IN 40 CD % NN fewer JJR people NNS than IN the DT military NN used VBD . . In IN another DT approach NN , , tiny JJ Iverson NNP Technology NNP is VBZ trying VBG to TO resume VB its PRP$ growth NN by IN braving VBG the DT new JJ world NN of IN commercial JJ products NNS . . Donald NNP Iverson NNP , , chairman NN , , says VBZ he PRP hopes VBZ the DT company NN can MD eventually RB get VB up RB to TO half NN of IN its PRP$ revenue NN from IN commercial JJ markets NNS . . For IN now RB , , he PRP says VBZ , , `` `` we PRP 're VBP looking VBG at IN buying VBG some DT small JJ companies NNS with IN niche NN markets NNS in IN the DT personal-computer NN business NN . . '' '' Earlier RB this DT month NN , , Mr. NNP Iverson NNP agreed VBD to TO buy VB exclusive JJ rights NNS to TO a DT software NN system NN developed VBN by IN Visher NNP Systems NNPS Inc. NNP , , Salt NNP Lake NNP City NNP . . The DT product NN automates VBZ an DT array NN of IN functions NNS performed VBN at IN small JJ to TO medium-size JJ printing NN companies NNS . . Mr. NNP Iverson NNP says VBZ there EX are VBP 5,000 CD potential JJ customers NNS for IN the DT software NN in IN the DT Washington NNP , , D.C. NNP , , area NN alone RB . . QuesTech NNP Inc. NNP , , Falls NNP Church NNP , , Va. NNP , , also RB has VBZ acquired VBN some DT companies NNS outside IN the DT military JJ market NN . . Moreover RB , , it PRP 's VBZ trying VBG to TO transfer VB its PRP$ skill NN at IN designing VBG military JJ equipment NN to TO commercial JJ ventures NNS . . A DT partnership NN with IN a DT Williamsburg NNP , , Va. NNP , , unit NN of IN Shell NNP Oil NNP Co. NNP recently RB patented VBD a DT process NN for IN producing VBG plastic NN food NN containers NNS that WDT wo MD n't RB melt VB in IN microwave NN ovens NNS . . `` `` We PRP 're VBP trying VBG to TO take VB the DT imagination NN and CC talent NN of IN our PRP$ engineers NNS and CC come VB up RB with IN new JJ processes NNS for IN industry NN , , '' '' says VBZ Vincent NNP Salvatori NNP , , QuesTech NNP 's POS chief JJ executive NN . . `` `` It PRP is VBZ an DT effort NN to TO branch VB out RP from IN the DT government NN , , which WDT is VBZ very RB difficult JJ for IN a DT defense NN contractor NN . . '' '' Mr. NNP Salvatori NNP should MD know VB . . Instead RB of IN helping VBG his PRP$ company NN in IN the DT defense NN spending NN slowdown NN , , Dynamic NNP Engineering NNP Inc. NNP , , a DT troubled JJ subsidiary NN that WDT makes VBZ wind NN tunnels NNS for IN the DT space NN industry NN , , contributed VBD to TO much JJ of IN QuesTech NNP 's POS $ $ 3.3 CD million CD loss NN on IN $ $ 55.6 CD million CD in IN revenue NN last JJ year NN . . In IN January NNP , , Mr. NNP Salvatori NNP sold VBD the DT unit NN . . `` `` It PRP was VBD our PRP$ first JJ acquisition NN , , '' '' he PRP says VBZ , , `` `` and CC it PRP was VBD a DT mistake NN . . '' '' Some DT companies NNS are VBP cutting VBG costs NNS and CC hoping VBG for IN the DT best JJS . . Telos NNP Corp. NNP , , a DT Santa NNP Monica NNP , , Calif. NNP , , provider NN of IN software-development NN and CC hardware-maintenance NN services NNS to TO the DT military NN , , enjoyed VBD steady JJ growth NN until IN this DT year NN . . Following VBG a DT tripling VBG of IN earnings NNS , , to TO $ $ 3.9 CD million CD , , on IN a DT doubling VBG of IN revenue NN , , to TO $ $ 116 CD million CD , , over IN four CD years NNS , , earnings NNS in IN the DT company NN 's POS fiscal JJ first JJ quarter NN , , which WDT ended VBD June NNP 30 CD , , plunged VBD 90 CD % NN to TO $ $ 45,000 CD . . A DT one-time JJ write-off NN for IN booking VBG nonexistent JJ revenue NN was VBD partly RB to TO blame VB , , but CC so RB were VBD lower JJR profits NNS from IN a DT stingier JJR contract NN with IN the DT Army NNP and CC delays NNS in IN getting VBG paid VBN . . Telos NNP responded VBD by IN combining VBG three CD of IN its PRP$ five CD divisions NNS to TO reduce VB expenses NNS and CC `` `` bring VB more JJR focus NN to TO potentially RB fewer JJR bidding NN opportunities NNS , , '' '' says VBZ Lin NNP Conger NNP , , Telos NNP chairman NN and CC controlling VBG shareholder NN . . `` `` It PRP 's VBZ evident JJ we PRP 're VBP entering VBG a DT more RBR competitive JJ era NN , , '' '' he PRP says VBZ . . TransTechnology NNP Corp. NNP , , a DT Sherman NNP Oaks NNPS , , Calif. NNP , , defense NN contractor NN that WDT earned VBD $ $ 9.2 CD million CD on IN revenue NN of IN $ $ 235.2 CD million CD in IN 1988 CD , , provides VBZ a DT more RBR dramatic JJ example NN of IN cost-cutting NN . . The DT company NN not RB only RB merged VBD three CD military-electronics NNS manufacturing VBG operations NNS , , but CC also RB closed VBD an DT unrelated JJ plant NN that WDT makes VBZ ordnance NN devices NNS used VBN in IN fighter NN planes NNS and CC missiles NNS . . The DT closing NN contributed VBD to TO a DT $ $ 3.4 CD million CD loss NN in IN the DT fiscal JJ first JJ quarter NN ended VBN July NNP 31 CD -- : its PRP$ first JJ quarterly JJ loss NN since IN 1974 CD . . `` `` Our PRP$ ordnance NN business NN has VBZ been VBN hurt VBN very RB badly RB by IN the DT slowdown NN , , '' '' says VBZ Arch NNP Scurlock NNP , , TransTechnology NNP 's POS chairman NN . . `` `` I PRP would MD n't RB say VB we PRP 're VBP out IN of IN the DT business NN . . But CC we PRP 're VBP not RB making VBG as RB many JJ { ( pyrotechnic JJ devices NNS } ) as IN we PRP used VBD to TO . . The DT growing VBG crowd NN of IN Japanese JJ investors NNS buying VBG up RP foreign JJ companies NNS are VBP n't RB all RB strait-laced JJ businessmen NNS in IN dark JJ suits NNS . . Yasumichi NNP Morishita NNP , , whose WP$ art NN gallery NN last JJ month NN became VBD a DT major JJ shareholder NN in IN Christies NNP International NNP PLC NNP , , the DT London NNP auction NN house NN , , is VBZ one CD man NN who WP does VBZ n't RB fit VB the DT mold NN . . In IN Japan NNP , , he PRP 's VBZ known VBN in IN racy JJ weekly JJ magazines NNS as IN the DT `` `` King NNP of IN Shady NNP Money NNP . . '' '' If IN nothing NN else RB , , the DT 57-year-old NN 's POS past NN has VBZ its PRP$ share NN of IN dents NNS . . Nearly RB 20 CD years NNS ago RB , , Mr. NNP Morishita NNP , , founder NN and CC chairman NN of IN Aichi NNP Corp. NNP , , a DT finance NN company NN , , received VBD a DT 10-month JJ suspended JJ sentence NN from IN a DT Tokyo NNP court NN for IN violating VBG a DT money-lending JJ law NN and CC an DT income NN tax NN law NN . . He PRP was VBD convicted VBN of IN charging VBG interest NN rates NNS much RB higher JJR than IN what WP the DT law NN permitted VBD , , and CC attempting VBG to TO evade VB income NN taxes NNS by IN using VBG a DT double JJ accounting NN system NN . . He PRP 's POS had VBD other JJ brushes NNS with IN the DT law NN . . He PRP was VBD arrested VBN , , though IN not RB indicted VBN , , on IN at IN least JJS three CD other JJ occasions NNS in IN the DT '60s CD and CC '70s CD : : for IN assault NN and CC unlawful JJ confinement NN , , for IN fraud NN and CC forgery NN of IN private JJ documents NNS , , and CC for IN extortion NN . . Christies NNP says VBZ it PRP has VBZ had VBD no DT contact NN with IN Mr. NNP Morishita NNP since IN the DT stock NN purchase NN , , but CC that IN it PRP 's VBZ happy JJ to TO deal VB with IN him PRP . . `` `` We PRP like VBP to TO make VB our PRP$ own JJ judgments NNS '' '' about IN Mr. NNP Morishita NNP , , says VBZ Christopher NNP Davidge NNP , , Christies NNP ' POS group NN managing VBG director NN . . `` `` People NNS have VBP a DT different JJ reputation NN country NN by IN country NN . . '' '' Mr. NNP Morishita NNP is VBZ a DT leading JJ figure NN among IN Japan NNP 's POS 38,000 CD `` `` machikin FW , , '' '' which WDT lend VBP to TO small JJ companies NNS , , and CC `` `` sarakin FW , , '' '' which WDT lend VBP to TO individuals NNS . . Many JJ of IN these DT financiers NNS lend VBP freely RB , , often RB without IN demanding VBG collateral NN . . But CC the DT interest NN rates NNS they PRP charge VBP are VBP often RB near IN Japan NNP 's POS 54.75 CD % NN legal JJ limit NN , , says VBZ Kenji NNP Utsunomiya NNP , , a DT lawyer NN specializing VBG in IN loan NN troubles NNS . . Aichi NNP is VBZ a DT machikin FW , , Mr. NNP Utsunomiya NNP says VBZ , , and CC `` `` one CD of IN the DT nasty JJ ones NNS . . '' '' In IN describing VBG that DT business NN in IN general JJ , , he PRP says VBZ that IN when WRB the DT client NN ca MD n't RB repay VB the DT loan NN , , some DT machikin FW `` `` clutch VBP on RP like IN hyenas NNS '' '' and CC even RB take VBP over RP the DT client NN 's POS company NN . . Last JJ month NN , , Mr. NNP Morishita NNP 's POS new JJ gallery NN , , Aska NNP International NNP Ltd. NNP , , purchased VBD 6.4 CD % NN of IN Christies NNP for IN # # 33 CD million CD ( ( $ $ 53.3 CD million CD ) ) . . Acquired VBN from IN Carisbrook NNP Holdings NNP U.K. NNP Ltd. NNP , , a DT company NN owned VBN by IN Australian JJ financier NN Robert NNP Holmes NNP a DT Court NNP , , the DT stake NN was VBD apparently RB the DT first JJ of IN its PRP$ kind NN for IN Aska NNP , , an DT entity NN separate JJ from IN Aichi NNP . . And CC the DT acquisition NN , , which WDT made VBD Aska NNP one CD of IN Christies NNP ' POS top JJ five CD shareholders NNS , , left VBD many JJ people NNS wondering VBG who WP this DT man NN was VBD and CC what WP his PRP$ intentions NNS were VBD . . `` `` We PRP 're VBP an DT investor NN , , '' '' Mr. NNP Morishita NNP says VBZ , , sitting VBG back RP in IN his PRP$ purple JJ gallery NN filled VBN with IN some DT 20 CD Monets NNPS and CC Renoirs NNPS . . `` `` In IN the DT long JJ run NN , , the DT { ( stock NN } ) prices NNS will MD go VB up RP . . '' '' It PRP 's VBZ not RB clear JJ whether IN Aska NNP plans VBZ to TO buy VB more JJR shares NNS . . But CC Christies NNP , , Mr. NNP Morishita NNP insists VBZ , , is VBZ happy JJ to TO see VB him PRP become VB a DT long-term JJ stockholder NN . . Mr. NNP Morishita NNP considers VBZ himself PRP a DT connoisseur NN of IN art NN . . In IN 30 CD years NNS of IN collecting VBG impressionist JJ and CC Japanese JJ paintings NNS , , he PRP has VBZ acquired VBN 600 CD items NNS , , he PRP says VBZ , , enough JJ to TO persuade VB him PRP to TO start VB a DT museum NN next IN year NN . . He PRP says VBZ he PRP spent VBD $ $ 300 CD million CD on IN his PRP$ art NN business NN this DT year NN . . A DT week NN ago RB , , his PRP$ gallery NN racked VBD up RP a DT $ $ 23 CD million CD tab NN at IN a DT Sotheby NNP 's POS auction NN in IN New NNP York NNP buying VBG seven CD works NNS , , including VBG a DT Picasso NNP . . `` `` He PRP makes VBZ snap JJ judgments NNS , , '' '' says VBZ Kiyotaka NNP Kori NNP , , the DT art NN gallery NN 's POS manager NN and CC Mr. NNP Morishita NNP 's POS secretary NN for IN more RBR than IN seven CD years NNS . . Mr. NNP Morishita NNP 's POS main JJ business NN certainly RB appears VBZ to TO be VB thriving VBG , , although IN he PRP wo MD n't RB disclose VB numbers NNS . . According VBG to TO Teikoku NNP Data NNP Bank NNP Ltd. NNP , , which WDT tracks VBZ company NN earnings NNS , , Aichi NNP 's POS revenue NN rose VBD 15 CD % NN to TO 49.3 CD billion CD yen NNS ( ( $ $ 348.4 CD million CD ) ) in IN the DT year NN ended VBD February NNP . . Revenue NN doubled VBD from IN two CD years NNS ago RB . . That DT is VBZ , , if IN the DT company NN reported VBD results NNS correctly RB . . The DT Asahi NNP Shimbun NNP , , a DT Japanese JJ daily JJ , , last JJ month NN reported VBD that IN Aichi NNS revised VBD its PRP$ tax NN calculations NNS after IN being VBG challenged VBN for IN allegedly RB failing VBG to TO report VB all DT of IN its PRP$ income NN to TO tax NN authorities NNS over IN a DT two-year JJ period NN . . The DT Tokyo NNP Regional NNP Taxation NNP Office NNP declines VBZ to TO comment VB , , and CC Mr. NNP Kori NNP , , the DT tycoon NN 's POS secretary NN , , says VBZ the DT problem NN simply RB resulted VBD from IN a DT difference NN of IN opinion NN over IN what WP was VBD considered VBN income NN . . The DT small JJ , , wiry JJ Mr. NNP Morishita NNP comes VBZ across RP as IN an DT outspoken JJ man NN of IN the DT world NN . . Stretching VBG his PRP$ arms NNS in IN his PRP$ silky JJ white JJ shirt NN and CC squeaking VBG his PRP$ black JJ shoes NNS , , he PRP lectures VBZ a DT visitor NN about IN the DT way NN to TO sell VB American JJ real JJ estate NN and CC boasts VBZ about IN his PRP$ friendship NN with IN Margaret NNP Thatcher NNP 's POS son NN . . But CC when WRB asked VBD what WP exactly RB he PRP does VBZ in IN business NN , , he PRP immediately RB takes VBZ offense NN . . `` `` Are VBP you PRP stupid JJ ? . '' '' he PRP snaps VBZ . . `` `` You PRP should MD know VB what WP questions NNS to TO ask VB to TO get VB people NNS to TO answer VB . . '' '' Not RB many JJ people NNS know VBP the DT details NNS of IN Mr. NNP Morishita NNP 's POS business NN , , but CC it PRP 's VBZ a DT source NN of IN rumors NNS about IN shady JJ dealings NNS . . When WRB a DT small JJ company NN goes VBZ belly-up RB , , for IN instance NN , , the DT gossipy JJ weekly JJ magazines NNS are VBP often RB quick JJ to TO link VB the DT demise NN with IN Aichi NNP . . Mr. NNP Morishita NNP scoffs VBZ at IN those DT stories NNS , , as RB well RB as IN the DT ones NNS connecting VBG him PRP to TO the DT Japanese JJ mob NN . . He PRP says VBZ he PRP has VBZ never RB even RB dined VBN with IN gangsters NNS . . The DT seventh JJ child NN of IN a DT store NN owner NN in IN Aichi NNP prefecture NN , , Mr. NNP Morishita NNP started VBD out RP in IN the DT textile NN business NN . . From IN there RB , , he PRP set VBD up RP his PRP$ finance NN company NN and CC rapidly RB expanded VBD from IN lending VBG to TO investment NN in IN real JJ estate NN to TO building VBG golf NN courses NNS . . He PRP spends VBZ most JJS weekends NNS flying VBG his PRP$ helicopter NN to TO one CD of IN his PRP$ nine CD courses NNS , , he PRP says VBZ , , two CD of IN which WDT were VBD designed VBN by IN Jack NNP Nicklaus NNP . . He PRP also RB owns VBZ courses NNS in IN the DT U.S. NNP and CC France NNP . . The DT gruff JJ financier NN recently RB started VBD socializing VBG in IN upper-class JJ circles NNS . . Although IN he PRP says VBZ he PRP was VBD n't RB keen VB on IN going VBG , , last JJ year NN he PRP attended VBD a DT New NNP York NNP gala NN where WRB his PRP$ daughter NN made VBD her PRP$ debut NN . . He PRP also RB leads VBZ an DT opulent JJ life NN style NN . . Even RB in IN Denenchofu NNP , , one CD of IN Tokyo NNP 's POS richest JJS neighborhoods NNS , , Mr. NNP Morishita NNP 's POS splashy JJ brick NN manor NN -- : one CD of IN some RB 10 CD houses NNS he PRP owns VBZ -- : outshines VBZ the DT neighbors NNS ' POS . . A DT lavish JJ white JJ portico NN with IN a DT stained-glass NN window NN towers NNS over IN the DT brick NN wall NN surrounding VBG his PRP$ property NN . . Although IN Mr. NNP Morishita NNP says VBZ little JJ about IN his PRP$ business NN , , he PRP offers VBZ one CD rule NN to TO success NN : : Never RB gamble VB too RB far RB . . `` `` I PRP quit VBP after IN one CD try NN , , whether IN I PRP win VBP or CC lose VBP , , '' '' he PRP says VBZ . . `` `` I PRP 'm VBP done VBN in IN two CD minutes NNS . . '' '' Mr. NNP Morishita NNP says VBZ he PRP intends VBZ to TO expand VB his PRP$ business NN to TO many JJ other JJ areas NNS at IN home NN and CC abroad RB . . He PRP 'll MD be VB there RB wherever WRB there EX 's VBZ money NN to TO be VB made VBN , , laughs VBZ Mr. NNP Kori NNP , , the DT secretary NN . . `` `` Who WP knows VBZ , , '' '' he PRP says VBZ , , `` `` if IN he PRP heard VBD that IN soybeans NNS make VBP money NN today NN , , he PRP might MD be VB flying VBG out IN to TO Chicago NNP tomorrow NN . . WHO WP 'S VBZ NEWS NN : : Arthur NNP Price NNP resigned VBD as IN president NN and CC chief JJ executive JJ officer NN of IN MTM NNP Enterprises NNP Inc. NNP , , a DT Studio-City NNP , , Calif. NNP , , entertainment NN concern NN . . He PRP co-founded VBD the DT company NN with IN Grant NNP Tinker NNP and CC Mary NNP Tyler NNP Moore NNP in IN 1969 CD . . MTM NNP is VBZ a DT unit NN of IN British-based JJ TVS NNP Entertainment NNP PLC NNP , , whose WP$ chief JJ executive JJ officer NN , , James NNP Gatward NNP , , will MD oversee VB the DT company NN until IN a DT successor NN is VBZ named VBN . . As IN expected VBN , , First NNP Interstate NNP Bancorp NNP reported VBD a DT net JJ loss NN of IN $ $ 15.5 CD million CD for IN its PRP$ third JJ quarter NN because IN of IN hemorrhaging NN at IN its PRP$ First NNP Interstate NNP Bank NNP of IN Arizona NNP unit NN . . The DT Los NNP Angeles-based JJ bank NN holding VBG company NN disclosed VBD last JJ Friday NNP that IN it PRP had VBD taken VBN a DT huge JJ $ $ 350 CD million CD provision NN for IN loan NN losses NNS at IN the DT Arizona NNP bank NN , , the DT result NN of IN the DT state NN 's POS worsening VBG real-estate JJ market NN . . In IN yesterday NN 's POS report NN , , First NNP Interstate NNP said VBD its PRP$ bank NN in IN Texas NNP also RB reported VBD a DT loss NN of IN $ $ 23.5 CD million CD for IN the DT quarter NN . . But CC it PRP said VBD that IN its PRP$ consumer NN banks NNS in IN Oregon NNP , , California NNP , , Nevada NNP and CC Washington NNP performed VBD well RB during IN the DT quarter NN and CC that IN nonperforming JJ assets NNS at IN these DT banks NNS declined VBD by IN 14 CD % NN over IN the DT year-ago JJ period NN . . Private-sector JJ union NN contracts NNS signed VBN in IN the DT third JJ quarter NN granted VBD slightly RB lower JJR wage NN increases NNS than IN those DT signed VBN in IN the DT second JJ quarter NN , , but CC wage NN increases NNS still RB are VBP running VBG above IN last JJ year NN 's POS levels NNS . . The DT Labor NNP Department NNP said VBD wage NN settlements NNS in IN the DT third JJ quarter NN called VBD for IN average JJ annual JJ wage NN increases NNS of IN 3.6 CD % NN in IN the DT first JJ year NN and CC 3.0 CD % NN over IN the DT life NN of IN the DT contracts NNS . . The DT last JJ time NN parties NNS to TO these DT settlements NNS negotiated VBD wage NN increases NNS , , mostly RB in IN 1986 CD or CC 1987 CD , , wages NNS increased VBD an DT average NN of IN 2.4 CD % NN a DT year NN over IN the DT life NN of IN the DT contracts NNS . . If IN this DT pattern NN continues VBZ , , the DT Labor NNP Department NNP said VBD , , 1989 CD will MD be VB the DT first JJ year NN that IN the DT measure NN has VBZ shown VBN an DT increase NN since IN 1981 CD when WRB the DT department NN started VBD comparing VBG expiring VBG contracts NNS with IN those DT that WDT replaced VBD them PRP . . This DT reflects VBZ the DT restoration NN of IN wage NN cuts NNS in IN the DT steel NN and CC other JJ industries NNS as RB well RB as IN higher JJR wages NNS granted VBN nurses NNS who WP work VBP in IN health-care NN facilities NNS . . Settlements NNS reached VBD in IN the DT first JJ nine CD months NNS of IN 1989 CD called VBD for IN wage NN increases NNS averaging VBG 3.7 CD % NN in IN the DT first JJ contract NN year NN and CC 3.1 CD % NN annually RB over IN the DT life NN of IN the DT contracts NNS , , the DT department NN said VBD . . For IN all DT of IN 1988 CD , , union NN contracts NNS provided VBD for IN 2.5 CD % NN wage NN increases NNS in IN the DT first JJ year NN and CC 2.4 CD % NN over IN the DT life NN of IN the DT contracts NNS . . In IN the DT second JJ quarter NN , , contracts NNS called VBD for IN increases NNS of IN 3.9 CD % NN in IN the DT first JJ year NN and CC 3.4 CD % NN over IN the DT life NN of IN the DT contracts NNS . . The DT figures NNS exclude VBP lump-sum JJ payments NNS and CC cost-of-living JJ adjustments NNS , , so IN the DT actual JJ wage NN increases NNS may MD have VB been VBN bigger JJR . . About RB 35 CD % NN of IN the DT workers NNS covered VBN by IN contracts NNS signed VBN in IN the DT first JJ nine CD months NNS of IN year NN get VBP lump-sum JJ payments NNS ; : about RB 15 CD % NN are VBP covered VBN by IN cost-of-living JJ clauses NNS . . Unions NNS covered VBN by IN one CD or CC other JJ provisions NNS generally RB settled VBN for IN lower JJR percentage NN wage NN increases NNS . . The DT Labor NNP Department NNP said VBD wage NN increases NNS in IN manufacturing NN industries NNS continue VBP to TO be VB smaller JJR than IN those DT in IN other JJ industries NNS . . For IN all DT six CD million CD workers NNS under IN major JJ collective JJ bargaining NN agreements NNS , , regardless RB of IN when WRB they PRP were VBD signed VBN , , wage NN increases NNS in IN the DT first JJ nine CD months NNS of IN 1989 CD averaged VBD 2.5 CD % NN -- : including VBG cost-of-living JJ adjustments NNS . . An DT enormous JJ turtle NN has VBZ succeeded VBN where WRB the DT government NN has VBZ failed VBN : : He PRP has VBZ made VBN speaking VBG Filipino NNP respectable JJ . . The DT 6 CD 1\/2-foot-tall JJ turtle NN , , Pong NNP Pagong NNP , , is VBZ a DT character NN who WP stars VBZ in IN the DT children NNS 's POS television NN show VB `` `` Batibot NNP . . '' '' He PRP speaks VBZ only RB in IN Filipino NNP . . `` `` Batibot NNP , , '' '' which WDT started VBD in IN 1983 CD as IN a DT hybrid NN of IN the DT U.S. NNP program NN `` `` Sesame NNP Street NNP , , '' '' has VBZ developed VBN into IN a DT distinctly RB Philippine JJ effort NN . . Radio NN programs NNS and CC books NNS have VBP followed VBN the DT daily JJ television NN show NN . . In IN the DT process NN , , `` `` Batibot NNP , , '' '' an DT archaic JJ Filipino NNP word NN meaning NN `` `` strong JJ '' '' or CC `` `` enduring JJ , , '' '' has VBZ become VBN a DT powerful JJ advocate NN of IN the DT use NN of IN the DT Filipino NNP language NN . . `` `` It PRP impresses VBZ on IN ordinary JJ , , young JJ Filipinos NNPS that IN there EX 's VBZ nothing NN to TO feel VB inferior JJ about IN in IN using VBG their PRP$ own JJ language NN , , '' '' says VBZ Randy NNP David NNP , , a DT sociologist NN and CC host NN of IN a DT popular JJ television NN talk NN show NN . . `` `` When WRB we PRP started VBD the DT program NN six CD years NNS ago RB , , the DT use NN of IN Filipino NNP was VBD deemed VBN unwise JJ by IN the DT predominantly RB middle JJ class NN , , '' '' says VBZ Lydia NNP Brown NNP , , the DT program NN 's POS creator NN . . Now RB , , she PRP says VBZ , , `` `` it PRP 's VBZ no RB longer RBR an DT issue NN . . '' '' The DT success NN of IN `` `` Batibot NNP '' '' stands VBZ in IN marked JJ contrast NN to TO many JJ academic JJ and CC government NN attempts NNS to TO promote VB Filipino NNP as IN a DT national JJ language NN . . Filipino NNP -- : once RB known VBN as IN Pilipino NN -- : is VBZ predominantly RB Tagalog NNP , , the DT Malay-based JJ language NN spoken VBN in IN a DT part NN of IN the DT country NN 's POS principal JJ island NN of IN Luzon NNP . . Resistance NN to TO a DT national JJ language NN comes VBZ primarily RB from IN members NNS of IN the DT country NN 's POS elite NNS , , who WP generally RB prefer VBP English NNP . . But CC while IN better-off JJ Filipinos NNS are VBP quick JJ to TO cite VB the DT logic NN in IN using VBG a DT language NN as RB widespread JJ as IN English NNP , , they PRP are VBP often RB slow JJ to TO reveal VB that IN they PRP are VBP prejudiced VBN against IN Filipino NNP , , say VBP advocates NNS of IN the DT native JJ language NN . . `` `` For IN the DT middle JJ and CC upper-middle JJ class NN { ( Filipino NNP } ) is VBZ declasse JJ , , '' '' says VBZ Bien NNP Lumbera NNP , , a DT Philippine-studies NN professor NN at IN Quezon NNP City NNP 's POS University NNP of IN the DT Philippines NNP . . There EX 's VBZ also RB resentment NN . . Other JJ opponents NNS of IN Filipino NNP come VBP from IN non-Tagalog JJ regions NNS . . They PRP argue VBP that IN their PRP$ own JJ languages NNS should MD have VB equal JJ weight NN , , although IN recent JJ surveys NNS indicate VBP that IN the DT majority NN of IN the DT country NN 's POS population NN understands VBZ Filipino NNP more RBR than IN any DT other JJ language NN . . ( ( There EX are VBP seven CD major JJ languages NNS and CC more JJR than IN 70 CD dialects NNS in IN the DT country NN . . ) ) What WP tongue NN to TO speak VB is VBZ an DT emotional JJ mine NN field NN in IN the DT Philippines NNPS . . It PRP is VBZ entrenched VBN in IN the DT country NN 's POS colonial JJ bonds NNS to TO the DT U.S. NNP , , in IN Philippine JJ class NN structure NN , , in IN the DT regional JJ loyalties NNS of IN its PRP$ people NNS and CC in IN its PRP$ island NN geography NN . . As IN they PRP did VBD when WRB the DT Philippines NNP was VBD a DT colony NN of IN the DT U.S. NNP , , teachers NNS for IN the DT most JJS part NN teach VBP in IN English NNP , , even RB though IN it PRP is VBZ a DT foreign JJ language NN for IN most JJS Philippine JJ children NNS . . As IN a DT result NN , , they PRP often RB speak VBP one CD language NN at IN home NN , , another DT at IN school NN . . Mrs. NNP Brown NNP calls VBZ the DT modern-day JJ cultural JJ ambivalence NN to TO Filipino NNP a DT `` `` language NN schizophrenia NN . . '' '' The DT issue NN has VBZ been VBN simmering VBG for IN years NNS . . It PRP does VBZ n't RB take VB much JJ to TO provoke VB an DT intense JJ debate NN . . When WRB President NNP Corazon NNP Aquino NNP , , whose WP$ command NN of IN Filipino NNP is VBZ spotty JJ , , announced VBN last JJ year NN that IN the DT language NN would MD be VB used VBN in IN official JJ communications NNS , , there EX was VBD an DT uproar NN from IN many JJ legislators NNS , , who WP continue VBP to TO conduct VB debates NNS mostly RB in IN English NNP . . But CC many JJ proponents NNS of IN Filipino NNP see VBP resistance NN to TO the DT language NN finally RB crumbling VBG . . They PRP believe VBP the DT media NNS , , including VBG `` `` Batibot NNP , , '' '' have VBP played VBN a DT crucial JJ role NN . . According VBG to TO chief JJ scriptwriter NN Rene NNP Villanueva NNP , , `` `` Batibot NNP '' '' does VBZ n't RB set VB out RP to TO advance VB the DT cause NN of IN Filipino NNP . . `` `` It PRP 's VBZ not RB as IN if IN we PRP 're VBP teaching VBG language NN per FW se FW , , '' '' he PRP says VBZ , , `` `` We PRP 're VBP just RB using VBG it PRP . . '' '' These DT days NNS , , `` `` Batibot NNP '' '' is VBZ produced VBN in IN a DT converted JJ lumberyard NN on IN a DT shoestring NN budget NN of IN $ $ 3,000 CD a DT one-hour JJ segment NN . . It PRP is VBZ shown VBN weekdays NNS on IN two CD of IN the DT country NN 's POS five CD networks NNS . . With IN an DT audience NN totaling VBG more JJR than IN 400,000 CD , , `` `` Batibot NNP '' '' consistently RB ranks VBZ in IN the DT country NN 's POS top-four JJ most-watched JJ daytime JJ programs NNS . . But CC advertising NN revenue NN is VBZ inadequate JJ . . Periodically RB , , there EX are VBP threats NNS that IN the DT program NN will MD fold VB . . `` `` Batibot NNP '' '' lacks VBZ the DT polish NN of IN `` `` Sesame NNP Street NNP . . '' '' Sound JJ stages NNS echo VBP . . Acting NN sometimes RB falls VBZ flat JJ . . There EX are VBP only RB two CD large JJ puppets NNS in IN the DT program NN : : Pong NNP Pagong NNP and CC a DT monkey NN named VBN Kiko NNP Matsing NNP . . But CC the DT production NN is VBZ the DT equal JJ of IN any DT local JJ program NN . . And CC the DT show NN 's POS creativity NN makes VBZ up RP for IN any DT technological JJ deficiencies NNS . . The DT program NN is VBZ n't RB afraid JJ to TO tackle VB controversial JJ topics NNS such JJ as IN nuclear JJ weapons NNS and CC the DT environment NN . . Not RB that IN the DT language NN war NN is VBZ won VBN , , even RB on IN `` `` Batibot NNP . . '' '' During IN one CD recent JJ episode NN , , all PDT the DT advertisements NNS were VBD in IN English NNP . . CMS NNP ENERGY NNP Corp. NNP said VBD management NN would MD recommend VB to TO its PRP$ board NN today NN that IN its PRP$ common JJ stock NN dividend NN be VB reinstated VBN at IN a DT `` `` modest JJ level NN '' '' later RB this DT year NN . . The DT Dearborn NNP , , Mich. NNP , , energy NN company NN stopped VBD paying VBG a DT dividend NN in IN the DT third JJ quarter NN of IN 1984 CD because IN of IN troubles NNS at IN its PRP$ Midland NNP nuclear JJ plant NN . . In IN addition NN , , CMS NNP reported VBD third-quarter JJ net NN of IN $ $ 68.2 CD million CD , , or CC 83 CD cents NNS a DT share NN , , up RB from IN $ $ 66.8 CD million CD , , or CC 81 CD cents NNS a DT share NN , , a DT year NN ago RB . . HEALTHDYNE NNP Inc. NNP , , Atlanta NNP , , said VBD its PRP$ subsidiary NN , , Home NNP Nutritional NNP Services NNP Inc. NNP , , registered VBD with IN the DT Securities NNP and CC Exchange NNP Commission NNP an DT initial JJ public JJ offering NN of IN four CD million CD shares NNS of IN common JJ . . The DT in-home JJ health NN care NN services NNS provider NN said VBD it PRP will MD sell VB 1.8 CD million CD of IN the DT new JJ shares NNS , , while IN Home NNP Nutritional NNP Services NNP will MD sell VB the DT remaining VBG 2.2 CD million CD . . The DT company NN estimates VBZ the DT offering NN price NN at IN between IN $ $ 14 CD and CC $ $ 16 CD a DT share NN . . The DT company NN said VBD it PRP expects VBZ to TO use VB the DT proceeds NNS to TO repay VB certain JJ bank NN debt NN and CC for IN general JJ corporate JJ purposes NNS , , including VBG establishing VBG new JJ operating NN centers NNS and CC possible JJ acquisitions NNS . . Home NNP Nutritional NNP currently RB has VBZ 10 CD million CD shares NNS outstanding JJ . . It PRP will MD have VB 11.8 CD million CD shares NNS outstanding JJ after IN the DT offering NN , , with IN Healthdyne NNP owning VBG about RB 65 CD % NN of IN the DT total NN . . Black NNP & CC Decker NNP Corp. NNP said VBD it PRP agreed VBD to TO sell VB its PRP$ Bostik NNP chemical JJ adhesives NNS unit NN to TO Orkem NNP S.A. NNP , , a DT French JJ chemical NN company NN , , for IN $ $ 345 CD million CD . . Bostik NNP is VBZ the DT first JJ Emhart NNP Corp. NNP unit NN to TO be VB sold VBN as IN part NN of IN the DT power-tool NN manufacturer NN 's POS effort NN to TO reduce VB debt NN and CC consolidate VB operations NNS after IN it PRP acquired VBD Emhart NNP earlier RBR this DT year NN . . Black NNP & CC Decker NNP said VBD it PRP plans VBZ to TO put VB other JJ Emhart NNP units NNS on IN the DT block NN in IN the DT future NN , , with IN the DT goal NN of IN raising VBG $ $ 1 CD billion CD in IN net JJ proceeds NNS . . Black NNP & CC Decker NNP rescued VBD Emhart NNP from IN the DT takeover NN bid NN of IN Topper NNP Limited NNP Partnership NNP last JJ March NNP by IN agreeing VBG to TO acquire VB the DT maker NN of IN door NN locks NNS and CC gardening NN tools NNS for IN about RB $ $ 2.8 CD billion CD . . The DT move NN significantly RB expanded VBD Black NNP & CC Decker NNP 's POS product NN line NN , , but CC also RB significantly RB increased VBD its PRP$ debt NN load NN . . The DT acquisition NN boosted VBD Black NNP & CC Decker NNP 's POS ratio NN of IN debt NN to TO total JJ capital NN to TO more JJR than IN 80 CD % NN . . Company NN officials NNS have VBP said VBN they PRP plan VBP to TO reduce VB that DT ratio NN to TO less JJR than IN 50 CD % NN over IN the DT next JJ 2 CD 1\/2 CD years NNS . . Earlier RBR this DT year NN , , Black NNP & CC Decker NNP put VBD three CD Emhart NNP businesses NNS on IN the DT auction NN block NN : : the DT information NN and CC electronics NN segment NN , , the DT Dynapert NNP electrical JJ assembly NN business NN and CC Mallory NNP Capacitors NNP . . The DT three CD units NNS had VBD combined JJ 1988 CD sales NNS of IN about RB $ $ 904 CD million CD . . The DT three CD units NNS contributed VBD about RB a DT third NN of IN Emhart NNP 's POS total JJ sales NNS . . In IN addition NN , , Black NNP & CC Decker NNP had VBD said VBN it PRP would MD sell VB two CD other JJ undisclosed JJ Emhart NNP operations NNS if IN it PRP received VBD the DT right JJ price NN . . Bostic NNP is VBZ one CD of IN the DT previously RB unnamed JJ units NNS , , and CC the DT first JJ of IN the DT five CD to TO be VB sold VBN . . The DT company NN is VBZ still RB negotiating VBG the DT sales NNS of IN the DT other JJ four CD units NNS and CC expects VBZ to TO announce VB agreements NNS by IN the DT end NN of IN the DT year NN . . The DT five CD units NNS generated VBD sales NNS of IN about RB $ $ 1.3 CD billion CD in IN 1988 CD , , almost RB half NN of IN Emhart NNP 's POS $ $ 2.3 CD billion CD revenue NN . . Bostic NNP posted VBD 1988 CD sales NNS of IN $ $ 255 CD million CD . . `` `` Our PRP$ divestiture NN program NN is VBZ on IN schedule NN , , and CC we PRP remain VBP confident JJ that IN we PRP will MD achieve VB our PRP$ stated JJ goal NN of IN over RB $ $ 1 CD billion CD in IN net JJ proceeds NNS , , '' '' said VBD Nolan NNP D. NNP Archibald NNP , , Black NNP & CC Decker NNP 's POS president NN and CC chief JJ executive JJ officer NN , , in IN a DT statement NN . . The DT sales NNS are VBP an DT attempt NN to TO quell VB investor NN concern NN about IN Black NNP & CC Decker NNP 's POS increased JJ debt NN burden NN from IN the DT Emhart NNP purchase NN . . The DT company NN 's POS stock NN plunged VBD when WRB it PRP first RB announced VBD that IN it PRP planned VBD to TO acquire VB Emhart NNP . . The DT company NN maintains VBZ that IN it PRP does VBZ n't RB expect VB Emhart NNP to TO contribute VB to TO earnings NNS for IN about RB another DT 12 CD months NNS . . In IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , Black NNP & CC Decker NNP closed VBD at IN $ $ 19.75 CD yesterday NN , , down RB 25 CD cents NNS . . The DT company NN did VBD n't RB announce VB the DT sale NN until IN after IN the DT close NN of IN the DT market NN . . Dick NNP Darman NNP , , call VB your PRP$ office NN . . Embedded VBN in IN the DT `` `` budget NN '' '' being VBG concocted VBN by IN the DT House-Senate NNP conference NN committee NN is VBZ something NN that WDT looks VBZ , , smells VBZ and CC waddles VBZ like IN a DT duck NN . . It PRP 's VBZ a DT nuisance JJ tax NN on IN mergers NNS . . Congress NNP has VBZ decided VBN to TO raise VB $ $ 40 CD million CD by IN charging VBG companies NNS $ $ 20,000 CD for IN the DT honor NN of IN filing VBG the DT required JJ papers NNS under IN the DT Hart-Scott-Rodino NNP law NN . . Ever RB since IN the DT bad JJ days NNS of IN Big JJ is VBZ Bad JJ antitrust JJ enforcement NN , , this DT law NN has VBZ required VBN that IN anyone NN proposing VBG a DT merger NN must MD make VB a DT filing NN describing VBG the DT effects NNS on IN all DT relevant JJ markets NNS . . The DT Hart-Scott NNP filing NN is VBZ then RB reviewed VBN and CC any DT antitrust JJ concerns NNS usually RB met VBN . . Typically RB , , Hart-Scott NNP is VBZ used VBN now RB to TO give VB managers NNS of IN target NN firms NNS early JJ news NN of IN a DT bid NN and CC a DT chance NN to TO use VB regulatory JJ review NN as IN a DT delaying NN tactic NN . . The DT $ $ 20,000 CD tax NN would MD be VB a DT small JJ cost NN in IN a DT multibillion-dollar JJ deal NN , , but CC a DT serious JJ drag NN on IN thousands NNS of IN small JJ , , friendly JJ deals NNS . . One CD especially RB dangerous JJ aspect NN to TO the DT new JJ tax NN would MD be VB that IN the DT proceeds NNS will MD be VB used VBN to TO increase VB the DT budgets NNS of IN the DT antitrust JJ division NN at IN Justice NNP and CC the DT Federal NNP Trade NNP Commission NNP . . This DT amounts VBZ to TO a DT bounty NN for IN regulators NNS -- : the DT more JJR regulating NN the DT more JJR they PRP get VBP to TO keep VB . . Also RB , , as IN former JJ Reagan NNP antitrust JJ chief NN Charles NNP Rule NNP has VBZ noted VBN , , this DT would MD `` `` establish VB the DT precedent NN that IN the DT government NN may MD charge VB parties NNS for IN the DT privilege NN of IN being VBG sued VBN regardless RB of IN whether IN the DT government NN prevails VBZ . . '' '' Yet RB another DT opportunity NN for IN President NNP Bush NNP to TO respond VB , , `` `` Read VB my PRP$ lips NNS . . Line-item JJ veto NN . . Michael NNP Grobstein NNP , , 46 CD years NNS old JJ , , was VBD named VBN vice NN chairman NN for IN planning NN , , marketing NN and CC industry NN services NNS , , a DT new JJ post NN . . Mr. NNP Grobstein NNP had VBD been VBN a DT vice NN chairman NN of IN Ernst NNP & CC Whinney NNP , , an DT accounting NN firm NN that WDT merged VBD with IN rival NN Arthur NNP Young NNP in IN July NNP to TO form VB Ernst NNP & CC Young NNP , , a DT major JJ accounting NN , , tax NN and CC management NN consulting NN firm NN . . Mr. NNP Grobstein NNP 's POS appointment NN formalizes VBZ a DT role NN he PRP has VBZ been VBN performing VBG since IN the DT merger NN , , a DT spokeswoman NN said VBD . . Cie. NNP de NNP Navigation NNP Mixte NNP Chairman NNP Marc NNP Fournier NNP said VBD his PRP$ board NN unanimously RB rejected VBD as IN too RB low JJ the DT $ $ 1.77 CD billion CD bid NN by IN Cie. NNP Financiere NNP de NNP Paribas NNP to TO bring VB its PRP$ stake NN in IN Navigation NNP Mixte NNP to TO 66.7 CD % NN . . At IN a DT news NN conference NN , , Mr. NNP Fournier NNP accused VBD Paribas NNP of IN planning VBG to TO pay VB for IN the DT takeover NN by IN selling VBG parts NNS of IN the DT company NN , , whose WP$ interests NNS include VBP insurance NN , , banking NN , , tuna NN canning NN , , sugar NN and CC orange NN juice NN . . The DT chairman NN said VBD his PRP$ board NN members NNS , , including VBG representatives NNS of IN West JJ German JJ insurance NN giant NN Allianz NNP AG NNP and CC French JJ banks NNS Credit NNP Lyonnais NNP and CC Societe NNP Generale NNP , , hold VBP nearly RB 50 CD % NN of IN Navigation NNP Mixte NNP 's POS capital NN . . Mr. NNP Fournier NNP said VBD that IN as IN Navigation NNP Mixte NNP chairman NN , , he PRP is VBZ prohibited VBN by IN takeover NN regulations NNS from IN organizing VBG his PRP$ own JJ defense NN or CC doing VBG anything NN besides IN managing VBG current JJ company NN business NN . . But CC sources NNS said VBD he PRP will MD be VB urging VBG his PRP$ allies NNS to TO boost VB their PRP$ stakes NNS in IN Navigation NNP Mixte NNP , , which WDT is VBZ being VBG traded VBN in IN London NNP and CC is VBZ to TO resume VB trading VBG in IN Paris NNP Tuesday NNP . . At IN the DT same JJ time NN , , he PRP is VBZ expected VBN to TO seek VB legal JJ and CC regulatory JJ means NNS of IN blocking VBG or CC delaying VBG Paribas NNP 's POS bid NN . . For IN the DT moment NN , , the DT sources NNS said VBD , , he PRP has VBZ decided VBN against IN seeking VBG a DT white JJ knight NN or CC organizing VBG a DT counterbid NN for IN Paribas NNP . . Mr. NNP Fournier NNP said VBD Navigation NNP Mixte NNP 's POS 1989 CD unconsolidated JJ , , or CC parent-company NN , , profit NN is VBZ likely JJ to TO be VB 4.7 CD billion CD francs NNS ( ( $ $ 754.4 CD million CD ) ) , , up RB from IN 633.8 CD million CD francs NNS last JJ year NN . . That DT is VBZ due RB mostly RB to TO payments NNS from IN Allianz NNP for IN most JJS of IN the DT 50 CD % NN stake NN it PRP has VBZ agreed VBN to TO acquire VB in IN Navigation NNP Mixte NNP 's POS insurance NN business NN . . Mr. NNP Fournier NNP said VBD the DT exceptional JJ gain NN would MD mean VB nearly RB twice RB as RB high JJ a DT dividend NN this DT year NN as IN last JJ . . If IN holders NNS avoid VBP tendering VBG to TO Paribas NNP , , he PRP added VBD , , they PRP can MD expect VB strong JJ dividends NNS again RB next JJ year NN . . Analysts NNS noted VBD that IN over IN the DT past JJ 20 CD years NNS , , Mr. NNP Fournier NNP has VBZ built VBN his PRP$ company NN through IN astute JJ stock-market NN activity NN and CC has VBZ warded VBN off RP at IN least JJS three CD takeover NN attempts NNS . . This DT time NN , , however RB , , some DT analysts NNS think VBP he PRP could MD face VB a DT real JJ battle NN . . `` `` Without IN some DT unexpected JJ `` `` coup FW de FW theatre FW '' '' , , I PRP do VBP n't RB see VB what WP will MD block VB the DT Paribas NNP bid NN , , '' '' said VBD Philippe NNP de NNP Cholet NNP , , analyst NN at IN the DT brokerage NN Cholet-Dupont NNP & CC Cie NNP . . Mr. NNP de NNP Cholet NNP said VBD Mr. NNP Fournier NNP 's POS biggest JJS hope NN was VBD to TO somehow RB persuade VB regulatory JJ authorities NNS to TO block VB the DT bid NN . . Paribas NNP still RB needs VBZ the DT go-ahead NN from IN the DT Commission FW des FW Operations FW de FW Bourse FW , , a DT government NN regulatory JJ agency NN , , but CC analysts NNS said VBD that DT is VBZ considered VBN likely RB . . Mr. NNP Fournier NNP also RB noted VBD that IN Navigation NNP Mixte NNP joined VBD Paribas NNP 's POS core NN of IN shareholders NNS when WRB Paribas NNP was VBD denationalized VBN in IN 1987 CD , , and CC said VBD it PRP now RB holds VBZ just RB under IN 5 CD % NN of IN Paribas NNP 's POS shares NNS . . Once RB he PRP realized VBD that IN Paribas NNP 's POS intentions NNS were VBD n't RB friendly JJ , , he PRP said VBD , , but CC before IN the DT bid NN was VBD launched VBN , , he PRP sought VBD approval NN to TO boost VB his PRP$ Paribas NNP stake NN above IN 10 CD % NN . . The DT petition NN is VBZ still RB pending JJ , , but CC Mr. NNP Fournier NNP downplayed VBD the DT likelihood NN of IN his PRP$ organizing VBG a DT takeover NN bid NN of IN his PRP$ own JJ for IN the DT much-larger JJ Paribas NNP . . One CD big JJ question NN now RB is VBZ the DT likely JJ role NN of IN Mr. NNP Fournier NNP 's POS allies NNS . . Mr. NNP Fournier NNP said VBD the DT large JJ institutions NNS that WDT hold VBP nearly RB 50 CD % NN of IN Navigation NNP Mixte NNP 's POS capital NN all RB strongly RB support VB him PRP , , but CC some DT analysts NNS said VBD they PRP are VBP n't RB so RB sure JJ . . Allianz NNP , , for IN example NN , , has VBZ said VBD in IN official JJ comments NNS so RB far RB that IN it PRP will MD remain VB neutral JJ . . Paribas NNP is VBZ Allianz NNP 's POS lead JJ French JJ bank NN . . Paribas NNP said VBD Monday NNP that IN it PRP intends VBZ to TO bid VB to TO boost VB its PRP$ stake NN in IN Navigation NNP Mixte NNP to TO 66.7 CD % NN , , from IN the DT 18.7 CD % NN it PRP already RB owns VBZ . . The DT purchase NN of IN the DT additional JJ 48 CD % NN stake NN is VBZ expected VBN to TO cost VB more JJR than IN 11 CD billion CD francs NNS ( ( $ $ 1.77 CD billion CD ) ) . . Paribas NNP says VBZ it PRP will MD offer VB 1,850 CD francs NNS ( ( $ $ 296.95 CD ) ) each DT for IN Navigation NNP Mixte NNP shares NNS that WDT enjoy VBP full JJ dividend NN rights NNS , , and CC 1,800 CD francs NNS each DT for IN a DT block NN of IN shares NNS issued VBN July NNP 1 CD , , which WDT will MD receive VB only RB partial JJ dividends NNS this DT year NN . . Alternatively RB , , it PRP is VBZ to TO offer VB three CD Paribas NNP shares NNS for IN one CD Navigation NNP Mixte NNP share NN . . The DT Paribas NNP offer NN values VBZ Navigation NNP Mixte NNP at IN about RB 23 CD billion CD francs NNS , , depending VBG on IN how WRB many JJ of IN Navigation NNP Mixte NNP 's POS warrants NNS are VBP converted VBN into IN shares NNS during IN the DT takeover NN battle NN . . BLOCKBUSTER NNP ENTERTAINMENT NNP CORP. NNP said VBD it PRP raised VBD $ $ 92 CD million CD from IN an DT offering NN of IN liquid JJ yield NN option NN notes NNS . . The DT gross JJ proceeds NNS from IN the DT sale NN of IN the DT notes NNS , , which WDT will MD be VB due JJ on IN Nov. NNP 1 CD , , 2004 CD , , will MD be VB used VBN to TO reduce VB existing VBG debt NN and CC for IN general JJ corporate JJ purposes NNS , , the DT company NN said VBD . . The DT debt NN reduction NN is VBZ expected VBN to TO save VB the DT Fort NNP Lauderdale NNP , , Fla. NNP home NN video NN concern NN about RB $ $ 2 CD million CD a DT year NN in IN interest NN expense NN . . The DT zero-coupon JJ subordinated JJ notes NNS have VBP no DT periodic JJ interest NN payments NNS . . Each DT note NN is VBZ being VBG offered VBN at IN $ $ 308.32 CD per IN $ $ 1,000 CD principal NN amount NN at IN maturity NN , , representing VBG an DT 8 CD % NN yield NN to TO maturity NN . . In IN addition NN , , each DT note NN can MD be VB converted VBN into IN Blockbuster NNP Entertainment NNP common JJ stock NN at IN a DT rate NN of IN 13.851 CD shares NNS per IN note NN . . Merrill NNP Lynch NNP Capital NNP Markets NNP Inc. NNP is VBZ the DT sole JJ underwriter NN for IN the DT offering NN . . The DT notes NNS will MD have VB a DT principal NN amount NN of IN $ $ 300 CD million CD at IN maturity NN . . Blockbuster NNP shares NNS closed VBD yesterday NN at IN $ $ 18.75 CD , , down IN $ $ 1.125 CD , , in IN New NNP York NNP Stock NNP Exchange NNP trading NN . . The DT 1986 CD Tax NNP Reform NNP Act NNP has VBZ nearly RB eliminated VBN the DT number NN of IN large JJ , , profitable JJ corporations NNS that WDT do VBP n't RB pay VB federal JJ income NN tax NN , , according VBG to TO Citizens NNP for IN Tax NNP Justice NNP , , a DT nonprofit JJ , , labor-funded JJ research NN and CC lobbying NN group NN . . In IN a DT study NN of IN 250 CD of IN the DT nation NN 's POS richest JJS companies NNS , , the DT group NN found VBD that IN only RB seven CD managed VBD to TO avoid VB paying VBG federal JJ income NN taxes NNS last JJ year NN compared VBN with IN 40 CD in IN 1986 CD , , the DT last JJ year NN the DT old JJ tax NN rules NNS were VBD in IN effect NN , , and CC 16 CD in IN 1987 CD , , when WRB some DT of IN the DT new JJ tax NN provisions NNS went VBD into IN effect NN . . Moreover RB , , 41 CD companies NNS that WDT paid VBD no DT federal JJ income NN tax NN from IN 1981 CD through IN 1985 CD -- : despite IN billions NNS of IN dollars NNS of IN profits NNS -- : ended VBD up RP paying VBG an DT average NN of IN 27.9 CD % NN of IN their PRP$ income NN in IN federal JJ taxes NNS in IN 1988 CD . . The DT report NN , , released VBN yesterday NN , , comes VBZ as IN Congress NNP is VBZ considering VBG a DT number NN of IN special JJ tax NN breaks NNS only RB three CD years NNS after IN the DT sweeping JJ tax-revision JJ legislation NN abolished VBD or CC curtailed VBD many JJ loopholes NNS . . In IN the DT corporate JJ realm NN , , the DT 1986 CD law NN abolished VBD the DT investment-tax JJ credit NN , , scaled VBD back RP use NN of IN an DT accounting NN method NN that WDT allowed VBD large JJ contractors NNS to TO defer VB taxes NNS until IN a DT project NN was VBD completed VBN and CC strengthened VBD the DT so-called JJ alternative JJ minimum JJ tax NN , , a DT levy NN to TO ensure VB all DT money-making JJ businesses NNS pay VBP some DT federal JJ tax NN . . The DT combination NN of IN lower JJR rates NNS and CC fewer JJR loopholes NNS has VBZ meant VBN that IN the DT so-called JJ average JJ effective JJ tax NN rate NN -- : the DT rate NN actually RB paid VBN -- : of IN the DT 250 CD corporations NNS surveyed VBN reached VBN 26.5 CD % NN in IN 1988 CD , , compared VBN with IN 14.3 CD % NN in IN the DT years NNS from IN 1981 CD through IN 1985 CD , , according VBG to TO the DT study NN . . In IN addition NN , , corporations NNS are VBP now RB shouldering VBG a DT bigger JJR share NN of IN the DT tax NN burden NN , , as IN the DT authors NNS of IN the DT 1986 CD law NN hoped VBD . . Corporate JJ taxes NNS paid VBD for IN almost RB 12 CD % NN of IN federal JJ spending NN in IN 1988 CD -- : excluding VBG Social NNP Security NNP -- : compared VBN with IN less JJR than IN 8 CD % NN in IN the DT first JJ half NN of IN the DT 1980s NNS , , the DT study NN found VBD . . `` `` Tax NN reform NN is VBZ working VBG , , '' '' the DT study NN said VBD . . `` `` Under IN the DT new JJ tax-reform JJ law NN , , the DT days NNS of IN widespread JJ , , wholesale JJ corporate JJ tax NN avoidance NN have VBP come VBN to TO an DT end NN . . '' '' Still RB , , Kroger NNP Co. NNP , , Pinnacle NNP West NNP Capital NNP Corp. NNP , , CSX NNP Corp. NNP , , Illinois NNP Power NNP Co. NNP , , Media NNP General NNP Inc. NNP , , Santa NNP Fe NNP Southern NNP Pacific NNP Corp. NNP and CC Gulf NNP States NNP Utilities NNP Co. NNP , , did VBD n't RB pay VB any DT federal JJ income NN tax NN last JJ year NN although IN they PRP garnered VBD a DT total NN of IN $ $ 1.2 CD billion CD in IN profits NNS , , the DT group NN said VBD . . In IN fact NN , , six CD of IN those DT companies NNS received VBD refunds NNS , , which WDT totaled VBD $ $ 120 CD million CD . . The DT lobbying NN group NN used VBD publicly RB available JJ information NN to TO calculate VB each DT company NN 's POS domestic JJ profits NNS and CC its PRP$ federal JJ income NN tax NN payments NNS . . This DT is VBZ the DT fifth JJ year NN Citizens NNP for IN Tax NNP Justice NNP has VBZ released VBN a DT study NN on IN corporate JJ tax NN bills NNS . . Earlier JJR reports NNS , , which WDT revealed VBD that IN as RB many JJ as IN 73 CD companies NNS were VBD avoiding VBG income NN tax NN legally RB , , have VBP been VBN credited VBN with IN helping VBG galvanize VB efforts NNS to TO overhaul VB the DT tax NN code NN . . But CC even RB though IN companies NNS are VBP paying VBG more JJR taxes NNS , , many JJ are VBP still RB paying VBG less JJR than IN the DT statutory JJ rate NN , , the DT report NN said VBD . . And CC 45 CD companies NNS paid VBD effective JJ tax NN rates NNS of IN below IN 10 CD % NN of IN their PRP$ income NN . . `` `` While IN the DT overall JJ picture NN is VBZ very RB encouraging JJ , , significant JJ corporate JJ tax NN avoidance NN continues VBZ , , '' '' the DT study NN said VBD . . Glenn NNP Hall NNP contributed VBD to TO this DT article NN . . F. NNP Gil NNP Troutman NNP , , 46 CD years NNS old JJ , , was VBD named VBN chief JJ executive JJ officer NN . . He PRP retains VBZ his PRP$ titles NNS of IN president NN and CC chief NN operating NN officer NN and CC succeeds VBZ as RB chief JJ executive NN Howard NNP O. NNP Painter NNP Jr. NNP , , who WP remains VBZ chairman NN of IN the DT board NN . . DSP NNP makes VBZ electronic JJ instrumentation NN and CC data NN acquisition NN systems NNS . . In IN search NN of IN buyers NNS for IN upscale JJ department-store NN chains NNS such JJ as IN Bloomingdale NNP 's POS and CC Saks NNP Fifth NNP Avenue NNP , , investment NN bankers NNS are VBP turning VBG to TO -- : who WP else RB ? . The DT Japanese NNPS . . But CC so IN far RB Japan NNP 's POS cash-rich JJ retailers NNS are VBP proving VBG to TO be VB cautious JJ shoppers NNS . . `` `` We PRP have VBP the DT money NN to TO buy VB . . But CC operating VBG a DT U.S. NNP department-store NN chain NN would MD be VB very RB difficult JJ , , '' '' says VBZ Motoyuki NNP Homma NNP , , managing NN director NN of IN the DT international JJ division NN at IN Mitsukoshi NNP Ltd. NNP , , one CD of IN Japan NNP 's POS leading JJ department NN stores NNS . . Japanese JJ retail JJ executives NNS say VBP the DT main JJ reason NN they PRP are VBP reluctant JJ to TO jump VB into IN the DT fray NN in IN the DT U.S. NNP is VBZ that DT -- : unlike IN manufacturing NN -- : retailing NN is VBZ extremely RB sensitive JJ to TO local JJ cultures NNS and CC life NN styles NNS . . The DT Japanese NNPS have VBP watched VBN the DT Europeans NNPS and CC Canadians NNPS stumble VB in IN the DT U.S. NNP market NN , , and CC they PRP fret VBP that IN business NN practices NNS that WDT have VBP won VBN them PRP huge JJ profits NNS at IN home NN wo MD n't RB translate VB into IN success NN in IN the DT U.S. NNP . . Japanese JJ department NN stores NNS are VBP also RB wary JJ of IN attracting VBG negative JJ publicity NN . . After IN Sony NNP Corp. NNP 's POS recent JJ headline-grabbing JJ acquisition NN of IN Columbia NNP Pictures NNP , , many JJ say VBP it PRP makes VBZ good JJ political JJ sense NN to TO lie VB low JJ . . `` `` It PRP 's VBZ a DT question NN of IN timing NN , , '' '' says VBZ Mayumi NNP Takayama NNP , , managing NN director NN of IN international JJ operations NNS at IN Isetan NNP Co. NNP , , a DT Tokyo NNP department NN store NN . . Still RB , , for IN those DT with IN a DT long-term JJ eye NN on IN the DT vast JJ U.S. NNP retail JJ market NN , , this DT is VBZ a DT tempting JJ time NN to TO look VB for IN bargains NNS . . Britain NNP 's POS B.A.T NNP Industries NNP PLC NNP is VBZ trying VBG to TO unwind VB its PRP$ U.S. NNP retailing NN operations NNS , , which WDT include VBP such JJ well-known JJ stores NNS as IN Saks NNP Fifth NNP Avenue NNP , , Marshall NNP Field NNP 's POS , , Breuners NNP and CC Ivey NNP 's POS . . And CC debt-ridden JJ Campeau NNP Corp. NNP of IN Toronto NNP is VBZ giving VBG up RP the DT 17-store JJ Bloomingdale NNP 's POS group NN . . `` `` Every DT department NN store NN in IN Japan NNP is VBZ taking VBG a DT look NN , , '' '' says VBZ Mike NNP Allen NNP , , a DT retail JJ analyst NN at IN Barclay NNP 's POS de NNP Zoete NNP Wedd NNP Securities NNP ( ( Japan NNP ) ) Ltd NNP . . Mr. NNP Allen NNP , , however RB , , does VBZ n't RB think VB that IN Japan NNP is VBZ about RB to TO embark VB on IN a DT major JJ buying NN binge NN . . Nonetheless RB , , speculation NN heated VBN up RP yesterday NN when WRB Tokyu NNP Department NNP Store NNP Co. NNP confirmed VBD a DT report NN in IN Nihon NNP Keizai NNP Shimbun NNP , , Japan NNP 's POS leading JJ business NN daily NN , , that IN Tokyu NNP is VBZ talking VBG with IN Campeau NN about IN buying VBG Bloomingdale NNP 's POS . . Tokyu NNP , , however RB , , said VBD no DT agreement NN had VBD been VBN reached VBN . . Nor CC is VBZ Tokyu NNP the DT only JJ Japanese JJ retailer NN interested JJ in IN Bloomingdale NNP 's POS , , which WDT bankers NNS in IN Tokyo NNP estimate NN could MD cost VB between IN $ $ 1 CD billion CD and CC $ $ 1.5 CD billion CD . . Seven CD Japanese JJ department-store JJ groups NNS were VBD approached VBN by IN investment NN bankers NNS representing VBG Bloomingdale NNP 's POS chairman NN , , Marvin NNP Traub NNP , , and CC more JJR than IN half NN are VBP seeking VBG additional JJ information NN on IN the DT group NN , , bankers NNS say VBP . . What WP Mr. NNP Traub NNP is VBZ hoping VBG to TO put VB together RB , , investment NN bankers NNS say VBP , , is VBZ a DT management-led JJ group NN to TO buy VB the DT New NNP York NNP department-store NN group NN that IN he PRP heads VBZ from IN Campeau NNP 's POS Federated NNP Department NNP Stores NNP subsidiary NN . . Federated NNP ran VBD into IN a DT cash NN crunch NN after IN it PRP was VBD acquired VBN last JJ year NN by IN Campeau NNP , , which WDT relied VBD heavily RB on IN debt NN to TO finance VB the DT transaction NN . . Paying VBG off RP that DT debt NN put VBD such PDT a DT squeeze NN on IN Campeau NNP and CC its PRP$ stores NNS that IN Federated NNP decided VBD to TO sell VB off RP the DT jewels NNS of IN its PRP$ retailing NN empire NN , , including VBG Bloomingdale NNP 's POS . . Hoping VBG to TO avoid VB another DT takeover NN , , Mr. NNP Traub NNP retained VBD Blackstone NNP Group NNP and CC Drexel NNP Burnham NNP Lambert NNP Inc. NNP to TO help VB him PRP find VB partners NNS for IN a DT management-led JJ buy-out NN . . Ideally RB , , investment NN bankers NNS say VBP , , he PRP wants VBZ to TO get VB backing NN from IN a DT Japanese JJ department NN store NN and CC a DT European JJ department NN store NN to TO forge VB a DT global JJ retailing NN network NN . . `` `` When WRB you PRP look VBP at IN the DT economics NNS , , Traub NNP needs VBZ a DT Japanese JJ and CC a DT European JJ partner NN to TO make VB it PRP work VB , , '' '' says VBZ one CD investment NN banker NN who WP follows VBZ the DT retail JJ industry NN . . `` `` Looking VBG only RB at IN a DT narrow JJ American JJ strategy NN is VBZ n't RB where WRB it PRP 's VBZ at IN . . '' '' Persuading VBG tradition-bound JJ Japanese JJ retailers NNS to TO get VB involved VBN in IN the DT turmoils NNS of IN the DT U.S. NNP retailing NN industry NN is VBZ n't RB likely JJ to TO be VB so RB easy JJ , , analysts NNS say VBP . . Up RB until IN now RB , , most JJS stores NNS have VBP followed VBN the DT same JJ basic JJ overseas JJ strategy NN : : First RB they PRP set VBP up RP overseas JJ merchandising NN offices NNS to TO import VB items NNS and CC track VB new JJ fashion NN trends NNS . . Then RB they PRP opened VBD small JJ gift NN shops NNS mostly RB aimed VBN at IN Japanese JJ tourists NNS . . Reluctant JJ to TO advance VB further RBR on IN their PRP$ own JJ , , some DT stores NNS have VBP settled VBN for IN tie-ups NNS with IN famous JJ specialty NN shops NNS . . Last JJ March NNP , , Isetan NNP invested VBD 1.5 CD billion CD yen NNS ( ( $ $ 10.6 CD million CD ) ) in IN a DT venture NN with IN Barney NNP 's POS Inc. NN , , an DT up-scale JJ New NNP York NNP specialty NN clothier NN . . The DT first JJ Barney NNP 's POS shop NN is VBZ scheduled VBN to TO open VB in IN Japan NNP next JJ year NN . . And CC Mitsukoshi NNP recently RB increased VBD its PRP$ equity NN stake NN in IN Tiffany NNP & CC Co. NNP to TO 13 CD % NN . . Through IN the DT longstanding JJ relationship NN between IN the DT two CD companies NNS , , Mitsukoshi NNP has VBZ opened VBN 22 CD Tiffany NNP shops NNS in IN its PRP$ stores NNS and CC arcades NNS in IN Japan NNP . . Plans NNS are VBP under IN way NN to TO open VB a DT Tiffany NNP 's POS in IN Hawaii NNS to TO cater VB to TO Japanese JJ tourists NNS ; : it PRP will MD be VB run VBN mostly RB by IN Mitsukoshi NNP . . Some DT industry NN observers NNS say VBP that IN Mitsukoshi NNP 's POS classy JJ image NN makes VBZ it PRP a DT possible JJ match NN for IN Saks NNP Fifth NNP Avenue NNP . . Company NN officials NNS say VBP they PRP are VBP studying VBG various JJ proposals NNS but CC wo MD n't RB discuss VB details NNS . . Takashimaya NNP Co. NNP , , Japan NNP 's POS oldest JJS department NN store NN , , is VBZ another DT name NN that WDT keeps VBZ popping VBG up RP as IN a DT potential JJ fit NN with IN Saks NNP . . Eiji NNP Nakazato NNP , , a DT Takashimaya NNP general JJ manager NN , , admits VBZ that IN his PRP$ company NN 's POS image NN is VBZ similar JJ to TO Saks NNP 's POS and CC that IN there EX is VBZ some DT interest NN in IN the DT idea NN . . But CC he PRP stops VBZ there RB . . `` `` We PRP 'd MD like VB to TO do VB business NN in IN America NNP , , '' '' he PRP says VBZ . . `` `` But CC it PRP looks VBZ tough JJ . . '' '' Marcus NNP W. NNP Brauchli NNP contributed VBD to TO this DT article NN . . Compiled VBN by IN William NNP Mathewson NNP The DT Vatican NNP was VBD in IN the DT red NN last JJ year NN . . It PRP said VBD the DT regular JJ 1988 CD deficit NN amounted VBD to TO $ $ 43.5 CD million CD , , based VBN on IN revenue NN of IN $ $ 74.4 CD million CD and CC expenses NNS of IN $ $ 117.9 CD million CD . . But CC it PRP said VBD extraordinary JJ expenditures NNS for IN its PRP$ radio NN station NN and CC restoration NN of IN buildings NNS increased VBD the DT deficit NN to TO $ $ 57.2 CD million CD . . A DT statement NN from IN the DT council NN of IN cardinals NNS said VBD Catholics NNPS had VBD responded VBN generously RB to TO an DT appeal NN last JJ year NN to TO give VB more JJR money NN after IN 1987 CD 's POS record JJ $ $ 63 CD million CD deficit NN . . The DT statement NN said VBD a DT 5 CD % NN jump NN in IN the DT `` `` Peter NNP 's POS Pence NNP '' '' collection NN -- : the DT annual JJ offering NN from IN Catholics NNPS to TO the DT pope NN -- : helped VBD cover VB the DT deficit NN . . Council NN member NN Cardinal NNP Gerald NNP Carter NNP of IN Toronto NNP told VBD Vatican NNP Radio NNP : : `` `` Now RB that IN we PRP say VBP we PRP covered VBD our PRP$ deficit NN this DT year NN , , people NNS are VBP going VBG to TO relax VB and CC say VB well RB that DT 's VBZ fine JJ , , the DT Holy NNP See NNP is VBZ out IN of IN the DT hole NN . . But CC we PRP 're VBP ... : going VBG to TO be VB in IN the DT exact JJ same JJ situation NN next IN year NN . . '' '' Former NNP President NNP Richard NNP Nixon NNP is VBZ to TO visit VB China NNP at IN the DT invitation NN of IN the DT government NN beginning VBG Saturday NNP , , the DT Foreign NNP Ministry NNP announced VBD . . According VBG to TO Mr. NNP Nixon NNP 's POS office NN , , `` `` This DT is VBZ solely RB a DT fact-finding JJ trip NN . . There EX will MD be VB no RB sightseeing NN , , no DT shopping NN and CC no DT social JJ events NNS . . '' '' Mr. NNP Nixon NNP 's POS office NN said VBD the DT former JJ president NN `` `` expects VBZ to TO have VB one-on-one JJ discussions NNS with IN the DT major JJ Chinese JJ leaders NNS '' '' and CC will MD give VB his PRP$ assessment NN of IN those DT leaders NNS to TO President NNP Bush NNP upon IN his PRP$ return NN . . A DT poll NN conducted VBN in IN 12 CD of IN 16 CD NATO NNP countries NNS shows VBZ that IN the DT Dutch NNPS appear VBP to TO be VB the DT strongest JJS supporters NNS of IN the DT alliance NN . . The DT poll NN , , conducted VBN for IN the DT Dutch JJ daily NN De NNP Telegraaf NNP by IN Gallup NNP International NNP said VBD 81 CD % NN of IN Dutch JJ people NNS supported VBD NATO NNP . . Canada NNP was VBD the DT second JJ most RBS pro-NATO JJ country NN with IN 78 CD % NN supporting VBG the DT alliance NN , , followed VBN by IN the DT U.S. NNP with IN 75 CD % NN , , Britain NNP with IN 71 CD % NN , , Belgium NN with IN 69 CD % NN and CC West NNP Germany NNP with IN 63 CD % NN . . All DT other JJ countries NNS registered VBD support NN below IN 50 CD % NN . . The DT Israeli NNP Manufacturers NNP ' POS Association NN filed VBD a DT police NN complaint NN against IN an DT Arab JJ pasta NN maker NN for IN using VBG the DT four CD colors NNS of IN the DT outlawed JJ Palestinian JJ flag NN on IN spaghetti NNS packages NNS . . `` `` We PRP asked VBD police NNS to TO investigate VB why WRB they PRP are VBP allowed VBN to TO distribute VB the DT flag NN in IN this DT way NN . . It PRP should MD be VB considered VBN against IN the DT law NN , , '' '' said VBD Danny NNP Leish NNP , , a DT spokesman NN for IN the DT association NN . . The DT spaghetti NNS is VBZ made VBN by IN the DT Al NNP Ghazel NNP Macaroni NNP Co. NNP in IN Bethlehem NNP and CC is VBZ marketed VBN in IN a DT package NN decorated VBN with IN green JJ , , black JJ , , red JJ and CC white JJ stripes NNS . . British JJ postal JJ authorities NNS say VBP they PRP have VBP uncovered VBN a DT large-scale JJ scheme NN where WRB unscrupulous JJ stamp NN dealers NNS chemically RB removed VBD stamp NN cancellations NNS , , regummed VBD the DT stamps NNS and CC sold VBD them PRP to TO U.S. NNP collectors NNS or CC , , in IN large JJ lots NNS , , to TO British JJ businesses NNS . . The DT scheme NN allegedly RB cost VBD the DT post NN office NN # # 10 CD million CD ( ( $ $ 16.1 CD ) ) in IN revenue NN in IN the DT past JJ 12 CD months NNS . . Dealers NNS bought VBD the DT used JJ stamps NNS cheaply RB from IN charities NNS , , including VBG the DT Guide NNP Dogs NNP for IN the DT Blind NNP Association NNP . . The DT charities NNS regularly RB sell VBP used JJ stamps NNS , , which WDT they PRP collect VBP from IN children NNS and CC other JJ donors NNS , , to TO raise VB funds NNS . . Akio NNP Tanii NNP , , president NN of IN Japan NNP 's POS Matsushita NNP Electric NNP Industrial NNP Co. NNP , , presented VBD the DT U.S. NNP consul NN general JJ in IN Osaka NNP with IN a DT $ $ 1 CD million CD check NN to TO help VB San NNP Francisco NNP 's POS earthquake NN victims NNS . . The DT company NN 's POS U.S. NNP subsidiary NN , , Matsushita NNP Electric NNP Corp. NNP of IN America NNP , , had VBD donated VBN over IN $ $ 35,000 CD worth NN of IN Matsushita-made JJ flashlights NNS and CC batteries NNS to TO residents NNS shortly RB after IN the DT disaster NN , , a DT company NN spokesman NN said VBD . . Several JJ other JJ Japanese JJ companies NNS and CC regional JJ governments NNS have VBP sent VBN aid NN to TO San NNP Francisco NNP . . Sumitomo NNP Bank NNP donated VBD $ $ 500,000 CD , , Tokyo NNP prefecture NN $ $ 15,000 CD and CC the DT city NN of IN Osaka NNP $ $ 10,000 CD . . Chinese JJ officials NNS are VBP trying VBG to TO use VB the DT Canton NNP Trade NNP Fair NNP to TO lure VB back RP overseas JJ traders NNS after IN the DT bloody JJ crackdown NN on IN dissent NN . . But CC attendance NN is VBZ down RB from IN previous JJ years NNS . . What WP 's VBZ more JJR , , a DT Hong NNP Kong NNP textile NN trader NN says VBZ , , some DT Chinese JJ exporters NNS from IN state-run JJ enterprises NNS are VBP protesting VBG the DT crackdown NN by IN dragging VBG their PRP$ feet NNS on IN soliciting VBG new JJ business NN . . `` `` They PRP are VBP angry JJ about IN the DT government NN ... : so RB they PRP hold VBP back RP the DT goods NNS , , '' '' he PRP said VBD . . This DT autumn NN 's POS edition NN of IN the DT biannual JJ fair NN will MD run VB through IN Oct. NNP 31 CD . . Inside IN the DT 156,000-square-yard JJ glass NN exhibition NN complex NN , , products NNS ranging VBG from IN clothing NN to TO AK-47 NNP machine NN guns NNS are VBP on IN display NN . . Fair NN officials NNS say VBP that IN 21,000 CD guests NNS visited VBD during IN the DT first JJ five CD days NNS , , a DT 10 CD % NN drop NN from IN the DT spring NN exhibition NN . . But CC China NNP 's POS official JJ Xinhua NNP News NNP Agency NNP reported VBD that IN the DT number NN of IN foreign JJ businessmen NNS was VBD greater JJR than IN the DT previous JJ fair NN -- : without IN providing VBG statistics NNS . . In IN another DT sign NN of IN glasnost NN , , Alexander NNP Solzhenitsyn NNP 's POS long-banned JJ chronicle NN of IN Soviet JJ repression NN , , `` `` The DT Gulag NNP Archipelago NNP , , '' '' is VBZ now RB recommended JJ reading NN in IN one CD 11th-grade JJ Moscow NNP history NN class NN ... : . . British JJ customs NNS officers NNS said VBD they PRP 'd MD arrested VBN eight CD men NNS sneaking VBG 111 CD rare JJ snakes NNS into IN Britain NNP -- : including VBG one CD man NN who WP strapped VBD a DT pair NN of IN boa NN constrictors NNS under IN his PRP$ armpits NNS . . A DT customs NNS official NN said VBD the DT arrests NNS followed VBD a DT `` `` Snake NNP Day NNP '' '' at IN Utrecht NNP University NNP in IN the DT Netherlands NNP , , an DT event NN used VBN by IN some DT collectors NNS as IN an DT opportunity NN to TO obtain VB rare JJ snakes NNS . . Di NNP Giorgio NNP Corp. NNP said VBD it PRP 's VBZ continuing VBG talks NNS with IN potential JJ buyers NNS of IN certain JJ units NNS , , but CC has VBZ reached VBN no DT agreement NN on IN any DT deals NNS . . Di NNP Giorgio NNP , , a DT food NN wholesaler NN and CC building NN products NNS maker NN , , is VBZ seeking VBG alternatives NNS to TO an DT unsolicited JJ $ $ 32-a-share JJ tender NN offer NN of IN DIG NNP Acquisition NNP Corp. NNP , , a DT unit NN of IN Rose NNP Partners NNP Limited NNP Partnership NNP . . DIG NNP is VBZ the DT vehicle NN being VBG used VBN to TO pursue VB to TO acquisition NN . . Robert NNP Mellor NNP , , Di NNP Giorgio NNP 's POS executive JJ vice NN president NN , , said VBD the DT company NN stands VBZ to TO reap VB more JJR money NN through IN the DT sale NN of IN individual JJ units NNS to TO others NNS than IN by IN accepting VBG DIG NNP 's POS offer NN . . Some DT lousy JJ earnings NNS reports NNS whacked VBD the DT stock NN market NN , , but CC bond NN prices NNS fell VBD only RB slightly RB and CC the DT dollar NN rose VBD a DT little JJ against IN most JJS major JJ currencies NNS . . The DT Dow NNP Jones NNP Industrial NNP Average NNP tumbled VBD 39.55 CD points NNS , , to TO 2613.73 CD , , in IN active JJ trading NN . . Long-term JJ Treasury NNP bonds NNS ended VBD slightly RB higher JJR . . The DT dollar NN rose VBD modestly RB against IN the DT mark NN and CC the DT yen NN , , but CC soared VBD against IN the DT pound NN following VBG the DT resignation NN of IN Britain NNP 's POS chancellor NN of IN the DT Exchequer NNP , , Nigel NNP Lawson NNP . . Analysts NNS have VBP complained VBN that IN third-quarter JJ corporate JJ earnings NNS have VBP n't RB been VBN very RB good JJ , , but CC the DT effect NN hit VBD home RB particularly RB hard RB yesterday NN . . Compaq NNP Computer NNP nose-dived VBD $ $ 8.625 CD a DT share NN , , to TO $ $ 100 CD , , and CC pulled VBD other JJ technology NN issues NNS lower RBR after IN reporting VBG lower-than-expected JJ earnings NNS after IN the DT stock NN market NN closed VBD Wednesday NNP . . Later RB yesterday NN the DT nation NN 's POS major JJ auto NN makers NNS added VBD to TO the DT gloom NN when WRB they PRP each DT reported VBD their PRP$ core JJ auto NN operations NNS were VBD net JJ losers NNS in IN the DT third JJ quarter NN . . The DT less-than-robust JJ third-quarter JJ results NNS came VBD amid IN renewed JJ concern NN about IN the DT volatility NN of IN stock NN prices NNS and CC the DT role NN of IN computer-aided JJ program NN trading NN . . Taken VBN together RB , , the DT worries NNS prompted VBD a DT broad JJ sell-off NN of IN stocks NNS . . The DT number NN of IN stocks NNS on IN the DT New NNP York NNP Stock NNP Exchange NNP that WDT fell VBD in IN price NN yesterday NN exceeded VBD 1,000 CD , , a DT key JJ measure NN of IN underlying JJ sentiment NN among IN technical JJ analysts NNS . . Although IN the DT government NN said VBD the DT economy NN grew VBD an DT estimated JJ 2.5 CD % NN in IN the DT third JJ quarter NN , , in IN line NN with IN expectations NNS , , analysts NNS are VBP increasingly RB predicting VBG much RB more RBR sluggish JJ growth NN -- : and CC therefore RB more JJR corporate JJ earnings NNS disappointments NNS -- : for IN the DT fourth JJ quarter NN . . `` `` There EX are VBP a DT lot RB more JJR downward JJ revisions NNS of IN earnings NNS forecasts NNS than IN upward JJ revisions NNS , , '' '' said VBD Abby NNP Joseph NNP Cohen NNP , , a DT market NN strategist NN at IN Drexel NNP Burnham NNP Lambert NNP . . `` `` People NNS are VBP questioning VBG corporate JJ profits NNS as IN a DT pillar NN of IN support NN for IN the DT equity NN market NN . . '' '' The DT bond NN market NN was VBD unmoved JJ by IN the DT economic JJ statistics NNS . . While IN bond NN investors NNS would MD have VB preferred VBN growth NN to TO be VB a DT little JJ slower JJR , , they PRP were VBD cheered VBN by IN inflation NN measures NNS in IN the DT data NNS that WDT showed VBD prices NNS rising VBG at IN a DT modest JJ annual JJ rate NN of IN 2.9 CD % NN . . That DT is VBZ another DT small JJ encouragement NN for IN the DT Federal NNP Reserve NNP to TO lower VB interest NN rates NNS in IN coming JJ weeks NNS , , they PRP reasoned VBD . . In IN major JJ market NN activity NN : : Stock NNP prices NNS fell VBD sharply RB in IN active JJ trading NN . . Volume NN on IN the DT New NNP York NNP Stock NNP Exchange NNP totaled VBD 175.2 CD million CD shares NNS . . Declining VBG issues NNS on IN the DT Big NNP Board NNP outstripped VBD gainers NNS 1,141 CD to TO 406 CD . . Bond NN prices NNS were VBD barely RB higher JJR . . The DT Treasury NNP 's POS benchmark NN 30-year JJ rose VBD fractionally RB . . Yield NN on IN the DT issue NN was VBD 7.88 CD % NN . . The DT dollar NN rose VBD modestly RB against IN most JJS major JJ currencies NNS . . In IN late JJ New NNP York NNP trading NN the DT dollar NN was VBD at IN 1.8400 CD marks NNS and CC 142.10 CD yen NNS compared VBN with IN 1.8353 CD marks NNS and CC 141.52 CD yen NNS Wednesday NNP . . The DT dollar NN soared VBD against IN the DT pound NN , , which WDT was VBD at IN $ $ 1.5765 CD compared VBN with IN $ $ 1.6145 CD Wednesday NNP . . The DT House NNP joined VBD the DT Senate NNP in IN making VBG federal JJ reparations NNS for IN Japanese-Americans NNPS held VBN in IN World NNP War NNP II NNP internment NN camps NNS a DT legal JJ entitlement NN requiring VBG the DT Treasury NNP Department NNP to TO meet VB expedited JJ payments NNS of IN an DT estimated JJ $ $ 1.25 CD billion CD during IN the DT next JJ several JJ years NNS . . The DT 249-166 JJ roll NN call NN came VBD as IN the DT chamber NN approved VBD a DT compromise NN bill NN allocating VBG $ $ 17.2 CD billion CD to TO the DT departments NNS of IN State NNP , , Justice NNP , , and CC Commerce NNP in IN fiscal JJ 1990 CD and CC imposing VBG increased JJ fees NNS on IN business NN interests NNS making VBG filings NNS with IN the DT government NN . . An DT estimated JJ $ $ 40 CD million CD would MD come VB annually RB from IN a DT new JJ $ $ 20,000 CD charge NN on IN pre-merger JJ notifications NNS to TO the DT Justice NNP Department NNP , , and CC Securities NNP and CC Exchange NNP Commission NNP filing NN fees NNS would MD rise VB by IN 25 CD % NN to TO fund VB a DT $ $ 26 CD million CD increase NN in IN the DT agency NN 's POS budget NN . . Yesterday NN 's POS vote NN on IN Japanese-American JJ reparations NNS ensures VBZ final JJ enactment NN of IN the DT entitlement NN provision NN , , which WDT abandons VBZ earlier JJR efforts NNS to TO find VB offsetting JJ cuts NNS but CC is VBZ seen VBN as IN a DT more RBR realistic JJ path NN to TO expediting VBG compensation NN first RB authorized VBN in IN 1988 CD . . `` `` The DT only JJ way NN to TO reduce VB the DT costs NNS is VBZ to TO say VB we PRP do VBP n't RB want VB to TO pay VB the DT bill NN , , '' '' said VBD Rep. NNP Neal NNP Smith NNP ( ( D. NNP , , Iowa NNP ) ) , , who WP taunted VBD President NNP Bush NNP 's POS party NN to TO back VB up RP his PRP$ campaign NN promise NN of IN supporting VBG the DT claims NNS of IN $ $ 20,000 CD per IN individual NN . . `` `` Read VB my PRP$ lips NNS , , '' '' said VBD Mr. NNP Smith NNP . . `` `` If IN you PRP 're VBP for IN paying VBG the DT claims NNS ... : I PRP do VBP n't RB know VB how WRB anyone NN can MD oppose VB this DT . . '' '' No DT payments NNS would MD be VB made VBN this DT year NN , , but CC beginning VBG in IN fiscal JJ 1991 CD , , the DT bill NN commits VBZ the DT government NN to TO annual JJ payments NNS of IN as RB much JJ as IN $ $ 500 CD million CD until IN the DT total JJ liability NN of IN $ $ 1.25 CD billion CD is VBZ met VBN . . The DT issue NN has VBZ assumed VBN some DT of IN the DT character NN of IN past JJ civil-rights NNS debates NNS and CC reopens VBZ old JJ regional JJ divisions NNS in IN the DT Democratic JJ majority NN . . As RB much RB as IN Republicans NNPS led VBD the DT opposition NN , , among IN the DT 53 CD Democrats NNPS voting VBG against IN treating VBG the DT payments NNS as IN an DT entitlement NN , , 42 CD came VBD from IN the DT 13 CD states NNS in IN the DT Old NNP Dixiecrat NNP South NNP and CC its PRP$ borders NNS . . The DT odd JJ mix NN of IN departments NNS in IN the DT underlying JJ bill NN makes VBZ it PRP one CD of IN the DT more RBR eclectic JJ of IN the DT annual JJ appropriations NNS measures NNS , , and CC it PRP is VBZ a DT lightning NN rod NN for IN a DT running JJ battle NN over IN the DT fate NN of IN the DT Legal NNP Services NNP Corp NNP . . The DT measure NN provides VBZ $ $ 321 CD million CD to TO maintain VB services NNS but CC would MD sharply RB curb VB the DT power NN of IN the DT current JJ board NN until IN successors NNS are VBP agreed VBN to TO by IN the DT Bush NNP administration NN . . The DT conservative JJ bent NN of IN the DT incumbent JJ appointees NNS , , named VBN by IN former JJ President NNP Reagan NNP , , has VBZ divided VBN Republicans NNPS . . And CC on IN back-to-back JJ roll NN calls NNS , , 206-199 JJ and CC 223-178 JJ , , the DT Appropriations NNP Committee NNP leadership NN turned VBD back RP efforts NNS to TO weaken VB or CC strip VB the DT proposed JJ restrictions NNS first RB added VBN by IN Sen. NNP Warren NNP Rudman NNP ( ( R. NNP , , N.H. NNP ) ) The DT estimated JJ $ $ 40 CD million CD from IN the DT new JJ pre-merger JJ notification NN fee NN would MD be VB divided VBN between IN the DT Justice NNP Department NNP 's POS Antitrust NNP Division NNP and CC the DT Federal NNP Trade NNP Commission NNP , , which WDT both DT face VBP serious JJ cuts NNS if IN the DT income NN is VBZ n't RB realized VBN . . The DT Federal NNP Bureau NNP of IN Investigation NNP is VBZ slated VBN to TO receive VB $ $ 30 CD million CD by IN charging VBG for IN fingerprint NN services NNS in IN civil JJ cases NNS , , and CC the DT judiciary NN will MD rely VB on IN another DT $ $ 32 CD million CD from IN bankruptcy NN charges NNS , , including VBG a DT 33 CD % NN increase NN in IN the DT current JJ filing NN fee NN . . The DT $ $ 17.2 CD billion CD total NN for IN the DT bill NN does VBZ n't RB include VB an DT estimated JJ $ $ 1.2 CD billion CD in IN supplemental JJ anti-drug JJ funds NNS approved VBN by IN the DT House-Senate NNP conference NN yesterday NN , , and CC the DT rush NN of IN money NN is VBZ already RB provoking JJ jealousy NN among IN states NNS competing VBG for IN assistance NN . . The DT House NNP agreed VBD to TO defer VB for IN a DT year NN a DT scheduled JJ 50 CD % NN increase NN in IN the DT required JJ state NN matching JJ funds NNS for IN law-enforcement NN grants NNS but CC , , by IN a DT 287-123 JJ margin NN , , the DT chamber NN stripped VBD a DT Senate NNP initiative NN to TO raise VB the DT minimum JJ grant NN for IN smaller JJR states NNS , , such JJ as IN New NNP Hampshire NNP and CC Delaware NNP , , to TO $ $ 1.6 CD million CD from IN $ $ 500,000 CD . . Few JJ are VBP more RBR powerful JJ in IN the DT competition NN for IN funds NNS than IN the DT appropriations NNS committees VBZ themselves PRP -- : including VBG the DT three CD authors NNS of IN the DT Gramm-Rudman-Hollings NNP deficit-reduction JJ law NN . . When WRB a DT House-Senate NNP conference NN on IN yesterday NN 's POS bill NN rescinded VBD $ $ 11.8 CD million CD in IN unexpended JJ funds NNS for IN a DT Fort NNP Worth NNP , , Texas NNP , , economic JJ development NN project NN backed VBN by IN former JJ Speaker NNP James NNP Wright NNP , , Sen. NNP Phil NNP Gramm NNP ( ( R. NNP , , Texas NNP ) ) insisted VBD last JJ week NN that IN the DT money NN be VB preserved VBN . . The DT measure NN includes VBZ $ $ 2 CD million CD secured VBN by IN Mr. NNP Rudman NNP for IN a DT marine-research NN project NN at IN the DT University NNP of IN New NNP Hampshire NNP , , and CC Sen. NNP Ernest NNP Hollings NNP ( ( D. NNP , , S.C NNP . . ) ) used VBD his PRP$ power NN to TO add VB $ $ 10 CD million CD for IN an DT advanced JJ technology NN initiative NN in IN the DT Commerce NNP Department NNP . . This DT was VBD in IN addition NN to TO a DT more RBR parochial JJ $ $ 4.5 CD million CD authorization NN for IN a DT health NN center NN in IN South NNP Carolina NNP upheld VBN by IN a DT 273-121 JJ vote NN in IN the DT House NNP last JJ night NN . . The DT Big NNP Three NNP U.S. NNP auto NN makers NNS posted VBD losses NNS in IN their PRP$ core JJ North JJ American JJ automotive JJ businesses NNS for IN the DT third JJ quarter NN , , and CC expectations NNS of IN continued JJ slow JJ vehicle NN sales NNS and CC price NN wars NNS are VBP casting VBG a DT pall NN over IN the DT fourth JJ period NN . . The DT strongest JJS sign NN of IN the DT Big NNP Three CD 's POS woes NNS came VBD from IN Ford NNP Motor NNP Co. NNP , , which WDT said VBD it PRP had VBD a DT loss NN in IN its PRP$ U.S. NNP automotive JJ business NN for IN the DT first JJ time NN since IN 1982 CD . . Ford NNP predicted VBD fourth-quarter JJ net JJ income NN will MD fall VB below IN the DT year-earlier JJ level NN , , partly RB because IN of IN a DT likely JJ $ $ 500 CD million CD charge NN from IN the DT sale NN of IN its PRP$ steel NN operations NNS . . The DT bleak JJ automotive JJ results NNS were VBD offset VBN by IN strong JJ earnings NNS from IN some DT non-automotive JJ operations NNS . . Still RB , , the DT combined JJ profit NN of IN Ford NNP , , Chrysler NNP Corp. NNP and CC General NNP Motors NNP Corp. NNP fell VBD 44 CD % NN to TO $ $ 1.02 CD billion CD from IN $ $ 1.83 CD billion CD a DT year NN earlier RBR , , excluding VBG a DT one-time JJ gain NN of IN $ $ 309 CD million CD at IN Chrysler NNP from IN the DT sale NN of IN Mitsubishi NNP Motors NNP Corp. NNP stock NN . . The DT last JJ time NN all DT three CD companies NNS reported VBD North JJ American JJ automotive JJ losses NNS was VBD in IN the DT recession NN year NN of IN 1982 CD . . Yesterday NN 's POS announcements NNS helped VBD spark VB a DT midday NN wave NN of IN program NN selling NN in IN the DT stock NN market NN . . GM NNP 's POS common JJ closed VBD at IN $ $ 44.375 CD a DT share NN , , down IN 50 CD cents NNS , , Ford NNP fell VBD 37.5 CD cents NNS to TO end VB at IN $ $ 47.50 CD , , and CC Chrysler NNP eased VBD 37.5 CD cents NNS to TO $ $ 22.25 CD , , all DT in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN . . The DT market NN 's POS pessimism NN reflects VBZ the DT gloomy JJ outlook NN in IN Detroit NNP . . As IN Japanese JJ auto NN makers NNS gained VBD market NN share NN , , the DT Big NNP Three CD , , with IN GM NNP in IN the DT lead NN , , slashed VBD North JJ American JJ production NN and CC launched VBD a DT retail JJ discounting NN blitz NN . . The DT price NN war NN peaked VBD in IN the DT third JJ quarter NN as IN Big NNP Three NNP factory NN discounts NNS climbed VBD to TO more JJR than IN $ $ 1,000 CD a DT vehicle NN , , according VBG to TO industry NN officials NNS . . GM NNP probably RB had VBD the DT `` `` heaviest JJS incentives NNS , , '' '' said VBD Robert NNP S. NNP Miller NNP , , Chrysler NNP 's POS chief JJ financial JJ officer NN . . `` `` We PRP all DT did VBD what WP we PRP had VBD to TO do VB to TO stay VB within IN sight NN of IN them PRP . . '' '' But CC the DT costly JJ efforts NNS did VBD little JJ to TO slow VB Japanese JJ market NN gains NNS , , and CC domestic JJ car NN sales NNS have VBP plunged VBN 19 CD % NN since IN the DT Big NNP Three NNP ended VBD many JJ of IN their PRP$ programs NNS Sept. NNP 30 CD . . GM NNP , , Ford NNP and CC Chrysler NNP have VBP already RB cut VBN fourth-quarter JJ U.S. NNP output NN plans NNS an DT estimated JJ 15 CD % NN from IN 1988 CD levels NNS . . If IN sales NNS do VBP n't RB pick VB up RP , , the DT cuts NNS will MD go VB deeper RBR and CC incentives NNS will MD sprout VB again RB . . Ford NNP , , which WDT has VBZ long RB boasted VBN of IN its PRP$ ability NN to TO weather VB a DT downturn NN , , saw VBD earnings NNS take VB a DT beating NN . . The DT No. NN 2 CD auto NN maker NN blamed VBD incentive NN costs NNS and CC reduced JJ production NN -- : both DT the DT result NN of IN a DT substantially RB weaker JJR U.S. NNP market NN -- : for IN a DT 44 CD % NN drop NN in IN net NN to TO $ $ 477.1 CD million CD , , or CC $ $ 1.03 CD a DT share NN , , on IN revenue NN of IN $ $ 20.24 CD billion CD . . Nearly RB all PDT the DT decline NN came VBD in IN Ford NNP 's POS U.S. NNP automotive JJ operations NNS . . The DT Dearborn NNP , , Mich. NNP , , auto NN maker NN ran VBD a DT loss NN of IN $ $ 37 CD million CD on IN assembling VBG and CC marketing VBG cars NNS in IN the DT U.S. NNP , , a DT deterioration NN of IN $ $ 378 CD million CD in IN that DT line NN from IN the DT 1988 CD quarter NN . . Ford NNP managed VBD to TO show VB a DT profit NN for IN the DT quarter NN primarily RB because IN of IN earnings NNS from IN overseas JJ auto NN operations NNS and CC financial JJ services NNS . . A DT year NN earlier RBR , , Ford NNP reported VBD record JJ net NN of IN $ $ 856.3 CD million CD , , or CC $ $ 1.78 CD a DT share NN , , on IN revenue NN of IN $ $ 20.38 CD billion CD . . In IN the DT latest JJS nine CD months NNS , , Ford NNP earned VBD $ $ 3.52 CD billion CD , , or CC $ $ 7.51 CD a DT share NN , , compared VBN with IN $ $ 4.14 CD billion CD , , or CC $ $ 8.53 CD a DT share NN . . The DT U.S. NNP automotive JJ loss NN was VBD a DT sharp JJ reversal NN for IN a DT company NN that WDT had VBD reeled VBN off RP 12 CD consecutive JJ quarters NNS of IN improved JJ earnings NNS until IN the DT 1989 CD second JJ quarter NN . . But CC David NNP N. NNP McCammon NNP , , vice NN president NN , , finance NN , , insisted VBD that IN cost-cutting NN and CC tight JJ production NN capacity NN will MD make VB results NNS `` `` better JJR in IN this DT downturn NN than IN in IN prior JJ downturns NNS , , '' '' when WRB Ford NNP had VBD net JJ losses NNS . . Still RB , , Mr. NNP McCammon NNP said VBD Ford NNP expects VBZ the DT U.S. NNP economy NN to TO weaken VB through IN the DT end NN of IN 1990 CD , , causing VBG weaker JJR sales NNS and CC production NN . . As IN a DT result NN , , fourth-quarter JJ profit NN will MD come VB in RP below IN 1988 CD results NNS , , although IN the DT drop NN wo MD n't RB be VB as RB sharp JJ as IN the DT 44 CD % NN third-quarter JJ decline NN , , he PRP said VBD . . Part NN of IN the DT drop NN will MD come VB from IN an DT anticipated JJ charge NN of IN as RB much JJ as IN $ $ 500 CD million CD from IN the DT proposed JJ sale NN of IN its PRP$ Rouge NNP Steel NNP unit NN . . In IN the DT 1988 CD fourth JJ quarter NN , , Ford NNP had VBD net NN of IN $ $ 1.16 CD billion CD , , or CC $ $ 2.42 CD a DT share NN . . Chrysler NNP 's POS operating NN profit NN fell VBD to TO a DT scant JJ $ $ 22 CD million CD , , or CC 10 CD cents NNS a DT share NN , , its PRP$ lowest JJS quarterly JJ total NN in IN seven CD years NNS . . Its PRP$ $ $ 309 CD million CD , , or CC $ $ 1.32 CD a DT share NN , , gain NN from IN the DT sale NN of IN 75 CD million CD Mitsubishi NNP shares NNS made VBD net JJ $ $ 331 CD million CD , , or CC $ $ 1.42 CD a DT share NN . . Sales NNS were VBD flat JJ at IN $ $ 7.88 CD billion CD . . The DT results NNS include VBP record JJ quarterly JJ earnings NNS of IN $ $ 76 CD million CD from IN Chrysler NNP Financial NNP Corp NNP . . A DT year NN earlier RBR , , Chrysler NNP 's POS net NN was VBD $ $ 113 CD million CD , , or CC 50 CD cents NNS a DT share NN . . Mr. NNP Miller NNP said VBD costs NNS of IN incentives NNS caused VBD a DT `` `` moderate JJ '' '' loss NN in IN the DT Highland NNP Park NNP , , Mich. NNP , , company NN 's POS North JJ American JJ car NN and CC truck NN business NN . . He PRP said VBD the DT loss NN was VBD n't RB `` `` that RB much RB different JJ '' '' from IN Ford NNP 's POS $ $ 37 CD million CD loss NN on IN U.S. NNP automotive JJ operations NNS , , but CC he PRP declined VBD to TO be VB specific JJ . . Mr. NNP Miller NNP said VBD Chrysler NNP spent VBD an DT average NN of IN $ $ 1,000 CD a DT vehicle NN on IN its PRP$ incentive NN programs NNS in IN the DT third JJ quarter NN , , compared VBN with IN about RB $ $ 450 CD a DT vehicle NN a DT year NN earlier RBR -- : a DT `` `` high-water JJ mark NN '' '' at IN the DT time NN . . He PRP said VBD Chrysler NNP `` `` is VBZ no DT longer RBR sure JJ '' '' of IN its PRP$ forecast NN for IN industry NN car NN and CC truck NN sales NNS of IN 14.2 CD million CD in IN the DT 1990 CD model NN year NN . . Consumers NNS , , he PRP said VBD , , are VBP balking VBG at IN higher JJR prices NNS on IN 1990 CD cars NNS , , especially RB after IN seeing VBG the DT incentive-reduced JJ prices NNS on IN 1989 CD models NNS . . In IN the DT nine CD months NNS , , net NN was VBD $ $ 1.02 CD billion CD , , or CC $ $ 4.38 CD a DT share NN , , including VBG the DT gain NN from IN the DT Mitsubishi NNP stock NN sale NN , , compared VBN with IN $ $ 617 CD million CD , , or CC $ $ 2.77 CD a DT share NN , , after IN a DT charge NN of IN $ $ 93 CD million CD , , or CC 42 CD cents NNS a DT share NN , , for IN plant NN closings NNS in IN the DT 1988 CD period NN . . Sales NNS rose VBD 8.4 CD % NN to TO $ $ 27.95 CD billion CD from IN $ $ 25.78 CD billion CD . . Heavy JJ losses NNS in IN North JJ American JJ auto NN operations NNS sent VBD GM NNP 's POS net NN tumbling VBG to TO $ $ 516.9 CD million CD from IN a DT record NN $ $ 859.2 CD million CD . . Detroit-based JJ GM NNP does VBZ n't RB issue VB separate JJ quarterly JJ earnings NNS for IN the DT North JJ American JJ automotive JJ business NN . . But CC analysts NNS estimated VBD that IN GM NNP had VBD a DT loss NN of IN as RB much JJ as IN $ $ 300 CD million CD on IN domestic JJ vehicle NN operations NNS . . An DT 8.5 CD % NN drop NN in IN North JJ American JJ factory NN sales NNS of IN cars NNS and CC trucks NNS cut VBD into IN revenue NN , , and CC rebates NNS to TO dealers NNS and CC customers NNS more RBR than IN offset VBP gains NNS from IN price NN increases NNS on IN 1990 CD model NN vehicles NNS delivered VBN during IN the DT period NN , , a DT GM NNP spokesman NN said VBD . . But CC GM NNP 's POS results NNS also RB illustrate VBP the DT increasing VBG diversity NN of IN its PRP$ operations NNS . . In IN one CD breakdown NN , , GM NNP attributed VBD half NN of IN its PRP$ net NN to TO its PRP$ two CD big JJ technology NN units NNS , , Electronic NNP Data NNP Systems NNP Corp. NNP and CC GM NNP Hughes NNP Electronics NNP Corp NNP . . Meanwhile RB , , GM NNP said VBD overseas JJ auto NN operations NNS are VBP on IN track NN to TO exceed VB last JJ year NN 's POS record JJ full-year JJ net NN of IN $ $ 2.7 CD billion CD . . The DT diversified JJ operations NNS helped VBD GM NNP build VB its PRP$ cash NN reserves NNS , , exclusive JJ of IN its PRP$ financial JJ subsidiary NN , , to TO $ $ 5.5 CD billion CD as IN of IN Sept. NNP 30 CD , , a DT 22 CD % NN increase NN from IN a DT year NN earlier RBR . . This DT cushion NN could MD come VB in IN handy JJ if IN GM NNP has VBZ to TO trim VB fourth-quarter JJ North JJ American JJ production NN schedules NNS more RBR than IN the DT already RB scheduled VBN 9.5 CD % NN . . Under IN the DT circumstances NNS , , it PRP wo MD n't RB be VB easy JJ for IN GM NNP to TO exceed VB its PRP$ record JJ 1988 CD fourth-quarter JJ net NN of IN $ $ 1.4 CD billion CD , , the DT spokesman NN acknowledged VBD . . That DT means VBZ it PRP 's VBZ unlikely JJ the DT company NN will MD surpass VB last JJ year NN 's POS $ $ 4.9 CD billion CD full-year JJ profit NN , , even RB though IN net NN for IN the DT first JJ nine CD months NNS was VBD up RB 1.9 CD % NN to TO $ $ 3.52 CD billion CD on IN revenue NN of IN $ $ 95.57 CD billion CD . . It PRP earned VBD $ $ 3.46 CD billion CD on IN revenue NN of IN $ $ 91.21 CD billion CD in IN the DT 1988 CD nine CD months NNS . . There EX are VBP two CD versions NNS of IN `` `` Measure NN for IN Measure NN '' '' on IN stage NN at IN the DT Alley NNP Theater NNP here RB . . One CD is VBZ a DT strong JJ , , vigorous JJ portrayal NN of IN Shakespeare NNP 's POS play NN ; : the DT other JJ is VBZ director NN Gregory NNP Boyd NNP 's POS overlay NN of IN present-day JJ punk NN rock NN decadence NN on IN old JJ Vienna NNP . . `` `` Measure NN for IN Measure NN '' '' is VBZ one CD of IN Shakespeare NNP 's POS `` `` problem NN '' '' plays NNS , , so RB named VBN because IN it PRP does VBZ not RB fit VB neatly RB into IN a DT category NN such JJ as IN tragedy NN , , comedy NN or CC history NN . . Its PRP$ ambiguity NN and CC uneasy JJ mixture NN of IN the DT serious JJ and CC the DT comic JJ is VBZ no DT doubt NN one CD reason NN why WRB it PRP is VBZ very RB much RB in IN vogue NN with IN directors NNS just RB now RB . . Last JJ season NN , , Hartford NNP Stage NNP director NN Mark NNP Lamos NNP mounted VBD a DT production NN at IN Lincoln NNP Center NNP , , and CC currently RB two CD other JJ productions NNS -- : one CD just RB closed VBN at IN the DT Old NNP Globe NNP in IN San NNP Diego NNP and CC another DT now RB at IN the DT Seattle NNP Rep NNP -- : overlap VBP with IN Mr. NNP Boyd NNP 's POS . . In IN the DT play NN , , the DT Duke NNP of IN Vienna NNP despairs VBZ over IN the DT licentiousness NN of IN his PRP$ subjects NNS and CC turns VBZ over RP the DT rule NN of IN the DT city NN to TO the DT puritanical JJ Angelo NNP , , hoping VBG he PRP can MD set VB things NNS right JJ . . When WRB Angelo NNP hears VBZ that IN the DT young JJ man NN Claudio NNP has VBZ made VBN his PRP$ fiancee NN pregnant JJ before IN he PRP could MD marry VB her PRP , , Angelo NNP summarily RB condemns VBZ Claudio NNP to TO death NN . . When WRB , , however RB , , Claudio NNP 's POS sister NN , , Isabella NNP , , a DT novitiate NN in IN a DT convent NN , , goes VBZ to TO Angelo NNP to TO plead VB her PRP$ brother NN 's POS case NN , , the DT obdurate JJ ruler NN immediately RB falls VBZ in IN love NN with IN her PRP and CC , , in IN a DT supreme JJ act NN of IN hypocrisy NN , , demands VBZ that IN Isabella NNP yield VB up RP her PRP$ virtue NN to TO him PRP in IN exchange NN for IN her PRP$ brother NN 's POS life NN . . Meanwhile RB , , the DT Duke NNP , , who WP set VBD the DT original JJ scheme NN in IN motion NN , , appears VBZ on IN the DT scene NN disguised VBN as IN a DT friar NN and CC becomes VBZ involved VBN in IN a DT series NN of IN intrigues NNS that WDT has VBZ everyone NN fearing VBG the DT worst JJS possible JJ outcome NN until IN the DT Duke NNP arranges VBZ a DT last JJ minute NN reprieve NN for IN all DT concerned VBN . . For IN the DT Alley NNP production NN , , scene NN designer NN Peter NNP David NNP Gould NNP has VBZ arranged VBN a DT stark JJ but CC extremely RB effective JJ set NN featuring VBG a DT rectangular JJ platform NN of IN white-washed JJ boards NNS that WDT extends VBZ into IN the DT audience NN . . When WRB the DT action NN requires VBZ , , a DT prison NN cell NN , , consisting VBG of IN an DT enlarged JJ wire NN cage NN , , rolls VBZ forward RB on IN iron NN wheels NNS on IN the DT platform NN . . In IN the DT play NN 's POS major JJ scenes NNS Mr. NNP Boyd NNP demonstrates VBZ that IN he PRP has VBZ a DT firm JJ grasp NN of IN the DT Shakespearean JJ dynamic NN . . When WRB Isabella NNP ( ( Ellen NNP Lauren NNP ) ) confronts VBZ her PRP$ brother NN Claudio NNP ( ( Matt NNP Loney NNP ) ) in IN his PRP$ cell NN , , explaining VBG the DT price NN she PRP has VBZ been VBN asked VBN to TO secure VB his PRP$ freedom NN ; : when WRB Isabella NNP and CC the DT disguised JJ Duke NNP ( ( Philip NNP Kerr NNP ) ) conspire VBP to TO trick VB Angelo NNP ; : and CC when WRB Mariana NNP ( ( Annalee NNP Jefferies NNP ) ) , , a DT woman NN wronged VBN by IN Angelo NNP , , confronts VBZ him PRP with IN his PRP$ past JJ misdeeds NNS , , the DT performers NNS bring VBP the DT dramatic JJ high JJ points NNS to TO life NN with IN intense JJ energy NN and CC intelligence NN . . At IN such JJ moments NNS Mr. NNP Boyd NNP makes VBZ it PRP clear JJ that IN he PRP has VBZ the DT capacity NN to TO be VB a DT superior JJ interpreter NN of IN Shakespeare NNP . . When WRB , , however RB , , he PRP decides VBZ to TO be VB modern JJ , , or CC more RBR accurately RB , , when WRB he PRP decides VBZ to TO be VB trendy JJ , , the DT results NNS are VBP far RB less RBR satisfactory JJ . . Mr. NNP Boyd NNP is VBZ of IN the DT directorial JJ school NN that WDT believes VBZ one PRP must MD find VB modern JJ parallels NNS or CC metaphors NNS to TO make VB Shakespeare NN accessible JJ to TO today NN 's POS audiences NNS . . It PRP 's VBZ a DT valid JJ approach NN , , but CC it PRP puts VBZ a DT heavy JJ burden NN on IN the DT director NN to TO show VB an DT uncommon JJ degree NN of IN imagination NN and CC taste NN . . In IN his PRP$ `` `` Measure NN , , '' '' Mr. NNP Boyd NNP has VBZ `` `` modernized VBN '' '' the DT pimps NNS and CC prostitutes NNS of IN Vienna NNP whom WP Angelo NNP is VBZ supposed VBN to TO bring VB under IN control NN by IN converting VBG them PRP into IN transvestites NNS , , punk NN rockers NNS and CC heavy JJ metal NN types NNS , , with IN a DT strong JJ emphasis NN on IN leather NN , , chains NNS and CC porno-inspired JJ costumes NNS . . Loud JJ rock NN music NN accompanies VBZ all PDT the DT scene NN changes NNS , , even RB those DT in IN the DT convent NN . . When WRB Claudio NNP is VBZ arrested VBN , , he PRP is VBZ brought VBN on IN stage NN nude JJ except IN for IN the DT manacles NNS on IN his PRP$ wrists NNS and CC ankles NNS . . When WRB the DT opportunist NN Lucio NNP ( ( Jack NNP Stehlin NNP ) ) visits VBZ the DT convent NN to TO inform VB Isabella NN of IN her PRP$ brother NN 's POS fate NN , , Lucio NNP not RB only RB slaps VBZ the DT mother NN superior JJ on IN her PRP$ rear NN , , but CC brings VBZ along RP a DT voluptuous JJ companion NN ( ( Jill NNP Powell NNP ) ) , , not RB in IN Shakespeare NNP 's POS script NN , , to TO undulate VB lasciviously RB . . Meanwhile RB , , the DT pimp NN Pompey NNP ( ( Glen NNP Allen NNP Pruett NNP ) ) , , dressed VBN in IN black JJ leather NN and CC a DT prominent JJ codpiece NN , , indulges VBZ in IN enough JJ obscene JJ gestures NNS and CC pelvic JJ thrusts NNS to TO launch VB a DT space NN probe NN . . The DT problem NN here RB is VBZ not RB in IN the DT concept NN but CC in IN its PRP$ lack NN of IN discrimination NN . . The DT inclusion NN at IN one CD point NN , , for IN example NN , , of IN a DT list NN of IN glitzy JJ modern-day JJ malefactors NNS , , ranging VBG from IN Jim NNP Bakker NNP and CC Leona NNP Helmsley NNP to TO Zsa NNP Zsa NNP Gabor NNP , , is VBZ a DT bid NN for IN a DT cheap JJ laugh NN unworthy NN of IN Mr. NNP Boyd NNP 's POS ability NN . . Despite IN the DT excesses NNS , , however RB , , the DT scorecard NN for IN the DT production NN has VBZ many JJ more JJR pluses NNS than IN minuses NNS . . What WP 's VBZ more JJR , , it PRP represents VBZ an DT important JJ step NN for IN the DT Alley NNP Theater NNP . . `` `` Measure NN for IN Measure NN '' '' is VBZ Mr. NNP Boyd NNP 's POS first JJ directorial JJ assignment NN as IN the DT theater NN 's POS new JJ artistic JJ director NN . . He PRP succeeded VBD Pat NNP Brown NNP , , who WP was VBD fired VBN by IN the DT Alley NNP board NN 18 CD months NNS ago RB . . Her PRP$ dismissal NN angered VBD many JJ in IN the DT regional JJ theater NN establishment NN and CC led VBD Peter NNP Zeisler NNP , , head NN of IN Theatre NNP Communications NNP Group NNP , , to TO write VB an DT editorial NN in IN American NNP Theatre NNP magazine NN condemning VBG the DT board NN . . None NN of IN this DT backlash NN could MD change VB the DT fact NN that IN Ms. NNP Brown NNP 's POS regime NN was VBD remarkably RB undistinguished JJ and CC unimaginative JJ . . Now RB the DT Alley NNP has VBZ moved VBN ahead RB on IN both CC artistic JJ and CC financial JJ fronts NNS . . Not RB only RB is VBZ Mr. NNP Boyd NNP giving VBG the DT theater NN a DT new JJ sense NN of IN adventure NN and CC excitement NN on IN stage NN , , the DT balance NN sheet NN is VBZ the DT best JJS the DT theater NN has VBZ had VBN in IN 10 CD years NNS . . As IN opposed VBN to TO the DT $ $ 1.4 CD million CD deficit NN of IN the DT 1987-88 CD season NN , , the DT 1988-89 CD year NN concluded VBD with IN a DT $ $ 200,000 CD surplus NN and CC a DT $ $ 500,000 CD cash NN reserve NN . . Admittedly RB last JJ season NN 's POS runaway JJ hit NN , , `` `` Steel NN Magnolias NNS , , '' '' helped VBD a DT lot NN , , but CC so RB did VBD cost NN cutting NN and CC other JJ measures NNS insisted VBN on IN by IN the DT board NN . . Only JJ time NN will MD tell VB if IN Mr. NNP Boyd NNP can MD restore VB to TO the DT Alley NNP the DT acclaim NN it PRP received VBD when WRB its PRP$ founder NN , , Nina NNP Vance NNP , , was VBD at IN the DT height NN of IN her PRP$ powers NNS . . But CC it PRP is VBZ clear JJ he PRP is VBZ going VBG to TO give VB it PRP a DT shot NN . . Democratic JJ leaders NNS have VBP bottled VBN up RP President NNP Bush NNP 's POS capital-gains NNS tax NN cut NN in IN the DT Senate NNP and CC may MD be VB able JJ to TO prevent VB a DT vote NN on IN the DT issue NN indefinitely RB . . Senate NNP Majority NNP Leader NNP George NNP Mitchell NNP ( ( D. NNP , , Maine NNP ) ) said VBD he PRP intends VBZ to TO use VB Senate NNP procedures NNS to TO force VB advocates NNS of IN the DT tax NN cut NN to TO come VB up RP with IN at IN least JJS 60 CD votes NNS before IN they PRP can MD address VB the DT issue NN . . And CC neither DT Democrats NNPS nor CC Republicans NNPS are VBP predicting VBG that IN the DT capital-gains NNS forces NNS can MD produce VB enough JJ votes NNS . . `` `` The DT 60-vote JJ requirement NN will MD be VB there RB and CC they PRP do VBP n't RB have VB the DT 60 CD votes NNS , , '' '' Sen. NNP Mitchell NNP said VBD . . `` `` They PRP do VBP n't RB have VB the DT votes NNS to TO get VB it PRP passed VBN . . '' '' Sen. NNP Bob NNP Packwood NNP ( ( R. NNP , , Ore. NNP ) ) , , the DT leading JJ Republican JJ proponent NN of IN the DT tax NN cut NN , , did VBD n't RB disagree VB . . `` `` I PRP 'm VBP not RB sure JJ what WP 's VBZ going VBG to TO happen VB , , '' '' he PRP said VBD . . Previously RB he PRP had VBD said VBD he PRP would MD be VB able JJ to TO find VB the DT requisite JJ 60 CD votes NNS eventually RB . . Sen. NNP Packwood NNP has VBZ offered VBN his PRP$ capital-gains-cut JJ package NN as IN an DT amendment NN to TO a DT bill NN , , now RB pending VBG in IN the DT Senate NNP , , that WDT would MD authorize VB aid NN to TO Poland NNP and CC Hungary NNP . . Democrats NNPS are VBP holding VBG up RP a DT vote NN on IN the DT amendment NN by IN threatening VBG a DT filibuster NN , , or CC extended JJ debate NN . . For IN a DT cloture NN vote NN to TO stop VB the DT filibuster NN , , Republicans NNPS must MD muster VB at IN least JJS 60 CD votes NNS . . Yesterday NN , , Sen. NNP Packwood NNP acknowledged VBD , , `` `` We PRP do VBP n't RB have VB the DT votes NNS for IN cloture NN today NN . . '' '' The DT Republicans NNPS show VBP no DT sign NN of IN relenting VBG . . GOP NNP leaders NNS continued VBD to TO press VB for IN a DT vote NN on IN the DT amendment NN to TO the DT Eastern NNP Europe NNP aid NN measure NN . . And CC they PRP threatened VBD to TO try VB to TO amend VB any DT other JJ revenue NN bill NN in IN the DT Senate NNP with IN the DT capital-gains NNS provision NN . . `` `` This DT is VBZ serious JJ business NN ; : we PRP 're VBP serious JJ about IN a DT capital-gains NNS reduction NN , , '' '' said VBD Kansas NNP Sen. NNP Robert NNP Dole NNP , , the DT Senate NNP 's POS Republican JJ leader NN . . `` `` The DT strategy NN is VBZ ` `` Let VB 's POS vote VB . . ' '' '' '' The DT Republicans NNPS contend VBP that IN they PRP can MD garner VB a DT majority NN in IN the DT 100-member JJ Senate NNP for IN a DT capital-gains NNS tax NN cut NN . . They PRP accuse VBP the DT Democrats NNPS of IN unfairly RB using VBG Senate NNP rules NNS to TO erect VB a DT 60-vote JJ hurdle NN . . Democrats NNPS counter VBP that IN the DT Republicans NNPS have VBP often RB used VBN the DT same JJ rules NNS to TO suit VB their PRP$ own JJ ends NNS . . The DT two CD sides NNS also RB traded VBD accusations NNS about IN the DT cost NN of IN the DT Packwood NNP plan NN . . Democrats NNPS asserted VBD that IN the DT proposal NN , , which WDT also RB would MD create VB a DT new JJ type NN of IN individual JJ retirement NN account NN , , was VBD fraught JJ with IN budget NN gimmickry NN that WDT would MD lose VB billions NNS of IN dollars NNS in IN the DT long JJ run NN . . Republicans NNPS countered VBD that DT long-range JJ revenue NN estimates NNS were VBD unreliable JJ . . The DT Packwood NNP proposal NN would MD reduce VB the DT tax NN depending VBG on IN how WRB long RB an DT asset NN was VBD held VBN . . It PRP also RB would MD create VB a DT new JJ IRA NNP that WDT would MD shield VB from IN taxation NN the DT appreciation NN on IN investments NNS made VBN for IN a DT wide JJ variety NN of IN purposes NNS , , including VBG retirement NN , , medical JJ expenses NNS , , first-home JJ purchases NNS and CC tuition NN . . A DT White NNP House NNP spokesman NN said VBD President NNP Bush NNP is VBZ `` `` generally RB supportive JJ '' '' of IN the DT Packwood NNP plan NN . . Marsh NNP & CC McLennan NNP Cos. NNP said VBD it PRP agreed VBD to TO acquire VB the DT rest NN of IN Gradmann NNP & CC Holler NNP , , a DT leading VBG West JJ German JJ insurance NN brokerage NN firm NN in IN which WDT it PRP has VBZ held VBN a DT 15 CD % NN stake NN for IN 15 CD years NNS . . The DT transaction NN , , for IN cash NN and CC stock NN , , would MD represent VB the DT biggest JJS European JJ takeover NN since IN 1980 CD for IN New NNP York-based JJ Marsh NNP & CC McLennan NNP , , the DT world NN 's POS largest JJS insurance NN broker NN . . It PRP 's VBZ also RB the DT first RB major JJ sign NN of IN the DT long-awaited JJ consolidation NN in IN the DT European JJ insurance NN industry NN as IN the DT European NNP Community NNP Commission NNP moves VBZ toward IN a DT single JJ market NN by IN 1992 CD . . Protective JJ barriers NNS will MD start VB coming VBG down RB within IN the DT insurance NN industry NN next IN summer NN , , when WRB big JJ industrial JJ companies NNS will MD be VB able JJ to TO buy VB insurance NN from IN carriers NNS in IN any DT other JJ EC NNP country NN for IN the DT first JJ time NN . . That DT 's VBZ why WRB `` `` we PRP have VBP been VBN working VBG hard RB to TO develop VB a DT single JJ , , more RBR unified VBN presence NN in IN Europe NNP , , '' '' said VBD A.J.C. NNP Smith NNP , , Marsh NNP & CC McLennan NNP 's POS president NN , , at IN a DT London NNP news NN conference NN yesterday NN . . Analysts NNS speculated VBD that IN Marsh NNP & CC McLennan NNP would MD spend VB between IN 250 CD million CD marks NNS ( ( $ $ 136.4 CD million CD ) ) and CC 350 CD million CD marks NNS for IN the DT rest NN of IN Gradmann NNP & CC Holler NNP , , or CC roughly RB 25 CD to TO 30 CD times NNS the DT private JJ firm NN 's POS estimated VBN earnings NNS . . `` `` This DT is VBZ paying VBG a DT big JJ price NN to TO maintain VB their PRP$ virility NN as IN the DT world NN 's POS leading VBG insurance NN broker NN , , '' '' said VBD Philip NNP Olsen NNP , , an DT analyst NN at IN Kitcat NNP & CC Aitken NNP , , a DT U.K. NNP brokerage NN firm NN . . Earlier RBR this DT year NN , , New NNP York NNP Life NNP Insurance NNP Co. NNP agreed VBD to TO acquire VB Windsor NNP Group NNP Ltd. NNP , , a DT first JJ step NN toward IN establishing VBG a DT presence NN in IN the DT European JJ market NN ahead RB of IN 1992 CD . . But CC most JJS U.S. NNP insurers NNS have VBP n't RB rushed VBN to TO change VB the DT way NN they PRP do VBP business NN in IN Europe NNP because IN they PRP believe VBP the DT European JJ market NN will MD still RB be VB dominated VBN by IN a DT handful NN of IN domestic JJ companies NNS . . Under IN the DT proposed VBN combination NN , , Marsh NNP & CC McLennan NNP would MD gain VB a DT majority NN stake NN in IN Gradmann NNP & CC Holler NNP that WDT would MD increase VB over IN time NN to TO the DT rest NN of IN the DT remaining VBG 85 CD % NN . . The DT three CD managing VBG general JJ partners NNS would MD receive VB a DT `` `` significant JJ '' '' number NN of IN Marsh NNP & CC McLennan NNP shares NNS , , said VBD Walther NNP L. NNP Kiep NNP , , a DT partner NN who WP would MD also RB join VB Marsh NNP & CC McLennan NNP 's POS board NN . . Mr. NNP Kiep NNP said VBD he PRP sought VBD the DT combination NN because IN `` `` all DT our PRP$ large JJ clients NNS in IN Germany NNP are VBP becoming VBG European NNP companies NNS or CC multinational JJ companies NNS and CC they PRP expect VB an DT insurance NN broker NN '' '' to TO serve VB them PRP as RB well RB in IN Paris NNP as IN in IN Germany NNP . . Beatrice NNP E. NNP Garcia NNP in IN Philadelphia NNP contributed VBD to TO this DT article NN . . WASHINGTON NNP -- : United NNP Technologies NNPS Corp. NNP won VBD an DT $ $ 18 CD million CD Army NNP contract NN for IN helicopter NN modifications NNS and CC spare JJ parts NNS . . The DT company NN will MD modify VB one CD UH-60A NNP Blackhawk NNP transport NN helicopter NN to TO the DT prototype NN MH-60K NN configuration NN for IN use NN by IN military JJ special JJ forces NNS . . Ingalls NNP Shipbuilding NNP Inc. NNP , , a DT division NN of IN Litton NNP Industries NNP Inc. NNP , , was VBD given VBN a DT $ $ 15.5 CD million CD extension NN on IN a DT contract NN for IN shipyard NN services NNS . . Furukawa NNP Electric NNP Co. NNP said VBD it PRP plans VBZ to TO increase VB production NN of IN computer NN memory NN devices NNS on IN a DT large JJ scale NN in IN the DT U.S. NNP and CC Japan NNP . . As IN part NN of IN the DT move NN , , its PRP$ affiliated VBN U.S. NNP company NN , , International NNP Components NNP Technology NNP Corp. NNP , , purchased VBD a DT Mexican JJ plant NN formerly RB belonging VBG to TO KSI NNP Disc NNP Products NNP Inc NNP . . The DT price NN was VBD n't RB disclosed VBN . . Together RB with IN two CD existing VBG plants NNS in IN the DT U.S. NNP , , Furukawa NNP said VBD it PRP will MD expand VB its PRP$ current JJ local JJ monthly JJ production NN of IN memory NN disks NNS to TO 1.4 CD million CD sheets NNS from IN 800,000 CD . . In IN Japan NNP , , Furukawa NNP said VBD it PRP will MD raise VB production NN at IN a DT plant NN outside IN Tokyo NNP to TO 300,000 CD sheets NNS monthly JJ from IN 100,000 CD . . Furukawa NNP said VBD the DT U.S. NNP market NN is VBZ strengthening VBG as RB related VBN computer NN technology NN gains VBZ in IN sophistication NN and CC quality NN . . PRIMERICA NNP Corp. NNP , , New NNP York NNP , , raised VBD its PRP$ quarterly JJ 14 CD % NN to TO eight CD cents NNS a DT share NN , , from IN seven CD cents NNS , , payable JJ Nov. NNP 24 CD to TO stock NN of IN record NN Nov. NNP 6 CD . . The DT financial JJ services NNS company NN , , which WDT has VBZ about IN 98.8 CD million CD shares NNS outstanding JJ , , noted VBD its PRP$ `` `` continued VBN confidence NN in IN the DT ongoing JJ strength NN of IN the DT operations NNS . . Compaq NNP Computer NNP Corp. NNP said VBD that IN its PRP$ net NN income NN rose VBD 51 CD % NN in IN the DT third JJ quarter NN , , bolstered VBN by IN unusual JJ gains NNS from IN its PRP$ investment NN in IN a DT disk-drive NN maker NN and CC reflecting VBG continued VBN growth NN in IN its PRP$ European JJ operations NNS . . The DT computer NN maker NN said VBD net NN jumped VBD to TO $ $ 87 CD million CD , , or CC $ $ 2.02 CD a DT share NN , , from IN $ $ 58 CD million CD , , or CC $ $ 1.40 CD a DT share NN , , a DT year NN earlier RBR . . Sales NNS increased VBD 36 CD % NN to TO $ $ 683 CD million CD from IN $ $ 502 CD million CD . . The DT latest JJS quarter NN 's POS results NNS , , however RB , , included VBD a DT pretax NN gain NN of IN $ $ 13.7 CD million CD , , or CC 20 CD cents NNS a DT share NN , , in IN the DT carrying VBG value NN of IN the DT company NN 's POS investment NN in IN Conner NNP Peripherals NNPS Inc. NNP and CC a DT $ $ 7.6 CD million CD gain NN , , or CC 11 CD cents NNS a DT share NN , , from IN the DT sale NN of IN one CD million CD Conner NNP shares NNS . . Net NN for IN the DT nine CD months NNS was VBD $ $ 254 CD million CD , , or CC $ $ 5.94 CD a DT share NN , , up RB 56 CD % NN from IN $ $ 163 CD million CD , , or CC $ $ 4.06 CD a DT share NN , , a DT year NN earlier RBR . . Sales NNS rose VBD 50 CD % NN to TO $ $ 2.1 CD billion CD from IN $ $ 1.4 CD billion CD . . Net NN for IN the DT year-earlier JJ nine CD months NNS also RB included VBD a DT gain NN of IN $ $ 9.7 CD million CD , , or CC 15 CD cents NNS a DT share NN , , in IN the DT carrying VBG value NN of IN the DT Conner NNP investment NN . . Michael NNP Swavely NNP , , president NN of IN Compaq NNP 's POS North NNP America NNP division NN , , attributed VBD the DT company NN 's POS third-quarter NN performance NN to TO continued VBN increases NNS in IN international JJ sales NNS , , which WDT accounted VBD for IN 43 CD % NN of IN the DT company NN 's POS sales NNS , , a DT 74 CD % NN increase NN from IN a DT year NN earlier RBR . . `` `` Over IN the DT next JJ couple NN of IN years NNS we PRP would MD not RB be VB surprised VBN to TO see VB Europe NNP and CC international JJ { ( sales NNS } ) represent VBP 50 CD % NN of IN the DT company NN 's POS revenues NNS , , '' '' he PRP said VBD . . During IN the DT third JJ quarter NN , , Compaq NNP purchased VBD a DT former JJ Wang NNP Laboratories NNPS manufacturing VBG facility NN in IN Stirling NNP , , Scotland NNP , , which WDT will MD be VB used VBN for IN international JJ service NN and CC repair NN operations NNS . . Mr. NNP Swavely NNP said VBD the DT new JJ space NN will MD allow VB Compaq NNP to TO increase VB the DT manufacturing VBG capacity NN of IN its PRP$ plant NN in IN Erskine NNP , , Scotland NNP . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN yesterday NN , , Compaq NNP shares NNS fell VBD $ $ 1.625 CD to TO $ $ 108.625 CD . . Wilson NNP H. NNP Taylor NNP , , president NN and CC chief NN executive JJ officer NN of IN this DT insurance NN and CC financial JJ services NNS concern NN , , was VBD elected VBN to TO the DT additional JJ post NN of IN chairman NN . . Mr. NNP Taylor NNP , , 45 CD years NNS old JJ , , succeeds VBZ Robert NNP D. NNP Kilpatrick NNP , , 64 CD , , who WP is VBZ retiring VBG , , as IN reported VBN earlier RBR . . Mr. NNP Kilpatrick NNP will MD remain VB a DT director NN . . Diversified NNP Investment NNP Group NNP Inc. NNP said VBD it PRP agreed VBD to TO be VB acquired VBN by IN Star NNP States NNPS Corp. NNP for IN stock NN valued VBN at IN $ $ 13.75 CD a DT share NN , , or CC about IN $ $ 24.4 CD million CD . . Diversified NNP , , the DT holding VBG company NN for IN Fidelity NNP Federal NNP Savings NNP & CC Loan NNP Association NNP , , said VBD the DT agreement NN also RB gives VBZ Star NNP States NNPS the DT option NN to TO acquire VB 588,300 CD of IN Diversified NNP 's POS 1,774,326 CD shares NNS outstanding JJ `` `` under IN certain JJ circumstances NNS . . '' '' The DT acquisition NN would MD give VB Wilmington NNP , , Del.-based JJ Star NNP States NNPS access NN to TO the DT Pennsylvania NNP market NN . . The DT agreement NN is VBZ subject JJ to TO regulatory JJ approval NN and CC resolution NN of IN lawsuits NNS brought VBN by IN certain JJ Diversified NNP holders NNS in IN connection NN with IN the DT proposed VBN merger NN . . Chandler NNP Insurance NNP Co. NNP said VBD it PRP expects VBZ to TO report VB third-quarter NN net JJ income NN jumped VBD 97 CD % NN to TO $ $ 2.8 CD million CD , , or CC 51 CD cents NNS a DT share NN . . In IN the DT year-earlier JJ quarter NN , , the DT automobile NN and CC trucking NN insurer NN had VBD earnings NNS of IN $ $ 1.4 CD million CD , , or CC 48 CD cents NNS a DT share NN on IN a DT restated VBN basis NN , , on IN revenue NN of IN $ $ 16.5 CD million CD . . In IN an DT interview NN , , W. NNP Brent NNP LeGere NNP , , chairman NN and CC chief NN executive NN officer NN , , said VBD he PRP expects VBZ revenue NN in IN the DT latest JJS quarter NN to TO total VB about IN $ $ 28 CD million CD . . The DT earnings-per-share JJ figures NNS reflect VBP a DT 25 CD % NN stock NN dividend NN in IN June NNP 1989 CD . . Mr. NNP LeGere NNP attributed VBD the DT earnings NNS increase NN to TO growth NN in IN the DT company NN 's POS longhaul NN trucking NN insurance NN lines NNS and CC the DT ability NN to TO keep VB premium NN rates NNS firm JJ . . Calgon NNP Carbon NNP Corp. NNP said VBD it PRP will MD build VB a DT $ $ 40 CD million CD plant NN for IN producing VBG granular JJ activated VBN carbon NN . . The DT maker NN of IN water-treatment JJ chemicals NNS and CC equipment NN said VBD it PRP will MD select VB the DT plant NN site NN early JJ next JJ year NN , , and CC production NN is VBZ expected VBN to TO begin VB in IN 1991 CD . . Call VB Jim NNP Wright NNP 's POS office NN in IN downtown NN Fort NNP Worth NNP , , Texas NNP , , these DT days NNS and CC the DT receptionist NN still RB answers VBZ the DT phone NN , , `` `` Speaker NNP Wright NNP 's POS office NN . . '' '' The DT former JJ congressman NN , , who WP resigned VBD as IN speaker NN of IN the DT House NNP after IN an DT investigation NN of IN his PRP$ financial JJ dealings NNS , , is VBZ ensconced VBN in IN his PRP$ district NN office NN , , maintained VBN by IN taxpayers NNS on IN a DT $ $ 200,000 CD allowance NN . . He PRP is VBZ negotiating VBG a DT rich JJ book NN contract NN to TO boot NN . . One CD of IN the DT hottest JJS tickets NNS on IN Washington NNP 's POS social JJ calendar NN this DT fall NN was VBD a DT charity NN benefit NN honoring VBG former JJ Congressman NNP Tony NNP Coelho NNP , , who WP landed VBD a DT million-dollar JJ job NN on IN Wall NNP Street NNP after IN resigning VBG over IN a DT controversial JJ junk-bond NN investment NN last JJ summer NN . . Michael NNP Deaver NNP , , the DT former JJ White NNP House NNP aide NN , , has VBZ become VBN the DT most RBS recent JJ addition NN to TO the DT teeming VBG ranks NNS of IN fallen VBN politicians NNS and CC officials NNS earning VBG their PRP$ way NN as IN lobbyists NNS and CC consultants NNS here RB . . Mr. NNP Deaver NNP has VBZ reopened VBN a DT public-relations NNS business NN . . Surviving VBG scandal NN has VBZ become VBN a DT rite NN of IN political JJ passage NN at IN a DT time NN when WRB a DT glut NN of IN scandal NN has VBZ blunted VBN this DT town NN 's POS sensibility NN . . Let VB the DT president NN demand VB strict JJ new JJ ethics NNS rules NNS : : With IN four CD sitting VBG House NNP members NNS accused VBN of IN sexual JJ misdeeds NNS , , amid IN the DT unfolding VBG HUD NNP scandal NN and CC after IN the DT Wright NNP debacle NN , , `` `` people NNS are VBP slightly RB dulled VBN by IN scandal NN , , '' '' says VBZ political JJ humorist NN Art NNP Buchwald NNP . . `` `` It PRP now RB takes VBZ something NN really RB weird JJ to TO inspire VB public JJ outrage NN . . '' '' Not RB all PDT the DT scandal-tripped JJ have VBP enjoyed VBN soft JJ landings NNS . . But CC many JJ have VBP . . `` `` These DT people NNS bounce VBP back RB more RBR resiliently RB than IN regular JJ people NNS , , '' '' says VBZ Washington NNP writer NN Suzanne NNP Garment NNP , , who WP is VBZ working VBG on IN a DT history NN of IN post-Watergate JJ scandal NN . . Given VBN their PRP$ own JJ penchant NN for IN book NN writing NN , , it PRP is VBZ surprising JJ that IN none NN of IN the DT masters NNS of IN scandal NN survival NN have VBP yet RB published VBN a DT guide NN to TO the DT art NN . . For IN there EX is VBZ an DT emerging VBG protocol NN -- : indeed RB , , an DT etiquette NN -- : to TO it PRP . . Among IN the DT rules NNS : : Pretend VB Nothing NN Happened VBD As IN if IN he PRP were VBD still RB in IN his PRP$ old JJ job NN , , Mr. NNP Wright NNP , , by IN resigning VBG with IN his PRP$ title NN instead RB of IN being VBG forced VBN from IN his PRP$ job NN , , by IN law NN enjoys VBZ a DT $ $ 120,000 CD annual JJ office NN expense NN allowance NN , , three CD paid VBN staffers NNS , , up RB to TO $ $ 67,000 CD for IN stationery NN and CC telephones NNS and CC continued VBN use NN of IN the DT franking NN privilege NN . . Not RB to TO mention VB a DT generous JJ federal JJ pension NN . . There EX is VBZ also RB a DT busy JJ schedule NN of IN speaking NN engagements NNS at IN $ $ 10,000 CD a DT pop NN , , at IN tony JJ places NNS including VBG the DT Yale NNP Political NNP Union NNP . . `` `` He PRP 's VBZ as RB busy JJ as IN he PRP was VBD as RB speaker NN , , '' '' reports VBZ Mr. NNP Wright NNP 's POS administrative JJ aide NN , , Larry NNP Shannon NNP . . Atone VB On IN the DT edge NN of IN fashionable JJ Georgetown NNP , , in IN a DT chic JJ office NN with IN a DT river NN view NN and CC a DT number NN of IN corporate JJ clients NNS whom WP he PRP wo MD n't RB name VB , , Mr. NNP Deaver NNP is VBZ trying VBG to TO reclaim VB his PRP$ reputation NN as IN one NN of IN the DT savviest JJS image NN makers NNS in IN town NN . . There EX are VBP few JJ mementos NNS of IN his PRP$ days NNS as IN White NNP House NNP deputy NN chief NN of IN staff NN and CC confidant NN of IN Ronald NNP and CC Nancy NNP Reagan NNP . . The DT former JJ $ $ 3 CD million-a-year JJ lobbyist NN now RB frequents VBZ shelters NNS for IN the DT homeless NN and CC devotes VBZ a DT third JJ of IN his PRP$ time NN counseling VBG other JJ recovering VBG alcoholics NNS . . `` `` I PRP feel VBP better RB than IN I PRP ever RB have VBP in IN my PRP$ life NN , , '' '' he PRP says VBZ . . Mr. NNP Deaver NNP confessed VBD to TO his PRP$ alcoholism NN during IN his PRP$ trial NN on IN perjury NN charges NNS . . He PRP is VBZ also RB a DT recovering VBG workaholic JJ , , relaxing VBG with IN his PRP$ family NN and CC creating VBG topiary JJ , , or CC garden-shrub NN sculpture NN , , a DT fashionable JJ pursuit NN for IN which WDT he PRP developed VBD a DT passion NN during IN his PRP$ three-year JJ legal JJ ordeal NN . . One CD sign NN of IN Mr. NNP Deaver NNP 's POS renaissance NN : : an DT appearance NN on IN ABC NNP 's POS `` `` Nightline NNP '' '' for IN a DT show NN on IN pack NN journalism NN . . Host NNP Ted NNP Koppel NNP introduced VBD him PRP as IN `` `` the DT media NNS master NN of IN the DT Reagan NNP Administration NNP , , '' '' with IN nary PDT a DT mention NN of IN Mr. NNP Deaver NNP 's POS conviction NN in IN 1987 CD on IN perjury NN charges NNS . . Finding NNP God NNP `` `` When WRB someone NN says VBZ , , ` `` I PRP 've VBP turned VBN to TO God NNP , , ' '' everybody NN lays VBZ off IN , , '' '' observes VBZ Frank NNP Mankiewicz NNP , , an DT old JJ Washington NNP hand NN and CC former JJ aide NN to TO Robert NNP Kennedy NNP . . Thus RB have VBP Charles NNP Colson NNP and CC Jeb NNP Magruder NNP launched VBN successful JJ post-Watergate JJ careers NNS at IN the DT pulpit NN . . But CC it PRP does VBZ n't RB always RB work VB so RB smoothly RB . . After IN allegations NNS surfaced VBD in IN a DT 1985 CD divorce NN contest NN that IN he PRP had VBD beaten VBN his PRP$ wife NN , , SEC NNP enforcement NN chief NN John NNP Fedders NNP retreated VBD to TO a DT Trappist JJ monastery NN in IN rural JJ Virginia NNP . . He PRP is VBZ now RB in IN solo NN law NN practice NN in IN Washington NNP , , but CC his PRP$ fees NNS have VBP been VBN meager JJ and CC he PRP failed VBD in IN efforts NNS to TO win VB a DT chunk NN of IN his PRP$ ex-wife NN 's POS royalties NNS on IN her PRP$ tell-all JJ book NN . . From IN time NN to TO time NN he PRP returns VBZ to TO the DT monastery NN for IN prayer NN , , meditation NN and CC pro FW bono FW legal JJ work NN . . Mr. NNP Fedders NNP is VBZ philosophical JJ about IN his PRP$ travails NNS . . `` `` This DT whole JJ experience NN has VBZ been VBN an DT opportunity NN for IN internal JJ growth NN , , '' '' he PRP says VBZ . . He PRP sees VBZ a DT psychoanalyst NN five CD mornings NNS a DT week NN . . `` `` I PRP 've VBP surrendered VBN to TO the DT circumstances NNS , , '' '' Mr. NNP Fedders NNP says VBZ . . `` `` The DT word NN surrender NN has VBZ a DT precise JJ psychoanalytic JJ meaning NN . . My PRP$ universe NN has VBZ changed VBN . . I PRP 'm VBP enjoying VBG my PRP$ life NN and CC who WP I PRP am VBP today NN . . The DT aspect NN of IN being VBG a DT mega-lawyer NN is VBZ n't RB as RB important JJ . . '' '' Do VB n't RB Linger VB `` `` The DT best JJS thing NN you PRP can MD do VB is VBZ get VB off IN the DT screen NN , , '' '' says VBZ Mr. NNP Buchwald NNP . . Nobody NN proved VBD that IN more RBR masterfully RB than IN Mr. NNP Coelho NNP , , the DT former JJ Democratic JJ majority NN whip NN . . Declaring VBG that IN there EX was VBD life NN after IN Congress NNP , , he PRP resigned VBD almost RB immediately RB after IN media NNS reports NNS questioned VBD the DT propriety NN of IN a DT 1986 CD junk-bond NN investment NN , , before IN any DT official JJ investigations NNS took VBD hold NN . . Among IN the DT glitterati NNS who WP turned VBD out RP in IN bipartisan JJ black-tie JJ force NN to TO benefit VB the DT Coelho NNP Epilepsy NNP Fund NNP last JJ month NN were VBD Sen. NNP Robert NNP Dole NNP , , Rep. NNP Newt NNP Gingrich NNP , , and CC other JJ kingpins NNS of IN Congress NNP . . Dan NNP Rather NNP served VBD as IN emcee NN . . From IN his PRP$ new JJ , , million-dollar-a-year JJ perch NN on IN Wall NNP Street NNP as IN a DT managing VBG director NN of IN Wertheim NNP Schroder NNP & CC Co. NNP , , Mr. NNP Coelho NNP reports VBZ that IN many JJ of IN his PRP$ former JJ colleagues NNS have VBP contacted VBN him PRP to TO find VB out RP how WRB they PRP , , too RB , , can MD pursue VB investment NN banking NN careers NNS . . It PRP Helps VBZ to TO Be VB Male NN Male JJ scandal NN victims NNS invariably RB fare VBP better RBR . . Anne NNP Burford NNP , , the DT former JJ EPA NNP chief NN who WP resigned VBD under IN fire NN in IN 1983 CD during IN a DT flap NN with IN Congress NNP , , was VBD kayoed VBN in IN the DT confrontation NN , , even RB though IN she PRP was VBD never RB charged VBN with IN official JJ wrondgoing NN . . She PRP worked VBD part-time JJ as IN a DT consultant NN and CC wrote VBD a DT book NN , , but CC never RB restarted VBD her PRP high-powered JJ legal JJ career NN . . It PRP did VBD n't RB help VB when WRB , , in IN 1986 CD , , she PRP was VBD charged VBN ( ( and CC then RB cleared VBN ) ) on IN allegations NNS of IN public JJ drunkenness NN . . `` `` I PRP cut VBD my PRP$ losses NNS and CC ran VBD , , '' '' she PRP says VBZ , , from IN her PRP$ new JJ home NN in IN Colorado NNP , , where WRB she PRP is VBZ busy JJ remodeling VBG . . Mrs. NNP Burford NNP remains VBZ bitter JJ over IN the DT overwhelming JJ legal JJ expenses NNS involved VBN in IN clearing VBG her PRP$ name NN . . `` `` My PRP$ husband NN was VBD instantly RB impoverished VBN by IN the DT very JJ act NN of IN marrying VBG me PRP , , '' '' she PRP says VBZ . . Another DT former JJ EPA NNP official NN , , Rita NNP Lavelle NNP , , is VBZ still RB struggling VBG after IN her PRP$ conviction NN in IN 1983 CD on IN perjury NN charges NNS . . `` `` There EX 's VBZ nothing NN she PRP could MD do VB to TO bring VB herself PRP back RB to TO where WRB she PRP was VBD , , '' '' says VBZ her PRP$ lawyer NN , , James NNP Bierbower NNP . . `` `` You PRP could MD say VB she PRP survived VBD , , but CC it PRP was VBD n't RB easy JJ on IN her PRP . . '' '' No DT book NN contracts NNS have VBP been VBN dangled VBN before IN Deborah NNP Gore NNP Dean NNP , , the DT reigning VBG queen NN of IN the DT HUD NNP scandal NN . . Donna NNP Rice NNP of IN Gary NNP Hart NNP fame NN failed VBD to TO obtain VB a DT book NN contract NN and CC lost VBD her PRP modeling NN contract NN for IN `` `` No NNP Excuses NNPS '' '' jeans NNS . . Fawn NNP Hall NNP , , Oliver NNP North NNP 's POS former JJ secretary NN , , has VBZ yet RB to TO launch VB a DT hoped-for JJ television NN news NN career NN , , according VBG to TO her PRP$ lawyer NN . . Rita NNP Jenrette NNP , , the DT former JJ wife NN of IN Abscam-indicted JJ Rep. NNP John NNP Jenrette NNP , , has VBZ yet RB to TO hit VB it PRP big JJ in IN Hollywood NNP , , although IN with IN roles NNS in IN such JJ movies NNS as IN `` `` Zombie NNP Island NNP Massacre NNP '' '' and CC `` `` Aunt NNP Ida NNP 's POS Bikini NNP Shop NNP , , '' '' she PRP is VBZ doing VBG a DT lot NN better RBR than IN her PRP$ former JJ husband NN . . He PRP was VBD back RB in IN jail NN over IN the DT summer NN on IN shoplifting NN charges NNS . . Be VB the DT Star NN Central JJ figures NNS -- : such JJ as IN Richard NNP Nixon NNP -- : usually RB fare VBP better RBR than IN those DT with IN supporting VBG roles NNS . . Richard NNP Secord NNP , , the DT retired VBN Air NNP Force NNP general NN felled VBN in IN the DT Iran-Contra NNP scandal NN , , is VBZ all DT but CC ruined VBN -- : forced VBN to TO sell VB his PRP$ Virginia NNP home NN and CC pull VB his PRP$ kids NNS out IN of IN college NN , , according VBG to TO a DT recent JJ fund-raising JJ appeal NN sent VBN out RP on IN his PRP$ behalf NN . . Yet RB his PRP$ co-defendant NN in IN the DT case NN -- : also RB a DT former JJ military JJ officer NN by IN the DT name NN of IN Oliver NNP North NNP -- : has VBZ been VBN busily RB and CC profitably RB burnishing VBG his PRP$ involvement NN in IN the DT affair NN . . What WP accounts VBZ for IN the DT difference NN ? . During IN the DT televised VBN Iran-Contra NNP hearings NNS , , Mr. NNP North NNP came VBD off RP as IN a DT patriot NN from IN central JJ casting NN . . Mr. NNP Secord NNP 's POS performance NN was VBD decidedly RB less RBR inspiring JJ . . Mr. NNP North NNP remains VBZ in IN heavy JJ demand NN as IN a DT speaker NN , , for IN fees NNS reported VBN in IN the DT $ $ 20,000 CD range NN . . Even RB in IN the DT wake NN of IN Hurricane NNP Hugo NNP 750 CD people NNS turned VBD out RP in IN a DT remote JJ Virginia NNP town NN in IN September NNP for IN a DT `` `` family NN tribute NN '' '' to TO Mr. NNP North NNP given VBN by IN two CD dozen NN conservative JJ members NNS of IN Congress NNP . . If IN Sex NN Is VBZ Involved VBN , , All DT Bets NNS Are VBP Off IN Sex NN scandals NNS make VBP people NNS look VB careless JJ and CC silly JJ , , and CC one CD of IN the DT worst JJS sins NNS in IN Washington NNP is VBZ to TO be VB laughed VBN at IN . . `` `` You PRP can MD be VB wicked JJ , , but CC not RB foolish JJ , , '' '' says VBZ Mr. NNP Mankiewicz NNP . . Nevertheless RB , , Rep. NNP Gerry NNP Studds NNP of IN Massachusetts NNP was VBD handily RB re-elected JJ because IN of IN the DT candor NN with IN which WDT he PRP handled VBD revelations NNS that IN he PRP had VBD sex NN with IN a DT male JJ congressional JJ page NN in IN 1983 CD . . Former NNP Rep. NNP Robert NNP Bauman NNP , , a DT Maryland NNP Republican NNP who WP lost VBD his PRP$ seat NN in IN 1980 CD after IN he PRP was VBD caught VBN soliciting VBG sex NN from IN a DT 16-year-old JJ boy NN , , has VBZ never RB regained VBN his PRP$ professional JJ footing NN as IN a DT lawyer NN . . Mr. NNP Bauman NNP , , a DT conservative NN , , says VBZ he PRP was VBD deserted VBN by IN the DT right JJ wing NN . . `` `` Conservatives NNS shoot VBP their PRP$ own JJ , , '' '' he PRP says VBZ . . If IN the DT political JJ establishment NN is VBZ reluctant JJ to TO forgive VB sexual JJ misadventures NNS , , the DT private JJ sector NN sometimes RB will MD . . John NNP Tower NNP was VBD accused VBN of IN womanizing VBG and CC boozing VBG during IN his PRP$ unsuccessful JJ bid NN to TO win VB confirmation NN as IN secretary NN of IN defense NN earlier RBR this DT year NN . . Now RB he PRP is VBZ writing VBG a DT book NN , , serving VBG on IN an DT elite JJ foreign JJ policy NN advisory JJ board NN and CC consulting VBG for IN an DT array NN of IN corporate JJ clients NNS , , including VBG British JJ publishing NN mogul NN Robert NNP Maxwell NNP . . Become VB a DT Lobbyist NN When WRB all DT else RB fails VBZ , , Gucci NNP Gulch NNP -- : the DT fabled JJ halls NNS of IN the DT Capitol NNP inhabited VBN by IN lobbyists NNS and CC their PRP$ imported VBN shoes NNS -- : offers VBZ a DT welcome JJ environment NN for IN fallen VBN officials NNS . . Former NNP Rep. NNP Fernand NNP St NNP Germain NNP , , brought VBD down RB by IN the DT savings-and-loan JJ crisis NN , , now RB represents VBZ -- : you PRP guessed VBD it PRP -- : savings-and-loans JJ associations NNS . . Some DT become VBD pseudo-lobbyists NNS . . John NNP Mack NNP promptly RB quit VBD his PRP$ job NN last JJ spring NN as IN an DT aide NN to TO Speaker NNP Wright NNP amid IN public JJ outrage NN over IN Mr. NNP Mack NNP 's POS violent JJ attack NN on IN a DT young JJ woman NN when WRB he PRP was VBD 19 CD years NNS old JJ . . After IN a DT few JJ weeks NNS in IN seclusion NN , , Mr. NNP Mack NNP opened VBD a DT consulting VBG firm NN , , but CC not RB to TO enable VB him PRP to TO directly RB lobby VB ; : that WDT would MD require VB him PRP to TO disclose VB his PRP$ clients NNS by IN registering VBG as IN a DT lobbyist NN . . Still RB , , Mr. NNP Mack NNP says VBZ he PRP talks VBZ to TO `` `` 30 CD members NNS of IN Congress NNP a DT week NN . . '' '' Misery NN Loves VBZ Company NN Other JJ scandal NN survivors NNS are VBP sometimes RB the DT best JJS source NN of IN solace NN . . Raymond NNP Donovan NNP , , the DT New NNP Jersey NNP construction NN executive NN who WP was VBD forced VBN to TO resign VB as IN labor NN secretary NN and CC indicted VBN in IN 1985 CD , , only RB to TO be VB acquitted VBN of IN fraud NN charges NNS , , often RB calls VBZ other JJ scandal-tossed JJ public JJ figures NNS to TO offer VB a DT sympathetic JJ ear NN . . Each DT time NN a DT new JJ scandal NN hits VBZ , , he PRP says VBZ , , `` `` it PRP pulls VBZ the DT scabs NNS off IN your PRP$ knees NNS . . '' '' One CD of IN the DT first JJ people NNS to TO come VB to TO the DT Deaver NNP home NN after IN his PRP$ troubles NNS erupted VBD was VBD former JJ Nixon NNP aide NN John NNP Ehrlichman NNP , , whom WP Mr. NNP Deaver NNP scarcely RB knew VBD . . `` `` He PRP reassured VBD me PRP that IN the DT hurricane NN would MD end VB , , '' '' Mr. NNP Deaver NNP recalls VBZ . . Mr. NNP Bauman NNP received VBD an DT encouraging JJ letter NN from IN the DT recognized VBN master NN of IN scandal NN survival NN , , Richard NNP Nixon NNP . . Says VBZ Mr. NNP Bauman NNP : : `` `` If IN things NNS get VBP really RB tough JJ , , I PRP can MD always RB auction VB it PRP off RP at IN Sotheby NNP 's POS . . The DT Canadian JJ government NN , , with IN a DT view NN to TO becoming VBG more RBR politically RB active JJ in IN Latin NNP America NNP , , is VBZ expected VBN to TO announce VB tomorrow NN its PRP$ application NN to TO join VB the DT Organization NNP of IN American NNP States NNPS , , a DT Washington-based JJ regional JJ agency NN . . The DT expected VBN Canadian JJ move NN has VBZ been VBN welcomed VBN by IN the DT Bush NNP administration NN even RB though IN Canada NNP has VBZ opposed VBN such JJ U.S. NNP actions NNS as IN the DT trade NN embargo NN against IN Cuba NNP , , the DT invasion NN of IN Grenada NNP and CC the DT military JJ support NN for IN Nicaragua NNP 's POS Contra NNP guerrillas NNS . . Latin JJ American JJ countries NNS have VBP long RB urged VBN Canada NNP to TO join VB the DT OAS NNP in IN the DT hopes NNS that IN it PRP would MD be VB a DT counterweight NN to TO the DT U.S. NNP , , which WDT for IN many JJ years NNS tended VBD to TO dominate VB the DT 32-nation JJ organization NN . . Even RB though IN the DT U.S. NNP also RB has VBZ supported VBN Canadian JJ membership NN , , it PRP has VBZ n't RB been VBN a DT Washington NNP priority NN . . `` `` The DT fact NN that IN we PRP might MD not RB side VB with IN the DT Americans NNPS may MD be VB a DT reason NN why WRB Canada NNP 's POS membership NN in IN the DT OAS NNP has VBZ n't RB been VBN , , over IN the DT years NNS , , an DT item NN high JJ on IN the DT U.S. NNP agenda NN , , '' '' said VBD Allan NNP Gotlieb NNP , , former JJ Canadian JJ ambassador NN to TO the DT U.S. NNP . . The DT Canadian JJ application NN is VBZ expected VBN to TO be VB announced VBN in IN San NNP Jose NNP , , Costa NNP Rica NNP , , by IN Canadian NNP Prime NNP Minister NNP Brian NNP Mulroney NNP , , who WP is VBZ attending VBG a DT centenary JJ celebration NN of IN Costa NNP Rican NNP democracy NN . . `` `` Canada NNP has VBZ a DT larger JJR and CC more RBR beneficial JJ role NN to TO play VB in IN the DT hemisphere NN , , '' '' Mr. NNP Mulroney NNP said VBD recently RB . . Some DT Canadian JJ political JJ commentators NNS have VBP opposed VBN Canada NNP 's POS joining VBG what WP they PRP see VBP as IN a DT U.S.-dominated JJ organization NN . . `` `` Canada NNP could MD do VB plenty RB of IN things NNS to TO get VB serious JJ about IN Latin NNP America NNP without IN running VBG the DT risk NN of IN getting VBG caught VBN in IN the DT cross NN fire NN '' '' between IN the DT U.S. NNP and CC Latin JJ American JJ members NNS of IN the DT OAS NNP , , said VBD Jeffrey NNP Simpson NNP , , a DT columnist NN in IN Toronto NNP 's POS Globe NNP & CC Mail NNP newspaper NN . . Canada NNP , , at IN times NNS , , could MD be VB an DT awkward JJ OAS NNP partner NN for IN the DT U.S. NNP if IN its PRP$ United NNP Nations NNPS voting NN record NN is VBZ an DT indication NN . . In IN U.N. NNP General NNP Assembly NNP votes VBZ last JJ year NN , , Canada NNP voted VBD the DT same JJ as IN the DT U.S. NNP only RB 63 CD % NN of IN the DT time NN . . France NNP voted VBD the DT same JJ as IN the DT U.S. NNP 76 CD % NN of IN the DT time NN , , West NNP Germany NNP 79 CD % NN and CC Britain NNP 83 CD % NN . . Larry NNP Birns NNP , , director NN of IN the DT Washington-based JJ Council NNP on IN Hemispheric NNP Affairs NNPS , , a DT liberal JJ research NN group NN , , said VBD that IN Latin JJ American JJ countries NNS would MD be VB `` `` profoundly RB disappointed VBN '' '' if IN Canada NNP were VBD to TO follow VB the DT U.S. NNP lead NN in IN the DT OAS NNP . . `` `` Latin NNPS Americans NNPS see VBP Canada NNP as IN a DT non-interventionist JJ power NN that WDT respects VBZ their PRP$ sovereignty NN , , '' '' he PRP said VBD . . The DT OAS NNP , , which WDT tries VBZ to TO promote VB peace NN and CC economic JJ development NN within IN the DT Americas NNPS , , is VBZ attempting VBG to TO find VB a DT settlement NN of IN the DT current JJ Panama NNP political JJ crisis NN . . Cuba NNP has VBZ been VBN suspended VBN from IN OAS NNP membership NN , , but CC the DT organization NN 's POS members NNS are VBP discussing VBG Cuba NNP 's POS reinstatement NN . . Robert NNP H. NNP Knight NNP 's POS Oct. NNP 5 CD editorial-page NN article NN bemoaning VBG violence NN in IN comedy NN movies NNS ( ( `` `` Hollywood NNP , , You PRP Slay VBP Me PRP '' '' ) ) is VBZ interesting JJ , , but CC somewhat RB off-base JJ . . As IN a DT fan NN of IN older JJR movies NNS from IN the DT 1920s CD on IN , , I PRP do VBP not RB find VB modern JJ comedies NNS contain VBP violence NN , , sex NN and CC foul JJ language NN to TO any DT greater JJR degree NN than IN other JJ recent JJ movies NNS . . Older JJR movies NNS have VBP plenty NN of IN violence NN , , though IN it PRP is VBZ portrayed VBN in IN keeping VBG with IN the DT more RBR restrictive JJ social JJ conventions NNS of IN the DT time NN . . For IN example NN , , one CD of IN my PRP$ favorite JJ movies NNS is VBZ the DT 1949 CD British JJ comedy NN `` `` Kind NNP Hearts NNPS and CC Coronets NNPS , , '' '' in IN which WDT the DT entire JJ comedy NN is VBZ based VBN on IN actor NN Dennis NNP Price NNP 's POS murdering VBG eight CD titled VBN relatives NNS ( ( all DT played VBN by IN Alec NNP Guinness NNP ) ) because IN they PRP snubbed VBD his PRP$ mother NN and CC stand VBP in IN the DT way NN of IN his PRP$ acquiring VBG the DT family NN title NN . . Similarly RB , , one CD of IN the DT most RBS popular JJ comedy NN genres NNS of IN the DT 1930s CD and CC '40s CD was VBD the DT `` `` murder NN mystery\/comedy NN . . '' '' The DT `` `` Thin NNP Man NNP '' '' series NN of IN movies NNS , , as RB well RB as IN many JJ others NNS , , based VBN their PRP$ entire JJ comedic JJ appeal NN on IN the DT star NN detectives NNS ' POS witty JJ quips NNS and CC puns NNS as IN other JJ characters NNS in IN the DT movies NNS were VBD murdered VBN . . Further RB , , I PRP think VBP Mr. NNP Knight NNP made VBD a DT poor JJ choice NN in IN picking VBG `` `` A DT Fish NN Called VBN Wanda NNP '' '' as IN an DT example NN of IN the DT deplorable JJ state NN of IN modern JJ comedy NN movies NNS . . The DT specific JJ scene NN he PRP mentions VBZ in IN which WDT pet JJ dogs NNS are VBP crushed VBN is VBZ somewhat RB reminiscent JJ of IN the DT continual JJ plights NNS that WDT befall VBP the DT coyote NN in IN the DT old JJ Warner NNP Bros NNP . . `` `` Road NNP Runner NNP '' '' cartoons NNS . . There EX is VBZ no DT slow-motion JJ close-up NN , , blood-and-guts JJ portrayal NN of IN the DT animal NN 's POS demise NN . . Keep VB in IN mind NN that IN this DT is VBZ the DT same JJ movie NN in IN which WDT a DT character NN is VBZ flattened VBN by IN a DT steamroller NN only RB to TO pop VB right JJ back NN up IN and CC peer VB in IN the DT window NN of IN a DT Boeing NNP 747 CD -- : from IN the DT outside NN -- : as IN it PRP takes VBZ off IN . . I PRP will MD be VB the DT first JJ to TO agree VB that IN there EX is VBZ much JJ to TO be VB found VBN wrong RB with IN modern JJ movie NN making NN . . Many JJ modern JJ scriptwriters NNS seem VBP to TO be VB incapable JJ of IN writing VBG drama NN , , or CC anything NN else RB , , without IN foul-mouthed JJ cursing NN . . Sex NN and CC violence NN are VBP routinely RB included VBN even RB when WRB they PRP are VBP irrelevant JJ to TO the DT script NN , , and CC high-tech JJ special JJ effects NNS are VBP continually RB substituted VBN for IN good JJ plot NN and CC character NN development NN . . In IN short JJ , , we PRP have VBP a DT movie NN and CC television NN industry NN that WDT is VBZ either DT incapable JJ or CC petrified JJ of IN making VBG a DT movie NN unless IN it PRP carries VBZ a DT PG-13 NN or CC R NN rating NN . . Hence RB copious JJ amounts NNS of IN gratuitous JJ sex NN , , violence NN and CC gutter NN language NN are VBP included VBN as IN a DT crutch NN . . However RB , , these DT faults NNS are VBP not RB the DT exclusive JJ property NN of IN modern JJ comedies NNS , , and CC I PRP believe VBP Mr. NNP Knight NNP errs VBZ when WRB he PRP attempts VBZ to TO link VB this DT modern JJ phenomenon NN too RB closely RB to TO a DT single JJ category NN of IN movie NN making NN . . Michael NNP Smith NNP Rochester NNP Telephone NNP Corp. NNP said VBD it PRP agreed VBD to TO buy VB Viroqua NNP Telephone NNP Co. NNP of IN Viroqua NNP , , Wis NNP . . Terms NNS were VBD n't RB disclosed VBN . . Rochester NNP will MD exchange VB shares NNS of IN its PRP$ common JJ stock NN for IN all DT shares NNS outstanding JJ of IN Viroqua NNP Telephone NNP , , a DT family-owned JJ company NN . . Viroqua NNP serves VBZ about IN 3,000 CD access NN lines NNS in IN western JJ Wisconsin NNP . . The DT average JJ unemployment NN rate NN in IN the DT 15 CD biggest JJS industrialized VBN democracies NNS was VBD steady JJ in IN August NNP at IN the DT 6.1 CD % NN rate NN of IN the DT two CD previous JJ months NNS , , the DT Organization NNP for IN Economic NNP Cooperation NNP and CC Development NNP ( ( OECD NNP ) ) said VBD . . The DT August NNP rate NN was VBD 0.6 CD percentage NN point NN lower JJR than IN in IN the DT like JJ month NN a DT year NN earlier RBR , , reflecting VBG the DT pickup NN of IN activity NN in IN the DT 15 CD countries NNS . . The DT OECD NNP said VBD that IN most JJS of IN the DT improvement NN occurred VBD in IN the DT second JJ half NN of IN last JJ year NN ; : since IN February NNP of IN this DT year NN , , unemployment NN has VBZ been VBN steady JJ at IN around IN 6.2 CD % NN of IN the DT labor NN force NN . . ALAMCO NNP Inc. NNP said VBD its PRP$ board NN has VBZ approved VBN a DT 1-for-10 JJ reverse NN stock NN split NN . . The DT Clarksburg NNP , , W.Va. NNP , , producer NN of IN gas NN and CC oil NN , , said VBD it PRP wants VBZ shareholders NNS to TO approve VB the DT split NN because IN it PRP would MD `` `` enhance VB the DT marketability NN '' '' and CC trading NN of IN the DT stock NN . . If IN approved VBN at IN a DT shareholder NN meeting NN in IN December NNP , , the DT number NN of IN shares NNS outstanding JJ would MD decrease VB to TO five CD million CD from IN 50 CD million CD , , and CC par IN value NN would MD rise VB to TO 10 CD cents NNS from IN a DT penny NN . . Duriron NNP Co. NNP said VBD it PRP has VBZ agreed VBN to TO buy VB Automax NNP Inc. NNP , , a DT Cincinnati NNP maker NN of IN control NN accessories NNS for IN industrial JJ valves NNS . . Terms NNS were VBD n't RB disclosed VBN , , but CC Duriron NNP said VBD the DT deal NN will MD be VB completed VBN through IN an DT exchange NN of IN stock NN . . Closely RB held VBN Automax NNP has VBZ annual JJ sales NNS of IN about IN $ $ 10 CD million CD . . Duriron NNP , , a DT maker NN of IN pumps NNS , , valves NNS and CC other JJ controls NNS , , said VBD the DT acquisition NN wo MD n't RB impact VB its PRP$ 1989 CD profit NN . . Canadian JJ manufacturers NNS recorded VBD a DT 0.8 CD % NN decline NN in IN August NNP in IN their PRP$ backlog NN of IN unfilled JJ orders NNS , , Statistics NNPS Canada NNP , , a DT federal JJ agency NN , , said VBD . . The DT August NNP drop NN was VBD the DT fourth JJ decline NN in IN five CD months NNS . . Most JJS of IN the DT August NNP decrease NN was VBD attributed VBN to TO lower JJR order NN backlogs NNS in IN the DT primary JJ metal NN and CC electric NN and CC electronics-product NN industries NNS . . Manufacturers NNS ' POS shipments NNS rose VBD 0.3 CD % NN in IN August NNP following VBG two CD months NNS of IN declines NNS . . Inventories NNS fell VBD 0.3 CD % NN in IN August NNP . . Burmah NNP Oil NNP PLC NNP , , a DT British JJ independent JJ oil NN company NN , , said VBD its PRP$ West JJ German JJ subsidiary NN Castrol NNP has VBZ a DT 49 CD % NN share NN in IN Explonaft NNP G.m.b.H. NNP , , a DT new JJ Polish JJ lubricants NNS company NN . . The DT remaining VBG 51 CD % NN of IN the DT joint JJ venture NN will MD be VB controlled VBN by IN Polish JJ lubricants NNS manufacturers NNS , , refiners NNS and CC technical JJ institutes NN . . Explonaft NNP will MD develop VB application NN guidelines NNS for IN lubricants NNS , , sell VB high-quality JJ mineral NN oils NNS , , and CC offer VB services NNS in IN industrial JJ cleaning NN and CC related VBN fields NNS . . Burmah NNP , , which WDT has VBZ a DT strong JJ market NN position NN supplying VBG marine NN lubricants NNS and CC metal-working JJ fluids NNS in IN Poland NNP , , described VBD the DT joint JJ venture NN as IN `` `` fairly RB small JJ . . '' '' It PRP did VBD n't RB provide VB details NNS of IN setup NN costs NNS . . Du NNP Pont NNP Co. NNP reported VBD that IN third-quarter NN profit NN grew VBD a DT robust JJ 19 CD % NN from IN a DT year NN ago IN on IN the DT strength NN of IN the DT company NN 's POS operations NNS in IN various JJ chemicals NNS and CC fibers NNS , , and CC in IN petroleum NN . . Du NNP Pont NNP also RB raised VBD its PRP$ quarterly JJ dividend NN to TO $ $ 1.20 CD a DT share NN from IN $ $ 1.05 CD , , a DT change NN that WDT will MD increase VB the DT annualized JJ payout NN to TO shareholders NNS by IN some DT $ $ 140 CD million CD . . Du NNP Pont NNP , , unlike IN companies NNS hurt VBN badly RB by IN sharp JJ price NN declines NNS for IN basic JJ chemicals NNS and CC plastics NNS , , is VBZ benefiting VBG from IN its PRP$ broad JJ range NN of IN businesses NNS . . The DT profit NN gain NN was VBD made VBN despite IN a DT weakening NN in IN the DT housing NN market NN , , for IN which WDT the DT company NN is VBZ a DT supplier NN , , and CC a DT strengthening NN in IN the DT dollar NN , , which WDT lowers VBZ the DT value NN of IN overseas JJ earnings NNS when WRB they PRP are VBP translated VBN into IN dollars NNS . . The DT Wilmington NNP , , Del. NNP , , company NN reported VBD net NN of IN $ $ 547 CD million CD , , or CC $ $ 2.36 CD a DT share NN , , which WDT was VBD in IN line NN with IN Wall NNP Street NNP estimates NNS . . In IN the DT year-earlier JJ period NN , , the DT company NN earned VBD $ $ 461 CD million CD , , or CC $ $ 1.91 CD a DT share NN . . Sales NNS in IN the DT latest JJS quarter NN were VBD $ $ 8.59 CD billion CD , , up RB 9.4 CD % NN from IN $ $ 7.85 CD billion CD . . The DT dividend NN increase NN was VBD Du NNP Pont NNP 's POS second JJ this DT year NN , , an DT affirmation NN of IN statements NNS by IN top JJ executives NNS that IN they PRP intend VBP to TO increase VB rewards NNS to TO shareholders NNS . . `` `` We PRP have VBP n't RB benefited VBN the DT shareholder NN as RB much RB as IN we PRP need VBP to TO , , '' '' said VBD Edgar NNP Woolard NNP Jr. NNP , , Du NNP Pont NNP 's POS chairman NN and CC chief NN executive NN officer NN , , in IN an DT interview NN several JJ months NNS before IN he PRP entered VBD his PRP$ current JJ position NN in IN April NNP . . The DT largest JJS beneficiary NN will MD be VB Seagram NNP Co. NNP , , which WDT owns VBZ about IN 23 CD % NN of IN Du NNP Pont NNP . . A DT spokesman NN for IN Seagram NNP , , the DT Montreal NNP wine NN and CC spirits NNS concern NN controlled VBN by IN the DT Bronfman NNP family NN , , said VBD the DT company NN will MD post VB additional JJ pretax NN profit NN of IN about IN $ $ 33 CD million CD a DT year NN because IN of IN the DT additional JJ Du NNP Pont NNP dividends NNS . . Du NNP Pont NNP also RB announced VBD plans NNS for IN a DT 3-for-1 JJ stock NN split NN , , although IN the DT initial JJ higher JJR dividend NN will MD be VB paid VBN on IN pre-split JJ shares NNS . . Du NNP Pont NNP 's POS stock NN rose VBD $ $ 2.50 CD a DT share NN to TO close VB at IN $ $ 117.375 CD in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN yesterday NN . . Seagram NNP closed VBD at IN $ $ 84.75 CD , , up RB 12.5 CD cents NNS a DT share NN in IN Big NNP Board NNP trading NN . . Leading VBG the DT gains NNS for IN Du NNP Pont NNP in IN the DT latest JJS quarter NN was VBD its PRP$ industrial JJ products NNS segment NN , , where WRB profit NN soared VBD to TO $ $ 155 CD million CD from IN $ $ 99 CD million CD a DT year NN earlier RBR . . The DT company NN benefited VBD from IN continued VBN strong JJ demand NN and CC higher JJR selling VBG prices NNS for IN titanium NN dioxide NN , , a DT white JJ pigment NN used VBN in IN paints NNS , , paper NN and CC plastics NNS . . James NNP Fallon NNP , , a DT New NNP Providence NNP , , N.J. NNP , , marketing NN consultant NN to TO the DT chemicals NNS industry NN , , says VBZ Du NNP Pont NNP still RB holds VBZ an DT edge NN in IN making VBG the DT pigment NN because IN the DT company NN was VBD `` `` first RB in IN with IN the DT technology NN '' '' to TO lower VB costs NNS . . He PRP said VBD Du NNP Pont NNP holds VBZ about IN 23 CD % NN of IN the DT world-wide JJ market NN , , the DT largest JJS single JJ share NN , , at IN a DT time NN when WRB growing VBG uses NNS for IN the DT pigment NN have VBP kept VBN it PRP in IN tight JJ supply NN , , although IN others NNS are VBP now RB adding VBG low-cost JJ production NN capacity NN . . Profit NN climbed VBD to TO $ $ 98 CD million CD from IN $ $ 71 CD million CD in IN the DT petroleum NN segment NN , , as IN Du NNP Pont NNP 's POS Conoco NNP Inc. NNP oil NN company NN was VBD helped VBN by IN crude JJ oil NN prices NNS higher JJR than IN a DT year NN ago IN and CC by IN higher JJR natural JJ gas NN prices NNS and CC volume NN . . In IN the DT diversifed VBN businesses NNS segment NN , , which WDT includes VBZ herbicides NNS , , profit NN grew VBD to TO $ $ 64 CD million CD from IN $ $ 27 CD million CD . . A DT spokesman NN said VBD herbicide NN use NN in IN some DT areas NNS of IN the DT U.S. NNP was VBD delayed VBN earlier RBR in IN the DT year NN by IN heavy JJ rains NNS , , thus RB increasing VBG sales NNS in IN the DT third JJ quarter NN . . In IN the DT fibers NNS segment NN , , profit NN rose VBD to TO $ $ 180 CD million CD from IN $ $ 155 CD million CD , , a DT gain NN Du NNP Pont NNP attributed VBD to TO higher JJR demand NN in IN the DT U.S. NNP for IN most JJS textile NN products NNS . . Two CD segments NNS posted VBD lower JJR earnings NNS for IN the DT quarter NN . . Profit NN from IN coal NN fell VBD to TO $ $ 41 CD million CD from IN $ $ 58 CD million CD , , partly RB because IN of IN a DT miners NNS ' POS strike NN . . And CC profit NN from IN polymers NNS dropped VBD to TO $ $ 107 CD million CD from IN $ $ 122 CD million CD amid IN what WP Du NNP Pont NNP called VBD lower JJR demand NN and CC selling JJ prices NNS in IN certain JJ packaging NN and CC industrial JJ markets NNS . . For IN the DT nine CD months NNS , , Du NNP Pont NNP earned VBD $ $ 2 CD billion CD , , or CC $ $ 8.46 CD a DT share NN , , up RB 18 CD % NN from IN $ $ 1.69 CD billion CD , , or CC $ $ 7.03 CD a DT share NN , , a DT year NN earlier RBR . . Sales NNS increased VBD 10 CD % NN to TO $ $ 26.54 CD billion CD from IN $ $ 24.05 CD billion CD . . The DT increased VBN dividend NN will MD be VB paid VBN Dec. NNP 14 CD to TO holders NNS of IN record NN Nov. NNP 15 CD . . The DT stock NN split NN , , which WDT is VBZ subject JJ to TO holder NN approval NN , , would MD be VB paid VBN on IN a DT still RB unspecified JJ date NN in IN January NNP to TO holders NNS of IN record NN Dec. NNP 21 CD . . American NNP Medical NNP International NNP Inc. NNP was VBD dropped VBN from IN the DT health NN care NN providers NNS industry NN group NN of IN the DT Dow NNP Jones NNP Equity NNP Market NNP Index NNP . . The DT company NN is VBZ being VBG acquired VBN . . U.S. NNP Healthcare NNP Inc. NNP was VBD added VBN to TO the DT health NN care NN providers NNS group NN . . Both DT moves NNS are VBP effective JJ today NN . . The DT Canadian JJ government NN plans VBZ to TO auction VB on IN Tuesday NNP 750 CD million CD Canadian JJ dollars NNS ( ( US$ $ 639.9 CD million CD ) ) of IN 9.25 CD % NN bonds NNS due JJ Dec. NNP 1 CD , , 1999 CD , , the DT Finance NNP Department NNP said VBD . . Proceeds NNS of IN the DT issue NN will MD be VB used VBN for IN general JJ government NN purposes NNS . . Finnish JJ conglomerate NN Nokia NNP Oy NNP AB NNP said VBD it PRP reached VBD an DT agreement NN to TO buy VB Dutch NNP cable NN company NN NKF NNP Kabel NNP B.V. NNP for IN 420 CD million CD Finnish JJ markka FW ( ( $ $ 99.5 CD million CD ) ) . . Nokia NNP said VBD it PRP will MD gain VB control NN over IN NKF NNP Kabel NNP by IN buying VBG 51 CD % NN of IN the DT shares NNS in IN NKF NNP Holding NNP N.V. NNP , , which WDT owns VBZ NKF NNP Kabel NNP . . Western JJ European JJ leaders NNS who WP favor VBP speedy JJ economic JJ and CC monetary JJ union NN are VBP adding VBG a DT new JJ argument NN to TO their PRP$ arsenal NN : : the DT dizzying VBG political JJ changes NNS under IN way NN in IN Eastern NNP Europe NNP . . French NNP President NNP Francois NNP Mitterrand NNP , , European NNP Community NNP Commission NNP President NNP Jacques NNP Delors NNP , , Spanish NNP Prime NNP Minister NNP Felipe NNP Gonzalez NNP and CC others NNS have VBP begun VBN linking VBG the DT rapid JJ changes NNS in IN the DT East NNP to TO the DT need NN to TO speed VB up RP changes NNS in IN the DT West NNP . . They PRP are VBP stressing VBG that IN the DT best JJS way NN for IN the DT West NNP to TO help VB the DT East NNP is VBZ to TO move VB faster RBR towards IN Western NNP European NNP economic JJ and CC monetary JJ unity NN . . This DT would MD make VB the DT market-oriented JJ system NN more RBR attractive JJ to TO Eastern JJ countries NNS , , they PRP argue VBP , , and CC allow VB greater JJR economic JJ aid NN and CC technological JJ know-how NN to TO flow VB from IN West NNP to TO East NNP . . `` `` The DT only JJ response NN to TO the DT challenge NN being VBG presented VBN to TO us PRP by IN the DT East NNP , , '' '' Mr. NNP Mitterrand NNP told VBD the DT European NNP Parliament NNP in IN Strasbourg NNP yesterday NN , , `` `` is VBZ to TO reinforce VB and CC accelerate VB the DT union NN and CC cohesion NN of IN the DT European NNP Community NNP . . '' '' Mr. NNP Mitterrand NNP proposed VBD that IN a DT conference NN be VB convened VBN next JJ fall NN to TO write VB a DT new JJ treaty NN for IN the DT EC NNP allowing VBG a DT European JJ central JJ bank NN , , and CC that IN the DT treaty NN be VB ratified VBN by IN 1992 CD . . Mr. NNP Mitterrand NNP also RB proposed VBD a DT separate JJ `` `` Bank NNP for IN Europe NNP '' '' that WDT would MD channel VB development NN money NN to TO the DT East NNP . . One CD basis NN for IN linking VBG change NN in IN the DT East NNP and CC change NN in IN the DT West NNP is VBZ the DT notion NN that IN integrating VBG 110 CD million CD Eastern JJ Europeans NNPS with IN 320 CD million CD Western JJ Europeans NNPS is VBZ primarily RB the DT task NN of IN Europeans NNPS , , despite IN the DT U.S. NNP 's POS obvious JJ strategic JJ and CC economic JJ interest NN . . Says VBZ a DT European JJ strategist NN : : `` `` The DT U.S. NNP tends VBZ to TO look VB at IN Eastern NNP Europe NNP { ( not RB including VBG the DT Soviet NNP Union NNP } ) as IN Europe NNP looks VBZ at IN Latin NNP America NNP : : important JJ but CC far RB away RB . . But CC for IN us PRP in IN Western NNP Europe NNP , , these DT are VBP Europeans NNPS next JJ door NN . . '' '' A DT reintegrated VBN Europe NNP implies VBZ big JJ changes NNS in IN 40-year-old JJ military JJ and CC economic JJ policies NNS . . There EX is VBZ likely JJ to TO be VB a DT natural JJ division NN of IN labor NN , , says VBZ Francois NNP Heisbourg NNP , , director NN of IN the DT International NNP Institute NNP for IN Strategic NNP Studies NNPS in IN London NNP , , with IN the DT U.S. NNP more RBR engaged VBN in IN strategic JJ issues NNS with IN the DT Soviet NNP Union NNP , , and CC Western NNP Europe NNP more RBR involved VBN with IN specific JJ aid NN measures NNS for IN the DT East NNP . . The DT designation NN at IN July NNP 's POS economic JJ summit NN of IN major JJ industrialized VBN nations NNS of IN the DT EC NNP Commission NNP as IN coordinator NN of IN Western JJ aid NN to TO Poland NNP and CC Hungary NNP was VBD a DT first JJ step NN . . In IN part NN , , this DT division NN is VBZ dictated VBN by IN economics NNS : : West NNP Germany NNP is VBZ a DT net JJ exporter NN of IN capital NN while IN the DT U.S. NNP is VBZ n't RB . . While IN American JJ aid NN efforts NNS have VBP been VBN limited VBN by IN budget NN problems NNS , , yesterday NN France NNP announced VBD a DT three-year JJ , , four CD billion CD French NNP franc NN ( ( $ $ 650 CD million CD ) ) aid NN plan NN for IN Poland NNP . . Despite IN sudden JJ changes NNS in IN the DT strategic JJ equation NN , , some DT Western JJ European JJ leaders NNS , , especially RB British JJ Prime NNP Minister NNP Margaret NNP Thatcher NNP , , remain VBP skeptical JJ about IN European JJ political JJ and CC economic JJ unity NN , , and CC are VBP unlikely JJ to TO let VB East-West NNP concerns NNS change VB their PRP$ minds NNS . . But CC British JJ analysts NNS are VBP beginning VBG to TO link VB the DT issues NNS . . `` `` We PRP need VBP a DT Western JJ Ostpolitik NNP , , '' '' says VBZ John NNP Roper NNP , , of IN the DT Royal NNP Institute NNP of IN International NNP Affairs NNPS in IN London NNP , , referring VBG to TO West NNP Germany NNP 's POS longstanding JJ policy NN of IN a DT diplomatic JJ opening NN to TO the DT East NNP . . `` `` For IN Poland NNP and CC Hungary NNP we PRP need VBP to TO think VB about IN a DT stick-and-carrot NN economic JJ approach NN that WDT would MD force VB them PRP to TO price VB things NNS realistically RB in IN return NN for IN removing VBG all PDT our PRP$ tariff NN barriers NNS . . '' '' He PRP notes VBZ that IN the DT Marshall NNP Plan NNP of IN U.S. NNP aid NN to TO Europe NNP `` `` did VBD n't RB just RB throw VB money NN at IN post-war JJ Europe NNP , , it PRP also RB liberalized VBD and CC opened VBD up RP those DT markets NNS . . '' '' The DT French JJ analysis NN goes VBZ further RB . . `` `` Most JJS of IN the DT West NNP 's POS leaders NNS have VBP finally RB concluded VBN that IN we PRP all DT want VBP perestroika FW { ( Soviet JJ leader NN Mikhail NNP Gorbachev NNP 's POS policy NN of IN economic JJ restructuring NN } ) to TO succeed VB , , '' '' says VBZ Hubert NNP Vedrine NNP , , security NN adviser NN to TO Mr. NNP Mitterrand NNP . . `` `` But CC they PRP have VBP n't RB yet RB drawn VBN the DT operational JJ policy NN conclusions NNS . . '' '' He PRP adds VBZ that IN with IN communism NN collapsing VBG and CC Mr. NNP Gorbachev NNP scrambling VBG to TO rejuvenate VB the DT Soviet JJ economy NN , , `` `` Our PRP$ interest NN lies VBZ in IN a DT controlled VBN transformation NN , , a DT contained VBN nuclear JJ reaction NN , , so IN we PRP need VBP to TO help VB him PRP , , and CC not RB just RB with IN words NNS . . '' '' Managing VBG change NN , , he PRP adds VBZ , , will MD require VB a DT lot NN more JJR aid NN and CC a DT prominent JJ role NN for IN the DT EC NNP , , especially RB in IN dealing VBG with IN the DT question NN of IN German JJ reunification NN . . Thierry NNP de NNP Montbrial NNP , , director NN of IN the DT French NNP Institutue NNP for IN International NNP Relations NNPS in IN Paris NNP , , says VBZ it PRP is VBZ n't RB clear JJ what WP , , exactly RB , , West NNP Germany NNP wants VBZ . . Any DT push NN for IN a DT Gorbachev NNP vision NN of IN a DT `` `` common JJ European JJ home NN , , '' '' implying VBG the DT eventual JJ dissolution NN of IN the DT EC NNP , , a DT Soviet-German NNP partnership NN and CC the DT withdrawal NN of IN U.S. NNP forces NNS , , `` `` would MD be VB a DT very RB , , very RB serious JJ problem NN , , '' '' he PRP says VBZ . . He PRP doubts VBZ a DT Bismarckian JJ super JJ state NN will MD emerge VB that WDT would MD dominate VB Europe NNP , , but CC warns VBZ of IN `` `` a DT risk NN of IN profound JJ change NN in IN the DT heart NN of IN the DT European NNP Community NNP from IN a DT Germany NNP that WDT is VBZ too RB strong JJ , , even RB if IN democratic JJ . . '' '' He PRP adds VBZ : : `` `` We PRP , , and CC the DT rest NN of IN the DT EC NNP have VBP to TO talk VB to TO the DT Germans NNPS , , now RB , , frankly RB and CC raise VB these DT future JJ risks NNS with IN them PRP . . '' '' While IN many JJ commentators NNS , , particularly RB French JJ ones NNS , , worry VBP that IN hasty JJ and CC emotional JJ reaction NN to TO the DT changes NNS in IN the DT East NNP might MD lead VB to TO dangerous JJ pressures NNS for IN a DT denuclearized VBN Europe NNP or CC the DT speeded-up JJ withdrawal NN of IN American JJ troops NNS , , Mr. NNP Roper NNP in IN London NNP sees VBZ a DT more RBR positive JJ scenario NN . . `` `` There EX seems VBZ to TO be VB a DT message NN from IN Moscow NNP there EX 's VBZ a DT deal NN on IN offer NN , , '' '' he PRP says VBZ . . `` `` They PRP want VBP reassurance NN we PRP wo MD n't RB try VB to TO undermine VB or CC destroy VB the DT Warsaw NNP Pact NNP ... : . . In IN return NN , , the DT U.K. NNP and CC France NNP could MD keep VB their PRP$ nuclear JJ weapons NNS . . He PRP adds VBZ : : `` `` Once IN both DT sides NNS feel VBP comfortable JJ , , it PRP should MD be VB that RB much RB easier JJR to TO make VB more JJR progress NN toward IN the DT economic JJ and CC social JJ reforms NNS that WDT are VBP now RB starting VBG in IN the DT East NNP . . Kyle NNP Technology NNP Corp. NNP said VBD a DT Seattle NNP investor NN has VBZ signed VBN a DT letter NN of IN intent NN to TO buy VB the DT company NN for IN about IN $ $ 3.1 CD million CD , , or CC $ $ 1.20 CD a DT share NN . . The DT investor NN , , Donald NNP A. NNP Wright NNP , , plans VBZ to TO run VB the DT company NN , , said VBD a DT spokesman NN for IN Kyle NNP . . The DT transaction NN has VBZ been VBN approved VBN by IN Kyle NNP 's POS board NN , , but CC requires VBZ the DT approval NN of IN the DT company NN 's POS shareholders NNS . . Kyle NNP manufactures VBZ electronic JJ components NNS . . Dominion NNP Textile NNP Inc. NNP holders NNS adopted VBD a DT shareholder-rights JJ plan NN at IN the DT annual JJ meeting NN . . The DT so-called JJ poison NN pill NN took VBD effect NN Aug. NNP 9 CD pending VBG ratification NN by IN holders NNS . . Rights NNS attached VBN to TO the DT company NN 's POS common JJ shares NNS were VBD issued VBN that WDT are VBP triggered VBN if IN a DT hostile JJ bidder NN acquires VBZ more JJR than IN 20 CD % NN of IN the DT shares NNS outstanding JJ . . Once RB triggered VBN , , the DT rights NNS allow VBP holders NNS to TO buy VB additional JJ shares NNS at IN 50 CD % NN of IN the DT then RB current JJ market NN price NN or CC , , at IN the DT board NN 's POS discretion NN , , to TO receive VB securities NNS or CC assets NNS . . Separately RB , , Dominion NNP Textile NNP posted VBD net JJ income NN of IN 4.7 CD million CD Canadian JJ dollars NNS ( ( $ $ 4 CD million CD ) ) , , or CC 12 CD Canadian JJ cents NNS a DT share NN , , for IN the DT fiscal-first JJ quarter NN ended VBD Sept. NNP 30 CD . . The DT company NN had VBD a DT net JJ loss NN of IN C$ $ 2.3 CD million CD , , or CC 14 CD Canadian JJ cents NNS a DT share NN , , a DT year NN ago IN . . Sales NNS were VBD C$ $ 348.2 CD million CD compared VBN with IN C$ $ 307.2 CD a DT year NN earlier RBR . . Computer NNP Sciences NNPS Corp. NNP said VBD it PRP received VBD a DT U.S. NNP Postal NNP Service NNP contract NN that WDT will MD have VB a DT value NN of IN at IN least JJS $ $ 33 CD million CD . . Computer NNP Sciences NNPS will MD perform VB data NNS processing VBG work NN for IN the DT Postal NNP Service NNP under IN the DT three-year JJ contract NN , , which WDT also RB includes VBZ two CD additional JJ option NN years NNS for IN which WDT compensation NN has VBZ n't RB yet RB been VBN fixed VBN . . Computer NNP Sciences NNPS said VBD its PRP$ work NN will MD improve VB mail-processing JJ efficiency NN . . For IN its PRP$ fiscal JJ year NN ended VBD March NNP 31 CD , , Computer NNP Sciences NNPS had VBD revenue NN of IN $ $ 1.3 CD billion CD . . Ohbayashi NNP Corp. NNP agreed VBD to TO buy VB E.W. NNP Howell NNP Co. NNP , , the DT U.S. NNP subsidiary NN of IN Selmer-Sande NNP AS NNP , , of IN Norway NNP , , for IN about IN $ $ 7 CD million CD . . Howell NNP , , a DT Port NNP Washington NNP , , N.Y. NNP , , construction NN concern NN , , was VBD established VBN in IN 1891 CD . . It PRP has VBZ three CD U.S. NNP branches NNS . . Ohbayashi NNP officials NNS said VBD the DT purchase NN was VBD undertaken VBN to TO participate VB in IN ventures NNS in IN and CC around IN New NNP York NNP City NNP . . They PRP said VBD Howell NNP is VBZ particularly RB successful JJ there RB because IN of IN its PRP$ membership NN cooperation NN with IN local JJ unions NNS . . Ohbayashi NNP is VBZ Japan NNP 's POS second JJ largest JJS construction NN company NN . . Until IN now RB , , its PRP$ inability NN to TO form VB membership NN ties NNS with IN organized VBN labor NN has VBZ kept VBN it PRP from IN penetrating VBG the DT lucrative JJ New NNP York NNP metropolitan JJ area NN construction NN market NN . . The DT company NN also RB hopes VBZ the DT latest JJS acquisition NN will MD help VB secure VB large JJ construction NN orders NNS from IN Japanese JJ concerns NNS with IN U.S. NNP operations NNS . . Ohbayashi NNP cited VBD industry NN publications NNS crediting VBG Howell NNP , , currently RB capitalized VBN at IN $ $ 2.2 CD million CD , , with IN receiving VBG orders NNS valued VBN at IN $ $ 225 CD million CD in IN 1988 CD . . The DT Japanese JJ company NN received VBD orders NNS totaling VBG 12.44 CD billion CD yen NN ( ( $ $ 87.9 CD million CD ) ) from IN its PRP$ U.S. NNP business NN activities NNS during IN the DT fiscal JJ year NN ended VBD in IN March NNP . . H. NNP Marshall NNP Schwarz NNP was VBD named VBN chairman NN and CC chief NN executive JJ officer NN of IN U.S. NNP Trust NNP Corp. NNP , , a DT private-banking JJ firm NN with IN assets NNS under IN management NN of IN about IN $ $ 17 CD billion CD . . Mr. NNP Schwarz NNP , , 52 CD years NNS old JJ , , will MD succeed VB Daniel NNP P. NNP Davison NNP Feb. NNP 1 CD , , soon RB after IN Mr. NNP Davison NNP reaches VBZ the DT company NN 's POS mandatory JJ retirement NN age NN of IN 65 CD . . Mr. NNP Schwarz NNP , , who WP is VBZ president NN of IN U.S. NNP Trust NNP , , will MD be VB succeeded VBN in IN that DT post NN by IN Jeffrey NNP S. NNP Maurer NNP , , 42 CD , , who WP is VBZ executive JJ vice NN president NN in IN charge NN of IN the DT company NN 's POS asset-management NN group NN . . U.S. NNP Trust NNP , , a DT 136-year-old JJ institution NN that WDT is VBZ one CD of IN the DT earliest JJS high-net NN worth JJ banks NNS in IN the DT U.S. NNP , , has VBZ faced VBN intensifying VBG competition NN from IN other JJ firms NNS that WDT have VBP established VBN , , and CC heavily RB promoted VBN , , private-banking JJ businesses NNS of IN their PRP$ own JJ . . As IN a DT result NN , , U.S. NNP Trust NNP 's POS earnings NNS have VBP been VBN hurt VBN . . But CC Mr. NNP Schwarz NNP welcomes VBZ the DT competition NN in IN U.S. NNP Trust NNP 's POS flagship NN businesses NNS , , calling VBG it PRP `` `` flattery NN . . '' '' Mr. NNP Schwarz NNP says VBZ the DT competition NN `` `` broadens VBZ the DT base NN of IN opportunity NN for IN us PRP . . '' '' Other JJ firms NNS `` `` are VBP dealing VBG with IN the DT masses NNS . . I PRP do VBP n't RB believe VB they PRP have VBP the DT culture NN '' '' to TO adequately RB service VB high-net-worth JJ individuals NNS , , he PRP adds VBZ . . U.S. NNP Trust NNP recently RB introduced VBD certain JJ mutual-fund JJ products NNS , , which WDT allow VBP it PRP to TO serve VB customers NNS with IN minimum JJ deposits NNS of IN $ $ 250,000 CD . . Previously RB , , the DT company NN advertised VBD at IN the DT $ $ 2 CD million CD level NN . . `` `` We PRP have VBP always RB taken VBN smaller JJR accounts NNS , , but CC now RB we PRP are VBP looking VBG for IN smaller JJR accounts NNS that WDT will MD grow VB , , '' '' Mr. NNP Schwarz NNP says VBZ . . `` `` Our PRP$ bread NN and CC butter NN is VBZ still RB the DT $ $ 2 CD million CD to TO $ $ 20 CD million CD account NN , , '' '' he PRP says VBZ . . The DT new JJ services NNS allow VBP U.S. NNP Trust NNP to TO cater VB to TO the DT `` `` new JJ wealth NN , , '' '' Mr. NNP Schwarz NNP says VBZ . . Quarterly JJ net JJ income NN this DT year NN has VBZ risen VBN just RB over IN comparable JJ periods NNS in IN 1988 CD , , when WRB year-end JJ net NN was VBD below IN the DT 1987 CD level NN . . In IN this DT year NN 's POS third JJ quarter NN , , for IN example NN , , net NN was VBD $ $ 10.5 CD million CD , , or CC $ $ 1.05 CD a DT share NN , , compared VBN with IN $ $ 10.3 CD million CD , , or CC $ $ 1.02 CD a DT share NN , , a DT year NN earlier RBR . . Assets NNS as IN of IN Sept. NNP 30 CD fell VBD to TO $ $ 2.46 CD billion CD from IN about IN $ $ 2.77 CD billion CD . . `` `` We PRP will MD have VB a DT reasonably RB flat JJ year NN this DT year NN , , '' '' Mr. NNP Schwarz NNP says VBZ . . Mr. NNP Schwarz NNP also RB said VBD costs NNS associated VBN with IN U.S. NNP Trust NNP 's POS planned VBN move NN to TO midtown NN Manhattan NNP from IN Wall NNP Street NNP will MD continue VB to TO be VB a DT drag NN on IN earnings NNS through IN 1990 CD . . Mr. NNP Schwarz NNP 's POS great-grandfather NN founded VBD the DT New NNP York NNP toy NN store NN F.A.O. NNP Schwarz NNP , , but CC his PRP$ family NN no RB longer RB has VBZ ties NNS to TO the DT company NN . . Mr. NNP Schwarz NNP 's POS father NN was VBD a DT U.S. NNP Trust NNP trustee NN until IN 1974 CD . . U.S. NNP Trust NNP also RB created VBD a DT four-member JJ office NN of IN the DT chairman NN , , effective JJ Feb. NNP 1 CD . . It PRP will MD include VB Messrs. NNP Schwarz NNP and CC Maurer NNP . . Donald NNP M. NNP Roberts NNP , , 54 CD , , treasurer NN , , and CC Frederick NNP S. NNP Wonham NNP , , 58 CD , , who WP takes VBZ responsibility NN for IN the DT funds-service JJ group NN , , were VBD named VBN vice NN chairmen NNS and CC will MD serve VB in IN the DT office NN of IN the DT chairman NN . . Mr. NNP Roberts NNP continues VBZ as IN treasurer NN , , and CC Mr. NNP Wonham NNP remains VBZ responsible JJ for IN the DT offices NNS of IN comptroller NN , , planning NN , , marketing NN and CC general JJ services NNS . . Frederick NNP B. NNP Taylor NNP , , 48 CD , , also RB was VBD named VBN a DT vice NN chairman NN and CC chief NN investment NN officer NN , , a DT new JJ post NN . . He PRP previously RB held VBD similar JJ responsibilities NNS . . Mr. NNP Taylor NNP also RB was VBD named VBN a DT director NN , , increasing VBG the DT board NN to TO 22 CD , , but CC is VBZ not RB part NN of IN the DT new JJ office NN of IN the DT chairman NN . . James NNP E. NNP Bacon NNP , , 58 CD , , executive JJ vice NN president NN , , who WP has VBZ directed VBN the DT funds-service JJ group NN , , will MD retire VB . . Sun NNP Microsystems NNPS Inc. NNP , , snapping VBG back RB to TO profitability NN after IN its PRP$ first JJ quarterly JJ loss NN as IN a DT public JJ firm NN , , said VBD it PRP earned VBD $ $ 5.2 CD million CD , , or CC seven CD cents NNS a DT share NN , , in IN the DT fiscal JJ first JJ quarter NN . . Sun NNP , , a DT maker NN of IN computer NN workstations NNS , , reported VBD sales NNS of IN $ $ 538.5 CD million CD for IN the DT quarter NN ended VBD Sept. NNP 29 CD , , up RB 39 CD % NN from IN $ $ 388.5 CD million CD a DT year NN earlier RBR . . In IN the DT 1988 CD period NN , , the DT company NN earned VBD $ $ 20.6 CD million CD , , or CC 26 CD cents NNS a DT share NN . . Sun NNP 's POS results NNS were VBD slightly RB better JJR than IN expectations NNS . . Earlier RBR this DT month NN , , the DT company NN said VBD it PRP expected VBD to TO break VB even RB for IN the DT quarter NN on IN sales NNS of IN $ $ 530 CD million CD . . In IN a DT statement NN , , Scott NNP McNealy NNP , , Sun NNP 's POS chief NN executive NN officer NN , , said VBD the DT company NN 's POS performance NN was VBD hampered VBN by IN problems NNS tied VBN to TO the DT introduction NN of IN a DT major JJ new JJ family NN of IN computers NNS in IN April NNP . . One CD of IN those DT new JJ computers NNS , , called VBN Sparcstation NNP 1 CD , , accounted VBD for IN nearly RB half DT of IN the DT 28,000 CD systems NNS Sun NNP shipped VBD in IN the DT quarter NN , , he PRP said VBD . . More JJR than IN two-thirds NNS of IN the DT systems NNS shipped VBN , , meanwhile RB , , were VBD products NNS introduced VBN in IN April NNP . . But CC problems NNS in IN manufacturing VBG , , forecasting VBG demand NN and CC getting VBG the DT bugs NNS out IN of IN a DT new JJ management NN information NN system NN made VBD it PRP extremely RB difficult JJ for IN Sun NNP to TO meet VB demand NN for IN its PRP$ newest JJS computers NNS well RB into IN the DT summer NN . . These DT problems NNS also RB resulted VBD in IN Sun NNP reporting VBG a DT $ $ 20.3 CD million CD loss NN for IN its PRP$ fourth JJ quarter NN ended VBD June NNP 30 CD . . Mr. NNP McNealy NNP said VBD the DT issues NNS that WDT hurt VBP Sun NNP 's POS performance NN earlier RBR this DT year NN are VBP now RB `` `` largely RB '' '' behind IN the DT firm NN , , and CC he PRP indicated VBD that IN Sun NNP 's POS profitability NN should MD increase VB throughout IN the DT fiscal JJ year NN . . Sun NNP also RB reported VBD a DT record NN backlog NN of IN orders NNS . . While IN this DT indicates VBZ continued VBN strong JJ demand NN for IN the DT company NN 's POS desk-top JJ computers NNS , , Sun NNP faces VBZ increasing VBG competition NN from IN Digital NNP Equipment NNP Corp. NNP and CC Hewlett-Packard NNP Co NNP . . Recently RB , , analysts NNS have VBP said VBD Sun NNP also RB is VBZ vulnerable JJ to TO competition NN from IN International NNP Business NNP Machines NNPS Corp. NNP , , which WDT plans VBZ to TO introduce VB a DT group NN of IN workstations NNS early RB next IN year NN , , and CC Next NNP Inc NNP . . C.B. NNP Rogers NNP Jr. NNP was VBD named VBN chief NN executive NN officer NN of IN this DT business NN information NN concern NN . . Mr. NNP Rogers NNP , , 60 CD years NNS old JJ , , succeeds VBZ J.V. NNP White NNP , , 64 CD , , who WP will MD remain VB chairman NN and CC chairman NN of IN the DT executive JJ committee NN . . Mr. NNP Rogers NNP , , who WP was VBD president NN and CC chief NN operating VBG officer NN of IN Equifax NNP , , will MD retain VB his PRP$ position NN as IN president NN . . The DT company NN said VBD a DT new JJ chief NN operating VBG officer NN wo MD n't RB be VB appointed VBN . . A DT merchant NN bank NN and CC investment NN fund NN have VBP agreed VBN to TO co-sponsor VB a DT reorganization NN plan NN to TO bring VB Sharon NNP Steel NNP Corp. NNP out IN of IN Chapter NN 11 CD proceedings NNS and CC to TO acquire VB the DT company NN 's POS steel-related JJ assets NNS in IN a DT transaction NN valued VBN at IN more JJR than IN $ $ 300 CD million CD . . Castle NNP Harlan NNP Inc. NNP , , a DT New NNP York NNP merchant NN bank NN , , and CC Quantum NNP Fund NNP said VBD they PRP would MD acquire VB the DT assets NNS for IN a DT combination NN of IN cash NN and CC the DT assumption NN of IN certain JJ of IN Sharon NNP 's POS liabilities NNS . . The DT balance NN of IN the DT company NN 's POS assets NNS and CC liabilities NNS would MD be VB transferred VBN to TO a DT new JJ company NN that WDT would MD be VB owned VBN by IN Sharon NNP 's POS creditors NNS . . Quantum NNP said VBD it PRP has VBZ agreed VBN to TO purchase VB as RB much RB as IN $ $ 50 CD million CD in IN equity NN in IN the DT new JJ company NN , , if IN necessary JJ , , for IN the DT confirmation NN of IN the DT plan NN . . Castle NNP Harlan NNP and CC Quantum NNP said VBD the DT plan NN is VBZ expected VBN to TO be VB filed VBN within IN 60 CD days NNS with IN the DT U.S. NNP Bankruptcy NNP Court NNP in IN Pittsburgh NNP . . The DT agreement NN is VBZ subject JJ to TO certain JJ conditions NNS , , including VBG obtaining VBG financing NN . . Castle NNP Harlan NNP said VBD that DT such JJ financing NN is VBZ already RB being VBG sought VBN and CC that IN a DT formal JJ proposal NN would MD be VB made VBN to TO Sharon NNP 's POS Chapter NN 11 CD trustee NN and CC other JJ Sharon NNP creditors NNS over IN the DT next JJ few JJ days NNS . . Sharon NNP , , based VBN in IN Farrell NNP , , Pa. NNP , , filed VBD for IN protection NN from IN creditors NNS under IN the DT federal JJ Bankruptcy NNP Code NNP in IN April NNP 1987 CD . . The DT company NN had VBD been VBN one CD of IN the DT maninstays NNS of IN Miami NNP Beach NNP financier NN Victor NNP Posner NNP 's POS empire NN . . Mr. NNP Posner NNP resigned VBD as IN president NN and CC chief NN executive JJ officer NN of IN Sharon NNP in IN April NNP 1988 CD . . He PRP remains VBZ chairman NN , , but CC wields VBZ little JJ power NN at IN the DT company NN . . Quantum NNP Fund NNP , , based VBN in IN New NNP York NNP , , is VBZ a DT $ $ 2.1 CD billion CD investment NN fund NN managed VBN by IN Soros NNP Fund NNP Management NNP . . Quantum NNP is VBZ Sharon NNP 's POS largest JJS unsecured JJ creditor NN . . The DT Castle NNP Harlan NNP group NN includes VBZ Walter NNP Sieckman NNP , , former JJ chief NN operating VBG officer NN of IN Sharon NNP , , and CC Wolfgang NNP Jansen NNP , , former JJ executive NN vice NN president NN . . Executives NNS at IN Sharon NNP declined VBD to TO comment VB on IN the DT proposal NN . . The DT company NN 's POS trustee NN , , F.E. NNP Agnew NNP , , was VBD unavailable JJ for IN comment NN . . Two CD old JJ friends NNS , , George NNP Bush NNP and CC Deng NNP Xiaoping NNP , , are VBP trying VBG to TO limit VB further JJ damage NN to TO U.S.-China NNP ties NNS . . But CC as IN Congress NNP prepares VBZ a DT fresh JJ package NN of IN sanctions NNS against IN Beijing NNP , , the DT already-tense JJ relationship NN could MD get VB worse JJR . . The DT problem NN for IN Congress NNP will MD be VB to TO weigh VB what WP China NNP is VBZ saying VBG to TO its PRP$ people NNS against IN the DT more RBR conciliatory JJ message NN it PRP is VBZ delivering VBG to TO the DT Bush NNP administration NN . . In IN a DT move NN apparently RB aimed VBN at IN heading VBG off RP new JJ punitive JJ legislation NN , , Mr. NNP Deng NNP sent VBD an DT indirect JJ signal NN to TO Washington NNP via IN T.D. NNP Lee NNP , , a DT Columbia NNP University NNP physicist NN who WP met VBD Mr. NNP Deng NNP and CC other JJ Chinese JJ leaders NNS in IN Beijing NNP last JJ month NN . . When WRB he PRP met VBD with IN Mr. NNP Bush NNP on IN his PRP$ return NN , , Mr. NNP Lee NNP says VBZ , , he PRP told VBD the DT president NN that IN the DT Chinese NNPS `` `` made VBD statements NNS to TO me PRP that IN I PRP regard VBP as IN a DT first JJ step NN toward IN reconciliation NN . . '' '' The DT communication NN Mr. NNP Lee NNP brought VBD represents VBZ the DT softer JJR line NN the DT U.S. NNP has VBZ been VBN hoping VBG to TO hear VB from IN Chinese JJ officials NNS since IN the DT June NNP 4 CD massacre NN of IN pro-democracy JJ demonstrators NNS in IN Beijing NNP . . The DT Chinese JJ leader NN , , Mr. NNP Lee NNP informed VBD Mr. NNP Bush NNP , , expressed VBD some DT regret NN for IN what WP had VBD happened VBN in IN Beijing NNP and CC conceded VBD that IN China NNP 's POS officials NNS bore VBD some DT responsibility NN . . Mr. NNP Lee NNP says VBZ Mr. NNP Deng NNP told VBD him PRP : : `` `` We PRP should MD not RB mind VB those DT who WP participated VBD in IN demonstrations NNS , , signed VBD anti-government NN materials NNS and CC went VBD on IN hunger NN strikes NNS . . '' '' Mr. NNP Deng NNP added VBD , , says VBZ Mr. NNP Lee NNP , , that IN `` `` we PRP really RB made VBD mistakes NNS . . We PRP must MD not RB shirk VB our PRP$ responsibility NN and CC we PRP can MD not RB just RB blame VB the DT demonstrators NNS . . '' '' Mr. NNP Lee NNP also RB reported VBD to TO the DT president NN that IN , , in IN a DT separate JJ meeting NN , , Communist NNP Party NNP chief NN Jiang NNP Zemin NNP said VBD the DT Chinese JJ leadership NN `` `` looked VBD kindly RB on IN the DT students NNS who WP took VBD part NN in IN the DT demonstrations NNS . . '' '' Mr. NNP Jiang NNP also RB pledged VBD that IN the DT Chinese NNP Red NNP Cross NNP would MD publish VB `` `` very RB soon RB '' '' a DT list NN of IN those DT killed VBN . . And CC he PRP told VBD the DT physicist NN that IN China NNP 's POS leaders NNS were VBD `` `` very RB much RB concerned VBN '' '' about IN the DT deaths NNS and CC had VBD arranged VBN aid NN for IN the DT victims NNS ' POS families NNS . . `` `` I PRP transmitted VBD my PRP$ conversations NNS to TO the DT White NNP House NNP , , '' '' Prof. NNP Lee NNP says VBZ . . But CC , , he PRP adds VBZ , , `` `` I PRP was VBD not RB acting VBG as IN a DT messenger NN . . '' '' He PRP says VBZ that IN the DT Chinese NNPS never RB asked VBD him PRP to TO convey VB their PRP$ statements NNS to TO President NNP Bush NNP , , but CC that IN the DT White NNP House NNP spontaneously RB invited VBD him PRP to TO do VB so RB . . Mr. NNP Lee NNP concedes VBZ the DT statements NNS made VBN to TO him PRP are VBP far RB different JJ from IN others NNS being VBG issued VBN in IN China NNP , , but CC attributes VBZ that DT to TO the DT fact NN that IN the DT situation NN in IN China NNP is VBZ `` `` very RB complex JJ . . '' '' According VBG to TO U.S. NNP sources NNS in IN Beijing NNP , , the DT administration NN hopes VBZ Mr. NNP Deng NNP 's POS fairly RB conciliatory JJ comments NNS will MD prod VB Congress NNP to TO be VB cautious JJ about IN further JJ sanctions NNS against IN Beijing NNP . . `` `` The DT president NN does VBZ n't RB want VB to TO have VB legislative JJ sanctions NNS , , '' '' says VBZ a DT U.S. NNP official NN . . `` `` But CC he PRP may MD not RB have VB a DT choice NN . . '' '' Given VBN China NNP 's POS far-from-conciliatory JJ statements NNS to TO its PRP$ own JJ people NNS , , Mr. NNP Bush NNP may MD be VB unable JJ to TO prevent VB new JJ sanctions NNS . . Beijing NNP officials NNS have VBP said VBN they PRP will MD step VB up RP the DT campaign NN of IN arrests NNS and CC intimidation NN against IN those DT who WP participated VBD in IN the DT demonstrations NNS . . Sentences NNS have VBP been VBN stiff JJ . . A DT university NN student NN got VBD eight CD years NNS for IN participating VBG in IN the DT rallies NNS , , sources NNS in IN Beijing NNP said VBD , , while IN an DT 18-year-old JJ worker NN got VBD 10 CD years NNS . . Nor CC has VBZ Beijing NNP hinted VBN to TO its PRP$ citizens NNS that IN it PRP will MD publish VB the DT identities NNS of IN those DT killed VBN . . So IN far RB , , the DT victims NNS are VBP officially RB considered VBN evil-doers NNS , , and CC their PRP$ families NNS receive VBP no DT compensation NN . . A DT man NN gunned VBN down RP by IN a DT stray JJ bullet NN while IN cycling VBG to TO work NN carries VBZ , , after IN his PRP$ death NN , , the DT official JJ stigma NN of IN `` `` counterrevolutionary JJ , , '' '' his PRP$ wife NN says VBZ . . What WP 's VBZ more JJR , , much JJ of IN China NNP 's POS official JJ rhetoric NN is VBZ hostile JJ to TO the DT U.S. NNP . . China NNP frequently RB lambastes VBZ the DT U.S. NNP Embassy NNP for IN harboring VBG astrophysicist NN Fang NNP Lizhi NNP , , a DT political JJ dissident NN who WP took VBD refuge NN there RB after IN the DT massacre NN . . `` `` In IN the DT U.S. NNP , , there EX are VBP still RB people NNS who WP want VBP to TO crush VB China NNP and CC interfere VB in IN our PRP$ internal JJ affairs NNS , , '' '' Zhu NNP Qizhen NNP , , China NNP 's POS new JJ ambassador NN to TO the DT U.S. NNP , , said VBD as IN he PRP left VBD for IN Washington NNP last JJ week NN . . The DT House NNP and CC Senate NNP are VBP to TO begin VB soon RB hashing VBG out RP an DT agreement NN for IN sanctions NNS legislation NN . . It PRP will MD probably RB be VB attached VBN to TO a DT State NNP Department NNP authorization NN bill NN , , which WDT Mr. NNP Bush NNP is VBZ n't RB expected VBN to TO veto VB . . A DT congressional JJ staffer NN involved VBN in IN drafting VBG the DT sanctions NNS says VBZ they PRP are VBP likely JJ to TO mirror VB those DT Mr. NNP Bush NNP enacted VBN shortly RB after IN the DT massacre NN . . But CC as IN legislative JJ action NN , , they PRP would MD carry VB greater JJR weight NN and CC would MD be VB more RBR difficult JJ to TO rescind VB . . Measures NNS already RB in IN effect NN that WDT are VBP expected VBN to TO be VB made VBN law NN include VBP a DT ban NN on IN military JJ sales NNS and CC exchanges NNS , , a DT suspension NN of IN most JJS high-level JJ government NN contacts NNS and CC a DT halt NN to TO U.S. NNP trade NN enhancement NN programs NNS , , such JJ as IN the DT Overseas NNP Private NNP Investment NNP Corp. NNP and CC the DT Trade NNP Development NNP Program NNP . . Codifying VBG those DT sanctions NNS could MD prompt VB Chinese JJ retaliation NN . . `` `` If IN the DT two CD sides NNS are VBP n't RB careful JJ , , U.S.-China NNP ties NNS could MD spin VB downward RB , , out IN of IN control NN , , '' '' says VBZ a DT U.S. NNP official NN in IN Beijing NNP . . `` `` Bush NNP and CC Deng NNP are VBP hoping VBG { ( that IN } ) cooler JJR heads NNS prevail VBP . . The DT amount NN of IN blood NN surgical JJ patients NNS can MD donate VB and CC store VB before IN surgery NN can MD be VB increased VBN by IN the DT new JJ genetically RB engineered VBN drug NN , , EPO NNP . . EPO NNP , , or CC erythropoietin NN , , is VBZ a DT protein NN the DT human JJ body NN makes VBZ to TO stimulate VB the DT growth NN of IN red JJ blood NN cells NNS . . A DT genetically RB engineered VBN version NN of IN the DT human JJ protein NN developed VBN by IN Amgen NNP Corp. NNP of IN Thousand NNP Oaks NNP , , Calif. NNP , , recently RB has VBZ been VBN marketed VBN by IN the DT Ortho NNP Pharmaceuticals NNP division NN of IN Johnson NNP & CC Johnson NNP . . A DT competing VBG version NN of IN EPO NNP is VBZ being VBG developed VBN by IN Genetics NNP Institute NNP Inc. NNP in IN Cambridge NNP , , Mass NNP . . The DT drug NN is VBZ being VBG used VBN primarily RB to TO treat VB anemias NNS . . A DT new JJ experiment NN , , reported VBN in IN this DT week NN 's POS New NNP England NNP Journal NNP of IN Medicine NNP , , involved VBD giving VBG injections NNS of IN Amgen NNP 's POS EPO NNP to TO 23 CD patients NNS who WP wanted VBD to TO store VB units NNS of IN their PRP$ own JJ blood NN . . The DT patients NNS began VBD receiving VBG EPO NNP injections NNS about IN a DT month NN before IN their PRP$ scheduled VBN surgery NN . . They PRP then RB began VBD donating VBG blood NN twice RB a DT week NN , , receiving VBG an DT EPO NNP injection NN each DT time NN . . If IN tests NNS indicated VBD a DT low JJ number NN of IN red JJ cells NNS , , blood NN was VBD n't RB taken VBN . . The DT EPO-treated JJ patients NNS donated VBD an DT average NN of IN 5.4 CD units NNS of IN blood NN each DT compared VBN with IN only RB 4.1 CD units NNS donated VBN by IN a DT similar JJ group NN of IN surgical JJ patients NNS who WP received VBD a DT placebo NN injection NN . . The DT volume NN of IN red JJ cells NNS donated VBN by IN the DT EPO-treated JJ patients NNS was VBD 41 CD % NN higher JJR per IN donor NN , , the DT research NN team NN representing VBG a DT number NN of IN hospitals NNS and CC blood NN banks NNS reported VBD . . ( ( During IN its PRP$ centennial NN year NN , , The NNP Wall NNP Street NNP Journal NNP will MD report VB events NNS of IN the DT past JJ century NN that WDT stand VBP as IN milestones NNS of IN American JJ business NN history NN . . ) ) TAX NN SHELTERS NNS CALLED VBN Individual NNP Retirement NNP Accounts NNPS , , or CC `` `` IRAs NNPS , , '' '' were VBD created VBN without IN fanfare NN on IN Sept. NNP 2 CD , , 1974 CD , , but CC grew VBD beyond IN expectations NNS as IN an DT inducement NN to TO personal JJ saving NN . . That DT Labor NNP Day NNP , , in IN his PRP$ first JJ major JJ act NN after IN succeeding VBG the DT resigned JJ Richard NNP Nixon NNP as IN president NN , , Gerald NNP R. NNP Ford NNP signed VBD the DT Employee NNP Retirement NNP Income NNP Security NNP Act NNP . . Pension NN reform NN was VBD its PRP$ main JJ thrust NN . . Labor NNP and CC business NN leaders NNS , , quoted VBN at IN the DT White NNP House NNP Rose NNP Garden NNP rites NNS , , hailed VBD its PRP$ provisions NNS for IN insuring VBG corporate JJ pension NN benefits NNS . . IRAs NNPS were VBD like JJ stepchildren NN there RB . . The DT IRA NNP 's POS conception NN is VBZ murky JJ . . In IN 1972 CD , , then RB Treasury NNP Secretary NNP George NNP Shultz NNP , , with IN the DT key JJ support NN of IN Sen. NNP Carl NNP Curtis NNP , , sought VBD some DT form NN of IN pensions NNS for IN the DT uncovered JJ . . That DT year NN a DT four-man JJ group NN headed VBN by IN William NNP Lieber NNP in IN the DT Legislation NNP and CC Regulations NNPS division NN of IN the DT Office NNP of IN the DT Chief NNP Counsel NNP for IN the DT Internal NNP Revenue NNP Service NNP , , was VBD assigned VBN the DT task NN of IN designing VBG a DT plan NN . . They PRP used VBD the DT 1962 CD Keogh NNP Plan NNP , , a DT pension NN plan NN created VBN by IN a DT New NNP York NNP congressman NN for IN the DT self-employed JJ , , as IN a DT partial JJ model NN . . This DT team NN initially RB called VBD its PRP$ new JJ model NN Personal NNP Retirement NNP Account NNP , , or CC `` `` PRA NNP . . '' '' But CC it PRP did VBD n't RB sing VB . . So IN they PRP opted VBD for IN IRA NNP , , naming VBG it PRP after IN Ira NNP Cohen NNP , , a DT brilliant JJ IRS NNP actuary NN who WP helped VBD them PRP . . Ira NNP , , himself PRP , , confirms VBZ this DT account NN . . IRA NNP rules NNS have VBP been VBN changed VBN over IN the DT years NNS . . One CD in IN 1981 CD raised VBD to TO $ $ 2,000 CD a DT year NN from IN $ $ 1,500 CD the DT amount NN a DT person NN could MD put VB , , tax-deductible JJ , , into IN the DT tax-deferred JJ accounts NNS and CC widened VBN coverage NN to TO people NNS under IN employer NN retirement NN plans NNS . . This DT caused VBD an DT explosion NN of IN IRA NNP promotions NNS by IN brokers NNS , , banks NNS , , mutual JJ funds NNS and CC others NNS . . But CC in IN 1986 CD Congress NNP sharply RB reduced VBD the DT number NN of IN people NNS who WP could MD qualify VB for IN its PRP$ benefits NNS and CC IRA NNP tax-deductions NNS slowed VBD their PRP$ roaring NN growth NN . . IRA NNP account NN assets NNS have VBP grown VBN to TO about IN $ $ 400 CD billion CD from IN $ $ 393 CD billion CD last JJ year NN and CC just RB $ $ 26 CD billion CD in IN 1981 CD . . The DT Soviet NNP State NNP Bank NNP announced VBD a DT 90 CD % NN devaluation NN of IN the DT ruble FW against IN the DT dollar NN for IN private JJ transactions NNS , , in IN an DT apparent JJ attempt NN to TO curb VB the DT nation NN 's POS rapidly RB growing VBG black JJ market NN for IN hard JJ currency NN . . The DT measure NN , , which WDT will MD take VB effect NN next JJ Wednesday NNP , , will MD create VB a DT two-tier JJ exchange NN rate NN . . Commercial JJ transactions NNS will MD continue VB to TO be VB based VBN on IN the DT official JJ rate NN of IN about IN 0.63 CD rubles NNS to TO the DT dollar NN . . But CC for IN Soviet JJ citizens NNS who WP travel VBP abroad RB for IN business NN or CC tourism NN , , the DT rate NN will MD jump VB to TO 6.26 CD rubles NNS to TO the DT dollar NN . . Tass NNP news NN agency NN said VBD the DT devaluation NN also RB will MD apply VB to TO foreigners NNS ' POS transactions NNS . . But CC it PRP did VBD n't RB elaborate VB , , and CC it PRP remains VBZ unclear JJ how WRB far RB Western JJ tourists NNS and CC foreigners NNS living VBG in IN Moscow NNP will MD be VB allowed VBN to TO benefit VB from IN the DT sweeping VBG rate NN cut NN . . The DT current JJ ruble NN rate NN has VBZ long RB been VBN out IN of IN line NN with IN the DT black JJ market NN . . As IN Soviet JJ leader NN Mikhail NNP Gorbachev NNP has VBZ opened VBN up RP the DT country NN to TO foreign JJ trade NN , , the DT discrepancy NN has VBZ become VBN ever RB greater JJR . . Western JJ tourists NNS in IN the DT Soviet NNP Union NNP who WP could MD exchange VB a DT dollar NN -- : albeit IN illegally RB -- : for IN about IN four CD rubles NNS a DT year NN ago IN are VBP now RB being VBG offered VBN 15 CD rubles NNS or CC more JJR . . Even RB at IN such JJ rates NNS , , black JJ marketeers NNS have VBP been VBN able JJ to TO make VB big JJ profits NNS because IN of IN the DT dire JJ shortage NN of IN consumer NN goods NNS here RB . . They PRP use VBP dollars NNS to TO buy VB Western JJ items NNS such JJ as IN video JJ recorders NNS and CC personal JJ computers NNS and CC then RB sell VB them PRP at IN a DT huge JJ mark-up NN . . The DT going JJ rate NN for IN a DT small JJ personal JJ computer NN that WDT costs VBZ about IN $ $ 2,000 CD in IN the DT West NN is VBZ anywhere RB from IN 50,000 CD to TO 100,000 CD rubles NNS . . Even RB a DT pack NN of IN 20 CD Western JJ cigarettes NNS can MD fetch VB 20 CD rubles NNS or CC more JJR . . With IN more JJR than IN 300 CD billion CD rubles NNS in IN savings NN accounts NNS and CC little JJ to TO spend VB them PRP on IN , , Soviet JJ consumers NNS grumble VBP at IN the DT exorbitant JJ black-market NN prices NNS for IN such JJ goods NNS -- : but CC they PRP buy VBP them PRP anyway RB . . Moscow NNP has VBZ already RB tacitly RB admitted VBN that IN the DT ruble NN is VBZ n't RB worth JJ much RB , , announcing VBG in IN August NNP that IN it PRP will MD pay VB Soviet JJ farmers NNS in IN hard JJ currency NN for IN grain NN and CC other JJ produce NN that IN they PRP grow VBP in IN excess NN of IN state-plan JJ quotas NNS . . `` `` The DT absurdity NN of IN the DT official JJ rate NN should MD seem VB obvious JJ to TO everyone NN , , '' '' the DT afternoon NN newspaper NN Izvestia NNP wrote VBD in IN a DT brief JJ commentary NN on IN the DT devaluation NN . . The DT State NNP Bank NNP 's POS move NN is VBZ part NN of IN a DT drive NN to TO iron VB out RP exchange-rate JJ discrepancies NNS as IN Moscow NNP moves VBZ toward IN making VBG the DT ruble NN convertible JJ -- : a DT goal NN that WDT Soviet JJ bankers NNS and CC economists NNS say VBP is VBZ still RB far RB away RB . . Rumors NNS of IN an DT impending VBG devaluation NN have VBP been VBN circulating VBG in IN Moscow NNP for IN weeks NNS , , but CC the DT size NN of IN the DT cut NN took VBD many JJ Western JJ bankers NNS by IN surprise NN . . `` `` It PRP 's VBZ much RB bigger JJR than IN we PRP expected VBD , , '' '' said VBD one CD German JJ banker NN , , who WP asked VBD not RB to TO be VB named VBN . . The DT next JJ step NN , , which WDT could MD have VB a DT larger JJR effect NN on IN businesses NNS , , will MD come VB early JJ next JJ month NN , , when WRB the DT Bank NNP for IN Foreign NNP Economic NNP Affairs NNPS is VBZ to TO hold VB its PRP$ first JJ auction NN of IN foreign JJ currency NN . . Soviet JJ companies NNS needing VBG Western JJ currencies NNS to TO buy VB equipment NN and CC supplies NNS abroad RB will MD be VB able JJ to TO submit VB bids NNS . . Plans NNS for IN the DT auction NN , , which WDT was VBD supposed VBN to TO take VB place NN last JJ spring NN and CC become VB a DT regular JJ event NN , , have VBP been VBN thwarted VBN by IN a DT lack NN of IN hard JJ currency NN . . Soviet JJ firms NNS that WDT hold VBP some DT are VBP unwilling JJ to TO part VB with IN it PRP , , and CC joint JJ ventures NNS are VBP n't RB yet RB allowed VBN to TO participate VB . . The DT Kremlin NNP also RB has VBZ been VBN unwilling JJ to TO provide VB hard JJ currency NN for IN the DT auction NN , , using VBG a DT lot NN of IN it PRP instead RB to TO finance VB emergency NN imports NNS of IN consumer NN goods NNS . . If IN foreign JJ tourists NNS and CC businesses NNS could MD sell VB their PRP$ currencies NNS freely RB at IN the DT new JJ , , better JJR exchange NN rate NN , , that WDT would MD enable VB the DT State NNP Bank NNP to TO increase VB its PRP$ dollar NN reserves NNS and CC would MD mop VB up RP some DT of IN the DT excess JJ rubles NNS in IN the DT economy NN at IN the DT same JJ time NN . . But CC the DT amounts NNS they PRP exchange VBP may MD be VB limited VBN ; : most JJS Soviet JJ hotels NNS , , for IN example NN , , demand VBP payment NN in IN hard JJ currency NN from IN Western JJ visitors NNS . . Unless IN other JJ rules NNS are VBP changed VBN , , the DT devaluation NN could MD cause VB difficulties NNS for IN the DT people NNS it PRP is VBZ primarily RB meant VBN to TO help VB : : Soviets NNPS who WP travel VBP abroad RB . . Over IN the DT past JJ three CD years NNS , , thousands NNS of IN people NNS here RB have VBP made VBN use NN of IN looser JJR travel NN restrictions NNS to TO get VB their PRP$ first JJ taste NN of IN life NN abroad RB . . But CC under IN current JJ rules NNS , , they PRP are VBP allowed VBN to TO change VB just RB 200 CD rubles NNS into IN dollars NNS and CC other JJ currencies NNS for IN each DT trip NN . . At IN the DT new JJ rate NN , , that WDT would MD give VB them PRP about IN $ $ 30 CD to TO travel VB on IN . . It PRP is VBZ n't RB yet RB clear JJ whether IN the DT 200-ruble JJ limit NN will MD be VB lifted VBN . . If IN it PRP is VBZ n't RB , , the DT black JJ market NN for IN dollars NNS probably RB will MD continue VB to TO thrive VB . . International NNP Business NNP Machines NNPS Corp. NNP made VBD news NN this DT summer NN when WRB it PRP landed VBD an DT unusual JJ contract NN to TO manage VB all DT of IN Eastman NNP Kodak NNP Co. NNP 's POS data-processing JJ needs NNS . . But CC the DT computer NN giant NN appears VBZ to TO have VB lost VBN a DT second JJ key NN contract NN with IN Kodak NNP to TO archrival JJ Digital NNP Equipment NNP Corp NNP . . Kodak NNP yesterday NN confirmed VBD that IN it PRP has VBZ entered VBN negotiations NNS with IN Maynard NNP , , Mass.-based JJ Digital NNP to TO manage VB all DT of IN its PRP$ voice NN and CC data NNS communications NNS needs NNS . . Kodak NNP , , based VBN in IN Rochester NNP , , N.Y. NNP , , said VBD IBM NNP also RB had VBD bid VBN for IN the DT business NN . . IBM NNP is VBZ based VBN in IN Armonk NNP , , N.Y NNP . . The DT loss NN is VBZ a DT setback NN to TO IBM NNP , , which WDT pointed VBD to TO the DT Kodak NNP contract NN as IN an DT example NN of IN its PRP$ success NN in IN systems NNS integration NN . . That DT 's VBZ an DT emerging VBG business NN in IN which WDT computer NN makers NNS or CC consultants NNS provide VBP turnkey NN communications NNS and CC computing VBG services NNS to TO major JJ corporations NNS . . A DT Kodak NNP spokesman NN declined VBD to TO disclose VB the DT potential JJ value NN of IN the DT contract NN , , which WDT is VBZ still RB in IN negotiation NN . . He PRP said VBD that IN American NNP Telephone NNP & CC Telegraph NNP , , MCI NNP Communications NNPS Corp. NNP , , Rochester NNP Telephone NNP Corp. NNP and CC IBM NNP itself PRP would MD likely RB be VB Digital NNP 's POS subcontractors NNS on IN the DT project NN . . `` `` When WRB we PRP decided VBD to TO look VB outside IN the DT company NN for IN critical JJ data-processing NN and CC communications NNS services NNS , , we PRP wanted VBD to TO get VB the DT best JJS vendor NN for IN that DT service NN , , '' '' said VBD Paul NNP Allen NNP , , the DT spokesman NN . . `` `` That DT 's VBZ why WRB we PRP went VBD with IN IBM NNP for IN data NNS center NN management NN ... : and CC now RB Digital NNP for IN voice NN and CC data NNS telecommunications NNS . . This DT year NN is VBZ the DT 75th JJ anniversary NN of IN the DT Federal NNP Reserve NNP System NNP , , and CC some DT members NNS of IN Congress NNP think VBP it PRP 's VBZ time NN to TO take VB a DT fresh JJ look NN at IN the DT nation NN 's POS central JJ bank NN . . After IN 75 CD years NNS there RB may MD be VB a DT few JJ things NNS that WDT are VBP worth JJ reexamining VBG . . The DT regional JJ Federal NNP Reserve NNP Bank NNP setup NN , , for IN instance NN , , may MD be VB out IN of IN date NN . . In IN earlier JJR years NNS it PRP may MD have VB seemed VBN reasonable JJ to TO give VB Richmond NNP , , Va. NNP , , a DT bank NN and CC allow VB Los NNP Angeles NNP only RB a DT branch NN of IN the DT San NNP Francisco NNP bank NN , , but CC times NNS have VBP changed VBN . . Maybe RB the DT whole JJ regional JJ system NN is VBZ an DT anachronism NN ; : the DT Fed NNP , , after IN all DT , , is VBZ a DT national JJ central JJ bank NN . . Some DT of IN the DT would-be JJ reformers NNS , , however RB , , want VBP to TO restore VB an DT arrangement NN we PRP once RB had VBD -- : or CC , , at IN least JJS , , part NN of IN it PRP . . In IN the DT beginning NN , , the DT treasury NN secretary NN and CC the DT comptroller NN of IN the DT currency NN were VBD both DT ex FW officio FW members NNS of IN the DT Federal NNP Reserve NNP Board NNP . . But CC in IN 1935 CD , , when WRB Congress NNP was VBD trying VBG to TO find VB someone NN or CC something NN to TO blame VB for IN the DT Great NNP Depression NNP , , it PRP decided VBD to TO drop VB both PDT the DT secretary NN and CC the DT comptroller NN from IN the DT board NN . . Carter NNP Glass NNP , , a DT former JJ treasury NN secretary NN who WP was VBD then RB back RB in IN Congress NNP , , probably RB influenced VBD the DT decision NN . . He PRP said VBD that IN when WRB he PRP was VBD on IN the DT board NN he PRP felt VBD that IN he PRP had VBD a DT great JJ deal NN of IN power NN and CC , , somehow RB , , he PRP did VBD n't RB think VB that DT was VBD a DT good JJ thing NN . . Times NNS have VBP changed VBN . . Rep. NNP Byron NNP Dorgan NNP ( ( D. NNP , , N.D NNP . . ) ) has VBZ introduced VBN a DT bill NN in IN Congress NNP , , co-sponsored VBN by IN Rep. NNP Lee NNP Hamilton NNP ( ( D. NNP , , Ind. NNP ) ) , , that WDT would MD put VB the DT treasury NN secretary NN back RB on IN the DT board NN . . There EX is VBZ doubt NN that IN the DT change NN would MD accomplish VB much RB but CC at IN least JJS Congress NNP , , as IN in IN 1935 CD , , would MD be VB doing VBG something NN . . So IN far RB no DT one NN has VBZ suggested VBN putting VBG the DT comptroller NN back RB on IN the DT board NN . . Nicholas NNP Brady NNP , , the DT incumbent JJ treasury NN secretary NN , , is VBZ of IN course NN aware JJ of IN the DT proposal NN , , and CC he PRP does VBZ n't RB like VB it PRP much RB . . Mr. NNP Dorgen NNP has VBZ changed VBN tactics NNS , , dropping VBG the DT seat-for-the-secretary JJ idea NN . . That DT may MD have VB pleased VBN the DT secretary NN , , but CC H. NNP Erich NNP Heinemann NNP , , chief NN economist NN of IN the DT investment NN firm NN of IN Ladenburg NNP , , Thalmann NNP & CC Co. NNP , , suggests VBZ that IN Mr. NNP Brady NNP may MD figure VB he PRP already RB has VBZ all PDT the DT power NN he PRP needs VBZ . . Like IN most JJS treasury NN secretaries NNS , , Mr. NNP Brady NNP takes VBZ a DT keen JJ interest NN in IN monetary JJ matters NNS , , of IN course NN . . He PRP was VBD , , in IN fact NN , , taking VBG an DT especially RB keen JJ interest NN in IN board NN matters NNS even RB before IN he PRP went VBD to TO the DT treasury NN . . After IN the DT October NNP 1987 CD market NN crash NN , , Mr. NNP Brady NNP as IN a DT private JJ citizen NN headed VBD a DT presidential JJ commission NN that WDT tried VBD to TO decide VB what WP went VBD wrong JJ and CC what WP should MD be VB done VBN about IN it PRP . . One CD of IN the DT commission NN 's POS recommendations NNS was VBD that IN a DT single JJ agency NN , , probably RB the DT Federal NNP Reserve NNP , , should MD coordinate VB regulation NN of IN all DT financial JJ markets NNS . . This DT recommendation NN might MD have VB encouraged VBN a DT turf-hungry JJ bureaucrat NN to TO try VB to TO expand VB his PRP$ power NN , , but CC so RB far JJ Federal NNP Reserve NNP Chairman NNP Alan NNP Greenspan NNP has VBZ n't RB made VBN a DT pitch NN for IN the DT job NN . . The DT Fed NNP has VBZ plenty NN of IN responsibilities NNS in IN times NNS of IN market NN turmoil NN and CC in IN 1987 CD and CC again RB in IN 1989 CD it PRP appears VBZ to TO have VB handled VBN them PRP well RB . . Mr. NNP Brady NNP has VBZ said VBN he PRP thought VBD government NN agencies NNS in IN the DT latest JJS market NN drop NN were VBD better RB prepared VBN to TO coordinate VB their PRP$ actions NNS , , but CC he PRP has VBZ left VBN no DT doubt NN that IN he PRP still RB likes VBZ the DT ideas NNS the DT commission NN advanced VBD nearly RB two CD years NNS ago IN . . In IN recent JJ weeks NNS , , moreover RB , , Mr. NNP Brady NNP has VBZ joined VBN other JJ administration NN officials NNS in IN trying VBG to TO urge VB the DT Fed NNP toward IN lower JJR interest NN rates NNS . . The DT urging VBG admittedly RB has VBZ been VBN gentle JJ . . In IN an DT interview NN with IN the DT Washington NNP Post NNP in IN early JJ October NNP , , the DT secretary NN said VBD the DT Fed NNP may MD be VB slightly RB more RBR interested JJ in IN curbing VBG inflation NN than IN the DT administration NN is VBZ , , while IN the DT administration NN may MD put VB slightly RB more JJR emphasis NN on IN spurring VBG economic JJ growth NN . . At IN least JJS some DT economists NNS , , of IN course NN , , would MD argue VB that IN inflation NN deserves VBZ a DT lot NN of IN emphasis NN . . Earlier RBR this DT month NN the DT St. NNP Louis NNP Fed NNP held VBD a DT conference NN to TO assess VB the DT system NN 's POS first JJ 75 CD years NNS . . Allan NNP Meltzer NNP , , a DT Carnegie-Mellon NNP University NNP economist NN , , noted VBD that IN the DT Fed NNP 's POS record NN included VBD the DT longest JJS , , most RBS sustained VBN , , peacetime NN inflation NN in IN our PRP$ history NN , , dating VBG from IN either RB 1966 CD or CC 1967 CD to TO 1989 CD . . The DT inflation-growth NN argument NN is VBZ an DT old JJ one CD , , but CC Mr. NNP Brady NNP , , on IN the DT board NN or CC off IN , , is VBZ surely RB trying VBG to TO influence VB Fed NNP policy NN . . Equally RB importantly RB , , the DT treasury NN secretary NN has VBZ spearheaded VBN the DT administration NN effort NN to TO bring VB the DT U.S. NNP dollar NN down RP by IN shopping VBG avidly RB for IN West JJ German JJ marks NNS and CC Japanese JJ yen NNS . . The DT treasury NN can MD do VB something NN on IN its PRP$ own JJ , , but CC to TO have VB any DT hope NN of IN success NN it PRP needs VBZ help NN from IN the DT Fed NNP . . The DT central JJ bank NN has VBZ been VBN helping VBG , , but CC apparently RB not RB especially RB eagerly RB . . The DT Fed NNP has VBZ been VBN intervening VBG in IN foreign JJ currency NN markets NNS , , all RB right JJ , , but CC through IN August NNP , , at IN least JJS , , it PRP appeared VBD to TO be VB `` `` sterilizing VBG '' '' the DT intervention NN . . In IN other JJ words NNS , , it PRP was VBD offsetting VBG purchases NNS of IN marks NNS and CC yen NN by IN buying VBG dollars NNS in IN the DT domestic JJ money NN market NN . . Now RB , , sterilized VBN intervention NN may MD have VB some DT effect NN . . When WRB traders NNS see VBP the DT Fed NNP is VBZ in IN the DT exchange NN market NN it PRP may MD make VB them PRP tread VB a DT little JJ carefully RB , , for IN fear NN of IN what WP the DT central JJ bank NN may MD do VB . . But CC it PRP 's VBZ generally RB accepted VBN that IN sterilized VBN intervention NN has VBZ little RB or CC no DT lasting JJ impact NN on IN currency NN values NNS . . After IN August NNP the DT Fed NNP may MD have VB stopped VBN sterilizing VBG , , but CC it PRP 's VBZ hard JJ to TO see VB much JJ impact NN on IN the DT dollar NN . . The DT dollar NN is VBZ still RB highly RB volatile JJ . . The DT Fed NNP has VBZ let VBN interest NN rates NNS slip VBP slightly RB , , but CC whether IN the DT main JJ reason NN was VBD dollar NN intervention NN , , the DT gloomy JJ reports NNS on IN manufacturing VBG employment NN , , or CC the DT Friday NNP 13 CD market NN drop NN , , only RB Mr. NNP Greenspan NNP and CC his PRP$ associates NNS know VBP . . Earlier RBR this DT year NN , , Martin NNP Feldstein NNP , , president NN of IN the DT National NNP Bureau NNP of IN Economic NNP Research NNP , , argued VBD forcefully RB that IN a DT government NN that WDT wants VBZ steady JJ , , stable JJ exchange NN rates NNS might MD try VB some DT steady JJ stable JJ economic JJ policies NNS . . Trying VBG to TO manage VB exchange NN rates NNS to TO some DT desired VBN level NN , , he PRP said VBD , , `` `` would MD mean VB diverting VBG monetary JJ and CC fiscal JJ policies NNS from IN their PRP$ customary JJ roles NNS and CC thereby RB risking VBG excessive JJ inflation NN and CC unemployment NN and CC inadequate JJ capital NN formation NN . . '' '' The DT more RBR we PRP think VBP about IN it PRP , , the DT more RBR we PRP suspect VBP Mr. NNP Brady NNP does VBZ indeed RB have VB enough JJ power NN where WRB he PRP already RB is VBZ . . This DT has VBZ been VBN a DT week NN of IN stunning JJ events NNS behind IN what WP was VBD once RB called VBN the DT Iron NNP Curtain NNP and CC interesting JJ shifts NNS in IN official JJ American JJ policy NN toward IN Moscow NNP . . It PRP has VBZ also RB been VBN a DT week NN when WRB inside-the-beltway NN Washington NNP has VBZ had VBN a DT high JJ old JJ time NN gnawing NN over IN ex-President JJ Reagan NNP 's POS multimillion-dollar JJ junket NN in IN Japan NNP . . The DT latter NN may MD seem VB oddly RB irrelevant JJ , , if IN not RB downright RB trivial JJ , , given VBN the DT big JJ picture NN and CC the DT way NN we PRP have VBP handled VBN it PRP in IN the DT nation NN 's POS capital NN has VBZ done VBN nothing NN to TO dispel VB that DT impression NN . . In IN fact NN , , however RB , , Mr. NNP Reagan NNP 's POS casual JJ debasement NN of IN the DT office NN he PRP so RB recently RB held VBD raises VBZ issues NNS about IN which WDT Americans NNPS can MD actually RB do VB something NN . . Our PRP$ ability NN to TO influence VB the DT outcome NN of IN events NNS in IN Eastern NNP Europe NNP and CC the DT Soviet NNP Union NNP is VBZ far RB more RBR marginal JJ . . Those DT events NNS continue VBP to TO move VB at IN a DT rate NN , , and CC in IN a DT direction NN , , which WDT leave VBP informed VBN commentary NN -- : let VB alone JJ policy NN -- : far RB in IN their PRP$ wake NN . . Earlier RBR this DT week NN , , Soviet NNP Foreign NNP Minister NNP Eduard NNP A. NNP Shevardnadze NNP confessed VBD that IN the DT U.S.S.R. NNP ignored VBD universal JJ human JJ values NNS by IN invading VBG Afghanistan NNP and CC , , to TO put VB it PRP bluntly RB , , `` `` engaged VBD in IN a DT violation NN of IN the DT ABM NNP Treaty NNP '' '' by IN building VBG its PRP$ radar NN station NN at IN Krasnoyarsk NNP . . Hungary NNP is VBZ no RB longer JJR a DT `` `` Socialist NNP Peoples NNPS '' '' republic NN , , the DT Communist NNP Party NNP no RB longer JJR has VBZ automatic JJ delegates NNS in IN the DT U.S.S.R. NNP 's POS Congress NNP of IN Peoples NNPS Deputies NNPS and CC Egon NNP Krenz NNP was VBD not RB backed VBN unanimously RB by IN his PRP$ fellow NN party NN functionaries NNS when WRB he PRP took VBD over RP as IN East NNP Germany NNP 's POS new JJ maximum JJ leader NN . . All DT of IN that DT is VBZ just RB for IN starters NNS , , or CC so IN the DT hundreds NNS of IN thousands NNS of IN Eastern NNP Europeans NNPS in IN the DT streets NNS seem VBP to TO hope VB and CC are VBP certainly RB demanding VBG . . Of IN like JJ , , though IN lesser JJR , , note NN , , Secretary NNP of IN State NNP James NNP Baker NNP put VBD the DT administration NN four-square NN behind IN perestroika FW and CC glasnost FW , , and CC therefore RB behind IN Mikhail NNP Gorbachev NNP , , in IN a DT pair NN of IN carefully RB reasoned VBN speeches NNS over IN the DT past JJ week NN or CC so RB . . And CC , , last JJ but CC not RB least JJS , , President NNP George NNP Bush NNP now RB views VBZ the DT changes NNS in IN Eastern NNP Europe NNP as IN `` `` absolutely RB extraordinary JJ '' '' and CC believes VBZ that IN Mr. NNP Krenz NNP `` `` ca MD n't RB turn VB the DT clock NN back RP '' '' in IN East NNP Germany NNP because IN the DT change NN is VBZ too RB inexorable JJ , , '' '' as IN he PRP told VBD the DT New NNP York NNP Times NNP 's POS R.W. NNP Apple NNP Jr NNP . . ( ( In IN other JJ words NNS , , after IN some DT highly RB visible JJ dithering VBG and CC public JJ airing NN of IN differences NNS , , the DT administration NN has VBZ come VBN down RP on IN the DT side NN of IN those DT who WP believe VBP that IN what WP we PRP are VBP witnessing VBG from IN Berlin NNP to TO Siberia NNP is VBZ a DT good JJ thing NN to TO be VB welcomed VBN , , rather RB than IN a DT new JJ thing NN to TO be VB feared VBN or CC viewed VBN with IN suspicion NN . . ) ) All DT of IN this DT is VBZ what WDT history NN will MD note VB , , assuming VBG that IN events NNS do VBP n't RB make VB it PRP seem VB a DT bad JJ joke NN , , when WRB the DT record NN of IN this DT time NN is VBZ put VBN down IN . . For IN journalists NNS , , however RB , , who WP write VBP what WP they PRP fondly RB view VBP as IN history NN 's POS first JJ draft NN , , this DT has VBZ also RB been VBN a DT week NN to TO give VB a DT lot NN of IN space NN and CC time NN to TO Ron NNP and CC Nancy NNP 's POS sales NNS appearance NN in IN Japan NNP on IN behalf NN of IN a DT communications NNS giant JJ and CC its PRP$ controversial JJ founder NN . . It PRP has VBZ been VBN a DT well-paid JJ transaction NN , , this DT bartering NN away RB of IN the DT prestige NN of IN the DT republic NN 's POS highest JJS office NN . . The DT Japanese JJ industrialist NN has VBZ coughed VBN up RP at IN least JJS $ $ 2 CD million CD , , the DT Japanese JJ government NN has VBZ put VBN up RP just RB about IN as RB much JJ , , or CC so IN it PRP is VBZ reported VBN and CC at IN least JJS one CD estimate NN puts VBZ the DT total JJ tab NN at IN $ $ 7 CD million CD . . All DT of IN which WDT has VBZ enabled VBN those DT of IN us PRP in IN Washington NNP who WP enjoy VBP wallowing VBG in IN such JJ things NNS to TO go VB into IN high JJ public JJ dudgeon NN , , as IN Mr. NNP Apple NNP and CC I PRP did VBD the DT other JJ night NN on IN ABC NNP 's POS `` `` Nightline NNP . . '' '' Punching VBG away RB , , we PRP raised VBD what WP I PRP still RB think VBP were VBD all PDT the DT right JJ issues NNS and CC landed VBD more JJR than IN one CD hard JJ blow NN , , but CC at IN the DT end NN of IN the DT affair NN , , there EX was VBD just RB the DT tiniest JJS nagging NN worry NN that IN we PRP had VBD been VBN aiming VBG at IN the DT wrong JJ target NN . . As IN one CD of IN his PRP$ defenders NNS so RB aptly RB put VB it PRP , , President NNP Reagan NNP was VBD simply RB doing VBG what WP he PRP had VBD always RB done VBN before IN his PRP$ election NN ( ( and CC some DT would MD say VB thereafter RB as RB well RB ) ) . . He PRP was VBD performing VBG for IN pay NN , , and CC why WRB should MD anyone NN expect VB anything NN more JJR ? . Primarily RB because IN there EX 's VBZ more JJR to TO the DT matter NN than IN Ronald NNP Reagan NNP 's POS personal JJ values NNS , , or CC lack NN of IN them PRP . . Selling VBG the DT presidency NN for IN a DT mess NN of IN pottage NN is VBZ not RB so RB much JJ a DT devaluation NN from IN the DT norm NN of IN public JJ life NN today NN as IN it PRP is VBZ a DT reflection NN of IN the DT disintegration NN of IN public JJ standards NNS . . The DT theme NN song NN for IN the DT 1980s CD has VBZ been VBN , , `` `` Anything NN Goes VBZ , , '' '' and CC it PRP has VBZ been VBN whistled VBN with IN gusto NN from IN Wall NNP Street NNP to TO some DT of IN the DT highest JJS peaks NNS of IN televangelism NN . . There EX are VBP those DT who WP say VBP that IN this DT is VBZ nothing NN new JJ , , that IN America NNP has VBZ always RB suffered VBN from IN a DT bad JJ case NN of IN schizophrenia NN when WRB it PRP comes VBZ to TO the DT dichotomy NN between IN what WP is VBZ professed VBN and CC what WP is VBZ practiced VBN . . There EX is VBZ evidence NN to TO support VB that DT view NN . . Eighty-three CD years NNS ago IN , , William NNP James NNP wrote VBD to TO H.G. NNP Wells NNP : : `` `` The DT moral JJ flabbiness NN born VBN of IN the DT exclusive JJ worship NN of IN the DT bitch NN goddess NN success NN ... : that IN , , with IN the DT squalid JJ cash NN interpretation NN put VBN on IN the DT word NN success NN , , is VBZ our PRP$ national JJ disease NN . . '' '' But CC if IN it PRP was VBD the DT national JJ disease NN in IN 1906 CD , , it PRP is VBZ today NN the DT national JJ commonplace NN . . If IN there EX is VBZ no DT law NN against IN it PRP , , do VB it PRP . . If IN the DT law NN leaves VBZ loopholes NNS , , use VB them PRP . . If IN there EX is VBZ no DT moral JJ prohibition NN that WDT expressly RB forbids VBZ it PRP , , full JJ speed NN ahead RB . . And CC if IN you PRP are VBP caught VBN or CC if IN people NNS complain VBP , , simply RB argue VB that IN `` `` everyone NN does VBZ it PRP '' '' or CC `` `` no DT one NN said VBD I PRP should MD n't RB '' '' and CC brazen VB it PRP out RP . . As IN a DT last JJ recourse NN , , when WRB all DT else RB has VBZ failed VBN and CC you PRP are VBP pinned VBN , , apologize VB for IN having VBG disappointed VBN those DT who WP trusted VBD you PRP but CC deny VB having VBG actually RB done VBN anything NN wrong JJ . . ( ( See VB , , for IN instance NN , , Jim NNP Bakker NNP 's POS remarks NNS upon IN being VBG sentenced VBN to TO prison NN this DT Tuesday NNP for IN defrauding VBG the DT faithful NN . . ) ) Consider VB the DT troubling VBG dissonance NN between IN Mr. NNP Shevardnadze NNP 's POS speech NN of IN confession NN this DT week NN and CC the DT hang-tough JJ defense NN of IN everyone NN concerned VBN with IN the DT Iran-Contra NNP affair NN . . The DT Soviet JJ foreign JJ minister NN publicly RB concedes VBZ that IN his PRP$ government NN `` `` violated VBD norms NNS of IN behavior NN '' '' in IN Afghanistan NNP and CC just RB plain JJ lied VBD about IN the DT radar NN station NN . . We PRP have VBP people NNS in IN high JJ place NN still RB lying VBG through IN their PRP$ teeth NNS about IN Iran-Contra NNP , , and CC that DT apparently RB is VBZ n't RB going VBG to TO change VB . . For IN that DT matter NN , , those DT long JJ ago RB identified VBN as IN liars NNS are VBP still RB given VBN respectful JJ hearings NNS in IN the DT press NN . . That DT is VBZ the DT key NN to TO the DT current JJ `` `` national JJ disease NN . . '' '' No DT one NN seems VBZ willing JJ to TO hold VB anyone NN in IN public JJ life NN to TO a DT standard NN higher JJR than IN the DT narrowest JJS construction NN of IN the DT law NN . . The DT occasional JJ media NNS witch NN hunt NN about IN some DT politician NN 's POS private JJ peccadilloes NNS notwithstanding RB , , the DT general JJ inclination NN is VBZ to TO offer VB a DT version NN of IN the DT old JJ refrain NN , , `` `` Who WP am VBP I PRP to TO judge VB ? . '' '' Thus RB , , no DT standards NNS , , no DT judgment NN and CC no DT values NNS . . `` `` You PRP are VBP mad JJ because IN he PRP 's VBZ making VBG so RB much JJ money NN , , '' '' say VBP President NNP Reagan NNP 's POS defenders NNS . . No RB , , we PRP ought MD to TO be VB mad JJ because IN he PRP has VBZ demeaned VBN the DT office NN we PRP gave VBD him PRP , , enlisting VBG it PRP in IN the DT service NN of IN private JJ gain NN , , just RB as IN we PRP ought MD to TO be VB mad JJ that IN public JJ officials NNS lie VBP through IN their PRP$ teeth NNS , , play VBP disingenuous JJ games NNS about IN their PRP$ activities NNS or CC , , to TO steal VB a DT phrase NN , , make VBP public JJ service NN a DT private JJ trough NN . . `` `` I PRP 'm VBP not RB going VBG to TO be VB stampeded VBN into IN overreacting VBG to TO any DT of IN this DT , , President NNP Bush NNP told VBD Mr. NNP Apple NNP in IN this DT week NN 's POS interview NN . . He PRP was VBD referring VBG to TO the DT `` `` absolutely RB extraordinary JJ '' '' events NNS in IN Eastern NNP Europe NNP , , and CC it PRP is VBZ a DT defensible JJ position NN . . But CC there EX is VBZ no DT defense NN at IN all DT for IN the DT ethos NN of IN the DT 1980s CD . . We PRP did VBD n't RB stampede VB into IN it PRP , , we PRP slithered VBD and CC slipped VBD down IN the DT long JJ slope NN , , and CC now RB we PRP have VBP as RB its PRP$ quintessential JJ symbol NN a DT former JJ president NN huckstering VBG for IN a DT foreign JJ poohbah NN . . Or CC perhaps RB that DT is VBZ a DT fitting JJ symbol NN for IN the DT United NNP States NNPS of IN 1989 CD : : Everything NN for IN sale NN ; : nothing NN of IN real JJ value NN . . Mr. NNP Carter NNP is VBZ a DT political JJ commentator NN who WP heads VBZ a DT television NN production NN firm NN . . Cineplex NNP Odeon NNP Corp. NNP directors NNS said VBD the DT company NN 's POS chairman NN and CC chief NN executive NN , , Garth NNP Drabinsky NNP , , is VBZ considering VBG bidding VBG 780.6 CD million CD Canadian JJ dollars NNS ( ( US$ $ 666 CD million CD ) ) to TO acquire VB the DT company NN . . The DT board NN said VBD Mr. NNP Drabinsky NNP and CC Vice NNP Chairman NNP Myron NNP Gottlieb NNP are VBP negotiating VBG financing NN before IN offering VBG C$ $ 16.40 CD a DT share NN to TO acquire VB all DT of IN Cineplex NNP 's POS shares NNS outstanding JJ . . The DT directors NNS added VBD that IN the DT two CD executives NNS have VBP n't RB reached VBN a DT final JJ decision NN to TO proceed VB with IN a DT bid NN and CC that IN until IN an DT offer NN is VBZ made VBN the DT board NN will MD continue VB seeking VBG higher JJR offers NNS from IN other JJ bidders NNS . . The DT directors NNS said VBD if IN Messrs. NNP Drabinsky NNP and CC Gottlieb NNP mail VBP an DT offer NN to TO shareholders NNS by IN Nov. NNP 22 CD , , it PRP will MD reimburse VB them PRP a DT maximum NN of IN C$ $ 8.5 CD million CD for IN expenses NNS related VBN to TO a DT bid NN . . `` `` We PRP consider VBP that IN his PRP$ bid NN is VBZ an DT acceptable JJ bid NN , , '' '' said VBD Sandra NNP Kolber NNP , , spokeswoman NN for IN the DT independent JJ directors NNS ' POS committee NN appointed VBN last JJ May NNP to TO solicit VB and CC review VB bids NNS for IN the DT company NN in IN the DT wake NN of IN a DT dispute NN between IN Mr. NNP Drabinsky NNP and CC Cineplex NNP 's POS major JJ shareholder NN , , MCA NNP Inc NNP . . MCA NNP and CC Cineplex NNP 's POS other JJ major JJ shareholder NN , , Montreal-based JJ financier NN Charles NNP Bronfman NNP and CC his PRP$ associates NNS , , have VBP agreed VBN to TO tender VB their PRP$ holdings NNS to TO an DT offer NN by IN Mr. NNP Drabinsky NNP unless IN a DT higher JJR offer NN is VBZ made VBN by IN another DT bidder NN . . MCA NNP holds VBZ half DT of IN Cineplex NNP 's POS equity NN and CC 33 CD % NN of IN its PRP$ voting NN rights NNS through IN restricted VBN voting NN shares NNS , , while IN Bronfman NNP interests NNS hold VBP about IN 24 CD % NN of IN the DT company NN 's POS equity NN . . Ms. NNP Kolber NNP said VBD the DT committee NN had VBD received VBN other JJ bids NNS . . She PRP declined VBD to TO identify VB other JJ bidders NNS but CC said VBD Mr. NNP Drabinsky NNP 's POS offer NN `` `` is VBZ all DT cash NN , , and CC it PRP 's VBZ for IN all DT of IN the DT company NN . . '' '' Several JJ Cineplex NNP analysts NNS have VBP speculated VBN that IN outside JJ bids NNS received VBN by IN the DT committee NN were VBD either RB disappointingly RB low JJ or CC for IN only JJ part NN of IN the DT company NN . . `` `` All PDT this DT has VBZ really RB established VBN is VBZ that IN MCA NNP and CC the DT Bronfmans NNP have VBP agreed VBN on IN a DT price NN at IN which WDT they PRP can MD be VB bought VBN out RP , , '' '' said VBD Jeffery NNP Logsdon NNP , , an DT analyst NN with IN Crowell NNP , , Weedon NNP in IN Los NNP Angeles NNP . . `` `` If IN a DT bid NN materializes VBZ at IN that DT price NN , , shareholders NNS will MD have VB every DT reason NN to TO be VB glad JJ , , but CC the DT question NN of IN financing NN still RB remains VBZ . . '' '' Last JJ April NNP , , Mr. NNP Drabinsky NNP and CC a DT group NN of IN financial JJ backers NNS planned VBD to TO acquire VB up IN to TO 30.2 CD % NN of IN Cineplex NNP for IN C$ $ 17.50 CD a DT share NN from IN Bronfman NNP associates NNS . . Mr. NNP Drabinsky NNP , , who WP would MD have VB had VBN the DT right NN to TO vote VB those DT shares NNS for IN two CD years NNS , , said VBD the DT purchase NN , , subsequently RB rejected VBN by IN regulators NNS , , was VBD aimed VBN at IN consolidating VBG his PRP$ control NN of IN the DT company NN . . MCA NNP strongly RB opposed VBD the DT Drabinsky NNP group NN 's POS move NN . . The DT directors NNS did VBD n't RB indicate VB the DT source NN of IN financing NN for IN Mr. NNP Drabinsky NNP 's POS new JJ proposal NN , , but CC said VBD MCA NNP and CC the DT Bronfman NNP associates NNS agreed VBD in IN principle NN to TO buy VB for IN $ $ 57 CD million CD and CC then RB lease VB back RB to TO Cineplex NNP its PRP$ 18-screen JJ theater NN complex NN in IN Universal NNP City NNP , , Calif. NNP , , if IN Mr. NNP Drabinsky NNP succeeds VBZ in IN an DT offer NN . . `` `` This DT is VBZ being VBG done VBN at IN the DT suggestion NN of IN { ( Mr. NNP Drabinsky NNP } ) and CC to TO accommodate VB him PRP , , to TO facilitate VB his PRP$ financing VBG arrangements NNS , , '' '' Ms. NNP Kolber NNP said VBD . . In IN addition NN , , the DT directors NNS said VBD if IN a DT bid NN by IN Mr. NNP Drabinsky NNP is VBZ successful JJ , , Cineplex NNP expects VBZ Rank NNP Organisation NNP PLC NNP to TO acquire VB the DT 51 CD % NN of IN Cineplex NNP 's POS Film NNP House NNP unit NN it PRP does VBZ n't RB own VB , , and CC provide VB Mr. NNP Drabinsky NNP with IN additional JJ loan NN financing NN . . Michael NNP Gifford NNP , , Rank NNP 's POS chief NN executive NN , , said VBD the DT British JJ theater NN chain NN 's POS total JJ involvement NN `` `` would MD n't RB exceed VB $ $ 100 CD million CD '' '' but CC declined VBD to TO give VB a DT breakdown NN between IN the DT loan NN financing NN and CC the DT proposed VBN Film NNP House NNP purchase NN . . Cineplex NNP shareholders NNS responded VBD coolly RB to TO yesterday NN 's POS announcement NN . . In IN trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , Cineplex NNP closed VBD at IN $ $ 11 CD , , down RB 25 CD cents NNS , , with IN more JJR than IN a DT million CD shares NNS changing VBG hands NNS . . On IN the DT Toronto NNP Stock NNP Exchange NNP , , Cineplex NNP closed VBD at IN C$ $ 12.875 CD , , off RB 37.5 CD Canadian JJ cents NNS , , well RB below IN the DT C$ $ 16.40 CD level NN . . `` `` Where WRB 's VBZ the DT bid NN ? . '' '' asked VBD Pierre NNP Panet-Raymond NNP , , an DT analyst NN and CC broker NN with IN Toronto NNP securities NNS dealer NN McDermid NNP St. NNP Lawrence NNP Ltd NNP . . Mr. NNP Panet-Raymond NNP said VBD he PRP does VBZ n't RB think VB Messrs. NNP Drabinsky NNP and CC Gottlieb NNP are VBP `` `` anywhere RB close JJ '' '' to TO arranging VBG financing NN and CC that IN investors NNS will MD need VB a DT solid JJ offer NN before IN the DT stock NN begins VBZ to TO rise VB again RB . . Mr. NNP Drabinsky NNP could MD n't RB be VB reached VBN for IN comment NN . . Two CD West JJ German JJ chemical NN companies NNS announced VBD steps NNS that WDT apparently RB are VBP designed VBN to TO boost VB the DT chemical NN industry NN 's POS standing NN among IN environmental JJ groups NNS and CC the DT general JJ public NN . . Hoechst NNP AG NNP 's POS Chairman NNP Wolfgang NNP Hilger NNP said VBD the DT company NN wants VBZ to TO have VB a DT substitute JJ product NN to TO completely RB replace VB ozone-damaging JJ chlorofluorocarbons NNS by IN 1995 CD . . In IN April NNP , , Hoechst NNP , , the DT largest JJS producer NN of IN CFCs NNPS in IN West NNP Germany NNP , , said VBD it PRP wanted VBD to TO reduce VB production NN of IN the DT product NN by IN 50 CD % NN by IN 1993 CD . . Mr. NNP Hilger NNP said VBD Hoechst NNP will MD invest VB 50 CD million CD marks NNS ( ( $ $ 27.2 CD million CD ) ) in IN a DT plant NN to TO make VB a DT substitute NN product NN it PRP has VBZ developed VBN that IN it PRP says VBZ is VBZ unchlorinated VBN . . The DT company NN hopes VBZ the DT new JJ plant NN , , likely RB to TO be VB built VBN in IN Frankfurt NNP , , will MD be VB able JJ to TO produce VB 10,000 CD tons NNS a DT year NN . . This DT year NN , , Hoechst NNP will MD produce VB about IN 62,000 CD tons NNS of IN CFCs NNS in IN factories NNS in IN Frankfurt NNP , , Spain NNP and CC Brazil NNP . . Of IN Hoechst NNP 's POS 40.9 CD billion CD marks NNS in IN group NN sales NNS in IN 1988 CD , , 200 CD million CD marks NNS came VBD from IN sales NNS of IN CFCs NNS . . Also RB , , BASF NNP AG NNP , , another DT large JJ chemicals NNS company NN , , said VBD it PRP formed VBD a DT separate JJ division NN that WDT will MD study VB the DT environmental JJ impact NN of IN plastics NNS and CC will MD investigate VB all DT possibilities NNS of IN recycling VBG plastics NNS . . George NNP L. NNP Manzanec NNP , , 53 CD years NNS old JJ , , senior JJ vice NN president NN of IN Texas NNP Eastern NNP Corp. NNP , , was VBD elected VBN a DT group NN vice NN president NN of IN this DT natural-gas-pipeline JJ concern NN . . Mr. NNP Manzanec NNP , , who WP succeeds VBZ retiring VBG Richard NNP C. NNP Dixon NNP , , will MD be VB responsible JJ for IN gas NN supply NN , , regulatory JJ affairs NNS , , and CC marketing NN and CC transportation NN and CC exchange NN for IN Panhandle NNP Eastern NNP Pipe NNP Line NNP Co. NNP , , Trunkline NNP Gas NNP Co. NNP , , Texas NNP Eastern NNP Transmission NNP Corp. NNP and CC Algonquin NNP Gas NNP Transmission NNP Co NNP . . All DT of IN the DT companies NNS are VBP units NNS of IN Panhandle NNP Eastern NNP Corp. NNP , , which WDT acquired VBD Texas NNP Eastern NNP Corp. NNP earlier RBR this DT year NN . . Adolph NNP Coors NNP Co. NNP said VBD its PRP$ Coors NNP Brewing NNP Co. NNP unit NN will MD test VB market VB a DT new JJ line NN of IN bottled JJ water NN in IN the DT West NN beginning VBG early JJ next JJ year NN . . The DT move NN , , which WDT was VBD expected VBN , , marks VBZ the DT first JJ time NN since IN Prohibition NNP that IN Coors NNP has VBZ sold VBN a DT non-alcoholic JJ beverage NN , , and CC marks VBZ the DT company NN 's POS entry NN into IN a DT crowded VBN , , but CC fast-growing JJ market NN that IN generated VBN about IN $ $ 2.2 CD billion CD in IN sales NNS last JJ year NN . . Coors NNP is VBZ hoping VBG to TO become VB one CD of IN the DT first JJ companies NNS to TO distribute VB bottled JJ water NN nationwide JJ . . Perrier NNP , , sold VBN by IN Perrier NNP Group NNP of IN America NNP , , a DT unit NN of IN Source NNP Perrier NNP S.A. NNP of IN Paris NNP , , and CC Evian NNP , , sold VBN by IN a DT U.S. NNP unit NN BSN NNP of IN France NNP , , are VBP distributed VBN to TO urban JJ areas NNS nationally RB , , but CC are VBP less RBR available JJ in IN rural JJ communities NNS . . Coors NNP , , with IN its PRP$ large JJ beer-distribution NN network NN , , could MD penetrate VB more JJR markets NNS . . The DT company NN said VBD the DT water NN will MD be VB called VBN Coors NNP Rocky NNP Mountain NNP Sparkling NNP Water NNP and CC will MD come VB from IN the DT same JJ mountain NN spring NN as IN water NN used VBN in IN Coors NNP beer NN . . The DT company NN said VBD it PRP will MD sell VB the DT water NN plain NN and CC with IN lemon-lime JJ and CC cherry JJ flavors NNS and CC will MD package VB it PRP in IN 28-ounce JJ bottles NNS and CC 6.5 CD ounce NN bottles NNS as IN part NN of IN six-packs NNS . . The DT test NN markets NNS , , though IN not RB specified VBN , , will MD be VB in IN northern JJ California NNP , , Arizona NNP and CC Colorado NNP , , some DT of IN the DT hottest JJS bottled-water NN markets NNS . . Some DT of IN America NNP 's POS biggest JJS trading VBG partners NNS gave VBD a DT quick JJ thumbs-down NN to TO a DT U.S. NNP proposal NN to TO liberalize VB world NN trade NN and CC reduce VB farm-product NN subsidies NNS . . In IN Geneva NNP , , where WRB world NN trade NN talks NNS are VBP being VBG held VBN under IN the DT General NNP Agreement NNP on IN Tariffs NNPS and CC Trade NNP , , or CC GATT NNP , , the DT European NNP Community NNP called VBD the DT U.S. NNP proposal NN `` `` a DT step NN backward RB . . '' '' And CC Japan NNP 's POS minister NN of IN agriculture NN , , forestry NN and CC fisheries NNS told VBD a DT committee NN of IN Japan NNP 's POS parliament NN that IN Washington NNP 's POS proposal NN was VBD impractical JJ and CC that IN Tokyo NNP would MD continue VB to TO heavily RB subsidize VB its PRP$ rice NN farmers NNS . . The DT U.S. NNP , , in IN a DT far-reaching JJ plan NN submitted VBN to TO the DT Geneva NNP meeting NN Tuesday NNP , , proposed VBD curbing VBG price NN support NN subsidies NNS within IN 10 CD years NNS and CC eliminating VBG export NN subsidies NNS within IN five CD years NNS . . U.S. NNP officials NNS said VBD the DT plan NN was VBD flexible JJ , , and CC was VBD intended VBN as IN a DT pragmatic JJ approach NN for IN gradually RB removing VBG trade-distorting JJ subsidies NNS . . But CC the DT EC NNP reacted VBD defiantly RB , , arguing VBG that IN the DT proposal NN 's POS main JJ aim NN is VBZ to TO destroy VB the DT Common NNP Agricultural NNP Policy NNP , , the DT EC NNP 's POS $ $ 28 CD billion-a-year JJ price NN support NN program NN . . `` `` The DT American JJ proposal NN is VBZ not RB an DT adequate JJ basis NN for IN negotiation NN , , '' '' the DT EC NNP said VBD in IN a DT statement NN . . EC NNP officials NNS say VBP they PRP are VBP irked VBN that IN the DT U.S. NNP has VBZ set VBN a DT specific JJ timetable NN and CC is VBZ insisting VBG on IN the DT `` `` elimination NN '' '' of IN export NN subsides NNS , , not RB just JJ reduction NN . . EC NNP Agriculture NNP Commissioner NNP Ray NNP MacSharry NNP said VBD the DT U.S. NNP plan NN `` `` calls VBZ into IN question NN '' '' the DT agreement NN reached VBN by IN world NN negotiators NNS last JJ April NNP in IN Geneva NNP seeking VBG `` `` substantial JJ progressive JJ reductions NNS in IN agricultural JJ support NN and CC protection NN . . '' '' U.S. NNP Deputy NNP Trade NNP Representative NNP Jules NNP Katz NNP replied VBD that IN the DT proposal NN was VBD entirely RB consistent JJ with IN the DT April NNP accord NN . . He PRP said VBD he PRP was VBD surprised VBN by IN the DT EC NNP 's POS reaction NN , , calling VBG it PRP `` `` vehement JJ , , even RB frenetic JJ . . '' '' The DT U.S. NNP proposal NN also RB was VBD criticized VBN by IN food-importing JJ developing VBG countries NNS , , who WP said VBD that IN the DT U.S. NNP made VBD no DT special JJ allowances NNS for IN poor JJ nations NNS . . While IN many JJ experts NNS argue VBP that IN food-importing JJ nations NNS would MD eventually RB become VB self-sufficient JJ in IN a DT free-market JJ system NN , , the DT poorest JJS nations NNS are VBP likely JJ to TO need VB help NN in IN the DT meantime NN . . Ambassador NNP Katz NNP said VBD the DT U.S. NNP was VBD open JJ to TO discussing VBG particular JJ problems NNS of IN developing VBG countries NNS . . The DT U.S. NNP administration NN said VBD its PRP$ plan NN would MD allow VB considerable JJ flexibility NN in IN determining VBG how WRB and CC when WRB the DT free-trade JJ goals NNS would MD be VB achieved VBN . . The DT U.S. NNP argues VBZ that IN its PRP$ plan NN would MD ease VB the DT transition NN to TO freer JJR agriculture NN trade NN by IN converting VBG certain JJ non-tariff JJ barriers NNS into IN tariffs NNS that WDT , , together RB with IN existing VBG tariffs NNS , , then RB would MD be VB phased VBN out RP over IN 10 CD years NNS . . But CC the DT EC NNP is VBZ strongly RB opposed VBN to TO converting VBG agricultural JJ supports NNS into IN tariffs NNS . . The DT new JJ U.S. NNP package NN also RB says VBZ countries NNS could MD temporarily RB raise VB tariffs NNS on IN certain JJ products NNS if IN they PRP experience VBP an DT unusually RB heavy JJ volume NN of IN imports NNS . . It PRP would MD establish VB procedures NNS to TO prevent VB countries NNS from IN using VBG health NN and CC sanitation NN rules NNS to TO impede VB trade NN arbitrarily RB . . Seeking VBG to TO allay VB European JJ concerns NNS , , U.S. NNP Agriculture NNP Secretary NNP Clayton NNP Yeutter NNP said VBD in IN Washington NNP that IN the DT new JJ U.S. NNP plan NN would MD n't RB `` `` put VB farmers NNS out IN of IN business NN '' '' but CC would MD encourage VB them PRP to TO `` `` grow VB what WP the DT markets NNS desire VBP instead RB of IN what WP the DT government NN wants VBZ . . '' '' The DT EC NNP , , with IN a DT population NN of IN 320 CD million CD , , has VBZ 8.5 CD million CD farmers NNS , , while IN the DT U.S. NNP , , with IN a DT population NN of IN about IN 245 CD million CD , , has VBZ only RB two CD million CD farmers NNS . . Japan NNP 's POS objections NNS to TO the DT U.S. NNP plan NN center VBP around IN its PRP$ desire NN to TO stay VB self-sufficient JJ in IN rice NN , , a DT staple NN food NN , , even RB though IN foreign JJ producers NNS are VBP far RB more RBR efficient JJ . . Bell NNP Atlantic NNP Corp. NNP said VBD it PRP agreed VBD definitively RB to TO acquire VB one CD of IN Control NNP Data NNP Corp. NNP 's POS computer-maintenance NN businesses NNS . . Terms NNS of IN the DT accord NN were VBD n't RB disclosed VBN . . Control NNP Data NNP 's POS third-party JJ maintenance NN unit NN services VBZ products NNS primarily RB made VBN by IN Digital NNP Equipment NNP Corp. NNP and CC International NNP Business NNP Machines NNPS Corp NNP . . The DT unit NN has VBZ 6,000 CD customers NNS and CC , , according VBG to TO one CD analyst NN , , had VBD 1988 CD revenue NN of IN about IN $ $ 85 CD million CD . . Under IN the DT agreement NN , , which WDT had VBD been VBN widely RB expected VBN , , Bell NNP Atlantic NNP would MD be VB buying VBG Control NNP Data NNP 's POS customer NN base NN and CC its PRP$ approximately RB 100 CD U.S. NNP maintenance NN facilities NNS in IN about IN 33 CD cities NNS . . However RB , , Control NNP Data NNP would MD continue VB to TO provide VB maintenance NN services NNS for IN customers NNS of IN its PRP$ Cyber NNP product NN line NN . . The DT unit NN represents VBZ a DT small JJ portion NN of IN Minneapolis-based JJ Control NNP Data NNP 's POS overall JJ computer-servicing NN business NN , , which WDT last JJ year NN posted VBD sales NNS of IN about IN $ $ 400 CD million CD . . Earlier RBR this DT year NN , , the DT company NN sold VBD a DT similar JJ unit NN in IN Europe NNP for IN about IN $ $ 25 CD million CD . . Lawrence NNP Perlman NNP , , Control NNP Data NNP 's POS president NN and CC chief NN operating VBG officer NN , , said VBD the DT maintenance NN business NN no RB longer JJR fits VBZ into IN the DT company NN 's POS `` `` strategy NN to TO be VB a DT data NNS solutions NNS company NN . . '' '' Thomas NNP Vassiliades NNP , , president NN of IN Bell NNP Atlantic NNP 's POS customer NN services NNS division NN , , said VBD the DT acquisition NN would MD give VB the DT company NN 's POS Sorbus NNP computer-maintenance NN unit NN added JJ expertise NN in IN `` `` the DT increasingly RB sophisticated JJ workstation NN and CC high-end JJ mainframe NN technologies NNS . . Two CD recent JJ decisions NNS by IN federal JJ courts NNS cast VBD judges NNS in IN the DT odd JJ role NN of IN telling VBG authors NNS how WRB they PRP should MD write VB history NN and CC biography NN . . These DT decisions NNS deserve VBP more JJR attention NN than IN they PRP have VBP received VBN from IN scholars NNS , , and CC from IN journalists NNS as RB well RB . . Russell NNP Miller NNP 's POS `` `` Bare-Faced NNP Messiah NNP : : The NNP True NNP Story NNP of IN L. NNP Ron NNP Hubbard NNP '' '' is VBZ a DT biography NN of IN the DT founder NN of IN the DT Church NNP of IN Scientology NNP . . Mr. NNP Hubbard NNP , , who WP died VBD in IN 1986 CD , , bequeathed VBD the DT copyrights NNS on IN his PRP$ writings NNS to TO his PRP$ church NN , , which WDT licensed VBD them PRP to TO New NNP Era NNP Publications NNP , , a DT Danish JJ corporation NN . . In IN 1988 CD New NNP Era NNP sought VBD a DT permanent JJ injunction NN to TO restrain VB Henry NNP Holt NNP & CC Co. NNP from IN publishing VBG `` `` Bare-Faced NNP Messiah NNP '' '' on IN the DT ground NN that IN Mr. NNP Miller NNP 's POS quotations NNS from IN Mr. NNP Hubbard NNP infringed VBD the DT copyrights NNS . . The DT publisher NN argued VBD in IN response NN that IN the DT `` `` fair JJ use NN '' '' statute NN permits VBZ quotation NN `` `` for IN purposes NNS such JJ as IN criticism NN , , comment NN , , news NN reporting NN , , teaching NN , , ... : scholarship NN , , or CC research NN . . '' '' District NNP Court NNP Judge NNP Pierre NNP Leval NNP denied VBD the DT injunction NN on IN the DT ground NN that IN New NNP Era NNP had VBD failed VBN to TO make VB its PRP$ claim NN within IN a DT reasonable JJ time NN -- : the DT doctrine NN lawyers NNS call VBP `` `` laches NN . . '' '' As IN for IN the DT merits NNS , , Judge NNP Leval NNP said VBD that IN Mr. NNP Miller NNP had VBD written VBN `` `` a DT serious JJ book NN of IN responsible JJ historical JJ criticism NN . . '' '' Verbatim JJ quotation NN , , the DT judge NN believed VBD , , was VBD justified VBN in IN order NN to TO prove VB points NNS the DT author NN had VBD asserted VBN about IN Mr. NNP Hubbard NNP -- : mendacity NN , , bigotry NN , , paranoia NN and CC other JJ unlovely JJ traits NNS that WDT could MD not RB be VB persuasively RB demonstrated VBN without IN use NN of IN Mr. NNP Hubbard NNP 's POS own JJ words NNS . . `` `` The DT biographer\/critic NN , , '' '' Judge NNP Leval NNP wrote VBD , , `` `` should MD not RB be VB required VBN simply RB to TO express VB ... : conclusions NNS without IN defending VBG them PRP by IN example NN . . '' '' In IN such JJ circumstances NNS , , free-speech NN interests NNS outweighed VBD the DT interests NNS of IN the DT copyright NN owner NN . . But CC Judge NNP Leval NNP felt VBD constrained VBN by IN an DT earlier JJR decision NN of IN the DT Second NNP Circuit NNP Court NNP forbidding VBG a DT biographer NN of IN J.D. NNP Salinger NNP to TO quote VB from IN Mr. NNP Salinger NNP 's POS personal JJ letters NNS . . He PRP distinguished VBD the DT two CD cases NNS : : In IN Salinger NNP , , Judge NNP Leval NNP noted VBD , , the DT quotations NNS were VBD for IN the DT purpose NN of IN enlivening VBG the DT biography NN rather RB than IN of IN proving VBG points NNS about IN the DT subject NN . . Still RB the DT Salinger NNP decision NN created VBD a DT strong JJ presumption NN against IN fair JJ use NN of IN unpublished JJ materials NNS . . Judge NNP Leval NNP reluctantly RB concluded VBD that IN a DT few JJ of IN Mr. NNP Miller NNP 's POS quotations NNS from IN Mr. NNP Hubbard NNP 's POS unpublished JJ writings NNS , , because IN they PRP were VBD not RB necessary JJ to TO prove VB historical JJ points NNS , , failed VBD the DT fair-use JJ test NN and CC therefore RB infringed VBD copyright NN . . But CC the DT proper JJ remedy NN , , Judge NNP Leval NNP said VBD , , lay VBD in IN a DT suit NN for IN damages NNS , , not RB in IN an DT injunction NN . . The DT case NN went VBD on IN appeal NN to TO the DT Second NNP Circuit NNP . . In IN a DT decision NN in IN April NNP of IN this DT year NN , , Judge NNP Roger NNP Miner NNP , , joined VBN by IN Judge NNP Frank NNP Altimari NNP , , agreed VBD on IN denying VBG the DT injunction NN and CC did VBD not RB doubt VB that IN `` `` Bare-Faced NNP Messiah NNP '' '' was VBD a DT serious JJ work NN but CC rejected VBD Judge NNP Leval NNP 's POS argument NN that IN the DT public JJ interest NN in IN scholarship NN could MD outweigh VB the DT sanctity NN of IN copyright NN . . `` `` We PRP conclude VBP , , '' '' the DT two CD judges NNS wrote VBD , , `` `` that IN laches NN is VBZ the DT sole JJ bar NN to TO the DT issuance NN of IN an DT injunction NN . . '' '' Had VBD the DT suit NN been VBN filed VBN in IN time NN , , they PRP said VBD , , `` `` Bare-Faced NNP Messiah NNP '' '' would MD have VB been VBN suppressed VBN . . This DT was VBD too RB much JJ for IN James NNP Oakes NNP , , the DT court NN 's POS chief NN judge NN . . In IN a DT powerful JJ separate JJ opinion NN , , Judge NNP Oakes NNP further RB distinguished VBD the DT Salinger NNP case NN by IN pointing VBG out RP that IN a DT living VBG person NN , , like IN Mr. NNP Salinger NNP , , had VBD privacy NN rights NNS that WDT did VBD not RB apply VB to TO a DT dead JJ man NN , , like IN Mr. NNP Hubbard NNP . . `` `` I PRP thought VBD that IN Salinger NNP might MD by IN being VBG taken VBN in IN another DT factual JJ context NN come VBN back RB to TO haunt VB us PRP . . This DT case NN realizes VBZ that DT concern NN . . '' '' Decisions NNS by IN the DT Second NNP Circuit NNP itself PRP , , Judge NNP Oakes NNP continued VBD , , had VBD recognized VBN that IN public JJ interest NN in IN the DT subject JJ matter NN and CC the DT indispensability NN in IN particular JJ cases NNS of IN verbatim JJ quotations NNS are VBP vital JJ components NNS of IN fair JJ use NN . . And CC the DT injunction NN Judges NNP Miner NNP and CC Altimari NNP would MD so RB readily RB have VB granted VBN had VBD New NNP Era NNP sued VBN in IN time NN ? . Suppression NN of IN the DT book NN , , Judge NNP Oakes NNP observed VBD , , would MD operate VB as IN a DT prior JJ restraint NN and CC thus RB involve VB the DT First NNP Amendment NNP . . Moreover RB , , and CC here RB Judge NNP Oakes NNP went VBD to TO the DT heart NN of IN the DT question NN , , `` `` Responsible JJ biographers NNS and CC historians NNS constantly RB use VBP primary JJ sources NNS , , letters NNS , , diaries NNS , , and CC memoranda NNS . . Indeed RB , , it PRP would MD be VB irresponsible JJ to TO ignore VB such JJ sources NNS of IN information NN . . '' '' Now RB , , scholars NNS in IN fulfilling VBG their PRP$ responsibility NN do VBP not RB claim VB the DT right NN to TO invade VB every DT collection NN of IN papers NNS that WDT bears VBZ upon IN their PRP$ topics NNS of IN investigation NN . . And CC of IN course NN they PRP agree VBP that IN people NNS can MD impose VB restrictions NNS on IN the DT use NN of IN their PRP$ papers NNS , , whether IN in IN their PRP$ own JJ possession NN or CC as RB donated VBN or CC sold VBN to TO libraries NNS . . But CC in IN the DT `` `` Bare-Faced NNP Messiah NNP '' '' case NN the DT author NN found VBD most JJS of IN his PRP$ material NN in IN court NN records NNS or CC via IN the DT Freedom NNP of IN Information NNP Act NNP . . And CC when WRB responsible JJ scholars NNS gain VBP legitimate JJ access NN to TO unpublished JJ materials NNS , , copyright NN should MD not RB be VB permitted VBN to TO deny VB them PRP use NN of IN quotations NNS that WDT help VBP to TO establish VB historical JJ points NNS . . Judges NNPS Oakes NNP and CC Leval NNP understand VBP the DT requirements NNS of IN historical JJ scholarship NN . . Judges NNPS Miner NNP and CC Altimari NNP do VBP not RB appear VB to TO have VB a DT clue NN . . Yet RB at IN the DT moment NN they PRP are VBP the DT judges NNS who WP are VBP making VBG the DT law NN . . As IN matters NNS stand VBP , , the DT Salinger NNP ruling NN , , torn VBN from IN context NN and CC broadly RB construed VBN , , is VBZ controlling VBG . . If IN an DT author NN quotes VBZ `` `` more JJR than IN minimal JJ amounts NNS '' '' of IN unpublished JJ copyrighted VBN materials NNS , , as IN the DT Salinger NNP decision NN had VBD it PRP , , `` `` he PRP deserves VBZ to TO be VB enjoined VBN . . '' '' The DT courts NNS have VBP not RB defined VBN `` `` minimal JJ amounts NNS , , '' '' but CC publishers NNS , , I PRP understand VBP , , take VBP it PRP to TO mean VB about IN 50 CD words NNS . . The DT `` `` Bare-Faced NNP Messiah NNP '' '' decision NN strikes VBZ a DT blow NN against IN the DT whole JJ historical JJ enterprise NN . . A DT second JJ decision NN , , handed VBN down RP in IN August NNP by IN the DT Court NNP of IN Appeals NNPS for IN the DT Ninth NNP Circuit NNP , , is VBZ another DT blow NN against IN scholarship NN . . Janet NNP Malcolm NNP , , a DT professional JJ writer NN on IN psychiatric JJ matters NNS , , wrote VBD a DT series NN of IN articles NNS for IN the DT New NNP Yorker NNP , , later RB published VBN in IN book NN form NN by IN Knopf NNP under IN the DT title NN `` `` In NNP the DT Freud NNP Archives NNPS . . '' '' The DT articles NNS were VBD largely RB based VBN on IN interviews NNS Ms. NNP Malcolm NNP had VBD taped VBN with IN Jeffrey NNP Masson NNP , , a DT psychoanalyst NN who WP had VBD served VBN as IN projects NNS director NN of IN the DT Freud NNP Archives NNPS . . Mr. NNP Masson NNP then RB brought VBD a DT libel NN suit NN against IN Ms. NNP Malcolm NNP , , the DT New NNP Yorker NNP and CC Knopf NNP . . As IN a DT public JJ figure NN , , Mr. NNP Masson NNP had VBD to TO prove VB malice NN and CC , , as IN proof NN of IN malice NN , , Mr. NNP Masson NNP contended VBD that IN defamatory JJ quotations NNS ascribed VBN to TO him PRP by IN Ms. NNP Malcolm NNP were VBD in IN fact NN fabricated VBN . . The DT quotes NNS could MD not RB be VB found VBN on IN the DT tapes NNS , , and CC the DT two CD judges NNS who WP decided VBD the DT case NN for IN Ms. NNP Malcolm NNP and CC her PRP$ publishers NNS conceded VBD that IN , , for IN the DT purpose NN of IN their PRP$ decision NN , , `` `` we PRP assume VBP the DT quotations NNS were VBD deliberately RB altered VBN . . '' '' For IN all DT historians NNS and CC most JJS journalists NNS , , this DT admission NN would MD have VB been VBN sufficient JJ to TO condemn VB the DT Malcolm NNP articles NNS . . But CC Judge NNP Arthur NNP Alarcon NNP , , joined VBN by IN Judge NNP Cynthia NNP Holcomb NNP Hall NNP , , took VBD the DT astonishing JJ position NN that IN it PRP is VBZ perfectly RB OK JJ to TO fabricate VB quotations NNS so RB long RB as IN a DT judge NN finds VBZ that IN the DT fabrications NNS do VBP not RB alter VB substantive JJ content NN or CC are VBP rational JJ interpretations NNS of IN ambiguous JJ remarks NNS . . In IN his PRP$ eloquent JJ dissent NN , , Judge NNP Alex NNP Kozinski NNP observed VBD that IN when WRB a DT writer NN uses VBZ quotation NN marks NNS in IN reporting VBG what WP someone NN has VBZ said VBN , , the DT reader NN assumes VBZ that IN these DT are VBP the DT speaker NN 's POS precise JJ words NNS or CC at IN least JJS his PRP$ words NNS purged VBN of IN `` `` uh UH '' '' and CC `` `` you PRP know VBP '' '' and CC grammatical JJ error NN . . While IN judges NNS have VBP an DT obligation NN under IN the DT First NNP Amendment NNP to TO safeguard VB freedom NN of IN the DT press NN , , `` `` the DT right NN to TO deliberately RB alter VB quotations NNS is VBZ not RB , , in IN my PRP$ view NN , , a DT concomitant NN of IN a DT free JJ press NN . . '' '' Ms. NNP Malcolm NNP , , for IN example NN , , wrote VBD that IN Mr. NNP Masson NNP described VBD himself PRP as IN `` `` the DT greatest JJS analyst NN who WP ever RB lived VBD . . '' '' No DT such JJ statement NN appears VBZ on IN the DT tapes NNS . . The DT majority NN cited VBD Mr. NNP Masson NNP 's POS remark NN `` `` It PRP 's VBZ me PRP alone RB ... : against IN the DT rest NN of IN the DT analytic JJ world NN '' '' as IN warrant NN for IN the DT Malcolm NNP fabrication NN . . But CC , , as IN Judge NNP Kozinski NNP noted VBD , , the DT context NN shows VBZ that IN Mr. NNP Masson NNP 's POS `` `` me PRP alone JJ '' '' remark NN referred VBD not RB to TO his PRP$ alleged JJ pre-eminence NN in IN his PRP$ profession NN but CC to TO the DT fact NN that IN his PRP$ position NN on IN a DT particular JJ issue NN was VBD not RB shared VBN by IN anyone NN else RB . . Ms. NNP Malcolm NNP had VBD Mr. NNP Masson NNP describing VBG himself PRP as IN `` `` an DT intellectual JJ gigolo NN . . '' '' Again RB , , no DT such JJ statement NN appears VBZ on IN the DT tapes NNS . . The DT majority NN decision NN contended VBD that IN the DT phrase NN was VBD a DT rational JJ interpretation NN of IN Mr. NNP Masson NNP 's POS description NN of IN himself PRP as IN a DT `` `` private JJ asset NN but CC a DT public JJ liability NN '' '' to TO Anna NNP Freud NNP and CC that IN in IN any DT case NN it PRP was VBD not RB defamatory JJ . . Judge NNP Kozinski NNP found VBD the DT derivation NN entirely RB strained VBN and CC writes VBZ that IN `` `` for IN an DT academic JJ to TO refer VB to TO himself PRP as IN an DT intellectual JJ gigolo NN is VBZ ... : a DT devastating JJ admission NN of IN professional JJ dishonesty NN . . '' '' These DT were VBD only RB two CD of IN a DT series NN of IN fabrications NNS that WDT had VBD , , in IN Judge NNP Kozinski NNP 's POS words NNS , , the DT cumulative JJ effect NN of IN making VBG Mr. NNP Masson NNP `` `` appear VB more RBR arrogant JJ , , less RBR sensitive JJ , , shallower JJR , , more RBR self-aggrandizing JJ , , and CC less RBR in IN touch NN with IN reality NN than IN he PRP appears VBZ from IN his PRP$ own JJ statements NNS . . '' '' As IN Robert NNP Coles NNP wrote VBD in IN a DT review NN of IN Ms. NNP Malcolm NNP 's POS book NN , , Mr. NNP Masson NNP emerges VBZ `` `` as IN a DT grandiose JJ egotist NN ... : and CC , , in IN the DT end NN , , a DT self-destructive JJ fool NN . . But CC it PRP is VBZ not RB Janet NNP Malcolm NNP who WP calls VBZ him PRP such JJ : : his PRP$ own JJ words NNS reveal VBP this DT psychological JJ profile NN . . '' '' We PRP now RB know VBP that IN the DT words NNS were VBD not RB always RB his PRP$ own JJ . . `` `` There EX is VBZ one CD sacred JJ rule NN of IN journalism NN , , '' '' John NNP Hersey NNP has VBZ said VBN . . `` `` The DT writer NN must MD not RB invent VB . . '' '' Should MD the DT green JJ light NN Judges NNPS Alarcon NNP and CC Hall NNP have VB given VBN to TO the DT fabrication NN of IN quotations NNS become VB standard JJ practice NN , , it PRP will MD notably RB reduce VB the DT value NN of IN journalism NN for IN historians NNS -- : and CC for IN citizens NNS . . As IN Judge NNP Kozinski NNP put VBD it PRP : : `` `` To TO invoke VB the DT right NN to TO deliberately RB distort VB what WP someone NN else RB has VBZ said VBN is VBZ to TO assert VB the DT right NN to TO lie VB in IN print NN ... : . . Masson NNP has VBZ lost VBN his PRP$ case NN , , but CC the DT defendants NNS , , and CC the DT profession NN to TO which WDT they PRP belong VBP , , have VBP lost VBN far RB more RBR . . '' '' The DT historical JJ profession NN will MD survive VB these DT decisions NNS . . Perhaps RB in IN time NN the DT Supreme NNP Court NNP will MD correct VB them PRP . . But CC writing VBG history NN is VBZ tough JJ enough RB without IN judges NNS gratuitously RB throwing VBG obstacles NNS in IN the DT scholar NN 's POS path NN . . Mr. NNP Schlesinger NNP is VBZ Albert NNP Schweitzer NNP professor NN of IN the DT humanities NNS at IN the DT City NNP University NNP of IN New NNP York NNP and CC a DT winner NN of IN Pulitzer NNP Prizes NNPS in IN history NN and CC biography NN . . Hale NNP Milgrim NNP , , 41 CD years NNS old JJ , , senior JJ vice NN president NN , , marketing NN at IN Elecktra NNP Entertainment NNP Inc. NNP , , was VBD named VBN president NN of IN Capitol NNP Records NNPS Inc. NNP , , a DT unit NN of IN this DT entertainment NN concern NN . . Mr. NNP Milgrim NNP succeeds VBZ David NNP Berman NNP , , who WP resigned VBD last JJ month NN . . Legal JJ controversies NNS in IN America NNP have VBP a DT way NN of IN assuming VBG a DT symbolic JJ significance NN far RB exceeding VBG what WP is VBZ involved VBN in IN the DT particular JJ case NN . . They PRP speak VBP volumes NNS about IN the DT state NN of IN our PRP$ society NN at IN a DT given VBN moment NN . . It PRP has VBZ always RB been VBN so RB . . In IN the DT 1920s CD , , a DT young JJ schoolteacher NN , , John NNP T. NNP Scopes NNP , , volunteered VBD to TO be VB a DT guinea NN pig NN in IN a DT test NN case NN sponsored VBN by IN the DT American NNP Civil NNP Liberties NNP Union NNP to TO challenge VB a DT ban NN on IN the DT teaching NN of IN evolution NN imposed VBN by IN the DT Tennessee NNP Legislature NNP . . The DT result NN was VBD a DT world-famous JJ trial NN exposing VBG profound JJ cultural JJ conflicts NNS in IN American JJ life NN between IN the DT `` `` smart JJ set NN , , '' '' whose WP$ spokesman NN was VBD H.L. NNP Mencken NNP , , and CC the DT religious JJ fundamentalists NNS , , whom WP Mencken NNP derided VBD as IN benighted JJ primitives NNS . . Few JJ now RB recall VBP the DT actual JJ outcome NN : : Scopes NNP was VBD convicted VBN and CC fined VBN $ $ 100 CD , , and CC his PRP$ conviction NN was VBD reversed VBN on IN appeal NN because IN the DT fine NN was VBD excessive JJ under IN Tennessee NNP law NN . . So IN it PRP was VBD with IN the DT Hiss NNP case NN a DT generation NN later RB , , when WRB Alger NNP Hiss NNP became VBD a DT lightning NN rod NN for IN the DT anxieties NNS of IN the DT Cold NNP War NNP and CC conflicting VBG attitudes NNS toward IN the DT New NNP Deal NNP he PRP had VBD served VBN . . His PRP$ trials NNS aroused VBD public JJ passions NNS out IN of IN all DT proportion NN to TO the DT rather RB banal JJ secrets NNS he PRP allegedly RB had VBD passed VBN to TO Soviet JJ intelligence NN . . And CC so IN it PRP seems VBZ to TO be VB with IN the DT case NN of IN Elizabeth NNP Morgan NNP , , the DT Washington NNP , , D.C. NNP , , plastic NN surgeon NN jailed VBN in IN a DT child NN custody NN case NN for IN refusing VBG to TO reveal VB the DT whereabouts NN of IN her PRP$ daughter NN . . Dr. NNP Morgan NNP has VBZ just RB emerged VBN from IN the DT D.C. NNP jail NN after IN more JJR than IN two CD years NNS ' POS confinement NN for IN contempt NN of IN court NN , , a DT heroine NN to TO her PRP$ many JJ supporters NNS . . To TO the DT rest NN of IN us PRP , , the DT case NN is VBZ a DT puzzle NN . . It PRP is VBZ what WP lawyers NNS call VBP `` `` fact NN intensive JJ . . '' '' It PRP presents VBZ no DT great JJ issue NN of IN legal JJ principle NN , , no DT overriding VBG question NN of IN family NN law NN or CC the DT law NN of IN contempt NN . . Instead RB , , it PRP turns VBZ on IN the DT disputed VBN and CC elusive JJ facts NNS of IN `` `` who WP did VBD what WP to TO whom WP . . '' '' It PRP is VBZ difficult JJ , , if IN not RB impossible JJ , , for IN anyone NN who WP has VBZ not RB pored VBN over IN the DT thousands NNS of IN pages NNS of IN court NN pleadings NNS and CC transcripts NNS to TO have VB a DT worthwhile JJ opinion NN on IN the DT underlying VBG merits NNS of IN the DT controversy NN . . Certainly RB I PRP do VBP not RB . . So IN we PRP must MD look VB elsewhere RB for IN an DT explanation NN of IN the DT unusual JJ power NN this DT case NN has VBZ exerted VBN over IN the DT minds NNS of IN many JJ , , not RB just RB in IN Washington NNP but CC elsewhere RB in IN the DT country NN and CC even RB the DT world NN . . I PRP suggest VBP that IN three CD themes NNS have VBP come VBN together RB in IN the DT strange JJ case NN of IN Dr. NNP Morgan NNP . . The DT first JJ is VBZ that IN it PRP represents VBZ an DT intense JJ battle NN in IN what WP James NNP Thurber NNP used VBD to TO caricature VB as IN `` `` the DT war NN between IN the DT sexes NNS . . '' '' But CC although IN Thurber NNP did VBD so RB gently RB and CC lightheartedly RB , , many JJ of IN Dr. NNP Morgan NNP 's POS supporters NNS have VBP taken VBN Thurber NNP 's POS memorable JJ title NN `` `` The NNP Male NNP Animal NNP '' '' quite RB literally RB . . The DT vehemence NN of IN the DT emotions NNS aroused VBN by IN the DT case NN testifies VBZ to TO its PRP$ symbolic JJ importance NN in IN the DT war NN that IN Thurber NNP accepted VBD as IN an DT eternal JJ part NN of IN the DT human JJ condition NN . . A DT second JJ theme NN is VBZ the DT undercurrent NN of IN social JJ class NN and CC race NN in IN the DT public JJ reaction NN to TO the DT Morgan NNP case NN . . Dr. NNP Morgan NNP is VBZ a DT highly RB educated VBN white JJ professional NN who WP attended VBD some DT of IN the DT `` `` best JJS '' '' schools NNS . . As IN members NNS of IN the DT Black NNP Caucus NNP in IN Congress NNP asked VBD during IN the DT debate NN on IN the DT legislation NN that WDT freed VBD Dr. NNP Morgan NNP , , does VBZ anyone NN seriously RB believe VB that IN if IN she PRP were VBD an DT uneducated JJ , , black JJ , , working-class JJ woman NN , , Congress NNP would MD have VB rushed VBN to TO pass VB a DT private JJ relief NN bill NN freeing VBG her PRP ? . Or CC that IN the DT president NN would MD have VB hurried VBN to TO sign VB the DT bill NN `` `` out IN of IN compassion NN for IN her PRP$ plight NN '' '' ? . To TO ask VB those DT questions NNS is VBZ to TO answer VB them PRP . . Finally RB , , the DT case NN of IN Dr. NNP Morgan NNP gave VBD Congress NNP an DT opportunity NN to TO act VB with IN unaccustomed JJ decisiveness NN and CC to TO engage VB in IN one CD of IN its PRP$ favorite JJ pastimes NNS -- : bashing VBG the DT District NNP of IN Columbia NNP government NN . . The DT local JJ government NN is VBZ discredited VBN in IN the DT eyes NNS of IN many JJ residents NNS for IN a DT variety NN of IN reasons NNS , , and CC congressmen NNS read VBP the DT same JJ newspapers NNS and CC watch VBP the DT same JJ TV NN newscasts NNS as IN other JJ people NNS in IN the DT area NN do VBP . . Bashing VBG the DT D.C. NNP government NN is VBZ risk-free JJ for IN members NNS of IN Congress NNP , , who WP do VBP not RB have VB to TO answer VB to TO their PRP$ own JJ constituents NNS for IN it PRP . . Congress NNP is VBZ paralyzed VBN from IN acting VBG on IN such JJ great JJ issues NNS of IN the DT day NN as IN the DT federal JJ budget NN deficit NN . . Yet RB a DT bill NN tailored VBN to TO the DT interests NNS of IN a DT single JJ individual NN passed VBD Congress NNP with IN almost RB unimaginable JJ speed NN , , before IN the DT judicial JJ process NN had VBD run VBN its PRP$ course NN , , and CC , , indeed RB , , while IN the DT Morgan NNP case NN was VBD awaiting VBG a DT ruling NN by IN the DT appellate JJ court NN . . The DT Morgan NNP case NN thus RB tells VBZ us PRP much RB more RBR about IN the DT current JJ state NN of IN sex NN , , class NN , , race NN and CC politics NNS in IN our PRP$ society NN than IN it PRP does VBZ about IN the DT facts NNS of IN Dr. NNP Morgan NNP 's POS particular JJ situation NN . . It PRP may MD stand VB as IN a DT metaphor NN for IN how WRB wide JJ and CC deep JJ the DT divisions NNS in IN that DT society NN continue VBP to TO be VB however RB we PRP try VBP to TO deny VB their PRP$ existence NN . . Mr. NNP Rezneck NNP is VBZ a DT lawyer NN in IN Washington NNP , , D.C NNP . . The DT National NNP Aeronautics NNP and CC Space NNP Administration NNP said VBD it PRP awarded VBD General NNP Dynamics NNP Corp. NNP a DT $ $ 64 CD million CD contract NN to TO launch VB the DT Combined NNP Release NNP and CC Radiation NNP Effects NNPS Satellite NNP in IN June NNP 1990 CD . . CRRES NNP is VBZ a DT joint JJ NASA-Air NNP Force NNP satellite NN to TO study VB the DT effects NNS of IN space NN radiation NN on IN micro-electronic JJ components NNS . . NASA NNP said VBD General NNP Dynamics NNP will MD launch VB CRRES NNP using VBG an DT Atlas NNP 1 CD rocket NN . . Ronald NNP J. NNP Taylor NNP , , 48 CD , , was VBD named VBN chairman NN of IN this DT insurance NN firm NN 's POS reinsurance NN brokerage NN group NN and CC its PRP$ major JJ unit NN , , G.L. NNP Hodson NNP & CC Son NNP Inc NNP . . Robert NNP G. NNP Hodson NNP , , 65 CD , , retired VBD as IN chairman NN but CC will MD remain VB a DT consultant NN . . Stephen NNP A. NNP Crane NNP , , 44 CD , , senior JJ vice NN president NN and CC chief NN financial JJ and CC planning VBG officer NN of IN the DT parent NN , , was VBD named VBN president NN and CC chief NN executive NN of IN the DT brokerage NN group NN and CC the DT unit NN , , succeeding VBG Mr. NNP Taylor NNP . . The DT appointments NNS are VBP effective JJ Nov. NNP 1 CD . . Corroon NNP said VBD it PRP will MD announce VB a DT successor NN to TO Mr. NNP Crane NNP at IN a DT later JJ date NN . . An DT investment NN company NN said VBD it PRP offered VBD to TO acquire VB Arby NNP 's POS Inc. NNP , , the DT fast-food NN operator NN , , for IN $ $ 205 CD million CD . . The DT proposal NN , , however RB , , was VBD immediately RB rebuffed VBN by IN Arby NNP 's POS parent NN , , DWG NNP Corp NNP . . `` `` Arby NNP 's POS is VBZ n't RB for IN sale NN , , '' '' said VBD Renee NNP Mottram NNP , , senior JJ vice NN president NN at IN DWG NNP . . The DT new JJ suitor NN , , Stevric NNP Equity NNP Ventures NNP Inc. NNP , , of IN Mineola NNP , , N.Y. NNP , , characterized VBD its PRP$ proposal NN as IN the DT `` `` first RB truly RB independent JJ offer NN which WDT does VBZ not RB pit VB one CD interest NN group NN against IN another DT within IN the DT Arby NNP 's POS franchisee NN community NN . . '' '' In IN September NNP , , DWG NNP , , a DT Miami NNP Beach NNP , , Fla. NNP , , holding VBG company NN controlled VBN by IN financeer NN Victor NNP Posner NNP , , rejected VBD an DT offer NN from IN a DT group NN of IN Arby NNP 's POS franchisees NNS to TO acquire VB Arby NNP 's POS for IN $ $ 200 CD million CD . . Since IN then RB , , a DT second JJ group NN of IN franchisees NNS has VBZ banded VBN together RB to TO try VB to TO wrestle VB control NN of IN the DT unit NN from IN Mr. NNP Posner NNP . . Arby NNP 's POS is VBZ the DT marketing NN , , franchising VBG and CC service NN company NN for IN the DT 2,100 CD restaurants NNS in IN the DT chain NN . . Stevric NNP 's POS principals NNS , , Richard NNP and CC Steven NNP Buckley NNP , , said VBD they PRP led VBD the DT acquisition NN group NN that WDT acquired VBD the DT Nathan NNP 's POS Famous NNP Inc. NNP restaurant NN chain NN and CC subsequently RB served VBD as IN the DT top JJ officers NNS of IN the DT company NN . . Richard NNP Buckley NNP said VBD Stevric NNP 's POS acquisition NN of IN Arby NNP 's POS `` `` would MD allow VB seasoned JJ franchisers NNS and CC food-service NN operators NNS , , with IN no DT conflicts NNS of IN interest NN , , to TO stabilize VB franchisee NN relations NNS and CC properly RB refocus VB the DT company NN 's POS energies NNS toward IN growth NN . . General NNP Motors NNPS Corp. NNP 's POS big JJ defense NN and CC automotive JJ electronics NNS unit NN , , GM NNP Hughes NNP Electronics NNP , , said VBD net JJ income NN fell VBD 22 CD % NN in IN the DT third JJ quarter NN , , reflecting VBG declining VBG military JJ spending NN and CC slumping VBG GM NNP vehicle NN production NN . . Meanwhile RB , , net NN at IN GM NNP 's POS finance NN arm NN , , General NNP Motors NNPS Acceptance NNP Corp. NNP , , fell VBD 3.1 CD % NN . . By IN contrast NN , , Electronic NNP Data NNP Systems NNPS Corp. NNP , , GM NNP 's POS data NNS processing NN subsidiary NN , , boosted VBD net JJ 16 CD % NN . . GM NNP closed VBD down RB $ $ 1.875 CD at IN $ $ 44.875 CD in IN New NNP York NNP Stock NNP Exchange NNP trading NN yesterday NN . . Earnings NNS for IN GM NNP common JJ stock NN , , reflecting VBG the DT performance NN of IN GM NNP 's POS core NN automotive JJ operations NNS , , will MD be VB disclosed VBN this DT morning NN . . GM NNP Class NNP H NNP , , which WDT represents VBZ a DT dividend NN interest NN in IN Hughes NNP earnings NNS , , closed VBD at IN $ $ 29 CD , , up RB 25 CD cents NNS in IN Big NNP Board NNP composite JJ trading NN . . GM NNP Class NNP E NNP , , which WDT represents VBZ a DT dividend NN interest NN in IN EDS NNP profit NN , , fell VBD 75 CD cents NNS to TO $ $ 52.25 CD on IN the DT Big NNP Board NNP . . The DT earnings NNS drop NN at IN GM NNP Hughes NNP Electronics NNP is VBZ a DT sign NN of IN tough JJ times NNS at IN both PDT the DT defense NN operations NNS of IN Hughes NNP Aircraft NNP Co. NNP and CC GM NNP 's POS North JJ American JJ automotive JJ operations NNS , , which WDT are VBP a DT primary JJ customer NN for IN the DT Delco NNP Electronics NNP Corp. NNP side NN of IN the DT GM NNP Hughes NNP unit NN . . Profit NN at IN the DT unit NN fell VBD to TO $ $ 110.6 CD million CD , , or CC 37 CD cents NNS a DT share NN , , from IN $ $ 142.4 CD million CD , , or CC 45 CD cents NNS a DT share NN , , largely RB because IN of IN a DT $ $ 24 CD million CD one-time JJ charge NN associated VBN with IN Hughes NNP 's POS previously RB announced VBD plan NN to TO reduce VB employment NN by IN at IN least JJS 6,000 CD people NNS by IN year NN end NN . . Even RB excluding VBG the DT charge NN , , however RB , , net NN fell VBD 5 CD % NN . . In IN addition NN , , GM NNP 's POS North JJ American JJ vehicle NN production NN fell VBD 8.4 CD % NN from IN a DT year NN ago IN , , which WDT hurt VBD Delco NNP Electronic NNP 's POS earnings NNS , , a DT company NN spokesman NN said VBD . . That DT decline NN was VBD reflected VBN in IN revenue NN for IN the DT GM NNP Hughes NNP unit NN , , which WDT edged VBD down RB to TO $ $ 2.58 CD billion CD from IN $ $ 2.63 CD billion CD . . In IN the DT nine CD months NNS , , GM NNP Hughes NNP net NN fell VBD 6.6 CD % NN to TO $ $ 486.6 CD million CD , , or CC $ $ 1.48 CD a DT share NN , , from IN $ $ 521 CD million CD , , or CC $ $ 1.58 CD a DT share NN . . Revenue NN rose VBD 3.5 CD % NN to TO $ $ 8.47 CD billion CD from IN $ $ 8.18 CD billion CD . . At IN GMAC NNP , , net NN dropped VBD 3.1 CD % NN to TO $ $ 234.5 CD million CD from IN $ $ 241.9 CD million CD . . The DT finance NN unit NN attributed VBD the DT decline NN to TO higher JJR borrowing VBG costs NNS compared VBN with IN a DT year NN earlier RBR . . GMAC NNP said VBD its PRP$ automotive JJ financing NN and CC leasing VBG business NN rose VBD 35 CD % NN in IN the DT U.S. NNP , , largely RB because IN of IN dealer NN and CC customer NN incentives NNS used VBN to TO boost VB sales NNS . . GMAC NNP profits NNS are VBP combined VBN with IN earnings NNS from IN the DT rest NN of IN GM NNP 's POS operations NNS and CC attributed VBN to TO the DT company NN 's POS traditional JJ common JJ stock NN . . In IN the DT first JJ nine CD months NNS , , GMAC NNP 's POS earnings NNS fell VBD 8 CD % NN to TO $ $ 859.5 CD million CD from IN $ $ 930.2 CD million CD . . At IN EDS NNP , , third-quarter NN profit NN jumped VBD 16 CD % NN to TO a DT record NN $ $ 110.9 CD million CD , , or CC 93 CD cents NNS a DT share NN , , from IN $ $ 95.9 CD million CD , , or CC 79 CD cents NNS a DT share NN . . Revenue NN rose VBD 12 CD % NN to TO $ $ 1.37 CD billion CD from IN $ $ 1.22 CD billion CD . . In IN the DT nine CD months NNS , , EDS NNP earned VBD $ $ 315.8 CD million CD , , or CC $ $ 2.62 CD a DT share NN , , up RB 13 CD % NN from IN $ $ 280.7 CD million CD , , or CC $ $ 2.30 CD a DT share NN . . Revenue NN rose VBD 14 CD % NN to TO $ $ 4.03 CD billion CD from IN $ $ 3.54 CD billion CD . . Revenue NN from IN non-GM JJ accounts NNS was VBD 45 CD % NN of IN EDS NNP 's POS total JJ business NN in IN the DT latest JJS nine CD months NNS , , compared VBN with IN 40 CD % NN a DT year NN earlier RBR . . The DT company NN has VBZ said VBN it PRP wants VBZ to TO boost VB non-GM JJ revenue NN to TO at IN least JJS 50 CD % NN of IN its PRP$ total JJ business NN by IN the DT end NN of IN 1990 CD . . William NNP C. NNP Ballard NNP Jr. NNP , , 48 CD years NNS old JJ , , was VBD elected VBN a DT director NN of IN this DT distilled VBN beverages NNS concern NN , , expanding VBG the DT board NN to TO 11 CD members NNS . . Alvin NNP W. NNP Trivelpiece NNP , , director NN of IN Oak NNP Ridge NNP National NNP Laboratory NNP , , Oak NNP Ridge NNP , , Tenn. NNP , , was VBD elected VBN a DT director NN of IN this DT optical-products NNS concern NN . . Mr. NNP Trivelpiece NNP , , 58 CD years NNS old JJ , , succeeds VBZ William NNP Bolger NNP , , who WP died VBD in IN August NNP . . In IN the DT bidding NN war NN for IN Public NNP Service NNP Co. NNP of IN New NNP Hampshire NNP , , United NNP Illuminating NNP Co. NNP raised VBD its PRP$ proposed VBN offer NN to TO one CD it PRP valued VBD at IN $ $ 2.29 CD billion CD from IN $ $ 2.19 CD billion CD , , apparently RB topping VBG all DT other JJ bidders NNS . . The DT bids NNS remain VBP subject JJ to TO evaluation NN by IN the DT federal JJ bankruptcy NN court NN supervising VBG PS NNP of IN New NNP Hampshire NNP 's POS reorganization NN . . They PRP are VBP also RB indirectly RB subject JJ to TO approval NN by IN the DT state NN of IN New NNP Hampshire NNP , , where WRB residents NNS fear VBP soaring VBG rates NNS to TO pay VB for IN the DT cost NN of IN reorganization NN . . Each DT of IN the DT four CD parties NNS bidding VBG for IN PS NNP of IN New NNP Hampshire NNP proposes VBZ a DT complex JJ financial JJ package NN to TO satisfy VB creditors NNS and CC shareholders NNS and CC also RB proposes VBZ a DT formula NN to TO limit VB rate NN increases NNS to TO satisfy VB the DT state NN . . The DT new JJ round NN of IN bidding NN would MD seem VB to TO complicate VB the DT decision NN making NN for IN Judge NNP James NNP Yacos NNP , , the DT bankruptcy NN judge NN overseeing VBG the DT case NN , , because IN the DT company NN 's POS stockholders NNS , , unsecured JJ creditors NNS and CC regulators VBZ each DT are VBP currently RB backing VBG different JJ plans NNS . . In IN addition NN , , some DT of IN the DT proposals NNS are VBP so RB close JJ , , that IN non-financial JJ issues NNS such JJ as IN timing NN may MD play VB a DT more RBR important JJ role NN . . The DT unsecured JJ creditors NNS agreed VBD in IN principle NN to TO support VB New NNP Haven NNP , , Conn.-based JJ United NNP Illuminating NNP 's POS new JJ bid NN . . They PRP previously RB had VBD backed VBN an DT internal JJ reorganization NN plan NN proposed VBN by IN PS NNP of IN New NNP Hampshire NNP . . All DT of IN the DT bidders NNS contemplate VBP full JJ payment NN including VBG interest NN to TO secured VBN creditors NNS . . United NNP Illuminating NNP 's POS plan NN , , however RB , , offers VBZ more RBR for IN unsecured JJ creditors NNS . . Geoffrey NNP Kalmus NNP , , counsel NN to TO the DT official JJ creditors NNS committee NN , , said VBD that IN under IN the DT United NNP Illuminating NNP plan NN , , unsecured JJ creditors NNS would MD be VB paid VBN in IN full JJ credits NNS and CC interest NN of IN about IN $ $ 855 CD million CD , , accrued VBN before IN PS NNP of IN New NNP Hampshire NNP 's POS Jan. NNP 1988 CD filing VBG for IN bankruptcy NN court NN protection NN . . In IN addition NN , , they PRP would MD receive VB some DT $ $ 200 CD million CD in IN payments NNS for IN interest NN since IN then RB . . Mr. NNP Kalmus NNP said VBD that IN by IN next JJ July NNP they PRP would MD have VB accrued VBN unpaid JJ interest NN equal JJ to TO $ $ 350 CD million CD . . Other JJ plans NNS generally RB would MD n't RB pay VB unsecured JJ creditors NNS ' POS interest NN accrued VBN since IN the DT filing NN . . Under IN United NNP Illuminating NNP 's POS plan NN , , a DT new JJ holding VBG company NN would MD be VB formed VBN to TO own VB the DT two CD companies NNS . . It PRP would MD be VB 72%-owned JJ by IN United NNP Illuminating NNP holders NNS and CC 28%-owned JJ by IN current JJ holders NNS of IN PS NNP of IN New NNP Hampshire NNP preferred VBN and CC common JJ stock NN . . PS NNP of IN New NNP Hampshire NNP preferred VBD holders NNS also RB would MD get VB certain JJ debentures NNS and CC preferred VBN stock NN . . United NNP Illuminating NNP said VBD the DT preferred VBN holders NNS total JJ package NN would MD equal VB about IN 60 CD % NN of IN their PRP$ claims NNS . . Common JJ shareholders NNS would MD end VB up RP owning VBG about IN 6.4 CD % NN of IN the DT combined VBN company NN . . As IN previously RB reported VBN , , Northeast NNP Utilities NNPS , , Hartford NNP , , Conn. NNP , , Monday NNP filed VBD a DT bid NN it PRP valued VBD at IN $ $ 2.25 CD billion CD . . That DT offer NN was VBD endorsed VBN by IN the DT shareholders NNS committee NN . . The DT other JJ bidders NNS , , New NNP England NNP Electric NNP System NNP , , Westboro NNP , , Mass. NNP , , and CC PS NNP of IN New NNP Hampshire NNP , , did VBD n't RB change VB the DT value NN of IN their PRP$ bids NNS , , although IN PS NNP of IN New NNP Hampshire NNP changed VBD its PRP$ rate NN proposal NN . . New NNP England NNP Electric NNP values VBZ its PRP$ offer NN at IN $ $ 2 CD billion CD and CC PS NNP of IN New NNP Hampshire NNP values VBZ its PRP$ reorganization NN plan NN at IN $ $ 2.2 CD billion CD . . The DT bankruptcy NN judge NN has VBZ ruled VBN that IN federal JJ bankruptcy NN laws NNS could MD be VB used VBN to TO circumvent VB state NN regulation NN . . However RB , , creditors NNS and CC bidders NNS alike RB concede VBP that IN the DT state NN plays VBZ a DT major JJ role NN because IN it PRP could MD significantly RB delay VB final JJ settlement NN of IN a DT plan NN it PRP did VBD n't RB like JJ . . The DT state NN has VBZ endorsed VBN the DT New NNP England NNP Electric NNP plan NN , , which WDT promises VBZ to TO limit VB rate NN increases NNS to TO 4.8 CD % NN annually RB for IN seven CD years NNS . . Northeast NNP Utilities NNPS ' POS plan NN proposes VBZ 5.5 CD % NN annual JJ increases NNS . . PS NNP of IN New NNP Hampshire NNP amended VBD its PRP$ plan NN to TO call VB for IN two CD years NNS of IN 5.5 CD % NN rate NN increases NNS followed VBN by IN five CD years NNS of IN 4.5 CD % NN increases NNS . . Fuel NN cost NN adjustments NNS could MD change VB the DT effective JJ rate NN increases NNS , , however RB . . Previously RB it PRP had VBD proposed VBN seven CD years NNS of IN 5.5 CD % NN increases NNS . . United NNP Illuminating NNP also RB amended VBD its PRP$ rate NN plan NN . . The DT new JJ offer NN assumes VBZ just RB five CD years NNS of IN 5.5 CD % NN rate NN increases NNS , , to TO be VB followed VBN by IN state-approved JJ increases NNS under IN the DT usual JJ hearing NN procedure NN . . Previously RB United NNP Illuminating NNP had VBD also RB called VBN for IN seven CD years NNS of IN 5.5 CD % NN increases NNS . . The DT bids NNS and CC rate NN proposals NNS generally RB assume VBP the DT Seabrook NNP nuclear JJ power NN plant NN , , which WDT is VBZ completed VBN , , will MD go VB into IN operation NN . . Most JJS of IN the DT plans NNS have VBP reduced VBN bids NNS in IN case NN the DT plant NN fails VBZ to TO get VB a DT license NN from IN the DT Nuclear NNP Regulatory NNP Commission NNP . . In IN New NNP York NNP Stock NNP Exchange NNP trading NN , , PS NNP of IN New NNP Hampshire NNP 's POS 17 CD 1\/2 CD debenture NN due JJ 2004 CD closed VBD yesterday NN at IN $ $ 82.50 CD , , up RB $ $ 2 CD . . The DT utility NN 's POS stock NN closed VBD at IN $ $ 4 CD a DT share NN , , up RB 37.5 CD cents NNS , , in IN composite JJ trading NN on IN the DT Big NNP Board NNP . . In IN a DT separate JJ development NN , , PS NNP of IN New NNP Hampshire NNP gave VBD 60 CD managers NNS severance NN agreements NNS that WDT would MD pay VB one CD to TO three CD years NNS ' POS salary NN if IN their PRP$ jobs NNS were VBD changed VBN or CC they PRP were VBD dismissed VBN in IN the DT wake NN of IN a DT takeover NN . . It PRP said VBD the DT maximum JJ cost NN of IN the DT plan NN would MD be VB $ $ 9.7 CD million CD . . C. NNP Hyde NNP Tucker NNP will MD become VB president NN and CC chief NN executive JJ officer NN of IN Bell NNP Atlantic NNP International NNP Inc. NNP , , a DT unit NN of IN this DT telecommunications NNS concern NN , , effective JJ Jan. NNP 1 CD . . Mr. NNP Tucker NNP , , 56 CD years NNS old JJ , , is VBZ currently RB vice NN president NN and CC chief NN operating VBG officer NN of IN Bell NNP Atlantic NNP 's POS C&P NNP Telephone NNP unit NN . . Mr. NNP Tucker NNP will MD succeed VB Salvatore NNP J. NNP Barbera NNP , , 64 CD , , who WP will MD hold VB the DT newly RB created VBN position NN of IN chairman NN of IN the DT international JJ unit NN until IN his PRP$ retirement NN April NNP 1 CD . . Richard NNP Breeden NNP had VBD n't RB noticed VBN that IN his PRP$ new JJ desk NN had VBD just RB four CD telephone NN lines NNS and CC one CD phone NN . . It PRP was VBD , , after IN all DT , , only RB his PRP$ second JJ full JJ day NN as IN chairman NN of IN the DT Securities NNPS and CC Exchange NNP Commission NNP . . But CC the DT lack NN of IN lines NNS became VBD painfully RB apparent JJ . . As IN the DT stock NN market NN lurched VBD into IN a DT 190-point JJ free JJ fall NN on IN Oct. NNP 13 CD , , Mr. NNP Breeden NNP found VBD himself PRP scurrying VBG around IN the DT sixth JJ floor NN of IN the DT SEC NNP -- : from IN his PRP$ desk NN , , where WRB the DT New NNP York NNP Stock NNP Exchange NNP was VBD on IN an DT open JJ line NN , , to TO his PRP$ assistant NN 's POS office NN , , where WRB the DT Commodity NNP Futures NNPS Trading NNP Commission NNP was VBD connected VBN , , to TO a DT third JJ room NN , , where WRB a DT computer NN monitored VBD market NN moves NNS . . With IN other JJ anxious JJ calls NNS pouring VBG in IN , , he PRP recalls VBZ , , `` `` I PRP 'd MD either RB have VB to TO disconnect VB the DT New NNP York NNP Stock NNP Exchange NNP or CC go VB out IN to TO the DT secretary NN 's POS desk NN . . '' '' It PRP wo MD n't RB happen VB again RB . . Now RB there EX are VBP more JJR lines NNS connected VBN to TO the DT chairman NN 's POS office NN , , and CC the DT market-monitoring JJ computer NN has VBZ been VBN moved VBN next JJ to TO his PRP$ desk NN . . It PRP 's VBZ all DT part NN of IN a DT new JJ `` `` command NN center NN . . '' '' The DT changes NNS in IN the DT office NN layout NN illustrate VBP Mr. NNP Breeden NNP 's POS stance NN as IN the DT nation NN 's POS top JJ securities NNS regulator NN . . Like IN his PRP$ predecessor NN , , David NNP Ruder NNP , , he PRP was VBD faced VBN with IN a DT crisis NN in IN the DT stock NN markets NNS soon RB after IN coming VBG into IN office NN . . But CC unlike IN Mr. NNP Ruder NNP , , who WP during IN the DT 1987 CD crash NN damaged VBD himself PRP by IN saying VBG rather RB offhandedly RB that IN the DT markets NNS might MD be VB closed VBN , , Mr. NNP Breeden NNP is VBZ turning VBG the DT market NN drop NN to TO his PRP$ own JJ advantage NN , , using VBG it PRP to TO further VB his PRP$ agenda NN for IN the DT SEC NNP . . In IN an DT interview NN and CC in IN congressional JJ testimony NN , , he PRP repeatedly RB points VBZ to TO the DT recent JJ 190-point JJ plunge NN in IN the DT Dow NNP Jones NNP Industrial NNP Average NNP -- : the DT second-largest JJ ever RB -- : as IN evidence NN of IN the DT need NN for IN Congress NNP to TO give VB the DT SEC NNP the DT ability NN to TO better RB monitor VB leveraged JJ buy-out NN loan NN activity NN by IN brokerage NN firms NNS and CC to TO track VB big JJ trades NNS in IN the DT market NN . . A DT veteran NN of IN another DT financial JJ crisis NN , , the DT savings-and-loan JJ bailout NN , , Mr. NNP Breeden NNP wants VBZ to TO have VB the DT SEC NNP regulate VB securities NNS issued VBN by IN banks NNS and CC S&Ls NNS . . More RBR broadly RB , , he PRP wants VBZ to TO `` `` modernize VB '' '' regulation NN by IN eliminating VBG barriers NNS between IN commercial JJ and CC investment JJ banking NN and CC by IN helping VBG U.S. NNP financial JJ firms NNS compete VB in IN the DT global JJ market NN . . He PRP believes VBZ the DT tax NN code NN encourages VBZ the DT use NN of IN debt NN instead RB of IN stock NN and CC may MD fuel VB leveraged NN buy-outs NNS , , an DT area NN the DT SEC NNP does VBZ n't RB regulate VB directly RB but CC one CD where WRB it PRP wields VBZ influence NN both DT on IN Wall NNP Street NNP and CC in IN Congress NNP . . Also RB unlike IN Mr. NNP Ruder NNP , , Mr. NNP Breeden NNP appears VBZ to TO be VB in IN a DT position NN to TO get VB somewhere RB with IN his PRP$ agenda NN . . As IN a DT former JJ White NNP House NNP aide NN who WP worked VBD closely RB with IN Congress NNP , , he PRP is VBZ savvy JJ in IN the DT ways NNS of IN Washington NNP . . What WP 's VBZ more JJR , , the DT coming VBG months NNS likely RB will MD offer VB him PRP the DT opportunity NN to TO obtain VB his PRP$ own JJ majority NN on IN the DT five-member JJ commission NN , , enabling VBG him PRP to TO avoid VB the DT dissension NN that WDT frustrated VBD his PRP$ predecessor NN . . But CC Mr. NNP Breeden NNP , , a DT 39-year-old JJ securities NNS lawyer NN , , has VBZ skirted VBN some DT of IN the DT heftier JJR issues NNS facing VBG the DT financial JJ markets NNS . . For IN instance NN , , he PRP has VBZ n't RB stated VBN a DT clear JJ position NN on IN high-risk JJ , , high-yield JJ junk NN bonds NNS , , an DT area NN of IN growing VBG concern NN as IN turmoil NN in IN the DT junk NN market NN spills VBZ over RP into IN stocks NNS . . He PRP may MD be VB waiting VBG to TO see VB the DT results NNS of IN several JJ pending VBG SEC NNP studies NNS of IN junk NN market NN liquidity NN and CC disclosure NN rules NNS . . He PRP also RB has VBZ kept VBN a DT close JJ wrap NN on IN the DT names NNS of IN people NNS under IN consideration NN for IN the DT crucial JJ post NN of IN enforcement NN director NN at IN the DT commission NN , , a DT job NN vacant JJ since IN the DT summer NN . . Mr. NNP Breeden NNP 's POS selection NN will MD be VB scrutinized VBN as IN an DT important JJ signal NN about IN the DT strength NN of IN his PRP$ commitment NN to TO continuing VBG the DT SEC NNP 's POS high-profile JJ pursuit NN of IN insider NN trading NN and CC market NN manipulation NN on IN Wall NNP Street NNP . . Congress NNP seems VBZ likely JJ to TO let VB the DT new JJ chairman NN have VBP his PRP$ way NN for IN a DT while NN . . Members NNS of IN the DT Senate NNP Banking NNP Committee NNP know VBP Mr. NNP Breeden NNP from IN working VBG on IN the DT thrift-bailout JJ bill NN , , and CC the DT relationship NN generally RB remains VBZ warm JJ . . Indeed RB , , during IN Mr. NNP Breeden NNP 's POS confirmation NN hearing NN last JJ month NN , , senators NNS asked VBD him PRP to TO introduce VB his PRP$ children NNS three CD separate JJ times NNS -- : more RBR often RB than IN they PRP asked VBD about IN his PRP$ qualifications NNS for IN the DT job NN . . These DT days NNS , , Mr. NNP Breeden NNP is VBZ winning VBG praise NN in IN Washington NNP and CC on IN Wall NNP Street NNP for IN his PRP$ behind-the-scenes JJ role NN in IN monitoring VBG the DT Friday-the-13th JJ market NN plunge NN and CC the DT following VBG Monday NNP 's POS harrowing JJ morning NN session NN . . As IN a DT regulator NN charged VBN with IN restoring VBG investor NN confidence NN , , Mr. NNP Breeden NNP avoided VBD making VBG market-jarring JJ comments NNS and CC worked VBD to TO gather VB information NN critical JJ to TO Wall NNP Street NNP and CC to TO other JJ government NN agencies NNS . . Not RB everyone NN has VBZ jumped VBN on IN the DT Breeden NNP bandwagon NN , , however RB . . Some DT in IN Washington NNP contend VBP that IN it PRP 's VBZ too RB soon RB to TO tell VB whether IN Mr. NNP Breeden NNP will MD help VB or CC hinder VB the DT SEC NNP . . `` `` I PRP do VBP n't RB think VB this DT was VBD a DT real JJ test NN , , '' '' says VBZ one CD congressional JJ aide NN . . `` `` It PRP was VBD a DT fairly RB stressful JJ weekend NN , , but CC my PRP$ sense NN is VBZ if IN you PRP had VBD n't RB had VBN Richard NNP Breeden NNP there RB , , it PRP would MD n't RB have VB made VBN much RB of IN a DT difference NN . . '' '' For IN some DT at IN the DT SEC NNP , , an DT agency NN that WDT covets VBZ its PRP$ independence NN , , Mr. NNP Breeden NNP may MD be VB too RB much JJ of IN a DT Washington NNP insider NN . . They PRP note VBP that IN he PRP has VBZ adorned VBN his PRP$ office NN with IN five CD photos NNS of IN George NNP Bush NNP , , one CD of IN them PRP featuring VBG the DT First NNP Dog NNP , , Millie NNP . . They PRP worry VBP that IN Mr. NNP Breeden NNP also RB will MD roll VB over RP when WRB told VBN to TO do VB so RB by IN the DT White NNP House NNP . . But CC Mr. NNP Breeden NNP already RB has VBZ shown VBN an DT eagerness NN to TO run VB the DT SEC NNP his PRP$ way NN . . During IN the DT Monday NNP market NN rebound NN , , a DT New NNP York NNP exchange NN spokesman NN told VBD Cable NNP News NNP Network NNP viewers NNS that IN the DT industrial JJ average NN had VBD turned VBN down RB 70 CD points NNS . . Stunned VBN , , Mr. NNP Breeden NNP turned VBD to TO his PRP$ market-monitoring JJ computer NN , , which WDT by IN then RB was VBD next JJ to TO his PRP$ desk NN . . It PRP showed VBD the DT DJIA NNP up RB 30 CD points NNS . . SEC NNP staffers NNS soon RB determined VBD that IN a DT widely RB watched VBN stock-market NN service NN , , Quotron NNP , , had VBD miscalculated VBN the DT industrial JJ average NN . . Mr. NNP Breeden NNP instructed VBD SEC NNP staffers NNS to TO inform VB the DT network NN that IN it PRP was VBD airing VBG the DT wrong JJ number NN . . `` `` It PRP was VBD the DT plunge NN that WDT did VBD n't RB happen VB , , '' '' he PRP says VBZ . . Mr. NNP Breeden NNP also RB is VBZ trying VBG to TO use VB a DT far RB more RBR catastrophic JJ event NN -- : the DT California NNP earthquake NN -- : to TO move VB another DT rule NN change NN past IN Congress NNP . . That DT disaster NN closed VBD the DT Pacific NNP Stock NNP Exchange NNP 's POS stock NN options-trading JJ operation NN , , forcing VBG those DT options NNS to TO be VB switched VBN to TO other JJ exchanges NNS temporarily RB . . Though IN obscure JJ to TO most JJS investors NNS , , the DT question NN of IN whether IN to TO list VB options NNS on IN more JJR than IN one CD exchange NN has VBZ aroused VBN much JJ interest NN in IN Congress NNP , , mainly RB because IN regional JJ exchanges NNS fear VBP the DT change NN could MD bankrupt VB them PRP . . Congressmen NNS raised VBD the DT issue NN yesterday NN at IN a DT hearing NN . . Mr. NNP Breeden NNP , , not RB missing VBG a DT chance NN to TO press VB his PRP$ agenda NN , , cited VBD the DT earthquake NN . . That DT event NN , , he PRP contended VBD , , simply RB shows VBZ the DT `` `` vulnerability NN '' '' of IN having VBG listings NNS on IN only JJ one CD exchange NN . . In IN a DT corner NN of IN the DT cavernous JJ , , new JJ Nippon NNP Convention NNP Center NNP sits VBZ Mazda NNP Motor NNP Corp. NNP 's POS advanced-technology JJ display NN . . The DT highlight NN : : a DT `` `` fragrance NN control NN system NN . . '' '' With IN the DT touch NN of IN a DT button NN , , drivers NNS can MD choose VB from IN lavender NN , , jasmine NN , , mint NN or CC perfume NN scents NNS , , all DT blown VBN in IN through IN the DT car NN 's POS air-conditioning NN system NN . . The DT soft JJ , , wafting VBG aromas NNS will MD `` `` improve VB ride NN comfort NN , , '' '' the DT display NN attests VBZ , , and CC a DT proud JJ employee NN says VBZ Mazda NNP hopes VBZ to TO move VB the DT system NN out IN of IN the DT lab NN and CC into IN its PRP$ cars NNS in IN a DT year NN or CC two CD . . Welcome VB to TO the DT 28th JJ Tokyo NNP Motor NNP Show NNP . . Here RB you PRP can MD find VB Mitsubishi NNP Motors NNPS Corp. NNP displaying VBG a DT `` `` live JJ fish NN transporter NN , , '' '' a DT truck NN akin JJ to TO an DT aquarium NN on IN wheels NNS , , and CC Nissan NNP Motor NNP Co. NNP with IN its PRP$ `` `` keyless JJ '' '' Boga NNP , , whose WP$ doors NNS unlock VBP upon IN recognizing VBG the DT owner NN 's POS fingerprints NNS . . Suzuki NNP Motor NNP Co. NNP 's POS Escudome NNP sport NN vehicle NN features VBZ a DT pop-out JJ rear JJ tent NN and CC invites VBZ drivers NNS to TO go VB `` `` back RB to TO the DT nature NN . . '' '' But CC this DT biennial JJ event NN , , the DT world NN 's POS largest JJS display NN of IN cars NNS and CC trucks NNS , , has VBZ its PRP$ serious JJ side NN , , including VBG the DT first JJ major JJ exhibitions NNS of IN future JJ engines NNS and CC vehicle-suspension NN systems NNS . . It PRP 's VBZ also RB the DT prime JJ showcase NN for IN a DT country NN whose WP$ world NN dominance NN in IN the DT industry NN is VBZ increasingly RB acknowledged VBN , , and CC therein RB lies VBZ the DT draw NN . . Even RB the DT biggest JJS auto NN shows NNS in IN the DT U.S. NNP are VBP largely RB regional JJ affairs NNS , , but CC the DT Tokyo NNP show NN is VBZ international JJ . . Virtually RB every DT automotive JJ analyst NN in IN New NNP York NNP showed VBD up IN . . Detroit-to-Tokyo JJ flights NNS were VBD booked VBN solid RB this DT week NN as IN Motor NNP City NNP executives NNS , , including VBG Ford NNP Motor NNP Co. NNP Chairman NNP Donald NNP E. NNP Petersen NNP and CC Chrysler NNP Corp. NNP Vice NNP Chairman NNP Gerald NNP Greenwald NNP , , flocked VBD to TO see VB the DT future NN . . Even RB the DT Soviet NNP Union NNP came VBD , , for IN the DT first JJ time NN in IN 24 CD years NNS , , to TO show VB off RP its PRP$ Lada NNP Niva NNP sedan NN and CC its PRP$ futuristic JJ dark-blue JJ `` `` Kompakt NNP '' '' model NN . . Here RB 's VBZ a DT firsthand JJ look NN at IN what WP the DT Japanese JJ hosts NNS sported VBD , , and CC what WP the DT foreign JJ visitors NNS saw VBD . . New NNP Technology NNP The DT hottest JJS displays NNS were VBD items NNS that WDT insulate VBP passengers NNS from IN bumps NNS , , potholes NNS and CC other JJ rigors NNS of IN the DT road NN . . These DT `` `` active JJ suspension NN systems NNS '' '' electronically RB sense VBP road NN conditions NNS and CC adjust VBP a DT car NN 's POS ride NN . . Existing VBG suspension NN systems NNS try VBP to TO absorb VB bounces NNS , , but CC active JJ suspension NN provides VBZ power NN to TO counter VB the DT jolts NNS . . Nissan NNP , , in IN a DT 34-page JJ tract NN , , modestly RB compares VBZ its PRP$ `` `` hydraulic JJ active JJ suspension NN '' '' to TO a DT cheetah NN , , and CC equates VBZ the DT various JJ parts NNS to TO the DT animal NN 's POS heart NN , , brain NN , , nerves NNS and CC blood NN vessels NNS . . Toyota NNP Motor NNP Corp. NNP grandly RB touted VBD its PRP$ system NN in IN a DT car NN that WDT splits VBZ in IN half DT to TO reveal VB the DT suspension NN 's POS inner JJ workings NNS . . Nissan NNP says VBZ it PRP will MD introduce VB its PRP$ first JJ system NN next JJ month NN on IN the DT Infiniti NNP Q45 NNP luxury NN sedan NN , , and CC Toyota NNP 's POS Celica NNP coupe NN will MD go VB on IN sale NN with IN the DT suspension NN device NN next IN spring NN . . But CC drivers NNS in IN the DT U.S. NNP must MD wait VB : : The DT Japanese NNP , , for IN now RB , , are VBP keeping VBG active JJ suspension NN for IN domestic JJ use NN only RB . . And CC Detroit NNP 's POS Big NNP Three CD auto NN makers NNS say VBP their PRP$ systems NNS are VBP still RB under IN development NN . . In IN the DT engine NN department NN , , several JJ companies NNS displayed VBD experimental JJ models NNS that IN within IN a DT decade NN could MD provide VB power NN equal JJ to TO today NN 's POS engines NNS and CC yet RB take VB up RP only RB half PDT the DT space NN , , allowing VBG for IN shorter JJR hoods NNS . . In IN the DT so-called JJ two-stroke JJ engines NNS , , which WDT are VBP expected VBN to TO get VB sharply RB higher JJR gas NN mileage NN , , each DT piston NN goes VBZ up IN and CC down IN only RB once RB to TO provide VB power NN . . By IN contrast NN , , the DT pistons NNS in IN conventional JJ four-stroke JJ engines NNS must MD move VB up IN and CC down IN twice RB in IN each DT power NN cycle NN . . The DT two-stroke JJ engine NN displays NNS by IN Toyota NNP and CC Fuji NNP Heavy NNP Industries NNPS , , the DT maker NN of IN Subaru NNP cars NNS , , drew VBD plenty RB of IN interest NN from IN U.S. NNP auto NN executives NNS , , who WP are VBP rushing VBG to TO develop VB two-stroke JJ engines NNS . . Honda NNP Motor NNP Co. NNP shows VBZ a DT more RBR conventional JJ five-cylinder JJ engine NN in IN the DT new JJ Accord NNP Inspire NNP model NN , , which WDT made VBD its PRP$ debut NN just RB this DT month NN -- : in IN Japan NNP only RB . . Honda NNP says VBZ the DT five-cylinder JJ engine NN provides VBZ a DT compromise NN between IN the DT fuel-economy NN of IN a DT four-cylinder JJ , , and CC the DT power NN of IN a DT V-6 NN . . It PRP is VBZ rumored VBN to TO be VB bound VBN for IN a DT new JJ model NN in IN the DT luxury NN Acura NNP line NN in IN the DT U.S. NNP , , but CC Honda NNP officials NNS would MD n't RB comment VB . . Odd NNP Cars NNPS , , Funny NNP Names NNPS There EX 's VBZ plenty NN of IN whimsy NN here RB , , but CC it PRP is VBZ n't RB always RB clear JJ whether IN it PRP 's VBZ intentional JJ . . The DT show NN 's POS symbol NN is VBZ a DT woman NN riding VBG on IN a DT snail NN , , not RB your PRP$ usual JJ metaphor NN for IN speed NN and CC agility NN . . But CC the DT sponsors NNS have VBP an DT explanation NN : : `` `` Through IN the DT character NN associated VBN with IN a DT snail NN , , '' '' they PRP say VBP , , `` `` important JJ values NNS such JJ as IN harmony NN with IN nature NN and CC aspirations NNS for IN the DT future NN are VBP sought VBN . . '' '' Japanese JJ auto NN makers NNS are VBP known VBN for IN coming VBG up RP with IN funny JJ names NNS , , but CC this DT year NN the DT practice NN seems VBZ to TO have VB reached VBN a DT new JJ high JJ -- : or CC low JJ . . Honda NNP has VBZ a DT tiny JJ motorcycle NN called VBN the DT Monkey NNP , , and CC a DT slightly RB larger JJR cousin NN , , the DT Gorilla NNP . . Mitsubishi NNP has VBZ a DT futuristic JJ delivery NN truck NN called VBN the DT Guppy NNP . . Mazda NNP has VBZ the DT Bongo NNP truck NN and CC , , under IN its PRP$ Autozam NNP nameplate NN , , a DT `` `` microvan NN '' '' called VBN the DT Scrum NNP . . Its PRP$ buglike JJ Carol NNP minicar NN is VBZ `` `` designed VBN with IN softness NN , , gentleness NN and CC warmheartedness NN . . '' '' But CC the DT court NN jester NN appears VBZ to TO be VB Japan NNP 's POS smallest JJS car NN maker NN , , Daihatsu NNP Motor NNP Co NNP . . One CD of IN its PRP$ futuristic JJ concepts NNS is VBZ the DT bubblelike JJ Sneaker NNP , , which WDT seats VBZ just RB one CD person NN in IN front NN and CC could MD hold VB a DT small JJ child NN and CC bag NN of IN groceries NNS in IN the DT rear NN . . Daihatsu NNP also RB has VBZ the DT Fellow NNP 90 CD , , the DT Leeza NNP Spider NNP and CC the DT Hijet NNP Dumbo NNP . . The DT jokes NNS are VBP n't RB just RB on IN the DT Japanese NNP , , though RB . . Regie NNP Nationale NNP des NNP Usines NNP Renault NNP , , the DT French JJ auto NN maker NN , , has VBZ a DT concept NN car NN called VBN the DT Megane NNP . . The DT name NN is VBZ supposed VBN to TO connote VB feminine JJ grandeur NN , , but CC in IN Japanese NNP it PRP means VBZ `` `` eyeglasses NNS . . '' '' Foreign NNP Presence NNP Foreign JJ auto NN makers NNS are VBP taking VBG the DT Tokyo NNP Motor NNP Show NNP more RBR seriously RB than IN ever RB . . AB NNP Volvo NNP invites VBZ passers-by NNS to TO play VB `` `` the DT role NN of IN the DT test NN dummy NN '' '' by IN hopping VBG in IN a DT car NN that WDT simulates VBZ a DT crash NN to TO show VB just RB how WRB its PRP$ seat-belt NN tightener NN works VBZ . . Hyundai NNP Motor NNP Co. NNP of IN South NNP Korea NNP has VBZ its PRP$ first-ever JJ exhibit NN in IN Tokyo NNP . . General NNP Motors NNPS Corp. NNP is VBZ sponsoring VBG its PRP$ first JJ independent JJ display NN in IN 10 CD years NNS , , and CC it PRP includes VBZ a DT boxy JJ Buick NNP station NN wagon NN with IN wood-grain JJ side NN panels NNS . . Ford NNP and CC Chrysler NNP also RB have VBP exhibits NNS , , although IN theirs PRP are VBP tucked VBN in IN a DT separate JJ room NN with IN the DT less-popular JJ automotive JJ parts NNS section NN . . `` `` We PRP 've VBP got VBN to TO get VB out IN of IN the DT Detroit NNP mentality NN and CC be VB part NN of IN the DT world NN mentality NN , , '' '' declares VBZ Charles NNP M. NNP Jordan NNP , , GM NNP 's POS vice NN president NN for IN design NN , , in IN explaining VBG his PRP$ pilgrimage NN to TO the DT Tokyo NNP Show NNP . . Even RB so RB , , traditional JJ American JJ cockiness NN is VBZ n't RB terribly RB endangered VBN . . Ford NNP officials NNS , , for IN example NN , , crowed VBN about IN their PRP$ first-ever JJ Tokyo NNP Grand NNP Prix NNP racing VBG victory NN . . True JJ , , Ford NNP was VBD declared VBN the DT winner NN Sunday NNP , , but CC only RB after IN the DT Honda NNP driver NN who WP crossed VBD the DT finish NN line NN first RB was VBD disqualified VBN because IN it PRP hit VBD another DT car NN and CC skid VBD momentarily RB out IN of IN bounds NNS . . Mr. NNP Jordan NNP of IN GM NNP , , meanwhile RB , , still RB criticizes VBZ Japanese JJ styling NN . . `` `` It PRP 's VBZ hard JJ for IN the DT Japanese NNP , , '' '' he PRP says VBZ , , `` `` to TO get VB a DT feeling NN in IN a DT car NN , , to TO get VB a DT passion NN in IN a DT car NN , , to TO get VB emotion NN in IN a DT car NN . . Regarding VBG your PRP$ Sept. NNP 28 CD Politics NNP & CC Policy NNP column NN on IN the DT party NN differences NNS over IN cutting VBG capital NN gains NNS or CC expanding VBG IRAs NNS : : Why WRB not RB compromise VB now RB and CC save VB the DT public NN from IN the DT coming VBG infantile JJ congressional JJ political JJ rhetoric NN that WDT seems VBZ to TO go VB hand NN in IN hand NN with IN the DT process NN ? . The DT Republicans NNPS maintain VBP that IN a DT 30 CD % NN capital-gains JJ exclusion NN will MD raise VB revenue NN in IN the DT short JJ term NN and CC spur VB economic JJ investment NN , , while IN the DT Democrats NNPS maintain VBP that IN an DT increase NN in IN the DT top JJ income-tax NN rate NN and CC expanded VBN IRAs NNS will MD raise VB revenue NN and CC spur VB savings NNS . . This DT is VBZ a DT classic JJ example NN of IN the DT old JJ saying NN , , `` `` The DT whole NN is VBZ greater JJR than IN the DT sum NN of IN its PRP$ parts NNS . . '' '' It PRP 's VBZ ridiculous JJ for IN a DT family NN with IN taxable JJ income NN of IN $ $ 50,000 CD to TO pay VB the DT same JJ 28 CD % NN incremental JJ tax NN rate NN as IN a DT family NN with IN taxable JJ income NN of IN $ $ 250,000 CD . . The DT 33 CD % NN bracket NN should MD apply VB to TO all DT income NN over IN the DT applicable JJ level NN , , not RB just RB the DT 5 CD % NN rate NN adjustment NN amount NN . . It PRP 's VBZ equally RB ridiculous JJ not RB to TO provide VB a DT capital NN investment NN or CC retirement-savings JJ tax NN incentive NN . . Jeffrey NNP T. NNP Schmidlin NNP PWA NNP Corp. NNP said VBD it PRP plans VBZ to TO sell VB by IN spring NN 1992 CD all DT 15 CD passenger NN planes NNS it PRP acquired VBD earlier RBR this DT year NN in IN its PRP$ 248 CD million CD Canadian JJ dollar NN ( ( US$ $ 211.6 CD million CD ) ) purchase NN of IN Wardair NNP Inc NNP . . PWA NNP , , which WDT recently RB merged VBD Wardair NNP 's POS operations NNS with IN those DT of IN PWA-owned JJ Canadian NNP Airlines NNPS International NNP Ltd. NNP , , Canada NNP 's POS second-biggest JJ airline NN , , said VBD the DT proposed VBN sale NN is VBZ part NN of IN a DT revised VBN five-year JJ plan NN aimed VBN at IN streamlining VBG its PRP$ fleet NN and CC shedding VBG debt NN . . PWA NNP would MD n't RB estimate VB the DT value NN of IN Wardair NNP 's POS aircraft NN , , which WDT include VBP 12 CD Airbus NNP A310-300s NNP and CC three CD Boeing NNP 747-100s CD . . But CC James NNP Ireland NNP , , a DT Miami-based JJ technical JJ analyst NN with IN Avmark NNP Inc. NNP , , an DT aircraft NN evaluation NN firm NN , , estimated VBD the DT total JJ `` `` half-life NN '' '' value NN of IN the DT 15 CD planes NNS at IN about IN $ $ 650 CD million CD or CC more JJR . . Mr. NNP Ireland NNP said VBD 11 CD DC10-30 NN aircraft NN that IN PWA NNP also RB said VBD it PRP plans VBZ to TO sell VB , , beginning VBG in IN 1992 CD , , have VBP a DT current JJ half-life NN value NN of IN about IN $ $ 34 CD million CD each DT , , or CC a DT total JJ $ $ 374 CD million CD , , raising VBG aggregate JJ potential JJ proceeds NNS from IN the DT aircraft NN sale NN to TO about IN $ $ 1.02 CD billion CD . . Mr. NNP Ireland NNP said VBD current JJ demand NN for IN used VBN aircraft NN is VBZ strong JJ , , partly RB because IN surging VBG orders NNS for IN new JJ aircraft NNS have VBP lengthened VBN waiting NN lists NNS . . He PRP predicted VBD that IN PWA NNP would MD have VB little JJ difficulty NN attracting VBG prospective JJ buyers NNS . . Under IN its PRP$ revised VBN fleet NN plan NN , , PWA NNP said VBD it PRP will MD also RB increase VB its PRP$ existing VBG fleet NN of IN eight CD Boeing NNP 767-300ER NNP aircraft NN to TO 18 CD by IN 1994 CD , , and CC add VB four CD more JJR Boeing NNP 747-400s CD by IN 1994 CD to TO the DT two CD units NNS that IN it PRP previously RB planned VBD to TO add VB by IN next JJ year NN . . PWA NNP said VBD two CD of IN the DT Boeing NNP 767-300ER NNP aircraft NN scheduled VBN for IN delivery NN in IN 1990 CD would MD be VB leased VBN out RP for IN two CD to TO five CD years NNS . . PWA NNP did VBD n't RB disclose VB the DT expected VBN net NN cost NN of IN the DT fleet NN overhaul NN , , but CC a DT Toronto-based JJ analyst NN estimated VBD it PRP at IN about IN $ $ 450 CD million CD ( ( US NNP ) ) , , excluding VBG replacement NN costs NNS for IN the DT 11 CD DC10-30 NN aircraft NN that IN PWA NNP plans VBZ to TO sell VB , , and CC purchase NN costs NNS for IN as RB many JJ as IN 17 CD Airbus NNP 320-200 CD aircraft NN that IN PWA NNP previously RB ordered VBD . . `` `` I PRP do VBP n't RB see VB this DT as IN a DT debt NN reduction NN exercise NN . . It PRP 's VBZ focused VBN on IN streamlining VBG '' '' PWA NNP 's POS fleet NN in IN a DT bid NN to TO cut VB training NN and CC aircraft NN servicing NN costs NNS , , the DT analyst NN said VBD . . PWA NNP 's POS long-term JJ debt NN and CC capital NN lease NN obligations NNS rose VBD to TO C$ $ 1.24 CD billion CD at IN the DT end NN of IN the DT second JJ quarter NN , , nearly RB double RB the DT year-earlier JJ figure NN , , reflecting VBG debt NN absorbed VBN under IN the DT Wardair NNP purchase NN . . PWA NNP said VBD it PRP also RB expects VBZ to TO announce VB by IN Tuesday NNP whether IN it PRP will MD take VB delivery NN of IN all DT 17 CD Airbus NNP 320-200 CD aircraft NN it PRP previously RB ordered VBD . . The DT first JJ five CD leased VBN units NNS were VBD to TO be VB delivered VBN in IN 1991 CD . . This DT British JJ banking NN and CC financial-services NNS group NN 's POS investment-banking NN arm NN , , Barclays NNP de NNP Zoete NNP Wedd NNP Group NNP , , announced VBD the DT following VBG appointments NNS at IN its PRP$ merchant-banking NN subsidiary NN Barclays NNP de NNP Zoete NNP Wedd NNP Ltd NNP . . John NNP Padovan NNP , , 51 CD years NNS old JJ , , was VBD named VBN a DT deputy NN chairman NN . . Mr. NNP Padovan NNP is VBZ currently RB a DT director NN at IN Barclays NNP de NNP Zoete NNP Wedd NNP Ltd NNP . . Graham NNP Pimlott NNP , , 40 CD , , was VBD named VBN to TO the DT new JJ post NN of IN chief NN executive JJ officer NN of IN the DT merchant-banking NN corporate-finance JJ division NN . . Callum NNP McCarthy NNP , , 45 CD , , was VBD named VBN to TO the DT new JJ post NN of IN deputy JJ head NN of IN the DT corporate-finance JJ division NN and CC a DT managing VBG director NN . . Mr. NNP Pimlott NNP and CC Mr. NNP McCarthy NNP join VBP Barclay NNP 's POS from IN Kleinwort NNP Benson NNP Ltd. NNP where WRB they PRP served VBD as IN directors NNS . . The DT recent JJ bids NNS for IN United NNP and CC American NNP Airlines NNPS have VBP led VBN Congress NNP to TO move VB with IN supersonic JJ speed NN to TO protect VB incumbent JJ airline NN managements NNS . . The DT House NNP is VBZ scheduled VBN to TO vote VB today NN on IN an DT anti-airline-takeover JJ bill NN that WDT would MD block VB , , for IN up IN to TO 50 CD days NNS , , any DT bid NN for IN 15 CD % NN or CC more JJR of IN a DT U.S. NNP airline NN , , even RB a DT straight JJ cash NN purchase NN . . Transportation NNP Secretary NNP Sam NNP Skinner NNP , , who WP earlier RBR fueled VBD the DT anti-takeover JJ fires NNS with IN his PRP$ quasi-xenophobic JJ attacks NNS on IN foreign JJ investment NN in IN U.S. NNP carriers NNS , , now RB says VBZ the DT bill NN would MD further RB disturb VB the DT jittery JJ capital NN markets NNS . . Texas NNP Rep. NNP Steve NNP Bartlett NNP , , who WP has VBZ 40,000 CD American NNP Airlines NNPS workers NNS in IN his PRP$ district NN , , says VBZ the DT bill NN is VBZ `` `` good JJ politics NNS , , but CC bad JJ law NN . . '' '' It PRP is VBZ ironic JJ that IN at IN a DT time NN when WRB America NNP 's POS partial JJ airline NN deregulation NN is VBZ being VBG emulated VBN by IN governments NNS from IN New NNP Zealand NNP to TO Ethiopia NNP , , so RB many JJ in IN Congress NNP favor VBP an DT incumbent-protection JJ program NN for IN airlines NNS that WDT would MD be VB more RBR appropriate JJ for IN the DT Soviet JJ airline NN , , Aeroflot NNP . . Federal NNP Reserve NNP Chairman NNP Alan NNP Greenspan NNP told VBD Congress NNP that IN the DT Fed NNP can MD wipe VB out RP inflation NN without IN causing VBG a DT recession NN , , but CC he PRP said VBD doing VBG so RB will MD inflict VB some DT short-term JJ pain NN and CC will MD require VB reducing VBG the DT federal JJ deficit NN sharply RB . . Mr. NNP Greenspan NNP said VBD he PRP and CC other JJ Fed NNP governors NNS endorse VBP a DT bill NN by IN Rep. NNP Stephen NNP Neal NNP ( ( D. NNP , , N.C. NNP ) ) that WDT would MD require VB the DT Fed NNP to TO pursue VB policies NNS aimed VBN at IN eliminating VBG inflation NN within IN five CD years NNS . . `` `` Such PDT a DT deadline NN is VBZ attainable JJ , , but CC it PRP would MD have VB costs NNS , , '' '' Mr. NNP Greenspan NNP told VBD Rep. NNP Neal NNP 's POS monetary JJ policy NN subcommittee NN . . The DT Fed NNP chief NN opposed VBD a DT bill NN - : introduced VBN by IN Reps. NNPS Lee NNP Hamilton NNP ( ( D. NNP , , Ind. NNP ) ) and CC Byron NNP Dorgan NNP ( ( D. NNP , , N.D. NNP ) ) -- : that IN , , among IN other JJ things NNS , , would MD require VB the DT Fed NNP to TO disclose VB all DT monetary JJ policy NN moves NNS immediately RB and CC increase VB outside JJ scrutiny NN of IN the DT Fed NNP . . In IN responding VBG to TO questions NNS , , Mr. NNP Greenspan NNP played VBD down RP reports NNS of IN tension NN between IN the DT Fed NNP and CC the DT Treasury NNP over IN exchange-rate NN policy NN . . `` `` What WP seem VBP to TO be VB interpreted VBN as IN great JJ conflicts NNS are VBP relatively RB minor JJ issues NNS of IN tactics NNS , , '' '' he PRP said VBD . . He PRP did VBD n't RB elaborate JJ . . But CC the DT Fed NNP is VBZ n't RB enthusiastic JJ about IN Treasury NNP efforts NNS to TO bring VB down RP the DT value NN of IN the DT dollar NN through IN intervention NN in IN foreign-exchange JJ markets NNS , , and CC the DT Treasury NNP is VBZ frustrated VBN at IN the DT Fed NNP 's POS reluctance NN to TO cut VB interest NN rates NNS to TO pull VB down RP the DT dollar NN 's POS value NN . . Mr. NNP Greenspan NNP said VBD the DT inflation NN rate NN , , currently RB about IN 4 CD 1\/2 CD % NN , , `` `` could MD be VB brought VBN down RP to TO levels NNS which WDT are VBP close JJ to TO zero CD without IN putting VBG the DT economy NN into IN a DT recession NN , , but CC I PRP do VBP suspect VB that IN there EX might MD be VB some DT modest JJ loss NN of IN economic JJ output NN . . '' '' In IN other JJ words NNS , , economic JJ growth NN would MD be VB lower JJR and CC unemployment NN would MD be VB higher JJR for IN a DT few JJ years NNS . . But CC Mr. NNP Greenspan NNP , , who WP has VBZ repeatedly RB said VBN the DT Fed NNP 's POS goal NN is VBZ to TO reduce VB inflation NN , , added VBD that IN `` `` whatever WDT losses NNS are VBP incurred VBN in IN the DT pursuing NN of IN price NN stability NN would MD surely RB be VB more JJR than IN made VBN up RP in IN increased VBN output NN thereafter RB . . '' '' He PRP warned VBD that IN Fed NNP efforts NNS to TO conquer VB inflation NN would MD fail VB -- : and CC could MD produce VB `` `` a DT major JJ financial JJ crunch NN '' '' -- : unless IN they PRP are VBP accompanied VBN by IN a DT significant JJ reduction NN in IN the DT federal JJ deficit NN , , which WDT causes VBZ the DT government NN to TO borrow VB heavily RB . . Rep. NNP Neal NNP 's POS bill NN originally RB called VBD on IN the DT Fed NNP to TO reduce VB the DT inflation NN rate NN by IN one CD percentage NN point NN a DT year NN for IN five CD years NNS and CC to TO maintain VB a DT zero CD inflation NN rate NN thereafter RB . . He PRP altered VBD the DT wording NN to TO win VB Mr. NNP Greenspan NNP 's POS endorsement NN . . Even RB so RB , , his PRP$ bill NN is VBZ given VBN little JJ chance NN of IN passage NN . . Reps. NNP Hamilton NNP and CC Dorgan NNP also RB have VBP altered VBN their PRP$ bill NN , , dropping VBG a DT proposal NN to TO add VB the DT Treasury NNP secretary NN to TO the DT 12-member JJ Fed NNP committee NN that WDT makes VBZ monetary JJ policy NN . . Instead RB , , the DT bill NN simply RB calls VBZ for IN twice-a-year JJ meetings NNS between IN the DT committee NN and CC top JJ administration NN officials NNS . . Even RB that DT met VBD with IN Mr. NNP Greenspan NNP 's POS disapproval NN because IN it PRP might MD subject VB the DT Fed NNP `` `` to TO a DT more RBR intensely RB political JJ perspective NN '' '' and CC `` `` could MD risk VB bending VBG monetary JJ policy NN away RB from IN long-term JJ strategic JJ goals NNS . . '' '' While IN each DT of IN the DT Hamilton-Dorgan NNP proposals NNS represents VBZ only RB a DT small JJ step NN , , together RB they PRP would MD erode VB the DT Fed NNP 's POS independence NN , , Mr. NNP Greenspan NNP said VBD . . Mr. NNP Greenspan NNP also RB said VBD that IN although IN he PRP favors VBZ cutting VBG capital-gains NNS taxes NNS as IN sound JJ economic JJ policy NN , , he PRP would MD oppose VB such PDT a DT move NN if IN it PRP would MD undo VB the DT political JJ compromise NN embodied VBN in IN the DT Tax NNP Reform NNP Act NNP of IN 1986 CD and CC result VB in IN higher JJR marginal JJ income NN tax NN rates NNS . . Sears NNP , , Roebuck NNP & CC Co. NNP signed VBD a DT contract NN with IN Bob NNP Vila NNP , , the DT former JJ host NN of IN the DT popular JJ public JJ television NN program NN `` `` This NNP Old NNP House NNP , , '' '' to TO star VB in IN a DT half-hour JJ home NN improvement NN show NN sponsored VBN by IN the DT giant JJ retailer NN . . The DT do-it-yourself JJ show NN , , slated VBN to TO start VB airing VBG by IN June NNP 1990 CD , , marks VBZ Sears NNP 's POS entry NN into IN the DT burgeoning VBG market NN of IN home NN repair NN television NN programs NNS and CC could MD bolster VB sales NNS of IN its PRP$ home NN improvement NN products NNS . . In IN recent JJ months NNS , , sales NNS of IN home NN improvement NN items NNS have VBP sagged VBN , , along IN with IN sales NNS of IN other JJ big JJ ticket NN durable JJ goods NNS . . The DT show NN also RB signals VBZ Mr. NNP Vila NNP 's POS return NN as IN a DT television NN celebrity NN . . Earlier RBR this DT year NN , , public JJ television NN station NN WGBH NNP in IN Boston NNP fired VBD Mr. NNP Vila NNP after IN a DT sponsor NN protested VBD some DT of IN his PRP$ numerous JJ commercial JJ endorsements NNS . . With IN Mr. NNP Vila NNP as IN host NN , , `` `` This NNP Old NNP House NNP '' '' became VBD one CD of IN the DT Public NNP Broadcasting NNP Service NNP 's POS top JJ 10 CD programs NNS , , airing VBG weekly RB on IN about IN 300 CD of IN the DT network NN 's POS stations NNS and CC seen VBN by IN an DT average NN of IN 12 CD million CD viewers NNS . . But CC Home NNP Depot NNP Inc. NNP , , an DT Atlanta-based JJ home NN center NN chain NN , , objected VBD when WRB Mr. NNP Vila NNP started VBD doing VBG commercial JJ endorsements NNS for IN Rickel NNP Home NNP Centers NNPS , , a DT New NNP Jersey NNP building NN supply NN company NN that WDT competes VBZ with IN Home NNP Depot NNP in IN some DT markets NNS . . `` `` I PRP 'm VBP ecstatic JJ about IN the DT change NN , , '' '' said VBD Mr. NNP Vila NNP , , whose WP$ new JJ syndicated VBN program NN is VBZ called VBN `` `` Home NNP Again NNP with IN Bob NNP Vila NNP . . '' '' In IN an DT interview NN , , Mr. NNP Vila NNP criticized VBD his PRP$ old JJ show NN , , which WDT is VBZ continuing VBG with IN a DT new JJ host NN . . `` `` Public NNP TV NNP is VBZ in IN fantasy NN land NN , , '' '' he PRP said VBD . . `` `` Last JJ season NN , , we PRP did VBD a DT story NN that WDT involved VBD spending VBG $ $ 700,000 CD in IN converting VBG a DT two-family JJ house NN into IN a DT bed NN and CC breakfast NN . . '' '' In IN the DT new JJ show NN , , he PRP said VBD , , `` `` we PRP 're VBP going VBG to TO spend VB $ $ 60,000 CD building VBG a DT start-up JJ house NN '' '' for IN a DT young JJ couple NN . . While IN Sears NNP would MD n't RB comment VB on IN the DT brouhaha NN over IN Mr. NNP Vila NNP 's POS commercial JJ endorsements NNS , , it PRP appears VBZ to TO be VB building VBG a DT fence NN around IN Mr. NNP Vila NNP 's POS affections NNS . . His PRP$ contract NN makes VBZ him PRP `` `` exclusive JJ '' '' spokesman NN for IN Sears NNP 's POS home NN improvement NN marketing NN campaigns NNS . . Ogilvy NNP & CC Mather NNP in IN Chicago NNP , , a DT unit NN of IN WPP NNP Group NNP PLC NNP , , will MD handle VB the DT advertising NN account NN and CC syndication NN . . The DT only JJ other JJ endorsement NN permitted VBN by IN the DT contract NN involves VBZ a DT series NN of IN Time-Life NNP home NN improvement NN and CC repair NN books NNS . . His PRP$ other JJ agreements NNS to TO promote VB products NNS have VBP expired VBN . . Little JJ matter NN for IN Mr. NNP Vila NNP , , who WP complains VBZ that IN `` `` public JJ TV NN never RB paid VBD me PRP more JJR than IN $ $ 40,000 CD a DT year NN . . '' '' He PRP said VBD his PRP$ compensation NN under IN the DT Sears NNP contract NN is VBZ `` `` a DT multimillion NN dollar NN deal NN . . Eugene NNP A. NNP Miller NNP , , 52 CD years NNS old JJ , , was VBD elected VBN a DT director NN of IN this DT electric JJ utility NN company NN , , filling VBG a DT vacancy NN . . He PRP is VBZ president NN and CC chief NN executive JJ officer NN of IN Comerica NNP Inc. NNP in IN Detroit NNP . . The DT White NNP House NNP has VBZ decided VBN to TO push VB for IN changes NNS in IN pesticide NN law NN that WDT are VBP designed VBN to TO speed VB the DT removal NN of IN harmful JJ chemicals NNS from IN the DT nation NN 's POS food NN supply NN . . The DT proposed VBN changes NNS , , which WDT are VBP scheduled VBN to TO be VB announced VBN today NN , , would MD apply VB to TO pesticides NNS and CC other JJ substances NNS found VBN on IN fresh JJ and CC processed VBN foods NNS , , according VBG to TO federal JJ officials NNS . . Environmental JJ groups NNS have VBP been VBN calling VBG for IN faster JJR action NN on IN dangerous JJ pesticides NNS and CC may MD welcome VB part NN of IN the DT proposal NN . . But CC they PRP are VBP already RB objecting VBG to TO , , among IN other JJ things NNS , , a DT plan NN to TO give VB more JJR weight NN to TO cost-benefit JJ considerations NNS in IN evaluating VBG pesticides NNS . . `` `` It PRP 's VBZ a DT tremendous JJ disappointment NN , , '' '' said VBD Janet NNP Hathaway NNP , , an DT attorney NN with IN the DT Natural NNP Resources NNPS Defense NNP Council NNP . . `` `` Allowing VBG the DT EPA NNP to TO condone VB continued VBN use NN of IN a DT chemical NN whenever WRB the DT benefits NNS outweigh VBP the DT risks NNS is VBZ absolutely RB anathema NN to TO the DT environmental JJ community NN . . '' '' The DT Bush NNP administration NN plans VBZ to TO announce VB a DT series NN of IN principles NNS and CC to TO work VB with IN congressional JJ leaders NNS in IN writing VBG specific JJ legislative JJ proposals NNS that WDT embody VBP them PRP . . The DT principles NNS would MD give VB the DT Environmental NNP Protection NNP Agency NNP increased VBN authority NN and CC flexibility NN in IN regulating VBG pesticides NNS , , with IN the DT aim NN of IN enabling VBG the DT agency NN to TO move VB more RBR quickly RB . . There EX already RB are VBP proposals NNS pending VBG in IN Congress NNP to TO overhaul VB pesticide NN law NN . . Moves NNS to TO accelerate VB the DT removal NN of IN dangerous JJ pesticides NNS gained VBD new JJ impetus NN during IN this DT year NN 's POS Alar NNP scare NN , , when WRB the DT EPA NNP was VBD harshly RB criticized VBN for IN failing VBG to TO yank VB the DT possible JJ carcinogen NN , , a DT growth NN regulator NN used VBN to TO make VB apples NNS redder JJR and CC crunchier JJR . . The DT agency NN has VBZ since IN acted VBN to TO remove VB Alar NNP from IN the DT nation NN 's POS grocery NN shelves NNS by IN May NNP 31 CD , , 1991 CD , , and CC the DT apple NN industry NN has VBZ said VBN that IN growers NNS already RB have VBP stopped VBN using VBG the DT chemical NN . . In IN addition NN , , the DT principles NNS attempt VBP to TO eliminate VB the DT so-called JJ Delaney NNP Paradox NNP . . Under IN the DT Delaney NNP clause NN , , which WDT applies VBZ to TO processed VBN food NN , , a DT chemical NN is VBZ banned VBN if IN it PRP causes VBZ cancer NN in IN laboratory NN animals NNS . . Under IN other JJ laws NNS applying VBG to TO pesticide NN use NN , , however RB , , that DT same JJ chemical NN could MD be VB allowed VBN to TO be VB used VBN on IN fresh JJ food NN if IN it PRP fell VBD within IN the DT EPA NNP 's POS tolerance NN level NN . . Among IN other JJ changes NNS , , the DT White NNP House NNP wants VBZ to TO : : -- : Give VB the DT EPA NNP more JJR flexibility NN to TO declare VB a DT pesticide NN an DT imminent JJ hazard NN and CC pull VB it PRP from IN the DT marketplace NN . . -- : Speed VB up RP the DT process NN for IN removing VBG a DT pesticide NN that WDT is VBZ n't RB an DT imminent JJ hazard NN . . -- : Bar VB states NNS from IN setting VBG more RBR stringent JJ tolerance NN levels NNS for IN a DT pesticide NN once IN the DT federal JJ government NN has VBZ set VBN a DT standard NN . . -- : Give VB the DT EPA NNP added VBN discretion NN to TO set VB `` `` negligible JJ risk NN '' '' levels NNS for IN pesticide NN residues NNS in IN processed VBN food NN . . Chemicals NNS that WDT exceed VBP these DT risk NN levels NNS would MD be VB barred VBN , , but CC those DT that WDT fall VBP below IN these DT levels NNS would MD be VB allowed VBN . . -- : Allow VB the DT EPA NNP to TO permit VB the DT continued VBN use NN of IN pesticides NNS that WDT exceed VBP its PRP$ negligible JJ risk NN standard NN if IN the DT benefits NNS of IN doing VBG so RB outweigh VB the DT cost NN . . Financial JJ markets NNS took VBD a DT midweek JJ break NN from IN their PRP$ recent JJ wild JJ gyrations NNS with IN stock NN prices NNS falling VBG modestly RB , , bond NN prices NNS posting VBG tiny JJ gains NNS and CC the DT dollar NN almost RB unchanged JJ . . The DT Dow NNP Jones NNP Industrial NNP Average NNP lost VBD 5.94 CD points NNS to TO 2653.28 CD in IN moderate JJ trading NN . . Long-term JJ Treasury NNP bonds NNS rose VBD slightly RB despite IN the DT arrival NN on IN the DT market NN of IN $ $ 4.52 CD billion CD in IN 30-year JJ bonds NNS offered VBN by IN the DT Resolution NNP Funding NNP Corp. NNP as IN part NN of IN the DT government NN 's POS bailout NN of IN the DT savings NNS and CC loan NN industry NN . . The DT dollar NN was VBD barely RB changed VBN against IN the DT West JJ German JJ mark NN and CC up IN marginally RB against IN the DT Japanese JJ yen NN . . Yesterday NN 's POS sluggish JJ action NN was VBD in IN marked VBN contrast NN to TO the DT rearing NN and CC plunging NN of IN stock NN prices NNS Tuesday NNP after IN the DT proposed VBN buy-out NN of IN UAL NNP Corp. NNP once RB again RB collapsed VBN . . Traders NNS said VBD the DT stock NN market NN 's POS lurching VBG moves NNS have VBP prompted VBN many JJ investors NNS to TO head VB for IN the DT sidelines NNS until IN it PRP regains VBZ some DT semblance NN of IN stability NN . . Although IN bond NN prices NNS were VBD n't RB as RB volatile JJ on IN Tuesday NNP trading NN as IN stock NN prices NNS , , traders NNS nevertheless RB said VBD action NN also RB was VBD much RB slower JJR yesterday NN in IN the DT Treasury NNP market NN . . Bond NN investors NNS paid VBD close JJ attention NN to TO comments NNS by IN Federal NNP Reserve NNP Chairman NNP Alan NNP Greenspan NNP , , who WP was VBD testifying VBG before IN a DT congressional JJ hearing NN , , but CC were VBD n't RB able JJ to TO extract VB many JJ clues NNS about IN the DT future JJ course NN of IN the DT Fed NNP 's POS monetary JJ policy NN . . Many JJ analysts NNS are VBP expecting VBG the DT Fed NNP to TO lower VB interest NN rates NNS at IN least JJS once RB more JJR before IN the DT end NN of IN the DT year NN . . Investors NNS now RB are VBP awaiting VBG today NN 's POS release NN of IN the DT preliminary JJ estimate NN of IN third-quarter NN gross JJ national JJ product NN . . Economists NNS predict VBP the DT report NN will MD show VB economic JJ growth NN of IN about IN 2.5 CD % NN in IN the DT third JJ quarter NN , , which WDT would MD have VB little JJ effect NN on IN financial JJ markets NNS . . But CC an DT unexpected JJ deviation NN either DT way NN could MD roil VB bond NN and CC currency NN markets NNS . . In IN major JJ market NN activity NN : : Stock NNP prices NNS slipped VBD lower JJR in IN moderate JJ trading NN . . Volume NN on IN the DT New NNP York NNP Stock NNP Exchange NNP totaled VBD 155.7 CD million CD shares NNS . . But CC advancing VBG issues NNS on IN the DT Big NNP Board NNP were VBD ahead RB of IN decliners NNS 784 CD to TO 700 CD . . Bond NN prices NNS inched VBD higher JJR . . The DT Treasury NNP 's POS benchmark NN 30-year JJ issue NN rose VBD less JJR than IN an DT eighth NN of IN a DT point NN , , or CC less JJS than IN $ $ 1.25 CD for IN each DT $ $ 1,000 CD of IN face NN amount NN . . The DT yield NN on IN the DT issue NN stood VBD at IN 7.88 CD % NN . . The DT dollar NN was VBD virtually RB unchanged JJ . . In IN late JJ New NNP York NNP trading NN the DT U.S. NNP currency NN was VBD quoted VBN at IN 1.8353 CD marks NNS and CC 141.52 CD yen NN , , compared VBN with IN 1.8355 CD marks NNS and CC 141.45 CD yen NN Tuesday NNP . . A DT few JJ years NNS ago IN , , I PRP was VBD on IN a DT panel NN of IN journalists NNS that WDT discussed VBD the DT `` `` image NN '' '' of IN intercollegiate JJ athletics NNS for IN an DT audience NN of IN campus NN information NN directors NNS and CC others NNS . . We PRP scribblers NNS quickly RB concurred VBD that IN not RB only RB was VBD the DT bad JJ rep NN of IN big-time JJ college NN sports NNS richly RB earned VBN , , but CC also RB that IN it PRP could MD be VB corrected VBN . . Competition NN could MD be VB maintained VBN -- : and CC stadiums NNS probably RB would MD remain VB full JJ -- : if IN schedules NNS were VBD reduced VBN and CC the DT games NNS returned VBN to TO the DT students NNS , , we PRP said VBD . . Comments NNS from IN the DT audience NN reflected VBD widespread JJ , , if IN wistful JJ , , agreement NN with IN those DT conclusions NNS . . As IN the DT session NN broke VBD up IN , , I PRP was VBD approached VBN by IN a DT man NN who WP identified VBD himself PRP as IN the DT alumni NNS director NN of IN a DT Big NNP Ten CD university NN . . `` `` I PRP 'd MD love VB to TO see VB sports NNS cut VB back RB , , and CC so RB would MD a DT lot NN of IN my PRP$ counterparts NNS at IN other JJ schools NNS , , but CC everybody NN 's VBZ afraid JJ to TO make VB the DT first JJ move NN , , '' '' he PRP confided VBD . . `` `` It PRP 's VBZ like IN the DT U.S. NNP and CC the DT Russians NNPS : : Nobody NN wants VBZ to TO disarm VB first RB . . '' '' And CC so RB our PRP$ institutions NNS of IN higher JJR learning NN lurch VBP from IN scandal NN to TO scandal NN on IN gridiron NN and CC basketball NN court NN , , while IN the DT casualties NNS mount VBP . . Three CD new JJ books NNS make VBP the DT point NN that IN one CD large JJ price NN of IN the DT glittery NN college-sports JJ show NN can MD be VB the DT integrity NN of IN the DT schools NNS that WDT stage VBP it PRP . . They PRP are VBP : : `` `` A NNP Payroll NNP to TO Meet VB : : A NNP Story NNP of IN Greed NNP , , Corruption NNP and CC Football NNP at IN SMU NNP '' '' ( ( Macmillan NNP , , 221 CD pages NNS , , $ $ 18.95 CD ) ) by IN David NNP Whitford NNP ; : `` `` Big NNP Red NNP Confidential NNP : : Inside NNP Nebraska NNP Football NNP '' '' ( ( Contemporary NNP , , 231 CD pages NNS , , $ $ 17.95 CD ) ) by IN Armen NNP Keteyian NNP ; : and CC `` `` Never NNP Too NNP Young NNP to TO Die VB : : The NNP Death NNP of IN Len NNP Bias NNP '' '' ( ( Pantheon NNP , , 252 CD pages NNS , , $ $ 18.95 CD ) ) by IN Lewis NNP Cole NNP . . The DT pick NN of IN the DT group NN is VBZ `` `` Payroll NNP '' '' ; : it PRP should MD be VB required VBN reading NN for IN every DT college NN president NN . . It PRP chronicles VBZ how WRB , , over IN a DT period NN of IN a DT dozen NN years NNS , , Southern NNP Methodist NNP University NNP bought VBD its PRP$ way NN to TO football NN respectability NN in IN the DT Southwest NNP Conference NNP , , only RB to TO find VB itself PRP trapped VBN and CC strangled VBN by IN the DT athlete-payoff JJ system NN it PRP created VBD . . The DT school NN was VBD the DT first JJ , , in IN 1987 CD , , to TO receive VB the DT NCAA NNP 's POS `` `` death NN penalty NN '' '' -- : two CD years NNS without IN football NN -- : for IN repeated VBN rules NNS violations NNS . . Given VBN current JJ headlines NNS about IN the DT University NNP of IN Florida NNP , , it PRP may MD not RB be VB the DT last JJ . . The DT man NN who WP brought VBD the DT bribe NN to TO the DT Dallas NNP school NN was VBD Ron NNP Meyer NNP , , a DT flashy JJ sort NN who WP came VBD in IN 1975 CD to TO rescue VB a DT woebegone JJ program NN , , Mr. NNP Whitford NNP writes VBZ . . Mr. NNP Meyer NNP 's POS personal JJ style NN was VBD illustrated VBN by IN his PRP$ pinning VBG a DT $ $ 100 CD bill NN to TO a DT high-school NN bulletin NN board NN on IN which WDT other JJ coaches NNS tacked VBD their PRP$ cards NNS . . One CD recruiter NN working VBG with IN Mr. NNP Meyer NNP was VBD so RB generous JJ with IN $ $ 10 CD and CC $ $ 20 CD bills NNS that IN prospects NNS sang VBD `` `` Here RB Comes VBZ Santa NNP Claus NNP '' '' when WRB he PRP approached VBD . . Paying VBG players NNS at IN SMU NNP was VBD no DT casual JJ operation NN . . It PRP involved VBD the DT athletics NNS director NN , , two CD different JJ football NN coaching NN staffs NNS , , and CC school NN trustees NNS and CC governors NNS -- : just RB about IN everybody NN , , it PRP seemed VBD , , but CC Donald NNP Shields NNP , , the DT university NN 's POS president NN . . There EX 's VBZ a DT memorable JJ passage NN in IN which WDT Mr. NNP Shields NNP , , having VBG finally RB learned VBN of IN the DT practice NN , , expresses VBZ his PRP$ outrage NN to TO Bill NNP Clements NNP , , then RB a DT university NN governor NN ( ( and CC now RB the DT governor NN of IN Texas NNP ! . ) ) and CC oil NN man NN Edwin NNP Cox NNP , , chairman NN of IN the DT board NN of IN trustees NNS . . `` `` You PRP stay VBP out IN of IN it PRP , , '' '' author NN Whitford NNP quotes VBZ Mr. NNP Clements NNP as IN saying VBG . . `` `` Go VB run VB the DT university NN . . '' '' Which WDT was VBD about IN what WP Mr. NNP Shields NNP did VBD , , and CC quietly RB , , until IN he PRP resigned VBD a DT few JJ years NNS later RB , , pleading VBG ill JJ health NN , , when WRB the DT stuff NN hit VBD the DT fan NN . . Mr. NNP Whitford NNP drew VBD on IN voluminous JJ news NN media NNS coverage NN of IN the DT SMU NNP scandal NN , , and CC on IN a DT university NN internal JJ investigation NN . . Mr. NNP Keteyian NNP had VBD to TO do VB most JJS of IN his PRP$ own JJ digging NN on IN University NNP of IN Nebraska NNP football NN , , which WDT is VBZ , , to TO date NN , , high JJ and CC dry JJ as RB far RB as IN the DT NCAA NNP is VBZ concerned VBN . . Unfortunately RB , , he PRP gets VBZ low JJ grades NNS as IN an DT investigative JJ reporter NN , , relying VBG heavily RB on IN what WP Chicago NNP 's POS late JJ mayor NN , , Richard NNP J. NNP Daley NNP , , called VBD `` `` insinuendo NN . . '' '' Discrepancies NNS go VBP unexplained JJ in IN `` `` Confidential NNP '' '' ( ( one CD ex-player NN claims VBZ he PRP received VBD $ $ 4,000 CD to TO $ $ 5,000 CD for IN his PRP$ season NN football NN tickets NNS while IN others NNS said VBD theirs PRP brought VBD only RB a DT few JJ hundred CD dollars NNS ) ) , , and CC when WRB Mr. NNP Keteyian NNP ca MD n't RB nail VB down RP something NN , , like IN who WP really RB owned VBD a DT car NN driven VBN by IN Husker NNP tailback NN Doug NNP Dubose NNP , , he PRP simply RB reprints VBZ his PRP$ notes NNS . . There EX are VBP gratuitous JJ references NNS to TO supposed VBN romantic JJ liaisons NNS between IN Husker NNP players NNS and CC a DT low-level JJ female NN university NN employee NN . . A DT serious JJ charge NN -- : that IN star NN flanker NN Irving NNP Fryar NNP `` `` threw VBD '' '' the DT 1984 CD Orange NNP Bowl NNP game NN by IN intentionally RB dropping VBG a DT pass NN in IN the DT end NN zone NN -- : is VBZ included VBN , , even RB though IN the DT Nebraska NNP assistant NN coach NN quoted VBN denied VBD making VBG it PRP . . Still RB , , the DT book NN produces VBZ more JJR smoke NN than IN a DT smoldering VBG sofa NN , , along IN with IN a DT few JJ flames NNS , , especially RB concerning VBG the DT use NN of IN steroids NNS . . Dean NNP Steinkuhler NNP , , a DT spectacularly RB bulked-up JJ former JJ lineman NN , , confesses VBZ that IN he PRP used VBD 'em PRP , , and CC says VBZ other JJ Huskers NNPS did VBD too RB . . It PRP 's VBZ a DT mystery NN how WRB this DT could MD have VB escaped VBN the DT notice NN of IN Nebraska NNP coaches NNS . . Probably RB , , it PRP did VBD n't RB . . `` `` Never NNP Too NNP Young NNP '' '' is VBZ a DT different JJ sort NN of IN work NN , , focusing VBG on IN the DT 1986 CD death NN from IN cocaine NN ingestion NN of IN Bias NNP , , a DT University NNP of IN Maryland NNP basketball NN star NN ticketed VBN for IN sure JJ pro JJ stardom NN . . While IN the DT university NN was VBD no RB more JJR to TO blame VB for IN that DT than IN for IN the DT similar JJ fate NN of IN any DT other JJ student NN , , it PRP must MD bear VB responsibility NN for IN its PRP$ conduct NN in IN the DT aftermath NN . . Bias NNP 's POS coach NN , , Lefty NNP Driesell NNP , , ordered VBD the DT room NN in IN which WDT Bias NNP died VBD to TO be VB cleaned VBN before IN the DT police NN could MD arrive VB ( ( the DT order NN was VBD n't RB carried VBN out IN ) ) , , and CC the DT school NN 's POS athletics NNS director NN issued VBD false JJ information NN about IN the DT academic JJ standing NN of IN Bias NNP and CC other JJ players NNS . . Those DT , , of IN course NN , , were VBD the DT responses NNS of IN people NNS with IN something NN to TO hide VB . . One NN wonders VBZ how WRB other JJ college NN athletic JJ officials NNS would MD behave VB under IN the DT same JJ circumstances NNS . . Tomorrow NN 's POS `` `` On NNP Sports NNPS '' '' column NN will MD look VB at IN another DT aspect NN of IN the DT college NN sports NNS mess NN . . Mercedes-Benz NNP of IN North NNP America NNP Inc. NNP , , a DT unit NN of IN Daimler-Benz NNP AG NNP , , paid VBD Massachusetts NNP $ $ 9.1 CD million CD in IN taxes NNS , , bringing VBG to TO an DT end NN a DT 10-month-long JJ corporate JJ tax NN chase NN . . Officials NNS at IN the DT Department NNP of IN Revenue NNP had VBD dogged VBN the DT foreign JJ car NN maker NN for IN taxes NNS owed VBN on IN business NN transactions NNS and CC were VBD proceeding VBG to TO settle VB the DT dispute NN in IN court NN . . But CC `` `` the DT check NN arrived VBD in IN the DT mail NN , , '' '' said VBD Stephen NNP Kidder NNP , , Massachusetts NNP Commissioner NNP of IN Revenue NNP . . Mercedes-Benz NNP , , which WDT had VBD said VBN it PRP did VBD n't RB owe VB taxes NNS to TO Massachusetts NNP partly RB because IN it PRP sells VBZ its PRP$ cars NNS at IN a DT dock NN in IN Baltimore NNP and CC not RB in IN Massachusetts NNP , , did VBD n't RB explain VB its PRP$ change NN of IN heart NN . . Last JJ month NN , , Mercedes-Benz NNP executives NNS approached VBD state NN revenue NN officials NNS complaining VBG about IN bad JJ press NN , , the DT commissioner NN said VBD . . The DT dispute NN was VBD the DT subject NN of IN a DT Wall NNP Street NNP Journal NNP article NN in IN August NNP . . The DT amount NN covers VBZ taxes NNS , , interest NN and CC penalties NNS owed VBN from IN 1966 CD , , when WRB the DT state NN began VBD collecting VBG corporate JJ taxes NNS , , to TO 1985 CD . . Mercedes-Benz NNP also RB agreed VBD to TO pay VB taxes NNS owed VBN for IN the DT years NNS 1986 CD through IN 1988 CD , , Mr. NNP Kidder NNP added VBD . . Under IN Massachusetts NNP tax NN laws NNS , , corporations NNS must MD pay VB 9.5 CD % NN of IN estimated VBN profits NNS resulting VBG from IN business NN transactions NNS in IN the DT state NN if IN the DT company NN conducts VBZ a DT variety NN of IN non-sales JJ activities NNS , , including VBG warranties NNS , , customer NN complaints NNS and CC relations NNS with IN independent JJ dealerships NNS . . National NNP Convenience NNP Stores NNPS Inc. NNP , , trying VBG to TO shake VB the DT doldrums NNS in IN the DT convenience-store NN business NN , , said VBD it PRP will MD rearrange VB the DT merchandise NN in IN all DT of IN its PRP$ stores NNS in IN the DT next JJ 18 CD months NNS to TO cater VB better RB to TO the DT neighborhoods NNS around IN its PRP$ stores NNS . . As IN part NN of IN the DT plan NN , , the DT Houston-based JJ company NN 's POS 1,100 CD Stop NNP 'N NNP Go NNP stores NNS will MD be VB refocused VBN to TO target VB black JJ , , Hispanic NNP , , upscale JJ or CC core NN middle-class NN customers NNS . . Stores NNS in IN upper-income NN neighborhoods NNS , , for IN instance NN , , will MD carry VB high-priced JJ wines NNS , , publications NNS such JJ as IN Vanity NNP Fair NNP , , gourmet NN pasta NN sauces NNS , , oat NN bran NN cereals NNS and CC Weight NNP Watchers NNPS and CC Pritikin NNP products NNS . . Stores NNS in IN Hispanic NNP areas NNS will MD stock VB an DT assortment NN of IN Spanish-language NN magazines NNS , , Mexican JJ cooking NN items NNS and CC candies NNS . . Stores NNS in IN the DT company NN 's POS core NN middle-class NN market NN will MD get VB more RBR frozen JJ and CC quick-to-prepare JJ foods NNS and CC a DT greater JJR selection NN of IN bottled JJ water NN . . V.H. NNP Van NNP Horn NNP , , National NNP Convenience NNP president NN and CC chief NN executive NN officer NN , , said VBD the DT move NN reflects VBZ the DT company NN 's POS realization NN that IN the DT industry NN 's POS poor JJ performance NN stems VBZ from IN its PRP$ failure NN to TO give VB customers NNS what WP they PRP want VBP -- : rather RB than IN from IN increasing VBG competition NN from IN gasoline NN stations NNS and CC 24-hour JJ grocery NN stores NNS . . `` `` Convenience JJ store NN merchandise NN has VBZ not RB kept VBN pace NN with IN current JJ trends NNS in IN consumer NN preferences NNS , , '' '' he PRP said VBD in IN a DT speech NN at IN the DT company NN 's POS annual JJ shareholders NNS meeting NN . . Analysts NNS and CC competitors NNS said VBD the DT move NN reflects VBZ a DT growing VBG need NN by IN the DT stores NNS to TO expand VB their PRP$ customer NN base NN beyond IN the DT traditional JJ blue-collar JJ worker NN who WP pops VBZ into IN a DT convenience NN store NN for IN a DT sandwich NN , , cigarettes NNS , , soda NN or CC beer NN . . `` `` There EX are VBP an DT increasing VBG number NN of IN people NNS out IN there EX who WP are VBP time-poor JJ , , '' '' said VBD Chris NNP Vroom NNP , , retail JJ analyst NN with IN Alex NNP . . Brown NNP & CC Sons NNPS of IN Baltimore NNP . . `` `` Those DT are VBP primarily RB white-collar JJ workers NNS , , a DT customer NN segment NN that WDT has VBZ historically RB proved VBN elusive JJ for IN convenience NN stores NNS . . '' '' National NNP Convenience NNP 's POS move NN is VBZ likely JJ to TO be VB echoed VBN by IN other JJ chains NNS , , though IN analysts NNS note VBP that IN Southland NNP Corp. NNP , , owner NN of IN 7-Eleven NNP stores NNS , , and CC Circle NNP K NNP Corp. NNP are VBP too RB debt-heavy JJ to TO roll VB out RP such PDT an DT extensive JJ effort NN . . Still RB , , Southland NNP said VBD that IN its PRP$ franchisees NNS have VBP been VBN targeting VBG their PRP$ merchandise NN to TO their PRP$ customers NNS for IN years NNS , , and CC that IN the DT company NN has VBZ begun VBN to TO follow VB suit NN . . For IN instance NN , , Southland NNP has VBZ expanded VBN its PRP$ bottled JJ water NN selection NN in IN some DT stores NNS and CC added VBN fresh JJ sandwiches NNS in IN some DT outlets NNS . . Several JJ months NNS ago IN , , it PRP also RB added VBD black JJ health NN and CC beauty NN aids NNS displays NNS to TO many JJ stores NNS , , a DT spokeswoman NN said VBD . . `` `` We PRP certainly RB see VBP an DT increasing VBG trend NN toward IN that DT , , '' '' she PRP added VBD . . National NNP Convenience NNP said VBD it PRP has VBZ tested VBN its PRP$ new JJ merchandise NN mix NN in IN 100 CD stores NNS , , with IN favorable JJ results NNS . . Analysts NNS said VBD the DT company NN 's POS effort NN will MD be VB helped VBN by IN its PRP$ decision NN last JJ year NN to TO put VB point-of-sale JJ scanners NNS in IN 200 CD stores NNS , , allowing VBG National NNP Convenience NNP to TO quickly RB track VB items NNS that WDT are VBP selling VBG and CC those DT that WDT are VBP n't RB . . To TO promote VB its PRP$ new JJ strategy NN , , National NNP Convenience NNP said VBD it PRP plans VBZ to TO spend VB about IN $ $ 12 CD million CD on IN advertising NN for IN the DT year NN ending VBG June NNP 30 CD , , up RB from IN about IN $ $ 10 CD million CD in IN fiscal JJ 1989 CD . . Labor NNP Secretary NNP Elizabeth NNP Dole NNP named VBD a DT mediator NN to TO help VB resolve VB the DT lengthy JJ labor NN dispute NN between IN the DT United NNP Mine NNP Workers NNPS and CC Pittston NNP Co NNP . . W.J. NNP Usery NNP Jr. NNP , , labor NN secretary NN during IN the DT Ford NNP administration NN , , was VBD named VBN to TO mediate VB talks NNS to TO settle VB the DT six-month JJ strike NN by IN the DT UMW NNP . . Previous JJ talks NNS between IN Pittston NNP , , of IN Greenwich NNP , , Conn. NNP , , and CC the DT union NN have VBP been VBN sporadic JJ and CC unsuccessful JJ . . The DT union NN called VBD the DT strike NN in IN April NNP after IN Pittston NNP refused VBD to TO sign VB the DT UMW NNP 's POS national JJ labor NN pact NN . . Pittston NNP seeks VBZ changes NNS in IN health NN and CC pension NN benefits NNS , , among IN other JJ things NNS . . No DT schedule NN for IN formal JJ talks NNS was VBD set VBN , , but CC meetings NNS are VBP expected VBN to TO begin VB soon RB . . One CD day NN after IN Delmed NNP Inc. NNP made VBD top JJ management NN changes NNS and CC disclosed VBD the DT end NN of IN an DT important JJ business NN tie NN , , its PRP$ stock NN did VBD n't RB trade VB and CC the DT company NN forecast VBD a DT `` `` significant JJ '' '' drop NN next JJ year NN in IN sales NNS of IN its PRP$ core NN product NN . . That DT disclosure NN came VBD , , a DT Delmed NNP spokeswoman NN said VBD , , after IN the DT American NNP Stock NNP Exchange NNP alerted VBD the DT company NN that IN trading NN would MD n't RB resume VB in IN its PRP$ stock NN until IN additional JJ information NN about IN developments NNS was VBD provided VBN . . In IN addition NN to TO the DT forecast NN , , the DT company NN also RB said VBD it PRP is VBZ examining VBG potential JJ cost NN cuts NNS and CC reductions NNS in IN overhead NN . . The DT spokeswoman NN said VBD the DT exchange NN would MD resume VB trading VBG of IN Delmed NNP stock NN today NN . . Delmed NNP , , which WDT makes VBZ and CC sells VBZ peritoneal JJ dialysis NN products NNS used VBN in IN treating VBG kidney NN disease NN , , on IN Tuesday NNP announced VBD the DT resignations NNS of IN Robert NNP S. NNP Ehrlich NNP , , chairman NN , , president NN and CC chief NN executive NN officer NN , , and CC of IN Leslie NNP I. NNP Shapiro NNP , , chief NN operating VBG officer NN and CC chief NN financial JJ officer NN . . They PRP were VBD succeeded VBN by IN executives NNS of IN Fresenius NNP USA NNP Inc. NNP and CC its PRP$ parent NN , , Fresenius NNP AG NNP , , which WDT owns VBZ about IN 45 CD % NN of IN Delmed NNP . . At IN the DT same JJ time NN , , the DT New NNP Brunswick NNP , , N.J. NNP , , company NN said VBD negotiations NNS about IN pricing VBG and CC volumes NNS of IN product NN had VBD collapsed VBN between IN it PRP and CC its PRP$ exclusive JJ distributor NN in IN the DT U.S. NNP , , National NNP Medical NNP Care NNP Inc NNP . . Following VBG that DT announcement NN Tuesday NNP , , however RB , , company NN officials NNS were VBD unavailable JJ to TO elaborate VB . . Yesterday NN , , the DT spokeswoman NN said VBD sales NNS of IN Delmed NNP products NNS through IN the DT exclusive JJ arrangement NN with IN National NNP Medical NNP accounted VBD for IN 87 CD % NN of IN Delmed NNP 's POS 1988 CD sales NNS of IN $ $ 21.1 CD million CD . . The DT current JJ distribution NN arrangement NN ends VBZ in IN March NNP 1990 CD , , although IN Delmed NNP said VBD it PRP will MD continue VB to TO provide VB some DT supplies NNS of IN the DT peritoneal JJ dialysis NN products NNS to TO National NNP Medical NNP , , the DT spokeswoman NN said VBD . . Nonetheless RB , , `` `` Delmed NNP currently RB expects VBZ that IN 1990 CD sales NNS ... : will MD be VB significantly RB below IN their PRP$ 1989 CD level NN , , '' '' the DT company NN said VBD in IN a DT statement NN . . Delmed NNP said VBD yesterday NN that IN Fresenius NNP USA NNP would MD begin VB distributing VBG the DT product NN and CC that IN the DT company NN is VBZ investigating VBG other JJ possible JJ distribution NN channels NNS . . In IN any DT case NN , , supplies NNS to TO patients NNS wo MD n't RB be VB interrupted VBN , , the DT company NN added VBD . . Fresenius NNP , , a DT West NNP German NNP pharmaceutical JJ concern NN , , has VBZ been VBN discussing VBG a DT transaction NN in IN which WDT it PRP would MD buy VB Delmed NNP stock NN for IN cash NN to TO bring VB its PRP$ beneficial JJ ownership NN to TO between IN 70 CD % NN and CC 80 CD % NN . . The DT transaction NN also RB would MD combine VB Fresenius NNP USA NNP and CC Delmed NNP . . But CC the DT plan NN now RB is VBZ being VBG `` `` reformulated VBN , , '' '' Delmed NNP said VBD , , declining VBG to TO provide VB most JJS of IN the DT new JJ terms NNS of IN the DT combination NN . . Said VBD the DT spokeswoman NN : : `` `` The DT whole JJ structure NN has VBZ changed VBN . . The DT value NN of IN the DT company NN has VBZ changed VBN . . '' '' Delmed NNP did VBD say VB that IN the DT proposal NN still RB would MD infuse VB cash NN into IN Delmed NNP but CC less JJR than IN the DT $ $ 10 CD million CD originally RB expected VBN . . Delmed NNP also RB would MD receive VB the DT North NNP American NNP rights NNS to TO certain JJ Fresenius NNP AG NNP products NNS . . Another DT option NN for IN Delmed NNP , , the DT company NN said VBD , , is VBZ that IN it PRP could MD sell VB its PRP$ plant NN in IN Ogden NNP , , Utah NNP . . It PRP added VBD that IN no DT discussions NNS about IN such PDT a DT sale NN are VBP under IN way NN . . Brooks NNP Armored NNP Car NNP Service NNP Inc. NNP never RB wanted VBD to TO get VB into IN money NN laundering NN . . But CC July NNP 5 CD , , a DT thunderstorm NN in IN Wilmington NNP , , Del. NNP , , caused VBD Shellpot NNP Creek NNP to TO rise VB 15 CD feet NNS , , pouring VBG 1.3 CD million CD gallons NNS of IN water NN into IN basement NN vaults NNS . . The DT water NN destroyed VBD about IN $ $ 75 CD million CD in IN currency NN and CC caked VBD $ $ 4 CD million CD of IN coins NNS with IN mud NN , , rendering VBG them PRP dangerous JJ to TO counting VBG machines NNS . . The DT $ $ 75 CD million CD in IN paper NN money NN , , although IN moldy JJ , , mildewy JJ and CC smelly JJ , , was VBD exchanged VBN through IN the DT Federal NNP Reserve NNP Bank NNP of IN Philadelphia NNP without IN incident NN . . But CC Brooks NNP was VBD unable JJ to TO reach VB a DT coin-cleaning JJ agreement NN with IN the DT government NN . . `` `` We PRP kind NN of IN got VBD caught VBN between IN bureaucracies NNS , , '' '' says VBZ President NNP William NNP F. NNP Brooks NNP Jr NNP . . The DT U.S. NNP Mint NNP would MD n't RB take VB the DT coin NN because IN it PRP was VBD n't RB mutilated VBN , , and CC the DT Federal NNP Reserve NNP Bank NNP accepts VBZ only JJ clean JJ coins NNS , , he PRP says VBZ . . The DT Philadelphia NNP Fed NNP says VBZ it PRP is VBZ merely RB an DT `` `` agent NN '' '' for IN coins NNS , , responsible JJ only RB for IN storage NN and CC distribution NN . . `` `` We PRP issue VBP paper NN money NN ; : we PRP destroy VBP paper NN money NN , , '' '' says VBZ Jane NNP Hinkle NNP , , a DT Philadelphia NNP Fed NNP spokeswoman NN . . `` `` The DT coin NN is VBZ their PRP$ problem NN . . '' '' A DT Mint NNP official NN says VBZ the DT agency NN offered VBD to TO clean VB the DT coins NNS for IN its PRP$ `` `` bare-bones JJ '' '' cost NN of IN $ $ 17,000 CD plus CC certain JJ other JJ expenses NNS . . But CC Brooks NNP declined VBD , , figuring VBG that IN transporting VBG the DT mucked VBN up IN money NN to TO Washington NNP would MD cost VB the DT company NN thousands NNS more RBR . . So IN Brooks NNP gave VBD the DT dirty JJ work NN to TO Coin NNP Wrap NNP Inc. NNP , , which WDT came VBD up RP with IN an DT unusual JJ solution NN . . For IN eight CD hours NNS a DT day NN for IN the DT past JJ two CD weeks NNS , , in IN aggregates NNS of IN as RB much JJ as IN 27,000 CD pounds NNS ( ( equaling VBG $ $ 20,000 CD in IN pennies NNS ) ) , , Coin NNP Wrap NNP has VBZ been VBN pouring VBG money NN into IN a DT cement-mixing JJ truck NN . . A DT giant JJ heater NN , , working VBG like IN a DT blowtorch NN , , causes VBZ the DT mud NN to TO crust NN and CC burns NNS off RP any DT wrappers NNS . . After IN clanging VBG around RB for IN an DT hour NN or CC so RB , , the DT shiny JJ , , hot JJ money NN pours VBZ out IN of IN the DT cement NN chute NN , , where WRB a DT giant JJ vacuum NN sucks VBZ away RB the DT dried VBN mud NN and CC burnt JJ wrappers NNS . . After IN cooling VBG , , the DT coins NNS are VBP then RB rewrapped NN . . Brooks NNP expects VBZ to TO pay VB Coin NNP Wrap NNP a DT total NN of IN about IN $ $ 20,000 CD -- : a DT cost NN that DT insurance NN wo MD n't RB cover VB . . And CC while IN the DT job NN is VBZ half RB done VBN , , Brooks NNP is VBZ still RB bitter JJ . . In IN fact NN , , there EX 's VBZ only RB one CD person NN involved VBN who WP 's VBZ happy JJ , , and CC that DT 's VBZ Floyd NNP String NNP , , president NN of IN Coin NNP Wrap NNP and CC conceiver NN of IN the DT cement-truck JJ solution NN . . Not RB only RB did VBD his PRP$ company NN find VB $ $ 20,000 CD worth NN of IN work NN , , but CC when WRB the DT approach NN was VBD suggested VBN , , Mr. NNP String NNP says VBZ , , Brooks NNP officials NNS `` `` did VBD n't RB laugh NN at IN me PRP or CC anything NN . . `` `` Parenthood NN , , '' '' this DT summer NN 's POS successful JJ and CC amusing JJ movie NN about IN parents NNS and CC children NNS , , apparently RB was VBD only RB the DT beginning NN . . It PRP seems VBZ that IN every DT day NN a DT new JJ movie NN opens VBZ featuring VBG a DT child NN coping VBG with IN a DT mother NN 's POS death NN , , or CC adoption NN , , or CC aging VBG parents NNS , , or CC pregnancy NN . . And CC why WRB not RB ? . Some DT of IN our PRP$ best JJS and CC most RBS idiosyncratic JJ film NN makers NNS -- : from IN Truffaut NNP to TO Fellini NNP to TO Woody NNP Allen NNP -- : have VBP taken VBN a DT cue NN from IN Chekhov NNP : : When WRB it PRP comes VBZ to TO compelling JJ drama NN , , there EX 's VBZ no DT place NN like IN home NN . . Yet RB too RB many JJ people NNS working VBG in IN Hollywood NNP today NN seem VBP to TO suffer VB from IN the DT delusion NN that IN the DT drama NN played VBD out RP in IN every DT home NN will MD be VB interesting JJ to TO people NNS who WP live VBP somewhere RB else RB . . This DT is VBZ not RB the DT case NN . . Some DT diaries NNS simply RB are VBP n't RB worth JJ snooping VBG in IN . . Yet CC there EX will MD be VB people NNS who WP will MD sob VB at IN `` `` Immediate NNP Family NNP , , '' '' a DT limply RB constructed VBN and CC offensive JJ movie NN about IN adoption NN . . These DT are VBP the DT sensitive JJ souls NNS who WP can MD empathize VB with IN and CC even RB enjoy VB hearing VBG about IN other JJ people NNS 's POS troubles NNS , , no DT matter NN how WRB haltingly RB or CC predictably RB the DT sad JJ tale NN is VBZ told VBN . . Written VBN by IN Barbara NNP Benedek NNP , , co-author NN of IN `` `` The NNP Big NNP Chill NNP , , '' '' `` `` Immediate NNP Family NNP '' '' takes VBZ the DT position NN that IN only JJ rich JJ people NNS living VBG in IN nice JJ houses NNS should MD have VB children NNS . . The DT film NN makers NNS have VBP couched VBN this DT offensive JJ idea NN in IN pretty JJ packaging NN . . Everyone NN is VBZ very RB nice JJ and CC good-looking JJ -- : the DT adoptive JJ parents NNS ( ( Glenn NNP Close NNP and CC James NNP Woods NNP ) ) and CC the DT teen-age JJ couple NN who WP decide VBP to TO give VB up RP their PRP$ baby NN for IN adoption NN ( ( Mary NNP Stuart NNP Masterson NNP and CC Kevin NNP Dillon NNP ) ) . . Linda NNP and CC Michael NNP ( ( Ms. NNP Close NNP and CC Mr. NNP Woods NNP ) ) , , who WP seem VBP to TO be VB pushing VBG 40 CD , , live VBP in IN a DT large JJ and CC tastefully RB decorated VBN home NN in IN suburban JJ Seattle NNP . . All DT of IN their PRP$ friends NNS have VBP children NNS and CC they PRP ca MD n't RB , , so RB now RB they PRP want VBP a DT child NN more RBR than IN anything NN -- : perhaps RB even RB more JJR than IN Michael NNP wanted VBD his PRP$ fancy JJ convertible NN or CC his PRP$ deluxe JJ stereo NN equipment NN . . The DT idea NN of IN a DT child-as-required-yuppie-possession NN must MD be VB motivating VBG them PRP , , since IN the DT wealthy JJ offspring NN of IN their PRP$ friends NNS are VBP shown VBN to TO be VB rude JJ brats NNS , , in IN therapy NN by IN age NN five CD . . Having VBG exhausted VBN all DT modern JJ aids NNS to TO fertility NN , , Linda NNP and CC Michael NNP decide VBP to TO adopt VB . . The DT actors NNS wear VBP pained JJ expressions NNS to TO indicate VB their PRP$ genuine JJ longing NN for IN a DT little JJ one CD -- : or CC maybe RB they PRP 're VBP not-so-subtly RB commenting VBG on IN the DT inadequacy NN of IN the DT script NN , , and CC Jonathan NNP Kaplan NNP 's POS ( ( `` `` The NNP Accused NNP '' '' ) ) dull JJ direction NN . . Or CC maybe RB they PRP are VBP disgusted VBN by IN the DT literal-minded JJ musical JJ score NN ; : when WRB a DT character NN arrives VBZ at IN a DT major JJ decision NN her PRP$ thoughts NNS are VBP revealed VBN by IN the DT sound NN of IN `` `` I PRP Can MD See VB Clearly RB Now RB . . '' '' The DT adoption NN agency NN insists VBZ on IN introducing VBG the DT adopting VBG parents NNS to TO the DT birth NN mother NN , , so IN Linda NNP and CC Michael NNP pay VBP for IN pregnant JJ Lucy NNP 's POS ( ( Ms. NNP Masterson NNP ) ) bus NN ticket NN from IN Ohio NNP . . ( ( Why WRB in IN these DT movies NNS is VBZ the DT unwed JJ pregnant JJ woman NN always RB from IN Ohio NNP ? . I PRP ask VBP this DT not RB necessarily RB as IN a DT native JJ Ohioan NNP . . ) ) Lucy NNP , , of IN course NN , , is VBZ pretty JJ and CC smart JJ , , though IN uneducated JJ . . Everyone NN falls VBZ in IN love NN with IN everyone NN else RB . . There EX is VBZ some DT pain NN , , when WRB Lucy NNP has VBZ the DT baby NN and CC `` `` did VBD n't RB know VB she PRP would MD feel VB like IN this DT '' '' and CC wants VBZ to TO keep VB the DT baby NN . . But CC in IN the DT end NN , , everything NN turns VBZ out RP for IN the DT best JJS , , in IN the DT film NN makers NNS ' POS warped JJ view NN . . Like IN lawyers NNS in IN the DT hostile JJ takeover NN field NN , , the DT baby NN goes VBZ where WRB the DT money NN is VBZ . . At IN the DT other JJ end NN of IN the DT life NN cycle NN is VBZ `` `` Dad NNP , , '' '' Gary NNP David NNP Goldberg NNP 's POS adaptation NN of IN the DT William NNP Wharton NNP novel NN . . This DT picture NN is VBZ about IN a DT middle-aged JJ son NN who WP makes VBZ sure RB that IN his PRP$ delayed VBN bond NN with IN his PRP$ father NN will MD last VB by IN waiting VBG to TO cement VB it PRP until IN just RB before IN the DT old JJ man NN dies VBZ . . The DT glib JJ emotional JJ style NN Mr. NNP Goldberg NNP has VBZ perfected VBN on IN television NN 's POS `` `` Family NNP Ties NNPS '' '' does VBZ n't RB benefit VB from IN magnification NN . . His PRP$ characters NNS practically RB scamper VBP through IN a DT vast JJ range NN of IN human JJ emotions NNS , , like IN travelers NNS doing VBG 10 CD cities NNS in IN eight CD days NNS . . They PRP pause VBP only RB to TO register VB little JJ whimpers NNS of IN distress NN and CC sighs NNS of IN satisfaction NN , , like IN tourists NNS cataloging VBG the DT sights NNS they PRP 've VBP seen VBN from IN the DT window NN of IN a DT bus NN . . Not RB even RB Jack NNP Lemmon NNP 's POS expert JJ doddering JJ makes NNS this DT trip NN worth NN taking VBG . . So IN it PRP 's VBZ entirely RB possible JJ that IN `` `` Look VB Who WP 's VBZ Talking VBG '' '' is VBZ n't RB as RB entertaining JJ as IN it PRP seems VBZ in IN comparison NN to TO the DT turgid JJ other JJ films NNS opening VBG now RB . . But CC by IN comparison NN , , this DT fluffy JJ comedy NN seems VBZ like IN a DT gem NN . . It PRP starts VBZ with IN conception NN , , taking VBG the DT sperm NN 's POS point NN of IN view NN , , then RB progresses VBZ to TO the DT baby NN 's POS point NN of IN view NN . . Bruce NNP Willis NNP 's POS best JJS attribute NN as IN an DT actor NN is VBZ his PRP$ coy JJ , , lazy JJ voice NN , , and CC that DT 's VBZ all DT you PRP get VBP of IN him PRP here RB , , speaking VBG for IN the DT baby NN . . Finally RB , , there EX is VBZ one CD family NN movie NN that IN quite RB eloquently RB explores VBZ the DT depth NN of IN human JJ emotion NN -- : only RB its PRP$ stars NNS are VBP bears VBZ . . For IN the DT second JJ time NN , , in IN a DT movie NN called VBN `` `` The NNP Bear NNP , , '' '' French NNP director NN Jean-Jacques NNP Annaud NNP demonstrates VBZ just RB how WRB powerful JJ pictures NNS can MD be VB . . ( ( `` `` Quest NNP for IN Fire NNP '' '' was VBD the DT first JJ time NN . . ) ) To TO be VB sure JJ , , one NN wonders VBZ what WDT kind NN of IN man NN is VBZ this DT , , who WP feels VBZ compelled VBN to TO try VB to TO understand VB the DT most RBS primitive JJ longing NN and CC instinct NN in IN a DT way NN that WDT requires VBZ the DT most RBS sophisticated JJ appreciation NN of IN visual JJ storytelling NN . . Supposedly RB , , he PRP proposed VBD the DT movie NN to TO his PRP$ producer NN , , Claude NNP Berri NNP , , in IN four CD lines NNS : : `` `` An DT orphan JJ bear NN cub NN . . A DT big JJ solitary JJ bear NN . . Two CD hunters NNS in IN the DT forest NN . . The DT animals NNS ' POS point NN of IN view NN . . '' '' But CC then RB , , even RB a DT great JJ many JJ words NNS could MD n't RB summarize VB the DT extraordinary JJ pull NN of IN this DT movie NN about IN an DT orphaned VBN bear NN who WP adopts VBZ a DT parent NN . . Video NNP Tip NNP : : One CD of IN the DT best JJS movies NNS about IN the DT child-parent JJ thing NN in IN recent JJ years NNS was VBD `` `` Raising NNP Arizona NNP , , '' '' the DT 1987 CD Coen NNP brothers NNS ' POS comedy NN that IN definitely RB was VBD not RB about IN the DT folks NNS next IN door NN . . Westinghouse NNP Electric NNP Corp. NNP , , capitalizing VBG on IN a DT major JJ restructuring VBG program NN , , expects VBZ operating VBG margins NNS of IN more RBR than IN 10 CD % NN and CC double-digit JJ per-share JJ earnings NNS growth NN next IN year NN , , top NN officers NNS told VBD securities NNS analysts NNS here RB . . John NNP C. NNP Marous NNP , , chairman NN and CC chief NN executive NN officer NN , , also RB said VBD the DT company NN expects VBZ sales NNS from IN continuing VBG businesses NNS to TO rise VB 8.5 CD % NN annually RB through IN the DT next JJ three CD years NNS . . In IN 1988 CD , , the DT company NN earned VBN $ $ 822.8 CD million CD , , or CC $ $ 5.66 CD a DT share NN , , on IN sales NNS of IN $ $ 12.49 CD billion CD . . Since IN 1983 CD , , Westinghouse NNP has VBZ shed VBN 70 CD businesses NNS that IN it PRP did VBD n't RB expect VB to TO produce VB 10 CD % NN operating VBG margins NNS while IN acquiring VBG 55 CD businesses NNS . . In IN the DT past JJ 20 CD months NNS alone RB , , Paul NNP E. NNP Lego NNP , , president NN and CC chief NN operating VBG officer NN , , said VBD the DT divestiture NN of IN $ $ 300 CD million CD of IN slow-growth NN , , low-profit JJ businesses NNS has VBZ been VBN more RBR than IN offset VBN by IN $ $ 600 CD million CD in IN profitable JJ acquisitions NNS . . Westinghouse NNP expects VBZ to TO meet VB its PRP$ corporate JJ goals NNS despite IN a DT softening NN in IN the DT economy NN . . Even RB if IN the DT gross JJ national JJ product NN is VBZ either RB flat JJ or CC in IN the DT growth NN range NN of IN 2 CD % NN to TO 2.5 CD % NN , , `` `` we PRP can MD handle VB that DT , , '' '' Mr. NNP Marous NNP said VBD . . GNP NNP is VBZ the DT total JJ value NN of IN the DT nation NN 's POS output NN of IN goods NNS and CC services NNS . . A DT bright JJ spot NN is VBZ the DT company NN 's POS power-generation NN business NN , , which WDT is VBZ experiencing VBG a DT surge NN of IN growth NN for IN the DT first JJ time NN in IN years NNS . . Mr. NNP Marous NNP said VBD the DT business NN will MD achieve VB higher JJR sales NNS this DT year NN than IN the DT company NN 's POS target NN goal NN of IN 8.5 CD % NN . . While IN Westinghouse NNP has VBZ n't RB had VBD a DT nuclear JJ power NN plant NN order NN from IN a DT U.S. NNP utility NN in IN about IN a DT decade NN , , excess JJ capacity NN is VBZ beginning VBG to TO shrink VB . . Mr. NNP Lego NNP said VBD the DT company NN foresees VBZ the DT need NN for IN a DT major JJ boost NN in IN new-generation NN capability NN throughout IN the DT 1990s CD . . Westinghouse NNP also RB is VBZ well RB positioned VBN to TO sell VB steam NN turbine NN and CC gas NN turbine NN plants NNS to TO independent JJ power NN producers NNS . . The DT company NN 's POS ability NN to TO respond VB to TO energy NN needs NNS world-wide JJ will MD be VB enhanced VBN through IN a DT recently RB announced VBN venture NN with IN Mitsubishi NNP Heavy NNP Industries NNPS , , Mr. NNP Lego NNP said VBD . . He PRP said VBD the DT independent JJ power NN segment NN could MD grow VB to TO provide VB as RB much RB as IN 50 CD % NN of IN near-term JJ generation NN capacity NN , , adding VBG : : `` `` We PRP expect VBP to TO supply VB a DT significant JJ share NN of IN this DT market NN . . '' '' Westinghouse NNP also RB expects VBZ its PRP$ international JJ sales NNS to TO soon RB grow VB to TO 25 CD % NN of IN total JJ corporate JJ sales NNS from IN 20 CD % NN last JJ year NN . . The DT company NN is VBZ negotiating VBG with IN the DT Soviets NNPS to TO build VB a DT Thermo NNP King NNP truck-refrigeration NN plant NN that WDT would MD produce VB about IN 10,000 CD units NNS annually RB . . Mr. NNP Marous NNP said VBD Westinghouse NNP would MD own VB 70 CD % NN of IN the DT facility NN . . The DT deal NN , , which WDT will MD involve VB an DT initial JJ $ $ 20 CD million CD investment NN , , was VBD struck VBN with IN a DT handshake NN , , he PRP added VBD . . Company NN officials NNS also RB said VBD that IN any DT gain NN from IN the DT sale NN of IN Westinghouse NNP 's POS 55 CD % NN stake NN in IN its PRP$ transmission NN and CC distribution NN venture NN with IN the DT Swiss NNP firm NN of IN Asea NNP Brown NNP Boveri NNP will MD be VB offset VBN by IN a DT restructuring VBG charge NN in IN the DT fourth JJ quarter NN . . The DT executives NNS did VBD n't RB disclose VB the DT size NN of IN the DT expected VBN gain NN . . Capital NN expenditure NN in IN 1990 CD will MD rise VB slightly RB , , Mr. NNP Marous NNP said VBD , , from IN an DT estimated VBN $ $ 470 CD million CD this DT year NN . . SHORT JJ INTEREST NN in IN International NNP Mobile NNP Machines NNPS Corp. NNP fell VBD to TO 3,102,935 CD shares NNS in IN the DT month NN ended VBD Oct. NNP 13 CD from IN 3,420,936 CD in IN September NNP . . Because IN of IN an DT error NN by IN the DT National NNP Association NNP of IN Securities NNPS Dealers NNPS , , the DT listing NN appeared VBD incorrectly RB in IN the DT main JJ table NN and CC several JJ highlight NN tables NNS in IN yesterday NN 's POS edition NN . . A DT proposed VBN conflict-of-interest NN policy NN for IN federally RB funded VBN biomedical JJ researchers NNS may MD thwart VB many JJ high-technology NN new JJ ventures NNS , , say VBP financiers NNS , , researchers NNS and CC university NN administrators NNS . . The DT National NNP Institutes NNPS of IN Health NNP policy NN would MD require VB researchers NNS to TO cut VB financial JJ ties NNS with IN health-care JJ businesses NNS -- : or CC lose VB their PRP$ government NN money NN . . Among IN other JJ concerns NNS , , the DT agency NN says VBZ researchers NNS with IN business NN ties NNS are VBP more RBR likely JJ to TO falsify VB findings NNS in IN order NN to TO tout VB new JJ drugs NNS . . As IN ties NNS between IN academia NN and CC venture NN capital NN have VBP blossomed VBN in IN recent JJ years NNS , , governmental JJ fear NN of IN abuse NN has VBZ risen VBN . . But CC the DT guidelines NNS could MD `` `` make VB it PRP impossible JJ to TO commercialize VB research NN , , '' '' says VBZ Kenneth NNP Smith NNP , , associate JJ provost NN and CC vice NN president NN for IN research NN at IN Massachusetts NNP Institute NNP of IN Technology NNP . . The DT NIH NNP is VBZ asking VBG grant NN recipients NNS and CC others NNS for IN comments NNS on IN the DT proposed VBN guidelines NNS until IN Dec. NNP 15 CD . . After IN that DT , , it PRP will MD make VB a DT final JJ decision NN on IN the DT policy NN . . The DT guidelines NNS could MD foil VB future JJ arrangements NNS similar JJ to TO the DT deal NN behind IN Lithox NNP Inc. NNP , , a DT Salem NNP , , Mass. NNP , , start-up NN , , says VBZ Robert NNP Daly NNP , , a DT managing VBG partner NN of IN TA NNP Associates NNPS , , a DT venture-capital JJ firm NN . . With IN $ $ 2.3 CD million CD , , he PRP and CC other JJ investors NNS launched VBD Lithox NNP last JJ year NN to TO market NN a DT gallstone NN cure NN being NN developed VBN by IN researchers NNS of IN the DT University NNP of IN California NNP at IN San NNP Diego NNP . . The DT researchers NNS , , who WP are VBP being VBG financed VBN by IN the DT Lithox NNP funds NNS , , will MD receive VB a DT royalty NN , , or CC percentage NN of IN sales NNS , , if IN their PRP$ research NN yields VBZ a DT commercial JJ product NN . . But CC because IN the DT University NNP of IN California NNP , , like IN many JJ other JJ universities NNS , , shares VBZ its PRP$ royalties NNS with IN researchers NNS , , it PRP may MD disqualify VB itself PRP from IN federal JJ funds NNS under IN the DT proposed VBN guidelines NNS , , Mr. NNP Daly NNP says VBZ . . The DT high-tech JJ industry NN is VBZ full JJ of IN the DT kind NN of IN arrangement NN that IN the DT new JJ guidelines NNS would MD affect VB . . For IN instance NN , , Commonwealth NNP BioVentures NNP Inc. NNP , , a DT venture-capital JJ concern NN , , last JJ month NN invested VBD $ $ 600,000 CD to TO launch VB Amira NNP Inc. NNP , , a DT Worcester NNP , , Mass. NNP , , concern NN that WDT will MD produce VB pharmaceuticals NNS . . Scientists NNS Rima NNP Kaddurah-Daouk NNP and CC Paul NNP Schimmel NNP conducted VBD the DT initial JJ research NN at IN the DT Massachusetts NNP Institute NNP of IN Technology NNP . . While IN Ms. NNP Kaddurah-Daouk NNP left VBD MIT NNP to TO head VB Amira NNP , , Prof. NNP Schimmel NNP will MD continue VB to TO work VB at IN MIT NNP , , serve VB on IN Amira NNP 's POS board NN and CC own VB a DT small JJ equity NN stake NN in IN the DT company NN . . The DT Amira NNP transaction NN is VBZ typical JJ of IN the DT way NN venture-capital JJ firms NNS are VBP approaching VBG the DT task NN of IN commercializing VBG biotechnology NN research NN . . While IN universities NNS develop VBP the DT basic JJ research NN , , `` `` venture NN capitalists NNS are VBP the DT ones NNS best RB positioned VBD to TO finance VB its PRP$ commercialization NN , , '' '' says VBZ Gloria NNP W. NNP Doubleday NNP of IN Commonwealth NNP . . `` `` This DT is VBZ the DT best JJS way NN to TO transfer VB technology NN straight RB off IN the DT campuses NNS of IN universities NNS . . '' '' But CC the DT new JJ guidelines NNS could MD prevent VB scientists NNS like IN Prof. NNP Schimmel NNP from IN being VBG involved VBN with IN start-ups NNS such JJ as IN Amira NNP , , venture NN capitalists NNS point VBP out RP . . And CC if IN that DT happens VBZ , , the DT entire JJ process NN of IN transferring VBG technology NN to TO the DT marketplace NN could MD be VB harmed VBN , , they PRP say VBP . . The DT stakes NNS in IN the DT controversy NN are VBP large JJ . . Last JJ year NN , , venture NN capitalists NNS spent VBD an DT estimated VBN $ $ 600 CD million CD to TO finance VB start-up JJ companies NNS in IN medical JJ and CC biotechnology NN businesses NNS , , according VBG to TO the DT National NNP Venture NNP Capital NNP Association NNP , , a DT trade NN group NN . . Many JJ of IN the DT deals NNS involved VBD transactions NNS in IN which WDT scientific JJ institutions NNS or CC researchers NNS agreed VBN to TO commercialize VB their PRP$ work NN in IN return NN for IN an DT equity NN stake NN or CC royalties NNS . . In IN many DT of IN these DT deals VBZ , , `` `` venture NN capitalists NNS had VBD the DT inside NN track NN , , '' '' says VBZ Lawrence NNP Bock NNP of IN Avalon NNP Ventures NNP , , La NNP Jolla NNP , , Calif NNP . . Investors NNS were VBD willing JJ to TO gamble VB on IN new JJ technologies NNS because IN `` `` we PRP had VBD exclusive JJ rights NNS to TO those DT technologies NNS , , '' '' he PRP adds VBZ . . But CC under IN the DT proposed VBN guidelines NNS , , all DT federally RB funded VBN research NN will MD have VB to TO be VB reported VBN publicly RB so IN that IN anyone NN can MD capitalize VB on IN the DT work NN . . `` `` Without IN the DT exclusivity NN , , most JJS venture NN capitalists NNS wo MD n't RB have VB the DT incentive NN to TO invest VB in IN such JJ deals NNS , , '' '' Mr. NNP Bock NNP says VBZ . . Last JJ year NN , , for IN example NN , , Avalon NNP and CC others NNS invested VBD $ $ 14 CD million CD in IN Athena NNP Neurosciences NNP Inc. NNP , , South NNP San NNP Francisco NNP , , Calif. NNP , , to TO license VB and CC develop VB technology NN for IN delivery NN of IN drugs NNS to TO the DT brain NN . . But CC before IN Athena NNP was VBD able JJ to TO get VB an DT exclusive JJ license NN to TO the DT technology NN , , the DT Federal NNP Register NNP published VBD most JJS of IN the DT details NNS , , `` `` giving VBG all DT of IN the DT company NN 's POS potential JJ competitors NNS a DT chance NN to TO exploit VB it PRP , , '' '' Mr. NNP Bock NNP says VBZ . . Athena NNP eventually RB acquired VBD exclusive JJ rights NNS to TO the DT technology NN and CC currently RB is VBZ developing VBG it PRP . . But CC , , says VBZ Mr. NNP Bock NNP , , `` `` It PRP was VBD a DT close JJ call NN . . '' '' The DT proposed VBN guidelines NNS could MD also RB delay VB commercialization NN -- : and CC force VB small JJ companies NNS to TO waste VB scarce JJ capital NN , , entrepreneurs NNS say VBP . . If IN start-ups NNS ca MD n't RB have VB early JJ access NN to TO research NN being NN conducted VBN at IN institutions NNS , , `` `` we PRP have VBP to TO replicate VB it PRP ourselves PRP or CC do VB without IN the DT research NN , , '' '' says VBZ Ruth NNP Emyanitoff NNP , , manager NN of IN business NN development NN at IN Applied NNP bioTechnology NNP Inc. NNP , , a DT Cambridge NNP , , Mass. NNP , , concern NN . . Duplicating VBG research NN is VBZ both DT costly JJ and CC time-consuming JJ for IN a DT start-up NN , , Ms. NNP Emyanitoff NNP says VBZ . . For IN its PRP$ part NN , , NIH NNP insists VBZ that IN its PRP$ guidelines NNS `` `` should MD not RB stifle VB research NN creativity NN or CC technology NN transfer NN from IN the DT research NN laboratory NN to TO commercial JJ use NN . . '' '' Universities NNS such JJ as IN Harvard NNP and CC MIT NNP should MD be VB able JJ to TO develop VB a DT way NN to TO act VB as IN brokers NNS for IN the DT individual JJ scientists NNS , , says VBZ Katherine NNP Bick NNP , , who WP oversees VBZ the DT huge JJ NIH NNP grants NNS program NN as IN its PRP$ deputy NN director NN for IN extramural JJ research NN . . NIH NNP staff NN members NNS believe VBP the DT guidelines NNS are VBP essential JJ to TO prevent VB the DT escalation NN of IN problems NNS that WDT have VBP already RB begun VBN to TO surface VB in IN scientific JJ ventures NNS . . Not RB long RB ago RB , , scientists NNS holding VBG stock NN in IN Spectra NNP Pharmaceutical NNP Services NNPS Inc. NNP were VBD accused VBN of IN falsifying VBG research NN to TO boost VB the DT stock NN . . Many JJ officials NNS are VBP also RB concerned VBN about IN companies NNS getting VBG a DT `` `` free JJ ride NN '' '' on IN government-sponsored JJ research NN . . A DT congressional JJ subcommitee NN has VBZ been VBN investigating VBG the DT potential JJ abuse NN from IN researchers NNS holding VBG stock NN in IN companies NNS exploiting VBG their PRP$ research NN . . Among IN other JJ provisions NNS , , the DT NIH NNP guidelines NNS would MD prohibit VB researchers NNS and CC members NNS of IN their PRP$ immediate JJ families NNS from IN holding VBG stock NN in IN any DT company NN that WDT is VBZ affected VBN by IN the DT outcome NN of IN their PRP$ research NN . . Ms. NNP Bick NNP , , the DT NIH NNP administrator NN , , says VBZ the DT business NN and CC scientific JJ community NN is VBZ overreacting VBG to TO what WP the DT agency NN merely RB meant VBD to TO be VB `` `` ideas NNS for IN discussion NN . . '' '' The DT predictions NNS of IN doom NN are VBP `` `` premature JJ , , '' '' she PRP says VBZ . . But CC when WRB agencies NNS like IN the DT NIH NNP circulate VBP guidelines NNS , , they PRP 've VBP often RB already RB formulated VBN policy NN , , veteran NN scientists NNS say VBP . . Indeed RB , , institutions NNS already RB are VBP taking VBG note NN . . On IN Sept. NNP 14 CD , , Harvard NNP began VBD circulating VBG a DT conflict-of-interest JJ policy NN statement NN that IN , , in IN effect NN , , would MD follow VB the DT NIH NNP guidelines NNS faithfully RB . . The DT University NNP of IN California NNP at IN San NNP Francisco NNP is VBZ also RB circulating VBG a DT memo NN among IN its PRP$ scientific JJ faculty NN that WDT will MD restrict VB contact NN with IN the DT world NN of IN business NN . . In IN many JJ other JJ institutions NNS , , scientists NNS are VBP shunning VBG contacts NNS with IN venture NN investors NNS until IN the DT NIH NNP policy NN is VBZ settled VBN . . Says VBZ Mr. NNP Daly NNP , , the DT venture NN capitalist NN : : `` `` It PRP does VBZ n't RB matter VB whether IN they PRP call VBP it PRP guidelines NNS or CC policy NN . . The DT damage NN is VBZ already RB done VBN . . Friday NNP , , Oct. NNP 27 CD , , 9 CD p.m.-midnight NN EDT NNP , , on IN PBS NNP ( ( PBS NNP air NN dates NNS and CC times NNS vary VBP , , so RB check VB local JJ listings NNS ) ) : : `` `` Show NNP Boat NNP . . '' '' New NNP Jersey NNP 's POS Paper NNP Mill NNP Playhouse NNP produced VBD this DT faithful JJ revival NN of IN America NNP 's POS most JJS influential JJ musical JJ , , written VBN by IN Jerome NNP Kern NNP and CC Oscar NNP Hammerstein NNP and CC first RB produced VBN on IN Broadway NNP in IN 1927 CD . . Worth JJ watching VBG , , although IN the DT music NN has VBZ lasted VBN better RB than IN the DT plot NN or CC the DT humor NN . . Saturday NNP , , Oct. NNP 28 CD , , 8-10 CD p.m. NN EDT NNP , , on IN HBO NNP ( ( repeated VBN Oct. NNP 31 CD , , Nov. NNP 5 CD , , 8 CD , , 14 CD , , 16 CD and CC 20 CD ) ) : : `` `` Perfect NNP Witness NNP . . '' '' Aidan NNP Quinn NNP , , Brian NNP Dennehy NNP and CC Stockard NNP Channing NNP are VBP excellent JJ in IN this DT gripping VBG tale NN of IN a DT reluctant JJ witness NN in IN an DT organized VBN crime NN prosecution NN . . It PRP 's VBZ set VBN in IN New NNP York NNP , , but CC it PRP resonates VBZ with IN the DT terrible JJ dynamics NNS of IN the DT Latin JJ American JJ drug NN wars NNS . . Sunday NNP , , Oct. NNP 29 CD , , 8-11 CD p.m. NN EST NNP , , on IN ABC NNP : : `` `` The NNP Final NNP Days NNPS . . '' '' No DT doubt NN there EX is VBZ something NN to TO irk VB everyone NN in IN this DT AT&T-sponsored JJ dramatization NN of IN Bob NNP Woodward NNP and CC Carl NNP Bernstein NNP 's POS book NN about IN Watergate NNP . . Personally RB , , I PRP 'm VBP irked VBN by IN its PRP$ combination NN of IN ponderousness NN and CC timidity NN , , which WDT adds VBZ up RP to TO an DT utter JJ lack NN of IN drama NN . . Sunday NNP , , Oct. NNP 29 CD , , 10-11 CD p.m. NN EST NNP , , on IN Showtime NNP ( ( repeated VBN Nov. NNP 2 CD , , 6 CD , , 11 CD and CC 15 CD ) ) : : `` `` The NNP Strange NNP Case NNP of IN Dr. NNP Jekyll NNP and CC Mr. NNP Hyde NNP . . '' '' Fans NNS of IN Anthony NNP Andrews NNP ( ( `` `` Brideshead NNP Revisited NNP '' '' ) ) will MD relish VB watching VBG him PRP play VB the DT title NN role NN ( ( s PRP ) ) in IN the DT 19th-century NN Robert NNP Louis NNP Stevenson NNP pre-Freudian JJ drama NN of IN schizoid JJ horror NN . . Monday NNP , , Oct. NNP 30 CD , , 10-11 CD p.m. NN EST NNP , , on IN PBS NNP : : `` `` Journey NNP Into NNP Sleep NNP . . '' '' I PRP promise VBP you PRP will MD stay VB awake RB through IN this DT intriguing JJ documentary NN about IN the DT science NN of IN sleep NN . . Wednesday NNP , , Nov. NNP 1 CD , , 9-10:30 CD p.m. NN EST NNP , , on IN PBS NNP : : `` `` Thomas NNP Hart NNP Benton NNP . . '' '' Critical JJ opinion NN is VBZ divided VBN about IN the DT success NN of IN Benton NNP 's POS populist JJ defiance NN of IN modernist JJ art NN . . But CC no DT one NN could MD disagree VB that IN Ken NNP Burns NNP has VBZ made VBN a DT fascinating JJ film NN about IN this DT famous JJ American JJ painter NN . . Thursday NNP , , Nov. NNP 2 CD , , 9-10 CD p.m. NN EST NNP , , on IN A&E NNP ( ( repeated VBN at IN 1 CD a.m. NN and CC on IN Nov. NNP 5 CD ) ) : : `` `` Third NNP and CC Oak NNP : : The NNP Pool NNP Hall NNP . . '' '' A DT one-acter JJ by IN the DT Pulitzer NNP Prize-winning JJ playwright NN Marsha NNP Norman NNP is VBZ the DT first JJ presentation NN in IN a DT new JJ series NN called VBN `` `` American NNP Playwrights NNP Theater NNP , , '' '' sponsored VBN by IN General NNP Motors NNPS . . James NNP Earl NNP Jones NNP and CC Mario NNP Van NNP Peebles NNP carry VBP out RP a DT bitter JJ intergenerational JJ dialogue NN between IN two CD black JJ men NNS . . Thursdays NNPS , , Nov. NNP 2-23 CD , , 10-11 CD p.m. NN EST NNP , , on IN PBS NNP : : `` `` Taiwan NNP : : The NNP Other NNP China NNP . . '' '' Judy NNP Woodruff NNP hosts VBZ this DT handsome JJ four-part JJ series NN about IN the DT history NN , , economy NN , , culture NN and CC politics NNS of IN the DT island NN home NN of IN Chinese JJ democracy NN and CC capitalism NN . . Friday NNP , , Nov. NNP 3 CD , , 9-11 CD p.m. NN EST NNP , , on IN PBS NNP : : `` `` Our NNP Town NNP . . '' '' Along IN with IN `` `` Show NNP Boat NNP , , '' '' `` `` Great NNP Performances NNPS '' '' kicks VBZ off RP its PRP$ new JJ season NN with IN this DT Lincoln NNP Center NNP production NN of IN Thornton NNP Wilder NNP 's POS best JJS known VBN play NN , , in IN which WDT the DT role NN of IN the DT small-town JJ Stage NNP Manager NNP is VBZ given VBN a DT hip NN twist NN by IN performance NN artist NN Spalding NNP Gray NNP . . Saturday NNP , , Nov. NNP 4 CD , , 1:30-6 CD p.m. NN EST NNP , , on IN NBC NNP : : Breeder NNP 's POS Cup NNP Day NNP . . Polished JJ hooves NNS , , fancy JJ turf NN , , fat JJ purses NNS -- : the DT horse NN race NN of IN the DT year NN . . Sunday NNP , , Nov. NNP 5 CD , , 10:30 CD a.m.-1:30 CD p.m. NN EST NNP , , on IN ABC NNP : : New NNP York NNP City NNP Marathon NNP . . Shiny NNP Nikes NNPS , , cracked VBN cement NN , , media NNS glory NN -- : the DT foot NN race NN of IN the DT year NN . . Sunday NNP , , Nov. NNP 5 CD , , 8-9 CD p.m. NN EST NNP , , on IN TNT NNP : : `` `` Gary NNP Cooper NNP : : American NNP Life NNP , , American NNP Legend NNP . . '' '' I PRP 've VBP seen VBN a DT great JJ many JJ moviestar NN film NN portraits NNS , , and CC this DT one CD is VBZ outstanding JJ . . Sundays NNPS , , Nov. NNP 5-12 CD , , 9-10:30 CD p.m. NN EST NNP , , on IN PBS NNP : : `` `` Glory NNP Enough NNP for IN All NNP . . '' '' Can MD `` `` Masterpiece NNP Theatre NNP '' '' make VB a DT compelling JJ human JJ story NN out IN of IN the DT discovery NN of IN insulin NN ? . This DT earthy JJ , , amusing JJ film NN answers NNS with IN a DT resounding JJ `` `` yes RB . . '' '' Sunday NNP and CC Monday NNP , , Nov. NNP 5 CD and CC 6 CD , , 9-11 CD p.m. NN EST NNP , , on IN NBC NNP : : `` `` Cross NNP of IN Fire NNP . . '' '' The DT Ku NNP Klux NNP Klan NNP was VBD revived VBN in IN the DT 1920s CD as IN a DT national JJ organization NN aimed VBN at IN Catholics NNPS and CC Jews NNPS as RB well RB as IN blacks NNS . . One CD reason NN for IN its PRP$ downfall NN was VBD the DT murder NN trial NN of IN D.C. NNP Stephenson NNP , , an DT Indiana NNP leader NN whose WP$ reckless JJ career NN is VBZ depicted VBN in IN this DT film NN starring VBG Mel NNP Harris NNP ( ( `` `` thirtysomething NNP '' '' ) ) and CC John NNP Heard NNP . . Tuesday NNP , , Nov. NNP 7 CD , , 8-9 CD p.m. NN EST NNP , , on IN PBS NNP : : `` `` Hurricane NNP ! . '' '' Has VBZ the DT San NNP Francisco NNP earthquake NN caused VBN you PRP to TO forget VB Hugo NNP ? . You PRP 'll MD remember VB when WRB you PRP see VBP the DT stunning JJ footage NN taken VBN from IN inside IN a DT hurricane NN 's POS eye NN , , in IN this DT edition NN of IN `` `` NOVA NNP . . Merksamer NNP Jewelers NNPS Inc. NNP , , a DT fast-growing JJ jewelry NN store NN chain NN , , filed VBN for IN Chapter NN 11 CD bankruptcy-law NN protection NN from IN creditors NNS , , apparently RB to TO speed VB a DT management NN buy-out JJ of IN the DT chain NN . . The DT filing NN , , made VBN yesterday NN in IN U.S. NNP Bankruptcy NNP Court NNP here RB , , follows VBZ an DT agreement NN by IN L.J. NNP Hooker NNP Corp. NNP , , Merksamer NNP 's POS owner NN , , to TO sell VB the DT chain NN to TO management NN for IN an DT undisclosed JJ price NN . . GE NNP Capital NNP Corp. NNP , , a DT financial JJ services NNS subsidiary JJ of IN General NNP Electric NNP Co. NNP , , is VBZ providing VBG Merksamer NNP management NN with IN $ $ 15 CD million CD in IN financing NN . . L.J. NNP Hooker NNP , , based VBN in IN Atlanta NNP , , filed VBN for IN Chapter NN 11 CD protection NN in IN August NNP and CC has VBZ also RB announced VBN its PRP$ intention NN to TO sell VB its PRP$ B. NNP Altman NNP & CC Co. NNP department NN store NN chain NN . . L.J. NNP Hooker NNP is VBZ owned VBN by IN Hooker NNP Corp. NNP , , Sydney NNP , , Australia NNP , , which WDT itself PRP is VBZ currently RB being VBG managed VBN by IN a DT court-appointed JJ provisional JJ liquidator NN . . L.J. NNP Hooker NNP 's POS planned VBN sale NN of IN Merksamer NNP is VBZ subject JJ to TO approval NN by IN Judge NNP Tina NNP Brozman NNP of IN U.S. NNP Bankruptcy NNP Court NNP . . Rumors NNS to TO the DT effect NN that IN the DT Merksamer NNP chain NN would MD file VB for IN Chapter NN 11 CD arose VBD last JJ week NN in IN the DT jewelry NN industry NN . . At IN that DT time NN , , Sam NNP Merksamer NNP , , president NN of IN the DT chain NN , , angrily RB denied VBD that IN his PRP$ company NN was VBD about IN to TO file VB . . Mr. NNP Merksamer NNP is VBZ leading VBG the DT buy-out JJ . . According VBG to TO executives NNS close RB to TO the DT situation NN , , Merksamer NNP filed VBD for IN Chapter NN 11 CD to TO speed VB the DT sale NN of IN the DT chain NN . . One CD executive NN said VBD an DT accord NN signed VBN by IN the DT unsecured JJ creditors NNS of IN L.J. NNP Hooker NNP Corp. NNP had VBD frozen VBN in IN place NN all DT of IN L.J. NNP Hooker NNP 's POS assets NNS . . The DT Merksamer NNP bankruptcy-law NN filing NN appears VBZ to TO supersede VB that DT agreement NN . . `` `` By IN filing VBG for IN Chapter NN 11 CD , , the DT Merksamer NNP chain NN will MD only RB need VB approval NN from IN a DT bankruptcy NN judge NN for IN the DT sale NN , , not RB the DT hundreds NNS of IN unsecured JJ creditors NNS , , '' '' said VBD this DT executive NN . . `` `` The DT cash NN from IN the DT sale NN will MD go VB to TO L.J. NNP Hooker NNP , , but CC the DT company NN itself PRP will MD belong VB to TO Sam NNP Merksamer NNP . . '' '' Mr. NNP Merksamer NNP and CC Sanford NNP Sigoloff NNP , , chief NN executive NN of IN L.J. NNP Hooker NNP , , were VBD unavailable JJ for IN comment NN . . In IN a DT statement NN , , Mr. NNP Merksamer NNP described VBD the DT filing NN as IN a DT `` `` legal JJ technicality NN , , '' '' but CC also RB said VBD that IN `` `` our PRP$ inability NN to TO obtain VB trade NN credit NN , , combined VBN with IN a DT need NN to TO ensure VB that IN our PRP$ stores NNS were VBD properly RB stocked VBN for IN the DT Christmas NNP season NN , , necessitated VBD our PRP$ filing VBG Chapter NN 11 CD . . '' '' The DT jewelry NN chain NN , , which WDT is VBZ based VBN in IN Sacramento NNP , , Calif. NNP , , had VBD revenue NN of IN $ $ 62 CD million CD and CC operating VBG profit NN of IN $ $ 2.5 CD million CD for IN the DT year NN ended VBD June NNP 30 CD . . For IN all DT of IN this DT year NN 's POS explosive JJ run-up NN in IN stock NN prices NNS , , Renaissance NNP Investment NNP Management NNP Inc. NNP 's POS computer NN sat VBD on IN the DT sidelines NNS . . Now RB it PRP 's VBZ on IN the DT fence NN . . Renaissance NNP , , a DT Cincinnati-based JJ money NN manager NN , , began VBD buying VBG stocks NNS again RB this DT week NN with IN half DT of IN the DT $ $ 1.8 CD billion CD that IN it PRP oversees VBZ for IN clients NNS , , according VBG to TO people NNS familiar JJ with IN the DT firm NN 's POS revised VBN strategy NN . . It PRP was VBD the DT first JJ time NN since IN January NNP that IN Renaissance NNP has VBZ thought VBN stocks NNS are VBP worth JJ owning NN . . Renaissance NNP declined VBD to TO confirm VB the DT move NN , , but CC its PRP$ stock NN purchases NNS were VBD thought VBN to TO have VB begun VBN Tuesday NNP , , timed VBD to TO coincide VB with IN the DT maturity NN this DT week NN of IN Treasury NNP bills NNS owned VBN by IN the DT firm NN . . The DT other JJ half NN of IN its PRP$ portfolio NN is VBZ expected VBN to TO remain VB invested VBN in IN Treasury NNP bills NNS for IN the DT time NN being VBG . . Wall NNP Street NNP executives NNS said VBD they PRP believed VBD that DT Renaissance NNP 's POS $ $ 900 CD million CD buy NN program NN was VBD carried VBN out RP by IN PaineWebber NNP Inc NNP . . As IN reported VBN , , PaineWebber NNP bought VBD shares NNS Tuesday NNP as IN part NN of IN a DT customer NN strategy NN shift NN , , although IN the DT broker NN 's POS client NN was VBD said VBD then RB to TO have VB been VBN Japanese NNP . . Yesterday NN , , PaineWebber NNP declined VBD comment NN . . When WRB it PRP owns VBZ stocks NNS , , Renaissance NNP 's POS portfolio NN typically RB is VBZ composed VBN of IN about IN 60 CD large-capitalization NN issues NNS ; : to TO make VB buy NN or CC sell NN moves NNS , , the DT firm NN solicits VBZ Wall NNP Street NNP brokerage NN houses NNS a DT day NN or CC so RB in IN advance NN , , looking VBG for IN the DT best JJS package NN price NN to TO carry VB out RP the DT trades NNS . . The DT broker NN winning VBG the DT business NN does VBZ n't RB charge VB commissions NNS , , but CC instead RB profits VBZ by IN buying VBG or CC selling VBG for IN less JJR than IN the DT overall JJ package NN price NN . . That DT puts VBZ the DT broker NN at IN risk NN if IN it PRP 's VBZ trying VBG to TO buy VB stock NN in IN a DT rising VBG market NN . . In IN Tuesday NNP 's POS gyrating VBG session NN , , the DT Dow NNP Jones NNP Industrial NNP Average NNP fell VBD by IN 80 CD points NNS early RB in IN the DT day NN , , but CC finished VBD with IN less RBR than IN a DT four-point JJ loss NN . . Renaissance NNP 's POS last JJ portfolio NN shift NN , , carried VBD out RP by IN Goldman NNP , , Sachs NNP & CC Co. NNP , , was VBD a DT highly RB publicized VBN decision NN last JJ January NNP to TO sell VB its PRP$ entire JJ stock NN portfolio NN and CC buy VB Treasury NNP bills NNS . . The DT sell NN signal NN , , which WDT sent VBD a DT bearish JJ chill NN through IN the DT stock NN market NN , , came VBD when WRB Renaissance NNP 's POS computer NN found VBD that IN stocks NNS were VBD overpriced VBN compared VBN with IN bonds NNS and CC Treasury NNP bills NNS . . At IN the DT time NN , , the DT Dow NNP Jones NNP Industrial NNP Average NNP stood VBD at IN about IN 2200 CD . . The DT Dow NNP average NN now RB stands VBZ more RBR than IN 20 CD % NN higher JJR , , while IN Renaissance NNP 's POS portfolio NN of IN Treasurys NNPS produced VBD a DT return NN of IN about IN 6 CD % NN through IN the DT first JJ three CD quarters NNS of IN the DT year NN . . The DT computer NN 's POS miscalculation NN has VBZ been VBN painful JJ for IN Renaissance NNP . . Almost RB any DT money NN manager NN holding VBG stocks NNS has VBZ turned VBN in RP better JJR results NNS , , while IN Renaissance NNP has VBZ played VBN it PRP safe JJ with IN Treasury NNP bills NNS . . So RB why WRB does VBZ Renaissance NNP 's POS computer NN like IN stocks NNS with IN the DT Dow NNP at IN 2653.28 CD , , where WRB it PRP closed VBD yesterday NN , , when WRB it PRP did VBD n't RB with IN the DT Dow NNP at IN 2200 CD ? . `` `` With IN the DT decline NN in IN stock NN prices NNS and CC continued VBD low JJ or CC stable JJ interest NN rates NNS , , stocks NNS are VBP representing VBG a DT better JJR value NN all PDT the DT time NN , , '' '' Renaissance NNP President NNP Frank NNP W. NNP Terrizzi NNP said VBD yesterday NN . . Three-month JJ T-bill NNP yields NNS have VBP fallen VBN to TO 7.8 CD % NN from IN about IN 9 CD % NN at IN the DT start NN of IN the DT year NN . . Stock NN prices NNS , , meanwhile RB , , are VBP about IN 140 CD points NNS lower JJR than IN the DT peak NN of IN 2791.41 CD reached VBD on IN the DT Dow NNP industrial JJ average NN Oct. NNP 9 CD . . Are VBP those DT declines NNS enough RB to TO signal VB a DT partial JJ return NN to TO stocks NNS ? . Mr. NNP Terrizzi NNP wo MD n't RB say VB specifically RB , , explaining VBG that IN if IN there EX was VBD such JJ a DT move NN , , it PRP would MD take VB about IN three CD days NNS to TO complete VB the DT loose JJ ends NNS of IN the DT transaction NN . . During IN that DT time NN , , a DT buyer NN with IN the DT clout NN of IN a DT Renaissance NNP could MD end VB up RP driving VBG up RP the DT price NN of IN stocks NNS it PRP was VBD trying VBG to TO buy VB if IN it PRP tipped VBD its PRP$ hand NN . . But CC everything NN is VBZ relative JJ to TO Mr. NNP Terrizzi NNP , , so IN stocks NNS in IN his PRP$ view NN can MD become VB more RBR attractive JJ in IN comparison NN with IN bonds NNS or CC T-bills NNS , , even RB if IN shares NNS are VBP more RBR expensive JJ than IN when WRB they PRP were VBD sold VBN in IN January NNP . . `` `` Our PRP$ { ( computer NN } ) model NN has VBZ a DT certain JJ trigger NN point NN , , '' '' he PRP said VBD . . When WRB the DT computer NN says VBZ switch VB , , Renaissance NNP switches VBZ . . The DT firm NN has VBZ made VBN 17 CD previous JJ shifts NNS from IN one CD type NN of IN asset NN to TO another DT in IN its PRP$ 10-year JJ history NN . . Almost RB all DT have VBP involved VBN at IN least JJS half NN and CC often RB the DT firm NN 's POS entire JJ portfolio NN , , as IN the DT computer NN searches VBZ for IN the DT most RBS undervalued VBN investment NN category NN , , following VBG a DT money-management JJ style NN called VBN tactical JJ asset NN allocation NN . . Competing VBG asset-allocation JJ firms NNS march VBP to TO their PRP$ own JJ computer NN models NNS , , so IN some DT have VBP been VBN partly RB or CC fully RB invested VBN in IN stocks NNS this DT year NN while IN Renaissance NNP has VBZ sat VBN on IN the DT sidelines NNS . . As IN a DT result NN , , competitors NNS say VBP Renaissance NNP has VBZ been VBN looking VBG for IN any DT opportunity NN to TO return VB to TO the DT stock NN market NN , , rather RB than IN risk NN losing VBG business NN by IN continuing VBG to TO remain VB fully RB invested VBN in IN Treasury NNP bills NNS . . Mr. NNP Terrizzi NNP confirms VBZ some DT clients NNS have VBP left VBN Renaissance NNP , , but CC no DT major JJ ones NNS , , and CC the DT firm NN has VBZ added VBN new JJ accounts NNS . . David NNP Evans NNP , , who WP last JJ week NN resigned VBD as IN president NN and CC chief NN executive NN of IN Qintex NNP Entertainment NNP Inc. NNP `` `` for IN personal JJ reasons NNS '' '' just RB as IN the DT company NN filed VBN for IN bankruptcy-law NN protection NN , , has VBZ been VBN temporarily RB reappointed VBN to TO both DT positions NNS , , the DT company NN said VBD . . Qintex NNP Entertainment NNP also RB said VBD Chief NNP Financial NNP Officer NNP and CC Treasurer NNP Jonathan NNP Lloyd NNP , , 37 CD years NNS old JJ , , would MD join VB the DT nine-member JJ board NN . . He PRP succeeds VBZ Roger NNP Kimmel NNP , , who WP resigned VBD last JJ week NN saying VBG his PRP$ participation NN in IN evaluating VBG the DT company NN 's POS role NN in IN buying VBG MGM\/UA NNP Communications NNPS Co. NNP was VBD no DT longer RB necessary JJ . . Mr. NNP Evans NNP will MD stay VB until IN a DT successor NN is VBZ found VBN , , but CC not RB later RB than IN the DT end NN of IN the DT year NN , , the DT company NN said VBD . . It PRP was VBD the DT 49-year-old JJ Mr. NNP Evans NNP who WP had VBD moved VBN into IN the DT offices NNS of IN MGM\/UA NNP and CC run VBN the DT company NN during IN Qintex NNP Australia NNP Ltd. NNP 's POS aborted JJ bid NN for IN the DT movie NN company NN . . After IN MGM\/UA NNP terminated VBD the DT $ $ 1.5 CD billion CD merger NN because IN of IN a DT dispute NN over IN a DT $ $ 50 CD million CD letter NN of IN credit NN , , Qintex NNP Entertainment NNP -- : which WDT is VBZ 43%-owned JJ by IN Qintex NNP Australia NNP -- : found VBD itself PRP facing VBG problems NNS of IN its PRP$ own JJ . . And CC the DT relationship NN between IN Qintex NNP Entertainment NNP and CC the DT Australian JJ company NN appears VBZ to TO be VB quickly RB deteriorating VBG . . On IN Oct. NNP 19 CD , , Qintex NNP Entertainment NNP was VBD about IN to TO default VB on IN a DT $ $ 5.9 CD million CD payment NN owed VBN to TO MCA NNP Inc. NNP in IN connection NN with IN the DT distribution NN of IN a DT television NN program NN . . Qintex NNP Entertainment NNP was VBD depending VBG on IN Qintex NNP Australia NNP to TO arrange VB financing NN . . But CC early RB on IN Oct. NNP 19 CD , , the DT second JJ of IN two CD hectic JJ days NNS of IN board NN meetings NNS , , Mr. NNP Evans NNP said VBD he PRP believed VBD Qintex NNP Australia NNP would MD n't RB be VB forthcoming JJ . . He PRP recommended VBD that IN the DT company NN file NN for IN protection NN under IN Chapter NN 11 CD of IN the DT U.S. NNP Bankruptcy NNP Code NNP before IN the DT MCA NNP deadline NN , , according VBG to TO a DT source NN familiar JJ with IN the DT sessions NNS . . But CC a DT majority NN of IN the DT board NN , , which WDT includes VBZ three CD members NNS from IN the DT Australian JJ company NN , , overrode VBD him PRP . . Mr. NNP Evans NNP resigned VBD . . Later RB in IN the DT day NN , , according VBG to TO the DT source NN , , the DT board NN reversed VBD itself PRP , , decided VBD to TO file VB for IN bankruptcy NN protection NN , , and CC asked VBD Mr. NNP Evans NNP to TO stay VB on IN . . Mr. NNP Evans NNP told VBD the DT board NN he PRP needed VBD the DT weekend NN to TO think VB about IN it PRP . . Mr. NNP Evans NNP could MD n't RB be VB reached VBN yesterday NN for IN comment NN . . Last JJ Monday NNP , , Qintex NNP Australia NNP announced VBD a DT restructuring VBG plan NN and CC said VBD it PRP would MD sell VB off RP assets NNS . . Last JJ week NN the DT company NN indicated VBD it PRP would MD cut VB back RB on IN the DT working VBG capital NN it PRP would MD supply VB to TO Qintex NNP Entertainment NNP . . Separately RB , , a DT Qintex NNP Entertainment NNP shareholder NN filed VBD suit NN in IN federal JJ court NN in IN Los NNP Angeles NNP charging VBG Qintex NNP Australia NNP with IN misleading VBG shareholders NNS about IN Qintex NNP Entertainment NNP 's POS financial JJ position NN . . Qintex NNP Australia NNP said VBD it PRP had VBD n't RB seen VBN the DT suit NN and CC could MD n't RB comment VB . . The DT Sept. NNP 25 CD `` `` Tracking NNP Travel NNP '' '' column NN advises VBZ readers NNS to TO `` `` Charge VB With IN Caution NN When WRB Traveling VBG Abroad RB '' '' because IN credit-card NN companies NNS charge VBP 1 CD % NN to TO convert VB foreign-currency NN expenditures NNS into IN dollars NNS . . In IN fact NN , , this DT is VBZ the DT best JJS bargain NN available JJ to TO someone NN traveling VBG abroad RB . . In IN contrast NN to TO the DT 1 CD % NN conversion NN fee NN charged VBN by IN Visa NNP , , foreign-currency NN dealers NNS routinely RB charge VBP 7 CD % NN or CC more JJR to TO convert VB U.S. NNP dollars NNS into IN foreign JJ currency NN . . On IN top NN of IN this DT , , the DT traveler NN who WP converts VBZ his PRP$ dollars NNS into IN foreign JJ currency NN before IN the DT trip NN starts VBP will MD lose VB interest NN from IN the DT day NN of IN conversion NN . . At IN the DT end NN of IN the DT trip NN , , any DT unspent JJ foreign JJ exchange NN will MD have VB to TO be VB converted VBN back RB into IN dollars NNS , , with IN another DT commission NN due RB . . The DT card NN holder NN will MD pay VB the DT modest JJ 1 CD % NN fee NN only RB on IN the DT amounts NNS actually RB needed VBN . . Typically RB , , he PRP will MD be VB billed VBN only RB several JJ weeks NNS after IN the DT expenditure NN , , and CC then RB has VBZ another DT couple NN of IN weeks NNS before IN he PRP has VBZ to TO pay VB the DT bill NN . . In IN the DT meantime NN , , the DT money NN can MD continue VB to TO earn VB interest NN for IN the DT card NN holder NN -- : often RB more RBR than IN 1 CD % NN during IN that DT `` `` float NN '' '' period NN alone RB . . Daniel NNP Brigham NNP Visa NNP U.S.A. NNP Inc NNP . . MGM NNP Grand NNP Inc. NNP has VBZ agreed VBN to TO pay VB $ $ 93 CD million CD and CC nearly RB 1.8 CD million CD common JJ shares NNS to TO buy VB 117 CD acres NNS of IN land NN along IN the DT Las NNP Vegas NNP , , Nev. NNP , , Strip NNP as IN a DT site NN for IN its PRP$ planned VBN movie-studio NN and CC theme-park NN resort NN . . Of IN the DT total JJ purchase NN price NN , , $ $ 50 CD million CD cash NN and CC $ $ 30 CD million CD in IN stock NN ( ( nearly RB 1.8 CD million CD shares NNS ) ) would MD be VB paid VBN to TO buy VB the DT existing VBG 700-room JJ Marina NNP Hotel NNP & CC Casino NNP from IN Southwest NNP Securities NNPS , , a DT Nevada NNP limited VBD partnership NN . . The DT remaining VBG properties NNS to TO be VB acquired VBN are VBP the DT Tropicana NNP Country NNP Club NNP & CC Golf NNP Course NNP , , a DT facility NN jointly RB owned VBN by IN Ramada NNP Inc. NNP , , of IN Phoenix NNP , , Ariz. NNP , , and CC the DT Jaffe NNP family NN , , and CC a DT small JJ parcel NN owned VBN by IN MGM NNP Grand NNP director NN James NNP D. NNP Aljian NNP . . The DT purchase NN price NN was VBD disclosed VBN in IN a DT preliminary JJ prospectus NN issued VBN in IN connection NN with IN MGM NNP Grand NNP 's POS planned VBN offering NN of IN six CD million CD common JJ shares NNS . . The DT luxury NN airline NN and CC casino NN company NN , , 98.6%-owned JJ by IN investor NN Kirk NNP Kerkorian NNP and CC his PRP$ Tracinda NNP Corp. NNP , , earlier RBR this DT month NN announced VBD its PRP$ agreements NNS to TO acquire VB the DT properties NNS , , but CC did VBD n't RB disclose VB the DT purchase NN price NN . . The DT proposed VBN stock NN offering VBG and CC issuance NN of IN nearly RB 1.8 CD million CD common JJ shares NNS in IN connection NN with IN the DT land NN purchase NN will MD bring VB MGM NNP Grand NNP 's POS total JJ shares NNS outstanding JJ to TO 28.7 CD million CD , , of IN which WDT 72 CD % NN will MD be VB owned VBN by IN Mr. NNP Kerkorian NNP and CC Tracinda NNP , , according VBG to TO the DT prospectus NN . . In IN over-the-counter JJ trading NN , , MGM NNP Grand NNP was VBD bid VBN at IN $ $ 17.50 CD a DT share NN . . Proceeds NNS from IN the DT offering NN are VBP expected VBN to TO be VB used VBN for IN remodeling VBG the DT company NN 's POS Desert NNP Inn NNP resort NN in IN Las NNP Vegas NNP , , refurbishing VBG certain JJ aircraft NN of IN the DT MGM NNP Grand NNP Air NNP unit NN , , and CC to TO acquire VB the DT property NN for IN the DT new JJ resort NN . . The DT company NN said VBD it PRP estimates VBZ the DT Desert NNP Inn NNP remodeling NN will MD cost VB about IN $ $ 32 CD million CD , , and CC the DT refurbishment NN of IN the DT three CD DC-8-62 NN aircraft NN , , made VBN by IN McDonnell NNP Douglas NNP Corp. NNP , , will MD cost VB around IN $ $ 24.5 CD million CD . . MGM NNP Grand NNP said VBD the DT latest JJS stock NN offering NN wo MD n't RB cover VB the DT $ $ 600 CD million CD or CC more JJR cost NN of IN building VBG the DT proposed VBN resort NN and CC theme NN park NN , , and CC added VBD it PRP will MD need VB to TO seek VB additional JJ financing NN , , either CC through IN bank NN borrowings NNS or CC debt NN and CC equity NN offerings NNS , , at IN a DT later JJ date NN . . Construction NN is VBZ set VBN to TO begin VB in IN early JJ 1991 CD . . The DT resort NN will MD include VB the DT MGM NNP Grand NNP Hotel NNP , , a DT multi-spired JJ , , castle-like JJ facility NN that WDT will MD include VB 5,000 CD rooms NNS and CC 85,000 CD square JJ feet NNS of IN casino NN space NN . . The DT facility NN will MD be VB marketed VBN toward IN families NNS , , and CC room NN rates NNS will MD be VB between IN $ $ 35 CD and CC $ $ 55 CD a DT night NN , , MGM NNP Grand NNP said VBD . . The DT prospectus NN did VBD n't RB include VB many JJ details NNS about IN the DT studio NN and CC theme NN park NN , , although IN conceptual JJ drawings NNS , , released VBN this DT month NN , , show VBP that IN it PRP may MD feature VB several JJ `` `` themed VBN '' '' areas NNS similar JJ to TO those DT found VBN at IN parks NNS built VBN by IN Walt NNP Disney NNP Co NNP . . Investors NNS poured VBD $ $ 2.8 CD billion CD more RBR into IN money-market JJ mutual JJ funds NNS in IN the DT latest JJS week NN despite IN further JJ declines NNS in IN yields NNS . . Assets NNS of IN the DT 400 CD taxable JJ funds NNS tracked VBN by IN IBC\/Donoghue NNP 's POS Money NNP Fund NNP Report NNP jumped VBD to TO $ $ 351.2 CD billion CD in IN the DT week NN ended VBD Tuesday NNP , , the DT Holliston NNP , , Mass.-based JJ newsletter NN said VBD . . Assets NNS soared VBD $ $ 4.5 CD billion CD in IN the DT previous JJ week NN . . Meanwhile RB , , the DT average JJ yield NN on IN taxable JJ funds NNS dropped VBD nearly RB a DT tenth NN of IN a DT percentage NN point NN , , the DT largest JJS drop NN since IN midsummer NN . . The DT average JJ seven-day JJ compound NN yield NN , , which WDT assumes VBZ that IN dividends NNS are VBP reinvested VBN and CC that IN current JJ rates NNS continue VBP for IN a DT year NN , , fell VBD to TO 8.47 CD % NN , , its PRP$ lowest JJS since IN late JJ last JJ year NN , , from IN 8.55 CD % NN the DT week NN before IN , , according VBG to TO Donoghue NNP 's POS . . `` `` Lower JJR yields NNS are VBP just RB reflecting VBG lower JJR short-term JJ interest NN rates NNS , , '' '' said VBD Brenda NNP Malizia NNP Negus NNP , , editor NN of IN Money NNP Fund NNP Report NNP . . Money NNP funds NNS invest VBP in IN such JJ things NNS as IN short-term JJ Treasury NNP securities NNS , , commercial JJ paper NN and CC certificates NNS of IN deposit NN , , all DT of IN which WDT have VBP been VBN posting VBG lower JJR interest NN rates NNS since IN last JJ spring NN . . Individual JJ investors NNS can MD still RB get VB better JJR yields NNS on IN money NN funds NNS than IN on IN many JJ other JJ short-term JJ instruments NNS . . The DT yield NN on IN six-month JJ Treasury NNP bills NNS sold VBN at IN Monday NNP 's POS auction NN , , for IN example NN , , was VBD just RB 7.77 CD % NN . . The DT average JJ yield NN on IN six-month JJ CDs NNS of IN $ $ 50,000 CD or CC less JJR at IN major JJ banks NNS was VBD 7.96 CD % NN in IN the DT week NN ended VBD Tuesday NNP , , according VBG to TO Banxquote NNP Money NNP Markets NNPS , , a DT New NNP York NNP information NN service NN . . One CD way NN that IN money NN fund NN managers NNS boost VBP yields NNS in IN a DT declining VBG rate NN environment NN is VBZ by IN extending VBG the DT maturities NNS of IN their PRP$ investments NNS , , so IN they PRP can MD earn VB the DT current JJ higher JJR rates NNS for IN a DT longer JJR period NN . . The DT average JJ maturity NN of IN the DT taxable JJ funds NNS that DT Donoghue NNP 's POS follows VBZ increased VBN by IN two CD days NNS in IN the DT latest JJS week NN to TO 40 CD days NNS , , its PRP$ longest JJS since IN August NNP . . `` `` They PRP 're VBP anticipating VBG further JJ declines NNS in IN rates NNS and CC they PRP 're VBP going VBG to TO get VB them PRP , , slowly RB , , '' '' said VBD Walter NNP Frank NNP , , chief NN economist NN for IN the DT Donoghue NNP Organization NNP , , publisher NN of IN Money NNP Fund NNP Report NNP . . Average JJ maturity NN was VBD as RB short JJ as IN 29 CD days NNS at IN the DT start NN of IN this DT year NN , , when WRB short-term JJ interest NN rates NNS were VBD moving VBG steadily RB upward RB . . The DT average JJ seven-day JJ compound NN yield NN of IN the DT funds NNS reached VBD 9.62 CD % NN in IN late JJ April NNP . . The DT highest-yielding JJ funds NNS are VBP still RB above IN 9 CD % NN . . The DT top-performing JJ fund NN in IN the DT latest JJS week NN was VBD Dreyfus NNP Worldwide NNP Dollar NNP , , with IN a DT seven-day JJ compound NN yield NN of IN 9.45 CD % NN . . The DT fund NN invests VBZ heavily RB in IN dollar-denominated JJ money-market JJ securities NNS overseas RB . . It PRP is VBZ currently RB waiving VBG management NN fees NNS , , which WDT contributes VBZ to TO the DT higher JJR yield NN . . The DT average JJ seven-day JJ simple JJ yield NN of IN the DT 400 CD funds NNS fell VBD to TO 8.14 CD % NN from IN 8.21 CD % NN , , Donoghue NNP 's POS reported VBD . . The DT average JJ 30-day JJ simple JJ yield NN slid VBD to TO 8.22 CD % NN from IN 8.26 CD % NN , , and CC the DT average JJ 30-day JJ compound NN yield NN fell VBD to TO 8.56 CD % NN from IN 8.60 CD % NN . . Many JJ small JJ investors NNS are VBP facing VBG a DT double JJ whammy NN this DT year NN : : They PRP got VBD hurt VBN by IN investing VBG in IN the DT highly RB risky JJ junk NN bond NN market NN , , and CC the DT pain NN is VBZ worse JJR because IN they PRP did VBD it PRP with IN borrowed VBN money NN . . These DT people NNS invested VBD in IN `` `` leveraged JJ '' '' junk NN bond NN mutual JJ funds NNS , , the DT publicly RB traded VBN funds NNS that WDT make VBP a DT habit NN of IN taking VBG out RP loans NNS to TO buy VB extra JJ junk NN . . It PRP 's VBZ a DT good JJ strategy NN in IN a DT rising VBG market NN , , where WRB a DT 25 CD % NN leveraged JJ portfolio NN in IN effect NN allows VBZ investors NNS to TO have VB 125 CD % NN of IN their PRP$ money NN working VBG for IN them PRP . . The DT strategy NN boosts VBZ current JJ yield NN by IN putting VBG more JJR bonds NNS into IN the DT portfolio NN . . Trouble NN is VBZ , , junk NN bond NN prices NNS have VBP been VBN weak JJ for IN months NNS . . Thus RB , , the DT leverage NN has VBZ amplified VBN the DT funds NNS ' POS portfolio NN losses NNS . . And CC shares NNS of IN leveraged JJ junk NN funds NNS this DT year NN have VBP been VBN clobbered VBN even RB harder RBR than IN the DT junk NN bonds NNS they PRP hold VBP . . `` `` That DT 's VBZ really RB where WRB the DT leverage NN hurt VBD , , '' '' says VBZ Thomas NNP Herzfeld NNP , , a DT Miami-based JJ investment NN manager NN who WP specializes VBZ in IN closed-end JJ funds NNS . . `` `` Share NN prices NNS performed VBD even RB worse RBR than IN the DT funds NNS ' POS asset NN values NNS because IN fear NN has VBZ taken VBN hold NN '' '' in IN the DT junk NN market NN , , he PRP says VBZ . . Leverage NN is VBZ never RB a DT problem NN for IN the DT traditional JJ `` `` open JJ end NN '' '' mutual JJ funds NNS , , which WDT are VBP n't RB publicly RB traded VBN and CC are VBP n't RB allowed VBN to TO use VB leverage NN at IN all DT . . Leverage NN is VBZ used VBN only RB by IN some DT of IN the DT closed-end JJ funds NNS . . The DT usual JJ maneuver NN is VBZ to TO borrow VB against IN the DT portfolio NN value NN or CC issue VB preferred VBN stock NN , , using VBG the DT proceeds NNS to TO buy VB additional JJ bonds NNS . . The DT fallout NN for IN investors NNS lately RB has VBZ been VBN painful JJ . . Consider VB the DT New NNP America NNP High NNP Income NNP Fund NNP . . With IN a DT leveraged JJ position NN of IN about IN 45 CD % NN , , the DT fund NN 's POS share NN price NN has VBZ plunged VBN 28.5 CD % NN so RB far RB this DT year NN . . That DT 's VBZ worse JJR than IN the DT price NN drop NN sustained VBN by IN the DT bonds NNS in IN its PRP$ portfolio NN , , whose WP$ total JJ return NN ( ( bond-price JJ changes NNS plus CC interest NN ) ) has VBZ amounted VBN to TO a DT negative JJ 6.08 CD % NN . . Such JJ problems NNS may MD not RB be VB over IN . . Leveraged JJ funds NNS in IN particular JJ `` `` are VBP still RB extremely RB vulnerable JJ , , because IN we PRP 're VBP still RB at IN the DT beginning NN of IN problems NNS in IN the DT junk NN market NN , , '' '' says VBZ George NNP Foot NNP , , a DT managing VBG partner NN at IN Newgate NNP Management NNP Associates NNPS in IN Northampton NNP , , Mass NNP . . Many JJ investors NNS are VBP unaware JJ their PRP$ funds NNS have VBP borrowed VBN to TO speculate VB in IN such PDT a DT risky JJ market NN . . `` `` If IN someone NN actually RB sat VBD down IN and CC thought VBD about IN what WP they PRP were VBD being VBG sold VBN , , '' '' says VBZ Gerald NNP Perritt NNP , , editor NN of IN the DT Mutual NNP Fund NNP Letter NNP in IN Chicago NNP , , they PRP might MD shy VB away RB . . In IN a DT typical JJ leverage NN strategy NN , , a DT fund NN tries VBZ to TO capture VB the DT spread NN between IN what WP it PRP costs VBZ to TO borrow VB and CC the DT higher JJR return NN on IN the DT bonds NNS it PRP buys VBZ with IN the DT borrowed VBN money NN . . If IN the DT market NN surges VBZ , , holders NNS can MD make VB that IN much RB more JJR profit NN ; : the DT leverage NN effectively RB acts VBZ as IN an DT interest-free JJ margin NN account NN for IN investors NNS . . But CC when WRB the DT market NN moves VBZ against IN the DT fund NN , , investors NNS lose VBP more JJR than IN other JJ junk NN holders NNS because IN the DT market NN decline NN is VBZ magnified VBN by IN the DT amount NN the DT fund NN is VBZ leveraged JJ . . Fund NN managers NNS , , for IN their PRP$ part NN , , defend VBP their PRP$ use NN of IN leverage NN . . Carl NNP Ericson NNP , , who WP runs VBZ the DT Colonial NNP Intermediate NNP High NNP Income NNP Fund NNP , , says VBZ the DT fund NN 's POS 25 CD % NN leverage NN has VBZ jacked VBN up RP its PRP$ interest NN income NN . . `` `` As RB long RB as IN I PRP am VBP borrowing VBG at IN 9.9 CD % NN and CC each DT { ( bond NN } ) yields VBZ over IN that DT , , it PRP enhances VBZ the DT yield NN , , '' '' he PRP maintains VBZ . . Mr. NNP Ericson NNP says VBZ he PRP tries VBZ to TO offset VB the DT leverage NN by IN diversifying VBG the DT fund NN 's POS portfolio NN . . Yet CC some DT funds NNS have VBP pulled VBN in RP their PRP$ horns NNS . . New NNP America NNP High NNP Income NNP Fund NNP recently RB said VBD that IN it PRP plans VBZ to TO reduce VB its PRP$ leverage NN position NN by IN buying VBG back RB $ $ 5 CD million CD in IN preferred VBN stock NN and CC notes NNS from IN investors NNS . . The DT fund NN made VBD a DT similar JJ move NN earlier RBR this DT year NN . . `` `` We PRP are VBP trying VBG to TO increase VB our PRP$ flexibility NN , , '' '' says VBZ Ellen NNP E. NNP Terry NNP , , a DT vice NN president NN at IN Ostrander NNP Capital NNP Management NNP , , the DT fund NN 's POS investment NN adviser NN . . She PRP declined VBD to TO elaborate VB and CC would MD n't RB disclose VB the DT fund NN 's POS recent JJ purchases NNS , , sales NNS or CC cash NN position NN . . Ms. NNP Terry NNP did VBD say VB the DT fund NN 's POS recent JJ performance NN `` `` illustrates VBZ what WP happens VBZ in IN a DT leveraged JJ product NN '' '' when WRB the DT market NN does VBZ n't RB cooperate VB . . `` `` When WRB the DT market NN turns VBZ around RP , , '' '' she PRP says VBZ , , `` `` it PRP will MD give VB a DT nice JJ picture NN '' '' of IN how WRB leverage NN can MD help VB performance NN . . Several JJ leveraged NN funds NNS do VBP n't RB want VB to TO cut VB the DT amount NN they PRP borrow VBP because IN it PRP would MD slash VB the DT income NN they PRP pay VBP shareholders NNS , , fund NN officials NNS said VBD . . But CC a DT few JJ funds NNS have VBP taken VBN other JJ defensive JJ steps NNS . . Some DT have VBP raised VBN their PRP$ cash NN positions NNS to TO record NN levels NNS . . High JJ cash NN positions NNS help VBP buffer VB a DT fund NN when WRB the DT market NN falls VBZ . . Prospect NNP Street NNP High NNP Income NNP Portfolio NNP , , for IN instance NN , , now RB holds VBZ about IN 15 CD % NN in IN cash NN and CC equivalents NNS , , nearly RB quintuple RB the DT amount NN it PRP held VBD earlier RBR this DT year NN , , says VBZ John NNP Frabotta NNP , , portfolio NN co-manager NN . . He PRP says VBZ the DT fund NN , , which WDT is VBZ 40 CD % NN leveraged NN , , has VBZ maintained VBN a DT `` `` substantial JJ cushion NN '' '' between IN its PRP$ borrowing VBG costs NNS and CC the DT yields NNS of IN the DT portfolio NN 's POS bonds NNS . . `` `` I PRP do VBP n't RB want VB to TO be VB in IN a DT position NN to TO have VB to TO sell VB , , '' '' Mr. NNP Frabotta NNP says VBZ . . Other JJ funds NNS have VBP recently RB sold VBN weak JJ junk NN bonds NNS to TO raise VB cash NN . . At IN the DT 50%-leveraged JJ Zenith NNP Income NNP Fund NNP , , portfolio NN manager NN John NNP Bianchi NNP recently RB dumped VBD Mesa NNP Petroleum NNP , , Wickes NNP and CC Horsehead NNP Industries NNPS , , among IN others NNS , , to TO raise VB his PRP$ cash NN position NN to TO a DT record NN 15 CD % NN . . `` `` That DT 's VBZ a DT problem NN because IN cash NN is VBZ n't RB earning VBG us PRP very RB much JJ money NN , , '' '' Mr. NNP Bianchi NNP says VBZ . . He PRP concedes VBZ : : `` `` This DT is VBZ the DT most RBS difficult JJ market NN that IN I PRP 've VBP been VBN involved VBN in IN . . '' '' Because IN of IN the DT recent JJ junk-market NN turmoil NN , , the DT fund NN is VBZ considering VBG investing VBG in IN other JJ issues NNS instead RB , , including VBG mortgage-backed JJ bonds NNS . . `` `` We PRP 're VBP looking VBG at IN the DT leverage NN factor NN every DT day NN , , '' '' says VBZ Robert NNP Moore NNP , , president NN of IN Bernstein-Macaulay NNP Inc. NNP , , a DT Shearson NNP Lehman NNP Hutton NNP Inc. NNP unit NN and CC the DT fund NN 's POS adviser NN . . `` `` At IN some DT point NN , , if IN we PRP are VBP unable JJ to TO cover VB our PRP$ leveraged JJ cost NN -- : and CC at IN the DT moment NN we PRP 're VBP right JJ on IN it PRP -- : we PRP 're VBP going VBG to TO have VB to TO make VB a DT move NN . . One CD of IN the DT more RBR bizarre JJ garden NN stories NNS since IN Eden NNP has VBZ been VBN unfolding VBG for IN four CD years NNS now RB , , in IN the DT private JJ paper-and-crayon JJ fantasies NNS of IN artist NN Jennifer NNP Bartlett NNP . . And CC if IN she PRP and CC the DT Battery NNP Park NNP City NNP Authority NNP have VBP their PRP$ way NN , , her PRP horticulturally RB inept JJ plan NN will MD soon RB go VB public JJ as IN a DT real JJ garden NN `` `` artwork NN '' '' in IN the DT downtown NN complex NN . . South NNP Gardens NNPS , , as IN the DT Bartlett NNP scheme NN is VBZ called VBN , , will MD occupy VB the DT last JJ 3.5 CD acres NNS of IN open JJ space NN at IN the DT southwest JJS tip NN of IN Manhattan NNP . . It PRP could MD cost VB taxpayers NNS $ $ 15 CD million CD to TO install VB and CC BPC NNP residents NNS $ $ 1 CD million CD a DT year NN to TO maintain VB . . Created VBN by IN an DT artist NN who WP flaunts VBZ her PRP$ ignorance NN of IN plants NNS and CC gardens NNS , , South NNP Gardens NNPS , , as RB now RB planned VBN , , will MD die VB from IN congestive JJ garden NN design NN . . Ms. NNP Bartlett NNP 's POS previous JJ work NN , , which WDT earned VBD her PRP an DT international JJ reputation NN in IN the DT non-horticultural JJ art NN world NN , , often RB took VBD gardens NNS as IN its PRP$ nominal NN subject NN . . Mayhap RB this DT metaphorical JJ connection NN made VBD the DT BPC NNP Fine NNP Arts NNPS Committee NNP think VB she PRP had VBD a DT literal JJ green JJ thumb NN . . ( ( Ms. NNP Bartlett NNP would MD not RB discuss VB her PRP$ garden NN for IN this DT article NN . . ) ) Last JJ year NN she PRP boasted VBD to TO HG NNP magazine NN : : `` `` I PRP 'd VBD never RB looked VBN at IN a DT garden NN in IN my PRP$ life NN . . '' '' And CC she PRP proved VBD no DT shirking VBG violet NN in IN her PRP$ initial JJ statement NN to TO the DT BPCA NNP , , a DT New NNP York NNP State NNP public JJ benefit NN corporation NN : : `` `` The DT only JJ thing NN I PRP was VBD interested VBN in IN doing VBG was VBD a DT very RB complicated VBN garden NN , , which WDT would MD cost VB an DT enormous JJ amount NN of IN money NN and CC be VB very RB expensive JJ to TO maintain VB . . '' '' Undeterred JJ , , the DT BPCA NNP hired VBD Ms. NNP Bartlett NNP and CC another DT confessed VBN garden NN ignoramus NN , , the DT architect NN Alexander NNP Cooper NNP , , who WP claimed VBD he PRP had VBD never RB visited VBN , , much RB less RBR built VBN , , a DT garden NN , , and CC said VBD of IN the DT project NN , , `` `` I PRP do VBP n't RB view VB this DT as IN a DT landscape NN . . I PRP view VBP this DT as IN a DT building NN . . '' '' The DT third JJ principal NN in IN the DT South NNP Gardens NNPS adventure NN did VBD have VB garden NN experience NN . . The DT firm NN of IN Bruce NNP Kelly\/David NNP Varnell NNP Landscape NNP Architects NNPS had VBD created VBN Central NNP Park NNP 's POS Strawberry NNP Fields NNPS and CC Shakespeare NNP Garden NNP . . The DT BPCA NNP called VBD its PRP$ team NN a DT `` `` stunning JJ '' '' collaboration NN . . After IN four CD years NNS , , though RB , , the DT South NNP Gardens NNPS design NN is VBZ 100 CD % NN uncollaborated JJ Jennifer NNP Bartlett NNP . . She PRP has VBZ done VBN little RB more RBR than IN recycle VB her PRP$ standard JJ motifs NNS -- : trees NNS , , water NN , , landscape NN fragments NNS , , rudimentary JJ square NN houses NNS , , circles NNS , , triangles NNS , , rectangles NNS -- : and CC fit VB them PRP into IN a DT grid NN , , as IN if IN she PRP were VBD making VBG one CD of IN her PRP gridded JJ two-dimensional JJ works NNS for IN a DT gallery NN wall NN . . But CC for IN South NNP Gardens NNPS , , the DT grid NN was VBD to TO be VB a DT 3-D JJ network NN of IN masonry NN or CC hedge NN walls NNS with IN real JJ plants NNS inside IN them PRP . . In IN a DT letter NN to TO the DT BPCA NNP , , kelly\/varnell NNP called VBD this DT `` `` arbitrary JJ and CC amateurish JJ . . '' '' The DT landscape NN architects NNS were VBD expelled VBN from IN the DT garden NN in IN July NNP . . All PDT the DT while NN , , Ms. NNP Bartlett NNP had VBD been VBN busy JJ at IN her PRP assignment NN , , serene JJ in IN her PRP$ sense NN of IN self-tilth NN . . As IN she PRP put VBD it PRP in IN a DT 1987 CD lecture NN at IN the DT Harvard NNP Graduate NNP School NNP of IN Design NNP : : `` `` I PRP have VBP designed VBN a DT garden NN , , not RB knowing VBG the DT difference NN between IN a DT rhododendron NN and CC a DT tulip NN . . '' '' Moreover RB , , she PRP proclaimed VBD that IN `` `` landscape NN architects NNS have VBP been VBN going VBG wrong JJ for IN the DT last JJ 20 CD years NNS '' '' in IN the DT design NN of IN open JJ space NN . . And CC she PRP further RB stunned VBD her PRP$ listeners NNS by IN revealing VBG her PRP$ secret JJ garden NN design NN method NN : : Commissioning VBG a DT friend NN to TO spend VB `` `` five CD or CC six CD thousand CD dollars NNS ... : on IN books NNS that IN I PRP ultimately RB cut VBD up RP . . '' '' After IN that DT , , the DT layout NN had VBD been VBN easy JJ . . `` `` I PRP 've VBP always RB relied VBN heavily RB on IN the DT grid NN and CC found VBN it PRP never RB to TO fail VB . . '' '' Ms. NNP Bartlett NNP told VBD her PRP$ audience NN that IN she PRP absolutely RB did VBD not RB believe VB in IN compromise NN or CC in IN giving VBG in RP to TO the DT client NN `` `` because IN I PRP do VBP n't RB think VB you PRP can MD do VB watered-down JJ versions NNS of IN things NNS . . '' '' ( ( This DT was VBD never RB a DT problem NN with IN South NNP Gardens NNPS , , because IN the DT client NN had VBD long JJ since IN given VBN in RP to TO Ms. NNP Bartlett NNP 's POS every DT whim NN . . ) ) Last JJ year NN the DT public NN was VBD afforded VBN a DT preview NN of IN Ms. NNP Bartlett NNP 's POS creation NN in IN a DT tablemodel NN version NN , , at IN a DT BPC NNP exhibition NN . . The DT labels NNS were VBD breathy JJ : : `` `` Within IN its PRP$ sheltering VBG walls NNS is VBZ a DT microcosm NN of IN a DT thousand CD years NNS in IN garden NN design NN ... : a DT rose NN garden NN , , herb NN garden NN , , serpentine JJ garden NN , , flower NN fields NNS , , an DT apple NN orchard NN ... : organized VBN in IN a DT patchwork NN of IN 50-by-50-foot JJ squares NNS to TO form VB ` `` rooms NNS ' '' ... : here RB and CC there RB are VBP simple JJ architectural JJ forms NNS , , a DT whimsical JJ jet NN of IN water NN , , a DT conceit NN of IN topiary JJ or CC tartan NN plaid NN , , and CC chairs NNS of IN every DT sort NN to TO drag VB around IN ... : . . At IN the DT core NN of IN it PRP all DT is VBZ a DT love NN for IN plants NNS . . '' '' Plant NN lovers NNS who WP studied VBD the DT maquette NN were VBD alarmed VBN . . They PRP looked VBD at IN the DT miniature NN and CC saw VBD a DT giant JJ folly NN . . Ms. NNP Bartlett NNP 's POS little JJ rooms NNS left VBD little JJ room NN for IN plants NNS or CC people NNS . . Kelly\/Varnell NNP had VBD put VBN South NNP Gardens NNPS ' POS carrying NN capacity NN at IN four CD people NNS per IN room NN , , or CC about IN 100 CD humans NNS overall JJ . . This DT mincemeat NN of IN tiny JJ gridlocked JJ squares NNS was VBD inspired VBN by IN the DT artist NN 's POS own JJ digs NNS : : `` `` My PRP$ loft NN was VBD 50 CD by IN 100 CD feet NNS , , so RB 50 CD feet NNS by IN 50 CD feet NNS seemed VBD like IN a DT good JJ garden NN room NN . . '' '' Inside IN the DT grid NN were VBD 24 CD of IN these DT plant NN cells NNS jammed VBN full RB of IN clutter NN . . One CD she PRP made VBD into IN a DT topiary JJ rec NN room NN , , replete JJ with IN plants NNS shaped VBN into IN a DT Barcalounger NNP , , TV NN , , piano NN and CC chairs NNS . . In IN another DT , , she PRP requisitioned VBD topiary JJ MX NNP missile NN cones NNS -- : costing VBG $ $ 10,000 CD each DT -- : in IN heights NNS up IN to TO 20 CD feet NNS . . Another DT she PRP stuffed VBD with IN eight CD `` `` rectilinear JJ hedges NNS '' '' for IN a DT topiary JJ geometry NN lesson NN in IN the DT right-angling NN of IN plants NNS . . In IN the DT herbal JJ lounge NN she PRP specified VBD a DT `` `` plaid JJ knot NN garden NN '' '' decor NN . . She PRP ordered VBD the DT foyer NN done VBN in IN a DT different JJ plaid NN planting NN , , and CC made VBD the DT landscape NN architects NNS study VB a DT book NN on IN tartans NNS . . In IN one CD garden NN roomette NN she PRP implanted VBD a DT 43-foot JJ square NN glass NN cube NN meant VBD to TO show VB off RP a DT plaid JJ tile NN floor NN conceit NN , , a DT `` `` zinc NN sink NN , , '' '' a DT `` `` huge JJ fishbowl NN with IN carp NN '' '' and CC a DT `` `` birdcage NN with IN cockatoos NNS . . '' '' Next JJ door NN she PRP put VBD a DT smaller JJR plaid-floored JJ glass NN house NN , , where WRB , , she PRP suggested VBD , , a DT flat NN of IN strawberries NNS might MD be VB displayed VBN in IN the DT dead NN of IN winter NN . . In IN another DT compartment NN called VBN the DT Linden NNP Bosque NNP , , 62 CD linden NN trees NNS were VBD to TO be VB crowded VBN together RB at IN killing VBG intervals NNS of IN 10 CD or CC 16 CD feet NNS . . ( ( Lindens NNPS need VBP about IN 36 CD feet NNS . . ) ) One CD thing NN about IN the DT Bartlett NNP plan NN was VBD never RB in IN doubt NN : : It PRP would MD demand VB the DT full-time JJ skills NNS of IN a DT battalion NN of IN topiary JJ barbers NNS , , rosarians NNS , , orchardists NNS and CC arborists NNS . . Ms. NNP Bartlett NNP blithely RB suggested VBD calling VBG upon IN `` `` semi-skilled JJ garden NN club NN workers NNS for IN maintenance NN . . '' '' Furthermore RB , , she PRP had VBD insisted VBN on IN paths NNS so RB narrow JJ ( ( five CD to TO eight CD feet NNS ) ) and CC hedge JJ corners NNS so RB square RB that IN standard JJ maintenance NN equipment NN -- : trucks NNS or CC cherry JJ pickers NNS -- : could MD n't RB maneuver VB . . Then RB , , to TO make VB these DT gardenettes NNS quite RB literally RB rooms NNS , , Ms. NNP Bartlett NNP had VBD thrown VBN up RP windowless JJ walls NNS ( ( brick NN , , lattice NN , , hedge NN ) ) eight CD to TO 10 CD feet NNS tall JJ , , casting VBG her PRP$ interiors NNS into IN day-long JJ Stygian JJ shade NN . . It PRP was VBD hard JJ to TO see VB how WRB photosynthesis NN would MD ever RB happen VB in IN South NNP Gardens NNPS without IN decking VBG the DT walls NNS in IN a DT Christmas-like JJ array NN of IN Gro-Lites NNPS . . Finally RB , , flouting VBG the DT BPCA NNP 's POS wishes NNS to TO continue VB the DT popular JJ two-mile JJ riverside NN Esplanade NNP , , prized VBN for IN its PRP$ expansive JJ views NNS of IN New NNP York NNP Harbor NNP , , the DT Statue NNP of IN Liberty NNP and CC Ellis NNP Island NNP , , Ms. NNP Bartlett NNP threw VBD up RP yet RB another DT wall NN , , this DT time NN concrete NN , , this DT time NN 10 CD 1\/2 CD feet NNS tall JJ . . She PRP ran VBD it PRP the DT length NN of IN the DT South NNP Gardens NNPS riverfront NN , , blotting VBG out RP the DT city NN 's POS great JJ natural JJ water NN features NNS , , the DT harbor NN and CC the DT river NN . . ( ( Within IN her PRP garden NN , , she PRP has VBZ decreed VBN a DT waterfall NN , , a DT rill NN , , ponds NNS and CC other JJ costly JJ , , trivial JJ waterworks NN beside IN the DT Hudson NNP . . ) ) While IN the DT model NN was VBD still RB on IN view NN , , Manhattan NNP Community NNP Board NNP 1 CD passed VBD a DT resolution NN against IN South NNP Gardens NNPS . . The DT Parks NNPS Council NNP wrote VBD the DT BPCA NNP that IN this DT `` `` too RB ` `` private JJ ' '' ... : exclusive JJ , , '' '' complex JJ and CC expensive JJ `` `` enclosed VBN garden NN ... : belongs VBZ in IN almost RB any DT location NN but CC the DT waterfront NN . . '' '' Lynden NNP B. NNP Miller NNP , , the DT noted VBN public JJ garden NN designer NN who WP restored VBD Central NNP Park NNP 's POS Conservatory NNP Garden NNP , , recalls VBZ her PRP$ reaction NN to TO the DT South NNP Gardens NNPS model NN in IN light NN of IN the DT public JJ garden NN she PRP was VBD designing VBG for IN 42nd NNP Street NNP 's POS Bryant NNP Park NNP : : `` `` Bryant NNP Park NNP , , as IN designed VBN in IN 1933 CD , , failed VBD as IN a DT public JJ space NN , , because IN it PRP made VBD people NNS feel VB trapped VBN . . By IN removing VBG the DT hedges NNS and CC some DT walls NNS , , the DT Bryant NNP Park NNP Restoration NNP is VBZ opening VBG it PRP up IN . . It PRP seems VBZ to TO me PRP the DT BPCA NNP plan NN has VBZ the DT potential NN of IN making VBG South NNP Gardens NNPS a DT horticultural JJ jail NN for IN people NNS and CC plants NNS . . '' '' The DT three CD urban JJ horticulture NN experts NNS with IN Cornell NNP Cooperative NNP Extension NNP weighed VBD in RP with IN a DT letter NN to TO the DT BPCA NNP that WDT began VBD : : `` `` We PRP feel VBP that IN the DT garden NN is VBZ horticulturally RB doomed VBN . . '' '' They PRP then RB addressed VBD the DT decidedly RB `` `` questionable JJ safety NN of IN ... : a DT complex JJ garden NN of IN endless JJ hiding NN places NNS . . The DT 8 CD ft. NN hedges NNS which WDT obstruct VBP views NNS in IN and CC out IN of IN small JJ ` `` rooms NNS ' '' insure VBP ... : that IN this DT garden NN will MD be VB a DT potential JJ breeding NN ground NN for IN crime NN . . '' '' ( ( At IN Harvard NNP , , Ms. NNP Bartlett NNP had VBD declared VBN : : `` `` There EX are VBP going VBG to TO be VB problems NNS with IN safety NN ... : I PRP 'm VBP not RB going VBG to TO address VB questions NNS of IN safety NN ! . '' '' ) ) Despite IN the DT dire JJ assessments NNS of IN knowledgeable JJ garden NN professionals NNS , , Ms. NNP Bartlett NNP 's POS South NNP Gardens NNPS design NN somehow RB continues VBZ on RP , , seemingly RB impervious JJ to TO reason NN , , stalled VBN only RB by IN bureaucratic JJ lethargy NN and CC logistical JJ complications NNS . . BPCA NNP President NNP and CC CEO NNP David NNP Emil NNP hopes VBZ to TO negotiate VB a DT seawall NN that WDT could MD `` `` be VB significantly RB more RBR visually RB permeable JJ . . '' '' And CC by IN substituting VBG yet RB another DT landscape NN architect NN , , Nicholas NNP Quennell NNP , , he PRP insists VBZ he PRP can MD achieve VB that DT and CC other JJ accommodations NNS to TO gardening NN reality NN while IN still RB preserving VBG the DT `` `` artistic JJ vision NN '' '' of IN a DT `` `` truly RB great JJ artist NN . . '' '' After IN four CD years NNS of IN no DT progress NN in IN this DT direction NN , , it PRP is VBZ doubtful JJ any DT viable JJ collaboration NN with IN Ms. NNP Bartlett NNP will MD suddenly RB now RB be VB possible JJ . . ( ( Mr. NNP Quennell NNP has VBZ said VBN he PRP plans VBZ to TO go VB with IN the DT grid NN , , regardless RB . . ) ) There EX is VBZ still RB time NN , , however RB , , for IN Gov. NNP Mario NNP Cuomo NNP or CC Fabian NNP Palomino NNP , , chairman NN of IN the DT BPCA NNP board NN , , to TO prevent VB this DT topiary JJ `` `` Tilted NNP Arc NNP . . '' '' These DT statesmen NNS might MD take VB counsel NN from IN William NNP Robinson NNP , , author NN of IN `` `` The NNP English NNP Flower NNP Garden NNP '' '' -- : the DT gardener NN 's POS bible NN since IN 1883 CD -- : who WP seems VBZ to TO have VB had VBN a DT Jennifer NNP Bartlett NNP in IN mind NN when WRB he PRP wrote VBD : : `` `` Unhappily RB , , our PRP$ gardeners NNS for IN ages NNS have VBP suffered VBN at IN the DT hands NNS of IN the DT decorative JJ artist NN when WRB applying VBG his PRP$ ` `` designs NNS ' '' to TO the DT garden NN ... : . . It PRP is VBZ this DT adapting NN of IN absurd JJ ` `` knots NNS ' POS and CC patterns NNS from IN old JJ books NNS to TO any DT surface NN where WRB a DT flower NN garden NN has VBZ to TO be VB made VBN that DT leads VBZ to TO bad JJ and CC frivolous JJ design NN -- : wrong JJ in IN plan NN and CC hopeless JJ for IN the DT life NN of IN plants NNS . . I PRP read VBP the DT exerpts NNS of IN Wayne NNP Angell NNP 's POS exchange NN with IN a DT Gosbank NNP representative NN ( ( `` `` Put VB the DT Soviet NNP Economy NNP on IN Golden NNP Rails NNPS , , '' '' editorial NN page NN , , Oct. NNP 5 CD ) ) with IN great JJ interest NN , , since IN the DT gold JJ standard NN is VBZ one CD of IN my PRP$ areas NNS of IN research NN . . Mr. NNP Angell NNP is VBZ incorrect JJ when WRB he PRP states VBZ that IN the DT Soviet NNP Union NNP 's POS large JJ gold NN reserves NNS would MD give VB it PRP `` `` great JJ power NN to TO establish VB credibility NN . . '' '' During IN the DT latter JJ part NN of IN the DT 19th JJ century NN , , Russia NNP was VBD on IN a DT gold JJ standard NN and CC had VBD gold JJ reserves NNS representing VBG more RBR than IN 100 CD % NN of IN its PRP$ outstanding JJ currency NN , , but CC no DT one CD outside NN Russia NNP used VBD rubles NNS . . The DT Bank NNP of IN England NNP , , on IN the DT other JJ hand NN , , had VBD gold JJ reserves NNS that WDT averaged VBD about IN 30 CD % NN of IN its PRP$ outstanding JJ currency NN , , and CC Bank NNP of IN England NNP notes NNS were VBD accepted VBN throughout IN the DT world NN . . The DT most RBS likely JJ reason NN for IN this DT disparity NN is VBZ that IN the DT Bank NNP of IN England NNP was VBD a DT private JJ bank NN with IN substantial JJ earning VBG assets NNS , , and CC the DT common-law NN rights NNS of IN creditors NNS to TO collect VB claims NNS against IN the DT bank NN were VBD well RB established VBN in IN Britain NNP . . By IN contrast NN , , in IN 19th-century JJ Russia NNP an DT authoritarian JJ government NN owned VBD the DT bank NN and CC had VBD the DT power NN to TO revoke VB payment NN whenever WRB it PRP chose VBD , , much RB as IN it PRP would MD in IN today NN 's POS Soviet NNP Union NNP . . The DT success NN of IN the DT British NNP gold NN standard NN was VBD due JJ to TO independent JJ private JJ banking NN and CC common JJ law NN , , rather RB than IN the DT choice NN of IN gold NN for IN valuing VBG the DT currency NN . . It PRP is VBZ no DT coincidence NN that IN from IN 1844 CD to TO 1914 CD , , when WRB the DT Bank NNP of IN England NNP was VBD an DT independent JJ private JJ bank NN , , the DT pound NN was VBD never RB devalued VBN and CC payment NN of IN gold NN for IN pound NN notes NNS was VBD never RB suspended VBN , , but CC with IN the DT subsequent JJ nationalization NN of IN the DT Bank NNP of IN England NNP , , the DT pound NN was VBD devalued VBN with IN increasing VBG frequency NN and CC its PRP$ use NN as IN an DT international JJ medium NN of IN exchange NN declined VBD . . The DT Soviet NNP Union NNP should MD keep VB these DT lessons NNS in IN mind NN as IN it PRP seeks VBZ to TO establish VB the DT ruble NN as IN an DT international JJ currency NN . . One CD way NN to TO make VB the DT ruble NN into IN a DT major JJ international JJ currency NN would MD be VB to TO leave VB reserves NNS of IN gold NN and CC earning VBG assets NNS in IN a DT Swiss NNP bank NN with IN distributions NNS based VBN on IN Swiss NNP laws NNS . . Unless IN the DT laws NNS determining VBG the DT noteholder NN 's POS rights NNS to TO payment NN are VBP independent JJ of IN the DT issuer NN of IN those DT notes NNS , , however RB , , a DT gold-based JJ ruble NN would MD be VB as RB unsuccessful JJ for IN the DT Soviets NNPS as IN it PRP was VBD for IN the DT czars NNS . . Christopher NNP R. NNP Petruzzi NNP Professor NNP of IN Taxation NNP California NNP State NNP University NNP Fullerton NNP , , Calif NNP . . Wednesday NNP , , October NNP 25 CD , , 1989 CD The DT key JJ U.S. NNP and CC foreign JJ annual JJ interest NN rates NNS below IN are VBP a DT guide NN to TO general JJ levels NNS but CC do VBP n't RB always RB represent VB actual JJ transactions NNS . . PRIME NNP RATE NNP : : 10 CD 1\/2 CD % NN . . The DT base NN rate NN on IN corporate JJ loans NNS at IN large JJ U.S. NNP money NN center NN commercial JJ banks NNS . . FEDERAL NNP FUNDS NNPS : : 8 CD 3\/4 CD % NN high JJ , , 8 CD 11\/16 CD % NN low JJ , , 8 CD 3\/4 CD % NN near IN closing VBG bid NN , , 8 CD 13\/16 CD % NN offered VBD . . Reserves NNS traded VBN among IN commercial JJ banks NNS for IN overnight JJ use NN in IN amounts NNS of IN $ $ 1 CD million CD or CC more JJR . . Source NN : : Fulton NNP Prebon NNP ( ( U.S.A NNP . . ) ) Inc NNP . . DISCOUNT NNP RATE NNP : : 7 CD % NN . . The DT charge NN on IN loans NNS to TO depository NN institutions NNS by IN the DT New NNP York NNP Federal NNP Reserve NNP Bank NNP . . CALL NNP MONEY NNP : : 9 CD 3\/4 CD % NN to TO 10 CD % NN . . The DT charge NN on IN loans NNS to TO brokers NNS on IN stock NN exchange NN collateral NN . . COMMERCIAL NNP PAPER NNP placed VBD directly RB by IN General NNP Motors NNPS Acceptance NNP Corp. NNP : : 8.45 CD % NN 30 CD to TO 44 CD days NNS ; : 8.20 CD % NN 45 CD to TO 67 CD days NNS ; : 8.325 CD % NN 68 CD to TO 89 CD days NNS ; : 8 CD % NN 90 CD to TO 119 CD days NNS ; : 7.875 CD % NN 120 CD to TO 149 CD days NNS ; : 7.75 CD % NN 150 CD to TO 179 CD days NNS ; : 7.50 CD % NN 180 CD to TO 270 CD days NNS . . COMMERCIAL NNP PAPER NNP : : High-grade JJ unsecured JJ notes NNS sold VBN through IN dealers NNS by IN major JJ corporations NNS in IN multiples NNS of IN $ $ 1,000 CD : : 8.55 CD % NN 30 CD days NNS ; : 8.45 CD % NN 60 CD days NNS ; : 8.40 CD % NN 90 CD days NNS . . CERTIFICATES NNPS OF IN DEPOSIT NNP : : 8.09 CD % NN one CD month NN ; : 8.09 CD % NN two CD months NNS ; : 8.06 CD % NN three CD months NNS ; : 8 CD % NN six CD months NNS ; : 7.94 CD % NN one CD year NN . . Average JJ of IN top JJ rates NNS paid VBN by IN major JJ New NNP York NNP banks NNS on IN primary JJ new JJ issues NNS of IN negotiable JJ C.D.s NNS , , usually RB on IN amounts NNS of IN $ $ 1 CD million CD and CC more JJR . . The DT minimum JJ unit NN is VBZ $ $ 100,000 CD . . Typical JJ rates NNS in IN the DT secondary JJ market NN : : 8.53 CD % NN one CD month NN ; : 8.45 CD % NN three CD months NNS ; : 8.27 CD % NN six CD months NNS . . BANKERS NNPS ACCEPTANCES NNPS : : 8.47 CD % NN 30 CD days NNS ; : 8.30 CD % NN 60 CD days NNS ; : 8.27 CD % NN 90 CD days NNS ; : 8.08 CD % NN 120 CD days NNS ; : 7.98 CD % NN 150 CD days NNS ; : 7.90 CD % NN 180 CD days NNS . . Negotiable JJ , , bank-backed JJ business NN credit NN instruments NNS typically RB financing VBG an DT import NN order NN . . LONDON NNP LATE RB EURODOLLARS NNPS : : 8 CD 11\/16 CD % NN to TO 8 CD 9\/16 CD % NN one CD month NN ; : 8 CD 9\/16 CD % NN to TO 8 CD 7\/16 CD % NN two CD months NNS ; : 8 CD 5\/8 CD % NN to TO 8 CD 1\/2 CD % NN three CD months NNS ; : 8 CD 1\/2 CD % NN to TO 8 CD 3\/8 CD % NN four CD months NNS ; : 8 CD 7\/16 CD % NN to TO 8 CD 5\/16 CD % NN five CD months NNS ; : 8 CD 7\/16 CD % NN to TO 8 CD 5\/16 CD % NN six CD months NNS . . LONDON NNP INTERBANK NNP OFFERED NNP RATES NNPS ( ( LIBOR NNP ) ) : : 8 CD 11\/16 CD % NN one CD month NN ; : 8 CD 5\/8 CD % NN three CD months NNS ; : 8 CD 7\/16 CD % NN six CD months NNS ; : 8 CD 3\/8 CD % NN one CD year NN . . The DT average NN of IN interbank NN offered VBN rates NNS for IN dollar NN deposits NNS in IN the DT London NNP market NN based VBN on IN quotations NNS at IN five CD major JJ banks NNS . . FOREIGN NNP PRIME NNP RATES NNPS : : Canada NNP 13.50 CD % NN ; : Germany NNP 9 CD % NN ; : Japan NNP 4.875 CD % NN ; : Switzerland NNP 8.50 CD % NN ; : Britain NNP 15 CD % NN . . These DT rate NN indications NNS are VBP n't RB directly RB comparable JJ ; : lending VBG practices NNS vary VBP widely RB by IN location NN . . TREASURY NNP BILLS NNPS : : Results NNS of IN the DT Monday NNP , , October NNP 23 CD , , 1989 CD , , auction NN of IN short-term JJ U.S. NNP government NN bills NNS , , sold VBN at IN a DT discount NN from IN face NN value NN in IN units NNS of IN $ $ 10,000 CD to TO $ $ 1 CD million CD : : 7.52 CD % NN 13 CD weeks NNS ; : 7.50 CD % NN 26 CD weeks NNS . . FEDERAL NNP HOME NNP LOAN NNP MORTGAGE NNP CORP NNP . . ( ( Freddie NNP Mac NNP ) ) : : Posted VBN yields NNS on IN 30-year JJ mortgage NN commitments NNS for IN delivery NN within IN 30 CD days NNS . . 9.75 CD % NN , , standard JJ conventional JJ fixed-rate JJ mortgages NNS ; : 7.875 CD % NN , , 2 CD % NN rate NN capped VBD one-year JJ adjustable JJ rate NN mortgages NNS . . Source NN : : Telerate NNP Systems NNPS Inc NNP . . FEDERAL NNP NATIONAL NNP MORTGAGE NNP ASSOCIATION NNP ( ( Fannie NNP Mae NNP ) ) : : Posted VBN yields NNS on IN 30 CD year NN mortgage NN commitments NNS for IN delivery NN within IN 30 CD days NNS ( ( priced VBN at IN par NN ) ) 9.68 CD % NN , , standard JJ conventional JJ fixed-rate JJ mortgages NNS ; : 8.70 CD % NN , , 6\/2 CD rate NN capped VBD one-year JJ adjustable JJ rate NN mortgages NNS . . Source NN : : Telerate NNP Systems NNPS Inc NNP . . MERRILL NNP LYNCH NNP READY NNP ASSETS NNPS TRUST NNP : : 8.62 CD % NN . . Annualized VBN average JJ rate NN of IN return NN after IN expenses NNS for IN the DT past JJ 30 CD days NNS ; : not RB a DT forecast NN of IN future JJ returns NNS . . Securities NNS and CC Exchange NNP Commission NNP Chairman NNP Richard NNP Breeden NNP told VBD a DT congressional JJ subcommittee NN that IN he PRP would MD consider VB imposing VBG `` `` circuit NN breakers NNS '' '' to TO halt VB program NN trading NN at IN volatile JJ times NNS . . Mr. NNP Breeden NNP , , in IN his PRP$ first JJ testimony NN to TO Congress NNP since IN taking VBG the DT SEC NNP post NN , , said VBD the DT agency NN is VBZ studying VBG the DT Friday NNP the DT 13th JJ market NN plunge NN , , including VBG how WRB current JJ circuit NN breakers NNS affected VBD the DT market NN that DT day NN and CC the DT following VBG Monday NNP . . After IN the DT study NN , , the DT SEC NNP would MD be VB willing JJ to TO consider VB adding VBG new JJ circuit NN breakers NNS or CC fine-tuning VB the DT current JJ ones NNS , , he PRP added VBD . . Circuit NN breakers NNS , , designed VBN to TO give VB the DT markets NNS a DT breather NN in IN cases NNS of IN sharp JJ price NN movements NNS , , curb NN trading NN of IN futures NNS or CC stocks NNS at IN various JJ trigger NN points NNS . . At IN certain JJ points NNS during IN the DT Friday NNP the DT 13th JJ drop NN , , circuit NN breakers NNS kicked VBD in RP on IN the DT futures NNS market NN , , slowing VBG trading NN at IN times NNS . . A DT circuit NN breaker NN that WDT would MD have VB closed VBN down RP the DT New NNP York NNP Stock NNP Exchange NNP was VBD n't RB tripped VBN . . Rep. NNP Edward NNP Markey NNP ( ( D. NNP , , Mass. NNP ) ) , , chairman NN of IN the DT House NNP Telecommunications NNPS and CC Finance NNP Subcommittee NNP , , is VBZ pushing VBG the DT idea NN of IN a DT circuit NN breaker NN for IN computer-driven JJ program NN trading NN in IN hopes NNS that WDT would MD curb VB `` `` turmoil NN '' '' in IN the DT marketplace NN . . He PRP argued VBD that IN program-trading NN by IN roughly RB 15 CD big JJ institutions NNS is VBZ pushing VBG around RP the DT markets NNS and CC scaring VBG individual JJ investors NNS . . Mr. NNP Breeden NNP did VBD n't RB reject VB the DT proposal NN . . After IN the DT SEC NNP study NN of IN the DT drop NN is VBZ completed VBN , , he PRP said VBD , , `` `` I PRP 'm VBP perfectly RB happy JJ to TO work VB with IN this DT committee NN ... : in IN identifying VBG whether IN we PRP need VBP other JJ devices NNS , , '' '' such JJ as IN a DT program-trading NN curb NN . . Mr. NNP Breeden NNP backed VBD most JJS of IN the DT provisions NNS in IN a DT market-reform JJ bill NN that IN the DT SEC NNP brought VBD to TO the DT subcommittee NN last JJ year NN under IN then-chairman NN David NNP Ruder NNP . . The DT measure NN is VBZ expected VBN to TO move VB through IN this DT Congress NNP . . But CC the DT new JJ chairman NN vehemently RB opposed VBD a DT provision NN in IN the DT bill NN that WDT would MD give VB the DT agency NN the DT right NN to TO close VB the DT markets NNS at IN times NNS of IN stress NN . . Mr. NNP Breeden NNP contended VBD that IN uncertainty NN over IN when WRB the DT SEC NNP might MD act VB could MD worsen VB volatility NN in IN the DT markets NNS . . He PRP argued VBD that IN the DT current JJ circuit-breaker NN system NN allows VBZ investors NNS to TO know VB `` `` precisely RB when WRB and CC where WRB any DT trading NN interruptions NNS will MD occur VB and CC how WRB long RB they PRP will MD last VB . . '' '' Mr. NNP Breeden NNP offered VBD strong JJ support NN for IN two CD other JJ provisions NNS in IN the DT bill NN . . One CD would MD force VB brokerage NN houses NNS to TO provide VB the DT SEC NNP detailed VBN information NN about IN loans NNS made VBN by IN their PRP$ holding NN companies NNS . . Such JJ loans NNS often RB are VBP used VBN to TO finance VB leveraged JJ buy-outs NNS , , and CC the DT agency NN is VBZ worried VBN that IN a DT sharp JJ market NN drop NN could MD create VB capital NN problems NNS for IN the DT firms NNS . . He PRP also RB backed VBD a DT rule NN to TO require VB large JJ traders NNS to TO report VB transactions NNS on IN a DT systematic JJ basis NN . . That DT information NN , , he PRP argued VBD , , is VBZ critical JJ to TO reconstructing VBG sharp JJ market NN moves NNS , , such JJ as IN the DT one CD nearly RB two CD weeks NNS ago IN . . In IN a DT rare JJ package NN sale NN of IN its PRP$ real JJ estate NN , , K NNP mart NNP Corp. NNP , , Troy NNP , , Mich. NNP , , has VBZ sold VBN 17 CD of IN its PRP$ strip NN shopping NN centers NNS to TO a DT limited VBN partnership NN led VBN by IN New NNP York NNP developer NN Philip NNP Pilevsky NNP , , according VBG to TO sources NNS familiar JJ with IN the DT transaction NN . . They PRP estimate VBP the DT value NN of IN the DT transaction NN at IN close NN to TO $ $ 100 CD million CD . . K NNP mart NNP officials NNS and CC Mr. NNP Pilevsky NNP would MD n't RB comment VB on IN the DT sale NN . . K NNP mart NNP previously RB had VBD announced VBN it PRP would MD report VB its PRP$ third JJ consecutive JJ decline NN in IN quarterly JJ earnings NNS for IN the DT period NN ended VBD yesterday NN , , the DT same JJ day NN the DT real JJ estate NN deal NN was VBD completed VBN . . Analysts NNS are VBP estimating VBG third-quarter JJ earnings NNS will MD drop VB between IN 13 CD % NN and CC 20 CD % NN to TO about IN 50 CD to TO 55 CD cents NNS per IN share NN , , compared VBN with IN 63 CD cents NNS per IN share NN in IN the DT year-ago JJ quarter NN . . It PRP is VBZ unclear JJ what WDT effect NN the DT sale NN of IN the DT shopping NN centers NNS will MD have VB on IN earnings NNS . . K NNP mart NNP developed VBD the DT centers NNS , , which WDT range VBP in IN size NN from IN about IN 150,000 CD square JJ feet NNS to TO just RB over IN 250,000 CD square JJ feet NNS . . Most JJS are VBP anchored VBN by IN a DT K NNP mart NNP store NN . . The DT retailer NN reportedly RB will MD lease VB its PRP$ stores NNS back RB from IN the DT developer NN , , who WP plans VBZ to TO expand VB the DT small JJ centers NNS . . The DT centers NNS comprise VBP a DT total NN of IN about IN 1.6 CD million CD square JJ feet NNS of IN retail JJ space NN . . They PRP are VBP spread VBN around IN the DT country NN and CC include VBP locations NNS in IN California NNP , , Florida NNP , , Washington NNP and CC Arizona NNP . . Mr. NNP Pilevsky NNP , , who WP heads VBZ Philips NNP International NNP Holding NNP Corp. NNP , , a DT New NNP York-based JJ real JJ estate NN company NN , , owns VBZ more RBR than IN a DT dozen NN other JJ shopping NN centers NNS in IN which WDT K NNP mart NNP is VBZ a DT tenant NN . . The DT company NN is VBZ active JJ in IN office NN and CC residential JJ development NN in IN New NNP York NNP . . However RB , , nationally RB , , Mr. NNP Pilevsky NNP controls VBZ through IN limited VBN partnerships NNS about IN 85 CD shopping NN centers NNS with IN about IN 17 CD million CD square JJ feet NNS . . K NNP mart NNP runs VBZ 2,200 CD K NNP mart NNP stores NNS , , primarily RB in IN leased VBN facilities NNS . . The DT company NN typically RB sells VBZ the DT centers NNS it PRP develops VBZ , , but CC has VBZ usually RB sold VBN only RB one CD or CC several JJ at IN a DT time NN . . Motorola NNP is VBZ fighting VBG back RB against IN junk NN mail NN . . So RB much RB of IN the DT stuff NN poured VBD into IN its PRP$ Austin NNP , , Texas NNP , , offices NNS that IN its PRP$ mail NN rooms NNS there RB simply RB stopped VBD delivering VBG it PRP . . Now RB , , thousands NNS of IN mailers NNS , , catalogs NNS and CC sales NNS pitches NNS go VBP straight RB into IN the DT trash NN . . `` `` We PRP just RB do VBP n't RB have VB the DT staff NN to TO { ( deliver VB } ) it PRP , , nor CC do VBP we PRP have VB the DT space NN or CC the DT time NN , , '' '' says VBZ a DT spokesman NN for IN the DT Schaumburg NNP , , Ill. NNP , , electronics NNS company NN , , which WDT has VBZ 5,000 CD employees NNS in IN the DT Austin NNP area NN . . `` `` It PRP 's VBZ the DT overload NN problem NN and CC the DT weight NN problem NN we PRP have VBP . . '' '' Motorola NNP is VBZ in IN good JJ company NN . . Businesses NNS across IN the DT country NN are VBP getting VBG fed VBN up RP with IN junk NN mail NN , , and CC some DT are VBP saying VBG they PRP just RB are VBP n't RB going VBG to TO take VB it PRP anymore RB -- : literally RB . . While IN no DT one NN has VBZ tracked VBN how WRB many JJ company NN mail NN rooms NNS throw VBP out RP junk NN mail NN , , direct-mail JJ advertising NN firms NNS say VBP the DT number NN is VBZ growing VBG . . General NNP Motors NNPS earlier RBR this DT year NN said VBD it PRP would MD n't RB deliver VB bulk JJ mail NN or CC free JJ magazines NNS in IN its PRP$ Flint NNP , , Mich. NNP , , office NN , , while IN Air NNP Products NNPS & CC Chemicals NNPS , , Allentown NNP , , Pa. NNP , , says VBZ it PRP screens VBZ junk NN mail NN and CC often RB throws VBZ out RP most JJS of IN a DT given VBN mass NN mailing NN . . Why WRB the DT revolt NN ? . Anybody NN with IN a DT mailbox NN can MD answer VB that DT : : sheer NN , , overwhelming JJ , , mind-numbing JJ volume NN . . According VBG to TO the DT Direct NNP Marketing NNP Association NNP , , total JJ direct JJ mail NN -- : to TO both DT businesses NNS and CC consumers NNS -- : jumped VBD 50 CD % NN to TO 65.4 CD billion CD pieces NNS in IN 1988 CD from IN five CD years NNS earlier RBR . . Though IN direct JJ mail NN to TO businesses NNS is VBZ n't RB broken VBN out RP separately RB , , the DT association NN says VBZ it PRP 's VBZ growing VBG even RB faster RBR . . The DT deluge NN has VBZ spurred VBN cost-conscious JJ companies NNS to TO action NN , , with IN mail NN rooms NNS throwing VBG the DT stuff NN out IN rather RB than IN taking VBG the DT time NN or CC money NN to TO deliver VB it PRP . . The DT direct-mail JJ industry NN , , not RB surprisingly RB , , is VBZ fuming VBG at IN the DT injustice NN of IN it PRP all DT . . After IN all DT , , this DT is VBZ the DT industry NN that WDT has VBZ a DT hard JJ enough JJ time NN getting VBG any DT respect NN , , that DT is VBZ the DT butt NN of IN so RB many JJ jokes NNS that DT television NN 's POS `` `` L.A. NNP Law NNP '' '' portrays VBZ direct-mail-mogul NN David NNP as IN short JJ , , bald JJ , , intensely RB nerdy JJ , , and CC unremittingly RB boring JJ . . The DT practice NN of IN businesses NNS throwing VBG out RP junk NN mail NN `` `` is VBZ a DT commonly RB known VBN problem NN , , and CC it PRP 's VBZ increasing VBG as IN companies NNS attempt VBP to TO put VB through RP budget NN cuts NNS across IN the DT board NN , , '' '' right RB down IN to TO the DT mail-room NN level NN , , says VBZ Stephen NNP Belth NNP , , a DT list NN consultant NN and CC chairman NN of IN the DT Direct NNP Marketing NNP Association NNP 's POS business-to-business NN council NN . . `` `` But CC it PRP 's VBZ like IN biting VBG the DT hand NN that WDT feeds VBZ them PRP , , because IN every DT one CD of IN these DT companies NNS uses VBZ direct JJ marketing NN . . '' '' It PRP 's VBZ almost RB impossible JJ to TO track VB the DT number NN of IN companies NNS trashing VBG junk NN mail NN , , since IN the DT decision NN is VBZ usually RB made VBN in IN the DT mail NN room NN -- : not RB the DT board NN room NN . . And CC the DT practice NN often RB varies VBZ from IN location NN to TO location NN even RB within IN a DT company NN . . But CC industry NN executives NNS say VBP businesses NNS seem VBP especially RB inclined VBN to TO dump VB mailers NNS sent VBN to TO titles NNS rather RB than IN to TO individual JJ names NNS . . Motorola NNP 's POS Austin NNP operation NN was VBD one CD of IN the DT first JJ to TO lose VB patience NN , , deciding VBG a DT few JJ years NNS ago IN to TO junk VB any DT bulk JJ mail NN that DT was VBD n't RB addressed VBD to TO an DT individual NN . . Magazines NNS are VBP n't RB delivered VBN at IN all DT , , even RB if IN an DT individual NN 's POS name NN is VBZ listed VBN ; : employees NNS who WP want VBP their PRP$ magazines NNS have VBP to TO pick VB them PRP up RP from IN the DT mail NN room NN or CC the DT company NN library NN -- : and CC are VBP told VBN to TO change VB the DT subscriptions NNS to TO their PRP$ home NN addresses NNS . . At IN Air NNP Products NNPS , , meanwhile RB , , the DT mailroom NN staff NN opens VBZ junk NN mail NN and CC often RB throws VBZ it PRP away RB -- : even RB if IN addressed VBN to TO an DT individual NN . . `` `` If IN they PRP get VBP 50 CD packets NNS of IN something NN , , they PRP open VBP one CD , , see VBP what WP it PRP says VBZ , , throw VBP 48 CD away RB and CC send VBP two CD to TO people NNS or CC departments NNS they PRP think VBP are VBP appropriate JJ , , '' '' a DT spokesman NN says VBZ . . Direct JJ marketers NNS were VBD especially RB alarmed VBN when WRB General NNP Motors NNPS -- : one CD of IN the DT country NN 's POS largest JJS companies NNS and CC a DT big JJ direct-mail NN user NN itself PRP -- : entered VBD the DT junk-mail NN battle NN . . As IN of IN March NNP 1 CD , , its PRP$ Flint NNP office NN , , with IN about IN 2,500 CD employees NNS , , stopped VBD delivering VBG bulk JJ mail NN and CC non-subscription JJ magazines NNS . . Employees NNS were VBD told VBN that IN if IN they PRP really RB wanted VBD the DT publications NNS , , they PRP would MD have VB to TO have VB them PRP sent VBN home NN instead RB . . The DT reason NN : : overload NN , , especially RB of IN non-subscription JJ magazines NNS . . Direct-mail JJ executives NNS see VBP GM NNP 's POS stand NN as IN an DT ominous JJ sign NN -- : even RB if IN the DT junk-mail JJ kings NNS did VBD bring VB it PRP on IN themselves PRP . . `` `` Why WRB anyone NN would MD want VB to TO close VB themselves PRP off RP { ( from IN direct JJ mail NN } ) , , a FW priori FW , , does VBZ n't RB make VB any DT sense NN , , '' '' says VBZ Michael NNP Bronner NNP of IN Bronner NNP Slosberg NNP Associates NNPS , , a DT Boston NNP directmail NN firm NN . . `` `` It PRP smacks VBZ of IN big JJ brotherism NN . . They PRP 're VBP going VBG to TO decide VB what WP their PRP$ employees NNS can MD or CC can MD not RB read VB . . '' '' The DT practice NN is VBZ , , however RB , , legal JJ in IN most JJS cases NNS . . Jack NNP Ellis NNP , , a DT U.S. NNP postal JJ inspector NN in IN New NNP York NNP , , says VBZ the DT Postal NNP Service NNP 's POS only JJ job NN is VBZ to TO deliver VB the DT mail NN to TO the DT mail NN room NN ; : once IN it PRP gets VBZ there RB , , a DT company NN can MD do VB with IN it PRP what WP it PRP wishes VBZ . . The DT junk-mail NN titans NNS , , ever RB optimistic JJ , , are VBP looking VBG for IN ways NNS around IN the DT problem NN . . So IN far RB , , they PRP say VBP , , it PRP has VBZ n't RB had VBN any DT noticeable JJ effect NN on IN response NN rates NNS . . And CC before IN it PRP does VBZ , , they PRP 're VBP trying VBG to TO cut VB back RB on IN the DT clutter NN that WDT created VBD the DT situation NN in IN the DT first JJ place NN . . Among IN other JJ things NNS , , the DT industry NN is VBZ trying VBG to TO come VB up RP with IN standardized JJ business NN lists NNS that WDT cut VBP down RP on IN duplications NNS . . `` `` We PRP 're VBP going VBG to TO have VB to TO mail VB a DT lot NN less JJR and CC a DT lot NN smarter RBR , , '' '' says VBZ Jack NNP Miller NNP , , president NN of IN Quill NNP Corp. NNP , , a DT Lincolnshire NNP , , Ill. NNP , , business-to-business NN mail-order NN company NN . . But CC then RB again RB , , mailing VBG less RBR and CC smarter RBR wo MD n't RB be VB much RB help VB if IN the DT mail NN ends VBZ up RP in IN the DT garbage NN anyway RB . . New NNP Hyundai NNP Campaign NNP Hyundai NNP Motor NNP America NNP , , fighting VBG quality NN complaints NNS , , declining VBG sales NNS and CC management NN turmoil NN , , yesterday NN unveiled VBD its PRP$ 1990 CD ad NN strategy NN , , tagged VBN `` `` We PRP 're VBP Making VBG More JJR Sense NN Than IN Ever RB . . '' '' The DT ad NN campaign NN , , created VBN by IN Saatchi NNP & CC Saatchi NNP 's POS Backer NNP Spielvogel NNP Bates NNP agency NN , , is VBZ an DT extension NN of IN the DT auto NN company NN 's POS `` `` Cars NNS That WDT Make VBP Sense NN '' '' campaign NN , , which WDT emphasized VBD affordability NN . . TV NN ads NNS plugging VBG the DT company NN 's POS new JJ V-6 NNP Sonata NNP and CC its PRP$ souped-up JJ Excel NNP subcompact NN will MD begin VB appearing VBG Monday NNP . . One CD spot NN shows VBZ a DT Sonata NNP next JJ to TO a DT rival JJ midsized JJ car NN , , and CC an DT announcer NN says VBZ , , `` `` Listen VB to TO what WP they PRP 're VBP saying VBG about IN the DT Hyundai NNP Sonata NNP . . '' '' As IN the DT announcer NN reads VBZ favorable JJ quotes NNS about IN the DT model NN from IN Motor NNP Trend NNP and CC Road NNP & CC Track NNP magazines NNS , , the DT other JJ car NN , , which WDT is VBZ white JJ , , slowly RB turns VBZ green JJ . . `` `` No RB wonder VB the DT competition NN 's POS green NN with IN envy NN , , '' '' the DT announcer NN says VBZ . . Ad NNP Notes NNPS ... : . . ACQUISITION NNP : : EWDB NNP , , formed VBN by IN the DT merger NN of IN Eurocom NNP and CC Della NNP Femina NNP McNamee NNP WCRS NNP , , said VBD it PRP agreed VBD to TO buy VB Vizeversa NNP , , an DT agency NN in IN Barcelona NNP . . Terms NNS were VBD n't RB disclosed VBN . . HOLIDAY NNP ADS NNPS : : Seagram NNP will MD run VB two CD interactive JJ ads NNS in IN December NNP magazines NNS promoting VBG its PRP$ Chivas NNP Regal NNP and CC Crown NNP Royal NNP brands NNS . . The DT Chivas NNP ad NN illustrates VBZ -- : via IN a DT series NN of IN pullouts NNS -- : the DT wild JJ reactions NNS from IN the DT pool NN man NN , , gardener NN and CC others NNS if IN not RB given VBN Chivas NNP for IN Christmas NNP . . The DT three-page JJ Crown NNP Royal NNP ad NN features VBZ a DT black-and-white JJ shot NN of IN a DT boring JJ holiday NN party NN -- : and CC a DT set NN of IN colorful JJ stickers NNS with IN which WDT readers NNS can MD dress VB it PRP up RP . . Both DT ads NNS were VBD designed VBN by IN Omnicom NNP 's POS DDB NNP Needham NNP agency NN . . Senate NNP Democrats NNPS who WP favor VBP cutting VBG the DT capital-gains JJ tax NN are VBP n't RB ready JJ to TO line VB up RP behind IN the DT leading VBG Senate NNP proposal NN . . Their PRP$ reluctance NN to TO support VB the DT proposal NN is VBZ another DT blow NN to TO the DT capital-gains JJ cut NN , , which WDT has VBZ had VBN a DT roller-coaster NN existence NN since IN the DT beginning NN of IN the DT year NN , , when WRB it PRP was VBD considered VBN dead JJ and CC then RB suddenly RB revived VBN and CC was VBD passed VBN by IN the DT House NNP . . Nevertheless RB , , Oregon NNP Sen. NNP Bob NNP Packwood NNP , , the DT ranking JJ GOP NNP member NN on IN the DT tax-writing JJ Senate NNP Finance NNP Committee NNP , , last JJ night NN introduced VBD his PRP$ plan NN as IN an DT amendment NN to TO a DT pending JJ measure NN authorizing VBG U.S. NNP aid NN for IN Poland NNP and CC Hungary NNP . . Senate NNP Majority NNP Leader NNP George NNP Mitchell NNP ( ( D. NNP , , Maine NNP ) ) was VBD confident JJ he PRP had VBD enough RB votes NNS to TO block VB the DT maneuver NN on IN procedural JJ grounds NNS , , perhaps RB as RB soon RB as IN today NN . . Mr. NNP Packwood NNP all DT but CC conceded VBD defeat NN , , telling VBG Mr. NNP Mitchell NNP : : `` `` I PRP sense VBP at IN this DT stage NN you PRP may MD have VB the DT votes NNS . . '' '' The DT two CD lawmakers NNS sparred VBD in IN a DT highly RB personal JJ fashion NN , , violating VBG usual JJ Senate NNP decorum NN . . Their PRP$ tone NN was VBD good-natured JJ , , with IN Mr. NNP Packwood NNP saying VBG he PRP intended VBD to TO offer VB the DT proposal NN again RB and CC again RB on IN future JJ legislation NN and CC Sen. NNP Mitchell NNP saying VBG he PRP intended VBD to TO use VB procedural JJ means NNS to TO block VB it PRP again RB and CC again RB . . Although IN the DT proposal NN , , authored VBN by IN Mr. NNP Packwood NNP and CC Sen. NNP William NNP Roth NNP ( ( R. NNP , , Del. NNP ) ) , , appears VBZ to TO have VB general JJ backing NN by IN Republicans NNPS , , their PRP$ votes NNS are VBP n't RB sufficient JJ to TO pass VB it PRP . . And CC Democrats NNPS , , who WP are VBP under IN increasing VBG pressure NN from IN their PRP$ leaders NNS to TO reject VB the DT gains-tax JJ cut NN , , are VBP finding VBG reasons NNS to TO say VB no RB , , at IN least JJS for IN now RB . . A DT major JJ reason NN is VBZ that IN they PRP believe VBP the DT Packwood-Roth NNP plan NN would MD lose VB buckets NNS of IN revenue NN over IN the DT long JJ run NN . . The DT Packwood-Roth NNP proposal NN would MD reduce VB the DT tax NN depending VBG on IN how WRB long JJ an DT asset NN was VBD held VBN . . It PRP also RB would MD create VB a DT new JJ individual JJ retirement NN account NN that WDT would MD shield VB from IN taxation NN the DT appreciation NN on IN investments NNS made VBN for IN a DT wide JJ variety NN of IN purposes NNS , , including VBG retirement NN , , medical JJ expenses NNS , , first-home JJ purchases NNS and CC tuition NN . . `` `` A DT number NN of IN us PRP are VBP not RB going VBG to TO touch VB capital NN gains NNS , , IRAs NNS or CC anything NN else RB unless IN it PRP contributes VBZ to TO deficit-reduction NN , , '' '' said VBD Sen. NNP Charles NNP Robb NNP ( ( D. NNP , , Va. NNP ) ) , , who WP is VBZ one CD of IN the DT 10 CD to TO 20 CD Democrats NNPS who WP the DT Bush NNP administration NN believes VBZ might MD favor VB giving VBG preferential JJ treatment NN to TO capital NN gains NNS . . President NNP Bush NNP has VBZ been VBN hearing VBG this DT kind NN of IN opposition NN first JJ hand NN during IN meetings NNS over IN the DT past JJ two CD days NNS with IN Democratic JJ senators NNS at IN the DT White NNP House NNP . . And CC at IN a DT luncheon NN meeting NN Tuesday NNP of IN Democratic JJ senators NNS , , there EX was VBD outspoken JJ opposition NN to TO cutting VBG the DT capital-gains JJ tax NN this DT year NN , , according VBG to TO participants NNS . . The DT trend NN is VBZ making VBG advocates NNS of IN the DT tax NN cut NN less RBR optimistic JJ about IN success NN . . `` `` There EX is VBZ a DT one-out-of-three JJ shot NN of IN getting VBG it PRP this DT year NN , , '' '' said VBD Sen. NNP David NNP Boren NNP of IN Oklahoma NNP , , a DT leading VBG Democratic JJ proponent NN of IN cutting VBG the DT capital-gains JJ tax NN . . He PRP called VBD the DT battle NN `` `` uphill JJ . . '' '' Other JJ Democrats NNPS who WP favor VBP a DT capital-gains JJ cut NN are VBP even RB more RBR pessimistic JJ . . `` `` There EX will MD be VB no DT capital-gains JJ bill NN this DT year NN , , '' '' said VBD Sen. NNP Dale NNP Bumpers NNP ( ( D. NNP , , Ark NNP . . ) ) . . `` `` I PRP 'm VBP probably RB not RB going VBG to TO vote VB for IN any DT capital-gains JJ proposal NN . . The DT IRA NNP portion NN ( ( of IN the DT Packwood-Roth NNP plan NN ) ) is VBZ irresponsible JJ . . '' '' Another DT significant JJ factor NN in IN the DT capitalgains NNS debate NN is VBZ the DT extent NN to TO which WDT it PRP has VBZ become VBN a DT purely RB political JJ battle NN between IN President NNP Bush NNP and CC Senate NNP Majority NNP Leader NNP Mitchell NNP . . Mr. NNP Mitchell NNP has VBZ made VBN clear JJ to TO his PRP$ wavering VBG colleagues NNS that IN the DT issue NN is VBZ important JJ to TO him PRP personally RB . . Today NN , , Sen. NNP Mitchell NNP and CC other JJ leading VBG Democrats NNPS plan VBP to TO turn VB up RP the DT heat NN again RB by IN holding VBG a DT news NN conference NN to TO bash VB the DT proposal NN . . Estimates NNS requested VBN by IN Sen. NNP Mitchell NNP from IN the DT Congressional NNP Joint NNP Taxation NNP Committee NNP show VBP that IN the DT richest JJS 100 CD taxpayers NNS got VBD an DT average JJ benefit NN from IN the DT capital-gains JJ differential NN of IN $ $ 13 CD million CD each DT in IN 1985 CD , , the DT last JJ year NN for IN which WDT figures NNS are VBP available JJ . . White NNP House NNP officials NNS acknowledged VBD yesterday NN that IN Democrats NNPS still RB are VBP reluctant JJ to TO publicly RB express VB support NN for IN the DT Packwood-Roth NNP capital NN gains NNS proposal NN because IN they PRP are VBP loath JJ to TO buck VB Sen. NNP Mitchell NNP . . As IN a DT result NN , , the DT officials NNS said VBD they PRP are VBP open JJ to TO making VBG a DT variety NN of IN deals NNS with IN Senate NNP Democrats NNPS to TO win VB their PRP$ support NN for IN a DT capital-gains JJ tax NN cut NN . . Democrats NNPS asked VBD in RP this DT week NN for IN discussions NNS with IN President NNP Bush NNP have VBP suggested VBN ways NNS of IN `` `` tinkering VBG '' '' with IN the DT Packwood-Roth NNP proposal NN , , suggesting VBG an DT interest NN in IN looking VBG for IN a DT modified VBN version NN they PRP can MD back VB , , one CD official NN said VBD . . In IN addition NN , , White NNP House NNP aides NNS think VBP that IN there EX are VBP numerous JJ other JJ important JJ measures NNS Democrats NNPS badly RB wanted VBD passed VBN -- : such JJ as IN the DT scaling NN back RB of IN a DT controversial JJ catastrophic JJ health-care JJ plan NN for IN the DT elderly JJ -- : that WDT might MD provide VB the DT president NN leverage NN in IN cutting VBG deals NNS with IN Democrats NNPS . . A DT capital-gains JJ tax NN cut NN might MD be VB paired VBN with IN such JJ measures NNS to TO help VB ensure VB passage NN . . Other JJ possibilities NNS include VBP a DT child-care JJ initiative NN and CC an DT increase NN in IN the DT minimum JJ wage NN . . If IN they PRP ca MD n't RB secure VB immediate JJ passage NN of IN a DT capital-gains JJ plan NN , , administration NN officials NNS also RB are VBP n't RB ruling VBG out RP making VBG a DT deal NN with IN Congress NNP to TO put VB off RP a DT vote NN until IN a DT firm JJ date NN in IN the DT future NN , , even RB next JJ year NN . . But CC the DT officials NNS insist VBP that IN such PDT a DT deal NN on IN a DT future JJ vote NN would MD have VB to TO apply VB to TO both PDT the DT House NNP and CC the DT Senate NNP . . Gerald NNP F. NNP Seib NNP contributed VBD to TO this DT article NN . . Japanese JJ immigration NN authorities NNS said VBD they PRP found VBD 658 CD more JJR Chinese NNP among IN Vietnamese JJ boat NN people NNS , , bringing VBG the DT number NN of IN Chinese NNP trying VBG to TO enter VB Japan NNP by IN posing VBG as IN Vietnamese JJ refugees NNS this DT year NN to TO 1,642 CD . . Japan NNP plans VBZ to TO send VB the DT Chinese NNP back RB home NN and CC is VBZ negotiating VBG with IN the DT Chinese JJ government NN , , a DT Justice NNP Ministry NNP official NN said VBD . . The DT Chinese NNP were VBD among IN 3,372 CD boat NN people NNS supposedly RB from IN Vietnam NNP who WP arrived VBD in IN Japan NNP this DT year NN , , compared VBN with IN 219 CD for IN all DT of IN 1988 CD , , the DT official NN said VBD . . The DT 658 CD Chinese NNP , , who WP have VBP been VBN in IN a DT refugee-assistance NN center NN , , were VBD sent VBN to TO immigration NN facilities NNS yesterday NN pending IN deportation NN to TO China NNP , , the DT official NN said VBD . . On IN Sept. NNP 13 CD , , Japan NNP began VBD a DT policy NN of IN screening VBG boat NN people NNS , , accepting VBG only RB those DT deemed VBN to TO be VB political JJ refugees NNS . . Francoise NNP Verne NNP , , 52-year-old JJ former JJ deputy JJ director NN of IN France NNP 's POS mint NN , , faces VBZ prison NN for IN her PRP$ theft NN of IN some DT 67 CD rare JJ coins NNS from IN the DT mint NN 's POS collections NNS . . Second JJ in IN command NN from IN 1979 CD to TO 1984 CD , , Mrs. NNP Verne NNP told VBD a DT Paris NNP court NN that IN the DT `` `` great JJ disorder NN '' '' that WDT reigned VBD at IN the DT agency NN led VBD her PRP into IN temptation NN . . Before IN an DT inventory NN in IN 1984 CD that WDT showed VBD the DT `` `` disappearance NN '' '' of IN 944 CD coins NNS valued VBN at IN about IN 2.9 CD million CD French NNP francs NNS ( ( about IN $ $ 465,000 CD ) ) , , there EX had VBD n't RB been VBN any DT stock-taking NN since IN 1868 CD . . Tony NNP Lambert NNP , , Mrs. NNP Verne NNP 's POS successor NN , , says VBZ the DT mint NN 's POS losses NNS from IN the DT theft NN run VBP into IN the DT hundreds NNS of IN thousands NNS of IN francs NNS . . El NNP Salvador NNP is VBZ destroying VBG more RBR than IN 1.6 CD million CD pounds NNS of IN food NN that WDT had VBD rotted VBN in IN government NN warehouses NNS , , government NN officials NNS said VBD . . The DT state NN Supply NNP Regulator NNP Institute NNP is VBZ to TO burn VB rice NN , , corn NN and CC beans NNS that WDT spoiled VBD because IN of IN neglect NN and CC corruption NN in IN the DT previous JJ Christian NNP Democrat NNP government NN , , a DT statement NN from IN the DT information NN service NN SISAL NNP said VBD . . During IN the DT past JJ administration NN the DT foodstuffs NNS were VBD first RB bought VBN by IN the DT institute NN , , then RB sold VBN at IN low JJ prices NNS to TO `` `` unscrupulous JJ businessmen NNS '' '' who WP resold VBP them PRP to TO the DT institute NN at IN inflated JJ prices NNS , , the DT statement NN said VBD . . A DT black-draped JJ cruise NN liner NN sailed VBD into IN Naples NNP yesterday NN bringing VBG 800 CD Libyans NNPS threatening JJ vengeance NN if IN Italy NNP refuses VBZ to TO pay VB compensation NN for IN more RBR than IN 30 CD years NNS of IN colonial NN rule NN . . Another DT 250 CD Libyans NNPS were VBD already RB in IN Italy NNP to TO stage VB a DT day NN of IN mourning VBG for IN victims NNS of IN Italy NNP 's POS colonial NN rule NN between IN 1911 CD and CC 1943 CD , , when WRB Tripoli NNP says VBZ Rome NNP kidnapped VBD 5,000 CD Libyans NNPS and CC deported VBD them PRP as RB forced VBN labor NN . . Libya NNP 's POS revolutionary JJ Committees NNS have VBP threatened VBN attacks NNS on IN Italians NNPS if IN Rome NNP does VBZ n't RB pay VB compensation NN . . But CC officials NNS in IN Rome NNP say VBP the DT issue NN was VBD legally RB resolved VBN by IN a DT settlement NN between IN Italy NNP and CC King NNP Idris NNP , , deposed VBN by IN Col. NNP Muammar NNP Gadhafi NNP in IN 1969 CD . . Canadian NNP Indians NNPS are VBP taking VBG five CD countries NNS to TO court NN in IN a DT bid NN to TO stop VB low JJ military JJ flights NNS over IN their PRP$ homes NNS , , the DT Dutch NNP Defense NNP Ministry NNP said VBD . . Representatives NNS of IN the DT Inuit NNP and CC Cree NNP peoples NNS living VBG in IN Quebec NNP and CC Labrador NNP in IN northeastern JJ Canada NNP told VBD the DT ministry NN of IN the DT planned VBN action NN at IN a DT meeting NN , , a DT ministry NN spokesman NN said VBD . . They PRP also RB wanted VBD to TO prevent VB a DT NATO NNP training NN base NN being VBG built VBN in IN the DT region NN , , he PRP said VBD . . The DT action NN , , in IN the DT Canadian NNP Federal NNP Court NNP , , will MD be VB against IN Canada NNP , , the DT Netherlands NNP , , West NNP Germany NNP , , Britain NNP and CC the DT U.S. NNP , , the DT ministry NN spokesman NN said VBD . . Japan NNP suspended VBD imports NNS of IN French NNP mushrooms NNS after IN finding VBG some DT contaminated VBN by IN radiation NN , , an DT official NN of IN the DT Ministry NNP of IN Health NNP and CC Welfare NNP said VBD . . Japan NNP has VBZ been VBN testing VBG imported VBN food NN from IN Europe NNP since IN the DT April NNP 1986 CD Chernobyl NNP accident NN in IN the DT Soviet NNP Union NNP , , the DT spokesman NN said VBD . . Since IN then RB , , the DT ministry NN has VBZ announced VBN 50 CD bans NNS on IN food NN imports NNS from IN European JJ countries NNS , , including VBG Italy NNP , , Spain NNP , , Turkey NNP , , Greece NNP and CC the DT Soviet NNP Union NNP . . The DT Venice NNP city NN council NN is VBZ battling VBG plans NNS to TO tap VB huge JJ gas NN fields NNS off IN the DT coast NN that IN it PRP says VBZ will MD speed VB up RP the DT city NN 's POS slow JJ sinking NN into IN its PRP$ lagoon NN . . AGIP NNP , , the DT state-owned JJ energy NN giant NN , , made VBD the DT announcement NN about IN the DT gas NN field NN last JJ month NN . . Located VBN six CD miles NNS northeast RB of IN Venice NNP , , the DT field NN contains VBZ 875 CD billion CD cubic JJ feet NNS of IN methane NN gas NN - : one-tenth NN of IN Italy NNP 's POS reserves NNS . . Alarmed JJ councilors NNS say VBP the DT project NN could MD jeopardize VB costly JJ efforts NNS to TO stop VB , , or CC slow VB down RP , , the DT subsidence NN that WDT makes VBZ Venice NNP subject JJ to TO regular JJ and CC destructive JJ flooding NN . . The DT council NN unanimously RB opposed VBD the DT idea NN of IN AGIP NNP pumping VBG out RP the DT methane NN gas NN and CC swiftly RB appealed VBD to TO the DT company NN and CC to TO Prime NNP Minister NNP Giulio NNP Andreotti NNP , , who WP has VBZ yet RB to TO reply VB . . AGIP NNP refused VBD to TO reconsider VB and CC says VBZ drilling NN is VBZ due JJ to TO start VB early JJ next JJ year NN . . `` `` It PRP 's VBZ unlikely RB extracting VBG the DT gas NN will MD cause VB subsidence NN , , '' '' says VBZ a DT spokeswoman NN . . Thieves NNS stole VBD a DT 12th JJ century NN fresco NN from IN an DT abandoned VBN church NN in IN Camerino NNP , , Italy NNP , , by IN removing VBG the DT entire JJ wall NN on IN which WDT the DT work NN had VBD been VBN painted VBN , , police NNS said VBD ... : . . West NNP Germany NNP 's POS BMW NNP commissioned VBD the DT Nuremberg NNP post NN office NN to TO test VB a DT prototype NN battery-powered JJ car NN . . The DT vehicle NN has VBZ a DT top JJ speed NN of IN 65 CD miles NNS an DT hour NN and CC requires VBZ recharging VBG from IN a DT standard JJ wall NN socket NN every DT 100 CD miles NNS . . Total NNP Assets NNPS Protection NNP Inc. NNP , , rebounding VBG from IN its PRP$ earlier JJR loss NN , , expects VBZ to TO report VB earnings NNS from IN operations NNS of IN about IN $ $ 200,000 CD for IN the DT third JJ quarter NN , , J.C. NNP Matlock NNP , , chairman NN , , said VBD . . Net JJ income NN includes VBZ an DT extraordinary JJ gain NN of IN about IN $ $ 100,000 CD from IN the DT reversal NN of IN bad JJ debt NN and CC interest NN income NN . . Revenue NN was VBD about IN $ $ 4.5 CD million CD . . In IN the DT 1988 CD third JJ quarter NN , , the DT company NN posted VBD a DT net JJ loss NN of IN $ $ 876,706 CD , , or CC 22 CD cents NNS a DT share NN , , on IN revenue NN of IN about IN $ $ 5.1 CD million CD . . Total NNP Assets NNPS plans VBZ and CC designs VBZ computer NN centers NNS , , computer NN security NN systems NNS and CC computer NN backup NN systems NNS . . Regarding VBG your PRP$ Oct. NNP 4 CD page-one NN article NN `` `` Bad NNP Blood NNP '' '' on IN the DT generic-drug JJ battle NN : : The DT Epilepsy NNP Institute NNP is VBZ not RB just RB a DT patient-advocacy NN organization NN . . It PRP is VBZ primarily RB a DT certified JJ outpatient NN treatment NN facility NN providing VBG comprehensive JJ services NNS to TO people NNS with IN epilepsy NN and CC their PRP$ families NNS . . The DT institute NN 's POS advocacy NN efforts NNS are VBP based VBN on IN the DT needs NNS of IN the DT population NN it PRP serves VBZ and CC represents VBZ . . In IN 1985 CD , , the DT Medical NNP Tribune NNP reported VBD that IN a DT growing VBG number NN of IN critics NNS are VBP challenging VBG the DT FDA NNP bioequivalence-therapeutic-equivalence JJ equation NN . . `` `` They PRP contend VBP it PRP is VBZ based VBN on IN an DT assumption NN that WDT has VBZ not RB yet RB been VBN proven VBN in IN valid JJ tests NNS , , '' '' the DT Tribune NNP said VBD . . In IN 1986 CD , , some DT institute NN patients NNS were VBD reporting VBG breakthrough NN seizures NNS when WRB they PRP were VBD switched VBN from IN a DT specific JJ brand-name JJ medication NN to TO a DT generic JJ one CD or CC from IN one CD generic JJ manufacturer NN of IN a DT specific JJ product NN to TO another DT . . In IN addition NN , , neurologists NNS were VBD beginning VBG to TO report VB these DT observations NNS as RB well RB . . Call VB it PRP anecdotal JJ if IN you PRP will MD . . But CC no DT ethical JJ physician NN would MD switch VB patients NNS who WP were VBD doing VBG well RB on IN a DT specific JJ medication NN from IN a DT specific JJ manufacturer NN to TO prove VB a DT point NN . . We PRP do VBP not RB depend VB on IN pharmaceutical JJ companies NNS for IN our PRP$ support NN . . The DT institute NN has VBZ governmental JJ service NN contracts NNS for IN the DT provision NN of IN direct JJ patient NN services NNS ; : collects VBZ patient JJ fees NNS ; : receives VBZ money NN through IN contributions NNS from IN individuals NNS , , foundations NNS and CC bequests NNS . . The DT funds NNS received VBN from IN pharmaceutical JJ firms NNS are VBP used VBN to TO offset VB physician NN symposiums NNS , , and CC these DT symposiums NNS do VBP not RB stress VB any DT particular JJ medication NN or CC manufacturer NN . . The DT Epilepsy NNP Institute NNP 's POS reporting NN of IN breakthrough NN seizures NNS stemmed VBD from IN concerns NNS about IN the DT people NNS we PRP treat VBP and CC care VBP about IN daily RB . . This DT perhaps RB was VBD perceived VBN as IN a DT `` `` bold JJ '' '' stance NN , , and CC thus RB suspicious JJ . . But CC let VB us PRP not RB confuse VB profits NNS of IN big JJ business NN masquerading VBG as IN concerns NNS for IN people NNS 's POS health NN care NN or CC for IN the DT cost NN . . For IN whom WP is VBZ the DT saving NN ? . Surely RB not RB to TO people NNS with IN epilepsy NN who WP depend VBP on IN the DT same JJ levels NNS of IN medication NN in IN their PRP$ bloodstream NN daily RB to TO maintain VB seizure NN control NN . . Reina NNP Berner NNP Executive NNP Director NNP Arnold NNP M. NNP Katz NNP Parker NNP Hannifin NNP Corp. NNP said VBD it PRP agreed VBD to TO sell VB its PRP$ three CD automotive JJ parts NNS divisions NNS to TO a DT management-led JJ investor NN group NN for IN $ $ 80 CD million CD . . The DT buy-out JJ group NN is VBZ headed VBN by IN Paul NNP R. NNP Lederer NNP , , president NN of IN Parker NNP 's POS automotive JJ group NN , , and CC includes VBZ several JJ other JJ executives NNS of IN the DT three CD divisions NNS . . The DT units NNS are VBP the DT Edelmann NNP , , Ideal NNP and CC Plews NNP divisions NNS . . Net JJ sales NNS for IN the DT units NNS for IN the DT fiscal JJ year NN ended VBD June NNP 30 CD were VBD $ $ 135.6 CD million CD . . Parker NNP officials NNS said VBD the DT company NN is VBZ selling VBG the DT units NNS to TO focus VB on IN its PRP$ other JJ businesses NNS . . A DT volcano NN will MD erupt VB next JJ month NN on IN the DT fabled JJ Strip NNP : : a DT 60-foot JJ mountain NN spewing VBG smoke NN and CC flame NN every DT five CD minutes NNS . . The DT man-made JJ inferno NN will MD tower VB over IN a DT man-made JJ lagoon NN with IN more RBR than IN four CD acres NNS of IN pools NNS , , grottoes NNS and CC waterfalls NNS . . Visitors NNS , , whisked VBN from IN the DT Strip NNP on IN a DT moving VBG walkway NN , , will MD glide VB over IN a DT habitat NN for IN rare JJ white JJ tigers NNS , , which WDT will MD star VB in IN performances NNS by IN the DT famed JJ illusionist NN team NN of IN Siegfried NNP & CC Roy NNP . . Nearby RB , , six CD dolphins NNS will MD frolic VB in IN a DT 1.5 CD million-gallon JJ saltwater NN aquarium NN . . At IN the DT core NN of IN all PDT this DT stands VBZ a DT hotel NN . . In IN the DT lobby NN behind IN its PRP$ nine-story JJ , , orchid-strewn JJ atrium NN , , a DT 20,000-gallon JJ aquarium NN will MD come VB alive JJ with IN sharks NNS , , stingrays NNS , , angelfish NN , , puffers NNS and CC other JJ creatures NNS of IN the DT deep JJ . . And CC oh UH , , yes UH . . There EX 's VBZ a DT casino NN , , the DT financial JJ heart NN of IN it PRP all DT . . This DT is VBZ the DT Mirage NNP , , a DT $ $ 630 CD million CD island-fantasy JJ hotel-casino NN now RB being VBG completed VBN for IN opening VBG in IN November NNP by IN Golden NNP Nugget NNP Inc NNP . . It PRP 's VBZ the DT most RBS stunning JJ example NN of IN Las NNP Vegas NNP 's POS concerted JJ effort NN to TO transform VB itself PRP into IN a DT world-famous JJ vacation NN resort NN for IN families NNS as RB well RB as IN gamblers NNS . . Las NNP Vegas NNP has VBZ seen VBN nothing NN quite RB like IN it PRP before IN . . Not RB for IN 15 CD years NNS has VBZ a DT big JJ new JJ hotel-casino NN opened VBN here RB . . Now RB the DT Mirage NNP and CC Circus NNP Circus NNP Enterprises NNPS Inc. NNP 's POS $ $ 290 CD million CD Excalibur NNP are VBP going VBG up IN . . The DT Excalibur NNP , , with IN a DT castlelike JJ hotel NN , , jousting VBG tournaments NNS and CC other JJ Arthurian JJ attractions NNS , , will MD be VB able JJ to TO handle VB up IN to TO 30,000 CD visitors NNS a DT day NN when WRB it PRP opens VBZ in IN 1990 CD . . If IN MGM NNP Grand NNP Inc. NNP proceeds VBZ with IN its PRP$ plan NN for IN an DT amusement NN park NN -- : a DT $ $ 700 CD million CD movieland NN resort NN with IN a DT working JJ studio NN , , casino NN and CC 5,000-room JJ hotel NN that WDT would MD become VB Las NNP Vegas NNP 's POS biggest JJS -- : the DT investment NN in IN the DT three CD properties NNS will MD total VB some DT $ $ 1.6 CD billion CD . . MGM NNP Grand NNP has VBZ agreed VBN to TO buy VB a DT 117-acre JJ site NN for IN the DT resort NN for IN $ $ 93 CD million CD in IN cash NN plus CC stock NN currently RB valued VBN at IN nearly RB $ $ 30 CD million CD . . Smaller JJR projects NNS swell VBP the DT figure NN to TO at IN least JJS $ $ 2.5 CD billion CD . . Still RB other JJ projects NNS that WDT have VBP been VBN announced VBN but CC not RB yet RB started VBN could MD put VB expenditures NNS above IN $ $ 3 CD billion CD over IN the DT next JJ few JJ years NNS . . Stephen NNP A. NNP Wynn NNP , , who WP owns VBZ 29.4 CD % NN of IN Golden NNP Nugget NNP 's POS shares NNS , , says VBZ the DT Mirage NNP and CC other JJ projects NNS will MD help VB Las NNP Vegas NNP attract VB a DT whole JJ new JJ generation NN of IN visitors NNS . . `` `` If IN you PRP create VBP a DT wonderment NN , , if IN you PRP create VBP something NN so RB exciting JJ that IN the DT public JJ dreams VBZ of IN being VBG part NN of IN it PRP , , then RB they PRP 'll MD come VB , , '' '' he PRP says VBZ . . The DT projects NNS already RB under IN construction NN will MD increase VB Las NNP Vegas NNP 's POS supply NN of IN hotel NN rooms NNS by IN 11,795 CD , , or CC nearly RB 20 CD % NN , , to TO 75,500 CD . . By IN a DT rule NN of IN thumb NN of IN 1.5 CD new JJ jobs NNS for IN each DT new JJ hotel NN room NN , , Clark NNP County NNP will MD have VB nearly RB 18,000 CD new JJ jobs NNS . . The DT county NN at IN the DT end NN of IN 1988 CD had VBD 307,000 CD jobs NNS , , 95,400 CD of IN them PRP in IN the DT tourist NN industry NN . . Projects NNS in IN the DT talking VBG or CC blueprint NN stage NN would MD add VB a DT further JJR 48,000 CD rooms NNS . . Hotel-casino NN operators NNS play VBP down RP the DT possibility NN of IN a DT labor NN shortage NN . . After IN all DT , , 40,000 CD newcomers NNS a DT year NN are VBP settling VBG in IN the DT Las NNP Vegas NNP Valley NNP . . But CC Nevada NNP state NN labor NN economists NNS think VBP a DT shortage NN is VBZ probable JJ . . Nobody NN yet RB seems VBZ to TO have VB calculated VBN the DT total JJ number NN of IN slot NN machines NNS , , crap NN tables NNS or CC roulette NN wheels NNS Las NNP Vegas NNP will MD add VB to TO the DT enormous JJ store NN that IN Lady NNP Luck NNP already RB guards VBZ here RB , , much RB less JJR the DT ultimate JJ impact NN of IN the DT growth NN on IN schools NNS and CC municipal JJ services NNS . . `` `` Traffic NN is VBZ certainly RB a DT concern NN , , as IN is VBZ pollution NN , , water NN and CC an DT adequate JJ labor NN market NN , , '' '' says VBZ Frank NNP Sain NNP , , executive JJ director NN of IN the DT Las NNP Vegas NNP Convention NNP and CC Visitors NNPS Bureau NNP . . City NN fathers NNS have VBP managed VBN to TO push VB through RP projects NNS that WDT are VBP crucial JJ for IN tourist NN growth NN , , such JJ as IN the DT expansion NN of IN McCarran NNP International NNP Airport NNP to TO accommodate VB the DT 44 CD % NN of IN Las NNP Vegas NNP tourists NNS who WP fly VBP here RB . . This DT year NN , , by IN one CD means NNS of IN transport NN or CC another DT , , more RBR than IN 18 CD million CD people NNS will MD visit VB the DT city NN . . The DT expansion NN will MD set VB off RP a DT marketing NN war NN among IN the DT big JJ hotel-casinos NNS . . Las NNP Vegas NNP promises VBZ , , or CC threatens VBZ , , to TO become VB a DT giant JJ carnival NN , , with IN rooms NNS to TO be VB had VBN for IN $ $ 45 CD a DT day NN or CC less JJR , , for IN visitors NNS uninspired JJ solely RB by IN gambling VBG . . Amid IN a DT riot NN of IN jousting VBG knights NNS , , circus NN clowns NNS , , gold-leaf JJ centurions NNS and CC creatures NNS of IN the DT wild JJ , , lesser JJR competitors NNS will MD fall VB . . Caesars NNP World NNP Inc. NNP plans VBZ to TO defend VB its PRP$ august JJ reputation NN by IN sinking VBG $ $ 190 CD million CD into IN its PRP$ opulent JJ Caesars NNP Palace NNP , , next JJ door NN to TO the DT new JJ Mirage NNP , , and CC adding VBG a DT $ $ 100 CD million CD shopping NN area NN reminiscent NN of IN Rodeo NNP Drive NNP . . The DT Palace NNP , , with IN its PRP$ marble NN fountains NNS and CC toga NN parties NNS for IN high JJ rollers NNS , , is VBZ already RB well-known JJ for IN its PRP$ Caesarean JJ theme NN . . The DT Flamingo NNP Hilton NNP , , Imperial NNP Palace NNP , , Frontier NNP and CC others NNS are VBP pouring VBG millions NNS of IN dollars NNS into IN facelifts NNS , , new JJ room NN towers NNS and CC casino NN floor NN space NN just RB to TO keep VB up IN . . Where WRB 's VBZ this DT huge JJ amount NN of IN investment NN capital NN coming VBG from IN ? . Golden NNP Nugget NNP , , Drexel NNP Burnham NNP Lambert NNP Inc. NNP 's POS first JJ casino NN client NN , , has VBZ borrowed VBN on IN more RBR than IN $ $ 600 CD million CD worth NN of IN mortgage NN notes NNS , , mostly RB sold VBN to TO private JJ investors NNS by IN Drexel NNP , , to TO build VB the DT Mirage NNP . . Other JJ casino NN owners NNS , , Circus NNP Circus NNP among IN them PRP , , are VBP financing VBG their PRP$ expansion NN with IN their PRP$ own JJ cash NN and CC revolving VBG credit NN lines NNS from IN local JJ lenders NNS such JJ as IN First NNP Interstate NNP Bank NNP of IN Nevada NNP . . Will MD the DT investments NNS pay VB off IN ? . The DT growth NN of IN Las NNP Vegas NNP tourism NN in IN recent JJ years NNS persuades VBZ lenders NNS that IN they PRP will MD . . Casino NN revenues NNS and CC hotel NN occupancy NN rates NNS are VBP high JJ . . Last JJ year NN , , the DT tourists NNS left VBD $ $ 3 CD billion CD with IN the DT area NN 's POS casinos NNS , , nearly RB 10 CD % NN more JJR than IN in IN 1987 CD . . The DT people NNS with IN a DT stake NN in IN Nevada NNP 's POS gambling VBG industry NN believe VBP that IN they PRP have VBP barely RB tapped VBN the DT potentially RB huge JJ family NN trade NN . . `` `` If IN you PRP build VBP a DT better JJR mousetrap NN , , it PRP will MD catch VB more JJR mice NNS , , '' '' says VBZ Fred NNP Benninger NNP , , chairman NN of IN MGM NNP Grand NNP . . Ellen NNP Cokely NNP , , a DT tourist NN from IN Alton NNP , , Ill. NNP , , seems VBZ inclined VBN to TO agree VB . . `` `` I PRP 'd MD love VB it PRP if IN my PRP$ daughter NN had VBD something NN else RB to TO do VB here RB , , '' '' says VBZ Ms. NNP Cokely NNP , , watching VBG seven-year-old JJ Kristin NNP on IN the DT water NN slide NN at IN the DT Strip NNP 's POS Wet NNP 'n' CC Wild NNP water NN park NN . . `` `` Two CD generations NNS ago IN , , Dad NNP came VBD to TO Las NNP Vegas NNP by IN himself PRP for IN a DT little JJ diversion NN , , '' '' says VBZ Van NNP Heffner NNP , , executive JJ vice NN president NN of IN the DT Nevada NNP Hotel NNP and CC Motel NNP Association NNP . . `` `` One CD generation NN ago IN , , Mom NN joined VBD Dad NNP . . Now RB , , in IN the DT '90s NNS , , we PRP 're VBP headed VBN toward IN a DT total JJ resort NN environment NN . . '' '' Only RB a DT decade NN or CC so RB ago IN , , casino NN managers NNS balked VBD at IN in-room JJ TV NN sets NNS and CC other JJ fripperies NNS that WDT distracted VBD from IN gambling VBG . . Casinos NNS today NN offer VBP bowling VBG alleys NNS , , water NN parks NNS , , golf NN courses NNS , , tennis NN courts NNS , , lush JJ swimming NN pools NNS and CC other JJ diversions NNS , , and CC more RBR such JJ facilities NNS are VBP being VBG designed VBN . . Despite IN the DT new JJ emphasis NN on IN the DT family NN trade NN , , however RB , , tourists NNS in IN search NN of IN naughtier JJR fun NN than IN gambling VBG seem VBP certain JJ to TO find VB it PRP , , with IN Las NNP Vegas NNP call JJ girls NNS remaining VBG on IN the DT scene NN . . A DT serious JJ economic JJ downturn NN , , pessimists NNS observe VBP , , could MD hurt VB the DT expansionists NNS . . For IN now RB , , however RB , , the DT naysayers NNS ' POS voices NNS are VBP drowned VBN by IN the DT roar NN of IN cement NN mixers NNS and CC the DT clanging NN of IN construction NN cranes NNS along IN the DT Strip NNP . . This DT is VBZ no DT place NN for IN pedestrians NNS , , but CC at IN 7:30 CD on IN a DT recent JJ morning NN , , when WRB construction NN choked VBD traffic NN at IN the DT famous JJ Four CD Corners NNPS intersection NN to TO one CD lane NN , , a DT taxi NN passenger NN found VBD it PRP faster JJR to TO abandon VB the DT cab NN and CC walk NN to TO her PRP$ destination NN . . The DT ferocious JJ competition NN probably RB will MD drive VB some DT poorly RB managed VBN properties NNS into IN bankruptcy NN or CC new JJ ownership NN . . It PRP has VBZ happened VBN before IN . . The DT Dunes NNPS , , the DT Aladdin NNP and CC the DT Riviera NNP were VBD all DT acquired VBN by IN the DT present JJ owners NNS from IN bankruptcy NN proceedings NNS spawned VBN by IN the DT last JJ recession NN , , in IN the DT early JJ 1980s CD . . Yet RB that DT has VBZ n't RB discouraged VBN investors NNS . . Some DT have VBP bought VBN big JJ chunks NNS of IN Strip NNP property NN for IN what WP may MD turn VB into IN another DT wave NN of IN building VBG . . Atlantic NNP City NNP casino NN owner NN Donald NNP Trump NNP is VBZ scouting VBG the DT Las NNP Vegas NNP market NN with IN an DT eye NN toward IN building VBG an DT appropriately RB spectacular JJ place NN . . Even RB before IN the DT huge JJ new JJ projects NNS began VBD , , the DT Strip NNP 's POS recent JJ expansion NN squeezed VBD smaller JJR competitors NNS . . Many JJ blue-collar JJ customers NNS of IN downtown NN 's POS no-frills JJ gambling VBG spots NNS have VBP been VBN lured VBN to TO the DT Strip NNP or CC to TO Laughlin NNP , , Nev. NNP , , a DT Colorado NNP River NNP town NN catering NN to TO snowbirds NNS and CC the DT recreational-vehicle NN crowd NN . . Hotel NN expansion NN and CC an DT influx NN of IN more-discriminating JJ tourists NNS have VBP hurt VBN motels NNS . . Since IN 1979 CD , , the DT number NN of IN motel NN rooms NNS has VBZ fallen VBN by IN 17,000 CD . . Many JJ people NNS here RB expect VBP a DT room-rate JJ war NN as IN the DT new JJ projects NNS open VBP . . `` `` There EX 's VBZ probably RB going VBG to TO be VB some DT pressure NN on IN occupancy NN and CC room NN rates NNS over IN the DT next JJ year NN , , but CC after IN that IN you PRP should MD see VB the DT market NN return VB to TO 80%-plus JJ occupancy NN and CC regular JJ rates NNS , , '' '' says VBZ Paul NNP Rubeli NNP , , casino NN executive NN at IN Ramada NNP Inc. NNP , , which WDT runs VBZ the DT Tropicana NNP . . Skeptics NNS wonder VBP whether IN mega-resorts NNS such JJ as IN the DT Mirage NNP will MD be VB able JJ to TO squeeze VB a DT profit NN from IN their PRP$ cash NN flow NN . . The DT Mirage NNP will MD cost VB at IN least JJS $ $ 1 CD million CD a DT day NN to TO operate VB . . Mr. NNP Wynn NNP seems VBZ confident JJ that IN it PRP will MD produce VB a DT healthy JJ profit NN , , but CC some DT securities NNS analysts NNS doubt VBP it PRP . . Competitors NNS and CC analysts NNS say VBP that IN among IN large JJ existing VBG properties NNS Bally NNP Manufacturing NNP Corp. NNP 's POS Bally NNP Grand NNP hotel-casino NN probably RB will MD be VB hardest RBS hit VBN among IN major JJ properties NNS . . Bally NNP officials NNS decline VBP to TO discuss VB the DT situation NN . . Bally NNP bought VBD the DT former JJ MGM NNP Grand NNP hotel-casino NN from IN Kirk NNP Kerkorian NNP four CD years NNS ago IN . . Only RB now RB is VBZ it PRP undergoing VBG a DT badly RB needed VBN facelift NN . . Its PRP$ parking NN lot NN is VBZ inconvenient JJ , , the DT MGM NNP lion's-head NN logo NN still RB appears VBZ in IN places NNS , , and CC customers NNS still RB call VBP it PRP the DT Grand NNP , , rather RB than IN the DT Bally NNP Grand NNP . . It PRP has VBZ a DT `` `` great JJ location NN , , but CC they PRP 're VBP going VBG to TO have VB some DT real JJ problems NNS when WRB everyone NN around IN them PRP opens VBZ , , '' '' says VBZ Daniel NNP Lee NNP , , a DT Drexel NNP analyst NN . . Older JJR properties NNS that WDT still RB have VBP a DT 1950s CD image NN are VBP also RB vulnerable JJ . . Any DT hotel-casino NN without IN a DT strong JJ identity NN will MD get VB whacked VBN by IN the DT new JJ competition NN , , says VBZ Glenn NNP Schaeffer NNP , , senior JJ vice NN president NN of IN Circus NNP Circus NNP . . `` `` If IN you PRP do VBP n't RB know VB what WP you PRP are VBP , , bigger JJR wo MD n't RB make VB you PRP better JJR , , '' '' he PRP says VBZ . . `` `` But CC it PRP 'll MD sure RB make VB you PRP poorer JJR . . '' '' Circus NNP Circus NNP 's POS flagship NN casino NN has VBZ become VBN the DT envy NN of IN competitors NNS for IN its PRP$ ability NN to TO vacuum VB cash NN from IN the DT pockets NNS of IN vacationing VBG families NNS . . The DT Circus NNP Circus NNP lures VBZ them PRP with IN low JJ room NN rates NNS , , inexpensive JJ buffets NNS and CC entertainment NN for IN children NNS at IN no DT extra JJ charge NN . . The DT company NN 's POS Excalibur NNP will MD also RB appeal VB to TO families NNS , , of IN course NN . . Its PRP$ castle NN , , Mr. NNP Schaeffer NNP says VBZ , , will MD be VB `` `` the DT most RBS compelling JJ piece NN of IN folk NN architecture NN ever RB built VBN . . '' '' Some DT casino NN owners NNS have VBP resisted VBN the DT temptation NN to TO add VB rooms NNS . . Instead RB , , they PRP are VBP spending VBG to TO reinforce VB the DT identity NN that IN they PRP believe VBP attracts VBZ their PRP$ customers NNS . . `` `` More JJR rooms NNS are VBP n't RB the DT answer NN for IN us PRP , , '' '' says VBZ Caesars NNP World NNP chairman NN Henry NNP Gluck NNP . . While IN his PRP$ company NN 's POS hotel NN is VBZ building VBG a DT retail JJ complex NN in IN Beverly NNP Hills NNP style NN and CC redoing VBG existing VBG rooms NNS , , it PRP has VBZ decreased VBN the DT number NN of IN its PRP$ rooms NNS . . Some DT have VBP been VBN combined VBN into IN suites NNS for IN the DT high JJ rollers NNS . . Caesars NNP has VBZ made VBN a DT specialty NN of IN catering NN to TO high JJ rollers NNS from IN abroad RB , , who WP are VBP also RB being VBG aggressively RB courted VBN by IN the DT Mirage NNP , , the DT Las NNP Vegas NNP Hilton NNP and CC others NNS . . Other JJ , , smaller JJR concerns NNS are VBP also RB pursuing VBG market NN niches NNS -- : Hawaiian JJ tourists NNS , , for IN example NN , , or CC the DT local JJ trade NN . . `` `` There EX 's VBZ still RB room NN for IN boutique NN properties NNS , , '' '' says VBZ James NNP Barrett NNP , , president NN of IN MarCor NNP Resorts NNPS Inc NNP . . Off IN the DT Strip NNP , , MarCor NNP is VBZ building VBG the DT Rio NNP , , a DT hotel-casino NN with IN a DT Brazilian JJ theme NN and CC only RB 430 CD rooms NNS -- : all DT of IN them PRP suites NNS . . Despite IN the DT proliferation NN of IN tourist NN distractions NNS , , Las NNP Vegans NNPS have VBP n't RB forgot VBN that IN gambling NN is VBZ still RB what WP the DT town NN is VBZ all DT about IN . . `` `` The DT days NNS when WRB when WRB the DT thrust NN of IN casinos NNS was VBD all DT high JJ rollers NNS , , with IN no DT windows NNS and CC clocks NNS and CC lots NNS of IN red JJ and CC black JJ decor NN , , are VBP gone VBN , , '' '' Mr. NNP Sain NNP of IN the DT visitors NNS ' POS bureau NN says VBZ . . `` `` But CC 93 CD % NN of IN tourists NNS still RB come VBN for IN gambling NN . . We PRP ca MD n't RB lose VB sight NN of IN that DT . . NORTH NNP SIDE NNP SAVINGS NNP BANK NNP directors NNS declared VBD an DT initial JJ dividend NN of IN 10 CD cents NNS a DT share NN , , payable JJ Dec. NNP 5 CD to TO stock NN of IN record NN Nov. NNP 21 CD . . The DT Floral NNP Park NNP , , N.Y. NNP , , thrift NN has VBZ a DT strong JJ capital-to-assets NNS ratio NN , , said VBD Vice NNP President NNP Michael NNP D.N. NNP Confer NNP . . At IN Sept. NNP 30 CD , , the DT thrift NN , , which WDT converted VBD to TO a DT stock NN form NN of IN ownership NN from IN a DT mutual JJ form NN in IN April NNP 1986 CD , , had VBD more RBR than IN four CD million CD shares NNS outstanding JJ . . ARTICLE NN I NN , , SECTION NN 7 CD , , CLAUSE NN 2 CD : : Every DT Bill NN which WDT shall MD have VB passed VBN the DT House NNP of IN Representatives NNPS and CC the DT Senate NNP , , shall MD , , before IN it PRP becomes VBZ a DT Law NNP , , be VB presented VBN to TO the DT President NNP of IN the DT United NNP States NNPS ; : If IN he PRP approve VB he PRP shall MD sign VB it PRP , , but CC if IN not RB he PRP shall MD return VB it PRP , , with IN his PRP$ Objections NNS to TO that DT House NNP in IN which WDT it PRP shall MD have VB originated VBN , , who WP shall MD enter VB the DT Objections NNS at IN large JJ on IN their PRP$ Journal NN , , and CC proceed VB to TO reconsider VB it PRP . . If IN after IN such JJ Reconsideration NN two CD thirds NNS of IN that IN House NNP shall MD agree VB to TO pass VB the DT Bill NN , , it PRP shall MD be VB sent VBN , , together RB with IN the DT Objections NNS , , to TO the DT other JJ House NNP , , by IN which WDT it PRP shall MD likewise RB be VB reconsidered VBN , , and CC if IN approved VBN by IN two CD thirds NNS of IN that DT House NNP , , it PRP shall MD become VB a DT Law NN ... : . . ARTICLE NN I NN , , SECTION NN 7 CD , , CLAUSE NN 3 CD : : Every DT Order NN , , Resolution NN , , or CC Vote NN to TO which WDT the DT Concurrence NN of IN the DT Senate NNP and CC House NNP of IN Representatives NNPS may MD be VB necessary JJ ( ( except IN on IN a DT question NN of IN Adjournment NN ) ) shall MD be VB presented VBN to TO the DT President NNP of IN the DT United NNP States NNPS ; : and CC before IN the DT Same JJ shall MD take VB Effect NN , , shall MD be VB approved VBN by IN him PRP , , or CC being VBG disapproved VBN by IN him PRP , , shall MD be VB repassed VBN by IN two CD thirds NNS of IN the DT Senate NNP and CC House NNP of IN Representatives NNPS , , according VBG to TO the DT Rules NNPS and CC Limitations NNPS prescribed VBN in IN the DT Case NN of IN a DT Bill NN . . President NNP Bush NNP told VBD reporters NNS a DT few JJ months NNS ago IN that IN he PRP was VBD looking VBG for IN the DT right JJ test NN case NN to TO see VB whether IN he PRP already RB has VBZ the DT line-item JJ veto NN . . Vice NNP President NNP Quayle NNP and CC Budget NNP Director NNP Darman NNP said VBD recently RB they PRP 've VBP joined VBN the DT search NN . . On IN Tuesday NNP , , the DT subject NN came VBD up RP again RB when WRB Marlin NNP Fitzwater NNP explained VBD the DT constitutional JJ argument NN based VBN on IN the DT provisions NNS above IN to TO the DT White NNP House NNP press NN corps NN . . President NNP Bush NNP does VBZ n't RB have VB any DT provision NN in IN mind NN , , but CC line-item-veto JJ bait NN will MD be VB like IN earthworms NNS at IN midnight NN in IN the DT coming VBG Continuing NNP Resolution NNP . . The DT harder JJR question NN is VBZ whether IN anyone NN yet RB understands VBZ that IN Mr. NNP Bush NNP 's POS fight NN for IN his PRP$ constitutional JJ prerogatives NNS is VBZ about IN politics NNS as RB much RB as IN it PRP is VBZ about IN law NN . . We PRP have VBP been VBN persuaded VBN by IN the DT constitutional JJ argument NN for IN the DT inherent JJ line-item JJ veto NN since IN 1987 CD , , when WRB lawyer NN Stephen NNP Glazier NNP first RB made VBD the DT case NN on IN this DT page NN . . The DT 1974 CD budget NN `` `` reform NN , , '' '' passed VBN over IN President NNP Nixon NNP 's POS veto NN , , took VBD away RP the DT presidential JJ impoundment NN power NN , , thereby RB introducing VBG monstrous JJ CRs NNS and CC eviscerating VBG the DT presidential JJ veto NN . . Mr. NNP Glazier NNP discovered VBD that IN the DT Founders NNS had VBD worried VBN that IN Congress NNP might MD take VB the DT President NNP out IN of IN the DT loop NN . . Article NN I NN , , Section NN 7 CD , , Clause NN 3 CD says VBZ that IN whether IN it PRP 's VBZ called VBN an DT `` `` order NN , , resolution NN or CC vote NN '' '' or CC anything NN else RB , , Presidents NNS must MD have VB the DT chance NN to TO veto VB . . Labeling VBG an DT omnibus JJ budget NN a DT `` `` bill NN '' '' ca MD n't RB deprive VB the DT President NNP of IN his PRP$ power NN to TO veto NN items NNS . . Finding VBG a DT test NN case NN should MD n't RB be VB hard JJ , , but CC there EX is VBZ something NN to TO be VB said VBD for IN picking VBG the DT best JJS one CD possible JJ . . The DT White NNP House NNP had VBD the DT perfect JJ case NN , , but CC Congress NNP blinked VBD before IN it PRP could MD go VB to TO court NN . . After IN the DT HUD NNP and CC S&L NNP stories NNS broke VBD , , some DT Congressmen NNS began VBD to TO worry VB that DT their PRP$ influence NN peddling VBG at IN executive-branch JJ and CC independent JJ agencies NNS might MD some DT day NN get VB them PRP in IN trouble NN . . They PRP worried VBD about IN an DT Interior NNP Department NNP directive NN to TO log VB all DT communications NNS with IN Members NNS or CC their PRP$ staffs NNS . . Congress NNP inserted VBD the DT following NN into IN the DT Interior NNP appropriation NN : : `` `` None NN of IN the DT funds NNS available JJ under IN this DT title NN may MD be VB used VBN to TO prepare VB reports NNS on IN contacts NNS between IN employees NNS of IN the DT Dept. NNP of IN the DT Interior NNP and CC Members NNS and CC committees NNS of IN Congress NNP and CC their PRP$ staff NN . . '' '' The DT White NNP House NNP warned VBD that IN this DT would MD be VB an DT unconstitutional JJ usurpation NN of IN its PRP$ power NN . . When WRB it PRP threatened VBD to TO use VB this DT provision NN as IN the DT test NN for IN a DT line-item JJ veto NN , , Congress NNP caved VBD . . The DT fear NN Congress NNP has VBZ of IN any DT line-item-veto JJ test NN led VBD Members NNS to TO add VB the DT single JJ most RBS contorted JJ and CC ridiculous JJ provision NN this DT year NN , , `` `` This DT section NN shall MD be VB effective JJ only RB on IN Oct. NNP 1 CD , , 1989 CD . . '' '' This DT means VBZ Interior JJ contacts NNS can MD not RB be VB logged VBN only RB on IN one CD day NN -- : a DT Sunday NNP that WDT had VBD already RB passed VBN . . If IN the DT White NNP House NNP is VBZ looking VBG for IN another DT unconstitutional JJ bill NN , , Rep. NNP John NNP Dingell NNP is VBZ trying VBG again RB to TO raise VB the DT Fairness NNP Doctrine NNP from IN the DT dead JJ . . President NNP Reagan NNP vetoed VBD this DT as IN a DT First NNP Amendment NNP violation NN . . The DT `` `` Fairness NNP '' '' Doctrine NNP 's POS enthusiasts NNS are VBP incumbents NNS in IN the DT House NNP who WP know VBP the DT rules NNS squelch VBP lively JJ discussions NNS on IN broadcasts NNS , , deterring VBG feisty JJ challengers NNS . . There EX are VBP also RB other JJ provisions NNS requiring VBG Congressmen NNS to TO join VB treaty-negotiating JJ teams NNS and CC new JJ restrictions NNS on IN OMB NNP . . Unconstitutional JJ bills NNS make VBP good JJ legal JJ targets NNS , , but CC the DT line-item JJ veto NN is VBZ better RB understood VBN as IN a DT political JJ opportunity NN than IN as IN mere JJ fodder NN for IN lawyers NNS . . Commenting VBG on IN the DT budget NN mess NN this DT week NN , , President NNP Bush NNP said VBD : : `` `` The DT perception NN out IN there RB is VBZ that IN it PRP 's VBZ the DT fault NN of IN Congress NNP . . And CC you PRP can MD look VB to TO the DT leadership NN and CC ask VB them PRP why WRB that DT is VBZ the DT perception NN of IN the DT American JJ people NNS . . '' '' Exactly RB right RB . . Now RB 's VBZ the DT time NN to TO make VB the DT political JJ case NN that IN Presidents NNS need VBP the DT line-item JJ weapon NN to TO restore VB discipline NN to TO the DT budget NN . . Congress NNP is VBZ in IN no DT position NN to TO naysay VB Mr. NNP Bush NNP now RB that IN we PRP 're VBP into IN Gramm-Rudman NNP 's POS sequestration NN . . Just RB this DT week NN , , the DT House-Senate NNP conference NN met VBD -- : 231 CD conferees NNS , , divided VBN into IN 26 CD different JJ subconferences NNS . . Senator NNP Daniel NNP Inouye NNP agreed VBD to TO close VB some DT bases NNS in IN Hawaii NNP in IN exchange NN for IN such JJ goodies NNS as IN $ $ 11 CD million CD for IN a DT parking NN lot NN at IN Walter NNP Reed NNP Hospital NNP . . Conference NN negotiator NN Rep. NNP Bill NNP Hefner NNP pulled VBD down RP $ $ 40 CD million CD in IN military JJ bases NNS for IN North NNP Carolina NNP and CC graciously RB allowed VBN Senator NNP James NNP Sasser NNP $ $ 70 CD million CD for IN bases NNS in IN Tennessee NNP . . President NNP Bush NNP should MD take VB the DT Constitution NNP in IN one CD hand NN and CC a DT budget NN ax NN in IN the DT other JJ and CC get VB to TO work VB . . He PRP should MD chop VB out RP both DT unconstitutional JJ provisions NNS and CC budget NN pork NN . . Congress NNP may MD have VB lost VBN any DT sense NN of IN discipline NN , , but CC that IN does VBZ n't RB mean VB the DT country NN must MD learn VB to TO live VB forever RB with IN this DT mess NN . . President NNP Bush NNP has VBZ the DT power NN to TO change VB how WRB Washington NNP works VBZ , , if IN only RB he PRP will MD use VB it PRP . . Troubled JJ SCI NNP Television NNP Inc. NNP proposed VBD to TO restructure VB much JJ of IN its PRP$ $ $ 1.3 CD billion CD in IN debt NN to TO buy VB time NN to TO sell VB assets NNS and CC pay VB its PRP$ obligations NNS . . The DT leveraged JJ buy-out JJ firm NN of IN Kohlberg NNP Kravis NNP Roberts NNP & CC Co. NNP , , which WDT owns VBZ 46 CD % NN of IN the DT common JJ equity NN of IN SCI NNP TV NNP , , indicated VBD in IN the DT debt NN plan NN that IN it PRP would MD reduce VB its PRP$ equity NN stake NN to TO 15 CD % NN , , giving VBG the DT rest NN of IN its PRP$ stake NN to TO bondholders NNS in IN the DT restructuring NN . . KKR NNP also RB signaled VBD to TO the DT company NN 's POS creditors NNS that IN Henry NNP Kravis NNP and CC other JJ KKR NNP directors NNS of IN SCI NNP TV NNP would MD resign VB from IN the DT board NN once IN the DT restructuring NN is VBZ completed VBN and CC forgo VB their PRP$ voting NN rights NNS . . Holders NNS of IN SCI NNP TV NNP 's POS $ $ 507 CD million CD of IN high-yield JJ junk NN bonds NNS are VBP being VBG asked VBD to TO forgive VB a DT lot NN of IN debt NN in IN exchange NN for IN taking VBG a DT 39 CD % NN equity NN stake NN in IN SCI NNP TV NNP . . They PRP immediately RB termed VBD the DT proposal NN inadequate JJ and CC said VBD the DT restructuring VBG would MD not RB solve VB the DT company NN 's POS problems NNS . . `` `` I PRP think VBP the DT current JJ plan NN is VBZ sufficiently RB flawed VBN in IN a DT sufficient JJ number NN of IN bondholders NNS ' POS eyes NNS that IN substantial JJ revisions NNS will MD be VB required VBN to TO get VB it PRP done VBN , , '' '' says VBZ analyst NN Craig NNP Davis NNP of IN R.D. NNP Smith NNP & CC Co. NNP here RB . . Investors NNS interpreted VBD the DT KKR NNP move NN as IN a DT desire NN by IN the DT firm NN to TO wash VB its PRP$ hands NNS of IN SCI NNP TV NNP . . But CC a DT spokesman NN for IN KKR NNP says VBZ that IN with IN only RB a DT 15 CD % NN equity NN stake NN , , it PRP would MD n't RB be VB appropriate JJ for IN KKR NNP to TO keep VB board NN representation NN . . KKR NNP already RB has VBZ made VBN about IN $ $ 1 CD billion CD of IN gains NNS from IN earlier JJR transactions NNS with IN SCI NNP TV NNP , , thus RB it PRP is VBZ n't RB significantly RB affected VBN by IN the DT company NN 's POS troubles NNS . . SCI NNP TV NNP , , which WDT is VBZ controlled VBN by IN Nashville NNP , , Tenn. NNP , , entrepreneur NN George NNP Gillett NNP , , owns VBZ six CD TV NN stations NNS , , including VBG several JJ CBS NNP Inc. NNP affiliates NNS . . It PRP is VBZ having VBG trouble NN meeting VBG its PRP$ debt NN payments NNS because IN of IN heavy JJ borrowing NN in IN 1987 CD for IN a DT leveraged JJ buy-out NN . . Through IN investment NN banker NN Drexel NNP Burnham NNP Lambert NNP Inc. NNP , , SCI NNP TV NNP is VBZ offering VBG to TO exchange VB three CD classes NNS of IN junk NN bonds NNS for IN packages NNS of IN new JJ bonds NNS and CC equity NN that IN investors NNS value NN at IN ranges NNS from IN 20 CD cents NNS to TO 70 CD cents NNS on IN the DT dollar NN . . KKR NNP would MD give VB up RP a DT 31 CD % NN equity NN stake NN to TO bondholders NNS , , while IN Mr. NNP Gillett NNP would MD surrender VB an DT 8 CD % NN stake NN . . While IN one CD big JJ SCI NNP TV NNP investor NN thinks VBZ that DT 's VBZ pretty RB generous JJ , , many JJ junkholders NNS had VBD been VBN hoping VBG that IN KKR NNP and CC Mr. NNP Gillett NNP would MD invest VB new JJ money NN in IN SCI NNP TV NNP . . Those DT investors NNS think VBP SCI NNP TV NNP needs VBZ new JJ equity NN to TO survive VB . . SCI NNP TV NNP 's POS debt NN restructuring NN plan NN would MD defer VB payment NN of IN $ $ 153 CD million CD of IN bank NN debt NN . . It PRP also RB would MD defer VB interest NN and CC principal NN on IN junk NN bonds NNS that WDT have VBP fallen VBN due JJ ; : the DT grace NN period NN for IN paying VBG the DT bill NN expires VBZ Nov. NNP 16 CD . . At IN the DT same JJ time NN , , investors NNS estimate VBP the DT restructuring VBG would MD cut VB the DT company NN 's POS annual JJ cash NN interest NN bill NN from IN about IN $ $ 90 CD million CD to TO $ $ 85 CD million CD . . Yet RB to TO pay VB that DT interest NN bill NN , , analysts NNS say VBP SCI NNP TV NNP will MD only RB produce VB about IN $ $ 80 CD million CD to TO $ $ 90 CD million CD of IN cash NN flow NN a DT year NN . . Office NN Market NN Weakens VBZ In IN Overbuilt JJ Northeast NN THE DT NORTHEAST NN office NN market NN is VBZ feeling VBG serious JJ aftereffects NNS of IN the DT giddy JJ overbuilding NN of IN the DT 1980s CD . . Foreclosures NNS and CC other JJ signs NNS of IN financial JJ distress NN , , most RBS often RB associated VBN with IN the DT real JJ estate NN market NN in IN the DT Southwest NN , , are VBP surfacing VBG in IN the DT suburban JJ office NN market NN of IN the DT once RB thriving JJ Northeast NN . . Some DT projects NNS are VBP now RB in IN the DT hands NNS of IN lenders NNS , , including VBG a DT 425,000-square-foot JJ office NN facility NN in IN Little NNP Falls NNP , , N.J NNP . . The DT owners NNS of IN a DT 32-acre JJ hotel NN and CC office NN complex NN in IN King NNP of IN Prussia NNP , , Pa. NNP , , have VBP advertised VBN for IN new JJ financing NN . . Rising VBG office NN vacancy NN rates NNS in IN Fairfield NNP County NNP , , Conn. NNP , , have VBP builders NNS and CC bankers NNS scrambling VBG to TO restructure VB loans NNS . . And CC in IN suburban JJ Boston NNP , , developers NNS are VBP bracing VBG for IN cutbacks NNS in IN the DT computer NN industry NN , , a DT major JJ user NN of IN office NN space NN . . Many JJ troubled VBN properties NNS have VBP n't RB been VBN foreclosed VBN on IN and CC are VBP hard JJ to TO identify VB , , says VBZ Albert NNP I. NNP Berger NNP , , who WP heads VBZ the DT Secaucus NNP , , N.J. NNP , , office NN of IN Helmsley-Spear NNP Inc. NNP , , a DT real JJ estate NN brokerage NN . . Owners NNS are VBP voluntarily RB -- : and CC quietly RB -- : turning VBG over RP properties NNS to TO lenders NNS through IN `` `` deeds NNS in IN lieu NN of IN foreclosure NN . . '' '' Often RB , , developers NNS stay VBP on RP as IN property NN manager NN . . Real JJ estate NN analyst NN Lloyd NNP Lynford NNP says VBZ the DT Northeast NN 's POS distress NN is VBZ masked VBN by IN relatively RB low JJ vacancy NN rates NNS . . But CC in IN today NN 's POS overbuilt NN market NN , , tenants NNS have VBP many JJ choices NNS and CC are VBP negotiating VBG low JJ rents NNS that WDT squeeze VBP building NN owners NNS . . On IN average NN , , Mr. NNP Lynford NNP says VBZ , , it PRP now RB takes VBZ three CD to TO 3 CD 1\/2 CD years NNS to TO fill VB new JJ office NN space NN , , compared VBN with IN 2 CD 1\/2 CD years NNS in IN 1988 CD . . Beverly NNP Hills NNP Comes VBZ To TO Suburban JJ Tokyo NNP WHY WRB SHOULD MD the DT Japanese NNP cross VB the DT Pacific NNP to TO buy VB American JJ real JJ estate NN when WRB they PRP can MD simply RB recreate VB it PRP at IN home NN ? . Tokyu NNP Development NNP Corp. NNP is VBZ spending VBG $ $ 500 CD million CD to TO build VB American-style JJ luxury NN homes NNS in IN suburban JJ Tokyo NNP with IN rarely RB seen VBN back NN yards NNS , , front JJ yards NNS , , swimming NN pools NNS and CC tennis NN courts NNS . . The DT Japanese JJ company NN hired VBD Richardson NNP Nagy NNP Martin NNP , , a DT Newport NNP Beach NNP , , Calif. NNP , , architectural JJ firm NN , , to TO design VB what WP the DT Japanese JJ press NN has VBZ dubbed VBN `` `` the DT Beverly NNP Hills NNP of IN Tokyo NNP . . '' '' Instead RB of IN Japan NNP 's POS typical JJ small JJ homes NNS clustered VBN on IN narrow JJ streets NNS with IN no DT sidewalks NNS , , the DT new JJ `` `` One CD Hundred NNP Hills NNPS '' '' development NN will MD offer VB 65 CD houses NNS on IN half-acre JJ lots NNS . . That DT 's VBZ more JJR than IN 10 CD times NNS the DT usual JJ housing NN site NN size NN . . Buyers NNS with IN $ $ 6 CD million CD to TO spend VB can MD select VB from IN 11 CD designs NNS , , including VBG a DT Mediterranean-inspired JJ California NNP style NN , , a DT traditional JJ Yankee NN look NN and CC designs NNS inspired VBN by IN Midwestern NN architect NN Frank NNP Lloyd NNP Wright NNP . . There EX are VBP spacious JJ living NN rooms NNS and CC baths NNS , , plus CC a DT master NN grandparents NNS suite NN and CC a DT foyer NN for IN removing VBG shoes NNS to TO suit VB Japanese JJ life NN styles NNS . . Exteriors NNS are VBP faced VBN with IN brick NN , , wood NN or CC stone NN , , but CC the DT homes NNS are VBP made VBN of IN steel-reinforced JJ concrete NN . . `` `` We PRP were VBD disappointed VBN we PRP could MD n't RB use VB wood NN , , '' '' says VBZ architect NN Walter NNP J. NNP Richardson NNP , , `` `` but CC the DT Japanese NNP only RB want VBP stronger JJR materials NNS . . '' '' At IN $ $ 1,000 CD per IN square JJ foot NN , , the DT Japanese NNP want VBP the DT feeling NN of IN indestructibility NN , , he PRP explains VBZ , , not RB to TO mention VB protection NN from IN possible JJ earthquake NN damage NN . . Housing NN Developers NNS Try VBP Brand-Name NN Buildings NNS RESIDENTIAL NNP builders NNS , , faced VBN with IN a DT more RBR competitive JJ market NN , , are VBP turning VBG to TO a DT traditional JJ consumer NN marketing NN technique NN to TO establish VB brand-name NN identity NN . . `` `` One CD of IN the DT difficulties NNS people NNS in IN real JJ estate NN have VBP is VBZ that IN each DT product NN is VBZ like IN starting VBG a DT new JJ company NN , , or CC starting VBG a DT new JJ line NN in IN the DT fashion NN business NN , , '' '' says VBZ L. NNP Robert NNP Lieb NNP president NN of IN Mountain NNP Development NNP Corp. NNP in IN West NNP Paterson NNP , , N.J NNP . . So IN he PRP 's VBZ using VBG `` `` river NN '' '' in IN many JJ project NN names NNS . . `` `` It PRP 'll MD never RB be VB like IN what WP Bristol-Myers NNP does VBZ , , '' '' he PRP adds VBZ , , `` `` but CC it PRP helps VBZ establish VB recognition NN with IN the DT public NN -- : and CC with IN banks NNS . . '' '' Weingarten-Siegel NNP Group NNP Inc. NNP of IN Manalapan NNP , , N.J. NNP , , has VBZ built VBN Cross NNP Creek NNP Pointe NNP , , Allegro NNP Pointe NNP and CC other JJ Pointes NNP in IN New NNP Jersey NNP . . Caspi NNP Development NNP Corp NNP of IN Armonk NNP , , N.Y. NNP , , has VBZ developed VBN two CD apartment NN buildings NNS called VBN Classic JJ and CC plans VBZ a DT third JJ . . Developer NNP Steve NNP Caspi NNP says VBZ the DT same JJ brand NN name NN indicates VBZ consistent JJ quality NN , , `` `` regardless RB of IN location NN , , design NN or CC amenities NNS . . '' '' The DT leader NN in IN real JJ estate NN brand NN names NNS is VBZ developer NN Ara NNP Hovnanian NNP . . His PRP$ entry-price JJ condos NNS are VBP labeled VBN Society NNP Hill NNP . . Beacon NNP Hill NNP is VBZ for IN `` `` move-up JJ '' '' town NN houses NNS , , and CC Nob NNP Hill NNP , , for IN single-family NN houses NNS . . Because IN of IN standardized JJ designs NNS , , Mr. NNP Hovnanian NNP says VBZ , , `` `` a DT buyer NN can MD visualize VB Society NNP Hill NNP regardless RB of IN where WRB it PRP is VBZ . . '' '' Quake NN Not RB Likely RB to TO Jolt VB The DT Commercial NN Market NN THE DT EARTHQUAKE NN in IN San NNP Francisco NNP has VBZ sent VBN few JJ tremors NNS through IN the DT hearts NNS of IN real JJ estate NN investors NNS . . `` `` I PRP think VBP there EX 's VBZ a DT disease NN called VBN buyer NN 's POS regret NN , , and CC I PRP 'm VBP sure JJ it PRP 's VBZ running VBG rampant JJ at IN this DT moment NN , , but CC it PRP gets VBZ cured VBN in IN a DT short JJ period NN of IN time NN , , '' '' says VBZ Kenneth NNP Leventhal NNP , , co-managing JJ partner NN of IN Kenneth NNP Leventhal NNP & CC Co. NNP , , a DT Los NNP Angeles NNP accounting NN firm NN specializing VBG in IN real JJ estate NN . . `` `` If IN I PRP were VBD buying VBG a DT building NN in IN San NNP Francisco NNP now RB the DT first JJ thing NN I PRP 'd MD do VB is VBZ insist VB on IN a DT structural JJ inspection NN , , then RB I PRP 'd MD delay VB a DT little JJ , , stall VB a DT little JJ . . '' '' But CC like IN other JJ real JJ estate NN professionals NNS accustomed VBN to TO California NNP 's POS quake NN risks NNS , , Mr. NNP Leventhal NNP anticipates VBZ little RB long-term JJ change NN in IN the DT city NN 's POS commercial JJ real JJ estate NN market NN . . Still RB , , local JJ builders NNS are VBP eager JJ to TO tell VB the DT world NN that IN most JJS of IN San NNP Francisco NNP does VBZ n't RB look VB like IN the DT TV NN images NNS of IN destruction NN . . Planners NNS of IN the DT Urban NNP Land NNP Institute NNP real JJ estate NN conference NN this DT week NN hastily RB added VBD a DT panel NN on IN the DT quake NN 's POS effects NNS . . `` `` The DT message NN is VBZ we PRP build VBP 'em PRP right RB , , '' '' says VBZ Peter NNP Bedford NNP , , a DT California NNP developer NN and CC officer NN at IN Urban NNP Land NNP Institute NNP . . `` `` There EX 's POS seven CD million CD square JJ feet NNS of IN space NN that WDT 's VBZ doing VBG great JJ . . HEALTH NN CLUBS NNS gear VBP up RP for IN a DT graying VBG clientele NN . . Although IN their PRP$ ads NNS picture VBP curvy JJ young JJ people NNS in IN skimpy JJ outfits NN , , club NN owners NNS know VBP the DT future NN lies VBZ with IN the DT lumpier JJR over-40 JJ set NN . . `` `` It PRP 's VBZ a DT misconception NN that DT physical JJ fitness NN is VBZ something NN for IN the DT young JJ and CC middle-aged JJ , , '' '' says VBZ Michael NNP Pacholik NNP , , sales JJ manager NN of IN the DT LA NNP Fitness NNP club NN , , Diamond NNP Bar NNP , , Calif NNP . . About IN 10 CD % NN to TO 15 CD % NN of IN members NNS at IN Atlanta NNP 's POS Holiday NNP Espre NNP Center NNP are VBP elderly JJ , , says VBZ Gerald NNP Williams NNP , , fitness NN consultant NN . . `` `` Most JJS want VBP cardiovascular JJ conditioning NN ... : the DT No. NN 1 CD way NN of IN reducing VBG risk NN of IN heart NN disease NN . . '' '' The DT Association NNP of IN Quality NNP Clubs NNPS , , which WDT puts VBZ 1988 CD industry NN revenue NN at IN $ $ 5 CD billion CD , , surveyed VBD the DT health-conscious JJ over-40 JJ market NN and CC found VBD that IN 43 CD % NN exercise NN regularly RB . . Michael NNP Hays NNP , , head NN of IN ProBody NNP Fitness NNP , , notes VBZ an DT industry NN `` `` wash NN '' '' is VBZ in IN progress NN . . `` `` Clubs NNS need VBP to TO be VB run VBN like IN restaurants NNS where WRB every DT square JJ foot NN makes VBZ a DT dollar NN , , '' '' he PRP says VBZ . . Older JJR people NNS help VBP profits NNS by IN filling VBG in RP `` `` downtime NN . . '' '' He PRP adds VBZ : : `` `` The DT medical JJ market NN and CC the DT fitness NN market NN parallel RB each DT other JJ and CC are VBP going VBG to TO cross VB real JJ soon RB . . '' '' People NNS on IN fixed VBN incomes NNS get VBP a DT break NN at IN Espre NNP ; : over IN 55 CD wins NNS a DT 45 CD % NN discount NN at IN Anaheim NNP Imperial NNP Health NNP Spa NNP . . `` `` HOT NNP '' '' TOPAZ NNP sparks VBZ regulator NN , , jeweler NN concern NN over IN import NN of IN irradiated JJ stones NNS . . A DT committee NN of IN gem NN dealers NNS investigates VBZ the DT source NN of IN some DT `` `` hot JJ '' '' blue JJ topaz NN stones NNS recently RB reported VBN by IN a DT Hong NNP Kong NNP jewelry NN manufacturer NN . . In IN the DT U.S. NNP , , radiation NN limits NNS are VBP set VBN and CC monitored VBN by IN the DT Nuclear NNP Regulatory NNP Commission NNP , , which WDT licenses VBZ reactors NNS that WDT process VBP the DT topaz NN . . The DT agency NN is VBZ working VBG on IN licensing VBG importers NNS but CC does VBZ n't RB currently RB monitor VB imports NNS . . Topaz NNP , , a DT translucent JJ mineral NN that WDT is VBZ often RB whitish JJ when WRB taken VBN from IN the DT ground NN , , can MD be VB turned VBN blue JJ by IN irradiation NN , , which WDT transforms VBZ it PRP into IN a DT gemstone NN that WDT looks VBZ like IN an DT aquamarine NN . . `` `` The DT { ( stones NNS } ) that WDT were VBD irradiated VBN in IN the DT U.S. NNP are VBP safe JJ , , '' '' says VBZ John NNP Hickey NNP , , chief NN of IN the DT NRC NNP operations NNS branch NN , , Washington NNP . . `` `` We PRP believe VBP that IN the DT vast JJ majority NN of IN imported VBN material NN is VBZ safe JJ . . But CC there EX is VBZ a DT small JJ risk NN that IN some DT were VBD imported VBN with IN high JJ radiation NN levels NNS . . '' '' Mr. NNP Hickey NNP added VBD that IN the DT stones NNS found VBN in IN Hong NNP Kong NNP are VBP thought VBN to TO carry VB double VB the DT U.S. NNP radiation NN limit NN , , although IN he PRP noted VBD that IN double JJ or CC even RB triple JJ the DT U.S. NNP limit NN is VBZ `` `` still RB in IN the DT range NN of IN safe JJ levels NNS . . '' '' Some DT jewelers NNS have VBP Geiger NNP counters NNS to TO measure VB topaz NN radiation NN . . CAPITAL NN TRAVELS VBZ to TO Europe NNP as IN 1992 CD unification NN nears VBZ . . Boston NNP 's POS Advent NNP International NNP raises VBZ $ $ 230 CD million CD from IN U.S. NNP pension NN funds NNS and CC other JJ institutions NNS to TO invest VB in IN Europe NNP . . Other JJ venture NN capitalists NNS are VBP already RB there RB : : MMG NNP Patricof NNP Group NNP and CC its PRP$ Alan NNP Patricof NNP Associates NNPS , , New NNP York NNP ; : Burr NNP , , Egan NNP , , Deleage NNP & CC Co. NNP , , Boston NNP ; : and CC San NNP Francisco NNP 's POS Hambrecht NNP & CC Quist NNP have VBP about IN $ $ 800 CD million CD to TO invest VB in IN European JJ companies NNS . . European JJ venture NN capital NN funds NNS total JJ about IN $ $ 14 CD billion CD and CC are VBP expected VBN to TO continue VB growing VBG 35 CD % NN annually RB . . Continentals NNS believe VBP that IN the DT strongest JJS growth NN area NN will MD be VB southern JJ Europe NNP . . Spain NNP and CC Italy NNP are VBP most RBS often RB mentioned VBN as IN the DT future JJ economic JJ hot JJ spots NNS . . Favored JJ ventures NNS include VBP media NNS , , telecommunications NNS and CC retailing NN . . Most RBS popular JJ acquisition NN method NN : : the DT leveraged JJ buy-out NN . . Family-owned JJ firms NNS that WDT need VBP cash NN to TO grow VB are VBP attractive JJ , , says VBZ John NNP Turner NNP of IN Matuschka NNP Gruppe NNP , , Munich NNP . . AN DT AIDS NNP DIRECTORY NN from IN the DT American NNP Foundation NNP for IN AIDS NNP Research NNP rates VBZ and CC reviews VBZ educational JJ materials NNS . . `` `` Learning NNP AIDS NNP '' '' lists VBZ films NNS , , pamphlets NNS , , brochures NNS , , videos NNS and CC other JJ educational JJ data NNS . . The DT distributor NN is VBZ R.R. NNP Bowker NNP , , New NNP York NNP . . SUSPECT JJ `` `` SALES NNS '' '' ads NNS are VBP challenged VBN by IN the DT Better NNP Business NNP Bureau NNP of IN Metropolitan NNP New NNP York NNP . . The DT bureau NN found VBD that IN only RB two CD of IN six CD New NNP York NNP furniture NN stores NNS could MD prove VB their PRP$ presale NN prices NNS were VBD higher JJR . . DRACULA NNP 'S VBZ BUSY JJ this DT time NN of IN year NN , , but CC a DT visit NN to TO his PRP$ Transylvania NNP castle NN is VBZ part NN of IN a DT Chicago-based JJ Unitours NNPS trip NN in IN the DT spring NN , , presumably RB the DT count NN 's POS off-season NN . . RADIO NNP MALAISE NNP draws VBZ the DT ear NN of IN the DT Federal NNP Communications NNPS Commission NNP . . AM NNP radio NN , , which WDT has VBZ been VBN losing VBG listeners NNS to TO FM NNP channels NNS since IN the DT 1970s CD , , approaches VBZ the DT 1990s CD with IN a DT diminished JJ voice NN . . But CC it PRP may MD have VB a DT good JJ listener NN in IN Washington NNP . . The DT FCC NNP plans NNS to TO hear VB a DT day NN of IN testimony NN Nov. NNP 16 CD on IN the DT plight NN of IN AM NNP radio NN . . The DT commission NN believes VBZ that IN improving VBG AM NNP service NN would MD broaden VB listening NN selections NNS and CC increase VB options NNS for IN advertisers NNS . . The DT issues NNS are VBP also RB thought VBN to TO be VB important JJ to TO the DT FCC NNP 's POS new JJ chairman NN , , Alfred NNP Sikes NNP , , a DT former JJ AM NNP broadcaster NN in IN his PRP$ native JJ Missouri NNP . . The DT FM NNP radio NN band NN , , considered VBN technically RB superior JJ because IN it PRP can MD carry VB stereo JJ broadcasts NNS , , has VBZ cornered VBN the DT airwaves NNS for IN delivering VBG music NN . . AM NNP stereo NN remains VBZ largely RB undeveloped JJ because IN it PRP lacks VBZ a DT uniform JJ delivery NN system NN . . The DT National NNP Association NNP of IN Broadcasters NNPS in IN June NNP adopted VBD an DT agenda NN for IN revitalizing VBG AM NNP radio NN that WDT includes VBZ , , among IN other JJ things NNS , , pursuing VBG further JJR FCC NNP action NN on IN selecting VBG an DT AM NNP stereo JJ standard NN and CC seeking VBG a DT law NN requiring VBG all DT stereo NN receivers NNS to TO include VB AM NNP stereo JJ . . Listeners NNS turned VBD to TO radios NNS run VBN on IN batteries NNS for IN news NN when WRB the DT San NNP Francisco NNP earthquake NN and CC Hurricane NNP Hugo NNP cut VBD power NN lines NNS . . BRIEFS NNS : : A DT Modern NNP Healthcare NNP magazine NN article NN says VBZ 40 CD % NN of IN surveyed VBN executives NNS admitted VBD falling VBG asleep RB during IN formal JJ presentations NNS ... : . . Lee NNP Co. NNP , , the DT jeans NNS maker NN , , celebrates VBZ its PRP$ 100th JJ anniversary NN with IN a DT hardcover NN yearbook NN featuring VBG photos NNS of IN its PRP$ 10,000 CD employees NNS . . Kemper NNP Financial NNP Services NNPS Inc. NNP , , charging VBG that DT program NN trading NN is VBZ ruining VBG the DT stock NN market NN , , cut VBD off RP four CD big JJ Wall NNP Street NNP firms NNS from IN doing VBG any DT of IN its PRP$ stock-trading NN business NN . . The DT move NN is VBZ the DT biggest JJS salvo NN yet RB in IN the DT renewed VBN outcry NN against IN program NN trading NN , , with IN Kemper NNP putting VBG its PRP$ money NN -- : the DT millions NNS of IN dollars NNS in IN commissions NNS it PRP generates VBZ each DT year NN -- : where WRB its PRP$ mouth NN is VBZ . . The DT Kemper NNP Corp. NNP unit NN and CC other JJ critics NNS complain VBP that DT program NN trading NN causes VBZ wild JJ swings NNS in IN stock NN prices NNS , , such JJ as IN on IN Tuesday NNP and CC on IN Oct. NNP 13 CD and CC 16 CD , , and CC has VBZ increased VBN chances NNS for IN market NN crashes NNS . . Over IN the DT past JJ nine CD months NNS , , several JJ firms NNS , , including VBG discount NN broker NN Charles NNP Schwab NNP & CC Co. NNP and CC Sears NNP , , Roebuck NNP & CC Co. NNP 's POS Dean NNP Witter NNP Reynolds NNP Inc. NNP unit NN , , have VBP attacked VBN program NN trading NN as IN a DT major JJ market NN evil NN . . Several JJ big JJ securities NNS firms NNS backed VBD off RP from IN program NN trading NN a DT few JJ months NNS after IN the DT 1987 CD crash NN . . But CC most JJS of IN them PRP , , led VBN by IN Morgan NNP Stanley NNP & CC Co. NNP , , moved VBD back RB in RB earlier RBR this DT year NN . . The DT most RBS volatile JJ form NN of IN program NN trading NN is VBZ index NN arbitrage NN -- : the DT rapid-fire JJ , , computer-guided JJ buying NN and CC selling NN of IN stocks NNS offset VBN with IN opposite JJ trades NNS in IN stock-index NN futures NNS and CC options NNS . . The DT object NN is VBZ to TO capture VB profits NNS from IN fleeting JJ price NN discrepancies NNS between IN the DT futures NNS and CC options NNS and CC the DT stocks NNS themselves PRP . . Index NN arbitrage NN recently RB has VBZ accounted VBN for IN about IN half NN of IN all DT program NN trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP . . Last JJ month NN , , program NN trading NN accounted VBD for IN 20.9 CD million CD shares NNS a DT day NN , , or CC a DT record NN 13.8 CD % NN of IN the DT Big NNP Board NNP 's POS average JJ daily JJ volume NN . . On IN Tuesday NNP afternoon NN , , Kemper NNP told VBD Bear NNP , , Stearns NNP & CC Co. NNP , , General NNP Electric NNP Co. NNP 's POS Kidder NNP , , Peabody NNP & CC Co. NNP unit NN , , Morgan NNP Stanley NNP and CC Oppenheimer NNP & CC Co. NNP that IN it PRP will MD no RB longer RB do VB business NN with IN them PRP because IN of IN their PRP$ commitment NN to TO index NN arbitrage NN , , officials NNS inside IN and CC outside IN these DT firms NNS confirmed VBD . . Kemper NNP officials NNS declined VBD to TO identify VB the DT firms NNS but CC acknowledged VBD a DT long-simmering JJ dispute NN with IN four CD securities NNS firms NNS and CC said VBD the DT list NN of IN brokers NNS it PRP wo MD n't RB do VB business NN with IN may MD be VB lengthened VBN in IN the DT months NNS ahead RB . . `` `` We PRP 've VBP been VBN opposed VBN to TO '' '' index NN arbitrage NN `` `` for IN a DT long JJ time NN , , '' '' said VBD Stephen NNP B. NNP Timbers NNP , , chief JJ investment NN officer NN at IN Kemper NNP , , which WDT manages VBZ $ $ 56 CD billion CD , , including VBG $ $ 8 CD billion CD of IN stocks NNS . . `` `` Index NN arbitrage NN does VBZ n't RB work VB , , and CC it PRP scares VBZ natural JJ buyers NNS '' '' of IN stock NN . . While IN Mr. NNP Timbers NNP explained VBD he PRP 's VBZ `` `` not RB totally RB convinced JJ index NN arbitrage NN changes VBZ the DT overall JJ level NN of IN the DT stock NN market NN , , '' '' he PRP said VBD that IN `` `` on IN an DT intraday JJ basis NN , , it PRP has VBZ major JJ effects NNS . . We PRP 've VBP talked VBN to TO proponents NNS of IN index NN arbitrage NN and CC told VBD them PRP to TO cool VB it PRP because IN they PRP 're VBP ruining VBG the DT market NN . . They PRP said VBD , , ` `` Too RB bad JJ , , ' '' so RB we PRP finally RB said VBD we PRP 're VBP not RB going VBG to TO do VB business NN with IN them PRP . . '' '' Kemper NNP also RB blasted VBD the DT Big NNP Board NNP for IN ignoring VBG the DT interests NNS of IN individual JJ and CC institutional JJ holders NNS . . `` `` The DT New NNP York NNP Stock NNP Exchange NNP has VBZ vested JJ interests NNS '' '' in IN its PRP$ big JJ member NN securities NNS firms NNS `` `` that WDT cloud VBP its PRP$ objectivity NN , , '' '' Mr. NNP Timbers NNP said VBD . . `` `` It PRP has VBZ never RB been VBN interested JJ in IN what WP we PRP think VBP . . The DT Big NNP Board NNP also RB has VBZ a DT terrible JJ communication NN problem NN with IN individual JJ investors NNS , , '' '' he PRP added VBD . . Small JJ investors NNS perceive VBP that IN `` `` big JJ operators NNS '' '' dominate VBP the DT market NN , , said VBD Thomas NNP O'Hara NNP , , chairman NN of IN the DT National NNP Association NNP of IN Investors NNPS and CC head NN of IN the DT exchange NN 's POS Individual NNP Investors NNPS Advisory NNP Committee NNP set VBD up RP after IN the DT 1987 CD crash NN . . `` `` The DT impression NN I PRP 've VBP got VBN is VBZ they PRP 'd MD love VB to TO do VB away RP with IN it PRP { ( program NN trading NN } ) , , but CC they PRP { ( the DT exchange NN } ) ca MD n't RB do VB it PRP , , '' '' he PRP said VBD . . Big NNP Board NNP Chairman NNP John NNP J. NNP Phelan NNP said VBD in IN a DT recent JJ interview NN that IN he PRP has VBZ no DT inclination NN to TO eliminate VB program NN trading NN . . He PRP said VBD the DT market NN 's POS volatility NN disturbs VBZ him PRP , , but CC that IN all PDT the DT exchange NN can MD do VB is VBZ `` `` slow VB down RP the DT process NN '' '' by IN using VBG its PRP$ circuit NN breakers NNS and CC shock NN absorbers NNS . . Mr. NNP Timbers NNP countered VBD that IN `` `` the DT mere JJ fact NN they PRP put VBD in RP circuit NN breakers NNS is VBZ an DT admission NN of IN their PRP$ problems NNS . . '' '' Morgan NNP Stanley NNP and CC Kidder NNP Peabody NNP , , the DT two CD biggest JJS program NN trading NN firms NNS , , staunchly RB defend VBP their PRP$ strategies NNS . . `` `` We PRP continue VBP to TO believe VB the DT position NN we PRP 've VBP taken VBN is VBZ reasonable JJ , , '' '' a DT Morgan NNP Stanley NNP official NN said VBD . . `` `` We PRP would MD stop VB index NN arbitrage NN when WRB the DT market NN is VBZ under IN stress NN , , and CC we PRP have VBP recently RB , , '' '' he PRP said VBD , , citing VBG Oct. NNP 13 CD and CC earlier RB this DT week NN . . Michael NNP Carpenter NNP , , president NN and CC chief JJ executive NN officer NN at IN Kidder NNP Peabody NNP , , said VBD in IN a DT recent JJ interview NN , , `` `` We PRP do VBP n't RB think VB that DT index NN arbitrage NN has VBZ a DT negative JJ impact NN on IN the DT market NN as IN a DT whole NN . . '' '' According VBG to TO Lawrence NNP Eckenfelder NNP , , a DT securities NNS industry NN analyst NN at IN Prudential-Bache NNP Securities NNPS Inc. NNP , , `` `` Kemper NNP is VBZ the DT first JJ firm NN to TO make VB a DT major JJ statement NN with IN program NN trading NN . . '' '' He PRP added VBD that IN `` `` having VBG just RB one CD firm NN do VB this DT is VBZ n't RB going VBG to TO mean VB a DT hill NN of IN beans NNS . . But CC if IN this DT prompts VBZ others NNS to TO consider VB the DT same JJ thing NN , , then RB it PRP may MD become VB much RB more RBR important JJ . . The DT following VBG were VBD among IN yesterday NN 's POS offerings NNS and CC pricings NNS in IN the DT U.S. NNP and CC non-U.S. JJ capital NN markets NNS , , with IN terms NNS and CC syndicate NN manager NN , , as IN compiled VBN by IN Dow NNP Jones NNP Capital NNP Markets NNPS Report NNP : : Blockbuster NNP Entertainment NNP Corp. NNP -- : $ $ 300 CD million CD ( ( redemption NN amount NN ) ) of IN zero-coupon NN convertible JJ notes NNS , , also RB known VBN as IN liquid NN yield NN option NN notes NNS , , due JJ Nov. NNP 1 CD , , 2004 CD , , priced VBN at IN 308.32 CD to TO yield VB at IN maturity NN 8 CD % NN . . The DT notes NNS are VBP zero-coupon NN securities NNS and CC will MD not RB pay VB interest NN periodically RB . . The DT size NN of IN the DT offering NN was VBD increased VBN from IN the DT originally RB planned VBN $ $ 250 CD million CD ( ( redemption NN amount NN ) ) . . The DT notes NNS are VBP convertible JJ into IN common JJ stock NN of IN Blockbuster NNP Entertainment NNP at IN $ $ 22.26 CD a DT share NN , , representing VBG a DT 12 CD % NN conversion NN premium NN over IN yesterday NN 's POS closing NN price NN . . Rated VBN Ba-3 JJ by IN Moody NNP 's POS Investors NNPS Service NNP Inc. NNP and CC single-B-plus JJ by IN Standard NNP & CC Poor NNP 's POS Corp. NNP , , the DT issue NN will MD be VB sold VBN through IN Merrill NNP Lynch NNP Capital NNP Markets NNPS . . Merrill NNP Lynch NNP & CC Co. NNP -- : $ $ 200 CD million CD of IN 8.4 CD % NN notes NNS due JJ Nov. NNP 1 CD , , 2019 CD , , priced VBN at IN 99.771 CD to TO yield VB 8.457 CD % NN . . The DT issue NN , , which WDT is VBZ puttable JJ back RB to TO the DT company NN Nov. NNP 1 CD , , 1994 CD , , was VBD priced VBN at IN a DT spread NN of IN 70 CD basis NN points NNS above IN the DT Treasury NNP 's POS five-year JJ note NN . . Rated VBN single-A-1 JJ by IN Moody NNP 's POS and CC single-A-plus JJ by IN S&P NNP , , the DT noncallable JJ issue NN will MD be VB sold VBN through IN underwriters NNS led VBN by IN Merrill NNP Lynch NNP Capital NNP Markets NNPS . . Boise NNP Cascade NNP Corp. NNP -- : $ $ 150 CD million CD of IN 9.45 CD % NN debentures NNS due JJ 2009 CD , , priced VBN at IN 99.7 CD . . ITT NNP Financial NNP Corp. NNP -- : $ $ 150 CD million CD of IN 8.35 CD % NN subordinated JJ notes NNS due JJ Nov. NNP 1 CD , , 2004 CD , , priced VBN at IN 99.85 CD to TO yield VB 8.387 CD % NN . . The DT noncallable JJ issue NN , , which WDT is VBZ puttable JJ back RB to TO the DT company NN Nov. NNP 1 CD , , 1994 CD , , was VBD priced VBN at IN a DT spread NN of IN 62.5 CD basis NN points NNS above IN the DT Treasury NNP 's POS five-year JJ note NN . . Rated VBN single-A-2 JJ by IN Moody NNP 's POS and CC single-A JJ by IN S&P NNP , , the DT issue NN will MD be VB sold VBN through IN underwriters NNS led VBN by IN Merrill NNP Lynch NNP Capital NNP Markets NNPS . . ITT NNP Financial NNP is VBZ a DT subsidiary NN of IN ITT NNP Corp NNP . . Arco NNP Chemical NNP Co. NNP -- : $ $ 100 CD million CD of IN 9.35 CD % NN debentures NNS due JJ Nov. NNP 1 CD , , 2019 CD , , priced VBN at IN 98.518 CD to TO yield VB 9.50 CD % NN . . Rated VBN single-A-2 JJ by IN Moody NNP 's POS and CC single-A JJ by IN S&P NNP , , the DT issue NN will MD be VB sold VBN through IN underwriters NNS led VBN by IN Salomon NNP Brothers NNPS Inc NNP . . Trinity NNP River NNP Authority NNP , , Texas NNP -- : $ $ 134.8 CD million CD of IN regional JJ wastewater NN system NN improvement NN revenue NN bonds NNS , , Series NNS 1989 CD , , due JJ 1992-2000 CD , , 2009 CD and CC 2016 CD , , through IN a DT Shearson NNP Lehman NNP Hutton NNP Inc. NNP group NN . . The DT bonds NNS , , insured VBN and CC rated VBN triple-a JJ by IN Moody NNP 's POS and CC S&P NNP , , were VBD priced VBN to TO yield VB from IN 6.30 CD % NN in IN 1992 CD to TO 7.25 CD % NN in IN 2016 CD . . There EX are VBP $ $ 46,245,000 CD of IN 7 CD % NN term NN bonds NNS due JJ 2009 CD , , priced VBN at IN 97 CD 7\/8 CD to TO yield VB 7.20 CD % NN , , and CC $ $ 64.9 CD million CD of IN 7.1 CD % NN term NN bonds NNS due JJ 2016 CD , , priced VBN at IN 98 CD 1\/4 CD to TO yield VB 7.25 CD % NN . . Serial JJ bonds NNS , , which WDT all DT carry VBP 7 CD % JJ coupons NNS , , are VBP priced VBN to TO yield VB from IN 6.30 CD % NN in IN 1992 CD to TO 7 CD % NN in IN 2000 CD . . Beverly NNP Hills NNP , , Calif. NNP -- : $ $ 116,385,000 CD of IN refunding VBG certificates NNS of IN participation NN ( ( civic JJ center NN improvements NNS project NN ) ) , , due JJ 1990-2004 CD , , 2007 CD , , 2016 CD and CC 2019 CD , , tentatively RB priced VBN by IN a DT Goldman NNP , , Sachs NNP & CC Co. NNP group NN to TO yield VB from IN 6 CD % NN in IN 1990 CD to TO 7.19 CD % NN in IN 2016 CD . . Serial JJ certificates NNS yield VBP to TO 7.10 CD % NN in IN 2004 CD . . They PRP are VBP all DT priced VBN at IN par JJ . . There EX are VBP $ $ 12,915,000 CD of IN 7 CD % NN term NN certificates NNS due JJ 2007 CD , , priced VBN to TO yield VB 7.15 CD % NN . . The DT $ $ 58.9 CD million CD of IN 7 CD % NN certificates NNS due JJ 2016 CD carry VBP the DT issue NN 's POS high JJ yield NN , , priced VBN at IN 97 CD 3\/4 CD to TO yield VB 7.19 CD % NN . . There EX are VBP also RB $ $ 29 CD million CD of IN 6 CD 3\/4 CD % NN certificates NNS due JJ 2019 CD , , priced VBN to TO yield VB 7.10 CD % NN . . The DT bonds NNS are VBP rated VBN single-A-1 JJ by IN Moody NNP 's POS and CC double-A-minus JJ by IN S&P NNP , , according VBG to TO the DT lead JJ underwriter NN . . Michigan NNP -- : $ $ 80 CD million CD of IN first JJ general JJ obligation NN bonds NNS ( ( Series NN 1989 CD environmental JJ protection NN program NN and CC recreation NN program NN ) ) , , tentatively RB priced VBN by IN a DT Shearson NNP Lehman NNP Hutton NNP group NN to TO yield VB from IN 6 CD % NN for IN current JJ interest NN bonds NNS due JJ 1990 CD to TO 7.25 CD % NN for IN convertible JJ capital NN appreciation NN bonds NNS . . Environmental JJ protection NN program NN current JJ interest NN bonds NNS are VBP due JJ 1995-1999 CD , , 2005 CD and CC 2009 CD . . They PRP are VBP tentatively RB priced VBN to TO yield VB from IN 6.45 CD % NN in IN 1995 CD to TO 7.10 CD % NN in IN 2009 CD . . The DT standard JJ capital NN appreciation NN bonds NNS in IN the DT issue NN , , due JJ 1998-2011 CD , , yield NN to TO maturity NN from IN 6.70 CD % NN in IN 1998 CD to TO 7.10 CD % NN in IN 2009-2011 CD . . The DT convertible JJ capital NN appreciation NN bonds NNS all DT yield VBP 7.25 CD % NN to TO their PRP$ respective JJ conversion NN dates NNS , , when WRB they PRP become VBP 7 CD 1\/4 CD % NN current JJ interest-bearing JJ bonds NNS until IN maturity NN . . Convertible JJ capital NN appreciation NN bonds NNS with IN a DT final JJ stated VBN maturity NN of IN Nov. NNP 15 CD , , 2014 CD , , convert VBP Nov. NNP 15 CD , , 1999 CD . . Convertible JJ capital NN appreciation NN bonds NNS with IN a DT final JJ stated VBN maturity NN of IN Nov. NNP 15 CD , , 2019 CD , , convert VBP Nov. NNP 15 CD , , 2004 CD . . Recreation NN program NN current JJ interest NN bonds NNS are VBP due JJ 1990-1995 CD , , and CC are VBP priced VBN to TO yield VB from IN 6 CD % NN in IN 1990 CD to TO 6.45 CD % NN in IN 1995 CD . . All DT of IN the DT bonds NNS are VBP rated VBN single-A-1 JJ by IN Moody NNP 's POS and CC double-A JJ by IN S&P NNP . . Federal NNP National NNP Mortgage NNP Association NNP -- : $ $ 300 CD million CD of IN Remic NNP securities NNS in IN 10 CD classes NNS through IN Goldman NNP Sachs NNP . . The DT issue NN is VBZ backed VBN by IN Fannie NNP Mae NNP 9 CD % NN securitiess NN . . The DT offering NN is VBZ Fannie NNP Mae NNP 's POS Series NN 1989-88 CD . . Fuji NNP Heavy NNP Industries NNPS Ltd NNP . . ( ( Japan NNP ) ) -- : $ $ 300 CD million CD of IN 8 CD 3\/4 CD % NN bonds NNS due JJ Nov. NNP 17 CD , , 1999 CD , , priced VBN at IN 101 CD 3\/8 CD to TO yield VB 8.85 CD % NN less CC full JJ fees NNS annually RB , , via IN Daiwa NNP Europe NNP Ltd NNP . . Guarantee NN by IN Industrial NNP Bank NNP of IN Japan NNP . . Fees NNS 2 CD . . European NNP Investment NNP Bank NNP ( ( agency NN ) ) -- : $ $ 150 CD million CD of IN 8 CD 1\/2 CD % NN bonds NNS due JJ Nov. NNP 22 CD , , 1999 CD , , priced VBN at IN 99.75 CD to TO yield VB 8.54 CD % NN at IN reoffered VBN price NN , , via IN lead NN manager NN JP NNP Morgan NNP Securities NNPS Ltd NNP . . Nippon NNP Meat NNP Packers NNPS Inc NNP . . ( ( Japan NNP ) ) -- : $ $ 200 CD million CD of IN bonds NNS due JJ Nov. NNP 9 CD , , 1993 CD , , with IN equity-purchase JJ warrants NNS , , indicating VBG a DT 3 CD 7\/8 CD % NN coupon NN at IN par JJ , , via IN Yamaichi NNP International NNP Europe NNP . . Each DT $ $ 5,000 CD bond NN carries VBZ a DT warrant NN exercisable JJ Nov. NNP 24 CD , , 1989 CD , , through IN Oct. NNP 29 CD , , 1993 CD , , to TO buy VB company NN shares NNS at IN an DT expected JJ premium NN of IN 2 CD 1\/2 CD % NN to TO the DT closing NN share NN price NN when WRB terms NNS are VBP fixed VBN Oct. NNP 31 CD . . GMAC NNP Canada NNP Ltd NNP . . ( ( U.S. NNP parent NN ) ) -- : 150 CD million CD Canadian JJ dollars NNS of IN floating-rate NN notes NNS due JJ November NNP 1996 CD , , via IN Banque NNP Paribas NNP Capital NNP Markets NNPS Ltd NNP . . Coupon NN , , paid VBN monthly RB , , is VBZ one-month JJ Canadian JJ bankers NNS acceptance NN rate NN . . Guarantee NN by IN General NNP Motors NNPS Acceptance NNP Corp NNP . . Call VB at IN par JJ after IN two CD years NNS and CC thereafter RB at IN par JJ every DT six CD months NNS . . Swedish NNP Export NNP Credit NNP Corp. NNP -- : # # 100 CD million CD of IN 12 CD % NN bonds NNS due JJ June NNP 15 CD , , 1994 CD , , priced VBN at IN 101 CD 5\/8 CD to TO yield VB 12.39 CD % NN annually RB less CC full JJ fees NNS , , via IN Samuel NNP Montagu NNP & CC Co NNP . . Fees NNS 1 CD 7\/8 CD . . Skopbank NNP ( ( Finland NNP ) ) -- : 10 CD billion CD yen NNS of IN 5 CD 3\/4 CD % NN bonds NNS due JJ Nov. NNP 20 CD , , 1992 CD , , priced VBN at IN 101 CD 3\/8 CD to TO yield VB 5 CD 3\/4 CD % NN less CC full JJ fees NNS , , via IN IBJ NNP International NNP . . Fees NNS 1 CD 3\/8 CD . . Hokkaido NNP Takushoku NNP Bank NNP ( ( Japan NNP ) ) -- : 300 CD million CD Swiss NNP francs NNS of IN notes NNS and CC bonds NNS due JJ March NNP 31 CD , , 1994 CD , , with IN fixed JJ 0.375 CD % NN coupon NN at IN par JJ via IN Swiss NNP Bank NNP Corp NNP . . Put VB option NN March NNP 31 CD , , 1992 CD , , at IN 107 CD 3\/4 CD to TO yield VB a DT fixed JJ 3.52 CD % NN . . The DT issue NN is VBZ in IN two CD parts NNS : : 200 CD million CD Swiss JJ francs NNS of IN privately RB placed VBN notes NNS , , 100 CD million CD Swiss JJ francs NNS of IN publicly RB listed JJ bonds NNS . . Indentical JJ conditions NNS for IN the DT two CD parts NNS . . Other JJ terms NNS to TO be VB fixed VBN Nov. NNP 1 CD . . Kingdom NNP of IN Morocco NNP -- : $ $ 208 CD million CD ( ( redemption NN amount NN ) ) of IN zero-coupon NN government NN trust NN certificates NNS , , with IN maturities NNS stretching VBG from IN May NNP 15 CD , , 1990 CD , , to TO Nov. NNP 15 CD , , 1999 CD , , priced VBN at IN yields NNS ranging VBG from IN 8.23 CD % NN to TO 8.43 CD % NN . . All PDT the DT issues NNS were VBD priced VBN at IN a DT spread NN of IN 37 CD basis NN points NNS above IN the DT Treasury NNP strips NNS with IN similar JJ maturities NNS . . Proceeds NNS from IN the DT offering VBG are VBP about IN $ $ 160.4 CD million CD . . Rated VBN triple-A JJ by IN Moody NNP 's POS and CC S&P NNP , , the DT issue NN will MD be VB sold VBN through IN underwriters NNS led VBN by IN BT NNP Securities NNPS , , a DT subsidiary NN of IN Bankers NNPS Trust NNP New NNP York NNP Corp NNP . . At IN a DT time NN when WRB Jon NNP Levy NNP should MD be VB planning VBG the DT biggest JJS spring NN season NN in IN his PRP$ dress NN company NN 's POS 17 CD years NNS , , his PRP$ work NN day NN is VBZ studded VBN with IN intense JJ moments NNS of IN concern NN about IN one CD of IN his PRP$ biggest JJS customers NNS , , Campeau NNP Corp NNP . . `` `` The DT dress NN business NN has VBZ always RB been VBN a DT gamble NN , , but CC it PRP 's VBZ never RB been VBN like IN this DT , , '' '' says VBZ Mr. NNP Levy NNP , , president NN of IN St. NNP Gillian NNP Group NNP Ltd. NNP , , which WDT has VBZ become VBN a DT hot JJ name NN thanks NNS to TO a DT campaign NN of IN sexy JJ TV NN commercials NNS . . Every DT day NN , , Mr. NNP Levy NNP checks VBZ orders NNS from IN Campeau NN department NN store NN chains NNS , , trying VBG to TO guess VB if IN he PRP will MD be VB paid VBN . . `` `` I PRP 'm VBP now RB monitoring VBG every DT major JJ account NN . . '' '' Campeau NNP , , owner NN of IN such JJ retailers NNS as IN Bloomingdale NNP 's POS , , Bon NNP Marche NNP , , and CC Jordan NNP Marsh NNP , , sidestepped VBD financial JJ collapse NN last JJ month NN after IN an DT emergency NN $ $ 250 CD million CD loan NN from IN Olympia NNP & CC York NNP Developments NNPS Ltd. NNP , , a DT Canadian NNP developer NN and CC a DT major JJ shareholder NN in IN Campeau NNP . . The DT need NN for IN the DT loan NN surprised VBD many JJ analysts NNS and CC bond NN holders NNS who WP had VBD been VBN told VBN at IN the DT company NN 's POS annual JJ meeting NN in IN July NNP that IN there EX were VBD n't RB any DT major JJ problems NNS ahead RB . . The DT risk NN of IN doing VBG business NN with IN Campeau NNP 's POS Federated NNP and CC Allied NNP department NN store NN chains NNS is VBZ about IN to TO increase VB greatly RB , , not RB only RB for IN Mr. NNP Levy NNP but CC for IN hundreds NNS of IN other JJ small JJ apparel NN makers NNS , , button NN suppliers NNS , , trucking NN firms NNS and CC fabric NN houses NNS . . Next JJ week NN , , the DT country NN 's POS top JJ designers NNS and CC manufacturers NNS will MD begin VB showing VBG fashions NNS for IN spring NN 1990 CD , , the DT second JJ most RBS important JJ selling NN season NN of IN the DT year NN . . And CC as IN the DT applause NN dies VBZ down RP in IN showrooms NNS along IN Seventh NNP Avenue NNP and CC Broadway NNP , , stylishly RB clad JJ Campeau NNP buyers NNS will MD begin VB writing VBG orders NNS . . Orders NNS from IN Campeau NNP retailers NNS used VBD to TO be VB cause NN for IN celebration NN . . This DT is VBZ no DT longer RB true JJ because RB of IN Campeau NNP 's POS massive JJ debt NN load NN . . `` `` It PRP 's VBZ all DT anybody NN wants VBZ to TO talk VB about IN , , '' '' says VBZ Richard NNP Posner NNP , , executive NN vice NN president NN for IN Credit NNP Exchange NNP Inc. NNP , , a DT leading VBG credit NN service NN . . `` `` People NNS wonder VBP what WP 's VBZ going VBG to TO happen VB next RB . . '' '' Many JJ manufacturers NNS are VBP worried JJ about IN being VBG paid VBN for IN merchandise NN already RB shipped VBN to TO Campeau NNP stores NNS . . But CC those DT dollars NNS at IN risk NN pale VBP in IN comparison NN to TO the DT investment NN required VBN to TO make VB and CC ship VB spring NN goods NNS to TO Campeau NNP stores NNS . . `` `` The DT few JJ million CD dollars NNS I PRP could MD lose VB today NN is VBZ nothing NN against IN what WP I PRP could MD lose VB on IN the DT spring NN line NN , , '' '' says VBZ Mr. NNP Levy NNP , , who WP estimates VBZ that IN Campeau NNP stores NNS will MD sell VB $ $ 25 CD million CD worth NN of IN his PRP$ clothes NNS this DT year NN . . `` `` I PRP 'm VBP buying VBG fabric NN right RB now RB for IN clothes NNS which WDT I PRP may MD not RB be VB paid VBN for IN until IN April NNP or CC May NNP . . What WP happens VBZ to TO me PRP if IN Campeau NNP collapses VBZ between IN now RB and CC then RB ? . '' '' Some DT credit NN concerns NNS , , such JJ as IN Bernard NNP Sands NNP Credit NNP Consultants NNPS Inc. NNP , , have VBP told VBN clients NNS not RB to TO ship VB anything NN to TO Federated NNP or CC Allied NNP stores NNS on IN credit NN . . `` `` This DT is VBZ especially RB true JJ for IN spring NN merchandise NN , , '' '' says VBZ Jim NNP Rindos NNP , , credit NN manager NN at IN Bernard NNP Sands NNP . . `` `` Campeau NNP has VBZ too RB much JJ debt NN . . '' '' Other JJ credit NN houses NNS , , such JJ as IN Credit NNP Exchange NNP and CC Solo NNP Credit NNP Service NNP Corp. NNP , , are VBP suggesting VBG that IN their PRP$ clients NNS study VB each DT order NN before IN shipping NN . . `` `` Payments NNS are VBP good JJ right RB now RB , , but CC we PRP are VBP n't RB recommending VBG any DT long-term JJ lines NNS of IN credit NN , , '' '' says VBZ Richard NNP Hastings NNP , , a DT retail JJ credit NN analyst NN , , referring VBG to TO credit NN lines NNS which WDT make VBP inventory NN purchases NNS automatic JJ . . `` `` The DT Campeau NNP situation NN is VBZ a DT little RB uncertain JJ and CC very RB difficult JJ to TO analyze VB . . '' '' Because IN of IN those DT concerns NNS , , some DT manufacturers NNS say VBP they PRP will MD ask VB for IN letters NNS of IN credit NN before IN shipping VBG spring NN merchandise NN . . `` `` We PRP 're VBP being VBG paid VBN today NN , , but CC we PRP 're VBP worried JJ about IN tomorrow NN and CC will MD want VB '' '' letters NNS of IN credit NN , , says VBZ the DT sales NNS director NN at IN one CD major JJ dress NN maker NN who WP asked VBD not RB to TO be VB identified VBN . . Howard NNP Bloom NNP , , president NN of IN the DT dress NN firm NN Chetta NNP B NNP Inc. NNP , , says VBZ : : `` `` It PRP 's VBZ big JJ time NN chaos NN today NN . . I PRP 'm VBP going VBG to TO ship VB and CC hope VB I PRP get VB paid VBN . . If IN I PRP need VBP to TO ask VB for IN money NN up RB front RB later RB , , I PRP will MD . . '' '' Carol NNP Sanger NNP , , vice NN president NN , , corporate JJ communications NNS at IN Campeau NNP , , says VBZ that IN all DT of IN the DT Federated NNP and CC Allied NNP chains NNS are VBP paying VBG their PRP$ bills NNS in IN a DT timely JJ manner NN . . `` `` They PRP continue VBP to TO pay VB their PRP$ bills NNS and CC will MD do VB so RB , , '' '' says VBZ Ms. NNP Sanger NNP . . `` `` We PRP 're VBP confident JJ we PRP 'll MD be VB paying VBG our PRP$ bills NNS for IN spring NN merchandise NN as RB well RB . . '' '' Typically RB , , manufacturers NNS are VBP paid VBN 10 CD days NNS after IN the DT month NN in IN which WDT they PRP ship VBP . . If IN goods NNS are VBP shipped VBN to TO Bloomingdale NNP 's POS between IN Oct. NNP 1 CD and CC Oct. NNP 20 CD , , manufacturers NNS expect VBP to TO be VB paid VBN by IN Nov. NNP 10 CD . . But CC manufacturers NNS now RB buying VBG fabric NN for IN spring NN season NN goods NNS wo MD n't RB be VB paid VBN until IN March NNP , , April NNP or CC even RB May NNP . . Some DT in IN the DT market NN question NN whether IN Campeau NN will MD be VB in IN a DT position NN to TO pay VB bills NNS at IN that DT time NN . . `` `` Everybody NN is VBZ worried VBN about IN the DT possibility NN of IN cancellations NNS , , '' '' says VBZ Kurt NNP Barnard NNP , , publisher NN of IN Barnard NNP 's POS Retail NNP Marketing NNP Report NNP . . `` `` The DT buyers NNS who WP work VBP for IN the DT various JJ Campeau NNP chains NNS may MD lose VB their PRP$ jobs NNS . . The DT stores NNS they PRP work VBP for IN may MD be VB sold VBN . . What WP that WDT will MD mean VB for IN manufacturers NNS is VBZ anybody NN 's POS guess NN . . '' '' Campeau NNP 's POS financial JJ situation NN is VBZ complicated VBN by IN an DT estimated VBN $ $ 1.23 CD billion CD in IN debt NN due JJ next JJ spring NN . . This DT includes VBZ a DT working NN capital NN facility NN for IN Allied NNP Stores NNPS of IN $ $ 350 CD million CD that WDT matures VBZ March NNP 15 CD , , 1990 CD , , and CC an DT $ $ 800 CD million CD bridge NN loan NN due JJ April NNP 30 CD , , 1990 CD . . The DT company NN has VBZ stated VBN in IN recently RB filed VBN financial JJ documents NNS that IN it PRP anticipates VBZ refinancing VBG its PRP$ March NNP 1990 CD payments NNS . . In IN recent JJ months NNS , , numerous JJ retailers NNS have VBP filed VBN for IN Chapter NN 11 CD bankruptcy NN protection NN , , including VBG Bonwit NNP Teller NNP , , B. NNP Altman NNP & CC Co. NNP , , and CC Miller NNP & CC Rhoads NNP Inc NNP . . Those DT filings NNS , , plus CC the DT expected JJ sale NN of IN a DT number NN of IN financially RB healthy JJ chains NNS , , such JJ as IN Saks NNP Fifth NNP Avenue NNP , , Marshall NNP Field NNP 's POS and CC Bloomingdale NNP 's POS , , have VBP added VBN to TO the DT anxiety NN . . `` `` Right RB now RB , , Federated NNP owes VBZ us PRP a DT considerable JJ amount NN of IN money NN , , '' '' says VBZ Morris NNP Marmalstein NNP , , president NN of IN David NNP Warren NNP Enterprises NNPS , , a DT major JJ dress NN manufacturer NN . . `` `` We PRP expect VBP they PRP will MD be VB current JJ with IN their PRP$ debts NNS by IN the DT end NN of IN the DT week NN , , but CC we PRP are VBP considering VBG asking VBG them PRP for IN letters NNS of IN credit NN before IN we PRP take VBP more JJR orders NNS . . '' '' Mr. NNP Marmalstein NNP adds VBZ that IN his PRP$ company NN is VBZ now RB holding VBG some DT goods NNS in IN anticipation NN of IN being VBG paid VBN in RB full RB . . `` `` It PRP 's VBZ become VBN a DT day-by-day JJ business NN , , '' '' he PRP says VBZ . . `` `` Business NN has VBZ never RB been VBN this DT tough JJ before RB . . Not RB only RB does VBZ your PRP$ product NN have VB to TO be VB excellent JJ , , but CC you PRP also RB have VBP to TO be VB able JJ to TO collect VB . . '' '' Other JJ manufacturers NNS are VBP equally RB cautious JJ . . Bud NNP Konheim NNP , , president NN of IN Nicole NNP Miller NNP Inc. NNP , , says VBZ his PRP$ company NN is VBZ now RB shipping VBG only RB to TO the DT flagship NN stores NNS of IN the DT Federated NNP and CC Allied NNP chains NNS . . This DT limits VBZ his PRP$ financial JJ exposure NN , , he PRP says VBZ . . `` `` The DT branches NNS are VBP just RB warmed VBN over RP , , empty JJ halls NNS , , '' '' says VBZ Mr. NNP Konheim NNP . . `` `` Why WRB should MD I PRP be VB part NN of IN that DT problem NN ? . I PRP 've VBP got VBN limited JJ production NN , , and CC I PRP ca MD n't RB give VB it PRP to TO underperformers NNS . . '' '' Campeau NNP 's POS Ms. NNP Sanger NNP disputes VBZ Mr. NNP Konheim NNP 's POS comments NNS . . `` `` Many DT of IN the DT branches NNS are VBP very RB lucrative JJ , , '' '' she PRP says VBZ . . `` `` That DT 's VBZ just RB nonsense JJ . . '' '' As IN for IN Mr. NNP Levy NNP at IN St. NNP Gillian NNP , , he PRP says VBZ he PRP will MD maintain VB his PRP$ credit NN lines NNS with IN the DT various JJ Campeau NNP stores NNS unless IN they PRP miss VBP a DT payment NN . . `` `` If IN they PRP slip VBP for IN 10 CD cents NNS for IN 10 CD minutes NNS , , I PRP 'll MD stop VB , , '' '' he PRP says VBZ . . Bethlehem NNP Steel NNP Corp. NNP , , hammered VBN by IN higher JJR costs NNS and CC lower JJR shipments NNS to TO key VB automotive JJ and CC service-center NN customers NNS , , posted VBD a DT 54 CD % NN drop NN in IN third-quarter JJ profit NN . . Separately RB , , two CD more JJR of IN the DT nation NN 's POS top JJ steelmakers NNS -- : Armco NNP Inc. NNP and CC National NNP Intergroup NNP Inc. NNP -- : reported VBD lower JJR operating NN earnings NNS in IN their PRP$ steel NN businesses NNS , , marking VBG what WP is VBZ generally RB believed VBN to TO be VB the DT end NN of IN a DT two-year JJ boom NN in IN the DT industry NN . . Wall NNP Street NNP analysts NNS expect VBP the DT disappointing JJ trend NN to TO continue VB into IN the DT fourth JJ quarter NN and CC through IN at IN least JJS the DT first JJ two CD quarters NNS of IN 1990 CD , , when WRB the DT industry NN will MD increasingly RB see VB the DT effect NN of IN price NN erosion NN in IN major JJ product NN lines NNS , , such JJ as IN rolled JJ sheet NN used VBN for IN cars NNS , , appliances NNS and CC construction NN . . `` `` It PRP does VBZ n't RB bode VB well RB for IN coming VBG quarters NNS , , '' '' said VBD John NNP Jacobson NNP , , who WP follows VBZ the DT steel NN industry NN for IN AUS NNP Consultants NNPS . . In IN fact NN , , he PRP thinks VBZ several JJ steelmakers NNS will MD report VB actual JJ losses NNS through IN the DT third JJ quarter NN of IN 1990 CD . . Bethlehem NNP , , the DT nation NN 's POS second RB largest JJS steelmaker NN , , earned VBD $ $ 46.9 CD million CD , , or CC 54 CD cents NNS a DT share NN . . The DT figures NNS include VBP $ $ 15 CD million CD in IN costs NNS related JJ to TO a DT blast NN furnace NN outage NN and CC $ $ 8 CD million CD in IN losses NNS from IN unauthorized JJ work NN outages NNS at IN the DT company NN 's POS coal NN operations NNS . . In IN the DT year-ago JJ period NN , , Bethlehem NNP earned VBD $ $ 101.4 CD million CD , , or CC $ $ 1.27 CD a DT share NN , , including VBG a DT $ $ 3.8 CD million CD gain NN from IN early JJ retirement NN of IN debt NN . . Third-quarter JJ sales NNS dropped VBD 11 CD % NN to TO $ $ 1.27 CD billion CD from IN $ $ 1.43 CD billion CD a DT year NN ago RB . . In IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , Bethlehem NNP shares NNS rose VBD 50 CD cents NNS to TO $ $ 17.375 CD . . Of IN all PDT the DT major JJ steelmakers NNS , , Bethlehem NNP would MD seem VB to TO be VB the DT most RBS vulnerable JJ to TO a DT slowdown NN . . It PRP has VBZ n't RB diversified VBN beyond IN steel NN , , nor CC has VBZ it PRP linked VBD up RP with IN a DT joint JJ venture NN partner NN to TO share VB costs NNS and CC risks NNS . . However RB , , in IN spite NN of IN the DT difficult JJ industrywide JJ environment NN of IN high JJ cost NN and CC low JJ volume NN , , Bethlehem NNP `` `` had VBD pretty RB good JJ earnings NNS numbers NNS , , '' '' said VBD Michelle NNP Galanter NNP Applebaum NNP , , an DT analyst NN with IN Salomon NNP Brothers NNPS Inc NNP . . Ms. NNP Applebaum NNP had VBD estimated VBN third-quarter JJ earnings NNS of IN 55 CD cents NNS a DT share NN , , but CC said VBD the DT losses NNS for IN the DT unusual JJ items NNS were VBD larger JJR than IN expected VBN . . Still RB , , Bethlehem NNP 's POS core NN basic NN steel NN operations NNS experienced VBD a DT steep JJ drop NN in IN operating NN profit NN to TO $ $ 58.6 CD million CD from IN $ $ 186.4 CD million CD a DT year NN ago RB , , when WRB the DT industry NN enjoyed VBD strong JJ demand NN and CC pricing NN . . The DT company NN said VBD its PRP$ shipments NNS declined VBD as IN a DT result NN of IN a DT reduction NN in IN inventories NNS by IN service NN centers NNS , , a DT lackluster JJ automotive JJ market NN and CC increasing VBG competitive JJ pressures NNS in IN the DT construction NN market NN . . At IN the DT same JJ time NN , , production NN costs NNS , , compared VBN with IN a DT year NN ago RB , , were VBD boosted VBN by IN higher JJR raw JJ material NN and CC employment NN costs NNS , , which WDT resulted VBD from IN the DT company NN 's POS new JJ labor NN pact NN effective JJ June NNP 1 CD . . `` `` We PRP anticipate VBP that DT steel NN market NN conditions NNS will MD exhibit VB a DT further RB moderate JJ decline NN in IN the DT fourth JJ quarter NN as IN the DT automotive JJ sector NN remains VBZ weak JJ and CC customers NNS continue VBP to TO adjust VB inventories NNS , , '' '' said VBD Bethlehem NNP Chairman NNP Walter NNP F. NNP Williams NNP . . He PRP noted VBD , , however RB , , that IN the DT company NN 's POS order NN entry NN has VBZ increased VBN from IN the DT low JJ levels NNS of IN the DT early JJ summer NN , , following VBG the DT end NN of IN labor NN negotiations NNS . . Armco NNP , , hampered VBN by IN lower JJR volume NN in IN its PRP$ specialty NN steel NN business NN , , said VBD third-quarter JJ net JJ income NN dropped VBD 8 CD % NN to TO $ $ 33 CD million CD , , or CC 35 CD cents NNS a DT share NN , , from IN $ $ 36 CD million CD , , or CC 39 CD cents NNS a DT share NN in IN the DT year-ago JJ quarter NN . . Sales NNS dropped VBD to TO $ $ 441.1 CD million CD from IN $ $ 820.4 CD million CD , , because IN the DT company NN no RB longer RB consolidates VBZ its PRP$ Eastern NNP Steel NNP division NN , , which WDT is VBZ now RB a DT joint JJ venture NN with IN Kawasaki NNP Steel NNP Corp NNP . . Along IN with IN reduced JJ volume NN , , analysts NNS said VBD the DT nation NN 's POS fifth RB largest JJS steelmaker NN was VBD hurt VBN by IN holding VBG higher-cost JJ inventory NN when WRB raw JJ material NN costs NNS of IN such JJ key JJ products NNS as IN nickel NN dropped VBD . . Operating NN profit NN dropped VBD 46 CD % NN in IN its PRP$ specialty NN flat-rolled JJ steel NN segment NN . . Moreover RB , , the DT company NN said VBD higher JJR sales NNS and CC shipments NNS to TO service NN centers NNS from IN its PRP$ Armco NNP Steel NNP Co. NNP joint JJ venture NN failed VBD to TO offset VB weakness NN in IN the DT automotive JJ market NN , , higher JJR production NN costs NNS and CC a DT poorer JJR product NN mix NN . . Armco NNP shares NNS closed VBD unchanged JJ at IN $ $ 10.625 CD in IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP . . National NNP Intergroup NNP , , which WDT owns VBZ 50 CD % NN of IN the DT nation NN 's POS sixth RB largest JJS steelmaker NN -- : National NNP Steel NNP Corp. NNP -- : posted VBD net JJ income NN for IN the DT fiscal JJ second-quarter NN of IN $ $ 8.6 CD million CD , , or CC 33 CD cents NNS a DT share NN , , compared VBN with IN a DT net JJ loss NN of IN $ $ 50.3 CD million CD . . Sales NNS increased VBD in IN the DT quarter NN ended VBN Sept. NNP 30 CD to TO $ $ 747.8 CD million CD from IN $ $ 623.5 CD million CD a DT year NN ago RB . . The DT latest JJS period NN includes VBZ gains NNS of IN $ $ 9.1 CD million CD from IN early JJ retirement NN of IN debt NN and CC tax NN loss NN carry-forward NN . . Last JJ year NN 's POS results NNS were VBD hurt VBN by IN $ $ 41.3 CD million CD in IN restructuring NN charges NNS . . National NNP Intergroup NNP stock NN closed VBD at IN $ $ 15 CD , , unchanged JJ in IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP . . The DT company NN noted VBD that DT its PRP$ Fox-Meyer NNP Drug NNP Co. NNP , , Ben NNP Franklin NNP Stores NNPS Inc. NNP and CC Permian NNP Corp. NNP operations NNS showed VBD improvements NNS as IN a DT result NN of IN restructuring NN moves NNS . . However RB , , its PRP$ equity NN in IN the DT net JJ income NN of IN National NNP Steel NNP declined VBD to TO $ $ 6.3 CD million CD from IN $ $ 10.9 CD million CD as IN a DT result NN of IN softer JJR demand NN and CC lost VBN orders NNS following VBG prolonged JJ labor NN talks NNS and CC a DT threatened VBN strike NN . . National NNP Intergroup NNP is VBZ negotiating VBG for IN the DT sale NN of IN its PRP$ 50 CD % NN interest NN in IN National NNP Steel NNP to TO concentrate VB more RBR fully RB on IN drug NN distribution NN operations NNS . . International NNP Business NNP Machines NNPS Corp. NNP said VBD it PRP agreed VBD to TO let VB Motorola NNP Inc. NNP participate VB in IN a DT semiconductor NN research NN project NN as IN part NN of IN its PRP$ effort NN to TO bolster VB the DT U.S. NNP semiconductor NN industry NN . . IBM NNP , , which WDT made VBD the DT announcement NN at IN the DT dedication NN of IN a DT research NN center NN here RB , , said VBD it PRP invited VBD many JJ other JJ companies NNS to TO participate VB as IN well RB , , including VBG some DT from IN Europe NNP . . Jack NNP Kuehler NNP , , IBM NNP 's POS president NN , , said VBD IBM NNP is VBZ also RB considering VBG letting VBG other JJ companies NNS participate VB in IN additional JJ semiconductor NN work NN but CC declined VBD to TO be VB more RBR specific JJ . . IBM NNP , , which WDT said VBD a DT year NN ago RB it PRP was VBD inviting VBG companies NNS to TO participate VB in IN some DT semiconductor NN work NN , , has VBZ become VBN far RB more RBR open JJ about IN its PRP$ technology NN as IN it PRP has VBZ tried VBN to TO rally VB U.S. NNP industry NN to TO head VB off RP the DT Japanese NNPS , , who WP now RB dominate VBP the DT market NN for IN dynamic JJ random JJ access NN memory NN chips NNS . . While IN IBM NNP , , Armonk NNP , , N.Y. NNP , , makes VBZ the DT bulk NN of IN the DT DRAMs NNS it PRP uses VBZ , , it PRP does VBZ n't RB make VB the DT equipment NN needed VBN to TO produce VB those DT chips NNS . . And CC IBM NNP worries VBZ that IN the DT Japanese NNPS will MD take VB over RP that DT equipment NN market NN , , too RB , , unless IN U.S. NNP semiconductor NN companies NNS produce VBP enough JJ memory NN chips NNS here RB to TO keep VB U.S. NNP equipment NN makers NNS healthy JJ . . Failure NN of IN U.S. NNP equipment NN makers NNS , , IBM NNP fears VBZ , , would MD leave VB it PRP dependent JJ on IN many JJ of IN the DT Japanese JJ companies NNS that WDT compete VBP with IN it PRP in IN other JJ parts NNS of IN the DT market NN . . IBM NNP also RB said VBD it PRP expects VBZ to TO benefit VB from IN the DT expertise NN that DT Motorola NNP and CC other JJ companies NNS can MD bring VB to TO bear VB on IN the DT difficult JJ problems NNS involved VBN in IN semiconductor NN manufacturing NN . . IBM NNP already RB participates VBZ in IN one CD industrywide JJ effort NN to TO improve VB semiconductor-manufacturing NN techniques NNS . . IBM NNP said VBD it PRP expects VBZ industrywide JJ efforts NNS to TO become VB prevalent JJ because IN semiconductor NN manufacturing NN has VBZ become VBN so RB expensive JJ . . A DT state-of-the-art JJ plant NN cost VBN $ $ 40 CD million CD in IN the DT mid-1970s NNS but CC costs VBZ $ $ 500 CD million CD today NN because IN the DT technology NN is VBZ so RB complex JJ . . And CC IBM NNP said VBD it PRP expects VBZ the DT costs NNS to TO continue VB climbing VBG . . IBM NNP , , which WDT said VBD Motorola NNP is VBZ paying VBG just RB a DT nominal JJ fee NN to TO cover VB the DT 21-month JJ agreement NN , , acknowledged VBD some DT companies NNS had VBD turned VBN down RP its PRP$ invitation NN to TO join VB in RB . . But CC it PRP said VBD that DT was VBD mainly RB because IN the DT project NN may MD not RB bear VB fruit NN until IN the DT mid-1990s NNS . . IBM NNP said VBD it PRP thought VBD more JJR companies NNS would MD become VB interested JJ as IN the DT project NN progresses VBZ . . The DT project NN involving VBG Motorola NNP concerns VBZ a DT technique NN , , called VBD X-ray NN lithography NN , , that WDT figures VBZ to TO be VB crucial JJ to TO future JJ generations NNS of IN memory NN chips NNS . . Currently RB , , chips NNS are VBP produced VBN by IN shining VBG light NN through IN a DT mask NN to TO produce VB an DT image NN on IN the DT chip NN , , much RB as IN a DT camera NN produces VBZ an DT image NN on IN film NN . . But CC details NNS on IN chips NNS must MD now RB be VB extraordinarily RB fine JJ , , and CC the DT wavelengths NNS of IN even JJ ultraviolet NN light NN are VBP long JJ enough RB so IN that IN the DT images NNS they PRP draw VBP may MD be VB too RB blurry JJ -- : much RB as IN someone NN using VBG a DT wide JJ paintbrush NN could MD produce VB a DT broad JJ line NN but CC would MD have VB trouble NN painting VBG a DT thin JJ one NN . . X-rays NNS , , by IN contrast NN , , travel VBP straighter RBR and CC can MD be VB focused VBN more RBR tightly RB than IN light NN . . X-rays NNS have VBP problems NNS , , too RB . . They PRP can MD make VB the DT masks NNS brittle JJ and CC can MD pass VB through IN material NN they PRP 're VBP not RB supposed VBN to TO . . But CC , , assuming VBG those DT problems NNS can MD be VB overcome VBN , , they PRP should MD allow VB for IN memory NN chips NNS that WDT could MD approach VB one CD billion CD bits NNS of IN information NN -- : 250 CD times NNS as RB much RB as IN is VBZ contained VBN in IN the DT four-megabit JJ chips NNS that WDT are VBP just RB reaching VBG the DT market NN and CC a DT million CD times NNS what WP was VBD possible JJ in IN the DT mid-1970s NNS . . Allied-Signal NNP Aerospace NNP Co. NNP received VBD a DT $ $ 65 CD million CD contract NN to TO outfit VB Continental NNP Airlines NNPS ' POS 393 CD planes NNS with IN the DT Bendix\/King NNP Traffic NNP Alert NNP and CC Collision NNP Avoidance NNP System NNP . . The DT airborne JJ system NN operates VBZ independent JJ of IN ground-based JJ radar NN systems NNS , , informing VBG pilots NNS of IN nearby JJ aircraft NN , , Allied-Signal NNP said VBD . . The DT system NN also RB provides VBZ course-correction NN advisories NNS . . Allied-Signal NNP is VBZ a DT unit NN of IN Allied-Signal NNP Inc. NNP , , a DT manufacturer NN with IN interests NNS in IN aerospace NN , , automotive JJ products NNS and CC engineered JJ materials NNS . . Continental NNP Airlines NNPS is VBZ a DT unit NN of IN Texas NNP Air NNP Corp. NNP , , Houston NNP . . In IN a DT stunning JJ shift NN in IN direction NN , , Provigo NNP Inc. NNP said VBD it PRP will MD sell VB all DT its PRP$ non-food JJ operations NNS to TO concentrate VB solely RB on IN its PRP$ retail NN and CC wholesale JJ grocery NN business NN . . The DT non-food JJ operations NNS accounted VBD for IN about IN 27 CD % NN of IN Provigo NNP 's POS 7.38 CD billion CD Canadian JJ dollars NNS ( ( US$ $ 6.3 CD billion CD ) ) in IN sales NNS in IN the DT latest JJS fiscal JJ year NN . . In IN a DT related JJ move NN , , Pierre NNP Lortie NNP , , chairman NN and CC chief JJ executive NN , , resigned VBD . . Mr. NNP Lortie NNP joined VBD Provigo NNP in IN 1985 CD and CC spearheaded VBD the DT company NN 's POS drive NN to TO grow VB outside IN its PRP$ traditional JJ food NN business NN . . He PRP could MD n't RB be VB reached VBN for IN comment NN . . Bertin NNP Nadeau NNP , , newly RB appointed VBN chairman NN and CC interim JJ chief JJ executive NN of IN Provigo NNP , , would MD n't RB say VB if IN Mr. NNP Lortie NNP was VBD asked VBN to TO leave VB . . `` `` Mr. NNP Lortie NNP felt VBD less RBR pertinent JJ , , '' '' Mr. NNP Nadeau NNP said VBD , , given VBN the DT decision NN to TO dump VB Provigo NNP 's POS non-food JJ operations NNS . . `` `` At IN this DT stage NN it PRP was VBD felt VBN I PRP was VBD perhaps RB more RBR pertinent JJ as IN chief JJ executive NN . . '' '' Mr. NNP Nadeau NNP also RB is VBZ chairman NN and CC chief JJ executive NN of IN Unigesco NNP Inc. NNP , , Provigo NNP 's POS controlling JJ shareholder NN . . At IN a DT news NN conference NN , , Mr. NNP Nadeau NNP said VBD the DT sale NN of IN the DT three CD non-food JJ businesses NNS , , which WDT account VBP for IN nearly RB half PDT the DT company NN 's POS C$ $ 900 CD million CD in IN assets NNS , , should MD be VB completed VBN in IN a DT `` `` matter NN of IN months NNS . . '' '' The DT three CD units NNS are VBP a DT nationwide JJ pharmaceutical NN and CC health-products NNS distributor NN , , a DT small JJ sporting-goods NNS chain NN , , and CC a DT combination NN catalog NN showroom NN and CC toy-store NN chain NN . . Investors NNS and CC analysts NNS applauded VBD the DT news NN . . Provigo NNP was VBD the DT most RBS active JJ industrial JJ stock NN on IN the DT Montreal NNP Exchange NNP , , where WRB it PRP closed VBD at IN C$ $ 9.75 CD ( ( US$ $ 8.32 CD ) ) , , up RB 75 CD Canadian JJ cents NNS . . `` `` I PRP think VBP it PRP 's VBZ a DT pretty RB positive JJ development NN , , '' '' said VBD Ross NNP Cowan NNP , , a DT financial JJ analyst NN with IN Levesque NNP Beaubien NNP Geoffrion NNP Inc. NNP , , of IN the DT decision NN to TO concentrate VB on IN groceries NNS . . Mr. NNP Lortie NNP 's POS departure NN , , while IN sudden JJ , , was VBD seen VBN as IN inevitable JJ in IN light NN of IN the DT shift NN in IN strategy NN . . `` `` The DT non-food JJ operations NNS were VBD largely RB Mr. NNP Lortie NNP 's POS creation NN { ( and CC } ) his PRP$ strategy NN did VBD n't RB work NN , , '' '' said VBD Steven NNP Holt NNP , , a DT financial JJ analyst NN with IN Midland NNP Doherty NNP Ltd NNP . . Provigo NNP 's POS profit NN record NN over IN the DT past JJ two CD years NNS tarnished VBD the DT company NN 's POS and CC Mr. NNP Lortie NNP 's POS reputations NNS . . For IN the DT six CD months NNS ended VBN Aug. NNP 12 CD , , Provigo NNP posted VBD net JJ income NN of IN C$ $ 6.5 CD million CD , , or CC eight CD Canadian JJ cents NNS a DT share NN , , compared VBN with IN C$ $ 18.1 CD million CD , , or CC 21 CD Canadian JJ cents NNS a DT share NN , , a DT year NN earlier RB . . Sales NNS were VBD C$ $ 4.2 CD billion CD compared VBN with IN C$ $ 3.7 CD billion CD . . Last JJ month NN , , Canadian JJ Bond NNP Rating NNP Service NNP downgraded VBD Provigo NNP 's POS commercial JJ paper NN and CC debentures NNS because IN of IN its PRP$ lackluster JJ performance NN . . Analysts NNS are VBP skeptical JJ Provigo NNP will MD be VB able JJ to TO sell VB the DT non-food JJ businesses NNS as IN a DT group NN for IN at IN least JJS book NN value NN , , and CC are VBP expecting VBG write-downs NNS . . Mr. NNP Nadeau NNP said VBD he PRP could MD n't RB yet RB say VB if IN the DT sale NN prices NNS would MD match VB book NN values NNS . . He PRP said VBD all DT three CD non-food JJ operations NNS are VBP profitable JJ . . Mr. NNP Nadeau NNP said VBD discussions NNS are VBP under IN way NN with IN potential JJ purchasers NNS of IN each DT of IN the DT units NNS . . He PRP declined VBD to TO confirm VB or CC deny VB reports NNS that IN Provigo NNP executive NN Henri NNP Roy NNP is VBZ trying VBG to TO put VB together RP a DT management NN buy-out NN of IN the DT catalogue NN showroom NN unit NN . . Mr. NNP Roy NNP could MD n't RB be VB reached VBN . . Yvon NNP Bussieres NNP was VBD named VBN senior JJ executive NN vice NN president NN and CC chief JJ operating VBG officer NN of IN Provigo NNP , , a DT new JJ position NN . . Mr. NNP Bussieres NNP was VBD president NN and CC chief JJ operating VBG officer NN of IN Provigo NNP 's POS Quebec NNP retail NN and CC wholesale JJ grocery NN unit NN . . Mr. NNP Nadeau NNP said VBD he PRP intends VBZ to TO remain VB Provigo NNP 's POS chief JJ executive NN only RB until IN the DT non-food JJ businesses NNS are VBP sold VBN , , after IN a DT which WDT a DT new JJ chief JJ executive NN will MD be VB named VBN . . Comments NNS by IN Federal NNP Reserve NNP Board NNP Chairman NNP Alan NNP Greenspan NNP lent VBD some DT support NN to TO the DT dollar NN , , but CC the DT U.S. NNP unit NN ended VBD yesterday NN lower RBR against IN most JJS major JJ currencies NNS . . Foreign-exchange NN dealers NNS noted VBD that IN the DT impact NN of IN the DT chairman NN 's POS remarks NNS was VBD slight JJ and CC warned VBD that IN the DT currency NN remains VBZ sensitive JJ to TO developments NNS on IN Wall NNP Street NNP . . Traders NNS said VBD that IN Mr. NNP Greenspan NNP , , whose WP$ statements NNS are VBP ordinarily RB cautious JJ , , was VBD especially RB careful JJ to TO avoid VB any DT jarring JJ proclamations NNS , , with IN fears NNS about IN equities NNS still RB unnerving VBG financial JJ markets NNS . . Testifying VBG before IN a DT panel NN of IN the DT House NNP Banking NNP Committee NNP , , Mr. NNP Greenspan NNP said VBD the DT short-term JJ value NN of IN the DT dollar NN on IN foreign-exchange NN markets NNS is VBZ n't RB the DT primary JJ policy NN focus NN of IN the DT central JJ bank NN . . `` `` Our PRP$ essential JJ focus NN is VBZ on IN domestic JJ policy NN , , '' '' Mr. NNP Greenspan NNP said VBD , , referring VBG to TO the DT goals NNS of IN price NN stability NN and CC a DT stable JJ economy NN . . In IN perhaps RB his PRP$ most RBS telling JJ remark NN , , Mr. NNP Greenspan NNP termed VBD the DT current JJ U.S. NNP inflation NN rate NN of IN around IN 4.5 CD % NN as IN `` `` much RB too RB high JJ to TO be VB ignored VBN . . '' '' He PRP added VBD , , however RB , , that DT inflation NN could MD be VB brought VBN down RB `` `` close RB to TO zero NN '' '' without IN throwing VBG the DT economy NN into IN a DT recession NN . . Analysts NNS viewed VBD the DT chairman NN 's POS comments NNS as IN an DT indication NN that IN the DT central JJ bank NN is VBZ disinclined VBN to TO ease VB monetary JJ policy NN further RBR in IN the DT near JJ future NN . . The DT dollar NN climbed VBD immediately RB higher RBR on IN news NN of IN Mr. NNP Greenspan NNP 's POS testimony NN , , settling VBG lower RBR in IN later JJR trade NN as IN dealers NNS squared VBD positions NNS ahead RB of IN today NN 's POS preliminary JJ report NN on IN third-quarter JJ U.S. NNP gross JJ national JJ product NN . . In IN late JJ New NNP York NNP trading NN yesterday NN , , the DT dollar NN was VBD quoted VBN at IN 1.8353 CD marks NNS , , down RB from IN 1.8355 CD marks NNS Tuesday NNP , , and CC at IN 141.52 CD yen NNS , , up RB from IN 141.45 CD yen NNS late JJ Tuesday NNP . . Sterling NN was VBD quoted VBN at IN $ $ 1.6145 CD , , up RB from IN $ $ 1.6055 CD late JJ Tuesday NNP . . In IN Tokyo NNP Thursday NNP , , the DT U.S. NNP currency NN opened VBN for IN trading NN at IN 141.60 CD yen NNS , , up RB from IN Wednesday NNP 's POS Tokyo NNP close NN of IN 141.55 CD yen NNS . . Many JJ traders NNS forecast VBP a DT continuation NN of IN the DT market NN 's POS recent JJ bearish JJ trend NN and CC predict VBP the DT U.S. NNP currency NN will MD remain VB stuck JJ in IN its PRP$ relatively RB narrow JJ ranges NNS in IN the DT near JJ term NN and CC then RB shift VB lower RBR . . But CC according VBG to TO Doug NNP Madison NNP , , a DT corporate JJ trader NN with IN Bank NNP of IN America NNP in IN Los NNP Angeles NNP , , a DT large JJ number NN of IN short JJ positions NNS must MD first RB be VB corrected VBN , , spurring VBG a DT temporary JJ upswing NN , , before IN the DT unit NN can MD turn VB lower RBR . . He PRP predicts VBZ a DT downward JJ move NN in IN dollar-mark NN trade NN and CC a DT less RBR dramatic JJ slip NN in IN dollar-yen JJ , , noting VBG that IN there EX continues VBZ to TO be VB a DT large JJ pool NN of IN Japanese JJ investor NN interest NN in IN U.S. NNP securities NNS , , which WDT could MD provide VB a DT solid JJ base NN for IN the DT dollar NN at IN around IN 140 CD yen NNS . . Market NN participants NNS hope VBP today NN 's POS GNP NNP report NN will MD offer VB more RBR substantial JJ evidence NN on IN U.S. NNP economic JJ growth NN , , although IN analysts NNS are VBP quick JJ to TO point VB out RP that IN the DT figures NNS may MD overstate VB the DT economy NN 's POS vigor NN . . `` `` The DT ` `` r NN ' '' word NN is VBZ looming VBG again RB , , '' '' says VBZ one CD dealer NN , , referring VBG to TO persistent JJ concern NN among IN some DT market NN analysts NNS that IN the DT U.S. NNP economy NN is VBZ heading VBG toward IN a DT major JJ slowdown NN if IN not RB a DT recession NN . . Some DT dealers NNS note VBP that IN while IN the DT third-quarter JJ figures NNS may MD appear VB relatively RB bullish JJ -- : the DT market NN consensus NN calls VBZ for IN a DT 2.5 CD % NN annual JJ growth NN rate NN , , unchanged JJ from IN the DT second-quarter JJ rate NN -- : it PRP would MD take VB a DT significantly RB stronger JJR figure NN to TO alter VB market NN perceptions NNS that IN the DT economy NN is VBZ softening VBG . . Some DT analysts NNS reckon VBP that IN the DT next JJ quarter NN 's POS figures NNS will MD present VB a DT more RBR accurate JJ picture NN of IN the DT U.S. NNP economy NN , , showing VBG a DT marked JJ slowdown NN in IN a DT number NN of IN sectors NNS , , including VBG housing NN starts NNS and CC equities NNS . . On IN the DT Commodity NNP Exchange NNP in IN New NNP York NNP , , gold NN for IN current JJ delivery NN settled VBD at IN $ $ 369.10 CD an DT ounce NN , , down RB $ $ 1.10 CD . . Estimated VBN volume NN was VBD a DT light JJ 1.7 CD million CD ounces NNS . . In IN early JJ trading NN in IN Hong NNP Kong NNP Thursday NNP , , gold NN was VBD quoted VBN at IN $ $ 368.24 CD an DT ounce NN . . Lawrence NNP Insurance NNP Group NNP Inc. NNP said VBD it PRP acquired VBD United NNP Republic NNP Reinsurance NNP Co. NNP , , a DT Houston NNP property NN and CC casualty NN reinsurance NN company NN , , from IN United NNP Savings NNPS Association NNP of IN Texas NNP for IN $ $ 28 CD million CD . . Lawrence NNP Insurance NNP also RB sold VBD 3.2 CD million CD of IN its PRP$ shares NNS for IN $ $ 7.125 CD each DT to TO its PRP$ parent NN , , Lawrence NNP Group NNP Inc NNP . . Lawrence NNP Insurance NNP , , based VBN in IN Albany NNP , , N.Y. NNP , , plans VBZ to TO use VB the DT $ $ 22.5 CD million CD in IN proceeds NNS to TO help VB finance VB the DT acquisition NN of IN United NNP Republic NNP . . By IN acquiring VBG the DT shares NNS , , Lawrence NNP Group NNP increased VBD its PRP$ stake NN in IN Lawrence NNP Insurance NNP to TO 93.2 CD % NN from IN 91.2 CD % NN . . Lawrence NNP Insurance NNP underwrites VBZ mostly RB primary JJ insurance NN , , a DT company NN spokesman NN said VBD . . A DT reinsurance NN company NN effectively RB insures VBZ insurance NN companies NNS that WDT wish VBP to TO spread VB the DT risk NN of IN a DT particular JJ policy NN . . Lawrence NNP Group NNP also RB owns VBZ Lawrence NNP Agency NNP Corp. NNP , , Schenectady NNP , , N.Y. NNP , , an DT insurance NN agency NN and CC brokerage NN . . Levi NNP Strauss NNP Associates NNPS Inc. NNP , , the DT closely RB held JJ owner NN of IN Levi NNP Strauss NNP & CC Co. NNP , , said VBD its PRP$ fiscal JJ third-quarter JJ earnings NNS jumped VBD to TO $ $ 128.6 CD million CD from IN $ $ 31.3 CD million CD a DT year NN earlier RB , , aided VBN by IN a DT $ $ 69.8 CD million CD gain NN from IN the DT sale NN of IN stock NN in IN a DT Japanese JJ subsidiary NN . . The DT apparel NN holding VBG company NN had VBD sales NNS in IN the DT quarter NN ended VBN Aug. NNP 27 CD of IN $ $ 1 CD billion CD , , up RB 12 CD % NN from IN $ $ 908.8 CD million CD a DT year NN ago RB . . The DT company NN said VBD its PRP$ quarterly JJ results NNS are VBP now RB being VBG publicly RB filed VBN as IN the DT result NN of IN the DT formation NN earlier RBR this DT year NN of IN employee NN stock NN investment NN plans NNS . . Wall NNP Street NNP would MD like VB UAL NNP Corp. NNP 's POS board NN to TO change VB its PRP$ mind NN about IN keeping VBG the DT company NN independent JJ . . But CC what WP happens VBZ next JJ in IN the DT continuing VBG takeover NN drama NN may MD depend VB more RBR on IN the DT company NN 's POS two CD most RBS powerful JJ and CC fractious JJ unions NNS : : the DT pilots NNS and CC machinists NNS . . Some DT people NNS familiar JJ with IN the DT situation NN believe VBP that IN the DT collapse NN of IN the DT previous JJ $ $ 6.79 CD billion CD buy-out NN , , if IN anything NN , , may MD have VB strengthened VBN the DT hands NNS of IN these DT two CD labor NN groups NNS . . As IN a DT result NN , , both DT may MD now RB have VBP virtual JJ veto NN power NN over IN any DT UAL NNP transaction NN . . One CD reason NN : : banks NNS -- : likely JJ to TO react VB to TO any DT new JJ UAL NNP deal NN with IN even RB more JJR caution NN than IN the DT first JJ time NN around RB -- : probably RB will MD insist VB on IN labor NN harmony NN before IN they PRP agree VBP to TO put VB up RP cash NN for IN any DT new JJ bid NN or CC even RB a DT less-ambitious JJR recapitalization NN plan NN . . `` `` United NNP pilots NNS have VBP shown VBN on IN a DT number NN of IN occasions NNS they PRP are VBP willing JJ and CC able JJ to TO strike VB , , '' '' said VBD an DT executive NN at IN Fuji NNP Bank NNP , , one CD of IN UAL NNP 's POS large JJ lenders NNS . . `` `` If IN you PRP have VBP both DT { ( labor NN } ) groups NNS on IN strike NN , , you PRP 've VBP got VBN no DT revenue NN and CC that DT 's VBZ a DT very RB scary JJ thing NN for IN a DT bank NN to TO be VB looking VBG at IN . . '' '' Just RB this DT past NN week NN , , a DT leading VBG Japanese JJ bank NN asked VBD for IN a DT meeting NN with IN the DT machinists NNS ' POS union NN leaders NNS to TO determine VB where WRB the DT union NN would MD stand VB if IN another DT bid NN or CC recapitalization NN became VBD possible JJ . . Another DT reason NN : : Emboldened VBN by IN their PRP$ success NN in IN helping VBG to TO scuttle VB the DT previous JJ transaction NN , , the DT machinists NNS are VBP likely JJ to TO be VB more RBR aggressive JJ if IN a DT second JJ buy-out NN attempt NN occurs VBZ . . The DT two CD unions NNS already RB had VBD significant JJ leverage NN simply RB because IN their PRP$ employer NN has VBZ yet RP to TO settle VB with IN either DT on IN new JJ contracts NNS . . That DT gives VBZ them PRP both DT the DT threat NN of IN a DT strike NN and CC the DT ability NN to TO resist VB any DT wage NN concessions NNS that WDT may MD be VB necessary JJ to TO make VB a DT transaction NN work NN . . Thus RB , , even RB investors NNS who WP are VBP pushing VBG for IN the DT board NN to TO do VB a DT recapitalization NN that WDT would MD pay VB shareholders NNS a DT special JJ dividend NN and CC possibly RB grant VB employees NNS an DT ownership NN stake NN acknowledge VBP that IN the DT unions NNS are VBP key JJ . . `` `` There EX 's VBZ less JJR likelihood NN of IN creating VBG and CC completing VBG a DT transaction NN without IN the DT unions NNS ' POS cooperation NN and CC wage NN concessions NNS , , '' '' said VBD Richard NNP Nye NNP , , of IN Baker NNP , , Nye NNP Investments NNP , , a DT New NNP York NNP takeover NN stock-trader NN . . Mr. NNP Nye NNP thinks VBZ the DT UAL NNP board NN should MD be VB ousted VBN if IN it PRP does VBZ n't RB move VB soon RB to TO increase VB shareholder NN value NN . . Both DT the DT pilots NNS and CC machinists NNS have VBP made VBN it PRP clear JJ that IN they PRP intend VBP to TO block VB any DT transaction NN they PRP do VBP n't RB like VB . . `` `` The DT pilots NNS will MD be VB involved JJ in IN any DT transaction NN that WDT takes VBZ place NN around RB here RB , , '' '' pilot NN union NN chairman NN Frederick NNP C. NNP Dubinsky NNP declared VBD yesterday NN . . But CC whether IN the DT pilots NNS can MD team VB up RB with IN their PRP$ longtime JJ adversaries NNS , , the DT machinists NNS , , is VBZ another DT question NN . . The DT pilots NNS ' POS Mr. NNP Dubinsky NNP says VBZ his PRP$ union NN would MD like VB majority NN ownership NN for IN employees NNS . . At IN the DT very RB least JJS , , the DT pilots NNS want VBP some DT form NN of IN control NN over IN the DT airline NN , , perhaps RB through IN super-majority NN voting NN rights NNS . . On IN the DT other JJ hand NN , , the DT machinists NNS have VBP always RB opposed VBN majority NN ownership NN in IN principle NN , , saying VBG they PRP do VBP n't RB think VB employees NNS should MD be VB owners NNS . . Still RB , , in IN recent JJ days NNS , , machinists NNS ' POS union NN leaders NNS have VBP shown VBN some DT new JJ flexibility NN . . `` `` We PRP may MD be VB able JJ to TO reach VB a DT tradeoff NN where WRB we PRP can MD accommodate VB { ( the DT pilot NN union NN 's POS } ) concerns NNS and CC ours PRP , , '' '' said VBD Brian NNP M. NNP Freeman NNP , , the DT machinists NNS ' POS financial JJ adviser NN . . Mr. NNP Freeman NNP said VBD machinists NNS ' POS union NN advisers NNS plan VBP to TO meet VB this DT week NN to TO try VB to TO draw VB up RP a DT blueprint NN for IN some DT form NN of IN recapitalization NN that WDT could MD include VB a DT special JJ dividend NN for IN shareholders NNS , , an DT employee NN stake NN and CC , , perhaps RB , , an DT equity NN investment NN by IN a DT friendly JJ investor NN . . If IN a DT compromise NN ca MD n't RB be VB reached VBN , , the DT pilots NNS maintain VBP they PRP can MD do VB a DT transaction NN without IN the DT support NN of IN the DT machinists NNS . . But CC at IN this DT point NN , , that WDT may MD just RB be VB wishful JJ thinking NN . . The DT machinists NNS lobbied VBD heavily RB against IN the DT original JJ bid NN from IN UAL NNP pilots NNS and CC management NN for IN the DT company NN . . Their PRP$ opposition NN helped VBD scare VB off RP some DT Japanese JJ banks NNS . . The DT pilots NNS ' POS insistence NN on IN majority NN ownership NN also RB may MD make VB the DT idea NN of IN a DT recapitalization NN difficult JJ to TO achieve VB . . `` `` Who WP wants VBZ to TO be VB a DT public JJ shareholder NN investing VBG in IN a DT company NN controlled VBN by IN the DT pilots NNS ' POS union NN ? . '' '' asks VBZ Candace NNP Browning NNP , , an DT analyst NN at IN Wertheim NNP Schroeder NNP & CC Co NNP . . `` `` Who WP would MD the DT board NN be VB working VBG for IN -- : the DT public JJ shareholders NNS or CC the DT pilots NNS ? . '' '' she PRP adds VBZ . . Ms. NNP Browning NNP says VBZ she PRP believes VBZ a DT recapitalization NN involving VBG employee NN ownership NN would MD succeed VB only RB if IN the DT pilots NNS relent VBP on IN their PRP$ demand NN for IN control NN . . She PRP also RB notes VBZ that IN even RB if IN the DT pilots NNS accept VBP a DT minority NN stake NN now RB , , they PRP still RB could MD come VB back RB at IN a DT later JJ time NN and CC try VB to TO take VB control NN . . Another DT possibility NN is VBZ for IN the DT pilots NNS ' POS to TO team VB up RP with IN an DT outside JJ investor NN who WP might MD try VB to TO force VB the DT ouster NN of IN the DT board NN through IN the DT solicitation NN of IN consents NNS . . In IN that DT way NN , , the DT pilots NNS may MD be VB able JJ to TO force VB the DT board NN to TO approve VB a DT recapitalization NN that WDT gives VBZ employees NNS a DT majority NN stake NN , , or CC to TO consider VB the DT labor-management NN group NN 's POS latest JJS proposal NN . . The DT group NN did VBD n't RB make VB a DT formal JJ offer NN , , but CC instead RB told VBD UAL NNP 's POS advisers NNS before IN the DT most-recent JJS board NN meeting NN that IN it PRP was VBD working VBG on IN a DT bid NN valued VBN at IN between IN $ $ 225 CD and CC $ $ 240 CD a DT share NN . . But CC again RB , , they PRP may MD need VB the DT help NN of IN the DT machinists NNS . . `` `` I PRP think VBP the DT dynamics NNS of IN this DT situation NN are VBP that IN something NN 's VBZ got VBN to TO happen VB , , '' '' said VBD one CD official NN familiar JJ with IN the DT situation NN . . The DT board NN and CC UAL NNP 's POS management NN , , he PRP says VBZ , , `` `` ca MD n't RB go VB back RB '' '' to TO business NN as RB usual JJ . . `` `` The DT pilots NNS wo MD n't RB let VB them PRP . . Delta NNP Air NNP Lines NNPS earnings NNS soared VBD 33 CD % NN to TO a DT record NN in IN the DT fiscal JJ first JJ quarter NN , , bucking VBG the DT industry NN trend NN toward IN declining VBG profits NNS . . The DT Atlanta-based JJ airline NN , , the DT third RB largest JJS in IN the DT U.S. NNP , , attributed VBD the DT increase NN to TO higher JJR passenger NN traffic NN , , new JJ international JJ routes NNS and CC reduced JJ service NN by IN rival JJ Eastern NNP Airlines NNPS , , which WDT is VBZ in IN bankruptcy NN proceedings NNS in IN the DT wake NN of IN a DT strike NN that WDT began VBD last JJ spring NN . . For IN the DT quarter NN ended VBN Sept. NNP 30 CD , , Delta NNP posted VBD net JJ income NN of IN $ $ 133.1 CD million CD , , or CC $ $ 2.53 CD a DT share NN , , up RB from IN $ $ 100 CD million CD , , or CC $ $ 2.03 CD a DT share NN , , a DT year NN earlier RB . . Revenue NN rose VBD 15 CD % NN to TO $ $ 2.17 CD billion CD from IN $ $ 1.89 CD billion CD . . During IN the DT quarter NN , , Delta NNP issued VBD 2.5 CD million CD shares NNS of IN common JJ stock NN to TO Swissair NNP , , and CC repurchased VBD 1.1 CD million CD shares NNS for IN use NN in IN a DT company NN employee NN stock NN ownership NN plan NN . . `` `` The DT key NN to TO Delta NNP 's POS record NN earnings NNS continued VBD to TO be VB excellent JJ passenger NN revenue NN growth NN , , '' '' said VBD Thomas NNP Roeck NNP , , chief JJ financial JJ officer NN . . Passenger NN traffic NN jumped VBD 14 CD % NN in IN the DT quarter NN , , while IN profit NN per IN passenger NN grew VBD 2 CD % NN . . Delta NNP has VBZ benefited VBN more RBR than IN other JJ carriers NNS from IN the DT weakness NN of IN Eastern NNP Airlines NNPS , , which WDT shares VBZ the DT Atlanta NNP hub NN . . Although IN Eastern NNP is VBZ back RB to TO about IN 80 CD % NN of IN its PRP$ pre-strike JJ schedule NN now RB , , the DT Texas NNP Air NNP Corp. NNP subsidiary NN was VBD only RB beginning VBG to TO get VB back RB on IN its PRP$ feet NNS during IN the DT quarter NN . . Separately RB , , America NNP West NNP Airlines NNPS , , Phoenix NNP , , Ariz. NNP , , reported VBD third-quarter JJ profit NN jumped VBD 45 CD % NN to TO $ $ 5.8 CD million CD , , or CC 28 CD cents NNS a DT share NN , , from IN $ $ 4 CD million CD , , or CC 24 CD cents NNS a DT share NN , , a DT year NN earlier RB . . The DT latest JJS results NNS include VBP a DT $ $ 2.6 CD million CD one-time JJ payment NN from IN a DT `` `` foreign JJ entity NN . . '' '' America NNP West NNP would MD n't RB identify VB the DT entity NN , , but CC said VBD the DT payment NN was VBD for IN the DT foreign JJ company NN 's POS use NN of IN certain JJ tax NN benefits NNS in IN connection NN with IN America NNP West NNP plane NN purchases NNS . . Year-earlier JJ results NNS included VBD an DT extraordinary JJ gain NN of IN $ $ 1.6 CD million CD from IN a DT buy-back NN of IN convertible JJ subordinated JJ debentures NNS . . Revenue NN rose VBD 21 CD % NN to TO $ $ 243.4 CD million CD from IN $ $ 201.2 CD million CD . . For IN the DT nine CD months NNS , , America NNP West NNP posted VBD earnings NNS of IN $ $ 18.9 CD million CD , , or CC 97 CD cents NNS a DT share NN , , compared VBN with IN a DT loss NN of IN $ $ 9.7 CD million CD , , or CC 74 CD cents NNS a DT share NN , , a DT year NN earlier RB . . Revenue NNP rose VBD 27 CD % NN to TO $ $ 715.1 CD million CD from IN $ $ 563.8 CD million CD . . PAPERS NNS : : Thomson NNP Corp. NNP 's POS Globe NNP & CC Mail NNP newspaper NN in IN November NNP will MD begin VB transmitting VBG an DT experimental JJ edition NN to TO selected VBN subscribers NNS ' POS facsimile JJ machines NNS . . The DT four-page JJ news NN summary NN will MD be VB aimed VBN at IN readers NNS outside IN Canada NNP or CC in IN Canadian JJ locations NNS where WRB the DT national JJ daily NN is VBZ n't RB available JJ on IN the DT day NN of IN publication NN . . In IN the DT U.S. NNP , , the DT Hartford NNP Courant NNP has VBZ a DT facsimile JJ edition NN and CC some DT other JJ newspapers NNS are VBP considering VBG the DT idea NN . . WHO WP 'S VBZ NEWS NNP : : Michael NNP T. NNP Carr NNP , , advertising VBG director NN of IN Playboy NNP magazine NN , , was VBD named VBN publisher NN of IN National NNP Lampoon NNP and CC Heavy NNP Metal NNP magazines NNS , , succeeding VBG George NNP Agoglia NNP . . It PRP was VBD the DT first JJ management NN change NN since IN film-makers NNS Daniel NNP Grodnik NNP and CC Tim NNP Matheson NNP took VBD control NN of IN National NNP Lampoon NNP Inc. NNP in IN March NNP . . They PRP are VBP looking VBG for IN a DT new JJ editor NN for IN National NNP Lampoon NNP and CC are VBP trying VBG to TO sell VB Heavy NNP Metal NNP . . Columbia NNP Savings NNPS & CC Loan NNP Association NNP , , reeling VBG from IN thrift-accounting NN changes NNS mandated VBN by IN Congress NNP and CC the DT recent JJ collapse NN of IN the DT junk-bond NN market NN , , announced VBD a DT loss NN for IN the DT third JJ quarter NN of IN $ $ 226.3 CD million CD , , or CC $ $ 11.57 CD a DT share NN . . For IN the DT quarter NN a DT year NN ago RB , , Columbia NNP reported VBD earnings NNS of IN $ $ 16.3 CD million CD , , or CC 37 CD cents NNS a DT share NN . . Total JJ assets NNS increased VBD to TO $ $ 12.7 CD billion CD in IN the DT latest JJS quarter NN from IN $ $ 12.4 CD billion CD a DT year NN earlier RB . . The DT loss NN stems VBZ from IN $ $ 357.5 CD million CD of IN write-downs NNS on IN Columbia NNP 's POS $ $ 4.4 CD billion CD high-yield JJ investment NN securities NNS portfolio NN , , which WDT includes VBZ about IN $ $ 3.7 CD billion CD of IN junk NN bonds NNS , , $ $ 400 CD million CD of IN preferred JJ stock NN , , and CC Treasury NNP securities NNS . . Columbia NNP owes VBZ its PRP$ spectacular JJ growth NN in IN recent JJ years NNS to TO its PRP$ junk-bond NN portfolio NN , , the DT largest JJS of IN any DT U.S. NNP thrift NN . . Much JJ of IN Columbia NNP 's POS junk-bond NN trading NN has VBZ been VBN done VBN through IN the DT high-yield JJ department NN of IN its PRP$ Beverly NNP Hills NNPS neighbor NN , , Drexel NNP Burnham NNP Lambert NNP Inc NNP . . For IN the DT nine CD months NNS , , losses NNS totaled VBD $ $ 212 CD million CD , , or CC $ $ 10.83 CD a DT share NN , , compared VBN with IN net JJ income NN of IN $ $ 48.7 CD million CD , , or CC $ $ 1.11 CD a DT share NN , , a DT year NN earlier RB . . The DT results NNS include VBP a DT $ $ 130.2 CD million CD write-down NN of IN the DT securities NNS in IN the DT high-yield JJ portfolio NN to TO the DT lower JJR of IN their PRP$ cost NN or CC market NN value NN . . Columbia NNP also RB added VBD $ $ 227.3 CD million CD to TO reserves NNS for IN losses NNS on IN the DT portfolio NN , , increasing VBG general JJ reserves NNS to TO $ $ 300 CD million CD , , or CC about IN 6.7 CD % NN of IN the DT total NN portfolio NN , , as IN of IN Sept. NNP 30 CD . . On IN June NNP 30 CD , , loss NN reserves NNS stood VBD at IN $ $ 108.3 CD million CD . . Thrift NN officials NNS said VBD the DT $ $ 300 CD million CD reserve NN will MD be VB adjusted VBN quarterly RB and CC will MD reflect VB the DT rate NN of IN dispositions NNS and CC market NN conditions NNS . . The DT adjustments NNS result VBP from IN the DT recently RB passed VBN thrift-industry NN bailout NN legislation NN , , which WDT requires VBZ thrifts NNS to TO divest VB all DT high-yield JJ bond NN investments NNS by IN 1994 CD . . Previously RB , , Columbia NNP did VBD n't RB have VB to TO adjust VB the DT book NN value NN of IN its PRP$ junk-bond NN holdings NNS to TO reflect VB declines NNS in IN market NN prices NNS , , because IN it PRP held VBD the DT bonds NNS as IN long-term JJ investments NNS . . Because IN Columbia NNP now RB must MD sell VB the DT bonds NNS within IN five CD years NNS , , accounting NN rules NNS require VBP the DT thrift NN to TO value VB the DT bonds NNS at IN the DT lower JJR of IN cost NN or CC market NN prices NNS . . For IN its PRP$ future NN strategy NN , , Columbia NNP officials NNS said VBD the DT thrift NN may MD branch VB out RP into IN commercial JJ lending NN or CC managing NN outside JJ investments NNS , , as RB well RB as IN beefing VBG up RP more RBR traditional JJ thrift NN activities NNS . . The DT quarterly JJ results NNS also RB reflected VBD $ $ 21.4 CD million CD in IN non-recurring JJ losses NNS from IN commercial JJ real-estate NN activities NNS in IN California NNP . . Thomas NNP Spiegel NNP , , Columbia NNP 's POS chairman NN , , said VBD in IN a DT statement NN that IN the DT thrift NN was VBD `` `` disappointed JJ '' '' by IN the DT effects NNS of IN the DT accounting NN changes NNS . . But CC he PRP said VBD Columbia NNP remains VBZ `` `` one CD of IN the DT most RBS strongly RB capitalized JJ thrifts NNS in IN the DT industry NN , , '' '' based VBN on IN the DT economic JJ value NN of IN its PRP$ assets NNS and CC tangible JJ capital NN . . Columbia NNP announced VBD the DT results NNS after IN the DT close NN of IN the DT stock NN market NN . . Its PRP$ shares NNS closed VBD at IN $ $ 5.125 CD each DT in IN composite JJ New NNP York NNP Stock NNP Exchange NNP trading NN , , down RB 37.5 CD cents NNS . . The DT price NN of IN Columbia NNP shares NNS has VBZ been VBN cut VBN nearly RB in IN half NN since IN August NNP , , when WRB they PRP traded VBD at IN about IN $ $ 10 CD , , as IN investors NNS apparently RB realized VBD that IN the DT thrift NN would MD be VB forced VBN to TO take VB a DT big JJ write-down NN . . The DT stock NN 's POS decline NN accelerated VBN in IN the DT past JJ two CD weeks NNS , , from IN a DT price NN of IN $ $ 8 CD a DT share NN on IN Oct. NNP 9 CD . . Columbia NNP officials NNS said VBD they PRP do VBP n't RB know VB how WRB quickly RB they PRP will MD dispose VB of IN the DT thrift NN 's POS junk NN bonds NNS , , because IN federal JJ regulations NNS , , such JJ as IN those DT that WDT would MD allow VB thrifts NNS to TO continue VB holding VBG the DT bonds NNS in IN separately RB capitalized JJ subsidiaries NNS , , have VBP n't RB yet RB been VBN completed VBN . . Columbia NNP officials NNS also RB said VBD the DT thrift NN should MD n't RB face VB problems NNS meeting VBG regulatory JJ capital NN requirements NNS , , despite IN the DT large JJ reserves NNS and CC write-downs NNS and CC stiffer JJR regulatory JJ requirements NNS that WDT should MD be VB in IN place NN by IN year NN 's POS end NN . . Its PRP$ ratio NN of IN tangible JJ equity NN to TO total JJ assets NNS as IN of IN Sept. NNP 30 CD was VBD 3.6 CD % NN , , and CC total JJ equity NN was VBD $ $ 457.9 CD million CD . . The DT thrift NN emphasized VBD that IN it PRP has VBZ a DT large JJ portfolio NN of IN equity NN securities NNS issued VBN in IN connection NN with IN corporate JJ restructurings NNS and CC leveraged JJ buy-outs NNS , , which WDT has VBZ a DT book NN value NN of IN $ $ 90 CD million CD . . Although IN many JJ of IN the DT transactions NNS related JJ to TO those DT securities NNS have VBP n't RB been VBN completed VBN , , Columbia NNP said VBD the DT ultimate JJ gain NN on IN the DT sale NN of IN those DT assets NNS will MD range VB from IN $ $ 200 CD million CD to TO $ $ 300 CD million CD . . Columbia NNP also RB has VBZ unrealized JJ gains NNS in IN its PRP$ public JJ equity NN securities NNS portfolio NN of IN more JJR than IN $ $ 70 CD million CD . . David NNP B. NNP Hilder NNP in IN New NNP York NNP contributed VBD to TO this DT article NN . . Anheuser-Busch NNP Cos. NNP said VBD it PRP plans VBZ to TO aggressively RB discount VB its PRP$ major JJ beer NN brands NNS , , setting VBG the DT stage NN for IN a DT potentially RB bruising JJ price NN war NN as IN the DT maturing VBG industry NN 's POS growth NN continues VBZ to TO slow VB . . Anheuser NNP , , the DT world NN 's POS largest JJS brewer NN and CC U.S. NNP market NN leader NN , , has VBZ historically RB been VBN reluctant JJ to TO engage VB in IN price-cutting NN as IN a DT means NN of IN boosting VBG sales NNS volume NN . . With IN the DT passing NN of IN the DT heady JJ days NNS of IN swelling VBG industry NN sales NNS , , however RB , , the DT once-sporadic JJ and CC brief JJ forays NNS into IN discounting NN are VBP becoming VBG standard JJ competitive JJ weapons NNS in IN the DT beer NN industry NN . . Over IN the DT summer NN , , Anheuser NNP competitors NNS offered VBD more JJR and CC deeper JJR discounts NNS than IN industry NN observers NNS have VBP seen VBN for IN a DT long JJ time NN . . Some DT experts NNS now RB predict VBP Anheuser NNP 's POS entry NN into IN the DT fray NN means VBZ near-term JJ earnings NNS trouble NN for IN all PDT the DT industry NN players NNS . . The DT St. NNP Louis NNP company NN said VBD major JJ rivals NNS , , Philip NNP Morris NNP Co. NNP 's POS Miller NNP Brewing NNP unit NN and CC Adolph NNP Coors NNP Co. NNP `` `` have VBP been VBN following VBG a DT policy NN of IN continuous JJ and CC deep JJ discounting NN for IN at IN least JJS the DT past JJ 18 CD months NNS '' '' on IN their PRP$ premium JJ brands NNS , , pricing VBG their PRP$ product NN as RB much JJ as IN 25 CD cents NNS a DT 12-pack NN below IN Anheuser NNP 's POS Budweiser NNP label NN in IN many JJ markets NNS . . Anheuser NNP said VBD it PRP 's VBZ discounting NN policy NN basically RB would MD involve VB matching VBG such JJ moves NNS by IN rivals NNS on IN a DT market-by-market JJ basis NN . . Anheuser-Busch NNP announced VBD its PRP$ plan NN at IN the DT same JJ time NN it PRP reported VBD third-quarter JJ net JJ income NN rose VBD a DT lower-than-anticipated JJ 5.2 CD % NN to TO $ $ 238.3 CD million CD , , or CC 83 CD cents NNS a DT share NN , , from IN $ $ 226.5 CD million CD , , or CC 78 CD cents NNS . . Third-period JJ sales NNS were VBD $ $ 2.49 CD billion CD , , up RB from IN last JJ year NN 's POS $ $ 2.34 CD billion CD . . Anheuser NNP said VBD its PRP$ new JJ strategy NN -- : started VBN in IN some DT markets NNS last JJ month NN and CC expected VBN to TO be VB applied VBN soon RB in IN selected VBN markets NNS nationwide JJ -- : will MD mean VB lower-than-anticipated JJ earnings NNS for IN the DT last JJ half NN of IN 1989 CD and CC for IN 1990 CD . . The DT projection NN sent VBN Anheuser NNP shares NNS plunging VBG $ $ 4.375 CD in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN yesterday NN . . The DT stock NN closed VBN at IN $ $ 38.50 CD on IN heavy JJ volume NN of IN about IN 3.5 CD million CD shares NNS . . Shares NNS of IN Coors NNP , , the DT company NN 's POS sole NN publicly RB traded JJ major JJ competitor NN , , fell VBD $ $ 1.50 CD apiece JJ to TO $ $ 19.125 CD in IN national JJ over-the-counter JJ trading NN , , apparently RB on IN investor NN concerns NNS over IN potential JJ fallout NN from IN the DT coming VBG pricing NN struggle NN . . Anheuser NNP noted VBD that IN `` `` beer NN industry NN sales NNS volume NN is VBZ 1989 CD is VBZ following VBG the DT trend NN that WDT has VBZ characterized VBN the DT last JJ half NN of IN the DT '80s NNS , , with IN sales NNS volume NN being VBG essentially RB flat JJ '' '' while IN consolidation NN creates VBZ fewer JJR , , bigger JJR players NNS . . `` `` We PRP can MD not RB permit VB a DT further JJR slowing NN in IN our PRP$ volume NN trend NN , , '' '' Anheuser NNP said VBD , , adding VBG it PRP will MD take VB `` `` appropriate JJ competitive JJ pricing NN actions NNS to TO support VB our PRP$ long-term JJ market NN share NN growth NN strategy NN '' '' for IN the DT premium JJ brands NNS . . Anheuser NNP said VBD it PRP continues VBZ to TO hold VB to TO its PRP$ earlier-announced JJ goal NN of IN a DT 50 CD % NN U.S. NNP market NN share NN by IN the DT mid-1990s NNS . . Beneath IN the DT tepid JJ news-release NN jargon NN lies VBZ a DT powerful JJ threat NN from IN the DT brewing VBG giant NN , , which WDT last JJ year NN accounted VBD for IN about IN 41 CD % NN of IN all DT U.S. NNP beer NN sales NNS and CC is VBZ expected VBN to TO see VB that DT grow VB to TO 42.5 CD % NN in IN the DT current JJ year NN . . `` `` Anheuser NNP is VBZ the DT biggest JJS guy NN in IN the DT bar NN , , and CC he PRP just RB decided VBD to TO join VB in IN the DT barroom NN brawl NN , , '' '' said VBD Joseph NNP J. NNP Doyle NNP , , an DT analyst NN with IN Smith NNP Barney NNP , , Harris NNP Upham NNP & CC Co NNP . . `` `` It PRP 's VBZ going VBG to TO get VB bloody JJ . . '' '' Jerry NNP Steinman NNP , , publisher NN of IN Beer NNP Marketers NNPS Insights NNPS , , a DT trade NN newsletter NN , , said VBD Anheuser NNP 's POS announcement NN means VBZ `` `` everybody NN else JJ in IN the DT industry NN is VBZ going VBG to TO have VB a DT difficult JJ time NN reaching VBG their PRP$ profit NN objectives NNS . . '' '' Prudential-Bache NNP Securities NNPS Inc. NNP analyst NN George NNP E. NNP Thompson NNP downplayed VBD the DT importance NN of IN the DT announcement NN , , and CC called VBD any DT comparison NN between IN the DT coming VBG beer-industry NN tiff NN and CC the DT seemingly RB unending JJ `` `` cola NN wars NNS , , '' '' unwarranted JJ . . Mr. NNP Thompson NNP calls VBZ discounting NN `` `` a DT loser NN 's POS game NN for IN anyone NN without IN a DT dominant JJ market NN share NN , , '' '' and CC projected VBD that DT Anheuser NNP 's POS statement NN of IN intent NN could MD simply RB be VB a DT means NN of IN warning VBG competitors NNS to TO ease VB up RP on IN price-cutting NN or CC face VB a DT costly JJ and CC fruitless JJ battle NN . . Mr. NNP Thompson NNP noted VBD that IN the DT disappointing JJ earnings NNS , , which WDT fell VBD five CD cents NNS a DT share NN short JJ of IN his PRP$ own JJ projections NNS , , contributed VBD to TO the DT sell-off NN by IN an DT edgy JJ and CC currently RB unforgiving JJ investing VBG public NN . . But CC Smith NNP Barney NNP 's POS Mr. NNP Doyle NNP , , who WP yesterday NN trimmed VBD his PRP$ 1990 CD Anheuser NNP earnings NNS projection NN to TO $ $ 2.95 CD a DT share NN from IN $ $ 3.10 CD , , called VBD the DT market NN 's POS reaction NN `` `` justified JJ . . '' '' While IN the DT third-quarter JJ earnings NNS were VBD a DT `` `` moderate JJ disappointment NN , , '' '' he PRP said VBD , , `` `` the DT real JJ bad JJ news NN is VBZ the DT intensity NN of IN price NN competition NN '' '' in IN the DT premium-beer NN sector NN . . According VBG to TO Mr. NNP Steinman NNP , , the DT newsletter NN publisher NN , , Anheuser NNP 's POS market NN share NN is VBZ nearly RB twice JJ that IN of IN its PRP$ nearest JJS competitor NN , , Miller NNP Brewing NNP , , which WDT had VBD a DT 21.2 CD % NN stake NN last JJ year NN . . It PRP 's VBZ followed VBN by IN Stroh NNP Brewery NNP Co. NNP , , which WDT has VBZ agreed VBN to TO sell VB its PRP$ assets NNS to TO Coors NNP . . Both DT Coors NNP and CC Stroh NNP have VBP recently RB been VBN ceding VBG market NN share NN to TO Miller NNP and CC Anheuser NNP . . Tokyo NNP stocks NNS closed VBD easier RBR for IN the DT second JJ consecutive JJ day NN , , finishing VBG at IN the DT intraday NN low JJ on IN index-linked JJ investment NN trust NN fund NN selling NN toward IN the DT end NN of IN the DT afternoon NN session NN . . Stocks NNS rose VBD in IN London NNP , , but CC fell VBD again RB in IN Frankfurt NNP . . Tokyo NNP 's POS Nikkei NNP index NN fell VBD 84.15 CD points NNS to TO 35442.40 CD . . Trading NN was VBD active JJ . . Volume NN on IN the DT first JJ section NN was VBD estimated VBN at IN 1 CD billion CD shares NNS , , up RB from IN 914 CD million CD Tuesday NNP . . The DT Tokyo NNP stock NN price NN index NN of IN first JJ section NN issues NNS was VBD down RB 8.65 CD at IN In IN early JJ trading NN in IN Tokyo NNP Thursday NNP , , the DT Nikkei NNP index NN rose VBD 145.45 CD points NNS to TO 35587.85 CD . . On IN Wednesday NNP , , the DT market NN opened VBD bullishly RB with IN high JJ turnover NN , , ignoring VBG the DT volatility NN in IN New NNP York NNP stocks NNS . . But CC losers NNS were VBD spread VBN in IN a DT broad JJ range NN by IN the DT end NN of IN the DT session NN . . A DT trader NN said VBD that IN the DT more JJR an DT issue NN gained VBD recently RB , , the DT sharper JJR the DT loss NN sustained VBN Wednesday NNP . . A DT trader NN at IN Yamaichi NNP Securities NNPS said VBD the DT market NN 's POS mood NN was VBD undercut VBN by IN the DT continuing VBG fall NN of IN Nippon NNP Telegraph NNP & CC Telephone NNP shares NNS , , which WDT declined VBD to TO their PRP$ lowest JJS level NN since IN the DT begining NN of IN this DT year NN . . NTT NNP lost VBD 30,000 CD yen NNS to TO 1,380,000 CD yen NNS ( ( $ $ 9,756 CD ) ) . . Some DT traders NNS noted VBD individual JJ investors NNS dumped VBD NTT NNP shares NNS amid IN growing VBG expectation NN for IN a DT division NN of IN the DT company NN as IN suggested VBN by IN a DT recent JJ government-sponsored JJ panel NN . . Dealers NNS said VBD they PRP also RB took VBD profits NNS to TO reduce VB holdings NNS in IN their PRP$ own JJ account NN at IN the DT end NN of IN the DT October NNP transaction NN period NN . . Among IN pharmaceutical JJ shares NNS , , Chugai NNP lost VBD 60 CD yen NNS to TO 2,290 CD yen NNS ( ( $ $ 16.20 CD ) ) , , and CC Mochida NNP fell VBD 150 CD to TO 4,290 CD . . Other JJ losing VBG issues NNS included VBD Showa NNP Shell NNP , , which WDT fell VBD 40 CD to TO 1,520 CD . . Toyota NNP Motor NNP fell VBD 40 CD to TO 2,680 CD . . Sekisui NNP House NNP , , which WDT gained VBD 150 CD Tuesday NNP , , lost VBD 70 CD to TO 2640 CD . . Daiwa NNP House NNP also RB ended VBD easier RB , , but CC Misawa NNP Home NNP was VBD firmer JJR . . Pioneer NNP Electronic NNP and CC Sony NNP , , both DT of IN which WDT dominated VBD buying NN earlier RBR this DT month NN , , continued VBD to TO fall VB Wednesday NNP . . Pioneer NNP was VBD down RB 90 CD at IN 5,810 CD , , and CC Sony NNP lost VBD 40 CD to TO 8,550 CD , , down RB 10 CD % NN from IN its PRP$ record NN set VBN Oct. NNP 11 CD . . London NNP share NN prices NNS closed VBD modestly RB higher RBR largely RB on IN technical JJ factors NNS , , although IN the DT market NN was VBD underpinned VBN near IN the DT end NN of IN the DT session NN by IN Wall NNP Street NNP 's POS firmer JJR trend NN . . The DT Financial NNP Times NNPS 100-share JJ index NN finished VBD at IN 2161.9 CD , , up RB 12.6 CD points NNS . . The DT 30-share JJ index NN ended VBD 12.6 CD points NNS higher RBR at IN 1751.9 CD . . Volume NN was VBD thin JJ at IN 374.6 CD million CD shares NNS traded VBD , , down RB from IN 405.4 CD million CD Tuesday NNP . . Dealers NNS said VBD the DT market NN gained VBD some DT late JJ steam NN on IN a DT flurry NN of IN buying NN by IN market-makers NNS looking VBG at IN blue-chip JJ issues NNS and CC stocks NNS viewed VBN as IN oversold JJ during IN the DT market NN 's POS recent JJ downtrend NN . . Outside IN what WP essentially RB amounted VBD to TO a DT bookkeeping NN exercise NN , , dealers NNS said VBD London NNP dealings NNS were VBD largely RB dulled VBN by IN the DT absence NN of IN active JJ interest NN beyond IN the DT market-makers NNS . . The DT late JJ buying NN was VBD drawn VBN into IN the DT London NNP market NN , , dealers NNS added VBD , , after IN Wall NNP Street NNP showed VBD signs NNS of IN stability NN following VBG its PRP$ rocky JJ opening NN . . Stocks NNS that WDT suffered VBD on IN the DT day NN were VBD those DT with IN active JJ U.S. NNP operations NNS , , dealers NNS noted VBD . . Among IN them PRP were VBD B.A.T NNP Industries NNPS , , which WDT settled VBD 6 CD pence NN a DT share NN lower RBR at IN 753 CD ( ( $ $ 12.10 CD ) ) . . Hanson NNP , , with IN 15 CD million CD shares NNS traded VBN , , closed VBD 2.5 CD lower RBR at IN 212.5 CD . . Dealers NNS said VBD the DT shares NNS were VBD hit VBN by IN fears NNS of IN a DT slowdown NN in IN the DT U.S. NNP economy NN . . Cable NNP & CC Wireless NNP benefited VBD from IN a DT market NN squeeze NN , , bouncing VBG 13 CD to TO 498 CD in IN moderately RB active JJ volume NN . . Jaguar NNP was VBD boosted VBN 21 CD to TO 715 CD on IN follow-through JJ buying NN after IN Ford NNP Motor NNP 's POS announcement NN Tuesday NNP that IN it PRP might MD be VB prepared JJ to TO mount VB a DT full JJ bid NN for IN the DT U.K. NNP luxury NN auto NN maker NN . . It PRP was VBD further RBR helped VBN by IN Ford NNP , , which WDT announced VBD after IN London NNP 's POS close NN that IN it PRP had VBD raised VBN its PRP$ stake NN to TO 12 CD % NN from IN just RB under IN 11 CD % NN on IN Tuesday NNP . . Frankfurt NNP prices NNS closed VBD sharply RB lower RBR in IN thin JJ dealings NNS , , hurt VBN by IN the DT roller-coaster NN session NN on IN Wall NNP Street NNP Tuesday NNP and CC worries NNS about IN wage NN demands NNS by IN the DT largest JJS West JJ German JJ trade NN union NN . . The DT German JJ stock NN index NN tumbled VBD 26.29 CD to TO end VB at IN `` `` It PRP was VBD dead JJ , , listless JJ , , depressing JJ and CC negative JJ , , '' '' said VBD one CD trader NN at IN a DT U.S. NNP bank NN in IN Frankfurt NNP . . `` `` There EX was VBD little JJ turnover NN and CC nothing NN to TO stimulate VB the DT market NN . . '' '' Equities NNS tumbled VBD at IN the DT opening NN as IN Tuesday NNP 's POS gyrations NNS on IN Wall NNP Street NNP , , where WRB the DT Dow NNP Jones NNP Industrial NNP Average NNP recovered VBD most JJS of IN an DT 80-point JJ loss NN , , fueled VBD fears NNS of IN another DT stock NN market NN crash NN , , brokers NNS said VBD . . Tough JJ talk NN from IN trade NN union NN officials NNS at IN the DT conference NN of IN the DT powerful JJ IG NNP Metall NNP metals NNS worker NN union NN in IN West NNP Berlin NNP raised VBD the DT specter NN of IN nationwide JJ strikes NNS next JJ spring NN , , they PRP said VBD . . For IN the DT 1990 CD wage NN negotiations NNS , , the DT IG NNP Metall NNP is VBZ demanding VBG a DT further JJ cut NN in IN the DT German JJ workweek NN and CC steep JJ wage NN increases NNS , , which WDT could MD sharply RB increase VB the DT costs NNS for IN German JJ industry NN . . `` `` All PDT the DT positive JJ figures NNS on IN the DT economy NN are VBP out RP already RB , , and CC people NNS are VBP focusing VBG more RBR on IN the DT dangers NNS for IN next JJ year NN , , mostly RB the DT wage NN talks NNS and CC the DT { ( parliamentary JJ } ) elections NNS , , '' '' the DT U.S. NNP trader NN said VBD . . The DT market NN also RB shrugged VBD off RP positive JJ factors NNS , , such JJ as IN higher JJR bond NN prices NNS and CC a DT slowdown NN in IN monetary JJ growth NN in IN September NNP , , traders NNS said VBD . . They PRP said VBD they PRP expect VBP the DT bearish JJ mood NN to TO persist VB a DT while NN longer RB , , as IN trading NN volume NN is VBZ falling VBG toward IN the DT end NN of IN the DT year NN and CC the DT market NN is VBZ becoming VBG more RBR volatile JJ . . In IN the DT auto NN sector NN , , Bayerische NNP Motoren NNP Werke NNP plunged VBD 14.5 CD marks NNS to TO 529 CD marks NNS ( ( $ $ 288 CD ) ) , , Daimler-Benz NNP dropped VBD 10.5 CD to TO 700 CD , , and CC Volkswagen NNP slumped VBD 9 CD to TO 435.5 CD . . Continental NNP gave VBD up RP some DT of IN its PRP$ recent JJ gains NNS , , dropping VBG 8 CD to TO 338 CD , , as IN rumors NNS of IN an DT impending JJ takeover NN attempt NN for IN the DT tiremaker NN faded VBD , , brokers NNS said VBD . . Deutsche NNP Bank NNP plummeted VBD 12 CD to TO 645 CD , , hurt VBN by IN the DT general JJ mood NN . . Other JJ banks NNS were VBD slightly RB more RBR resilient JJ , , with IN Dresdner NNP Bank NNP shedding VBG 4.8 CD to TO 320 CD , , and CC Commerzbank NNP slipping VBG 2.5 CD to TO Meanwhile RB , , Wall NNP Street NNP 's POS volatility NN unnerved VBD investors NNS in IN other JJ markets NNS . . Share NN prices NNS closed VBD lower RBR in IN Paris NNP , , Zurich NNP , , Brussels NNP , , Milan NNP and CC Stockholm NNP , , and CC mixed JJ in IN Amsterdam NN . . Among IN Pacific NNP markets NNS , , prices NNS closed VBD lower RBR in IN Sydney NNP , , Seoul NNP , , Hong NNP Kong NNP , , Manila NNP , , Singapore NNP and CC Wellington NNP . . Trading NN in IN Taipei NNP was VBD suspended VBN for IN a DT national JJ holiday NN . . Here RB are VBP price NN trends NNS on IN the DT world NN 's POS major JJ stock NN markets NNS , , as IN calculated VBN by IN Morgan NNP Stanley NNP Capital NNP International NNP Perspective NNP , , Geneva NNP . . To TO make VB them PRP directly RB comparable JJ , , each DT index NN is VBZ based VBN on IN the DT close NN of IN 1969 CD equaling VBG 100 CD . . The DT percentage NN change NN is VBZ since IN year-end NN . . French JJ chemicals NNS group NN , , Orkem NNP S.A. NNP , , said VBD Wednesday NNP it PRP has VBZ made VBN a DT bid NN for IN control NN of IN Coates NNP Brothers NNPS PLC NNP , , a DT British JJ manufacturer NN of IN inks NNS and CC polyester NN resins NNS . . State-controlled JJ Orkem NNP already RB owns VBZ 40.6 CD % NN of IN Coates NNP . . The DT remainder NN is VBZ held VBN by IN the DT public NN and CC by IN family NN interests NNS , , a DT spokeswoman NN for IN the DT French JJ group NN said VBD . . Orkem NNP declined VBD to TO give VB details NNS of IN its PRP$ offer NN , , saying VBG only RB that IN the DT bid NN will MD be VB submitted VBN for IN approval NN by IN the DT board NN of IN the DT British JJ company NN . . The DT Democratic-controlled JJ House NNP , , by IN a DT margin NN of IN 51 CD votes NNS , , failed VBD to TO override VB President NNP Bush NNP 's POS veto NN of IN legislation NN renewing VBG federal JJ support NN of IN Medicaid NNP abortions NNS for IN poor JJ women NNS who WP are VBP victims NNS of IN rape NN and CC incest NN . . The DT 231-191 JJ roll NN call NN illustrates VBZ the DT limits NNS of IN power NN a DT resurgent JJ abortion-rights NNS movement NN still RB faces VBZ . . It PRP continues VBZ to TO gain VB strength NN in IN the DT chamber NN but CC remains VBZ far RB short JJ of IN the DT two-thirds NNS majority NN required VBN to TO prevail VB over IN Mr. NNP Bush NNP . . Democrats NNPS voted VBD to TO override VB by IN a DT 3-1 JJ margin NN , , but CC Republicans NNPS were VBD equally RB firm JJ in IN support NN of IN the DT president NN , , who WP has VBZ threatened VBN to TO make VB abortion NN a DT decisive JJ issue NN on IN at IN least JJS three CD separate JJ fiscal JJ 1990 CD spending NN bills NNS . . Yesterday NN 's POS vote NN dealt VBD with IN the DT largest JJS of IN these DT bills NNS , , an DT estimated VBN $ $ 156.7 CD billion CD measure NN funding VBG the DT departments NNS of IN Labor NNP , , Education NNP , , and CC Health NNP and CC Human NNP Services NNPS . . To TO gain VB more JJR leverage NN , , abortion-rights NNS advocates NNS may MD seek VB to TO fold VB the DT bill NN into IN an DT omnibus NN continuing VBG resolution NN next JJ month NN . . But CC the DT stark JJ numbers NNS yesterday NN -- : when WRB 282 CD votes NNS were VBD needed VBN -- : indicate VBP the DT president NN is VBZ in IN a DT commanding JJ position NN for IN at IN least JJS this DT year NN . . `` `` Unless IN he PRP changes VBZ , , they PRP lose VBP , , '' '' said VBD a DT Democratic JJ leadership NN aide NN . . The DT action NN came VBD as IN Congress NNP sent VBD to TO the DT president NN last JJ night NN a DT stopgap NN spending NN bill NN to TO keep VB the DT government NN operating VBG through IN Nov. NNP 15 CD and CC provide VB $ $ 2.85 CD billion CD in IN emergency NN funds NNS to TO assist VB in IN the DT recovery NN from IN Hurricane NNP Hugo NNP and CC the DT California NNP earthquake NN . . By IN a DT lopsided JJ 97-1 CD margin NN , , the DT Senate NNP approved VBD the DT measure NN after IN attaching VBG further JJ provisions NNS sought VBN by IN the DT influential JJ California NNP delegation NN and CC , , despite IN reservations NNS , , the DT House NNP adopted VBD the DT bill NN on IN a DT 303-107 JJ roll NN call NN . . The DT package NN is VBZ more JJR than IN $ $ 1 CD billion CD above IN the DT recommendations NNS of IN Budget NNP Director NNP Richard NNP Darman NNP this DT week NN . . But CC given VBN the DT political JJ importance NN of IN California NNP , , the DT administration NN was VBD content JJ to TO use VB its PRP$ influence NN to TO prevent VB any DT Senate NNP amendments NNS adding VBG further JJ new JJ appropriations NNS . . The DT $ $ 2.85 CD billion CD measure NN comes VBZ on IN top NN of IN $ $ 1.1 CD billion CD appropriated VBN after IN Hugo NNP struck VBD the DT Carolinas NNPS and CC Caribbean NNP last JJ month NN , , and CC these DT totals NNS do VBP n't RB reflect VB the DT additional JJ benefit NN of IN low-interest JJ disaster NN loans NNS . . The DT bill NN last JJ night NN includes VBZ $ $ 500 CD million CD to TO help VB finance VB this DT credit NN and CC further RBR raises VBZ the DT obligation NN ceiling NN for IN the DT Small NNP Business NNP Administration NNP sixfold RB to TO $ $ 1.8 CD billion CD to TO accommodate VB the DT expected JJ loan NN activity NN . . In IN direct JJ cash NN assistance NN , , $ $ 1 CD billion CD is VBZ provided VBN in IN federal JJ highway NN construction NN funds NNS , , and CC $ $ 1.35 CD billion CD is VBZ divided VBN between IN general JJ emergency NN aid NN and CC a DT reserve NN to TO be VB available JJ to TO the DT president NN to TO meet VB unanticipated JJ costs NNS from IN the DT two CD disasters NNS . . In IN the DT Senate NNP , , Majority NNP Whip NNP Alan NNP Cranston NNP used VBD his PRP$ position NN to TO win VB not RB only RB the DT expanded VBN credit NN but CC also RB more RBR generous JJ treatment NN than IN the DT House NNP had VBD permitted VBN in IN the DT distribution NN of IN highway NN funds NNS in IN the DT next JJ six CD months NNS . . The DT emergency NN assistance NN would MD n't RB be VB counted VBN against IN a DT state NN 's POS normal JJ allocation NN of IN annual JJ highway NN funds NNS , , and CC the DT bill NN circumvents VBZ existing VBG restrictions NNS that WDT otherwise RB would MD prevent VB the DT use NN of IN federal JJ aid NN to TO repair VB a DT toll NN road NN , , such JJ as IN the DT San NNP Francisco-Oakland NNP Bay NNP Bridge NNP damaged VBN in IN last JJ week NN 's POS earthquake NN . . The DT underlying VBG stopgap NN bill NN is VBZ the DT second NN required VBN by IN Congress NNP this DT fall NN and CC , , since IN the DT current JJ fiscal JJ year NN began VBD Oct. NNP 1 CD , , only RB the DT Energy NNP and CC Interior NNP departments NNS are VBP operating VBG on IN permanent JJ appropriations NNS enacted VBN into IN law NN . . The DT standoff NN over IN abortion NN is VBZ certain JJ to TO contribute VB to TO further JJ delays NNS and CC , , apart RB from IN the DT health NN and CC education NN measure NN vetoed VBN by IN Mr. NNP Bush NNP , , bills NNS funding VBG the DT District NNP of IN Columbia NNP and CC the DT entire JJ U.S. NNP foreign-aid NN budget NN are VBP in IN jeopardy NN because IN of IN related JJ abortion NN or CC family-planning NN issues NNS . . The DT vote NN yesterday NN was VBD the DT most RBS partisan JJ in IN many JJ years NNS , , and CC though IN the DT Democratic JJ leadership NN is VBZ ambivalent JJ about IN how WRB to TO address VB the DT abortion NN issue NN , , the DT debate NN is VBZ increasingly RB measured VBN in IN party NN terms NNS . . The DT 189 CD Democrats NNPS who WP supported VBD the DT override NN yesterday NN compare VBP with IN 175 CD who WP initially RB backed VBD the DT rape-and-incest JJ exemption NN two CD weeks NNS ago RB and CC 136 CD last JJ year NN on IN a DT similar JJ vote NN . . By IN comparison NN , , Republicans NNPS have VBP held VBN closer RBR to TO the DT anti-abortion JJ movement NN . . Only RB 42 CD GOP NNP members NNS opposed VBD the DT president NN 's POS veto NN , , a DT marginal JJ increase NN over IN the DT vote NN two CD weeks NNS ago RB and CC just RB 12 CD more JJR than IN the DT 30 CD who WP supported VBD the DT rape-and-incest JJ exemption NN last JJ year NN . . At IN a DT recent JJ White NNP House NNP meeting NN , , Rep. NNP Silvio NNP Conte NNP ( ( R. NNP , , Mass. NNP ) ) , , the DT ranking JJ minority NN member NN of IN the DT House NNP Appropriations NNPS Committee NNP , , argued VBD with IN his PRP$ friend NN Mr. NNP Bush NNP against IN a DT veto NN , , and CC though IN Mr. NNP Conte NNP and CC Minority NNP Leader NNP Robert NNP Michel NNP of IN Illinois NNP stood VBD with IN the DT president NN yesterday NN , , they PRP are VBP plainly RB uncomfortable JJ with IN his PRP$ position NN . . `` `` This DT is VBZ n't RB a DT political JJ issue NN , , this DT is VBZ a DT moral JJ issue NN , , '' '' said VBD Rep. NNP Henry NNP Hyde NNP ( ( R. NNP , , Ill. NNP ) ) , , the DT most RBS eloquent JJ spokesman NN for IN the DT anti-abortion JJ movement NN . . But CC after IN years NNS of IN using VBG the DT issue NN for IN its PRP$ benefit NN , , the DT GOP NNP finds VBZ its PRP$ candidates NNS on IN the DT defensive NN . . New NNP Jersey NNP gubernatorial JJ candidate NN Rep. NNP James NNP Florio NNP pointedly RB returned VBD from IN campaigning NN to TO vote VB against IN the DT president NN yesterday NN in IN contrast NN with IN his PRP$ opponent NN , , GOP NNP Rep. NNP James NNP Courter NNP , , who WP has VBZ ardently RB supported VBN abortion NN restrictions NNS in IN the DT past NN but CC was VBD absent JJ . . In IN an DT extraordinary JJ mix NN of IN cultures NNS and CC church-state JJ powers NNS , , Rep. NNP Robert NNP Dornan NNP ( ( R. NNP , , Calif NNP . . ) ) lectured VBD his PRP$ fellow JJ Roman NNPS Catholics NNPS -- : including VBG Mr. NNP Florio NNP -- : for IN having VBG the DT `` `` chutzpah NN '' '' to TO disagree VB with IN the DT hierarchy NN of IN their PRP$ church NN on IN abortion NN . . Rep. NNP Les NNP AuCoin NNP was VBD as RB blunt JJ on IN behalf NN of IN the DT abortion-rights NNS movement NN . . `` `` This DT may MD not RB make VB George NNP Bush NNP a DT one-term JJ president NN , , '' '' said VBD the DT Oregon NNP liberal NN , , addressing VBG the DT Republican JJ side NN of IN the DT House NNP . . `` `` But CC if IN you PRP support VBP him PRP over IN rape NN victims NNS , , this DT may MD be VB your PRP$ last JJ term NN . . '' '' Separately RB , , the DT House NNP last JJ night NN approved VBD a DT nearly RB $ $ 67 CD billion CD compromise NN spending NN bill NN providing VBG the DT first JJ construction NN funds NNS for IN the DT administration NN 's POS ambitious JJ space NN station NN in IN fiscal JJ 1990 CD and CC incorporating VBG far-reaching JJ provisions NNS affecting VBG the DT federal JJ mortgage NN market NN . . The DT current JJ ceiling NN on IN home NN loans NNS insured VBN by IN the DT Federal NNP Housing NNP Administration NNP would MD be VB increased VBN to TO $ $ 124,875 CD , , and CC the DT bill NN gives VBZ the DT Department NNP of IN Housing NNP and CC Urban NNP Development NNP new JJ authority NN to TO facilitate VB the DT refinancing NN of IN subsidized JJ loans NNS for IN low-income JJ homeowners NNS . . By IN a DT 325-92 JJ margin NN , , the DT Appropriations NNPS Committee NNP leadership NN beat VBD back RP an DT early JJ challenge NN by IN House NNP Banking NNP Chairman NNP Henry NNP Gonzalez NNP ( ( D. NNP , , Texas NNP ) ) to TO the DT FHA NNP provision NN . . And CC on IN a DT closer JJR 250-170 JJ roll NN call NN , , lawmakers NNS upheld VBD controversial JJ agreements NNS made VBN by IN a DT House-Senate JJ conference NN earmarking VBG community NN development NN funds NNS for IN more JJR than IN 40 CD projects NNS backed VBN by IN often RB influential JJ members NNS . . Rupert NNP Murdoch NNP acquired VBD a DT 25 CD % NN stake NN in IN Grupo NNP Zeta NNP S.A. NNP , , the DT leading VBG Spanish JJ magazine NN and CC newspaper NN publisher NN said VBD . . The DT transaction NN called VBD for IN Mr. NNP Murdoch NNP 's POS News NNP International NNP PLC NNP , , a DT unit NN of IN Australia-based JJ News NNP Corp. NNP , , to TO subscribe VB to TO a DT rights NNS issue NN by IN Zeta NNP valued VBN at IN 6.65 CD billion CD pesetas NNS ( ( $ $ 57 CD million CD ) ) . . Also RB participating VBG in IN the DT issue NN was VBD Servifilm NNP Spain NNP Cinematografica NNP S.A NNP . . The DT film NN producer NN , , owned VBN by IN Madrid-based JJ financier NN Jacques NNP Hachuel NNP , , received VBD a DT 5 CD % NN stake NN in IN the DT Barcelona-based JJ publishing NN group NN . . The DT cash NN injection NN boosted VBD Zeta NNP 's POS capital NN more RBR than IN four-fold RB , , to TO 8.47 CD billion CD pesetas NNS from IN 1.82 CD billion CD pesetas NNS , , greatly RB enhancing VBG the DT group NN 's POS ability NN to TO make VB investments NNS , , Zeta NNP officials NNS said VBD . . Following VBG its PRP$ failure NN last JJ month NN to TO win VB a DT license NN for IN one CD of IN Spain NNP 's POS first JJ three CD private JJ television NN stations NNS , , Zeta NNP is VBZ seeking VBG investment NN opportunities NNS in IN communications NNS and CC publishing NN . . With IN annual JJ sales NNS of IN about IN 30 CD billion CD pesetas NNS , , Zeta NNP publishes VBZ over IN a DT dozen NN magazines NNS , , including VBG the DT popular JJ Tiempo NNP , , Interviu NNP and CC Panorama NNP , , and CC three CD regional JJ dailies NNS . . Chairman NNP Antonio NNP Asensio NNP will MD retain VB a DT 70 CD % NN share NN in IN Zeta NNP . . The DT New NNP York NNP Stock NNP Exchange NNP is VBZ expected VBN to TO launch VB its PRP$ own JJ program NN trading NN vehicle NN today NN , , just RB as IN controversy NN over IN this DT trading NN strategy NN heats VBZ up RB . . The DT Big NNP Board NNP this DT morning NN plans VBZ to TO begin VB trading VBG its PRP$ Exchange NNP Stock NNP Portfolio NNP `` `` basket NN '' '' product NN , , the DT first JJ program-trading NN vehicle NN carrying VBG the DT exchange NN 's POS seal NN of IN approval NN . . ESPs NNPS will MD allow VB institutional JJ investors NNS to TO buy VB or CC sell VB all DT 500 CD stocks NNS in IN Standard NNP & CC Poor NNP 's POS index NN in IN a DT single JJ trade NN of IN a DT minimum NN of IN $ $ 5 CD million CD . . `` `` Customized JJ '' '' baskets NNS of IN fewer JJR stocks NNS will MD also RB be VB available JJ . . The DT Securities NNPS and CC Exchange NNP Commission NNP gave VBD provisional JJ six-month JJ approval NN to TO the DT Big NNP Board NNP basket NN at IN a DT meeting NN late JJ yesterday NN . . The DT SEC NNP at IN the DT same JJ time NN approved VBD a DT similar JJ but CC smaller JJR basket NN product NN on IN the DT Chicago NNP Board NNP Options NNPS Exchange NNP , , where WRB the DT minimum NN will MD be VB $ $ 1.7 CD million CD . . Also RB approved VBN was VBD a DT plan NN to TO trade VB stock NN portfolios NNS by IN computer NN after IN regular JJ hours NNS on IN the DT Midwest NNP Stock NNP Exchange NNP . . The DT basket NN products NNS are VBP `` `` an DT evolutionary JJ step NN '' '' in IN solving VBG problems NNS in IN trading NN big JJ blocks NNS of IN stock NN that WDT came VBD to TO light NN in IN the DT 1987 CD market NN crash NN , , said VBD SEC NNP Commissioner NNP Joseph NNP Grundfest NNP . . New JJ SEC NNP Chairman NNP Richard NNP Breeden NNP , , overseeing VBG his PRP$ first JJ public JJ meeting NN , , said VBD there EX have VBP been VBN concerns NNS that IN the DT Big NNP Board NNP 's POS basket NN could MD attract VB investors NNS with IN a DT `` `` short-term JJ perspective NN '' '' who WP would MD rapidly RB turn VB over RP the DT product NN , , thus RB increasing VBG volatility NN . . But CC Richard NNP Ketchum NNP , , the DT SEC NNP 's POS market NN regulation NN chief NN , , said VBD he PRP did VBD n't RB believe VB `` `` this DT will MD spawn VB dramatic JJ new JJ program-trading NN strategies NNS that WDT will MD be VB destabilizing JJ . . '' '' The DT baskets NNS on IN the DT Big NNP Board NNP and CC CBOE NNP -- : which WDT involve VBP the DT actual JJ S&P NNP stocks NNS , , unlike IN the DT stock-index NN contracts NNS currently RB traded VBN on IN the DT Chicago NNP futures NNS markets NNS , , and CC index NN options NNS on IN the DT CBOE NNP -- : will MD begin VB trading NN as IN critics NNS step VBP up RP their PRP$ attacks NNS on IN program NN trading NN and CC its PRP$ contributions NNS to TO the DT stock NN market NN 's POS wild JJ price NN swings NNS . . The DT Big NNP Board NNP argues VBZ that IN its PRP$ new JJ product NN will MD help VB rather RB than IN hurt VB the DT situation NN by IN possibly RB drawing VBG business NN from IN more-volatile JJR forms NNS of IN program NN trading NN . . ESPs NNS are VBP also RB an DT attempt NN by IN the DT Big NNP Board NNP to TO head VB off RP the DT exodus NN of IN program NN trading NN business NN to TO overseas JJ markets NNS such JJ as IN London NNP . . Big NNP Board NNP officials NNS also RB hope VBP Japanese JJ investors NNS will MD become VB interested JJ in IN the DT exchange NN 's POS product NN . . Already RB , , many JJ of IN the DT Big NNP Board NNP 's POS own JJ floor NN traders NNS are VBP warning VBG that IN the DT ESP NNP baskets NNS are VBP risky JJ and CC not RB in IN the DT best JJS interests NNS of IN the DT investing VBG public NN . . The DT 400-member JJ Alliance NNP of IN Floor NNP Brokers NNPS said VBD the DT new JJ product NN , , with IN the DT $ $ 5 CD million CD minimum NN , , will MD benefit VB only JJ big JJ institutional JJ investors NNS and CC could MD lead VB to TO `` `` wild JJ spasms NNS of IN volatility NN . . '' '' Stockbrokers NNS who WP cater VBP to TO individual JJ investors NNS said VBD the DT Big NNP Board NNP 's POS new JJ product NN confirms VBZ the DT exchange NN does VBZ n't RB want VB to TO curtail VB program NN trading NN , , which WDT last JJ month NN accounted VBD for IN a DT record NN 13.8 CD % NN of IN the DT exchange NN 's POS average JJ daily JJ volume NN . . `` `` The DT New NNP York NNP Stock NNP Exchange NNP is VBZ losing VBG its PRP$ cool NN here RB , , '' '' said VBD James NNP Andrews NNP , , head NN of IN institutional JJ trading NN at IN Janney NNP Montgomery NNP Scott NNP Inc. NNP in IN Philadelphia NNP . . The DT new JJ stock NN baskets NNS `` `` are VBP going VBG to TO make VB it PRP easier RBR for IN program NN trading NN to TO be VB done VBN . . And CC it PRP 's VBZ going VBG to TO be VB done VBN more RBR frequently RB as IN the DT result NN of IN having VBG more JJR access NN to TO it PRP at IN different JJ places NNS . . '' '' Both DT the DT Big NNP Board NNP 's POS Exchange NNP Stock NNP Portfolio NNP and CC the DT Chicago NNP exchange NN 's POS Market NNP Basket NNP are VBP designed VBN for IN institutional JJ investors NNS . . The DT Big NNP Board NNP lists VBZ its PRP$ targets NNS as IN pension NN plans NNS , , mutual JJ fund NN managers NNS and CC index-arbitrage NN traders NNS . . In IN index NN arbitrage NN , , program NN traders NNS buy VBP and CC sell VBP stocks NNS and CC stock-index NN futures NNS to TO profit VB from IN small JJ price NN discrepancies NNS between IN the DT markets NNS . . At IN the DT same JJ time NN , , only RB four CD securities NNS firms NNS have VBP signed VBN up RP with IN the DT Big NNP Board NNP to TO buy VB and CC sell VB ESPs NNPS as IN market NN makers NNS , , an DT unenthusiastic JJ response NN . . The DT market NN makers NNS so RB far RB are VBP CS NNP First NNP Boston NNP Group NNP 's POS First NNP Boston NNP Corp. NNP unit NN , , Morgan NNP Stanley NNP & CC Co. NNP , , PaineWebber NNP Group NNP Inc. NNP and CC Salomon NNP Inc. NNP 's POS Salomon NNP Brothers NNPS Inc. NNP unit NN . . Kidder NNP , , Peabody NNP & CC Co. NNP , , a DT General NNP Electric NNP Co. NNP unit NN that WDT has VBZ become VBN the DT biggest JJS program NN trader NN along IN with IN Morgan NNP Stanley NNP , , is VBZ n't RB a DT market NN maker NN , , although IN the DT Big NNP Board NNP hopes VBZ that WDT will MD change VB . . Similarly RB , , the DT Big NNP Board NNP hopes VBZ to TO entice VB Merrill NNP Lynch NNP & CC Co NNP . . Neither DT has VBZ plans VBZ to TO be VB a DT market NN maker NN for IN now RB . . Traders NNS said VBD major JJ securities NNS firms NNS are VBP reluctant JJ to TO become VB market NN makers NNS because IN they PRP fear VBP the DT baskets NNS may MD attract VB only RB limited JJ trading NN . . Big NNP Board NNP officials NNS say VBP only RB 25 CD contracts NNS a DT day NN may MD trade VB at IN first RB , , equivalent JJ to TO a DT day NN 's POS action NN at IN a DT small JJ , , regional JJ exchange NN . . Even RB though IN the DT Big NNP Board NNP says VBZ its PRP$ product NN represents VBZ a DT post-crash JJ `` `` reform NN , , '' '' some DT traders NNS suggest VBP that IN if IN the DT new JJ basket NN had VBD been VBN trading VBG during IN this DT month NN 's POS Friday NNP the DT 13th JJ market NN plunge NN , , the DT Dow NNP Jones NNP Industrial NNP Average NNP might MD have VB dropped VBD more JJR than IN the DT 190 CD points NNS it PRP did VBD . . With IN the DT futures NNS locked VBN into IN a DT trading NN halt NN Oct. NNP 13 CD and CC trading NN in IN some DT individual JJ stock NN difficult JJ , , program NN traders NNS would MD have VB undoubtedly RB fled VBN to TO the DT basket NN system NN , , the DT traders NNS say VBP . . `` `` If IN we PRP had VBD the DT baskets NNS , , we PRP would MD be VB leaving VBG in IN caskets NNS , , '' '' one CD trader NN said VBD . . The DT SEC NNP 's POS Mr. NNP Breeden NNP said VBD the DT after-hours JJ trading NN on IN the DT Midwest NNP exchange NN would MD help VB the DT U.S. NNP win VB back NN business NN that WDT has VBZ moved VBN overseas RB to TO conduct VB after-hours JJ trades NNS . . Comprehensive NNP Care NNP Corp. NNP , , which WDT has VBZ agreed VBN to TO be VB acquired VBN by IN closely RB held VBN First NNP Hospital NNP Corp. NNP , , reported VBD a DT $ $ 4.7 CD million CD loss NN for IN its PRP$ Aug. NNP 31 CD first JJ quarter NN and CC said VBD it PRP is VBZ negotiating VBG an DT extension NN of IN senior JJ bank NN debt NN past IN its PRP$ Oct. NNP 18 CD due JJ date NN . . In IN composite JJ trading NN yesterday NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , Comprehensive NNP Care NNP shares NNS plunged VBD $ $ 3.625 CD to TO close VB at IN $ $ 4.75 CD on IN volume NN of IN 1,177,000 CD shares NNS . . The DT loss NN in IN Comprehensive NNP Care NNP 's POS latest JJS quarter NN is VBZ equal JJ to TO 46 CD cents NNS a DT share NN . . In IN the DT year-earlier JJ quarter NN , , Comprehensive NNP Care NNP earned VBD $ $ 1.6 CD million CD , , or CC 18 CD cents NNS a DT share NN . . Revenue NN in IN the DT latest JJS quarter NN fell VBD 17 CD % NN to TO $ $ 44 CD million CD from IN $ $ 53.2 CD million CD , , the DT company NN said VBD , , reflecting VBG poor JJ utilization NN of IN the DT company NN 's POS facilities NNS and CC its PRP$ behavioral JJ medicine NN contracts NNS . . Comprehensive NNP Care NNP shareholders NNS have VBP approved VBN acquisition NN of IN the DT developer NN and CC operator NN of IN Care-Unit NNP chemical NN dependency NN and CC psychiatric JJ programs NNS for IN about IN $ $ 58 CD million CD in IN cash NN , , notes NNS and CC stock NN of IN First NNP Hospital NNP , , Norfolk NNP , , Va NNP . . The DT price NN was VBD reduced VBN last JJ August NNP from IN an DT indicated VBN value NN of IN $ $ 76 CD million CD . . Comprehensive NNP Care NNP said VBD First NNP Hospital NNP had VBD advised VBN it PRP that IN both DT bank NN debt NN and CC senior JJ notes NNS would MD be VB repaid VBN after IN the DT acquisition NN , , although IN it PRP is VBZ n't RB assured VBN the DT acquisition NN will MD be VB completed VBN . . If IN it PRP is VBZ n't RB completed VBN , , Comprehensive NNP Care NNP said VBD it PRP would MD be VB `` `` required VBN to TO promptly RB restructure VB its PRP$ debt NN . . '' '' First NNP Hospital NNP advised VBD Comprehensive NNP Care NNP that IN an DT agent NN for IN the DT financial JJ institutions NNS providing VBG financing NN of IN its PRP$ acquisition NN is VBZ scheduled VBN to TO make VB a DT final JJ credit NN determination NN tomorrow NN , , and CC that IN a DT favorable JJ determination NN could MD result VB in IN a DT reorganization NN at IN Comprehensive NNP Care NNP `` `` by IN the DT end NN of IN October NNP . . '' '' Failure NN to TO win VB such JJ a DT determination NN , , however RB , , would MD lead VB Comprehensive NNP Care NNP directors NNS to TO `` `` consider VB various JJ alternatives NNS , , '' '' Comprehensive NNP Care NNP said VBD , , without IN elaborating VBG . . Separately RB , , First NNP Hospital NNP reported VBD a DT 1.6 CD % NN rise NN in IN net JJ income NN to TO $ $ 6.1 CD million CD for IN its PRP$ year NN ended VBN June NNP 30 CD on IN a DT 27 CD % NN increase NN in IN revenue NN to TO $ $ 110.6 CD million CD . . It PRP said VBD , , however RB , , that IN net JJ income NN for IN the DT two-month JJ period NN ended VBN Aug. NNP 31 CD plunged VBD to TO $ $ 150,000 CD from IN $ $ 851,000 CD in IN the DT prior JJ year NN on IN a DT 33 CD % NN rise NN in IN revenue NN to TO $ $ 21.4 CD million CD . . A DT group NN including VBG New NNP York NNP investors NNS Douglas NNP A. NN Kass NNP and CC Anthony NNP Pedone NNP holds VBZ the DT equivalent NN of IN a DT 12.6 CD % NN stake NN in IN H.H. NNP Robertson NNP Co. NNP 's POS common JJ shares NNS outstanding JJ , , according VBG to TO a DT filing NN with IN the DT Securities NNPS and CC Exchange NNP Commission NNP . . Officials NNS of IN Pittsburgh-based JJ H.H. NNP Robertson NNP , , which WDT makes VBZ steel NN roofs NNS , , store NN fronts NNS and CC building NN parts NNS , , declined VBD comment NN . . As IN reported VBN last JJ month NN , , Mr. NNP Kass NNP said VBD he PRP was VBD interested JJ in IN making VBG an DT offer NN to TO buy VB H.H. NNP Robertson NNP for IN $ $ 13 CD a DT share NN . . In IN the DT SEC NNP filing NN , , the DT Kass-Pedone NNP group NN said VBD it PRP intends VBZ to TO acquire VB additional JJ H.H. NNP Robertson NNP shares NNS `` `` with IN a DT view NN towards IN a DT possible JJ change NN in IN control NN of IN the DT company NN . . '' '' It PRP has VBZ not RB , , however RB , , made VBN a DT formal JJ proposal NN . . The DT group NN also RB is VBZ engaged VBN in IN talks NNS with IN third JJ parties NNS regarding VBG obtaining VBG financing NN to TO buy VB more JJR shares NNS , , but CC no DT agreements NNS have VBP yet RB been VBN reached VBN , , the DT filing NN said VBD . . The DT group NN controls VBZ 795,900 CD H.H. NNP Robertson NNP common JJ shares NNS , , assuming VBG exercise NN of IN an DT option NN it PRP acquired VBD from IN Executive NNP Life NNP Insurance NNP Co. NNP to TO buy VB 497,400 CD shares NNS . . Its PRP$ stake NN includes VBZ 106,100 CD shares NNS bought VBN in IN the DT open JJ market NN from IN Aug. NNP 30 CD to TO Oct. NNP 18 CD for IN $ $ 10.375 CD to TO $ $ 12.125 CD a DT share NN . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN yesterday NN , , H.H. NNP Robertson NNP closed VBD at IN $ $ 11.625 CD , , up RB 62.5 CD cents NNS . . After IN coming VBG close RB to TO a DT partial JJ settlement NN a DT year NN ago RB , , shareholders NNS who WP filed VBD civil JJ suits NNS against IN Ivan NNP F. NNP Boesky NNP and CC the DT partnerships NNS he PRP once RB controlled VBD again RB are VBP approaching VBG an DT accord NN , , people NNS familiar JJ with IN the DT case NN said VBD . . Meanwhile RB , , within IN the DT next JJ few JJ weeks NNS , , the DT limited JJ partners NNS in IN Ivan NNP F. NNP Boesky NNP & CC Co NNP . . L.P. NN are VBP expected VBN to TO reach VB a DT partial JJ settlement NN with IN Drexel NNP Burnham NNP Lambert NNP Inc. NNP regarding VBG the DT distribution NN of IN the DT $ $ 330 CD million CD in IN partnership NN assets NNS , , said VBD one CD of IN the DT individuals NNS . . Under IN the DT terms NNS of IN the DT settlement NN , , the DT limited JJ partners NNS would MD drop VB their PRP$ civil JJ suits NNS against IN Drexel NNP , , now RB pending VBG in IN federal JJ court NN in IN New NNP York NNP , , another DT individual NN said VBD . . Attorneys NNS involved VBN in IN the DT talks NNS said VBD that IN the DT parties NNS were VBD closer JJR to TO accord VB than IN they PRP were VBD a DT year NN ago RB , , when WRB reports NNS of IN an DT imminent JJ agreement NN circulated VBD . . One CD individual NN said VBD the DT shareholders NNS ' POS accord NN was VBD `` `` well RB worked VBN out RP . . '' '' However RB , , less RBR optimistic JJ attorneys NNS warned VBD that IN because IN of IN the DT tangle NN of IN numerous JJ defendants NNS and CC plaintiffs NNS with IN overlapping VBG claims NNS , , there EX is VBZ always RB the DT possibility NN that IN the DT talks NNS will MD again RB fall VB apart RB . . A DT shareholders NNS ' POS accord NN would MD provide VB the DT first JJ restitution NN to TO thousands NNS of IN individuals NNS and CC institutions NNS claiming VBG losses NNS as IN a DT result NN of IN insider NN trading NN by IN Boesky NNP & CC Co. NNP , , once RB the DT largest JJS arbitrage NN fund NN in IN the DT U.S. NNP . . The DT plaintiffs NNS are VBP investors NNS who WP bought VBD and CC sold VBD securities NNS in IN which WDT Mr. NNP Boesky NNP and CC his PRP$ partnerships NNS were VBD dealing VBG . . Some DT claim NN they PRP suffered VBD losses NNS because IN they PRP sold VBD while IN he PRP was VBD buying VBG and CC others NNS because IN they PRP bought VBD while IN he PRP was VBD selling VBG . . Stocks NNS involved VBN in IN the DT shareholder NN suits NNS include VBP Union NNP Carbide NNP , , RJR NNP Nabisco NNP , , American NNP Natural NNP Resources NNPS , , Boise NNP Cascade NNP Corp. NNP , , General NNP Foods NNPS Corp. NNP , , Houston NNP Natural NNP Gas NNP and CC FMC NNP Corp NNP . . There EX are VBP at IN least JJS 27 CD class-action JJ shareholder NN suits NNS that WDT have VBP been VBN consolidated VBN in IN federal JJ court NN in IN New NNP York NNP under IN U.S. NNP District NNP Judge NNP Milton NNP Pollack NNP . . Among IN the DT defendants NNS are VBP Mr. NNP Boesky NNP ; : the DT now-defunct JJ Ivan NNP F. NNP Boesky NNP & CC Co. NNP ; : Mr. NNP Boesky NNP 's POS main JJ underwriter NN , , Drexel NNP Burnham NNP ; : and CC Cambrian NNP & CC General NNP Securities NNPS PLC NNP , , a DT British JJ investment NN fund NN once RB controlled VBN by IN Mr. NNP Boesky NNP . . Individuals NNS familiar JJ with IN the DT negotiations NNS said VBD the DT partial JJ settlement NN being VBG negotiated VBN would MD remove VB the DT Boesky NNP partnership NN , , the DT British JJ fund NN and CC Mr. NNP Boesky NNP as IN defendants NNS , , while IN Drexel NNP and CC other JJ defendants NNS would MD remain VB . . Charles NNP Davidow NNP , , of IN the DT Washington NNP , , D.C.-based JJ law NN firm NN Wilmer NNP , , Cutler NNP & CC Pickering NNP , , which WDT represents VBZ Mr. NNP Boesky NNP in IN this DT matter NN , , said VBD only RB that IN `` `` discussions NNS are VBP under IN way NN . . There EX are VBP no DT agreements NNS yet RB . . '' '' It PRP has VBZ been VBN three CD years NNS since IN Mr. NNP Boesky NNP , , now RB in IN prison NN , , agreed VBD to TO pay VB a DT $ $ 100 CD million CD fine NN to TO settle VB the DT government NN 's POS charges NNS that IN he PRP had VBD traded VBN illegally RB using VBG insider NN information NN . . Out IN of IN this DT , , the DT government NN set VBN up RP a DT $ $ 50 CD million CD fund NN for IN plaintiffs NNS who WP can MD prove VB their PRP$ financial JJ losses NNS . . According VBG to TO William NNP Orbe NNP , , an DT attorney NN at IN Grais NNP & CC Richards NNP , , the DT escrow NN agents NNS for IN the DT fund NN , , as IN of IN Sept. NNP 30 CD the DT fund NN amounted VBD to TO $ $ 60.5 CD million CD . . Separately RB , , attorneys NNS for IN the DT 42 CD or CC so RB limited JJ partners NNS have VBP had VBN serious JJ discussions NNS that WDT could MD lead VB to TO the DT distribution NN of IN the DT partnership NN 's POS assets NNS . . The DT limited JJ partners NNS include VBP insurance NN companies NNS , , financial JJ institutions NNS and CC individual JJ investors NNS . . An DT agreement NN with IN Drexel NNP regarding VBG the DT limited JJ partners NNS ' POS investments NNS is VBZ an DT essential JJ step NN toward IN getting VBG their PRP$ money NN back RB . . This DT is VBZ because IN a DT Delaware NNP court NN earlier RBR this DT year NN said VBD that IN Drexel NNP is VBZ entitled VBN to TO get VB its PRP$ money NN back RP before IN or CC at IN the DT same JJ time NN as IN the DT limited JJ partners NNS . . Drexel NNP is VBZ owed VBN $ $ 20 CD million CD by IN the DT partnership NN . . An DT individual NN familiar JJ with IN the DT negotiations NNS said VBD that IN whatever WDT investments NNS the DT limited JJ partners NNS do VBP not RB recoup VB from IN the DT $ $ 330 CD million CD in IN partnership NN assets NNS , , they PRP will MD receive VB from IN the DT $ $ 350 CD million CD restitution NN fund NN available JJ as IN a DT result NN of IN Drexel NNP 's POS settlement NN with IN the DT government NN in IN December NNP 1988 CD . . Drexel NNP agreed VBD to TO plead VB guilty JJ to TO six CD felony NN counts NNS and CC pay VB $ $ 650 CD million CD , , of IN which WDT $ $ 350 CD million CD was VBD set VBN aside RB for IN shareholders NNS and CC other JJ plaintiffs NNS , , including VBG the DT limited JJ partners NNS , , who WP claim VBP they PRP were VBD injured VBN by IN Drexel NNP . . JAILED VBN AFRICAN-AMERICAN JJ activist NN wins VBZ a DT battle NN against IN the DT U.S. NNP District NNP Judge NNP Robert NNP P. NNP Patterson NNP Jr. NNP ordered VBD the DT FBI NNP to TO immediately RB begin VB processing VBG Herman NNP Benjamin NNP Ferguson NNP 's POS request NN for IN documents NNS stemming VBG from IN the DT agency NN 's POS investigation NN of IN him PRP during IN the DT 1960s NNS . . The DT FBI NNP had VBD said VBN it PRP would MD not RB be VB able JJ to TO begin VB processing VBG the DT request NN until IN June NNP Mr. NNP Ferguson NNP , , who WP is VBZ 68 CD years NNS old JJ , , fled VBD the DT U.S. NNP in IN 1970 CD after IN exhausting VBG his PRP$ appeals NNS of IN a DT 1968 CD conviction NN on IN conspiracy NN to TO murder NN . . He PRP turned VBD himself PRP in RP to TO authorities NNS in IN New NNP York NNP earlier RBR this DT year NN . . He PRP maintains VBZ that IN the DT information NN from IN the DT FBI NNP will MD help VB him PRP get VB his PRP$ 1968 CD conviction NN vacated VBN and CC his PRP$ bail-jumping NN indictment NN dismissed VBN . . His PRP$ attorneys NNS claim VBP he PRP was VBD framed VBN by IN the DT FBI NNP and CC New NNP York NNP police NNS as IN part NN of IN a DT campaign NN to TO destroy VB the DT black JJ liberation NN movement NN of IN the DT 1960s NNS . . Because IN the DT federal JJ Freedom NNP of IN Information NNP Act NNP was VBD n't RB law NN at IN that DT time NN , , the DT FBI NNP was VBD n't RB required VBN to TO turn VB over RP information NN on IN its PRP$ investigations NNS when WRB Mr. NNP Ferguson NNP appealed VBD his PRP$ conviction NN in IN the DT 1960s NNS . . But CC in IN federal JJ court NN in IN Manhattan NNP , , Judge NNP Patterson NNP said VBD the DT FBI NNP records NNS could MD show VB that IN Mr. NNP Ferguson NNP 's POS arrest NN was VBD the DT result NN of IN questionable JJ legal JJ practices NNS . . The DT judge NN said VBD that IN if IN the DT FBI NNP 's POS proposed VBN schedule NN was VBD followed VBN in IN releasing VBG the DT documents NNS , , `` `` a DT delay NN of IN over IN one CD year NN will MD have VB occurred VBN and CC plaintiff NN will MD have VB served VBD approximately RB two-thirds NNS of IN his PRP$ 3 CD 1\/2-year JJ minimum JJ sentence NN by IN the DT time NN he PRP receives VBZ the DT files NNS . . '' '' Gabriel NNP W. NNP Gorenstein NNP , , the DT assistant NN U.S. NNP attorney NN handling VBG the DT case NN for IN the DT FBI NNP , , said VBD no DT decision NN has VBZ been VBN made VBN about IN appealing VBG the DT judge NN 's POS ruling NN . . FEDERAL JJ COURTS NNS URGED VBN to TO cut VB costs NNS and CC reduce VB delays NNS of IN civil JJ suits NNS . . The DT study NN , , conducted VBN by IN a DT task NN force NN of IN the DT Brookings NNP Institution NNP , , suggests VBZ that IN Congress NNP should MD require VB the DT courts NNS to TO develop VB the DT plans NNS . . The DT study NN was VBD initiated VBN by IN Senate NNP Judiciary NNP Committee NNP chairman NN Joseph NNP Biden NNP ( ( D. NNP , , Del NNP . . ) ) . . The DT Washington NNP , , D.C. NNP , , think NN tank NN recommends VBZ that IN the DT courts NNS adopt VB different JJ `` `` tracks NNS '' '' for IN different JJ types NNS of IN civil JJ cases NNS in IN order NN to TO separate VB the DT handling NN of IN highly RB complex JJ suits NNS from IN simpler JJR ones NNS . . Complex JJ cases NNS , , such JJ as IN antitrust JJ suits NNS and CC many JJ business NN disputes NNS , , would MD receive VB intense JJ supervision NN by IN federal JJ judges NNS to TO keep VB pretrial JJ proceedings NNS moving VBG . . Standard JJ cases NNS would MD require VB less JJR judicial JJ attention NN , , and CC fast-track JJ cases NNS could MD be VB resolved VBN quickly RB . . The DT study NN also RB said VBD each DT federal JJ court NN should MD set VB strict JJ time NN limits NNS for IN the DT pretrial JJ exchange NN of IN documents NNS and CC evidence NN , , ranging VBG from IN as RB much JJ as IN 100 CD days NNS for IN cases NNS in IN the DT fast JJ track NN to TO as RB much JJ as IN 18 CD months NNS for IN complex JJ disputes NNS . . And CC the DT study NN said VBD federal JJ courts NNS should MD set VB firm JJ trial NN dates NNS early RB in IN the DT process NN . . To TO take VB advantage NN of IN local JJ expertise NN and CC custom NN , , the DT study NN said VBD , , Congress NNP should MD require VB each DT of IN the DT 94 CD federal JJ district NN courts NNS to TO adopt VB its PRP$ own JJ plan NN to TO speed VB the DT handling NN of IN civil JJ suits NNS and CC to TO reduce VB the DT high JJ costs NNS in IN civil JJ cases NNS . . Although IN some DT of IN the DT study NN 's POS recommendations NNS resemble VBP those DT of IN similar JJ projects NNS , , the DT makeup NN of IN the DT task NN force NN was VBD unusually RB diverse JJ , , adding VBG significance NN to TO the DT effort NN . . It PRP included VBD lawyers NNS from IN civil JJ rights NNS and CC consumer NN groups NNS , , plaintiffs NNS ' POS lawyers NNS and CC defense NN attorneys NNS , , corporate JJ counsel NN and CC law NN professors NNS . . Businessland NNP Inc. NNP said VBD it PRP purchased VBD a DT major JJ regional JJ computer NN retailer NN , , Data NNPS Systems NNPS Computer NNP Centre NNP Inc. NNP , , Springfield NNP , , New NNP Jersey NNP . . Terms NNS were VBD n't RB disclosed VBN . . The DT purchase NN strengthens VBZ San NNP Jose NNP , , Calif.-based JJ Businessland NNP 's POS links NNS to TO the DT large JJ corporations NNS who WP are VBP among IN the DT biggest JJS buyers NNS of IN computers NNS . . Data NNPS Systems NNPS has VBZ five CD retail JJ stores NNS in IN the DT northeast NN , , but CC specializes VBZ in IN selling VBG personal JJ computers NNS made VBN by IN International NNP Business NNP Machines NNPS Corp. NNP and CC Apple NNP Computer NNP Inc. NNP to TO banks NNS , , brokerage NN firms NNS and CC other JJ big JJ businesses NNS based VBN in IN the DT New NNP York NNP metropolitan JJ area NN . . John NNP Fitzsimmons NNP , , chief JJ executive NN officer NN of IN Data NNPS Systems NNPS , , said VBD the DT company NN was VBD profitable JJ and CC expected VBD sales NNS of IN nearly RB $ $ 100 CD million CD this DT year NN . . He PRP said VBD Businessland NNP , , which WDT operates VBZ stores NNS in IN 50 CD U.S. NNP metropolitan JJ areas NNS , , planned VBD to TO absorb VB his PRP$ firm NN 's POS operations NNS . . Eastman NNP Kodak NNP Co. NNP of IN Rochester NNP , , N.Y. NNP , , said VBD its PRP$ Lehn NNP & CC Fink NNP Products NNPS subsidiary NN was VBD restructured VBN to TO form VB two CD operating VBG groups NNS , , one CD for IN household NN products NNS such JJ as IN cleaners NNS and CC disinfectants NNS and CC the DT other JJ for IN do-it-yourself JJ products NNS such JJ as IN wood NN finishes NNS and CC stains NNS . . The DT Montvale NNP , , N.J. NNP , , unit NN said VBD the DT new JJ operating NN structure NN `` `` creates VBZ a DT more RBR focused JJ and CC responsive JJ organization NN geared VBN to TO effectively RB managing VBG the DT size NN and CC scope NN of IN the DT unit NN 's POS current JJ business NN . . '' '' The DT consumer NN brands NNS unit NN was VBD absorbed VBN by IN the DT photographic JJ , , pharmaceutical JJ and CC chemical NN concern NN last JJ year NN when WRB it PRP acquired VBD Sterling NNP Drug NNP Inc NNP . . In IN a DT related JJ matter NN , , Peter NNP Black NNP , , president NN of IN consumer NN brand NN Minwax NNP , , was VBD named VBN group NN vice NN president NN for IN the DT household NN products NNS operating VBG group NN . . Kenneth NNP M. NNP Evans NNP , , president NN of IN Thompson NNP & CC Formby NNP brand NN , , was VBD named VBN group NN vice NN president NN of IN the DT do-it-yourself JJ operating VBG group NN . . Sotheby NNP 's POS Holdings NNPS Inc. NNP , , the DT parent NN of IN the DT auction NN house NN Sotheby NNP 's POS , , said VBD its PRP$ net JJ loss NN for IN the DT seasonally RB slow JJ third JJ quarter NN narrowed VBN from IN a DT year NN earlier RB on IN a DT leap NN in IN operating NN revenue NN . . The DT New NNP York-based JJ company NN reported VBD a DT third-quarter JJ net JJ loss NN of IN $ $ 5.1 CD million CD , , or CC 10 CD cents NNS a DT share NN , , compared VBN with IN a DT year-earlier JJ net JJ loss NN of IN $ $ 6.2 CD million CD , , or CC 12 CD cents NNS a DT share NN . . Operating NN revenue NN surged VBD 54 CD % NN in IN the DT latest JJS period NN to TO $ $ 42.9 CD million CD from IN $ $ 27.7 CD million CD . . The DT company NN said VBD 80 CD % NN of IN its PRP$ auction NN business NN is VBZ usually RB conducted VBN in IN the DT second JJ and CC fourth JJ quarters NNS , , with IN the DT current JJ quarter NN having VBG begun VBN `` `` extremely RB well RB . . West NNP Texas NNP Intermediate NNP , , the DT U.S. NNP benchmark NN crude NN , , seemed VBD tethered JJ again RB yesterday NN in IN trading NN on IN the DT New NNP York NNP Mercantile NNP Exchange NNP . . Widely RB expected VBN to TO open VB 10 CD to TO 15 CD cents NNS a DT barrel NN higher RBR on IN the DT strength NN of IN statistics NNS from IN the DT American NNP Petroleum NNP Institute NNP , , the DT December NNP contract NN managed VBD to TO start VB the DT session NN only RB eight CD cents NNS higher RBR . . In IN the DT last JJ hour NN of IN the DT trading NN day NN , , December NNP contract NN took VBD a DT tumble NN to TO end VB the DT session NN 10 CD cents NNS lower JJR at IN $ $ 19.62 CD a DT barrel NN . . And CC now RB that IN the DT price NN has VBZ fallen VBN below IN $ $ 19.65 CD , , which WDT many JJ had VBD said VBN showed VBN considerable JJ resistance NN , , some DT traders NNS and CC analysts NNS figure VBP there EX 's VBZ little JJ to TO stop VB the DT price NN from IN going VBG lower RBR on IN technical JJ decisions NNS . . With IN no DT petroleum-related JJ news NN or CC changes NNS in IN the DT fundamentals NNS to TO dictate VB price NN moves NNS , , `` `` technicians NNS are VBP wanting VBG to TO sell VB this DT stuff NN , , '' '' said VBD Eric NNP Bolling NNP of IN Edge NNP Trading NNP Corp NNP . . `` `` And CC short-term JJ , , the DT technicians NNS may MD have VB their PRP$ way NN . . '' '' The DT market NN quickly RB discounted VBD the DT weekly JJ inventory NN report NN showing VBG a DT 6.3 CD million CD barrel NN decrease NN in IN U.S. NNP crude JJ oil NN stocks NNS as IN the DT legacy NN of IN Hurricane NNP Jerry NNP . . That DT storm NN hit VBD the DT Gulf NNP Coast NNP Oct. NNP 13 CD , , closing VBG the DT Louisiana NNP Offshore NNP Oil NNP Port NNP for IN a DT time NN and CC preventing VBG tankers NNS from IN unloading VBG . . Next JJ week NN 's POS report NN could MD very RB well RB show VB an DT increase NN in IN crude JJ inventories NNS . . Dismissing VBG the DT trade NN group NN 's POS numbers NNS left VBN traders NNS plenty NN of IN time NN to TO worry VB anew RB about IN the DT latest JJS reports NNS on IN OPEC NNP production NN . . An DT AP-Dow NNP Jones NNP survey NN of IN integrated JJ oil NN companies NNS , , independent JJ refiners NNS , , and CC oil NN industry NN consultants NNS indicates VBZ that IN the DT Organization NNP of IN Petroleum NNP Exporting NNP Countries NNPS increased VBD its PRP$ production NN to TO 22.2 CD million CD barrels NNS a DT day NN in IN September NNP . . Estimates NNS suggest VBP October NNP 's POS figure NN may MD be VB even RB higher JJR . . That DT level NN of IN production NN is VBZ n't RB of IN much JJ concern NN as RB long RB as IN demand NN continues VBZ strong RB , , analysts NNS said VBD . . But CC the DT first JJ quarter NN of IN the DT year NN is VBZ generally RB the DT weakest JJS and CC OPEC NNP production NN does VBZ n't RB seem VB to TO be VB slackening VBG in IN anticipation NN of IN that DT . . Also RB , , maintaining VBG current JJ demand NN assumes VBZ no DT significant JJ slowdown NN in IN world NN economies NNS . . To TO top VB off RP the DT bearish JJ factors NNS affecting VBG yesterday NN 's VBZ trading NN , , late JJ October NNP weather NN , , especially RB in IN the DT Northeast NNP U.S. NNP , , continues VBZ to TO be VB very RB moderate JJ , , leaving VBG heating NN oil NN futures NNS trading NN lackluster RB . . `` `` We PRP are VBP n't RB seeing VBG any DT cold JJ weather NN here RB , , '' '' Mr. NNP Bolling NNP said VBD from IN New NNP York NNP . . In IN other JJ commodity NN markets NNS yesterday NN : : GRAINS NNS AND CC SOYBEANS NNS : : Soybean NN and CC corn NN futures NNS prices NNS moved VBD higher RBR on IN the DT strength NN of IN buying NN from IN commodity NN pool NN managers NNS trying VBG to TO profit VB from IN technical JJ price NN trends NNS , , as RB well RB as IN continued VBN export NN strength NN . . A DT leveling NN off RB of IN farmer NN selling NN tied VBN to TO the DT harvest NN also RB removed VBD some DT of IN the DT downward JJ pressure NN on IN futures NNS contract NN prices NNS . . Wheat NN futures NNS prices NNS fell VBD , , however RB , , at IN least JJS partly RB in IN reaction NN to TO the DT rumored VBN selling NN of IN futures NNS contracts NNS equal JJ to TO several JJ million CD bushels NNS of IN wheat NN by IN commodity NN speculator NN Richard NNP Dennis NNP . . Neither CC Mr. NNP Dennis NNP nor CC officials NNS of IN his PRP$ Chicago NNP trading NN company NN , , C&D NNP Commodities NNP , , could MD be VB reached VBN for IN comment NN . . As IN for IN corn NN and CC soybean NN futures NNS , , `` `` a DT lot NN of IN commission NN house NN buying NN this DT morning NN and CC computer-driven JJ buying NN '' '' supported VBD prices NNS in IN early JJ trading NN , , said VBD Steven NNP Freed NNP , , a DT futures NNS analyst NN with IN Dean NNP Witter NNP Reynolds NNP Inc. NNP in IN Chicago NNP . . Soybean NN futures NNS for IN November NNP delivery NN gained VBD 5.25 CD cents NNS a DT bushel NN to TO close VB at IN $ $ 5.66 CD a DT bushel NN on IN the DT Chicago NNP Board NNP of IN Trade NNP . . December NNP corn NN futures NNS added VBD 2.25 CD cents NNS a DT bushel NN to TO close VB at IN $ $ 2.4225 CD a DT bushel NN on IN the DT Board NNP of IN Trade NNP . . Announced JJ and CC anticipated JJ purchases NNS from IN foreign JJ countries NNS are VBP also RB supporting VBG futures NNS prices NNS . . `` `` Russian JJ ships NNS are VBP arriving VBG in IN the DT gulf NN and CC there EX is VBZ n't RB enough RB grain NN in IN the DT pipeline NN , , '' '' said VBD Katharina NNP Zimmer NNP , , a DT futures NNS analyst NN with IN Merrill NNP Lynch NNP & CC Co. NNP in IN New NNP York NNP . . The DT Soviet NNP Union NNP has VBZ purchased VBN roughly RB eight CD million CD tons NNS of IN grain NN this DT month NN , , and CC is VBZ expected VBN to TO take VB delivery NN by IN year NN end NN , , analysts NNS said VBD . . COTTON NN : : Futures NNS prices NNS rose VBD modestly RB , , but CC trading NN volume NN was VBD n't RB very RB heavy JJ . . The DT December NNP contract NN settled VBD at IN 73.97 CD cents NNS a DT pound NN , , up RB 0.59 CD cent NN , , but CC it PRP rose VBD as RB high JJ as IN 74.20 CD cents NNS . . Several JJ cotton NN analysts NNS said VBD that IN the DT move NN appeared VBD to TO be VB mostly RB technical JJ . . Traders NNS who WP had VBD sold VBN contracts NNS earlier RBR , , in IN hopes NNS of IN buying VBG them PRP back RB at IN lower JJR prices NNS , , yesterday NN were VBD buying VBG contracts NNS back RB at IN higher JJR prices NNS to TO limit VB their PRP$ losses NNS . . Floor NN traders NNS also RB said VBD that IN the DT market NN could MD have VB been VBN helped VBN by IN rumors NNS , , which WDT have VBP been VBN circulating VBG for IN the DT past JJ two CD days NNS , , about IN China NNP purchasing VBG cotton NN . . The DT rumor NN , , which WDT has VBZ been VBN neither RB confirmed VBN nor CC denied VBN , , has VBZ China NNP buying VBG 125,000 CD to TO 200,000 CD bales NNS for IN near-term JJ delivery NN . . One CD floor NN trader NN said VBD that IN if IN there EX were VBD Chinese JJ purchases NNS , , they PRP should MD have VB had VBD a DT bigger JJR effect NN on IN the DT market NN . . Another DT said VBD that IN if IN China NNP was VBD a DT buyer NN , , it PRP would MD be VB the DT earliest JJS that IN country NN had VBD made VBN purchases NNS since IN the DT 1979-80 CD crop NN year NN , , and CC thus RB would MD be VB a DT bullish JJ sign NN . . This DT trader NN characterized VBD the DT recent JJ price NN action NN as IN a DT contest NN between IN the DT fundamentalists NNS , , who WP see VBP higher JJR prices NNS ahead RB , , and CC the DT technicians NNS , , who WP are VBP basically RB buying VBG cotton NN toward IN the DT bottom NN of IN the DT current JJ trading NN range NN , , around IN 71 CD cents NNS , , and CC selling VBG it PRP when WRB the DT price NN climbs VBZ more JJR than IN 74 CD cents NNS . . This DT trader NN said VBD that IN he PRP thought VBD the DT market NN would MD turn VB aggressively RB bullish JJ from IN a DT technical JJ standpoint NN if IN the DT December NNP contract NN was VBD able JJ to TO exceed VB 75.75 CD cents NNS . . He PRP also RB noted VBD that IN stocks NNS on IN Aug. NNP 1 CD , , 1990 CD , , are VBP currently RB projected VBN at IN 3.3 CD million CD bales NNS , , the DT smallest JJS end-of-season JJ supply NN since IN 1985 CD . . COCOA NN : : The DT modest JJ sell-off NN , , which WDT started VBN on IN Tuesday NNP , , continued VBD . . The DT December NNP contract NN ended VBN at IN $ $ 999 CD a DT metric JJ ton NN , , down RB $ $ 15 CD . . The DT market NN is VBZ drifting VBG , , at IN least JJS partly RB , , because IN of IN a DT lack NN of IN crop NN information NN out IN of IN Ghana NNP and CC the DT Ivory NNP Coast NNP , , the DT two CD largest JJS African JJ producers NNS . . Harry NNP Schwartz NNP , , a DT soft JJ commodity NN specialist NN for IN Cargill NNP Investors NNPS Services NNPS in IN New NNP York NNP , , said VBD the DT only JJ report NN Ghana NNP has VBZ issued VBN about IN the DT arrival NN of IN cocoa NN from IN the DT interior NN was VBD for IN 7,839 CD metric JJ tons NNS as IN of IN Oct. NNP 12 CD . . By IN this DT time NN last JJ year NN , , he PRP noted VBD , , arrivals NNS totaling VBG 33,270 CD tons NNS had VBD been VBN announced VBN . . A DT similar JJ situation NN apparently RB exists VBZ in IN the DT Ivory NNP Coast NNP with IN no DT figures NNS released VBN yet RB this DT year NN , , compared VBN with IN 55,000 CD tons NNS as IN of IN this DT time NN a DT year NN ago RB . . He PRP said VBD that IN if IN little JJ cocoa NN actually RB has VBZ arrived VBN at IN the DT ports NNS , , shipping NN delays NNS could MD result VB . . This DT is VBZ the DT worry NN that WDT probably RB brought VBD steadiness NN to TO the DT market NN earlier RB in IN the DT week NN , , he PRP said VBD . . There EX was VBD also RB some DT fear NN that IN without IN Ivory NNP Coast NNP cocoa NN a DT large JJ French JJ cocoa NN merchant NN , , Cie NNP . . Financiere NNP Sucre NNP et FW Denrees NNP , , might MD not RB be VB able JJ to TO deliver VB cocoa NN against IN the DT contracts NNS it PRP had VBD sold VBN earlier RB for IN December NNP delivery NN in IN London NNP . . However RB , , the DT French JJ merchant NN has VBZ about IN 200,000 CD tons NNS of IN old JJ crop NN Ivory NNP Coast NNP cocoa NN stored VBN in IN the DT Netherlands NNP from IN an DT agreement NN it PRP had VBD negotiated VBN with IN the DT Ivory NNP Coast NNP last JJ spring NN . . Cargill NNP thinks VBZ that IN even RB though IN the DT merchant NN has VBZ a DT contract NN stating VBG that IN it PRP wo MD n't RB bring VB this DT cocoa NN to TO market NN until IN after IN March NNP 1991 CD , , there EX is VBZ some DT evidence NN the DT contract NN has VBZ been VBN modified VBN . . This DT modification NN , , apparently RB , , would MD permit VB the DT French JJ merchant NN to TO deliver VB this DT cocoa NN , , if IN necessary JJ , , against IN existing VBG short JJ positions NNS . . Richard NNP D. NNP Sutton NNP , , 64 CD years NNS old JJ , , chairman NN of IN this DT bank-holding JJ company NN , , was VBD named VBN acting JJ president NN and CC chief JJ executive NN officer NN of IN the DT company NN and CC its PRP$ First NNP National NNP Bank NNP of IN Toms NNP River NNP subsidiary NN . . Joseph NNP W. NNP Robertson NNP , , 61 CD , , was VBD dismissed VBN from IN those DT posts NNS , , the DT company NN said VBD . . He PRP could MD n't RB be VB reached VBN and CC a DT company NN spokesman NN would MD n't RB comment VB on IN the DT dismissal NN . . Mr. NNP Robertson NNP was VBD also RB removed VBN from IN the DT board NN of IN First NNP National NNP Bank NNP of IN New NNP Jersey-Salem NNP County NNP , , another DT unit NN , , and CC the DT Toms NNP River NNP bank NN . . American NNP Medical NNP International NNP Inc. NNP said VBD it PRP has VBZ n't RB received VBN any DT other JJ offers NNS to TO acquire VB the DT owner NN and CC operator NN of IN hospitals NNS , , and CC took VBD another DT step NN toward IN completion NN of IN its PRP$ $ $ 3 CD billion CD acquisition NN by IN IMA NNP Holdings NNPS Corp NNP . . Earlier RBR this DT month NN IMA NNP , , an DT investment NN group NN that WDT includes VBZ Chicago NNP 's POS Pritzker NNP family NN and CC First NNP Boston NNP Corp. NNP , , submitted VBD a DT reduced VBN bid NN for IN American NNP Medical NNP after IN it PRP could MD n't RB finance VB its PRP$ initial JJ offer NN . . Under IN the DT new JJ offer NN , , IMA NNP will MD pay VB $ $ 26.50 CD a DT share NN for IN 63 CD million CD shares NNS , , or CC about IN 86 CD % NN of IN the DT shares NNS outstanding JJ . . IMA NNP also RB will MD assume VB $ $ 1.4 CD billion CD in IN debt NN . . Yesterday NN , , in IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , AMI NNP common NN closed VBD at IN $ $ 23.625 CD , , up RB 12.5 CD cents NNS , , on IN volume NN of IN almost RB 1.8 CD million CD . . Earlier RB , , American NNP Medical NNP said VBD it PRP had VBD been VBN approached VBN again RB by IN two CD other JJ possible JJ suitors NNS , , whom WP it PRP would MD n't RB identify VB but CC who WP had VBD previously RB submitted VBN bids NNS for IN the DT company NN . . Yesterday NN , , American NNP Medical NNP said VBD that IN the DT two CD other JJ parties NNS told VBD the DT company NN that IN they PRP do VBP n't RB have VB any DT current JJ intention NN of IN making VBG a DT takeover NN bid NN . . American NNP Medical NNP said VBD its PRP$ directors NNS have VBP approved VBN what WP is VBZ , , in IN effect NN , , a DT draft NN of IN a DT solvency NN opinion NN on IN the DT acquisition NN , , submitted VBN by IN the DT Los NNP Angeles-based JJ investment NN banking NN and CC evaluation NN consulting NN firm NN of IN Houlian NNP Lokey NNP Howard NNP & CC Zukin NNP Inc NNP . . A DT final JJ opinion NN must MD be VB approved VBN prior RB to TO the DT acceptance NN of IN tendered JJ shares NNS for IN payment NN under IN the DT offer NN , , which WDT was VBD due JJ to TO expire VB at IN 12:01 CD a.m. RB EDT NNP today NN . . Separately RB , , Moody NNP 's POS Investors NNPS Service NNP Inc. NNP downgraded VBD the DT ratings NNS of IN American NNP Medical NNP 's POS senior JJ and CC subordinated JJ debt NN issues NNS and CC those DT of IN its PRP$ international JJ affiliate NN . . The DT downgrade NN anticipates VBZ completion NN of IN the DT IMA NNP Holdings NNPS acquisition NN today NN , , Moody NNP 's POS said VBD . . The DT ratings NNS concern NN said VBD the DT acquisition NN should MD result VB in IN pretax JJ losses NNS from IN operations NNS because IN of IN increases NNS in IN interest NN expense NN and CC charges NNS for IN depreciation NN and CC amortization NN , , but CC that IN it PRP expects VBZ the DT losses NNS to TO be VB reduced VBN through IN productivity NN gains NNS and CC above JJ average JJ growth NN of IN the DT company NN 's POS hospitals NNS . . Moody NNP 's POS said VBD the DT ratings NNS anticipate VBP a DT successful JJ debt-reduction NN program NN and CC modest JJ improvement NN in IN discretionary JJ cash NN flow NN because IN of IN planned JJ asset NN sales NNS . . Moody NNP 's POS changes NNS affected VBD the DT following JJ issues NNS : : American NNP Medical NNP International NNP : : Senior JJ notes NNS , , sinking-fund NN debentures NNS , , Euromarket NNP notes NNS , , Eurobonds NNPS , , Swiss JJ franc NN bonds NNS , , unsecured JJ loan NN stock NN to TO Ba3 JJ from IN Baa2 JJ ; : convertible JJ subordinated JJ debentures NNS , , notes NNS , , and CC sinking-fund NN debentures NNS to TO B2 JJ from IN Baa3 JJ . . American NNP Medical NNP International NNP N.V. NNP : : Guaranteed JJ Euroissues NNS to TO Ba3 JJ from IN Baa2 JJ . . An DT American NNP Medical NNP spokeswoman NN said VBD the DT Moody NNP 's POS downgrading NN was VBD expected JJ because RB of IN the DT nature NN of IN the DT takeover NN . . Bay NNP Financial NNP Corp. NNP , , Boston NNP , , which WDT has VBZ been VBN reporting VBG big JJ losses NNS and CC warning VBG of IN a DT possible JJ bankruptcy-law NN filing NN , , said VBD it PRP was VBD sued VBN by IN a DT holder NN . . The DT real JJ estate NN investment NN trust NN said VBD the DT `` `` purported JJ class NN action NN suit NN , , '' '' seeks VBZ `` `` damages NNS and CC other JJ remedies NNS under IN federal JJ securities NNS law NN and CC state NN law NN . . '' '' Gerald NNP E. NNP Wilson NNP , , corporate JJ secretary NN and CC legal JJ counsel NN , , said VBD the DT company NN would MD n't RB disclose VB further JJR details NNS . . He PRP declined VBD to TO name VB the DT shareholder NN , , the DT plaintiff NN 's POS lawyer NN or CC the DT court NN where WRB the DT lawsuit NN was VBD filed VBN . . Bay NNP , , which WDT has VBZ substantial JJ investments NNS in IN the DT floundering VBG Massachusetts NNP market NN , , reported VBD a DT loss NN of IN $ $ 62 CD million CD , , or CC $ $ 15.97 CD a DT share NN , , for IN the DT fiscal JJ year NN ended VBN June NNP 30 CD . . It PRP has VBZ said VBD it PRP might MD seek VB bankruptcy-court NN protection NN from IN creditor NN lawsuits NNS if IN it PRP ca MD n't RB renegotiate VB its PRP$ borrowings NNS . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Bay NNP closed VBD at IN $ $ 2.625 CD , , down RB 25 CD cents NNS . . Keith NNP A. NN Tucker NNP was VBD named VBN a DT director NN of IN this DT insurance NN and CC financial JJ services NNS concern NN . . Mr. NNP Tucker NNP , , 44 CD years NNS old JJ , , is VBZ president NN of IN Trivest NNP Securities NNPS Corp. NNP and CC senior JJ vice NN president NN of IN Trivest NNP Inc. NNP , , closely RB held JJ investment NN companies NNS based VBN in IN Miami NNP . . His PRP$ selection NN increases VBZ the DT size NN of IN the DT board NN to TO 12 CD members NNS . . Torchmark NNP also RB said VBD that IN Samuel NNP E. NNP Upchurch NNP Jr. NNP , , 37 CD , , vice NN president NN and CC general JJ counsel NN , , was VBD selected VBN to TO serve VB the DT remainder NN of IN the DT term NN vacated VBN by IN John NNP S.P. NNP Samford NNP , , who WP resigned VBD as IN director NN . . Philip NNP Morris NNP Cos. NNPS , , New NNP York NNP , , adopted VBD a DT defense NN measure NN designed VBN to TO make VB a DT hostile JJ takeover NN prohibitively RB expensive JJ . . The DT giant JJ foods NNS , , tobacco NN and CC brewing NN company NN said VBD it PRP will MD issue VB common-share JJ purchase NN rights NNS to TO shareholders NNS of IN record NN Nov. NNP 8 CD . . Under IN certain JJ circumstances NNS , , the DT rights NNS would MD entitle VB Philip NNP Morris NNP holders NNS to TO buy VB shares NNS of IN either DT the DT company NN or CC its PRP$ acquirer NN for IN half JJ price NN . . The DT board NN is VBZ n't RB aware JJ of IN any DT attempts NNS to TO take VB over RP Philip NNP Morris NNP , , the DT company NN said VBD . . As IN of IN Sept. NNP 30 CD , , Philip NNP Morris NNP had VBD 926 CD million CD shares NNS outstanding JJ . . In IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , Philip NNP Morris NNP shares NNS closed VBN yesterday NN at IN $ $ 43.50 CD each DT , , down RB $ $ 1 CD . . Beghin-Say NNP S.A. NNP said VBD that IN it PRP plans VBZ to TO sell VB its PRP$ remaining VBG paper NN operations NNS by IN the DT end NN of IN January NNP as IN part NN of IN a DT drive NN to TO refocus VB on IN the DT food NN sector NN and CC lower VB its PRP$ debt NN . . The DT French JJ unit NN of IN Ferruzzi NNP Agricola NNP Finanziaria NNP also RB disclosed VBD a DT 40 CD % NN rise NN in IN its PRP$ consolidated JJ net JJ profit NN for IN the DT first JJ half NN of IN 1989 CD , , excluding VBG nonrecurring JJ items NNS and CC after IN payments NNS to TO minority NN interests NNS . . Beghin-Say NNP said VBD the DT sale NN will MD be VB done VBN in IN two CD parts NNS and CC will MD raise VB a DT total NN of IN 2.025 CD billion CD francs NNS ( ( $ $ 325 CD million CD ) ) . . This DT will MD include VB the DT sale NN of IN its PRP$ interest NN in IN the DT joint JJ venture NN Beghin NNP Corbehem NNP to TO Feldemuehle NNP AG NNP . . The DT West JJ German JJ paper NN company NN entered VBD the DT venture NN in IN April NNP 1988 CD by IN acquiring VBG a DT 50 CD % NN stake NN , , also RB from IN Beghin-Say NNP . . The DT other JJ part NN of IN the DT transaction NN will MD see VB Beghin-Say NNP sell VB its PRP$ 50 CD % NN stake NN in IN its PRP$ Kaysersberg NNP paper NN affiliate NN to TO an DT unspecified JJ unit NN of IN the DT petrochemical NN group NN Montedison NNP S.p NNP . . A. NNP , , which WDT is VBZ also RB controlled VBN by IN Ferruzzi NNP . . And CC in IN a DT separate JJ transaction NN , , Beghin-Say NNP will MD sell VB its PRP$ remaining VBG 25 CD % NN interest NN in IN A.T.B. NNP , , a DT holding VBG company NN for IN international JJ trading NN assets NNS , , to TO an DT unspecified JJ unit NN of IN Ferruzzi NNP for IN 258 CD million CD francs NNS . . Esselte NNP AB NNP , , the DT Stockholm NNP office NN supplies NNS company NN , , as IN expected VBN , , proposed VBD to TO acquire VB the DT 22 CD % NN it PRP does VBZ n't RB own VB of IN its PRP$ U.S. NNP unit NN , , Esselte NNP Business NNP Systems NNPS Inc NNP . . The DT price NN in IN the DT proposal NN is VBZ $ $ 43.50 CD for IN each DT of IN the DT 4.9 CD million CD shares NNS the DT parent NN does VBZ n't RB own VB , , or CC $ $ 213.2 CD million CD . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Esselte NNP closed VBN yesterday RB at IN $ $ 43.50 CD a DT share NN , , up RB $ $ 1 CD . . A DT committee NN of IN outside JJ directors NNS for IN the DT Garden NNP City NNP , , N.Y. NNP , , unit NN is VBZ evaluating VBG the DT proposal NN ; : the DT parent NN asked VBD it PRP to TO respond VB by IN Oct. NNP 31 CD . . The DT unit NN said VBD it PRP can MD provide VB no DT assurance NN a DT transaction NN will MD occur VB . . Esselte NNP AB NNP sold VBD the DT minority NN stake NN five CD years NNS ago RB in IN a DT $ $ 40 CD million CD international JJ share NN offering NN . . The DT unit NN , , which WDT is VBZ the DT holding VBG company NN for IN Esselte NNP 's POS non-Swedish JJ units NNS , , accounted VBN for IN 58 CD % NN of IN sales NNS and CC 71 CD % NN of IN operating NN profit NN last JJ year NN . . Separately RB , , Esselte NNP Business NNP Systems NNPS reported VBD third-quarter JJ net JJ income NN fell VBD 5.9 CD % NN to TO $ $ 9.5 CD million CD , , or CC 46 CD cents NNS a DT share NN , , from IN $ $ 10.1 CD million CD , , or CC 49 CD cents NNS a DT share NN , , in IN the DT year-ago JJ period NN . . Sales NNS rose VBD 2.9 CD % NN to TO $ $ 329.2 CD million CD from IN $ $ 320 CD million CD . . House NNP and CC Senate NNP conferees NNS agreed VBD to TO continue VB production NN of IN Grumman NNP Corp. NNP 's POS F-14 NN and CC to TO provide VB more JJR than IN $ $ 3.8 CD billion CD for IN the DT Strategic NNP Defense NNP Initiative NNP during IN the DT current JJ fiscal JJ year NN . . Industry NN officials NNS and CC congressional JJ aides NNS said VBD that IN the DT main JJ points NNS of IN a DT compromise NN defense NN authorization NN bill NN , , hammered VBN out RP during IN a DT flurry NN of IN private JJ meetings NNS over IN the DT past JJ few JJ days NNS , , provide VBP a DT face-saving JJ compromise NN for IN both DT the DT White NNP House NNP and CC House NNP Democrats NNPS . . Although IN conferees NNS are VBP still RB putting VBG the DT finishing JJ touches NNS on IN the DT package NN , , the DT final JJ agreement NN could MD be VB announced VBN as RB early RB as IN tomorrow NN . . An DT announcement NN is VBZ more RBR likely JJ next JJ week NN , , though RB . . President NNP Bush NNP and CC other JJ supporters NNS of IN SDI NNP will MD be VB able JJ to TO take VB credit NN for IN blocking VBG House NNP efforts NNS to TO significantly RB cut VB the DT program NN to TO develop VB a DT space-based JJ antimissile JJ system NN , , which WDT already RB has VBZ cost VBN some DT $ $ 17 CD billion CD . . Senate NNP Armed NNP Services NNPS Committee NNP Chairman NNP Sam NNP Nunn NNP ( ( D. NNP , , Ga NNP . . ) ) and CC other JJ Senate NNP conferees NNS have VBP opposed VBN the DT House NNP cuts NNS , , stalling VBG for IN almost RB two CD months NNS action NN on IN a DT number NN of IN big-ticket JJ items NNS in IN the DT Pentagon NNP 's POS budget NN . . The DT Senate NNP voted VBD to TO authorize VB $ $ 4.5 CD billion CD for IN SDI NNP spending NN in IN the DT current JJ fiscal JJ year NN , , but CC the DT House NN , , reflecting VBG a DT dramatic JJ erosion NN of IN support NN for IN the DT program NN , , earmarked VBD only RB $ $ 3.1 CD billion CD . . Despite IN the DT widening VBG gap NN between IN the DT two CD sides NNS , , conferees NNS eventually RB followed VBD the DT pattern NN set VBN in IN previous JJ years NNS by IN opting VBG to TO roughly RB split VB the DT difference NN . . That DT would MD hold VB spending NN on IN the DT program NN at IN about IN the DT previous JJ year NN 's POS level NN . . The DT decision NN to TO keep VB the DT embattled JJ F-14 NN 's POS production NN line NN running VBG for IN at IN least JJS another DT year NN is VBZ an DT important JJ victory NN for IN the DT House NNP , , and CC especially RB for IN Rep. NNP Les NNP Aspin NNP ( ( D. NNP , , Wis NNP . . ) ) . . As IN the DT head NN of IN the DT House NNP conferees NNS , , Rep. NNP Aspin NNP has VBZ been VBN under IN intense JJ pressure NN from IN his PRP$ colleagues NNS to TO reject VB Senate NNP provisions NNS that WDT would MD have VB abruptly RB cut VBN further JJ F-14 NN production NN . . The DT package NN `` `` provides VBZ a DT temporary JJ , , golden JJ parachute NN for IN Grumman NNP , , '' '' according VBG to TO one CD congressional JJ aide NN familiar JJ with IN the DT closed-door JJ bargaining NN . . But CC as IN part NN of IN the DT overall JJ agreement NN , , Grumman NNP and CC its PRP$ outspoken JJ supporters NNS on IN Capitol NNP Hill NNP effectively RB will MD be VB precluded VBN from IN reopening VBG the DT emotional JJ issue NN in IN the DT debate NN over IN next JJ year NN 's POS budget NN . . Defense NNP Secretary NNP Dick NNP Cheney NNP and CC most JJS senators NNS contend VBP that IN the DT Navy NNP 's POS F-14 NN is VBZ too RB expensive JJ in IN an DT era NN of IN shrinking VBG Pentagon NNP budgets NNS . . But CC the DT plane NN boasts VBZ a DT strong JJ core NN of IN support NN in IN the DT House NNP , , where WRB members NNS are VBP intent JJ on IN saving VBG Grumman NNP jobs NNS and CC are VBP worried VBN about IN potential JJ shortages NNS of IN carrier-based JJ aircraft NN by IN the DT late JJ 1990s NNS . . Conferees NNS also RB agreed VBD to TO Pentagon NNP requests NNS to TO earmark VB a DT total NN of IN nearly RB $ $ 1 CD billion CD for IN work NN on IN both DT mobile JJ MX NNP and CC Midgetman NNP nuclear JJ missiles NNS , , according VBG to TO congressional JJ aides NNS . . And CC lawmakers NNS are VBP putting VBG the DT finishing JJ touches NNS on IN a DT compromise NN that WDT would MD give VB the DT Air NNP Force NNP nearly RB all DT of IN the DT $ $ 2.4 CD billion CD it PRP wants VBZ for IN production NN of IN Northrop NNP Corp. NNP 's POS radar-eluding VBG B-2 NN bombers NNS , , which WDT cost VBP $ $ 530 CD million CD apiece RB . . The DT final JJ B-2 NN agreement NN is VBZ certain JJ to TO require VB detailed JJ testing NN and CC verification NN of IN the DT bomber NN 's POS capabilities NNS , , but CC congressional JJ aides NNS said VBD the DT accord NN wo MD n't RB include VB a DT House-passed JJ provision NN that WDT would MD have VB withheld VBN production NN funds NNS until IN Congress NNP approves VBZ a DT cheaper JJR , , scaled-down JJ version NN of IN the DT $ $ 70 CD billion CD fleet NN of IN 132 CD B-2s NNS envisioned VBN by IN the DT Pentagon NNP . . Consolidated NNP Freightways NNPS Inc. NNP reported VBD a DT 77 CD % NN drop NN in IN third-quarter JJ net JJ income NN , , citing VBG expected JJ losses NNS in IN its PRP$ Emery NNP Worldwide NNP shipping VBG business NN . . The DT Menlo NNP Park NNP , , Calif. NNP , , company NN said VBD net NN was VBD $ $ 7.4 CD million CD , , or CC 22 CD cents NNS a DT share NN , , down RB from IN $ $ 32.3 CD million CD , , or CC 86 CD cents NNS a DT share NN , , a DT year NN ago RB . . Revenue NN totaled VBD $ $ 1.01 CD billion CD , , a DT 43 CD % NN increase NN from IN $ $ 704.4 CD million CD , , reflecting VBG the DT company NN 's POS acquisition NN of IN Emery NNP earlier RB this DT year NN . . Profit NN also RB suffered VBD because IN of IN `` `` intense JJ '' '' discounting NN in IN its PRP$ long-haul JJ trucking NN business NN , , the DT company NN said VBD . . Analysts NNS had VBD expected VBN Consolidated NNP to TO post VB a DT slim JJ profit NN , , and CC the DT company NN 's POS stock NN was VBD down RB only RB 25 CD cents NNS to TO $ $ 30.25 CD in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN yesterday NN . . `` `` They PRP have VBP to TO continue VB to TO tighten VB their PRP$ belts NNS , , '' '' said VBD Craig NNP Kloner NNP , , an DT analyst NN at IN Goldman NNP , , Sachs NNP & CC Co NNP . . A DT round NN of IN futures-related JJ program NN selling NN near IN the DT close NN sent VBD the DT stock NN market NN lower RBR in IN otherwise RB directionless JJ trading NN . . Nervousness NN that IN the DT market NN has VBZ n't RB seen VBN the DT last JJ of IN its PRP$ recent JJ volatility NN kept VBD trading NN at IN a DT moderate JJ pace NN , , as IN did VBD anticipation NN of IN a DT report NN on IN the DT economy NN 's POS third-quarter JJ performance NN . . The DT Dow NNP Jones NNP Industrial NNP Average NNP , , which WDT plunged VBD more JJR than IN 80 CD points NNS in IN early JJ trading NN Tuesday NNP and CC then RB recovered VBD nearly RB all DT of IN its PRP$ losses NNS by IN the DT close NN , , fell VBD 5.94 CD to TO 2653.28 CD in IN the DT latest JJS session NN . . The DT average NN drifted VBD in IN a DT trading NN range NN of IN about IN 30 CD points NNS throughout IN the DT day NN . . The DT lower JJR boundary NN was VBD established VBN just RB after IN the DT opening NN in IN a DT brief JJ round NN of IN selling NN ; : the DT upper JJ boundary NN was VBD set VBN at IN midday NN as IN scattered JJ bargain-hunting NN pushed VBD prices NNS higher RBR . . Buying NN interest NN in IN Du NNP Pont NNP , , which WDT declared VBD a DT stock NN split NN and CC a DT dividend NN boost NN , , and CC certain JJ other JJ blue-chip JJ issues NNS gave VBD the DT industrial JJ average NN a DT better JJR performance NN than IN broader JJR indexes NNS . . Standard NNP & CC Poor NNP 's POS 500-Stock NNP Index NNP dropped VBD 1.20 CD to TO 342.50 CD ; : the DT decline NN was VBD the DT equivalent NN of IN a DT nine-point JJ setback NN in IN the DT 30-stock JJ average NN . . The DT Dow NNP Jones NNP Equity NNP Market NNP Index NNP fell VBD 1.16 CD to TO 320.94 CD and CC the DT New NNP York NNP Stock NNP Exchange NNP Composite NNP Index NNP slid VBD 0.53 CD to TO 189.52 CD . . But CC advancing VBG issues NNS topped VBD decliners NNS by IN 784 CD to TO 700 CD on IN the DT Big NNP Board NNP despite IN the DT late JJ sell NN programs NNS , , resulting VBG from IN stock-index NN arbitrage NN . . The DT programs NNS occurred VBD against IN the DT backdrop NN of IN a DT late JJ pullback NN in IN UAL NNP , , which WDT had VBD held VBN at IN slightly RB lower JJR levels NNS through IN most JJS of IN the DT session NN amid IN optimism NN that IN another DT bidder NN might MD surface VB . . Traders NNS said VBD program NN activity NN was VBD n't RB in IN evidence NN through IN most JJS of IN the DT session NN , , however RB , , and CC Big NNP Board NNP volume NN dropped VBD to TO 155,650,000 CD shares NNS from IN about IN 238 CD million CD Tuesday NNP as IN concerns NNS about IN the DT potential NN for IN additional JJ sharp JJ swings NNS in IN the DT market NN kept VBD other JJ trading NN in IN check NN . . `` `` People NNS are VBP sort RB of RB nervous JJ to TO do VB anything NN in IN the DT market NN now RB . . Our PRP$ phones NNS are VBP quiet JJ around IN here RB , , '' '' said VBD Don NNP R. NNP Hays NNP , , director NN of IN investment NN strategy NN at IN Wheat NNP First NNP Butcher NNP & CC Singer NNP Inc. NNP , , Richmond NNP , , Va NNP . . The DT gross JJ national JJ product NN report NN , , due JJ to TO be VB released VBN before IN today NN 's POS opening NN , , is VBZ expected VBN to TO show VB that IN the DT economy NN continued VBD to TO expand VB in IN the DT third JJ quarter NN at IN a DT moderate JJ pace NN . . The DT consensus NN of IN economists NNS polled VBN by IN Dow NNP Jones NNP Capital NNP Markets NNPS Report NNP calls VBZ for IN a DT 2.5 CD % NN annual JJ growth NN rate NN for IN GNP NNP during IN the DT quarter NN . . Du NNP Pont NNP , , which WDT announced VBD plans NNS for IN a DT 3-for-1 JJ stock NN split NN and CC raised VBD its PRP$ quarterly JJ dividend NN by IN 14 CD % NN , , jumped VBD 2 CD 1\/2 CD to TO 117 CD 3\/8 CD . . The DT company NN also RB posted VBD third-quarter JJ earnings NNS that WDT were VBD in IN line NN with IN analysts NNS ' POS forecasts NNS . . Blue-chip JJ consumer NN stocks NNS also RB provided VBD a DT lift NN to TO the DT industrial JJ average NN . . American NNP Telephone NNP & CC Telegraph NNP rose VBD 3\/8 CD to TO 43 CD 1\/2 CD in IN Big NNP Board NNP composite JJ trading NN of IN 1.5 CD million CD shares NNS , , Chevron NNP advanced VBD 1 CD 3\/4 CD to TO 66 CD 5\/8 CD on IN 2.3 CD million CD shares NNS , , Woolworth NNP rose VBD 1 CD to TO 58 CD 5\/8 CD , , Coca-Cola NNP Co. NNP gained VBD 5\/8 CD to TO 72 CD 1\/2 CD and CC Eastman NNP Kodak NNP added VBD 3\/8 CD to TO 44 CD 1\/2 CD . . But CC General NNP Motors NNPS dropped VBD 1 CD 7\/8 CD to TO 44 CD 7\/8 CD . . Its PRP$ GM NNP Hughes NNP Electronics NNPS and CC financial-services NNS units NNS both DT reported VBD that IN third-quarter JJ earnings NNS were VBD down RB from IN a DT year NN earlier RB . . Anheuser-Busch NNP plunged VBD 4 CD 3\/8 CD to TO 38 CD 1\/2 CD on IN 3.5 CD million CD shares NNS . . Its PRP$ third-quarter JJ earnings NNS were VBD lower JJR than IN analysts NNS had VBD forecast VBN , , and CC the DT company NN said VBD it PRP had VBD lowered VBN its PRP$ projections NNS for IN earnings NNS growth NN through IN the DT end NN of IN 1990 CD because IN of IN planned JJ price NN cuts NNS . . Xerox NNP fell VBD 3 CD 1\/8 CD to TO 59 CD 5\/8 CD . . Disappointment NN with IN the DT company NN 's POS earnings NNS for IN the DT quarter NN led VBD Prudential-Bache NNP Securities NNPS to TO reduce VB its PRP$ 1989 CD and CC 1990 CD earnings NNS estimates NNS , , according VBG to TO Dow NNP Jones NNP Professional NNP Investor NNP Report NNP . . Computer NNP Associates NNPS International NNP , , the DT most RBS active JJ Big NNP Board NNP issue NN , , was VBD another DT victim NN of IN an DT earnings-related JJ sell-off NN . . The DT stock NN fell VBD 3\/4 CD to TO 12 CD 7\/8 CD as IN 3.6 CD million CD shares NNS were VBD traded VBN in IN the DT wake NN of IN its PRP$ report NN that DT fiscal JJ second-quarter JJ net JJ income NN fell VBD 66 CD % NN from IN a DT year NN ago RB . . Insurance NN stocks NNS moved VBD higher RBR in IN the DT wake NN of IN a DT strong JJ third-quarter JJ earnings NNS report NN from IN Chubb NNP , , coming VBG on IN the DT heels NNS of IN speculation NN that IN last JJ week NN 's POS devastating JJ earthquake NN in IN the DT San NNP Francisco NNP area NN would MD lead VB to TO higher JJR premium JJ rates NNS . . Chubb NNP , , whose WP$ net JJ income NN for IN the DT quarter NN exceeded VBD most JJS analysts NNS ' POS expectations NNS , , rallied VBD 3 CD 3\/4 CD to TO 86 CD 1\/2 CD . . Aetna NNP Life NNP & CC Casualty NNP gained VBD 1 CD 3\/8 CD to TO 61 CD 1\/8 CD , , Cigna NNP advanced VBD 7\/8 CD to TO 64 CD 3\/4 CD , , Travelers NNP added VBD 1\/2 CD to TO 40 CD 3\/8 CD and CC American NNP International NNP Group NNP rose VBD 3 CD 1\/8 CD to TO 107 CD 3\/4 CD . . Comprehensive NNP Care NNP plunged VBD 4 CD 3\/4 CD to TO 3 CD 5\/8 CD on IN 1.2 CD million CD shares NNS . . The DT company NN reported VBD a DT third-quarter JJ loss NN and CC said VBD it PRP is VBZ holding VBG talks NNS with IN its PRP$ bank NN lenders NNS for IN an DT extension NN on IN some DT overdue JJ debt NN payments NNS . . TW NNP Services NNPS dropped VBD 1 CD 1\/4 CD to TO 31 CD 1\/4 CD following VBG the DT postponement NN of IN a DT $ $ 1.4 CD billion CD junk-bond NN offering NN that WDT would MD have VB permitted VBN Coniston NNP Partners NNPS to TO complete VB its PRP$ takeover NN of IN the DT company NN . . Coniston NNP said VBD it PRP would MD pursue VB `` `` various JJ financing VBG alternatives NNS . . '' '' UAL NNP stock NN declined VBD by IN 9 CD to TO 161 CD after IN nobody NN surfaced VBD to TO claim VB credit NN for IN aggressive JJ buying NN Tuesday NNP by IN Bear NNP Stearns NNP that WDT sent VBD UAL NNP stock NN up RB 35 CD points NNS in IN a DT matter NN of IN hours NNS . . Tuesday NNP 's POS rumored VBN buyer NN , , Coniston NNP Partners NNPS , , would MD n't RB comment VB on IN speculation NN that IN Coniston NNP , , which WDT battled VBD the DT UAL NNP board NN in IN 1987 CD , , might MD challenge VB the DT board NN 's POS decision NN Monday NNP to TO remain VB independent JJ . . Other JJ airline NN stocks NNS were VBD mixed JJ . . AMR NNP , , which WDT owns VBZ American NNP Airlines NNPS , , rose VBD 3 CD 3\/8 CD to TO 72 CD 1\/4 CD ; : USAir NNP Group NNP fell VBD 1 CD 1\/2 CD to TO 38 CD 5\/8 CD , , and CC Delta NNP Air NNP Lines NNPS rose VBD 1\/2 CD to TO 66 CD 1\/2 CD after IN posting VBG higher JJR earnings NNS for IN the DT September NNP quarter NN . . Stocks NNS that WDT reportedly RB benefited VBD Tuesday NNP from IN a DT Japanese JJ buy NN program NN handled VBN by IN PaineWebber NNP gave VBD back RB some DT of IN their PRP$ gains NNS . . Procter NNP & CC Gamble NNP went VBD down RB 3 CD 1\/2 CD to TO 130 CD , , Dow NNP Jones NNP fell VBD 3 CD 1\/2 CD to TO 37 CD 1\/2 CD and CC Rockwell NNP International NNP dropped VBD 2 CD 1\/8 CD to TO 25 CD . . However RB , , Atlantic NNP Richfield NNP preserved VBD its PRP$ twopoint NN advance NN in IN the DT previous JJ session NN and CC added VBD 1\/8 CD to TO 103 CD 7\/8 CD . . General NNP Mills NNPS gained VBD 2 CD 1\/4 CD to TO 72 CD 7\/8 CD . . Goldman NNP Sachs NNP placed VBD the DT stock NN back RB on IN its PRP$ list NN of IN recommended JJ issues NNS , , raised VBD its PRP$ 1990 CD earnings NNS estimate NN and CC recommended VBD that IN its PRP$ clients NNS shift VB funds NNS from IN Kellogg NNP to TO General NNP Mills NNPS . . Kellogg NNP dropped VBD 1 CD 3\/4 CD to TO 73 CD 1\/4 CD . . Manville NNP advanced VBD 3\/4 CD to TO 10 CD . . The DT company NN offered VBD to TO purchase VB $ $ 500 CD million CD of IN convertible JJ preferred JJ stock NN from IN the DT trust NN that WDT handles VBZ its PRP$ payments NNS to TO asbestos NN victims NNS . . Di NNP Giorgio NNP gained VBD 1 CD to TO 30 CD 3\/4 CD after IN the DT company NN said VBD it PRP is VBZ starting VBG negotiations NNS with IN unidentified JJ parties NNS interested JJ in IN acquiring VBG its PRP$ units NNS . . Investor NNP Arthur NNP Goldberg NNP is VBZ pursuing VBG a DT $ $ 32-a-share JJ takeover NN offer NN . . Esselte NNP Business NNP Systems NNPS rose VBD 1 CD to TO 43 CD 1\/2 CD . . Esselte NNP AB NNP of IN Sweden NNP offered VBD $ $ 43.50 CD a DT share NN for IN the DT 22 CD % NN of IN the DT company NN it PRP does VBZ n't RB already RB own VB . . Public NNP Service NNP of IN New NNP Hampshire NNP went VBD up RB 3\/8 CD to TO 4 CD . . Northeast NNP Utilities NNPS boosted VBD its PRP$ offer NN to TO acquire VB the DT company NN by IN $ $ 400 CD million CD , , to TO $ $ 2.25 CD billion CD . . Newell NNP , , which WDT declared VBD a DT 2-for-1 JJ stock NN split NN and CC boosted VBD its PRP$ quarterly JJ dividend NN by IN 14 CD % NN , , added VBD 7\/8 CD to TO 49 CD 3\/8 CD . . Also RB , , the DT company NN posted VBD improved JJ third-quarter JJ earnings NNS . . The DT American NNP Stock NNP Exchange NNP Market NNP Value NNP Index NNP fell VBD 0.44 CD to TO 375.92 CD . . Volume NN totaled VBD 8,930,000 CD shares NNS . . Mission NNP Resource NNP Partners NNPS lost VBD 5 CD 1\/4 CD to TO 14 CD 1\/8 CD . . The DT partnership NN , , which WDT had VBD solicited VBN takeover NN offers NNS , , said VBD it PRP failed VBD to TO receive VB any DT adequate JJ bids NNS for IN all DT of IN its PRP$ operations NNS but CC is VBZ reviewing VBG offers NNS for IN individual NN properties NNS . . Japan NNP is VBZ going VBG on IN a DT capital-spending JJ binge NN that WDT could MD make VB its PRP$ trade NN surpluses NNS even RB harder RBR to TO shrink VB . . Its PRP$ capital NN spending NN is VBZ growing VBG at IN double-digit JJ rates NNS for IN the DT second JJ year NN in IN a DT row NN , , and CC its PRP$ superefficient JJ producers NNS of IN everything NN from IN cars NNS to TO computer NN chips NNS are VBP rushing VBG to TO expand VB capacity NN , , modernize VB factories NNS and CC develop VB new JJ products NNS . . `` `` The DT boom NN 's VBZ so RB huge JJ , , '' '' says VBZ Mitsuru NNP Saito NNP , , an DT economist NN at IN Sanwa NNP Research NNP Institute NNP , , `` `` it PRP makes VBZ you PRP think VB of IN the DT Golden JJ '60s NNS , , '' '' when WRB Japan NNP developed VBD rapidly RB . . The DT more JJR factories NNS and CC robots NNS Japanese JJ manufacturers NNS add VBP , , the DT more JJR they PRP will MD be VB able JJ to TO export VB , , and CC the DT less JJR their PRP$ domestic JJ customers NNS will MD need VB to TO import VB . . At IN Canon NNP Inc. NNP , , for IN example NN , , sales NNS are VBP up RB nearly RB 20 CD % NN this DT year NN ; : so CC , , the DT maker NN of IN cameras NNS and CC computer NN printers NNS is VBZ doing VBG what WP any DT Japanese JJ company NN would MD do VB under IN the DT circumstances NNS : : It PRP is VBZ increasing VBG capital JJ spending NN -- : by IN 60 CD % NN . . It PRP is VBZ building VBG , , among IN other JJ things NNS , , a DT new JJ laser-beam-printer NN factory NN in IN western JJ Japan NNP that WDT can MD produce VB up RB to TO 150,000 CD printers NNS next JJ year NN . . Some DT 70 CD % NN of IN them PRP are VBP to TO be VB exported VBN to TO the DT U.S. NNP . . Even JJ companies NNS in IN smokestack NN industries NNS wrestling VBG with IN world-wide JJ overcapacity NN are VBP joining VBG the DT boom NN . . Japan NNP 's POS steelmakers NNS are VBP raising VBG capital JJ spending NN 22 CD % NN this DT year NN to TO $ $ 4.8 CD billion CD . . Hitachi NNP Zosen NNP Corp. NNP , , a DT shipbuilder NN buried VBN in IN debt NN just RB a DT few JJ years NNS ago RB , , will MD build VB a DT machinery NN plant NN , , its PRP$ first JJ expansion NN in IN 14 CD years NNS . . So RB big JJ is VBZ the DT capital-spending NN boom NN that IN Japanese JJ companies NNS ' POS outlays NNS in IN Japan NNP topped VBD American JJ companies NNS ' POS domestic JJ outlays NNS by IN $ $ 521.4 CD billion CD to TO $ $ 494.8 CD billion CD in IN the DT 12 CD months NNS ended VBD March NNP 31 CD even RB though IN Japan NNP 's POS total JJ output NN of IN goods NNS and CC services NNS is VBZ less JJR than IN two-thirds NNS America NNP 's POS . . From IN a DT financial JJ standpoint NN , , the DT boom NN could MD n't RB come VB at IN a DT better JJR time NN . . Many JJ Japanese JJ companies NNS expect VBP record NN profits NNS this DT fiscal JJ year NN , , and CC Japanese JJ interest NN rates NNS , , though IN up RB a DT bit NN recently RB , , are VBP still RB low JJ . . And CC in IN a DT business NN system NN where WRB shareholders NNS have VBP few JJ rights NNS and CC expect VBP only JJ modest JJ dividends NNS , , companies NNS can MD plow VB their PRP$ profits NNS back RB into IN plant NN and CC equipment NN . . But CC some DT economists NNS and CC government NN officials NNS here RB are VBP n't RB applauding VBG . . They PRP fear VBP that IN the DT boom NN may MD be VB too RB big JJ for IN Japan NNP 's POS or CC anyone NN else RB 's POS good NN . . `` `` It PRP 's VBZ an DT explosive JJ cocktail NN '' '' thrown VBN at IN the DT world NN , , says VBZ Kenneth NNP Courtis NNP , , senior JJ economist NN at IN the DT Tokyo NNP unit NN of IN Deutsche NNP Bank NNP Group NNP . . The DT Ministry NNP of IN International NNP Trade NNP and CC Industry NNP is VBZ so RB concerned JJ that IN it PRP recently RB took VBD the DT unusual JJ step NN of IN urging VBG Japanese JJ auto NN companies NNS to TO exercise VB caution NN in IN capital NN spending NN . . MITI NNP officials NNS hope VBP to TO avoid VB yet-another JJ source NN of IN trade NN friction NN with IN the DT U.S. NNP even RB though IN export NN restraints NNS currently RB limit VBP Japanese JJ car NN exports NNS to TO the DT U.S. NNP . . Not RB everyone NN is VBZ worried VBN , , however RB . . Some DT economists NNS -- : and CC many JJ Japanese JJ companies NNS -- : are VBP puzzled VBN by IN the DT warnings NNS . . The DT investment NN boom NN is VBZ mainly RB sparked VBN , , they PRP say VBP , , by IN strong JJ domestic JJ demand NN and CC is VBZ n't RB likely JJ to TO increase VB exports NNS sharply RB . . Moreover RB , , much JJ investment NN is VBZ n't RB aimed VBN at IN increasing VBG capacity NN . . According VBG to TO a DT survey NN of IN some DT 2,400 CD large JJ companies NNS by IN the DT Japan NNP Development NNP Bank NNP , , expanded VBN capacity NN is VBZ the DT goal NN of IN just RB 51.8 CD % NN of IN the DT outlays NNS ; : for IN manufacturers NNS alone RB , , the DT figure NN is VBZ 32 CD % NN . . The DT manufacturers NNS said VBD 14.2 CD % NN of IN their PRP$ spending NN is VBZ designed VBN to TO improve VB products NNS or CC add VB new JJ ones NNS , , 17.5 CD % NN is VBZ to TO cut VB costs NNS , , 12.5 CD % NN is VBZ for IN research NN and CC development NN , , and CC the DT rest NN is VBZ for IN maintenance NN and CC other JJ purposes NNS . . But CC the DT worriers NNS remain VBP unconvinced JJ . . With IN Japan NNP running VBG enormous JJ trade NN surpluses NNS against IN much RB of IN the DT world NN , , they PRP think VBP that IN Japan NNP should MD meet VB the DT increased VBN domestic JJ demand NN by IN importing VBG more JJR . . And CC eventually RB , , they PRP contend VBP , , domestic JJ demand NN will MD weaken VB , , forcing VBG companies NNS to TO emphasize VB exports NNS again RB . . `` `` If IN there EX 's VBZ a DT further JJ drive NN to TO export VB , , '' '' says VBZ Nobuyuki NNP Arai NNP , , an DT economist NN at IN the DT Japan NNP Development NNP Bank NNP , , `` `` that DT 'll MD be VB a DT problem NN . . '' '' Even RB in IN the DT short JJ run NN , , the DT investment NN boom NN could MD exacerbate VB a DT disturbing JJ trend NN : : Japanese JJ exports NNS are VBP showing VBG surprisingly RB little JJ tendency NN to TO ease VB . . Japanese JJ auto NN makers NNS , , for IN example NN , , are VBP increasing VBG their PRP$ production NN capacity NN in IN the DT U.S. NNP ; : the DT additional JJ production NN should MD , , in IN part NN , , replace VB imported VBN vehicles NNS with IN locally RB manufactured VBN ones NNS . . But CC although IN Japanese JJ companies NNS increased VBD their PRP$ U.S. NNP auto NN output NN by IN 42 CD % NN from IN January NNP to TO September NNP compared VBN with IN the DT year-earlier JJ period NN , , their PRP$ exports NNS to TO the DT U.S. NNP will MD drop VB only RB 9 CD % NN this DT year NN , , Nikko NNP Research NNP Center NNP estimates VBZ . . In IN contrast NN to TO previous JJ economic JJ booms NNS , , Japanese NNP auto NN companies NNS are VBP n't RB just RB trying VBG to TO boost VB production NN . . Many JJ are VBP pouring VBG money NN into IN developing VBG high-quality JJ products NNS to TO target VB affluent JJ consumers NNS and CC , , to TO some DT extent NN , , to TO avoid VB direct JJ combat NN with IN cheaper JJR cars NNS from IN South NNP Korea NNP and CC Taiwan NNP . . Others NNS are VBP replacing VBG older JJR facilities NNS with IN flexible JJ assembly NN lines NNS on IN which WDT different JJ models NNS can MD be VB turned VBN out RP at IN once RB . . So RB many JJ companies NNS are VBP investing VBG in IN high-tech JJ machinery NN that IN Fanuc NNP Ltd. NNP , , a DT robot NN maker NN , , also RB had VBD to TO build VB a DT new JJ plant NN . . The DT buildup NN is VBZ `` `` making VBG Japan NNP clearly RB more RBR efficient JJ , , more RBR technologically RB advanced JJ and CC more RBR competitive JJ , , '' '' declares VBZ a DT Western JJ diplomat NN in IN Tokyo NNP . . But CC whatever WDT its PRP$ effects NNS on IN exports NNS and CC imports NNS , , Japan NNP 's POS investment NN boom NN during IN the DT past JJ two CD years NNS has VBZ been VBN stimulated VBN at IN least JJS partly RB by IN soaring VBG domestic JJ demand NN . . Japan NNP 's POS marathon NN economy NN , , growing VBG at IN 4.3 CD % NN this DT year NN , , is VBZ now RB in IN its PRP$ 35th JJ month NN of IN expansion NN , , and CC some DT economists NNS are VBP betting VBG that IN the DT boom NN will MD outlast VB the DT record NN 57-month JJ expansion NN in IN the DT late JJ 1960s NNS . . Japanese JJ consumers NNS are VBP increasingly RB eager JJ to TO spend VB their PRP$ money NN , , especially RB on IN high-priced JJ goods NNS such JJ as IN 29-inch JJ television NN sets NNS and CC luxury NN cars NNS . . Nissan NNP Motor NNP Co. NNP 's POS domestic JJ auto NN sales NNS are VBP up RB 20 CD % NN this DT year NN largely RB because IN its PRP$ expensive JJ Cima NNP , , Sylvia NNP and CC Cefiro NNP models NNS are VBP in IN heavy JJ demand NN . . `` `` One CD dealer NN told VBD me PRP that IN if IN he PRP had VBD more JJR cars NNS , , he PRP 'd MD sell VB them PRP right RB away RB , , '' '' says VBZ Takuro NNP Endo NNP , , Nissan NNP executive NN vice NN president NN . . He PRP adds VBZ that IN the DT company NN is VBZ trying VBG to TO keep VB up RP with IN demand NN `` `` by IN overworking VBG '' '' its PRP$ employees NNS . . Similarly RB , , Honda NNP Motor NNP Co. NNP 's POS sales NNS are VBP so RB brisk JJ that IN workers NNS grumble VBP they PRP have VBP n't RB had VBD a DT Saturday NNP off RP in IN years NNS , , despite IN the DT government NN 's POS encouragement NN of IN more JJR leisure NN activity NN . . With IN demand NN growing VBG and CC workers NNS in IN short JJ supply NN , , many JJ Japanese JJ manufacturers NNS are VBP spending VBG heavily RB on IN automation NN . . Among IN them PRP are VBP the DT shipbuilders NNS , , which WDT had VBD halved VBN their PRP$ shipyard NN work NN forces NNS to TO cut VB costs NNS during IN a DT prolonged JJ slump NN in IN demand NN but CC now RB are VBP capturing VBG an DT increased VBN share NN of IN the DT strengthening VBG global JJ market NN . . Sasebo NNP Heavy NNP Industries NNPS Co. NNP , , a DT medium-sized JJ shipbuilder NN , , expects VBZ its PRP$ sales NNS to TO increase VB 30 CD % NN this DT year NN , , largely RB because IN of IN rising VBG demand NN for IN oil NN tankers NNS . . Once RB one CD Japanese JJ company NN steps VBZ up RP its PRP$ investments NNS , , the DT whole JJ industry NN follows VBZ . . Because IN most JJS businesses NNS put VBP market NN share NN above IN profitability NN , , to TO let VB a DT competitor NN 's POS addition NN to TO capacity NN go VB unmatched JJ is VBZ to TO concede VB defeat NN . . The DT emphasis NN on IN market NN share NN is VBZ evident JJ at IN Daikin NNP Industries NNPS Ltd. NNP , , Japan NNP 's POS biggest JJS maker NN of IN industrial JJ air NN conditioners NNS . . Seeing VBG new JJ office NN buildings NNS sprout VBP up RB and CC its PRP$ sales NNS soar VB , , Daikin NNP is VBZ building VBG another DT plant NN , , which WDT will MD lift VB its PRP$ production NN capacity NN 50 CD % NN . . The DT expansion NN is VBZ aimed VBN not RB just RB at IN meeting VBG demand NN but CC also RB at IN expanding VBG the DT company NN 's POS market NN share NN to TO 30 CD % NN from IN 27 CD % NN currently RB . . Besides IN , , Daikin NNP 's POS major JJ competitors NNS , , Hitachi NNP Ltd. NNP and CC Mitsubishi NNP Heavy NNP Industries NNPS Ltd. NNP , , `` `` are VBP all DT adding VBG production NN lines NNS , , '' '' a DT Daikin NNP spokesman NN says VBZ . . `` `` Until IN now RB , , we PRP were VBD trying VBG to TO increase VB productivity NN with IN the DT facilities NNS we PRP already RB had VBD . . But CC we PRP ca MD n't RB produce VB enough JJ anymore RB . . '' '' The DT competition NN is VBZ even RB more RBR heated JJ in IN the DT auto NN industry NN , , where WRB companies NNS are VBP racing VBG one CD another DT in IN a DT world-wide JJ market NN . . Nissan NNP aims NNS to TO expand VB its PRP$ 25 CD % NN share NN of IN the DT market NN to TO 30 CD % NN by IN spending VBG $ $ 141 CD million CD on IN a DT plant NN in IN southern JJ Japan NNP that WDT could MD make VB as RB many JJ as IN 240,000 CD cars NNS a DT year NN . . Meanwhile RB , , Toyota NNP Motor NNP Corp. NNP 's POS $ $ 247 CD million CD buildup NN is VBZ increasing VBG its PRP$ annual JJ capacity NN by IN 180,000 CD cars NNS , , and CC Honda NNP is VBZ spending VBG $ $ 317 CD million CD on IN expansion NN . . Mazda NNP Motor NNP Corp. NNP is VBZ still RB considering VBG its PRP$ options NNS , , but CC it PRP boldly RB aims VBZ to TO double VB its PRP$ annual JJ domestic JJ sales NNS to TO 800,000 CD cars NNS in IN the DT next JJ four CD years NNS . . Those DT who WP are VBP n't RB worried VBN about IN how WRB Japanese JJ manufacturers NNS ' POS investments NNS will MD affect VB trade NN note VBP that IN many JJ new JJ products NNS are VBP n't RB replacements NNS for IN imports NNS . . Although IN imports NNS account VBP for IN less JJR than IN 1 CD % NN of IN beer NN sales NNS in IN Japan NNP , , Asahi NNP Breweries NNPS Ltd. NNP , , which WDT has VBZ been VBN gaining VBG share NN with IN its PRP$ popular JJ dry JJ beer NN , , plans VBZ to TO fend VB off RP Japanese JJ competitors NNS by IN pouring VBG $ $ 1.06 CD billion CD into IN facilities NNS to TO brew VB 50 CD % NN more JJR beer NN . . But CC new-product NN development NN will MD make VB Japanese JJ companies NNS stronger RBR , , and CC big JJ investments NNS in IN `` `` domestic JJ '' '' industries NNS such JJ as IN beer NN will MD make VB it PRP even RB tougher RBR for IN foreign JJ competitors NNS to TO crack VB the DT Japanese JJ market NN . . Moreover RB , , much RB of IN the DT investment NN boom NN is VBZ in IN high-tech JJ fields NNS in IN which WDT Japanese JJ companies NNS have VBP only RB limited JJ foreign JJ competition NN ; : so CC , , more JJR investment NN practically RB assures VBZ more JJR exports NNS . . Toshiba NNP Corp. NNP , , for IN example NN , , is VBZ spending VBG $ $ 986 CD million CD on IN two CD new JJ plants NNS to TO build VB four-megabit JJ dynamic JJ random JJ access NN memories NNS , , the DT next JJ generation NN of IN computer NN chips NNS . . The DT product NN is VBZ n't RB widely RB used VBN yet RB , , but CC Toshiba NNP , , which WDT has VBZ already RB beaten VBN everyone NN else JJ in IN producing VBG the DT current-generation JJ one-megabit JJ DRAMs NNPS , , believes VBZ that IN its PRP$ early JJ investment NN will MD heighten VB its PRP$ chances NNS of IN beating VBG its PRP$ competitors NNS again RB . . `` `` It PRP 's VBZ important JJ to TO gain VB leadership NN , , '' '' a DT Toshiba NNP spokesman NN says VBZ . . Meanwhile RB , , Toshiba NNP 's POS Japanese JJ rivals NNS , , Hitachi NNP , , Fujitsu NNP Ltd. NNP and CC NEC NNP Corp. NNP , , are VBP n't RB sitting VBG still RB . . After IN doubling VBG production NN in IN one CD plant NN , , NEC NNP is VBZ spending VBG $ $ 275 CD million CD to TO build VB another DT plant NN that IN , , in IN two CD years NNS , , will MD be VB able JJ to TO make VB a DT million CD four-megabit JJ DRAMs NNS a DT year NN . . The DT new JJ chip NN plants NNS `` `` wo MD n't RB be VB excessive JJ investment NN , , '' '' says VBZ Hajime NNP Sasaki NNP , , an DT NEC NNP vice NN president NN . . `` `` We PRP have VBP enough JJ products NNS to TO make VB and CC the DT markets NNS to TO sell VB these DT products NNS . . '' '' Some DT of IN Japan NNP 's POS goods NNS being VBG produced VBN as IN a DT result NN of IN the DT investment NN boom NN are VBP already RB successful JJ overseas RB . . Toyota NNP 's POS $ $ 35,000 CD Lexus NNP automobile NN , , a DT luxury NN model NN that IN it PRP started VBD shipping VBG to TO the DT U.S. NNP only JJ last JJ month NN , , is VBZ racking VBG up RP orders NNS at IN a DT time NN when WRB U.S.-made JJ luxury-car NN sales NNS are VBP slow JJ . . Toyota NNP plans VBZ to TO raise VB Lexus NNP exports NNS when WRB a DT new JJ plant NN starts VBZ up RP next JJ year NN . . What WP if IN its PRP$ sales NNS weaken VBP someday RB ? . Japanese JJ companies NNS have VBP a DT caveat NN competitor NN attitude NN . . If IN excess JJ capacity NN develops VBZ , , they PRP say VBP , , not RB everyone NN will MD suffer VB . . The DT losers NNS will MD be VB those DT with IN the DT least RBS attractive JJ products NNS , , and CC many JJ of IN them PRP , , analysts NNS think VBP , , will MD be VB foreign JJ companies NNS . . Benjamin NNP Franklin NNP Federal NNP Savings NNPS & CC Loan NNP Association NNP said VBD it PRP plans VBZ to TO restructure VB in IN the DT wake NN of IN a DT third-quarter JJ loss NN of IN $ $ 7.7 CD million CD , , or CC $ $ 1.01 CD a DT share NN , , reflecting VBG an DT $ $ 11 CD million CD addition NN to TO loan-loss NN reserves NNS . . The DT Portland NNP , , Ore. NNP , , thrift NN said VBD the DT restructuring NN should MD help VB it PRP meet VB new JJ capital NN standards NNS from IN the DT Financial NNP Institution NNP Reform NNP , , Recovery NNP and CC Enforcement NNP Act NNP . . A DT year NN ago RB , , Benjamin NNP Franklin NNP had VBD profit NN of IN $ $ 1.8 CD million CD , , or CC 23 CD cents NNS a DT share NN . . In IN over-the-counter JJ trading NN yesterday NN , , Benjamin NNP Franklin NNP rose VBD 25 CD cents NNS to TO $ $ 4.25 CD . . The DT company NN said VBD the DT restructuring NN 's POS initial JJ phase NN will MD feature VB a DT gradual JJ reduction NN in IN assets NNS and CC staff NN positions NNS . . The DT plan NN may MD include VB selling VBG branches NNS , , consolidating VBG or CC eliminating VBG departments NNS , , and CC winding VBG down RP or CC disposing VBG of IN unprofitable JJ units NNS within IN 18 CD months NNS . . Initially RB , , the DT company NN said VBD it PRP will MD close VB its PRP$ commercial JJ real-estate NN lending VBG division NN , , and CC stop VB originating VBG new JJ leases NNS at IN its PRP$ commercial JJ lease NN subsidiary NN . . Details NNS of IN the DT restructuring NN wo MD n't RB be VB made VBN final JJ until IN regulators NNS approve VBP the DT regulations NNS mandated VBN by IN the DT new JJ federal JJ act NN , , the DT company NN said VBD . . Amdahl NNP Corp. NNP , , a DT maker NN of IN mainframe NN computers NNS , , reported VBD a DT sharp JJ decline NN in IN net JJ income NN for IN its PRP$ third JJ quarter NN , , citing VBG pricecutting NN by IN competitors NNS and CC adverse JJ effects NNS from IN a DT strong JJ U.S. NNP dollar NN . . Net JJ income NN fell VBD 37 CD % NN to TO $ $ 32.9 CD million CD , , or CC 30 CD cents NNS a DT share NN , , from IN $ $ 52.2 CD million CD , , or CC 48 CD cents NNS a DT share NN , , in IN the DT year-ago JJ period NN . . Revenue NN rose VBD 15 CD % NN to TO $ $ 534.3 CD million CD from IN $ $ 464.7 CD million CD . . Amdahl NNP 's POS results NNS were VBD somewhat RB worse JJR than IN expected VBN . . Jay NNP Stevens NNP , , an DT analyst NN with IN Dean NNP Witter NNP Reynolds NNP , , said VBD he PRP expected VBD the DT Sunnyvale NNP , , Calif. NNP , , company NN to TO earn VB 35 CD cents NNS a DT share NN for IN the DT quarter NN and CC said VBD the DT firm NN 's POS weaker JJR profit NN was VBD partly RB the DT result NN of IN increased VBN competition NN from IN International NNP Business NNP Machines NNPS Corp. NNP , , Amdahl NNP 's POS principal JJ competitor NN for IN mainframe NN sales NNS . . ONEIDA NNP Ltd. NNP declared VBD a DT 10 CD % NN stock NN dividend NN , , payable JJ Dec. NNP 15 CD to TO stock VB of IN record NN Nov. NNP 17 CD . . The DT Oneida NNP , , N.Y. NNP , , maker NN of IN consumer NN , , food-service NN and CC industrial JJ products NNS also RB declared VBD a DT quarterly JJ cash NN dividend NN of IN 12 CD cents NNS a DT share NN , , with IN the DT same JJ payable JJ and CC record NN dates NNS . . The DT cash NN dividend NN paid VBN on IN the DT common JJ stock NN also RB will MD apply VB to TO the DT new JJ shares NNS , , the DT company NN said VBD . . The DT move NN rewards VBZ shareholders NNS and CC should MD improve VB the DT stock NN 's POS liquidity NN , , Oneida NNP said VBD . . The DT company NN has VBZ about IN 8.8 CD million CD shares NNS outstanding JJ . . In IN New NNP York NNP Stock NNP Exchange NNP composite NN trading NN yesterday NN , , Oneida NNP 's POS shares NNS closed VBD at IN $ $ 18.375 CD a DT share NN , , unchanged JJ . . Federal JJ health NN officials NNS are VBP expected VBN today NN to TO approve VB a DT program NN granting VBG long-deferred JJ access NN to TO the DT drug NN AZT NNP for IN children NNS with IN acquired VBN immune JJ deficiency NN syndrome NN . . Announcement NN of IN the DT approval NN is VBZ expected VBN to TO be VB made VBN by IN Louis NNP Sullivan NNP , , secretary NN of IN Health NNP and CC Human NNP Services NNPS . . The DT clearance NN by IN the DT Food NNP and CC Drug NNP Administration NNP comes VBZ after IN two CD years NNS of IN restricted JJ access NN for IN the DT youngest JJS victims NNS of IN AIDS NNP to TO the DT only RB antiviral JJ drug NN yet RB cleared VBN to TO treat VB the DT fatal JJ disease NN . . The DT drug NN will MD be VB given VBN treatment NN investigational JJ new JJ drug NN status NN , , a DT label NN accorded VBN to TO drugs NNS believed VBN effective JJ but CC lacking VBG formal JJ approval NN . . The DT move NN will MD make VB the DT drug NN available JJ free JJ of IN charge NN for IN a DT time NN to TO children NNS with IN the DT disease NN and CC symptoms NNS of IN advanced JJ infection NN . . Adults NNS with IN AIDS NNP have VBP had VBN access NN to TO AZT NNP since IN FDA NNP approved VBD the DT drug NN 's POS usage NN for IN adults NNS in IN March NNP 1987 CD . . But CC despite IN more JJR than IN two CD years NNS of IN research NN showing VBG AZT NNP can MD relieve VB dementia NN and CC other JJ symptoms NNS in IN children NNS , , the DT drug NN still RB lacks VBZ federal JJ approval NN for IN use NN in IN the DT youngest JJS patients NNS . . As IN a DT result NN , , many JJ youngsters NNS have VBP been VBN unable JJ to TO obtain VB the DT drug NN and CC , , for IN the DT few JJ exceptions NNS , , insurance NN carriers NNS wo MD n't RB cover VB its PRP$ cost NN of IN $ $ 6,400 CD a DT year NN . . So RB far RB , , AIDS NNP has VBZ stricken VBN 1,859 CD children NNS under IN age NN 13 CD , , with IN many JJ times NNS that IN number NN believed VBN to TO carry VB the DT infection NN without IN symptoms NNS . . To TO date NN , , 1,013 CD of IN those DT children NNS have VBP died VBN , , according VBG to TO the DT federal JJ Centers NNPS for IN Disease NNP Control NNP . . Mothers NNS of IN young JJ AIDS NNP patients NNS expressed VBD somber JJ satisfaction NN . . `` `` Thank VB goodness NN it PRP 's VBZ happening VBG . . It PRP should MD have VB happened VBD sooner RBR , , '' '' said VBD Elizabeth NNP Glaser NNP , , a DT Los NNP Angeles NNP mother NN and CC activist NN who WP contracted VBD the DT AIDS NNP virus NN through IN a DT blood NN transfusion NN , , and CC transmitted VBD it PRP to TO two CD of IN her PRP$ children NNS . . One CD of IN them PRP , , a DT daughter NN Ariel NNP , , died VBD a DT year NN ago RB at IN age NN seven CD after IN her PRP$ parents NNS unsuccessfully RB pleaded VBD for IN the DT drug NN . . `` `` I PRP could MD get VB AZT NNP , , '' '' says VBZ Mrs. NNP Glaser NNP , , who WP bears VBZ her PRP$ infection NN without IN any DT symptoms NNS . . `` `` But CC my PRP$ daughter NN could MD n't RB , , until IN she PRP was VBD too RB ill JJ to TO take VB it PRP . . To TO watch VB your PRP$ child NN die NN is VBZ an DT inhuman JJ experience NN . . '' '' Her PRP$ son NN , , healthy JJ and CC symptom-free JJ , , currently RB takes VBZ no DT medication NN . . The DT delay NN in IN getting VBG AZT NNP to TO children NNS has VBZ been VBN blamed VBN on IN a DT combination NN of IN factors NNS . . Traditionally RB , , the DT medical JJ establishment NN has VBZ waited VBN two CD years NNS to TO approve VB adult NN treatments NNS for IN pediatric JJ uses NNS , , because IN of IN a DT combination NN of IN conservative JJ safety NN standards NNS and CC red JJ tape NN . . Secondly RB , , critics NNS have VBP charged VBN AZT NNP 's POS maker NN Burroughs NNP Wellcome NNP Co. NNP with IN corporate JJ inertia NN because IN children NNS account VBP for IN just RB 1 CD % NN of IN the DT patient JJ population NN and CC hence RB a DT small JJ part NN of IN the DT large JJ and CC lucrative JJ market NN . . Wellcome NNP has VBZ replied VBN that IN it PRP is VBZ moving VBG ahead RB to TO compile VB the DT relevant JJ data NN , , and CC recently RB promised VBD to TO develop VB a DT pediatric JJ syrup NN form NN easier JJR for IN youngsters NNS to TO take VB . . Still RB , , all DT this DT comes VBZ nearly RB a DT year NN and CC a DT half NN after IN Philip NNP Pizzo NNP of IN the DT National NNP Cancer NNP Institute NNP offered VBD evidence NN that IN AZT NNP could MD reverse VB the DT ravages NNS of IN AIDS NNP dementia NN , , sometimes RB prompting VBG dramatic JJ recovery NN of IN IQ NNP levels NNS and CC reappearance NN of IN lost VBN motor NN skills NNS . . Since IN then RB , , roughly RB 50 CD pediatric JJ patients NNS have VBP received VBN the DT drug NN in IN his PRP$ program NN . . To TO some DT mothers NNS , , the DT expected JJ FDA NNP action NN is VBZ a DT poignant JJ reminder NN of IN what WP might MD have VB been VBN . . `` `` My PRP$ first JJ reaction NN is VBZ I PRP do VBP n't RB understand VB why WRB it PRP 's VBZ taken VBN so RB long RB . . Why WRB has VBZ it PRP taken VBN people NNS so RB long RB for IN people NNS to TO understand VB pediatric JJ AIDS NNP is VBZ a DT major JJ problem NN ? . '' '' asked VBD Helen NNP Kushnick NNP , , whose WP$ son NN Samuel NNP died VBD six CD years NNS ago RB at IN age NN three CD , , victim NN of IN a DT tainted JJ transfusion NN . . Similar JJ sentiments NNS were VBD voiced VBN on IN Capitol NNP Hill NNP . . `` `` While IN I PRP 'm VBP pleased JJ the DT FDA NNP is VBZ finally RB releasing VBG AZT NNP for IN children NNS , , it PRP 's VBZ taken VBN much RB too RB long JJ to TO get VB to TO this DT point NN , , '' '' said VBD Rep. NNP Ted NNP Weiss NNP . . `` `` Why WRB did VBD it PRP take VB Burroughs NNP Wellcome NNP so RB long RB to TO apply VB '' '' for IN treatment NN investigational JJ new JJ drug NN status NN ? . the DT New NNP York NNP Democrat NNP asked VBD . . `` `` Let VB 's PRP not RB forget VB this DT is VBZ the DT same JJ company NN that WDT has VBZ been VBN profiteering VBG with IN this DT drug NN for IN 2 CD 1\/2 CD years NNS , , '' '' Mr. NNP Weiss NNP added VBD . . Mrs. NNP Glaser NNP , , who WP is VBZ a DT co-founder NN of IN the DT Pediatric NNP AIDS NNP Foundation NNP , , based VBN in IN Santa NNP Monica NNP , , Calif. NNP , , condemned VBD neither CC bureaucratic JJ nor CC corporate JJ foot-dragging NN . . `` `` There EX 's VBZ no DT finger NN to TO be VB pointed VBN , , '' '' she PRP said VBD . . `` `` The DT crucial JJ thing NN is VBZ that IN we PRP learn VBP our PRP$ lesson NN well RB , , and CC to TO make VB sure JJ other JJ experimental JJ drugs NNS , , like IN Bristol-Myers NNP Co. NNP 's POS DDI NNP , , do VBP n't RB follow VB the DT same JJ frustrating JJ course NN as IN AZT NNP . . '' '' AIDS NNP dementia NN -- : which WDT gradually RB steals VBZ children NNS 's POS ability NN to TO speak VB , , walk VB and CC think VB -- : is VBZ often RB the DT most RBS striking JJ aspect NN of IN the DT pediatric JJ syndrome NN . . For IN some DT patients NNS , , AZT NNP has VBZ restored VBN the DT ability NN to TO ride VB a DT bicycle NN or CC solve VB puzzles NNS , , giving VBG back RP a DT piece NN of IN their PRP$ childhood NN if IN only RB temporarily RB . . `` `` It PRP 's VBZ impossible JJ to TO overstate VB how WRB much JJ this DT means VBZ to TO the DT families NNS of IN these DT patients NNS , , '' '' said VBD Samuel NNP Broder NNP , , director NN of IN the DT National NNP Cancer NNP Institute NNP and CC a DT main JJ developer NN of IN AZT NNP . . AVON NNP RENT-A-CAR NNP & CC TRUCK NNP Corp. NNP said VBD it PRP declared VBD a DT dividend NN of IN one CD warrant NN for IN each DT three CD shares NNS of IN common JJ stock NN . . Currently RB , , Avon NNP , , based VBN in IN Santa NNP Monica NNP , , Calif. NNP , , has VBZ 3.3 CD million CD common JJ shares NNS outstanding JJ . . About IN 1.1 CD million CD Class NNP C NNP warrants NNS were VBD issued VBN , , the DT company NN said VBD . . Each DT of IN the DT Class NNP C NNP warrants NNS will MD enable VB the DT holders NNS to TO purchase VB one CD share NN of IN common JJ stock NN at IN $ $ 5.50 CD . . The DT warrants NNS may MD be VB exercised VBN until IN 90 CD days NNS after IN their PRP$ issue NN date NN . . Avon NNP also RB said VBD it PRP will MD issue VB an DT additional JJ 243,677 CD of IN the DT Class NN C NNP warrants NNS to TO holders NNS of IN its PRP$ Class NN A DT , , Class NN B NNP and CC unclassified JJ warrants NNS . . Issuance NN of IN those DT warrants NNS will MD be VB at IN the DT rate NN of IN one-third NN warrant NN for IN each DT warrant NN exercised VBN . . THE DT BIG NNP BOARD NNP PLANS VBZ to TO launch VB its PRP$ own JJ vehicle NN for IN program NN trading NN today NN amid IN growing VBG controversy NN over IN the DT practice NN . . The DT new JJ `` `` baskets NNS '' '' of IN stocks NNS will MD allow VB big JJ investors NNS to TO buy VB or CC sell VB all DT 500 CD S&P NNP index NN stocks NNS in IN a DT single JJ trade NN . . The DT exchange NN argues VBZ that IN the DT product NN , , which WDT the DT SEC NNP temporarily RB approved VBD yesterday NN , , will MD help VB ease NN rather RB than IN worsen VB any DT volatility NN in IN the DT stock NN market NN . . SEC NNP Chairman NNP Breeden NNP said VBD he PRP would MD consider VB imposing VBG `` `` circuit NN breakers NNS '' '' to TO halt VB program NN trading NN during IN sharp JJ swings NNS in IN the DT market NN . . Kemper NNP Financial NNP Services NNPS has VBZ stopped VBN executing VBG its PRP$ stock NN trades NNS through IN four CD big JJ securities NNS firms NNS because IN of IN their PRP$ involvement NN in IN program NN trading NN , , which WDT Kemper NNP and CC others NNS say VBP is VBZ ruining VBG the DT market NN . . The DT main JJ capital-gains NNS tax NN plan NN in IN the DT Senate NNP is VBZ n't RB winning VBG support NN from IN Democrats NNPS who WP favor VBP a DT reduction NN . . The DT trend NN is VBZ making VBG proponents NNS less RBR optimistic JJ a DT tax NN cut NN will MD pass VB . . Bethlehem NNP Steel NNP 's POS profit NN plunged VBD 54 CD % NN in IN the DT third JJ quarter NN , , hurt VBN by IN higher JJR costs NNS and CC lower JJR shipments NNS to TO key JJ clients NNS . . Also RB , , Armco NNP and CC National NNP Intergroup NNP had VBD lower JJR operating NN profit NN in IN steel NN , , marking VBG what WP may MD be VB the DT end NN of IN a DT two-year JJ industry NN boom NN . . Columbia NNP S&L NNP posted VBD a DT quarterly JJ loss NN of IN $ $ 226.3 CD million CD as IN the DT Beverly NNP Hills NNPS thrift NN reeled VBD from IN new JJ industry NN rules NNS and CC turmoil NN in IN junk NN bonds NNS . . Anheuser-Busch NNP plans VBZ to TO aggressively RB discount VB its PRP$ major JJ beer NN brands NNS , , setting VBG the DT stage NN for IN a DT price NN war NN as IN the DT beer NN industry NN 's POS growth NN slows VBZ . . PS NNP New NNP Hampshire NNP received VBD a DT sweetened VBN bid NN from IN another DT suitor NN , , United NNP Illuminating NNP , , which WDT valued VBD its PRP$ new JJ proposal NN at IN $ $ 2.29 CD billion CD , , apparently RB topping VBG all DT others NNS so RB far RB . . Financial JJ markets NNS quieted VBD , , with IN stock NN prices NNS edging VBG lower RBR , , bonds NNS inching VBG up RB and CC the DT dollar NN almost RB unchanged JJ . . The DT Dow NNP Jones NNP industrials NNS closed VBD off RB 5.94 CD points NNS , , at IN 2653.28 CD . . Fed NNP Chairman NNP Greenspan NNP said VBD the DT central JJ bank NN can MD wipe VB out RP inflation NN without IN causing VBG a DT recession NN , , but CC doing VBG so RB will MD inflict VB short-term JJ pain NN . . GM NNP 's POS Hughes NNP Electronics NNPS unit NN said VBD profit NN slid VBD 22 CD % NN in IN the DT third JJ quarter NN . . The DT finance NN unit NN , , GMAC NNP , , said VBD net NN fell VBD 3.1 CD % NN , , but CC EDS NNP 's POS profit NN rose VBD 16 CD % NN . . Campeau NNP reportedly RB may MD receive VB a DT $ $ 1.3 CD billion CD offer NN for IN Bloomingdale NNP 's POS from IN Tokyu NNP Department NNP Store NNP of IN Japan NNP . . Campeau NNP declined VBD to TO comment VB . . UAL NNP 's POS pilots NNS and CC machinists NNS unions NNS appear VBP to TO hold VB the DT key NN to TO any DT future JJ takeover NN bid NN for IN the DT airline NN . . Provigo NNP plans VBZ to TO sell VB all DT non-food JJ operations NNS to TO refocus VB on IN its PRP$ retail NN and CC wholesale JJ grocery NN business NN . . Also RB , , Chairman NNP Pierre NNP Lortie NNP resigned VBD . . Westinghouse NNP expects VBZ operating VBG margins NNS of IN over IN 10 CD % NN and CC sharply RB higher JJR earnings NNS per IN share NN next JJ year NN due JJ to TO a DT major JJ restructuring NN . . Some DT major JJ U.S. NNP trade NN partners NNS quickly RB rejected VBD a DT compromise NN proposal NN by IN Bush NNP to TO liberalize VB trade NN and CC reduce VB farm-product NN subsidies NNS . . Markets NNS -- : Stocks NNS : : Volume NN 155,650,000 CD shares NNS . . Dow NNP Jones NNP industrials NNS 2653.28 CD , , off RB 5.94 CD ; : transportation NN 1199.32 CD , , off RB 11.38 CD ; : utilities NNS 216.49 CD , , up RB 1.45 CD . . Bonds NNS : : Shearson NNP Lehman NNP Hutton NNP Treasury NNP index NN 3427.39 CD , , up RP Commodities NNS : : Dow NNP Jones NNP futures NNS index NN 129.48 CD , , up RB 0.24 CD ; : spot NN index NN 130.73 CD , , off RB 0.03 CD . . Dollar NN : : 141.52 CD yen NNS , , up RB 0.07 CD ; : 1.8353 CD marks NNS , , off RB 0.0002 CD . . GORBACHEV NNP SAID VBD Moscow NNP wo MD n't RB intervene VB in IN East JJ bloc NN moves NNS to TO democracy NN . . The DT Kremlin NNP leader NN , , on IN the DT first JJ day NN of IN a DT three-day JJ official JJ visit NN to TO Helsinki NNP , , assured VBD Finland NNP 's POS president NN that IN the DT Soviet NNP Union NNP has VBZ `` `` no RB moral JJ or CC political JJ right NN '' '' to TO interfere VB with IN moves NNS toward IN democracy NN in IN Poland NNP , , Hungary NNP or CC elsewhere RB in IN Eastern NNP Europe NNP . . In IN Moscow NNP , , the DT Soviet NNP State NNP Bank NNP announced VBD a DT 90 CD % NN devaluation NN of IN the DT ruble NN against IN the DT dollar NN for IN private JJ transactions NNS , , in IN an DT apparent JJ attempt NN to TO curb VB a DT black JJ market NN for IN hard JJ currency NN . . The DT action NN will MD establish VB a DT two-tier JJ exchange NN rate NN . . Workers NNS at IN six CD mines NNS in IN Arctic NNP Circle NNP coal NN fields NNS called VBD strikes NNS over IN a DT series NN of IN economic JJ and CC political JJ demands NNS . . The DT move NN defied VBD a DT law NN , , approved VBN in IN Moscow NNP this DT month NN , , banning VBG such JJ walkouts NNS . . THE DT HOUSE NNP FAILED VBD to TO override VB Bush NNP 's POS veto NN of IN a DT bill NN easing VBG abortion NN funding NN . . The DT chamber NN voted VBD 231-191 CD , , 51 CD votes NNS short JJ of IN the DT two-thirds NNS majority NN needed VBN to TO overturn VB the DT president NN 's POS veto NN of IN legislation NN renewing VBG support NN of IN Medicaid NNP abortions NNS for IN poor JJ women NNS who WP are VBP victims NNS of IN rape NN and CC incest NN . . The DT roll NN call NN was VBD considered VBN an DT illustration NN of IN the DT limits NNS of IN power NN that IN the DT resurgent JJ abortion-rights JJ movement NN faces VBZ . . The DT legislation NN was VBD part NN of IN a DT $ $ 156.7 CD billion CD measure NN funding VBG the DT departments NNS of IN Labor NNP , , Education NNP , , and CC Health NNP . . Michigan NNP 's POS Senate NNP passed VBD a DT bill NN requiring VBG girls NNS to TO get VB parental JJ consent NN for IN an DT abortion NN and CC Pennsylvania NNP 's POS House NNP cleared VBD a DT measure NN banning VBG abortions NNS after IN the DT 24th JJ week NN of IN pregnancy NN . . The DT FDA NNP is VBZ expected VBN to TO approve VB today NN a DT program NN granting VBG access NN free JJ of IN charge NN to TO the DT drug NN AZT NNP for IN children NNS with IN AIDS NNP . . Adults NNS have VBP had VBD access NN to TO the DT only RB approved JJ antiviral JJ drug NN since IN 1987 CD . . Research NN shows VBZ AZT NNP can MD relieve VB dementia NN and CC other JJ symptoms NNS in IN children NNS , , 1,859 CD of IN whom WP are VBP known VBN to TO have VB been VBN infected VBN . . Congress NNP sent VBD to TO Bush NNP a DT $ $ 2.85 CD billion CD emergency NN package NN to TO assist VB in IN the DT recovery NN from IN last JJ week NN 's POS California NNP earthquake NN and CC from IN Hurricane NNP Hugo NNP . . The DT action NN came VBD after IN the DT Senate NNP approved VBD the DT House-passed JJ measure NN . . In IN the DT San NNP Francisco NNP Bay NNP area NN , , more JJR than IN 13,000 CD people NNS were VBD homeless JJ and CC landslides NNS threatened VBD more JJR houses NNS . . House-Senate JJ conferees NNS agreed VBD to TO continue VB production NN of IN Grumman NNP Corp. NNP 's POS F-14 NN jet NN and CC to TO provide VB more JJR than IN $ $ 3.8 CD billion CD during IN the DT current JJ fiscal JJ year NN to TO develop VB a DT space-based JJ anti-missile JJ system NN . . The DT final JJ package NN is VBZ expected VBN to TO be VB announced VBN within IN the DT next JJ week NN . . The DT White NNP House NNP has VBZ decided VBN to TO seek VB changes NNS in IN pesticide NN law NN that WDT are VBP aimed VBN at IN speeding VBG the DT removal NN of IN harmful JJ chemicals NNS from IN the DT food NN supply NN . . The DT changes NNS , , which WDT could MD be VB announced VBN as RB early RB as IN today NN , , would MD apply VB to TO pesticides NNS and CC other JJ substances NNS found VBN on IN fresh JJ and CC processed JJ foods NNS , , officials NNS said VBD . . East JJ German JJ leader NN Krenz NNP said VBD he PRP was VBD willing JJ to TO hold VB talks NNS with IN opposition NN groups NNS pressing VBG for IN internal JJ changes NNS . . The DT Communist NNP Party NNP chief NN , , facing VBG what WP is VBZ viewed VBN as IN the DT nation NN 's POS worst JJS unrest NN in IN nearly RB 40 CD years NNS , , also RB said VBD he PRP would MD allow VB East NNPS Germans NNPS to TO travel VB abroad RB more RBR freely RB , , but CC made VBD clear JJ that IN the DT Berlin NNP Wall NNP would MD remain VB . . A DT Lebanese JJ Christian JJ alliance NN accepted VBD an DT Arab-sponsored JJ proposal NN aimed VBN at IN ending VBG Lebanon NNP 's POS 14-year-old JJ civil JJ war NN . . The DT move NN by IN the DT coalition NN of IN political JJ parties NNS and CC Lebanon NNP 's POS largest JJS Christian JJ militia NN isolated VBD military JJ chief JJ Aoun NNP , , who WP has VBZ rejected VBN the DT plan NN , , which WDT includes VBZ political JJ changes NNS and CC a DT Syrian JJ troop NN withdrawal NN from IN Beirut NNP . . Baker NNP offered VBD to TO review VB Israel NNP 's POS `` `` suggested VBN changes NNS '' '' to TO his PRP$ proposal NN for IN direct JJ Israeli-Palestinian JJ talks NNS . . But CC the DT secretary NN of IN state NN advised VBD Israel NNP that IN attempting VBG to TO overhaul VB the DT five-point JJ plan NN risked VBD delaying VBG the DT negotiations NNS aimed VBN at IN Mideast NNP peace NN . . NATO NNP defense NN ministers NNS said VBD the DT 16-nation JJ alliance NN continues VBZ to TO need VB a DT strong JJ nuclear JJ strategy NN despite IN political JJ changes NNS in IN Eastern NNP Europe NNP . . The DT ministers NNS , , concluding VBG a DT two-day JJ meeting NN in IN southern JJ Portugal NNP , , welcomed VBD Moscow NNP 's POS pledges NNS to TO cut VB its PRP$ military JJ forces NNS , , but CC urged VBD the DT Soviets NNPS to TO do VB more JJR to TO slash VB short-range JJ nuclear JJ weapons NNS . . The DT Justice NNP Department NNP indicated VBD a DT possible JJ challenge NN to TO a DT court NN order NN allowing VBG former JJ National NNP Security NNP Adviser NNP Poindexter NNP to TO subpoena VB ex-President NNP Reagan NNP 's POS personal JJ papers NNS for IN use NN in IN the DT defense NN case NN against IN Iran-Contra NNP charges NNS . . A DT department NN spokesman NN said VBD the DT ruling NN `` `` raised VBD a DT serious JJ question NN '' '' about IN the DT office NN of IN the DT president NN . . Bush NNP said VBD Washington NNP would MD continue VB a DT trade NN embargo NN against IN Nicaragua NNP , , declaring VBG that IN the DT Central JJ American JJ country NN poses VBZ `` `` an DT unusual JJ and CC extraordinary JJ threat NN '' '' to TO the DT security NN of IN the DT U.S. NNP . . Meanwhile RB , , Secretary NNP of IN State NNP Baker NNP said VBD the DT U.S. NNP protested VBD to TO Moscow NNP over IN shipments NNS of IN East JJ bloc NN arms NNS to TO Salvadoran JJ rebels NNS from IN Managua NNP . . A DT landslide NN engulfed VBD a DT hillside NN slum NN in IN Sao NNP Paulo NNP , , Brazil NNP , , and CC at IN least JJS 20 CD people NNS , , most JJS of IN them DT children NNS , , were VBD missing VBG and CC feared VBN dead JJ . . The DT city NN 's POS mayor NN vowed VBD to TO take VB legal JJ action NN against IN developers NNS who WP had VBD been VBN excavating VBG at IN the DT crest NN of IN the DT hill NN . . Czechoslovakia NNP 's POS premier NN said VBD he PRP supports VBZ broad JJ political JJ and CC economic JJ restructuring NN , , but CC ruled VBD out RP any DT dialogue NN between IN Prague NNP 's POS Communist JJ government NN and CC independent JJ human-rights JJ or CC dissident JJ groups NNS . . Ladislav NNP Adamec NNP , , ending VBG a DT two-day JJ visit NN to TO Austria NNP , , pledged VBD changes NNS in IN Czechoslovakia NNP , , including VBG freer JJR travel NN to TO the DT West NNP . . Died VBN : : Mary NNP McCarthy NNP , , 77 CD , , novelist NN and CC literary JJ critic NN , , in IN New NNP York NNP City NNP , , of IN cancer NN ... : . . Marion NNP Harper NNP , , 73 CD , , founder NN and CC ex-chief JJ executive NN of IN Interpublic NNP Group NNP of IN Cos. NNPS , , in IN Oklahoma NNP City NNP , , of IN a DT heart NN attack NN . . Adolph NNP Coors NNP Co. NNP said VBD William NNP K. NNP Coors NNP , , chairman NN , , assumed VBD the DT additional JJ responsibilities NNS of IN president NN , , succeeding VBG Jeffrey NNP H. NNP Coors NNP . . Jeffrey NNP Coors NNP , , 44 CD years NNS old JJ , , had VBD been VBN president NN since IN 1985 CD , , when WRB he PRP succeeded VBD his PRP$ father NN Joseph NNP in IN the DT job NN . . But CC the DT brewer NN said VBD Jeffrey NNP Coors NNP voluntarily RB gave VBD up RP the DT position NN to TO focus VB more JJR of IN his PRP$ energy NN on IN Coors NNP Technology NNP Co. NNP , , a DT small JJ unit NN of IN Coors NNP he PRP has VBZ run VBN for IN several JJ years NNS . . A DT Coors NNP spokesman NN said VBD the DT company NN does VBZ n't RB believe VB the DT move NN will MD further RBR increase VB William NNP Coors NNP 's POS influence NN or CC reduce VB the DT influence NN of IN Jeffrey NNP Coors NNP , , Peter NNP Coors NNP or CC Joseph NNP Coors NNP Jr. NNP , , who WP run VBP the DT company NN 's POS three CD operating VBG units NNS . . `` `` It PRP certainly RB was VBD n't RB intended VBN to TO be VB a DT demotion NN , , '' '' the DT spokesman NN said VBD . . `` `` Pete NNP and CC Jeff NNP and CC Joe NNP Jr. NNP have VBP taken VBN over RP the DT reins NNS and CC are VBP doing VBG most JJS of IN the DT work NN . . We PRP do VBP n't RB think VB this DT will MD affect VB that DT . . '' '' Jeffrey NNP , , Peter NNP and CC Joseph NNP Jr. NNP are VBP brothers NNS . . William NNP Coors NNP is VBZ their PRP$ uncle NN . . Jeffrey NNP , , Peter NNP , , Joseph NNP Jr. NNP , , William NNP and CC Joseph NNP Sr. NNP constitute VBP the DT company NN 's POS board NN . . Peter NNP Coors NNP runs VBZ the DT Coors NNP Brewing NNP Co. NNP unit NN , , the DT nation NN 's POS fourth-largest JJ brewery NN that WDT accounted VBD for IN $ $ 1.24 CD billion CD of IN Adolph NNP Coors NNP 's POS $ $ 1.52 CD billion CD in IN 1988 CD sales NNS . . Joseph NNP Jr. NNP runs VBZ Coors NNP Ceramics NNPS Co. NNP , , the DT other JJ operating VBG unit NN , , which WDT had VBD about IN $ $ 150 CD million CD in IN 1988 CD sales NNS . . Dun NNP & CC Bradstreet NNP Corp. NNP said VBD business NN failures NNS fell VBD 17.8 CD % NN to TO 11,586 CD in IN the DT third JJ quarter NN from IN 14,099 CD in IN the DT year-earlier JJ period NN . . In IN the DT first JJ nine CD months NNS of IN this DT year NN , , business NN failures NNS dropped VBD 15.6 CD % NN to TO 37,820 CD from IN 44,796 CD . . Except IN for IN a DT few JJ spots NNS , , notably RB Georgia NNP , , Virginia NNP and CC Michigan NNP , , failures NNS declined VBD almost RB across IN the DT board NN , , according VBG to TO the DT business NN information NN services NNS company NN . . D&B NN defines VBZ a DT business NN failure NN as IN a DT company NN that WDT closes VBZ with IN losses NNS to TO creditors NNS . . The DT current JJ decline NN in IN failures NNS continues VBZ a DT trend NN begun VBN in IN late JJ 1987 CD , , D&B NNP said VBD . . The DT drop NN accelerated VBD in IN this DT year NN 's POS third JJ quarter NN , , underscoring VBG an DT overall JJ lack NN of IN stress NN in IN the DT U.S. NNP economy NN , , the DT company NN said VBD . . Failures NNS in IN seven CD of IN nine CD regional JJ areas NNS fell VBD more JJR than IN 10 CD % NN in IN the DT nine CD months NNS . . The DT South NNP Atlantic NNP States NNPS were VBD the DT only JJ region NN to TO report VB an DT increase NN in IN bankruptcies NNS , , up RB 5.3 CD % NN to TO 5,791 CD from IN 5,502 CD . . This DT occurred VBD partly RB because IN of IN more JJR competition NN as IN the DT number NN of IN new JJ businesses NNS surged VBD . . The DT only JJ industry NN sector NN to TO report VB more JJR business NN failures NNS for IN the DT nine CD months NNS was VBD the DT finance NN , , insurance NN and CC real-estate NN sector NN , , where WRB bankruptcies NNS grew VBD 8.1 CD % NN to TO 2,046 CD from IN 1,892 CD . . The DT troubled JJ savings-and-loan NN industry NN and CC subsequent JJ stress NN in IN real-estate NN businesses NNS fueled VBD bankruptcies NNS in IN this DT sector NN , , D&B NNP said VBD . . A DT major JJ Tokyo NNP newspaper NN reported VBD that IN a DT Japanese JJ department NN store NN concern NN is VBZ planning VBG to TO offer VB about IN $ $ 1.3 CD billion CD to TO buy VB Bloomingdale NNP 's POS . . Campeau NNP Corp. NNP , , the DT chain NN 's POS owner NN , , declined VBD to TO comment VB on IN the DT report NN . . A DT spokeswoman NN said VBD Toronto-based JJ Campeau NNP has VBZ received VBN `` `` expressions NNS of IN interest NN '' '' in IN Bloomingdale NNP 's POS , , but CC she PRP declined VBD to TO comment VB on IN whether IN any DT actual JJ bids NNS had VBD been VBN made VBN . . Nihon NNP Keizai NNP Shimbun NNP , , Japan NNP 's POS leading VBG economic JJ newspaper NN , , reported VBD Wednesday NNP that IN Tokyu NNP Department NNP Store NNP Co. NNP is VBZ planning VBG to TO team VB up RP with IN U.S. NNP and CC Western JJ European JJ financing NN to TO buy VB the DT New NNP York-based JJ retail JJ chain NN , , which WDT Campeau NNP has VBZ put VBN up RP for IN sale NN . . The DT service NN did VBD n't RB identify VB its PRP$ Tokyu NNP sources NNS . . `` `` This DT is VBZ the DT first JJ of IN many JJ rumors NNS we PRP expect VBP to TO hear VB during IN the DT sale NN 's POS process NN , , '' '' said VBD a DT Bloomingdale NNP 's POS spokesman NN . . `` `` We PRP wo MD n't RB comment VB on IN them PRP . . '' '' Tokyu NNP executives NNS were VBD n't RB available JJ for IN comment NN early JJ Thursday NNP morning NN in IN Tokyo NNP . . Campeau NNP 's POS chairman NN , , Robert NNP Campeau NNP , , said VBD at IN its PRP$ annual JJ meeting NN in IN July NNP that IN he PRP valued VBD Bloomingdale NNP 's POS at IN $ $ 2 CD billion CD . . Among IN previously RB disclosed VBN possible JJ bidders NNS is VBZ Bloomingdale NNP 's POS Chairman NNP Marvin NNP Traub NNP , , who WP has VBZ aligned VBN himself PRP with IN Drexel NNP Burnham NNP Lambert NNP Inc. NNP and CC Blackstone NNP Group NNP . . Investment NN bankers NNS in IN Tokyo NNP confirmed VBD that IN Tokyu NNP Department NNP Store NNP is VBZ one CD of IN several JJ Japanese JJ companies NNS that WDT has VBZ been VBN approached VBN by IN representatives NNS of IN a DT management NN committee NN headed VBN by IN Bloomingdale NNP 's POS Mr. NNP Traub NNP . . But CC they PRP said VBD detailed JJ financial JJ figures NNS have VBP n't RB been VBN passed VBN yet RB to TO any DT prospective JJ buyers NNS . . `` `` Nobody NN is VBZ going VBG to TO make VB a DT real JJ bid NN before IN the DT middle NN of IN November NNP , , '' '' said VBD one CD investment NN banker NN familiar JJ with IN the DT discussions NNS in IN Japan NNP . . `` `` Tokyu NNP is VBZ one CD of IN the DT potential JJ buyers NNS who WP might MD raise VB its PRP$ hand NN . . But CC it PRP 's VBZ in IN very RB early JJ stages NNS still RB . . '' '' Bloomingdale NNP 's POS is VBZ a DT 17-store JJ chain NN acquired VBD last JJ year NN by IN Campeau NNP in IN its PRP$ $ $ 6.6 CD billion CD acquisition NN of IN Federated NNP . . Bloomingdale NNP 's POS does VBZ an DT estimated VBN $ $ 1.2 CD billion CD in IN annual JJ sales NNS . . The DT sale NN of IN Bloomingdale NNP 's POS is VBZ a DT condition NN of IN efforts NNS by IN Toronto-based JJ Olympia NNP & CC York NNP Developments NNPS Ltd. NNP to TO arrange VB $ $ 800 CD million CD in IN bridge NN financing NN for IN Campeau NNP , , which WDT disclosed VBD last JJ month NN that IN its PRP$ retailing VBG units NNS , , Federated NNP Department NNP Stores NNPS Inc. NNP and CC Allied NNP Stores NNPS Corp. NNP , , were VBD strapped VBN for IN cash NN . . O&Y NNP , , owned VBN by IN Toronto NNP 's POS Reichmann NNP family NN , , is VBZ also RB supervising VBG major JJ restructuring NN and CC refinancing NN of IN Campeau NNP , , a DT Toronto-based JJ real JJ estate NN and CC retailing NN company NN . . One CD executive NN familiar JJ with IN the DT Bloomingdale NNP 's POS situation NN said VBD , , `` `` No DT book NN has VBZ been VBN issued VBN regarding VBG Bloomingdale NNP 's POS , , there EX are VBP no DT projections NNS , , so RB I PRP doubt VBP very RB much RB whether IN any DT bid NN has VBZ been VBN made VBN . . '' '' Separately RB , , a DT Campeau NNP shareholder NN filed VBD suit NN , , charging VBG Campeau NNP , , Chairman NNP Robert NNP Campeau NNP and CC other JJ officers NNS with IN violating VBG securities NNS law NN . . The DT suit NN , , filed VBN in IN U.S. NNP District NNP Court NNP in IN Manhattan NNP , , seeks VBZ class-action NN status NN . . The DT suit NN accuses VBZ the DT retailer NN and CC several JJ of IN its PRP$ officers NNS of IN making VBG false JJ and CC misleading JJ statements NNS about IN the DT company NN 's POS business NN affairs NNS . . The DT suit NN says VBZ the DT company NN failed VBD to TO disclose VB material JJ adverse JJ information NN about IN its PRP$ financial JJ condition NN . . A DT spokesman NN for IN the DT company NN said VBD Campeau NNP has VBZ n't RB seen VBN the DT suit NN and CC declined VBD to TO comment VB . . McCaw NNP Cellular NNP Communications NNPS Inc. NNP must MD extend VB its PRP$ offer NN for IN LIN NNP Broadcasting NNP Corp. NNP because IN it PRP has VBZ `` `` not RB yet RB announced VBN committed JJ financing NN sufficient JJ to TO complete VB '' '' the DT bid NN , , LIN NNP said VBD in IN New NNP York NNP . . According VBG to TO Securities NNPS and CC Exchange NNP Commission NNP rules NNS , , McCaw NNP is VBZ required VBN to TO keep VB its PRP$ offer NN for IN the DT cellular-phone NN and CC broadcasting NN concern NN open JJ for IN at IN least JJS five CD business NN days NNS after IN the DT announcement NN of IN the DT financing NN , , LIN NNP said VBD . . McCaw NNP 's POS offer NN is VBZ scheduled VBN to TO expire VB tomorrow NN . . Last JJ week NN , , McCaw NNP said VBD it PRP obtained VBD `` `` firm JJ '' '' financing VBG commitments NNS from IN three CD major JJ banks NNS in IN regard NN to TO its PRP$ bid NN to TO control VB LIN NNP Broadcasting NNP . . The DT banks NNS jointly RB committed VBD $ $ 1.2 CD billion CD of IN financing NN , , subject JJ to TO certain JJ conditions NNS , , McCaw NNP said VBD . . A DT spokesman NN for IN McCaw NN said VBD the DT company NN was VBD `` `` moving VBG forward RB with IN our PRP$ financing NN . . '' '' He PRP added VBD that IN `` `` hopefully RB LIN NNP will MD conduct VB a DT fair JJ auction NN . . '' '' McCaw NNP wants VBZ to TO buy VB 22 CD million CD shares NNS of IN LIN NNP for IN $ $ 125 CD each DT , , or CC $ $ 2.75 CD billion CD , , which WDT would MD result VB in IN McCaw NNP 's POS owning VBG 50.3 CD % NN of IN LIN NNP . . The DT offer NN is VBZ in IN limbo NN , , however RB , , because IN LIN NNP has VBZ agreed VBN to TO merge VB its PRP$ cellular-phone NN businesses NNS with IN BellSouth NNP Corp NNP . . In IN national JJ over-the-counter JJ trading NN yesterday NN , , LIN NNP rose VBD 50 CD cents NNS , , to TO $ $ 109.25 CD . . NICHOLS NNP INSTITUTE NNP declared VBD a DT 2-for-1 JJ split NN of IN its PRP$ common JJ stock NN , , payable JJ Nov. NNP 27 CD to TO stock VB of IN record NN Nov. NNP 10 CD . . The DT clinical JJ testing NN services NNS holding VBG company NN is VBZ based VBN in IN San NNP Juan NNP Capistrano NNP , , Calif NNP . . StatesWest NNP Airlines NNPS , , Phoenix NNP , , Ariz. NNP , , said VBD it PRP sent VBD a DT more RBR detailed JJ merger NN proposal NN to TO much-larger JJ Mesa NNP Airlines NNPS . . Farmington NNP , , N.M.-based JJ Mesa NNP has VBZ consistently RB rejected VBN StatesWest NNP 's POS offers NNS , , and CC early RB this DT week NN said VBD its PRP$ board NN would MD n't RB give VB the DT proposal NN further JJ consideration NN , , calling VBG it PRP `` `` vague JJ and CC ill-defined JJ '' '' because IN it PRP did VBD n't RB describe VB the DT source NN of IN funds NNS or CC the DT specific JJ terms NNS of IN StatesWest NNP securities NNS which WDT were VBD part NN of IN the DT offer NN . . The DT new JJ letter NN purports VBZ to TO do VB this DT , , saying VBG that IN in IN addition NN to TO $ $ 7 CD a DT share NN in IN cash NN , , StatesWest NNP would MD offer VB one CD share NN of IN new JJ 6 CD % NN convertible NN preferred JJ stock NN of IN StatesWest NNP it PRP values VBZ at IN $ $ 3 CD a DT share NN . . It PRP also RB said VBD the DT cash NN portion NN of IN the DT transaction NN would MD be VB financed VBN with IN StatesWest NNP 's POS own JJ cash NN and CC short-term JJ investments NNS , , plus CC debt NN and CC other JJ financing NN arranged VBN through IN Hibbard NNP Brown NNP & CC Co. NNP , , the DT company NN 's POS investment NN banker NN . . In IN national JJ over-the-counter JJ trading NN yesterday NN , , Mesa NNP closed VBD at IN $ $ 7.25 CD , , up RB 25 CD cents NNS . . StatesWest NNP asked VBD Mesa NNP to TO repond VB by IN Oct. NNP 31 CD . . Mesa NNP President NNP Larry NNP Risley NNP said VBD his PRP$ board NN had VBD received VBN Stateswest NNP 's POS most RBS recent JJ offer NN and CC was VBD reviewing VBG it PRP . . Spiegel NNP Inc. NNP , , citing VBG continuing VBG improvement NN in IN the DT apparel NN market NN , , said VBD third-quarter JJ net JJ income NN jumped VBD 65 CD % NN from IN the DT soft JJ year-earlier JJ period NN , , on IN an DT 11 CD % NN increase NN in IN revenue NN . . The DT catalog NN retailer NN reported VBD net JJ income NN of IN $ $ 10.8 CD million CD , , or CC 21 CD cents NNS a DT share NN , , up RB sharply RB from IN $ $ 6.6 CD million CD , , or CC 13 CD cents NNS a DT share NN , , a DT year NN earlier RB . . Revenue NN rose VBD to TO $ $ 372.1 CD million CD from IN $ $ 336.4 CD million CD . . Spiegel NNP said VBD margins NNS improved VBN because IN its PRP$ inventory NN position NN this DT year NN did VBD n't RB need VB the DT costly JJ markdowns NNS required VBN to TO trim VB last JJ year NN 's POS swollen JJ levels NNS . . A DT spokeswoman NN said VBD the DT apparel NN market NN troughed VBD in IN the DT first JJ half NN of IN 1988 CD , , then RB began VBD showing VBG improvement NN in IN the DT second JJ half NN of IN last JJ year NN . . `` `` We PRP 've VBP seen VBN continued JJ improvement NN in IN 1989 CD , , '' '' she PRP said VBD . . The DT year-ago JJ quarter NN 's POS results NNS were VBD crimped JJ by IN expenses NNS associated JJ with IN Spiegel NNP 's POS $ $ 260 CD million CD acquisition NN of IN catalog-clothing-merchandiser NN Eddie NNP Bauer NNP , , Spiegel NNP noted VBD . . In IN addition NN , , the DT company NN said VBD ongoing JJ cost-cutting NN efforts NNS contributed VBD to TO the DT latest JJS period NN 's POS earnings NNS upturn NN . . Spiegel NNP is VBZ 84%-controlled JJ by IN the DT Otto NNP family NN of IN West NNP Germany NNP . . In IN national JJ over-the-counter JJ trading NN , , the DT company NN 's POS shares NNS climbed VBD 37.5 CD cents NNS to TO $ $ 20.375 CD . . For IN the DT latest JJS nine CD months NNS , , Spiegel NNP 's POS net NN climbed VBD a DT solid JJ 47 CD % NN to TO $ $ 23.8 CD million CD , , or CC 46 CD cents NNS a DT share NN , , from IN $ $ 16.2 CD million CD , , or CC 34 CD cents NNS . . Unlike IN the DT quarter NN 's POS results NNS , , which WDT were VBD based VBN on IN roughly RB equal JJ shares NNS outstanding JJ , , nine-month JJ per-share JJ figures NNS reflect VBP an DT increase NN in IN average JJ common JJ shares NNS outstanding JJ to TO 51.9 CD million CD from IN 47 CD million CD . . Nine-month JJ revenue NN was VBD $ $ 1.02 CD billion CD , , up RB 22 CD % NN from IN $ $ 841.5 CD million CD . . The DT bad JJ news NN in IN the DT junk NN bond NN market NN yesterday RB was VBD that IN TW NNP Services NNPS , , a DT group NN of IN restaurant NN chains NNS , , became VBD the DT latest JJS prospective JJ issuer NN to TO get VB a DT cold JJ shoulder NN from IN bond NN buyers NNS . . The DT good JJ news NN -- : to TO fans NNS of IN stable JJ credit NN , , at IN least JJS -- : is VBZ what WP the DT rejection NN says VBZ about IN the DT state NN of IN mind NN of IN junk NN buyers NNS . . Apparently RB they PRP are VBP learning VBG to TO say VB no UH to TO excess JJ risk NN . . Coniston NNP Partners NNPS , , which WDT with IN related JJ entities NNS controls VBZ 80 CD % NN of IN TW NNP , , had VBD been VBN planning VBG to TO sell VB $ $ 1.15 CD billion CD of IN junk NN bonds NNS , , among IN other JJ things NNS to TO finance VB their PRP$ acquisition NN of IN the DT remaining VBG public JJ shares NNS . . But CC Coniston NNP , , a DT New NNP York NNP partnership NN managed VBN by IN the DT firm NN of IN Gollust NNP , , Tierney NNP & CC Oliver NNP , , yesterday NN announced VBD that IN `` `` in IN view NN of IN unsettled JJ conditions NNS in IN securities NNS markets NNS '' '' the DT offering NN would MD be VB postponed VBN and CC restructured VBN . . What WP was VBD n't RB mentioned VBN is VBZ that IN Coniston NNP and CC its PRP$ investment NN banker NN , , Donaldson NNP , , Lufkin NNP & CC Jenrette NNP , , just RB completed VBN a DT two-week JJ `` `` road NN show NN '' '' for IN the DT purpose NN of IN marketing VBG the DT bonds NNS . . And CC investors NNS , , at IN least JJS for IN now RB , , took VBD a DT pass NN . . TW NNP 's POS junk NN bonds NNS were VBD n't RB , , as IN junk NN bonds NNS go VB , , unusually RB weak JJ . . Its PRP$ fast-food NN restaurants NNS -- : including VBG Denny NNP 's POS , , Hardee NNP 's POS , , Quincy NNP 's POS and CC El NNP Pollo NNP Loco NNP ( ( `` `` the NN only JJ significant JJ fast-food NN chain NN to TO specialize VB in IN char-broiled JJ chicken NN '' '' ) ) -- : are VBP stable JJ , , recession-resistant JJ and CC growing VBG . . But CC unless IN they PRP continued VBD to TO grow VB , , TW NNP , , based VBN in IN Paramus NNP , , N.J. NNP , , would MD have VB run VBN into IN trouble NN . . Until IN recently RB , , such JJ buy-now JJ , , pray-for-growth-later JJ deals NNS were VBD routine JJ . . `` `` But CC people NNS do VBP n't RB buy VB anything NN on IN expectation NN anymore RB , , '' '' says VBZ Jack NNP Utter NNP , , who WP manages VBZ the DT high-yield JJ fund NN of IN IDS NNP Financial NNP Services NNPS . . `` `` Investors NNS , , '' '' he PRP adds VBZ , , `` `` are VBP getting VBG religion NN . . '' '' The DT TW NNP buy-out NN may MD yet RB be VB financed VBN . . `` `` There EX is VBZ nothing NN wrong JJ with IN the DT company NN , , '' '' says VBZ Coniston NN principal NN Paul NNP Tierney NNP . . The DT rub NN , , he PRP says VBZ , , is VBZ that IN `` `` the DT junk NN market NN is VBZ n't RB as RB deep JJ '' '' as IN before RB . . TW NNP 's POS stockholder NN meeting NN was VBD postponed VBN from IN tomorrow NN to TO Nov. NNP 21 CD . . By IN then RB , , DLJ NNP hopes VBZ to TO be VB able JJ to TO sell VB less-junky JJR junk NN bonds NNS . . Gollust NNP , , Tierney NNP & CC Oliver NNP is VBZ likely JJ to TO contribute VB more JJR than IN the DT $ $ 120 CD million CD in IN equity NN it PRP had VBD planned VBN on RB . . Banks NNS may MD contribute VB more JJR senior JJ debt NN . . And CC the DT total JJ amount NN of IN junk NN financing NN will MD be VB reduced VBN . . A DT DLJ NNP banker NN , , putting VBG a DT best JJS possible JJ face NN on IN it PRP , , asserts VBZ that IN `` `` very RB few JJ people NNS said VBD they PRP did VBD n't RB like IN the DT credit NN quality NN . . People NNS said VBD they PRP did VBD n't RB think VB a DT billion-dollar JJ deal NN would MD trade VB . . '' '' But CC trading NN risk NN stems VBZ from IN credit NN risk NN . . And CC by IN adding VBG equity NN , , DLJ NNP would MD seem VB to TO be VB acknowledging VBG that DT credit NN risk NN was VBD a DT concern NN . . Indeed RB , , the DT DLJ NNP banker NN says VBZ , , in IN the DT reborn JJ capital NN structure NN cash NN coverage NN of IN interest NN `` `` will MD meaningfully RB improve VB . . '' '' As IN he PRP sums VBZ it PRP up RP : : `` `` We PRP are VBP listening VBG to TO the DT market NN . . '' '' What WP is VBZ it PRP , , to TO borrow VB a DT term NN from IN Coniston NNP , , that WDT so RB unsettled VBD the DT market NN ? . Some DT of IN the DT same JJ risks NNS that WDT were VBD cited VBN -- : and CC seemingly RB ignored VBN -- : in IN dozens NNS of IN previous JJ junk NN offerings NNS . . The DT TW NNP prospectus NN says VBZ that IN if IN the DT acquisition NN had VBD been VBN completed VBN earlier RBR , , pretax JJ earnings NNS `` `` would MD have VB been VBN insufficient JJ to TO cover VB its PRP$ fixed JJ charges NNS , , including VBG interest NN on IN debt NN securities NNS , , '' '' by IN approximately RB $ $ 62.7 CD million CD in IN the DT first JJ six CD months NNS of IN 1989 CD . . TW NNP notes VBZ , , as IN many JJ junk NN issuers NNS do VBP , , that IN `` `` adjusted VBN to TO eliminate VB non-cash JJ charges NNS '' '' TW NNP would MD have VB run VBN a DT cash NN surplus NN -- : in IN this DT case NN , , of IN $ $ 56 CD million CD over IN six CD months NNS . . But CC such JJ calculations NNS ignore VBP the DT noncash JJ charge NN of IN depreciation NN , , taken VBN to TO allow VB for IN the DT gradual JJ wearing VBG out RB of IN french JJ friers NNS , , deterioration NN of IN stores NNS and CC the DT like JJ . . In IN fact NN , , DLJ NNP says VBZ , , the DT company NN envisions VBZ capital NN expenses NNS of IN about IN $ $ 180 CD million CD a DT year NN . . TW NNP 's POS pitch NN was VBD that IN sales NNS and CC earnings NNS at IN its PRP$ restaurants NNS have VBP risen VBN steadily RB and CC that IN people NNS wo MD n't RB stop VB eating VBG during IN a DT downturn NN . . But CC they PRP wo MD n't RB necessarily RB eat VB at IN Denny NNP 's POS . . The DT fast-food JJ business NN is VBZ `` `` intensely RB competitive JJ , , '' '' notes VBZ Wertheim NNP Schroder NNP analyst NN John NNP Rohs NNP . . Prospective JJ bond NN buyers NNS noted VBD that IN TW NNP historically RB has VBZ prospered VBN because IN it PRP has VBZ been VBN willing JJ to TO spend VB aggressively RB on IN remodeling VBG restaurants NNS and CC redoing VBG menus NNS . . `` `` We PRP were VBD concerned VBN that IN they PRP were VBD n't RB going VBG to TO generate VB enough JJ cash NN for IN capital NN spending NN and CC also RB to TO pay VB down RP debt NN , , '' '' says VBZ a DT big JJ investor NN in IN high-yield JJ debt NN . . DLJ NNP argues VBZ that IN TW NNP could MD , , if IN necessary JJ , , cut VB capital NN spending NN , , since IN half NN of IN what WP it PRP plans VBZ to TO spend VB is VBZ for IN `` `` growth NN , , '' '' rather RB than IN maintenance NN . . But CC investors NNS noted VBD that IN under IN the DT shelved JJ offering NN , , TW NNP would MD have VB needed VBN to TO grow VB to TO meet VB its PRP$ debt NN payments NNS . . Its PRP$ calculations NNS for IN meeting VBG cash NN charges NNS ignore VBP $ $ 52 CD million CD a DT year NN in IN interest NN on IN cash-deferred JJ , , or CC zero-coupon JJ debentures NNS -- : which WDT ultimately RB would MD have VB had VBD to TO be VB paid VBN . . The DT prospectus NN notes VBZ `` `` there EX can MD be VB no DT assurance NN '' '' that IN future JJ growth NN will MD continue VB at IN past JJ levels NNS . . In IN the DT recent JJ past NN , , bond NN buyers NNS did VBD n't RB seek VB such JJ assurance NN . . Now RB , , apparently RB , , they PRP do VBP . . TW NNP Services NNPS ( ( NYSE NNP ; : Symbol NN : : TW NNP ) ) Business NN : : Restaurants NNS Year NN ended VBN Dec. NNP 31 CD , , 1988 CD \* SYM Revenue NN : : $ $ 3.57 CD billion CD Net JJ Income NN : : $ $ 66.9 CD million CD ; : $ $ 1.36 CD a DT share NN \*\* SYM Third JJ quarter NN , , Sept. NNP 30 CD , , 1989 CD : : ( ( Net JJ Loss NN : : 7 CD cents NNS share NN ) ) vs. FW net JJ income NN : : 51 CD cents NNS a DT share NN Average JJ daily JJ trading NN volume NN : : 179,032 CD shares NNS Common JJ shares NNS outstanding JJ : : 49 CD million CD \* SYM Includes VBZ results NNS of IN Denny NNP 's POS Inc. NNP , , acquired VBN in IN September NNP \*\* SYM Includes VBZ $ $ 9 CD million CD write-down NN of IN assets NNS and CC takeover NN defense NN costs NNS . . Maggie NNP Thatcher NNP must MD be VB doing VBG something NN right RB ; : her PRP$ political JJ enemies NNS are VBP screaming VBG louder RBR than IN ever RB . . Mrs. NNP Thatcher NNP , , who WP was VBD practicing VBG the DT read-my-lips JJ school NN of IN politics NNS years NNS before IN Mr. NNP Bush NNP encountered VBD it PRP , , has VBZ made VBN clear JJ her PRP$ opposition NN to TO refashioning VBG Britain NNP 's POS free-market JJ policies NNS to TO suit VB the DT bureaucrats NNS in IN Brussels NNP . . In IN return NN , , Mrs. NNP Thatcher NNP is VBZ excoriated VBN from IN Fleet NNP Street NNP to TO Paris NNP as IN an DT obstructionist NN . . Well UH , , it PRP now RB turns VBZ out RP that IN Mrs. NNP Thatcher NNP had VBD to TO travel VB across IN the DT globe NN to TO the DT 49-member JJ Commonwealth NNP summit NN in IN Kuala NNP Lumpur NNP to TO discomfit VB the DT Holy NNP Order NNP of IN Consensus NNP Builders NNPS . . `` `` A DT disastrous JJ farce NN in IN Malaysia NNP , , '' '' screamed VBD the DT Manchester NNP Guardian NNP . . `` `` She PRP can MD no RB longer RB be VB trusted VBN to TO behave VB in IN a DT civilised JJ -- : that DT is VBZ unflaky JJ -- : fashion NN when WRB abroad RB . . '' '' Egad UH . . Canada NNP 's POS Brian NNP Mulroney NNP and CC Australia NNP 's POS Bob NNP Hawke NNP , , the DT paper NN said VBD , , were VBD `` `` enraged JJ . . '' '' The DT London NNP Times NNPS said VBD she PRP had VBD `` `` contravened VBN protocol NN . . '' '' As IN usual JJ , , her PRP$ sin NN was VBD saying VBG what WP she PRP thought VBD . . She PRP issued VBD a DT separate JJ statement NN , , separating VBG herself PRP from IN a DT Commonwealth NNP document NN reasserting VBG the DT political JJ value NN of IN imposing VBG sanctions NNS against IN South NNP Africa NNP . . While IN supporting VBG the DT Commonwealth NNP `` `` in IN utterly RB condemning VBG apartheid NN , , '' '' her PRP$ statement NN urged VBD it PRP to TO `` `` encourage VB change VB '' '' rather RB than IN inflict VB further JJ punishment NN on IN the DT country NN 's POS black JJ population NN . . Actually RB there EX is VBZ a DT consensus NN somewhere RB on IN sanctions NNS : : In IN May NNP a DT Gallup NNP Poll NNP found VBD that DT most JJS South JJ African JJ blacks NNS , , 85 CD % NN , , oppose VBP economic JJ sanctions NNS . . Still RB , , Mrs. NNP Thatcher NNP had VBD once RB again RB gone VBN against IN the DT grain NN . . Malaysia NNP 's POS Prime NNP Minister NNP Mahathir NNP Mohamad NNP sniffed VBD , , `` `` If IN everybody NN else RB puts VBZ out RP their PRP$ left JJ foot NN and CC you PRP put VBP out RP your PRP$ right JJ foot NN , , you PRP are VBP out IN of IN step NN . . '' '' Mrs. NNP Thatcher NNP : : `` `` If IN it PRP 's VBZ one CD against IN 48 CD , , I PRP 'm VBP very RB sorry JJ for IN the DT 48 CD . . '' '' If IN indeed RB Mrs. NNP Thatcher NNP has VBZ one CD opponent NN that WDT could MD throw VB her PRP off RB political JJ course NN it PRP is VBZ Britain NNP 's POS mysteriously RB intractable JJ inflation NN problem NN . . We PRP can MD not RB , , however RB , , join VB the DT political JJ chorus NN that IN as IN one CD proclaims VBZ how WRB offputting JJ it PRP is VBZ that IN Mrs. NNP Thatcher NNP refuses VBZ to TO get VB along RP by IN going VBG along RB . . It PRP is VBZ refreshing JJ to TO see VB at IN least JJS one CD world NN figure NN who WP knows VBZ what WP she PRP believes VBZ in RB and CC is VBZ not RB inclined VBN to TO reflexively RB compromise VB those DT beliefs NNS . . Perhaps RB Mrs. NNP Thatcher NNP understands VBZ better RBR than IN those DT distressed JJ at IN her PRP$ style NN that IN ultimately RB history NN and CC Britain NNP 's POS voters NNS will MD decide VB who WP is VBZ right JJ about IN Europe NNP , , sanctioning VBG South NNP Africa NNP or CC running VBG Britain NNP 's POS economy NN . . Follow VB With IN Care NN `` `` Work VB hard RB , , play VB hard RB '' '' is VBZ advice NN Best RBS taken VBN with IN some DT caution NN , , For IN it PRP can MD bring VB fitness NN and CC success NN Or CC a DT state NN of IN total JJ exhaustion NN . . -- : Edward NNP F. NNP Dempsey NNP . . Double RB Check VB The DT guest NN paid VBD his PRP$ bill NN at IN the DT resort NN hotel NN , , and CC as IN he PRP departed VBD he PRP noticed VBD a DT sign NN saying VBG , , `` `` Have VBP You PRP Left VBN Anything NN ? . '' '' The DT man NN went VBD back RB and CC spoke VBD to TO the DT desk NN clerk NN : : `` `` That DT sign NN is VBZ wrong JJ , , '' '' he PRP said VBD . . `` `` It PRP should MD read VB , , `` `` Have VBP You PRP Anything NN Left VBN ? . '' '' -- : Sam NNP Ewing NNP . . After IN being VBG trampled VBN in IN Tuesday NNP 's POS selling NN stampede NN , , the DT Nasdaq NNP over-the-counter JJ market NN dusted VBD itself PRP off RP and CC moved VBD on RB in IN moderate JJ trading NN . . But CC while IN the DT Composite NNP gained VBD 1.19 CD , , to TO 462.89 CD , , many JJ issues NNS did VBD n't RB participate VB in IN the DT advance NN . . `` `` It PRP was VBD a DT mixed JJ bag NN , , '' '' said VBD Richard NNP Bruno NNP , , who WP heads VBZ over-the-counter JJ trading NN at IN PaineWebber NNP . . `` `` We PRP played VBD catch-up NN in IN some DT areas NNS , , and CC sold VBD off RP in IN some DT others NNS . . '' '' Volume NN totaled VBD 132.1 CD million CD shares NNS , , which WDT is VBZ about IN average NN for IN the DT year NN . . Of IN the DT 4,348 CD issues NNS that IN changed VBN hands NNS , , 1,074 CD advanced VBD and CC 866 CD declined VBD . . Big JJ financial JJ stocks NNS carried VBD the DT day NN . . The DT Nasdaq NNP Financial NNP Index NNP rose VBD 2.09 CD , , to TO 454.86 CD . . Meanwhile RB , , the DT Nasdaq NNP 100 CD Index NNP of IN the DT big JJ non-financial JJ stocks NNS basically RB stood VBD still RB , , easing VBG 0.12 CD , , to TO 452.23 CD . . Despite IN the DT Composite NNP 's POS advance NN , , some DT trading NN officials NNS are VBP guardedly RB optimistic JJ that IN the DT market NN is VBZ on IN the DT road NN to TO recovery NN . . Lance NNP Zipper NNP , , head NN of IN over-the-counter JJ trading NN at IN Kidder NNP Peabody NNP , , said VBD it PRP is VBZ difficult JJ to TO make VB predictions NNS based VBN on IN yesterday NN 's POS trading NN volume NN . . The DT advance NN felt VBD more RBR like IN a DT technical JJ bounce NN , , he PRP said VBD . . `` `` The DT market NN acted VBD better RBR , , but CC it PRP was VBD n't RB a DT tremendous JJ comeback NN , , '' '' Mr. NNP Zipper NNP observed VBD . . `` `` If IN we PRP get VBP a DT decent JJ rally NN { ( today NN } ) , , maybe RB the DT buyers NNS will MD come VB back RB . . '' '' If IN E.E. NNP `` `` Buzzy NNP '' '' Geduld NNP is VBZ right JJ , , a DT seatbelt NN may MD come VB in IN handy JJ during IN the DT next JJ few JJ sessions NNS . . The DT president NN of IN Herzog NNP , , Heine NNP , , Mr. NNP Geduld NNP expects VBZ the DT market NN to TO be VB `` `` very RB choppy JJ '' '' for IN a DT while NN . . `` `` There EX 's VBZ a DT lot NN of IN uncertainty NN out IN there RB , , and CC it PRP will MD cause VB a DT lot NN of IN swings NNS , , '' '' he PRP said VBD . . Among IN active JJ stocks NNS , , MCI NNP Communications NNPS rose VBD 7\/8 CD to TO 43 CD on IN 2.2 CD million CD shares NNS , , Mentor NNP Graphics NNPS added VBD 1\/8 CD to TO 16 CD 3\/8 CD on IN turnover NN of IN 1.5 CD million CD shares NNS . . Apple NNP Computer NNP dropped VBD 1 CD 1\/8 CD to TO 46 CD 1\/2 CD on IN one CD million CD shares NNS . . Almost RB one CD million CD shares NNS of IN Sun NNP Microsystems NNPS changed VBD hands NNS , , but CC the DT issue NN was VBD unchanged JJ at IN 17 CD 3\/4 CD . . Biotechnology NN issues NNS were VBD strong JJ . . Amgen NNP advanced VBD 1 CD 1\/2 CD to TO 56 CD ; : Chiron NNP jumped VBD 2 CD to TO 29 CD 3\/4 CD ; : Cetus NNP gained VBD 1 CD to TO 16 CD 7\/8 CD and CC Biogen NNP rose VBD 5\/8 CD to TO 14 CD 5\/8 CD . . The DT American JJ depositary NN receipts NNS of IN Jaguar NNP jumped VBD 3\/8 CD to TO 11 CD 5\/8 CD on IN turnover NN of IN 1.9 CD million CD . . Ford NNP Motor NNP said VBD it PRP raised VBD its PRP$ stake NN in IN the DT British JJ car NN maker NN to TO 12.45 CD % NN of IN the DT ordinary JJ shares NNS outstanding JJ . . In IN a DT Securities NNPS and CC Exchange NNP Commission NNP filing NN , , Ford NNP said VBD it PRP holds VBZ 22.8 CD million CD ordinary JJ shares NNS . . The DT company NN has VBZ said VBN it PRP is VBZ prepared JJ to TO make VB a DT bid NN for IN all DT of IN the DT shares NNS outstanding JJ of IN Jaguar NNP if IN British JJ government NN restrictions NNS to TO such JJ a DT transaction NN are VBP removed VBN . . Another DT takeover NN target NN , , LIN NNP Broadcasting NNP , , rose VBD 1\/2 CD to TO 109 CD 1\/4 CD on IN 495,000 CD shares NNS . . Its PRP$ suitor NN , , McCaw NNP Cellular NNP , , also RB added VBD 1\/2 CD to TO 40 CD 1\/2 CD on IN 395,700 CD shares NNS . . Other JJ stocks NNS were VBD affected JJ by IN corporate JJ earnings NNS . . Informix NNP , , which WDT recently RB said VBD third-quarter JJ net JJ income NN rose VBD to TO 16 CD cents NNS a DT share NN from IN a DT penny NN a DT share NN a DT year NN ago RB , , gained VBD 1 CD 5\/8 CD to TO 13 CD 5\/8 CD on IN 810,700 CD shares NNS . . The DT 1988 CD results NNS included VBD a DT one-time JJ gain NN . . Cimflex NNP Teknowledge NNP rose VBD 13\/16 CD , , or CC 39 CD % NN , , to TO 2 CD 7\/8 CD on IN volume NN of IN 494,100 CD shares NNS . . The DT maker NN of IN software NN products NNS and CC services NNS , , which WDT had VBD a DT net JJ loss NN in IN the DT 1988 CD third JJ quarter NN , , earned VBD 200,000 CD , , or CC a DT penny NN a DT share NN , , in IN this DT year NN 's POS quarter NN . . It PRP was VBD Nasdaq NNP 's POS biggest JJS percentage NN gainer NN . . Star NNP States NNP plunged VBD 3 CD 1\/4 CD to TO 8 CD 3\/4 CD on IN 207,000 CD shares NNS . . The DT company NN suffered VBD a DT $ $ 9 CD million CD loss NN in IN the DT third JJ quarter NN , , compared VBN with IN net NN of IN $ $ 2.5 CD million CD a DT year NN earlier RB . . Collagen NNP dropped VBD 2 CD 5\/8 CD to TO 15 CD 5\/8 CD on IN 428,000 CD shares NNS . . In IN its PRP$ fiscal-first JJ quarter NN ended VBN Sept. NNP 30 CD , , the DT biomedical-products NNS maker NN earned VBD 10 CD cents NNS a DT share NN , , up RB from IN eight CD cents NNS a DT share NN in IN the DT 1988 CD quarter NN , , which WDT included VBD an DT extraordinary JJ credit NN . . Occupational-Urgent NNP Care NNP Health NNP fell VBD 1 CD 3\/4 CD to TO 15 CD 1\/2 CD on IN 354,000 CD shares NNS . . The DT company NN 's POS third-quarter JJ earnings NNS also RB rose VBD to TO 10 CD cents NNS a DT share NN from IN eight CD cents NNS a DT share NN a DT year NN ago RB . . Companies NNS listed VBN below RB reported VBD quarterly JJ profit NN substantially RB different JJ from IN the DT average NN of IN analysts NNS ' POS estimates NNS . . The DT companies NNS are VBP followed VBN by IN at IN least JJS three CD analysts NNS , , and CC had VBD a DT minimum JJ five-cent JJ change NN in IN actual JJ earnings NNS per IN share NN . . Estimated VBN and CC actual JJ results NNS involving VBG losses NNS are VBP omitted VBN . . The DT percent NN difference NN compares VBZ actual JJ profit NN with IN the DT 30-day JJ estimate NN where WRB at IN least JJS three CD analysts NNS have VBP issues NNS forecasts NNS in IN the DT past JJ 30 CD days NNS . . Otherwise RB , , actual JJ profit NN is VBZ compared VBN with IN the DT 300-day JJ estimate NN . . One CD day NN last JJ March NNP , , CBS NNP Sports NNP President NNP Neal NNP Pilson NNP and CC Olympics NNPS superagent NN Barry NNP Frank NNP met VBD for IN lunch NN at IN the DT Lotos NNP Club NNP here RB . . Mr. NNP Frank NNP told VBD Mr. NNP Pilson NNP that IN Olympics NNPS officials NNS wanted VBD $ $ 290 CD million CD or CC more JJR for IN TV NN rights NNS to TO the DT 1994 CD Winter NNP Games NNPS in IN Norway NNP . . The DT CBS NNP official NN said VBD that DT price NN sounded VBD fine JJ . . At IN that DT price NN , , CBS NNP was VBD the DT only JJ player NN at IN the DT table NN when WRB negotiations NNS with IN the DT International NNP Olympic NNP Committee NNP started VBD in IN Toronto NNP Aug. NNP 23 CD . . Dick NNP Pound NNP , , a DT committee NN member NN , , began VBD by IN disclosing VBG that IN ABC NNP and CC NBC NNP had VBD refused VBN to TO even RB bid VB . . Then RB , , he PRP asked VBD Mr. NNP Pilson NNP to TO raise VB his PRP$ offer NN anyway RB : : `` `` If IN we PRP can MD have VB a DT number NN that WDT starts VBZ with IN a DT three CD , , you PRP can MD have VB a DT dea NN . . '' '' Mr. NNP Pilson NNP and CC his PRP$ team NN huddled VBD in IN a DT hallway NN and CC took VBD just RB 10 CD minutes NNS to TO return VB with IN a DT $ $ 300 CD million CD offer NN . . Mr. NNP Pound NNP responded VBD , , `` `` It PRP 's VBZ a DT deal NN . . '' '' A DT beaming VBG Mr. NNP Pilson NNP announced VBD his PRP$ lastest JJS coup NN at IN a DT news NN conference NN that DT afternoon NN . . Mr. NNP Pilson NNP 's POS rivals NNS at IN ABC NNP and CC NBC NNP grimaced VBD at IN the DT price NN . . How WRB could MD CBS NNP get VB pushed VBN into IN outbidding VBG itself PRP ? . Well RB , , CBS NNP , , mired VBN in IN the DT ratings NNS cellar NN and CC looking VBG to TO sports NNS as IN a DT way NN out RP , , wanted VBD to TO close VB the DT deal NN immediately RB and CC block VB its PRP$ rivals NNS from IN getting VBG another DT chance NN to TO bid VB . . But CC Mr. NNP Pilson NNP has VBZ been VBN put VBN in IN the DT uncomfortable JJ role NN of IN setting VBG off RP a DT bidding NN frenzy NN for IN sports NNS rights NNS , , a DT frenzy NN that IN the DT networks NNS had VBD hoped VBN to TO avoid VB . . `` `` The DT price NN of IN poker NN has VBZ gone VBN up RB , , '' '' crows VBZ Charles NNP M. NNP Neinas NNP , , the DT College NNP Football NNP Association NNP 's POS executive NN director NN . . With IN CBS NNP Inc. NNP on IN a DT spending NN spree NN that WDT may MD top VB $ $ 2.5 CD billion CD for IN four CD years NNS of IN major JJ sports NNS events NNS , , the DT new JJ bout NN of IN hyperinflation NN could MD jolt VB the DT entire JJ broadcast NN business NN . . CBS NNP itself PRP could MD run VB up RP losses NNS of IN a DT few JJ hundred CD million CD dollars NNS on IN four CD years NNS of IN various JJ sports NNS if IN its PRP$ big JJ gamble NN goes VBZ wrong JJ . . ABC NNP , , a DT unit NN of IN Capital NNP Cities\/ABC NNP Inc. NNP , , and CC General NNP Electric NNP Co. NNP 's POS National NNP Broadcasting NNP Co. NNP also RB risk VBP losses NNS if IN they PRP outbid VBP CBS NNP for IN other JJ contracts NNS . . While IN rights NNS fees NNS head VBP skyward RB , , ad NN rates NNS wo MD n't RB . . Advertisers NNS already RB are VBP balking VBG at IN higher JJR prices NNS . . `` `` The DT networks NNS are VBP paying VBG too RB much RB for IN rights NNS , , '' '' warns VBZ adman NN Paul NNP Isacsson NNP of IN Young NNP & CC Rubicam NNP . . `` `` If IN they PRP ask VBP advertisers NNS to TO absorb VB the DT costs NNS , , they PRP 're VBP likely JJ to TO lose VB all DT but CC a DT few JJ who WP need VBP sports NNS , , above IN all DT . . '' '' Viewers NNS may MD not RB be VB cheering VBG , , either RB . . Soaring VBG rights NNS fees NNS will MD lead VB to TO an DT even RB greater JJR clutter NN of IN commercials NNS . . At IN the DT same JJ time NN , , some DT sports NNS events NNS will MD move VB off IN `` `` free JJ '' '' television NN and CC onto IN cable NN or CC pay-cable NN , , where WRB half PDT the DT nation NN 's POS TV NN homes NNS ca MD n't RB see VB them PRP . . CBS NNP has VBZ changed VBN the DT rules NNS by IN throwing VBG out RP the DT old JJ basis NN for IN sports NNS bids NNS -- : that DT is VBZ , , can MD the DT network NN alone RB make VB a DT profit NN on IN it PRP ? . Mr. NNP Pilson NNP emphasizes VBZ the DT ancillary JJ benefits NNS of IN positive JJ press NN , , contented JJ affiliate NN stations NNS , , enthusiastic JJ advertisers NNS and CC huge JJ audiences NNS that WDT might MD stick VB around RP to TO watch VB other JJ CBS NNP programs NNS when WRB the DT game NN is VBZ over RP . . The DT billion-dollar JJ question NN is VBZ , , How WRB much JJ are VBP those DT benefits NNS worth JJ ? . Some DT TV NN people NNS doubt VBP they PRP will MD materialize VB and CC argue VBP that IN even RB if IN they PRP do VBP , , they PRP wo MD n't RB offset VB the DT multimillion-dollar JJ deficits NNS that IN CBS NNP could MD run VB up RP . . `` `` As IN we PRP 've VBP seen VBN in IN the DT '80s NNS , , '' '' says VBZ Roger NNP Werner NNP , , the DT president NN of IN the DT ESPN NNP sports NNS channel NN , , `` `` those DT deals NNS can MD turn VB sour JJ if IN the DT numbers NNS do VBP n't RB work VB . . And CC three CD years NNS later RB , , in IN a DT sea NN of IN red JJ ink NN , , the DT heroes NNS can MD find VB themselves PRP with IN a DT lot NN of IN explaining VBG to TO do VB . . '' '' CBS NNP pursues VBZ top JJ sports NNS `` `` to TO belie VB the DT fact NN that IN they PRP are VBP n't RB supporting VBG affiliates NNS , , viewers NNS and CC advertisers NNS , , '' '' charges VBZ Thomas NNP H. NNP Wyman NNP , , who WP was VBD ousted VBN as IN chairman NN of IN CBS NNP Inc. NNP after IN Laurence NNP A. NN Tisch NNP bought VBD a DT 24.9 CD % NN stake NN in IN the DT company NN and CC took VBD over RP three CD years NNS ago RB . . `` `` They PRP lost VBD the DT entertainment NN crown NN , , and CC they PRP needed VBD one NN . . And CC they PRP 've VBP bought VBD one NN . . '' '' On IN just RB three CD big JJ deals NNS -- : for IN four CD years NNS of IN baseball NN and CC for IN the DT Olympic NNP Winter NNP Games NNPS in IN both DT 1992 CD and CC 1994 CD -- : Pilson NNP bid VBD a DT total NN of IN $ $ 1.64 CD billion CD . . That DT 's VBZ well RB over IN half PDT a DT billion CD dollars NNS more JJR than IN ABC NNP and CC NBC NNP were VBD willing JJ to TO pay VB . . ( ( After IN 1992 CD , , the DT winter NN and CC summer NN Olympics NNPS will MD be VB held VBN two CD years NNS apart RB , , with IN the DT revised JJ schedule NN beginning VBG with IN the DT winter NN games NNS in IN 1994 CD and CC the DT summer NN games NNS in IN 1996 CD . . ) ) Now RB , , Mr. NNP Pilson NNP -- : a DT former JJ college NN basketball NN player NN who WP says VBZ a DT good JJ negotiator NN needs VBZ `` `` a DT level NN of IN focus NN and CC intellectual JJ attention NN '' '' similar JJ to TO a DT good JJ athlete-s NN is VBZ facing VBG the DT consequences NNS of IN his PRP$ own JJ aggressiveness NN . . Next JJ month NN , , talks NNS will MD begin VB on IN two CD coveted JJ CBS NNP contracts NNS , , for IN the DT pro JJ and CC college NN basketball NN finals NNS . . CBS NNP is VBZ likely JJ to TO spend VB whatever WDT it PRP takes VBZ to TO keep VB them PRP . . The DT potential JJ bill NN : : more JJR than IN $ $ 600 CD million CD for IN several JJ seasons NNS , , an DT 80 CD % NN jump NN . . A DT few JJ months NNS later RB , , CBS NNP 's POS college NN and CC pro JJ football NN contracts NNS come VBP up RP for IN renewal NN ; : they PRP could MD go VB for IN close RB to TO $ $ 100 CD million CD more JJR than IN CBS NNP now RB pays VBZ , , a DT 40 CD % NN to TO 50 CD % NN rise NN . . `` `` What WP happens VBZ to TO those DT two CD basketball NN contracts NNS will MD shape VB the DT next JJ five CD years NNS of IN network NN sports NNS , , '' '' says VBZ Peter NNP Lund NNP , , a DT former JJ CBS NNP Sports NNPS president NN now RB at IN Multimedia NNP Inc NNP . . J. NNP William NNP Grimes NNP , , former JJ president NN of IN ESPN NNP , , says VBZ NBC NNP may MD `` `` come VB in RP with IN a DT huge JJ bid NN for IN college NN basketball NN to TO take VB it PRP away RP from IN CBS NNP and CC say VB , , ` `` We PRP can MD overbid VB , , too RB . . ' '' And CC the DT winners NNS will MD be VB the DT colleges NNS , , not RB either DT network NN . . Nor CC , , by IN the DT way NN , , advertisers NNS . . '' '' Mr. NNP Pilson NNP is VBZ an DT unlikely JJ big JJ spender NN . . In IN the DT mid-1980s NNS , , after IN ABC NNP had VBD just RB bid VBN a DT record NN $ $ 309 CD million CD for IN the DT 1988 CD Winter NNPS Games NNPS , , he PRP sniped VBD at IN rivals NNS for IN paying VBG reckless JJ prices NNS . . `` `` I PRP love VBP Pilson NNP , , but CC he PRP was VBD the DT guy NN who WP complained VBD most RBS bitterly RB and CC loudly RB , , '' '' says VBZ Robert NNP Wussler NNP , , a DT former JJ CBS NNP Sports NNPS president NN . . `` `` And CC yet RB his PRP$ company NN is VBZ one CD reason NN why WRB rights NNS are VBP so RB high JJ today NN . . '' '' Rivals NNS carp VBP at IN `` `` the DT principle NN of IN Pilson NNP , , '' '' as IN NBC NNP 's POS Arthur NNP Watson NNP once RB put VBD it PRP -- : `` `` he PRP 's VBZ always RB expounding VBG that IN rights NNS are VBP too RB high JJ , , then RB he PRP 's VBZ going VBG crazy JJ . . '' '' But CC the DT 49-year-old JJ Mr. NNP Pilson NNP is VBZ hardly RB a DT man NN to TO ignore VB the DT numbers NNS . . A DT Yale NNP law NN school NN graduate NN , , he PRP began VBD his PRP$ career NN in IN corporate JJ law NN and CC then RB put VBD in RP years NNS at IN Metromedia NNP Inc. NNP and CC the DT William NNP Morris NNP talent NN agency NN . . In IN 1976 CD , , he PRP joined VBD CBS NNP Sports NNPS to TO head VB business NN affairs NNS and CC , , five CD years NNS later RB , , became VBD its PRP$ president NN . . Mr. NNP Pilson NNP says VBZ that IN when WRB he PRP spoke VBD out RP a DT few JJ years NNS ago RB , , `` `` I PRP did VBD n't RB say VB forever RB , , and CC I PRP did VBD n't RB say VB every DT property NN . . '' '' The DT market NN changed VBD , , he PRP adds VBZ . . And CC he PRP is VBZ n't RB the DT only RB big JJ spender NN : : NBC NNP will MD pay VB a DT record NN $ $ 401 CD million CD for IN the DT 1992 CD Summer NNPS Games NNPS , , and CC ESPN NNP , , 80%-owned JJ by IN Capital NNP Cities\/ABC NNP , , will MD shell VB out RP $ $ 400 CD million CD for IN four CD years NNS of IN baseball NN , , airing VBG 175 CD regular-season JJ games NNS a DT year NN . . `` `` Our PRP$ competitors NNS say VBP we PRP overbid VBD them PRP . . Who WP cares VBZ ? . Maybe RB we PRP recognize VBP values NNS the DT other JJ guys NNS do VBP n't RB , , '' '' Mr. NNP Pilson NNP says VBZ . . Mr. NNP Pilson NNP 's POS `` `` Major JJ Events NNS '' '' strategy NN jelled VBD after IN Mr. NNP Tisch NNP took VBD over RP . . Mr. NNP Pilson NNP recalls VBZ that IN in IN April NNP 1986 CD , , after IN CBS NNP 's POS annual JJ meeting NN in IN Philadelphia NNP , , he PRP and CC Mr. NNP Tisch NNP took VBD the DT 90-minute JJ train NN ride NN back RB to TO New NNP York NNP , , and CC Mr. NNP Pilson NNP used VBD this DT extended JJ private JJ audience NN to TO outline VB his PRP$ ambitions NNS . . Mr. NNP Tisch NNP , , a DT billionaire NN in IN hotels NNS and CC finance NN , , was VBD just RB learning VBG the DT TV NN business NN . . Five CD months NNS later RB , , Mr. NNP Tisch NNP took VBD over RP as IN CBS NNP 's POS chief JJ executive NN , , and CC soon RB he PRP was VBD wielding VBG sole JJ approval NN each DT time NN Mr. NNP Pilson NNP scribbled VBD a DT frighteningly RB large JJ figure NN on IN a DT slip NN of IN paper NN , , sealed VBD it PRP in IN an DT envelope NN and CC gave VBD it PRP to TO sports NNS negotiators NNS . . Then RB , , in IN May NNP 1988 CD , , Mr. NNP Tisch NNP urgently RB needed VBD to TO make VB a DT bold JJ statement NN to TO quell VB rumors NNS that IN he PRP might MD sell VB the DT network NN . . Mr. NNP Pilson NNP gave VBD him PRP one NN : : He PRP bid VBD $ $ 243 CD million CD for IN rights NNS to TO the DT 1992 CD Winter NNPS Games NNPS in IN Albertville NNP , , France NNP ; : ABC NNP and CC NBC NNP would MD n't RB bid VB even RB $ $ 200 CD million CD . . That WDT started VBD the DT still-raging VBG bidding NN wars NNS . . The DT `` `` Major JJ Events NNS '' '' strategy NN , , Mr. NNP Pilson NNP says VBZ , , is VBZ designed VBN to TO notch VB a DT place NN for IN CBS NNP on IN the DT crowded JJ TV NN dial NN of IN the DT 1990s NNS . . It PRP 's VBZ also RB a DT fast JJ fix NN for IN an DT ailing JJ image NN . . He PRP sees VBZ flashy JJ sports NNS as IN the DT only JJ way NN the DT last-place JJ network NN can MD cut VB through IN the DT clutter NN of IN cable NN and CC VCRs NNS , , grab VB millions NNS of IN new JJ viewers NNS and CC tell VB them PRP about IN other JJ shows NNS premiering VBG a DT few JJ weeks NNS later RB . . Next IN October NNP , , CBS NNP , , for IN the DT first JJ time NN , , wo MD n't RB have VB to TO start VB the DT season NN against IN the DT much-watched JJ American JJ and CC National JJ baseball NN league NN championships NNS and CC the DT World NNP Series NNP . . `` `` I PRP 've VBP been VBN struggling VBG against IN that IN for IN years NNS , , '' '' says VBZ Jonathan NNP Rodgers NNP , , who WP runs VBZ WBBM-TV NNP , , the DT CBS-owned JJ station NN in IN Chicago NNP . . Even RB if IN baseball NN triggers VBZ losses NNS at IN CBS NNP -- : and CC he PRP does VBZ n't RB think VB it PRP will MD -- : `` `` I PRP 'd MD rather RB see VB the DT games NNS on IN our PRP$ air NN than IN on IN NBC NNP and CC ABC NNP , , '' '' he PRP says VBZ . . That DT is VBZ n't RB surprising JJ . . Regular JJ TV NN series NN ratings NNS have VBP slumped VBN in IN the DT past JJ five CD years NNS , , and CC premiering VBG new JJ shows NNS is VBZ `` `` a DT crap NN shoot NN , , '' '' Mr. NNP Pilson NNP says VBZ . . But CC top JJ sports NNS events NNS are VBP still RB a DT strong JJ bet NN to TO lure VB audiences NNS 30 CD % NN or CC 40 CD % NN larger JJR than IN those DT CBS NNP usually RB gets VBZ . . Mr. NNP Pilson NNP says VBZ baseball NN and CC the DT Olympics NNPS may MD help VB CBS NNP move VB up RB to TO No. NN 2 CD in IN the DT household NN ratings NNS race NN , , putting VBG pizazz NN back RB into IN the DT network NN 's POS image NN . . And CC the DT Winter NNPS Olympics NNPS will MD air VB during IN the DT February NNP `` `` sweeps NNS , , '' '' when WRB ratings NNS are VBP used VBN to TO set VB ad NN rates NNS for IN local JJ stations NNS . . That DT will MD please VB once-grumpy JJ affiliates NNS -- : another DT aim NN of IN the DT Pilson NNP plan NN . . They PRP gleefully RB await VBP the DT `` `` dream NN season NN '' '' in IN 1990 CD . . CBS NNP will MD air VB the DT Super NNP Bowl NNP , , baseball NN playoffs NNS , , college NN and CC pro JJ basketball NN finals NNS and CC other JJ premier JJ sports NNS events NNS . . `` `` It PRP 's VBZ made VBN me PRP more RBR committed JJ to TO CBS NNP , , '' '' says VBZ Philip NNP A. NN Jones NNP , , the DT president NN of IN Meredith NNP Corp. NNP 's POS broadcast NN group NN , , which WDT has VBZ two CD CBS NNP affiliates NNS . . The DT CBS NNP plan NN to TO use VB big-time JJ sports NNS as IN a DT platform NN for IN other JJ series NN carries VBZ no DT guarantee NN of IN success NN , , however RB . . No DT amount NN of IN hype NN will MD bring VB viewers NNS back RB if IN the DT shows NNS are VBP weak JJ . . `` `` In IN this DT market NN of IN 40 CD channels NNS , , sophisticated JJ viewers NNS and CC the DT remote JJ control NN , , trial NN is VBZ n't RB a DT guarantee NN of IN anything NN , , '' '' ESPN NNP 's POS Mr. NNP Werner NNP says VBZ . . `` `` If IN the DT show NN ai VBP n't RB a DT killer NN , , they PRP 're VBP gone VBN . . '' '' During IN the DT 1984 CD Summer NNPS Games NNPS , , for IN example NN , , ABC NNP touted VBD `` `` Call VB to TO Glory NN , , '' '' but CC the DT military JJ drama NN was VBD missing VBG in IN action NN within IN weeks NNS . . Last JJ October NNP , , during IN the DT 1988 CD Summer NNPS Games NNPS , , NBC NNP relentlessly RB pitched VBD a DT new JJ series NN , , `` `` Tattingers NNPS . . '' '' It PRP belly-flopped VBD anyway RB . . Moreover RB , , sports NNS is VBZ hardly RB the DT best JJS way NN to TO lure VB adult NN women NNS . . Though NNP CBS NNP might MD move VB up RB to TO No. NN 2 CD in IN household NN ratings NNS , , most JJS advertisers NNS buy VBP based VBN on IN ratings NNS for IN women NNS aged VBN 18 CD to TO 49 CD . . CBS NNP may MD remain VB a DT distant JJ No. NN 3 CD in IN that DT regard NN . . Nor CC is VBZ CBS NNP a DT shoo-in NN to TO get VB blockbuster JJ ratings NNS . . In IN recent JJ years NNS , , the DT World NNP Series NNP and CC the DT Olympics NNPS were VBD aired VBN against IN CBS NNP 's POS last-place JJ lineup NN . . But CC CBS NNP will MD put VB the DT athletes NNS up RP against IN Bill NNP Cosby NNP , , `` `` Cheers NNP '' '' and CC other JJ shows NNS in IN NBC NNP 's POS No. NN 1 CD schedule NN . . Even RB the DT boon NN to TO affiliate NN relations NNS may MD be VB limited JJ . . The DT sports NNS lineup NN may MD add VB only RB 1 CD % NN to TO 5 CD % NN to TO a DT station NN 's POS annual JJ profits NNS . . It PRP alone RB is VBZ n't RB likely JJ to TO stop VB a DT station NN from IN dumping VBG CBS NNP shows NNS . . `` `` The DT World NNP Series NNP , , seven CD nights NNS , , was VBD n't RB enough RB of IN an DT incentive NN , , '' '' says VBZ Arnold NNP Klinsky NNP of IN WHEC-TV NNP in IN Rochester NNP , , which WDT dropped VBD CBS NNP for IN NBC NNP six CD weeks NNS ago RB . . `` `` You PRP 've VBP got VBN to TO judge VB where WRB the DT network NN will MD be VB in IN three CD years NNS . . '' '' The DT intangible JJ benefits NNS may MD prove VB extremely RB costly JJ if IN CBS NNP ca MD n't RB avoid VB big JJ losses NNS on IN the DT sports NNS coverage NN itself PRP . . And CC avoiding VBG such JJ losses NNS will MD take VB a DT monumental JJ effort NN . . On IN the DT $ $ 1.06 CD billion CD baseball NN agreement NN alone RB , , CBS NNP is VBZ likely JJ to TO lose VB $ $ 250 CD million CD in IN four CD years NNS , , contends VBZ Mr. NNP Wussler NNP , , the DT former JJ CBS NNP man NN , , now RB at IN Comsat NNP Inc NNP . . Nevertheless RB , , he PRP deems VBZ the DT deal NN `` `` plain RB smart JJ '' '' for IN its PRP$ huge JJ promotional JJ value NN . . Mr. NNP Pilson NNP calls VBZ that IN loss NN estimate NN `` `` wildly RB inaccurate JJ , , '' '' conceding VBG only RB that IN CBS NNP will MD lose VB money NN on IN baseball NN in IN the DT first JJ year NN . . `` `` It PRP 's VBZ too RB early JJ to TO tell VB '' '' what WP happens VBZ after IN that DT , , he PRP says VBZ . . But CC Mr. NNP Tisch NNP expects VBZ losses NNS in IN all DT four CD years NNS of IN the DT contract NN , , he PRP told VBD U.S. NNP senators NNS last JJ June NNP . . CBS NNP will MD pay VB an DT average NN of IN $ $ 82 CD million CD more JJR each DT year NN than IN ABC NNP and CC NBC NNP had VBD paid VBN together RB -- : and CC those DT two CD networks NNS expect VBP losses NNS on IN baseball NN this DT season NN . . Yet RB CBS NNP will MD air VB only RB 12 CD regular-season JJ games NNS , , 26 CD fewer JJR than IN ABC NNP and CC NBC NNP . . That DT has VBZ outraged VBN some DT fans NNS . . It PRP also RB indicates VBZ a DT $ $ 50 CD million CD drop NN in IN ad NN sales NNS for IN regular-season JJ games NNS -- : a DT risk NN CBS NNP took VBD to TO get VB an DT unprecedented JJ lock NN on IN all DT playoff NN games NNS . . If IN the DT playoffs NNS end VBP in IN four-game JJ sweeps NNS , , losses NNS could MD soar VB . . Advertisers NNS are VBP resisting VBG higher JJR prices NNS , , which WDT would MD help VB close VB the DT gap NN . . CBS NNP signed VBD General NNP Motors NNPS and CC Toyota NNP to TO be VB the DT only JJ auto-maker NN sponsors NNS in IN baseball NN for IN four CD years NNS . . Price NN : : $ $ 265 CD million CD . . But CC ad NN executives NNS who WP negotiated VBD the DT deal NN say VBP that WDT works VBZ out RP to TO only RB $ $ 275,000 CD for IN a DT 30-second JJ ad NN in IN the DT World NNP Series NNP through IN 1993 CD -- : 17 CD % NN less JJR than IN what WP ABC NNP is VBZ charging VBG for IN the DT Series NNP this DT month NN . . Moreover RB , , `` `` there EX 's VBZ no DT question NN ad NN rates NNS will MD come VB down RP considerably RB '' '' from IN the DT GM-Toyota JJ price NN , , says VBZ Arnold NNP Chase NNP of IN Bozell NNP Inc NNP . . Other JJ admen NNS , , however RB , , say VBP rates NNS could MD rise VB later RB if IN ad NN spending NN surges VBZ . . The DT Winter NNPS Games NNPS outlook NN also RB is VBZ mixed JJ . . CBS NNP expects VBZ to TO make VB modest JJ profits NNS , , but CC rivals NNS contend VBP that IN it PRP will MD take VB a DT beating NN . . ABC NNP lost VBD $ $ 75 CD million CD on IN the DT 1988 CD Winter NNP Games NNPS , , partly RB because IN of IN its PRP$ $ $ 309 CD million CD rights NNS fee NN . . It PRP aired VBD 94.5 CD hours NNS of IN mostly RB live JJ events NNS in IN Calgary NNP -- : helping VBG raise VB ratings NNS slightly RB from IN 1984 CD -- : but CC still RB failed VBD to TO deliver VB the DT audience NN promised VBN to TO advertisers NNS . . CBS NNP will MD add VB 25 CD 1\/2 CD hours NNS to TO that DT load NN in IN 1992 CD , , and CC ratings NNS could MD be VB hurt VBN by IN a DT lack NN of IN live JJ events NNS . . All DT prime-time JJ fare NN will MD be VB on IN tape-delay NN because IN of IN time NN differences NNS with IN Norway NNP , , so RB the DT results NNS can MD be VB announced VBN on IN the DT 6 CD o'clock RB news NN . . ( ( Turner NNP Broadcasting NNP will MD pay VB CBS NNP $ $ 25 CD million CD to TO air NN 50 CD hours NNS of IN CBS NNP coverage NN plus CC 50 CD hours NNS of IN additional JJ events NNS . . ) ) Barry NNP Frank NNP , , the DT agent NN who WP took VBD Mr. NNP Pilson NNP to TO lunch VB last JJ March NNP , , says VBZ that IN even RB if IN CBS NNP loses VBZ , , say VB , , $ $ 10 CD million CD , , it PRP matters VBZ little JJ . . `` `` Ten CD million CD ai VBP n't RB jack NN , , man UH , , when WRB you PRP got VBD $ $ 3 CD billion CD sitting VBG in IN the DT bank NN , , '' '' says VBZ Mr. NNP Frank NNP , , senior JJ vice NN president NN at IN International NNP Management NNP Group NNP , , citing VBG CBS NNP 's POS enormous JJ cash NN reserves NNS from IN selling VBG off RP various JJ businesses NNS . . `` `` It PRP does VBZ n't RB mean VB anything NN -- : it PRP 's VBZ public-relations JJ money NN . . '' '' Moreover RB , , sports NNS has VBZ `` `` claimed VBN its PRP$ place NN '' '' as IN a DT guaranteed JJ ratings-getter NN , , says VBZ David NNP J. NNP Stern NNP , , the DT commissioner NN of IN the DT National NNP Basketball NNP Association NNP . . `` `` This DT is VBZ n't RB outlandish JJ bidding NN ; : this DT is VBZ a DT situation NN of IN very RB careful JJ businessmen NNS making VBG judgments NNS about IN the DT worth NN of IN product NN and CC acting VBG on IN it PRP ... : . . I PRP would MD tend VB to TO trust VB their PRP$ judgment NN . . '' '' That DT 's VBZ easy JJ for IN him PRP to TO say VB : : CBS NNP 's POS four-year JJ NBA NNP pact NN , , now RB at IN $ $ 176 CD million CD for IN four CD years NNS , , could MD double VB in IN price NN by IN the DT time NN his PRP$ talks NNS with IN Mr. NNP Pilson NNP are VBP completed VBN later RBR this DT month NN . . That DT would MD cut VB into IN CBS NNP 's POS slim JJ margin NN for IN profit NN -- : and CC error NN . . CBS NNP Sports NNPS earned VBD $ $ 50 CD million CD or CC so RB last JJ year NN . . And CC CBS NNP takes VBZ in RP the DT least JJS money NN in IN prime JJ time NN ; : ABC NNP and CC NBC NNP charge VBP 30 CD % NN to TO 35 CD % NN more JJR for IN ads NNS , , according VBG to TO a DT Variety NNP survey NN . . But CC CBS NNP 's POS costs NNS are VBP huge JJ , , and CC the DT risks NNS go VBP up RB with IN each DT new JJ sports NNS package NN that IN CBS NNP locks VBZ up RP . . Although IN sports NNS officials NNS predict VBP jumps NNS of IN 50 CD % NN to TO 100 CD % NN in IN the DT major JJ contracts NNS coming VBG up RP for IN renewal NN , , ad NN rates NNS may MD rise VB only RB 20 CD % NN . . CBS NNP hopes VBZ to TO save VB money NN by IN ordering VBG fewer JJR episodes NNS of IN regular JJ series NN because IN sports NNS will MD fill VB up RP a DT few JJ weeks NNS of IN prime JJ time NN . . But CC the DT savings NNS will MD be VB minuscule JJ . . Each DT hour NN of IN Olympics NNPS and CC baseball NN in IN prime JJ time NN will MD cost VB CBS NNP $ $ 2.6 CD million CD to TO $ $ 2.8 CD million CD ; : an DT hour-long JJ drama NN costs VBZ only RB $ $ 900,000 CD , , and CC it PRP is VBZ aired VBN twice RB . . CBS NNP may MD cushion VB losses NNS with IN about IN $ $ 200 CD million CD a DT year NN in IN interest NN earned VBN on IN the DT proceeds NNS from IN selling VBG CBS NNP Records NNPS and CC other JJ businesses NNS . . But CC media-stock JJ analyst NN Richard NNP J. NNP MacDonald NNP of IN MacDonald NNP Grippo NNP Riely NNP says VBZ Wall NNP Street NNP wo MD n't RB take VB kindly RB to TO that DT . . `` `` On IN a DT stand-alone JJ basis NN , , the DT network NN ought MD to TO make VB money NN , , '' '' he PRP says VBZ . . When WRB Mr. NNP Pilson NNP is VBZ asked VBN directly RB -- : can MD you PRP make VB money NN on IN all PDT this DT ? . -- : he PRP does VBZ n't RB exactly RB say VB yes UH . . `` `` What WP you PRP 're VBP really RB asking VBG is VBZ , , Are VBP the DT profit NN and CC loss NN margins NNS anticipated VBN on IN the DT events NNS acceptable JJ to TO management NN ? . '' '' he PRP says VBZ . . Then RB , , he PRP answers VBZ his PRP$ own JJ question NN . . `` `` Yes UH , , they PRP are VBP . . That DT 's VBZ the DT only JJ question NN we PRP need VBP to TO address VB . . Place VB a DT phone NN order NN through IN most JJS any DT catalog NN and CC chances NNS are VBP the DT clerk NN who WP answers VBZ wo MD n't RB be VB the DT only RB one NN on IN the DT line NN . . Bosses NNS have VBP big JJ ears NNS these DT days NNS . . Or CC open VB up RP an DT electronics NNS magazine NN and CC peruse VB the DT ads NNS for IN sneaky JJ tape NN recorders NNS and CC other JJ snooping VBG gadgets NNS . . Some DT would MD make VB even RB James NNP Bond NNP green JJ with IN envy NN . . Eavesdropping NN -- : both DT corporate JJ and CC private JJ -- : is VBZ on IN the DT rise NN , , thanks NNS to TO the DT proliferation NN of IN surveillance NN technologies NNS . . And CC while IN sellers NNS of IN the DT equipment NN and CC companies NNS `` `` monitoring VBG '' '' employees NNS have VBP few JJ qualms NNS , , right-to-privacy JJ advocates NNS and CC some DT lawmakers NNS are VBP alarmed JJ . . `` `` New JJ technologies NNS are VBP changing VBG the DT way NN we PRP deal VBP with IN each DT other JJ and CC the DT way NN we PRP work VBP , , '' '' says VBZ Janlori NNP Goldman NNP , , a DT staff NN attorney NN at IN the DT American NNP Civil NNP Liberties NNPS Union NNP . . `` `` Our PRP$ expectation NN of IN confidentiality NN is VBZ being VBG eroded VBN . . '' '' On IN the DT corporate JJ side NN , , companies NNS claim VBP that IN monitoring VBG employee NN phone NN conversations NNS is VBZ both DT legal JJ and CC necessary JJ to TO gauge VB productivity NN and CC ensure VB good JJ service NN . . The DT practice NN is VBZ common JJ at IN catalog NN , , insurance NN and CC phone NN companies NNS , , banks NNS and CC telemarketers NNS , , according VBG to TO trade NN groups NNS and CC worker NN organizations NNS . . It PRP 's VBZ also RB widespread JJ for IN reservations NNS clerks NNS in IN the DT airline NN , , car-rental JJ , , hotel NN and CC railroad NN industries NNS . . The DT Communications NNPS Workers NNPS of IN America NNP , , which WDT opposes VBZ such JJ monitoring NN , , says VBZ supervisors NNS listen VBP in RP on IN an DT estimated VBN 400 CD million CD calls NNS each DT year NN . . Among IN companies NNS saying VBG they PRP monitor VBP employees NNS are VBP United NNP Airlines NNPS , , American NNP Airlines NNPS , , United NNP Parcel NNP Service NNP , , Nynex NNP Corp. NNP , , Spiegel NNP Inc. NNP , , and CC the DT circulation NN department NN of IN this DT newspaper NN . . Some DT Wall NNP Street NNP firms NNS monitor VBP for IN recordkeeping NN purposes NNS . . Dictaphone NNP Corp. NNP says VBZ there EX 's VBZ a DT big JJ business NN demand NN for IN its PRP$ voice-activated JJ taping VBG systems NNS , , whether IN the DT sophisticated JJ Veritrac NNP 9000 CD system NN , , which WDT costs VBZ from IN $ $ 10,000 CD to TO $ $ 120,000 CD and CC can MD record VB 240 CD conversations NNS simultaneously RB , , or CC simple JJ handheld JJ units NNS selling VBG for IN $ $ 395 CD . . Businesses NNS `` `` want VBP to TO verify VB information NN and CC ensure VB accuracy NN , , '' '' says VBZ John NNP Hiltunen NNP , , Dictaphone NNP 's POS manager NN of IN media NNS relations NNS . . The DT state NN of IN Alaska NNP recently RB bought VBD the DT Veritrac NNP system NN , , he PRP says VBZ , , `` `` to TO monitor VB the DT Exxon NNP cleanup NN effort NN . . '' '' Merrill NNP Lynch NNP & CC Co. NNP and CC Shearson NNP Lehman NNP Hutton NNP Inc. NNP say VBP they PRP use VBP voice-activated JJ systems NNS to TO record VB and CC verify VB orders NNS between IN salesmen NNS and CC traders NNS . . Shearson NNP says VBZ it PRP has VBZ taped VBN some DT of IN its PRP$ institutional JJ trading NN desks NNS , , such JJ as IN commodities NNS and CC futures NNS , , for IN about IN four CD years NNS . . Both DT companies NNS stress VBP that IN employees NNS know VBP they PRP are VBP being VBG recorded VBN and CC that IN customer NN conversations NNS are VBP n't RB taped VBN . . Kidder NNP Peabody NNP & CC Co. NNP says VBZ it PRP monitors VBZ bond-trading NN conversations NNS between IN brokers NNS and CC customers NNS to TO safeguard VB order NN accuracy NN . . Eavesdropping NN by IN individuals NNS is VBZ harder JJR to TO measure VB . . But CC devices NNS are VBP there RB for IN the DT asking NN , , whether IN in IN stores NNS or CC through IN the DT mail NN . . The DT Counter NNP Spy NNP Shop NNP in IN Washington NNP , , D.C. NNP , , for IN instance NN , , offers VBZ the DT `` `` Secret JJ Connection NN '' '' attache NN case NN , , which WDT can MD surreptitiously RB record VB conversations NNS for IN nine CD hours NNS at IN a DT stretch NN . . That DT and CC other JJ fancy JJ gizmos NNS may MD cost VB thousands NNS , , but CC simple JJ voice-activated JJ tape NN recorders NNS sell VBP for IN as RB little JJ as IN $ $ 70 CD at IN electronics NNS stores NNS like IN Radio NNP Shack NNP . . The DT most RBS common JJ use NN of IN spying VBG devices NNS is VBZ in IN divorce NN cases NNS , , say VBP private JJ investigators NNS . . While IN tape NN recordings NNS to TO uncover VB , , say VB , , infidelity NN are VBP n't RB admissible JJ in IN court NN , , they PRP can MD mean VB leverage NN in IN a DT settlement NN . . Concerned JJ with IN the DT increased JJ availability NN of IN surveillance NN technology NN and CC heavier JJR use NN of IN it PRP , , lawmakers NNS have VBP proposed VBN laws NNS addressing VBG the DT issue NN . . Nine CD states NNS have VBP introduced VBN bills NNS requiring VBG that IN workers NNS and CC customers NNS be VB made VBN aware JJ of IN monitoring NN . . And CC four CD states NNS -- : California NNP , , Florida NNP , , Michigan NNP and CC Pennsylvania NNP -- : have VBP adopted VBN rules NNS that IN all DT parties NNS involved VBN must MD consent VB when WRB phone NN calls NNS are VBP recorded VBN . . Two CD bills NNS in IN Congress NNP hope VBP to TO make VB such JJ restrictions NNS national JJ . . In IN May NNP , , Rep. NNP Don NNP Edwards NNP ( ( D. NNP Calif NNP . . ) ) introduced VBD congressional JJ legislation NN that WDT would MD require VB an DT audible JJ beeping NN during IN any DT employee NN monitoring NN , , warning VBG people NNS that IN they PRP are VBP being VBG heard VBN . . ( ( The DT legislation NN is VBZ similar JJ to TO a DT 1987 CD `` `` beeper NN bill NN '' '' that WDT was VBD defeated VBN after IN heavy JJ lobbying NN by IN the DT telemarketing NN industry NN . . ) ) Also RB last JJ spring NN , , Rep. NNP Ron NNP Dellums NNP ( ( D. NNP , , Calif. NNP ) ) , , introduced VBD a DT bill NN requiring VBG universal JJ two-party JJ consent NN to TO any DT tapings NNS in IN cases NNS that WDT do VBP n't RB involve VB law NN enforcement NN . . In IN addition NN , , products NNS such JJ as IN voice-activated JJ tape NN recorders NNS would MD have VB to TO include VB beep NN tones NNS and CC labels NNS explaining VBG federal JJ laws NNS on IN eavesdropping NN . . The DT outlook NN on IN both DT federal JJ bills NNS is VBZ uncertain JJ , , especially RB remembering VBG the DT 1987 CD defeat NN . . The DT ACLU NNP and CC worker NN organizations NNS back VBP tighter JJR laws NNS , , but CC employers NNS and CC device NN manufacturers NNS object VBP . . `` `` I PRP 'm VBP sympathetic JJ with IN workers NNS who WP feel VBP under IN the DT gun NN , , '' '' says VBZ Richard NNP Barton NNP of IN the DT Direct NNP Marketing NNP Association NNP of IN America NNP , , which WDT is VBZ lobbying VBG strenuously RB against IN the DT Edwards NNP beeper NN bill NN . . `` `` But CC the DT only JJ way NN you PRP can MD find VB out RP how WRB your PRP$ people NNS are VBP doing VBG is VBZ by IN listening VBG . . '' '' The DT powerful JJ group NN , , which WDT represents VBZ many JJ of IN the DT nation NN 's POS telemarketers NNS , , was VBD instrumental JJ in IN derailing VBG the DT 1987 CD bill NN . . Spiegel NNP also RB opposes VBZ the DT beeper JJR bill NN , , saying VBG the DT noise NN it PRP requires VBZ would MD interfere VB with IN customer NN orders NNS , , causing VBG irritation NN and CC even JJ errors NNS . . Laura NNP Dale NNP , , center NN manager NN at IN the DT catalog NN company NN 's POS customer NN order NN center NN in IN Reno NNP , , Nev. NNP , , defends VBZ monitoring NN . . `` `` We PRP like VBP to TO follow VB up RB and CC make VB sure JJ operators NNS are VBP achieving VBG our PRP$ standards NNS of IN company NN service NN , , '' '' says VBZ Ms. NNP Dale NNP , , who WP supervises VBZ 350 CD operators NNS . . John NNP Bonomo NNP , , a DT Nynex NNP spokesman NN , , says VBZ the DT telephone NN company NN needs VBZ to TO monitor VB operators NNS to TO evaluate VB performance NN during IN the DT first JJ six CD months NNS on IN the DT job NN . . `` `` Sometimes RB , , '' '' he PRP says VBZ , , `` `` we PRP 'll MD pull VB someone NN off IN the DT phones NNS for IN more JJR training NN . . '' '' Federal JJ wiretap NN statutes NNS recognize VBP the DT right NN of IN employers NNS to TO monitor VB employees NNS ' POS for IN evaluation NN purposes NNS . . And CC in IN the DT past NN , , Congress NNP has VBZ viewed VBN monitoring NN as IN an DT issue NN best RBS handled VBN in IN union NN negotiations NNS . . But CC opponents NNS , , led VBN by IN the DT CWA NNP , , say VBP new JJ laws NNS are VBP needed VBN because IN monitoring NN is VBZ heavily RB concentrated JJ in IN service NN industries NNS and CC 81 CD % NN of IN monitored JJ workers NNS are VBP n't RB represented VBN by IN unions NNS . . The DT CWA NNP claims VBZ that IN monitoring VBG not RB only RB infringes VBZ on IN employee NN privacy NN , , but CC increases VBZ stress NN . . `` `` Nine CD to TO Five CD , , '' '' a DT Cleveland-based JJ office NN workers NNS organization NN that WDT supports VBZ the DT beeper NN bill NN , , six CD months NNS ago RB started VBD a DT privacy NN hot JJ line NN to TO receive VB reports NNS of IN alleged VBN monitoring NN abuses NNS . . Meanwhile RB , , supporters NNS of IN the DT Dellums NNP two-party JJ consent NN bill NN say VBP it PRP is VBZ needed VBN because RB of IN a DT giant JJ loophole NN in IN the DT one-party JJ consent NN law NN . . Currently RB , , if IN the DT person NN taping VBG is VBZ a DT party NN to TO the DT conversation NN , , it PRP 's VBZ all RB right JJ to TO record VB without IN the DT knowledge NN of IN the DT other JJ person NN on IN the DT line NN . . ( ( Intercepting VBG other JJ people NNS 's POS private JJ conversations NNS is VBZ illegal JJ and CC punishable JJ by IN five CD years NNS in IN prison NN and CC fines NNS of IN $ $ 10,000 CD . . ) ) The DT electronics NNS industry NN is VBZ closely RB following VBG the DT Dellums NNP bill NN . . Some DT marketers NNS of IN surveillance NN gear NN -- : including VBG Communication NNP Control NNP System NNP Ltd. NNP , , which WDT owns VBZ the DT Counter NNP Spy NNP Shop NNP and CC others NNS like IN it PRP -- : already RB put VBP warning VBG labels NNS in IN their PRP$ catalogs NNS informing VBG customers NNS of IN the DT one-party JJ law NN . . But CC vendors NNS contend VBP that IN they PRP ca MD n't RB control VB how WRB their PRP$ products NNS are VBP used VBN . . Radio NNP Shack NNP says VBZ it PRP has VBZ a DT policy NN against IN selling VBG products NNS if IN a DT salesperson NN suspects VBZ they PRP will MD be VB used VBN illegally RB . . `` `` Everything NN sold VBD at IN Radio NNP Shack NNP has VBZ a DT legal JJ purpose NN , , '' '' says VBZ Bernard NNP Appel NNP , , president NN of IN the DT Tandy NNP Corp. NNP subsidiary NN . . He PRP says VBZ he PRP has VBZ n't RB yet RB studied VBN the DT Dellums NNP bill NN , , but CC that IN requiring VBG a DT beeping VBG tone NN on IN recorders NNS `` `` would MD be VB ludicrous JJ . . '' '' Still RB , , Radio NNP Shack NNP is VBZ aware JJ that IN some DT of IN its PRP$ products NNS are VBP controversial JJ . . A DT few JJ years NNS ago RB , , the DT company NN voluntarily RB stopped VBD selling VBG `` `` The DT Big JJ Ear NN , , '' '' a DT powerful JJ microphone NN . . With IN its PRP$ ability NN to TO pick VB up RP rustlings NNS and CC flapping VBG wings NNS , , `` `` it PRP was VBD meant VBN to TO be VB a DT toy NN for IN children NNS for IN bird NN watching NN , , '' '' says VBZ Mr. NNP Appel NNP . . `` `` But CC we PRP were VBD getting VBG too RB many JJ complaints NNS that IN people NNS were VBD using VBG them PRP to TO eavesdrop VB on IN their PRP$ neighbors NNS . . '' '' The DT hottest JJS rivalry NN in IN the DT computer NN industry NN intensified VBD sharply RB yesterday RB as IN Digital NNP Equipment NNP Corp. NNP announced VBD its PRP$ first JJ line NN of IN mainframe NN computers NNS , , targeting VBG International NNP Business NNP Machines NNPS Corp. NNP 's POS largest JJS market NN . . IBM NNP fired VBD back RP with IN new JJ mainframes NNS of IN its PRP$ own JJ , , extending VBG the DT long-dominant JJ 3090 CD line NN with IN a DT 7 CD % NN to TO 14 CD % NN power NN boost NN . . Up IN to TO now RB , , the DT intense JJ competition NN between IN IBM NNP and CC Digital NNP has VBZ been VBN confined VBN largely RB to TO the DT broad JJ midrange NN of IN the DT computer NN market NN , , where WRB Digital NNP sought VBD to TO exploit VB IBM NNP 's POS weaknesses NNS in IN networking NN . . But CC Digital NNP 's POS move NN into IN mainframes NNS will MD target VB IBM NNP 's POS home NN turf NN , , where WRB it PRP has VBZ a DT commanding JJ 70 CD % NN share NN of IN the DT market NN . . Digital NNP , , Maynard NNP , , Mass. NNP , , insisted VBD yesterday NN that IN its PRP$ marketing NN focus NN would MD differ VB sharply RB from IN IBM NNP 's POS . . `` `` This DT is VBZ not RB your PRP$ father NN 's POS mainframe NN , , '' '' said VBD Allan NNP McGuire NNP , , a DT Digital NNP spokesman NN . . `` `` It PRP 's VBZ a DT whole JJ new JJ generation NN , , '' '' he PRP said VBD . . IBM NNP , , which WDT gets VBZ about IN half NN its PRP$ revenue NN and CC more JJR than IN half NN its PRP$ profit NN from IN mainframes NNS , , also RB announced VBD upgraded VBN operating NN system NN software NN that IN , , together RB with IN the DT new JJ hardware NN , , lets VBZ customers NNS do VB so-called JJ batch NN processing NN as RB much JJ as IN 60 CD % NN faster RBR . . Batch NN processing NN is VBZ the DT high-volume JJ , , single-job JJ data NN processing NN that IN most RBS mainframes NNS typically RB chug VBP through RB at IN night NN , , such JJ as IN updating VBG accounts NNS at IN banks NNS . . IBM NNP said VBD the DT 16 CD new JJ J NNP and CC JH NNP models NNS will MD generally RB be VB available JJ immediately RB , , though IN three CD wo MD n't RB ship VB until IN the DT third JJ quarter NN of IN next JJ year NN . . Prices NNS on IN the DT larger JJR models NNS , , which WDT range VBP as RB high JJ as IN $ $ 13 CD million CD , , generally RB wo MD n't RB change VB . . Small JJ models NNS , , whose WP$ performance NN increased VBD as RB much JJ as IN 46 CD % NN , , will MD carry VB higher JJR prices NNS . . Upgrades NNS to TO bigger JJR models NNS also RB will MD be VB costlier JJR . . Digital NNP 's POS VAX NNP 9000 CD mainframes NNS , , which WDT it PRP claimed VBD were VBD among IN the DT fastest JJS available JJ , , were VBD priced VBN from IN $ $ 1.2 CD million CD to TO $ $ 3.9 CD million CD , , sharply RB lower JJR than IN IBM NNP models NNS of IN comparable JJ power NN . . The DT first JJ models NNS will MD ship VB in IN the DT spring NN , , with IN the DT largest JJS following VBG in IN the DT fall NN . . Analysts NNS were VBD disappointed JJ that IN Digital NNP 's POS new JJ line NN apparently RB wo MD n't RB contribute VB much RB to TO earnings NNS before IN the DT next JJ fiscal JJ year NN , , which WDT begins VBZ in IN July NNP . . Jay NNP Stevens NNP of IN Dean NNP Witter NNP Reynolds NNP Inc. NNP said VBD he PRP may MD cut VB his PRP$ earnings NNS estimate NN for IN the DT current JJ fiscal JJ year NN because IN he PRP had VBD expected VBN at IN least JJS some DT mainframe JJ profit NN this DT year NN . . But CC he PRP added VBD that IN he PRP expected VBD to TO raise VB his PRP$ estimate NN for IN fiscal JJ 1991 CD at IN the DT same JJ time NN . . After IN the DT announcement NN yesterday NN , , Digital NNP shares NNS gained VBD $ $ 1.25 CD to TO close VB at IN $ $ 89.875 CD in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN . . IBM NNP shares NNS closed VBD at IN $ $ 103 CD , , down RB 50 CD cents NNS , , in IN Big NNP Board NNP trading NN . . Analysts NNS have VBP predicted VBN strong JJ pent-up JJ demand NN for IN the DT new JJ line NN among IN Digital NNP 's POS customers NNS . . Large JJ Digital NNP buyers NNS say VBP the DT new JJ VAX NNP will MD let VB them PRP stay VB with IN Digital NNP when WRB they PRP need VBP the DT power NN of IN a DT mainframe NN , , instead RB of IN turning VBG to TO IBM NNP . . `` `` I PRP 'm VBP convinced JJ there EX 's VBZ a DT huge JJ market NN for IN this DT machine NN , , '' '' said VBD Stephen NNP Smith NNP of IN PaineWebber NNP Inc NNP . . Digital NNP also RB plans VBZ to TO compete VB fiercely RB with IN IBM NNP when WRB the DT giant NN 's POS customers NNS are VBP computerizing VBG new JJ aspects NNS of IN their PRP$ businesses NNS . . Digital NNP , , however RB , , does VBZ n't RB expect VB to TO displace VB IBM NNP mainframes NNS that WDT are VBP already RB installed VBN at IN big JJ companies NNS . . In IN addition NN to TO commercial JJ markets NNS , , Digital NNP 's POS new JJ line NN targets VBZ the DT low JJ end NN of IN the DT engineering NN and CC scientific JJ supercomputer NN market NN , , when WRB it PRP 's VBZ packaged VBN with IN an DT optional JJ supercharger NN , , known VBN as IN a DT vector NN processor NN . . Digital NNP 's POS push NN into IN mainframes NNS comes VBZ at IN a DT time NN when WRB its PRP$ mainstay NN minicomputer NN line NN is VBZ under IN growing VBG pressure NN from IN smaller JJR personal JJ computers NNS and CC workstations NNS that WDT operate VBP on IN standard JJ operating VBG systems NNS rather RB than IN on IN the DT proprietary JJ systems NNS that IN older JJR minicomputers NNS use VBP . . Although IN Digital NNP has VBZ staked VBN out RP a DT major JJ presence NN in IN the DT booming VBG workstation NN market NN , , profit NN margins NNS in IN that DT market NN are VBP much RB slimmer JJR than IN for IN mainframes NNS . . The DT slow-growing JJ mainframe NN market NN also RB has VBZ shown VBN new JJ signs NNS of IN life NN lately RB . . IBM NNP 's POS mainframe NN sales NNS have VBP held VBN up RP better RBR than IN expected VBN this DT year NN , , with IN analysts NNS estimating VBG they PRP have VBP risen VBN 10 CD % NN to TO 12 CD % NN . . `` `` Demand NN for IN these DT systems NNS has VBZ been VBN very RB , , very RB strong JJ , , '' '' said VBD Bill NNP Grabe NNP , , a DT senior JJ IBM NNP marketing NN executive NN . . `` `` We PRP have VBP a DT good JJ strong JJ backlog NN for IN the DT fourth JJ quarter NN even RB without IN '' '' the DT systems NNS that WDT were VBD announced VBN yesterday NN . . But CC the DT 3090 CD line NN is VBZ nearly RB five CD years NNS old JJ -- : which WDT is VBZ getting VBG up RP there RB in IN mainframe NN years NNS -- : and CC its PRP$ growth NN is VBZ expected VBN to TO slow VB in IN 1990 CD . . IBM NNP , , Armonk NNP , , N.Y. NNP , , said VBD it PRP wanted VBD to TO bring VB out RP the DT mainframes NNS as RB soon RB as IN it PRP could MD to TO spark VB as IN many JJ sales NNS as IN possible JJ by IN the DT end NN of IN the DT year NN . . The DT fourth JJ quarter NN is VBZ always RB IBM NNP 's POS biggest JJS by IN far RB , , with IN most JJS sales NNS coming VBG in IN December NNP as IN customers NNS seek VBP to TO use VB budgets NNS before IN year NN end NN . . Still RB , , Steve NNP Cohen NNP , , an DT analyst NN at IN SoundView NNP Financial NNP Group NNP Inc. NNP , , said VBD , , `` `` I PRP do VBP n't RB see VB that IN this DT will MD be VB sufficient JJ to TO give VB IBM NNP a DT significant JJ kick NN in IN the DT fourth JJ quarter NN . . '' '' IBM NNP has VBZ already RB indicated VBN it PRP will MD have VB problems NNS in IN the DT quarter NN , , partly RB because IN of IN a DT delay NN in IN shipping VBG a DT high-end JJ disk NN drive NN and CC partly RB because IN the DT strong JJ dollar NN will MD cut VB significantly RB the DT value NN of IN IBM NNP 's POS overseas JJ earnings NNS when WRB translated VBN into IN dollars NNS . . Some DT analysts NNS have VBP estimated VBN IBM NNP 's POS fourth-quarter JJ per-share JJ earnings NNS will MD fall VB 10 CD % NN to TO $ $ 3.57 CD a DT share NN from IN $ $ 3.97 CD a DT share NN a DT year NN earlier RB . . In IN addition NN to TO the DT new JJ mainframe NN hardware NN and CC software NN , , IBM NNP announced VBD a DT magnetic-tape JJ system NN for IN data NNS storage NN that IN it PRP said VBD occupies VBZ half NN as IN much JJ floor NN space NN as IN older JJR systems NNS but CC can MD store VB five CD times NNS as IN much JJ data NNS on IN a DT single JJ cartridge NN . . That DT should MD help VB IBM NNP address VB the DT damage NN that IN a DT resurgent JJ Storage NNP Technology NNP Corp. NNP has VBZ inflicted VBN in IN that DT market NN . . Concord NNP Camera NNP Corp. NNP completed VBD the DT acquisition NN of IN Peter NNP Bauser NNP G.m.b NNP . . H. NNP , , a DT West JJ German JJ photographic JJ products NNS distributor NN . . Terms NNS were VBD n't RB disclosed VBN . . Concord NNP is VBZ a DT camera NN and CC photographic JJ products NNS company NN . . The DT Navy NNP awarded VBD Litton NNP Industries NNPS Inc. NNP 's POS Ingalls NNP Shipbuilding NNP division NN $ $ 15.5 CD million CD for IN shipyard NN services NNS on IN the DT Aegis NNP cruiser NN program NN . . The DT award NN exercises VBZ a DT Navy NNP option NN to TO extend VB a DT contract NN given VBN in IN 1984 CD . . The DT White NNP House NNP called VBD on IN Congress NNP to TO attach VB the DT proposed VBN capital-gains NNS tax NN cut VBN to TO its PRP$ final JJ deficit-reduction NN bill NN , , but CC lawmakers NNS seem VBP likely RB to TO balk VB at IN the DT idea NN . . Earlier RB this DT month NN , , the DT White NNP House NNP endorsed VBD stripping VBG the DT controversial JJ tax NN measure NN from IN the DT bill NN so IN that IN Congress NNP could MD pass VB quickly RB a DT `` `` clean JJ '' '' bill NN containing VBG only JJ provisions NNS specifically RB designed VBN to TO meet VB federal JJ budget NN targets NNS under IN the DT Gramm-Rudman NNP act NN . . But CC now RB that IN Congress NNP has VBZ missed VBN the DT legal JJ deadline NN for IN meeting VBG the DT Gramm-Rudman NNP targets NNS , , the DT White NNP House NNP said VBD it PRP has VBZ returned VBN to TO its PRP$ original JJ view NN that IN a DT capital-gains NNS cut NN should MD be VB part NN of IN the DT deficit-reduction NN bill NN , , on IN which WDT Congress NNP continues VBZ to TO work VB . . `` `` If IN that DT does VBZ n't RB happen VB , , then RB we PRP press VBP forward RB on IN another DT vehicle NN and CC a DT separate JJ vote NN , , '' '' said VBD press NN secretary NN Marlin NNP Fitzwater NNP . . On IN Capitol NNP Hill NNP , , though RB , , there EX does VBZ n't RB seem VB to TO be VB sufficient JJ sentiment NN to TO pair VB capital NN gains NNS and CC the DT deficit-reduction NN bill NN . . Texas NNP Rep. NNP William NNP Archer NNP , , the DT ranking JJ Republican NNP on IN the DT House NNP Ways NNPS and CC Means NNPS Committee NNP said VBD , , `` `` I PRP do VBP n't RB see VB how WRB we PRP have VBP the DT votes NNS '' '' to TO place VB a DT capital-gains NNS tax NN cut NN there RB . . Meanwhile RB , , President NNP Bush NNP stepped VBD up RP his PRP$ personal JJ lobbying NN for IN the DT capital-gains NNS tax NN cut NN . . The DT White NNP House NNP said VBD he PRP plans VBZ to TO hold VB a DT series NN of IN private JJ White NNP House NNP meetings NNS , , mostly RB with IN Senate NNP Democrats NNPS , , to TO try VB to TO persuade VB lawmakers NNS to TO fall VB in IN line NN behind IN the DT tax NN cut NN . . The DT first JJ meeting NN yesterday NN was VBD with IN 10 CD Senate NNP Democrats NNPS who WP have VBP expressed VBN an DT interest NN in IN cutting VBG the DT tax NN . . According VBG to TO some DT who WP attended VBD , , the DT senators NNS argued VBD that IN the DT president NN should MD give VB the DT Democratic JJ leaders NNS in IN Congress NNP a DT victory NN of IN their PRP$ own JJ to TO compensate VB them PRP for IN allowing VBG the DT president NN to TO win VB on IN the DT controversial JJ capital-gains NNS issue NN . . Issues NNS discussed VBN in IN this DT context NN were VBD an DT increase NN in IN the DT minimum JJ wage NN and CC an DT increase NN in IN child-care JJ spending NN . . The DT president NN was VBD said VBN to TO have VB been VBN noncommittal JJ . . Toshiba NNP Corp. NNP said VBD its PRP$ new JJ French JJ marketing NN concern NN has VBZ started VBN operating VBG under IN the DT aegis NN of IN the DT company NN 's POS West JJ German JJ subsidiary NN , , which WDT formerly RB handled VBD all DT sales NNS of IN Toshiba NNP electronic JJ products NNS in IN France NNP . . A DT recent JJ change NN in IN French JJ law NN , , according VBG to TO Toshiba NNP , , permitted VBD formation NN of IN the DT semiconductor NN marketing NN arm NN in IN Paris NNP . . American NNP Telephone NNP & CC Telegraph NNP Co. NNP unveiled VBD new JJ optical JJ transmission NN systems NNS for IN data NN , , video NN and CC voice NN communications NNS . . Two CD products NNS in IN what WP the DT telecommunications NN giant NN called VBD a DT new JJ generation NN of IN such JJ equipment NN are VBP available JJ now RB , , AT&T NNP said VBD , , and CC three CD others NNS will MD be VB introduced VBN in IN 1990 CD and CC 1991 CD . . The DT products NNS are VBP aimed VBN at IN a DT market NN expected VBN to TO total VB more JJR than IN $ $ 1 CD billion CD a DT year NN in IN sales NNS by IN 1995 CD , , said VBD Morgan NNP Buchner NNP Jr. NNP , , vice NN president NN of IN transmission NN systems NNS for IN AT&T NNP . . The DT products NNS already RB available JJ are VBP cross-connect JJ systems NNS , , used VBN instead RB of IN mazes NNS of IN wiring NN to TO interconnect VB other JJ telecommunications NN equipment NN . . This DT cuts VBZ down RP greatly RB on IN labor NN , , Mr. NNP Buchner NNP said VBD . . To TO be VB introduced VBN later RB are VBP a DT multiplexer NN , , which WDT will MD allow VB several JJ signals NNS to TO travel VB along IN a DT single JJ optical JJ line NN ; : a DT light-wave NN system NN , , which WDT carries VBZ voice NN channels NNS ; : and CC a DT network NN controller NN , , which WDT directs VBZ data NN flow NN through IN cross-connect JJ systems NNS . . AT&T NNP said VBD the DT products NNS , , unlike IN previous JJ generations NNS , , will MD meet VB so-called JJ Sonet NNP compatability NN standards NNS , , which WDT AT&T NNP expects VBZ to TO be VB broadly RB adopted VBN . . Sonet NNP , , or CC synchronous JJ optical JJ network NN , , products NNS have VBP more JJR capacity NN than IN earlier JJR models NNS . . `` `` These DT products NNS are VBP the DT heart NN of IN our PRP$ transmission-product NN line NN , , '' '' Mr. NNP Buchner NNP said VBD . . He PRP declined VBD to TO disclose VB specific JJ prices NNS , , but CC said VBD each DT product NN costs VBZ in IN the DT tens NNS of IN thousands NNS , , or CC even RB hundreds NNS of IN thousands NNS , , of IN dollars NNS . . AT&T NN said VBD it PRP expects VBZ to TO beat VB to TO the DT marketplace NN two CD rivals NNS , , Northern NNP Telecom NNP Ltd. NNP of IN Canada NNP and CC France NNP 's POS Alcatel NNP N.V. NNP , , which WDT also RB have VBP announced VBN Sonet-based JJ products NNS . . AT&T NNP predicted VBD strong JJ growth NN in IN demand NN for IN such JJ products NNS . . It PRP noted VBD that IN last JJ July NNP , , Nippon NNP Telegraph NNP & CC Telephone NNP Corp. NNP of IN Japan NNP selected VBD AT&T NNP to TO supply VB $ $ 154 CD million CD of IN such JJ equipment NN over IN a DT four-year JJ period NN starting VBG next JJ year NN . . Law NN firms NNS that WDT have VBP feasted VBN and CC grown VBN on IN the DT revenue NN from IN mergers NNS and CC acquisitions NNS work NN are VBP feeling VBG the DT squeeze NN as IN that DT work NN declines VBZ . . The DT disarray NN in IN the DT junk-bond NN market NN that WDT began VBD last JJ month NN with IN a DT credit NN crunch NN at IN Campeau NNP Corp. NNP and CC the DT failure NN of IN banks NNS to TO deliver VB financing NN for IN a DT leveraged JJ buy-out NN of IN United NNP Airlines NNPS parent NN UAL NNP Corp. NNP has VBZ reverberated VBN through IN some DT of IN the DT nation NN 's POS largest JJS law NN firms NNS . . While IN it PRP is VBZ still RB too RB early JJ to TO tell VB whether IN the DT dearth NN of IN takeover NN activity NN is VBZ only RB temporary JJ , , many JJ lawyers NNS say VBP their PRP$ firms NNS are VBP bracing VBG for IN lower JJR revenue NN from IN merger NN work NN , , which WDT has VBZ been VBN so RB lucrative JJ in IN the DT past NN . . Much RB of IN this DT work NN was VBD done VBN for IN higher JJR fees NNS than IN other JJ legal JJ work NN and CC was VBD not RB generally RB billed VBN by IN the DT hour NN . . If IN deals NNS take VBP longer RBR to TO complete VB and CC there EX are VBP fewer JJR of IN them PRP to TO do VB , , `` `` you PRP ca MD n't RB bill VB the DT same JJ kind NN of IN premium NN as IN when WRB deals NNS took VBD a DT few JJ weeks NNS from IN start NN to TO finish VB , , '' '' says VBZ one CD lawyer NN at IN a DT large JJ New NNP York NNP firm NN . . `` `` We PRP 're VBP planning VBG on IN a DT rip-roaring JJ year NN in IN 1989 CD , , but CC next JJ year NN we PRP 'll MD be VB another DT story NN , , '' '' said VBD Robert NNP Freedman NNP , , a DT partner NN at IN Simpson NNP Thacher NNP & CC Bartlett NNP . . `` `` We PRP 're VBP settling VBG down RP to TO a DT less RBR active JJ period NN . . '' '' Lawyers NNS at IN such JJ firms NNS as IN Sullivan NNP & CC Cromwell NNP ; : Willkie NNP Farr NNP & CC Gallagher NNP ; : Wachtell NNP , , Lipton NNP , , Rosen NNP & CC Katz NNP ; : and CC Fried NNP , , Frank NNP , , Harris NNP , , Shriver NNP & CC Jacobson NNP all DT say VBP they PRP , , too RB , , have VBP experienced VBN a DT significant JJ slowdown NN , , particularly RB during IN the DT past JJ few JJ weeks NNS . . `` `` Everyone NN is VBZ waiting VBG to TO see VB if IN deals NNS can MD be VB done VBN at IN sensible NN prices NNS and CC if IN money NN is VBZ available JJ , , '' '' said VBD Jack NNP Nusbaum NNP , , co-chairman NN of IN Willkie NNP Farr NNP . . `` `` It PRP 's VBZ hard JJ to TO know VB right RB now RB if IN the DT change NN is VBZ fundamental JJ or CC cyclical JJ . . '' '' Some DT lawyers NNS say VBP the DT slump NN , , while IN more RBR obvious JJ in IN recent JJ weeks NNS , , began VBD earlier RB this DT year NN . . Dennis NNP Block NNP , , a DT partner NN at IN the DT New NNP York NNP firm NN of IN Weil NNP , , Gotshal NNP & CC Manges NNP , , said VBD that IN in IN the DT first JJ eight CD months NNS of IN this DT year NN , , 89 CD hostile JJ offers NNS were VBD launched VBN , , compared VBN with IN 157 CD for IN the DT first JJ eight CD months NNS of IN What WP 's VBZ more JJR , , he PRP said VBD , , `` `` transactions NNS are VBP taking VBG a DT much RB longer JJR time NN to TO conclude VB and CC many JJ fall VBP apart RP for IN lack NN of IN financing NN '' '' and CC more RBR stringent JJ scrutiny NN by IN state NN courts NNS . . Lawyers NNS also RB say VBP an DT erratic JJ stock NN market NN and CC uncertain JJ financing NN conditions NNS have VBP sharply RB reduced VBN the DT number NN of IN lucrative JJ big JJ deals NNS likely JJ to TO be VB proposed VBN . . Still RB , , some DT lawyers NNS say VBP the DT mergers NNS slowdown NN has VBZ n't RB affected VBN foreign JJ buyers NNS as RB much RB as IN domestic JJ ones NNS . . `` `` We PRP just RB took VBD another DT floor NN for IN our PRP$ London NNP offices NNS , , '' '' said VBD Joseph NNP Flom NNP of IN the DT New NNP York NNP firm NN of IN Skadden NNP , , Arps NNP , , Slate NNP , , Meagher NNP & CC Flom NNP . . Davis NNP Polk NNP & CC Wardwell NNP also RB said VBD its PRP$ international JJ clients NNS are VBP keeping VBG mergers NNS and CC acquisitions NNS partners NNS busy JJ . . `` `` European JJ companies NNS are VBP looking VBG to TO buy VB American JJ ones NNS , , '' '' said VBD Henry NNP King NNP , , the DT managing NN partner NN at IN that DT firm NN . . `` `` But CC the DT question NN is VBZ whether IN things NNS people NNS are VBP looking VBG at IN will MD actually RB surface VB in IN live JJ transactions NNS in IN light NN of IN the DT current JJ market NN conditions NNS . . '' '' MURDER NN THREAT NN charged VBN in IN Haas NNP Securities NNPS Corp NNP . . stock-manipulation NN trial NN . . In IN the DT trial NN of IN former JJ Haas NNP Securities NNPS Chairman NNP Eugene NNP Laff NNP , , the DT defense NN accused VBD one CD of IN the DT government NN 's POS chief JJ witnesses NNS of IN threatening VBG to TO kill VB Mr. NNP Laff NNP . . Mr. NNP Laff NNP 's POS attorney NN , , John NNP Lang NNP , , filed VBD a DT memorandum NN asking VBG that IN the DT trial NN record NN include VB a DT secretly RB taped VBN conversation NN in IN which WDT the DT witness NN , , Henry NNP Lorin NNP , , told VBD a DT Haas NNP stockbroker NN that IN Mr. NNP Laff NNP should MD be VB killed VBN . . The DT conversation NN was VBD taped VBN by IN federal JJ investigators NNS in IN what WP Mr. NNP Lang NNP said VBD was VBD an DT effort NN to TO get VB Mr. NNP Lorin NNP to TO implicate VB Mr. NNP Laff NNP . . In IN his PRP$ opening VBG arguments NNS last JJ week NN in IN federal JJ court NN in IN New NNP York NNP , , Mr. NNP Lang NNP told VBD the DT jury NN that IN Mr. NNP Lorin NNP was VBD the DT `` `` real JJ master NN criminal NN '' '' behind IN the DT stock NN manipulation NN , , and CC that IN Mr. NNP Laff NNP knew VBD nothing NN about IN it PRP . . In IN March NNP , , Mr. NNP Laff NNP was VBD indicted VBN on IN 15 CD counts NNS of IN conspiracy NN , , mail NN and CC securities NNS fraud NN , , and CC obstructing VBG an DT investigation NN by IN the DT Securities NNPS and CC Exchange NNP Commission NNP . . The DT government NN has VBZ charged VBN that IN Mr. NNP Lorin NNP and CC Mr. NNP Laff NNP were VBD part NN of IN a DT conspiracy NN to TO maintain VB the DT prices NNS of IN certain JJ stocks NNS at IN artificially RB high JJ prices NNS . . Mr. NNP Lorin NNP , , a DT stock NN promoter NN , , pleaded VBD guilty JJ to TO the DT stock-manipulation NN charges NNS in IN April NNP and CC agreed VBD to TO cooperate VB with IN the DT government NN 's POS investigation NN of IN Mr. NNP Laff NNP . . During IN his PRP$ cross NN examination NN of IN Mr. NNP Lorin NNP , , Mr. NNP Lang NNP read VBD from IN the DT transcripts NNS of IN a DT conversation NN that WDT was VBD taped VBN Oct. NNP 20 CD , , 1988 CD . . Stanley NNP Aslanian NNP , , the DT Haas NNP broker NN who WP agreed VBD to TO carry VB a DT hidden JJ microphone NN during IN the DT conversation NN , , also RB has VBZ pleaded VBN guilty JJ to TO conspiracy NN to TO commit VB securities NNS violations NNS in IN the DT stock NN manipulation NN and CC agreed VBN to TO cooperate VB . . According VBG to TO the DT transcript NN , , Mr. NNP Lorin NNP said VBD Mr. NNP Laff NNP should MD be VB killed VBN after IN Mr. NNP Aslanian NNP told VBD him PRP that IN information NN given VBN to TO Mr. NNP Laff NNP by IN another DT conspirator NN could MD jeopardize VB the DT stock NN scheme NN . . Mr. NNP Lorin NNP then RB repeated VBD the DT threat NN , , and CC Mr. NNP Aslanian NNP urged VBD him PRP not RB to TO say VB such JJ things NNS . . From IN the DT parts NNS of IN the DT transcript NN read VBN by IN Mr. NNP Lang NNP , , it PRP was VBD unclear JJ what WP exactly RB Mr. NNP Lorin NNP feared VBD might MD happen VB . . When WRB asked VBN for IN a DT copy NN of IN the DT transcript NN , , Mr. NNP Lang NNP said VBD Judge NNP Thomas NNP P. NNP Griesa NNP had VBD instructed VBN him PRP not RB to TO release VB it PRP or CC the DT memorandum NN . . During IN the DT trial NN , , Mr. NNP Lang NNP asked VBD Mr. NNP Lorin NNP whether IN he PRP had VBD been VBN so RB upset JJ `` `` that IN you PRP considered VBD killing VBG Mr. NNP Laff NNP ? . ... : Is VBZ n't RB it PRP true JJ that IN you PRP were VBD so RB worked VBN up RP that IN framing VBG Mr. NNP Laff NNP for IN this DT crime NN was VBD the DT least JJS that IN you PRP planned VBD for IN him PRP ? . '' '' Mr. NNP Lorin NNP responded VBD , , `` `` No UH . . '' '' When WRB Mr. NNP Lang NNP asked VBD Mr. NNP Lorin NNP whether IN he PRP had VBD taken VBN steps NNS to TO have VB Mr. NNP Laff NNP killed VBD , , the DT witness NN again RB said VBD no UH . . Peter NNP Lieb NNP , , the DT assistant JJ U.S. NNP attorney NN prosecuting VBG the DT case NN , , declined VBD to TO comment VB on IN the DT trial NN . . TRUSTEE NN WHO WP MONITORED VBD settlement NN payments NNS to TO Dalkon NNP Shield NNP claimants NNS quits VBZ . . Stephen NNP A. NN Saltzburg NNP , , one CD of IN five CD trustees NNS appointed VBN to TO monitor VB payments NNS to TO women NNS injured VBN by IN the DT Dalkon NNP Shield NNP intrauterine JJ contraceptive NN , , resigned VBD , , citing VBG personal JJ reasons NNS . . Mr. NNP Saltzburg NNP , , who WP teaches VBZ evidence NN at IN the DT University NNP of IN Virginia NNP School NNP of IN Law NNP and CC was VBD a DT deputy NN assistant NN attorney NN general NN in IN the DT U.S. NNP Justice NNP Department NNP until IN August NNP , , submitted VBD his PRP$ resignation NN earlier RBR this DT month NN to TO federal JJ Judge NNP Robert NNP R. NNP Merhige NNP Jr. NNP , , in IN Richmond NNP , , Va NNP . . Judge NNP Merhige NNP is VBZ overseeing VBG the DT bankruptcy-law NN reorganization NN of IN A.H. NNP Robins NNP Co. NNP , , the DT company NN that WDT manufactured VBD the DT shield NN . . In IN a DT letter NN Monday NNP to TO Mr. NNP Saltzburg NNP , , the DT judge NN said VBD he PRP would MD `` `` reluctantly RB '' '' accept VB the DT resignation NN . . The DT $ $ 2.38 CD billion CD Dalkon NNP Shield NNP Claimants NNPS Trust NNP was VBD established VBN as IN part NN of IN A.H. NNP Robins NNP ' POS bankruptcy-reorganization NN plan NN to TO resolve VB injury NN claims NNS arising VBG from IN use NN of IN the DT shield NN . . American NNP Home NNP Products NNPS Corp. NNP proposes VBZ to TO acquire VB the DT company NN . . The DT remaining VBG four CD trustees NNS on IN the DT Claimants NNPS Trust NNP have VBP 60 CD days NNS to TO nominate VB a DT successor NN to TO Mr. NNP Saltzburg NNP . . Judge NNP Merhige NNP will MD make VB the DT appointment NN . . CHICAGO NNP LAW NN FIRM NN recruits VBZ American NNP Express NNP Co. NNP vice NN president NN : : Coffield NNP Ungaretti NNP Harris NNP & CC Slavin NNP brought VBD in RBR Howard RP A. NN Menell NNP as IN a DT partner NN in IN its PRP$ Washington NNP , , D.C. NNP , , office NN , , which WDT opened VBN Oct. NNP 1 CD . . For IN the DT past JJ six CD years NNS , , Mr. NNP Menell NNP , , 43 CD years NNS old JJ , , served VBD as IN vice NN president NN for IN government NN affairs NNS at IN American NNP Express NNP . . He PRP previously RB was VBD staff NN director NN and CC counsel NN for IN the DT Senate NNP committee NN on IN banking NN , , housing NN and CC urban JJ affairs NNS . . The DT other JJ lawyer NN in IN the DT office NN is VBZ partner NN Robert NNP A. NN Macari NNP , , the DT firm NN 's POS legislative JJ director NN . . THE DT PHILADELPHIA NNP law NN firm NN of IN Ballard NNP , , Spahr NNP , , Andrews NNP & CC Ingersoll NNP said VBD three CD partners NNS have VBP joined VBN its PRP$ business NN and CC finance NN department NN . . John NNP Ake NNP , , 48 CD , , a DT former JJ vice-president NN in IN charge NN of IN legal JJ compliance NN at IN American NNP Capital NNP Management NNP & CC Research NNP Inc. NNP , , in IN Houston NNP , , will MD join VB Ballard NNP Spahr NNP 's POS corporate-securities JJ practice NN . . Kent NNP Walker NNP , , 45 CD , , a DT former JJ partner NN at IN the DT Philadelphia NNP law NN firm NN of IN Mesirov NNP , , Gelman NNP , , Jaffe NNP , , Cramer NNP & CC Jamieson NNP , , will MD specialize VB in IN antitrust JJ , , real JJ estate NN and CC mergers NNS and CC acquisitions NNS . . Richard NNP L. NNP Sherman NNP , , 42 CD , , will MD advise VB midsized JJ businesses NNS . . Mr. NNP Sherman NNP is VBZ former JJ deputy NN general JJ counsel NN for IN SmithKline NNP Beckman NNP Corp. NNP , , in IN Philadelphia NNP , , now RB SmithKline NNP Beecham NNP PLC NNP , , in IN London NNP . . Delmed NNP Inc. NNP 's POS top JJ two CD officers NNS resigned VBD and CC were VBD succeeded VBN by IN executives NNS of IN Fresenius NNP USA NNP Inc. NNP and CC its PRP$ parent NN , , Fresenius NNP AG NNP , , a DT major JJ Delmed NNP holder NN that WDT has VBZ been VBN negotiating VBG to TO acquire VB a DT controlling JJ stake NN . . In IN addition NN , , Delmed NNP , , which WDT makes VBZ and CC sells VBZ a DT dialysis NN solution NN used VBN in IN treating VBG kidney NN diseases NNS , , said VBD negotiations NNS about IN pricing NN had VBD collapsed VBN between IN it PRP and CC a DT major JJ distributor NN , , National NNP Medical NNP Care NNP Inc NNP . . Delmed NNP said VBD Robert NNP S. NNP Ehrlich NNP resigned VBD as IN chairman NN , , president NN and CC chief JJ executive NN . . Mr. NNP Ehrlich NNP will MD continue VB as IN a DT director NN and CC a DT consultant NN . . Leslie NNP I. NN Shapiro NNP , , chief JJ operating VBG officer NN and CC chief JJ financial JJ officer NN , , also RB resigned VBN , , the DT company NN said VBD . . Mr. NNP Ehrlich NNP was VBD succeeded VBN as IN chairman NN by IN Gerd NNP Krick NNP , , a DT director NN of IN Fresenius NNP , , a DT West JJ German JJ pharmaceutical JJ concern NN . . Ben NNP Lipps NNP , , president NN of IN Fresenius NNP USA NNP , , was VBD named VBN president NN , , chief JJ executive NN and CC chief JJ operating VBG officer NN . . None NN of IN the DT officials NNS was VBD available JJ for IN comment NN . . In IN trading NN on IN the DT American NNP Stock NNP Exchange NNP , , Delmed NNP closed VBD at IN 50 CD cents NNS , , down RB 6.25 CD cents NNS . . Fresenius NNP owns VBZ about IN 42 CD % NN of IN Delmed NNP 's POS fully RB diluted JJ common JJ stock NN . . The DT two CD companies NNS have VBP been VBN discussing VBG a DT transaction NN under IN which WDT Fresenius NNP would MD buy VB Delmed NNP stock NN for IN cash NN to TO bring VB its PRP$ beneficial JJ ownership NN to TO between IN 70 CD % NN and CC 80 CD % NN of IN Delmed NNP 's POS fully RB diluted JJ common JJ stock NN . . The DT transaction NN also RB would MD combine VB Fresenius NNP USA NNP and CC Delmed NNP . . Under IN the DT proposal NN , , Delmed NNP would MD issue VB about IN 123.5 CD million CD additional JJ Delmed NNP common JJ shares NNS to TO Fresenius NNP at IN an DT average JJ price NN of IN about IN 65 CD cents NNS a DT share NN , , though IN under IN no DT circumstances NNS more JJR than IN 75 CD cents NNS a DT share NN . . Yesterday NN , , Delmed NNP said VBD it PRP `` `` continues VBZ to TO explore VB the DT possibility NN of IN a DT combination NN with IN Fresenius NNP USA NNP . . '' '' It PRP added VBD that IN it PRP is VBZ apparent JJ that IN any DT terms NNS of IN a DT combination NN `` `` would MD be VB substantially RB less RBR favorable JJ than IN those DT previously RB announced VBN . . '' '' While IN the DT discussions NNS between IN Delmed NNP and CC National NNP Medical NNP Care NNP have VBP been VBN discontinued VBN , , Delmed NNP will MD continue VB to TO supply VB dialysis NN products NNS through IN National NNP Medical NNP after IN their PRP$ exclusive JJ agreement NN ends NNS in IN March NNP 1990 CD , , Delmed NNP said VBD . . In IN addition NN , , Delmed NNP is VBZ exploring VBG distribution NN arrangements NNS with IN Fresenius NNP USA NNP , , Delmed NNP said VBD . . Philip NNP L. NNP Hall NNP , , president NN of IN J. NNP Lawrence NNP Hall NNP Co. NNP , , Nashua NNP , , was VBD named VBN a DT director NN of IN this DT thrift NN holding VBG company NN , , filling VBG a DT vacancy NN . . Kennametal NNP Inc. NNP said VBD it PRP intends VBZ to TO acquire VB J&L NNP America NNP Inc. NNP for IN $ $ 44 CD million CD plus IN a DT consideration NN of IN as RB much JJ as IN an DT additional JJ $ $ 12 CD million CD , , payable JJ over IN five CD years NNS . . Kennametal NNP is VBZ a DT carbide-products NNS and CC cutting-tools NNS company NN . . J&L NN , , whose WP$ principal JJ offices NNS are VBP in IN Detroit NNP , , is VBZ a DT mail-order JJ distributer NN of IN industrial JJ tools NNS and CC supplies NNS . . The DT acquisition NN is VBZ subject JJ to TO approval NN by IN Kennametal NNP 's POS board NN . . Genentech NNP Inc. NNP said VBD third-quarter JJ profit NN more RBR than IN doubled VBD to TO $ $ 11.4 CD million CD , , or CC 13 CD cents NNS a DT share NN , , from IN a DT depressed JJ 1988 CD third-quarter JJ performance NN of IN $ $ 5.3 CD million CD , , or CC six CD cents NNS a DT share NN . . Revenue NN rose VBD 23 CD % NN to TO $ $ 100 CD million CD from IN $ $ 81.6 CD million CD . . Net JJ product NN sales NNS accounted VBD for IN $ $ 76 CD million CD , , up RB from IN $ $ 57.5 CD million CD a DT year NN earlier RB . . Sales NNS of IN the DT heart NN drug NN TPA NNP were VBD $ $ 43.6 CD million CD , , better JJR than IN last JJ year NN 's POS depressed JJ third JJ period NN when WRB the DT company NN sold VBD just RB $ $ 29.1 CD million CD of IN the DT drug NN . . But CC TPA NNP sales NNS fell VBD below IN levels NNS for IN this DT year NN 's POS first JJ and CC second JJ quarter NN sales NNS of IN $ $ 48 CD million CD , , cooling VBG investors NNS . . Genentech NNP stock NN fell VBD 12.5 CD cents NNS in IN trading NN yesterday NN on IN the DT New NNP York NNP Stock NNP Exchange NNP to TO $ $ 20.125 CD . . In IN the DT nine CD months NNS , , net JJ income NN slid VBD 21 CD % NN to TO $ $ 28.4 CD million CD , , or CC 33 CD cents NNS a DT share NN , , from IN $ $ 36 CD million CD , , or CC 42 CD cents NNS a DT share NN . . Revenues NNS climbed VBD 18 CD % NN to TO $ $ 289 CD million CD from IN $ $ 245.3 CD million CD . . `` `` We PRP continue VBP to TO be VB on IN target NN for IN ... : increasing VBG TPA NNP sales NNS 20 CD % NN to TO 25 CD % NN this DT year NN , , '' '' said VBD founder NN and CC Chief NNP Executive NNP Officer NNP Robert NNP Swanson NNP . . But CC some DT analysts NNS remain VBP sour JJ on IN the DT company NN . . `` `` TPA NNP sales NNS are VBP down RB quarter NN to TO quarter NN . . Expenses NNS are VBP flat JJ and CC that DT 's VBZ a DT good JJ sign NN . . There EX 's VBZ contract NN revenue NN from IN { ( limited JJ research NN and CC development NN } ) partnerships NNS . . But CC I PRP still RB think VBP the DT fundamentals NNS are VBP poor JJ , , '' '' said VBD Denise NNP Gilbert NNP , , an DT analyst NN with IN Montgomery NNP Securities NNPS in IN San NNP Francisco NNP . . Genentech NNP faces VBZ competition NN in IN the DT cardiac-drug JJ market NN from IN SmithKline NNP Beecham NNP PLC NNP 's POS heart NN drug NN Eminase NNP , , expected VBN to TO receive VB market NN approval NN shortly RB . . And CC Genentech NNP is VBZ n't RB likely JJ to TO have VB any DT new JJ products NNS ready JJ for IN market NN until IN at IN least JJS 1992 CD , , Ms. NNP Gilbert NNP added VBD . . `` `` The DT company NN 's POS stock NN is VBZ trading VBG at IN 40 CD times NNS next JJ year NN 's POS numbers NNS , , and CC that DT 's VBZ too RB much JJ , , '' '' she PRP said VBD . . On IN the DT plus JJ side NN , , Genentech NN is VBZ benefiting VBG from IN a DT lower JJR tax NN rate NN due JJ to TO its PRP$ research NN outlays NNS , , giving VBG a DT boost NN to TO earnings NNS , , she PRP said VBD . . THE DT AMERICAN NNP CANCER NNP SOCIETY NNP 'S POS 1988 CD costs NNS of IN fund NN raising NN and CC administration NN were VBD $ $ 72.4 CD million CD , , or CC 23.2 CD % NN of IN its PRP$ revenue NN . . A DT chart NN in IN last JJ Friday NNP 's POS special JJ report NN on IN personal JJ finance NN contained VBD an DT incorrect JJ figure NN supplied VBN by IN NonProfit NNP Times NNPS , , a DT monthly JJ newspaper NN covering VBG charities NNS . . Ryder NNP System NNP Inc. NNP posted VBD a DT third-quarter JJ net JJ loss NN of IN $ $ 27.6 CD million CD , , because IN of IN an DT expected JJ $ $ 57 CD million CD after-tax JJ charge NN and CC continued JJ weakness NN in IN the DT company NN 's POS truck-rental JJ business NN . . The DT loss NN , , which WDT is VBZ 38 CD cents NNS a DT share NN , , is VBZ the DT transportation NN services NNS concern NN 's POS first JJ quarterly JJ setback NN in IN more JJR than IN a DT decade NN and CC compares VBZ with IN net JJ income NN of IN $ $ 55.3 CD million CD , , or CC 68 CD cents NNS a DT share NN , , in IN the DT year-ago JJ period NN . . The DT previous JJ year NN 's POS third JJ quarter NN included VBD gains NNS on IN the DT sale NN of IN aircraft NN by IN the DT company NN 's POS Aviation NNP Leasing NNP & CC Services NNPS Division NNP . . Revenue NN was VBD flat JJ at IN $ $ 1.3 CD billion CD . . The DT latest JJS quarter NN 's POS after-tax JJ charge NN -- : which WDT is VBZ 75 CD cents NNS a DT share NN -- : was VBD related JJ to TO adjustments NNS to TO reserves NNS for IN workers NNS ' POS compensation NN claims NNS ; : reductions NNS in IN vehicle NN fleets NNS , , staff NN and CC facilities NNS ; : and CC writedowns NNS of IN assets NNS . . Although IN Ryder NNP did VBD n't RB break VB out RP the DT charge NN , , analysts NNS estimated VBD that IN the DT majority NN of IN the DT $ $ 57 CD million CD was VBD linked VBN to TO workers NNS ' POS compensation NN reserves NNS and CC anticipated JJ losses NNS on IN the DT disposal NN of IN trucks NNS . . Many JJ analysts NNS said VBD they PRP were VBD n't RB surprised JJ that IN problems NNS in IN many JJ of IN Ryder NNP 's POS lines NNS of IN business NN continued VBD to TO plague VB the DT company NN . . `` `` It PRP pretty RB much RB confirms VBZ what WP we PRP had VBD been VBN expecting VBG , , '' '' said VBD Anthony NNP Hatch NNP , , an DT analyst NN at IN PaineWebber NNP Inc NNP . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN yesterday NN , , Ryder NNP closed VBD at IN $ $ 22.25 CD , , down RB 37.5 CD cents NNS . . M. NNP Anthony NNP Burns NNP , , Ryder NNP 's POS chairman NN and CC chief JJ executive NN officer NN , , said VBD : : `` `` We PRP 're VBP constantly RB trying VBG to TO find VB ways NNS to TO regain VB the DT earnings NNS momentum NN . . But CC we PRP 're VBP still RB at IN the DT beginning VBG stages NNS of IN some DT of IN these DT changes NNS . . '' '' He PRP said VBD the DT fourth JJ quarter NN will MD be VB `` `` challenging JJ , , '' '' and CC maintained VBD his PRP$ conservative JJ forecast NN that IN 1990 CD `` `` wo MD n't RB be VB a DT barn NN burner NN . . '' '' In IN the DT nine CD months NNS , , net JJ income NN fell VBD 79 CD % NN to TO $ $ 31.1 CD million CD , , or CC 33 CD cents NNS a DT share NN , , from IN $ $ 149.3 CD million CD , , or CC $ $ 1.82 CD a DT share NN , , a DT year NN earlier RB . . Revenue NN rose VBD slightly RB to TO $ $ 3.8 CD billion CD from IN $ $ 3.7 CD billion CD . . Robert NNP L. NNP Wood NNP , , 37-year-old JJ chief JJ financial JJ officer NN , , was VBD named VBN chairman NN and CC chief JJ executive NN officer NN of IN this DT independent JJ power NN producer NN , , succeeding VBG Raymond NNP L. NNP Hixson NNP , , 63 CD . . Mr. NNP Hixson NNP , , who WP resigned VBD effective JJ Jan. NNP 1 CD for IN health NN reasons NNS , , remains VBZ a DT director NN . . Advanced NNP Medical NNP Technologies NNPS Inc. NNP said VBD it PRP purchased VBD 93 CD % NN of IN a DT unit NN of IN Henley NNP Group NNP Inc NNP . . Advanced NNP Medical NNP paid VBD $ $ 106 CD million CD in IN cash NN for IN its PRP$ share NN in IN a DT unit NN of IN Henley NN 's POS Fisher NNP Scientific NNP subsidiary NN . . The DT unit NN makes VBZ intravenous JJ pumps NNS used VBN by IN hospitals NNS and CC had VBD more JJR than IN $ $ 110 CD million CD in IN sales NNS last JJ year NN , , according VBG to TO Advanced NNP Medical NNP . . Maxicare NNP Health NNP Plans NNPS Inc. NNP , , operating VBG under IN Chapter NN 11 CD bankrupty-law NN protection NN , , outlined VBD terms NNS of IN its PRP$ reorganization NN plan NN that WDT calls VBZ for IN creditors NNS and CC shareholders NNS to TO receive VB at IN least JJS $ $ 78.8 CD million CD in IN cash NN and CC $ $ 67 CD million CD face NN amount NN of IN 10-year JJ , , 13.5 CD % NN notes NNS . . The DT plan NN , , outlined VBN in IN a DT filing NN with IN the DT Securities NNPS and CC Exchange NNP Commission NNP , , also RB calls VBZ for IN creditors NNS and CC shareholders NNS to TO receive VB common JJ stock NN and CC warrants NNS in IN the DT new JJ company NN . . The DT health-maintenance NN concern NN said VBD it PRP reached VBD the DT agreement NN with IN its PRP$ court-appointed JJ creditors NNS ' POS committees NNS Sept. NNP 28 CD , , and CC intends VBZ to TO submit VB the DT plan NN to TO the DT bankruptcy NN court NN in IN November NNP . . Maxicare NNP , , which WDT filed VBD for IN bankruptcy NN protection NN March NNP 16 CD , , has VBZ total JJ debt NN of IN $ $ 750 CD million CD . . The DT company NN has VBZ promptly RB paid VBN all DT its PRP$ expenses NNS and CC obligations NNS since IN March NNP 16 CD , , a DT Maxicare NNP spokesman NN said VBD . . General JJ unsecured JJ creditors NNS of IN Maxicare NNP 's POS continuing VBG operations NNS initially RB will MD receive VB $ $ 47 CD million CD in IN cash NN , , $ $ 35 CD million CD face NN amount NN of IN senior JJ notes NNS , , and CC 49 CD % NN of IN the DT new JJ company NN 's POS stock NN . . Those DT creditors NNS , , whose WP$ claims NNS are VBP estimated VBN at IN about IN $ $ 200 CD million CD , , include VBP doctors NNS and CC hospitals NNS . . General JJ unsecured JJ creditors NNS of IN Maxicare NNP 's POS discontinued VBN operations NNS , , whose WP$ claims NNS total VBP $ $ 110 CD million CD , , initially RB will MD receive VB $ $ 17.8 CD million CD in IN cash NN and CC $ $ 10 CD million CD in IN senior JJ notes NNS . . Maxicare NNP 's POS public JJ shareholders NNS will MD receive VB 2 CD % NN of IN the DT new JJ company NN 's POS stock NN and CC warrants NNS entitling VBG them PRP to TO acquire VB as RB much RB as IN an DT additional JJ 5 CD % NN of IN the DT stock NN on IN a DT fully-diluted JJ basis NN . . General JJ unsecured JJ creditors NNS of IN the DT parent NN holding VBG company NN initially RB will MD receive VB $ $ 14 CD million CD in IN cash NN , , $ $ 22 CD million CD face NN amount NN of IN senior JJ notes NNS and CC 49 CD % NN of IN the DT new JJ company NN 's POS stock NN . . That DT group NN includes VBZ banks NNS and CC bondholders NNS , , who WP have VBP claims NNS of IN $ $ 150 CD million CD and CC $ $ 350 CD million CD respectively RB . . Maxicare NNP also RB will MD guarantee VB that IN the DT banks NNS will MD realize VB at IN least JJS $ $ 7 CD million CD on IN certain JJ notes NNS pledged VBN to TO them PRP . . Maxicare NNP said VBD the DT plan NN stipulates VBZ that IN enrollees NNS in IN the DT company NN 's POS health NN plans NNS will MD have VB valid JJ claims NNS covered VBN in IN full JJ . . Those DT claims NNS , , along IN with IN priority NN employee NN claims NNS , , administrative JJ claims NNS , , priority NN tax NN claims NNS and CC administrative JJ convenience NN claims NNS , , are VBP expected VBN to TO total VB about IN $ $ 16 CD million CD . . The DT plan NN is VBZ subject JJ to TO approval NN by IN the DT bankruptcy NN court NN and CC others NNS . . The DT spokesman NN said VBD Maxicare NNP hopes VBZ to TO complete VB the DT reorganization NN by IN early JJ 1990 CD . . Birmingham NNP Steel NNP Corp. NNP said VBD that DT its PRP$ Emeryville NNP , , Calif. NNP , , minimill NN sustained VBD only RB minor JJ damage NN from IN last JJ week NN 's POS earthquake NN . . Steelmaking NN resumed VBD Oct. NNP 18 CD , , but CC the DT company NN expects VBZ production NN to TO be VB hampered VBN in IN the DT next JJ few JJ months NNS by IN traffic NN disruptions NNS around IN the DT plant NN and CC outages NNS for IN repair NN to TO gas NN and CC electric JJ power NN systems NNS . . The DT average JJ interest NN rate NN rose VBD to TO 8.337 CD % NN at IN Citicorp NNP 's POS $ $ 50 CD million CD weekly JJ auction NN of IN 91-day JJ commercial JJ paper NN , , or CC corporate JJ IOUs NNS , , from IN 8.292 CD % NN at IN last JJ week NN 's POS sale NN . . Bids NNS totaling VBG $ $ 475 CD million CD were VBD submitted VBN . . Accepted JJ bids NNS ranged VBN from IN 8.328 CD % NN to TO 8.347 CD % NN . . However RB , , Citicorp NNP said VBD that IN the DT average JJ rate NN fell VBD to TO 7.962 CD % NN at IN its PRP$ $ $ 50 CD million CD auction NN of IN 182-day JJ commercial JJ paper NN from IN 7.986 CD % NN at IN last JJ week NN 's POS sale NN . . Bids NNS totaling VBG $ $ 425 CD million CD were VBD submitted VBN . . Accepted JJ bids NNS were VBD all DT at IN 7.962 CD % NN . . The DT bank NN holding VBG company NN will MD auction VB another DT $ $ 50 CD million CD in IN each DT maturity NN next IN Tuesday NNP . . Hughes NNP Aircraft NNP Co. NNP , , a DT General NNP Motors NNPS Corp. NNP unit NN , , said VBD the DT Intelsat NNP VI NNP commercial JJ communications NNS satellite NN is VBZ set VBN to TO be VB launched VBN Friday NNP . . The DT satellite NN , , built VBN by IN Hughes NNP for IN the DT International NNP Telecommunications NNPS Satellite NNP Organization NNP , , is VBZ part NN of IN a DT $ $ 700 CD million CD contract NN awarded VBN to TO Hughes NNP in IN 1982 CD to TO develop VB five CD of IN the DT three-ton JJ satellites NNS . . Italian JJ car NN manufacturer NN Fiat NNP said VBD it PRP is VBZ n't RB interested VBN in IN partnership NN or CC industrial JJ cooperation NN with IN Swedish JJ auto NN and CC aerospace NN group NN Saab-Scania NNP AB NNP , , which WDT faces VBZ heavy JJ losses NNS in IN its PRP$ car NN division NN . . Fiat NNP said VBD it PRP 's VBZ only RB interested JJ in IN technical JJ cooperation NN with IN Saab NNP . . `` `` We PRP know VBP that DT Saab NNP is VBZ looking VBG for IN a DT partner NN for IN industrial JJ and CC financial JJ cooperation NN , , '' '' Fiat NNP said VBD . . `` `` But CC that DT partner NN is VBZ n't RB Fiat NNP . . '' '' The DT Italian JJ auto NN maker NN confirmed VBD that IN it PRP was VBD discussing VBG technical JJ cooperation NN with IN Saab NNP , , but CC declined VBD to TO comment VB on IN rumors NNS that IN it PRP was VBD planning VBG to TO buy VB Saab NNP 's POS car NN division NN . . Fiat NNP 's POS rejection NN of IN partnership NN with IN Saab NNP means VBZ that IN the DT Swedish JJ company NN , , which WDT announced VBD last JJ Friday NNP that IN its PRP$ pretax JJ profit NN for IN the DT first JJ eight CD months NNS plummeted VBD 49 CD % NN , , will MD have VB to TO look VB for IN a DT partner NN among IN other JJ car NN manufacturers NNS as IN both DT Ford NNP Motor NNP Corp. NNP and CC Fiat NNP have VBP turned VBN down RP the DT offer NN . . News NNS reports NNS said VBD yesterday NN that DT Saab NNP is VBZ trying VBG to TO start VB negotiations NNS with IN French JJ automakers NNS Peugeot NNP and CC Renault NNP . . ITT NNP Corp. NNP , , its PRP$ insurance NN business NN hurt VBN by IN Hurricane NNP Hugo NNP , , reported VBD a DT 4 CD % NN decline NN in IN third-quarter JJ net JJ income NN , , despite IN a DT 4.2 CD % NN rise NN in IN revenue NN . . ITT NNP also RB forecast VB a DT fourth-quarter JJ blow NN to TO earnings NNS from IN the DT California NNP earthquake NN . . Except IN for IN insurance NN , , however RB , , ITT NNP said VBD it PRP expects VBZ improved JJ operating NN earnings NNS `` `` in IN all DT of IN our PRP$ businesses NNS for IN the DT full JJ year NN . . '' '' Third-quarter JJ net JJ income NN dropped VBD to TO $ $ 221 CD million CD , , or CC $ $ 1.55 CD a DT share NN , , from IN $ $ 230 CD million CD , , or CC $ $ 1.60 CD a DT share NN , , in IN the DT year-earlier JJ period NN . . ITT NNP bought VBD back RP 8.8 CD million CD shares NNS this DT year NN , , including VBG 2.8 CD million CD during IN the DT third JJ quarter NN . . Third-quarter JJ revenue NN rose VBD to TO $ $ 4.9 CD billion CD from IN $ $ 4.7 CD billion CD . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN yesterday NN , , ITT NNP common JJ stock NN fell VBD 62.5 CD cents NNS to TO close VB at IN $ $ 58.75 CD a DT share NN . . In IN addition NN to TO insurance NN and CC finance NN , , ITT NNP has VBZ interests NNS in IN electronic JJ parts NNS , , defense NN technology NN , , automotive JJ parts NNS , , fluid NN technology NN , , pulp NN and CC timber NN , , and CC communications NNS and CC information NN services NNS . . `` `` Hurricane NNP Hugo NNP losses NNS and CC the DT continuing VBG industrywide JJ downturn NN in IN the DT property NN and CC casualty NN insurance NN business NN were VBD the DT major JJ factors NNS affecting VBG quarterly JJ comparisons NNS , , '' '' said VBD Rand NNP V. NNP Araskog NNP , , chairman NN and CC chief JJ executive NN officer NN . . ITT NNP 's POS Hartford NNP Insurance NNP Group NNP had VBD a DT $ $ 53 CD million CD quarterly JJ pretax JJ loss NN from IN Hurricane NNP Hugo NNP , , ITT NNP said VBD . . Hartford NNP expects VBZ to TO report VB a DT further JJ pretax JJ loss NN of IN about IN $ $ 30 CD million CD for IN the DT current JJ quarter NN , , as IN a DT result NN of IN the DT California NNP earthquake NN this DT month NN , , ITT NNP added VBD . . The DT company NN also RB disclosed VBD its PRP$ financial JJ operations NNS had VBD increased VBN reserves NNS for IN bankrupt JJ accounts NNS , , resulting VBG in IN a DT $ $ 40 CD million CD pretax JJ charge NN for IN the DT third JJ quarter NN . . This DT charge NN was VBD partly RB offset VBN , , however RB , , by IN $ $ 19 CD million CD in IN pretax JJ capital NN gains NNS . . ITT NNP also RB said VBD its PRP$ consumer NN finance NN unit NN agreed VBD in IN September NNP to TO settle VB a DT civil JJ suit NN with IN the DT California NNP attorney NN general NN over IN alleged JJ improper JJ lending NN and CC sales NNS practices NNS . . Anticipating VBG this DT settlement NN , , the DT company NN recorded VBD a DT pretax JJ charge NN of IN $ $ 24 CD million CD during IN the DT fourth JJ quarter NN of IN 1988 CD . . An DT ITT NNP spokesman NN said VBD the DT charge NN was VBD n't RB publicly RB reported VBN at IN the DT time NN . . `` `` The DT company NN 's POS product NN businesses NNS , , with IN the DT exception NN of IN electronic JJ components NNS , , had VBD higher JJR operating NN earnings NNS for IN the DT first JJ nine CD months NNS of IN 1989 CD , , '' '' the DT company NN said VBD . . Elaborating VBG on IN the DT exception NN , , it PRP said VBD volume NN and CC margins NNS were VBD lower JJR in IN semiconductor NN and CC power NN systems NNS operations NNS . . Amoco NNP Corp. NNP said VBD it PRP plans VBZ to TO install VB two CD platforms NNS and CC drill VB as RB many JJ as IN 22 CD wells NNS to TO develop VB oil NN reserves NNS it PRP discovered VBD in IN the DT Atlantic NNP Ocean NNP about IN 25 CD miles NNS off IN the DT coast NN of IN Congo NNP . . Amoco NNP , , an DT energy NN concern NN , , is VBZ the DT operator NN of IN the DT project NN with IN a DT 43.75 CD % NN working VBG interest NN , , and CC other JJ partners NNS include VBP Hydro NNP Congo NNP , , the DT Congolese JJ state NN oil NN company NN , , with IN a DT 50 CD % NN interest NN , , and CC Kuwait NNP Foreign NNP Petroleum NNP Exploration NNP Co. NNP with IN a DT 6.25 CD % NN stake NN . . Production NN is VBZ expected VBN to TO be VB about IN 40,000 CD barrels NNS of IN oil NN a DT day NN after IN completion NN of IN the DT drilling NN program NN . . Jacobs NNP Engineering NNP Group NNP Inc. NNP 's POS Jacobs NNP International NNP unit NN was VBD selected VBN to TO design VB and CC build VB a DT microcomputer-systems JJ manufacturing NN plant NN in IN County NNP Kildare NNP , , Ireland NNP , , for IN Intel NNP Corp NNP . . Jacobs NNP is VBZ an DT international JJ engineering NN and CC construction NN concern NN . . Total JJ capital NN investment NN at IN the DT site NN could MD be VB as RB much JJ as IN $ $ 400 CD million CD , , according VBG to TO Intel NNP . . The DT 150,000-square-foot JJ plant NN will MD be VB constructed VBN on IN a DT 55-acre JJ site NN near IN Dublin NNP . . Jacobs NNP Engineering NNP officials NNS could MD n't RB be VB reached VBN for IN comment NN . . Bob NNP Evans NNP Inc. NNP said VBD its PRP$ board NN authorized VBD the DT purchase NN of IN as RB many JJ as IN 500,000 CD shares NNS of IN its PRP$ common JJ . . The DT stock NN , , to TO be VB purchased VBN on IN the DT open JJ market NN or CC through IN privately RB negotiated VBN transactions NNS , , will MD be VB held VBN as IN treasury NN shares NNS for IN stock NN options NNS or CC other JJ general JJ corporate JJ purposes NNS . . The DT program NN expires VBZ April NNP 27 CD . . The DT restaurant NN operator NN had VBD 32.2 CD million CD shares NNS outstanding JJ as IN of IN Sept. NNP 29 CD . . Coda NNP Energy NNP Inc. NNP said VBD it PRP completed VBD the DT sale NN of IN Phenix-Transmission NNP Co. NNP to TO Bishop NNP Pipeline NNP Co. NNP , , for IN $ $ 17 CD million CD in IN cash NN and CC notes NNS . . Coda NNP , , an DT oil NN and CC gas NN concern NN , , said VBD it PRP and CC its PRP$ partners NNS received VBD $ $ 7 CD million CD in IN cash NN and CC $ $ 10 CD million CD in IN five-year JJ notes NNS for IN the DT Kansas NNP intrastate JJ pipeline NN . . Coda NNP owned VBD 60 CD % NN of IN the DT pipeline NN and CC private JJ entities NNS owned VBD the DT rest NN . . Bishop NNP is VBZ based VBN in IN Hutchinson NNP , , Kansas NNP . . French JJ consumer NN prices NNS rose VBD 0.2 CD % NN in IN September NNP from IN August NNP , , according VBG to TO provisional JJ estimates NNS by IN the DT National NNP Statistics NNPS Institute NNP . . The DT agency NN noted VBD that IN because IN of IN a DT strike NN by IN Finance NNP Ministry NNP personnel NNS the DT provisional JJ estimate NN does VBZ n't RB correspond VB exactly RB to TO the DT consumer NN price NN index NN usually RB published VBN . . The DT agency NN noted VBD , , however RB , , the DT estimate NN will MD likely RB be VB confirmed VBN . . The DT institute NN did VBD n't RB estimate VB annual JJ price NN growth NN in IN September NNP , , but CC a DT 0.2 CD % NN rise NN by IN the DT consumer NN price NN index NN would MD put VB growth NN at IN either CC 178.8 CD or CC 178.9 CD , , up RB 3.3 CD % NN or CC 3.4 CD % NN from IN the DT year-earlier JJ level NN of IN 173.1 CD . . The DT index NN was VBD 178.5 CD in IN August NNP and CC is VBZ based VBN on IN 1980 CD equaling VBG 100 CD . . International NNP Technology NNP Corp. NNP and CC Davy NNP McKee NNP Corp. NNP , , a DT unit NN of IN London NNP 's POS Davy NNP Corp. NNP , , said VBD they PRP were VBD awarded VBN a DT $ $ 55 CD million CD contract NN by IN the DT U.S. NNP Army NNP Corps NNP of IN Engineers NNPS for IN the DT closure NN of IN the DT Helen NNP Kramer NNP Landfill NNP Superfund NNP site NN in IN Mantua NNP Township NNP , , N.J NNP . . International NNP Technology NNP , , an DT environmental JJ management NN concern NN , , said VBD the DT contract NN includes VBZ construction NN of IN slurry NN walls NNS , , gas NN collection NN systems NNS , , a DT multilayer JJ cap NN and CC water NN treatment NN plant NN . . U.S. NNP Memories NNPS Inc. NNP , , the DT venture NN that WDT seeks VBZ to TO crack VB Japan NNP 's POS domination NN of IN the DT memory-chip NN market NN , , said VBD it PRP has VBZ chosen VBN four CD potential JJ sites NNS for IN its PRP$ operations NNS after IN a DT fierce JJ bidding NN war NN by IN 15 CD states NNS . . U.S. NNP Memories NNPS said VBD it PRP will MD begin VB visits NNS during IN the DT next JJ several JJ weeks NNS to TO sites NNS in IN Austin NNP , , Texas NNP ; : Colorado NNP Springs NNPS , , Colo. NNP ; : Middletown NNP , , N.Y. NNP ; : and CC Phoenix NNP , , Ariz NNP . . Sanford NNP Kane NNP , , president NN , , said VBD the DT finalists NNS were VBD chosen VBN from IN among IN 57 CD locations NNS based VBN on IN financial JJ , , business NN , , and CC quality NN of IN life NN considerations NNS . . Conspicuous JJ by IN its PRP$ absence NN is VBZ California NNP . . San NNP Jose NNP and CC several JJ other JJ California NNP cities NNS mounted VBD major JJ campaigns NNS during IN the DT summer NN to TO woo VB the DT group NN , , which WDT was VBD founded VBN last JJ June NNP by IN seven CD electronics NNS concerns NNS . . The DT venture NN plans VBZ to TO announce VB a DT final JJ site NN by IN late JJ November NNP . . It PRP expects VBZ to TO begin VB construction NN by IN year NN end NN and CC start VB shipping VBG four-megabit JJ dynamic JJ random-access JJ memory NN chips NNS by IN mid-1991 NN . . U.S. NNP Memories NNPS investors NNS include VBP Advanced NNP Micro NNP Devices NNPS Inc. NNP , , Digital NNP Equipment NNP Corp. NNP , , Hewlett-Packard NNP Co. NNP , , International NNP Business NNP Machines NNPS Corp. NNP , , Intel NNP Corp. NNP , , LSI NNP Logic NNP Corp. NNP , , and CC National NNP Semiconductor NNP Corp NNP . . Mr. NNP Kane NNP said VBD he PRP expects VBZ several JJ other JJ companies NNS to TO join VB some DT time NN after IN the DT venture NN completes VBZ a DT business NN plan NN , , probably RB later RBR this DT week NN . . A DT seat NN on IN the DT Chicago NNP Board NNP of IN Trade NNP was VBD sold VBN for IN $ $ 390,000 CD , , unchanged JJ from IN the DT previous JJ sale NN Oct. NNP 13 CD . . Seats NNS currently RB are VBP quoted VBN at IN $ $ 361,000 CD bid NN , , $ $ 395,000 CD asked VBN . . The DT record NN price NN for IN a DT full JJ membership NN on IN the DT exchange NN is VBZ $ $ 550,000 CD , , set VBN Aug. NNP 31 CD , , 1987 CD . . Dennis NNP R. NNP Mangino NNP , , a DT general JJ manager NN of IN EniChem NNP Americas NNPS , , was VBD named VBN vice NN president NN of IN research NN and CC development NN , , a DT new JJ post NN at IN this DT steel NN company NN . . Fred NNP D. NNP Thompson NNP , , a DT 47-year-old JJ attorney NN in IN private JJ practice NN in IN Washington NNP and CC Nashville NNP , , Tenn. NNP , , was VBD elected VBN to TO the DT board NN of IN this DT engineering NN and CC construction NN company NN . . The DT board NN increased VBD to TO 11 CD seats NNS . . Sun NNP Microsystems NNPS Inc. NNP said VBD Prime NNP Computer NNP Inc. NNP has VBZ agreed VBN to TO resell VB as RB much JJ as IN $ $ 200 CD million CD worth NN of IN Sun NNP 's POS machines NNS over IN the DT next JJ two CD years NNS . . The DT computers NNS use VBP the DT company NN 's POS own JJ microprocessor NN called VBN Sparc NNP , , Sun NNP said VBD . . Quickview NNP Systems NNPS Inc. NNP said VBD it PRP filed VBD a DT lawsuit NN against IN Apple NNP Computer NNP Inc. NNP , , claiming VBG patent NN infringement NN in IN an DT element NN of IN Apple NNP 's POS popular JJ HyperCard NNP software NN program NN . . The DT suit NN , , filed VBN in IN Minneapolis NNP federal JJ court NN , , claims VBZ that IN Apple NNP violated VBD a DT Quickview NNP patent NN that WDT allows VBZ computer NN users NNS to TO display VB `` `` only JJ portions NNS of IN multiple JJ fields NNS on IN a DT computer NN screen NN with IN the DT ability NN to TO see VB the DT entire JJ contents NNS of IN any DT given VBN field NN . . '' '' The DT HyperCard NNP program NN allows VBZ users NNS to TO design VB applications NNS for IN Macintosh NNP computers NNS without IN having VBG to TO be VB hardcore NN programmers NNS and CC is VBZ distributed VBN with IN every DT Macintosh NNP sold VBN . . It PRP 's VBZ one CD of IN the DT most RBS popular JJ computer NN programs NNS of IN all DT time NN , , but CC analysts NNS said VBD the DT Quickview NNP suit NN does VBZ n't RB appear VB to TO bode VB major JJ difficulties NNS for IN Apple NNP . . The DT technology NN at IN issue NN `` `` is VBZ not RB an DT underlying VBG technology NN of IN HyperCard NNP to TO my PRP$ knowledge NN , , '' '' said VBD Danny NNP Goodman NNP , , a DT San NNP Francisco-area JJ HyperCard NNP program NN developer NN . . Nonetheless RB , , the DT suit NN seeks VBZ unspecified JJ damages NNS that IN an DT attorney NN for IN Quickview NNP claimed VBD could MD run VB into IN the DT millions NNS of IN dollars NNS . . In IN Cupertino NNP , , Calif. NNP , , Apple NNP said VBD that IN it PRP believes VBZ the DT case NN has VBZ no DT merit NN , , and CC that DT HyperCard NNP does VBZ not RB infringe VB `` `` any DT valid JJ claims NNS '' '' of IN the DT Quickview NNP patents NNS . . It PRP said VBD it PRP filed VBD an DT action NN of IN its PRP$ own JJ in IN federal JJ court NN in IN San NNP Jose NNP , , Calif. NNP , , seeking VBG a DT declaration NN that IN Quickview NNP 's POS claims NNS are VBP invalid JJ . . This DT is VBZ in IN response NN to TO Atsushi NNP Kageyama NNP 's POS Manager NNP 's POS Journal NNP , , `` `` Looking VBG for IN the DT Real JJ Thing NN in IN Sony NNP '' '' ( ( editorial NN page NN , , Oct. NNP 2 CD ) ) . . Though IN I PRP agree VBP with IN many JJ of IN Mr. NNP Kageyama NNP 's POS comments NNS , , I PRP believe VBP he PRP points VBZ the DT gun NN in IN the DT wrong JJ direction NN : : It PRP is VBZ n't RB the DT Americans NNPS who WP must MD be VB criticized VBN for IN not RB understanding VBG the DT Japanese JJ culture NN , , but CC the DT Japanese NNPS who WP insist VBP on IN forcing VBG their PRP$ culture NN on IN Americans NNPS . . The DT Japanese NNPS want VBP us PRP to TO accept VB their PRP$ culture NN , , but CC they PRP refuse VBP to TO accept VB the DT American JJ culture NN . . Japanese JJ managers NNS ca MD n't RB expect VB Americans NNPS to TO behave VB as IN if IN they PRP were VBD Japanese NNPS ; : instead RB , , they PRP must MD manage VB Americans NNPS as IN Americans NNPS . . Americans NNPS are VBP expected VBN to TO conform VB to TO the DT Japanese JJ culture NN when WRB in IN Japan NNP . . What WP is VBZ wrong JJ with IN expecting VBG the DT Japanese NNPS to TO conform VB to TO American JJ norms NNS when WRB they PRP locate VBP here RB ? . Americans NNPS place VBP native JJ or CC native JJ speakers NNS in IN charge NN of IN subsidiaries NNS overseas RB . . European JJ multinationals NNS do VBP likewise RB ; : even RB in IN America NNP , , their PRP$ affiliates NNS are VBP usually RB run VBN by IN American JJ managers NNS . . But CC the DT Japanese NNPS insist VBP upon IN Japanese JJ managers NNS everywhere RB they PRP set VBP up RP shop NN . . Do VBP the DT Japanese NNP feel VB so RB superior JJ that IN they PRP can MD not RB find VB capable JJ American JJ managers NNS ? . Paul NNP A. NN Herbig NNP Indiana NNP University NNP Bloomington NNP , , Ind NNP . . Mr. NNP Kageyama NNP suggests VBZ that IN Kotobuki NNP Electronics NNPS Industries NNPS workers NNS were VBD having VBG difficulty NN understanding VBG their PRP$ foreign JJ bosses NNS ' POS perspective NN . . While IN Mr. NNP Kageyama NNP does VBZ an DT excellent JJ job NN of IN explaining VBG the DT differences NNS , , both DT cultural JJ and CC philosophic JJ , , I PRP question VBP his PRP$ perspective NN . . Would MD he PRP suggest VB that IN employees NNS of IN an DT American JJ company NN doing VBG business NN in IN Japan NNP conform VB to TO their PRP$ new JJ bosses NNS ' POS culture NN and CC philosophy NN ? . Obviously RB not RB . . Thus RB the DT conclusion NN is VBZ that IN the DT burden NN rests VBZ with IN management NN to TO understand\/adopt VB the DT culture NN and CC philosophy NN of IN the DT country NN in IN which WDT they PRP are VBP operating VBG . . The DT workers NNS can MD be VB motivated VBN , , and CC the DT company NN reach VB its PRP$ full JJ potential NN , , only RB when WRB management NN embraces VBZ the DT employees NNS ' POS perspective NN . . A. JJ Lawton NNP Langford NNP President NNP Municipal NNP Code NNP Corp NNP . . Tallahassee NNP , , Fla NNP . . I PRP believe VBP Mr. NNP Kageyama NNP left VBD out RP one CD major JJ aspect NN of IN Japanese JJ culture NN that WDT permeated VBD his PRP$ piece NN : : the DT belief NN in IN the DT superiority NN of IN Japanese JJ culture NN and CC behavior NN vs. FW others NNS . . A DT manager NN should MD not RB have VB to TO rebut VB the DT opinions NNS of IN his PRP$ employees NNS about IN the DT style NN of IN his PRP$ management NN . . Instead RB , , he PRP should MD listen VB to TO see VB how WRB that DT criticism NN can MD be VB used VBN constructively RB to TO advance VB his PRP$ objective NN of IN carrying VBG out RP a DT set NN of IN tasks NNS through IN the DT efforts NNS of IN his PRP$ subordinates NNS . . Japanese JJ culture NN vs. FW American JJ culture NN is VBZ irrelevant JJ . . The DT key NN is VBZ how WRB a DT manager NN from IN one CD culture NN can MD motivate VB employees NNS from IN another DT . . For IN Mr. NNP Kageyama NNP to TO argue VB that IN American JJ employees NNS must MD passively RB accept VB a DT direct JJ imposition NN of IN the DT Japanese JJ way NN of IN doing VBG things NNS is VBZ outright RB cultural JJ chauvinism NN of IN the DT first JJ order NN . . The DT Japanese NNPS are VBP neglecting VBG the DT opportunity NN to TO synthesize VB a DT new JJ corporate JJ culture NN based VBN on IN a DT fusion NN of IN the DT best JJS aspects NNS of IN both DT national JJ cultures NNS . . Mr. NNP Kageyama NNP is VBZ accurate JJ to TO deny VB a DT specific JJ anti-American JJ bias NN . . It PRP is VBZ more RBR difficult JJ to TO deny VB a DT general JJ bigotry NN in IN seeing VBG things NNS only RB the DT Japanese JJ way NN . . When WRB the DT response NN to TO criticism NN is VBZ only RB a DT better JJR explanation NN of IN policies NNS without IN altering VBG the DT reasons NNS for IN the DT criticism NN , , I PRP am VBP convinced JJ that IN Mr. NNP Kageyama NNP has VBZ still RB failed VBN to TO attack VB the DT root NN cause NN of IN the DT problem NN and CC is VBZ simply RB treating VBG symptoms NNS . . Norman NNP L. NNP Owens NNP Tempe NNP , , Ariz NNP . . Cie NNP . . Generale NNP des FW Eaux NNP reported VBD that DT net JJ profit NN climbed VBD 30 CD % NN in IN the DT first JJ half NN of IN 1989 CD and CC said VBD that IN it PRP expects VBZ a DT gain NN of IN about IN 25 CD % NN for IN the DT full JJ year NN . . The DT French JJ water NN treatment NN group NN said VBD consolidated JJ net JJ profit NN after IN payments NNS to TO minority NN interests NNS rose VBD to TO 749 CD million CD francs NNS ( ( US$ $ 119.2 CD million CD ) ) from IN 575 CD million CD francs NNS in IN the DT first JJ half NN of IN 1988 CD . . Revenue NN climbed VBD 13 CD % NN to TO 45.4 CD billion CD francs NNS from IN 40.1 CD billion CD . . Generale NNP des FW Eaux NNP said VBD the DT earnings NNS gain NN was VBD led VBN by IN its PRP$ water NN , , energy NN and CC building NN activities NNS . . As IN a DT presidential JJ candidate NN in IN 1980 CD , , George NNP Bush NNP forthrightly RB expressed VBD his PRP$ position NN on IN abortion NN in IN an DT interview NN with IN Rolling NNP Stone NNP magazine NN published VBN that IN March NNP . . What WP did VBD he PRP think VB of IN the DT Supreme NNP Court NNP 's POS decision NN legalizing VBG abortion NN ? . `` `` I PRP happen VBP to TO think VB it PRP was VBD right JJ , , '' '' Mr. NNP Bush NNP said VBD flatly RB . . A DT few JJ months NNS later RB , , Mr. NNP Bush NNP became VBD Ronald NNP Reagan NNP 's POS running JJ mate NN . . Suddenly RB , , George NNP Bush NNP the DT pro-choice JJ advocate NN became VBD George NNP Bush NNP the DT anti-abortionist NN . . And CC the DT vacillation NN did VBD n't RB end VB there RB . . Just RB a DT month NN ago RB , , Mr. NNP Bush NNP sternly RB threatened VBD to TO veto VB a DT pending VBG welfare NN bill NN if IN it PRP provided VBD any DT abortion NN funds NNS , , except IN to TO save VB a DT woman NN 's POS life NN . . Then RB , , two CD weeks NNS ago RB -- : declaring VBG that IN `` `` I PRP 'm VBP not RB looking VBG for IN any DT conflict NN over IN this DT '' '' -- : the DT president NN said VBD he PRP would MD consider VB a DT compromise NN to TO fund VB abortions NNS for IN poor JJ women NNS in IN cases NNS of IN rape NN and CC incest NN . . But CC only RB four CD days NNS after IN that DT , , Mr. NNP Bush NNP resurrected VBD the DT veto NN threat NN . . `` `` I PRP do VBP not RB support VB federal JJ funding NN for IN abortions NNS except IN where WRB the DT mother NN 's POS life NN is VBZ threatened VBN , , '' '' he PRP proclaimed VBD , , and CC finally RB vetoed VBD the DT measure NN last JJ weekend NN . . So RB what WP does VBZ George NNP Bush NNP really RB believe VB ? . The DT answer NN is VBZ so RB murky JJ that IN it PRP is VBZ beginning VBG to TO get VB this DT popular JJ president NN in IN trouble NN with IN each DT of IN the DT increasingly RB vocal JJ , , increasingly RB powerful JJ sides NNS of IN the DT abortion NN issue NN . . The DT result NN is VBZ mistrust NN and CC criticism NN from IN all RB around RB . . Anti-abortion JJ forces NNS regard VBP him PRP as IN at IN best RB an DT uncertain JJ ally NN . . `` `` In IN all DT honesty NN if IN you PRP ask VBP me PRP , , ` `` Is VBZ this DT man NN a DT true JJ believer NN ? . ' '' I PRP do VBP n't RB know VB , , '' '' says VBZ John NNP Fowler NNP , , head NN of IN the DT Washington-based JJ Ad NNP Hoc NNP Committee NNP in IN Defense NNP of IN Life NNP Inc NNP . . Yet CC abortion-rights JJ forces NNS remain VBP bitterly RB critical JJ . . Douglas NNP Gould NNP , , vice NN president NN of IN communications NNS for IN the DT Planned NNP Parenthood NNP Federation NNP of IN America NNP , , calls VBZ Mr. NNP Bush NNP 's POS position NN on IN the DT abortion-funding JJ issue NN `` `` extremely RB cruel JJ , , '' '' adding VBG : : `` `` The DT guy NN has VBZ n't RB done VBN one CD thing NN about IN prevention NN . . He PRP 's VBZ totally RB geared VBN to TO a DT punitive JJ position NN . . '' '' Mr. NNP Bush NNP is VBZ plainly RB uncomfortable JJ with IN the DT entire JJ abortion NN question NN . . For IN most JJS of IN the DT past JJ nine CD years NNS , , he PRP has VBZ striven VBN to TO convince VB anti-abortion JJ activists NNS of IN his PRP$ stalwart JJ support NN for IN their PRP$ position NN . . But CC ever RB since IN the DT Supreme NNP Court NNP 's POS Webster NNP vs. FW Reproductive NNP Health NNP Services NNPS decision NN this DT year NN changed VBD the DT political JJ landscape NN of IN the DT abortion NN issue NN , , the DT president NN seemingly RB has VBZ tried VBN just RB as RB hard JJ to TO avoid VB saying VBG anything NN more JJR unless IN pressed VBN to TO the DT wall NN . . Many JJ Americans NNPS still RB agonize VB over IN their PRP$ own JJ personal JJ feelings NNS about IN abortion NN . . Mr. NNP Bush NNP 's POS problem NN is VBZ n't RB so RB much JJ that IN he PRP seems VBZ to TO be VB agonizing JJ over IN the DT issue NN as IN it PRP is VBZ that IN he PRP seems VBZ to TO vacillate VB on IN it PRP . . The DT political JJ risk NN would MD be VB far RB less JJR if IN the DT president NN drew VBD a DT firm JJ line NN and CC hewed VBD to TO it PRP , , experts NNS insist VBP . . `` `` If IN you PRP have VBP a DT position NN , , you PRP 're VBP better JJR off RP to TO stick VB with IN it PRP than IN to TO move VB around RB very RB much JJ , , '' '' says VBZ Republican NNP strategist NN John NNP Sears NNP . . The DT need NN for IN consistency NN is VBZ especially RB acute JJ for IN Mr. NNP Bush NNP , , who WP , , Mr. NNP Sears NNP maintains VBZ , , lacks VBZ a DT strong JJ ideological JJ base NN . . By IN his PRP$ moderate JJ Republican NNP heritage NN as RB well RB as IN the DT warnings NNS of IN political JJ advisers NNS who WP say VBP the DT issue NN is VBZ vital JJ to TO younger JJR voters NNS , , the DT president NN might MD seem VB to TO have VB at IN least JJS some DT sympathy NN with IN abortion-rights NNS arguments NNS . . Yet CC he PRP is VBZ also RB firmly RB bound VBN by IN his PRP$ hard-line JJ rhetoric NN and CC promises NNS he PRP made VBD to TO anti-abortion JJ activists NNS during IN his PRP$ long JJ pursuit NN of IN the DT White NNP House NNP . . On IN many JJ issues NNS -- : flag-burning NN , , for IN instance NN -- : his PRP$ keen JJ political JJ sensitivities NNS overcome VBP such JJ conflicts NNS . . But CC Mr. NNP Bush NNP and CC his PRP$ advisers NNS miscalculated VBD the DT politics NNS of IN the DT abortion NN issue NN , , failing VBG to TO grasp VB how WRB dramatically RB the DT abortion-rights NNS movement NN would MD be VB aroused VBN following VBG last JJ summer NN 's POS Supreme NNP Court NNP decision NN to TO restrict VB those DT rights NNS in IN the DT Webster NNP case NN . . `` `` It PRP was VBD one CD of IN the DT quickest JJS changes NNS in IN public JJ attitudes NNS I PRP 've VBP ever RB seen VBN , , '' '' says VBZ former JJ Reagan NNP pollster NN Richard NNP Wirthlin NNP . . These DT days NNS , , when WRB others NNS raise VBP the DT subject NN of IN abortion NN , , the DT usually RB loquacious JJ president NN can MD be VB close-mouthed JJ almost RB to TO the DT point NN of IN curtness NN . . Ten CD days NNS ago RB he PRP was VBD asked VBN to TO amplify VB the DT reasons NNS behind IN his PRP$ anti-abortion JJ stance NN . . `` `` My PRP$ position NN is VBZ well-known JJ and CC well-stated JJ , , '' '' he PRP replied VBD . . A DT close JJ look NN at IN his PRP$ record NN over IN the DT last JJ 15 CD years NNS suggests VBZ that IN Mr. NNP Bush NNP has VBZ well-stated VBN his PRP$ views NNS -- : on IN all DT sides NNS of IN the DT issue NN . . In IN 1974 CD , , as IN the DT U.S. NNP representative NN to TO the DT United NNP Nations NNPS , , he PRP wrote VBD an DT introduction NN to TO a DT book NN on IN world NN population NN in IN which WDT he PRP boasted VBD of IN his PRP$ leadership NN during IN his PRP$ term NN in IN Congress NNP in IN expanding VBG family-planning NN services NNS for IN the DT poor JJ . . Running VBG for IN president NN in IN early JJ 1980 CD , , he PRP was VBD also RB quoted VBN as IN supporting VBG federal JJ funding NN for IN abortions NNS in IN cases NNS of IN rape NN , , incest NN and CC to TO save VB the DT life NN of IN the DT mother NN . . In IN his PRP$ Rolling NNP Stone NNP interview NN in IN 1980 CD , , Mr. NNP Bush NNP volunteered VBD his PRP$ abortion-rights NNS remarks NNS to TO contrast VB himself PRP with IN his PRP$ rival NN , , Ronald NNP Reagan NNP . . In IN addition NN to TO supporting VBG the DT landmark NN Roe NNP vs. FW Wade NNP Supreme NNP Court NNP decision NN legalizing VBG abortion NN , , Mr. NNP Bush NNP said VBD he PRP opposed VBD the DT constitutional JJ ban NN on IN abortion NN that IN Mr. NNP Reagan NNP was VBD promising JJ to TO promote VB . . As IN Mr. NNP Reagan NNP 's POS running NN mate NN , , though RB , , Mr. NNP Bush NNP plunged VBD headlong RB into IN the DT anti-abortion JJ position NN , , endorsing VBG a DT constitutional JJ amendment NN outlawing VBG abortion NN . . He PRP acknowledged VBD only RB one CD difference NN with IN Mr. NNP Reagan NNP -- : that IN the DT amendment NN ought MD to TO have VB exceptions NNS for IN rape NN and CC incest NN as RB well RB as IN to TO save VB a DT woman NN 's POS life NN . . Throughout IN the DT early JJ 1980s NNS , , Mr. NNP Bush NNP was VBD quoted VBN sometimes RB supporting VBG federal JJ funding NN for IN abortion NN in IN cases NNS of IN rape NN and CC incest NN and CC sometimes RB opposing VBG it PRP . . In IN April NNP 1986 CD , , then-Vice JJ President NNP Bush NNP had VBD his PRP$ staff NN write VB a DT letter NN spelling VBG out RP that IN he PRP would MD support VB a DT constitutional JJ amendment NN banning VBG abortions NNS except IN in IN cases NNS of IN rape NN , , incest NN and CC life NN endangerment NN , , but CC that IN he PRP opposed VBD federal JJ funding NN in IN all DT but CC the DT latter JJ case NN . . At IN the DT GOP NNP convention NN last JJ year NN , , he PRP again RB came VBD out RP for IN an DT amendment NN with IN exceptions NNS for IN rape NN , , incest NN and CC life NN endangerment NN . . His PRP$ rhetoric NN gathered VBD momentum NN as IN he PRP rolled VBD into IN office NN , , affirming VBG his PRP$ `` `` firm JJ support NN of IN our PRP$ cause NN '' '' during IN an DT anti-abortion JJ rally NN three CD days NNS after IN his PRP$ inauguration NN last JJ January NNP . . He PRP again RB urged VBD passage NN of IN a DT constitutional JJ amendment NN outlawing VBG abortion NN . . But CC when WRB the DT high JJ court NN ruled VBD in IN the DT Webster NNP case NN in IN July NNP , , the DT president NN began VBD to TO lower VB the DT volume NN . . When WRB the DT ruling NN was VBD handed VBN down RP , , the DT vacationing VBG president NN dispatched VBD Chief NNP of IN Staff NNP John NNP Sununu NNP to TO issue VB a DT statement NN and CC refused VBD to TO answer VB questions NNS himself PRP . . He PRP did VBD later RB threaten VB vetoes NNS over IN legislation NN restoring VBG the DT District NNP of IN Columbia NNP 's POS right NN to TO use VB its PRP$ own JJ tax NN money NN to TO fund NN abortions NNS for IN poor JJ women NNS and CC over IN restoring VBG funding NN to TO the DT United NNP Nations NNPS Population NNP Fund NNP . . But CC in IN the DT months NNS since IN then RB , , while IN trying VBG to TO drum VB up RP support NN for IN other JJ issues NNS -- : such JJ as IN an DT anti-flag-burning JJ constitutional JJ amendment NN -- : he PRP has VBZ shied VBN away RP from IN talking VBG about IN abortion NN . . What WP few JJ comments NNS he PRP has VBZ initiated VBN have VBP been VBN oblique JJ , , such JJ as IN urging VBG `` `` greater JJR efforts NNS toward IN the DT protection NN of IN human JJ life NN '' '' at IN a DT meeting NN of IN Catholic JJ lawyers NNS in IN Boston NNP last JJ month NN . . The DT White NNP House NNP has VBZ likewise RB avoided VBN any DT involvement NN in IN Florida NNP 's POS recent JJ special JJ legislative JJ session NN on IN abortion NN , , which WDT anti-abortion NN forces NNS had VBD regarded VBN as IN a DT key JJ test NN of IN their PRP$ ability NN to TO get VB state NN lawmakers NNS to TO toughen VB abortion NN restrictions NNS . . The DT session NN failed VBD to TO enact VB any DT new JJ curbs NNS . . Now RB , , some DT see VBP Mr. NNP Bush NNP trapped VBN in IN a DT position NN he PRP is VBZ neither CC comfortable JJ with IN nor CC able JJ to TO escape VB . . Ken NNP Ruberg NNP , , head NN of IN the DT Republican NNP Mainstream NNP Committee NNP , , a DT group NN of IN party NN moderates NNS , , observes VBZ : : `` `` The DT administration NN finds VBZ itself PRP in IN an DT ideological JJ cul NN de IN sac NN that IN it PRP will MD find VB it PRP difficult JJ -- : if IN not RB impossible JJ -- : to TO get VB itself PRP out IN of IN . . Christopher NNP Cox NNP 's POS Oct. NNP 13 CD editorial-page NN article NN `` `` Toward IN More JJR Crippling JJ Lawsuits NNS ... : '' '' misses VBZ the DT point NN . . The DT 1989 CD Americans NNPS With IN Disabilities NNPS Act NNP is VBZ about IN eliminating VBG discriminatory JJ barriers NNS . . When WRB we PRP look VBP closely RB at IN our PRP$ own JJ history NN , , it PRP is VBZ clear JJ that IN our PRP$ constitutionally RB mandated VBN civil JJ rights NNS have VBP evolved VBN not RB through IN the DT goodness NN of IN people NNS 's POS hearts NNS but CC through IN legislation NN and CC constitutional JJ amendments NNS . . This DT is VBZ how WRB American JJ women NNS won VBD the DT right NN to TO vote VB . . And CC it PRP is VBZ how WRB African-Americans NNPS and CC other JJ minority NN groups NNS were VBD guaranteed VBN their PRP$ equal JJ rights NNS as IN citizens NNS in IN this DT nation NN . . For IN the DT more JJR than IN 43 CD million CD Americans NNPS with IN disabilities NNS , , the DT 1989 CD Americans NNPS With IN Disabilities NNPS Act NNP provides VBZ the DT missing VBG piece NN . . Disabled JJ Americans NNPS have VBP had VBN their PRP$ civil JJ rights NNS guaranteed VBN in IN all DT federally RB funded VBN programs NNS since IN Section NN 504 CD was VBD passed VBN as IN a DT part NN of IN the DT 1973 CD Rehabilitation NNP Act NNP . . The DT 1989 CD act NN simply RB extends VBZ these DT guarantees NNS to TO the DT private JJ sector NN . . Those DT who WP fear VBP a DT plethora NN of IN suits NNS paralyzing VBG our PRP$ legal JJ system NN need MD only RB look VB at IN the DT record NN on IN the DT Rehabilitation NNP Act NNP . . Without IN legal JJ recourse NN , , there EX are VBP no DT guarantees NNS of IN civil JJ rights NNS for IN anyone NN . . John NNP R. NNP Garrison NNP President NNP National NNP Easter NNP Seal NNP Society NNP Ford NNP Motor NNP Co. NNP said VBD it PRP is VBZ consolidating VBG control NN of IN its PRP$ Asian JJ operations NNS under IN a DT new JJ organization NN here RB that DT will MD be VB headed VBN by IN W. NNP Wayne NNP Booker NNP . . Ford NNP Asia-Pacific NNP will MD coordinate VB the DT activities NNS of IN Ford NNP subsidiaries NNS in IN Japan NNP , , Australia NNP , , Taiwan NNP and CC New NNP Zealand NNP and CC work NN with IN Ford NNP business NN associates NNS throughout IN the DT region NN . . These DT functions NNS are VBP currently RB performed VBN out IN of IN Melbourne NNP , , Australia NNP , , and CC at IN Ford NNP 's POS headquarters NN in IN Dearborn NNP , , Mich NNP . . Mr. NNP Booker NNP , , executive NN director NN of IN Ford NNP 's POS Latin NNP America NNP Automotive NNP Operations NNP since IN December NNP 1988 CD , , was VBD named VBN vice NN president NN of IN Ford NNP Asia-Pacific NNP . . Goodyear NNP Tire NNP & CC Rubber NNP Co. NNP , , buoyed VBN by IN improved JJ operating NN profit NN in IN its PRP$ tire NN segment NN , , reported VBD that IN third-quarter JJ net JJ income NN rose VBD 11 CD % NN to TO $ $ 70.5 CD million CD , , or CC $ $ 1.22 CD a DT share NN . . In IN the DT year-ago JJ period NN , , Goodyear NNP had VBN net NN of IN $ $ 63.5 CD million CD , , or CC $ $ 1.11 CD a DT share NN . . Sales NNS rose VBD slightly RB to TO $ $ 2.68 CD billion CD , , from IN $ $ 2.66 CD billion CD . . Analysts NNS had VBD mixed JJ responses NNS to TO the DT results NNS . . Donald NNP DeScenza NNP , , an DT independent JJ analyst NN in IN New NNP Canaan NNP , , Conn. NNP , , said VBD he PRP was VBD `` `` impressed JJ with IN the DT company NN 's POS performance NN . . '' '' He PRP said VBD results NNS were VBD better JJR than IN he PRP 'd MD expected VBN and CC indicate VBP that IN Goodyear VBP is VBZ in IN the DT midst NN of IN a DT turnaround NN from IN a DT string NN of IN lackluster JJ quarters NNS that WDT have VBP plagued VBN the DT company NN for IN a DT year NN . . However RB , , Harry NNP Millis NNP , , an DT analyst NN at IN McDonald NNP & CC Co. NNP , , Cleveland NNP , , said VBD Goodyear NNP 's POS results NNS `` `` fell VBD at IN the DT bottom NN '' '' of IN his PRP$ range NN of IN estimates NNS . . Excluding VBG an DT increase NN in IN the DT tax NN rate NN and CC the DT effects NNS of IN foreign JJ currency NN translations NNS , , Mr. NNP Millis NNP said VBD the DT company NN 's POS results NNS `` `` were VBD still RB a DT little RB disappointing JJ . . '' '' Goodyear NNP 's POS stock NN , , which WDT has VBZ been VBN weak JJ in IN recent JJ weeks NNS , , fell VBD $ $ 2.875 CD yesterday NN to TO close VB at IN $ $ 43.875 CD a DT share NN in IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP . . The DT Akron NNP , , Ohio-based JJ company NN said VBD pretax JJ operating NN income NN in IN its PRP$ tire NN segment NN jumped VBD about IN 31 CD % NN to TO $ $ 196.2 CD million CD from IN $ $ 150.2 CD million CD a DT year NN earlier RB , , reflecting VBG improvements NNS in IN raw JJ material NN costs NNS , , sales NNS of IN replacement NN tires NNS and CC pricing NN . . McDonald NNP 's POS Mr. NNP Millis NNP said VBD Goodyear NNP appeared VBD to TO have VB held VBN or CC gained VBN some DT market NN share NN in IN the DT U.S. NNP for IN the DT first JJ time NN since IN the DT second JJ quarter NN of IN 1988 CD . . But CC Goodyear NNP said VBD total JJ U.S. NNP tire NN unit NN sales NNS were VBD off IN about IN 2 CD % NN . . Total JJ tire NN segment NN sales NNS were VBD up RB only RB about IN 1 CD % NN to TO $ $ 2.2 CD billion CD , , and CC the DT company NN said VBD it PRP reduced VBD manufacturing NN levels NNS at IN some DT of IN its PRP$ U.S. NNP tire NN plants NNS because RB of IN inventory NN adjustments NNS and CC slackened JJ production NN by IN auto NN makers NNS . . In IN the DT latest JJS quarter NN , , Goodyear NNP 's POS tax NN rate NN was VBD 51 CD % NN compared VBN with IN 41 CD % NN a DT year NN earlier RB . . As IN a DT result NN , , total JJ tax NN outlays NNS were VBD $ $ 73.5 CD million CD , , compared VBN with IN $ $ 44.1 CD million CD the DT year NN earlier RB . . For IN the DT nine CD months NNS , , profit NN skidded VBD about IN 35 CD % NN , , reflecting VBG charges NNS taken VBN in IN this DT year NN 's POS second JJ quarter NN and CC the DT effect NN of IN translations NNS of IN weaker JJR foreign JJ currencies NNS into IN the DT stronger JJR U.S. NNP dollar NN . . Net NN was VBD $ $ 192.1 CD million CD , , or CC $ $ 3.33 CD a DT share NN , , compared VBN with IN net NN of IN $ $ 293.7 CD million CD , , or CC $ $ 5.13 CD a DT share NN , , the DT year NN earlier RB . . The DT latest JJS nine CD months NNS included VBD charges NNS of IN $ $ 95 CD million CD related VBN to TO the DT company NN 's POS South JJ African JJ subsidiary NN and CC unused JJ pipe NN sold VBN by IN its PRP$ crude JJ oil NN pipeline NN unit NN . . Sales NNS rose VBD nearly RB 2 CD % NN to TO $ $ 8.13 CD billion CD from IN $ $ 7.98 CD billion CD . . Environmental NNP Control NNP Group NNP Inc. NNP said VBD it PRP expects VBZ to TO report VB `` `` minimal JJ '' '' earnings NNS or CC a DT loss NN for IN the DT third JJ quarter NN . . The DT environmental JJ services NNS company NN said VBD that IN the DT discontinuation NN of IN unsuccessful JJ product NN lines NNS and CC an DT increase NN in IN baddebt JJ reserves NNS probably RB will MD result VB in IN charges NNS of IN $ $ 2.5 CD million CD to TO $ $ 4 CD million CD , , most JJS of IN which WDT will MD be VB taken VBN against IN third-quarter JJ results NNS . . In IN the DT year-ago JJ quarter NN , , the DT company NN reported VBD earnings NNS of IN $ $ 2.2 CD million CD , , or CC 35 CD cents NNS a DT share NN . . Former JJ USX NNP Corp. NNP Chairman NNP David NNP M. NNP Roderick NNP may MD have VB been VBN lucky JJ he PRP retired VBD last JJ May NNP . . As IN he PRP handed VBD over RP the DT reins NNS to TO successor NN Charles NNP A. NN Corry NNP , , steel NN profits NNS were VBD close JJ to TO a DT cyclical JJ peak NN . . Though IN imports NNS were VBD troublesome JJ , , they PRP were VBD n't RB running VBG away RB with IN the DT market NN , , and CC American JJ companies NNS had VBD high JJ hopes NNS that IN steel NN import NN quotas NNS would MD be VB extended VBN for IN another DT five CD years NNS . . Perhaps RB most RBS important JJ , , Carl NNP Icahn NNP , , who WP had VBD once RB threatened VBN a DT hostile JJ takeover NN bid NN , , was VBD subdued VBN . . He PRP and CC Mr. NNP Roderick NNP were VBD even RB dining VBG out RP together RB . . Today NN , , Mr. NNP Corry NNP presides VBZ over IN a DT company NN whose WP$ fortunes NNS have VBP changed VBN abruptly RB . . Mr. NNP Icahn NNP , , the DT company NN 's POS deep-pocketed JJ , , tenacious JJ adversary NN , , recently RB disclosed VBD that IN he PRP had VBD raised VBN his PRP$ USX NNP stake NN to TO 13.1 CD % NN , , and CC he PRP again RB threatened VBD a DT takeover NN . . A DT battle NN with IN Mr. NNP Icahn NNP would MD rattle VB even RB the DT most RBS seasoned JJ chief JJ executive NN , , to TO say VB nothing NN of IN one NN who WP took VBD the DT helm NN less JJR than IN five CD months NNS ago RB . . In IN addition NN , , USX NNP 's POS giant JJ steel NN segment NN , , representing VBG 34 CD % NN of IN its PRP$ 1988 CD sales NNS , , is VBZ facing VBG softening VBG demand NN and CC slipping VBG prices NNS as RB well RB as IN increasing VBG competition NN from IN foreign JJ steelmakers NNS and CC low-cost JJ minimills NNS . . The DT import NN quotas NNS got VBD only RB a DT 2 CD 1\/2-year JJ extension NN , , and CC USX NNP is VBZ laboring VBG under IN a DT staggering JJ $ $ 5.8 CD billion CD debt NN at IN a DT time NN when WRB it PRP must MD spend VB money NN to TO upgrade VB steel NN mills NNS and CC drill VB for IN oil NN . . `` `` It PRP 's VBZ a DT baptism NN of IN fire NN for IN Corry NNP , , '' '' says VBZ one CD USX NNP executive NN . . The DT burning VBG question NN is VBZ whether IN the DT new JJ chief NN can MD parry VB Mr. NNP Icahn NNP without IN being VBG pushed VBN into IN unwelcome JJ moves NNS . . Mr. NNP Corry NNP might MD have VB to TO dismember VB the DT company NN more RBR than IN he PRP wants VBZ to TO . . Or CC he PRP might MD have VB to TO incur VB a DT huge JJ expense NN of IN either CC buying VBG Mr. NNP Icahn NNP 's POS stock NN , , possibly RB at IN a DT premium JJ , , or CC paying VBG stockholders NNS a DT special JJ dividend NN partly RB because IN of IN Mr. NNP Icahn NNP 's POS pressure NN . . With IN his PRP$ recent JJ purchases NNS of IN USX NNP common JJ stock NN , , Mr. NNP Icahn NNP shattered VBD a DT three-year-old JJ , , unwritten JJ standstill JJ agreement NN with IN Mr. NNP Roderick NNP . . In IN 1986 CD , , Mr. NNP Roderick NNP adroitly RB dodged VBD Mr. NNP Icahn NNP 's POS first JJ bullet NN after IN the DT takeover NN specialist NN had VBD built VBN up RP an DT 11.4 CD % NN stake NN . . Mr. NNP Roderick NNP did VBD so RB by IN having VBG USX NNP redeem VB a DT series NN of IN guaranteed JJ notes NNS , , a DT move NN that WDT , , in IN effect NN , , raised VBD the DT cost NN of IN a DT $ $ 7.19 CD billion CD Icahn NNP bid NN by IN about IN $ $ 3 CD billion CD . . And CC he PRP managed VBD to TO fend VB off RP further JJ advances NNS and CC even RB strike VB up RP an DT unlikely JJ friendship NN with IN the DT interloper NN . . Over IN dinners NNS at IN New NNP York NNP 's POS Sky NNP Club NNP and CC Links NNP Club NNP restaurants NNS , , the DT steel NN executive NN and CC the DT big JJ investor NN talked VBD steel NN , , international JJ trade NN and CC thoroughbred JJ horses NNS . . Mr. NNP Corry NNP , , who WP has VBZ boned VBN up RP on IN corporate JJ raiders NNS by IN reading VBG T. NNP Boone NNP Pickens NNP 's POS autobiography NN , , had VBD hoped VBN the DT detente NN would MD continue VB . . He PRP was VBD shocked JJ , , associates NNS say VBP , , to TO learn VB of IN Mr. NNP Icahn NNP 's POS new JJ takeover NN threat NN . . ( ( Both DT men NNS declined VBD to TO be VB interviewed VBN for IN this DT article NN . . ) ) But CC the DT fiercely RB competitive JJ Mr. NNP Corry NNP quickly RB showed VBD he PRP 's VBZ no DT pushover NN . . He PRP huddled VBD with IN directors NNS at IN a DT special JJ meeting NN two CD weeks NNS ago RB and CC tried VBD to TO block VB his PRP$ opponent NN . . Although IN the DT board NN believed VBD that IN Mr. NNP Icahn NNP is VBZ more RBR interested JJ in IN talking VBG the DT stock NN price NN higher RBR than IN acquiring VBG USX NNP , , it PRP adopted VBD a DT poison-pill NN defense NN , , to TO be VB swallowed VBN if IN anyone NN amasses VBZ a DT 15 CD % NN stake NN . . Now RB , , it PRP 's VBZ Mr. NNP Icahn NNP 's POS move NN . . Will MD he PRP try VB to TO gain VB a DT seat NN on IN or CC control VB of IN the DT board NN and CC force VB a DT radical JJ split NN of IN USX NNP into IN separate JJ oil NN and CC steel NN companies NNS ? . Given VBN the DT weakness NN of IN the DT junk-bond NN market NN , , can MD he PRP finance VB a DT buy-out NN ? . Mr. NNP Icahn NNP may MD not RB want VB to TO sell VB out RB unless IN he PRP can MD get VB a DT special JJ dividend NN similar JJ to TO one NN he PRP received VBD before IN selling VBG his PRP$ stake NN in IN Texaco NNP Inc. NNP in IN June NNP -- : a DT coup NN that WDT gave VBD him PRP enough JJ cash NN to TO make VB his PRP$ USX NNP move NN . . And CC although IN the DT recent JJ turmoil NN in IN the DT stock NN and CC junk-bond NN markets NNS , , by IN making VBG it PRP harder JJR to TO arrange VB takeover NN financing NN , , has VBZ eased VBN some DT of IN the DT pressure NN on IN Mr. NNP Corry NNP , , it PRP does VBZ n't RB end VB the DT takeover NN threat NN . . `` `` I PRP know VBP it PRP 's VBZ not RB over RP , , '' '' a DT sober-faced JJ Mr. NNP Corry NNP acknowledged VBD while IN greeting VBG steel NN suppliers NNS in IN New NNP York NNP on IN Oct. NNP 12 CD and CC inviting VBG them PRP to TO a DT buffet NN of IN salmon NN and CC sushi NN in IN honor NN of IN Kobe NNP Steel NNP Ltd. NNP , , USX NNP 's POS partner NN in IN a DT steel NN mill NN in IN Lorain NNP , , Ohio NNP . . In IN fact NN , , it PRP 's VBZ barely RB begun VBN for IN Mr. NNP Corry NNP , , who WP faces VBZ tough JJ decisions NNS before IN he PRP has VBZ had VBN a DT chance NN to TO get VB settled VBN into IN his PRP$ new JJ job NN . . `` `` He PRP 's VBZ in IN a DT vulnerable JJ position NN because IN he PRP has VBZ n't RB established VBN much JJ credibility NN on IN his PRP$ own JJ , , '' '' says VBZ Bryan NNP Jacoboski NNP , , a DT securities NNS analyst NN at IN PaineWebber NNP Inc NNP . . The DT 57-year-old JJ tax NN attorney NN never RB even RB aspired VBD to TO the DT job NN of IN chief JJ executive NN . . An DT undistinguished JJ college NN student NN who WP dabbled VBD in IN zoology NN until IN he PRP concluded VBD that IN he PRP could MD n't RB stand VB cutting VBG up RP frogs NNS , , Mr. NNP Corry NNP wanted VBD to TO work VB for IN a DT big JJ company NN `` `` that DT could MD do VB big JJ things NNS . . '' '' But CC after IN joining VBG the DT tax NN department NN of IN a DT USX NNP subsidiary NN 30 CD years NNS ago RB , , he PRP set VBD the DT modest JJ goal NN of IN becoming VBG tax NN manager NN by IN the DT age NN of IN 46 CD . . For IN years NNS , , he PRP quietly RB stuck VBD to TO the DT back JJ accounting NN rooms NNS , , wearing VBG a DT hat NN to TO work VB because IN everyone NN else RB did VBD . . `` `` I PRP was VBD never RB a DT rebel NN , , '' '' he PRP said VBD in IN an DT earlier JJR interview NN . . `` `` I PRP do VBP n't RB think VB most JJS of IN the DT people NNS that WDT have VBP been VBN around IN me PRP would MD ever RB say VB they PRP 've VBP seen VBN me PRP pound VB the DT table NN or CC get VB angry JJ . . '' '' Yet CC , , the DT unassuming JJ Mr. NNP Corry NNP helped VBD chart VB USX NNP 's POS transition NN from IN Big JJ Steel NN to TO Big JJ Oil NN . . He PRP served VBD as IN Mr. NNP Roderick NNP 's POS front JJ man NN in IN tense JJ negotiations NNS for IN the DT 1982 CD purchase NN of IN Marathon NNP Oil NNP for IN $ $ 5.9 CD billion CD . . Nevertheless RB , , Mr. NNP Corry NNP , , once RB named VBN chief JJ executive NN , , did VBD n't RB waste VB any DT time NN distancing VBG himself PRP from IN his PRP$ former JJ boss NN , , who WP still RB has VBZ an DT office NN on IN the DT 62nd JJ floor NN of IN the DT USX NNP tower NN in IN Pittsburgh NNP . . Soon RB after IN taking VBG over RP last JJ June NNP , , Mr. NNP Corry NNP rescinded VBD a DT pay NN cut NN imposed VBN on IN clerical NN workers NNS , , a DT move NN that IN Mr. NNP Roderick NNP had VBD n't RB made VBN in IN spite NN of IN improved JJ earnings NNS . . Mr. NNP Corry NNP also RB ruled VBD that IN all DT board NN meetings NNS would MD be VB held VBN in IN Pittsburgh NNP instead RB of IN New NNP York NNP or CC Findlay NNP , , Ohio NNP , , Marathon NNP 's POS home NN . . And CC , , earlier RBR this DT month NN , , he PRP announced VBD the DT sale NN of IN the DT reserves NNS of IN Texas NNP Oil NNP & CC Gas NNP , , which WDT was VBD acquired VBN three CD years NNS ago RB and CC has VBZ n't RB posted VBN any DT significant JJ operating NN profits NNS since IN . . One CD former JJ executive NN says VBZ , , `` `` Nobody NN wanted VBD that DT deal NN inside IN USX NNP except IN Dave NNP Roderick NNP , , '' '' who WP was VBD a DT hunting NN and CC fishing NN buddy NN of IN William NNP L. NNP Hutchison NNP , , chairman NN of IN Texas NNP Oil NNP & CC Gas NNP . . The DT executive NN recalls VBZ Mr. NNP Corry NNP whispering VBG to TO him PRP and CC others NNS , , `` `` Remember VB , , this DT was VBD Dave NNP 's POS deal NN . . '' '' What WP miffed VBD many JJ USX NNP executives NNS and CC shareholders NNS was VBD that IN the DT acquisition NN , , for IN $ $ 3 CD billion CD of IN stock NN , , doubled VBD the DT USX NNP shares NNS outstanding JJ and CC considerably RB diluted VBD them PRP . . What WP 's VBZ more JJR , , the DT takeover NN occurred VBD as IN natural-gas NN prices NNS were VBD falling VBG and CC just RB as IN Texas NNP Oil NNP & CC Gas NNP reported VBD its PRP$ first JJ annual JJ loss NN in IN 28 CD years NNS . . Mr. NNP Corry NNP expected VBD the DT Texas NNP Oil NNP & CC Gas NNP sale NN to TO delight VB Mr. NNP Icahn NNP by IN addressing VBG his PRP$ concern NN about IN boosting VBG shareholder NN value NN . . But CC when WRB the DT two CD men NNS met VBD in IN New NNP York NNP a DT day NN after IN Mr. NNP Icahn NNP disclosed VBD the DT rise NN in IN his PRP$ USX NNP stake NN , , Mr. NNP Corry NNP learned VBD that IN Mr. NNP Icahn NNP wanted VBD him PRP to TO sell VB all DT of IN Texas NNP Oil NNP -- : not RB just RB its PRP$ reserves NNS of IN about IN 1.2 CD trillion CD cubic JJ feet NNS of IN natural JJ gas NN and CC 28 CD million CD barrels NNS of IN oil NN but CC also RB its PRP$ pipeline NN , , gas-gathering VBG and CC contract-drilling VBG operations NNS . . That DT would MD leave VB USX NNP with IN Marathon NNP , , its PRP$ steel NN mills NNS and CC its PRP$ diversified JJ business NN segment NN , , which WDT includes VBZ , , among IN other JJ things NNS , , mineral NN and CC transportation NN products NNS . . Some DT speculate VBP that IN Mr. NNP Corry NNP would MD agree VB if IN he PRP could MD find VB a DT buyer NN at IN the DT right JJ price NN . . The DT problem NN is VBZ that DT Mr. NNP Icahn NNP is VBZ pushing VBG him PRP to TO move VB faster RBR and CC further RBR in IN restructuring VBG USX NNP than IN Mr. NNP Corry NNP had VBD planned VBN . . Mr. NNP Icahn NNP has VBZ long RB believed VBN , , associates NNS say VBP , , that IN the DT company NN , , whose WP$ 1988 CD sales NNS totaled VBD $ $ 16.88 CD billion CD , , is VBZ worth JJ $ $ 70 CD a DT share NN if IN broken VBN up RP . . The DT stock NN closed VBD yesterday NN at IN $ $ 33.625 CD , , giving VBG Mr. NNP Icahn NNP 's POS 33.6 CD million CD shares NNS a DT value NN of IN $ $ 1.13 CD billion CD . . Mr. NNP Icahn NNP advocates VBZ the DT sale NN of IN the DT company NN 's POS steel NN operations NNS , , and CC Mr. NNP Corry NNP does VBZ n't RB necessarily RB disagree VB . . Unlike IN his PRP$ predecessor NN , , who WP saw VBD steel NN as IN America NNP 's POS backbone NN , , Mr. NNP Corry NNP tends VBZ to TO view VB it PRP as IN a DT capital-draining VBG and CC labor-intensive JJ business NN with IN limited JJ potential NN , , associates NNS say VBP . . In IN the DT past JJ five CD years NNS , , USX NNP has VBZ turned VBN steel NN into IN a DT profit NN maker NN by IN closing VBG several JJ plants NNS and CC reducing VBG labor NN costs NNS . . But CC the DT short-term JJ outlook NN is VBZ so-so JJ . . It PRP is VBZ n't RB surprising JJ that IN Messrs. NNPS Roderick NNP and CC Corry NNP view VBP steel NN so RB differently RB . . While IN Mr. NNP Roderick NNP was VBD reared VBN in IN the DT shadows NNS of IN Pittsburgh NNP 's POS smoking VBG mills NNS , , Mr. NNP Corry NNP grew VBD up RP in IN Cincinnati NNP , , a DT city NN nicknamed VBN `` `` Porkapolis NNP '' '' and CC more RBR accustomed JJ to TO pork NN chops NNS than IN pig NN iron NN . . He PRP has VBZ never RB met VBN Lynn NNP Williams NNP , , the DT president NN of IN the DT United NNP Steelworkers NNPS union NN , , and CC is VBZ n't RB active JJ in IN the DT industry NN 's POS main JJ trade NN group NN , , the DT American NNP Iron NNP and CC Steel NNP Institute NNP , , which WDT Mr. NNP Roderick NNP served VBD as IN chairman NN . . `` `` Dave NNP thought VBD the DT country NN needed VBD a DT strong JJ U.S. NNP Steel NNP and CC , , while IN Chuck NNP agreed VBD , , he PRP was VBD more RBR apt JJ to TO say VB , , ` `` Not RB at IN any DT cost NN to TO shareholders NNS , , ' '' '' '' a DT former JJ executive NN says VBZ . . Indeed RB , , Mr. NNP Corry NNP , , at IN an DT August NNP press NN conference NN , , talked VBD about IN investing VBG in IN steel NN as RB long RB as IN it PRP provides VBZ a DT good JJ return NN and CC `` `` not RB a DT day NN longer RB . . '' '' However RB , , shedding VBG steel NN would MD run VB directly RB counter RB to TO Mr. NNP Roderick NNP 's POS original JJ rationale NN for IN diversifying VBG into IN oil NN and CC gas NN : : Having VBG two CD major JJ products NNS would MD lessen VB the DT company NN 's POS vulnerability NN to TO one CD market NN 's POS down JJ cycle NN and CC help VB smooth VB out RP the DT flow NN of IN cash NN and CC earnings NNS . . As IN Mr. NNP Roderick NNP once RB said VBD : : `` `` We PRP 're VBP a DT two-product JJ company NN and CC , , boy UH , , if IN you PRP ca MD n't RB figure VB out RP the DT value NN of IN those DT two CD parts NNS , , you PRP are VBP so RB damn RB dumb JJ that IN you PRP do VBP n't RB belong VB on IN Wall NNP Street NNP . . '' '' Moreover RB , , the DT opportunity NN to TO sell VB steel NN at IN a DT price NN acceptable JJ to TO USX NNP may MD be VB gone VBN , , for IN now RB . . `` `` The DT time NN has VBZ passed VBN for IN us PRP to TO spin VB off RP steel NN , , '' '' either CC in IN a DT public JJ offering NN or CC to TO a DT buyer NN , , one CD executive NN contends VBZ . . About IN the DT only JJ way NN that IN USX NNP now RB can MD get VB out IN of IN steel NN is VBZ to TO dish VB it PRP out RP , , piece NN by IN piece NN , , in IN separate JJ joint JJ ventures NNS , , he PRP adds VBZ . . With IN Mr. NNP Icahn NNP breathing VBG down IN his PRP$ neck NN , , however RB , , Mr. NNP Corry NNP may MD have VB little JJ choice NN but CC to TO sell VB at IN a DT weak JJ price NN , , even RB if IN it PRP means VBZ losing VBG some DT steel-related JJ tax-loss JJ carryforwards NNS . . That DT would MD leave VB USX NNP essentially RB an DT oil NN company NN with IN Marathon NNP as IN its PRP$ core NN . . Marathon NNP has VBZ benefited VBN from IN higher JJR crude-oil NN prices NNS and CC strong JJ demand NN for IN refined JJ products NNS . . Oil NN has VBZ long RB been VBN Mr. NNP Corry NNP 's POS pet NN . . Indeed RB , , when WRB the DT Bush NNP administration NN finally RB decided VBD this DT summer NN to TO renew VB import NN restrictions NNS -- : arguably RB the DT most RBS important JJ decision NN to TO affect VB the DT steel NN industry NN in IN five CD years NNS -- : Mr. NNP Corry NNP and CC his PRP$ directors NNS were VBD aboard IN helicopters NNS , , high RB above IN Marathon NNP 's POS rich JJ oil NN reserves NNS in IN the DT North NNP Sea NNP . . Should MD USX NNP be VB left VBN with IN only JJ Marathon NNP , , Mr. NNP Corry NNP might MD well RB feel VB pushed VBN to TO scout VB out RP other JJ energy NN companies NNS . . However RB , , even RB USX NNP executives NNS who WP work VBP closely RB with IN him PRP are VBP n't RB sure JJ about IN his PRP$ long-term JJ goals NNS . . `` `` I PRP do VBP n't RB think VB he PRP has VBZ a DT clear JJ sense NN of IN where WRB he PRP wants VBZ the DT company NN to TO go VB , , '' '' one CD says VBZ . . Right RB now RB , , the DT executive NN adds VBZ , , `` `` he PRP wants VBZ to TO continue VB to TO focus VB on IN paying VBG down RP '' '' USX NNP 's POS debt NN by IN selling VBG assets NNS . . One CD thing NN is VBZ certain JJ , , however RB : : Mr. NNP Corry NNP , , while IN studying VBG other JJ options NNS , , probably RB wo MD n't RB make VB a DT major JJ move NN until IN he PRP 's VBZ clear JJ about IN Mr. NNP Icahn NNP 's POS intentions NNS . . And CC then RB , , `` `` he PRP wo MD n't RB panic VB , , '' '' says VBZ J. NNP Bruce NNP Johnston NNP , , a DT former JJ USX NNP executive NN and CC now RB a DT labor NN and CC benefit NN consultant NN with IN Adler NNP Cohen NNP & CC Grigsby NNP in IN Pittsburgh NNP . . Mr. NNP Corry NNP learned VBD presence NN under IN fire NN when WRB , , as IN vice NN president NN of IN corporate JJ planning NN , , he PRP handled VBD what WP Mr. NNP Johnston NNP calls VBZ `` `` don't-con-me JJ '' '' negotiations NNS that WDT led VBD to TO USX NNP 's VBZ shedding VBG of IN a DT wide JJ array NN of IN assets NNS ranging VBG from IN chemicals NNS to TO construction NN . . When WRB negotiating VBG , , Mr. NNP Corry NNP played VBD his PRP$ cards NNS close RB to TO the DT vest NN . . Johnnie NNP Johnson NNP , , who WP worked VBD for IN Mr. NNP Corry NNP in IN strategic JJ planning NN , , recalls VBZ how WRB his PRP$ boss NN would MD routinely RB ask VB a DT subordinate NN to TO research VB an DT entire JJ industry NN to TO target VB acquisition NN candidates NNS . . `` `` What WP he PRP really RB wanted VBD to TO know VB was VBD about IN a DT particular JJ company NN , , but CC you PRP did VBD n't RB know VB that DT . . He PRP wanted VBD your PRP$ own JJ unbiased JJ , , virgin JJ opinion NN , , '' '' says VBZ Mr. NNP Johnson NNP , , now RB managing VBG director NN at IN Georgeson NNP & CC Co. NNP , , a DT proxy-solicitation JJ and CC investor-relations JJ firm NN . . Ever RB the DT pragmatist NN , , Mr. NNP Corry NNP said VBD in IN August NNP that IN he PRP realized VBD that IN USX NNP is VBZ on IN `` `` acquisition NN screens NNS all DT over IN the DT country NN . . '' '' `` `` It PRP 's VBZ part NN of IN the DT capitalistic JJ market NN system NN that DT equity NN can MD be VB bought VBN and CC equity NN is VBZ bought VBN , , '' '' he PRP said VBD . . USX NNP , , he PRP noted VBD , , was VBD formed VBN 88 CD years NNS ago RB , , `` `` by IN in IN effect NN buying VBG out RP a DT bunch NN of IN other JJ companies NNS ... : . . People NNS got VBD rich JJ through IN takeovers NNS in IN those DT days NNS , , as IN they PRP do VBP today NN . . '' '' Thomas NNP F. NNP O'Boyle NNP contributed VBD to TO this DT article NN . . Westinghouse NNP Electric NNP Corp. NNP said VBD it PRP will MD buy VB Shaw-Walker NNP Co NNP . . Terms NNS were VBD n't RB disclosed VBN . . Shaw-Walker NNP , , based VBN in IN Muskegon NNP , , Mich. NNP , , makes VBZ metal NN files NNS and CC desks NNS , , and CC seating NN and CC office NN systems NNS furniture NN . . Israel NNP has VBZ launched VBN a DT new JJ effort NN to TO prove VB the DT Palestine NNP Liberation NNP Organization NNP continues VBZ to TO practice VB terrorism NN , , and CC thus RB to TO persuade VB the DT U.S. NNP to TO break VB off RP talks NNS with IN the DT group NN . . U.S. NNP officials NNS , , however RB , , said VBD they PRP are VBP n't RB buying VBG the DT Israeli JJ argument NN . . Israeli JJ counterterrorism NN officials NNS provided VBD the DT State NNP Department NNP with IN a DT 20-page JJ list NN of IN recent JJ terrorist JJ incidents NNS they PRP attribute VBP directly RB to TO forces NNS controlled VBN by IN PLO NNP Chairman NNP Yasser NNP Arafat NNP . . Mr. NNP Arafat NNP publicly RB renounced VBD terrorism NN Dec. NNP 15 CD , , satisfying VBG the DT U.S. NNP precondition NN for IN a DT direct JJ `` `` dialogue NN '' '' with IN the DT PLO NNP . . A DT U.S. NNP counterterrorism NN official NN said VBD experts NNS are VBP studying VBG the DT Israeli JJ list NN . . `` `` We PRP have VBP no DT independent JJ evidence NN linking VBG Fatah NNP to TO any DT acts NNS of IN terrorism NN since IN Dec. NNP 15 CD , , 1988 CD , , '' '' he PRP said VBD , , referring VBG to TO the DT specific JJ PLO NNP group NN that WDT Mr. NNP Arafat NNP heads NNS . . `` `` So RB far RB , , this DT list NN does VBZ n't RB change VB our PRP$ view NN . . Israel NNP wants VBZ to TO end VB the DT dialogue NN , , but CC our PRP$ analysts NNS take VBP a DT different JJ view NN than IN theirs PRP . . '' '' Israeli NNP Prime NNP Minister NNP Yitzhak NNP Shamir NNP 's POS top JJ adviser NN on IN counterterrorism NN , , Yigal NNP Carmon NNP , , was VBD here RB Monday NNP to TO present VB the DT report NN to TO members NNS of IN Congress NNP , , reporters NNS and CC others NNS . . Mr. NNP Carmon NNP said VBD he PRP also RB presented VBD the DT list NN last JJ week NN to TO William NNP Brown NNP , , U.S. NNP Ambassador NNP to TO Israel NNP . . Separately NNP , , the DT New NNP York NNP Times NNP reported VBD that IN the DT Israeli JJ government NN had VBD provided VBN its PRP$ correspondent NN in IN Jerusalem NNP with IN different JJ documents NNS that IN Israel NNP said VBD prove VB the DT PLO NNP has VBZ been VBN conducting VBG terrorism NN from IN the DT occupied JJ Arab JJ territories NNS . . The DT State NNP Department NNP said VBD it PRP has VBZ n't RB yet RB seen VBN copies NNS of IN those DT papers NNS . . `` `` If IN the DT dialogue NN was VBD based VBN on IN the DT assumption NN that IN Arafat NNP or CC the DT PLO NNP would MD stop VB terrorism NN , , and CC we PRP have VBP evidence NN of IN continued JJ terrorism NN , , what WP would MD be VB the DT logical JJ conclusion NN ? . '' '' Mr. NNP Carmon NNP asked VBD . . Israel NNP has VBZ long RB claimed VBN Mr. NNP Arafat NNP never RB meant VBD to TO renounce VB terrorism NN , , particularly RB because IN he PRP and CC his PRP$ lieutenants NNS reserved VBD the DT right NN to TO press VB `` `` armed JJ struggle NN '' '' against IN the DT Jewish JJ state NN . . Now RB , , Jerusalem NNP says VBZ it PRP is VBZ backing VBG up RP its PRP$ contention NN with IN detailed JJ accounts NNS of IN alleged JJ terrorist JJ acts NNS and CC plans NNS linked VBN to TO Mr. NNP Arafat NNP . . It PRP blames VBZ most JJS of IN these DT on IN Fatah NN . . The DT new JJ accusations NNS come VBP at IN a DT delicate JJ time NN in IN U.S. NNP efforts NNS to TO bring VB about RP talks NNS between IN Israel NNP and CC Palestinian JJ representatives NNS . . The DT State NNP Department NNP said VBD it PRP had VBD received VBN a DT new JJ letter NN on IN the DT subject NN from IN Israeli NNP Foreign NNP Minister NNP Moshe NNP Arens NNP , , restating VBG Israel NNP 's POS previous JJ objection NN to TO negotiating VBG with IN any DT Palestinian NNP tied VBN to TO the DT PLO NNP . . Deciding VBG what WP constitutes VBZ `` `` terrorism NN '' '' can MD be VB a DT legalistic JJ exercise NN . . The DT U.S. NNP defines VBZ it PRP as IN `` `` premediated JJ , , politically RB motivated JJ violence NN perpetrated VBN against IN noncombatant JJ targets NNS by IN subnational JJ groups NNS or CC clandestine JJ state NN agents NNS . . '' '' To TO meet VB the DT U.S. NNP criteria NNS , , Israel NNP contended VBD it PRP only RB listed VBD incidents NNS that WDT involved VBD civilians NNS and CC occurred VBD inside IN its PRP$ pre-1967 JJ borders NNS . . At IN the DT heart NN of IN Israel NNP 's POS report NN is VBZ a DT list NN of IN a DT dozen NN incidents NNS Jerusalem NNP attributes VBZ to TO Fatah NNP , , including VBG the DT use NN of IN bombs NNS and CC Molotov NNP cocktails NNS . . But CC U.S. NNP officials NNS say VB they PRP are VBP n't RB satisfied VBN these DT incidents NNS constitute VBP terrorism NN because IN they PRP may MD be VB offshoots NNS of IN the DT intifadah NN , , the DT Palestinian JJ rebellion NN in IN the DT occupied JJ territories NNS , , which WDT the DT U.S. NNP does VBZ n't RB classify VB as IN terrorism NN . . In IN addition NN , , the DT officials NNS say VBP Israel NNP has VBZ n't RB presented VBN convincing JJ evidence NN these DT acts NNS were VBD ordered VBN by IN Fatah NNP or CC by IN any DT group NN Mr. NNP Arafat NNP controls VBZ . . U.S. NNP terrorism NN experts NNS also RB say VBP they PRP are VBP highly RB uncertain JJ about IN the DT veracity NN of IN the DT separate JJ documents NNS leaked VBN to TO the DT New NNP York NNP Times NNP . . The DT papers NNS , , which WDT Israel NNP says VBZ were VBD discovered VBN in IN Israeli-occupied JJ Gaza NNP , , refer VBP to TO terrorist JJ acts NNS to TO be VB carried VBN out JJ in IN the DT name NN of IN a DT group NN called VBN `` `` the DT Revolutionary NNP Eagles NNPS . . '' '' Some DT supporters NNS of IN Israel NNP say NNP U.S. VBP policy NN on IN Palestinian JJ terrorism NN is VBZ colored VBN by IN an DT intense JJ desire NN to TO maintain VB the DT dialogue NN with IN the DT PLO NNP . . But CC State NNP Department NNP officials NNS accuse VBP Israel NNP of IN leaking VBG questionable JJ claims NNS to TO embarrass VB the DT U.S. NNP . . The DT dollar NN finished VBD lower JJR yesterday NN , , after IN tracking VBG another DT rollercoaster JJ session NN on IN Wall NNP Street NNP . . Concern NN about IN the DT volatile JJ U.S. NNP stock NN market NN had VBD faded VBN in IN recent JJ sessions NNS , , and CC traders NNS appeared VBD content JJ to TO let VB the DT dollar NN languish VB in IN a DT narrow JJ range NN until IN tomorrow NN , , when WRB the DT preliminary JJ report NN on IN third-quarter JJ U.S. NNP gross JJ national JJ product NN is VBZ released VBN . . But CC seesaw JJ gyrations NNS in IN the DT Dow NNP Jones NNP Industrial NNP Average NNP yesterday NN put VBD Wall NNP Street NNP back RB in IN the DT spotlight NN and CC inspired VBN market NN participants NNS to TO bid VB the DT U.S. NNP unit NN lower RBR . . UAL NNP 's POS decision NN to TO remain VB an DT independent JJ company NN sent VBD share NN prices NNS tumbling VBG . . By IN midmorning NN , , the DT DJIA NNP had VBD plunged VBN 80 CD points NNS and CC foreign-exchange JJ dealers NNS quickly RB drove VBD the DT dollar NN down RP . . When WRB the DT DJIA NNP modestly RB rebounded VBD , , the DT dollar NN bounced VBD back RP in IN choppy JJ dealings NNS but CC ended VBD the DT day NN below IN the DT levels NNS of IN late RB Monday NNP . . Stock NN prices NNS , , meanwhile RB , , posted VBD significant JJ gains NNS in IN later RB trading NN and CC closed VBD down RB by IN only RB 3.69 CD points NNS on IN the DT day NN . . Some DT dealers NNS said VBD that IN the DT market NN 's POS strong JJ reaction NN to TO Wall NNP Street NNP reflects VBZ a DT general JJ uneasiness NN about IN the DT dollar NN . . They PRP added VBD that IN the DT DJIA NNP 's POS swift JJ drop NN proved VBD an DT easy JJ excuse NN for IN the DT market NN to TO drive VB the DT U.S. NNP currency NN in IN the DT direction NN it PRP was VBD already RB headed VBN . . In IN late JJ New NNP York NNP trading NN yesterday NN , , the DT dollar NN was VBD quoted VBN at IN 1.8355 CD marks NNS , , down RB from IN 1.8470 CD marks NNS Monday NNP , , and CC at IN 141.45 CD yen NN , , down RB from IN 141.90 CD yen NN late RB Monday NNP . . Sterling NN was VBD quoted VBN at IN $ $ 1.6055 CD , , up RB from IN $ $ 1.6030 CD late RB Monday NNP . . In IN Tokyo NNP Wednesday NNP , , the DT U.S. NNP currency NN opened VBD for IN trading NN at IN 141.57 CD yen NN , , down RB from IN Tuesday NNP 's POS Tokyo NNP close NN of IN 142.10 CD yen NN . . Tom NNP Trettien NNP , , a DT vice NN president NN with IN Banque NNP Paribas NNP in IN New NNP York NNP , , sees VBZ a DT break NN in IN the DT dollar NN 's POS long-term JJ upward JJ trend NN , , a DT trend NN that WDT began VBD in IN January NNP 1988 CD . . He PRP argues VBZ that IN the DT dollar NN is VBZ now RB `` `` moving VBG sideways RB , , '' '' adding VBG that IN `` `` the DT next JJ leg NN could MD be VB the DT beginning NN of IN a DT longer JJR term NN bearish JJ phase NN . . '' '' Analysts NNS peg VBP the DT dollar NN 's POS recent JJ weakness NN to TO an DT underlying JJ slowdown NN in IN the DT U.S. NNP economy NN , , highlighted VBN by IN recent JJ economic JJ data NNS , , particularly RB a DT surprisingly RB sharp JJ widening NN in IN the DT August NNP U.S. NNP trade NN gap NN . . They PRP also RB point VB out RP that IN narrowing VBG interest-rate JJ differentials NNS between IN the DT U.S. NNP and CC its PRP$ major JJ trading NN partners NNS tend VBP to TO make VB the DT U.S. NNP currency NN less RBR attractive JJ to TO foreign JJ investors NNS . . Despite IN several JJ spurts NNS of IN dollar NN trading NN , , it PRP was VBD noted VBN that IN mark-yen JJ cross JJ trade NN grabbed VBD much JJ of IN the DT market NN 's POS attention NN . . Following VBG the DT dive NN in IN U.S. NNP stocks NNS , , the DT mark NN has VBZ strengthened VBN more RBR than IN its PRP$ major JJ counterparts NNS . . Traders NNS attribute VBP the DT mark NN 's POS surge NN to TO a DT robust JJ West JJ German JJ economy NN and CC higher JJR rate NN differentials NNS . . But CC , , they PRP add VBP that IN the DT mark NN 's POS strength NN is VBZ in IN part NN a DT reflection NN of IN a DT shift NN away RB from IN U.S. NNP assets NNS by IN Japanese JJ investors NNS into IN West JJ German JJ investments NNS . . `` `` The DT question NN remains VBZ : : how WRB much RB can MD the DT West JJ German JJ market NN absorb VB ? . '' '' says VBZ one CD senior JJ dealer NN . . Some DT dealers NNS say VBP that IN Bank NNP of IN Japan NNP Governor NNP Satoshi NNP Sumita NNP 's POS reassurance NN that IN Japanese JJ monetary JJ policy NN wo MD n't RB be VB changed VBN for IN the DT time NN being JJ has VBZ given VBN investors NNS an DT added JJ excuse NN to TO push VB the DT yen NN down RP even RB further RBR against IN the DT mark NN . . Despite IN the DT yen NN 's POS weakness NN with IN respect NN to TO the DT mark NN , , Tokyo NNP traders NNS say VBP they PRP do VBP n't RB expect VB the DT Bank NNP of IN Japan NNP to TO take VB any DT action NN to TO support VB the DT Japanese JJ currency NN on IN that DT front NN . . Meanwhile RB , , sterling NN slumped VBD on IN news NN that IN the DT United NNP Kingdom NNP posted VBD a DT wider-than-expected JJ trade NN deficit NN in IN September NNP . . The DT news NN also RB knocked VBD the DT British JJ unit NN to TO below IN 2.95 CD marks NNS in IN London NNP , , but CC a DT bout NN of IN short-covering NN helped VBD sterling NN recoup VB some DT of IN its PRP$ earlier JJR losses NNS . . On IN the DT Commodity NNP Exchange NNP in IN New NNP York NNP , , gold NN for IN current JJ delivery NN jumped VBD $ $ 3.20 CD to TO $ $ 370.20 CD an DT ounce NN . . The DT close NN was VBD the DT highest JJS since IN Aug. NNP 15 CD . . Estimated JJ volume NN was VBD a DT light JJ two CD million CD ounces NNS . . In IN early JJ trading NN in IN Hong NNP Kong NNP Wednesday NNP , , gold NN was VBD quoted VBN at IN $ $ 368.25 CD an DT ounce NN . . Boston NNP Co. NNP , , the DT upper-crust JJ financial JJ services NNS concern NN that WDT was VBD rocked VBN by IN a DT management NN scandal NN late RB last JJ year NN , , has VBZ had VBN a DT sharp JJ drop NN in IN profitability NN -- : mainly RB because IN a DT high-risk JJ bet NN on IN interest NN rates NNS backfired VBD . . Boston NNP Co. NNP 's POS fall NN from IN grace NN is VBZ bad JJ news NN for IN its PRP$ parent NN , , Shearson NNP Lehman NNP Hutton NNP Holdings NNP Inc. NNP , , which WDT has VBZ relied VBN heavily RB on IN the DT banking NN and CC money NN management NN unit NN 's POS contributions NNS in IN recent JJ years NNS . . In IN 1988 CD , , for IN example NN , , Boston NNP Co. NNP had VBD an DT estimated JJ pretax JJ profit NN of IN at IN least JJS $ $ 110 CD million CD , , while IN Shearson NNP managed VBD net JJ income NN of IN just RB $ $ 96 CD million CD . . Shearson NNP does VBZ n't RB break VB out RP the DT earnings NNS of IN its PRP$ subsidiaries NNS . . But CC people NNS familiar JJ with IN Boston NNP Co. NNP 's POS performance NN say VBP the DT unit NN had VBD profit NN of IN around RB $ $ 17 CD million CD for IN the DT third JJ quarter NN , , after IN barely RB breaking VBG even RB for IN the DT first JJ six CD months NNS . . Shearson NNP , , meanwhile RB , , posted VBD net JJ income NN of IN $ $ 106 CD million CD for IN the DT first JJ nine CD months NNS of IN the DT year NN , , down RB slightly RB from IN $ $ 110 CD million CD for IN the DT year-ago JJ period NN . . Moody NNP 's POS Investors NNP Service NNP Inc. NNP last JJ week NN downgraded VBD the DT long-term JJ deposit NN rating NN of IN Boston NNP Co. NNP 's POS Boston NNP Safe NNP Deposit NNP & CC Trust NNP Co. NNP subsidiary NN , , to TO single-A-1 JJ from IN double-A-3 JJ , , citing VBG problems NNS in IN the DT company NN 's VBZ `` `` aggressively RB managed VBN securities NNS portfolio NN . . '' '' John NNP Kriz NNP , , a DT Moody NNP 's POS vice NN president NN , , said VBD Boston NNP Safe NNP Deposit NNP 's POS performance NN has VBZ been VBN hurt VBN this DT year NN by IN a DT mismatch NN in IN the DT maturities NNS of IN its PRP$ assets NNS and CC liabilities NNS . . The DT mismatch NN exposed VBD the DT company NN to TO a DT high JJ degree NN of IN interest-rate NN risk NN , , and CC when WRB rates NNS moved VBD unfavorably RB -- : beginning VBG late RB last JJ year NN and CC continuing VBG into IN this DT year NN -- : `` `` it PRP cost VBD them PRP , , '' '' Mr. NNP Kriz NNP said VBD . . Mr. NNP Kriz NNP noted VBD that IN Boston NNP Safe NNP Deposit NNP `` `` has VBZ taken VBN some DT actions NNS to TO better RBR control VB asset-liability JJ management NN and CC improve VB controls NNS in IN general JJ , , and CC we PRP think VBP these DT will MD serve VB to TO improve VB credit NN quality NN . . '' '' As IN some DT securities NNS mature VBP and CC the DT proceeds NNS are VBP reinvested VBN , , the DT problems NNS ought MD to TO ease VB , , he PRP said VBD . . But CC he PRP also RB cited VBD concerns NNS over IN the DT company NN 's POS mortgage NN exposure NN in IN the DT troubled JJ New NNP England NNP real JJ estate NN market NN . . Boston NNP Co. NNP officials NNS declined VBD to TO comment VB on IN Moody NNP 's POS action NN or CC on IN the DT unit NN 's POS financial JJ performance NN this DT year NN -- : except IN to TO deny VB a DT published JJ report NN that IN outside JJ accountants NNS had VBD discovered VBN evidence NN of IN significant JJ accounting JJ errors NNS in IN the DT first JJ three CD quarters NNS ' POS results NNS . . An DT accounting NN controversy NN at IN the DT end NN of IN last JJ year NN forced VBD Boston NNP Co. NNP to TO admit VB it PRP had VBD overstated VBN pretax JJ profits NNS by IN some RB $ $ 44 CD million CD . . The DT resulting VBG scandal NN led VBD to TO the DT firing NN of IN James NNP N. NNP von NNP Germeten NNP as IN Boston NNP Co. NNP 's POS president NN and CC to TO the DT resignations NNS of IN the DT company NN 's POS chief JJ financial JJ officer NN and CC treasurer NN . . The DT executives NNS were VBD accused VBN of IN improperly RB deferring VBG expenses NNS and CC booking VBG revenue NN early RB , , in IN an DT effort NN to TO dress VB up RP results NNS -- : and CC perhaps RB bolster VB performance-related JJ bonuses NNS . . Mr. NNP von NNP Germeten NNP , , in IN turn NN , , attributed VBD the DT controversy NN to TO judgmental JJ errors NNS by IN accountants NNS and CC accused VBD Shearson NNP of IN conducting VBG a DT `` `` witch NN hunt NN . . '' '' Mr. NNP Kriz NNP of IN Moody NNP 's POS said VBD the DT problems NNS in IN the DT securities NNS portfolio NN stem NN largely RB from IN positions NNS taken VBN last JJ year NN . . The DT company NN 's POS current JJ management NN found VBD itself PRP `` `` locked VBN into IN this DT , , '' '' he PRP said VBD . . Mexico NNP exported VBD an DT average NN of IN 1,296,800 CD barrels NNS of IN crude NN oil NN a DT day NN at IN an DT average NN of IN $ $ 15.31 CD a DT barrel NN during IN 1989 CD 's POS first JJ eight CD months NNS for IN a DT total NN of IN $ $ 4.82 CD billion CD , , Petroleos NNP Mexicanos NNP S.A. NNP said VBD . . The DT state NN petroleum NN monopoly NN said VBD sales NNS in IN the DT period NN gained VBD 15 CD % NN , , and CC $ $ 262.4 CD million CD more JJR than IN originally RB projected VBN at IN an DT average NN of IN $ $ 10 CD a DT barrel NN on IN an DT export NN platform NN of IN 1,250,000 CD barrels NNS a DT day NN . . CHICAGO NNP - : Sears NNP , , Roebuck NNP & CC Co. NNP is VBZ struggling VBG as IN it PRP enters VBZ the DT critical JJ Christmas NNP season NN . . Yesterday NN , , the DT retailing NN and CC financial JJ services NNS giant NN reported VBD a DT 16 CD % NN drop NN in IN third-quarter JJ earnings NNS to TO $ $ 257.5 CD million CD , , or CC 75 CD cents NNS a DT share NN , , from IN a DT restated JJ $ $ 305 CD million CD , , or CC 80 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . But CC the DT news NN was VBD even RB worse JJR for IN Sears NNP 's POS core JJ U.S. NNP retailing NN operation NN , , the DT largest JJS in IN the DT nation NN . . Sears NNP said VBD its PRP$ U.S. NNP stores NNS had VBD a DT loss NN of IN $ $ 6.9 CD million CD , , their PRP$ first JJ deficit NN for IN the DT period NN in IN more RBR than IN five CD years NNS . . Analysts NNS estimated VBD that IN sales NNS at IN U.S. NNP stores NNS declined VBD in IN the DT quarter NN , , too RB . . The DT results NNS underscore VBP Sears NNP 's POS difficulties NNS in IN implementing VBG the DT `` `` everyday JJ low JJ pricing NN '' '' strategy NN that IN it PRP adopted VBD in IN March NNP as IN part NN of IN a DT broad JJ attempt NN to TO revive VB its PRP$ retailing NN business NN . . Under IN the DT new JJ approach NN , , Sears NNP set VBD prices NNS that WDT were VBD somewhere RB between IN its PRP$ old JJ `` `` regular JJ '' '' and CC `` `` sale NN '' '' prices NNS . . The DT company NN said VBD it PRP would MD resort VB far RB less RBR often RB to TO slashing VBG prices NNS to TO woo VB shoppers NNS . . Sears NNP officials NNS insist VBP they PRP do VBP n't RB intend VB to TO abandon VB the DT everyday JJ pricing NN approach NN in IN the DT face NN of IN the DT poor JJ results NNS . . Instead RB , , a DT spokesman NN blames VBZ the DT dismal JJ third-quarter JJ showing NN on IN `` `` an DT environment NN that WDT is VBZ being VBG distorted VBN by IN a DT very RB harsh JJ climate NN for IN sales NNS of IN durable JJ goods NNS , , '' '' which WDT account VBP for IN roughly RB two-thirds NNS of IN Sears NNP 's POS annual JJ merchandise NN volume NN . . The DT new JJ pricing NN strategy NN `` `` is VBZ working VBG , , '' '' the DT spokesman NN asserted VBD . . He PRP added VBD that IN , , after IN an DT initial JJ surge NN triggered VBN by IN an DT advertising NN blitz NN in IN March NNP , , Sears NNP expected VBD that IN the DT pricing NN program NN would MD n't RB have VB any DT effect NN on IN revenue NN . . Sears NNP has VBZ been VBN counting VBG on IN growth NN coming VBG from IN the DT large JJ displays NNS of IN brand-name JJ merchandise NN it PRP is VBZ adding VBG to TO its PRP$ stores NNS over IN the DT next JJ two CD years NNS in IN what WP it PRP calls VBZ `` `` power NN formats NNS . . '' '' But CC analysts NNS say VBP Sears NNP faces VBZ an DT especially RB daunting JJ challenge NN on IN the DT eve NN of IN the DT Christmas NNP shopping NN season NN . . `` `` I PRP believe VBP everyday JJ pricing NN in IN the DT current JJ environment NN does VBZ n't RB work VB , , '' '' says VBZ Walter NNP Loeb NNP of IN Morgan NNP Stanley NNP & CC Co. NNP , , pointing VBG to TO soft JJ durable-goods NNS sales NNS . . `` `` Sears NNP is VBZ likely JJ to TO be VB unsuccessful JJ if IN it PRP continues VBZ with IN its PRP$ pricing NN policy NN when WRB everyone NN else RB is VBZ offering VBG unusual JJ values NNS . . '' '' In IN what WP amounts NNS to TO an DT admission NN that IN the DT transition NN has VBZ n't RB gone VBN as RB smoothly RB as IN Sears NNS had VBD hoped VBN , , the DT giant JJ retailer NN is VBZ now RB trying VBG new JJ ways NNS to TO drum VB up RP business NN without IN appearing VBG to TO abandon VB its PRP$ seven-month-old JJ strategy NN . . The DT company NN is VBZ highlighting VBG more JJR special JJ deals NNS in IN its PRP$ advertising NN and CC stores NNS , , and CC it PRP 's VBZ offering VBG to TO defer VB finance NN charges NNS on IN certain JJ big-ticket JJ items NNS . . Sears NNP is VBZ also RB stepping VBG up RP its PRP$ television NN ads NNS and CC changing VBG its PRP$ message NN . . In IN a DT new JJ TV NN ad NN , , for IN instance NN , , a DT woman NN going VBG through IN the DT Sunday NNP newspaper NN brands VBZ as IN hype NN claims NNS by IN other JJ stores NNS that IN they PRP are VBP offering VBG goods NNS for IN `` `` 50 CD % NN , , 60 CD % NN and CC 70 CD % NN off RB . . '' '' By IN lowering VBG prices NNS throughout IN its PRP$ stores NNS , , she PRP says VBZ , , `` `` Sears NNP has VBZ the DT right JJ idea NN . . '' '' But CC the DT ad NN also RB mentions VBZ Sears NNP 's POS sales NNS -- : a DT topic NN that IN the DT retailer NN has VBZ avoided VBN since IN switching VBG to TO everyday JJ pricing NN . . `` `` When WRB Sears NNP has VBZ a DT sale NN at IN a DT special JJ price NN , , '' '' the DT woman NN in IN the DT ad NN declares VBZ , , `` `` it PRP 's VBZ something NN you PRP do VBP n't RB want VB to TO miss VB . . '' '' Recent JJ surveys NNS by IN Leo NNP J. NNP Shapiro NNP & CC Associates NNP , , a DT market NN research NN firm NN in IN Chicago NNP , , suggest VBP that IN Sears NNP is VBZ having VBG a DT tough JJ time NN attracting VBG shoppers NNS because IN it PRP has VBZ n't RB yet RB done VBN enough NN to TO improve VB service NN or CC its PRP$ selection NN of IN merchandise NN . . The DT number NN of IN people NNS who WP said VBD they PRP were VBD more RBR likely JJ to TO shop VB at IN Sears NNP fell VBD in IN September NNP to TO 37 CD % NN from IN 66 CD % NN in IN March NNP , , when WRB Sears NNP blanketed VBD the DT airwaves NNS with IN ads NNS about IN its PRP$ new JJ pricing NN strategy NN . . Moreover RB , , the DT number NN of IN people NNS who WP spontaneously RB cited VBD lower JJR prices NNS as IN the DT reason NN for IN their PRP$ interest NN in IN Sears NNP declined VBD to TO 16 CD % NN in IN September NNP from IN 33 CD % NN in IN March NNP . . Just RB 5 CD % NN of IN the DT respondents NNS mentioned VBD brands NNS in IN September NNP , , up RB slightly RB from IN 2 CD % NN in IN March NNP . . Only RB 2 CD % NN of IN the DT people NNS in IN September NNP cited VBD Sears NNP 's POS `` `` friendly JJ personnel NNS . . '' '' `` `` The DT power NN of IN price NN as IN an DT appeal NN , , which WDT was VBD very RB considerable JJ in IN driving VBG traffic NN in IN March NNP and CC April NNP , , has VBZ diminished VBN , , '' '' says VBZ George NNP Rosenbaum NNP , , president NN of IN Shapiro NNP & CC Associates NNP . . `` `` You PRP see VBP some DT improvement NN in IN these DT other JJ areas NNS , , but CC it PRP 's VBZ a DT very RB small JJ and CC slow JJ process NN . . '' '' For IN the DT third JJ quarter NN , , Sears NNP said VBD its PRP$ total NN revenue NN rose VBD 4.8 CD % NN to TO $ $ 13.18 CD billion CD from IN $ $ 12.57 CD billion CD a DT year NN earlier RBR . . Net JJ income NN at IN Sears NNP 's POS merchandise NN group NN , , which WDT includes VBZ international JJ and CC credit NN card NN operations NNS , , as RB well RB as IN U.S. NNP stores NNS , , fell VBD 25 CD % NN . . Profit NN at IN Sears NNP 's POS Allstate NNP insurance NN unit NN fell VBD 38 CD % NN to TO $ $ 126.1 CD million CD because IN of IN Hurricane NNP Hugo NNP , , which WDT inflicted VBD the DT greatest JJS single JJ storm NN damage NN loss NN in IN the DT company NN 's POS history NN . . Sears NNP said VBD claims NNS from IN the DT storm NN , , as IN expected VBN , , reduced VBD its PRP$ third-quarter JJ net NN by IN $ $ 80 CD million CD , , or CC 23 CD cents NNS a DT share NN . . Allstate NNP is VBZ expected VBN to TO absorb VB another DT big JJ hit NN in IN the DT fourth JJ quarter NN as IN claims NNS pour VBP in RB from IN the DT San NNP Francisco NNP earthquake NN . . But CC a DT spokesman NN said VBD the DT quake NN wo MD n't RB have VB as RB big JJ a DT financial JJ impact NN on IN Allstate NNP as IN Hurricane NNP Hugo NNP did VBD . . Net JJ income NN at IN Sears NNP 's POS Dean NNP Witter NNP Financials NNP Services NNP group NN , , meanwhile RB , , rose VBD nearly RB 32 CD % NN to TO $ $ 35.7 CD million CD , , reflecting VBG improvements NNS in IN its PRP$ basic JJ stock NN brokerage NN and CC Discover NNP credit NN card NN businesses NNS . . Profit NN at IN Sears NNP 's POS Coldwell NNP Banker NNP Real NNP Estate NNP Group NNP nearly RB quadrupled VBD to TO $ $ 81.2 CD million CD because IN of IN gains NNS on IN sales NNS of IN property NN . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN yesterday NN , , Sears NNP shares NNS closed VBD at IN $ $ 40.50 CD , , up RB 87.5 CD cents NNS . . Oil NN imports NNS to TO Japan NNP rose VBD 12 CD % NN in IN September NNP from IN year-earlier JJ levels NNS , , according VBG to TO statistics NNS released VBN by IN the DT government NN 's POS Ministry NNP of IN International NNP Trade NNP and CC Industry NNP . . The DT imports NNS , , totaling VBG 98.5 CD million CD barrels NNS , , were VBD 11 CD % NN lower JJR than IN August NNP levels NNS . . The DT year-on-year JJ rise NN was VBD partly RB because IN of IN higher JJR demand NN for IN petroleum NN products NNS , , and CC partly RB because IN of IN tax NN changes NNS in IN 1988 CD that WDT left VBD oil NN companies NNS with IN high JJ inventories NNS in IN the DT late-summer\/early-FALL JJ PERIOD NN . . Imports NNS of IN crude NN from IN the DT Middle NNP East NNP grew VBD 17 CD % NN from IN year-earlier JJ levels NNS , , and CC Southeast JJ Asian JJ crude NN imports NNS grew VBD 43 CD % NN . . While IN Mideast JJ crude NN imports NNS were VBD higher JJR compared VBN with IN year-earlier JJ levels NNS , , they PRP fell VBD 18 CD % NN compared VBN with IN August NNP imports NNS . . Southeast JJ Asian JJ crude NN imports NNS , , however RB , , were VBD 3.6 CD % NN higher JJR than IN August NNP . . This DT is VBZ in IN response NN to TO George NNP Melloan NNP 's POS Business NNP World NNP column NN `` `` The DT Housing NN Market NN Is VBZ a DT Bigger JJR Mess NN Than IN You PRP Think VBP '' '' ( ( op-ed JJ page NN , , Sept. NNP 26 CD ) ) . . In IN Houston NNP , , we PRP have VBP seen VBN how WRB bad JJ the DT housing NN problem NN can MD become VB . . Unused JJ houses NNS deteriorate VBP rapidly RB , , affecting VBG the DT value NN of IN nearby JJ homes NNS ; : in IN a DT domino NN effect NN , , the DT entire JJ neighborhood NN can MD fall VB victim NN . . At IN this DT stage NN some DT people NNS just RB `` `` walk VBP away RB '' '' from IN homes NNS where WRB the DT mortgage NN exceeds VBZ current JJ market NN value NN . . But CC most JJS of IN them PRP could MD have VB afforded VBN to TO keep VB up RP their PRP$ payments NNS -- : they PRP chose VBD not RB to TO do VB so RB . . The DT problem NN is VBZ so RB vast JJ that IN we PRP need VBP to TO try VB innovative JJ solutions NNS -- : in IN small-scale JJ experiments NNS . . Here RB are VBP some DT ideas NNS : : 1 LS ) ) Foreclosed VBN homes NNS could MD be VB sold VBN by IN the DT FHA NNP for IN no DT down JJ payment NN ( ( the DT biggest JJS obstacle NN to TO young JJ buyers NNS ) ) , , but CC with IN personal JJ liability NN for IN the DT mortgage NN ( ( no DT walking VBG away RB by IN choice NN ) ) . . 2 LS ) ) Encourage VB long-term JJ occupancy NN by IN forgiving VBG one CD month NN 's POS payment NN ( ( off IN the DT tail JJ end NN of IN the DT mortgage NN ) ) for IN every DT six CD months NNS paid VBN ; : or CC perhaps RB have VB the DT down JJ payment NN deferred VBN to TO the DT end NN of IN the DT mortgage NN ( ( balloon NN ) ) , , but CC `` `` forgiven VBN '' '' on IN a DT monthly JJ pro-rata JJ basis NN as RB long RB as IN the DT owner NN remains VBZ the DT occupant NN . . 3 LS ) ) Develop VB rental JJ agreements NNS with IN exclusive JJ purchase NN options NNS for IN the DT renter NN . . An DT occupant NN will MD , , in IN most RB every DT case NN , , be VB better JJR for IN the DT home NN and CC neighborhood NN than IN a DT vacant JJ house NN . . In IN this DT way NN , , the DT house NN is VBZ not RB dumped VBN on IN to TO a DT glutted JJ market NN . . John NNP F. NNP Merrill NNP Houston NNP The DT Federal NNP Housing NNP Administration NNP , , Veterans NNP Administration NNP and CC the DT Department NNP of IN Housing NNP and CC Urban NNP Development NNP further RB aggravate VBP the DT problem NN of IN affordable JJ housing NN stock NN by IN `` `` buying VBG in RB '' '' to TO their PRP$ foreclosed VBN properties NNS ( ( of IN which WDT there EX are VBP , , alas UH , , many JJ ) ) at IN an DT inflated JJ `` `` balance NN due JJ '' '' -- : say VB $ $ 80,000 CD on IN a DT house NN worth JJ $ $ 55,000 CD -- : instead RB of IN allowing VBG a DT free JJ market NN to TO price VB the DT house NN for IN what WP it PRP 's VBZ really RB worth JJ . . Worse RBR , , the DT properties NNS then RB sit VBP around RP deteriorating VBG for IN maybe RB a DT year NN or CC so RB , , but CC are VBP resold VBN eventually RB ( ( because IN of IN the DT attractiveness NN of IN the DT low JJ down JJ payment NN , , etc FW . . ) ) to TO a DT marginal JJ buyer NN who WP ca MD n't RB afford VB both DT the DT mortgage NN and CC needed VBN repairs NNS ; : and CC having VBG little JJ vested JJ interest NN that DT buyer NN will MD walk VB away RB and CC the DT vicious JJ cycle NN repeats VBZ itself PRP all RB over RB again RB . . Paul NNP Padget NNP Italy NNP 's POS unemployment NN rate NN rose VBD to TO 12 CD % NN of IN the DT labor NN force NN in IN July NNP from IN 11.9 CD % NN in IN April NNP , , and CC was VBD up RB from IN 11.7 CD % NN a DT year NN earlier RBR , , according VBG to TO quarterly JJ figures NNS from IN the DT state NN statistical JJ institute NN . . Istat NNP said VBD a DT national JJ survey NN during IN the DT first JJ week NN of IN July NNP showed VBD the DT number NN of IN job NN seekers NNS was VBD 2,888,000 CD up RB from IN 2,822,000 CD in IN April NNP , , and CC from IN 2,853,000 CD a DT year NN ago RB . . The DT unemployment NN rate NN was VBD by IN far RB the DT highest JJS in IN the DT southern JJ , , so-called JJ Mezzogiorno NNP region NN . . The DT southern JJ unemployment NN rate NN rose VBD to TO 21.3 CD % NN in IN July NNP from IN 21.2 CD % NN in IN April NNP and CC from IN 20.6 CD % NN a DT year NN earlier RBR . . Istat NNP said VBD 369,000 CD more JJR people NNS were VBD employed VBN in IN July NNP than IN in IN April NNP . . Xerox NNP Corp. NNP 's POS third-quarter JJ net JJ income NN grew VBD 6.2 CD % NN on IN 7.3 CD % NN higher JJR revenue NN , , earning VBG mixed JJ reviews NNS from IN Wall NNP Street NNP analysts NNS . . Quarter NN net NN for IN the DT business-machines NNS and CC financial-services NNS company NN rose VBD to TO $ $ 155 CD million CD , , or CC $ $ 1.41 CD a DT share NN , , from IN $ $ 146 CD million CD , , or CC $ $ 1.37 CD a DT share NN , , in IN the DT year-earlier JJ period NN . . Revenue NN rose VBD to TO $ $ 4.45 CD billion CD from IN $ $ 4.15 CD billion CD . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Xerox NNP closed VBD at IN $ $ 62.75 CD a DT share NN , , up RB $ $ 1 CD . . Sales NNS growth NN and CC profit NN in IN business NN products NNS and CC systems NNS -- : Xerox NNP 's POS main JJ business NN -- : were VBD `` `` disappointing JJ , , '' '' said VBD B. NNP Alex NNP Henderson NNP , , who WP follows VBZ the DT company NN for IN Prudential-Bache NNP Securities NNP Inc NNP . . Sales NNS of IN Xerox NNP copiers NNS and CC other JJ office NN products NNS grew VBD 1.6 CD % NN ; : `` `` we PRP expected VBD growth NN of IN 6 CD % NN to TO 7 CD % NN , , '' '' Mr. NNP Henderson NNP said VBD . . Operating-profit NN margins NNS slipped VBD almost RB 18 CD % NN , , to TO 4.3 CD % NN of IN sales NNS , , the DT analyst NN noted VBD . . Still RB , , with IN competitors NNS such JJ as IN Eastman NNP Kodak NNP Co. NNP faltering VBG in IN copier NN sales NNS , , Xerox NNP 's POS sales NNS increases VBZ `` `` were VBD encouraging JJ , , '' '' says VBZ Eugene NNP Glazer NNP of IN Dean NNP Witter NNP Reynolds NNP Inc NNP . . `` `` They PRP are VBP holding VBG their PRP$ own JJ in IN a DT weak JJ market NN , , and CC the DT restructuring NN is VBZ working VBG , , '' '' he PRP says VBZ . . David NNP T. NNP Kearns NNP , , Xerox NNP chairman NN and CC chief JJ executive JJ officer NN , , cited VBD the DT restructuring NN and CC `` `` strong JJ '' '' cost NN controls NNS for IN the DT 13 CD % NN growth NN in IN profit NN from IN business NN products NNS and CC systems NNS operations NNS . . Mr. NNP Glazer NNP expects VBZ Xerox NNP to TO experience VB tough JJ sledding NN , , though RB , , in IN financial JJ services NNS because IN of IN rate NN pressures NNS and CC uncertainty NN surrounding VBG tax NN treatment NN of IN capital NN gains NNS . . In IN the DT quarter NN , , the DT Crum NNP & CC Forster NNP insurance NN unit NN reported VBD $ $ 200 CD million CD before IN tax NN of IN capital NN gains NNS from IN property NN and CC casualty NN operations NNS . . The DT subsidiary NN also RB increased VBD reserves NNS by IN $ $ 140 CD million CD , , however RB , , and CC set VBD aside RB an DT additional JJ $ $ 25 CD million CD for IN claims NNS connected VBN with IN Hurricane NNP Hugo NNP . . For IN the DT nine CD months NNS , , Xerox NNP earned VBD $ $ 492 CD million CD , , or CC $ $ 4.55 CD a DT share NN , , up RB 5.8 CD % NN from IN $ $ 465 CD million CD , , or CC $ $ 4.32 CD a DT share NN . . Revenue NN rose VBD 7.6 CD % NN to TO $ $ 12.97 CD billion CD from IN $ $ 12.05 CD billion CD . . New JJ orders NNS for IN durable JJ goods NNS fell VBD back RB slightly RB in IN September NNP after IN shooting VBG up RB the DT month NN before RB , , reflecting VBG weakening VBG auto NN demand NN after IN a DT spurt NN of IN orders NNS for IN new JJ 1990 CD models NNS , , the DT Commerce NNP Department NNP reported VBD . . Orders NNS for IN military JJ equipment NN , , household NN appliances NNS , , machinery NN and CC other JJ goods NNS expected VBN to TO last VB at IN least JJS three CD years NNS dipped VBD 0.1 CD % NN last JJ month NN , , to TO $ $ 126.68 CD billion CD , , after IN leaping VBG 3.9 CD % NN in IN August NNP , , the DT department NN said VBD . . Most JJS analysts NNS had VBD expected VBN a DT sharper JJR decline NN after IN the DT steep JJ rise NN in IN August NNP . . Moreover RB , , a DT recent JJ government NN report NN showing VBG widespread JJ layoffs NNS in IN manufacturing NN had VBD contributed VBN to TO perceptions NNS that IN the DT manufacturing NN sector NN of IN the DT economy NN had VBD slowed VBN to TO a DT crawl NN . . But CC many JJ economists NNS pointed VBD to TO a DT 1.8 CD % NN September NNP rise NN in IN orders NNS outside IN the DT volatile JJ transportation NN category NN . . That DT `` `` suggests VBZ the DT manufacturing NN sector NN is VBZ not RB falling VBG apart RB , , '' '' said VBD Sally NNP Kleinman NNP , , an DT economist NN at IN Manufacturers NNP Hanover NNP Securities NNP Corp. NNP in IN New NNP York NNP . . She PRP added VBD , , however RB : : `` `` It PRP is VBZ not RB robust JJ by IN any DT means NNS . . '' '' While IN a DT decline NN in IN orders NNS for IN cars NNS and CC civilian JJ airplanes NNS pulled VBD down RP the DT orders NNS total NN , , an DT enormous JJ jump NN in IN orders NNS for IN heavy NN military JJ equipment NN propped VBD it PRP up RP . . Orders NNS for IN capital NN defense NN goods NNS skyrocketed VBD 56 CD % NN , , and CC a DT government NN analyst NN said VBD nearly RB all DT areas NNS saw VBD increases NNS , , including VBG airplanes NNS , , missiles NNS , , ships NNS , , tanks NNS and CC communications NN equipment NN . . Orders NNS for IN military JJ goods NNS usually RB catapult VBP in IN September NNP , , government NN officials NNS say VBP , , as IN the DT Pentagon NNP scrambles NNS to TO spend VB its PRP$ money NN before IN the DT new JJ fiscal JJ year NN begins VBZ Oct. NNP 1 CD . . While IN all PDT the DT numbers NNS in IN the DT durable JJ goods NNS report NN were VBD adjusted VBN for IN seasonal JJ fluctuations NNS , , a DT Commerce NNP Department NNP analyst NN said VBD that IN the DT adjustment NN probably RB did VBD n't RB factor VB out IN all DT of IN the DT wide-ranging JJ surge NN in IN defense NN orders NNS . . Without IN the DT increase NN in IN defense NN bookings NNS , , September NNP orders NNS would MD have VB plummeted VBN 3.9 CD % NN . . Analysts NNS were VBD most RBS unsettled JJ by IN evidence NN the DT backlog NN of IN orders NNS at IN factories NNS is VBZ slipping VBG . . Unfilled JJ orders NNS for IN durable JJ goods NNS rose VBD 0.4 CD % NN in IN September NNP , , to TO $ $ 476.14 CD billion CD , , after IN declining VBG for IN the DT first JJ time NN in IN 2 CD 1\/2 CD years NNS in IN August NNP . . In IN July NNP unfilled JJ orders NNS grew VBD 1 CD % NN . . But CC analysts NNS noted VBD that IN excluding VBG transportation NN - : where WRB what WP they PRP believe VBP was VBD a DT temporary JJ surge NN in IN auto NN demand NN pushed VBD up RP the DT figures NNS - : order NN backlogs NNS have VBP declined VBN for IN three CD months NNS in IN a DT row NN . . `` `` It PRP means VBZ we PRP 're VBP eating VBG into IN the DT bread NN that WDT keeps VBZ us PRP going VBG . . That DT is VBZ a DT little JJ disturbing JJ , , '' '' Ms. NNP Kleinman NNP said VBD . . `` `` It PRP also RB means VBZ if IN you PRP have VBP a DT real JJ drop-off NN in IN orders NNS , , production NN will MD likely RB fall VB off RP very RB quickly RB because IN there EX is VBZ less JJR to TO keep VB things NNS going VBG . . '' '' Capital NN goods NNS orders NNS outside RB of IN the DT defense NN sector NN tumbled VBD for IN the DT second JJ month NN in IN a DT row NN , , posting VBG a DT 5.6 CD % NN drop NN after IN a DT 10.3 CD % NN decline NN . . Such JJ steep JJ drops NNS in IN a DT category NN seen VBN as IN a DT barometer NN of IN business NN investment NN would MD customarily RB be VB grave JJ news NN for IN the DT economy NN . . But CC a DT Commerce NNP Department NNP analyst NN said VBD that IN in IN both DT months NNS orders NNS would MD have VB risen VBN had VBD it PRP not RB been VBN for IN a DT drop NN in IN civilian JJ aircraft NN bookings NNS , , a DT category NN that WDT is VBZ showing VBG declines NNS only RB after IN a DT huge JJ surge NN earlier RBR this DT year NN . . Still RB , , Milton NNP Hudson NNP , , senior JJ economic JJ adviser NN at IN Morgan NNP Guaranty NNP Trust NNP Co. NNP in IN New NNP York NNP , , said VBD : : `` `` If IN you PRP look VBP back RB a DT half-year NN or CC so RB the DT evidence NN was VBD pretty RB good JJ of IN affirmative JJ strength NN in IN the DT capital-goods NNS sector NN . . Now RB at IN least JJS there EX are VBP question NN marks NNS about IN that DT , , and CC without IN any DT question NN the DT pace NN of IN growth NN has VBZ slowed VBN . . Norfolk NNP Southern NNP Corp. NNP directors NNS authorized VBD the DT railroad NN company NN to TO buy VB back RP as RB many JJ as IN 45 CD million CD of IN its PRP$ shares NNS , , which WDT would MD have VB a DT current JJ value NN of IN more JJR than IN $ $ 1.7 CD billion CD . . The DT buy-back NN , , coupled VBN with IN a DT nearly RB completed VBN earlier JJR purchase NN of IN 20 CD million CD shares NNS , , would MD reduce VB shares NNS outstanding JJ by IN more JJR than IN 26 CD % NN . . The DT Norfolk NNP , , Va. NNP , , company NN has VBZ 172.2 CD million CD shares NNS outstanding JJ . . In IN a DT statement NN , , Arnold NNP B. NNP McKinnon NNP , , chairman NN and CC chief JJ executive JJ officer NN , , noted VBD that IN the DT new JJ repurchase JJ program NN `` `` should MD serve VB to TO enhance VB shareholder NN value NN . . '' '' A DT spokeswoman NN said VBD the DT company NN will MD finance VB the DT buy-back NN with IN cash NN on IN hand NN , , borrowing NN and CC `` `` cash NN Norfolk NNP expects VBZ to TO generate VB . . '' '' Analysts NNS said VBD they PRP expected VBD the DT action NN , , and CC investors NNS applauded VBD the DT move NN . . In IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , Norfolk NNP Southern NNP shares NNS closed VBD at IN $ $ 37.875 CD , , up RB $ $ 1.125 CD . . Still RB , , analysts NNS do VBP n't RB expect VB the DT buy-back NN to TO significantly RB affect VB per-share JJ earnings NNS in IN the DT short JJ term NN . . `` `` The DT impact NN wo MD n't RB be VB that RB great JJ , , '' '' said VBD Graeme NNP Lidgerwood NNP of IN First NNP Boston NNP Corp NNP . . That DT is VBZ in IN part NN because IN of IN the DT effect NN of IN having VBG to TO average VB the DT number NN of IN shares NNS outstanding JJ , , she PRP said VBD . . In IN addition NN , , Mrs. NNP Lidgerwood NNP said VBD , , Norfolk NNP is VBZ likely JJ to TO draw VB down RP its PRP$ cash NN initially RB to TO finance VB the DT purchases NNS and CC thus RB forfeit VB some DT interest NN income NN . . Longer JJR term NN , , however RB , , the DT buy-back NN is VBZ expected VBN to TO increase VB earnings NNS , , especially RB after IN 1990 CD , , Mrs. NNP Lidgerwood NNP said VBD . . Moreover RB , , the DT extensive JJ program NN in IN effect NN establishes VBZ a DT floor NN for IN the DT stock NN price NN , , said VBD Joel NNP Price NNP , , analyst NN for IN Donaldson NNP , , Lufkin NNP & CC Jenrette NNP . . The DT buy-back NN `` `` is VBZ really RB a DT comfort NN to TO those DT who WP want VBP to TO buy VB the DT stock NN that WDT there EX is VBZ a DT { ( price NN } ) floor NN , , '' '' he PRP said VBD . . `` `` At IN a DT certain JJ price NN , , if IN the DT management NN thinks VBZ { ( the DT stock NN } ) is VBZ cheap JJ , , they PRP can MD go VB in RB and CC buy VB it PRP . . '' '' Under IN the DT program NN , , Norfolk NNP plans VBZ to TO acquire VB shares NNS in IN the DT open JJ market NN . . Under IN the DT earlier JJR plan NN , , Norfolk NNP was VBD authorized VBN in IN 1987 CD to TO buy VB up IN to TO 20 CD million CD shares NNS . . It PRP has VBZ purchased VBN about RB 19 CD million CD of IN them PRP . . John NNP B. NNP Curcio NNP , , 55 CD years NNS old JJ , , resigned VBD as IN chairman NN of IN this DT diesel JJ truck NN manufacturer NN , , effective JJ upon IN appointment NN of IN a DT successor NN . . Last JJ month NN , , Mr. NNP Curcio NNP was VBD succeeded VBN by IN Ralph NNP E. NNP Reins NNP as IN chief JJ executive JJ officer NN following VBG several JJ quarters NNS of IN lackluster JJ or CC declining VBG performance NN . . Falcon NNP Holding NNP Group NNP Inc. NNP said VBD it PRP agreed VBD to TO acquire VB about RB 54,000 CD subscribers NNS from IN First NNP Carolina NNP Cable NNP TV NN Limited NNP Partnership NNP for IN about RB $ $ 100 CD million CD , , or CC roughly RB $ $ 2,000 CD a DT subscriber NN . . The DT subscribers NNS are VBP in IN 52 CD different JJ communities NNS in IN Georgia NNP , , Alabama NNP and CC Mississippi NNP . . Completion NN of IN the DT sale NN is VBZ expected VBN early RB next JJ year NN , , Falcon NNP said VBD . . Currently NNP , , Falcon NNP has VBZ about RB 750,000 CD cable-television NN subscribers NNS around IN the DT nation NN ; : the DT company NN 's POS cable-television NN unit NN reported VBD 1988 CD revenue NN of IN about RB $ $ 100 CD million CD . . In IN composite JJ trading NN on IN the DT American NNP Stock NNP Exchange NNP , , Falcon NNP closed VBD at IN $ $ 20 CD , , unchanged JJ . . Richard NNP W. NNP Lock NNP , , retired JJ vice NN president NN and CC treasurer NN of IN Owens-Illinois NNP Inc. NNP , , was VBD named VBN a DT director NN of IN this DT transportation NN industry NN supplier NN , , increasing VBG its PRP$ board NN to TO six CD members NNS . . USX NNP Corp. NNP said VBD it PRP delayed VBD the DT proposed JJ initial JJ public JJ offering NN of IN common JJ stock NN of IN RMI NNP Titanium NNP Co. NNP because IN of IN market NN conditions NNS . . RMI NNP Titanium NNP is VBZ owned VBN jointly RB by IN USX NNP and CC Quantum NNP Chemical NNP Corp NNP . . USX NNP , , which WDT had VBD n't RB set VBN a DT date NN for IN the DT offering NN , , did VBD n't RB disclose VB any DT timetable NN for IN the DT offering NN . . Your PRP$ Oct. NNP 2 CD editorial NN `` `` Reding NN , , Wrighting NN & CC Erithmatic NN '' '' on IN the DT recent JJ `` `` education NN summit NN '' '' was VBD like IN most JJS pieces NNS on IN the DT subject NN of IN education NN : : It PRP had VBD little JJ to TO say VB . . Oddly RB , , though RB , , on IN the DT very RB same JJ page NN you PRP printed VBD a DT comment NN that WDT addresses VBZ one CD of IN the DT most RBS serious JJ shortcomings NNS of IN the DT American JJ education NN system NN . . Unfortunately RB , , the DT comment NN was VBD buried VBN in IN another DT article NN , , so IN it PRP could MD not RB stand VB out RP in IN an DT education NN context NN . . In IN the DT Manager NNP 's POS Journal NNP , , Atsushi NNP Kageyama NNP , , in IN commenting VBG on IN many JJ differences NNS between IN American JJ and CC Japanese JJ culture NN , , said VBD , , `` `` Japanese JJ children NNS are VBP raised VBN in IN a DT way NN many JJ Americans NNPS would MD find VB severe JJ . . After IN a DT wonderfully RB frivolous JJ early JJ childhood NN , , they PRP are VBP exposed VBN to TO rigid JJ discipline NN as RB soon RB as IN they PRP enter VBP school NN . . '' '' What WP far RB too RB many JJ people NNS concerned JJ about IN education NN either CC fail VB to TO understand VB or CC choose VB to TO ignore VB is VBZ that IN American JJ children NNS , , on IN the DT whole NN , , are VBP among IN the DT most RBS undisciplined JJ in IN the DT world NN , , making VBG any DT attempt NN at IN improvements NNS in IN the DT mode NN of IN education NN potentially RB unsuccessful JJ . . Unless IN parents NNS and CC educators NNS alike RB start VBP to TO develop VB more JJR discipline NN in IN children NNS , , all PDT the DT worthy JJ concern NN , , discussions NNS and CC actions NNS will MD not RB solve VB the DT problem NN . . Allen NNP B. NNP Richards NNP Peterborough NNP , , N.H NNP . . Retired NNP Adm. NNP William NNP J. NNP Crowe NNP , , former JJ chairman NN of IN the DT Joint NNP Chiefs NNP of IN Staff NNP , , and CC Robert NNP P. NNP Luciano NNP , , chairman NN and CC chief JJ executive JJ officer NN of IN Schering-Plough NNP Corp. NNP , , were VBD elected VBN directors NNS of IN this DT securities NNS firm NN . . The DT board NN expanded VBD to TO 17 CD seats NNS . . Tuesday NNP , , October NNP 24 CD , , 1989 CD The DT key JJ U.S. NNP and CC foreign JJ annual JJ interest NN rates NNS below RB are VBP a DT guide NN to TO general JJ levels NNS but CC do VBP n't RB always RB represent VB actual JJ transactions NNS . . PRIME JJ RATE NN : : 10 CD 1\/2 CD % NN . . The DT base JJ rate NN on IN corporate JJ loans NNS at IN large JJ U.S. NNP money NN center NN commercial JJ banks NNS . . FEDERAL JJ FUNDS NNS : : 8 CD 3\/4 CD % NN high JJ , , 8 CD 5\/8 CD % NN low JJ , , 8 CD 11\/16 CD % NN near IN closing NN bid NN , , 8 CD 11\/16 CD % NN offered VBN . . Reserves NNS traded VBN among IN commercial JJ banks NNS for IN overnight JJ use NN in IN amounts NNS of IN $ $ 1 CD million CD or CC more JJR . . Source NN : : Fulton NNP Prebon NNP ( ( U.S.A NNP . . ) ) Inc NNP . . DISCOUNT JJ RATE NN : : 7 CD % NN . . The DT charge NN on IN loans NNS to TO depository JJ institutions NNS by IN the DT New NNP York NNP Federal NNP Reserve NNP Bank NNP . . CALL JJ MONEY NN : : 9 CD 3\/4 CD % NN to TO 10 CD % NN . . The DT charge NN on IN loans NNS to TO brokers NNS on IN stock NN exchange NN collateral NN . . COMMERCIAL JJ PAPER NN placed VBN directly RB by IN General NNP Motors NNP Acceptance NNP Corp. NNP : : 8.45 CD % NN 30 CD to TO 44 CD days NNS ; : 8.25 CD % NN 45 CD to TO 68 CD days NNS ; : 8.30 CD % NN 69 CD to TO 89 CD days NNS ; : 8.125 CD % NN 90 CD to TO 119 CD days NNS ; : 8 CD % NN 120 CD to TO 149 CD days NNS ; : 7.875 CD % NN 150 CD to TO 179 CD days NNS ; : 7.50 CD % NN 180 CD to TO 270 CD days NNS . . COMMERCIAL JJ PAPER NN : : High-grade JJ unsecured JJ notes NNS sold VBN through IN dealers NNS by IN major JJ corporations NNS in IN multiples NNS of IN $ $ 1,000 CD : : 8.55 CD % NN 30 CD days NNS ; : 8.475 CD % NN 60 CD days NNS ; : 8.45 CD % NN 90 CD days NNS . . CERTIFICATES NNS OF IN DEPOSIT NN : : 8.09 CD % NN one CD month NN ; : 8.09 CD % NN two CD months NNS ; : 8.06 CD % NN three CD months NNS ; : 8 CD % NN six CD months NNS ; : 7.94 CD % NN one CD year NN . . Average JJ of IN top JJ rates NNS paid VBN by IN major JJ New NNP York NNP banks NNS on IN primary JJ new JJ issues NNS of IN negotiable JJ C.D.s NNS , , usually RB on IN amounts NNS of IN $ $ 1 CD million CD and CC more JJR . . The DT minimum JJ unit NN is VBZ $ $ 100,000 CD . . Typical JJ rates NNS in IN the DT secondary JJ market NN : : 8.55 CD % NN one CD month NN ; : 8.50 CD % NN three CD months NNS ; : 8.35 CD % NN six CD months NNS . . BANKERS NNS ACCEPTANCES NNS : : 8.48 CD % NN 30 CD days NNS ; : 8.30 CD % NN 60 CD days NNS ; : 8.28 CD % NN 90 CD days NNS ; : 8.10 CD % NN 120 CD days NNS ; : 8 CD % NN 150 CD days NNS ; : 7.90 CD % NN 180 CD days NNS . . Negotiable JJ , , bank-backed JJ business NN credit NN instruments NNS typically RB financing VBG an DT import NN order NN . . LONDON NNP LATE JJ EURODOLLARS NNS : : 8 CD 11\/16 CD % NN to TO 8 CD 9\/16 CD % NN one CD month NN ; : 8 CD 5\/8 CD % NN to TO 8 CD 1\/2 CD % NN two CD months NNS ; : 8 CD 5\/8 CD % NN to TO 8 CD 1\/2 CD % NN three CD months NNS ; : 8 CD 9\/16 CD % NN to TO 8 CD 7\/16 CD % NN four CD months NNS ; : 8 CD 1\/2 CD % NN to TO 8 CD 3\/8 CD % NN five CD months NNS ; : 8 CD 7\/16 CD % NN to TO 8 CD 5\/16 CD % NN six CD months NNS . . LONDON NNP INTERBANK NN OFFERED VBN RATES NNS ( ( LIBOR NNP ) ) : : 8 CD 11\/16 CD % NN one CD month NN ; : 8 CD 11\/16 CD % NN three CD months NNS ; : 8 CD 1\/2 CD % NN six CD months NNS ; : 8 CD 1\/2 CD % NN one CD year NN . . The DT average NN of IN interbank NN offered VBN rates NNS for IN dollar NN deposits NNS in IN the DT London NNP market NN based VBN on IN quotations NNS at IN five CD major JJ banks NNS . . FOREIGN JJ PRIME JJ RATES NNS : : Canada NNP 13.50 CD % NN ; : Germany NNP 9 CD % NN ; : Japan NNP 4.875 CD % NN ; : Switzerland NNP 8.50 CD % NN ; : Britain NNP 15 CD % NN . . These DT rate NN indications NNS are VBP n't RB directly RB comparable JJ ; : lending NN practices NNS vary VBP widely RB by IN location NN . . TREASURY NNP BILLS NNS : : Results NNS of IN the DT Monday NNP , , October NNP 23 CD , , 1989 CD , , auction NN of IN short-term JJ U.S. NNP government NN bills NNS , , sold VBN at IN a DT discount NN from IN face NN value NN in IN units NNS of IN $ $ 10,000 CD to TO $ $ 1 CD million CD : : 7.52 CD % NN 13 CD weeks NNS ; : 7.50 CD % NN 26 CD weeks NNS . . FEDERAL NNP HOME NNP LOAN NNP MORTGAGE NNP CORP NNP . . ( ( Freddie NNP Mac NNP ) ) : : Posted VBN yields NNS on IN 30-year JJ mortgage NN commitments NNS for IN delivery NN within IN 30 CD days NN . . 9.78 CD % NN , , standard JJ conventional JJ fixed-rate JJ mortgages NNS ; : 7.875 CD % NN , , 2 CD % NN rate NN capped JJ one-year JJ adjustable JJ rate NN mortgages NNS . . Source NN : : Telerate NNP Systems NNP Inc NNP . . FEDERAL NNP NATIONAL NNP MORTGAGE NNP ASSOCIATION NNP ( ( Fannie NNP Mae NNP ) ) : : Posted VBN yields NNS on IN 30 CD year NN mortgage NN commitments NNS for IN delivery NN within IN 30 CD days NNS ( ( priced VBN at IN par NN ) ) 9.75 CD % NN , , standard JJ conventional JJ fixed-rate JJ mortgages NNS ; : 8.70 CD % NN , , 6\/2 CD rate NN capped VBN one-year JJ adjustable JJ rate NN mortgages NNS . . Source NN : : Telerate NNP Systems NNP Inc NNP . . MERRILL NNP LYNCH NNP READY NNP ASSETS NNP TRUST NNP : : 8.59 CD % NN . . Annualized JJ average JJ rate NN of IN return NN after IN expenses NNS for IN the DT past JJ 30 CD days NNS ; : not RB a DT forecast NN of IN future JJ returns NNS . . Roy NNP E. NNP Parrott NNP , , the DT company NN 's POS president NN and CC chief NN operating NN officer NN since IN Sept. NNP 1 CD , , was VBD named VBN to TO its PRP$ board NN . . The DT appointment NN increased VBD the DT number NN of IN directors NNS to TO 10 CD , , three CD of IN whom WP are VBP company NN employees NNS . . Simpson NNP is VBZ an DT auto NN parts NNS maker NN . . Japan NNP has VBZ climbed VBN up IN from IN the DT ashes NNS of IN World NNP War NNP II NNP and CC a DT gross JJ national JJ product NN of IN about RB $ $ 800 CD per IN capita NNS to TO reach VB the DT heavyweight JJ class NN among IN industrialized JJ nations NNS . . Now RB this DT remarkable JJ economic JJ growth NN seems VBZ to TO be VB coming VBG to TO an DT end NN because IN the DT government NN has VBZ not RB converted VBN itself PRP into IN a DT modern JJ , , democratic JJ , , `` `` developed JJ nation NN '' '' mode NN of IN operation NN . . Until IN 1980 CD , , when WRB Japan NNP joined VBD the DT $ $ 10,000 CD per IN capita NN GNP NN club NN of IN the DT advanced JJ countries NNS , , it PRP was VBD a DT model JJ developing VBG nation NN . . The DT government NN built VBD ports NNS , , bridges NNS , , highways NNS , , schools NNS , , hospitals NNS and CC railways NNS . . When WRB industries NNS were VBD weak JJ , , it PRP protected VBD them PRP . . It PRP gave VBD the DT Japanese JJ people NNS a DT value NN system NN , , based VBN on IN the DT rationalization NN that IN given VBN the DT country NN 's POS lack NN of IN natural JJ resources NNS , , they PRP must MD work VB hard RB to TO create VB value NN through IN exports NNS and CC buy VB food NN with IN the DT surplus NN . . Individual JJ prosperity NN inevitably RB would MD result VB . . That DT system NN has VBZ worked VBN . . The DT standard NN of IN living NN has VBZ increased VBN steadily RB over IN the DT past JJ 40 CD years NNS ; : more JJR than IN 90 CD % NN of IN the DT people NNS consider VBP themselves PRP middle JJ class NN . . The DT people NNS have VBP given VBN their PRP$ leading JJ and CC only JJ credible JJ political JJ party NN , , the DT Liberal NNP Democratic NNP Party NNP , , clear JJ and CC uninterrupted JJ power NN for IN those DT 40 CD years NNS . . The DT LDP NNP won VBD by IN a DT landslide NN in IN the DT last JJ election NN , , in IN July NNP 1986 CD . . But CC less RBR than IN two CD years NNS later RBR , , the DT LDP NNP started VBD to TO crumble VB , , and CC dissent NN rose VBD to TO unprecedented JJ heights NNS . . The DT symptoms NNS all DT point VBP to TO one CD thing NN : : Japan NNP does VBZ not RB have VB a DT modern JJ government NN . . Its PRP$ government NN still RB wants VBZ to TO sit VB in IN the DT driver NN 's POS seat NN , , set VB the DT speed NN , , step VB on IN the DT gas NN , , apply VB the DT brakes NNS and CC steer VB , , with IN 120 CD million CD people NNS in IN the DT back JJ seat NN . . In IN a DT modern JJ system NN , , the DT government NN 's POS role NN is VBZ to TO give VB the DT people NNS as IN much JJ choice NN as IN possible JJ and CC to TO keep VB them PRP well RB informed VBN so IN they PRP are VBP capable JJ of IN making VBG a DT choice NN . . It PRP also RB allows VBZ people NNS to TO buy VB the DT best JJS and CC the DT cheapest JJS goods NNS from IN anywhere RB in IN the DT world NN . . The DT Japanese JJ government NN does VBZ n't RB allow VB this DT . . The DT Ministry NNP of IN Agriculture NNP and CC Fishery NNP actually RB is VBZ a DT ministry NN for IN farmers NNS and CC fishermen NNS instead RB of IN a DT ministry NN of IN provisions NNS . . The DT Ministry NNP of IN Health NNP and CC Welfare NNP is VBZ a DT ministry NN of IN doctors NNS and CC pharmaceutical JJ companies NNS rather RB than IN an DT organization NN dedicated VBN to TO protecting VBG the DT health NN of IN the DT people NNS . . The DT Ministry NNP of IN Education NNP is VBZ nothing NN but CC a DT cartel NN for IN licensed JJ teachers NNS , , and CC certainly RB does VBZ not RB act VB on IN behalf NN of IN students NNS . . The DT Ministry NNP of IN Construction NNP spreads VBZ concrete NN throughout IN the DT country NN and CC boasts VBZ in IN international JJ conferences NNS that IN Japan NNP 's POS paved JJ roadway NN per IN capita NN is VBZ the DT longest JJS in IN the DT world NN , , but CC they PRP seldom RB think VBP of IN the DT poor JJ commuters NNS who WP spend VBP so RB much JJ time NN sitting VBG in IN traffic NN . . The DT Ministry NNP of IN Transportation NNP serves VBZ the DT industry NN , , certainly RB not RB the DT passengers NNS who WP must MD pay VB extraordinarily RB high JJ prices NNS . . And CC the DT Ministry NNP of IN Foreign NNP Affairs NNP works VBZ for IN itself PRP , , supporting VBG Japanese JJ diplomats NNS who WP sprinkle VBP abundant JJ aid NN money NN around IN the DT world NN to TO ensure VB that DT their PRP$ seat NN at IN the DT dinner NN table NN is VBZ next RB to TO the DT host NN 's POS . . This DT ministry NN has VBZ done VBN nothing NN to TO correct VB the DT misunderstandings NNS and CC misperceptions NNS that WDT are VBP at IN the DT root NN of IN Japan NNP 's POS deteriorating VBG image NN . . Instead RB , , it PRP seems VBZ to TO be VB using VBG foreign JJ pressure NN and CC even RB the DT trade NN conflict NN to TO expand VB its PRP$ sphere NN of IN influence NN vis FW a FW vis FW other JJ ministries NNS . . All PDT this DT illustrates VBZ that IN Japanese JJ ministries NNS still RB have VBP a DT `` `` provider NN '' '' mentality NN ; : they PRP do VBP not RB serve VB the DT people NNS , , and CC particularly RB not RB consumers NNS . . They PRP serve VBP the DT industries NNS and CC the DT special-interest JJ groups NNS . . The DT rest NN of IN the DT world NN accepted VBD such JJ methods NNS when WRB Japan NNP was VBD developing VBG . . Japanese NNPS put VBD up RP with IN it PRP because IN the DT government NN provided VBD job NN stability NN and CC growing VBG paychecks NNS . . Japan NNP is VBZ not RB a DT political JJ country NN . . It PRP is VBZ a DT bureaucratic JJ country NN . . The DT Diet NNP plays VBZ a DT minor JJ role NN compared VBN with IN the DT powerful JJ bureaucratic JJ system NN . . Most JJS bills NNS are VBP drafted VBN by IN bureaucrats NNS , , not RB politicians NNS . . The DT Diet NNP does VBZ n't RB normally RB even VB debate VB bills NNS because IN the DT opposition NN parties NNS are VBP so RB often RB opposed VBN to TO whatever WDT LDP NNP does VBZ that IN it PRP would MD be VB a DT waste NN of IN time NN . . So RB most JJS bills NNS are VBP passed VBN without IN full JJ discussion NN ; : particularly RB difficult JJ bills NNS are VBP passed VBN in IN the DT absence NN of IN the DT opposition NN parties NNS . . A DT recent JJ example NN is VBZ the DT 3 CD % NN consumption NN tax NN on IN all DT commercial JJ activities NNS . . This DT makes VBZ enormous JJ sense NN in IN Japan NNP , , where WRB direct JJ tax NN accounts VBZ for IN more JJR than IN 70 CD % NN of IN revenues NNS and CC the DT capture NN rate NN of IN direct JJ tax NN is VBZ so RB unfair JJ . . If IN you PRP are VBP a DT salaried JJ man NN , , Amen UH ! . 100 CD % NN captured VBN . . If IN you PRP are VBP a DT retailer NN , , 50 CD % NN , , and CC a DT farmer NN , , 30 CD % NN . . To TO correct VB this DT inequality NN , , most JJS people NNS would MD have VB favored VBN an DT indirect JJ tax NN , , like IN the DT consumption NN tax NN . . But CC the DT bill NN was VBD passed VBN without IN debate NN in IN the DT Diet NNP , , in IN the DT absence NN of IN the DT opposition NN . . As IN a DT result NN , , the DT Japanese JJ people NNS did VBD n't RB know VB what WP to TO expect VB when WRB the DT new JJ law NN was VBD introduced VBN on IN April NNP 1 CD . . They PRP were VBD frustrated VBN by IN the DT longer JJR queues NNS at IN the DT cashier NN and CC the DT small JJ coins NNS given VBN as IN change NN . . All RB of IN a DT sudden JJ , , prices NNS were VBD no RB longer RBR in IN denominations NNS of IN 100 CD or CC 200 CD . . They PRP were VBD 103 CD or CC 206 CD . . Pockets NNS exploded VBD with IN one-yen JJ coins NNS . . While IN people NNS were VBD jingling VBG their PRP$ change NN , , the DT LDP NNP politicians NNS were VBD caught VBN in IN scandals NNS . . Money NN , , such JJ as IN in IN Recruit NNP 's POS political JJ donations NNS , , and CC women NNS , , as IN in IN the DT cases NNS of IN Prime NNP Minister NNP Sosuke NNP Uno NNP and CC Secretary NNP General NNP Tokuo NNP Yamashita NNP , , seldom RB have VBP caused VBN political JJ scandals NNS in IN Japan NNP . . Whereas IN most JJS men NNS were VBD a DT bit NN ambivalent JJ about IN the DT sex NN scandals NNS ( ( though IN they PRP were VBD furious JJ about IN Recruit NNP ) ) , , women NNS were VBD upset JJ about IN both DT and CC surged VBD to TO the DT polls NNS . . In IN the DT recent JJ Upper NNP House NNP and CC Tokyo NNP metropolitan JJ congressional JJ elections NNS , , in IN which WDT the DT Socialist NNP Party NNP won VBD a DT runaway JJ victory NN , , 60 CD % NN of IN all DT women NNS voted VBD , , as IN opposed VBN to TO the DT usual JJ 40 CD % NN . . It PRP is VBZ difficult JJ to TO analyze VB how WRB much JJ of IN their PRP$ anger NN was VBD due JJ to TO Recruit NNP , , the DT sex NN scandals NNS , , or CC the DT one-yen JJ coins NNS in IN their PRP$ purses NNS , , but CC they PRP obviously RB were VBD voting VBG to TO punish VB the DT LDP NNP . . Taken VBN by IN surprise NN , , the DT Socialist NNP Party NNP is VBZ busy JJ changing VBG its PRP$ doctrines NNS . . It PRP 's VBZ now RB OK JJ to TO deal VB with IN the DT U.S. NNP , , but CC not RB the DT Soviet NNP Union NNP . . Nuclear JJ power NN plants NNS are VBP acceptable JJ . . The DT U.S.-Japan NNP Security NNP Treaty NNP can MD continue VB , , sort NN of IN . . And CC so RB on RB . . Against IN the DT rapid JJ cosmetic JJ overhaul NN of IN the DT Socialist NNP Party NNP the DT LDP NNP has VBZ been VBN paralyzed VBN . . Now RB is VBZ the DT time NN to TO reform VB the DT government NN from IN a DT provider NN , , developing-country JJ vanguard NN role NN to TO that DT of IN a DT modern JJ , , industrialized JJ nation NN in IN which WDT consumers NNS have VBP the DT ultimate JJ choice NN . . If IN the DT LDP NNP , , as RB currently RB composed VBN , , ca MD n't RB make VB the DT transformation NN , , then RB it PRP should MD split VB into IN two CD parties NNS . . One CD party NN could MD stand VB for IN consumer NN interests NNS , , small JJ government NN , , free JJ trade NN and CC globalism NN to TO put VB Japan NNP clearly RB among IN the DT most RBS developed JJ and CC open JJ countries NNS . . The DT other JJ party NN could MD continue VB on IN the DT traditional JJ track NN of IN the DT LDP NNP , , representing VBG the DT manufacturers NNS ' POS preference NN for IN larger JJR government NN , , control NN , , regulation NN and CC protectionism NN . . The DT LDP NNP must MD make VB a DT decision NN immediately RB ; : Lower NNP House NNP elections NNS must MD take VB place NN before IN June NNP . . In IN the DT current JJ mood NN of IN the DT Japanese JJ people NNS , , journalists NNS and CC even RB some DT industrialists NNS , , giving VBG power NN to TO the DT Socialists NNPS might MD be VB good JJ for IN the DT LDP NNP , , cleansing VBG it PRP of IN past JJ sins NNS . . We PRP must MD not RB forget VB , , however RB , , that IN such PDT a DT humble JJ political JJ experiment NN could MD cause VB a DT global JJ tidal JJ wave NN of IN shocks NNS in IN real-estate NN and CC financial JJ markets NNS . . At IN the DT most JJS there EX is VBZ only RB nine CD months NNS before IN the DT LDP NNP fuse NN burns VBZ out RP . . Mr. NNP Ohmae NNP is VBZ managing NN director NN of IN McKinsey NNP & CC Co. NNP in IN Japan NNP . . Early RB this DT century NN , , diamond NN mining NN in IN the DT magnificent JJ dunes NNS where WRB the DT Namib NNP Desert NNP meets VBZ the DT Atlantic NNP Ocean NNP was VBD a DT day NN at IN the DT beach NN . . Men NN would MD crawl VB in IN the DT sand NN looking VBG for IN shiny JJ stones NNS . . It PRP was VBD as RB easy JJ as IN collecting VBG sea NN shells NNS at IN Malibu NNP . . Men NN are VBP still RB combing VBG the DT beach NN with IN shovels NNS and CC hand NN brushes NNS , , searching VBG for IN that DT unusual JJ glint NN . . But CC only RB after IN a DT fleet NN of IN 336 CD gargantuan JJ earthmoving JJ vehicles NNS belonging VBG to TO De NNP Beers NNP Consolidated NNP Mines NNP Ltd. NNP , , the DT world NN 's POS diamond NN kingpins NNS , , do VBP their PRP$ work NN . . Last JJ year NN , , 43 CD million CD tons NNS of IN desert NN were VBD moved VBN from IN one CD dune NN to TO another DT to TO recover VB 934,242 CD carats NNS , , which WDT comes VBZ to TO 46 CD tons NNS of IN sand NN per IN carat NN , , or CC one-fifth JJ gram NN . . Oh UH yes UH , , the DT Atlantic NNP was VBD also RB pushed VBN back RP 300 CD yards NNS . . `` `` If IN there EX 's POS diamonds NNS out RB there RB , , we PRP 'll MD get VB to TO them PRP , , '' '' says VBZ Les NNP Johns NNP , , De NNP Beers NNP 's POS engineering NN manager NN . . Here RB , , wedged VBN between IN shifting VBG dunes NNS and CC pounding VBG waves NNS at IN the DT world NN 's VBZ most RBS inhospitable JJ diamond NN dig NN , , lies VBZ the DT earth NN 's VBZ most RBS precious JJ jewel NN box NN . . Thanks NNS to TO centuries NNS of IN polishing VBG by IN Mother NNP Nature NNP -- : first RB in IN the DT gentle JJ current NN of IN the DT Orange NNP River NNP that WDT carried VBD the DT stones NNS from IN South NNP Africa NNP 's POS interior NN , , then RB in IN the DT cold JJ surf NN of IN the DT ocean NN , , and CC finally RB in IN the DT coarse JJ sands NNS of IN the DT desert NN -- : 98 CD % NN of IN the DT diamonds NNS uncovered VBN are VBP of IN gem NN quality NN . . While IN other JJ mines NNS might MD yield VB more JJR carats NNS , , a DT higher JJR percentage NN of IN them PRP go VBP to TO industrial JJ use NN . . Since IN this DT treasure NN chest NN is VBZ too RB big JJ to TO fit VB in IN a DT bank NN vault NN , , it PRP has VBZ been VBN turned VBN into IN one NN . . Months NNS after IN railway NN worker NN Zacharias NNP Lewala NNP first RB picked VBD up RP a DT diamond NN from IN the DT sand NN in IN 1908 CD , , the DT German JJ colonialists NNS who WP controlled VBD Namibia NNP proclaimed VBD a DT wide JJ swath NN of IN the DT desert NN -- : about RB 200 CD miles NNS north RB from IN the DT Orange NNP River NNP and CC 60 CD miles NNS inland RB from IN the DT Atlantic NNP -- : a DT restricted JJ area NN , , a DT designation NN normally RB reserved VBN for IN military JJ operations NNS . . When WRB the DT Germans NNPS lost VBD World NNP War NNP I NNP , , they PRP lost VBD Namibia NNP to TO South NNP Africa NNP and CC the DT diamonds NNS to TO Ernest NNP Oppenheimer NNP , , patriarch NN of IN Anglo NNP American NNP Corp. NNP and CC De NNP Beers NNP . . Today NN , , no DT one NN gets VBZ in IN or CC out IN of IN the DT restricted JJ area NN without IN De NNP Beers NNP 's POS stingy JJ approval NN . . The DT mining NN zone NN has VBZ thus RB remained VBN one CD of IN the DT most RBS desolate JJ places NNS in IN Africa NNP . . Ghost NN towns NNS dot VBP the DT Namib NNP dunes NNS , , proving VBG diamonds NNS are VBP n't RB forever RB . . Oranjemund NNP , , the DT mine JJ headquarters NN , , is VBZ a DT lonely JJ corporate JJ oasis NN of IN 9,000 CD residents NNS . . Jackals NNS roam VBP the DT streets NNS at IN night NN , , and CC gemsbok NNS , , hardy JJ antelope NNS with IN long JJ straight JJ horns NNS , , wander VBP in IN from IN the DT desert NN to TO drink VB from IN water NN sprinklers NNS . . On IN most JJS days NNS , , the DT desert NN 's POS heat NN and CC the DT cool NN of IN the DT ocean NN combine VBP to TO create VB a DT mist NN like IN a DT damp JJ rag NN . . The DT wind NN , , stinging JJ with IN sand NN , , never RB seems VBZ to TO stop VB . . Still RB , , miners NNS from IN all DT parts NNS of IN Namibia NNP as RB well RB as IN professional JJ staff NN from IN De NNP Beers NNP 's POS head NN offices NNS in IN South NNP Africa NNP and CC London NNP keep VBP coming VBG . . And CC Oranjemund NNP boasts VBZ attractions NNS besides IN diamonds NNS . . There EX are VBP six CD video JJ rental JJ shops NNS , , three CD restaurants NNS , , one CD cinema NN and CC 34 CD sports NNS and CC recreation NN clubs NNS for IN everything NN from IN cricket NN to TO lawn NN bowling NN . . The DT pride NN of IN Oranjemund NNP is VBZ the DT 18-hole JJ golf NN course NN -- : with IN the DT largest JJS sand NN trap NN in IN the DT world NN . . Last JJ year NN , , when WRB the DT rising VBG Orange NNP River NNP threatened VBD to TO swamp VB the DT course NN , , the DT same JJ engineers NNS who WP are VBP pushing VBG back RP the DT Atlantic NNP rushed VBD to TO build VB a DT wall NN to TO hold VB back RP the DT flood NN . . `` `` Nothing NN is VBZ too RB good JJ for IN our PRP$ golf NN course NN , , '' '' says VBZ Tony NNP George NNP , , a DT mining NN engineer NN . . Despite IN fears NNS the DT mine NN may MD be VB partially RB nationalized VBN by IN the DT new JJ Namibian JJ government NN following VBG next JJ month NN 's POS elections NNS freeing VBG the DT country NN from IN South JJ African JJ control NN , , De NNP Beers NNP engineers NNS are VBP working VBG to TO extend VB the DT mine NN 's POS productive JJ life NN for IN another DT 25 CD years NNS , , from IN the DT current JJ estimate NN of IN 10 CD . . Huge JJ machines NNS that WDT look VBP as IN though IN they PRP came VBD from IN the DT Star NNP Wars NNP desert-battle JJ scene NN lumber VBP among IN the DT dunes NNS . . Mechanized JJ vacuum NN cleaners NNS probe VBP the DT sand NN like IN giant JJ anteaters NNS ; : a DT whirring VBG ferris JJ wheellike JJ excavator NN , , with IN buckets NNS instead RB of IN seats NNS , , chews NNS through IN layers NNS of IN compacted JJ sand NN ; : tracks NNS and CC conveyor NN belts NNS , , shuttling VBG sand NN to TO the DT screening NN plants NNS , , criss-cross VBP the DT beach NN . . Then RB there EX is VBZ the DT artifical JJ sea NN wall NN , , 600 CD yards NNS long JJ and CC 60 CD yards NNS thick JJ , , jutting VBG into IN the DT ocean NN . . Made VBN of IN sand NN , , it PRP receives VBZ around-the-clock JJ maintainence NN against IN the DT battering VBG waves NNS . . When WRB the DT mining NN in IN front NN of IN the DT wall NN is VBZ complete JJ , , it PRP is VBZ moved VBN northward RB . . A DT companion NN jetty NN that WDT helps VBZ hold VB back RP the DT sea NN looks VBZ like IN a DT rusting JJ junkyard NN . . Engineers NNS first RB used VBD concrete NN blocks NNS to TO bolster VB the DT barrier NN , , but CC the DT ocean NN tossed VBD them PRP aside RP like IN driftwood NN . . Then RB someone NN decided VBD to TO try VB broken-down JJ earthmoving JJ equipment NN that WDT , , inexplicably RB , , held VBD against IN the DT waves NNS . . `` `` The DT Caterpillar NNP people NNS are VBP n't RB too RB happy JJ when WRB they PRP see VBP their PRP$ equipment NN used VBN like IN that DT , , '' '' shrugs VBZ Mr. NNP George NNP . . `` `` They PRP figure VBP it PRP 's VBZ not RB a DT very RB good JJ advert NN . . '' '' Despite IN all PDT these DT innovations NNS , , most JJS of IN the DT diamonds NNS are VBP still RB found VBN in IN the DT sand NN swept VBN away RB by IN the DT men NNS wielding VBG shovels NNS and CC brushes NNS -- : the DT ignominiously RB named VBN `` `` bedrock NN sweepers NNS '' '' who WP toil VBP in IN the DT wake NN of IN the DT excavators NNS . . Laboring VBG in IN blue JJ and CC gray JJ overalls NNS , , they PRP are VBP supposed VBN to TO concentrate VB on IN cleaning VBG out RP crevices NNS , , and CC not RB strain VB their PRP$ eyes NNS looking VBG for IN diamonds NNS . . But CC should MD they PRP spy VB one CD , , the DT company NN will MD pay VB a DT bonus NN equal JJ to TO one-third NN its PRP$ value NN . . For IN these DT workers NNS at IN the DT bottom NN of IN the DT mine NN 's POS pay NN scale NN , , this DT is VBZ usually RB enough JJ to TO overcome VB the DT temptation NN to TO steal VB -- : a DT crime NN that WDT could MD earn VB them PRP up IN to TO 15 CD years NNS in IN jail NN . . Still RB , , employees NNS do VBP occasionally RB try VB to TO smuggle VB out RP a DT gem NN or CC two CD . . One CD man NN wrapped VBD several JJ diamonds NNS in IN the DT knot NN of IN his PRP$ tie NN . . Another DT poked VBD a DT hole NN in IN the DT heel NN of IN his PRP$ shoe NN . . A DT food NN caterer NN stashed VBD stones NNS in IN the DT false JJ bottom NN of IN a DT milk NN pail NN . . None NN made VBD it PRP past IN the DT body NN searches NNS and CC X-rays NNS of IN mine JJ security NN . . DISASTER NN STATES NNS are VBP n't RB jumping VBG to TO raise VB taxes NNS for IN relief NN and CC recovery NN . . Not RB yet RB , , anyway RB . . Just RB after IN Hurricane NNP Hugo NNP battered VBD South NNP Carolina NNP , , some DT officials NNS talked VBD of IN perhaps RB adding VBG a DT penny NN to TO the DT state NN gasoline NN tax NN or CC raising VBG property NN taxes NNS . . Gov. NNP Campbell NNP responded VBD , , `` `` They PRP 're VBP mentioning VBG rope NN when WRB there EX 's VBZ been VBN a DT hanging NN in IN the DT family NN . . '' '' A DT spokesman NN says VBZ the DT governor NN believes VBZ he PRP can MD avoid VB increases NNS by IN relying VBG on IN federal JJ aid NN and CC shifting VBG funds NNS in IN state NN programs NNS . . Still RB , , Hugo NNP 's POS impact NN may MD revive VB unsuccessful JJ proposals NNS to TO give VB local JJ governments NNS authority NN to TO levy VB sales JJ taxes NNS . . A DT spokesman NN for IN North NNP Carolina NNP Gov. NNP Martin NNP says VBZ Hugo NNP has VBZ n't RB prompted VBN proposals NNS for IN state NN or CC local JJ increases NNS . . California NNP , , where WRB earthquake NN damage NN may MD top VB $ $ 5 CD billion CD , , plans VBZ a DT special JJ legislative JJ session NN . . Property-tax JJ relief NN is VBZ likely JJ . . Legislators NNS are VBP talking VBG about IN temporary JJ rises NNS in IN sales NNS or CC gasoline NN taxes NNS , , although IN Gov. NNP Deukmejian NNP says VBZ they PRP should MD be VB a DT last JJ resort NN . . Needs NNS are VBP n't RB clear JJ , , and CC the DT state NN constitution NN makes VBZ increasing VBG taxes NNS and CC spending VBG very RB difficult JJ . . But CC some DT legislators NNS think VBP the DT time NN may MD be VB ripe JJ to TO revise VB the DT constitution NN . . THE DT IRS NNP WILL MD PAY VB if IN its PRP$ error NN burdens VBZ you PRP with IN bank NN charges NNS . . Policy NN statement NN P-5-39 NNP sets VBZ out RP terms NNS . . As IN a DT result NN of IN an DT erroneous JJ IRS NNP levy NN on IN a DT bank NN account NN , , a DT taxpayer NN may MD incur VB administrative JJ and CC overdraft NN charges NNS . . If IN the DT IRS NNP admits VBZ its PRP$ error NN and CC the DT charges NNS have VBP been VBN paid VBN , , it PRP will MD reimburse VB a DT taxpayer NN who WP has VBZ n't RB refused VBD to TO give VB timely JJ answers NNS to TO IRS NNP inquiries NNS or CC has VBZ n't RB contributed VBN to TO continuing VBG or CC compounding VBG the DT error NN . . The DT IRS NNP recently RB amended VBD the DT policy NN to TO cover VB stop-payment NN charges NNS for IN checks NNS lost VBN by IN the DT IRS NNP . . If IN the DT IRS NNP asks VBZ for IN and CC gets VBZ a DT replacement NN for IN a DT check NN that IN it PRP concedes VBZ it PRP lost VBD in IN processing NN , , it PRP will MD reimburse VB the DT taxpayer NN for IN the DT stop-payment NN charge NN on IN the DT original JJ . . Reimbursement NN claims NNS must MD be VB filed VBN with IN the DT IRS NNP district NN or CC service-center NN director NN within IN a DT year NN after IN the DT expense NN accrues VBZ . . If IN the DT IRS NNP seeks VBZ late-payment NN interest NN because IN of IN the DT lost JJ check NN , , you PRP should MD request VB interest NN abatement NN , , publisher NN Prentice NNP Hall NNP notes VBZ . . JUST RB FIVE CD ACRES NNP MORE JJR are VBP all DT we PRP need VBP to TO feel VB really RB at IN home NN , , they PRP say VBP . . A DT couple NN we PRP 'll MD call VB the DT Blandings NNPS spent VBD nearly RB $ $ 800,000 CD on IN a DT 15-acre JJ plot NN and CC main JJ home NN and CC have VBP an DT old JJ $ $ 175,000 CD mortgage NN exempt JJ from IN the DT new JJ limit NN on IN mortgage-interest JJ deductions NNS . . They PRP plan VBP to TO expand VB the DT home NN site NN by IN buying VBG five CD adjoining JJ acres NNS for IN $ $ 200,000 CD , , borrowed VBN against IN a DT first JJ mortgage NN on IN the DT five CD acres NNS and CC also RB collateralized VBN by IN the DT 15 CD acres NNS . . Their PRP$ debt NN will MD be VB well RB under IN the DT $ $ 1 CD million CD limit NN -- : on IN borrowing VBG to TO acquire VB , , build VB , , or CC improve VB a DT home NN -- : that WDT qualifies VBZ for IN mortgage-interest JJ deductions NNS . . As IN you PRP can MD guess VB , , the DT Blandings NNS want VBP to TO deduct VB home-mortgage JJ interest NN on IN the DT $ $ 200,000 CD loan NN . . But CC , , IRS NNP private JJ ruling NN 8940061 CD notes NNS , , no DT rule NN or CC court NN case NN bears VBZ directly RB on IN the DT issue NN of IN adding VBG land NN to TO a DT principal JJ residence NN . . So RB the DT IRS NNP has VBZ drawn VBN a DT rationale NN from IN the DT sale NN of IN a DT home NN site NN split VBN in IN two CD and CC sold VBN in IN different JJ years NNS to TO the DT same JJ buyer NN ; : a DT court NN let VBD the DT seller NN in IN that DT old JJ case NN treat VB this DT as IN the DT sale NN of IN one CD residence NN . . Thus RB , , the DT IRS NNP says VBZ , , the DT Blandings NNP ' POS $ $ 200,000 CD loan NN is VBZ home-acquisition JJ debt NN , , and CC interest NN on IN it PRP is VBZ fully RB deductible JJ . . EARTHQUAKE NN VICTIMS NNS facing VBG imminent JJ filing NN and CC payment NN deadlines NNS will MD get VB extensions NNS and CC penalty NN waivers NNS like IN those DT provided VBN for IN Hugo NNP 's POS victims NNS ; : IRS NNP Notice NNP 89108 CD has VBZ details NNS . . Notice NNP 89-107 CD offers VBZ added JJ relief NN for IN hurricane-hit JJ concerns NNS that WDT must MD file VB pension NN and CC benefit-plan JJ returns NNS . . REPORTS NNS OF IN PAYMENTS NNS to TO independent JJ contractors NNS for IN services NNS must MD be VB filed VBN by IN businesses NNS , , but CC do VBP n't RB bet VB that IN contractors NNS ' POS unreported JJ income NN will MD be VB detected VBN that DT way NN . . The DT General NNP Accounting NNP Office NNP estimates VBZ that IN 50 CD % NN of IN IRS NNP audits NN do VBP n't RB spot VB companies NNS that WDT fail VBP to TO file VB the DT reports NNS . . UH NNP HUH NNP : : A DT claim NN by IN Peter NNP Testa NNP of IN New NNP York NNP that IN a DT stranger NN paid VBD him PRP $ $ 500 CD to TO go VB into IN a DT bank NN and CC change VB $ $ 44,400 CD in IN small JJ bills NNS into IN large JJ bills NNS `` `` is VBZ unconvincing JJ , , '' '' the DT Tax NNP Court NNP found VBD . . It PRP held VBD that IN Testa NNP is VBZ taxable JJ on IN $ $ 44,400 CD of IN unreported JJ income NN . . WHY WRB BE VB A DT MIDDLEMAN NN for IN charitable JJ gifts NNS ? . a DT retiree NN asks VBZ . . A DT retired JJ electrical JJ engineer NN we PRP 'll MD call VB Ben NNP works VBZ part-time RB as IN a DT consultant NN , , but CC he PRP does VBZ n't RB want VB to TO earn VB so RB much JJ that IN Social NNP Security NNP reduces VBZ his PRP$ benefits NNS . . So RB he PRP has VBZ arranged VBN for IN a DT university NN foundation NN to TO set VB up RP a DT scholarship NN fund NN for IN undergraduate JJ engineering NN students NNS . . He PRP plans VBZ to TO tell VB clients NNS to TO pay VB certain JJ fees NNS directly RB to TO the DT foundation NN instead RB of IN to TO him PRP ; : he PRP would MD omit VB those DT fees NNS from IN income NN reported VBN on IN his PRP$ return NN . . So IN he PRP asked VBD the DT IRS NNP if IN the DT plan NN would MD work VB . . Well RB , , notes VBZ IRS NNP private JJ ruling NN 8934014 CD , , `` `` a DT fundamental JJ principle NN '' '' is VBZ that DT income NN must MD be VB taxed VBN to TO whoever WP earns VBZ it PRP . . The DT rule NN goes VBZ back RB at IN least JJS as RB far RB as IN a DT 1930 CD Supreme NNP Court NNP decision NN , , Robert NNP Willens NNP of IN Shearson NNP Lehman NNP Hutton NNP says VBZ . . If IN you PRP assign VBP your PRP$ income NN to TO another DT , , you PRP still RB have VB controlled VBN its PRP$ disposition NN and CC enjoyed VBN the DT fruits NNS of IN your PRP$ labor NN , , even RB if IN indirectly RB . . Ben NNP earns VBZ any DT fees NNS sent VBN directly RB to TO charity NN and CC is VBZ taxable JJ on IN them PRP , , the DT IRS NNP says VBZ ; : of IN course NN , , he PRP also RB may MD take VB a DT charitable JJ deduction NN for IN them PRP . . BRIEFS NNS : : Ways NNP and CC Means NNP veteran NN Gephardt NNP ( ( D. NNP , , Mo NNP . . ) ) moves VBZ to TO the DT House NNP Budget NNP Committee NNP ; : Rep. NNP Cardin NNP ( ( D. NNP , , Md NNP . . ) ) replaces VBZ him PRP ... : . . Seattle NNP 's POS license NN fees NNS for IN adult JJ peep NN shows NNS vary VBP from IN those DT for IN other JJ coin-operated JJ amusements NNS without IN serving VBG a DT substantial JJ government NN interest NN and CC are VBP unconstitutional JJ , , the DT ninth-circuit JJ appeals NNS court NN holds VBZ for IN Acorn NNP Investments NNP Inc NNP . . Blue-chip JJ advertisers NNS have VBP plenty NN of IN complaints NNS about IN the DT magazines NNS they PRP advertise VBP in IN , , ranging VBG from IN inadequate JJ consumer NN research NN to TO ad NN `` `` clutter NN '' '' and CC a DT seemingly RB unchecked JJ proliferation NN of IN special JJ interest NN magazines NNS . . Criticism NN from IN such JJ big JJ advertisers NNS as IN Estee NNP Lauder NNP Inc. NNP , , Colgate-Palmolive NNP Co. NNP and CC Seagram NNP Co. NNP put VBD a DT damper NN on IN the DT euphoria NN at IN the DT American NNP Magazine NNP Conference NNP here RB . . The DT conference NN opened VBD Monday NNP with IN glowing JJ reports NNS about IN consumer NN magazines NNS ' POS growth NN in IN circulation NN and CC advertising NN revenue NN in IN the DT past JJ year NN . . `` `` Magazines NNS are VBP not RB providing VBG us PRP in-depth JJ information NN on IN circulation NN , , '' '' said VBD Edgar NNP Bronfman NNP Jr. NNP , , president NN and CC chief NN operating NN officer NN of IN Seagram NNP , , in IN a DT panel NN discussion NN . . `` `` How WRB do VBP readers NNS feel VB about IN the DT magazine NN ? . How WRB deeply RB do VBP they PRP read VB it PRP ? . Research NN does VBZ n't RB tell VB us PRP whether IN people NNS actually RB do VBP read VB the DT magazines NNS they PRP subscribe VBP to TO . . '' '' Reuben NNP Mark NNP , , chief JJ executive NN of IN Colgate-Palmolive NNP , , said VBD advertisers NNS lack VBP detailed JJ demographic JJ and CC geographic JJ breakdowns NNS of IN magazines NNS ' POS audiences NNS . . `` `` We PRP need VBP research NN that WDT convinces VBZ us PRP that IN magazines NNS are VBP a DT real JJ value NN in IN reader NN 's POS lives NNS , , that IN readers NNS are VBP really RB involved JJ . . '' '' The DT critics NNS also RB lambasted VBD the DT magazine NN industry NN for IN something NN executives NNS often RB are VBP very RB proud JJ of IN : : the DT growth NN in IN magazine NN titles NNS during IN the DT 1980s CD . . Leonard NNP Lauder NNP , , president NN and CC chief JJ executive JJ officer NN of IN Estee NNP Lauder NNP , , said VBD consumer NN magazines NNS are VBP suffering VBG from IN what WP he PRP called VBD `` `` niche-itis NN , , '' '' the DT increasing JJ number NN of IN magazines NNS that WDT target VBP the DT idosyncratic JJ interests NNS of IN readers NNS . . `` `` Niche-itis NN fragments VBZ our PRP$ advertising NN dollars NNS , , '' '' said VBD Mr. NNP Lauder NNP . . `` `` We PRP are VBP being VBG over-magazined VBN . . We PRP are VBP constantly RB faced VBN with IN deciding VBG which WDT partnerships NNS { ( with IN magazines NNS } ) we PRP can MD keep VB . . '' '' He PRP added VBD : : `` `` There EX 's VBZ probably RB even RB a DT magazine NN for IN left-handed JJ golfers NNS ... : but CC the DT general JJ interest NN magazine NN is VBZ something NN we PRP all DT miss VBP , , and CC it PRP should MD come VB back RP . . '' '' Mr. NNP Lauder NNP also RB attacked VBD what WP he PRP sees VBZ as IN the DT wide JJ imitation NN of IN Elle NNP , , a DT fashion NN magazine NN published VBN by IN Diamandis NNP Communications NNP Inc. NNP , , and CC criticized VBD the DT practice NN of IN stacking VBG ads NNS at IN the DT front NN of IN magazines NNS . . `` `` Readers NNS do VBP n't RB want VB to TO face VB all PDT those DT ad NN pages NNS at IN the DT front NN of IN a DT magazine NN , , '' '' he PRP said VBD . . Magazine NN editors NNS did VBD not RB take VB the DT criticisms NNS lying VBG down RP . . `` `` We PRP spend VBP a DT fortune NN on IN research NN information NN , , '' '' said VBD Steve NNP Burzon NNP , , publisher NN of IN Meredith NNP Corp. NNP 's POS Metropolitan NNP Home NNP . . And CC Tina NNP Brown NNP , , editor NN of IN Conde NNP Nast NNP Publications NNP Inc. NNP 's POS Vanity NNP Fair NNP , , said VBD advertisers NNS are VBP frequently RB asked VBN to TO take VB advertising NN positions NNS in IN the DT back NN of IN her PRP$ magazine NN to TO relieve VB ad NN clutter NN . . `` `` But CC advertisers NNS would MD n't RB think VB of IN it PRP , , '' '' she PRP said VBD . . Bernard NNP Leser NNP , , president NN of IN Conde NNP Nast NNP , , added VBD : : `` `` Our PRP$ research NN shows VBZ we PRP sell VBP more JJR of IN our PRP$ heavier JJR issues NNS ... : because IN readers NNS believe VBP they PRP are VBP getting VBG more JJR for IN what WP they PRP pay VBP for IN . . Wall NNP Street NNP securities NNS giant NN Salomon NNP Inc. NNP posted VBD a DT big JJ , , unexpected JJ earnings NNS gain NN in IN the DT third JJ quarter NN , , buoyed VBN by IN its PRP$ securities NNS trading NN and CC investment NN banking NN activities NNS . . Salomon NNP said VBD net JJ income NN soared VBD to TO $ $ 177 CD million CD , , or CC $ $ 1.28 CD a DT share NN , , from IN $ $ 65 CD million CD , , or CC 38 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . Revenue NN more RBR than IN doubled VBD to TO $ $ 2.62 CD billion CD from IN $ $ 1.29 CD billion CD . . A DT Salomon NNP spokesman NN said VBD its PRP$ stock NN , , bond NN and CC foreign JJ exchange NN trading NN , , as RB well RB as IN its PRP$ investment NN banking NN operations NNS , , were VBD mostly RB responsible JJ for IN the DT earnings NNS jump NN . . `` `` The DT earnings NNS were VBD fine JJ and CC above JJ expectations NNS , , '' '' said VBD Michael NNP W. NNP Blumstein NNP , , an DT analyst NN at IN First NNP Boston NNP Corp NNP . . Nevertheless RB , , Salomon NNP 's POS stock NN fell VBD $ $ 1.125 CD yesterday NN to TO close VB at IN $ $ 23.25 CD a DT share NN in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN . . `` `` I PRP suspect VBP October NNP was VBD n't RB as RB good JJ as IN the DT third JJ quarter NN , , and CC they PRP 'll MD have VB difficulty NN matching VBG the DT third JJ quarter NN in IN the DT fourth JJ quarter NN , , '' '' Mr. NNP Blumstein NNP said VBD . . But CC some DT analysts NNS say VBP Salomon NN has VBZ turned VBN the DT corner NN . . `` `` I PRP upgraded VBD the DT firm NN to TO my PRP$ buy JJ list NN because IN I PRP certainly RB see VBP signs NNS of IN improvement NN , , '' '' says VBZ Lawrence NNP Eckenfelder NNP , , an DT analyst NN at IN Prudential-Bache NNP Securities NNP . . `` `` The DT market NN has VBZ been VBN overly RB harsh JJ to TO them PRP . . '' '' Analysts NNS say VBP investors NNS remain VBP skittish JJ toward IN Salomon NNP because IN of IN its PRP$ volatile JJ earnings NNS . . In IN the DT first JJ quarter NN , , Salomon NNP had VBD a DT record JJ loss NN of IN $ $ 28 CD million CD on IN revenue NN of IN $ $ 1.54 CD billion CD . . But CC in IN the DT second JJ quarter NN , , Salomon NNP posted VBD a DT record JJ $ $ 253 CD million CD net NN on IN revenue NN of IN $ $ 2.33 CD billion CD . . For IN the DT real JJ estate NN industry NN , , a DT watchword NN for IN the DT 1990s CD will MD be VB buy VB , , more RBR than IN build VB . . That DT 's VBZ the DT word NN expected VBN to TO be VB on IN the DT lips NNS of IN the DT more JJR than IN 3,000 CD developers NNS , , pension-fund NN advisers NNS and CC real JJ estate NN financiers NNS slated VBN to TO attend VB a DT four-day JJ conference NN , , beginning VBG here RB today NN , , sponsored VBN by IN the DT Urban NNP Land NNP Institute NNP . . The DT ULI NNP is VBZ a DT non-profit JJ research NN and CC education NN group NN based VBN in IN Washington NNP , , D.C. NNP , , with IN 14,000 CD members NNS nationwide RB . . With IN the DT market NN overbuilt JJ , , builders NNS are VBP finding VBG limited JJ opportunities NNS and CC increased JJ risks NNS . . Developers NNS and CC money NN managers NNS are VBP looking VBG for IN bargains NNS among IN the DT thousands NNS of IN financially RB troubled JJ properties NNS around IN the DT country NN . . Real JJ estate NN professionals NNS now RB often RB bill VBP themselves PRP as IN `` `` turnaround NN experts NNS '' '' and CC `` `` workout NN specialists NNS . . '' '' Conference NN attendees NNS are VBP expected VBN to TO be VB buzzing VBG about IN the DT workings NNS of IN the DT recently RB formed VBN Resolution NNP Trust NNP Corp. NNP , , a DT federal JJ agency NN charged VBN with IN disposing VBG of IN an DT estimated JJ $ $ 200 CD billion CD of IN real JJ estate NN dumped VBN in IN government NN hands NNS by IN insolvent JJ savings NNS and CC loans NNS . . Developers NNS are VBP also RB eyeing VBG the DT real JJ estate NN portfolios NNS of IN major JJ corporations NNS . . Some DT plan VBP to TO pursue VB foreign JJ development NN ventures NNS , , mostly RB in IN Europe NNP . . And CC other JJ developers NNS may MD shift VB from IN commercial JJ to TO residential JJ development NN in IN the DT U.S. NNP . . `` `` There EX are VBP n't RB as RB many JJ economically RB viable JJ alternatives NNS for IN real JJ estate NN developers NNS in IN this DT country NN as IN 10 CD years NNS ago RB , , '' '' says VBZ Charles NNP Shaw NNP , , a DT Chicago-based JJ real JJ estate NN developer NN . . `` `` So IN developers NNS are VBP saying VBG they PRP will MD look VB into IN distressed JJ properties NNS . . They PRP 'll MD go VB into IN someone NN else RB 's POS pasture NN as RB long RB as IN it PRP 's VBZ greener JJR than IN the DT one NN they PRP 're VBP in IN now RB . . '' '' Developers NNP are VBP also RB forming VBG more RBR joint JJ ventures NNS with IN pension NN funds NNS and CC insurance NN companies NNS that WDT can MD finance VB big JJ projects NNS . . The DT builders NNS are VBP more RBR willing JJ to TO give VB up RP some DT equity NN and CC rely VB on IN management NN and CC consulting NN fees NNS to TO stay VB afloat RB in IN the DT soft JJ market NN . . `` `` Developers NNP are VBP teaming VBG up RP with IN institutions NNS often RB acting VBG as IN project NN managers NNS , , '' '' says VBZ Smedes NNP York NNP , , ULI NNP president NN and CC president NN of IN York NNP Properties NNP Inc. NNP , , of IN Raleigh NNP , , N.C NNP . . `` `` They PRP are VBP growing VBG more RBR pragmatic JJ about IN their PRP$ role NN . . '' '' Real JJ estate NN firms NNS are VBP also RB using VBG their PRP$ alliances NNS with IN financial JJ institutions NNS to TO amass VB acquisition NN funds NNS . . `` `` Why WRB should MD you PRP beat VB your PRP$ brains NNS out RP fighting VBG the DT environmentalists NNS , , the DT neighborhood NN groups NNS , , dealing VBG with IN traffic NN mitigation NN , , sewers NNS and CC fighting VBG city NN hall NN , , then RB try VB to TO convince VB a DT lender NN to TO lend VB you PRP money NN in IN an DT overbuilt JJ market NN when WRB you PRP can MD get VB pension NN fund NN money NN , , buy VB a DT portfolio NN , , sell VB off RP pieces NNS off IN it PRP and CC play VB your PRP$ own JJ game NN ? . '' '' says VBZ Jack NNP Rodman NNP , , managing NN partner NN of IN the DT Los NNP Angeles NNP office NN of IN Kenneth NNP Leventhal NNP Inc. NNP a DT national JJ accounting NN firm NN . . But CC experts NNS say VBP that IN when WRB it PRP comes VBZ to TO distressed JJ properties NNS , , finding VBG diamonds NNS in IN the DT rough JJ is VBZ n't RB easy JJ . . The DT level NN of IN interest NN in IN the DT RTC NNP 's POS properties NNS has VBZ been VBN greater JJR than IN expected VBN , , and CC has VBZ come VBN from IN larger JJR companies NNS than IN initially RB anticipated VBN , , says VBZ Stan NNP Ross NNP , , Leventhal NNP 's POS co-managing JJ partner NN . . And CC to TO succeed VB in IN the DT turnaround NN business NN , , he PRP says VBZ , , developers NNS may MD have VB to TO put VB in RP a DT lot NN of IN money NN and CC time NN . . Finding VBG pension NN funds NNS and CC other JJ sources NNS willing JJ to TO invest VB is VBZ a DT high JJ priority NN . . Quips VBZ David NNP Shulman NNP , , director NN of IN real JJ estate NN research NN for IN Salomon NNP Brothers NNP Inc. NNP : : `` `` A DT theme NN of IN the DT Urban NNP Land NNP conference NN will MD be VB ` `` take VB a DT pension NN fund NN manager NN to TO lunch NN . . Sheraton NNP Corp. NNP and CC Pan NNP American NNP World NNP Airways NNP announced VBD that IN they PRP and CC two CD Soviet JJ partners NNS will MD construct VB two CD `` `` world-class JJ '' '' hotels NNS within IN a DT mile NN of IN Red NNP Square NNP in IN Moscow NNP . . U.S. NNP and CC Soviet NNP officials NNS hailed VBD the DT joint JJ project NN as IN a DT new JJ indication NN of IN the DT further JJ thaw NN in IN U.S.-Soviet JJ relations NNS . . `` `` This DT is VBZ an DT outstanding JJ example NN of IN how WRB the DT East NNP and CC the DT West NNP can MD work VB together RB for IN their PRP$ mutual JJ benefit NN and CC progress NN , , '' '' said VBD Soviet NNP Ambassador NNP Yuri NNP Dubinin NNP , , who WP hosted VBD a DT signing NN ceremony NN for IN the DT venture NN 's POS partners NNS at IN the DT Soviet JJ embassy NN here RB . . Commerce NNP Secretary NNP Robert NNP Mosbacher NNP , , who WP attended VBD the DT ceremony NN , , called VBD the DT undertaking NN a DT `` `` historic JJ step NN '' '' in IN the DT evolution NN of IN U.S.-Soviet JJ ties NNS . . He PRP added VBD that IN it PRP likely RB will MD have VB a DT `` `` mulitiplier JJ effect NN '' '' in IN stimulating VBG further JJ trade NN between IN the DT two CD countries NNS . . The DT project NN will MD be VB the DT largest JJS U.S.-backed JJ joint JJ venture NN to TO be VB undertaken VBN in IN the DT Soviet NNP Union NNP in IN recent JJ years NNS . . One CD of IN the DT hotels NNS , , to TO be VB called VBN the DT Sheraton NNP Moscow NNP , , will MD have VB 450 CD rooms NNS and CC will MD cost VB an DT estimated JJ $ $ 75 CD million CD to TO build VB . . The DT six-story JJ hotel NN will MD be VB on IN Gorky NNP Street NNP and CC initially RB will MD cater VB mostly RB to TO business NN travelers NNS . . It PRP will MD have VB a DT Russian JJ tavern NN , , an DT English JJ pub NN , , a DT discotheque NN and CC Japanese JJ and CC Italian JJ restaurants NNS , , according VBG to TO a DT Sheraton NNP announcement NN . . The DT hotel NN is VBZ scheduled VBN to TO open VB in IN 1992 CD . . The DT second JJ hotel NN , , to TO be VB called VBN the DT Budapest NNP Hotel NNP , , is VBZ to TO be VB constructed VBN at IN a DT site NN even RB closer RBR to TO Red NNP Square NNP . . Details NNS about IN its PRP$ size NN and CC cost NN have VBP n't RB yet RB been VBN determined VBN . . Sheraton NNP , , a DT subsidiary NN of IN ITT NNP Corp. NNP , , will MD have VB a DT 40 CD % NN share NN in IN the DT two CD hotels NNS ; : Pan NNP American NNP , , a DT subsidiary NN of IN Pan NNP Am NNP Corp. NNP , , will MD have VB a DT 10 CD % NN share NN . . The DT Soviet JJ owners NNS will MD be VB Mossoviet NNP , , Moscow NNP 's POS city NN governing NN body NN , , and CC Aeroflot NNP , , the DT Soviet JJ national JJ airline NN . . Although IN a DT Finnish JJ group NN has VBZ a DT minority NN interest NN in IN an DT already RB operating VBG Moscow NNP hotel NN , , the DT Sheraton-Pan NNP Am NNP venture NN will MD be VB the DT first JJ joint-venture JJ hotels NNS in IN the DT Soviet NNP Union NNP to TO have VB as RB much JJ as IN 50 CD % NN foreign JJ ownership NN . . U.S. NNP companies NNS account VBP for IN less JJR than IN 8 CD % NN of IN the DT 1,000 CD or CC more JJR Soviet JJ joint NN ventures NNS that WDT have VBP been VBN announced VBN since IN the DT Soviets NNPS began VBD encouraging JJ such JJ undertakings NNS in IN 1987 CD . . But CC some DT U.S. NNP companies NNS are VBP negotiating VBG projects NNS that WDT could MD be VB among IN the DT biggest JJS ones NNS to TO be VB launched VBN . . Chevron NNP Corp. NNP , , Amoco NNP Corp. NNP , , Archer-Daniels-Midland NNP Co. NNP , , and CC Eastman NNP Kodak NNP Co. NNP are VBP among IN the DT U.S. NNP companies NNS known VBN to TO be VB considering VBG such JJ ventures NNS . . Sheraton NNP and CC Pan NNP Am NNP said VBD they PRP are VBP assured VBN under IN the DT Soviet JJ joint-venture JJ law NN that IN they PRP can MD repatriate VB profits NNS from IN their PRP$ hotel NN venture NN . . The DT Sheraton NNP Moscow NNP will MD charge VB about RB $ $ 140 CD to TO $ $ 150 CD a DT day NN for IN each DT of IN its PRP$ rooms NNS , , and CC it PRP will MD accept VB payment NN only RB in IN currencies NNS that WDT can MD be VB traded VBN in IN foreign JJ exchange NN markets NNS , , according VBG to TO a DT Sheraton NNP executive NN . . Thomas NNP Plaskett NNP , , Pan NNP Am VBP 's POS chairman NN , , said VBD the DT U.S. NNP airline NN 's POS participation NN is VBZ a DT natural JJ outgrowth NN of IN its PRP$ current JJ arrangements NNS with IN Aeroflot NNP to TO jointly RB operate VB nonstop JJ New NNP York-Moscow NNP flights NNS . . He PRP said VBD the DT rising VBG volume NN of IN passenger NN traffic NN on IN this DT route NN justifies VBZ a DT major JJ investment NN in IN new JJ high-standard JJ Moscow NNP hotels NNS . . David NNP Shaffer NNP was VBD named VBN to TO the DT new JJ post NN of IN executive JJ vice NN president NN of IN the DT Maxwell NNP Macmillan NNP group NN of IN this DT communications NN giant NN . . Mr. NNP Shaffer NNP takes VBZ primary JJ responsibility NN for IN the DT electronic JJ and CC technical-services NNS group NN . . He PRP had VBD been VBN group NN vice NN president NN of IN the DT electronic-publishing JJ group NN . . Also RB , , Sheldon NNP Aboff NNP , , formerly RB a DT vice NN president NN at IN Maxwell NNP , , was VBD named VBN group NN vice NN president NN with IN responsibility NN for IN various JJ electronic JJ and CC publishing-group JJ companies NNS . . Soichiro NNP Honda NNP 's POS picture NN now RB hangs VBZ with IN Henry NNP Ford NNP 's VBZ in IN the DT U.S. NNP Automotive NNP Hall NNP of IN Fame NNP , , and CC the DT game-show NN `` `` Jeopardy NNP '' '' is VBZ soon RB to TO be VB Sony-owned JJ . . But CC no DT matter NN how WRB much RB Japan NNP gets VBZ under IN our PRP$ skin NN , , we PRP 'll MD still RB have VB mom NN and CC apple NN pie NN . . On IN second JJ thought NN , , make VB that DT just RB mom NN . . A DT Japanese JJ apple NN called VBD the DT Fuji NNP is VBZ cropping VBG up RP in IN orchards NNS the DT way NN Hondas NNPS did VBD on IN U.S. NNP roads NNS . . By IN 1995 CD it PRP will MD be VB planted VBN more RBR often RB than IN any DT other JJ apple NN tree NN , , according VBG to TO a DT recent JJ survey NN of IN six CD apple-industry NN sages NNS by IN Washington NNP State NNP University NNP horticulturist NN Robert NNP Norton NNP . . Some DT fruit NN visionaries NNS say VBP the DT Fuji NNP could MD someday RB tumble VB the DT Red NNP Delicious NNP from IN the DT top NN of IN America NNP 's POS apple NN heap NN . . It PRP certainly RB wo MD n't RB get VB there RB on IN looks NNS . . Compared VBN to TO the DT Red NNP Delicious NNP , , the DT exemplar NN of IN apple NN pulchritude NN , , the DT Fuji NNS is VBZ decidedly RB more RBR dowdy JJ -- : generally RB smaller JJR , , less-perfectly RBR shaped JJ , , greenish JJ , , with IN tinges NNS of IN red NN . . To TO hear VB most JJS U.S. NNP growers NNS tell VBP it PRP , , we PRP 'd MD still RB be VB in IN Paradise NNP if IN the DT serpent NN had VBD proffered VBN one CD to TO Eve NNP . . But CC how WRB sweet JJ it PRP is VBZ . . It PRP has VBZ more JJR sugar NN `` `` than IN any DT apple NN we PRP 've VBP ever RB tested VBN , , '' '' says VBZ Duane NNP Greene NNP , , a DT University NNP of IN Massachusetts NNP pomologist NN , , or CC apple NN scholar NN . . It PRP has VBZ a DT long JJ shelf NN life NN and CC `` `` does VBZ n't RB fool VB the DT public NN , , '' '' says VBZ Grady NNP Auvil NNP , , an DT Orondo NNP , , Wash. NNP , , grower NN who WP is VBZ planting VBG Fujis NNPS and CC spreading VBG the DT good JJ word NN about IN them PRP . . `` `` It PRP does VBZ n't RB look VB nice JJ on IN the DT outside NN while IN getting VBG mealy JJ inside RB . . '' '' Mr. NNP Auvil NNP , , razor NN sharp JJ at IN 83 CD , , has VBZ picked VBN and CC packed VBN a DT zillion NN pecks NNS of IN apples NNS over IN the DT past JJ 65 CD years NNS . . He PRP is VBZ known VBN as IN the DT father NN of IN the DT U.S.-grown JJ Granny NNP Smith NNP , , a DT radically RB different JJ apple NN that IN the DT conventional JJ wisdom NN once RB said VBD would MD never RB catch VB on RP . . It PRP did VBD , , shaking VBG the DT apple NN establishment NN to TO its PRP$ roots NNS . . Now RB , , even RB more RBR radical JJ changes NNS seem VBP afoot RB as IN the DT grand JJ old JJ maverick NN of IN American JJ apples NNS plays VBZ the DT role NN of IN Hiroshi NNP Appleseed NNP . . `` `` The DT Fuji NNP is VBZ going VBG to TO be VB No. NN 1 CD to TO replace VB the DT Red NNP Delicious NNP , , '' '' he PRP says VBZ . . The DT Delicious NNP hegemony NN wo MD n't RB end VB anytime RB soon RB . . New JJ apple NN trees NNS grow VBP slowly RB , , and CC the DT Red NNP Delicious NNP is VBZ almost RB as RB entrenched JJ as IN mom NN . . Its PRP$ roots NNS are VBP patriotic JJ -- : with IN the DT first JJ trees NNS appearing VBG in IN 1872 CD in IN an DT orchard NN near IN Peru NNP , , Iowa NNP , , to TO be VB exact JJ . . For IN more JJR than IN 50 CD years NNS , , it PRP has VBZ been VBN the DT apple NN of IN our PRP$ eye NN . . A DT good JJ Delicious NNP can MD indeed RB be VB delicious JJ . . More JJR than IN twice RB as IN many JJ Red NNP Delicious NNP apples NNS are VBP grown VBN as IN the DT Golden NNP variety NN , , America NNP 's POS No. NN 2 CD apple NN . . But CC the DT apple NN industry NN is VBZ ripe JJ for IN change NN . . `` `` Red NNP Delicious NNP has VBZ been VBN overplanted VBN , , and CC its PRP$ prices NNS have VBP dropped VBN below IN the DT cost NN of IN production NN , , '' '' says VBZ Washington NNP State NNP 's POS Mr. NNP Norton NNP . . The DT scare NN over IN Alar NNP , , a DT growth NN regulator NN that WDT makes VBZ apples NNS redder JJR and CC crunchier JJR but CC may MD be VB carcinogenic JJ , , made VBD consumers NNS shy VB away RP from IN the DT Delicious NNP , , though IN they PRP were VBD less RBR affected JJ than IN the DT McIntosh NNP . . The DT glut NN and CC consequent JJ lower JJR prices NNS , , combined VBN with IN cancer NN fears NNS , , was VBD a DT very RB serious JJ blow NN to TO growers NNS . . `` `` A DT lot NN of IN growers NNS wo MD n't RB be VB around RB in IN a DT few JJ years NNS , , '' '' says VBZ Mr. NNP Norton NNP , , although IN they PRP have VBP stopped VBN using VBG Alar NNP . . One CD may MD be VB William NNP Broderick NNP , , a DT Sterling NNP , , Mass. NNP , , grower NN . . `` `` This DT is VBZ beautiful JJ stuff NN , , '' '' he PRP says VBZ , , looking VBG ruefully RB at IN big JJ boxes NNS of IN just-picked JJ Red NNP Delicious NNP next RB to TO his PRP$ barn NN . . `` `` But CC I PRP 'm VBP going VBG to TO lose VB $ $ 50,000 CD to TO $ $ 60,000 CD on IN it PRP . . I PRP 'm VBP going VBG to TO have VB to TO get VB another DT job NN this DT year NN just RB to TO eat VB . . '' '' Besides IN rotten JJ prices NNS , , he PRP has VBZ been VBN hit VBN recently RB by IN hail NN , , a DT bark-nibbling JJ horde NN of IN mice NNS , , fungi NNS and CC bugs NNS . . Some DT 500 CD insects NNS and CC 150 CD diseases NNS wiggle VBP , , chew VBP and CC romp VBP through IN growers NNS ' POS nightmares NNS , , including VBG maggots NNS , , mites NNS , , mildew NN , , thrips NN , , black JJ rot NN and CC the DT flat-headed JJ borer NN . . Even RB if IN a DT grower NN beats VBZ them PRP back RP , , his PRP$ $ $ 2,000 CD rented VBN bees NNS might MD buzz VB off RB to TO the DT neighbors NNS ' POS orchards NNS instead RB of IN pollinating VBG his PRP$ , , Mr. NNP Broderick NNP says VBZ . . Though IN growers NNS ca MD n't RB always RB keep VB the DT worm NN from IN the DT apple NN , , they PRP can MD protect VB themselves PRP against IN the DT price NN vagaries NNS of IN any DT one CD variety NN by IN diversifying VBG -- : into IN the DT recently RB imported VBN Gala NNP , , a DT sweet JJ New NNP Zealand NNP native NN ; : the DT Esopus NNP Spitzenburg NNP , , reportedly RB Thomas NNP Jefferson NNP 's POS favorite JJ apple NN ; : disease-resistant JJ kinds NNS like IN the DT Liberty NNP . . `` `` I PRP 've VBP ripped VBN out RP a DT lot NN of IN Delicious NNP '' '' and CC grafted VBN the DT trees NNS with IN many JJ different JJ shoots NNS , , says VBZ Steve NNP Wood NNP , , a DT West NNP Lebanon NNP , , N.H. NNP , , grower NN , , tramping VBG through IN his PRP$ 100-acre JJ Poverty NNP Lane NNP Orchard NNP on IN a DT crisp JJ autumn NN day NN recently RB . . `` `` I PRP 've VBP got VBD 70 CD kinds NNS of IN apples NNS . . Here RB 's VBZ a DT Waltana NNP , , '' '' he PRP exclaims VBZ , , picking VBG one CD off IN a DT tree NN . . He PRP bites VBZ it PRP , , scowls VBZ and CC throws VBZ it PRP down RP . . `` `` It PRP 's VBZ a DT real JJ dog NN . . '' '' Supermarkets NNS are VBP getting VBG into IN the DT variety NN act NN , , too RB . . They PRP still RB buy VBP apples NNS mainly RB for IN big JJ , , red JJ good JJ looks NNS -- : that DT 's VBZ why WRB so RB many JJ taste VBP like IN woodchucks NNS ' POS punching NN bags NNS . . But CC freshness NN counts VBZ more RBR than IN it PRP once RB did VBD , , and CC stores NNS are VBP expanding VBG shelf NN space NN for IN unconventional JJ , , but CC tastier JJR , , and CC often RB pricier JJR , , apples NNS . . `` `` Rather RB than IN sell VB 39-cents-a-pound JJ Delicious NNP , , maybe RB we PRP can MD sell VB 79-cents-a-pound JJ Fujis NNPS , , '' '' says VBZ Chuck NNP Tryon NNP , , perishables NNS director NN for IN Super NNP Valu NNP Inc. NNP , , a DT Minneapolis NNP supermarket NN chain NN and CC food NN distributor NN . . The DT Fuji NNP is VBZ a DT product NN of IN meticulous JJ Japanese JJ pomological JJ engineering NN , , which WDT fostered VBD it PRP 50 CD years NNS ago RB at IN a DT government NN research NN orchard NN . . Japanese JJ researchers NNS have VBP bred VBN dozens NNS of IN strains NNS of IN Fujis NNPS to TO hone VB its PRP$ color NN , , taste NN and CC shelf NN life NN . . Now RB the DT best JJS of IN them PRP age VBP as RB gracefully RB as IN Grannies NNPS , , the DT industry NN 's POS gold JJ standard NN for IN storability NN . . In IN the DT cornucopia NN of IN go-go JJ apples NNS , , the DT Fuji NNP 's POS track NN record NN stands VBZ out RP : : During IN the DT past JJ 15 CD years NNS , , it PRP has VBZ gone VBN from IN almost RB zilch NN to TO some RB 50 CD % NN of IN Japan NNP 's POS market NN . . `` `` The DT Japanese JJ apple NN market NN is VBZ very RB keyed JJ to TO high JJ quality NN , , '' '' says VBZ David NNP Lane NNP , , a DT scientist NN at IN a DT Canadian JJ horticulture NN research NN center NN in IN Summerland NNP , , British NNP Columbia NNP , , and CC so RB apples NNS are VBP more JJR of IN a DT delicacy NN there RB than IN a DT big JJ food NN commodity NN . . The DT U.S. NNP Department NNP of IN Agriculture NNP estimates VBZ that IN this DT year NN Americans NNPS will MD eat VB about RB 40 CD % NN more RBR fresh JJ apples NNS per IN capita NN than IN the DT Japanese NNPS . . The DT Fuji NNP is VBZ still RB small JJ potatoes NNS in IN the DT U.S. NNP , , sold VBN mainly RB in IN fruit NN boutiques NNS . . But CC in IN California NNP , , says VBZ Craig NNP Ito NNP , , a DT Fuji-apple JJ grower NN , , `` `` There EX 's VBZ a DT Fuji NNP apple NN cult NN . . Once IN somebody NN eats VBZ one CD , , they PRP get VBP hooked JJ . . '' '' Mr. NNP Auvil NNP , , the DT Washington NNP grower NN , , says VBZ that IN he PRP could MD sell VB Fujis NNPS to TO Taiwan NNP buyers NNS at IN $ $ 40 CD a DT box NN if IN he PRP had VBD them PRP . . ( ( Taiwan NNP already RB is VBZ a DT big JJ importer NN of IN Fujis NNPS from IN other JJ places NNS , , he PRP adds VBZ . . ) ) But CC his PRP$ first JJ crop NN wo MD n't RB be VB picked VBN till IN next JJ year NN . . `` `` I PRP expect VBP to TO see VB the DT demand NN exceed VBP supply NN for IN Fujis NNPS for IN the DT next JJ 10 CD to TO 15 CD years NNS , , '' '' he PRP adds VBZ . . Washington NNP Red NNP Delicious NNP , , by IN the DT way NN , , are VBP wholesaling VBG for IN less JJR than IN $ $ 10 CD a DT box NN these DT days NNS . . Mr. NNP Auvil NNP sees VBZ Fujis NNPS , , in IN part NN , , as IN striking VBG a DT blow NN against IN the DT perversion NN of IN U.S. NNP apples NNS by IN supermarkets NNS . . `` `` When WRB the DT chain NN stores NNS took VBD over RP , , there EX was VBD no RB longer JJR a DT connection NN between IN grower NN and CC consumer NN . . A DT guy NN is VBZ sitting VBG up RP in IN an DT office NN deciding VBG what WP you PRP 're VBP going VBG to TO eat VB . . '' '' After IN all DT , , until IN the DT 1950s CD even RB the DT Red NNP Delicious NNP was VBD a DT firm JJ , , delectable JJ morsel NN . . Then RB , , as IN growers NNS bred VBD them PRP more RBR for IN looks VBZ , , and CC to TO satisfy VB supermarket NN chains NNS ' POS demands NNS of IN long-term JJ storage NN , , the DT Red NNP went VBD into IN decline NN . . Now RB , , those DT red JJ applelike JJ things NNS stores NNS sell VBP in IN summer NN are VBP fruitbowl NN lovely JJ , , but CC usually RB not RB good JJ eating NN . . They PRP do VBP deserve VB respect NN , , however RB -- : they PRP are VBP almost RB a DT year NN old JJ , , probably RB equal JJ to TO about RB 106 CD in IN human JJ years NNS . . The DT Fuji NNP , , to TO be VB sure JJ , , has VBZ blemishes NNS too RB . . It PRP ripens VBZ later RB than IN most JJS apples NNS , , and CC growing VBG it PRP in IN U.S. NNP areas NNS with IN chilly JJ autumns NNS may MD be VB tricky JJ . . Moreover RB , , the DT frumpy JJ Fuji NNP must MD compete VB with IN an DT increasingly RB dolledup JJ Delicious NNP . . Mr. NNP Broderick NNP , , the DT Massachusetts NNP grower NN , , says VBZ the DT `` `` big JJ boss NN '' '' at IN a DT supermarket NN chain NN even RB rejected VBD his PRP$ Red NNP Delicious NNP recently RB because IN they PRP were VBD n't RB waxed VBN and CC brushed VBN for IN extra JJ shine NN . . And CC he PRP had VBD n't RB used VBN hormones NNS , , which WDT many JJ growers NNS employ VBP to TO elongate VB their PRP$ Delicious NNP apples NNS for IN greater JJR eye NN appeal NN . . Still RB , , Mr. NNP Auvil NNP points VBZ out RP , , Grannies NNPS became VBD popular JJ without IN big JJ , , red JJ looks NNS , , so RB why WRB not RB Fujis NNPS ? . He PRP sees VBZ a DT shift NN in IN American JJ values NNS -- : at IN least JJS regarding VBG apples NNS -- : toward IN more JJR emphasis NN on IN substance NN and CC less JJR on IN glitz NN . . `` `` Taste NN has VBZ finally RB come VBN to TO the DT fore NN , , '' '' he PRP says VBZ . . Or CC , , for IN that DT matter NN , , the DT core NN . . Brush NNP Wellman NNP Inc. NNP said VBD its PRP$ board NN increased VBD the DT number NN of IN shares NNS of IN common JJ stock NN to TO be VB purchased VBN under IN a DT previously RB authorized VBN program NN to TO 3.9 CD million CD from IN 2.9 CD million CD . . The DT maker NN of IN engineered VBN materials NNS has VBZ acquired VBN more JJR than IN 2.7 CD million CD shares NNS under IN the DT program NN . . The DT state NN attorney NN general JJ 's POS office NN filed VBD suit NN against IN five CD New NNP York NNP brokerage NN firms NNS , , charging VBG them PRP with IN responsibility NN for IN much JJ of IN a DT $ $ 200 CD million CD loss NN incurred VBN by IN the DT state NN treasurer NN 's POS office NN in IN 1987 CD . . The DT suit NN sets VBZ the DT firms NNS ' POS liability NN at IN more JJR than IN $ $ 185 CD million CD . . The DT firms NNS are VBP Morgan NNP Stanley NNP & CC Co. NNP , , Salomon NNP Brothers NNP Inc. NNP , , County NNP Natwest NNP Government NNP Securities NNP Inc. NNP , , Greenwich NNP Capital NNP Markets NNP Inc. NNP and CC Goldman NNP , , Sachs NNP & CC Co NNP . . The DT firms NNS have VBP all DT said VBN that IN West NNP Virginia NNP 's POS suit NN is VBZ without IN merit NN . . On IN Friday NNP , , the DT firms NNS filed VBD a DT suit NN against IN West NNP Virginia NNP in IN New NNP York NNP state NN court NN asking VBG for IN a DT declaratory JJ judgment NN absolving VBG them PRP of IN liability NN . . That DT suit NN is VBZ pending VBG . . The DT suits NNS relate VBP to TO a DT $ $ 200 CD million CD loss NN , , disclosed VBN in IN December NNP , , that WDT was VBD suffered VBN by IN West NNP Virginia NNP 's POS consolidated JJ investment NN pool NN . . The DT pool NN invested VBD idle JJ cash NN for IN many JJ state NN agencies NNS and CC local JJ governments NNS . . In IN its PRP$ suit NN , , the DT attorney NN general JJ 's POS office NN alleges VBZ that IN brokers NNS encouraged VBD members NNS of IN the DT treasurer NN 's POS office NN to TO engage VB in IN high-volume JJ , , high-risk JJ transactions NNS that WDT benefited VBD the DT brokers NNS . . Few JJ people NNS are VBP aware JJ that IN the DT federal JJ government NN lends VBZ almost RB as IN much JJ money NN as IN it PRP borrows VBZ . . From IN 1980 CD to TO 1988 CD , , while IN federal JJ budget NN deficits NNS totaled VBD $ $ 1.41 CD trillion CD , , the DT government NN issued VBD $ $ 394 CD billion CD of IN new JJ direct JJ loans NNS and CC an DT additional JJ $ $ 756 CD billion CD of IN new JJ primary JJ loan NN guarantees NNS . . These DT figures NNS omit VBP secondary JJ guarantees NNS , , deposit NN insurance NN , , and CC the DT activities NNS of IN Government-Sponsored NNP Enterprises NNP ( ( a DT huge JJ concern NN in IN its PRP$ own JJ right NN , , as IN detailed VBN on IN this DT page NN May NNP 3 CD ) ) . . Federal JJ credit NN programs NNS date VBP back RB to TO the DT New NNP Deal NNP , , and CC were VBD meant VBN to TO break VB even RB financially RB . . Since IN the DT 1950s CD , , federal JJ lending NN has VBZ experienced VBN extraordinary JJ growth NN in IN credit NN volume NN , , subsidy NN rates NNS , , and CC policy NN applications NNS , , spurred VBN on RP by IN the DT growth NN of IN government NN in IN general JJ and CC budget NN gimmicks NNS and CC deceptive JJ management NN in IN particular NN . . As IN we PRP will MD see VB , , many JJ of IN these DT obligations NNS do VBP n't RB show VB up RP as IN part NN of IN the DT federal JJ deficit NN . . But CC recent JJ events NNS indicate VBP that DT federal JJ credit NN is VBZ out IN of IN control NN . . Student NN loan NN defaults NNS remain VBP high JJ at IN about RB 12 CD % NN , , and CC the DT program NN has VBZ been VBN rocked VBN by IN allegations NNS of IN fraud NN and CC mismanagement NN . . Farmers NNP Home NNP Administration NNP ( ( FmHA NNP ) ) loans NNS have VBP turned VBN into IN de FW facto FW giveaway JJ programs NNS ; : losses NNS over IN the DT next JJ three CD years NNS are VBP expected VBN to TO exceed VB $ $ 20 CD billion CD . . Defaults NNS on IN Veterans NNP Affairs NNP loan NN guarantees NNS have VBP quadrupled VBN in IN the DT past JJ eight CD years NNS . . Last JJ month NN , , the DT General NNP Accounting NNP Office NNP reported VBD that IN defaults NNS in IN Federal NNP Housing NNP Administration NNP guarantees NNS were VBD five CD times NNS as RB high JJ as IN previously RB estimated VBN , , and CC that IN FHA NNP 's POS equity NN fell VBD to TO minus IN $ $ 2.9 CD billion CD . . GAO NNP 's POS findings NNS are VBP particularly RB troubling JJ because IN the DT FHA NNP has VBZ about RB $ $ 300 CD billion CD in IN obligations NNS outstanding JJ and CC had VBD previously RB been VBN considered VBN one CD of IN the DT most RBS financially RB secure VB credit NN programs NNS . . Scores NNS of IN other JJ credit NN programs NNS , , subsidizing VBG agriculture NN , , small JJ business NN , , exporters NNS , , defense NN , , energy NN , , transportation NN and CC others NNS , , are VBP less RBR visible JJ but CC in IN no DT better JJR shape NN . . If IN the DT programs NNS continue VBP their PRP$ present JJ path NN , , the DT potential JJ government NN losses NNS are VBP staggering JJ : : The DT federal JJ government NN holds VBZ $ $ 222 CD billion CD in IN direct JJ loans NNS outstanding JJ and CC backs VBZ an DT additional JJ $ $ 550 CD billion CD in IN primary JJ guarantees NNS . . ( ( Secondary JJ guarantees NNS of IN pools NNS of IN FHA NNP - : and CC VA-backed JJ loans NNS by IN the DT agency NN known VBN as IN Ginnie NNP Mae NNP currently RB exceed VBP $ $ 330 CD billion CD . . ) ) Although IN external JJ events NNS have VBP contributed VBN to TO the DT morass NN , , the DT principal JJ causes NNS of IN the DT current JJ crisis NN are VBP internal JJ and CC generic JJ to TO all DT programs NNS . . To TO reduce VB the DT risks NNS while IN still RB retaining VBG the DT legitimate JJ benefits NNS these DT programs NNS can MD provide VB , , credit NN policy NN must MD : : 1 LS . . Use VB credit NN to TO improve VB the DT operation NN of IN capital NN markets NNS , , not RB to TO provide VB subsidies NNS . . There EX is VBZ a DT fundamental JJ conflict NN between IN providing VBG a DT subsidy NN and CC maintaining VBG the DT integrity NN of IN a DT credit NN program NN . . If IN the DT program NN is VBZ meant VBN to TO provide VB a DT subsidy NN , , collecting VBG the DT debt NN defeats VBZ the DT original JJ goal NN . . Thus RB , , subsidized JJ loans NNS tend VBP to TO turn VB into IN giveaway JJ programs NNS , , with IN increasing VBG subsidy NN and CC default NN rates NNS over IN time NN . . To TO avoid VB this DT problem NN , , government NN should MD issue VB credit NN only RB if IN it PRP intends VBZ to TO use VB every DT legal JJ method NN to TO collect VB . . In IN contrast NN , , credit NN programs NNS can MD be VB appropriate JJ tools NNS to TO improve VB the DT operation NN of IN capital NN markets NNS . . For IN example NN , , legal JJ restrictions NNS on IN interstate JJ banking NN once RB inhibited VBD the DT supply NN of IN credit NN to TO the DT agricultural JJ sector NN . . Farm NN lending NN was VBD enacted VBN to TO correct VB this DT problem NN by IN providing VBG a DT reliable JJ flow NN of IN lendable JJ funds NNS . . However RB , , this DT in IN no DT way NN justifies VBZ the DT huge JJ government NN subsidies NNS and CC losses NNS on IN such JJ loans NNS . . Credit NN policy NN should MD separate VB these DT two CD competing VBG objectives NNS and CC eliminate VB aspects NNS that WDT provide VBP the DT subsidy NN . . For IN example NN , , student NN loans NNS currently RB attempt VBP to TO subsidize VB college NN attendance NN and CC mitigate VB problems NNS created VBN by IN the DT fact NN that IN students NNS ' POS future JJ earnings NNS are VBP not RB accepted VBN as IN collateral NN . . The DT program NN provides VBZ highly RB subsidized JJ loans NNS to TO any DT student NN whose WP$ family NN earns VBZ less JJR than IN a DT particular JJ amount NN . . High JJ default NN rates NNS , , a DT low JJ interest NN rate NN , , and CC government NN coverage NN of IN all DT interest NN costs NNS while IN the DT student NN is VBZ in IN school NN make VBP program NN costs NNS extremely RB high JJ . . Families NNS that WDT do VBP not RB need VB the DT loan NN can MD make VB money NN simply RB by IN putting VBG the DT loan NN in IN the DT bank NN and CC paying VBG it PRP back RP when WRB the DT student NN graduates VBZ . . In IN contrast NN , , a DT student NN loan NN program NN that WDT was VBD meant VBN solely RB to TO correct VB capital-market JJ imperfections NNS would MD allow VB loans NNS for IN any DT student NN , , regardless RB of IN family NN income NN , , at IN market NN or CC near-market JJ rates NNS . . While IN the DT student NN was VBD in IN school NN , , interest NN costs NNS would MD either RB be VB paid VBN by IN the DT student NN or CC added VBN to TO the DT loan NN balance NN . . This DT program NN , , combined VBN with IN cash NN grants NNS to TO needy JJ students NNS , , would MD reduce VB program NN costs NNS and CC much RB more RBR effectively RB target VB the DT intended JJ beneficiaries NNS . . 2 LS . . Provide VB better JJR incentives NNS . . Given VBN the DT structure NN of IN most JJS credit NN programs NNS , , it PRP is VBZ surprising JJ that IN default NN rates NNS are VBP not RB even RB higher JJR . . Guarantee NN rates NNS are VBP typically RB 100 CD % NN , , giving VBG lenders NNS little JJ reason NN to TO screen NN customers NNS carefully RB . . Reducing VBG those DT rates NNS moderately RB ( ( say UH , , to TO 75 CD % NN ) ) would MD still RB provide VB substantial JJ assistance NN to TO borrowers NNS . . But CC it PRP would MD also RB encourage VB lenders NNS to TO choose VB more RBR creditworthy NN customers NNS , , and CC go VB a DT long JJ way NN toward IN reducing VBG defaults NNS . . For IN example NN , , the DT Small NNP Business NNP Administration NNP has VBZ had VBD reasonable JJ success NN in IN reducing VBG both DT guarantee NN rates NNS and CC default NN rates NNS in IN its PRP$ Preferred NNP Lenders NNP ' POS Program NNP . . Borrowers NNS ' POS incentives NNS are VBP equally RB skewed JJ . . Since IN the DT government NN has VBZ a DT dismal JJ record NN of IN collecting VBG bad JJ debts NNS , , the DT costs NNS to TO the DT borrower NN of IN defaulting VBG are VBP usually RB low JJ . . In IN addition NN , , it PRP is VBZ often RB possible JJ to TO obtain VB a DT new JJ government NN loan NN even RB if IN existing JJ debts NNS are VBP not RB paid VBN off RP . . Simple NN policy NN prescriptions NNS in IN this DT case NN would MD be VB to TO improve VB debt NN collection NN ( ( taking VBG the DT gloves NNS off RP contracted VBN collection NN agencies NNS ) ) and CC to TO deny VB new JJ credit NN to TO defaulters NNS . . These DT provisions NNS would MD be VB difficult JJ to TO enforce VB for IN a DT program NN intended VBN to TO provide VB a DT subsidy NN , , but CC would MD be VB reasonable JJ and CC effective JJ devices NNS for IN programs NNS that WDT attempt VBP to TO offset VB market NN imperfections NNS . . 3 LS . . Record VB the DT true JJ costs NNS of IN credit NN programs NNS in IN the DT federal JJ budget NN . . Since IN the DT budget NN measures VBZ cash NN flow NN , , a DT new JJ $ $ 1 CD direct JJ loan NN is VBZ treated VBN as IN a DT $ $ 1 CD expenditure NN , , even RB though IN at IN least JJS part NN of IN the DT loan NN will MD be VB paid VBN back RP . . Loan NN guarantees NNS do VBP n't RB appear VB at IN all DT until IN the DT borrower NN defaults NNS , , so RB new JJ guarantees NNS do VBP not RB raise VB the DT deficit NN , , even RB though IN they PRP create VBP future JJ liabilities NNS for IN the DT government NN . . By IN converting VBG an DT expenditure NN or CC loan NN to TO a DT guarantee NN , , the DT government NN can MD ensure VB the DT same JJ flow NN of IN resources NNS and CC reduce VB the DT current JJ deficit NN . . Predictably RB , , guarantees NNS outstanding JJ have VBP risen VBN by IN $ $ 130 CD billion CD since IN 1985 CD , , while IN direct JJ loans NNS outstanding JJ have VBP fallen VBN by IN $ $ 30 CD billion CD . . The DT true JJ budgetary JJ cost NN of IN a DT credit NN subsidy NN is VBZ the DT discounted JJ value NN of IN the DT net JJ costs NNS to TO government NN . . This DT figure NN could MD be VB estimated VBN using VBG techniques NNS employed VBN by IN private JJ lenders NNS to TO forecast VB losses NNS , , or CC determined VBN by IN selling VBG loans NNS to TO private JJ owners NNS ( ( without IN federal JJ guarantees NNS ) ) . . Neither DT technique NN is VBZ perfect JJ , , but CC both DT are VBP better JJR than IN the DT current JJ system NN , , which WDT misstates VBZ the DT costs NNS of IN new JJ credit NN programs NNS by IN amounts NNS that WDT vary VBP substantially RB and CC average VBP about RB $ $ 20 CD billion CD annually RB , , according VBG to TO the DT Congressional NNP Budget NNP Office NNP . . A DT budget NN that WDT reflected VBD the DT real JJ costs NNS of IN lending NN would MD eliminate VB incentives NNS to TO convert VB spending NN or CC lending NN programs NNS to TO guarantees NNS and CC would MD let VB taxpayers NNS know VB what WP Congress NNP is VBZ committing VBG them PRP to TO . . 4 LS . . Impose VB standard JJ accounting NN and CC administrative JJ practices NNS . . Creative JJ accounting NN is VBZ a DT hallmark NN of IN federal JJ credit NN . . Many JJ agencies NNS roll VBP over RP their PRP$ debt NN , , paying VBG off RP delinquent JJ loans NNS by IN issuing VBG new JJ loans NNS , , or CC converting VBG defaulted JJ loan NN guarantees NNS into IN direct JJ loans NNS . . In IN any DT case NN , , they PRP avoid VBP having VBG to TO write VB off RP the DT loans NNS . . Some DT agencies NNS simply RB keep VB bad JJ loans NNS on IN the DT books NNS ; : as RB late RB as IN 1987 CD , , the DT Export-Import NNP Bank NNP held VBD in IN its PRP$ portfolio NN at IN face NN value NN loans NNS made VBN to TO Cuba NNP in IN the DT 1950s CD . . More RBR seriously RB , , FmHA NNP has VBZ carried VBN several JJ billion CD dollars NNS of IN defaulted JJ loans NNS at IN face NN value NN . . Until IN GAO NNP 's POS recent JJ audit NN , , FHA NNP books NNS had VBD not RB been VBN subject JJ to TO a DT complete JJ external JJ audit NN in IN 15 CD years NNS . . The DT administration NN of IN federal JJ credit NN should MD closely RB parallel VB private JJ lending JJ practices NNS , , including VBG the DT development NN of IN a DT loan NN loss NN reserve NN and CC regular JJ outside JJ audits NN . . Establishing VBG these DT practices NNS would MD permit VB earlier JJR identification NN of IN emerging VBG financial JJ crises NNS , , provide VB better JJR information NN for IN loan NN sales NNS and CC budgeting NN decisions NNS , , and CC reduce VB fraud NN . . Government NNP lending NN was VBD not RB intended VBN to TO be VB a DT way NN to TO obfuscate VB spending NN figures NNS , , hide VB fraudulent JJ activity NN , , or CC provide VB large JJ subsidies NNS . . The DT reforms NNS described VBN above RB would MD provide VB a DT more RBR limited JJ , , but CC clearer JJR , , safer JJR and CC ultimately RB more RBR useful JJ role NN for IN government NN as IN a DT lender NN . . Without IN such JJ reforms NNS , , credit NN programs NNS will MD continue VB to TO be VB a DT large-scale JJ , , high-risk JJ proposition NN for IN taxpayers NNS . . Mr. NNP Gale NNP is VBZ an DT assistant JJ professor NN of IN economics NN at IN UCLA NNP . . Malcolm NNP S. NNP Todt NNP was VBD named VBN vice NN president NN and CC senior JJ officer NN in IN charge NN of IN equipment NN leasing VBG to TO municipalities NNS , , a DT new JJ effort NN of IN this DT bond NN insurer NN . . Mr. NNP Todt NNP had VBD been VBN vice RB president NN and CC treasurer NN of IN Insilco NNP Corp NNP . . President NNP Bush NNP is VBZ considering VBG casting VBG a DT line-item JJ veto NN as IN a DT test NN to TO determine VB whether IN the DT courts NNS will MD rule VB that IN he PRP has VBZ such JJ authority NN . . Mr. NNP Bush NNP has VBZ long RB campaigned VBN for IN passage NN of IN a DT bill NN or CC a DT constitutional JJ amendment NN that WDT would MD explicitly RB give VB him PRP a DT line-item JJ veto NN , , which WDT would MD enable VB him PRP to TO kill VB individual JJ items NNS in IN a DT big JJ spending NN bill NN without IN having VBG to TO kill VB the DT entire JJ bill NN . . He PRP has VBZ argued VBN that IN such JJ presidential JJ power NN is VBZ necessary JJ to TO rein VB in RP congressional JJ spending NN . . But CC some DT analysts NNS , , particularly RB conservative JJ legal JJ scholars NNS , , have VBP urged VBN Mr. NNP Bush NNP not RB to TO wait VB for IN explicit JJ authorization NN but CC simply RB to TO assert VB that IN the DT Constitution NNP already RB implicitly RB gives VBZ him PRP the DT power NN to TO exercise VB a DT line-item JJ veto NN . . Such PDT an DT assertion NN most RBS likely RB would MD bring VB about RP a DT court NN challenge NN from IN Congress NNP that WDT would MD clarify VB whether IN a DT president NN already RB has VBZ such JJ power NN . . White NNP House NNP spokesman NN Marlin NNP Fitzwater NNP , , confirming VBG comments NNS made VBN this DT week NN by IN Vice NNP President NNP Dan NNP Quayle NNP , , said VBD Mr. NNP Bush NNP is VBZ `` `` interested JJ '' '' in IN finding VBG a DT suitable JJ test NN case NN . . But CC he PRP also RB said VBD that IN exercising VBG a DT test NN line-item JJ veto NN is VBZ n't RB a DT `` `` top JJ initiative NN '' '' on IN the DT president NN 's POS agenda NN because IN he PRP faces VBZ more-pressing JJ budget NN issues NNS at IN the DT moment NN . . Harris NNP Ravine NNP , , executive JJ vice NN president NN of IN customer NN satisfaction NN , , was VBD named VBN executive JJ vice NN president NN , , finance NN and CC administration NN of IN this DT maker NN of IN data NNS storage NN equipment NN . . Mr. NNP Ravine NNP succeeds VBZ William NNP R. NNP Mansfield NNP Jr. NNP , , who WP will MD remain VB with IN the DT company NN until IN the DT end NN of IN the DT year NN to TO support VB the DT transition NN and CC to TO complete VB important JJ projects NNS . . The DT Bush NNP administration NN said VBD it PRP is VBZ submitting VBG a DT `` `` comprehensive JJ '' '' proposal NN for IN overhauling VBG agricultural JJ trade NN that WDT could MD help VB break VB an DT impasse NN in IN the DT current JJ round NN of IN multilateral JJ trade NN negotiations NNS . . The DT proposal NN reiterates VBZ the DT U.S. NNP desire NN to TO scrap VB or CC reduce VB a DT host NN of IN trade-distorting JJ subsidies NNS on IN farm NN products NNS . . But CC it PRP would MD allow VB considerable JJ flexibility NN in IN determining VBG how WRB and CC when WRB these DT goals NNS would MD be VB achieved VBN . . The DT U.S. NNP plan NN also RB would MD ease VB the DT transition NN to TO freer JJR agriculture NN trade NN by IN allowing VBG some DT countries NNS to TO convert VB non-tariff JJ barriers NNS into IN tariffs NNS that WDT , , together RB with IN existing JJ tariffs NNS , , then RB would MD be VB phased VBN out RP over IN 10 CD years NNS . . Trade NNP Representative NNP Carla NNP Hills NNP , , who WP along IN with IN Agriculture NNP Secretary NNP Clayton NNP Yeutter NNP unveiled VBD the DT proposal NN , , said VBD she PRP is VBZ confident JJ it PRP will MD gain VB considerable JJ support NN from IN the DT U.S. NNP 's POS trading NN partners NNS . . Mr. NNP Yeutter NNP , , seeking VBG to TO allay VB European JJ objections NNS to TO an DT earlier JJR U.S. NNP plan NN that WDT called VBD for IN eliminating VBG all DT farm-trade JJ barriers NNS by IN the DT year NN 2000 CD , , said VBD the DT new JJ U.S. NNP proposal NN would MD n't RB `` `` put VB farmers NNS out IN of IN business NN '' '' but CC would MD only RB encourage VB them PRP to TO `` `` grow VB what WP the DT markets NNS desire VBP instead RB of IN what WP the DT government NN wants VBZ . . '' '' The DT U.S. NNP is VBZ submitting VBG the DT proposal NN today NN in IN Geneva NNP , , hoping VBG that IN the DT initiative NN will MD spur VB members NNS of IN the DT General NNP Agreement NNP on IN Tariffs NNP and CC Trade NNP to TO reach VB agreement NN on IN new JJ trade NN rules NNS before IN their PRP$ current JJ negotiating NN round NN concludes VBZ in IN December NNP 1990 CD . . Another DT U.S. NNP proposal NN filed VBN Monday NNP urges VBZ more JJR `` `` fair JJ play NN '' '' in IN services NNS trade NN , , including VBG predictable JJ and CC clear JJ rules NNS and CC equality NN in IN the DT treatment NN of IN foreign JJ and CC domestic JJ service NN companies NNS . . Unlike IN the DT earlier JJR U.S. NNP farm-trade JJ proposal NN which WDT struck VBD European JJ countries NNS as RB too RB extreme JJ , , the DT latest JJS plan NN would MD provide VB some DT room NN for IN maneuver NN . . For IN instance NN , , the DT new JJ U.S. NNP package NN makes VBZ clear JJ there EX would MD be VB a DT transition NN period NN during IN which WDT GATT NNP members NNS could MD use VB a DT combination NN of IN tariffs NNS and CC quotas NNS to TO cushion VB their PRP$ farmers NNS from IN foreign JJ competition NN . . It PRP also RB says VBZ countries NNS could MD temporarily RB raise VB tariffs NNS on IN certain JJ products NNS if IN they PRP experience VBP an DT unusually RB heavy JJ volume NN of IN imports NNS . . Instead RB of IN proposing VBG a DT complete JJ elimination NN of IN farm NN subsidies NNS , , as IN the DT earlier JJR U.S. NNP proposal NN did VBD , , the DT new JJ package NN calls VBZ for IN the DT elimination NN of IN only RB the DT most JJS tradedistorting JJ ones NNS . . Less RBR objectionable JJ ones NNS would MD be VB subject JJ only RB to TO some DT restraints NNS , , and CC others NNS with IN a DT `` `` relatively RB minor JJ trade NN impact NN '' '' would MD be VB allowed VBN to TO continue VB under IN certain JJ conditions NNS . . The DT new JJ U.S. NNP plan NN also RB would MD establish VB procedures NNS to TO prevent VB countries NNS from IN using VBG health NN and CC sanitation NN rules NNS to TO impede VB trade NN arbitrarily RB . . The DT goal NN would MD be VB to TO resolve VB disputes NNS such JJ as IN one CD prompted VBN by IN the DT European NNP Community NNP 's POS current JJ attempt NN to TO bar NN imports NNS of IN beef NN from IN hormone-treated JJ U.S. NNP cattle NNS . . The DT U.S. NNP contends VBZ that IN the DT rules NNS are VBP n't RB justified VBN on IN health NN grounds NNS . . To TO encourage VB more JJR competition NN among IN exporting VBG countries NNS , , the DT U.S. NNP is VBZ proposing VBG that IN export NN subsidies NNS , , including VBG tax NN incentives NNS for IN exporters NNS , , be VB phased VBN out RP in IN five CD years NNS . . Procter NNP & CC Gamble NNP Co. NNP , , helped VBN by IN a DT gain NN from IN a DT lawsuit NN settlement NN and CC continued JJ growth NN overseas RB , , posted VBD a DT 38 CD % NN rise NN in IN fiscal JJ first-quarter JJ net JJ income NN . . Net NN for IN the DT quarter NN ended VBD Sept. NNP 30 CD climbed VBD to TO $ $ 551 CD million CD , , or CC $ $ 1.66 CD a DT share NN , , from IN $ $ 400 CD million CD , , or CC $ $ 1.18 CD a DT share NN , , a DT year NN earlier RBR . . Per-share JJ figures NNS have VBP been VBN adjusted VBN for IN a DT 2-for-1 JJ stock NN split NN effective JJ Oct. NNP 20 CD . . Sales NNS increased VBD 6 CD % NN to TO $ $ 5.58 CD billion CD from IN $ $ 5.27 CD billion CD . . Earnings NNS at IN the DT consumer-products NNS giant NN were VBD boosted VBN by IN a DT gain NN of IN $ $ 125 CD million CD , , or CC about RB 25 CD cents NNS a DT share NN , , stemming VBG from IN last JJ month NN 's POS settlement NN of IN litigation NN with IN three CD of IN P&G NNP 's POS competitors NNS over IN patents NNS on IN P&G NNP 's POS Duncan NNP Hines NNP cookies NNS . . Excluding VBG the DT gain NN , , P&G NNP 's POS earnings NNS were VBD close RB to TO analysts NNS ' POS predictions NNS of IN about RB $ $ 1.40 CD a DT share NN for IN the DT quarter NN . . Wall NNP Street NNP had VBD expected VBN a DT modest JJ rise NN in IN the DT company NN 's POS domestic JJ sales NNS and CC earnings NNS , , and CC more RBR substantial JJ increases NNS in IN overseas JJ results NNS . . One CD factor NN helping VBG sales NNS and CC earnings NNS was VBD a DT 3 CD % NN price NN rise NN for IN most JJS P&G NNP products NNS , , except IN coffee NN , , analysts NNS said VBD . . Unit NN volume NN , , or CC amount NN of IN products NNS shipped VBN , , rose VBD about RB 11 CD % NN in IN the DT international JJ segment NN , , with IN P&G NNP continuing VBG to TO win VB market NN share NN in IN Japan NNP 's POS diaper NN and CC detergent NN markets NNS . . Jay NNP Freedman NNP , , analyst NN with IN Kidder NNP , , Peabody NNP & CC Co. NNP , , said VBD P&G NNP 's POS Always NNP sanitary JJ napkin NN , , sold VBN under IN the DT Whisper NNP name NN in IN Japan NNP , , has VBZ firmly RB established VBN itself PRP as IN a DT leading JJ brand NN . . He PRP figures VBZ P&G NNP will MD expand VB its PRP$ personal-care JJ product NN line NN in IN Japan NNP to TO `` `` continue VB that DT momentum NN . . '' '' P&G NNP 's POS U.S. NNP shipments NNS were VBD up RB just RB 1 CD % NN , , partly RB because IN the DT company NN decided VBD to TO shift VB more JJR promotions NNS and CC sales NNS for IN health NN and CC beauty NN products NNS to TO the DT fiscal JJ second JJ quarter NN . . Hugh NNP Zurkuhlen NNP , , analyst NN with IN Salomon NNP Bros. NNP , , predicts VBZ the DT shift NN will MD mean VB P&G NNP 's POS sales NNS growth NN in IN the DT second JJ quarter NN will MD be VB `` `` in IN the DT double JJ digits NNS . . '' '' Also RB slowing VBG growth NN in IN the DT U.S. NNP were VBD lackluster JJ results NNS for IN P&G NNP 's POS cooking NN oils NNS , , which WDT had VBD a DT strong JJ year-earlier JJ first JJ quarter NN . . Last JJ year NN 's POS drought NN in IN the DT Midwest NNP prompted VBD retailers NNS to TO stock VB up RP on IN oils NNS ahead RB of IN anticipated JJ price NN increases NNS , , boosting VBG sales NNS for IN Crisco NNP and CC Puritan NNP oils NNS , , analysts NNS said VBD . . For IN fiscal JJ 1990 CD , , analysts NNS expect VBP P&G NNP 's POS sales NNS to TO continue VB to TO grow VB , , with IN earnings NNS climbing VBG between IN 15 CD % NN and CC 20 CD % NN . . Lynne NNP Hyman NNP , , vice NN president NN of IN equity NN research NN for IN First NNP Boston NNP Corp. NNP , , expects VBZ P&G NNP to TO post VB net NN of IN about RB $ $ 4.20 CD a DT share NN , , on IN a DT post-split JJ basis NN . . `` `` But CC I PRP 'm VBP recognizing VBG there EX 's VBZ a DT good JJ chance NN they PRP 'll MD do VB a DT bit NN better RBR than IN that DT , , '' '' she PRP says VBZ . . In IN fiscal JJ 1989 CD , , P&G NNP earned VBD $ $ 3.56 CD a DT share NN , , adjusted VBN for IN the DT stock NN split NN . . One CD big JJ factor NN affecting VBG the DT fiscal JJ second JJ half NN will MD be VB the DT new JJ stewardship NN of IN Edwin NNP L. NNP Artzt NNP , , who WP becomes VBZ chairman NN and CC chief JJ executive JJ officer NN in IN January NNP . . Because IN of IN his PRP$ remarkable JJ success NN turning VBG around RP P&G NNP 's POS international JJ operations NNS , , analysts NNS have VBP high JJ hopes NNS for IN his PRP$ tenure NN . . `` `` If IN he PRP does VBZ to TO the DT domestic JJ operations NNS what WP he PRP did VBD internationally RB , , '' '' says VBZ Mr. NNP Zurkuhlen NNP , , `` `` this DT company NN will MD earn VB $ $ 6 CD or CC $ $ 7 CD a DT share NN in IN a DT few JJ years NNS . . The DT Voting NNP Rights NNP Act NNP of IN 1965 CD was VBD enacted VBN to TO keep VB the DT promise NN of IN the DT Fifteenth NNP Amendment NNP and CC enable VB Southern JJ blacks NNS to TO go VB to TO the DT polls NNS , , unhindered JJ by IN literacy NN tests NNS and CC other JJ exclusionary JJ devices NNS . . Twenty-five CD years NNS later RB , , the DT Voting NNP Rights NNP Act NNP has VBZ been VBN transformed VBN by IN the DT courts NNS and CC the DT Justice NNP Department NNP into IN a DT program NN of IN racial JJ gerrymandering NN designed VBN to TO increase VB the DT number NN of IN blacks NNS and CC other JJ minorities NNS -- : Hispanics NNPS , , Asians NNPS and CC native JJ Americans NNPS -- : holding VBG elective JJ office NN . . In IN the DT 1980s CD , , the DT Justice NNP Department NNP and CC lower JJR federal JJ courts NNS that WDT enforce VBP the DT Voting NNP Rights NNP Act NNP have VBP required VBN state NN legislatures NNS and CC municipal JJ governments NNS to TO create VB the DT maximum JJ number NN of IN `` `` safe JJ '' '' minority NN election NN districts NNS -- : districts NNS where WRB minorities NNS form VBP between IN 65 CD % NN and CC 80 CD % NN of IN the DT voting VBG population NN . . The DT program NN has VBZ even RB been VBN called VBN upon RP to TO create VB `` `` safe JJ '' '' white JJ electoral JJ districts NNS in IN municipalities NNS where WRB whites NNS are VBP the DT minority NN . . Although IN Section NNP 2 CD of IN the DT act NN expressly RB disclaims VBZ requiring VBG that IN minorities NNS win VB a DT proportional JJ share NN of IN elective JJ offices NNS , , few JJ municipal NN and CC state NN government NN plans NNS achieve VBP preclearance NN by IN the DT Justice NNP Department NNP or CC survive VBP the DT scrutiny NN of IN the DT lower JJR federal JJ courts NNS unless IN they PRP carve VBP out RP as RB many JJ solidly RB minority NN districts NNS as IN possible JJ . . The DT new JJ goal NN of IN the DT Voting NNP Rights NNP Act NNP -- : more JJR minorities NNS in IN political JJ office NN -- : is VBZ laudable JJ . . For IN the DT political JJ process NN to TO work VB , , all DT citizens NNS , , regardless RB of IN race NN , , must MD feel VB represented VBN . . One CD essential JJ indicator NN that IN they PRP are VBP is VBZ that IN members NNS of IN minority NN groups NNS get VBP elected VBN to TO public JJ office NN with IN reasonable JJ frequency NN . . As IN is VBZ , , blacks NNS constitute VBP 12 CD % NN of IN the DT population NN , , but CC fewer JJR than IN 2 CD % NN of IN elected JJ leaders NNS . . But CC racial JJ gerrymandering NN is VBZ not RB the DT best JJS way NN to TO accomplish VB that DT essential JJ goal NN . . It PRP is VBZ a DT quick JJ fix NN for IN a DT complex JJ problem NN . . Far RB from IN promoting VBG a DT commonality NN of IN interests NNS among IN black JJ , , white JJ , , Hispanic JJ and CC other JJ minority NN voters NNS , , drawing VBG the DT district NN lines NNS according VBG to TO race NN suggests VBZ that DT race NN is VBZ the DT voter NN 's POS and CC the DT candidate NN 's VBZ most RBS important JJ trait NN . . Such PDT a DT policy NN implies VBZ that IN only RB a DT black JJ politician NN can MD speak VB for IN a DT black JJ person NN , , and CC that IN only RB a DT white JJ politician NN can MD govern VB on IN behalf NN of IN a DT white JJ one CD . . Examples NNS of IN the DT divisive JJ effects NNS of IN racial JJ gerrymandering NN can MD be VB seen VBN in IN two CD cities NNS -- : New NNP York NNP and CC Birmingham NNP , , Ala NNP . . When WRB they PRP reapportion VBP their PRP$ districts NNS after IN the DT 1990 CD census NN , , every DT other JJ municipality NN and CC state NN in IN the DT country NN will MD face VB this DT issue NN . . New NNP York NNP City NNP : : Racial JJ gerrymandering NN has VBZ been VBN a DT familiar JJ policy NN in IN New NNP York NNP City NNP since IN 1970 CD , , when WRB Congress NNP first RB amended VBD the DT Voting NNP Rights NNP Act NNP to TO expand VB its PRP$ reach NN beyond IN the DT Southern JJ states NNS . . In IN 1972 CD , , the DT Justice NNP Department NNP required VBD that IN the DT electoral JJ map NN in IN the DT borough NN of IN Brooklyn NNP be VB redrawn JJ to TO concentrate VB black JJ and CC Hispanic JJ votes NNS , , despite IN protests NNS that IN the DT new JJ electoral JJ boundaries NNS would MD split VB a DT neighborhood NN of IN Hasidic JJ Jews NNPS into IN two CD different JJ districts NNS . . This DT year NN , , a DT commission NN appointed VBN by IN the DT mayor NN to TO revise VB New NNP York NNP 's POS system NN of IN government NN completed VBD a DT new JJ charter NN , , expanding VBG the DT City NNP Council NNP to TO 51 CD from IN 35 CD members NNS . . Sometime RB in IN 1991 CD , , as RB soon RB as IN the DT 1990 CD census NN becomes VBZ available JJ , , a DT redistricting NN panel NN will MD redraw VB the DT City NNP Council NNP district NN lines NNS . . The DT Charter NNP Revision NNP Commission NNP has VBZ made VBN it PRP clear JJ that IN in IN response NN to TO the DT expectations NNS of IN the DT Justice NNP Department NNP and CC the DT commission NN 's POS own JJ commitment NN to TO enhancing VBG minority NN political JJ leadership NN , , the DT new JJ district NN lines NNS will MD be VB drawn VBN to TO maximize VB the DT number NN of IN solidly RB minority NN districts NNS . . Blacks NNPS and CC Hispanics NNPS currently RB make VBP up RP 38 CD % NN of IN the DT city NN 's POS population NN and CC hold VBP only RB 25 CD % NN of IN the DT seats NNS on IN the DT council NN . . Several JJ of IN the DT city NN 's POS black JJ leaders NNS , , including VBG Democratic JJ mayoral JJ nominee NN David NNP Dinkins NNP , , have VBP spoken VBN out RP for IN racial JJ gerrymandering NN to TO accord VB blacks NNS and CC Hispanics NNPS `` `` the DT fullest JJS opportunity NN for IN representation NN . . '' '' In IN this DT connection NN , , it PRP is VBZ important JJ to TO note VB that IN several JJ members NNS of IN New NNP York NNP 's POS sitting VBG City NNP Council NNP represent VBP heterogeneous JJ districts NNS that WDT bring VBP together RB sizable JJ black JJ , , Hispanic JJ , , and CC non-Hispanic JJ white JJ populations NNS -- : Carolyn NNP Maloney NNP 's POS 8th JJ district NN in IN northern JJ Manhattan NNP and CC the DT south JJ Bronx NNP and CC Susan NNP Alter NNP 's POS 25th JJ district NN in IN Brooklyn NNP , , for IN example NN . . To TO win VB their PRP$ seats NNS on IN the DT council NN , , these DT political JJ leaders NNS have VBP had VBD to TO listen VB to TO all PDT the DT voices NNS in IN their PRP$ district NN and CC devise VB public JJ policies NNS that WDT would MD benefit VB all DT . . Often RB they PRP have VBP found VBN that IN the DT relevant JJ issue NN is VBZ not RB race NN , , but CC rather RB housing NN , , crime NN prevention NN or CC education NN . . Birmingham NNP , , Ala. NNP : : The DT unusual JJ situation NN in IN Birmingham NNP vividly RB illustrates VBZ the DT divisive JJ consequences NNS of IN carving VBG out RP safe JJ districts NNS for IN racial JJ minorities NNS . . In IN Birmingham NNP , , which WDT is VBZ 57 CD % NN black JJ , , whites NNS are VBP the DT minority NN . . Insisting VBG that IN they PRP are VBP protected VBN by IN the DT Voting NNP Rights NNP Act NNP , , a DT group NN of IN whites NNS brought VBD a DT federal JJ suit NN in IN 1987 CD to TO demand VB that IN the DT city NN abandon VB at-large JJ voting NN for IN the DT nine CD member NN City NNP Council NNP and CC create VB nine CD electoral JJ districts NNS , , including VBG four CD safe JJ white JJ districts NNS . . The DT white JJ group NN argued VBD that IN whites NNS were VBD not RB fully RB and CC fairly RB represented VBN , , because IN in IN city-wide JJ elections NNS only RB black JJ candidates NNS or CC white JJ candidates NNS who WP catered VBD to TO `` `` black JJ interests NNS '' '' could MD win VB . . No DT federal JJ court NN has VBZ ruled VBN that IN the DT Voting NNP Rights NNP Act NNP protects VBZ a DT white JJ minority NN , , but CC in IN June NNP the DT Justice NNP Department NNP approved VBD a DT districting NN plan NN for IN Birmingham NNP that WDT carves VBZ out RP three CD white-majority JJ districts NNS and CC six CD black-majority JJ districts NNS . . Richard NNP Arrington NNP , , Birmingham NNP 's POS black JJ mayor NN , , lamented VBD the DT consequences NNS . . `` `` In IN the DT past NN , , people NNS who WP had VBD to TO run VB for IN office NN had VBD to TO moderate VB their PRP$ views NNS because IN they PRP could MD n't RB afford VB to TO offend VB blacks NNS or CC whites NNS , , '' '' he PRP said VBD . . `` `` Now RB you PRP go VBP to TO districts NNS , , you PRP 're VBP likely JJ to TO get VB candidates NNS whose WP$ views NNS are VBP more RBR extreme JJ , , white JJ and CC black JJ , , on IN racial JJ issues NNS . . '' '' Two CD hundred CD years NNS ago RB , , critics NNS of IN the DT new JJ United NNP States NNP Constitution NNP warned VBD that IN the DT electoral JJ districts NNS for IN Congress NNP were VBD too RB large JJ and CC encompassed VBD too RB many JJ different JJ economic JJ interests NNS . . A DT small JJ farmer NN and CC a DT seaport NN merchant NN could MD not RB be VB represented VBN by IN the DT same JJ spokesman NN , , they PRP said VBD . . But CC James NNP Madison NNP refuted VBD that DT argument NN in IN one CD of IN the DT most RBS celebrated JJ political JJ treatises NNS ever RB written VBN , , No. NNP 10 CD of IN the DT Federalist NNP Papers NNP . . Madison NNP explained VBD that IN a DT representative NN 's POS duty NN was VBD to TO speak VB not RB for IN the DT narrow JJ interests NNS of IN one CD group NN but CC instead RB for IN the DT common JJ good NN . . Large JJ , , heterogeneous JJ election NN districts NNS would MD encourage VB good JJ government NN , , said VBD Madison NNP , , because IN a DT representative NN would MD be VB compelled VBN to TO serve VB the DT interests NNS of IN all PDT his PRP$ constituents NNS and CC be VB servile JJ to TO none NN . . Madison NNP 's POS noble JJ and CC unifying JJ vision NN of IN the DT representative NN still RB can MD guide VB us PRP . . As RB long RB as IN we PRP believe VBP that IN all DT Americans NNPS , , of IN every DT race NN and CC ethnic JJ background NN , , have VBP common JJ interests NNS and CC can MD live VB together RB cooperatively RB , , our PRP$ political JJ map NN should MD reflect VB our PRP$ belief NN . . Racial JJ gerrymandering NN -- : creating VBG separate JJ black JJ and CC white JJ districts NNS -- : says VBZ that IN we PRP have VBP discarded VBN that DT belief NN in IN our PRP$ ability NN to TO live VB together RB and CC govern VB ourselves PRP as IN one CD people NNS . . Ms. NNP McCaughey NNP is VBZ a DT constitutional JJ scholar NN at IN the DT Center NNP for IN the DT Study NNP of IN the DT Presidency NNP in IN New NNP York NNP . . The DT Justice NNP Department NNP has VBZ distributed VBN these DT new JJ guidelines NNS for IN U.S. NNP Attorneys NNP prosecuting VBG RICO NNP cases NNS . . A DT related JJ editorial NN appears VBZ today NN . . Under IN { ( RICO NNP } ) , , the DT government NN may MD seek VB a DT temporary JJ restraining NN order NN ( ( TRO NN ) ) upon IN the DT filing NN of IN a DT RICO NNP indictment NN , , in IN order NN to TO preserve VB all DT forfeitable JJ assets NNS until IN the DT trial NN is VBZ completed VBN and CC judgment NN entered VBN . . Such JJ orders NNS can MD have VB a DT wide-ranging JJ impact NN on IN third JJ parties NNS who WP do VBP business NN with IN the DT defendants NNS , , including VBG clients NNS , , vendors NNS , , banks NNS , , investors NNS , , creditors NNS , , dependents NNS , , and CC others NNS . . Some DT highly RB publicized VBN cases NNS involving VBG RICO NNP TROs NNS have VBP been VBN the DT subject NN of IN considerable JJ criticism NN in IN the DT press NN , , because IN of IN a DT perception NN that IN pre-trial JJ freezing NN of IN assets NNS is VBZ tantamount JJ to TO a DT seizure NN of IN property NN without IN due JJ process NN . . In IN order NN to TO ensure VB that IN the DT rights NNS of IN all DT interested JJ parties NNS are VBP protected VBN , , the DT Criminal NNP Division NNP has VBZ instituted VBN the DT following JJ requirements NNS to TO control VB the DT use NN of IN TROs NNS in IN RICO NNP prosecutions NNS . . ( ( It PRP should MD be VB noted VBN that IN these DT requirements NNS are VBP in IN addition NN to TO any DT other JJ existing JJ requirements NNS , , such JJ as IN review NN by IN the DT Asset NNP Forfeiture NNP Office NNP . . ) ) : : 1 LS . . As IN part NN of IN the DT approval NN process NN for IN RICO NNP prosecutions NNS , , the DT prosecutor NN must MD submit VB any DT proposed JJ forfeiture NN TRO NN for IN review NN by IN the DT Organized NNP Crime NNP and CC Racketeering NNP Section NNP . . The DT prosecutor NN must MD show VB that IN less-intrusive JJ remedies NNS ( ( such JJ as IN bonds NNS ) ) are VBP not RB likely JJ to TO preserve VB the DT assets NNS for IN forfeiture NN in IN the DT event NN of IN a DT conviction NN . . 2 LS . . In IN seeking VBG approval NN of IN a DT TRO NN , , the DT prosecutor NN must MD articulate VB any DT anticipated JJ impact NN that DT forfeiture NN and CC the DT TRO NN would MD have VB on IN innocent JJ third JJ parties NNS , , balanced VBN against IN the DT government NN 's POS need NN to TO preserve VB the DT assets NNS . . 3 LS . . In IN deciding VBG whether IN forfeiture NN ( ( and CC , , hence RB , , a DT TRO NN ) ) is VBZ appropriate JJ , , the DT Section NN will MD consider VB the DT nature NN and CC severity NN of IN the DT offense NN ; : the DT government NN 's POS policy NN is VBZ not RB to TO seek VB the DT fullest JJS forfeiture NN permissible NN under IN the DT law NN where WRB that DT forfeiture NN would MD be VB disproportionate JJ to TO the DT defendant NN 's POS crime NN . . 4 LS . . When WRB a DT RICO NNP TRO NN is VBZ being VBG sought VBN , , the DT prosecutor NN is VBZ required VBN , , at IN the DT earliest JJS appropriate JJ time NN , , to TO state VB publicly RB that IN the DT government NN 's POS request NN for IN a DT TRO NN , , and CC eventual JJ forfeiture NN , , is VBZ made VBN in IN full JJ recognition NN of IN the DT rights NNS of IN third JJ parties NNS -- : that DT is VBZ , , in IN requesting VBG the DT TRO NN , , the DT government NN will MD not RB seek VB to TO disrupt VB the DT normal JJ , , legitimate JJ business NN activities NNS of IN the DT defendant NN ; : will MD not RB seek VB through IN use NN of IN the DT relation-back JJ doctrine NN to TO take VB from IN third JJ parties NNS assets NNS legitimately RB transferred VBN to TO them PRP ; : will MD not RB seek VB to TO vitiate VB legitimate JJ business NN transactions NNS occurring VBG between IN the DT defendant NN and CC third JJ parties NNS ; : and CC will MD , , in IN all DT other JJ respects NNS , , assist VB the DT court NN in IN ensuring VBG that IN the DT rights NNS of IN third JJ parties NNS are VBP protected VBN , , through IN proceeding VBG under IN { ( RICO NNP } ) and CC otherwise RB . . The DT Division NNP expects VBZ that IN the DT prosecutor NN will MD announce VB these DT principles NNS either CC at IN the DT time NN the DT indictment NN is VBZ returned VBN or CC , , at IN the DT latest JJS , , at IN the DT first JJ proceeding NN before IN the DT court NN concerning VBG the DT TRO NN . . Sales NNS of IN North JJ American-built JJ cars NNS and CC trucks NNS plunged VBD 20.5 CD % NN in IN mid-October NNP from IN a DT year NN earlier RBR , , as IN domestic JJ manufacturers NNS paid VBD the DT price NN for IN heavy JJ incentives NNS earlier RBR this DT year NN . . `` `` People NNS are VBP waiting VBG for IN { ( new JJ } ) factory NN giveaways NNS , , '' '' said VBD Ben NNP Kaye NNP , , sales NNS manager NN of IN Bob NNP Brest NNP Auto NNP World NNP in IN Lynn NNP , , Mass. NNP , , whose WP$ sales NNS are VBP slow JJ . . This DT trend NN appears VBZ to TO be VB especially RB true JJ at IN General NNP Motors NNP Corp. NNP , , which WDT used VBD both DT dealer NN and CC consumer NN incentives NNS to TO ignite VB sales NNS in IN August NNP and CC September NNP . . Since IN then RB , , deliveries NNS have VBP slumped VBN . . GM NNP 's POS car NN sales NNS dropped VBD 24.8 CD % NN in IN mid-October NNP to TO 69,980 CD , , while IN truck NN sales NNS fell VBD 26 CD % NN to TO 37,860 CD . . GM NNP also RB had VBD dismal JJ results NNS in IN the DT first JJ 10 CD days NNS of IN the DT month NN , , while IN other JJ auto NN makers NNS reported VBD mixed JJ results NNS . . All DT of IN the DT Big NNP Three CD suffered VBD in IN the DT just-ended JJ period NN , , however RB , , with IN sales NNS of IN all DT domestically RB made VBN cars NNS , , including VBG those DT built VBN at IN Japanese-managed JJ plants NNS , , falling VBG 19 CD % NN to TO 158,863 CD from IN a DT year NN earlier RBR . . The DT seasonal JJ adjusted JJ annual JJ selling NN rate NN was VBD six CD million CD vehicles NNS , , a DT small JJ improvement NN from IN the DT 5.8 CD million CD rate NN of IN early JJ October NNP , , but CC a DT big JJ drop NN from IN the DT 7.1 CD million CD rate NN a DT year NN ago RB . . Sales NNS of IN domestically RB made VBN trucks NNS also RB continued VBD to TO be VB sluggish JJ in IN mid-October NNP , , dropping VBG 22.8 CD % NN to TO 94,543 CD from IN a DT year NN ago RB . . The DT Big NNP Three CD auto NN makers NNS already RB have VB slashed VBN fourth-quarter JJ production NN plans NNS 10.4 CD % NN below IN year-ago JJ levels NNS , , but CC that DT may MD not RB be VB enough NN to TO prevent VB inventories NNS from IN ballooning VBG if IN sales NNS do VBP n't RB improve VB . . Industry NN analyst NN John NNP H. NNP Qualls NNP , , a DT vice NN president NN with IN Hill NNP & CC Knowlton NNP in IN St. NNP Louis NNP , , forecasts VBZ that IN domestic JJ auto NN makers NNS will MD have VB a DT 93-day JJ supply NN of IN cars NNS at IN the DT end NN of IN the DT year NN , , even RB if IN car NN sales NNS improve VBP to TO a DT 6.5 CD million CD vehicle NN rate NN for IN the DT quarter NN . . Ford NNP Motor NNP Co. NNP reported VBD a DT 21.2 CD % NN drop NN in IN sales NNS of IN domestic-made JJ cars NNS to TO 46,995 CD and CC a DT 24.2 CD % NN drop NN in IN domestic JJ trucks NNS to TO 31,143 CD . . The DT sales NNS are VBP being VBG dragged VBD down RP by IN a DT glut NN of IN 1989 CD vehicles NNS , , said VBD Joel NNP Pitcoff NNP , , a DT Ford NNP analyst NN . . The DT earlier JJR use NN of IN incentives NNS depleted VBD the DT market NN of IN `` `` scavengers NNS '' '' for IN bargain-basement JJ 1989 CD cars NNS , , he PRP said VBD . . Town NNP & CC Country NNP Ford NNP in IN Charlotte NNP , , N.C. NNP , , still RB needs VBZ to TO move VB about RB 850 CD 1989 CD cars NNS and CC trucks NNS . . Business NN had VBD been VBN fairly RB strong JJ until IN Hurricane NNP Hugo NNP hit VBD the DT area NN , , but CC has VBZ been VBN down RB since RB . . Chrysler NNP Corp. NNP also RB hit VBD the DT rocks NNS in IN mid-October NNP . . The DT No. NN 3 CD U.S. NNP auto NN maker NN had VBD a DT 23.7 CD % NN plunge NN in IN car NN sales NNS to TO 22,336 CD and CC a DT 17.5 CD % NN drop NN in IN truck NN sales NNS to TO 22,925 CD , , which WDT include VBP its PRP$ minivans NNS and CC Jeeps NNS . . Honda NNP Motor NNP Co. NNP , , which WDT continues VBZ to TO have VB short JJ supplies NNS of IN domestically RB made VBN Accords NNPS , , saw VBD its PRP$ sales NNS of IN North JJ American-built JJ cars NNS fall VB 14.1 CD % NN to TO 8,355 CD . . But CC sales NNS of IN domestic JJ cars NNS and CC trucks NNS at IN Nissan NNP Motor NNP Corp. NNP rose VBD 26.1 CD % NN to TO 5,651 CD . . A DT Nissan NNP spokesman NN attributed VBD the DT increase NN to TO the DT use NN of IN incentives NNS this DT year NN and CC not RB a DT year NN ago RB and CC to TO higher JJR fleet NN sales NNS . . Toyota NNP Motor NNP Corp. NNP , , which WDT opened VBD a DT plant NN in IN Georgetown NNP , , Ky. NNP , , last JJ year NN , , saw VBD sales NNS triple VB to TO 6,256 CD vehicles NNS . . a SYM - : Totals NNS include VBP only RB vehicle NN sales NNS reported VBN in IN the DT period NN . . c SYM - : Domestic JJ car NN d SYM - : Percent NN change NN greater JJR than IN 999 CD % NN . . x SYM - : There EX were VBD 9 CD selling NN days NNS in IN the DT most RBS recent JJ period NN and CC 9 CD a DT year NN earlier RBR . . Percentage NN differences NNS based VBN on IN daily JJ sales NNS rate NN rather RB than IN sales NNS volume NN . . Short JJ interest NN in IN Nasdaq NNP over-the-counter JJ stocks NNS rose VBD 6 CD % NN as IN of IN mid-October NNP , , its PRP$ biggest JJS jump NN since IN 6.3 CD % NN last JJ April NNP . . The DT most RBS recent JJ OTC NNP short JJ interest NN statistics NNS were VBD compiled VBN Oct. NNP 13 CD , , the DT day NN the DT Nasdaq NNP composite JJ index NN slid VBD 3 CD % NN and CC the DT New NNP York NNP Stock NNP Exchange NNP tumbled VBD 7 CD % NN . . The DT coincidence NN might MD lead VB to TO the DT conclusion NN that IN short-sellers NNS bet VBD heavily RB on IN that DT day NN that IN OTC NNP stocks NNS would MD decline VB further RB . . As IN it PRP happens VBZ , , the DT Nasdaq NNP composite NN did VBD continue VB to TO fall VB for IN two CD days NNS after IN the DT initial JJ plunge NN . . However RB , , the DT short JJ interest NN figures NNS reported VBN by IN brokerage NN and CC securities NNS clearing NN firms NNS to TO the DT National NNP Association NNP of IN Securities NNP Dealers NNP include VBP only RB those DT trades NNS completed VBN , , or CC settled VBN , , by IN Oct. NNP 13 CD , , rather RB than IN trades NNS that WDT occurred VBD on IN that DT day NN , , according VBG to TO Gene NNP Finn NNP , , chief JJ economist NN for IN the DT NASD NNP . . Generally RB , , it PRP takes VBZ five CD business NN days NNS to TO transfer VB stock NN and CC to TO take VB the DT other JJ steps NNS necessary JJ to TO settle VB a DT trade NN . . The DT total JJ short JJ interest NN in IN Nasdaq NNP stocks NNS as IN of IN mid-October NNP was VBD 237.1 CD million CD shares NNS , , up RB from IN 223.7 CD million CD in IN September NNP but CC well RB below IN the DT record JJ level NN of IN 279 CD million CD shares NNS established VBN in IN July NNP 1987 CD . . The DT sharp JJ rise NN in IN OTC NNP short JJ interest NN compares VBZ with IN the DT 4.2 CD % NN decline NN in IN short JJ interest NN on IN the DT New NNP York NNP Stock NNP Exchange NNP and CC the DT 3 CD % NN rise NN on IN the DT American NNP Stock NNP Exchange NNP during IN the DT September-October NNP period NN . . Generally RB , , a DT short JJ seller NN expects VBZ a DT fall NN in IN a DT stock NN 's POS price NN and CC aims VBZ to TO profit VB by IN selling VBG borrowed VBN shares NNS that WDT are VBP to TO be VB replaced VBN later RB ; : the DT short JJ seller NN hopes VBZ the DT replacement NN shares NNS bought VBN later RB will MD cost VB less JJR than IN those DT that WDT were VBD sold VBN . . Short JJ interest NN , , which WDT represents VBZ the DT number NN of IN shares NNS borrowed VBN and CC sold VBN , , but CC not RB yet RB replaced VBN , , can MD be VB a DT bad-expectations JJ barometer NN for IN many JJ stocks NNS . . Among IN 2,412 CD of IN the DT largest JJS OTC NNP issues NNS , , short JJ interest NN rose VBD to TO 196.8 CD million CD shares NNS , , from IN 185.7 CD million CD in IN 2,379 CD stocks NNS in IN September NNP . . Big JJ stocks NNS with IN large JJ short JJ interest NN gains NNS as IN of IN Oct. NNP 13 CD included VBD First NNP Executive NNP , , Intel NNP , , Campeau NNP and CC LIN NNP Broadcasting NNP . . Short JJ interest NN in IN First NNP Executive NNP , , an DT insurance NN issue NN , , rose VBD 55 CD % NN to TO 3.8 CD million CD . . Intel NNP 's POS short JJ interest NN jumped VBD 42 CD % NN , , while IN Campeau NNP 's POS increased VBD 62 CD % NN . . Intel NNP makes VBZ semiconductors NNS and CC Campeau NNP operates VBZ department-store NN chains NNS and CC is VBZ strained VBN for IN cash NN . . Meritor NNP Savings NNP again RB had VBD the DT dubious JJ honor NN of IN being VBG the DT OTC NNP stock NN with IN the DT biggest JJS short JJ interest NN position NN on IN Nasdaq NNP . . Meritor NNP has VBZ headed VBN the DT list NN since IN May NNP . . First NNP Executive NNP and CC troubled VBD Valley NNP National NNP Corp. NNP of IN Arizona NNP were VBD next JJ in IN line NN . . Short JJ selling NN is VBZ n't RB necessarily RB bad JJ for IN the DT overall JJ market NN . . Shorted JJ shares NNS must MD eventually RB be VB replaced VBN through IN buying NN . . In IN addition NN , , changes NNS in IN short JJ interest NN in IN some DT stocks NNS may MD be VB caused VBN by IN arbitrage NN . . For IN example NN , , an DT investor NN may MD seek VB to TO profit VB during IN some DT takeover NN situations NNS by IN buying VBG stock NN in IN one CD company NN involved VBN and CC shorting VBG the DT stock NN of IN the DT other JJ . . Two CD big JJ stocks NNS involved VBN in IN takeover NN activity NN saw VBD their PRP$ short JJ interest NN surge NN . . Short JJ interest NN in IN the DT American JJ depositary JJ receipts NNS of IN Jaguar NNP , , the DT target NN of IN both DT Ford NNP Motor NNP and CC General NNP Motors NNP , , more RBR than IN doubled VBD . . Nasdaq NNP stocks NNS that WDT showed VBD a DT drop NN in IN short JJ interest NN included VBD Adobe NNP Systems NNP , , Class NNP A NNP shares NNS of IN Tele-Communications NNP and CC takeover NN targets NNS Lyphomed NNP and CC Jerrico NNP . . The DT NASD NNP , , which WDT operates VBZ the DT Nasdaq NNP computer NN system NN on IN which WDT 5,200 CD OTC NNP issues NNS trade NN , , compiles VBZ short JJ interest NN data NNS in IN two CD categories NNS : : the DT approximately RB two-thirds NNS , , and CC generally RB biggest JJS , , Nasdaq NNP stocks NNS that WDT trade VBP on IN the DT National NNP Market NNP System NNP ; : and CC the DT one-third NN , , and CC generally RB smaller JJR , , Nasdaq NNP stocks NNS that WDT are VBP n't RB a DT part NN of IN the DT system NN . . Short JJ interest NN in IN 1,327 CD non-NMS JJ securities NNS totaled VBD 40.3 CD million CD shares NNS , , compared VBN with IN almost RB 38 CD million CD shares NNS in IN 1,310 CD issues NNS in IN September NNP . . The DT October NNP short JJ interest NN represents VBZ 1.04 CD days NNS of IN average JJ daily JJ trading NN volume NN in IN the DT smaller JJR stocks NNS in IN the DT system NN for IN the DT reporting NN period NN , , compared VBN with IN 0.94 CD day NN a DT month NN ago RB . . Among IN bigger JJR OTC NNP stocks NNS , , the DT figures NNS represent VBP 2.05 CD days NNS of IN average JJ daily JJ volume NN , , compared VBN with IN 2.14 CD days NNS in IN September NNP . . The DT adjacent JJ tables NNS show VBP the DT issues NNS in IN which WDT a DT short JJ interest NN position NN of IN at IN least JJS 50,000 CD shares NNS existed VBD as IN of IN Oct. NNP 13 CD or CC in IN which WDT there EX was VBD a DT short JJ position NN change NN of IN at IN least JJS 25,000 CD shares NNS since IN Sept. NNP 15 CD ( ( see VB accompanying JJ tables NNS -- : WSJ NNP Oct. NNP 25 CD , , 1989 CD ) ) . . From IN the DT Sept. NNP 30-Oct NNP . . 4 CD issue NN of IN The NNP Economist NNP : : What WP defeated VBD General NNP Aoun NNP was VBD not RB only RB the DT weight NN of IN the DT Syrian JJ army NN . . The DT weight NN of IN Lebanon NNP 's POS history NN was VBD also RB against IN him PRP ; : and CC it PRP is VBZ a DT history NN Israel NNP is VBZ in IN danger NN of IN repeating VBG . . Like IN Lebanon NNP , , and CC however RB unfairly RB , , Israel NNP is VBZ regarded VBN by IN the DT Arab JJ world NN as IN a DT colonial JJ aberration NN . . Its PRP$ best JJS hope NN of IN acceptance NN by IN its PRP$ neighbours NNS lies VBZ in IN reaching VBG a DT settlement NN with IN the DT Palestinians NNPS . . Like IN Lebanon NNP , , Israel NNP is VBZ being VBG remade VB by IN demography NN . . In IN Greater NNP Israel NNP more JJR than IN half PDT the DT children NNS under IN six CD are VBP Muslims NNPS . . Within IN 25 CD years NNS Jews NNPS will MD probably RB be VB the DT minority NN . . Yet RB Israel NNP will MD neither CC share VB power NN with IN all PDT these DT Arabs NNS nor CC , , says VBZ its PRP$ present JJ prime JJ minister NN , , redraw VB its PRP$ borders NNS closer RBR to TO its PRP$ pre-1967 JJ Jewish JJ heartland NN . . By IN not RB choosing VBG one CD of IN these DT options NNS , , Israelis NNPS will MD condemn VB themselves PRP , , as IN the DT Maronites NNPS did VBD , , to TO perpetual JJ war NN with IN the DT Muslims NNPS in IN their PRP$ midst NN , , and CC so RB to TO the DT internal JJ erosion NN of IN their PRP$ state NN . . Unlike IN the DT Maronites NNPS , , Israel NNP 's POS Jews NNPS will MD not RB let VB themselves PRP become VB the DT weakest JJS force NN in IN a DT system NN of IN private JJ armies NNS ; : Jerusalem NNP will MD become VB Belfast NNP before IN it PRP becomes VBZ Beirut NNP . . But CC that DT is VBZ not RB much JJ of IN a DT consolation NN to TO draw VB from IN the DT failure NN of IN General NNP Aoun NNP . . The DT Nasdaq NNP over-the-counter JJ market NN did VBD n't RB fully RB recover VB from IN a DT selling NN stampede NN , , and CC closed VBD down RB 1.2 CD % NN . . The DT effects NNS on IN the DT market NN of IN the DT mostly RB computer-driven JJ sell-off NN among IN exchange-listed JJ stocks NNS irked VBD many JJ market NN makers NNS , , who WP watched VBD the DT Nasdaq NNP Composite NNP Index NNP tumble VB in IN sympathy NN with IN the DT Dow NNP Jones NNP Industrial NNP Average NNP , , and CC then RB saw VBD it PRP get VB left VBN behind RP in IN the DT subsequent JJ rally NN . . After IN plummeting VBG 1.8 CD % NN at IN one CD point NN during IN the DT day NN , , the DT composite NN rebounded VBD a DT little JJ , , but CC finished VBD down RB 5.52 CD , , at IN 461.70 CD . . In IN contrast NN , , the DT industrial JJ average NN recovered VBD almost RB completely RB from IN its PRP$ skid NN and CC closed VBD down RB 0.1 CD % NN . . The DT New NNP York NNP Stock NNP Exchange NNP Composite NNP was VBD 0.4 CD % NN lower JJR for IN the DT day NN . . As IN usual JJ , , the DT over-the-counter JJ market NN 's POS biggest JJS technology NN stocks NNS were VBD hardest RBS hit VBN . . Microsoft NNP , , battered VBN by IN profit NN taking NN in IN recent JJ sessions NNS , , sank VBD as RB much RB as IN 4 CD ; : but CC it PRP finished VBD at IN 80 CD 7\/8 CD , , down RB 2 CD 1\/4 CD on IN volume NN of IN one CD million CD shares NNS . . MCI NNP Communications NNP , , the DT most RBS active JJ issue NN , , finished VBD down RB 5\/8 CD to TO 42 CD 1\/8 CD . . MCI NNP traded VBD as RB low JJ as IN 41 CD 3\/8 CD during IN the DT session NN . . Other JJ active JJ stocks NNS included VBD Jaguar NNP , , whose WP$ American JJ depositary JJ receipts NNS added VBD 1\/8 CD to TO 11 CD 1\/4 CD . . Apple NNP Computer NNP improved VBD 7\/8 CD to TO 47 CD 5\/8 CD ; : Intel NNP slipped VBD 1\/4 CD to TO 33 CD 1\/4 CD , , and CC Valley NNP National NNP Corp. NNP was VBD up RB 1\/8 CD to TO 15 CD 1\/8 CD . . `` `` The DT market NN started VBD with IN several JJ strikes NNS against IN it PRP , , '' '' said VBD Peter NNP DaPuzzo NNP , , head NN of IN retail JJ equity NN trading NN at IN Shearson NNP Lehman NNP Hutton NNP , , referring VBG to TO news NN that IN the DT labor-management NN buy-out NN of IN UAL NNP Corp. NNP continued VBD to TO unravel VB , , and CC reports NNS that IN the DT junk-bond NN market NN is VBZ disintegrating VBG . . But CC the DT computer-guided JJ selling NN in IN response NN to TO those DT developments NNS dealt VBD a DT serious JJ blow NN to TO the DT over-the-counter JJ market NN , , Mr. NNP DaPuzzo NNP said VBD . . Even RB though IN the DT over-the-counter JJ market NN usually RB does VBZ n't RB fall VB by IN as RB much RB as IN listed JJ stocks NNS during IN program-selling JJ blitzes NNS , , he PRP said VBD , , `` `` when WRB the DT market NN does VBZ recover VB , , the DT damage NN is VBZ done VBN and CC it PRP leaves VBZ Nasdaq NNP down RB more RBR than IN the DT Big NNP Board NNP . . '' '' Mr. NNP DaPuzzo NNP also RB complained VBD that IN the DT sharp JJ swings NNS in IN stock NN prices NNS lately RB is VBZ scaring VBG away RB retail JJ and CC foreign JJ investors NNS . . While IN Shearson NNP does VBZ n't RB do VB computer-guided JJ program NN trading NN for IN its PRP$ own JJ account NN , , the DT firm NN does VBZ execute VB orders NNS for IN clients NNS involved VBN in IN the DT buying NN and CC selling NN of IN shares NNS tied VBN to TO movements NNS in IN certain JJ stock NN indexes NNS , , Mr. NNP DaPuzzo NNP acknowledged VBD . . The DT volatility NN inherent JJ in IN program NN trading NN troubled VBD other JJ traders NNS , , too RB . . They PRP do VBP n't RB like VB the DT risks NNS they PRP are VBP forced VBN to TO assume VB when WRB prices NNS swing VBP so RB drastically RB . . Market NN makers NNS are VBP supposed VBN to TO keep VB supplies NNS of IN stocks NNS on IN hand NN to TO maintain VB orderly JJ trading NN when WRB imbalances NNS occur VBP . . That DT means VBZ that IN on IN days NNS when WRB prices NNS are VBP tumbling VBG and CC sellers NNS abound VBP they PRP must MD be VB willing JJ to TO buy VB shares NNS from IN sellers NNS when WRB no DT one NN else RB will MD . . In IN such PDT an DT environment NN , , a DT market NN maker NN can MD absorb VB huge JJ losses NNS . . But CC the DT recent JJ volatility NN in IN stock NN prices NNS caused VBN by IN the DT program NN trading NN has VBZ made VBN some DT market NN makers NNS less RBR willing JJ to TO soak VB up RP the DT stocks NNS that WDT are VBP for IN sale NN . . The DT market NN makers NNS say VBP they PRP are VBP n't RB comfortable JJ carrying VBG big JJ positions NNS in IN stocks NNS because IN they PRP realize VBP prices NNS can MD tumble VB quickly RB . . The DT situation NN makes VBZ it PRP harder JJR to TO buy VB and CC sell VB shares NNS quickly RB , , exacerbating VBG the DT rise NN and CC fall NN in IN stock NN prices NNS during IN program-dominated JJ trading NN . . Groused VBD Robert NNP Antolini NNP , , head NN of IN over-the-counter JJ trading NN at IN Donaldson NNP , , Lufkin NNP & CC Jenrette NNP : : `` `` It PRP 's VBZ making VBG it PRP tough JJ for IN traders NNS to TO make VB money NN . . '' '' He PRP said VBD that IN when WRB sell JJ programs NNS kick VBP in RP , , many JJ traders NNS believe VBP that IN `` `` there EX 's VBZ no DT sense NN in IN sticking VBG your PRP$ nose NN out RP because IN you PRP 're VBP an DT instant JJ loser NN . . '' '' Kinder-Care NNP Learning NNP Centers NNP added VBD 1\/4 CD to TO 4 CD 7\/8 CD on IN 461,200 CD shares NNS . . Lodestar NNP Group NNP said VBD it PRP will MD make VB a DT $ $ 6-a-share JJ offer NN for IN the DT remaining VBG Kinder-Care NNP Learning NNP Center NNP common JJ stock NN if IN it PRP acquires VBZ a DT majority NN of IN the DT company NN 's POS shares NNS in IN a DT pending VBG rights NNS offering NN by IN Kinder-Care NNP Learning NNP Center NNP 's POS parent NN , , Kinder-Care NNP Inc NNP . . Shares NNP of IN KinderCare NNP Inc. NNP closed VBD at IN 3 CD 1\/2 CD , , also RB up RB 1\/4 CD , , on IN volume NN of IN 700,000 CD . . Ohio NNP Casualty NNP dropped VBD 2 CD 1\/8 CD to TO 49 CD 1\/2 CD . . The DT company NN posted VBD third-quarter JJ earnings NNS of IN 95 CD cents NNS a DT share NN , , down IN from IN $ $ 1.26 CD a DT year NN earlier RBR . . The DT company NN estimated VBD that IN losses NNS from IN Hurricane NNP Hugo NNP reduced VBD net JJ income NN by IN 32 CD cents NNS a DT share NN in IN the DT most RBS recent JJ quarter NN . . The DT company NN said VBD losses NNS from IN the DT Oct. NNP 17 CD earthquake NN in IN California NNP have VBP n't RB yet RB been VBN determined VBN , , but CC that IN it PRP provides VBZ earthquake NN coverage NN to TO about RB 1,400 CD properties NNS in IN the DT stricken JJ area NN . . Any DT quake-related JJ losses NNS will MD be VB reported VBN in IN the DT fourth JJ quarter NN , , the DT company NN said VBD . . North NNP Atlantic NNP Industries NNP jumped VBD 1 CD to TO 5 CD 3\/4 CD . . The DT electronics-instruments JJ maker NN is VBZ to TO be VB acquired VBN by IN Asset NNP Management NNP Associates NNP for IN $ $ 7.25 CD a DT share NN . . LIN NNP Broadcasting NNP slid VBD 1 CD 3\/8 CD to TO 108 CD 3\/4 CD , , despite IN reporting VBG third-quarter JJ net NN of IN 46 CD cents NNS a DT share NN , , up RB from IN 39 CD cents NNS the DT previous JJ year NN . . The DT company NN said VBD the DT latest JJS quarter NN included VBD about RB $ $ 3.4 CD million CD in IN special JJ legal JJ and CC financial JJ advisory JJ costs NNS related VBN to TO McCaw NNP Cellular NNP Communications NNP ' POS bid NN for IN the DT company NN and CC LIN NNP 's POS merger NN pact NN with IN BellSouth NNP . . McCaw NNP was VBD unchanged JJ at IN 40 CD . . XL\/Datacomp NNP slid VBD 2 CD 1\/4 CD to TO 16 CD 1\/2 CD amid IN continuing JJ concerns NNS about IN the DT company NN 's POS contract NN negotiations NNS with IN International NNP Business NNP Machines NNP . . IBM NNP is VBZ reviewing VBG its PRP$ entire JJ business-partners NNS program NN , , and CC XL\/Datacomp NNP confirmed VBD earlier RBR this DT month NN that IN it PRP was VBD in IN talks NNS with IN the DT company NN about IN possible JJ modifications NNS to TO its PRP$ current JJ IBM-remarketer JJ contract NN . . Remarketers NNS make VBP modifications NNS to TO IBM NNP 's POS computer NN hardware NN and CC resell VBP the DT products NNS . . Omni NNP Capital NNP Group NNP surged VBD 1 CD 3\/4 CD to TO 16 CD 1\/4 CD . . The DT company NN said VBD net NN rose NN to TO 38 CD cents NNS a DT share NN in IN its PRP$ fiscal-first JJ quarter NN ended VBN Sept. NNP 30 CD , , from IN 35 CD cents NNS a DT shares NNS a DT year NN ago RB . . Probably RB the DT most RBS clear-cut JJ Soviet JJ violation NN , , for IN example NN , , is VBZ the DT Krasnoyarsk NNP radar NN . . -- : `` `` Arms NNS Control NN Reality NN , , '' '' Nov. NNP 20 CD , , 1984 CD , , the DT first JJ of IN some RB 20 CD Journal NNP editorials NNS saying VBG that IN Krasnoyarsk NNP violated VBD the DT ABM NNP treaty NN . . -- : `` `` Whether IN the DT installation NN is VBZ for IN early JJ warning NN or CC space NN track NN , , it PRP clearly RB is VBZ not RB deployed VBN , , '' '' the DT lawmakers NNS said VBD . . `` `` Thus RB we PRP judge VBP it PRP to TO be VB not RB a DT violation NN of IN the DT ABM NNP treaty NN at IN this DT time NN . . '' '' The DT delegation NN included VBD a DT reporter NN from IN the DT New NNP York NNP Times NNP , , aides NNS to TO Sen. NNP Edward NNP M. NNP Kennedy NNP and CC Rep. NNP Les NNP AuCoin NNP , , and CC Natural NNP Resources NNP Defense NNP Council NNP staff NN members NN . . -- : The DT Washington NNP Post NNP , , Sept. NNP 9 CD , , 1987 CD . . -- : The DT U.S.S.R. NNP has VBZ taken VBN unprecedented JJ unilateral JJ measures NNS of IN openness NN , , by IN giving VBG American JJ representatives NNS a DT possibility NN to TO inspect VB the DT building NN site NN of IN the DT Krasnoyarsk NNP radar NN as RB well RB as IN radar NN vans NNS in IN the DT areas NNS of IN Gomel NNP and CC Moscow NNP , , so RB as IN to TO see VB for IN themselves PRP that IN there EX are VBP no DT violations NNS of IN the DT ABM NNP treaty NN of IN 1972 CD on IN the DT part NN of IN the DT Soviet NNP Union NNP . . -- : Letter NN from IN Eduard NNP Shevardnadze NNP to TO U.N. NNP Secretary-General NNP Perez NNP de IN Cuellar NNP , , reported VBN in IN Tass NNP , , June NNP 10 CD , , 1988 CD . . -- : The DT construction NN of IN this DT station NN equal JJ in IN size NN to TO the DT Egyptian JJ pyramids NNS constituted VBD , , I PRP say VBP it PRP directly RB , , a DT clear JJ violation NN of IN ABM NNP . . -- : Eduard NNP Shevardnadze NNP , , Oct. NNP 23 CD , , 1989 CD . . We PRP 're VBP happy JJ , , we PRP guess VBP , , to TO receive VB confirmation NN of IN the DT Krasnoyarsk NNP violation NN from IN the DT Soviets NNPS , , five CD years NNS after IN we PRP started VBD writing VBG about IN it PRP . . Perhaps RB even RB the DT American JJ apologists NNS will MD now RB accede VB . . Without IN question NN , , something NN intriguing JJ is VBZ going VBG on RP in IN the DT policy NN chambers NNS of IN the DT Politburo NNP . . As IN it PRP bids VBZ for IN new JJ agreements NNS , , new JJ loans NNS and CC indeed RB admission NN to TO the DT civilized JJ world NN , , the DT Soviet JJ government NN has VBZ recognized VBN it PRP has VBZ a DT credibility NN problem NN . . So RB after IN 70 CD years NNS , , it PRP is VBZ confessing VBG the DT obvious JJ , , hoping VBG to TO be VB believed VBN about IN other JJ things NNS . . It PRP 's VBZ not RB enough RB . . If IN the DT Soviets NNP want VBP to TO be VB believed VBN , , they PRP need VBP to TO start VB telling VBG the DT truth NN about IN more JJR than IN the DT totally RB obvious JJ . . Our PRP$ own JJ test NN of IN `` `` glasnost FW 's POS '' '' authenticity NN would MD be VB a DT Soviet JJ decision NN to TO open VB itself PRP to TO a DT complete JJ international JJ examination NN of IN one CD of IN the DT most RBS troubling JJ mysteries NNS in IN U.S.-Soviet JJ relations NNS -- : the DT reported JJ 1979 CD anthrax NN outbreak NN at IN a DT Soviet JJ military JJ facility NN in IN Sverdlovsk NNP . . The DT U.S. NNP government NN has VBZ never RB waivered VBN in IN its PRP$ assessment NN of IN this DT incident NN as IN an DT accident NN at IN a DT biological JJ weapons NNS facility NN there RB , , and CC hence RB a DT violation NN of IN the DT 1972 CD Biological NNP Weapons NNP Convention NNP . . The DT Pentagon NNP 's POS recently RB issued VBN `` `` Soviet JJ Military JJ Power NN , , '' '' though IN in IN general JJ adopting VBG a DT softer JJR line NN , , repeated VBD the DT Sverdlovsk NNP assessment NN . . It PRP also RB was VBD detailed VBN in IN Congressional JJ testimony NN this DT past JJ February NNP : : An DT explosion NN at IN the DT Microbiology NNP and CC Virology NNP Institute NNP in IN Sverdlovsk NNP released VBD anthrax NN germs NNS that WDT caused VBD a DT significant JJ number NN of IN deaths NNS . . Since IN Mr. NNP Shevardnadze NNP did VBD not RB address NN this DT topic NN before IN the DT Supreme NNP Soviet NNP , , the DT Soviet NNP Union NNP 's POS official JJ position NN remains VBZ that IN the DT anthrax NN deaths NNS were VBD caused VBN by IN tainted JJ meat NN . . We PRP doubt VBP this DT claim NN just RB as IN we PRP doubted VBD Mr. NNP Shevardnadze NNP 's POS assurance NN last JJ year NN that IN Krasnoyarsk NNP did VBD n't RB violate VB the DT ABM NNP treaty NN . . And CC just RB as IN we PRP did VBD not RB believe VB the DT tendentious JJ claims NNS of IN the DT Congressmen NNPS and CC arms-control NN advocates NNS who WP visited VBD Krasnoyarsk NNP , , we PRP are VBP in IN no DT way NN persuaded VBN by IN the DT assent NN to TO the DT tainted-meat NN theory NN by IN a DT U.S. NNP team NN of IN scientists NNS who WP met VBD with IN Soviet NNP counterparts NNS in IN Washington NNP last JJ year NN . . The DT Soviets NNPS ' POS explanation NN is VBZ that IN the DT anthrax NN came VBD from IN one CD lot NN of IN animal NN feed NN made VBN from IN the DT bones NNS of IN cattle NNS that WDT grazed VBD on IN soil NN that WDT was VBD naturally RB infected VBN with IN anthrax NN spores NNS . . Harvard NNP 's POS Matthew NNP Meselson NNP -- : who WP we PRP read VBP has VBZ sold VBN something NN called VBN the DT `` `` scientific JJ community NN '' '' on IN the DT notion NN that IN `` `` yellow JJ rain NN '' '' attacks NNS on IN the DT Laotian JJ Hmong NNPS were VBD in IN fact NN the DT result NN of IN fecal JJ showers NNS by IN giant JJ bees NNS -- : found VBD the DT Soviet JJ anthrax NN scenario NN `` `` completely RB plausible JJ . . '' '' We PRP do VBP n't RB believe VB it PRP . . And CC we PRP certainly RB do VBP not RB believe VB that IN Mr. NNP Gorbachev NNP or CC any DT of IN his PRP$ emissaries NNS yet RB deserve VBP to TO have VB the DT West NNP take VB their PRP$ word NN for IN it PRP . . Sverdlovsk NNP is VBZ a DT large JJ gray JJ cloud NN over IN glasnost FW and CC indeed RB over IN the DT legitimacy NN of IN the DT arms-control NN process NN itself PRP . . The DT U.S. NNP government NN 's POS Sverdlovsk NNP complaint NN , , as IN with IN Krasnoyarsk NNP , , is VBZ no DT mere JJ political JJ posturing NN . . Biological JJ weapons NNS violations NNS have VBP figured VBN little RB in IN political JJ debate NN , , and CC indeed RB have VBP not RB been VBN pressed VBN vigorously RB enough RB by IN the DT U.S. NNP government NN . . But CC the DT stated JJ U.S. NNP position NN is VBZ detailed JJ and CC specific JJ , , and CC the DT prospect NN of IN biological JJ warfare NN is VBZ profoundly RB chilling JJ . . The DT Soviets NNPS should MD be VB willing JJ to TO set VB in IN motion NN a DT process NN that WDT would MD allow VB them PRP to TO acknowledge VB that DT Sverdlovsk NNP violated VBD the DT 1972 CD agreement NN or CC , , alternatively RB , , that WDT would MD give VB U.S. NNP specialists NNS reasonable JJ confidence NN that IN this DT was VBD a DT wholly RB civilian JJ accident NN . . Until IN that DT happens VBZ , , glasnost FW can MD not RB begin VB to TO deserve VB the DT kind NN of IN credibility NN Mr. NNP Shevardnadze NNP was VBD bidding VBG for IN with IN his PRP$ confessions NNS on IN Monday NNP . . Manville NNP Corp. NNP said VBD it PRP offered VBD to TO buy VB $ $ 500 CD million CD of IN its PRP$ convertible JJ preferred JJ stock NN from IN the DT Manville NNP Personal NNP Injury NNP Settlement NNP Trust NNP in IN a DT move NN that WDT would MD improve VB the DT trust NN 's POS liquidity NN and CC reduce VB the DT potential JJ number NN of IN Manville NNP shares NNS outstanding JJ . . Manville NNP said VBD it PRP made VBD the DT offer NN within IN the DT past JJ several JJ weeks NNS as IN part NN of IN an DT effort NN to TO improve VB shareholder NN value NN . . It PRP said VBD it PRP would MD purchase VB the DT stock NN at IN market NN price NN . . Manville NNP and CC a DT spokeswoman NN for IN the DT trust NN said VBD that IN the DT two CD are VBP discussing VBG the DT proposal NN but CC a DT decision NN has VBZ n't RB been VBN made VBN . . `` `` We PRP are VBP considering VBG that DT offer NN along IN with IN all DT other JJ alternatives NNS , , '' '' the DT trust NN spokeswoman NN said VBD . . `` `` We PRP need VBP to TO look VB at IN how WRB to TO maximize VB our PRP$ cash NN flow NN to TO pay VB our PRP$ beneficiaries NNS . . '' '' The DT trust NN , , created VBN as IN part NN of IN Manville NNP 's POS bankruptcy-law NN reorganization NN to TO compensate VB victims NNS of IN asbestos-related JJ diseases NNS , , owns VBZ 7.2 CD million CD of IN the DT Series NNP A NNP convertible JJ preferred JJ shares NNS , , which WDT are VBP each DT convertible JJ into IN 10 CD Manville NNP common JJ shares NNS . . The DT trust NN also RB owns VBZ half NN of IN Manville NNP 's POS 48 CD million CD common JJ shares NNS outstanding JJ . . Based VBN on IN Manville NNP 's POS closing NN price NN yesterday NN of IN $ $ 9.25 CD a DT share NN , , Manville NNP 's POS offer NN would MD purchase VB about RB 5.4 CD million CD of IN its PRP$ preferred JJ shares NNS , , or CC about RB 75 CD % NN of IN the DT trust NN 's POS preferred JJ stock NN holding NN . . In IN addition NN to TO the DT stock NN and CC 20 CD % NN of IN Manville NNP 's POS profits NNS beginning VBG in IN 1992 CD , , the DT trust NN is VBZ supposed VBN to TO receive VB $ $ 2.5 CD billion CD over IN its PRP$ 27-year JJ life NN . . But CC it PRP initially RB was VBD funded VBN with IN about RB $ $ 765 CD million CD and CC may MD soon RB face VB a DT cash NN crunch NN . . As IN of IN June NNP 30 CD , , it PRP had VBD settled VBN about RB 15,000 CD of IN 81,000 CD claims NNS filed VBN and CC its PRP$ unpaid JJ claims NNS totaled VBD $ $ 136 CD million CD , , a DT large JJ portion NN of IN its PRP$ $ $ 268 CD million CD in IN cash NN and CC marketable JJ securities NNS . . Since IN most JJS of IN its PRP$ assets NNS are VBP tied VBN to TO Manville NNP , , a DT forest NN and CC building NN products NNS concern NN , , the DT trust NN might MD also RB want VB to TO diversify VB its PRP$ holdings NNS . . As IN part NN of IN its PRP$ offer NN , , Manville NNP said VBD it PRP requested VBD changes NNS in IN some DT covenants NNS between IN it PRP and CC the DT trust NN to TO allow VB Manville NNP to TO `` `` reflect VB a DT more RBR typical JJ corporate JJ ownership NN and CC financial JJ structure NN . . '' '' A DT Manville NNP spokesman NN would MD n't RB elaborate VB on IN the DT proposed JJ changes NNS . . But CC he PRP said VBD they PRP are VBP `` `` to TO a DT large JJ degree NN , , housekeeping NN , , '' '' although IN some DT may MD generate VB some DT disagreement NN . . Manville NNP said VBD the DT shares NNS issued VBN to TO the DT trust NN were VBD intended VBN to TO be VB sold VBN , , as IN needed VBN , , and CC that IN Manville NNP has VBZ the DT right NN of IN first JJ refusal NN to TO buy VB those DT shares NNS . . Northeast NNP Utilities NNP raised VBD its PRP$ bid NN for IN Public NNP Service NNP Co. NNP of IN New NNP Hampshire NNP , , which WDT is VBZ operating VBG under IN Bankruptcy NNP Code NNP protection NN , , to TO $ $ 2.25 CD billion CD from IN $ $ 1.85 CD billion CD . . Northeast NNP 's POS raised VBN bid NN , , which WDT was VBD supported VBN by IN PS NNP of IN New NNP Hampshire NNP 's POS official JJ shareholder NN committee NN , , is VBZ a DT prelude NN to TO what WP is VBZ expected VBN to TO be VB a DT round NN of IN higher JJR bids NNS by IN the DT other JJ groups NNS trying VBG to TO acquire VB the DT company NN , , the DT largest JJS utility NN in IN New NNP Hampshire NNP . . The DT $ $ 2.25 CD billion CD value NN claimed VBN by IN Northeast NNP , , based VBN in IN Hartford NNP , , Conn. NNP , , is VBZ the DT highest JJS yet RB given VBN to TO a DT bid NN . . Some DT of IN the DT three CD other JJ bidding VBG groups NNS are VBP expected VBN to TO increase VB their PRP$ offers NNS tomorrow NN , , a DT date NN set VBN for IN revised JJ offers NNS by IN a DT bankruptcy NN court NN judge NN . . A DT hearing NN is VBZ set VBN for IN Nov. NNP 15 CD , , but CC participants NNS do VBP n't RB expect VB a DT resolution NN until IN July NNP 1990 CD . . Under IN the DT new JJ Northeast NNP Utilities NNP plan NN , , it PRP would MD pay VB $ $ 1.65 CD billion CD in IN cash NN to TO creditors NNS and CC assume VB $ $ 100 CD million CD in IN pollution NN control NN bonds NNS . . Secured JJ creditors NNS would MD recover VB both DT principal NN and CC interest NN , , while IN unsecured JJ creditors NNS would MD receive VB only RB principal NN and CC interest NN accrued VBN before IN PS NNP of IN New NNP Hampshire NNP filed VBD for IN Bankruptcy NNP Code NNP protection NN in IN January NNP The DT biggest JJS change NN in IN Northeast NNP 's POS offer NN was VBD in IN improvements NNS made VBN for IN equity NN holders NNS who WP had VBD been VBN given VBN short JJ shrift NN previously RB . . Assuming VBG full JJ operation NN of IN the DT Seabrook NNP nuclear JJ power NN plant NN , , which WDT is VBZ completed VBN but CC is VBZ n't RB yet RB operating VBG , , equity NN holders NNS would MD receive VB up IN to TO $ $ 500 CD million CD in IN cash NN , , preferred JJ stock NN and CC new JJ 10-year JJ Seabrook NNP bonds NNS . . Northeast NNP 's POS previous JJ offer NN had VBD proposed VBN that IN equity NN holders NNS receive VB just RB $ $ 165 CD million CD . . In IN addition NN , , Northeast NNP promised VBD the DT State NNP of IN New NNP Hampshire NNP that IN rate NN increases NNS would MD be VB limited VBN to TO 5.5 CD % NN annually RB for IN seven CD years NNS . . Its PRP$ previous JJ proposal NN had VBD conditioned VBN rate NN limits NNS on IN Seabrook NNP operations NNS and CC other JJ contingencies NNS . . Wilbur NNP Ross NNP , , financial JJ adviser NN to TO the DT equity NN holders NNS said VBD , , `` `` Given VBN the DT state NN 's POS strong JJ bargaining NN position NN ... : we PRP believe VBP the DT NU NNP plan NN provides VBZ the DT best JJS recovery NN available JJ '' '' to TO PS NNP of IN New NNP Hampshire NNP 's POS equity NN holders NNS . . Officials NNP of IN PS NNP of IN New NNP Hampshire NNP could MD n't RB be VB reached VBN for IN comment NN . . The DT company NN has VBZ filed VBN an DT internal JJ reorganization NN plan NN it PRP valued VBD at IN $ $ 2.2 CD billion CD that WDT would MD require VB 5.5 CD % NN rate NN increases NNS . . That DT plan NN would MD leave VB existing JJ preferred JJ shareholders NNS with IN at IN least JJS a DT 41 CD % NN stake NN and CC give VB common JJ shareholders NNS as RB little JJ as IN 13 CD % NN . . New NNP England NNP Electric NNP System NNP , , Westborough NNP , , Mass. NNP , , has VBZ proposed VBN buying VBG the DT company NN for IN $ $ 2 CD billion CD as IN part NN of IN a DT plan NN that WDT would MD require VB rate NN increases NNS of IN only RB 4.8 CD % NN annually RB for IN seven CD years NNS . . The DT state NN of IN New NNP Hampshire NNP has VBZ favored VBN that DT plan NN . . The DT other JJ bidder NN is VBZ United NNP Illuminating NNP Co. NNP , , New NNP Haven NNP , , Conn. NNP , , with IN a DT bid NN valued VBN at IN $ $ 2.2 CD billion CD and CC and CC a DT proposal NN for IN seven CD years NNS of IN 5.5 CD % NN rate NN increases NNS . . The DT Polish JJ rat NN will MD eat VB well RB this DT winter NN . . Tons NNS of IN delectably RB rotting VBG potatoes NNS , , barley NN and CC wheat NN will MD fill VB damp JJ barns NNS across IN the DT land NN as IN thousands NNS of IN farmers NNS turn VBP the DT state NN 's POS buyers NNS away RP . . Many PDT a DT piglet NN wo MD n't RB be VB born VBN as IN a DT result NN , , and CC many PDT a DT ham NN will MD never RB hang VB in IN a DT butcher NN shop NN . . But CC with IN inflation NN raging VBG , , grain NN in IN the DT barn NN will MD still RB be VB a DT safer JJR bet NN for IN the DT private JJ farmer NN than IN money NN in IN the DT bank NN . . Once RB again RB , , the DT indomitable JJ peasant NN holds VBZ Poland NNP 's POS future NN in IN his PRP$ hands NNS . . Until IN his PRP$ labor NN can MD produce VB a DT profit NN in IN this DT dying VBG and CC distorted JJ system NN , , even RB Solidarity NNP 's POS sympathetic JJ new JJ government NN wo MD n't RB win VB him PRP over RP . . In IN coming JJ months NNS , , emergency NN food NN aid NN moving VBG in RP from IN the DT West NNP will MD be VB the DT one CD buffer NN between IN a DT meat-hungry JJ public NN and CC a DT new JJ political JJ calamity NN . . Factory NN workers NNS on IN strike NN knocked VBD Poland NNP 's POS Communist JJ bosses NNS off IN balance NN last JJ year NN ; : this DT year NN , , it PRP was VBD the DT farmers NNS who WP brought VBD them PRP down RP . . In IN June NNP , , farmers NNS held VBD onto IN meat NN , , milk NN and CC grain NN , , waiting VBG for IN July NNP 's POS usual JJ state-directed JJ price NN rises NNS . . The DT Communists NNPS froze VBD prices NNS instead RB . . The DT farmers NNS ran VBD a DT boycott NN , , and CC meat NN disappeared VBD from IN the DT shops NNS . . On IN Aug. NNP 1 CD , , the DT state NN tore VBD up RP its PRP$ controls NNS , , and CC food NN prices NNS leaped VBD . . Without IN buffer NN stocks NNS , , inflation NN exploded VBD . . That DT was VBD when WRB the DT tame JJ old JJ Peasants NNP ' POS Party NNP , , desperate JJ to TO live VB through IN the DT crisis NN , , broke VBD ranks NNS with IN the DT Communists NNPS and CC joined VBD with IN Solidarity NNP in IN the DT East NNP Bloc NNP 's POS first JJ liberated JJ government NN . . But CC by IN the DT time NN Solidarity NNP took VBD office NN in IN September NNP , , the DT damage NN was VBD done VBN . . `` `` Shortageflation NN , , '' '' as IN economists NNS have VBP come VBN to TO call VB it PRP , , had VBD gone VBN hyper JJ . . The DT cost NN of IN raising VBG a DT pig NN kept VBD bounding VBG ahead RB of IN the DT return NN for IN selling VBG one CD . . The DT farmers NNS stayed VBD angry JJ . . They PRP still RB are VBP . . At IN dawn NN on IN a DT cool JJ day NN , , hundreds NNS travel VBP to TO the DT private JJ market NN in IN Radzymin NNP , , a DT town NN not RB far RB from IN Warsaw NNP , , hauling VBG pigs NNS , , cattle NNS and CC sacks NNS of IN feed NN that WDT the DT state NN 's POS official JJ buyers NNS ca MD n't RB induce VB them PRP to TO sell VB . . Here RB , , they PRP are VBP searching VBG for IN a DT higher JJR price NN . . In IN a DT crush NN of IN trucks NNS and CC horse NN carts NNS on IN the DT trodden JJ field NN , , Andrzej NNP Latowski NNP wrestles VBZ a DT screeching VBG , , overweight JJ hog NN into IN the DT trunk NN of IN a DT private JJ butcher NN 's POS Polish JJ Fiat NNP . . `` `` Of IN course NN it PRP 's VBZ better JJR to TO sell VB private JJ , , '' '' he PRP says VBZ , , as IN the DT butcher NN trundles VBZ away RB . . `` `` Why WRB should MD anybody NN want VB to TO sell VB to TO them PRP ? . '' '' The DT young JJ farmer NN makes VBZ money NN on IN the DT few JJ hogs NNS he PRP sells VBZ here RB . . He PRP wo MD n't RB for IN long RB , , because IN his PRP$ old JJ state NN sources NNS of IN rye NN and CC potatoes NNS are VBP drying VBG up RP . . `` `` There EX 's VBZ no DT feed NN , , '' '' he PRP says VBZ . . `` `` You PRP ca MD n't RB buy VB anything NN nowadays RB . . I PRP do VBP n't RB know VB why WRB . . '' '' Edward NNP Chojnowski NNP does VBZ . . His PRP$ truck NN is VBZ parked VBN across IN the DT field NN , , in IN a DT row NN of IN grain NN sellers NNS . . Like IN the DT others NNS , , it PRP is VBZ loaded VBN with IN rye NN , , wheat NN and CC oats NN in IN sacks NNS labeled VBN `` `` Asbestos NN . . Made VBN in IN U.S.S.R NNP . . '' '' The DT farmer NN at IN the DT next JJ truck NN shouts VBZ , , `` `` Wheat NN ! . It PRP 's VBZ nice JJ ! . It PRP wo MD n't RB be VB cheaper JJR ! . We PRP sell VBP direct RB ! . '' '' A DT heavy JJ , , kerchiefed JJ woman NN runs VBZ a DT handful NN through IN her PRP$ fingers NNS , , and CC counts VBZ him PRP out RP a DT pile NN of IN zlotys NNS . . `` `` Country NN people NNS breed VBP pigs NNS , , '' '' says VBZ Mr. NNP Chojnowski NNP , , leaning VBG against IN the DT back NN of IN his PRP$ truck NN . . `` `` They PRP ca MD n't RB buy VB feed NN from IN the DT state NN . . There EX is VBZ n't RB enough NN . . Some DT state NN middlemen NNS come VBP to TO buy VB from IN me PRP . . I PRP sell VBP -- : a DT little JJ . . I PRP am VBP waiting VBG . . I PRP have VBP plenty NN more JJR at IN home NN . . '' '' On IN this DT morning NN , , he PRP does VBZ n't RB sell VB much JJ in IN Radzymin NNP , , either RB . . At IN closing NN time NN , , farmers NNS cart VBP out RP most JJS of IN what WP they PRP carted VBD in RP . . A DT private JJ market NN like IN this DT just RB is VBZ n't RB big JJ enough RB to TO absorb VB all PDT that DT business NN . . The DT hulk NN of IN Stalinism NNP , , it PRP seems VBZ , , will MD not RB quickly RB crumble VB away RP . . State NN monopolies NNS will MD keep VB on RB stifling VBG trade NN , , `` `` free JJ '' '' prices NNS or CC not RB , , until IN something NN else RB replaces VBZ them PRP . . Polish JJ agriculture NN will MD need VB a DT whole JJ private JJ network NN of IN procurement NN , , processing NN and CC distribution NN -- : plus CC a DT new JJ manufacturing NN industry NN to TO supply VB it PRP with IN tractors NNS , , pesticides NNS , , fertilizers NNS and CC feed NN . . The DT Communists NNPS spent VBD 40 CD years NNS working VBG to TO ensure VB that IN no DT such JJ capitalistic JJ structures NNS ever RB arose VBD here RB . . Building VBG them PRP now RB will MD require VB undergirding NN from IN the DT West NNP , , and CC removal NN of IN political JJ deadwood NN , , a DT job NN that DT Solidarity NNP has VBZ barely RB started VBN . . But CC Polish JJ agriculture NN does VBZ possess VB one CD great JJ asset NN already RB : : the DT private JJ farmer NN . . `` `` We PRP are VBP dealing VBG with IN real JJ entrepreneurs NNS , , '' '' says VBZ Antoni NNP Leopold NNP , , an DT economist NN who WP advises VBZ Rural NNP Solidarity NNP , , the DT union NN 's POS countryside NN offshoot NN . . `` `` There EX are VBP a DT lot NN of IN them PRP , , and CC they PRP have VBP property NN . . '' '' Polish JJ peasants NNS , , spurning VBG the DT collectivizers NNS , , were VBD once RB a DT source NN of IN shame NN to TO orthodox JJ Communists NNPS . . Now RB , , among IN Communist JJ reformers NNS , , they PRP are VBP objects NNS of IN envy NN . . Food NN is VBZ the DT reformer JJ 's POS top NN priority NN , , the DT key NN to TO popular JJ support NN . . As IN the DT Chinese NNPS have VBP shown VBN and CC the DT Soviets NNPS are VBP learning VBG , , family NN farms NNS thrive VBP where WRB collectives NNS fail VBP . . Ownership NN , , it PRP seems VBZ , , is VBZ the DT best JJS fertilizer NN . . The DT Poles NNPS have VB had VBN it PRP all RB along RB . . Poland NNP 's POS 2.7 CD million CD small JJ private JJ farms NNS cover VBP 76 CD % NN of IN its PRP$ arable JJ land NN . . On IN it PRP , , a DT quarter NN of IN the DT country NN 's POS 39 CD million CD people NNS produce VBP three-quarters NNS of IN its PRP$ grain NN , , beef NN , , eggs NNS and CC milk NN , , and CC nine-tenths NNS of IN its PRP$ fruit NN , , vegetables NNS and CC potatoes NNS . . Like IN the DT Roman NNP Catholic NNP Church NNP , , the DT Polish JJ peasant NN is VBZ a DT pillar NN of IN the DT nation NN . . Try VB as IN they PRP might MD , , the DT Communists NNPS could MD neither RB replace VB nor CC break VB him PRP . . And CC they PRP did VBD try VB . . A DT few JJ miles NNS past IN Radzymin NNP , , a DT dirt NN road NN narrows VBZ to TO a DT track NN of IN sand NN and CC leads VBZ into IN Zalubice NNP , , a DT village NN of IN tumbledown JJ farms NNS . . Czeslaw NNP Pyszkiewicz NNP owns VBZ 30 CD acres NNS in IN 14 CD scattered JJ scraps NNS . . He PRP grows VBZ rye NN and CC potatoes NNS for IN a DT few JJ hens NNS , , five CD cows NNS and CC 25 CD piglets NNS . . In IN patched JJ pants NNS and CC torn JJ shoes NNS , , he PRP stands VBZ in IN his PRP$ barnyard NN eyeing VBG the DT ground NN with IN a DT look NN both DT helpless JJ and CC sardonic JJ . . `` `` It PRP 's VBZ bad JJ soil NN , , '' '' he PRP says VBZ . . Until IN 1963 CD , , it PRP was VBD good JJ soil NN . . Then RB the DT state NN put VBD in RP a DT reservoir NN to TO supply VB the DT area NN with IN drinking NN water NN . . Farmers NNS lay VBD down RP before IN the DT bulldozers NNS . . Their PRP$ protest NN was VBD ignored VBN . . The DT dam NN caused VBD the DT water NN level NN to TO drop VB in IN Zalubice NNP . . Mr NNP Pyszkiewicz NNP smiles VBZ and CC his PRP$ brow NN furrows VBZ . . He PRP expected VBD as RB much JJ . . In IN his PRP$ lifetime NN , , 47 CD years NNS , , the DT Communists NNPS brought VBD electricity NN to TO his PRP$ village NN and CC piped VBD in RP drinking NN water NN from IN the DT reservoir NN . . No DT phones NNS . . No DT gas NN . . `` `` We PRP wanted VBD them PRP to TO build VB a DT road NN here RB , , '' '' he PRP says VBZ . . `` `` They PRP started VBD , , and CC then RB abandoned VBD it PRP . . '' '' A DT tractor NN , , his PRP$ only RB mechanized JJ equipment NN , , stands VBZ in IN front NN of IN the DT pigsty NN . . `` `` It PRP 's VBZ Russian JJ . . Good JJ for IN nothing NN . . Parts NNS are VBP a DT tragedy NN . . Even RB if IN I PRP had VBD a DT lot NN of IN money NN , , I PRP could MD n't RB buy VB what WP I PRP need VBP . . '' '' The DT farmer NN can MD say VB the DT same JJ for IN coal NN , , cement NN , , saw NN blades NNS . . In IN Poland NNP , , only RB 4 CD % NN of IN all DT investment NN goes VBZ toward IN making VBG things NNS farmers NNS want VBP ; : in IN the DT West NNP , , it PRP is VBZ closer RBR to TO 20 CD % NN . . The DT few JJ big JJ state NN farms NNS take VBP first JJ crack NN at IN what WP does VBZ get VB made VBN . . They PRP use VBP 60 CD % NN more JJR fertilizer NN per IN acre NN , , twice RB the DT high-grade JJ feed NN . . Yet CC their PRP$ best JJS boast NN is VBZ that IN they PRP produce VBP 32 CD % NN of IN Polish NNP pork NN . . `` `` I PRP 've VBP heard VBN from IN friends NNS that IN state NN farms NNS are VBP subsidized VBN , , '' '' Mr. NNP Pyszkiewicz NNP says VBZ as IN his PRP$ wife NN , , Wieslawa NNP , , sets VBZ some DT chairs NNS out RP in IN the DT sun NN . . `` `` We PRP have VBP one CD near IN here RB . . There EX is VBZ a DT lot NN of IN waste NN . . A DT private JJ farmer NN never RB wastes VBZ anything NN . . '' '' The DT state NN quit VBD shoving VBG peasants NNS onto IN its PRP$ subsidized JJ farms NNS over IN 30 CD years NNS ago RB . . But CC it PRP never RB did VBD let VB up RP on IN the DT pressure NN . . Until IN recently RB , , a DT farmer NN with IN no DT heir NN had VBD to TO will VB the DT state NN his PRP$ land NN to TO collect VB his PRP$ pension NN . . The DT pension NN 's POS size NN still RB depends VBZ on IN how WRB much JJ produce NN he PRP sells VBZ the DT state NN . . His PRP$ allotment NN of IN materials NNS also RB did VBD , , until IN the DT state NN could MD n't RB hold VB up RP its PRP$ end NN of IN that DT bargain NN . . Yet RB the DT state NN alone RB sells VBZ seeds NNS and CC machines NNS . . When WRB supplies NNS are VBP short JJ , , it PRP often RB hands VBZ them PRP over RP only RB in IN exchange NN for IN milk NN or CC grain NN . . A DT private JJ farmer NN in IN Poland NNP is VBZ free JJ to TO buy VB and CC sell VB land NN , , hire VB help NN , , decide VB what WP to TO grow VB and CC how WRB to TO grow VB it PRP . . He PRP is VBZ free JJ to TO invest VB in IN chickens NNS , , and CC to TO fail VB for IN lack NN of IN chicken NN wire NN . . He PRP has VBZ plenty NN of IN freedom NN -- : but CC no DT choices NNS . . `` `` I PRP 'm VBP on IN my PRP$ own JJ land NN , , '' '' Mr. NNP Pyszkiewicz NNP says VBZ . . `` `` I PRP do VBP n't RB have VB to TO listen VB to TO what WP anybody NN tells VBZ me PRP to TO do VB . . '' '' `` `` Sometimes RB , , '' '' says VBZ his PRP$ wife NN , , `` `` we PRP 're VBP happy JJ about IN that DT . . '' '' By IN starving VBG the DT peasant NN , , the DT Communists NNPS have VBP starved VBN Poland NNP . . Villages NNS like IN Zalubice NNP exist VBP in IN a DT desert NN of IN poor JJ schools NNS and CC few JJ doctors NNS . . Farm NN income NN is VBZ 15 CD % NN below IN the DT average NN . . The DT young JJ leave VBP , , especially RB girls NNS who WP wo MD n't RB milk VB cows NNS by IN hand NN . . Some DT men NNS stay VBP , , their PRP$ best JJS friend NN a DT bottle NN of IN vodka NN , , but CC two CD million CD acres NNS have VBP gone VBN fallow JJ . . Without IN machines NNS , , good JJ farms NNS ca MD n't RB get VB bigger JJR . . So IN the DT potato NN crop NN , , once RB 47 CD million CD tons NNS , , is VBZ down RB to TO 35 CD million CD . . Meat NN consumption NN is VBZ at IN 1979 CD 's POS level NN , , pork NN production NN at IN 1973 CD 's POS , , milk NN output NN at IN 1960 CD 's POS . . If IN a DT food NN crisis NN undid VBD the DT Communists NNPS , , a DT food NN revolution NN will MD make VB Solidarity NNP . . The DT potential NN is VBZ displayed VBN along IN every DT road NN into IN Warsaw NNP : : row NN upon IN row NN of IN greenhouses NNS , , stretching VBG out RP behind IN modern JJ mansions NNS that WDT trumpet VBP their PRP$ owners NNS ' POS wealth NN . . Vegetables NNS are VBP abundant JJ and CC full JJ of IN flavor NN in IN Poland NNP , , the DT pickles NNS and CC sauerkraut NN sublime JJ , , the DT state NN monopolies NNS long RB broken JJ . . Grain NN , , milk NN and CC meat NN come VBP next RB . . A DT private JJ challenge NN to TO the DT monolithic JJ tractor NN industry NN will MD take VB more JJR time NN and CC money NN than IN Poland NNP can MD spare VB , , although IN a DT smokehouse NN or CC a DT local JJ dairy NN can MD spring VB up RP fast RB . . Poland NNP makes VBZ no DT machinery NN for IN a DT plant NN on IN that DT scale NN . . Solidarity NNP wants VBZ it PRP from IN the DT West NNP . . Maria NNP Stolzman NNP , , one CD of IN its PRP$ farm NN experts NNS , , lays VBZ it PRP on IN the DT line NN : : `` `` The DT World NNP Bank NNP will MD be VB brought VBN in RP to TO help VB us PRP destroy VB the DT old JJ system NN . . '' '' Felix NNP Siemienas NNP is VBZ destroying VBG it PRP now RB . . He PRP packs VBZ pork NN . . A DT law NN went VBD on IN the DT books NNS in IN January NNP that WDT let VBD him PRP smoke VB bacon NN without IN breeding VBG pigs NNS . . He PRP cashed VBD in RP . . Poland NNP is VBZ short JJ on IN enterprises NNS , , not RB enterprise NN . . `` `` I PRP pay VBP a DT lot NN to TO the DT farmer NN and CC five CD times NNS the DT state NN salary NN to TO my PRP$ employees NNS , , '' '' he PRP says VBZ . . He PRP is VBZ in IN Warsaw NNP to TO open VB a DT shop NN . . `` `` I PRP hire VBP transportation NN , , and CC my PRP$ customers NNS have VBP fresh JJ cold NN cuts NNS every DT day NN . . I PRP do VBP n't RB subsidize VB anyone NN . . Everyone NN around IN me PRP lives VBZ well RB . . Yes UH , , my PRP$ prices NNS are VBP high JJ . . If IN nobody NN buys VBZ , , I PRP bring VBP my PRP$ prices NNS down RP . . That DT 's VBZ the DT rule NN . . That DT 's VBZ the DT market NN . . '' '' Mr. NNP Siemienas NNP is VBZ making VBG a DT fortune NN -- : $ $ 10,000 CD a DT month NN , , he PRP says VBZ . . He PRP has VBZ bought VBN some DT trendy JJ Western JJ clothes NNS , , and CC a DT green JJ Mercedes NNP with IN an DT American JJ flag NN in IN the DT window NN . . But CC the DT meat-processing JJ machines NNS he PRP picked VBD up RP are VBP 50 CD years NNS old JJ . . `` `` I PRP do VBP n't RB want VB expensive JJ machines NNS . . If IN the DT situation NN changes VBZ , , I PRP 'll MD get VB stuck VBN with IN them PRP . . '' '' That DT 's POS politics NNS . . By IN taking VBG power NN in IN a DT deal NN with IN the DT Peasant NNP Party NNP 's POS onetime JJ Communist JJ stooges NNS , , Solidarity NNP has VBZ spooked VBN the DT rural JJ entrepreneur NN . . Rural JJ Solidarity NNP objected VBD , , to TO no DT avail NN , , when WRB Solidarity NNP leader NN Lech NNP Walesa NNP accepted VBD the DT Peasants NNPS ' POS support NN . . It PRP objected VBD again RB in IN September NNP when WRB Prime NNP Minister NNP Tadeusz NNP Mazowiecki NNP reluctantly RB named VBD a DT Peasant NNP Party NNP man NN as IN his PRP$ agriculture NN minister NN . . Both CC the DT Peasants NNPS and CC Rural NNP Solidarity NNP are VBP forming VBG new JJ political JJ parties NNS for IN farmers NNS . . The DT Peasants NNPS can MD make VB a DT credible JJ case NN , , against IN Solidarity NNP , , that IN hell-bent JJ reform NN will MD drive VB millions NNS from IN the DT land NN . . Next JJ Spring NN , , the DT two CD will NN battle NN in IN local JJ elections NNS . . But CC until IN then RB , , and CC probably RB long RB afterward RB , , the DT Communists NNPS ' POS apparat NN of IN obstruction NN -- : from IN the DT head NN of IN the DT dairy NN co-op NN to TO the DT village NN bank NN manager NN -- : will MD stay VB planted VBN in IN the DT Polish JJ countryside NN . . `` `` We PRP know VBP how WRB to TO get VB from IN capitalism NN to TO socialism NN , , '' '' Sergiusz NNP Niciporuk NNP is VBZ saying VBG one CD afternoon NN . . `` `` We PRP do VBP n't RB know VB how WRB to TO get VB from IN socialism NN to TO capitalism NN . . '' '' He PRP farms VBZ 12 CD acres NNS in IN Grabowiec NNP , , two CD miles NNS from IN the DT Soviet JJ border NN in IN one CD of IN Poland NNP 's POS poorest JJS places NNS . . Now RB he PRP is VBZ mounting VBG the DT steps NNS of IN a DT stucco NN building NN in IN a DT nearby JJ village NN , , on IN a DT visit NN to TO the DT Communist JJ administrator NN , , the DT `` `` naczelnik FW . . '' '' `` `` Many JJ people NNS in IN Poland NNP hope VBP this DT government NN will MD break VB down RP , , '' '' says VBZ Mr. NNP Niciporuk NNP , , who WP belongs VBZ to TO the DT local JJ council NN and CC to TO Rural NNP Solidarity NNP . . `` `` That DT 's VBZ what WP the DT naczelnik FW counts VBZ on RP . . He PRP is VBZ our PRP$ most RBS dangerous JJ enemy NN . . Every DT time NN he PRP sees VBZ me PRP , , he PRP gets VBZ very RB nervous JJ . . '' '' The DT farmer NN barges VBZ into IN the DT naczelnik FW 's POS office NN . . A DT thin JJ man NN in IN a DT gray JJ suit NN looks VBZ up RP from IN a DT newspaper NN . . Mr. NNP Niciporuk NNP sits VBZ . . Anatol NNP Pawlowski NNP 's POS leg NN begins VBZ jiggling VBG beneath IN his PRP$ desk NN . . `` `` Solidarity NNP does VBZ n't RB care VB for IN the DT good NN of IN this DT region NN , , '' '' he PRP says VBZ after IN a DT few JJ pleasantries NNS . . `` `` They PRP want VBP to TO turn VB everything NN upside RB down RB in IN a DT week NN . . Mr. NNP Niciporuk NNP here RB wants VBZ 60 CD acres NNS used VBN at IN the DT moment NN by IN a DT state NN farm NN . . He PRP ca MD n't RB guarantee VB that IN he PRP can MD use VB it PRP any RB better RBR . . '' '' `` `` I PRP am VBP ready JJ at IN any DT moment NN to TO compete VB with IN a DT state NN farm NN . . '' '' The DT naczelnik FW averts VBZ his PRP$ eyes NNS . . `` `` What WP have VBP you PRP got VBN ? . Not RB even RB a DT tractor NN . . And CC you PRP want VBP to TO make VB wicker NN baskets NNS , , too RB . . '' '' `` `` I PRP can MD do VB five CD things NNS at IN once RB -- : to TO be VB a DT businessman NN . . '' '' `` `` Big JJ business NN , , '' '' Mr. NNP Pawlowski NNP snorts VBZ in IN English NNP . . The DT farmer NN stands VBZ to TO go VB . . The DT naczelnik FW stands VBZ , , too RB . . `` `` I PRP care VBP very RB much RB for IN this DT post NN , , '' '' he PRP says VBZ . . `` `` Eight CD years NNS I PRP 've VBP had VBD it PRP . . A DT cultural JJ center NN has VBZ been VBN built VBN , , shops NNS . . Suddenly RB , , I PRP am VBP not RB a DT comfortable JJ man NN for IN Solidarity NNP . . I PRP have VBP accomplished VBN too RB much JJ . . They PRP want VBP to TO do VB more JJR . . I PRP wish VBP them PRP all PDT the DT best JJS ! . '' '' The DT farmer NN leaves VBZ . . And CC the DT naczelnik FW shuts VBZ his PRP$ door NN . . The DT House NNP approved VBD a DT short-term JJ spending NN bill NN to TO keep VB the DT government NN operating VBG through IN Nov. NNP 15 CD and CC provide VB $ $ 2.85 CD billion CD in IN emergency NN funds NNS to TO assist VB in IN the DT recovery NN from IN Hurricane NNP Hugo NNP and CC the DT California NNP earthquake NN . . The DT 321-99 CD roll NN call NN vote NN reflected VBD broad JJ support NN for IN the DT disaster NN assistance NN , , but CC the DT cost NN to TO the DT Treasury NNP is VBZ sure JJ to TO aggravate VB budget NN pressures NNS this DT year NN and CC next JJ under IN the DT Gramm-Rudman NNP deficit NN reduction NN law NN . . By IN a DT lopsided JJ 401-18 CD margin NN , , the DT chamber NN rejected VBD an DT effort NN to TO waive VB Gramm-Rudman NNP for IN purposes NNS of IN addressing VBG the DT two CD disasters NNS , , and CC budget NN analysts NNS estimate VBP the DT increased JJ appropriations NNS will MD widen VB the DT fiscal JJ 1990 CD deficit NN by IN at IN least JJS $ $ 1.44 CD billion CD unless IN offsetting VBG spending NN cuts NNS or CC new JJ revenues NNS are VBP found VBN by IN Congress NNP . . The DT budget NN impact NN will MD be VB greater JJR still RB in IN fiscal JJ 1991 CD , , and CC the DT issue NN forced VBD a DT confrontation NN between IN the DT Appropriations NNP Committee NNP leadership NN and CC Budget NNP Committee NNP Chairman NNP Leon NNP Panetta NNP , , whose WP$ California NNP district NN was VBD at IN the DT center NN of IN the DT earthquake NN last JJ week NN . . Going VBG to TO the DT well NN of IN the DT chamber NN , , Mr. NNP Panetta NNP demanded VBD the DT costs NNS be VB fully RB counted VBN . . His PRP$ prominent JJ role NN put VBD him PRP in IN the DT awkward JJ position NN of IN challenging VBG the DT very JJ committee NN members NNS on IN whom WP his PRP$ state NN will MD be VB most RBS dependent JJ in IN the DT months NNS ahead RB . . `` `` We PRP do VBP not RB come VB to TO this DT House NNP asking VBG for IN any DT handout NN , , '' '' said VBD the DT California NNP Democrat NNP . . `` `` We PRP do VB not RB intend VB to TO hide VB these DT costs NNS from IN the DT American JJ people NNS . . '' '' The DT $ $ 2.85 CD billion CD package NN incorporates VBZ $ $ 500 CD million CD for IN low-interest JJ disaster NN loans NNS , , $ $ 1 CD billion CD in IN highway NN construction NN funds NNS , , and CC $ $ 1.35 CD billion CD divided VBN between IN general JJ emergency NN assistance NN and CC a DT reserve NN to TO be VB available JJ to TO President NNP Bush NNP to TO meet VB unanticipated JJ costs NNS from IN the DT two CD disasters NNS . . The DT funds NNS are VBP in IN addition NN to TO $ $ 1.1 CD billion CD appropriated VBN last JJ month NN to TO assist VB in IN the DT recovery NN from IN Hugo NNP , , bringing VBG the DT total NN for IN the DT two CD disasters NNS to TO nearly RB $ $ 4 CD billion CD in IN unanticipated JJ spending NN . . Because IN of IN the DT vagaries NNS of IN Gramm-Rudman NNP , , the DT immediate JJ impact NN is VBZ relatively RB small JJ . . But CC the DT appropriations NNS set VBD in IN motion NN spending NN that WDT adds VBZ to TO an DT already RB grim JJ budget NN picture NN for IN fiscal JJ 1991 CD . . Within IN the DT appropriations NNS process NN , , the DT situation NN is VBZ even RB more RBR difficult JJ since IN the DT costs NNS will MD be VB counted VBN against IN the DT share NN of IN funds NNS to TO be VB allocated VBN to TO those DT subcommittees NNS that WDT recently RB have VBP had VBD the DT greatest JJS difficulty NN in IN staying VBG within IN the DT budget NN . . The DT underlying JJ bill NN approved VBN yesterday NN is VBZ required VBN to TO keep VB the DT government NN operating VBG past IN midnight NN tonight NN , , and CC this DT urgency NN has VBZ contributed VBN to TO the DT speed NN -- : and CC , , critics NNS say VBP , , mistakes NNS -- : that WDT have VBP accompanied VBN the DT package NN of IN disaster NN assistance NN . . The DT hastily RB drafted VBN measure NN could MD hurt VB California NNP by IN requiring VBG it PRP to TO put VB up RP more JJR matching JJ funds NNS for IN emergency NN highway NN assistance NN than IN otherwise RB would MD be VB required VBN . . And CC the DT state NN 's POS delegation NN is VBZ fearful JJ that IN the DT new JJ funding NN will MD be VB counted VBN against IN a DT separate JJ $ $ 185 CD million CD in IN federal JJ highway NN funds NNS it PRP would MD expect VB to TO receive VB under IN its PRP$ normal JJ allocation NN this DT year NN . . Also RB , , the DT high JJ price NN of IN San NNP Francisco NNP real JJ estate NN puts VBZ the DT state NN at IN odds NNS with IN federal JJ regulations NNS more RBR attuned JJ to TO the DT national JJ average NN . . For IN example NN , , disaster NN loans NNS , , which WDT will MD go VB to TO small JJ businesses NNS and CC homeowners NNS , , offer VBP credit NN as RB low JJ as IN 4 CD % NN in IN some DT cases NNS . . But CC the DT San NNP Francisco NNP delegation NN finds VBZ itself PRP asking VBG that IN the DT cap NN per IN household NN be VB lifted VBN to TO $ $ 500,000 CD from IN $ $ 100,000 CD to TO assist VB the DT hard JJ hit NN but CC often RB wealthy JJ Marina NNP district NN . . The DT Senate NNP is VBZ expected VBN to TO make VB some DT modifications NNS today NN , , but CC both CC the DT White NNP House NNP and CC Congress NNP appear VBP most RBS anxious JJ to TO speed VB final JJ approval NN before IN tonight NN 's POS deadline NN . . Administration NNP pressure NN discourages VBZ any DT effort NN to TO add VB to TO total JJ funding NN , , and CC the DT Senate NNP changes NNS are VBP expected VBN to TO be VB largely RB technical JJ -- : dealing VBG with IN highway NN aid NN and CC lifting VBG the DT ceiling NN on IN total JJ Small NNP Business NNP Administration NNP loans NNS to TO $ $ 1.8 CD billion CD to TO accommodate VB the DT increased JJ activity NN expected VBN . . Yesterday NN 's POS floor NN action NN came VBD as IN a DT House-Senate NNP conference NN approved VBD a DT nearly RB $ $ 8.5 CD billion CD fiscal JJ 1990 CD military JJ construction NN bill NN , , representing VBG a DT 5 CD % NN reduction NN from IN last JJ year NN and CC making VBG severe JJ cuts NNS from IN Pentagon NNP requests NNS for IN installations NNS abroad RB . . An DT estimated JJ $ $ 25.8 CD million CD is VBZ allocated VBN to TO continue VB work NN in IN Oman NNP . . But CC all DT funding NN is VBZ cut VBN for IN the DT Philippines NNPS , , and CC projects NNS in IN South NNP Korea NNP are VBP cut VBN to TO $ $ 13.6 CD million CD , , or CC less JJR than IN a DT sixth JJ of IN the DT administration NN 's POS request NN . . Closer RBR to TO home NN , , the DT negotiators NNS were VBD more RBR generous JJ . . An DT estimated JJ $ $ 38.9 CD million CD was VBD set VBN aside RB for IN military JJ installations NNS in IN the DT home NN state NN of IN North NNP Carolina NNP Rep. NNP W.G. NNP Hefner NNP , , the DT House NNP chairman NN . . And CC $ $ 70.2 CD million CD would MD go VB to TO projects NNS in IN Tennessee NNP represented VBN by IN his PRP$ Senate NNP counterpart NN and CC fellow JJ Democrat NNP , , Sen. NNP James NNP Sasser NNP . . Texas NNP and CC California NNP are VBP traditionally RB powerful JJ within IN the DT conference NN , , but CC equally RB striking JJ is VBZ the DT dominance NN of IN Alaska NNP , , Pennsylvania NNP and CC West NNP Virginia NNP because IN of IN their PRP$ power NN elsewhere RB in IN the DT appropriations NNS process NN . . Senate NNP Appropriations NNP Committee NNP Chairman NNP Robert NNP Byrd NNP ( ( D. NNP , , W.Va NNP . . ) ) even RB added VBD report NN language NN listing VBG $ $ 49.4 CD million CD in IN projects NNS he PRP wants VBZ in IN the DT budget NN next JJ year NN . . No DT individual NN illustrated VBD this DT mix NN of IN power NN more RBR yesterday NN than IN Sen. NNP Daniel NNP Inouye NNP ( ( D. NNP , , Hawaii NNP ) ) , , who WP chairs VBZ the DT Senate NNP defense NN subcommittee NN . . In IN the DT final JJ trading NN , , the DT House NNP was VBD insistent JJ on IN setting VBG aside RP $ $ 500 CD million CD to TO carry VB out RP base NN closings NNS ordered VBN to TO begin VB in IN fiscal JJ 1990 CD . . But CC it PRP gave VBD ground NN to TO Mr. NNP Inouye NNP on IN a DT number NN of IN projects NNS , , ranging VBG from IN a DT $ $ 11 CD million CD parking NN garage NN here RB , , to TO a DT land NN transfer NN in IN Hawaii NNP , , to TO a DT provision NN to TO assist VB the DT Makwah NNP Indian NNP Tribe NNP in IN Washington NNP state NN . . The DT tribe NN is VBZ one CD of IN the DT poorest JJS in IN the DT Pacific NNP Northwest NNP . . Mr. NNP Inouye NNP , , who WP chairs VBZ the DT select JJ committee NN on IN Indian NNP Affairs NNP , , used VBD his PRP$ power NN to TO move VB $ $ 400,000 CD from IN the DT Air NNP Force NNP to TO the DT Bureau NNP of IN Indian NNP Affairs NNP to TO assist VB in IN renovating VBG a DT decommissoned JJ base NN to TO accommodate VB a DT drug NN and CC alcohol NN rehabilitation NN center NN . . Meanwhile RB , , House-Senate NNP negotiators NNS have VBP tentatively RB agreed VBN on IN a DT $ $ 3.18 CD billion CD anti-drug JJ and CC anti-crime JJ intitiative NN , , cutting VBG other JJ federal JJ spending NN 0.43 CD % NN to TO pay VB for IN it PRP . . A DT formal JJ House-Senate NNP conference NN is VBZ expected VBN to TO ratify VB the DT accord NN later RB this DT week NN . . Mobil NNP Corp. NNP is VBZ preparing VBG to TO slash VB the DT size NN of IN its PRP$ work NN force NN in IN the DT U.S. NNP , , possibly RB as RB soon RB as IN next JJ month NN , , say VBP individuals NNS familiar JJ with IN the DT company NN 's POS strategy NN . . The DT size NN of IN the DT cuts NNS is VBZ n't RB known VBN , , but CC they PRP 'll MD be VB centered VBN in IN the DT exploration NN and CC production NN division NN , , which WDT is VBZ responsible JJ for IN locating VBG oil NN reserves NNS , , drilling VBG wells NNS and CC pumping VBG crude JJ oil NN and CC natural JJ gas NN . . Employees NNS have VBP n't RB yet RB been VBN notified VBN . . Sources NNS said VBD that IN meetings NNS to TO discuss VB the DT staff NN reductions NNS have VBP been VBN scheduled VBN for IN Friday NNP at IN Mobil NNP offices NNS in IN New NNP Orleans NNP and CC Denver NNP . . This DT would MD be VB a DT second JJ round NN of IN cuts NNS by IN Mobil NNP , , which WDT along RB with IN other JJ oil NN producers NNS and CC refiners NNS reduced VBD its PRP$ work NN force NN by IN 15 CD % NN to TO 20 CD % NN during IN the DT mid-1980s NNS as IN part NN of IN an DT industrywide JJ shakeout NN . . Mobil NNP 's POS latest JJS move NN could MD signal VB the DT beginning NN of IN further JJ reductions NNS by IN other JJ oil NN companies NNS in IN their PRP$ domestic JJ oil-producing JJ operations NNS . . In IN yesterday NN 's POS third-quarter JJ earnings NNS report NN , , the DT company NN alluded VBD to TO a DT $ $ 40 CD million CD provision NN for IN restructuring NN costs NNS involving VBG U.S. NNP exploration NN and CC production NN operations NNS . . The DT report NN says VBZ that IN `` `` the DT restructuring NN will MD take VB place NN over IN a DT two-year JJ period NN and CC will MD principally RB involve VB the DT transfer NN and CC termination NN of IN employees NNS in IN our PRP$ U.S. NNP operations NNS . . '' '' A DT company NN spokesman NN , , reached VBN at IN his PRP$ home NN last JJ night NN , , would MD only RB say VB that IN there EX will MD be VB a DT public JJ announcement NN of IN the DT reduction NN program NN by IN the DT end NN of IN the DT week NN . . Most JJS oil NN companies NNS , , including VBG Mobil NNP , , have VBP been VBN reporting VBG lower JJR third-quarter JJ earnings NNS , , largely RB as IN a DT result NN of IN lower JJR earnings NNS from IN chemicals NNS as RB well RB as IN refining NN and CC marketing NN businesses NNS . . Individuals NNS familiar JJ with IN Mobil NNP 's POS strategy NN say VBP that IN Mobil NNP is VBZ reducing VBG its PRP$ U.S. NNP work NN force NN because IN of IN declining VBG U.S. NNP output NN . . Yesterday NN , , Mobil NNP said VBD domestic JJ exploration NN and CC production NN operations NNS had VBD a DT $ $ 16 CD million CD loss NN in IN the DT third JJ quarter NN , , while IN comparable JJ foreign JJ operations NNS earned VBD $ $ 234 CD million CD . . Industrywide RB , , oil NN production NN in IN this DT country NN fell VBD by IN 500,000 CD barrels NNS a DT day NN to TO 7.7 CD million CD barrels NNS in IN the DT first JJ eight CD months NNS of IN this DT year NN . . Daily JJ output NN is VBZ expected VBN to TO decline VB by IN at IN least JJS another DT 500,000 CD barrels NNS next JJ year NN . . Some DT Mobil NNP executives NNS were VBD dismayed JJ that IN a DT reference NN to TO the DT cutbacks NNS was VBD included VBN in IN the DT earnings NNS report NN before IN workers NNS were VBD notified VBN . . One CD Mobil NNP executive NN said VBD that IN the DT $ $ 40 CD million CD charge NN related VBN to TO the DT action NN indicates VBZ `` `` a DT substantial JJ '' '' number NN of IN people NNS will MD be VB involved VBN . . Some DT will MD likely RB be VB offered VBN severance NN packages NNS while IN others NNS will MD be VB transferred VBN to TO overseas JJ operations NNS . . The DT Justice NNP Department NNP is VBZ in IN the DT process NN of IN trying VBG to TO gain VB control NN over IN a DT law NN that IN federal JJ Judge NNP David NNP Sentelle NNP recently RB called VBD a DT `` `` monster NN . . '' '' Needless JJ to TO say VB , , he PRP was VBD talking VBG about IN RICO NNP . . With IN its PRP$ recently RB revised VBN guidelines NNS for IN RICO NNP , , Justice NNP makes VBZ it PRP clear JJ that IN the DT law NN currently RB holds VBZ too RB many JJ incentives NNS for IN abuse NN by IN prosecutors NNS . . The DT text NN of IN the DT `` `` new JJ policy NN '' '' guidelines NNS from IN the DT Criminal NNP Division NNP are VBP reprinted VBN nearby RB . . They PRP strongly RB suggest VBP that IN Justice NNP 's POS prosecutions NNS of IN Drexel NNP Burnham NNP Lambert NNP , , Michael NNP Milken NNP and CC Princeton\/Newport NNP violated VBD notions NNS of IN fundamental JJ fairness NN . . Justice NNP is VBZ attempting VBG to TO avoid VB a DT replay NN of IN these DT tactics NNS . . This DT amounts VBZ to TO an DT extraordinary JJ repudiation NN of IN the DT tenure NN of IN New NNP York NNP mayoral JJ candidate NN and CC former JJ U.S. NNP Attorney NNP Rudolph NNP Giuliani NNP , , who WP was VBD more RBR inclined JJ to TO gathering VBG scalps NNS than IN understanding VBG markets NNS . . The DT new JJ guidelines NNS limit VBP the DT pretrial JJ forfeitures NNS of IN assets NNS of IN RICOed JJ defendants NNS and CC their PRP$ investors NNS , , clients NNS , , bankers NNS and CC others NNS . . This DT follows VBZ earlier JJR new JJ guidelines NNS from IN the DT Tax NNP Division NNP prohibiting VBG Princeton\/Newport-like JJ tax NN cases NNS from IN masquerading VBG as IN RICO NNP cases NNS . . The DT forfeiture NN memo NN cited VBD `` `` considerable JJ criticism NN in IN the DT press NN , , because IN of IN a DT perception NN that IN pre-trial JJ freezing NN of IN assets NNS is VBZ tantamount JJ to TO a DT seizure NN of IN property NN without IN due JJ process NN . . '' '' It PRP told VBD prosecutors NNS not RB to TO seek VB forfeitures NNS if IN there EX are VBP `` `` less RBR intrusive JJ '' '' alternatives NNS , , such JJ as IN bonds NNS , , and CC in IN any DT case NN not RB to TO seek VB forfeitures NNS `` `` disproportionate JJ to TO the DT defendant NN 's POS crime NN . . '' '' These DT changes NNS come VBP a DT tad NN late RB for IN Princeton\/Newport NNP , , the DT first JJ RICOed JJ securities NNS firm NN . . It PRP was VBD forced VBN into IN liquidation NN before IN trial NN when WRB investors NNS yanked VBD their PRP$ funds NNS after IN the DT government NN demanded VBD a DT huge JJ pre-trial JJ asset NN forfeiture NN . . Princeton\/Newport NNP investors NNS , , including VBG McKinsey NNP & CC Co. NNP and CC the DT Harvard NNP endowment NN , , made VBD the DT rational JJ decision NN to TO withdraw VB their PRP$ money NN ; : for IN the DT firm NN , , the DT liquidation NN was VBD sentence NN first RB , , verdict NN later RB . . Prosecutors NNS wanted VBD $ $ 23.8 CD million CD in IN forfeiture NN for IN alleged JJ tax NN fraud NN of IN some DT $ $ 400,000 CD . . The DT experience NN of IN Princeton\/Newport NNP and CC initiation NN of IN other JJ RICO-forfeiture JJ cases NNS against IN legitimate JJ businesses NNS taught VBD Drexel NNP that IN a DT RICOed JJ investment NN bank NN would MD be VB an DT ex-investment JJ bank NN . . Drexel NNP therefore RB agreed VBD instead RB to TO an DT arrangement NN allowing VBG it PRP to TO plea VB to TO charges NNS `` `` which WDT the DT company NN is VBZ not RB in IN a DT position NN to TO dispute VB '' '' because IN of IN RICO NNP . . Part NN of IN Drexel NNP 's POS plea NN was VBD to TO cut VB Mr. NNP Milken NNP loose JJ . . So RB after IN all PDT the DT prosecutorial JJ hoopla NN no DT one NN has VBZ established VBN what WP , , if IN anything NN , , Drexel NNP did VBD wrong RB . . So RB two CD cheers NNS for IN the DT new JJ rules NNS . . Justice NN has VBZ finally RB recognized VBN its PRP$ employees NNS ' POS abuses NNS , , thanks NNS largely RB to TO the DT demands NNS for IN reform NN by IN former JJ U.S. NNP attorney NN in IN Washington NNP Joseph NNP diGenova NNP , , who WP wants VBZ to TO salvage VB RICO NNP for IN real JJ criminals NNS . . But CC prosecutorial JJ guidelines NNS are VBP effective JJ only RB if IN someone NN at IN Justice NNP is VBZ willing JJ and CC able JJ to TO supervise VB hyperactive JJ prosecutors NNS . . Judge NNP Sentelle NNP , , of IN the DT appeals NNS court NN in IN Washington NNP , , made VBD this DT point NN at IN a DT Cato NNP Institute NNP conference NN last JJ week NN in IN a DT remarkable JJ speech NN titled VBN , , `` `` RICO NNP : : The DT Monster NN That WDT Ate VBD Jurisprudence NN . . '' '' He PRP said VBD ours PRP is VBZ supposed VBN to TO be VB `` `` a DT government NN of IN laws NNS not RB of IN men NNS , , '' '' and CC yet RB RICO NNP defenders NNS `` `` tell VBP us PRP that IN we PRP should MD rely VB on IN prosecutorial JJ discretion NN to TO protect VB against IN overbreadth NN of IN RICO NNP . . '' '' No DT prosecutorial JJ guidelines NNS , , observed JJ or CC unobserved JJ , , limit VBP civil JJ RICO NNP cases NNS by IN plaintiffs NNS for IN damages NNS . . What WP now RB for IN Princeton\/Newport NNP officials NNS , , Drexel NNP and CC Mr. NNP Milken NNP ? . Justice NNP should MD review VB these DT cases NNS to TO see VB what WP other JJ prosecutorial JJ abuses NNS may MD have VB occurred VBN . . We PRP suspect VBP that IN Justice NNP will MD some DT day NN agree VB that IN only RB the DT complete JJ repeal NN of IN RICO NNP can MD guarantee VB an DT end NN to TO injustices NNS in IN its PRP$ name NN . . `` `` The DT Famous NNP Teddy NNP Z NNP , , '' '' which WDT CBS NNP Inc. NNP had VBD hoped VBN would MD emerge VB as IN one CD of IN the DT few JJ bright JJ spots NNS in IN its PRP$ otherwise RB lackluster JJ prime-time NN schedule NN , , is VBZ n't RB turning VBG out RP to TO be VB the DT hit NN the DT network NN envisaged VBD . . Although IN the DT half-hour JJ situation NN comedy NN seen VBN Mondays NNS at IN 9:30 CD p.m RB . . Eastern JJ and CC Pacific JJ time NN is VBZ n't RB a DT candidate NN for IN cancellation NN , , it PRP is VBZ slated VBN for IN fine-tuning NN and CC by IN next JJ week NN the DT network NN may MD announce VB `` `` Teddy NNP Z NNP '' '' is VBZ moving VBG to TO 8:30 CD p.m. RB from IN its PRP$ 9:30 CD time NN slot NN , , replacing VBG `` `` The NNP People NNP Next NNP Door NNP , , '' '' which WDT became VBD the DT first JJ network NN show NN to TO be VB canceled VBN this DT season NN . . `` `` Teddy NNP Z NNP , , '' '' which WDT centers VBZ on IN a DT mailroom NN clerk-turned JJ agent NN at IN a DT Hollywood NNP talent NN agency NN , , was VBD scheduled VBN in IN the DT coveted JJ 9:30 CD p.m. NN slot NN to TO follow VB `` `` Murphy NNP Brown NNP , , '' '' a DT situation NN comedy NN about IN a DT television NN news NN magazine NN , , starring VBG Candice NNP Bergen NNP . . `` `` Teddy NNP Z NNP '' '' was VBD boosted VBN by IN favorable JJ reviews NNS and CC a DT network-wide JJ promotional JJ tie-in JJ contest NN with IN K NNP mart NNP Corp NNP . . It PRP was VBD promoted VBN on IN cable NN services NNS , , including VBG MTV NNP , , Nick NNP at IN Night NNP and CC VH-1 NNP , , and CC premiered VBD as IN the DT No. NN 22-rated JJ show NN for IN the DT week NN . . But CC five CD weeks NNS after IN the DT premiere NN , , the DT series NN has VBZ floundered VBN . . In IN figures NNS released VBN yesterday NN by IN A.C. NNP Nielsen NNP Co NNP . . `` `` Teddy NNP Z NNP , , '' '' produced VBN by IN the DT television NN unit NN of IN Columbia NNP Pictures NNP Entertainment NNP Inc. NNP , , was VBD in IN 37th JJ place NN . . Worse JJR , , every DT week NN it PRP suffers VBZ audience NN drop-off NN from IN `` `` Murphy NNP Brown NNP '' '' and CC viewership NN on IN CBS NNP picks VBZ up RP again RB once RB `` `` Teddy NNP Z NNP '' '' is VBZ over RB and CC is VBZ followed VBN by IN `` `` Designing NNP Women NNP . . '' '' `` `` There EX is VBZ strong JJ indication NN that IN ` `` Teddy NNP Z NNP ' '' is VBZ not RB compatible JJ with IN the DT shows NNS it PRP is VBZ surrounding VBG , , '' '' said VBD John NNP Sisk NNP , , senior JJ vice NN president NN at IN J. NNP Walter NNP Thompson NNP Co. NNP , , a DT unit NN of IN WPP NNP Group NNP PLC NNP . . Last JJ week NN , , `` `` Murphy NNP Brown NNP '' '' was VBD viewed VBN by IN 14.1 CD % NN of IN the DT available JJ television NN households NNS , , while IN the DT number NN dropped VBD to TO 12.6 CD % NN for IN `` `` Teddy NNP Z NNP '' '' and CC rose VBD to TO 14.2 CD % NN for IN `` `` Designing NNP Women NNP . . '' '' CBS NNP executives NNS said VBD the DT program NN is VBZ also RB slated VBN to TO undergo VB some DT plot NN changes NNS . . Creator NNP Hugh NNP Wilson NNP , , for IN example NN , , included VBD the DT lead JJ character NN 's POS Greek JJ family NN in IN the DT cast NN , , `` `` but CC that DT is VBZ not RB the DT right JJ focus NN anymore RB , , '' '' said VBD one CD CBS NNP executive NN . . Instead RB , , CBS NNP hopes VBZ the DT show NN will MD increasingly RB highlight VB the DT talent NN agency NN and CC the DT business NN of IN being VBG an DT agent NN . . `` `` We PRP 're VBP making VBG adjustments NNS on IN the DT show NN , , yes UH , , but CC nothing NN radical JJ , , '' '' said VBD Craig NNP Nelson NNP , , the DT story NN consultant NN on IN `` `` Teddy NNP Z NNP . . '' '' `` `` But CC we PRP hope VBP to TO keep VB a DT balance NN between IN the DT office NN and CC the DT family NN . . '' '' The DT opening NN credits NNS are VBP being VBG redone NN , , Mr. NNP Nelson NNP said VBD , , `` `` to TO make VB Teddy NNP 's POS situation NN clear JJ to TO viewers NNS who WP have VBP not RB been VBN with IN us PRP since IN the DT beginning NN . . Those DT viewers NNS find VBP the DT show NN confusing JJ . . The DT stock NN market NN 's POS woes NNS spooked VBD currency NN traders NNS but CC prompted VBD a DT quiet JJ little JJ party NN among IN bond NN investors NNS . . Prices NNS of IN long-term JJ Treasury NNP bonds NNS moved VBD inversely RB to TO the DT stock NN market NN as IN investors NNS sought VBD safety NN amid IN growing VBG evidence NN the DT economy NN is VBZ weakening VBG . . But CC the DT shaky JJ economic JJ outlook NN and CC the DT volatile JJ stock NN market NN forced VBD the DT dollar NN lower RBR against IN major JJ currencies NNS . . The DT bond NN market NN got VBD an DT early JJ boost NN from IN the DT opening-hour JJ sell-off NN in IN stocks NNS . . That DT rout NN was VBD triggered VBN by IN UAL NNP Corp. NNP 's POS announcement NN late RB Monday NNP that IN the DT proposed JJ management-labor JJ buy-out NN had VBD collapsed VBN . . The DT 80-point JJ decline NN in IN the DT Dow NNP Jones NNP Industrial NNP Average NNP during IN the DT morning NN trading NN session NN touched VBD off RP a DT flight NN to TO safety NN that WDT saw VBD investors NNS shifting VBG assets NNS from IN stocks NNS to TO Treasury NNP bonds NNS . . At IN its PRP$ strongest JJS , , the DT Treasury NNP 's POS benchmark JJ 30-year JJ bond NN rose VBD more JJR than IN a DT point NN , , or CC more JJR than IN $ $ 10 CD for IN each DT $ $ 1,000 CD face NN amount NN . . As IN the DT stock NN market NN recovered VBD some DT of IN its PRP$ losses NNS later RB in IN the DT day NN , , bond NN prices NNS retreated VBD . . But CC analysts NNS said VBD the DT combination NN of IN a DT second JJ consecutive JJ decline NN in IN monthly JJ durable-goods NNS orders NNS and CC lackluster JJ mid-October NNP auto NN sales NNS helped VBD prop VB up RP the DT Treasury NNP market NN . . A DT slowing VBG economy NN and CC the DT implication NN of IN lower JJR inflation NN and CC interest NN rates NNS tend VBP to TO bolster VB bond NN prices NNS . . On IN the DT surface NN , , the DT decline NN in IN September NNP durable JJ goods NNS -- : only RB 0.1 CD % NN -- : did VBD n't RB appear VB very RB weak JJ . . But CC orders NNS for IN non-defense JJ capital NN goods NNS , , a DT precursor NN of IN future JJ plant NN and CC equipment NN spending NN , , were VBD off RB 5.6 CD % NN after IN falling VBG 10.3 CD % NN in IN August NNP . . Auto NN makers NNS reported VBD that IN mid-October NNP sales NNS were VBD running VBG at IN an DT annual JJ rate NN of IN about RB 5.8 CD million CD units NNS , , far RB less JJR than IN the DT 6.6 CD million CD units NNS analysts NNS had VBD expected VBN . . Taken VBN together RB , , the DT auto-sales NNS and CC durable-goods NNS reports NNS confirmed VBD perceptions NNS that IN the DT economy NN is VBZ bogging VBG down RP . . Although IN analysts NNS do VBP n't RB expect VB the DT Federal NNP Reserve NNP to TO ease VB credit NN policy NN soon RB , , reports NNS like IN those DT yesterday NN help VBP build VB the DT case NN for IN lower JJR rates NNS . . Now RB bond NN investors NNS are VBP looking VBG toward IN next JJ week NN 's POS report NN from IN national JJ purchasing NN managers NNS and CC the DT government NN 's POS October NNP employment NN report NN as IN potentially RB prompting VBG the DT Fed NNP to TO lower VB rates NNS . . The DT stock NN market NN 's POS precipitous JJ drop NN frightened VBD foreign JJ investors NNS , , who WP quickly RB bid VBD the DT dollar NN lower RBR . . But CC as IN stock NN prices NNS recovered VBD some DT of IN the DT early JJ losses NNS , , so RB did VBD the DT U.S. NNP currency NN . . Although IN dealers NNS said VBD investors NNS are VBP becoming VBG more RBR bearish JJ toward IN the DT dollar NN in IN the DT wake NN of IN the DT stock NN market NN 's POS recent JJ troubles NNS and CC as IN the DT U.S. NNP economy NN weakens VBZ , , the DT dollar NN ended VBD down RB only RB modestly RB . . In IN major JJ market NN activity NN : : Bond NN prices NNS rose VBD . . The DT Treasury NNP 's POS benchmark JJ 30-year JJ bond NN gained VBD nearly RB half PDT a DT point NN , , or CC about RB $ $ 5 CD for IN each DT $ $ 1,000 CD face NN amount NN . . The DT yield NN on IN the DT issue NN slipped VBD to TO 7.89 CD % NN . . The DT dollar NN retreated VBD . . In IN late JJ New NNP York NNP trading NN the DT currency NN was VBD quoted VBN at IN 1.8355 CD marks NNS and CC 141.45 CD yen NN , , compared VBN with IN 1.8470 CD marks NNS and CC 141.90 CD yen NN Monday NNP . . `` `` Lifestyles NNP of IN the DT Rich NNP and CC Famous NNP '' '' may MD be VB visiting VBG some DT new JJ venues NNS in IN the DT near JJ future NN . . Judge NNP Robert NNP ( ( `` `` Maximum NNP Bob NNP '' '' ) ) Potter NNP sentenced VBN Jim NNP Bakker NNP to TO 45 CD years NNS in IN the DT big JJ house NN yesterday NN , , while IN a DT Beverly NNP Hills NNP judge NN tucked VBD away RP Zsa NNP Zsa NNP Gabor NNP for IN three CD days NNS , , plus CC 120 CD hours NNS of IN work NN with IN homeless JJ women NNS . . Miss NNP Gabor NNP recanted VBD her PRP$ earlier-expressed JJ fear NN of IN jailhouse NN lesbians NNS . . Mr. NNP Bakker NNP said VBD he PRP was VBD guilty JJ of IN sin NN but CC not RB fraud NN . . We PRP can MD only RB wonder VB who WP will MD be VB the DT next JJ lost JJ soul NN chosen VBN to TO be VB America NNP 's POS Celebrity NNP Convict NNP . . Boeing NNP Co. NNP said VBD Trans NNP European NNP Airways NNP ordered VBD a DT dozen NN 737 CD jetliners NNS valued VBN at IN a DT total NN of IN about RB $ $ 450 CD million CD . . The DT 300 CD and CC 400 CD series NN aircraft NN will MD be VB powered VBN by IN engines NNS jointly RB produced VBN by IN General NNP Electric NNP Co. NNP and CC Snecma NNP of IN France NNP . . Currently NNP , , Boeing NNP has VBZ a DT backlog NN of IN about RB $ $ 80 CD billion CD , , but CC production NN has VBZ been VBN slowed VBN by IN a DT strike NN of IN 55,000 CD machinists NNS , , which WDT entered VBD its PRP$ 22nd JJ day NN today NN . . Last JJ week NN , , a DT mediator NN failed VBD to TO rekindle VB talks NNS between IN the DT company NN and CC the DT strikers NNS , , who WP have VBP rejected VBN a DT pay NN raise NN offer NN of IN 10 CD % NN over IN three CD years NNS . . When WRB the DT good JJ fairy NN assigned VBN to TO Slovakia NNP hovered VBD over IN the DT cradle NN of IN Edita NNP Gruberova NNP many JJ years NNS ago RB in IN Bratislava NNP , , she PRP sprinkled VBD her PRP with IN high JJ E NN flats NNS , , sparkling JJ Ds NNS , , clean JJ trills NNS , , and CC coloratura NN ornaments NNS silvery JJ as IN magic JJ dust NN . . Maybe RB she PRP could MD drop VB by RP at IN the DT Metropolitan NNP Opera NNP and CC bring VB along RP what WP she PRP forgot VBD , , a DT little JJ charm NN , , a DT few JJ smidgins NNS of IN thespian JJ skills NNS and CC a DT nice JJ wig NN . . Cast VBN as IN Violetta NNP Valery NNP in IN a DT new JJ production NN of IN Verdi NNP 's POS `` `` La NNP Traviata NNP , , '' '' Ms. NNP Gruberova NNP last JJ week NN did VBD many JJ things NNS nicely RB and CC others NNS not RB so RB well RB . . It PRP is VBZ n't RB every DT day NN that IN we PRP hear VBP a DT Violetta NNP who WP can MD sing VB the DT first JJ act NN 's POS high-flying JJ music NN with IN all PDT the DT little JJ notes NNS perfectly RB pitched VBN and CC neatly RB stitched VBN together RB . . Never RB once RB did VBD she PRP gasp VB for IN air NN or CC mop VB her PRP$ brow NN . . She PRP was VBD as RB cool JJ as IN a DT cucumber NN . . But CC as IN you PRP may MD know VB , , things NNS are VBP not RB going VBG well RB for IN Violetta NNP . . There EX are VBP times NNS when WRB she PRP must MD show VB a DT little JJ emotion NN . . She PRP has VBZ TB NN , , after IN all DT , , and CC a DT weak-kneed JJ lover NN ; : and CC though IN a DT successful JJ courtesan NN , , she PRP is VBZ just RB about RB overdrawn JJ at IN the DT bank NN . . Worse JJR , , her PRP$ walls NNS move VBP all PDT the DT time NN -- : at IN least JJS in IN this DT production NN . . Just RB when WRB Ms. NNP Gruberova NNP sat VBD down RP away RB from IN her PRP$ guests NNS to TO cough VB in IN private JJ , , her PRP$ salon NN began VBD sliding VBG around IN the DT stage NN ; : her PRP$ country NN hideaway NN also RB has VBZ a DT very RB active JJ set NN of IN drapes NNS . . Hold VB on IN to TO those DT funny JJ braids NNS ! . you PRP wanted VBD to TO caution VB her PRP as IN the DT sets NNS started VBD to TO roll VB around RB once RB more JJR . . This DT is VBZ the DT most RBS moving JJ `` `` Traviata NNP '' '' I PRP 've VBP ever RB seen VBN . . Normally NNP , , Violetta NNP can MD go VB about IN her PRP$ business NN without IN wondering VBG whether IN she PRP is VBZ moving VBG as RB gracefully RB as IN the DT scenery NN . . But CC this DT is VBZ a DT production NN designed VBN and CC directed VBN by IN Franco NNP Zeffirelli NNP and CC paid VBN for IN by IN Sybil NNP Harrington NNP , , who WP has VBZ no DT need NN to TO count VB her PRP$ pennies NNS , , unlike IN Violetta NNP , , down RB to TO 20 CD louis NNS at IN the DT opera NN 's POS end NN . . Seeing VBG all PDT those DT millions NNS in IN action NN , , I PRP was VBD just RB so RB relieved JJ that IN Ms. NNP Gruberova NNP , , gawky JJ thing NN that IN she PRP is VBZ , , did VBD n't RB accidentally RB smother VB herself PRP in IN a DT drape NN . . Large JJ and CC lavish JJ , , `` `` Traviata NNP '' '' is VBZ another DT addition NN to TO the DT Met NNP 's POS growing VBG stock NN of IN cast-proof JJ productions NNS mostly RB by IN Mr. NNP Zeffirelli NNP . . They PRP have VBP a DT life NN of IN their PRP$ own JJ and CC can MD be VB counted VBN on RP to TO look VB good JJ and CC perform VB whenever WRB a DT cast NN is VBZ n't RB up IN to TO either DT . . If IN a DT strike NN ever RB hits VBZ the DT Met NNP , , the DT company NN can MD still RB sell VB tickets NNS to TO his PRP$ `` `` Boheme NNP '' '' and CC `` `` Turandot NNP '' '' and CC boom VB out IN recordings NNS ( ( of IN another DT era NN ) ) . . Last JJ week NN 's POS discerning JJ audience NN gave VBD a DT bigger JJR hand NN to TO a DT greenhouse NN than IN to TO the DT tenor NN Neil NNP Shicoff NNP , , who WP sang VBD an DT aria NN inside IN it PRP . . Inexplicably RB costumed VBN as IN a DT rabbinical JJ student NN , , tottering VBG around RB on IN lifts NNS , , Mr. NNP Shicoff NNP hardly RB seemed VBD the DT fellow NN to TO catch VB a DT fancy JJ cocotte NN 's POS eye NN . . I PRP wish VBP he PRP could MD wear VB lifts NNS in IN his PRP$ voice NN . . Not RB nearly RB in IN his PRP$ best JJS form NN , , the DT tenor NN made VBD dullish JJ sounds NNS along IN with IN his PRP$ usual JJ clumsy JJ hand NN gestures NNS . . Maybe RB Mr. NNP Z. NNP was VBD too RB busy JJ taming VBG his PRP$ set NN to TO work VB with IN his PRP$ naturally RB ungainly JJ Alfredo NNP . . Or CC is VBZ it PRP that IN Mr. NNP Z. NNP is VBZ getting VBG a DT little RB tired JJ of IN `` `` Traviata NNP '' '' ? . This DT is VBZ the DT same JJ production NN already RB seen VBN in IN Paris NNP and CC Florence NNP , , and CC its PRP$ scenic JJ ideas NNS echo VBP the DT movie NN he PRP made VBD with IN Placido NNP Domingo NNP and CC Teresa NNP Stratas NNP . . Decades NNS earlier RBR , , Maria NNP Callas NNP sang VBD the DT Dallas NNP staging NN that WDT introduced VBD the DT flashback NN idea NN . . In IN an DT invention NN that WDT drives VBZ Verdi NNP purists NNS bananas NNS , , Violetta NNP lies VBZ dying VBG in IN bed NN during IN the DT prelude NN , , rising VBG deliriously RB when WRB then RB she PRP remembers VBZ the DT great JJ parties NNS she PRP used VBD to TO throw VB . . The DT entire JJ opera NN is VBZ her PRP$ dream NN . . Given VBN the DT prelude NN 's POS thematic JJ connections NNS with IN the DT music NN preceding VBG the DT last JJ act NN , , the DT idea NN is VBZ more RBR worn JJ than IN bad JJ , , though IN as IN luck NN would MD have VB it PRP , , for IN a DT change NN there EX actually RB was VBD a DT conductor NN in IN the DT pit NN whom WP we PRP wanted VBD to TO hear VB , , Carlos NNP Kleiber NNP , , trying VBG to TO make VB memorable JJ music NN while IN we PRP all DT waited VBD for IN the DT bed NN lump NN to TO stir VB into IN song NN . . Once RB she PRP did VBD so RB , , the DT big-souled JJ German JJ maestro NN with IN the DT shaky JJ nerves NNS who WP so RB often RB cancels VBZ offered VBD a DT limpid JJ , , flowing JJ performance NN that IN in IN its PRP$ unswagged JJ and CC unswaggering JJ approach NN was VBD totally RB at IN odds NNS with IN the DT staging NN . . Of IN heart-pounding JJ moments NNS there EX were VBD nearly RB none NN , , and CC whether IN this DT has VBZ to TO do VB with IN Mr. NNP Kleiber NNP or CC the DT wooden JJ cast NN is VBZ hard JJ to TO say VB . . In IN any DT event NN , , Ms. NNP Gruberova NNP barely RB ventilated VBD Violetta NNP 's POS anguish NN in IN her PRP$ long JJ meeting NN with IN Wolfgang NNP Brendel NNP , , who WP as IN Germont NNP seemed VBD fairly RB desperate JJ trying VBG to TO inject VB an DT Italianate JJ lilt NN into IN his PRP$ heavy JJ , , teutonic JJ baritone NN . . `` `` Di NNP Provenza NNP '' '' was VBD n't RB much JJ of IN an DT advertisement NN for IN sunny JJ , , southern JJ France NNP . . Perhaps RB Mr. NNP Kleiber NNP could MD let VB him PRP substitute VB one CD of IN the DT songs NNS about IN dead JJ children NNS and CC dark JJ nights NNS from IN Mahler NNP 's POS `` `` Kindertotenlieder FW . . '' '' Speaking VBG of IN dark JJ nights NNS , , the DT Met NNP 's POS next-door JJ neighbor NN , , the DT New NNP York NNP City NNP Opera NNP , , has VBZ canceled VBN its PRP$ season NN after IN failing VBG to TO reach VB a DT settlement NN with IN its PRP$ musicians NNS , , who WP wanted VBD pay NN parity NN with IN the DT the DT Chicago NNP Lyric NNP and CC San NNP Francisco NNP Opera NNP orchestras NNS . . Well RB , , they PRP can MD now RB go VB and CC audition VB there RB . . Good JJ luck NN . . Common JJ sense NN suggests VBZ that IN people NNS who WP play VBP for IN a DT company NN that IN charges NNS about RB half DT what WP those DT houses NNS do VBP for IN a DT ticket NN are VBP not RB in IN the DT same JJ market NN . . The DT cancellation NN bodes VBZ poorly RB for IN a DT company NN already RB beset JJ with IN an DT identity NN crisis NN exacerbated VBN by IN the DT retirement NN of IN general JJ director NN Beverly NNP Sills NNP and CC the DT amazing JJ appointment NN of IN Christopher NNP Keene NNP as IN her PRP$ successor NN after IN his PRP$ years NNS of IN feckless JJ toiling NN in IN the DT pit NN . . As IN the DT Met NNP discovered VBD years NNS ago RB following VBG a DT belated JJ December NNP opening NN , , it PRP is VBZ nearly RB impossible JJ to TO recapture VB subscribers NNS once IN they PRP have VBP had VBD time NN to TO ponder VB their PRP$ entertainment NN choices NNS . . I PRP , , for IN instance NN , , was VBD perfectly RB happy JJ at IN Avery NNP Fisher NNP Hall NNP the DT other JJ day NN listening VBG to TO Helmuth NNP Rilling NNP conduct VB the DT Messa FW per FW Rossini NNP , , a DT strange JJ piece NN written VBN by IN 13 CD different JJ Italian JJ composers NNS to TO honor VB Rossini NNP after IN his PRP$ death NN in IN 1868 CD . . Each DT of IN them PRP contributed VBD a DT section NN at IN the DT behest NN of IN Verdi NNP , , who WP was VBD nearly RB driven VBN to TO his PRP$ own JJ early JJ grave NN by IN the DT troublesome JJ arrangements NNS . . For IN all PDT that DT , , the DT piece NN landed VBD unperformed JJ in IN a DT dusty JJ archive NN after IN Bologna NNP refused VBD to TO supply VB a DT chorus NN and CC orchestra NN . . We PRP know VBP Verdi NNP 's POS own JJ contribution NN was VBD mighty RB impressive JJ since IN the DT operatic JJ `` `` Libera FW me FW '' '' was VBD reworked VBN for IN the DT Manzoni NNP Requiem NNP , , of IN which WDT he PRP wrote VBD every DT note NN himself PRP having VBG learned VBN his PRP$ lesson NN . . The DT surprising JJ discovery NN of IN the DT evening NN at IN Fisher NNP was VBD the DT high JJ standard NN achieved VBN by IN some DT of IN his PRP$ now-obscure JJ colleagues NNS , , notably RB Raimondo NNP Boucheron NNP . . His PRP$ melodious JJ `` `` Confutatis FW '' '' was VBD smoothly RB sung VBN by IN bass NN Brian NNP Matthews NNP . . Also RB , , Teodulo NNP Mabellini NNP 's POS `` `` Lux FW aeterna FW '' '' was VBD intriguingly RB scored VBN and CC splendidly RB put VBD across RP by IN Mr. NNP Rilling NNP . . He PRP brought VBD along RP his PRP$ Stuttgart-based JJ Gaechinger NNP Kantorei NNP chorus NN , , and CC even RB better RBR , , the DT Czech JJ soprano NN Gabriela NNP Benackova NNP . . She PRP was VBD in IN her PRP most RBS radiant JJ , , expressive JJ voice NN . . Maybe RB she PRP could MD step VB across IN the DT plaza NN to TO the DT Met NNP -- : where WRB she PRP has VBZ still RB to TO make VB her PRP$ debut NN -- : and CC help VB out RP her PRP$ Czech JJ compatriot NN by IN singing VBG the DT slow JJ parts NNS of IN `` `` Traviata NNP . . '' '' The DT Tokyo NNP International NNP Film NNP Festival NNP was VBD no DT match NN for IN the DT Cannes NNP Film NNP Festival NNP in IN terms NNS of IN prestige NN , , but CC it PRP made VBD its PRP$ mark NN : : It PRP awarded VBD the DT largest JJS cash NN prize NN of IN any DT film NN festival NN to TO young JJ and CC first-time JJ film NN makers NNS . . At IN this DT year NN 's POS event NN , , the DT third JJ since IN the DT festival NN got VBD under IN way NN in IN 1985 CD , , Idrissa NNP Ouedraogo NNP of IN Burkina NNP Faso NNP won VBD the DT Sakura NNP Gold NNP prize NN of IN $ $ 143,000 CD for IN `` `` Yaaba NNP '' '' ( ( `` `` Old NNP Woman NNP '' '' ) ) . . By IN comparison NN , , Cannes NNP now RB gives VBZ $ $ 39,000 CD to TO the DT winner NN of IN its PRP$ young JJ director NN 's POS award NN . . Says VBZ director NN George NNP Miller NNP ( ( `` `` Mad NNP Max NNP '' '' ) ) : : `` `` I PRP think VBP the DT Tokyo NNP festival NN may MD become VB known VBN as IN a DT major JJ attraction NN for IN young JJ directors NNS because IN of IN the DT money NN as RB well RB as IN the DT recognition NN . . '' '' There EX are VBP drawbacks NNS . . Vincent NNP Tolentino NNP , , a DT correspondent NN for IN the DT French JJ magazine NN Telerama NNP , , says VBZ of IN the DT recently RB ended VBN Tokyo NNP festival NN : : `` `` No DT one NN makes VBZ deals NNS ... : and CC most JJS of IN the DT films NNS have VBP been VBN seen VBN before RB at IN other JJ festivals NNS . . '' '' Belgium NNP decided VBD that IN investors NNS who WP demand VBP the DT delivery NN of IN their PRP$ securities NNS when WRB they PRP buy VBP shares NNS or CC domestic JJ bonds NNS will MD have VB to TO pay VB an DT additional JJ 100 CD Belgian JJ francs NNS ( ( about RB $ $ 2.60 CD ) ) for IN each DT transaction NN , , bringing VBG the DT total JJ fee NN to TO 200 CD francs NNS . . While IN no DT figures NNS exist VBP , , it PRP is VBZ thought VBN that IN many JJ small JJ investors NNS in IN Belgium NNP store VBP securities NNS privately RB , , in IN some DT cases NNS to TO avoid VB paying VBG high JJ inheritance NN taxes NNS . . The DT law NN could MD redound VB to TO the DT advantage NN of IN brokers NNS and CC banks NNS , , who WP incur VBP high JJ administrative JJ costs NNS to TO deliver VB securities NNS to TO investors NNS . . Japan NNP is VBZ considering VBG giving VBG aid NN to TO Hungary NNP and CC Poland NNP to TO support VB their PRP$ recent JJ political JJ reforms NNS , , a DT spokesman NN for IN the DT Foreign NNP Ministry NNP said VBD . . `` `` This DT is VBZ the DT first JJ time NN , , if IN we PRP decide VBP to TO do VB so RB , , for IN Japan NNP to TO extend VB aid NN of IN this DT kind NN to TO Eastern JJ European JJ countries NNS , , '' '' the DT spokesman NN said VBD . . He PRP said VBD Prime NNP Minister NNP Toshiki NNP Kaifu NNP also RB is VBZ studying VBG the DT possibility NN of IN a DT visit NN to TO the DT two CD Eastern JJ bloc NN nations NNS and CC to TO Western NNP Europe NNP next IN January NNP . . Drugs NNS were VBD a DT major JJ issue NN in IN two CD days NNS of IN talks NNS between IN French NNP President NNP Francois NNP Mitterrand NNP and CC Spanish NNP Prime NNP Minister NNP Felipe NNP Gonzalez NNP . . `` `` I PRP demand VBP the DT utmost JJ severity NN in IN the DT fight NN against IN drug NN traffickers NNS , , '' '' President NNP Mitterrand NNP said VBD after IN the DT meeting NN in IN Valladolid NNP , , Spain NNP . . He PRP added VBD : : `` `` Banks NNS must MD open VB their PRP$ books NNS . . '' '' The DT leaders NNS ' POS talks NNS coincided VBD with IN a DT meeting NN in IN Madrid NNP of IN anti-drug JJ experts NNS from IN the DT U.S. NNP , , France NNP , , Italy NNP , , Spain NNP , , Peru NNP , , Bolivia NNP and CC Colombia NNP . . That DT conference NN , , which WDT began VBD yesterday NN , , was VBD expected VBN to TO cover VB such JJ matters NNS as IN police NN training NN and CC extradition NN agreements NNS , , Spanish JJ officials NNS said VBD . . Three CD Soviet JJ government NN officials NNS -- : the DT ministers NNS of IN railroads NNS , , of IN foreign JJ economic JJ relations NNS and CC of IN heavy-machine JJ building NN -- : will MD visit VB Tehran NNP next JJ month NN for IN talks NNS , , Iran NNP 's POS official JJ news NN agency NN reported VBD . . Under IN an DT agreement NN signed VBN last JJ June NNP , , the DT Soviets NNPS will MD help VB Iran NNP in IN oil NN exploration NN and CC other JJ areas NNS in IN return NN for IN exports NNS of IN Iranian JJ natural JJ gas NN . . And CC in IN Paris NNP , , Mahmoud NNP Vaezi NNP , , Iran NNP 's POS vice NN minister NN of IN foreign JJ affairs NNS , , began VBD a DT five-day JJ visit NN to TO discuss VB such JJ matters NNS as IN compensation NN to TO French JJ enterprises NNS for IN contracts NNS broken VBN by IN the DT Khomeini NNP regime NN . . Toto NNP Co. NNP , , a DT Japanese JJ ceramics NNS maker NN , , has VBZ developed VBN a DT toilet NN that WDT can MD check VB the DT user NN 's POS health NN . . A DT Toto NNP spokesman NN said VBD the DT toilet NN not RB only RB tests VBZ blood NN pressure NN , , pulse NN and CC urine NN , , it PRP also RB stores VBZ the DT data NNS for IN up IN to TO 130 CD days NNS . . Nippon NNP Telegraph NNP & CC Telephone NNP Corp. NNP and CC Omron NNP Tateisi NNP Electronics NNP are VBP involved VBN with IN Toto NNP 's POS new JJ product NN , , which WDT will MD go VB on IN the DT market NN in IN about RB two CD years NNS time NN . . `` `` It PRP will MD be VB very RB expensive JJ , , '' '' the DT spokesman NN warned VBD . . `` `` The DT price NN can MD not RB be VB less JJR than IN $ $ 7,000 CD . . '' '' Since IN Mexican NNP President NNP Carlos NNP Salinas NNP de NNP Gortari NNP took VBD office NN last JJ December NNP , , special JJ agents NNS have VBP arrested VBN more JJR than IN 6,000 CD federal JJ employees NNS on IN charges NNS ranging VBG from IN extortion NN to TO tax NN evasion NN . . Hector NNP Castaneda NNP Jimenez NNP , , chief JJ prosecutor NN at IN the DT Attorney NNP General NNP 's POS Office NN , , said VBD that IN an DT estimated JJ $ $ 82.8 CD million CD in IN government NN property NN and CC unpaid JJ taxes NNS have VBP been VBN recovered VBN in IN the DT campaign NN to TO root VB out RP official JJ corruption NN . . Mr. NNP Castaneda NNP 's POS office NN will MD reportedly RB issue VB warrants NNS during IN the DT next JJ six CD months NNS for IN the DT arrest NN of IN another DT 10,000 CD federal JJ employees NNS . . Those DT employees NNS are VBP suspected VBN of IN illegally RB gaining VBG an DT estimated JJ $ $ 376.8 CD million CD , , the DT prosecutor NN was VBD quoted VBN as IN saying VBG by IN the DT Excelsior NNP news NN service NN . . He PRP added VBD that IN federal JJ agents NNS hope VBP to TO recover VB at IN least JJS half PDT that DT amount NN . . `` `` The DT rest NN will MD probably RB not RB be VB recoverable JJ either CC because IN the DT statute NN of IN limitations NNS expired VBD or CC because IN many JJ prefer VBP to TO spend VB additional JJ time NN in IN jail NN rather RB than IN return VB the DT money NN , , '' '' the DT prosecutor NN said VBD . . The DT United NNP Nations NNP , , which WDT is VBZ distributing VBG farm NN tools NNS to TO returning VBG refugees NNS in IN Namibia NNP , , is VBZ rethinking VBG a DT plan NN to TO hand NN out RP machetes NNS because IN of IN the DT tense JJ political JJ climate NN during IN preparations NNS for IN independence NN from IN South NNP Africa NNP . . `` `` The DT decision NN to TO distribute VB machetes NNS at IN this DT time NN , , which WDT could MD be VB used VBN as IN weapons NNS , , is VBZ under IN review NN , , '' '' said VBD a DT U.N. NNP spokesman NN ... : . . Sources NNS close RB to TO the DT family NN of IN Pakistani NNP Prime NNP Minister NNP Benazir NNP Bhutto NNP said VBD she PRP is VBZ expecting VBG a DT second JJ child NN , , probably RB early RB next JJ year NN . . Cray NNP Research NNP Inc. NNP forecast VBD that IN 1990 CD will MD be VB a DT no-growth JJ year NN for IN its PRP$ supercomputer NN line NN . . In IN what WP has VBZ become VBN a DT series NN of IN bad-news JJ announcements NNS , , the DT world NN 's POS largest JJS maker NN of IN supercomputers NNS said VBD that IN after IN reviewing VBG its PRP$ order NN prospects NNS , , `` `` we PRP have VBP concluded VBN it PRP is VBZ prudent JJ to TO plan VB for IN next JJ year NN on IN the DT assumption NN that DT revenue NN again RB will MD be VB flat JJ . . '' '' Cray NNP jolted VBD the DT market NN in IN July NNP when WRB it PRP slashed VBD revenue NN and CC earnings NNS projections NNS for IN this DT year NN , , citing VBG a DT slowing VBG economy NN that WDT has VBZ delayed VBN orders NNS from IN government NN as RB well RB as IN commercial JJ customers NNS . . The DT company NN made VBD its PRP$ 1990 CD projection NN -- : an DT unusual JJ event NN for IN Cray NNP -- : in IN announcing VBG improved JJ net JJ income NN for IN the DT third JJ quarter NN . . Cray NNP said VBD it PRP earned VBD $ $ 30.6 CD million CD , , or CC $ $ 1.04 CD a DT share NN , , up RB 35 CD % NN from IN $ $ 22.6 CD million CD , , or CC 73 CD cents NNS a DT share NN , , a DT year NN ago RB . . Revenue NN gained VBD 45 CD % NN to TO $ $ 210.2 CD million CD from IN $ $ 145.2 CD million CD . . For IN the DT nine CD months NNS , , earnings NNS totaled VBD $ $ 36.6 CD million CD , , or CC $ $ 1.24 CD a DT share NN , , down RB 46 CD % NN from IN $ $ 68.1 CD million CD , , or CC $ $ 2.19 CD a DT share NN , , a DT year NN earlier RBR . . Revenue NN was VBD $ $ 454.6 CD million CD , , a DT 6.9 CD % NN gain NN from IN $ $ 425.4 CD million CD . . Cray NNP made VBD its PRP$ announcement NN after IN the DT stock NN market NN closed VBD . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN yesterday NN , , Cray NNP closed VBD down RB $ $ 1.125 CD at IN $ $ 34.25 CD . . Cray NNP said VBD its PRP$ order NN backlog NN at IN Sept. NNP 30 CD was VBD $ $ 315 CD million CD , , down RB $ $ 25 CD million CD from IN June NNP 30 CD . . Marcello NNP Gumucio NNP , , president NN , , said VBD the DT company NN `` `` did VBD well RB in IN the DT quarter NN as RB far RB as IN revenues NNS and CC earnings NNS are VBP concerned VBN , , and CC not RB quite RB as RB well RB in IN terms NNS of IN signing VBG orders NNS . . '' '' As IN for IN the DT current JJ period NN , , Mr. NNP Gumucio NNP said VBD , , `` `` We PRP anticipate VBP that DT fourth-quarter JJ revenue NN and CC earnings NNS will MD be VB substantially RB greater JJR than IN any DT of IN the DT preceding JJ three CD quarters NNS , , but CC not RB up IN to TO the DT record NN levels NNS of IN last JJ year NN 's POS fourth JJ quarter NN '' '' when WRB Cray NNP earned VBD $ $ 88.5 CD million CD , , or CC $ $ 2.80 CD a DT share NN . . He PRP added VBD that IN the DT company NN expects VBZ `` `` strong JJ '' '' operating NN profit NN for IN the DT year NN , , `` `` but CC at IN a DT level NN significantly RB lower JJR than IN last JJ year NN . . '' '' He PRP said VBD 1989 CD 's POS net JJ income NN could MD be VB 11 CD % NN to TO 13 CD % NN of IN revenue NN , , which WDT , , assuming VBG current JJ expectations NNS , , would MD be VB 40 CD % NN to TO 45 CD % NN below IN 1988 CD 's POS level NN . . Last JJ year NN , , Cray NNP earned VBD $ $ 156.6 CD million CD , , or CC $ $ 4.99 CD a DT share NN , , on IN revenue NN of IN $ $ 756.3 CD million CD . . Next JJ year NN `` `` looks VBZ dismal JJ , , '' '' said VBD analyst NN Paul NNP Luber NNP of IN Robert NNP Baird NNP & CC Co. NNP , , Milwaukee NNP . . Noting VBG that IN Cray NNP does VBZ n't RB have VB a DT low-end JJ supercomputer NN to TO compete VB with IN the DT likes NNS of IN Convex NNP Computer NNP Corp. NNP and CC International NNP Business NNP Machines NNP Corp. NNP , , Mr. NNP Luber NNP said VBD such PDT a DT machine NN would MD be VB necessary JJ `` `` to TO get VB things NNS back RB on IN line NN here RB . . '' '' Cray NNP has VBZ indicated VBN it PRP will MD decide VB on IN whether IN to TO build VB such PDT a DT machine NN before IN year NN end NN . . Johnson NNP & CC Johnson NNP reported VBD a DT 10 CD % NN rise NN in IN third-quarter JJ net JJ income NN on IN a DT 12 CD % NN sales NNS increase NN - : results NNS that WDT were VBD driven VBN particularly RB by IN new JJ products NNS including VBG pharmaceuticals NNS and CC the DT company NN 's POS professional JJ operations NNS . . Net NN for IN the DT New NNP Brunswick NNP , , N.J. NNP , , maker NN of IN health-care NN products NNS climbed VBD to TO $ $ 265 CD million CD , , or CC 80 CD cents NNS a DT share NN , , from IN $ $ 240 CD million CD , , or CC 71 CD cents NNS a DT share NN , , in IN the DT year-earlier JJ period NN . . Sales NNS rose VBD to TO $ $ 2.45 CD billion CD from IN $ $ 2.2 CD billion CD . . The DT year-ago JJ per-share JJ earnings NNS are VBP adjusted VBN to TO reflect VB a DT 2-for-1 JJ stock NN split VBD last JJ May NNP . . In IN a DT statement NN , , Ralph NNP S. NNP Larsen NNP , , chairman NN and CC chief JJ executive JJ officer NN , , said VBD the DT company NN was VBD pleased JJ with IN its PRP$ third-quarter JJ sales NNS performance NN , , `` `` especially RB in IN light NN of IN the DT extremely RB competitive JJ environment NN in IN domestic JJ consumer NN markets NNS and CC the DT negative JJ impact NN of IN unfavorable JJ exchange NN rates NNS this DT quarter NN . . '' '' David NNP J. NNP Lothson NNP , , an DT industry NN analyst NN for IN PaineWebber NNP Group NNP Inc. NNP , , said VBD Johnson NNP & CC Johnson NNP 's POS results NNS slightly RB exceeded VBD his PRP$ expectations NNS for IN the DT third JJ quarter NN . . In IN New NNP York NNP Stock NNP Exchange NNP composite NN trading VBG yesterday NN , , Johnson NNP & CC Johnson NNP shares NNS fell VBD 37.5 CD cents NNS to TO $ $ 54.625 CD . . Mr. NNP Larsen NNP noted VBD `` `` substantial JJ sales NNS growth NN '' '' for IN the DT recently RB introduced VBN Acuvue NNP disposable JJ contact NN lens NN and CC Hismanal NNP , , a DT once-a-day JJ antihistamine NN . . Eprex NNP , , used VBN by IN dialysis NN patients NNS who WP are VBP anemic JJ , , and CC Prepulsid NN , , a DT gastro-intestinal JJ drug NN , , did VBD well RB overseas RB , , he PRP said VBD . . Despite IN health-care NN cost NN controls NNS and CC programs NNS to TO hold VB down RP inventory NN , , the DT professional JJ division NN , , which WDT makes VBZ products NNS including VBG sutures NNS and CC surgical JJ stapling NN equipment NN , , `` `` achieved VBD solid JJ growth NN , , '' '' Johnson NNP & CC Johnson NNP said VBD . . But CC domestic JJ consumer NN sales NNS slipped VBD 1.2 CD % NN for IN the DT quarter NN , , to TO $ $ 490 CD million CD from IN $ $ 496 CD million CD . . The DT company NN cited VBD softness NN in IN the DT retail JJ health NN and CC beauty NN aids NNS category NN , , `` `` as RB well RB as IN the DT intense JJ competition NN in IN the DT company NN 's POS sanitary JJ protection NN product NN line NN . . '' '' Overseas JJ sales NNS were VBD stronger JJR , , principally RB because IN of IN a DT rebound NN in IN Brazil NNP , , where WRB economic JJ turmoil NN had VBD hurt VBN year-earlier JJ results NNS , , Johnson NNP & CC Johnson NNP said VBD . . Mr. NNP Lothson NNP of IN PaineWebber NNP said VBD the DT company NN 's POS sales NNS pace NN has VBZ been VBN picking VBG up RP largely RB because IN the DT effect NN of IN unfavorable JJ exchange NN rates NNS has VBZ been VBN easing VBG -- : a DT pattern NN continuing VBG this DT quarter NN . . He PRP cautioned VBD , , however RB , , that IN a DT `` `` tough JJ tax-rate NN comparison NN '' '' may MD slow VB the DT company NN 's POS earnings NNS growth NN for IN the DT current JJ quarter NN . . For IN last JJ year NN 's POS fourth JJ quarter NN , , the DT company NN 's POS tax NN rate NN was VBD less JJR than IN 20 CD % NN , , he PRP said VBD . . While IN the DT third JJ period NN contained VBD no DT major JJ surprises NNS , , Mr. NNP Lothson NNP said VBD , , the DT results NNS show VBP how WRB sensitive JJ the DT multinationals NNS can MD be VB to TO developments NNS in IN a DT single JJ country NN such JJ as IN Brazil NNP . . He PRP also RB questioned VBD whether IN recent JJ gains NNS in IN that DT country NN can MD be VB sustained VBN . . The DT following JJ issues NNS were VBD recently RB filed VBN with IN the DT Securities NNP and CC Exchange NNP Commission NNP : : Bergen NNP Brunswig NNP Corp. NNP , , proposed JJ offering NN of IN liquid JJ yield NN option NN notes NNS , , via IN Merrill NNP Lynch NNP Capital NNP Markets NNP . . Columbia NNP Gas NNP System NNP Inc. NNP , , shelf NN offering NN of IN up IN to TO $ $ 200 CD million CD of IN debentures NNS . . Laserscope NNP , , initial JJ offering NN of IN 1,656,870 CD common JJ shares NNS , , of IN which WDT 1,455,000 CD shares NNS are VBP to TO be VB sold VBN by IN the DT company NN and CC 201,870 CD by IN holders NNS , , via IN Alex NNP . . Brown NNP & CC Sons NNP Inc. NNP and CC Volpe NNP , , Covington NNP & CC Welty NNP . . TeleVideo NNP Systems NNP Inc. NNP , , proposed JJ offering NN of IN 1,853,735 CD common JJ shares NNS , , to TO be VB sold VBN by IN holders NNS . . Western NNP Gas NNP System NNP Inc. NNP , , initial JJ offering NN of IN 3,250,000 CD common JJ shares NNS , , of IN which WDT 3,040,000 CD shares NNS will MD be VB sold VBN by IN the DT company NN and CC 210,000 CD by IN a DT holder NN , , via IN Prudential-Bache NNP Capital NNP Funding NNP , , Smith NNP Barney NNP , , Harris NNP Upham NNP & CC Co. NNP and CC Hanifen NNP , , Imhoff NNP Inc NNP . . Insiders NNS have VBP been VBN selling VBG shares NNS in IN Dun NNP & CC Bradstreet NNP Corp. NNP , , the DT huge JJ credit-information NN concern NN . . Six CD top JJ executives NNS at IN the DT New NNP York-based JJ company NN sold VBD shares NNS in IN August NNP and CC September NNP . . Four CD of IN those DT insiders NNS sold VBD more JJR than IN half PDT their PRP$ holdings NNS . . The DT stock NN , , in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN yesterday NN , , closed VBD at IN $ $ 51.75 CD , , up RB 62.5 CD cents NNS , , well RB below IN the DT $ $ 56.13 CD to TO $ $ 60 CD a DT share NN the DT insiders NNS received VBD for IN their PRP$ shares NNS . . Much JJ of IN the DT recent JJ slide NN in IN Dun NNP & CC Bradstreet NNP 's POS stock NN came VBD late RB last JJ week NN , , after IN negative JJ comments NNS by IN analysts NNS at IN Merrill NNP Lynch NNP & CC Co. NNP and CC Goldman NNP , , Sachs NNP & CC Co NNP . . A DT company NN spokesman NN declined VBD to TO comment VB and CC said VBD that IN the DT officials NNS who WP sold VBD shares NNS would MD n't RB comment VB . . One CD of IN Dun NNP & CC Bradstreet NNP 's POS chief JJ businesses NNS is VBZ compiling VBG reports NNS that WDT rate VBP the DT credit-worthiness NN of IN millions NNS of IN American JJ companies NNS . . It PRP also RB owns VBZ Moody NNP 's POS Investors NNP Service NNP , , which WDT assigns VBZ credit-ratings NNS to TO bonds NNS and CC preferred JJ stock NN ; : A.C. NNP Nielsen NNP , , known VBN for IN its PRP$ data NNS on IN television-viewing NN patterns NNS , , and CC Yellow-pages NN publisher NN Donnelley NNP . . Last JJ March NNP , , this DT newspaper NN reported VBD on IN widespread JJ allegations NNS that IN the DT company NN misled VBD many JJ customers NNS into IN purchasing VBG more JJR credit-data NN services NNS than IN needed VBN . . In IN June NNP , , the DT company NN agreed VBD to TO settle VB for IN $ $ 18 CD million CD several JJ lawsuits NNS related VBN to TO its PRP$ sales NNS practices NNS , , without IN admitting VBG or CC denying VBG the DT charges NNS . . An DT investigation NN by IN U.S. NNP Postal NNP inspectors VBZ is VBZ continuing VBG . . Among IN the DT insider NN sales NNS , , Charles NNP Raikes NNP , , the DT firm NN 's POS general JJ counsel NN , , sold VBD 12,281 CD shares NNS in IN August NNP , , representing VBG 46 CD % NN of IN his PRP$ holdings NNS in IN the DT company NN . . He PRP received VBD $ $ 724,579 CD for IN the DT shares NNS , , according VBG to TO insider NN filings NNS with IN the DT Securities NNP and CC Exchange NNP Commission NNP . . John NNP C. NNP Holt NNP , , an DT executive JJ vice NN president NN and CC Dun NNP & CC Bradstreet NNP director NN , , sold VBD 10,000 CD shares NNS on IN Aug. NNP 31 CD for IN $ $ 588,800 CD , , filings NNS show VBP . . He PRP retains VBZ 9,232 CD shares NNS . . William NNP H.J. NNP Buchanan NNP , , the DT firm NN 's POS secretary NN and CC associate JJ general JJ counsel NN , , sold VBD 7,000 CD shares NNS in IN two CD separate JJ sales NNS in IN September NNP for IN $ $ 406,000 CD . . The DT shares NNS represented VBD 66 CD % NN of IN his PRP$ Dun NNP & CC Bradstreet NNP holdings NNS , , according VBG to TO the DT company NN . . The DT other JJ insiders NNS , , all RB senior JJ or CC executive JJ vice NN presidents NNS , , sold VBD between IN 2,520 CD and CC 6,881 CD shares NNS , , representing VBG between IN 8 CD % NN and CC 70 CD % NN of IN their PRP$ holdings NNS , , according VBG to TO SEC NNP filings NNS . . Dun NNP & CC Bradstreet NNP 's POS stock NN price NN began VBD its PRP$ recent JJ spiral NN downward RB last JJ Wednesday NNP , , when WRB the DT company NN reported VBD third-quarter JJ results NNS . . Net JJ income NN rose VBD to TO 83 CD cents NNS a DT share NN from IN 72 CD cents NNS a DT share NN the DT year-earlier JJ period NN . . But CC analysts NNS focused VBD more RBR on IN the DT drop NN in IN revenue NN , , to TO $ $ 1.04 CD billion CD from IN $ $ 1.07 CD billion CD , , reflecting VBG in IN part NN a DT continuing VBG drop NN in IN sales NNS of IN the DT controversial JJ credit-reporting JJ services NNS . . Last JJ Thursday NNP , , Merrill NNP Lynch NNP securities NNS analyst NN Peter NNP Falco NNP downgraded VBD his PRP$ investment NN rating NN on IN the DT firm NN , , according VBG to TO Dow NNP Jones NNP Professional NNP Investors NNP Report NNP , , citing VBG a DT slowdown NN in IN the DT credit-reporting JJ business NN . . He PRP cut VBD his PRP$ rating NN to TO a DT short-term JJ hold NN from IN above-average JJ performer NN and CC reduced VBD his PRP$ 1990 CD earnings NNS estimate NN . . Mr. NNP Falco NNP continues VBZ to TO rank VB the DT stock NN a DT longterm JJ buy NN . . The DT stock NN slid VBD $ $ 1.875 CD on IN more JJR than IN four CD times NNS average JJ daily JJ volume NN . . The DT stock NN received VBD another DT blow NN on IN Friday NNP , , when WRB Goldman NNP Sachs NNP analyst NN Eric NNP Philo NNP advised VBD that IN investors NNS with IN short-term JJ horizons NNS should MD avoid VB Dun NNP & CC Bradstreet NNP stock NN because IN it PRP is VBZ unlikely JJ to TO outperform VB the DT market NN . . The DT stock NN fell VBD 75 CD cents NNS . . Insider NN selling NN is VBZ not RB unusual JJ at IN Dun NNP & CC Bradstreet NNP ; : in IN fact NN , , the DT recent JJ pace NN of IN selling NN is VBZ just RB about RB average NN for IN the DT company NN , , according VBG to TO figures NNS compiled VBN by IN Invest\/Net NNP , , a DT North NNP Miami NNP , , Fla. NNP , , firm NN that WDT specializes VBZ in IN tracking VBG and CC analyzing VBG SEC NNP insider NN filings NNS . . But CC previous JJ sales NNS have VBP often RB been VBN sales NNS of IN shares NNS purchased VBN through IN the DT exercise NN of IN stock NN options NNS and CC sold VBN six CD months NNS later RB , , as RB soon RB as IN allowed VBN , , said VBD Robert NNP Gabele NNP , , president NN of IN Invest\/Net NNP . . The DT most RBS recent JJ sales NNS do VBP n't RB appear VB to TO be VB option-related JJ , , he PRP said VBD . . TASTY JJ PROFITS NNS : : Michael NNP A. NN Miles NNP , , chief JJ executive JJ officer NN of IN Philip NNP Morris NNP Cos NNP . . ' '' Kraft NNP General NNP Foods NNP unit NN , , bought VBD 6,000 CD shares NNS of IN the DT company NN on IN Sept. NNP 22 CD for IN $ $ 157 CD each DT . . The DT $ $ 942,000 CD purchase NN raised VBD his PRP$ holdings NNS to TO 74,000 CD shares NNS . . The DT stock NN split VBD four-for-one RB on IN Oct. NNP 10 CD . . Mr. NNP Miles NNP 's VBZ newly RB purchased VBN shares NNS are VBP now RB worth JJ $ $ 1,068,000 CD , , based VBN on IN Philip NNP Morris NNP 's POS closing NN price NN of IN $ $ 44.50 CD , , up RB 62.5 CD cents NNS , , in IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP yesterday NN . . A DT spokesman NN for IN Mr. NNP Miles NNP said VBD he PRP bought VBD the DT shares NNS because IN he PRP felt VBD they PRP were VBD `` `` a DT good JJ investment NN . . '' '' The DT executive NN made VBD his PRP$ purchases NNS shortly RB before IN being VBG named VBN to TO his PRP$ current JJ chief JJ executive JJ officer NN 's POS position NN ; : formerly RB he PRP was VBD Kraft NNP General NNP Foods NNP ' POS chief JJ operating NN officer NN . . SHEDDING VBG GLITTER NN : : Two CD directors NNS of IN Pegasus NNP Gold NNP Inc. NNP , , a DT Spokane NNP , , Wash. NNP , , precious-metals NNS mining NN firm NN , , sold VBD most JJS of IN their PRP$ holdings NNS in IN the DT company NN Aug. NNP 31 CD . . John NNP J. NNP Crabb NNP sold VBD 4,500 CD shares NNS for IN $ $ 11.13 CD each DT , , leaving VBG himself PRP with IN a DT stake NN of IN 500 CD shares NNS . . He PRP received VBD $ $ 50,085 CD . . Peter NNP Kutney NNP sold VBD 5,000 CD shares NNS , , all DT of IN his PRP$ holdings NNS , , for IN $ $ 11.38 CD a DT share NN , , or CC $ $ 56,900 CD . . Gary NNP Straub NNP , , corporate JJ counsel NN for IN the DT company NN , , said VBD the DT directors NNS sold VBD for IN `` `` personal JJ financial JJ reasons NNS . . '' '' Both DT insiders NNS declined VBD to TO comment VB . . On IN Wall NNP Street NNP , , Merrill NNP Lynch NNP & CC Co. NNP analyst NN Daniel NNP A. NNP Roling NNP rates VBZ the DT stock NN `` `` neutral JJ '' '' and CC Drexel NNP Burnham NNP Lambert NNP Inc. NNP lists VBZ it PRP as IN a DT `` `` buy NN . . '' '' Pegasus NNP Gold NNP `` `` has VBZ been VBN on IN a DT lot NN of IN recommended JJ lists NNS as IN a DT junior JJ growth NN company NN stepping VBG into IN the DT big JJ leagues NNS , , '' '' says VBZ Marty NNP McNeill NNP , , metals NNS analyst NN at IN Dominick NNP & CC Dominick NNP , , a DT New NNP York NNP investment NN firm NN . . `` `` It PRP 's VBZ a DT good JJ company NN , , and CC growing VBG ; : there EX 's VBZ nothing NN that WDT would MD warrant VB that IN it PRP be VB sold VBN . . '' '' Yesterday NN , , in IN composite JJ trading NN on IN the DT American NNP Stock NNP Exchange NNP , , Pegasus NNP closed VBD at IN $ $ 10.125 CD , , up RB 12.5 CD cents NNS . . Medieval JJ philosophers NNS used VBD to TO hold VB the DT sensible JJ belief NN that IN it PRP was VBD more RBR perfect JJ to TO exist VB than IN not RB to TO exist VB , , and CC that IN to TO exist VB as IN a DT matter NN of IN necessity NN was VBD most RBS perfect JJ of IN all DT . . Now RB , , only RB God NNP exists VBZ as IN a DT matter NN of IN absolute JJ necessity NN ; : it PRP is VBZ built VBN into IN His PRP$ nature NN . . But CC since IN the DT time NN of IN Darwin NNP , , we PRP humans NNS could MD at IN least JJS claim NN a DT sort NN of IN natural JJ necessity NN for IN the DT existence NN of IN our PRP$ species NNS . . Are VBP n't RB we PRP , , after IN all DT , , the DT inevitable JJ culmination NN of IN that DT stately JJ pageant NN called VBN evolution NN ? . If IN mutation NN and CC natural NN selection NN slowly RB but CC surely RB give VBP rise NN to TO more RBR and CC more RBR advanced JJ forms NNS of IN life NN , , then RB it PRP was VBD only RB a DT matter NN of IN eons NNS before IN splendid JJ beings NNS endowed VBN with IN reason NN , , self-awareness NN and CC taste NN shimmered VBD onto IN the DT scene NN . . Now RB along RB comes VBZ Stephen NNP Jay NNP Gould NNP to TO dash VB this DT flattering JJ illusion NN . . His PRP$ credentials NNS are VBP excellent JJ for IN the DT task NN . . Star JJ lecturer NN at IN Harvard NNP , , author NN of IN numerous JJ popular JJ books NNS on IN science NN , , and CC scourge NN of IN the DT creationist JJ lobby NN , , Mr. NNP Gould NNP is VBZ perhaps RB the DT world NN 's VBZ most RBS eminent JJ evolutionary JJ theorist NN . . Yet RB he PRP puts VBZ quite RB a DT twist NN on IN the DT old JJ story NN handed VBN down RP from IN Darwin NNP . . For IN him PRP , , natural JJ history NN is VBZ anything NN but CC a DT gradual JJ , , predictable JJ march NN from IN primordial JJ slime NN to TO human JJ consciousness NN ; : it PRP is VBZ a DT careening VBG , , chaotic JJ affair NN in IN which WDT the DT emergence NN of IN a DT featherless JJ biped NN was VBD a DT one-in-a-million JJ shot NN . . In IN `` `` Wonderful JJ Life NN : : The DT Burgess NNP Shale NNP and CC the DT Nature NN of IN History NN '' '' ( ( Norton NNP , , 326 CD pages NNS , , $ $ 19.95 CD ) ) , , Mr. NNP Gould NNP makes VBZ his PRP$ case NN for IN `` `` the DT awesome JJ improbability NN of IN human JJ evolution NN . . '' '' The DT argument NN turns VBZ on IN the DT discovery NN in IN 1909 CD of IN an DT amazing JJ fossil NN quarry NN high RB in IN the DT Canadian JJ Rockies NNPS called VBN the DT Burgess NNP Shale NNP . . Here RB , , in IN an DT area NN smaller JJR than IN a DT city NN block NN , , lay VBD buried VBN traces NNS of IN countless JJ weird JJ creatures NNS that WDT had VBD frolicked VBN more RBR than IN 500 CD million CD years NNS ago RB -- : creatures NNS whose WP$ anatomical JJ variety NN far RB exceeded VBD what WP can MD be VB found VBN in IN all PDT the DT world NN 's POS oceans NNS today NN . . Such PDT an DT embarrassment NN of IN riches NNS was VBD inconceivable JJ to TO the DT man NN who WP discovered VBD the DT Burgess NNP Shale NNP , , one CD Charles NNP Doolittle NNP Walcott NNP . . The DT received JJ Darwinian JJ wisdom NN of IN the DT day NN said VBD that IN animals NNS living VBG so RB long RB ago RB must MD be VB simple JJ in IN design NN , , limited JJ in IN scope NN and CC ancestral JJ to TO contemporary JJ species NNS . . Accordingly RB , , the DT hidebound JJ traditionalist NN reconstructed VBD hypothetical JJ organisms NNS from IN the DT Burgess NNP fossils NNS in IN such PDT a DT way NN that IN they PRP could MD be VB shoehorned VBN into IN familiar JJ categories NNS . . It PRP was VBD not RB until IN the DT early JJ 1970s CD that IN Cambridge NNP Prof. NNP Harry NNP Whittington NNP and CC two CD sharp JJ graduate JJ students NNS began VBD to TO publish VB a DT reinterpretation NN of IN the DT Burgess NNP Shale NNP . . By IN making VBG clever JJ inferences NNS about IN how WRB the DT squashed JJ and CC distorted JJ fossil NN remains NNS corresponded VBD to TO three-dimensional JJ structures NNS , , this DT trio NN was VBD able JJ to TO piece VB together RB a DT series NN of IN wondrous JJ beasties NNS quite RB unlike IN anything NN currently RB on IN the DT planet NN . . One CD was VBD so RB fantastic JJ in IN appearance NN , , it PRP was VBD dubbed VBN Hallucigenia NNP . . Would MD that IN Mr. NNP Gould NNP 's POS minute JJ descriptions NNS of IN these DT creatures NNS was VBD always RB so RB colorful JJ . . A DT good JJ deal NN of IN the DT book NN is VBZ boring JJ , , particularly RB the DT endless JJ allusions NNS to TO high JJ and CC pop JJ culture NN and CC the DT frequent JJ jokes NNS festooning VBG the DT text NN . . These DT turns NNS do VBP not RB provide VB sufficient JJ relief NN from IN sentences NNS like IN , , `` `` Most JJS modern JJ chelicerates NNS have VBP six CD uniramous JJ appendages NNS on IN the DT prosoma NN . . '' '' Interest NN picks VBZ up RP , , though RB , , when WRB Mr. NNP Gould NNP gets VBZ around RB to TO discussing VBG the DT meaning NN of IN the DT Burgess NNP oddities NNS for IN the DT theory NN of IN evolution NN . . Not RB long RB after IN the DT appearance NN of IN life NN , , evidently RB , , there EX was VBD an DT explosive JJ proliferation NN in IN the DT number NN of IN animal NN designs NNS seen VBN on IN the DT earth NN . . The DT vast JJ majority NN of IN them PRP , , however RB , , were VBD wiped VBN out RP by IN a DT succession NN of IN environmental JJ upheavals NNS that WDT were VBD too RB sudden JJ and CC catastrophic JJ for IN the DT normal JJ rules NNS of IN natural JJ selection NN to TO operate VB . . Consequently RB , , the DT winnowing NN process NN was VBD like IN a DT lottery NN `` `` in IN which WDT each DT group NN { ( held VBD } ) a DT ticket NN unrelated JJ to TO its PRP$ anatomical JJ virtues NNS . . '' '' So RB much JJ for IN survival NN of IN the DT fittest JJS . . So RB much JJ , , too RB , , for IN the DT notion NN that IN we PRP humans NNS triumphed VBD in IN the DT Darwinian JJ struggle NN by IN evolving VBG big JJ brains NNS . . Our PRP$ mammalian JJ forerunners NNS lucked VBD out RP through IN the DT extraterrestrial JJ impact NN that WDT did VBD in RP the DT dinosaurs NNS because IN they PRP were VBD small JJ , , not RB smart JJ . . If IN anyone NN has VBZ difficulty NN imagining VBG a DT world NN in IN which WDT history NN went VBD merrily RB on RB without IN us PRP , , Mr. NNP Gould NNP sketches VBZ several JJ . . In IN one CD , , birds NNS are VBP the DT dominant JJ carnivores NNS ; : in IN another DT the DT seas NNS abound VBP with IN `` `` little JJ penises NNS . . '' '' Back RB when WRB the DT Burgess NNP fauna NNS were VBD flourishing VBG , , it PRP seems VBZ , , human JJ evolutionary JJ hopes NNS hung VBD on IN the DT survival NN of IN a DT little JJ worm NN with IN a DT backbone NN called VBN Pikaia NNP . . Mr. NNP Gould NNP finds VBZ this DT oddly RB exhilarating JJ ; : like IN an DT existentialist NN of IN old JJ , , he PRP views VBZ our PRP$ contingency NN as IN `` `` a DT source NN of IN both DT freedom NN and CC consequent JJ moral JJ responsibility NN . . '' '' I PRP , , by IN contrast NN , , can MD not RB help VB feeling NN that IN if IN some DT other JJ curiosity NN from IN the DT Burgess NNP Shale NNP had VBD survived VBN instead RB , , beings NNS at IN once RB wiser JJR and CC less RBR boorish JJ than IN Homo NN sapiens JJ might MD have VB eventually RB gained VBN earthly JJ dominion NN . . But CC even RB if IN no DT conscious JJ life NN had VBD evolved VBN here RB at IN all DT , , the DT universe NN is VBZ a DT big JJ place NN , , and CC given VBN the DT right JJ conditions NNS , , sympathetic JJ to TO creating VBG some DT form NN of IN life NN . . Surely RB at IN some DT other JJ cosmic JJ address NN a DT Gouldoid JJ creature NN would MD have VB risen VBN out IN of IN the DT ooze NN to TO explain VB why WRB , , paleontologically RB speaking VBG , , `` `` it PRP is VBZ , , indeed RB , , a DT wonderful JJ life NN . . '' '' Mr. NNP Holt NNP is VBZ a DT columnist NN for IN the DT Literary NNP Review NNP in IN London NNP . . The DT Justice NNP Department NNP scrambled VBD to TO play VB down RP the DT significance NN of IN its PRP$ new JJ guidelines NNS concerning VBG prosecutions NNS under IN the DT federal JJ racketeering NN law NN . . The DT guidelines NNS were VBD distributed VBN to TO U.S. NNP attorneys NNS last JJ summer NN but CC were VBD disclosed VBN for IN the DT first JJ time NN by IN press NN reports NNS this DT week NN . . They PRP discourage VBP prosecutors NNS , , under IN certain JJ circumstances NNS , , from IN seeking VBG court NN orders NNS seizing VBG the DT assets NNS of IN racketeering NN defendants NNS prior RB to TO trial NN . . But CC David NNP Runkel NNP , , chief JJ Justice NNP Department NNP spokesman NN , , said VBD the DT guidelines NNS `` `` are VBP a DT codification NN and CC a DT clarification NN far RB more RBR than IN a DT new JJ direction NN . . '' '' Use NNP of IN the DT Racketeer NNP Influenced NNP and CC Corrupt NNP Organizations NNP law NN against IN white-collar JJ defendants NNS , , as IN opposed VBN to TO alleged JJ organized-crime NN figures NNS , , has VBZ come VBN under IN attack NN from IN some DT defense NN lawyers NNS and CC legal JJ scholars NNS . . Critics NNS have VBP complained VBN that IN the DT law NN unfairly RB strips VBZ defendants NNS of IN assets NNS before IN a DT jury NN determines VBZ they PRP have VBP committed VBN a DT crime NN and CC that IN aggressive JJ use NN of IN the DT forfeiture NN provisions NNS can MD ruin VB corporate JJ defendants NNS or CC force VB them PRP into IN unfavorable JJ plea NN bargains NNS . . In IN the DT new JJ guidelines NNS , , the DT Justice NNP Department NNP says VBZ that IN in IN attempting VBG to TO freeze VB disputed JJ assets NNS before IN trial NN , , `` `` the DT government NN will MD not RB seek VB to TO disrupt VB the DT normal JJ , , legitimate JJ business NN activities NNS of IN the DT defendant NN '' '' and CC `` `` will MD not RB seek VB ... : to TO take VB from IN third JJ parties NNS assets NNS legitimately RB transferred VBN to TO them PRP . . '' '' The DT guidelines NNS also RB state VBP , , `` `` The DT government NN 's POS policy NN is VBZ not RB to TO seek VB the DT fullest JJS forfeiture NN permissible JJ under IN the DT law NN where WRB that DT forfeiture NN would MD be VB disproportionate JJ to TO the DT defendant NN 's POS crime NN . . '' '' Another DT provision NN clarifies VBZ certain JJ limits NNS on IN when WRB prosecutors NNS may MD use VB tax-fraud NN charges NNS as IN a DT basis NN for IN bringing VBG a DT racketeering NN case NN . . Mr. NNP Runkel NNP declined VBD to TO speculate VB on IN whether IN the DT guidelines NNS would MD curb VB racketeering NN prosecutions NNS against IN corporate JJ defendants NNS . . `` `` The DT impact NN , , if IN there EX is VBZ any DT , , will MD be VB impossible JJ to TO judge VB ahead RB of IN time NN because IN the DT decision NN whether IN to TO use VB { ( racketeering NN charges NNS } ) is VBZ made VBN in IN individual JJ cases NNS '' '' by IN Justice NNP Department NNP officials NNS in IN Washington NNP , , he PRP said VBD . . In IN a DT memorandum NN describing VBG the DT guidelines NNS , , Assistant NNP Attorney NNP General NNP Edward NNP Dennis NNP Jr. NNP said VBD that IN government NN efforts NNS to TO freeze VB defendants NNS ' POS assets NNS pending VBG racketeering NN prosecutions NNS `` `` have VBP been VBN the DT subject NN of IN considerable JJ criticism NN in IN the DT press NN . . '' '' But CC Mr. NNP Runkel NNP said VBD the DT government NN is VBZ n't RB `` `` backing VBG off RP on IN these DT kinds NNS of IN matters NNS at IN all DT . . California NNP legislators NNS , , searching VBG for IN ways NNS to TO pay VB for IN the DT $ $ 4 CD billion CD to TO $ $ 6 CD billion CD in IN damages NNS from IN last JJ week NN 's POS earthquake NN , , are VBP laying VBG the DT groundwork NN for IN a DT temporary JJ increase NN in IN the DT state NN 's POS sales NNS tax NN . . The DT talk NN of IN a DT sales NNS tax NN rise NN follows VBZ a DT rebuff NN from IN Congress NNP on IN the DT question NN of IN how WRB much JJ the DT federal JJ government NN is VBZ willing JJ to TO spend VB to TO aid NN in IN California NNP 's POS earthquake NN relief NN efforts NNS . . The DT state NN had VBD sought VBN as RB much JJ as IN $ $ 4.1 CD billion CD in IN relief NN , , but CC yesterday NN the DT House NNP approved VBD a DT more RBR general JJ scaled-back JJ measure NN calling VBG for IN $ $ 2.85 CD billion CD in IN aid NN , , the DT bulk NN of IN which WDT would MD go VB to TO California NNP , , with IN an DT unspecified JJ amount NN going VBG to TO regions NNS affected VBN by IN Hurricane NNP Hugo NNP . . That DT leaves VBZ the DT state NN roughly RB $ $ 2 CD billion CD to TO $ $ 4 CD billion CD short JJ . . A DT sales NNS tax NN increase NN appears VBZ to TO be VB the DT fastest JJS and CC easiest JJS to TO raise VB funds NNS in IN a DT hurry NN . . According VBG to TO the DT state NN department NN of IN finance NN , , a DT one-penny JJ increase NN in IN the DT state NN 's POS six-cent JJ per IN dollar NN sales NNS tax NN could MD raise VB $ $ 3 CD billion CD . . Willie NNP Brown NNP , , speaker NN of IN California NNP 's POS Assembly NN , , said VBD that IN Gov. NNP George NNP Deukmejian NNP has VBZ agreed VBN to TO schedule VB a DT special JJ session NN of IN the DT legislature NN within IN two CD weeks NNS . . California NNP 's POS so-called JJ Gann NNP limit NN effectively RB prevents VBZ the DT state NN from IN spending VBG new JJ tax NN money NN and CC so RB drastically RB limits VBZ its PRP$ options NNS in IN an DT emergency NN . . Both CC Mr. NNP Brown NNP , , the DT state NN 's VBZ most RBS influential JJ legislator NN , , and CC Gov. NNP Deukmejian NNP favor VBP a DT temporary JJ sales NNS tax NN increase NN -- : should MD more JJR money NN be VB needed VBN than IN the DT state NN can MD raise VB from IN existing JJ sources NNS and CC the DT federal JJ government NN . . According VBG to TO a DT spokesman NN , , the DT governor NN is VBZ also RB studying VBG the DT possibility NN of IN raising VBG state NN gasoline NN taxes NNS . . Mr. NNP Brown NNP , , meanwhile RB , , believes VBZ `` `` only RB one CD tax NN will MD be VB feasible JJ , , and CC it PRP will MD be VB a DT one-penny JJ sales NNS tax NN increase NN , , '' '' said VBD Chuck NNP Dalldorf NNP , , an DT aide NN . . One CD immediate JJ source NN of IN money NN is VBZ an DT emergency NN fund NN set VBD up RP by IN Gov. NNP Deukmejian NNP . . The DT fund NN has VBZ about RB $ $ 1 CD billion CD and CC is VBZ set VBN up RP to TO handle VB `` `` precisely RB the DT kind NN of IN emergency NN '' '' the DT state NN faces VBZ , , said VBD Tom NNP Beermann NNP , , the DT Governor NNP 's POS deputy JJ press NN secretary NN . . But CC the DT fund NN 's POS size NN is VBZ disputed VBN by IN Mr. NNP Brown NNP 's POS office NN , , which WDT estimates VBZ the DT fund NN holds VBZ from IN $ $ 630 CD million CD to TO $ $ 800 CD million CD . . Moreover RB , , an DT aide NN to TO Mr. NNP Brown NNP said VBD Gov. NNP Deukmejian NNP `` `` has VBZ expressed VBN a DT desire NN not RB to TO spend VB all PDT the DT reserve NN on IN this DT . . '' '' To TO push VB through RP a DT sales NNS tax NN increase NN , , however RB , , the DT state NN will MD have VB to TO suspend VB the DT Gann NNP limit NN , , citing VBG an DT emergency NN . . And CC then RB it PRP will MD be VB required VBN to TO lower VB taxes NNS by IN a DT corresponding JJ amount NN during IN a DT three-year JJ period NN after IN the DT temporary JJ tax NN increase NN ends VBZ , , said VBD Cindy NNP Katz NNP , , assistant JJ director NN of IN the DT state NN department NN of IN finance NN . . A DT sales NNS tax NN increase NN would MD require VB two-thirds NNS approval NN in IN both DT houses NNS of IN the DT state NN 's POS legislature NN . . But CC observers NNS expect VBP broad JJ support NN . . `` `` If IN there EX 's VBZ an DT emergency NN and CC there EX are VBP n't RB sufficient JJ funds NNS from IN elsewhere RB , , I PRP think VBP the DT attitude NN will MD be VB supportive JJ , , '' '' said VBD Kirk NNP West NNP , , president NN of IN the DT California NNP Chamber NNP of IN Commerce NNP . . But CC others NNS think VBP property NN owners NNS ought MD to TO pay VB a DT higher JJR portion NN of IN the DT state NN 's POS earthquake NN relief NN tab NN . . Since IN the DT late JJ 1970s NNS , , California NNP property NN owners NNS have VBP benefited VBN from IN a DT tax NN rollback NN as IN a DT result NN of IN a DT state NN ballot NN initiative NN known VBN as IN Proposition NNP 13 CD . . The DT state NN could MD also RB increase VB gasoline NN taxes NNS ; : every DT one CD penny NN increase NN in IN the DT tax NN would MD yield VB $ $ 11 CD million CD a DT month NN . . But CC Gov. NNP Deukmejian NNP and CC others NNS are VBP reluctant JJ to TO do VB anything NN to TO harm VB the DT state NN 's POS chances NNS of IN sharply RB raising VBG gasoline NN taxes NNS on IN a DT permanent JJ basis NN . . To TO raise VB more JJR highway NN funds NNS , , a DT measure NN to TO double VB the DT state NN 's POS nine-cent JJ a DT gallon NN tax NN over IN five CD years NNS is VBZ set VBN to TO appear VB on IN the DT state NN 's POS June NNP election NN ballot NN . . But CC some DT fear VBP imposing VBG a DT temporary JJ gasoline NN tax NN increase NN in IN the DT meantime NN could MD undercut VB support NN among IN voters NNS for IN the DT measure NN . . Not RB everyone NN is VBZ convinced VBN the DT state NN must MD raise VB new JJ revenue NN to TO meet VB its PRP$ earthquake NN needs NNS . . `` `` It PRP 's VBZ possible JJ , , though IN not RB probable JJ , , '' '' that IN the DT state NN could MD get VB by RP with IN its PRP$ existing JJ resources NNS and CC federal JJ help NN , , said VBD Quentin NNP Kopp NNP , , chairman NN of IN the DT state NN senate NN 's POS transportation NN committee NN . . Separately RB , , two CD men NNS injured VBN in IN last JJ week NN 's POS earthquake-triggered JJ freeway NN collapse NN in IN Oakland NNP began VBD a DT legal JJ battle NN against IN the DT state NN over IN whether IN officials NNS adequately RB heeded VBD warnings NNS about IN the DT structure NN 's POS safety NN . . The DT claims NNS , , which WDT were VBD filed VBN with IN the DT State NNP Board NNP of IN Control NNP but CC will MD probably RB end VB up RP in IN court NN , , are VBP the DT first RB arising VBG out IN of IN the DT collapse NN of IN the DT so-called JJ Cypress NNP structure NN viaduct NN . . The DT men NNS can MD defeat VB immunities NNS that IN states NNS often RB assert VBP in IN court NN by IN showing VBG that IN officials NNS knew VBD or CC should MD have VB known VBN that DT design NN of IN the DT structure NN was VBD defective JJ and CC that IN they PRP failed VBD to TO make VB reasonable JJ changes NNS . . A DT Board NNP of IN Control NNP spokesman NN said VBD the DT board NN had VBD not RB seen VBN the DT claim NN and CC declined VBD to TO comment VB . . The DT following JJ were VBD among IN yesterday NN 's POS offerings NNS and CC pricings NNS in IN the DT U.S. NNP and CC non-U.S. JJ capital NN markets NNS , , with IN terms NNS and CC syndicate NN manager NN , , as IN compiled VBN by IN Dow NNP Jones NNP Capital NNP Markets NNP Report NNP : : Exxon NNP Capital NNP Corp. NNP -- : $ $ 200 CD million CD of IN 8 CD 1\/4 CD % NN notes NNS due JJ Nov. NNP 1 CD , , 1999 CD , , priced VBN at IN 99.60 CD to TO yield VB 8.31 CD % NN . . The DT notes NNS , , which WDT are VBP noncallable JJ , , were VBD priced VBN at IN a DT spread NN of IN 45 CD basis NN points NNS above IN the DT Treasury NNP 's POS 10-year JJ note NN . . Rated VBN triple-A JJ by IN both DT Moody NNP 's POS Investors NNP Service NNP Inc. NNP and CC Standard NNP & CC Poor NNP 's POS Corp. NNP , , the DT issue NN will MD be VB sold VBN through IN Salomon NNP Brothers NNP Inc NNP . . Citicorp NNP -- : $ $ 200 CD million CD of IN 8 CD 3\/4 CD % NN notes NNS due JJ Nov. NNP 1 CD , , 1996 CD , , priced VBN at IN 99.64 CD to TO yield VB 8.82 CD % NN . . The DT noncallable JJ issue NN was VBD priced VBN at IN a DT spread NN of IN 98 CD basis NN points NNS above IN the DT Treasury NNP 's POS seven-year JJ note NN . . Rated VBN single-A-1 JJ by IN Moody NNP 's POS and CC double-A JJ by IN S&P NNP , , the DT issue NN will MD be VB sold VBN through IN Salomon NNP Brothers NNP . . Boatmen NNP 's POS Bancshares NNP Inc. NNP -- : $ $ 150 CD million CD of IN 9 CD 1\/4 CD % NN subordinated VBN notes NNS due JJ Nov. NNP 1 CD , , 2001 CD , , priced VBN at IN 99.821 CD to TO yield VB 9.275 CD % NN . . The DT noncallable JJ issue NN was VBD priced VBN at IN a DT spread NN of IN 140 CD basis NN points NNS above IN the DT Treasury NNP 's POS 10-year JJ note NN . . Rated VBN single-A-3 JJ by IN Moody NNP 's POS and CC single-A-minus JJ by IN S&P NNP , , the DT issue NN will MD be VB sold VBN through IN underwriters NNS led VBN by IN Morgan NNP Stanley NNP & CC Co NNP . . Xerox NNP Corp. NNP -- : $ $ 150 CD million CD of IN 8 CD 3\/4 CD % NN notes NNS due JJ Nov. NNP 1 CD , , 1995 CD , , priced VBN at IN 99.555 CD to TO yield VB 8.85 CD % NN . . The DT noncallable JJ issue NN was VBD priced VBN to TO yield VB 105 CD basis NN points NNS above IN the DT Treasury NNP 's POS fiveyear JJ note NN . . Rated VBN single-A-2 JJ by IN Moody NNP 's POS and CC single-A-plus JJ by IN S&P NNP , , the DT issue NN will MD be VB sold VBN through IN underwriters NNS led VBN by IN Salomon NNP Brothers NNP . . American NNP General NNP Finance NNP Corp. NNP -- : $ $ 150 CD million CD of IN 8.45 CD % NN notes NNS due JJ Oct. NNP 15 CD , , 2009 CD , , through IN Bear NNP , , Stearns NNP & CC Co. NNP , , being VBG offered VBN at IN a DT price NN of IN 99.661 CD to TO yield VB 8.50 CD % NN . . The DT noncallable JJ issue NN , , which WDT has VBZ a DT one-time JJ put NN Oct. NNP 15 CD , , 1999 CD , , was VBD priced VBN at IN a DT spread NN of IN 66 CD basis NN points NNS above IN the DT Treasury NNP 's POS 10-year JJ note NN . . The DT issue NN is VBZ rated VBN single-A-1 JJ by IN Moody NNP 's POS and CC single-A-plus JJ by IN S&P NNP . . Baltimore NNP Gas NNP & CC Electric NNP Co. NNP -- : $ $ 100 CD million CD of IN first JJ and CC refunding JJ mortgage NN bonds NNS , , due JJ Oct. NNP 15 CD , , 1999 CD , , through IN Shearson NNP Lehman NNP Hutton NNP Inc. NNP , , offered VBN at IN par NN to TO yield VB 8.40 CD % NN . . The DT noncallable JJ issue NN is VBZ rated VBN double-A-3 JJ by IN Moody NNP 's POS and CC double-A-minus JJ by IN S&P NNP . . It PRP was VBD priced VBN at IN a DT spread NN of IN 55 CD basis NN points NNS above IN the DT Treasury NNP 's POS 10-year JJ note NN . . Massachusetts NNP -- : $ $ 230 CD million CD of IN general JJ obligation NN bonds NNS , , consolidated JJ loan NN of IN 1989 CD , , Series NNP D NNP , , due JJ 1990-2009 CD , , through IN a DT Goldman NNP , , Sachs NNP & CC Co. NNP group NN . . The DT insured JJ bonds NNS , , rated VBN triple-A JJ by IN Moody NNP 's POS and CC S&P NN , , were VBD priced VBN to TO yield VB from IN 6.00 CD % NN in IN 1990 CD to TO 7.20 CD % NN in IN 2009 CD . . Broward NNP County NNP School NNP District NNP , , Fla. NNP -- : $ $ 185 CD million CD of IN school NN district NN general JJ obligation NN bonds NNS , , Series NNP 1989 CD , , due JJ 1991-1999 CD and CC 2008 CD , , tentatively RB priced VBN by IN a DT First NNP Boston NNP Corp. NNP group NN to TO yield VB from IN 6.20 CD % NN in IN 1991 CD to TO 7.30 CD % NN in IN 2008 CD . . There EX are VBP $ $ 120.7 CD million CD of IN 7 CD 1\/8 CD % NN term NN bonds NNS due JJ 2008 CD , , priced VBN to TO yield VB 7.30 CD % NN . . Serial JJ bonds NNS are VBP priced VBN to TO yield VB to TO 7 CD % NN in IN 1999 CD . . The DT bonds NNS are VBP rated VBN single-A-1 JJ by IN Moody NNP 's POS and CC double-A-minus JJ by IN S&P NNP . . Culver NNP City NNP Redevelopment NNP Financing NNP Authority NNP , , Calif. NNP -- : $ $ 145 CD million CD of IN revenue NN bonds NNS , , Series NNP 1989 CD , , tentatively RB priced VBN by IN a DT Stone NNP & CC Youngberg NNP group NN . . The DT issue NN includes VBZ $ $ 100 CD million CD of IN insured JJ senior JJ lien NN bonds NNS . . These DT consist VBP of IN current JJ interest NN bonds NNS due JJ 1990-2002 CD , , 2010 CD and CC 2015 CD , , and CC capital NN appreciation NN bonds NNS due JJ 2003 CD and CC 2004 CD , , tentatively RB priced VBN to TO yield VB from IN 5.75 CD % NN in IN 1990 CD to TO 7.14 CD % NN in IN 2010 CD . . Bonds NNS due JJ 2003 CD , , 2004 CD and CC 2015 CD are VBP n't RB being VBG formally RB reoffered VBN . . There EX are VBP also RB $ $ 40 CD million CD of IN uninsured JJ subordinate JJ lien NN bonds NNS , , due JJ Dec. NNP 1 CD , , 2008 CD , , and CC Dec. NNP 1 CD , , 2015 CD . . There EX are VBP $ $ 15,015,000 CD of IN 7 CD 1\/2 CD % NN bonds NNS priced VBN at IN par NN and CC due JJ 2008 CD and CC $ $ 24,985,000 CD of IN 7.6 CD % NN bonds NNS priced VBN at IN par NN and CC due JJ 2015 CD . . The DT insured JJ bonds NNS are VBP rated VBN triple-A JJ by IN Moody NNP 's POS and CC S&P NNP . . The DT uninsured JJ subordinate JJ lien NN bonds NNS are VBP n't RB rated VBN , , according VBG to TO the DT lead JJ underwriter NN . . West NNP Virginia NNP Parkways NNP , , Economic NNP Development NNP and CC Tourism NNP Authority NNP -- : $ $ 143 CD million CD of IN parkway NN revenue NN bonds NNS , , Series NN 1989 CD , , with IN current JJ interest NN bonds NNS due JJ 1990-2002 CD and CC 2019 CD and CC capital NN appreciation NN bonds NNS due JJ 2003-2008 CD , , tentatively RB priced VBN by IN a DT PaineWebber NNP Inc. NNP group NN to TO yield VB from IN 6 CD % NN in IN 1990 CD to TO 7.31 CD % NN in IN 2019 CD . . There EX are VBP $ $ 86,525,000 CD of IN 7 CD 1\/8 CD % NN bonds NNS priced VBN at IN 97 CD 3\/4 CD to TO yield VB 7.31 CD % NN in IN 2019 CD . . Current JJ interest NN serial NN bonds NNS are VBP tentatively RB priced VBN to TO yield VB to TO 7.05 CD % NN in IN 2002 CD . . Capital NN appreciation NN bonds NNS are VBP priced VBN to TO yield VB to TO maturity NN from IN 7.10 CD % NN in IN 2003 CD to TO 7.25 CD % NN in IN 2007 CD and CC 2008 CD . . The DT bonds NNS are VBP insured VBN and CC rated VBN triple-A JJ by IN Moody NNP 's POS and CC S&P NNP . . Connecticut NNP Housing NNP Finance NNP Authority NNP -- : $ $ 132.8 CD million CD of IN housing NN mortgage NN revenue NN bonds NNS priced VBN by IN a DT PaineWebber NNP Inc. NNP group NN . . The DT $ $ 82.8 CD million CD of IN Series NNP B NNP bonds NNS , , which WDT are VBP n't RB subject JJ to TO the DT alternative JJ minimum JJ tax NN , , were VBD priced VBN at IN par NN to TO yield VB from IN 6.85 CD % NN in IN 2000 CD to TO 7.20 CD % NN in IN 2009 CD . . Meanwhile RB , , the DT $ $ 50 CD million CD of IN Series NNP C NNP bonds NNS , , which WDT are VBP suject JJ to TO the DT alternative JJ minimum JJ tax NN , , were VBD priced VBN at IN par NN to TO yield VB from IN 6.25 CD % NN in IN 1990 CD to TO 7.10 CD % NN to TO 2000 CD . . The DT issue NN is VBZ expected VBN to TO receive VB a DT double-A JJ rating NN from IN Moody NNP 's POS , , the DT underwriter NN said VBD . . An DT S&P NNP rating NN of IN double-A-plus JJ has VBZ already RB been VBN confirmed VBN . . Montgomery NNP County NNP , , Md. NNP -- : $ $ 75 CD million CD of IN general JJ obligation NN , , Series NNP B NNP , , consolidated JJ public JJ improvement NN bonds NNS of IN 1989 CD , , through IN a DT Manufacturers NNP Hanover NNP Trust NNP Co. NNP group NN . . The DT bonds NNS , , rated VBN triple-A JJ by IN Moody NNP 's POS and CC S&P NNP , , were VBD priced VBN to TO yield VB from IN 5.75 CD % NN in IN 1990 CD to TO 6.90 CD % NN in IN 2006 CD to TO 2009 CD . . Federal NNP Home NNP Loan NNP Mortgage NNP Corp. NNP -- : $ $ 500 CD million CD of IN Remic NNP mortgage NN securities NNS being VBG offered VBN by IN Prudential-Bache NNP Capital NNP Funding NNP Inc NNP . . There EX were VBD no DT details NNS available JJ on IN the DT pricing NN of IN the DT issue NN , , Freddie NNP Mac NNP 's POS Series NNP 108 CD . . The DT issue NN is VBZ backed VBN by IN Freddie NNP Mac NNP 8 CD 1\/2 CD % NN securities NNS . . Hanwa NNP Co NNP . . ( ( Japan NNP ) ) -- : Two-part JJ , , $ $ 800 CD million CD issue NN of IN bonds NNS due JJ Nov. NNP 9 CD , , 1994 CD , , with IN equity-purchase JJ warrants NNS , , indicating VBG a DT 4 CD 3\/8 CD % NN coupon NN at IN par NN . . European JJ portion NN of IN $ $ 700 CD million CD via IN Yamaichi NNP International NNP Europe NNP Ltd NNP . . Asian JJ portion NN of IN $ $ 100 CD million CD via IN Yamatane NNP Securities NNP Europe NNP Ltd NNP . . Each DT $ $ 5,000 CD bond NN carries VBZ one CD warrant NN , , exercisable JJ from IN Nov. NNP 28 CD , , 1989 CD , , through IN Oct. NNP 26 CD , , 1994 CD , , to TO buy VB shares NNS at IN an DT expected JJ premium NN of IN 2 CD 1\/2 CD % NN to TO the DT closing NN share NN price NN when WRB terms NNS are VBP fixed VBN Oct. NNP 26 CD . . Japan NNP Storage NNP Battery NNP Co. NNP -- : $ $ 100 CD million CD of IN bonds NNS due JJ Nov. NNP 9 CD , , 1993 CD , , with IN equity-purchase JJ warrants NNS , , indicating VBG a DT 3 CD 7\/8 CD % NN coupon NN at IN par NN via IN Nikko NNP Securities NNP Co NNP . . ( ( Europe NNP ) ) Ltd NNP . . Guaranteed VBN by IN Mitsubishi NNP Bank NNP Ltd NNP . . Each DT $ $ 5,000 CD bond NN carries VBZ one CD warrant NN , , exercisable JJ from IN Nov. NNP 27 CD , , 1989 CD , , through IN Oct. NNP 26 CD , , 1993 CD , , to TO buy VB shares NNS at IN an DT expected JJ premium NN of IN 2 CD 1\/2 CD % NN to TO the DT closing NN share NN price NN when WRB terms NNS are VBP fixed VBN Nov. NNP 1 CD . . Sanraku NNP Inc NNP . . ( ( Japan NNP ) ) -- : $ $ 100 CD million CD of IN bonds NNS due JJ Nov. NNP 9 CD , , 1993 CD , , with IN equity-purchase JJ warrants NNS , , indicating VBG a DT 3 CD 7\/8 CD % NN coupon NN at IN par NN , , via IN Nomura NNP International NNP . . Guaranteed VBN by IN Dai-Ichi NNP Kangyo NNP Bank NNP Ltd NNP . . Each DT $ $ 5,000 CD bond NN carries VBZ one CD warrant NN , , exercisable JJ from IN Nov. NNP 21 CD , , 1989 CD , , through IN Oct. NNP 19 CD , , 1993 CD , , to TO buy VB shares NNS at IN an DT expected JJ premium NN of IN 2 CD 1\/2 CD % NN to TO the DT closing NN share NN price NN when WRB terms NNS are VBP fixed VBN Oct. NNP 31 CD . . Nippon NNP Signal NNP Co NNP . . ( ( Japan NNP ) ) -- : 80 CD million CD marks NNS of IN bonds NNS with IN equity-purchase JJ warrants NNS , , indicating VBG a DT 1 CD 1\/2 CD % NN coupon NN , , due JJ Nov. NNP 9 CD , , 1994 CD , , and CC priced VBN at IN par NN , , via IN Commerzbank NNP . . Guaranteed VBN by IN Fuji NNP Bank NNP . . Each DT 5,000 CD mark NN bond NN carries VBZ one CD warrant NN and CC one CD certificate NN for IN four CD warrants NNS , , exercisable JJ from IN Dec. NNP 18 CD , , 1989 CD , , to TO Oct. NNP 26 CD , , 1994 CD , , to TO buy VB shares NNS at IN an DT expected JJ premium NN of IN 2 CD 1\/2 CD % NN above IN the DT closing NN share NN price NN when WRB prices NNS are VBP fixed VBN Oct. NNP 30 CD . . Miyoshi NNP Oil NNP & CC Fat NNP Co NNP . . ( ( Japan NNP ) ) -- : 120 CD million CD Swiss NNP francs NNS of IN privately RB placed VBN convertible JJ notes NNS due JJ Dec. NNP 31 CD , , 1993 CD , , with IN a DT fixed JJ 0.25 CD % NN coupon NN at IN par NN , , via IN Union NNP Bank NNP of IN Switzerland NNP . . Put NN option NN on IN Dec. NNP 31 CD , , 1991 CD , , at IN a DT fixed JJ 107 CD to TO yield VB 3.43 CD % NN . . Each DT 50,000 CD Swiss JJ franc NN bond NN convertible NN from IN Nov. NNP 28 CD , , 1989 CD , , to TO Dec. NNP 20 CD , , 1993 CD , , at IN a DT 5 CD % NN premium NN over IN closing NN share NN price NN Oct. NNP 30 CD , , when WRB terms NNS are VBP scheduled VBN to TO be VB fixed VBN . . Fokker NNP N.V NNP . . ( ( Netherlands NNPS ) ) -- : 150 CD million CD Swiss JJ francs NNS of IN convertible JJ bonds NNS due JJ Nov. NNP 15 CD , , 1997 CD , , with IN a DT fixed JJ 4 CD % NN coupon NN at IN par NN via IN Union NNP Bank NNP of IN Switzerland NNP . . Each DT 5,000 CD Swiss JJ franc NN bond NN convertible JJ from IN Jan. NNP 3 CD , , 1989 CD , , to TO Oct. NNP 31 CD , , 1997 CD . . Fees NNS 2 CD 1\/8 CD . . Sapporo NNP Lion NNP Ltd NNP . . ( ( Japan NNP ) ) -- : 50 CD million CD Swiss NNP francs NNS of IN privately RB placed VBN convertible JJ notes NNS due JJ Dec. NNP 31 CD , , 1994 CD , , with IN a DT 0.25 CD % NN coupon NN at IN par NN , , via IN Yamaichi NNP Bank NNP ( ( Switzerland NNP ) ) . . Put NN option NN on IN Dec. NNP 31 CD , , 1991 CD , , at IN an DT indicated JJ 107 CD 7\/8 CD to TO yield VB 3.84 CD % NN . . Each DT 50,000 CD Swiss JJ franc NN note NN convertible JJ from IN Dec. NNP 1 CD , , 1989 CD , , to TO Dec. NNP 16 CD , , 1994 CD , , at IN 5 CD % NN premium NN over IN the DT closing NN share NN price NN Oct. NNP 26 CD , , when WRB terms NNS are VBP scheduled VBN to TO be VB fixed VBN . . Credit NNP Local NNP de FW France NNP -- : 100 CD million CD Swiss JJ francs NNS of IN 6 CD % NN , , privately RB placed VBN notes NNS due JJ Dec. NNP 1 CD , , 1996 CD , , priced VBN at IN 100 CD 1\/2 CD to TO yield VB 5.91 CD % NN , , via IN Swiss NNP Bank NNP Corp NNP . . People NNS start VBP their PRP$ own JJ businesses NNS for IN many JJ reasons NNS . . But CC a DT chance NN to TO fill VB out RP sales-tax NN records NNS is VBZ rarely RB one NN of IN them PRP . . Red JJ tape NN is VBZ the DT bugaboo NN of IN small JJ business NN . . Ironically RB , , the DT person NN who WP wants VBZ to TO run VB his PRP$ or CC her PRP$ own JJ business NN is VBZ probably RB the DT active JJ , , results-oriented JJ sort NN most RBS likely JJ to TO hate VB meeting VBG the DT rules NNS and CC record-keeping NN demands NNS of IN federal JJ , , state NN and CC local JJ regulators NNS . . Yet CC every DT business NN owner NN has VBZ to TO face VB the DT mound NN of IN forms NNS and CC regulations NNS -- : and CC often RB is VBZ the DT only RB one NN available JJ to TO tackle VB it PRP . . There EX is VBZ hope NN of IN change NN . . Last JJ week NN , , Sen. NNP Malcolm NNP Wallop NNP ( ( R. NNP , , Wyo NNP . . ) ) held VBD hearings NNS on IN a DT bill NN to TO strengthen VB an DT existing JJ law NN designed VBN to TO reduce VB regulatory JJ hassles NNS for IN small JJ businesses NNS . . `` `` A DT great JJ many JJ federal JJ regulations NNS are VBP meant VBN for IN larger JJR entities NNS and CC do VBP n't RB really RB apply VB to TO small JJ businesses NNS , , '' '' says VBZ Marian NNP Jacob NNP , , a DT legislative JJ aide NN to TO Sen. NNP Wallop NNP . . Other JJ lawmakers NNS are VBP busy JJ trying VBG to TO revive VB the DT recently RB lapsed VBN Paperwork NNP Reduction NNP Act NNP , , which WDT many JJ feel NN benefited VBD small JJ enterprises NNS . . Thus RB , , optimistic JJ entrepreneurs NNS await VBP a DT promised JJ land NN of IN less JJR red JJ tape NN -- : just RB as RB soon RB as IN Uncle NNP Sam NNP gets VBZ around RB to TO arranging VBG it PRP . . Meanwhile RB , , they PRP tackle VBP the DT mounds NNS of IN paper NN -- : and CC fantasize VBP about IN a DT dream NN world NN where WRB bulk-mail NN postal JJ regulations NNS and CC government NN inspectors NNS are VBP banished VBN . . To TO find VB out RP what WP red JJ tape NN riles VBZ entrepreneurs NNS most RBS , , the DT Journal NNP asked VBD a DT completely RB unscientific JJ , , random JJ sample NN of IN business NN owners NNS to TO fantasize VB about IN the DT forms NNS and CC regulations NNS they PRP would MD most RBS like VB to TO get VB lost VBN in IN the DT mail NN . . Some DT entrepreneurs NNS say VBP the DT red JJ tape NN they PRP most RBS love VBP to TO hate VB is VBZ red JJ tape NN they PRP would MD also RB hate VB to TO lose VB . . They PRP concede VBP that IN much JJ of IN the DT government NN meddling NN that IN torments VBZ them PRP is VBZ essential JJ to TO the DT public JJ good NN , , and CC even RB to TO their PRP$ own JJ businesses NNS . . Rules NNS that WDT set VBP standards NNS for IN products NNS or CC govern VBP business NN behavior NN , , generally RB the DT best RBS regarded JJ form NN of IN red JJ tape NN , , `` `` create VBP a DT level JJ playing NN field NN and CC keep VBP unscrupulous JJ competitors NNS away RP , , '' '' says VBZ Sidney NNP West NNP , , president NN of IN TechDesign NNP International NNP Inc. NNP , , a DT Springfield NNP , , Va. NNP , , business NN that WDT designs VBZ telecommunication NN and CC other JJ products NNS . . Mr. NNP West NNP cites VBZ the DT Federal NNP Communications NNP Commission NNP and CC its PRP$ standards NNS for IN telecommunications NNS equipment NN : : `` `` They PRP monitor VBP product NN quality NN and CC prevent VBP junk NN from IN flooding VBG the DT market NN . . '' '' Some DT gripes NNS about IN red JJ tape NN are VBP predictable JJ : : Architects NNS complain VBP about IN a DT host NN of IN building NN regulations NNS , , auto NN leasing NN companies NNS about IN car NN insurance NN rules NNS . . Determining VBG when WRB handicapped JJ access NN is VBZ required VBN can MD be VB a DT nightmare NN for IN architects NNS , , says VBZ Mark NNP Dooling NNP , , president NN of IN Dooling NNP & CC Co. NNP , , a DT Newton NNP , , Mass. NNP , , architectural JJ firm NN . . There EX is VBZ such PDT a DT maze NN of IN federal JJ , , state NN and CC local JJ codes NNS that IN `` `` building NN inspectors NNS are VBP backing VBG away RB from IN interpreting VBG them PRP , , '' '' Mr. NNP Dooling NNP says VBZ . . Taxi NN , , leasing NN and CC other JJ companies NNS that WDT maintain VBP fleets NNS of IN vehicles NNS devote VBP substantial JJ resources NNS to TO complying VBG with IN state NN insurance NN laws NNS and CC a DT host NN of IN agencies NNS . . `` `` It PRP 's VBZ very RB costly JJ and CC time-consuming JJ , , '' '' says VBZ Phil NNP Rosen NNP , , a DT partner NN in IN Fleet NNP & CC Leasing NNP Management NNP Inc. NNP , , a DT Boston NNP car-leasing NN company NN . . One CD senior JJ executive NN at IN his PRP$ firm NN spends VBZ nearly RB 20 CD % NN of IN his PRP$ time NN on IN insurance NN , , he PRP says VBZ . . Other JJ forms NNS of IN red JJ tape NN are VBP more RBR pervasive JJ . . The DT most RBS onerous JJ , , many JJ entrepreneurs NNS say VBP , , is VBZ the DT record-keeping NN and CC filing NN required VBN by IN tax NN authorities NNS . . Complying VBG with IN environmental JJ and CC workplace JJ regulations NNS runs VBZ a DT close JJ second JJ . . But CC gripes NNS run VBP the DT gamut NN . . Here RB is VBZ the DT red JJ tape NN that IN irks VBZ surveyed VBN business NN owners NNS the DT most RBS : : ENVIRONMENTAL JJ REGULATIONS NNS : : Next RB to TO medical JJ insurance NN , , `` `` costs NNS of IN compliance NN '' '' are VBP the DT fastest-growing JJ expense NN at IN Impco NNP Inc. NNP , , a DT Providence NNP , , R.I. NNP , , chemical NN company NN . . Peter NNP Gebhard NNP , , the DT company NN 's POS owner NN , , says VBZ spending NN on IN regulatory JJ paper NN work NN and CC the DT people NNS to TO do VB it PRP -- : mostly RB to TO comply VB with IN federal JJ , , state NN and CC local JJ environmental JJ laws NNS -- : will MD rise VB almost RB 30 CD % NN this DT year NN to TO $ $ 100,000 CD . . Mr. NNP Gebhard NNP adds VBZ that IN spending NN on IN environmental JJ red JJ tape NN amounts VBZ to TO between IN 6.5 CD % NN and CC 7.5 CD % NN of IN Impco NNP 's POS total JJ operating NN expenses NNS . . Eastern NNP Reproduction NNP Corp. NNP , , a DT Waltham NNP , , Mass. NNP , , maker NN of IN thin JJ metal NN precision NN parts NNS , , must MD report VB to TO five CD federal JJ and CC state NN agencies NNS as RB well RB as IN to TO local JJ fire NN , , police NN , , hospital NN and CC plumbing NN authorities NNS , , says VBZ Robert NNP Maguire NNP , , president NN . . One CD state NN environmental JJ regulator NN returned VBD a DT report NN because IN `` `` it PRP was VBD n't RB heavy JJ enough RB , , it PRP could MD n't RB have VB been VBN correct JJ , , '' '' Mr. NNP Maguire NNP says VBZ . . WITHHOLDING NN RULES NNS : : Employers NNS must MD deposit VB withholding NN taxes NNS exceeding VBG $ $ 3,000 CD within IN three CD days NNS after IN payroll NN -- : or CC pay VB stiff JJ penalties NNS -- : and CC that DT 's VBZ a DT big JJ problem NN for IN small JJ businesses NNS . . It PRP 's VBZ especially RB nettlesome JJ `` `` if IN you PRP 're VBP on IN the DT road NN and CC you PRP 're VBP the DT one NN responsible JJ , , '' '' says VBZ Eddie NNP Brown NNP , , president NN of IN Brown NNP Capital NNP Management NNP Inc. NNP , , a DT Baltimore NNP money-management JJ firm NN . . EMPLOYEE NN MANUALS NNS : : Revising VBG employee NN manuals NNS on IN pensions NNS , , health NN care NN and CC other JJ subjects NNS costs VBZ over IN $ $ 25,000 CD a DT year NN for IN Bert NNP Giguiere NNP , , president NN of IN Professional NNP Agricultural NNP Management NNP Inc. NNP , , a DT Fresno NNP , , Calif. NNP , , provider NN of IN business NN services NNS to TO farmers NNS . . An DT employer NN leaves VBZ itself PRP open JJ to TO a DT great JJ deal NN of IN liability NN if IN its PRP$ employee NN manuals NNS do VBP n't RB reflect VB the DT most RBS recent JJ laws NNS , , he PRP says VBZ . . But CC the DT ever-changing JJ laws NNS are VBP usually RB so RB complicated JJ and CC confusing JJ that IN `` `` you PRP need VBP professionals NNS to TO help VB you PRP ; : you PRP ca MD n't RB do VB it PRP yourself PRP , , '' '' he PRP adds VBZ . . PENSION NN AND CC PROFIT-SHARING NN RULES NNS : : Complying VBG with IN these DT is VBZ enough NN to TO make VB business NN owners NNS look VBP forward RB to TO their PRP$ own JJ pension NN days NNS . . Yearly JJ changes NNS in IN federal JJ benefit NN laws NNS force VBP small JJ businesses NNS to TO repeatedly RB re-evaluate VB and CC redesign VB existing JJ plans NNS . . Alice NNP Fixx NNP , , who WP runs VBZ her PRP$ own JJ public-relations NN concern NN in IN New NNP York NNP , , says VBZ she PRP has VBZ had VBD to TO overhaul VB her PRP$ pension NN and CC profit-sharing NN plans NNS three CD times NNS in IN the DT past JJ three CD years NNS . . `` `` It PRP does VBZ n't RB increase VB benefits NNS , , but CC it PRP 's VBZ costly JJ and CC time-consuming JJ , , '' '' Ms. NNP Fixx NNP says VBZ . . Compliance NN added VBD 15 CD % NN to TO 20 CD % NN to TO her PRP$ accounting NN bill NN last JJ year NN , , she PRP says VBZ . . SALES NNS TAX NN RECORDS NNS : : Advertising NN agencies NNS and CC other JJ service NN companies NNS are VBP exempt JJ from IN city NN and CC state NN sales NNS tax NN in IN most JJS locales NNS -- : but CC the DT exemption NN comes VBZ at IN a DT price NN of IN exhaustive JJ records NNS and CC rigorous JJ reviews NNS . . To TO justify VB their PRP$ exempt JJ status NN and CC avoid VB penalties NNS , , these DT businesses NNS must MD show VB once RB a DT year NN that IN each DT and CC every DT transaction NN on IN which WDT they PRP did VBD n't RB pay VB sales NNS tax NN was VBD a DT legitimate JJ business NN expense NN . . `` `` You PRP need VBP one CD person NN to TO just RB take VB care NN of IN sales NNS tax NN , , '' '' says VBZ Jennie NNP Tong NNP , , executive JJ vice NN president NN of IN Lee NNP Liu NNP & CC Tong NNP Advertising NNP Inc. NNP , , New NNP York NNP . . When WRB the DT Trinity NNP Repertory NNP Theater NNP named VBD Anne NNP Bogart NNP its PRP$ artistic JJ director NN last JJ spring NN , , the DT nation NN 's POS theatrical JJ cognoscenti NNS arched VBD a DT collective JJ eyebrow NN . . Ms. NNP Bogart NNP , , an DT acclaimed JJ creator NN of IN deconstructed JJ dramatic JJ collages NNS that VBP tear VB into IN such JJ sacred JJ texts NNS as IN Rodgers NNP and CC Hammerstein NNP 's POS `` `` South NNP Pacific NNP , , '' '' is VBZ decidedly RB downtown JJ . . Trinity NNP Rep NNP meanwhile RB is VBZ one CD of IN the DT nation NN 's POS oldest JJS and CC most RBS respected JJ regional JJ theaters NNS , , still RB hosting VBG an DT annual JJ `` `` A NNP Christmas NNP Carol NNP . . '' '' How WRB would MD this DT bastion NN of IN traditional JJ values NNS fare VB in IN Ms. NNP Bogart NNP 's POS iconoclastic JJ hands NNS ? . She PRP held VBD her PRP$ fire NN with IN her PRP$ first JJ production NN at IN the DT Trinity NN earlier RBR this DT season NN . . It PRP was VBD a DT predictable JJ revival NN of IN her PRP$ prize-winning JJ off-Broadway JJ anthology NN of IN Bertolt NNP Brecht NNP 's POS theoretical JJ writings NNS , , called VBN `` `` No NNP Plays NNP , , No NNP Poetry NNP . . '' '' Now RB , , with IN the DT opening NN of IN Maxim NNP Gorky NNP 's POS bourgeois-bashing JJ `` `` Summerfolk NNP , , '' '' Ms. NNP Bogart NNP has VBZ laid VBN her PRP$ cards NNS on IN the DT table NN . . Hers JJ is VBZ a DT hand NN that WDT will MD test VB the DT mettle NN of IN her PRP$ audiences NNS . . For IN Ms. NNP Bogart NNP , , who WP initially RB studied VBD and CC directed VBD in IN Germany NNP ( ( and CC cites VBZ such JJ European JJ directors NNS as IN Peter NNP Stein NNP , , Giorgio NNP Strehler NNP and CC Ariane NNP Mnouchkine NNP as IN influences NNS ) ) tends VBZ to TO stage VB her PRP$ productions NNS with IN a DT Brechtian JJ rigor NN -- : whether IN the DT text NN demands VBZ it PRP or CC not RB . . And CC Gorky NNP , , considered VBN the DT father NN of IN Soviet JJ socialist JJ realism NN , , did VBD not RB write VB plays NNS that WDT easily RB lend VBP themselves PRP to TO deliberately RB antirealistic JJ distancing NN techniques NNS . . Gorky NNP was VBD a DT loyal JJ if IN occasionally RB ambivalent JJ proletarian JJ writer NN committed VBN to TO enlightening VBG the DT masses NNS with IN plain JJ speaking NN rooted VBN in IN a DT slightly RB sour JJ version NN of IN Chekhovian JJ humanism NN . . And CC `` `` Summerfolk NNP , , '' '' penned VBN in IN 1904 CD as IN a DT kind NN of IN sequel NN to TO Chekhov NNP 's POS `` `` Cherry NNP Orchard NNP , , '' '' is VBZ a DT lawn NN party NN of IN Russian JJ yuppies NNS engaged VBN in IN an DT exhausting JJ ideological JJ fight NN to TO the DT finish NN between IN the DT allrightniks NNS and CC the DT reformers NNS . . Along IN the DT way NN there EX also RB are VBP lots NNS of IN romantic JJ dalliances NNS . . Wisely RB Ms. NNP Bogart NNP has VBZ kept VBN Gorky NNP 's POS time NN and CC place NN intact JJ . . Despite IN the DT absence NN of IN samovars NNS ( ( and CC a DT tendency NN to TO turn VB the DT furniture NN upside RB down RB ) ) , , the DT production NN is VBZ rich JJ in IN Russian JJ ennui NN voiced VBN by IN languorous JJ folk NN sporting VBG beige JJ linen NN and CC rumpled JJ cotton NN , , with IN boaters NNS and CC fishing NN poles NNS aplenty RB . . But CC beyond IN this DT decorative JJ nod NN to TO tradition NN , , Ms. NNP Bogart NNP and CC company NN head VBP off IN in IN a DT stylistic JJ direction NN that IN all RB but RB transforms VBZ Gorky NNP 's POS naturalistic JJ drama NN into IN something NN akin JJ to TO , , well RB , , farce NN . . The DT director NN 's POS attempt NN to TO force VB some DT Brechtian JJ distance NN between IN her PRP$ actors NNS and CC their PRP$ characters NNS frequently RB backfires VBZ with IN performances NNS that WDT are VBP unduly RB mannered JJ . . Not RB only RB do VBP the DT actors NNS stand VB outside IN their PRP$ characters NNS and CC make VB it PRP clear JJ they PRP are VBP at IN odds NNS with IN them PRP , , but CC they PRP often RB literally RB stand VBP on IN their PRP$ heads NNS . . Like IN Peter NNP Sellars NNP , , Ms. NNP Bogart NNP manipulates VBZ her PRP$ actors NNS as IN if IN they PRP were VBD rag NN dolls NNS , , sprawling VBG them PRP on IN staircases NNS , , dangling VBG them PRP off IN tables NNS , , even RB hanging VBG them PRP from IN precipices NNS while IN having VBG them PRP perform VB some DT gymnastic JJ feats NNS of IN derring-do NN . . There EX are VBP moments NNS in IN this DT `` `` Summerfolk NNP '' '' when WRB the DT characters NNS populating VBG the DT vast JJ multilevel JJ country NN house NN ( ( which WDT looks VBZ like IN a DT parody NN of IN Frank NNP Lloyd NNP Wright NNP and CC is VBZ designed VBN by IN Victoria NNP Petrovich NNP ) ) spout VBP philosophic JJ bon FW mots FW with IN the DT self-conscious JJ rat-a-tat-tat JJ pacing NN of IN `` `` Laugh NNP In NNP . . '' '' `` `` Talk NN hurts VBZ from IN where WRB it PRP spurts VBZ , , '' '' one CD of IN them PRP says VBZ . . The DT clash NN of IN ideologies NNS survives VBZ this DT treatment NN , , but CC the DT nuance NN and CC richness NN of IN Gorky NNP 's POS individual JJ characters NNS have VBP vanished VBN in IN the DT scuffle NN . . As IN for IN the DT humor NN that IN Gorky NNP 's POS text NN provides VBZ , , when WRB repainted VBN in IN such JJ broad JJ strokes NNS ( ( particularly RB by IN the DT lesser JJR members NNS of IN the DT ensemble NN ) ) it PRP looks VBZ and CC sounds VBZ forced JJ . . Ms. NNP Bogart NNP does VBZ better RBR with IN music NN than IN with IN words NNS when WRB she PRP wants VBZ , , as IN she PRP so RB often RB does VBZ want VB , , to TO express VB herself PRP through IN Gorky NNP 's POS helpless JJ play NN . . Here RB she PRP has VBZ the DT aid NN of IN her PRP$ longtime JJ associate NN Jeff NNP Helpern NNP , , whom WP she PRP appointed VBD Trinity NNP 's POS first-ever JJ musical JJ director NN and CC whom WP she PRP equipped VBD with IN a DT spanking JJ new JJ $ $ 60,000 CD sound NN system NN and CC recording NN studio NN . . For IN Gorky NNP , , Mr. NNP Helpern NNP provided VBD an DT aural JJ collage NN of IN Debussy NNP and CC Rachmaninoff NNP , , which WDT is VBZ less RBR a DT score NN than IN a DT separate JJ character NN with IN a DT distinct JJ point NN of IN view NN . . Like IN Brecht NNP , , and CC indeed RB Ezra NNP Pound NNP , , Ms. NNP Bogart NNP has VBZ said VBD that IN her PRP$ intent NN in IN such JJ manipulative JJ staging NN of IN the DT classics NNS is VBZ simply RB an DT attempt NN to TO `` `` make VB it PRP new JJ . . '' '' Indeed RB , , during IN a DT recent JJ post-production JJ audience NN discussion NN , , the DT director NN explained VBD that IN her PRP$ fondest JJS artistic JJ wish NN was VBD to TO find VB a DT way NN to TO play VB `` `` Somewhere NNP Over NNP the NNP Rainbow NNP '' '' so IN that IN the DT song NN 's POS `` `` original JJ beauty NN comes VBZ through RP , , '' '' surmounting VBG the DT cliche NN . . The DT danger NN that IN Ms. NNP Bogart NNP seems VBZ to TO be VB courting VBG here RB is VBZ one CD of IN obfuscation NN rather RB than IN rejuvenation NN , , a DT vision NN so RB at IN odds NNS with IN the DT playwright NN 's POS that IN the DT two CD points NNS of IN view NN nullify VBP , , rather RB than IN illuminate VB , , each DT other JJ . . Ms. NNP Bogart NNP 's POS cast NN is VBZ part NN and CC parcel NN of IN the DT problem NN . . Ed NNP Shea NNP and CC Barbara NNP Orson NNP never RB find VBP a DT real JJ reason NN for IN their PRP$ love NN affair NN as IN the DT foolish JJ , , idealistic JJ young JJ Vass NNP and CC the DT tirelessly RB humanitarian JJ doctor NN Maria NNP Lvovna NNP . . Cynthia NNP Strickland NNP as IN the DT long-suffering JJ Varvara NNP is VBZ a DT tiresome JJ whiner NN , , not RB the DT inspirational JJ counterrevolutionary NN Gorky NNP intended VBD . . Better RBR to TO look VB in IN the DT corners NNS for IN performances NNS that WDT inspire VBP or CC amuse VBP . . Janice NNP Duclos NNP , , in IN addition NN to TO possessing VBG one CD of IN the DT evening NN 's POS more RBR impressive JJ vocal JJ instruments NNS , , brings VBZ an DT unsuspected JJ comedic JJ touch NN to TO her PRP$ role NN of IN Olga NNP , , everybody NN 's POS favorite JJ mom NN . . Marni NNP Rice NNP plays VBZ the DT maid NN with IN so RB much JJ edge NN as IN to TO steal VB her PRP two CD scenes NNS . . But CC it PRP is VBZ the DT Trinity NNP Rep NNP newcomer NN , , Jonathan NNP Fried NNP ( ( Zamislov NNP , , the DT paralegal NN ) ) who WP is VBZ the DT actor NN to TO watch VB , , whether IN he PRP is VBZ hamming VBG it PRP up RP while IN conducting VBG the DT chamber NN musicians NNS or CC seducing VBG his PRP$ neighbor NN 's POS wife NN ( ( Becca NNP Lish NNP ) ) by IN licking VBG her PRP$ bosom NN . . Ms. NNP de NNP Vries NNP writes VBZ frequently RB about IN theater NN . . ( ( During IN its PRP$ centennial JJ year NN , , The DT Wall NNP Street NNP Journal NNP will MD report VB events NNS of IN the DT past JJ century NN that DT stand VBP as IN milestones NNS of IN American JJ business NN history NN . . ) ) MORGAN NNP STANLEY NNP , , THE DT ONCE RB STODGY JJ investment NN house NN , , in IN 1974 CD helped VBD a DT corporate JJ client NN complete VB a DT hostile JJ takeover NN . . It PRP was VBD the DT start NN of IN a DT boom NN in IN unfriendly JJ , , even RB ungentlemanly JJ , , mergers NNS . . On IN July NNP 18 CD , , 1974 CD , , International NNP Nickle NNP of IN Canada NNP -- : advised VBN by IN Morgan NNP -- : offered VBD $ $ 28 CD a DT share NN , , equal JJ to TO $ $ 157 CD million CD , , for IN ESB NNP , , a DT Philadelphia NNP battery NN maker NN . . ESB NNP said VBD it PRP was VBD given VBN only RB a DT three-hour JJ advance NN warning NN on IN a DT `` `` take VB it PRP or CC leave VB it PRP '' '' basis NN from IN Inco NNP , , as IN the DT Toronto NNP company NN is VBZ called VBN . . `` `` ESB NNP is VBZ aware JJ that IN a DT hostile JJ tender NN offer NN is VBZ being VBG made VBN by IN a DT foreign JJ company NN for IN all DT of IN ESB NNP 's POS shares NNS , , '' '' said VBD F.J. NNP Port NNP , , ESB NNP 's POS president NN . . `` `` Hostile JJ '' '' thus RB entered VBD the DT merger-acquisition JJ lexicon NN . . Joseph NNP Flom NNP , , of IN Skadden NNP , , Arps NNP , , Slote NNP , , Meagher NNP & CC Flom NNP , , which WDT became VBD a DT leading JJ legal JJ firm NN in IN merger NN cases NNS , , said VBD the DT case NN `` `` made VBN takeovers NNS respectable JJ . . '' '' ESB NNP spurned VBD Inco NNP and CC within IN five CD days NNS ESB NNP had VBD a DT `` `` white JJ knight NN '' '' as IN United NNP Aircraft NNP -- : headed VBN by IN Harry NNP Gray NNP , , a DT shrewdly RB friendly JJ acquirer NN of IN companies NNS -- : offered VBD $ $ 34 CD a DT share NN . . Gray NNP was VBD advised VBN by IN Goldman NNP Sachs NNP and CC Merrill NNP Lynch NNP . . ESB NNP directors NNS warmly RB accepted VBD , , but CC a DT whirlwind JJ bidding NN match NN ensued VBD . . Within IN a DT few JJ days NNS in IN July NNP , , Inco NNP raised VBD its PRP$ bid NN to TO $ $ 36 CD and CC United NNP matched VBD it PRP . . On IN a DT single JJ day NN Inco NNP lifted VBD its PRP$ offer NN to TO $ $ 38 CD and CC then RB to TO $ $ 41 CD , , equal JJ to TO $ $ 225.5 CD million CD . . United NNP met VBD the DT $ $ 38 CD but CC then RB withdrew VBD . . ESB NNP on IN July NNP 29 CD accepted VBD the DT Inco NNP offer NN and CC the DT brief JJ battle NN -- : unlike IN the DT intricate JJ and CC lengthy JJ big JJ takeovers NNS of IN 1984-1989 CD -- : was VBD over RB . . The DT new JJ gritty JJ game NN became VBD a DT money NN maker NN for IN Wall NNP Street NNP 's VBZ once RB austere JJ old-name JJ houses NNS . . Inco NNP paid VBD Morgan NNP an DT advisory JJ fee NN of IN about RB $ $ 250,000 CD , , a DT paltry JJ figure NN by IN today NN 's POS measures NNS . . Early RB this DT year NN Morgan NNP and CC three CD other JJ investment NN houses NNS each DT received VBD $ $ 25 CD million CD in IN advisory JJ fees NNS from IN Kohlberg NNP Kravis NNP & CC Roberts NNP in IN its PRP$ $ $ 25 CD billion CD friendly JJ buy-out NN of IN RJR NNP Nabisco NNP . . HomeFed NNP Corp. NNP said VBD third-quarter JJ net JJ income NN slid VBD 14 CD % NN to TO $ $ 23.9 CD million CD , , or CC $ $ 1.10 CD per IN fully RB diluted VBN share NN , , from IN $ $ 27.9 CD million CD , , or CC $ $ 1.21 CD a DT fully RB diluted VBN share NN , , because IN of IN increased JJ bad JJ assets NNS and CC unexpected JJ trouble NN in IN unloading VBG foreclosed JJ property NN . . The DT decline NN surprised VBD analysts NNS and CC jolted VBD HomeFed NNP 's POS stock NN , , which WDT lost VBD 8.6 CD % NN of IN its PRP$ value NN , , closing VBG at IN $ $ 38.50 CD on IN the DT New NNP York NNP Stock NNP Exchange NNP , , down RB $ $ 3.625 CD . . HomeFed VBN had VBD been VBN one CD of IN the DT handful NN of IN large JJ West NNP Coast NNP thrifts NNS that IN in IN recent JJ quarters NNS had VBD counteracted VBN interest-rate JJ problems NNS dogging VBG the DT industry NN by IN keeping VBG a DT lid NN on IN problem NN assets NNS and CC lending VBG heavily RB into IN the DT furious JJ California NNP housing NN market NN . . Analysts NNS had VBD been VBN projecting VBG fully RB diluted VBN earnings NNS in IN the DT third JJ quarter NN in IN the DT range NN of IN about RB $ $ 1.30 CD a DT share NN . . However RB , , HomeFed NNP 's POS loan NN originations NNS and CC purchases NNS plunged VBD 26 CD % NN in IN the DT quarter NN , , to TO $ $ 1.4 CD billion CD from IN $ $ 1.9 CD billion CD a DT year NN earlier RBR . . Meanwhile RB , , non-performing JJ assets NNS rose VBD to TO $ $ 593 CD million CD from IN $ $ 518.7 CD million CD . . Some DT $ $ 380 CD million CD of IN the DT troubled JJ assets NNS is VBZ repossessed JJ real JJ estate NN , , a DT 55.6 CD % NN surge NN from IN the DT $ $ 244.2 CD million CD of IN repossesed JJ property NN HomeFed NNP held VBD a DT year NN ago RB . . HomeFed NNP has VBZ $ $ 17.9 CD billion CD of IN assets NNS . . HomeFed VBN said VBD most JJS of IN the DT troubled VBN assets NNS are VBP apartment NN complexes NNS , , shopping NN malls NNS and CC other JJ commercial JJ real JJ estate NN . . It PRP said VBD about RB half NN are VBP in IN California NNP , , with IN the DT rest NN scattered VBN across IN the DT country NN . . It PRP said VBD sales NNS of IN such JJ properties NNS were VBD slower JJR than IN anticipated VBN in IN the DT third JJ quarter NN , , but CC it PRP expects VBZ sales NNS to TO pick VB up RP in IN the DT rest NN of IN the DT year NN . . HomeFed NNP said VBD the DT slide NN in IN loan NN originations NNS was VBD more RBR a DT matter NN of IN design NN than IN a DT sign NN of IN cooling NN in IN the DT California NNP market NN . . Any DT such JJ downturn NN in IN California NNP would MD be VB grim JJ news NN for IN West NNP Coast NNP thrifts NNS , , particularly RB the DT less RBR healthy JJ ones NNS , , which WDT have VBP performed VBN poorly RB even RB with IN a DT torrid JJ market NN . . But CC HomeFed NNP said VBD it PRP purposely RB curbed VBD loan NN originations NNS in IN the DT quarter NN because IN of IN uncertainty NN over IN the DT new JJ capital NN requirements NNS and CC regulations NNS that WDT will MD emerge VB from IN negotiations NNS over IN implementing VBG the DT government NN 's POS massive JJ thrift NN bailout NN bill NN . . It PRP said VBD its PRP$ real-estate JJ operations NNS earned VBD a DT record NN $ $ 21.7 CD million CD , , more JJR than IN double RB year-earlier JJ real JJ estate NN profit NN of IN $ $ 9 CD million CD . . And CC analysts NNS said VBD they PRP see VBP no DT signs NNS of IN an DT imminent JJ swoon NN in IN California NNP real JJ estate NN , , even RB with IN last JJ week NN 's POS earthquake NN . . The DT thrift NN said VBD earnings NNS also RB were VBD nicked VBN in IN the DT quarter NN by IN a DT $ $ 4 CD million CD provision NN for IN losses NNS associated VBN with IN its PRP$ previously RB reported VBN plan NN to TO liquidate VB a DT real-estate NN franchise NN network NN . . For IN the DT nine CD months NNS , , HomeFed NNP earned VBD $ $ 82.5 CD million CD , , or CC $ $ 3.52 CD a DT fully RB diluted VBN share NN , , a DT 4.3 CD % NN increase NN from IN year-earlier JJ net JJ income NN of IN $ $ 79.1 CD million CD , , or CC $ $ 3.43 CD a DT fully RB diluted VBN share NN . . Yields NNS on IN certificates NNS of IN deposit NN at IN major JJ banks NNS were VBD little RB changed VBN in IN the DT latest JJS week NN . . The DT average JJ yield NN on IN six-month JJ CDs NNS of IN $ $ 50,000 CD and CC less JJR slipped VBD to TO 7.96 CD % NN from IN 8.00 CD % NN , , according VBG to TO Banxquote NNP Money NNP Markets NNP , , an DT information NN service NN based VBN here RB . . On IN one-year JJ CDs NNP of IN $ $ 50,000 CD and CC less JJR , , the DT average NN slid VBD to TO 8.02 CD % NN from IN 8.06 CD % NN . . Both DT issues NNS are VBP among IN the DT most RBS popular JJ with IN individual JJ investors NNS . . `` `` Because IN of IN shrinkage NN in IN the DT economy NN , , rates NNS can MD be VB expected VBN to TO decline VB over IN a DT one-year JJ horizon NN , , '' '' said VBD Norberto NNP Mehl NNP , , chairman NN of IN Banxquote NNP . . `` `` It PRP 's VBZ unclear JJ how WRB much RB rates NNS can MD fall VB and CC how WRB soon RB . . '' '' Changes NNS in IN CD NN yields NNS in IN the DT week NN ended VBN Tuesday NNP were VBD in IN line NN with IN blips NNS up RB and CC down RB within IN a DT fairly RB narrow JJ range NN for IN the DT last JJ two CD months NNS . . Interest NN rates NNS generally RB began VBD declining VBG last JJ spring NN after IN moving VBG steadily RB upward RB for IN more JJR than IN a DT year NN . . The DT average JJ yield NN on IN small-denomination JJ three-month JJ CDs NNS moved VBD up RB two-hundredths NNS of IN a DT percentage NN point NN in IN the DT latest JJS week NN to TO 7.85 CD % NN . . Long-term JJ CDs NNS declined VBD just RB a DT fraction NN . . The DT average JJ yield NN on IN both DT two-year JJ CDs NNS and CC five-year JJ CDs NNS was VBD 7.98 CD % NN . . Only RB CDs NNS sold VBN by IN major JJ brokerage NN firms NNS posted VBD significant JJ increases NNS in IN average JJ yields NNS in IN the DT latest JJS week NN , , reflecting VBG increased JJ yields NNS on IN Treasury NNP bills NNS sold VBN at IN Monday NNP 's POS auction NN . . The DT average JJ yield NN on IN six-month JJ broker-sold JJ CDs NNS rose VBD to TO 8.29 CD % NN from IN 8.05 CD % NN and CC on IN one-year JJ CDs NNS the DT average JJ yield NN rose VBD to TO 8.30 CD % NN from IN 8.09 CD % NN . . The DT brokerage NN firms NNS , , which WDT negotiate VBP rates NNS with IN the DT banks NNS and CC thrifts NNS whose WP$ CDs NNS they PRP sell VBP , , generally RB feel VBP they PRP have VBP to TO offer VB clients NNS more JJR than IN they PRP can MD get VB on IN T-bills NNS or CC from IN banks NNS and CC thrifts NNS directly RB . . T-bills NNS sold VBN at IN Monday NNP 's POS auction NN yielded VBN 7.90 CD % NN for IN six CD months NNS and CC 7.77 CD % NN for IN three CD months NNS , , up RB from IN 7.82 CD % NN and CC 7.61 CD % NN , , respectively RB , , the DT week NN before RB . . So-called JJ jumbo JJ CDs NNS , , typically RB in IN denominations NNS of IN $ $ 90,000 CD and CC up RB , , also RB usually RB follow VBP T-bills NNS and CC interest NN rate NN trends NNS in IN general JJ more RBR than IN those DT aimed VBN at IN small JJ investors NNS . . Some DT jumbos NNS posted VBD fractional JJ changes NNS in IN average JJ yields NNS this DT week NN , , both CC up RB and CC down RB . . The DT average JJ yield NN on IN threemonth JJ jumbos NNS rose VBD to TO 8.00 CD % NN from IN 7.96 CD % NN , , while IN the DT two-year JJ average NN fell VBD by IN the DT same JJ amount NN to TO 7.89 CD % NN . . Six-month JJ and CC oneyear JJ yields NNS were VBD unchanged JJ , , on IN average NN . . `` `` The DT ( ( CD NN ) ) market NN is VBZ unsettled JJ right RB now RB , , '' '' said VBD Banxquote NNP 's POS Mr. NNP Mehl NNP . . `` `` It PRP 's VBZ very RB easily RB influenced VBN by IN changes NNS in IN the DT stock NN market NN and CC the DT junk NN bond NN market NN . . '' '' The DT small JJ changes NNS in IN averages NNS reflect VBP generally RB unchanged JJ yields NNS at IN many JJ major JJ banks NNS . . Some DT , , however RB , , lowered VBD yields NNS significantly RB . . At IN Chase NNP Manhattan NNP Bank NNP in IN New NNP York NNP , , for IN example NN , , the DT yield NN on IN a DT small JJ denomination NN six-month JJ CD NN fell VBD about RB a DT quarter NN of IN a DT percentage NN point NN to TO 8.06 CD % NN . . In IN California NNP , , Bank NNP of IN America NNP dropped VBD the DT yield NN on IN both DT six-month JJ and CC one-year JJ `` `` savings NNS '' '' CDs NNS to TO 8.33 CD % NN from IN 8.61 CD % NN . . Yields NNS on IN money-market JJ deposits NNS were VBD unchanged JJ at IN an DT average JJ 6.96 CD % NN for IN $ $ 50,000 CD and CC less JJR and CC down RB just RB a DT hundredth JJ of IN a DT percentage NN point NN to TO 7.41 CD % NN for IN jumbo JJ deposits NNS . . Lion NNP Nathan NNP Ltd. NNP agreed VBD to TO buy VB the DT franchise NN to TO bottle VB , , distribute VB and CC market VB Pepsi-Cola NNP soft-drink NN products NNS in IN Australia NNP , , the DT company NN said VBD . . The DT New NNP Zealand NNP brewing NN and CC retail JJ concern NN did VBD n't RB disclose VB terms NNS . . The DT agreement NN is VBZ effective JJ Jan. NNP 1 CD and CC is VBZ subject JJ to TO approval NN from IN Australia NNP 's POS Foreign NNP Investment NNP Review NNP Board NNP . . Cadbury NNP Schweppes NNP Australia NNP Ltd. NNP has VBZ held VBN the DT Australian JJ Pepsi NNP franchise NN for IN the DT past JJ four CD years NNS . . Lion NNP Nathan NNP and CC PepsiCola NNP Australia NNP , , a DT unit NN of IN PepsiCo NNP Inc. NNP of IN the DT U.S. NNP , , did VBD n't RB say VB why WRB Cadbury NNP Schweppes NNP will MD no RB longer RBR hold VB the DT franchise NN . . Wang NNP Laboratories NNP Inc. NNP has VBZ sold VBN $ $ 25 CD million CD of IN assets NNS and CC reached VBN agreements NNS in IN principle NN to TO sell VB an DT additional JJ $ $ 187 CD million CD shortly RB , , Richard NNP Miller NNP , , president NN , , said VBD at IN the DT annual JJ meeting NN . . He PRP said VBD Wang NNP had VBD reached VBN an DT agreement NN with IN a DT `` `` major JJ financial JJ firm NN '' '' to TO sell VB for IN $ $ 150 CD million CD its PRP$ domestic JJ equipment NN lease NN portfolio NN and CC that DT of IN its PRP$ Wang NNP Credit NNP Corp. NNP subsidiary NN . . He PRP said VBD it PRP also RB agreed VBD to TO sell VB a DT portion NN of IN its PRP$ European JJ real JJ estate NN unit NN for IN $ $ 37 CD million CD . . Mr. NNP Miller NNP said VBD that DT Wang NNP has VBZ already RB sold VBN some DT $ $ 12 CD million CD of IN miscellaneous JJ assets NNS and CC disclosed VBN that IN it PRP had VBD received VBN $ $ 13 CD million CD from IN Compaq NNP Computer NNP Corp. NNP , , Houston NNP , , in IN the DT previously RB announced VBN sale NN of IN its PRP$ Stirling NNP , , Scotland NNP , , plant NN . . Mr. NNP Miller NNP repeated VBD that IN in IN the DT next JJ six CD months NNS he PRP plans VBZ to TO sell VB another DT $ $ 200 CD million CD to TO $ $ 300 CD million CD of IN assets NNS to TO repay VB debt NN and CC reduce VB interest NN costs NNS at IN Wang NNP , , a DT minincomputer JJR maker NN in IN Lowell NNP , , Mass NNP . . In IN response NN to TO questions NNS after IN the DT annual JJ meeting NN , , Mr. NNP Miller NNP said VBD the DT company NN is VBZ no DT longer RBR looking VBG for IN an DT equity NN investor NN . . During IN the DT summer NN , , Wang NNP executives NNS had VBD said VBN they PRP might MD seek VB outside JJ investment NN . . Murata NNP Mfg. NNP Co. NNP said VBD it PRP is VBZ establishing VBG a DT subsidiary NN in IN Britain NNP to TO produce VB electric JJ parts NNS , , including VBG ceramic JJ condensers NNS . . The DT Tokyo NNP maker NN of IN ceramic JJ capacitors NNS said VBD it PRP purchased VBD a DT plant NN in IN Plymouth NNP . . The DT company NN did VBD n't RB disclose VB a DT purchase NN price NN or CC capitalization NN figures NNS . . Murata NNP said VBD , , however RB , , it PRP will MD invest VB about RB 1.4 CD billion CD yen NN ( ( $ $ 9.9 CD million CD ) ) in IN the DT new JJ company NN . . Production NN is VBZ slated VBN to TO begin VB in IN April NNP . . The DT company NN , , which WDT has VBZ a DT European JJ foothold NN , , Murata NNP Europe NNP Management NNP G.m.b NNP . . H. NNP in IN Germany NNP , , said VBD the DT latest JJS venture NN is VBZ designed VBN to TO meet VB demand NN for IN electric JJ parts NNS in IN European NNP Community NNP countries NNS ahead RB of IN the DT creation NN of IN the DT unified JJ market NN by IN the DT end NN of IN 1992 CD . . Murata NNP expects VBZ sales NNS at IN the DT unit NN of IN about RB 1.5 CD billion CD yen NN in IN the DT first JJ year NN . . Safeway NNP Stores NNP Inc. NNP reported VBD a DT 69 CD % NN decline NN in IN profit NN for IN the DT fiscal JJ third JJ quarter NN , , but CC said VBD operating NN improvements NNS were VBD masked VBN by IN unusual JJ gains NNS in IN the DT year-earlier JJ period NN . . The DT Oakland NNP grocery NN retailer NN , , closely RB held VBN since IN a DT $ $ 4.2 CD billion CD leveraged JJ buy-out NN in IN 1986 CD , , said VBD profit NN for IN the DT three CD months NNS ended VBN Sept. NNP 9 CD was VBD $ $ 7.1 CD million CD , , compared VBN with IN $ $ 23 CD million CD a DT year NN earlier RBR . . But CC it PRP said VBD the DT year-earlier JJ results NNS included VBD gains NNS of IN $ $ 23.5 CD million CD from IN divestitures NNS . . Sales NNS rose VBD 4.2 CD % NN to TO $ $ 3.31 CD billion CD from IN $ $ 3.2 CD billion CD . . For IN the DT nine CD months NNS , , the DT company NN said VBD profit NN fell VBD 49 CD % NN to TO $ $ 23.5 CD million CD from IN $ $ 46 CD million CD in IN the DT year-earlier JJ quarter NN , , which WDT included VBD divestiture-related JJ gains NNS of IN $ $ 50.6 CD million CD . . Sales NNS increased VBD 5.5 CD % NN to TO $ $ 9.81 CD billion CD from IN $ $ 9.3 CD billion CD . . Benjamin NNP Jacobson NNP & CC Sons NNP has VBZ been VBN the DT New NNP York NNP Stock NNP Exchange NNP specialist JJ firm NN in IN charge NN of IN trading VBG stock NN in IN UAL NNP Corp. NNP and CC its PRP$ predecessors NNS since IN the DT early JJ 1930s CD . . But CC the DT firm NN has VBZ never RB had VBD a DT day NN like IN yesterday RB . . At IN first JJ UAL NNP did VBD n't RB open VB because IN of IN an DT order NN imbalance NN . . When WRB it PRP did VBD a DT half-hour NN into IN the DT session NN , , it PRP was VBD priced VBN at IN $ $ 150 CD a DT share NN , , down RB more JJR than IN $ $ 28 CD from IN Monday NNP 's POS close NN . . It PRP sank VBD further RBR to TO as RB low JJ as IN $ $ 145 CD , , but CC a DT big JJ rally NN developed VBD in IN the DT last JJ half JJ hour NN , , pushing VBG the DT stock NN back RB up RB to TO close VB at IN $ $ 170 CD , , down RB just RB $ $ 8.375 CD from IN Monday NNP . . In IN the DT process NN , , 4.9 CD million CD shares NNS traded VBN , , making VBG UAL NNP the DT second JJ most RBS active JJ issue NN on IN the DT Big NNP Board NNP . . Munching VBG pizza NN when WRB they PRP could MD and CC yelling VBG until IN their PRP$ voices NNS gave VBD out RP , , the DT two CD Benjamin NNP Jacobson NNP specialists NNS at IN the DT Big NNP Board NNP 's POS UAL NNP trading NN post NN yesterday NN presided VBD over IN what WP can MD only RB be VB described VBN as IN a DT financial JJ free-for-all NN . . `` `` It PRP was VBD chaotic JJ . . But CC we PRP like VBP to TO call VB it PRP ` `` controlled JJ chaos NN , , ' '' '' '' said VBD 47-year-old JJ Robert NNP J. NNP Jacobson NNP Jr. NNP , , grandson NN of IN the DT firm NN 's POS founder NN . . He PRP manned VBD the DT UAL NNP post NN yesterday NN with IN Christopher NNP Bates NNP , , 33 CD , , an DT energetic JJ Long NNP Islander NNP who WP 's VBZ a DT dead JJ ringer NN for IN actor NN Nicolas NNP Cage NNP . . Who WP was VBD doing VBG all PDT the DT selling NN ? . `` `` Options NNS traders NNS , , arbitrage NN traders NNS -- : everyone NN , , '' '' said VBD Mr. NNP Bates NNP , , cooling VBG down RP with IN a DT carton NN of IN apple NN juice NN after IN the DT close NN yesterday NN . . Added NNP Mr. NNP Jacobson NNP , , `` `` There EX were VBD some DT pretty RB bad JJ losses NNS in IN the DT stock NN . . '' '' Big NNP Board NNP traders NNS said VBD a DT 200,000-share JJ buy JJ order NN at IN $ $ 150 CD a DT share NN entered VBN by IN Bear NNP , , Stearns NNP & CC Co. NNP , , which WDT was VBD active JJ in IN UAL NNP stock NN all RB day NN , , is VBZ what WP set VBD off RP the DT UAL NNP crowd NN in IN the DT late JJ afternoon NN . . A DT subsequent JJ rally NN in IN UAL NNP helped VBD the DT staggering VBG stock NN market NN stage NN an DT astonishing JJ recovery NN from IN an DT 80-point JJ deficit NN to TO finish VB only RB slightly RB below IN Monday NNP 's POS close NN . . Both DT Jacobson NNP traders NNS , , who WP had VBD been VBN hoping VBG UAL NNP trading NN would MD get VB back RB to TO normal JJ , , read VBD the DT news NN about IN the DT unraveling NN of IN UAL NNP takeover NN plans NNS on IN the DT train NN into IN work NN yesterday NN morning NN . . The DT news NN told VBD them PRP it PRP would MD be VB a DT while NN longer RBR before IN UAL NNP resumed VBD trading VBG like IN a DT regular JJ airline NN stock NN after IN months NNS of IN gyrations NNS . . When WRB Mr. NNP Jacobson NNP walked VBD into IN the DT office NN at IN 7:30 CD a.m. RB EDT NNP , , he PRP announced VBD : : `` `` OK UH , , buckle VB up RP . . '' '' Messrs. NNPS Jacobson NNP and CC Bates NNP walked VBD on IN the DT Big NNP Board NNP floor NN at IN about RB 8:45 CD a.m. NN yesterday NN and CC immediately RB spotted VBD trouble NN . . Already RB entered VBN in IN the DT Big NNP Board NNP 's POS computers NNS and CC transmitted VBN to TO their PRP$ post NN were VBD sell JJ orders NNS for IN 65,000 CD UAL NNP shares NNS . . The DT UAL NNP news NN had VBD already RB caused VBN a DT selling NN furor NN in IN the DT so-called JJ third JJ market NN , , in IN which WDT firms NNS buy VBP and CC sell VBP stock NN away RB from IN the DT exchange NN floor NN . . UAL NNP , , which WDT closed VBD on IN the DT Big NNP Board NNP Monday NNP at IN $ $ 178.375 CD a DT share NN , , traded VBD in IN the DT third JJ market NN afterward RB as RB low JJ as IN $ $ 158 CD a DT share NN . . There EX were VBD rumors NNS of IN $ $ 148-a-share JJ trades NNS . . In IN the DT 45 CD minutes NNS before IN the DT 9:30 CD opening NN bell NN , , the DT Jacobson NNP specialists NNS kept VBD getting VBG sell JJ orders NNS , , heavier JJR than IN they PRP imagined VBD . . And CC at IN 9:15 CD , , they PRP posted VBD a DT $ $ 135 CD to TO $ $ 155 CD `` `` first JJ indication NN , , '' '' or CC the DT price NN range NN in IN which WDT the DT stock NN would MD probably RB open VB . . That DT range NN was VBD quickly RB narrowed VBN to TO $ $ 145 CD to TO $ $ 155 CD , , although IN traders NNS surrounding VBG the DT post NN were VBD told VBN that IN $ $ 148 CD to TO $ $ 150 CD would MD be VB the DT likely JJ target NN . . When WRB UAL NNP finally RB opened VBD a DT half JJ hour NN late RB , , some DT 400,000 CD shares NNS traded VBD at IN $ $ 150 CD . . There EX was VBD `` `` selling NN pressure NN from IN everyone NN , , '' '' said VBD one CD trader NN . . This DT month NN 's POS Friday-the-13th NN market NN plunge NN spurred VBN by IN UAL NNP news NN was VBD n't RB as IN bad JJ for IN the DT Jacobson NNP specialists NNS as IN yesterday NN 's POS action NN . . On IN that DT earlier JJR day NN , , the DT stock NN 's POS trading NN was VBD halted VBN at IN a DT critical JJ time NN so IN the DT specialists NNS could MD catch VB their PRP$ breath NN . . Not RB yesterday NN . . Mr. NNP Jacobson NNP , , his PRP$ gray JJ hair NN flying VBG , , did VBD n't RB wear NN out RP his PRP$ red-white-and-blue JJ sneakers NNS , , but CC he PRP sweat VBD so RB much RB he PRP considered VBD sending VBG out RP for IN a DT new JJ shirt NN . . Mr. NNP Bates NNP usually RB handles VBZ day-to-day JJ UAL NNP trading NN on IN his PRP$ own JJ . . But CC yesterday NN , , the DT heavy JJ trading NN action NN eventually RB consumed VBD not RB only RB Messrs. NNPS Jacobson NNP and CC Bates NNP but CC four CD other JJ Jacobson NNP partners NNS , , all DT doing VBG their PRP$ specialist-firm JJ job NN of IN tugging VBG buyers NNS and CC sellers NNS together RB and CC adjusting VBG prices NNS to TO accommodate VB the DT market NN . . About IN 30 CD floor NN traders NNS crammed VBD near IN the DT UAL NNP post NN most RBS of IN the DT day NN , , and CC probably RB hundreds NNS more RBR came VBD and CC went VBD -- : a DT `` `` seething JJ mass NN , , '' '' as IN one CD trader NN described VBD it PRP . . The DT 4.9 CD million-share JJ volume NN flowing VBG through IN the DT Jacobson NNP specialist NN operation NN was VBD about RB five CD times NNS normal JJ for IN the DT stock NN . . The DT heavy NN buying NN in IN the DT last JJ half JJ hour NN led VBD the DT specialists NNS to TO take VB special JJ steps NNS . . The DT Bear NNP Stearns NNP order NN that WDT marked VBD the DT late-day JJ turnaround NN caused VBD a DT `` `` massive JJ buying NN effort NN '' '' as IN UAL NNP jumped VBD $ $ 20 CD a DT share NN to TO $ $ 170 CD in IN the DT last JJ half JJ hour NN , , said VBD Mr. NNP Bates NNP . . With IN 15 CD seconds NNS of IN trading NN to TO go VB , , Mr. NNP Jacobson NNP , , with IN what WP voice NN he PRP had VBD left VBN , , announced VBD to TO the DT trading NN mob NN : : `` `` We PRP 're VBP going VBG to TO trade VB one CD price NN on IN the DT bell NN . . '' '' That WDT meant VBD no DT trading NN would MD occur VB in IN the DT final JJ seconds NNS , , as IN a DT way NN of IN making VBG sure JJ that IN last-second JJ orders NNS are VBP n't RB subjected VBN to TO a DT sudden JJ price NN swing NN that WDT would MD upset VB customers NNS . . About RB 11,000 CD shares NNS sold VBN at IN $ $ 170 CD on IN the DT bell NN , , representing VBG about RB eight CD to TO 10 CD late JJ orders NNS , , the DT specialists NNS estimate VBP . . Big NNP Board NNP traders NNS praised VBD the DT Jacobson NNP specialists NNS for IN getting VBG through IN yesterday NN without IN a DT trading NN halt NN . . In IN Chicago NNP , , a DT UAL NNP spokesman NN , , `` `` by IN way NN of IN policy NN , , '' '' declined VBD to TO comment VB on IN the DT company NN 's POS stock NN or CC the DT specialists NNS ' POS performance NN . . Leaving VBG the DT exchange NN at IN about RB 5 CD p.m. NN , , the DT Jacobson NNP specialists NNS made VBD no DT predictions NNS about IN how WRB trading NN might MD go VB today NN . . Said VBD Earl NNP Ellis NNP , , a DT Jacobson NNP partner NN who WP got VBD involved VBN in IN the DT UAL NNP action NN , , `` `` It PRP all DT starts VBZ all RB over RB again RB '' '' today NN . . Britain NNP 's POS current JJ account NN deficit NN dropped VBD to TO # # 1.6 CD billion CD ( ( $ $ 2.56 CD billion CD ) ) in IN September NNP from IN an DT adjusted JJ # # 2 , billion CD ( ( $ $ 3.21 CD billion CD ) ) the DT previous JJ month NN , , but CC the DT improvement NN comes VBZ amid IN increasing VBG concern NN that IN a DT recession NN could MD strike VB the DT U.K. NNP economy NN next JJ year NN . . The DT Confederation NNP of IN British NNP Industry NNP 's POS latest JJS survey NN shows VBZ that IN business NN executives NNS expect VBP a DT pronounced JJ slowdown NN , , largely RB because IN of IN a DT 16-month JJ series NN of IN interest-rate NN increases NNS that WDT has VBZ raised VBN banks NNS ' POS base NN lending NN rates NNS to TO 15 CD % NN . . `` `` The DT outlook NN has VBZ deteriorated VBN since IN the DT summer NN , , with IN orders NNS and CC employment NN falling VBG and CC output NN at IN a DT standstill NN , , '' '' said VBD David NNP Wigglesworth NNP , , chairman NN of IN the DT industry NN group NN 's POS economic JJ committee NN . . He PRP also RB said VBD investment NN by IN businesses NNS is VBZ falling VBG off RP . . Of IN 1,224 CD companies NNS surveyed VBN , , 31 CD % NN expect VBP to TO cut VB spending NN on IN plant NN equipment NN and CC machinery NN , , while IN only RB 28 CD % NN plan NN to TO spend VB more JJR . . But CC despite IN mounting VBG recession NN fears NNS , , government NN data NNS do VBP n't RB yet RB show VB the DT economy NN grinding VBG to TO a DT halt NN . . Unemployment NN , , for IN example NN , , has VBZ continued VBN to TO decline VB , , and CC the DT September NNP trade NN figures NNS showed VBD increases NNS in IN both CC imports NNS and CC exports NNS . . As IN a DT result NN , , Prime NNP Minister NNP Margaret NNP Thatcher NNP 's POS government NN is VBZ n't RB currently RB expected VBN to TO ease VB interest NN rates NNS before IN next JJ spring NN , , if IN then RB . . Chancellor NNP of IN the DT Exchequer NNP Nigel NNP Lawson NNP views VBZ the DT high JJ rates NNS as IN his PRP$ chief JJ weapon NN against IN inflation NN , , which WDT was VBD ignited VBN by IN tax NN cuts NNS and CC loose JJ credit NN policies NNS in IN 1986 CD and CC 1987 CD . . Officials NNS fear VBP that IN any DT loosening NN this DT year NN could MD rekindle VB inflation NN or CC further RB weaken VB the DT pound NN against IN other JJ major JJ currencies NNS . . Fending VBG off RP attacks NNS on IN his PRP$ economic JJ policies NNS in IN a DT House NNP of IN Commons NNP debate NN yesterday NN , , Mr. NNP Lawson NNP said VBD inflation NN `` `` remains VBZ the DT greatest JJS threat NN to TO our PRP$ economic JJ well-being NN '' '' and CC promised VBD to TO take VB `` `` whatever WDT steps NNS are VBP needed VBN '' '' to TO choke VB it PRP off RP . . The DT latest JJS government NN figures NNS said VBD retail JJ prices NNS in IN September NNP were VBD up RB 7.6 CD % NN from IN a DT year NN earlier RBR . . Many JJ economists NNS have VBP started VBN predicting VBG a DT mild JJ recession NN next IN year NN . . David NNP Owen NNP , , U.K. NNP economist NN with IN Kleinwort NNP Benson NNP Group NNP , , reduced VBD his PRP$ growth NN forecast NN for IN 1990 CD to TO 0.7 CD % NN from IN 1.2 CD % NN and CC termed VBD the DT risk NN of IN recession NN next JJ year NN `` `` quite RB high JJ . . '' '' But CC he PRP said VBD the DT downturn NN probably RB wo MD n't RB become VB a DT `` `` major JJ contraction NN '' '' similar JJ to TO those DT of IN 1974 CD and CC 1982 CD . . Still RB , , Britain NNP 's POS current JJ slump NN is VBZ a DT cause NN for IN concern NN here RB as IN the DT nation NN joins VBZ in IN the DT European NNP Community NNP 's POS plan NN to TO create VB a DT unified JJ market NN by IN 1992 CD . . Compared VBN with IN the DT major JJ economies NNS on IN the DT Continent NNP , , the DT U.K. NNP faces VBZ both CC higher JJR inflation NN and CC lower JJR growth NN in IN the DT next JJ several JJ months NNS . . As IN a DT result NN , , Mr. NNP Owen NNP warned VBD , , investment NN will MD be VB more RBR likely JJ to TO flow VB toward IN the DT other JJ European JJ economies NNS and CC `` `` the DT U.K. NNP will MD be VB less RBR prepared JJ for IN the DT single JJ market NN . . '' '' Britain NNP 's POS latest JJS trade NN figures NNS contained VBD some DT positive JJ news NN for IN the DT economy NN , , such JJ as IN a DT surge NN in IN the DT volume NN of IN exports NNS , , which WDT were VBD 8.5 CD % NN higher JJR than IN a DT year NN earlier RBR . . But CC while IN September NNP exports NNS rose VBD to TO # # 8.43 CD billion CD , , imports NNS shot VBD up RB to TO # # 10.37 CD billion CD . . The DT resulting JJ # # 1.9 CD billion CD merchandise NN trade NN deficit NN was VBD partly RB offset VBN by IN an DT assumed JJ surplus NN of IN # # 300 CD million CD in IN so-called JJ invisible JJ items NNS , , which WDT include VBP income NN from IN investments NNS , , services NNS and CC official JJ transfers NNS . . Despite IN the DT narrowing NN of IN the DT monthly JJ trade NN gap NN , , economists NNS expect VBP the DT current JJ account NN deficit NN for IN all DT of IN 1989 CD to TO swell VB to TO about RB # # 20 CD billion CD from IN # # 14.6 CD billion CD in IN 1988 CD . . Increasingly RB , , economists NNS say VBP the DT big JJ deficit NN reflects VBZ the DT slipping VBG competitive JJ position NN of IN British JJ industry NN . . `` `` When WRB the DT country NN gets VBZ wealthier JJR , , we PRP tend VBP to TO buy VB high-quality JJ imports NNS , , '' '' Mr. NNP Owen NNP said VBD . . Vickers NNP PLC NNP , , a DT British JJ aerospace JJ , , defense NN and CC automotive JJ conglomerate NN , , said VBD it PRP reached VBD an DT agreed JJ cash NN bid NN of IN # # 108.2 CD million CD ( ( $ $ 173.3 CD million CD ) ) for IN Ross NNP Catherall NNP Group NNP PLC NNP , , a DT maker NN of IN specialty JJ alloy NN and CC ceramics NNS . . The DT company NN said VBD it PRP expects VBZ to TO receive VB acceptances NNS for IN its PRP$ offer NN of IN 253 CD pence NNS ( ( $ $ 4.05 CD ) ) per IN share NN representing VBG at IN least JJS 67 CD % NN of IN Ross NNP Catherall NNP 's POS issued JJ share NN capital NN , , or CC 12.7 CD million CD ordinary JJ shares NNS . . Vickers NNP said VBD its PRP$ offer NN also RB includes VBZ an DT option NN to TO receive VB a DT redeemable JJ loan NN note NN in IN lieu NN of IN cash NN . . The DT notes NNS can MD be VB redeemed VBN starting VBG in IN July NNP 1991 CD . . The DT company NN said VBD its PRP$ acquisition NN of IN Ross NNP Catherall NNP will MD be VB covered VBN largely RB by IN cash NN raised VBN in IN its PRP$ July NNP disposal NN of IN Howson-Algraphy NNP for IN # # 241.7 CD million CD . . If IN bluebloods NNS wo MD n't RB pay VB high JJ prices NNS for IN racehorses NNS anymore RB , , who WP will MD ? . Breeders NNS are VBP betting VBG on IN the DT common JJ folk NN . . The DT Thoroughbred NNP Owners NNP and CC Breeders NNP Association NNP , , a DT Lexington NNP , , Ky.-based JJ trade NN group NN , , has VBZ launched VBN `` `` seminars NNS '' '' for IN `` `` potential JJ investors NNS '' '' at IN race NN tracks NNS around IN the DT country NN . . The DT group NN , , which WDT has VBZ held VBN half PDT a DT dozen NN seminars NNS so RB far RB , , also RB is VBZ considering VBG promotional JJ videos NNS and CC perhaps RB a DT pitch NN to TO Wall NNP Street NNP investment NN bankers NNS . . `` `` People NNS in IN this DT business NN have VBP been VBN insulated VBN , , '' '' says VBZ Josh NNP Pons NNP , , a DT horse NN breeder NN from IN Bel NNP Air NNP , , Md NNP . . `` `` But CC the DT real JJ future NN of IN this DT game NN is VBZ in IN a DT number NN of IN people NNS owning VBG a DT few JJ horses NNS . . '' '' At IN the DT Laurel NNP race NN track NN , , the DT breeders NNS are VBP romancing VBG people NNS like IN Tim NNP Hulings NNP , , a DT beer NN packaging NN plant NN worker NN . . Right RB now RB , , Mr. NNP Hulings NNP is VBZ waving VBG his PRP$ racing NN program NN , , cheering VBG for IN Karnak NNP on IN the DT Nile NNP , , a DT sleek JJ thoroughbred NN galloping VBG down IN the DT home NN stretch NN . . Mr. NNP Hulings NNP gloats VBZ that IN he PRP sold VBD all PDT his PRP$ stocks NNS a DT week NN before IN the DT market NN plummeted VBD 190 CD points NNS on IN Oct. NNP 13 CD , , and CC he PRP is VBZ using VBG the DT money NN to TO help VB buy VB a DT 45-acre JJ horse NN farm NN . . `` `` Just RB imagine VB how WRB exciting JJ that DT would MD be VB if IN that DT 's VBZ your PRP$ horse NN , , '' '' he PRP says VBZ . . But CC experts NNS caution VBP that IN this DT is VBZ n't RB a DT game NN for IN anyone NN with IN a DT weak JJ stomach NN or CC wallet NN . . `` `` It PRP 's VBZ a DT big-risk JJ business NN , , '' '' warns VBZ Charles NNP C. NNP Mihalek NNP , , a DT Lexington NNP attorney NN and CC former JJ Kentucky NNP state NN securities NNS commissioner NN . . `` `` You PRP have VBP to TO go VB into IN it PRP firmly RB believing VBG that IN it PRP 's VBZ the DT kind NN of IN investment NN where WRB you PRP can MD lose VB everything NN . . '' '' And CC many JJ have VBP done VBN just RB that DT . . Consider VB Spendthrift NNP Farm NNP , , a DT prominent JJ Lexington NNP horse NN farm NN that WDT went VBD public JJ in IN 1983 CD but CC hit VBD hard JJ times NNS and CC filed VBD for IN bankruptcy-court NN protection NN last JJ year NN . . A DT group NN of IN investors NNS recently RB bought VBD the DT remaining VBG assets NNS of IN Spendthrift NNP , , hoping VBG to TO rebuild VB it PRP . . Other JJ investors NNS have VBP lost VBN millions NNS in IN partnerships NNS that WDT bought VBD thoroughbred JJ racehorses NNS or CC stallion NN breeding NN rights NNS . . One CD big JJ problem NN has VBZ been VBN the DT thoroughbred JJ racehorse NN market NN . . From IN 1974 CD to TO 1984 CD , , prices NNS for IN the DT best JJS yearlings NNS at IN the DT summer NN sales NNS rose VBD 918 CD % NN to TO an DT average NN of IN $ $ 544,681 CD . . Since IN then RB , , prices NNS have VBP slumped VBN , , to TO an DT average NN of IN $ $ 395,374 CD this DT summer NN . . But CC that DT 's VBZ for IN the DT best JJS horses NNS , , with IN most JJS selling VBG for IN much RB less JJR -- : as RB little JJ as IN $ $ 100 CD for IN some DT pedestrian JJ thoroughbreds NNS . . Even RB while IN they PRP move VBP outside IN their PRP$ traditional JJ tony JJ circle NN , , racehorse NN owners NNS still RB try VBP to TO capitalize VB on IN the DT elan NN of IN the DT sport NN . . Glossy JJ brochures NNS circulated VBN at IN racetracks NNS gush VBP about IN the DT limelight NN of IN the DT winner NN 's POS circle NN and CC high-society NN schmoozing NN . . One CD handout NN promises VBZ : : `` `` Pedigrees NNS , , parties NNS , , post NN times NNS , , parimutuels NNS and CC pageantry NN . . '' '' `` `` It PRP 's VBZ just RB a DT matter NN of IN marketing VBG and CC promoting VBG ourselves PRP , , '' '' says VBZ Headley NNP Bell NNP , , a DT fifth-generation JJ horse NN breeder NN from IN Lexington NNP . . Maybe RB it PRP 's VBZ not RB that RB simple NN . . For IN starters NNS , , racehorse NN buyers NNS have VBP to TO remember VB the DT basic JJ problem NN of IN such JJ ventures NNS : : These DT beasts NNS do VBP n't RB come VB with IN warranties NNS . . And CC for IN every DT champion NN , , there EX are VBP plenty RB of IN nags NNS . . Katherine NNP Voss NNP , , a DT veteran JJ trainer NN at IN the DT Laurel NNP , , Md. NNP , , track NN , , offers VBZ neophytes NNS a DT sobering JJ tour NN of IN a DT horse NN barn NN , , noting VBG that IN only RB three CD of IN about RB a DT dozen NN horses NNS have VBP won VBN sizable JJ purses NNS . . One CD brown JJ two-year-old JJ filly NN was VBD wheezing VBG from IN a DT cold NN , , while IN another DT had VBD splints NNS on IN its PRP$ legs NNS , , keeping VBG both DT animals NNS from IN the DT racetrack NN . . `` `` You PRP can MD see VB the DT highs NNS and CC lows NNS of IN the DT business NN all DT under IN one CD roof NN , , '' '' she PRP tells VBZ the DT group NN . . `` `` There EX are VBP n't RB too RB many JJ winners NNS . . '' '' Perhaps RB the DT biggest JJS hurdle NN owners NNS face VBP is VBZ convincing VBG newcomers NNS that IN this DT is VBZ a DT reputable JJ business NN . . Some DT badly RB managed VBN partnerships NNS have VBP burned VBN investors NNS , , sometimes RB after IN they PRP received VBD advice NN from IN industry NN `` `` consultants NNS . . '' '' So RB owners NNS have VBP developed VBN a DT `` `` code NN of IN ethics NNS , , '' '' outlining VBG rules NNS for IN consultants NNS and CC agents NNS , , and CC disclosure NN of IN fees NNS and CC any DT conflicts NNS of IN interest NN . . But CC some DT are VBP skeptical JJ of IN the DT code NN 's POS effectiveness NN . . `` `` The DT industry NN is VBZ based VBN on IN individual JJ honesty NN , , '' '' says VBZ Cap NNP Hershey NNP , , a DT Lexington NNP horse NN farmer NN and CC one CD of IN the DT investors NNS who WP bought VBD Spendthrift NNP . . Despite IN the DT drop NN in IN prices NNS for IN thoroughbreds NNS , , owning VBG one CD still RB is VBZ n't RB cheap JJ . . At IN the DT low JJ end NN , , investors NNS can MD spend VB $ $ 15,000 CD or CC more JJR to TO own VB a DT racehorse NN in IN partnership NN with IN others NNS . . At IN a DT yearling JJ sale NN , , a DT buyer NN can MD go VB solo RB and CC get VB a DT horse NN for IN a DT few JJ thousand CD dollars NNS . . But CC that DT means VBZ paying VBG the DT horse NN 's POS maintenance NN ; : on IN average NN , , it PRP costs VBZ $ $ 25,000 CD a DT year NN to TO raise VB a DT horse NN . . For IN those DT looking VBG for IN something NN between IN a DT minority NN stake NN and CC total JJ ownership NN , , the DT owners NNS ' POS group NN is VBZ considering VBG a DT special JJ sale NN where WRB established JJ horse NN breeders NNS would MD sell VB a DT 50 CD % NN stake NN in IN horses NNS to TO newcomers NNS . . BUELL NNP INDUSTRIES NNP Inc. NNP halved VBD its PRP$ quarterly JJ dividend NN to TO five CD cents NNS a DT share NN , , payable JJ Nov. NNP 17 CD to TO stock VB of IN record NN Nov. NNP 3 CD . . The DT company NN 's POS quarterly JJ dividend NN had VBD been VBN 10 CD cents NNS a DT share NN since IN April NNP 30 CD , , 1988 CD . . Buell NNP recently RB said VBD it PRP would MD incur VB an DT aftertax JJ charge NN of IN about RB $ $ 3.6 CD million CD in IN its PRP$ fourth JJ quarter NN ending VBG Tuesday NNP , , in IN connection NN with IN the DT sale NN and CC discontinuance NN of IN several JJ lines NNS at IN a DT plant NN . . The DT Waterbury NNP , , Conn. NNP , , maker NN of IN industrial JJ fasteners NNS and CC metal NN stampings NNS has VBZ 2.3 CD million CD shares NNS outstanding JJ . . Dunkin NNP ' '' Donuts NNP Inc. NNP , , battling VBG a DT takeover NN proposal NN by IN Canada NNP 's POS DD NNP Acquisition NNP Corp. NNP , , said VBD that IN its PRP$ directors NNS will MD evaluate VB takeover NN offers NNS submitted VBN by IN Nov. NNP 10 CD . . Dunkin NNP ' '' Donuts NNP , , based VBN in IN Randolph NNP , , Mass. NNP , , previously RB said VBD it PRP would MD explore VB `` `` alternatives NNS , , '' '' including VBG a DT leveraged JJ buy-out NN of IN the DT company NN , , but CC had VBD n't RB set VBN a DT date NN for IN submission NN of IN proposals NNS . . Dunkin NNP ' '' Donuts NNP Chairman NNP and CC Chief NNP Executive NNP Robert NNP M. NNP Rosenberg NNP said VBD `` `` a DT sale NN is VBZ one CD alternative NN being VBG considered VBN , , '' '' but CC he PRP added VBD the DT board NN has VBZ n't RB decided VBD whether IN to TO sell VB the DT doughnut NN franchiser NN . . DD NNP Acquisition NNP , , jointly RB owned VBN by IN Unicorp NNP Canada NNP Corp. NNP 's POS Kingsbridge NNP Capital NNP Group NNP unit NN and CC Cara NNP Operations NNP Ltd. NNP , , has VBZ made VBN a DT $ $ 45-a-share JJ tender NN offer NN valued VBN at IN $ $ 268 CD million CD for IN Dunkin NNP ' '' Donuts NNP . . Dunkin NNP ' '' Donuts NNP ' POS announcement NN followed VBD DD NNP Acquisition NNP 's POS request NN to TO the DT Delaware NNP Court NNP of IN Chancery NNP Monday NNP to TO set VB a DT trial NN date NN for IN its PRP$ suit NN against IN the DT company NN . . The DT trial NN had VBD been VBN postponed VBN to TO allow VB Dunkin NNP ' '' Donuts NNP to TO seek VB alternatives NNS to TO DD NNP Acquisition NNP 's POS offer NN . . Combustion NNP Engineering NNP Inc. NNP said VBD third-quarter JJ net JJ income NN of IN $ $ 22.8 CD million CD , , reversing VBG a DT $ $ 91.7 CD million CD year-earlier JJ loss NN . . The DT Stamford NNP , , Conn. NNP , , power-generation JJ products NNS and CC services NNS company NN said VBD per-share JJ earnings NNS were VBD 56 CD cents NNS compared VBN with IN the DT year-ago JJ loss NN of IN $ $ 2.39 CD . . Sales NNS fell VBD 1.5 CD % NN to TO $ $ 884 CD million CD from IN $ $ 897.2 CD million CD . . Strong JJ profit NN in IN the DT process NN industries NNS , , including VBG chemical NN and CC pulp NN and CC paper NN , , were VBD offset VBN by IN higher JJR interest NN expense NN and CC by IN lower JJR earnings NNS as IN the DT company NN closed VBN out RP certain JJ long-term JJ contracts NNS . . Combustion NNP reported VBD improved JJ profits NNS in IN its PRP$ automation NN and CC control NN products NNS businesses NNS , , and CC it PRP narrowed VBD its PRP$ losses NNS in IN its PRP$ public JJ sector NN and CC environmental JJ segment NN . . Power NN generation NN had VBD higher JJR sales NNS but CC lower JJR earnings NNS ; : the DT company NN cited VBD factors NNS including VBG work NN on IN certain JJ low JJ profit-margin NN contracts NNS from IN previous JJ years NNS . . Net NN in IN the DT latest JJS quarter NN included VBD a DT pretax JJ gain NN of IN $ $ 22.4 CD million CD from IN the DT sale NN of IN Combustion NNP 's POS minority NN interest NN in IN Stein NNP Industrie NNP to TO GEC NNP Alsthom NNP N.V. NNP of IN the DT Netherlands NNP . . Last JJ year NN 's POS results NNS reflected VBD a DT gain NN of IN $ $ 28.2 CD million CD on IN disposition NN of IN assets NNS and CC a DT $ $ 165 CD million CD pretax JJ provision NN mainly RB from IN costs NNS of IN completing VBG certain JJ waste-to-energy JJ and CC other JJ power NN plants NNS . . Claude NNP Bebear NNP , , chairman NN and CC chief JJ executive JJ officer NN , , of IN Axa-Midi NNP Assurances NNP , , pledged VBD to TO retain VB employees NNS and CC management NN of IN Farmers NNP Group NNP Inc. NNP , , including VBG Leo NNP E. NNP Denlea NNP Jr. NNP , , chairman NN and CC chief JJ executive JJ officer NN , , if IN Axa NNP succeeds VBZ in IN acquiring VBG Farmers NNP . . Mr. NNP Bebear NNP added VBD that IN the DT French JJ insurer NN would MD keep VB Farmers NNP ' POS headquarters NN in IN Los NNP Angeles NNP and CC `` `` will MD not RB send VB French JJ people NNS to TO run VB the DT company NN . . '' '' Axa NNP would MD also RB maintain VB Farmers NNP ' POS relationships NNS with IN the DT insurance NN exchanges NNS that IN it PRP manages VBZ . . Mr. NNP Bebear NNP made VBD his PRP$ remarks NNS at IN a DT breakfast NN meeting NN with IN reporters NNS here RB yesterday NN as IN part NN of IN a DT tour NN in IN which WDT he PRP is VBZ trying VBG to TO rally VB support NN in IN the DT U.S. NNP for IN the DT proposed JJ acquisition NN . . The DT bid NN is VBZ part NN of IN Sir NNP James NNP Goldsmith NNP 's POS unfriendly JJ takeover NN attempt NN for IN B.A.T NNP Industries NNP PLC NNP , , the DT British JJ tobacco NN , , retailing NN , , paper NN and CC financial-services NNS giant NN that WDT acquired VBD Farmers NNP last JJ year NN for IN $ $ 5.2 CD billion CD . . Axa NNP has VBZ agreed VBN to TO acquire VB Farmers NNP from IN Sir NNP James NNP 's POS investment NN vehicle NN , , Hoylake NNP Investments NNP Ltd. NNP , , for IN $ $ 4.5 CD billion CD plus IN a DT $ $ 1 CD billion CD investment NN in IN Hoylake NNP . . Any DT acquisition NN of IN Farmers NNP needs VBZ the DT approval NN of IN insurance NN commissioners NNS in IN the DT nine CD states NNS where WRB Farmers NNP operates VBZ , , and CC Mr. NNP Bebear NNP 's POS trip NN will MD take VB him PRP to TO Idaho NNP , , Arizona NNP and CC New NNP York NNP after IN his PRP$ stay NN here RB ; : he PRP will MD meet VB with IN insurance NN regulators NNS , , legislators NNS , , industry NN excutives NNS and CC the DT press NN . . Hearings NNS on IN Axa NNP 's POS acquisition NN application NN have VBP been VBN set VBN for IN Nov. NNP 13 CD in IN Idaho NNP ; : Nov. NNP 20 CD in IN Illinois NNP ; : Nov. NNP 24 CD and CC Dec. NNP 4 CD in IN Arizona NNP ; : Dec. NNP 11 CD in IN Washington NNP state NN ; : and CC Jan. VB 8 CD in IN Oregon NN . . Hearings NNS have VBP n't RB yet RB been VBN set VBN in IN Texas NNP , , Ohio NNP and CC Kansas NNP . . California NNP 's POS insurance NN commissioner NN does VBZ n't RB hold VB hearings NNS on IN acquisition NN applications NNS . . Although IN Axa NNP has VBZ been VBN rebuffed VBN by IN Farmers NNS and CC has VBZ n't RB had VBD any DT meetings NNS with IN management NN , , Mr. NNP Bebear NNP nonetheless RB appears VBZ to TO be VB trying VBG to TO woo VB the DT company NN 's POS executives NNS with IN promises NNS of IN autonomy NN and CC new-found JJ authority NN under IN Axa NNP . . He PRP said VBD Mr. NNP Denlea NNP would MD be VB a DT member NN of IN the DT top JJ management NN team NN of IN the DT Axa-Midi NNP group NN of IN companies NNS , , and CC would MD `` `` help VB define VB policies NNS and CC strategies NNS of IN the DT group NN . . '' '' Farmers NNP was VBD quick JJ yesterday NN to TO point VB out RP the DT many JJ negative JJ aspects NNS it PRP sees VBZ in IN having VBG Axa NNP as IN its PRP$ parent NN . . For IN one CD , , Axa NNP plans VBZ to TO do VB away RB with IN certain JJ tax NN credits NNS that WDT have VBP resulted VBN in IN more JJR than IN $ $ 600 CD million CD paid VBD to TO the DT Farmers NNP exchanges NNS during IN the DT past JJ few JJ years NNS to TO offset VB underwriting NN losses NNS . . Those DT credits NNS result VBP because IN of IN taxes NNS that WDT Farmers NNP , , as IN the DT management NN company NN , , has VBZ paid VBN , , and CC have VBP `` `` proved VBN to TO be VB very RB important JJ for IN the DT exchanges NNS , , '' '' a DT Farmers NNP spokesman NN said VBD . . Mr. NNP Bebear NNP contended VBD that IN the DT tax NN cost NN to TO the DT exchanges NNS under IN the DT revised JJ structure NN would MD be VB about RB $ $ 8 CD million CD a DT year NN , , which WDT he PRP described VBD as IN `` `` peanuts NNS . . Honeywell NNP Inc. NNP , , Minneapolis NNP , , said VBD it PRP completed VBD its PRP$ previously RB announced VBN sale NN of IN 16 CD % NN of IN the DT shares NNS outstanding JJ in IN its PRP$ Japanese JJ joint JJ venture NN , , Yamatake-Honeywell NNP , , for IN $ $ 280 CD million CD . . The DT stake NN was VBD acquired VBN by IN a DT group NN of IN 10 CD Japanese JJ financial JJ institutions NNS and CC industrial JJ corporations NNS , , primarily RB insurance NN companies NNS , , Honeywell NNP said VBD . . Proceeds NNS will MD be VB used VBN to TO repurchase VBD as RB many JJ as IN 10 CD million CD shares NNS of IN Honeywell NNP stock NN , , as RB previously RB announced VBN . . Honeywell NNP said VBD a DT second JJ sale NN of IN Yamatake-Honeywell NNP is VBZ still RB being VBG negotiated VBN . . The DT company NN , , which WDT now RB holds VBZ a DT 34 CD % NN stake NN in IN the DT venture NN , , has VBZ indicated VBN that IN it PRP intends VBZ to TO retain VB at IN least JJS a DT 20 CD % NN stake NN long JJ term NN . . A DT 20 CD % NN stake NN would MD allow VB Honeywell NNP to TO include VB Yamatake NNP earnings NNS in IN its PRP$ results NNS . . A DT company NN spokesman NN said VBD the DT gain NN on IN the DT sale NN could MD n't RB be VB estimated VBN until IN the DT `` `` tax NN treatment NN has VBZ been VBN determined VBN . . OPPENHEIMER NNP CAPITAL NNP LIMITED NNP PARTNERSHIP NNP increased VBD the DT quarterly JJ distribution NN to TO 40 CD cents NNS a DT limited JJ partnership NN unit NN from IN 36.25 CD cents NNS . . The DT distribution NN represents VBZ available JJ cash NN flow NN from IN the DT partnership NN between IN Aug. NNP 1 CD and CC Oct. NNP 31 CD . . It PRP is VBZ payable JJ Nov. NNP 30 CD to TO units NNS of IN record NN Oct. NNP 31 CD . . The DT money NN manager NN is VBZ controlled VBN 67.7 CD % NN by IN its PRP$ top JJ officers NNS and CC top JJ officers NNS of IN Oppenheimer NNP & CC Co. NNP , , a DT securities NNS firm NN . . Both DT firms NNS are VBP in IN New NNP York NNP . . Oppenheimer NNP Capital NNP has VBZ about RB 7.9 CD million CD limited JJ partnership NN units NNS outstanding JJ . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN yesterday NN , , the DT units NNS closed VBD at IN $ $ 15.125 CD , , up RB 12.5 CD cents NNS . . Bank NNP of IN Montreal NNP said VBD it PRP added VBD 850 CD million CD Canadian JJ dollars NNS ( ( US$ $ 725.8 CD million CD ) ) to TO its PRP$ reserves NNS against IN losses NNS on IN Third NNP World NNP loans NNS , , bringing VBG the DT total NN it PRP has VBZ set VBN aside RP this DT year NN to TO C$ $ 1 CD billion CD . . The DT bank NN said VBD the DT C$ $ 1 CD billion CD in IN reserves NNS will MD result VB in IN a DT charge NN of IN C$ $ 595 CD million CD against IN earnings NNS but CC said VBD it PRP still RB expects VBZ to TO report VB a DT profit NN for IN the DT year NN ending VBG Tuesday NNP . . The DT bank NN reported VBD net JJ income NN of IN C$ $ 389 CD million CD for IN the DT nine CD months NNS ended VBN July NNP 31 CD . . The DT bank NN said VBD the DT increase NN in IN loan-loss JJ provisions NNS wo MD n't RB affect VB the DT payment NN of IN dividends NNS . . The DT bank NN said VBD reserves NNS now RB amount VB to TO 61 CD % NN of IN its PRP$ total JJ less-developed-country JJ exposure NN . . Excluding VBG Mexico NNP , , reserves NNS equal VBP 95 CD % NN of IN LDC NNP exposure NN . . In IN Toronto NNP Stock NNP Exchange NNP trading NN , , Bank NNP of IN Montreal NNP closed VBD at IN C$ $ 33.25 CD , , up RP 87.5 CD Canadian JJ cents NNS . . Knight-Ridder NNP Inc. NNP said VBD third-quarter JJ earnings NNS jumped VBD 18 CD % NN , , partly RB because IN of IN the DT sale NN of IN two CD of IN its PRP$ media NNS properties NNS . . The DT media NNS concern NN said VBD net JJ income NN rose VBD to TO $ $ 37.8 CD million CD , , or CC 72 CD cents NNS a DT share NN , , from IN $ $ 32 CD million CD , , or CC 57 CD cents NNS a DT share NN , , in IN the DT year-earlier JJ period NN . . The DT latest JJS results NNS include VBP a DT gain NN of IN $ $ 4.2 CD million CD , , or CC eight CD cents NNS a DT share NN , , on IN the DT sale NN of IN television NN stations NNS in IN Oklahoma NNP City NNP and CC Flint NNP , , Mich NNP . . Revenue NN increased VBD 7.5 CD % NN to TO $ $ 540.9 CD million CD from IN $ $ 503.1 CD million CD . . Robert NNP F. NNP Singleton NNP , , Knight-Ridder NNP 's POS chief JJ financial JJ officer NN , , said VBD the DT company NN was VBD `` `` pleased JJ '' '' with IN its PRP$ overall JJ performance NN , , despite IN only JJ single-digit JJ growth NN in IN newspaper NN revenue NN . . That DT division NN 's POS revenue NN rose VBD 2.3 CD % NN to TO $ $ 472.5 CD million CD from IN $ $ 461.9 CD million CD in IN the DT year-ago JJ period NN . . Gains NNS in IN advertising NN revenue NN , , however RB , , resulted VBD in IN operating NN profit NN of IN $ $ 78.4 CD million CD -- : up RB 20 CD % NN from IN $ $ 65.6 CD million CD . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Knight NNP Ridder NNP closed VBD at IN $ $ 51.50 CD a DT share NN , , down RB 12.5 CD cents NNS . . ALBERTA NNP ENERGY NNP Co. NNP , , Calgary NNP , , said VBD it PRP filed VBD a DT preliminary JJ prospectus NN for IN an DT offering NN of IN common JJ shares NNS . . The DT natural JJ resources NNS development NN concern NN said VBD proceeds NNS will MD be VB used VBN to TO repay VB long-term JJ debt NN , , which WDT stood VBD at IN 598 CD million CD Canadian JJ dollars NNS ( ( US$ $ 510.6 CD million CD ) ) at IN the DT end NN of IN 1988 CD . . The DT company NN plans VBZ to TO raise VB between IN C$ $ 75 CD million CD and CC C$ $ 100 CD million CD from IN the DT offering NN , , according VBG to TO a DT spokeswoman NN at IN Richardson NNP Greenshields NNP of IN Canada NNP Ltd. NNP , , lead JJ underwriter NN . . The DT shares NNS will MD be VB priced VBN in IN early JJ November NNP , , she PRP said VBD . . General NNP Electric NNP Co. NNP executives NNS and CC lawyers NNS provided VBD `` `` misleading JJ and CC false JJ '' '' information NN to TO the DT Pentagon NNP in IN 1985 CD in IN an DT effort NN to TO cover VB up RP `` `` longstanding JJ fraudulent JJ '' '' billing NN practices NNS , , federal JJ prosecutors NNS alleged VBN in IN legal JJ briefs NNS . . The DT government NN 's POS startling JJ allegations NNS , , filed VBN only JJ days NNS before IN the DT scheduled JJ start NN of IN a DT criminal JJ overcharge NN trial NN against IN GE NNP in IN Philadelphia NNP federal JJ district NN court NN , , challenge VBP the DT motives NNS and CC veracity NN of IN the DT nation NN 's POS third-largest JJ defense NN contractor NN . . In IN a DT strongly RB worded VBN response NN summarizing VBG a DT filing NN made VBN in IN the DT same JJ court NN yesterday NN , , GE NNP asserted VBD that IN `` `` prosecutors NNS have VBP misstated VBN the DT testimony NN of IN witnesses NNS , , distorted VBN documents NNS and CC ignored VBN important JJ facts NNS . . '' '' The DT company NN attacked VBD the DT government NN 's POS allegations NNS as IN `` `` reckless JJ and CC baseless JJ mudslinging NN , , '' '' and CC said VBD its PRP$ management NN `` `` promptly RB and CC accurately RB reported VBD '' '' to TO the DT Pentagon NNP all DT relevant JJ information NN about IN billing NN practices NNS . . The DT case NN strikes VBZ at IN the DT corporate JJ image NN of IN GE NNP , , which WDT provides VBZ the DT military JJ with IN everything NN from IN jet NN engines NNS and CC electronic JJ warfare NN equipment NN to TO highly RB classified JJ design NN work NN on IN the DT Strategic NNP Defense NNP Initiative NNP , , and CC could MD cause VB a DT loss NN of IN future JJ defense NN contracts NNS if IN Pentagon NNP and CC Justice NNP Department NNP officials NNS take VBP a DT tough JJ stance NN . . The DT company NN has VBZ been VBN considered VBN an DT industry NN leader NN in IN advocating VBG cooperation NN and CC voluntary JJ disclosures NNS of IN improper JJ or CC inflated JJ billing NN practices NNS . . But CC the DT government NN now RB claims VBZ that IN a DT group NN of IN company NN managers NNS and CC lawyers NNS engaged VBD in IN an DT elaborate JJ strategy NN over IN five CD years NNS to TO obscure VB from IN federal JJ authorities NNS the DT extent NN and CC details NNS of IN `` `` widespread JJ '' '' fraudulent JJ billing NN practices NNS . . The DT problems NNS were VBD uncovered VBN during IN a DT series NN of IN internal JJ investigations NNS of IN the DT company NN 's POS Space NNP Systems NNP division NN , , which WDT has VBZ been VBN the DT focus NN of IN two CD separate JJ overcharge NN prosecutions NNS by IN the DT government NN since IN 1985 CD . . The DT dispute NN stems VBZ from IN pretrial JJ maneuvering NN in IN the DT pending VBG court NN case NN , , in IN which WDT prosecutors NNS have VBP been VBN demanding VBG access NN to TO a DT host NN of IN internal JJ company NN memos NNS , , reports NNS and CC documents NNS . . Last JJ November NNP , , a DT federal JJ grand JJ jury NN indicted VBD GE NNP on IN charges NNS of IN fraud NN and CC false JJ claims NNS in IN connection NN with IN an DT alleged JJ scheme NN to TO defraud VB the DT Army NNP of IN $ $ 21 CD million CD on IN a DT logistics NNS computer NN contract NN . . The DT company NN , , for IN its PRP$ part NN , , maintains VBZ that IN many JJ of IN the DT disputed JJ documents NNS are VBP privileged JJ attorney-client JJ communications NNS that WDT should MD n't RB be VB turned VBN over RP to TO prosecutors NNS . . A DT hearing NN is VBZ scheduled VBN on IN the DT issue NN today NN . . The DT government NN 's POS 136-page JJ filing NN covers VBZ events NNS leading VBG up RB to TO the DT current JJ case NN and CC an DT earlier JJR indictment NN in IN March NNP 1985 CD , , when WRB GE NNP was VBD accused VBN of IN defrauding VBG the DT Pentagon NNP by IN illegally RB claiming VBG cost NN overruns NNS on IN Minuteman NNP missile NN contracts NNS . . GE NNP pleaded VBD guilty JJ and CC paid VBD a DT fine JJ of IN more JJR than IN $ $ 1 CD million CD in IN the DT Minuteman NNP case NN , , which WDT involved VBD some DT of IN the DT same JJ individuals NNS and CC operations NNS that WDT are VBP at IN the DT center NN of IN the DT dispute NN in IN the DT Philadelphia NNP court NN . . In IN order NN to TO show VB that IN all DT of IN its PRP$ units NNS had VBD corrected VBN billing NN problems NNS and CC therefore RB should MD become VB eligible NN again RB for IN new JJ contracts NNS , , prosecutors NNS contend VBP that IN `` `` high-level JJ GE NNP executives NNS '' '' and CC company NN lawyers NNS provided VBD `` `` misleading JJ statements NNS '' '' to TO then-Air JJ Force NNP Secretary NNP Verne NNP Orr NNP and CC other JJ Pentagon NNP officials NNS during IN a DT series NN of IN meetings NNS in IN 1985 CD . . Overall RB , , the DT government NN contends VBZ that IN GE NNP 's POS disclosure NN efforts NNS largely RB were VBD intended VBN to TO `` `` curry VB favor NN '' '' with IN Pentagon NNP officials NNS without IN detailing VBG the DT extent NN of IN the DT management NN lapses NNS and CC allegedly RB pervasive JJ billing NN irregularities NNS uncovered VBN by IN company NN investigations NNS . . Prosecutors NNS depict VBP a DT company NN that WDT allegedly RB sat VBD on IN damaging JJ evidence NN of IN overcharges NNS from IN 1983 CD to TO 1985 CD , , despite IN warnings NNS from IN an DT internal JJ auditor NN . . When WRB GE NNP finally RB disclosed VBD the DT problems NNS , , prosecutors NNS contend VBP that IN Mr. NNP Orr NNP `` `` was VBD erroneously RB informed VBN that IN the DT { ( suspected JJ } ) practices NNS had VBD only RB just RB been VBN discovered VBN '' '' by IN GE NNP management NN . . In IN its PRP$ brief NN , , the DT government NN asserted VBD that IN it PRP needs VBZ the DT internal JJ GE NNP documents NNS to TO rebut VB anticipated JJ efforts NNS by IN GE NNP during IN the DT trial NN to TO demonstrate VB `` `` its PRP$ good JJ corporate JJ character NN . . '' '' GE NNP , , which WDT was VBD surprised JJ by IN the DT last-minute JJ subpoena NN for IN more JJR than IN 100 CD boxes NNS and CC file NN cabinets NNS of IN documents NNS , , countered VBD that IN senior JJ GE NNP managers NNS did VBD n't RB find VB out RP about IN questionable JJ billing NN practices NNS until IN 1985 CD , , and CC that IN the DT information NN was VBD passed VBN on RP quickly RB to TO Mr. NNP Orr NNP at IN his PRP$ first JJ meeting NN with IN company NN representatives NNS . . Subsequent JJ meetings NNS , , initiated VBN after IN the DT company NN and CC two CD of IN its PRP$ units NNS were VBD briefly NN suspended VBN from IN federal JJ contracts NNS , , were VBD held VBN to TO familiarize VB Mr. NNP Orr NNP with IN the DT company NN 's POS self-policing JJ procedures NNS and CC to TO disclose VB additional JJ information NN , , according VBG to TO GE NNP . . GE NNP 's POS filing NN contends VBZ that IN the DT billing NN practices NNS at IN the DT heart NN of IN the DT current JJ controversy NN involved VBD technical JJ disputes NNS rather RB than IN criminal JJ activity NN . . The DT company NN 's POS conduct NN `` `` does VBZ not RB even RB raise VB a DT question NN of IN wrongful JJ corporate JJ intent NN , , ratification NN or CC cover-up NN , , '' '' GE NNP 's POS brief NN asserts VBZ . . `` `` On IN the DT contrary NN , , it PRP shows VBZ a DT corporation NN reacting VBG swiftly RB and CC aggressively RB to TO very RB difficult JJ issues NNS in IN largely RB uncharted JJ waters NNS . . '' '' Mr. NNP Orr NNP could MD n't RB be VB reached VBN for IN comment NN yesterday NN . . Applied NNP Solar NNP Energy NNP Corp. NNP of IN City NNP of IN Industry NNP , , Calif. NNP , , said VBD it PRP and CC its PRP$ majority NN shareholder NN , , American NNP Cyanamid NNP Co. NNP , , signed VBD a DT non-binding JJ letter NN of IN intent NN for IN the DT acquisition NN of IN Applied NNP Solar NNP by IN McDonnell NNP Douglas NNP Corp. NNP for IN about RB $ $ 38 CD million CD . . The DT proposed JJ acquisition NN provides VBZ for IN a DT cash NN payment NN of IN $ $ 10 CD a DT share NN at IN closing NN and CC a DT contingent JJ payment NN of IN as RB much JJ as IN 80 CD cents NNS a DT share NN placed VBN in IN escrow NN . . Details NNS of IN the DT escrow NN agreement NN have VBP n't RB been VBN completed VBN , , the DT companies NNS said VBD . . There EX are VBP 3.5 CD million CD shares NNS of IN Applied NNP Solar NNP , , of IN which WDT American NNP Cyanamid NNP owns VBZ 2.7 CD million CD . . American NNP Cyanamid NNP is VBZ a DT Wayne NNP , , N.J. NNP , , chemicals NNS , , drugs NNS and CC fertilizer NN concern NN . . Completion NN of IN the DT acquisition NN is VBZ subject JJ to TO execution NN of IN a DT definitive JJ agreement NN , , approval NN by IN all DT three CD companies NNS ' POS boards NNS and CC the DT approval NN of IN Applied NNP Solar NNP 's POS shareholders NNS . . An DT Applied NNP Solar NNP spokesman NN said VBD completion NN is VBZ expected VBN at IN the DT end NN of IN the DT year NN or CC early RB next JJ year NN . . A DT spokeswoman NN for IN the DT St. NNP Louis NNP aerospace NN and CC defense NN concern NN said VBD it PRP wanted VBD the DT acquistion NN because IN Applied NNP Solar NNP is VBZ involved VBN in IN solar JJ cells NNS and CC solid-state JJ laser NN components NNS , , and CC this DT fits VBZ with IN McDonnell NNP 's POS business NN of IN laser NN applications NNS for IN military JJ space NN . . Trading NN in IN Cineplex NNP Odeon NNP Corp. NNP shares NNS was VBD halted VBN on IN the DT New NNP York NNP and CC Toronto NNP stock NN exchanges NNS late RB yesterday NN afternoon NN at IN the DT company NN 's POS request NN , , Toronto NNP Stock NNP Exchange NNP officials NNS said VBD . . Brian NNP Hemming NNP , , a DT spokesman NN for IN the DT company NN 's POS committee NN of IN independent JJ directors NNS , , established VBN in IN May NNP to TO solicit VB and CC evaluate VB offers NNS for IN the DT company NN , , said VBD it PRP was VBD expected VBN to TO make VB an DT announcement NN early RB this DT morning NN . . But CC Mr. NNP Hemming NNP said VBD he PRP was VBD n't RB aware JJ of IN the DT nature NN of IN the DT talks NNS under IN way NN between IN committee NN members NNS and CC their PRP$ advisers NNS . . Cineplex NNP traded VBD on IN the DT New NNP York NNP Stock NNP Exchange NNP at IN $ $ 11.25 CD a DT share NN , , up RB $ $ 1.125 CD , , before IN trading NN was VBD halted VBN . . Analysts NNS have VBP speculated VBN in IN recent JJ days NNS that IN the DT value NN of IN offers NNS received VBN by IN the DT committee NN fell VBD well RB short RB of IN what WP they PRP had VBD hoped VBN , , or CC even RB that IN the DT company NN 's POS chairman NN , , president NN and CC chief JJ executive JJ officer NN , , Garth NNP Drabinsky NNP , , is VBZ the DT only JJ bidder NN for IN the DT company NN as IN a DT whole NN . . The DT current JJ effort NN to TO auction VB off RP the DT company NN was VBD triggered VBN by IN a DT dispute NN between IN Mr. NNP Drabinsky NNP and CC the DT Toronto-based JJ movie NN chain NN 's POS major JJ shareholder NN , , MCA NNP Inc NNP . . London NNP share NN prices NNS closed VBD sharply RB lower JJR Tuesday NNP on IN the DT back NN of IN Wall NNP Street NNP 's POS steep JJ drop NN and CC renewed JJ fears NNS over IN U.K. NNP economic JJ fundamentals NNS . . Tokyo NNP 's POS winning NN streak NN came VBD to TO an DT end NN , , and CC stocks NNS fell VBD in IN Frankfurt NNP and CC across IN Europe NNP as RB well RB . . London NNP 's POS Financial NNP Times NNP 100-share JJ index NN shed VBD 40.4 CD points NNS to TO finish VB at IN 2149.3 CD . . At IN London NNP 's POS close NN , , the DT Dow NNP Jones NNP Industrial NNP Average NNP was VBD 51.23 CD points NNS lower JJR at IN 2611.68 CD . . Dealers NNS said VBD the DT initial JJ pressure NN came VBD from IN mildly RB disappointing JJ U.K. NNP trade NN figures NNS for IN September NNP and CC a DT worrisome JJ report NN by IN the DT Confederation NNP of IN British NNP Industry NNP that IN a DT decline NN in IN orders NNS for IN manufactured JJ goods NNS is VBZ depressing VBG both DT business NN optimism NN and CC investment NN plans NNS for IN the DT coming JJ year NN . . The DT trade NN and CC CBI NNP reports NNS refocused VBD attention NN on IN high JJ interest NN rates NNS and CC corporate JJ profitability NN and CC helped VBD rekindle VB underlying JJ concerns NNS over IN prospects NNS for IN a DT recession NN in IN the DT U.K. NNP , , dealers NNS said VBD . . The DT 30-share JJ index NN fell VBD 33.3 CD points NNS to TO 1739.3 CD . . Volume NN was VBD a DT modest JJ 405.4 CD million CD shares NNS traded VBN , , but CC better JJR than IN the DT year NN 's POS lowest JJS turnover NN of IN 276.8 CD million CD Monday NNP . . Market NN watchers NNS also RB noted VBD an DT absence NN of IN institutional JJ interest NN later RB in IN the DT session NN helped VBD pave VB the DT way NN for IN broader JJR declines NNS when WRB Wall NNP Street NNP opened VBD weaker JJR . . They PRP added VBD that IN market-makers NNS were VBD knocking VBG share NN prices NNS down RP in IN midafternoon NN in IN a DT bid NN to TO attract VB some DT interest NN , , but CC the DT action NN largely RB helped VBD open VB the DT way NN for IN London NNP 's POS late JJ declines NNS . . Insurance NN stocks NNS provided VBD some DT early JJ support NN to TO the DT market NN , , partly RB on IN favorable JJ brokerage NN recommendatons NNS and CC talk NN of IN continental JJ European JJ interest NN in IN British JJ life NN and CC composite JJ insurers NNS . . British JJ life NN insurer NN London NNP & CC General NNP , , which WDT firmed VBD 2 CD pence NNS to TO 356 CD pence NN ( ( $ $ 5.70 CD ) ) , , and CC composite JJ insurer NN Royal NNP Insurance NNP , , which WDT finished VBD 13 CD lower JJR at IN 475 CD , , were VBD featured VBN in IN the DT talk NN . . On IN the DT life NN insurance NN side NN , , Pearl NNP Group NNP finished VBD 5 CD lower JJR at IN 640 CD , , and CC Sun NNP Life NNP dropped VBD 15 CD to TO # # 11.53 CD . . Jaguar NNP finished VBD 4 CD lower JJR at IN 694 CD . . Dealers NNS said VBD the DT market NN did VBD n't RB react VB substantially RB to TO Ford NNP Motor NNP Co. NNP 's POS disclosure NN to TO the DT U.S. NNP Securities NNP and CC Exchange NNP Commission NNP that IN it PRP will MD seek VB 100 CD % NN of IN Jaguar NNP 's POS shares NNS outstanding JJ when WRB U.K. NNP government NN share NN regulations NNS are VBP lifted VBN at IN the DT end NN of IN next JJ year NN . . Tokyo NNP stocks NNS closed VBD easier JJR , , posting VBG their PRP$ first JJ loss NN in IN six CD trading NN days NNS , , partly RB because IN of IN programmed JJ index-linked JJ selling NN by IN trust NN investment NN funds NNS in IN the DT afternoon NN session NN . . The DT Nikkei NNP index NN fell VBD 58.97 CD points NNS to TO 35526.55 CD . . The DT index NN gained VBD 99.14 CD points NNS Monday NNP . . In IN early RB trading NN in IN Tokyo NNP Wednesday NNP , , the DT Nikkei NNP index NN rose VBD 17.92 CD points NNS to TO 35544.47 CD . . On IN Tuesday NNP , , the DT Tokyo NNP stock NN price NN index NN of IN all DT first JJ section NN issues NNS was VBD down RB 6.31 CD at IN 2681.22 CD . . First JJ section NN volume NN was VBD estimated VBN at IN 900 CD million CD shares NNS , , up RB from IN 605 CD million CD Monday NNP . . Observers NNS said VBD the DT market NN again RB failed VBD to TO find VB a DT trading NN focus NN , , discouraging VBG much JJ participation NN by IN investors NNS . . The DT market NN , , however RB , , is VBZ expected VBN to TO remain VB stable JJ and CC expectations NNS for IN future JJ gains NNS are VBP high JJ , , traders NNS said VBD . . Such JJ sentiment NN is VBZ being VBG supported VBN by IN word NN that IN a DT large JJ amount NN of IN cash NN from IN investment NN trust NN funds NNS is VBZ scheduled VBN to TO enter VB the DT market NN later RB this DT week NN and CC in IN early JJ November NNP . . The DT expected JJ amount NN is VBZ said VBD to TO be VB 700 CD billion CD yen NN ( ( $ $ 4.93 CD billion CD ) ) to TO 1.05 CD trillion CD yen NN -- : the DT second JJ largest JJS amount NN this DT year NN in IN a DT given JJ period NN , , following VBG the DT record JJ high NN set VBN at IN the DT end NN of IN July NNP , , according VBG to TO market NN observers NNS . . In IN addition NN to TO a DT large JJ amount NN of IN investment NN trust NN fund NN cash NN , , analysts NNS generally RB see VBP the DT market NN environment NN improving VBG compared VBN with IN the DT past JJ couple NN of IN weeks NNS . . Toshiyuki NNP Nishimura NNP , , an DT analyst NN at IN Yamaichi NNP Securities NNP , , said VBD , , `` `` The DT market NN sentiment NN is VBZ bullish JJ , , simply RB because IN there EX are VBP few JJ bad JJ factors NNS . . '' '' Buying NN activity NN Tuesday NNP centered VBD on IN a DT wide JJ range NN of IN midcapitalization NN , , domestic JJ demand-related JJ shares NNS whose WP$ prices NNS range VBP from IN 1,000 CD to TO 2,000 CD yen NN . . Investors NNS expect VBP these DT shares NNS will MD be VB targets NNS of IN investment NN trust NN funds NNS , , which WDT often RB buy VBP small JJ amounts NNS spread VBN across IN a DT wide JJ range NN of IN issues NNS . . On IN the DT other JJ hand NN , , high-priced JJ shares NNS such JJ as IN Pioneer NNP Electronic NNP and CC Sony NNP failed VBD to TO spark VB investor NN interest NN because IN these DT issues NNS are VBP unlikely JJ to TO be VB bought VBN by IN investment NN trust NN funds NNS , , observers NNS said VBD . . Tuesday NNP 's POS notable JJ losers NNS were VBD highpriced JJ shares NNS such JJ as IN Pioneer NNP , , which WDT shed VBD 210 CD yen NN to TO 5,900 CD yen NN . . Sony NNP was VBD down RB 130 CD to TO 8,590 CD . . TDK NNP fell VBD 120 CD to TO 5,960 CD , , Fuji NNP Photo NNP Film NNP declined VBD 160 CD to TO 4,830 CD , , and CC Fanuc NNP dropped VBD 160 CD to TO 7,440 CD . . Share NN prices NNS on IN the DT Frankfurt NNP stock NN exchange NN closed VBD sharply RB lower JJR in IN thin JJ dealings NNS as IN worried JJ investors NNS remained VBD idle JJ as IN the DT result NN of IN two CD potentially RB destabilizing JJ domestic JJ developments NNS . . The DT DAX NNP index NN fell VBD 15.85 CD to TO end VB at IN 1507.37 CD . . Cutting VBG against IN the DT downward JJ trend NN was VBD Continental NNP , , which WDT jumped VBD 4 CD marks NNS to TO 346 CD marks NNS ( ( $ $ 187 CD ) ) in IN heavy JJ trading NN on IN rumors NNS that IN the DT tire NN maker NN is VBZ about RB to TO be VB taken VBN over RP . . It PRP jumped VBD 7.5 CD Monday NNP . . Traders NNS said VBD the DT market NN was VBD exceptionally RB thin JJ , , as IN small JJ investors NNS remain VBP on IN the DT sidelines NNS . . Market NN participants NNS say VBP investors NNS are VBP not RB only RB licking VBG their PRP$ wounds NNS following VBG the DT turbulence NN last JJ week NN , , but CC they PRP have VBP also RB been VBN made VBN nervous JJ by IN two CD events NNS in IN West NNP Germany NNP . . On IN Sunday NNP , , the DT governing VBG Christian NNP Democratic NNP Union NNP suffered VBD a DT series NN of IN setbacks NNS , , the DT extent NN of IN which WDT became VBD fully RB known VBN only RB late JJ Monday NNP , , in IN municipal JJ elections NNS in IN Baden-Wuerttemberg NNP . . Traders NNS say VBP investors NNS are VBP worried JJ that IN the DT CDU NNP wo MD n't RB be VB able JJ to TO hold VB office NN in IN federal JJ elections NNS at IN the DT end NN of IN 1990 CD . . And CC statements NNS by IN the DT chairman NN of IN the DT IG NNP Metall NNP labor NN union NN , , Franz NNP Steinkuehler NNP , , also RB cast VBD a DT cloud NN over IN trading NN , , dealers NNS said VBD . . Mr. NNP Steinkuehler NNP said VBD at IN a DT convention NN in IN West NNP Berlin NNP that IN the DT union NN has VBZ to TO prepare VB for IN `` `` a DT big JJ fight NN '' '' to TO achieve VB its PRP$ main JJ goal NN of IN a DT 35-hour JJ workweek NN , , down IN from IN current JJ 37-hour CD workweek NN . . The DT decline NN in IN prices NNS cut VBD broadly RB through IN the DT blue-chip JJ issues NNS , , as IN Siemens NNP tumbled VBD 7.5 CD to TO 544 CD , , Deutsche NNP Bank NNP plunged VBD 7 CD to TO 657 CD , , and CC the DT auto NN makers NNS fell VBD sharply RB as RB well RB . . Daimler-Benz NNP dropped VBD 12.5 CD to TO 710.5 CD , , Bayerische NNP Motoren NNP Werke NNP dropped VBD 10.5 CD to TO 543.5 CD , , and CC Volkswagen NN lost VBD 7.1 CD . . Elsewhere RB , , share NN prices NNS closed VBD lower JJR in IN Zurich NNP , , Amsterdam NNP , , Milan NNP and CC Stockholm NNP . . Uneasiness NN about IN Wall NNP Street NNP was VBD cited VBN in IN several JJ markets NNS . . Prices NNS closed VBD lower JJR in IN Sydney NNP , , Singapore NNP and CC Wellington NNP , , were VBD mixed JJ in IN Hong NNP Kong NNP and CC higher JJR in IN Taipei NNP , , Manila NNP , , Paris NNP , , Brussels NNP and CC Seoul NNP . . Here RB are VBP price NN trends NNS on IN the DT world NN 's POS major JJ stock NN markets NNS , , as IN calculated VBN by IN Morgan NNP Stanley NNP Capital NNP International NNP Perspective NNP , , Geneva NNP . . To TO make VB them PRP directly RB comparable JJ , , each DT index NN is VBZ based VBN on IN the DT close NN of IN 1969 CD equaling VBG 100 CD . . The DT percentage NN change NN is VBZ since IN year-end NN . . Directors NNS of IN Bergen NNP Bank NNP and CC Den NNP Norske NNP Creditbank NNP , , two CD of IN Norway NNP 's POS leading JJ banks NNS , , announced VBD they PRP had VBD agreed VBN to TO the DT formal JJ merger NN of IN the DT banks NNS . . The DT merger NN would MD create VB Scandinavia NNP 's POS seventh JJ largest JJS bank NN , , with IN combined JJ assets NNS of IN 210 CD billion CD Norwegian JJ kroner NN ( ( $ $ 30.3 CD billion CD ) ) . . The DT banks NNS said VBD an DT application NN for IN a DT concession NN to TO merge VB into IN one CD entity NN to TO be VB called VBN Den NNP Norske NNP Bank NNP AS IN was VBD sent VBN Monday NNP to TO the DT Finance NNP Ministry NNP . . The DT two CD boards NNS said VBD in IN a DT joint JJ statement NN that IN the DT proposed JJ merger NN agreement NN was VBD considered VBN in IN separate JJ board NN meetings NNS in IN Oslo NNP Monday NNP . . They PRP said VBD the DT agreement NN will MD be VB submitted VBN to TO their PRP$ respective JJ supervisory JJ boards NNS next IN Wednesday NNP . . Extraordinary JJ general JJ meetings NNS , , to TO be VB held VBN Nov. NNP 28 CD , , will MD decide VB the DT share NN exchange NN ratio NN . . The DT merger NN requires VBZ the DT approval NN of IN Norwegian JJ authorities NNS . . Savings NNS and CC loans NNS reject VBP blacks NNS for IN mortgage NN loans NNS twice RB as RB often RB as IN they PRP reject VBP whites NNS , , the DT Office NNP of IN Thrift NNP Supervision NNP said VBD . . But CC that DT does VBZ n't RB necessarily RB mean VB thrifts NNS are VBP discriminating VBG against IN blacks NNS , , the DT agency NN said VBD . . The DT office NN , , an DT arm NN of IN the DT Treasury NNP , , said VBD it PRP does VBZ n't RB have VB data NNS on IN the DT financial JJ position NN of IN applicants NNS and CC thus RB ca MD n't RB determine VB why WRB blacks NNS are VBP rejected VBN more RBR often RB . . Nevertheless RB , , on IN Capitol NNP Hill NNP , , where WRB the DT information NN was VBD released VBN yesterday NN at IN a DT Senate NNP banking NN subcommittee NN hearing NN , , lawmakers NNS said VBD they PRP are VBP worried JJ that IN financial JJ institutions NNS are VBP routinely RB discriminating VBG against IN minorities NNS . . They PRP asked VBD regulators NNS to TO suggest VB new JJ ways NNS to TO force VB banks NNS and CC thrifts NNS to TO comply VB with IN anti-discrimination JJ laws NNS . . Sen. NNP Alan NNP Dixon NNP ( ( D NNP , , Ill. NNP ) ) , , chairman NN of IN the DT subcommittee NN on IN consumer NN and CC regulatory JJ affairs NNS , , said VBD , , `` `` I PRP 'm VBP not RB a DT statistician NN . . But CC when WRB blacks NNS are VBP getting VBG their PRP$ loan NN applications NNS rejected VBD twice RB as RB often RB as IN whites NNS -- : and CC in IN some DT cities NNS , , it PRP is VBZ three CD and CC four CD times NNS as RB often RB -- : I PRP conclude VBP that DT discrimination NN is VBZ part NN of IN the DT problem NN . . '' '' James NNP Grohl NNP , , a DT spokesman NN for IN the DT U.S. NNP League NNP of IN Savings NNP Institutions NNP , , said VBD , , `` `` The DT data NN is VBZ a DT red JJ flag NN , , but CC lacking VBG the DT financial JJ data NN you PRP ca MD n't RB make VB a DT case NN that DT discrimination NN is VBZ widespread JJ . . '' '' The DT trade NN group NN official NN added VBD : : `` `` Certainly RB the DT federal JJ government NN should MD take VB a DT hard JJ look NN at IN it PRP . . '' '' Sen. NNP Dixon NNP held VBD the DT hearing NN to TO follow VB up RP on IN a DT provision NN in IN the DT savings NNS and CC loan NN bailout NN bill NN that WDT required VBD regulators NNS to TO report VB on IN evidence NN of IN discimination NN in IN mortgage NN lending NN . . The DT legislation NN also RB requires VBZ broad JJ new JJ disclosures NNS of IN the DT race NN , , sex NN and CC income NN level NN of IN borrowers NNS , , but CC that DT information NN wo MD n't RB be VB gathered VBN in IN new JJ studies NNS for IN several JJ months NNS at IN least JJS . . The DT Federal NNP Reserve NNP said VBD its PRP$ studies NNS in IN recent JJ years NNS , , which WDT adjust VBP for IN income NN differences NNS and CC other JJ variables NNS , , showed VBD that IN blacks NNS received VBD fewer JJR home NN mortgages NNS from IN banks NNS and CC thrifts NNS than IN whites NNS . . But CC John NNP LaWare NNP , , a DT Fed NNP governor NN , , told VBD the DT subcommittee NN the DT evidence NN is VBZ mixed JJ and CC that IN the DT Fed NNP 's POS believes VBZ the DT vast JJ majority NN of IN banks NNS are VBP n't RB discriminating VBG . . For IN instance NN , , he PRP noted VBD , , the DT Fed NNP studies NNS have VBP shown VBN that IN blacks NNS receive VBP more JJR home NN improvement NN loans NNS than IN whites NNS . . Several JJ lawmakers NNS were VBD angered JJ that IN the DT bank NN and CC thrift NN regulators NNS generally RB said VBD they PRP have VBP been VBN too RB busy JJ handling VBG the DT record JJ number NN of IN bank NN and CC thrift NN failures NNS in IN the DT past JJ few JJ years NNS to TO put VB much JJ energy NN into IN investigating VBG possible JJ discrimination NN . . `` `` We PRP would MD be VB the DT first JJ to TO admit VB that IN we PRP have VBP not RB devoted VBN the DT necessary JJ amount NN of IN emphasis NN over IN the DT past JJ several JJ years NNS '' '' to TO developing VBG examinations NNS for IN discrimination NN , , said VBD Jonathan NNP Fiechter NNP , , a DT top JJ official NN of IN the DT Office NNP of IN Thrift NNP Supervision NNP . . `` `` If IN we PRP 've VBP got VBD folks NNS out IN there EX who WP are VBP being VBG turned VBD away RP in IN the DT mortgage NN market NN improperly RB and CC unfairly RB , , '' '' said VBD Sen. NNP Donald NNP Riegle NNP ( ( D. NNP , , Mich. NNP ) ) , , chairman NN of IN the DT banking NN committee NN , , `` `` then RB that DT is VBZ a DT matter NN that WDT needs VBZ remedy NN now RB , , not RB six CD months NNS from IN now RB , , or CC six CD years NNS from IN now RB , , or CC 26 CD years NNS from IN now RB . . '' '' Officials NNP of IN the DT Federal NNP Deposit NNP Insurance NNP Corp. NNP and CC the DT Office NNP of IN the DT Comptroller NNP of IN the DT Currency NNP said VBD they PRP have VBP punished VBN only RB a DT few JJ banks NNS for IN violations NNS of IN anti-discrimination JJ laws NNS . . The DT FDIC NNP said VBD it PRP has VBZ issued VBN five CD citations NNS to TO banks NNS over IN the DT past JJ three CD years NNS for IN discriminatory JJ practices NNS . . The DT comptroller NN 's POS office NN said VBD it PRP found VBD no DT indications NNS of IN illegal JJ discrimination NN in IN 3,437 CD examinations NNS of IN banks NNS since IN April NNP 1987 CD . . The DT comptroller NN 's POS office NN also RB said VBD that IN of IN 37,000 CD complaints NNS it PRP received VBD since IN January NNP 1987 CD , , only RB 16 CD alleged VBD racial JJ discrimination NN in IN real JJ estate NN lending NN . . The DT agency NN investigated VBD the DT complaints NNS but CC no DT violations NNS were VBD cited VBN . . Thrift NN regulators NNS did VBD n't RB give VB any DT figures NNS on IN their PRP$ enforcement NN actions NNS . . Mr. NNP Fiechter NNP said VBD that IN among IN the DT possibilities NNS being VBG considered VBN by IN regulators NNS to TO fight VB discrimination NN is VBZ the DT use NN of IN `` `` testers NNS '' '' -- : government NN investigators NNS who WP would MD pose VB as IN home NN buyers NNS . . The DT Department NNP of IN Housing NNP and CC Urban NNP Development NNP has VBZ used VBN testers NNS to TO investigate VB discrimination NN in IN rental JJ housing NN . . Using VBG testers NNS could MD be VB controversial JJ with IN financial JJ institutions NNS , , but CC Mr. NNP Grohl NNP said VBD the DT U.S. NNP League NNP of IN Savings NNP Institutions NNP had VBD n't RB yet RB taken VBN any DT position NN on IN the DT matter NN . . Time NNP Warner NNP Inc. NNP is VBZ considering VBG a DT legal JJ challenge NN to TO Tele-Communications NNP Inc. NNP 's POS plan NN to TO buy VB half NN of IN Showtime NNP Networks NNP Inc. NNP , , a DT move NN that WDT could MD lead VB to TO all-out JJ war NN between IN the DT cable NN industry NN 's POS two CD most RBS powerful JJ players NNS . . Time NNP is VBZ also RB fighting VBG the DT transaction NN on IN other JJ fronts NNS , , by IN attempting VBG to TO discourage VB other JJ cable NN operators NNS from IN joining VBG Tele-Communications NNP as IN investors NNS in IN Showtime NNP , , cable-TV NN industry NN executives NNS say VBP . . Time NNP officials NNS declined VBD to TO comment VB . . Last JJ week NN , , Tele-Communications NNP agreed VBD to TO pay VB Viacom NNP Inc. NNP $ $ 225 CD million CD for IN a DT 50 CD % NN stake NN in IN its PRP$ Showtime NNP subsidiary NN , , which WDT is VBZ a DT distant JJ second NN to TO Time NNP 's POS Home NNP Box NNP Office NNP in IN the DT delivery NN of IN pay-TV NN networks NNS to TO cable NN subscribers NNS . . Tele-Communications NNP , , the DT U.S. NNP 's POS largest JJS cable NN company NN , , said VBD it PRP may MD seek VB other JJ cable NN partners NNS to TO join VB in IN its PRP$ investment NN . . Tele-Communications NNP is VBZ HBO NNP 's POS largest JJS customer NN , , and CC the DT two CD have VBP a DT number NN of IN other JJ business NN relationships NNS . . Earlier RBR this DT year NN , , Time NNP even RB discussed VBD bringing VBG Tele-Communications NNP in RP as IN an DT investor NN in IN HBO NNP , , executives NNS at IN both DT companies NNS said VBD . . The DT purchase NN of IN the DT Showtime NNP stake NN is VBZ `` `` a DT direct JJ slap NN in IN our PRP$ face NN , , '' '' said VBD one CD senior JJ Time NNP executive NN . . Time NNP is VBZ expected VBN to TO mount VB a DT legal JJ challenge NN in IN U.S. NNP District NNP Court NNP in IN New NNP York NNP , , where WRB Viacom NNP in IN May NNP filed VBD a DT $ $ 2.5 CD billion CD antitrust JJ suit NN charging VBG Time NNP and CC HBO NNP with IN monopolizing VBG the DT pay-TV NN business NN and CC trying VBG to TO crush VB competition NN from IN Showtime NNP . . Executives NNS involved VBN in IN plotting VBG Time NN 's POS defense NN say VBP it PRP is VBZ now RB preparing VBG a DT countersuit NN naming VBG both CC Viacom NNP and CC Tele-Communications NNP as IN defendants NNS . . The DT executives NNS say VBP Time NNP may MD seek VB to TO break VB up RP the DT transaction NN after IN it PRP is VBZ consummated VBN , , or CC may MD seek VB constraints NNS that WDT would MD prevent VB Tele-Communications NNP from IN dropping VBG HBO NNP in IN any DT of IN its PRP$ cable NN systems NNS in IN favor NN of IN Showtime NNP . . Viacom NNP officials NNS declined VBD to TO comment VB . . Jerome NNP Kern NNP , , Tele-Communications NNP ' POS chief JJ outside JJ counsel NN , , said VBD he PRP was VBD n't RB aware JJ of IN Time NN 's POS legal JJ plans NNS . . But CC he PRP said VBD that IN any DT effort NN by IN Time NNP to TO characterize VB the DT Tele-Communications NNP investment NN in IN Showtime NNP as IN anti-competitive JJ would MD be VB `` `` the DT pot NN calling VBG the DT kettle NN black NN . . '' '' `` `` It PRP 's VBZ hard JJ to TO see VB how WRB an DT investment NN by IN the DT largest JJS { ( cable NN operator NN } ) in IN the DT weaker JJR of IN the DT two CD networks NNS is VBZ anti-competitive JJ , , when WRB the DT stronger JJR of IN the DT two CD networks NNS is VBZ owned VBN by IN the DT second RB largest JJS '' '' cable NN operator NN , , Mr. NNP Kern NNP said VBD . . In IN addition NN to TO owning VBG HBO NNP , , with IN 22 CD million CD subscribers NNS , , Time NNP Warner NNP separately RB operates VBZ cable-TV NN system NN serving VBG about RB 5.6 CD million CD cable-TV NN subscribers NNS . . Tele-Communications NNP controls VBZ close RB to TO 12 CD million CD cable NN subscribers NNS , , and CC Viacom NNP has VBZ about RB one CD million CD . . In IN its PRP$ suit NN against IN Time NNP , , Viacom NNP says VBZ the DT ownership NN of IN both CC cable NN systems NNS and CC cable-programming JJ networks NNS gives VBZ the DT company NN too RB much JJ market NN power NN . . Time NNP argues VBZ that IN in IN joining VBG up RP with IN Tele-Communications NNP , , Viacom NNP has VBZ potentially RB more JJR power NN , , particularly RB since IN Viacom NNP also RB owns VBZ cable NN networks NNS MTV NNP , , VH-1 NNP and CC Nick NNP at IN Nite NNP . . Ironically NNP , , Tele-Communications NNP and CC Time NNP have VBP often RB worked VBN closely RB in IN the DT cable NN business NN . . Together RB , , they PRP control VBP nearly RB 40 CD % NN of IN Turner NNP Broadcasting NNP Systems NNP Inc. NNP ; : Tele-Communications NNP has VBZ a DT 21.8 CD % NN stake NN , , while IN Time NNP Warner NNP has VBZ a DT 17.8 CD % NN stake NN . . But CC since IN Time NNP 's POS merger NN with IN Warner NNP Communications NNP Inc. NNP , , relations NNS between IN the DT two CD have VBP become VBN strained JJ . . Each DT company NN worries VBZ that IN the DT other JJ is VBZ becoming VBG too RB powerful JJ and CC too RB vertically RB integrated JJ . . Meanwhile RB , , some DT legal JJ observers NNS say VB the DT Tele-Communications NNP investment NN and CC other JJ developments NNS are VBP weakening VBG Viacom NNP 's POS antitrust JJ suit NN against IN Time NNP . . Viacom NNP accuses VBZ Time NNP in IN its PRP$ suit NN of IN refusing VBG to TO carry VB Showtime NNP or CC a DT sister JJ service NN , , The DT Movie NNP Channel NNP , , on IN Time NNP 's POS Manhattan NNP Cable NNP TV NN system NN , , one CD of IN the DT nation NN 's POS largest JJS urban JJ systems NNS . . But CC yesterday NN , , Manhattan NNP Cable NNP announced VBD it PRP will MD launch VB Showtime NNP on IN Nov. NNP 1 CD to TO over IN 230,000 CD subscribers NNS . . Showtime NNP has VBZ also RB accused VBN HBO NNP of IN locking VBG up RP the DT lion NN 's POS share NN of IN Hollywood NNP 's POS movies NNS by IN signing VBG exclusive JJ contracts NNS with IN all PDT the DT major JJ studios NNS . . But CC Showtime NNP has VBZ continued VBN to TO sign VB new JJ contracts NNS with IN Hollywood NNP studios NNS , , and CC yesterday NN announced VBD it PRP will MD buy VB movies NNS from IN Columbia NNP Pictures NNP Entertainment NNP Inc. NNP , , which WDT currently RB has VBZ a DT non-exclusive JJ arrangement NN with IN HBO NNP . . The DT Federal NNP Trade NNP Commission NNP said VBD it PRP authorized VBD its PRP$ staff NN to TO seek VB a DT preliminary JJ injunction NN barring VBG Imo NNP Industries NNP Inc. NNP from IN acquiring VBG the DT shares NNS outstanding JJ of IN the DT U.S. NNP unit NN of IN the DT British JJ company NN , , United NNP Scientific NNP Holdings NNP PLC NNP , , for IN $ $ 69 CD million CD . . The DT FTC NNP said VBD it PRP `` `` had VBD reason NN to TO believe VB that IN the DT proposed JJ acquisition NN could MD substantially RB reduce VB competition NN '' '' in IN the DT production NN of IN certain JJ image NN intensifier NN tubes NNS , , which WDT are VBP important JJ components NNS of IN night-vision JJ devices NNS sold VBN primarily RB to TO the DT defense NN industry NN . . The DT FTC NNP said VBD it PRP would MD seek VB to TO enjoin VB the DT proposed JJ acquisition NN in IN a DT federal JJ trial NN court NN , , but CC declined VBD to TO specify VB which WDT one NN . . Under IN federal JJ law NN , , if IN the DT court NN grants VBZ a DT preliminary JJ injunction NN , , the DT FTC NNP must MD begin VB administrative JJ proceedings NNS to TO determine VB the DT legality NN of IN the DT proposed JJ stock NN purchase NN within IN 20 CD days NNS . . Officials NNS at IN the DT United NNP Scientific NNP unit NN , , Optic-Electronic NNP Corp. NNP of IN Garland NNP , , Texas NNP , , and CC at IN Imo NNP Industries NNP of IN Lawrenceville NNP , , N.J. NNP , , could MD n't RB be VB reached VBN for IN comment NN . . The DT airline NN industry NN 's POS fortunes NNS , , in IN dazzling JJ shape NN for IN most RBS of IN the DT year NN , , have VBP taken VBN a DT sudden JJ turn NN for IN the DT worse JJR in IN the DT past JJ few JJ weeks NNS . . Citing VBG rising VBG fuel NN costs NNS , , promotional JJ fare NN cuts NNS and CC a DT general JJ slowdown NN in IN travel NN , , several JJ major JJ carriers NNS have VBP posted VBN or CC are VBP expected VBN to TO post VB relatively RB poor JJ third-quarter JJ results NNS . . Yesterday NN , , USAir NNP Group NNP Inc. NNP , , recently RB one CD of IN the DT industry NN 's POS stellar JJ performers NNS , , posted VBD a DT worse-than-expected JJ $ $ 77.7 CD million CD net JJ loss NN for IN the DT period NN . . So RB far RB , , the DT industry NN 's POS fourth JJ quarter NN is VBZ n't RB looking VBG too RB strong JJ either RB , , prompting VBG many JJ analysts NNS to TO slash VB earning NN projections NNS for IN the DT rest NN of IN the DT year NN by IN as RB much JJ as IN one-fourth NN . . And CC they PRP say VBP the DT outlook NN for IN 1990 CD is VBZ nearly RB as RB bad JJ . . Airlines NNS in IN 1989 CD `` `` came VBD in IN like IN a DT bang NN and CC are VBP going VBG out IN like IN a DT whimper NN , , '' '' said VBD Kevin NNP Murphy NNP , , an DT airline NN analyst NN at IN Morgan NNP Stanley NNP & CC Co NNP . . This DT turn NN of IN events NNS has VBZ put VBN a DT big JJ damper NN on IN an DT industry NN that WDT seemed VBD almost RB invincible JJ last JJ spring NN , , when WRB fares NNS were VBD rising VBG at IN double-digit JJ rates NNS and CC many JJ carriers NNS seemed VBD to TO be VB growing VBG fat JJ on IN near-monopolies NNS in IN certain JJ markets NNS . . Now RB , , many JJ airline NN companies NNS might MD become VB a DT lot NN less RBR attractive JJ as IN takeover NN targets NNS on IN Wall NNP Street NNP . . The DT downturn NN also RB raises VBZ questions NNS about IN the DT carriers NNS ' POS ambitious JJ orders NNS for IN new JJ airplanes NNS , , which WDT currently RB total VBP $ $ 32.5 CD billion CD over IN the DT next JJ three CD years NNS . . For IN travelers NNS , , though RB , , the DT industry NN 's POS problems NNS have VBP had VBD some DT positive JJ effects NNS . . In IN recent JJ weeks NNS , , airlines NNS have VBP cut VBN numerous JJ fares NNS in IN leisure NN markets NNS to TO try VB to TO win VB back RP customers NNS . . Others NNS have VBP tried VBN to TO spruce VB up RP frequent-flier JJ programs NNS . . Previously RB , , airlines NNS were VBD limiting VBG the DT programs NNS because IN they PRP were VBD becoming VBG too RB expensive JJ . . Just RB last JJ week NN , , for IN example NN , , Trans NNP World NNP Airlines NNP and CC Pan NNP Am NNP Corp. NNP 's POS Pan NNP American NNP World NNP Airways NNP went VBD so RB far RB as IN to TO offer VB cash NN rebates NNS or CC gift NN checks NNS of IN $ $ 200 CD to TO $ $ 1,000 CD to TO certain JJ frequent-flier JJ members NNS making VBG trans-Atlantic JJ flights NNS in IN business NN class NN or CC first JJ class NN . . The DT industry NN 's POS slowdown NN became VBD apparent JJ this DT month NN when WRB AMR NNP Corp. NNP , , parent NN of IN American NNP Airlines NNP , , reported VBD an DT 8.8 CD % NN drop NN in IN third-quarter JJ net JJ income NN and CC said VBD its PRP$ fourth JJ quarter NN would MD be VB `` `` disappointing JJ . . '' '' Shortly RB before IN that DT , , USAir NNP had VBD said VBD its PRP$ third-quarter JJ results NNS would MD be VB `` `` significantly RB lower JJR '' '' than IN a DT year NN earlier RBR . . Yesterday NN , , it PRP provided VBD the DT details NNS : : Its PRP$ loss NN of IN $ $ 77.7 CD million CD , , or CC $ $ 1.86 CD a DT share NN , , contrasted VBN with IN net NN of IN $ $ 68.5 CD million CD , , or CC $ $ 1.58 CD a DT share NN , , in IN the DT 1988 CD third JJ quarter NN . . Revenue NN rose VBD only RB 3.3 CD % NN in IN the DT latest JJS period NN , , to TO $ $ 1.53 CD billion CD from IN $ $ 1.48 CD billion CD . . For IN the DT nine CD months NNS , , the DT Arlington NNP , , Va. NNP , , company NN 's POS net NN plunged VBD 73 CD % NN to TO $ $ 38.5 CD million CD , , or CC 76 CD cents NNS a DT share NN , , from IN $ $ 142.2 CD million CD , , or CC $ $ 3.28 CD a DT share NN . . Revenue NN rose VBD 12 CD % NN to TO $ $ 4.75 CD billion CD from IN $ $ 4.22 CD billion CD . . The DT results NNS surprised VBD many JJ analysts NNS , , because IN USAir NNP has VBZ almost RB no DT competition NN in IN its PRP$ Pittsburgh NNP hub NN and CC has VBZ expanded VBN operations NNS by IN completing VBG its PRP$ acquisition NN of IN Piedmont NNP Airlines NNP . . Shortly RB after IN announcing VBG its PRP$ quarterly JJ loss NN , , USAir NNP 's POS stock NN tumbled VBD $ $ 3 CD a DT share NN . . It PRP ended VBD at IN $ $ 40.125 CD , , down RB $ $ 2.375 CD , , in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN . . `` `` Nobody NN was VBD expecting VBG this DT size NN of IN a DT loss NN , , '' '' said VBD Paul NNP Karos NNP , , an DT analyst NN with IN First NNP Boston NNP Corp NNP . . One CD airline NN executive NN , , who WP declined VBD to TO be VB identified VBN , , called VBD the DT loss NN `` `` amazing JJ . . '' '' In IN announcing VBG the DT results NNS , , USAir NNP cited VBD many JJ of IN the DT same JJ problems NNS that IN several JJ other JJ industry NN officials NNS have VBP named VBN recently RB . . It PRP said VBD the DT industry NN 's POS domestic JJ traffic NN was VBD flat JJ in IN the DT third JJ quarter NN ; : analysts NNS say VBP this DT was VBD because RB hefty JJ fare NN increases NNS earlier RBR in IN the DT year NN scared VBD off RP many JJ leisure NN travelers NNS this DT summer NN . . To TO try VB to TO combat VB the DT traffic NN slowdown NN , , airlines NNS started VBD reducing VBG fares NNS ; : average JJ fares NNS rose VBD only RB 1.7 CD % NN in IN August NNP , , in IN contrast NN to TO increases NNS of IN 16 CD % NN each DT in IN February NNP and CC March NNP . . But CC so RB far RB , , the DT effort NN has VBZ failed VBN , , and CC traffic NN is VBZ still RB slow JJ . . Some DT other JJ fare NN promotions NNS have VBP backfired VBN . . This DT summer NN , , the DT industry NN introduced VBD a DT `` `` kids NNS fly VBP free JJ '' '' program NN , , in IN which WDT children NNS were VBD allowed VBN to TO fly VB free JJ if IN they PRP were VBD traveling VBG with IN an DT adult NN . . Airlines NNS tried VBD to TO restrict VB the DT program NN substantially RB by IN limiting VBG the DT offer NN to TO certain JJ days NNS of IN the DT week NN , , but CC it PRP still RB was VBD apparently RB used VBN far RB more RBR heavily RB than IN the DT airlines NNS expected VBD . . Airlines NNS also RB say VBP their PRP$ frequent-flier JJ programs NNS are VBP squeezing VBG profits NNS because IN awards NNS are VBP being VBG redeemed VBN at IN a DT heavier-than-normal JJ rate NN . . One CD airline NN official NN said VBD about RB three CD times NNS as IN many JJ free-travel JJ coupons NNS are VBP being VBG turned VBN in RP as IN in IN previous JJ years NNS -- : not RB surprisingly RB , , as IN the DT airlines NNS last JJ year NN allowed VBD many JJ travelers NNS to TO build VB up RP mileage NN at IN triple RB the DT normal JJ rate NN . . Rising VBG operating NN expenses NNS are VBP another DT problem NN . . Fuel NN costs NNS were VBD up RB 10 CD % NN in IN the DT third JJ quarter NN . . Labor NN costs NNS , , which WDT leveled VBD off RP in IN the DT past JJ few JJ years NNS because IN of IN lower JJR pay NN scales NNS for IN newer JJR employees NNS , , are VBP on IN the DT upswing NN again RB at IN many JJ carriers NNS . . And CC some DT carriers NNS are VBP facing VBG other JJ unexpected JJ headaches NNS : : USAir NNP , , for IN example NN , , blamed VBD some DT of IN its PRP$ loss NN on IN merger NN expenses NNS and CC on IN disruptions NNS caused VBN by IN Hurricane NNP Hugo NNP last JJ month NN . . `` `` We PRP can MD not RB quantify VB the DT total JJ adverse JJ effects NNS of IN Hugo NNP , , '' '' said VBD Edwin NNP Colodny NNP , , chairman NN and CC president NN of IN USAir NNP Group NNP . . Whatever WDT the DT cause NN for IN the DT downturn NN , , few JJ people NNS are VBP predicting VBG any DT sudden JJ improvement NN . . Airline NNP Economics NNP Inc. NNP , , an DT aviation NN consulting NN firm NN , , is VBZ projecting VBG an DT industrywide JJ operating NN profit NN of IN $ $ 2.5 CD billion CD for IN 1989 CD , , compared VBN with IN earlier JJR forecasts NNS of IN $ $ 3 CD billion CD to TO $ $ 3.5 CD billion CD . . As IN for IN 1990 CD , , the DT firm NN predicts VBZ that DT profit NN will MD slip VB to TO between IN $ $ 1 CD billion CD and CC $ $ 1.5 CD billion CD . . Good JJ grief NN ! . Charlie NNP Brown NNP is VBZ selling VBG out RP . . Those DT Metropolitan NNP Life NNP ads NNS were VBD bad JJ enough RB . . But CC now RB , , Charlie NNP Brown NNP is VBZ about RB to TO start VB pitching VBG everything NN from IN Chex NNP Party NNP Mix NNP to TO light NN bulbs NNS . . Why WRB is VBZ he PRP cashing VBG in RP now RB ? . Turns VBZ out RP that IN next JJ year NN , , Charlie NNP Brown NNP , , Snoopy NNP and CC the DT gang NN turn VBP 40 CD -- : and CC Scripps NNP Howard NNP 's POS United NNP Media NNP unit NN , , the DT syndicator NN and CC licensing NN agent NN for IN Charles NNP Schulz NNP 's POS comic JJ strip NN , , sees VBZ a DT bonanza NN in IN licensing VBG the DT cartoon NN characters NNS to TO a DT bevy NN of IN advertisers NNS for IN ads NNS , , tie-ins NNS and CC promotions NNS . . `` `` Peanuts NNP has VBZ become VBN a DT major JJ part NN of IN American JJ culture NN , , '' '' says VBZ Peter NNP Shore NNP , , United NNP Media NNP 's POS vice NN president NN of IN marketing NN and CC licensing NN . . The DT comic JJ strip NN `` `` has VBZ a DT magical JJ , , everlasting JJ quality NN about IN it PRP . . Our PRP$ plan NN is VBZ to TO honor VB Charles NNP Schulz NNP and CC the DT strip NN all DT year NN long RB . . '' '' The DT effort NN will MD make VB the DT Peanuts NNP gang NN very RB familiar JJ pitchmen NNS in IN 1990 CD . . General NNP Electric NNP plans VBZ to TO use VB the DT characters NNS to TO plug VB its PRP$ Miser NNP light NN bulb NN . . Teleflora NNP will MD run VB TV NN ads NNS at IN Valentine NNP 's POS Day NNP promoting VBG its PRP$ `` `` Snoopy NNP 's POS Love NNP Bouquet NNP . . '' '' Ralston NNP Purina NNP will MD promote VB its PRP$ Chex NNP Party NNP Mix NNP 's POS three CD new JJ flavor NN packets NNS named VBN for IN Charlie NNP Brown NNP , , Lucy NNP and CC Linus NNP . . The DT characters NNS will MD also RB be VB featured VBN in IN a DT new JJ public JJ service NN effort NN for IN the DT United NNP Way NN . . Beyond IN the DT advertisements NNS , , the DT syndicator NN is VBZ planning VBG a DT traveling VBG arena NN show NN , , new JJ TV NN specials NNS for IN CBS NNP and CC even RB an DT exhibit NN at IN the DT Smithsonian NNP Institute NNP . . The DT yearlong JJ schedule NN of IN festivities NNS will MD be VB kicked VBN off RP officially RB with IN a DT combination NN live JJ and CC animation NN half-time NN special NN at IN the DT Super NNP Bowl NNP in IN January NNP . . All PDT the DT tie-ins NN , , though RB , , have VBP some DT marketing NN experts NNS questioning VBG whether IN the DT party NN may MD go VB too RB far RB . . `` `` There EX are VBP too RB many JJ people NNS participating VBG , , '' '' says VBZ Al NNP Ries NNP , , of IN Trout NNP & CC Ries NNP , , a DT Greenwich NNP , , Conn. NNP , , marketing NN consulting NN firm NN . . `` `` If IN you PRP want VBP to TO cut VB through IN the DT clutter NN , , you PRP have VBP to TO make VB your PRP$ message NN as IN distinct JJ , , sharp JJ and CC individual JJ as IN possible JJ . . Sharing VBG a DT character NN with IN other JJ advertisers NNS is VBZ n't RB a DT way NN to TO do VB that DT . . '' '' But CC United NNP Media NNP says VBZ it PRP 's VBZ very RB scrupulous JJ with IN the DT contracts NNS it PRP hands VBZ out RP . . `` `` We PRP 're VBP not RB interested JJ in IN promoting VBG every DT single JJ product NN that WDT comes VBZ along RB , , '' '' Mr. NNP Shore NNP says VBZ . . Metropolitan NNP Life NNP ad NN executives NNS could MD n't RB be VB reached VBN about IN the DT use NN of IN the DT Peanuts NNP characters NNS by IN others NNS . . But CC Mr. NNP Shore NNP says VBZ that DT company NN 's POS exclusive JJ advertising NN rights NNS extend VBP only RB to TO the DT insurance NN and CC financial JJ services NNS category NN . . Berry NNP Rejoins VBZ WPP NNP Group NNP Norman NNP Berry NNP , , the DT creative JJ executive NN who WP was VBD apparently RB squeezed VBN out RP of IN Ogilvy NNP & CC Mather NNP in IN June NNP , , is VBZ returning VBG to TO Ogilvy NNP 's POS parent JJ company NN , , WPP NNP Group NNP PLC NNP . . Mr. NNP Berry NNP , , 58 CD , , had VBD resigned VBN after IN being VBG asked VBD by IN Ogilvy NNP 's POS chairman NN and CC chief JJ executive JJ officer NN , , Kenneth NNP Roman NNP , , to TO give VB up RP his PRP$ title NN as IN creative JJ head NN of IN the DT New NNP York NNP office NN and CC to TO take VB a DT fuzzier JJR international JJ role NN . . Yesterday NN , , just RB a DT day NN after IN Mr. NNP Roman NNP announced VBD he PRP would MD leave VB to TO take VB a DT top JJ post NN at IN American NNP Express NNP , , WPP NNP said VBD Mr. NNP Berry NNP would MD return VB to TO take VB an DT international JJ role NN at IN the DT parent JJ company NN . . Mr. NNP Berry NNP said VBD the DT timing NN was VBD a DT coincidence NN and CC that DT his PRP$ decision NN was VBD unrelated JJ to TO Mr. NNP Roman NNP 's POS departure NN . . RJR NNP Taps VBZ FCB\/Leber NNP RJR NNP Nabisco NNP Inc. NNP awarded VBD its PRP$ national JJ broadcast NN media-buying JJ assignment NN to TO FCB\/Leber NNP Katz NNP Partners NNP , , the DT New NNP York NNP outpost NN of IN Chicago-based JJ Foote NNP , , Cone NNP & CC Belding NNP . . The DT naming NN of IN FCB\/Leber NNP Katz NNP Partners NNP as IN agency NN of IN record NN for IN Nabisco NNP Brands NNP Inc. NNP and CC Planters NNP LifeSavers NNP Co. NNP follows VBZ RJR NNP Nabisco NNP 's POS announcement NN last JJ week NN that IN it PRP will MD disband VB its PRP$ RJR NNP Nabisco NNP Broadcast NNP division NN and CC dismiss VB its PRP$ 14 CD employees NNS Dec. VB 1. CD to TO cut VB costs NNS . . New NNP York-based JJ RJR NNP Nabisco NNP would MD n't RB say VB what WP it PRP spends VBZ annually RB , , but CC industry NN executives NNS say VBP it PRP will MD spend VB more JJR than IN $ $ 140 CD million CD this DT year NN , , down IN from IN about RB $ $ 200 CD million CD last JJ year NN . . Ad NN Notes NNS ... : . . EARNINGS NNS : : Interpublic NNP Group NNP of IN Cos. NNP said VBD third-quarter JJ net NN rose VBD 15 CD % NN to TO $ $ 6.9 CD million CD , , or CC 21 CD cents NNS a DT share NN , , from IN $ $ 6 CD million CD , , or CC 18 CD cents NNS a DT share NN , , in IN the DT year-earlier JJ period NN . . Revenue NN increased VBD more JJR than IN 5 CD % NN to TO $ $ 283.2 CD million CD from IN $ $ 268.6 CD million CD . . HOLIDAY NN PROMOTION NNP : : PepsiCo NNP Inc. NNP will MD give VB away RP 4,000 CD sets NNS of IN `` `` Game NNP Boy NNP , , '' '' Nintendo NNP 's POS new JJ hand-held JJ video NN game NN in IN a DT two-month JJ promotion NN scheduled VBN to TO begin VB Nov. NNP 1 CD . . Pepsi NNS said VBD it PRP will MD spend VB $ $ 10 CD million CD advertising VBG the DT promotion NN . . International NNP Business NNP Machines NNP Corp. NNP agreed VBD to TO acquire VB a DT 15 CD % NN stake NN in IN Paxus NNP Corp. NNP , , an DT Australian JJ computer-software NN and CC information-services NNS concern NN , , for IN 20 CD million CD Australian JJ dollars NNS ( ( US$ $ 17 CD million CD ) ) . . The DT investment NN will MD be VB made VBN through IN IBM NNP Australia NNP Ltd. NNP , , a DT unit NN of IN IBM NNP , , the DT two CD companies NNS said VBD yesterday NN . . IBM NNP can MD raise VB its PRP$ stake NN in IN Paxus NN to TO 20 CD % NN over IN three CD years NNS , , but CC agreed VBD to TO not RB go VB beyond IN 20 CD % NN in IN that DT time NN . . Paxus NNP said VBD in IN a DT statement NN it PRP has VBZ several JJ `` `` well RB developed JJ product NN and CC services NNS relationships NNS '' '' with IN the DT U.S. NNP computer NN company NN , , and CC plans NNS to TO expand VB these DT links NNS . . The DT company NN earns VBZ about RB half PDT its PRP$ revenue NN overseas RB and CC plans VBZ further JJ expansion NN . . A DT majority NN stake NN in IN Paxus NNP currently RB held VBN by IN NZI NNP Corp. NNP will MD be VB diluted VBN to TO slightly RB less JJR than IN 50 CD % NN after IN IBM NNP acquires VBZ its PRP$ interest NN . . The DT agreement NN requires VBZ approval NN from IN Australia NNP 's POS Foreign NNP Investment NNP Review NNP Board NNP and CC National NNP Companies NNP and CC Securities NNP Commission NNP , , and CC from IN shareholders NNS of IN Paxus NNP . . Bond NNP Corp NNP . . Holdings NNP Ltd. NNP 's POS consolidated JJ debt NN totals VBZ 6.9 CD billion CD Australian JJ dollars NNS ( ( US$ $ 5.32 CD billion CD ) ) , , including VBG A$ $ 1.6 CD billion CD of IN bonds NNS convertible JJ into IN shares NNS . . Alan NNP Bond NNP , , chairman NN and CC controlling JJ shareholder NN of IN the DT cash-strapped JJ Australian JJ media NNS , , brewing NN , , resources NNS and CC property NN concern NN , , disclosed VBD the DT debt NN figures NNS yesterday NN . . The DT disclosure NN follows VBZ last JJ Friday NNP 's POS news NN that IN Bond NNP Corp. NNP incurred VBD an DT overall JJ loss NN of IN A$ $ 980.2 CD million CD for IN the DT fiscal JJ year NN ended VBN June NNP 30 CD , , the DT largest JJS loss NN in IN Australian JJ corporate JJ history NN . . The DT debt NN load NN would MD have VB been VBN higher JJR but CC for IN a DT reduction NN of IN A$ $ 5 CD billion CD over IN the DT past JJ year NN from IN asset NN sales NNS , , Mr. NNP Bond NNP said VBD at IN a DT business NN gathering NN . . Mr. NNP Bond NNP indicated VBD the DT consolidated JJ debt NN figures NNS , , which WDT include VBP debt NN of IN units NNS such JJ as IN Bell NNP Group NNP Ltd. NNP , , will MD be VB published VBN soon RB in IN Bond NNP Corp. NNP 's POS 1989 CD annual JJ accounts NNS . . He PRP predicted VBD the DT debt NN will MD be VB reduced VBN by IN another DT A$ $ 3.8 CD billion CD this DT fiscal JJ year NN ending VBG June NNP 30 CD , , 1990 CD , , but CC did VBD n't RB explain VB how WRB this DT will MD be VB achieved VBN . . Mr. NNP Bond NNP blamed VBD rising VBG Australian JJ interest NN rates NNS and CC the DT acquisition NN of IN Bell NNP Group NNP `` `` with IN its PRP$ very RB high JJ levels NNS of IN shortterm JJ debt NN '' '' for IN producing VBG a DT condition NN `` `` that DT was VBD no DT longer RBR sustainable JJ . . `` `` In IN order NN to TO restore VB confidence NN and CC ensure VB the DT support NN of IN our PRP$ principal JJ lenders NNS , , '' '' Mr. NNP Bond NNP said VBD , , `` `` we PRP embarked VBD on IN fundamantal JJ changes NNS in IN the DT structure NN and CC direction NN of IN the DT group NN . . '' '' That DT reassessment NN resulted VBD in IN continuing JJ asset NN sales NNS , , as RB well RB as IN write-offs NNS exceeding VBG A$ $ 1.1 CD billion CD last JJ fiscal JJ year NN . . `` `` In IN essence NN we PRP have VBP made VBN a DT decision NN to TO clear VB the DT decks NNS , , '' '' Mr. NNP Bond NNP told VBD the DT meeting NN . . While IN some DT assets NNS have VBP been VBN written VBN down RP , , others NNS are VBP undervalued VBN in IN the DT accounts NNS , , Mr. NNP Bond NNP maintained VBD . . Among IN these DT are VBP the DT company NN 's POS Australian JJ brewing NN assets NNS , , in IN the DT books NNS at IN A$ $ 950 CD million CD but CC actually RB worth JJ A$ $ 2.5 CD billion CD , , he PRP said VBD . . An DT investment NN in IN Chile NNP 's POS telephone NN company NN is VBZ carried VBN at IN US$ $ 300 CD million CD but CC really RB worth JJ US$ $ 500 CD million CD , , and CC the DT company NN 's POS property NN portfolio NN is VBZ undervalued VBN by IN at IN least JJS A$ $ 250 CD million CD , , Mr. NNP Bond NNP said VBD . . Mr. NNP Bond NNP forecast VBD that IN by IN next JJ June NNP , , `` `` what WP will MD emerge VB will MD be VB a DT company NN with IN a DT honed JJ sense NN of IN purpose NN ... : a DT stable JJ balance NN sheet NN , , with IN good-quality JJ assets NNS in IN brewing NN , , telecommunications NN , , media NNS and CC property NN . . '' '' He PRP did VBD n't RB name VB energy NN resources NNS in IN that DT list NN , , signaling VBG that IN all PDT the DT company NN 's POS coal NN and CC oil NN interests NNS might MD be VB for IN sale NN in IN total NN or CC in IN part NN . . Some DT of IN the DT oil NN interests NNS already RB have VBP been VBN sold VBN . . Mercedes-Benz NNP of IN North NNP America NNP Inc. NNP , , Grosse NNP Pointe NNP Shores NNP , , Mich. NNP , , estimated VBD it PRP will MD sell VB about RB as RB many JJ cars NNS in IN 1990 CD as IN the DT 75,000 CD it PRP expects VBZ to TO deliver VB this DT year NN . . Mercedes NNP officials NNS said VBD they PRP expect VBP flat JJ sales NNS next IN year NN even RB though IN they PRP see VBP the DT U.S. NNP luxury-car NN market NN expanding VBG slightly RB . . Erich NNP Krampe NNP , , president NN of IN the DT U.S. NNP sales NNS arm NN of IN West JJ German JJ auto NN maker NN Daimler NNP Benz NNP AG NNP , , predicted VBD luxury-car NN sales NNS will MD rise VB to TO 840,000 CD in IN 1990 CD from IN 830,000 CD this DT year NN primarily RB because IN of IN the DT new JJ Japanese JJ makes NNS . . Most JJS of IN the DT growth NN , , he PRP said VBD , , will MD come VB in IN the DT $ $ 35,000-to-$50,000 CD price NN range NN , , where WRB Mercedes NNP has VBZ a DT 35 CD % NN U.S. NNP market NN share NN . . Mercedes NNP sold VBD 82,348 CD cars NNS in IN 1988 CD . . Mr. NNP Krampe NNP also RB said VBD that IN Mercedes NNP plans NNS to TO bring VB out RP new JJ models NNS every DT year NN through IN the DT mid-1990s NNS and CC it PRP will MD shorten VB its PRP$ product NN development NN cycle NN to TO eight CD years NNS from IN 10 CD or CC 12 CD years NNS to TO compete VB more RBR effectively RB with IN Toyota NNP Motor NNP Corp. NNP 's POS Lexus NNP , , Nissan NNP Motor NNP Co. NNP 's POS Infiniti NNP and CC Honda NNP Motor NNP Co. NNP 's POS Acura NNP luxury-car NN divisions NNS . . Homestake NNP Mining NNP Co. NNP , , San NNP Francisco NNP , , blamed VBD the DT continued JJ slump NN in IN gold JJ prices NNS for IN an DT 83 CD % NN plunge NN in IN third-quarter JJ net JJ income NN to TO $ $ 2 CD million CD , , or CC two CD cents NNS a DT share NN , , from IN $ $ 11.2 CD million CD , , or CC 12 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . Revenue NN rose VBD 5 CD % NN to TO $ $ 110.4 CD million CD from IN $ $ 105.4 CD million CD . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Homestake NNP closed VBD at IN $ $ 15.25 CD , , down RB 25 CD cents NNS . . `` `` A DT significant JJ increase NN in IN gold JJ sales NNS to TO 248,279 CD ounces NNS for IN the DT quarter NN from IN 188,726 CD in IN the DT third JJ quarter NN of IN 1988 CD was VBD more RBR than IN offset VBN by IN the DT continued JJ decline NN in IN average JJ gold JJ price NN realization NN to TO $ $ 367 CD from IN $ $ 429 CD per IN ounce NN , , '' '' the DT company NN said VBD . . For IN the DT nine CD months NNS , , the DT mining NN company NN posted VBD a DT 40 CD % NN drop NN in IN profit NN to TO $ $ 30.1 CD million CD , , or CC 31 CD cents NNS a DT share NN , , from IN $ $ 50.6 CD million CD , , or CC 52 CD cents NNS a DT share NN , , on IN a DT 6 CD % NN rise NN in IN revenue NN to TO $ $ 323.2 CD million CD from IN $ $ 305.7 CD million CD . . The DT Treasury NNP plans VBZ to TO raise VB $ $ 1.8 CD billion CD in IN new JJ cash NN with IN the DT sale NN Monday NNP of IN about RB $ $ 15.6 CD billion CD in IN short-term JJ bills NNS to TO redeem VB $ $ 13.81 CD billion CD in IN maturing VBG bills NNS . . The DT offering NN will MD be VB divided VBN evenly RB between IN 13-week JJ and CC 26-week JJ bills NNS maturing VBG Feb. NNP 1 CD , , 1990 CD , , and CC May NNP 3 CD , , 1990 CD , , respectively RB . . Tenders NNS for IN the DT bills NNS , , available JJ in IN minimum JJ $ $ 10,000 CD denominations NNS , , must MD be VB received VBN by IN 1 CD p.m. NN EST NNP Monday NNP at IN the DT Treasury NNP or CC at IN Federal NNP Reserve NNP banks NNS or CC branches NNS . . The DT Treasury NNP said VBD it PRP will MD alter VB the DT auctions NNS unless IN it PRP has VBZ assurance NN of IN enactment NN of IN legislation NN to TO raise VB the DT statutory JJ debt NN limit NN before IN the DT scheduled JJ auctions NNS Monday NNP . . Apogee NNP Enterprises NNP Inc. NNP said VBD profit NN for IN the DT third JJ quarter NN ending VBG Dec. NNP 2 CD will MD fall VB below IN the DT year-earlier JJ results NNS because IN of IN an DT after-tax JJ charge NN of IN $ $ 1.9 CD million CD related VBN to TO a DT project NN that WDT was VBD guaranteed VBN by IN the DT company NN . . A DT year NN ago RB , , the DT Minneapolis NNP glass NN products NNS and CC aluminum NN window NN maker NN earned VBD $ $ 4 CD million CD , , or CC 30 CD cents NNS a DT share NN , , on IN revenue NN of IN $ $ 114 CD million CD . . Apogee NNP said VBD the DT charge NN stems VBZ from IN a DT building NN supply NN contract NN in IN which WDT the DT company NN guaranteed VBD a DT contractor NN 's POS performance NN . . Apogee NNP said VBD a DT subcontractor NN had VBD severe JJ cost NN overruns NNS and CC was VBD unable JJ to TO fulfill VB the DT contract NN terms NNS on IN its PRP$ own JJ , , making VBG it PRP necessary JJ for IN Apogee NNP to TO advance VB cash NN to TO ensure VB completion NN of IN the DT project NN . . The DT company NN said VBD its PRP$ core JJ businesses NNS have VBP performed VBN well RB and CC it PRP expects VBZ them PRP to TO continue VB to TO do VB so RB in IN the DT remainder NN of IN the DT fiscal JJ year NN . . Japan NNP 's POS production NN of IN cars NNS , , trucks NNS and CC buses NNS in IN September NNP fell VBD 4.1 CD % NN from IN a DT year NN ago IN to TO 1,120,317 CD units NNS because IN of IN a DT slip NN in IN exports NNS , , the DT Japan NNP Automobile NNP Manufacturers NNPS ' POS Association NN said VBD . . Domestic JJ demand NN continues VBZ to TO grow VB , , but CC its PRP$ contribution NN to TO higher JJR production NN was VBD sapped VBN in IN September NNP by IN the DT estimated VBN 2 CD % NN fall NN in IN imports NNS , , accompanied VBN by IN a DT growing VBG tendency NN for IN Japanese JJ manufacturers NNS to TO build VB vehicles NNS overseas RB , , according VBG to TO the DT association NN . . The DT association NN said VBD domestic JJ demand NN grew VBD 8.8 CD % NN in IN September NNP . . Demand NN has VBZ been VBN growing VBG consistently RB under IN the DT encouragement NN of IN pro-consumption NN government NN policies NNS , , an DT association NN spokesman NN said VBD . . He PRP also RB said VBD the DT introduction NN of IN a DT 3 CD % NN consumption NN tax NN in IN April NNP has VBZ helped VBN sales NNS . . The DT new JJ tax NN , , though IN a DT source NN of IN general JJ resentment NN among IN Japanese JJ taxpayers NNS , , replaced VBD a DT higher JJR commodities NNS tax NN that WDT applied VBD to TO automobiles NNS . . Japanese JJ domestic JJ motor-vehicle NN sales NNS rose VBD 12 CD % NN in IN September NNP , , the DT Japan NNP Automobile NNP Dealers NNPS ' POS Association NN said VBD earlier RBR this DT month NN . . The DT manufacturers NNS ' POS association NN will MD issue VB statistics NNS on IN vehicle NN exports NNS later RB this DT month NN . . Production NN of IN cars NNS rose VBD to TO 801,835 CD units NNS in IN September NNP , , a DT 5.5 CD % NN increase NN from IN a DT year NN earlier RBR . . Midsized JJ cars NNS accounted VBD for IN the DT greatest JJS growth NN in IN units NNS , , rising VBG 62,872 CD units NNS to TO 134,550 CD units NNS , , or CC 88 CD % NN . . Minicar JJ output NN more JJR than IN tripled VBN . . Manufacturers NNS produced VBD 46,835 CD of IN the DT vehicles NNS -- : which WDT have VBP engines NNS of IN 500 CD cubic JJ centimeters NNS or CC less JJR -- : an DT increase NN of IN 31,777 CD units NNS . . Total JJ truck NN production NN fell VBD 22 CD % NN from IN a DT year NN earlier JJR to TO 315,546 CD units NNS . . Minitruck NN production NN fell VBD 13 CD % NN to TO 94,243 CD units NNS . . Bus NN production NN also RB slipped VBD , , by IN 49 CD % NN from IN a DT year NN earlier JJR to TO 2,936 CD units NNS . . The DT association NN spokesman NN said VBD bus NN production NN has VBZ declined VBN since IN January NNP , , but CC could MD n't RB offer VB an DT explanation NN for IN the DT fall NN . . Auto NN production NN for IN the DT first JJ half DT of IN the DT fiscal JJ year NN , , which WDT began VBD in IN August NNP , , totaled VBD 6,379,884 CD units NNS , , the DT association NN said VBD . . Half-year JJ production NN was VBD up IN 3.4 CD % NN compared VBN with IN the DT same JJ period NN a DT year NN earlier RBR . . Stock NNP of IN United NNP Airlines NNPS parent NN UAL NNP Corp. NNP gyrated VBD wildly RB yesterday NN amid IN speculation NN that IN one CD or CC more JJR investors NNS may MD challenge VB the DT UAL NNP board NN 's POS decision NN to TO remain VB independent JJ instead RB of IN pursuing VBG a DT buy-out JJ or CC other JJ transaction NN . . The DT board NN 's POS decision NN , , announced VBN after IN the DT market NN closed VBN Monday NNP , , initially RB prompted VBD a DT severe JJ sell-off NN in IN UAL NNP shares NNS , , which WDT at IN midday NN traded VBD as RB low JJ as IN $ $ 145 CD a DT share NN , , down RB $ $ 33 CD a DT share NN , , in IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP . . The DT deepening VBG bloodbath NN for IN takeover-stock JJ traders NNS , , who WP by IN then RB had VBD seen VBN UAL NNP stock NN tumble VB 49 CD % NN since IN Oct. NNP 12 CD , , also RB triggered VBD a DT marketwide JJ sell-off NN that WDT sent VBD the DT Dow NNP Jones NNP Industrial NNP Average NNP down IN more RBR than IN 80 CD points NNS at IN 10:40 CD a.m RB . . But CC then RB steady JJ , , concentrated VBN buying NN by IN Bear NNP , , Stearns NNP & CC Co. NNP , , which WDT frequently RB buys VBZ stock NN for IN corporate JJ raiders NNS , , took VBD hold NN and CC steadied VBD the DT fall NN in IN UAL NNP , , which WDT eventually RB buoyed VBD the DT entire JJ market NN . . The DT industrial JJ average NN closed VBN down RB only RB 3.69 CD points NNS at IN 2659.22 CD . . Late RB in IN the DT afternoon NN , , several JJ big JJ purchases NNS by IN Bear NNP , , Stearns NNP , , particularly RB a DT block NN of IN 200,000 CD shares NNS at IN 2:43 CD p.m. NN at IN $ $ 150 CD a DT share NN , , triggered VBD a DT buying VBG spree NN that WDT took VBD UAL NNP up IN more RBR than IN 18 CD points NNS in IN the DT final JJ hour NN of IN trading NN . . UAL NNP stock NN closed VBD at IN $ $ 170 CD a DT share NN , , down RB $ $ 8.375 CD . . Volume NN was VBD a DT tumultuous JJ 4.9 CD million CD shares NNS , , or CC 22 CD % NN of IN the DT 21.8 CD million CD UAL NNP shares NNS outstanding JJ . . Traders NNS estimated VBD that IN Bear NNP , , Stearns NNP bought VBD more JJR than IN 1 CD million CD shares NNS . . The DT two CD most RBS frequently RB rumored VBN buyers NNS , , neither CC of IN whom WP would MD comment VB , , were VBD Coniston NNP Partners NNPS , , which WDT battled VBD the DT UAL NNP board NN in IN 1987 CD , , and CC New NNP York NNP real JJ estate NN developer NN Donald NNP Trump NNP , , who WP recently RB made VBD and CC withdrew VBD an DT offer NN for IN American NNP Airlines NNPS parent NN AMR NNP Corp NNP . . However RB , , one CD person NN familiar JJ with IN UAL NNP said VBD the DT signs NNS pointed VBD to TO Coniston NNP because IN Mr. NNP Trump NNP has VBZ n't RB asked VBD for IN permission NN to TO buy VB more JJR than IN $ $ 15 CD million CD of IN stock NN under IN federal JJ antitrust JJ rules NNS . . Takeover-stock JJ traders NNS , , stung VBN by IN their PRP$ huge JJ losses NNS in IN UAL NNP stock NN , , remained VBN eager JJ for IN some DT action NN by IN an DT outside JJ catalyst NN following VBG the DT collapse NN Oct. NNP 13 CD of IN a DT $ $ 300-a-share JJ , , $ $ 6.79 CD billion CD labor-management NN buy-out NN . . Their PRP$ hope NN was VBD that IN the DT catalyst NN would MD seek VB to TO oust VB the DT board NN in IN a DT solicitation NN of IN shareholder NN consents NNS . . Baker NNP , , Nye NNP Investments NNPS , , a DT New NNP York NNP takeover-stock JJ trader NN that WDT owns VBZ UAL NNP stock NN , , would MD n't RB comment VB on IN reports NNS the DT firm NN is VBZ considering VBG seeking VBG such PDT a DT shareholder NN vote NN . . But CC partner NN Richard NNP Nye NNP said VBD , , `` `` This DT is VBZ the DT most RBS extraordinary JJ failed VBN transaction NN I PRP 've VBP seen VBN in IN 25 CD years NNS in IN this DT business NN . . It PRP would MD make VB sense NN for IN somebody NN to TO do VB it PRP . . I PRP have VBP never RB seen VBN a DT case NN of IN incompetence NN shared VBN by IN so RB many JJ participants NNS . . '' '' In IN 1986 CD , , Baker NNP , , Nye NNP waged VBD a DT proxy NN fight NN for IN control NN of IN Leaseway NNP Transportation NNP Inc. NNP that WDT ultimately RB led VBD to TO Leaseway NNP 's POS being NN sold VBN . . Some DT traders NNS pointed VBD hopefully RB to TO earlier JJR estimates NNS by IN UAL NNP 's POS investment NN adviser NN , , First NNP Boston NNP Corp. NNP , , that IN recapitalizations NNS could MD yield VB $ $ 245 CD to TO $ $ 280 CD a DT share NN . . But CC those DT would MD require VB pilots NNS ' POS cooperation NN . . Any DT investor NN who WP acquires VBZ UAL NNP stock NN in IN an DT attempt NN to TO force VB a DT buy-out NN or CC recapitalization NN must MD deal VB with IN United NNP 's POS contentious JJ unions NNS . . The DT pilots NNS are VBP working VBG under IN an DT expired VBN contract NN , , and CC the DT machinists NNS contract NN expires VBZ next JJ month NN . . That DT gives VBZ them PRP enormous JJ leverage NN , , including VBG the DT threat NN of IN a DT strike NN to TO block VB any DT buy-out NN or CC recapitalization NN attempt NN they PRP oppose VBP . . However RB , , a DT catalyst NN like IN Coniston NNP could MD seek VB shareholder NN support NN for IN a DT sale NN to TO a DT labor-management NN group NN at IN the DT last JJ price NN discussed VBN by IN that DT group NN before IN the DT board NN meeting NN Monday NNP . . The DT pilots NNS had VBD been VBN working VBG on IN a DT buy-out NN bid NN between IN $ $ 225 CD and CC $ $ 240 CD a DT share NN , , or CC $ $ 5.09 CD billion CD to TO $ $ 5.42 CD billion CD . . One CD person NN familiar JJ with IN UAL NNP said VBD the DT unsettled VBN labor NN situation NN and CC the DT uncertain JJ world-wide JJ financial JJ markets NNS contributed VBN to TO the DT board NN 's POS decision NN to TO avoid VB `` `` rushing VBG around IN selling VBG the DT company NN at IN a DT bargain NN price NN , , '' '' particularly RB since IN it PRP accepted VBD a DT $ $ 300-a-share JJ offer NN just RB last JJ month NN . . Even RB some DT takeover-stock JJ traders NNS said VBD they PRP could MD n't RB quarrel VB with IN the DT board NN 's POS logic NN . . But CC the DT board NN 's POS decision NN prompted VBD many JJ to TO bail VB out IN of IN the DT stock NN yesterday NN . . `` `` We PRP had VBD a DT lot NN of IN people NNS who WP threw VBD in RP the DT towel NN today NN , , '' '' said VBD Earl NNP Ellis NNP , , a DT partner NN in IN Benjamin NNP Jacobson NNP & CC Sons NNPS , , a DT specialist NN in IN trading NN UAL NNP stock NN on IN the DT Big NNP Board NNP . . Another DT trader NN noted VBD that DT many JJ arbitrage NN firms NNS are VBP afraid JJ to TO sell VB their PRP$ UAL NNP stock NN at IN the DT bottom NN , , but CC already RB own JJ so RB much RB they PRP ca MD n't RB buy VB any DT more JJR . . `` `` This DT deal NN is VBZ like IN a DT Roach NNP Motel NNP , , '' '' he PRP said VBD . . `` `` They PRP check VBP in IN , , but CC they PRP ca MD n't RB check VB out IN . . '' '' But CC both PDT the DT traders NNS and CC the DT pilots NNS remain VBP interested JJ in IN some DT transaction NN . . So IN too RB , , according VBG to TO many JJ reports NNS , , is VBZ British NNP Airways NNPS PLC NNP , , despite IN its PRP$ public JJ withdrawal NN from IN the DT buy-out NN . . The DT pilots NNS might MD end VB up RP teaming VBG up RP with IN their PRP$ longtime NN adversaries NNS , , the DT machinists NNS union NN , , in IN a DT recapitalization NN . . The DT machinists NNS are VBP reviewing VBG proposals NNS they PRP made VBD in IN the DT past NN for IN recapitalizations NNS that WDT would MD pay VB a DT special JJ shareholder NN dividend NN and CC give VB employees NNS a DT minority NN stake NN . . The DT company NN rejected VBD those DT past JJ proposals NNS . . It PRP is VBZ unclear JJ , , however RB , , if IN the DT machinists NNS would MD support VB a DT majority NN stake NN , , as IN the DT pilots NNS want VBP . . A DT machinist NN official NN said VBD that DT would MD depend VB on IN how WRB much RB in IN concessions NNS machinists NNS would MD have VB to TO give VB in IN return NN for IN the DT majority NN stake NN . . Some DT investors NNS whose WP$ names NNS were VBD bandied VBN about IN by IN traders NNS as IN potential JJ UAL NNP stock NN buyers NNS said VBD they PRP were VBD n't RB buying VBG . . `` `` I PRP 'm VBP not RB interested VBN , , '' '' said VBD Dallas NNP investor NN Harold NNP Simmons NNP . . A DT source NN close RB to TO Carl NNP Icahn NNP , , a DT corporate JJ raider NN who WP owns VBZ Trans NNP World NNP Airlines NNPS Inc. NNP , , said VBD he PRP has VBZ n't RB owned VBN any DT UAL NNP stock NN and CC is VBZ n't RB buying VBG . . One CD person NN familiar JJ with IN Texas NNP billionaire NN Robert NNP Bass NNP said VBD he PRP is VBZ n't RB likely JJ to TO make VB any DT hostile JJ moves NNS . . And CC a DT spokesman NN for IN Reliance NNP Group NNP Holdings NNPS Inc. NNP , , which WDT had VBD held VBN 7 CD % NN of IN UAL NNP before IN the DT first JJ buy-out JJ bid NN but CC later RB reduced VBD its PRP$ holdings NNS below IN 5 CD % NN , , would MD n't RB comment VB . . Marvin NNP Davis NNP , , whose WP$ $ $ 5.4 CD billion CD takeover NN bid NN originally RB put VBD the DT nation NN 's POS second-largest JJ airline NN in IN play NN , , is VBZ limited VBN by IN a DT standstill JJ agreement NN with IN UAL NNP he PRP signed VBD in IN September NNP . . The DT Los NNP Angeles NNP investor NN ca MD n't RB buy VB UAL NNP stock NN , , solicit VB shareholder NN consents NNS or CC make VB a DT new JJ offer NN unless IN he PRP makes VBZ a DT formal JJ offer NN of IN $ $ 300 CD a DT share NN or CC UAL NNP accepts VBZ an DT offer NN below IN $ $ 300 CD . . However RB , , Mr. NNP Davis NNP could MD pressure VB the DT board NN by IN asking VBG that IN the DT agreement NN be VB waived VBN , , or CC letting VBG it PRP be VB known VBN that IN he PRP has VBZ financing NN for IN an DT offer NN at IN a DT lower JJR price NN . . Times NNP Mirror NNP Co. NNP said VBD third-quarter JJ net NN income NN fell VBD 13 CD % NN to TO $ $ 70.1 CD million CD , , or CC 54 CD cents NNS a DT share NN , , compared VBN with IN net JJ income NN of IN $ $ 81 CD million CD , , or CC 62 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . The DT Los NNP Angeles NNP media NNS concern NN said VBD that IN the DT year-ago JJ period NN included VBD a DT $ $ 26.5 CD million CD gain NN from IN the DT sale NN of IN assets NNS , , primarily RB timberlands NNS . . Revenue NN was VBD $ $ 873.9 CD million CD , , up RB 7.3 CD % NN from IN $ $ 814.8 CD million CD . . Stronger JJR results NNS from IN the DT company NN 's POS broadcast NN and CC cable NN television NN units NNS and CC professional JJ and CC textbook NN publishing NN divisions NNS , , plus CC increased VBD advertising NN at IN the DT company NN 's POS largest JJS newspaper NN , , the DT Los NNP Angeles NNP Times NNP , , offset VBD advertising NN declines NNS in IN the DT company NN 's POS newspapers NNS in IN the DT Eastern NNP U.S. NNP , , the DT company NN said VBD . . `` `` Looking VBG ahead RB to TO the DT fourth JJ quarter NN , , the DT outlook NN for IN the DT newspaper NN group NN remains VBZ guarded VBN , , with IN no DT improvement NN yet RB seen VBN in IN operating VBG trends NNS in IN our PRP$ Eastern NNP markets NNS , , '' '' said VBD Robert NNP F. NNP Erburu NNP , , Times NNP Mirror NNP 's POS chairman NN and CC chief NN executive NN . . Copper NN futures NNS sold VBN off RP sharply RB yesterday RB , , influenced VBN by IN declines NNS in IN the DT stock NN market NN and CC dollar NN , , and CC a DT rally NN in IN bonds NNS . . December NNP copper NN opened VBD near IN Monday NNP 's POS close NN , , tried VBD to TO rally VB but CC failed VBD , , and CC then RB triggered VBD stop-loss NN orders NNS on IN its PRP$ way NN down IN to TO settle VB at IN $ $ 1.1510 CD a DT pound NN , , off RB 4.50 CD cents NNS for IN the DT day NN . . Stop-loss NN orders NNS are VBP placed VBN previously RB with IN instructions NNS to TO execute VB them PRP if IN the DT market NN hits VBZ a DT predetermined VBN price NN . . William NNP Kaiser NNP , , president NN of IN the DT Kaiser NNP Financial NNP Group NNP in IN Chicago NNP , , said VBD the DT decline NN was VBD almost RB certainly RB influenced VBN by IN the DT early JJ sell-off NN in IN the DT stock NN market NN , , which WDT partly RB reflected VBD a DT weakening NN economy NN . . He PRP said VBD the DT recent JJ decline NN in IN copper NN stocks NNS was VBD misleading VBG in IN the DT face NN of IN a DT slowdown NN in IN manufacturing NN . . Mr. NNP Kaiser NNP said VBD traders NNS could MD have VB picked VBN up RP signals NNS of IN an DT imminent JJ price NN decline NN had VBD they PRP been VBN watching VBG the DT scrap NN metal NN markets NNS , , which WDT became VBD noticeably RB weaker JJR two CD to TO three CD weeks NNS ago IN . . But CC though IN a DT weakening VBG economy NN implies VBZ reduced VBN demand NN , , Mr. NNP Kaiser NNP said VBD that IN Third JJ World NNP copper-producing JJ countries NNS have VBP n't RB any DT choice NN but CC to TO sell VB copper NN . . They PRP might MD even RB step VB up RP sales NNS in IN a DT falling VBG market NN , , he PRP said VBD , , in IN an DT effort NN to TO maintain VB the DT flow NN of IN foreign JJ exchange NN into IN their PRP$ treasuries NNS . . Technically NNP , , Mr. NNP Kaiser NNP noted VBD that IN a DT lot NN of IN traders NNS had VBD bought VBN into IN the DT market NN when WRB the DT price NN was VBD in IN the DT $ $ 1.24 CD to TO $ $ 1.26 CD range NN , , thinking VBG there EX was VBD support NN at IN the DT $ $ 1.20 CD level NN . . When WRB the DT market NN fell VBD below IN that DT level NN on IN Monday NNP and CC then RB yesterday NN could MD n't RB climb VB above IN that DT level NN , , traders NNS started VBD selling VBG out RP their PRP$ positions NNS . . Betty NNP Raptopoulos NNP , , senior JJ metals NNS analyst NN at IN Prudential-Bache NNP Securities NNPS in IN New NNP York NNP , , agreed VBD that IN most JJS of IN the DT selling NN was VBD of IN a DT technical JJ nature NN . . She PRP said VBD the DT market NN hit VBD the DT $ $ 1.18 CD level NN at IN around IN 10 CD a.m. NN EDT NNP where WRB it PRP encountered VBD a DT large JJ number NN of IN stop-loss NN orders NNS . . More JJR stop-loss NN orders NNS were VBD touched VBN off RP all PDT the DT way NN down IN to TO below IN $ $ 1.14 CD , , where WRB modest JJ buying NN was VBD attracted VBN . . Ms. NNP Raptopoulos NNP said VBD the DT settling NN of IN strikes NNS in IN Canada NNP and CC Mexico NNP will MD have VB little JJ effect NN on IN supplies NNS of IN copper NN until IN early JJ next JJ year NN . . She PRP thinks VBZ the DT next JJ area NN of IN support NN for IN copper NN is VBZ in IN the DT $ $ 1.09 CD to TO $ $ 1.10 CD range NN . . `` `` I PRP believe VBP that IN as RB soon RB as IN the DT selling NN abates VBZ somewhat RB we PRP could MD see VB a DT rally NN back RB to TO the DT $ $ 1.20 CD region NN , , '' '' she PRP added VBD . . She PRP thinks VBZ a DT recovery NN in IN the DT stock NN market NN would MD help VB copper NN rebound VB as RB well RB . . She PRP noted VBD that IN the DT preliminary JJ estimate NN of IN the DT third-quarter JJ gross JJ national JJ product NN is VBZ due JJ out IN tomorrow NN and CC is VBZ expected VBN to TO be VB up IN about IN 2.5 CD % NN to TO 3 CD % NN . . `` `` If IN the DT number NN is VBZ a DT little RB better JJR , , then RB copper NN will MD respond VB positively RB , , if IN it PRP is VBZ worse JJR then RB more JJR selling NN could MD ensue VB , , '' '' she PRP predicted VBD . . Ms. NNP Raptopoulos NNP noted VBD that IN relating VBG economic JJ numbers NNS to TO specific JJ market NN activity NN is VBZ tricky JJ . . Yesterday NN , , for IN example NN , , `` `` the DT durable JJ goods NNS numbers NNS came VBD out RP for IN September NNP and CC the DT number NN was VBD down IN only RB 0.1 CD % NN , , '' '' she PRP said VBD . . `` `` However RB , , if IN you PRP exclude VBP defense-related JJ orders NNS then RB durable JJ goods NNS were VBD down IN 3.9 CD % NN . . I PRP believe VBP that DT number NN reflects VBZ a DT slowing VBG economy NN . . '' '' She PRP said VBD copper NN traders NNS will MD also RB be VB looking VBG toward IN the DT release NN of IN the DT index NN of IN leading VBG economic JJ indicators NNS next IN Tuesday NNP . . However RB , , David NNP Threlkeld NNP , , president NN of IN Threlkeld NNP & CC Co. NNP , , an DT international JJ metals NNS company NN , , noted VBD that IN so RB far RB this DT year NN copper NN consumption NN is VBZ way RB ahead RB of IN the DT same JJ period NN of IN 1988 CD , , and CC that IN projected VBN production NN is VBZ below IN last JJ year NN . . Mr. NNP Threlkeld NNP said VBD the DT copper NN market NN seems VBZ to TO be VB anticipating VBG a DT recession NN in IN three CD months NNS , , with IN declining VBG use NN being VBG the DT result NN . . `` `` But CC , , '' '' he PRP added VBD , , `` `` we PRP have VBP had VBN that DT exact JJ same JJ perception NN six CD times NNS in IN the DT last JJ six CD years NNS . . '' '' He PRP noted VBD that IN currently RB the DT ratio NN of IN available JJ copper NN to TO consumption NN is VBZ about IN 3.5 CD weeks NNS . . He PRP said VBD the DT normal JJ ratio NN is VBZ five CD to TO six CD weeks NNS . . According VBG to TO Mr. NNP Threlkeld NNP , , the DT bottleneck NN in IN copper NN production NN is VBZ n't RB at IN the DT mines NNS but CC at IN the DT copper NN refineries NNS . . `` `` It PRP takes VBZ three CD months NNS to TO turn VB copper NN concentrate NN into IN cathodes NNS , , '' '' he PRP said VBD . . If IN there EX is VBZ n't RB a DT recession NN , , he PRP said VBD , , `` `` we PRP will MD be VB out IN of IN copper NN by IN the DT end NN of IN March NNP . . If IN there EX is VBZ a DT recession NN that WDT will MD change VB the DT statistical JJ situation NN . . '' '' He PRP thinks VBZ that IN without IN a DT recession NN copper NN prices NNS could MD exceed VB a DT high JJ of IN $ $ 1.65 CD a DT pound NN , , which WDT was VBD reached VBN last JJ year NN . . In IN the DT past NN Mr. NNP Threlkeld NNP has VBZ been VBN known VBN to TO have VB substantial JJ long JJ positions NNS that NN is VBZ , , he PRP had VBD bought VBN copper NN futures NNS in IN anticipation NN of IN rising VBG prices NNS -- : in IN the DT copper NN futures NNS market NN . . In IN other JJ commodity NN markets NNS yesterday NN : : ENERGY NN : : The DT attitude NN was VBD `` `` wait-and-see JJ '' '' in IN crude JJ oil NN futures NNS yesterday NN in IN trading NN on IN the DT New NNP York NNP Mercantile NNP Exchange NNP . . Prices NNS for IN the DT U.S. NNP benchmark NN West NNP Texas NNP Intermediate NNP crude JJ remained VBD locked VBN in IN a DT fairly RB narrow JJ range NN before IN ending VBG the DT session NN four CD cents NNS lower JJR at IN $ $ 19.72 CD a DT barrel NN for IN December NNP delivery NN . . Several JJ analysts NNS and CC brokers NNS said VBD the DT petroleum NN market NN was VBD ready JJ to TO rally VB after IN two CD days NNS of IN price NN declines NNS from IN profit-taking NN . . But CC an DT early JJ 80-point JJ drop NN in IN the DT Dow NNP Jones NNP Industrial NNP Average NNP stopped VBD the DT crude JJ rally NN cold NN . . The DT industrial JJ average NN recovered VBD to TO close VB only RB 3.69 CD points NNS lower JJR , , but CC petroleum NN futures NNS never RB shook VBD off RP the DT chill NN . . Most JJS market NN participants NNS said VBD they PRP were VBD looking VBG to TO this DT week NN 's POS inventory NN statistics NNS from IN the DT American NNP Petroleum NNP Institute NNP to TO give VB the DT market NN some DT direction NN . . The DT report NN is VBZ n't RB generally RB available JJ until IN late JJ on IN Tuesdays NNPS . . PRECIOUS JJ METALS NNS : : Futures NNS prices NNS inched VBD upward RB in IN mostly RB lackluster JJ trading NN . . December NNP gold NN was VBD up IN $ $ 3.20 CD an DT ounce NN at IN $ $ 373.40 CD ; : December NNP silver NN gained VBD 5.7 CD cents NNS to TO $ $ 5.1950 CD an DT ounce NN . . January NNP platinum NN rose VBD $ $ 2.30 CD an DT ounce NN to TO $ $ 488.60 CD . . Mr. NNP Kaiser NNP said VBD there EX were VBD no DT fundamental JJ factors NNS moving VBG these DT markets NNS . . He PRP noted VBD that IN two CD weeks NNS ago IN there EX were VBD rumors NNS of IN Soviet JJ sales NNS of IN precious JJ metals NNS to TO finance VB grain NN purchases NNS , , but CC the DT sales NNS do VBP n't RB seem VB to TO have VB materialized VBN . . Ms. NNP Raptopoulos NNP thought VBD yesterday NN 's POS price NN action NN reflected VBD weakness NN in IN the DT stock NN market NN and CC the DT dollar NN . . `` `` Gold NN still RB acts VBZ as IN a DT haven NN when WRB uncertainty NN prevails VBZ in IN the DT financial JJ markets NNS as IN it PRP did VBD '' '' yesterday NN , , she PRP said VBD . . Mr. NNP Kaiser NNP noted VBD that DT gold NN was VBD more JJR than IN 71 CD times NNS the DT price NN of IN silver NN at IN the DT close JJ yesterday NN , , which WDT is VBZ historically RB high JJ . . `` `` The DT high JJ ratio NN reflects VBZ the DT fact NN that DT silver NN is VBZ still RB regarded VBN as IN about IN a DT half-industrial JJ metal NN and CC its PRP$ price NN lagging NN relative JJ to TO gold NN says VBZ that IN traders NNS are VBP expecting VBG a DT weakening NN economy NN , , '' '' he PRP said VBD . . GRAINS NNS AND CC SOYBEANS NNS : : Prices NNS closed VBD lower JJR after IN trading VBG in IN relatively RB narrow JJ ranges NNS because IN of IN strong JJ selling NN in IN the DT cash NN market NN and CC continued VBN favorable JJ harvest NN weather NN . . The DT sale NN to TO the DT Chinese JJ government NN of IN 330,000 CD metric JJ tons NNS of IN wheat NN under IN the DT government NN 's POS export NN enhancement NN program NN was VBD announced VBN after IN the DT close NN of IN trading NN Monday NNP , , but CC the DT sale NN was VBD expected VBN and CC failed VBN to TO buoy VB prices NNS yesterday NN , , said VBD Dale NNP Gustafson NNP , , a DT futures NNS analyst NN with IN Drexel NNP Burnham NNP Lambert NNP Inc. NNP in IN Chicago NNP . . As IN for IN other JJ export NN customers NNS , , the DT Soviet NNP Union NNP is VBZ n't RB expected VBN to TO be VB back RB buying VBG U.S. NNP corn NN in IN significant JJ amounts NNS until IN early JJ next JJ year NN , , he PRP said VBD . . A DT number NN of IN commercial JJ grain NN users NNS buttressed VBN that DT opinion NN yesterday NN by IN buying VBG certain JJ corn NN options NNS for IN delivery NN in IN March NNP , , indicating VBG to TO analysts NNS that IN the DT commercial JJ companies NNS would MD use VB the DT options NNS to TO hedge VB against IN expected VBN corn NN sales NNS in IN next JJ year NN 's POS first JJ quarter NN . . COCOA NN : : Futures NNS at IN first JJ continued VBD the DT rally NN begun VBN on IN Monday NNP , , but CC then RB faltered VBD and CC closed VBD lower JJR . . The DT December NNP contract NN opened VBD just RB under IN Monday NNP 's POS close NN , , triggered VBD some DT previously RB placed VBN buy NN orders NNS just RB above IN $ $ 1,030 CD a DT metric NN ton NN , , pushing VBG the DT price NN to TO $ $ 1,040 CD , , and CC then RB encountered VBN heavy JJ selling NN by IN traders NNS who WP buy VBP and CC sell VBP for IN their PRP$ own JJ accounts NNS and CC by IN commercial JJ interests NNS . . The DT contract NN settled VBN at IN $ $ 1,014 CD a DT ton NN , , off RB $ $ 13 CD . . Robert NNP Hafer NNP , , senior JJ commodities NNS analyst NN at IN Kaiser NNP Financial NNP Group NNP , , said VBD Monday NNP 's POS rally NN continued VBD yesterday NN for IN only RB about IN 20 CD minutes NNS after IN the DT opening NN . . He PRP said VBD even RB though IN there EX was VBD arbitrage NN buying NN in IN New NNP York NNP because IN of IN the DT weak JJ dollar NN , , cocoa NN fell VBD to TO relentless JJ pressure NN from IN bearish JJ traders NNS . . But CC he PRP noted VBD that IN speculators NNS apparently RB do VBP n't RB believe VB there EX is VBZ much RB more RBR of IN a DT decline NN in IN store NN for IN cocoa NN . . The DT December NNP contract NN reached VBD its PRP$ life-of-contract JJ low JJ of IN $ $ 975 CD a DT ton NN on IN Oct. NNP 11 CD ; : its PRP$ lifetime NN high RB was VBD $ $ 1,735 CD , , set VBN in IN 1988 CD , , and CC its PRP$ recent JJ high NN was VBD $ $ 1,368 CD , , set VBN in IN early JJ August NNP . . The DT last JJ time NN cocoa NN traded VBD at IN prices NNS as RB low RB as IN currently RB was VBD in IN 1974 CD . . But CC while IN further JJ modest JJ declines NNS might MD be VB ahead RB , , Mr. NNP Hafer NNP said VBD it PRP would MD be VB difficult JJ to TO get VB through IN resistance NN levels NNS just RB above IN yesterday NN 's POS high JJ . . Citizens NNPS First NNP Bancorp NNP . . Inc. NNP said VBD it PRP agreed VBD to TO buy VB Lakeland NNP First NNP Financial NNP Group NNP Inc. NNP , , a DT Succasunna NNP , , N.J. NNP , , bank NN holding VBG company NN , , for IN about IN $ $ 50.6 CD million CD in IN cash NN and CC stock NN . . Citizens NNPS First NNP , , which WDT controls VBZ Citizens NNPS First NNP National NNP Bank NNP and CC is VBZ based VBN in IN Glen NNP Rock NNP , , N.J. NNP , , will MD pay VB a DT maximum NN of IN 40 CD % NN in IN cash NN for IN the DT parent NN of IN Lakeland NNP Savings NNP Bank NNP and CC the DT remainder NN in IN convertible JJ preferred VBN stock NN , , with IN a DT liquidation NN value NN of IN $ $ 18 CD a DT share NN . . Lakeland NNP holders NNS will MD have VB the DT option NN to TO request NN either DT stock NN or CC cash NN . . The DT convertible NN preferred VBN will MD pay VB dividends NNS at IN 7.875 CD % NN and CC be VB convertible JJ into IN shares NNS of IN Citizens NNPS First NNP at IN a DT rate NN equal JJ to TO 20 CD % NN above IN the DT average NN closing VBG price NN of IN the DT stock NN during IN a DT 20-day JJ period NN prior RB to TO the DT transaction NN 's POS completion NN . . The DT deal NN requires VBZ regulatory JJ and CC shareholder NN approval NN . . Color NNP Systems NNPS Technology NNP Inc. NNP , , Los NNP Angeles NNP , , said VBD its PRP$ major JJ creditor NN , , General NNP Electric NNP Pension NNP Trust NNP , , agreed VBD to TO convert VB $ $ 11.8 CD million CD of IN debt NN owed VBN into IN 25 CD % NN of IN Color NNP System NNP 's POS fully RB diluted VBN common JJ stock NN . . The DT agreement NN also RB calls VBZ for IN General NNP Electric NNP Pension NNP , , a DT unit NN of IN General NNP Electric NNP Co. NNP , , to TO receive VB as RB much RB as IN 10 CD % NN of IN Color NNP Systems NNP ' POS fully RB diluted VBN common JJ stock NN , , depending VBG on IN the DT proceeds NNS from IN the DT sale NN of IN the DT AEI NNP Film NNP Library NNP and CC its PRP$ receivables NNS . . General NNP Electric NNP Pension NNP took VBD control NN of IN the DT 85-title JJ library NN last JJ month NN after IN Color NNP Systems NNPS defaulted VBD on IN the DT loan NN . . The DT agreement NN depends VBZ on IN Color NNP Systems NNP ' POS ability NN to TO win VB similar JJ concessions NNS from IN other JJ creditors NNS . . Buddy NNP Young NNP , , president NN , , said VBD the DT company NN expects VBZ to TO conclude VB negotiations NNS with IN other JJ creditors NNS within IN 60 CD days NNS . . Color NNP Systems NNPS , , which WDT converts VBZ black-and-white JJ film NN to TO color NN videotape NN , , posted VBD a DT loss NN of IN $ $ 7.1 CD million CD , , or CC $ $ 1.32 CD a DT share NN , , on IN revenue NN of IN $ $ 10.6 CD million CD for IN the DT fiscal JJ year NN ended VBD June NNP 30 CD . . Its PRP$ stock NN fell VBD 12.5 CD cents NNS , , to TO $ $ 2.125 CD , , in IN American NNP Stock NNP Exchange NNP composite NN trading NN yesterday NN . . Next JJ to TO Kohlberg NNP Kravis NNP Roberts NNP 's POS megabillion NN RJR NNP Nabisco NNP deal NN , , SCI NNP Television NNP is VBZ small JJ fry NN . . But CC the DT troubles NNS of IN SCI NNP TV NN are VBP a DT classic JJ tale NN of IN the DT leveraged JJ buy-out NN excesses NNS of IN the DT 1980s CD , , especially RB the DT asset-stripping JJ game NN . . SCI NNP TV NN , , which WDT expects VBZ to TO release VB a DT plan NN to TO restructure VB $ $ 1.3 CD billion CD of IN debt NN in IN the DT next JJ day NN or CC so RB , , is VBZ n't RB just RB another DT LBO NNP that WDT went VBD bad JJ after IN piling VBG on RP debt NN -- : though IN it PRP did VBD do VB that DT . . The DT cable NN and CC TV NN station NN company NN was VBD an DT LBO NNP of IN an DT LBO NNP , , a DT set NN of IN assets NNS that WDT were VBD leveraged JJ twice RB , , enabling VBG the DT blue-chip JJ buy-out NN king NN Henry NNP Kravis NNP in IN 1987 CD to TO take VB more JJR than IN $ $ 1 CD billion CD of IN cash NN out IN of IN the DT com NN - : pany NN . . SCI NNP TV NNP 's POS buy-out NN was VBD an DT ace NN in IN the DT hole NN for IN Mr. NNP Kravis NNP and CC for IN investors NNS in IN KKR NNP partnerships NNS . . But CC it PRP has VBZ left VBN holders NNS of IN SCI NNP TV NNP 's POS junk NN bonds NNS holding VBG the DT bag NN , , including VBG some DT heavyweights NNS that IN KKR NNP might MD need VB to TO finance VB future JJ deals NNS , , such JJ as IN Kemper NNP Financial NNP Services NNPS , , First NNP Executive NNP , , Columbia NNP Savings NNP & CC Loan NNP and CC Prudential NNP Insurance NNP Co. NNP of IN America NNP . . Some DT junk-holders NNS are VBP said VBN to TO be VB considering VBG legal JJ action NN against IN KKR NNP or CC moves NNS to TO force VB SCI NNP TV NNP into IN bankruptcy NN court NN . . And CC KKR NNP 's POS majority NN partner NN in IN SCI NNP TV NNP 's POS buy-out NN , , Nashville NNP , , Tenn. NNP , , entrepreneur NN George NNP Gillett NNP , , also RB is VBZ said VBN to TO be VB very RB unhappy JJ . . SCI NNP TV NNP 's POS six CD stations NNS once RB were VBD part NN of IN Storer NNP Communications NNPS . . KKR NNP loaded VBD up RP the DT cable NN and CC television NN company NN with IN debt NN in IN an DT 1985 CD buy-out NN , , then RB later RB sold VBD Storer NNP 's POS cable NN operations NNS at IN a DT fat JJ profit NN . . In IN 1987 CD , , KKR NNP for IN the DT second JJ time NN piled VBD debt NN onto IN Storer NNP 's POS TV NNP stations NNS , , selling VBG them PRP for IN $ $ 1.3 CD billion CD to TO a DT new JJ entity NN that WDT was VBD 45%-owned JJ by IN KKR NNP and CC 55%-owned JJ by IN Gillett NNP Corp. NNP , , which WDT now RB operates VBZ the DT SCI NNP TV NNP stations NNS . . In IN this DT second JJ LBO NNP , , KKR NNP with IN one CD hand NN took VBD more JJR than IN $ $ 1 CD billion CD of IN cash NN out IN of IN the DT TV NN company NN 's POS assets NNS and CC moved VBD it PRP into IN the DT Storer NNP cable NN operations NNS , , making VBG them PRP more RBR valuable JJ in IN a DT 1988 CD sale NN . . ( ( Storer NNP also RB took VBD $ $ 125 CD million CD of IN junior JJ SCI NNP TV NNP bonds NNS as IN partial JJ payment NN for IN the DT TV NN assets NNS . . ) ) With IN the DT other JJ hand NN , , KKR NNP put VBD back RB into IN SCI NNP TV NNP less JJR than IN 10 CD % NN of IN the DT cash NN it PRP had VBD taken VBN out IN , , buying VBG SCI NNP TV NNP common JJ and CC preferred JJ shares NNS . . So RB , , while IN KKR NNP today NN has VBZ an DT estimated VBN $ $ 250 CD million CD sunk VBN in IN now-shaky JJ SCI NNP TV NNP , , including VBG equity NN and CC debt NN , , the DT LBO NNP firm NN still RB is VBZ $ $ 1 CD billion CD ahead RB on IN the DT SCI NNP TV NNP buy-out NN after IN taking VBG cash NN up IN front NN . . On IN Storer NNP as IN a DT whole NN , , KKR NNP racked VBD up RP compound JJ annual JJ returns NNS of IN 60 CD % NN in IN the DT three CD years NNS it PRP owned VBD Storer NNP . . Meanwhile RB , , Mr. NNP Gillett NNP risks VBZ losing VBG his PRP$ entire JJ equity NN investment NN of IN about IN $ $ 100 CD million CD in IN SCI NNP TV NNP if IN the DT company NN ca MD n't RB be VB restructured VBN . . Overall NNP , , Mr. NNP Gillett NNP 's POS holding VBG company NN , , Gillett NNP Holdings NNP , , is VBZ heavily RB indebted JJ and CC , , except IN for IN its PRP$ Vail NNP Mountain NNP resorts NNS , , is VBZ n't RB doing VBG very RB well RB . . With IN the DT TV NN business NN falling VBG on IN hard JJ times NNS in IN recent JJ years NNS , , analysts NNS say VBP that IN if IN SCI NNP TV NNP had VBD to TO be VB liquidated VBN today NN , , it PRP might MD fetch VB 30 CD % NN less JJR than IN in IN the DT 1987 CD buy-out NN , , wiping VBG out RP most JJS of IN the DT company NN 's POS junk-holders NNS and CC its PRP$ stockholders NNS . . Meanwhile RB , , SCI NNP TV NNP can MD barely RB pay VB its PRP$ cash NN interest NN bill NN , , and CC to TO stay VB out IN of IN bankruptcy NN court NN it PRP must MD soon RB reschedule VB a DT lot NN of IN bank NN loans NNS and CC junk NN bonds NNS that WDT have VBP fallen VBN due JJ . . SCI NNP TV NNP 's POS grace NN period NN for IN paying VBG its PRP$ bills NNS is VBZ due JJ to TO expire VB Nov. NNP 16 CD . . It PRP now RB is VBZ quietly RB circulating VBG among IN creditors NNS a DT preliminary JJ plan NN to TO restructure VB debt NN . . Negotiations NNS `` `` have VBP started VBN con RB - : structively RB , , but CC that DT 's VBZ not RB to TO say VB we PRP like VBP this DT particular JJ offer NN , , '' '' says VBZ Wilbur NNP Ross NNP of IN Rothschild NNP Inc. NNP , , adviser NN to TO SCI NNP TV NNP junk-holders NNS . . No DT major JJ player NN in IN the DT SCI NNP TV NNP deal NN will MD talk VB publicly RB . . But CC it PRP 's VBZ understood VBN that IN Mr. NNP Kravis NNP is VBZ disappointed VBN that IN Mr. NNP Gillett NNP did VBD n't RB manage VB to TO boost VB SCI NNP TV NNP 's POS operating NN profit NN after IN the DT buy-out NN . . Mr. NNP Kravis NNP apparently RB thinks VBZ SCI NNP TV NNP can MD survive VB if IN lenders NNS extend VBP its PRP$ debt NN payments NNS until IN TV NN stations NNS rise VBP in IN value NN again RB , , allowing VBG SCI NNP TV NNP to TO sell VB assets NNS to TO pay VB debt NN . . Mr. NNP Gillett NNP is VBZ said VBN to TO be VB proud JJ of IN his PRP$ operating NN record NN ; : he PRP has VBZ lifted VBN some DT stations NNS ' POS ratings NNS and CC turned VBN around RP a DT Detroit NNP station NN . . As IN for IN junk-holders NNS , , they PRP 're VBP discovering VBG it PRP can MD be VB a DT mistake NN to TO take VB the DT other JJ side NN of IN a DT trade NN by IN KKR NNP . . The DT bonds NNS of IN SCI NNP TV NNP now RB are VBP being VBG quoted VBN at IN prices NNS ranging VBG from IN only RB five CD cents NNS to TO about IN 60 CD cents NNS on IN the DT dollar NN , , according VBG to TO R.D. NNP Smith NNP & CC Co. NNP in IN New NNP York NNP , , which WDT trades VBZ distressed JJ securities NNS . . People NNS who WP have VBP seen VBN SCI NNP TV NNP 's POS restructuring VBG plan NN say VBP it PRP offers VBZ concessions NNS by IN KKR NNP and CC Gillett NNP Corp NNP . . They PRP would MD both DT give VBP part NN of IN their PRP$ combined VBN $ $ 50 CD million CD in IN common JJ equity NN in IN SCI NNP TV NNP to TO holders NNS of IN SCI NNP TV NNP 's POS $ $ 488 CD million CD of IN junk NN bonds NNS , , as IN a DT carrot NN to TO persuade VB them PRP to TO accept VB new JJ bonds NNS that WDT might MD reduce VB the DT value NN of IN their PRP$ claims NNS on IN the DT company NN . . But CC some DT militant JJ SCI NNP TV NNP junk-holders NNS say VBP that DT 's VBZ not RB enough RB . . They PRP contend VBP that IN SCI NNP TV NNP 's POS equity NN now RB is VBZ worthless JJ . . They PRP add VBP that IN it PRP is VBZ n't RB costing VBG KKR NNP anything NN to TO give VB up RP equity NN because IN of IN its PRP$ big JJ up-front JJ cash NN profit NN on IN the DT buy-out NN , , which WDT they PRP think VBP contributed VBN to TO SCI NNP TV NNP 's POS current JJ problems NNS . . Kemper NNP , , the DT biggest JJS holder NN of IN senior JJ SCI NNP TV NNP bonds NNS , , has VBZ refused VBN to TO join VB the DT bond-holders NNS committee NN and CC is VBZ said VBN to TO be VB reviewing VBG its PRP$ legal JJ options NNS . . To TO protect VB their PRP$ claims NNS , , some DT junk-holders NNS want VBP KKR NNP and CC perhaps RB Mr. NNP Gillett NNP to TO invest VB new JJ money NN in IN SCI NNP TV NNP , , perhaps RB $ $ 50 CD million CD or CC more JJR . . One CD investment NN banker NN who WP is VBZ n't RB involved VBN in IN the DT deal NN says VBZ SCI NNP TV NNP needs VBZ at IN least JJS $ $ 50 CD million CD of IN new JJ equity NN to TO survive VB . . Junk-holders NNS say VBP they PRP have VBP a DT stick NN to TO beat VB KKR NNP with IN : : `` `` The DT threat NN of IN bankruptcy NN is VBZ a DT legitimate JJ tool NN '' '' to TO extract VB money NN from IN KKR NNP , , says VBZ one CD big JJ SCI NNP TV NNP holder NN . . This DT could MD be VB the DT first RB major JJ bankruptcy-law NN proceeding NN for IN KKR NNP , , he PRP adds VBZ . . A DT big JJ bankruptcy-court JJ case NN might MD tarnish VB KKR NNP 's POS name NN , , and CC provide VB new JJ fuel NN for IN critics NNS of IN LBOs NNP in IN Washington NNP and CC elsewhere RB . . But CC others NNS say VBP junk-holders NNS have VBP nothing NN to TO gain VB by IN putting VBG SCI NNP TV NNP into IN bankruptcy-law NN proceedings NNS . . While IN KKR NNP does VBZ n't RB control VB SCI NNP TV NNP which WDT is VBZ unusual JJ for IN a DT KKR NNP investment NN -- : it PRP clearly RB has VBZ much JJ deeper JJR pockets NNS than IN Mr. NNP Gillett NNP . . Bankruptcy NN specialists NNS say VBP Mr. NNP Kravis NNP set VBD a DT precedent NN for IN putting VBG new JJ money NN in IN sour JJ LBOs NNS recently RB when WRB KKR NNP restructured VBN foundering VBG Seaman NNP Furniture NNP , , doubling VBG KKR NNP 's POS equity NN stake NN . . But CC with IN Seaman NNP , , KKR NNP was VBD only RB trying VBG to TO salvage VB its PRP$ original JJ investment NN , , says VBZ bankruptcy NN investor NN James NNP Rubin NNP of IN Sass NNP Lamle NNP Rubin NNP in IN New NNP York NNP . . By IN contrast NN , , KKR NNP probably RB has VBZ already RB made VBN all PDT the DT money NN it PRP can MD on IN SCI NNP TV NNP . . And CC people NNS who WP know VBP Mr. NNP Kravis NNP say VBP he PRP is VBZ n't RB in IN a DT hurry NN to TO pour VB more JJR money NN into IN SCI NNP TV NNP . . Rubbermaid NNP Inc. NNP , , reflecting VBG strong JJ earnings NNS growth NN , , boosted VBD its PRP$ quarterly JJ dividend NN 18 CD % NN , , to TO 13 CD cents NNS a DT share NN from IN 11 CD cents NNS . . The DT maker NN of IN household NN products NNS said VBD the DT new JJ dividend NN is VBZ payable JJ Dec. NNP 1 CD to TO shares NNS of IN record NN Nov. NNP 10 CD . . Separately RB , , the DT company NN 's POS board NN adopted VBD a DT proposal NN to TO amend VB its PRP$ 1986 CD shareholder NN rights NNS plan NN , , further JJ insulating VBG the DT company NN from IN takeover NN . . Rubbermaid NNP officials NNS said VBD they PRP are VBP n't RB aware JJ of IN any DT effort NN to TO take VB over RP the DT company NN , , but CC believed VBD the DT shareholder NN plan NN needed VBN to TO be VB strengthened VBN . . `` `` The DT board NN has VBZ stated VBN repeatedly RB that IN Rubbermaid NNP should MD be VB independent JJ , , '' '' said VBD Walter NNP W. NNP Williams NNP , , Rubbermaid NNP president NN . . Some DT changes NNS to TO the DT plan NN were VBD minor JJ adjustments NNS , , but CC the DT most RBS significant JJ was VBD an DT amendment NN that WDT provides VBZ that IN if IN any DT investor NN holds VBZ 25 CD % NN or CC more JJR of IN Rubbermaid NNP 's POS voting VBG securities NNS , , each DT right NN held VBN by IN others NNS would MD entitle VB the DT holder NN to TO buy VB Rubbermaid NNP shares NNS with IN a DT market NN value NN of IN twice RB the DT right NN 's POS exercise NN price NN . . Mr. NNP Williams NNP said VBD the DT exercise NN price NN is VBZ $ $ 125 CD , , meaning NN holders NNS would MD have VB the DT right NN to TO buy VB $ $ 250 CD of IN Rubbermaid NNP stock NN for IN half DT price NN , , diluting VBG the DT investor NN 's POS 25 CD % NN stake NN . . For IN the DT third JJ quarter NN , , Rubbermaid NNP earned VBD $ $ 32.6 CD million CD , , or CC 44 CD cents NNS a DT share NN , , up RB 16 CD % NN from IN $ $ 28.1 CD million CD , , or CC 38 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . Sales NNS rose VBD 9.7 CD % NN to TO $ $ 351.5 CD million CD from IN $ $ 320.4 CD million CD . . Rubbermaid NNP shares NNS closed VBD yesterday NN at IN $ $ 33.875 CD , , off RB 12.5 CD cents NNS , , in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN . . The DT stock NN market NN went VBD on IN a DT dizzying JJ ride NN as IN UAL NNP , , parent NN of IN United NNP Airlines NNPS , , once RB again RB led VBD shares NNS into IN a DT breathtaking JJ decline NN and CC then RB an DT afternoon NN comeback NN . . At IN the DT end NN of IN it PRP all DT , , the DT Dow NNP Jones NNP Industrial NNP Average NNP closed VBD down RB 3.69 CD to TO 2659.22 CD . . At IN one CD point NN yesterday NN morning NN , , the DT Dow NNP was VBD down IN 80.53 CD points NNS . . New NNP York NNP Stock NNP Exchange NNP volume NN was VBD 237,960,000 CD shares NNS . . Declining VBG issues NNS swamped VBD advancers NNS , , 1,222 CD to TO 382 CD . . Yesterday NN 's POS sell-off NN and CC rebound NN was VBD a DT powerful JJ reminder NN that IN 11 CD days NNS after IN the DT 190-point JJ plunge NN on IN Friday NNP the DT 13th JJ , , the DT stock NN market NN still RB has VBZ a DT bad JJ case NN of IN nerves NNS . . Takeover NN stock NN speculation NN and CC futures-related JJ program NN trading NN drove VBD the DT industrial JJ average NN through IN wide JJ ranges NNS . . And CC there EX is VBZ more JJR volatility NN to TO come VB . . `` `` October NNP 13th JJ left VBD us PRP with IN a DT cut VBN and CC exposed VBN nerve NN , , '' '' said VBD Jack NNP Solomon NNP , , technical JJ analyst NN for IN Bear NNP Stearns NNP . . `` `` People NNS are VBP fearful JJ and CC sensitive JJ . . Everybody NN 's POS finger NN is VBZ one CD inch NN closer JJR to TO the DT button NN . . I PRP have VBP never RB had VBN as IN many JJ calls NNS as IN I PRP had VBD this DT morning NN . . Volatility NN is VBZ here RB to TO stay VB . . '' '' The DT Dow NNP Jones NNP Industrial NNP Average NNP plunged VBD about IN 80 CD points NNS in IN slightly RB more JJR than IN one CD hour NN after IN the DT opening NN bell NN . . For IN many JJ , , it PRP began VBD to TO look VB like IN a DT replay NN of IN Oct. NNP 13 CD . . As IN stocks NNS and CC stock-index JJ futures NNS fell VBD , , a DT trading NN limit NN was VBD hit VBN in IN the DT S&P NNP 500 CD stock NN futures NNS pit NN . . Under IN a DT post-1987 JJ crash NN reform NN , , the DT Chicago NNP Mercantile NNP Exchange NNP would MD n't RB permit VB the DT December NNP S&P NNP futures NNS to TO fall VB further RB than IN 12 CD points NNS for IN a DT half DT hour NN . . That DT caused VBD a DT brief JJ period NN of IN panic NN selling VBG of IN stocks NNS on IN the DT Big NNP Board NNP . . But CC at IN a DT critical JJ moment NN , , stock-index JJ arbitrage NN traders NNS showed VBD their PRP$ power NN and CC control NN . . They PRP scooped VBD up RP hundreds NNS of IN S&P NNP futures NNS when WRB the DT market NN needed VBD it PRP most JJS . . At IN about IN 10:40 CD a.m. NN EDT NNP , , several JJ big JJ buy NN orders NNS hit VBD the DT S&P NNP pit NN simultaneously RB , , lifting VBG the DT futures NNS up RP out IN of IN the DT trading NN limit NN and CC eventually RB into IN ranges NNS that WDT caused VBD computer-driven JJ program NN buying NN of IN stocks NNS . . `` `` It PRP is VBZ very RB clear JJ that IN those DT buy NN orders NNS came VBD from IN people NNS who WP wanted VBD their PRP$ franchise NN protected VBN , , '' '' said VBD one CD Chicago-based JJ futures NNS trader NN . . `` `` These DT guys NNS wanted VBD to TO do VB something NN to TO show VB how WRB powerful JJ they PRP are VBP . . '' '' Traders NNS said VBD Goldman NNP Sachs NNP , , Shearson NNP Lehman NNP Hutton NNP and CC Salomon NNP Brothers NNPS were VBD the DT main JJ force NN behind IN the DT futures NNS buying NN at IN the DT pivotal JJ moment NN . . Shearson NNP Lehman NNP Hutton NNP declined VBD to TO comment VB . . Officials NNS at IN Goldman NNP Sachs NNP and CC Salomon NNP Brothers NNPS were VBD unavailable JJ for IN comment NN . . As IN in IN the DT Oct. NNP 13 CD massacre NN , , yesterday NN morning NN 's POS drop NN was VBD triggered VBN by IN bad JJ news NN for IN speculators NNS in IN UAL NNP . . A DT UAL NNP statement NN after IN the DT market NN closed VBD Monday NNP indicated VBD that IN the DT airline NN 's POS board NN wanted VBD to TO keep VB the DT company NN independent JJ , , effectively RB crushing VBG hopes NNS of IN an DT immediate JJ buy-out NN . . Five CD minutes NNS before IN the DT Big NNP Board NNP opened VBD , , a DT preliminary JJ price NN was VBD flashed VBN for IN UAL NNP -- : somewhere RB between IN 135 CD and CC 155 CD , , a DT loss NN of IN as RB much JJ as IN $ $ 43 CD a DT share NN from IN Monday NNP 's POS close NN . . UAL NNP finally RB opened VBD for IN trading VBG at IN 10:08 CD a.m. NN at IN 150 CD , , down RB $ $ 28 CD . . Floor NN traders NNS said VBD there EX was VBD a DT huge JJ crowd NN around IN the DT Big NNP Board NNP specialist NN 's POS post NN where WRB UAL NNP trades NNS . . `` `` There EX was VBD a DT seething JJ mass NN of IN people NNS , , '' '' said VBD one CD floor NN trader NN . . `` `` Then RB there EX was VBD a DT big JJ liquidation NN of IN stock NN '' '' across IN the DT board NN , , he PRP added VBD . . Takeover NN speculators NNS -- : who WP have VBP already RB taken VBN a DT record NN loss NN estimated VBN at IN more RBR than IN $ $ 700 CD million CD on IN UAL NNP -- : started VBD selling VBG other JJ stocks NNS as RB well RB as IN S&P NNP futures NNS in IN an DT attempt NN to TO hedge VB against IN a DT further JJ UAL NNP blood NN bath NN . . Shortly RB after IN the DT UAL NNP opening NN , , program NN traders NNS started VBD selling VBG stocks NNS in IN the DT Major NNP Market NNP Index NNP and CC S&P NNP 500 CD index NN . . The DT 20-stock JJ MMI NNP mimics NNS the DT Dow NNP Jones NNP Industrial NNP Average NNP . . By IN 10:30 CD a.m. NN the DT Dow NNP was VBD down IN 62.70 CD . . All DT 20-stocks NNS in IN the DT MMI NNP except IN Exxon NNP , , General NNP Motors NNPS and CC Sears NNP were VBD down IN $ $ 1 CD to TO $ $ 2 CD . . At IN 10:33 CD , , when WRB the DT S&P NNP 500 CD December NNP futures NNS contract NN crunched VBD to TO a DT 12-point JJ loss NN under IN the DT force NN of IN sell NN programs NNS , , S&P NNP futures NNS trading NN was VBD halted VBN and CC program NN trades NNS on IN the DT Big NNP Board NNP were VBD routed VBN into IN a DT special JJ computer NN that WDT scans VBZ for IN order NN imbalances NNS . . Under IN the DT rules NNS adopted VBN by IN the DT Chicago NNP Mercantile NNP Exchange NNP , , the DT futures NNS contract NN can MD not RB drop VB below IN the DT limit NN , , but CC buyers NNS can MD purchase VB futures NNS . . At IN this DT point NN , , the DT Dow NNP industrials NNS were VBD down IN 75.41 CD points NNS and CC falling VBG . . The DT trading NN halt NN in IN the DT S&P NNP 500 CD futures NNS exacerbated VBD selling NN and CC confusion NN , , many JJ traders NNS maintain VBP . . But CC as IN the DT fright NN began VBD to TO spread VB through IN the DT S&P NNP pit NN , , the DT big JJ brokerage NN firms NNS came VBD in IN and CC bought VBD futures NNS aggressively RB . . `` `` It PRP was VBD whooosh JJ ! . '' '' said VBD one CD futures NNS trader NN . . In IN five CD minutes NNS , , the DT Dow NNP industrials NNS climbed VBD almost RB 30 CD points NNS . . The DT big JJ futures NNS buying NN triggered JJ stock-index NNS buy NN programs NNS that WDT eventually RB trimmed VBD the DT Dow NNP 's POS loss NN to TO 31 CD points NNS by IN 11 CD a.m RB . . Traders NNS said VBD the DT futures NNS buying NN was VBD finely RB calculated VBN by IN program NN traders NNS . . These DT firms NNS sold VBD stock NN into IN the DT big JJ morning NN decline NN , , but CC seeing VBG the DT velocity NN of IN the DT market NN 's POS drop NN , , held VBD back RP on IN their PRP$ offsetting VBG purchases NNS of IN futures NNS until IN the DT S&P NNP futures NNS hit VBD the DT trading NN limit NN . . Then RB they PRP completed VBD the DT other JJ side NN of IN the DT trade NN by IN buying VBG futures NNS , , which WDT abruptly RB halted VBD the DT stock NN market NN 's POS decline NN as IN traders NNS began VBD to TO buy VB stocks NNS . . From IN then RB on IN , , the DT Dow NNP industrials NNS held VBD at IN a DT loss NN of IN 40 CD to TO 50 CD points NNS . . Then RB , , in IN late-afternoon JJ trading NN , , hundred-thousand-share JJ buy NN orders NNS for IN UAL NNP hit VBD the DT market NN , , including VBG a DT 200,000-share JJ order NN through IN Bear NNP Stearns NNP that WDT seemed VBD to TO spark VB UAL NNP 's POS late JJ price NN surge NN . . Almost RB simultaneously RB , , PaineWebber NNP began VBD a DT very RB visible JJ buy NN program NN for IN dozens NNS of IN stocks NNS . . The DT combined VBN buying NN rallied VBD the DT Dow NNP into IN a DT small JJ gain NN , , before IN closing VBG at IN a DT slight JJ loss NN . . Some DT institutional JJ traders NNS loved VBD the DT wild JJ ride NN . . `` `` This DT is VBZ fun NN , , '' '' asserted VBD Susan NNP Del NNP Signore NNP , , head NN equity NN trader NN at IN Travelers NNPS Investment NNP Management NNP Co NNP . . She PRP said VBD she PRP used VBD the DT market NN 's POS wild JJ swings NNS to TO buy VB shares NNS cheaply RB on IN the DT sell-off NN . . On IN the DT comeback NN , , Ms. NNP Del NNP Signore NNP unloaded JJ shares NNS she PRP has VBZ been VBN aiming VBG to TO get VB rid VB of IN . . But CC traders NNS who WP risk VBP money NN handling VBG big JJ blocks NNS of IN stock NN were VBD shaken VBN . . `` `` This DT market NN is VBZ eating VBG away RP my PRP$ youth NN , , '' '' said VBD Chung NNP Lew NNP , , head NN equity NN trader NN at IN Kleinwort NNP Benson NNP North NNP America NNP Inc NNP . . `` `` Credibility NN sounds VBZ intangible JJ . . But CC I PRP think VBP we PRP are VBP losing VBG credibility NN because IN when WRB the DT market NN does VBZ this DT , , it PRP does VBZ n't RB present VB itself PRP as IN a DT rational JJ investment NN . . But CC if IN you PRP overlook VBP all PDT this DT , , it PRP is VBZ a DT beautiful JJ market NN for IN investment NN still RB . . '' '' Traders NNS attributed VBD rallies NNS in IN a DT number NN of IN stocks NNS to TO a DT Japanese JJ buy NN program NN that DT PaineWebber NNP carried VBD out IN as IN part NN of IN a DT shift NN in IN portfolio NN strategy NN , , according VBG to TO Dow NNP Jones NNP Professional NNP Investor NNP Report NNP . . Dow NNP Jones NNP climbed VBD 5 CD 3\/4 CD to TO 41 CD on IN very JJ heavy JJ volume NN of IN 786,100 CD shares NNS . . Analysts NNS said VBD a DT big JJ Japanese JJ buy NN order NN was VBD behind IN the DT rise NN . . A DT Dow NNP Jones NNP spokesman NN said VBD there EX were VBD no DT corporate JJ developments NNS that WDT would MD account VB for IN the DT activity NN . . Other JJ issues NNS said VBD to TO be VB included VBN in IN the DT buy NN program NN were VBD Procter NNP & CC Gamble NNP , , which WDT rose VBD 2 CD 7\/8 CD to TO 133 CD 1\/2 CD ; : Atlantic NNP Richfield NNP , , which WDT gained VBD 2 CD to TO 103 CD 3\/4 CD , , and CC Rockwell NNP International NNP , , which WDT jumped VBD 2 CD 3\/4 CD to TO 27 CD 1\/8 CD . . PaineWebber NNP declined VBD to TO comment VB . . UAL NNP finished VBD at IN 170 CD , , off RB 8 CD 3\/8 CD . . Other JJ airline NN stocks NNS fell VBD in IN response NN to TO the DT UAL NNP board NN 's POS decision NN to TO remain VB independent JJ for IN now RB , , including VBG USAir NNP Group NNP , , which WDT separately RB reported VBD a DT third-quarter JJ loss NN of IN $ $ 1.86 CD a DT share NN compared VBN with IN a DT year-ago JJ profit NN . . USAir NNP fell VBD 2 CD 1\/2 CD to TO 40 CD . . AMR NNP , , the DT parent NN of IN American NNP Airlines NNPS , , fell VBD 1 CD 3\/4 CD to TO 68 CD 7\/8 CD on IN 2.3 CD million CD shares NNS ; : Delta NNP Air NNP Lines NNPS lost VBD 1 CD 1\/2 CD to TO 66 CD , , Southwest NNP Airlines NNPS slid VBD 3\/4 CD to TO 24 CD 1\/4 CD and CC Midway NNP Airlines NNPS dropped VBD 1\/4 CD to TO 14 CD 7\/8 CD . . Texas NNP Air NNP , , which WDT owns VBZ Continental NNP and CC Eastern NNP airlines NNS , , lost VBD 3\/8 CD to TO 13 CD 1\/8 CD on IN the DT American NNP Stock NNP Exchange NNP . . Metals NNP stocks NNS also RB were VBD especially RB weak JJ , , as IN concerns NNS about IN the DT earnings NNS outlook NN for IN cyclical JJ companies NNS weighed VBN on IN the DT group NN . . Aluminum NNP Co. NNP of IN America NNP dropped VBD 1 CD 1\/2 CD to TO 70 CD 1\/4 CD , , Phelps NNP Dodge NNP fell VBD 4 CD to TO 59 CD 7\/8 CD , , Asarco NNP lost VBD 1 CD 3\/8 CD to TO 31 CD 3\/4 CD , , Reynolds NNP Metals NNPS slid VBD 1 CD 3\/8 CD to TO 50 CD 3\/8 CD , , Amax NNP dropped VBD 1 CD 1\/8 CD to TO 21 CD 5\/8 CD and CC Cyprus NNP Minerals NNPS skidded VBD 2 CD to TO 26 CD 3\/4 CD . . Alcan NNP Aluminium NNP was VBD an DT exception NN , , as IN it PRP gained VBD 1 CD 3\/8 CD to TO 23 CD on IN two CD million CD shares NNS . . Goodyear NNP Tire NNP & CC Rubber NNP tumbled VBD 2 CD 7\/8 CD to TO 43 CD 7\/8 CD . . Its PRP$ third-quarter JJ earnings NNS were VBD higher JJR than IN a DT year NN ago IN , , but CC fell VBD short RB of IN expectations NNS . . Other JJ stocks NNS in IN the DT Dow NNP industrials NNS that WDT failed VBD to TO benefit VB from IN the DT market NN 's POS rebound NN included VBN United NNP Technologies NNPS , , which WDT dropped VBD 1 CD to TO 53 CD 5\/8 CD , , and CC Bethle NN hem NN Steel NN , , which WDT fell VBD 1 CD to TO 16 CD 7\/8 CD . . BankAmerica NNP dropped VBD 1 CD 1\/4 CD to TO 29 CD 1\/2 CD on IN 2.3 CD million CD shares NNS amid IN rumors NNS that IN the DT earthquake NN last JJ week NN in IN the DT San NNP Francisco NNP area NN had VBD caused VBN structural JJ damage NN to TO its PRP$ headquarters NN building NN . . The DT company NN denied VBD the DT rumors NNS and CC noted VBD that IN it PRP does VBZ n't RB own VB the DT building NN . . Stocks NNS of IN California-based JJ thrifts NNS also RB were VBD hard RB hit VBN . . Great NNP Western NNP Financial NNP lost VBD 1 CD 1\/8 CD to TO 20 CD 1\/2 CD on IN 1.6 CD million CD shares NNS , , Golden NNP West NNP Financial NNP dropped VBD 1 CD 1\/4 CD to TO 28 CD 1\/2 CD and CC H.F. NNP Ahmanson NNP dipped VBD 5\/8 CD to TO 21 CD 1\/4 CD . . HomeFed NNP plunged VBD 3 CD 5\/8 CD to TO 38 CD 1\/2 CD ; : its PRP$ third-quarter JJ earnings NNS were VBD down IN from IN a DT year NN ago IN . . Golden NNP Valley NNP Microwave NNP Foods NNPS skidded VBD 3 CD 5\/8 CD to TO 31 CD 3\/4 CD after IN warning VBG that DT its PRP$ fourth-quarter JJ results NNS could MD be VB hurt VBN by IN `` `` some DT fairly RB large JJ international JJ marketing NN expenses NNS . . '' '' Dividend-related JJ trading NN swelled VBD volume NN in IN two CD issues NNS : : Security NNP Pacific NNP , , which WDT fell VBD 7\/8 CD to TO 44 CD 1\/2 CD and CC led VBD the DT Big NNP Board NNP 's POS most JJS actives NNS list NN on IN composite JJ volume NN of IN 14.8 CD million CD shares NNS , , and CC Nipsco NNP Industries NNPS , , which WDT lost VBD 3\/8 CD to TO 17 CD 3\/8 CD on IN 4.4 CD million CD shares NNS . . Both DT stocks NNS have VBP dividend NN yields NNS of IN about IN 5 CD % NN and CC will MD go VB ex-dividend NN Wednesday NNP . . Kellogg NNP surged VBD 4 CD 1\/4 CD to TO 75 CD . . Donaldson NNP , , Lufkin NNP & CC Jenrette NNP placed VBD the DT stock NN on IN its PRP$ list NN of IN recommended VBD issues NNS . . The DT company NN noted VBD that IN its PRP$ third-quarter JJ results NNS should MD be VB released VBN later RB this DT week NN or CC early JJ next JJ week NN . . Vista NNP Chemical NNP rose VBD 1 CD 3\/8 CD to TO 38 CD 5\/8 CD after IN Bear NNP Stearns NNP added VBD the DT stock NN to TO the DT firm NN 's POS buy NN list NN , , citing VBG recent JJ price NN weakness NN . . Georgia NNP Gulf NNP , , another DT producer NN of IN commodity NN chemicals NNS , , advanced VBD 2 CD to TO 49 CD 1\/2 CD ; : Dallas NNP investor NN Harold NNP Simmons NNP , , who WP holds VBZ about IN 10 CD % NN of IN its PRP$ shares NNS , , said VBD he PRP has VBZ n't RB raised VBD his PRP$ stake NN . . Norfolk NNP Southern NNP went VBD up RB 1 CD 1\/8 CD to TO 37 CD 7\/8 CD . . The DT company NN 's POS board NN approved VBD the DT repurchase NN of IN up IN to TO 45 CD million CD common JJ shares NNS , , or CC about IN 26 CD % NN of IN its PRP$ shares NNS outstanding JJ , , through IN the DT end NN of IN 1992 CD . . Airborne NNP Freight NNP climbed VBD 1 CD 1\/8 CD to TO 38 CD 1\/2 CD . . Its PRP$ third-quarter JJ earnings NNS more JJR than IN doubled VBD from IN a DT year NN earlier RBR and CC exceeded VBD analysts NNS ' POS expectations NNS . . John NNP Harland NNP , , which WDT will MD replace VB American NNP Medical NNP International NNP on IN the DT S&P NN 500 CD following VBG Wednesday NNP 's POS close NN , , gained VBD 5\/8 CD to TO 24 CD 1\/8 CD . . The DT Amex NNP Market NNP Value NNP Index NNP fell VBD 3.10 CD to TO 376.36 CD . . Volume NN totaled VBD 14,560,000 CD shares NNS . . GANNETT NNP Co. NNP raised VBD its PRP$ quarterly JJ dividend NN 11 CD % NN to TO 30 CD cents NNS a DT share NN from IN 27 CD cents NNS , , payable JJ Jan. NNP 2 CD , , 1990 CD , , to TO shares NNS of IN record NN Dec. NNP 8 CD , , 1989 CD . . The DT action NN increases VBZ the DT annual JJ dividend NN to TO $ $ 1.20 CD a DT share NN from IN $ $ 1.08 CD . . This DT is VBZ the DT 22nd CD year NN in IN which WDT the DT Washington NNP media NNS company NN has VBZ increased VBN dividends NNS . . Gannett NNP 's POS third-quarter JJ earnings NNS rose VBD 11 CD % NN to TO 52 CD cents NNS a DT share NN from IN 47 CD cents NNS in IN the DT year-ago JJ period NN . . Sales NNS rose VBD 2.9 CD % NN to TO $ $ 827.9 CD million CD from IN $ $ 804.3 CD million CD . . Gannett NNP has VBZ 161 CD million CD shares NNS outstanding JJ . . Fireman NNP 's POS Fund NNP Corp. NNP said VBD third-quarter JJ net NN income NN plunged VBD 85 CD % NN to TO $ $ 7.2 CD million CD from IN last JJ year NN 's POS $ $ 49.1 CD million CD , , or CC 99 CD cents NNS a DT share NN , , because IN of IN ravages NNS of IN Hurricane NNP Hugo NNP and CC increased VBN reserves NNS for IN legal JJ expenses NNS . . Payout NN of IN preferred VBN dividends NNS resulted VBD in IN a DT net JJ loss NN of IN five CD cents NNS a DT share NN in IN the DT most RBS recent JJ quarter NN . . Revenue NN edged VBD up RP 3.4 CD % NN to TO $ $ 904 CD million CD from IN $ $ 874 CD million CD in IN last JJ year NN 's POS third JJ quarter NN . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Fireman NNP 's POS closed VBD at IN $ $ 35.50 CD a DT share NN , , down IN 50 CD cents NNS . . Impact NN of IN the DT Oct. NNP 17 CD San NNP Francisco NNP earthquake NN , , which WDT will MD be VB recorded VBN in IN the DT fourth JJ quarter NN , , is VBZ n't RB expected VBN to TO exceed VB $ $ 50 CD million CD after IN taxes NNS , , the DT company NN added VBD . . For IN the DT nine CD months NNS , , the DT insurance NN company NN said VBD net NN fell VBD 46 CD % NN to TO $ $ 88.8 CD million CD , , or CC $ $ 1.54 CD a DT share NN , , from IN $ $ 164 CD million CD , , or CC $ $ 3.16 CD a DT share NN , , the DT previous JJ year NN . . Revenue NN slid VBD 7 CD % NN to TO $ $ 2.6 CD billion CD from IN $ $ 2.8 CD billion CD a DT year NN earlier RBR . . Fireman NNP 's POS Fund NNP property-liability NN subsidiaries NNS reported VBD a DT 120.7 CD % NN combined VBN underwriting NN ratio NN for IN the DT nine CD months NNS , , up IN from IN 108.4 CD % NN for IN the DT year-ago JJ period NN . . Hurricane NNP Hugo NNP accounted VBD for IN about IN $ $ 36 CD million CD in IN pretax JJ third-quarter JJ losses NNS , , net NN of IN reinsurance NN recoveries NNS . . The DT company NN said VBD there EX was VBD an DT additional JJ increase NN in IN loss NN and CC loss-expense JJ reserves NNS of IN $ $ 71 CD million CD reflecting VBG `` `` higher JJR than IN expected VBN '' '' development NN in IN claims NNS legal JJ expenses NNS from IN to TO prior JJ periods NNS . . For IN the DT third JJ quarter NN , , net NN premiums NNS were VBD $ $ 742 CD million CD , , up IN 9.6 CD % NN from IN $ $ 677 CD million CD in IN last JJ year NN 's POS quarter NN , , because IN of IN the DT expiration NN of IN the DT National NNP Indemnity NNP quota NN share NN reinsurance NN agreement NN . . Net JJ premiums NNS written VBN through IN Sept. NNP 30 CD fell VBD 5 CD % NN to TO $ $ 2.1 CD billion CD from IN $ $ 2.2 CD billion CD a DT year NN ago IN , , because IN of IN the DT writing NN of IN fewer JJR policies NNS at IN flat JJ prices NNS , , the DT company NN said VBD . . Third-quarter JJ and CC nine-month JJ results NNS do VBP n't RB include VB any DT provision NN for IN premium NN returns NNS that WDT could MD be VB ordered VBN by IN the DT California NNP Department NNP of IN Insurance NNP under IN Proposition NN 103 CD . . Fireman NNP 's POS Fund NNP said VBD it PRP has VBZ applied VBN for IN an DT exemption NN from IN these DT rate NN rollbacks NNS , , and CC plans VBZ to TO defend VB its PRP$ filing NN in IN hearings NNS before IN the DT department NN . . CONTROL NNP DATA NNP Corp. NNP said VBD it PRP is VBZ offering VBG to TO purchase VB the DT $ $ 154.2 CD million CD amount NN of IN its PRP$ 12 CD 3\/4 CD % NN senior JJ notes NNS due JJ June NNP 15 CD , , 1991 CD , , at IN par NN , , plus CC accrued VBN interest NN to TO the DT Dec. NNP 8 CD purchase NN date NN . . The DT Minneapolis NNP computer NN systems NNS and CC services NNS concern NN said VBD the DT offer NN is VBZ required VBN under IN the DT senior JJ note NN indenture NN as IN a DT result NN of IN Control NNP Data NNP 's POS recent JJ sale NN of IN its PRP$ disk NN drive NN subsidiary NN , , Imprimis NNP , , to TO Seagate NNP Technology NNP Inc NNP . . Child NN 's POS Game NN There EX was VBD very RB slow JJ play NN on IN the DT market NN today NN , , They PRP were VBD selling VBG and CC buying VBG by IN halves NNS ; : Instead RB of IN trading VBG like IN Bears NNPS and CC Bulls NNPS , , They PRP behaved VBD like IN cubs NNS and CC calves NNS . . -- : George NNP O. NNP Ludcke NNP . . Politrick NN I PRP 've VBP learned VBN one CD thing NN from IN candidates NNS , , A DT technique NN so RB deftly RB done VBN : : If IN a DT question NN ca MD n't RB be VB answered VBN , , Strongly RB answer VB an DT unasked JJ one CD ! . -- : Mimi NNP Kay NNP . . Foresight NN We PRP need VBP to TO get VB a DT space NN platform NN set VBN up RP soon RB -- : just RB in IN case NN we PRP want VBP to TO step VB out RP for IN a DT breath NN of IN fresh JJ air NN . . -- : Ivern NNP Ball NNP . . After IN being VBG whipsawed VBN by IN a DT volatile JJ stock NN market NN , , Treasury NNP bonds NNS closed VBD higher JJR . . But CC junk NN bonds NNS took VBD more JJR hits NNS . . Early RB in IN the DT day NN , , bond NN dealers NNS said VBD trading NN volume NN was VBD heavy JJ as IN large JJ institutional JJ investors NNS scrambled VBD to TO buy VB long-term JJ Treasury NNP bonds NNS on IN speculation NN that IN the DT stock NN market NN 's POS volatility NN would MD lead VB to TO a DT `` `` flight-to-quality NN '' '' rally NN . . That DT happens VBZ when WRB nervous JJ stock NN investors NNS dump VBP equities NNS and CC buy VB Treasurys NNS , , which WDT are VBP higher JJR in IN quality NN and CC thus RB considered VBN safe JJ . . `` `` Some DT retail JJ accounts NNS , , such JJ as IN commercial JJ banks NNS and CC pension NN funds NNS , , wanted VBD to TO get VB on IN the DT bandwagon NN before IN it PRP was VBD too RB late JJ , , '' '' said VBD Sung NNP Won NNP Sohn NNP , , chief NN economist NN at IN Norwest NNP Corp. NNP , , Minneapolis NNP . . At IN one CD point NN , , the DT Dow NNP Jones NNP Industrial NNP average NN fell VBD about IN 80 CD points NNS on IN news NN that IN UAL NNP Corp. NNP decided VBD to TO remain VB independent JJ . . In IN response NN , , Treasury NNP prices NNS soared VBD 1 CD 1\/8 CD points NNS , , or CC about IN $ $ 11.25 CD for IN each DT $ $ 1,000 CD face NN amount NN . . But CC the DT gains NNS in IN Treasury NNP bonds NNS were VBD pared VBN as IN stocks NNS staged VBD a DT partial JJ recovery NN . . The DT industrial JJ average NN ended VBD at IN 2659.22 CD , , down IN 3.69 CD points NNS . . Economists NNS said VBD the DT bond NN market NN 's POS strength NN also RB is VBZ a DT sign NN that IN investors NNS expect VBP the DT Federal NNP Reserve NNP to TO cut VB interest NN rates NNS amid IN growing VBG evidence NN that IN the DT economy NN is VBZ slowing VBG . . While IN they PRP do VBP n't RB expect VB the DT Fed NNP to TO move VB right RB away RB , , they PRP say VBP the DT case NN for IN lower JJR rates NNS is VBZ building VBG . . Yesterday NN , , for IN example NN , , the DT Commerce NNP Department NNP reported VBD that IN new JJ orders NNS for IN durable JJ goods NNS fell VBD 0.1 CD % NN , , while IN the DT nation NN 's POS auto NN makers NNS reported VBD lackluster NN mid-October JJ sales NNS . . The DT Treasury NNP 's POS 30-year JJ bond NN ended VBD over IN 1\/4 CD point NN higher JJR . . Municipal JJ , , mortgage-backed JJ and CC investment-grade JJ corporate JJ bonds NNS rose VBD 1\/8 CD to TO 1\/2 CD point NN . . But CC high-yield JJ , , high-risk JJ bonds NNS fell VBD 1\/4 CD to TO 1\/2 CD point NN with IN the DT stock NN market NN early RB in IN the DT session NN and CC never RB recovered VBD . . According VBG to TO a DT trader NN at IN Drexel NNP Burnham NNP Lambert NNP Inc. NNP , , the DT hardest JJS hit VBN junk NN bonds NNS were VBD those DT issued VBN by IN RJR NNP Holdings NNP Capital NNP Corp. NNP , , which WDT are VBP the DT easiest JJS to TO sell VB . . RJR NNP 's POS 14.70 CD % NN bonds NNS due JJ 2007 CD fell VBD 2 CD 1\/2 CD points NNS . . Trading NN activity NN in IN the DT junk NN market NN was VBD extremely RB light JJ as IN dealers NNS could MD n't RB find VB enough JJ buyers NNS to TO match VB sellers NNS . . `` `` While IN the DT stock NN market NN was VBD falling VBG , , most RBS { ( junk NN bond NN holders NNS } ) were VBD just RB watching VBG it PRP not RB knowing VBG what WP to TO do VB , , '' '' said VBD Paul NNP Suckow NNP , , director NN of IN fixed-income NN securities NNS at IN Oppenheimer NNP Management NNP Corp NNP . . `` `` It PRP was VBD like IN driving VBG down IN the DT highway NN watching VBG a DT wreck NN . . Everybody NN was VBD rubber-necking VBG . . '' '' Adding VBG to TO the DT junk NN market NN 's POS jitters NNS were VBD reports NNS that IN Donaldson NNP , , Lufkin NNP & CC Jenrette NNP Securities NNPS Corp. NNP is VBZ having VBG trouble NN structuring VBG a DT $ $ 1.6 CD billion CD offering NN for IN TW NNP Food NNP Services NNPS Inc. NNP and CC will MD postpone VB or CC even RB cancel VB the DT issue NN . . TW NNP is VBZ the DT largest JJS franchisee NN of IN Hardee NNP 's POS , , a DT fast-food NN restaurant NN , , and CC operates VBZ several JJ other JJ food NN chains NNS . . Donaldson NNP Lufkin NNP would MD n't RB comment VB . . Credit NN analysts NNS said VBD investors NNS are VBP nervous JJ about IN the DT issue NN because IN they PRP say VBP the DT company NN 's POS ability NN to TO meet VB debt NN payments NNS is VBZ dependent JJ on IN too RB many JJ variables NNS , , including VBG the DT sale NN of IN assets NNS and CC the DT need NN to TO mortgage VB property NN to TO retire VB some DT existing VBG debt NN . . Also RB , , the DT TW NNP offering NN includes VBZ interest-deferred JJ and CC pay-in-kind JJ securities NNS , , which WDT are VBP currently RB unpopular JJ . . Meanwhile RB , , investors NNS turned VBD a DT cold JJ shoulder NN to TO the DT Treasury NNP 's POS sale NN of IN $ $ 10 CD billion CD of IN new JJ two-year JJ notes NNS yesterday NN . . `` `` It PRP 's VBZ not RB too RB surprising JJ that IN the DT auction NN was VBD sloppy JJ , , given VBN the DT volatility NN in IN the DT bond NN market NN because IN of IN stocks NNS , , '' '' said VBD Robert NNP T. NNP McGee NNP , , a DT senior JJ vice NN president NN at IN Tokai NNP Bank NNP Ltd NNP . . `` `` People NNS are VBP looking VBG past JJ supply NN to TO lower JJR interest NN rates NNS , , but CC they PRP 're VBP also RB worried VBN about IN being VBG whipsawed VBN by IN the DT volatility NN in IN the DT stock NN market NN . . '' '' The DT new JJ two-year JJ notes NNS were VBD priced VBN with IN an DT average JJ yield NN of IN 7.74 CD % NN . . That DT was VBD higher JJR than IN the DT 7.71 CD % NN to TO 7.73 CD % NN average JJ yield NN that IN traders NNS had VBD expected VBN . . In IN when-issued JJ trading NN , , the DT notes NNS were VBD quoted VBN at IN a DT price NN to TO yield VB 7.78 CD % NN . . Sluggish JJ demand NN was VBD also RB evidenced VBN by IN the DT weak JJ 2.41-to-1 CD bid-to-cover NN ratio NN , , which WDT was VBD lower JJR than IN the DT average JJ 2.79-to-1 CD ratio NN at IN the DT last JJ 12 CD similar JJ auctions NNS . . The DT ratio NN , , which WDT reflects VBZ the DT number NN of IN bids NNS the DT Treasury NNP receives VBZ for IN each DT bid NN accepted VBN , , is VBZ used VBN to TO gauge VB investor NN demand NN . . Dealers NNS said VBD players NNS shied VBD away RP from IN the DT note NN sale NN because IN they PRP were VBD concerned VBN that IN prices NNS at IN the DT time NN of IN the DT auction NN might MD erode VB if IN the DT stock NN market NN staged VBD a DT recovery NN , , which WDT , , in IN fact NN , , did VBD happen VB . . Individual NN and CC Japanese JJ participation NN in IN the DT auction NN was VBD disappointing JJ , , according VBG to TO dealers NNS . . `` `` Interest NN by IN Japanese JJ investors NNS was VBD limited VBN , , '' '' said VBD Michael NNP Moran NNP , , chief NN economist NN at IN Daiwa NNP Securities NNPS America NNP Inc NNP . . `` `` They PRP are VBP typically RB not RB active JJ in IN two-year JJ note NN auctions NNS , , but CC today NN 's POS participation NN could MD be VB viewed VBN as IN lighter-than-normal JJ . . '' '' However RB , , Mr. NNP Moran NNP added VBD that IN the DT Japanese NNP generally RB have VBP a DT positive JJ view NN of IN the DT U.S. NNP bond NN market NN because IN of IN expectations NNS that IN the DT dollar NN will MD remain VB strong JJ and CC interest NN rates NNS will MD decline VB . . He PRP said VBD , , `` `` Possibly RB , , they PRP 're VBP waiting VBG to TO buy VB at IN the DT ( ( quarterly JJ ) ) refunding NN '' '' of IN government NN debt NN to TO be VB held VBN next JJ month NN by IN the DT Treasury NNP . . A DT trader NN at IN a DT Japanese JJ firm NN estimated VBD that IN the DT Japanese NNP purchased VBD no DT more RBR than IN 10 CD % NN of IN the DT two-year JJ notes NNS . . Treasury NNP , , Agency NNP Securities NNPS Today NN investors NNS will MD focus VB on IN the DT long-awaited JJ auction NN of IN $ $ 4.5 CD billion CD of IN 30-year JJ bonds NNS by IN Resolution NNP Funding NNP Corp NNP . . The DT initial JJ bond NN offering VBG by IN the DT new JJ government NN agency NN , , which WDT was VBD created VBN to TO help VB rescue VB the DT nation NN 's POS troubled VBN thrifts NNS , , is VBZ n't RB expected VBN to TO see VB robust JJ demand NN . . A DT small JJ yield NN premium NN over IN comparable JJ Treasurys NNS and CC a DT lack NN of IN liquidity NN is VBZ hampering VBG dealers NNS ' POS efforts NNS to TO drum VB up RP interest NN in IN the DT so-called JJ bailout NN bonds NNS . . In IN when-issued JJ trading NN , , the DT Refcorp NNP bonds NNS were VBD quoted VBN at IN a DT price NN to TO yield VB 8.17 CD % NN . . Yesterday NN , , the DT benchmark NN 30-year JJ bond NN was VBD quoted VBN late RB at IN 102 CD 18\/32 CD to TO yield VB 7.89 CD % NN , , compared VBN with IN 102 CD 9\/32 CD to TO yield VB 7.93 CD % NN on IN Monday NNP . . The DT latest JJS 10-year JJ Treasury NN was VBD quoted VBN at IN 100 CD 22\/32 CD to TO yield VB 7.88 CD % NN , , compared VBN with IN 100 CD 17\/32 CD to TO yield VB 7.9 CD % NN . . Short-term JJ rates NNS were VBD unchanged JJ to TO slightly RB lower JJR . . The DT discount NN rate NN on IN three-month JJ Treasury NNP bills NNS was VBD quoted VBN at IN 7.52 CD % NN for IN a DT bond-equivalent JJ yield NN of IN 7.75 CD % NN , , while IN the DT rate NN on IN six-month JJ Treasury NNP bills NNS was VBD quoted VBN at IN 7.47 CD % NN for IN a DT yield NN of IN 7.85 CD % NN . . Rates NNS are VBP determined VBN by IN the DT difference NN between IN the DT purchase NN price NN and CC face NN value NN . . Thus RB , , higher JJR bidding NN narrows VBZ the DT investor NN 's POS return NN while IN lower JJR bidding NN widens VBZ it PRP . . Corporate NNP Issues NNPS Several JJ blue-chip JJ companies NNS tapped VBD the DT new-issue JJ market NN yesterday NN to TO take VB advantage NN of IN falling VBG interest NN rates NNS . . Three CD of IN the DT largest JJS offerings NNS , , by IN Exxon NNP Capital NNP Corp. NNP , , Xerox NNP Corp. NNP and CC Citicorp NNP , , were VBD underwritten VBN by IN groups NNS led VBN by IN Salomon NNP Brothers NNPS Inc NNP . . Exxon NNP Capital NNP , , long-rumored JJ to TO be VB a DT potential JJ debt NN issuer NN , , offered VBD $ $ 200 CD million CD of IN 10-year JJ notes NNS priced VBN to TO yield VB 8.31 CD % NN . . Citicorp NNP issued VBD $ $ 200 CD million CD of IN seven-year JJ notes NNS priced VBN to TO yield VB 8.82 CD % NN , , and CC Xerox NNP priced VBD $ $ 150 CD million CD of IN six-year JJ notes NNS to TO yield VB 8.85 CD % NN . . Meanwhile RB , , International NNP Business NNP Machines NNPS Corp. NNP paved VBD the DT way NN for IN a DT visit NN to TO the DT credit NN markets NNS by IN filing VBG a DT shelf NN registration NN with IN the DT Securities NNPS and CC Exchange NNP Commission NNP for IN $ $ 800 CD million CD in IN new JJ debt NN . . This DT is VBZ in IN addition NN to TO IBM NNP 's POS existing VBG shelf NN registration NN under IN which WDT $ $ 200 CD million CD in IN debt NN securities NNS are VBP available JJ for IN issuance NN . . In IN secondary JJ trading NN , , investment-grade JJ corporate JJ bonds NNS ended VBD 1\/8 CD to TO 1\/4 CD higher JJR . . Municipals NNS Actively RB traded VBN municipal JJ bonds NNS ended VBD 1\/4 CD to TO 1\/2 CD point NN higher JJR in IN brisk JJ trading NN , , despite IN a DT flood NN of IN new JJ supply NN . . New NNP Jersey NNP Turnpike NNP Authority NNP 's POS 7.20 CD % NN issue NN of IN 2018 CD finished VBD 1\/4 CD point NN stronger JJR at IN 98 CD 1\/2 CD bid NN , , to TO yield VB 7.32 CD % NN . . Traders NNS said VBD municipals NNS were VBD underpinned VBN by IN influences NNS including VBG the DT climb NN in IN Treasury NNP issue NN prices NNS . . Also RB , , municipal JJ bonds NNS lured VBD buying VBG because IN the DT stock NN market NN remains VBZ wobbly JJ , , traders NNS contended VBD . . Mainly RB , , though RB , , it PRP was VBD a DT favorable JJ outlook NN for IN yesterday NN 's POS new JJ supply NN that IN propped VBD up RP municipals NNS , , some DT traders NNS said VBD . . Among IN the DT new JJ issues NNS was VBD Massachusetts NNP 's POS $ $ 230 CD million CD of IN general JJ obligation NN bonds NNS . . The DT bonds NNS were VBD won VBN by IN a DT Goldman NNP , , Sachs NNP & CC Co. NNP group NN with IN a DT true JJ interest NN cost NN of IN 7.17 CD % NN . . They PRP were VBD priced VBN to TO yield VB from IN 6.00 CD % NN in IN 1990 CD to TO 7.20 CD % NN in IN 2009 CD . . The DT Massachusetts NNP deal NN had VBD an DT unsold JJ balance NN of IN $ $ 84.3 CD million CD in IN late JJ trading NN , , the DT underwriter NN said VBD . . Mortgage NN - : , , Asset-Backed NNP Securities NNPS Mortgage NNP securities NNS gained VBD 3\/32 CD to TO 9\/32 CD point NN after IN a DT hectic JJ session NN , , with IN Government NNP National NNP Mortgage NNP Association NNP 8 CD % NN securities NNS as IN the DT standout NN issue NN . . The DT Ginnie NNP Mae NNP issue NN rose VBD amid IN talk NN of IN large JJ purchases NNS of IN the DT securities NNS by IN institutional JJ investors NNS . . The DT derivative JJ markets NNS remained VBD active JJ as IN one CD new JJ issue NN was VBD priced VBN and CC talk NN circulated VBN about IN more JJR offerings NNS in IN the DT next JJ day NN or CC two CD . . The DT Federal NNP Home NNP Loan NNP Mortgage NNP Corp. NNP issued VBD a DT $ $ 500 CD million CD real JJ estate NN mortgage NN investment NN conduit NN backed VBN by IN its PRP$ 8 CD 1\/2 CD % NN securities NNS . . In IN the DT asset-backed JJ market NN , , a DT big JJ offering NN of IN Ford NNP Motor NNP Credit NNP Corp NNP . . auto-loan JJ securities NNS was VBD increased VBN in IN size NN after IN strong JJ institutional JJ demand NN . . The DT deal NN by IN the DT Ford NNP Motor NNP Co. NNP unit NN , , priced VBN Monday NNP , , was VBD increased VBN to TO $ $ 3.05 CD billion CD from IN $ $ 2.58 CD billion CD . . Among IN major JJ pass-through JJ issues NNS , , Ginnie NNP Mae NNP 9 CD % NN securities NNS for IN November NNP delivery NN ended VBD at IN 98 CD 15\/32 CD , , up IN 5\/32 CD , , after IN touching VBG an DT early RB high JJ of IN 98 CD 27\/32 CD ; : 8 CD % NN securities NNS were VBD at IN 94 CD 5\/32 CD , , up IN 9\/32 CD ; : 9 CD 1\/2 CD % NN securities NNS at IN 100 CD 15\/32 CD , , up IN 4\/32 CD ; : and CC 10 CD % JJ securities NNS at IN 102 CD 11\/32 CD , , up IN 3\/32 CD . . Freddie NNP Mac NNP 9 CD % NN securities NNS were VBD at IN 97 CD 21\/32 CD , , up IN 5\/32 CD . . The DT Ginnie NNP Mae NNP 9 CD % NN issue NN was VBD yielding VBG 9.34 CD % NN to TO a DT 12-year JJ average NN life NN assumption NN , , as IN the DT spread NN above IN the DT Treasury NN 10-year JJ note NN held VBN at IN 1.46 CD percentage NN points NNS . . Foreign NNP Bonds NNPS The DT Eurodollar NNP bond NN market NN sprang VBD to TO life NN late RB in IN the DT European JJ trading NN session NN after IN the DT Dow NNP Jones NNP Industrial NNP Average NNP tumbled VBD . . Eurodollar JJ bonds NNS are VBP often RB issued VBN by IN foreign JJ corporations NNS , , but CC interest NN and CC principal NN are VBP paid VBN in IN dollars NNS . . The DT bonds NNS ended VBD about IN 1\/2 CD point NN higher JJR yesterday NN . . Prices NNS of IN European JJ government NN bonds NNS also RB rose VBD as IN U.S. NNP stocks NNS declined VBD . . West NNP Germany NNP 's POS 7 CD % NN issue NN due JJ October NNP 1999 CD rose VBD 0.13 CD point NN to TO 99.93 CD to TO yield VB 7.01 CD % NN , , while IN the DT 6 CD 3\/4 CD % NN issue NN due JJ July NNP 1994 CD rose VBD 0.05 CD to TO 97.70 CD to TO yield VB 7.33 CD % NN . . Britain NNP 's POS 11 CD 3\/4 CD % NN Treasury NN bond NN due JJ 2003\/2007 CD rose VBD 17\/32 CD to TO 112 CD 6\/32 CD to TO yield VB 10.05 CD % NN , , while IN the DT 12 CD % NN notes NNS due JJ 1995 CD rose VBD 11\/32 CD to TO 104 CD 2\/32 CD to TO yield VB 10.93 CD % NN . . In IN Japan NNP , , government NN bond NN prices NNS fell VBD . . The DT No. NN 111 CD 4.6 CD % NN bond NN due JJ 1998 CD ended VBD on IN brokers NNS ' POS screens NNS at IN 95.22 CD , , down IN 0.17 CD point NN , , to TO yield VB 5.41 CD % NN . . BSB NNP BANCORP NNP Inc. NNP , , Binghamton NNP , , N.Y. NNP , , said VBD it PRP increased VBD its PRP$ regular JJ quarterly JJ dividend NN 50 CD % NN , , to TO 15 CD cents NNS a DT share NN from IN 10 CD cents NNS . . It PRP is VBZ payable JJ Dec. NNP 10 CD to TO stock VB of IN record NN Nov. NNP 24 CD . . The DT move NN was VBD made VBN because IN of IN the DT bank-holding JJ company NN 's POS increased VBN profitability NN , , officials NNS said VBD . . In IN the DT third JJ quarter NN , , BSB NNP earned VBD $ $ 2 CD million CD , , up IN from IN $ $ 1.8 CD million CD a DT year NN earlier RBR . . In IN national JJ over-the-counter NN trading NN yesterday NN , , BSB NNP closed VBD at IN $ $ 17.50 CD , , up IN 12.5 CD cents NNS . . BSB NNP has VBZ 3.1 CD million CD shares NNS outstanding JJ . . Staar NNP Surgical NNP Co. NNP 's POS board NN said VBD that IN it PRP has VBZ removed VBN Thomas NNP R. NNP Waggoner NNP as IN president NN and CC chief NN executive JJ officer NN and CC that IN John NNP R. NNP Wolf NNP , , formerly RB executive JJ vice NN president NN , , sales NNS and CC marketing NN , , has VBZ been VBN named VBN president NN and CC chief NN executive NN officer NN . . Mr. NNP Waggoner NNP has VBZ been VBN involved VBN in IN a DT dispute NN with IN the DT board NN since IN August NNP , , when WRB he PRP ousted VBD all PDT the DT directors NNS . . Later RB they PRP said VBD they PRP fired VBD him PRP , , and CC two CD directors NNS attempted VBD to TO place VB the DT company NN under IN bankruptcy-law NN protection NN . . A DT federal JJ judge NN turned VBD down RP the DT Chapter NN 11 CD petition NN . . The DT company NN 's POS latest JJS announcement NN said VBD Mr. NNP Waggoner NNP will MD remain VB a DT director NN of IN Staar NNP , , a DT maker NN of IN products NNS for IN small-incision NN surgery NN . . Mr. NNP Wolf NNP and CC other JJ members NNS of IN the DT board NN declined VBD to TO comment VB on IN the DT announcement NN . . Mr. NNP Waggoner NNP could MD n't RB be VB reached VBN . . The DT Staar NNP board NN also RB said VBD that IN John NNP R. NNP Ford NNP resigned VBD as IN a DT director NN , , and CC that IN Mr. NNP Wolf NNP was VBD named VBN a DT member NN of IN the DT board NN . . EAST NNP GERMANY'S NNP KRENZ NNP WARNED VBD against IN further JJ pro-democracy JJ protests NNS . . After IN the DT legislature NN confirmed VBD him PRP as IN the DT Communist NNP Party NNP leader NN , , Krenz NNP said VBD demonstrations NNS to TO demand VB democratic JJ freedoms NNS could MD cause VB a DT `` `` worsening VBG of IN the DT situation NN , , or CC confrontation NN . . '' '' He PRP also RB reaffirmed VBD East NNP Germany NNP 's POS allegiance NN to TO Communist NNP orthodoxy NN . . But CC as RB many JJ as IN 12,000 CD people NNS marched VBD in IN East NNP Berlin NNP after IN the DT speech NN to TO protest VB his PRP$ election NN . . During IN the DT balloting NN , , 26 CD members NNS of IN the DT 500-seat JJ Parliament NNP voted VBD against IN Krenz NNP , , a DT move NN considered VBN unprecedented JJ in IN the DT country NN 's POS 40-year JJ history NN . . Officials NNS in IN East NNP Berlin NNP , , responding VBG to TO complaints NNS from IN opposition NN groups NNS , , admitted VBD police NNS used VBD excessive JJ force NN in IN dispersing VBG protesters NNS this DT month NN . . The DT Iran-Contra NNP judge NN agreed VBD to TO allow VB Poindexter NNP to TO subpoena VB the DT personal JJ papers NNS of IN ex-President NNP Reagan NNP , , ruling VBG that IN there EX was VBD sufficient JJ evidence NN that IN the DT data NNS would MD be VB important JJ to TO the DT defense NN . . But CC the DT judge NN denied VBD a DT request NN by IN the DT former JJ national JJ security NN adviser NN , , who WP faces VBZ five CD criminal JJ charges NNS , , to TO seek VB documents NNS from IN Bush NNP . . San NNP Francisco NNP Bay NNP area NN officials NNS said VBD nine CD people NNS remain VBP missing VBG in IN the DT aftermath NN of IN last JJ week NN 's POS earthquake NN . . The DT death NN toll NN rose VBD to TO 63 CD . . The DT House NNP , , meanwhile RB , , approved VBD $ $ 2.85 CD billion CD to TO aid VB in IN the DT recovery NN from IN the DT temblor NN and CC from IN Hurricane NNP Hugo NNP as IN state NN legislators NNS moved VBD toward IN a DT temporary JJ sales-tax JJ increase NN . . U.S. NNP officials NNS expressed VBD skepticism NN over IN an DT Israeli NNP effort NN to TO show VB the DT PLO NNP continues VBZ to TO practice VB terrorism NN . . Israel NNP provided VBD the DT State NNP Department NNP with IN a DT list NN of IN recent JJ alleged VBN terrorist JJ incidents NNS attributed VBN to TO forces NNS controlled VBN by IN Arafat NNP , , but CC the DT U.S. NNP said VBD it PRP was VBD n't RB satisfied VBN that IN the DT incidents NNS constituted VBD terrorism NN . . TV NN evangelist NN Jim NNP Bakker NNP was VBD sentenced VBN to TO 45 CD years NNS in IN prison NN and CC fined VBN $ $ 500,000 CD for IN defrauding VBG followers NNS of IN his PRP$ PTL NNP ministry NN . . Bakker NNP , , who WP was VBD immediately RB taken VBN into IN custody NN , , was VBD convicted VBN Oct. NNP 5 CD by IN a DT federal JJ court NN jury NN in IN Charlotte NNP , , N.C. NNP , , of IN fraud NN and CC conspiracy NN for IN diverting VBG more RBR than IN $ $ 3.7 CD million CD of IN ministry NN funds NNS for IN personal JJ use NN . . Lawmakers NNS in IN Moscow NNP voted VBD to TO deny VB the DT Communist NNP Party NNP its PRP$ 100 CD guaranteed VBN seats NNS in IN the DT Soviet NNP Congress NNP , , meaning NN Gorbachev NNP and CC other JJ aides NNS might MD have VB to TO face VB voters NNS . . In IN Warsaw NNP , , Shevardnadze NNP held VBD his PRP$ first JJ talks NNS with IN the DT Solidarity-led JJ government NN and CC vowed VBD to TO maintain VB fuel NN supplies NNS . . Poland NNP 's POS premier NN is VBZ to TO visit VB Moscow NNP next JJ month NN . . The DT Arab NNP League NNP pledged VBD an DT accord NN for IN a DT complete JJ Syrian JJ troop NN pullout NN from IN Lebanon NNP , , where WRB about IN 70,000 CD people NNS marched VBD to TO the DT headquarters NN of IN Christian NNP leader NN Aoun NNP to TO support VB his PRP$ rejection NN of IN a DT peace NN plan NN approved VBN Sunday NNP by IN Lebanon NNP 's POS legislature NN . . The DT plan NN lacked VBD a DT withdrawal NN timetable NN . . Pro-Iranian NNP kidnappers NNS renewed VBD an DT offer NN to TO trade VB their PRP$ captives NNS in IN Lebanon NNP for IN at IN least JJS 15 CD Shiite NNP Moslem NNP comrades NNS jailed VBN in IN Kuwait NNP . . The DT statement NN by IN Islamic NNP Jihad NNP , , which WDT holds VBZ at IN least JJS two CD U.S. NNP hostages NNS , , was VBD accompanied VBN by IN a DT photograph NN of IN Associated NNP Press NNP correspondent NN Terry NNP Anderson NNP , , longest JJS held VBN of IN 18 CD Western JJ hostages NNS . . The DT Treasury NNP Department NNP said VBD S&Ls NNP reject VBP blacks NNS for IN mortgage NN loans NNS twice RB as RB often RB as IN they PRP reject VBP whites NNS . . The DT department NN 's POS Office NNP of IN Thrift NNP Supervision NNP said VBD that DT does VBZ n't RB necessarily RB mean VB thrifts NNS are VBP biased VBN , , but CC conceded VBD that IN it PRP does VBZ n't RB have VB data NNS about IN applicants NNS to TO determine VB why WRB blacks NNS are VBP rejected VBN more RBR often RB . . Emergency NN crews NNS searched VBD through IN the DT charred VBN rubble NN of IN a DT Phillips NNP Petroleum NNP Co. NNP plastics NNS plant NN near IN Pasadena NNP , , Texas NNP , , where WRB a DT series NN of IN explosions NNS Monday NNP killed VBD at IN least JJS two CD people NNS and CC injured VBD 124 CD . . Company NN officials NNS said VBD 22 CD workers NNS were VBD missing VBG and CC presumed VBN dead JJ . . Safety NN authorities NNS did VBD n't RB immediately RB know VB the DT cause NN of IN the DT blasts NNS . . NATO NNP defense NN ministers NNS opened VBD a DT two-day JJ meeting NN in IN Portugal NNP to TO assess VB the DT alliance NN 's POS nuclear-weapons JJ needs NNS amid IN reduced VBN East-West NNP tensions NNS . . The DT ministers NNS ordered VBD a DT study NN on IN the DT strategic JJ role NN of IN nuclear JJ arms NNS in IN Western NNP Europe NNP once IN Soviet NNP conventional JJ weapons NNS are VBP reduced VBN in IN the DT East NNP bloc NN . . The DT Justice NNP Department NNP scrambled VBD to TO play VB down RP the DT significance NN of IN revised VBN guidelines NNS concerning VBG prosecutions NNS under IN the DT federal JJ racketeering NN law NN . . The DT guidelines NNS , , which WDT discourage VBP prosecutors NNS from IN seeking VBG court NN orders NNS seizing VBG the DT assets NNS of IN certain JJ racketeering NN defendants NNS prior RB to TO trial NN , , were VBD first RB disclosed VBN this DT week NN . . Died VBD : : S. NNP Clark NNP Beise NNP , , 91 CD , , ex-president NN and CC chief NN executive JJ officer NN of IN Bank NNP of IN America NNP NT&SA NNP , , Saturday NNP , , in IN Hillsboro NNP , , Calif NNP . . STOCK NN PRICES NNS SWUNG VBD wildly RB as IN the DT market NN reacted VBD to TO an DT initial JJ plunge NN by IN UAL NNP shares NNS , , followed VBN by IN a DT sharp JJ rebound NN in IN the DT afternoon NN . . The DT Dow NNP Jones NNP industrials NNS , , down IN over IN 80 CD points NNS in IN the DT morning NN , , closed VBN off RB 3.69 CD , , at IN 2659.22 CD . . Bond NN prices NNS surged VBD in IN reaction NN to TO the DT sell-off NN in IN stocks NNS , , then RB eased VBD slightly RB during IN the DT afternoon NN recovery NN . . The DT dollar NN finished VBD lower JJR . . UAL NNP 's POS stock NN regained VBD most JJS of IN an DT early JJ loss NN amid IN speculation NN one CD or CC more JJR investors NNS may MD challenge VB the DT airline NN 's POS decision NN to TO stay VB independent JJ . . The DT stock NN closed VBD down RB $ $ 8.375 CD , , at IN $ $ 170 CD , , after IN plunging VBG $ $ 33 CD , , to TO $ $ 145 CD . . Ford NNP may MD seek VB all DT of IN Jaguar NNP , , setting VBG the DT stage NN for IN a DT possible JJ bidding NN war NN with IN GM NNP . . Jaguar NNP has VBZ been VBN discussing VBG an DT alliance NN with IN GM NNP , , but CC Ford NNP 's POS move NN may MD derail VB the DT talks NNS . . Car NN and CC truck NN sales NNS slid VBD 20.5 CD % NN in IN mid-October JJ as IN U.S. NNP manufacturers NNS paid VBD the DT price NN for IN heavy JJ incentives NNS earlier RBR in IN the DT year NN . . General NNP Motors NNPS continued VBD to TO be VB hardest RBS hit VBN . . Durable JJ goods NNS orders NNS slipped VBD 0.1 CD % NN in IN September NNP , , reflecting VBG weakening VBG auto NN demand NN after IN a DT spurt NN of IN orders NNS for IN new JJ 1990 CD models NNS . . Excluding VBG transportation NN items NNS , , orders NNS rose VBD 1.8 CD % NN . . Norfolk NNP Southern NNP 's POS board NN approved VBD a DT buy-back NN of IN up IN to TO 45 CD million CD shares NNS , , valued VBN at IN over IN $ $ 1.7 CD billion CD . . The DT repurchase NN , , coupled VBN with IN an DT earlier JJR buyback NN , , will MD reduce VB the DT firm NN 's POS shares NNS outstanding JJ by IN over IN 26 CD % NN . . PS NNP New NNP Hampshire NNP received VBD a DT sweetened VBN $ $ 2.25 CD billion CD offer NN from IN Northeast NNP Utilities NNPS , , likely RB spurring VBG a DT new JJ round NN of IN bidding NN for IN the DT utility NN . . GE NNP executives NNS were VBD accused VBN by IN U.S. NNP prosecutors NNS of IN providing VBG `` `` misleading JJ and CC false JJ '' '' data NNS to TO the DT Pentagon NNP in IN 1985 CD to TO cover VB up RP `` `` longstanding JJ fraudulent JJ '' '' billing NN practices NNS . . Texaco NNP said VBD profit NN rose VBD 11 CD % NN in IN the DT quarter NN , , partly RB due JJ to TO a DT massive JJ restructuring NN . . Sun NNP posted VBD a DT gain NN . . Mobil NNP , , Shell NNP and CC Chevron NNP had VBD declines NNS . . Mobil NNP is VBZ preparing VBG to TO slash VB its PRP$ work NN force NN in IN the DT U.S. NNP , , possibly RB as RB soon RB as IN next JJ month NN , , sources NNS said VBD . . Sears NNP posted VBD a DT 16 CD % NN drop NN in IN third-quarter JJ profit NN as IN U.S. NNP retail NN operations NNS recorded VBD the DT first JJ loss NN in IN over IN five CD years NNS . . The DT results NNS show VBP Sears NNP is VBZ struggling VBG to TO attract VB shoppers NNS . . Digital NNP Equipment NNP announced VBD its PRP$ first JJ mainframe NN computers NNS , , targeting VBG IBM NNP 's POS largest JJS market NN and CC heating VBG up RP the DT industry NN 's POS biggest JJS rivalry NN . . Cray NNP Research NNP expects VBZ supercomputer NN sales NNS to TO be VB flat JJ next JJ year NN , , the DT latest JJS in IN a DT series NN of IN negative JJ announcements NNS by IN the DT company NN . . Short JJ interest NN increased VBD 6 CD % NN in IN the DT Nasdaq NNP over-the-counter NN market NN for IN the DT month NN ended VBD Oct. NNP 13 CD . . Salomon NNP posted VBD an DT unexpectedly RB big JJ gain NN in IN quarterly JJ earnings NNS , , aided VBN by IN its PRP$ securities NNS trading NN and CC investment NN banking NN activities NNS . . Procter NNP & CC Gamble NNP 's POS profit NN surged VBD 38 CD % NN in IN its PRP$ latest JJS fiscal JJ quarter NN , , aided VBN by IN a DT gain NN from IN a DT legal JJ settlement NN and CC continued VBN growth NN overseas RB . . Goodyear NNP 's POS profit NN rose VBD 11 CD % NN in IN the DT quarter NN , , buoyed VBN by IN improved VBN operating NN results NNS in IN its PRP$ tire NN business NN . . Markets NNS -- : Stocks NNS : : Volume NN 237,960,000 CD shares NNS . . Dow NNP Jones NNP industrials NNS 2659.22 CD , , off IN 3.69 CD ; : transportation NN 1210.70 CD , , off IN 25.96 CD ; : utilities NNS 215.04 CD , , off IN 0.31 CD . . Bonds NNS : : Shearson NNP Lehman NNP Hutton NNP Treasury NNP index NN 3425.22 CD , , up IN Commodities NNS : : Dow NNP Jones NNP futures NNS index NN 129.24 CD , , off IN 0.25 CD ; : spot NN index NN 130.76 CD , , off IN 0.88 CD . . Dollar NN : : 141.45 CD yen NN , , off IN 0.45 CD ; : 1.8355 CD marks NNS , , off IN 0.0115 CD . . Genetic JJ Defect NN Spotted VBN In IN 3-Day-Old JJ Embryo NN RESEARCHERS NNS diagnosed VBD a DT genetic JJ defect NN in IN a DT three-day-old JJ mouse NN embryo NN in IN an DT experiment NN directly RB applicable JJ to TO humans NNS . . Prenatal JJ diagnosis NN of IN genetic JJ defects NNS as RB early RB as IN the DT sixth JJ week NN of IN pregnancy NN is VBZ increasingly RB common JJ today NN . . But CC the DT mouse NN experiment NN at IN a DT Medical NNP Research NNP Council NNP laboratory NN in IN London NNP shows VBZ genetic JJ defects NNS can MD be VB detected VBN three CD days NNS after IN conception NN using VBG a DT new JJ American-developed JJ gene-copying JJ technique NN . . The DT experiment NN , , applicable JJ to TO many JJ genetic JJ disorders NNS , , involved VBN beta-thalassemia NN , , a DT severe JJ blood NN anemia NN resulting VBG from IN a DT missing VBG hemoglobin NN gene NN . . It PRP 's VBZ an DT inherited VBN human JJ disorder NN that WDT 's VBZ been VBN duplicated VBN in IN mice NNS . . In IN the DT experiment NN , , mice NNS with IN the DT defective JJ gene NN were VBD mated VBN . . Three CD days NNS later RB , , before IN the DT new JJ embryo NN had VBD become VBN implanted VBN in IN the DT uterus NN , , it PRP was VBD washed VBN out IN of IN the DT mother NN mouse NN . . The DT embryo NN had VBD progressed VBN only RB to TO a DT clump NN of IN eight CD identical JJ cells NNS . . One CD cell NN was VBD teased VBN out IN , , and CC its PRP$ DNA NNP extracted VBN . . Using VBG the DT new JJ technique NN developed VBN by IN Cetus NNP Corp. NNP , , called VBN the DT polymerase NN chain NN reaction NN , , the DT scientists NNS rapidly RB made VBD millions NNS of IN copies NNS of IN the DT section NN of IN DNA NNP that WDT ordinarily RB contains VBZ the DT hemoglobin NN gene NN , , providing VBG enough JJ copies NNS to TO test VB . . A DT genetic JJ probe NN showed VBD the DT hemoglobin NN gene NN was VBD missing VBG , , the DT researchers NNS report VBP in IN the DT medical JJ journal NN Lancet NNP . . In IN the DT report NN , , two CD molecular JJ biologists NNS suggest VBP such JJ embryo NN diagnosis NN can MD be VB used VBN by IN couples NNS at IN high JJ risk NN of IN passing VBG a DT genetic JJ defect NN to TO a DT child NN . . For IN example NN , , infertile JJ couples NNS who WP have VBP the DT woman NN 's POS eggs NNS fertilized VBN in IN the DT test NN tube NN usually RB have VBP several JJ eggs NNS fertilized VBN at IN a DT time NN . . When WRB the DT fertilized VBN cells NNS divide VBP to TO eight CD cells NNS , , a DT single JJ cell NN from IN each DT embryo NN can MD be VB tested VBN for IN genetic JJ defects NNS . . A DT healthy JJ embryo NN can MD be VB picked VBN for IN implantation NN and CC defective JJ ones NNS discarded VBN . . Or CC in IN other JJ couples NNS , , the DT embryo NN could MD be VB temporarily RB taken VBN out IN and CC tested VBN three CD days NNS after IN conception NN and CC returned VBN if IN healthy JJ , , or CC discarded VBN if IN not RB . . Yeast NN Adapted VBN to TO Make VB Gene-Spliced JJ Drugs NNS AN DT OIL NNP COMPANY NNP finds VBZ a DT sideline NN in IN the DT microscopic JJ world NN of IN yeast NN . . In IN the DT early JJ 1970s CD , , when WRB the DT `` `` world NN food NN crisis NN '' '' was VBD a DT major JJ worry NN , , Phillips NNP Petroleum NNP Co. NNP , , like IN several JJ other JJ big JJ companies NNS , , began VBD developing VBG `` `` single-cell JJ protein NN , , '' '' edible JJ protein NN made VBN by IN microbes NNS feeding VBG on IN non-edible JJ materials NNS . . Phillips NNP found VBD and CC improved VBD a DT yeast NN , , `` `` Pichia NN pastoris NN , , '' '' which WDT made VBD protein NN from IN natural JJ gas-derived JJ alcohol NN . . It PRP also RB could MD convert VB glucose NN from IN farm NN wastes NNS into IN edible JJ protein NN . . Single-cell JJ protein NN never RB panned VBD out IN , , and CC most JJS companies NNS abandoned VBD such JJ research NN . . But CC Phillips NNP persisted VBD , , calling VBG in RP scientists NNS from IN the DT Salk NNP Institute NNP . . They PRP 've VBP now RB adapted VBN the DT yeast NN to TO making VBG genetically RB engineered VBN drugs NNS . . Like IN the DT bacteria NNS used VBN by IN genetic JJ engineers NNS , , the DT yeast NN can MD take VB in RP human JJ genes NNS and CC churn VB out RP human JJ proteins NNS for IN medical JJ use NN . . But CC the DT yeast NN genetic JJ apparatus NN is VBZ more JJR like IN that IN of IN animals NNS than IN the DT bacterial JJ genetic JJ apparatus NN . . Thus RB , , the DT proteins NNS from IN the DT yeast NN are VBP molecularly RB more JJR like IN human JJ proteins NNS than IN those DT from IN bacteria NNS . . The DT oil NN company NN claims VBZ its PRP$ yeast NN system NN also RB is VBZ better JJR than IN bacteria NNS at IN high-volume JJ production NN of IN genetically RB engineered VBN drugs NNS . . Chiron NNP Corp. NNP , , an DT Emeryville NNP , , Calif. NNP , , biotechnology NN firm NN , , is VBZ seeing VBG if IN the DT Phillips NNS yeast NN can MD be VB used VBN to TO make VB its PRP$ genetically RB engineered VBN human JJ proteins NNS . . Peeking VBG Inside IN Arteries NN From IN Outside IN the DT Body NN VISUALIZING VBG BLOOD NN vessels NNS without IN poking VBG catheters NNS into IN the DT body NN may MD come VB out IN of IN research NN at IN AT&T NNP Bell NNP Laboratories NNPS . . Strokes NNS , , heart NN attacks NNS , , leg NN pains NNS ( ( intermittent JJ claudication NN ) ) and CC other JJ problems NNS stem VBP from IN clogging VBG of IN the DT arteries NNS by IN cholesterol-rich JJ deposits NNS . . At IN present NN , , doctors NNS can MD see VB how WRB badly RB an DT artery NN is VBZ clogged VBN only RB by IN inserting VBG a DT thin JJ catheter NN into IN the DT artery NN and CC injecting VBG a DT fluid NN that WDT makes VBZ the DT arteries NNS visible JJ on IN X-rays NNS . . A DT non-invasive JJ method NN is VBZ being VBG researched VBN by IN biophysicist NN Lynn NNP Jelinski NNP at IN the DT AT&T NNP unit NN . . It PRP relies VBZ on IN the DT fact NN that IN certain JJ atoms NNS give VBP off RP detectable JJ signals NNS when WRB subjected VBN to TO an DT intense JJ magnetic JJ field NN . . It PRP 's VBZ the DT same JJ phenomenon NN used VBN in IN the DT new JJ MRI NNP ( ( magnetic JJ resonance NN imaging NN ) ) scanners NNS being VBG used VBN in IN hospitals NNS in IN place NN of IN X-ray NN scans NNS . . In IN the DT Bell NNP Labs NNPS experiments NNS , , an DT MRI-type JJ of IN machine NN , , synchronized VBN with IN the DT heartbeat NN via IN an DT electrocardiogram NN , , rapidly RB flashes VBZ a DT magnetic JJ field NN on RP and CC off RP as IN blood NN passes VBZ a DT certain JJ point NN in IN a DT vessel NN . . The DT rapidly RB flashing VBG return NN signals NNS from IN excited VBN hydrogen NN atoms NNS in IN the DT blood NN give VBP a DT `` `` stop-motion JJ '' '' movie NN of IN the DT blood-filled JJ vessel NN , , ( ( like IN the DT `` `` stop-motion NN '' '' seen VBN in IN disco NN dancers NNS when WRB a DT strobe NN light NN is VBZ flashing VBG ) ) . . The DT scientists NNS have VBP experimented VBN on IN the DT tiny JJ neck NN arteries NNS of IN rats NNS . . They PRP 've VBP been VBN able JJ to TO measure VB the DT minuscule JJ movements NNS of IN the DT artery NN wall NN as IN the DT beating VBG heart NN raises VBZ and CC lowers VBZ the DT pressure NN of IN the DT flowing VBG blood NN , , a DT first JJ for IN such JJ tiny JJ blood NN vessels NNS , , they PRP report VBP in IN Nature NNP , , a DT scientific JJ journal NN . . They PRP now RB are VBP experimenting VBG with IN measuring VBG blood NN flow NN . . The DT ultimate JJ hope NN is VBZ that IN the DT technique NN could MD identify VB diseased JJ vessels NNS . . Odds NNPS and CC Ends NNPS TESTS NNS ON IN 2,800-year-old JJ mummies NNS from IN Chile NNP indicate VBP ancient JJ wood NN fires NNS did VBD n't RB produce VB dioxins NNS or CC dibenzofurans NNS , , contradicting VBG a DT theory NN the DT two CD pollutants NNS today NN are VBP coming VBG from IN wood NN burning NN , , General NNP Electric NNP Co. NNP reports VBZ in IN Environmental NNP Science NNP & CC Technology NNP magazine NN ... : . . Almost RB 40 CD % NN of IN schizophrenic JJ men NNS have VBP an DT impaired VBN sense NN of IN smell NN vs. CC fewer JJR than IN 10 CD % NN of IN schizophrenic JJ women NNS , , reports VBZ the DT American NNP Journal NNP of IN Psychiatry NNP . . The DT Justice NNP Department NNP said VBD it PRP filed VBD a DT lawsuit NN seeking VBG more RBR than IN $ $ 7.7 CD million CD from IN a DT Meredith NNP Corp. NNP unit NN on IN charges NNS that IN the DT company NN defrauded VBD the DT government NN on IN a DT contract NN to TO provide VB relocation NN services NNS for IN federal JJ employees NNS . . The DT suit NN , , filed VBN in IN federal JJ trial NN court NN in IN Des NNP Moines NNP , , Iowa NNP , , where WRB Meredith NNP is VBZ based VBN , , alleges VBZ that IN the DT diversified VBN media NNS company NN 's POS relocation NN unit NN cheated VBD the DT government NN by IN misrepresenting VBG the DT value NN of IN government NN employees NNS ' POS homes NNS . . The DT government NN contract NN required VBD Meredith NNP Relocation NNP Corp. NNP to TO purchase VB employees NNS ' POS homes NNS based VBN on IN independent JJ appraisals NNS . . The DT Justice NNP Department NNP alleges VBZ that IN the DT company NN `` `` engaged VBD in IN various JJ forms NNS of IN misrepresentation NN '' '' with IN the DT goal NN of IN reducing VBG the DT appraised VBN value NN of IN employees NNS ' POS homes NNS . . In IN the DT suit NN , , the DT department NN seeks VBZ to TO recover VB $ $ 7.7 CD million CD in IN costs NNS incurred VBN when WRB the DT government NN terminated VBD its PRP$ contract NN with IN Meredith NNP Relocation NNP and CC sought VBD other JJ contracts NNS to TO replace VB it PRP . . The DT department NN also RB said VBD it PRP seeks VBZ `` `` three CD times NNS the DT government NN 's POS damages NNS , , which WDT are VBP presently RB undetermined JJ , , plus CC penalties NNS . . '' '' Officials NNS with IN Meredith NNP did VBD n't RB have VB any DT immediate JJ comment NN on IN the DT suit NN . . Lloyd NNP 's POS of IN London NNP said VBD it PRP plans VBZ to TO clamp VB down RP on IN the DT ability NN of IN underwriting VBG syndicates NNS to TO leave VB their PRP$ annual JJ accounts NNS open JJ beyond IN the DT customary JJ three CD years NNS . . Underwriting VBG syndicates NNS at IN Lloyd NNP 's POS , , the DT world NN 's POS largest JJS insurance NN market NN , , generally RB do VBP n't RB close VB their PRP$ accounts NNS for IN three CD years NNS , , to TO allow VB for IN the DT filing NN of IN claims NNS and CC litigation NN . . When WRB such JJ claims NNS and CC litigation NN extend VBP beyond IN the DT period NN , , the DT syndicates NNS can MD extend VB their PRP$ accounting NN deadlines NNS . . Lloyd NNP 's POS said VBD there EX are VBP currently RB 115 CD open JJ account NN years NNS involving VBG 68 CD of IN the DT market NN 's POS roughly RB 360 CD syndicates NNS . . The DT open-year JJ accounting NN practice NN `` `` is VBZ widely RB recognized VBN within IN Lloyd NNP 's POS as RB of IN serious JJ concern NN '' '' to TO the DT 31,329 CD member NN investors NNS , , who WP underwrite VBP insurance NN at IN Lloyd NNP 's POS in IN return NN for IN premium NN and CC investment NN income NN , , Lloyd NNP 's POS said VBD . . The DT procedure NN causes VBZ `` `` great JJ uncertainty NN '' '' because IN an DT investor NN ca MD n't RB be VB sure JJ of IN his PRP$ or CC her PRP$ individual JJ liability NN , , Lloyd NNP 's POS said VBD . . As IN a DT result NN , , the DT insurance NN market NN plans VBZ new JJ measures NNS to TO restrict VB the DT ability NN of IN syndicate NN officials NNS to TO leave VB years NNS open JJ . . Lloyd NNP 's VBZ said VBD it PRP expects VBZ to TO enact VB new JJ rules NNS mandating VBG the DT changes NNS by IN year NN end NN . . Under IN the DT new JJ rules NNS , , the DT officials NNS will MD have VB to TO secure VB additional JJ information NN and CC reports NNS from IN actuaries NNS , , including VBG an DT assessment NN of IN whether IN officials NNS have VBP acted VBN reasonably RB . . In IN addition NN , , officials NNS will MD have VB to TO get VB quotes NNS for IN certain JJ reinsurance NN contracts NNS and CC obtain VB approvals NNS from IN other JJ syndicate NN directors NNS . . Computer NNP Associates NNPS International NNP Inc. NNP reported VBD earnings NNS for IN the DT second JJ quarter NN , , ended VBD Sept. NNP 30 CD , , plummeted VBD 66 CD % NN , , primarily RB because IN of IN the DT acquisition NN of IN Cullinet NNP Software NNP Inc NNP . . The DT nation NN 's POS largest JJS software NN company NN earned VBD $ $ 9.6 CD million CD , , or CC five CD cents NNS a DT share NN , , compared VBN with IN $ $ 28 CD million CD , , or CC 16 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . Revenue NN rose VBD 5 CD % NN to TO $ $ 282 CD million CD from IN $ $ 268.3 CD million CD . . The DT drop NN in IN earnings NNS had VBD been VBN anticipated VBN by IN most JJS Wall NNP Street NNP analysts NNS , , but CC the DT results NNS were VBD reported VBN after IN the DT market NN closed VBD . . Computer NNP Associates NNPS closed VBD at IN $ $ 13.625 CD , , down IN 25 CD cents NNS , , in IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP . . Anthony NNP Wang NNP , , president NN , , attributed VBD the DT drop NN to TO the DT disruption NN of IN the DT company NN 's POS business NN resulting VBG from IN the DT prolonged VBN process NN of IN acquiring VBG Cullinet NNP . . The DT acquisition NN was VBD completed VBN in IN September NNP . . In IN August NNP , , the DT company NN warned VBD investors NNS that IN the DT acquisition NN was VBD being VBG delayed VBN , , and CC many JJ customers NNS were VBD holding VBG off RP on IN purchase NN decisions NNS until IN the DT takeover NN was VBD completed VBN . . The DT delays NNS mainly RB affected VBD sales NNS of IN data NN base NN management NN products NNS , , a DT core NN area NN for IN both DT Computer NNP Associates NNPS and CC Cullinet NNP , , as RB well RB as IN sales NNS of IN other JJ products NNS as IN part NN of IN package NN sales NNS . . Residents NNS of IN this DT city NN soon RB will MD be VB seeing VBG ads NNS urging VBG them PRP to TO visit VB `` `` Cleveland NNP 's POS outdoor JJ museum NN '' '' -- : Lake NNP View NNP Cemetery NNP . . Despite IN such JJ famous JJ tenants NNS as IN oil NN magnate NN John NNP D. NNP Rockefeller NNP , , Lake NNP View NNP Cemetery NNP has VBZ fallen VBN on IN hard JJ times NNS . . So IN the DT inner-city NN burial NN ground NN is VBZ trying VBG to TO resurrect VB itself PRP with IN a DT television NN advertising NN campaign NN . . The DT ads NNS celebrate VBP the DT achievements NNS of IN some DT of IN Lake NNP View NNP 's POS residents NNS . . A DT spot NN honoring VBG Bill NNP White NNP , , the DT inventor NN of IN chewing VBG gum NN , , shows VBZ a DT woman NN trying VBG to TO extricate VB her PRP$ high-heeled JJ shoe NN from IN a DT wad NN of IN gum NN . . Another DT focuses VBZ on IN Charles NNP Brush NNP , , the DT first JJ person NN to TO light VB a DT city NN electrically RB . . It PRP shows VBZ a DT boy NN hurling VBG rocks NNS at IN a DT street NN lamp NN . . Street NN lights NNS , , the DT ad NN points VBZ out RP , , `` `` helped VBD sharpen VB the DT arm NN of IN many JJ a DT budding VBG baseball NN player NN . . '' '' Cemetery NN officials NNS hope VBP the DT ads NNS , , which WDT will MD begin VB airing NN next IN month NN , , will MD not RB only RB draw VB visitors NNS but CC bolster VB burials NNS and CC endowment NN fund NN contributions NNS . . Lake NNP View NNP had VBD an DT operating VBG deficit NN last JJ year NN and CC has VBZ a DT poor JJ reputation NN as IN an DT out-of-repair NN and CC crime-infested JJ cemetery NN . . The DT private JJ , , non-profit JJ cemetery NN has VBZ had VBN trouble NN competing VBG against IN its PRP$ for-profit JJ counterparts NNS , , which WDT use VBP direct JJ mail NN and CC other JJ advertising NN to TO sell VB lots NNS . . `` `` We PRP do VBP n't RB want VB to TO be VB known VBN as IN ambulance NN chasers NNS , , '' '' says VBZ William NNP Garrison NNP , , Lake NNP View NNP 's POS president NN . . `` `` We PRP want VBP people NNS to TO think VB of IN Lake NNP View NNP as IN an DT historical JJ park NN and CC educational JJ experience NN ... : . . A DT pleasant JJ place NN to TO come VB and CC spend VB a DT few JJ hours NNS . . '' '' Not RB all DT of IN the DT cemetery NN 's POS better-known JJ tenants NNS lend VBP themselves PRP to TO the DT promotional JJ job NN at IN hand NN , , however RB . . For IN example NN , , President NNP James NNP A. NNP Garfield NNP is VBZ entombed VBN here RB , , the DT victim NN of IN an DT assassination NN in IN 1881 CD . . ( ( Mr. NNP Garrison NNP notes VBZ , , however RB , , that IN the DT Garfield NNP tomb NN is VBZ one CD of IN the DT nation NN 's POS premier JJR examples NNS of IN Romanesque JJ architecture NN . . ) ) Mr. NNP Rockefeller NNP , , buried VBN beneath IN a DT 180-foot-tall JJ granite NN obelisk NN , , did VBD n't RB seem VB right JJ for IN an DT ad NN either RB . . The DT oil NN magnate NN , , who WP spent VBD his PRP$ later JJ years NNS passing VBG out RP dimes NNS to TO counter VB his PRP$ penny-pinching JJ image NN , , `` `` is VBZ n't RB terribly RB amusing JJ , , '' '' says VBZ Barry NNP Olson NNP , , creative JJ director NN at IN Innis-Maggiore-Olson NNP , , Canton NNP , , Ohio NNP , , which WDT is VBZ producing VBG the DT ads NNS . . But CC there EX are VBP plenty RB of IN other JJ promising JJ prospects NNS at IN Lake NNP View NNP , , promoters NNS believe VBP : : Ernest NNP Ball NNP , , for IN instance NN , , who WP wrote VBD `` `` When WRB Irish JJ Eyes NNS are VBP Smiling VBG , , '' '' and CC Garrett NNP Morgan NNP , , the DT inventor NN of IN the DT gas NN mask NN and CC the DT tri-colored JJ traffic NN light NN . . Euro NNP Disneyland NNP shares NNS made VBD a DT debut NN like IN Snow NNP White NNP yesterday NN while IN most JJS of IN the DT London NNP stock NN market NN looked VBD like IN it PRP had VBD eaten VBN the DT Evil NNP Queen NNP 's POS poisoned VBN apple NN . . In IN its PRP$ first JJ day NN of IN when-issued JJ trading NN here RB , , Euro NNP Disney NNP soared VBD like IN Dumbo NNP to TO close VB at IN 814 CD pence NN ( ( $ $ 13.05 CD ) ) , , up IN 15 CD % NN from IN its PRP$ 707-pence JJ offering VBG price NN . . The DT overall JJ London NNP market NN , , following VBG Wall NNP Street NNP 's POS early JJ nosedive NN , , took VBD a DT late JJ beating NN . . The DT Financial NNP Times-Stock NNP Exchange NNP 100-Share NNP Index NNP plummeted VBD 40.4 CD points NNS to TO close VB at IN 2149.3 CD . . Traders NNS credited VBD Euro NNP Disney NNP 's POS share NN performance NN to TO the DT tremendous JJ hyping NN of IN the DT project NN that IN the DT shares NNS are VBP destined VBN to TO help VB finance NN : : Walt NNP Disney NNP Co. NNP 's POS 4,800-acre JJ theme NN park NN 20 CD miles NNS east JJ of IN Paris NNP . . The DT park NN is VBZ slated VBN to TO open VB in IN 1992 CD . . `` `` The DT issue NN was VBD very RB well-received JJ -- : Disney NNP is VBZ such JJ a DT well-known NN , , you PRP can MD say VB world-wide JJ , , name NN , , '' '' said VBD Vernon NNP Dempsey NNP , , head NN trader NN of IN European JJ equities NNS at IN Kleinwort NNP Benson NNP Ltd. NNP , , which WDT is VBZ making VBG a DT market NN in IN the DT issue NN . . Mr. NNP Dempsey NNP estimated VBD that IN the DT issue NN 's POS London NNP debut NN was VBD accompanied VBN by IN `` `` very RB , , very RB heavy JJ turnover NN -- : between IN five CD million CD and CC six CD million CD shares NNS . . '' '' Most JJS of IN the DT buying NN was VBD institutional JJ , , he PRP added VBD . . Official JJ trading NN in IN the DT shares NNS will MD start VB in IN London NNP , , Paris NNP and CC Brussels NNP on IN Nov. NNP 6 CD , , when WRB the DT French-franc NN denominated VBN offering NN , , valued VBN at IN the DT equivalent NN of IN nearly RB $ $ 1 CD billion CD , , comes VBZ to TO market NN in IN the DT European NNP Community NNP . . U.S. NNP investors NNS will MD be VB permitted VBN to TO buy VB the DT shares NNS from IN EC NNP investors NNS 90 CD days NNS later RB . . Because IN of IN the DT interest NN connected VBN with IN the DT issue NN , , the DT London NNP exchange NN took VBD the DT unusual JJ step NN of IN letting VBG traders NNS establish VB an DT officially RB sanctioned VBN when-issued JJ market NN . . A DT volatile JJ , , unofficial JJ `` `` gray JJ '' '' market NN in IN the DT shares NNS has VBZ been VBN operating VBG in IN Paris NNP for IN about IN two CD weeks NNS . . In IN contrast NN to TO the DT London NNP performance NN , , Euro NNP Disney NNP there RB closed VBD down IN three CD francs NNS yesterday NN , , at IN 79 CD 1\/2 CD francs NNS ( ( $ $ 12.66 CD ) ) bid NN , , but CC still RB about IN 10 CD % NN over IN the DT 72-franc JJ offering NN price NN . . `` `` A DT lot NN of IN people NNS are VBP getting VBG hurt NN on IN this DT wicked JJ whipsawing NN , , '' '' cautioned VBD Alistair NNP Cuddeford NNP , , a DT London-based JJ Salomon NNP Brothers NNPS International NNP Ltd. NNP trader NN who WP makes VBZ a DT market NN in IN franc-denominated JJ Euro NNP Disney NNP shares NNS . . `` `` There EX should MD be VB no DT great JJ rush NN for IN investors NNS to TO buy VB this DT . . A DT lot NN of IN big JJ European JJ banks NNS , , mostly RB French JJ , , and CC Swiss JJ arb NN accounts NNS have VBP been VBN buying VBG the DT stock NN just RB to TO flip VB it PRP '' '' for IN a DT quick JJ profit NN , , he PRP said VBD . . Albert NNP Fried NNP Jr. NNP , , a DT 59-year-old JJ director NN and CC holder NN of IN a DT 9.5 CD % NN stake NN in IN the DT company NN , , was VBD named VBN chairman NN of IN this DT maker NN of IN products NNS for IN the DT construction NN equipment NN , , material NN handling NN and CC railroad NN industries NNS . . He PRP succeeds VBZ L.L. NNP White NNP Jr. NNP , , 62 CD , , who WP resigned VBD but CC continues VBZ as IN a DT director NN . . Mr. NNP Fried NNP also RB is VBZ the DT managing VBG partner NN of IN Albert NNP Fried NNP & CC Co NNP . . Ford NNP Motor NNP Co. NNP intensified VBD its PRP$ battle NN with IN General NNP Motors NNPS Corp. NNP over IN Jaguar NNP PLC NNP by IN saying VBG it PRP is VBZ prepared VBN to TO make VB a DT bid NN for IN all DT of IN the DT British JJ auto NN maker NN when WRB restrictions NNS on IN its PRP$ shareholding NN are VBP lifted VBN . . The DT statement NN was VBD part NN of IN a DT Ford NNP filing NN with IN the DT U.S. NNP Securities NNPS and CC Exchange NNP Commission NNP . . Ford NNP did VBD n't RB say VB how WRB much JJ it PRP might MD offer VB for IN Jaguar NNP , , or CC when WRB . . The DT British JJ government NN currently RB forbids VBZ any DT outside JJ investor NN from IN holding VBG more RBR than IN 15 CD % NN of IN the DT company NN 's POS shares NNS without IN permission NN until IN Dec. NNP 31 CD , , But CC with IN its PRP$ stake NN in IN Jaguar NNP , , which WDT it PRP raised VBD yesterday NN to TO 11.95 CD % NN , , Ford NNP could MD convene VB a DT special JJ Jaguar NNP shareholders NNS ' POS meeting NN and CC urge VB holders NNS to TO vote VB to TO drop VB the DT restriction NN sooner RBR . . A DT successful JJ vote NN would MD put VB pressure NN on IN the DT British JJ government NN to TO lift VB the DT restriction NN . . `` `` We PRP have VBP not RB made VBN that DT decision NN '' '' to TO seek VB a DT Jaguar NNP special JJ shareholders NNS ' POS meeting NN , , said VBD Martyn NNP Watkins NNP , , a DT Ford NNP spokesman NN in IN London NNP . . He PRP emphasized VBD that IN the DT car NN maker NN only RB would MD bid VB for IN all DT of IN Jaguar NNP under IN the DT right JJ circumstances NNS , , and CC said VBD `` `` those DT circumstances NNS are VBP n't RB right JJ or CC possible JJ at IN the DT moment NN . . '' '' Last JJ month NN , , Ford NNP announced VBD plans NNS to TO acquire VB as RB much RB as IN 15 CD % NN of IN Jaguar NNP . . Since IN then RB , , Jaguar NNP officials NNS have VBP confirmed VBN that IN they PRP are VBP discussing VBG an DT alliance NN with IN GM NNP and CC said VBD last JJ week NN that IN they PRP hoped VBD to TO reach VB an DT agreement NN within IN a DT month NN . . Analysts NNS have VBP been VBN expecting VBG a DT GM-Jaguar JJ pact NN that WDT would MD give VB the DT U.S. NNP car NN maker NN an DT eventual JJ 30 CD % NN stake NN in IN the DT British JJ company NN and CC create VB joint JJ ventures NNS that WDT would MD produce VB an DT executive-model JJ range NN of IN cars NNS . . But CC the DT specter NN of IN Ford NNP eventually RB launching VBG a DT full-fledged JJ bid NN could MD unravel VB the DT GM-Jaguar JJ talks NNS . . Jaguar NNP seems VBZ to TO be VB losing VBG interest NN in IN giving VBG GM NNP a DT minority NN stake NN , , said VBD one CD individual NN close JJ to TO the DT talks NNS , , adding VBG , , `` `` It PRP would MD n't RB surprise VB me PRP if IN { ( Jaguar NNP executives NNS } ) want VBP to TO wait VB and CC see VB what WP the DT color NN of IN that DT { ( Ford NNP bid NN } ) is VBZ '' '' first JJ . . He PRP predicted VBD Ford NNP officials NNS will MD meet VB with IN Jaguar NNP executives NNS in IN the DT next JJ week NN to TO outline VB their PRP$ proposed VBN offer NN . . Sir NNP John NNP Egan NNP , , Jaguar NNP 's POS chairman NN , , so RB far RB has VBZ refused VBN to TO meet VB with IN Ford NNP officials NNS , , but CC he PRP is VBZ believed VBN to TO be VB willing JJ to TO consider VB a DT specific JJ bid NN proposal NN . . As IN for IN GM NNP , , its PRP$ `` `` fallback NN position NN has VBZ to TO be VB a DT full JJ bid NN itself PRP , , '' '' said VBD Stephen NNP Reitman NNP , , European JJ auto-industry NN analyst NN at IN London NNP brokers NNS UBS-Phillips NNP & CC Drew NNP . . A DT Ford NNP takeover NN of IN Jaguar NNP would MD `` `` have VB such JJ implications NNS for IN the DT balance NN of IN power NN in IN the DT 1990s CD that IN General NNP Motors NNPS ca MD n't RB afford VB to TO step VB aside RB . . They PRP will MD have VB to TO throw VB their PRP$ hat NN in IN the DT ring NN . . '' '' A DT GM NNP spokesman NN yesterday NN reiterated VBD the DT company NN 's POS interest NN in IN acquiring VBG a DT minority NN stake NN to TO help VB Jaguar NNP remain VB independent JJ . . A DT pitched JJ battle NN could MD mean VB Jaguar NNP would MD fetch VB # # 10 CD ( ( $ $ 16.02 CD ) ) a DT share NN , , or CC about IN # # 1.8 CD billion CD ( ( $ $ 2.88 CD billion CD ) ) , , several JJ analysts NNS believe VBP . . The DT prospect NN of IN such PDT a DT takeover NN fight NN has VBZ sent VBN Jaguar NNP shares NNS soaring VBG in IN recent JJ weeks NNS . . U.S. NNP takeover-stock NN speculators NNS now RB own VBP an DT estimated VBN 25 CD % NN of IN Jaguar NNP shares NNS . . In IN a DT declining VBG London JJ stock NN market NN yesterday NN , , Jaguar NNP shares NNS were VBD down IN four CD pence NN from IN Monday NNP in IN late JJ trading NN , , at IN 694 CD pence NN ( ( $ $ 11.11 CD ) ) a DT share NN . . In IN the DT U.S. NNP , , Jaguar NNP 's POS American JJ depositary NN receipts NNS rose VBD 12.5 CD cents NNS in IN over-the-counter JJ trading NN , , to TO $ $ 11.25 CD . . Both DT Ford NNP and CC GM NNP badly RB need VBP a DT luxury NN brand NN to TO combat VB new JJ competition NN from IN the DT Japanese NNP in IN the DT European JJ and CC U.S. NNP markets NNS . . And CC financially RB strapped VBN Jaguar NNP has VBZ spent VBN over IN a DT year NN looking VBG for IN a DT rich JJ uncle NN to TO provide VB cash NN and CC technological JJ know-how NN . . The DT company NN has VBZ expressed VBN a DT preference NN for IN GM NNP over IN Ford NNP because IN GM NNP has VBZ promised VBN it PRP would MD keep VB Jaguar NNP independent JJ . . Ford NNP 's POS need NN to TO acquire VB some DT or CC all DT of IN Jaguar NNP became VBD more RBR acute JJ last JJ week NN when WRB it PRP abandoned VBD a DT four-year JJ effort NN to TO market NN its PRP$ German-built JJ Merkur NNP Scorpio NNP sedan NN as IN a DT European JJ luxury NN import NN in IN the DT U.S. NNP . . Then RB , , last JJ Friday NNP , , Ford NNP 's POS talks NNS about IN a DT possible JJ alliance NN with IN Saab-Scania NNP AB NNP of IN Sweden NNP collapsed VBD . . GM NNP 's POS interest NN in IN Jaguar NNP reflects VBZ a DT desire NN to TO help VB diversify VB the DT U.S. NNP company NN 's POS products NNS in IN the DT growing VBG luxury-car NN segment NN of IN the DT market NN . . Its PRP$ Opel NNP line NN has VBZ a DT solid JJ image NN and CC a DT recent JJ string NN of IN highly RB successful JJ new JJ models NNS , , but CC it PRP lacks VBZ Jaguar NNP 's POS cachet NN . . GM NNP officials NNS also RB see VBP a DT lot NN of IN potential NN in IN marrying VBG Jaguar NNP 's POS cars NNS to TO the DT technological JJ know-how NN of IN Group NNP Lotus NNP PLC NNP , , a DT British JJ engineering NN and CC specialty NN car NN maker NN GM NNP bought VBD in IN 1986 CD . . Texaco NNP Inc. NNP reported VBD an DT 11 CD % NN increase NN in IN third-quarter JJ earnings NNS , , which WDT it PRP attributed VBD partly RB to TO the DT company NN 's POS massive JJ restructuring VBG after IN it PRP emerged VBD from IN bankruptcy-law NN proceedings NNS 18 CD months NNS ago IN . . Sun NNP Co. NNP also RB reported VBD higher JJR earnings NNS . . Meanwhile RB , , like IN many JJ other JJ oil NN companies NNS hurt VBN by IN less-profitable JJ downstream JJ businesses NNS , , Mobil NNP Corp. NNP , , Shell NNP Oil NNP Co. NNP and CC Chevron NNP Corp. NNP reported VBD lower JJR quarterly JJ earnings NNS . . Texaco NNP Texaco NNP 's POS exploration NN and CC production NN earnings NNS improved VBD as IN a DT result NN of IN its PRP$ streamlining NN of IN those DT operations NNS as IN it PRP sold VBD many JJ of IN its PRP$ marginal JJ producing VBG properties NNS over IN the DT past JJ 18 CD months NNS . . An DT increase NN in IN production NN at IN some DT major JJ oil NN fields NNS in IN the DT North NNP Sea NNP , , which WDT had VBD been VBN knocked VBN out RP by IN an DT explosion NN in IN July NNP 1988 CD , , also RB aided VBN results NNS . . The DT sale NN of IN a DT portion NN of IN refining VBG and CC marketing NN operations NNS to TO Saudi NNP Arabia NNP helped VBD alleviate VB the DT decline NN in IN earnings NNS from IN that DT business NN . . `` `` The DT company NN has VBZ been VBN completely RB revamped VBN , , '' '' said VBD Frank NNP Knuettel NNP , , analyst NN for IN Prudential-Bache NNP Securities NNPS Inc NNP . . Third-quarter JJ net JJ income NN at IN Texaco NNP rose VBD to TO $ $ 305 CD million CD from IN $ $ 274 CD million CD last JJ year NN . . Revenue NN declined VBD 3.4 CD % NN , , to TO $ $ 8.4 CD billion CD from IN $ $ 8.7 CD billion CD . . Per-share JJ earnings NNS declined VBD to TO $ $ 1.10 CD a DT share NN from IN $ $ 1.12 CD a DT share NN , , largely RB because IN of IN 21 CD million CD additional JJ shares NNS issued VBN to TO retire VB $ $ 1 CD billion CD of IN debt NN . . Per-share JJ earnings NNS also RB shrank VBD because IN of IN dividends NNS on IN a DT new JJ series NN of IN preferred VBN stock NN . . Sun NNP Sun NNP Co. NNP 's POS net JJ income NN climbed VBD 18 CD % NN to TO $ $ 85 CD million CD , , or CC 80 CD cents NNS a DT share NN , , from IN $ $ 72 CD million CD , , or CC 67 CD cents NNS a DT share NN . . Revenue NN increased VBD 11 CD % NN , , to TO $ $ 2.73 CD billion CD from IN $ $ 2.46 CD billion CD . . Sun NNP said VBD some DT of IN the DT growth NN reflects VBZ higher JJR earnings NNS in IN the DT oil NN sands NNS operation NN of IN Suncor NNP , , a DT majority-owned JJ Canadian JJ subsidiary NN . . Chairman NNP Robert NNP McClements NNP Jr. NNP said VBD the DT synthetic JJ crude JJ oil NN production NN from IN the DT facility NN rose VBD even RB as IN the DT price NN for IN that DT oil NN increased VBD . . Overseas JJ exploration NN and CC production NN results NNS also RB improved VBD because IN of IN additional JJ output NN from IN the DT North NNP Sea NNP Magnus NNP Field NNP , , a DT portion NN of IN which WDT was VBD acquired VBN by IN Sun NNP earlier RBR this DT year NN . . Results NNS declined VBD , , however RB , , in IN Sun NNP 's POS refining NN and CC marketing NN and CC coal NN businesses NNS . . Shell NNP Oil NNP Profits NNPS of IN Shell NNP , , a DT subsidiary NN of IN the DT Royal NNP Dutch\/Shell NNP Group NNP , , tumbled VBD $ $ 24 CD million CD , , or CC 6.6 CD % NN , , to TO $ $ 340 CD million CD , , despite IN a DT gain NN of IN $ $ 30 CD million CD from IN an DT insurance NN settlement NN . . President NNP Frank NNP Richardson NNP attributed VBD the DT decline NN to TO lower JJR natural JJ gas NN prices NNS , , which WDT countered VBD higher JJR earnings NNS from IN the DT crude JJ oil NN sector NN of IN Shell NNP 's POS exploration NN and CC production NN operation NN . . Shaving VBG away RP some DT of IN the DT gain NN in IN that DT unit NN was VBD a DT decline NN in IN U.S. NNP oil NN production NN to TO 502,000 CD barrels NNS of IN oil NN a DT day NN during IN the DT quarter NN from IN 527,000 CD barrels NNS a DT day NN last JJ year NN . . Shell NNP 's POS chemical NN earnings NNS fell VBD by IN $ $ 67 CD million CD , , to TO $ $ 137 CD million CD , , reflecting VBG lower JJR margins NNS and CC less JJR demand NN for IN commodity NN chemicals NNS . . Mobil NNP Net JJ income NN at IN Mobil NNP Corp. NNP slipped VBD 4.5 CD % NN to TO $ $ 532 CD million CD , , or CC $ $ 1.30 CD a DT share NN , , from IN $ $ 557 CD million CD , , or CC $ $ 1.36 CD a DT share NN . . Revenue NN declined VBD $ $ 518 CD million CD , , to TO $ $ 13.63 CD billion CD . . Earnings NNS included VBD a DT one-time JJ gain NN of IN $ $ 192 CD million CD on IN a DT property NN transaction NN in IN Hong NNP Kong NNP . . Exploration NN and CC production NN profits NNS slumped VBD $ $ 40 CD million CD due JJ to TO a DT provision NN for IN restructuring VBG costs NNS . . The DT restructuring VBG will MD take VB place NN over IN a DT two-year JJ period NN and CC will MD involve VB the DT transfer NN and CC layoff NN of IN employees NNS in IN U.S. NNP operations NNS to TO reduce VB costs NNS and CC focus VB efforts NNS in IN other JJ areas NNS . . Last JJ year NN , , third-quarter JJ earnings NNS included VBD a DT $ $ 157 CD million CD gain NN from IN foreign JJ tax NN rate NN changes NNS and CC a DT loss NN from IN a DT $ $ 65 CD million CD write-off NN of IN reserves NNS . . Chevron NNP Chevron NNP 's POS net JJ income NN fell VBD 0.7 CD % NN , , to TO $ $ 417 CD million CD , , or CC $ $ 1.22 CD a DT share NN , , from IN $ $ 420 CD million CD , , or CC $ $ 1.23 CD a DT share NN . . Results NNS included VBD a DT $ $ 37 CD million CD gain NN from IN the DT sale NN of IN rights NNS from IN Chevron NNP 's POS investment NN in IN Amax NNP Inc. NNP , , and CC a DT loss NN of IN $ $ 30 CD million CD from IN the DT sale NN of IN California NNP oil NN and CC gas NN properties NNS . . Revenue NN rose VBD 11 CD % NN , , to TO $ $ 8 CD billion CD from IN $ $ 7.2 CD billion CD . . Chevron NNP said VBD higher JJR crude JJ oil NN prices NNS boosted VBD profits NNS from IN production NN operations NNS , , but CC margins NNS in IN refining NN and CC marketing NN declined VBD . . Profits NNS from IN U.S. NNP exploration NN and CC production NN operations NNS totaled VBD $ $ 58 CD million CD , , after IN the DT property NN sale NN loss NN , , compared VBN with IN a DT year-earlier JJ $ $ 44 CD million CD loss NN that WDT included VBD a DT $ $ 16 CD million CD reorganization NN charge NN . . Refining NN and CC marketing NN operations NNS earned VBD $ $ 130 CD million CD in IN the DT quarter NN this DT year NN , , compared VBN with IN earnings NNS of IN $ $ 186 CD million CD a DT year NN earlier RBR that IN included VBN $ $ 18 CD million CD in IN charges NNS for IN environmental JJ programs NNS . . Foreign JJ earnings NNS fell VBD to TO $ $ 180 CD million CD from IN $ $ 182 CD million CD that WDT included VBD a DT $ $ 48 CD million CD gain NN from IN lower JJR Canadian JJ and CC Australian JJ taxes NNS . . Chemical NN profits NNS fell VBD to TO $ $ 78 CD million CD from IN $ $ 98 CD million CD . . Jeff NNP Rowe NNP contributed VBD to TO this DT article NN . . Asarco NNP Inc. NNP , , continuing VBG its PRP$ effort NN to TO refocus VB its PRP$ business NN , , ended VBD its PRP$ involvement NN in IN asbestos NN mining NN in IN the DT third JJ quarter NN and CC said VBD it PRP would MD stop VB mining VBG and CC selling VBG coal NN by IN year NN end NN . . The DT mining NN , , metal NN and CC specialty-chemical NN concern NN said VBD combined VBN revenue NN for IN asbestos NN and CC coal NN was VBD about IN $ $ 40 CD million CD of IN the DT company NN 's POS total JJ revenue NN in IN 1988 CD of IN $ $ 1.98 CD billion CD . . Richard NNP de NNP J. NNP Osborne NNP , , chairman NN , , president NN and CC chief NN executive NN officer NN , , said VBD the DT company NN 's POS `` `` decisions NNS to TO get VB out IN of IN asbestos NN and CC high-sulfur JJ coal NN continue VBP the DT process NN of IN simplifying VBG and CC focusing VBG the DT company NN in IN areas NNS with IN a DT better JJR future NN . . '' '' Asarco NNP also RB reported VBD third-quarter JJ net JJ income NN rose VBD 14 CD % NN , , to TO $ $ 52.7 CD million CD , , or CC $ $ 1.25 CD a DT share NN , , from IN a DT restated VBN $ $ 46.2 CD million CD , , or CC $ $ 1.10 CD a DT share NN , , a DT year NN earlier RBR . . Asarco NNP said VBD the DT gain NN reflected VBD continued VBN strength NN in IN prices NNS for IN refined VBN copper NN , , lead NN and CC zinc NN , , and CC higher JJR equity NN earnings NNS in IN Mexico NNP Desarrollo NNP Industrial NNP Minero NNP S.A. NNP , , a DT Mexican JJ mining NN company NN in IN which WDT Asarco NNP has VBZ a DT 34 CD % NN stake NN . . The DT 1988 CD results NNS were VBD restated VBN for IN accounting-rules JJ changes NNS . . Sales NNS rose VBD 4.5 CD % NN to TO $ $ 522.3 CD million CD from IN $ $ 499.4 CD million CD . . In IN August NNP , , Asarco NNP , , through IN its PRP$ Lac NNP d'Amiante NNP du NNP Quebec NNP subsidiary NN , , sold VBD its PRP$ remaining VBG one-third JJ interest NN in IN an DT asbestos NN mining NN limited VBN partnership NN in IN Canada NNP for IN $ $ 11.7 CD million CD . . Asarco NNP said VBD it PRP plans VBZ to TO shut VB down RP or CC sell VB its PRP$ Rapatee NNP coal NN mine NN and CC will MD end VB its PRP$ involvement NN in IN southern JJ Illinois NNP strip NN mining NN . . The DT company NN said VBD that IN it PRP is VBZ discussing VBG a DT management-employee NN buy-out NN of IN the DT facility NN , , but CC that IN it PRP would MD stop VB mining VBG and CC selling VBG coal NN at IN year NN end NN when WRB existing VBG sales NNS contracts NNS expire VBP , , regardless RB of IN the DT outcome NN of IN those DT talks NNS . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Asarco NNP fell VBD $ $ 1.375 CD to TO close VB at IN $ $ 31.75 CD . . Companies NNS listed VBN below IN reported VBD quarterly JJ profit NN substantially RB different JJ from IN the DT average NN of IN analysts NNS ' POS estimates NNS . . The DT companies NNS are VBP followed VBN by IN at IN least JJS three CD analysts NNS , , and CC had VBD a DT minimum JJ five-cent JJ change NN in IN actual JJ earnings NNS per IN share NN . . Estimated VBN and CC actual JJ results NNS involving VBG losses NNS are VBP omitted VBN . . The DT percent NN difference NN compares VBZ actual JJ profit NN with IN the DT 30-day JJ estimate NN where WRB at IN least JJS three CD analysts NNS have VBP issues NNS forecasts NNS in IN the DT past JJ 30 CD days NNS . . Otherwise RB , , actual JJ profit NN is VBZ compared VBN with IN the DT 300-day JJ estimate NN . . David NNP W. NNP Lodge NNP was VBD elected VBN vice NN president NN and CC chief NN financial JJ officer NN , , effective JJ Nov. NNP 1 CD . . Mr. NNP Lodge NNP , , 48 CD years NNS old JJ , , a DT former JJ finance NN executive NN at IN Singer NNP Sewing NNP Machine NNP Co. NNP and CC Celanese NNP Corp. NNP , , succeeds VBZ Francis NNP L. NNP Brophy NNP , , 64 CD , , who WP plans VBZ to TO retire VB from IN the DT company NN next IN year NN . . Carlos NNP A. NNP Salvagni NNP , , vice NN president NN , , pharmaceutical JJ manufacturing NN , , will MD assume VB responsibility NN for IN manufacturing NN in IN Kalamazoo NNP , , Mich. NNP , , effective JJ Nov. NNP 1 CD . . Mr. NNP Salvagni NNP , , 53 CD years NNS old JJ , , succeeds VBZ John NNP C. NNP Griffin NNP , , 57 CD , , who WP is VBZ retiring VBG as RB corporate JJ vice NN president NN of IN pharmaceutical JJ manufacturing NN . . Upjohn NNP is VBZ a DT world-wide JJ provider NN of IN health-care JJ products NNS and CC services NNS , , seeds NNS and CC speciality NN chemicals NNS . . This DT Brooklyn NNP , , N.Y. NNP , , generic-drug NN maker NN announced VBD a DT 5 CD % NN stock NN dividend NN payable JJ Dec. NNP 15 CD , , to TO holders NNS of IN record NN Nov. NNP 15 CD . . As IN of IN Sept. NNP 30 CD , , Halsey NNP had VBD 5.3 CD million CD common JJ shares NNS outstanding JJ . . Jay NNP Marcus NNP , , president NN , , said VBD the DT move NN `` `` reflects VBZ the DT confidence NN of IN our PRP$ board NN and CC management NN in IN Halsey NNP 's POS long-term JJ prospects NNS and CC our PRP$ desire NN to TO provide VB our PRP$ shareholders NNS with IN an DT attractive JJ return NN on IN their PRP$ investment NN . . '' '' In IN American NNP Stock NNP Exchange NNP composite JJ trading NN , , Halsey NNP closed VBD at IN $ $ 5.8125 CD a DT share NN , , up IN 6.25 CD cents NNS . . Walter NNP M. NNP Brady NNP was VBD named VBN a DT senior JJ vice NN president NN of IN this DT insurer NN in IN the DT Canadian JJ head NN office NN . . He PRP had VBD been VBN vice NN president NN in IN that DT office NN . . John NNP B. NNP Foy NNP was VBD named VBN senior JJ vice NN president NN and CC remains VBZ responsible JJ for IN the DT individual JJ policy NN services NNS department NN . . Frank NNP J. NNP Ollari NNP was VBD named VBN senior JJ vice NN president NN in IN charge NN of IN the DT mortgage NN finance NN department NN . . He PRP had VBD been VBN vice NN president NN of IN the DT department NN , , which WDT was VBD formerly RB called VBN the DT real JJ estate NN department NN . . Timothy NNP C. NNP Brown NNP , , a DT vice NN president NN , , was VBD named VBN executive JJ vice NN president NN and CC a DT director NN of IN this DT lighting NN and CC specialty NN products NNS concern NN . . In IN the DT director NN post NN , , Mr. NNP Brown NNP , , 38 CD years NNS old JJ , , succeeds VBZ Joseph NNP W. NNP Hibben NNP , , who WP retired VBD from IN the DT board NN in IN August NNP . . C. NNP Barr NNP Schuler NNP , , 49 CD , , vice NN president NN and CC chief NN financial JJ officer NN , , was VBD named VBN senior JJ vice NN president NN of IN corporate JJ development NN and CC acquisitions NNS , , a DT new JJ post NN . . Phillip NNP J. NNP Stuecker NNP , , 37 CD , , vice NN president NN , , secretary NN and CC treasurer NN , , was VBD named VBN vice NN president NN of IN finance NN and CC chief NN financial JJ officer NN . . He PRP remains VBZ secretary NN . . Ronald NNP B. NNP Koenig NNP , , 55 CD years NNS old JJ , , was VBD named VBN a DT senior JJ managing VBG director NN of IN the DT Gruntal NNP & CC Co. NNP brokerage NN subsidiary NN of IN this DT insurance NN and CC financial-services JJ firm NN . . Mr. NNP Koenig NNP will MD build VB the DT corporate-finance JJ and CC investment-banking JJ business NN of IN Gruntal NNP , , which WDT has VBZ primarily RB been VBN a DT retail-based JJ firm NN . . He PRP was VBD chairman NN and CC co-chief JJ executive JJ officer NN of IN Ladenburg NNP , , Thalmann NNP & CC Co. NNP until IN July NNP , , when WRB he PRP was VBD named VBN co-chairman NN of IN the DT investment-banking JJ firm NN along IN with IN Howard NNP L. NNP Blum NNP Jr. NNP , , who WP then RB became VBD the DT sole JJ chief NN executive NN . . Yesterday NN , , Mr. NNP Blum NNP , , 41 CD , , said VBD he PRP was VBD n't RB aware JJ of IN plans NNS at IN Ladenburg NNP to TO name VB a DT co-chairman NN to TO succeed VB Mr. NNP Koenig NNP and CC said VBD the DT board NN would MD need VB to TO approve VB any DT appointments NNS or CC title NN changes NNS . . Mr. NNP Blum NNP added VBD he PRP was VBD n't RB surprised VBN Mr. NNP Koenig NNP resigned VBD , , but CC his PRP$ departure NN was VBD `` `` nothing NN that IN we PRP desired VBD or CC worked VBD for IN . . '' '' Mr. NNP Koenig NNP said VBD : : `` `` I PRP just RB got VBD a DT tremendous JJ offer NN from IN Gruntal NNP . . MCI NNP Communications NNPS Corp. NNP said VBD it PRP received VBD a DT $ $ 12 CD million CD contract NN to TO provide VB virtual JJ network NN services NNS to TO Woolworth NNP Corp. NNP 's POS 5,600 CD corporate JJ and CC retail JJ sites NNS in IN the DT The DT contract NN also RB provides VBZ for IN advanced VBN billing NN and CC network NN management NN services NNS . . Woolworth NNP said VBD it PRP expects VBZ to TO expand VB usage NN of IN the DT MCI NNP services NNS as IN it PRP adds VBZ about IN 6,000 CD business NN locations NNS over IN the DT next JJ few JJ years NNS . . The DT Philippine JJ merchandise NN trade NN deficit NN widened VBD to TO $ $ 1.71 CD billion CD during IN the DT first JJ eight CD months NNS of IN 1989 CD from IN $ $ 807 CD million CD a DT year NN earlier RBR . . Imports NNS continued VBD to TO outpace VB Philippine JJ exports NNS , , despite IN gains NNS in IN shipments NNS abroad RB , , the DT government NN National NNP Statistics NNP Office NNP said VBD . . Exports NNS reached VBD $ $ 5.12 CD billion CD , , up IN from IN $ $ 4.52 CD billion CD a DT year NN earlier RBR , , while IN imports NNS rose VBD to TO $ $ 6.81 CD billion CD from IN $ $ 5.33 CD billion CD . . The DT trade NN deficit NN in IN the DT first JJ eight CD months NNS is VBZ already RB wider JJR than IN the DT trade NN gap NN of IN $ $ 1.09 CD billion CD for IN all DT of IN 1988 CD . . Analysts NNS expect VBP the DT trade NN gap NN for IN the DT year NN to TO surpass VB $ $ 2 CD billion CD as IN demand NN for IN capital NN equipment NN and CC raw JJ materials NNS continues VBZ to TO push VB imports NNS higher JJR . . Birtcher NNP Corp. NNP said VBD it PRP signed VBD a DT definitive JJ agreement NN with IN C.R. NNP Bard NNP Inc. NNP , , a DT Murray NNP Hill NNP , , N.J. NNP , , maker NN of IN health-care NN products NNS , , for IN the DT purchase NN of IN the DT company NN 's POS Bard\/EMS NNP Electrosurgery NNP division NN for IN about IN $ $ 11 CD million CD . . Birtcher NNP , , a DT maker NN of IN electronic JJ medical JJ equipment NN , , said VBD the DT transaction NN is VBZ expected VBN to TO close VB on IN or CC before IN Nov. NNP 30 CD . . Bard\/EMS NNP had VBD 1988 CD sales NNS of IN about IN $ $ 14 CD million CD , , Birtcher NNP said VBD . . WINSTON-SALEM NNP , , N.C. NNP -- : First NNP Wachovia NNP Corp. NNP said VBD John NNP F. NNP McNair NNP III NNP will MD retire VB as IN president NN and CC chief NN executive JJ officer NN of IN this DT regional JJ banking NN company NN 's POS Wachovia NNP Corp. NNP and CC Wachovia NNP Bank NNP & CC Trust NNP Co. NNP subsidiaries NNS on IN Dec. NNP 31 CD . . Mr. NNP McNair NNP , , 62 CD years NNS old JJ , , will MD be VB succeeded VBN by IN L.M. NNP `` `` Bud NNP '' '' Baker NNP Jr. NNP , , 47 CD , , the DT parent NN 's POS chief NN credit NN officer NN and CC head NN of IN its PRP$ administration NN division NN . . Mr. NNP Baker NNP will MD relinquish VB his PRP$ previous JJ positions NNS , , but CC a DT successor NN for IN him PRP has VBZ n't RB been VBN named VBN yet RB . . In IN addition NN , , on IN Jan. NNP 1 CD , , Thomas NNP A. NNP Bennett NNP , , 52 CD , , will MD become VB vice NN chairman NN and CC chief NN operating VBG officer NN of IN Wachovia NNP and CC Wachovia NNP Bank NNP & CC Trust NNP , , filling VBG a DT vacancy NN left VBN by IN the DT retired VBN Hans NNP W. NNP Wanders NNP in IN April NNP . . Mr. NNP Bennett NNP will MD continue VB as IN executive NN in IN charge NN of IN the DT North NNP Carolina NNP banking VBG operation NN . . Messrs. NNP Baker NNP and CC Bennett NNP have VBP been VBN elected VBN directors NNS of IN Wachovia NNP and CC Wachovia NNP Bank NNP & CC Trust NNP filling VBG vacant JJ seats NNS on IN both DT boards NNS . . Canadian JJ retail NN sales NNS rose VBD 0.2 CD % NN in IN August NNP from IN July NNP , , Statistics NNP Canada NNP , , a DT federal JJ agency NN , , said VBD . . The DT August NNP increase NN followed VBD a DT 0.3 CD % NN decline NN in IN July NNP . . During IN the DT past JJ four CD months NNS , , retail JJ sales NNS have VBP remained VBN generally RB weak JJ , , advancing VBG an DT average JJ 0.2 CD % NN a DT month NN , , the DT agency NN said VBD . . Raw-steel NN production NN by IN the DT nation NN 's POS mills NNS decreased VBD 0.7 CD % NN last JJ week NN to TO 1,816,000 CD tons NNS from IN 1,828,000 CD tons NNS the DT previous JJ week NN , , the DT American NNP Iron NNP and CC Steel NNP Institute NNP said VBD . . Last JJ week NN 's POS output NN fell VBD 1.7 CD % NN from IN the DT 1,848,000 CD tons NNS produced VBD a DT year NN earlier RBR . . The DT industry NN used VBD 81.6 CD % NN of IN its PRP$ capability NN last JJ week NN , , compared VBN with IN 82.2 CD % NN the DT previous JJ week NN and CC 86.2 CD % NN a DT year NN ago IN . . The DT American NNP Iron NNP and CC Steel NNP Institute NNP reported VBD : : The DT capability NN utilization NN rate NN is VBZ a DT calculation NN designed VBN to TO indicate VB at IN what WDT percent NN of IN its PRP$ production NN capability NN the DT industry NN is VBZ operating VBG in IN a DT given VBN week NN . . With IN reduced VBN exports NNS and CC rising VBG imports NNS , , South NNP Korea NNP 's POS trade NN surpluses NNS with IN the DT U.S. NNP and CC Europe NNP between IN January NNP and CC September NNP fell VBD sharply RB from IN a DT year NN ago IN , , the DT Customs NNP Administration NNP said VBD . . Officials NNS said VBD South NNP Korea NNP 's POS trade NN surplus NN with IN the DT U.S. NNP for IN the DT first JJ nine CD months NNS of IN the DT year NN totaled VBD $ $ 3.49 CD billion CD , , down IN 43 CD % NN from IN the DT same JJ period NN last JJ year NN on IN a DT customs-clearance NN basis NN . . South NNP Korean NNP exports NNS to TO the DT U.S. NNP during IN the DT period NN fell VBD 1.6 CD % NN from IN a DT year NN ago IN to TO $ $ 15.06 CD billion CD , , while IN imports NNS from IN the DT U.S. NNP soared VBD 26 CD % NN to TO $ $ 11.56 CD billion CD . . The DT trade NN surplus NN with IN Europe NNP was VBD pegged VBN at IN $ $ 414 CD million CD , , down IN 57 CD % NN from IN a DT year NN ago IN . . Officials NNS said VBD South JJ Korean JJ exports NNS to TO Europe NNP dropped VBD 5.3 CD % NN to TO $ $ 3.02 CD billion CD while IN imports NNS from IN there RB went VBD up IN 17 CD % NN to TO $ $ 2.61 CD billion CD . . Bausch NNP & CC Lomb NNP Inc. NNP said VBD its PRP$ pharmaceuticals NNS subsidiary NN agreed VBD to TO supply VB collagen NN corneal JJ shields NNS for IN animal NN eye NN surgery NN to TO a DT unit NN of IN International NNP Minerals NNPS & CC Chemical NNP Corp NNP . . Terms NNS were VBD n't RB disclosed VBN . . The DT agreement NN marks VBZ Bausch NNP & CC Lomb NNP 's POS first JJ venture NN selling VBG its PRP$ eye NN care NN products NNS for IN use NN by IN veterinarians NNS . . The DT collagen NN corneal JJ shield NN helps VBZ speed VB healing NN of IN the DT cornea NN after IN eye NN surgery NN . . The DT product NN will MD be VB distributed VBN by IN Pitman-Moore NNP Inc. NNP , , a DT subsidiary NN of IN International NNP Minerals NNPS . . France NNP 's POS industrial JJ production NN index NN for IN July NNP and CC August NNP rose VBD 1 CD % NN from IN June NNP and CC was VBD up IN 4.6 CD % NN from IN a DT year NN ago IN , , according VBG to TO seasonally RB adjusted VBN data NNS from IN the DT National NNP Statistics NNP Institute NNP . . The DT state NN agency NN , , which WDT usually RB publishes VBZ the DT data NNS on IN monthly JJ basis NN , , but CC traditionally RB combines VBZ the DT index NN for IN the DT two CD summer-holiday JJ months NNS , , said VBD the DT advance NN was VBD led VBN by IN output NN of IN consumer NN goods NNS , , which WDT rose VBD 3.5 CD % NN from IN June NNP and CC was VBD up IN 7.2 CD % NN from IN a DT year NN earlier RBR . . Semifinished VBN goods NNS turned VBD in RP a DT strong JJ showing NN , , with IN a DT monthly JJ rise NN of IN 2 CD % NN and CC a DT year-on-year JJ advance NN of IN 3 CD % NN . . Food NN production NN was VBD ahead RB 1.7 CD % NN from IN June NNP and CC 5.3 CD % NN from IN a DT year NN earlier RBR . . Output NN in IN the DT capital-goods NNS sector NN was VBD ahead RB 0.9 CD % NN on IN a DT monthly JJ basis NN and CC 2.7 CD % NN year NN on IN year NN . . These DT gains NNS were VBD partly RB offset VBN by IN output NN of IN cars NNS and CC other JJ consumer NN durables NNS , , which WDT eased VBD 3.9 CD % NN from IN June NNP 's POS high JJ level NN . . The DT sector NN was VBD still RB 8.8 CD % NN above IN its PRP$ output NN levels NNS from IN a DT year NN earlier RBR , , however RB . . International NNP Minerals NNPS & CC Chemical NNP Corp. NNP said VBD it PRP agreed VBD definitively RB to TO sell VB its PRP$ international JJ fragrance NN business NN to TO Bayer NNP AG NNP of IN West NNP Germany NNP . . Terms NNS were VBD n't RB disclosed VBN . . The DT maker NN of IN animal NN health NN and CC nutrition NN products NNS said VBD the DT business NN , , Creations NNPS Aromatiques NNP of IN Port NNP Valais NNP , , Switzerland NNP , , and CC Woodside NNP , , N.Y. NNP , , is VBZ a DT division NN of IN its PRP$ Mallinckrodt NNP Inc. NNP subsidiary NN and CC had VBD sales NNS of IN about IN $ $ 30 CD million CD for IN its PRP$ most JJS recent JJ year NN . . International NNP Minerals NNPS said VBD the DT sale NN will MD allow VB Mallinckrodt NNP to TO focus VB its PRP$ resources NNS on IN its PRP$ core NN businesses NNS of IN medical JJ products NNS , , specialty NN chemicals NNS and CC flavors NNS . . Consumers NNPS Power NNP Co. NNP filed VBD with IN the DT Michigan NNP Public NNP Service NNP Commission NNP a DT contract NN to TO buy VB power NN from IN the DT Palisades NNP nuclear JJ plant NN under IN a DT proposed VBN new JJ ownership NN arrangement NN for IN the DT plant NN . . Consumers NNPS Power NNP and CC Bechtel NNP Power NNP Corp. NNP last JJ year NN announced VBD a DT joint JJ venture NN to TO buy VB the DT plant NN , , currently RB owned VBN completely RB by IN the DT utility NN . . Two CD Japanese JJ scientists NNS said VBD they PRP discovered VBD an DT antibody NN that IN , , in IN laboratory NN test-tube NN experiments NNS , , kills VBZ AIDS-infected JJ cells NNS while IN preserving VBG healthy JJ cells NNS . . If IN further JJ experiments NNS are VBP successful JJ , , the DT work NN would MD represent VB a DT major JJ advance NN in IN research NN on IN acquired VBN immune JJ deficiency NN syndrome NN . . The DT drug NN AZT NNP , , the DT only JJ treatment NN currently RB on IN the DT market NN , , claims VBZ only RB to TO help VB stop VB the DT spread NN of IN AIDS NNP , , not RB to TO cure VB it PRP . . But CC several JJ analysts NNS and CC Japanese JJ scientists NNS familiar JJ with IN the DT study NN , , which WDT was VBD announced VBN at IN a DT conference NN in IN Nagoya NNP yesterday NN , , expressed VBD skepticism NN over IN the DT significance NN of IN the DT results NNS . . And CC the DT researchers NNS themselves PRP acknowledged VBD they PRP still RB must MD do VB much RB more JJR work NN before IN they PRP can MD say VB whether IN the DT treatment NN would MD actually RB cure VB humans NNS . . Shin NNP Yonehara NNP , , a DT research NN scientist NN at IN the DT Tokyo NNP Metropolitan NNP Institute NNP of IN Medical NNP Science NNP , , said VBD the DT antibody NN he PRP discovered VBD works VBZ by IN recognizing VBG an DT antigen NN called VBN a DT Fas-antigen NN , , which WDT is VBZ characteristic JJ of IN an DT infected JJ cell NN . . The DT antibody NN then RB kills VBZ the DT cell NN . . Dr. NNP Yonehara NNP and CC his PRP$ partner NN , , Nobuyuki NNP Kobayashi NNP of IN Yamaguchi NNP University NNP , , said VBD their PRP$ experiments NNS showed VBD that IN the DT antibody NN wiped VBD out RP an DT average NN of IN 60 CD % NN of IN AIDS-infected JJ cells NNS within IN three CD days NNS . . In IN some DT of IN the DT experiments NNS , , it PRP killed VBD almost RB all PDT the DT infected JJ cells NNS , , the DT researchers NNS said VBD . . Meanwhile RB , , fewer JJR than IN 10 CD % NN of IN the DT healthy JJ cells NNS were VBD killed VBN . . The DT two CD said VBD they PRP must MD still RB do VB more JJR laboratory NN tests NNS , , then RB experiment NN on IN animals NNS . . They PRP said VBD they PRP hoped VBD to TO conduct VB tests NNS on IN human JJ patients NNS in IN the DT U.S. NNP by IN late JJ next JJ year NN . . Japan NNP does VBZ n't RB have VB enough JJ AIDS NNP patients NNS to TO do VB significant JJ experimentation NN in IN that DT country NN , , they PRP said VBD . . The DT announcement NN got VBD wide JJ exposure NN in IN the DT Japanese JJ media NNS , , and CC even RB moved VBD some DT pharmaceutical JJ stocks NNS yesterday NN . . But CC Takashi NNP Kitamura NNP , , director NN of IN the DT biology NN department NN at IN Japan NNP 's POS National NNP Institute NNP of IN Health NNP and CC secretary NN of IN the DT government NN 's POS AIDS-research JJ center NN , , said VBD , , `` `` I PRP 'm VBP not RB so RB optimistic JJ of IN its PRP$ future JJ use NN in IN therapeutic JJ methods NNS . . '' '' He PRP said VBD some DT infected JJ cells NNS may MD not RB have VB the DT relevant JJ antigen NN and CC so RB would MD n't RB be VB killed VBN even RB after IN exposure NN to TO the DT antibody NN . . `` `` The DT results NNS seem VBP to TO be VB very RB premature JJ , , '' '' said VBD Mitsuru NNP Miyata NNP , , editor NN of IN Nikkei NNP Biotechnology NNP , , a DT leading VBG Japanese JJ industry NN newsletter NN . . Dr. NNP Kobayashi NNP responded VBD that IN he PRP thought VBD the DT antibody NN could MD potentially RB kill VB all DT infected JJ cells NNS . . But CC he PRP and CC Dr. NNP Yonehara NNP said VBD there EX were VBD still RB several JJ uncertainties NNS , , particularly RB regarding VBG possible JJ side NN effects NNS . . `` `` Our PRP$ antibody NN specifically RB killed VBD infected JJ cells NNS at IN a DT very RB low JJ dose NN , , but CC it PRP can MD also RB kill VB other JJ cells NNS , , '' '' said VBD Dr. NNP Yonehara NNP . . `` `` We PRP do VBP n't RB know VB the DT effect NN of IN our PRP$ antibody NN on IN the DT human JJ body NN . . '' '' AIDS NNP is VBZ n't RB considered VBN a DT widespread JJ problem NN in IN Japan NNP -- : the DT government NN reports VBZ about IN 1,000 CD known VBN carriers NNS of IN the DT virus NN -- : but CC many JJ companies NNS have VBP poured VBN substantial JJ resources NNS into IN research NN in IN recent JJ years NNS , , hoping VBG to TO cash VB in RP on IN a DT possible JJ cure NN . . Dr. NNP Kitamura NNP said VBD about IN 35 CD projects NNS are VBP currently RB under IN way NN in IN Japan NNP , , and CC that IN Japanese JJ researchers NNS in IN the DT past JJ year NN have VBP made VBN available JJ three CD possible JJ cures NNS to TO American JJ researchers NNS for IN clinical JJ tests NNS . . He PRP said VBD that IN when WRB scientists NNS from IN the DT two CD countries NNS meet VBP again RB in IN January NNP in IN New NNP Orleans NNP , , the DT Japanese NNP will MD present VB at IN least JJS three CD more JJR drugs NNS for IN human JJ testing NN . . AZT NNP is VBZ the DT world NN 's POS only JJ prescription NN medicine NN approved VBN for IN treating VBG the DT disease NN . . Wellcome NNP PLC NNP , , a DT major JJ British JJ pharmaceutical NN maker NN , , sells VBZ the DT drug NN under IN the DT name NN Retrovir NNP . . A DT Wellcome NNP spokesman NN declined VBD to TO comment VB on IN the DT discovery NN of IN the DT antibody NN in IN Japan NNP . . But CC Andrew NNP Porter NNP , , a DT drug-industry NN analyst NN at IN Nikko NNP Securities NNPS Co. NNP in IN London NNP , , said VBD if IN the DT product NN were VBD to TO be VB successfully RB developed VBN it PRP would MD represent VB `` `` a DT potential JJ threat NN to TO the DT long-term JJ viability NN of IN Retrovir NNP . . The DT following VBG issues NNS were VBD recently RB filed VBN with IN the DT Securities NNPS and CC Exchange NNP Commission NNP : : American NNP Exploration NNP Co. NNP , , offering NN of IN five CD million CD common JJ shares NNS , , via IN Smith NNP Barney NNP , , Harris NNP Upham NNP & CC Co. NNP and CC Shearson NNP Lehman NNP Hutton NNP Inc NNP . . Chemical NNP Waste NNP Management NNP Inc. NNP , , proposed VBD global JJ offering NN of IN 8,500,000 CD shares NNS of IN common JJ stock NN , , of IN which WDT seven CD million CD of IN the DT shares NNS will MD be VB offered VBN in IN the DT U.S. NNP and CC 1,500,000 CD shares NNS will MD be VB offered VBN overseas RB , , via IN Merrill NNP Lynch NNP Capital NNP Markets NNP ( ( domestic JJ ) ) and CC Kidder NNP , , Peabody NNP & CC Co NNP . . ( ( international JJ ) ) . . Interlake NNP Corp. NNP , , proposed VBD offering NN of IN $ $ 200 CD million CD of IN senior JJ subordinated VBN debentures NNS , , via IN Goldman NNP , , Sachs NNP & CC Co NNP . . InterMedia NNP Capital NNP Corp. NNP , , Robin NNP Cable NNP Systems NNPS L.P. NNP and CC Brenmor NNP Cable NNP Partners NNPS , , offering NN of IN senior JJ subordinated VBN discount NN reset NN debentures NNS , , via IN Drexel NNP Burnham NNP Lambert NNP Inc NNP . . John NNP Nuveen NNP & CC Co. NNP , , initial JJ offerings NNS of IN the DT Nuveen NNP California NNP Performance NNP Plus NNP Municipal NNP Fund NNP Inc. NNP and CC the DT Nuveen NNP New NNP York NNP Performance NNP Plus NNP Municipal NNP Fund NNP Inc. NNP , , via IN Alex NNP . . Brown NNP & CC Sons NNPS Inc NNP . . KnowledgeWare NNP Inc. NNP , , initial JJ offering NN of IN three CD million CD shares NNS of IN its PRP$ common JJ stock NN , , of IN which WDT 1,657,736 CD shares NNS will MD be VB sold VBN by IN the DT company NN and CC 1,342,264 CD will MD be VB sold VBN by IN holders NNS , , via IN Montgomery NNP Securities NNPS and CC Donaldson NNP , , Lufkin NNP & CC Jenrette NNP Securities NNPS Corp NNP . . MGM NNP Grand NNP Inc. NNP , , proposed VBD offering NN of IN six CD million CD shares NNS of IN common JJ stock NN , , via IN Merrill NNP Lynch NNP . . Microlog NNP Corp. NNP , , formerly RB called VBN Old NNP Dominion NNP Systems NNPS Inc. NNP , , offering NN of IN 1.2 CD million CD common JJ shares NNS , , of IN which WDT one CD million CD will MD be VB sold VBN by IN the DT company NN , , and CC the DT balance NN by IN holders NNS , , via IN Hambrecht NNP & CC Quist NNP and CC Johnston NNP , , Lemon NNP & CC Co NNP . . Scott NNP Paper NNP Co. NNP , , shelf NN offering NN of IN up IN to TO $ $ 360 CD million CD of IN debt NN securities NNS , , via IN Goldman NNP Sachs NNP , , Salomon NNP Brothers NNPS Inc. NNP and CC Smith NNP Barney NNP , , Harris NNP Upham NNP . . Sullivan NNP Graphics NNP Inc. NNP , , offering NN of IN $ $ 110 CD million CD of IN senior JJ subordinated VBN notes NNS , , via IN Merrill NNP Lynch NNP . . Sun NNP Sportswear NNP Inc. NNP , , initial JJ offering NN of IN 1.7 CD million CD common JJ shares NNS , , of IN which WDT one CD million CD shares NNS will MD be VB sold VBN by IN the DT company NN , , and CC the DT balance NN by IN a DT holder NN , , via IN Salomon NNP Brothers NNPS Inc. NNP and CC Piper NNP , , Jaffray NNP & CC Hopwood NNP Inc NNP . . Yes NNP Clothing NNP Co. NNP , , proposed VBD initial JJ offering NN of IN 776,470 CD common JJ shares NNS , , of IN which WDT 600,000 CD shares NNS will MD be VB offered VBN by IN the DT company NN and CC 176,470 CD by IN holders NNS , , via IN Seidler NNP Amdec NNP Securities NNPS Inc NNP . . A DT # # 320 CD million CD ( ( $ $ 508 CD million CD ) ) British NNP Airways NNPS PLC NNP rights NNS issue NN flopped VBD badly RB -- : the DT victim NN of IN recent JJ market NN turbulence NN and CC the DT collapse NN of IN the DT buy-out NN bid NN for IN United NNP Airlines NNPS ' POS parent NN , , UAL NNP Corp NNP . . The DT United NNP Kingdom NNP carrier NN had VBD planned VBN the DT issue NN to TO help VB finance VB its PRP$ $ $ 750 CD million CD purchase NN of IN a DT 15 CD % NN stake NN in IN UAL NNP . . But CC British NNP Airways NNPS withdrew VBD from IN the DT UAL NNP labor-management NN buy-out JJ plan NN last JJ Friday NNP , , after IN the DT group NN failed VBD to TO get VB bank NN financing NN for IN its PRP$ $ $ 6.79 CD billion CD buy-out NN . . British NNP Airways NNPS said VBD its PRP$ shareholders NNS accepted VBD only RB 6.3 CD % NN of IN the DT convertible JJ capital NN bonds NNS , , but CC that IN the DT rest NN of IN the DT issue NN will MD be VB taken VBN up RP by IN underwriters NNS . . Analysts NNS said VBD that IN 6.3 CD % NN level NN marked VBD the DT poorest JJS showing NN for IN any DT major JJ British JJ rights NNS issue NN since IN the DT 1987 CD global JJ stock NN market NN crash NN . . `` `` It PRP is VBZ close JJ to TO being VBG a DT record NN undersubscription NN , , '' '' said VBD Bob NNP Bucknell NNP , , an DT analyst NN with IN London NNP broker NN Smith NNP New NNP Court NNP Securities NNPS . . `` `` Fund NN managers NNS do VBP n't RB like VB to TO have VB rights NNS issues NNS that WDT do VBP n't RB have VB an DT obvious JJ reason NN . . The DT obvious JJ reason NN was VBD ( ( for IN British NNP Air NNP ) ) to TO buy VB a DT stake NN in IN United NNP Airlines NNPS . . '' '' In IN a DT statement NN , , British NNP Air NNP Chairman NNP Lord NNP King NNP said VBD the DT company NN was VBD `` `` obviously RB disappointed VBN that IN the DT issue NN was VBD not RB taken VBN up IN , , but CC it PRP would MD have VB been VBN unreasonable JJ to TO expect VB a DT better JJ result NN given VBN the DT volatility NN of IN the DT stock NN market NN since IN the DT launch NN of IN the DT issue NN . . '' '' But CC except IN for IN the DT embarrassment NN , , British NNP Air NNP will MD emerge VB relatively RB unscathed JJ from IN the DT flopped VBN issue NN . . Underwriters NNS led VBD by IN Lazard NNP Brothers NNPS & CC Co. NNP will MD pick VB up RP the DT rest NN of IN the DT airline NN 's POS offer NN of IN four CD convertible JJ capital NN bonds NNS for IN every DT nine CD common JJ shares NNS . . Lazard NNP and CC other JJ primary JJ underwriters NNS have VBP reduced VBN or CC eliminated VBN their PRP$ exposure NN by IN sub-underwriting VBG the DT issue NN among IN U.K. NNP institutional JJ investors NNS . . `` `` The DT ( ( paper NN ) ) loss NN here RB is VBZ very RB small JJ '' '' for IN these DT sub-underwriters NNS , , observed VBD John NNP Nelson NNP , , a DT Lazard NNP managing VBG director NN . . In IN any DT case NN , , he PRP added VBD , , `` `` most JJS institutions NNS probably RB wo MD n't RB sell VB '' '' the DT bonds NNS . . And CC instead RB of IN buying VBG the DT UAL NNP stake NN , , the DT U.K. NNP carrier NN will MD be VB able JJ to TO reduce VB its PRP$ high JJ debt NN level NN and CC build VB an DT acquisition NN war NN chest NN . . `` `` From IN a DT cash NN flow NN point NN of IN view NN , , British NNP Airways NNPS is VBZ better JJR off IN not RB being VBG in IN United NNP Airlines NNPS in IN the DT short JJ term NN , , '' '' said VBD Andy NNP Chambers NNP , , an DT analyst NN at IN Nomura NNP Research NNP Institute NNP in IN London NNP . . Added VBN another DT U.K. NNP analyst NN : : `` `` It PRP gives VBZ them PRP some DT cash NN in IN the DT back NN pocket NN for IN when WRB they PRP want VBP to TO do VB something NN . . '' '' For IN instance NN , , British NNP Air NNP is VBZ continuing VBG to TO negotiate VB with IN KLM NNP Royal NNP Dutch NNP Airlines NNPS about IN each DT acquiring VBG a DT 20 CD % NN stake NN in IN Sabena NNP World NNP Airlines NNPS , , the DT air NN transport NN subsidiary NN of IN the DT Belgian JJ national JJ airline NN . . A DT definitive JJ agreement NN had VBD been VBN expected VBN by IN the DT end NN of IN July NNP . . The DT failed VBN rights NNS issue NN also RB should MD have VB a DT modest JJ impact NN on IN British NNP Air NNP shares NNS . . The DT airline NN 's POS share NN price NN already RB is VBZ far RB below IN the DT 210 CD pence NN ( ( $ $ 3.33 CD ) ) level NN seen VBN after IN the DT company NN announced VBD the DT rights NNS issue NN in IN late JJ September NNP . . In IN late RB trading NN on IN London NNP 's POS Stock NNP Exchange NNP yesterday NN , , the DT shares NNS were VBD off IN three CD pence NN at IN 194 CD pence NN . . And CC because IN British NNP Air NNP is VBZ issuing VBG convertible JJ bonds NNS rather RB than IN ordinary JJ shares NNS , , the DT share NN price NN wo MD n't RB be VB directly RB hurt VBN by IN any DT surplus NN left VBN with IN underwriters NNS after IN they PRP try VBP to TO sell VB the DT issue NN in IN the DT open JJ market NN . . But CC British NNP Air NNP 's POS withdrawal NN from IN the DT UAL NNP buy-out NN could MD have VB further JJ repercussions NNS . . Some DT analysts NNS speculated VBD yesterday NN that IN the DT move NN has VBZ set VBN off RP a DT board NN room NN split NN , , which WDT may MD lead VB to TO the DT resignation NN of IN Sir NNP Colin NNP Marshall NNP , , the DT carrier NN 's POS chief NN executive NN officer NN . . `` `` The DT stories NNS are VBP rubbish JJ , , '' '' a DT British NNP Air NNP spokesman NN said VBD . . `` `` There EX is VBZ no DT difference NN of IN opinion NN between IN ( ( Chairman NN ) ) Lord NNP King NNP and CC Sir NNP Colin NNP on IN any DT aspect NN of IN company NN policy NN . . MINORITY NN RECRUITING NN has VBZ yet RB to TO meet VB hopes NNS raised VBN by IN Bush NNP administration NN . . Six CD months NNS ago IN , , as IN some DT personnel NNS specialists NNS saw VBD it PRP , , a DT perception NN that IN President NNP Bush NNP really RB cared VBD about IN fair JJ employment NN -- : after IN what WP they PRP said VBD was VBD eight CD years NNS of IN Reagan-era NN neglect NN -- : was VBD prodding VBG top JJ management NN to TO raise VB hiring VBG goals NNS for IN females NNS , , blacks NNS and CC other JJ minorities NNS . . The DT perception NN lingers VBZ , , says VBZ an DT official NN at IN a DT major JJ industrial JJ company NN . . But CC so RB far RB , , he PRP declares VBZ , , there EX 's VBZ little JJ evidence NN the DT `` `` new JJ urgency NN '' '' is VBZ trickling VBG down RP to TO the DT managers NNS who WP actually RB do VBP hiring NN . . `` `` Is VBZ there EX really RB a DT commitment NN or CC an DT illusion NN of IN activity NN ? . '' '' he PRP asks VBZ . . The DT recruiting NN `` `` has VBZ n't RB materialized VBD , , '' '' asserts VBZ Jeffrey NNP Christian NNP , , who WP runs VBZ a DT search NN agency NN . . Samuel NNP Hall NNP , , Howard NNP University NNP 's POS placement NN director NN , , also RB does VBZ n't RB see VB it PRP . . And CC he PRP questions VBZ the DT White NNP House NNP dedication NN . . `` `` I PRP do VBP n't RB think VB the DT Bush NNP administration NN has VBZ done VBN anything NN , , '' '' he PRP says VBZ . . Recruiter NNP Donald NNP Clark NNP does VBZ note VB an DT increase NN in IN searches NNS for IN minority NN candidates NNS . . But CC some DT of IN the DT activity NN , , he PRP says VBZ , , may MD reflect VB a DT rush NN to TO get VB `` `` numbers NNS in IN order NN '' '' for IN end-of-year JJ reports NNS . . PAY NN FOR IN PERFORMANCE NN hangs VBZ mostly RB on IN boss NN 's POS subjective JJ view NN . . Du NNP Pont NNP Co. NNP in IN a DT couple NN of IN units NNS has VBZ installed VBN objective JJ tests NNS based VBN on IN earnings NNS or CC return NN on IN equity NN . . Many JJ companies NNS have VBP set VBN up RP machinery NN to TO assure VB workers NNS a DT fair JJ shake NN . . At IN most JJS firms NNS , , though RB , , it PRP 's VBZ the DT immediate JJ supervisor NN who WP decides VBZ the DT merit NN increases VBZ subordinates NNS will MD be VB paid VBN . . Managers NNS have VBP `` `` some DT very RB broad JJ discretion NN , , '' '' says VBZ an DT official NN at IN Walt NNP Disney NNP Co NNP . . Unocal NNP Corp. NNP 's POS top JJ management NN sets VBZ guidelines NNS , , but CC line NN supervisors NNS slice VBP up RP the DT merit NN pie NN . . Lotus NNP Development NNP Corp. NNP feeds VBZ its PRP$ evaluations NNS into IN a DT computer NN , , but CC only RB for IN storage NN ; : the DT decisions NNS are VBP made VBN by IN supervisors NNS . . Hershey NNP Foods NNPS Corp. NNP strives VBZ for IN fairness NN by IN basing VBG increases NNS on IN quarterly JJ reviews NNS , , annual JJ appraisals NNS and CC meetings NNS with IN workers NNS . . At IN Chemfix NNP Technology NNP Inc. NNP , , each DT supervisor NN 's POS recommendation NN must MD be VB approved VBN by IN the DT next JJ boss NN up IN the DT line NN , , and CC then RB sanctioned VBN by IN a DT salary NN review NN committee NN . . JAPANESE JJ COMPANIES NNS fare VBP best RB in IN U.S. NNP when WRB they PRP give VBP Americans NNPS more JJR say NN . . University NNP of IN Michigan NNP researchers NNS find VBP the DT companies NNS earn VBP more RBR and CC win VBP a DT bigger JJR market NN share NN when WRB their PRP$ American JJ employees NNS get VBP a DT voice NN in IN planning NN , , product NN development NN and CC design NN , , including VBG decision-making JJ back NN in IN Japan NNP . . `` `` You PRP ca MD n't RB hire VB competent JJ Americans NNPS and CC say VB , , ` `` Let VB them PRP run VB only RB their PRP$ own JJ show NN , , ' '' '' '' says VBZ Vladimir NNP Pucik NNP , , who WP headed VBD the DT study NN run VBN with IN Egon NNP Zehnder NNP International NNP , , a DT search NN firm NN . . The DT researchers NNS say VBP many JJ Japanese JJ companies NNS err VBP in IN the DT U.S. NNP by IN adopting VBG the DT American JJ practice NN of IN hiring VBG managers NNS on IN the DT `` `` open JJ market NN . . '' '' In IN Japan NNP , , by IN contrast NN , , companies NNS tend VBP to TO develop VB their PRP$ own JJ talent NN and CC promote VB from IN within IN . . The DT Japanese NNP also RB are VBP accused VBN of IN keeping VBG their PRP$ cards NNS too RB close RB to TO their PRP$ vests NNS . . `` `` Some DT Japanese JJ executives NNS are VBP not RB yet RB ... : comfortable JJ about IN sharing VBG strategic JJ information NN with IN their PRP$ American JJ colleagues NNS , , '' '' the DT researchers NNS say VBP . . Americans NNPS stay VBP longer RBR with IN Japanese JJ firms NNS than IN American JJ companies NNS . . But CC they PRP think VBP promotions NNS are VBP limited VBN . . THE DT HOUSE NNP votes VBZ down RP a DT proposal NN to TO put VB pension NN plans NNS under IN the DT control NN of IN joint JJ labor-management NN boards NNS . . Some DT consultants NNS had VBD insisted VBN it PRP would MD n't RB work VB . . LONG-TERM JJ care NN insurance NN gains VBZ favor NN . . More RBR than IN half PDT the DT people NNS surveyed VBN for IN the DT Employee NNP Benefit NNP Research NNP Institute NNP say VBP they PRP would MD be VB willing JJ and CC able JJ to TO pick VB up RP most JJS of IN the DT cost NN of IN the DT coverage NN . . FRINGE-BENEFIT JJ spending NN by IN small JJ and CC medium-sized JJ employers NNS has VBZ dropped VBN to TO 25 CD % NN of IN payroll NN from IN 29 CD % NN three CD years NNS ago IN , , says VBZ the DT National NNP Institute NNP of IN Business NNP Management NNP , , an DT advisory JJ service NN . . OUSTED VBN EXECUTIVES NNPS over IN 50 CD years NNS old JJ take VBP slightly RB less JJR time NN than IN their PRP$ younger JJR colleagues NNS to TO find VB a DT job NN -- : 3.23 CD months NNS vs. CC 3.26 CD for IN the DT juniors NNS -- : outplacement NN firm NN Challenger NNP , , Gray NNP & CC Christmas NNP finds VBZ . . It PRP 's VBZ the DT first JJ time NN in IN the DT survey NN 's POS 15 CD years NNS that IN the DT over-50 JJ group NN came VBD out RP ahead RB . . FEAR NN OF IN AIDS NNP hinders VBZ hiring VBG at IN few JJ hospitals NNS . . Dedication NN runs VBZ high JJ . . Wafaa NNP El-Sadr NNP , , who WP heads VBZ the DT AIDS NNP program NN at IN New NNP York NNP City NNP 's POS Harlem NNP Hospital NNP Center NNP , , ca MD n't RB find VB help NN . . `` `` I PRP 've VBP been VBN recruiting VBG every DT single JJ day NN since IN it PRP 's VBZ been VBN identified VBN that IN many JJ AIDS NNP patients NNS come VBD from IN the DT inner JJ city NN , , '' '' she PRP says VBZ . . She PRP was VBD the DT only JJ staff NN physician NN available JJ to TO treat VB AIDS NNP patients NNS last JJ summer NN and CC now RB she PRP has VBZ the DT help NN of IN only RB two CD doctors NNS part NN time NN . . Part NN of IN the DT problem NN , , though RB , , may MD reflect VB a DT general JJ unwillingness NN to TO work VB with IN the DT urban JJ poor NN . . Parkland NNP Memorial NNP Hospital NNP in IN Dallas NNP says VBZ it PRP has VBZ n't RB had VBN any DT problem NN recruiting VBG , , even RB after IN a DT nurse NN contracted VBD the DT virus NN while IN injecting VBG an DT AIDS NNP patient NN . . `` `` I PRP can MD tell VB you PRP that IN nobody NN quit VBD over IN it PRP . . No DT one NN panicked VBD , , '' '' a DT spokeswoman NN says VBZ . . St. NNP Paul NNP Medical NNP Center NNP , , also RB in IN Dallas NNP , , sees VBZ only RB a DT `` `` minimal JJ erosion NN '' '' of IN support NN staff NN due JJ to TO AIDS NNP . . Yale-New NNP Haven NNP Hospital NNP sees VBZ no DT problem NN , , says VBZ John NNP Fenn NNP , , the DT chief NN of IN staff NN . . `` `` There EX are VBP enough RB enlightened VBN and CC spirited VBN individuals NNS who WP know VBP their PRP$ responsibilities NNS , , '' '' he PRP says VBZ . . THE DT CHECKOFF NNP : : At IN least JJS somebody NN gains VBZ on IN layoffs NNS . . The DT Association NNP of IN Outplacement NNP Consulting NNP Firms NNPS says VBZ the DT industry NN 's POS volume NN has VBZ soared VBN tenfold RB since IN 1980 CD , , to TO $ $ 350 CD million CD a DT year NN ... : . . And CC somebody NN loses VBZ on IN the DT expected VBN repeal NN of IN Section NN 89 CD , , the DT benefits NNS test NN fought VBN by IN most JJS employers NNS . . Triad NNP Solutions NNPS says VBZ software NN producers NNS had VBD each DT invested VBN hundreds NNS of IN thousands NNS of IN dollars NNS in IN programs NNS that WDT now RB have VBP no DT use NN . . Big JJ gains NNS for IN the DT ultra-right JJ Republicans NNPS party NN in IN Baden-Wuerttemburg NNP state NN municipal JJ elections NNS Sunday NNP showed VBD eroding VBG support NN for IN Chancellor NNP Helmut NNP Kohl NNP in IN a DT traditional JJ bastion NN for IN his PRP$ Christian NNP Democratic NNP Union NNP . . With IN ballots NNS from IN most JJS of IN the DT state NN 's POS major JJ cities NNS in IN by IN yesterday NN morning NN , , the DT Republicans NNPS came VBD away RP with IN 10 CD % NN of IN the DT vote NN in IN several JJ of IN the DT key JJ districts NNS . . With IN many JJ rural JJ districts NNS yet RB to TO report VB ballots NNS , , election NN officials NNS estimate VBP support NN for IN Christian NNP Democrats NNPS fell VBD an DT average JJ five CD percentage NN points NNS statewide RB . . The DT left-of-center JJ Social NNP Democrats NNPS and CC the DT environmental JJ Greens NNP party NN posted VBD mixed VBN results NNS . . Headed VBN by IN a DT former JJ Waffen NNP SS NNP sergeant NN and CC working VBG from IN a DT nationalistic JJ platform NN of IN anti-foreigner NN rhetoric NN , , the DT fledgling NN Republicans NNPS party NN has VBZ scored VBN surprising JJ gains NNS in IN earlier JJR elections NNS in IN the DT states NNS of IN West NNP Berlin NNP , , Hesse NNP and CC North-Rhine NNP Westphalia NNP . . With IN West NNP German NNP unemployment NN remaining VBG high JJ at IN two CD million CD jobless JJ and CC the DT lack NN of IN affordable JJ housing NN becoming VBG a DT primary JJ issue NN for IN next JJ year NN 's POS campaign NN , , the DT Republicans NNPS are VBP seen VBN drawing VBG support NN for IN their PRP$ `` `` Germans NNPS First JJ '' '' stand NN on IN social-welfare JJ issues NNS . . Election NN analysts NNS acknowledge VBP that IN a DT `` `` Red-Green NNP '' '' coalition NN of IN Social NNP Democrats NNPS and CC Greens NNP could MD edge VB out RP Chancellor NNP Kohl NNP 's POS coalition NN in IN the DT December NNP 1990 CD national JJ election NN if IN support NN for IN the DT Republicans NNPS continues VBZ to TO spread VB . . International JJ investigators NNS urged VBD Britain NNP to TO allow VB prosecution NN of IN suspected VBN Nazi NNP war NN criminals NNS who WP took VBD refuge NN there RB after IN 1945 CD . . Under IN current JJ law NN , , such JJ suspects NNS are VBP immune JJ from IN prosecution NN for IN acts NNS committed VBN while IN not RB British JJ citizens NNS . . `` `` If IN we PRP 're VBP not RB careful JJ we PRP could MD become VB known VBN as IN a DT haven NN for IN war NN criminals NNS , , '' '' said VBD Jeff NNP Rooker NNP , , a DT member NN of IN Parliament NNP and CC one CD of IN several JJ British JJ politicians NNS attending VBG a DT London NNP conference NN with IN government NN investigators NNS from IN the DT U.S. NNP , , Canada NNP and CC Australia NNP . . A DT parliamentary JJ inquiry NN found VBD in IN July NNP that IN more JJR than IN 70 CD people NNS living VBG in IN Britain NNP could MD have VB been VBN part NN of IN death NN squads NNS that WDT roamed VBD Nazi-occupied JJ Eastern NNP Europe NNP . . Parliament NNP is VBZ expected VBN to TO discuss VB next JJ month NN whether IN to TO change VB the DT law NN . . British JJ investigations NNS were VBD prompted VBN by IN a DT list NN of IN 17 CD alleged VBN war NN criminals NNS living VBG in IN Britain NNP sent VBN to TO Prime NNP Minister NNP Margaret NNP Thatcher NNP in IN October NNP 1986 CD by IN the DT Simon NNP Wiesenthal NNP Center NNP in IN Los NNP Angeles NNP . . In IN a DT sign NN of IN easing VBG tension NN between IN Beijing NNP and CC Hong NNP Kong NNP , , China NNP said VBD it PRP will MD again RB take VB back RB illegal JJ immigrants NNS caught VBD crossing VBG into IN the DT British JJ colony NN . . China NNP had VBD refused VBN to TO repatriate VB citizens NNS who WP sneaked VBD into IN Hong NNP Kong NNP illegally RB since IN early RB this DT month NN , , when WRB the DT colony NN allowed VBD a DT dissident JJ Chinese JJ swimmer NN to TO flee VB to TO the DT U.S. NNP . . About IN 1,100 CD Chinese NNP were VBD awaiting VBG repatriation NN yesterday NN . . Italy NNP 's POS Foreign NNP Ministry NNP said VBD it PRP is VBZ investigating VBG exports NNS to TO the DT Soviet NNP Union NNP by IN an DT Ing NNP . . C. NNP Olivetti NNP & CC Co. NNP subsidiary NN called VBN OCN-PPL NNP that WDT makes VBZ numerically RB controlled VBN machine NN tools NNS . . Although IN Italy NNP 's POS investigation NN of IN whether IN Olivetti NNP had VBD violated VBN Western JJ export-control JJ rules NNS had VBD previously RB been VBN made VBN known VBN , , this DT marked VBD the DT first JJ time NN the DT unit NN and CC product NN were VBD named VBN . . The DT U.S. NNP is VBZ worried VBN about IN the DT convertibility NN of IN Olivetti NNP 's POS machine NN tools NNS to TO military JJ use NN . . However RB , , an DT Olivetti NNP spokeswoman NN said VBD OCN-PPL NNP , , of IN which WDT Olivetti NNP sold VBD the DT majority NN interest NN last JJ year NN , , `` `` does VBZ n't RB make VB equipment NN that WDT has VBZ the DT type NN of IN precision NN necessary JJ for IN sophisticated JJ productions NNS . . '' '' Conservationists NNS say VBP that IN drift-net NN fishing NN threatens VBZ to TO wipe VB out RP much RB of IN the DT world NN 's POS tuna NN stocks NNS in IN a DT few JJ years NNS . . But CC the DT Japanese NNP Fisheries NNPS Association NNP criticized VBD moves NNS to TO ban VB the DT practice NN in IN international JJ waters NNS . . `` `` It PRP is VBZ really RB unfortunate JJ for IN human JJ beings NNS to TO be VB swayed VBN by IN emotional JJ discussions NNS , , '' '' the DT association NN said VBD . . In IN driftnet NN , , or CC `` `` wall NN of IN death NN , , '' '' fishing NN , , fleets NNS lay VBP nets NNS up IN to TO three CD miles NNS long RB that DT trap NN almost RB everything NN in IN their PRP$ path NN . . Earlier RBR this DT year NN , , Japan NNP said VBD it PRP would MD cut VB the DT number NN of IN its PRP$ drift-net NN vessels NNS in IN the DT South NNP Pacific NNP by IN two-thirds NNS , , or CC down IN to TO 20 CD . . Workers NNS at IN Peugeot NNP S.A. NNP 's POS car NN plant NN at IN Sochaux NNP , , in IN eastern JJ France NNP , , voted VBD to TO end VB a DT six-week-old JJ strike NN that WDT has VBZ cost VBN the DT Peugeot NNP group NN production NN of IN 60,000 CD automobiles NNS , , a DT company NN spokesman NN said VBD . . The DT strikers NNS voted VBD to TO accept VB a DT series NN of IN management NN proposals NNS that WDT will MD give VB them PRP a DT higher JJR basic JJ wage NN , , better JJR profit-sharing JJ benefits NNS and CC bigger JJR annual JJ bonuses NNS . . The DT spokesman NN said VBD the DT vote NN at IN Sochaux NNP is VBZ expected VBN to TO be VB followed VBN by IN a DT similar JJ move NN at IN the DT company NN 's POS assembly NN plant NN at IN Mulhouse NNP , , where WRB the DT number NN of IN strikers NNS has VBZ been VBN whittled VBN down RB to TO 80 CD . . About IN 8,000 CD National NNP Union NNP of IN Mineworkers NNPS members NNS resumed VBD their PRP$ strike NN against IN De NNP Beers NNP Consolidated NNP Mines NNPS Ltd. NNP after IN further JJ negotiations NNS to TO settle VB a DT wage NN dispute NN broke VBD down IN . . Striking VBG workers NNS , , who WP began VBD striking VBG five CD diamond NN mines NNS on IN Oct. NNP 13 CD , , had VBD returned VBN to TO work VB last JJ week NN when WRB the DT union NN and CC De NNP Beers NNP arranged VBD to TO reopen VB negotiations NNS . . A DT De NNP Beers NNP spokesman NN said VBD yesterday NN the DT company NN had VBD offered VBN to TO increase VB the DT minimum JJ wage NN by IN 18 CD % NN , , while IN the DT union NN was VBD demanding VBG 26.6 CD % NN . . Before IN the DT two CD parties NNS resumed VBD talks NNS last JJ week NN , , De NNP Beers NNP offered VBD 17 CD % NN and CC the DT union NN wanted VBD 37.6 CD % NN . . China NNP 's POS People NNS 's POS Daily NNP took VBD note NN of IN the DT growing VBG problem NN of IN computer NN fraud NN . . Since IN the DT first JJ fraud NN was VBD discovered VBN in IN July NNP 1986 CD at IN an DT office NN of IN the DT People NNPS 's POS Bank NNP of IN China NNP in IN Shenzhen NNP , , 15 CD major JJ cases NNS have VBP been VBN found VBN , , the DT paper NN said VBD ; : the DT biggest JJS was VBD the DT theft NN of IN $ $ 235,000 CD from IN a DT bank NN in IN Chengdu NNP in IN March NNP 1988 CD . . The DT number NN of IN computers NNS has VBZ mushroomed VBN in IN recent JJ years NNS , , with IN 10,000 CD in IN use NN , , as RB well RB as IN 30,000 CD miniature JJ models NNS . . But CC security NN systems NNS , , effective JJ management NN controls NNS and CC regulations NNS to TO govern VB their PRP$ use NN have VBP not RB kept VBN pace NN , , the DT People NNPS 's POS Daily NNP said VBD . . Besides IN money NN , , criminals NNS have VBP also RB used VBN computers NNS to TO steal VB secrets NNS and CC intelligence NN , , the DT newspaper NN said VBD , , but CC it PRP gave VBD no DT more JJR details NNS . . Japanese JJ tourists NNS will MD be VB told VBN to TO take VB care NN when WRB photographing VBG earthquake NN damage NN in IN San NNP Francisco NNP , , the DT Japan NNP Association NNP of IN Travel NNP Agents NNPS said VBD . . The DT association NN issued VBD an DT advisory NN to TO its PRP$ 1,685 CD member NN agencies NNS following VBG a DT report NN from IN the DT Foreign NNP Ministry NNP that IN picture-taking NN by IN Japanese JJ tourists NNS in IN earthquake-stricken JJ areas NNS was VBD causing VBG ill JJ feeling NN among IN local JJ residents NNS ... : . . Tass NNP said VBD Lenin NNP 's POS tomb NN in IN Red NNP Square NNP will MD be VB closed VBN from IN Nov. NNP 10 CD to TO Jan. NNP 15 CD for IN essential JJ maintenance NN . . The DT red JJ granite NN mausoleum NN draws VBZ thousands NNS of IN visitors NNS daily RB . . Fatalities NNS on IN rural JJ interstates NNS rose VBD 33 CD % NN between IN 1986 CD and CC last JJ year NN , , the DT National NNP Highway NNP Traffic NNP Safety NNP Administration NNP said VBD in IN a DT report NN on IN the DT impact NN of IN the DT 65 CD miles-per-hour JJ speed NN limit NN on IN those DT roads NNS . . The DT report NN to TO Congress NNP said VBD that IN fatalities NNS rose VBD 18 CD % NN in IN 1987 CD and CC 13 CD % NN in IN 1988 CD on IN rural JJ interstates NNS . . The DT 1987 CD highway NN bill NN permitted VBD states NNS to TO raise VB the DT speed NN limit NN to TO 65 CD mph NN from IN 55 CD mph NN on IN interstate JJ roads NNS , , which WDT are VBP defined VBN as IN highways NNS that WDT pass VBP through IN areas NNS with IN fewer JJR than IN 50,000 CD people NNS . . Since IN 1987 CD , , 40 CD states NNS have VBP increased VBN the DT speed NN limit NN on IN rural JJ interstates NNS . . `` `` About IN one-third NN of IN the DT fatality NN increase NN is VBZ attributed VBN to TO greater JJR travel NN , , and CC about IN two-thirds NNS is VBZ attributed VBN to TO other JJ factors NNS { ( primarily RB to TO greater JJR speed NN } ) , , '' '' according VBG to TO NHTSA NNP . . The DT report NN showed VBD that IN deaths NNS on IN urban JJ interstate JJ highways NNS rose VBD 7 CD % NN between IN 1986 CD and CC last JJ year NN , , while IN fatalities NNS on IN non-interstate JJ roads NNS were VBD about IN the DT same JJ in IN 1988 CD as IN in IN 1986 CD . . In IN states NNS that WDT raised VBD the DT speed NN limit NN on IN rural JJ interstates NNS , , the DT fatality NN rate NN rose VBD about IN 18 CD % NN to TO 1.7 CD deaths NNS per IN 100 CD million CD miles NNS traveled VBN between IN 1986 CD and CC 1988 CD . . In IN contrast NN , , the DT fatality NN rate NN in IN the DT states NNS that WDT retained VBD the DT 55 CD mph NN limit NN was VBD 0.9 CD last JJ year NN , , the DT same JJ as IN in IN 1986 CD . . Well-Seasoned JJ Reasoning NN ( ( `` `` Food NN manufacturer NN changes VBZ spelling NN of IN ` `` catsup NN ' '' to TO ` `` ketchup NN , , ' '' saying VBG that DT 's VBZ the DT spelling NN people NNS now RB prefer VBP . . '' '' -- : WSJ NNP Business NNP Bulletin NNP ) ) Public JJ preference NN is VBZ important JJ , , So IN product NN names NNS should MD match VB up IN , , And CC firms NNS that WDT find VBP they PRP 're VBP lagging VBG behind IN Should MD now RB take VB steps NNS to TO ketchup VB ! . -- : George NNP O. NNP Ludcke NNP . . Judge VB Not RB How WRB easy JJ it PRP is VBZ To TO attack VB others NNS ' POS views NNS Without IN ever RB setting VBG A DT foot NN in IN their PRP$ shoes NNS ! . -- : G. NNP Sterling NNP Leiby NNP . . Daffynition NN Money-making JJ course NN : : wad-working NN . . -- : Thomas NNP Henry NNP . . In IN an DT Oct. NNP 10 CD editorial-page NN article NN , , `` `` It PRP 's VBZ the DT World NNP Bank NNP 's POS Turn NN to TO Adjust VB , , '' '' Paul NNP Craig NNP Roberts NNP lays VBZ most JJS of IN the DT blame NN for IN what WP ails NNS developing VBG countries NNS at IN the DT doorstep NN of IN the DT World NNP Bank NNP . . The DT article NN is VBZ , , unfortunately RB , , replete JJ with IN outrageous JJ distortions NNS . . One CD of IN Mr. NNP Roberts NNP 's POS observations NNS is VBZ that IN the DT Bank NNP 's POS own JJ loan NN portfolio NN is VBZ in IN deep JJ trouble NN because IN of IN its PRP$ lending NN to TO developing VBG countries NNS . . This DT is VBZ just RB not RB so RB . . The DT reality NN is VBZ that IN Bank NNP finances NNS are VBP rock NN solid JJ . . As IN of IN June NNP 30 CD , , 1989 CD -- : the DT day NN our PRP$ past NN fiscal JJ year NN came VBD to TO a DT close NN -- : only RB 4.1 CD % NN of IN the DT Bank NNP 's POS portfolio NN was VBD affected VBN by IN arrears NNS of IN over IN six CD months NNS . . This DT is VBZ an DT enviably RB low JJ level NN . . Moreover RB , , the DT Bank NNP follows VBZ a DT prudent JJ provisioning VBG policy NN and CC has VBZ set VBN aside RP $ $ 800 CD million CD against IN possible JJ loan NN losses NNS . . For IN the DT same JJ fiscal JJ year NN , , by IN the DT way NN , , the DT Bank NNP 's POS net JJ income NN was VBD a DT robust JJ $ $ 1.1 CD billion CD after IN provisions NNS . . Because IN of IN the DT business-like JJ manner NN in IN which WDT the DT Bank NNP goes VBZ about IN development NN , , financial JJ markets NNS have VBP confidence NN in IN it PRP . . This DT helps VBZ explain VB the DT triple-A JJ rating NN enjoyed VBN by IN our PRP$ bonds NNS and CC our PRP$ ability NN to TO borrow VB $ $ 9.3 CD billion CD in IN fiscal JJ 1989 CD on IN the DT most RBS advantageous JJ terms NNS . . Another DT of IN Mr. NNP Roberts NNP 's POS criticisms NNS is VBZ that DT Bank NNP lending NN has VBZ done VBN more JJR harm NN than IN good JJ `` `` by IN implanting VBG the DT wrong JJ incentives NNS and CC deflecting VBG energy NN away RB from IN economic JJ development NN . . '' '' Here RB , , too RB , , Mr. NNP Roberts NNP is VBZ way NN off IN the DT mark NN . . The DT reality NN is VBZ that IN Bank NNP loans NNS have VBP been VBN linked VBN to TO policy NN improvements NNS for IN 40 CD years NNS . . Our PRP$ traditional JJ project NN loans NNS have VBP , , for IN instance NN , , supported VBN sensible JJ energy NN pricing NN in IN the DT power NN sector NN , , sound JJ interest-rate JJ policies NNS in IN the DT credit NN area NN and CC the DT operation NN of IN public JJ utilities NNS as IN efficient JJ , , autonomous JJ agencies NNS . . By IN and CC large JJ , , these DT efforts NNS have VBP borne VBN fruit NN . . In IN my PRP$ home NN region NN , , Latin NNP America NNP , , much RB of IN the DT existing VBG infrastructure NN base NN -- : an DT important JJ building NN block NN for IN development NN -- : has VBZ been VBN financed VBN by IN the DT World NNP Bank NNP . . Mr. NNP Roberts NNP also RB takes VBZ a DT swipe NN at IN the DT Bank NNP 's POS adjustment NN lending NN . . What WP are VBP the DT facts NNS on IN this DT type NN of IN lending NN ? . The DT Bank NNP has VBZ been VBN making VBG adjustment NN loans NNS for IN 10 CD years NNS . . As IN their PRP$ name NN implies VBZ , , these DT operations NNS are VBP linked VBN to TO far-reaching JJ policy NN reforms NNS that WDT aim VBP at IN helping VBG borrowing NN countries NNS get VB back RP on IN the DT growth NN path NN and CC at IN enhancing VBG their PRP$ credit-worthiness NN . . Typically RB , , these DT measures NNS include VBP reforms NNS to TO downsize VB the DT role NN of IN government NN and CC parastatals NNS in IN the DT economy NN , , to TO open VB up RP inward-looking JJ economies NNS to TO international JJ competition NN and CC to TO promote VB the DT development NN of IN a DT vigorous JJ private JJ sector NN . . Support NN for IN the DT private JJ sector NN has VBZ been VBN a DT longstanding JJ concern NN of IN the DT Bank NNP 's POS . . Over IN the DT years NNS , , it PRP has VBZ helped VBN encourage VB investments NNS by IN entrepreneurs NNS in IN the DT Third NNP World NNP through IN its PRP$ extensive JJ credit NN operations NNS and CC through IN loans NNS and CC investments NNS by IN the DT International NNP Finance NNP Corp NNP . . Most RBS recently RB , , the DT Bank NNP Group NNP has VBZ been VBN expanded VBN to TO include VB the DT Multilateral NNP Investment NNP Guarantee NNP Agency NNP to TO stimulate VB direct JJ foreign JJ investment NN in IN developing VBG countries NNS by IN offering VBG guarantees NNS against IN noncommercial JJ risk NN and CC advice NN to TO member NN countries NNS on IN how WRB to TO improve VB their PRP$ business NN climate NN . . These DT are VBP not RB the DT actions NNS of IN a DT development NN agency NN wed VBN to TO central JJ planning NN and CC to TO the DT concentration NN of IN investment NN decisions NNS in IN the DT hands NNS of IN government NN , , as IN Mr. NNP Roberts NNP alleges VBZ . . Rather RB , , they PRP reflect VBP the DT Bank NNP 's POS time-tested JJ , , pragmatic JJ approach NN , , which WDT aims VBZ at IN ensuring VBG that IN developing VBG countries NNS put VBP their PRP$ scarce JJ resources NNS to TO the DT best JJS possible JJ use NN . . Francisco NNP Aguirre-Sacasa NNP Director NNP , , External NNP Affairs NNPS The DT World NNP Bank NNP The DT government NN said VBD it PRP would MD streamline VB its PRP$ enormous JJ and CC often-criticized JJ food NN marketing NN and CC distribution NN network NN , , Compania NNP Nacional NNP de IN Subsistencias NNP Populares NNP , , or CC Conasupo NNP . . Conasupo NNP Director NNP Ignacio NNP Ovalle NNP Fernandez NNP said VBD the DT agency NN will MD sell VB 589 CD midsized JJ supermarkets NNS and CC several JJ food-production NN plants NNS and CC warehouses NNS beginning VBG early JJ next JJ year NN . . The DT agency NN will MD withdraw VB from IN the DT production NN of IN nine CD food NN products NNS , , maintaining VBG production NN of IN the DT two CD most RBS important JJ ones NNS , , corn NN and CC milk NN . . Mr. NNP Ovalle NNP also RB said VBD Conasupo NNP will MD cut VB back JJ subsidies NNS to TO producers NNS of IN nonessential JJ farm NN products NNS and CC close VB retail JJ outlets NNS in IN wealthy JJ neighborhoods NNS . . The DT agency NN 's POS workers NNS and CC private JJ companies NNS would MD be VB allowed VBN to TO bid VB for IN the DT assets NNS up IN for IN sale NN . . Conasupo NNP controls VBZ prices NNS on IN agricultural JJ goods NNS and CC operates VBZ retail JJ outlets NNS where WRB basic JJ consumer NN items NNS are VBP sold VBN at IN state-subsidized JJ prices NNS . . Business NN leaders NNS have VBP long RB criticized VBN the DT agency NN as IN a DT leading VBG example NN of IN bureacratic JJ waste NN . . Private-sector JJ leaders NNS praised VBD the DT Conasupo NNP restructuring NN . . But CC most JJS economists NNS doubt VBP the DT streamlining VBG would MD cut VB deeply RB into IN Conasupo NNP government NN subsidy NN , , which WDT largely RB goes VBZ to TO reduce VB consumer NN prices NNS for IN corn NN and CC milk NN . . The DT Food NNP and CC Drug NNP Administration NNP banned VBD all DT imports NNS of IN mushrooms NNS from IN China NNP in IN response NN to TO a DT rash NN of IN food-poisoning JJ outbreaks NNS linked VBN to TO canned VBN Chinese JJ mushrooms NNS . . `` `` The DT agency NN has VBZ concluded VBN that DT contamination NN may MD be VB widespread JJ throughout IN the DT mushroom-processing JJ industry NN in IN China NNP , , '' '' an DT FDA NNP spokesman NN said VBD yesterday NN . . The DT agency NN wo MD n't RB allow VB mushrooms NNS that WDT were VBD canned VBN or CC packed VBN in IN brine NN at IN any DT Chinese JJ plant NN to TO enter VB the DT U.S. NNP until IN `` `` satisfactory JJ sanitation-control JJ measures NNS are VBP implemented VBN in IN China NNP to TO prevent VB '' '' bacterial JJ contamination NN . . On IN May NNP 19 CD , , the DT FDA NNP began VBD detaining VBG Chinese JJ mushrooms NNS in IN 68-ounce JJ cans NNS after IN more RBR than IN 100 CD people NNS in IN Mississippi NNP , , New NNP York NNP and CC Pennsylvania NNP became VBD ill RB from IN eating VBG tainted VBN mushrooms NNS . . In IN subsequent JJ tests NNS , , the DT agency NN found VBD smaller-size JJ cans NNS from IN several JJ Chinese JJ plants NNS to TO be VB similarly RB contaminated VBN . . The DT outbreaks NNS were VBD traced VBN to TO staphylococcus NN aureus NN , , a DT type NN of IN bacteria NNS that WDT produces VBZ a DT toxin NN capable JJ of IN surviving VBG the DT high JJ temperatures NNS used VBN in IN canning VBG vegetables NNS . . A DT recall NN of IN the DT mushrooms NNS blamed VBN for IN the DT food NN poisoning NN began VBD in IN early JJ March NNP . . In IN 1987 CD , , China NNP exported VBD 65 CD million CD pounds NNS of IN mushrooms NNS , , valued VBN at IN $ $ 47 CD million CD , , to TO the DT U.S. NNP . . The DT shipments NNS went VBD mostly RB to TO food-service JJ distributors NNS that WDT supply VBP pizzerias NNS and CC restaurants NNS . . A DT spokesman NN for IN the DT Chinese NNP Embassy NNP here RB said VBD that IN the DT Beijing NNP government NN has VBZ taken VBN `` `` many JJ effective JJ measures NNS '' '' to TO stop VB the DT mushroom NN contamination NN and CC is VBZ further RB investigating VBG the DT underlying VBG causes NNS . . He PRP predicted VBD the DT problem NN will MD be VB solved VBN `` `` very RB soon RB . . '' '' Your PRP$ Sept. NNP 26 CD `` `` Politics NNPS & CC Policy NNP '' '' article NN about IN William NNP Bennett NNP 's POS Emergency NNP Drug NNP Plan NNP for IN Washington NNP gives VBZ the DT impression NN that IN the DT FBI NNP has VBZ not RB been VBN nor CC is VBZ actively RB involved VBN . . This DT is VBZ not RB the DT case NN . . The DT FBI NNP is VBZ very RB supportive JJ of IN and CC an DT active JJ participant NN in IN Mr. NNP Bennett NNP 's POS initiative NN . . It PRP was VBD agreed VBN at IN the DT outset NN of IN the DT Washington NNP Drug NNP Initiative NNP that IN the DT FBI NNP 's POS role NN would MD be VB to TO continue VB targeting VBG the DT major JJ drug NN traffickers NNS through IN our PRP$ National NNP Drug NNP Strategy NNP . . Through IN these DT investigations NNS we PRP do VBP not RB focus VB on IN the DT street NN drug NN user NN , , but CC rather RB we PRP target VBP and CC attack VBP major JJ drug-trafficking JJ organizations NNS that WDT control VBP a DT large JJ segment NN of IN the DT drug NN market NN . . The DT trial NN of IN Raful NNP Edmond NNP III NNP in IN Washington NNP serves VBZ to TO highlight VB our PRP$ efforts NNS in IN this DT area NN and CC the DT results NNS achieved VBN through IN our PRP$ excellent JJ working VBG relationship NN with IN the DT Drug NNP Enforcement NNP Administration NNP and CC the DT Metropolitan NNP Police NNP Department NNP ( ( MPD NNP ) ) . . The DT FBI NNP 's POS role NN is VBZ to TO complement VB the DT D.C. NNP initiative NN through IN not RB only RB these DT major JJ trafficking NN investigations NNS , , but CC also RB by IN providing VBG a DT full JJ range NN of IN services NNS through IN various JJ task NN forces NNS and CC our PRP$ contacts NNS with IN local JJ police NN squads NNS handling VBG drug-related JJ crimes NNS . . In IN fact NN , , we PRP have VBP agents NNS assigned VBN full JJ time NN to TO assist VB the DT MPD NNP in IN drug-related JJ crimes NNS such JJ as IN homicide NN and CC other JJ crimes NNS of IN violence NN . . Milt NNP Ahlerich NNP Assistant NNP Director NNP Office NNP of IN Public NNP Affairs NNPS Federal NNP Bureau NNP of IN Investigation NNP Ramada NNP Inc. NNP revised VBD the DT terms NNS of IN its PRP$ restructuring NN and CC extended VBN to TO Feb. NNP 28 CD , , 1990 CD , , the DT deadline NN to TO complete VB the DT sale NN of IN its PRP$ hotel NN business NN to TO New NNP World NNP Development NNP Co. NNP of IN Hong NNP Kong NNP and CC Prime NNP Motor NNP Inns NNPS Inc. NNP of IN Fairfield NNP , , N.J NNP . . Ramada NNP 's POS previous JJ plan NN was VBD derailed VBN by IN upheaval NN in IN the DT junk-bond JJ market NN that WDT hindered VBD the DT offering NN of IN $ $ 400 CD million CD in IN high-yield JJ securities NNS of IN Aztar NNP Corp. NNP , , the DT new JJ company NN that WDT will MD operate VB Ramada NNP 's POS casinos NNS in IN Nevada NNP and CC Atlantic NNP City NNP , , Under IN the DT new JJ terms NNS , , New NNP World NNP will MD still RB pay VB $ $ 540 CD million CD for IN Ramada NNP 's POS hotel NN business NN , , subject JJ to TO adjustment NN at IN closing VBG , , but CC Ramada NNP will MD now RB reimburse VB New NNP World NNP for IN $ $ 10 CD million CD in IN expenses NNS . . Prime NNP will MD still RB manage VB Ramada NNP 's POS domestic JJ franchise NN system NN when WRB the DT sale NN closes VBZ . . Revised VBN terms NNS call VBP for IN each DT Ramada NNP common JJ share NN to TO be VB exchanged VBN for IN $ $ 1 CD in IN cash NN , , subject JJ to TO possible JJ reduction NN , , and CC one CD share NN of IN Aztar NNP common JJ stock NN . . Shareholders NNS will MD also RB receive VB one CD cent NN per IN share NN for IN the DT redemption NN of IN preferred VBN stock NN purchase NN rights NNS . . The DT cash NN payout NN will MD be VB reduced VBN by IN 40 CD % NN of IN any DT amount NN by IN which WDT the DT weighted JJ mean JJ price NN of IN Ramada NNP 's POS common JJ stock NN exceeds VBZ $ $ 14 CD on IN the DT day NN the DT transaction NN closes VBZ . . The DT provision NN will MD help VB provide VB for IN tax NN liabilities NNS that WDT may MD stem VB from IN the DT restructuring NN . . Ramada NNP 's POS stock NN rose VBD 87.5 CD cents NNS on IN the DT news NN to TO close VB at IN $ $ 11.25 CD in IN composite JJ New NNP York NNP Stock NNP Exchange NNP trading NN . . The DT announcement NN dispelled VBD some DT Wall NNP Street NNP observers NNS ' POS fears NNS that IN New NNP World NNP might MD demand VB a DT huge JJ premium NN for IN the DT delay NN , , or CC scrap VB the DT deal NN entirely RB . . The DT previous JJ deadline NN to TO complete VB the DT sale NN was VBD Nov. NNP 30 CD . . One CD major JJ advantage NN of IN the DT revised VBN plan NN is VBZ that IN Aztar NNP will MD have VB far RB less JJR debt NN than IN under IN the DT old JJ terms NNS . . `` `` They PRP 'll MD go VB from IN being VBG one CD of IN the DT most RBS leveraged JJ to TO one CD of IN the DT least RBS leveraged JJ casino NN companies NNS , , '' '' said VBD Daniel NNP Lee NNP , , an DT analyst NN with IN Drexel NNP Burnham NNP Lambert NNP Inc NNP . . Mr. NNP Lee NNP values VBZ the DT package NN at IN between IN $ $ 15 CD and CC $ $ 20 CD a DT share NN , , based VBN on IN current JJ trading NN prices NNS of IN other JJ casino-company NN stocks NNS . . The DT much-revised JJ restructuring NN , , which WDT was VBD first RB announced VBN in IN October NNP 1988 CD , , must MD again RB be VB approved VBN by IN shareholders NNS and CC state NN casino NN regulators NNS in IN Nevada NNP and CC New NNP Jersey NNP . . Financing NN plans NNS include VBP raising VBG $ $ 170 CD million CD in IN debt NN secured VBN by IN the DT company NN 's POS holdings NNS in IN New NNP Jersey NNP . . In IN May NNP , , Ramada NNP sold VBD its PRP$ Marie NNP Callender NNP Pie NNP Shops NNPS Inc. NNP unit NN to TO a DT group NN of IN private JJ investors NNS as IN part NN of IN its PRP$ plan NN to TO focus VB on IN its PRP$ casinos NNS in IN Atlantic NNP City NNP and CC in IN Las NNP Vegas NNP and CC Laughlin NNP , , Nev NNP . . Bond NN prices NNS took VBD the DT high JJ road NN and CC stock NN prices NNS took VBD the DT low JJ road NN as IN worries NNS mounted VBN about IN the DT economy NN and CC the DT junk NN bond NN market NN . . The DT Dow NNP Jones NNP Industrial NNP Average NNP fell VBD 26.23 CD points NNS to TO 2662.91 CD in IN sluggish JJ trading NN . . But CC long-term JJ Treasury NN bonds NNS staged VBD a DT modest JJ rally NN , , with IN prices NNS on IN most JJS issues NNS rising VBG about IN half PDT a DT point NN , , or CC $ $ 5 CD for IN each DT $ $ 1,000 CD face NN amount NN . . The DT dollar NN sagged VBD against IN other JJ major JJ currencies NNS in IN lethargic JJ trading NN . . Traders NNS and CC analysts NNS said VBD the DT divergence NN between IN the DT stock NN and CC bond NN markets NNS is VBZ a DT sign NN of IN growing VBG unease NN about IN the DT economic JJ outlook NN . . A DT sinking VBG economy NN depresses VBZ corporate JJ earnings NNS and CC thus RB stock NN prices NNS , , but CC it PRP buoys VBZ bond NN prices NNS as IN interest NN rates NNS fall VBP . . That DT unease NN is VBZ expected VBN to TO grow VB today NN when WRB the DT government NN reports VBZ on IN September NNP durable JJ goods NNS orders NNS and CC again RB Thursday NNP when WRB the DT first JJ assessment NN of IN third-quarter JJ economic JJ growth NN is VBZ released VBN . . Analysts NNS say VBP they PRP think VBP durable JJ goods NNS orders NNS fell VBD about IN 1 CD % NN , , compared VBN with IN a DT 3.9 CD % NN gain NN in IN August NNP , , and CC that DT growth NN in IN the DT third JJ quarter NN slowed VBD to TO about IN 2.3 CD % NN from IN the DT second JJ quarter NN 's POS 2.5 CD % NN . . The DT stock NN market NN 's POS decline NN , , coming VBG after IN a DT record NN weekly JJ gain NN of IN 119.88 CD points NNS , , surprised VBD some DT investors NNS . . But CC A.C. NNP Moore NNP , , director NN of IN research NN at IN Argus NNP Research NNP , , said VBD last JJ week NN 's POS rally NN was VBD a DT reflex JJ reaction NN to TO the DT Oct. NNP 13 CD stock NN market NN rout NN . . Overall RB , , he PRP said VBD , , the DT trend NN in IN stock NN prices NNS will MD be VB down IN as IN the DT economy NN weakens VBZ . . `` `` We PRP think VBP we PRP 're VBP on IN target NN in IN looking VBG for IN renewed VBN economic JJ deterioration NN , , '' '' he PRP said VBD . . `` `` Corporate JJ profits NNS are VBP going VBG to TO decrease VB faster RBR than IN interest NN rates NNS will MD fall VB , , and CC the DT probability NN is VBZ that IN we PRP 'll MD see VB negative JJ economic JJ growth NN in IN the DT fourth JJ quarter NN . . '' '' Hugh NNP Johnson NNP , , chief NN investment NN officer NN at IN First JJ Albany NNP Corp. NNP , , agreed VBD that IN a DT deteriorating VBG economy NN is VBZ worrisome JJ , , but CC he PRP said VBD the DT real JJ concern NN among IN stock NN investors NNS is VBZ that IN some DT new JJ problem NN will MD crop VB up RP in IN the DT junk NN bond NN market NN . . In IN major JJ market NN activity NN : : Stock NNP prices NNS slumped VBD in IN sluggish JJ trading NN . . Volume NN on IN the DT New NNP York NNP Stock NNP Exchange NNP totaled VBD 135.9 CD million CD shares NNS . . Declining VBG issues NNS on IN the DT Big NNP Board NNP were VBD ahead RB of IN gainers NNS , , 1,012 CD to TO 501 CD . . Bond NN prices NNS rallied VBD . . The DT yield NN on IN the DT Treasury NN 's POS benchmark NN 30-year JJ bond NN slipped VBD to TO 7.93 CD % NN . . The DT dollar NN weakened VBD against IN most RBS other JJ major JJ currencies NNS . . In IN late JJ New NNP York NNP trading NN , , the DT dollar NN was VBD quoted VBN at IN 1.8470 CD marks NNS and CC 141.90 CD yen NN , , compared VBN with IN 1.8578 CD marks NNS and CC 142.43 CD yen NN late JJ Friday NNP . . The DT Wall NNP Street NNP Journal NNP `` `` American NNP Way NNP of IN Buying NNP '' '' Survey NN consists VBZ of IN two CD separate JJ , , door-to-door JJ nationwide JJ polls NNS conducted VBN for IN the DT Journal NNP by IN Peter NNP D. NNP Hart NNP Research NNP Associates NNPS and CC the DT Roper NNP Organization NNP . . The DT two CD surveys NNS , , which WDT asked VBD different JJ questions NNS , , were VBD conducted VBN using VBG national JJ random JJ probability NN samples NNS . . The DT poll NN conducted VBN by IN Peter NNP D. NNP Hart NNP Research NNP Associates NNPS interviewed VBD 2,064 CD adults NNS age NN 18 CD and CC older JJR from IN June NNP 15 CD to TO June NNP 30 CD , , 1989 CD . . The DT poll NN conducted VBN by IN the DT Roper NNP Organization NNP interviewed VBD 2,002 CD adults NNS age NN 18 CD and CC older JJR from IN July NNP 7 CD to TO July NNP 15 CD , , 1989 CD . . Responses NNS were VBD weighted VBN on IN the DT basis NN of IN age NN and CC gender NN to TO conform VB with IN U.S. NNP Census NNP data NNS . . For IN each DT poll NN , , the DT odds NNS are VBP 19 CD out IN of IN 20 CD that DT if IN pollsters NNS had VBD sought VBN to TO survey VB every DT household NN in IN the DT U.S. NNP using VBG the DT same JJ questionnaire NN , , the DT findings NNS would MD differ VB from IN these DT poll JJ results NNS by IN no DT more RBR than IN 2 CD 1\/2 CD percentage NN points NNS in IN either DT direction NN . . The DT margin NN of IN error NN for IN subgroups NNS -- : for IN example NN , , married VBN women NNS with IN children NNS at IN home NN -- : would MD be VB larger JJR . . In IN addition NN , , in IN any DT survey NN , , there EX is VBZ always RB the DT chance NN that IN other JJ factors NNS such JJ as IN question NN wording NN could MD introduce VB errors NNS into IN the DT findings NNS . . ( ( See VB related VBN story NN : : `` `` The NNP American NNP Way NNP of IN Buying NNP : : Is VBZ Buying VBG a DT Car NN a DT Choice NN or CC a DT Chore NN ? . -- : Ironically RB , , American NNP Airlines NNPS ' POS attempt NN to TO lead VB industry NN prices NNS higher RBR was VBD reported VBN in IN the DT same JJ issue NN as IN your PRP$ survey NN showing VBG that IN consumers NNS had VBD the DT least JJS confidence NN in IN the DT airline NN industry NN ( ( Sept. NNP 20 CD ) ) . . You PRP quote VBP Robert NNP Crandall NNP , , chairman NN of IN American NNP 's POS parent NN , , AMR NNP Corp. NNP , , as IN having VBG said VBD that IN discount NN deals NNS for IN big JJ customers NNS would MD be VB `` `` dumb JJ '' '' because IN `` `` you PRP will MD go VB to TO Detroit NNP because IN you PRP have VBP to TO go VB to TO Detroit NNP whether IN the DT fare NN is VBZ $ $ 175 CD , , $ $ 275 CD or CC $ $ 375 CD . . '' '' Even RB if IN Mr. NNP Crandall NNP is VBZ correct JJ , , he PRP of IN all DT people NNS must MD realize VB our PRP$ society NN relies VBZ on IN competition NN to TO keep VB prices NNS at IN a DT competitive JJ level NN . . In IN 1986 CD , , he PRP settled VBD an DT antitrust JJ suit NN based VBN on IN a DT taped VBN telephone NN conversation NN of IN him PRP proposing VBG to TO Braniff NNP 's POS president NN that IN they PRP both DT raise VBP fares NNS 20 CD % NN . . ( ( Braniff NNP declined VBD ) ) . . When WRB I PRP asked VBD American NNP Airlines NNPS for IN its PRP$ side NN of IN the DT story NN for IN use NN in IN my PRP$ MBA NNP class NN , , where WRB I PRP teach VBP business NN ethics NNS , , it PRP did VBD not RB respond VB . . Perhaps RB the DT ethics NNS of IN an DT industry NN 's POS leader NN filters VBZ down IN and CC is VBZ one CD of IN the DT factors NNS that WDT ultimately RB shapes VBZ consumer NN trust NN in IN that DT industry NN . . Arnold NNP Celnicker NNP Assistant NNP Professor NNP Ohio NNP State NNP University NNP Meredith NNP Corp. NNP is VBZ launching VBG a DT new JJ service NN to TO offer VB advertisers NNS package NN deals NNS combining VBG its PRP$ book NN , , magazine NN and CC videocassette NN products NNS . . The DT Des NNP Moines-based JJ publisher NN said VBD it PRP created VBD a DT new JJ Custom NNP Marketing NNP Group NNP that WDT will MD offer VB advertisers NNS special JJ rates NNS for IN combination NN packages NNS in IN its PRP$ magazines NNS , , such JJ as IN Ladies NNP Home NNP Journal NNP and CC Better NNP Homes NNPS and CC Gardens NNPS . . In IN addition NN , , the DT group NN will MD create VB custom-designed JJ media NNS such JJ as IN cookbooks NNS , , newspaper NN inserts NNS and CC videos NNS for IN ad NN campaigns NNS . . Earlier RBR this DT year NN , , Meredith NNP sold VBD its PRP$ first JJ such JJ package NN for IN $ $ 3 CD million CD to TO Kraft NNP Inc. NNP , , now RB a DT unit NN of IN New NNP York-based JJ Philip NNP Morris NNP Cos NNP . . The DT Kraft NNP package NN included VBD a DT specially RB published VBN cookbook NN , , a DT national JJ free-standing JJ insert NN in IN Sunday NNP newspapers NNS , , and CC a DT Kraft NNP `` `` advertorial JJ '' '' section NN that WDT ran VBD in IN five CD Meredith NNP magazines NNS . . Kraft NNP recently RB agreed VBD to TO spend VB an DT additional JJ $ $ 3 CD million CD on IN similar JJ programs NNS through IN 1990 CD . . Bill NNP Murphy NNP , , director NN of IN the DT new JJ marketing NN unit NN , , said VBD Meredith NNP is VBZ negotiating VBG other JJ large-scale JJ packages NNS with IN leading VBG companies NNS in IN several JJ product NN categories NNS , , but CC he PRP would MD n't RB disclose VB their PRP$ names NNS . . Sources NNS close RB to TO the DT company NN and CC ad NN agencies NNS that WDT work VBP with IN Meredith NNP said VBD leading VBG advertisers NNS in IN consumer NN electronics NNS , , packaged VBN goods NNS and CC automotive JJ products NNS were VBD among IN those DT negotiating VBG ad NN packages NNS with IN the DT Meredith NNP group NN . . Other JJ magazine NN publishing NN companies NNS have VBP been VBN moving VBG in IN the DT same JJ direction NN . . The DT New NNP York NNP Times NNP Co. NNP 's POS Magazine NNP Group NNP earlier RBR this DT year NN began VBD offering VBG advertisers NNS extensive JJ merchandising VBG services NNS built VBN around IN buying VBG ad NN pages NNS in IN its PRP$ Golf NNP Digest NNP magazine NN . . Time NNP Warner NNP Inc. NNP recently RB formed VBD a DT `` `` synergy NN department NN '' '' to TO seek VB out RP ways NNS to TO offer VB advertisers NNS packages NNS that WDT could MD combine VB Time NNP 's POS magazines NNS with IN Warner NNP products NNS such JJ as IN videocassettes NNS . . Paul NNP DuCharme NNP , , director NN of IN media NNS services NNS at IN Grey NNP Advertising NNP , , said VBD Meredith NN is VBZ the DT leader NN in IN providing VBG multimedia NNS packages NNS . . `` `` They PRP may MD get VB passed VBN up RP later RB when WRB other JJ publishers NNS get VBP their PRP$ acts NNS together RB , , but CC for IN now RB they PRP are VBP the DT quickest JJS offering NN the DT most RBS extensive JJ plan NN , , '' '' he PRP said VBD . . Mr. NNP Murphy NNP of IN Meredith NNP said VBD one CD advertiser NN , , which WDT he PRP would MD n't RB identify VB , , wants VBZ Meredith NNP to TO provide VB ad NN pages NNS in IN seven CD Meredith NNP magazines NNS , , publish VB an DT interior-decorating JJ book NN that WDT will MD be VB distributed VBN at IN point NN of IN purchase NN , , give VB away RP a DT videotape NN on IN installation NN pointers NNS , , and CC possibly RB use VB Meredith NNP 's POS Better NNP Homes NNPS and CC Gardens NNP ' POS residential JJ real-estate JJ agents NNS to TO distribute VB discount-coupon NN books NNS to TO new JJ homeowners NNS . . `` `` Five CD years NNS ago IN , , magazine NN publishers NNS would MD simply RB bid VB on IN an DT advertiser NN 's POS big JJ ad NN schedule NN for IN their PRP$ magazine NN , , '' '' said VBD Mr. NNP Murphy NNP . . `` `` But CC the DT marketplace NN changed VBD . . Advertisers NNS now RB say VBP ` `` Help VB us PRP improve VB our PRP$ image NN and CC extend VB our PRP$ selling VBG season NN . . ' '' They PRP are VBP coming VBG to TO publishers NNS looking VBG for IN ideas NNS . . Your PRP$ Sept. NNP 21 CD article NN `` `` It PRP 's VBZ So RB Easy JJ to TO Get VB Burned VBN When WRB Buying VBG a DT Small JJ Firm NN '' '' was VBD excellent JJ . . I PRP 've VBP been VBN advising VBG small JJ businesses NNS many JJ years NNS and CC have VBP lived VBN with IN the DT fact NN that IN 50 CD % NN will MD go VB out IN of IN business NN within IN two CD years NNS , , and CC 80 CD % NN in IN five CD years NNS . . The DT economic JJ loss NN , , jobs NNS lost VBN , , anguish NN , , frustration NN and CC humiliation NN are VBP beyond IN measure NN . . And CC most JJS of IN these DT are VBP absolutely RB unnecessary JJ . . Your PRP$ article NN points VBZ out RP the DT traps NNS people NNS fall VBP into IN , , but CC when WRB reviewing VBG those DT traps NNS one NN sees VBZ just RB about IN all DT of IN them PRP could MD have VB been VBN avoided VBN . . An DT accountant NN did VBD not RB review VB the DT seller NN 's POS books NNS before IN buying VBG a DT business NN . . `` `` I PRP guess VBP I PRP was VBD naive JJ , , '' '' he PRP said VBD . . There EX is VBZ a DT more RBR descriptive JJ word NN to TO describe VB his PRP$ lapse NN of IN common JJ sense NN . . Corporate JJ managers NNS who WP want VBP to TO start VB their PRP$ own JJ business NN are VBP the DT highest JJS failure NN risks NNS . . They PRP know VBP all PDT the DT answers NNS and CC are VBP not RB used VBN to TO working VBG more RBR than IN 40 CD hours NNS a DT week NN . . The DT blue-collar JJ worker NN who WP decides VBZ to TO start VB a DT business NN will MD listen VB and CC take VB advice NN . . His PRP$ humility NN gives VBZ him PRP a DT much RB better JJR chance NN of IN success NN . . A DT few JJ months NNS ago IN your PRP$ paper NN reported VBD the DT results NNS of IN a DT study NN to TO determine VB why WRB Asians NNPS who WP arrive VBP in IN this DT country NN without IN any DT money NN , , and CC unable JJ to TO speak VB English NNP , , become VBN overnight JJ successes NNS . . Their PRP$ `` `` secret NN '' '' is VBZ that IN they PRP gather VBP a DT small JJ group NN of IN advisers NNS around IN them PRP , , listen VBP to TO what WP they PRP have VBP to TO say VB , , prepare VBP a DT business NN plan NN and CC they PRP are VBP on IN their PRP$ way NN . . Successful JJ American JJ business NN owners NNS do VBP the DT same JJ thing NN . . Unfortunately RB , , they PRP are VBP in IN the DT minority NN . . Avoiding VBG failure NN is VBZ easy JJ . . It PRP 's VBZ unfortunate JJ so IN many JJ must MD learn VB the DT hard JJ way NN . . Daniel NNP B. NNP Scully NNP Tucson NNP , , Ariz NNP . . The DT management NN turnover NN at IN Reebok NNP International NNP Ltd. NNP continued VBD with IN the DT resignation NN of IN company NN president NN C. NNP Joseph NNP LaBonte NNP , , who WP joined VBD Reebok NNP just RB two CD years NNS ago IN . . Mr. NNP LaBonte NNP 's POS departure NN follows VBZ by IN two CD months NNS the DT resignation NN of IN Mark NNP Goldston NNP as IN senior JJ vice NN president NN and CC chief NN marketing NN officer NN after IN only RB 11 CD months NNS at IN Reebok NNP . . The DT resignations NNS by IN the DT two CD executives NNS , , considered VBN hard-charging NN and CC abrasive NN by IN Reebok NNP insiders NNS , , reflect VBP a DT difference NN in IN style NN with IN Paul NNP Fireman NNP , , chairman NN and CC chief NN executive NN , , according VBG to TO several JJ former JJ executives NNS . . The DT two CD executives NNS are VBP among IN a DT number NN of IN outsiders NNS recruited VBN by IN Reebok NNP in IN the DT past JJ few JJ years NNS to TO help VB it PRP make VB the DT transition NN from IN a DT small JJ start-up JJ company NN to TO a DT marketing NN giant NN with IN sales NNS last JJ year NN of IN $ $ 1.79 CD billion CD . . The DT changes NNS come VBP as IN Reebok NNP , , which WDT grew VBD rapidly RB in IN the DT mid-1980s CD but CC has VBZ seen VBN its PRP$ sales NNS flatten VB of IN late RB , , is VBZ seeking VBG to TO regain VB momentum NN in IN the DT athletic-shoe NN business NN against IN rivals NNS Nike NNP Inc. NNP and CC L.A. NNP Gear NNP Inc NNP . . The DT departures NNS , , said VBD Alice NNP Ruth NNP , , an DT analyst NN at IN Montgomery NNP Securities NNPS in IN San NNP Francisco NNP , , should MD enable VB the DT company NN to TO focus VB on IN business NN issues NNS instead RB of IN management NN differences NNS . . `` `` I PRP think VBP it PRP 's VBZ more RBR an DT issue NN of IN style NN . . I PRP would MD view VB it PRP as IN a DT net JJ positive NN . . The DT company NN can MD go VB about IN its PRP$ business NN . . They PRP 're VBP in IN the DT midst NN of IN a DT turnaround NN , , '' '' she PRP noted VBD . . Earnings NNS have VBP rebounded VBN in IN 1989 CD after IN a DT 20 CD % NN decline NN last JJ year NN . . A DT former JJ executive NN agreed VBD that IN the DT departures NNS do VBP n't RB reflect VB major JJ problems NNS , , adding VBG : : `` `` If IN you PRP see VBP any DT company NN that WDT grows VBZ as RB fast RB as IN Reebok NNP did VBD , , it PRP is VBZ going VBG to TO have VB people NNS coming VBG and CC going VBG . . '' '' Reebok NNP said VBD Mr. NNP LaBonte NNP will MD resume VB the DT presidency NN of IN Vantage NNP Group NNP Inc. NNP , , a DT California-based JJ venture NN capital NN firm NN that IN he PRP founded VBD in IN 1983 CD . . Before IN that IN he PRP was VBD president NN and CC chief NN operating VBG officer NN of IN Twentieth NNP Century-Fox NNP Film NNP Corp NNP . . Reebok NNP added VBD that IN Mr. NNP Fireman NNP will MD assume VB the DT title NN of IN president NN . . A DT spokesman NN said VBD that IN neither DT Mr. NNP Fireman NNP nor CC Mr. NNP LaBonte NNP would MD be VB available JJ for IN comment NN . . `` `` We PRP will MD not RB be VB commenting VBG beyond IN the DT news NN release NN , , '' '' the DT spokesman NN said VBD . . Mr. NNP Goldston NNP , , who WP had VBD been VBN president NN of IN Faberge NNP Inc. NNP 's POS Faberge NNP U.S.A. NNP division NN before IN joining VBG Reebok NNP in IN September NNP 1988 CD , , left VBN in IN August NNP to TO pursue VB other JJ interests NNS . . Magazine NN publishers NNS are VBP facing VBG spiraling VBG costs NNS and CC a DT glut NN of IN new JJ titles NNS . . But CC even RB a DT raft NN of IN recent JJ failures NNS is VBZ n't RB stopping VBG them PRP from IN launching VBG new JJ publications NNS . . At IN the DT American NNP Magazine NNP Conference NNP here RB , , publishers NNS are VBP plenty RB worried VBN about IN the DT industry NN 's POS woes NNS . . But CC they PRP are VBP also RB talking VBG about IN new JJ magazines NNS . . For IN example NN , , Toronto-based JJ Telemedia NNP Inc. NNP will MD publish VB Eating NNP Well NNP , , a DT new JJ food NN and CC health NN magazine NN due JJ out IN next JJ summer NN . . New NNP York-based JJ Hearst NNP Corp. NNP this DT fall NN plans VBZ to TO publish VB its PRP$ first JJ issue NN of IN 9 CD Months NNS , , a DT magazine NN for IN expectant JJ mothers NNS , , and CC has VBZ already RB launched VBN American NNP Home NNP . . And CC Time NNP Warner NNP Inc. NNP is VBZ developing VBG a DT spinoff NN of IN Time NNP magazine NN aimed VBN at IN kids NNS , , on IN the DT heels NNS of IN its PRP$ successful JJ Sports NNP Illustrated NNP for IN Kids NNPS . . Over IN the DT past JJ four CD years NNS , , the DT number NN of IN consumer NN magazines NNS has VBZ increased VBN by IN an DT average NN of IN 80 CD magazines NNS annually RB , , according VBG to TO Donald NNP Kummerfeld NNP , , president NN of IN the DT Magazine NNP Publishers NNPS of IN America NNP . . `` `` This DT is VBZ an DT impressive JJ show NN of IN faith NN in IN the DT future NN of IN the DT magazine NN industry NN , , '' '' said VBD Mr. NNP Kummerfeld NNP . . `` `` Entrepreneurs NNS do VBP n't RB rush VB to TO get VB into IN a DT stagnant JJ or CC declining VBG industry NN . . '' '' And CC despite IN the DT recent JJ tough JJ advertising NN climate NN , , industry NN figures NNS released VBN at IN the DT meeting NN here RB indicate VBP things NNS may MD be VB turning VBG around IN . . For IN the DT first JJ nine CD months NNS , , advertising VBG pages NNS in IN consumer NN magazines NNS tracked VBN by IN the DT Publishers NNPS Information NNP Bureau NNP increased VBD 4 CD % NN from IN the DT same JJ period NN last JJ year NN , , to TO 125,849 CD pages NNS . . Total JJ magazine NN ad NN revenue NN for IN the DT same JJ period NN increased VBD 12 CD % NN to TO $ $ 4.6 CD billion CD . . Though IN for IN some DT magazines NNS categories NNS a DT tough JJ advertising NN climate NN persists VBZ , , the DT industry NN in IN general JJ is VBZ doing VBG well RB compared VBN with IN the DT newspaper NN industry NN . . Though IN some DT magazines NNS are VBP thriving VBG , , the DT magazine NN publishing VBG industry NN remains VBZ a DT risky JJ business NN . . Within IN the DT same JJ nine CD months NNS , , News NNP Corp. NNP closed VBD down RP In IN Fashion NNP , , a DT once-promising JJ young JJ woman NN 's POS fashion NN magazine NN , , Drake NNP Publications NNPS Inc. NNP has VBZ folded VBN the DT long-troubled JJ Venture NNP magazine NN , , and CC Lang NNP Communications NNPS has VBZ announced VBN Ms. NNP magazine NN , , after IN 17 CD years NNS , , will MD no RB longer RB carry VB advertising NN as IN of IN January NNP . . Lang NNP is VBZ cutting VBG costs NNS and CC will MD attempt VB to TO operate VB the DT magazine NN with IN only JJ subscription NN revenue NN . . Meanwhile RB , , American NNP Health NNP Partners NNPS , , publisher NN of IN American NNP Health NNP magazine NN , , is VBZ deep JJ in IN debt NN , , and CC Owen NNP Lipstein NNP , , founder NN and CC managing VBG partner NN , , is VBZ being VBG forced VBN to TO sell VB the DT magazine NN to TO Reader NNP 's POS Digest NNP Association NNP Inc NNP . . Mr. NNP Lipstein NNP 's POS absence NN from IN the DT meeting NN here RB raised VBD speculation NN that IN the DT sale NN is VBZ in IN trouble NN . . Mr. NNP Lipstein NNP said VBD in IN a DT telephone NN interview NN from IN New NNP York NNP that IN the DT sale NN was VBD proceeding VBG as RB planned VBN . . `` `` The DT magazine NN is VBZ strong JJ . . It PRP 's VBZ simply RB the DT right JJ time NN to TO do VB what WP we PRP are VBP doing VBG , , '' '' Mr. NNP Lipstein NNP said VBD . . `` `` Magazines NNS can MD no RB longer RB be VB considered VBN institutions NNS , , '' '' said VBD James NNP Autry NNP , , president NN of IN Meredith NNP Corp. NNP 's POS magazine NN group NN . . `` `` Publishers NNS will MD find VB that IN some DT magazines NNS have VBP served VBN their PRP$ purpose NN and CC should MD die VB , , '' '' he PRP added VBD . . `` `` Magazines NNS could MD , , like IN other JJ brands NNS , , find VBP that IN they PRP have VBP only RB a DT limited VBN life NN . . '' '' There EX are VBP also RB indications NNS that IN the DT number NN of IN magazine NN entrepreneurs NNS , , traditionally RB depended VBD upon IN to TO break VB new JJ ground NN with IN potentially RB risky JJ start-ups NNS , , are VBP dwindling VBG . . More RBR than IN ever RB , , independent JJ magazines NNS and CC small JJ publishing NN groups NNS are VBP being VBG gobbled VBN up RP by IN larger JJR publishing NN groups NNS , , such JJ as IN American NNP Express NNP Publishing NNP Corp. NNP , , a DT unit NN of IN American NNP Express NNP Co. NNP , , and CC Conde NNP Nast NNP Publications NNPS Inc. NNP , , a DT unit NN of IN Advance NNP Publications NNPS Inc. NNP , , which WDT are VBP consolidating VBG in IN order NN to TO gain VB leverage NN with IN advertisers NNS . . Some DT entrepreneurs NNS are VBP still RB active JJ , , though RB . . Gerry NNP Ritterman NNP , , president NN of IN New NNP York-based JJ Network NNP Publishing NNP Corp. NNP , , earlier RBR this DT year NN sold VBD his PRP$ Soap NNP Opera NNP Digest NNP magazine NN to TO Rupert NNP Murdoch NNP 's POS News NNP Corp NNP . . Mr. NNP Ritterman NNP said VBD that IN in IN the DT next JJ six CD months NNS he PRP will MD take VB $ $ 50 CD million CD from IN the DT Soap NNP Opera NNP Digest NNP sale NN to TO acquire VB new JJ magazines NNS . . He PRP would MD not RB reveal VB which WDT magazines NNS he PRP is VBZ considering VBG . . `` `` The DT magazines NNS I PRP am VBP looking VBG for IN are VBP underdeveloped JJ , , '' '' said VBD Mr. NNP Ritterman NNP . . `` `` They PRP could MD be VB old JJ or CC new JJ , , but CC they PRP are VBP magazines NNS whose WP$ editorial JJ quality NN needs VBZ to TO be VB improved VBN . . They PRP will MD be VB the DT next JJ hot JJ magazines NNS . . MCA NNP Inc. NNP said VBD its PRP$ toy-making JJ unit NN agreed VBD to TO buy VB Buddy NNP L NNP Corp. NNP , , producer NN of IN a DT line NN of IN toy NN vehicles NNS and CC preschool JJ products NNS . . The DT price NN was VBD n't RB disclosed VBD , , but CC an DT executive NN of IN LJN NNP Toys NNPS Ltd. NNP , , the DT MCA NNP unit NN , , said VBD the DT closely RB held VBN Buddy NNP L NNP had VBD annual JJ sales NNS in IN excess NN of IN $ $ 20 CD million CD . . The DT 40-year-old JJ Buddy NNP L NNP concern NN , , based VBN in IN New NNP York NNP , , designs VBZ and CC develops VBZ toys NNS under IN the DT names NNS `` `` Buddy NNP L NNP '' '' and CC `` `` My NNP First NNP Buddy NNP , , '' '' he PRP said VBD . . MCA NNP said VBD it PRP expects VBZ the DT proposed VBN transaction NN to TO be VB completed VBN `` `` no RB later RB than IN Nov. NNP 10 CD . . ( ( During IN its PRP$ centennial NN year NN , , The DT Wall NNP Street NNP Journal NNP will MD report VB events NNS of IN the DT past JJ century NN that DT stand NN as IN milestones NNS of IN American JJ business NN history NN . . ) ) FRANKLIN NNP NATIONAL NNP BANK NNP DIED VBD at IN 3 CD p.m. NN EDT NNP , , Oct. NNP 8 CD , , 1974 CD , , and CC was VBD promptly RB resurrected VBN under IN new JJ owners NNS to TO shore VB up RP confidence NN in IN other JJ banks NNS during IN a DT recession NN . . Arthur NNP Burns NNP , , Federal NNP Reserve NNP Board NNP chairman NN , , said VBD the DT government NN 's POS `` `` luck NN '' '' in IN keeping VBG the DT bank NN open JJ -- : despite IN being VBG the DT then-biggest JJ U.S. NNP bank NN failure NN -- : prevented VBN `` `` shock NN waves NNS around IN the DT country NN and CC around IN the DT world NN . . '' '' Federal NNP officials NNS who WP had VBD been VBN probing VBG the DT bank NN for IN months NNS arranged VBD a DT merger NN with IN European-American NNP Bank NNP & CC Trust NNP , , owned VBN by IN six CD foreign JJ banks NNS , , to TO avert VB the DT closedown NN . . And CC federal JJ insurance NN protected VBD the DT bank NN 's POS 631,163 CD depositors NNS . . The DT crisis NN had VBD peaked JJ on IN May NNP 10 CD , , 1974 CD , , when WRB the DT bank NN disclosed VBN `` `` severe JJ '' '' foreign-exchange NN losses NNS due JJ to TO `` `` unauthorized JJ '' '' trading NN . . Massive JJ withdrawals NNS followed VBD and CC there EX was VBD a DT brief JJ rescue NN attempt NN , , with IN political JJ undertones NNS , , including VBG $ $ 1.77 CD billion CD in IN Federal NNP Reserve NNP loans NNS . . Within IN six CD years NNS many JJ figures NNS were VBD convicted VBN for IN their PRP$ illegal JJ abuse NN of IN Franklin NNP funds NNS . . In IN June NNP 1980 CD , , Michele NNP Sindona NNP -- : an DT Italian JJ financier NN who WP in IN July NNP 1972 CD had VBD bought VBN a DT 22 CD % NN block NN of IN Franklin NNP 's POS stock NN from IN Loews NNP Corp. NNP , , headed VBN by IN Laurence NNP A. NNP Tisch NNP -- : was VBD sentenced VBN to TO 25 CD years NNS in IN prison NN after IN being VBG convicted VBN of IN fraud NN and CC perjury NN . . Included VBN was VBD the DT charge NN that IN Sindona NNP siphoned VBD $ $ 45 CD million CD of IN Franklin NNP funds NNS for IN his PRP$ other JJ ventures NNS . . ( ( Sindona NNP in IN 1979 CD faked VBD his PRP$ `` `` kidnapping NN '' '' for IN 2 CD 1\/2 CD months NNS to TO delay VB his PRP$ trial NN . . ) ) During IN 1976 CD to TO 1979 CD , , other JJ former JJ Franklin NNP officials NNS either CC pleaded VBD guilty JJ to TO or CC were VBD found VBN guilty JJ of IN violations NNS including VBG phony JJ transactions NNS to TO hide VB the DT bank NN 's POS losses NNS . . Sindona NNP , , the DT onetime JJ Vatican NNP financial JJ adviser NN with IN reported VBN links NNS to TO the DT Mafia NNP , , died VBD on IN March NNP 22 CD , , 1986 CD , , at IN age NN 65 CD , , reportedly RB after IN drinking VBG cyanide-laced JJ coffee NN in IN an DT Italian JJ prison NN . . It PRP happened VBD four CD days NNS after IN he PRP was VBD sentenced VBN to TO life NN in IN prison NN for IN ordering VBG a DT 1979 CD murder NN . . Italian JJ magistrates NNS labeled VBD his PRP$ death NN a DT suicide NN . . In IN a DT nondescript JJ office NN building NN south RB of IN Los NNP Angeles NNP , , human JJ behavior NN is VBZ being VBG monitored VBN , , dissected VBN and CC , , ultimately RB , , manipulated VBN . . A DT squiggly RB line NN snakes VBZ across IN a DT video NN screen NN , , gyrating VBG erratically RB as IN subjects NNS with IN hand-held JJ computers NNS register VBP their PRP$ second-by-second JJ reactions NNS to TO a DT speaker NN 's POS remarks NNS . . Agreement NN , , disapproval NN , , boredom NN and CC distraction NN all DT can MD be VB inferred VBN from IN the DT subjects NNS ' POS twist NN of IN a DT dial NN . . In IN another DT experiment NN , , an DT elaborate JJ chart NN with IN color NN codes NNS reveals VBZ how WRB people NNS 's POS opinions NNS were VBD shaped VBN -- : and CC how WRB they PRP can MD be VB reshaped VBN . . Donald NNP Vinson NNP , , who WP oversees VBZ the DT experiments NNS , , is VBZ n't RB some DT white-coated JJ researcher NN . . He PRP heads VBZ Litigation NNP Sciences NNPS Inc. NNP , , the DT nation NN 's POS largest JJS legal JJ consulting VBG firm NN , , which WDT is VBZ helping VBG corporate JJ America NNP prepare VB for IN high-stakes JJ litigation NN by IN predicting VBG and CC shaping VBG jurors NNS ' POS reactions NNS . . In IN the DT process NN , , Litigation NNP Sciences NNPS is VBZ quietly RB but CC inexorably RB reshaping VBG the DT world NN of IN law NN . . Little RB known VBN outside IN the DT legal JJ world NN but CC a DT powerhouse NN within IN , , Litigation NNP Sciences NNPS , , a DT unit NN of IN Saatchi NNP & CC Saatchi NNP PLC NNP , , employs VBZ more RBR than IN 100 CD psychologists NNS , , sociologists NNS , , marketers NNS , , graphic JJ artists NNS and CC technicians NNS . . Twenty-one CD of IN its PRP$ workers NNS are VBP Ph. NNP D.s NNP . . Among IN other JJ services NNS , , the DT firm NN provides VBZ pre-trial JJ opinion NN polls NNS , , creates VBZ profiles NNS of IN `` `` ideal JJ '' '' jurors NNS , , sets NNS up RP mock JJ trials NNS and CC `` `` shadow NN '' '' juries NNS , , coaches NNS lawyers NNS and CC witnesses NNS , , and CC designs VBZ courtroom NN graphics NNS . . Much RB like IN their PRP$ cohorts NNS in IN political JJ consulting NN and CC product NN marketing NN , , the DT litigation NN advisers NNS encourage VBP their PRP$ clients NNS to TO play VB down RP complex JJ or CC ambiguous JJ matters NNS , , simplify VB their PRP$ messages NNS and CC provide VB their PRP$ target NN audiences NNS with IN a DT psychological JJ craving NN to TO make VB the DT desired VBN choice NN . . With IN jury NN verdicts NNS getting VBG bigger JJR all PDT the DT time NN , , companies NNS are VBP increasingly RB willing JJ to TO pay VB huge JJ sums NNS for IN such JJ advice NN . . Recently RB , , Litigation NNP Sciences NNPS helped VBD Pennzoil NNP Co. NNP win VB a DT $ $ 10.5 CD billion CD jury NN verdict NN against IN Texaco NNP Inc NNP . . It PRP advised VBD the DT National NNP Football NNP League NNP in IN its PRP$ largely RB successful JJ defense NN of IN antitrust JJ charges NNS by IN the DT United NNP States NNPS Football NNP League NNP . . And CC it PRP helped VBD win VB defense NN verdicts NNS in IN product-liability NN suits NNS involving VBG scores NNS of IN products NNS , , ranging VBG from IN Firestone NNP 500 CD tires NNS to TO the DT anti-nausea JJ drug NN Bendectin NNP . . Largely RB as IN a DT result NN , , Litigation NNP Sciences NNPS has VBZ more RBR than IN doubled VBN in IN size NN in IN the DT past JJ two CD years NNS . . Its PRP$ 1988 CD revenue NN was VBD $ $ 25 CD million CD . . Meanwhile RB , , competitors NNS are VBP being VBG spawned VBN almost RB daily RB ; : some DT 300 CD new JJ businesses NNS -- : many JJ just JJ one-person NN shops NNS -- : have VBP sprung VBN up IN . . Mr. NNP Vinson NNP estimates VBZ the DT industry NN 's POS total JJ revenues NNS approach VBP $ $ 200 CD million CD . . In IN any DT high-stakes JJ case NN , , you PRP can MD be VB sure JJ that IN one CD side NN or CC the DT other JJ -- : or CC even RB both DT -- : is VBZ using VBG litigation NN consultants NNS . . Despite IN their PRP$ ubiquity NN , , the DT consultants NNS are VBP n't RB entirely RB welcome JJ . . Some DT lawyers NNS and CC scholars NNS see VBP the DT social JJ scientists NNS ' POS vision NN of IN the DT American JJ jury NN system NN as IN a DT far JJ cry NN from IN the DT ideal NN presented VBN in IN civics NNS texts NNS and CC memorialized VBN on IN the DT movie NN screen NN . . In IN the DT film NN classic NN `` `` Twelve NNP Angry NNP Men NNPS , , '' '' the DT crucible NN of IN deliberations NNS unmasks VBZ each DT juror NN 's POS bias NN and CC purges VBZ it PRP from IN playing VBG a DT role NN in IN the DT verdict NN . . After IN hours NNS of IN conflict NN and CC debate NN , , that IN jury NN focuses VBZ on IN the DT facts NNS with IN near-perfect JJ objectivity NN . . In IN real JJ life NN , , jurors NNS may MD not RB always RB work VB that DT way NN , , but CC some DT court NN observers NNS question VBP why WRB they PRP should MD n't RB be VB encouraged VBN to TO do VB so RB rather RB than IN be VB programmed VBN not RB to TO . . Litigation NN consulting NN is VBZ , , as IN New NNP York NNP trial NN attorney NN Donald NNP Zoeller NNP puts VBZ it PRP , , `` `` highly RB manipulative JJ . . '' '' He PRP adds VBZ , , `` `` The DT notion NN they PRP try VBP to TO sell VB is VBZ that IN juries NNS do VBP n't RB make VB decisions NNS rationally RB . . But CC the DT effort NN is VBZ also RB being VBG made VBN to TO try VB and CC cause VB jurors NNS not RB to TO decide VB things NNS rationally RB . . I PRP find VBP it PRP troubling JJ . . '' '' But CC Mr. NNP Zoeller NNP also RB acknowledges VBZ that IN consultants NNS can MD be VB very RB effective JJ . . `` `` It PRP 's VBZ gotten VBN to TO the DT point NN where WRB if IN the DT case NN is VBZ large JJ enough RB , , it PRP 's VBZ almost RB malpractice NN not RB to TO use VB them PRP , , '' '' he PRP says VBZ . . Others NNS complain VBP that IN the DT consultants NNS ' POS growing VBG influence NN exacerbates VBZ the DT advantage NN of IN litigants NNS wealthy JJ enough RB to TO afford VB such JJ pricey JJ services NNS . . `` `` The DT affluent JJ people NNS and CC the DT corporations NNS can MD buy VB it PRP , , the DT poor JJ radicals NNS { ( in IN political JJ cases NNS } ) get VBP it PRP free JJ , , and CC everybody NN in IN between IN is VBZ at IN a DT disadvantage NN , , and CC that DT 's VBZ not RB the DT kind NN of IN system NN we PRP want VBP , , '' '' says VBZ Amitai NNP Etzioni NNP , , a DT prominent JJ sociologist NN who WP teaches VBZ at IN George NNP Washington NNP University NNP . . Sophisticated JJ trial NN consulting NN grew VBD , , ironically RB , , from IN the DT radical JJ political JJ movements NNS of IN the DT 1960s CD and CC 1970s CD before IN finding VBG its PRP$ more JJR lucrative JJ calling NN in IN big JJ commercial JJ cases NNS . . The DT Harrisburg NNP 7 CD trial NN in IN 1972 CD , , in IN which WDT Daniel NNP Berrigan NNP and CC others NNS were VBD charged VBN with IN plotting VBG anti-war-related JJ violence NN , , was VBD a DT landmark NN . . In IN that DT case NN , , a DT group NN of IN left-leaning JJ sociologists NNS interviewed VBD 252 CD registered VBN voters NNS around IN Harrisburg NNP . . The DT researchers NNS discovered VBD that IN Episcopalians NNPS , , Presbyterians NNPS , , Methodists NNPS and CC fundamantalist NN Protestants NNPS were VBD nearly RB always RB against IN the DT defendants NNS ; : the DT lawyers NNS resolved VBN to TO try VB to TO keep VB them PRP off IN the DT jury NN . . The DT defense NN also RB learned VBD that IN college-educated JJ people NNS were VBD uncharacteristically RB conservative JJ about IN the DT Vietnam NNP War NNP . . A DT more RBR blue-collar JJ panel NN became VBD a DT second JJ aim NN . . Ultimately RB , , that DT carefully RB picked VBN jury NN deadlocked VBN with IN a DT 10-2 CD vote NN to TO acquit VB , , and CC the DT prosecution NN decided VBD not RB to TO retry VB the DT case NN . . Litigation NN consulting NN had VBD arrived VBN . . The DT fledgling NN science NN went VBD corporate JJ in IN 1977 CD when WRB International NNP Business NNP Machines NNPS Corp. NNP hired VBD a DT marketing NN professor NN to TO help VB defend VB a DT complex JJ antitrust JJ case NN . . The DT problem NN for IN IBM NNP trial NN lawyers NNS Thomas NNP Barr NNP and CC David NNP Boies NNP was VBD how WRB to TO make VB such PDT a DT highly RB technical JJ case NN understandable JJ . . As IN the DT trial NN progressed VBD , , they PRP were VBD eager JJ to TO know VB if IN the DT jury NN was VBD keeping VBG up RP with IN them PRP . . The DT solution NN devised VBN by IN the DT professor NN was VBD to TO hire VB six CD people NNS who WP would MD mirror VB the DT actual JJ jury NN demographically RB , , sit VB in RP on IN the DT trial NN and CC report VB their PRP$ reactions NNS to TO him PRP . . He PRP then RB briefed VBD Messrs. NNP Boies NNP and CC Barr NNP , , who WP had VBD the DT chance NN to TO tilt VB their PRP$ next JJ day NN 's POS presentation NN accordingly RB . . Thus RB , , the DT `` `` shadow NN '' '' jury NN was VBD born VBN . . Mr. NNP Vinson NNP , , the DT professor NN , , got VBD the DT law NN bug NN and CC formed VBD Litigation NNP Sciences NNPS . . ( ( IBM NNP won VBD the DT case NN . . ) ) `` `` The DT hardest JJS thing NN in IN any DT complex JJ case NN is VBZ to TO retain VB objectivity NN and CC , , in IN some DT sense NN , , your PRP$ ignorance NN , , '' '' says VBZ Mr. NNP Boies NNP of IN Cravath NNP , , Swaine NNP & CC Moore NNP . . `` `` What WP you PRP look VBP for IN in IN a DT shadow NN jury NN is VBZ very RB much RB what WP you PRP do VBP when WRB you PRP give VBP an DT opening VBG argument NN to TO your PRP$ wife NN or CC a DT friend NN and CC get VBP some DT response NN to TO it PRP . . A DT shadow NN jury NN is VBZ a DT way NN to TO do VB that DT in IN a DT more RBR systematic JJ and CC organized VBN way NN . . '' '' The DT approach NN worked VBD well RB in IN the DT recent JJ antitrust JJ case NN in IN which WDT Energy NNP Transportation NNP Systems NNPS Inc. NNP sued VBD Santa NNP Fe NNP Pacific NNP Corp. NNP over IN the DT transport NN of IN semi-liquefied JJ coal NN -- : the DT kind NN of IN case NN likely JJ to TO make VB almost RB anyone NN 's POS eyes NNS glaze VB over RB . . Energy NNP Transportation NNP retained VBD Litigation NNP Sciences NNPS , , at IN a DT cost NN of IN several JJ hundred CD thousand CD dollars NNS , , to TO poll VB , , pre-try VB , , profile VB and CC shadow VB . . Just RB before IN the DT actual JJ closing VBG arguments NNS , , the DT firm NN put VBD the DT case NN to TO a DT vote NN of IN the DT five CD shadow NN jurors NNS , , each DT of IN whom WP was VBD being VBG paid VBN $ $ 150 CD a DT day NN . . The DT jurors NNS , , who WP did VBD n't RB know VB which WDT side NN had VBD retained VBN them PRP , , decided VBD for IN Energy NNP Transportation NNP , , and CC awarded VBN $ $ 500 CD million CD in IN damages NNS . . The DT real JJ jury NN returned VBD days NNS later RB with IN a DT $ $ 345 CD million CD victory NN for IN Energy NNP Transportation NNP . . `` `` It PRP 's VBZ just RB like IN weather NN forecasting NN , , '' '' says VBZ Energy NNP Transportation NNP trial NN attorney NN Harry NNP Reasoner NNP of IN Vinson NNP & CC Elkins NNP . . `` `` It PRP 's VBZ often RB wrong JJ , , but CC it PRP 's VBZ better JJR than IN consulting VBG an DT Indian JJ rain NN dancer NN . . '' '' Forecasting NN is VBZ only RB one CD part NN of IN Litigation NNP Sciences NNPS ' POS work NN . . Changing VBG the DT outcome NN of IN the DT trial NN is VBZ what WP really RB matters VBZ . . And CC to TO the DT uninitiated JJ , , some DT of IN the DT firm NN 's POS approaches NNS may MD seem VB chillingly RB manipulative JJ . . Theoretically RB , , jurors NNS are VBP supposed VBN to TO weigh VB the DT evidence NN in IN a DT case NN logically RB and CC objectively RB . . Instead RB , , Mr. NNP Vinson NNP says VBZ , , interviews NNS with IN thousands NNS of IN jurors NNS reveal VBP that IN they PRP start VBP with IN firmly RB entrenched VBN attitudes NNS and CC try VBP to TO shoe-horn VB the DT facts NNS of IN the DT case NN to TO fit VB their PRP$ views NNS . . Pre-trial JJ polling NN helps VBZ the DT consultants NNS develop VB a DT profile NN of IN the DT right JJ type NN of IN juror NN . . If IN it PRP is VBZ a DT case NN in IN which WDT the DT client NN seeks VBZ punitive JJ damages NNS , , for IN example NN , , depressed VBN , , underemployed JJ people NNS are VBP far RB more RBR likely JJ to TO grant VB them PRP . . Someone NN with IN a DT master NN 's POS degree NN in IN classical JJ arts NNS who WP works VBZ in IN a DT deli NNS would MD be VB ideal JJ , , Litigation NNP Sciences NNPS advises VBZ . . So RB would MD someone NN recently RB divorced VBN or CC widowed VBN . . ( ( Since IN Litigation NNP Sciences NNPS generally RB represents VBZ the DT defense NN , , its PRP$ job NN is VBZ usually RB to TO help VB the DT lawyers NNS identify VB and CC remove VB such JJ people NNS from IN the DT jury NN . . ) ) For IN personal-injury NN cases NNS , , Litigation NNP Sciences NNPS seeks VBZ defense NN jurors NNS who WP believe VBP that IN most JJS people NNS , , including VBG victims NNS , , get VB what WP they PRP deserve VBP . . Such JJ people NNS also RB typically RB hold VBP negative JJ attitudes NNS toward IN the DT physically RB handicapped VBN , , the DT poor JJ , , blacks NNS and CC women NNS . . The DT consultants NNS help VBP the DT defense NN lawyers NNS find VB such JJ jurors NNS by IN asking VBG questions NNS about IN potential JJ jurors NNS ' POS attitudes NNS toward IN volunteer NN work NN , , or CC toward IN particular JJ movies NNS or CC books NNS . . Litigation NNP Sciences NNPS does VBZ n't RB make VB moral JJ distinctions NNS . . If IN a DT client NN needs VBZ prejudiced JJ jurors NNS , , the DT firm NN will MD help VB find VB them PRP . . As IN Mr. NNP Vinson NNP explains VBZ it PRP , , `` `` We PRP do VBP n't RB control VB the DT facts NNS . . They PRP are VBP what WP they PRP are VBP . . But CC any DT lawyer NN will MD select VB the DT facts NNS and CC the DT strategy NN to TO employ VB . . In IN our PRP$ system NN of IN advocacy NN , , the DT trial NN lawyer NN is VBZ duty NN bound VBN to TO present VB the DT best JJS case NN he PRP possibly RB can MD . . '' '' Once RB a DT jury NN is VBZ selected VBN , , the DT consultants NNS often RB continue VBP to TO determine VB what WP the DT jurors NNS ' POS attitudes NNS are VBP likely JJ to TO be VB and CC help VB shape VB the DT lawyers NNS ' POS presentation NN accordingly RB . . Logic NN plays VBZ a DT minimal JJ role NN here RB . . More RBR important JJ are VBP what WP LSI NNP calls VBZ `` `` psychological JJ anchors NNS '' '' -- : a DT few JJ focal JJ points NNS calculated VBN to TO appeal VB to TO the DT jury NN on IN a DT gut NN level NN . . In IN one CD personal-injury NN case NN , , a DT woman NN claimed VBD she PRP had VBD been VBN injured VBN when WRB she PRP slipped VBD in IN a DT pool NN , , but CC the DT fall NN did VBD n't RB explain VB why WRB one CD of IN her PRP$ arms NNS was VBD discolored VBN bluish JJ . . By IN repeatedly RB drawing VBG the DT jury NN 's POS attention NN to TO the DT arm NN , , the DT defense NN lawyers NNS planted VBD doubt NN about IN the DT origin NN of IN the DT woman NN 's POS injuries NNS . . The DT ploy NN worked VBD . . The DT defense NN won VBD . . In IN a DT classic JJ defense NN of IN a DT personal-injury NN case NN , , the DT consultants NNS concentrate VBP on IN encouraging VBG the DT jury NN to TO shift VB the DT blame NN . . `` `` The DT ideal JJ defense NN in IN a DT case NN involving VBG an DT accident NN is VBZ to TO persuade VB the DT jurors NNS to TO hold VB the DT accident NN victim NN responsible JJ for IN his PRP$ or CC her PRP$ plight NN , , '' '' Mr. NNP Vinson NNP has VBZ written VBN . . Slick JJ graphics NNS , , pre-tested VBN for IN effectiveness NN , , also RB play VBP a DT major JJ role NN in IN Litigation NNP Sciences NNPS ' POS operation NN . . Studies NNS show VBP , , the DT consultants NNS say VBP , , that IN people NNS absorb VBP information NN better RB and CC remember VBP it PRP longer RBR if IN they PRP receive VBP it PRP visually RB . . Computer-generated JJ videos NNS help VBP . . `` `` The DT average JJ American NNP watches VBZ seven CD hours NNS of IN TV NN a DT day NN . . They PRP are VBP very RB visually RB sophisticated JJ , , '' '' explains VBZ LSI NNP graphics NNS specialist NN Robert NNP Seltzer NNP . . Lawyers NNS remain VBP divided VBN about IN whether IN anything NN is VBZ wrong JJ with IN all PDT this DT . . Supporters NNS acknowledge VBP that IN the DT process NN aims VBZ to TO manipulate VB , , but CC they PRP insist VBP that IN the DT best JJS trial NN lawyers NNS have VBP always RB employed VBN similar JJ tactics NNS . . `` `` They PRP may MD not RB have VB been VBN able JJ to TO articulate VB it PRP all DT , , but CC they PRP did VBD it PRP , , '' '' says VBZ Stephen NNP Gillers NNP , , a DT legal JJ ethics NNS expert JJ at IN New NNP York NNP University NNP law NN school NN . . `` `` What WP you PRP have VBP here RB is VBZ intuition NN made VBD manifest JJ . . '' '' Many JJ lawyers NNS maintain VBP that IN all DT 's VBZ fair JJ in IN the DT adversary NN system NN as RB long RB as IN no DT one CD tampers NNS with IN the DT evidence NN . . Others NNS point VBP out RP that IN lawyers NNS in IN small JJ communities NNS have VBP always RB had VBN a DT feel NN for IN public JJ sentiment NN -- : and CC used VBD that DT to TO advantage VB . . Litigation NN consulting NN is VBZ n't RB a DT guarantee NN of IN a DT favorable JJ outcome NN . . Litigation NNP Sciences NNPS concedes VBZ that IN in IN one CD in IN 20 CD cases NNS it PRP was VBD flatout NN wrong JJ in IN its PRP$ predictions NNS . . A DT few JJ attorneys NNS offer VBP horror NN stories NNS of IN jobs NNS botched VBN by IN consultants NNS or CC of IN overpriced VBN services NNS -- : as IN when WRB one CD lawyer NN paid VBD a DT consultant NN ( ( not RB at IN Litigation NNP Sciences NNPS ) ) $ $ 70,000 CD to TO interview VB a DT jury NN after IN a DT big JJ trial NN and CC later RB read VBD more RBR informative JJ interviews NNS with IN the DT same JJ jurors NNS in IN The NNP American NNP Lawyer NNP magazine NN . . Some DT litigators NNS scoff VBP at IN the DT notion NN that IN a DT sociologist NN knows VBZ more RBR than IN they PRP do VBP about IN what WP makes VBZ a DT jury NN tick VB . . `` `` The DT essence NN of IN being VBG a DT trial NN lawyer NN is VBZ understanding VBG how WRB people NNS of IN diverse JJ backgrounds NNS react VBP to TO you PRP and CC your PRP$ presentation NN , , '' '' says VBZ Barry NNP Ostrager NNP of IN Simpson NNP Thacher NNP & CC Bartlett NNP , , who WP recently RB won VBD a DT huge JJ case NN on IN behalf NN of IN insurers NNS against IN Shell NNP Oil NNP Co NNP . . He PRP says VBZ he PRP used VBD consultants NNS in IN the DT case NN but CC `` `` found VBD them PRP to TO be VB virtually RB useless JJ . . '' '' But CC most JJS lawyers NNS accept VBP that IN the DT marketplace NN has VBZ spoken VBN . . And CC the DT question NN remains VBZ whether IN the DT jury NN system NN can MD maintain VB its PRP$ integrity NN while IN undergoing VBG such PDT a DT skillful JJ massage NN . . For IN more RBR than IN a DT decade NN , , Mr. NNP Etzioni NNP , , the DT sociologist NN , , has VBZ been VBN a DT leading VBG critic NN of IN the DT masseurs NNS . . `` `` There EX 's VBZ no DT reason NN to TO believe VB that IN juries NNS rule VBP inappropriately RB , , '' '' he PRP says VBZ . . `` `` But CC the DT last JJ thing NN you PRP want VBP to TO do VB is VBZ manipulate VB the DT subconscious NN to TO make VB them PRP think VB better RB . . What WP you PRP then RB do VBP is VBZ you PRP make VBP them PRP think VB inappropriately RB . . '' '' To TO hamper VB the DT work NN of IN litigation NN scientists NNS , , he PRP suggests VBZ that IN courts NNS sharply RB limit VB the DT number NN of IN jurors NNS that IN lawyers NNS can MD remove VB from IN the DT jury NN panel NN through IN so-called JJ peremptory JJ challenges NNS -- : exclusions NNS that WDT do VBP n't RB require VB explanations NNS . . In IN most RBS civil JJ cases NNS , , judges NNS allow VBP each DT side NN three CD such JJ challenges NNS . . For IN complex JJ cases NNS , , judges NNS sometimes RB allow VBP many JJ more JJR . . Mr. NNP Etzioni NNP also RB suggests VBZ forbidding VBG anyone NN from IN gathering VBG background NN information NN about IN the DT jurors NNS . . ( ( Some DT courts NNS release VBP names NNS and CC addresses NNS , , and CC researchers NNS can MD drive VB by IN houses NNS , , look VB up RP credit NN ratings NNS , , and CC even RB question VB neighbors NNS . . ) ) Furthermore RB , , he PRP says VBZ , , psychologists NNS should MD not RB be VB allowed VBN to TO analyze VB jurors NNS ' POS personalities NNS . . Even RB some DT lawyers NNS who WP have VBP used VBN consultants NNS to TO their PRP$ advantage NN see VB a DT need NN to TO limit VB their PRP$ impact NN . . Mr. NNP Boies NNP , , the DT first JJ lawyer NN to TO use VB Mr. NNP Vinson NNP 's POS services NNS , , cautions VBZ against IN courts NNS ' POS allowing VBG extensive JJ jury NN questioning VBG ( ( known VBN as IN voir FW dire FW ) ) or CC giving VBG out RP personal JJ information NN about IN the DT jurors NNS . . `` `` The DT more RBR extensive JJ the DT voir FW dire FW , , the DT easier JJR you PRP make VBP it PRP for IN that DT kind NN of IN research NN to TO be VB effective JJ , , and CC I PRP do VBP n't RB think VB courts NNS should MD lend VB themselves PRP to TO that DT , , '' '' Mr. NNP Boies NNP says VBZ . . Silicon NNP Graphics NNP Inc. NNP , , a DT fast-growing JJ maker NN of IN computer NN workstations NNS , , said VBD it PRP landed VBD two CD federal JJ government NN contracts NNS worth JJ more RBR than IN $ $ 100 CD million CD over IN the DT next JJ five CD years NNS . . One CD award NN is VBZ part NN of IN a DT Department NNP of IN Defense NNP contract NN to TO Loral NNP Rolm NNP Mil-Spec NNP Computers NNPS and CC could MD be VB valued VBN at IN more RBR than IN $ $ 100 CD million CD over IN five CD years NNS . . The DT other JJ involves VBZ the DT sale NN of IN about IN 35 CD of IN the DT company NN 's POS high-end JJ workstations NNS to TO the DT National NNP Institutes NNPS of IN Health NNP . . The DT models NNS , , which WDT cost VBD about IN $ $ 75,000 CD each DT , , will MD be VB used VBN in IN research NN . . The DT awards NNS are VBP evidence NN that IN Silicon NNP Graphics NNP ' POS approach NN to TO computer NN graphics NNS is VBZ catching VBG on RP with IN users NNS of IN powerful JJ desktop NN computers NNS , , analysts NNS said VBD . . `` `` The DT company NN 's VBZ on IN a DT roll NN , , '' '' said VBD Robert NNP Herwick NNP , , an DT analyst NN at IN Hambrecht NNP & CC Quist NNP . . `` `` No RB other JJ { ( computer NN } ) vendor NN offers VBZ graphics NNS performance NN that DT good JJ for IN their PRP$ price NN . . '' '' In IN the DT battle NN to TO supply VB desktop NN computers NNS for IN researchers NNS and CC design NN engineers NNS , , most JJS of IN the DT attention NN is VBZ given VBN to TO the DT biggest JJS competitors NNS : : Sun NNP Microsystems NNPS Inc. NNP , , Hewlett-Packard NNP Co. NNP and CC Digital NNP Equipment NNP Corp. NNP , , which WDT make VBP computers NNS mainly RB aimed VBN at IN a DT wide JJ range NN of IN engineering NN and CC scientific JJ needs NNS . . Silicon NNP Graphics NNP , , on IN the DT other JJ hand NN , , has VBZ targeted VBN a DT specific JJ niche NN since IN its PRP$ inception NN in IN 1982 CD , , which WDT has VBZ been VBN dubbed VBN by IN some DT as IN `` `` motion-picture JJ computing NN . . '' '' This DT is VBZ a DT style NN of IN `` `` visual JJ '' '' computing NN that WDT provides VBZ three-dimensional JJ , , color NN models NNS of IN everything NN from IN the DT inside NN of IN a DT house NN to TO the DT latest JJS in IN women NNS 's POS fashion NN . . Though NNP Silicon NNP Graphics NNP is VBZ much RB smaller JJR than IN Digital NNP , , Hewlett NNP and CC Sun NNP , , it PRP has VBZ emerged VBN in IN recent JJ years NNS as IN a DT feared VBN adversary NN in IN this DT graphics NNS portion NN of IN the DT workstation NN market NN . . In IN addition NN , , the DT company NN has VBZ made VBN it PRP tough JJ on IN competitors NNS by IN offering VBG a DT stream NN of IN desktop NN computers NNS at IN sharply RB lower JJR prices NNS . . A DT year NN ago IN , , Silicon NNP Graphics NNP introduced VBD a DT model NN priced VBN at IN $ $ 15,000 CD -- : almost RB as RB cheap JJ as IN mainstream NN workstations NNS that WDT do VBP n't RB offer VB special JJ graphics NNS features NNS . . Silicon NNP Graphics NNP also RB plans VBZ to TO unveil VB even RB less RBR expensive JJ machines NNS in IN the DT near JJ future NN . . `` `` It PRP 's VBZ pretty RB safe JJ to TO assume VB we PRP can MD bring VB the DT cost NN down RP of IN these DT systems NNS by IN 30 CD % NN to TO 40 CD % NN a DT year NN , , '' '' said VBD Edward NNP McCracken NNP , , the DT company NN 's POS chief NN executive NN officer NN . . Silicon NNP Graphics NNP ' POS strategy NN seems VBZ to TO be VB paying VBG off IN . . Revenue NN for IN its PRP$ first JJ quarter NN ended VBD Sept. NNP 30 CD was VBD $ $ 86.4 CD million CD , , a DT 95 CD % NN increase NN over IN the DT year-ago JJ period NN . . Profit NN was VBD $ $ 5.2 CD million CD , , compared VBN with IN $ $ 1 CD million CD for IN the DT year-ago JJ quarter NN . . Remember VB those DT bulky JJ , , thick-walled JJ refrigerators NNS of IN 30 CD years NNS ago IN ? . They PRP , , or CC at IN least JJS something NN less RBR efficient JJ than IN today NN 's POS thin-walled JJ units NNS , , may MD soon RB be VB making VBG a DT comeback NN . . That DT something NN , , whatever WDT it PRP is VBZ , , could MD add VB as RB much RB as IN $ $ 100 CD to TO the DT $ $ 600 CD or CC so RB consumers NNS now RB pay VBP for IN lower-priced JJ refrigerators NNS . . These DT and CC other JJ expensive JJ changes NNS in IN products NNS ranging VBG from IN auto NN air NN conditioners NNS to TO foam NN cushioning NN to TO commercial JJ solvents NNS are VBP in IN prospect NN because IN of IN something NN called VBN the DT Montreal NNP Protocol NNP , , signed VBN by IN 24 CD nations NNS in IN 1987 CD . . In IN one CD of IN the DT most RBS sweeping JJ environmental JJ regulatory JJ efforts NNS to TO date NN -- : involving VBG products NNS with IN an DT annual JJ value NN of IN $ $ 135 CD billion CD in IN the DT U.S. NNP alone RB -- : the DT signatories NNS agreed VBD to TO curtail VB sharply RB the DT use NN of IN chlorofluorocarbons NNS ( ( CFCs NNP ) ) . . World-wide JJ production NN would MD be VB cut VBN in IN half DT by IN 1998 CD . . The DT U.S. NNP Senate NNP liked VBD the DT treaty NN so RB well RB it PRP ratified VBD it PRP by IN a DT vote NN of IN 89 CD to TO 0 CD . . Not RB to TO be VB outdone VBN , , George NNP Bush NNP wants VBZ CFCs NNP banished VBN altogether RB by IN the DT year NN 2000 CD , , a DT goal NN endorsed VBN at IN an DT 80-nation JJ U.N. NNP environmental JJ meeting NN in IN Helsinki NNP in IN the DT spring NN . . That DT 's VBZ a DT lot NN of IN banishment NN , , as IN it PRP turns VBZ out IN . . CFCs NNP are VBP the DT primary JJ ingredient NN in IN a DT gas NN , , often RB referred VBD to TO by IN the DT Du NNP Pont NNP trade NN name NN Freon NN , , which WDT is VBZ compressed VBN to TO liquid JJ form NN to TO serve VB as IN the DT cooling VBG agent NN in IN refrigeration NN and CC air-conditioning JJ equipment NN . . Gases NNS containing VBG CFCs NNP are VBP pumped VBN into IN polyurethane NN to TO make VB the DT foam NN used VBN in IN pillows NNS , , upholstery NN and CC insulation NN . . Polyurethane NN foam NN is VBZ a DT highly RB efficient JJ insulator NN , , which WDT accounts VBZ for IN why WRB the DT walls NNS of IN refrigerators NNS and CC freezers NNS can MD be VB thinner JJR now RB than IN they PRP were VBD back RB in IN the DT days NNS when WRB they PRP were VBD insulated VBN with IN glass NN fiber NN . . But CC even RB though IN by IN some DT estimates NNS it PRP might MD cost VB the DT world NN as RB much RB as IN $ $ 100 CD billion CD between IN now RB and CC the DT year NN 2000 CD to TO convert VB to TO other JJ coolants NNS , , foaming VBG agents NNS and CC solvents NNS and CC to TO redesign VB equipment NN for IN these DT less JJR efficient JJ substitutes NNS , , the DT Montreal NNP Protocol NNP 's POS legions NNS of IN supporters NNS say VBP it PRP is VBZ worth JJ it PRP . . They PRP insist VBP that IN CFCs NNS are VBP damaging VBG the DT earth NN 's POS stratospheric JJ ozone NN layer NN , , which WDT screens VBZ out RP some DT of IN the DT sun NN 's POS ultraviolet NN rays NNS . . Hence RB , , as IN they PRP see VBP it PRP , , if IN something NN is VBZ n't RB done VBN earthlings NNS will MD become VB ever RB more JJR subject JJ to TO sunburn NN and CC skin NN cancer NN . . Peter NNP Teagan NNP , , a DT specialist NN in IN heat NN transfer NN , , is VBZ running VBG a DT project NN at IN Arthur NNP D. NNP Little NNP Inc. NNP , , of IN Cambridge NNP , , Mass. NNP , , to TO find VB alternative JJ technologies NNS that WDT will MD allow VB industry NN to TO eliminate VB CFCs NNS . . In IN addition NN to TO his PRP$ interest NN in IN ozone NN depletion NN he PRP has VBZ extensively RB studied VBN the DT related VBN topic NN of IN global JJ warming NN , , a DT theory NN that IN mankind NN 's POS generation NN of IN carbon NN dioxide NN through IN increased VBN combustion NN of IN fossil JJ fuels NNS is VBZ creating VBG a DT `` `` greenhouse NN effect NN '' '' that WDT will MD work VB important JJ climatic JJ changes NNS in IN the DT earth NN 's POS atmosphere NN over IN time NN . . `` `` I PRP would MD be VB the DT first JJ to TO admit VB that IN there EX is VBZ not RB a DT complete JJ consensus NN in IN the DT scientific JJ community NN on IN either DT one CD of IN these DT problems NNS , , '' '' says VBZ Mr. NNP Teagan NNP . . `` `` In IN the DT kind NN of IN literature NN I PRP read VBP I PRP come VBP across IN countervailing VBG opinions NNS quite RB frequently RB . . But CC the DT nature NN of IN the DT problem NN is VBZ such JJ that IN many JJ others NNS feel VBP it PRP has VBZ to TO be VB addressed VBN soon RB , , before IN all PDT the DT evidence NN is VBZ in IN . . We PRP ca MD n't RB afford VB to TO wait VB . . '' '' But CC does VBZ it PRP have VB to TO be VB so RB soon RB ? . Some DT atmospheric JJ scientists NNS think VBP that IN even RB if IN CFCs NNS were VBD released VBN into IN the DT atmosphere NN at IN an DT accelerating VBG rate NN , , the DT amount NN of IN ozone NN depletion NN would MD be VB only RB 10 CD % NN by IN the DT middle NN of IN the DT next JJ century NN . . It PRP 's VBZ easy JJ to TO get VB something NN comparable JJ by IN simply RB moving VBG to TO a DT higher JJR altitude NN in IN the DT U.S. NNP . . Moreover RB , , there EX are VBP questions NNS , , particularly RB among IN atmospheric JJ scientists NNS who WP know VBP this DT subject NN best RB , , about IN the DT ability NN of IN anyone NN to TO know VB what WP in IN fact NN is VBZ happening VBG to TO the DT ozone NN layer NN . . It PRP is VBZ generally RB agreed VBN that IN when WRB CFCs NNP rise NN from IN earth NN to TO stratosphere NN , , the DT chlorine NN in IN them PRP is VBZ capable JJ of IN interfering VBG with IN the DT process NN through IN which WDT ultraviolet NN rays NNS split VBD oxygen NN molecules NNS and CC form NN ozone NN . . But CC ozone NN creation NN is VBZ a DT very RB large-scale JJ natural JJ process NN and CC the DT importance NN of IN human-generated JJ CFCs NNP in IN reducing VBG it PRP is VBZ largely RB a DT matter NN of IN conjecture NN . . The DT ozone NN layer NN is VBZ constantly RB in IN motion NN and CC thus RB very RB hard JJ to TO measure VB . . What WP scientists NNS have VBP known VBN since IN the DT late JJ 1970s CD is VBZ that IN there EX is VBZ a DT hole NN in IN the DT layer NN over IN Antarctica NNP that WDT expands VBZ or CC contracts VBZ from IN year NN to TO year NN . . But CC it PRP is VBZ at IN least JJS worthy JJ of IN some DT note NN that IN there EX are VBP very RB few JJ refrigerators NNS in IN Antarctica NNP . . Moreover RB , , surely RB someone NN has VBZ noticed VBN that IN household NN refrigerators NNS are VBP closed VBN systems NNS , , running VBG for IN many JJ years NNS without IN either CC the DT CFC NNP gas NN or CC the DT insulation NN ever RB escaping VBG . . Another DT argument NN of IN the DT environmentalists NNS is VBZ that IN if IN substitutes NNS are VBP available JJ , , why WRB not RB use VB them PRP ? . Mr. NNP Teagan NNP cites VBZ a DT list NN of IN substitutes NNS but CC none NN , , so RB far RB , , match VBP the DT nonflammable JJ , , nontoxic JJ CFCs NNP . . Butane NN and CC propane NN can MD be VB used VBN as IN coolants NNS , , for IN example NN , , but CC are VBP flammable JJ . . Moreover RB , , new JJ lubricants NNS will MD be VB needed VBN to TO protect VB compressors NNS from IN the DT new JJ formulations NNS , , which WDT , , as IN with IN CFCs NNP , , are VBP solvents NNS . . Mr. NNP Teagan NNP points VBZ out RP as RB well RB that IN if IN the DT equipment NN designed VBN to TO get VB along RB without IN CFCs NNP is VBZ less RBR efficient JJ than IN current JJ devices NNS , , energy NN consumption NN will MD rise VB and CC that WDT will MD worsen VB the DT greenhouse NN effect NN . . Folks NNS in IN the DT Midwest NN who WP just RB suffered VBD a DT mid-October JJ snowstorm NN may MD wonder VB where WRB the DT greenhouse NN was VBD when WRB they PRP needed VBD it PRP , , but CC let VB 's PRP not RB be VB flippant JJ about IN grave JJ risks NNS . . As IN it PRP happens VBZ , , Arthur NNP D. NNP Little NNP is VBZ not RB at IN all DT interested VBN in IN throwing VBG cold JJ water NN on IN ozone NN depletion NN and CC global JJ warming NN theories NNS . . It PRP is VBZ interested VBN in IN making VBG some DT money NN advising VBG industry NN on IN how WRB to TO convert VB to TO a DT world NN without IN CFCs NNP . . There EX is VBZ , , after IN all DT , , big JJ money NN in IN environmentalism NN . . Maybe RB we PRP should MD ask VB why WRB it PRP was VBD that IN Du NNP Pont NNP so RB quickly RB capitulated VBD and CC issued VBN a DT statement NN , , giving VBG it PRP wide JJ publicity NN , , that IN it PRP was VBD withdrawing VBG CFCs NNP . . Freon NN , , introduced VBN in IN 1930 CD , , revolutionized VBD America NNP by IN making VBG refrigeration NN and CC air NN conditioning NN practical JJ after IN all DT . . One CD answer NN is VBZ that IN big JJ companies NNS are VBP growing VBG weary JJ of IN fighting VBG environmental JJ movements NNS and CC are VBP trying VBG instead RB to TO cash VB in RP on IN them PRP , , although IN they PRP never RB care VBP to TO put VB it PRP quite RB that DT way NN . . Du NNP Pont NNP , , as IN it PRP happens VBZ , , has VBZ a DT potential JJ substitute NN for IN CFCs NNP . . Imperial NNP Chemical NNP Industries NNPS of IN the DT U.K. NNP also RB has VBZ one CD , , and CC is VBZ building VBG a DT plant NN in IN Louisiana NNP to TO produce VB it PRP . . Japanese JJ chemical NN companies NNS are VBP at IN work NN developing VBG their PRP$ own JJ substitutes NNS and CC hoping VBG to TO conquer VB new JJ markets NNS , , of IN course NN . . There EX are VBP still RB others NNS who WP do VBP n't RB mind VB seeing VBG new JJ crises NNS arise VB . . Environmental JJ groups NNS would MD soon RB go VB out IN of IN business NN were VBD they PRP not RB able JJ to TO send VB out RP mailings NNS describing VBG the DT latest JJS threat NN and CC asking VBG for IN money NN to TO fight VB it PRP . . University NN professors NNS and CC consultants NNS with IN scientific JJ credentials NNS saw VBD a DT huge JJ market NN for IN their PRP$ services NNS evaporate VB when WRB price NN decontrol NN destroyed VBD the DT energy NN crisis NN and CC thus RB the DT demand NN for IN `` `` alternative NN energy NN . . '' '' They PRP needed VBD new JJ crises NNS to TO generate VB new JJ grants NNS and CC contracts NNS . . In IN other JJ words NNS , , environmentalism NN has VBZ created VBN a DT whole JJ set NN of IN vested VBN interests NNS that WDT fare VBP better RB when WRB there EX are VBP many JJ problems NNS than IN when WRB there EX are VBP few JJ . . That DT tends VBZ to TO tilt VB the DT public JJ debate NN toward IN `` `` solutions NNS '' '' even RB when WRB some DT of IN the DT most RBS knowledgeable JJ scientists NNS are VBP skeptical JJ about IN the DT seriousness NN of IN the DT threats NNS and CC the DT insistence NN of IN urgency NN . . There EX is VBZ an DT element NN of IN make-work NN involved VBN . . Consumers NNS pay VBP the DT bill NN for IN all PDT this DT in IN the DT price NN of IN a DT refrigerator NN or CC an DT air-conditioned JJ car NN . . If IN they PRP were VBD really RB getting VBG insurance NN against IN environmental JJ disaster NN , , the DT price NN would MD be VB cheap JJ . . But CC if IN there EX is VBZ no DT impending JJ threat NN , , it PRP can MD get VB to TO be VB very RB expensive JJ . . but CC worries NNS about IN 1990 CD . . With IN most JJS legislatures NNS adjourned VBN for IN the DT year NN , , small JJ business NN is VBZ tallying VBG its PRP$ scorecard NN . . Much RB of IN its PRP$ attention NN was VBD spent VBN fighting VBG organized VBN labor NN 's POS initiatives NNS on IN issues NNS the DT small-business NN community NN traditionally RB opposes VBZ -- : from IN raising VBG state NN minimum NN wage NN levels NNS to TO mandating VBG benefits NNS in IN health NN plans NNS . . While IN results NNS were VBD mixed VBN in IN many JJ states NNS , , `` `` small JJ business NN got VBD by RP fairly RB well RB , , '' '' concludes VBZ Don NNP L. NNP Robinson NNP , , associate JJ director NN of IN the DT National NNP Federation NNP of IN Independent NNP Business NNP , , the DT largest JJS small-business NN organization NN . . Five CD states NNS -- : Oregon NNP , , Rhode NNP Island NNP , , New NNP Hampshire NNP , , Iowa NNP and CC Wisconsin NNP -- : passed VBD bills NNS to TO boost VB the DT minimum JJ wage NN , , but CC measures NNS in IN 19 CD other JJ states NNS were VBD defeated VBN . . Oregon NNP 's POS rate NN will MD rise VB to TO $ $ 4.75 CD an DT hour NN , , the DT nation NN 's POS highest JJS , , in IN Jan. NNP 1 CD , , 1991 CD . . Iowa NNP 's POS will MD be VB the DT second JJ highest JJS -- : at IN $ $ 4.65 CD an DT hour NN in IN January NNP 1992 CD -- : but CC small-business NN lobbyists NNS won VBD an DT exclusion NN for IN tiny JJ concerns NNS and CC a DT lower JJR training NN rate NN . . In IN 17 CD central JJ states NNS , , one CD small-business NN count NN shows VBZ lawmakers NNS adopted VBD only RB three CD of IN 46 CD bills NNS mandating VBG health NN coverage NN or CC parental JJ leave NN . . The DT Illinois NNP Legislature NNP narrowly RB passed VBD a DT parental-leave JJ bill NN , , which WDT Gov. NNP James NNP Thompson NNP vetoed VBD , , and CC Iowa NNP and CC Tennessee NNP amended VBD laws NNS to TO require VB that IN employers NNS pay VB for IN breast-cancer NN exams NNS . . Small JJ business NN is VBZ bracing VBG for IN an DT avalanche NN of IN similar JJ proposals NNS next IN year NN . . `` `` Those DT kinds NNS of IN issues NNS always RB keep VBP coming VBG back RB , , '' '' says VBZ Robert NNP Beckwith NNP , , who WP manages VBZ the DT Illinois NNP Chamber NNP of IN Commerce NNP 's POS small-business NN office NN . . DESPITE IN VICTORIES NNS this DT year NN , , small JJ business NN fears NNS losing VBG parental-leave JJ war NN . . Only RB two CD states NNS -- : Vermont NNP and CC Washington NNP -- : this DT year NN joined VBD five CD others NNS requiring VBG private JJ employers NNS to TO grant VB leaves NNS of IN absence NN to TO employees NNS with IN newborn JJ or CC adopted VBN infants NNS . . Similar JJ proposals NNS were VBD defeated VBN in IN at IN least JJS 15 CD other JJ states NNS . . But CC small JJ business NN , , which WDT generally RB detests VBZ government-mandated JJ benefits NNS , , has VBZ taken VBN note NN of IN the DT growing VBG number NN of IN close JJ votes NNS . . `` `` It PRP 's VBZ just RB a DT matter NN of IN time NN before IN the DT tide NN turns VBZ , , '' '' says VBZ one CD Midwestern JJ lobbyist NN . . Consequently RB , , small JJ business NN is VBZ taking VBG more RBR `` `` pro-active JJ '' '' steps NNS to TO counter VB mandated VBN leaves NNS . . In IN Pennsylvania NNP , , small JJ businesses NNS are VBP pushing VBG for IN a DT voluntary JJ alternative NN ; : they PRP favor VBP a DT commission NN that WDT would MD develop VB sample NN leave NN policies NNS that IN employers NNS could MD adopt VB . . They PRP also RB support VBP a DT tax NN credit NN for IN employers NNS to TO offset VB the DT cost NN of IN hiring VBG and CC training VBG workers NNS who WP temporarily RB replace VBP employees NNS on IN parental JJ leave NN . . In IN 1990 CD , , the DT issue NN is VBZ expected VBN to TO be VB especially RB close JJ in IN Alaska NNP , , California NNP , , Michigan NNP , , New NNP York NNP , , Pennsylvania NNP and CC Illinois NNP . . `` `` We PRP 'll MD be VB playing VBG a DT lot NN of IN defense NN , , especially RB in IN the DT Midwest NNP and CC Northeast NNP , , '' '' says VBZ Jim NNP Buente NNP of IN the DT NFIB NNP . . IN IN LOS NNP ANGELES NNP , , more RBR small JJ businesses NNS ponder VBP adopting VBG a DT child-care JJ policy NN . . Triggering VBG the DT re-examination NN is VBZ a DT recent JJ city NN council NN decision NN to TO give VB preference NN in IN letting VBG city NN contracts NNS to TO suppliers NNS with IN a DT stated VBN policy NN on IN child NN care NN for IN their PRP$ employees NNS . . The DT preferential JJ treatment NN even RB applies VBZ to TO awarding VBG small JJ contracts NNS under IN $ $ 25,000 CD and CC consulting VBG and CC temporary JJ services NNS -- : which WDT often RB go VBP to TO the DT smaller JJR concerns NNS . . Firms NNS are VBP permitted VBN wide JJ flexibility NN in IN the DT child-care JJ arrangements NNS they PRP provide VBP . . Council NN member NN Joy NNP Picus NNP , , the DT measure NN 's POS chief NN advocate NN , , considers VBZ it PRP part NN of IN a DT `` `` pro-family NN policy NN '' '' that WDT makes VBZ Los NNP Angeles NNP a DT leader NN in IN `` `` humanizing VBG the DT workplace NN . . '' '' NOVEMBER NNP BALLOTS NNS will MD contain VB few JJ referendum NN or CC initiative NN issues NNS that WDT especially RB affect VBP small JJ business NN . . In IN San NNP Francisco NNP , , small JJ businesses NNS are VBP urging VBG passage NN of IN a DT local JJ initiative NN to TO build VB a DT new JJ $ $ 95 CD million CD downtown NN baseball NN stadium NN ; : they PRP believe VBP it PRP will MD spur VB retail JJ sales NNS and CC hotel-restaurant NN business NN . . But CC in IN Washington NNP state NN , , small JJ business NN generally RB opposes VBZ an DT initiative NN to TO boost VB spending VBG on IN children NNS 's POS programs NNS by IN $ $ 360 CD million CD , , fearing VBG the DT state NN 's POS 7.8 CD % NN sales NNS tax NN will MD be VB raised VBN to TO finance VB the DT outlays NNS . . DIALING NNP DOLLARS NNPS : : Small JJ businesses NNS in IN suburban JJ Chicago NNP are VBP discovering VBG that IN an DT area-code JJ switch NN Nov. NNP 11 CD -- : to TO 708 CD from IN the DT familiar JJ 312 CD -- : wo MD n't RB be VB without IN some DT costs NNS as IN they PRP alter VBP stationery NN , , among IN other JJ things NNS , , and CC notify VBP customers NNS . . Wessels NNP & CC Pautsch NNP , , a DT small JJ St. NNP Charles NNP law NN firm NN , , plans VBZ to TO mail VB 500 CD customers NNS a DT list NN of IN its PRP$ lawyers NNS ' POS new JJ phone NN and CC fax NN numbers NNS as RB well RB as IN updated VBN Rolodex NNP cards NNS . . But CC many JJ owners NNS plan VBP to TO practice VB frugality NN -- : crossing VBG out RP the DT old JJ code NN and CC writing VBG in RP the DT new JJ one CD until IN their PRP$ stock NN runs VBZ out IN . . Even RB print-shop NN operator NN Clay NNP Smith NNP of IN Naperville NNP wo MD n't RB discard VB his PRP$ old JJ supply NN . . ( ( He PRP reports VBZ his PRP$ business NN is VBZ up IN slightly RB from IN customers NNS replacing VBG old JJ stock NN . . ) ) CALIFORNIA NNP , , A DT TREND-SETTER NN in IN franchising VBG rules NNS , , stirs VBZ a DT controversy NN . . With IN some DT new JJ rules NNS , , state NN officials NNS say VBP they PRP made VBD it PRP easier JJR -- : and CC faster JJR -- : to TO sell VB new JJ franchises NNS whose WP$ terms NNS stray VBP from IN those DT in IN state-registered JJ contracts NNS . . Previously RB , , regulators NNS insisted VBD that IN franchisers NNS pre-register VB such JJ changes NNS with IN the DT state NN -- : a DT costly JJ process NN taking VBG at IN least JJS six CD weeks NNS . . Now RB some DT negotiated VBN sales NNS that WDT meet VBP a DT series NN of IN tests NNS do VBP n't RB have VB to TO be VB pre-registered VBN . . For IN instance NN , , franchisers NNS no RB longer RB must MD pre-register VB sales NNS to TO aspiring VBG franchisees NNS who WP qualify VBP as IN `` `` sophisticated JJ purchasers NNS . . '' '' Such JJ buyers NNS must MD have VB a DT minimum JJ net JJ worth NN of IN $ $ 1 CD million CD , , $ $ 200,000 CD annual JJ income NN , , or CC recent JJ experience NN in IN the DT business NN area NN of IN the DT franchise NN being VBG sold VBN . . But CC critics NNS consider VBP the DT changes NNS regressive JJ . . Lewis NNP G. NNP Rudnick NNP , , a DT Chicago NNP lawyer NN who WP represents VBZ franchisers NNS , , contends VBZ California NNP is VBZ narrowly RB limiting VBG -- : rather RB than IN expanding VBG -- : opportunities NNS for IN negotiating VBG sales NNS . . He PRP argues VBZ California NNP regulators NNS historically RB have VBP misinterpreted VBN their PRP$ law NN -- : and CC he PRP says VBZ negotiated VBN sales NNS that WDT are VBP n't RB pre-registered JJ have VBP been VBN legal JJ all DT along IN . . San NNP Francisco NNP lawyer NN Timothy NNP H. NNP Fine NNP , , who WP represents VBZ franchisees NNS , , insists VBZ California NNP 's POS cautiousness NN helps VBZ protect VB franchisees NNS from IN crafty JJ sales NNS negotiators NNS who WP push VBP unlawful JJ clauses NNS . . SMALL NNP TALK NNP : : A DT new JJ Maryland NNP law NN frees VBZ store NN owners NNS of IN liability NN if IN a DT customer NN trips NNS or CC otherwise RB gets VBZ hurt NN on IN the DT way NN to TO the DT restroom NN ... : . . Only RB 4 CD % NN of IN Missouri NNP small JJ businesses NNS surveyed VBN say VBP they PRP 've VBP tested VBN an DT employee NN or CC applicant NN for IN drug NN or CC alcohol NN use NN ... : . . By IN 52%-36 CD % NN , , Tennessee NNP NFIB NNP members NNS favor VBP laws NNS to TO limit VB foreign JJ ownership NN of IN land NN and CC facilities NNS in IN the DT state NN . . About IN 400,000 CD commuters NNS trying VBG to TO find VB their PRP$ way NN through IN the DT Bay NNP area NN 's POS quake-torn JJ transportation NN system NN wedged VBD cheek-to-jowl RB into IN subways NNS , , sat VBD in IN traffic NN jams NNS on IN major JJ freeways NNS or CC waited VBD forlornly RB for IN buses NNS yesterday NN . . In IN other JJ words NNS , , it PRP was VBD a DT better-than-average JJ Manhattan NNP commute NN . . City NN officials NNS feared VBD widespread JJ gridlock NN on IN the DT first JJ day NN that IN normal JJ business NN operations NNS were VBD resumed VBN following VBG last JJ Tuesday NNP 's POS earthquake NN . . The DT massive JJ temblor NN , , which WDT killed VBD at IN least JJS 61 CD people NNS , , severed VBD the DT Bay NNP Bridge NNP , , a DT major JJ artery NN to TO the DT east JJ , , and CC closed VBD most JJS ramps NNS leading VBG to TO and CC from IN Highway NN 101 CD , , the DT biggest JJS artery NN to TO the DT south NN . . It PRP will MD take VB several JJ weeks NNS to TO repair VB the DT bridge NN , , and CC several JJ months NNS to TO repair VB some DT of IN the DT 101 CD connections NNS . . But CC in IN spite NN of IN a DT wind-driven JJ rainstorm NN , , gridlock NN never RB materialized VBD , , mainly RB because IN the DT Bay NNP Area NNP Rapid NNP Transit NNP subway NN system NN carried VBD 50 CD % NN more JJR passengers NNS than IN normal JJ . . For IN the DT first JJ time NN in IN memory NN , , it PRP was VBD standing-room NN only RB in IN BART NNP 's POS sleek JJ , , modern JJ railcars NNS . . Moreover RB , , the DT two CD main JJ bridges NNS still RB connecting VBG San NNP Francisco NNP with IN the DT East NNP Bay NNP did VBD n't RB charge NN tolls NNS , , allowing VBG traffic NN to TO zip VB through RP without IN stopping VBG . . Officials NNS also RB suspect VBP that DT traffic NN benefited VBD from IN steps NNS by IN major JJ employers NNS to TO get VB workers NNS to TO come VB in IN at IN odd JJ hours NNS , , or CC that IN many JJ workers NNS are VBP still RB staying VBG at IN home NN . . Many JJ commuters NNS who WP normally RB drove VBD across IN the DT Bay NNP Bridge NNP , , which WDT is VBZ shut VBN down RP for IN several JJ weeks NNS because IN of IN damage NN to TO one CD span NN , , actually RB may MD have VB reached VBD work NN a DT bit NN faster RBR on IN BART NNP yesterday NN , , provided VBN they PRP could MD find VB a DT parking NN space NN at IN the DT system NN 's POS jammed VBN stations NNS . . In IN the DT best JJS of IN times NNS , , the DT Bay NNP Bridge NNP is VBZ the DT worst JJS commute NN in IN the DT region NN , , often RB experiencing VBG back-ups NNS of IN 20 CD to TO 30 CD minutes NNS or CC more JJR . . Not RB that IN getting VBG into IN town NN was VBD easy JJ . . Storm NN flooding NN caused VBD back-ups NNS on IN the DT freeway NN , , and CC many JJ commuters NNS had VBD to TO find VB rides NNS to TO BART NNP 's POS stations NNS , , because IN parking NN lots NNS were VBD full JJ before IN dawn NN . . Bus NN schedules NNS were VBD sometimes RB in IN disarray NN , , stranding VBG commuters NNS such JJ as IN Marilyn NNP Sullivan NNP . . Her PRP commute NN from IN Petaluma NNP , , Calif. NNP , , normally RB takes VBZ an DT hour NN and CC 15 CD minutes NNS , , via IN the DT Golden NNP Gate NNP Bridge NNP , , which WDT connects VBZ San NNP Francisco NNP with IN the DT North NNP Bay NNP area NN . . Yesterday NN , , she PRP was VBD still RB waiting VBG at IN a DT bus NN stop NN after IN three CD hours NNS , , trying VBG to TO transfer VB to TO a DT bus NN going VBG to TO the DT financial JJ district NN . . `` `` It PRP 's VBZ worse JJR than IN I PRP thought VBD , , '' '' she PRP said VBD . . `` `` I PRP do VBP n't RB know VB where WRB all PDT the DT buses NNS are VBP . . '' '' But CC while IN traffic NN was VBD heavy JJ early JJ in IN the DT commute NN over IN the DT Golden NNP Gate NNP , , by IN 8 CD a.m. NN it PRP already RB had VBD thinned VBN out IN . . `` `` It PRP 's VBZ one CD of IN the DT smoothest JJS commutes NNS I PRP 've VBP ever RB had VBN , , '' '' said VBD Charles NNP Catania NNP , , an DT insurance NN broker NN on IN the DT bus NN from IN Mill NNP Valley NNP in IN Marin NNP County NNP . . `` `` It PRP looks VBZ like IN a DT holiday NN . . I PRP think VBP a DT lot NN of IN people NNS got VBD scared VBN and CC stayed VBN home NN . . '' '' However RB , , a DT spokeswoman NN for IN BankAmerica NNP Corp. NNP said VBD yesterday NN 's POS absenteeism NN at IN the DT bank NN holding VBG company NN was VBD no RB greater JJR than IN on IN an DT average JJ day NN . . At IN the DT San NNP Mateo NNP Bridge NNP , , which WDT connects VBZ the DT San NNP Francisco NNP peninsula NN with IN the DT East NNP Bay NNP , , police NNS were VBD surprised VBN at IN the DT speed NN with IN which WDT traffic NN moved VBD . . `` `` Everybody NN pretty RB much RB pitched VBD in IN and CC cooperated VBD , , '' '' said VBD Stan NNP Perez NNP , , a DT sergeant NN with IN the DT California NNP Highway NNP Patrol NNP . . There EX were VBD many JJ indications NNS that IN the DT new JJ work NN hours NNS implemented VBN by IN major JJ corporations NNS played VBD a DT big JJ role NN . . The DT Golden NNP Gate NNP handled VBD as IN many JJ cars NNS as RB normally RB yesterday NN , , but CC over IN four CD hours NNS rather RB than IN the DT usual JJ two-hour JJ crush NN . . Bechtel NNP Group NNP Inc. NNP , , the DT giant NN closely RB held VBD engineering NN concern NN , , says VBZ it PRP has VBZ instituted VBN a DT 6 CD a.m. NN to TO 8 CD p.m. NN flextime NN arrangement NN , , whereby WRB employees NNS may MD select VB any DT eight-hour JJ period NN during IN those DT hours NNS to TO go VB to TO work NN . . Of IN Bechtel NNP 's POS 17,500 CD employees NNS , , about IN 4,000 CD work NN in IN San NNP Francisco NNP -- : one-third NN of IN them PRP commuting VBG from IN stricken JJ East NNP Bay NNP . . Pacific NNP Gas NNP & CC Electric NNP Co. NNP is VBZ offering VBG its PRP$ 6,000 CD San NNP Francisco NNP employees NNS a DT two-tier JJ flextime NN schedule NN -- : either CC 6 CD a.m. NN to TO 2 CD p.m. NN or CC 10 CD a.m. NN to TO 6 CD p.m NN . . The DT flextime NN may MD cut VB by IN almost RB a DT third JJ the DT number NN of IN PG&E NNP employees NNS working VBG conventional JJ 9-5 CD hours NNS , , a DT spokesman NN says VBZ . . Some DT of IN the DT utility NN 's POS employees NNS may MD opt VB for IN a DT four-day JJ workweek NN , , 10 CD hours NNS a DT day NN , , to TO cut VB the DT commute NN by IN 20 CD % NN . . At IN Pacific NNP Telesis NNP Group NNP , , flextime NN is VBZ left VBN up IN to TO individual JJ working VBG groups NNS , , because IN some DT of IN the DT telephone NN company NN 's POS employees NNS must MD be VB on-site JJ during IN normal JJ business NN hours NNS , , a DT spokeswoman NN says VBZ . . Some DT individuals NNS went VBD to TO some DT lengths NNS on IN their PRP$ own JJ to TO avoid VB the DT anticipated VBN gridlock NN . . One CD senior JJ vice NN president NN at IN Bechtel NNP said VBD he PRP got VBD up RP at IN 3 CD a.m. NN to TO drive VB into IN San NNP Francisco NNP from IN the DT East NNP Bay NNP . . But CC transportation NN officials NNS worry VBP that IN such JJ extraordinary JJ measures NNS and CC cooperation NN may MD not RB last VB . . Although IN one CD transportation NN official NN said VBD drivers NNS who WP did VBD n't RB use VB car NN pools NNS were VBD committing VBG `` `` an DT anti-social JJ act NN , , '' '' about IN two-thirds NNS of IN the DT motorists NNS crossing VBG the DT Golden NNP Gate NNP were VBD alone RB , , compared VBN with IN the DT normal JJ 70 CD % NN rate NN . . And CC some DT commuters NNS , , relieved VBN by IN the DT absence NN of IN gridlock NN , , were VBD planning VBG to TO return VB to TO their PRP$ old JJ ways NNS . . Garry NNP Kasparov NNP went VBD to TO combat VB Sunday NNP with IN the DT world NN 's POS most RBS advanced VBN chess NN computer NN and CC kicked VBD it PRP around RB -- : symbolically RB , , anyway RB -- : like IN an DT old JJ tin NN can NN . . Playing VBG black JJ in IN the DT first JJ game NN , , the DT human JJ champion NN maneuvered VBD Deep NNP Thought NNP , , known VBN for IN its PRP$ attacking VBG prowess NN , , into IN a DT totally RB passive JJ position NN . . Then RB he PRP unleashed VBD his PRP$ own JJ , , unstoppable JJ , , attack NN . . And CC in IN the DT second JJ game NN , , with IN Mr. NNP Kasparov NNP advancing VBG ferociously RB as IN white JJ , , D.T. NNP offered VBD feeble JJ resistance NN and CC lost VBD even RB faster RBR . . Well UH , , mankind NN can MD rest VB easier JJR for IN now RB . . Though IN almost RB everybody NN at IN the DT playing VBG site NN had VBD been VBN looking VBG for IN the DT 26-year-old JJ Soviet NNP to TO beat VB the DT Pennsylvania-based JJ computer NN , , he PRP gave VBD the DT machine NN a DT far RB worse JJR drubbing NN than IN many JJ expected VBD . . And CC when WRB Mr. NNP Kasparov NNP strode VBD into IN the DT playing VBG hall NN , , he PRP called VBD the DT outcome NN . . As IN if IN he PRP were VBD Iron NNP Mike NNP , , about IN to TO enter VB the DT ring NN with IN a DT 98-pound JJ weakling NN , , he PRP declared VBD : : `` `` I PRP 'll MD be VB able JJ to TO beat VB any DT computer NN for IN the DT next JJ five CD years NNS . . '' '' His PRP$ strategy NN against IN D.T. NNP was VBD based VBN on IN a DT thorough JJ study NN of IN dozens NNS of IN its PRP$ games NNS , , he PRP said VBD , , including VBG its PRP$ notorious JJ whippings NNS of IN the DT grandmasters NNS Bent NNP Larsen NNP of IN Denmark NNP and CC Robert NNP Byrne NNP of IN the DT U.S. NNP . . Mr. NNP Kasparov NNP was VBD underwhelmed VBN . . `` `` The DT computer NN 's POS mind NN is VBZ too RB straight JJ , , too RB primitive JJ , , '' '' lacking VBG the DT intuition NN and CC creativity NN needed VBN to TO reach VB the DT top NN , , he PRP said VBD . . The DT champion NN apparently RB was VBD not RB worried VBN at IN all DT about IN D.T. NNP 's POS strong JJ points NNS . . Its PRP$ chief NN builder NN , , Taiwan-born JJ Feng-hsiung NNP Hsu NNP , , nicknamed VBN his PRP$ brainchild NN `` `` the DT Weasel NNP '' '' for IN its PRP$ tactical JJ flair NN at IN wriggling VBG out IN of IN horrible JJ positions NNS . . D.T. NNP also RB has VBZ a DT prodigious JJ and CC flawless JJ memory NN , , is VBZ utterly RB fearless JJ , , and CC could MD n't RB be VB distracted VBN by IN the DT sexy JJ nude JJ sculptures NNS spread VBN around IN the DT playing NN hall NN , , in IN the DT New NNP York NNP Academy NNP of IN Art NNP . . In IN fact NN , , D.T. NNP never RB left VBD home NN , , Carnegie NNP Mellon NNP University NNP in IN Pittsburgh NNP , , but CC communicated VBN with IN its PRP$ human JJ handlers NNS by IN telephone NN link NN . . They PRP conceded VBD that IN the DT odds NNS favored VBD Mr. NNP Kasparov NNP , , but CC they PRP put VBP their PRP$ hope NN in IN D.T. NNP 's POS recently RB enhanced VBN capacity NN for IN examining VBG positions NNS -- : up IN to TO a DT million CD per IN second JJ , , from IN 720,000 CD . . But CC the DT handlers NNS mistakenly RB stuck VBD with IN silicon NN chips NNS ; : they PRP needed VBD kryptonite NN . . This DT became VBD apparent JJ as IN game NN one CD , , a DT Sicilian NNP Defense NNP by IN Mr. NNP Kasparov NNP , , proceeded VBD . . No DT human NN can MD examine VB millions NNS of IN moves NNS , , but CC Mr. NNP Kasparov NNP , , using VBG his PRP$ ineffably RB powerful JJ brain NN , , consistently RB found VBD very RB good JJ ones NNS . . After IN eight CD moves NNS by IN each DT side NN , , the DT board NN was VBD the DT same JJ as IN in IN a DT game NN in IN which WDT Nigel NNP Short NNP of IN Great NNP Britain NNP fought VBD the DT champion NN to TO a DT draw NN in IN 1980 CD . . But CC the DT computer NN did VBD n't RB play VB Mr. NNP Short NNP 's POS ninth JJ move NN , , a DT key JJ pawn NN thrust NN , , and CC its PRP$ position NN deteriorated VBD rapidly RB . . Instead RB of IN castling VBG , , a DT standard JJ measure NN to TO safeguard VB the DT king NN , , D.T. NNP made VBD a DT second-rate JJ rook NN maneuver NN at IN move NN 13 CD ; : then RB it PRP put VBD a DT knight NN offside NN on IN move NN 16 CD . . `` `` Only RB two CD classes NNS of IN minds NNS would MD think VB of IN this DT -- : very RB weak JJ human JJ players NNS , , and CC computers NNS , , '' '' said VBD Edmar NNP Mednis NNP , , the DT expert JJ commentator NN for IN the DT match NN , , which WDT was VBD attended VBN by IN hundreds NNS of IN chess NN fans NNS . . By IN move NN 21 CD , , D.T. NNP had VBD fallen VBN into IN a DT deep JJ positional JJ trap NN . . It PRP allowed VBD Mr. NNP Kasparov NNP to TO exchange VB his PRP$ dark-squared JJ bishop NN for IN one CD of IN D.T. NNP 's POS knights NNS . . Bishops NNS usually RB are VBP worth JJ slightly RB more JJR than IN knights NNS , , but CC in IN this DT case NN Mr. NNP Kasparov NNP was VBD left VBN with IN a DT very RB dangerous JJ knight NN and CC D.T. NNP 's POS surviving VBG bishop NN was VBD reduced VBN to TO passivity NN . . Indeed RB , , it PRP looked VBD more JJR like IN a DT pawn NN , , a DT `` `` tall JJ pawn NN , , '' '' as IN spectators NNS snidely RB put VBP it PRP . . Consistently RB , , D.T. NNP was VBD over-optimistic JJ about IN its PRP$ chances NNS , , which WDT it PRP continually RB sized VBD up RP , , in IN numerical JJ form NN . . When WRB most JJS spectators NNS thought VBD its PRP$ position NN hopeless JJ , , the DT computer NN thought VBD it PRP was VBD only RB , , in IN effect NN , , one-half NN of IN a DT pawn NN down IN . . Such JJ evaluations NNS met VBD with IN derision NN , , and CC kept VBD the DT machine NN from IN resigning VBG as RB soon RB as IN humans NNS would MD have VB -- : prompting VBG more JJR derision NN . . While IN D.T. NNP shuffled VBD its PRP$ king NN back RB and CC forth RB in IN a DT defensive JJ crouch NN , , Mr. NNP Kasparov NNP maneuvered VBD the DT knight NN to TO a DT dominant JJ outpost NN . . He PRP also RB launched VBD a DT kingside NN storm NN , , sacrificing VBG a DT pawn NN to TO denude VB D.T. NNP 's POS king NN . . No DT amount NN of IN weasling VBG could MD have VB saved VBN this DT game NN for IN D.T NNP . . A DT piece NN down IN , , the DT computer NN resigned VBD . . Now RB , , with IN the DT crowd NN in IN the DT analysis NN room NN smelling VBG figurative JJ blood NN , , the DT only JJ question NN seemed VBD to TO be VB how WRB fast JJ Mr. NNP Kasparov NNP could MD win VB game NN two CD . . With IN the DT advantage NN of IN playing VBG white JJ ( ( which WDT moves VBZ first JJ ) ) , , Mr. NNP Kasparov NNP followed VBD up RP cleverly RB against IN the DT computer NN 's POS defense NN , , a DT Queen NNP 's POS Gambit NNP Accepted NNP . . As RB early RB as IN move NN six CD , , Mr. NNP Kasparov NNP deviated VBD from IN a DT well-known JJ sequence NN of IN moves NNS , , developing VBG a DT knight NN instead RB of IN making VBG a DT standard JJ bishop NN attack NN against IN the DT computer NN 's POS advanced VBN knight NN . . This DT left VBD the DT computer NN with IN a DT broader JJR range NN of IN plausible JJ replies NNS -- : and CC it PRP immediately RB blundered VBD by IN moving VBG a DT queenside NN pawn NN , , to TO the DT neglect NN of IN kingside NN development NN . . `` `` In IN a DT new JJ position NN just RB after IN the DT opening NN , , a DT computer NN will MD have VB serious JJ problems NNS , , '' '' Mr. NNP Kasparov NNP said VBD later RB . . In IN such JJ positions NNS , , he PRP explained VBD , , `` `` you PRP have VBP to TO create VB something NN new JJ , , and CC the DT computer NN is VBZ n't RB able JJ to TO do VB that DT right RB now RB . . '' '' After IN only RB 11 CD moves NNS for IN each DT side NN , , the DT computer NN 's POS position NN was VBD shaky JJ . . Greedily RB , , it PRP grabbed VBD a DT pawn NN , , at IN the DT cost NN of IN facing VBG a DT brutal JJ attack NN . . And CC when WRB a DT defensive JJ move NN was VBD called VBN for IN , , D.T. NNP passed VBD up RP an DT obvious JJ pawn NN move NN and CC instead RB exposed VBN its PRP$ queen NN to TO immediate JJ tactical JJ threats NNS . . Mr. NNP Kasparov NNP remarked VBD later RB that IN `` `` even RB a DT weak JJ club NN player NN '' '' would MD have VB avoided VBN the DT queen NN move NN . . Now RB , , after IN only RB a DT dozen NN moves NNS , , spectators NNS were VBD looking VBG for IN a DT mating NN combination NN . . On IN a DT demonstration NN board NN , , emcee NN Shelby NNP Lyman NNP showed VBD a DT quick JJ kill NN initiated VBN by IN a DT knight NN sacrifice NN ; : no DT spectator NN refuted VBD this DT line NN of IN play NN . . Mr. NNP Kasparov NNP 's POS continuation NN was VBD slower JJR but CC , , in IN the DT end NN , , just RB as IN deadly JJ . . He PRP won VBD D.T. NNP 's POS queen NN for IN two CD minor JJ pieces NNS and CC two CD pawns NNS -- : not RB enough RB compensation NN , , in IN this DT position NN , , to TO give VB the DT computer NN much JJ hope NN . . In IN a DT hopeless JJ position NN , , the DT computer NN resigned VBD rather RB than IN make VB its PRP$ 37th JJ move NN . . And CC Mr. NNP Kasparov NNP , , to TO cheers NNS and CC applause NN , , marched VBD back RB into IN the DT analysis NN room NN . . `` `` In IN both DT games NNS I PRP got VBD exactly RB what WP I PRP wanted VBD , , '' '' he PRP said VBD . . What WP he PRP had VBD demonstrated VBN , , he PRP added VBD , , is VBZ that IN there EX 's VBZ more JJR to TO chess NN than IN sheer JJ calculation NN . . Undeterred JJ , , D.T. NNP 's POS handlers NNS vowed VBD to TO press VB on IN . . Indeed RB , , three CD of IN them PRP will MD be VB building VBG a DT successor NN machine NN for IN International NNP Business NNP Machines NNPS Corp NNP . . Promises VBZ Feng-hsiung NNP Hsu NNP : : `` `` In IN three CD years NNS we PRP 'll MD mount VB a DT better JJR challenge NN . . '' '' Mr. NNP Tannenbaum NNP is VBZ a DT reporter NN in IN the DT Journal NNP 's POS New NNP York NNP bureau NN . . Reaching VBG for IN that DT extra JJ bit NN of IN yield NN can MD be VB a DT big JJ mistake NN -- : especially RB if IN you PRP do VBP n't RB understand VB what WP you PRP 're VBP investing VBG in IN . . Just RB ask VB Richard NNP Blumenfeld NNP , , a DT New NNP Jersey NNP dentist NN who WP considers VBZ himself PRP `` `` a DT reasonably RB sophisticated JJ investor NN . . '' '' In IN May NNP 1986 CD , , Dr. NNP Blumenfeld NNP gave VBD Merrill NNP Lynch NNP & CC Co. NNP about IN $ $ 40,000 CD for IN a DT federally RB insured VBN certificate NN of IN deposit NN offering VBG an DT effective JJ yield NN of IN more RBR than IN 9 CD % NN . . `` `` It PRP was VBD a DT time NN when WRB interest NN rates NNS came VBD down RB very RB rapidly RB , , '' '' Dr. NNP Blumenfeld NNP recalls VBZ . . Yields NNS on IN five-year JJ CDs NNS at IN major JJ banks NNS were VBD averaging VBG about IN 7.45 CD % NN , , and CC 10-year JJ Treasury NN notes NNS were VBD paying VBG less RBR than IN 8 CD % NN . . The DT CD NNP seemed VBD like IN a DT great JJ deal NN . . But CC nearly RB 3 CD 1\/2 CD years NNS later RB , , Merrill NNP says VBZ the DT investment NN is VBZ worth JJ about IN $ $ 43,000 CD -- : an DT amount NN that WDT represents VBZ an DT annual JJ return NN of IN just RB over IN 2 CD % NN on IN Dr. NNP Blumenfeld NNP 's POS $ $ 40,000 CD . . The DT problem NN is VBZ that IN the DT CD NNP he PRP bought VBD for IN a DT retirement NN plan NN was VBD n't RB a DT plain JJ vanilla NN CD NNP . . Instead RB , , his PRP$ Merrill NNP broker NN put VBD him PRP in IN a DT zero-coupon JJ CD NNP , , which WDT is VBZ sold VBN at IN a DT deep JJ discount NN to TO its PRP$ face NN value NN . . The DT difference NN between IN the DT price NN and CC the DT face NN value NN payable JJ at IN maturity NN is VBZ the DT investor NN 's POS return NN . . More RBR important JJ , , the DT CD NNP was VBD purchased VBN on IN the DT secondary JJ , , or CC resale NN , , market NN . . Because IN the DT CD NNP had VBD an DT effective JJ yield NN of IN 13.4 CD % NN when WRB it PRP was VBD issued VBN in IN 1984 CD , , and CC interest NN rates NNS in IN general JJ had VBD declined VBN sharply RB since IN then RB , , part NN of IN the DT price NN Dr. NNP Blumenfeld NNP paid VBD was VBD a DT premium NN -- : an DT additional JJ amount NN on IN top NN of IN the DT CD NNP 's POS base NN value NN plus CC accrued VBN interest NN that WDT represented VBD the DT CD NNP 's POS increased VBN market NN value NN . . Now RB the DT thrift NN that WDT issued VBD the DT CD NNP is VBZ insolvent JJ , , and CC Dr. NNP Blumenfeld NNP has VBZ learned VBN to TO his PRP$ surprise NN that IN the DT premium NN is VBZ n't RB insured VBN under IN federal JJ deposit NN insurance NN . . The DT tip-off NN came VBD when WRB he PRP opened VBD a DT recent JJ Merrill NNP Lynch NNP statement NN and CC found VBD that IN the DT CD NNP 's POS `` `` estimated VBN current JJ market NN value NN '' '' had VBD plummeted VBN by IN $ $ 9,000 CD in IN a DT month NN . . Several JJ phone NN calls NNS and CC a DT visit NN to TO his PRP$ broker NN 's POS office NN later RB , , the DT dentist NN found VBD out RP that IN the DT $ $ 9,000 CD drop NN represented VBD the DT current JJ value NN of IN the DT premium NN he PRP paid VBD when WRB he PRP bought VBD the DT CD NNP , , and CC that IN the DT amount NN was VBD n't RB insured VBD . . `` `` This DT is VBZ one CD thing NN I PRP was VBD never RB aware JJ of IN , , '' '' he PRP says VBZ . . He PRP assumed VBD that IN principal NN and CC interest NN were VBD `` `` fully RB insured VBN up IN to TO $ $ 100,000 CD , , '' '' he PRP adds VBZ . . Dr. NNP Blumenfeld NNP is VBZ n't RB unique JJ . . Especially RB at IN times NNS like IN these DT , , when WRB declining VBG rates NNS make VBP it PRP hard RB for IN investors NNS to TO get VB yields NNS they PRP have VBP come VBN to TO expect VB , , too RB many JJ people NNS chase VB the DT promise NN of IN above-market JJ returns NNS without IN fully RB appreciating VBG the DT risk NN . . `` `` Yield NN greed NN often RB gets VBZ in IN the DT way NN of IN understanding VBG things NNS , , '' '' says VBZ John NNP Markese NNP , , research NN director NN of IN the DT American NNP Association NNP of IN Individual NNP Investors NNPS , , a DT Chicago-based JJ educational JJ group NN . . `` `` The DT biggest JJS problem NN we PRP have VBP is VBZ that IN investors NNS realize VBP , , after IN the DT fact NN , , that IN they PRP did VBD n't RB understand VB what WP they PRP were VBD investing VBG in IN . . '' '' Dr. NNP Blumenfeld NNP concedes VBZ he PRP did VBD n't RB fully RB understand VB what WP he PRP was VBD buying VBG . . He PRP says VBZ that IN he PRP knew VBD he PRP was VBD getting VBG a DT zero-coupon JJ CD NNP and CC that IN he PRP had VBD previously RB invested VBN in IN TIGRs NNP ( ( Treasury NNP Income NNP Growth NNP Receipts NNPS ) ) , , a DT type NN of IN zero-coupon JJ Treasury NNP security NN sold VBN by IN Merrill NNP Lynch NNP . . But CC he PRP says VBZ he PRP did VBD n't RB understand VB he PRP was VBD buying VBG the DT CD NNP on IN the DT secondary JJ market NN , , and CC he PRP contends VBZ his PRP$ broker NN never RB fully RB explained VBD the DT risks NNS . . The DT broker NN , , Thomas NNP Beairsto NNP of IN Merrill NNP Lynch NNP 's POS Morristown NNP , , N.J. NNP , , office NN , , refuses VBZ to TO discuss VB the DT matter NN with IN a DT reporter NN , , referring VBG inquiries NNS to TO Merrill NNP Lynch NNP officials NNS in IN New NNP York NNP . . Those DT officials NNS say VBP there EX was VBD full JJ disclosure NN of IN the DT risks NNS in IN a DT `` `` fact NN sheet NN '' '' sent VBN to TO all DT CD NNP investors NNS with IN their PRP$ confirmation NN of IN sale NN . . The DT fact NN sheet NN , , dated VBN April NNP 1986 CD , , says VBZ on IN page NN three CD : : `` `` If IN the DT price NN paid VBN for IN a DT CD NNP purchased VBN in IN the DT secondary JJ market NN ... : is VBZ higher JJR than IN the DT accreted VBN value NN in IN the DT case NN of IN zero-coupon JJ CDs NNPS , , the DT difference NN ... : is VBZ not RB insured VBN ... : . . Computations NNS involving VBG zero-coupon JJ CDs NNPS are VBP more RBR complicated VBN and CC you PRP should MD discuss VB any DT questions NNS you PRP may MD have VB with IN your PRP$ financial JJ consultant NN . . '' '' Dr. NNP Blumenfeld NNP says VBZ he PRP does VBZ n't RB remember VB the DT paragraph NN about IN premiums NNS in IN the DT fact NN sheet NN he PRP received VBD and CC did VBD n't RB realize VB part NN of IN what WP he PRP paid VBD was VBD a DT premium NN . . `` `` I PRP assumed VBD I PRP was VBD buying VBG a DT CD NNP as IN a DT CD NNP , , '' '' he PRP says VBZ . . Nevertheless RB , , Merrill NNP Lynch NNP has VBZ agreed VBN that IN if IN the DT thrift NN that WDT issued VBD Dr. NNP Blumenfeld NNP 's POS CD NNP , , Peoples NNPS Heritage NNP Federal NNP Savings NNP & CC Loan NNP Association NNP in IN Salina NNP , , Kan. NNP , , is VBZ liquidated VBN and CC the DT CD NNP terminated VBN , , the DT brokerage NN firm NN would MD cover VB the DT premium NN Dr. NNP Blumenfeld NNP paid VBD . . ( ( Federal NNP deposit NN insurance NN would MD pay VB principal NN and CC interest NN accrued VBN to TO the DT date NN of IN liquidation NN , , to TO a DT maximum NN of IN $ $ 100,000 CD . . ) ) `` `` It PRP 's VBZ not RB a DT blanket NN commitment NN , , it PRP 's VBZ a DT case-by-case JJ situation NN , , '' '' says VBZ Albert NNP Disposti NNP , , a DT managing VBG director NN of IN Merrill NNP Lynch NNP Money NNP Markets NNPS Inc NNP . . `` `` There EX 's VBZ a DT question NN whether IN brokers NNS at IN the DT time NN were VBD fully RB aware JJ '' '' of IN the DT risks NNS . . `` `` We PRP were VBD n't RB sure JJ that IN full JJ disclosure NN , , as IN we PRP wanted VBD it PRP , , was VBD being VBG made VBN . . '' '' Merrill NNP Lynch NNP says VBZ it PRP 's VBZ impossible JJ to TO estimate VB how WRB many JJ investors NNS are VBP in IN Dr. NNP Blumenfeld NNP 's POS situation NN , , although IN it PRP says VBZ the DT firm NN has VBZ received VBN only RB one CD other JJ complaint NN about IN premiums NNS on IN the DT secondary JJ market NN in IN three CD years NNS . . Merrill NNP Lynch NNP now RB provides VBZ credit NN rating NN information NN about IN the DT institutions NNS whose WP$ CDs NNS it PRP sells VBZ , , which WDT it PRP did VBD n't RB provide VB in IN 1986 CD . . Zero-coupon JJ CDs NNPS are VBP only RB a DT small JJ portion NN of IN the DT $ $ 1 CD trillion-plus NN in IN CDs NNPS outstanding JJ , , and CC those DT purchased VBN on IN the DT secondary JJ market NN are VBP an DT even RB smaller JJR part NN of IN the DT total NN . . Merrill NNP Lynch NNP estimates VBZ that IN fewer JJR than IN 10 CD financial JJ institutions NNS currently RB issue VBP zero-coupon JJ CDs NNPS . . Still RB , , there EX are VBP several JJ billion CD dollars NNS of IN zero-coupon JJ CDs NNPS with IN various JJ maturities NNS outstanding JJ . . Because IN of IN the DT tax NN consequences NNS of IN zero-coupon JJ investments NNS -- : income NN tax NN is VBZ payable JJ in IN the DT year NN interest NN is VBZ accrued VBN , , although IN interest NN is VBZ n't RB actually RB paid VBN until IN maturity NN -- : zero-coupon JJ CDs NNPS are VBP usually RB sold VBN for IN tax-advantaged JJ accounts NNS to TO finance VB things NNS like IN retirement NN and CC children NNS 's POS education NN . . Most JJS zero-coupon JJ CDs NNPS are VBP in IN maturities NNS of IN six CD to TO nine CD years NNS , , and CC they PRP usually RB double VBP in IN value NN by IN maturity NN . . But CC investors NNS who WP bought VBD zero-coupon JJ CDs NNPS in IN the DT secondary JJ market NN are VBP n't RB the DT only JJ ones NNS who WP may MD be VB surprised VBN to TO learn VB the DT full JJ amount NN of IN their PRP$ investments NNS is VBZ n't RB insured VBN . . People NNS who WP paid VBD a DT premium NN for IN standard JJ CDs NNPS purchased VBD on IN the DT secondary JJ market NN could MD also RB find VB that IN those DT premiums NNS are VBP n't RB insured VBN if IN the DT institutions NNS that WDT issued VBD the DT CDs NNPS failed VBD . . However RB , , those DT premiums NNS are VBP usually RB far RB smaller JJR than IN on IN zero-coupon JJ CDs NNPS , , and CC the DT simpler JJR pricing NN structure NN of IN a DT standard JJ CD NNP makes VBZ it PRP more RBR apparent JJ when WRB a DT premium NN is VBZ paid VBN . . Whatever WDT the DT case NN , , a DT Merrill NNP Lynch NNP spokesman NN emphasizes VBZ , , investors NNS should MD n't RB have VB to TO worry VB about IN the DT uninsured JJ premium NN issue NN , , unless IN the DT bank NN or CC thrift NN that WDT issued VBD the DT CD NNP is VBZ closed VBN and CC its PRP$ deposits NNS paid VBN off RP before IN maturity NN or CC transferred VBN to TO another DT institution NN at IN a DT lower JJR rate NN . . Dr. NNP Blumenfeld NNP says VBZ he PRP 's VBZ satisfied VBN that IN his PRP$ problem NN has VBZ been VBN resolved VBN . . And CC he PRP says VBZ he PRP 's VBZ learned VBN a DT lesson NN : : `` `` You PRP always RB have VBP to TO watch VB out RP for IN yourself PRP . . No DT one NN else RB will MD watch VB out RP for IN you PRP . . Americans NNPS are VBP drinking VBG less JJR , , but CC young JJ professionals NNS from IN Australia NNP to TO West NNP Germany NNP are VBP rushing VBG to TO buy VB premium-brand JJ American JJ vodka NN , , brandy NN and CC other JJ spirits NNS . . In IN particular JJ , , many JJ are VBP snubbing VBG the DT scotch NN preferred VBN by IN their PRP$ parents NNS and CC opting VBG for IN bourbon NN , , the DT sweet JJ firewater NN from IN the DT Kentucky NNP countryside NN . . With IN U.S. NNP liquor NN consumption NN declining VBG steadily RB , , many JJ American JJ producers NNS are VBP stepping VBG up RP their PRP$ marketing NN efforts NNS abroad RB . . And CC those DT efforts NNS are VBP paying VBG off IN : : Spirits NNS exports NNS jumped VBD more JJR than IN 2 CD 1\/2 CD times NNS to TO $ $ 157.2 CD million CD in IN 1988 CD from IN $ $ 59.8 CD million CD in IN 1983 CD , , according VBG to TO the DT Distilled NNP Spirits NNPS Council NNP of IN the DT U.S. NNP , , a DT trade NN group NN . . `` `` Spirits NNS companies NNS now RB view VBP themselves PRP as IN global JJ marketers NNS , , '' '' says VBZ Michael NNP Bellas NNP , , president NN of IN Beverage NNP Marketing NNP Corp. NNP , , a DT research NN and CC consulting VBG firm NN . . `` `` If IN you PRP want VBP to TO be VB a DT player NN , , you PRP have VBP to TO be VB in IN America NNP , , Europe NNP and CC the DT Far NNP East NNP . . You PRP must MD have VB world-class JJ brands NNS , , a DT long-term JJ perspective NN and CC deep JJ pockets NNS . . '' '' The DT internationalization NN of IN the DT industry NN has VBZ been VBN hastened VBN by IN foreign JJ companies NNS ' POS acquisitions NNS of IN many JJ U.S. NNP producers NNS . . In IN recent JJ years NNS , , for IN example NN , , Grand NNP Metropolitan NNP PLC NNP of IN Britain NNP acquired VBD Heublein NNP Inc. NNP , , while IN another DT British JJ company NN , , Guinness NNP PLC NNP , , took VBD over RP United NNP Distillers NNPS Group NNP and CC Schenley NNP Industries NNPS Inc NNP . . But CC the DT shift NN has VBZ also RB been VBN fueled VBN by IN necessity NN . . While IN premium-brand JJ spirits NNS like IN Smirnoff NNP vodka NN and CC Jack NNP Daniel NNP 's POS whiskey NN are VBP riding VBG high RB in IN the DT U.S. NNP , , domestic JJ spirits NNS consumption NN fell VBD 15 CD % NN to TO 141.1 CD million CD cases NNS in IN 1988 CD from IN 166 CD million CD cases NNS in IN 1979 CD . . In IN recent JJ years NNS , , growth NN has VBZ come VBN in IN the DT foreign JJ markets NNS . . U.S. NNP brandy NN exports NNS more JJR than IN doubled VBD last JJ year NN to TO 360,000 CD proof NN gallons NNS , , a DT standard JJ industry NN measure NN , , according VBG to TO Jobson NNP Beverage NNP Alcohol NNP Group NNP , , an DT industry NN association NN . . Exports NNS of IN rum NN surged VBD 54 CD % NN to TO 814,000 CD proof NN gallons NNS . . Mexico NNP is VBZ the DT biggest JJS importer NN of IN both DT rum NN and CC brandy NN from IN the DT U.S. NNP . . Japan NNP , , the DT world NN 's POS third-largest JJ liquor NN market NN after IN the DT U.S. NNP and CC Britain NNP , , helped VBD American JJ companies NNS in IN April NNP when WRB it PRP lowered VBD its PRP$ tax NN on IN imported VBN spirits NNS and CC levied VBD a DT tax NN on IN many JJ domestic JJ products NNS . . California JJ wineries NNS , , benefiting VBG from IN lowered VBN trade NN barriers NNS and CC federal JJ marketing NN subsidies NNS , , are VBP expanding VBG aggressively RB into IN Japan NNP , , as RB well RB as IN Canada NNP and CC Great NNP Britain NNP . . In IN Japan NNP , , the DT wineries NNS are VBP promoting VBG their PRP$ products NNS ' POS Pacific JJ roots NNS and CC courting VBG restaurant NN and CC hotel NN chefs NNS , , whose WP$ recommendations NNS carry VBP weight NN . . In IN Australia NNP , , Britain NNP , , Canada NNP and CC Greece NNP , , Brown-Forman NNP Corp. NNP has VBZ increased VBN its PRP$ marketing NN of IN Southern NNP Comfort NNP Liqueur NNP . . Using VBG cinema NN , , television NN and CC print NN ads NNS , , the DT company NN pitches VBZ Southern NNP Comfort NNP as IN a DT grand JJ old JJ drink NN of IN the DT antebellum JJ American NNP South NNP . . The DT biggest JJS foreign JJ inroads NNS , , though RB , , have VBP been VBN made VBN by IN bourbon NN . . While IN U.S. NNP makers NNS of IN vodka NN , , rum NN and CC other JJ spirits NNS compete VBP against IN powerhouses NNS abroad RB , , trade NN agreements NNS prohibit VBP any DT other JJ country NN from IN making VBG bourbon NN . . ( ( All DT bourbon NN comes VBZ from IN Kentucky NNP , , though IN Jack NNP Daniel NNP 's POS Tennessee NNP whiskey NN often RB is VBZ counted VBN as IN bourbon NN because IN of IN similarity NN of IN taste NN . . ) ) Moreover RB , , just RB as IN vodka NN has VBZ acquired VBN an DT upscale NN image NN in IN the DT U.S. NNP , , bourbon NN has VBZ become VBN fashionable NN in IN many JJ foreign JJ countries NNS , , a DT uniquely RB American JJ product NN tied VBN to TO frontier NN folklore NN . . How WRB was VBD the DT West NN won VBN ? . With IN a DT six-shooter NN in IN one CD hand NN and CC bourbon NN in IN the DT other JJ . . `` `` We PRP imagine VBP with IN bourbon NN the DT Wild NNP West NNP , , Western JJ motion NN pictures NNS and CC gunmen NNS appearing VBG , , '' '' says VBZ Kenji NNP Kishimoto NNP , , vice NN president NN of IN Suntory NNP International NNP Corp. NNP , , a DT division NN of IN Suntory NNP Ltd. NNP , , Japan NNP 's POS largest JJS liquor NN company NN . . Suntory NNP distributes VBZ Brown-Forman NNP bourbons NNS in IN Japan NNP . . Bourbon NN makes VBZ up RP just RB 1 CD % NN of IN world-wide JJ spirits NNS consumption NN , , but CC it PRP represented VBD 57 CD % NN of IN U.S. NNP liquor NN exports VBZ last JJ year NN , , according VBG to TO Jobson NNP ; : no DT other JJ category NN had VBD more RBR than IN 19 CD % NN . . Big NNP U.S. NNP distillers NNS are VBP fiercely RB vying VBG for IN this DT market NN , , which WDT grew VBD to TO $ $ 77 CD million CD last JJ year NN from IN $ $ 33 CD million CD in IN 1987 CD , , according VBG to TO government NN figures NNS . . Jim NNP Beam NNP Brands NNP Co. NNP , , a DT division NN of IN American NNP Brands NNPS Inc. NNP , , is VBZ the DT leading VBG exporter NN of IN bourbon NN and CC produces VBZ 10 CD other JJ types NNS of IN liquor NN . . The DT company NN says VBZ it PRP will MD increase VB its PRP$ international JJ advertising NN 35 CD % NN in IN 1990 CD , , with IN bourbon NN representing VBG most JJS of IN that DT amount NN . . Guinness NNP 's POS Schenley NNP Industries NNPS unit NN has VBZ increased VBN its PRP$ TV NN advertising NN in IN Japan NNP and CC has VBZ built VBN partnerships NNS with IN duty-free JJ shops NNS throughout IN Asia NNP , , enabling VBG it PRP to TO install VB prominent JJ counter NN displays NNS . . The DT company NN 's POS I.W. NNP Harper NNP brand NN is VBZ the DT leading VBG bourbon NN in IN Japan NNP , , with IN 40 CD % NN of IN the DT market NN . . Bourbon NN exporters NNS have VBP succeeded VBN in IN Japan NNP where WRB other JJ industries NNS have VBP failed VBN , , avoiding VBG cultural JJ hitches NNS in IN marketing NN and CC distribution NN by IN allying VBG themselves PRP with IN local JJ agents NNS . . Jim NNP Beam NNP Brands NNPS has VBZ a DT distribution NN partnership NN with IN Nikka NNP Whiskey NNP Co. NNP , , a DT distiller NN . . Seagram NNP Co. NNP , , which WDT exports VBZ Four NNP Roses NNPS bourbon NN , , has VBZ such PDT a DT link NN with IN Kirin NNP Brewery NNP Co NNP . . Some DT bourbon NN makers NNS advertise VBP abroad RB as IN they PRP do VBP at IN home NN . . To TO promote VB Jack NNP Daniel NNP 's POS overseas NN , , Brown-Forman NNP uses VBZ the DT same JJ photos NNS of IN front JJ porches NNS from IN Lynchburg NNP , , Va. NNP , , and CC avuncular JJ old JJ men NNS in IN overalls NNS and CC hightops NNS . . Jim NNP Beam NNP print NN ads NNS , , however RB , , strike VBP different JJ chords NNS in IN different JJ countries NNS . . In IN Australia NNP , , land NN of IN the DT outback NN , , a DT snapshot NN of IN Jim NNP Beam NNP lies VBZ on IN a DT strip NN of IN hand-tooled JJ leather NN . . West NNP Germans NNPS get VBP glitz NN , , with IN bourbon NN in IN the DT foreground NN and CC a DT posh JJ Beverly NNP Hills NNP hotel NN in IN the DT background NN . . Ads NNS for IN England NNP are VBP artsy JJ and CC irreverent JJ . . One CD ad NN features VBZ a DT huge JJ robot NN carrying VBG a DT voluptuous JJ woman NN in IN a DT faint JJ . . The DT tagline NN : : `` `` I PRP only RB asked VBD if IN she PRP wanted VBD a DT Jim NNP Beam NNP . . Capital NNP Cities\/ABC NNP Inc. NNP 's POS net JJ income NN rose VBD 29 CD % NN on IN a DT modest JJ 9 CD % NN increase NN in IN revenue NN in IN the DT third JJ quarter NN , , mainly RB on IN strong JJ advertising NN demand NN at IN its PRP$ ABC NNP television NN network NN operation NN . . Demand NN for IN ads NNS also RB rose VBD at IN the DT eight CD TV NN stations NNS Capital NNP Cities NNPS owns VBZ and CC at IN its PRP$ 80%-owned JJ ESPN NNP sports NNS cable NN channel NN . . The DT broadcast NN and CC publishing VBG company NN reported VBD net NN climbed VBD to TO $ $ 80.8 CD million CD , , or CC $ $ 4.56 CD a DT share NN , , from IN $ $ 62.6 CD million CD , , or CC $ $ 3.55 CD a DT share NN , , in IN the DT year-earlier JJ period NN . . Revenue NN reached VBD $ $ 1.1 CD billion CD from IN $ $ 1.01 CD billion CD . . In IN New NNP York NNP Stock NNP Exchange NNP composite NN trading NN yesterday NN , , Capital NNP Cities NNPS closed VBD at IN $ $ 558.50 CD , , down IN $ $ 5 CD . . The DT broadcasting NN unit NN reported VBD operating VBG profit NN of IN $ $ 134.9 CD million CD , , up IN 18 CD % NN from IN the DT year-earlier JJ $ $ 114.3 CD million CD . . Publishing NN reported VBD operating VBG profit NN was VBD $ $ 33.3 CD million CD , , nearly RB flat JJ with IN the DT year-before JJ $ $ 33 CD million CD . . Revenue NN at IN the DT broadcasting NN unit NN , , consisting VBG of IN the DT network NN and CC stations NNS , , advanced VBD 11 CD % NN , , to TO $ $ 838 CD million CD from IN $ $ 752.9 CD million CD . . The DT publishing NN unit NN reported VBD revenue NN edged VBD up RP 2.6 CD % NN to TO $ $ 263.2 CD million CD from IN $ $ 256.6 CD million CD . . Chairman NNP Thomas NNP S. NNP Murphy NNP cited VBD Capital NNP Cities NNPS ' POS nine CD daily JJ newspapers NNS in IN explaining VBG most JJS of IN the DT gain NN . . The DT parent NN also RB publishes VBZ weeklies NNS , , shopping VBG guides NNS and CC specialty NN magazines NNS . . For IN 1989 CD 's POS first JJ nine CD months NNS , , Capital NNP Cities NNPS net JJ income NN grew VBD 23 CD % NN to TO $ $ 303.7 CD million CD , , or CC $ $ 16.97 CD a DT share NN , , from IN $ $ 246.9 CD million CD , , or CC $ $ 14.43 CD a DT share NN . . Revenue NN eased VBD 0.3 CD % NN to TO $ $ 3.45 CD billion CD from IN $ $ 3.46 CD billion CD . . Last JJ week NN , , ABC NNP unseated JJ General NNP Electric NNP Co. NNP 's POS National NNP Broadcasting NNP Co. NNP unit NN as IN the DT No. NN 1 CD network NN , , as IN rated VBN by IN A.C. NNP Nielsen NNP Co NNP . . ABC NNP has VBZ four CD shows NNS in IN the DT top NN 10 CD , , including VBG the DT top JJ show NN , , `` `` Roseanne NNP . . As IN part NN of IN a DT previously RB announced VBN transaction NN , , Federal NNP Mogul NNP Corp. NNP has VBZ bought VBN approximately RB 565,000 CD shares NNS of IN its PRP$ common JJ stock NN from IN Nortek NNP Inc. NNP at IN $ $ 23.50 CD a DT share NN . . Nortek NNP has VBZ agreed VBN not RB to TO acquire VB any DT securities NNS of IN Federal-Mogul NNP for IN 10 CD years NNS and CC not RB to TO influence VB company NN affairs NNS during IN that DT period NN . . Weyerhaeuser NNP Co. NNP said VBD it PRP sold VBD its PRP$ wall-paneling JJ business NN to TO an DT affiliate NN of IN one CD of IN Indonesia NNP 's POS largest JJS wood-products NNS firms NNS . . Terms NNS of IN the DT transaction NN were VBD n't RB disclosed VBN . . Weyerhaeuser NNP said VBD its PRP$ paneling NN business NN employs VBZ about IN 300 CD workers NNS at IN two CD facilities NNS in IN Chesapeake NNP , , Va. NNP , , and CC Hancock NNP , , Vt NNP . . Manville NNP Corp. NNP said VBD it PRP will MD build VB a DT $ $ 24 CD million CD power NN plant NN to TO provide VB electricity NN to TO its PRP$ Igaras NNP pulp NN and CC paper NN mill NN in IN Brazil NNP . . The DT company NN said VBD the DT plant NN will MD ensure VB that IN it PRP has VBZ adequate JJ energy NN for IN the DT mill NN and CC will MD reduce VB the DT mill NN 's POS energy NN costs NNS . . Manville NNP said VBD it PRP expects VBZ the DT plant NN to TO begin VB operating VBG at IN the DT end NN of IN 1991 CD . . Housing NNP and CC Urban NNP Development NNP Secretary NNP Jack NNP Kemp NNP called VBD on IN the DT Federal NNP Reserve NNP System NNP to TO lower VB interest NN rates NNS . . In IN a DT speech NN to TO the DT Mortgage NNP Bankers NNPS Association NNP , , Mr. NNP Kemp NNP broke VBD the DT administration NN 's POS public JJ silence NN on IN the DT Fed NNP and CC complained VBD that IN `` `` interest NN rates NNS are VBP too RB high JJ . . '' '' `` `` I PRP am VBP convinced VBN that IN a DT monetary JJ policy NN for IN this DT country NN that WDT would MD return VB interest NN rates NNS to TO the DT historical JJ level NN of IN 4 CD % NN or CC 5 CD % NN would MD have VB not RB only RB an DT immediate JJ impact NN on IN housing NN starts NNS , , the DT housing NN stock NN , , our PRP$ industry NN in IN America NNP , , the DT refurbishing NN of IN our PRP$ industrial JJ system NN , , it PRP would MD help VB the DT Third NNP World NNP economies NNS considerably RB and CC it PRP would MD particularly RB have VB a DT favorable JJ impact NN upon IN our PRP$ budget NN deficit NN , , '' '' Mr. NNP Kemp NNP said VBD . . The DT Fed NNP recently RB eased VBD credit NN by IN lowering VBG the DT bellwether NN federal JJ funds NNS interest NN rate NN to TO 8 CD 3\/4 CD % NN from IN about IN 9 CD % NN . . Bush NNP administration NN officials NNS say VBP inflation NN is VBZ under IN control NN . . With IN economic JJ growth NN slowing NN , , they PRP say VBP they PRP believe VBP the DT Fed NNP should MD ease VB credit NN even RB further RB . . But CC for IN the DT most JJS part NN , , officials NNS have VBP avoided VBN expressing VBG those DT views NNS in IN public NN , , fearing VBG they PRP would MD unnecessarily RB antagonize VB the DT Fed NNP . . McDonald NNP 's POS Corp. NNP said VBD third-quarter JJ earnings NNS rose VBD 14 CD % NN on IN a DT hefty JJ sales NNS gain NN , , but CC domestic JJ franchisees NNS apparently RB did VBD n't RB partake VB of IN the DT improvement NN . . The DT world NN 's POS largest JJS fast-food NN chain NN said VBD net JJ income NN rose VBD to TO $ $ 217.9 CD million CD , , or CC 59 CD cents NNS a DT share NN , , from IN $ $ 191.3 CD million CD , , or CC 51 CD cents NNS a DT share NN , , a DT year NN ago IN . . In IN the DT latest JJS period NN , , the DT company NN had VBD an DT average NN of IN 370.8 CD million CD shares NNS , , 5.6 CD million CD shares NNS below IN last JJ year NN 's POS level NN . . Revenue NN rose VBD 12 CD % NN to TO $ $ 1.63 CD billion CD from IN $ $ 1.46 CD billion CD . . Systemwide JJ sales NNS , , which WDT include VBP sales NNS at IN franchisee NN as RB well RB as IN company-owned JJ stores NNS , , totaled VBD $ $ 4.59 CD billion CD compared VBN with IN $ $ 4.2 CD billion CD . . But CC sales NNS for IN U.S. NNP franchisees NNS were VBD flat JJ at IN best RB on IN a DT per-store JJ basis NN despite IN weak JJ 1988 CD figures NNS . . Compared VBN with IN the DT first JJ nine CD months NNS of IN last JJ year NN , , average JJ franchisee NN store NN sales NNS this DT year NN were VBD down IN nearly RB $ $ 3,200 CD , , reflecting VBG a DT fierce JJ discounting VBG war NN among IN fast-food NN chains NNS . . Since IN McDonald NNP 's POS menu NN prices NNS rose VBD this DT year NN , , the DT actual JJ decline NN may MD have VB been VBN more JJR . . McDonald NNP 's POS closed VBD at IN $ $ 31.375 CD , , up IN $ $ 1 CD , , in IN New NNP York NNP Stock NNP Exchange NNP composite NN trading NN yesterday NN . . While IN franchisees NNS were VBD having VBG a DT tough JJ time NN holding VBG sales NNS , , McDonald NN 's POS company-operated JJ stores NNS posted VBD hefty JJ gains NNS for IN the DT nine CD months NNS , , with IN sales NNS per IN company-operated JJ unit NN rising VBG $ $ 20,000 CD . . One CD analyst NN noted VBD that IN the DT company NN often RB has VBZ better JJR store NN locations NNS than IN do VBP its PRP$ franchisees NNS , , thus RB aiding VBG promotional JJ efforts NNS . . On IN average NN in IN the DT latest JJS nine CD months NNS , , company-operated JJ units NNS in IN the DT U.S. NNP had VBD $ $ 90,552 CD more RBR in IN sales NNS than IN did VBD franchised VBN outlets NNS . . There EX are VBP more RBR than IN three CD times NNS as IN many JJ franchised VBN domestic JJ outlets NNS as IN there EX are VBP company NN stores NNS . . Profit NN margins NNS at IN U.S. NNP company-owned JJ stores NNS in IN the DT quarter NN were VBD up IN nearly RB 1 CD % NN , , which WDT the DT company NN attributed VBD in IN part NN to TO lower JJR food NN costs NNS . . Prudential-Bache NNP Securities NNPS analyst NN Leslie NNP Steppel NNP said VBD reduced VBN labor NN costs NNS helped VBD boost NN margins NNS , , although IN she PRP doubted VBD `` `` that DT kind NN of IN performance NN is VBZ sustainable JJ . . '' '' Calling VBG sales NNS `` `` still RB relatively RB soft JJ , , '' '' Ms. NNP Steppel NNP believes VBZ that IN in IN real JJ terms NNS , , U.S. NNP sales NNS slipped VBD 3 CD 1\/2 CD % NN to TO 4 CD % NN at IN company-operated JJ stores NNS in IN the DT quarter NN . . Apparently RB acknowledging VBG weaker JJR U.S. NNP sales NNS systemwide JJ , , McDonald NNP 's POS vowed VBD `` `` to TO use VB our PRP$ size NN and CC muscle NN to TO do VB all PDT that DT is VBZ necessary JJ to TO build VB the DT brand NN . . '' '' Overseas RB , , both DT franchisees NNS and CC the DT company NN performed VBD substantially RB better RB than IN a DT year NN ago IN . . Third-quarter JJ sales NNS in IN Europe NNP were VBD exceptionally RB strong JJ , , boosted VBN by IN promotional JJ programs NNS and CC new JJ products NNS -- : although IN weaker JJR foreign JJ currencies NNS reduced VBD the DT company NN 's POS earnings NNS . . McDonald NNP 's POS said VBD that IN systemwide JJ sales NNS would MD have VB been VBN $ $ 115 CD million CD greater JJR had VBD 1988 CD exchange NN rates NNS remained VBD in IN effect NN . . `` `` Going VBG into IN the DT fourth JJ quarter NN the DT sales NNS comparison NN will MD be VB more RBR difficult JJ , , '' '' predicted VBN restaurant NN analyst NN Howard NNP Hansen NNP of IN Kidder NNP , , Peabody NNP & CC Co NNP . . Reflecting VBG better JJR growth NN prospects NNS abroad RB , , McDonald NNP 's POS noted VBD that IN as IN of IN Sept. NNP 30 CD more JJR stores NNS were VBD under IN construction NN overseas RB than IN a DT year NN ago IN , , while IN the DT opposite NN was VBD true JJ for IN domestic JJ expansion NN . . At IN the DT end NN of IN the DT third JJ quarter NN McDonald NNP 's POS had VBD 10,873 CD units NNS operating VBG world-wide JJ . . In IN the DT nine CD months NNS , , earnings NNS rose VBD 12 CD % NN to TO $ $ 555.6 CD million CD , , or CC $ $ 1.49 CD a DT share NN , , from IN $ $ 494.4 CD million CD , , or CC $ $ 1.31 CD a DT share NN , , a DT year NN earlier RBR . . Revenue NN rose VBD 11 CD % NN to TO $ $ 4.56 CD billion CD from IN $ $ 4.12 CD billion CD . . Carnival NNP Cruise NNP Lines NNPS Inc. NNP 's POS common JJ stock NN was VBD dragged VBN down RP yesterday NN amid IN concerns NNS that IN a DT bankruptcy NN filing VBG by IN a DT Finnish JJ shipbuilder NN would MD delay VB delivery NN of IN three CD big JJ cruise NN ships NNS . . The DT Miami-based JJ company NN 's POS stock NN fell VBD $ $ 1.75 CD yesterday NN to TO $ $ 20.75 CD a DT share NN in IN heavy JJ American NNP Stock NNP Exchange NNP composite JJ trading NN . . Early RB yesterday NN , , Carnival NNP said VBD in IN a DT company NN statement NN that IN it PRP had VBD been VBN `` `` notified VBN unofficially RB '' '' that IN Waertsilae NNP Marine NNP Industries NNPS , , the DT Finnish JJ shipyard NN that WDT is VBZ building VBG its PRP$ three CD new JJ cruise NN ships NNS , , planned VBN to TO file VB for IN bankruptcy NN . . Officials NNS at IN Carnival NNP declined VBD to TO comment VB . . `` `` There EX is VBZ just RB a DT tremendous JJ amount NN of IN uncertainty NN about IN what WP the DT effect NN , , if IN any DT , , of IN all PDT this DT is VBZ , , '' '' said VBD John NNP P. NNP Uphoff NNP , , an DT analyst NN at IN Raymond NNP James NNP Associates NNPS Inc NNP . . `` `` I PRP did VBD n't RB even RB know VB that IN a DT company NN in IN a DT socialistic JJ country NN could MD file VB for IN bankruptcy NN . . '' '' Carnival NNP said VBD the DT `` `` Fantasy NNP , , '' '' the DT first JJ of IN the DT three CD $ $ 200 CD million CD ships NNS that IN Carnival NNP has VBZ on IN order NN , , is VBZ scheduled VBN to TO be VB delivered VBN next JJ month NN , , just RB in IN time NN for IN the DT winter NN tourist NN season NN in IN the DT Caribbean NNP . . That DT ship NN , , which WDT would MD carry VB about IN 2,050 CD passengers NNS , , would MD expand VB the DT capacity NN of IN Carnival NNP 's POS existing VBG 14-ship JJ fleet NN by IN 24 CD % NN . . The DT second JJ ship NN , , which WDT is VBZ half-completed JJ , , is VBZ scheduled VBN to TO be VB delivered VBN in IN fall NN 1990 CD , , and CC the DT third JJ in IN fall NN 1991 CD . . `` `` There EX 's VBZ a DT 99 CD % NN chance NN that IN the DT Fantasy NNP will MD be VB delivered VBN close RB to TO schedule VB , , '' '' said VBD Caroline NNP Levy NNP , , an DT analyst NN at IN Shearson NNP Lehman NNP Hutton NNP Inc NNP . . `` `` The DT others NNS will MD probably RB be VB delivered VBN as RB well RB , , but CC Carnival NNP will MD likely RB have VB to TO pay VB a DT higher JJR price NN for IN them PRP . . '' '' She PRP said VBD the DT company NN could MD pay VB as RB much RB as IN 25 CD % NN more JJR for IN the DT ships NNS . . If IN the DT ships NNS are VBP n't RB delivered VBN , , however RB , , it PRP will MD likely RB have VB an DT effect NN on IN the DT company NN 's POS earnings NNS as RB soon RB as IN the DT 1990 CD fiscal JJ year NN , , which WDT begins VBZ Dec. NNP 1 CD . . Analysts NNS said VBD those DT estimates NNS -- : which WDT range VBP from IN about IN $ $ 1.80 CD a DT share NN to TO $ $ 1.95 CD a DT share NN -- : are VBP based VBN on IN Fantasy NNP being VBG in IN operation NN in IN 1990 CD . . If IN the DT ship NN fails VBZ to TO arrive VB , , those DT per-share JJ earnings NNS estimates NNS could MD be VB trimmed VBN 15 CD cents NNS or CC more JJR . . Analysts NNS were VBD n't RB willing JJ to TO speculate VB on IN how WRB much JJ money NN Carnival NNP might MD lose VB through IN deposits NNS . . Normally RB , , a DT company NN pays VBZ a DT portion NN of IN the DT total JJ cost NN of IN a DT ship NN as IN it PRP reaches VBZ various JJ stages NNS of IN construction NN . . Carnival NNP , , for IN example NN , , has VBZ already RB paid VBN about IN $ $ 160 CD million CD of IN the DT total JJ cost NN for IN Fantasy NNP . . Some DT analysts NNS say VBP this DT may MD give VB it PRP the DT right NN to TO seize VB the DT ship NN if IN the DT situation NN warrants VBZ it PRP . . According VBG to TO reports NNS from IN Finland NNP , , Waertsilae NNP Marine NNP , , 19%-owned JJ by IN conglomerate JJ Oy NNP Waertsilae NNP , , filed VBD for IN bankruptcy NN yesterday NN after IN the DT shipyard NN 's POS contractors NNS had VBD started VBN to TO demand VB bank NN guarantees NNS . . The DT shipyard NN disclosed VBD in IN mid-August NNP that IN it PRP expected VBD losses NNS stemming VBG from IN a DT series NN of IN unprofitable JJ orders NNS . . Designer NN Sandra NNP Garratt NNP filed VBD for IN Chapter NN 7 CD Bankruptcy NNP Code NNP protection NN , , saying VBG that IN her PRP$ cash NN flow NN had VBD been VBN cut VBN off IN . . The DT designer NN , , whose WP$ line NN of IN modular JJ , , one-size-fits-all JJ clothing NN has VBZ spawned VBN a DT host NN of IN clones NNS , , has VBZ been VBN in IN a DT dispute NN with IN her PRP$ latest JJS licensee NN , , Jerell NNP Inc. NNP for IN several JJ months NNS . . Ms. NNP Garratt NNP was VBD the DT subject NN of IN a DT Wall NNP Street NNP Journal NNP article NN in IN March NNP . . The DT designer NN 's POS attorney NN , , Molly NNP Bartholow NNP , , said VBD that IN Ms. NNP Garratt NNP was VBD forced VBN to TO start VB bankruptcy-law NN proceedings NNS because IN Jerell NNP began VBD withholding VBG her PRP$ royalty NN payments NNS last JJ month NN . . Jerell NNP paid VBD Ms. NNP Garratt NNP royalties NNS for IN the DT line NN known VBN as IN Multiples NNPS by IN Sandra NNP Garratt NNP , , which WDT are VBP sold VBN primarily RB through IN department NN stores NNS . . Ms. NNP Garratt NNP sued VBD the DT Dallas NNP apparel NN maker NN earlier RBR this DT year NN , , charging VBG that IN Jerell NNP developed VBD and CC marketed VBD clothing NN lines NNS fashioned VBN after IN her PRP$ designs NNS , , in IN violation NN of IN their PRP$ contract NN . . That DT lawsuit NN is VBZ still RB pending VBG . . Jerell NNP could MD n't RB immediately RB be VB reached VBN for IN comment NN . . Ms. NNP Garratt NNP 's POS assets NNS and CC liabilities NNS were VBD n't RB disclosed VBN . . Eaton NNP Corp. NNP had VBD a DT 26 CD % NN drop NN in IN third-quarter JJ profit NN mainly RB because IN of IN lower JJR sales NNS of IN truck NN parts NNS , , its PRP$ largest JJS and CC most RBS profitable JJ single JJ business NN . . Sales NNS of IN medium NN and CC heavy-duty JJ trucks NNS continue VBP to TO lag VB previous-year JJ rates NNS , , leading VBG Eaton NNP to TO expect VB fourth-quarter JJ net JJ income NN to TO fall VB below IN year-earlier JJ levels NNS , , said VBD Stephen NNP R. NNP Hardis NNP , , vice NN chairman NN and CC chief NN financial JJ and CC administrative JJ officer NN . . He PRP declined VBD to TO make VB a DT specific JJ earnings NNS estimate NN . . Third-quarter JJ net NN was VBD $ $ 40 CD million CD , , or CC $ $ 1.04 CD a DT share NN , , from IN $ $ 54.4 CD million CD , , or CC $ $ 1.47 CD a DT share NN , , a DT year NN ago IN . . Sales NNS rose VBD 2.8 CD % NN to TO $ $ 864.1 CD million CD , , from IN $ $ 840.4 CD million CD . . The DT quarter NN net NN was VBD below IN analyst NN expectations NNS mainly RB because IN truck-parts NNS sales NNS did VBD n't RB rebound VB in IN September NNP from IN the DT summer NN doldrums NN as IN they PRP usually RB do VBP , , said VBD Patrick NNP E. NNP Sheridan NNP , , analyst NN with IN McDonald NNP & CC Co NNP . . Mr. NNP Sheridan NNP , , who WP had VBD been VBN expecting VBG quarter NN profit NN of IN about IN $ $ 1.25 CD a DT share NN , , says VBZ he PRP is VBZ reducing VBG his PRP$ estimate NN for IN the DT year NN to TO the DT area NN of IN $ $ 5.70 CD a DT share NN , , from IN his PRP$ previous JJ estimate NN of IN $ $ 6.10 CD . . Eli NNP Lustgarten NNP of IN PaineWebber NNP Inc. NNP , , who WP a DT couple NN of IN weeks NNS ago IN reduced VBN his PRP$ 1989 CD estimate NN to TO $ $ 5.70 CD a DT share NN because IN of IN the DT weakening NN truck NN market NN , , says VBZ he PRP will MD make VB another DT cut NN to TO about IN $ $ 5.50 CD a DT share NN in IN light NN of IN the DT third-quarter JJ report NN . . He PRP said VBD Eaton NNP 's POS quarter NN profit NN margin NN on IN controls NNS was VBD lower JJR than IN he PRP anticipated VBD . . Eaton NNP said VBD sales NNS of IN truck NN axles NNS , , transmissions NNS and CC other JJ parts NNS fell VBD 7.2 CD % NN to TO $ $ 295 CD million CD . . Sales NNS of IN parts NNS for IN cars NNS and CC construction NN vehicles NNS rose VBD . . Eaton NNP does VBZ n't RB provide VB profit NN figures NNS separately RB for IN each DT category NN , , but CC operating VBG profit NN for IN vehicle NN parts NNS as IN a DT group NN fell VBD 26 CD % NN to TO $ $ 51 CD million CD on IN an DT about IN 1 CD % NN drop NN in IN sales NNS to TO $ $ 488 CD million CD . . Mr. NNP Hardis NNP said VBD truck-fleet JJ operators NNS appear VBP to TO be VB cautious JJ about IN buying VBG new JJ trucks NNS until IN they PRP see VBP how WRB the DT economy NN behaves VBZ . . The DT truck NN sales NNS slowdown NN reflects VBZ the DT general JJ slowing NN in IN sales NNS of IN consumer NN goods NNS , , he PRP said VBD , , and CC the DT latest JJS reports NNS show VBP a DT slight JJ improvement NN rather RB than IN any DT indication NN of IN a DT downward JJ spiral NN . . Operating VBG profit NN from IN electrical JJ and CC electronics NNS controls NNS , , Eaton NNP 's POS other JJ major JJ business NN group NN , , fell VBD 11 CD % NN to TO $ $ 32 CD million CD , , despite IN a DT 7.7 CD % NN increase NN in IN sales NNS to TO $ $ 376 CD million CD . . The DT company NN attributed VBD the DT decline NN to TO weakness NN in IN the DT commercial-switch JJ market NN in IN North NNP America NNP and CC in IN the DT European JJ appliance-controls NN market NN . . For IN the DT nine CD months NNS , , net JJ -- : including VBG profit NN from IN discontinued VBN operations NNS both DT years NNS and CC in IN 1988 CD an DT extraordinary JJ charge NN of IN $ $ 17.7 CD million CD related VBN to TO settlement NN of IN a DT lawsuit NN -- : was VBD $ $ 170.6 CD million CD , , or CC $ $ 4.54 CD a DT share NN , , up IN 5.8 CD % NN from IN $ $ 161.3 CD million CD , , or CC $ $ 4.32 CD a DT share NN , , a DT year NN ago IN . . Eaton NNP earned VBD from IN continuing VBG operations NNS $ $ 165.1 CD million CD , , or CC $ $ 4.40 CD a DT share NN , , down IN 7 CD % NN from IN $ $ 177.5 CD million CD , , or CC $ $ 4.76 CD a DT share NN , , a DT year NN earlier RBR . . Nine-month JJ sales NNS were VBD $ $ 2.79 CD billion CD , , up IN 8.2 CD % NN from IN $ $ 2.58 CD billion CD a DT year NN earlier RBR . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Eaton NNP closed VBD at IN $ $ 57.50 CD a DT share NN , , down IN $ $ 2.50 CD . . In IN Poland NNP 's POS rapid JJ shift NN from IN socialism NN to TO an DT undefined JJ alternative NN , , environmental JJ issues NNS have VBP become VBN a DT cutting VBG edge NN of IN broader JJR movements NNS to TO restructure NN the DT economy NN , , cut VBD cumbersome JJ bureaucracies NNS , , and CC democratize VB local JJ politics NNS . . Initial JJ steps NNS were VBD taken VBN at IN Poland NNP 's POS first JJ international JJ environmental JJ conference NN , , which WDT I PRP attended VBD last JJ month NN . . The DT conference NN , , held VBN in IN Lower NNP Silesia NNP , , was VBD co-sponsored JJ by IN the DT Environment NNP Ministry NNP , , the DT Rockefeller NNP Brothers NNPS Fund NNP , , and CC the DT Polish NNP Ecological NNP Club NNP , , and CC was VBD attended VBN by IN 50 CD Poles NNPS from IN government NN and CC industry NN , , as RB well RB as IN Hungarians NNPS , , Czechs NNPS , , Russians NNPS , , Japanese NNPS and CC Americans NNPS . . The DT conference NN was VBD entitled VBN `` `` Economic NNP Mechanisms NNPS for IN Environmental NNP Protection NNP , , '' '' a DT significant JJ departure NN from IN East NNP Bloc NNP usage NN , , which WDT recognizes VBZ only RB one CD economic JJ mechanism NN -- : central JJ planning NN -- : to TO direct VB industrial JJ behavior NN . . Even RB more RBR remarkably RB , , it PRP focused VBD on IN emissions NNS trading NN and CC similar JJ market NN approaches VBZ to TO address VB pollution NN , , notwithstanding IN Poland NNP 's POS lack NN of IN functioning VBG markets NNS . . Why WRB did VBD East NNP Bloc NNP participants NNS unanimously RB endorse VB market-based JJ pollution NN approaches NNS ? . The DT answer NN lies VBZ both DT in IN the DT degraded JJ environment NN of IN these DT countries NNS and CC the DT perceived VBN causes NNS of IN that DT degradation NN . . Like IN other JJ East NNP Bloc NNP countries NNS , , Poland NNP possesses VBZ environmental JJ laws NNS more RBR honored VBN in IN their PRP$ breach NN than IN in IN their PRP$ observance NN . . According VBG to TO a DT detailed VBN report NN by IN Zbigniew NNP Bochniarz NNP of IN the DT University NNP of IN Minnesota NNP 's POS Hubert NNP Humphrey NNP Institute NNP , , 27 CD areas NNS containing VBG a DT third JJ of IN Poland NNP 's POS population NN are VBP regarded VBN as IN `` `` ecological JJ hazards NNS '' '' due JJ to TO multiple JJ violations NNS of IN standards NNS . . Norms NNS are VBP consistently RB exceeded VBN at IN 60 CD % NN of IN nitrogen NN oxide NN monitoring VBG sites NNS and CC 80 CD % NN of IN those DT for IN dust NN and CC soot NN emissions NNS . . Four-fifths NNS of IN Poland NNP 's POS soils NNS have VBP become VBN highly RB acidified VBN ; : 70 CD % NN of IN its PRP$ southern JJ forests NNS are VBP projected VBN to TO die VB by IN century NN 's POS end NN . . Between IN 1965 CD and CC 1985 CD , , Polish NNP waters NNS fit VBP for IN human JJ consumption NN dropped VBD from IN 33 CD % NN to TO 6 CD % NN of IN all DT surface NN waters NNS , , while IN those DT unfit JJ even RB for IN industry NN use NN nearly RB doubled VBD . . Poland NNP produces VBZ about IN 20 CD times NNS more JJR soot NN and CC five CD times NNS more RBR sulfur NN dioxide NN and CC solid JJ waste NN per IN unit NN of IN gross JJ national JJ product NN than IN does VBZ Western NNP Europe NNP . . Its PRP$ mortality NN rate NN for IN males NNS over IN 35 CD is VBZ about IN 50 CD % NN higher JJR than IN West NNP Germany NNP 's POS , , and CC 50 CD % NN higher JJR in IN hazard NN areas NNS than IN the DT national JJ average NN . . Since IN 1978 CD , , average JJ annual JJ growth NN rates NNS for IN most JJS pollutants NNS have VBP outstripped VBN the DT growth NN of IN GNP NNP . . Conference NN participants NNS saw VBD these DT effects NNS as IN flowing VBG directly RB from IN ( ( a DT ) ) Marxist JJ devaluation NN of IN environmental JJ resources NNS , , which WDT are VBP not RB produced VBN by IN labor NN ; : ( ( b NN ) ) planned VBN economies NNS ' POS inability NN to TO control VB pollution NN where WRB enterprises NNS are VBP state-owned JJ and CC penalties NNS are VBP paid VBN by IN the DT government NN ; : and CC ( ( c NN ) ) the DT continuing VBG Stalinist JJ emphasis NN on IN heavy JJ industry NN for IN economic JJ development NN , , producing VBG a DT far RB heavier JJR and CC more RBR wasteful JJ use NN of IN energy NN and CC natural JJ resources NNS than IN in IN the DT West NN . . They PRP repeatedly RB noted VBD that DT environmental JJ progress NN could MD not RB be VB secured VBN without IN true JJ ownership NN , , genuine JJ competition NN based VBN on IN market NN factors NNS , , and CC the DT risk NN of IN bankruptcy NN if IN a DT business NN makes VBZ the DT wrong JJ decisions NNS . . The DT solutions NNS they PRP formally RB proposed VBD included VBN lead\/sulfur NN taxes NNS , , conservation NN and CC recycling VBG incentives NNS , , reforestation NN offsets NNS , , transferable JJ pollution NN permits VBZ , , an DT ecological JJ bank NN to TO finance VB pollution-reduction NN credits NNS , , and CC debt-for-environment NN swaps NNS . . But CC their PRP$ most JJS fundamental JJ recommendation NN was VBD to TO separate VB industry NN from IN the DT state NN , , making VBG it PRP fully RB accountable JJ for IN pollution NN control NN . . A DT revolution NN takes VBZ more RBR than IN conference NN manifestos NNS . . Indeed RB , , skepticism NN was VBD amply RB captured VBN by IN a DT joke NN told VBN by IN Poles NNPS at IN the DT conference NN : : `` `` The DT world NN must MD be VB coming VBG to TO an DT end NN . . The DT Russians NNPS are VBP talking VBG peace NN . . The DT Palestinians NNPS are VBP talking VBG elections NNS . . And CC the DT Poles NNPS are VBP engaged VBN in IN commerce NN . . '' '' But CC the DT implications NNS of IN such PDT a DT shift NN to TO market NN approaches NNS go VBP well RB beyond IN the DT fact NN that IN Poland NNP is VBZ already RB working VBG on IN nationwide JJ emissions NNS trades NNS to TO reduce VB smelter NN pollution NN , , or CC that IN the DT Soviets NNPS plan NN to TO introduce VB marketable JJ pollution NN permits NNS in IN some DT republics NNS next IN year NN . . Those DT implications NNS include VBP : : -- : Privatization NN . . Faced VBN with IN a DT $ $ 40 CD billion CD foreign JJ debt NN and CC skyrocketing VBG inflation NN , , Poland NNP must MD privatize VB industry NN and CC eliminate VB subsidies NNS to TO stabilize VB its PRP$ currency NN and CC qualify VB for IN international JJ assistance NN . . Market-based JJ pollution NN control NN may MD consume VB some DT capital NN that WDT would MD otherwise RB purchase VB state NN industries NNS . . But CC it PRP could MD also RB accelerate VB `` `` marketization NN '' '' by IN reinforcing VBG industrial JJ accountability NN , , breaking VBG up RP state NN monopolies NNS , , giving VBG managers NNS a DT stake NN in IN solutions NNS , , and CC ensuring VBG that DT modernization NN is VBZ not RB reversible JJ for IN failure NN to TO address VB environmental JJ effects NNS . . -- : Least-cost JJ solutions NNS . . As IN conferees NNS noted VBN , , scarce JJ capital NN means VBZ the DT costs NNS of IN control NN must MD be VB minimized VBN through IN a DT broad JJ menu NN of IN compliance NN choices NNS for IN individual JJ firms NNS . . That DT means VBZ simple JJ , , clear JJ rules NNS that WDT secure VBP the DT first JJ large JJ blocks NNS of IN reduction NN , , deferring VBG more JJR complex JJ issues NNS such JJ as IN risk NN . . It PRP also RB means VBZ use NN of IN quantity-based JJ pollution NN limits NNS such JJ as IN transferable JJ permits NNS , , rather RB than IN price-based JJ limits NNS such JJ as IN effluent JJ fees NNS . . That DT 's VBZ because IN quota-trained JJ managers NNS will MD likely RB respond VB better RB to TO quantity NN than IN to TO price NN signals NNS . . -- : Creative JJ financing NN . . Even RB least-cost JJ environmental JJ solutions NNS will MD require VB billions NNS of IN dollars NNS . . New JJ types NNS of IN financing NN must MD make VB funds NNS available JJ without IN draining VBG Poland NNP 's POS hard-currency NN reserves NNS . . -- : Democratization NN . . East NNP Bloc NNP pollution NN data NNS typically RB have VBP been VBN state NN secrets NNS . . While IN Polish NNP data NNS have VBP been VBN freely RB available JJ since IN 1980 CD , , it PRP was VBD no DT accident NN that IN participants NNS urged VBD the DT free JJ flow NN of IN information NN . . For IN once RB information NN flows VBZ , , public JJ participation NN follows VBZ and CC repression NN becomes VBZ difficult JJ to TO reimpose VB . . -- : Global JJ reciprocity NN . . One CD participant NN prematurely RB declared VBD that IN America NNP has VBZ had VBN a DT free JJ market NN in IN goods NNS but CC a DT planned VBN economy NN for IN environmental JJ protection NN , , while IN Poland NNP represents VBZ the DT opposite NN . . His PRP$ point NN : : It PRP will MD be VB increasingly RB difficult JJ for IN the DT U.S. NNP to TO cling VB to TO command-and-control JJ measures NNS if IN even RB the DT East NNP Bloc NNP steps VBZ to TO a DT different JJ drummer NN . . At IN the DT moment NN , , Poland NNP resembles VBZ 19th-century JJ Pittsburgh NNP more JJR than IN a DT modern JJ industrial JJ society NN -- : with IN antiquated JJ production NN , , inadequate JJ environmental JJ management NN , , and CC little RB ecological JJ awareness NN . . But CC the DT continuing VBG pressures NNS for IN free-market JJ economics NNS suggest VBP the DT conference NN 's POS vision NN was VBD not RB all DT fantasy NN . . Mr. NNP Levin NNP , , former JJ head NN of IN EPA NNP 's POS regulatory JJ reform NN staff NN , , adapted VBD this DT from IN his PRP$ November NNP column NN for IN the DT Journal NNP of IN the DT Air NNP and CC Waste NNP Management NNP Association NNP . . Disappointing JJ earnings NNS news NN from IN some DT technology NN companies NNS unnerved JJ investors NNS in IN the DT over-the-counter JJ market NN , , who WP sold VBD shares NNS of IN Apple NNP Computer NNP , , Intel NNP and CC many JJ other JJ computer-related JJ concerns NNS . . The DT drop NN in IN those DT and CC other JJ technology NN stocks NNS contributed VBD to TO an DT 0.7 CD % NN slide NN by IN the DT Nasdaq NNP composite JJ index NN . . It PRP finished VBD at IN 467.22 CD , , down IN 3.45 CD . . The DT nervousness NN about IN the DT technology NN stock NN outlook NN also RB hurt VBD the DT Dow NNP Jones NNP Industrial NNP Average NNP , , which WDT slipped VBD about IN 1 CD % NN . . Mostly RB because IN of IN the DT sell-off NN in IN technology NN stocks NNS , , the DT Nasdaq NNP 100 CD Index NNP of IN the DT OTC NNP 's POS largest JJS non-financial JJ issues NNS dropped VBD 4.58 CD to TO 457.52 CD . . The DT Nasdaq NNP Financial NNP Index NNP of IN giant JJ insurance NN and CC banking NN issues NNS lost VBD 2.38 CD to TO 458.32 CD . . Some DT traders NNS said VBD the DT sell-off NN of IN technology NN stocks NNS on IN low JJ volume NN reflected VBD a DT lack NN of IN conviction NN by IN investors NNS . . But CC Charlie NNP Howley NNP , , vice NN president NN in IN charge NN of IN OTC NNP trading NN at IN SoundView NNP Financial NNP in IN Stamford NNP , , Conn. NNP , , said VBD the DT selling NN was VBD orderly JJ . . `` `` It PRP 's VBZ a DT quiet JJ retreat NN , , '' '' said VBD Mr. NNP Howley NNP . . `` `` It PRP 's VBZ nothing NN dramatic JJ , , just RB a DT routine JJ sell-off NN . . '' '' Some DT of IN it PRP was VBD due JJ to TO lower-than-expected JJ earnings NNS from IN leading VBG companies NNS , , he PRP said VBD . . But CC some DT of IN it PRP also RB represented VBD profit-taking NN by IN investors NNS who WP have VBP made VBN big JJ gains NNS in IN some DT issues NNS . . Yesterday NN 's POS volume NN of IN 117.2 CD million CD shares NNS was VBD far RB below IN last JJ week NN 's POS sizzling VBG average NN of IN nearly RB 177 CD million CD . . For IN October NNP so RB far RB , , daily JJ volume NN is VBZ averaging VBG 150.3 CD million CD , , putting VBG it PRP on IN track NN to TO be VB the DT year NN 's POS busiest JJS month NN . . Apple NNP Computer NNP , , which WDT reported VBD lackluster NN earnings NNS Friday NNP , , lost VBD 1 CD 1\/4 CD to TO 46 CD 3\/4 CD on IN 1.1 CD million CD shares NNS . . Stratus NNP Computer NNP , , which WDT reported VBD earnings NNS late JJ Friday NNP that WDT were VBD in IN line NN with IN a DT disappointing JJ forecast NN , , eased VBD 3\/4 CD to TO 24 CD on IN 816,000 CD shares NNS . . Investors NNS apparently RB did VBD n't RB like IN the DT news NN from IN Rainbow NNP Technologies NNPS either RB . . It PRP said VBD net JJ income NN was VBD 17 CD cents NNS a DT share NN in IN the DT third JJ quarter NN , , compared VBN with IN 16 CD cents NNS a DT share NN a DT year NN earlier RBR . . Rainbow NNP 's POS stock NN dropped VBD 2 CD to TO 14 CD 1\/4 CD . . Other JJ technology NN stocks NNS that WDT were VBD weaker JJR included VBD Intel NNP , , which WDT fell VBD 1 CD 1\/4 CD to TO 33 CD 1\/2 CD on IN 1.9 CD million CD shares NNS , , Mentor NNP Graphics NNP , , down IN 3\/4 CD to TO 16 CD 1\/4 CD on IN 1.6 CD million CD shares NNS , , Sun NNP Microsystems NNPS , , which WDT slipped VBD 3\/8 CD to TO 18 CD 1\/4 CD , , and CC MCI NNP Communications NNPS , , down IN 1 CD to TO 42 CD 3\/4 CD . . Microsoft NNP , , which WDT last JJ week NN rose VBD to TO a DT record NN , , fell VBD victim NN to TO profit-taking NN , , traders NNS said VBD , , as IN it PRP declined VBD 2 CD 1\/8 CD to TO 83 CD 1\/8 CD . . Conner NNP Peripherals NNPS was VBD unchanged JJ at IN 15 CD . . Among IN takeover NN stocks NNS , , Jefferson NNP Smurfit NNP jumped VBD 1 CD 1\/4 CD to TO 42 CD 1\/2 CD after IN SIBV-MS NNP Holdings NNP said VBD the DT price NN to TO be VB paid VBN to TO Jefferson NNP Smurfit NNP 's POS minority NN holders NNS has VBZ been VBN raised VBN to TO $ $ 43 CD a DT share NN . . The DT increase NN of IN $ $ 1.25 CD a DT share NN is VBZ being VBG made VBN to TO settle VB shareholder NN litigation NN relating VBG to TO SIBV-MS NNP 's POS tender NN offer NN . . SIBV-MS NNP Holdings NNP is VBZ a DT new JJ company NN jointly RB owned VBN by IN an DT affiliate NN of IN Jefferson NNP Smurfit NNP and CC a DT Morgan NNP Stanley NNP limited JJ partnership NN . . The DT Jefferson NNP Smurfit NNP affiliate NN , , Smurfit NNP International NNP B.V. NNP , , holds VBZ about IN 78 CD % NN of IN the DT shares NNS outstanding JJ . . These DT shares NNS will MD be VB bought VBN by IN SIBV-MS NNP Holdings NNP at IN $ $ 41.75 CD each DT after IN the DT acquisition NN of IN the DT minority NN shares NNS . . Another DT takeover NN target NN , , LIN NNP Broadcasting NNP , , eased VBD 1\/2 CD to TO 110 CD 1\/8 CD on IN 313,800 CD shares NNS . . LIN NNP 's POS suitor NN , , McCaw NNP Cellular NNP Communications NNP , , dropped VBD 1 CD to TO 40 CD on IN almost RB 350,000 CD shares NNS . . Some DT analysts NNS say VBP investors NNS will MD begin VB paying VBG more JJR attention NN to TO earnings NNS , , partly RB in IN response NN to TO the DT latest JJS round NN of IN disappointments NNS . . They PRP say VBP investors NNS will MD favor VB companies NNS that WDT historically RB have VBP posted VBN annual JJ earnings NNS growth NN of IN 15 CD % NN to TO 20 CD % NN . . That DT would MD be VB good JJ news NN for IN the DT OTC NNP market NN , , some DT analysts NNS say VBP , , because IN many JJ small JJ growth NN stocks NNS are VBP traded VBN there RB . . Michael NNP R. NNP Weisberg NNP , , partner NN in IN charge NN of IN research NN at IN Robertson NNP Stephens NNP & CC Co. NNP in IN San NNP Francisco NNP , , said VBD some DT investors NNS have VBP already RB made VBN the DT switch NN . . The DT Robertson NNP Stephens NNP Index NNP of IN 340 CD emerging VBG growth NN stocks NNS is VBZ up IN 23.1 CD % NN for IN the DT year NN through IN Friday NNP . . The DT rise NN matches VBZ that IN of IN the DT Dow NNP Jones NNP industrials NNS this DT year NN . . `` `` It PRP 's VBZ been VBN a DT spectacular JJ year NN for IN the DT emerging VBG growth NN stock NN investor NN , , '' '' Mr. NNP Weisberg NNP said VBD . . He PRP predicted VBD that IN the DT most RBS popular JJ growth NN companies NNS will MD be VB those DT with IN `` `` some DT kind NN of IN unique JJ product NN or CC franchise NN '' '' that WDT makes VBZ them PRP appear VB able JJ to TO sustain VB their PRP$ momentum NN . . He PRP puts VBZ the DT OTC NNP market NN 's POS Nellcor NNP , , Office NNP Club NNP and CC BizMart NNP on IN the DT list NN . . Nellcor NNP , , a DT maker NN of IN electronic JJ patient NN monitoring NN systems NNS , , was VBD up IN 3\/4 CD to TO 16 CD 7\/8 CD on IN 258,000 CD shares NNS yesterday NN , , while IN retailing VBG issue NN Office NNP Club NNP was VBD unchanged JJ at IN 10 CD 3\/4 CD on IN 65,200 CD shares NNS . . BizMart NNP , , another DT retailing VBG stock NN , , was VBD off IN 3\/8 CD to TO 8 CD 1\/4 CD on IN nearly RB 80,000 CD shares NNS . . Other JJ favorites NNS of IN growth-stock JJ analysts NNS and CC money NN managers NNS also RB had VBD a DT mixed VBN session NN . . Payco NNP American NNP , , a DT credit NN collection NN concern NN , , jumped VBD 1 CD 3\/8 CD to TO 20 CD 5\/8 CD on IN volume NN of IN 93,000 CD , , and CC Mail NNP Boxes NNPS Etc. NNP , , a DT private JJ postal JJ services NNS company NN , , advanced VBD 1\/2 CD to TO 23 CD 1\/2 CD on IN volume NN of IN 64,000 CD . . But CC Legent NNP , , a DT systems NNS software NN stock NN , , was VBD down IN 1\/2 CD to TO 29 CD 3\/4 CD on IN 39,300 CD shares NNS . . Novell NNP , , a DT computer NN networking VBG concern NN , , fell VBD 1 CD 1\/2 CD to TO 30 CD on IN 152,000 CD shares NNS . . Elsewhere RB , , Valley NNP National NNP continued VBD its PRP$ slide NN , , dropping VBG 2 CD 1\/8 CD to TO 15 CD on IN 1.7 CD million CD shares NNS . . The DT Arizona NNP banking NN concern NN is VBZ facing VBG difficulties NNS related VBN to TO weakness NN in IN the DT real JJ estate NN market NN in IN the DT state NN . . Higher JJR earnings NNS helped VBD some DT issues NNS . . Amgen NNP rose VBD 2 CD 1\/4 CD to TO 54 CD 3\/4 CD on IN almost RB 800,000 CD shares NNS , , and CC CVB NNP Financial NNP jumped VBD 4 CD to TO 41 CD on IN only RB 1,000 CD shares NNS . . Why WRB ca MD n't RB we PRP teach VB our PRP$ children NNS to TO read VB , , write VB and CC reckon VB ? . It PRP 's VBZ not RB that IN we PRP do VBP n't RB know VB how WRB to TO , , because IN we PRP do VBP . . It PRP 's VBZ that IN we PRP do VBP n't RB want VB to TO . . And CC the DT reason NN we PRP do VBP n't RB want VB to TO is VBZ that IN effective JJ education NN would MD require VB us PRP to TO relinquish VB some DT cherished VBN metaphysical JJ beliefs NNS about IN human JJ nature NN in IN general JJ and CC the DT human JJ nature NN of IN young JJ people NNS in IN particular JJ , , as RB well RB as IN to TO violate VB some DT cherished VBN vested VBN interests NNS . . These DT beliefs NNS so RB dominate VB our PRP$ educational JJ establishment NN , , our PRP$ media NNS , , our PRP$ politicians NNS , , and CC even RB our PRP$ parents NNS that IN it PRP seems VBZ almost RB blasphemous JJ to TO challenge VB them PRP . . Here RB is VBZ an DT example NN . . If IN I PRP were VBD to TO ask VB a DT sample NN of IN American JJ parents NNS , , `` `` Do VBP you PRP wish VB the DT elementary JJ schools NNS to TO encourage VB creativity NN in IN your PRP$ children NNS ? . '' '' the DT near-unanimous JJ answer NN would MD be VB , , `` `` Yes UH , , of IN course NN . . '' '' But CC what WP do VBP we PRP mean VB , , specifically RB , , by IN `` `` creativity NN '' '' ? . No DT one NN can MD say VB . . In IN practice NN , , it PRP ends VBZ up RP being VBG equated VBN with IN a DT `` `` self-expression NN '' '' that WDT encourages VBZ the DT youngsters NNS ' POS `` `` self-esteem NN . . '' '' The DT result NN is VBZ a DT generation NN of IN young JJ people NNS whose WP$ ignorance NN and CC intellectual JJ incompetence NN is VBZ matched VBN only RB by IN their PRP$ good JJ opinion NN of IN themselves PRP . . The DT whole JJ notion NN of IN `` `` creativity NN '' '' in IN education NN was VBD ( ( and CC is VBZ ) ) part NN and CC parcel NN of IN a DT romantic JJ rebellion NN against IN disciplined VBN instruction NN , , which WDT was VBD ( ( and CC is VBZ ) ) regarded VBN as IN `` `` authoritarian JJ , , '' '' a DT repression NN and CC frustration NN of IN the DT latent NN talents NNS and CC the DT wonderful JJ , , if IN as RB yet RB undefined JJ , , potentialities NNS inherent JJ in IN the DT souls NNS of IN all PDT our PRP$ children NNS . . It PRP is VBZ not RB surprising JJ that IN parents NNS find VB this DT romantic JJ extravagance NN so RB attractive JJ . . Fortunately RB , , these DT same JJ parents NNS do VBP want VB their PRP$ children NNS to TO get VB a DT decent JJ education NN as RB traditionally RB understood VBN , , and CC they PRP have VBP enough RB common JJ sense NN to TO know VB what WP that IN demands VBZ . . Their PRP$ commitment NN to TO `` `` creativity NN '' '' can MD not RB survive VB adolescent JJ illiteracy NN . . American JJ education NN 's POS future NN will MD be VB determined VBN by IN the DT degree NN to TO which WDT we PRP -- : all DT of IN us PRP -- : allow VBP this DT common JJ sense NN to TO prevail VB over IN the DT illusions NNS that IN we PRP also RB share VBP . . The DT education NN establishment NN will MD fight VB against IN common JJ sense NN every DT inch NN of IN the DT way NN . . The DT reasons NNS are VBP complex JJ , , but CC one CD simple JJ reason NN ought MD not RB to TO be VB underestimated VBN . . `` `` Progressive JJ education NN '' '' ( ( as IN it PRP was VBD once RB called VBN ) ) is VBZ far RB more RBR interesting JJ and CC agreeable JJ to TO teachers NNS than IN is VBZ disciplined VBN instruction NN . . It PRP is VBZ nice JJ for IN teachers NNS to TO think VB they PRP are VBP engaged VBN in IN `` `` personality NN development NN '' '' and CC even RB nicer JJR to TO minimize VB those DT irksome JJ tests NNS with IN often RB disappointing JJ results NNS . . It PRP also RB provides VBZ teachers NNS with IN a DT superior JJ self-definition NN as IN a DT `` `` profession NN , , '' '' since IN they PRP will MD have VB passed VBN courses NNS in IN educational JJ psychology NN and CC educational JJ philosophy NN . . I PRP myself PRP took VBD such JJ courses NNS in IN college NN , , thinking VBG I PRP might MD end VB up RP a DT schoolteacher NN . . They PRP could MD all RB fairly RB be VB described VBN as IN `` `` pap NN '' '' courses NNS . . But CC it PRP is VBZ unfair JJ to TO dump VB on IN teachers NNS , , as IN distinct JJ from IN the DT educational JJ establishment NN . . I PRP know VBP many JJ schoolteachers NNS and CC , , on IN the DT whole NN , , they PRP are VBP seriously RB committed VBN to TO conscientious JJ teaching NN . . They PRP may MD not RB be VB among IN the DT `` `` best JJS and CC brightest JJS '' '' of IN their PRP$ generation NN -- : there EX are VBP very RB few JJ such JJ people NNS , , by IN definition NN . . But CC they PRP need MD not RB be VB to TO do VB their PRP$ jobs NNS well RB . . Yes UH , , we PRP all DT can MD remember VB one CD or CC two CD truly RB inspiring JJ teachers NNS from IN our PRP$ school NN days NNS . . But CC our PRP$ education NN proceeded VBD at IN the DT hands NNS of IN those DT others NNS , , who WP were VBD merely RB competent JJ and CC conscientious JJ . . In IN this DT sense NN , , a DT teacher NN can MD be VB compared VBN to TO one NN 's POS family NN doctor NN . . If IN he PRP were VBD brilliant JJ , , he PRP probably RB would MD not RB be VB a DT family NN doctor NN in IN the DT first JJ place NN . . If IN he PRP is VBZ competent JJ and CC conscientious JJ , , he PRP serves VBZ us PRP well RB . . Our PRP$ teachers NNS are VBP not RB an DT important JJ factor NN in IN our PRP$ educational JJ crisis NN . . Whether IN they PRP are VBP or CC are VBP not RB underpaid JJ is VBZ a DT problem NN of IN equity NN ; : it PRP is VBZ not RB an DT educational JJ problem NN . . It PRP is VBZ silly JJ libel NN on IN our PRP$ teachers NNS to TO think VB they PRP would MD educate VB our PRP$ children NNS better JJR if IN only RB they PRP got VBD a DT few JJ thousand CD dollars NNS a DT year NN more RBR . . It PRP is VBZ the DT kind NN of IN libel NN the DT teachers NNS ' POS unions NNS do VBP n't RB mind VB spreading VBG , , for IN their PRP$ own JJ narrow JJ purposes NNS . . It PRP is VBZ also RB the DT kind NN of IN libel NN politicians NNS find VBP useful JJ , , since IN it PRP helps VBZ them PRP strike VB a DT friendly JJ posture NN on IN behalf NN of IN an DT important JJ constituency NN . . But CC there EX is VBZ not RB one CD shred NN of IN evidence NN that IN , , other JJ things NNS being VBG equal JJ , , salary NN differentials NNS result VBP in IN educational JJ differentials NNS . . If IN there EX were VBD such JJ evidence NN , , you PRP can MD be VB sure JJ you PRP would MD have VB heard VBN of IN it PRP . . If IN we PRP wish VBP to TO be VB serious JJ about IN American JJ education NN , , we PRP know VBP exactly RB what WP to TO do VB -- : and CC , , just RB as IN important JJ , , what WP not RB to TO do VB . . There EX are VBP many JJ successful JJ schools NNS scattered VBN throughout IN this DT nation NN , , some DT of IN them PRP in IN the DT poorest JJS of IN ghettos NNS , , and CC they PRP are VBP all DT sending VBG us PRP the DT same JJ message NN . . Conversely RB , , there EX are VBP the DT majority NN of IN unsuccessful JJ schools NNS , , and CC we PRP know VBP which WDT efforts NNS at IN educational JJ reform NN are VBP doomed VBN beforehand RB . . We PRP really RB do VBP know VB all DT we PRP need VBP to TO know VB , , if IN only RB we PRP could MD assimilate VB this DT knowledge NN into IN our PRP$ thinking NN . . In IN this DT respect NN , , it PRP would MD be VB helpful JJ if IN our PRP$ political JJ leaders NNS were VBD mute JJ , , rather RB than IN eloquently RB `` `` concerned VBN . . '' '' They PRP are VBP inevitably RB inclined VBN to TO echo VB the DT conventional JJ pap NN , , since IN this DT is VBZ the DT least JJS controversial JJ option NN that WDT is VBZ open JJ to TO them PRP . . Thus RB at IN the DT recent JJ governors NNS ' POS conference NN on IN education NN , , Gov. NNP Bill NNP Clinton NNP of IN Arkansas NNP announced VBD that IN `` `` this DT country NN needs VBZ a DT comprehensive JJ child-development NN policy NN for IN children NNS under IN five CD . . '' '' A DT comprehensive JJ development NN policy NN for IN governors NNS over IN 30 CD would MD seem VB to TO be VB a DT more RBR pressing JJ need NN . . What WP Gov. NNP Clinton NNP is VBZ advocating VBG , , in IN effect NN , , is VBZ extending VBG the DT educational JJ system NN down IN to TO the DT pre-kindergarten NN years NNS . . Whether IN desirable JJ or CC not RB , , this DT is VBZ a DT child-care JJ program NN , , not RB an DT educational JJ program NN . . We PRP know VBP that IN very RB early JJ exposure NN to TO schooling NN improves VBZ performance NN in IN the DT first JJ grade NN , , but CC afterward RB the DT difference NN is VBZ quickly RB washed VBN away RB . . Let VB us PRP sum VB up RP what WP we PRP do VBP know VB about IN education NN and CC about IN those DT education NN reforms NNS that WDT do VBP work VB and CC do VBP n't RB work VB : : -- : `` `` Parental JJ involvement NN '' '' is VBZ a DT bad JJ idea NN . . Parents NNS are VBP too RB likely JJ to TO blame VB schools NNS for IN the DT educational JJ limitations NNS of IN their PRP$ children NNS . . Parents NNS should MD be VB involved VBN with IN their PRP$ children NNS 's POS education NN at IN home NN , , not RB in IN school NN . . They PRP should MD see VB to TO it PRP that IN their PRP$ kids NNS do VBP n't RB play VB truant JJ ; : they PRP should MD make VB certain JJ that IN the DT children NNS spend VBP enough JJ time NN doing VBG homework NN ; : they PRP should MD scrutinize VB the DT report NN card NN . . If IN parents NNS are VBP dissatisfied VBN with IN a DT school NN , , they PRP should MD have VB the DT option NN of IN switching VBG to TO another DT . . -- : `` `` Community NN involvement NN '' '' is VBZ an DT even RB worse JJR idea NN . . Here RB , , the DT experience NN of IN New NNP York NNP City NNP is VBZ decisive JJ . . Locally RB elected VBN school NN boards NNS , , especially RB in IN our PRP$ larger JJR cities NNS , , become VBP the DT prey NN of IN ambitious JJ , , generally RB corrupt JJ , , and CC invariably RB demagogic JJ local JJ politicians NNS or CC would-be JJ politicians NNS . . New NNP York NNP is VBZ in IN the DT process NN of IN trying VBG to TO disengage VB itself PRP from IN a DT 20-year-old JJ commitment NN to TO this DT system NN of IN school NN governance NN , , even RB as IN Chicago NNP and CC other JJ cities NNS are VBP moving VBG to TO institute VB it PRP . . -- : In IN most JJS states NNS , , increasing VBG expenditures NNS on IN education NN , , in IN our PRP$ current JJ circumstances NNS , , will MD probably RB make VB things NNS worse JJR , , not RB better JJR . . The DT reason NN is VBZ simple JJ : : Education NN takes VBZ place NN in IN the DT classroom NN , , where WRB the DT influence NN of IN money NN is VBZ minimal JJ . . Decades NNS of IN educational JJ research NN tell VBP us PRP unequivocally RB that IN even RB smaller JJR classes NNS have VBP zero CD effect NN on IN the DT academic JJ performance NN of IN the DT pupils NNS -- : though IN they PRP may MD sometimes RB be VB desirable JJ for IN other JJ reasons NNS . . The DT new JJ money NN flows VBZ into IN the DT already RB top-heavy JJ administrative JJ structure NN , , which WDT busies NNS itself PRP piling VBG more JJR and CC more JJR paper NN work NN on IN the DT teachers NNS . . There EX is VBZ neither DT mystery NN nor CC paradox NN in IN the DT fact NN that IN as IN educational JJ expenditures NNS ( ( in IN real JJ terms NNS ) ) have VBP increased VBN sharply RB in IN the DT past NN quarter-of-a-century JJ -- : we PRP now RB spend VBP more RBR per IN pupil NN than IN any DT other JJ country NN in IN the DT world NN -- : educational JJ performance NN has VBZ declined VBN . . That DT is VBZ the DT way NN the DT system NN works VBZ . . -- : Students NNS should MD move VB up IN the DT educational JJ ladder NN as IN their PRP$ academic JJ potential NN allows VBZ . . No DT student NN should MD be VB permitted VBN to TO be VB graduated VBN from IN elementary JJ school NN without IN having VBG mastered VBN the DT 3 CD R NN 's VBZ at IN the DT level NN that WDT prevailed VBD 20 CD years NNS ago IN . . This DT means VBZ `` `` tracking NN , , '' '' whose WP$ main JJ purpose NN is VBZ less JJR to TO permit VB the DT gifted JJ youngsters NNS to TO flourish VB ( ( though IN that DT is VBZ clearly RB desirable JJ ) ) than IN to TO ensure VB that IN the DT less RBR gifted JJ get VB the DT necessary JJ grounding NN for IN further JJ study NN or CC for IN entering VBG the DT modern JJ world NN of IN work NN . . The DT notion NN that IN tracking NN is VBZ somehow RB `` `` undemocratic JJ '' '' is VBZ absurd JJ . . The DT purpose NN of IN education NN is VBZ to TO encourage VB young JJ men NNS and CC women NNS to TO realize VB their PRP$ full JJ academic JJ potential NN . . No DT one CD in IN his PRP$ right JJ mind NN actually RB believes VBZ that IN we PRP all DT have VBP an DT equal JJ academic JJ potential NN . . -- : It PRP is VBZ generally RB desirable JJ to TO use VB older JJR textbooks NNS -- : many JJ of IN them PRP , , alas UH , , out IN of IN print NN -- : rather RB than IN newer JJR ones NNS . . The DT latter JJ are VBP modish JJ , , trendy JJ , , often RB downright JJ silly NN , , and CC at IN best JJS insubstantial JJ . . They PRP are VBP based VBN on IN dubious JJ psychological JJ and CC sociological JJ theories NNS rather RB than IN on IN educational JJ experience NN . . One CD of IN the DT reasons NNS American JJ students NNS do VBP so RB poorly RB in IN math NN tests NNS , , as IN compared VBN with IN British JJ , , French JJ , , German JJ or CC Japanese JJ students NNS , , is VBZ the DT influence NN of IN the DT `` `` New NNP Math NNP '' '' on IN American JJ textbooks NNS and CC teaching NN methods NNS . . Anyone NN who WP wants VBZ to TO appreciate VB just RB how WRB bizarre JJ this DT situation NN is VBZ -- : with IN students NNS who WP ca MD n't RB add VB or CC subtract VB `` `` learning VBG '' '' the DT conceptual JJ basis NN of IN mathematical JJ theory NN -- : should MD read VB the DT article NN by IN Caleb NNP Nelson NNP ( ( himself PRP a DT recent JJ math NN major NN at IN Harvard NNP ) ) in IN the DT November NNP American NNP Spectator NNP . . -- : Most RBS important JJ of IN all DT , , schools NNS should MD have VB principals NNS with IN a DT large JJ measure NN of IN authority NN over IN the DT faculty NN , , the DT curriculum NN , , and CC all DT matters NNS of IN student NN discipline NN . . Study NN after IN study NN -- : the DT most RBS recent JJ from IN the DT Brookings NNP Institution NNP -- : tells VBZ us PRP that IN the DT best JJS schools NNS are VBP those DT that WDT are VBP free JJ of IN outside JJ interference NN and CC are VBP governed VBN by IN a DT powerful JJ head NN . . With IN that DT authority NN , , of IN course NN , , goes VBZ an DT unambiguous JJ accountability NN . . Schools NNS that WDT are VBP structured VBN in IN this DT way NN produce VBP students NNS with IN higher JJR morale NN and CC superior JJ academic JJ performance NN . . This DT is VBZ a DT fact NN -- : though IN , , in IN view NN of IN all PDT the DT feathers NNS that WDT are VBP ruffled VBN by IN this DT fact NN , , it PRP is VBZ not RB surprising JJ that IN one NN hears VBZ so RB little JJ about IN it PRP . . Mr. NNP Kristol NNP , , an DT American NNP Enterprise NNPS Institute NNP fellow NN , , co-edits VBZ The NNP Public NNP Interest NNP and CC publishes VBZ The NNP National NNP Interest NNP . . International NNP Business NNP Machines NNPS Corp. NNP unveiled VBD a DT broad JJ strategy NN to TO tackle VB the DT biggest JJS problem NN that IN manufacturers NNS face VBP when WRB computerizing VBG their PRP$ operations NNS : : Most JJS machines NNS ca MD n't RB talk VB to TO each DT other JJ . . The DT company NN unveiled VBD more JJR than IN 50 CD products NNS , , mostly RB software NN , , that WDT are VBP designed VBN to TO integrate VB the DT three CD areas NNS of IN a DT manufacturing NN operation NN -- : the DT plant NN floor NN , , design NN operations NNS and CC production NN planning NN . . The DT aim NN , , ultimately RB , , is VBZ to TO increase VB the DT flow NN of IN information NN into IN a DT manufacturer NN 's POS main JJ computer NN network NN for IN use NN in IN business NN planning NN , , marketing NN and CC other JJ operations NNS . . Manufacturers NNS have VBP already RB spent VBN so RB heavily RB on IN automation NN that IN they PRP are VBP one CD of IN the DT computer NN industry NN 's POS leading VBG revenue NN sources NNS . . But CC many JJ manufacturers NNS find VBP that DT communication NN between IN different JJ computers NNS has VBZ been VBN rendered VBN nearly RB impossible JJ by IN the DT babel NN of IN computer NN languages NNS used VBN by IN different JJ machines NNS , , including VBG robots NNS and CC machine NN tools NNS . . IBM NNP 's POS announcement NN , , which WDT was VBD expected VBN and CC will MD formally RB be VB made VBN to TO customers NNS today NN , , also RB marks VBZ an DT attempt NN to TO gain VB credibility NN on IN the DT plant NN floor NN , , where WRB Digital NNP Equipment NNP Corp. NNP has VBZ long RB dominated VBN and CC where WRB Hewlett-Packard NNP Co. NNP has VBZ recently RB gained VBN market NN share NN . . Consultants NNS have VBP said VBN that IN it PRP will MD take VB a DT while NN for IN all PDT the DT pieces NNS of IN the DT IBM NNP strategy NN to TO fall VB into IN place NN , , even RB though IN the DT specific JJ products NNS IBM NNP unveiled VBD will MD generally RB be VB available JJ by IN the DT end NN of IN the DT first JJ quarter NN . . Sam NNP Albert NNP , , a DT consultant NN in IN Scarsdale NNP , , N.Y. NNP , , said VBD that IN in IN the DT past NN IBM NNP has VBZ developed VBN broad JJ software NN strategies NNS only RB for IN problems NNS that WDT crossed VBD industry NN lines NNS . . He PRP said VBD he PRP believes VBZ IBM NNP 's POS decision NN to TO invest VB this DT sort NN of IN effort NN into IN a DT single JJ industry NN showed VBD that IN it PRP was VBD getting VBG serious JJ about IN understanding VBG customers NNS ' POS problems NNS and CC was VBD n't RB just RB selling VBG technology NN . . He PRP said VBD he PRP expects VBZ IBM NNP to TO unveil VB similar JJ strategies NNS for IN other JJ industries NNS in IN coming VBG months NNS . . IBM NNP 's POS push NN is VBZ also RB unusual JJ in IN its PRP$ approach NN to TO marketing NN . . Rather RB than IN just RB send VB out RP marketing NN people NNS to TO knock VB on IN customers NNS ' POS doors NNS , , IBM NNP is VBZ making VBG several JJ hundred CD of IN its PRP$ own JJ manufacturing VBG people NNS available JJ to TO discuss VB specific JJ needs NNS . . IBM NNP 's POS manufacturing VBG staff NN also RB will MD be VB able JJ to TO provide VB software NN that IN IBM NNP has VBZ developed VBN internally RB and CC will MD be VB able JJ to TO form VB teams NNS with IN a DT customer NN to TO jointly RB solve VB manufacturing NN problems NNS . . IBM NNP can MD obviously RB bring VB its PRP$ expertise NN to TO bear VB on IN problems NNS related VBN to TO computer NN manufacturing NN , , but CC it PRP could MD also RB help VB customers NNS on IN software NN to TO deal VB with IN such JJ things NNS as IN changes NNS in IN engineering VBG documents NNS . . `` `` We PRP may MD not RB have VB every DT manufacturing NN problem NN , , but CC we PRP have VBP most JJS , , '' '' said VBD George NNP Conrades NNP , , IBM NNP 's POS top JJ marketing NN official NN . . Japan NNP 's POS Big NNP Four NNP securities NNS firms NNS posted VBD first-half JJ unconsolidated VBN results NNS that WDT mirrored VBD softer JJR performance NN as IN a DT result NN of IN slower JJR turnover NN on IN the DT Tokyo NNP Stock NNP Exchange NNP during IN July NNP and CC August NNP . . Figures NNS for IN the DT period NN ended VBD Sept. NNP 30 CD for IN the DT four CD largest JJS brokerage NN firms NNS -- : Nomura NNP Securities NNPS Co. NNP , , Daiwa NNP Securities NNPS Co. NNP , , Yamaichi NNP Securities NNPS Co. NNP and CC Nikko NNP Securities NNPS -- : also RB reflected VBD a DT changeover NN to TO a DT fiscal JJ year NN ending VBG March NNP 31 CD , , replacing VBG the DT 12-month JJ term NN formerly RB finishing VBG Sept. NNP 30 CD . . As IN a DT result NN , , brokerage NN house NN officials NNS said VBD , , appropriate JJ comparisons NNS from IN the DT same JJ period NN a DT year NN earlier RBR were VBD unavailable JJ . . Operating VBG profit NN , , pretax NN profit NN and CC net JJ income NN results NNS , , however RB , , were VBD provided VBN for IN the DT immediately RB preceding VBG six-month JJ period NN . . The DT statistics NNS follow VBP a DT year-on-year JJ rebound NN in IN consolidated VBN and CC unconsolidated VBN results NNS in IN the DT full JJ fiscal JJ year NN ended VBD in IN March NNP 1989 CD , , recovering VBG from IN dismal JJ results NNS in IN the DT prior JJ fiscal JJ year NN as IN a DT result NN of IN the DT October NNP 1987 CD stock NN market NN crash NN . . Nomura NNP said VBD its PRP$ pretax NN profits NNS inched VBD up RP 0.9 CD % NN to TO 248.91 CD billion CD yen NN ( ( US$ $ 1.75 CD billion CD ) ) from IN 246.60 CD billion CD yen NN in IN the DT six CD months NNS ended VBD March NNP 31 CD . . Total JJ operating VBG profit NN fell VBD 3.1 CD % NN to TO 486.1 CD billion CD yen NN from IN 501.61 CD billion CD yen NN . . Net JJ income NN , , however RB , , rose VBD 3.7 CD % NN to TO 107.87 CD billion CD yen NN from IN 103.98 CD billion CD yen NN . . Per-share JJ net NN rose VBD to TO 55.10 CD yen NN from IN 54.51 CD yen NN . . Daiwa NNP said VBD its PRP$ pretax NN profits NNS surged VBD 9.6 CD % NN to TO 171.04 CD billion CD yen NN from IN 156.12 CD billion CD yen NN in IN the DT preceding VBG six-month JJ term NN . . Operating VBG profit NN rose VBD 5.5 CD % NN to TO 332.38 CD billion CD yen NN from IN 315.12 CD billion CD yen NN . . Net JJ income NN jumped VBD 21 CD % NN to TO 79.03 CD billion CD yen NN from IN 65.53 CD billion CD yen NN . . Per-share JJ net NN rose VBD to TO 62.04 CD yen NN from IN 51.50 CD yen NN . . Yamaichi NNP said VBD its PRP$ pretax NN profit NN increased VBD 8.9 CD % NN to TO 117.94 CD billion CD yen NN from IN 108.28 CD billion CD yen NN . . Operating VBG profit NN rose VBD 5.3 CD % NN to TO 279.75 CD billion CD yen NN from IN 265.79 CD billion CD yen NN . . Net JJ income NN surged VBD 21 CD % NN to TO 55.59 CD billion CD yen NN from IN 46.02 CD billion CD yen NN . . Per-share JJ net NN rose VBD to TO 47.46 CD yen NN from IN 39.31 CD yen NN . . Nikko NNP 's POS pretax NN profit NN rose VBD 1.6 CD % NN to TO 130.25 CD billion CD yen NN from IN 128.19 CD billion CD yen NN . . Operating VBG profit NN rose VBD 4 CD % NN to TO 293.29 CD billion CD yen NN from IN 282.08 CD billion CD yen NN . . Net JJ income NN rose VBD 23 CD % NN to TO 63.52 CD billion CD yen NN from IN 51.65 CD billion CD yen NN . . Per-share JJ net NN rose VBD to TO 44.08 CD yen NN from IN 36.13 CD yen NN . . Harken NNP Energy NNP Corp. NNP of IN Dallas NNP said VBD it PRP will MD drop VB its PRP$ $ $ 11.75-a-share JJ , , or CC $ $ 190 CD million CD , , offer NN for IN Tesoro NNP Petroleum NNP Corp. NNP if IN the DT two CD companies NNS do VBP n't RB have VB an DT agreement NN to TO merge VB by IN Dec. NNP 15 CD . . Harken NNP , , which WDT made VBD its PRP$ offer NN in IN August NNP , , said VBD it PRP still RB is VBZ awaiting VBG a DT response NN to TO its PRP$ offer NN from IN Tesoro NNP 's POS board NN . . Harken NNP also RB said VBD that DT its PRP$ financing NN from IN Bankers NNPS Trust NNP Co. NNP has VBZ been VBN extended VBN until IN Dec. NNP 15 CD to TO give VB Tesoro NNP 's POS board NN time NN to TO consider VB the DT offer NN at IN a DT Tesoro NNP board NN meeting NN scheduled VBN for IN mid-November NNP . . Harken NNP , , which WDT owns VBZ about IN 800 CD retail NN gas NN stations NNS , , has VBZ said VBN it PRP is VBZ particularly RB interested JJ in IN Tesoro NNP 's POS refinery NN because IN it PRP would MD fill VB a DT gap NN in IN its PRP$ business NN . . However RB , , Tesoro NNP , , based VBN in IN Houston NNP , , already RB has VBZ rejected VBN a DT suitor NN in IN the DT past NN year NN . . Francis NNP D. NNP John NNP , , 35-year-old JJ president NN , , will MD assume VB the DT additional JJ job NN of IN chief NN executive NN officer NN . . He PRP succeeds VBZ Paul NNP J. NNP Montle NNP , , 42 CD , , who WP will MD remain VB chairman NN . . National NNP Environmental NNP also RB said VBD it PRP will MD move VB its PRP$ headquarters NN from IN Hingham NNP to TO Folcroft NNP , , Pa. NNP , , the DT site NN of IN its PRP$ sludge NN dewatering VBG facility NN . . National NNP Environmental NNP , , formerly RB Yankee NNP Cos. NNP , , is VBZ a DT sludge NN treatment NN company NN . . Eagle NNP Clothes NNPS Inc. NNP , , which WDT is VBZ operating VBG under IN Chapter NN 11 CD of IN the DT federal JJ Bankruptcy NNP Code NNP , , said VBD it PRP reached VBD an DT agreement NN with IN its PRP$ creditors NNS . . Under IN the DT accord NN , , Albert NNP Roth NNP , , chairman NN and CC chief NN executive NN officer NN , , and CC Arthur NNP Chase NNP , , Sam NNP Beigel NNP , , and CC Louis NNP Polsky NNP will MD resign VB as IN officers NNS and CC directors NNS of IN the DT menswear NN retailer NN . . Mr. NNP Roth NNP , , who WP has VBZ been VBN on IN leave NN from IN his PRP$ posts NNS , , will MD be VB succeeded VBN by IN Geoffrie NNP D. NNP Lurie NNP of IN GDL NNP Management NNP Inc. NNP , , which WDT is VBZ Eagle NNP 's POS crisis NN manager NN . . Mr. NNP Lurie NNP is VBZ currently RB co-chief NN executive NN . . Arnold NNP Levine NNP , , acting VBG co-chief NN executive NN , , will MD continue VB as RB senior JJ vice NN president NN and CC a DT board NN member NN . . Eagle NNP also RB said VBD it PRP received VBD a DT commitment NN for IN as RB much JJ as IN $ $ 8 CD million CD in IN financing NN from IN Norfolk NNP Capital NNP Group NNP Inc NNP . . In IN addition NN , , a DT Norfolk NNP affiliate NN , , York NNP Capital NNP Inc. NNP , , will MD purchase VB all DT of IN the DT interests NNS of IN Eagle NNP 's POS secured VBN lenders NNS , , which WDT total VBP $ $ 11.5 CD million CD , , and CC guarantee VBP as RB much RB as IN $ $ 8.2 CD million CD in IN payments NNS to TO Eagle NNP 's POS unsecured JJ creditors NNS . . A DT committee NN representing VBG the DT unsecured JJ creditors NNS agreed VBD to TO accept VB 24 CD cents NNS on IN the DT dollar NN , , Eagle NNP said VBD . . The DT plan NN would MD extend VB the DT period NN under IN which WDT Eagle NNP has VBZ the DT exclusive JJ right NN to TO file VB a DT reorganization NN plan NN . . It PRP would MD extinguish VB all DT of IN Eagle NNP 's POS existing VBG capital NN stock NN and CC issue VB new JJ stock NN to TO York NNP as IN sole JJ holder NN . . A DT bankruptcy NN court NN hearing NN is VBZ set VBN for IN Nov. NNP 3 CD on IN these DT accords NNS . . In IN its PRP$ bankruptcy-law NN petition NN , , filed VBN in IN U.S. NNP Bankruptcy NNP Court NNP in IN Manhattan NNP , , Eagle NNP said VBD its PRP$ problems NNS began VBD in IN 1987 CD and CC early RB 1988 CD when WRB its PRP$ then-senior JJ lender NN , , Bankers NNPS Trust NNP Co. NNP , , reduced VBD its PRP$ credit NN line NN . . In IN September NNP 1988 CD , , Eagle NNP acquired VBD Biny NNP Clothing NNP Inc. NNP , , a DT closely RB held VBN New NNP York NNP chain NN operated VBN under IN the DT Bonds NNP name NN . . Eagle NNP 's POS management NN retired VBD and CC Biny NNP 's POS management NN took VBD control NN of IN the DT company NN . . At IN the DT time NN , , Eagle NNP reached VBD a DT new JJ credit NN agreement NN with IN Bankers NNPS Trust NNP and CC with IN Bank NNP Leumi NNP Trust NNP Co. NNP of IN New NNP York NNP for IN $ $ 8 CD million CD , , and CC a DT new JJ subordinated VBN debt NN accord NN with IN First NNP Century NNP Partners NNPS and CC Biny NNP management NN for IN $ $ 2 CD million CD . . But CC Eagle NNP said VBD the DT financing NN was VBD insufficient JJ and CC sales NNS during IN the DT past JJ fiscal JJ year NN sagged VBD . . Under IN Chapter NN 11 CD , , a DT company NN operates VBZ under IN protection NN from IN creditors NNS ' POS lawsuits NNS while IN it PRP works VBZ out RP a DT plan NN to TO pay VB debts NNS . . Standard NNP & CC Poor NNP 's POS Corp. NNP said VBD it PRP would MD add VB John NNP H. NNP Harland NNP Co. NNP , , an DT Atlanta NNP check NN printer NN , , to TO its PRP$ 500-stock JJ index NN , , effective JJ at IN the DT close NN of IN trading VBG on IN Wednesday NNP . . American NNP Medical NNP International NNP Inc. NNP , , a DT New NNP York NNP hospital NN operator NN , , will MD be VB deleted VBN from IN the DT index NN at IN that DT time NN . . American NNP Medical NNP is VBZ being VBG acquired VBN . . The DT tougher JJR new JJ regulations NNS under IN the DT savings-and-loan JJ bailout NN law NN are VBP accelerating VBG the DT thrift NN industry NN 's POS shrinking VBG act NN . . Largely RB to TO meet VB tougher JJR new JJ capital NN requirements NNS , , thrifts NNS reduced VBD their PRP$ assets NNS $ $ 13.4 CD billion CD in IN August NNP , , by IN selling VBG such JJ assets NNS as IN mortgage-backed JJ securities NNS and CC loans NNS . . Industry NN assets NNS as IN of IN Aug. NNP 31 CD were VBD $ $ 1.31 CD trillion CD , , the DT lowest JJS since IN August NNP 1988 CD . . As IN thrifts NNS sell VBP assets NNS to TO improve VB their PRP$ capital-to-asset NN ratio NN , , as IN required VBN under IN the DT new JJ law NN passed VBN in IN August NNP , , they PRP must MD also RB reduce VB liabilities NNS , , such JJ as IN deposits NNS . . As IN interest NN rates NNS paid VBD depositors NNS were VBD lowered VBN , , thrift NN withdrawals NNS exceeded VBD deposits NNS by IN $ $ 5.1 CD billion CD , , not RB including VBG interest NN credited VBN to TO accounts NNS . . It PRP was VBD the DT third JJ consecutive JJ month NN in IN which WDT thrifts NNS shed VBP assets NNS to TO increase VB the DT size NN of IN their PRP$ capital NN in IN relation NN to TO their PRP$ assets NNS , , the DT Office NNP of IN Thrift NNP Supervision NNP said VBD . . The DT asset NN shrinkage NN was VBD particularly RB concentrated VBN in IN several JJ large JJ California NNP institutions NNS . . `` `` The DT downsizing VBG of IN the DT thrift NN industry NN is VBZ well RB under IN way NN , , '' '' said VBD Bert NNP Ely NNP , , an DT industry NN consultant NN in IN Alexandria NNP , , Va NNP . . `` `` This DT suggests VBZ the DT bailout NN law NN is VBZ having VBG a DT more RBR dramatic JJ effect NN than IN anyone NN would MD have VB imagined VBN so RB soon RB . . '' '' James NNP Barth NNP , , an DT economist NN with IN the DT Office NNP of IN Thrift NNP Supervision NNP , , also RB attributed VBD some DT of IN the DT outflow NN to TO seasonal JJ factors NNS . . `` `` August NNP is VBZ a DT month NN when WRB people NNS are VBP paying VBG school NN tuition NN , , '' '' he PRP said VBD . . `` `` That IN and CC adjustment NN to TO the DT new JJ law NN were VBD the DT biggest JJS factors NNS in IN the DT industry NN . . '' '' Not RB including VBG thrifts NNS under IN government NN conservatorship NN , , S&Ls NNP reduced VBD their PRP$ assets NNS by IN $ $ 10.1 CD billion CD from IN the DT previous JJ month NN , , and CC deposit NN outflows NNS totaled VBD $ $ 3.9 CD billion CD . . For IN the DT 264 CD insolvent JJ thrifts NNS under IN government NN management NN at IN the DT end NN of IN August NNP , , assets NNS declined VBD by IN $ $ 3.3 CD billion CD and CC withdrawals NNS exceeded VBD deposits NNS by IN $ $ 1.2 CD billion CD . . Thrifts NNS raised VBD capital NN mostly RB by IN selling VBG mortgages NNS and CC mortgage-backed JJ securities NNS , , which WDT were VBD reduced VBN by IN $ $ 7.8 CD billion CD in IN August NNP from IN the DT prior JJ month NN . . As IN of IN Aug. NNP 31 CD , , thrifts NNS held VBD $ $ 185 CD billion CD in IN mortgage-backed JJ securities NNS . . The DT deposit NN numbers NNS for IN August NNP marked VBD a DT swing NN back RB to TO huge JJ outflows NNS after IN a DT July NNP net NN deposit NN inflow NN of IN $ $ 54 CD million CD -- : the DT only RB net JJ inflow NN in IN more JJR than IN a DT year NN . . Deposits NNS are VBP n't RB expected VBN to TO exceed VB withdrawals NNS in IN the DT foreseeable JJ future NN , , as IN the DT industry NN continues VBZ to TO shrink VB . . `` `` I PRP think VBP we PRP are VBP going VBG to TO see VB deposit NN shrinkage NN continue VB , , unless IN we PRP see VBP big JJ changes NNS in IN rates NNS , , '' '' Mr. NNP Ely NNP said VBD . . For IN the DT first JJ eight CD months NNS of IN 1989 CD , , thrifts NNS ' POS withdrawals NNS exceeded VBD deposits NNS by IN $ $ 44.5 CD billion CD . . For IN the DT prior JJ year NN , , deposits NNS exceeded VBD withdrawals NNS by IN $ $ 8.8 CD billion CD . . The DT estimates NNS of IN real JJ gross JJ national JJ product NN prepared VBN by IN the DT Bureau NNP of IN Economic NNP Analysis NNP in IN the DT Department NNP of IN Commerce NNP significantly RB understate VBP the DT rate NN of IN economic JJ growth NN . . Since IN the DT bureau NN 's POS estimates NNS for IN the DT business NN sector NN provide VBP the DT numerator NN for IN the DT productivity NN ratios NNS calculated VBN by IN the DT Department NNP of IN Labor NNP , , underestimated VBN growth NN rates NNS artificially RB depress VBP official JJ productivity NN statistics NNS . . If IN this DT thesis NN is VBZ correct JJ , , it PRP has VBZ important JJ implications NNS for IN macroeconomic JJ policies NNS : : It PRP may MD lower VB the DT sense NN of IN urgency NN behind IN efforts NNS to TO enact VB tax NN incentives NNS and CC other JJ measures NNS to TO increase VB the DT rate NN of IN growth NN in IN productivity NN and CC real JJ GNP NNP . . It PRP would MD also RB affect VB the DT perceptions NNS of IN the DT board NN of IN governors NNS of IN the DT Federal NNP Reserve NNP System NNP , , and CC the DT informed VBN public NN generally RB , , as IN to TO what WP constitutes VBZ a DT reasonable JJ degree NN of IN price NN stability NN . . In IN the DT early JJ 1980s CD , , I PRP predicted VBD a DT significant JJ acceleration NN in IN productivity NN growth NN over IN the DT rest NN of IN the DT decade NN . . This DT forecast NN was VBD based VBN on IN the DT apparent JJ reversal NN of IN most JJS of IN the DT negative JJ forces NNS -- : such JJ as IN demographic JJ changes NNS , , the DT oil NN shock NN and CC accelerating VBG inflation NN -- : that WDT had VBD reduced VBN productivity NN gains NNS in IN the DT 1970s CD . . There EX has VBZ indeed RB been VBN more JJR than IN a DT one CD percentage NN point NN improvement NN in IN productivity NN growth NN since IN 1981 CD . . But CC I PRP had VBD expected VBN more RBR , , which WDT is VBZ one CD reason NN I PRP began VBD looking VBG at IN evidence NN suggesting VBG defects NNS in IN the DT official JJ output NN estimates NNS . . The DT evidence NN does VBZ not RB clearly RB support VB the DT view NN that IN the DT downward JJ bias NN in IN output NN growth NN has VBZ become VBN greater JJR during IN the DT 1948-89 CD period NN , , but CC all DT I PRP am VBP claiming VBG is VBZ that IN the DT growth NN trend NN is VBZ understated VBN . . ( ( It PRP is VBZ , , however RB , , possible JJ , , that IN further JJ study NN will MD reveal VB increasing VBG bias NN . . ) ) This DT bias NN is VBZ in IN no DT way NN deliberate JJ . . The DT understatement NN of IN growth NN is VBZ due JJ largely RB to TO the DT conservative JJ expedients NNS adopted VBN to TO deal VB with IN deficiencies NNS in IN basic JJ economic JJ data NNS . . The DT first JJ of IN three CD major JJ sources NNS of IN error NN is VBZ the DT use NN of IN labor NN input NN estimates NNS ( ( mainly RB employment NN or CC hours NNS ) ) instead RB of IN output NN estimates NNS for IN those DT sectors NNS , , such JJ as IN governments NNS , , paid VBN household NN services NNS and CC private JJ non-profit JJ institutions NNS , , where WRB there EX are VBP difficulties NNS in IN assembling VBG output NN data NNS . . This DT means VBZ that IN no DT allowance NN is VBZ made VBN for IN possible JJ increases NNS in IN output NN per IN unit NN of IN labor NN . . In IN an DT unrelated JJ program NN in IN which WDT the DT Labor NNP Department NNP does VBZ estimate VB output NN per IN employee NN for IN more JJR than IN two-thirds NNS of IN federal JJ civilian JJ employees NNS , , it PRP found VBD an DT average JJ annual JJ rate NN of IN productivity NN improvement NN of IN 1.7 CD % NN during IN the DT 1980s CD . . Even RB if IN it PRP is VBZ assumed VBN that IN productivity NN rose VBD no RB more RBR than IN half DT as RB quickly RB in IN the DT rest NN of IN the DT nonbusiness NN sector NN , , this DT Labor NNP Department NNP estimate NN indicates VBZ a DT downward JJ bias NN in IN the DT real JJ GNP NNP estimates NNS of IN 0.2 CD percentage NN point NN a DT year NN , , on IN average NN . . The DT federal JJ productivity NN estimators NNS use VBP labor NN input NN , , rather RB than IN output NN , , data NNS for IN their PRP$ calculations NNS of IN half DT of IN private JJ financial JJ and CC service NN industries NNS as RB well RB . . Independent JJ estimates NNS of IN output NN in IN those DT industries NNS , , including VBG one CD by IN the DT Department NNP of IN Labor NNP for IN banking NN , , suggests VBZ that DT productivity NN in IN finance NN and CC services NNS appears VBZ to TO have VB risen VBN by IN an DT average NN of IN at IN least JJS 1.5 CD % NN a DT year NN between IN 1948 CD and CC 1988 CD . . Because IN finance NN and CC services NNS contribute VBP 10 CD % NN to TO final JJ business NN product NN , , missing VBG these DT productivity NN improvements NNS depresses VBZ the DT overall JJ growth NN rate NN by IN 0.15 CD % NN a DT year NN . . The DT second JJ source NN of IN error NN in IN growth NN statistics NNS is VBZ the DT use NN of IN inappropriate JJ deflators NNS to TO adjust VB for IN price NN changes NNS . . I PRP estimate VBP that IN these DT mismeasurements NNS as IN detailed VBN by IN Martin NNP N. NNP Baily NNP and CC Robert NNP J. NNP Gordon NNP add VB a DT further JJ 0.12 CD percentage NN point NN to TO the DT downward JJ bias NN in IN the DT growth NN rate NN of IN real JJ business NN product NN . . Finally RB , , the DT official JJ estimates NNS understate VBP growth NN because IN they PRP make VBP inadequate JJ allowance NN for IN improvements NNS in IN quality NN of IN goods NNS and CC services NNS . . In IN 1985 CD , , a DT new JJ price NN index NN for IN computers NNS adjusted VBN for IN changes NNS in IN performance NN characteristics NNS was VBD introduced VBN , , and CC that WDT resulted VBD in IN a DT significantly RB larger JJR increase NN in IN real JJ outlays NNS for IN durable JJ goods NNS than IN the DT earlier JJR estimates NNS had VBD showed VBN . . Since IN then RB , , further JJ research NN argues VBZ that DT failure NN to TO take VB account NN of IN quality NN improvements NNS has VBZ contributed VBN a DT total NN of IN at IN least JJS 0.26 CD percentage NN point NN to TO the DT downward JJ bias NN in IN the DT growth NN rate NN . . In IN sum NN , , the DT biases NNS ennumerated VBD above IN indicate VBP a DT 0.7 CD percentage NN point NN understatement NN in IN growth NN of IN total JJ real JJ GNP NNP . . For IN the DT private JJ domestic JJ business NN economy NN , , the DT bias NN was VBD a DT bit NN over IN 0.5 CD percentage NN point NN . . In IN other JJ words NNS , , the DT growth NN rates NNS of IN both DT total NN GNP NNP and CC real JJ private JJ business NN product NN per IN labor NN hour NN have VBP been VBN underestimated VBN by IN about IN 20 CD % NN . . Mr. NNP Kendrick NNP is VBZ professor NN emeritus NN of IN economics NNS at IN George NNP Washington NNP University NNP . . He PRP is VBZ co-author NN of IN `` `` Personal NNP Productivity NNP : : How WRB to TO Increase VB Your PRP$ Satisfaction NN in IN Living VBG '' '' ( ( M.E. NNP Sharp NNP , , 1988 CD ) ) . . Union NNP Carbide NNP Corp. NNP said VBD third-quarter JJ net NN income NN plunged VBD 35 CD % NN from IN a DT year NN earlier RBR on IN weakness NN in IN the DT company NN 's POS mainstay NN chemicals NNS and CC plastics NNS business NN . . Net NN was VBD $ $ 139 CD million CD , , or CC 98 CD cents NNS a DT share NN , , for IN the DT quarter NN , , compared VBN with IN $ $ 213 CD million CD , , or CC $ $ 1.56 CD a DT share NN , , a DT year NN ago IN . . Sales NNS were VBD $ $ 2.14 CD billion CD , , up IN 1.6 CD % NN from IN $ $ 2.11 CD billion CD the DT previous JJ year NN . . Carbide NNP , , like IN other JJ companies NNS with IN a DT heavy JJ reliance NN on IN the DT so-called JJ commodity NN end NN of IN the DT chemicals NNS industry NN , , was VBD expected VBN to TO post VB earnings NNS sharply RB lower JJR than IN in IN an DT exceptionally RB strong JJ 1988 CD third JJ quarter NN . . But CC the DT company NN 's POS latest JJS quarter NN was VBD a DT few JJ pennies NNS a DT share NN lower JJR than IN the DT more RBR pessimistic JJ projections NNS on IN Wall NNP Street NNP . . `` `` It PRP certainly RB was VBD n't RB a DT disaster NN , , but CC it PRP does VBZ show VB weakness NN '' '' in IN some DT of IN the DT company NN 's POS chief NN markets NNS , , said VBD George NNP Krug NNP , , a DT chemicals-industry NN analyst NN at IN Oppenheimer NNP & CC Co NNP . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Carbide NNP closed VBD at IN $ $ 24.50 CD a DT share NN , , down IN 50 CD cents NNS . . Prices NNS for IN polyethylene NN , , a DT common JJ plastic NN and CC an DT important JJ Carbide NNP product NN , , started VBD to TO fall VB early RB this DT year NN ; : the DT slide NN accelerated VBD in IN the DT third JJ quarter NN as IN buyers NNS continued VBD to TO trim VB inventories NNS . . Prices NNS also RB fell VBD for IN ethylene NN oxide NN and CC glycols NNS , , products NNS used VBN in IN making VBG antifreeze NN . . Some DT producers NNS of IN polyethylene NN , , figuring VBG the DT inventory NN reductions NNS are VBP near IN an DT end NN , , have VBP announced VBN price NN boosts NNS . . The DT first JJ real JJ test NN of IN whether IN prices NNS have VBP hit VBN bottom NN may MD come VB in IN the DT next JJ several JJ weeks NNS , , when WRB the DT new JJ prices NNS become VBP effective JJ . . A DT Carbide NNP spokesman NN said VBD `` `` the DT conditions NNS are VBP right JJ for IN the DT increase NN to TO hold VB . . '' '' For IN the DT third JJ quarter NN , , operating NN profit NN from IN Carbide NNP 's POS chemicals NNS and CC plastics NNS business NN fell VBD to TO $ $ 238 CD million CD from IN $ $ 352 CD million CD a DT year NN ago IN , , before IN accounting VBG for IN taxes NNS and CC interest NN expense NN . . Operating NN profit NN from IN carbon NN products NNS , , such JJ as IN graphite NN electrodes NNS , , also RB declined VBD , , to TO $ $ 6 CD million CD from IN $ $ 20 CD million CD . . In IN the DT industrial-gases JJ segment NN , , operating NN profit NN climbed VBD to TO $ $ 87 CD million CD from IN $ $ 58 CD million CD . . The DT latest JJS quarter NN included VBD a DT gain NN of IN about IN $ $ 62 CD million CD on IN the DT sale NN of IN the DT company NN 's POS urethane NN polyols NNS and CC propylene NN glycols NNS businesses NNS . . Propylene NN glycols NNS are VBP used VBN in IN making VBG personal-care JJ products NNS such JJ as IN shampoo NN , , and CC urethane NN polyols NNS are VBP used VBN in IN making VBG the DT polyurethane NN foam NN found VBN in IN furniture NN cushioning NN and CC other JJ products NNS . . That DT gain NN was VBD mostly RB offset VBN by IN a DT loss NN of IN about IN $ $ 55 CD million CD from IN a DT write-down NN in IN its PRP$ polysilicon NN business NN . . Polysilicon NN is VBZ used VBN in IN making VBG integrated VBN circuits NNS . . For IN the DT nine CD months NNS , , net NN totaled VBD $ $ 526 CD million CD , , or CC $ $ 3.74 CD a DT share NN , , up IN 5 CD % NN from IN $ $ 501 CD million CD , , or CC $ $ 3.71 CD a DT share NN , , a DT year NN ago IN . . Sales NNS rose VBD 7.7 CD % NN to TO $ $ 6.66 CD billion CD from IN $ $ 6.19 CD billion CD . . At IN least JJS 10 CD states NNS are VBP resisting VBG Drexel NNP Burnham NNP Lambert NNP Inc. NNP 's POS nationwide JJ effort NN to TO settle VB its PRP$ legal JJ troubles NNS , , and CC some DT might MD instead RB try VB to TO revoke VB the DT firm NN 's POS license NN to TO sell VB securities NNS within IN their PRP$ borders NNS . . The DT reluctance NN of IN some DT states NNS to TO let VB Drexel NNP off IN the DT hook NN could MD hamper VB the DT firm NN 's POS attempts NNS to TO polish VB its PRP$ image NN after IN its PRP$ guilty JJ plea NN to TO six CD felonies NNS last JJ month NN , , say VBP several JJ people NNS familiar JJ with IN the DT discussions NNS . . Up IN to TO now RB , , Drexel NNP has VBZ made VBN a DT rapid-fire JJ series NN of IN settlements NNS with IN 25 CD states NNS and CC the DT commonwealth NN of IN Puerto NNP Rico NNP . . Just RB yesterday NN , , New NNP Hampshire NNP announced VBD it PRP made VBD a DT $ $ 75,000 CD settlement NN with IN Drexel NNP , , a DT record-tying JJ fine NN for IN a DT securities-law NN matter NN in IN that DT state NN . . These DT states NNS have VBP been VBN entering VBG into IN settlements NNS with IN Drexel NNP as IN part NN of IN the DT firm NN 's POS efforts NNS to TO operate VB freely RB anywhere RB in IN the DT U.S. NNP despite IN its PRP$ record NN as IN an DT admitted VBN felon NN . . But CC individuals NNS familiar JJ with IN the DT generally RB successful JJ Drexel NNP talks NNS say VBP the DT firm NN is VBZ meeting VBG resistance NN from IN some DT big JJ states NNS , , including VBG New NNP Jersey NNP , , New NNP York NNP , , California NNP , , Pennsylvania NNP , , Connecticut NNP and CC Missouri NNP . . Officials NNS in IN some DT of IN these DT states NNS say VBP they PRP do VBP n't RB want VB to TO simply RB accept VB the DT settlements NNS offered VBN by IN Drexel NNP . . They PRP question VBP if IN Drexel NNP is VBZ getting VBG easier JJR treatment NN than IN the DT many JJ small JJ penny-stock JJ firms NNS whose WP$ brokerage NN licenses NNS are VBP routinely RB revoked VBN . . Drexel NNP has VBZ to TO settle VB with IN state NN securities NNS regulators NNS in IN the DT wake NN of IN its PRP$ criminal JJ guilty JJ plea NN and CC a DT related VBN civil JJ settlement NN with IN the DT Securities NNPS and CC Exchange NNP Commission NNP that WDT includes VBZ payment NN of IN $ $ 650 CD million CD in IN penalties NNS . . These DT stem VBP from IN a DT two-year JJ federal JJ investigation NN of IN insider NN trading NN and CC securities NNS fraud NN on IN Wall NNP Street NNP . . Ohio NNP , , the DT District NNP of IN Columbia NNP , , Tennessee NNP and CC Illinois NNP have VBP been VBN less RBR resistant JJ to TO Drexel NNP than IN the DT other JJ six CD states NNS , , but CC nonetheless RB have VBP refused VBN to TO settle VB so RB far RB , , say VBP those DT familiar JJ with IN the DT discussions NNS . . Drexel NNP says VBZ it PRP does VBZ n't RB expect VB any DT of IN its PRP$ state NN brokerage NN licenses NNS will MD be VB revoked VBN , , and CC even RB if IN some DT are VBP , , its PRP$ securities NNS business NN would MD n't RB be VB directly RB hurt VBN . . It PRP already RB has VBZ sold VBN its PRP$ retail NN , , or CC individual-investor NN , , brokerage NN network NN ; : securities NNS firms NNS do VBP n't RB need VB brokerage NN licenses NNS for IN non-retail JJ activities NNS such JJ as IN investment NN banking NN . . Still RB , , if IN nothing NN else RB , , a DT revoked VBN brokerage NN license NN could MD be VB a DT burden NN because IN it PRP must MD be VB disclosed VBN in IN many JJ of IN the DT transactions NNS in IN which WDT Drexel NNP could MD be VB involved VBN . . Securities NNS regulators NNS praise VBP Drexel NNP for IN its PRP$ energetic JJ effort NN , , led VBN by IN government-approved JJ general JJ counsel NN Saul NNP S. NNP Cohen NNP , , to TO settle VB its PRP$ legal JJ problems NNS with IN the DT states NNS . . But CC they PRP disagree VBP about IN the DT message NN these DT settlements NNS give VBP to TO the DT public NN . . `` `` There EX was VBD a DT lot NN of IN internal JJ debate NN about IN that DT specific JJ issue NN , , '' '' said VBD Susan NNP Bryant NNP , , Oklahoma NNP 's POS chief NN securities NNS regulator NN and CC president NN of IN the DT North NNP American NNP Securities NNPS Administrators NNPS Association NNP , , which WDT drafted VBD a DT voluntary JJ settlement NN plan NN for IN the DT states NNS with IN Drexel NNP . . The DT question NN , , she PRP said VBD , , is VBZ whether IN Drexel NNP should MD be VB allowed VBN to TO pay VB and CC move VB on IN , , or CC `` `` whether IN you PRP should MD ( ( simply RB ) ) revoke VB the DT license NN when WRB someone NN is VBZ convicted VBN of IN a DT felony NN . . '' '' While IN Ms. NNP Bryant NNP 's POS state NN went VBD ahead RB and CC accepted VBN Drexel NNP 's POS settlement NN offer NN of IN $ $ 25,000 CD , , she PRP said VBD : : `` `` I PRP do VBP n't RB have VB any DT argument NN with IN those DT who WP came VBD to TO different JJ conclusions NNS . . I PRP can MD see VB both DT sides NNS . . '' '' Similarly RB , , Alfred NNP Rubega NNP , , New NNP Hampshire NNP 's POS director NN of IN securities NNS regulation NN , , said VBD his PRP$ state NN had VBD n't RB received VBN any DT complaints NNS about IN Drexel NNP , , so IN it PRP really RB could MD n't RB press VB the DT issue NN . . Still RB , , `` `` I PRP understand VBP the DT reasons NNS '' '' that IN other JJ states NNS are VBP holding VBG out RP , , he PRP said VBD . . Mr. NNP Cohen NNP , , the DT Drexel NNP general JJ counsel NN , , said VBD , , `` `` I PRP do VBP n't RB think VB , , as IN we PRP say VBP in IN investment NN banking NN , , that IN ` `` by IN the DT end NN of IN the DT day NN ' '' we PRP 'll MD be VB losing VBG any DT licenses NNS . . '' '' Asked VBD about IN states NNS that WDT are VBP taking VBG a DT hard JJ line NN , , he PRP said VBD , , `` `` There EX are VBP states NNS that WDT have VBP asked VBN for IN additional JJ information NN , , which WDT we PRP are VBP providing VBG to TO them PRP . . '' '' Mr. NNP Cohen NNP said VBD more RBR than IN $ $ 2.8 CD million CD has VBZ been VBN paid VBN to TO 26 CD states NNS and CC that IN Drexel NNP still RB expects VBZ to TO pay VB out RP a DT total NN of IN $ $ 11.5 CD million CD . . By IN the DT end NN of IN this DT week NN , , Drexel NNP should MD have VB another DT three CD to TO four CD settlements NNS , , Mr. NNP Cohen NNP said VBD . . `` `` The DT rate NN we PRP 're VBP going VBG , , I PRP think VBP that IN by IN the DT end NN of IN the DT month NN , , we PRP 're VBP looking VBG to TO have VB a DT total NN of IN 30 CD to TO 35 CD , , '' '' he PRP said VBD . . That DT total NN would MD be VB important JJ for IN Drexel NNP . . The DT investment NN bank NN has VBZ previously RB announced VBN that IN as IN part NN of IN its PRP$ punishment NN it PRP would MD create VB an DT independent JJ foundation NN to TO promote VB ethical JJ behavior NN in IN the DT securities NNS industry NN . . A DT proviso NN to TO that DT promise NN is VBZ that IN a DT minimum NN of IN 35 CD states NNS reach VBP settlement NN agreements NNS before IN next JJ Tuesday NNP . . There EX are VBP , , according VBG to TO several JJ securities NNS commissioners NNS , , at IN least JJS 16 CD states NNS that WDT are VBP either RB close RB to TO settlements NNS with IN Drexel NNP or CC who WP do VBP n't RB appear VB opposed VBN to TO settling VBG . . Drexel NNP 's POS proposed VBN state NN fines NNS have VBP been VBN based VBN on IN a DT state NN 's POS population NN and CC on IN the DT size NN of IN Drexel NNP 's POS business NN in IN the DT state NN . . New NNP Jersey NNP , , for IN example NN , , was VBD asked VBN to TO accept VB $ $ 300,000 CD , , but CC refused VBD . . The DT state NN is VBZ n't RB ruling VBG out RP revoking VBG Drexel NNP 's POS brokerage NN license NN . . The DT state NN can MD also RB bar VB Drexel NNP as IN an DT investment NN adviser NN . . State NN officials NNS wo MD n't RB describe VB their PRP$ position NN in IN detail NN , , but CC James NNP McLelland NNP Smith NNP , , state NN securities NNS chief NN , , said VBD : : `` `` We PRP really RB are VBP still RB looking VBG at IN it PRP and CC have VB informed VBN ( ( Drexel NNP ) ) that IN the DT proposal NN is VBZ really RB not RB sufficient JJ for IN settlement NN . . '' '' Connecticut NNP already RB has VBZ issued VBN a DT `` `` notice NN of IN intent NN '' '' to TO revoke VB Drexel NNP 's POS brokerage NN license NN . . It PRP is VBZ one CD of IN the DT states NNS that WDT have VBP met VBN with IN Mr. NNP Cohen NNP and CC asked VBN for IN additional JJ information NN about IN investors NNS ' POS accounts NNS and CC other JJ matters NNS . . `` `` This DT particular JJ issue NN goes VBZ to TO the DT very JJ integrity NN of IN the DT capital-formation NN market NN , , '' '' state NN Banking NNP Commissioner NNP Howard NNP Brown NNP said VBD . . A DT banking NN department NN spokesman NN added VBD : : `` `` Commissioner NNP Brown NNP does VBZ n't RB feel VB that DT money NN alone RB is VBZ the DT issue NN here RB . . '' '' Particularly RB touchy JJ are VBP the DT cases NNS of IN New NNP York NNP , , which WDT is VBZ Drexel NNP 's POS base NN , , and CC California NNP , , the DT base NN of IN Drexel NNP 's POS highly RB profitable JJ junk-bond NN operation NN that WDT led VBD to TO the DT firm NN 's POS legal JJ difficulties NNS . . Neither DT state NN has VBZ settled VBN , , and CC officials NNS in IN the DT two CD states NNS wo MD n't RB discuss VB their PRP$ reasons NNS for IN not RB doing VBG so RB . . But CC Drexel NNP has VBZ made VBN it PRP clear JJ it PRP could MD mount VB a DT significant JJ legal JJ battle NN in IN each DT state NN if IN its PRP$ license NN is VBZ revoked VBN , , according VBG to TO state NN officials NNS . . Ms. NNP Bryant NNP , , the DT head NN of IN the DT state NN securities NNS group NN , , said VBD Drexel NNP has VBZ done VBN a DT better JJR job NN of IN settling VBG with IN the DT states NNS than IN E.F. NNP Hutton NNP did VBD after IN its PRP$ guilty JJ plea NN to TO a DT massive JJ check-kiting JJ scheme NN several JJ years NNS ago IN . . Still RB , , she PRP said VBD , , Drexel NNP 's POS trouble NN with IN some DT states NNS is VBZ n't RB a DT bad JJ thing NN . . `` `` This DT process NN should MD point VB out RP that IN it PRP 's VBZ not RB going VBG to TO be VB easy JJ for IN a DT firm NN that WDT 's VBZ convicted VBN of IN a DT felony NN to TO immediately RB jump VB back RB into IN the DT retail JJ business NN , , '' '' Ms. NNP Bryant NNP said VBD . . `` `` We PRP need VBP to TO have VB somebody NN worried VBN so IN they PRP do VBP n't RB do VB this DT again RB . . '' '' These DT are VBP the DT 26 CD states NNS , , including VBG the DT commonwealth NN of IN Puerto NNP Rico NNP , , that WDT have VBP settled VBN with IN Drexel NNP : : Alaska NNP , , Arkansas NNP , , Delaware NNP , , Georgia NNP , , Hawaii NNP , , Idaho NNP , , Indiana NNP , , Iowa NNP , , Kansas NNP , , Kentucky NNP , , Maine NNP , , Maryland NNP , , Minnesota NNP , , Mississippi NNP , , New NNP Hampshire NNP , , New NNP Mexico NNP , , North NNP Dakota NNP , , Oklahoma NNP , , Oregon NNP , , South NNP Carolina NNP , , South NNP Dakota NNP , , Utah NNP , , Vermont NNP , , Washington NNP , , Wyoming NNP and CC Puerto NNP Rico NNP . . Time NNP Warner NNP Inc. NNP reported VBD a DT third-quarter JJ net JJ loss NN of IN $ $ 176 CD million CD , , or CC $ $ 2.88 CD cents NNS a DT share NN , , reflecting VBG acquisition NN costs NNS for IN a DT 59.3 CD % NN stake NN in IN Warner NNP Communications NNPS Inc. NNP and CC the DT purchase NN method NN of IN accounting VBG for IN the DT transaction NN . . Separately RB , , Warner NNP reported VBD a DT net JJ loss NN of IN $ $ 106 CD million CD , , or CC 56 CD cents NNS a DT share NN , , including VBG merger NN expenses NNS of IN $ $ 100 CD million CD and CC $ $ 120 CD million CD in IN charges NNS associated VBN with IN stock-appreciation-based JJ compensation NN plans NNS . . Time NNP Warner NNP is VBZ in IN the DT process NN of IN completing VBG its PRP$ acquisition NN of IN the DT remaining VBG Warner NNP shares NNS . . Time NNP Warner NNP emphasized VBD in IN a DT news NN release NN that IN it PRP should MD be VB evaluated VBN based VBN on IN its PRP$ cash NN flow NN , , which WDT the DT company NN defined VBD as IN earnings NNS before IN interest NN , , taxes NNS , , depreciation NN and CC amortization NN . . On IN a DT pro-forma FW basis NN , , assuming VBG the DT merger NN was VBD effective JJ Jan NNP 1 CD , , 1988 CD , , including VBG the DT results NNS from IN both DT Time NNP Inc. NNP and CC all DT of IN Warner NNP , , that IN cash NN flow NN figure NN would MD be VB $ $ 526 CD million CD for IN the DT latest JJS quarter NN , , more RBR than IN double VB the DT comparable JJ figure NN a DT year NN ago IN , , or CC $ $ 242 CD million CD , , according VBG to TO Time NNP Warner NNP . . Some DT analysts NNS at IN least JJS are VBP buying VBG that DT argument NN , , and CC were VBD n't RB alarmed VBN by IN the DT losses NNS . . `` `` What WP really RB matters VBZ is VBZ the DT operating VBG income NN of IN the DT divisions NNS : : I PRP look VBP at IN these DT numbers NNS and CC I PRP say VBP , , these DT businesses NNS are VBP doing VBG well RB , , '' '' said VBD Mark NNP Manson NNP , , a DT vice NN president NN of IN Donaldson NNP , , Lufkin NNP & CC Jenrette NNP Securities NNPS Corp NNP . . `` `` For IN example NN , , Warner NNP made VBD more JJR than IN $ $ 100 CD million CD from IN filmed VBN entertainment NN in IN three CD months NNS . . That DT 's VBZ a DT big JJ number NN . . Warner NNP also RB had VBD a DT gain NN of IN more RBR than IN 13 CD % NN from IN records NNS and CC music NN publishing NN , , even RB though IN the DT domestic JJ record NN business NN was VBD sluggish JJ this DT summer NN . . '' '' In IN the DT year-ago JJ third JJ quarter NN , , Time NNP on IN its PRP$ own JJ reported VBD net JJ income NN of IN $ $ 81 CD million CD , , or CC $ $ 1.42 CD a DT share NN . . Combined VBN revenue NN for IN the DT latest JJS quarter NN of IN Time NNP Warner NNP was VBD $ $ 2.2 CD billion CD , , compared VBN with IN the DT year-ago JJ Time NNP revenue NN of IN $ $ 1.1 CD billion CD . . On IN a DT pro FW forma FW basis NN , , including VBG all DT of IN Warner NNP 's POS earnings NNS , , Time NNP Warner NNP had VBD a DT third-quarter JJ loss NN of IN $ $ 217 CD million CD , , compared VBN with IN a DT $ $ 342 CD million CD loss NN a DT year NN earlier RBR . . On IN the DT same JJ basis NN , , revenue NN rose VBD to TO $ $ 2.7 CD billion CD from IN $ $ 2.2 CD billion CD . . For IN the DT third JJ quarter NN , , Warner NNP 's POS $ $ 106 CD million CD loss NN compared VBN with IN a DT year-ago JJ loss NN of IN $ $ 113 CD million CD , , or CC 90 CD cents NNS a DT share NN . . Revenue NN rose VBD to TO $ $ 1.5 CD billion CD from IN $ $ 1.1 CD billion CD . . The DT 1988 CD figures NNS were VBD restated VBN to TO include VB the DT results NNS of IN Lorimar NNP Telepictures NNPS Corp. NNP , , which WDT Warner NNP acquired VBD in IN January NNP . . Time NNP Warner NNP 's POS operating NN earnings NNS got VBD a DT boost NN from IN Warner NNP 's POS record NN box-office NN results NNS . . `` `` Batman NNP '' '' alone RB has VBZ racked VBN up RP more RBR than IN $ $ 247 CD million CD in IN box-office NN receipts NNS to TO date NN , , making VBG it PRP Warner NNP Bros NNP . . ' '' largest JJS grossing VBG film NN ever RB . . `` `` Lethal NNP Weapon NNP II NNP '' '' was VBD also RB a DT big JJ hit NN . . Warner NNP also RB contributed VBD record NN results NNS from IN its PRP$ music NN business NN , , where WRB unit NN sales NNS of IN compact JJ discs NNS rose VBD more JJR than IN 50 CD % NN from IN a DT year NN ago IN , , the DT company NN said VBD , , helped VBN by IN Prince NNP 's POS `` `` Batman NNP '' '' soundtrack NN . . Time NNP Warner NNP said VBD its PRP$ cable NN division NN turned VBD in RP a DT 77 CD % NN increase NN in IN operating NN cash NN flow NN , , to TO $ $ 166 CD million CD from IN $ $ 94 CD million CD , , reflecting VBG higher JJR per-subscriber NN revenue NN . . In IN addition NN , , the DT 1988 CD results NNS included VBD a DT $ $ 20 CD million CD charge NN reflecting VBG a DT reserve NN for IN relocation NN related VBN expenses NNS at IN American NNP Television NNP & CC Communications NNPS Corp NNP . . On IN the DT other JJ hand NN , , Time NNP Warner NNP said VBD its PRP$ operating NN cash NN flow NN declined VBD in IN the DT quarter NN for IN its PRP$ magazine NN division NN , , its PRP$ books NNS division NN and CC the DT Home NNP Box NNP Office NNP programming VBG division NN . . In IN magazines NNS , , higher JJR advertising NN revenues NNS at IN Sports NNP Illustrated NNP and CC Fortune NNP were VBD offset VBN by IN lower JJR ad NN revenue NN for IN other JJ major JJ magazines NNS . . The DT programming VBG division NN saw VBD a DT decline NN in IN operating NN cash NN flow NN because IN the DT year-ago JJ quarter NN included VBD a DT $ $ 12 CD million CD dividend NN from IN Turner NNP Broadcasting NNP System NNP and CC because IN the DT quarter NN includes VBZ expenses NNS associated VBN with IN the DT Nov. NNP 15 CD launch NN of IN HBO NNP 's POS Comedy NNP Channel NNP . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Time NNP Warner NNP closed VBD at IN $ $ 138.625 CD a DT share NN , , up IN $ $ 1.875 CD , , while IN Warner NNP closed VBD at IN $ $ 63.875 CD a DT share NN , , up IN 12.5 CD cents NNS . . Robert NNP J. NNP Penn NNP , , president NN and CC chief NN executive NN officer NN , , will MD take VB early JJ retirement NN from IN this DT steelmaker NN Dec NNP 31 CD . . William NNP S. NNP Leavitt NNP , , chairman NN , , said VBD Mr. NNP Penn NNP , , 58 CD years NNS old JJ , , would MD continue VB as IN a DT consultant NN and CC would MD work VB with IN the DT board NN in IN selecting VBG a DT successor NN . . UNR NNP recently RB emerged VBD from IN bankruptcy-law NN proceedings NNS that WDT left VBD 64 CD % NN of IN the DT reorganized VBN company NN 's POS common JJ stock NN in IN the DT hands NNS of IN trustees NNS of IN an DT asbestos-disease NN claims NNS trust NN . . The DT company NN said VBD it PRP would MD have VB no DT further JJ comment NN . . Mr. NNP Leavitt NNP , , 37 CD , , was VBD elected VBN chairman NN earlier RBR this DT year NN by IN the DT company NN 's POS new JJ board NN , , having VBG served VBN as IN vice NN president NN for IN legal JJ and CC corporate JJ affairs NNS . . His PRP$ father NN , , David NNP S. NNP Leavitt NNP , , was VBD chairman NN and CC chief NN executive NN until IN his PRP$ death NN in IN an DT accident NN five CD years NNS ago IN , , at IN which WDT time NN Mr. NNP Penn NNP was VBD named VBN president NN . . Some DT House NNP Democrats NNPS are VBP trying VBG to TO head VB off RP an DT appointment NN by IN President NNP Bush NNP to TO the DT board NN that WDT oversees VBZ the DT savings-and-loan JJ bailout NN , , contending VBG that IN the DT prospective JJ nominee NN is VBZ the DT head NN of IN troubled VBN banks NNS himself PRP . . Four CD Democrats NNPS on IN the DT House NNP Banking NNP Committee NNP sent VBD President NNP Bush NNP a DT letter NN stating VBG their PRP$ concerns NNS about IN the DT expected VBN appointment NN of IN James NNP Simmons NNP , , an DT Arizona NNP banker NN and CC former JJ fund-raiser NN for IN Mr. NNP Bush NNP , , to TO the DT Oversight NNP Board NNP of IN the DT Resolution NNP Trust NNP Corp NNP . . The DT Oversight NNP Board NNP , , created VBN in IN the DT savings-and-loan JJ law NN signed VBN in IN August NNP , , sets VBZ policy NN for IN the DT RTC NNP , , which WDT will MD sell VB hundreds NNS of IN the DT nation NN 's POS sick JJ thrifts NNS and CC billions NNS of IN dollars NNS of IN their PRP$ assets NNS . . Treasury NNP Secretary NNP Nicholas NNP Brady NNP , , Federal NNP Reserve NNP Board NNP Chairman NNP Alan NNP Greenspan NNP and CC Housing NNP and CC Urban NNP Development NNP Secretary NNP Jack NNP Kemp NNP are VBP members NNS of IN the DT board NN . . President NNP Bush NNP must MD appoint VB two CD other JJ members NNS , , one NN a DT Democrat NNP and CC one CD a DT Republican NNP . . An DT administration NN official NN confirmed VBD last JJ week NN that IN Mr. NNP Simmons NNP , , the DT chairman NN of IN Valley NNP National NNP Bank NNP in IN Phoenix NNP , , is VBZ the DT Republican NNP appointee NN , , and CC that IN a DT security NN clearance NN was VBD under IN way NN . . The DT Democratic JJ appointee NN has VBZ n't RB been VBN determined VBN , , the DT official NN said VBD . . Mr. NNP Simmons NNP declined VBD to TO comment VB , , and CC the DT White NNP House NNP said VBD the DT congressmen NNS 's POS letter NN is VBZ under IN review NN . . The DT letter NN , , dated VBN last JJ Thursday NNP , , cited VBD the DT losses NNS at IN Valley NNP National NNP , , and CC at IN United NNP Bank NNP , , also RB of IN Phoenix NNP , , where WRB Mr. NNP Simmons NNP was VBD chairman NN for IN 29 CD years NNS . . Both DT banks NNS have VBP been VBN battered VBN , , as IN have VBP other JJ Arizona NNP banks NNS , , by IN falling VBG real JJ estate NN prices NNS . . Valley NNP National NNP , , for IN example NN , , had VBD $ $ 470 CD million CD in IN problem NN assets NNS as IN of IN June NNP . . `` `` We PRP believe VBP that IN there EX are VBP numerous JJ other JJ candidates NNS more RBR qualified VBN for IN this DT important JJ position NN and CC we PRP encourage VBP you PRP to TO give VB them PRP your PRP$ thorough JJ consideration NN before IN making VBG this DT key JJ RTC NNP appointment NN , , '' '' the DT letter NN said VBD . . `` `` The DT RTC NNP needs VBZ the DT most RBS able JJ , , competent JJ management NN available JJ . . '' '' But CC Mr. NNP Simmons NNP has VBZ long JJ ties NNS to TO both DT Republicans NNPS and CC banking NN . . He PRP was VBD co-chairman NN of IN Mr. NNP Bush NNP 's POS Arizona NNP campaign NN committee NN in IN last JJ year NN 's POS election NN , , and CC also RB worked VBD for IN Mr. NNP Bush NNP in IN the DT 1980 CD election NN . . The DT two CD met VBD more JJR than IN 30 CD years NNS ago IN , , when WRB Mr. NNP Simmons NNP worked VBD for IN Commercial NNP Bank NNP & CC Trust NNP Co. NNP of IN Midland NNP , , Texas NNP , , where WRB Mr. NNP Bush NNP was VBD an DT organizing VBG director NN . . In IN 1986 CD , , Mr. NNP Simmons NNP also RB served VBD on IN a DT committee NN of IN businessmen NNS headed VBN by IN William NNP Seidman NNP , , chairman NN of IN the DT Federal NNP Deposit NNP Insurance NNP Corp. NNP and CC the DT Resolution NNP Trust NNP Corp NNP . . That DT committee NN determined VBD to TO open VB Arizona NNP to TO banking NN across IN state NN lines NNS . . Arizona NNP Trend NNP magazine NN referred VBD to TO Mr. NNP Simmons NNP this DT year NN as IN one CD of IN the DT 25 CD most RBS influential JJ people NNS in IN the DT state NN . . The DT letter NN to TO Mr. NNP Bush NNP was VBD signed VBN by IN Reps. NNP Bruce NNP Vento NNP ( ( D. NNP , , Minn. NNP ) ) , , the DT chairman NN of IN the DT Banking NNP Committee NNP 's POS RTC NNP Task NNP Force NNP , , Thomas NNP McMillen NNP ( ( D. NNP , , Md. NNP ) ) , , Kweisi NNP Mfume NNP ( ( D. NNP , , Md NNP . . ) ) and CC Paul NNP Kanjorski NNP ( ( D. NNP , , Pa NNP . . ) ) . . Randolph NNP W. NNP McElroy NNP , , a DT vice NN chairman NN of IN this DT bank-holding JJ company NN , , was VBD named VBN to TO the DT additional JJ position NN of IN chairman NN of IN its PRP$ principal JJ unit NN , , Sovran NNP Bank NNP . . Mr. NNP McElroy NNP , , 54 CD years NNS old JJ , , will MD remain VB president NN and CC chief JJ executive JJ officer NN of IN the DT unit NN . . Sovran NNP also RB named VBD John NNP B. NNP Werner NNP a DT vice NN chairman NN of IN the DT parent JJ company NN and CC the DT unit NN and CC elected VBD him PRP to TO the DT newly RB created VBN position NN of IN chief JJ credit NN officer NN of IN Sovran NNP Financial NNP , , increasing VBG the DT number NN of IN corporate JJ board NN members NNS to TO 35 CD . . Mr. NNP Werner NNP , , 58 CD , , was VBD formerly RB senior JJ executive JJ vice NN president NN of IN the DT parent JJ company NN and CC the DT unit NN . . Moody NNP 's POS Investors NNP Service NNP Inc. NNP said VBD it PRP lowered VBD the DT debt NN ratings NNS of IN certain JJ long-term JJ debt NN held VBN by IN this DT company NN . . The DT debt-rating JJ concern NN cited VBD the DT bank NN 's POS move NN into IN the DT Texas NNP market NN , , noting VBG its PRP$ profitability NN and CC capital NN adequacy NN measurements NNS will MD be VB depressed JJ relative JJ to TO the DT bank NN 's POS past JJ performance NN . . Moody NNP 's POS also RB said VBD it PRP raised VBD its PRP$ rating NN on IN the DT Deposit NNP Insurance NNP Bridge NNP Bank NNP , , now RB known VBN as IN Bank NNP One CD , , Texas NNP N.A. NNP , , reflecting VBG the DT support NN of IN other JJ banking NN affiliates NNS and CC substantial JJ assistance NN for IN the DT FDIC NNP . . Officials NNS at IN the DT New NNP York NNP bank-holding JJ company NN were VBD n't RB available JJ for IN comment NN on IN the DT debt-rating JJ changes NNS . . At IN Lloyd NNP 's POS of IN London NNP , , underwriters NNS still RB scratch VBP out RP policies NNS using VBG fountain NN pens NNS and CC blotting VBG paper NN . . Visitors NNS are VBP ushered VBN into IN the DT premises NNS by IN red-frocked JJ doormen NNS known VBN as IN waiters NNS , , a DT reminder NN of IN the DT insurance NN market NN 's POS origins NNS in IN a DT coffeehouse NN in IN 17th JJ century NN London NNP . . Such JJ trappings NNS suggest VBP a DT glorious JJ past NN but CC give VBP no DT hint NN of IN a DT troubled JJ present NN . . Lloyd NNP 's POS , , once RB a DT pillar NN of IN the DT world NN insurance NN market NN , , is VBZ being VBG shaken VBN to TO its PRP$ very JJ foundation NN . . The DT 301-year-old JJ exchange NN is VBZ battered VBN by IN enormous JJ claims NNS from IN a DT decade-long JJ run NN of IN unprecedented JJ disasters NNS , , the DT most RBS recent JJ of IN which WDT is VBZ last JJ week NN 's POS earthquake NN in IN California NNP 's POS Bay NNP Area NNP . . At IN the DT same JJ time NN , , Lloyd NNP 's POS is VBZ besieged VBN by IN disgruntled JJ investors NNS and CC hamstrung VBN by IN inefficient JJ but CC time-honored JJ ways NNS of IN conducting VBG business NN . . The DT exchange NN is VBZ gradually RB being VBG squeezed VBN into IN narrow JJ , , less-profitable JJ segments NNS of IN the DT market NN by IN less JJR hidebound JJ competitors NNS . . `` `` Lloyd NNP 's POS is VBZ on IN the DT ropes NNS , , '' '' says VBZ Peter NNP Nutting NNP , , a DT Lloyd NNP 's POS investor NN for IN 17 CD years NNS who WP now RB leads VBZ a DT dissident JJ group NN threatening VBG to TO sue VB exchange NN underwriters NNS for IN alleged JJ mismanagement NN and CC negligence NN . . `` `` It PRP needs VBZ more JJR discipline NN . . It PRP needs VBZ to TO sort VB itself PRP out RP . . '' '' Most RBS troublesome JJ is VBZ the DT shrinking VBG pool NN of IN `` `` names NNS , , '' '' the DT well-heeled JJ investors NNS ( ( some DT of IN them PRP royal JJ ) ) who WP , , as IN members NNS of IN about RB 360 CD syndicates NNS , , underwrite VBP policies NNS . . Some RB 1,750 CD members NNS quit VBD the DT exchange NN last JJ year NN , , more JJR than IN triple RB the DT number NN of IN resignations NNS in IN 1987 CD . . Names NNS are VBP resigning VBG at IN an DT even RB faster JJR pace NN this DT year NN . . Lackluster JJ returns NNS are VBP one CD reason NN . . The DT average JJ after-tax JJ return NN on IN investment NN in IN 1986 CD , , the DT most RBS recent JJ year NN for IN which WDT results NNS are VBP available JJ , , was VBD 6.5 CD % NN , , according VBG to TO Chatset NNP Ltd. NNP , , an DT insurance NN consulting NN firm NN in IN London NNP . . In IN 1985 CD , , it PRP was VBD 2.1 CD % NN . . Between IN 1981 CD and CC 1986 CD , , the DT most RBS recent JJ five-year JJ period NN for IN which WDT figures NNS are VBP available JJ , , Lloyd NNP 's POS reported VBD over IN # # 3.6 CD billion CD in IN claims NNS and CC reserves NNS against IN future JJ losses NNS ( ( $ $ 5.7 CD billion CD at IN today NN 's POS exchange NN rates NNS ) ) , , more JJR than IN double RB the DT # # 1.35 CD billion CD posted VBN in IN the DT previous JJ five-year JJ period NN . . Many JJ of IN the DT 31,329 CD investors NNS who WP remain VBP are VBP beginning VBG to TO question VB one CD of IN the DT exchange NN 's POS most JJS basic JJ tenets NNS , , the DT concept NN of IN unlimited JJ personal JJ liability NN . . Investors NNS may MD reap VB huge JJ profits NNS when WRB premiums NNS exceed VBP claims VBZ , , but CC they PRP are VBP liable JJ to TO their PRP$ last JJ pound NN or CC dollar NN in IN the DT event NN of IN a DT catastrophe NN . . And CC catastrophes NNS are VBP getting VBG ever RB more RBR costly JJ . . Lloyd NNP 's POS claims NNS for IN the DT 1988 CD Piper NNP Alpha NNP oil-rig NN disaster NN in IN the DT North NNP Sea NNP , , for IN instance NN , , may MD reach VB $ $ 1 CD billion CD . . During IN the DT five-year JJ period NN ended VBD 1986 CD , , roughly RB 80 CD % NN of IN the DT names NNS had VBD money NN tied VBD up RP in IN money-losing JJ syndicates NNS , , according VBG to TO Chatset NNP consultants NNS . . The DT peril NN of IN unlimited JJ liability NN looms NNS large JJ for IN a DT number NN of IN them PRP now RB . . `` `` I PRP have VBP wished VBN I PRP could MD die VB and CC be VB out IN of IN it PRP -- : that DT 's VBZ how WRB bad JJ it PRP is VBZ , , '' '' Betty NNP Atkins NNP , , a DT secretary NN from IN suburban JJ London NNP , , says VBZ . . Ms. NNP Atkins NNP , , whose WP$ Lloyd NNP 's POS membership NN was VBD a DT bonus NN from IN a DT former JJ employer NN in IN 1981 CD , , belongs VBZ to TO Mr. NNP Nutting NNP 's POS dissident JJ group NN on IN the DT Outhwaite NNP syndicate NN , , which WDT has VBZ been VBN hard RB hit VBN by IN asbestos NN reinsurance NN claims NNS . . Ms. NNP Atkins NNP , , who WP underwrote VBD # # 20,000 CD , , or CC about RB $ $ 32,000 CD , , of IN insurance NN coverage NN on IN that DT syndicate NN , , now RB faces VBZ potential JJ losses NNS of IN roughly RB # # 70,000 CD , , or CC $ $ 111,000 CD . . `` `` If IN Lloyd NNP 's POS wants VBZ # # 70,000 CD out IN of IN me PRP they PRP will MD have VB to TO take VB everything NN I PRP 've VBP got VBD -- : and CC even RB then RB I PRP do VBP n't RB know VB if IN it PRP will MD be VB enough NN , , '' '' she PRP says VBZ . . Unease NN is VBZ widespread JJ among IN exchange NN members NNS . . `` `` I PRP ca MD n't RB think VB of IN any DT reason NN to TO join VB Lloyd NNP 's POS now RB , , '' '' says VBZ Keith NNP Whitten NNP , , a DT British JJ businessman NN and CC a DT Lloyd NNP 's POS member NN since IN 1979 CD . . `` `` The DT downside NN is VBZ very RB considerable JJ , , and CC at IN the DT moment NN the DT upside NN is VBZ very RB marginal JJ . . '' '' If IN profits NNS do VBP n't RB improve VB , , Mr. NNP Whitten NNP says VBZ he PRP may MD quit VB the DT exchange NN . . Meanwhile RB , , competition NN from IN rivals NNS unencumbered JJ by IN history NN is VBZ intensifying VBG . . Lloyd NNP 's POS is VBZ being VBG squeezed VBN out IN of IN low-margin JJ but CC more RBR consistently RB profitable JJ product NN lines NNS such JJ as IN primary JJ property NN and CC marine JJ insurance NN . . Over IN the DT past JJ decade NN , , competitors NNS have VBP chipped VBN away RP at IN the DT exchange NN 's POS share NN of IN the DT # # 2.5 CD billion CD marine JJ market NN in IN London NNP , , where WRB half PDT the DT world NN 's POS ships NNS are VBP insured VBN . . Lloyd NNP 's POS 66 CD % NN stake NN in IN that DT market NN has VBZ shrunk VBN to TO 50 CD % NN in IN that DT period NN , , according VBG to TO an DT official NN at IN the DT Institute NNP of IN London NNP Underwriters NNP , , a DT Lloyd NNP 's POS competitor NN . . ( ( The DT official NN asked VBD not RB to TO be VB named VBN . . ) ) Much JJ of IN the DT business NN has VBZ gone VBN to TO the DT institute NN , , an DT association NN of IN more JJR than IN 100 CD insurers NNS , , including VBG Cigna NNP Corp. NNP , , Allianz NNP Versicherungs NNP AG NNP of IN West NNP Germany NNP and CC Britain NNP 's POS Commercial NNP Union NNP Assurance NNP PLC NNP . . Lloyd NNP 's POS has VBZ endured VBN decades NNS of IN genteel JJ decline NN . . At IN the DT peak NN of IN its PRP$ power NN and CC influence VB a DT century NN ago RB , , Lloyd NNP 's POS dominated VBD the DT insurance NN world NN with IN a DT 50 CD % NN stake NN . . It PRP virtually RB dictated VBD how WRB ships NNS were VBD to TO be VB built VBN and CC it PRP monitored VBD commerce NN through IN a DT unrivaled JJ intelligence NN network NN in IN ports NNS around IN the DT globe NN . . Today NN , , Lloyd NNP 's POS share NN of IN the DT world NN market NN , , excluding VBG life NN insurance NN , , is VBZ about RB 2 CD % NN . . ( ( Its PRP$ stake NN is VBZ even RB smaller JJR if IN life NN insurance NN is VBZ included VBN . . ) ) Bigger JJR rivals NNS , , such JJ as IN Aetna NNP and CC Allianz NNP , , backed VBN by IN armies NNS of IN statisticians NNS using VBG computers NNS in IN hundreds NNS of IN branches NNS , , operate VBP more RBR efficiently RB and CC often RB can MD offer VB lower JJR rates NNS , , brokers NNS say VBP . . Though IN Lloyd NNP 's POS pioneered VBD such JJ now-standard JJ policies NNS as IN worker NN 's POS compensation NN insurance NN , , burglary NN insurance NN for IN homeowners NNS and CC businesses NNS , , and CC bankers NNS ' POS liability NN insurance NN , , competitors NNS now RB underwrite VBP most JJS of IN that DT business NN . . Beyond IN that DT , , many JJ big JJ oil NN , , chemical NN and CC airline NN companies NNS are VBP siphoning VBG off RP big JJ chunks NNS of IN the DT market NN by IN insuring VBG themselves PRP through IN `` `` captive JJ '' '' offshore JJ companies NNS for IN industry-specific JJ coverage NN . . Even RB Lloyd NNP 's POS specialty NN -- : unusually RB risky JJ ventures NNS -- : is VBZ being VBG challenged VBN . . Only RB 10 CD years NNS ago RB , , for IN instance NN , , Lloyd NNP 's POS was VBD the DT pre-eminent JJ insurer NN of IN thoroughbred JJ horses NNS . . But CC since IN 1981 CD , , Kirk NNP Horse NNP Insurance NNP Inc. NNP of IN Lexington NNP , , Ky. NNP has VBZ grabbed VBN a DT 20 CD % NN stake NN of IN the DT market NN . . Ronald NNP Kirk NNP , , president NN , , says VBZ Lloyd NNP 's POS has VBZ suffered VBN because IN its PRP$ structure NN does VBZ n't RB allow VB underwriters NNS to TO deal VB directly RB with IN clients NNS ; : brokers NNS are VBP required VBN intermediaries NNS . . Thus RB , , he PRP asserts VBZ , , Lloyd NNP 's POS ca MD n't RB react VB quickly RB to TO competition NN . . `` `` Lloyd NNP 's POS has VBZ lost VBN control NN of IN the DT situation NN , , '' '' he PRP says VBZ . . `` `` They PRP are VBP n't RB controlling VBG their PRP$ destiny NN like IN they PRP used VBD to TO . . '' '' Murray NNP Lawrence NNP , , Lloyd NNP 's POS chairman NN , , agrees VBZ the DT exchange NN faces VBZ big JJ challenges NNS . . `` `` This DT is VBZ a DT watershed JJ time NN , , and CC we PRP are VBP trying VBG to TO plot VB our PRP$ way NN ahead RB , , '' '' he PRP says VBZ . . `` `` We PRP have VBP been VBN a DT great JJ market NN for IN inventing VBG risks NNS which WDT other JJ people NNS then RB take VBP , , copy VBP and CC cut VBP rates NNS . . '' '' Lloyd NNP 's POS , , he PRP says VBZ , , is VBZ cut VBN off RP from IN `` `` the DT vast JJ body NN of IN premium NN down IN at IN the DT bottom NN end NN which WDT acts VBZ as IN a DT steadying JJ influence NN '' '' against IN catastrophic JJ losses NNS . . By IN that DT , , he PRP means VBZ low-margin JJ but CC low-risk JJ products NNS such JJ as IN certain JJ types NNS of IN primary JJ property NN insurance NN . . The DT exchange NN , , he PRP says VBZ , , must MD find VB new JJ products NNS and CC new JJ markets NNS . . That DT wo MD n't RB be VB an DT easy JJ task NN . . Tradition NN is VBZ dictator NN at IN Lloyd NNP 's POS . . Three CD years NNS ago RB , , the DT exchange NN took VBD up RP residence NN in IN a DT space-age JJ tower NN of IN steel NN and CC glass NN -- : evocative JJ of IN the DT kind NN of IN modern JJ architecture NN that IN Britain NNP 's POS Prince NNP Charles NNP has VBZ denounced VBN . . ( ( Some DT exchange NN wags NNS call VBP the DT building NN `` `` the DT oil NN rig NN . . '' '' ) ) But CC along IN with IN such JJ treasured JJ artifacts NNS as IN Lord NNP Nelson NNP 's POS spyglass NN , , Lloyd NNP 's VBZ also RB brought VBD its PRP$ outmoded JJ ways NNS of IN doing VBG business NN . . The DT Lloyd NNP 's POS market NN actively RB underwrites VBZ insurance NN just RB 4 CD 1\/2 CD hours NNS a DT day NN , , brokers NNS say VBP . . Underwriting NN does VBZ n't RB get VB under IN way NN until IN after IN morning NN tea NN at IN 10 CD a.m RB . . A DT two-hour JJ lunch NN break NN follows VBZ . . Things NNS wind VBP down RP at IN about RB 4:30 CD p.m. RB , , just RB in IN time NN for IN afternoon NN tea NN . . Lloyd NNP 's POS vast JJ trading NN hall NN houses VBZ a DT warren NN of IN well-polished JJ desks NNS . . The DT hall NN 's POS few JJ computers NNS are VBP used VBN mostly RB to TO send VB messages NNS . . Sandwiched VBN between IN desks NNS , , underwriters NNS sit VBP on IN benches NNS surrounded VBN by IN stacks NNS of IN policies NNS . . Brokers NNS clutching VBG thick JJ folders NNS stand VBP in IN lines NNS , , waiting VBG their PRP$ turn NN to TO speak VB to TO the DT underwriters NNS . . A DT broker NN may MD have VB to TO approach VB as RB many JJ as IN 20 CD underwriters NNS who WP insure VBP the DT endeavors NNS on IN behalf NN of IN the DT syndicates NNS . . It PRP could MD take VB six CD months NNS for IN a DT claim NN to TO be VB paid VBN . . `` `` The DT system NN , , '' '' says VBZ Nicholas NNP Samengo-Turner NNP , , a DT Lloyd NN 's POS broker NN who WP left VBD the DT exchange NN in IN 1985 CD , , `` `` is VBZ so RB ludicrously RB unprofessional JJ it PRP drives VBZ you PRP mad JJ . . '' '' Some DT maintain VBP underwriters NNS also RB have VBP been VBN inept JJ . . John NNP Wetherell NNP , , a DT Lloyd NNP 's POS underwriter NN , , says VBZ he PRP and CC his PRP$ fellow JJ underwriters NNS underestimated VBD by IN as RB much JJ as IN 50 CD % NN the DT premiums NNS they PRP should MD have VB charged VBN for IN property NN risks NNS from IN 1980 CD to TO 1985 CD . . `` `` How WRB unprofessional JJ we PRP must MD have VB appeared VBN to TO the DT outside JJ world NN -- : how WRB incompetent JJ at IN risk NN assessment NN and CC evaluation NN , , '' '' he PRP says VBZ . . Lloyd NNP 's POS officials NNS decline VBP to TO comment VB on IN the DT matter NN . . More RBR recently RB , , property NN rates NNS have VBP increased VBN . . Many JJ at IN Lloyd NNP 's POS expect VBP the DT San NNP Francisco NNP earthquake NN will MD cause VB the DT industry NN to TO boost VB rates NNS even RB further RBR . . But CC it PRP will MD be VB years NNS before IN it PRP is VBZ clear JJ whether IN higher JJR rates NNS will MD offset VB the DT payouts NNS for IN such JJ disasters NNS . . The DT magnitude NN of IN the DT exchange NN 's POS problems NNS may MD not RB become VB known VBN for IN some DT time NN because IN of IN Lloyd NNP 's POS practice NN of IN leaving VBG the DT books NNS open JJ for IN three CD years NNS to TO allow VB for IN the DT settlement NN of IN claims NNS . . Lloyd NNP 's POS only RB recently RB reported VBD its PRP$ financial JJ results NNS for IN 1986 CD . . That DT year NN , , it PRP posted VBD record JJ pretax JJ profit NN of IN # # 650 CD million CD , , a DT gain NN it PRP attributes VBZ to TO higher JJR rates NNS and CC fewer JJR claims NNS . . But CC Mr. NNP Lawrence NNP says VBZ reported JJ profit NN will MD be VB down RB in IN 1987 CD , , 1988 CD and CC 1989 CD , , though IN he PRP declines VBZ to TO specify VB how WRB steep JJ the DT decline NN will MD be VB . . Insurance NN analysts NNS say VBP the DT exchange NN 's POS downturn NN in IN profitability NN is VBZ likely JJ to TO be VB aggravated VBN by IN more JJR than IN $ $ 600 CD million CD in IN aviation NN losses NNS ( ( including VBG the DT 1988 CD Pan NNP Am NNP airline NN disaster NN over IN Lockerbie NNP , , Scotland NNP ) ) and CC a DT still-uncalculated JJ chunk NN of IN claims NNS from IN September NNP 's POS Hurricane NNP Hugo NNP . . Lloyd NNP 's POS says VBZ the DT departures NNS of IN names NNS is VBZ n't RB likely JJ to TO hurt VB its PRP$ underwriting NN capacity NN , , currently RB about RB # # 11 CD billion CD . . Mr. NNP Lawrence NNP says VBZ the DT drain NN of IN funds NNS has VBZ been VBN offset VBN by IN an DT increase NN in IN investments NNS by IN the DT remaining VBG names NNS . . Meanwhile RB , , the DT exchange NN has VBZ been VBN trying VBG to TO lower VB costs NNS . . ( ( It PRP recently RB cut VBD its PRP$ work NN force NN by IN 9 CD % NN , , or CC 213 CD . . ) ) But CC Lloyd NNP 's POS is VBZ hampered VBN in IN its PRP$ efforts NNS to TO overhaul VB operations NNS by IN its PRP$ reluctance NN to TO embrace VB modern JJ technology NN . . Mr. NNP Wetherell NNP , , the DT underwriter NN , , reckons VBZ half NN of IN his PRP$ business NN could MD be VB transacted VBN by IN computer NN , , cutting VBG costs NNS at IN least JJS 10 CD % NN . . Though NNP Lloyd NNP 's POS has VBZ talked VBN for IN years NNS about IN computerizing VBG underwriting NN transactions NNS , , the DT effort NN has VBZ n't RB gotten VBN very RB far RB . . Competition NN among IN underwriters NNS and CC brokers NNS makes VBZ them PRP loath JJ to TO centralize VB price NN and CC policy NN information NN . . Both DT groups NNS cling VBP to TO traditional JJ face-to-face JJ dealings NNS , , even RB for IN routine JJ policies NNS . . Lloyd NNP 's POS overblown JJ bureaucracy NN also RB hampers VBZ efforts NNS to TO update VB marketing NN strategies NNS . . Some DT underwriters NNS have VBP been VBN pressing VBG for IN years NNS to TO tap VB the DT low-margin JJ business NN by IN selling VBG some DT policies NNS directly RB to TO consumers NNS . . Lloyd NNP 's POS presently RB sells VBZ only JJ auto NN insurance NN directly RB to TO the DT public NN , , and CC such JJ policies NNS are VBP sold VBN only RB in IN limited JJ markets NNS such JJ as IN the DT U.K. NNP and CC Canada NNP . . But CC such JJ changes NNS must MD be VB cleared VBN by IN four CD internal JJ committees NNS and CC dozens NNS of IN underwriters NNS , , brokers NNS and CC administrators NNS before IN being VBG implemented VBN . . The DT proposal NN to TO sell VB directly RB to TO the DT public NN remains VBZ mired VBN in IN bureaucratic JJ quicksand NN . . Lloyd NNP 's POS is VBZ moving VBG forward RB on IN some DT fronts NNS , , though RB . . Mr. NNP Lawrence NNP says VBZ the DT exchange NN is VBZ updating VBG some DT procedures NNS to TO make VB speedier JJR payments NNS on IN claims NNS . . By IN next JJ year NN , , all DT underwriters NNS will MD be VB linked VBN to TO a DT communications NNS network NN that WDT could MD reduce VB paper NN work NN on IN claims NNS . . Japan NNP 's POS Daiwa NNP Securities NNP Co. NNP named VBD Masahiro NNP Dozen NNP president NN . . Mr. NNP Dozen NNP succeeds VBZ Sadakane NNP Doi NNP , , who WP will MD become VB vice NN chairman NN . . Yoshitoki NNP Chino NNP retains VBZ his PRP$ title NN of IN chairman NN of IN Daiwa NNP , , Japan NNP 's POS second-largest JJ securities NNS firm NN . . In IN Japanese JJ firms NNS , , the DT president NN usually RB is VBZ in IN charge NN of IN day-to-day JJ operations NNS , , while IN the DT chairman NN 's POS role NN is VBZ more RBR a DT ceremonial JJ one NN . . The DT title NN of IN chief JJ executive JJ officer NN is VBZ n't RB used VBN . . While IN people NNS within IN Daiwa NNP , , particularly RB internationalists NNS , , expected VBD that IN Mr. NNP Dozen NNP , , 52 CD , , would MD eventually RB become VB Daiwa NNP 's POS president NN , , the DT speed NN of IN his PRP$ promotion NN surprised VBD many JJ . . It PRP was VBD only RB earlier RBR this DT year NN that IN the DT jovial JJ , , easygoing JJ executive NN -- : he PRP likes VBZ to TO joke VB with IN Americans NNPS about IN how WRB his PRP$ name NN is VBZ synonymous JJ with IN twelve CD -- : was VBD appointed VBN deputy JJ president NN . . Mr. NNP Dozen NNP is VBZ taking VBG over RP the DT reins NNS of IN a DT securities NNS company NN that WDT does VBZ very RB well RB in IN its PRP$ domestic JJ market NN but CC that DT is VBZ still RB seeking VBG to TO realize VB its PRP$ potential NN in IN global JJ investment NN banking NN and CC securities NNS dealing NN . . Daiwa NNP is VBZ one CD of IN the DT world NN 's POS largest JJS securities NNS firms NNS . . As IN of IN March NNP 31 CD , , the DT Daiwa NNP group NN had VBD shareholder NN equity NN of IN 801.21 CD billion CD yen NN ( ( $ $ 5.64 CD billion CD ) ) . . For IN the DT six CD months NNS ended VBN Sept. NNP 30 CD , , Daiwa NNP reported VBD unconsolidated JJ ( ( parent JJ company NN ) ) net JJ income NN of IN 79.03 CD billion CD yen NN ( ( $ $ 556.5 CD million CD ) ) on IN revenue NN of IN 332.38 CD billion CD yen NN ( ( $ $ 2.34 CD billion CD ) ) . . Both DT figures NNS were VBD record JJ highs NNS . . Several JJ observers NNS interpreted VBD Mr. NNP Dozen NNP 's POS appointment NN as IN an DT attempt NN by IN Daiwa NNP to TO make VB its PRP$ international JJ operations NNS more RBR profitable JJ while IN preparing VBG the DT firm NN for IN the DT effects NNS of IN the DT continuing JJ deregulation NN of IN Japan NNP 's POS domestic JJ markets NNS , , which WDT should MD mean VB increased JJ competition NN . . All DT of IN Japan NNP 's POS so-called JJ Big NNP Four CD securities NNS firms NNS -- : Nomura NNP Securities NNP Co. NNP Ltd. NNP , , the DT world NN 's POS largest JJS , , Nikko NNP Securities NNP Co. NNP Ltd. NNP , , Yamaichi NNP Securities NNP Co. NNP Ltd. NNP and CC Daiwa NNP -- : have VBP suffered VBN setbacks NNS in IN their PRP$ attempts NNS to TO break VB into IN foreign JJ markets NNS . . While IN they PRP have VBP moved VBN to TO the DT fore NN in IN underwriting VBG fixed-income JJ securities NNS in IN the DT Eurobond NNP market NN -- : mostly RB for IN Japanese JJ firms NNS -- : they PRP have VBP been VBN only RB marginally RB profitable JJ , , if IN at IN all DT , , in IN the DT U.S. NNP . . American JJ institutional JJ investors NNS have VBP never RB had VBD a DT large JJ appetite NN for IN Japanese JJ equities NNS . . And CC while IN the DT Japanese NNPS have VBP stepped VBN up RP their PRP$ purchases NNS of IN U.S. NNP shares NNS in IN the DT past JJ several JJ months NNS , , they PRP have VBP shown VBN themselves PRP in IN the DT past NN to TO be VB fickle JJ investors NNS . . At IN the DT same JJ time NN , , Daiwa NNP and CC its PRP$ brethren NNS have VBP faced VBN stiff JJ competition NN from IN well-entrenched JJ American JJ competitors NNS that WDT have VBP prevented VBN them PRP from IN building VBG strong JJ links NNS to TO U.S. NNP corporations NNS and CC institutional JJ investors NNS . . Mr. NNP Dozen NNP knows VBZ these DT problems NNS firsthand RB . . When WRB he PRP arrived VBD in IN the DT U.S. NNP in IN 1969 CD -- : the DT start NN of IN an DT eight-year JJ tour NN -- : he PRP tried VBD selling VBG Japanese JJ yen-denominated JJ bonds NNS to TO U.S. NNP investors NNS . . `` `` He PRP made VBD desperate JJ efforts NNS , , using VBG the DT yellow JJ pages NNS from IN beginning NN to TO end NN , , '' '' said VBD Koji NNP Yoneyama NNP , , president NN of IN Daiwa NN 's POS U.S. NNP unit NN . . `` `` But CC not RB a DT single JJ piece NN of IN paper NN was VBD sold VBN . . '' '' By IN his PRP$ own JJ account NN , , Mr. NNP Dozen NNP did VBD n't RB do VB much RB better RBR with IN U.S. NNP bonds NNS . . In IN an DT interview NN a DT few JJ months NNS ago RB , , he PRP recalled VBD how WRB after IN some DT training NN at IN Salomon NNP Brothers NNP Inc. NNP , , he PRP successfully RB bid VBD for IN the DT opportunity NN to TO sell VB portions NNS of IN 20 CD U.S. NNP corporate JJ bond NN issues NNS . . But CC he PRP could MD n't RB sell VB any DT . . `` `` Japanese JJ stock NN salesmen NNS selling VBG American JJ bonds NNS ? . Maybe RB it PRP 's VBZ crazy JJ , , '' '' he PRP said VBD . . Mr. NNP Dozen NNP even RB related VBD the DT indignity NN suffered VBN when WRB he PRP and CC two CD colleagues NNS went VBD on IN an DT overnight JJ fishing NN expedition NN off IN the DT New NNP Jersey NNP shore NN and CC caught VBD nothing NN . . Upon IN returning VBG to TO New NNP York NNP , , `` `` Exhausted JJ , , I PRP got VBD into IN a DT taxicab NN , , and CC the DT woman NN driver NN said VBD : : ` `` Americans NNPS make VBP better JJR fishermen NNS , , ' '' '' '' he PRP recalled VBD . . Undaunted JJ , , Mr. NNP Dozen NNP said VBD that DT Daiwa NNP 's POS goal NN is VBZ to TO build VB `` `` a DT high-technology NN oriented JJ international JJ organization NN with IN maybe RB some DT Japanese JJ flavor NN to TO it PRP . . '' '' He PRP said VBD that IN he PRP was VBD particularly RB interested JJ in IN his PRP$ firm NN gaining VBG expertise NN in IN futures NNS , , options NNS , , mortgaged-backed JJ securities NNS , , computerized JJ trading NN and CC investment NN systems NNS as RB well RB as IN mergers NNS and CC acquisitions NNS . . Mr. NNP Dozen NNP said VBD Daiwa NNP 's POS strengths NNS were VBD its PRP$ large JJ capital NN base NN , , its PRP$ influential JJ position NN in IN the DT Tokyo NNP market NN and CC its PRP$ links NNS to TO Japanese JJ corporations NNS and CC institutional JJ investors NNS . . Mr. NNP Dozen NNP joined VBD Daiwa NNP upon IN his PRP$ graduation NN from IN Kyoto NNP University NNP in IN 1959 CD . . Like IN many JJ young JJ recruits NNS in IN Japanese JJ securities NNS firms NNS , , he PRP began VBD his PRP$ career NN peddling VBG stock NN to TO individual JJ investors NNS . . In IN his PRP$ climb NN to TO the DT top NN , , Mr. NNP Dozen NNP also RB headed VBD the DT company NN 's POS stock-exchange NN division NN , , its PRP$ fixed-income NN units NNS and CC its PRP$ international JJ operations NNS . . `` `` He PRP was VBD constantly RB picking VBG up RP new JJ things NNS to TO fill VB out RP his PRP$ experience NN ; : he PRP is VBZ very RB well-balanced JJ , , '' '' said VBD Takuro NNP Isoda NNP , , chairman NN of IN Daiwa NNP 's POS U.S. NNP unit NN in IN New NNP York NNP . . But CC it PRP Mr. NNP Dozen NNP 's POS experience NN as IN a DT salesman NN that WDT enabled VBD him PRP to TO gain VB the DT political JJ support NN -- : particularly RB from IN the DT retail JJ sales NNS force NN -- : to TO accede VB to TO the DT presidency NN . . Commission NN income NN from IN domestic JJ stock NN and CC bond NN sales NNS accounts NNS form VBP a DT large JJ portion NN of IN Japanese JJ securities NNS companies NNS ' POS earnings NNS . . And CC anybody NN who WP lacked VBD the DT backing NN of IN the DT retail JJ sales NNS force NN `` `` would MD be VB fragile JJ , , '' '' said VBD a DT Daiwa NNP executive NN . . If IN Mr. NNP Dozen NNP has VBZ a DT weakness NN , , it PRP may MD be VB his PRP$ golf NN game NN . . `` `` He PRP digs VBZ in IN the DT sand NN instead RB of IN hitting VBG the DT ball NN , , like IN a DT farmer NN , , '' '' said VBD Mr. NNP Yoneyama NNP . . Inco NNP Ltd. NNP posted VBD a DT 35 CD % NN decline NN in IN third-quarter JJ net JJ income NN , , a DT performance NN that WDT was VBD in IN line NN with IN analysts NNS ' POS expectations NNS . . The DT nickel NN producer NN also RB raised VBD its PRP$ quarterly JJ dividend NN to TO 25 CD cents NNS a DT share NN from IN 20 CD cents NNS and CC said VBD it PRP may MD buy VB back RP as RB much JJ as IN 4.8 CD % NN of IN its PRP$ common JJ outstanding JJ . . Inco NNP shares NNS fell VBD after IN the DT announcements NNS . . Analysts NNS said VBD some DT investors NNS were VBD disappointed JJ that IN the DT cash-rich JJ company NN had VBD failed VBN to TO announce VB a DT special JJ dividend NN . . Inco NNP closed VBD at IN $ $ 31.125 CD a DT share NN , , down RB 62.5 CD cents NNS , , in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN . . Some DT analysts NNS said VBD Inco NNP , , which WDT had VBD cash NN reserves NNS of IN $ $ 272 CD million CD as IN of IN Sept. NNP 30 CD , , could MD still RB announce VB a DT special JJ dividend NN in IN the DT next JJ few JJ months NNS , , though IN it PRP would MD be VB smaller JJR than IN the DT $ $ 10-a-share JJ special JJ dividend NN it PRP paid VBD last JJ year NN . . The DT quarterly JJ dividend NN is VBZ payable JJ Dec. NNP 1 CD to TO shares NNS of IN record NN Nov. NNP 3 CD . . Inco NNP 's POS net NN fell VBD to TO $ $ 129.3 CD million CD , , or CC $ $ 1.23 CD a DT share NN , , in IN the DT third JJ quarter NN from IN $ $ 200.3 CD million CD , , or CC $ $ 1.88 CD a DT share NN , , a DT year NN earlier RBR . . Sales NNS rose VBD 8.2 CD % NN to TO $ $ 848.7 CD million CD from IN $ $ 784.5 CD million CD . . Excluding VBG special JJ gains NNS from IN tax-loss JJ carry-forwards NNS , , earnings NNS in IN the DT latest JJS quarter NN were VBD $ $ 117.7 CD million CD , , or CC $ $ 1.12 CD a DT share NN , , compared VBN with IN $ $ 187.4 CD million CD , , or CC $ $ 1.76 CD a DT share NN . . Inco NNP said VBD the DT drop NN in IN earnings NNS resulted VBD mainly RB from IN lower JJR nickel NN prices NNS for IN the DT period NN and CC a DT temporary JJ cut NN in IN nickel JJ output NN at IN the DT company NN 's POS Manitoba NNP operations NNS due JJ to TO high JJ levels NNS of IN arsenic NN in IN the DT ore NN . . Inco NNP said VBD it PRP plans VBZ to TO buy VB back RP as RB many JJ as IN five CD million CD common JJ shares NNS over IN the DT next JJ 12 CD months NNS if IN nickel NN market NN conditions NNS are VBP favorable JJ . . Under IN a DT previous JJ buyback JJ program NN , , Inco NNP has VBZ purchased VBN 1.7 CD million CD of IN its PRP$ shares NNS since IN April NNP . . UAL NNP Corp. NNP 's POS board NN quashed VBD any DT prospects NNS for IN an DT immediate JJ revival NN of IN a DT labor-management JJ buy-out JJ , , saying VBG United NNP Airlines NNP ' POS parent NN should MD remain VB independent JJ for IN now RB . . As IN a DT result NN , , UAL NNP 's POS chairman NN , , Stephen NNP M. NNP Wolf NNP , , pulled VBD out IN of IN the DT buy-out NN effort NN to TO focus VB on IN running VBG the DT company NN . . The DT two CD developments NNS put VBD the DT acquisition NN attempt NN back RB to TO square NN one CD and CC leaves VBZ the DT airline NN with IN an DT array NN of IN unresolved JJ matters NNS , , including VBG an DT unsettled JJ labor NN situation NN and CC a DT management NN scrambling VBG to TO restore VB its PRP$ damaged JJ credibility NN . . The DT effort NN to TO create VB the DT nation NN 's POS largest JJS employee-owned JJ company NN began VBD unraveling VBG Oct. NNP 13 CD when WRB the DT labor-management JJ group NN was VBD unable JJ to TO obtain VB financing NN for IN its PRP$ $ $ 300-a-share JJ , , $ $ 6.79 CD billion CD offer NN . . Just RB last JJ week NN it PRP suffered VBD another DT major JJ setback NN when WRB British NNP Airways NNP PLC NNP , , the DT largest JJS equity NN investor NN in IN the DT labor-management JJ bid NN , , withdrew VBD its PRP$ support NN . . Takeover NN stock NN traders NNS , , focusing VBG on IN the DT company NN 's POS intention NN to TO stay VB independent JJ , , took VBD the DT announcement NN as IN bad JJ news NN . . UAL NNP , , which WDT had VBD risen VBN $ $ 9.875 CD to TO $ $ 178.375 CD in IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP on IN reports NNS of IN a DT new JJ bid NN being NN prepared VBN by IN the DT group NN , , reversed VBD course NN and CC plummeted VBD in IN off-exchange JJ trading NN after IN the DT 5:09 CD p.m. RB EDT NNP announcement NN . . Among IN the DT first JJ trades NNS reported VBN by IN the DT securities NNS firm NN of IN Jefferies NNP & CC Co. NNP , , which WDT makes VBZ a DT market NN in IN UAL NNP after IN the DT exchange NN is VBZ closed VBN , , were VBD 10,000 CD shares NNS at IN $ $ 170 CD , , 6,000 CD shares NNS at IN $ $ 162 CD , , 2,500 CD at IN $ $ 162 CD , , and CC 10,000 CD at IN $ $ 158 CD . . The DT rebound NN in IN UAL NNP stock NN during IN regular JJ trading NN hours NNS Monday NNP was VBD its PRP$ first RB daily JJ gain NN after IN six CD consecutive JJ losses NNS left VBD the DT price NN 41 CD % NN below IN its PRP$ level NN before IN Oct. NNP 13 CD , , the DT day NN the DT group NN announced VBD the DT bank NN financing NN could MD n't RB be VB obtained VBN for IN the DT original JJ deal NN . . Twelve CD of IN UAL NNP 's POS outside JJ directors NNS met VBD at IN a DT five-hour JJ meeting NN yesterday NN in IN Chicago NNP to TO consider VB an DT informal JJ proposal NN from IN the DT buy-out NN group NN for IN a DT revised JJ bid NN . . But CC the DT board NN said VBD it PRP was VBD n't RB interested JJ for IN now RB . . That DT proposal NN , , valued VBN at IN between IN $ $ 225 CD and CC $ $ 240 CD a DT share NN , , would MD have VB transferred VBN majority NN ownership NN to TO employees NNS while IN leaving VBG some DT stock NN in IN public JJ hands NNS . . The DT buy-out NN group NN had VBD no DT firm JJ financing NN for IN the DT plan NN . . And CC , , with IN no DT other JJ offers NNS on IN the DT table NN , , the DT board NN apparently RB felt VBD no DT pressure NN to TO act VB on IN it PRP . . The DT directors NNS signaled VBD , , however RB , , that IN they PRP would MD be VB willing JJ to TO consider VB future JJ offers NNS or CC take VB some DT other JJ action NN to TO maximize VB shareholder NN value NN , , saying VBG they PRP would MD continue VB to TO explore VB `` `` all DT strategic JJ and CC financial JJ alternatives NNS . . '' '' But CC it PRP was VBD clear JJ that IN for IN the DT time NN being JJ , , the DT board NN wants VBZ the DT company NN to TO return VB to TO normalcy NN . . The DT board NN said VBD it PRP concluded VBD that IN `` `` the DT welfare NN of IN the DT company NN , , its PRP$ shareholders NNS , , its PRP$ employees NNS and CC the DT broader JJR public NN ... : can MD best RB be VB enhanced VBN by IN continued JJ development NN of IN UAL NNP as IN a DT strong JJ , , viable JJ , , independent JJ company NN . . '' '' Mr. NNP Wolf NNP urged VBD all DT employees NNS to TO `` `` now RB turn VB their PRP$ full JJ attention NN '' '' to TO operating VBG the DT airline NN . . He PRP also RB vowed VBD to TO `` `` make VB every DT effort NN to TO nurture VB ... : a DT constructive JJ new JJ relationship NN that WDT has VBZ been VBN forged VBN with IN participating VBG employee NN groups NNS . . '' '' But CC Mr. NNP Wolf NNP faces VBZ a DT monumental JJ task NN in IN pulling VBG the DT company NN back RB together RB again RB . . Labor NN problems NNS top VBP the DT list NN . . For IN a DT brief JJ time NN , , the DT buy-out NN effort NN seemed VBD to TO solve VB his PRP$ problems NNS with IN United NNP 's POS pilot NN union NN . . In IN return NN for IN an DT ownership NN stake NN in IN the DT company NN , , the DT pilots NNS were VBD willing JJ to TO agree VB to TO a DT seven-year JJ contract NN that WDT included VBD a DT no-strike JJ clause NN and CC significant JJ wage NN concessions NNS and CC productivity NN gains NNS the DT union NN previously RB resisted VBD . . That DT contract NN was VBD tied VBN to TO the DT success NN of IN the DT buy-out NN . . As IN a DT `` `` good-will NN measure NN , , '' '' the DT pilots NNS had VBD been VBN working VBG four CD extra JJ hours NNS a DT month NN and CC had VBD agreed VBN to TO fly VB UAL NNP 's POS two CD new JJ Boeing NNP 747-400 NNP aircraft NN . . It PRP 's VBZ uncertain JJ if IN the DT pilots NNS will MD continue VB to TO do VB so RB without IN a DT contract NN settlement NN . . The DT union NN said VBD late RB last JJ night NN that IN it PRP is VBZ still RB committed JJ to TO majority NN employee NN ownership NN and CC that IN the DT labor NN disputes NNS that WDT faced VBD the DT company NN prior RB to TO the DT buy-out NN effort NN `` `` still RB need VBP to TO be VB addressed VBN . . '' '' The DT buy-out NN effort NN also RB worsened VBD already-strained JJ relations NNS between IN United NNP 's POS pilot NN and CC machinist NN unions NNS . . The DT machinists NNS ' POS criticisms NNS of IN the DT labor-management JJ bid NN and CC their PRP$ threats NNS of IN a DT strike NN unless IN they PRP received VBD substantial JJ wage NN increases NNS this DT year NN helped VBD cool VB banks NNS ' POS interest NN in IN financing VBG the DT transaction NN . . The DT machinists NNS previously RB had VBD shown VBN themselves PRP to TO be VB an DT ally NN to TO Mr. NNP Wolf NNP , , but CC he PRP lost VBD much JJ of IN his PRP$ credibility NN with IN that DT group NN when WRB he PRP teamed VBD up RP with IN the DT pilot NN union NN . . The DT machinists NNS criticized VBD the DT terms NNS Mr. NNP Wolf NNP and CC management NN received VBD in IN the DT buy-out NN . . They PRP paid VBD $ $ 15 CD million CD for IN a DT 1 CD % NN stake NN and CC received VBD an DT additional JJ 9 CD % NN of IN the DT company NN at IN no DT additional JJ cost NN . . His PRP$ credibility NN is VBZ also RB on IN the DT line NN in IN the DT investment NN community NN . . Until IN the DT collapse NN of IN this DT bid NN , , Mr. NNP Wolf NNP was VBD regarded VBN as IN one CD of IN the DT nation NN 's POS savviest JJS airline NN executives NNS after IN engineering NN turnarounds NNS of IN Tiger NNP International NNP Inc. NNP and CC Republic NNP Airlines NNP . . But CC he PRP and CC his PRP$ chief JJ financial JJ officer NN , , John NNP Pope NNP , , sowed VBD some DT of IN the DT seeds NNS for IN the DT deal NN 's POS failure NN by IN insisting VBG banks NNS accept VB low JJ financing NN fees NNS and CC interest NN rates NNS , , while IN they PRP invested VBD in IN the DT transaction NN only RB a DT small JJ fraction NN of IN the DT $ $ 114.3 CD million CD they PRP stood VBD to TO gain VB from IN sale NN of IN their PRP$ UAL NNP stock NN and CC options NNS . . The DT board NN 's POS actions NNS leave VBP takeover NN stock NN traders NNS nursing VBG some RB $ $ 700 CD million CD in IN losses NNS and CC eager JJ to TO respond VB to TO anyone NN who WP might MD make VB a DT new JJ offer NN . . It PRP also RB inevitably RB leaves VBZ a DT residue NN of IN shareholder NN lawsuits NNS . . Arbitragers NNS said VBD they PRP were VBD disappointed JJ the DT company NN did VBD n't RB announce VB some DT recapitalization NN or CC other JJ plan NN to TO maximize VB value NN . . One CD takeover NN expert NN noted VBD that IN arbitragers NNS could MD force VB a DT recapitalization NN through IN the DT written JJ consent NN process NN under IN which WDT holders NNS may MD oust VB the DT board NN by IN a DT majority NN vote NN . . The DT machinists NNS union NN has VBZ suggested VBN it PRP may MD propose VB a DT recapitalization NN that WDT includes VBZ a DT special JJ dividend NN for IN holders NNS and CC a DT minority NN ownership NN stake NN for IN employees NNS . . Los NNP Angeles NNP investor NN Marvin NNP Davis NNP , , whose WP$ $ $ 240-a-share JJ offer NN for IN UAL NNP in IN August NNP triggered VBD a DT bidding NN war NN , , says VBZ he PRP remains VBZ interested JJ in IN the DT airline NN . . However RB , , he PRP is VBZ restricted VBN from IN making VBG certain JJ hostile JJ moves NNS by IN an DT agreement NN he PRP signed VBD to TO obtain VB confidential JJ UAL NNP data NNS . . Essentially RB , , he PRP ca MD n't RB make VB any DT hostile JJ moves NNS unless IN he PRP makes VBZ a DT tender NN offer NN at IN least JJS $ $ 300 CD a DT share NN . . Tandy NNP Corp. NNP said VBD it PRP wo MD n't RB join VB U.S. NNP Memories NNP , , the DT group NN that WDT seeks VBZ to TO battle VB the DT Japanese NNPS in IN the DT market NN for IN computer NN memory NN chips NNS . . Tandy NNP 's POS decision NN is VBZ a DT second JJ setback NN for IN U.S. NNP Memories NNP . . Last JJ month NN , , Apple NNP Computer NNP Inc. NNP said VBD that IN it PRP would MD n't RB invest VB in IN the DT group NN . . Apple NNP said VBD that DT its PRP$ money NN would MD be VB better RBR spent VBN in IN areas NNS such JJ as IN research NN and CC development NN . . U.S. NNP Memories NNP is VBZ seeking VBG major JJ investors NNS to TO back VB its PRP$ attempt NN to TO crack VB the DT $ $ 10 CD billion CD market NN for IN dynamic JJ random JJ access NN memory NN chips NNS , , a DT market NN dominated VBN by IN the DT Japanese NNPS . . Those DT chips NNS were VBD in IN dire JJ shortage NN last JJ year NN , , hurting VBG many JJ U.S. NNP computer NN companies NNS that WDT could MD n't RB get VB sufficient JJ Japanese-supplied JJ chips NNS . . Tandy NNP said VBD its PRP$ experience NN during IN the DT shortage NN did VBD n't RB merit NN the DT $ $ 5 CD million CD to TO $ $ 50 CD million CD investment NN U.S. NNP Memories NNP is VBZ seeking VBG from IN each DT investor NN . . `` `` At IN this DT time NN , , we PRP elected VBD not RB to TO get VB involved VBN because IN we PRP have VBP been VBN able JJ to TO satisfy VB our PRP$ need NN { ( for IN DRAMs NNS } ) from IN the DT market NN as IN a DT rule NN , , '' '' said VBD Ed NNP Juge NNP , , Tandy NNP 's POS director NN of IN market NN planning NN . . Sanford NNP Kane NNP , , U.S. NNP Memories NNP president NN , , said VBD the DT decision NN was VBD `` `` disappointing JJ , , '' '' but CC does VBZ n't RB presage VB U.S. NNP Memories NNP ' POS failure NN . . `` `` I PRP would MD like VB to TO have VB had VBD them PRP , , '' '' he PRP said VBD . . But CC `` `` they PRP were VBD n't RB on IN my PRP$ list NN of IN companies NNS who WP were VBD critical JJ to TO be VB a DT part NN of IN it PRP . . '' '' Mr. NNP Kane NNP became VBD president NN and CC chief JJ executive JJ officer NN of IN U.S. NNP Memories NNP last JJ June NNP , , when WRB the DT group NN was VBD formed VBN by IN seven CD electronics NNS companies NNS : : Advanced NNP Micro NNP Devices NNP Inc. NNP , , Digital NNP Equipment NNP Corp. NNP ; : Hewlett-Packard NNP Co. NNP ; : Intel NNP Corp. NNP ; : International NNP Business NNP Machines NNP Corp. NNP ; : LSI NNP Logic NNP Corp. NNP and CC National NNP Semiconductor NNP Corp NNP . . Mr. NNP Kane NNP said VBD he PRP expects VBZ two CD or CC three CD major JJ corporations NNS to TO announce VB their PRP$ participation NN in IN U.S. NNP Memories NNP soon RB after IN the DT group NN finishes VBZ a DT business NN plan NN , , probably RB late RB this DT week NN . . U.S. NNP Memories NNP needs VBZ a DT catalyst NN , , he PRP said VBD , , to TO inspire VB others NNS to TO join VB . . But CC so RB far RB , , most RBS potential JJ participants NNS have VBP n't RB decided VBN . . Sun NNP Microsystems NNP Inc. NNP said VBD it PRP 's VBZ still RB actively RB evaluating VBG U.S. NNP Memories NNP and CC plans VBZ to TO meet VB with IN U.S. NNP Memories NNP representatives NNS later RB this DT week NN . . American NNP Telephone NNP & CC Telegraph NNP Co. NNP said VBD it PRP was VBD waiting VBG to TO see VB U.S. NNP Memories NNP ' POS business NN plan NN . . Personal-computer NN maker NN AST NNP Research NNP Inc. NNP said VBD it PRP is VBZ still RB studying VBG the DT situation NN . . A DT Compaq NNP Computer NNP Corp. NNP spokeswoman NN said VBD that IN the DT company NN has VBZ n't RB made VBN a DT decision NN yet RB , , although IN `` `` it PRP is VBZ n't RB under IN active JJ consideration NN . . In IN a DT startling JJ turnabout NN , , Members NNP of IN the DT Senate NNP Intelligence NNP Committee NNP are VBP complaining VBG that IN someone NN in IN the DT executive JJ branch NN is VBZ leaking VBG on IN them PRP . . David NNP Boren NNP , , the DT Intelligence NNP Committee NNP chairman NN , , is VBZ upset JJ that IN someone NN leaked VBD a DT letter NN to TO the DT committee NN from IN the DT Reagan NNP administration NN suggesting VBG that IN the DT U.S. NNP would MD undertake VB to TO warn VB Panamanian JJ thug NN Manuel NNP Noriega NNP if IN it PRP got VBD wind NN of IN an DT impending JJ coup NN that WDT might MD result VB in IN his PRP$ assassination NN . . With IN due JJ respect NN to TO `` `` highly RB classified JJ correspondence NN '' '' and CC other JJ buzzwords NNS , , the DT leakers NNS are VBP performing VBG a DT public JJ service NN . . If IN the DT CIA NNP has VBZ become VBN a DT protection NN service NN for IN Mr. NNP Noriega NNP , , the DT American JJ people NNS ought MD to TO know VB . . What WP went VBD wrong JJ in IN Panama NNP is VBZ a DT fitting JJ subject NN for IN public JJ and CC congressional JJ inquiry NN . . Naturally RB , , Senator NNP Boren NNP and CC his PRP$ committee NN would MD like VB free JJ rein NN to TO blame VB the DT executive JJ branch NN while IN stamping VBG `` `` top JJ secret NN '' '' on IN their PRP$ own JJ complicity NN . . But CC there EX 's VBZ no DT danger NN of IN exposing VBG sources NNS and CC methods NNS in IN disclosing VBG the DT debate NN running VBG up IN and CC down IN Pennsylvania NNP Avenue NNP . . And CC if IN Congress NNP is VBZ going VBG to TO assume VB authority NN to TO micromanage NN foreign JJ policy NN , , it PRP 's VBZ going VBG to TO have VB to TO take VB some DT of IN the DT responsibility NN too RB . . The DT President NNP of IN the DT United NNP States NNP urged VBD the DT Panamanian JJ armed JJ forces NNS to TO move VB against IN Mr. NNP Noriega NNP . . When WRB they PRP did VBD , , his PRP$ commanders NNS did VBD n't RB have VB the DT initiative NN to TO do VB more JJR than IN block VB a DT couple NN of IN roads NNS . . The DT executive JJ branch NN bears VBZ the DT first JJ responsibility NN for IN timidity NN . . But CC what WP kind NN of IN initiative NN can MD you PRP expect VB given VBN the DT climate NN set VBN by IN Congress NNP ? . For IN example NN , , what WP exactly RB did VBD the DT CIA NNP tell VB Major NNP Giroldi NNP and CC his PRP$ fellow NN coup NN plotters NNS about IN U.S. NNP laws NNS and CC executive JJ orders NNS on IN assassinations NNS ? . What WP part NN did VBD U.S. NNP warnings NNS play VB in IN the DT major NN 's POS unwillingness NN to TO pull VB the DT trigger NN when WRB he PRP had VBD General NNP Noriega NNP in IN custody NN , , but CC was VBD under IN attack NN by IN pro-Noriega JJ troops NNS ? . Mr. NNP Noriega NNP did VBD n't RB suffer VB from IN any DT hesitation NN once IN he PRP had VBD the DT pistol NN . . Maybe RB we PRP need VBP a DT CIA NNP version NN of IN the DT Miranda NNP warning NN : : You PRP have VBP the DT right NN to TO conceal VB your PRP$ coup NN intentions NNS , , because IN we PRP may MD rat VB on IN you PRP . . Or CC maybe RB a DT Surgeon NNP General NNP 's POS warning NN : : Confiding VBG in IN the DT United NNP States NNPS may MD be VB fatal JJ . . CIA NNP chief NN William NNP Webster NNP , , hardly RB a DT Washington NNP malcontent NN , , got VBD the DT debate NN started VBN last JJ week NN by IN noting VBG that IN the DT executive JJ order NN banning VBG assassinations NNS had VBD contributed VBN to TO U.S. NNP paralysis NN during IN the DT coup NN . . The DT CIA NNP 's POS Deputy NNP Director NNP of IN Operations NNP , , Richard NNP Stoltz NNP , , tried VBD to TO smooth VB things NNS over RP a DT few JJ days NNS later RB , , but CC instead RB simply RB underlined VBD Mr. NNP Webster NNP 's POS point NN . . `` `` The DT interpretation NN '' '' of IN the DT executive JJ order NN , , Mr. NNP Stoltz NNP said VBD , , `` `` and CC the DT way NN in IN which WDT the DT various JJ committees NNS have VBP over IN time NN interpreted VBD it PRP , , has VBZ led VBN in IN my PRP$ view NN to TO a DT proper JJ caution NN on IN the DT part NN of IN operators NNS , , including VBG me PRP . . '' '' In IN other JJ words NNS , , Congress NNP wo MD n't RB let VB the DT CIA NNP do VB much JJ of IN anything NN anymore RB , , and CC that DT 's VBZ fine JJ with IN the DT CIA NNP . . The DT pay NN 's VBZ the DT same JJ , , and CC the DT duty NN 's POS lighter JJR . . And CC of IN course NN , , doing VBG anything NN that WDT might MD be VB second-guessed VBN by IN Congress NNP carries VBZ heavy JJ penalties NNS . . Witness VB the DT Walsh NNP prosecution NN of IN Ollie NNP North NNP . . The DT Intelligence NNP Committee NNP 's POS ranking JJ Republican NNP , , Senator NNP William NNP Cohen NNP , , joined VBD with IN Senator NNP George NNP Mitchell NNP to TO write VB a DT best JJS seller NN about IN Iran-Contra NNP , , deploring VBG `` `` Men NNP of IN Zeal NNP . . '' '' No DT doubt NN many JJ people NNS in IN the DT CIA NNP , , the DT Pentagon NNP and CC the DT National NNP Security NNP Council NNP have VBP read VBN it PRP . . What WP kind NN of IN initiative NN should MD anyone NN expect VB from IN people NNS out IN on IN the DT line NN who WP 've VBP read VBN all PDT this DT and CC know VBP what WP can MD happen VB if IN they PRP fail VBP ? . Who WP wants VBZ to TO end VB up RP as IN the DT protagonist NN in IN a DT Bill NNP Cohen NNP morality NN play NN ? . The DT order NN against IN assassinations NNS is VBZ another DT artifact NN of IN the DT same JJ congressional JJ mind-set NN , , a DT product NN of IN the DT 1970s NNS Vietnam NNP syndrome NN against IN any DT executive JJ action NN . . President NNP Bush NNP would MD do VB himself PRP and CC the DT country NN a DT favor NN by IN rescinding VBG the DT order NN as IN an DT ambiguous JJ intrusion NN on IN his PRP$ ability NN to TO defend VB America NNP 's POS national JJ security NN . . There EX are VBP of IN course NN good JJ reasons NNS the DT U.S. NNP should MD n't RB get VB into IN the DT assassination NN business NN , , but CC rescinding VBG the DT executive JJ order NN is VBZ not RB the DT same JJ thing NN as IN saying VBG the DT U.S. NNP should MD start VB passing VBG out RP exploding VBG cigars NNS . . The DT world NN being VBG the DT nasty JJ place NN it PRP is VBZ , , we PRP want VBP Presidents NNS to TO have VB the DT freedom NN to TO order VB operations NNS in IN which WDT someone NN might MD get VB killed VBN . . In IN such JJ situations NNS , , you PRP can MD not RB write VB rules NNS in IN advance NN , , you PRP can MD only RB make VB sure JJ the DT President NNP takes VBZ the DT responsibility NN . . The DT executive JJ order NN and CC the DT reported JJ agreements NNS with IN the DT Intelligence NNP Committee NNP are VBP neither DT sensible JJ nor CC moral JJ . . As IN it PRP now RB stands VBZ , , the DT U.S. NNP can MD bomb VB Tripoli NNP , , but CC ca MD n't RB `` `` assassinate VB '' '' Colonel NNP Gadhafi NNP . . It PRP can MD send VB a DT fighter NN squadron NN to TO strafe VB terrorist JJ hideouts NNS in IN the DT Bekaa NNP Valley NNP , , but CC ca MD n't RB shoot VB Abu NNP Nidal NNP . . Both PDT the DT assassination NN order NN and CC the DT quality NN of IN debate NN in IN Washington NNP are VBP telling VBG the DT world NN that IN the DT only JJ way NN the DT U.S. NNP will MD kill VB a DT madman NN is VBZ by IN making VBG sure JJ we PRP take VBP some DT innocent JJ civilians NNS with IN him PRP . . We PRP 've VBP heard VBN California NNP 's POS property-tax-cutting JJ Proposition NNP 13 CD blamed VBN for IN a DT lot NN over IN the DT years NNS , , but CC ABC NNP 's POS Ted NNP Koppel NNP came VBD up RP with IN a DT new JJ wrinkle NN in IN his PRP$ earthquake NN coverage NN last JJ week NN when WRB he PRP asked VBD Democratic NNP Assemblyman NNP Richard NNP Katz NNP if IN Prop. NNP 13 CD had VBD withheld VBN money NN needed VBN for IN road NN maintenance NN . . Mr. NNP Katz NNP happily RB agreed VBD , , sliding VBG over IN the DT fact NN that IN California NNP 's POS roads NNS and CC bridges NNS are VBP n't RB funded VBN by IN property NN taxes NNS but CC by IN state NN and CC federal JJ gasoline NN taxes NNS . . Both DT have VBP been VBN raised VBN at IN least JJS 30 CD % NN in IN recent JJ years NNS , , even RB while IN the DT price NN of IN gasoline NN has VBZ fallen VBN . . Dragging VBG Prop. NNP 13 CD into IN this DT story NN is VBZ a DT pretty RB long JJ stretch NN . . A DT series NN of IN explosions NNS tore VBD through IN the DT huge JJ Phillips NNP Petroleum NNP Co. NNP plastics NNS plant NN near IN here RB , , injuring VBG more JJR than IN a DT hundred CD and CC closing VBG parts NNS of IN the DT Houston NNP Ship NNP Channel NNP . . There EX were VBD no DT immediate JJ reports NNS of IN deaths NNS , , but CC officials NNS said VBD a DT number NN of IN workers NNS were VBD still RB unaccounted JJ for IN last JJ night NN . . The DT Bartlesville NNP , , Okla. NNP , , oil NN company NN late RB yesterday NN still RB had VBD n't RB said VBN officially RB what WP caused VBD the DT explosions NNS and CC fires NNS , , which WDT sent VBD columns NNS of IN heavy JJ black JJ smoke NN billowing VBG high RB into IN the DT air NN . . One CD local JJ Phillips NNP manager NN said VBD a DT seal NN blew VBD in IN one CD of IN the DT plant NN 's POS reactors NNS . . Glenn NNP Cox NNP , , Phillips NNP ' POS president NN and CC chief NN operating VBG officer NN , , and CC other JJ Phillips NNP officials NNS flew VBD from IN Bartlesville NNP to TO assess VB the DT damage NN and CC determine VB the DT cause NN of IN the DT afternoon NN explosions NNS . . In IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , Phillips NNP Petroleum NNP shares NNS fell VBD $ $ 1.125 CD to TO $ $ 23.125 CD . . The DT plastics NNS plant NN is VBZ located VBN on IN an DT 800-acre JJ tract NN in IN the DT heart NN of IN the DT petrochemical NN corridor NN that WDT reaches VBZ along IN the DT U.S. NNP Gulf NNP Coast NNP . . The DT U.S. NNP Coast NNP Guard NNP closed VBD six CD miles NNS of IN the DT Houston NNP Ship NNP Channel NNP , , where WRB about RB 150 CD companies NNS have VBP operations NNS , , because IN the DT thick JJ , , black JJ smoke NN obscured VBD the DT area NN . . The DT Port NNP of IN Houston NNP closed VBD its PRP$ terminal NN for IN handling VBG bulk JJ cargo NN . . Broken JJ water NN lines NNS and CC gas NN leaks NNS hindered VBD firefighters NNS ' POS efforts NNS , , but CC by IN late RB yesterday NN authorities NNS said VBD they PRP had VBD the DT fire NN under IN control NN . . The DT blasts NNS blew VBD out RP windows NNS , , spewed VBD debris NN for IN miles NNS and CC crumpled VBD the DT ceiling NN in IN an DT area NN elementary JJ school NN . . The DT initial JJ fireball NN was VBD caught VBN by IN cameras NNS in IN downtown JJ Houston NNP , , about RB 10 CD miles NNS away RB . . Nearby JJ Pasadena NNP , , Texas NNP , , police NN reported VBD that IN 104 CD people NNS had VBD been VBN taken VBN to TO area NN hospitals NNS , , but CC a DT spokeswoman NN said VBD that DT toll NN could MD rise VB . . The DT injured JJ , , including VBG three CD in IN critical JJ condition NN , , were VBD treated VBN for IN burns NNS , , breathing NN problems NNS and CC cuts NNS from IN flying VBG glass NN , , hospital NN officials NNS said VBD . . The DT plant NN employs VBZ between IN 800 CD and CC 900 CD on IN three CD shifts NNS . . The DT number NN working VBG at IN the DT time NN of IN the DT blast NN was VBD n't RB known VBN . . Yesterday NN 's POS explosions NNS were VBD the DT second JJ round NN in IN two CD months NNS at IN the DT plastics NNS plant NN . . In IN late JJ August NNP , , four CD contract NN workers NNS were VBD injured VBN and CC one CD Phillips NNS employee NN died VBD after IN an DT explosion NN at IN a DT fuel NN supply NN line NN near IN the DT facility NN 's POS boiler NN house NN . . The DT Phillips NNP facility NN manufactures VBZ polyethylene NN , , polypropylene NN and CC K-resin NN , , plastics NNS used VBN in IN a DT wide JJ array NN of IN applications NNS , , including VBG milk NN jugs NNS and CC toys NNS . . Plastics NNS are VBP the DT cornerstone NN of IN Phillips NNP ' POS chemicals NNS operations NNS , , which WDT is VBZ the DT biggest JJS single JJ contributor NN to TO the DT company NN 's POS profits NNS . . A DT federal JJ judge NN in IN Manhattan NNP has VBZ entered VBN a DT judgment NN requiring VBG a DT Chicago NNP organized JJ crime NN figure NN to TO pay VB the DT government NN $ $ 250,000 CD , , representing VBG alleged JJ profits NNS he PRP gained VBD from IN his PRP$ involvement NN with IN the DT International NNP Brotherhood NNP of IN Teamsters NNPS . . Manhattan NNP U.S. NNP Attorney NNP Otto NNP Obermaier NNP said VBD it PRP was VBD the DT first JJ time NN ever RB that IN the DT government NN had VBD obtained VBN any DT disgorgement NN from IN an DT organized JJ crime NN figure NN indicted VBN under IN the DT civil JJ racketeering NN law NN . . Joseph NNP Lombardo NNP , , who WP the DT government NN alleged VBD was VBD the DT `` `` captain NN '' '' of IN organized JJ crime NN in IN Chicago NNP , , was VBD one CD of IN numerous JJ defendants NNS in IN the DT government NN 's POS sweeping JJ racketeering NN suit NN against IN the DT Teamsters NNPS . . In IN the DT suit NN , , filed VBN in IN June NNP 1988 CD , , the DT government NN accused VBD the DT union NN 's POS leadership NN of IN depriving VBG its PRP$ 1.6 CD million CD members NNS of IN their PRP$ rights NNS through IN a DT pattern NN of IN racketeering NN . . Among IN other JJ things NNS , , the DT government NN claimed VBD that IN organized JJ crime NN figures NNS had VBD routinely RB handpicked VBN the DT union NN 's POS top JJ officials NNS . . U.S. NNP District NNP Judge NNP David NNP Edelstein NNP also RB permanently RB enjoined VBD Mr. NNP Lombardo NNP from IN any DT future JJ dealings NNS with IN the DT Teamsters NNPS or CC any DT other JJ labor NN union NN . . Mr. NNP Lombardo NNP , , the DT last JJ of IN the DT defendants NNS to TO settle VB the DT suit NN , , agreed VBD to TO pay VB the DT government NN the DT $ $ 250,000 CD within IN one CD week NN . . Exxon NNP Corp. NNP said VBD its PRP$ third-quarter JJ earnings NNS slipped VBD 9 CD % NN as IN profits NNS from IN two CD of IN its PRP$ three CD major JJ businesses NNS sagged VBD . . All DT cleanup NN costs NNS from IN last JJ spring NN 's POS Alaskan JJ oil NN spill NN were VBD reflected VBN in IN earlier JJR results NNS , , it PRP said VBD . . Phillips NNP Petroleum NNP Co. NNP and CC Atlantic NNP Richfield NNP Co. NNP also RB reported VBD declines NNS in IN quarterly JJ profit NN , , while IN Ashland NNP Oil NNP Inc. NNP posted VBD a DT loss NN for IN the DT latest JJS quarter NN . . Amerada NNP Hess NNP Corp. NNP and CC Occidental NNP Petroleum NNP Corp. NNP reported VBD higher JJR earnings NNS . . Exxon NNP Although IN Exxon NNP spent VBD heavily RB during IN the DT latest JJS quarter NN to TO clean VB up RP the DT Alaskan JJ shoreline NN blackened VBN by IN its PRP$ huge JJ oil NN spill NN , , those DT expenses NNS as RB well RB as IN the DT cost NN of IN a DT continuing JJ spill-related JJ program NN are VBP covered VBN by IN $ $ 880 CD million CD in IN charges NNS taken VBN during IN the DT first JJ half NN . . An DT Exxon NNP official NN said VBD that IN at IN this DT time NN the DT oil NN company NN does VBZ n't RB anticipate VB any DT additional JJ charges NNS to TO future JJ earnings NNS relating VBG to TO the DT cleanup NN of IN oil NN spilled VBN when WRB one CD of IN its PRP$ tankers NNS rammed VBD into IN an DT underwater JJ reef NN . . She PRP added VBD , , however RB , , that IN charges NNS already RB taken VBN do VBP n't RB take VB into IN account NN the DT potential JJ effect NN of IN litigation NN involving VBG the DT oil NN spill NN . . She PRP said VBD that DT impact NN ca MD n't RB be VB reasonably RB assessed VBN yet RB . . Exxon NNP 's POS net JJ income NN during IN the DT third JJ quarter NN dropped VBD to TO $ $ 1.11 CD billion CD , , or CC 87 CD cents NNS a DT share NN , , from IN $ $ 1.22 CD billion CD , , or CC 93 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . Revenue NN rose VBD 8.1 CD % NN , , to TO $ $ 23.65 CD billion CD from IN $ $ 21.88 CD billion CD . . During IN the DT third JJ quarter NN , , Exxon NNP purchased VBD 8.34 CD million CD shares NNS of IN its PRP$ stock NN at IN a DT cost NN of IN $ $ 373 CD million CD . . Exxon NNP 's POS profitability NN , , like IN that DT of IN many JJ other JJ oil NN companies NNS , , was VBD hurt VBN during IN the DT third JJ quarter NN by IN declining VBG returns NNS from IN the DT chemicals NNS and CC refining NN and CC marketing NN businesses NNS . . Exxon NNP 's POS earnings NNS from IN chemicals NNS operations NNS fell VBD $ $ 90 CD million CD , , to TO $ $ 254 CD million CD , , while IN refining NN and CC marketing NN profits NNS declined VBD $ $ 180 CD million CD , , to TO $ $ 357 CD million CD . . Although IN crude JJ oil NN prices NNS were VBD significantly RB higher JJR this DT year NN , , they PRP were VBD n't RB strong JJ enough RB to TO offset VB the DT declining VBG profits NNS in IN those DT business NN sectors NNS at IN most JJS oil NN companies NNS , , said VBD William NNP Randol NNP , , oil NN analyst NN for IN First NNP Boston NNP Corp NNP . . He PRP estimates VBZ that IN the DT price NN of IN West NNP Texas NNP Intermediate NNP , , the DT U.S. NNP benchmark JJ crude NN , , was VBD $ $ 4.04 CD a DT barrel NN higher JJR during IN the DT third JJ quarter NN of IN this DT year NN than IN in IN the DT same JJ period NN last JJ year NN . . Ashland NNP Oil NNP A DT rash NN of IN one-time JJ charges NNS left VBD Ashland NNP Oil NNP with IN a DT loss NN of IN $ $ 39 CD million CD for IN its PRP$ fiscal JJ fourth JJ quarter NN . . A DT year NN earlier RBR , , the DT refiner NN earned VBD $ $ 66 CD million CD , , or CC $ $ 1.19 CD a DT share NN . . Quarterly JJ revenue NN rose VBD 4.5 CD % NN , , to TO $ $ 2.3 CD billion CD from IN $ $ 2.2 CD billion CD . . For IN the DT year NN , , net JJ income NN tumbled VBD 61 CD % NN to TO $ $ 86 CD million CD , , or CC $ $ 1.55 CD a DT share NN . . The DT Ashland NNP , , Ky. NNP , , oil NN company NN reported VBD a DT $ $ 38 CD million CD charge NN resulting VBG from IN settlement NN of IN a DT 10-year JJ dispute NN with IN the DT National NNP Iranian NNP Oil NNP Co. NNP over IN claims NNS that IN Ashland NNP did VBD n't RB pay NN for IN Iranian JJ crude NN it PRP had VBD received VBN . . In IN September NNP , , Ashland NNP settled VBD the DT long-simmering JJ dispute NN by IN agreeing VBG to TO pay VB Iran NNP $ $ 325 CD million CD . . Ashland NNP also RB took VBD a DT $ $ 25 CD million CD after-tax JJ charge NN to TO cover VB anticipated JJ costs NNS to TO correct VB problems NNS with IN boilers NNS built VBN by IN one CD of IN its PRP$ subsidiaries NNS . . The DT oil NN refiner NN also RB booked VBD a DT $ $ 15 CD million CD charge NN for IN selling VBG Ashland NNP Technology NNP Corp. NNP , , one CD of IN its PRP$ subsidiaries NNS , , at IN a DT loss NN . . Amerada NNP Hess NNP Third-quarter JJ earnings NNS at IN Amerada NNP Hess NNP more RBR than IN tripled VBD to TO $ $ 51.81 CD million CD , , or CC 64 CD cents NNS a DT share NN , , from IN $ $ 15.7 CD million CD , , or CC 20 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . Revenue NN climbed VBD 28 CD % NN , , to TO $ $ 1.18 CD billion CD from IN $ $ 925 CD million CD . . Profits NNS improved VBD across IN Hess NNP 's POS businesses NNS . . Refining NN and CC marketing NN earnings NNS climbed VBD to TO $ $ 33.3 CD million CD from IN $ $ 12.9 CD million CD , , and CC exploration NN and CC production NN earnings NNS rose VBD to TO $ $ 37.1 CD million CD from IN $ $ 17.9 CD million CD . . Hess NNP 's POS earnings NNS were VBD up RB despite IN a DT $ $ 30 CD million CD charge NN to TO cover VB the DT cost NN of IN maintaining VBG operations NNS after IN Hurricane NNP Hugo NNP heavily RB damaged VBD the DT company NN 's POS refinery NN at IN St. NNP Croix NNP . . It PRP is VBZ widely RB known VBN within IN industry NN circles NNS that IN Hess NNP had VBD to TO buy VB oil NN products NNS in IN the DT high-priced JJ spot NN markets NNS to TO continue VB supplying VBG its PRP$ customers NNS . . Hess NNP declined VBD to TO comment VB . . Phillips NNP Petroleum NNP Phillips NNP Petroleum NNP 's POS third-quarter JJ earnings NNS slid VBD 60 CD % NN , , to TO $ $ 87 CD million CD , , or CC 36 CD cents NNS a DT share NN , , from IN $ $ 215 CD million CD , , or CC 89 CD cents NNS a DT share NN . . Revenue NN rose VBD 6.9 CD % NN , , to TO $ $ 3.1 CD billion CD from IN $ $ 2.9 CD billion CD . . Shrinking VBG profit NN margins NNS in IN chemical NN and CC refining NN and CC marketing NN sectors NNS accounted VBD for IN most JJS of IN the DT decline NN , , said VBD Chairman NNP C.J. NNP Silas NNP in IN a DT statement NN . . Despite IN higher JJR oil NN prices NNS , , exploration NN and CC production NN profits NNS were VBD off RB because RB of IN foreign-currency NN losses NNS and CC some DT construction NN costs NNS incurred VBN in IN one CD of IN Phillips NNP ' POS North NNP Sea NNP oil NN fields NNS . . A DT year NN ago RB , , results NNS were VBD buoyed VBN by IN a DT $ $ 20 CD million CD after-tax JJ gain NN from IN an DT asset NN sale NN . . Occidental NNP Petroleum NNP Occidental NNP Petroleum NNP 's POS third-quarter JJ net JJ income NN rose VBD 2.9 CD % NN to TO $ $ 108 CD million CD , , or CC 39 CD cents NNS a DT share NN , , from IN $ $ 105 CD million CD , , or CC 38 CD cents NNS a DT share NN , , a DT year NN earlier RB . . The DT latest JJS quarter NN included VBD an DT after-tax JJ gain NN of IN $ $ 71 CD million CD from IN non-recurring JJ items NNS . . Sales NNS dropped VBD 2 CD % NN , , to TO $ $ 4.8 CD billion CD from IN $ $ 4.9 CD billion CD . . The DT latest JJS period NN included VBD a DT $ $ 54 CD million CD gain NN from IN the DT sale NN of IN various JJ oil NN and CC gas NN properties NNS , , a DT $ $ 22 CD million CD charge NN from IN the DT restructuring NN of IN Occidental NNP 's POS domestic JJ oil NN and CC gas NN operations NNS , , and CC tax NN credits NNS of IN $ $ 42 CD million CD . . Both DT periods NNS included VBD non-recurring JJ charges NNS of IN $ $ 3 CD million CD for IN early JJ retirement NN of IN debt NN . . Occidental NNP said VBD oil NN and CC gas NN earnings NNS fell VBD to TO $ $ 17 CD million CD from IN $ $ 20 CD million CD . . The DT latest JJS period NN includes VBZ net JJ gains NNS of IN $ $ 32 CD million CD in IN non-recurring JJ credits NNS from IN the DT sale NN of IN properties NNS , , indicating VBG operating NN losses NNS for IN the DT quarter NN in IN the DT oil NN and CC gas NN division NN . . Chemical NN earnings NNS fell VBD 10 CD % NN , , reflecting VBG softening NN of IN demand NN . . Atlantic NNP Richfield NNP Citing VBG its PRP$ reduced JJ ownership NN in IN the DT Lyondell NNP Petrochemical NNP Co. NNP , , Atlantic NNP Richfield NNP reported VBD that IN net JJ income NN slid VBD 3.1 CD % NN in IN the DT third JJ quarter NN to TO $ $ 379 CD million CD , , or CC $ $ 2.19 CD a DT share NN , , from IN $ $ 391 CD million CD , , or CC $ $ 2.17 CD a DT share NN , , for IN the DT comparable JJ period NN last JJ year NN . . Sales NNS fell VBD 20 CD % NN , , to TO $ $ 3.7 CD billion CD from IN $ $ 4.6 CD billion CD . . Arco NNP 's POS earnings NNS from IN its PRP$ 49.9 CD % NN stake NN in IN Lyondell NNP fell VBD to TO $ $ 37 CD million CD from IN $ $ 156 CD million CD for IN the DT same JJ period NN last JJ year NN , , when WRB Lyondell NNP was VBD wholly RB owned VBN . . Offsetting VBG the DT lower JJR stake NN in IN Lyondell NNP were VBD higher JJR crude JJ oil NN prices NNS , , increased JJ natural JJ gas NN volumes NNS and CC higher JJR coke NN prices NNS , , the DT company NN said VBD . . Coal NN earnings NNS rose VBD to TO $ $ 26 CD million CD from IN $ $ 21 CD million CD . . For IN the DT nine CD months NNS , , Arco NNP reported VBD net JJ income NN of IN $ $ 1.6 CD billion CD , , or CC $ $ 8.87 CD a DT share NN , , up RB 33 CD % NN from IN $ $ 1.2 CD billion CD , , or CC $ $ 6.56 CD a DT share NN a DT year NN earlier RBR . . Sales NNS were VBD $ $ 12 CD billion CD , , off IN 13 CD % NN from IN $ $ 13.8 CD billion CD . . Jeff NNP Rowe NNP contributed VBD to TO this DT article NN . . The DT following JJ were VBD among IN yesterday NN 's POS offerings NNS and CC pricings NNS in IN the DT U.S. NNP and CC non-U.S. JJ capital NN markets NNS , , with IN terms NNS and CC syndicate NN manager NN , , as IN compiled VBN by IN Dow NNP Jones NNP Capital NNP Markets NNP Report NNP : : Imo NNP Industries NNP Inc. NNP -- : $ $ 150 CD million CD of IN senior JJ subordinated JJ debentures NNS due JJ 2001 CD , , priced VBN at IN par NN to TO yield VB 12 CD % NN . . The DT issue NN will MD be VB sold VBN through IN Morgan NNP Stanley NNP & CC Co NNP . . Other JJ details NNS were VBD n't RB available JJ . . San NNP Antonio NNP , , Texas NNP -- : $ $ 575 CD million CD of IN electric JJ and CC gas NN system NN revenue NN refunding JJ bonds NNS , , Series NNP 1989 NNP , , 1989A NNP and CC 1989B NNP , , tentatively RB priced VBN by IN a DT First NNP Boston NNP Corp. NNP group NN to TO yield VB from IN 6.15 CD % NN in IN 1991 CD to TO 7.30 CD % NN in IN 2009 CD . . The DT issue NN includes VBZ current JJ interest NN bonds NNS due JJ 1991-2000 CD , , 2009 CD , , 2012 CD , , 2014 CD and CC 2016 CD , , and CC capital NN appreciation NN bonds NNS due JJ 2001-2005 CD . . The DT current JJ interest NN serial NN bonds NNS are VBP priced VBN to TO yield VB from IN 6.15 CD % NN in IN 1991 CD to TO 7.10 CD % NN in IN 2000 CD . . There EX are VBP about RB $ $ 100 CD million CD of IN 7 CD % NN term NN bonds NNS due JJ 2009 CD , , priced VBN to TO yield VB 7.30 CD % NN , , which WDT is VBZ the DT issue NN 's POS high JJ yield NN . . There EX are VBP also RB about RB $ $ 124 CD million CD of IN 6 CD 1\/2 CD % NN bonds NNS priced VBN to TO yield VB 7.25 CD % NN in IN 2012 CD ; : about RB $ $ 97 CD million CD of IN 6 CD % NN bonds NNS priced VBN to TO yield VB 7.20 CD % NN in IN 2014 CD ; : and CC about RB $ $ 26.5 CD million CD of IN 5 CD % NN bonds NNS priced VBN to TO yield VB 7.15 CD % NN in IN 2016 CD . . All DT of IN the DT term NN bonds NNS are VBP original JJ issue NN discount NN bonds NNS , , according VBG to TO the DT lead JJ underwriter NN . . The DT capital NN appreciation NN bonds NNS are VBP tentatively RB priced VBN to TO yield VB to TO maturity NN from IN 7 CD % NN in IN 2001 CD to TO 7.10 CD % NN in IN 2003-2005 CD . . The DT bonds NNS are VBP rated VBN double-A JJ by IN Moody NNP 's POS Investors NNP Service NNP Inc. NNP and CC Standard NNP & CC Poor NNP 's POS Corp NNP . . Maryland NNP Stadium NNP Authority NNP -- : $ $ 137.6 CD million CD of IN sports NNS facilities NNS lease NN revenue NN bonds NNS , , Series NNP 1989 NNP D NNP , , due JJ 1992-1999 CD , , 2004 CD , , 2009 CD and CC 2019 CD , , tentatively RB priced VBN at IN par NN by IN a DT Morgan NNP Stanley NNP group NN to TO yield VB from IN 6.35 CD % NN in IN 1992 CD to TO 7.60 CD % NN in IN 2019 CD . . Serial JJ bonds NNS are VBP priced VBN to TO yield VB to TO 7.10 CD % NN in IN 1999 CD . . There EX are VBP $ $ 15,845,000 CD of IN 7 CD 3\/8 CD % NN bonds NNS priced VBN at IN par NN and CC due JJ 2004 CD ; : $ $ 22,985,000 CD of IN 7 CD 1\/2 CD % NN bonds NNS priced VBN at IN par NN and CC due JJ 2009 CD ; : and CC $ $ 82.6 CD million CD of IN 7.60 CD % NN bonds NNS priced VBN at IN par NN and CC due JJ 2019 CD . . The DT bonds NNS are VBP rated VBN double-A JJ by IN Moody NNP 's POS and CC double-A-minus JJ by IN S&P NNP . . Interest NN on IN the DT bonds NNS will MD be VB treated VBN as IN a DT preference NN item NN in IN calculating VBG the DT federal JJ alternative JJ minimum JJ tax NN that WDT may MD be VB imposed VBN on IN certain JJ investors NNS . . Federal NNP Home NNP Loan NNP Mortgage NNP Corp. NNP -- : $ $ 250 CD million CD of IN Remic NNP mortgage NN securities NNS being VBG offered VBN in IN 11 CD classes NNS by IN Morgan NNP Stanley NNP . . The DT offering NN , , Series NNP 107 NNP , , is VBZ backed VBN by IN Freddie NNP Mac NNP 15-year JJ , , 9 CD % NN securities NNS , , and CC brings VBZ Freddie NNP Mac NNP 's POS 1989 CD Remic NNP issuance NN to TO $ $ 32.8 CD billion CD and CC its PRP$ total JJ volume NN to TO $ $ 46.8 CD billion CD since IN the DT program NN began VBD in IN February NNP 1988 CD . . The DT offering NN used VBD at-market JJ pricing NN . . Federal NNP National NNP Mortgage NNP Association NNP -- : $ $ 500 CD million CD of IN Remic NNP mortgage NN securities NNS being VBG offered VBN in IN 10 CD classes NNS by IN Merrill NNP Lynch NNP Capital NNP Markets NNP . . The DT offering NN , , Series NNP 1989-85 CD , , is VBZ backed VBN by IN Fannie NNP Mae NNP 9 CD % NN securities NNS . . Separately RB , , a DT $ $ 400 CD million CD issue NN of IN Fannie NNP Mae NNP Remic NNP mortgage NN securities NNS is VBZ being VBG offered VBN in IN 15 CD classes NNS by IN Bear NNP , , Stearns NNP & CC Co NNP . . The DT offering NN , , Series NNP 1989-86 CD , , is VBZ backed VBN by IN Fannie NNP Mae NNP 9 CD % NN securities NNS . . Finally RB , , a DT $ $ 300 CD million CD issue NN of IN Fannie NNP Mae NNP Remic NNP mortgage NN securities NNS is VBZ being VBG offered VBN in IN 12 CD classes NNS by IN Smith NNP Barney NNP , , Harris NNP Upham NNP & CC Co NNP . . The DT offering NN , , Series NNP 1989-87 CD , , is VBZ backed VBN by IN Fannie NNP Mae NNP 9 CD 1\/2 CD % NN securities NNS . . The DT three CD offerings NNS together RB bring VBP Fannie NNP Mae NNP 's POS 1989 CD Remic NNP issuance NN to TO $ $ 32.4 CD billion CD and CC its PRP$ total JJ Remic NNP volume NN to TO $ $ 44.5 CD billion CD since IN the DT program NN began VBD in IN April NNP 1987 CD . . Credit NNP Agricole NNP ( ( CNCA NNP ) ) ( ( French NNP ) ) -- : $ $ 250 CD million CD of IN 8 CD 3\/4 CD % NN bonds NNS due JJ Nov. NNP 21 CD , , 1994 CD , , priced VBN at IN 101.80 CD to TO yield VB 8.77 CD % NN annually RB less CC full JJ fees NNS , , via IN IBJ NNP International NNP Ltd NNP . . Fees NNS 1 CD 7\/8 CD . . Hokuriku NNP Electric NNP Power NNP Co NNP . . ( ( Japan NNP ) ) -- : $ $ 200 CD million CD of IN 8 CD 7\/8 CD % NN bonds NNS due JJ Nov. NNP 20 CD , , 1996 CD , , priced VBN at IN 101 CD 3\/4 CD to TO yield VB 8.90 CD % NN less CC full JJ fees NNS , , via IN Yamaichi NNP International NNP ( ( Europe NNP ) ) Ltd NNP . . Fees NNS 1 CD 7\/8 CD . . International NNP Finance NNP Corp NNP . . ( ( agency NN ) ) -- : 10 CD billion CD pesetas NNS of IN 11.6 CD % NN bonds NNS due JJ Nov. NN 30 CD , , 1994 CD , , priced VBN at IN 101 CD 5\/8 CD to TO yield VB 11.60 CD % NN less CC full JJ fees NNS , , via IN Citibank NNP ( ( Madrid NNP ) ) and CC Banco NNP Espanol NNP de NNP Credito NNP , , Spain NNP . . Fees NNS 1 CD 5\/8 CD . . Royal NNP Bank NNP of IN Canada NNP , , Grand NNP Cayman NNP branch NN ( ( Canada NNP ) ) -- : 100 CD million CD Canadian JJ dollars NNS of IN 10 CD 3\/4 CD % NN deposit NN notes NNS due JJ Nov. NNP 30 CD , , 1994 CD , , priced VBN at IN 101 CD 3\/4 CD to TO yield VB 10.78 CD % NN less CC full JJ fees NNS , , via IN RBC NNP Dominion NNP Securities NNP International NNP Ltd NNP . . Fees NNS 1 CD 7\/8 CD . . Union NNP Bank NNP of IN Finland NNP -- : 100 CD million CD Australian JJ dollars NNS of IN 9 CD % NN bonds NNS due JJ Nov. NN 9 CD , , 1990 CD , , priced VBN at IN 94 CD to TO yield VB 17.20 CD % NN less CC full JJ fees NNS , , via IN Banque NNP Paribas NNP Capital NNP Markets NNP Ltd NNP . . Fees NNS 1 CD . . Ford NNP Motor NNP Credit NNP -- : $ $ 2.57 CD billion CD of IN certificates NNS backed VBN by IN automobile NN loans NNS with IN a DT coupon NN rate NN of IN 8.70 CD % NN , , priced VBN at IN 99 CD 19\/32 CD to TO yield VB 8.903 CD % NN through IN an DT underwriting NN group NN headed VBN by IN First NNP Boston NNP Corp NNP . . The DT issue NN is VBZ the DT first JJ by IN Ford NNP Motor NNP Credit NNP , , a DT unit NN of IN Ford NNP Motor NNP Co. NNP , , and CC the DT second JJ largest JJS in IN the DT four-year JJ history NN of IN the DT $ $ 45 CD billion CD asset-backed JJ market NN . . The DT largest JJS issue NN was VBD a DT $ $ 4 CD billion CD offering NN of IN auto-loan JJ securities NNS by IN General NNP Motors NNP Acceptance NNP Corp. NNP in IN 1986 CD . . The DT Ford NNP issue NN , , through IN Ford NNP Credit NNP 1989-A NNP Grantor NNP Trust NNP , , was VBD priced VBN at IN a DT yield NN spread NN of IN 95 CD basis NN points NNS above IN the DT Treasury NNP 7 CD 3\/4 CD % NN issue NN due JJ July NNP 1991 CD . . The DT offering NN is VBZ rated VBN doubleA-2 JJ by IN Moody NNP 's POS and CC double-A JJ by IN S&P NNP , , based VBN on IN the DT quality NN of IN the DT underlying JJ auto NN loans NNS and CC a DT guarantee NN covering VBG 9 CD % NN of IN the DT deal NN from IN Ford NNP Motor NNP Credit NNP . . The DT certificates NNS have VBP an DT estimated JJ average JJ life NN of IN 1.8 CD years NNS , , assuming VBG monthly JJ prepayments NNS at IN 1.3 CD % NN of IN the DT original JJ balance NN . . The DT final JJ maturity NN is VBZ in IN five CD years NNS . . The DT Mouth NNP is VBZ back RB . . Morton NNP Downey NNP Jr. NNP , , who WP self-destructed VBD as IN a DT talk-show NN host NN and CC frequently RB verbally RB abused VBD his PRP$ guests NNS , , has VBZ been VBN signed VBN to TO co-host VB a DT half-hour JJ nightly JJ program NN on IN the DT Consumer NNP News NNP and CC Business NNP Channel NNP , , the DT cable NN channel NN partly RB owned VBN by IN the DT General NNP Electric NNP Co. NNP 's POS National NNP Broadcasting NNP Co NNP . . The DT premiere NN of IN `` `` Showdown NNP , , '' '' with IN Mr. NNP Downey NNP and CC Richard NNP G. NNP Carter NNP , , a DT columnist NN with IN the DT New NNP York NNP Daily NNP News NNP , , is VBZ scheduled VBN for IN Dec. NNP 4 CD at IN 8 CD p.m RB . . CNBC NNP is VBZ available JJ to TO 13 CD million CD cable NN households NNS . . Mr. NNP Downey NNP said VBD he PRP is VBZ not RB going VBG to TO change VB his PRP$ style NN , , which WDT some DT critics NNS said VBD was VBD flamboyant JJ and CC others NNS deemed VBD offensive JJ . . `` `` But CC I PRP 'm VBP going VBG to TO proceed VB in IN a DT more RBR logical JJ way NN . . I PRP 'm VBP not RB going VBG to TO do VB anything NN that WDT is VBZ not RB acceptable JJ in IN anyone NN 's POS home NN . . But CC that DT does VBZ n't RB mean VB I PRP 'm VBP not RB going VBG to TO get VB angry JJ . . '' '' Michael NNP Eskridge NNP , , president NN of IN CNBC NNP , , said VBD that IN although IN there EX will MD be VB a DT studio NN audience NN , , viewers NNS will MD no RB longer RB have VB to TO endure VB the DT shouting NN of IN `` `` Mort NNP ! . Mort NNP ! . Mort NNP ! . '' '' But CC just RB how WRB does VBZ Mr. NNP Downey NNP 's POS unorthodox JJ style NN mesh VB with IN the DT sedate JJ tone NN of IN CNBC NNP 's POS business NN programming NN ? . `` `` Ninety CD percent NN of IN Mort NNP 's POS old JJ show NN fits VBZ into IN our PRP$ style NN , , '' '' said VBD Mr. NNP Eskridge NNP . . `` `` That DT is VBZ consumer NN issues NNS . . '' '' Mr. NNP Downey NNP 's POS previous JJ show NN , , a DT one-hour JJ shout NN fest JJS , , syndciated VBN by IN MCA NNP Inc. NNP and CC produced VBN by IN Quantum NNP Media NNP Inc. NNP , , was VBD canceled VBN in IN July NNP after IN advertisers NNS and CC stations NNS abandoned VBD it PRP . . Investors NNS dumped VBD stocks NNS of IN big JJ companies NNS whose WP$ earnings NNS fluctuate VBP with IN the DT economy NN . . Many JJ of IN those DT `` `` cyclical JJ '' '' issues NNS are VBP in IN the DT Dow NNP Jones NNP Industrial NNP Average NNP , , which WDT fell VBD 26.23 CD to TO 2662.91 CD . . Declining VBG issues NNS on IN the DT New NNP York NNP Stock NNP Exchange NNP outpaced VBD advancers NNS , , 1,012 CD to TO 501 CD . . Recession NN fears NNS are VBP springing VBG up RP again RB among IN investors NNS . . Analysts NNS say VBP that IN the DT selling NN of IN cyclical JJ stocks NNS yesterday NN will MD be VB followed VBN by IN a DT sell-off NN in IN shares NNS of IN companies NNS with IN big JJ debt NN loads NNS on IN their PRP$ balance NN sheets NNS . . In IN an DT economic JJ slowdown NN , , heavy JJ debt NN loads NNS reduce VBP the DT flexibility NN of IN companies NNS because IN cash NN that WDT would MD normally RB be VB used VBN to TO keep VB the DT company NN buoyant JJ must MD be VB diverted VBN to TO interest NN payments NNS . . On IN the DT other JJ hand NN , , investors NNS beat VBP a DT clear JJ path NN yesterday NN to TO blue-chip JJ issues NNS with IN proven JJ earnings NNS growth NN records NNS . . Among IN the DT 30 CD Dow NNP industrials NNS , , they PRP bought VBD McDonald NNP 's POS , , Coca-Cola NNP Co. NNP and CC Procter NNP & CC Gamble NNP and CC sold VBD Aluminum NNP Co. NNP of IN America NNP . . In IN another DT sign NN of IN slowdown NN fears NNS , , investors NNS dumped VBD technology NN shares NNS . . Many JJ money NN managers NNS are VBP bracing VBG for IN a DT decline NN in IN stocks NNS of IN companies NNS with IN big JJ debt NN loads NNS on IN their PRP$ balance NN sheets NNS . . `` `` The DT junk NN bond NN market NN is VBZ being VBG taken VBN apart RP '' '' because IN of IN recession NN fears NNS , , said VBD J. NNP David NNP Mills NNP , , senior JJ vice NN president NN at IN Boston NNP Company NNP Advisers NNP . . `` `` Under IN this DT scrutiny NN , , the DT first JJ thing NN you PRP do VBP is VBZ sell VB your PRP$ cyclical JJ stocks NNS and CC the DT second JJ thing NN you PRP do VBP is VBZ sell VB your PRP$ over-leveraged JJ companies NNS . . '' '' In IN fact NN , , much JJ of IN the DT buying NN in IN blue JJ chips NNS yesterday NN was VBD a DT pursuit NN of IN companies NNS with IN lower JJR debt NN levels NNS . . In IN a DT recent JJ investment NN letter NN entitled VBN `` `` Winners NNS of IN the DT ` `` Leverage NN Wars NNS , , ' '' '' '' Edward NNP Kerschner NNP , , chairman NN of IN PaineWebber NNP 's POS investment NN policy NN committee NN , , suggested VBD that IN investors NNS buy VB stocks NNS of IN companies NNS that WDT have VBP avoided VBN loading VBG up RP on IN debt NN . . `` `` We PRP 're VBP saying VBG companies NNS have VBP to TO pay VB increasing JJ attention NN to TO balance NN sheets NNS , , '' '' said VBD Mr. NNP Kerschner NNP . . He PRP suggested VBD that IN investors NNS buy VB the DT shares NNS of IN Great JJ Atlantic NNP & CC Pacific NNP Tea NNP , , J. NNP Baker NNP , , McDonald NNP 's POS , , Philip NNP Morris NNP and CC Sara NNP Lee NNP . . He PRP said VBD that IN all DT of IN these DT companies NNS will MD be VB able JJ to TO compete VB fiercely RB in IN an DT economic JJ downturn NN . . McDonald NNP 's POS has VBZ long-term JJ debt NN equaling VBG 91 CD % NN of IN shareholder NN equity NN currently RB , , but CC Mr. NNP Kerschner NNP said VBD the DT company NN is VBZ carrying VBG real JJ estate NN assets NNS at IN about RB $ $ 2.6 CD billion CD below IN their PRP$ real JJ value NN . . Coca-Cola NNP climbed VBD 1 CD 3\/8 CD to TO 72 CD 1\/8 CD ; : McDonald NNP 's VBZ added VBD 1 CD to TO 31 CD 3\/8 CD , , and CC Procter NNP & CC Gamble NNP gained VBD 3\/4 CD to TO 130 CD 5\/8 CD . . A&P NNP fell VBD 1 CD 1\/4 CD to TO 57 CD 5\/8 CD , , and CC J. NNP Baker NNP gained VBD 3\/8 CD to TO 21 CD 1\/4 CD . . Philip NNP Morris NNP slipped VBD 1\/2 CD to TO 43 CD 7\/8 CD , , while IN Sara NNP Lee NNP closed VBD unchanged JJ at IN 60 CD 1\/8 CD . . According VBG to TO Salomon NNP Brothers NNP ' POS `` `` stub NN '' '' stock NN index NN of IN 20 CD companies NNS whose WP$ debt NN is VBZ giant NN compared VBN with IN shareholder NN equity NN , , investors NNS are VBP already RB beginning VBG to TO retreat VB from IN shares NNS of IN debt-laden JJ companies NNS . . From IN January NNP to TO early JJ September NNP , , the DT index NN of IN stub NN stocks NNS -- : the DT tiny JJ portion NN of IN equity NN that WDT 's VBZ publicly RB traded VBN following VBG a DT recapitalization NN -- : outperformed VBD Standard NNP & CC Poor NNP 's POS 500-stock JJ index NN by IN about RB 20 CD % NN . . But CC starting VBG in IN early JJ September NNP , , the DT index NN started VBD to TO slide VB and CC now RB stands VBZ about RB even RB with IN the DT S&P NNP 500 CD . . `` `` Stocks NNS that WDT have VBP a DT high JJ default NN risk NN have VBP started VBN to TO underperform VB those DT stocks NNS that WDT have VBP a DT lower JJR default NN risk NN , , '' '' said VBD Eric NNP Sorenson NNP , , director NN of IN quantitative JJ analysis NN at IN Salomon NNP Brothers NNP . . `` `` Companies NNS that WDT have VBP the DT most JJS exposure NN to TO the DT business NN cycle NN have VBP underperformed VBN since IN late RB last JJ summer NN . . '' '' Union NNP Carbide NNP , , whose WP$ third-quarter JJ earnings NNS dropped VBD about RB 35 CD % NN from IN a DT year NN earlier RBR and CC fell VBD short RB of IN analysts NNS ' POS expectations NNS , , declined VBD 1\/2 CD to TO 24 CD 1\/2 CD . . Also RB , , Exxon NNP went VBD down RB 3\/8 CD to TO 45 CD 3\/4 CD and CC Allied-Signal NNP lost VBD 7\/8 CD to TO 35 CD 1\/8 CD even RB though IN the DT companies NNS ' POS results NNS for IN the DT quarter NN were VBD in IN line NN with IN forecasts NNS . . Other JJ weak JJ blue-chip JJ issues NNS included VBD Chevron NNP , , which WDT went VBD down RB 2 CD to TO 64 CD 7\/8 CD in IN Big NNP Board NNP composite JJ trading NN of IN 1.3 CD million CD shares NNS ; : Goodyear NNP Tire NNP & CC Rubber NNP , , off RB 1 CD 1\/2 CD to TO 46 CD 3\/4 CD , , and CC American NNP Express NNP , , down RB 3\/4 CD to TO 37 CD 1\/4 CD . . Texas NNP Instruments NNP , , which WDT had VBD reported VBN Friday NNP that IN third-quarter JJ earnings NNS fell VBD more RBR than IN 30 CD % NN from IN the DT year-ago JJ level NN , , went VBD down RBR 2 CD 1\/8 CD to TO 33 CD on IN 1.1 CD million CD shares NNS . . Motorola NNP , , another DT major JJ semiconductor NN producer NN , , dropped VBD 1 CD 1\/8 CD to TO 57 CD 1\/2 CD . . Pinnacle NNP West NNP Capital NNP , , whose WP$ earnings NNS have VBP been VBN hurt VBN by IN continued JJ problems NNS at IN its PRP$ MeraBank NNP unit NN , , fell VBD 1 CD 5\/8 CD to TO 9 CD 1\/8 CD on IN 2.1 CD million CD shares NNS to TO lead VB the DT Big NNP Board NNP 's POS list NN of IN most RBS active JJ issues NNS . . Growing VBG pressures NNS on IN the DT Arizona NNP real-estate NN market NN are VBP affecting VBG the DT thrift NN ; : Pinnacle NNP West NNP told VBD Dow NNP Jones NNP Professional NNP Investor NNP Report NNP it PRP may MD consider VB filing VBG for IN Chapter NNP 11 NNP bankruptcy NN protection NN if IN it PRP ca MD n't RB reach VB an DT agreement NN with IN federal JJ regulators NNS to TO provide VB additional JJ capital NN to TO MeraBank NNP . . Hercules NNP dropped VBD 2 CD 5\/8 CD to TO 41 CD 3\/4 CD on IN one CD million CD shares NNS -- : about RB six CD times NNS its PRP$ average NN daily JJ trading NN volume NN -- : after IN a DT disappointing JJ third-quarter JJ earnings NNS report NN . . Merrill NNP Lynch NNP and CC Prudential-Bache NNP Securities NNP both DT lowered VBD the DT stock NN 's POS investment NN rating NN immediately RB after IN the DT results NNS were VBD issued VBN Friday NNP , , according VBG to TO PIR NNP . . Elsewhere RB in IN the DT chemicals NNS sector NN , , Dow NNP Chemical NNP fell VBD 1 CD 1\/4 CD to TO 97 CD 1\/2 CD , , Monsanto NNP lost VBD 1 CD 7\/8 CD to TO 118 CD , , B.F. NNP Goodrich NNP slipped VBD 2 CD 1\/4 CD to TO 44 CD 3\/4 CD and CC Olin NNP slid VBD 1 CD to TO 57 CD 3\/4 CD . . Other JJ stocks NNS hurt VBN by IN earnings-related JJ selling NN included VBN Tandy NNP , , which WDT dropped VBD 1 CD 3\/8 CD to TO 44 CD , , and CC Eaton NNP , , which WDT retreated VBD 2 CD 1\/2 CD to TO 57 CD 1\/2 CD . . Third-quarter JJ earnings NNS at IN both DT companies NNS were VBD below IN analysts NNS ' POS forecasts NNS . . After IN declining VBG about RB 41 CD % NN last JJ week NN , , UAL NNP advanced VBD 9 CD 7\/8 CD to TO 178 CD 3\/8 CD on IN 1.1 CD million CD shares NNS on IN anticipation NN of IN a DT revised JJ takeover NN offer NN from IN a DT labor-management NN group NN for IN the DT parent JJ company NN of IN United NNP Airlines NNP . . However RB , , Delta NNP Air NNP Lines NNP fell VBD 1 CD 1\/2 CD to TO 67 CD 1\/2 CD and CC USAir NNP Group NNP dropped VBD 3\/4 CD to TO 42 CD 1\/2 CD . . Ramada NNP gained VBD 7\/8 CD to TO 11 CD 1\/4 CD after IN revamping VBG the DT terms NNS of IN its PRP$ restructuring VBG plan NN , , which WDT calls VBZ for IN the DT company NN to TO sell VB its PRP$ hotel NN operations NNS for IN $ $ 540 CD million CD and CC spin VB off RP its PRP$ casino NN business NN to TO shareholders NNS . . The DT revision NN follows VBZ last JJ month NN 's POS withdrawal NN of IN a DT $ $ 400 CD million CD junk-bond NNS offering NN for IN the DT new JJ casino NN company NN , , Aztar NNP Corp NNP . . Mead NNP gained VBD 1 CD to TO 37 CD 7\/8 CD . . USA NNP Today NNP reported VBD that IN the DT Rales NNP brothers NNS , , Washington NNP , , D.C.-based JJ investors NNS who WP made VBD an DT unsuccessful JJ offer NN to TO acquire VB Interco NNP last JJ year NN , , have VBP bought VBN nearly RB 3 CD % NN of IN Mead NNP 's POS common JJ shares NNS . . Entertainment NN and CC media NNS stocks NNS generally RB escaped VBD the DT market NN 's POS slide NN as RB well RB . . Paramount NNP Communications NNP rose VBD 5\/8 CD to TO 58 CD 3\/4 CD , , Time NNP Warner NNP climbed VBD 1 CD 7\/8 CD to TO 138 CD 5\/8 CD , , Walt NNP Disney NNP advanced VBD 3 CD 1\/8 CD to TO 127 CD 1\/2 CD , , MCA NNP rose VBD 1 CD 1\/8 CD to TO 65 CD 5\/8 CD and CC McGraw-Hill NNP added VBD 1\/2 CD to TO 67 CD 1\/8 CD . . The DT American NNP Stock NNP Exchange NNP Market NNP Value NNP Index NNP lost VBD 3.11 CD to TO 379.46 CD . . Volume NN totaled VBD 10,450,000 CD shares NNS . . Carnival NNP Cruise NNP Lines NNP Class NNP A NNP fell VBD 1 CD 3\/4 CD to TO 20 CD 3\/4 CD . . The DT company NN said VBD it PRP had VBD been VBN notified VBN unofficially RB that IN Waertsilae NNP Marine NNP Industries NNP , , a DT Finnish JJ shipyard NN building VBG three CD cruise NN ships NNS for IN the DT company NN , , is VBZ having VBG financial JJ trouble NN and CC may MD already RB have VB filed VBN for IN bankruptcy NN . . `` `` Hacksaw NNP '' '' and CC `` `` Bonecrusher NNP '' '' are VBP the DT sort NN of IN nicknames NNS normally RB associated VBN with IN linebackers NNS and CC heavyweight JJ contenders NNS . . Who WP 'd MD have VB thought VBN that IN the DT next JJ group NN of IN tough JJ guys NNS carrying VBG around IN reputations NNS like IN that DT would MD be VB school NN superintendents NNS ? . Chicago NNP 's POS new JJ school NN chief NN is VBZ the DT hard-nosed JJ Ted NNP Kimbrough NNP . . At IN his PRP$ old JJ job NN in IN Compton NNP , , Calif. NNP , , he PRP took VBD a DT bitter JJ teachers NNS ' POS strike NN and CC nearly RB came VBD to TO blows NNS with IN a DT school-board NN member NN . . At IN his PRP$ first JJ Chicago NNP press NN conference NN , , he PRP berated VBD the DT reporters NNS . . In IN New NNP York NNP City NNP , , the DT new JJ Chancellor NNP , , Joseph NNP Fernandez NNP , , has VBZ landed VBN like IN a DT 16-inch JJ shell NN in IN the DT middle NN of IN a DT system NN that WDT has VBZ been VBN impervious JJ to TO serious JJ reform NN . . Both DT men NNS fit VBP the DT mood NN of IN the DT times NNS -- : the DT mood NN being VBG one CD of IN a DT public NN fed VBN up RP with IN officials NNS ' POS rationalizations NNS for IN why WRB their PRP$ schools NNS do VBP n't RB work VB . . Former NNP Patterson NNP , , N.J. NNP , , principal NN Joe NNP Clark NNP was VBD no DT doubt NN the DT general JJ public NN 's POS first JJ experience NN with IN this DT new JJ breed NN of IN no-nonsense JJ administrator NN . . The DT subject NN of IN the DT movie NN `` `` Lean VB on IN Me PRP , , '' '' Mr. NNP Clark NNP controlled VBD his PRP$ school NN with IN a DT bullhorn NN and CC a DT baseball NN bat NN . . He PRP may MD have VB gone VBN overboard RB in IN his PRP$ pursuit NN of IN good JJ discipline NN , , but CC is VBZ n't RB it PRP interesting JJ that IN some DT of IN the DT country NN 's POS biggest JJS , , most RBS troubled JJ school NN districts NNS are VBP choosing VBG new JJ chiefs NNS from IN the DT same JJ gravel-chewing JJ mold NN ? . Elena NNP Scambio NNP , , the DT woman NN assigned VBN to TO run VB the DT Jersey NNP City NNP school NN system NN that WDT was VBD taken VBN over RP by IN the DT state NN , , says VBZ her PRP$ top JJ priority NN will MD be VB to TO `` `` cut VB through IN the DT dead JJ hand NN of IN bureaucracy NN . . '' '' Mr. NNP Fernandez NNP does VBZ n't RB take VB control NN in IN New NNP York NNP until IN January NNP , , but CC already RB he PRP 's VBZ roiling VBG the DT waters NNS . . He PRP 's VBZ attacked VBN the DT concept NN of IN `` `` building NN tenure NN , , '' '' one CD of IN the DT most RBS disgraceful JJ institutions NNS in IN American JJ public JJ schools NNS . . It PRP means VBZ it PRP is VBZ virtually RB impossible JJ to TO fire VB or CC even RB transfer VB incompetent JJ principals NNS . . Once RB they PRP are VBP in IN the DT building NN , , they PRP stay VBP . . One CD South NNP Bronx NNP principal NN kept VBD his PRP$ job NN for IN 16 CD years NNS , , despite IN a DT serious JJ drinking NN problem NN and CC rarely RB showing VBG up RP for IN work NN . . He PRP was VBD finally RB given VBN leave NN when WRB he PRP was VBD arrested VBN for IN allegedly RB buying VBG crack NN . . Naturally RB , , the DT principals NNS ' POS union NN loves VBZ building NN tenure NN , , and CC tenure NN has VBZ withstood VBN previous JJ challenge NN . . We PRP suggest VBP that IN Mr. NNP Fernandez NNP find VB an DT incompetent JJ principal NN , , toss VB him PRP out IN of IN the DT building NN and CC let VB the DT forces NNS of IN the DT status NN quo NN explain VB to TO the DT parents NNS whatever WDT it PRP is VBZ they PRP 're VBP defending VBG . . In IN his PRP$ old JJ job NN , , as IN Dade NNP County NNP chief NN , , Mr. NNP Fernandez NNP forced VBD out RP 92 CD teachers NNS and CC reshuffled VBD 48 CD principals NNS . . He PRP cut VBD the DT dropout NN rate NN by IN 5.5 CD % NN . . But CC the DT no-more-nonsense JJ superintendents NNS are VBP going VBG to TO have VB to TO be VB judicious JJ as IN well RB ; : incompetent JJ principals NNS and CC administrators NNS should MD go VB , , but CC the DT good JJ ones NNS ought MD to TO be VB left VBN alone RB . . The DT situation NN will MD be VB especially RB delicate JJ for IN Mr. NNP Kimbrough NNP . . He PRP takes VBZ over RP a DT school NN system NN in IN the DT midst NN of IN radical JJ reform NN . . Chicagoans NNPS have VBP just RB elected VBN 540 CD neophyte JJ school NN boards NNS , , one CD for IN each DT school NN . . This DT of IN course NN led VBD to TO disaster NN in IN New NNP York NNP City NNP . . Getting VBG a DT community NN of IN parents NNS to TO care VB again RB about IN its PRP$ schools NNS is VBZ essential JJ , , but CC in IN Chicago NNP the DT new JJ boards NNS will MD make VB mistakes NNS and CC Mr. NNP Kimbrough NNP will MD have VB to TO identify VB them PRP . . The DT rise NN of IN superintendents NNS such JJ as IN Joseph NNP Fernandez NNP and CC Ted NNP Kimbrough NNP suggests VBZ plainly RB the DT process NN of IN disintegration NN in IN many JJ school NN systems NNS . . The DT schools NNS ' POS central JJ mission NN , , educating VBG children NNS , , became VBD subsumed VBN by IN the DT competing VBG interests NNS of IN bureaucrats NNS , , politicians NNS and CC unions NNS . . The DT classroom NN itself PRP operated VBD on IN the DT periphery NN of IN this DT awful JJ system NN , , discipline NN collapsed VBD , , and CC kids NNS stopped VBD learning VBG . . Mr. NNP Chips NNP was VBD a DT nice JJ fellow NN , , and CC maybe RB some DT day NN he PRP 'll MD return VB . . Until IN then RB , , it PRP 's VBZ clear JJ that IN some DT of IN the DT people NNS who WP 've VBP been VBN keeping VBG big-city JJ schools NNS down RB are VBP going VBG to TO be VB dealing VBG with IN the DT Terminator NNP . . Ingersoll NNP Publications NNP Co. NNP agreed VBD to TO buy VB the DT New NNP Haven NNP Register NNP in IN a DT transaction NN valued VBN at IN $ $ 275 CD million CD from IN Goodson NNP Newspaper NNP Group NNP Inc NNP . . As IN part NN of IN the DT agreement NN , , Goodson NNP also RB terminated VBD the DT contract NN under IN which WDT Ingersoll NNP manages VBZ Goodson NNP 's POS 66 CD newspapers NNS , , ending VBG a DT long JJ association NN between IN the DT two CD companies NNS that WDT has VBZ turned VBN increasingly RB bitter JJ recently RB . . Goodson NNP has VBZ accused VBN Ingersoll NNP of IN paying VBG less JJR attention NN to TO its PRP$ properties NNS and CC more JJR to TO such JJ ventures NNS as IN the DT recent JJ launch NN of IN the DT St. NNP Louis NNP Sun NNP . . Under IN the DT terms NNS of IN the DT accord NN , , Ingersoll NNP will MD pay VB about RB $ $ 255 CD million CD for IN the DT Register NNP , , a DT daily NN that IN Goodson NNP bought VBN for IN about RB $ $ 170 CD million CD in IN 1986 CD . . Goodson NNP will MD pay VB the DT additional JJ $ $ 20 CD million CD in IN settlement NN of IN the DT management NN contract NN . . Goodson NNP also RB announced VBD that IN it PRP hired VBD the DT former JJ president NN and CC senior JJ vice NN president NN of IN Ingersoll NNP to TO run VB the DT Goodson NNP papers NNS . . Both DT executives NNS left VBD the DT company NN after IN clashes NNS with IN Chairman NNP Ralph NNP Ingersoll NNP Jr NNP . . Goodson NNP , , which WDT is VBZ based VBN here RB , , will MD use VB part NN of IN the DT proceeds NNS to TO pay VB down RP debt NN associated VBN with IN its PRP$ purchase NN of IN the DT Morristown NNP Daily NNP Record NNP for IN $ $ 155 CD million CD in IN 1987 CD . . The DT New NNP Jersey NNP paper NN , , like IN the DT New NNP Haven NNP , , Conn. NNP , , paper NN , , was VBD purchased VBN by IN Ingersoll NNP on IN Goodson NNP 's POS behalf NN as IN part NN of IN the DT management NN contract NN . . Industry NN analysts NNS have VBP said VBN that IN the DT purchase NN price NN for IN the DT paper NN was VBD too RB high JJ , , causing VBG a DT strain NN on IN Goodson NNP 's POS finances NNS . . Investment NN bankers NNS familiar JJ with IN the DT company NN said VBD Goodson NNP is VBZ seeking VBG a DT new JJ bank NN credit NN line NN of IN $ $ 190 CD million CD and CC may MD have VB to TO sell VB additional JJ newspapers NNS . . David NNP N. NNP Hurwitz NNP , , president NN and CC chief NN operating NN officer NN of IN Goodson NNP , , said VBD in IN a DT telephone NN interview NN that IN the DT company NN does VBZ n't RB currently RB have VB any DT plans NNS to TO sell VB additional JJ newspapers NNS . . Goodson NNP said VBD David NNP Carr NNP , , former JJ president NN of IN Ingersoll NNP Publications NNP , , and CC Ray NNP Cockburn NNP , , former JJ senior JJ vice NN president NN , , would MD head VB the DT new JJ in-house JJ management NN team NN at IN Goodson NNP , , which WDT had VBD revenue NN of IN $ $ 225 CD million CD in IN 1988 CD . . The DT association NN between IN the DT two CD companies NNS stretches VBZ back RB thirty CD years NNS to TO a DT friendship NN between IN television NN producer NN Mark NNP Goodson NNP and CC Ingersoll NNP founder NN Ralph NNP Ingersoll NNP . . The DT latter NN 's POS son NN , , Ralph NNP Ingersoll NNP Jr. NNP , , took VBD over RP the DT company NN and CC has VBZ been VBN managing VBG the DT Goodson NNP properties NNS and CC acting VBG as IN an DT agent NN in IN the DT purchase NN of IN newspapers NNS for IN Goodson NNP . . But CC in IN recent JJ years NNS , , Mr. NNP Ingersoll NNP began VBD focusing VBG more RBR on IN expanding VBG his PRP$ own JJ newspaper NN empire NN in IN partnership NN with IN investment NN banking NN firm NN Warburg NNP , , Pincus NNP & CC Co NNP . . Ingersoll NNP has VBZ 28 CD dailies NNS and CC 200 CD other JJ non-daily JJ papers NNS in IN the DT U.S. NNP and CC Europe NNP . . The DT company NN said VBD its PRP$ revenue NN will MD exceed VB $ $ 750 CD million CD this DT year NN . . Ingersoll NNP President NNP Robert NNP M. NNP Jelenic NNP said VBD in IN a DT statement NN that IN the DT company NN is VBZ `` `` delighted JJ by IN the DT conclusion NN of IN the DT Goodson NNP relationship NN '' '' and CC will MD be VB able JJ to TO `` `` concentrate VB all PDT our PRP$ energies NNS '' '' on IN Ingersoll NNP 's POS own JJ papers NNS . . Mr. NNP Goodson NNP , , in IN his PRP$ own JJ statement NN , , was VBD less RBR upbeat JJ , , saying VBG `` `` unfortunately RB over IN the DT past JJ few JJ years NNS , , it PRP has VBZ become VBN increasingly RB clear JJ that IN Ralph NNP and CC I PRP have VBP different JJ agendas NNS , , '' '' and CC that IN he PRP feels VBZ `` `` more RBR comfortable JJ with IN a DT management NN team NN whose WP$ sole JJ interest NN and CC responsibility NN is VBZ in IN the DT Goodson NNP papers NNS . . Just RB five CD months NNS after IN Ogilvy NNP Group NNP was VBD swallowed VBN up RP in IN an DT unsolicited JJ takeover NN , , Kenneth NNP Roman NNP , , Ogilvy NNP 's POS chairman NN and CC chief JJ executive JJ officer NN , , said VBD he PRP is VBZ leaving VBG to TO take VB a DT top JJ post NN at IN American NNP Express NNP Co NNP . . Mr. NNP Roman NNP , , 59 CD years NNS old JJ , , abruptly RB announced VBD he PRP will MD leave VB the DT venerable JJ ad NN agency NN , , whose WP$ largest JJS client NN is VBZ American NNP Express NNP , , to TO become VB American NNP Express NNP 's POS executive JJ vice NN president NN for IN corporate JJ affairs NNS and CC communications NNS . . He PRP will MD succeed VB Harry NNP L. NNP Freeman NNP , , 57 CD , , who WP has VBZ said VBD he PRP will MD retire VB in IN December NNP . . Mr. NNP Freeman NNP said VBD in IN August NNP that IN he PRP would MD retire VB by IN the DT end NN of IN this DT year NN to TO take VB `` `` executive JJ responsibility NN '' '' for IN an DT embarrassing JJ effort NN to TO discredit VB banker NN Edmond NNP Safra NNP . . American NNP Express NNP representatives NNS apparently RB influenced VBD the DT publication NN of IN unfavorable JJ articles NNS about IN Mr. NNP Safra NNP . . The DT company NN later RB apologized VBD and CC agreed VBD to TO make VB $ $ 8 CD million CD in IN contributions NNS to TO charities NNS chosen VBN by IN him PRP . . Although IN Mr. NNP Freeman NNP is VBZ retiring VBG , , he PRP will MD continue VB to TO work VB as IN a DT consultant NN for IN American NNP Express NNP on IN a DT project NN basis NN . . Ad NN industry NN executives NNS were VBD n't RB surprised JJ by IN Mr. NNP Roman NNP 's POS decision NN to TO leave VB Ogilvy NNP . . The DT agency NN , , under IN his PRP$ direction NN , , bitterly RB fought VBD a DT takeover NN attempt NN by IN WPP NNP Group NNP PLC NNP of IN London NNP before IN succumbing VBG in IN May NNP . . And CC although IN Mr. NNP Roman NNP and CC WPP NNP 's POS chief JJ executive NN , , Martin NNP Sorrell NNP , , have VBP gone VBN out IN of IN their PRP$ way NN to TO be VB publicly RB supportive JJ of IN each DT other JJ , , people NNS close RB to TO Mr. NNP Roman NNP say VBP he PRP was VBD unhappy JJ giving VBG up RP control NN of IN the DT company NN . . Some DT executives NNS also RB cite VBP tension NN because IN of IN efforts NNS by IN Mr. NNP Sorrell NNP , , a DT financial JJ man NN , , to TO cut VB costs NNS at IN the DT agency NN . . Mr. NNP Roman NNP will MD be VB succeeded VBN as IN the DT head NN of IN Ogilvy NNP 's POS flagship NN ad NN agency NN , , Ogilvy NNP & CC Mather NNP Worldwide NNP , , by IN Graham NNP Phillips NNP , , 50 CD , , who WP had VBD been VBN president NN of IN North JJ American JJ operations NNS and CC who WP , , like IN Mr. NNP Sorrell NNP , , is VBZ British JJ . . Alexander NNP Brody NNP , , 56 CD , , will MD take VB on RP the DT newly RB created VBN position NN of IN president NN of IN the DT world-wide JJ agency NN and CC chief JJ executive NN of IN its PRP$ international JJ operations NNS . . He PRP had VBD been VBN president NN of IN the DT international JJ operations NNS . . Mr. NNP Roman NNP also RB had VBD overseen VBN Ogilvy NNP Group NNP 's POS two CD other JJ units NNS , , the DT Scali NNP McCabe NNP Sloves NNP advertising NN agency NN and CC its PRP$ research NN division NN , , but CC those DT units NNS will MD now RB report VB directly RB to TO WPP NNP . . Mr. NNP Roman NNP appears VBZ custom-made JJ for IN the DT American NNP Express NNP job NN . . Known VBN as IN a DT traditional JJ executive NN , , he PRP is VBZ very RB much RB in IN the DT conservative JJ American NNP Express NNP mold NN . . Moreover RB , , after IN 26 CD years NNS at IN Ogilvy NNP he PRP had VBD honed VBN a DT reputation NN for IN being VBG squeaky-clean JJ and CC a DT straight JJ arrow NN -- : which WDT can MD only RB help VB American NNP Express NNP in IN the DT wake NN of IN the DT Safra NNP incident NN . . He PRP also RB is VBZ close RB to TO American NNP Express NNP 's POS chairman NN and CC chief JJ executive JJ officer NN , , James NNP D. NNP Robinson NNP III NNP . . Aside RB from IN working VBG with IN Mr. NNP Robinson NNP on IN the DT American NNP Express NNP advertising NN account NN for IN about RB 11 CD years NNS , , Mr. NNP Roman NNP serves VBZ on IN several JJ of IN the DT same JJ charities NNS and CC boards NNS as IN Mr. NNP Robinson NNP . . The DT abrupt JJ management NN change NN sparked VBD widespread JJ speculation NN that IN Mr. NNP Roman NNP had VBD been VBN pushed VBN out IN of IN Ogilvy NNP 's POS top JJ spot NN by IN Mr. NNP Sorrell NNP . . But CC Mr. NNP Roman NNP flatly RB denied VBD the DT speculation NN , , saying VBG Mr. NNP Sorrell NNP had VBD tried VBN several JJ times NNS to TO persuade VB him PRP to TO stay VB , , offering VBG various JJ incentives NNS and CC in IN one CD instance NN sending VBG a DT note NN with IN a DT case NN of IN wine NN ( ( The DT wine NN , , naturally RB , , was VBD Seagram NNP 's POS brand NN , , an DT Ogilvy NNP client NN ) ) . . `` `` He PRP asked VBD me PRP not RB to TO resign VB . . The DT implication NN that IN I PRP was VBD pushed VBN aside RB would MD n't RB be VB accurate JJ , , '' '' Mr. NNP Roman NNP said VBD . . Mr. NNP Sorrell NNP , , traveling VBG in IN the DT Far NNP East NNP , , could MD n't RB be VB reached VBN . . Mr. NNP Roman NNP said VBD American NNP Express NNP 's POS Mr. NNP Robinson NNP first RB approached VBD him PRP about IN the DT job NN in IN late JJ September NNP . . According VBG to TO industry NN executives NNS , , Peter NNP Sutherland NNP , , a DT former JJ European NNP Community NNP commissioner NN from IN Ireland NNP , , was VBD also RB a DT serious JJ contender NN for IN the DT American NNP Express NNP job NN . . Although IN it PRP ultimately RB was VBD n't RB offered VBD to TO him PRP , , he PRP will MD be VB on IN retainer NN to TO American NNP Express NNP as IN an DT adviser NN on IN international JJ matters NNS . . After IN talking VBG on RB and CC off RB for IN the DT past JJ four CD weeks NNS , , Mr. NNP Roman NNP said VBD , , he PRP agreed VBD to TO take VB the DT job NN because IN `` `` it PRP 's VBZ the DT right JJ time NN , , it PRP 's VBZ a DT terrific JJ opportunity NN , , and CC I PRP think VBP I PRP leave VBP the DT company NN in IN very RB strong JJ hands NNS . . It PRP was VBD my PRP$ decision NN , , not RB anyone NN else RB 's POS . . '' '' Mr. NNP Roman NNP also RB brushed VBD aside RP reports NNS about IN infighting NN between IN him PRP and CC Mr. NNP Phillips NNP , , his PRP$ successor NN at IN Ogilvy NNP . . The DT two CD executives NNS could MD hardly RB be VB more RBR different JJ . . Mr. NNP Roman NNP comes VBZ across RP as IN a DT low-key JJ executive NN ; : Mr. NNP Phillips NNP has VBZ a DT flashier JJR personality NN . . During IN time NN off RB , , Mr. NNP Roman NNP tends VBZ to TO his PRP$ garden NN ; : Mr. NNP Phillips NNP confesses VBZ to TO a DT fondness NN for IN , , among IN other JJ things NNS , , fast JJ cars NNS and CC planes NNS . . Industry NN executives NNS say VBP that IN although IN the DT two CD executives NNS used VBD to TO clash VB more RBR frequently RB , , the DT WPP NNP takeover NN brought VBD them PRP closer RB together RB . . `` `` I PRP 'm VBP the DT guy NN who WP made VBD him PRP head NN of IN New NNP York NNP , , head NN of IN the DT U.S. NNP , , president NN of IN North NNP America NNP , , and CC recommended VBD him PRP { ( to TO Mr. NNP Sorrell NNP } ) as IN my PRP$ successor NN . . Would MD I PRP have VB done VBN all PDT those DT things NNS successively RB if IN I PRP did VBD n't RB think VB he PRP was VBD the DT right JJ guy NN ? . '' '' Mr. NNP Roman NNP asked VBD . . He PRP labeled VBD reports NNS of IN friction NN `` `` ridiculous JJ , , '' '' and CC said VBD that IN he PRP spent VBD part NN of IN the DT weekend NN on IN Mr. NNP Phillips NNP 's POS boat NN in IN Connecticut NNP . . Mr. NNP Roman NNP will MD oversee VB American NNP Express NNP 's POS public JJ relations NNS and CC government NN affairs NNS , , among IN other JJ things NNS , , but CC he PRP wo MD n't RB be VB involved VBN in IN its PRP$ advertising NN , , which WDT is VBZ handled VBN by IN the DT operating NN units NNS . . `` `` I PRP consider VBP this DT a DT second JJ career NN , , '' '' he PRP said VBD . . He PRP also RB will MD sit VB on IN the DT company NN 's POS corporate JJ planning NN and CC policy NN committee NN , , made VBD up RP of IN the DT top JJ corporate JJ and CC operating NN executives NNS . . Mr. NNP Roman NNP 's POS departure NN is VBZ n't RB expected VBN to TO have VB any DT enormous JJ repercussions NNS at IN Ogilvy NNP . . American NNP Express NNP , , Kraft NNP General NNP Foods NNP , , and CC Mattel NNP executives NNS said VBD the DT move NN wo MD n't RB affect VB their PRP$ relationships NNS with IN the DT ad NN agency NN . . `` `` General NNP Foods NNP 's POS relationships NNS with IN its PRP$ agencies NNS are VBP based VBN on IN the DT agencies NNS ' POS work NN , , and CC will MD continue VB to TO be VB , , '' '' said VBD David NNP Hurwitt NNP , , a DT vice NN president NN of IN Kraft NNP General NNP Foods NNP . . But CC some DT clients NNS and CC analysts NNS expressed VBD concern NN that IN Mr. NNP Phillips NNP is VBZ n't RB as RB well-known JJ to TO many JJ clients NNS . . `` `` Ken NNP was VBD my PRP$ key JJ contact NN , , '' '' said VBD J. NNP Nicholas NNP Hahn NNP , , president NN and CC chief JJ executive JJ officer NN of IN Cotton NNP Inc. NNP , , which WDT represents VBZ cotton NN producers NNS . . `` `` I PRP do VBP n't RB know VB { ( Mr. NNP Phillips NNP } ) all RB that RB well RB . . I PRP have VBP n't RB seen VBN or CC talked VBN to TO him PRP in IN several JJ years NNS . . '' '' And CC some DT analysts NNS questioned VBD whether IN Mr. NNP Phillips NNP would MD have VB the DT skills NNS Ogilvy NNP needs VBZ to TO turn VB the DT agency NN around RP . . While IN the DT agency NN has VBZ done VBN well RB in IN many JJ parts NNS of IN the DT world NN , , its PRP$ flagship NN New NNP York NNP office NN has VBZ had VBD a DT dismal JJ track NN record NN recently RB ; : it PRP has VBZ won VBN few JJ new JJ accounts NNS while IN losing VBG big JJ ones NNS , , including VBG Maxwell NNP House NNP . . `` `` I PRP think VBP { ( Mr. NNP Phillips NNP } ) is VBZ going VBG to TO need VB some DT help NN . . I PRP think VBP they PRP need VBP creative JJ leadership NN , , and CC I PRP do VBP n't RB think VB they PRP have VBP it PRP , , '' '' said VBD Emma NNP Hill NNP , , an DT analyst NN with IN Wertheim NNP & CC Co NNP . . Ogilvy NNP & CC Mather NNP 's POS top JJ creative JJ executive NN , , Norman NNP Berry NNP , , left VBD the DT agency NN earlier RBR this DT year NN . . `` `` Norm NNP Berry NNP was VBD a DT creative JJ inspiration NN at IN the DT company NN , , and CC nobody NN has VBZ filled VBN that DT void NN , , '' '' said VBD Ms. NNP Hill NNP . . But CC other JJ analysts NNS said VBD that IN having VBG Mr. NNP Phillips NNP succeed VB Mr. NNP Roman NNP would MD make VB for IN a DT smooth JJ transition NN . . `` `` Graham NNP Phillips NNP has VBZ been VBN there RB a DT long JJ time NN , , knows VBZ the DT culture NN well RB , , is VBZ aggressive JJ , , and CC apparently RB gets VBZ along RP well RB with IN '' '' Mr. NNP Sorrell NNP , , said VBD Andrew NNP Wallach NNP , , an DT analyst NN with IN Drexel NNP Burnham NNP Lambert NNP . . `` `` It PRP 's VBZ probably RB a DT reasonable JJ transition NN . . Hopefully RB , , he PRP 'll MD be VB the DT answer NN to TO the DT problems NNS they PRP 've VBP had VBD in IN New NNP York NNP . . '' '' Sale NN of IN Saatchi NNP Unit NNP Close RB Computer NNP Sciences NNP Corp. NNP , , El NNP Segundo NNP , , Calif. NNP , , said VBD it PRP is VBZ close RB to TO making VBG final JJ an DT agreement NN to TO buy VB Cleveland NNP Consulting NNP Associates NNP from IN Saatchi NNP & CC Saatchi NNP Computer NNP Sciences NNP would MD n't RB disclose VB the DT proposed JJ purchase NN price NN for IN Cleveland NNP Consulting NNP , , which WDT counsels VBZ companies NNS on IN logistics NNS and CC supply NN . . But CC David NNP Lord NNP , , managing NN editor NN of IN Consultants NNP News NNP , , an DT industry NN publication NN based VBN in IN Fitzwilliam NNP , , N.H. NNP , , said VBD an DT industry NN standard NN would MD suggest VB a DT purchase NN price NN of IN between IN one CD and CC two CD times NNS Cleveland NNP Consulting NNP 's POS approximately RB $ $ 15 CD million CD annual JJ revenue NN . . Both DT Saatchi NNP & CC Saatchi NNP , , which WDT announced VBD its PRP$ intention NN to TO sell VB off RP most JJS of IN its PRP$ consulting NN business NN in IN June NNP , , and CC Cleveland NNP Consulting NNP declined VBD to TO comment VB on IN the DT proposed JJ sale NN . . Ad NN Notes NNS ... : . . NEW JJ ACCOUNT NN : : AmBase NNP Corp. NNP , , New NNP York NNP , , awarded VBD the DT ad NN account NN for IN its PRP$ Home NNP Insurance NNP Co. NNP unit NN to TO Biederman NNP , , Kelly NNP & CC Shaffer NNP , , New NNP York NNP . . Billings NNS were VBD n't RB disclosed VBN ... : . . Puerto NNP Rico NNP Telephone NNP Co. NNP awarded VBD its PRP$ $ $ 3 CD million CD account NN to TO West NNP Indies NNP & CC Grey NNP , , Grey NNP Advertising NNP 's POS office NN in IN Puerto NNP Rico NNP . . DIET NNP COKE NNP : : Coca-Cola NNP Co. NNP yesterday NN said VBD singer NN Elton NNP John NNP signed VBD to TO appear VB in IN an DT ad NN for IN Diet NNP Coke NNP . . Details NNS of IN the DT commercial NN , , which WDT will MD be VB part NN of IN the DT brand NN 's POS 1990 CD advertising NN campaign NN , , were VBD n't RB disclosed VBN . . Mr. NNP John NNP becomes VBZ the DT latest JJS of IN many JJ music NN stars NNS , , including VBG George NNP Michael NNP and CC Whitney NNP Houston NNP , , to TO appear VB in IN ads NNS for IN the DT diet NN drink NN . . Turner NNP Broadcasting NNP System NNP Inc. NNP said VBD it PRP formed VBD a DT unit NN to TO make VB and CC distribute VB movies NNS to TO theaters NNS overseas RB and CC , , eventually RB , , to TO U.S. NNP theaters NNS , , too RB . . The DT operator NN of IN cable-television NN networks NNS said VBD the DT new JJ Turner NNP Pictures NNP unit NN will MD produce VB movies NNS that WDT will MD premiere VB on IN Turner NNP Broadcasting NNP 's POS Turner NNP Network NNP Television NNP channel NN , , or CC TNT NNP , , and CC then RB will MD be VB released VBN internationally RB in IN movie NN theaters NNS . . The DT unit NN 's POS first JJ two CD offerings NNS are VBP slated VBN to TO be VB `` `` The DT Secret JJ Life NN of IN Ian NNP Fleming NNP , , '' '' a DT dramatization NN about IN the DT former JJ British JJ spy NN who WP wrote VBD the DT James NNP Bond NNP novels NNS , , and CC `` `` Treasure NNP Island NNP , , '' '' produced VBN by IN Charlton NNP Heston NNP , , who WP also RB stars VBZ in IN the DT movie NN . . Ted NNP Turner NNP , , Turner NNP Broadcasting NNP 's POS chairman NN , , was VBD named VBN chairman NN of IN Turner NNP Pictures NNP , , and CC Gerry NNP Hogan NNP , , president NN of IN Turner NNP Entertainment NNP Networks NNP , , was VBD named VBN president NN of IN the DT unit NN . . In IN an DT interview NN , , Mr. NNP Hogan NNP said VBD the DT subsidiary NN 's POS primary JJ mission NN will MD be VB to TO make VB movies NNS for IN TNT NNP and CC to TO distribute VB them PRP internationally RB . . But CC he PRP said VBD Turner NNP Broadcasting NNP already RB has VBZ found VBN some DT ideas NNS that WDT might MD work VB well RB as IN films NNS for IN theatrical NN release NN in IN the DT U.S. NNP . . `` `` When WRB that DT occurs VBZ , , and CC when WRB the DT time NN is VBZ right JJ , , we PRP 'll MD release VB the DT films NNS in IN the DT U.S. NNP , , '' '' he PRP said VBD , , adding VBG that IN Turner NNP Pictures NNP may MD develop VB such JJ movies NNS next IN year NN for IN domestic JJ release NN in IN 1991 CD . . Turner NNP has VBZ made VBN several JJ movies NNS , , docudramas NNS and CC documentaries NNS for IN its PRP$ networks NNS in IN recent JJ years NNS , , but CC the DT company NN has VBZ never RB acted VBN as IN a DT full-fledged JJ movie NN studio NN and CC released VBN its PRP$ own JJ pictures NNS to TO theaters NNS . . Mr. NNP Hogan NNP said VBD `` `` The DT Secret JJ Life NN of IN Ian NNP Fleming NNP '' '' and CC `` `` Treasure NNP Island NNP '' '' cost VBD more JJR than IN $ $ 6 CD million CD each DT to TO make VB , , which WDT is VBZ only RB about RB one-third NN the DT cost NN of IN most JJS movies NNS made VBN for IN theatrical JJ release NN . . The DT Turner NNP move NN is VBZ in IN line NN with IN a DT cable-TV NN trend NN toward IN more RBR original JJ programming NN -- : and CC toward IN finding VBG more JJR ways NNS to TO amortize VB the DT high JJ cost NN of IN producing VBG films NNS . . In IN July NNP , , Viacom NNP Inc. NNP formed VBD Viacom NNP Pictures NNP to TO produce VB 12 CD low-budget JJ movies NNS a DT year NN that WDT will MD premiere VB on IN Showtime NNP network NN and CC be VB distributed VBN later RB in IN various JJ markets NNS , , including VBG foreign JJ theaters NNS . . In IN a DT sign NN the DT stock NN slump NN has VBZ n't RB quieted VBN Europe NNP 's POS takeover NN fever NN , , Cie NNP . . Financiere NNP de NNP Paribas NNP said VBD it PRP intends VBZ to TO bid VB for IN one CD of IN France NNP 's POS other JJ large JJ financial JJ and CC industrial JJ holding NN companies NNS , , Cie. NNP de NNP Navigation NNP Mixte NNP . . Paribas NNP said VBD that IN once RB it PRP receives VBZ the DT go-ahead NN from IN French JJ stock NN market NN authorities NNS , , it PRP will MD offer VB to TO boost VB its PRP$ Navigation NNP Mixte NNP stake NN to TO 66.7 CD % NN from IN the DT current JJ 18.7 CD % NN . . Its PRP$ cash-or-shares JJ bid NN values VBZ Navigation NNP Mixte NNP at IN about RB 22.82 CD billion CD francs NNS ( ( $ $ 3.62 CD billion CD ) ) , , making VBG this DT one CD of IN France NNP 's POS largest-ever JJ attempted JJ takeovers NNS . . The DT cost NN of IN buying VBG the DT additional JJ 48 CD % NN stake NN would MD be VB 10.95 CD billion CD francs NNS ( ( $ $ 1.74 CD billion CD ) ) . . The DT move NN would MD greatly RB boost VB Paribas NNP 's POS stake NN in IN the DT insurance NN , , transport NN and CC food NN businesses NNS , , where WRB Navigation NNP Mixte NNP is VBZ strong JJ . . It PRP also RB would MD make VB Paribas NNP a DT major JJ French JJ ally NN of IN West NNP Germany NNP 's POS Allianz NNP AG NNP insurance NN group NN . . Allianz NNP holds VBZ a DT 50 CD % NN stake NN in IN Navigation NNP Mixte NNP 's POS insurance NN interests NNS , , acquired VBN three CD weeks NNS ago RB . . Those DT include VBP Rhin NNP et NNP Moselle NNP Vie NNP and CC Via NNP Assurances NNP . . Long RB considered VBN a DT potential JJ takeover NN target NN , , Navigation NNP Mixte NNP had VBD hoped VBN Allianz NNP would MD help VB protect VB it PRP from IN raiders NNS . . That DT idea NN may MD have VB backfired VBN . . Paribas NNP is VBZ Allianz NNP 's POS main JJ French JJ bank NN , , and CC the DT Munich-based JJ group NN said VBD it PRP intends VBZ to TO stay VB neutral JJ . . Navigation NNP Mixte NNP said VBD it PRP would MD n't RB have VB any DT comment NN until IN its PRP$ board NN meets VBZ Wednesday NNP . . But CC Navigation NNP Mixte NNP is VBZ loosely RB held VBN and CC hard RB to TO defend VB . . `` `` The DT defensive NN options NNS are VBP limited JJ , , '' '' says VBZ Philippe NNP Braye NNP , , a DT partner NN in IN portfolio NN management NN concern NN France NNP Finance NNP Quatre NNP . . `` `` Who WP would MD bid VB against IN Paribas NNP ? . '' '' If IN the DT Paribas NNP bid NN succeeds VBZ , , it PRP will MD be VB the DT second JJ time NN in IN two CD months NNS a DT big JJ French JJ investment NN banking NN group NN has VBZ snapped VBN up RP an DT insurance NN group NN . . Last JJ month NN , , Paribas NNP 's POS archrival NN , , Cie NNP . . Financiere NNP de NNP Suez NNP , , won VBD a DT battle NN for IN Groupe NNP Victoire NNP , , France NNP 's POS second-largest JJ private-sector JJ insurer NN , , which WDT itself PRP had VBD just RB acquired VBN West NNP Germany NNP 's POS Colonia NNP Versicherung NNP AG NNP . . That DT complex JJ bid NN was VBD billed VBN as IN France NNP 's POS largest JJS takeover NN ever RB ( ( this DT one CD is VBZ slightly RB smaller JJR ) ) . . Moreover RB , , Suez NNP had VBD just RB finished VBN winning VBG an DT even RB larger JJR battle NN last JJ year NN for IN control NN of IN Societe NNP Generale NNP de NNP Belgique NNP . . Paribas NNP officials NNS , , once RB considered VBN France NNP 's POS toughest JJS bankers NNS , , felt VBD abashed JJ at IN Suez NNP 's POS success NN and CC its PRP$ rapid JJ growth NN . . Although IN Paribas NNP denies VBZ it PRP , , analysts NNS say VBP the DT new JJ bid NN in IN part NN simply RB reflects VBZ the DT continuing JJ rivalry NN between IN France NNP 's POS two CD largest JJS investment NN banking NN groups NNS . . It PRP also RB reflects VBZ the DT broader JJR pressure NN on IN companies NNS in IN Europe NNP to TO keep VB up RP as IN the DT European NNP Community NNP prepares VBZ to TO reduce VB internal JJ trade NN barriers NNS by IN 1992 CD . . Although IN Paribas NNP Chairman NNP Michel NNP Francois-Poncet NNP would MD n't RB rule VB out RP eventually RB selling VBG all DT of IN Navigation NNP Mixte NNP 's POS insurance NN operations NNS to TO Allianz NNP , , he PRP stressed VBD the DT potential NN for IN the DT two CD groups NNS instead RB to TO cooperate VB . . He PRP also RB told VBD reporters NNS the DT acquisition NN would MD give VB Paribas NNP fresh JJ diversity NN , , bringing VBG it PRP properties NNS in IN food NN and CC transport NN where WRB it PRP has VBZ been VBN weak JJ . . Navigation NNP Mixte NNP has VBZ investments NNS in IN a DT sugar NN company NN , , a DT food NN and CC canning NN concern NN , , a DT bakery NN and CC bus NN and CC trucking NN firms NNS , , among IN others NNS . . And CC Navigation NNP Mixte NNP has VBZ a DT huge JJ hidden JJ attraction NN . . Payment NN by IN Allianz NNP for IN the DT insurance NN interests VBZ it PRP has VBZ just RB bought VBN will MD help VB swell VB the DT French JJ concern NN 's POS treasury NN to TO an DT estimated JJ 11 CD billion CD francs NNS . . Paribas NNP said VBD it PRP will MD bid VB 1,850 CD francs NNS a DT share NN for IN Navigation NNP Mixte NNP shares NNS that WDT qualify VBP for IN a DT full JJ yearly JJ dividend NN , , and CC 1,800 CD francs NNS for IN those DT created VBN July NNP 1 CD , , which WDT are VBP eligible JJ for IN partial JJ dividends NNS . . Alternatively RB , , it PRP said VBD it PRP would MD offer VB three CD Paribas NNP shares NNS , , themselves PRP eligible JJ for IN dividends NNS as IN of IN next JJ Jan. NNP 1 CD , , for IN one CD Navigation NNP Mixte NNP share NN . . Paribas NNP shares NNS closed VBD down RB 30 CD francs NNS at IN 610 CD francs NNS , , and CC Navigation NNP Mixte NNP shares NNS were VBD suspended VBN at IN 1,800 CD francs NNS pending VBG the DT outcome NN of IN the DT bid NN . . Paribas NNP said VBD it PRP would MD publish VB details NNS of IN its PRP$ bid NN once IN authorities NNS clear VBP it PRP . . This DT is VBZ one CD of IN the DT first JJ bids NNS under IN new JJ takeover NN rules NNS aimed VBN at IN encouraging VBG open JJ bids NNS instead RB of IN gradual JJ accumulation NN of IN large JJ stakes NNS . . Some DT financial JJ sources NNS said VBD privately RB that IN Paribas NNP blundered VBD in IN failing VBG to TO move VB sooner RBR for IN the DT insurance NN and CC industrial JJ group NN , , bidding VBG only RB after IN speculation NN had VBD pushed VBN up RP the DT price NN . . Mr. NNP Francois-Poncet NNP responded VBD that IN his PRP$ group NN initially RB intended VBD to TO take VB only RB a DT minority NN stake NN , , striking VBG an DT alliance NN with IN current JJ management NN . . When WRB notoriously RB independent-minded JJ Navigation NNP Mixte NNP Chairman NNP Marc NNP Fournier NNP rejected VBD Paribas NNP 's POS offer NN and CC began VBD buying VBG Paribas NNP shares NNS in IN retaliation NN , , Mr. NNP Francois-Poncet NNP said VBD , , he PRP felt VBD obliged JJ to TO bid VB for IN control NN . . He PRP told VBD reporters NNS he PRP had VBD information NN that IN Mr. NNP Fournier NNP was VBD preparing VBG to TO buy VB as RB much JJ as IN 20 CD % NN of IN Paribas NNP , , up RB from IN less JJR than IN 5 CD % NN currently RB . . A DT bid NN against IN Paribas NNP could MD n't RB be VB ruled VBN out RP . . France NNP 's POS second-largest JJ government-owned JJ insurance NN company NN , , Assurances NNP Generales NNP de NNP France NNP , , has VBZ been VBN building VBG its PRP$ own JJ Navigation NNP Mixte NNP stake NN , , currently RB thought VBN to TO be VB between IN 8 CD % NN and CC 10 CD % NN . . Analysts NNS said VBD they PRP do VBP n't RB think VB it PRP is VBZ contemplating VBG a DT takeover NN , , however RB , , and CC its PRP$ officials NNS could MD n't RB be VB reached VBN . . Crude JJ oil NN futures NNS prices NNS fell VBD further RBR as IN analysts NNS and CC traders NNS said VBD OPEC NNP oil NN producers NNS are VBP n't RB putting VBG the DT brakes NNS on IN output NN ahead RB of IN the DT traditionally RB weak JJ first JJ quarter NN . . In IN trading NN on IN the DT New NNP York NNP Mercantile NNP Exchange NNP , , the DT U.S. NNP benchmark JJ West NNP Texas NNP Intermediate NNP crude NN fell VBD 39 CD cents NNS a DT barrel NN to TO $ $ 19.76 CD for IN December NNP delivery NN . . Petroleum NN products NNS prices NNS also RB declined VBD . . Analysts NNS pointed VBD to TO reports NNS that IN the DT Organization NNP of IN Petroleum NNP Exporting NNP Countries NNP is VBZ producing VBG substantially RB more JJR than IN its PRP$ official JJ limit NN of IN 20.5 CD million CD barrels NNS a DT day NN , , with IN some DT accounts NNS putting VBG the DT 13-nation JJ group NN 's POS output NN as RB high JJ as IN 23 CD million CD barrels NNS a DT day NN . . That DT level NN of IN production NN did VBD n't RB take VB its PRP$ toll NN on IN futures NNS prices NNS for IN the DT fourth JJ quarter NN , , when WRB demand NN is VBZ traditionally RB strong JJ . . But CC because IN first-quarter JJ demand NN is VBZ normally RB the DT weakest JJS of IN the DT year NN , , several JJ market NN participants NNS say VBP , , OPEC NNP production NN will MD have VB to TO decline VB to TO keep VB prices NNS from IN eroding VBG further RBR . . The DT group NN plans VBZ to TO meet VB in IN a DT month NN to TO discuss VB production NN strategy NN for IN early JJ 1990 CD . . With IN prices NNS already RB headed VBD lower RBR , , news NN of IN a DT series NN of IN explosions NNS at IN a DT major JJ Phillips NNP Petroleum NNP Co. NNP chemical NN facility NN on IN the DT Houston NNP Ship NNP Channel NNP also RB was VBD bearish JJ for IN prices NNS . . Even RB though IN such JJ facilities NNS use VBP a DT relatively RB small JJ amount NN of IN crude NN , , analysts NNS say VBP , , now RB the DT facility NN wo MD n't RB need VB any DT , , at IN a DT time NN of IN already RB high JJ availability NN . . The DT Phillips NNP plant NN makes VBZ polyethylene NN , , polypropylene NN and CC other JJ plastic NN products NNS . . A DT company NN official NN said VBD the DT explosions NNS began VBD when WRB a DT seal NN blew VBD out RP . . Dozens NNS of IN workers NNS were VBD injured VBN , , authorities NNS said VBD . . There EX was VBD no DT immediate JJ estimate NN of IN damage NN from IN the DT company NN . . Some DT petroleum NN futures NNS traders NNS say VBP technical JJ considerations NNS now RB will MD help VB to TO put VB downward JJ pressure NN on IN futures NNS prices NNS . . For IN instance NN , , one CD trader NN said VBD that IN prices NNS inevitably RB will MD go VB lower RBR now RB that IN they PRP 've VBP fallen VBN below IN $ $ 20 CD a DT barrel NN . . `` `` Our PRP$ technician NN is VBZ a DT little JJ bearish JJ now RB that IN we PRP 've VBP taken VBN out RP $ $ 20 CD , , '' '' he PRP said VBD . . In IN other JJ commodity NN markets NNS yesterday NN : : COPPER NN : : The DT selling NN that WDT started VBD on IN Friday NNP continued VBD yesterday NN . . The DT December NNP contract NN fell VBD 3.85 CD cents NNS a DT pound NN to TO $ $ 1.1960 CD . . London NNP Metal NNP Exchange NNP warehouse NN stocks NNS were VBD down RB only RB 4,800 CD metric JJ tons NNS for IN the DT week NN to TO 84,500 CD tons NNS ; : expectations NNS late RB last JJ week NN were VBD a DT drop NN of IN 10,000 CD to TO 15,000 CD tons NNS . . The DT New NNP York NNP market NN made VBD its PRP$ high NN for IN the DT day NN on IN the DT opening NN and CC when WRB it PRP dropped VBD below IN the DT $ $ 1.23-a-pound JJ level NN , , selling NN picked VBN up RP as RB previous JJ buyers NNS bailed VBD out RP of IN their PRP$ positions NNS and CC aggressive JJ short JJ sellers NNS -- : anticipating VBG further JJ declines NNS -- : moved VBD in IN . . Fund NN selling NN also RB picked VBD up RP at IN that DT point NN . . According VBG to TO Bernard NNP Savaiko NNP , , senior JJ commodity NN analyst NN at IN PaineWebber NNP , , the DT only JJ stability NN to TO the DT market NN came VBD when WRB short JJ sellers NNS periodically RB moved VBD in RB to TO cover VB their PRP$ positions NNS by IN buying VBG contracts NNS . . This DT activity NN produced VBD small JJ rallies NNS , , which WDT in IN turn NN attracted VBD new JJ short JJ selling NN . . Mr. NNP Savaiko NNP noted VBD that IN copper NN had VBD a DT steep JJ fall NN in IN spite NN of IN a DT weak JJ dollar NN , , which WDT would MD normally RB support VB the DT U.S. NNP copper NN market NN . . Such JJ support NN usually RB comes VBZ from IN arbitragers NNS who WP use VBP a DT strong JJ British JJ pound NN to TO buy VB copper NN in IN New NNP York NNP . . `` `` The DT sell-off NN would MD probably RB have VB been VBN worse JJR if IN the DT dollar NN had VBD been VBN strong JJ , , '' '' he PRP said VBD . . Copper NN has VBZ been VBN stuck VBN in IN a DT trading NN range NN of IN $ $ 1.19 CD to TO $ $ 1.34 CD . . Mr. NNP Savaiko NNP believes VBZ that IN if IN copper NN falls VBZ below IN the DT bottom NN of IN this DT range NN the DT next JJ significant JJ support NN level NN will MD be VB about RB $ $ 1.04 CD . . PRECIOUS JJ METALS NNS : : Platinum NN and CC palladium NN struggled VBD to TO maintain VB their PRP$ prices NNS all DT day NN despite IN news NN stories NNS over IN the DT weekend NN that IN recent JJ cold JJ fusion NN experiments NNS , , which WDT use VBP both DT metals NNS , , showed VBD signs NNS of IN producing VBG extra JJ heat NN . . January NNP platinum NN closed VBD down RB $ $ 2.80 CD an DT ounce NN at IN $ $ 486.30 CD , , nearly RB $ $ 4 CD above IN its PRP$ low NN for IN the DT day NN . . December NNP palladium NN was VBD off RB $ $ 1.55 CD an DT ounce NN at IN $ $ 137.20 CD . . Platinum NN is VBZ believed VBN to TO have VB good JJ support NN around IN $ $ 480 CD and CC palladium NN at IN around IN $ $ 130 CD . . Some DT traders NNS were VBD thought VBN to TO be VB waiting VBG for IN the DT auto NN sales NNS report NN , , which WDT will MD be VB released VBN today NN . . Such JJ sales NNS are VBP watched VBN closely RB by IN platinum NN and CC palladium NN traders NNS because IN both DT metals NNS are VBP used VBN in IN automobile NN catalytic JJ converters NNS . . Mr. NNP Savaiko NNP theorized VBD that IN the DT news NN on IN cold JJ fusion NN did VBD n't RB affect VB the DT market NN yesterday NN because IN many JJ traders NNS have VBP already RB been VBN badly RB burnt VBN by IN such JJ stories NNS . . He PRP said VBD the DT traders NNS are VBP demanding VBG a DT higher JJR level NN of IN proof NN before IN they PRP will MD buy VB palladium NN again RB . . Also RB weighing VBG on IN both DT metals NNS ' POS prices NNS is VBZ the DT role NN of IN the DT chief JJ supplier NN , , the DT Soviet NNP Union NNP . . Many JJ analysts NNS believe VBP that IN the DT Soviets NNPS ' POS thirst NN for IN dollars NNS this DT year NN to TO buy VB grain NN and CC other JJ Western JJ commodities NNS and CC goods NNS will MD bring VB them PRP to TO the DT market NN whenever WRB prices NNS rally VBP very RB much RB . . GRAINS NNS AND CC SOYBEANS NNS : : Prices NNS closed VBD mixed JJ as IN contracts NNS reacted VBD to TO largely RB offsetting JJ bullish JJ and CC bearish JJ news NN . . On IN the DT Chicago NNP Board NNP of IN Trade NNP , , soybeans NNS for IN November NNP delivery NN closed VBD at IN $ $ 5.63 CD a DT bushel NN , , down IN half PDT a DT cent NN , , while IN the DT December NNP wheat NN contract NN rose VBD three-quarters NNS of IN a DT cent NN to TO $ $ 4.0775 CD a DT bushel NN . . Supporting VBG prices NNS was VBD the DT announcement NN late RB Friday NNP of IN additional JJ grain NN sales NNS to TO the DT Soviet NNP Union NNP . . But CC acting VBG as IN a DT drag NN on IN prices NNS was VBD the DT improved JJ harvest NN weather NN over IN the DT weekend NN and CC the DT prospect NN for IN continued JJ fair JJ weather NN this DT week NN over IN much JJ of IN the DT Farm NNP Belt NNP . . Strong JJ farmer NN selling NN over IN the DT weekend NN also RB weighed VBD on IN prices NNS . . SUGAR NN : : World NN prices NNS tumbled VBD , , mostly RB from IN their PRP$ own JJ weight NN , , according VBG to TO analysts NNS . . The DT March NNP contract NN ended VBD at IN 13.79 CD cents NNS a DT pound NN , , down RB 0.37 CD cent NN . . For IN the DT past JJ week NN or CC so RB , , traders NNS have VBP been VBN expecting VBG India NNP to TO buy VB between IN 150,000 CD and CC 200,000 CD tons NNS of IN refined JJ sugar NN , , and CC there EX have VBP been VBN expectations NNS of IN a DT major JJ purchase NN by IN Japan NNP . . But CC with IN no DT reports NNS of IN either DT country NN actually RB entering VBG the DT market NN , , analysts NNS said VBD , , futures NNS prices NNS became VBD vulnerable JJ . . Developing VBG countries NNS such JJ as IN India NNP , , some DT analysts NNS said VBD , , seem VB to TO have VB made VBN it PRP a DT point NN to TO stay VB away RB whenever WRB sugar NN reached VBD the DT top NN of IN its PRP$ trading JJ range NN , , around IN 14.75 CD cents NNS , , and CC wait VB for IN prices NNS to TO return VB to TO the DT bottom NN of IN the DT range NN , , around IN 13.50 CD cents NNS . . But CC Erik NNP Dunlaevy NNP , , a DT sugar NN analyst NN with IN Balfour NNP Maclaine NNP International NNP Ltd. NNP , , said VBD the DT explanation NN for IN the DT latest JJS drop NN in IN sugar NN prices NNS is VBZ much RB simpler JJR : : Speculators NNS , , he PRP said VBD , , `` `` got VBD too RB long JJ too RB soon RB and CC ran VBD into IN resistance NN around IN the DT old JJ contract NN highs NNS . . '' '' A DT PaineWebber NNP analyst NN said VBD that IN in IN light NN of IN a DT new JJ estimate NN of IN a DT production NN increase NN of IN four CD million CD metric JJ tons NNS and CC only RB a DT modest JJ increase NN in IN consumption NN , , sugar NN is VBZ n't RB likely JJ to TO rise VB above IN the DT top NN of IN its PRP$ trading NN range NN without IN a DT crop NN problem NN in IN a DT major JJ producing JJ country NN . . COCOA NN : : Futures NNS rallied VBD modestly RB . . The DT December NNP contract NN rose VBD $ $ 33 CD a DT metric JJ ton NN to TO $ $ 1,027 CD , , near IN its PRP$ high NN for IN the DT day NN . . Gill NNP & CC Duffus NNP Ltd. NNP , , a DT British JJ cocoa-trading JJ house NN , , estimated VBD that IN the DT 1989-90 CD world NN cocoa NN surplus NN would MD be VB 231,000 CD tons NNS , , down RB from IN 314,000 CD tons NNS for IN the DT previous JJ year NN . . Market NN technicians NNS were VBD encouraged VBN by IN the DT price NN patterns NNS , , which WDT in IN the DT past NN have VBP preceded VBN sharp JJ rallies NNS . . Recent JJ prices NNS for IN cocoa NN have VBP been VBN near IN levels NNS last RB seen VBN in IN the DT mid-1970s NNS . . At IN such JJ prices NNS , , according VBG to TO Mr. NNP Savaiko NNP , , bargain NN hunting NN and CC short-covering NN -- : buying NN back RP of IN contracts NNS previously RB sold VBN -- : by IN speculators NNS is VBZ n't RB uncommon JJ . . But CC Mr. NNP Savaiko NNP expects VBZ stepped-up JJ producer NN selling NN at IN around IN the DT $ $ 1,040 CD to TO $ $ 1,050 CD level NN . . He PRP also RB noted VBD that IN a DT strong JJ sterling JJ market NN yesterday NN might MD have VB helped VBD cocoa NN in IN New NNP York NNP as IN arbitragers NNS took VBD advantage NN of IN the DT currency NN move NN . . Sandra NNP Kaul NNP , , research NN analyst NN at IN Shearson NNP Lehman NNP Hutton NNP , , said VBD the DT market NN pushed VBD higher JJR mainly RB in IN anticipation NN of IN a DT late JJ harvest NN in IN the DT Ivory NNP Coast NNP , , a DT major JJ cocoa NN producer NN . . Rockwell NNP International NNP Corp. NNP bought VBD out RP Ikegai NNP Corp. NNP 's POS interest NN in IN Ikegai-Goss NNP , , a DT joint JJ venture NN of IN the DT two CD companies NNS based VBN in IN Tokyo NNP . . The DT price NN was VBD 3.6 CD billion CD yen NN ( ( $ $ 25 CD million CD ) ) . . The DT agreement NN provides VBZ that IN Ikegai NNP Corp. NNP will MD remain VB a DT supplier NN to TO Ikegai-Goss NNP , , which WDT makes VBZ printing NN presses NNS for IN the DT newspaper NN industry NN . . The DT purchase NN was VBD made VBN by IN Rockwell NNP Graphic NNP Systems NNP , , a DT Chicago NNP subsidiary NN of IN the DT El NNP Segundo NNP , , Calif. NNP , , concern NN . . Ikegai-Goss NNP , , which WDT has VBZ about RB 200 CD employees NNS , , is VBZ among IN the DT industry NN leaders NNS in IN keyless JJ inking NN technology NN , , which WDT reduces VBZ time NN and CC materials NNS waste NN when WRB preparing VBG a DT press NN for IN printing VBG . . The DT bond NN market NN , , which WDT sometimes RB thrives VBZ on IN bad JJ news NN , , cheered VBD yesterday NN 's POS stock NN market NN sell-off NNS and CC perceptions NNS that IN the DT economy NN is VBZ growing VBG weaker JJR . . Early RB in IN the DT day NN , , bonds NNS rose VBD modestly RB on IN economists NNS ' POS forecasts NNS that IN this DT week NN 's POS slate NN of IN economic JJ data NNS will MD portray VB an DT economy NN headed VBN for IN trouble NN . . Such JJ news NN is VBZ good JJ for IN bonds NNS because IN economic JJ weakness NN sometimes RB causes VBZ the DT Federal NNP Reserve NNP to TO lower VB interest NN rates NNS in IN an DT effort NN to TO stimulate VB the DT economy NN and CC stave VB off RP a DT recession NN . . For IN example NN , , today NN the DT Department NNP of IN Commerce NNP is VBZ scheduled VBN to TO release VB the DT September NNP durable JJ goods NNS report NN . . The DT consensus NN forecast NN of IN 14 CD economists NNS surveyed VBN by IN Dow NNP Jones NNP Capital NNP Markets NNP Report NNP is VBZ for IN a DT 1.2 CD % NN drop NN in IN September NNP orders NNS . . That DT would MD follow VB a DT 3.9 CD % NN advance NN in IN August NNP . . Bonds NNS received VBD a DT bigger JJR boost NN later RB in IN the DT day NN when WRB stock NN prices NNS moved VBD broadly RB lower JJR . . The DT Dow NNP Jones NNP Industrial NNP Average NNP fell VBD 26.23 CD points NNS to TO 2662.91 CD . . `` `` Bond NN investors NNS have VBP been VBN watching VBG stocks NNS closely RB , , '' '' said VBD Joel NNP Marver NNP , , chief JJ fixed-income NN analyst NN at IN Technical NNP Data NNP Global NNP Markets NNP Group NNP . . `` `` When WRB you PRP get VBP a DT big JJ sell-off NN in IN equities NNS , , money NN starts VBZ to TO shift VB into IN bonds NNS , , '' '' which WDT are VBP considered VBN safer JJR , , he PRP said VBD . . The DT Treasury NNP 's POS benchmark JJ 30-year JJ bond NN ended VBN about RB 1\/2 CD point NN higher JJR , , or CC up RB about RB $ $ 5 CD for IN each DT $ $ 1,000 CD face NN amount NN , , while IN the DT yield NN slid VBD to TO 7.93 CD % NN from IN 7.98 CD % NN Friday NNP . . Municipals NNS ended VBD mixed JJ , , while IN mortgage-backed JJ and CC investment-grade JJ corporate JJ bonds NNS rose VBD . . Prices NNS of IN high-yield JJ , , high-risk JJ corporate JJ securities NNS ended VBD unchanged JJ . . In IN more JJR evidence NN of IN the DT growing VBG division NN between IN `` `` good JJ '' '' and CC `` `` bad JJ '' '' junk NN bonds NNS , , a DT $ $ 150 CD million CD issue NN by IN Imo NNP Industries NNP Inc. NNP was VBD snapped VBN up RP by IN investors NNS while IN underwriters NNS for IN Beatrice NNP Co. NNP 's POS $ $ 350 CD million CD issue NN are VBP considering VBG restructuring VBG the DT deal NN to TO attract VB buyers NNS . . In IN the DT Treasury NNP market NN , , analysts NNS expect VBP bond NN prices NNS to TO trade VB in IN narrow JJ ranges NNS this DT week NN as IN the DT market NN takes VBZ in RP positive JJ and CC negative JJ news NN . . `` `` On IN the DT negative JJ side NN , , the DT market NN will MD be VB affected VBN by IN constant JJ supply NN in IN all DT sectors NNS of IN the DT market NN , , '' '' said VBD William NNP M. NNP Brachfeld NNP , , economist NN at IN Daiwa NNP Securities NNP America NNP Inc NNP . . `` `` On IN the DT other JJ hand NN , , we PRP have VBP economic JJ news NN that WDT is VBZ { ( expected VBN to TO be VB } ) relatively RB positive JJ for IN the DT bond NN market NN . . We PRP will MD go VB back RB and CC forth RB with IN a DT tilt NN toward IN slightly RB lower JJR yields NNS , , '' '' he PRP said VBD . . Today NN , , the DT Treasury NNP will MD sell VB $ $ 10 CD billion CD of IN new JJ two-year JJ notes NNS . . Tomorrow NN , , Resolution NNP Funding NNP Corp. NNP , , a DT division NN of IN a DT new JJ government NN agency NN created VBN to TO bail VB out RP the DT nation NN 's POS troubled JJ thrifts NNS , , will MD hold VB its PRP$ first JJ bond NN auction NN at IN which WDT it PRP will MD sell VB $ $ 4.5 CD billion CD of IN 30-year JJ bonds NNS . . So RB far RB , , money NN managers NNS and CC other JJ bond NN buyers NNS have VBP n't RB shown VBN much JJ interest NN in IN the DT Refcorp NNP bonds NNS . . Analysts NNS have VBP mixed JJ views NNS about IN the DT two-year JJ note NN auction NN . . While IN some DT say VBP the DT auction NN should MD proceed VB smoothly RB , , others NNS contend VBP that IN yesterday NN 's POS sale NN of IN $ $ 2.58 CD billion CD of IN asset-backed JJ securities NNS by IN Ford NNP Motor NNP Credit NNP Corp. NNP may MD have VB siphoned VBN some DT potential JJ institutional JJ buyers NNS from IN the DT government NN 's POS note NN sale NN . . The DT division NN of IN auto NN maker NN Ford NNP Motor NNP Co. NNP made VBD its PRP$ debut NN in IN the DT asset-backed JJ securities NNS market NN with IN the DT second-largest JJ issue NN in IN the DT market NN 's POS four-year JJ history NN . . The DT company NN offered VBD securities NNS backed VBN by IN automobile NN loans NNS through IN an DT underwriting NN group NN headed VBN by IN First NNP Boston NNP Corp NNP . . The DT issue NN yields VBZ 8.90 CD % NN and CC carries VBZ a DT guarantee NN covering VBG 9 CD % NN of IN the DT deal NN from IN the DT company NN . . First NNP Boston NNP sweetened VBD the DT terms NNS from IN the DT original JJ yield NN estimate NN in IN an DT apparent JJ effort NN to TO place VB the DT huge JJ offering NN . . The DT issue NN was VBD offered VBN at IN a DT yield NN nearly RB one CD percentage NN point NN above IN the DT yield NN on IN two-year JJ Treasurys NNPS . . The DT only JJ asset-backed JJ deal NN larger JJR than IN Ford NNP 's POS was VBD a DT $ $ 4 CD billion CD offering NN by IN General NNP Motors NNP Acceptance NNP Corp. NNP in IN 1986 CD . . Treasury NNP Securities NNS Treasury NNP bonds NNS were VBD 1\/8 CD to TO 1\/2 CD point NN higher JJR yesterday NN in IN light JJ trading NN . . The DT benchmark JJ 30-year JJ bond NN ended VBD at IN a DT price NN of IN 102 CD 3\/32 CD , , compared VBN with IN 101 CD 17\/32 CD Friday NNP . . The DT latest JJS 10-year JJ notes NNS were VBD quoted VBN late RB at IN 100 CD 17\/32 CD to TO yield VB 7.90 CD % NN , , compared VBN with IN 100 CD 3\/32 CD to TO yield VB 7.97 CD % NN . . The DT latest JJS two-year JJ notes NNS were VBD quoted VBN late RB at IN 100 CD 28\/32 CD to TO yield VB 7.84 CD % NN . . Short-term JJ rates NNS rose VBD yesterday NN at IN the DT government NN 's POS weekly JJ Treasury NNP bill NN auction NN , , compared VBN with IN the DT previous JJ bill NN sale NN . . The DT Treasury NNP sold VBD $ $ 7.81 CD billion CD of IN three-month JJ bills NNS with IN an DT average JJ discount JJ rate NN of IN 7.52 CD % NN , , the DT highest JJS since IN the DT average NN of IN 7.63 CD % NN at IN the DT auction NN on IN Oct. NNP 10 CD . . The DT $ $ 7.81 CD billion CD of IN six-month JJ Treasury NNP bills NNS were VBD sold VBN with IN an DT average JJ discount JJ rate NN of IN 7.50 CD % NN , , the DT highest JJS since IN the DT average NN of IN 7.60 CD % NN at IN the DT Oct. NNP 10 CD auction NN . . The DT rates NNS were VBD up RB from IN last JJ week NN 's POS auction NN , , when WRB they PRP were VBD 7.37 CD % NN and CC 7.42 CD % NN , , respectively RB . . Here RB are VBP auction NN details NNS : : Rates NNS are VBP determined VBN by IN the DT difference NN between IN the DT purchase NN price NN and CC face NN value NN . . Thus RB , , higher JJR bidding NN narrows VBZ the DT investor NN 's POS return NN while IN lower JJR bidding NN widens VBZ it PRP . . The DT percentage NN rates NNS are VBP calculated VBN on IN a DT 360-day JJ year NN , , while IN the DT coupon-equivalent JJ yield NN is VBZ based VBN on IN a DT 365-day JJ year NN . . Both DT issues NNS are VBP dated VBN Oct. NNP 26 CD . . The DT 13-week JJ bills NNS mature VBP Jan. NNP 25 CD , , 1990 CD , , and CC the DT 26-week JJ bills NNS mature VBP April NNP 26 CD , , 1990 CD . . Corporate JJ Issues NNS Investment-grade JJ corporates NNS closed VBD about RB 1\/4 CD point NN higher JJR in IN quiet JJ trading NN . . In IN the DT junk NN bond NN market NN , , Imo NNP Industries NNP ' POS issue NN of IN 12-year JJ debentures NNS , , considered VBN to TO be VB one CD of IN the DT market NN 's POS high-quality JJ credits NNS , , was VBD priced VBN at IN par NN to TO yield VB 12 CD % NN . . Peter NNP Karches NNP , , managing NN director NN at IN underwriter NN Morgan NNP Stanley NNP & CC Co. NNP , , said VBD the DT issue NN was VBD oversubscribed JJ . . `` `` It PRP 's VBZ a DT segmented JJ market NN , , and CC if IN you PRP have VBP a DT good JJ , , strong JJ credit NN , , people NNS have VBP an DT appetite NN for IN it PRP , , '' '' he PRP said VBD . . Morgan NNP Stanley NNP is VBZ expected VBN to TO price VB another DT junk NN bond NN deal NN , , $ $ 350 CD million CD of IN senior JJ subordinated JJ debentures NNS by IN Continental NNP Cablevision NNP Inc. NNP , , next JJ Tuesday NNP . . In IN light NN of IN the DT recent JJ skittishness NN in IN the DT high-yield JJ market NN , , junk NN bond NN analysts NNS and CC traders NNS expect VBP other JJ high-yield JJ deals VBZ to TO be VB sweetened VBN or CC restructured VBN before IN they PRP are VBP offered VBN to TO investors NNS . . In IN the DT case NN of IN Beatrice NNP , , Salomon NNP Brothers NNP Inc. NNP is VBZ considering VBG restructuring VBG the DT reset JJ mechanism NN on IN the DT $ $ 200 CD million CD portion NN of IN the DT offering NN . . Under IN the DT originally RB contemplated VBN terms NNS of IN the DT offering NN , , the DT notes NNS would MD have VB been VBN reset VB annually RB at IN a DT fixed JJ spread NN above IN Treasurys NNPS . . Under IN the DT new JJ plan NN being VBG considered VBN , , the DT notes NNS would MD reset VB annually RB at IN a DT rate NN to TO maintain VB a DT market NN value NN of IN 101 CD . . Price NN talk NN calls VBZ for IN the DT reset JJ notes NNS to TO be VB priced VBN at IN a DT yield NN of IN between IN 13 CD 1\/4 CD % NN and CC 13 CD 1\/2 CD % NN . . Mortgage-Backed JJ Securities NNS Activity NN in IN derivative JJ markets NNS was VBD strong JJ with IN four CD new JJ real JJ estate NN mortgage NN investment NN conduits NNS announced VBN and CC talk NN of IN several JJ more JJR deals NNS in IN today NN 's POS session NN . . The DT Federal NNP National NNP Mortgage NNP Association NNP offered VBD $ $ 1.2 CD billion CD of IN Remic NNP securities NNS in IN three CD issues NNS , , and CC the DT Federal NNP Home NNP Loan NNP Mortgage NNP Corp. NNP offered VBD a DT $ $ 250 CD million CD Remic NNP backed VBN by IN 9 CD % NN 15-year JJ securities NNS . . Part NN of IN the DT reason NN for IN the DT heavy JJ activity NN in IN derivative JJ markets NNS is VBZ that IN underwriters NNS are VBP repackaging VBG mortgage NN securities NNS being VBG sold VBN by IN thrifts NNS . . Traders NNS said VBD thrifts NNS have VBP stepped VBN up RP their PRP$ mortgage NN securities NNS sales NNS as IN the DT bond NN market NN has VBZ risen VBN in IN the DT past JJ two CD weeks NNS . . In IN the DT mortgage NN pass-through JJ sector NN , , active JJ issues NNS rose VBD but CC trailed VBD gains NNS in IN the DT Treasury NNP market NN . . Government NNP National NNP Mortgage NNP Association NNP 9 CD % NN securities NNS for IN November NNP delivery NN were VBD quoted VBN late RB yesterday NN at IN 98 CD 10\/32 CD , , up RB 10\/32 CD ; : and CC Freddie NNP Mac NNP 9 CD % NN securities NNS were VBD at IN 97 CD 1\/2 CD , , up RB 1\/4 CD . . The DT Ginnie NNP Mae NNP 9 CD % NN issue NN was VBD yielding VBG 8.36 CD % NN to TO a DT 12-year JJ average JJ life NN assumption NN , , as IN the DT spread NN above IN the DT Treasury NNP 10-year JJ note NN widened VBD slightly RB to TO 1.46 CD percentage NN points NNS . . Municipals NNS A DT $ $ 575 CD million CD San NNP Antonio NNP , , Texas NNP , , electric JJ and CC gas NN system NN revenue NN bond NN issue NN dominated VBD the DT new JJ issue NN sector NN . . The DT refunding JJ issue NN , , which WDT had VBD been VBN in IN the DT wings NNS for IN two CD months NNS , , was VBD one CD of IN the DT chief JJ offerings NNS overhanging VBG the DT market NN and CC limiting VBG price NN appreciation NN . . But CC alleviating VBG that DT overhang NN failed VBD to TO stimulate VB much JJ activity NN in IN the DT secondary JJ market NN , , where WRB prices NNS were VBD off RB 1\/8 CD to TO up RB 3\/8 CD point NN . . An DT official NN with IN lead JJ underwriter NN First NNP Boston NNP said VBD orders NNS for IN the DT San NNP Antonio NNP bonds NNS were VBD `` `` on IN the DT slow JJ side NN . . '' '' He PRP attributed VBD that DT to TO the DT issue NN 's POS aggressive JJ pricing NN and CC large JJ size NN , , as RB well RB as IN the DT general JJ lethargy NN in IN the DT municipal JJ marketplace NN . . In IN addition NN , , he PRP noted VBD , , the DT issue NN would MD normally RB be VB the DT type NN purchased VBN by IN property NN and CC casualty NN insurers NNS , , but CC recent JJ disasters NNS , , such JJ as IN Hurricane NNP Hugo NNP and CC the DT Northern NNP California NNP earthquake NN , , have VBP stretched VBN insurers NNS ' POS resources NNS and CC damped VBP their PRP$ demand NN for IN bonds NNS . . A DT $ $ 137.6 CD million CD Maryland NNP Stadium NNP Authority NNP sports NNS facilities NNS lease NN revenue NN bond NN issue NN appeared VBD to TO be VB off IN to TO a DT good JJ start NN . . The DT issue NN was VBD oversubscribed JJ and CC `` `` doing VBG very RB well RB , , '' '' according VBG to TO an DT official NN with IN lead JJ underwriter NN Morgan NNP Stanley NNP . . Activity NN quieted VBD in IN the DT New NNP York NNP City NNP bond NN market NN , , where WRB heavy JJ investor NN selling NN last JJ week NN drove VBD yields NNS on IN the DT issuer NN 's POS full JJ faith NN and CC credit NN backed VBN bonds NNS up RB as RB much JJ as IN 0.50 CD percentage NN point NN . . Foreign JJ Bonds NNS Japanese JJ government NN bonds NNS ended VBD lower JJR after IN the DT dollar NN rose VBD modestly RB against IN the DT yen NN . . The DT turnaround NN in IN the DT dollar NN fueled VBD bearish JJ sentiment NN about IN Japan NNP 's POS bond NN market NN . . The DT benchmark JJ No. NNP 111 CD 4.6 CD % NN bond NN due JJ 1998 CD ended VBN on IN brokers NNS ' POS screens NNS at IN a DT price NN of IN 95.39 CD , , off RB 0.28 CD . . The DT yield NN rose VBD to TO 5.38 CD % NN . . West JJ German JJ bond NN prices NNS ended VBD lower JJR after IN a DT day NN of IN aimless JJ trading NN . . The DT benchmark JJ 7 CD % NN bond NN due JJ October NNP 1999 CD fell VBD 0.20 CD point NN to TO 99.80 CD to TO yield VB 7.03 CD % NN , , while IN the DT 6 CD 3\/4 CD % NN notes NNS due JJ July NNP 1994 CD fell VBD 0.10 CD to TO 97.65 CD to TO yield VB 7.34 CD % NN . . British JJ government NN bonds NNS ended VBD slightly RB higher JJR in IN quiet JJ trading NN as IN investors NNS looked VBD ahead RB to TO today NN 's POS British JJ trade NN report NN . . The DT benchmark JJ 11 CD 3\/4 CD % NN Treasury NNP bond NN due JJ 2003\/2007 CD rose VBD 1\/8 CD to TO 111 CD 21\/32 CD to TO yield VB 10.11 CD % NN , , while IN the DT 12 CD % NN issue NN of IN 1995 CD rose VBD 3\/32 CD to TO 103 CD 23\/32 CD to TO yield VB 11.01 CD % NN . . `` `` The DT croaker NN 's VBZ done VBN gone VBN from IN the DT hook NN -- : damn UH ! . My PRP$ language NN sure RB goes VBZ to TO pot VB down RB here RB on IN the DT coast NN . . '' '' The DT husky JJ blond JJ guide NN with IN the DT Aggie NNP cap NN twists VBZ his PRP$ face NN in IN mock JJ fury NN . . `` `` I PRP got VBP to TO get VB back RB to TO school VB and CC straighten VB out RP my PRP$ English NNP . . '' '' He PRP has VBZ two CD more JJR years NNS at IN Texas NNP A&M NNP . . Right RB now RB he PRP takes VBZ people NNS out RP to TO fish RB in IN the DT bays NNS behind IN the DT barrier NN islands VBZ that WDT curve NN for IN hundreds NNS of IN miles NNS along IN the DT eastern JJ coast NN of IN Texas NNP , , enclosing VBG milky JJ green JJ lagoons NNS behind IN ridges NNS of IN sand NN and CC grassy JJ scrub NN that WDT rim VBP the DT deep JJ blue NN of IN the DT Gulf NNP beyond RB . . There EX have VBP been VBN three CD days NNS of IN hot JJ , , wind-swept JJ rain NN , , and CC now RB with IN the DT first JJ sun NN we PRP are VBP after IN speckled JJ seatrout NN , , which WDT with IN redfish NN provides VBZ most JJS of IN the DT game NN fishing NN hereabouts RB . . The DT little JJ radio NN fizzes VBZ as IN other JJ boats NNS want VBP to TO see VB if IN we PRP have VBP found VBN any DT fish NN -- : spotting VBG location NN is VBZ everything NN in IN this DT sport NN . . Negative JJ answers NNS crackle VBP back RP . . The DT fish NN often RB are VBP plentiful JJ around IN the DT pilings NNS of IN the DT old JJ gas NN wells NNS that WDT dot VBP the DT flat JJ surface NN like IN the DT remains NNS of IN sunken JJ ships NNS . . We PRP go VBP from IN one CD to TO the DT other JJ . . The DT sun NN is VBZ hot JJ now RB though IN it PRP 's VBZ only RB 8 CD in IN the DT morning NN . . The DT great JJ silver JJ clouds NNS on IN the DT horizon NN build VBP themselves PRP on IN the DT pale JJ water NN . . We PRP cruise VBP toward IN another DT set NN of IN pilings NNS . . The DT guide NN scoops VBZ into IN a DT pail NN and CC puts VBZ a DT frantically RB wiggling VBG croaker NN on IN the DT hook NN . . Then RB he PRP casts VBZ out RP . . `` `` Just RB wait VB for IN that DT tap-tap NN , , that DT thump-thump NN . . It PRP comes VBZ real RB gentle JJ before IN it PRP pulls VBZ . . Do VBP n't RB forget VB , , trout NNS have VBP very RB soft JJ mouths NNS . . '' '' The DT radio NN queries VBZ again RB . . `` `` Pickin VBG ' '' one CD or CC two CD , , '' '' says VBZ the DT guide NN , , chuckling VBG . . `` `` You PRP can MD tell VB they PRP 've VBP got VBD nothin NN ' '' . . '' '' A DT pair NN of IN black JJ skimmers NNS zig-zag VBP past RB close RB to TO the DT surface NN . . Soon RB we PRP have VBP our PRP$ limit NN of IN the DT shimmering JJ fish NN stippled JJ in IN rose-gold NN and CC black NN . . And CC we PRP are VBP the DT first JJ back RB at IN the DT dock NN , , where WRB the DT great JJ blue JJ herons NNS stand VBP waiting VBG by IN the DT cleaning NN benches NNS . . The DT guide NN is VBZ young JJ and CC he PRP knows VBZ this DT business NN but CC he PRP wants VBZ a DT different JJ life NN after IN college NN , , such JJ as IN working VBG for IN IBM NNP and CC wearing VBG a DT necktie NN . . This DT must MD be VB the DT last JJ big JJ stretch NN of IN the DT American JJ seacoast NN that WDT is VBZ `` `` undeveloped JJ . . '' '' There EX are VBP a DT few JJ ramshackle JJ fishing NN towns NNS with IN quiet JJ atolls NNS of IN resort NN houses NNS nearby RB . . People NNS are VBP not RB apt JJ to TO be VB self-conscious JJ about IN the DT place NN or CC themselves PRP . . Texas NNP is VBZ big JJ and CC beautiful JJ and CC they PRP live VBP here RB , , that DT 's VBZ all DT . . Jutting VBG out RB just RB to TO the DT north NN of IN us PRP is VBZ the DT Blackjack NNP Peninsula NNP ( ( after IN the DT oak NN , , not RB the DT game NN ) ) which WDT forms VBZ the DT core NN of IN the DT Aransas NNP Wildlife NNP Refuge NNP . . It PRP is VBZ famous JJ as IN the DT winter NN home NN of IN the DT whooping VBG crane NN , , that IN symbol NN of IN the DT destruction NN of IN wild JJ America NNP . . Last JJ year NN a DT gunner NN shot VBD a DT whooper NN by IN mistake NN thinking VBG that IN it PRP was VBD a DT snow NN goose NN . . He PRP paid VBD an DT immense JJ fine NN and CC was VBD lucky JJ , , according VBG to TO a DT local JJ wag NN , , to TO escape VB the DT gas NN chamber NN . . The DT peninsula NN comes VBZ off IN the DT vast JJ southeastern JJ alluvial JJ plain NN with IN fields NNS of IN rice NN and CC cotton NN and CC sorghum NN as RB far RB as IN the DT eye NN can MD see VB . . Near IN the DT coast NN there EX are VBP dense JJ coverts NNS of IN live JJ oak NN interspersed VBN with IN marshes NNS and CC prairies NNS . . Deer NNS , , wild JJ hog NNS , , armadillos NNS and CC alligators NNS are VBP the DT glamour NN quadrupeds NNS and CC the DT birds NNS are VBP innumerable JJ , , especially RB the DT herons NNS and CC the DT spoonbills NNS . . Above IN the DT blossoms NNS of IN lantana NN and CC scarlet JJ pea NN the DT inky-brown JJ and CC golden JJ palamedes NN butterfly NN floats VBZ on IN its PRP$ lazy JJ wingbeat NN . . Inland RB a DT few JJ miles NNS from IN the DT refuge NN there EX is VBZ a DT place NN called VBN Tivoli NNP , , with IN a DT white JJ church NN , , a DT gas NN station NN and CC a DT grocery NN , , the DT houses NNS relatively RB close RB together RB for IN such PDT a DT settlement NN in IN these DT parts NNS . . `` `` Tivoli NNP Motel NNP , , '' '' I PRP read VBP a DT sign NN in IN the DT usual JJ pronunciation NN of IN the DT name NN as IN we PRP whoosh VBP through RB . . `` `` Here RB in IN south JJ Texas NNP we PRP say VBP Tie-vole-ee NN , , '' '' my PRP$ host NN gently RB corrects VBZ . . Mr. NNP King NNP is VBZ the DT director NN of IN the DT Foreign NNP Press NNP Center NNP in IN New NNP York NNP . . AEG NNP AG NNP and CC Siemens NNP AG NNP said VBD they PRP will MD launch VB their PRP$ previously RB announced VBN joint JJ venture NN for IN power NN semiconductors NNS in IN January NNP . . The DT two CD West JJ German JJ electronics NN concerns NNS said VBD they PRP have VBP set VBN up RP European NNP Power NNP Semiconductor NNP Co. NNP to TO merge VB their PRP$ activities NNS in IN the DT field NN . . AEG NNP and CC Siemens NNP each DT will MD hold VB a DT 50 CD % NN stake NN in IN the DT venture NN . . The DT joint JJ venture NN will MD have VB nominal JJ capital NN of IN 50 CD million CD marks NNS ( ( $ $ 26.9 CD million CD ) ) and CC 700 CD employees NNS . . It PRP will MD develop VB , , produce VB and CC market VB high-performance JJ electronic JJ parts NNS . . Siemens NNP is VBZ West NNP Germany NNP 's POS largest JJS electronics NN group NN . . AEG NNP is VBZ 80 CD % NN owned VBN by IN Daimler-Benz NNP AG NNP , , the DT country NN 's POS biggest JJS industrial JJ concern NN . . Dana NNP Corp. NNP said VBD its PRP$ third-quarter JJ net JJ income NN fell VBD 27 CD % NN to TO $ $ 29.6 CD million CD , , or CC 72 CD cents NNS a DT share NN , , from IN $ $ 40.7 CD million CD , , or CC $ $ 1 CD a DT share NN , , a DT year NN earlier RBR . . Sales NNS dropped VBD 4 CD % NN to TO $ $ 1.12 CD billion CD from IN $ $ 1.17 CD billion CD . . The DT company NN , , which WDT supplies VBZ transmissions NNS and CC other JJ drive-train NN parts NNS to TO auto NN makers NNS , , said VBD about RB half PDT the DT earnings NNS drop NN came VBD from IN the DT `` `` virtual JJ collapse NN '' '' of IN the DT Venezuelan JJ auto NN industry NN . . The DT Venezuelan JJ currency NN plummeted VBD this DT year NN , , making VBG it PRP difficult JJ for IN auto NN makers NNS there RB to TO afford VB imported JJ parts NNS . . Dana NNP also RB said VBD it PRP was VBD hurt VBN by IN slumping JJ U.S. NNP truck NN sales NNS and CC by IN a DT strike NN at IN a DT parts NNS supplier NN . . The DT company NN , , based VBN in IN Toledo NNP , , Ohio NNP , , had VBD said VBD it PRP expected VBD reduced JJ third-quarter JJ profit NN . . Mary NNP Anne NNP Sudol NNP , , an DT analyst NN at IN Fitch NNP Investors NNP in IN New NNP York NNP , , said VBD automotive JJ suppliers NNS were VBD reporting VBG lower JJR profit NN almost RB `` `` across IN the DT board NN . . '' '' Southwood NNP J. NNP Morcott NNP , , Dana NNP 's POS president NN , , said VBD the DT company NN 's POS decision NN to TO approve VB its PRP$ normal JJ fourth-quarter JJ dividend NN indicated VBD its PRP$ underlying JJ strength NN . . Norimasa NNP Furuta NNP , , president NN of IN Japan NNP 's POS Mazda NNP Motor NNP Corp. NNP , , said VBD the DT Japanese JJ car NN maker NN is VBZ planning VBG joint JJ production NN with IN Ford NNP Motor NNP Co. NNP in IN Europe NNP ahead RB of IN the DT European NNP Community NNP 's POS 1992 CD integration NN . . Mr. NNP Furuta NNP did VBD n't RB disclose VB further JJ details NNS of IN the DT arrangement NN at IN a DT news NN conference NN , , but CC said VBD the DT project NN would MD be VB undertaken VBN with IN Ford NNP 's POS European JJ subsidiary NN . . A DT Ford NNP official NN confirmed VBD in IN Tokyo NNP that IN the DT U.S. NNP motor NN vehicle NN maker NN is VBZ studying VBG such PDT an DT arrangement NN . . At IN age NN eight CD , , Josephine NNP Baker NNP was VBD sent VBN by IN her PRP$ mother NN to TO a DT white JJ woman NN 's POS house NN to TO do VB chores NNS in IN exchange NN for IN meals NNS and CC a DT place NN to TO sleep VB -- : a DT place NN in IN the DT basement NN with IN the DT coal NN . . At IN age NN 19 CD , , she PRP was VBD a DT Paris NNP sensation NN , , transformed VBN from IN unwanted JJ child NN to TO international JJ sex NN symbol NN in IN just RB over IN a DT decade NN . . It PRP is VBZ the DT stuff NN of IN dreams NNS , , but CC also RB of IN traumas NNS . . Only RB the DT bravest JJS spirits NNS survive VBP such JJ roller NN coasters NNS . . And CC , , for IN Ms. NNP Baker NNP , , the DT ride NN was VBD far RB from IN over RB . . Her PRP$ bare JJ breasts NNS , , her PRP$ dancing NN , , her PRP$ voice NN , , her PRP$ beauty NN and CC , , perhaps RB most RBS famously RB , , her PRP$ derriere NN , , were VBD prominent JJ attractions NNS , , but CC courage NN of IN a DT rare JJ sort NN made VBD her PRP$ remarkable JJ life NN possible JJ . . Bricktop NNP , , another DT American JJ black JJ woman NN who WP found VBD a DT measure NN of IN fame NN in IN Paris NNP , , said VBD : : `` `` I PRP do VBP n't RB think VB I PRP 've VBP ever RB known VBN anyone NN with IN a DT less RBR complicated JJ view NN of IN life NN , , or CC whose WP$ life NN was VBD more RBR complicated JJ than IN Josephine NNP 's POS . . '' '' Men NNS were VBD a DT constant JJ complication NN . . Baker NNP had VBD lots NNS of IN them PRP . . But CC she PRP did VBD n't RB trust VB them PRP and CC did VBD n't RB reward VB trust NN . . As IN she PRP saw VBD one CD key JJ love NN affair NN , , the DT problem NN was VBD n't RB her PRP$ infidelity NN , , it PRP was VBD his PRP$ jealousy NN . . Her PRP$ appetite NN for IN children NNS also RB was VBD large JJ . . She PRP adopted VBD 12 CD of IN assorted JJ races NNS , , naming VBG them PRP the DT Rainbow NNP Tribe NNP , , and CC driving VBG her PRP$ husband NN first RB to TO despair NN and CC then RB to TO Argentina NNP . . She PRP made VBD money NN , , but CC spent VBD more JJR . . Friends NNS pitched VBD in RP . . Finally RB , , Prince NNP Rainier NNP and CC Princess NNP Grace NNP saved VBD her PRP with IN the DT offer NN of IN a DT house NN in IN Monaco NNP . . Another DT lifelong JJ complication NN , , as IN Phyllis NNP Rose NNP makes VBZ clear JJ in IN `` `` Jazz NN Cleopatra NNP : : Josephine NNP Baker NNP in IN Her PRP$ Time NN '' '' ( ( Doubleday NNP , , 321 CD pages NNS , , $ $ 22.50 CD ) ) , , was VBD racism NN . . Baker NNP had VBD the DT good JJ luck NN to TO arrive VB in IN 1925 CD Paris NNP , , where WRB blacks NNS had VBD become VBN exotic JJ . . African JJ art NN was VBD in IN vogue NN and CC some DT intellectuals NNS were VBD writing VBG breathlessly RB of IN a DT dawning VBG age NN to TO be VB inspired VBN by IN blacks NNS . . To TO be VB exotic JJ was VBD to TO be VB patronized VBN as RB well RB as IN prized VBN , , but CC for IN the DT most JJS part NN Paris NNP was VBD a DT friendly JJ island NN in IN a DT racist JJ world NN . . Baker NNP had VBD bitter JJ experience NN of IN bigotry NN from IN her PRP$ St. NNP Louis NNP childhood NN and CC her PRP$ days NNS in IN New NNP York NNP theater NN , , where WRB she PRP was VBD judged VBN too RB dark JJ for IN an DT all-black JJ chorus NN line NN ( ( performing VBG of IN course NN for IN all-white JJ audiences NNS ) ) . . Paris NNP loved VBD her PRP at IN first JJ sight NN . . `` `` She PRP just RB wiggled VBD her PRP$ fanny NN and CC all PDT the DT French NNP fell VBD in IN love NN with IN her PRP , , '' '' sniffed VBD the DT literary JJ world NN 's POS Maria NNP Jolas NNP , , not RB entirely RB inaccurately RB . . `` `` One PRP can MD hardly RB overemphasize VB the DT importance NN of IN her PRP$ rear JJ end NN , , '' '' Ms. NNP Rose NNP writes VBZ . . Ms. NNP Rose NNP , , who WP teaches VBZ literature NN at IN Wesleyan NNP University NNP , , quickly RB proceeds VBZ to TO overemphasize VB , , claiming VBG that IN Baker NNP 's POS dancing NN `` `` had VBD uncovered VBN a DT new JJ region NN for IN desire NN '' '' and CC thereby RB ignoring VBG centuries NNS of IN tributes NNS to TO the DT callipygous NN . . `` `` Jazz NN Cleopatra NNP '' '' contains VBZ other JJ , , more RBR important JJ , , false JJ notes NNS that WDT undermine VBP what WP is VBZ , , for IN the DT most JJS part NN , , a DT lively JJ account NN of IN a DT life NN already RB familiar JJ from IN earlier JJR works NNS . . It PRP is VBZ easy JJ to TO see VB why WRB Baker NNP , , a DT free JJ spirit NN who WP broke VBD many JJ of IN the DT restraints NNS convention NN places VBZ on IN women NNS , , attracts VBZ Ms. NNP Rose NNP , , the DT author NN of IN `` `` Parallel JJ Lives NNS , , '' '' a DT wonderful JJ study NN of IN Victorian JJ marriage NN . . Still RB , , even RB the DT title NN raises VBZ questions NNS about IN the DT author NN 's POS vision NN of IN her PRP$ subject NN . . Baker NNP 's POS art NN was VBD jazz NN only RB by IN the DT widest JJS stretch NN of IN the DT term NN . . To TO find VB parallels NNS , , other JJ than IN sexual JJ appeal NN , , with IN Cleopatra NNP , , requires VBZ an DT equal JJ stretch NN . . Baker NNP was VBD 68 CD years NNS old JJ when WRB she PRP died VBD in IN Paris NNP , , two CD days NNS after IN the DT sold-out JJ opening NN of IN her PRP$ newest JJS show NN : : a DT movie-like JJ ending NN to TO what WP was VBD a DT cinematic JJ life NN . . In IN fact NN , , Ms. NNP Baker NNP played VBD scenes NNS in IN Casablanca NNP that WDT could MD have VB made VBN it PRP into IN `` `` Casablanca NNP . . '' '' During IN World NNP War NNP II NNP , , her PRP$ uncomplicated JJ view NN of IN life NN led VBD her PRP to TO the DT conclusion NN that IN the DT Nazis NNPS were VBD evil JJ and CC must MD be VB resisted VBN , , a DT decision NN made VBN by IN only RB about RB 2 CD % NN of IN French JJ citizens NNS . . She PRP was VBD devoted JJ to TO Charles NNP de IN Gaulle NNP 's POS cause NN , , accepting VBG great JJ financial JJ sacrifice NN and CC considerable JJ risk NN to TO become VB first RB a DT spy NN and CC then RB a DT one-woman JJ USO NNP tour NN for IN the DT forces NNS of IN Free NNP France NNP . . In IN Humphrey NNP Bogart NNP 's POS nightclub NN , , Victor NNP Laszlo NNP leads VBZ Free NNP French NNP sympathizers NNS in IN `` `` La NNP Marseillaise NNP '' '' to TO drown VB out RP the DT Nazis NNS . . The DT night NN the DT Germans NNPS occupied VBD all DT of IN France NNP , , Baker NNP performed VBD in IN Casablanca NNP . . The DT Free NNP French NNP wore VBD black JJ arm NN bands NNS , , and CC when WRB she PRP sang VBD `` `` J'ai FW deux FW amours FW '' '' they PRP wept VBD . . Ms. NNP Rose NNP is VBZ best JJS on IN the DT early JJ years NNS and CC World NNP War NNP II NNP . . In IN her PRP$ introduction NN , , Ms. NNP Rose NNP writes VBZ that IN she PRP feels VBZ she PRP has VBZ much JJ in IN common NN with IN Baker NNP , , but CC as IN `` `` Jazz NN Cleopatra NNP '' '' goes VBZ on RB , , it PRP seems VBZ more RBR rushed VBN , , as IN though IN the DT author NN were VBD growing VBG less RBR interested JJ . . It PRP does VBZ n't RB help VB that IN sometimes RB Ms. NNP Rose NNP 's POS language NN fails VBZ to TO deliver VB the DT effect NN she PRP appears VBZ to TO want VB . . One CD chapter NN opens VBZ : : `` `` World NNP War NNP II NNP was VBD not RB one CD of IN France NNP 's POS glorious JJ moments NNS . . '' '' Elsewhere RB , , in IN an DT attempt NN to TO explain VB without IN stating VBG it PRP plainly RB that IN Baker NNP had VBD a DT large JJ gay JJ following NN later RB in IN her PRP$ career NN when WRB she PRP was VBD an DT overdressed JJ singer NN rather RB than IN underdressed JJ dancer NN , , Ms. NNP Rose NNP writes VBZ : : `` `` She PRP was VBD a DT female JJ impersonator NN who WP happened VBD to TO be VB a DT woman NN . . '' '' One CD devoted JJ fan NN who WP fell VBD under IN Baker NNP 's POS spell NN in IN 1963 CD and CC began VBD collecting VBG Baker NNP memorabilia NNS was VBD Bryan NNP Hammond NNP . . In IN `` `` Josephine NNP Baker NNP '' '' ( ( Jonathan NNP Cape NNP , , 304 CD pages NNS , , $ $ 35 CD ) ) , , which WDT was VBD published VBN in IN Britain NNP last JJ year NN and CC distributed VBN in IN the DT U.S. NNP this DT month NN , , Mr. NNP Hammond NNP has VBZ used VBN his PRP$ collection NN to TO produce VB an DT album NN of IN photographs NNS and CC drawings NNS of IN the DT star NN . . The DT text NN by IN Patrick NNP O'Connor NNP is VBZ a DT tough JJ read NN , , but CC the DT pictures NNS make VBP her PRP$ magnetism NN clear JJ and CC help VB explain VB why WRB Ernest NNP Hemingway NNP called VBD Baker NNP `` `` The DT most RBS sensational JJ woman NN anybody NN ever RB saw VBD . . Or CC ever RB will MD . . '' '' Mr. NNP Lescaze NNP is VBZ foreign JJ editor NN of IN the DT Journal NNP . . Manville NNP , , having VBG rid VBN itself PRP of IN asbestos NN , , now RB sells VBZ fiberglass NNS , , forest NN products NNS , , minerals NNS and CC industrial JJ goods NNS . . Heady JJ stuff NN it PRP 's VBZ not RB . . But CC Manville NNP 's POS ownership NN is VBZ unusual JJ , , and CC it PRP has VBZ caught VBN the DT eye NN of IN some DT canny JJ -- : and CC patient JJ -- : investors NNS . . The DT Denver-based JJ concern NN , , which WDT emerged VBD from IN bankruptcy-law NN proceedings NNS late RB last JJ year NN , , is VBZ controlled VBN by IN the DT Manville NNP Personal NNP Injury NNP Settlement NNP Trust NNP . . The DT trust NN , , which WDT owns VBZ 80 CD % NN of IN Manville NNP 's POS stock NN on IN a DT fully RB diluted VBN basis NN , , is VBZ a DT separate JJ legal JJ entity NN that WDT is VBZ settling VBG claims NNS with IN asbestos NN victims NNS . . When WRB and CC if IN the DT trust NN runs VBZ out RP of IN cash NN -- : which WDT seems VBZ increasingly RB likely JJ -- : it PRP will MD need VB to TO convert VB its PRP$ Manville NNP stock NN to TO cash NN . . But CC as IN an DT 80 CD % NN owner NN , , if IN it PRP tried VBD to TO sell VB much JJ of IN its PRP$ stock NN in IN the DT market NN , , it PRP would MD likely RB depress VB the DT price NN of IN its PRP$ shares NNS . . Some DT investors NNS say VBP there EX is VBZ a DT good JJ chance NN that IN the DT trust NN will NN , , instead RB , , seek VB to TO convert VB the DT company NN 's POS shares NNS to TO cash NN , , in IN some DT sort NN of IN friendly JJ restructuring NN that WDT would MD n't RB involve VB just RB dumping VBG stock NN on IN the DT market NN . . `` `` Their PRP$ principal JJ asset NN is VBZ Manville NNP common JJ stock NN , , '' '' says VBZ Jeffrey NNP Halis NNP , , who WP runs VBZ Sabre NNP Associates NNP , , an DT investment NN fund NN that WDT owns VBZ Manville NNP shares NNS . . `` `` If IN they PRP tried VBD to TO sell VB , , they PRP 'd MD be VB chasing VBG their PRP$ own JJ tail NN . . What WP makes VBZ the DT most JJS sense NN is VBZ to TO find VB someone NN who WP wants VBZ to TO buy VB the DT whole JJ company NN or CC cause VB a DT recapitalization NN of IN all DT shares NNS . . '' '' The DT trust NN is VBZ n't RB commenting VBG on IN when WRB it PRP might MD need VB to TO liquefy VB its PRP$ Manville NNP stock NN . . However RB , , the DT trust NN 's POS cash NN flow NN from IN investments NNS is VBZ far RB short RB of IN its PRP$ payments NNS to TO asbestos NN victims NNS . . Its PRP$ cash NN and CC liquid JJ securities NNS fell VBD by IN $ $ 338 CD million CD in IN the DT first JJ six CD months NNS of IN 1989 CD . . The DT trust NN also RB will MD receive VB $ $ 75 CD million CD a DT year NN starting VBG in IN 1991 CD on IN a DT bond NN it PRP holds VBZ from IN Manville NNP . . And CC , , beginning VBG in IN 1992 CD , , it PRP will MD have VB a DT claim NN on IN as RB much JJ as IN 20 CD % NN of IN Manville NNP 's POS annual JJ net JJ income NN . . Even RB so RB , , the DT trust NN would MD seem VB to TO be VB facing VBG a DT cash NN crunch NN . . As IN of IN June NNP 30 CD , , it PRP had VBD settled VBN only RB about RB 15,000 CD of IN the DT 81,000 CD received VBN claims NNS from IN asbestos NN victims NNS , , for IN an DT average NN of IN $ $ 40,424 CD each DT . . ( ( The DT average NN should MD drop VB over IN time NN , , since IN the DT most RBS expensive JJ claims NNS are VBP being VBG settled VBN first RB ) ) . . And CC as IN of IN midyear NN , , settled JJ but CC unpaid JJ claims NNS amounted VBD to TO $ $ 136 CD million CD -- : more JJR than IN half PDT the DT trust NN 's POS total NN of IN $ $ 268 CD million CD in IN cash NN and CC marketable JJ securities NNS . . `` `` At IN some DT point NN , , we PRP 're VBP going VBG to TO need VB an DT infusion NN of IN funds NNS , , '' '' a DT person NN close RB to TO the DT trust NN says VBZ . . Even RB before IN then RB , , the DT trust NN may MD be VB eager JJ to TO unload VB Manville NNP stock NN . . It PRP does VBZ n't RB pay VB a DT dividend NN , , and CC this DT trust NN needs VBZ income NN . . Moreover RB , , with IN 88 CD % NN of IN its PRP$ assets NNS tied VBN up RP in IN Manville NNP , , the DT trust NN is VBZ badly RB in IN need NN of IN diversification NN . . `` `` Obviously RB , , a DT diversified JJ portfolio NN would MD have VB less JJR risk NN , , '' '' the DT person NN close RB to TO the DT trust NN says VBZ . . Manville NNP itself PRP does VBZ n't RB rule VB out RP a DT restructuring NN . . Though IN the DT ink NN is VBZ barely RB dry JJ on IN its PRP$ new JJ , , post-bankruptcy JJ law NN structure NN , , Bill NNP Bullock NNP , , Manville NNP 's POS head NN of IN investor NN relations NNS , , says VBZ the DT company NN is VBZ continually RB pondering VBG `` `` whether IN there EX is VBZ a DT better JJR way NN to TO be VB structured VBN . . We PRP understand VBP that IN the DT trust NN is VBZ ultimately RB going VBG to TO need VB to TO sell VB some DT of IN our PRP$ shares NNS , , '' '' he PRP says VBZ . . Of IN course NN , , one CD option NN would MD be VB for IN Manville NNP to TO buy VB out RP the DT trust NN 's POS shares NNS -- : which WDT would MD do VB little JJ to TO benefit VB public JJ stockholders NNS . . But CC the DT trust NN , , in IN most JJS cases NNS , , is VBZ forbidden VBN from IN seeking VBG a DT buyer NN for IN only RB its PRP$ shares NNS before IN November NNP 1993 CD . . And CC both CC the DT trust NN and CC Manville NNP are VBP seeking VBG to TO avoid VB the DT bad JJ publicity NN that IN , , in IN the DT asbestos NN era NN , , tarred VBD the DT Manville NNP name NN . . Thus RB , , analysts NNS say VBP , , the DT trust NN is VBZ unlikely JJ to TO do VB anything NN that WDT would MD hurt VB Manville NNP 's POS other JJ shareholders NNS . . `` `` This DT is VBZ a DT rare JJ case NN of IN a DT company NN with IN a DT big JJ majority NN holder NN which WDT will MD probably RB act VB in IN the DT interests NNS of IN the DT minority NN holders NNS , , '' '' one CD investor NN says VBZ . . Even RB if IN there EX is VBZ no DT restructuring NN , , Manville NNP seems VBZ to TO be VB attractive JJ long-term RB . . Its PRP$ stock NN , , at IN 9 CD 5\/8 CD , , trades VBZ at IN about RB 8 CD 1\/2 CD times NNS estimated JJ 1989 CD earnings NNS -- : an DT appropriately RB low JJ multiple NN for IN a DT company NN with IN recession-sensitive JJ customers NNS . . Mr. NNP Bullock NNP says VBZ 45 CD % NN of IN revenues NNS are VBP tied VBN to TO construction NN . . Analysts NNS predict VBP little JJ or CC no DT near-term JJ growth NN . . They PRP are VBP , , nonetheless RB , , high RB on IN Manville NNP 's POS management NN . . `` `` It PRP 's VBZ one CD of IN the DT best JJS in IN the DT business NN , , '' '' says VBZ Salomon NNP Brothers NNP analyst NN Stephen NNP Dobi NNP . . And CC he PRP says VBZ Manville NNP has VBZ the DT financial JJ flexibility NN to TO buy VB other JJ companies NNS at IN the DT best JJS possible JJ moment NN when WRB other JJ construction-related JJ firms NNS are VBP hurting VBG and CC selling VBG cheap JJ . . With IN a DT conservative JJ debt-to-equity JJ ratio NN of IN 1-to-1 JJ -- : and CC $ $ 329 CD million CD in IN cash NN -- : Manville NNP is VBZ indeed RB actively RB on IN the DT prowl NN . . So RB far RB , , as IN a DT price-conscious JJ shopper NN , , Manville NNP has VBZ n't RB bought VBD much JJ . . Paul NNP Kleinaitis NNP , , an DT analyst NN at IN Duff NNP & CC Phelps NNP , , says VBZ , , `` `` Even RB though IN they PRP have VBP borrowing NN power NN , , they PRP have VBP been VBN disciplined VBN about IN acquisitions NNS . . '' '' And CC Mr. NNP Kleinaitis NNP says VBZ that IN with IN 80 CD % NN of IN its PRP$ stock NN in IN friendly JJ hands NNS , , Manville NNP is VBZ the DT rare JJ publicly RB traded VBN company NN that WDT can MD ignore VB short-term JJ stock NN fluctuations NNS and CC plan NN for IN the DT long JJ haul NN . . Manville NNP ( ( NYSE NNP ; : Symbol NN : : MVL NNP ) ) Business NN : : Forest NN products NNS and CC roofing NN Year NN ended VBN Dec. NNP 31 CD , , 1988 CD : : Sales NNS : : $ $ 2.06 CD billions NNS Net JJ loss NN : : $ $ 1.30 CD billion CD \* SYM Third JJ quarter NN , , Sept. NNP 30 CD , , 1989 CD : : Per-share JJ earnings NNS : : 30 CD cents NNS vs. JJ 44 CD cents NNS \*\* SYM Average JJ daily JJ trading NN volume NN : : 74,351 CD shares NNS Common JJ shares NNS outstanding JJ : : 120 CD million CD \* SYM Includes VBZ $ $ 1.29 CD billion CD extraordinary JJ charge NN . . \*\* SYM Year NN ago RB figure NN is VBZ restated VBN . . Emerson NNP Electric NNP Co. NNP and CC Robert NNP Bosch NNP G.m.b.H. NNP said VBD the DT Federal NNP Trade NNP Commission NNP has VBZ requested VBN additional JJ information NN from IN the DT two CD companies NNS about IN their PRP$ announced VBN intention NN to TO acquire VB Vermont NNP American NNP Corp. NNP for IN $ $ 40 CD a DT share NN , , or CC about RB $ $ 440 CD million CD . . Yesterday NN , , in IN composite JJ trading NN on IN the DT American NNP Stock NNP Exchange NNP , , Vermont NNP American NNP common NN closed VBD at IN $ $ 39.75 CD , , off RB 25 CD cents NNS . . The DT FTC NNP 's POS request NN was VBD `` `` not RB unusual JJ '' '' and CC Emerson NNP will MD make VB a DT `` `` full JJ and CC prompt JJ '' '' response NN , , according VBG to TO a DT spokesman NN . . Spokesmen NNP for IN Emerson NNP and CC Vermont NNP American NNP , , which WDT has VBZ agreed VBN to TO be VB acquired VBN , , said VBD they PRP do VBP n't RB anticipate VB `` `` any DT problems NNS '' '' with IN the DT completion NN of IN the DT transaction NN . . An DT FTC NNP spokesman NN said VBD the DT matter NN is VBZ `` `` in IN a DT non-public JJ posture NN at IN this DT time NN '' '' and CC declined VBD to TO comment VB further RB . . Emerson NNP and CC Bosch NNP , , through IN their PRP$ joint JJ acquisition NN arm NN , , Maple NNP Acquisition NNP , , have VBP begun VBN a DT cash NN tender NN offer NN for IN all DT of IN Vermont NNP 's POS common JJ shares NNS outstanding JJ . . The DT offer NN , , set VBN to TO expire VB Nov. NNP 1 CD , , may MD be VB extended VBN pending VBG the DT timing NN and CC resolution NN of IN the DT FTC NNP request NN , , the DT companies NNS said VBD . . St. NNP Louis-based JJ Emerson NNP and CC Stuttgart-based JJ Bosch NNP make VBP electrical JJ and CC electronic JJ products NNS , , including VBG power NN tools NNS . . The DT Vermont NNP American NNP acquisition NN is VBZ designed VBN to TO enhance VB their PRP$ position NN in IN the DT accessories NNS portion NN of IN the DT power-tool JJ industry NN . . Santa NNP Fe NNP Pacific NNP Corp. NNP is VBZ preparing VBG a DT plan NN to TO sell VB a DT 20 CD % NN stake NN in IN its PRP$ large JJ real JJ estate NN unit NN to TO a DT California NNP public JJ employee NN pension NN fund NN for IN $ $ 400 CD million CD , , after IN which WDT it PRP would MD spin VB off RP the DT realty NN operation NN to TO shareholders NNS . . The DT plan NN places VBZ an DT indicated JJ value NN on IN the DT real JJ estate NN operation NN , , Santa NNP Fe NNP Pacific NNP Realty NNP Corp. NNP , , of IN $ $ 2 CD billion CD . . Santa NNP Fe NNP Pacific NNP directors NNS are VBP expected VBN to TO review VB the DT plan NN at IN a DT meeting NN today NN , , according VBG to TO people NNS familiar JJ with IN the DT transaction NN . . If IN approved VBN , , the DT sale NN is VBZ expected VBN to TO close VB by IN year NN 's POS end NN , , with IN the DT spinoff NN occurring VBG by IN the DT end NN of IN 1992 CD . . In IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP yesterday NN , , Santa NNP Fe NNP Pacific NNP closed VBD at IN $ $ 20.625 CD , , down RB 25 CD cents NNS . . Santa NNP Fe NNP Pacific NNP Realty NNP is VBZ a DT major JJ California NNP land NN and CC building NN owner NN whose WP$ prime JJ properties NNS include VBP 1,850 CD undeveloped JJ acres NNS in IN the DT San NNP Francisco NNP Bay NNP area NN , , and CC several JJ office NN sites NNS . . A DT spokesman NN said VBD the DT properties NNS survived VBD without IN significant JJ damage NN in IN last JJ week NN 's POS Northern NNP California NNP earthquake NN . . As IN a DT result NN of IN the DT partial JJ sale NN and CC spinoff NN , , the DT $ $ 56 CD billion CD California NNP Public NNP Employees NNP Retirement NNP System NNP would MD obtain VB two CD seats NNS on IN the DT board NN of IN the DT real JJ estate NN operation NN , , according VBG to TO officials NNS of IN the DT fund NN , , who WP described VBD the DT plan NN . . A DT spokesman NN for IN Chicago-based JJ Santa NNP Fe NNP Pacific NNP confirmed VBD that IN negotiations NNS were VBD being VBG held VBN with IN the DT fund NN . . Also RB holding VBG two CD seats NNS each DT on IN the DT board NN , , they PRP said VBD , , would MD be VB Olympia NNP & CC York NNP Developments NNP Ltd. NNP , , controlled VBN by IN the DT Reichmann NNP family NN of IN Canada NNP , , and CC Itel NNP Corp. NNP , , controlled VBN by IN Chicago NNP businessman NN Sam NNP Zell NNP . . The DT Reichmanns NNP and CC Mr. NNP Zell NNP , , the DT largest JJS holders NNS of IN Santa NNP Fe NNP Pacific NNP stock NN , , have VBP been VBN looking VBG for IN ways NNS to TO raise VB the DT value NN of IN their PRP$ investments NNS , , including VBG possible JJ spinoffs NNS . . Itel NNP bought VBD a DT 17 CD % NN stake NN in IN Sante NNP Fe NNP Pacific NNP last JJ year NN and CC Olympia NNP & CC York NNP later RB purchased VBD about RB a DT 20 CD % NN stake NN ; : they PRP would MD have VB interests NNS in IN the DT new JJ realty NN company NN in IN line NN with IN their PRP$ holdings NNS in IN Sante NNP Fe NNP Pacific NNP . . The DT sale NN and CC spinoff NN of IN the DT real JJ estate NN unit NN is VBZ the DT first JJ phase NN of IN what WP could MD lead VB to TO the DT breakup NN of IN Santa NNP Fe NNP Pacific NNP into IN free-standing JJ companies NNS for IN its PRP$ railroad NN and CC energy NN operations NNS , , as RB well RB as IN real JJ estate NN . . The DT debt-laden JJ parent NN has VBZ been VBN under IN pressure NN from IN large JJ shareholders NNS to TO boost VB the DT company NN 's POS share NN price NN . . At IN the DT same JJ time NN it PRP has VBZ been VBN caught VBN in IN an DT earnings NNS squeeze NN . . The DT California NNP pension NN fund NN 's POS planned JJ investment NN in IN the DT real JJ estate NN unit NN is VBZ unusual JJ . . Pension NN funds NNS rarely RB own VBP as RB much JJ as IN a DT 20 CD % NN stake NN in IN what WP is VBZ expected VBN to TO be VB a DT publicly RB traded VBN company NN . . In IN addition NN , , pension NN funds NNS are VBP rarely RB given VBN seats NNS on IN company NN boards NNS and CC most RBS often RB try VBP to TO avoid VB them PRP because IN of IN legal JJ concerns NNS . . But CC fund NN officials NNS said VBD the DT Santa NNP Fe NNP Pacific NNP Realty NNP investment NN provides VBZ an DT opportunity NN to TO buy VB a DT stake NN in IN a DT large JJ real JJ estate NN portfolio NN heavily RB weighted VBN with IN California NNP properties NNS . . It PRP also RB marks VBZ a DT `` `` major JJ commitment NN to TO { ( real JJ estate NN } ) development NN , , which WDT we PRP have VBP n't RB been VBN involved VBN with IN before RB , , '' '' said VBD Dale NNP Hanson NNP , , the DT fund NN 's POS executive JJ director NN . . Under IN the DT proposed JJ plan NN , , the DT fund NN would MD also RB lend VB Santa NNP Fe NNP Pacific NNP Realty NNP $ $ 75 CD million CD in IN the DT form NN of IN a DT note NN that WDT would MD be VB convertible JJ into IN additional JJ shares NNS of IN the DT realty NN company NN after IN the DT second JJ year NN at IN the DT then-prevailing JJ market NN price NN . . The DT note NN would MD accrue VB interest NN at IN the DT rate NN of IN 13.5 CD % NN a DT year NN , , which WDT would MD be VB payable JJ to TO the DT fund NN after IN five CD years NNS , , according VBG to TO Stephen NNP E. NNP Roulac NNP , , a DT real JJ estate NN consultant NN working VBG for IN the DT fund NN . . The DT purpose NN of IN the DT note NN is VBZ to TO provide VB added JJ capital NN for IN the DT spun-off JJ company NN in IN a DT form NN that WDT will MD save VB it PRP spending VBG cash NN on IN immediate JJ interest NN payments NNS , , Mr. NNP Roulac NNP said VBD . . The DT spun-off JJ concern NN `` `` clearly RB will MD be VB one CD of IN the DT dominant JJ real JJ estate NN development NN companies NNS with IN a DT prime JJ portfolio NN , , '' '' he PRP said VBD . . For IN the DT last JJ year NN , , Santa NNP Fe NNP Pacific NNP has VBZ redirected VBN its PRP$ real JJ estate NN operations NNS toward IN longer-term JJ development NN of IN its PRP$ properties NNS , , hurting VBG profits NNS that WDT the DT parent NN had VBD generated VBN in IN the DT past NN from IN periodic JJ sales NNS from IN its PRP$ portfolio NN . . Real JJ estate NN operating NN income NN for IN the DT first JJ nine CD months NNS fell VBD to TO $ $ 71.9 CD million CD from IN $ $ 143 CD million CD a DT year NN earlier RBR , , the DT company NN said VBD . . In IN a DT statement NN late RB yesterday NN , , Santa NNP Fe NNP Pacific NNP 's POS chairman NN , , Robert NNP D. NNP Krebs NNP , , said VBD that IN Santa NNP Fe NNP Pacific NNP Realty NNP would MD repay VB more JJR than IN $ $ 500 CD million CD in IN debt NN owed VBN to TO the DT parent NN before IN the DT planned JJ spinoff NN . . That DT would MD help VB reduce VB Santa NNP Fe NNP Pacific NNP 's POS remaining VBG debt NN to TO about RB $ $ 600 CD million CD from IN a DT high JJ of IN $ $ 3.7 CD billion CD in IN early JJ 1988 CD . . It PRP was VBD n't RB clear JJ where WRB Santa NNP Fe NNP Pacific NNP expected VBD to TO obtain VB the DT payment NN of IN more JJR than IN $ $ 500 CD million CD , , which WDT would MD be VB well RB above IN the DT $ $ 400 CD million CD that DT California NNP pension NN fund NN officials NNS say VBP they PRP plan VBP to TO provide VB . . The DT realty NN unit NN might MD take VB on RP new JJ debt NN or CC obtain VB additional JJ investors NNS , , among IN other JJ possibilities NNS . . The DT Santa NNP Fe NNP Pacific NNP spokesman NN declined VBD to TO comment VB on IN that DT aspect NN , , saying VBG the DT deal NN was VBD still RB under IN negotiation NN . . Santa NNP Fe NNP Pacific NNP Realty NNP owns VBZ 2.8 CD million CD acres NNS of IN property NN , , including VBG 219 CD buildings NNS with IN more JJR than IN 11 CD million CD square JJ feet NNS of IN space NN . . It PRP also RB holds VBZ nearly RB 40,000 CD acres NNS of IN raw JJ land NN with IN development NN potential NN , , but CC under IN a DT previously RB announced VBN strategy NN , , the DT company NN has VBZ targeted VBN building NN on IN 5,400 CD acres NNS in IN California NNP , , Arizona NNP and CC the DT Chicago NNP area NN . . Among IN those DT are VBP the DT 1,850 CD acres NNS in IN the DT San NNP Francisco NNP Bay NNP area NN , , including VBG 208 CD acres NNS in IN the DT Mission NNP Bay NNP area NN . . The DT California NNP pension NN fund NN , , which WDT has VBZ $ $ 16 CD billion CD already RB invested VBN in IN real JJ estate NN and CC mortgages NNS , , could MD be VB a DT valuable JJ funding NN source NN for IN that DT development NN , , although IN it PRP is VBZ n't RB obliged VBN to TO make VB further JJ investments NNS . . The DT fund NN is VBZ the DT nation NN 's POS largest JJS public JJ employee NN fund NN , , and CC it PRP has VBZ a DT growing VBG cash NN flow NN now RB topping VBG $ $ 3 CD billion CD a DT year NN . . Fund NN officials NNS negotiated VBD the DT final JJ structure NN of IN the DT proposed JJ deal NN with IN Santa NNP Fe NNP Pacific NNP , , but CC they PRP were VBD approached VBN with IN the DT idea NN by IN real JJ estate NN brokers NNS JMB NNP Realty NNP Corp. NNP of IN Chicago NNP . . JMB NNP officials NNS are VBP expected VBN to TO be VB hired VBN to TO represent VB the DT pension NN fund NN on IN the DT Santa NNP Fe NNP Pacific NNP Realty NNP board NN , , Mr. NNP Roulac NNP said VBD , , to TO insulate VB the DT fund NN from IN potential JJ liability NN problems NNS . . GAF NNP , , Part NNP III NNP is VBZ scheduled VBN to TO begin VB today NN . . After IN two CD mistrials NNS , , the DT stakes NNS in IN the DT stock NN manipulation NN trial NN of IN GAF NNP Corp. NNP and CC its PRP$ vice NN chairman NN , , James NNP T. NNP Sherwin NNP , , have VBP changed VBN considerably RB . . The DT first JJ two CD GAF NNP trials NNS were VBD watched VBN closely RB on IN Wall NNP Street NNP because IN they PRP were VBD considered VBN to TO be VB important JJ tests NNS of IN the DT government NN 's POS ability NN to TO convince VB a DT jury NN of IN allegations NNS stemming VBG from IN its PRP$ insider-trading NN investigations NNS . . In IN an DT eight-count JJ indictment NN , , the DT government NN charged VBD GAF NNP , , a DT Wayne NNP , , N.J. NNP , , chemical NN maker NN , , and CC Mr. NNP Sherwin NNP with IN illegally RB attempting VBG to TO manipulate VB the DT common JJ stock NN of IN Union NNP Carbide NNP Corp. NNP in IN advance NN of IN GAF NNP 's POS planned JJ sale NN of IN a DT large JJ block NN of IN the DT stock NN in IN 1986 CD . . The DT government NN 's POS credibility NN in IN the DT GAF NNP case NN depended VBD heavily RB on IN its PRP$ star JJ witness NN , , Boyd NNP L. NNP Jefferies NNP , , the DT former JJ Los NNP Angeles NNP brokerage NN chief NN who WP was VBD implicated VBN by IN former JJ arbitrager NN Ivan NNP Boesky NNP , , and CC then RB pointed VBD the DT finger NN at IN Mr. NNP Sherwin NNP , , takeover NN speculator NN Salim NNP B. NNP Lewis NNP and CC corporate JJ raider NN Paul NNP Bilzerian NNP . . The DT GAF NNP trials NNS were VBD viewed VBN as IN previews NNS of IN the DT government NN 's POS strength NN in IN its PRP$ cases NNS against IN Mr. NNP Lewis NNP and CC Mr. NNP Bilzerian NNP . . Mr. NNP Jefferies NNP 's POS performance NN as IN a DT witness NN was VBD expected VBN to TO affect VB his PRP$ sentencing NN . . But CC GAF NNP 's POS bellwether JJ role NN was VBD short-lived JJ . . The DT first JJ GAF NNP trial NN ended VBD in IN a DT mistrial NN after IN four CD weeks NNS when WRB U.S. NNP District NNP Judge NNP Mary NNP Johnson NNP Lowe NNP found VBD that IN a DT prosecutor NN improperly RB , , but CC unintentionally RB , , withheld VBD a DT document NN . . After IN 93 CD hours NNS of IN deliberation NN , , the DT jurors NNS in IN the DT second JJ trial NN said VBD they PRP were VBD hopelessly RB deadlocked JJ , , and CC another DT mistrial NN was VBD declared VBN on IN March NNP 22 CD . . Meanwhile RB , , a DT federal JJ jury NN found VBD Mr. NNP Bilzerian NNP guilty JJ on IN securities NNS fraud NN and CC other JJ charges NNS in IN June NNP . . A DT month NN later RB , , Mr. NNP Jefferies NNP was VBD spared VBN a DT jail NN term NN by IN a DT federal JJ judge NN who WP praised VBD him PRP for IN helping VBG the DT government NN . . In IN August NNP , , Mr. NNP Lewis NNP pleaded VBD guilty JJ to TO three CD felony NN counts NNS . . Nevertheless RB , , the DT stakes NNS are VBP still RB high JJ for IN the DT players NNS directly RB involved VBN in IN the DT GAF NNP case NN . . The DT mistrials NNS have VBP left VBN the DT reputations NNS of IN GAF NNP , , Mr. NNP Sherwin NNP and CC GAF NNP Chairman NNP Samuel NNP Heyman NNP in IN limbo NN . . For IN Mr. NNP Sherwin NNP , , a DT conviction NN could MD carry VB penalties NNS of IN five CD years NNS in IN prison NN and CC a DT $ $ 250,000 CD fine JJ on IN each DT count NN . . GAF NNP faces VBZ potential JJ fines NNS of IN $ $ 500,000 CD for IN each DT count NN . . Individuals NNS familiar JJ with IN the DT case NN said VBD that IN throughout IN September NNP , , defense NN attorneys NNS were VBD talking VBG with IN the DT government NN in IN an DT effort NN to TO prevent VB a DT trial NN , , but CC by IN the DT end NN of IN the DT month NN the DT talks NNS had VBD ended VBN . . There EX is VBZ much JJ speculation NN among IN attorneys NNS not RB involved VBN that IN the DT strategy NN of IN GAF NNP 's POS attorney NN , , Arthur NNP Liman NNP , , and CC Mr. NNP Sherwin NNP 's POS counsel NN , , Stephen NNP Kaufman NNP , , will MD include VB testimony NN by IN Mr. NNP Sherwin NNP or CC Mr. NNP Heyman NNP . . Neither DT testified VBD at IN the DT previous JJ trials NNS . . For IN now RB , , defense NN attorneys NNS are VBP tight-lipped JJ about IN their PRP$ plans NNS . . Max NNP Gitter NNP , , another DT GAF NNP defense NN attorney NN , , said VBD yesterday NN , , `` `` As IN we PRP go VBP in IN for IN the DT third JJ time NN , , Yogi NNP Berra NNP 's POS famous JJ line NN is VBZ apt JJ : : ` `` It PRP 's VBZ deja NN vu NN all RB over RB again RB . . ' '' '' '' DALKON NNP SHIELD NNP CLAIMANTS NNS hope VBP to TO stop VB reorganization-plan JJ appeal NN . . Attorneys NNS for IN more JJR than IN 18,000 CD women NNS who WP claim VBP injuries NNS from IN the DT Dalkon NNP Shield NNP contraceptive JJ device NN have VBP asked VBN the DT U.S. NNP Supreme NNP Court NNP to TO refuse VB to TO hear VB an DT appeal NN of IN the DT bankruptcy-law NN reorganization NN plan NN for IN A.H. NNP Robins NNP Co. NNP , , which WDT manufactured VBD the DT device NN . . The DT dispute NN pits VBZ two CD groups NNS of IN claimants NNS against IN each DT other JJ . . Baltimore NNP attorney NN Michael NNP A. NNP Pretl NNP and CC 17 CD other JJ attorneys NNS representing VBG 18,136 CD claimants NNS in IN the DT U.S. NNP and CC abroad RB argue VBP that IN the DT appeal NN would MD delay VB -- : and CC perhaps RB even RB destroy VB -- : a DT $ $ 2.38 CD billion CD settlement NN fund NN that WDT is VBZ the DT centerpiece NN of IN the DT reorganization NN plan NN . . The DT bankruptcy-court NN reorganization NN is VBZ being VBG challenged VBN before IN the DT Supreme NNP Court NNP by IN a DT dissident JJ group NN of IN claimants NNS because IN it PRP places VBZ a DT cap NN on IN the DT total JJ amount NN of IN money NN available JJ to TO settle VB claims NNS . . It PRP also RB bars VBZ future JJ suits NNS against IN Robins NNP company NN officials NNS , , members NNS of IN the DT Robins NNP family NN and CC Robins NNP 's POS former JJ insurer NN , , Aetna NNP Life NNP & CC Casualty NNP Co NNP . . The DT latter JJ provision NN is VBZ `` `` legally RB unprecedented JJ , , '' '' said VBD Alan NNP B. NNP Morrison NNP , , a DT public JJ interest NN lawyer NN in IN Washington NNP , , D.C. NNP , , who WP is VBZ challenging VBG the DT plan NN on IN behalf NN of IN 900 CD claimants NNS . . More JJR than IN 100,000 CD claims NNS against IN Robins NNP are VBP pending VBG . . The DT company NN made VBD and CC marketed VBD the DT Dalkon NNP Shield NNP in IN the DT early JJ 1970s NNS amid IN mounting VBG evidence NN that IN it PRP could MD cause VB serious JJ injuries NNS . . Robins NNP has VBZ been VBN in IN proceedings NNS under IN Chapter NNP 11 CD of IN the DT U.S. NNP Bankruptcy NNP Code NNP since IN August NNP 1985 CD ; : such JJ proceedings NNS give VBP it PRP protection NN from IN creditor NN lawsuits NNS while IN it PRP works VBZ out RP a DT plan NN for IN paying VBG its PRP$ debts NNS . . American NNP Home NNP Products NNP Corp. NNP wants VBZ to TO acquire VB Robins NNP , , but CC only RB if IN all DT legal JJ challenges NNS to TO the DT plan NN are VBP exhausted VBN . . In IN a DT brief NN filed VBN with IN the DT Supreme NNP Court NNP last JJ week NN , , Mr. NNP Pretl NNP criticizes VBZ the DT appeal NN for IN raising VBG `` `` abstract JJ '' '' and CC `` `` theoretical JJ '' '' legal JJ issues NNS , , while IN jeopardizing VBG the DT proposed JJ reorganization NN and CC the DT settlement NN payments NNS to TO claimants NNS . . The DT Supreme NNP Court NNP is VBZ scheduled VBN to TO consider VB the DT case NN Nov. NNP 3 CD and CC may MD issue VB a DT decision NN as RB early RB as IN Nov. NNP 6 CD . . JURY NN 'S POS CRIMINAL JJ CONVICTION NN under IN Superfund NNP law NN is VBZ a DT first JJ . . Charles NNP A. NNP Donohoo NNP , , sole JJ proprieter NN of IN a DT Louisville NNP , , Ky. NNP , , demolition NN company NN , , was VBD found VBN guilty JJ of IN violating VBG the DT Superfund NNP law NN as RB well RB as IN the DT Clean NNP Air NNP Act NNP . . Criminal JJ convictions NNS under IN the DT federal JJ Superfund NNP law NN are VBP rare JJ , , and CC the DT decision NN is VBZ the DT first JJ jury NN verdict NN in IN such PDT a DT case NN . . Under IN Superfund NNP , , those DT who WP owned VBD , , generated VBD or CC transported VBD hazardous JJ waste NN are VBP liable JJ for IN its PRP$ cleanup NN , , regardless RB of IN whether IN their PRP$ actions NNS were VBD legal JJ at IN the DT time NN . . Environmental JJ lawyers NNS say VBP virtually RB all DT of IN the DT Superfund NNP cases NNS to TO date NN have VBP involved VBN civil JJ penalties NNS designed VBN to TO insure VB cleanup NN of IN past JJ polluting VBG activities NNS . . But CC Superfund NNP also RB contains VBZ a DT criminal JJ provision NN concerning VBG the DT release NN of IN toxic JJ substances NNS into IN the DT environment NN . . In IN 1986 CD Congress NNP strengthened VBD the DT penalty NN by IN making VBG it PRP a DT felony NN . . Mr. NNP Donohoo NNP was VBD convicted VBN in IN Louisville NNP late RB last JJ month NN of IN violating VBG Superfund NNP by IN failing VBG to TO report VB the DT release NN of IN asbestos NN into IN the DT environment NN from IN a DT building NN he PRP was VBD demolishing VBG . . He PRP was VBD also RB convicted VBN of IN failing VBG to TO properly RB remove VB asbestos NN from IN the DT building NN , , a DT violation NN of IN the DT Clean NNP Air NNP Act NNP . . The DT government NN sought VBD a DT criminal JJ penalty NN because IN `` `` no DT cleanup NN is VBZ possible JJ here RB . . Once RB { ( asbestos NN } ) is VBZ released VBN into IN the DT environment NN , , it PRP can MD lodge VB anywhere RB , , '' '' says VBZ Richard NNP A. NN Dennis NNP , , the DT assistant JJ U.S. NNP attorney NN who WP prosecuted VBD the DT case NN . . Mr. NNP Donohoo NNP is VBZ scheduled VBN to TO be VB sentenced VBN Dec. NNP 11 CD . . His PRP$ lawyer NN could MD not RB be VB reached VBN for IN comment NN . . Mr. NNP Donohoo NNP faces NNS as RB much RB as IN three CD years NNS in IN prison NN and CC a DT $ $ 250,000 CD fine NN for IN the DT Superfund NNP conviction NN and CC as RB much JJ as IN one CD year NN in IN prison NN and CC a DT $ $ 100,000 CD fine NN for IN the DT violation NN of IN the DT Clean NNP Air NNP Act NNP . . TED NNP BUNDY'S NNP LAWYERS NNS switch VBP to TO victims NNS ' POS side NN in IN death-sentence NN case NN . . Wilmer NNP , , Cutler NNP & CC Pickering NNP , , the DT Washington NNP , , D.C. NNP , , law NN firm NN that WDT spent VBD over IN $ $ 1 CD million CD fighting VBG the DT execution NN of IN mass-murderer NN Ted NNP Bundy NNP -- : who WP eventually RB was VBD executed VBN -- : has VBZ taken VBN on RP another DT death NN penalty NN case NN before IN the DT Supreme NNP Court NNP , , this DT time NN on IN the DT side NN of IN the DT family NN of IN four CD murder NN victims NNS in IN Arkansas NNP . . The DT law NN firm NN has VBZ filed VBN a DT friend-of-the-court JJ brief NN jointly RB with IN the DT Washington NNP Legal NNP Foundation NNP , , a DT conservative JJ legal JJ group NN . . The DT key JJ issue NN in IN the DT case NN , , which WDT the DT law NN firm NN is VBZ handling VBG without IN a DT fee NN , , or CC pro FW bono FW , , is VBZ whether IN a DT person NN sentenced VBN to TO death NN can MD voluntarily RB waive VB his PRP$ rights NNS of IN appellate JJ review NN . . The DT murderer NN , , Ronald NNP Gene NNP Simmons NNP , , was VBD convicted VBN of IN killing VBG 14 CD people NNS . . Another DT murderer NN on IN death NN row NN has VBZ appealed VBN Mr. NNP Simmons NNP 's POS death NN sentence NN in IN a DT `` `` next JJ friend NN '' '' capacity NN . . Wilmer NNP Cutler NNP 's POS brief NN argues VBZ that IN there EX is VBZ no DT mandatory JJ appellate JJ review NN of IN capital NN sentences NNS and CC that IN the DT inmate NN who WP filed VBD the DT appeal NN lacks VBZ proper JJ standing NN . . P.J. NNP Mode NNP , , Wilmer NNP Cutler NNP 's POS managing NN partner NN , , says VBZ the DT trial NN team NN that WDT represented VBD Mr. NNP Bundy NNP was VBD asked VBN by IN the DT firm NN 's POS pro FW bono FW committee NN whether IN the DT new JJ case NN posed VBD a DT conflict NN and CC that IN no DT objections NNS were VBD raised VBN . . The DT coupling NN of IN the DT law NN firm NN and CC the DT Washington NNP Legal NNP Foundation NNP is VBZ odd JJ also RB , , because IN Wilmer NNP Cutler NNP was VBD one CD of IN the DT firms NNS singled VBN out RP for IN criticism NN two CD years NNS ago RB by IN the DT conservative JJ legal JJ group NN for IN displaying VBG a DT liberal JJ bias NN in IN its PRP$ pro FW bono FW work NN . . `` `` We PRP give VBP them PRP a DT lot NN of IN credit NN for IN taking VBG this DT case NN , , '' '' says VBZ WLF NNP 's POS Alan NNP Slobodin NNP . . THE DT CASE NN OF IN THE DT FAKE JJ DALIS NNPS : : In IN federal JJ court NN in IN Manhattan NNP , , three CD defendants NNS pleaded VBD guilty JJ to TO charges NNS of IN fraud NN in IN connection NN with IN the DT sale NN of IN fake JJ Salvador NNP Dali NNP lithographs NNS . . James NNP Burke NNP and CC Larry NNP Evans NNP , , formerly RB owners NNS of IN the DT now-defunct JJ Barclay NNP Gallery NNP , , and CC Prudence NNP Clark NNP , , a DT Barclay NNP sales NNS representative NN , , were VBD charged VBN with IN conducting VBG high-pressure JJ telephone NN sales NNS in IN which WDT they PRP misrepresented VBD cheap JJ copies NNS of IN Dali NNP artwork NN as IN signed JJ , , limited-edition JJ lithographs NNS . . The DT posters NNS were VBD sold VBN for IN $ $ 1,300 CD to TO $ $ 6,000 CD , , although IN the DT government NN says VBZ they PRP had VBD a DT value NN of IN only RB $ $ 53 CD to TO $ $ 200 CD apiece RB . . Henry NNP Pitman NNP , , the DT assistant JJ U.S. NNP attorney NN handling VBG the DT case NN , , said VBD about RB 1,000 CD customers NNS were VBD defrauded VBN and CC that IN Barclay NNP 's POS total JJ proceeds NNS from IN the DT sales NNS were VBD $ $ 3.4 CD million CD . . Attorneys NNP for IN Messrs. NNP Burke NNP and CC Evans NNP and CC Ms. NNP Clarke NNP said VBD that IN although IN their PRP$ clients NNS admitted VBD to TO making VBG some DT misrepresentations NNS in IN the DT sales NNS , , they PRP had VBD believed VBN that IN the DT works NNS were VBD authorized VBN by IN Mr. NNP Dali NNP , , who WP died VBD in IN January NNP . . The DT posters NNS were VBD printed VBN on IN paper NN pre-signed VBN by IN Mr. NNP Dali NNP , , the DT attorneys NNS said VBD . . Westamerica NNP Bancorp. NNP said VBD Richard NNP W. NNP Decker NNP resigned VBD as IN president NN and CC chief JJ executive JJ officer NN after IN only RB a DT year NN on IN the DT job NN because IN of IN `` `` differences NNS '' '' with IN the DT board NN . . The DT banking NN company NN could MD n't RB be VB reached VBN to TO comment VB beyond IN a DT written JJ announcement NN . . It PRP did VBD n't RB specify VB the DT nature NN of IN the DT differences NNS , , saying VBG only RB that IN they PRP related VBD to TO `` `` management NN style NN '' '' and CC `` `` strategic JJ objectives NNS . . '' '' Westamerica NNP said VBD Mr. NNP Decker NNP 's POS posts NNS were VBD assumed VBN by IN David NNP Payne NNP , , Westamerica NNP 's POS chairman NN , , who WP at IN 34 CD years NNS of IN age NN becomes VBZ one NN of IN the DT youngest JJS chief JJ executives NNS of IN a DT sizable JJ bank NN in IN the DT country NN . . Mr. NNP Decker NNP is VBZ about RB 45 CD years NNS old JJ . . Neither CC Mr. NNP Payne NNP nor CC Mr. NNP Decker NNP could MD be VB reached VBN to TO comment VB . . Westamerica NN has VBZ about RB $ $ 1.3 CD billion CD of IN assets NNS and CC is VBZ the DT largest JJS independent JJ bank NN in IN northern JJ California NNP . . It PRP controls VBZ about RB 35 CD % NN of IN the DT affluent JJ Marin NNP County NNP market NN across IN the DT Golden NNP Gate NNP bridge NN from IN San NNP Francisco NNP . . Mr. NNP Decker NNP 's POS resignation NN surprised VBD many JJ industry NN officials NNS . . He PRP was VBD brought VBN to TO the DT company NN in IN September NNP 1988 CD after IN 15 CD years NNS at IN Los NNP Angeles-based JJ First NNP Interstate NNP Bancorp NNP . . The DT bank NN had VBD been VBN suffering VBG in IN late JJ 1987 CD from IN a DT slew NN of IN bad JJ real JJ estate NN loans NNS made VBN in IN Arizona NNP . . When WRB he PRP was VBD hired VBN , , Mr. NNP Payne NNP lauded VBD Mr. NNP Decker NNP 's POS `` `` extraordinary JJ ... : skills NNS '' '' and CC his PRP$ `` `` outstanding JJ reputation NN as IN one CD of IN the DT West NNP 's POS brightest JJS bankers NNS . . '' '' Though IN the DT bank NN is VBZ n't RB performing VBG as RB well RB as IN some DT of IN its PRP$ competitors NNS in IN the DT lucrative JJ California NNP market NN , , its PRP$ condition NN has VBZ improved VBN since IN Mr. NNP Decker NNP took VBD over RP . . For IN the DT six CD months NNS ended VBD June NNP 30 CD , , it PRP earned VBD $ $ 3.1 CD million CD , , or CC 61 CD cents NNS a DT share NN , , compared VBN with IN net JJ income NN of IN $ $ 2.4 CD million CD , , or CC 41 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . Its PRP$ stock NN also RB has VBZ risen VBN lately RB , , at IN least JJS partly RB because IN it PRP is VBZ considered VBN a DT possible JJ takeover NN candidate NN . . Interstate JJ banking NN is VBZ scheduled VBN to TO begin VB in IN California NNP in IN 1991 CD , , and CC larger JJR California NNP banks NNS , , such JJ as IN Wells NNP Fargo NNP & CC Co. NNP , , have VBP been VBN paying VBG fat JJ premiums NNS to TO buy VB smaller JJR banks NNS to TO control VB markets NNS before IN any DT out-of-state JJ banks NNS enter VBP the DT fray NN . . In IN American NNP Stock NNP Exchange NNP composite JJ trading NN yesterday NN , , Westamerica NNP closed VBD at IN $ $ 22.25 CD a DT share NN , , down RB 75 CD cents NNS . . Varian NNP Associates NNP Inc. NNP , , Palo NNP Alto NNP , , Calif. NNP , , reported VBD fiscal JJ fourth-quarter JJ profit NN plunged VBD more RBR than IN 95 CD % NN to TO $ $ 1 CD million CD , , or CC five CD cents NNS a DT share NN , , from IN $ $ 24.2 CD million CD , , or CC $ $ 1.10 CD a DT share NN , , in IN the DT year-earlier JJ quarter NN . . The DT diversified JJ electronics NN company NN blamed VBD the DT decline NN in IN the DT quarter NN ended VBN Sept. NNP 29 CD , , on IN previously RB reported VBN operating NN problems NNS in IN its PRP$ Electron NNP Devices NNP & CC Systems NNP Group NNP . . For IN the DT full JJ fiscal JJ year NN , , Varian NNP posted VBD a DT 13 CD % NN profit NN rise NN to TO $ $ 31.5 CD million CD , , or CC $ $ 1.53 CD a DT share NN , , up RB from IN $ $ 27.8 CD million CD , , or CC $ $ 1.27 CD a DT share NN , , last JJ year NN . . Sales NNS for IN the DT year NN rose VBD almost RB 15 CD % NN to TO $ $ 1.34 CD billion CD from IN $ $ 1.17 CD billion CD last JJ year NN . . A DT profit NN last JJ year NN in IN both CC the DT quarter NN and CC year NN included VBD a DT net JJ gain NN of IN $ $ 9.6 CD million CD , , or CC 44 CD cents NNS a DT share NN , , from IN the DT sale NN of IN a DT division NN . . Additionally RB , , the DT full-year JJ profit NN last JJ year NN reflected VBD an DT after-tax JJ restructuring NN charge NN of IN $ $ 22.8 CD million CD , , or CC $ $ 1.04 CD a DT share NN . . Shares NNP of IN Varian NNP , , which WDT last JJ month NN warned VBD there EX would MD be VB a DT fourth-quarter JJ plunge NN , , closed VBD at IN $ $ 22.75 CD , , down RB 62.5 CD cents NNS in IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP . . Sales NNS rose VBD 18 CD % NN in IN the DT fiscal JJ fourth JJ quarter NN to TO $ $ 364.1 CD million CD from IN $ $ 307.9 CD million CD on IN the DT strength NN in IN semiconductors NNS and CC other JJ products NNS . . In IN a DT last-ditch JJ effort NN to TO keep VB its PRP$ sales NNS force NN and CC customer NN base NN , , Integrated NNP Resources NNP Inc. NNP said VBD it PRP agreed VBD in IN principle NN to TO transfer VB ownership NN of IN its PRP$ broker-dealer NN subsidiary NN to TO two CD of IN its PRP$ top JJ executives NNS . . The DT financial-services NNS firm NN , , struggling VBG since IN summer NN to TO avoid VB a DT bankruptcy-law NN filing NN after IN missing VBG interest NN payments NNS on IN about RB $ $ 1 CD billion CD of IN debt NN , , will MD retain VB the DT right NN to TO regain VB the DT subsidiary NN . . It PRP said VBD it PRP will MD exercise VB that DT right NN only RB if IN it PRP sells VBZ substantially RB all DT of IN its PRP$ other JJ core JJ businesses NNS . . It PRP also RB can MD sell VB the DT right NN to TO regain VB the DT subsidiary NN to TO another DT party NN . . Also RB , , the DT broker-dealer NN subsidiary NN , , Integrated NNP Resources NNP Equity NNP Corp. NNP , , was VBD renamed VBN Royal NNP Alliance NNP Associates NNP Inc NNP . . Because IN of IN Integrated NNP 's POS widely RB reported VBN troubles NNS , , the DT unit NN 's POS representatives NNS had VBD been VBN requesting VBG a DT name NN change NN . . Royal NNP Alliance NNP , , to TO which WDT the DT 3,900 CD representatives NNS ' POS licenses NNS will MD be VB transferred VBN , , is VBZ a DT shell NN company NN Integrated NNP owns VBZ . . In IN the DT transaction NN , , Integrated NNP will MD transfer VB 100 CD % NN ownership NN of IN the DT subsidiary NN to TO Gerard NNP M. NNP Lavin NNP , , executive JJ vice NN president NN of IN Integrated NNP and CC head NN of IN back-office JJ operations NNS at IN the DT subsidiary NN , , and CC Gary NNP W. NNP Krat NNP , , executive JJ vice NN president NN of IN the DT parent NN and CC president NN of IN the DT subsidiary NN . . Integrated NNP will MD pump VB $ $ 3.5 CD million CD to TO $ $ 4 CD million CD into IN Royal NNP Alliance NNP as IN initial JJ funding NN . . In IN an DT interview NN , , Mr. NNP Krat NNP said VBD that IN based VBN on IN criteria NNS yet RB to TO be VB determined VBN , , he PRP expects VBZ to TO distribute VB 49 CD % NN of IN Royal NNP Alliance NNP to TO the DT representatives NNS , , who WP sell VBP Integrated NNP 's POS insurance NN and CC mutual-fund NN products NNS . . If IN Integrated NNP regains VBZ Royal NNP Alliance NNP , , the DT representatives NNS will MD retain VB their PRP$ 49 CD % NN ownership NN . . Mr. NNP Krat NNP indicated VBD that IN completion NN of IN the DT transaction NN could MD take VB several JJ weeks NNS , , and CC it PRP was VBD n't RB immediately RB clear VB what WP would MD happen VB to TO the DT broker-dealer NN subsidiary NN if IN Integrated NNP files NNS for IN bankruptcy-law NN protection NN in IN the DT meantime NN . . The DT subsidiary NN is VBZ n't RB expected VBN to TO be VB profitable JJ for IN at IN least JJS one CD year NN . . If IN Integrated NNP regains VBZ the DT unit NN , , it PRP would MD receive VB any DT profit NN the DT unit NN reports VBZ , , even RB while IN the DT unit NN is VBZ independent JJ . . If IN the DT deal NN closes VBZ , , the DT two CD officers NNS will MD draw VB salaries NNS from IN the DT independent JJ operation NN , , not RB from IN Integrated NNP . . Many JJ aspects NNS of IN the DT agreement NN were VBD worked VBN out RP Wednesday NNP in IN Chicago NNP , , when WRB Integrated NNP senior JJ managers NNS met VBD with IN about RB 150 CD representatives NNS . . `` `` I PRP think VBP it PRP was VBD something NN that IN we PRP and CC they PRP thought VBD was VBD constructive JJ , , '' '' said VBD Stephen NNP D. NNP Weinroth NNP , , chairman NN and CC co-chief JJ executive JJ officer NN of IN Integrated NNP . . Integrated NNP made VBD its PRP$ announcement NN after IN the DT market NN closed VBD . . In IN New NNP York NNP Stock NNP Exchange NNP Composite NNP trading NN , , Integrated NNP shares NNS closed VBD at IN $ $ 1.125 CD , , up RB 12.5 CD cents NNS . . The DT dollar NN weakened VBD in IN indecisive JJ trading NN as IN foreign-exchange NN dealers NNS awaited VBD fresh JJ economic JJ news NN that IN they PRP hope VBP will MD jolt VB the DT U.S. NNP unit NN out IN of IN its PRP$ narrow JJ ranges NNS . . The DT Canadian JJ dollar NN climbed VBD to TO its PRP$ highest JJS level NN against IN the DT U.S. NNP dollar NN since IN late JJ August NNP , , prompting VBG the DT Bank NNP of IN Canada NNP to TO sell VB the DT Canadian JJ currency NN on IN the DT market NN . . Traders NNS say VBP that IN after IN a DT week NN of IN nervously RB tracking VBG every DT development NN on IN Wall NNP Street NNP , , the DT foreign-exchange NN market NN has VBZ settled VBN back RP to TO catch VB its PRP$ breath NN ahead RB of IN new JJ U.S. NNP economic JJ data NNS . . They PRP noted VBD , , however RB , , that IN a DT 26-point JJ drop NN in IN the DT Dow NNP Jones NNP Industrial NNP Average NNP gave VBD the DT dollar NN a DT sharp JJ nudge NN downward RB late RB in IN the DT day NN . . In IN late JJ New NNP York NNP trading NN yesterday NN , , the DT dollar NN was VBD quoted VBN at IN 1.8470 CD marks NNS , , down RB from IN 1.8578 CD marks NNS late RB Friday NNP , , and CC at IN 141.90 CD yen NN , , down RB from IN 142.43 CD yen NN late RB Friday NNP . . Sterling NN was VBD quoted VBN at IN $ $ 1.6030 CD , , up RB from IN $ $ 1.5885 CD late RB Friday NNP . . In IN Tokyo NNP Tuesday NNP , , the DT U.S. NNP currency NN opened VBD for IN trading VBG at IN 141.80 CD yen NN , , down RB from IN Monday NNP 's POS Tokyo NNP close NN of IN 142.40 CD yen NN . . The DT market NN 's POS attention NN is VBZ especially RB focused VBN on IN a DT preliminary JJ report NN on IN the DT U.S. NNP third-quarter JJ gross JJ national JJ product NN , , due JJ out RB Thursday NNP , , which WDT could MD show VB the DT economy NN is VBZ continuing VBG to TO expand VB at IN a DT relatively RB brisk JJ pace NN . . The DT consensus NN view NN on IN real JJ GNP NNP , , the DT total JJ value NN of IN the DT U.S. NNP output NN of IN goods NNS and CC services NNS adjusted VBN for IN inflation NN , , calls VBZ for IN a DT 2.3 CD % NN gain NN on IN an DT annual JJ basis NN , , slowing VBG somewhat RB from IN the DT second JJ quarter NN 's POS 2.5 CD % NN , , but CC still RB fairly RB strong JJ . . Few JJ market NN participants NNS expect VBP the DT U.S. NNP unit NN to TO rally VB sharply RB on IN the DT news NN , , if IN it PRP turns VBZ out RP as RB expected VBN . . Many JJ contend VBP that IN the DT report NN may MD overstate VB the DT economy NN 's POS health NN and CC predict VB the DT third-quarter JJ figures NNS may MD be VB the DT last JJ vigorous JJ statistics NNS for IN some DT time NN to TO come VB . . `` `` Everyone NN is VBZ waiting VBG for IN GNP NNP , , '' '' says VBZ Walter NNP Simon NNP , , an DT assistant JJ treasurer NN with IN Bank NNP Julius NNP Baer NNP & CC Co NNP . . `` `` Yet CC even RB a DT relatively RB strong JJ number NN -- : 2.8 CD % NN to TO 2.9 CD % NN -- : wo MD n't RB alter VB the DT market NN 's POS view NN that IN the DT economy NN is VBZ softening VBG . . '' '' Hubert NNP Pedroli NNP , , managing NN director NN of IN foreign JJ exchange NN at IN Credit NNP Suisse NNP in IN New NNP York NNP , , adds VBZ , , `` `` The DT market NN sees VBZ this DT as IN the DT last JJ piece NN of IN good JJ news NN . . '' '' Mr. NNP Pedroli NNP notes VBZ that IN the DT GNP NNP deflator NN , , a DT measure NN of IN inflation NN , , is VBZ expected VBN to TO slow VB , , which WDT would MD give VB the DT Federal NNP Reserve NNP more JJR room NN to TO ease VB key JJ U.S. NNP rates NNS . . Analysts NNS predict VBP a DT 3.5 CD % NN rise NN in IN the DT deflator NN , , after IN climbing VBG 4.6 CD % NN in IN the DT second JJ quarter NN . . They PRP note VBP that IN when WRB an DT unexpectedly RB sharp JJ widening NN in IN the DT U.S. NNP trade NN gap NN in IN August NNP was VBD reported VBN earlier RBR this DT month NN , , hopes NNS for IN a DT sustained JJ narrowing NN of IN the DT trade NN deficit NN were VBD dashed VBN and CC sentiment NN gripped VBD the DT market NN that IN the DT U.S. NNP economy NN was VBD losing VBG its PRP$ momentum NN . . A DT 190-point JJ plunge NN in IN U.S. NNP stock NN shares NNS compounded VBD the DT view NN , , they PRP say VBP . . `` `` Everyone NN is VBZ extremely RB convinced JJ the DT economy NN is VBZ slowing VBG , , '' '' says VBZ one CD senior JJ New NNP York NNP dealer NN . . `` `` If IN we PRP 're VBP not RB headed VBN for IN a DT recession NN , , we PRP 're VBP certainly RB headed VBN for IN a DT major JJ slowdown NN . . '' '' While IN the DT market NN expects VBZ little JJ reaction NN from IN news NN of IN U.S. NNP durable JJ goods NNS orders NNS , , scheduled VBN for IN release NN today NN , , participants NNS note VBP that IN the DT figures NNS will MD probably RB serve VB to TO reinforce VB this DT bearish JJ sentiment NN . . U.S. NNP durable JJ goods NNS orders NNS are VBP expected VBN to TO show VB a DT decline NN of IN 1.2 CD % NN in IN September NNP , , according VBG to TO economists NNS . . The DT anticipated JJ drop NN follows VBZ a DT 3.9 CD % NN rise NN in IN August NNP . . Traders NNS , , however RB , , are VBP quick JJ to TO point VB out RP that IN while IN there EX is VBZ little JJ enthusiasm NN for IN buying VBG dollars NNS , , the DT U.S. NNP unit NN has VBZ found VBN a DT `` `` natural JJ bottom NN '' '' at IN about RB 1.85 CD marks NNS and CC 140 CD yen NN . . Its PRP$ resilience NN around IN these DT levels NNS is VBZ pegged VBN to TO persistent JJ investor NN demand NN for IN the DT greenback NN , , especially RB in IN Japan NNP . . On IN the DT Commodity NNP Exchange NNP in IN New NNP York NNP , , gold NN for IN current JJ delivery NN settled VBD at IN $ $ 367 CD an DT ounce NN , , down RB 30 CD cents NNS . . Estimated JJ volume NN was VBD a DT very RB light JJ one CD million CD ounces NNS . . In IN early RB trading NN in IN Hong NNP Kong NNP Tuesday NNP , , gold NN was VBD quoted VBN at IN $ $ 366.79 CD an DT ounce NN . . Liz NNP Claiborne NNP Inc. NNP , , New NNP York NNP , , said VBD its PRP$ third-quarter JJ net JJ income NN jumped VBD 62 CD % NN , , citing VBG continued JJ strength NN in IN apparel NN sales NNS and CC the DT start NN of IN shipments NNS of IN its PRP$ new JJ product NN lines NNS : : a DT men NNS 's POS fragrance NN , , large-size JJ women NNS 's POS apparel NN and CC casual JJ knitwear NN . . The DT big JJ apparel NN maker NN and CC retailer NN said VBD that IN its PRP$ net JJ income NN in IN the DT latest JJS quarter NN increased VBD to TO $ $ 51.1 CD million CD , , or CC 58 CD cents NNS a DT share NN , , from IN $ $ 31.7 CD million CD , , or CC 36 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . Sales NNS in IN the DT quarter NN gained VBD 29 CD % NN to TO $ $ 410.4 CD million CD from IN $ $ 317.7 CD million CD a DT year NN earlier RBR . . Claiborne NNP shares NNS closed VBD yesterday NN at IN $ $ 25.125 CD , , up RB 50 CD cents NNS , , in IN national JJ over-the-counter JJ trading NN . . Claiborne NNP 's POS directors NNS also RB declared VBD its PRP$ regular JJ cash NN dividend NN payment NN of IN five CD cents NNS a DT share NN payable JJ on IN Dec. NNP 5 CD to TO shareholders NNS of IN record NN at IN the DT close NN of IN business NN on IN Nov. NNP 13 CD . . For IN the DT nine CD months NNS , , net JJ income NN rose VBD 48 CD % NN to TO $ $ 124.2 CD million CD , , or CC $ $ 1.41 CD a DT share NN , , from IN $ $ 83.8 CD million CD , , or CC 96 CD cents NNS a DT share NN a DT year NN earlier RBR . . Sales NNS gained VBD 16 CD % NN to TO $ $ 1.03 CD billion CD from IN $ $ 894 CD million CD . . Tokyo NNP stocks NNS closed VBD firmer JJR Monday NNP , , with IN the DT Nikkei NNP index NN making VBG its PRP$ fifth JJ consecutive JJ daily JJ gain NN . . Stocks NNS also RB rose VBD in IN London NNP , , while IN the DT Frankfurt NNP market NN was VBD mixed JJ . . In IN Tokyo NNP , , the DT Nikkei NNP index NN added VBD 99.14 CD to TO 35585.52 CD . . The DT index NN moved VBN above IN 35670 CD at IN midmorning NN , , nearly RB reaching VBG the DT record NN of IN 35689.98 CD set VBN Sept. NNP 28 CD . . But CC the DT market NN lost VBD part NN of IN the DT early JJ gains NNS on IN index-linked JJ investment NN trust NN fund NN selling NN . . In IN early RB trading NN in IN Tokyo NNP Tuesday NNP , , the DT Nikkei NNP index NN rose VBD 1.08 CD points NNS to TO 35586.60 CD . . On IN Monday NNP , , traders NNS noted VBD that IN some DT investors NNS took VBD profits NNS against IN the DT backdrop NN of IN the DT Nikkei NNP 's POS fast-paced JJ recovery NN following VBG its PRP$ plunge NN last JJ Monday NNP in IN reaction NN to TO the DT Oct. NNP 13 CD drop NN in IN New NNP York NNP stock NN prices NNS . . But CC overall JJ buying NN interest NN remained VBD strong JJ through IN Monday NNP , , with IN many JJ observers NNS saying VBG they PRP expect VBP the DT Nikkei NNP to TO continue VB with IN moderate JJ gains NNS this DT week NN . . Turnover NN remained VBD relatively RB small JJ . . Volume NN on IN the DT first JJ section NN was VBD estimated VBN at IN 600 CD million CD shares NNS , , down RB from IN 1.03 CD billion CD shares NNS Friday NNP . . The DT Tokyo NNP stock NN price NN index NN of IN first JJ section NN issues NNS was VBD up RB 7.81 CD at IN 2687.53 CD . . Relatively RB stable JJ foreign JJ currency NN dealings NNS Monday NNP were VBD viewed VBN favorably RB by IN market NN players NNS , , traders NNS said VBD . . But CC institutional JJ investors NNS may MD wait VB a DT little RB longer RBR to TO appraise VB the DT direction NN of IN the DT U.S. NNP monetary JJ policy NN and CC the DT dollar NN , , traders NNS said VBD . . Hiroyuki NNP Wada NNP , , general JJ manager NN of IN the DT stock NN department NN at IN Okasan NNP Securities NNP , , said VBD Monday NNP 's POS trading NN was VBD `` `` unfocused JJ . . '' '' He PRP said VBD investors NNS were VBD picking VBG individual JJ stocks NNS based VBN on IN specific JJ incentives NNS and CC the DT likelihood NN of IN a DT wider JJR price NN increase NN over IN the DT short JJ term NN . . The DT selective JJ approach NN blurred VBD themes NNS such JJ as IN domestic-demand JJ issues NNS , , large-capitalization JJ issues NNS or CC high-technology NN shares NNS , , which WDT had VBD been VBN providing VBG at IN least JJS some DT trading NN direction NN over IN the DT past JJ few JJ weeks NNS , , Mr. NNP Wada NNP said VBD . . Investors NNS took VBD profits NNS on IN major JJ construction NN shares NNS , , which WDT advanced VBD last JJ week NN , , shifting VBG their PRP$ attention NN to TO some DT midsize JJ companies NNS such JJ as IN Aoki NNP Corp. NNP , , Tobishima NNP and CC Maeda NNP . . Aoki NNP gained VBD 60 CD yen NN to TO 1,480 CD yen NN ( ( $ $ 10.40 CD ) ) . . Some DT pharmaceutical JJ shares NNS were VBD popular JJ on IN rumors NNS related VBN to TO new JJ products NNS to TO be VB introduced VBN at IN a DT cancer NN conference NN that WDT opened VBD in IN Nagoya NNP . . Teijin NNP was VBD up RB 15 CD at IN 936 CD , , and CC Kyowa NNP Hakko NNP gained VBD 30 CD to TO 1,770 CD . . Mochida NNP advanced VBD 40 CD to TO 4,440 CD . . Fujisawa NNP continued VBD to TO attract VB investors NNS because IN of IN strong JJ earning NN prospects NNS stemming VBG from IN a DT new JJ immune JJ control NN agent NN . . Fujisawa NNP gained VBD 50 CD to TO 2,060 CD . . Kikkoman NNP was VBD up RB 30 CD to TO 1,600 CD , , receiving VBG investor NN interest NN for IN its PRP$ land NN property NN holdings NNS near IN Tokyo NNP , , a DT trader NN said VBD . . London NNP prices NNS closed VBD modestly RB higher JJR in IN the DT year NN 's POS thinnest JJS turnover NN , , a DT condition NN that WDT underscored VBD a DT lack NN of IN conviction NN ahead RB of IN a DT U.K. NNP balance NN of IN payments NNS report NN Tuesday NNP . . Limited JJ volume NN ahead RB of IN the DT September NNP trade NN data NNS showed VBD the DT market NN is VBZ nervous JJ , , but CC dealers NNS added VBD that IN the DT day NN 's POS modest JJ gains NNS also RB signaled VBD some DT support NN for IN London NNP equities NNS . . They PRP pegged VBD the DT support NN largely RB to TO anticipation NN that IN Britain NNP 's POS current JJ account NN imbalance NN ca MD n't RB be VB much RB worse JJR than IN the DT near JJ record JJ deficits NNS seen VBN in IN July NNP and CC August NNP . . `` `` It PRP 's VBZ a DT case NN of IN the DT market NN being VBG too RB high JJ to TO buy VB and CC too RB afraid JJ to TO sell VB , , '' '' a DT senior JJ dealer NN with IN Kleinwort NNP Benson NNP Securities NNP said VBD . . `` `` It PRP 's VBZ better JJR to TO wait VB . . '' '' The DT Financial NNP Times NNP 100-share JJ index NN finished VBD 10.6 CD points NNS higher JJR at IN 2189.7 CD . . The DT 30-share JJ index NN closed VBD 11.6 CD points NNS higher JJR at IN 1772.6 CD . . Volume NN was VBD 276.8 CD million CD shares NNS , , beneath IN the DT year NN 's POS previous JJ low JJ of IN 280.5 CD million CD shares NNS Sept. NNP 25 CD , , the DT session NN before IN the DT August NNP trade NN figures NNS were VBD released VBN . . Analysts NNS ' POS expectations NNS suggest VBP a DT September NNP current JJ account NN deficit NN of IN # # 1.6 CD billion CD ( ( $ $ 2.54 CD billion CD ) ) , , compared VBN with IN August NNP 's POS # # 2.0 CD billion CD deficit NN . . Dealers NNS , , however RB , , said VBD forecasts NNS are VBP broadly RB divergent JJ with IN estimates NNS ranging VBG between IN # # 1 CD billion CD and CC # # 2 CD billion CD . . `` `` The DT range NN of IN expectations NNS is VBZ so RB broad JJ , , '' '' a DT dealer NN at IN another DT major JJ U.K. NNP brokerage NN firm NN said VBD , , `` `` the DT deficit NN may MD have VB to TO be VB nearer IN or CC above IN # # 2 CD billion CD for IN it PRP to TO have VB any DT impact NN on IN the DT market NN . . '' '' Lucas NNP Industries NNP , , a DT British JJ automotive JJ and CC aerospace JJ concern NN , , rose VBD 13 CD pence NNS to TO 614 CD pence NNS after IN it PRP said VBD its PRP$ pretax JJ profit NN for IN the DT year NN rose VBD 28 CD % NN . . Share NN prices NNS on IN the DT Frankfurt NNP stock NN exchange NN closed VBD narrowly RB mixed JJ in IN quiet JJ dealings NNS after IN recovering VBG most JJS of IN their PRP$ early JJ losses NNS . . The DT DAX NNP index NN eased VBD 0.99 CD point NN to TO end VB at IN 1523.22 CD after IN falling VBG 5.5 CD points NNS early RB in IN the DT session NN . . Brokers NNS said VBD the DT declines NNS early RB in IN the DT day NN were VBD partly RB caused VBN by IN losses NNS of IN the DT ruling JJ Christian-Democratic NNP Union NNP in IN communal JJ elections NNS in IN the DT state NN of IN Baden-Wuerttemberg NNP . . The DT start NN of IN a DT weeklong JJ conference NN by IN the DT IG NNP Metall NNP metal NN worker NN union NN in IN Berlin NNP is VBZ drawing VBG attention NN to TO the DT impending JJ wage NN negotiations NNS , , which WDT could MD boost VB companies NNS ' POS personnel NNS costs VBZ next JJ year NN , , they PRP said VBD . . But CC there EX was VBD little JJ selling NN pressure NN , , and CC even RB small JJ orders NNS at IN the DT lower JJR levels NNS sufficed VBD to TO bring VB the DT market NN back RB to TO Friday NNP 's POS opening NN levels NNS . . Traders NNS said VBD the DT thin JJ trading NN volume NN points NNS to TO continued JJ uncertainty NN by IN most JJS investors NNS following VBG last JJ Monday NNP 's POS record JJ 13 CD % NN loss NN . . The DT market NN is VBZ still RB 4 CD % NN short JJ of IN its PRP$ level NN before IN the DT plunge NN , , and CC analysts NNS are VBP n't RB sure JJ how WRB long RB it PRP will MD take VB until IN the DT DAX NNP has VBZ closed VBN that DT gap NN . . But CC Norbert NNP Braeuer NNP , , chief JJ trader NN at IN Hessische NNP Landesbank NNP Girozentrale NNP ( ( Helaba NNP ) ) , , said VBD he PRP expects VBZ share NN prices NNS to TO move VB upward RB in IN the DT coming JJ weeks NNS . . Banking NN stocks NNS were VBD the DT major JJ gainers NNS Monday NNP amid IN hope NN that IN interest NN rates NNS have VBP peaked VBN , , as IN Deutsche NNP Bank NNP and CC Dresdner NNP Bank NNP added VBD 4 CD marks NNS each DT to TO 664 CD marks NNS ( ( $ $ 357 CD ) ) and CC 326 CD marks NNS , , respectively RB . . Commerzbank NNP gained VBD 1 CD to TO 252.5 CD . . Auto NN shares NNS were VBD mixed JJ , , as IN Daimler-Benz NNP firmed VBD 2 CD to TO 723 CD , , Bayerische NNP Motoren NNP Werke NNP lost VBD the DT same JJ amount NN to TO 554 CD , , and CC Volkswagen NNP inched VBD down RB 1.4 CD to TO 451.6 CD . . Elsewhere RB , , prices NNS closed VBD higher JJR in IN Amsterdam NNP , , lower JJR in IN Zurich NNP , , Stockholm NNP and CC Milan NNP , , mixed JJ in IN Brussels NNP and CC unchanged JJ in IN Paris NNP . . Shares NNS closed VBD higher JJR in IN Hong NNP Kong NNP , , Singapore NNP and CC Manila NNP , , and CC were VBD lower JJR in IN Sydney NNP , , Seoul NNP and CC Taipei NNP . . Wellington NNP was VBD closed VBN . . Here RB are VBP price NN trends NNS on IN the DT world NN 's POS major JJ stock NN markets NNS , , as IN calculated VBN by IN Morgan NNP Stanley NNP Capital NNP International NNP Perspective NNP , , Geneva NNP . . To TO make VB them PRP directly RB comparable JJ , , each DT index NN is VBZ based VBN on IN the DT close NN of IN 1969 CD equaling VBG 100 CD . . The DT percentage NN change NN is VBZ since IN year-end NN . . Enviropact NNP Inc. NNP said VBD it PRP entered VBD into IN an DT agreement NN in IN principle NN to TO sell VB its PRP$ pump NN and CC tank NN division NN and CC drilling NN division NN to TO GSX NNP Chemical NNP Services NNP for IN $ $ 4 CD million CD . . The DT Miami-based JJ environmental JJ engineering NN concern NN said VBD GSX NNP Chemical NNP also RB will MD assume VB about RB $ $ 1.6 CD million CD in IN debt NN related VBN to TO those DT divisions NNS . . Further RB , , GSX NNP will MD buy VB $ $ 1 CD million CD of IN Enviropact NNP common JJ stock NN , , at IN $ $ 2.625 CD a DT share NN , , plus CC an DT option NN to TO acquire VB an DT additional JJ $ $ 1.5 CD million CD of IN common NN at IN the DT same JJ price NN , , the DT company NN said VBD . . In IN American NNP Stock NNP Exchange NNP composite JJ trading NN yesterday NN , , Enviropact NNP closed VBD at IN $ $ 3 CD a DT share NN , , up RB 25 CD cents NNS . . Enviropact NNP said VBD the DT two CD divisions NNS account VBP for IN about RB $ $ 8 CD million CD of IN the DT company NN 's POS $ $ 20 CD million CD in IN annual JJ revenue NN . . The DT transaction NN is VBZ expected VBN to TO close VB within IN about RB 20 CD days NNS , , the DT company NN added VBD . . Enviropact NNP said VBD the DT proceeds NNS will MD be VB used VBN as IN working JJ capital NN for IN expansion NN and CC to TO pay VB its PRP$ existing JJ tax NN liability NN of IN about RB $ $ 1.5 CD million CD that WDT was VBD due JJ Sept. NNP 15 CD . . GSX NNP is VBZ a DT unit NN of IN Laidlaw NNP Transportation NNP Ltd. NNP of IN Burlington NNP , , Canada NNP . . Monday NNP , , October NNP 23 CD , , 1989 CD The DT key JJ U.S. NNP and CC foreign JJ annual JJ interest NN rates NNS below RB are VBP a DT guide NN to TO general JJ levels NNS but CC do VBP n't RB always RB represent VB actual JJ transactions NNS . . PRIME JJ RATE NN : : 10 CD 1\/2 CD % NN . . The DT base JJ rate NN on IN corporate JJ loans NNS at IN large JJ U.S. NNP money NN center NN commercial JJ banks NNS . . FEDERAL JJ FUNDS NNS : : 8 CD 3\/4 CD % NN high JJ , , 8 CD 11\/16 CD % NN low JJ , , 8 CD 11\/16 CD % NN near IN closing NN bid NN , , 8 CD 3\/4 CD % NN offered VBN . . Reserves NNS traded VBN among IN commercial JJ banks NNS for IN overnight JJ use NN in IN amounts NNS of IN $ $ 1 CD million CD or CC more JJR . . Source NN : : Fulton NNP Prebon NNP ( ( U.S.A NNP . . ) ) Inc NNP . . DISCOUNT JJ RATE NN : : 7 CD % NN . . The DT charge NN on IN loans NNS to TO depository JJ institutions NNS by IN the DT New NNP York NNP Federal NNP Reserve NNP Bank NNP . . CALL NN MONEY NNP : : 9 CD 3\/4 CD % NN to TO 10 CD % NN . . The DT charge NN on IN loans NNS to TO brokers NNS on IN stock NN exchange NN collateral NN . . COMMERCIAL JJ PAPER NN placed VBN directly RB by IN General NNP Motors NNP Acceptance NNP Corp. NNP : : 8.50 CD % NN 2 CD to TO 44 CD days NNS ; : 8.25 CD % NN 45 CD to TO 69 CD days NNS ; : 8.40 CD % NN 70 CD to TO 89 CD days NNS ; : 8.20 CD % NN 90 CD to TO 119 CD days NNS ; : 8.05 CD % NN 120 CD to TO 149 CD days NNS ; : 7.90 CD % NN 150 CD to TO 179 CD days NNS ; : 7.50 CD % NN 180 CD to TO 270 CD days NNS . . COMMERCIAL JJ PAPER NN : : High-grade JJ unsecured JJ notes NNS sold VBN through IN dealers NNS by IN major JJ corporations NNS in IN multiples NNS of IN $ $ 1,000 CD : : 8.575 CD % NN 30 CD days NNS ; : 8.50 CD % NN 60 CD days NNS ; : 8.45 CD % NN 90 CD days NNS . . CERTIFICATES NNS OF IN DEPOSIT NN : : 8.09 CD % NN one CD month NN ; : 8.09 CD % NN two CD months NNS ; : 8.06 CD % NN three CD months NNS ; : 8 CD % NN six CD months NNS ; : 7.94 CD % NN one CD year NN . . Average NN of IN top JJ rates NNS paid VBN by IN major JJ New NNP York NNP banks NNS on IN primary JJ new JJ issues NNS of IN negotiable JJ C.D.s NNS , , usually RB on IN amounts NNS of IN $ $ 1 CD million CD and CC more JJR . . The DT minimum JJ unit NN is VBZ $ $ 100,000 CD . . Typical JJ rates NNS in IN the DT secondary JJ market NN : : 8.60 CD % NN one CD month NN ; : 8.60 CD % NN three CD months NNS ; : 8.40 CD % NN six CD months NNS . . BANKERS NNS ACCEPTANCES NNS : : 8.50 CD % NN 30 CD days NNS ; : 8.32 CD % NN 60 CD days NNS ; : 8.32 CD % NN 90 CD days NNS ; : 8.16 CD % NN 120 CD days NNS ; : 8.05 CD % NN 150 CD days NNS ; : 7.96 CD % NN 180 CD days NNS . . Negotiable JJ , , bank-backed JJ business NN credit NN instruments NNS typically RB financing VBG an DT import NN order NN . . LONDON NNP LATE JJ EURODOLLARS NNPS : : 8 CD 3\/4 CD % NN to TO 8 CD 5\/8 CD % NN one CD month NN ; : 8 CD 11\/16 CD % NN to TO 8 CD 9\/16 CD % NN two CD months NNS ; : 8 CD 3\/4 CD % NN to TO 8 CD 5\/8 CD % NN three CD months NNS ; : 8 CD 5\/8 CD % NN to TO 8 CD 1\/2 CD % NN four CD months NNS ; : 8 CD 9\/16 CD % NN to TO 8 CD 7\/16 CD % NN five CD months NNS ; : 8 CD 9\/16 CD % NN to TO 8 CD 7\/16 CD % NN six CD months NNS . . LONDON NNP INTERBANK JJ OFFERED JJ RATES NNS ( ( LIBOR NNP ) ) : : 8 CD 3\/4 CD % NN one CD month NN ; : 8 CD 3\/4 CD % NN three CD months NNS ; : 8 CD 9\/16 CD % NN six CD months NNS ; : 8 CD 1\/2 CD % NN one CD year NN . . The DT average NN of IN interbank JJ offered JJ rates NNS for IN dollar NN deposits NNS in IN the DT London NNP market NN based VBN on IN quotations NNS at IN five CD major JJ banks NNS . . FOREIGN JJ PRIME JJ RATES NNS : : Canada NNP 13.50 CD % NN ; : Germany NNP 9 CD % NN ; : Japan NNP 4.875 CD % NN ; : Switzerland NN 8.50 CD % NN ; : Britain NNP 15 CD % NN . . These DT rate NN indications NNS are VBP n't RB directly RB comparable JJ ; : lending NN practices NNS vary VBP widely RB by IN location NN . . Results NNS of IN the DT Monday NNP , , October NNP 23 CD , , 1989 CD , , auction NN of IN short-term JJ U.S. NNP government NN bills NNS , , sold VBN at IN a DT discount NN from IN face NN value NN in IN units NNS of IN $ $ 10,000 CD to TO $ $ 1 CD million CD : : 7.52 CD % NN , , 13 CD weeks NNS ; : 7.50 CD % NN , , 26 CD weeks NNS . . FEDERAL NNP HOME NNP LOAN NNP MORTGAGE NNP CORP NNP . . ( ( Freddie NNP Mac NNP ) ) : : Posted VBN yields NNS on IN 30-year JJ mortgage NN commitments NNS for IN delivery NN within IN 30 CD days NNS . . 9.86 CD % NN , , standard JJ conventional JJ fixed-rate JJ mortgages NNS ; : 7.875 CD % NN , , 2 CD % NN rate NN capped JJ one-year JJ adjustable JJ rate NN mortgages NNS . . Source NN : : Telerate NNP Systems NNP Inc NNP . . FEDERAL NNP NATIONAL NNP MORTGAGE NNP ASSOCIATION NNP ( ( Fannie NNP Mae NNP ) ) : : Posted VBN yields NNS on IN 30 CD year NN mortgage NN commitments NNS for IN delivery NN within IN 30 CD days NNS ( ( priced VBN at IN par NN ) ) . . 9.80 CD % NN , , standard JJ conventional JJ fixed-rate JJ mortgages NNS ; : 8.75 CD % NN , , 6\/2 CD rate NN capped JJ one-year JJ adjustable JJ rate NN mortgages NNS . . Source NN : : Telerate NNP Systems NNP Inc NNP . . MERRILL NNP LYNCH NNP READY NNP ASSETS NNP TRUST NNP : : 8.56 CD % NN . . Annualized JJ average JJ rate NN of IN return NN after IN expenses NNS for IN the DT past JJ 30 CD days NNS ; : not RB a DT forecast NN of IN future JJ returns NNS . . Bankers NNP Trust NNP New NNP York NNP Corp. NNP , , as IN expected VBN , , reported VBD a DT third-quarter JJ loss NN of IN $ $ 1.42 CD billion CD , , or CC $ $ 17.39 CD a DT share NN , , following VBG its PRP$ $ $ 1.6 CD billion CD boost NN in IN reserves NNS for IN losses NNS on IN loans NNS to TO less-developed JJ countries NNS . . The DT loss NN compares VBZ with IN net JJ income NN of IN $ $ 162.1 CD million CD , , or CC $ $ 2.01 CD a DT share NN , , in IN the DT year-earlier JJ period NN . . Interest NN income NN rose VBD 29 CD % NN to TO about RB $ $ 1.35 CD billion CD from IN $ $ 1.05 CD billion CD . . The DT New NNP York NNP bank NN holding NN company NN 's POS assets NNS at IN Sept. NNP 30 CD climbed VBD to TO $ $ 59.4 CD billion CD from IN $ $ 57.9 CD billion CD . . Excluding VBG the DT increase NN in IN loan-loss JJ reserves NNS , , Bankers NNP Trust NNP said VBD third-quarter JJ net JJ income NN would MD have VB increased VBN 11 CD % NN to TO $ $ 180 CD million CD . . A DT number NN of IN major JJ banks NNS have VBP posted VBN big JJ losses NNS after IN sharply RB increasing VBG loan-loss JJ reserves NNS . . Most JJS of IN the DT loans NNS in IN question NN are VBP to TO Third NNP World NNP countries NNS in IN South NNP America NNP . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN yesterday NN , , Bankers NNP Trust NNP fell VBD 12.5 CD cents NNS to TO $ $ 50.50 CD . . BRISTOL-MYERS NNP SQUIBB NNP Co NNP . . ( ( New NNP York NNP ) ) -- : Gerald NNP C. NNP Beddall NNP , , 47 CD years NNS old JJ , , was VBD named VBN president NN of IN the DT Clairol NNP division NN of IN this DT pharmaceuticals NNS and CC health-care NN company NN . . He PRP succeeds VBZ C. NNP Benjamin NNP Brooks NNP Jr. NNP , , who WP will MD retire VB Nov. NNP 1 CD . . Mr. NNP Brooks NNP declined VBD to TO give VB his PRP$ age NN , , but CC he PRP said VBD his PRP$ leaving NN is VBZ a DT normal JJ retirement NN . . Mr. NNP Beddall NNP had VBD been VBN executive JJ vice NN president NN of IN the DT division NN since IN April NNP . . Clairol NNP , , which WDT makes VBZ hair NN and CC skin NN products NNS , , was VBD a DT division NN of IN Bristol-Myers NNP Co. NNP before IN that DT company NN 's POS merger NN with IN Squibb NNP Corp NNP . . Annualized JJ interest NN rates NNS on IN certain JJ investments NNS as IN reported VBN by IN the DT Federal NNP Reserve NNP Board NNP on IN a DT weekly-average JJ basis NN : : a SYM - : Discounted JJ rate NN . . b SYM - : Week NN ended VBN Wednesday NNP , , October NNP 18 CD , , 1989 CD and CC Wednesday NNP October NNP 11 CD , , 1989 CD . . c SYM - : Yields NNS , , adjusted VBN for IN constant JJ maturity NN . . American NNP Telephone NNP & CC Telegraph NNP Co. NNP said VBD it PRP will MD spend VB $ $ 20 CD million CD to TO build VB a DT factory NN in IN Guadalajara NNP , , Mexico NNP , , to TO make VB telephone NN answering NN machines NNS . . Construction NN of IN the DT 265,000-square-foot JJ facility NN will MD begin VB next JJ year NN , , with IN production NN expected VBN to TO start VB in IN late JJ 1991 CD . . When WRB fully RB operational JJ , , the DT Guadalajara NNP factory NN will MD employ VB about RB 1,500 CD workers NNS and CC have VB annual JJ operating NN expenses NNS of IN $ $ 5 CD million CD to TO $ $ 6 CD million CD . . An DT AT&T NNP representative NN said VBD that IN the DT Guadalajara NNP factory NN will MD make VB a DT full JJ line NN of IN answering NN machines NNS . . AT&T NNP already RB has VBZ a DT factory NN in IN Matamoros NNP , , Mexico NNP , , to TO make VB electrical JJ devices NNS . . It PRP also RB purchases VBZ data NN systems NNS products NNS from IN a DT manufacturer NN based VBN in IN Monterrey NNP . . Lucas NNP Industries NNP PLC NNP , , a DT British JJ maker NN of IN industrial JJ parts NNS and CC systems NNS , , reported VBD a DT 28 CD % NN rise NN in IN pretax JJ profit NN for IN the DT year NN to TO July NNP 31 CD , , helped VBN in IN particular JJ by IN a DT 32 CD % NN jump NN in IN operating NN profit NN at IN its PRP$ aerospace JJ division NN . . Pretax JJ profit NN in IN the DT latest JJS year NN climbed VBD to TO # # 187.1 CD million CD ( ( $ $ 297.1 CD million CD ) ) from IN # # 146.3 CD million CD ( ( $ $ 232.3 CD million CD ) ) . . Profit NN after IN taxes NNS and CC minority NN interests NNS but CC before IN extraordinary JJ items NNS climbed VBD 27 CD % NN to TO # # 143.4 CD million CD from IN # # 112.5 CD million CD , , with IN earnings NNS per IN share NN rising VBG to TO 85.1 CD pence NNS ( ( $ $ 1.35 CD ) ) from IN 79.4 CD pence NNS ( ( $ $ 1.26 CD ) ) . . The DT results NNS were VBD at IN the DT upper JJ end NN of IN market NN expectations NNS , , which WDT ranged VBD from IN # # 185 CD million CD to TO # # 188 CD million CD . . TW NNP Services NNP Inc. NNP posted VBD a DT $ $ 3.3 CD million CD third-quarter JJ net JJ loss NN , , compared VBN with IN a DT $ $ 24.9 CD million CD profit NN , , reflecting VBG $ $ 60 CD million CD of IN expenses NNS related VBN to TO its PRP$ much-publicized JJ proposed JJ takeover NN by IN Coniston NNP Partners NNP . . The DT per-share JJ loss NN for IN the DT Paramus NNP , , N.J. NNP , , food-services NNS concern NN totaled VBD seven CD cents NNS , , compared VBN with IN earnings NNS of IN 51 CD cents NNS a DT share NN a DT year NN earlier RBR . . Revenue NN rose VBD 5 CD % NN to TO $ $ 981.7 CD million CD from IN $ $ 934.7 CD million CD . . Coniston NNP , , a DT New NNP York NNP investment NN partnership NN , , awaits VBZ a DT vote NN by IN TW NNP 's POS shareholders NNS , , scheduled VBN for IN Friday NNP , , on IN Coniston NNP 's POS $ $ 34-a-share JJ , , or CC $ $ 1.66 CD billion CD , , offer NN for IN TW NNP . . Nine-month JJ net JJ income NN dropped VBD 47 CD % NN to TO $ $ 26.3 CD million CD , , or CC 54 CD cents NNS a DT share NN , , from IN $ $ 49.7 CD million CD , , or CC $ $ 1.02 CD a DT share NN . . Revenue NN rose VBD 6 CD % NN to TO $ $ 2.79 CD billion CD from IN $ $ 2.63 CD billion CD . . Cummins NNP Engine NNP Co. NNP , , Columbus NNP , , Ind. NNP , , hurt VBN by IN a DT drop NN in IN engine NN orders NNS from IN heavy-truck NN makers NNS , , reported VBD a DT third-quarter JJ loss NN of IN $ $ 39.7 CD million CD , , or CC $ $ 4.12 CD a DT share NN , , on IN essentially RB flat JJ sales NNS of IN $ $ 807.6 CD million CD . . In IN the DT year-earlier JJ period NN , , the DT maker NN of IN diesel JJ engines NNS and CC parts NNS had VBD a DT narrower JJR deficit NN of IN $ $ 17.6 CD million CD , , or CC $ $ 1.84 CD a DT share NN , , with IN sales NNS of IN $ $ 808.3 CD million CD . . A DT spokeswoman NN said VBD shipments NNS of IN truck NN engines NNS , , which WDT provide VBP a DT higher JJR margin NN than IN most JJS of IN the DT company NN 's POS other JJ products NNS , , declined VBD 16 CD % NN from IN a DT year NN earlier RBR . . Although IN Cummins NNP 's POS stock NN stumbled VBD last JJ month NN after IN the DT company NN projected VBD a DT `` `` substantial JJ '' '' third-period JJ loss NN , , the DT stock NN also RB fell VBD $ $ 1.125 CD in IN composite JJ New NNP York NNP Stock NNP Exchange NNP trading NN yesterday NN , , to TO $ $ 51.75 CD . . It PRP traded VBD as RB high JJ as IN $ $ 64 CD a DT month NN ago RB , , before IN the DT loss NN projection NN . . For IN the DT nine CD months NNS , , the DT latest JJS loss NN trimmed VBD net JJ income NN to TO $ $ 3.6 CD million CD , , which WDT after IN payment NN of IN preferred JJ dividends NNS represented VBD a DT 31-cent JJ loss NN a DT common JJ share NN . . The DT year-before JJ loss NN was VBD $ $ 8.4 CD million CD , , or CC $ $ 1.36 CD a DT common JJ share NN . . Exxon NNP Corp. NNP filed VBD suit NN against IN the DT state NN of IN Alaska NNP , , charging VBG state NN officials NNS interfered VBD with IN the DT oil NN company NN 's POS initial JJ efforts NNS to TO treat VB last JJ spring NN 's POS giant JJ oil NN spill NN . . The DT action NN is VBZ a DT counterclaim NN to TO a DT suit NN filed VBN by IN Alaska NNP in IN August NNP against IN Exxon NNP and CC six CD other JJ oil NN companies NNS . . The DT state NN 's POS suit NN alleges VBZ that IN Exxon NNP 's POS response NN to TO the DT spill NN failed VBD to TO prevent VB contamination NN of IN hundreds NNS of IN miles NNS of IN shoreline NN along IN Prince NNP William NNP Sound NNP . . That DT suit NN and CC Exxon NNP 's POS countersuit NN were VBD filed VBN in IN a DT state NN court NN in IN Anchorage NNP . . Neither DT suit NN lists VBZ specific JJ dollar NN claims NNS , , largely RB because IN damage NN assessment NN has VBZ n't RB yet RB been VBN completed VBN . . Legal JJ strategists NNS say VBP that IN damage NN claims NNS against IN the DT oil NN giant NN and CC others NNS could MD well RB exceed VB $ $ 1 CD billion CD . . Litigation NN , , if IN not RB settled VBN out IN of IN court NN , , could MD drag VB on RP for IN years NNS . . Exxon NNP said VBD in IN its PRP$ suit NN that IN it PRP will MD seek VB reimbursement NN from IN the DT state NN for IN that DT part NN of IN the DT cleanup NN costs NNS and CC damage NN claims NNS it PRP says VBZ resulted VBD from IN the DT state NN 's POS conduct NN . . The DT oil NN company NN claims VBZ that IN Alaskan JJ officials NNS prevented VBD Exxon NNP from IN spraying VBG dispersant NN onto IN the DT almost RB 11 CD million CD gallons NNS of IN oil NN dumped VBN when WRB one CD of IN its PRP$ tankers NNS ran VBD into IN an DT underwater JJ reef NN . . Craig NNP Tillery NNP , , an DT Alaska NNP assistant JJ attorney NN general NN , , said VBD in IN an DT interview NN last JJ night NN that IN Exxon NNP 's POS accusations NNS `` `` are VBP not RB new JJ . . Exxon NNP has VBZ made VBN them PRP before RB , , at IN which WDT point NN the DT state NN demonstrated VBD they PRP were VBD untrue JJ . . The DT state NN will MD vigorously RB defend VB against IN any DT counterclaim NN . . '' '' Since IN the DT spill NN last JJ March NNP , , Exxon NNP and CC the DT state NN have VBP been VBN wrangling VBG over IN whether IN spraying VBG dispersant NN on IN the DT oil NN in IN the DT first JJ hours NNS after IN the DT spill NN , , when WRB the DT weather NN was VBD clear JJ and CC calm JJ , , would MD have VB helped VBN limit VB the DT environmental JJ damage NN . . Exxon NNP claims VBZ that IN use NN of IN dispersants NNS , , which WDT break VBP an DT oil NN slick NN into IN microscopic JJ droplets NNS , , was VBD a DT crucial JJ part NN of IN its PRP$ immediate-response JJ plan NN and CC that IN state NN officials NNS banned VBD their PRP$ use NN during IN the DT two CD days NNS of IN fair JJ weather NN following VBG the DT spill NN . . The DT oil NN company NN claims VBZ that IN it PRP had VBD permission NN from IN the DT U.S. NNP Environmental NNP Protection NNP Agency NNP prior RB to TO the DT spill NN to TO use VB dispersant NN during IN such PDT an DT incident NN at IN the DT discretion NN of IN the DT U.S. NNP Coast NNP Guard NNP . . The DT state NN 's POS opposition NN to TO the DT use NN of IN dispersants NNS , , Exxon NNP says VBZ , , caused VBD the DT Coast NNP Guard NNP `` `` to TO delay VB granting VBG permission NN . . '' '' Alaskan JJ and CC Coast NNP Guard NNP officials NNS say VBP Exxon NNP 's POS charges NNS are VBP n't RB relevant JJ because IN tests NNS conducted VBN during IN the DT first JJ two CD days NNS following VBG the DT spill NN showed VBD that IN the DT dispersant NN was VBD n't RB working VBG anyway RB . . Use NN of IN dispersants NNS was VBD approved VBN when WRB a DT test NN on IN the DT third JJ day NN showed VBD some DT positive JJ results NNS , , officials NNS said VBD . . Meson NNP Investment NNP Ltd. NNP , , a DT Vancouver NNP , , B.C.-based JJ investment NN firm NN , , said VBD it PRP raised VBD its PRP$ stake NN in IN Verit NNP Industries NNP to TO 8.9 CD % NN of IN the DT common JJ shares NNS outstanding JJ . . In IN a DT Securities NNP and CC Exchange NNP Commission NNP filing NN , , Meson NNP said VBD it PRP holds VBZ 67,400 CD Verit NNP common JJ shares NNS , , including VBG net JJ purchases NNS of IN 8,100 CD shares NNS bought VBN from IN Oct. NNP 10 CD , , 1988 CD , , to TO Oct. NNP 11 CD , , 1989 CD , , for IN $ $ 3.875 CD to TO $ $ 7 CD each DT . . Meson NNP is VBZ the DT personal JJ holding NN company NN of IN Steven NNP Morfey NNP , , a DT Vancouver NNP securities NNS dealer NN . . He PRP said VBD the DT transaction NN was VBD made VBN for IN investment NN purposes NNS . . Officials NNP for IN Sun NNP Valley NNP , , Calif.-based JJ Verit NNP could MD n't RB be VB reached VBN for IN comment NN . . In IN composite JJ trading NN on IN the DT American NNP Stock NNP Exchange NNP , , Verit NNP closed VBD unchanged JJ yesterday NN at IN $ $ 3.875 CD a DT share NN . . The DT House NNP Appropriations NNP Committee NNP approved VBD an DT estimated JJ $ $ 2.85 CD billion CD in IN emergency NN funding NN to TO assist VB California NNP 's POS recovery NN from IN last JJ week NN 's POS earthquake NN and CC to TO extend VB further JJ aid NN to TO East NNP Coast NNP victims NNS of IN Hurricane NNP Hugo NNP . . The DT package NN was VBD termed VBN excessive JJ by IN the DT Bush NNP administration NN , , but CC it PRP also RB provoked VBD a DT struggle NN with IN influential JJ California NNP lawmakers NNS who WP sought VBD unsuccessfully RB to TO add VB nearly RB $ $ 1 CD billion CD more JJR and CC waive VB current JJ restrictions NNS to TO expedite VB the DT distribution NN of IN funds NNS . . By IN a DT 26-7 JJ margin NN , , the DT committee NN scuttled VBD the DT more RBR expensive JJ alternative NN , , and CC the DT debate NN forced VBD a DT strained JJ confrontation NN between IN Appropriations NNP Committee NNP Chairman NNP Jamie NNP Whitten NNP ( ( D. NNP , , Miss NNP . . ) ) and CC his PRP$ party NN 's POS largest JJS state NN delegation NN in IN the DT House NNP . . `` `` I PRP have VBP no DT regrets NNS about IN going VBG forward RB , , '' '' said VBD Rep. NNP Vic NNP Fazio NNP ( ( D. NNP , , Calif. NNP ) ) , , who WP sought VBD later RB to TO play VB down RP the DT sometimes RB hostile JJ tone NN of IN the DT long JJ evening NN meeting NN . . `` `` We PRP are VBP the DT Golden NNP State NNP , , '' '' Mr. NNP Fazio NNP said VBD , , `` `` and CC there EX is VBZ a DT certain JJ amount NN of IN jealousy NN . . '' '' The DT $ $ 2.85 CD billion CD package NN incorporates VBZ $ $ 500 CD million CD for IN small-business NN loans NNS , , $ $ 1 CD billion CD in IN highway NN construction NN funds NNS , , and CC $ $ 1.35 CD billion CD divided VBN between IN general JJ emergency NN assistance NN and CC a DT reserve NN to TO be VB available JJ to TO President NNP Bush NNP to TO meet VB unanticipated JJ costs NNS from IN the DT two CD disasters NNS . . The DT funding VBG is VBZ attached VBN to TO a DT stopgap JJ bill NN to TO keep VB most JJS of IN the DT government NN operating VBG through IN Nov. NNP 15 CD . . The DT measure NN is VBZ expected VBN to TO come VB before IN the DT House NNP today NN , , and CC Congress NNP is VBZ under IN pressure NN to TO complete VB action NN before IN midnight NN EDT NNP tomorrow NN , , when WRB the DT current NN continuing JJ resolution NN expires VBZ . . Given VBN California NNP 's POS size NN and CC political JJ importance NN , , the DT White NNP House NNP is VBZ eager JJ to TO appear VB generous JJ . . But CC in IN private JJ meetings NNS yesterday NN , , Budget NNP Director NNP Richard NNP Darman NNP argued VBD that IN only RB $ $ 1.5 CD billion CD in IN new JJ federal JJ appropriations NNS are VBP needed VBN to TO supplement VB existing JJ resources NNS . . A DT White NNP House NNP budget NN office NN analysis NN estimates VBZ that IN $ $ 500 CD million CD -- : or CC half PDT the DT level NN in IN the DT committee NN bill NN -- : is VBZ needed VBN for IN highway NN assistance NN to TO meet VB California NNP 's POS needs NNS , , and CC the DT administration NN rejects VBZ the DT notion NN that IN new JJ appropriations NNS are VBP needed VBN to TO finance VB disaster NN loans NNS by IN the DT Small NNP Business NNP Administration NNP . . `` `` Everybody NN appreciates VBZ that IN it PRP is VBZ a DT national JJ disaster NN and CC that IN we PRP 've VBP got VBD to TO address VB it PRP , , '' '' said VBD Mr. NNP Darman NNP , , who WP came VBD to TO the DT Capitol NNP to TO meet VB with IN Mr. NNP Whitten NNP and CC California NNP lawmakers NNS before IN the DT committee NN session NN . . `` `` I PRP would MD hope VB very RB much RB that IN we PRP would MD n't RB end VB up RP in IN a DT kind NN of IN situation NN where WRB you PRP have VBP a DT bidding NN war NN and CC then RB a DT veto NN threat NN . . '' '' Although IN this DT White NNP House NNP pressure NN was VBD clearly RB a DT factor NN among IN committee NN Republicans NNPS , , no DT single JJ influence NN was VBD greater JJR than IN Mr. NNP Whitten NNP . . A DT master NN of IN pork-barrel JJ politics NNS , , he PRP had VBD crafted VBN the DT $ $ 2.85 CD billion CD package NN in IN vintage JJ style NN and CC used VBD the DT full JJ force NN of IN his PRP$ chairmanship NN to TO keep VB the DT proposal NN intact JJ and CC dismiss VB any DT alternative NN . . When WRB Mr. NNP Fazio NNP offered VBD the DT California-backed JJ $ $ 3.84 CD billion CD plan NN , , Mr. NNP Whitten NNP insisted VBD that IN the DT full JJ 14 CD pages NNS be VB read VBN aloud RB by IN the DT panel NN 's POS clerk NN to TO underscore VB the DT range NN of IN legislative JJ changes NNS also RB sought VBN by IN the DT delegation NN . . On IN the DT chairman NN 's POS motion NN , , the DT California NNP package NN was VBD subsequently RB reduced VBN to TO less-binding JJ report NN language NN , , and CC even RB when WRB this DT was VBD accepted VBN as IN such JJ on IN a DT voice NN vote NN , , Mr. NNP Whitten NNP pointedly RB opposed VBD it PRP . . More RBR important JJ than IN money NN in IN many JJ cases NNS are VBP waivers NNS California NNP is VBZ seeking VBG on IN current JJ restrictions NNS covering VBG federal JJ highway NN funds NNS , , such JJ as IN a DT $ $ 100 CD million CD cap NN on IN how WRB much JJ any DT single JJ state NN can MD receive VB in IN emergency NN funds NNS in IN a DT year NN . . Mr. NNP Whitten NNP 's POS package NN appears VBZ to TO accomplish VB this DT purpose NN , , but CC the DT state NN faces VBZ more JJR resistance NN in IN its PRP$ bid NN for IN an DT extended JJ waiver NN on IN having VBG to TO put VB up RP any DT matching JJ funds NNS on IN repairs NNS completed VBN in IN the DT next JJ six CD months NNS . . A DT member NN in IN the DT House NNP leadership NN and CC skilled JJ legislator NN , , Mr. NNP Fazio NNP nonetheless RB found VBD himself PRP burdened VBN not RB only RB by IN California NNP 's POS needs NNS but CC by IN Hurricane NNP Hugo NNP amendments NNS he PRP accepted VBD in IN a DT vain JJ effort NN to TO build VB support NN in IN the DT panel NN . . The DT California NNP Democrat NNP appeared VBD embarrassed JJ by IN provisions NNS inserted VBN on IN behalf NN of IN owners NNS of IN private JJ beaches NNS in IN the DT Virgin NNP Islands NNP , , and CC lumber NN interests NNS sought VBD to TO add VB another DT $ $ 100 CD million CD in IN federal JJ aid NN to TO plant NN timber NN on IN private JJ land NN in IN North NNP and CC South NNP Carolina NNP . . California NNP 's POS high-priced JJ real JJ estate NN puts VBZ it PRP in IN an DT awkward JJ position NN , , too RB . . One CD provision NN last JJ night NN would MD have VB raised VBN the DT cap NN on IN disaster NN loans NNS to TO $ $ 500,000 CD from IN $ $ 100,000 CD per IN household NN to TO accommodate VB San NNP Francisco NNP losses NNS . . Kurzweil NNP Music NNP Systems NNP Inc. NNP said VBD it PRP retained VBD Kidder NNP , , Peabody NNP & CC Co. NNP to TO study VB financial JJ alternatives NNS , , including VBG the DT possible JJ sale NN of IN the DT financially RB struggling VBG company NN . . Kurzweil NNP , , Waltham NNP , , Mass. NNP , , makes VBZ digital JJ electronic JJ keyboard NN instruments NNS used VBN by IN professional JJ recording VBG musicians NNS . . It PRP recently RB introduced VBD a DT line NN for IN the DT home NN market NN . . However RB , , Raymond NNP C. NNP Kurzweil NNP , , chairman NN and CC chief JJ executive NN , , said VBD `` `` The DT company NN continues VBZ to TO require VB additional JJ funding NN to TO realize VB the DT potential NN of IN its PRP$ technology NN . . '' '' In IN the DT year NN 's POS first JJ six CD months NNS , , Kurzweil NNP had VBD a DT loss NN of IN $ $ 6.9 CD million CD on IN sales NNS of IN $ $ 11.2 CD million CD . . Last JJ month NN its PRP$ president NN , , John NNP S. NNP Donnelly NNP , , resigned VBD citing VBG `` `` management NN differences NNS '' '' with IN Mr. NNP Kurzweil NNP . . Amtech NNP Systems NNP Inc. NNP , , Tempe NNP , , Ariz. NNP , , said VBD its PRP$ preliminary JJ year-end JJ results NNS of IN operations NNS indicate VBP `` `` substantial JJ improvement NN '' '' over IN the DT previous JJ fiscal JJ year NN . . Amtech NNP , , which WDT makes VBZ an DT automated JJ process NN system NN that WDT improves VBZ the DT yields NNS of IN semiconductor NN manufacturers NNS , , said VBD profit NN for IN the DT year NN ended VBN Sept. NNP 30 CD rose VBD to TO more JJR than IN $ $ 800,000 CD from IN $ $ 446,000 CD last JJ year NN . . Per-share JJ earnings NNS are VBP estimated VBN at IN more JJR than IN 40 CD cents NNS , , up RB from IN 22 CD cents NNS for IN fiscal JJ 1988 CD . . Total JJ revenue NN is VBZ expected VBN to TO double VB to TO more JJR than IN $ $ 22 CD million CD from IN $ $ 10.8 CD million CD . . Amtech NNP , , which WDT also RB provides VBZ technical JJ temporary JJ employment NN services NNS to TO aerospace JJ , , defense NN , , computer NN and CC high-tech JJ companies NNS in IN the DT Southwest NNP and CC Baltimore-Washington NNP areas NNS , , said VBD its PRP$ final JJ audited JJ results NNS are VBP due JJ in IN late JJ November NNP . . The DT company NN attributed VBD the DT improvement NN to TO strong JJ demand NN in IN the DT semiconductor NN equipment NN segment NN as RB well RB as IN the DT acquisition NN of IN Echelon NNP Service NNP Co. NNP and CC the DT inclusion NN of IN a DT full JJ year NN 's POS results NNS of IN operations NNS for IN RTS NNP Inc. NNP , , compared VBN with IN seven CD months NNS ' POS results NNS for IN the DT prior JJ year NN . . LDI NNP Corp. NNP , , Cleveland NNP , , said VBD it PRP will MD offer VB $ $ 50 CD million CD in IN commercial JJ paper NN backed VBN by IN lease-rental JJ receivables NNS . . The DT program NN matches VBZ funds NNS raised VBN from IN the DT sale NN of IN the DT commercial JJ paper NN with IN small JJ to TO medium-sized JJ leases NNS . . LDI NNP termed VBD the DT paper NN `` `` non-recourse JJ financing NN , , '' '' meaning VBG that IN investors NNS would MD be VB repaid VBN from IN the DT lease NN receivables NN , , rather RB than IN directly RB by IN LDI NNP Corp NNP . . LDI NNP leases VBZ and CC sells VBZ data-processing NN , , telecommunications NN and CC other JJ high-tech JJ equipment NN . . SHEVARDNADZE NNP ADMITTED VBD that IN Moscow NNP violated VBD the DT 1972 CD ABM NNP treaty NN . . In IN a DT foreign-policy NN address NN before IN the DT Soviet JJ legislature NN , , the DT foreign JJ minister NN conceded VBD that IN the DT radar NN station NN in IN Krasnoyarsk NNP breached VBD the DT superpower NN Anti-Ballistic NNP Missile NNP treaty NN and CC said VBD it PRP would MD be VB dismantled VBN . . Shevardnadze NNP said VBD it PRP took VBD Gorbachev NNP 's POS government NN four CD years NNS to TO determine VB that IN the DT station NN 's POS location NN in IN Siberia NNP violated VBD the DT accord NN , , as IN Western JJ arms-control NN officials NNS have VBP long RB contended VBN . . He PRP also RB denounced VBD Moscow NNP 's POS nine-year JJ involvement NN in IN the DT war NN in IN Afghanistan NNP , , saying VBG it PRP involved VBD `` `` gross JJ violations NNS of IN ... : civil JJ norms NNS and CC ethics NNS . . '' '' Secretary NNP of IN State NNP Baker NNP , , in IN his PRP$ first JJ major JJ arms-control NN speech NN , , called VBD for IN a DT new JJ military JJ relationship NN with IN Moscow NNP to TO reduce VB `` `` first JJ strike NN '' '' nuclear JJ arms NNS . . BAY NNP AREA NN COMMUTERS NNS BATTLED VBD earthquake-related JJ transportation NN snarls NNS . . Travelers NNS crowded VBD into IN subways NNS , , sat VBD in IN traffic NN jams NNS on IN major JJ freeways NNS or CC waited VBD for IN buses NNS in IN the DT rain NN , , but CC the DT massive JJ gridlock NN anticipated VBN by IN officials NNS in IN the DT San NNP Francisco NNP Bay NNP area NN never RB materialized VBD . . As IN the DT death NN toll NN from IN last JJ week NN 's POS temblor NN climbed VBD to TO 61 CD , , the DT condition NN of IN freeway NN survivor NN Buck NNP Helm NNP , , who WP spent VBD four CD days NNS trapped VBN under IN rubble NN , , improved VBD , , hospital NN officials NNS said VBD . . Rescue NN crews NNS , , however RB , , gave VBD up RP hope NN that IN others NNS would MD be VB found VBN alive JJ under IN the DT collapsed JJ roadway NN . . The DT House NNP Appropriations NNP Committee NNP approved VBD a DT $ $ 2.85 CD billion CD aid NN package NN for IN the DT quake NN region NN , , less JJR than IN the DT $ $ 3.8 CD billion CD sought VBN by IN California NNP officials NNS . . Hungary NNP declared VBD itself PRP a DT democracy NN and CC for IN the DT first JJ time NN openly RB commemorated VBD the DT anniversary NN of IN the DT 1956 CD anti-Stalinist JJ uprising NN that WDT was VBD crushed VBN by IN the DT Soviet NNP Union NNP . . A DT crowd NN estimated VBN at IN 100,000 CD held VBD a DT torch-lit JJ march NN through IN Budapest NNP as IN Acting NNP President NNP Szuros NNP delivered VBD a DT nationally RB televised VBN address NN rejecting VBG communist JJ dominance NN . . About RB 200,000 CD East NNP Germans NNPS marched VBD in IN Leipzig NNP and CC thousands NNS more JJR staged VBD protests NNS in IN three CD other JJ cities NNS in IN a DT fresh JJ challenge NN to TO the DT Communist JJ leadership NN to TO introduce VB democratic JJ freedoms NNS . . In IN an DT East NNP Berlin NNP suburb NN , , meanwhile RB , , employees NNS at IN an DT electronics NN plant NN formed VBD an DT independent JJ trade NN union NN called VBN Reform NNP , , a DT worker NN spokesman NN said VBD . . The DT space NN shuttle NN Atlantis NNP landed VBD at IN a DT desert NN air NN strip NN at IN Edwards NNP Air NNP Force NNP Base NNP , , Calif. NNP , , ending VBG a DT five-day JJ mission NN that WDT dispatched VBD the DT Jupiter-bound JJ Galileo NNP space NN probe NN . . The DT five CD astronauts NNS returned VBD to TO Earth NNP about RB three CD hours NNS early RB because IN high JJ winds NNS had VBD been VBN predicted VBN at IN the DT landing NN site NN . . Fog NN shrouded VBD the DT base NN before IN touchdown NN . . Explosions NNS shook VBD a DT Phillips NNP Petroleum NNP Co. NNP plastics NNS plant NN near IN Pasadena NNP , , Texas NNP , , hurling VBG debris NN and CC causing VBG a DT fire NN visible JJ from IN 10 CD miles NNS away RB . . More JJR than IN 100 CD people NNS were VBD injured VBN , , and CC a DT number NN of IN workers NNS were VBD missing JJ . . Parts NNP of IN the DT Houston NNP Ship NNP Channel NNP were VBD closed VBN . . The DT White NNP House NNP said VBD Bush NNP is VBZ conferring VBG with IN leaders NNS of IN the DT Senate NNP Intelligence NNP Committee NNP to TO ease VB differences NNS over IN guidelines NNS for IN CIA NNP agents NNS . . The DT statement NN came VBD after IN officials NNS said VBD Bush NNP complained VBD at IN a DT private JJ meeting NN last JJ week NN that IN a DT strict JJ interpretation NN of IN a DT policy NN requires VBZ the DT U.S. NNP to TO notify VB foreign JJ dictators NNS of IN certain JJ coup NN plots NNS . . Lebanon NNP 's POS Gen. NNP Aoun NNP placed VBD Christian JJ military JJ forces NNS on IN alert NN in IN case NN of IN renewed JJ fighting NN with IN Syrian-backed JJ Moslems NNPS after IN Lebanon NNP 's POS two CD main JJ Shiite JJ militias NNS rejected VBD an DT Arab-sponsored JJ peace NN accord NN . . The DT plan NN , , approved VBN by IN lawmakers NNS and CC rejected VBN Sunday NNP by IN Aoun NNP , , includes VBZ political JJ changes NNS aimed VBN at IN ending VBG the DT 14-year-old JJ civil JJ war NN . . NATO NNP defense NN ministers NNS are VBP expected VBN to TO call VB for IN a DT reduction NN in IN nuclear JJ forces NNS in IN Europe NNP when WRB the DT alliance NN 's POS nuclear JJ planning NN group NN convenes VBZ a DT two-day JJ session NN today NN in IN Portugal NNP . . The DT ministers NNS are VBP to TO reshape VB NATO NNP 's POS defenses NNS in IN Western NNP Europe NNP amid IN fast-paced JJ changes NNS in IN the DT Soviet JJ bloc NN . . Iran NNP 's POS President NNP Rafsanjani NNP offered VBD to TO help VB gain VB freedom NN for IN Western JJ hostages NNS in IN Lebanon NNP , , but CC said VBD the DT assistance NN was VBD contingent JJ on IN U.S. NNP aid NN in IN resolving VBG the DT cases NNS of IN three CD Iranians NNPS kidnapped VBN in IN Lebanon NNP in IN 1982 CD or CC the DT release NN of IN frozen JJ Iranian JJ assets NNS . . Washington NNP rejected VBD the DT bid NN , , saying VBG the DT hostages NNS were VBD n't RB linked VBN to TO other JJ issues NNS . . PLO NNP leader NN Arafat NNP asked VBD Egypt NNP to TO seek VB clarifications NNS from IN the DT U.S. NNP on IN Secretary NNP of IN State NNP Baker NNP 's POS plan NN for IN Mideast JJ peace NN talks NNS , , an DT aide NN to TO Egyptian NNP President NNP Mubarak NNP said VBD . . The DT official NN stressed VBD that IN the DT PLO NNP has VBZ n't RB rejected VBN the DT five-point JJ formula NN . . Commonwealth NN leaders NNS turned VBD to TO issues NNS ranging VBG from IN drugs NNS to TO the DT world NN economy NN after IN Zimbabwe NNP 's POS President NNP Mugabe NNP called VBD Thatcher NNP 's POS views NNS on IN South NNP Africa NNP `` `` despicable JJ . . '' '' At IN a DT meeting NN in IN Malaysia NNP , , Australia NNP and CC Canada NNP also RB assailed VBD the DT British JJ prime JJ minister NN for IN criticizing VBG the DT 49-nation JJ group NN 's POS call NN for IN Pretoria NNP to TO ease VB apartheid NN . . CMS NNP Enhancements NNP Inc. NNP said VBD it PRP estimates VBZ that IN sales NNS and CC earnings NNS for IN the DT fiscal JJ first JJ quarter NN ended VBN Sept. NNP 30 CD fell VBD somewhat RB from IN the DT year-earlier JJ period NN . . Jim NNP Farooquee NNP , , chief JJ executive JJ officer NN of IN the DT Tustin NNP , , Calif. NNP , , computer NN accessories NNS supplier NN , , said VBD he PRP was VBD `` `` comfortable JJ '' '' with IN analysts NNS ' POS expectations NNS that IN CMS NNP would MD earn VB between IN six CD cents NNS and CC eight CD cents NNS a DT share NN on IN revenue NN of IN about RB $ $ 42 CD million CD . . A DT year NN earlier RBR , , CMS NNP posted VBD profit NN of IN $ $ 1.1 CD million CD , , or CC 13 CD cents NNS a DT share NN , , on IN sales NNS of IN $ $ 48 CD million CD . . This DT time NN , , there EX are VBP 30 CD % JJ more JJR shares NNS outstanding JJ . . Mr. NNP Farooquee NNP attributed VBD the DT decline NN to TO an DT industrywide JJ softening NN of IN demand NN for IN computer NN enhancement NN products NNS . . Property NNP Capital NNP Trust NNP said VBD it PRP dropped VBD its PRP$ plan NN to TO liquidate VB because IN it PRP was VBD n't RB able JJ to TO realize VB the DT value NN it PRP had VBD expected VBN . . It PRP said VBD it PRP will MD buy VB back RP two CD million CD shares NNS , , or CC 18.4 CD % NN , , of IN the DT total JJ outstanding JJ , , and CC continue VB operations NNS buying VBG and CC managing VBG real JJ estate NN . . Property NNP Capital NNP , , which WDT is VBZ based VBN in IN Boston NNP , , had VBD told VBN shareholders NNS it PRP expected VBD to TO distribute VB at IN least JJS $ $ 21 CD a DT share NN , , or CC $ $ 229 CD million CD , , in IN a DT liquidation NN , , based VBN on IN an DT expected JJ asset NN sale NN price NN of IN $ $ 290 CD million CD or CC more JJR . . The DT company NN said VBD it PRP did VBD n't RB receive VB an DT offer NN it PRP wanted VBD to TO accept VB . . As IN a DT result NN of IN dropping VBG the DT liquidation NN plan NN , , shareholders NNS will MD have VB to TO treat VB dividends NNS received VBN this DT year NN as IN ordinary JJ income NN or CC capital NN gains NNS rather RB than IN as IN tax NN free JJ returns NNS of IN capital NN , , the DT company NN said VBD . . The DT share NN repurchase NN will MD be VB funded VBN mostly RB from IN borrowings NNS . . A.H. NNP Belo NNP Corp. NNP said VBD its PRP$ net JJ income NN was VBD $ $ 3.1 CD million CD , , or CC 15 CD cents NNS a DT share NN , , in IN the DT third JJ quarter NN , , more JJR than IN four CD times NNS its PRP$ profit NN of IN $ $ 663,000 CD , , or CC three CD cents NNS a DT share NN , , last JJ year NN . . Included VBN in IN the DT results NNS was VBD an DT adjustment NN to TO the DT Dallas-based JJ company NN 's POS tax NN rate NN that WDT reduced VBD net JJ income NN by IN about RB 10 CD cents NNS a DT share NN , , or CC approximately RB $ $ 2 CD million CD . . Belo NNP said VBD it PRP increased VBD its PRP$ effective JJ tax NN rate NN to TO 52 CD % NN from IN 47 CD % NN to TO account VB for IN potential JJ liabilities NNS related VBN to TO an DT Internal NNP Revenue NNP Service NNP investigation NN of IN its PRP$ tax NN returns NNS for IN the DT years NNS 1984 CD through IN 1988 CD . . The DT newspaper NN and CC television NN owner NN said VBD it PRP expects VBZ the DT tax NN adjustment NN to TO reduce VB its PRP$ net JJ income NN for IN the DT full JJ year NN by IN 14 CD cents NNS , , or CC approximately RB $ $ 2.8 CD million CD based VBN on IN its PRP$ 20.2 CD million CD shares NNS outstanding JJ . . For IN the DT third JJ quarter NN , , Belo NNP said VBD its PRP$ revenue NN increased VBD 11 CD % NN , , to TO $ $ 101.5 CD million CD from IN $ $ 91.2 CD million CD last JJ year NN . . For IN the DT nine CD months NNS , , the DT company NN had VBD net JJ income NN of IN $ $ 15.1 CD million CD , , or CC 74 CD cents NNS a DT share NN , , up RB 98 CD % NN from IN $ $ 7.6 CD million CD , , or CC 38 CD cents NNS a DT share NN last JJ year NN . . Revenue NN grew VBD almost RB 8 CD % NN to TO $ $ 301.9 CD million CD from IN $ $ 279.8 CD million CD last JJ year NN . . A DT federal JJ judge NN granted VBD a DT temporary JJ stay NN of IN the DT California NNP Student NNP Aid NNP Commission NNP 's POS emergency NN action NN to TO stop VB guaranteeing VBG loans NNS for IN National NNP Technical NNP Schools NNP , , a DT unit NN of IN United NNP Education NNP & CC Software NNP Inc NNP . . The DT California NNP Student NNP Aid NNP Commission NNP took VBD the DT action NN Oct. NNP 15 CD after IN a DT government NN audit NN cited VBD National NNP Technical NNP Schools NNP for IN having VBG courses NNS too RB short JJ to TO be VB eligible JJ for IN the DT educational JJ loan NN program NN and CC having VBG a DT student NN drop-out JJ rate NN far RB in IN excess NN of IN federal JJ standards NNS , , and CC it PRP alleged VBD other JJ serious JJ violations NNS of IN law NN and CC regulations NNS . . United NNP Education NNP & CC Software NNP , , a DT Los NNP Angeles NNP education NN services NNS company NN , , called VBD the DT commission NN 's POS action NN `` `` precipitous JJ and CC unwarranted JJ . . '' '' The DT court NN set VBD a DT hearing NN on IN the DT emergency NN action NN for IN Oct. NNP 30 CD . . United NNP Education NNP & CC Software NNP posted VBD a DT $ $ 250,000 CD bond NN against IN potential JJ losses NNS to TO the DT student NN aid NN commission NN and CC to TO taxpayers NNS in IN guaranteeing VBG any DT more JJR loans NNS for IN National NNP Technical NNP Schools NNP students NNS prior RB to TO the DT hearing NN . . A DT decline NN in IN Allied-Signal NNP Inc. NNP 's POS automotive JJ business NN contributed VBD to TO flat JJ sales NNS and CC only RB slightly RB higher JJR earnings NNS in IN the DT third JJ quarter NN . . Allied-Signal NNP reported VBD that DT net NN rose VBD 1.7 CD % NN to TO $ $ 121 CD million CD , , or CC 81 CD cents NNS a DT share NN , , from IN $ $ 119 CD million CD , , or CC 80 CD cents NNS a DT share NN , , the DT year NN earlier RBR . . Sales NNS slipped VBD 1.3 CD % NN to TO $ $ 2.82 CD billion CD from IN $ $ 2.86 CD billion CD . . For IN the DT nine CD months NNS , , the DT Morris NNP Township NNP , , N.J.-based JJ company NN , , with IN businesses NNS in IN aerospace NN , , automotive JJ products NNS and CC engineered JJ materials NNS , , earned VBD $ $ 413 CD million CD , , or CC $ $ 2.77 CD cents NNS a DT share NN , , up RB 15 CD % NN from IN $ $ 359 CD million CD , , or CC $ $ 2.40 CD a DT share NN . . Sales NNS eased VBD 0.2 CD % NN to TO $ $ 8.88 CD billion CD from IN $ $ 8.90 CD billion CD . . Chairman NNP Edward NNP L. NNP Hennessy NNP Jr. NNP said VBD that IN a DT drop NN in IN sales NNS of IN auto NN and CC truck NN parts NNS contributed VBD to TO lower JJR earnings NNS in IN the DT automotive JJ unit NN . . He PRP also RB cited VBD unfavorable JJ foreign-exchange NN rates NNS and CC a DT lower JJR tax NN rate NN . . Earnings NNS for IN the DT group NN declined VBD to TO $ $ 11 CD million CD from IN $ $ 33 CD million CD last JJ year NN . . Earnings NNS at IN Allied-Signal NNP 's POS aerospace JJ business NN rose VBD to TO $ $ 55 CD million CD from IN $ $ 41 CD million CD a DT year NN ago RB , , primarily RB on IN higher JJR sales NNS and CC profit NN in IN its PRP$ engines NNS and CC auxiliary JJ power NN units NNS . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN yesterday NN , , Allied-Signal NNP shares NNS closed VBD at IN $ $ 35.125 CD , , off RB 87.5 CD cents NNS . . The DT National NNP Highway NNP Traffic NNP Safety NNP Administration NNP said VBD it PRP will MD start VB enforcing VBG stiffer JJR regulations NNS Jan. NNP 31 CD for IN so-called JJ gray-market JJ imports NNS of IN vehicles NNS . . The DT regulations NNS , , required VBN under IN legislation NN enacted VBN by IN Congress NNP last JJ year NN , , will MD apply VB to TO imports NNS of IN vehicles NNS that WDT were VBD n't RB built VBN to TO meet VB U.S. NNP government NN auto NN safety NN standards NNS and CC were VBD intended VBN for IN use NN in IN Europe NNP or CC elsewhere RB abroad RB . . U.S. NNP officials NNS estimated VBD that IN gray-market JJ imports NNS total VBP about RB 2,100 CD units NNS a DT year NN , , a DT small JJ part NN of IN the DT more JJR than IN three CD million CD vehicles NNS exported VBN to TO the DT U.S. NNP each DT year NN . . According VBG to TO the DT NHTSA NNP , , the DT new JJ regulations NNS will MD prohibit VB anyone NN other JJ than IN an DT importer NN that WDT has VBZ registered VBN with IN the DT U.S. NNP government NN , , or CC a DT person NN who WP has VBZ a DT contract NN with IN a DT registered JJ importer NN , , from IN permanently RB importing VBG a DT vehicle NN that WDT does VBZ n't RB meet VB the DT U.S. NNP auto NN safety NN standards NNS . . The DT registered JJ importer NN would MD be VB required VBN to TO bring VB such JJ vehicles NNS into IN compliance NN with IN the DT U.S. NNP safety NN standards NNS , , compared VBN with IN the DT current JJ situation NN in IN which WDT anyone NN can MD bring VB in RP such JJ vehicles NNS and CC modify VB them PRP to TO meet VB the DT U.S. NNP standards NNS . . Congress NNP tightened VBD auto NN safety NN standards NNS for IN gray-market JJ imports NNS after IN U.S. NNP auto NN dealers NNS , , including VBG franchised JJ foreign-car NN dealers NNS , , complained VBD that IN they PRP often RB were VBD blamed VBN when WRB the DT second JJ and CC third JJ buyers NNS of IN such JJ vehicles NNS found VBD that IN the DT cars NNS could MD n't RB meet VB U.S. NNP auto NN safety NN standards NNS . . Legent NNP Corp. NNP said VBD it PRP expects VBZ to TO report VB net JJ income NN between IN $ $ 6.4 CD million CD and CC $ $ 6.9 CD million CD , , or CC between IN 32 CD cents NNS and CC 34 CD cents NNS a DT share NN , , for IN its PRP$ fourth JJ quarter NN ended VBN Sept. NNP 30 CD . . In IN the DT year-ago JJ quarter NN , , the DT software NN developer NN reported VBD pro FW forma FW earnings NNS of IN $ $ 4.8 CD million CD , , or CC 24 CD cents NNS a DT share NN . . Vienna NNP , , Va.-based JJ Legent NNP said VBD it PRP expects VBZ to TO post VB revenue NN for IN the DT quarter NN of IN more JJR than IN $ $ 31 CD million CD , , compared VBN with IN pro FW forma FW revenue NN of IN $ $ 25.2 CD million CD in IN 1988 CD . . For IN the DT fiscal JJ year NN , , the DT company NN said VBD it PRP anticipates VBZ reporting VBG earnings NNS of IN $ $ 23 CD million CD , , or CC about RB $ $ 1.15 CD a DT share NN , , including VBG a DT charge NN of IN about RB $ $ 5.9 CD million CD , , or CC 22 CD cents NNS a DT share NN , , related VBN to TO the DT merger NN that WDT created VBD Legent NNP out IN of IN Duquesne NNP Systems NNP Inc. NNP and CC Morino NNP Inc. NNP in IN March NNP 1989 CD . . Revenue NN for IN fiscal JJ 1989 CD is VBZ expected VBN to TO exceed VB $ $ 124 CD million CD . . Pro FW forma FW earnings NNS for IN fiscal JJ 1988 CD were VBD $ $ 19.6 CD million CD , , or CC 99 CD cents NNS a DT share NN , , on IN revenue NN of IN $ $ 97.2 CD million CD . . The DT company NN attributed VBD much JJ of IN the DT growth NN in IN earnings NNS to TO increased JJ demand NN for IN its PRP$ systems NNS productivity NN software NN . . Archive NNP Corp. NNP said VBD it PRP expects VBZ to TO report VB net JJ income NN for IN its PRP$ fiscal JJ year NN ended VBN Sept. NNP 29 CD of IN a DT record JJ $ $ 15 CD million CD , , or CC $ $ 1.15 CD a DT share NN , , up RB 43 CD % NN from IN $ $ 10.5 CD million CD , , or CC 80 CD cents NNS a DT share NN , , for IN the DT prior JJ year NN . . The DT Costa NNP Mesa NNP , , Calif. NNP , , maker NN of IN computer NN tape NN drives NNS also RB projected VBD record JJ revenue NN for IN the DT year NN of IN $ $ 181 CD million CD , , up RB from IN $ $ 122.7 CD million CD for IN the DT previous JJ year NN . . Archive NNP attributed VBD the DT gains NNS to TO strong JJ demand NN for IN its PRP$ products NNS , , continued JJ growth NN of IN the DT reseller JJ market NN and CC the DT acquisition NN of IN Maynard NNP Electronics NNP in IN February NNP , , which WDT accounted VBD for IN about RB 14 CD % NN of IN the DT company NN 's POS revenue NN . . Detrex NNP Corp. NNP said VBD a DT reserve NN it PRP is VBZ establishing VBG to TO cover VB expected JJ pollution NN cleanup NN costs NNS at IN an DT Ohio NNP plant NN reduced VBD its PRP$ third-quarter JJ net JJ income NN by IN $ $ 1.9 CD million CD . . Detrex NNP , , which WDT has VBZ annual JJ sales NNS of IN about RB $ $ 100 CD million CD , , declined VBD to TO say VB if IN it PRP would MD post VB a DT loss NN in IN the DT third JJ quarter NN . . The DT Southfield NNP , , Mich.-based JJ company NN earned VBD $ $ 774,000 CD in IN the DT quarter NN last JJ year NN . . Detrex NNP is VBZ setting VBG aside RP $ $ 3.1 CD million CD for IN the DT cleanup NN , , but CC said VBD the DT reserve NN reduced VBD its PRP$ quarterly JJ income NN by IN only RB $ $ 1.9 CD million CD because IN of IN tax NN considerations NNS . . In IN addition NN , , the DT manufacturer NN said VBD it PRP signed VBD a DT consent NN decree NN with IN Ohio NNP to TO build VB a DT $ $ 1.4 CD million CD pollution-control JJ facility NN at IN the DT Ashtabula NNP chemical NN manufacturing NN plant NN by IN Aug. NNP 1 CD , , 1990 CD . . Detrex NNP said VBD it PRP is VBZ one CD of IN at IN least JJS 17 CD companies NNS notified VBN by IN the DT Environmental NNP Protection NNP Agency NNP that IN they PRP may MD be VB potentially RB responsible JJ for IN cleaning VBG up RP the DT Fields NNP Brook NNP watershed NN near IN Detrex NNP 's POS Ashtabula NN plant NN at IN a DT total JJ cost NN the DT EPA NNP estimates NNS at IN $ $ 48 CD million CD -- : a DT figure NN Detrex NNP said VBD the DT companies NNS dispute VBP . . First NNP Executive NNP Corp. NNP said VBD about RB 96 CD % NN of IN the DT rights NNS to TO purchase VB its PRP$ depositary JJ shares NNS and CC warrants NNS have VBP been VBN exercised VBN . . Of IN the DT 17.6 CD million CD rights NNS units NNS issued VBN , , just RB under IN 17 CD million CD were VBD exercised VBN before IN the DT Oct. NNP 10 CD expiration NN of IN the DT offering NN , , the DT insurance NN holding NN company NN said VBD . . Remaining VBG units NNS will MD be VB sold VBN to TO the DT underwriters NNS , , Drexel NNP Burnham NNP Lambert NNP Inc. NNP and CC Kidder NNP , , Peabody NNP & CC Co. NNP , , which WDT will MD also RB purchase VB an DT over-allotment NN of IN 2.3 CD million CD additional JJ units NNS . . First NNP Executive NNP said VBD the DT offering NN will MD raise VB about RB $ $ 299 CD million CD -- : minus CC underwriting NN fees NNS and CC other JJ expenses NNS -- : that IN the DT company NN plans VBZ to TO use VB to TO write VB new JJ life NN insurance NN and CC annuity NN business NN . . In IN addition NN , , analysts NNS have VBP viewed VBN the DT rights NNS offering NN as IN a DT takeover NN defense NN that WDT prospectively RB balloons VBZ the DT number NN of IN shares NNS outstanding JJ . . Each DT of IN the DT units NNS consists VBZ of IN two CD warrants NNS , , each DT of IN which WDT could MD be VB used VBN to TO purchase VB a DT half-share NN of IN common JJ stock NN , , and CC one CD depositary JJ preference NN share NN . . Depositary JJ shares NNS are VBP convertible JJ into IN common JJ stock NN on IN a DT 1-to-1 JJ basis NN . . Currently RB , , the DT company NN has VBZ about RB 88.1 CD million CD common JJ shares NNS outstanding JJ . . In IN over-the-counter JJ trading NN Monday NNP , , the DT stock NN closed VBD at IN $ $ 10.625 CD , , off RB 37.5 CD cents NNS . . UNITED NNP AIR NNP 'S POS PARENT NN quashed VBD any DT prospects NNS for IN an DT immediate JJ revival NN of IN the DT labor-management JJ buy-out NN , , saying VBG UAL NNP should MD remain VB independent JJ for IN now RB . . Also RB , , UAL NNP Chairman NNP Stephen NNP Wolf NNP pulled VBD out IN of IN the DT buy-out NN effort NN to TO focus VB on IN running VBG the DT company NN . . The DT two CD developments NNS leave VBP the DT airline NN with IN several JJ problems NNS , , including VBG an DT unsettled JJ labor NN situation NN . . Stock NN prices NNS fell VBD and CC bonds NNS rose VBD as IN worries NNS mounted VBD about IN the DT economy NN and CC the DT junk NN bond NN market NN . . The DT Dow NNP Jones NNP industrials NNS sank VBD 26.23 CD points NNS , , to TO 2662.91 CD . . The DT dollar NN also RB declined VBD . . The DT turmoil NN in IN junk NN bonds NNS may MD last VB for IN years NNS , , investors NNS and CC traders NNS say VBP . . Even RB Drexel NNP is VBZ pulling VBG back RP . . Santa NNP Fe NNP Pacific NNP plans VBZ to TO sell VB 20 CD % NN of IN its PRP$ large JJ real JJ estate NN unit NN to TO a DT California NNP pension NN fund NN for IN $ $ 400 CD million CD and CC spin VB the DT rest NN off RP to TO shareholders NNS . . The DT proposal NN values VBZ the DT company NN 's POS real JJ estate NN operation NN at IN $ $ 2 CD billion CD . . Time NNP Warner NNP reported VBD a DT $ $ 176 CD million CD loss NN for IN the DT third JJ quarter NN , , reflecting VBG the DT cost NN of IN the DT recent JJ merger NN and CC a DT method NN of IN accounting VBG for IN the DT deal NN . . Thrifts NNS continued VBD to TO shed VB assets NNS in IN August NNP , , mainly RB to TO comply VB with IN stiffer JJR capital NN rules NNS under IN the DT S&L NN bailout NN law NN . . Also RB , , withdrawals NNS exceeded VBD deposits NNS by IN $ $ 5.1 CD billion CD in IN the DT month NN . . Exxon NNP 's POS profit NN fell VBD 9 CD % NN in IN the DT third JJ quarter NN , , hurt VBN by IN sagging VBG results NNS at IN two CD of IN its PRP$ three CD main JJ businesses NNS . . Phillips NNP and CC Arco NNP posted VBD declines NNS . . Ashland NNP had VBD a DT loss NN . . Amerada NNP Hess NNP and CC Occidental NNP Petroleum NNP had VBD gains NNS . . Ogilvy NNP 's POS chairman NN , , Kenneth NNP Roman NNP , , is VBZ leaving VBG to TO take VB a DT top JJ post NN at IN American NNP Express NNP . . His PRP$ resignation NN follows VBZ a DT hostile JJ takeover NN of IN the DT ad NN agency NN in IN May NNP by IN WPP NNP of IN Britain NNP . . The DT Justice NNP Department NNP took VBD steps NNS that WDT could MD restrict VB the DT use NN by IN prosecutors NNS of IN criminal JJ racketeering NN charges NNS against IN white-collar JJ defendants NNS . . Shearson NNP was VBD sued VBN by IN money NN manager NN George NNP Soros NNP , , who WP claimed VBD one CD of IN his PRP$ funds NNS was VBD defrauded VBN out IN of IN $ $ 60 CD million CD during IN stock-index NN futures NNS trading NN just RB after IN the DT 1987 CD crash NN . . Drexel NNP 's POS efforts NNS to TO settle VB its PRP$ legal JJ troubles NNS are VBP being VBG resisted VBN by IN at IN least JJS 10 CD states NNS . . Some DT may MD try VB to TO revoke VB the DT firm NN 's POS license NN to TO sell VB securities NNS . . Prime NNP Computer NNP plans VBZ to TO dismiss VB 20 CD % NN of IN its PRP$ work NN force NN to TO cut VB costs NNS following VBG its PRP$ recent JJ leveraged JJ buy-out NN . . The DT action NN renews VBZ concern NN about IN buyouts NNS in IN high-tech JJ industries NNS . . Paribas NNP plans VBZ a DT bid NN for IN another DT big JJ French JJ financial JJ and CC industrial JJ firm NN , , Navigation NNP Mixte NNP , , a DT sign NN Europe NNP 's POS takeover NN fever NN has VBZ n't RB cooled VBN . . Qintex NNP Australia NNP unveiled VBD plans NNS to TO restructure VB and CC sell VB assets NNS to TO try VB to TO ease VB its PRP$ financial JJ problems NNS . . Union NNP Carbide NNP 's POS earnings NNS plunged VBD 35 CD % NN in IN the DT third JJ quarter NN , , reflecting VBG weakness NN in IN the DT company NN 's POS core JJ chemicals NNS and CC plastics NNS businesses NNS . . Japan NNP 's POS Daiwa NNP Securities NNP named VBD Masahiro NNP Dozen NNP president NN . . The DT rapid JJ advance NN of IN the DT 52-year-old JJ executive NN surprised VBD many JJ at IN the DT company NN . . Markets NNS -- : Stocks NNS : : Volume NN 135,860,000 CD shares NNS . . Dow NNP Jones NNP industrials NNS 2662.91 CD , , off RB 26.23 CD ; : transportation NN 1236.66 CD , , up RB 5.86 CD ; : utilities NNS 215.35 CD , , off RB 0.13 CD . . Bonds NNS : : Shearson NNP Lehman NNP Hutton NNP Treasury NNP index NN 3411.08 CD , , up RB Commodities NNS : : Dow NNP Jones NNP futures NNS index NN 129.49 CD , , off RB 0.13 CD ; : spot NN index NN 131.64 CD , , up RB 0.30 CD . . Dollar NN : : 141.90 CD yen NN , , off RB 0.53 CD ; : 1.8470 CD marks NNS , , off RB 0.0108 CD . . The DT Justice NNP Department NNP has VBZ revised VBN certain JJ internal JJ guidelines NNS and CC clarified VBN others NNS in IN a DT move NN that WDT could MD restrict VB the DT use NN of IN criminal JJ racketeering NN charges NNS against IN white-collar JJ defendants NNS . . The DT most RBS significant JJ changes NNS in IN department NN policy NN are VBP new JJ requirements NNS that IN federal JJ prosecutors NNS avoid VB disrupting VBG `` `` the DT normal JJ business NN functions NNS '' '' of IN companies NNS charged VBN under IN the DT racketeering NN law NN , , a DT senior JJ department NN official NN said VBD . . Another DT important JJ revision NN of IN department NN policy NN is VBZ a DT new JJ guideline NN warning VBG prosecutors NNS `` `` not RB to TO take VB steps NNS that WDT would MD harm VB innocent JJ third JJ parties NNS '' '' in IN a DT case NN brought VBN under IN the DT racketeering NN law NN , , the DT official NN , , David NNP Runkel NNP , , said VBD . . The DT department NN distributed VBD the DT revisions NNS and CC clarifications NNS to TO U.S. NNP attorneys NNS around IN the DT country NN this DT summer NN as IN part NN of IN a DT routine JJ process NN of IN updating VBG prosecutorial JJ guidelines NNS , , Mr. NNP Runkel NNP said VBD . . The DT changes NNS apply VBP to TO prosecutions NNS brought VBN under IN the DT Racketeer NNP Influenced NNP and CC Corrupt NNP Organizations NNP law NN . . Under IN that DT law NN , , defendants NNS who WP allegedly RB commit VBP a DT pattern NN of IN crimes NNS by IN means NNS of IN a DT `` `` criminal JJ enterprise NN '' '' may MD be VB charged VBN with IN racketeering VBG and CC forced VBD to TO forfeit VB the DT proceeds NNS of IN the DT enterprise NN . . The DT RICO NNP law NN has VBZ come VBN under IN criticism NN from IN some DT defendants NNS and CC defense NN lawyers NNS . . They PRP argue VBP that IN the DT rights NNS of IN RICO NNP defendants NNS and CC third JJ parties NNS not RB named VBN in IN RICO NNP indictments NNS have VBP been VBN unfairly RB damaged VBN . . The DT department NN 's VBZ most RBS significant JJ clarification NN of IN existing JJ RICO NNP policy NN is VBZ a DT directive NN to TO prosecutors NNS that IN they PRP should MD seek VB to TO seize VB assets NNS from IN defendants NNS `` `` in IN proportion NN '' '' to TO the DT nature NN of IN the DT alleged JJ offense NN , , Mr. NNP Runkel NNP said VBD . . `` `` That DT means VBZ that IN if IN the DT offense NN deals VBZ with IN one CD part NN of IN the DT business NN , , you PRP do VBP n't RB attempt VB to TO seize VB the DT whole JJ business NN ; : you PRP attempt VBP to TO seize VB assets NNS related VBN to TO the DT crime NN , , '' '' he PRP explained VBD . . In IN general JJ , , the DT thrust NN of IN the DT department NN 's POS directive NN is VBZ to TO encourage VB prosecutors NNS to TO limit VB pretrial JJ asset NN seizures NNS if IN there EX are VBP less RBR intrusive JJ means NNS of IN protecting VBG assets NNS the DT government NN may MD subsequently RB be VB able JJ to TO seize VB after IN a DT conviction NN , , Mr. NNP Runkel NNP said VBD . . It PRP was VBD the DT kind NN of IN snubbing NN rarely RB seen VBN within IN the DT Congress NNP , , let VBD alone RB within IN the DT same JJ party NN . . Sen. NNP Alan NNP Cranston NNP trekked VBD over RP to TO the DT House NNP side NN of IN Capitol NNP Hill NNP a DT few JJ days NNS ago RB and CC volunteered VBD his PRP$ testimony NN to TO fellow JJ Democrat NNP Rep. NNP Henry NNP Gonzalez NNP . . It PRP was VBD offered VBN as IN an DT expression NN of IN cooperation NN to TO Mr. NNP Gonzalez NNP , , who WP is VBZ investigating VBG the DT $ $ 2.5 CD billion CD failure NN of IN Lincoln NNP Savings NNP & CC Loan NNP Association NNP . . But CC instead RB of IN thanks NNS , , Sen. NNP Cranston NNP was VBD treated VBN with IN cool JJ formality NN . . `` `` Every DT witness NN receives VBZ a DT formal JJ subpoena NN , , '' '' Rep. NNP Gonzalez NNP told VBD him PRP . . Seldom RB have VBP House NNP hearings NNS caused VBN so RB much JJ apprehension NN in IN the DT Senate NNP , , where WRB California NNP Sen. NNP Cranston NNP and CC four CD other JJ senators NNS were VBD already RB writhing VBG in IN the DT glare NN of IN unfavorable JJ publicity NN over IN the DT alleged JJ looting NN of IN Lincoln NNP by IN their PRP$ friend NN and CC political JJ benefactor NN , , Charles NNP Keating NNP Jr. NNP , , principal JJ stockholder NN of IN Lincoln NNP 's POS parent NN company NN , , American NNP Continental NNP Corp. NNP of IN Phoenix NNP , , Ariz NNP . . At IN the DT first JJ day NN of IN the DT House NNP Banking NNP Committee NNP 's POS hearings NNS last JJ week NN , , William NNP Seidman NNP , , chairman NN of IN the DT Resolution NNP Trust NNP Corp. NNP , , the DT federal JJ agency NN created VBN to TO sell VB sick JJ thrifts NNS , , said VBD the DT agency NN is VBZ investigating VBG whether IN Lincoln NNP made VBD illegal JJ political JJ contributions NNS . . Mr. NNP Keating NNP arranged VBD nearly RB $ $ 1 CD million CD in IN donations NNS to TO Sen. NNP Cranston NNP and CC his PRP$ various JJ political JJ causes NNS , , and CC hundreds NNS of IN thousands NNS more JJR to TO other JJ lawmakers NNS . . Future JJ witnesses NNS include VBP a DT former JJ federal JJ S&L NN regulator NN who WP has VBZ accused VBN the DT five CD senators NNS of IN attempting VBG to TO `` `` subvert VB '' '' the DT regulatory JJ process NN by IN intervening VBG on IN behalf NN of IN Mr. NNP Keating NNP . . Unlike IN many JJ lawmakers NNS , , Chairman NNP Gonzalez NNP says VBZ he PRP considers VBZ intervening VBG with IN regulators NNS to TO be VB improper JJ . . `` `` When WRB you PRP reach VBP a DT point NN where WRB a DT policy-making JJ body NN is VBZ trying VBG to TO shape VB administrative JJ decisions NNS , , then RB that DT 's VBZ a DT no-no NN in IN my PRP$ book NN , , '' '' the DT Texas NNP lawmaker NN says VBZ . . And CC he PRP has VBZ attached VBN himself PRP to TO the DT Lincoln NNP story NN tenaciously RB . . `` `` Unless IN the DT questions NNS are VBP answered VBN , , I PRP will MD keep VB on RP going VBG . . '' '' Lawmakers NNS often RB are VBP reluctant JJ to TO embarrass VB colleagues NNS , , even RB those DT of IN opposing JJ political JJ parties NNS . . In IN the DT recent JJ Housing NNP and CC Urban NNP Development NNP Department NNP scandal NN , , for IN example NN , , Rep. NNP Thomas NNP Lantos NNP , , the DT California NNP Democrat NNP who WP led VBD the DT hearings NNS , , tiptoed VBD through IN embarrassing JJ disclosures NNS about IN HUD NNP grants NNS secured VBN by IN Sen. NNP Alfonse NNP D'Amato NNP , , a DT New NNP York NNP Republican NNP . . But CC Chairman NNP Gonzalez NNP is VBZ a DT genuine JJ maverick NN . . He PRP comes VBZ from IN the DT same JJ political JJ line NN as IN Wright NNP Patman NNP , , a DT bank-baiting JJ Texas NNP populist NN who WP chaired VBD the DT Banking NNP Committee NNP until IN 1974 CD . . Mr. NNP Gonzalez NNP is VBZ also RB a DT stickler NN for IN ethical JJ standards NNS who WP refuses VBZ to TO accept VB honorariums NNS and CC who WP believes VBZ in IN conducting VBG official JJ business NN in IN the DT open NN . . Early RB in IN his PRP$ political JJ career NN , , as IN a DT city NN councilman NN in IN San NNP Antonio NNP , , he PRP walked VBD out IN of IN a DT meeting NN when WRB political JJ supporters NNS asked VBD that IN the DT police NN chief NN be VB replaced VBN , , denouncing VBG the DT closed-door JJ affair NN publicly RB as IN a DT `` `` bat-roost JJ meeting NN . . '' '' The DT immediate JJ target NN of IN Rep. NNP Gonzalez NNP 's POS inquiry NN is VBZ Danny NNP Wall NNP , , chairman NN of IN the DT Office NNP of IN Thrift NNP Supervision NNP . . As IN the DT principal JJ regulator NN of IN the DT thrift NN industry NN , , Mr. NNP Wall NNP delayed VBD seizing VBG Lincoln NNP S&L NNP for IN more RBR than IN two CD years NNS after IN his PRP$ staff NN told VBD him PRP that IN the DT California NNP thrift NN was VBD insolvent JJ and CC that IN potential JJ losses NNS to TO taxpayers NNS were VBD growing VBG rapidly RB . . Rep. NNP Gonzalez NNP seems VBZ primed VBN to TO lash VB out RP at IN Mr. NNP Wall NNP when WRB hearings NNS resume VBP Thursday NNP with IN testimony NN by IN two CD federal JJ regulators NNS from IN San NNP Francisco NNP , , William NNP Black NNP and CC Mike NNP Patriarca NNP . . Mr. NNP Wall NNP relieved VBD them PRP of IN responsibility NN for IN supervising VBG Lincoln NNP in IN 1988 CD . . Mr. NNP Gonzalez NNP expressed VBD concern NN over IN a DT report NN that IN the DT two CD had VBD been VBN summoned VBN to TO Washington NNP by IN Mr. NNP Wall NNP last JJ week NN to TO discuss VB their PRP$ testimony NN in IN advance NN . . `` `` I PRP think VBP he PRP is VBZ trying VBG to TO improperly RB influence VB a DT witness NN , , and CC by IN God NNP I PRP 'm VBP not RB going VBG to TO tolerate VB it PRP , , '' '' he PRP says VBZ . . Mr. NNP Wall NNP , , however RB , , is VBZ a DT self-proclaimed JJ `` `` child NN of IN the DT Senate NNP '' '' and CC former JJ staff NN director NN of IN its PRP$ Banking NNP Committee NNP . . An DT inquiry NN into IN his PRP$ handling NN of IN Lincoln NNP S&L NNP inevitably RB will MD drag VB in RP Sen. NNP Cranston NNP and CC the DT four CD others NNS , , Sens. NNP Dennis NNP DeConcini NNP ( ( D. NNP , , Ariz. NNP ) ) , , John NNP McCain NNP ( ( R. NNP , , Ariz. NNP ) ) , , John NNP Glenn NNP ( ( D. NNP , , Ohio NNP ) ) and CC Donald NNP Riegle NNP ( ( D. NNP , , Mich NNP . . ) ) . . They PRP all DT attended VBD a DT meeting NN in IN April NNP 1987 CD questioning VBG why WRB a DT federal JJ audit NN of IN Lincoln NNP S&L NNP had VBD dragged VBN on RP for IN two CD years NNS . . `` `` I PRP 'm VBP certain JJ that IN in IN the DT course NN of IN the DT hearings NNS the DT names NNS { ( of IN the DT senators NNS } ) will MD be VB brought VBN out RP , , '' '' Mr. NNP Gonzalez NNP says VBZ . . This DT is VBZ raising VBG eyebrows NNS . . `` `` When WRB I PRP first RB got VBD a DT glimpse NN at IN the DT witness NN list NN , , I PRP could MD n't RB believe VB that IN they PRP were VBD going VBG to TO go VB ahead RB and CC do VB this DT , , '' '' says VBZ Michael NNP Waldman NNP , , director NN of IN Congress NNP Watch NNP , , a DT consumer NN group NN . . `` `` There EX are VBP some DT witnesses NNS who WP will MD be VB forced VBN to TO testify VB about IN their PRP$ meetings NNS with IN senators NNS . . '' '' And CC a DT Democratic JJ aide NN to TO a DT Banking NNP Committee NNP member NN remarks VBZ , , `` `` I PRP too RB am VBP astounded JJ by IN it PRP , , because IN Gonzalez NNP has VBZ certainly RB placed VBN a DT lot NN of IN Democratic JJ senators NNS in IN a DT very RB bad JJ position NN . . '' '' All PDT the DT senators NNS say VBP they PRP merely RB were VBD trying VBG to TO ensure VB fairness NN for IN a DT constituent NN . . Mr. NNP Keating NNP lives VBZ in IN Phoenix NNP , , and CC the DT California NNP thrift NN 's POS parent NN is VBZ an DT Ohio-chartered JJ corporation NN with IN holdings NNS in IN Michigan NNP . . Chairman NNP Gonzalez NNP expresses VBZ sympathy NN for IN Sen. NNP Riegle NNP , , his PRP$ counterpart NN as IN chairman NN of IN the DT Senate NNP Banking NNP Committee NNP . . `` `` He PRP 's VBZ wise JJ , , he PRP 's VBZ good JJ and CC I PRP know VBP he PRP 's VBZ an DT honest JJ man NN , , '' '' the DT Texan NNP says VBZ . . But CC at IN the DT same JJ time NN , , Mr. NNP Gonzalez NNP has VBZ n't RB forgotten VBN a DT confrontation NN over IN Mr. NNP Wall NNP during IN House-Senate NNP negotiations NNS over IN S&L NN bailout NN legislation NN during IN the DT summer NN . . The DT Senate NNP negotiators NNS included VBD Sens. NNP Cranston NNP and CC Riegle NNP and CC Mr. NNP Wall NNP 's POS principal JJ sponsor NN , , Republican NNP Sen. NNP Jake NNP Garn NNP of IN Utah NNP . . They PRP were VBD willing JJ to TO trade VB important JJ provisions NNS in IN the DT bailout NN legislation NN to TO preserve VB Mr. NNP Wall NNP 's POS job NN and CC to TO avoid VB a DT reconfirmation NN hearing NN in IN which WDT he PRP would MD be VB called VBN upon IN to TO testify VB about IN Lincoln NNP S&L NNP . . Most RBS importantly RB , , the DT Senate NNP traded VBD away RP the DT Bush NNP administration NN 's POS controversial JJ plan NN to TO finance VB the DT bailout NN , , which WDT was VBD partly RB reinstated VBN later RB . . At IN the DT time NN , , Mr. NNP Gonzalez NNP said VBD several JJ senators NNS told VBD him PRP that IN they PRP `` `` could MD get VB some DT roadblocks NNS out IN of IN the DT way NN if IN there EX could MD be VB some DT understanding NN on IN Garn NNP 's POS insistence NN on IN Wall NNP . . '' '' Now RB Mr. NNP Gonzalez NNP is VBZ holding VBG the DT equivalent NN of IN reconfirmation NN hearings NNS anyway RB , , under IN the DT guise NN of IN the DT Lincoln NNP investigation NN . . `` `` In IN a DT way NN , , that DT 's VBZ what WP this DT is VBZ , , '' '' Mr. NNP Gonzalez NNP concedes VBZ . . Even RB some DT House NNP Banking NNP Committee NNP members NNS could MD suffer VB from IN the DT fallout NN . . Mr. NNP Keating NNP raised VBD $ $ 20,000 CD for IN Rep. NNP Doug NNP Barnard NNP 's POS 1986 CD re-election NN campaign NN while IN the DT Georgia NNP Democrat NNP was VBD taking VBG his PRP$ side NN against IN regulators NNS who WP wanted VBD to TO curb VB risky JJ investments NNS and CC wholesale JJ deposit NN brokering NN . . He PRP recently RB voted VBD `` `` present RB '' '' when WRB the DT committee NN authorized VBD a DT subpoena NN to TO compel VB Mr. NNP Keating NNP to TO testify VB , , then RB changed VBD his PRP$ vote NN to TO yes UH . . But CC the DT chairman NN 's POS supporters NNS have VBP the DT upper JJ hand NN as IN federal JJ regulators NNS press VBP a DT $ $ 1.1 CD billion CD fraud NN suit NN against IN Mr. NNP Keating NNP and CC others NNS . . Rep. NNP Jim NNP Leach NNP ( ( R. NNP , , Iowa NNP ) ) says VBZ the DT Lincoln NNP S&L NNP affair NN is VBZ `` `` the DT biggest JJS bank NN heist NN in IN history NN , , '' '' and CC adds VBZ : : `` `` The DT great JJ question NN that WDT remains VBZ to TO be VB resolved VBN is VBZ whether IN we PRP have VBP a DT congressional JJ Watergate NNP in IN the DT making NN . . '' '' A DT witness NN set VBN to TO testify VB on IN Thursday NNP was VBD quoted VBN in IN a DT news NN report NN over IN the DT weekend NN as IN saying VBG Lincoln NNP `` `` laundered VBD '' '' campaign NN contributions NNS illegally RB . . But CC the DT witness NN , , William NNP Crawford NNP , , California NNP 's POS chief JJ state NN thrift NN regulator NN , , denies VBZ saying VBG that DT . . `` `` I PRP do VBP n't RB know VB whether IN it PRP was VBD done VBN properly RB or CC not RB , , because IN I PRP 'm VBP not RB a DT lawyer NN , , '' '' he PRP said VBD in IN a DT telephone NN interview NN yesterday NN . . But CC he PRP said VBD he PRP is VBZ prepared VBN to TO testify VB that IN executives NNS of IN Lincoln NNP and CC its PRP$ parent NN corporation NN got VBD unusually RB high JJ salaries NNS and CC frequent JJ calls NNS directing VBG them PRP to TO make VB specific JJ contributions NNS . . The DT committee NN also RB has VBZ summoned VBN Mr. NNP Wall NNP 's POS predecessor NN , , Edwin NNP Gray NNP . . He PRP has VBZ characterized VBN the DT five CD senators NNS ' POS roles NNS as IN `` `` tantamount JJ to TO an DT attempt NN to TO subvert VB the DT ... : regulatory JJ process NN , , '' '' and CC he PRP is VBZ n't RB expected VBN to TO back VB down RP even RB though IN the DT five CD senators NNS have VBP disputed VBN his PRP$ account NN of IN a DT 1987 CD meeting NN . . So IN the DT senators NNS must MD brace VB themselves PRP . . Sen. NNP Cranston NNP , , as IN he PRP returned VBD to TO the DT capital NN last JJ week NN from IN a DT one-day JJ trip NN to TO inspect VB earthquake NN damage NN in IN San NNP Francisco NNP , , sighed VBD to TO an DT aide NN : : `` `` Well UH , , back RB to TO Keatingland NNP . . When WRB Anne NNP Volokh NNP and CC her PRP$ family NN immigrated VBD to TO the DT U.S. NNP 14 CD years NNS ago RB , , they PRP started VBD life NN in IN Los NNP Angeles NNP with IN only RB $ $ 400 CD . . They PRP 'd MD actually RB left VBD the DT Soviet NNP Union NNP with IN $ $ 480 CD , , but CC during IN a DT stop NN in IN Italy NNP Ms. NNP Volokh NNP dropped VBD $ $ 80 CD on IN a DT black JJ velvet NN suit NN . . Not RB surprisingly RB , , she PRP quickly RB adapted VBD to TO the DT American JJ way NN . . Three CD months NNS after IN she PRP arrived VBD in IN L.A. NNP she PRP spent VBD $ $ 120 CD she PRP did VBD n't RB have VB for IN a DT hat NN . . ( ( `` `` A DT turban NN , , '' '' she PRP specifies VBZ , , `` `` though IN it PRP was VBD n't RB the DT time NN for IN that DT 14 CD years NNS ago RB . . But CC I PRP loved VBD turbans NNS . . '' '' ) ) Since IN then RB she PRP has VBZ become VBN wealthy JJ . . Her PRP$ husband NN and CC older JJR son NN -- : a DT computer NN prodigy NN profiled VBN in IN The NNP Wall NNP Street NNP Journal NNP in IN 1981 CD , , when WRB he PRP was VBD 13 CD -- : run VBP a DT software NN company NN with IN expected JJ sales NNS this DT year NN of IN $ $ 10 CD million CD . . Most RBS recently RB , , she PRP has VBZ become VBN the DT publisher NN of IN Movieline NNP , , a DT four-year-old JJ Los NNP Angeles NNP magazine NN that WDT began VBD national JJ distribution NN last JJ month NN , , with IN an DT initial JJ press NN run NN of IN 100,000 CD copies NNS . . Distributed VBN by IN the DT Hearst NNP Corp. NNP 's POS Eastern NNP News NNP , , the DT glossy JJ publication NN melds VBZ Vanity NNP Fair NNP 's POS gossipy JJ archness NN and CC Premiere NNP 's POS earnest JJ delving NN into IN behind-the-scenes JJ minutiae NNS , , with IN a DT special JJ emphasis NN on IN Tinseltown NNP as IN fashion NN trendsetter NN . . It PRP 's VBZ being VBG sold VBN through IN bookstores NNS , , newsstands NNS and CC some DT video JJ stores NNS . . Though NNP Ms. NNP Volokh NNP is VBZ a DT small JJ woman NN , , she PRP has VBZ an DT outsized JJ personality NN and CC dramatic JJ flair NN that WDT seem VBP perfectly RB suited VBN to TO capitalism NN as IN it PRP is VBZ practiced VBN in IN Hollywood NNP . . Certainly RB life NN for IN her PRP has VBZ changed VBN considerably RB since IN the DT days NNS in IN Kiev NNP , , when WRB she PRP lived VBD with IN her PRP$ parents NNS , , her PRP$ husband NN and CC her PRP$ two CD sons NNS in IN a DT 2 CD 1\/2-room JJ apartment NN in IN what WP she PRP calls VBZ `` `` silent JJ internal JJ immigration NN , , '' '' dreaming VBG of IN escape NN . . Now RB , , for IN example NN , , she PRP owns VBZ 48 CD hats NNS . . However RB , , she PRP remembers VBZ the DT lean JJ years NNS and CC recalls VBZ with IN relish NN wearing VBG her PRP first JJ major JJ American JJ purchase NN -- : that DT turban NN 10 CD years NNS later RB and CC having VBG a DT Los NNP Angeles NNP boutique NN owner NN ask VB her PRP if IN it PRP was VBD a DT Chanel NNP . . With IN obvious JJ satisfaction NN , , she PRP says VBZ she PRP told VBD him PRP : : `` `` No UH darling NN , , I PRP just RB give VB it PRP a DT Chanel NNP look NN . . '' '' She PRP keeps VBZ track NN of IN the DT rest NN of IN her PRP$ hats NNS by IN stapling VBG Polaroid NNP snapshots NNS to TO the DT outside NN of IN each DT hatbox NN . . Are VBP the DT hats NNS merely RB part NN of IN her PRP$ new JJ L.A. NNP persona NN , , along IN with IN the DT many JJ ultra-thin JJ Capri NNP cigarettes NNS she PRP smokes VBZ , , the DT parties NNS she PRP throws VBZ for IN 500 CD people NNS , , the DT Chekovian JJ feasts NNS she PRP offers VBZ guests NNS at IN her PRP$ weekend NN place NN in IN Santa NNP Barbara NNP ? . `` `` No UH , , darling NN , , '' '' she PRP said VBD recently RB in IN her PRP$ fluent JJ , , slightly RB affected JJ English NNP , , during IN a DT trip NN East RB to TO promote VB Movieline NNP 's POS national JJ expansion NN . . `` `` You PRP have VBP to TO be VB born VBN with IN it PRP . . I PRP used VBD to TO wear VB hats NNS in IN Russia NNP , , but CC I PRP had VBD to TO make VB them PRP and CC my PRP$ dresses NNS . . On IN the DT hat NN side NN I PRP was VBD n't RB getting VBG what WP I PRP wanted VBD . . '' '' Now RB 48 CD years NNS old JJ , , Ms. NNP Volokh NNP has VBZ definite JJ ideas NNS about IN what WP she PRP wants VBZ . . At IN Movieline NNP , , she PRP wants VBZ `` `` specific JJ paragraphing NN , , specific JJ tone NN , , a DT specific JJ attitude NN -- : bright JJ and CC bold JJ and CC tongue-in-cheek JJ . . '' '' In IN restaurants NNS ( ( in IN this DT case NN , , the DT Russian NNP Samovar NNP , , a DT New NNP York NNP restaurant NN operated VBN by IN and CC for IN Soviet JJ emigres NNS ) ) , , she PRP did VBD n't RB want VB the DT chirpy JJ , , folkish JJ music NN bouncing VBG through IN the DT room NN . . `` `` You PRP people NNS here RB think VBP this DT is VBZ Russian JJ music NN , , '' '' she PRP said VBD with IN disdain NN , , and CC called VBD over RP to TO the DT waitress NN : : `` `` Could MD you PRP turn VB it PRP off RP ? . '' '' That DT done VBN , , Ms. NNP Volokh NNP spoke VBD with IN rampant JJ eloquence NN about IN the DT many JJ attributes NNS she PRP feels VBZ she PRP was VBD born VBN with IN : : an DT understanding NN of IN food NN , , business NN , , Russian JJ culture NN , , human JJ nature NN , , and CC parties NNS . . `` `` Parties NNS are VBP rather RB a DT state NN of IN mind NN , , '' '' she PRP said VBD , , pausing VBG only RB to TO taste VB and CC pass VB judgment NN on IN the DT Georgian JJ shashlik NN ( ( `` `` a DT little RB well RB done VBN , , but CC very RB good JJ '' '' ) ) . . `` `` If IN you PRP are VBP born VBN to TO give VB parties NNS , , you PRP give VBP parties NNS . . Even RB in IN Russia NNP we PRP managed VBD to TO give VB parties NNS . . In IN Los NNP Angeles NNP , , in IN our PRP$ lean JJ years NNS , , we PRP gave VBD parties NNS . . '' '' As IN publisher NN of IN a DT magazine NN devoted VBN to TO movies NNS as IN guideposts NNS for IN fashion NN and CC other JJ fantasies NNS , , Ms. NNP Volokh NNP sees VBZ her PRP party-giving NN as IN an DT important JJ part NN of IN business NN . . She PRP has VBZ thrown VBN extravagant JJ soirees NNS for IN crowds NNS of IN people NNS , , but CC prefers VBZ more RBR intimate JJ gatherings NNS . . `` `` At IN American JJ cocktail NN parties VBZ everyone NN 's VBZ always RB looking VBG over IN your PRP$ shoulder NN to TO see VB who WP they PRP can MD talk VB to TO next RB . . I PRP like VBP rather RB tea NN , , because IN it PRP is VBZ at IN the DT end NN of IN the DT day NN . . '' '' She PRP serves VBZ high JJ Russian JJ tea NN , , at IN 5 CD p.m RB . . `` `` It PRP 's VBZ supposed VBN to TO be VB later RB but CC I PRP just RB moved VBD it PRP . . In IN Los NNP Angeles NNP , , it PRP 's VBZ important JJ to TO catch VB people NNS just RB after IN work NN . . '' '' She PRP also RB frequently RB invites VBZ directors NNS , , producers NNS , , actors NNS , , writers NNS and CC other JJ show NN business NN people NNS for IN `` `` coffee NN and CC clips NNS in IN the DT pleasure NN dome NN . . '' '' Guests NNS bring VBP movies NNS on IN tape NN , , and CC show VBP their PRP$ favorite JJ three-to-five JJ minute NN segments NNS on IN the DT screen NN that WDT unrolls VBZ from IN the DT ceiling NN of IN the DT Volokhs NNPS ' POS art-nouveau JJ library NN ( ( `` `` the JJ pleasure NN dome NN '' '' ) ) . . They PRP eat VBP `` `` sinful JJ and CC sensual JJ things NNS '' '' -- : and CC explain VBP their PRP$ clips NNS . . `` `` It PRP 's VBZ very RB revealing JJ and CC soul NN baring VBG , , '' '' said VBD Ms. NNP Volokh NNP . . The DT idea NN for IN Movieline NNP actually RB was VBD dreamed VBN up RP by IN an DT old JJ friend NN of IN the DT Volokhs NNPS , , Boris NNP Krutchensky NNP ( ( who WP has VBZ the DT title NN of IN co-publisher NN ) ) , , and CC Laurie NNP Halpern NNP Smith NNP , , now RB the DT magazine NN 's POS co-editor NN . . Mr. NNP Krutchensky NNP approached VBD Ms. NNP Volokh NNP five CD years NNS ago RB about IN backing VBG the DT publication NN , , which WDT started VBD out RP as IN a DT listing NN guide NN . . She PRP was VBD interested JJ only RB if IN she PRP could MD guide VB it PRP editorially RB as RB well RB . . `` `` Anne VB does VBZ n't RB believe VB in IN blandness NN , , '' '' said VBD Ms. NNP Smith NNP . . `` `` She PRP wants VBZ things NNS to TO be VB exciting JJ . . And CC she PRP has VBZ this DT inexhaustible JJ energy NN . . She PRP 'll MD think VB of IN an DT idea NN the DT editorial JJ people NNS think VBP is VBZ impossible JJ , , then RB she PRP 'll MD have VB us PRP make VB it PRP work VB . . '' '' In IN fact NN , , Ms. NNP Volokh NNP was VBD n't RB just RB a DT rich JJ lady NN who WP needed VBD a DT hobby NN . . Back RB in IN the DT Soviet NNP Union NNP she PRP was VBD a DT respected JJ journalist NN , , writing VBG a DT weekly JJ column NN about IN the DT national JJ cuisine NN for IN Sunday NNP Izvestia NNP . . Those DT columns NNS -- : vivid JJ discussions NNS of IN the DT cultural JJ and CC literary JJ reverberations NNS of IN food NN as RB well RB as IN practical JJ advice NN on IN how WRB to TO glamorize VB dreary JJ Sovietized JJ meals NNS -- : became VBD the DT basis NN for IN her PRP$ erudite JJ and CC entertaining JJ cookbook NN , , `` `` The DT Art NNP of IN Russian NNP Cuisine NNP , , '' '' brought VBN out RP in IN 1983 CD by IN Macmillan NNP Publishing NNP Co NNP . . `` `` I PRP do VBP n't RB trust VB people NNS who WP do VBP n't RB eat VB , , '' '' said VBD Ms. NNP Volokh NNP , , though IN she PRP herself PRP stopped VBD eating VBG lunch NN a DT few JJ years NNS ago RB to TO drop VB 25 CD pounds NNS . . `` `` Look VB at IN Dostoevski NNP and CC Kafka NNP . . No DT one NN ever RB eats VBZ in IN their PRP$ books NNS and CC look VB at IN them PRP ... : . . Tolstoy NNP 's POS characters NNS eat VBP , , Pushkin NNP 's POS , , Gogol NNP 's POS . . '' '' In IN her PRP$ cookbook NN , , which WDT Macmillan NNP is VBZ bringing VBG out RP in IN soft JJ cover NN this DT month NN ( ( with IN the DT blini NNS recipe NN revised VBN so IN it PRP works VBZ ) ) , , she PRP introduces VBZ each DT chapter NN with IN appropriate JJ quotations NNS from IN Russian JJ literature NN : : Pushkin NNP on IN blini NNS , , Goncharov NNP on IN piroghi NNS . . In IN life NN , , she PRP offers VBZ practical JJ dieting NN advice NN : : `` `` Divide VB your PRP$ meals NNS into IN important JJ and CC unimportant JJ . . In IN a DT great JJ restaurant NN , , do VBP n't RB deprive VB yourself PRP . . The DT other JJ meals NNS do VBP n't RB matter VB . . '' '' Amusing JJ as IN she PRP is VBZ , , and CC frivolous JJ as IN she PRP can MD seem VB , , this DT is VBZ a DT serious JJ person NN with IN some DT difficult JJ memories NNS . . She PRP was VBD the DT child NN of IN relative JJ privilege NN . . Her PRP$ mother NN was VBD a DT translator NN ; : her PRP$ father NN was VBD `` `` the DT eternal JJ vice NN director NN . . '' '' `` `` I PRP emigrated VBD to TO wear VB better JJR hats NNS , , do VB better JJR parties NNS , , '' '' she PRP said VBD with IN a DT giggle NN . . `` `` But CC we PRP should MD n't RB leave VB out RP political JJ reasons NNS , , number NN one CD . . You PRP try VBP to TO maintain VB your PRP$ dignity NN under IN difficult JJ circumstances NNS . . One PRP can MD not RB imagine VB how WRB you PRP live VBP when WRB you PRP live VBP those DT double JJ and CC triple JJ lives NNS . . '' '' By IN 1973 CD , , after IN their PRP$ second JJ child NN was VBD born VBN , , it PRP had VBD become VBN clear JJ to TO Ms. NNP Volokh NNP and CC her PRP$ husband NN Vladimir NNP , , a DT computer NN scientist NN , , that IN they PRP wanted VBD to TO leave VB the DT U.S.S.R NNP . . Ms. NNP Volokh NNP quit VBD her PRP job NN , , to TO remove VB herself PRP from IN the DT public JJ eye NN . . The DT wait NN was VBD miserable JJ . . Before IN granting VBG Ms. NNP Volokh NNP 's POS parents NNS a DT visa NN , , the DT government NN required VBD her PRP$ mother NN to TO obtain VB permission NN from IN her PRP$ first JJ husband NN , , whom WP she PRP had VBD divorced VBN 38 CD years NNS earlier RBR . . Mr. NNP Volokh NNP was VBD fired VBN from IN his PRP$ job NN , , and CC had VBD to TO endure VB hours NNS of IN organized JJ verbal JJ abuse NN from IN his PRP$ co-workers NNS , , accusations NNS of IN sabotage NN and CC counterrevolutionary JJ activities NNS . . The DT Volokhs NNPS were VBD afraid JJ that IN they PRP 'd MD end VB up RP like IN a DT friend NN of IN theirs PRP who WP 'd VBD applied VBN for IN a DT visa NN and CC waited VBN for IN 10 CD years NNS , , having VBG been VBN demoted VBN from IN his PRP$ profession NN of IN theoretical JJ mathematician NN to TO shipping NN clerk NN . . They PRP did VBD n't RB . . Their PRP$ visa NN came VBD in IN relatively RB short JJ order NN , , and CC they PRP moved VBD to TO Los NNP Angeles NNP . . Mr. NNP Volokh NNP soon RB found VBD work NN in IN his PRP$ field NN , , but CC Ms. NNP Volokh NNP refused VBD the DT obvious JJ and CC available JJ occupation NN - : as IN translator NN for IN a DT Russian NNP who WP spoke VBD fluent JJ English NNP . . `` `` That DT 's VBZ always RB looking VBG back RB , , '' '' she PRP said VBD . . `` `` I PRP wanted VBD to TO be VB in IN business NN . . '' '' On IN the DT way NN to TO that DT goal NN , , she PRP received VBD her PRP$ first JJ U.S. NNP paycheck NN for IN proofreading VBG a DT book NN of IN Polish JJ poetry NN , , attended VBD secretarial JJ school NN , , then RB went VBD to TO work VB for IN a DT fund-raising NN organization NN . . Soon RB she PRP was VBD running VBG the DT office NN . . When WRB her PRP$ husband NN and CC son NN founded VBD their PRP$ computer NN company NN , , Vesoft NNP , , she PRP worked VBD as IN business NN manager NN , , bookkeeper NN and CC publicist NN . . Now RB Movieline NNP is VBZ located VBN in IN the DT same JJ building NN as IN Vesoft NNP . . `` `` Things NNS work VBP out RP unexpectedly RB in IN life NN , , '' '' said VBD Ms. NNP Volokh NNP . . `` `` You PRP never RB know VBP if IN you PRP 'll MD be VB chosen VBN to TO be VB the DT scapegoat NN or CC the DT lucky JJ one CD . . We PRP were VBD lucky JJ . . William NNP D. NNP Forrester NNP , , president NN of IN the DT U.S.-U.S.S.R. NNP Trade NNP and CC Economic NNP Council NNP , , has VBZ a DT warning NN for IN U.S. NNP companies NNS trying VBG to TO do VB business NN in IN the DT Soviet NNP Union NNP . . `` `` It PRP 's VBZ an DT extremely RB complex JJ market NN , , and CC you PRP have VBP to TO be VB prepared VBN to TO make VB a DT big JJ commitment NN , , '' '' Mr. NNP Forrester NNP says VBZ . . `` `` We PRP are VBP not RB trying VBG to TO encourage VB everyone NN . . '' '' Undeterred JJ by IN such JJ words NNS of IN caution NN , , corporate JJ America NNP is VBZ flocking VBG to TO Moscow NNP , , lured VBN by IN a DT huge JJ untapped JJ market NN and CC Mikhail NNP Gorbachev NNP 's POS attempt NN to TO overhaul VB the DT Soviet JJ economy NN . . Doing VBG business NN with IN the DT Russians NNPS , , once RB the DT pursuit NN of IN a DT handful NN of IN hardened JJ veterans NNS , , has VBZ become VBN the DT goal NN of IN such JJ major JJ companies NNS as IN General NNP Motors NNP Corp. NNP , , Federal NNP Express NNP Corp. NNP and CC Procter NNP & CC Gamble NNP Co. NNP , , as RB well RB as IN a DT cluster NN of IN smaller JJR firms NNS . . Reflecting VBG the DT new-found JJ interest NN , , more JJR than IN 140 CD U.S. NNP companies NNS are VBP taking VBG part NN in IN a DT Moscow NNP exhibition NN organized VBN by IN Mr. NNP Forrester NNP 's POS trade NN group NN . . But CC while IN U.S. NNP interest NN may MD be VB big JJ and CC growing VBG , , the DT difficulties NNS that WDT have VBP stymied VBN deals NNS in IN the DT past NN show VBP no DT sign NN of IN abating VBG . . Alongside IN the DT old JJ problems NNS of IN a DT non-convertible JJ currency NN and CC an DT inpenetrable JJ bureaucracy NN , , Western JJ business NN executives NNS must MD now RB grapple VB with IN new JJ complexities NNS linked VBN to TO perestroika FW , , the DT restructuring NN of IN the DT Soviet JJ economy NN . . Executives NNS say VBP Mr. NNP Gorbachev NNP 's POS moves NNS to TO break VB up RP the DT government NN 's POS foreign JJ trade NN monopoly NN have VBP created VBN uncertainties NNS as RB well RB as IN opportunities NNS . . Changing VBG legislation NN has VBZ opened VBN the DT field NN to TO thousands NNS of IN inexperienced JJ Soviet JJ players NNS , , many DT who WP promise VBP more JJR than IN they PRP can MD deliver VB . . And CC some DT foreign JJ firms NNS are VBP finding VBG that IN even RB when WRB they PRP manage VBP to TO overcome VB such JJ hurdles NNS , , their PRP$ ventures NNS now RB have VBP to TO be VB endorsed VBN by IN such JJ unpredictable JJ bodies NNS as IN the DT Soviet JJ parliament NN and CC the DT governments NNS of IN the DT nation NN 's POS republics NNS . . `` `` You PRP have VBP to TO go VB out IN to TO all PDT your PRP$ constituents NNS , , '' '' says VBZ James NNP H. NNP Giffen NNP , , who WP is VBZ spearheading VBG the DT most RBS ambitious JJ attempt NN by IN U.S. NNP firms NNS to TO break VB into IN the DT Soviet JJ market NN , , involving VBG investment NN of IN more JJR than IN $ $ 5 CD billion CD in IN some RB two CD dozen NN joint JJ ventures NNS . . As IN part NN of IN that DT attempt NN , , by IN the DT American NNP Trade NNP Consortium NNP , , Mr. NNP Giffen NNP says VBZ he PRP spends VBZ a DT lot NN of IN time NN lobbying VBG . . Growing VBG public JJ fears NNS about IN the DT Soviet JJ environment NN is VBZ one CD new JJ factor NN affecting VBG some DT joint-venture JJ plans NNS . . Over IN the DT past JJ two CD years NNS , , Soviet JJ ministries NNS have VBP been VBN talking VBG to TO international JJ firms NNS , , including VBG Occidental NNP Petroleum NNP Co. NNP and CC Combustion NNP Engineering NNP Inc. NNP of IN the DT U.S. NNP , , Montedison NNP S.p.A. NNP of IN Italy NNP and CC several JJ Japanese JJ groups NNS , , about IN jointly RB building VBG and CC operating VBG several JJ big JJ petrochemical NN plants NNS . . The DT plans NNS have VBP come VBN under IN fire NN from IN Soviet JJ environmentalists NNS , , and CC officials NNS say VBP many JJ are VBP likely JJ to TO be VB scaled VBN back RP or CC dropped VBN . . Whatever WDT the DT difficulties NNS , , Mr. NNP Gorbachev NNP remains VBZ committed JJ to TO increasing VBG foreign JJ trade NN . . For IN political JJ as RB well RB as IN economic JJ reasons NNS , , U.S. NNP companies NNS are VBP at IN the DT top NN of IN his PRP$ priorities NNS -- : a DT point NN he PRP underscored VBD by IN spending VBG two CD hours NNS walking VBG around IN the DT U.S. NNP trade NN show NN last JJ week NN . . Talking VBG to TO a DT small JJ group NN of IN U.S. NNP executives NNS afterwards RB , , Mr. NNP Gorbachev NNP appeared VBD impatient JJ for IN a DT big JJ expansion NN in IN U.S.-Soviet JJ trade NN , , which WDT now RB amounts VBZ to TO a DT meager JJ $ $ 3 CD billion CD annually RB . . The DT U.S. NNP ranks VBZ fourth JJ of IN countries NNS that WDT have VBP concluded VBN joint JJ ventures NNS , , behind IN West NNP Germany NNP , , Finland NNP and CC Italy NNP . . According VBG to TO several JJ people NNS present RB at IN the DT meeting NN , , Mr. NNP Gorbachev NNP also RB supported VBD the DT idea NN of IN concluding VBG several JJ commercial JJ accords NNS with IN the DT U.S. NNP , , possibly RB at IN his PRP$ next JJ summit NN meeting NN with IN President NNP Bush NNP . . Judging VBG by IN the DT crush NN at IN the DT exhibition NN , , deprived VBN Soviet JJ consumers NNS are VBP more RBR than IN ready JJ for IN U.S. NNP products NNS . . Hundreds NNS of IN people NNS lined VBD up RP every DT day NN at IN the DT Colgate-Palmolive NNP Co. NNP stand NN to TO receive VB a DT free JJ tube NN of IN toothpaste NN , , a DT commodity NN in IN chronically RB short JJ supply NN here RB . . And CC unruly JJ crowds NNS at IN RJR NNP Nabisco NNP Inc. NNP 's POS booth NN almost RB knocked VBD over RP a DT glass NN showcase NN in IN the DT rush NN to TO get VB a DT free JJ Camel NNP cigarette NN sticker NN . . Some DT U.S. NNP products NNS are VBP filtering VBG into IN the DT Soviet JJ market NN under IN an DT emergency NN import NN program NN . . Both DT Colgate NNP and CC Procter NNP & CC Gamble NNP have VBP received VBN big JJ orders NNS for IN toothpaste NN , , soap NN and CC detergents NNS . . The DT American NNP Trade NNP Consortium NNP says VBZ it PRP is VBZ planning VBG to TO ship VB some RB $ $ 500 CD million CD of IN consumer NN goods NNS , , financed VBN by IN bank NN credits NNS , , in IN the DT first JJ few JJ months NNS of IN next JJ year NN . . But CC the DT current JJ Soviet JJ purchasing NN spree NN may MD be VB a DT one-time JJ affair NN . . The DT goal NN of IN most JJS U.S. NNP firms NNS -- : joint JJ ventures NNS -- : remains VBZ elusive JJ . . Because IN the DT Soviet JJ ruble NN is VBZ n't RB convertible JJ into IN dollars NNS , , marks NNS and CC other JJ Western JJ currencies NNS , , companies NNS that WDT hope VBP to TO set VB up RP production NN facilities NNS here RB must MD either RB export VB some DT of IN the DT goods NNS to TO earn VB hard JJ currency NN or CC find VB Soviet JJ goods NNS they PRP can MD take VB in IN a DT counter-trade JJ transaction NN . . International JJ competition NN for IN the DT few JJ Soviet JJ goods NNS that WDT can MD be VB sold VBN on IN world NN markets NNS is VBZ heating VBG up RP , , however RB . . Shelley NNP M. NNP Zeiger NNP , , an DT entrepreneur NN from IN New NNP Jersey NNP who WP buys VBZ Soviet JJ porcelain NN and CC `` `` matryoshka FW '' '' nesting JJ dolls NNS for IN export NN to TO the DT U.S. NNP , , says VBZ West JJ German JJ companies NNS already RB have VBP snapped VBN up RP much JJ of IN the DT production NN of IN these DT items NNS . . Seeking VBG to TO overcome VB the DT currency NN problems NNS , , Mr. NNP Giffen NNP 's POS American NNP Trade NNP Consortium NNP , , which WDT comprises VBZ Chevron NNP Corp. NNP , , RJR NNP , , Johnson NNP & CC Johnson NNP , , Eastman NNP Kodak NNP Co. NNP , , and CC Archer-Daniels-Midland NNP Co. NNP , , has VBZ concocted VBN an DT elaborate JJ scheme NN to TO share VB out RP dollar NN earnings NNS , , largely RB from IN the DT revenues NNS of IN a DT planned JJ Chevron NNP oil NN project NN . . Several JJ medical JJ concerns NNS , , including VBG Pfizer NNP Inc. NNP , , Hewlett-Packard NNP Co. NNP , , Colgate NNP and CC Abbott NNP Laboratories NNP intend VBP to TO pursue VB a DT similar JJ consortium NN approach NN . . `` `` It PRP 's VBZ hard JJ to TO invest VB capital NN here RB on IN the DT same JJ basis NN as IN investing VBG in IN other JJ countries NNS , , '' '' says VBZ Dennis NNP A. NNP Sokol NNP , , president NN of IN Medical NNP Service NNP Partners NNP Inc. NNP , , who WP is VBZ putting VBG the DT medical JJ consortium NN together RB . . Some DT U.S. NNP entrepreneurs NNS operate VBP on IN a DT smaller JJR scale NN . . One CD group NN seeks VBZ to TO publish VB a DT U.S.-Soviet JJ medical JJ journal NN in IN conjunction NN with IN the DT U.S.S.R. NNP Ministry NNP of IN Health NNP . . According VBG to TO Richard NNP P. NNP Mills NNP , , a DT Boston-based JJ official NN of IN the DT U.S. NNP partner NN , , 10,000 CD copies NNS of IN the DT quarterly NN will MD be VB printed VBN in IN Russian NNP from IN next JJ year NN . . It PRP will MD be VB financed VBN by IN advertisements NNS from IN U.S. NNP companies NNS and CC by IN simultaneous JJ publication NN of IN an DT English-language NN journal NN containing VBG details NNS of IN Soviet JJ medical JJ advancements NNS . . `` `` We PRP found VBD a DT market NN niche NN , , '' '' Mr. NNP Mills NNP boasts VBZ . . `` `` It PRP 's VBZ truly RB entrepreneurial JJ . . General NNP Electric NNP Co. NNP was VBD given VBN an DT $ $ 89.6 CD million CD Navy NNP contract NN for IN nuclear JJ propulsion NN parts NNS . . Westinghouse NNP Electric NNP Corp. NNP also RB won VBD a DT $ $ 75.5 CD million CD Navy NNP contract NN for IN nuclear JJ propulsion NN parts NNS . . Federal NNP Data NNP Corp. NNP was VBD issued VBN a DT $ $ 14.5 CD million CD Navy NNP contract NN for IN computer NN systems NNS . . American NNP Telephone NNP & CC Telegraph NNP Co. NNP was VBD awarded VBN an DT $ $ 11.5 CD million CD Navy NNP contract NN for IN oceanographic JJ services NNS . . Cray NNP Research NNP Inc. NNP said VBD it PRP sold VBD one CD of IN its PRP$ newest JJS and CC largest JJS computer NN systems NNS , , the DT Cray NNP Y-MP\/832 NNP , , to TO the DT United NNP Kingdom NNP Meteorological NNP Office NNP . . The DT system NN is VBZ the DT first JJ to TO be VB sold VBN through IN the DT joint JJ marketing NN agreement NN between IN Cray NNP and CC Control NNP Data NNP Corp NNP . . The DT supercomputer NN , , which WDT lists VBZ for IN $ $ 18.5 CD million CD , , will MD be VB installed VBN in IN the DT first JJ quarter NN of IN 1990 CD in IN the DT meteorological JJ office NN 's POS headquarters NN in IN Bracknell NNP , , England NNP . . Shareholders NNP of IN Nuovo NNP Banco NNP Ambrosiano NNP S.p.A. NNP voted VBD to TO accept VB a DT bid NN of IN 5,500 CD lire NNS ( ( $ $ 4.03 CD ) ) a DT share NN by IN France NNP 's POS Credit NNP Agricole NNP for IN 13.32 CD % NN of IN the DT bank NN , , rejecting VBG an DT earlier JJR , , equal JJ offer NN by IN Italy NNP 's POS Assicurazioni NNP Generali NNP S.p.A NNP . . The DT move NN will MD give VB Nuovo NNP Banco NNP a DT badly RB needed VBN foreign JJ presence NN , , and CC make VB Credit NNP Agricole NNP the DT bank NN 's POS largest JJS shareholder NN . . It PRP also RB opens VBZ a DT rift NN in IN the DT bank NN 's POS shareholders NNS ' POS syndicate NN that WDT could MD lead VB to TO a DT battle NN for IN control NN of IN the DT concern NN . . Nuovo NNP Banco NNP will MD become VB Italy NNP 's POS biggest JJS private-sector JJ bank NN when WRB it PRP completes VBZ its PRP$ scheduled JJ merger NN with IN Banca NNP Cattolica NNP del NNP Venetoen NNP by IN year NN end NN . . Credit NNP Agricole NNP asked VBD a DT Milan NNP court NN to TO sequester VB the DT Nuovo NNP Banco NNP shares NNS , , the DT Italian JJ news NN agency NN ANSA NNP reported VBD . . The DT tribunal NN is VBZ scheduled VBN to TO rule VB on IN the DT request NN Friday NNP . . No DT reason NN for IN the DT request NN was VBD given VBN . . Credit NNP Agricole NNP officials NNS could MD n't RB be VB immediately RB reached VBN for IN comment NN . . The DT decision NN to TO accept VB Credit NNP Agricole NNP 's POS bid NN , , valued VBN at IN 283.3 CD billion CD lire NN ( ( $ $ 207.4 CD million CD ) ) , , came VBD after IN a DT stormy JJ weekend NN meeting NN . . Nuovo NNP Banco NNP 's POS second JJ largest JJS shareholder NN , , the DT Fiat NNP S.p.A.-controlled JJ investment NN concern NN , , Gemina NNP S.p.A. NNP , , fought VBD to TO have VB Generali NNP 's POS offer NN approved VBN . . Gemina NNP , , which WDT owns VBZ 13.26 CD % NN of IN Nuovo NNP Banco NNP , , abstained VBD in IN the DT final JJ vote NN on IN Credit NNP Agricole NNP , , which WDT was VBD nonetheless RB approved VBN by IN a DT majority NN of IN shareholders NNS . . The DT linkup NN with IN Credit NNP Agricole NNP will MD give VB Nuovo NNP Banco NNP its PRP$ first JJ foreign JJ presence NN since IN it PRP was VBD formed VBN from IN the DT wreck NN of IN the DT old JJ Banco NNP Ambrosiano NNP , , which WDT collapsed VBD amid IN scandal NN after IN the DT death NN of IN Chairman NNP Roberto NNP Calvi NNP in IN 1982 CD . . Since IN then RB , , the DT bank NN has VBZ strengthened VBN its PRP$ Italian JJ network NN , , and CC has VBZ posted VBN strong JJ results NNS . . `` `` The DT shareholders NNS felt VBD we PRP needed VBD a DT foreign JJ presence NN more RBR than IN we PRP needed VBD links NNS with IN an DT insurance NN company NN , , '' '' an DT Ambrosiano NNP spokeswoman NN said VBD . . Gemina NNP said VBD in IN a DT statement NN that IN `` `` it PRP reserves VBZ the DT right NN to TO take VB any DT action NN to TO protect VB its PRP$ rights NNS as IN a DT member NN of IN the DT syndicate NN . . '' '' A DT company NN spokeswoman NN said VBD the DT company NN had VBD n't RB decided VBN what WDT measures NNS to TO take VB , , but CC did VBD n't RB rule VB out RP legal JJ action NN . . Generali NNP , , Italy NNP 's POS biggest JJS insurer NN , , last JJ month NN offered VBD 5,500 CD lire NNS a DT share NN for IN the DT Nuovo NNP Banco NNP stake NN held VBN by IN Banco NNP Popolare NNP di NNP Milano NNP , , the DT bank NN 's POS largest JJS shareholder NN , , which WDT announced VBD plans NNS to TO sell VB the DT holdings NNS earlier RBR this DT year NN . . A DT Generali NNP spokesman NN declined VBD to TO comment VB on IN Nuovo NNP Banco NNP 's POS rejection NN of IN the DT insurer NN 's POS offer NN . . On IN the DT Milan NNP stock NN exchange NN , , Nuovo NNP Banco NNP 's POS shares NNS jumped VBD to TO 4,830 CD lire NNS each DT from IN 4,695 CD lire NNS Friday NNP . . Qintex NNP Australia NNP Ltd. NNP , , a DT media NN and CC resorts NNS concern NN controlled VBN by IN Australian JJ entrepreneur NN Christopher NNP Skase NNP , , announced VBD a DT plan NN to TO restructure VB and CC sell VB assets NNS to TO try VB to TO ease VB its PRP$ financial JJ problems NNS . . Mr. NNP Skase NNP , , a DT 41-year-old JJ former JJ newspaper NN reporter NN who WP chairs VBZ the DT company NN , , said VBD in IN a DT statement NN that DT Qintex NNP will MD sell VB its PRP$ 51 CD % NN stake NN in IN its PRP$ upscale JJ Mirage NNP resorts NNS in IN Australia NNP and CC Hawaii NNP as RB well RB as IN three CD Australian JJ television NN stations NNS . . The DT sales NNS are VBP expected VBN to TO raise VB more JJR than IN 600 CD million CD Australian JJ dollars NNS ( ( US$ $ 462.2 CD million CD ) ) , , Mr. NNP Skase NNP said VBD . . Qintex NNP Australia NNP has VBZ n't RB disclosed VBN its PRP$ borrowings NNS , , but CC analysts NNS estimate VBP the DT company NN 's POS debt NN at IN A$ $ 1.2 CD billion CD . . Mr. NNP Skase NNP also RB said VBD the DT restructuring NN plan NN calls VBZ for IN the DT merger NN of IN Qintex NNP Australia NNP with IN Qintex NNP Ltd. NNP , , which WDT owns VBZ 55 CD % NN of IN Qintex NNP Australia NNP . . He PRP said VBD the DT move NN will MD `` `` significantly RB reduce VB administrative JJ and CC operating NN costs NNS , , '' '' but CC he PRP did VBD n't RB provide VB details NNS of IN the DT merger NN . . Company NN officials NNS said VBD over IN the DT weekend NN that IN Qintex NNP Australia NNP 's POS bank NN creditors NNS have VBP become VBN concerned JJ about IN a DT barrage NN of IN bad JJ news NN at IN the DT company NN , , including VBG a DT failed JJ US$ $ 1.5 CD billion CD plan NN to TO buy VB MGM\/UA NNP Communications NNP Co. NNP , , a DT Beverly NNP Hills NNP , , Calif. NNP , , movie NN and CC television NN production NN concern NN . . Friday NNP , , Qintex NNP Entertainment NNP Inc. NNP , , a DT 43%-owned JJ U.S. NNP affiliate NN , , filed VBD for IN protection NN from IN creditor NN lawsuits NNS under IN Chapter NNP 11 CD of IN the DT U.S. NNP Bankruptcy NNP Code NNP . . Analysts NNS predicted VBD that IN the DT move NN would MD further RB shake VB creditor NN confidence NN in IN Qintex NNP Australia NNP and CC force VB it PRP to TO sell VB assets NNS . . The DT company NN 's POS latest JJS moves NNS were VBD disclosed VBN after IN the DT Australian NNP Stock NNP Exchange NNP suspended VBD trading NN in IN shares NNS of IN Qintex NNP Australia NNP and CC Qintex NNP Ltd. NNP because IN the DT companies NNS had VBD n't RB answered VBN an DT exchange NN inquiry NN about IN the DT extent NN of IN their PRP$ loans NNS , , investments NNS and CC deposits NNS at IN Qintex NNP Entertainment NNP . . Mr. NNP Skase NNP 's POS statement NN was VBD addressed VBN to TO the DT stock NN exchange NN and CC appeared VBN to TO be VB a DT response NN to TO the DT inquiry NN . . It PRP said VBD Qintex NNP Entertainment NNP owes VBZ Qintex NNP Australia NNP US$ $ 38.1 CD million CD in IN loans NNS not RB secured VBN by IN specific JJ assets NNS . . Qintex NNP Australia NNP also RB said VBD it PRP has VBZ an DT investment NN of IN A$ $ 83.3 CD million CD in IN Qintex NNP Entertainment NNP shares NNS . . In IN the DT statement NN , , Mr. NNP Skase NNP said VBD that IN on IN the DT basis NN of IN current JJ interest NN rates NNS in IN Australia NNP , , the DT company NN 's POS asset NN sales NNS would MD reduce VB interest NN expense NN by IN about RB A$ $ 120 CD million CD a DT year NN in IN addition NN to TO eliminating VBG certain JJ liabilities NNS . . In IN March NNP , , Qintex NNP sold VBD 49 CD % NN of IN the DT three CD Mirage NNP resorts NNS to TO Japan NNP 's POS Nippon NNP Shinpan NNP Co. NNP and CC Mitsui NNP & CC Co. NNP for IN A$ $ 433 CD million CD . . Yesterday NN 's POS statement NN did VBD n't RB say VB whether IN the DT Japanese JJ companies NNS will MD acquire VB Qintex NNP 's POS remaining VBG stake NN in IN the DT resorts NNS . . Before IN its PRP$ shares NNS were VBD suspended VBN from IN trading NN , , Qintex NNP Australia NNP plunged VBD to TO 16 CD Australian JJ cents NNS ( ( 12 CD U.S. NNP cents NNS ) ) a DT share NN yesterday NN from IN 33 CD Australian JJ cents NNS Friday NNP . . The DT shares NNS traded VBD at IN about RB A$ $ 1.50 CD in IN March NNP , , when WRB the DT plan NN to TO acquire VB MGM\/UA NN was VBD announced VBN . . Qintex NNP Ltd. NNP shares NNS sank VBD to TO A$ $ 1.50 CD yesterday NN from IN A$ $ 3.05 CD Friday NNP . . Mr. NNP Skase NNP 's POS statement NN cited VBD four CD recent JJ problems NNS that IN he PRP said VBD had VBD cut VBN group NN cash NN flow NN by IN more JJR than IN A$ $ 200 CD million CD . . They PRP were VBD what WP he PRP called VBD an DT `` `` unlawful JJ termination NN '' '' by IN MGM\/UA NNP of IN the DT acquisition NN agreement NN with IN Qintex NNP , , high JJ Australian JJ interest NN rates NNS , , a DT pilots NNS ' POS strike NN at IN Australian JJ domestic JJ airlines NNS that WDT cut VBD revenue NN at IN the DT company NN 's POS Australian JJ resorts NNS and CC delays NNS in IN completing VBG a DT sale NN of IN two CD regional JJ TV NN stations NNS in IN Queensland NNP state NN . . MGM\/UA NNP has VBZ sued VBN Qintex NNP Australia NNP for IN breach NN of IN contract NN and CC fraud NN over IN the DT collapsed JJ acquisition NN agreement NN , , and CC Qintex NNP Australia NNP has VBZ threatened VBN a DT countersuit NN . . Qintex NNP Australia NNP has VBZ n't RB yet RB reported VBN results NNS for IN the DT fiscal JJ year NN ended VBN July NNP 31 CD . . In IN his PRP$ statement NN , , Mr. NNP Skase NNP said VBD preliminary JJ accounts NNS showed VBD that IN group NN profit NN before IN interest NN , , tax NN and CC depreciation NN `` `` will MD exceed VB A$ $ 170 CD million CD . . '' '' He PRP gave VBD no DT further JJ details NNS . . Shareholders NNS ' POS funds NNS as IN of IN July NNP 31 CD were VBD estimated VBN at IN more JJR than IN A$ $ 1 CD billion CD , , Mr. NNP Skase NNP said VBD , , compared VBN with IN A$ $ 725 CD million CD a DT year NN earlier RBR . . The DT company NN will MD make VB `` `` adequate JJ provisions NNS '' '' to TO cover VB costs NNS of IN the DT dispute NN with IN MGM\/UA NNP and CC any DT loss NN from IN the DT investment NN in IN Qintex NNP Entertainment NNP , , he PRP said VBD . . Mr. NNP Skase NNP also RB disclosed VBD a DT disagreement NN among IN directors NNS of IN Qintex NNP Australia NNP over IN certain JJ fees NNS claimed VBN by IN Qintex NNP Group NNP Management NNP Services NNP Pty. NNP , , a DT management-services JJ concern NN in IN which WDT Qintex NNP Australia NNP executives NNS have VBP an DT interest NN . . Qintex NNP Australia NNP paid VBD the DT management NN company NN A$ $ 32.6 CD million CD in IN the DT latest JJS fiscal JJ year NN . . Mr. NNP Skase NNP said VBD most JJS of IN the DT money NN went VBD to TO other JJ parties NNS for IN expenses NNS such JJ as IN rent NN and CC travel NN , , but CC a DT smaller JJR portion NN is VBZ owed VBN to TO senior JJ executives NNS and CC others NNS for IN management NN services NNS . . Non-executive JJ directors NNS of IN Qintex NNP Australia NNP , , who WP must MD approve VB payments NNS to TO the DT senior JJ executives NNS , , balked VBD at IN the DT amount NN . . Two CD of IN the DT directors NNS resigned VBD , , Mr. NNP Skase NNP said VBD , , so IN the DT payments NNS have VBP n't RB yet RB been VBN approved VBN . . Chip NN 's POS Memory NN Is VBZ Here RB Today NN , , Here RB Tomorrow NN TWO CD COMPANIES NNS plan VBP to TO market VB a DT new JJ chip NN with IN ceramic JJ circuits NNS that IN store VBP data NNS even RB when WRB the DT power NN is VBZ off RB . . Today NN 's POS most RBS widely RB used VBN data-storing JJ chips NNS have VBP `` `` volatile JJ '' '' memories NNS -- : their PRP$ data NNS disappear VBP if IN they PRP are VBP n't RB fed VBN a DT steady JJ diet NN of IN electricity NN , , so IN they PRP need VBP external JJ power NN supplies NNS . . National NNP Semiconductor NNP Corp. NNP and CC a DT start-up NN named VBN Ramtron NNP Corp. NNP plan VBP to TO start VB shipping VBG so-called JJ ferroelectric JJ memories NNS , , which WDT can MD remember VB data NNS for IN at IN least JJS 10 CD years NNS without IN any DT current NN flowing VBG to TO them PRP . . The DT chips NNS use VBP materials NNS , , such JJ as IN lead NN zirconate NN titanate NN , , to TO form VB microscopic JJ switches NNS that WDT retain VBP their PRP$ data NNS without IN electricity NN . . Developers NNS caution VBP that IN broad JJ applications NNS are VBP several JJ years NNS away RB because IN the DT technology NN is VBZ n't RB fully RB refined VBN . . But CC Ramtron NNP of IN Colorado NNP Springs NNP , , Colo. NNP , , plans VBZ to TO start VB shipping VBG commercial JJ quantities NNS of IN simple JJ ferroelectric JJ chips NNS in IN December NNP . . The DT company NN expects VBZ the DT chips NNS eventually RB to TO be VB used VBN in IN devices NNS that WDT mimic VBP a DT whole JJ range NN of IN computer NN memory NN equipment NN , , including VBG floppy-disk NN and CC hard-disk NN drives NNS . . National NNP Semiconductor NNP is VBZ getting VBG ferroelectric JJ technology NN from IN Krysalis NNP Corp. NNP in IN Albuquerque NNP , , N.M NNP . . National NNP says VBZ it PRP agreed VBD to TO acquire VB Krysalis NNP 's POS assets NNS and CC will MD start VB shipping VBG commercial JJ quantities NNS of IN its PRP$ first JJ chips NNS , , including VBG a DT 4-kilobit JJ memory NN , , next JJ year NN . . Once IN production NN hurdles NNS are VBP overcome VBN , , the DT chips NNS could MD take VB over RP a DT significant JJ part NN of IN the DT market NN . . In IN addition NN to TO not RB needing VBG an DT outside JJ power NN source NN , , they PRP are VBP potentially RB cheaper JJR to TO make VB because IN they PRP require VBP fewer JJR manufacturing NN steps NNS than IN conventional JJ chips NNS . . Military JJ buyers NNS have VBP shown VBN interest NN , , National JJ says VBZ , , because IN ferroelectric JJ chips NNS resist VBP atomic JJ radiation NN . . And CC while IN today NN 's POS non-volatile JJ chips NNS -- : such JJ as IN electronically RB erasable JJ programmable JJ read-only JJ memory NN chips NNS -- : ca MD n't RB be VB used VBN in IN a DT computer NN 's POS central JJ memory NN because IN they PRP `` `` learn VBP '' '' data NNS slowly RB , , ferroelectric JJ chips NNS accept VBP data NNS at IN very RB high JJ speeds NNS . . Showing VBG Up RP in IN Court NN Without IN Being VBG There RB AN DT AUSTIN NNP , , Texas NNP , , company NN plans NNS to TO make VB it PRP easy JJ for IN you PRP show VB up RP in IN court NN a DT thousand CD miles NNS away RB without IN leaving VBG town NN . . Witnesses NNS often RB must MD travel VB long JJ distances NNS to TO give VB face-to-face JJ depositions NNS before IN lawyers NNS and CC court NN reporters NNS . . That DT means VBZ huge JJ travel NN bills NNS . . And CC telephone NN or CC videotape NN depositions NNS just RB do VBP n't RB match VB physical JJ encounters NNS . . That DT could MD change VB , , thanks NNS to TO lower JJR long-distance JJ rates NNS and CC cheaper JJR electronics NNS . . Video NNP Telecom NNP Corp. NNP , , which WDT markets VBZ videoconferencing NN systems NNS , , is VBZ working VBG with IN court NN reporters NNS to TO wire VB a DT nationwide JJ network NN to TO allow VB depositions NNS by IN live JJ television NN . . The DT company NN installed VBD a DT prototype NN system NN that WDT connects VBZ Dallas NNP with IN Miami NNP over IN digital JJ phone NN lines NNS . . And CC it PRP is VBZ preparing VBG to TO set VB up RP shop NN in IN Chicago NNP , , New NNP York NNP and CC 10 CD other JJ cities NNS where WRB court-reporting JJ agencies NNS can MD tie VB conference NN rooms NNS into IN the DT network NN . . While IN lawyers NNS arranged VBD individual JJ tie-ups NNS before RB , , the DT formal JJ network NN of IN court NN reporters NNS should MD make VB things NNS easier JJR and CC cheaper JJR . . An DT attorney NN will MD be VB able JJ to TO use VB the DT network NN for IN an DT hourly JJ fee NN of IN between IN $ $ 200 CD and CC $ $ 400 CD , , depending VBG on IN the DT quality NN of IN the DT picture NN , , to TO take VB depositions NNS from IN witnesses NNS in IN any DT of IN the DT connected JJ cities NNS . . Japanese NNPS Reverse VBP Tack NN On IN Patent NN Protection NN JAPAN NNP 'S POS MISUSE NNP of IN U.S. NNP patents NNS has VBZ been VBN a DT sore JJ point NN for IN American JJ chip NN makers NNS . . Now RB at IN least JJS one CD Japanese JJ company NN is VBZ turning VBG the DT courtroom NN tables NNS . . Until IN now RB , , most JJS Japanese JJ charges NNS have VBP been VBN responses NNS to TO suits NNS against IN them PRP . . But CC last JJ year NN Hitachi NNP Ltd. NNP surprised VBD Japan NNP 's POS electronics NN industry NN when WRB it PRP accused VBD Korea NNP 's POS Samsung NNP Electronics NNP Co. NNP of IN using VBG Hitachi NNP technology NN to TO make VB dynamic JJ random-access JJ memory NN chips NNS . . ( ( A DT settlement NN was VBD reached VBN but CC was VBD n't RB made VBN public JJ . . ) ) And CC Hitachi NNP went VBD on IN the DT offensive NN against IN the DT U.S. NNP 's POS Motorola NNP Inc. NNP earlier RBR this DT month NN with IN a DT suit NN charging VBG that IN Motorola NNP 's POS new JJ MC88200 NNP chip NN infringes VBZ on IN a DT Hitachi NNP patent NN . . Another DT recent JJ Hitachi NNP suit NN accuses VBZ Motorola NNP of IN reverse RB engineering VBG a DT Hitachi NNP technology NN -- : a DT turnabout NN from IN a DT nation NN of IN champion JJ reverse JJ engineers NNS . . The DT moves NNS illustrate VBP the DT more RBR aggressive JJ attitude NN toward IN patent NN protection NN that IN patent JJ experts NNS say VBP Japan NNP is VBZ starting VBG to TO take VB . . Hitachi NNP made VBD the DT reverse-engineering NN charges NNS in IN an DT amendment NN to TO a DT counterclaim NN filed VBN in IN a DT federal JJ district JJ court NN in IN Texas NNP after IN Motorola NNP sued VBD Hitachi NNP for IN patent NN violation NN . . Hitachi NNP charges VBZ Motorola NNP `` `` has VBZ engaged VBN in IN fraudulent JJ and CC inequitable JJ conduct NN in IN the DT procurement NN of IN certain JJ Motorola NNP patents NNS '' '' used VBN in IN Motorola NNP 's POS MC68030 NNP microprocessor NN chip NN . . Translation NN : : Motorola NNP appears VBZ to TO have VB taken VBN a DT Hitachi NNP technology NN that WDT is VBZ patented VBN in IN the DT U.S. NNP , , Hitachi NNP says VBZ , , and CC `` `` tried VBD to TO make VB it PRP look VB like IN a DT new JJ technology NN . . '' '' Motorola NNP either CC denied VBN or CC would MD n't RB comment VB on IN the DT various JJ charges NNS . . Odds NNS and CC Ends NNS COMPUTER NN chips NNS that WDT simulate VBP human JJ vision NN have VBP been VBN developed VBN by IN Japan NNP 's POS Sharp NNP Corp NNP . . They PRP mimic VBP the DT brain NN by IN `` `` looking VBG '' '' at IN an DT image NN , , extracting VBG the DT fundamentals NNS -- : boundaries NNS , , corners NNS and CC lines NNS -- : and CC translating VBG them PRP into IN computer NN data NNS . . Sharp NNP says VBZ the DT set NN of IN chips NNS could MD improve VB fax NN machines NNS , , graphics NNS computers NNS or CC identification NN systems NNS that WDT recognize VBP facial JJ features NNS ... : . . An DT N.V NNP . . Philips NNP unit NN has VBZ created VBN a DT computer NN system NN that WDT processes VBZ video NN images NNS 3,000 CD times NNS faster RBR than IN conventional JJ systems NNS . . Using VBG reduced JJ instruction-set NN computing NN , , or CC RISC NNP , , chips NNS made VBN by IN Intergraph NNP of IN Huntsville NNP , , Ala. NNP , , the DT system NN splits VBZ the DT image NN it PRP `` `` sees VBZ '' '' into IN 20 CD digital JJ representations NNS , , each DT processed VBN by IN one CD chip NN . . Tandy NNP Corp. NNP , , citing VBG sluggish JJ sales NNS of IN consumer-electronics JJ goods NNS , , said VBD net JJ income NN dropped VBD 3.3 CD % NN for IN the DT first JJ quarter NN ended VBN Sept. NNP 30 CD . . The DT results NNS , , which WDT represented VBD the DT fifth JJ consecutive JJ quarter NN of IN flat-to-lower JJ earnings NNS for IN the DT big JJ electronics NN retailer NN , , disappointed VBD analysts NNS and CC traders NNS . . Tandy NNP 's POS stock NN fell VBD $ $ 1.375 CD a DT share NN to TO close VB at IN $ $ 44 CD in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN . . Net NN for IN the DT quarter NN was VBD $ $ 62.8 CD million CD , , or CC 73 CD cents NNS a DT share NN , , down RB from IN $ $ 64.9 CD million CD , , or CC 72 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . The DT company NN said VBD earnings NNS would MD have VB increased VBN if IN it PRP had VBD n't RB been VBN actively RB repurchasing VBG its PRP$ shares NNS , , thus RB increasing VBG its PRP$ interest NN expense NN and CC reducing VBG its PRP$ interest NN income NN . . Tandy NNP had VBD 86.3 CD million CD shares NNS outstanding JJ at IN Sept. NNP 30 CD , , down RB from IN 90 CD million CD a DT year NN earlier RBR . . Revenue NN rose VBD 5 CD % NN to TO $ $ 986 CD million CD from IN $ $ 937 CD million CD . . Tandy NNP said VBD consumer NN electronics NN sales NNS at IN its PRP$ Radio NNP Shack NNP stores NNS have VBP been VBN slow JJ , , partly RB because IN of IN a DT lack NN of IN hot JJ , , new JJ products NNS . . `` `` Radio NNP Shack NNP continues VBZ to TO be VB lackluster JJ , , '' '' said VBD Dennis NNP Telzrow NNP , , analyst NN with IN Eppler NNP , , Guerin NNP & CC Turner NNP in IN Dallas NNP . . He PRP said VBD Tandy NNP `` `` has VBZ done VBN a DT decent JJ job NN '' '' increasing VBG sales NNS by IN manufacturing VBG computers NNS for IN others NNS and CC expanding VBG sales NNS of IN its PRP$ Grid NNP Systems NNP Corp. NNP subsidiary NN , , which WDT sells VBZ computers NNS to TO bigger JJR businesses NNS , , but CC `` `` it PRP 's VBZ not RB enough NN to TO offset VB the DT problems NNS at IN Radio NNP Shack NNP . . '' '' Sales NNS at IN Radio NNP Shack NNP stores NNS open JJ more RBR than IN a DT year NN grew VBD only RB 2 CD % NN in IN the DT quarter NN from IN a DT year NN earlier RBR , , he PRP said VBD . . As IN a DT result NN , , Mr. NNP Telzrow NNP said VBD he PRP cut VBD his PRP$ fiscal JJ 1990 CD per-share JJ earnings NNS estimate NN for IN Tandy NNP to TO $ $ 4.05 CD from IN $ $ 4.20 CD . . Tandy NNP earned VBD $ $ 88.8 CD million CD , , or CC $ $ 3.64 CD a DT share NN , , in IN the DT year NN ended VBN June NNP 30 CD . . Barry NNP Bryant NNP , , an DT analyst NN with IN Drexel NNP Burnham NNP Lambert NNP Inc. NNP , , said VBD Tandy NNP also RB has VBZ suffered VBN from IN lethargic JJ sales NNS of IN its PRP$ computers NNS aimed VBN at IN the DT home NN and CC small-office JJ market NN , , which WDT are VBP less-advanced JJ and CC cheaper JJR than IN computers NNS aimed VBN at IN the DT corporate JJ market NN . . Tandy NNP has VBZ added VBN several JJ new JJ products NNS to TO that DT line NN , , including VBG a DT laptop JJ computer NN priced VBN around IN $ $ 1,000 CD , , and CC is VBZ focusing VBG its PRP$ advertising NN on IN the DT easy-to-use JJ software NN that WDT is VBZ packaged VBN with IN its PRP$ machines NNS . . Mr. NNP Bryant NNP and CC other JJ analysts NNS hope VBP all DT those DT moves NNS will MD combine VB to TO help VB Tandy NNP 's POS results NNS improve VB in IN the DT important JJ Christmas NNP quarter NN . . `` `` They PRP 've VBP been VBN promising VBG 13 CD % NN to TO 15 CD % NN growth NN based VBN on IN the DT strategic JJ moves NNS they PRP 've VBP made VBN , , '' '' he PRP said VBD . . `` `` If IN the DT earnings NNS acceleration NN is VBZ to TO take VB place NN , , that WDT should MD be VB the DT quarter NN . . At IN a DT private JJ dinner NN Thursday NNP , , Drexel NNP Burnham NNP Lambert NNP Inc. NNP chief JJ executive NN Frederick NNP Joseph NNP delivered VBD a DT sobering JJ message NN about IN the DT junk NN bond NN market NN to TO officials NNS of IN Prudential NNP Insurance NNP Co. NNP of IN America NNP . . Mr. NNP Joseph NNP conceded VBD the DT junk NN market NN was VBD in IN disarray NN , , according VBG to TO people NNS familiar JJ with IN the DT discussion NN . . He PRP said VBD Drexel NNP -- : the DT leading JJ underwriter NN of IN high-risk JJ junk NN bonds NNS -- : could MD no RB longer RB afford VB to TO sell VB any DT junk NN offerings NNS if IN they PRP might MD later RB become VB troubled JJ because IN Drexel NNP risked VBD losing VBG its PRP$ highly RB lucrative JJ junk NN franchise NN . . The DT dinner NN was VBD a DT stark JJ confirmation NN that IN 1989 CD is VBZ the DT worst JJS year NN ever RB for IN the DT $ $ 200 CD billion CD junk NN market NN . . And CC investors NNS and CC traders NNS alike RB say VBP the DT current JJ turmoil NN could MD take VB years NNS to TO resolve VB . . Amid IN the DT market NN disorder NN , , even RB Drexel NNP , , which WDT has VBZ the DT widest JJS and CC most RBS loyal JJ following NN of IN junk NN bond NN investors NNS , , is VBZ pulling VBG in IN its PRP$ horns NNS . . Although IN the DT big JJ investment NN bank NN still RB dominates VBZ the DT junk NN market NN , , Drexel NNP has VBZ been VBN unable JJ to TO stem VB the DT fallout NN from IN growing VBG junk NN bond NN defaults NNS , , withdrawn VBN new JJ offerings NNS , , redemptions NNS by IN shareholders NNS in IN junk NN bond NN mutual JJ funds NNS and CC an DT exodus NN of IN once-devoted JJ investors NNS . . For IN many JJ money NN managers NNS , , the DT past JJ four CD months NNS have VBP been VBN humiliating JJ . . `` `` This DT is VBZ the DT worst JJS shakeout NN ever RB in IN the DT junk NN market NN , , and CC it PRP could MD take VB years NNS before IN it PRP 's VBZ over RB , , '' '' says VBZ Mark NNP Bachmann NNP , , a DT senior JJ vice NN president NN at IN Standard NNP & CC Poor NNP 's POS Corp. NN , , a DT credit NN rating NN company NN . . In IN the DT third JJ quarter NN , , for IN example NN , , junk NN bonds NNS -- : those DT with IN less JJR than IN an DT investment-grade JJ rating NN -- : showed VBD negative JJ returns NNS , , the DT only JJ major JJ sector NN of IN the DT bond NN market NN to TO do VB so RB . . Since IN the DT end NN of IN last JJ year NN , , junk NN bonds NNS have VBP been VBN outperformed VBN by IN all DT categories NNS of IN investment-grade JJ bonds NNS , , including VBG ultra-safe JJ Treasury NNP securities NNS . . The DT junk NN market NN , , which WDT mushroomed VBD to TO $ $ 200 CD billion CD from IN less JJR than IN $ $ 2 CD billion CD at IN the DT start NN of IN the DT decade NN , , has VBZ been VBN declining VBG for IN months NNS as IN issuers NNS have VBP stumbled VBN under IN the DT weight NN of IN hefty JJ interest NN payments NNS . . The DT fragile JJ market NN received VBD its PRP$ biggest JJS jolt NN last JJ month NN from IN Campeau NNP Corp. NNP , , which WDT created VBD its PRP$ U.S. NNP retailing NN empire NN with IN more JJR than IN $ $ 3 CD billion CD in IN junk NN financing NN . . Campeau NNP developed VBD a DT cash NN squeeze NN that WDT caused VBD it PRP to TO be VB tardy JJ on IN some DT interest NN payments NNS and CC to TO put VB its PRP$ prestigious JJ Bloomingdale NNP 's POS department NN store NN chain NN up RP for IN sale NN . . At IN that DT point NN , , the DT junk NN market NN went VBD into IN a DT tailspin NN as IN buyers NNS disappeared VBD and CC investors NNS tried VBD to TO sell VB . . In IN an DT interview NN , , Mr. NNP Joseph NNP says VBZ his PRP$ dinner NN discussion NN with IN the DT Prudential JJ executives NNS acknowledged VBD problems NNS for IN junk NN . . `` `` What WP I PRP thought VBD I PRP was VBD saying VBG is VBZ that IN the DT market NN is VBZ troubled JJ but CC still RB viable JJ and CC , , appropriately RB enough RB , , quite RB quality-conscious JJ , , which WDT is VBZ not RB at IN all DT bad JJ , , '' '' he PRP says VBZ . . `` `` Nobody NN 's VBZ been VBN perfect JJ in IN their PRP$ credit NN judgments NNS the DT past JJ couple JJ years NNS , , and CC we PRP 're VBP going VBG to TO make VB sure JJ our PRP$ default NN rates NNS are VBP going VBG to TO be VB in IN the DT acceptable JJ parameters NNS of IN the DT market NN . . '' '' What WP has VBZ jolted VBN many JJ junk NN buyers NNS is VBZ the DT sudden JJ realization NN that IN junk NN bonds NNS can MD not RB necessarily RB be VB bought VBN and CC sold VBN with IN the DT ease NN of IN common JJ stocks NNS and CC many JJ investment-grade JJ bonds NNS . . Unlike IN the DT New NNP York NNP Stock NNP Exchange NNP , , where WRB buyers NNS and CC sellers NNS are VBP quickly RB matched VBN , , the DT junk NN market NN , , where WRB risky JJ corporate JJ loans NNS are VBP traded VBN , , is VBZ sometimes RB closed VBN for IN repairs NNS . . At IN closely RB held VBN Deltec NNP Securities NNP Corp. NNP , , junk NN bond NN money NN managers NNS Amy NNP K. NNP Minella NNP and CC Hannah NNP H. NNP Strasser NNP say VBP the DT problems NNS of IN the DT junk NN market NN go VBP deeper RBR than IN a DT temporary JJ malaise NN . . In IN recent JJ months NNS , , they PRP say VBP , , there EX has VBZ been VBN heavy JJ selling NN of IN junk NN bonds NNS by IN some DT of IN the DT market NN 's POS traditional JJ investors NNS , , while IN new JJ buyers NNS have VBP n't RB materialized VBN to TO replace VB them PRP . . Wall NNP Street NNP securities NNS firms NNS , , `` `` the DT primary JJ source NN of IN liquidity NN for IN the DT high JJ yield NN market NN , , '' '' have VBP been VBN net JJ sellers NNS of IN junk NN bonds NNS because RB of IN trading NN losses NNS , , Deltec NNP said VBD in IN a DT recent JJ , , grim JJ report NN to TO customers NNS . . Mutual JJ funds NNS have VBP also RB been VBN net JJ sellers NNS of IN junk NN bonds NNS as IN junk NN 's POS relatively RB poor JJ performance NN and CC negative JJ press NN coverage NN have VBP produced VBN `` `` above-normal JJ '' '' redemptions NNS by IN shareholders NNS , , Deltec NNP said VBD . . Investors NNS , , trying VBG to TO raise VB cash NN , , have VBP sold VBN `` `` large JJ liquid JJ issues NNS '' '' such JJ as IN RJR NNP Holdings NNP Corp. NNP and CC Kroger NNP Co. NNP ; : declines NNS in IN these DT benchmark JJ issues NNS have VBP contributed VBN to TO the DT market NN 's POS distress NN . . And CC , , Deltec NNP said VBD , , buying NN has VBZ been VBN severely RB reduced VBN because IN savings NNS and CC loans NNS have VBP been VBN restricted VBN in IN their PRP$ junk NN purchases NNS by IN recently RB passed VBN congressional JJ legislation NN . . `` `` In IN fact NN , , savings NNS and CC loans NNS were VBD sellers NNS of IN high JJ yield NN holdings NNS throughout IN the DT quarter NN , , '' '' Deltec NNP said VBD . . Ms. NNP Minella NNP and CC Ms. NNP Strasser NNP say VBP they PRP are VBP managing VBG their PRP$ junk NN portfolios NNS defensively RB , , building VBG cash NN and CC selectively RB upgrading VBG the DT overall JJ quality NN . . Meanwhile RB , , Prudential NNP , , the DT nation NN 's POS largest JJS insurer NN and CC the DT biggest JJS investor NN in IN junk NN bonds NNS , , has VBZ seen VBN the DT value NN of IN its PRP$ junk NN bond NN portfolio NN drop VB to TO $ $ 6.5 CD billion CD from IN $ $ 7 CD billion CD since IN August NNP because IN of IN falling VBG junk NN prices NNS . . `` `` We PRP certainly RB do VBP have VB a DT lack NN of IN liquidity NN here RB , , and CC it PRP 's VBZ something NN to TO be VB concerned VBN about IN , , '' '' says VBZ James NNP A. NNP Gregoire NNP , , a DT managing NN director NN . . `` `` I PRP have VBP no DT reason NN to TO think VB things NNS will MD get VB worse JJR , , but CC this DT market NN has VBZ a DT knack NN for IN surprising VBG us PRP . . This DT market NN teaches VBZ us PRP to TO be VB humble JJ . . '' '' The DT junk NN market NN 's POS `` `` yield NN hogs NNS are VBP learning VBG a DT real RB painful JJ lesson NN , , '' '' he PRP says VBZ . . Although IN the DT majority NN of IN junk NN bonds NNS outstanding JJ show NN no DT signs NNS of IN default NN , , the DT market NN has VBZ downgraded VBN many JJ junk NN issues NNS as IN if IN they PRP were VBD in IN trouble NN , , says VBZ Stuart NNP Reese NNP , , manager NN of IN Aetna NNP Life NNP & CC Casualty NNP Insurance NNP Co. NNP 's POS $ $ 17 CD billion CD investment-grade JJ public JJ bond NN portfolio NN . . `` `` But CC we PRP think VBP the DT risks NNS are VBP there RB for IN things NNS getting VBG a DT lot NN worse JJR . . And CC the DT risks NNS are VBP n't RB appropriate JJ for IN us PRP , , '' '' he PRP says VBZ . . The DT big JJ insurer NN , , unlike IN Prudential NNP , , owns VBZ only RB about RB $ $ 150 CD million CD of IN publicly RB sold VBN junk NN bonds NNS . . The DT string NN of IN big JJ junk NN bond NN defaults NNS , , which WDT have VBP been VBN a DT major JJ cause NN of IN the DT market NN 's POS problems NNS this DT year NN , , probably RB will MD persist VB , , some DT analysts NNS say VBP . . `` `` If IN anything NN , , we PRP 're VBP going VBG to TO see VB defaults NNS increase VB because IN credit NN ratings NNS have VBP declined VBN , , '' '' says VBZ Paul NNP Asquith NNP , , associate JJ professor NN at IN the DT Massachusetts NNP Institute NNP of IN Technology NNP 's POS Sloan NNP School NNP of IN Management NNP . . Mr. NNP Asquith NNP , , whose WP$ study NN on IN junk NN bond NN defaults NNS caused VBD a DT furor NN on IN Wall NNP Street NNP when WRB it PRP was VBD disclosed VBN last JJ April NNP , , says VBZ this DT year NN 's POS junk NN bond NN defaults NNS already RB show VBP a DT high JJ correlation NN with IN his PRP$ own JJ findings NNS . . His PRP$ study NN showed VBD that IN junk NN bonds NNS over IN time NN had VBD a DT cumulative JJ default NN rate NN of IN 34 CD % NN . . One CD indication NN of IN a DT growing VBG number NN of IN junk NN defaults NNS , , Mr. NNP Asquith NNP says VBZ , , is VBZ that DT about IN half NN of IN the DT $ $ 3 CD billion CD of IN corporate JJ bonds NNS outstanding JJ that WDT have VBP been VBN lowered VBN to TO a DT default NN rating NN by IN S&P NNP this DT year NN are VBP junk NN bonds NNS sold VBN during IN the DT market NN 's POS big JJ issue NN years NNS of IN 1984 CD through IN 1986 CD . . These DT bonds NNS , , now RB rated VBN single-D JJ , , include VBP junk NN offerings NNS by IN AP NNP Industries NNP , , Columbia NNP Savings NNP ( ( Colorado NNP ) ) , , First NNP Texas NNP Savings NNP Association NNP , , Gilbraltar NNP Financial NNP Corp. NNP , , Integrated NNP Resources NNP Inc. NNP , , Metropolitan NNP Broadcasting NNP Corp. NNP , , Resorts NNP International NNP Inc. NNP , , Southmark NNP Corp. NNP and CC Vyquest NNP Inc NNP . . `` `` Obviously RB , , we PRP got VBD a DT lot NN more JJR smoke NN than IN fire NN from IN the DT people NNS who WP told VBD us PRP the DT market NN was VBD n't RB so RB risky JJ , , '' '' says VBZ Bradford NNP Cornell NNP , , professor NN of IN finance NN at IN University NNP of IN California NNP 's POS Anderson NNP Graduate NNP School NNP of IN Management NNP in IN Los NNP Angeles NNP . . Mr. NNP Cornell NNP has VBZ just RB completed VBN a DT study NN that WDT finds VBZ that IN the DT risks NNS and CC returns NNS of IN junk NN bonds NNS are VBP less JJR than IN on IN common JJ stocks NNS but CC more JJR than IN on IN investment-grade JJ bonds NNS . . Mr. NNP Cornell NNP says VBZ : : `` `` The DT junk NN market NN is VBZ no DT bonanza NN as IN Drexel NNP claimed VBD , , but CC it PRP also RB is VBZ n't RB a DT disaster NN as IN the DT doomsayers NNS say VBP . . '' '' Despite IN the DT junk NN market NN 's POS problems NNS , , Drexel NNP continues VBZ to TO enjoy VB a DT loyalty NN among IN junk NN bond NN investors NNS that IN its PRP$ Wall NNP Street NNP rivals NNS have VBP n't RB found VBN . . During IN the DT past JJ three CD weeks NNS , , for IN example NN , , Drexel NNP has VBZ sold VBN $ $ 1.3 CD billion CD of IN new JJ junk NN bonds NNS for IN Turner NNP Broadcasting NNP Co. NNP , , Uniroyal NNP Chemical NNP , , Continental NNP Air NNP and CC Duff NNP & CC Phelps NNP . . Still RB , , the DT list NN of IN troubled JJ Drexel NNP bond NN offerings NNS dwarfs VBZ that DT of IN any DT firm NN on IN Wall NNP Street NNP , , as IN does VBZ its PRP$ successful JJ offerings NNS . . Troubled JJ Drexel-underwritten JJ issues NNS include VBP Resorts NNP International NNP , , Braniff NNP , , Integrated NNP Resources NNP , , SCI NNP TV NN , , Gillette NNP Holdings NNP , , Western NNP Electric NNP and CC Southmark NNP . . `` `` Quality JJ junk NN bonds NNS will MD continue VB to TO trade VB well RB , , '' '' says VBZ Michael NNP Holland NNP , , chairman NN of IN Salomon NNP Brothers NNP Asset NNP Management NNP Inc NNP . . `` `` But CC the DT deals NNS that WDT never RB should MD have VB been VBN brought VBN have VBP now RB become VBN nuclear JJ waste NN . . As IN Helen NNP Boehm NNP , , who WP owns VBZ an DT art NN porcelain NN company NN , , sipped VBD her PRP$ luncheon NN cocktail NN , , she PRP reeled VBD off RP the DT names NNS of IN a DT few JJ pals NNS -- : Prince NNP Charles NNP , , Princess NNP Diana NNP , , Sarah NNP Ferguson NNP , , John NNP Kluge NNP , , Milton NNP Petrie NNP . . Then RB , , flashing VBG a DT diamond NN ring NN as RB big JJ as IN the DT Ritz NNP ( ( `` `` my JJ day NN diamond NN , , darling NN '' '' ) ) , , she PRP told VBD her PRP two CD companions NNS that IN she PRP is VBZ on IN the DT `` `` board NN '' '' of IN the DT Vatican NNP Museum NNP in IN Rome NNP . . As IN it PRP turns VBZ out RP , , the DT board NN has VBZ a DT lot NN of IN important JJ members NNS , , including VBG Winton NNP Blount NNP ( ( former JJ postmaster NN general JJ of IN the DT U.S. NNP ) ) , , Mrs. NNP Henry NNP Gaisman NNP ( ( widow NN of IN the DT inventor NN of IN auto-strop JJ razor NN ) ) and CC Vincent NNP Murphy NNP ( ( an DT investment NN banker NN at IN Merrill NNP Lynch NNP & CC Co NNP . . ) ) But CC Mrs. NNP Boehm NNP did VBD n't RB mention VB any DT of IN them PRP . . `` `` Helen NNP Boehm NNP has VBZ a DT way NN with IN names NNS , , '' '' says VBZ James NNP Revson NNP , , a DT gossip NN columnist NN for IN Newsday NNP ( ( and CC son NN of IN Joseph NNP Revson NNP , , a DT founder NN of IN Revlon NNP ) ) . . Like IN which WDT are VBP droppable JJ and CC which WDT are VBP not RB . . With IN the DT fall NN social JJ season NN well RB under IN way NN , , name-droppers NNS are VBP out RB in IN force NN , , trying VBG to TO impress VB their PRP$ betters NNS and CC sometimes RB put VB down RP their PRP$ lessers NNS . . But CC the DT truth NN is VBZ that DT almost RB everyone NN , , from IN real-estate NN agents NNS to TO city NN fathers NNS , , name-drops VBZ ; : and CC a DT surprising JJ number NN of IN people NNS have VBP an DT ancient JJ uncle NN who WP claims VBZ he PRP lived VBD next JJ door NN to TO the DT cartoonist NN who WP did VBD the DT Katzenjammer NNP Kids NNP . . ( ( In IN case NN you PRP have VBP forgotten VBN , , his PRP$ name NN was VBD Rudolph NNP Dirks NNP . . ) ) `` `` Name-dropping NN is VBZ pervasive JJ and CC getting VBG more RBR so RB as IN society NN becomes VBZ more RBR complex JJ and CC alienating JJ , , '' '' says VBZ Herbert NNP Freudenberger NNP , , a DT New NNP York NNP psychoanalyst NN , , with IN a DT high-powered JJ clientele NN . . `` `` It PRP can MD be VB an DT avenue NN of IN entrance NN to TO a DT certain JJ sector NN of IN society NN ... : . . It PRP provides VBZ some DT people NNS a DT needed JJ sense NN of IN affiliation NN and CC can MD help VB open VB up RP a DT conversation NN with IN someone NN you PRP do VBP n't RB know VB . . '' '' Like IN the DT Long NNP Island NNP matron NN in IN the DT theater NN district NN the DT other JJ day NN who WP swore VBD to TO a DT stranger NN that IN she PRP once RB met VBD Liza NNP Minnelli NNP . . `` `` I PRP was VBD having VBG a DT drink NN in IN Sardi NNP 's POS , , when WRB all RB of IN a DT sudden JJ I PRP saw VBD a DT woman NN 's POS backside NN coming VBG up RP the DT steps NNS on IN the DT second JJ floor NN and CC she PRP was VBD wearing VBG sequined JJ slacks NNS . . I PRP knew VBD it PRP was VBD someone NN important JJ , , so IN I PRP followed VBD her PRP into IN the DT ladies NNS room NN and CC sure RB enough RB , , it PRP was VBD Liza NNP . . So IN I PRP said VBD , , ` `` Hello UH . . ' '' And CC she PRP said VBD , , ` `` Hello UH . . ' '' Can MD you PRP imagine VB ? . Liza NNP said VBD hello UH to TO me PRP . . '' '' Some DT people NNS must MD drop VB names NNS -- : call VB it PRP an DT irresistible JJ impulse NN . . `` `` They PRP ca MD n't RB help VB talking VBG about IN the DT big JJ important JJ people NNS they PRP know VBP , , even RB if IN they PRP do VBP n't RB really RB know VB them PRP , , '' '' says VBZ Dr. NNP Freudenberger NNP . . Beauregard NNP Houston-Montgomery NNP , , a DT New NNP York NNP writer NN who WP changed VBD his PRP$ name NN from IN William NNP Stretch NNP in IN 1980 CD , , is VBZ an DT inveterate JJ name-dropper NN . . `` `` I PRP do VBP it PRP innately RB and CC pathologically RB , , and CC while IN it PRP may MD occasionally RB get VB me PRP into IN trouble NN , , it PRP 's VBZ also RB gotten VBN me PRP access NN to TO parties NNS and CC society NN , , '' '' he PRP says VBZ . . Name-dropping NN recently RB helped VBD Mr. NNP Houston-Montgomery NNP crash VB a DT party NN Fame NNP magazine NN threw VBD for IN 100 CD of IN the DT 2,809 CD people NNS mentioned VBN in IN the DT diaries NNS of IN the DT late JJ Andy NNP Warhol NNP . . `` `` I PRP guess VBP I PRP might MD have VB asked VBD Beauregard NNP to TO leave VB , , but CC he PRP drops VBZ so RB many JJ good JJ names NNS , , we PRP decided VBD to TO let VB him PRP stay VB , , '' '' says VBZ Steven NNP Greenberg NNP , , publisher NN of IN Fame NNP . . `` `` After IN all DT , , Warhol NNP was VBD the DT ultimate JJ namedropper NN , , dropping VBG five CD a DT day NN in IN his PRP$ diaries NNS . . And CC Beauregard NNP was VBD mentioned VBN twice RB -- : although IN very JJ briefly NN and CC in IN passing VBG . . '' '' Mr. NNP Houston-Montgomery NNP says VBZ that IN at IN the DT party NN he PRP waved VBD to TO Malcolm NNP Forbes NNP , , publisher NN of IN Forbes NNP magazine NN ( ( `` `` We've NN been VBN in IN the DT columns NNS together RB '' '' ) ) , , Mary NNP Boone NNP , , a DT New NNP York NNP art NN dealer NN ( ( `` `` I PRP think VBP she PRP knows VBZ me PRP , , but CC I PRP 'm VBP not RB sure JJ '' '' ) ) and CC Bridget NNP Fonda NNP , , the DT actress NN ( ( `` `` She NN knows VBZ me PRP , , but CC we PRP 're VBP not RB really RB the DT best JJS of IN friends NNS '' '' ) ) . . Mr. NNP Revson NNP , , the DT gossip NN columnist NN , , says VBZ there EX are VBP people NNS who WP actually RB plan VBP whose WP$ names NNS they PRP are VBP going VBG to TO drop VB before IN attending VBG a DT party NN . . These DT droppers NNS do VBP n't RB flaunt VB only RB their PRP$ friendships NNS with IN the DT Trumps NNPS , , Brooke NNP Astor NNP or CC Georgette NNP Mosbacher NNP . . `` `` They PRP even RB drop VBP semi-obscure JJ names NNS like IN Wolfgang NNP Flottl NNP , , whom WP everybody NN these DT days NNS apparently RB has VBZ heard VBN of IN but CC no DT one NN really RB knows VBZ , , '' '' says VBZ Mr. NNP Revson NNP . . `` `` It PRP 's VBZ the DT one-upsmanship NN of IN name-dropping NN that IN counts VBZ . . '' '' But CC name-dropping NNP has VBZ other JJ benefits NNS , , often RB civic JJ . . In IN the DT name NN of IN civic JJ pride NN and CC from IN the DT desire NN to TO nullify VB a DT negative JJ image NN , , some DT city NN promoters NNS seek VBP to TO link VB their PRP$ municipality NN with IN the DT most RBS recognizable JJ names NNS the DT city NN has VBZ to TO offer VB . . Take VB Cleveland NNP . . It PRP has VBZ gotten VBN a DT bad JJ rep NN because IN its PRP$ once RB heavily RB polluted JJ Cuyahoga NNP River NNP caught VBD fire NN , , because IN former JJ Mayor NNP Ralph NNP Perk NNP set VBD his PRP$ hair NN on IN fire NN with IN an DT acetylene NN torch NN and CC because IN its PRP$ proposed JJ Rock NNP 'n' CC Roll NNP Hall NNP of IN Fame NNP was VBD recently RB refused VBN an DT urban-development NN grant NN . . Some DT people NNS call VBP it PRP `` `` The NNP Mistake NNP on IN the NNP Lake NNP '' '' -- : Lake NNP Erie NNP , , that WDT is VBZ . . `` `` It PRP helps VBZ to TO point VB out RP how WRB many JJ important JJ people NNS came VBD through IN Cleveland NNP on IN their PRP$ way NN to TO the DT top NN , , '' '' says VBZ George NNP Miller NNP , , executive JJ director NN of IN the DT New NNP Cleveland NNP Campaign NNP , , a DT nonprofit JJ organization NN devoted VBN to TO citing VBG the DT city NN 's POS strengths NNS . . Mr. NNP Miller NNP notes VBZ that IN actor NN Paul NNP Newman NNP 's POS family NN owned VBD a DT sporting-goods NNS store NN in IN Cleveland NNP , , that IN the DT late JJ actress NN Margaret NNP Hamilton NNP , , who WP played VBD the DT bad JJ witch NN in IN `` `` The DT Wizard NNP Of IN Oz NNP , , '' '' once RB ran VBD a DT nursery NN school NN in IN Cleveland NNP and CC that IN comedian NN Bob NNP Hope NNP 's POS father NN , , a DT stonemason NN , , once RB worked VBN on IN a DT church NN next JJ to TO Severence NNP Hall NNP , , Cleveland NNP 's POS main JJ concert NN hall NN . . `` `` Power NN names NNS like IN that DT do VBP n't RB hurt VB the DT city NN 's POS reputation NN , , '' '' Mr. NNP Miller NNP says VBZ . . In IN Hollywood NNP , , an DT average JJ family NN can MD gain VB cachet NN from IN moving VBG into IN a DT home NN vacated VBN by IN the DT famous JJ or CC near RB famous JJ . . `` `` Why WRB we PRP even RB just RB sold VBD a DT three-bedroom JJ house NN in IN Van NNP Nuys NNP and CC were VBD able JJ to TO keep VB the DT price NN firm JJ in IN a DT weak JJ real-estate NN market NN by IN noting VBG that IN the DT original JJ Lone NNP Ranger NNP lived VBD there EX , , '' '' says VBZ David NNP Rambo NNP , , a DT sales NNS associate NN with IN Jon NNP Douglas NNP Co. NNP , , a DT Los NNP Angeles NNP real-estate NN agency NN . . `` `` Most JJS people NNS ca MD n't RB even RB remember VB his PRP$ name NN . . '' '' ( ( It PRP is VBZ John NNP Hart NNP . . ) ) Mr. NNP Rambo NNP says VBZ that IN a DT 3.2-acre JJ property NN overlooking VBG the DT San NNP Fernando NNP Valley NNP is VBZ priced VBN at IN $ $ 4 CD million CD because IN the DT late JJ actor NN Erroll NNP Flynn NNP once RB lived VBD there RB . . `` `` If IN Flynn NNP had VBD n't RB lived VBN there EX , , the DT property NN might MD have VB been VBN priced VBN $ $ 1 CD million CD lower JJR , , '' '' says VBZ Mr. NNP Rambo NNP , , noting VBG that IN Flynn NNP 's POS house NN has VBZ been VBN bulldozed VBN , , and CC only RB the DT swimming VBG pool NN remains VBZ . . Press NNP agents NNS and CC public-relations NNS practitioners NNS are VBP notorious JJ name-droppers NNS . . And CC some DT even RB do VBP it PRP with IN malice NN aforethought JJ . . Len NNP Kessler NNP , , a DT financial JJ publicist NN in IN New NNP York NNP , , sometimes RB uses VBZ it PRP to TO get VB the DT attention NN of IN journalists NNS who WP try VBP to TO avoid VB him PRP . . He PRP says VBZ that IN when WRB Dan NNP Dorfman NNP , , a DT financial JJ columnist NN with IN USA NNP Today NNP , , has VBZ n't RB returned VBD his PRP$ phone NN calls VBZ , , he PRP leaves VBZ messages NNS with IN Mr. NNP Dorfman NNP 's POS office NN saying VBG that IN he PRP has VBZ an DT important JJ story NN on IN Donald NNP Trump NNP , , Meshulam NNP Riklis NNP or CC Marvin NNP Davis NNP . . He PRP admits VBZ he PRP has VBZ no DT story NN on IN any DT of IN them PRP on IN these DT occasions NNS . . `` `` But CC it PRP does VBZ get VB him PRP to TO return VB my PRP$ calls NNS , , and CC it PRP makes VBZ me PRP feel VB better RBR for IN the DT times NNS he PRP 's VBZ given VBN me PRP the DT brushoff NN , , '' '' Mr. NNP Kessler NNP says VBZ . . There EX are VBP , , of IN course NN , , obvious JJ dangers NNS to TO blatant JJ , , unsubstantiated JJ name-dropping NN . . Jeffry NNP Thal NNP , , a DT publicity NN agent NN for IN the DT Lantz NNP Office NNP in IN Los NNP Angeles NNP , , warns VBZ that IN dropping VBG the DT wrong JJ name NN labels VBZ the DT dropper NN as IN a DT fake NN and CC a DT fraud NN . . `` `` Get VB caught VBN and CC you PRP 're VBP dead JJ in IN the DT water NN , , '' '' says VBZ Mr. NNP Thal NNP . . Mr. NNP Thal NNP says VBZ that IN Elizabeth NNP Taylor NNP , , a DT client NN , , `` `` hates VBZ being VBG called VBN ` `` Liz NNP . . ' '' ... : If IN directors NNS or CC producers NNS phone VBP me PRP and CC say VB they PRP know VBP ` `` Liz NNP , , ' '' I PRP know VBP they PRP 've VBP never RB met VBN her PRP . . She PRP prefers VBZ ` `` Elizabeth NNP . . ' '' '' '' In IN New NNP York NNP society NN , , Pat NNP Buckley NNP , , the DT very RB social JJ wife NN of IN author NN William NNP Buckley NNP , , has VBZ the DT nicknames NNS `` `` Mrs. NNP Buckles NNP '' '' and CC `` `` Patsy NNP . . '' '' And CC her PRP$ husband NN sometimes RB calls VBZ her PRP `` `` Ducky NNP . . '' '' `` `` But CC call VB her PRP ` `` Patty NNP , , ' '' and CC it PRP 's VBZ a DT sure JJ giveaway NN you PRP 're VBP not RB in IN her PRP$ circle NN , , because IN she PRP does VBZ n't RB use VB that DT name NN , , '' '' says VBZ Joan NNP Kron NNP , , editor-in-chief NN of IN Avenue NNP magazine NN , , a DT monthly JJ publication NN sent VBN to TO all PDT the DT right JJ names NNS . . John NNP Spencer NNP Churchill NNP , , a DT nephew NN of IN the DT late JJ Sir NNP Winston NNP Churchill NNP , , former JJ prime JJ minister NN of IN Great NNP Britain NNP , , is VBZ n't RB that RB impressed JJ with IN most JJS name-droppers NNS he PRP meets VBZ . . That DT 's VBZ because IN they PRP only RB drop VBP `` `` mere JJ names NNS , , '' '' says VBZ Mr. NNP Churchill NNP . . Currently RB writing VBG his PRP$ memoirs NNS , , Mr. NNP Churchill NNP , , an DT artist NN , , tells VBZ how WRB tycoons NNS such JJ as IN the DT late JJ Jean NNP Paul NNP Getty NNP , , the DT oil NN billionnaire NN , , were VBD , , in IN fact NN , , known VBN only RB by IN one CD initial NN , , their PRP$ last JJ . . `` `` When WRB you PRP 're VBP at IN the DT club NN , , you PRP ask VBP whether IN they PRP 've VBP spoken VBN to TO ` `` G NNP . . ' '' Now RB they PRP know VBP who WP you PRP mean VBP and CC you PRP know VBP who WP you PRP mean VBP . . But CC no DT one NN else RB does VBZ . . Now RB that DT 's VBZ name-dropping NN , , if IN you PRP know VBP what WP I PRP mean VBP . . Part NN of IN a DT Series NN } ) SMYRNA NNP , , Ga. NNP -- : The DT auto-dealer NN strip NN in IN this DT booming JJ suburb NN runs VBZ nearly RB five CD miles NNS along IN Cobb NNP Parkway NNP , , stretching VBG from IN the DT Perimeter NNP highway NN that WDT circles VBZ Atlanta NNP to TO the DT `` `` Big NNP Chicken NNP , , '' '' a DT pullet-roofed JJ fast-food NN restaurant NN and CC local JJ landmark NN . . Twenty CD years NNS ago RB , , in IN the DT infancy NN of IN suburban JJ sprawl NN , , just RB a DT handful NN of IN dealerships NNS were VBD here RB . . Now RB there EX are VBP 23 CD . . Alongside IN such JJ long-familiar JJ names NNS as IN Chevrolet NNP , , Ford NNP and CC Dodge NNP are VBP nameplates NNS that WDT did VBD n't RB exist VB until IN three CD years NNS ago RB : : Acura NNP , , Sterling NNP , , Hyundai NNP . . Under IN construction NN is VBZ the DT strip NN 's POS 24th JJ showroom NN , , the DT future JJ home NN of IN Lexus NNP , , a DT luxury NN marque NN launched VBN by IN Toyota NNP Motor NNP Corp. NNP just RB two CD months NNS ago RB . . The DT 1980s CD have VBP spawned VBN an DT explosion NN of IN consumer NN choice NN in IN America NNP , , in IN everything NN from IN phone NN companies NNS to TO colas NNS . . And CC especially RB , , as IN the DT Cobb NNP Parkway NNP strip NN attests VBZ , , in IN cars NNS . . Americans NNPS now RB can MD choose VB among IN 572 CD different JJ models NNS of IN cars NNS , , vans NNS and CC trucks NNS , , up RB from IN just RB 408 CD when WRB the DT decade NN began VBD , , according VBG to TO Automotive NNP News NNP , , a DT trade NN publication NN . . For IN car NN marketers NNS , , it PRP has VBZ become VBN a DT much RB tougher JJR battle NN to TO keep VB loyal JJ customers NNS from IN defecting VBG to TO one CD of IN the DT new JJ makes NNS on IN the DT block NN . . For IN American JJ car NN buyers NNS , , the DT proliferation NN of IN choice NN is VBZ both DT liberating JJ and CC confusing JJ . . Malcolm NNP MacDougall NNP , , vice NN chairman NN of IN the DT Jordan NNP , , McGrath NNP , , Case NNP & CC Taylor NNP advertising NN agency NN in IN New NNP York NNP , , calls VBZ the DT proliferation NN `` `` nameplate NN mania NN . . '' '' He PRP says VBZ the DT number NN of IN automobile NN choices NNS is VBZ causing VBG stress NN among IN consumers NNS today NN , , and CC that IN people NNS will MD simply RB ignore VB new JJ models NNS that WDT lack VBP a DT well-defined JJ image NN . . `` `` The DT winners NNS , , '' '' he PRP predicts VBZ , , `` `` will MD be VB brands NNS from IN car NN makers NNS that WDT have VBP traditionally RB been VBN associated VBN with IN quality NN and CC value NN . . '' '' He PRP says VBZ it PRP 's VBZ important JJ for IN a DT new JJ make NN to TO be VB as RB distinctive JJ as IN possible JJ while IN still RB retaining VBG links NNS to TO the DT parent JJ company NN 's POS quality JJ image NN . . He PRP applauds VBZ Toyota NNP and CC Nissan NNP Motor NNP Co. NNP for IN creating VBG separate JJ divisions NNS for IN their PRP$ new JJ luxury NN models NNS , , rather RB than IN simply RB adding VBG more JJR nameplates NNS to TO their PRP$ standard JJ car NN lines NNS . . Some DT auto NN executives NNS believe VBP the DT benefits NNS of IN more JJR choice NN outweigh VBP the DT drawbacks NNS . . `` `` There EX 's POS more JJR noise NN out RB there RB , , and CC the DT consumer NN may MD have VB to TO work VB harder RBR to TO cut VB through IN it PRP , , '' '' says VBZ Vincent NNP P. NNP Barabba NNP , , executive JJ director NN of IN market NN research NN and CC planning NN at IN General NNP Motors NNP Corp NNP . . `` `` But CC the DT reward NN is VBZ that IN there EX 's POS less JJR need NN to TO make VB tradeoffs NNS '' '' in IN choosing VBG one PRP 's POS wheels NNS . . Jeanene NNP Page NNP , , of IN North NNP Salt NNP Lake NNP City NNP , , Utah NNP , , likes VBZ the DT broader JJR selection NN . . She PRP wants VBZ something NN big JJ , , and CC already RB has VBZ looked VBN at IN the DT Chrysler NNP New NNP Yorker NNP and CC Lincoln NNP Town NNP Car NNP . . Now RB , , the DT 55-year-old JJ car NN shopper NN is VBZ zeroing VBG in RP on IN a DT full-sized JJ van NN , , figuring VBG that IN it PRP 's VBZ just RB the DT thing NN to TO haul VB nine CD grandchildren NNS and CC pull VB a DT boat NN at IN the DT same JJ time NN . . `` `` That DT seems VBZ to TO be VB what WP all DT my PRP$ friends NNS are VBP using VBG to TO take VB the DT grandkids NNS to TO the DT lake NN , , '' '' she PRP says VBZ . . Market NN segmentation NN in IN cars NNS is VBZ n't RB new JJ , , but CC it PRP 's VBZ far RB more RBR extensive JJ than IN when WRB Alfred NNP P. NNP Sloan NNP Jr. NNP conceived VBD the DT idea NN 50 CD years NNS ago RB . . The DT legendary JJ GM NNP chairman NN declared VBD that DT his PRP$ company NN would MD make VB `` `` a DT car NN for IN every DT purse NN and CC purpose NN . . '' '' Now RB there EX are VBP many JJ cars NNS for IN every DT purse NN and CC purpose NN . . Just RB four CD years NNS ago RB , , GM NNP planners NNS divided VBD the DT combined JJ car NN and CC truck NN market NN into IN seven CD segments NNS . . Today NN , , they PRP identify VBP 19 CD distinct JJ segments NNS for IN cars NNS , , and CC another DT 11 CD for IN trucks NNS and CC vans NNS . . The DT number NN of IN makes NNS has VBZ mushroomed VBN because IN the DT U.S. NNP is VBZ the DT world NN 's POS biggest JJS and CC richest JJS market NN for IN automobiles NNS ; : virtually RB every DT auto NN maker NN wants VBZ to TO sell VB here RB . . For IN every DT brand NN like IN Renault NNP or CC Fiat NNP that WDT has VBZ been VBN squeezed VBN out RP , , others NNS such JJ as IN Isuzu NNP , , Daihatsu NNP and CC Mitsubishi NNP have VBP come VBN in RP . . Detroit NNP tries VBZ to TO counter VB the DT foreign JJ invasion NN with IN new JJ brands NNS of IN its PRP$ own JJ . . GM NNP launched VBD the DT Geo NNP marque NN this DT year NN to TO sell VB cars NNS made VBN in IN partnership NN with IN foreign JJ auto NN makers NNS , , and CC next JJ year NN GM NNP 's POS long-awaited JJ Saturn NNP cars NNS will MD make VB their PRP$ debut NN . . Ford NNP Motor NNP Co. NNP created VBD the DT Merkur NNP nameplate NN in IN 1985 CD to TO sell VB its PRP$ German-made JJ touring NN sedans NNS in IN the DT U.S. NNP . . But CC slow JJ sales NNS forced VBD Ford NNP to TO kill VB the DT brand NN just RB last JJ week NN . . When WRB consumers NNS have VBP so RB many JJ choices NNS , , brand NN loyalty NN is VBZ much RB harder JJR to TO maintain VB . . The DT Wall NNP Street NNP Journal NNP 's POS `` `` American JJ Way NN of IN Buying VBG '' '' survey NN found VBD that IN 53 CD % NN of IN today NN 's POS car NN buyers NNS tend VBP to TO switch VB brands NNS . . For IN the DT survey NN , , Peter NNP D. NNP Hart NNP Research NNP Associates NNP and CC the DT Roper NNP Organization NNP each DT asked VBD about RB 2,000 CD U.S. NNP consumers NNS about IN their PRP$ buying NN habits NNS . . Which WDT cars NNS do VBP Americans NNP favor VB most RBS these DT days NNS ? . It PRP 's VBZ hard JJ to TO generalize VB , , but CC age NN seems VBZ to TO be VB the DT best JJS predictor NN . . Adults NNS under IN age NN 30 CD like VBP sports NNS cars NNS , , luxury NN cars NNS , , convertibles NNS and CC imports NNS far RB more RBR than IN their PRP$ elders NNS do VBP . . Three CD of IN every DT 10 CD buyers NNS under IN 30 CD would MD prefer VB to TO buy VB a DT sports NNS car NN , , compared VBN with IN just RB 16 CD % NN of IN adults NNS 30 CD and CC over RB , , according VBG to TO the DT Journal NNP survey NN . . Young JJ consumers NNS prefer VBP luxury NN cars NNS by IN a DT 37 CD % NN to TO 28 CD % NN margin NN -- : even RB though IN older JJR buyers NNS , , because IN of IN their PRP$ incomes NNS , , are VBP more RBR likely JJ to TO actually RB purchase VB a DT luxury NN car NN . . Perhaps RB most RBS striking JJ , , 35 CD % NN of IN households NNS headed VBN by IN people NNS aged VBN 18 CD to TO 44 CD have VBP at IN least JJS one CD foreign JJ car NN . . That DT 's VBZ true JJ of IN only RB 14 CD % NN of IN households NNS headed VBN by IN someone NN 60 CD or CC older JJR . . Generally RB , , imports NNS appeal VBP most RBS to TO Americans NNPS who WP live VBP in IN the DT West NNP and CC are VBP well-educated JJ , , affluent JJ and CC , , especially RB , , young JJ . . `` `` For IN many JJ baby NN boomers NNS , , buying VBG a DT domestic JJ car NN is VBZ a DT totally RB foreign JJ experience NN , , '' '' says VBZ Christopher NNP Cedergren NNP , , auto-market NN analyst NN with IN J.D. NNP Power NNP & CC Co. NNP of IN Agoura NNP Hills NNP , , Calif NNP . . Such JJ preferences NNS persist VBP even RB though IN many JJ Americans NNPS believe VBP differences NNS between IN imported JJ and CC domestic JJ cars NNS are VBP diminishing VBG . . Only RB 58 CD % NN of IN Americans NNPS now RB believe VBP that IN foreign JJ cars NNS get VBP better JJR gas NN mileage NN than IN domestic JJ models NNS , , the DT Journal NNP survey NN found VBD , , down RB from IN 68 CD % NN in IN 1987 CD . . Some DT 46 CD % NN give VBP foreign JJ cars NNS higher JJR quality NN ratings NNS , , down RB from IN 50 CD % NN two CD years NNS ago RB . . On IN the DT other JJ hand NN , , only RB 42 CD % NN say VBP foreign JJ cars NNS are VBP less RBR comfortable JJ than IN U.S. NNP models NNS , , down RB from IN 55 CD % NN in IN 1987 CD . . People NNS in IN the DT automotive JJ business NN disagree VBP over IN how WRB susceptible JJ younger JJR Americans NNPS are VBP to TO brand NN switching NN . . `` `` Once RB buying NN habits NNS are VBP formed VBN , , they PRP 're VBP very RB hard JJ to TO break VB , , '' '' declares VBZ Thomas NNP Mignanelli NNP , , executive JJ vice NN president NN for IN Nissan NNP 's POS U.S. NNP sales NNS operations NNS . . But CC out RB on IN Cobb NNP Parkway NNP , , Ted NNP Negas NNP sees VBZ it PRP differently RB . . `` `` The DT competition NN is VBZ so RB intense JJ that IN an DT owner NN 's POS loyalty NN to TO a DT dealership NN or CC a DT car NN is VBZ virtually RB nonexistent JJ , , '' '' says VBZ Mr. NNP Negas NNP , , vice NN president NN of IN Ed NNP Voyles NNP Oldsmobile NNP , , one CD of IN the DT first JJ dealerships NNS to TO locate VB on IN the DT strip NN . . Thus RB the DT very JJ fickleness NN of IN baby NN boomers NNS may MD make VB it PRP possible JJ to TO win VB them PRP back RP , , just RB as IN it PRP was VBD possible JJ to TO lose VB them PRP . . The DT battle NN for IN customer NN loyalty NN is VBZ evident JJ along IN the DT Cobb NNP Parkway NNP strip NN . . Ed NNP Voyles NNP Olds NNP recently RB established VBD a DT special JJ section NN in IN the DT service NN department NN for IN owners NNS whose WP$ cars NNS are VBP less JJR than IN a DT year NN old JJ , , so IN they PRP get VBP quicker JJR service NN . . Just RB down IN the DT street NN , , Chris NNP Volvo NNP invites VBZ serious JJ shoppers NNS to TO test-drive VB a DT new JJ Volvo NNP to TO any DT other JJ dealership NN along IN the DT strip NN , , and CC compare VB the DT cars NNS side-by-side RB . . Manufacturers NNS , , too RB , , are VBP stretching VBG further RBR to TO lure VB buyers NNS . . GM NNP 's POS Cadillac NNP division NN , , ignoring VBG Detroit NNP 's POS long-held JJ maxim NN that DT safety NN does VBZ n't RB sell VB , , is VBZ airing VBG television NN commercials NNS touting VBG its PRP$ cars NNS ' POS safety NN features NNS . . Cadillac NNP may MD be VB on IN to TO something NN . . Some RB 60 CD % NN of IN the DT survey NN respondents NNS said VBD they PRP would MD buy VB anti-lock JJ brakes NNS even RB if IN they PRP carry VBP a DT medium JJ or CC high JJ price NN tag NN . . More JJR than IN 50 CD % NN felt VBD the DT same JJ way NN about IN air NN bags NNS . . Both DT features NNS appealed VBD most RBS to TO buyers NNS under IN 45 CD . . In IN contrast NN , , dashboard NN computers NNS , , power NN seats NNS and CC turbo-charged JJ engines NNS had VBD little JJ appeal NN . . But CC even RB a DT little JJ appeal NN has VBZ a DT lot NN of IN attraction NN these DT days NNS . . GM NNP 's POS Pontiac NNP division NN is VBZ offering VBG a DT turbo-charged JJ V-6 NNP engine NN on IN its PRP$ Grand NNP Prix NNP model NN , , even RB though IN it PRP expects VBZ to TO sell VB only RB about RB 4,000 CD cars NNS equipped VBN with IN that DT option NN . . The DT reason NN : : Items NNS with IN narrow JJ appeal NN can MD be VB important JJ in IN a DT market NN as RB fragmented JJ as IN today NN 's POS . . Americans NNPS spent VBD more JJR than IN $ $ 190 CD billion CD on IN new JJ cars NNS and CC trucks VBZ last JJ year NN , , and CC just RB 1 CD % NN of IN that DT market NN exceeded VBD Polaroid NNP Co. NNP 's POS sales NNS of IN $ $ 1.86 CD billion CD . . `` `` Even RB if IN it PRP 's VBZ only RB 1 CD % NN , , '' '' says VBZ GM NNP 's POS Mr. NNP Barabba NNP , , `` `` would MD you PRP throw VB away RP sales NNS the DT size NN of IN Polaroid NNP ? . '' '' American NNP Telephone NNP & CC Telegraph NNP Co. NNP said VBD it PRP will MD lay VB off RP 75 CD to TO 85 CD technicians NNS here RB , , effective JJ Nov. NNP 1 CD . . The DT workers NNS install VBP , , maintain VBP and CC repair VBP its PRP$ private JJ branch NN exchanges NNS , , which WDT are VBP large JJ intracompany JJ telephone NN networks NNS . . It PRP 's VBZ a DT California NNP crime NN saga NN worthy JJ of IN an DT Erle NNP Stanley NNP Gardner NNP title NN : : The DT Case NNP of IN the DT Purloined NNP Palm NNP Trees NNP . . Edward NNP Carlson NNP awoke VBD one CD morning NN last JJ month NN to TO find VB eight CD holes NNS in IN his PRP$ front JJ yard NN where WRB his PRP$ prized VBN miniature JJ palms NNS , , called VBN cycads NNS , , once RB stood VBD . . Days NNS later RB , , the DT thieves NNS returned VBD and CC dug VBD out RP more RBR , , this DT time NN adding VBG insult NN to TO injury NN . . `` `` The DT second JJ time NN , , '' '' he PRP says VBZ , , `` `` they PRP left VBD the DT shovel NN . . '' '' No DT garden-variety NN crime NN , , palm-tree NN rustling NN is VBZ sprouting VBG up RP all DT over IN Southern NNP California NNP , , bringing VBG big JJ bucks NNS to TO crooks NNS who WP know VB their PRP$ botany NN . . Cycads NNS , , the DT most RBS popular JJ of IN which WDT is VBZ the DT Sago NNP Palm NNP , , are VBP doll-sized JJ versions NNS of IN California NNP 's POS famous JJ long-necked JJ palms NNS , , with IN stubby JJ trunks NNS and CC fern-like JJ fronds NNS . . Because IN the DT Sago NNP is VBZ relatively RB rare JJ and CC grows VBZ only RB a DT couple NN of IN inches NNS a DT year NN , , it PRP 's VBZ a DT pricey JJ lawn NN decoration NN : : A DT two-foot JJ tall JJ Sago NNP can MD retail VB for IN $ $ 1,000 CD , , and CC taller JJR ones NNS often RB fetch VB $ $ 3,000 CD or CC more JJR . . `` `` Evidently RB , , somebody NN has VBZ realized VBN it PRP 's POS easy JJ money NN to TO steal VB these DT things NNS , , '' '' says VBZ Loran NNP Whitelock NNP , , a DT research NN associate NN specializing VBG in IN cycads NNS at IN the DT Los NNP Angeles NNP State NNP and CC County NNP Arboretum NNP . . Just RB last JJ week NN , , would-be JJ thieves NNS damaged VBD three CD Sagos NNS at IN Mr. NNP Whitelock NNP 's POS home NN in IN the DT Eagle NNP Rock NNP section NN before IN something NN frightened VBD them PRP off RP , , foiled JJ . . `` `` It PRP 's VBZ hard JJ to TO think VB someone NN is VBZ raping VBG your PRP$ garden NN , , '' '' he PRP says VBZ . . Police NNS suspect VB that IN the DT criminals NNS , , who WP dig VB up IN the DT plants NNS in IN the DT dead NN of IN night NN , , are VBP selling VBG them PRP to TO nurseries NNS or CC landscapers NNS . . The DT Sago NNP has VBZ become VBN a DT popular JJ accent NN in IN tony JJ new JJ housing NN tracts NNS , , apparently RB giving VBG the DT rustlers NNS a DT ready JJ market NN for IN their PRP$ filched VBN fronds NNS . . Thieves NNS are VBP going VBG to TO find VB `` `` anybody NN who WP has VBZ enough RB bucks VBZ to TO plant VB these DT things NNS in IN their PRP$ front NN yard NN , , '' '' says VBZ William NNP Morrissey NNP , , an DT investigator NN with IN the DT police NN department NN in IN Garden NNP Grove NNP , , Calif. NNP , , where WRB five CD such JJ thefts NNS have VB been VBN reported VBN in IN the DT past JJ several JJ weeks NNS . . The DT department NN is VBZ advising VBG residents NNS to TO plant NN Sagos NNS , , if IN they PRP must MD , , in IN the DT back JJ yard NN and CC telling VBG nurseries NNS to TO be VB on IN the DT lookout NN for IN anyone NN trying VBG to TO palm VB one NN off IN . . But CC for IN those DT Californians NNS who WP want VB exotic JJ gardens NNS out IN front NN where WRB neighbors NNS can MD appreciate VB them PRP , , there EX 's VBZ always RB Harold NNP Smith NNP 's POS approach NN . . After IN three CD Sagos NNS were VBD stolen VBN from IN his PRP$ home NN in IN Garden NNP Grove NNP , , `` `` I PRP put VB a DT big JJ iron NN stake NN in IN the DT ground NN and CC tied VBD the DT tree NN to TO the DT stake NN with IN a DT chain NN , , '' '' he PRP says VBZ proudly RB . . `` `` And CC you PRP ca MD n't RB cut VB this DT chain NN with IN bolt NN cutters NNS . . Program NN trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP in IN September NNP rose VBD to TO its PRP$ highest JJS recorded VBN level NN as IN a DT percentage NN of IN total JJ monthly JJ trading NN volume NN . . September NNP program NN trading NN amounted VBD to TO 13.8 CD % NN of IN average JJ daily JJ New NNP York NNP Stock NNP Exchange NNP volume NN of IN 151.8 CD million CD shares NNS , , the DT largest JJS percentage NN since IN the DT exchange NN began VBD making VBG such JJ figures NNS public JJ in IN July NNP 1988 CD . . A DT daily JJ average NN of IN 20.9 CD million CD shares NNS traded VBN in IN program NN strategies NNS in IN September NNP , , the DT second-highest JJ level NN ever RB . . The DT highest JJS level NN was VBD in IN June NNP 1989 CD , , when WRB a DT daily JJ average NN of IN 22.1 CD million CD shares NNS traded VBD in IN program NN strategies NNS . . Average JJ daily JJ trading NN volume NN in IN June NNP of IN 180.3 CD million CD shares NNS was VBD considerably RB higher JJR than IN in IN September NNP . . Program NN trading NN amounted VBD to TO 12.3 CD % NN of IN average JJ daily JJ volume NN in IN June NNP . . The DT Big NNP Board NNP says VBZ program NN trading NN describes VBZ a DT variety NN of IN strategies NNS involving VBG the DT purchase NN or CC sale NN of IN a DT basket NN of IN 15 CD or CC more JJR stocks NNS . . The DT most RBS controversial JJ of IN these DT is VBZ stock-index NN arbitrage NN , , in IN which WDT traders NNS buy VBP or CC sell VBP baskets NNS of IN stocks NNS and CC offset VBP the DT position NN with IN an DT opposite JJ trade NN in IN stock-index JJ futures NNS to TO lock VB in RP profits NNS . . It PRP 's VBZ the DT most RBS controversial JJ form NN of IN program NN trading NN because IN it PRP can MD create VB abrupt JJ price NN swings NNS in IN the DT stock NN market NN . . Salomon NNP Brothers NNP Inc. NNP was VBD the DT top JJ program NN trader NN in IN September NNP , , but CC most JJS of IN the DT firm NN 's POS activity NN involved VBD portfolio NN trading NN strategies NNS other JJ than IN stock-index NN arbitrage NN . . Overall RB , , Salomon NNP reported VBD program NN trading NN volume NN of IN 75.2 CD million CD shares NNS . . The DT top JJ stock-index NN arbitrage NN firm NN last JJ month NN was VBD Morgan NNP Stanley NNP & CC Co NNP . . Of IN Morgan NNP Stanley NNP 's POS 66.8 CD million CD shares NNS in IN program NN trades NNS for IN the DT month NN , , 53.1 CD million CD were VBD in IN stock-index NN arbitrage NN trades NNS . . Behind IN second-place JJ Morgan NNP Stanley NNP were VBD Kidder NNP , , Peabody NNP & CC Co. NNP , , Goldman NNP , , Sachs NNP & CC Co. NNP and CC CS NNP First NNP Boston NNP Inc. NNP 's POS First NNP Boston NNP Corp. NNP unit NN . . A DT group NN of IN shareholders NNS filed VBD suit NN against IN Imperial NNP Corp. NNP of IN America NNP , , Drexel NNP Burnham NNP Lambert NNP Inc. NNP , , First NNP Executive NNP Corp. NNP and CC others NNS , , charging VBG them PRP with IN artificially RB inflating VBG Imperial NNP 's POS stock NN price NN to TO protect VB certain JJ major JJ investors NNS . . The DT complaint NN , , filed VBN in IN federal JJ district NN court NN , , accuses VBZ Imperial NNP and CC other JJ defendants NNS of IN issuing VBG false JJ and CC misleading JJ financial JJ data NNS . . It PRP also RB charges VBZ that IN Imperial NNP , , the DT holding NN company NN for IN Imperial NNP Savings NNP & CC Loan NNP , , experienced VBD major JJ losses NNS and CC writedowns NNS because IN of IN improper JJ assessment NN of IN the DT risks NNS of IN junk-bond NN investments NNS and CC wholesale JJ consumer NN loan NN packages NNS . . The DT suit NN seeks VBZ unspecified JJ damages NNS . . Imperial NNP is VBZ in IN the DT midst NN of IN reducing VBG its PRP$ junk-bond NN holdings NNS and CC getting VBG out IN of IN the DT investment NN banking NN business NN in IN order NN to TO return VB to TO traditional JJ thrift NN activities NNS . . The DT derivative JJ suit NN is VBZ similar JJ to TO a DT class-action JJ complaint NN filed VBN earlier RBR this DT year NN . . Imperial NNP said VBD in IN a DT statement NN it PRP expects VBZ other JJ complaints NNS to TO be VB filed VBN in IN the DT wake NN of IN the DT original JJ suit NN and CC a DT recent JJ article NN in IN Barron NNP 's POS magazine NN that WDT focused VBD on IN the DT company NN 's POS problems NNS . . Although IN an DT Imperial JJ spokesman NN said VBD the DT company NN had VBD n't RB yet RB been VBN served VBN with IN the DT derivative NN suit NN , , he PRP reiterated VBD the DT company NN 's POS statement NN that IN it PRP would MD vigorously RB defend VB itself PRP against IN the DT class-action JJ suit NN . . Spokesmen NNS at IN Drexel NNP and CC First NNP Executive NNP said VBD the DT companies NNS had VBD n't RB yet RB been VBN served VBN with IN the DT suit NN . . In IN a DT separate JJ complaint NN also RB filed VBN in IN federal JJ court NN here RB , , shareholder NN Max NNP Grill NNP of IN New NNP York NNP charged VBD Imperial NNP , , its PRP$ top JJ executives NNS and CC directors NNS with IN breach NN of IN fiduciary JJ duty NN and CC squandering VBG the DT company NN 's POS assets NNS . . Imperial NNP said VBD it PRP had VBD n't RB been VBN served VBN with IN this DT suit NN either RB . . Companies NNS listed VBN below RB reported VBD quarterly JJ profit NN substantially RB different JJ from IN the DT average NN of IN analysts NNS ' POS estimates NNS . . The DT companies NNS are VBP followed VBN by IN at IN least JJS three CD analysts NNS , , and CC had VBD a DT minimum JJ five-cent JJ change NN in IN actual JJ earnings NNS per IN share NN . . Estimated JJ and CC actual JJ results NNS involving VBG losses NNS are VBP omitted VBN . . The DT percent NN difference NN compares VBZ actual JJ profit NN with IN the DT 30-day JJ estimate NN where WRB at IN least JJS three CD analysts NNS have VBP issues NNS forecasts NNS in IN the DT past JJ 30 CD days NNS . . Otherwise RB , , actual JJ profit NN is VBZ compared VBN with IN the DT 300-day JJ estimate NN . . Rhone-Poulenc NNP S.A. NNP , , Paris NNP , , said VBD it PRP completed VBD the DT purchase NN of IN the DT specialty NN chemicals NNS operation NN of IN RTZ NNP Corp. NNP , , a DT British JJ mining NN and CC industrial JJ group NN . . Rhone-Poulenc NNP , , a DT chemical NN and CC pharmaceutical JJ company NN , , said VBD RTZ NNP Chemicals NNP has VBZ annual JJ sales NNS of IN about RB $ $ 900 CD million CD . . It PRP did VBD n't RB release VB terms NNS of IN the DT transaction NN . . Consumer NN spending NN in IN Britain NNP rose VBD 0.1 CD % NN in IN the DT third JJ quarter NN from IN the DT second JJ quarter NN and CC was VBD up RB 3.8 CD % NN from IN a DT year NN ago RB , , the DT Central NNP Statistical NNP Office NNP estimated VBD Friday NNP . . A DT group NN including VBG Gene NNP E. NNP Phillips NNP , , former JJ chairman NN of IN Southmark NNP Corp. NNP , , and CC William NNP S. NNP Friedman NNP , , former JJ vice NN chairman NN of IN Southmark NNP , , lowered VBD its PRP$ stake NN in IN the DT Dallas NNP real JJ estate NN concern NN to TO 7.7 CD % NN , , according VBG to TO a DT filing NN with IN the DT Securities NNP and CC Exchange NNP Commission NNP . . The DT group NN said VBD it PRP sold VBD 455,410 CD Southmark NNP common JJ shares NNS from IN Sept. NNP 5 CD to TO Oct. NNP 5 CD for IN 18.75 CD cents NNS to TO 25 CD cents NNS a DT share NN . . The DT filing NN said VBD the DT group NN continues VBZ to TO hold VB 3,481,887 CD remaining VBG shares NNS . . Eastman NNP Kodak NNP Co. NNP , , seeking VBG to TO position VB itself PRP in IN the DT potentially RB huge JJ high-definition JJ television NN market NN , , unveiled VBD a DT converter NN that WDT can MD transform VB conventional JJ motion-picture NN film NN into IN high-definition JJ video NN . . The DT move NN also RB helps VBZ the DT Rochester NNP , , N.Y. NNP , , photographic JJ giant NN ensure VB that IN its PRP$ motion-picture NN film NN business NN -- : for IN which WDT it PRP holds VBZ a DT virtual JJ monopoly NN , , supplying VBG every DT Hollywood NNP movie NN company NN -- : is VBZ n't RB made VBN obsolete JJ by IN the DT upstart JJ HDTV NNP business NN . . While IN the DT prototype NN converter NN is VBZ costly JJ , , it PRP 's VBZ being VBG lauded VBN by IN the DT infant JJ HDTV NN industry NN as IN a DT way NN of IN increasing VBG the DT number NN of IN high-quality JJ shows NNS that WDT can MD be VB seen VBN on IN the DT new JJ medium NN . . `` `` The DT industry NN has VBZ been VBN waiting VBG with IN bated JJ breath NN for IN the DT machines NNS to TO come VB along RB , , '' '' says VBZ David NNP Niles NNP , , president NN of IN Eleven CD Twenty CD Five CD Productions NNP Inc. NNP , , a DT New NNP York NNP pioneer NN in IN high-definition JJ programming NN . . He PRP notes VBZ that IN industry NN executives NNS have VBP until IN now RB worried VBN that IN they PRP would MD face VB a DT severe JJ shortage NN of IN programs NNS once IN consumers NNS begin VBP replacing VBG their PRP$ TV NN sets NNS with IN HDTVs NNS . . Japanese JJ electronic JJ giants NNS , , such JJ as IN Sony NNP Corp. NNP and CC Hitachi NNP Ltd. NNP , , have VBP focused VBN almost RB entirely RB on IN HDTV NNP hardware NN , , and CC virtually RB ignored VBN software NN or CC programs NNS shot VBN in IN high-definition NN . . And CC only RB a DT handful NN of IN small JJ U.S. NNP companies NNS are VBP engaged VBN in IN high-definition JJ software NN development NN . . It PRP 's VBZ estimated VBN that RB just RB about RB 250 CD hours NNS of IN HD NNP programming NN is VBZ currently RB available JJ for IN airing VBG . . Kodak NNP says VBZ its PRP$ new JJ CCD NNP HDTV NN converter NN will MD help VB alleviate VB the DT problem NN by IN allowing VBG programmers NNS and CC broadcasters NNS to TO convert VB movies NNS and CC television NN programs NNS shot VBN in IN 35mm CD motion-picture NN film NN into IN high-definition JJ video NN . . Consumers NNS will MD be VB able JJ to TO switch VB on RP their PRP$ HDTV NN sets NNS and CC get VB all PDT the DT viewing NN benefits NNS the DT high-tech JJ medium NN offers VBZ . . Otherwise RB , , they PRP 'd MD be VB watching VBG programs NNS that WDT are VBP no RB different JJ in IN quality NN from IN what WP they PRP currently RB view VBP on IN color JJ TVs NNS . . It PRP would MD be VB like IN `` `` watching VBG a DT black JJ and CC white JJ movie NN on IN a DT color JJ TV NN set NN , , '' '' says VBZ Malcolm NNP G. NNP Saull NNP , , chairman NN of IN the DT film NN and CC video NN department NN at IN the DT Rochester NNP Institute NNP of IN Technology NNP . . The DT new JJ converters NNS are VBP `` `` a DT critical JJ link NN between IN film NN and CC the DT television NN domain NN , , '' '' says VBZ Joerg NNP D. NNP Agin NNP , , vice NN president NN and CC general JJ manager NN of IN Kodak NNP 's POS Motion NNP Picture NNP and CC Audiovisual NNP Products NNP division NN . . Kodak NNP wo MD n't RB disclose VB the DT cost NN or CC when WRB its PRP$ converter NN will MD be VB on IN the DT market NN , , but CC it PRP 's VBZ estimated VBN the DT machine NN may MD be VB available JJ within IN two CD years NNS . . A DT similar JJ machine NN already RB on IN the DT market NN , , made VBN by IN Rank NNP Sintel NNP Ltd. NNP , , a DT unit NN of IN Rank NNP Organisation NNP , , costs VBZ about RB $ $ 500,000 CD . . And CC the DT potential JJ market NN is VBZ tremendous JJ , , industry NN experts NNS say VBP . . If IN HDTV NN takes VBZ off RP in IN the DT U.S. NNP , , there EX will MD be VB demand NN for IN some RB 4,000 CD to TO 5,000 CD HDTV NN converters NNS , , known VBN in IN the DT industry NN as IN telecines NNS . . Demand NN will MD come VB first RB from IN programming NN production NN companies NNS and CC then RB from IN television NN stations NNS . . `` `` The DT converter NN is VBZ head NN and CC shoulders NNS above IN anything NN else RB I PRP 've VBP seen VBN , , '' '' says VBZ Richard NNP J. NNP Stumpf NNP , , vice NN president NN - : engineering NN and CC development NN at IN MCA NNP Inc. NNP 's POS Universal NNP City NNP Studios NNP . . And CC Mr. NNP Niles NNP , , the DT program NN producer NN , , contends VBZ that IN Kodak NNP 's POS move NN is VBZ `` `` a DT sound NN marketing NN decision NN . . They PRP ca MD n't RB afford VB to TO stay VB out IN of IN HDTV NN . . '' '' Indeed RB , , the DT stakes NNS are VBP high JJ . . The DT U.S. NNP electronics NN industry NN estimates VBZ that IN the DT HDTV NN market NN will MD total VB about RB $ $ 150 CD billion CD over IN the DT next JJ two CD decades NNS , , with IN an DT additional JJ $ $ 400 CD billion CD expected VBN to TO go VB for IN related JJ products NNS . . HDTVs NNS break VBP down RP images NNS into IN more JJR than IN 1,100 CD lines NNS , , compared VBN with IN 525 CD for IN today NN 's POS televisions NNS , , providing VBG considerably RB sharper JJR detail NN . . And CC the DT sets NNS are VBP wider JJR , , resembling VBG the DT dimensions NNS of IN a DT movie NN screen NN . . But CC the DT financial JJ rewards NNS are VBP n't RB expected VBN soon RB , , nor CC are VBP they PRP guaranteed VBN . . Experts NNS estimate VBP the DT first JJ sets NNS of IN HDTVs NNS wo MD n't RB be VB available JJ for IN another DT five CD to TO 10 CD years NNS , , and CC will MD probably RB retail VB for IN more JJR than IN $ $ 3,000 CD each DT in IN today NN 's POS dollars NNS . . Some DT critics NNS say VBP they PRP wo MD n't RB be VB quickly RB embraced VBN by IN consumers NNS because IN of IN the DT high JJ price NN . . Nevertheless RB , , Kodak NNP could MD n't RB risk VB letting VBG HDTV NN turn VB its PRP$ motion-picture NN film NN business NN into IN a DT dinosaur NN . . `` `` Kodak NNP understands VBZ HDTV NNP is VBZ where WRB everybody NN is VBZ going VBG , , '' '' says VBZ RIT NNP 's POS Mr. NNP Spaull NNP . . Yet RB another DT political JJ scandal NN is VBZ racking VBG Japan NNP . . But CC this DT time NN it PRP 's VBZ hurting VBG opposition NN as RB well RB as IN ruling-party NN members NNS . . And CC as IN it PRP unfolds VBZ , , it PRP 's VBZ revealing VBG some DT of IN the DT more RBR tangled JJ and CC seamier JJR aspects NNS of IN Japanese JJ society NN . . Already RB , , ruling VBG Liberal NNP Democratic NNP Party NNP demands NNS that IN opposition NN members NNS testify VB under IN oath NN in IN parliament NN have VBP stalled VBN one CD budget NN committee NN session NN and CC forced VBN the DT committee NN to TO plan VB a DT special JJ two-day JJ investigation NN at IN the DT end NN of IN the DT month NN . . But CC the DT scandal NN itself PRP is VBZ so RB convoluted JJ that IN ruling-party NN members NNS are VBP divided VBN between IN those DT who WP want VBP to TO pursue VB the DT matter NN in IN hope NN of IN undermining VBG the DT opposition NN and CC those DT who WP favor VBP leaving VBG well RB enough RB alone RB . . `` `` The DT opposition NN can MD be VB the DT most RBS hurt VBN because IN everyone NN already RB figures VBZ the DT LDP NNP is VBZ that DT kind NN of IN beast NN , , '' '' says VBZ Shigezo NNP Hayasaka NNP , , former JJ aide NN to TO LDP NNP kingmaker NN Kakuei NNP Tanaka NNP and CC now RB an DT independent JJ analyst NN . . But CC , , he PRP adds VBZ , , `` `` We PRP ca MD n't RB tell VB where WRB it PRP will MD go VB at IN all DT because IN we PRP 're VBP still RB in IN the DT middle NN of IN it PRP . . '' '' This DT time NN , , the DT scandal NN centers VBZ on IN donations NNS made VBN by IN the DT not-quite-mainstream JJ pachinko NN parlor NN industry NN . . Pachinko NN , , a DT kind NN of IN pinball NN , , is VBZ Japan NNP 's POS favorite JJ form NN of IN legal JJ gambling NN . . The DT donations NNS so RB far RB appear VBP to TO be VB small JJ , , especially RB compared VBN with IN the DT huge JJ sums NNS that WDT changed VBD hands NNS in IN the DT Recruit NNP Co NNP . . influence-peddling NN scandal NN that WDT plagued VBD the DT ruling VBG party NN last JJ year NN . . But CC the DT implications NNS could MD be VB great JJ . . Pachinko NN is VBZ slightly RB on IN the DT shady JJ side NN , , often RB linked VBN to TO the DT lower JJR ranks NNS of IN Japan NNP 's POS underworld NN and CC regularly RB at IN the DT top NN of IN annual JJ lists NNS of IN tax NN evaders NNS . . Recently RB the DT industry NN has VBZ faced VBN the DT threat NN of IN new JJ restrictions NNS , , and CC political JJ donations NNS may MD have VB been VBN made VBN with IN the DT intent NN to TO bribe VB . . Also RB , , about RB 60 CD % NN of IN pachinko NN parlor NN owners NNS are VBP Korean JJ , , many JJ of IN whom WP maintain VBP close JJ ties NNS with IN North JJ or CC South JJ Korean JJ residents NNS ' POS organizations NNS , , and CC donations NNS by IN such JJ foreign JJ groups NNS are VBP illegal JJ in IN Japan NNP . . To TO many JJ Japanese NNPS , , pachinko NN is VBZ benign JJ or CC enticingly RB unsavory JJ . . Garish JJ neon NN pachinko NN marquees NNS blaze VBP from IN the DT main JJ streets NNS and CC narrow JJ alleys NNS of IN cities NNS and CC towns NNS across IN the DT country NN . . Devotees NNS pass VBP hours NNS , , watching VBG the DT lights NNS blink VB and CC listening VBG to TO the DT metal NN balls NNS ping VB , , as RB much RB to TO gamble VB as IN to TO get VB a DT little JJ time NN to TO be VB anonymous JJ , , alone RB with IN their PRP$ thoughts NNS . . At IN 500 CD yen NNS ( ( $ $ 3.60 CD ) ) for IN a DT handful NN of IN balls NNS , , pachinko NN is VBZ a DT common JJ pastime NN , , and CC has VBZ been VBN since IN it PRP took VBD root NN as IN cheap JJ entertainment NN in IN the DT years NNS after IN World NNP War NNP II NNP . . But CC the DT total NN of IN all PDT those DT pinging VBG balls NNS has VBZ created VBN an DT industry NN with IN a DT reported JJ annual JJ income NN of IN 13 CD trillion CD yen NN ( ( almost RB $ $ 92 CD billion CD ) ) , , or CC nearly RB the DT size NN of IN Japan NNP 's POS vaunted JJ automobile NN industry NN . . And CC because IN the DT pachinko NN industry NN is VBZ regularly RB at IN the DT top NN of IN annual JJ lists NNS for IN tax NN evasion NN , , some DT observers NNS estimate VBP the DT real JJ income NN could MD be VB as RB much JJ as IN 20 CD trillion CD yen NN . . If IN that DT money NN were VBD being VBG taxed VBN , , it PRP could MD bring VB the DT government NN a DT badly RB needed VBN several JJ trillion CD yen NN . . In IN 1984 CD , , an DT attempt NN was VBD made VBN to TO crack VB down RP on IN the DT industry NN with IN tougher JJR restrictions NNS . . Then RB , , in IN 1988 CD , , a DT proposal NN to TO keep VB better JJR track NN of IN income NN by IN selling VBG prepaid JJ cards NNS for IN pachinko NN was VBD fielded VBN in IN parliament NN . . The DT proposal NN split VBD the DT industry NN in IN two CD , , along IN the DT lines NNS of IN national JJ origin NN : : North NNP Koreans NNPS oppose VBP the DT plan NN while IN South NNP Koreans NNPS , , Japanese NNPS and CC Taiwanese NNPS accept VBP it PRP or CC are VBP neutral JJ . . In IN August NNP , , a DT conservative JJ weekly JJ magazine NN reported VBD that IN a DT pachinko NN industry NN organization NN donated VBD money NN to TO Japan NNP Socialist NNP Party NNP members NNS . . The DT magazine NN alleged VBD that IN in IN making VBG the DT donations NNS , , the DT pachinko NN industry NN may MD have VB been VBN offering VBG bribes NNS to TO win VB support NN in IN the DT battle NN against IN prepaid JJ cards NNS , , or CC it PRP may MD have VB been VBN laundering VBG money NN back RB and CC forth RB between IN the DT JSP NNP and CC the DT North JJ Korean JJ residents NNS ' POS organization NN , , the DT Chosen NNP Soren NNP . . The DT Chosen NNP Soren NNP and CC the DT JSP NNP immediately RB denied VBD the DT report NN . . And CC at IN first JJ , , neither CC the DT opposition NN nor CC the DT LDP NNP wanted VBD to TO pursue VB the DT issue NN . . But CC the DT press NN kept VBD it PRP alive JJ ; : as RB with IN the DT Recruit NNP scandal NN , , lists NNS began VBD circulating VBG with IN names NNS of IN people NNS who WP had VBD received VBN money NN . . Within IN a DT matter NN of IN weeks NNS , , less-conservative JJ magazines NNS reported VBD that IN members NNS of IN the DT ruling VBG LDP NNP had VBD received VBN much RB larger JJR donations NNS from IN pachinko NN organizations NNS . . So RB far RB , , though RB , , there EX have VBP been VBN no DT allegations NNS that IN the DT contributions NNS the DT LDP NNP members NNS received VBD amounted VBD to TO bribes NNS . . Then RB the DT two CD camps NNS upped VBD the DT ante NN : : Reports NNS that IN Chosen NNP Soren NNP had VBD donated VBN directly RB to TO JSP NNP members NNS were VBD rapidly RB countered VBN by IN statements NNS that IN the DT South JJ Korean JJ residents NNS ' POS organization NN had VBD long RB been VBN donating VBG directly RB to TO LDP NNP members NNS . . The DT JSP NNP admitted VBD Oct. NNP 13 CD that IN its PRP$ members NNS received VBD about RB eight CD million CD yen NN from IN the DT pachinko NN organization NN , , and CC charged VBD LDP NNP members NNS with IN receiving VBG 125 CD million CD yen NN ( ( $ $ 880,000 CD ) ) and CC other JJ opposition NN parties NNS with IN taking VBG about RB 2.5 CD million CD yen NN . . On IN Friday NNP , , the DT chief JJ cabinet NN secretary NN announced VBD that IN eight CD cabinet NN ministers NNS had VBD received VBN five CD million CD yen NN from IN the DT industry NN , , including VBG 450,000 CD yen NN ( ( $ $ 3,175 CD ) ) by IN Prime NNP Minister NNP Toshiki NNP Kaifu NNP . . No DT one NN has VBZ alleged VBN that IN the DT donations NNS were VBD by IN themselves PRP illegal JJ . . Direct JJ donations NNS from IN either DT of IN the DT residents NNS ' POS organizations NNS would MD be VB illegal JJ because IN the DT groups NNS are VBP defined VBN as IN foreign JJ , , but CC both DT groups NNS deny VBP making VBG direct JJ donations NNS . . They PRP say VBP it PRP s VBZ possible JJ some DT of IN their PRP$ members NNS may MD be VB donating VBG privately RB . . The DT issue NN is VBZ further RB complicated VBN because IN although IN the DT organizations NNS represent VBP Korean JJ residents NNS , , those DT residents NNS were VBD largely RB born VBN and CC raised VBN in IN Japan NNP and CC many JJ speak VBP only RB Japanese NNP . . That IN they PRP retain VBP Korean JJ citizenship NN and CC ties NNS is VBZ a DT reflection NN of IN history NN -- : their PRP$ parents NNS were VBD shipped VBN in RP as IN laborers NNS during IN the DT decades NNS when WRB Japan NNP occupied VBD Korea NNP before IN World NNP War NNP II NNP -- : and CC the DT discrimination NN that WDT still RB faces VBZ Koreans NNPS in IN Japanese JJ society NN . . Many JJ Japanese NNPS think VBP it PRP only RB natural NN that IN the DT organizations NNS or CC their PRP$ members NNS would MD donate VB to TO politicians NNS , , the DT way NN many JJ Japanese NNPS do VBP , , to TO win VB favor NN or CC support NN . . Both DT residents NNS ' POS organizations NNS admit VBP to TO receiving VBG some DT funding NN from IN abroad RB . . But CC LDP NNP members NNS and CC supporters NNS of IN the DT prepaid JJ card NN idea NN tend VBP to TO speak VB in IN innuendo NN about IN the DT JSP NNP 's POS alleged JJ donations NNS , , implying VBG that IN North JJ Korean JJ money NN would MD be VB more RBR suspect JJ than IN South JJ Korean JJ because IN North NNP Korea NNP is VBZ communist JJ and CC South NNP Korea NNP is VBZ an DT ally NN . . When WRB Robert NNP McDuffie NNP was VBD 14 CD , , he PRP got VBD a DT chance NN to TO play VB in IN the DT starting JJ lineup NN for IN his PRP$ high JJ school NN basketball NN team NN in IN Macon NNP , , Ga NNP . . Unfortunately RB , , his PRP$ mother NN had VBD tickets NNS for IN a DT recital NN by IN Itzhak NNP Perlman NNP the DT same JJ night NN , , and CC she PRP was VBD adamant JJ about IN his PRP$ attending VBG . . `` `` I PRP threw VBD such PDT a DT fit NN , , '' '' says VBZ Mr. NNP McDuffie NNP , , who WP had VBD begun VBN violin NN studies NNS at IN the DT age NN of IN six CD . . `` `` But CC once IN Perlman NNP started VBD playing VBG , , I PRP did VBD n't RB give VB a DT damn NN about IN basketball NN ... : . . Afterwards RB , , I PRP went VBD home NN and CC practiced VBD for IN three CD hours NNS . . '' '' Today NN , , it PRP 's VBZ obvious JJ that IN the DT brawny JJ , , six-foot JJ , , one-inch JJ musician NN made VBD the DT right JJ choice NN . . At IN 31 CD , , Mr. NNP McDuffie NNP has VBZ a DT rich JJ , , full-bodied JJ tone NN , , an DT admirable JJ rhythmic JJ precision NN and CC an DT increasingly RB busy JJ schedule NN . . He PRP 's VBZ currently RB in IN the DT midst NN of IN a DT 17-city JJ U.S. NNP tour NN with IN Yehudi NNP Menuhin NNP and CC the DT Warsaw NNP Sinfonia NNP , , with IN stops NNS including VBG Charleston NNP , , S.C NNP . . ( ( Oct. NNP 25 CD ) ) , , Sarasota NNP , , Fla NNP . . ( ( Oct. NNP 28 CD ) ) , , Tampa NNP , , Fla NNP . . ( ( Oct. NNP 29 CD ) ) and CC Miami NNP ( ( Oct. NNP 31 CD ) ) . . Later RB this DT season NN he PRP gives VBZ a DT recital NN at IN Washington NNP 's POS Kennedy NNP Center NNP , , and CC appears VBZ as IN soloist NN with IN several JJ major JJ orchestras NNS . . Yet CC Mr. NNP McDuffie NNP 's POS career NN has VBZ developed VBN at IN a DT slower JJR pace NN than IN those DT of IN some DT of IN his PRP$ better RBR known VBN contemporaries NNS . . During IN the DT late JJ 1970s NNS , , he PRP was VBD part NN of IN a DT musical JJ `` `` brat NN pack NN '' '' -- : a DT group NN of IN budding JJ virtuosos NNS who WP studied VBD at IN the DT Juilliard NNP School NNP with IN the DT noted JJ pedagogue NN Dorothy NNP DeLay NNP . . His PRP$ violin NN classmates NNS included VBD Shlomo NNP Mintz NNP , , a DT protege NN of IN Isaac NNP Stern NNP who WP performed VBD with IN major JJ orchestras NNS while IN still RB a DT student NN ; : Cho-Liang NNP Lin NNP , , who WP joined VBD the DT roster NN of IN ICM NNP Artists NNP Inc. NNP at IN the DT age NN of IN 18 CD ; : and CC Nadja NNP Salerno-Sonnenberg NNP , , who WP launched VBD her PRP$ career NN by IN winning VBG the DT 1981 CD Naumberg NNP Competition NNP . . `` `` I PRP thought VBD I PRP was VBD over IN the DT hill NN at IN 22 CD , , '' '' recalls VBZ Mr. NNP McDuffie NNP , , an DT outgoing JJ man NN with IN pale JJ blue JJ eyes NNS and CC a DT light JJ Southern JJ drawl NN . . `` `` But CC I PRP was VBD n't RB ready JJ for IN a DT career NN at IN that DT time NN . . '' '' Young JJ McDuffie NNP 's POS first JJ violin NN teacher NN was VBD Henrik NNP Schwarzenberger NNP , , a DT Hungarian JJ refugee NN who WP taught VBD in IN the DT Macon NNP public JJ school NN system NN . . `` `` He PRP taught VBD me PRP how WRB to TO play VB like IN a DT gypsy NN , , '' '' jokes VBZ the DT musician NN . . `` `` I PRP did VBD n't RB learn VB to TO count VB until IN I PRP got VBD to TO Juilliard NN . . '' '' After IN studies NNS at IN that DT conservatory NN 's POS Pre-College NNP Division NNP with IN an DT assistant NN to TO the DT legendary JJ instructor NN Ivan NNP Galamian NNP , , he PRP switched VBD at IN the DT college NN level NN to TO Miss NNP DeLay NNP , , Mr. NNP Galamian NNP 's POS longtime JJ assistant NN and CC , , ultimately RB , , his PRP$ rival NN . . `` `` I PRP think VBP I PRP had VBD to TO prove VB myself PRP to TO her PRP , , '' '' says VBZ Mr. NNP McDuffie NNP . . `` `` But CC she PRP was VBD always RB encouraging JJ . . She PRP only RB put VBD her PRP$ foot NN down RP twice RB , , '' '' he PRP continues VBZ . . `` `` In IN my PRP$ freshman NN year NN , , my PRP$ roommate NN was VBD known VBN as IN a DT party NN animal NN . . She PRP thought VBD I PRP was VBD n't RB getting VBG my PRP$ practicing NN done VBN . . '' '' As IN the DT violinist NN tells VBZ it PRP , , his PRP$ grandmotherly JJ looking VBG teacher NN `` `` put VBD her PRP$ hands NNS on IN her PRP$ hips NNS , , stomped VBD her PRP$ foot NN and CC said VBD , , ` `` You PRP 've VBP just RB got VBN to TO get VB the DT { ( expletive NN deleted VBN } ) out IN of IN there RB . . ' '' '' '' The DT second JJ incident NN took VBD place NN after IN Mr. NNP McDuffie NNP gave VBD an DT ambitious JJ student NN recital NN and CC was VBD feeling VBG rather RB pleased JJ with IN himself PRP . . Miss NNP DeLay NNP requested VBD that IN he PRP come VB to TO her PRP$ studio NN with IN a DT tape NN of IN the DT recital NN . . `` `` We PRP listened VBD to TO the DT Chausson NNP ` `` Poeme NNP , , ' '' '' '' he PRP recalls VBZ , , `` `` and CC she PRP said VBD , , ` `` You PRP hear VBP the DT first JJ note NN , , that DT B-flat NN ? . That DT 's VBZ the DT only JJ note NN that WDT 's VBZ truly RB in IN tune NN ... : ' '' . . '' '' `` `` That DT 's VBZ the DT most RBS important JJ experience NN I PRP 've VBP had VBD with IN any DT teacher NN , , '' '' he PRP says VBZ , , `` `` because IN she PRP taught VBD me PRP how WRB to TO listen VB . . Now RB , , when WRB I PRP play VBP with IN orchestras NNS , , the DT musicians NNS often RB compliment VBP me PRP on IN my PRP$ intonation NN . . '' '' It PRP was VBD also RB at IN Juilliard NNP that IN Mr. NNP McDuffie NNP discovered VBD his PRP$ predilection NN for IN conservative JJ , , 20th-century JJ American JJ composers NNS such JJ as IN David NNP Diamond NNP and CC Samuel NNP Barber NNP . . After IN winning VBG a DT school NN competition NN with IN a DT performance NN of IN the DT latter NN 's POS `` `` Violin NNP Concerto NNP , , '' '' Mr. NNP McDuffie NNP was VBD invited VBN to TO play VB the DT work NN for IN the DT composer NN , , who WP was VBD dying VBG of IN cancer NN . . `` `` Barber NNP was VBD seated VBN by IN the DT fireplace NN looking VBG very RB pale JJ , , '' '' recalls VBZ the DT violinist NN , , who WP performed VBD the DT work NN with IN a DT piano NN accompanist NN at IN the DT composer NN 's POS apartment NN . . `` `` He PRP did VBD n't RB say VB much JJ , , but CC what WP he PRP said VBD was VBD important JJ because IN it PRP 's VBZ not RB in IN the DT score NN . . There EX 's VBZ a DT beautiful JJ , , Coplandesque JJ motif NN -- : he PRP 'd MD kill VB me PRP if IN he PRP heard VBD me PRP say VB that DT -- : throughout IN the DT first JJ movement NN ... : The DT only JJ time NN the DT violin NN has VBZ it PRP is VBZ right RB at IN the DT end NN . . It PRP 's VBZ written VBN ` `` marcato FW ' '' in IN the DT score NN , , and CC I PRP played VBD it PRP that DT way NN , , kind NN of IN gigue-like JJ . . And CC he PRP yelled VBD out RP ` `` dolce FW ! . dolce FW ! . ' '' { ( ` `` sweet JJ ! . sweet JJ ! . ' '' } ) . . '' '' `` `` So IN we PRP did VBD it PRP over RB , , '' '' he PRP adds VBZ . . `` `` I PRP played VBD very RB transparently RB , , with IN the DT tip NN of IN the DT bow NN . . If IN a DT conductor NN is VBZ sensitive JJ enough RB to TO bring VB down RP the DT orchestra NN { ( volume NN } ) at IN that DT point NN , , it PRP makes VBZ the DT piece NN magical JJ . . I PRP do VBP n't RB know VB why WRB Barber NNP never RB told VBD anybody NN else RB . . On IN Isaac NNP Stern NNP 's POS recording NN it PRP 's VBZ very RB biting JJ . . '' '' Since IN leaving VBG Juilliard NNP , , Mr. NNP McDuffie NNP has VBZ made VBN some DT smart JJ moves NNS and CC some DT controversial JJ ones NNS . . His PRP$ guest JJ appearance NN on IN the DT NBC NNP soap NN opera NN `` `` Another DT World NNP , , '' '' scandalized VBD musical JJ elitists NNS . . By IN contrast NN , , he PRP 's VBZ won VBN kudos NNS for IN his PRP$ espousal NN of IN William NNP Schuman NNP 's POS `` `` Violin NNP Concerto NNP , , '' '' which WDT he PRP recently RB recorded VBD for IN Angel\/EMI NNP along RB with IN Leonard NNP Bernstein NNP 's POS engaging JJ `` `` Serenade NNP for IN Violin NNP Solo NNP , , Strings NNP and CC Percussion NNP . . '' '' Mr. NNP McDuffie NNP 's POS sweet JJ tone NN , , heartfelt JJ lyricism NN and CC rhythmic JJ punch NN make VBP him PRP an DT ideal JJ interpreter NN of IN both DT works NNS . . Aided VBN by IN the DT fluid JJ playing NN of IN the DT St. NNP Louis NNP Symphony NNP under IN Leonard NNP Slatkin NNP 's POS direction NN , , this DT `` `` Serenade NNP '' '' really RB swings VBZ . . Mr. NNP Schuman NNP 's POS `` `` Violin NNP Concerto NNP , , '' '' which WDT sounds VBZ more RBR like IN a DT mildly RB atonal JJ rhapsody NN for IN solo JJ violin NN with IN orchestral JJ accompaniment NN , , meanders VBZ until IN the DT propulsive JJ `` `` Agitato NNP , , fervente NNP . . '' '' But CC there EX are VBP ample JJ rewards NNS in IN its PRP$ plaintive JJ slow JJ sections NNS and CC virtuoso JJ fireworks NNS for IN soloist NN , , brass NN and CC timpani NNS . . At IN Avery NNP Fisher NNP Hall NNP here RB , , Mr. NNP McDuffie NNP was VBD heard VBN recently RB with IN Mr. NNP Menuhin NNP and CC the DT Warsaw NNP Sinfonia NNP in IN more JJR conventional JJ fare NN -- : Bruch NNP 's POS overwrought JJ `` `` Violin NNP Concerto NNP in IN G NNP Minor NNP . . '' '' His PRP$ performance NN was VBD so RB effusive JJ and CC driven JJ that IN the DT phrases NNS rarely RB breathed VBD . . The DT 35-member JJ Sinfonia NNP played VBD adroitly RB with IN a DT big JJ , , lush JJ sound NN that WDT belied VBD its PRP$ size NN . . Whatever WDT he PRP plays VBZ , , Mr. NNP McDuffie NNP finds VBZ satisfaction NN in IN the DT music NN itself PRP -- : `` `` something NN greater JJR out RB there RB than IN me PRP , , '' '' as IN he PRP puts VBZ it PRP during IN an DT interview NN at IN the DT Manhattan NNP apartment NN he PRP shares VBZ with IN wife NN , , Camille NNP , , a DT literary JJ publicist NN . . `` `` A DT normal JJ person NN did VBD not RB write VB the DT Beethoven NNP ` `` Violin NNP Concerto NNP , , ' '' '' '' he PRP declares VBZ . . `` `` Even RB when WRB I PRP hear VBP it PRP played VBN badly RB , , I PRP 'm VBP still RB humbled VBN by IN the DT piece NN . . If IN I PRP could MD ever RB feel VB I PRP 've VBP contributed VBN to TO it PRP in IN some DT way NN , , then RB all PDT the DT hard JJ work NN has VBZ been VBN worth JJ it PRP . . '' '' Ms. NNP Jepson NNP is VBZ a DT free-lance JJ music NN writer NN in IN New NNP York NNP . . Are VBP consumers NNS too RB deep RB in IN hock NN ? . A DT lot NN of IN observers NNS think VBP so RB , , and CC , , if IN they PRP 're VBP right JJ , , the DT whole JJ economy NN as RB well RB as IN the DT spendthrifts NNS among IN us PRP could MD be VB hurt VBN . . A DT sudden JJ , , forced JJ cutback NN by IN consumers NNS , , who WP normally RB account VBP for IN about RB two-thirds NNS of IN economic JJ activity NN , , would MD damp VB the DT economy NN at IN a DT time NN when WRB plant-and-equipment JJ spending NN is VBZ slowing VBG and CC deficit-racked JJ governments NNS ca MD n't RB readily RB take VB up RP the DT slack NN . . And CC another DT wave NN of IN bad JJ loans NNS would MD further RB batter VB many JJ already-shaky JJ lending NN institutions NNS . . The DT worriers NNS cite VBP some DT worrisome JJ trends NNS . . During IN the DT almost RB seven-year-old JJ economic JJ expansion NN , , inflation-adjusted JJ gross JJ national JJ product NN , , disposable JJ personal JJ income NN and CC personal JJ consumption NN expenditures NNS have VBP risen VBN 30 CD % NN , , but CC inflation-adjusted JJ consumer NN installment NN credit NN has VBZ surged VBN 66 CD % NN . . And CC the DT ratio NN of IN installment JJ debt NN to TO disposable JJ personal JJ income NN -- : personal JJ income NN after IN taxes NNS -- : has VBZ hit VBN a DT high NN of IN about RB 18 CD 1\/2 CD % NN . . However RB , , these DT figures NNS do VBP n't RB seem VB to TO worry VB Thomas NNP A. NN Durkin NNP , , an DT economist NN at IN the DT Federal NNP Reserve NNP Board NNP . . In IN a DT paper NN presented VBN at IN the DT recent JJ annual JJ meeting NN of IN the DT National NNP Association NNP of IN Business NNP Economists NNP in IN San NNP Francisco NNP , , Mr. NNP Durkin NNP comments NNS that IN `` `` installment JJ credit NN always RB grows VBZ rapidly RB in IN cyclical JJ advances NNS , , and CC growth NN in IN this DT cycle NN is VBZ very RB typical JJ of IN earlier JJR experiences NNS . . '' '' He PRP adds VBZ : : `` `` We PRP are VBP now RB witnessing VBG a DT slowdown NN which WDT , , if IN history NN is VBZ a DT guide NN , , could MD persist VB for IN a DT while NN . . '' '' But CC what WP about IN the DT debt NN burden NN ? . Mr. NNP Durkin NNP doubts VBZ that IN `` `` there EX is VBZ some DT magic JJ level NN '' '' at IN which WDT the DT ratio NN of IN installment NN debt NN to TO disposable JJ income NN `` `` indicates VBZ economic JJ problems NNS . . '' '' And CC , , `` `` more RBR importantly RB , , '' '' he PRP says VBZ , , `` `` the DT debt NN burden NN measured VBN other JJ ways NNS is VBZ not RB really RB in IN uncharted JJ waters NNS . . '' '' The DT chart NN below RB shows NNS why WRB ( ( see VB accompanying VBG illustration NN -- : WSJ NNP Oct. NNP 23 CD , , 1989 CD ) ) . . The DT ratio NN of IN consumer NN installment NN credit NN to TO disposable JJ income NN , , though IN up RB a DT bit NN , , has VBZ n't RB climbed VBN steeply RB , , and CC such JJ debt NN as IN a DT percent NN of IN household NN assets NNS is VBZ little RB changed VBN . . Moreover RB , , the DT burden NN of IN consumer NN credit NN payments NNS relative JJ to TO disposable JJ income NN may MD be VB `` `` lower JJR in IN this DT cycle NN than IN earlier RBR , , '' '' Mr. NNP Durkin NNP says VBZ . . He PRP notes VBZ that IN some DT `` `` revolving JJ credit-card NN credit NN is VBZ actually RB convenience NN credit NN '' '' being VBG used VBN simply RB as IN a DT handy JJ way NN of IN paying VBG bills NNS rather RB than IN a DT handy JJ way NN of IN borrowing VBG . . In IN addition NN , , he PRP says VBZ , , `` `` longer JJR maturities NNS on IN automobile NN and CC other JJ forms NNS of IN installment NN credit NN boost VBP the DT stock NN of IN debt NN faster RBR than IN the DT flow NN of IN repayments NNS and CC the DT accompanying JJ payment NN burden NN . . '' '' And CC if IN you PRP `` `` consider VB the DT changing VBG distribution NN of IN credit NN , , '' '' Mr. NNP Durkin NNP says VBZ , , `` `` much JJ of IN the DT increase NN in IN debt NN in IN recent JJ years NNS is VBZ due JJ to TO increasing VBG credit NN use NN by IN higher-income JJ families NNS , , '' '' that DT is VBZ , , `` `` those DT probably RB best RB able JJ to TO handle VB it PRP . . '' '' Citing VBG figures NNS on IN home-equity JJ loans NNS , , he PRP notes VBZ that IN `` `` 11 CD % NN of IN homeowners NNS had VBD home-equity JJ credit NN accounts NNS , , but CC the DT proportion NN rises VBZ to TO 16 CD % NN of IN homeowners NNS in IN the DT $ $ 45,000-$60,000 CD income NN range NN and CC 23 CD % NN of IN homeowners NNS with IN income NN above IN $ $ 60,000 CD . . '' '' And CC much JJ home-equity JJ credit NN is VBZ used VBN conservatively RB . . `` `` The DT most RBS frequent JJ use NN is VBZ home NN improvement NN , , which WDT presumably RB improves VBZ the DT value NN of IN the DT property NN , , '' '' Mr. NNP Durkin NNP says VBZ . . So RB , , it PRP is VBZ n't RB surprising JJ that IN consumer-credit JJ delinquencies NNS at IN banks NNS remain VBP , , as IN the DT chart NN shows VBZ , , reassuringly RB below IN some DT earlier JJR highs NNS ( ( see VB accompanying VBG illustration NN -- : WSJ NNP Oct. NNP 23 CD , , 1989 CD ) ) . . A DT severe JJ recession NN could MD , , of IN course NN , , raise VB delinquency NN rates NNS , , but CC so RB far RB the DT current JJ levels NNS of IN consumer NN debt NN do VBP n't RB seem VB to TO loom VB as IN a DT major JJ threat NN . . In IN fact NN , , the DT current JJ weakness NN in IN auto NN buying NN and CC department-store NN sales NNS and CC the DT gradual JJ upturn NN in IN the DT household NN saving NN rate NN suggest VBP that IN consumers NNS , , conservative JJ as IN ever RB , , are VBP already RB clutching VBG their PRP$ purses NNS a DT bit NN more RBR tightly RB . . In IN July NNP , , consumer NN installment NN credit NN outstanding JJ fell VBD for IN the DT first JJ time NN since IN January NNP 1987 CD . . `` `` Consumers NNS appear VBP unwilling JJ to TO add VB to TO their PRP$ leverage NN to TO support VB their PRP$ spending NN , , '' '' Bruce NNP Steinberg NNP , , a DT Merrill NNP Lynch NNP economist NN , , says VBZ . . `` `` As IN a DT result NN , , household NN debt NN appears VBZ to TO be VB stabilizing VBG at IN around IN 63 CD % NN of IN GNP NNP . . '' '' Consumers NNS , , credit NN cards NNS in IN hand NN , , are VBP n't RB running VBG amok RB through IN the DT shopping NN malls NNS -- : or CC putting VBG the DT economy NN at IN any DT great JJ risk NN . . Maidenform NNP Inc. NNP loves VBZ to TO be VB intimate JJ with IN its PRP$ customers NNS , , but CC not RB with IN the DT rest NN of IN the DT public NN . . The DT 67-year-old JJ maker NN of IN brassieres NNS , , panties NNS , , and CC lingerie NN enjoys VBZ one CD of IN the DT best-known JJ brand NN images NNS , , but CC its PRP$ financial JJ profile NN is VBZ closely RB guarded VBN by IN members NNS of IN the DT founding JJ family NN . . `` `` There EX are VBP very RB few JJ companies NNS that WDT can MD boast VB of IN such PDT a DT close-knit JJ group NN , , '' '' says VBZ Robert NNP A. NN Brawer NNP , , 52 CD years NNS old JJ , , recently RB named VBN president NN , , succeeding VBG Beatrice NNP Coleman NNP , , his PRP$ mother-in-law NN , , who WP remains VBZ chairman NN . . `` `` We PRP are VBP a DT vanishing VBG breed NN , , '' '' he PRP muses NNS . . Mrs. NNP Coleman NNP , , 73 CD , , who WP declined VBD to TO be VB interviewed VBN , , is VBZ the DT Maidenform NNP strategist NN . . Sales NNS have VBP tripled VBN during IN her PRP$ 21-year JJ tenure NN to TO about RB $ $ 200 CD million CD in IN 1988 CD . . Maidenform NNP says VBZ it PRP is VBZ very RB profitable JJ but CC declines VBZ to TO provide VB specifics NNS . . The DT company NN sells VBZ image NN . . Its PRP$ current JJ ad NN campaign NN , , on IN which WDT Maidenform NNP has VBZ spent VBN more JJR than IN $ $ 15 CD million CD since IN fall NN 1987 CD , , does VBZ n't RB even RB show VB its PRP$ underwear NN products NNS , , but CC rather RB men NNS like IN Christopher NNP Reeve NNP , , star NN of IN the DT `` `` Superman NNP '' '' movies NNS , , talking VBG about IN their PRP$ lingerie NN turn-ons NNS . . The DT Maidenform NNP name NN `` `` is VBZ part NN of IN American JJ pop NN culture NN , , '' '' says VBZ Joan NNP Sinopoli NNP , , account NN supervisor NN of IN the DT campaign NN by IN Levine NNP , , Huntley NNP , , Schmidt NNP & CC Beaver NNP , , a DT New NNP York NNP ad NN firm NN . . Maidenform NNP generated VBD such JJ memorable JJ campaigns NNS as IN `` `` I PRP dreamed VBD I PRP ... : in IN my PRP$ Maidenform NNP bra NN , , '' '' and CC `` `` The DT Maidenform NNP woman NN . . You PRP never RB know VBP where WRB she PRP 'll MD turn VB up RP . . '' '' `` `` Capitalizing VBG on IN the DT brand NN is VBZ key JJ , , '' '' says VBZ Mr. NNP Brawer NNP , , whose WP$ immediate JJ plans NNS include VBP further JJ international JJ expansion NN and CC getting VBG better JJR control NN of IN distribution NN outside IN the DT U.S. NNP . . `` `` The DT intimate JJ apparel NN industry NN is VBZ perceived VBN to TO be VB a DT growth NN industry NN and CC clearly RB { ( Maidenform NNP } ) is VBZ a DT force NN to TO be VB reckoned VBN with IN , , '' '' says VBZ David NNP S. NNP Leibowitz NNP , , a DT special JJ situations NNS analyst NN at IN American NNP Securities NNP Corp. NNP in IN New NNP York NNP . . Although IN working VBG women NNS are VBP `` `` forced VBN to TO wear VB the DT uniform NN of IN the DT day NN , , to TO retain VB their PRP$ femininity NN they PRP are VBP buying VBG better JJR quality NN , , more RBR upscale JJ intimate JJ apparel NN , , '' '' he PRP said VBD . . Although IN Mr. NNP Brawer NNP 's POS appointment NN as IN president NN was VBD long RB expected VBN , , the DT move NN on IN Sept. NNP 25 CD precipitated VBD the DT resignation NN of IN Alan NNP Lesk NNP as IN senior JJ vice NN president NN of IN sales NNS and CC merchandising NN . . Three CD days NNS later RB , , Mr. NNP Lesk NNP was VBD named VBN president NN and CC chief JJ executive JJ officer NN of IN Olga NNP Co. NNP , , a DT competing VBG intimate JJ apparel NN division NN of IN Warnaco NNP Inc NNP . . Warnaco NNP also RB owns VBZ Warners NNS , , another DT major JJ intimate JJ apparel NN maker NN . . Mr. NNP Lesk NNP could MD n't RB be VB reached VBN to TO comment VB . . But CC Maidenform NNP officials NNS say VBP that IN after IN spending VBG 24 CD years NNS at IN Maidenform NNP , , Mr. NNP Lesk NNP , , 48 CD , , made VBD it PRP clear JJ he PRP wanted VBD the DT top JJ job NN . . `` `` If IN you PRP want VBP the DT presidency NN of IN the DT company NN , , this DT is VBZ n't RB the DT firm NN to TO work VB for IN , , '' '' says VBZ James NNP Mogan NNP , , 45 CD , , who WP was VBD named VBN senior JJ vice NN president NN of IN sales NNS , , assuming VBG some DT of IN the DT responsibilities NNS of IN Mr. NNP Lesk NNP . . The DT company NN downplayed VBD the DT loss NN of IN Mr. NNP Lesk NNP and CC split VBD his PRP$ merchandising NN responsibilities NNS among IN a DT committee NN of IN four CD people NNS . . `` `` My PRP$ style NN is VBZ less RBR informal JJ , , '' '' Mr. NNP Brawer NNP says VBZ . . Top JJ officers NNS insist VBP Maidenform NNP 's POS greatest JJS strength NN is VBZ its PRP$ family NN ownership NN . . `` `` You PRP ca MD n't RB go VB anywhere RB in IN this DT company NN and CC find VB an DT organizational JJ chart NN , , '' '' one PRP delights VBZ . . `` `` It PRP is VBZ fun NN competing VBG as IN a DT private JJ company NN , , '' '' Mr. NNP Brawer NNP says VBZ . . `` `` You PRP can MD think VB long JJ range NN . . '' '' Other JJ major JJ players NNS in IN intimate JJ apparel NN apparently RB feel VBP the DT same JJ way NN . . Warnaco NNP was VBD taken VBN private JJ by IN Spectrum NNP Group NNP in IN 1986 CD for IN about RB $ $ 487 CD million CD . . And CC last JJ year NN , , Playtex NNP Holdings NNP Inc. NNP went VBD private JJ for IN about RB $ $ 680 CD million CD . . It PRP was VBD then RB split VBN into IN Playtex NNP Apparel NNP Inc. NNP , , the DT intimate JJ apparel NN division NN , , and CC Playtex NNP Family NNP Products NNP Corp. NNP , , which WDT makes VBZ tampons NNS , , hair-care JJ items NNS and CC other JJ products NNS . . Publicly RB traded VBN VF NNP Corp. NNP , , which WDT owns VBZ Vanity NNP Fair NNP , , and CC Sara NNP Lee NNP Corp. NNP , , which WDT owns VBZ Bali NNP Co. NNP , , are VBP also RB strong JJ forces NNS in IN intimate JJ apparel NN . . Buy-out NN offers NNS for IN Maidenform NNP are VBP n't RB infrequent JJ , , says VBZ Executive NNP Vice NNP President NNP David NNP C. NNP Masket NNP , , but CC they PRP are VBP n't RB taken VBN very RB seriously RB . . When WRB he PRP gets VBZ calls NNS , , `` `` I PRP do VBP n't RB even RB have VB to TO consult VB '' '' with IN Mrs. NNP Coleman NNP , , Mr. NNP Masket NNP says VBZ . . The DT company NN could MD command VB a DT good JJ price NN in IN the DT market NN . . `` `` Over IN the DT past NN three CD and CC a DT half NN years NNS , , apparel NN companies NNS , , many DT of IN whom WP have VBP strong JJ brand NN names NNS , , have VBP been VBN bought VBN at IN about RB 60 CD % NN of IN sales NNS , , '' '' says VBZ Deborah NNP Bronston NNP , , Prudential-Bache NNP Securities NNP Inc. NNP apparel NN analyst NN . . Mr. NNP Brawer NNP , , along RB with IN Mrs. NNP Coleman NNP and CC her PRP daughter NN , , Elizabeth NNP , , an DT attorney NN who WP is VBZ vice RB chairman NN , , are VBP the DT family NN members NNS involved VBN in IN the DT operations NNS of IN Maidenform NNP , , which WDT employs VBZ about RB 5,000 CD . . Mr. NNP Brawer NNP 's POS wife NN , , Catherine NNP , , and CC Robert NNP Stroup NNP , , Elizabeth NNP 's POS husband NN , , round VBP out RP the DT five-member JJ board NN . . Each DT has VBZ an DT equal JJ vote NN at IN the DT monthly JJ meetings NNS . . `` `` We PRP are VBP all RB very RB amiable JJ , , '' '' Mr. NNP Brawer NNP says VBZ . . Executives NNS say VBP Mrs. NNP Coleman NNP is VBZ very RB involved VBN in IN the DT day-to-day JJ operations NNS , , especially RB product NN development NN . . In IN the DT late JJ 1960s NNS she PRP designed VBD a DT lightweight JJ stretch JJ bra NN that WDT boosted VBD sales NNS . . Her PRP$ father NN , , William NNP Rosenthal NNP , , designed VBD the DT then-dress JJ making VBG company NN 's POS first JJ bra NN in IN the DT 1920s NNS , , which WDT he PRP said VBD gave VBD women NNS a DT `` `` maiden NN form NN '' '' compared VBN with IN the DT `` `` boyish JJ form NN '' '' they PRP got VBD from IN the DT `` `` flat JJ bandages NNS '' '' used VBN for IN support NN at IN the DT time NN . . While IN Mr. NNP Rosenthal NNP introduced VBD new JJ undergarment NN designs NNS , , his PRP$ wife NN , , Ida NNP , , concentrated VBD on IN sales NNS and CC other JJ financial JJ matters NNS . . The DT name NN Maidenform NNP was VBD coined VBN by IN a DT third JJ business NN partner NN , , Enid NNP Bissett NNP . . The DT company NN has VBZ 14 CD plants NNS and CC distribution NN facilities NNS in IN the DT U.S. NNP , , Puerto NNP Rico NNP , , other JJ parts NNS of IN the DT Caribbean NNP and CC Ireland NNP . . Maidenform NNP products NNS are VBP mainly RB sold VBN at IN department NN stores NNS , , but CC the DT company NN has VBZ quietly RB opened VBN a DT retail JJ store NN of IN its PRP$ own JJ in IN Omaha NNP , , Neb. NNP , , and CC has VBZ 24 CD factory NN outlets NNS , , with IN plans NNS to TO add VB more JJR . . Before IN joining VBG Maidenform NNP in IN 1972 CD , , Mr. NNP Brawer NNP , , who WP holds VBZ a DT doctoral JJ degree NN in IN English NNP from IN the DT University NNP of IN Chicago NNP , , taught VBD at IN the DT University NNP of IN Wisconsin NNP . . As IN a DT senior JJ vice NN president NN , , he PRP has VBZ headed VBN the DT company NN 's POS designer NN lingerie NN division NN , , Oscar NNP de IN la DT Renta NNP , , since IN its PRP$ inception NN in IN 1988 CD . . To TO maintain VB exclusivity NN of IN that DT designer NN line NN , , it PRP is VBZ n't RB labeled VBN with IN the DT Maidenform NNP name NN . . While IN the DT company NN has VBZ always RB been VBN family-run JJ , , Mr. NNP Brawer NNP is VBZ n't RB the DT first JJ person NN to TO marry VB into IN the DT family NN and CC subsequently RB head VB Maidenform NNP . . Mrs. NNP Coleman NNP 's POS husband NN , , Joseph NNP , , a DT physician NN , , succeeded VBD Mrs. NNP Rosenthal NNP as IN president NN and CC served VBD in IN that DT post NN until IN his PRP$ death NN in IN 1968 CD . . China NNP could MD exhaust VB its PRP$ foreign-exchange NN reserves NNS as RB early RB as IN next JJ year NN , , a DT Western JJ government NN report NN says VBZ , , unless IN imports NNS are VBP cut VBN drastically RB to TO help VB narrow VB the DT balance-of-payments JJ deficit NN . . According VBG to TO the DT report NN , , completed VBN last JJ month NN , , if IN China NNP 's POS trade NN gap NN continues VBZ to TO widen VB at IN the DT pace NN seen VBN in IN the DT first JJ seven CD months NNS of IN this DT year NN , , the DT reserves NNS would MD be VB wiped VBN out RP either CC in IN 1990 CD or CC 1991 CD . . A DT country NN is VBZ considered VBN financially RB healthy JJ if IN its PRP$ reserves NNS cover VBP three CD months NNS of IN its PRP$ imports NNS . . The DT $ $ 14 CD billion CD of IN reserves NNS China NNP had VBD in IN June NNP would MD cover VB just RB that RB much JJ . . The DT report NN by IN the DT Western JJ government NN , , which WDT declines VBZ to TO be VB identified VBN , , concludes VBZ that IN `` `` a DT near-term JJ foreign-exchange NN payment NN problem NN can MD be VB avoided VBN only RB if IN import NN growth NN drops VBZ to TO below IN 5 CD % NN per IN annum NN . . '' '' According VBG to TO Chinese JJ customs NNS figures NNS , , import NN growth NN has VBZ slowed VBN in IN recent JJ months NNS , , dropping VBG to TO 16 CD % NN in IN July NNP and CC 7.1 CD % NN in IN August NNP from IN the DT year-earlier JJ periods NNS , , compared VBN with IN an DT average JJ growth NN rate NN of IN 26 CD % NN in IN the DT first JJ half NN . . But CC before IN import NN growth NN slowed VBD , , China NNP 's POS buying NN spree NN in IN the DT first JJ half NN already RB had VBD taken VBN its PRP$ toll NN on IN foreign-exchange NN reserves NNS . . The DT $ $ 14 CD billion CD level NN in IN June NNP marked VBD a DT drop NN from IN $ $ 19 CD billion CD at IN the DT end NN of IN April NNP . . China NNP 's POS last JJ big JJ import NN binge NN sent VBD reserves NNS tumbling VBG to TO $ $ 10.6 CD billion CD in IN June NNP 1985 CD from IN $ $ 16.6 CD billion CD the DT previous JJ September NNP . . China NNP might MD stave VB off RP a DT crisis NN if IN it PRP acts VBZ as RB forcefully RB as IN it PRP did VBD to TO arrest VB the DT 1985 CD decline NN , , when WRB Beijing NNP slammed VBD the DT brakes NNS on IN foreign-exchange NN spending NN and CC devalued VBD the DT currency NN . . But CC this DT time NN , , China NNP faces VBZ a DT more RBR difficult JJ battle NN because IN of IN economic JJ forces NNS that WDT have VBP come VBN into IN play NN since IN the DT Tiananmen NNP Square NNP killings NNS June NNP 4 CD . . For IN example NN , , China NNP 's POS hard-currency NN income NN is VBZ expected VBN to TO suffer VB from IN the DT big JJ drop NN in IN tourist NN arrivals NNS since IN June NNP 4 CD . . Revenue NN from IN tourism NN this DT year NN is VBZ projected VBN to TO total VB $ $ 1.3 CD billion CD , , down RB from IN $ $ 2.2 CD billion CD last JJ year NN . . Because IN of IN this DT and CC the DT huge JJ trade NN gap NN , , the DT deficit NN in IN China NNP 's POS current JJ account NN , , which WDT measures VBZ trade NN in IN goods NNS and CC services NNS plus CC certain JJ unilateral JJ transfers NNS of IN funds NNS , , is VBZ expected VBN to TO widen VB sharply RB from IN the DT $ $ 3.8 CD billion CD deficit NN last JJ year NN . . The DT Western JJ government NN report NN suggests VBZ a DT number NN of IN scenarios NNS for IN China NNP 's POS current-account JJ balance NN , , two CD of IN which WDT are VBP considered VBN most RBS likely RB . . In IN one CD , , imports NNS and CC exports NNS continue VBP to TO grow VB at IN the DT respective JJ average JJ rates NNS of IN 25 CD % NN and CC 5 CD % NN recorded VBN during IN the DT first JJ seven CD months NNS , , and CC the DT current-account JJ deficit NN widens VBZ to TO $ $ 13.1 CD billion CD . . In IN 1985 CD , , China NNP had VBD a DT record JJ deficit NN of IN $ $ 11.4 CD billion CD . . The DT other JJ scenario NN assumes VBZ that IN Beijing NNP takes VBZ effective JJ actions NNS to TO curb VB imports NNS in IN the DT coming JJ months NNS . . In IN this DT case NN , , China NNP would MD still RB finish VB the DT year NN with IN a DT current-account JJ deficit NN of IN $ $ 8.7 CD billion CD , , based VBN on IN projections NNS that IN imports NNS for IN all DT of IN this DT year NN grow VBP 20 CD % NN and CC exports VBZ 10 CD % NN . . If IN China NNP were VBD still RB on IN good JJ terms NNS with IN foreign JJ lenders NNS , , it PRP might MD be VB able JJ to TO stem VB the DT drain NN on IN its PRP$ foreign-exchange JJ reserves NNS by IN using VBG some DT loan NN funds NNS to TO offset VB the DT current-account JJ deficit NN . . But CC since IN June NNP , , foreign JJ bankers NNS led VBN by IN international JJ financial JJ institutions NNS have VBP virtually RB suspended VBN their PRP$ new JJ loans NNS to TO China NNP . . Even RB if IN borrowing NN resumes NNS , , commercial JJ bankers NNS are VBP n't RB expected VBN to TO lend VB as RB much JJ as IN before RB . . In IN addition NN , , economists NNS are VBP forecasting VBG a DT slowdown NN in IN foreign JJ direct JJ investments NNS as IN businessmen NNS become VBP increasingly RB wary JJ of IN China NNP 's POS deteriorating VBG political JJ and CC economic JJ environment NN . . On IN top NN of IN all PDT this DT , , foreign-debt NN repayments NNS are VBP expected VBN to TO peak VB in IN 1991 CD to TO 1992 CD . . With IN less JJR capital NN coming VBG in RB , , China NNP 's POS balance NN of IN payments NNS would MD suffer VB . . The DT Western JJ government NN report NN 's POS first JJ scenario NN assumes VBZ a DT 30 CD % NN reduction NN in IN foreign JJ borrowing NN and CC a DT 5 CD % NN contraction NN in IN foreign JJ direct JJ investment NN . . In IN the DT second JJ , , foreign JJ borrowing NN is VBZ projected VBN to TO grow VB 10 CD % NN and CC investment NN to TO drop VB 10 CD % NN . . But CC in IN either DT case NN , , the DT report NN says VBZ , , China NNP 's POS balance NN of IN payments NNS would MD rapidly RB dry VB up RP foreign JJ reserves NNS , , which WDT are VBP used VBN to TO finance VB the DT imbalance NN . . In IN the DT first JJ scenario NN , , the DT reserves NNS would MD be VB exhausted VBN next JJ year NN , , and CC in IN the DT second JJ they PRP would MD be VB wiped VBN out RP in IN 1991 CD . . Roche NNP Holding NNP AG NNP , , parent NN of IN the DT Swiss JJ chemical NN and CC pharmaceutical JJ group NN , , said VBD its PRP$ group NN sales NNS rose VBD 22 CD % NN in IN the DT first JJ nine CD months NNS of IN the DT year NN to TO 7.32 CD billion CD francs NNS ( ( $ $ 4.51 CD billion CD ) ) . . The DT company NN reported VBD good JJ gains NNS in IN all DT of IN its PRP$ divisions NNS . . Roche NNP also RB said VBD it PRP expects VBZ a DT `` `` considerable JJ rise NN '' '' in IN 1989 CD group NN profit NN from IN the DT 641.5 CD million-franc JJ ( ( $ $ 396 CD million CD ) ) net NN in IN 1988 CD . . New NNP Canaan NNP Investments NNP Inc. NNP said VBD it PRP closed VBD the DT acquisition NN of IN Carr-Lowrey NNP Glass NNP Co. NNP from IN Newell NNP Co. NNP , , a DT Freeport NNP , , Ill. NNP , , maker NN of IN do-it-yourself JJ home NN products NNS . . Terms NNS were VBD n't RB disclosed VBN . . Carr-Lowrey NNP , , a DT maker NN of IN glass NN bottles NNS for IN the DT cosmetics NNS and CC toiletries NNS industries NNS , , had VBD sales NNS last JJ year NN of IN about RB $ $ 40 CD million CD . . New NNP Canaan NNP Investments NNP is VBZ a DT closely RB held VBN investment NN partnership NN with IN interests NNS primarily RB in IN the DT packaging NN industry NN . . Ralph NNP Brown NNP was VBD 31,000 CD feet NNS over IN Minnesota NNP when WRB both DT jets NNS on IN his PRP$ Falcon NNP 20 NNP flamed VBD out RP . . At IN 18,000 CD feet NNS , , he PRP says VBZ , , he PRP and CC his PRP$ co-pilot NNS `` `` were VBD looking VBG for IN an DT interstate JJ or CC a DT cornfield NN '' '' to TO land VB . . At IN 13,000 CD feet NNS , , the DT engines NNS restarted VBD . . But CC knowing VBG that IN mechanics NNS would MD probably RB ground VB him PRP for IN repairs NNS , , Mr. NNP Brown NNP skipped VBD his PRP$ stop NN in IN nearby JJ Chicago NNP and CC set VBD course NN to TO get VB his PRP$ load NN -- : a DT few JJ hundred CD parcels NNS -- : to TO the DT Memphis NNP package-sorting NN hub NN on IN time NN . . Had VBD he PRP been VBN a DT little JJ less RBR gung-ho JJ , , `` `` I PRP 'd MD have VB gotten VBN the DT thing NN on IN the DT ground NN and CC headed VBN for IN the DT nearest JJS bar NN , , '' '' Mr. NNP Brown NNP says VBZ . . But CC he PRP flies VBZ for IN Federal NNP Express NNP Corp. NNP , , perhaps RB the DT closest JJS thing NN in IN corporate JJ America NNP to TO the DT Green NNP Berets NNPS . . Federal NNP 's POS employees NNS work VBP long JJ hours NNS and CC seem VBP to TO thrive VB on IN the DT stress NN of IN racing VBG the DT clock NN . . Like IN Mr. NNP Brown NNP , , they PRP sometimes RB go VBP to TO surprising JJ lengths NNS to TO meet VB that IN overarching JJ corporate JJ goal NN : : delivering VBG the DT goods NNS on IN time NN . . They PRP are VBP a DT tribute NN to TO Federal NNP 's POS management NN which WDT , , since IN the DT company NN 's POS founding NN 16 CD years NNS ago RB , , has VBZ had VBD its PRP$ way NN with IN its PRP$ work NN force NN -- : an DT unusual JJ feat NN in IN the DT contentious JJ transportation NN industry NN . . That DT may MD soon RB change VB . . This DT month NN , , Federal NNP 's POS 2,048 CD pilots NNS , , including VBG some DT 961 CD acquired VBN along RB with IN Tiger NNP International NNP Inc. NNP in IN February NNP , , will MD decide VB whether IN to TO elect VB the DT powerful JJ Air NNP Line NNP Pilots NNP Association NNP as IN their PRP$ bargaining NN agent NN . . The DT election NN , , which WDT would MD bring VB the DT first JJ major JJ union NN to TO Federal NNP 's POS U.S. NNP operations NNS , , has VBZ pitted VBN new JJ hires NNS against IN devoted JJ veterans NNS such JJ as IN Mr. NNP Brown NNP . . It PRP has VBZ also RB rattled VBN Federal NNP 's POS strongly RB anti-union JJ management NN , , which WDT is VBZ already RB contending VBG with IN melding VBG far-flung JJ operations NNS and CC with IN falling VBG profits NNS . . `` `` A DT union NN , , sooner RB or CC later RB , , has VBZ to TO have VB an DT adversary NN , , and CC it PRP has VBZ to TO have VB a DT victory NN , , '' '' Frederick NNP W. NNP Smith NNP , , Federal NNP 's POS chairman NN and CC chief JJ executive NN , , says VBZ with IN disdain NN . . `` `` In IN our PRP$ formula NN , , we PRP do VBP n't RB have VB any DT losers NNS except IN the DT competition NN . . '' '' What WP managers NNS really RB fear VBP is VBZ that IN the DT pro-union JJ movement NN could MD spread VB beyond IN the DT pilots NNS . . Under IN federal JJ transportation NN law NN , , a DT government NN mediator NN is VBZ attempting VBG to TO reconcile VB the DT melding NN of IN Tiger NNP 's POS job NN classifications NNS into IN Federal NNP 's POS . . Depending VBG on IN the DT outcome NN , , the DT merged JJ company NN may MD face VB union NN elections NNS this DT fall NN among IN airplane NN mechanics NNS , , ramp NN workers NNS , , stock NN clerks NNS and CC flight NN dispatchers NNS . . These DT groups NNS constitute VBP up IN to TO 10 CD % NN of IN its PRP$ work NN force NN . . `` `` Unions NNS would MD have VB a DT profound JJ effect NN on IN the DT whole JJ culture NN of IN the DT company NN , , '' '' says VBZ Bernard NNP La NNP Londe NNP , , a DT professor NN at IN Ohio NNP State NNP University NNP at IN Columbus NN and CC a DT Federal NNP consultant NN . . That DT culture NN , , carefully RB crafted VBN by IN Mr. NNP Smith NNP , , leaves VBZ little JJ , , if IN any DT , , room NN for IN unions NNS . . Since IN founding VBG the DT company NN , , the DT charismatic JJ Vietnam NNP vet NN , , who WP is VBZ still RB only RB 46 CD years NNS old JJ , , has VBZ fostered VBN an DT ethos NN of IN combat NN . . Flights NNS are VBP `` `` missions NNS . . '' '' Mr. NNP Smith NNP 's POS managers NNS have VBP , , at IN times NNS , , been VBN called VBN `` `` Ho NNP Chi NNP Minh NNP 's POS Guerrillas NNPS . . '' '' The DT Bravo NNP Zulu NNP award NN , , the DT Navy NNP accolade NN for IN a DT `` `` job NN well RB done VBN , , '' '' is VBZ bestowed VBN on IN Federal NNP 's POS workers NNS who WP surpass VBP the DT call NN of IN duty NN . . Competitors NNS are VBP known VBN as IN the DT `` `` enemy NN . . '' '' To TO reinforce VB employees NNS ' POS dedication NN , , Mr. NNP Smith NNP pays VBZ well RB . . He PRP also RB lets VBZ workers NNS vent VB steam NN through IN an DT elaborate JJ grievance NN procedure NN and CC , , as IN a DT perk JJ , , fly VB free JJ in IN empty JJ cockpit NN seats NNS . . He PRP gives VBZ pep NN talks NNS in IN periodic JJ `` `` family NN briefings NNS '' '' beamed VBN internationally RB on IN `` `` FXTV NNP , , '' '' the DT company NN 's POS own JJ television NN network NN . . And CC , , with IN many JJ of IN his PRP$ 70,000 CD workers NNS , , Mr. NNP Smith NNP 's POS damn-the-torpedoes JJ attitude NN has VBZ caught VBN on RP . . James NNP Cleveland NNP , , a DT courier NN who WP earned VBD a DT Bravo NNP Zulu NNP for IN figuring VBG out RP how WRB to TO get VB a DT major JJ customer NN 's POS 1,100-parcel-a-week JJ load NN to TO its PRP$ doorstep NN by IN 8 CD a.m. NN , , considers VBZ himself PRP far RB more JJ than IN a DT courier NN . . `` `` We PRP do VBP n't RB just RB hand VB the DT customer NN the DT package NN . . That DT 's VBZ just RB the DT beginning NN , , '' '' he PRP says VBZ . . `` `` In IN essence NN , , we PRP run VBP the DT show NN . . '' '' David NNP Sanders NNP , , a DT longtime JJ pilot NN , , bristles VBZ at IN the DT mere JJ suggestion NN that IN a DT union NN might MD tamper VB with IN his PRP$ flight NN schedule NN . . `` `` This DT is VBZ America NNP , , '' '' he PRP says VBZ . . `` `` Nobody NN has VBZ the DT right NN to TO tell VB me PRP how WRB much RB I PRP can MD work VB . . '' '' Such JJ attitudes NNS have VBP given VBN Federal NNP flexibility NN , , not RB only RB to TO rapidly RB implement VB new JJ technology NN but CC to TO keep VB its PRP$ work NN force NN extraordinarily RB lean JJ . . The DT company NN deliberately RB understaffs VBZ , , stretching VBG employees NNS ' POS schedules NNS to TO the DT limit NN . . But CC though IN couriers NNS work VBP as RB many JJ as IN 60 CD hours NNS a DT week NN during IN the DT autumn NN rush NN , , they PRP leave VBP early RB during IN slack JJ times NNS while IN still RB being VBG assured VBN of IN a DT minimum JJ paycheck NN . . Pilots NNS , , as IN well RB , , routinely RB fly VBP overtime RB to TO ensure VB that IN none NN are VBP furloughed VBN during IN seasonal JJ lows NNS . . The DT operational JJ freedom NN has VBZ also RB given VBN Federal NNP a DT leg NN up RB on IN archrival JJ United NNP Parcel NNP Service NNP Inc. NNP , , the DT nation NN 's POS largest JJS employer NN of IN United NNP Brotherhood NNP of IN Teamsters NNPS members NNS . . UPS NNP wo MD n't RB discuss VB its PRP$ labor NN practices NNS , , but CC , , according VBG to TO Mr. NNP Cleveland NNP , , a DT former JJ UPS NNP employee NN , , and CC others NNS , , union NN work NN rules NNS prohibit VBP UPS NNP drivers NNS from IN doing VBG more JJR than IN carrying VBG packages NNS between IN customers NNS and CC their PRP$ vans NNS . . Because IN UPS NNP drivers NNS are VBP n't RB permitted VBN to TO load VB their PRP$ own JJ vehicles NNS at IN the DT depot NN , , say VBP these DT couriers NNS , , packages NNS often RB get VB buried VBN in IN the DT load NN and CC are VBP delivered VBN late RB . . Labor NN problems NNS are VBP the DT last JJ thing NN Mr. NNP Smith NNP needs VBZ right RB now RB . . Although IN the DT Tiger NNP acquisition NN has VBZ brought VBN Federal NNP a DT long JJ way NN toward IN becoming VBG the DT global JJ player NN it PRP wants VBZ to TO be VB , , it PRP also RB has VBZ brought VBN problems NNS . . It PRP more RBR than IN doubled VBN Federal NNP 's POS long-term JJ debt NN to TO $ $ 1.9 CD billion CD , , thrust VBN the DT company NN into IN unknown JJ territory NN -- : heavy JJ cargo NN -- : and CC suddenly RB expanded VBN its PRP$ landing NN rights NNS to TO 21 CD countries NNS from IN four CD . . Federal NNP , , on IN its PRP$ own JJ , , had VBD n't RB been VBN doing VBG very RB well RB overseas JJ . . It PRP had VBD hemorrhaged VBN in IN its PRP$ attempt NN to TO get VB into IN Asia NNP , , where WRB treaty NN restrictions NNS forced VBD it PRP to TO fly VB some DT planes NNS half-empty JJ on IN certain JJ routes NNS . . On IN routes NNS to TO South NNP America NNP , , the DT company NN had VBD no DT backup NN jets NNS to TO ensure VB delivery NN when WRB planes NNS were VBD grounded VBN . . In IN Europe NNP , , business NN suffered VBD as IN Federal NNP bought VBD several JJ local JJ companies NNS , , only RB to TO have VB the DT managers NNS quit VB . . These DT and CC other JJ problems NNS squeezed VBD Federal NNP 's POS profit NN margins NNS last JJ year NN to TO 8 CD % NN , , down RB from IN more JJR than IN 13 CD % NN annually RB in IN the DT first JJ half DT of IN the DT decade NN . . Earnings NNS have VBP plummeted VBN , , too RB , , in IN each DT of IN the DT past JJ three CD quarters NNS . . In IN the DT fiscal JJ first JJ period NN ended VBN Aug. NNP 31 CD , , profit NN fell VBD 54 CD % NN to TO $ $ 30.4 CD million CD , , or CC 58 CD cents NNS a DT share NN , , mostly RB because IN of IN the DT Tiger NNP merger NN , , Federal NNP says VBZ . . Federal NNP 's POS stock NN price NN , , however RB , , has VBZ held VBN up RP well RB , , driven VBN in IN part NN by IN the DT general JJ run-up NN of IN airline NN stocks NNS , , analysts NNS say VBP . . Since IN trading VBG as RB low JJ as IN $ $ 42.25 CD a DT share NN in IN May NNP , , Federal NNP 's POS shares NNS have VBP rallied VBN as RB high RB as IN $ $ 57.87 CD in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN . . They PRP closed VBD Friday NNP at IN $ $ 53.25 CD , , down RB 50 CD cents NNS on IN the DT day NN . . There EX 's VBZ a DT certain JJ irony NN in IN the DT fact NN that IN Federal NNP Express NNP faces VBZ its PRP$ first JJ union NN problems NNS as IN a DT result NN of IN its PRP$ Tiger NNP purchase NN . . Tiger NNP itself PRP was VBD founded VBN by IN a DT band NN of IN gungho JJ airmen NNS who WP had VBD airlifted VBN supplies NNS `` `` over IN the DT Hump NNP '' '' from IN India NNP to TO China NNP during IN World NNP War NNP II NNP . . In IN the DT early JJ 1970s CD , , Mr. NNP Smith NNP modeled VBD his PRP$ fledgling JJ company NN on IN Tiger NNP 's POS innovation NN of IN hub-and-spoke JJ and CC containerized-cargo NN operations NNS . . But CC from IN early RB on RB , , Tiger NNP 's POS workers NNS unionized VBD , , while IN Federal NNP 's POS never RB have VBP . . Federal NNP Express NNP officials NNS acknowledge VBP mistakes NNS in IN their PRP$ drive NN overseas RB but CC say VBP it PRP will MD pay VB off RP eventually RB . . Analysts NNS expect VBP Federal NNP 's POS earnings NNS to TO improve VB again RB in IN its PRP$ fiscal JJ third JJ quarter NN ending VBG Feb. NNP 28 CD , , when WRB the DT company NN should MD begin VB benefiting VBG from IN Tiger NNP 's POS extra JJ flights NNS , , back-up JJ planes NNS and CC landing NN rights NNS . . Until IN then RB , , they PRP expect VBP the DT cost NN of IN integrating VBG the DT two CD carriers NNS to TO continue VB crimping VBG profits NNS . . For IN now RB , , the DT union NN issue NN is VBZ the DT most RBS nettlesome JJ of IN Federal NNP 's POS Tiger NNP problems NNS , , management NN believes VBZ . . Although IN encouraging VBG dialogue NN between IN managers NNS and CC workers NNS , , Mr. NNP Smith NNP does VBZ n't RB countenance VB what WP he PRP considers VBZ insubordination NN . . When WRB a DT large JJ group NN of IN pilots NNS once RB signed VBD petitions NNS opposing VBG work-rule JJ and CC compensation NN changes NNS , , he PRP called VBD a DT meeting NN in IN a DT company NN hangar NN and CC dressed VBD them PRP down RP for IN challenging JJ his PRP$ authority NN . . He PRP then RB made VBD most JJS of IN the DT changes NNS , , pilots NNS say VBP . . That DT sort NN of IN approach NN , , however RB , , has VBZ n't RB worked VBD since IN the DT addition NN of IN Tiger NNP . . Its PRP$ 6,500 CD workers NNS , , who WP had VBD battled VBN Tiger NNP 's POS management NN for IN years NNS over IN givebacks NNS , , were VBD union NN members NNS until IN the DT day NN of IN the DT merger NN , , when WRB most JJS of IN their PRP$ unions NNS were VBD automatically RB decertified VBN . . Soon RB after IN the DT merger NN , , moreover RB , , Federal NNP 's POS management NN asked VBD Tiger NNP 's POS pilots NNS to TO sign VB an DT agreement NN stating VBG that IN they PRP could MD be VB fired VBN any DT time NN , , without IN cause NN or CC notice NN . . When WRB the DT pilots NNS refused VBD , , the DT company NN retracted VBD it PRP . . Mr. NNP Smith NNP angered VBD Federal NNP 's POS pilots NNS , , too RB . . In IN his PRP$ haste NN to TO seal VB the DT deal NN with IN Tiger NNP Chairman NNP Saul NNP Steinberg NNP last JJ August NNP , , Mr. NNP Smith NNP ignored VBD a DT promise NN that IN he PRP had VBD made VBN to TO his PRP$ own JJ pilots NNS three CD years NNS ago RB : : that IN any DT fliers NNS acquired VBN in IN future JJ mergers NNS would MD be VB `` `` end-tailed VBN '' '' -- : put VBN at IN the DT bottom NN of IN the DT pilot NN seniority NN list NN that WDT determines VBZ work NN schedules NNS , , pay NN and CC career NN options NNS . . The DT Tiger NNP merger NN agreement NN stipulated VBD that IN the DT lists NNS be VB combined VBN on IN the DT basis NN of IN tenure NN . . Mr. NNP Smith NNP is VBZ trying VBG hard RB to TO allay VB the DT anger NN . . And CC even RB some DT pro-union JJ pilots NNS say VBP his PRP$ charisma NN and CC popularity NN among IN the DT many JJ former JJ military JJ fliers NNS could MD be VB tough JJ to TO beat VB . . `` `` A DT lot NN of IN people NNS are VBP identifying VBG a DT vote NN for IN representation NN as IN a DT vote NN against IN Fred NNP Smith NNP , , '' '' says VBZ J.X. NNP Gollich NNP , , a DT Tiger-turned-Federal JJ pilot NN and CC union NN activist NN . . Mr. NNP Smith NNP and CC other JJ top JJ Federal NNP executives NNS have VBP met VBN with IN Tiger NNP workers NNS in IN Los NNP Angeles NNP , , Ohio NNP , , New NNP York NNP , , Alaska NNP , , Asia NNP and CC Europe NNP . . Recently RB , , they PRP have VBP appeared VBN every DT few JJ weeks NNS in IN talk-show NN type NN videos NNS , , countering VBG pro-union JJ arguments NNS . . In IN one CD video NN , , Mr. NNP Smith NNP defended VBD his PRP$ agreement NN to TO merge VB the DT pilot-seniority NN lists NNS . . He PRP said VBD Mr. NNP Steinberg NNP had VBD insisted VBN that IN the DT merger NN talks NNS move VB quickly RB . . Regulators NNS , , as IN well RB , , might MD have VB quashed VBN the DT deal NN if IN Tiger NNP 's POS pilots NNS had VBD n't RB been VBN protected VBN , , he PRP said VBD . . Furthermore RB , , Mr. NNP Smith NNP added VBD , , `` `` our PRP$ contract NN with IN our PRP$ pilots NNS says VBZ that IN we PRP will MD manage VB our PRP$ fleet NN operations NNS with IN their PRP$ advice NN . . It PRP does VBZ n't RB give VB any DT particular JJ group NN the DT ability NN to TO veto VB change NN . . '' '' Already RB , , the DT fight NN has VBZ been VBN costly JJ . . The DT seniority-list NN controversy NN , , along RB with IN the DT job-classification NN dispute NN , , has VBZ been VBN turned VBN over RP to TO the DT mediator NN . . Meanwhile RB , , the DT company NN is VBZ operating VBG with IN two CD separate JJ pilot NN groups NNS and CC seniority NN lists NNS , , and CC that DT is VBZ costing VBG Federal NNP `` `` a DT big JJ number NN , , '' '' says VBZ James NNP Barksdale NNP , , executive JJ vice NN president NN and CC chief NN operating NN officer NN . . The DT issue NN has VBZ also RB cost VBN Federal NNP management NN a DT lot NN of IN good JJ will NN among IN its PRP$ old JJ pilots NNS . . `` `` They PRP were VBD willing JJ to TO mistreat VB us PRP because IN we PRP had VBD n't RB shown VBN any DT moxie NN , , any DT resistance NN , , '' '' says VBZ William NNP Queenan NNP , , a DT DC-10 NNP pilot NN and CC 14-year JJ Federal NNP veteran NN . . Adds NNP John NNP Poag NNP , , a DT 727 NNP captain NN and CC past JJ chairman NN of IN the DT company-sponsored JJ Flight NNP Advisory NNP Board NNP : : `` `` They PRP 've VBP made VBN all PDT these DT magnanimous JJ gestures NNS to TO the DT Flying NNP Tiger NNP pilots NNS , , and CC for IN us PRP , , nothing NN . . '' '' Such JJ animosity NN could MD prove VB pivotal JJ in IN the DT union NN vote NN . . A DT large JJ majority NN of IN the DT 961 CD former JJ Tiger NNP fliers NNS support VBP the DT union NN , , according VBG to TO a DT union NN study NN . . But CC though IN most JJS of IN the DT 1,087 CD Federal NNP pilots NNS are VBP believed VBN opposed VBN , , it PRP is VBZ unclear JJ just RB how WRB much RB their PRP$ loyalty NN to TO Mr. NNP Smith NNP has VBZ been VBN eroded VBN . . The DT fight NN has VBZ turned VBN ugly JJ and CC , , among IN pilots NNS at IN least JJS , , has VBZ shattered VBN the DT esprit FW de FW corps FW that IN Mr. NNP Smith NNP worked VBD so RB hard RB to TO build VB . . Anti-union JJ pilots NNS have VBP held VBN ballot-burning JJ parties NNS . . Some DT younger JJR pilots NNS say VBP they PRP have VBP had VBN to TO endure VB anti-union JJ harangues NNS by IN senior JJ pilots NNS while IN flying VBG across IN the DT country NN . . And CC for IN now RB , , at IN least JJS , , the DT competition NN is VBZ n't RB the DT only JJ enemy NN . . Barney NNP Barnhardt NNP , , a DT 727 NNP captain NN and CC leader NN of IN the DT pro-union JJ forces NNS , , said VBD he PRP has VBZ received VBN two CD anonymous JJ death NN threats NNS and CC been VBN challenged VBN to TO a DT fight NN with IN tire NN irons NNS by IN a DT colleague NN . . `` `` The DT pilots NNS are VBP either CC for IN us PRP or CC extremely RB against IN us PRP , , '' '' he PRP says VBZ with IN a DT sigh NN . . Harsco NNP Corp. NNP said VBD it PRP obtained VBD a DT $ $ 33.1 CD million CD export NN order NN for IN armored JJ recovery NN vehicles NNS and CC related JJ support NN equipment NN . . Harsco NNP declined VBD to TO say VB what WP country NN placed VBD the DT order NN . . The DT company NN said VBD it PRP received VBD an DT order NN for IN 23 CD of IN the DT vehicles NNS , , which WDT retrieve VBP tanks NNS and CC other JJ heavy-tracked JJ vehicles NNS when WRB they PRP break VBP down RP or CC are VBP damaged VBN , , and CC an DT option NN for IN 16 CD more JJR . . Delivery NN is VBZ to TO begin VB in IN early JJ 1991 CD . . Harsco NNP produces VBZ products NNS for IN defense NN , , industrial JJ , , commercial JJ and CC construction NN markets NNS . . The DT Senate NNP convicted VBD U.S. NNP District NNP Judge NNP Alcee NNP Hastings NNP of IN Florida NNP of IN eight CD impeachment NN articles NNS , , removing VBG the DT 53-year-old JJ judge NN from IN his PRP$ $ $ 89,500-a-year JJ , , lifetime NN job NN . . Mr. NNP Hastings NNP 's POS case NN was VBD particularly RB nettlesome JJ because IN it PRP marked VBD the DT first JJ time NN a DT federal JJ official NN was VBD impeached VBN and CC removed VBN from IN office NN on IN charges NNS of IN which WDT a DT jury NN had VBD acquitted VBN him PRP . . In IN 1983 CD , , Mr. NNP Hastings NNP was VBD found VBN not RB guilty JJ of IN accepting VBG a DT $ $ 150,000 CD bribe NN in IN a DT case NN before IN him PRP , , the DT central JJ charge NN on IN which WDT the DT Senate NNP convicted VBD him PRP . . He PRP was VBD only RB the DT sixth JJ federal JJ judge NN ever RB ousted VBN from IN office NN after IN an DT impeachment NN trial NN . . With IN no DT floor NN debate NN , , the DT Senate NNP on IN Friday NNP voted VBD 69-26 CD to TO convict VB Mr. NNP Hastings NNP of IN perjury NN and CC conspiring VBG to TO accept VB a DT bribe NN , , five CD votes NNS more JJR than IN needed VBN . . Conviction NN on IN any DT single JJ impeachment NN article NN was VBD enough JJ to TO remove VB Judge NNP Hastings NNP from IN office NN . . He PRP was VBD found VBN not RB guilty JJ of IN three CD charges NNS , , involving VBG accusations NNS that IN he PRP had VBN improperly RB disclosed VBN information NN about IN a DT sensitive JJ , , government NN investigation NN . . The DT Senate NNP did VBD n't RB vote VB on IN six CD lesser JJR charges NNS . . Although IN Mr. NNP Hastings NNP had VBD been VBN acquitted VBN by IN a DT jury NN , , lawmakers NNS handling VBG the DT prosecution NN in IN Congress NNP had VBD argued VBN that IN the DT purpose NN of IN impeachment NN is VBZ n't RB to TO punish VB an DT individual NN . . Instead RB , , they PRP argued VBD that IN impeachment NN aims VBZ to TO protect VB public JJ institutions NNS from IN people NNS who WP have VBP abused VBN their PRP$ positions NNS of IN trust NN , , irrespective RB of IN the DT outcome NN of IN prior JJ criminal JJ or CC civil JJ cases NNS . . Mr. NNP Hastings NNP faced VBD the DT senators NNS and CC sat VBD impassively RB during IN the DT first JJ two CD roll-call JJ votes NNS , , then RB quickly RB left VBD the DT chamber NN . . In IN an DT impromptu JJ news NN conference NN on IN the DT Capitol NNP steps NNS , , he PRP denounced VBD the DT senators NNS ' POS action NN . . `` `` Their PRP$ opinion NN is VBZ devoid JJ of IN the DT wisdom NN of IN the DT forefathers NNS ' POS teaching NN regarding VBG impeachment NN , , '' '' Mr. NNP Hastings NNP said VBD . . For IN the DT future NN , , he PRP said VBD he PRP would MD run VB for IN governor NN of IN Florida NNP . . Mr. NNP Hastings NNP was VBD appointed VBN to TO the DT federal JJ bench NN by IN President NNP Carter NNP in IN 1979 CD and CC was VBD one CD of IN the DT few JJ black JJ federal JJ judges NNS in IN the DT country NN . . While IN he PRP packed VBD the DT Senate NNP gallery NN with IN his PRP$ supporters NNS during IN some DT of IN the DT impeachment NN trial NN , , most JJS civil JJ rights NNS groups NNS kept VBD their PRP$ distance NN from IN his PRP$ case NN . . Following VBG the DT impeachment NN conviction NN , , Dr. NNP Benjamin NNP Hooks NNP , , executive JJ director NN of IN the DT National NNP Association NNP for IN the DT Advancement NNP of IN Colored NNP People NNP , , issued VBD a DT restrained JJ statement NN , , warning VBG that IN the DT Hastings NNP case NN could MD set VB a DT `` `` dangerous JJ precedent NN , , '' '' but CC adding VBG , , `` `` We PRP must MD respect VB the DT considered JJ judgment NN of IN the DT Senate NNP . . When WRB last RB we PRP left VBD him PRP , , FBI NNP Agent NNP Nick NNP Mancuso NNP had VBD solved VBN a DT murder NN mystery NN , , unraveled VBN a DT Washington NNP political JJ scandal NN , , and CC racked VBN up RP some DT pretty JJ good JJ ratings NNS numbers NNS in IN the DT miniseries NNS `` `` Favorite NNP Son NNP . . '' '' What WP next RB for IN the DT crusty JJ FBI NNP agent NN with IN the DT heart NN of IN gold NN ? . A DT spinoff NN series NN , , of IN course NN . . There EX are VBP plenty NN of IN worse JJR inspirations NNS for IN shows NNS -- : and CC most JJS of IN them PRP had VBD already RB made VBN the DT fall NN lineup NN : : a DT nun NN raising VBG some DT lovable JJ orphans NNS . . A DT den NN mother NN raising VBG some DT lovable JJ teen NN models NNS . . A DT bunch NN of IN tans NNS and CC bathing NN suits NNS posing VBG as IN lovable JJ lifeguards NNS . . In IN that DT context NN , , Robert NNP Loggia NNP 's POS riveting JJ performance NN as IN the DT unlovable JJ -- : even RB crotchety JJ -- : veteran JJ agent NN seems VBZ a DT better JJR franchise NN for IN a DT series NN than IN most JJS . . Week NN by IN week NN on IN `` `` Mancuso NNP FBI NNP '' '' ( ( NBC NNP , , Fridays NNP , , 10 CD p.m RB . . ET NNP ) ) , , he PRP pokes VBZ around IN the DT crime NN styles NNS of IN the DT rich JJ , , famous JJ and CC powerful JJ of IN the DT Washington NNP scene NN -- : a DT loose JJ cannon NN on IN deck NN at IN the DT FBI NNP . . Over IN the DT first JJ few JJ weeks NNS , , `` `` Mancuso NNP FBI NNP '' '' has VBZ sprung VBN straight RB from IN the DT headlines NNS , , which WDT is VBZ either RB a DT commendable JJ stab NN at IN topicality NN , , or CC a DT lack NN of IN imagination NN , , or CC both DT . . The DT opening VBG show NN featured VBD a DT secretary NN of IN defense NN designate JJ accused VBN of IN womanizing VBG ( ( a FW la FW John NNP Tower NNP ) ) . . When WRB his PRP$ secretary NN is VBZ found VBN floating VBG dead JJ in IN the DT pol NN 's POS pool NN , , Mancuso NNP is VBZ called VBN in RP to TO investigate VB . . Last JJ week NN , , a DT young JJ black JJ girl NN claimed VBD she PRP had VBD been VBN raped VBN by IN a DT white JJ police NN officer NN ( ( a FW la FW Tawana NNP Brawley NNP ) ) . . In IN this DT week NN 's POS show NN , , there EX 's VBZ an DT unsafe JJ nuclear JJ weaponsmaking NN facility NN ( ( a FW la FW Rocky NNP Flats NNP ) ) . . Along IN the DT way NN , , we PRP 're VBP introduced VBN to TO the DT supporting JJ cast NN : : a DT blond JJ bombshell NN secretary NN ( ( Randi NNP Brazen NNP -- : her PRP$ real JJ name NN , , honest JJ ) ) , , a DT scheming JJ young JJ boss NN ( ( Fredric NNP Lehne NNP ) ) , , another DT blonde JJ bombshell NN who WP 's VBZ also RB an DT idealistic JJ lawyer NN ( ( Lindsay NNP Frost NNP ) ) , , and CC a DT forensics NNS expert NN ( ( Charles NNP Siebert NNP ) ) . . If IN all DT of IN this DT seems VBZ a DT little JJ stale JJ , , it PRP 's VBZ redeemed VBN in IN part NN by IN some DT tricky JJ plot NN twists NNS : : The DT usual JJ suspects NNS are VBP found VBN to TO be VB guilty JJ , , then RB not RB guilty JJ , , then RB guilty JJ -- : but CC of IN a DT different JJ crime NN . . ( ( In IN last JJ week NN 's POS rape NN case NN , , for IN example NN , , the DT girl NN turns VBZ out RP to TO have VB been VBN a DT victim NN of IN incest NN , , and CC the DT biggest JJS villains NNS are VBP the DT politicians NNS who WP exploit VBP the DT case NN . . ) ) Most RBS of IN all DT though RB , , the DT show NN is VBZ redeemed VBN by IN the DT character NN of IN Mancuso NNP . . What WP makes VBZ the DT veteran JJ FBI NNP man NN so RB endearing JJ is VBZ his PRP$ hard-bitten JJ cynicism NN -- : earned VBN , , we PRP discover VBP , , when WRB he PRP was VBD assigned VBN to TO the DT civil JJ rights NNS movement NN back RB in IN the DT 1960s NNS . . He PRP was VBD n't RB protecting VBG the DT Freedom NNP Marchers NNPS ; : he PRP was VBD tailing VBG them PRP as IN subversives NNS . . This DT is VBZ not RB the DT `` `` Mississippi NNP Burning NN '' '' scenario NN that WDT thrills VBZ his PRP$ young JJ colleagues NNS : : `` `` Kid NN , , you PRP 've VBP been VBN reading VBG Classic NNP Comics NNPS too RB long JJ , , '' '' Mancuso NN says VBZ . . `` `` Back RB in IN 1964 CD , , the DT FBI NNP had VBD five CD black JJ agents NNS . . Three CD were VBD chauffeurs NNS for IN J. NNP Edgar NNP Hoover NNP , , and CC two CD cleaned VBD his PRP$ house NN . . '' '' At IN the DT core NN of IN Mr. NNP Loggia NNP 's POS Mancuso NNP is VBZ his PRP$ world-weary JJ truculence NN . . He PRP describes VBZ a DT reporter NN as IN `` `` Miss NNP First NNP Amendment NNP . . '' '' He PRP describes VBZ a DT drowned JJ corpse NN as IN `` `` Esther NNP Williams NNP . . '' '' And CC when WRB he PRP 's VBZ told VBN `` `` Try VB a DT little JJ tenderness NN , , '' '' he PRP shoots VBZ back RP `` `` I PRP 'm VBP going VBG home RB to TO try VB a DT little JJ linguine NN . . '' '' Yet CC for IN all PDT his PRP$ cynicism NN , , he PRP 's VBZ at IN heart NN a DT closet NN idealist NN , , a DT softy NN with IN a DT secret JJ crush NN on IN truth NN , , justice NN and CC the DT American NNP Way NNP . . He PRP 's VBZ the DT kind NN of IN guy NN who WP rescues VBZ trampled JJ flags NNS . . If IN `` `` Mancuso NNP FBI NNP '' '' has VBZ an DT intriguing JJ central JJ character NN , , it PRP also RB has VBZ a DT major JJ flaw NN : : It PRP 's VBZ wildly RB overwritten JJ . . Executive NNP Producers NNP Steve NNP Sohmer NNP and CC Jeff NNP Bleckner NNP ( ( and CC writer\/producers NNS Ken NNP Solarz NNP and CC Steve NNP Bello NNP ) ) have VBP revved VBN this DT show NN up RP to TO the DT breaking NN point NN . . To TO start VB , , there EX 's VBZ always RB a DT crisis NN -- : and CC someone NN always RB worries VBZ , , `` `` What WP if IN the DT press NN gets VBZ a DT hold NN of IN this DT ? . '' '' At IN least JJS once RB an DT episode NN we PRP see VBP protestors NNS marching VBG around RB screaming VBG slogans NNS . . At IN least JJS once RB Mancuso NNP 's POS boss NN yells VBZ `` `` In IN here RB -- : now RB , , '' '' and CC proceeds VBZ to TO dress VB his PRP$ investigator NN down RP : : `` `` You PRP are VBP a DT dinosaur NN ... : a DT hangover NN in IN a DT $ $ 10 CD suit NN ... : One CD more JJR word NN and CC you PRP are VBP out IN on IN a DT park NN bench NN , , mister NN . . '' '' Finally RB , , of IN course NN , , the DT boss NN gives VBZ in RP , , but CC he PRP 's VBZ still RB yelling VBG : : `` `` I PRP find VBP myself PRP explaining VBG anything NN to TO Teddy NNP Kennedy NNP , , you PRP 'll MD be VB chasing VBG stolen JJ cars NNS in IN Anchorage NNP . . '' '' In IN fact NN , , throughout IN `` `` Mancuso NNP FBI NNP , , '' '' we PRP do VBP n't RB get VB words NNS or CC lines NNS -- : we PRP get VBP speeches NNS . . Witnesses NNS shout VBP , , scream VBP , , pontificate VBP : : `` `` ... : a DT dream NN that IN the DT planet NN could MD be VB saved VBN from IN itself PRP and CC from IN the DT sadistic JJ dumb JJ creatures NNS who WP try VBP to TO tear VB down RP every DT decent JJ man NN who WP raises VBZ his PRP$ voice NN . . '' '' And CC Mancuso NNP himself PRP is VBZ investigating VBG at IN the DT top NN of IN his PRP$ lungs NNS : : `` `` How WRB the DT hell NN can MD you PRP live VB with IN yourself PRP ? . '' '' he PRP erupts VBZ at IN a DT politician NN . . `` `` You PRP twist VBP people NNS 's POS trust NN . . You PRP built VBD your PRP$ career NN on IN prejudice NN and CC hate NN . . The DT scars NNS will MD be VB here RB years NNS after IN the DT polls NNS close VBP . . '' '' In IN each DT show NN , , Mancuso NNP gets VBZ to TO unleash VB similar JJ harangues NNS : : `` `` Where WRB the DT hell NN are VBP they PRP gon VBG na TO live VB when WRB people NNS like IN you PRP turn VBP the DT world NN into IN a DT big JJ toxic JJ waste NN dump NN ? . You PRP 're VBP the DT real JJ criminal JJ here RB ... : and CC what WP you PRP did VBD was VBD n't RB just RB a DT murder NN -- : it PRP was VBD a DT crime NN against IN humanity NN . . '' '' And CC , , at IN least JJS once RB a DT show NN , , someone NN delivers VBZ the DT line NN `` `` Get VB off IN that DT soapbox NN . . '' '' Now RB that IN 's VBZ advice NN the DT writers NNS should MD take VB to TO heart NN . . They PRP have VBP a DT series NN with IN a DT good JJ character NN , , some DT interesting JJ , , even RB occasionally RB surprising JJ plot NN lines NNS , , and CC they PRP 're VBP ruining VBG it PRP . . Why WRB , , when WRB a DT key JJ witness NN disappears VBZ , , does VBZ Mancuso NNP trash VB her PRP$ apartment NN , , tearing VBG down RP drapes NNS , , smashing VBG walls NNS ? . It PRP 's VBZ a DT bizarre JJ and CC totally RB inappropriate JJ reaction NN , , all DT to TO add VB more JJR pizzazz NN to TO a DT script NN that WDT 's VBZ already RB overdosing VBG on IN pizzazz NN . . That DT 's VBZ not RB plot NN . . That DT 's VBZ not RB character NN . . That DT 's VBZ hyperventilating NN . . There EX is VBZ a DT scene NN at IN the DT end NN of IN the DT first JJ week NN 's POS show NN where WRB Mancuso NNP attends VBZ the DT unveiling NN of IN the DT memorial NN to TO his PRP$ dead JJ partner NN David NNP . . Asked VBN to TO say VB a DT few JJ words NNS , , he PRP pulls VBZ out RP his PRP$ crumpled JJ piece NN of IN paper NN and CC tries VBZ to TO talk VB , , but CC he PRP 's VBZ too RB choked VBN up RP to TO get VB the DT words NNS out RP . . He PRP bangs VBZ on IN the DT piece NN of IN paper NN in IN frustration NN , , then RB turns VBZ and CC walks VBZ away RB . . It PRP was VBD a DT profoundly RB moving JJ moment NN for IN series NN television NN , , and CC Robert NNP Loggia NNP 's POS acting NN resonated VBD in IN the DT silence NN . . There EX 's VBZ a DT pretty RB good JJ program NN inside IN all PDT the DT noise NN of IN `` `` Mancuso NNP FBI NNP . . '' '' If IN the DT show NN 's POS creators NNS could MD just RB let VB themselves PRP be VB quiet JJ for IN a DT little JJ , , they PRP might MD just RB hear VB it PRP . . With IN a DT Twist NN of IN the DT Wrist NN Boys NNS with IN tops NNS , , and CC Frisbee NNP tossers NNS , , And CC P.R. NN types NNS with IN bees NNS in IN their PRP$ bonnet NN , , Have VBP a DT goal NN in IN common JJ , , all DT of IN them PRP try VBP To TO put VB the DT right JJ spin NN on IN it PRP . . -- : George NNP O. NNP Ludcke NNP . . Net JJ Gain NNP Investment NN letters NNS now RB abound VBP , , I PRP really RB like VBP to TO read VB them PRP ; : If IN I PRP peruse VBP enough NN , , I PRP 've VBP found VBN I PRP 've VBP no DT time NN left VBD to TO heed VB them PRP ! . -- : Bern NNP Sharfman NNP . . Daffynition NN TV NN evangelist NN : : salesparson NN . . -- : Marguerite NNP Whitley NNP May NNP . . Texaco NNP Inc. NNP has VBZ purchased VBN an DT oil-producing JJ company NN in IN Texas NNP for IN $ $ 476.5 CD million CD , , its PRP$ first JJ major JJ acquisition NN since IN its PRP$ legal JJ brawl NN with IN Pennzoil NNP Co. NNP began VBD more JJR than IN four CD years NNS ago RB . . The DT White NNP Plains NNP , , N.Y. NNP , , oil NN company NN said VBD Friday NNP that IN it PRP had VBD acquired VBN Tana NNP Production NNP Corp. NNP , , a DT subsidiary NN of IN TRT NNP Energy NNP Holdings NNP Inc. NNP , , for IN $ $ 95.1 CD million CD in IN cash NN , , with IN the DT rest NN to TO be VB paid VBN in IN shares NNS of IN a DT new JJ , , non-voting JJ issue NN of IN preferred JJ stock NN . . Tana NNP , , which WDT holds VBZ properties NNS in IN 17 CD oil NN and CC gas NN fields NNS in IN south JJ Texas NNP , , will MD provide VB Texaco NNP with IN mostly RB gas NN reserves NNS . . The DT fields NNS contain VBP recoverable JJ reserves NNS of IN 435 CD billion CD cubic JJ feet NNS of IN natural JJ gas NN and CC four CD million CD barrels NNS of IN oil NN . . `` `` This DT acquisition NN is VBZ another DT indication NN of IN Texaco NNP 's POS commitment NN to TO increase VB the DT company NN 's POS reserve NN base NN , , '' '' said VBD Chief NNP Executive NNP Officer NNP James NNP W. NNP Kinnear NNP . . Texaco NNP has VBZ also RB been VBN attempting VBG to TO sell VB oil NN properties NNS . . At IN least JJS two CD years NNS ago RB , , the DT company NN put VBD 60 CD million CD barrels NNS of IN oil NN reserves NNS on IN the DT block NN . . They PRP were VBD either CC too RB small JJ or CC uneconomic JJ to TO maintain VB , , the DT company NN said VBD . . Not RB all DT of IN those DT parcels NNS have VBP yet RB been VBN sold VBN . . Texaco NNP acquired VBD Tana NNP before IN it PRP completed VBD those DT sales NNS because IN Tana NNP 's POS properties NNS are VBP high JJ quality NN and CC near IN other JJ fields NNS Texaco NNP already RB owns VBZ , , a DT company NN spokeswoman NN said VBD . . Texaco NNP , , like IN many JJ other JJ oil NN companies NNS , , has VBZ been VBN struggling VBG to TO replace VB its PRP$ falling VBG oil NN and CC gas NN reserves NNS . . Texaco NNP 's POS situation NN had VBD become VBN particularly RB complex JJ because IN much JJ of IN its PRP$ effort NN had VBD for IN years NNS been VBN focused VBN on IN its PRP$ brawl NN with IN Pennzoil NNP and CC then RB on IN New NNP York NNP investor NN Carl NNP C. NNP Icahn NNP 's POS attempt NN to TO take VB over RP the DT company NN . . Pennzoil NNP had VBD sued VBN Texaco NNP for IN improperly RB interfering VBG with IN its PRP$ acquisition NN of IN a DT portion NN of IN Getty NNP Oil NNP Co NNP . . Eventually RB , , Texaco NNP , , which WDT was VBD forced VBN into IN bankruptcy NN proceedings NNS by IN that DT litigation NN , , settled VBD its PRP$ fight NN with IN Pennzoil NNP for IN $ $ 3 CD billion CD in IN 1986 CD . . Mr. NNP Icahn NNP , , who WP played VBD a DT key JJ role NN in IN the DT settlement NN and CC attempted VBD subsequently RB to TO take VB control NN of IN the DT company NN , , sold VBD his PRP$ stake NN in IN Texaco NNP just RB last JJ summer NN . . Completion NNP of IN Texaco NNP 's POS acquisition NN of IN Tana NNP is VBZ subject JJ to TO government NN approval NN under IN the DT Hart-Scott-Rodino NNP Antitrust NNP Improvements NNP Act NNP . . CRI NNP Inc. NNP said VBD it PRP reduced VBD the DT estimated VBN cash NN distribution NN for IN its PRP$ Capital NNP Housing NNP and CC Mortgage NNP Partners NNPS Inc. NNP trust NN to TO between IN 71 CD cents NNS and CC 74 CD cents NNS a DT share NN , , from IN between IN 75 CD cents NNS and CC 80 CD cents NNS , , for IN the DT year NN ending VBG June NNP 9 CD , , 1990 CD . . The DT change NN in IN expected JJ cash NN distributions NNS from IN the DT Champs NNP real JJ estate NN investment NN trust NN stems VBZ from IN a DT revised VBN estimate NN of IN administrative JJ costs NNS , , said VBD Jay NNP R. NNP Cohen NNP , , Champs NNP executive NN vice NN president NN . . CRI NNP , , which WDT sponsors VBZ Champs NNP , , is VBZ a DT world-wide JJ real JJ estate NN investment NN firm NN . . H&R NNP BLOCK NNP Inc. NNP had VBD net JJ income NN of IN $ $ 100.2 CD million CD , , or CC $ $ 1.90 CD a DT share NN , , in IN the DT fiscal JJ year NN ended VBN April NNP 30 CD . . The DT figure NN was VBD incorrectly RB shown VBN as IN a DT net JJ loss NN in IN a DT chart NN accompanying VBG Friday NNP 's POS Heard VBN on IN the DT Street NN column NN . . Your PRP$ Oct. NNP 2 CD article NN on IN Daniel NNP Yankelovich NNP cited VBD the DT quote NN `` `` A DT good JJ name NN is VBZ better JJR than IN great JJ riches NNS '' '' as IN being VBG from IN Cervantes NNP ' POS `` `` Don NNP Quixote NNP . . '' '' Actually RB , , Cervantes NNP borrowed VBD that IN quote NN from IN a DT writer NN of IN some DT 25 CD centuries NNS earlier RB : : Israel NNP 's POS King NNP Solomon NNP wrote VBD those DT words NNS in IN the DT Book NN of IN Proverbs NNS ( ( 22:1 CD ) ) . . Michael NNP E. NNP Hill NNP Japan NNP had VBD an DT unadjusted JJ trade NN surplus NN of IN $ $ 1.82 CD billion CD for IN the DT first JJ 10 CD days NNS of IN October NNP , , down RB from IN $ $ 3.16 CD billion CD a DT year NN earlier RB , , the DT Finance NNP Ministry NNP said VBD . . The DT latest JJS drop NN shows VBZ the DT narrowing NN in IN the DT nation NN 's POS trade NN gap NN reflected VBN in IN successive JJ full JJ monthly JJ reports NNS is VBZ continuing VBG . . The DT report NN follows VBZ five-consecutive JJ declines NNS in IN full JJ monthly JJ figures NNS . . Imports NNS rose VBD sharply RB in IN the DT period NN , , to TO $ $ 5.19 CD billion CD from IN $ $ 4.04 CD billion CD a DT year NN earlier RB , , a DT change NN of IN 28 CD % NN . . Exports NNS during IN the DT period NN were VBD $ $ 7.01 CD billion CD , , 2.6 CD % NN below IN $ $ 7.20 CD billion CD a DT year NN ago RB . . Groupe NNP AG NNP 's POS chairman NN said VBD the DT Belgian JJ insurer NN is VBZ prepared JJ to TO give VB up RP some DT of IN its PRP$ independence NN to TO a DT white JJ knight NN if IN necessary JJ to TO repel VB a DT raider NN . . Amid IN heavy JJ buying NN of IN shares NNS in IN Belgium NNP 's POS largest JJS insurer NN , , Maurice NNP Lippens NNP also RB warned VBD in IN an DT interview NN that IN a DT white JJ knight NN , , in IN buying VBG out RP a DT raider NN , , could MD leave VB speculators NNS with IN big JJ losses NNS on IN their PRP$ AG NNP stock NN . . Since IN the DT beginning NN of IN the DT year NN , , the DT stock NN has VBZ nearly RB doubled VBN , , giving VBG AG NNP a DT market NN value NN of IN about IN 105 CD billion CD Belgian JJ francs NNS ( ( $ $ 2.7 CD billion CD ) ) . . The DT most RBS likely JJ white JJ knight NN would MD be VB Societe NNP Generale NNP de FW Belgique NNP S.A. NNP , , which WDT already RB owns VBZ 18 CD % NN of IN AG NNP and CC which WDT itself PRP is VBZ controlled VBN by IN Cie NNP . . Financiere NNP de FW Suez NNP , , the DT acquisitive JJ French JJ financial JJ conglomerate NN . . But CC Mr. NNP Lippens NNP said VBD a DT rescue NN also RB could MD involve VB Asahi NNP Mutual NNP Life NNP Insurance NNP Co. NNP , , which WDT owns VBZ 5 CD % NN of IN AG NNP . . AG NNP is VBZ hardly RB alone RB in IN its PRP$ anxiety NN . . A DT rambunctious JJ shake-up NN is VBZ quickly RB reshaping VBG Europe NNP 's POS once-stately JJ insurance NN business NN . . Worried JJ by IN European NNP Community NNP directives NNS that WDT will MD remove VB many JJ of IN the DT barriers NNS to TO cross-border JJ insurance NN services NNS , , starting VBG in IN mid-1990 NN , , insurers NNS are VBP rushing VBG to TO find VB partners NNS and CC preparing VBG for IN price NN wars NNS . . In IN West NNP Germany NNP and CC the DT Netherlands NNPS , , insurers NNS are VBP flirting VBG with IN banks NNS . . In IN France NNP , , Suez NNP and CC Axa-Midi NNP Assurances NNPS S.A. NNP both DT have VBP been VBN on IN the DT prowl NN for IN giant JJ acquisitions NNS ; : Suez NNP last JJ month NN acquired VBD control NN of IN Groupe NNP Victoire NNP , , the DT sixth-largest JJ European JJ insurance NN company NN , , after IN a DT takeover NN battle NN with IN Cie NNP . . Industrielle NNP . . Mr. NNP Lippens NNP said VBD the DT volume NN of IN shares NNS changing VBG hands NNS has VBZ grown VBN significantly RB since IN mid-September NNP . . But CC he PRP estimated VBD that IN a DT raider NN would MD have VB been VBN able JJ to TO amass VB no DT more JJR than IN 4 CD % NN of IN the DT shares NNS in IN recent JJ months NNS . . Aside RB from IN exploring VBG plans NNS for IN joint JJ ventures NNS or CC acquisitions NNS , , Mr. NNP Lippens NNP has VBZ called VBN top JJ managers NNS of IN companies NNS rumored VBN as IN potential JJ raiders NNS -- : among IN them PRP , , Axa-Midi NNP , , Union NNP des FW Assurances NNP de FW Paris NNP and CC Suez NNP , , all DT based VBN in IN France NNP . . They PRP have VBP all DT `` `` very RB clearly RB stated VBN that IN they PRP have VBP not RB acquired VBN and CC are VBP not RB acquiring VBG shares NNS of IN AG NNP , , '' '' he PRP said VBD . . Any DT raider NN would MD find VB it PRP hard JJ to TO crack VB AG NNP 's POS battlements NNS . . A DT `` `` syndicate NN '' '' of IN shareholders NNS holds VBZ just RB under IN 50 CD % NN of IN AG NNP , , Mr. NNP Lippens NNP said VBD , , and CC members NNS have VBP agreed VBN to TO give VB one NN another DT the DT right NN of IN first JJ refusal NN should MD they PRP sell VBP any DT AG NNP shares NNS . . Aside RB from IN Generale NNP de FW Belgique NNP and CC Asahi NNP , , the DT syndicate NN includes VBZ Antwerpsche NNP Hypotheekkas NNP , , a DT Belgian JJ savings NN bank NN , , and CC various JJ family NN interests NNS . . A DT Generale NNP spokesman NN confirmed VBD that IN the DT giant JJ Belgian JJ holding VBG company NN would MD be VB willing JJ to TO raise VB its PRP$ stake NN in IN AG NNP should MD a DT raider NN seek VB control NN . . Asahi NNS officials NNS could MD n't RB be VB reached VBN for IN comment NN . . Even RB without IN bid NN talk NN , , this DT year NN 's POS surge NN in IN prices NNS for IN Brussels NNP real JJ estate NN has VBZ excited VBN interest NN in IN AG NNP . . The DT company NN says VBZ those DT holdings NNS constitute VBP the DT third-biggest JJ real-estate NN portfolio NN in IN Belgium NNP . . With IN the DT dust NN settling VBG from IN the DT failed VBN coup NN attempt NN in IN Panama NNP , , one CD of IN the DT many JJ lingering VBG questions NNS the DT Bush NNP administration NN will MD ponder VB is VBZ this DT : : Is VBZ the DT National NNP Security NNP Council NNP staff NN big JJ enough RB , , and CC does VBZ it PRP have VB enough JJ clout NN , , to TO do VB its PRP$ job NN of IN coordinating VBG foreign JJ policy NN ? . President NNP Bush NNP 's POS national JJ security NN adviser NN , , Lt. NNP Gen. NNP Brent NNP Scowcroft NNP , , came VBD into IN office NN in IN January NNP intent JJ on IN making VBG the DT NSC NNP staff NN leaner JJR and CC more RBR disciplined JJ than IN it PRP had VBD been VBN during IN the DT Reagan NNP administration NN . . Gen. NNP Scowcroft NNP was VBD a DT member NN of IN the DT Tower NNP Commission NNP , , which WDT investigated VBD the DT Iran-Contra NNP affair NN . . He PRP was VBD all RB too RB aware JJ of IN how WRB a DT large JJ , , inadequately RB supervised JJ NSC NNP staff NN had VBD spun VBN out IN of IN control NN and CC nearly RB wrecked VBD President NNP Reagan NNP 's POS second JJ term NN . . So RB , , following VBG both DT the DT style NN he PRP pursued VBD as IN President NNP Ford NNP 's POS national JJ security NN adviser NN and CC the DT recommendations NNS of IN the DT Tower NNP Commission NNP , , Gen. NNP Scowcroft NNP has VBZ pruned VBN the DT NSC NNP staff NN and CC tried VBD to TO ensure VB that IN it PRP sticks VBZ to TO its PRP$ assigned JJ tasks NNS -- : namely RB , , gathering VBG the DT views NNS of IN the DT State NNP Department NNP , , Pentagon NNP and CC intelligence NN community NN ; : serving VBG as IN an DT honest JJ broker NN in IN distilling VBG that DT information NN for IN the DT president NN and CC then RB making VBG sure JJ presidential JJ decisions NNS are VBP carried VBN out RB . . The DT Tower NNP Commission NNP specifically RB said VBD that IN the DT NSC NNP staff NN should MD be VB `` `` small JJ '' '' and CC warned VBD against IN letting VBG `` `` energetic JJ self-starters NNS '' '' like IN Lt. NNP Col. NNP Oliver NNP North NNP strike VB out RP on IN their PRP$ own JJ rather RB than IN leaving VBG the DT day-to-day JJ execution NN of IN policies NNS to TO the DT State NNP Department NNP , , Pentagon NNP or CC Central NNP Intelligence NNP Agency NNP . . However RB , , the DT Panama NNP episode NN has VBZ raised VBN questions NNS about IN whether IN the DT NSC NNP staff NN is VBZ sufficiently RB big JJ , , diverse JJ and CC powerful JJ to TO coordinate VB U.S. NNP policy NN on IN tough JJ issues NNS . . During IN the DT coup NN attempt NN and CC its PRP$ aftermath NN , , NSC NNP staffers NNS were VBD `` `` stretched VBN very RB thin JJ , , '' '' says VBZ one CD senior JJ administration NN official NN . . `` `` It PRP 's VBZ a DT very RB small JJ shop NN . . '' '' Gen. NNP Scowcroft NNP does VBZ n't RB plan VB to TO increase VB the DT staff NN right RB now RB , , but CC is VBZ weighing VBG that DT possibility NN , , the DT official NN adds VBZ . . The DT NSC NNP staff NN `` `` does VBZ n't RB have VB the DT horsepower NN that IN I PRP believe VBP is VBZ required VBN to TO have VB an DT effective JJ interagency NN process NN , , '' '' says VBZ Frank NNP Gaffney NNP , , a DT former JJ Pentagon NNP aide NN who WP now RB runs VBZ the DT Center NNP for IN Security NNP Policy NNP , , a DT conservative JJ Washington NNP think-tank NN . . `` `` The DT problem NN with IN this DT administration NN , , I PRP think VBP , , is VBZ that IN by IN design NN it PRP has VBZ greatly RB diminished VBN , , both DT in IN a DT physical JJ sense NN and CC in IN a DT procedural JJ sense NN , , the DT role NN of IN the DT NSC NNP . . '' '' The DT National NNP Security NNP Council NNP itself PRP was VBD established VBN in IN 1947 CD because IN policy NN makers NNS sensed VBD a DT need NN , , in IN an DT increasingly RB complex JJ world NN , , for IN a DT formal JJ system NN within IN the DT White NNP House NNP to TO make VB sure JJ that IN communications NNS flowed VBD smoothly RB between IN the DT president NN and CC the DT State NNP Department NNP , , Pentagon NNP and CC intelligence NN agencies NNS . . By IN law NN , , the DT council NN includes VBZ the DT president NN , , vice NN president NN and CC secretaries NNS of IN state NN and CC defense NN . . In IN practice NN , , the DT director NN of IN central JJ intelligence NN and CC chairman NN of IN the DT Joint NNP Chiefs NNPS of IN Staff NNP also RB serve VBP as IN unofficial JJ members NNS . . But CC the DT size NN , , shape NN and CC role NN of IN the DT NSC NNP staff NN have VBP been VBN left VBN for IN each DT president NN and CC his PRP$ national JJ security NN adviser NN to TO decide VB . . That DT task NN is VBZ one CD of IN Washington NNP 's POS perennial JJ problems NNS . . In IN the DT Bush NNP White NNP House NNP , , the DT size NN of IN the DT NSC NNP 's POS staff NN of IN professional JJ officers NNS is VBZ down RP to TO about IN 50 CD from IN about IN 70 CD in IN 1987 CD , , administration NN officials NNS say VBP . . Administration NN officials NNS insist VBP that IN the DT size NN of IN the DT staff NN was VBD n't RB a DT problem NN during IN the DT Panama NNP crisis NN . . But CC one CD clear JJ problem NN during IN the DT coup NN attempt NN was VBD that IN the DT NSC NNP staffer NN most RBS experienced JJ in IN Latin NNP America NNP , , Everett NNP Briggs NNP , , was VBD gone VBN . . He PRP had VBD just RB resigned VBN , , at IN least JJS in IN part NN because IN of IN a DT feud NN with IN Assistant NNP Secretary NNP of IN State NNP Bernard NNP Aronson NNP over IN the DT administration NN 's POS policy NN on IN Panama NNP and CC support NN for IN Nicaragua NNP 's POS Contra JJ rebels NNS . . The DT absence NN of IN Mr. NNP Briggs NNP underscored VBD the DT possible JJ inadequacy NN of IN the DT current JJ NSC NNP staff NN . . Both DT Gen. NNP Scowcroft NNP and CC his PRP$ deputy NN , , Robert NNP Gates NNP , , are VBP experts NNS in IN U.S.-Soviet JJ affairs NNS . . Gen. NNP Scowcroft NNP is VBZ particularly RB well-versed JJ in IN arms NNS control NN , , and CC Mr. NNP Gates NNP has VBZ spent VBN years NNS studying VBG Soviet JJ politics NNS and CC society NN . . Both DT have VBP become VBN confidants NNS of IN President NNP Bush NNP . . But CC neither DT has VBZ an DT extensive JJ background NN in IN Latin NNP America NNP , , the DT Middle NNP East NNP or CC Asia NNP . . In IN those DT areas NNS , , the DT role NN of IN NSC NNP staffers NNS under IN them PRP therefore RB have VBP become VBN more RBR important JJ . . Gen. NNP Scowcroft NNP knows VBZ as RB well RB as IN anyone NN that IN one CD of IN the DT biggest JJS dangers NNS he PRP faces VBZ is VBZ that IN NSC NNP staffers NNS working VBG in IN relative JJ anonymity NN will MD take VB over RP policy-making NN and CC operational JJ tasks NNS that WDT are VBP best RBS left VBN to TO bigger JJR and CC more RBR experienced JJ State NNP Department NNP and CC Pentagon NNP bureaus NNS . . But CC just RB as IN every DT previous JJ NSC NNP adviser NN has VBZ , , Gen. NNP Scowcroft NNP now RB will MD have VB to TO mull VB at IN what WDT point NN the DT NSC NNP staff NN becomes VBZ too RB lean JJ and CC too RB restrained JJ . . Japan NNP 's POS wholesale JJ prices NNS in IN the DT first JJ 10 CD days NNS of IN October NNP fell VBD 0.3 CD % NN from IN the DT previous JJ 10 CD days NNS but CC rose VBD 3.3 CD % NN from IN a DT year NN ago RB , , the DT Bank NNP of IN Japan NNP said VBD . . The DT wholesale JJ price NN index NN stood VBD at IN 89.6 CD ( ( 1985 CD equals VBZ 100 CD ) ) . . A DT former JJ Sperry NNP Corp. NNP marketing VBG executive NN , , admitting VBG his PRP$ role NN in IN the DT Pentagon NNP procurement JJ scandal NN , , pleaded VBD guilty JJ to TO bribery NN and CC conspiracy NN charges NNS for IN helping VBG funnel VB $ $ 400,000 CD to TO a DT midlevel JJ Navy NNP acquisition NN official NN during IN the DT early JJ 1980s NNS . . Frank NNP Lavelle NNP , , who WP at IN the DT time NN was VBD the DT marketing VBG director NN for IN Sperry NNP in IN Clearwater NNP , , Fla. NNP , , admitted VBD participating VBG in IN a DT scheme NN to TO bribe VB Garland NNP Tomlin NNP , , the DT Navy NNP official NN . . Mr. NNP Tomlin NNP , , who WP left VBD the DT Navy NNP in IN 1985 CD , , pleaded VBD guilty RB earlier RBR this DT year NN to TO related JJ conspiracy NN , , bribery NN and CC tax-evasion NN charges NNS . . The DT bribery NN scheme NN took VBD place NN between IN 1982 CD and CC 1985 CD , , according VBG to TO documents NNS filed VBN by IN prosecutors NNS in IN connection NN with IN Mr. NNP Lavelle NNP 's POS guilty JJ plea NN in IN federal JJ district NN court NN in IN Alexandria NNP , , Va NNP . . Sperry NNP merged VBD with IN Burroughs NNP Corp. NNP to TO become VB Unisys NNP Corp. NNP in IN late JJ 1986 CD . . Court NN documents NNS filed VBN by IN prosecutors NNS indicate VBP Mr. NNP Tomlin NNP tried VBD to TO steer VB to TO Sperry NNP a DT multimillion JJ dollar NN contract NN to TO computerize VB maintenance NN of IN certain JJ Navy NNP electronics NNS equiment NN . . Mr. NNP Tomlin NNP , , among IN other JJ things NNS , , illegally RB provided VBD Mr. NNP Lavelle NNP with IN inside JJ information NN and CC documents NNS intended VBN to TO give VB Sperry NNP an DT unfair JJ advantage NN in IN the DT competition NN , , the DT documents NNS said VBD . . Sperry NNP ultimately RB was VBD eliminated VBN from IN the DT competition NN without IN receiving VBG the DT work NN . . Documents NNS filed VBN by IN prosecutors NNS also RB indicate VBP that IN Mr. NNP Lavelle NNP and CC his PRP$ fellow JJ conspirators NNS requested VBD and CC obtained VBD `` `` approval NN of IN the DT scheme NN '' '' from IN more-senior JJR Sperry NNP officials NNS `` `` because IN the DT payment NN which WDT { ( Mr NNP . . } ) Tomlin NNP requested VBD was VBD so RB large JJ . . '' '' Charles NNP Gardner NNP , , a DT former JJ Unisys NNP vice NN president NN , , and CC James NNP Neal NNP , , a DT former JJ company NN consultant NN , , have VBP admitted VBN participating VBG in IN this DT and CC other JJ bribery NN schemes NNS . . Unisys NNP has VBZ said VBN that IN all DT of IN the DT company NN officials NNS who WP participated VBD in IN improper JJ activities NNS have VBP left VBN the DT company NN . . Mr. NNP Lavelle NNP faces VBZ a DT maximum NN of IN 20 CD years NNS in IN jail NN and CC a DT $ $ 500,000 CD fine NN . . The DT New NNP York NNP Stock NNP Exchange NNP said VBD a DT seat NN was VBD sold VBN for IN $ $ 500,000 CD , , unchanged JJ from IN the DT sale NN Thursday NNP . . Seats NNS are VBP quoted VBN at IN $ $ 430,000 CD bid NN and CC $ $ 525,000 CD asked VBN . . Bureaucrats NNS may MD deserve VB their PRP$ bad JJ reputation NN , , after IN all DT . . Matthew NNP Lesko NNP , , something NN of IN a DT professional JJ defender NN of IN government NN , , thought VBD he PRP had VBD a DT sure-fire JJ winner NN last JJ summer NN when WRB he PRP offered VBD $ $ 5,000 CD for IN the DT best JJS `` `` verifiable JJ story NN of IN 250 CD words NNS or CC less JJR about IN how WRB a DT government NN bureaucrat NN helped VBD you PRP . . '' '' He PRP sent VBD out RP thousands NNS of IN news NN releases NNS from IN his PRP$ Kensington NNP , , Md. NNP , , office NN . . He PRP plugged VBD the DT contest NN on IN Larry NNP King NNP 's POS radio NN show NN , , on IN Pat NNP Sajak NNP 's POS television NN show NN and CC on IN the DT C-SPAN NNP cable NN television NN network NN . . He PRP talked VBD about IN it PRP in IN every DT speech NN he PRP made VBD as IN he PRP roamed VBD the DT country NN promoting VBG his PRP$ books NNS , , which WDT dispense VBP handy JJ how-to JJ advice NN on IN using VBG government NN information NN for IN fun NN and CC profit NN . . Mr. NNP Lesko NNP figured VBD he PRP would MD be VB flooded VBN with IN entries NNS by IN now RB . . After IN all DT , , he PRP says VBZ , , `` `` we PRP 've VBP got VBN like IN 15 CD million CD bureaucrats NNS . . '' '' And CC in IN addition NN to TO the DT $ $ 5,000 CD , , he PRP has VBZ promised VBN the DT winner NN a DT `` `` My PRP$ Favorite JJ Bureaucrat NN '' '' plaque NN and CC offered VBD each DT of IN two CD runners-up NNS $ $ 500 CD . . So RB far RB , , though RB , , Mr. NNP Lesko NNP has VBZ received VBN only RB one CD entry NN . . To TO make VB matters NNS worse RBR , , the DT lone JJ nomination NN came VBD from IN another DT bureaucrat NN : : A DT woman NN from IN the DT New NNP York NNP State NNP Department NNP of IN Taxation NNP and CC Finance NNP who WP nominated VBD her PRP$ boss NN . . Mr. NNP Lesko NNP , , who WP is VBZ making VBG the DT rules NNS as IN he PRP goes VBZ , , has VBZ determined VBN that IN bureaucrats NNS are VBP eligible JJ for IN nomination NN by IN other JJ bureaucrats NNS . . But CC he PRP says VBZ he PRP would MD prefer VB to TO get VB nominations NNS from IN rank-and-file JJ folks NNS . . He PRP admits VBZ that IN he PRP has VBZ n't RB had VBN much JJ luck NN generating VBG free JJ publicity NN for IN his PRP$ contest NN . . Newspapers NNS , , including VBG this DT one CD , , have VBP generally RB ignored VBN his PRP$ news NN releases NNS . . Talk NN show NN hosts NNS quickly RB change VBP the DT topic NN . . But CC Mr. NNP Lesko NNP 's POS staff NN is VBZ beginning VBG to TO wonder VB whether IN there EX is VBZ n't RB some DT larger JJR phenomenon NN foiling VBG the DT contest NN . . `` `` Is VBZ the DT government NN not RB helping VBG anybody NN ? . '' '' asks VBZ Toni NNP Murray NNP , , an DT assistant NN to TO Mr. NNP Lesko NNP . . Mr. NNP Lesko NNP himself PRP is VBZ n't RB yet RB prepared JJ to TO accept VB that DT explanation NN . . `` `` People NNS hate VBP to TO write VB , , '' '' he PRP says VBZ . . `` `` Maybe RB people NNS do VBP n't RB believe VB I PRP want VBP to TO give VB this DT money NN away RB . . '' '' Maybe RB Americans NNPS are VBP just RB so RB annoyed JJ with IN government NN that IN they PRP are VBP n't RB interested JJ in IN admitting VBG that IN bureaucrats NNS come VBP in RP handy JJ once RB in IN a DT while NN . . If IN he PRP sponsored VBD a DT contest NN on IN how WRB a DT bureaucrat NN mishandled VBD something NN , , Mr. NNP Lesko NNP admits VBZ , , `` `` I PRP 'd MD get VB 5,000 CD entries NNS . . '' '' Now RB there EX 's VBZ an DT idea NN . . Ford NNP Motor NNP Co. NNP and CC Saab-Scania NNP AB NNP of IN Sweden NNP broke VBD off RP talks NNS about IN a DT possible JJ alliance NN after IN Ford NNP officials NNS concluded VBD that IN the DT cost NN to TO modernize VB Saab NNP 's POS car NN operations NNS would MD outweigh VB the DT likely JJ return NN . . With IN the DT collapse NN of IN the DT talks NNS Friday NNP , , European JJ analysts NNS expect VBP Ford NNP to TO intensify VB its PRP$ pursuit NN of IN British JJ luxury NN car NN maker NN Jaguar NNP PLC NNP , , which WDT is VBZ scrambling VBG to TO fend VB off RP a DT hostile JJ Ford NNP bid NN by IN negotiating VBG a DT friendly JJ alliance NN with IN Ford NNP 's POS archrival NN , , General NNP Motors NNPS Corp NNP . . Saab NNP , , meanwhile RB , , is VBZ left VBN to TO continue VB its PRP$ search NN for IN an DT ally NN to TO shore NN up RP its PRP$ sagging VBG car NN business NN . . Saab NNP said VBD last JJ week NN it PRP `` `` has VBZ had VBN and CC will MD continue VB to TO have VB contacts NNS with IN other JJ manufacturers NNS . . '' '' Among IN the DT possible JJ suitors NNS is VBZ Italy NNP 's POS Fiat NNP S.p NNP . . A NNP , , analysts NNS said VBD last JJ week NN . . Ford NNP and CC Saab NNP officials NNS declined VBD to TO elaborate VB publicly RB on IN the DT announcement NN Friday NNP that IN their PRP$ negotiations NNS failed VBD to TO yield VB an DT agreement NN `` `` that WDT could MD make VB long-term JJ business NN sense NN to TO both DT parties NNS . . '' '' Individuals NNS close JJ to TO the DT Ford NNP side NN of IN the DT negotiations NNS said VBD late RB last JJ week NN that IN the DT No. NN 2 CD U.S. NNP auto NN maker NN lost VBD interest NN as IN it PRP became VBD clear JJ that IN the DT Swedish JJ auto NN maker NN 's POS automotive JJ operations NNS had VBD little JJ to TO offer VB in IN the DT way NN of IN image NN or CC technology NN . . Ford NNP originally RB had VBD seen VBN a DT Saab NNP alliance NN as IN a DT way NN to TO expand VB its PRP$ presence NN in IN the DT European JJ and CC U.S. NNP luxury NN car NN markets NNS . . In IN addition NN , , Ford NNP and CC Saab NNP had VBD discussed VBN a DT possible JJ link NN between IN their PRP$ heavy JJ truck NN operations NNS . . But CC the DT talks NNS on IN a DT heavy JJ truck NN alliance NN apparently RB did VBD n't RB go VB far RB . . Some DT European JJ analysts NNS speculated VBD that IN officials NNS of IN Saab NNP 's POS highly RB profitable JJ Scania NNP truck NN operation NN balked VBD at IN surrendering VBG any DT of IN their PRP$ autonomy NN . . Meanwhile RB , , Ford NNP officials NNS became VBD convinced JJ they PRP could MD n't RB expect VB to TO recover VB the DT investment NN it PRP would MD require VB to TO make VB Saab NNP 's POS cars NNS competitive JJ in IN the DT increasingly RB crowded JJ luxury NN market NN . . Saab NNP 's POS problems NNS were VBD underscored VBN Friday NNP when WRB the DT company NN announced VBD that DT its PRP$ car NN division NN had VBD a DT 1.2 CD billion CD kronor NNS ( ( $ $ 186.1 CD million CD ) ) loss NN during IN the DT first JJ eight CD months NNS of IN this DT year NN , , slightly RB worse JJR than IN Saab-Scania NNP had VBD forecast VBN in IN its PRP$ first-half JJ report NN last JJ month NN . . Overall RB , , Saab-Scania NNP 's POS pretax JJ profit NN during IN the DT first JJ eight CD months NNS of IN the DT year NN plunged VBD 48.9 CD % NN to TO 1 CD billion CD Swedish JJ kronor NNS ( ( $ $ 155.1 CD million CD ) ) from IN 1.96 CD billion CD kronor NNS ( ( $ $ 303.9 CD million CD ) ) a DT year NN earlier RB . . Industry NN analysts NNS in IN Europe NNP said VBD the DT most RBS likely JJ suitor NN for IN Saab NNP now RB is VBZ Fiat NNP . . Saab NNP and CC Fiat NNP have VBP worked VBN together RB in IN the DT past NN , , in IN one CD case NN developing VBG jointly RB a DT new JJ auto NN chassis NN that WDT became VBD the DT foundation NN of IN Saab NNP 's POS 9000 CD model NN , , Fiat NNP 's POS Croma NNP and CC Lancia NNP 's POS Thema NNP . . Last JJ month NN , , Saab-Scania NNP Chief NNP Executive NNP Georg NNP Karnsund NNP said VBD his PRP$ company NN has VBZ had VBN talks NNS with IN Fiat NNP about IN a DT broader JJR alliance NN . . But CC the DT talks NNS yielded VBD `` `` nothing NN so RB advanced JJ that IN we PRP needed VBD to TO make VB a DT public JJ announcement NN about IN it PRP , , '' '' he PRP said VBD . . As IN for IN Ford NNP , , analysts NNS expect VBP the DT end NN of IN the DT Saab NNP play NN will MD allow VB the DT U.S. NNP auto NN maker NN to TO focus VB its PRP$ resources NNS on IN the DT intensifying VBG struggle NN with IN GM NNP for IN a DT stake NN in IN Jaguar NNP . . The DT failure NN of IN the DT Saab NNP talks NNS `` `` makes VBZ it PRP even RB more RBR crucial JJ for IN { ( Ford NNP } ) to TO be VB victorious JJ '' '' in IN the DT Jaguar NNP contest NN , , said VBD Stephen NNP Reitman NNP , , European JJ auto NN industry NN analyst NN at IN UBS-Phillips NNP & CC Drew NNP in IN London NNP . . Ford NNP faces VBZ an DT uphill JJ fight NN for IN Jaguar NNP , , however RB . . Jaguar NNP executives NNS said VBD last JJ week NN they PRP expect VBP to TO have VB a DT friendly JJ alliance NN with IN GM NNP wrapped VBD up RB by IN the DT end NN of IN the DT month NN . . GM NNP , , meanwhile RB , , is VBZ hosting VBG a DT delegation NN of IN members NNS of IN the DT British NNP Parliament NNP who WP are VBP touring VBG the DT auto NN maker NN 's POS headquarter JJ operations NNS in IN Detroit NNP . . A DT GM NNP spokesman NN said VBD the DT visit NN is VBZ n't RB connected JJ to TO the DT Jaguar NNP situation NN . . But CC Ford NNP clearly RB views VBZ Jaguar NNP as IN a DT prize NN worth JJ fighting VBG for IN , , since IN the DT company NN 's POS gilded JJ brand NN image NN would MD give VB Ford NNP a DT badly RB needed JJ leg NN up RB in IN the DT high JJ end NN of IN the DT luxury NN markets NNS in IN both DT Europe NNP and CC the DT U.S. NNP . . Last JJ week NN , , Ford NNP encountered VBD a DT setback NN in IN its PRP$ effort NN to TO broaden VB its PRP$ U.S. NNP luxury NN offerings NNS when WRB it PRP was VBD forced VBN to TO abandon VB a DT four-year-old JJ effort NN to TO market VB its PRP$ German-built JJ Scorpio NNP sedan NN in IN the DT U.S. NNP as IN a DT luxury NN import NN under IN the DT Merkur NNP brand NN name NN . . So RB despite IN the DT GM-Jaguar JJ romance NN , , analysts NNS say VBP Ford NNP by IN last JJ Friday NNP had VBD boosted VBN its PRP$ Jaguar NNP holding NN to TO about IN 11 CD % NN of IN the DT luxury NN auto NN maker NN 's POS shares NNS outstanding JJ from IN 10.4 CD % NN early RB last JJ week NN . . About IN 5.4 CD million CD Jaguar NNP shares NNS changed VBD hands NNS in IN active JJ trading NN on IN London NNP 's POS stock NN exchange NN Friday NNP , , and CC Jaguar NNP shares NNS moved VBD up RP 19 CD pence NN to TO 696 CD pence NN ( ( $ $ 11 CD ) ) . . On IN the DT U.S. NNP over-the-counter JJ market NN , , Jaguar NNP 's POS American JJ depositary NN receipts NNS rose VBD 12.5 CD cents NNS to TO $ $ 11.125 CD . . Joann NNP S. NNP Lublin NNP contributed VBD to TO this DT article NN . . The DT Dallas NNP Cowboys NNPS are VBP looking VBG at IN a DT long-yardage JJ situation NN , , struggling VBG to TO pull VB ahead RB of IN the DT Atlanta NNP Falcons NNPS . . Up IN in IN his PRP$ stadium NN box NN , , their PRP$ new JJ and CC controversial JJ owner NN , , Jerral NNP `` `` Jerry NNP '' '' Jones NNP , , watches VBZ anxiously RB as IN the DT team NN bounds VBZ up IN to TO the DT scrimmage NN line NN . . Mr. NNP Jones NNP takes VBZ heart RB . . There RB in IN the DT center NN of IN the DT pack NN is VBZ quarterback NN Troy NNP Aikman NNP , , the DT key NN to TO the DT Cowboys NNPS ' POS comeback NN strategy NN . . So RB key JJ , , in IN fact NN , , that IN Mr. NNP Jones NNP signed VBD him PRP in IN April NNP for IN $ $ 11.4 CD million CD over IN the DT next JJ six CD years NNS -- : a DT record NN for IN a DT rookie NN . . `` `` He PRP 's VBZ a DT genuine JJ Wheaties-box JJ athlete NN , , '' '' gushes VBZ Mr. NNP Jones NNP . . With IN three CD minutes NNS left VBN on IN the DT clock NN , , Mr. NNP Aikman NNP takes VBZ the DT snap NN , , steps VBZ back RB and CC fires VBZ a DT 21-yard JJ pass NN -- : straight RB into IN the DT hands NNS of IN an DT Atlanta NNP defensive JJ back NN . . The DT crowd NN groans VBZ , , Mr. NNP Jones NNP shakes VBZ his PRP$ head NN , , the DT Cowboys NNPS lose VBP the DT game NN . . A DT few JJ days NNS after IN that DT Sept. NNP 17 CD game NN , , Mr. NNP Aikman NNP broke VBD a DT finger NN , , sidelining VBG him PRP for IN weeks NNS . . Ah UH , , the DT glamour NN of IN professional JJ sports NNS . . For IN Mr. NNP Jones NNP , , losing VBG his PRP$ quarterback NN temporarily RB was VBD just RB the DT latest JJS in IN a DT string NN of IN setbacks NNS that WDT has VBZ beset VBN the DT Dallas NNP Cowboys NNPS -- : and CC , , this DT year NN , , much JJ of IN the DT National NNP Football NNP League NNP . . Once RB fat JJ and CC happy JJ , , the DT Cowboys NNPS now RB are VBP losing VBG games NNS , , fans NNS and CC money NN . . Last JJ year NN , , the DT team NN ended VBN up RP $ $ 2 CD million CD in IN the DT red NN on IN $ $ 30 CD million CD in IN revenue NN . . It PRP has VBZ some DT of IN the DT highest JJS costs NNS in IN the DT league NN . . Its PRP$ attendance NN is VBZ off IN 23 CD % NN from IN six CD years NNS ago RB . . At IN the DT very RB least JJS , , Mr. NNP Jones NNP , , who WP cultivates VBZ the DT society NN circuit NN as RB eagerly RB as IN his PRP$ bench NN , , can MD take VB comfort NN in IN one CD fact NN : : These DT days NNS , , he PRP is VBZ n't RB alone RB . . Nearly RB half PDT the DT owners NNS of IN the DT 28 CD National NNP Football NNP League NNP teams NNS are VBP losing VBG money NN , , the DT result NN of IN flat JJ attendance NN , , aging VBG stadiums NNS and CC -- : more JJR than IN anything NN -- : skyrocketing VBG salaries NNS for IN star NN players NNS like IN Mr. NNP Aikman NNP . . Last JJ year NN , , the DT top JJ 12 CD players NNS on IN each DT NFL NNP team NN took VBD home RB an DT average NN $ $ 536,000 CD , , a DT figure NN comparable JJ to TO baseball NN and CC higher JJR than IN in IN basketball NN . . First-round JJ draft NN picks NNS have VBP done VBN even RB better RB : : Average JJ salaries NNS and CC bonuses NNS for IN them PRP rose VBD to TO $ $ 685,000 CD this DT year NN , , up RB 44 CD % NN from IN 1987 CD . . `` `` It PRP 's VBZ a DT vicious JJ circle NN , , '' '' says VBZ Art NNP Modell NNP , , owner NN of IN the DT Cleveland NNP Browns NNPS . . `` `` One CD team NN pays VBZ so RB much JJ and CC the DT other JJ pays VBZ more JJR . . We PRP just RB do VBP n't RB have VB that DT kind NN of IN income NN stream NN . . '' '' All PDT this DT is VBZ causing VBG convulsions NNS in IN professional JJ football NN . . Owners NNS , , largely RB complacent JJ in IN the DT past NN , , are VBP now RB almost RB desperately RB looking VBG for IN ways NNS to TO lower VB costs NNS and CC raise VB revenue NN -- : embracing VBG some DT revolutionary JJ ideas NNS in IN the DT process NN . . Though IN not RB intentionally RB , , the DT Cowboys NNPS ' POS Mr. NNP Jones NNP has VBZ come VBN to TO represent VB this DT new JJ breed NN of IN owner NN . . Shortly RB after IN buying VBG 66 CD % NN of IN the DT team NN from IN H.R. NNP `` `` Bum NNP '' '' Bright NNP for IN $ $ 145 CD million CD , , and CC mindful JJ of IN the DT Cowboys NNPS ' POS ragged JJ bottom JJ line NN , , the DT 47-year-old JJ Mr. NNP Jones NNP set VBD about IN his PRP$ own JJ round NN of IN team NN cuts NNS . . First RB , , he PRP unceremoniously RB sacked VBD Tom NNP Landry NNP , , the DT legendary JJ coach NN who WP took VBD the DT Cowboys NNPS to TO five CD Super NNP Bowls NNP and CC 20 CD consecutive JJ winning JJ seasons NNS . . In IN Dallas NNP , , Mr. NNP Landry NNP has VBZ a DT standing NN just RB shy JJ of IN sainthood NN . . Anti-Jones JJ sentiment NN flooded VBD the DT local JJ press NN : : `` `` A DT crude JJ obnoxious JJ hick NN , , '' '' said VBD one CD writer NN ; : `` `` a DT real JJ oink UH , , '' '' said VBD another DT ; : `` `` Who WP in IN the DT hell NN does VBZ he PRP think VB he PRP is VBZ ? . '' '' wrote VBD a DT third JJ . . For IN Mr. NNP Jones NNP , , it PRP was VBD just RB the DT beginning NN . . He PRP quickly RB cut VBD the DT team NN 's POS bloated JJ administrative JJ staff NN by IN half NN , , shut VBD down RP a DT Cowboys-owned JJ dance NN academy NN and CC , , in IN July NNP , , announced VBD plans NNS to TO sell VB Valley NNP Ranch NNP , , the DT team NN 's POS 30-acre JJ practice NN camp NN and CC the DT most RBS lavish JJ training NN facility NN in IN the DT NFL NNP . . Mr. NNP Jones NNP calls VBZ the DT ranch NN `` `` the DT Pentagon NNP of IN Sportdom NN . . '' '' It PRP is VBZ a DT maze NN of IN halls NNS that WDT connects VBZ film NN rooms NNS , , elaborate JJ spas NNS and CC weight-training NN centers NNS that WDT testify VBP to TO a DT richer JJR , , more RBR free-spending JJ era NN . . He PRP likes VBZ to TO tell VB the DT yarn NN of IN how WRB he PRP got VBD lost VBN on IN the DT expansive JJ ranch NN during IN an DT early JJ visit NN , , took VBD refuge NN in IN an DT office NN and CC called VBD the DT front JJ desk NN for IN help NN . . `` `` I PRP said VBD , , ` `` Somebody NN come VB get VB me PRP . . I PRP 'm VBP at IN extension NN 29 CD . . ' '' '' '' With IN a DT new JJ day NN dawning VBG on IN the DT sport NN , , Mr. NNP Jones NNP does VBZ n't RB see VB a DT place NN for IN this DT sort NN of IN luxury NN . . `` `` It PRP 's VBZ just RB not RB cost NN efficient JJ , , '' '' he PRP says VBZ . . The DT place NN costs VBZ nearly RB $ $ 2 CD million CD a DT year NN to TO maintain VB . . When WRB he PRP sells VBZ it PRP , , he PRP says VBZ , , the DT Cowboys NNPS will MD move VB to TO a DT more RBR practical JJ -- : read VB affordable JJ -- : grass NN practice NN field NN near IN Texas NNP Stadium NNP . . And CC as IN for IN Tom NNP Landry NNP , , well UH , , in IN Mr. NNP Jones NNP 's POS mind NN , , he PRP had VBD played VBN out RP his PRP$ winning VBG years NNS . . After IN posting VBG losing JJ seasons NNS in IN each DT of IN the DT last JJ three CD years NNS , , the DT Cowboys NNS needed VBD a DT change NN , , he PRP says VBZ . . Football NN has VBZ long RB been VBN Mr. NNP Jones NNP 's POS passion NN , , both DT on IN and CC off IN the DT field NN . . An DT Arkansas NNP native NN , , he PRP started VBD at IN guard NN on IN the DT undefeated JJ 1964 CD University NNP of IN Arkansas NNP team NN that WDT won VBD a DT national JJ championship NN . . After IN college NN , , he PRP worked VBD at IN his PRP$ father NN 's POS insurance NN company NN in IN Little NNP Rock NNP , , and CC in IN 1966 CD led VBD an DT aborted JJ attempt NN to TO buy VB the DT San NNP Diego NNP Chargers NNPS . . Years NNS later RB , , with IN cash NN from IN the DT sale NN of IN the DT insurance NN company NN , , he PRP founded VBD Arkoma NNP Production NNP Corp. NNP , , an DT oil NN and CC gas NN exploration NN company NN based VBN in IN Little NNP Rock NNP . . So RB it PRP was VBD n't RB surprising JJ that IN Mr. NNP Jones NNP returned VBD to TO his PRP$ Arkansas NNP roots NNS when WRB he PRP went VBD looking VBG for IN a DT replacement NN for IN Mr. NNP Landry NNP . . He PRP tapped VBD Jimmy NNP Johnson NNP , , a DT teammate NN on IN the DT 1964 CD University NNP of IN Arkansas NNP squad NN and CC the DT head NN coach NN at IN the DT University NNP of IN Miami NNP , , where WRB he PRP led VBD the DT Hurricanes NNPS to TO five CD winning JJ seasons NNS and CC a DT national JJ championship NN in IN 1987 CD . . Whatever WDT Mr. NNP Johnson NNP 's POS talents NNS , , in IN the DT hearts NNS and CC minds NNS of IN many JJ Dallas NNP fans NNS , , he PRP is VBZ no DT Tom NNP Landry NNP . . Seven CD games NNS ( ( and CC , , after IN a DT loss NN to TO the DT Kansas NNP City NNP Chiefs NNPS yesterday NN , , seven CD losses NNS ) ) into IN the DT season NN , , the DT `` `` new JJ '' '' Cowboys NNPS are VBP n't RB doing VBG any RB better RBR than IN the DT old JJ . . In IN fact NN , , the DT last JJ time NN they PRP played VBD this DT badly RB was VBD in IN 1960 CD , , their PRP$ opening JJ season NN . . Average NN attendance NN at IN their PRP$ games NNS , , about IN 49,000 CD last JJ year NN , , continues VBZ flat JJ . . Mr. NNP Jones NNP is VBZ attacking VBG the DT problem NN on IN several JJ fronts NNS . . He PRP continues VBZ to TO reshuffle VB the DT team NN , , trading VBG famed JJ running VBG back NN Herschel NNP Walker NNP to TO the DT Minnesota NNP Vikings NNPS this DT month NN for IN a DT slew NN of IN players NNS and CC future JJ draft NN picks NNS . . To TO try VB to TO draw VB more JJR fans NNS , , he PRP has VBZ dropped VBN end-zone NN ticket NN prices NNS from IN $ $ 25 CD to TO $ $ 19 CD . . But CC the DT general JJ trend NN , , given VBN rising VBG costs NNS in IN the DT league NN , , has VBZ been VBN to TO raise VB prices NNS , , and CC Mr. NNP Jones NNP is VBZ expected VBN to TO eventually RB follow VB suit NN . . `` `` It PRP 's VBZ simple JJ , , '' '' says VBZ Lamar NNP Hunt NNP , , who WP owns VBZ the DT Kansas NNP City NNP Chiefs NNPS and CC last JJ year NN raised VBD ticket NN prices NNS by IN $ $ 2.40 CD to TO an DT average JJ $ $ 17 CD . . `` `` If IN we PRP did VBD n't RB increase VB prices NNS , , we PRP 'd MD be VB in IN the DT red NN . . '' '' Mr. NNP Jones NNP has VBZ also RB beefed VBN up RP his PRP$ marketing VBG staff NN to TO sell VB the DT 118 CD luxury NN suites NNS topping VBG Texas NNP Stadium NNP ( ( his PRP$ deal NN with IN Bum NNP Bright NNP included VBD operating NN rights NNS for IN the DT stadium NN ) ) . . The DT suites NNS are VBP air-conditioned JJ , , have VBP wet JJ bars NNS and CC plush JJ seating NN , , and CC offer VBP a DT clear JJ view NN of IN the DT field NN -- : all DT for IN a DT sale NN price NN of IN $ $ 475,000 CD to TO $ $ 1 CD million CD , , depending VBG on IN their PRP$ size NN and CC location NN . . Mr. NNP Jones NNP has VBZ been VBN taking VBG prospective JJ suite NN owners NNS onto IN the DT field NN during IN practice NN to TO let VB them PRP rub VB elbows NNS with IN players NNS , , and CC promises VBZ those DT who WP actually RB buy VBP one CD of IN the DT rooms NNS an DT insider NN 's POS look NN at IN the DT team NN 's POS strategy NN before IN game NN time NN . . The DT sales NNS job NN seems VBZ to TO be VB paying VBG off RB : : When WRB he PRP bought VBD the DT team NN , , only RB six CD of IN the DT suites NNS had VBD been VBN sold VBN . . Today NN , , 30 CD have VBP . . Gate NN receipts NNS are VBP only RB the DT Cowboys NNPS ' POS second JJ largest JJS source NN of IN cash NN . . The DT biggest JJS is VBZ the DT NFL NNP 's POS contract NN with IN national JJ television NN for IN broadcast NN of IN the DT league NN 's POS games NNS . . Last JJ year NN , , the DT Cowboys NNP ' POS share NN of IN that DT pie NN came VBD to TO $ $ 17.6 CD million CD . . The DT team NN additionally RB earns VBZ between IN $ $ 2 CD million CD and CC $ $ 4 CD million CD for IN local JJ radio NN and CC television NN broadcast NN rights NNS . . Mr. NNP Jones NNP is VBZ currently RB trying VBG to TO jack VB up RP the DT price NN for IN those DT local JJ rights NNS . . He PRP is VBZ also RB trying VBG to TO get VB more JJR stations NNS in IN Mexico NNP , , where WRB the DT Cowboys NNPS have VBP a DT following NN , , to TO pick VB up RP the DT games NNS . . Mr. NNP Jones NNP , , whose WP$ twangy JJ voice NN and CC folksy JJ ways NNS belie VBP an DT intense JJ businessman NN who WP works VBZ 16-hour JJ days NNS , , is VBZ resigned VBN to TO the DT hefty JJ salaries NNS he PRP pays VBZ his PRP$ players NNS these DT days NNS . . He PRP calls VBZ the DT contracts NNS `` `` critical JJ to TO winning VBG in IN the DT NFL NNP '' '' and CC has VBZ played VBN his PRP$ part NN in IN the DT bidding NN wars NNS . . Besides IN signing VBG Mr. NNP Aikman NNP to TO a DT sizable JJ contract NN , , Mr. NNP Jones NNP has VBZ agreed VBN to TO pay VB rookie NN quarterback NN Steve NNP Walsh NNP $ $ 4.1 CD million CD over IN the DT next JJ four CD years NNS . . This DT wage NN inflation NN is VBZ bleeding VBG the DT NFL NNP dry JJ , , the DT owners NNS contend VBP . . Soon RB , , only RB large JJ corporations NNS will MD be VB able JJ to TO afford VB to TO buy VB and CC run VB football NN teams NNS , , predicts VBZ John NNP J. NNP Veatch NNP Jr. NNP , , an DT investment NN banker NN with IN Salomon NNP Brothers NNPS who WP handled VBD the DT Cowboys NNPS sale NN . . To TO tackle VB the DT problem NN , , NFL NNP owners NNS have VBP proposed VBN setting VBG a DT rookie NN wage NN scale NN to TO try VB to TO rein VB in RP salaries NNS . . Details NNS of IN the DT plan NN , , which WDT would MD go VB into IN effect NN in IN 1993 CD , , are VBP sketchy JJ , , but CC each DT player NN would MD apparently RB be VB paid VBN a DT base JJ salary NN keyed VBN to TO his PRP$ position NN and CC ability NN . . Bonuses NNS would MD be VB paid VBN based VBN on IN playing NN time NN and CC performance NN . . The DT NFL NNP Players NNPS Association NNP , , meanwhile RB , , contends VBZ that IN athletes NNS are VBP paid VBN a DT wage NN commensurate JJ with IN their PRP$ ability NN to TO draw VB fans NNS , , and CC that IN some DT owners NNS are VBP in IN financial JJ trouble NN because IN of IN poor JJ business NN management NN , , not RB players NNS ' POS salaries NNS . . The DT owners NNS are VBP trying VBG to TO boost VB profit NN in IN other JJ ways NNS , , too RB . . Many JJ have VBP launched VBN promotions NNS to TO attract VB new JJ fans NNS and CC are VBP renegotiating VBG dated JJ stadium NN contracts NNS . . Most JJS of IN the DT owners NNS must MD pay VB up IN to TO 10 CD % NN of IN gross JJ ticket NN sales NNS for IN leases NNS on IN stadiums NNS they PRP say VBP are VBP either RB too RB small JJ or CC too RB old JJ . . In IN Chicago NNP , , for IN example NN , , size NN is VBZ the DT issue NN . . `` `` We PRP have VBP the DT worst JJS lease NN in IN the DT NFL NNP , , '' '' contends VBZ Michael NNP B. NNP McCaskey NNP , , the DT president NN of IN the DT Chicago NNP Bears NNPS and CC a DT grandson NN of IN George NNP Halas NNP , , who WP founded VBD the DT NFL NNP 's POS predecessor NN organization NN . . `` `` We PRP 're VBP in IN a DT metro NN area NN with IN millions NNS of IN Bear JJ fans NNS , , and CC only RB a DT small JJ number NN can MD be VB accommodated VBN . . '' '' When WRB the DT lease NN expires VBZ in IN 1999 CD , , he PRP says VBZ , , `` `` It PRP 's VBZ got VBN to TO be VB changed VBN . . '' '' This DT year NN , , the DT NFL NNP also RB imposed VBD an DT 80-player JJ limit NN on IN teams NNS going VBG into IN training NN camp NN , , down RB from IN 120 CD , , in IN a DT move NN meant VBN to TO trim VB payroll NN costs NNS . . And CC the DT league NN is VBZ trying VBG to TO get VB more JJR for IN its PRP$ three-year JJ national JJ network NN contract NN , , which WDT expires VBZ after IN this DT season NN . . The DT current JJ contract NN pays VBZ the DT NFL NNP $ $ 1.4 CD billion CD . . Owners NNS say VBP they PRP expect VBP the DT league NN to TO demand VB a DT 50 CD % NN increase NN , , despite IN the DT fact NN that WDT televised JJ football NN games NNS have VBP had VBN lackluster JJ ratings NNS . . An DT NFL NNP spokesman NN also RB says VBZ the DT league NN will MD probably RB expand VB its PRP$ offerings NNS to TO cable NN TV NN companies NNS like IN ESPN NNP . . The DT changes NNS have VBP n't RB come VBN easy RB . . Like IN the DT game NN of IN professional JJ football NN , , the DT NFL NNP organization NN itself PRP is VBZ in IN turmoil NN . . The DT new JJ breed NN of IN team NN owner NN , , Mr. NNP Jones NNP included JJ , , has VBZ been VBN fighting VBG the DT NFL NNP bureaucracy NN for IN a DT greater JJR say NN in IN league NN affairs NNS , , and CC the DT battle NN has VBZ produced VBN a DT form NN of IN organizational JJ gridlock NN . . In IN July NNP , , 11 CD NFL NNP owners NNS , , almost RB all DT of IN them PRP new JJ , , blocked VBD an DT effort NN to TO install VB Jim NNP Finks NNP as IN a DT replacement NN for IN retiring VBG league NN commissioner NN Pete NNP Rozelle NNP . . Mr. NNP Finks NNP is VBZ perceived VBN by IN some DT owners NNS as IN a DT standard-bearer NN for IN the DT Old JJ Guard NN . . Earlier RBR this DT month NN , , another DT effort NN to TO choose VB a DT commissioner NN failed VBD . . The DT owners NNS meet VBP again RB tomorrow NN . . For IN his PRP$ part NN , , Jerry NNP Jones NNP says VBZ he PRP 's VBZ in IN the DT business NN for IN the DT long JJ haul NN , , and CC his PRP$ work NN style NN seems VBZ to TO support VB that DT . . He PRP puts VBZ in RP busy JJ six-day JJ weeks NNS ( ( excluding VBG game NN days NNS ) ) , , and CC on IN one CD recent JJ afternoon NN fielded VBD questions NNS , , in IN the DT course NN of IN an DT hour NN , , from IN a DT TV NN producer NN , , his PRP$ luxury-suite NN marketing VBG manager NN , , a DT disgruntled JJ customer NN and CC a DT roomful NN of IN Arkansas NNP reporters NNS . . To TO keep VB his PRP$ schedule NN on IN track NN , , he PRP flies VBZ two CD personal JJ secretaries NNS in RP from IN Little NNP Rock NNP to TO augment VB his PRP$ staff NN in IN Dallas NNP . . `` `` When WRB I PRP made VBD this DT investment NN , , I PRP made VBD it PRP on IN a DT lifetime NN basis NN , , '' '' he PRP explains VBZ . . `` `` I PRP 'm VBP not RB here RB to TO make VB money NN by IN reselling VBG the DT team NN later RB on RB . . While IN the DT Cowboys NNPS may MD not RB be VB the DT best JJS investment NN now RB , , I PRP do VBP n't RB accept VB they PRP ca MD n't RB be VB in IN the DT future NN . . '' '' Besides IN , , to TO a DT large JJ extent NN , , Mr. NNP Jones NNP may MD already RB be VB getting VBG what WP he PRP wants VBZ out IN of IN the DT team NN , , even RB though IN it PRP keeps VBZ losing VBG . . Owning VBG the DT Cowboys NNPS has VBZ bought VBN him PRP entree FW to TO a DT glitzy JJ life NN that IN drilling VBG for IN oil NN in IN Arkansas NNP just RB did VBD n't RB provide VB . . There EX is VBZ the DT new JJ private JJ jet NN , , the DT platoon NN of IN assistants NNS , , invitations NNS to TO the DT best JJS parties NNS , , and CC television NN appearances NNS on IN shows NNS such JJ as IN `` `` Prime JJ Time NN Live JJ . . '' '' A DT few JJ weeks NNS ago RB , , Mr. NNP Jones NNP even RB entertained VBD Elizabeth NNP Taylor NNP in IN his PRP$ private JJ suite NN at IN Texas NNP Stadium NNP . . `` `` You PRP 're VBP in IN the DT catbird JJ seat NN every DT day NN in IN this DT job NN , , '' '' he PRP says VBZ . . How WRB interestingly RB clever JJ of IN Robert NNP Goldberg NNP to TO use VB the DT form NN of IN pretend JJ advocacy NN journalism NN to TO explain VB his PRP$ perception NN of IN `` `` Days NNS of IN Rage NN '' '' in IN his PRP$ television NN critique NN ( ( Leisure NN & CC Arts NNS , , Sept NNP 11 CD ) ) . . He PRP chastises VBZ Jo NNP Franklin-Trout NNP for IN her PRP$ inept JJ presentation NN of IN advocacy NN journalism NN , , judging VBG her PRP$ project NN as IN `` `` intellectually RB slipshod JJ . . '' '' Was VBD not RB the DT title NN very RB clear JJ ? . One CD example NN he PRP gives VBZ : : `` `` She PRP did VBD n't RB ask VB '' '' ( ( why WRB the DT Palestinian JJ children NNS are VBP soldiers NNS throwing VBG stones NNS ) ) . . Really RB now RB , , did VBD she PRP have VB to TO ask VB ? . Were VBD not RB the DT pictures NNS and CC happenings NNS , , which WDT have VBP been VBN continuing VBG news NN headlines NNS , , answers NNS enough JJ ? . Mr. NNP Goldberg NNP contends VBZ that IN even RB as IN `` `` propaganda NN '' '' the DT film NN fails VBZ because IN it PRP presents VBZ only RB one CD view NN . . Of IN course NN the DT Palestinians NNPS complain VBP about IN their PRP$ treatment NN ; : of IN course NN the DT Israelis NNPS feel VBP put VBN upon RP . . But CC his PRP$ complaint NN that IN `` `` Days NNS of IN Rage NN '' '' does VBZ n't RB contain VB balanced JJ comments NNS from IN Israelis NNPS about IN how WRB badly RB the DT Palestinians NNPS are VBP behaving VBG is VBZ irrelevant JJ . . It PRP 's VBZ like IN doing VBG a DT documentary NN on IN apartheid NN and CC insisting VBG that DT equal JJ time NN be VB given VBN to TO how WRB terrific JJ white JJ South NNPS Africans NNPS are VBP . . This DT film NN did VBD emphasize VB how WRB long JJ the DT Israeli\/Palestinian JJ stalemate NN has VBZ existed VBN by IN tracing VBG the DT conflict NN to TO the DT days NNS of IN World NNP War NNP I PRP when WRB the DT British NNPS tried VBD to TO guarantee VB both DT a DT Jewish JJ state NN and CC a DT Palestinian JJ state NN without IN specifying VBG how WRB it PRP was VBD to TO be VB done VBN . . Well UH , , `` `` Days NNS of IN Rage NN '' '' airing VBG with IN before-and-after JJ packaging NN , , and CC after IN repeated JJ delays NNS , , was VBD a DT beginning NN . . Every DT issue NN is VBZ multisided JJ . . This DT film NN attempts VBZ to TO show VB a DT side NN rarely RB seen VBN in IN our PRP$ media NNS . . Now RB we PRP must MD endure VB a DT rash NN of IN critics NNS who WP apparently RB wish VBP to TO know VB details NNS of IN one CD side NN only RB . . Salaam FW . . Shalom FW . . Charlotte NNP Carpenter NNP Bainbridge NNP Island NNP , , Wash NNP . . President NNP Bush NNP wants VBZ the DT Pentagon NNP to TO get VB special JJ treatment NN in IN coping VBG with IN the DT across-the-board JJ spending NN cuts NNS that WDT took VBD effect NN last JJ week NN . . Mr. NNP Bush NNP asked VBD Congress NNP to TO raise VB to TO $ $ 6 CD billion CD from IN $ $ 3 CD billion CD the DT amount NN of IN money NN Defense NNP Secretary NNP Dick NNP Cheney NNP may MD shift VB among IN the DT Pentagon NNP 's POS individual JJ programs NNS , , projects NNS and CC activities NNS , , allowing VBG him PRP to TO ease VB the DT pain NN that IN the DT Gramm-Rudman NNP budget NN law NN was VBD intended VBN to TO inflict VB . . If IN the DT request NN is VBZ approved VBN by IN both DT the DT House NNP and CC Senate NNP , , Mr. NNP Cheney NNP would MD need VB only JJ permission NN from IN the DT White NNP House NNP Office NNP of IN Management NNP and CC Budget NNP to TO move VB the DT money NN , , according VBG to TO Senate NNP budget NN analysts NNS . . That DT would MD give VB the DT Pentagon NNP flexibility NN that IN no DT other JJ federal JJ agency NN has VBZ . . `` `` It PRP 's VBZ simply RB a DT way NN of IN making VBG the DT cuts NNS less RBR onerous JJ for IN defense NN than IN they PRP are VBP for IN domestic JJ programs NNS , , '' '' said VBD Chairman NNP James NNP Sasser NNP ( ( D. NNP , , Tenn NNP . . ) ) of IN the DT Senate NNP Budget NNP Committee NNP , , who WP said VBD he PRP would MD oppose VB the DT request NN . . `` `` That DT is VBZ n't RB consistent JJ with IN the DT kind NN of IN discipline NN that IN Gramm-Rudman NNP is VBZ supposed VBN to TO impose VB , , '' '' he PRP said VBD . . The DT president NN 's POS request NN did VBD n't RB indicate VB how WRB Mr. NNP Cheney NNP would MD shift VB the DT money NN . . A DT Pentagon NNP official NN said VBD the DT request NN was VBD made VBN to TO give VB the DT department NN `` `` maximum JJ flexibility NN '' '' to TO deal VB with IN the DT cuts NNS . . Last JJ week NN , , Budget NNP Director NNP Richard NNP Darman NNP structured VBD the DT $ $ 16.1 CD billion CD spending NN reduction NN , , half NN of IN which WDT must MD come VB from IN defense NN , , to TO `` `` impose VB a DT little JJ bit NN more JJR discipline NN '' '' by IN applying VBG cuts NNS to TO each DT individual JJ program NN , , project NN or CC activity NN in IN the DT budget NN . . That DT would MD give VB agencies NNS `` `` less JJR ability NN ... : to TO fudge VB over RP things NNS , , '' '' he PRP told VBD reporters NNS . . Under IN the DT deficit-reduction NN law NN , , 4.3 CD % NN of IN the DT Pentagon NNP 's POS money NN and CC 5.3 CD % NN of IN other JJ agencies NNS ' POS money NN has VBZ been VBN canceled VBN . . Lawmakers NNS are VBP expected VBN to TO try VB to TO restore VB the DT funds NNS once IN a DT pending VBG deficit-cutting NN measure NN has VBZ been VBN signed VBN into IN law NN . . Rochester NNP Telephone NNP Corp. NNP said VBD it PRP completed VBD its PRP$ purchase NN of IN Urban NNP Telephone NNP Corp. NNP , , of IN Clintonville NNP , , Wis. NNP , , the DT second-largest JJ unaffiliated JJ independent JJ telephone NN company NN in IN that DT state NN . . Rochester NNP Telephone NNP said VBD the DT acquisition NN was VBD made VBN in IN an DT exchange NN of IN its PRP$ common JJ shares NNS for IN all PDT the DT shares NNS of IN Urban NNP Telephone NNP , , but CC a DT price NN was VBD n't RB disclosed VBN . . Urban NNP is VBZ the DT company NN 's POS first JJ telephone NN subsidiary NN in IN Wisconsin NNP . . Since IN June NNP , , Rochester NNP Telephone NNP signed VBD letters NNS of IN intent NN to TO purchase VB three CD other JJ Wisconsin NNP firms NNS . . A DT bill NN that WDT would MD permit VB the DT Securities NNPS and CC Exchange NNP Commission NNP to TO monitor VB the DT financial JJ condition NN of IN securities NNS firms NNS ' POS holding VBG companies NNS is VBZ facing VBG tough JJ opposition NN from IN some DT Wall NNP Street NNP firms NNS , , which WDT argue VBP that IN the DT legislation NN is VBZ unnecessary JJ . . The DT legislation NN and CC other JJ issues NNS related VBN to TO the DT stock NN market NN will MD be VB the DT focus NN of IN hearings NNS this DT week NN by IN the DT House NNP Telecommunications NNPS and CC Finance NNP Subcommittee NNP and CC the DT Senate NNP Securities NNPS Subcommittee NNP . . Richard NNP Breeden NNP , , the DT new JJ chairman NN of IN the DT SEC NNP , , has VBZ n't RB taken VBN a DT formal JJ position NN on IN the DT bill NN , , which WDT would MD also RB require VB investors NNS to TO disclose VB large JJ trades NNS and CC give VB the DT SEC NNP additional JJ authority NN during IN market NN emergencies NNS . . However RB , , he PRP recently RB told VBD the DT Senate NNP Banking NNP Committee NNP that IN he PRP believes VBZ the DT agency NN should MD have VB explicit JJ authority NN to TO monitor VB debt NN levels NNS at IN holding VBG companies NNS and CC affiliates NNS of IN broker-dealers NNS , , which WDT are VBP frequently RB used VBN to TO issue VB bridge JJ loans NNS . . The DT bridge JJ loans NNS are VBP intended JJ to TO provide VB temporary JJ financing NN for IN acquisitions NNS . . Since IN such JJ loans NNS are VBP often RB refinanced VBN through IN the DT sale NN of IN high-risk JJ , , high-yield JJ junk NN bonds NNS , , the DT recent JJ woes NNS of IN the DT junk-bond NN market NN have VBP renewed VBN concerns NNS among IN regulators NNS about IN the DT risks NNS associated VBN with IN Wall NNP Street NNP firms NNS issuing VBG bridge JJ loans NNS . . But CC some DT Wall NNP Street NNP executives NNS argue VBP that IN such JJ fears NNS are VBP unwarranted JJ . . In IN a DT July NNP 6 CD letter NN to TO the DT Senate NNP Securities NNPS Subcommittee NNP , , First NNP Boston NNP Corp. NNP argued VBD that IN the DT fact NN that IN no DT retail JJ brokerage NN firm NN failed VBN during IN the DT 1987 CD market NN crash NN demonstrates VBZ that IN current JJ rules NNS are VBP adequate JJ . . First NNP Boston NNP , , whose WP$ holding VBG company NN , , CS NNP First NNP Boston NNP Group NNP , , is VBZ one CD of IN the DT larger JJR issuers NNS of IN bridge JJ loans NNS on IN Wall NNP Street NNP , , said VBD it PRP is VBZ also RB concerned JJ that IN once IN the DT SEC NNP has VBZ the DT power NN to TO monitor VB holding VBG companies NNS , , it PRP will MD try VB to TO regulate VB their PRP$ activities NNS . . `` `` The DT proposal NN , , while IN well-intended JJ , , I PRP think VBP can MD be VB dangerously RB misleading JJ because IN the DT likely JJ consequence NN would MD be VB to TO weaken VB , , rather RB than IN strengthen VB the DT control NN the DT SEC NNP has VBZ exercised VBN for IN 50 CD years NNS over IN the DT financial JJ adequacy NN and CC viability NN of IN broker-dealers NNS , , '' '' Michael NNP Raoul-Duval NNP , , managing VBG director NN of IN First NNP Boston NNP , , said VBD in IN an DT interview NN . . The DT bill NN would MD `` `` divert VB scarce JJ resources NNS of IN the DT commission NN away RB from IN broker-dealers NNS into IN areas NNS which WDT simply RB have VBP no DT way NN of IN affecting VBG broker-dealers NNS , , '' '' Mr. NNP Raoul-Duval NNP said VBD . . Sources NNS in IN the DT industry NN and CC on IN Capitol NNP Hill NNP say VBP a DT compromise NN that WDT would MD placate VB the DT industry NN while IN addressing VBG the DT SEC NNP 's POS concerns NNS may MD be VB possible JJ . . An DT aide NN to TO the DT Senate NNP Securities NNPS Subcommittee NNP says VBZ some DT legislators NNS support VBP the DT concept NN of IN risk NN disclosure NN , , but CC adds VBZ : : `` `` nobody NN is VBZ wedded VBN to TO the DT language NN in IN the DT bill NN . . '' '' Edward NNP O'Brien NNP , , president NN of IN the DT Securities NNPS Industry NNP Association NNP , , said VBD that IN the DT securities-industry NN trade NN group NN opposes VBZ the DT bill NN as IN it PRP is VBZ written VBN but CC that IN it PRP is VBZ `` `` hopeful JJ a DT compromise NN can MD be VB reached VBN to TO achieve VB the DT SEC NNP 's POS goals NNS . . '' '' Mr. NNP O'Brien NNP will MD elaborate VB on IN the DT SIA NNP 's POS position NN in IN testimony NN before IN the DT House NNP Telecommunications NNPS and CC Finance NNP Subcommittee NNP this DT week NN , , a DT spokesman NN said VBD . . This DT letter NN was VBD inspired VBN by IN David NNP Asman NNP 's POS Sept. NNP 25 CD editorial-page JJ article NN about IN Fidel NNP Castro NNP , , `` `` Man NN in IN the DT Middle NN of IN Drug NN Trafficking NN . . '' '' I PRP 've VBP organized VBN a DT series NN of IN exchanges NNS , , exhibitions NNS and CC other JJ continuing VBG projects NNS between IN Cuban JJ and CC American JJ artists NNS . . In IN any DT matters NNS between IN us PRP and CC the DT Cubans NNPS there EX can MD be VB no DT simplicity NN , , consequently RB I PRP 've VBP become VBN familiar JJ not RB only RB with IN Cuban JJ art NN and CC artists NNS , , but CC also RB with IN Cuban JJ bureaucrats NNS and CC their PRP$ counterparts NNS in IN our PRP$ own JJ government NN . . Despite IN levels NNS of IN obstruction NN , , incompetence NN and CC ensuing VBG frustration NN of IN mythic JJ proportion NN , , these DT projects NNS all DT remain VBP , , in IN my PRP$ mind NN , , valuable JJ and CC well RB worth JJ the DT effort NN . . There EX is VBZ a DT simple JJ reason NN for IN this DT : : the DT Cuban NNP people NNS . . Let VB me PRP immediately RB put VB limits NNS to TO whatever WDT nostalgic JJ notions NNS that WDT may MD intimate VB . . Those DT `` `` people NNS '' '' to TO whom WP I PRP refer VBP are VBP not RB some DT heroic JJ , , indecipherable JJ quantity NN ; : they PRP are VBP artists NNS , , critics NNS , , taxi NN drivers NNS , , grandmothers NNS , , even RB some DT employees NNS of IN the DT Ministry NNP of IN Culture NNP , , all DT of IN whom WP share VBP a DT deep JJ belief NN in IN the DT original JJ principles NNS of IN the DT Cuban NNP Revolution NNP , , spelled VBN out RB in IN terms NNS such JJ as IN equality NN among IN all DT members NNS of IN the DT society NN , , reverence NN for IN education NN and CC creative JJ expression NN , , universal JJ rights NNS to TO health NN and CC livelihood NN , , housing NN , , etc FW . . In IN fact NN , , the DT generation NN of IN painters NNS growing VBG into IN maturity NN right RB now RB works VBZ with IN such JJ profoundly RB held JJ humanist JJ assumptions NNS and CC such JJ passionate JJ commitment NN to TO moral JJ and CC ethical JJ principles NNS that IN it PRP makes VBZ Che NNP Guevara NNP 's POS famous JJ linkages NNS of IN art NN , , idealism NN and CC revolution NN seem VBP modest JJ . . It PRP is VBZ on IN behalf NN of IN these DT people NNS , , and CC out IN of IN my PRP$ real JJ respect NN for IN them PRP , , that IN I PRP am VBP responding VBG to TO Mr. NNP Asman NNP 's POS opinions NNS of IN their PRP$ country NN . . The DT Ochoa NNP trial NN in IN July NNP , , with IN its PRP$ revelations NNS of IN deeply RB rooted JJ and CC widespread JJ corruption NN , , and CC the DT summary NN trial NN and CC execution NN , , was VBD extremely RB disturbing JJ to TO everyone NN who WP has VBZ ever RB considered VBN himself PRP a DT friend NN of IN Cuba NNP . . However RB , , unacceptable JJ though IN those DT occurrences NNS may MD have VB been VBN , , they PRP still RB provide VBP no DT excuse NN for IN wholesale JJ departures NNS from IN truth NN . . Mr. NNP Asman NNP should MD make VB distinctions NNS among IN Fidel NNP , , the DT army NN and CC the DT Cuban JJ people NNS . . They PRP are VBP not RB interchangeable JJ , , since IN they PRP are VBP motivated VBN to TO act VB based VBN on IN their PRP$ own JJ circumstances NNS . . It PRP is VBZ naivete NN to TO equate VB a DT government NN 's POS policies NNS with IN the DT will NN of IN the DT people NNS ( ( as IN we PRP well RB know VBP ) ) , , and CC it PRP is VBZ even RB worse JJR folly NN to TO merge VB the DT clearly RB divergent JJ agendas NNS of IN Fidel NNP and CC the DT military NN and CC the DT state NN bureaucracy NN . . Mr. NNP Asman NNP is VBZ also RB annoyed JJ that IN Mr. NNP Castro NNP has VBZ resisted VBN collaboration NN with IN U.S. NNP officials NNS , , even RB though IN by IN his PRP$ own JJ account NN that DT collaboration NN has VBZ been VBN devised VBN essentially RB as IN a DT mechanism NN for IN acts NNS directly RB hostile JJ to TO the DT Cuban JJ regime NN , , such JJ as IN facilitating VBG defections NNS . . I PRP think VBP it PRP 's VBZ a DT little RB disingenuous JJ to TO be VB surprised JJ that IN Fidel NNP does VBZ n't RB invite VB the DT U.S. NNP State NNP Department NNP to TO violate VB the DT jurisdiction NN of IN the DT Cuban JJ government NN over IN its PRP$ own JJ territory NN . . We PRP badly RB need VBP to TO follow VB fact NN rather RB than IN the DT rhetoric NN of IN conventional JJ wisdom NN . . Without IN this DT basic JJ level NN of IN attention NN to TO reality NN , , our PRP$ policies NNS on IN Cuba NNP will MD continue VB to TO be VB as RB counterproductive JJ as IN they PRP have VBP for IN 30 CD years NNS . . From IN my PRP$ own JJ point NN of IN view NN , , given VBN the DT qualities NNS of IN humanity NN , , creativity NN and CC warm JJ spirit NN in IN which WDT the DT Cuban JJ people NNS excel VBP , , we PRP deny VBP ourselves PRP access NN to TO things NNS we PRP hold VBP dear RB , , and CC which WDT seem VBP to TO run VB in IN such JJ short JJ supply NN these DT days NNS . . There EX is VBZ no DT rational JJ justification NN for IN such JJ behavior NN . . Rachel NNP Weiss NNP Brookline NNP , , Mass NNP . . ENGRAPH NNP INC. NNP recently RB reported VBD third-quarter JJ earnings NNS , , which WDT were VBD mistakenly RB shown VBN in IN the DT Quarterly JJ Earnings NNS Surprises NNS table NN in IN last JJ Tuesday NNP 's POS edition NN to TO be VB lower JJR than IN the DT average NN of IN analysts NNS ' POS estimates NNS . . Zacks NNP Investment NNP Research NNP did VBD n't RB adjust VB one CD analyst NN 's POS estimate NN for IN a DT stock NN split NN , , which WDT therefore RB was VBD artificially RB high JJ . . Engraph NNP 's POS third-quarter JJ net JJ income NN of IN 15 CD cents NNS a DT share NN actually RB was VBD 7 CD % NN higher JJR than IN the DT adjusted JJ average NN of IN estimates NNS . . Investors NNS bailed VBD out RB of IN New NNP York NNP City NNP bonds NNS in IN droves NNS last JJ week NN , , driving VBG prices NNS lower RBR and CC boosting VBG yields NNS . . One CD bond NN trader NN estimated VBD that IN more JJR than IN $ $ 50 CD million CD of IN New NNP York NNP City NNP general JJ obligation NN bonds NNS were VBD put VBN up IN for IN sale NN Friday NNP alone RB . . While IN that DT represents VBZ a DT small JJ percentage NN of IN the DT city NN 's POS public JJ debt NN outstanding JJ , , Friday NNP 's POS selling NN followed VBD a DT weeklong JJ effort NN to TO unload VB the DT bonds NNS by IN a DT broad JJ spectrum NN of IN institutional JJ and CC individual JJ investors NNS . . `` `` I PRP 've VBP never RB seen VBN so IN many JJ { ( New NNP York NNP City NNP } ) G.O. NNP 's NNS up IN for IN sale NN , , '' '' said VBD another DT trader NN . . `` `` Every DT broker NN has VBZ blocks NNS of IN every DT size NN and CC maturity NN . . '' '' Municipal JJ bond NN analysts NNS said VBD the DT sell-off NN was VBD triggered VBN by IN concerns NNS about IN the DT city NN 's POS financial JJ health NN , , rumors NNS of IN a DT $ $ 900 CD million CD bond NN offering NN coming VBG soon RB , , and CC political JJ uncertainty NN . . A DT spokesman NN for IN the DT city NN would MD n't RB confirm VB the DT size NN of IN the DT bond NN issue NN , , but CC did VBD say VB that IN a DT general JJ obligation NN offering NN is VBZ in IN the DT works NNS and CC should MD be VB priced VBN sometime RB in IN the DT next JJ two CD weeks NNS , , before IN the DT November NNP mayoral JJ election NN . . ( ( General JJ obligation NN bonds NNS are VBP backed VBN by IN the DT city NN 's POS overall JJ revenues NNS and CC credit NN . . ) ) Although IN many JJ investors NNS were VBD aware JJ that IN a DT bond NN offering NN was VBD being VBG scheduled VBN , , many DT expected VBD a DT much RB smaller JJR amount NN of IN bonds NNS to TO be VB sold VBN . . The DT fact NN that IN the DT city NN will MD issue VB such JJ a DT large JJ amount NN of IN debt NN was VBD interpreted VBN as IN a DT sign NN that IN New NNP York NNP 's POS budgetary JJ problems NNS are VBP more RBR serious JJ than IN had VBD been VBN expected VBN . . New NNP York NNP , , one CD of IN the DT nation NN 's POS largest JJS issuers NNS of IN tax-exempt JJ bonds NNS , , sold VBD $ $ 750 CD million CD of IN municipal JJ bonds NNS just RB a DT few JJ weeks NNS ago RB . . There EX have VBP been VBN reports NNS for IN months NNS that IN the DT city NN 's POS economy NN is VBZ weakening VBG , , as IN the DT October NNP 1987 CD stock NN market NN crash NN continues VBZ to TO make VB itself PRP felt VBN . . The DT recent JJ sharp JJ stock NN market NN decline NN exacerbated VBD those DT concerns NNS . . Meanwhile RB , , tax NN revenues NNS are VBP falling VBG while IN the DT city NN 's POS spending NN needs NNS are VBP expanding VBG . . Rumors NNS persisted VBD last JJ week NN that IN New NNP York NNP 's POS credit NN ratings NNS -- : single-A JJ from IN Moody NNP 's POS Investors NNPS Service NNP Inc. NNP and CC single-A-minus JJ from IN Standard NNP & CC Poor NNP 's POS Corp. NNP -- : are VBP at IN risk NN . . The DT weakness NN in IN New NNP York NNP City NNP bonds NNS follows VBZ a DT warning NN from IN New NNP York NNP state NN Comptroller NN Edward NNP Regan NNP that IN the DT 1987 CD crash NN seriously RB weakened VBD the DT city NN 's POS economy NN . . In IN a DT study NN , , the DT comptroller NN said VBD , , `` `` The DT city NN 's POS glory NN days NNS are VBP over RP . . '' '' Mr. NNP Regan NNP warned VBD mayoral JJ candidates NNS `` `` to TO be VB prepared JJ for IN limited JJ options NNS and CC constraints NNS on IN service NN increases NNS to TO address VB the DT city NN 's POS problems NNS in IN the DT next JJ few JJ years NNS , , due JJ to TO the DT now-evident JJ weakening NN in IN the DT New NNP York NNP City NNP economy NN . . '' '' New NNP York NNP City NNP 's POS revised JJ financial JJ plan NN , , due JJ out RB later RB this DT month NN , , is VBZ expected VBN to TO include VB measures NNS to TO balance VB the DT city NN 's POS $ $ 27 CD billion CD budget NN . . At IN present NN , , analysts NNS project VBP a DT budget NN gap NN on IN the DT order NN of IN $ $ 500 CD million CD to TO $ $ 600 CD million CD for IN the DT fiscal JJ year NN ending VBG June NNP 30 CD , , 1990 CD , , although IN the DT city NN 's POS own JJ budget NN analysts NNS project VBP a DT narrower JJR deficit NN . . Mark NNP Page NNP , , New NNP York NNP 's POS deputy NN director NN of IN finance NN , , said VBD that IN investors NNS ' POS concerns NNS about IN the DT city NN 's POS financial JJ health NN are VBP `` `` unwarranted JJ given VBN our PRP$ proven VBN ability NN to TO manage VB ourselves PRP . . '' '' He PRP charges VBZ the DT city NN 's POS critics NNS with IN spreading VBG `` `` unfounded JJ emotional JJ rhetoric NN . . '' '' There EX are VBP also RB questions NNS about IN whether IN a DT new JJ and CC inexperienced JJ mayor NN can MD manage VB the DT city NN through IN what WP could MD become VB a DT financial JJ crisis NN . . The DT leading VBG contender NN for IN the DT mayoral JJ office NN , , Democrat NNP David NNP Dinkins NNP , , has VBZ been VBN criticized VBN recently RB for IN the DT way NN he PRP handled VBD his PRP$ personal JJ financial JJ affairs NNS . . And CC the DT controversy NN has VBZ led VBN to TO uncertainty NN about IN the DT outcome NN of IN the DT election NN . . Until IN last JJ week NN , , Mr. NNP Dinkins NNP was VBD considered VBN a DT shoo-in NN . . `` `` The DT market NN can MD adjust VB to TO good JJ news NN or CC bad JJ news NN , , but CC uncertainty NN drives VBZ people NNS wild RB , , '' '' said VBD Bernard NNP B. NNP Beal NNP , , chief JJ executive NN of IN M.R. NNP Beal NNP & CC Co. NNP , , a DT securities NNS firm NN that WDT specializes VBZ in IN the DT municipal JJ market NN . . Until IN last JJ week NN , , `` `` Everyone NN felt VBD certain JJ they PRP knew VBD the DT outcome NN of IN the DT election NN . . Now RB , , there EX have VBP been VBN a DT number NN of IN questions NNS raised VBN . . '' '' Last JJ week NN , , yields NNS on IN long-term JJ New NNP York NNP City NNP general JJ obligation NN bonds NNS jumped VBD half PDT a DT percentage NN point NN . . New NNP York NNP City NNP 's POS 6 CD % NN bonds NNS due JJ 2018 CD , , for IN example NN , , were VBD quoted VBN late JJ Friday NNP at IN a DT price NN to TO yield VB 7.80 CD % NN , , compared VBN with IN 7.60 CD % NN Thursday NNP . . As IN the DT yield NN on IN New NNP York NNP general JJ obligation NN bonds NNS rose VBD , , the DT Bond NNP Buyer NNP 20-bond JJ general JJ obligation NN index NN , , the DT mostly RB widely RB followed JJ gauge NN of IN the DT tax-exempt JJ market NN , , held VBD steady RB at IN 7.19 CD % NN in IN the DT week NN ended VBN Oct. NNP 19 CD . . Qintex NNP Australia NNP Ltd. NNP encountered VBD another DT setback NN Friday NNP when WRB its PRP$ Los NNP Angeles-based JJ affiliate NN , , Qintex NNP Entertainment NNP Inc. NNP , , filed VBD for IN protection NN under IN Chapter NN 11 CD of IN the DT U.S. NNP Bankruptcy NNP Code NNP . . Qintex NNP Entertainment NNP also RB said VBD David NNP Evans NNP , , its PRP$ president NN and CC chief JJ executive NN , , and CC Roger NNP Kimmel NNP , , a DT director NN , , both DT resigned VBD . . Neither DT could MD be VB reached VBN for IN comment NN . . Earlier RBR this DT month NN , , Qintex NNP Australia NNP 's POS $ $ 1.5 CD billion CD agreement NN to TO acquire VB MGM\/UA NNP Communications NNPS Co. NNP collapsed VBD because IN of IN a DT dispute NN over IN a DT $ $ 50 CD million CD letter NN of IN credit NN the DT Australian JJ operator NN of IN television NN stations NNS and CC resorts NNS was VBD to TO have VB supplied VBN as IN security NN in IN the DT transaction NN . . Mr. NNP Evans NNP had VBD been VBN the DT de JJ facto JJ head NN of IN MGM\/UA NNP for IN months NNS . . Qintex NNP Entertainment NNP , , a DT producer NN and CC distributor NN of IN television NN programs NNS most RBS noted VBN for IN its PRP$ co-production NN of IN the DT hit NN miniseries NN `` `` Lonesome JJ Dove NN , , '' '' said VBD it PRP filed VBD for IN Chapter NN 11 CD protection NN after IN Qintex NNP Australia NNP failed VBD to TO provide VB it PRP with IN $ $ 5.9 CD million CD owed VBN to TO MCA NNP Inc. NNP in IN connection NN with IN the DT distribution NN of IN `` `` The DT New JJ Leave VB It PRP to TO Beaver NNP Show NN . . '' '' Qintex NNP Entertainment NNP is VBZ 43 CD % NN owned VBN by IN Qintex NNP Australia NNP and CC said VBD it PRP relies VBZ on IN the DT Australian JJ company NN for IN funding VBG its PRP$ working NN capital NN requirements NNS . . After IN the DT announcement NN of IN the DT bankruptcy NN filing NN , , Qintex NNP Entertainment NNP stock NN sank VBD $ $ 2.625 CD in IN over-the-counter JJ trading NN to TO close VB at IN $ $ 1.50 CD on IN heavy JJ volume NN of IN more JJR than IN 1.4 CD million CD shares NNS . . The DT stock NN traded VBD as RB high JJ as IN $ $ 10 CD this DT past JJ summer NN . . Jonathan NNP Lloyd NNP , , executive NN vice NN president NN and CC chief JJ financial JJ officer NN of IN Qintex NNP Entertainment NNP , , said VBD Qintex NNP Entertainment NNP was VBD forced VBN to TO file VB for IN protection NN to TO avoid VB going VBG into IN default NN under IN its PRP$ agreement NN with IN MCA NNP . . The DT $ $ 5.9 CD million CD payment NN was VBD due JJ Oct. NNP 1 CD and CC the DT deadline NN for IN default NN was VBD Oct. NNP 19 CD . . Mr. NNP Lloyd NNP said VBD if IN Qintex NNP had VBD defaulted VBN it PRP could MD have VB been VBN required VBN to TO repay VB $ $ 92 CD million CD in IN debt NN under IN its PRP$ loan NN agreements NNS . . MCA NNP on IN Friday NNP said VBD that IN as IN a DT result NN of IN Qintex NNP 's POS failure NN to TO make VB the DT required JJ payment NN it PRP was VBD terminating VBG the DT distribution NN agreement NN on IN `` `` The DT New JJ Leave VB It PRP to TO Beaver NNP '' '' as RB well RB as IN other JJ MCA NNP properties NNS . . Qintex NNP Australia NNP was VBD `` `` saying VBG as RB recently RB as IN last JJ weekend NN that IN they PRP would MD take VB care VB of IN the DT situation NN . . They PRP continued VBD to TO represent VB that IN to TO the DT board NN , , '' '' said VBD Mr. NNP Lloyd NNP . . `` `` We PRP were VBD reassured VBN they PRP would MD stand VB behind IN the DT company NN . . '' '' Mr. NNP Lloyd NNP said VBD both DT Qintex NNP Entertainment NNP and CC Qintex NNP Australia NNP had VBD attempted VBN to TO secure VB a DT loan NN that WDT would MD allow VB the DT company NN to TO make VB the DT $ $ 5.9 CD million CD payment NN but CC the DT request NN was VBD turned VBN down RB by IN an DT unidentified JJ lender NN on IN Oct. NNP 14 CD . . At IN that DT point NN , , he PRP said VBD , , Qintex NNP Australia NNP stated VBD it PRP would MD `` `` endeavor VB to TO arrange VB '' '' the DT financing NN . . However WRB a DT Qintex NNP Australia NNP spokesman NN said VBD his PRP$ firm NN had VBD never RB `` `` promised VBN or CC guaranteed VBN '' '' to TO make VB the DT payment NN . . In IN a DT prepared JJ statement NN from IN Australia NNP , , the DT company NN also RB said VBD that IN , , following VBG the DT breakdown NN of IN the DT MGM NNP talks NNS , , it PRP `` `` had VBD been VBN re-evaluating VBG its PRP$ position NN as IN a DT significant JJ shareholder NN and CC a DT substantial JJ creditor NN of IN Qintex NNP Entertainment NNP '' '' and CC had VBD `` `` resolved VBN to TO minimize VB the DT degree NN of IN further JJ loans NNS to TO Qintex NNP Entertainment NNP in IN excess NN of IN that DT previously RB made VBN . . '' '' The DT Qintex NNP Australia NNP spokesman NN added VBD that DT his PRP$ company NN had VBD opposed VBN the DT Chapter NN 11 CD filing NN . . He PRP said VBD the DT company NN believed VBD Qintex NNP Entertainment NNP 's POS financial JJ problems NNS could MD have VB been VBN resolved VBN by IN other JJ means NNS . . The DT report NN of IN the DT bankruptcy NN filing NN stunned VBD Hollywood NNP executives NNS and CC investors NNS . . `` `` It PRP 's VBZ a DT shocker NN , , '' '' said VBD Joseph NNP Di NNP Lillo NNP , , chairman NN of IN Drake NNP Capital NNP Securities NNPS , , a DT brokerage NN firm NN that WDT has VBZ an DT investment NN in IN Qintex NNP Entertainment NNP . . Qintex NNP Australia NNP was VBD `` `` going VBG to TO pay VB more JJR than IN $ $ 1 CD billion CD for IN MGM\/UA NNP and CC then RB they PRP could MD n't RB come VB up RP with IN the DT far RB smaller JJR sum NN of IN $ $ 5.9 CD million CD . . '' '' Qintex NNP said VBD Mr. NNP Evans NNP , , the DT former JJ president NN , , resigned VBD for IN `` `` personal JJ reasons NNS '' '' and CC that IN Mr. NNP Kimmel NNP , , an DT attorney NN , , resigned VBD because IN his PRP$ participation NN in IN evaluating VBG the DT company NN 's POS role NN in IN buying VBG MGM\/UA NN was VBD no RB longer RB necessary JJ . . Mr. NNP Kimmel NNP was VBD a DT director NN of IN the DT company NN and CC a DT predecessor NN firm NN since IN 1980 CD . . The DT announcement NN seemed VBD to TO further RB damp VB prospects NNS that IN talks NNS between IN Qintex NNP Australia NNP and CC MGM\/UA NNP might MD be VB revived VBN . . It PRP 's VBZ understood VBN that IN MGM\/UA NNP recently RB contacted VBD Rupert NNP Murdoch NNP 's POS News NNP Corp. NNP , , which WDT made VBD two CD failed VBN bids NNS for IN the DT movie NN studio NN , , to TO see VB if IN the DT company NN was VBD still RB interested JJ . . However RB , , `` `` we PRP are VBP n't RB currently RB doing VBG anything NN . . It PRP is VBZ n't RB a DT current JJ topic NN of IN conversation NN at IN the DT company NN , , '' '' said VBD Barry NNP Diller NNP , , chairman NN and CC chief JJ executive NN officer NN of IN the DT Fox NNP Inc. NNP unit NN of IN News NNP Corp NNP . . Financial JJ printer NN Bowne NNP & CC Co. NNP said VBD it PRP formed VBD a DT business NN translation NN service NN , , which WDT will MD provide VB legal JJ , , financial JJ and CC other JJ services NNS in IN most JJS major JJ languages NNS , , including VBG Japanese NNP , , Chinese NNP and CC Russian NNP . . Japan NNP 's POS Finance NNP Ministry NNP strongly RB denied VBD playing VBG any DT role NN in IN the DT New NNP York NNP stock-price JJ free JJ fall NN . . Makoto NNP Utsumi NNP , , vice NN minister NN for IN international JJ affairs NNS , , said VBD the DT ministry NN did VBD n't RB in IN any DT way NN suggest VB to TO Japanese JJ banks NNS that IN they PRP stay VB out RB of IN the DT UAL NNP Corp. NNP leveraged JJ buy-out NN . . The DT ministry NN has VBZ never RB even RB suggested VBN that IN Japanese JJ banks NNS be VB cautious JJ about IN leveraged JJ buy-outs NNS in IN general JJ , , Mr. NNP Utsumi NNP said VBD . . `` `` There EX are VBP no DT facts NNS { ( behind IN the DT assertions NNS } ) that IN we PRP sent VBD any DT kind NN of IN signal NN , , '' '' he PRP declared VBD in IN an DT interview NN . . The DT comments NNS were VBD the DT ministry NN 's POS first RB detailed JJ public JJ statement NN on IN the DT subject NN , , and CC reflect VBP the DT ministry NN 's POS concern NN that IN foreigners NNS will MD think VB Japan NNP is VBZ using VBG its PRP$ tremendous JJ financial JJ power NN to TO control VB events NNS in IN foreign JJ markets NNS . . A DT number NN of IN accounts NNS of IN the DT events NNS leading VBG to TO the DT 190 CD point NN drop NN in IN New NNP York NNP stock NN prices NNS on IN Oct. NNP 13 CD accused VBD the DT ministry NN of IN pulling VBG the DT plug NN on IN the DT UAL NNP deal NN for IN one CD reason NN or CC another DT . . Mr. NNP Utsumi NNP said VBD the DT most JJS the DT ministry NN had VBD ever RB done VBN was VBD ask VB Japanese JJ banks NNS about IN `` `` the DT status NN of IN their PRP$ participation NN '' '' in IN one CD previous JJ U.S. NNP leveraged JJ buy-out NN . . The DT ministry NN inquired VBD about IN that DT deal NN -- : which WDT Mr. NNP Utsumi NNP declined VBD to TO identify VB -- : because IN the DT large JJ presence NN of IN Japanese JJ banks NNS in IN the DT deal NN was VBD `` `` being VBG strongly RB criticized VBN in IN the DT U.S. NNP Congress NNP '' '' and CC it PRP was VBD `` `` necessary JJ for IN us PRP to TO grasp VB the DT situation NN . . '' '' He PRP said VBD the DT inquiry NN was VBD n't RB made VBN in IN a DT way NN that IN the DT banks NNS could MD have VB interpreted VBN as IN either DT encouraging JJ or CC discouraging JJ participation NN , , and CC he PRP added VBD that IN none NN of IN the DT Japanese JJ banks NNS changed VBD their PRP$ posture NN on IN the DT deal NN as IN a DT result NN of IN the DT inquiry NN . . Mr. NNP Utsumi NNP also RB said VBD some DT Japanese JJ banks NNS were VBD willing JJ to TO participate VB in IN the DT UAL NNP financing NN up IN to TO the DT very JJ end NN , , which WDT would MD suggest VB at IN the DT very RB least JJS that IN they PRP were VBD n't RB under IN orders NNS to TO back VB out RB . . In IN general JJ , , Mr. NNP Utsumi NNP said VBD , , Japanese JJ banks NNS are VBP becoming VBG more RBR `` `` independent JJ '' '' in IN their PRP$ approach NN to TO overseas JJ deals NNS . . `` `` Each DT Japanese JJ bank NN has VBZ its PRP$ own JJ judgment NN on IN the DT profits NNS and CC risks NNS in IN that DT { ( UAL NNP } ) deal NN , , '' '' he PRP said VBD . . `` `` They PRP are VBP becoming VBG more RBR independent JJ . . It PRP 's VBZ a DT sound JJ phenomenon NN . . '' '' Sanwa NNP Bank NNP Ltd. NNP is VBZ one CD Japanese JJ bank NN that WDT decided VBD not RB to TO participate VB in IN the DT first JJ UAL NNP proposal NN . . A DT Sanwa NNP Bank NNP spokesman NN denied VBD that IN the DT finance NN ministry NN played VBD any DT part NN in IN the DT bank NN 's POS decision NN . . `` `` We PRP made VBD our PRP$ own JJ decision NN , , '' '' he PRP said VBD . . Still RB , , Mr. NNP Utsumi NNP may MD have VB a DT hard JJ time NN convincing VBG market NN analysts NNS who WP have VBP rightly RB or CC wrongly RB believed VBN that IN the DT ministry NN played VBD a DT role NN in IN orchestrating VBG recent JJ moves NNS by IN Japanese JJ banks NNS . . All DT week NN there EX has VBZ been VBN much JJ speculation NN in IN financial JJ circles NNS in IN Tokyo NNP and CC abroad RB about IN the DT ministry NN 's POS real JJ position NN . . Bank NN analysts NNS say VBP ministry NN officials NNS have VBP been VBN growing VBG increasingly RB concerned JJ during IN the DT past JJ few JJ months NNS about IN Japanese JJ banks NNS getting VBG in RP over IN their PRP$ heads NNS . . `` `` The DT { ( ministry NN } ) thinks VBZ the DT banks NNS do VBP n't RB know VB what WP they PRP are VBP doing VBG , , that IN they PRP have VBP very RB little JJ idea NN how WRB to TO cope VB with IN risk NN , , '' '' said VBD one CD foreign JJ bank NN analyst NN who WP asked VBD not RB to TO be VB identified VBN . . `` `` The DT { ( ministry NN } ) wants VBZ to TO see VB the DT Japanese JJ banks NNS pull VB in RP their PRP$ horns NNS '' '' on IN leveraged JJ buy-outs NNS , , he PRP added VBD . . Although IN some DT of IN the DT Japanese JJ banks NNS involved JJ in IN the DT first JJ proposed VBN bid NN for IN UAL NNP bowed VBD out RB because IN they PRP found VBD the DT terms NNS unattractive JJ , , observers NNS here RB say VBP they PRP have VBP a DT hard JJ time NN believing VBG that IN commercial JJ considerations NNS were VBD the DT only JJ reason NN . . Japanese JJ banks NNS are VBP under IN `` `` political JJ pressure NN '' '' as IN well RB , , the DT analyst NN said VBD . . Moreover RB , , analysts NNS point VBP out RP that IN Japanese JJ banks NNS have VBP a DT reputation NN for IN doing VBG deals NNS that WDT are VBP n't RB extremely RB profitable JJ if IN they PRP offer VBP the DT chance NN to TO build VB market NN share NN , , cement VB an DT important JJ business NN relationship NN or CC curry VB favor NN with IN powerful JJ bureaucrats NNS . . Clearly RB , , some DT financial JJ authorities NNS are VBP concerned JJ about IN the DT Japanese JJ banks NNS role NN in IN leveraged JJ buy-outs NNS . . At IN a DT news NN conference NN this DT week NN , , Bank NNP of IN Japan NNP Gov. NNP Satoshi NNP Sumita NNP cautioned VBD banks NNS to TO take VB a DT `` `` prudent JJ '' '' stance NN regarding VBG highly RB leveraged JJ deals NNS . . Despite IN Mr. NNP Sumita NNP 's POS statements NNS , , it PRP is VBZ the DT Finance NNP Ministry NNP , , not RB the DT central JJ bank NN , , that WDT makes VBZ policy NN decisions NNS . . While IN recent JJ events NNS may MD cool VB some DT of IN the DT leveraged JJ buy-out NN fever NN , , Japanese JJ banks NNS are VBP n't RB likely JJ to TO walk VB away RB from IN the DT game NN . . Despite IN the DT risks NNS , , the DT deals NNS can MD be VB an DT attractive JJ way NN for IN Japanese JJ banks NNS to TO increase VB their PRP$ presence NN in IN the DT U.S. NNP market NN , , bank NN analysts NNS say VBP . . Flush JJ with IN cash NN at IN home NN , , but CC with IN fewer JJR customers NNS to TO lend VB to TO , , leading VBG banks NNS are VBP eager JJ to TO expand VB overseas RB . . Jumping VBG in RB on IN big JJ deals NNS is VBZ a DT high RB profile JJ way NN to TO leapfrog VB the DT problem NN of IN not RB having VBG a DT strong JJ retail-banking JJ network NN . . France NNP 's POS national JJ tobacco NN company NN , , known VBN for IN making VBG brown-tobacco JJ cigarettes NNS such JJ as IN Gauloises NNP and CC Gitanes NNP , , is VBZ branching VBG out RP . . Concerned JJ by IN dipping VBG demand NN for IN its PRP$ traditional JJ products NNS , , it PRP is VBZ moving VBG not RB only RB into IN blonde JJ cigarettes NNS , , but CC also RB into IN electronic JJ car-parking JJ payment NN cards NNS to TO be VB sold VBN in IN neighborhood NN tobacco NN stores NNS . . Brown JJ tobacco NN in IN France NNP is VBZ a DT more RBR pungent JJ , , stronger JJR grade NN than IN the DT lighter JJR grade NN , , or CC blonde JJ tobacco NN , , used VBN in IN so-called JJ American-style JJ cigarettes NNS . . `` `` We PRP are VBP n't RB Philip NNP Morris NNP Cos. NNPS , , '' '' says VBZ Bertrand NNP de FW Galle NNP , , chairman NN of IN government-owned JJ Societe NNP Nationale NNP d'Exploitation NNP Industrielle NNP des FW Tabacs NNP & CC Allumettes NNP S.A. NNP , , known VBN as IN Seita NNP . . He PRP says VBZ that IN because IN Seita NNP 's POS profits NNS are VBP limited VBN by IN government-controlled JJ cigarette NN prices NNS , , he PRP does VBZ n't RB have VB the DT cash NN to TO diversify VB as RB heavily RB into IN food NN and CC drink NN as IN the DT U.S. NNP concern NN has VBZ done VBN . . ( ( Last JJ year NN , , for IN example NN , , Seita NNP 's POS net JJ profit NN soared VBD 150 CD % NN to TO 461.6 CD million CD French JJ francs NNS ( ( $ $ 73.5 CD million CD ) ) on IN sales NNS of IN FFr SYM 27.68 CD billion CD - : a DT 1.7 CD % NN profit NN margin NN . . ) ) Instead RB , , he PRP said VBD in IN an DT interview NN , , he PRP is VBZ looking VBG for IN ways NNS to TO exploit VB France NNP 's POS network NN of IN 39,000 CD tobacco NN agents NNS , , most JJS of IN them PRP cafes NNS . . While IN Seita NNP does VBZ n't RB own VB the DT French JJ tabacs NNS , , its PRP$ close JJ alliance NN with IN them PRP offers VBZ distribution NN possibilities NNS . . One CD proposal NN is VBZ to TO introduce VB a DT new JJ payment NN system NN for IN parking NN in IN Paris NNP . . Instead RB of IN paying VBG for IN parking NN by IN putting VBG money NN in IN the DT existing VBG machines NNS , , which WDT deliver VBP little JJ paper NN receipts NNS , , drivers NNS would MD be VB able JJ to TO buy VB electronic JJ cards NNS in IN local JJ tobacco NN shops NNS . . Once RB activated VBN , , the DT card NN would MD sit VB in IN the DT car NN 's POS window NN , , showing VBG traffic NN wardens NNS how WRB much JJ time NN the DT motorist NN could MD remain VB . . When WRB the DT motorist NN returned VBD to TO his PRP$ car NN he PRP could MD turn VB the DT card NN off RP and CC , , if IN it PRP showed VBD time NN remaining VBG , , save VB it PRP for IN later RB . . Seita NNP is VBZ a DT partner NN in IN the DT project NN , , which WDT was VBD developed VBN by IN Matra NNP SA NNP using VBG Japanese JJ technology NN . . Seita NNP and CC Matra NNP currently RB are VBP negotiating VBG with IN city NN officials NNS for IN the DT right NN to TO begin VB service NN . . And CC Seita NNP is VBZ considering VBG further JJ diversification NN . . It PRP wanted VBD to TO buy VB RJR NNP Nabisco NNP Inc. NNP 's POS French JJ cracker NN subsidiary NN , , Belin NNP , , in IN hopes NNS of IN selling VBG its PRP$ products NNS in IN tobacco NN stores NNS , , but CC lost VBD the DT bidding NN to TO food NN group NN BSN NNP SA NNP . . It PRP currently RB is VBZ considering VBG bidding VBG for IN Swedish NNP Match NNP Co NNP . . And CC it PRP retains VBZ an DT interest NN in IN acquiring VBG candies NNS and CC other JJ articles NNS that WDT might MD be VB sold VBN in IN tobacco NN shops NNS . . It PRP also RB is VBZ trying VBG to TO shore VB up RP its PRP$ tobacco NN business NN . . Brown-tobacco JJ cigarettes NNS such JJ as IN Gauloises NNP now RB make VBP up RP just RB 40 CD % NN of IN the DT French JJ tobacco NN market NN , , half PDT the DT level NN of IN about IN two CD decades NNS ago RB . . While IN Seita NNP retains VBZ a DT manufacturing NN monopoly NN in IN France NNP , , it PRP is VBZ being VBG hurt VBN by IN rising VBG imports NNS and CC from IN waning VBG cigarette NN demand NN . . So RB Seita NNP has VBZ introduced VBN blonde JJ cigarettes NNS under IN the DT Gauloises NNP label NN , , and CC intends VBZ to TO relaunch VB the DT unsuccessful JJ Gitanes NNP Blondes NNPS in IN new JJ packaging NN , , similar JJ to TO the DT slide-packs NNS used VBN by IN brown-tobacco JJ Gitanes NNP . . The DT aim NN , , says VBZ Mr. NNP de FW Galle NNP , , is VBZ to TO win VB market NN share NN from IN imported VBN cigarettes NNS , , and CC to TO persuade VB smokers NNS who WP are VBP switching VBG to TO blonde JJ cigarettes NNS to TO keep VB buying VBG French JJ . . When WRB the DT Supreme NNP Court NNP upheld VBD Missouri NNP 's POS abortion NN restrictions NNS last JJ July NNP , , the DT justices NNS almost RB certainly RB did VBD n't RB have VB drunk JJ driving NN , , trespassing NN and CC false JJ imprisonment NN on IN their PRP$ minds NNS . . But CC the DT 5-4 JJ ruling NN may MD have VB had VBN as RB much JJ immediate JJ impact NN on IN those DT activities NNS -- : especially RB trespassing NN -- : as IN on IN abortion NN rights NNS . . The DT decision NN , , Webster NNP vs. FW Reproductive NNP Health NNP Services NNPS , , illustrates VBZ how WRB Supreme NNP Court NNP rulings NNS often RB have VBP a DT ripple JJ effect NN , , spreading VBG into IN areas NNS of IN law NN and CC policy NN that WDT were VBD n't RB part NN of IN the DT actual JJ cases NNS decided VBN and CC that IN never RB were VBD contemplated VBN by IN the DT justices NNS . . In IN the DT Missouri NNP case NN , , unforeseen JJ consequences NNS may MD have VB arisen VBN because IN the DT high JJ court NN reinstated VBD the DT preamble NN of IN the DT state NN 's POS 1986 CD abortion NN law NN . . The DT preamble NN says VBZ that IN human JJ life NN begins VBZ at IN conception NN and CC that IN unborn JJ children NNS have VBP rights NNS protected VBN by IN the DT Constitution NNP . . Last JJ year NN , , a DT federal JJ appeals NNS court NN in IN St. NNP Louis NNP said VBD the DT preamble NN was VBD unconstitutional JJ , , citing VBG an DT earlier JJR Supreme NNP Court NNP ruling NN that IN states NNS ca MD n't RB justify VB stricter JJR abortion NN curbs NNS by IN changing VBG the DT definition NN of IN when WRB life NN begins VBZ . . But CC the DT Supreme NNP Court NNP concluded VBD that IN it PRP was VBD premature JJ to TO rule VB on IN the DT constitutionality NN of IN the DT preamble NN because IN the DT definition NN of IN human JJ life NN had VBD n't RB yet RB been VBN used VBN to TO restrict VB abortion NN services NNS . . The DT high JJ court NN majority NN said VBD it PRP was VBD up IN to TO the DT state NN courts NNS for IN now RB to TO decide VB whether IN the DT definition NN has VBZ any DT bearing NN on IN other JJ state NN laws NNS . . Already RB , , local JJ Missouri NNP judges NNS have VBP relied VBN on IN the DT restored VBN preamble NN in IN two CD separate JJ cases NNS to TO throw VB out RP criminal JJ trespass NN charges NNS against IN anti-abortion JJ demonstrators NNS who WP blocked VBD access NN to TO Reproductive NNP Health NNP Services NNPS , , an DT abortion NN clinic NN in IN St. NNP Louis NNP . . The DT protesters NNS said VBD their PRP$ actions NNS were VBD justified JJ by IN the DT desire NN to TO save VB the DT lives NNS of IN unborn JJ children NNS . . Under IN a DT 1981 CD Missouri NNP law NN , , persons NNS accused VBN of IN some DT crimes NNS , , including VBG trespassing NN , , may MD offer VB a DT defense NN that IN their PRP$ actions NNS were VBD justified JJ `` `` as IN an DT emergency NN measure NN to TO avoid VB an DT imminent JJ public NN or CC private JJ injury NN . . '' '' Relying VBG on IN the DT preamble NN 's POS statement NN that IN a DT fetus NN is VBZ an DT unborn JJ child NN , , the DT two CD St. NNP Louis NNP County NNP Circuit NNP Court NNP judges NNS in IN August NNP accepted VBD the DT justification NN that IN the DT abortion NN clinic NN protesters NNS were VBD trying VBG to TO save VB lives NNS . . In IN another DT case NN , , a DT protester NN , , Ann NNP O'Brien NNP , , was VBD convicted VBN of IN trespass NN before IN the DT Supreme NNP Court NNP 's POS Webster NNP ruling NN . . Last JJ week NN , , when WRB her PRP$ appeal NN was VBD argued VBN before IN the DT Missouri NNP Court NNP of IN Appeals NNPS , , her PRP$ lawyer NN also RB relied VB on IN the DT preamble NN . . `` `` The DT effect NN of IN the DT Supreme NNP Court NNP Webster NNP opinion NN is VBZ that IN it PRP left VBD room NN for IN grass NN to TO grow VB in IN the DT cracks NNS of IN Roe NNP vs. FW Wade NNP , , and CC I PRP think VBP this DT is VBZ one CD of IN the DT cracks NNS , , '' '' said VBD Mark NNP Belz NNP , , a DT St. NNP Louis NNP lawyer NN who WP represented VBD Ms. NNP O'Brien NNP and CC the DT other JJ St. NNP Louis NNP protesters NNS . . Roe NNP vs. FW Wade NNP was VBD the DT Supreme NNP Court NNP 's POS 1973 CD decision NN that WDT recognized VBD a DT woman NN 's POS right NN to TO abortion NN . . Mario NNP Mandina NNP , , president NN of IN Kansas NNP City NNP Lawyers NNPS for IN Life NNP , , says VBZ that IN if IN abortion NN foes NNS succeed VBP in IN using VBG the DT preamble NN to TO escape VB prosecution NN for IN trespass NN , , `` `` This DT will MD shut VB down RP abortion NN in IN Missouri NNP . . There EX 's VBZ no DT risk NN to TO the DT protesters NNS , , and CC you PRP ca MD n't RB keep VB an DT abortion NN clinic NN open JJ if IN there EX are VBP 3,000 CD people NNS standing VBG outside IN every DT day NN . . '' '' That DT would MD be VB an DT ironic JJ result NN of IN a DT case NN in IN which WDT the DT Supreme NNP Court NNP expressly RB stopped VBD short RB of IN overruling VBG Roe NNP vs. FW Wade NNP . . In IN two CD other JJ cases NNS , , the DT possible JJ consequences NNS of IN the DT Supreme NNP Court NNP ruling NN appear VBP even RB more RBR unintended JJ . . In IN one CD , , the DT lawyer NN for IN a DT 20-year-old JJ resident NN of IN Columbia NNP , , Mo. NNP , , who WP was VBD charged VBN with IN drunk JJ driving NN , , argued VBD that DT his PRP$ client NN should MD be VB treated VBN as IN a DT 21-year-old JJ adult NN because IN his PRP$ actual JJ age NN should MD be VB calculated VBN from IN conception NN , , not RB from IN birth NN . . In IN Missouri NNP , , those DT caught VBN drinking NN and CC driving NN between IN the DT ages NNS of IN 16 CD and CC 21 CD may MD have VB their PRP$ licenses NNS revoked VBN for IN one CD year NN , , while IN those DT 21 CD or CC older JJR suffer VBP only RB a DT 30-day JJ suspension NN . . A DT Boone NNP County NNP judge NN rejected VBD the DT motion NN , , but CC Daniel NNP Dodson NNP , , a DT Jefferson NNP City NNP lawyer NN , , says VBZ he PRP has VBZ appealed VBN . . And CC in IN a DT case NN filed VBN in IN federal JJ court NN in IN August NNP , , a DT lawyer NN is VBZ arguing VBG that IN Missouri NNP authorities NNS are VBP wrongfully RB imprisoning VBG the DT fetus NN of IN a DT pregnant JJ woman NN who WP is VBZ in IN jail NN for IN theft NN and CC forgery NN . . In IN terms NNS of IN sheer JJ brutality NN , , the DT Somali JJ regime NN of IN Siad NNP Barre NNP may MD rank VB as IN No. NNP 1 CD in IN the DT world NN . . The DT only JJ reason NN that DT Somalia NNP remains VBZ in IN obscurity NN is VBZ numbers NNS : : a DT sparsely RB populated JJ wasteland NN of IN 8.5 CD million CD people NNS spread VBN out RB over IN an DT expanse NN nearly RB the DT size NN of IN Texas NNP . . The DT Barre NNP dictatorship NN simply RB is VBZ limited JJ in IN the DT amount NN of IN people NNS it PRP can MD torture VB and CC kill VB . . Beheading VBG small JJ children NNS , , stabbing VBG elderly JJ people NNS to TO death NN , , raping VBG and CC shooting VBG women NNS , , and CC burying VBG people NNS alive RB are VBP just RB a DT few JJ of IN the DT grisly JJ activities NNS that IN the DT Somali JJ armed JJ forces NNS have VBP been VBN engaged VBN in IN over IN the DT past JJ two CD years NNS . . Up IN to TO 500,000 CD Somalis NNPS have VBP escaped VBN to TO the DT relative JJ safety NN of IN Marxist JJ Ethiopia NNP because IN of IN the DT behavior NN of IN President NNP Barre NNP 's POS troops NNS . . In IN the DT port NN of IN Berbera NNP , , for IN example NN , , hundreds NNS of IN men NNS of IN the DT rival JJ Issak NNP clan NN were VBD rounded VBN up RP in IN May NNP 1988 CD , , imprisoned VBN , , and CC then RB taken VBN out RB at IN night NN in IN groups NNS of IN five CD to TO 50 CD men NNS to TO be VB executed VBN without IN any DT judicial JJ process NN whatsoever RB . . Guns NNS were VBD never RB used VBN : : Each DT man NN was VBD stabbed VBN to TO death NN with IN a DT large JJ knife NN . . The DT horrific JJ details NNS are VBP only RB now RB emerging VBG from IN a DT painstakingly RB documented VBN report NN , , based VBN on IN hundreds NNS of IN interviews NNS with IN randomly RB selected VBN refugees NNS . . The DT study NN was VBD done VBN by IN Robert NNP Gersony NNP , , a DT consultant NN to TO the DT U.S. NNP State NNP Department NNP who WP has VBZ years NNS of IN experience NN in IN investigating VBG human-rights JJ abuses NNS on IN both DT sides NNS of IN the DT left-right JJ ideological JJ divide NN . . What WP gives VBZ these DT events NNS particular JJ significance NN , , however RB , , is VBZ the DT fact NN that IN they PRP are VBP part NN of IN a DT wider JJR drama NN affecting VBG the DT strategic JJ positions NNS of IN both DT the DT U.S. NNP and CC the DT Soviet NNP Union NNP on IN the DT horn NN of IN Africa NNP . . Not RB since IN the DT late JJ 1970s NNS has VBZ the DT horn NN been VBN so RB up IN for IN grabs NNS as IN it PRP has VBZ suddenly RB become VBN in IN just RB the DT past JJ few JJ weeks NNS . . Mr. NNP Barre NNP 's POS rule NN is VBZ crumbling VBG fast RB . . Mutinies NNS wrack VBP his PRP$ armed JJ forces NNS ( ( really RB just RB an DT armed JJ gang NN ) ) , , which WDT control VBP less JJR than IN half PDT the DT country NN . . Inflation NN is VBZ at IN record NN levels NNS . . Desperate JJ , , he PRP has VBZ called VBN in RP the DT Libyans NNPS to TO help VB fight VB the DT rebels NNS of IN the DT Somali NNP National NNP Movement NNP in IN the DT north NN , , which WDT is VBZ only RB one CD of IN several JJ groups NNS picking VBG away RP at IN the DT regime NN in IN the DT capital NN of IN Mogadishu NNP . . Seventy CD years NNS old JJ and CC a DT self-declared JJ `` `` scientific JJ socialist NN , , '' '' President NNP Barre NNP has VBZ a DT power NN base NN , , composed VBN only RB of IN his PRP$ minority NN Mareham NNP clan NN , , that IN according VBG to TO observers NNS is VBZ `` `` narrowing VBG . . '' '' The DT U.S. NNP 's POS interest NN in IN Somalia NNP consists VBZ of IN a DT single JJ runway NN at IN the DT port NN of IN Berbera NNP , , which WDT U.S. NNP military JJ aircraft NN have VBP the DT right NN to TO use VB for IN surveillance NN of IN the DT Gulf NNP of IN Aden NNP and CC the DT Indian NNP Ocean NNP . . That DT strip NN of IN concrete NN is VBZ backed VBN up RP by IN a DT few JJ one-story JJ , , air-conditioned JJ shacks NNS where WRB a DT handful NN of IN American JJ nationals NNS -- : buttressed VBN by IN imported VBN food NN , , cold JJ soft JJ drinks NNS and CC back JJ issues NNS of IN Sports NNPS Illustrated NNP -- : maintain VBP radio NN contact NN with IN the DT outside JJ world NN . . In IN the DT past JJ two CD years NNS , , the DT desert NN behind IN them PRP has VBZ become VBN a DT land NN of IN mass NN executions NNS and CC utter JJ anarchy NN , , where WRB , , due JJ to TO Mr. NNP Barre NNP 's POS brutality NN and CC ineptitude NN , , nobody NN is VBZ any RB longer RB in IN control NN . . As RB long RB as IN the DT rival JJ Soviet-backed JJ regime NN of IN Mengistu NNP Haile NNP Mariam NNP held VBD a DT total JJ gridlock NN over IN neighboring VBG Ethiopia NNP , , the DT U.S. NNP was VBD forced VBN to TO accept VB that DT lonely JJ Berbera NNP runway NN as IN a DT distant JJ No. NN 2 CD to TO the DT Soviets NNPS ' POS array NN of IN airfields NNS next IN door NN . . But CC due RB to TO dramatic JJ events NNS on IN the DT battlefield NN over IN the DT past JJ few JJ days NNS and CC weeks NNS , , those DT Soviet JJ bases NNS may MD soon RB be VB as RB endangered VBN and CC as RB lonely JJ as IN the DT American JJ runway NN . . On IN Sept. NNP 7 CD , , I PRP wrote VBD on IN these DT pages NNS about IN the DT killing VBG and CC capturing VBG of IN 10,000 CD Ethiopian JJ soldiers NNS by IN Eritrean JJ and CC Tigrean JJ guerrillas NNS . . Recently RB , , in IN Wollo NNP province NN in IN the DT center NN of IN Ethiopia NNP , , Tigrean JJ forces NNS have VBP killed VBN , , wounded VBN and CC captured VBN an DT additional JJ 20,000 CD government NN troops NNS . . ( ( Think VB what WP these DT numbers NNS mean VBP -- : considering VBG the DT headline NN space NN devoted VBN to TO hundreds NNS of IN deaths NNS in IN Lebanon NNP , , a DT small JJ country NN of IN little JJ strategic JJ importance NN ! . ) ) Tigrean JJ armies NNS are VBP now RB 200 CD miles NNS north RB of IN Addis NNP Ababa NNP , , threatening VBG the DT town NN of IN Dese NNP , , which WDT would MD cut VB off RP Mr. NNP Mengistu NNP 's POS capital NN from IN the DT port NN of IN Assab NNP , , through IN which WDT all DT fuel NN and CC other JJ supplies NNS reach VBP Addis NNP Ababa NNP . . As IN a DT result NN , , Mr. NNP Mengistu NNP has VBZ been VBN forced VBN to TO transfer VB thousands NNS of IN troops NNS from IN Eritrea NNP just RB to TO hold VB the DT town NN , , thereby RB risking VBG the DT loss NN of IN even RB more JJR territory NN in IN Eritrea NNP only RB to TO keep VB the DT Tigreans NNPS at IN bay NN . . Mr. NNP Mengistu NNP is VBZ in IN an DT increasingly RB weak JJ position NN : : Half PDT his PRP$ army NN is VBZ tied VBN down RP defending VBG the DT northern JJ city NN of IN Asmara NNP from IN the DT Eritreans NNPS . . The DT weaker JJR he PRP gets VBZ , , the DT more RBR he PRP turns VBZ toward IN the DT U.S. NNP for IN help NN . . While IN the DT Tigreans NNPS are VBP communists NNS , , like IN the DT Eritreans NNPS they PRP are VBP among IN the DT most RBS anti-Soviet JJ guerrillas NNS in IN the DT world NN , , having VBG suffered VBN more JJR than IN a DT decade NN of IN aerial JJ bombardment NN by IN the DT Soviet-supplied JJ Mengistu NNP air NN force NN . . What WP this DT all DT means NNS in IN shorthand NN is VBZ that DT Soviet JJ dominance NN in IN Ethiopia NNP is VBZ collapsing VBG as RB fast RB as IN President NNP Barre NNP 's POS regime NN in IN Somalia NNP is VBZ . . The DT U.S. NNP , , therefore RB , , has VBZ a DT historic JJ opportunity NN both DT to TO strike VB a DT blow NN for IN human JJ rights NNS in IN Somalia NNP and CC to TO undo VB the DT superpower NN flip-flop NN of IN the DT late JJ 1970s NNS on IN the DT Horn NNP of IN Africa NNP . . Back RB to TO Somalia NN : : The DT State NNP Department NNP , , to TO its PRP$ credit NN , , has VBZ already RB begun VBN distancing VBG itself PRP from IN Mr. NNP Barre NNP , , evinced VBN by IN its PRP$ decision NN to TO publish VB the DT Gersony NNP report NN ( ( which WDT the DT press NN has VBZ ignored VBN ) ) . . What WP 's VBZ more JJR , , the DT U.S. NNP has VBZ suspended VBN $ $ 2.5 CD million CD in IN military JJ aid NN and CC $ $ 1 CD million CD in IN economic JJ aid NN . . But CC this DT is VBZ not RB enough JJ . . Because IN the DT U.S. NNP is VBZ still RB perceived VBN to TO be VB tied VBN to TO Mr. NNP Barre NNP , , when WRB he PRP goes VBZ the DT runway NN could MD go VB too RB . . Considering VBG how WRB tenuous JJ the DT security NN of IN that DT runway NN is VBZ anyway RB , , the DT better JJR option NN -- : both DT morally RB and CC strategically RB -- : would MD be VB for IN the DT Bush NNP administration NN to TO blast VB the DT regime NN publicly RB , , in IN terms NNS clear JJ enough RB for IN all DT influential JJ Somalis NNPS to TO understand VB . . It PRP is VBZ a DT certainty NN that IN Mr. NNP Barre NNP 's POS days NNS are VBP numbered VBN . . The DT U.S. NNP should MD take VB care NN , , however RB , , that IN its PRP$ own JJ position NN in IN the DT country NN does VBZ not RB go VB down RB with IN him PRP . . Nobody NN is VBZ sure JJ what WP will MD come VB next JJ in IN Somalia NNP or CC whom WP the DT successor NN might MD be VB . . But CC as IN one CD expert NN tells VBZ me PRP : : `` `` Whoever WP it PRP is VBZ will MD have VB to TO work VB pretty RB damn RB hard JJ to TO be VB worse JJR than IN Barre NNP . . '' '' While IN the DT State NNP Department NNP positions VBZ itself PRP for IN the DT post-Barre JJ period NN in IN Somalia NNP , , it PRP should MD continue VB to TO back VB former JJ President NNP Carter NNP 's POS well-intentioned JJ role NN as IN a DT mediator NN between IN Mr. NNP Mengistu NNP and CC the DT Eritrean JJ guerrillas NNS in IN Ethiopia NNP , , while IN concomitantly RB opening VBG up RP channels NNS of IN communications NNS with IN the DT Tigrean JJ rebels NNS through IN neighboring VBG Sudan NNP . . Ethiopian JJ politics NNS are VBP the DT most RBS sophisticated JJ , , secretive JJ and CC Byzantine JJ in IN all DT of IN black JJ Africa NNP . . Remember VB that IN it PRP took VBD Mr. NNP Mengistu NNP many JJ months NNS , , in IN what WP became VBD known VBN as IN the DT `` `` creeping VBG coup NN , , '' '' to TO topple VB Emperor NNP Haile NNP Selassie NNP in IN 1974 CD and CC 1975 CD . . There EX is VBZ simply RB no DT way NN to TO engineer VB a DT succession NN covertly RB , , as IN is VBZ sometimes RB possible JJ elsewhere RB on IN the DT continent NN . . But CC the DT U.S. NNP has VBZ one CD great JJ advantage NN : : The DT Soviets NNPS are VBP universally RB loathed VBN throughout IN Ethiopia NN for IN what WP they PRP did VBD to TO the DT country NN this DT past JJ decade NN -- : famine NN and CC all DT . . It PRP 's VBZ not RB just RB in IN Eastern NNP Europe NNP where WRB the DT march NN of IN events NNS is VBZ finally RB on IN the DT U.S. NNP side NN , , but CC on IN the DT horn NN of IN Africa NNP as RB well RB . . The DT only JJ U.S. NNP liability NN in IN the DT region NN is VBZ what WP remains VBZ of IN the DT link NN to TO Mr. NNP Barre NNP , , and CC that DT should MD be VB cut VBN fast RB . . Mr. NNP Kaplan NNP , , author NN of IN `` `` Surrender VB or CC Starve VB : : The DT Wars NNS Behind IN the DT Famine NN '' '' ( ( Westview NNP Press NNP , , 1988 CD ) ) , , lives VBZ in IN Lisbon NNP . . Translant NNP Inc. NNP , , Rancho NNP Cucamonga NNP , , Calif. NNP , , got VBD an DT $ $ 86 CD million CD Navy NNP contract NN for IN missile-launch JJ systems NNS . . General NNP Electric NNP Co. NNP received VBD a DT $ $ 30.6 CD million CD Air NNP Force NNP contract NN for IN MX-missile NN nose NN cones NNS . . Goodyear NNP Tire NNP & CC Rubber NNP Co. NNP was VBD awarded VBN a DT $ $ 19.1 CD million CD Army NNP contract NN for IN armored-vehicle JJ parts NNS . . Analytic NNP Sciences NNPS Corp. NNP was VBD awarded VBN a DT $ $ 10.1 CD million CD Air NNP Force NNP contract NN for IN technical JJ support NN . . McCormick NNP Capital NNP Inc. NNP said VBD the DT final JJ proration JJ factor NN was VBD 0.628394 CD on IN its PRP$ oversubscribed JJ , , $ $ 3-a-share JJ tender NN offer NN to TO buy VB back RB as RB many JJ as IN 1.1 CD million CD of IN its PRP$ common JJ shares NNS . . Payment NN will MD begin VB `` `` as RB soon RB as IN Oct. NNP 25 CD , , '' '' the DT company NN said VBD . . McCormick NNP is VBZ a DT developer NN and CC manager NN of IN futures-investment JJ limited JJ partnerships NNS . . Through IN a DT separate JJ agreement NN between IN Peter NNP Dauchy NNP , , president NN , , and CC a DT group NN of IN selling VBG shareholders NNS , , the DT company NN said VBD , , Mr. NNP Dauchy NNP will MD on IN Oct. NNP 30 CD buy VB 231,405 CD shares NNS from IN the DT group NN , , boosting VBG his PRP$ stake NN to TO about IN 717,000 CD shares NNS , , or CC 50.7 CD % NN of IN the DT total NN after IN the DT buy-back NN . . Canada NNP 's POS consumer NN price NN index NN rose VBD a DT seasonally RB adjusted JJ 0.2 CD % NN in IN September NNP from IN August NNP , , Statistics NNPS Canada NNP , , a DT federal JJ agency NN , , said VBD . . The DT rise NN followed VBD boosts NNS of IN 0.1 CD % NN in IN August NNP , , 0.7 CD % NN in IN July NNP and CC 0.6 CD % NN in IN June NNP . . OPEC NNP 's POS ability NN to TO produce VB more JJR petroleum NN than IN it PRP can MD sell VB is VBZ beginning VBG to TO cast VB a DT shadow NN over IN world NN oil NN markets NNS . . Output NN from IN the DT Organization NNP of IN Petroleum NNP Exporting NNP Countries NNPS is VBZ already RB at IN a DT high JJ for IN the DT year NN and CC most JJS member NN nations NNS are VBP running VBG flat RB out RB . . But CC industry NN and CC OPEC NNP officials NNS agree VBP that IN a DT handful NN of IN members NNS still RB have VB enough JJ unused JJ capacity NN to TO glut VB the DT market NN and CC cause VB an DT oil-price NN collapse NN a DT few JJ months NNS from IN now RB if IN OPEC NNP does VBZ n't RB soon RB adopt VB a DT new JJ quota NN system NN to TO corral VB its PRP$ chronic JJ cheaters NNS . . As IN a DT result NN , , the DT effort NN by IN some DT oil NN ministers NNS to TO get VB OPEC NNP to TO approve VB a DT new JJ permanent JJ production-sharing JJ agreement NN next JJ month NN is VBZ taking VBG on RP increasing VBG urgency NN . . The DT organization NN is VBZ scheduled VBN to TO meet VB in IN Vienna NNP beginning VBG Nov. NNP 25 CD . . So RB far RB this DT year NN , , rising VBG demand NN for IN OPEC NNP oil NN and CC production NN restraint NN by IN some DT members NNS have VBP kept VBN prices NNS firm JJ despite IN rampant JJ cheating NN by IN others NNS . . But CC that DT could MD change VB if IN demand NN for IN OPEC NNP 's POS oil NN softens VBZ seasonally RB early JJ next JJ year NN as IN some DT think VBP may MD happen VB . . OPEC NNP is VBZ currently RB producing VBG more JJR than IN 22 CD million CD barrels NNS a DT day NN , , sharply RB above IN its PRP$ nominal JJ , , self-imposed JJ fourth-quarter JJ ceiling NN of IN 20.5 CD million CD , , according VBG to TO OPEC NNP and CC industry NN officials NNS at IN an DT oil NN conference NN here RB sponsored VBN by IN the DT Oil NNP Daily NNP and CC the DT International NNP Herald NNP Tribune NNP . . At IN that DT rate NN , , a DT majority NN of IN OPEC NNP 's POS 13 CD members NNS have VBP reached VBN their PRP$ output NN limits NNS , , they PRP said VBD . . But CC it PRP is VBZ estimated VBN that IN at IN least JJS three CD million CD barrels NNS a DT day NN -- : and CC possibly RB as RB much JJ as IN seven CD million CD barrels NNS a DT day NN -- : of IN spare JJ capacity NN still RB exists VBZ within IN OPEC NNP . . Most JJS is VBZ concentrated VBN in IN five CD Persian NNP Gulf NNP countries NNS , , including VBG his PRP$ own JJ , , Issam NNP Al-Chalabi NNP , , Iraq NNP 's POS oil NN minister NN , , told VBD the DT conference NN Friday NNP . . He PRP puts VBZ OPEC NNP 's POS current JJ capacity NN at IN 28 CD million CD to TO 29 CD million CD barrels NNS a DT day NN . . That DT 's VBZ higher JJR than IN some DT other JJ estimates NNS . . Ali NNP Khalifa NNP Al-Sabah NNP , , Kuwait NNP 's POS oil NN minister NN , , recently RB estimated VBD OPEC NNP capacity NN at IN 25 CD million CD barrels NNS a DT day NN . . Either DT way NN , , the DT overhang NN is VBZ big JJ enough RB to TO keep VB delicately RB balanced JJ oil NN markets NNS on IN edge NN . . Even RB modest JJ amounts NNS of IN additional JJ output NN by IN those DT with IN the DT huge JJ extra JJ capacity NN and CC reserves NNS , , such JJ as IN Saudi NNP Arabia NNP and CC Iraq NNP , , could MD upset VB the DT market NN . . The DT Iraqi JJ oil NN minister NN and CC Saudi JJ oil NN minister NN Hisham NNP Nazer NNP insisted VBD in IN their PRP$ comments NNS to TO the DT conference NN that IN their PRP$ countries NNS would MD act VB responsibly RB to TO maintain VB a DT stable JJ market NN . . However RB , , in IN interviews NNS later RBR , , both DT ministers NNS stressed VBD that IN they PRP expect VBP future JJ OPEC NNP quotas NNS to TO be VB based VBN mainly RB on IN the DT production NN capacity NN and CC reserves NNS of IN each DT member NN . . Under IN that DT approach NN , , countries NNS with IN the DT most RBS unused JJ oil NN capacity NN would MD get VB bigger JJR shares NNS of IN any DT future JJ increases NNS in IN OPEC NNP 's POS production NN ceiling NN than IN they PRP would MD under IN the DT current JJ system NN . . `` `` If IN you PRP are VBP already RB producing VBG at IN 95 CD % NN or CC 100 CD % NN of IN your PRP$ capacity NN , , what WP 's VBZ the DT good JJ to TO be VB told VBN you PRP can MD produce VB at IN 105 CD % NN of IN capacity NN ? . '' '' asked VBD Mr. NNP Al-Chalabi NNP . . At IN an DT inconclusive JJ Geneva NNP meeting NN late JJ last JJ month NN , , OPEC NNP 's POS oil NN ministers NNS halfheartedly RB approved VBD another DT increase NN of IN one CD million CD barrels NNS a DT day NN in IN their PRP$ production NN ceiling NN . . They PRP doled VBD it PRP out RP using VBG the DT existing VBG formula NN , , however RB , , which WDT meant VBD that IN even RB those DT countries NNS that WDT could MD n't RB produce VB more JJR received VBD higher JJR official JJ allotments NNS . . The DT main JJ effect NN of IN the DT ceiling NN boost NN was VBD to TO `` `` legitimize VB '' '' some DT of IN the DT overproduction NN already RB coming VBG from IN the DT quota NN cheaters NNS . . Still RB , , there EX was VBD a DT breakthrough NN at IN Geneva NNP . . Previously RB , , no DT OPEC NNP member NN had VBD been VBN willing JJ to TO accept VB a DT reduction NN in IN its PRP$ percentage NN share NN of IN the DT group NN 's POS total JJ output NN target NN , , or CC ceiling NN . . But CC the DT concept NN of IN disproportionate JJ quotas NNS for IN those DT with IN unused JJ capacity NN , , advanced VBN there RB in IN an DT Iranian JJ proposal NN , , was VBD generally RB endorsed VBN by IN the DT ministers NNS . . In IN the DT end NN politics NNS got VBD in IN the DT way NN . . Libya NNP accepted VBD Iran NNP 's POS proposal NN only RB so RB long RB as IN it PRP was VBD promised VBN production NN parity NN with IN Kuwait NNP . . And CC the DT United NNP Arab NNP Emirates NNPS , , a DT chronic JJ quota NN cheater NN , , refused VBD to TO give VB any DT guarantee NN it PRP would MD change VB its PRP$ ways NNS . . But CC the DT oil NN ministers NNS continue VBP to TO study VB the DT plan NN , , and CC it PRP will MD probably RB be VB the DT basis NN for IN discussion NN at IN next JJ month NN 's POS meeting NN . . It PRP 's VBZ understood VBN several JJ compromises NNS already RB have VBP been VBN worked VBN into IN the DT plan NN . . The DT ceiling NN would MD be VB lifted VBN to TO 21.5 CD million CD barrels NNS to TO provide VB Kuwait NNP and CC the DT United NNP Arab NNP Emirates NNP much RB higher JJR official JJ quotas NNS while IN reducing VBG percentage NN shares NNS of IN some DT others NNS . . Libya NNP 's POS previous JJ conditions NNS are VBP no RB longer RB considered VBN a DT problem NN , , although IN the DT United NNP Arab NNP Emirates NNPS is VBZ still RB an DT issue NN . . Saudi NNP Arabia NNP , , OPEC NNP 's POS kingpin NN , , also RB has VBZ surfaced VBN as IN a DT possible JJ obstacle NN , , some DT OPEC NNP sources NNS said VBD . . Insisting VBG on IN a DT 24.5 CD % NN share NN of IN any DT ceiling NN , , Saudi JJ officials NNS have VBP long RB pressed VBN for IN the DT pro JJ rata JJ distribution NN of IN increases NNS to TO all DT members NNS . . In IN Geneva NNP , , however RB , , they PRP supported VBD Iran NNP 's POS proposal NN because IN it PRP would MD have VB left VBN the DT Saudi JJ percentage NN of IN the DT OPEC NNP total NN intact JJ , , and CC increased VBD actual JJ Saudi JJ volume NN to TO nearly RB 5.3 CD million CD barrels NNS daily RB from IN five CD million CD . . Some DT of IN the DT proposed VBN modifications NNS since RB , , however RB , , call VBP on RP Saudi NNP Arabia NNP to TO `` `` give VB back RP '' '' to TO the DT production-sharing JJ pool NN a DT token JJ 23,000 CD barrels NNS . . Though IN tiny JJ , , that DT 's VBZ a DT reduction NN in IN its PRP$ share NN . . Mr. NNP Nazer NNP , , the DT Saudi JJ oil NN minister NN , , reiterated VBD here RB that IN the DT kingdom NN would MD insist VB on IN maintaining VBG its PRP$ percentage NN share NN of IN OPEC NNP production NN under IN any DT quota NN revisions NNS . . `` `` Under IN any DT circumstances NNS , , Saudi NNP Arabia NNP should MD get VB more JJR '' '' rather RB than IN less JJR , , Mr. NNP Nazer NNP said VBD . . In IN a DT blow NN to TO France NNP 's POS Rafale NNP jet NN fighter NN , , the DT French JJ navy NN for IN the DT first JJ time NN publicly RB stated VBD its PRP$ desire NN to TO buy VB 15 CD McDonnell NNP Douglas NNP Corp. NNP F-18 NN Hornets NNPS to TO defend VB its PRP$ aircraft NN carriers NNS . . The DT statement NN is VBZ likely JJ to TO sharpen VB the DT debate NN within IN France NNP 's POS military JJ establishment NN over IN the DT Rafale NNP , , which WDT is VBZ made VBN by IN Avions NNP Marcel NNP Dassault-Breguet NNP Aviation NNP SA NNP . . In IN an DT interview NN in IN the DT navy NN 's POS official JJ weekly JJ magazine NN Cols NNP Bleus NNP , , the DT navy NN 's POS second-in-command NN , , Adm. NNP Yves NNP Goupil NNP , , said VBD the DT navy NN still RB intends VBZ to TO buy VB 86 CD Rafales NNPS as IN scheduled VBN in IN the DT late JJ 1990s NNS and CC early RB 21st CD century NN . . The DT air NN force NN is VBZ to TO take VB at IN least JJS 250 CD more JJR . . Adm. NNP Goupil NNP said VBD the DT navy NN ca MD n't RB wait VB until IN 1998 CD , , when WRB the DT naval JJ Rafale NNP becomes VBZ available JJ , , to TO replace VB its PRP$ obsolete JJ fleet NN of IN American-made JJ Crusaders NNPS , , used VBN since IN the DT 1950s NNS to TO protect VB carriers NNS from IN attack NN . . Rather RB than IN renovate VB the DT Crusaders NNPS , , which WDT Dassault NNP is VBZ proposing VBG to TO do VB for IN around IN 1.8 CD billion CD French JJ francs NNS ( ( $ $ 286.6 CD million CD ) ) , , Adm. NNP Goupil NNP said VBD the DT navy NN wants VBZ to TO buy VB used JJ F-18s NNS from IN the DT U.S. NNP Navy NNP . . Officially RB , , the DT statement NN is VBZ n't RB an DT attack NN on IN the DT Rafale NNP . . Adm. NNP Goupil NNP said VBD that IN when WRB the DT F-18s NNS wear VBP out RP , , the DT navy NN is VBZ prepared JJ to TO take VB Rafales NNPS to TO replace VB them PRP . . But CC unofficially RB , , senior JJ navy NN officials NNS sharply RB criticize VBP the DT Rafale NNP as IN an DT air NN force NN plane NN ill-suited JJ to TO carrier NN use NN . . Although IN they PRP never RB said VBD so RB publicly RB , , they PRP have VBP made VBN no DT secret NN of IN their PRP$ preference NN for IN the DT F-18 NN on IN operational JJ grounds NNS . . Adm. NNP Goupil NNP 's POS comments NNS are VBP likely JJ to TO inflame VB the DT broader JJR dispute NN within IN the DT military JJ establishment NN here RB over IN the DT role NN of IN Dassault NNP . . Although IN government-controlled JJ , , Dassault NNP still RB is VBZ run VBN by IN the DT founder NN 's POS son NN , , Chairman NNP Serge NNP Dassault NNP , , who WP has VBZ fiercely RB protected VBN his PRP$ company NN 's POS independence NN . . The DT Rafale NNP project NN is VBZ the DT result NN of IN France NNP 's POS inability NN jointly RB to TO develop VB a DT plane NN with IN other JJ countries NNS , , and CC French JJ officials NNS question VBP whether IN the DT state NN can MD continue VB paying VBG for IN expensive JJ independent JJ programs NNS . . So RB far RB , , Mr. NNP Dassault NNP has VBZ resisted VBN pressure NN to TO change VB . . What WP brought VBD the DT naval JJ issue NN to TO a DT head NN is VBZ that IN the DT Crusaders NNPS are VBP literally RB falling VBG apart RB , , without IN any DT immediate JJ plan NN to TO replace VB them PRP . . Adm. NNP Goupil NNP , , a DT former JJ Crusader NNP squadron NN leader NN , , said VBD that IN the DT last JJ other JJ country NN to TO use VB Crusaders NNPS , , the DT Philippines NNPS , , retired VBD its PRP$ last JJ ones NNS two CD years NNS ago RB . . A DT French JJ Crusader NNP crash NN a DT few JJ months NNS ago RB heightened VBD pressure NN for IN new JJ planes NNS here RB . . Adm. NNP Goupil NNP rejected VBD Dassault NN 's POS proposal NN to TO renovate VB the DT Crusaders NNPS , , saying VBG the DT cost NN was VBD impossible JJ to TO estimate VB . . Even RB modernized JJ , , he PRP said VBD , , the DT Crusaders NNPS represent VBP an DT obsolete JJ and CC dangerous JJ protection NN for IN the DT aircraft NN carriers NNS France NNP has VBZ sent VBN to TO meet VB such JJ crises NNS as IN the DT wars NNS in IN Lebanon NNP and CC the DT Persian NNP Gulf NNP . . Defense NNP Minister NNP Jean-Pierre NNP Chevenement NNP told VBD a DT meeting NN of IN the DT Anglo-American NNP Press NNP Association NNP that IN the DT question NN of IN modernizing VBG the DT Crusaders NNPS or CC buying NN used JJ F18s NNS is VBZ a DT `` `` political JJ '' '' decision NN that IN he PRP will MD make VB in IN due JJ time NN . . THE DT SUPREME NNP COURT NNP ruling NN upholding VBG Missouri NNP 's POS restrictive JJ abortion NN law NN was VBD Webster NNP vs. FW Reproductive NNP Health NNP Services NNPS . . The DT citation NN was VBD misstated VBN in IN Friday NNP 's POS edition NN . . Spending VBG by IN average JJ Japanese JJ households NNS in IN August NNP fell VBD an DT adjusted JJ 1.9 CD % NN from IN a DT year NN earlier RB , , the DT Statistics NNPS Bureau NNP of IN the DT Prime NNP Minister NNP 's POS Office NN said VBD . . The DT bureau NN cited VBD typhoons NNS in IN the DT month NN that WDT discouraged VBD shopping NN and CC leisure NN opportunities NNS . . Spending NN by IN Japanese JJ households NNS averaged VBD 290,782 CD yen NNS ( ( $ $ 2,052.10 CD ) ) in IN August NNP . . In IN nominal JJ terms NNS it PRP rose VBD 0.6 CD % NN from IN a DT year NN earlier RB before IN adjustment NN . . August NNP adjusted JJ spending NN by IN wage-earning JJ families NNS was VBD down RB 0.6 CD % NN to TO 309,381 CD yen NNS from IN a DT year NN earlier RB . . The DT real JJ income NN of IN wage-earning JJ families NNS in IN the DT month NN eased VBD 1.2 CD % NN to TO 438,845 CD yen NNS from IN the DT previous JJ year NN . . For IN Cathay NNP Pacific NNP Airways NNPS , , the DT smooth JJ ride NN may MD be VB ending VBG . . The DT first JJ signs NNS of IN trouble NN came VBD last JJ month NN when WRB the DT Hong NNP Kong NNP carrier NN , , a DT subsidiary NN of IN Swire NNP Pacific NNP Ltd. NNP , , posted VBD a DT 5 CD % NN drop NN in IN operating NN profit NN for IN the DT first JJ six CD months NNS and CC warned VBD that IN margins NNS will MD remain VB under IN pressure NN for IN the DT rest NN of IN the DT year NN . . Securities NNS analysts NNS , , many DT of IN whom WP scrapped VBD their PRP$ buy JJ recommendations NNS after IN seeing VBG Cathay NNP 's POS interim JJ figures NNS , , believe VBP more JJR jolts NNS lie VBP ahead RB . . Fuel NN and CC personnel NN costs NNS are VBP rising VBG , , and CC tourism NN in IN and CC through IN Hong NNP Kong NNP remains VBZ clouded JJ by IN China NNP 's POS turmoil NN since IN the DT June NNP 4 CD killings NNS in IN Beijing NNP . . In IN addition NN , , delivery NN delays NNS for IN the DT first JJ two CD of IN as RB many JJ as IN 28 CD Boeing NNP 747-400s NNS that IN the DT carrier NN has VBZ ordered VBN have VBP raised VBN costs NNS because IN personnel NNS had VBD been VBN hired VBN to TO man VB the DT planes NNS . . And CC tough JJ competition NN in IN the DT air-freight JJ market NN is VBZ cutting VBG into IN an DT important JJ sideline NN . . There EX also RB is VBZ concern NN that IN once RB Hong NNP Kong NNP reverts VBZ to TO China NNP 's POS sovereignty NN in IN 1997 CD , , Cathay NNP will MD be VB forced VBN to TO play VB second JJ fiddle NN to TO China NNP 's POS often-disparaged JJ flag NN carrier NN , , Civil NNP Aviation NNP Administration NNP of IN China NNP , , or CC CAAC NNP . . `` `` The DT sense NN is VBZ we PRP would MD never RB be VB in IN a DT position NN again RB where WRB everything NN works VBZ for IN us PRP the DT way NN it PRP did VBD before RB , , '' '' says VBZ Rod NNP Eddington NNP , , Cathay NNP 's POS commercial JJ director NN . . Sarah NNP Hall NNP , , an DT analyst NN at IN James NNP Capel NNP ( ( Far NNP East NNP ) ) Ltd. NNP , , says VBZ there EX is VBZ n't RB much JJ Cathay NNP can MD do VB about IN rising VBG costs NNS for IN jet NN fuel NN , , Hong NNP Kong NNP 's POS tight JJ labor NN market NN , , or CC the DT strengthening NN of IN the DT local JJ currency NN , , which WDT is VBZ pegged VBN to TO the DT U.S. NNP dollar NN . . These DT factors NNS are VBP further RBR complicated VBN by IN the DT airline NN 's POS push NN to TO transform VB itself PRP from IN a DT regional JJ carrier NN to TO an DT international JJ one NN , , Ms. NNP Hall NNP says VBZ . . Ms. NNP Hall NNP expects VBZ Cathay NNP 's POS profit NN to TO grow VB around IN 13 CD % NN annually RB this DT year NN and CC next JJ . . In IN 1988 CD , , it PRP earned VBD $ $ 2.82 CD billion CD Hong NNP Kong NNP ( ( US$ $ 361.5 CD million CD ) ) on IN revenue NN of IN HK$ $ 11.79 CD billion CD . . Cathay NNP is VBZ taking VBG several JJ steps NNS to TO bolster VB business NN . . One CD step NN is VBZ to TO beef VB up RP its PRP$ fleet NN . . In IN addition NN to TO aircraft NN from IN Boeing NNP Co. NNP , , Cathay NNP announced VBD earlier RBR this DT year NN an DT order NN for IN as RB many JJ as IN 20 CD Airbus NNP A330-300s NNS . . The DT expansion NN , , which WDT could MD cost VB as RB much JJ as IN US$ $ 5.7 CD billion CD over IN the DT next JJ eight CD years NNS , , will MD expand VB the DT fleet NN to TO about IN 43 CD planes NNS by IN 1991 CD , , up RB from IN 30 CD at IN the DT end NN of IN last JJ year NN , , according VBG to TO Sun NNP Hung NNP Kai NNP Securities NNPS Ltd NNP . . The DT fuel-efficient JJ Airbus NNP planes NNS will MD be VB used VBN largely RB to TO replace VB Cathay NNP 's POS aging VBG fleet NN of IN Lockheed NNP Tristars NNPS for IN regional JJ flights NNS , , while IN the DT Boeing NNP aircraft NN will MD be VB used VBN on IN long-haul JJ routes NNS to TO Europe NNP and CC North NNP America NNP . . Cathay NNP also RB is VBZ moving VBG some DT of IN its PRP$ labor-intensive JJ data-processing NN operations NNS outside IN Hong NNP Kong NNP . . Fierce JJ bidding NN for IN young JJ employees NNS in IN Hong NNP Kong NNP is VBZ pushing VBG up RP Cathay NNP 's POS labor NN costs NNS by IN 20 CD % NN a DT year NN for IN low-level JJ staff NN , , while IN experienced JJ , , skilled JJ employees NNS are VBP leaving VBG the DT colony NN as IN part NN of IN the DT brain NN drain NN . . Some DT jobs NNS already RB have VBP been VBN moved VBN to TO Australia NNP , , and CC there EX are VBP plans NNS to TO place VB others NNS in IN Canada NNP . . David NNP Bell NNP , , a DT spokesman NN for IN the DT airline NN , , says VBZ the DT move NN is VBZ partly RB aimed VBN at IN retaining VBG existing VBG staff NN who WP are VBP leaving VBG to TO secure VB foreign JJ passports NNS ahead RB of IN 1997 CD . . Cathay NNP is VBZ working VBG to TO promote VB Hong NNP Kong NNP as IN a DT destination NN worth JJ visiting VBG on IN its PRP$ own JJ merits NNS , , rather RB than IN just RB a DT stopover NN . . Although IN the DT June NNP 4 CD killings NNS in IN Beijing NNP have VBP hurt VBN its PRP$ China NNP flights NNS , , Cathay NNP 's POS other JJ routes NNS have VBP retained VBN high JJ load NN factors NNS . . Mr. NNP Eddington NNP regards VBZ promoting VBG Hong NNP Kong NNP as IN an DT important JJ part NN of IN attracting VBG visitors NNS from IN Japan NNP , , South NNP Korea NNP and CC Taiwan NNP , , where WRB the DT number NN of IN people NNS looking VBG to TO travel VB abroad RB has VBZ surged VBN . . There EX also RB has VBZ been VBN speculation NN that IN Cathay NNP will MD be VB among IN the DT major JJ private-sector NN participants NNS in IN the DT Hong NNP Kong NNP government NN 's POS plans NNS to TO build VB a DT new JJ airport NN , , with IN the DT carrier NN possibly RB investing VBG in IN its PRP$ own JJ terminal NN . . Cathay NNP officials NNS decline VBP to TO comment VB on IN the DT speculation NN . . Mr. NNP Eddington NNP sees VBZ alliances NNS with IN other JJ carriers NNS -- : particularly RB Cathay NNP 's POS recent JJ link NN with IN AMR NNP Corp. NNP 's POS American NNP Airlines NNPS -- : as IN an DT important JJ part NN of IN Cathay NNP 's POS strategy NN . . But CC he PRP emphasizes VBZ that IN Cathay NNP has VBZ n't RB any DT interest NN in IN swapping VBG equity NN stakes NNS with IN the DT U.S. NNP carrier NN or CC with IN Lufthansa NNP , , the DT West JJ German JJ airline NN with IN which WDT it PRP has VBZ cooperated VBN for IN about IN a DT decade NN . . Analysts NNS believe VBP Cathay NNP is VBZ approached VBN for IN such JJ swaps NNS by IN other JJ carriers NNS on IN a DT regular JJ basis NN , , particularly RB as IN the DT popularity NN of IN share NN exchanges NNS has VBZ grown VBN among IN European JJ carriers NNS . . `` `` We PRP think VBP alliances NNS are VBP very RB important JJ , , '' '' Mr. NNP Eddington NNP says VBZ . . `` `` But CC we PRP 'd MD rather RB put VB funds NNS into IN our PRP$ own JJ business NN rather RB than IN someone NN else NN 's POS . . I PRP 'm VBP not RB sure JJ cross-ownership NN would MD necessarily RB make VB things NNS smoother JJR . . '' '' In IN a DT pattern NN it PRP aims VBZ to TO copy VB in IN several JJ key JJ U.S. NNP destinations NNS , , Cathay NNP recently RB announced VBD plans NNS to TO serve VB San NNP Francisco NNP by IN flying VBG into IN American NNP Airlines NNPS ' POS Los NNP Angeles NNP hub NN and CC routing VBG continuing VBG passengers NNS onto IN a DT flight NN on IN the DT U.S. NNP carrier NN . . `` `` We PRP 'll MD never RB have VB a DT big JJ operation NN in IN the DT U.S. NNP , , and CC they PRP 'll MD never RB have VB one NN as RB big JJ as IN us PRP in IN the DT Pacific NNP , , '' '' Mr. NNP Eddington NNP says VBZ . . `` `` But CC this DT way NN , , American NNP will MD coordinate VB good JJ extensions NNS to TO Boston NNP , , New NNP York NNP , , Chicago NNP and CC Dallas NNP . . We PRP 'll MD coordinate VB on IN this DT end NN to TO places NNS like IN Bangkok NNP , , Singapore NNP and CC Manila NNP . . '' '' Asian JJ traffic NN , , which WDT currently RB accounts VBZ for IN 65 CD % NN of IN Cathay NNP 's POS business NN , , is VBZ expected VBN to TO continue VB as IN the DT carrier NN 's POS mainstay NN . . Cathay NNP has VBZ long RB stated VBN its PRP$ desire NN to TO double VB its PRP$ weekly JJ flights NNS into IN China NNP to TO 14 CD , , and CC it PRP is VBZ applying VBG to TO restart VB long-canceled JJ flights NNS into IN Vietnam NNP . . Further JJ expansion NN into IN southern JJ Europe NNP is VBZ also RB possible JJ , , says VBZ Mr. NNP Bell NNP , , the DT spokesman NN . . While IN a DT large JJ number NN of IN Hong NNP Kong NNP companies NNS have VBP reincorporated VBN offshore RB ahead RB of IN 1997 CD , , such PDT a DT move NN is VBZ n't RB an DT option NN for IN Cathay NNP because IN it PRP would MD jeopardize VB its PRP$ landing NN rights NNS in IN Hong NNP Kong NNP . . And CC Mr. NNP Eddington NNP emphatically RB rules VBZ out RP a DT move NN to TO London NNP : : `` `` Our PRP$ lifeblood NN is VBZ Hong NNP Kong NNP traffic NN rights NNS . . '' '' He PRP says VBZ the DT airline NN is VBZ putting VBG its PRP$ faith NN in IN the DT Sino-British JJ agreement NN on IN Hong NNP Kong NNP 's POS return NN to TO China NNP . . A DT special JJ section NN dealing VBG with IN aviation NN rights NNS states VBZ that IN landing VBG rights NNS for IN Hong NNP Kong NNP 's POS airlines NNS , , which WDT include VBP the DT smaller JJR Hong NNP Kong NNP Dragon NNP Airlines NNPS , , will MD continue VB to TO be VB negotiated VBN by IN Hong NNP Kong NNP 's POS government NN . . But CC critics NNS fret VBP that IN post-1997 JJ officials NNS ultimately RB will MD be VB responsible JJ to TO Beijing NNP . . `` `` My PRP$ feeling NN is VBZ { ( Cathay NNP does VBZ n't RB } ) have VB a DT hope NN in IN the DT long JJ run NN , , '' '' says VBZ an DT analyst NN , , who WP declines VBZ to TO be VB identified VBN . . `` `` Cathay NNP would MD love VB to TO keep VB going VBG , , but CC the DT general JJ sense NN is VBZ they PRP 're VBP going VBG to TO have VB to TO do VB something NN . . '' '' Mr. NNP Eddington NNP acknowledges VBZ that IN the DT carrier NN will MD have VB to TO evolve VB and CC adapt VB to TO local JJ changes NNS , , but CC he PRP feels VBZ that IN the DT Sino-British JJ agreement NN is VBZ firm JJ ground NN to TO build VB on IN for IN the DT foreseeable JJ future NN . . `` `` We PRP 're VBP confident JJ that IN it PRP protects VBZ our PRP$ route NN structure NN , , '' '' he PRP says VBZ , , `` `` and CC our PRP$ ability NN to TO grow VB and CC prosper VB . . Falcon NNP Cable NNP Systems NNPS Co. NNP said VBD it PRP proposed VBD an DT amendment NN that WDT would MD allow VB it PRP to TO increase VB its PRP$ debt NN cap NN to TO 65 CD % NN of IN the DT company NN 's POS fair JJ market NN value NN from IN the DT 40 CD % NN currently RB allowed VBN . . Falcon NNP , , a DT limited JJ partnership NN , , said VBD it PRP wanted VBD the DT increase NN in IN order NN to TO continue VB its PRP$ $ $ 2.15-per-unit JJ annual JJ payment NN , , and CC for IN expansion NN and CC acquisitions NNS . . A DT spokesman NN for IN the DT company NN said VBD a DT meeting NN would MD be VB held VBN for IN shareholders NNS to TO vote VB on IN the DT amendment NN before IN year NN 's POS end NN . . Friday NNP , , October NNP 20 CD , , 1989 CD The DT key JJ U.S. NNP and CC foreign JJ annual JJ interest NN rates NNS below RB are VBP a DT guide NN to TO general JJ levels NNS but CC do VBP n't RB always RB represent VB actual JJ transactions NNS . . PRIME JJ RATE NN : : 10 CD 1\/2 CD % NN . . The DT base NN rate NN on IN corporate JJ loans NNS at IN large JJ U.S. NNP money NN center NN commercial JJ banks NNS . . FEDERAL JJ FUNDS NNS : : 8 CD 3\/4 CD % NN high JJ , , 8 CD 5\/8 CD % NN low JJ , , 8 CD 11\/16 CD % NN near IN closing NN bid NN , , 8 CD 3\/4 CD % NN offered VBN . . Reserves NNS traded VBD among IN commercial JJ banks NNS for IN overnight JJ use NN in IN amounts NNS of IN $ $ 1 CD million CD or CC more JJR . . Source NN : : Fulton NNP Prebon NNP ( ( U.S.A NN . . ) ) Inc NNP . . DISCOUNT NN RATE NN : : 7 CD % NN . . The DT charge NN on IN loans NNS to TO depository NN institutions NNS by IN the DT New NNP York NNP Federal NNP Reserve NNP Bank NNP . . CALL JJ MONEY NN : : 9 CD 3\/4 CD % NN to TO 10 CD % NN . . The DT charge NN on IN loans NNS to TO brokers NNS on IN stock NN exchange NN collateral NN . . COMMERCIAL NN PAPER NNS placed VBN directly RB by IN General NNP Motors NNPS Acceptance NNP Corp. NNP : : 8.50 CD % NN 15 CD to TO 44 CD days NNS ; : 8.25 CD % NN 45 CD to TO 72 CD days NNS ; : 8.375 CD % NN 73 CD to TO 96 CD days NNS ; : 8.125 CD % NN 97 CD to TO 119 CD days NNS ; : 8 CD % NN 120 CD to TO 149 CD days NNS ; : 7.875 CD % NN 150 CD to TO 179 CD days NNS ; : 7.50 CD % NN 180 CD to TO 270 CD days NNS . . COMMERCIAL NN PAPER NN : : High-grade JJ unsecured JJ notes NNS sold VBN through IN dealers NNS by IN major JJ corporations NNS in IN multiples NNS of IN $ $ 1,000 CD : : 8.55 CD % NN 30 CD days NNS ; : 8.45 CD % NN 60 CD days NNS ; : 8.40 CD % NN 90 CD days NNS . . CERTIFICATES NNS OF IN DEPOSIT NN : : 8.05 CD % NN one CD month NN ; : 8.02 CD % NN two CD months NNS ; : 8 CD % NN three CD months NNS ; : 7.98 CD % NN six CD months NNS ; : 7.95 CD % NN one CD year NN . . Average JJ of IN top JJ rates NNS paid VBN by IN major JJ New NNP York NNP banks NNS on IN primary JJ new JJ issues NNS of IN negotiable JJ C.D.s NNS , , usually RB on IN amounts NNS of IN $ $ 1 CD million CD and CC more JJR . . The DT minimum NN unit NN is VBZ $ $ 100,000 CD . . Typical JJ rates NNS in IN the DT secondary JJ market NN : : 8.55 CD % NN one CD month NN ; : 8.50 CD % NN three CD months NNS ; : 8.40 CD % NN six CD months NNS . . BANKERS NNS ACCEPTANCES NNS : : 8.45 CD % NN 30 CD days NNS ; : 8.33 CD % NN 60 CD days NNS ; : 8.32 CD % NN 90 CD days NNS ; : 8.15 CD % NN 120 CD days NNS ; : 8.06 CD % NN 150 CD days NNS ; : 7.96 CD % NN 180 CD days NNS . . Negotiable JJ , , bank-backed JJ business NN credit NN instruments NNS typically RB financing VBG an DT import NN order NN . . LONDON NNP LATE JJ EURODOLLARS NNS : : 8 CD 11\/16 CD % NN to TO 8 CD 9\/16 CD % NN one CD month NN ; : 8 CD 11\/16 CD % NN to TO 8 CD 9\/16 CD % NN two CD months NNS ; : 8 CD 11\/16 CD % NN to TO 8 CD 9\/16 CD % NN three CD months NNS ; : 8 CD 5\/8 CD % NN to TO 8 CD 1\/2 CD % NN four CD months NNS ; : 8 CD 9\/16 CD % NN to TO 8 CD 7\/16 CD % NN five CD months NNS ; : 8 CD 1\/2 CD % NN to TO 8 CD 3\/8 CD % NN six CD months NNS . . LONDON NNP INTERBANK NNP OFFERED NNP RATES NNPS ( ( LIBOR NNP ) ) : : 8 CD 3\/4 CD % NN one CD month NN ; : 8 CD 11\/16 CD % NN three CD months NNS ; : 8 CD 9\/16 CD % NN six CD months NNS ; : 8 CD 1\/2 CD % NN one CD year NN . . The DT average NN of IN interbank NN offered VBN rates NNS for IN dollar NN deposits NNS in IN the DT London NNP market NN based VBN on IN quotations NNS at IN five CD major JJ banks NNS . . FOREIGN JJ PRIME JJ RATES NNS : : Canada NNP 13.50 CD % NN ; : Germany NNP 8.50 CD % NN ; : Japan NNP 4.875 CD % NN ; : Switzerland NNP 8.50 CD % NN ; : Britain NNP 15 CD % NN . . These DT rate NN indications NNS are VBP n't RB directly RB comparable JJ ; : lending NN practices NNS vary VBP widely RB by IN location NN . . TREASURY NN BILLS NNS : : Results NNS of IN the DT Monday NNP , , October NNP 16 CD , , 1989 CD , , auction NN of IN short-term JJ U.S. NNP government NN bills NNS , , sold VBN at IN a DT discount NN from IN face NN value NN in IN units NNS of IN $ $ 10,000 CD to TO $ $ 1 CD million CD : : 7.37 CD % NN 13 CD weeks NNS ; : 7.42 CD % NN 26 CD weeks NNS . . FEDERAL NNP HOME NNP LOAN NNP MORTGAGE NNP CORP NNP . . ( ( Freddie NNP Mac NNP ) ) : : Posted VBN yields NNS on IN 30-year JJ mortgage NN commitments NNS for IN delivery NN within IN 30 CD days. NN 9.84 CD % NN , , standard JJ conventional JJ fixed-rate JJ mortgages NNS ; : 7.875 CD % NN , , 2 CD % NN rate NN capped VBD one-year JJ adjustable JJ rate NN mortgages NNS . . Source NN : : Telerate NNP Systems NNPS Inc NNP . . FEDERAL NNP NATIONAL NNP MORTGAGE NNP ASSOCIATION NNP ( ( Fannie NNP Mae NNP ) ) : : Posted VBN yields NNS on IN 30 CD year NN mortgage NN commitments NNS for IN delivery NN within IN 30 CD days NNS ( ( priced VBN at IN par NN ) ) 9.78 CD % NN , , standard JJ conventional JJ fixed-rate JJ mortgages NNS ; : 8.75 CD % NN , , 6\/2 CD rate NN capped VBD one-year JJ adjustable JJ rate NN mortgages NNS . . Source NN : : Telerate NNP Systems NNPS Inc NNP . . MERRILL NNP LYNCH NNP READY JJ ASSETS NNS TRUST NN : : 8.52 CD % NN . . Annualized JJ average JJ rate NN of IN return NN after IN expenses NNS for IN the DT past JJ 30 CD days NNS ; : not RB a DT forecast NN of IN future JJ returns NNS . . In IN the DT hard-hit JJ Marina NNP neighborhood NN , , life NN after IN the DT earthquake NN is VBZ often RB all RB too RB real JJ , , but CC sometimes RB surreal JJ . . Some DT scenes NNS : : -- : Saturday NNP morning NN , , a DT resident NN was VBD given VBN 15 CD minutes NNS to TO scurry VB into IN a DT sagging VBG building NN and CC reclaim VB what WP she PRP could MD of IN her PRP$ life NN 's POS possessions NNS . . Saturday NNP night NN she PRP dined VBD in IN an DT emergency NN shelter NN on IN salmon NN steaks NNS prepared VBN by IN chefs NNS from IN one CD of IN the DT city NN 's POS four-star JJ restaurants NNS . . -- : Mayor NNP Art NNP Agnos NNP stands VBZ in IN the DT glare NN of IN television NN lights NNS trying VBG to TO explain VB for IN the DT 20th JJ time NN why WRB the DT city NN is VBZ severely RB restricting VBG access NN to TO badly RB damaged JJ structures NNS . . A DT couple NN in IN fashionable JJ spandex NN warm-up NN suits NNS jogs VBZ by RB , , headphones NNS jauntily RB in IN place NN , , weaving VBG their PRP$ way NN along IN a DT street NN of IN fractured JJ and CC fallen JJ houses NNS . . At IN a DT nearby JJ corner NN , , they PRP swerve VBP perilously RB close RB to TO a DT listing VBG apartment NN house NN , , oblivious JJ to TO any DT danger NN . . A DT policeman NN shakes VBZ his PRP$ head NN in IN amazement NN as IN he PRP steers VBZ them PRP away RB . . -- : A DT young JJ woman NN who WP has VBZ been VBN out IN of IN town NN shows VBZ up RP at IN the DT Marina NNP Middle NNP School NNP to TO learn VB that DT her PRP$ apartment NN is VBZ on IN the DT condemned VBN list NN . . She PRP is VBZ told VBN she PRP ca MD n't RB enter VB unless IN she PRP is VBZ accompanied VBN by IN an DT inspector NN . . She PRP bursts VBZ into IN tears NNS and CC walks VBZ away RB . . Nearby RB , , five CD temporary JJ residents NNS of IN the DT school NN shelter NN sit VBP on IN stools NNS , , having VBG their PRP$ necks NNS and CC backs NNS kneaded VBN by IN volunteer NN masseuses NNS . . The DT Marina NNP rescue NN center NN offered VBD a DT very RB San JJ Franciscan JJ response NN to TO the DT disaster NN . . In IN addition NN to TO free JJ massages NNS , , there EX was VBD free JJ counseling NN , , phone NN calls NNS and CC a DT free JJ shuttle NN bus NN to TO a DT health NN club NN , , which WDT offered VBD up RP its PRP$ showers NNS , , saunas NNS and CC hot JJ tubs NNS . . The DT cafeteria NN offered VBD donated VBN croissants NNS and CC brie NN for IN breakfast NN , , and CC for IN dinner NN , , pasta NN salad NN and CC chocolate NN mousse NN torts NNS along IN with IN the DT salmon NN . . `` `` This DT has VBZ been VBN a DT 15-pound JJ earthquake NN for IN me PRP , , '' '' said VBD resident NN Joan NNP O'Shea NNP , , who WP works VBZ in IN an DT acupuncturist NN 's POS office NN . . She PRP and CC some DT friends NNS are VBP considering VBG offering VBG earthquake NN victims NNS free JJ yoga NN classes NNS and CC `` `` aroma NN therapy NN '' '' -- : massages NNS with IN scented JJ oils NNS . . She PRP finds VBZ the DT response NN of IN Marina NNP residents NNS -- : primarily RB yuppies NNS and CC elderly JJ people NNS -- : to TO the DT devastation NN of IN their PRP$ homes NNS `` `` incredible JJ . . People NNS have VBP been VBN very RB respectful JJ of IN each DT other JJ . . I PRP do VBP n't RB know VB if IN this DT would MD have VB happened VBN somewhere RB else RB . . '' '' Out IN on IN the DT streets NNS , , some DT residents NNS of IN badly RB damaged JJ buildings NNS were VBD allowed VBN a DT 15-minute JJ scavenger NN hunt NN through IN their PRP$ possessions NNS . . `` `` It PRP 's VBZ so RB weird JJ to TO have VB to TO decide VB what WP 's VBZ really RB important JJ to TO you PRP , , '' '' said VBD Barbara NNP May NNP . . She PRP went VBD first RB for IN personal JJ mementos NNS . . In IN post-earthquake JJ parlance NN , , her PRP$ building NN is VBZ a DT `` `` red NN . . '' '' After IN being VBG inspected VBN , , buildings NNS with IN substantial JJ damage NN were VBD color-coded VBN . . Green NN allowed VBD residents NNS to TO re-enter VB ; : yellow NN allowed VBD limited JJ access NN ; : red NN allowed VBD residents NNS one CD last JJ entry NN to TO gather VB everything NN they PRP could MD within IN 15 CD minutes NNS . . Reds NNS and CC yellows NNS went VBD about IN their PRP$ business NN with IN a DT kind NN of IN measured JJ grimness NN . . Some DT frantically RB dumped VBD belongings NNS into IN pillowcases NNS , , others NNS threw VBD goods NNS out IN windows NNS . . It PRP did VBD n't RB help VB that IN on IN Saturday NNP , , after IN three CD days NNS of IN sunshine NN , , it PRP rained VBD . . `` `` The DT guys NNS are VBP going VBG for IN their PRP$ skis NNS , , their PRP$ stereos NNS , , their PRP$ personal JJ computers NNS , , '' '' said VBD Frank NNP Fitzgerald NNP , , who WP helped VBD others NNS empty VB their PRP$ apartments NNS . . `` `` The DT women NNS wanted VBD photo NN albums NNS , , a DT certain JJ brooch NN , , kind RB of RB sentimental JJ things NNS . . '' '' He PRP showed VBD an DT unbroken JJ , , still-ticking JJ pocket NN watch NN that IN he PRP retrieved VBD for IN one CD woman NN . . It PRP belonged VBD to TO her PRP$ grandfather NN . . Some DT residents NNS defied VBD orders NNS and CC returned VBD to TO `` `` red JJ '' '' buildings NNS to TO retrieve VB goods NNS . . One CD building NN was VBD upgraded VBN to TO red JJ status NN while IN people NNS were VBD taking VBG things NNS out RP , , and CC a DT resident NN who WP was VBD n't RB allowed VBN to TO go VB back RB inside RB called VBD up IN the DT stairs NNS to TO his PRP$ girlfriend NN , , telling VBG her PRP to TO keep VB sending VBG things NNS down RP to TO the DT lobby NN . . A DT policewoman NN had VBD to TO be VB called VBN in RB to TO make VB her PRP leave VB ; : the DT policewoman NN helped VBD carry VB out RP one CD last JJ load NN . . Enforcement NN of IN restricted-entry JJ rules NNS was VBD sporadic JJ , , residents NNS said VBD . . One CD man NN trying VBG to TO remove VB his PRP$ car NN was VBD told VBN by IN officials NNS to TO get VB out RB of IN his PRP$ garage NN . . When WRB he PRP sneaked VBD back RB later RB to TO try VB again RB , , a DT different JJ policeman NN offered VBD to TO help VB him PRP get VB the DT car NN out RP . . The DT Marina NNP also RB has VBZ become VBN the DT focal JJ point NN of IN city NN efforts NNS to TO reunite VB residents NNS with IN any DT pets NNS that WDT may MD have VB fled VBN or CC become VBN lost VBN during IN the DT earthquake NN . . On IN lampposts NNS along IN Fillmore NNP Street NNP , , a DT major JJ Marina NNP artery NN , , posters NNS were VBD offering VBG a DT $ $ 100 CD reward NN for IN a DT cat NN lost VBN during IN the DT quake NN . . The DT San NNP Francisco NNP Society NNP for IN the DT Prevention NNP of IN Cruelty NNP to TO Animals NNPS also RB has VBZ been VBN providing VBG medical JJ care NN , , food NN , , water NN and CC foster JJ homes NNS for IN quake-displaced JJ animals NNS . . The DT SPCA NNP says VBZ it PRP has VBZ received VBN more JJR than IN 100 CD requests NNS for IN foster JJ homes NNS on IN behalf NN of IN dogs NNS and CC cats NNS , , though IN some DT people NNS have VBP sought VBN temporary JJ homes NNS for IN birds NNS and CC fish NN . . For IN example NN , , one CD parakeet NN owner NN returning VBG home NN found VBD that DT her PRP$ apartment NN , , like IN many JJ others NNS in IN the DT Marina NNP , , did VBD n't RB have VB heat NN . . `` `` She PRP can MD stay VB there RB with IN no DT heat NN , , but CC for IN a DT parakeet NN , , that WDT can MD be VB deadly JJ , , '' '' says VBZ Daralee NNP Konowitch NNP , , animalcare JJ services NNS manager NN for IN the DT SPCA NNP . . A DT warm JJ foster JJ home NN has VBZ been VBN found VBN . . The DT neighborhood NN around IN Alexander NNP Haagen NNP Co. NNP 's POS Vermont-Slauson NNP Shopping NNP Center NNP in IN the DT Watts NNP section NN of IN Los NNP Angeles NNP resembles VBZ the DT crime-ridden JJ , , deteriorating JJ sections NNS of IN many JJ inner JJ cities NNS and CC certainly RB is VBZ n't RB the DT sort NN of IN area NN one PRP would MD choose VB to TO visit VB . . But CC turn VB into IN the DT shopping NN center NN 's POS parking NN lot NN , , and CC one PRP could MD be VB in IN the DT safe JJ , , busy JJ mall NN of IN a DT prosperous JJ suburb NN . . Only RB it PRP is VBZ safer JJR , , and CC busier JJR . . Over IN the DT past JJ year NN there EX have VBP been VBN only RB one CD burglary NN , , three CD thefts NNS of IN or CC from IN autos NNS , , no DT purse-snatchings NNS , , and CC one CD attempted VBN robbery NN in IN the DT mall NN , , which WDT opened VBN in IN late JJ 1981 CD . . A DT shopping VBG center NN of IN similar JJ size NN in IN an DT affluent JJ Los NNP Angeles NNP suburb NN would MD , , per IN year NN , , be VB expected VBN to TO have VB eight CD burglaries NNS , , 70 CD thefts NNS of IN or CC from IN autos NNS , , and CC four CD robberies NNS . . The DT Watts NNP mall NN has VBZ annual JJ sales NNS of IN more JJR than IN $ $ 350 CD per IN leasable JJ square NN foot NN ; : the DT figure NN for IN a DT comparable JJ suburban JJ shopping NN center NN would MD be VB $ $ 200 CD . . Three CD other JJ Haagen NNP shopping NN centers NNS in IN the DT Watts NNP area NN are VBP doing VBG almost RB as RB well RB . . A DT successful JJ low-crime JJ mall NN in IN a DT high-crime JJ area NN violates VBZ the DT more RBR typical JJ inner-city JJ pattern NN , , in IN which WDT commercial JJ areas NNS are VBP taken VBN over RP by IN unruly JJ youth NN , , gangs NNS , , and CC the DT criminal JJ element NN , , with IN an DT erosion NN of IN the DT customer NN base NN , , development NN capital NN , , and CC insurability NN . . Major JJ regional JJ and CC national JJ chain NN stores NNS are VBP replaced VBN by IN mom-and-pop JJ operations NNS offering VBG poorer-quality JJR merchandise NN at IN higher JJR prices NNS . . Along IN with IN the DT exodus NN of IN shopping NN opportunities NNS is VBZ an DT exodus NN of IN the DT jobs NNS that IN the DT major JJ chains NNS used VBD to TO provide VB to TO community NN residents NNS . . Thus RB there EX is VBZ even RB more JJR to TO the DT Vermont-Slauson NNP Center NNP than IN a DT good JJ place NN to TO shop NN . . This DT defensible JJ commercial JJ zone NN becomes VBZ , , for IN the DT residents NNS , , a DT secure JJ oasis NN in IN a DT barren JJ urban JJ landscape NN , , evidence NN that DT community NN decay NN is VBZ not RB inevitable JJ and CC that IN the DT gangs NNS are VBP not RB invincible JJ . . The DT center NN improves VBZ the DT community NN image NN to TO outsiders NNS as IN well RB , , and CC may MD help VB to TO arrest VB , , or CC even RB reverse VB , , the DT exodus NN of IN capital NN and CC investment NN . . An DT additional JJ benefit NN is VBZ the DT creation NN of IN jobs NNS . . This DT starts VBZ in IN the DT construction NN phase NN through IN the DT use NN of IN minority NN contractors NNS and CC local JJ workers NNS . . It PRP continues VBZ through IN the DT life NN of IN the DT center NN ; : the DT Vermont-Slauson NNP Center NNP has VBZ created VBN 500 CD permanent JJ private-sector NN jobs NNS at IN a DT one-time JJ cost NN in IN public JJ funds NNS of IN only RB $ $ 2,500 CD per IN job NN . . As IN many JJ of IN these DT jobs NNS are VBP filled VBN by IN local JJ residents NNS , , who WP move VBP from IN the DT welfare NN rolls NNS to TO the DT tax NN rolls NNS , , the DT $ $ 2,500-per-job JJ public JJ investment NN should MD repay VB itself PRP in IN a DT few JJ years NNS . . And CC that DT is VBZ before IN consideration NN of IN increased VBN state NN and CC local JJ revenues NNS from IN taxes NNS and CC fees NNS on IN sales NNS , , real JJ estate NN , , licenses NNS and CC the DT like JJ . . Profits NNS are VBP also RB plowed VBN back RB into IN the DT community NN ; : the DT non-profit JJ Vermont-Slauson NNP Economic NNP Development NNP Corp. NNP receives VBZ 60 CD % NN of IN the DT profits NNS from IN the DT Vermont-Slauson NNP Center NNP and CC uses VBZ the DT money NN to TO provide VB moderate JJ and CC low-cost JJ housing NN in IN the DT community NN -- : now RB running VBG into IN the DT hundreds NNS of IN units NNS -- : as RB well RB as IN commercial JJ and CC industrial JJ development NN projects NNS . . Bradford NNP Crowe NNP , , director NN of IN the DT mayor NN 's POS City NNP Economic NNP Development NNP Office NNP , , says VBZ : : `` `` There EX is VBZ no DT question NN that IN Vermont-Slauson NNP had VBD a DT halo NN effect NN on IN the DT surrounding VBG neighborhood NN . . What WP had VBD been VBN a DT deteriorated JJ area NN with IN nothing NN but CC wig NN shops NNS and CC shoe NN shops NNS is VBZ now RB experiencing VBG a DT major JJ upgrading NN in IN the DT housing NN and CC commercial JJ stock NN , , thanks NNS to TO a DT continuously RB replenished VBN source NN of IN revitalization JJ capital NN that IN Vermont-Slauson NNP yields VBZ . . '' '' Another DT benefit NN is VBZ that IN substantial JJ percentages NNS of IN the DT proprietors NNS in IN these DT centers NNS are VBP minority NN businessmen NNS and CC women NNS . . In IN the DT Grand NNP Boulevard NNP Plaza NNP developed VBN by IN Matanky NNP Realty NNP Group NNP in IN Chicago NNP 's POS Third NNP Ward NNP , , opposite IN the DT Robert NNP Taylor NNP Homes NNPS , , 29 CD % NN of IN the DT stores NNS to TO date NN have VBP been VBN leased VBN to TO blacks NNS and CC 14 CD % NN to TO members NNS of IN other JJ minority NN groups NNS . . Children NNS from IN the DT community NN will MD have VB worthier JJR role NN models NNS than IN the DT drug NN kingpins NNS . . So RB what WP 's VBZ the DT catch NN ? . Primarily RB that IN putting VBG one CD of IN these DT inner-city JJ deals NNS together RB takes VBZ time NN , , patience NN , , breadth NN of IN vision NN and CC negotiating NN skills NNS that IN not RB all DT developers NNS possess VBP . . Security NN costs NNS are VBP also RB quite RB high JJ . . One CD of IN these DT centers NNS can MD involve VB years NNS of IN negotiating VBG with IN numerous JJ public JJ agencies NNS , , local JJ political JJ leaders NNS , , and CC citizen NN groups NNS , , and CC with IN prospective JJ tenants NNS and CC sources NNS of IN financing NN . . Suburban JJ deals NNS are VBP not RB without IN their PRP$ delays NNS and CC complications NNS -- : inner-city JJ deals NNS just RB have VBP more JJR of IN them PRP . . Security NN at IN a DT typical JJ Haagen NNP inner-city JJ center NN is VBZ impressive JJ , , but CC unobtrusive JJ . . The DT entire JJ site NN is VBZ enclosed VBN by IN a DT 6-to-8-foot-high JJ ornamental JJ iron NN fence NN with IN a DT small JJ number NN of IN remote-controlled JJ gates NNS . . Shrubs NNS and CC flowers NNS give VBP it PRP a DT pleasing NN and CC non-fortress-like JJ appearance NN . . Infrared JJ motion NN detectors NNS and CC closed-circuit JJ TV NN cameras NNS monitor VBP the DT entire JJ center NN ; : lighting NN levels NNS are VBP three CD to TO five CD times NNS the DT industry NN standard NN . . The DT security NN command NN post NN , , camouflaged VBN as IN second-story JJ retail JJ space NN , , has VBZ its PRP$ own JJ `` `` crow NN 's POS nest NN '' '' above IN the DT roofs NNS of IN the DT other JJ buildings NNS , , with IN a DT panoramic JJ view NN of IN the DT entire JJ center NN . . Local JJ law NN enforcement NN is VBZ present JJ in IN a DT sub-station JJ occupying JJ space NN donated VBN by IN the DT center NN . . These DT features NNS are VBP also RB used VBN in IN Matanky NNP Realty NNP Group NNP 's POS Grand NNP Boulevard NNP Plaza NNP . . Haagen NNP has VBZ its PRP$ own JJ large JJ security NN force NN of IN well-trained JJ and CC well-paid JJ personnel NNS on IN round-the-clock JJ duty NN at IN each DT center NN . . Security NN is VBZ 60 CD % NN to TO 70 CD % NN of IN the DT common JJ area NN charges NNS of IN these DT centers NNS , , vs. FW an DT industry NN average NN of IN about IN 15 CD % NN . . These DT security NN costs NNS are VBP kept VBN off-budget JJ because IN the DT centers NNS ' POS site NN acquisition NN , , construction NN , , and CC financing NN costs NNS were VBD reduced VBN by IN such JJ programs NNS as IN Urban NNP Development NNP Action NNP Grants NNPS , , Economic NNP Development NNP Administration NNP Grants NNPS , , Community NNP Development NNP Block NNP Grants NNPS , , tax-free JJ Industrial NNP Development NNP Bonds NNPS , , Enterprise NNP Zone NNP tax NN write-offs NN , , city NN infrastructure NN grants NNS , , and CC tax NN increment NN financing NN . . Many JJ of IN these DT programs NNS no RB longer RB exist VBP , , or CC have VB been VBN severely RB cut VBN back RB . . However RB , , since IN these DT centers NNS appear VBP to TO pay VB for IN themselves PRP , , there EX is VBZ nothing NN to TO prevent VB state NN and CC local JJ governments NNS from IN enacting VBG legislation NN with IN similar JJ provisions NNS . . Many JJ states NNS already RB have VB Enterprise NN Zones NNS and CC legislation NN that WDT combines VBZ tax NN incentives NNS , , loans NNS , , and CC grants NNS to TO encourage VB investment NN in IN depressed JJ areas NNS with IN requirements NNS for IN the DT hiring NN of IN the DT unemployed JJ and CC minorities NNS . . These DT programs NNS could MD be VB expanded VBN to TO focus VB on IN funds NNS for IN project NN planning NN , , identifying VBG sources NNS of IN funds NNS , , and CC for IN acquiring VBG a DT site NN and CC preparing VBG it PRP . . Combatting VBG crime NN and CC the DT fear NN of IN it PRP in IN inner-city JJ commercial JJ areas NNS should MD give VB Enterprise NN Zones NNS more JJR success NN than IN most JJS have VBP enjoyed VBN to TO date NN . . With IN many JJ suburban JJ areas NNS basically RB overbuilt JJ with IN shopping NN centers NNS , , inner-city JJ areas NNS may MD represent VB a DT major JJ new JJ untapped JJ market NN for IN investment NN . . New JJ approaches NNS to TO mall NN design NN and CC operation NN make VBP it PRP possible JJ to TO tap VB these DT markets NNS . . If IN the DT risks NNS and CC rewards NNS are VBP reasonable JJ , , developers NNS will MD respond VB . . Government NN officials NNS who WP wonder VBP how WRB important JJ it PRP is VBZ for IN them PRP to TO encourage VB development NN in IN high-risk JJ areas NNS should MD visit VB Vermont-Slauson NNP and CC Grand NNP Boulevard NNP Plaza NNP and CC decide VB for IN themselves PRP . . The DT answer NN will MD be VB obvious JJ . . Mr. NNP Titus NNP is VBZ a DT researcher NN at IN the DT Justice NNP Department NNP 's POS National NNP Institute NNP of IN Justice NNP . . ATHLONE NNP INDUSTRIES NNPS Inc. NNP said VBD that IN on IN Dec. NNP 21 CD it PRP will MD redeem VB $ $ 10 CD million CD face NN amount NN of IN its PRP$ $ $ 59.3 CD million CD of IN 15.625 CD % NN subordinated JJ notes NNS outstanding JJ , , due JJ June NNP 1 CD , , 1991 CD . . For IN each DT $ $ 1,000 CD of IN notes NNS , , the DT maker NN of IN specialty NN metals NNS , , industrial JJ fasteners NNS and CC consumer NN products NNS will MD pay VB $ $ 1,026.46 CD plus CC $ $ 8.68 CD of IN interest NN accrued VBN from IN Dec. NNP 1 CD . . The DT company NN will MD notify VB holders NNS of IN the DT notes NNS to TO be VB redeemed VBN . . Manufacturers NNPS Hanover NNP Trust NNP Co. NNP is VBZ redemption NN agent NN . . One CD company NN recently RB was VBD listed VBN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , and CC another DT will MD join VB the DT Big NNP Board NNP from IN the DT over-the-counter JJ market NN this DT week NN . . Putnam NNP Investment NNP Grade NNP Municipal NNP Trust NNP , , Boston NNP , , was VBD listed VBN with IN the DT symbol NN PGM NNP . . The DT new JJ closed-end JJ management NN investment NN company NN trades VBZ shares NNS of IN beneficial JJ interest NN . . It PRP invests VBZ primarily RB in IN tax-exempt JJ municipal JJ securities NNS . . Hibernia NNP Corp. NNP , , a DT New NNP Orleans NNP bank NN holding VBG company NN , , will MD join VB the DT Big NNP Board NNP Thursday NNP under IN HIB NNP . . Three CD companies NNS began VBD trading VBG over IN the DT counter NN . . Exabyte NNP Corp. NNP , , a DT Boulder NNP , , Colo. NNP , , maker NN of IN high-capacity JJ tape NN cartridge NN systems NNS used VBN to TO back VB up RP computer NN disk NN drives NNS , , started VBD OTC NNP trading VBG with IN the DT symbol NN EXBT NNP . . Rally NNP 's POS Inc. NN , , a DT Louisville NNP , , Ky. NNP , , restaurant NN franchisor NN , , started VBD trading VBG under IN RLLY NNP . . Sierra NNP Tucson NNP Cos. NNP , , Tucson NNP , , Ariz. NNP , , started VBD trading VBG under IN STSN NNP . . It PRP operates VBZ various JJ types NNS of IN addiction-treatment JJ facilities NNS . . Separately RB , , on IN the DT Pacific NNP Stock NNP Exchange NNP , , put JJ and CC call JJ options NNS on IN the DT common JJ stock NN of IN Aldus NNP Corp. NNP started VBD trading VBG . . Aldus NNP , , Seattle NNP , , makes VBZ computer NN software NN products NNS . . Options NNS give VBP a DT holder NN the DT right NN , , but CC not RB the DT obligation NN , , to TO buy VB or CC sell VB a DT security NN at IN a DT set VBN price NN within IN a DT set VBN period NN of IN time NN . . Dow NNP Chemical NNP Co. NNP said VBD its PRP$ Destec NNP Energy NNP Inc. NNP unit NN has VBZ agreed VBN to TO buy VB PSE NNP Inc. NNP , , a DT Houston NNP energy NN company NN , , in IN a DT deal NN valued VBN at IN about IN $ $ 115 CD million CD . . Dow NNP , , of IN Midland NNP , , Mich. NNP , , said VBD its PRP$ unit NN will MD begin VB by IN Thursday NNP a DT tender NN offer NN of IN $ $ 12.25 CD a DT share NN for IN all DT PSE NNP common JJ shares NNS outstanding JJ . . Among IN other JJ conditions NNS , , the DT offer NN depends VBZ on IN the DT Dow NNP unit NN acquiring VBG at IN least JJS 66 CD 2\/3 CD % NN of IN the DT PSE NNP shares NNS outstanding JJ , , the DT companies NNS said VBD in IN a DT joint JJ statement NN Friday NNP . . PSE NNP has VBZ about IN 9.2 CD million CD shares NNS outstanding JJ . . The DT company NN said VBD the DT approximately RB $ $ 115 CD million CD acquisition NN price NN includes VBZ its PRP$ total NN $ $ 33 CD million CD of IN long-term JJ debt NN outstanding JJ . . Dow NNP said VBD it PRP already RB has VBZ agreements NNS with IN Albert NNP J. NNP Smith NNP Jr. NNP , , chairman NN and CC chief JJ executive NN officer NN of IN PSE NNP , , and CC certain JJ other JJ officers NNS of IN the DT company NN under IN which WDT Dow NNP may MD buy VB about IN 40 CD % NN of IN the DT PSE NNP common JJ shares NNS outstanding JJ . . PSE NNP is VBZ a DT designer NN and CC operator NN of IN energy-cogeneration NN facilities NNS and CC had VBD 1988 CD sales NNS of IN $ $ 234 CD million CD . . The DT company NN is VBZ owner NN and CC operator NN , , or CC an DT equity NN partner NN , , in IN six CD cogeneration NN facilities NNS -- : two CD in IN Texas NNP and CC four CD in IN California NNP . . The DT company NN said VBD recently RB it PRP expects VBZ third-quarter NN earnings NNS will MD be VB in IN range NN from IN $ $ 1.3 CD million CD to TO $ $ 1.7 CD million CD , , or CC 14 CD cents NNS to TO 18 CD cents NNS a DT share NN , , compared VBN with IN $ $ 326,000 CD , , or CC four CD cents NNS a DT share NN , , a DT year NN ago RB . . If IN growth NN regains VBZ its PRP$ glamour NN among IN investors NNS , , a DT sluggish JJ segment NN of IN the DT Nasdaq NNP over-the-counter JJ market NN could MD show VB some DT flash NN . . Some DT stock NN pickers NNS already RB are VBP targeting VBG the DT OTC NNP market NN , , where WRB , , they PRP say VBP , , await VBP plenty NN of IN small JJ - : and CC medium-sized JJ growth NN stocks NNS . . Best JJS of IN all DT , , they PRP add VBP , , these DT growth NN issues NNS , , unlike IN their PRP$ big JJ blue-chip JJ cousins NNS on IN the DT New NNP York NNP Stock NNP Exchange NNP , , are VBP languishing VBG at IN depressed JJ prices NNS . . Growth NN stocks NNS will MD return VB to TO favor VB , , some DT analysts NNS and CC money NN managers NNS think VBP , , because IN of IN the DT jitters NNS caused VBN by IN the DT market NN 's POS steep JJ slide NN on IN Oct. NNP 13 CD , , and CC because RB of IN the DT current JJ swell NN of IN disappointing JJ earnings NNS announcements NNS . . Against IN such JJ a DT backdrop NN , , companies NNS with IN proven JJ track NN records NNS of IN earnings NNS gains NNS of IN 20 CD % NN or CC so RB annually RB have VBP extra JJ appeal NN . . `` `` The DT market NN will MD have VB to TO look VB for IN a DT new JJ theme NN now RB and CC that DT theme NN will MD be VB a DT return NN to TO growth NN , , '' '' declares VBZ Mary NNP Farrell NNP , , a DT PaineWebber NNP analyst NN . . Among IN her PRP$ OTC NNP picks NNS are VBP Oshkosh NNP B'Gosh NNP and CC A&W NNP Brands NNPS . . Like IN many JJ OTC NNP growth NN issues NNS , , they PRP have VBP market NN values NNS -- : as IN measured VBN by IN stock NN price NN times CC shares NNS outstanding JJ -- : of IN roughly RB $ $ 100 CD million CD to TO $ $ 500 CD million CD . . Some DT like VBP to TO specialize VB in IN growth NN companies NNS whose WP$ shares NNS have VBP n't RB traded VBN publicly RB very RB long JJ . . These DT are VBP sometimes RB dubbed VBN `` `` emerging VBG '' '' growth NN companies NNS , , though IN they PRP also RB have VBP expanding-profit JJ track NN records NNS . . While IN many JJ growth NN stocks NNS are VBP small JJ , , not RB all DT small JJ stocks NNS have VBP earnings-growth JJ momentum NN . . That DT 's VBZ an DT important JJ distinction NN because IN some DT analysts NNS and CC brokers NNS , , who WP perennially RB predict VBP that IN small JJ stocks NNS are VBP about IN to TO outperform VB bigger JJR issues NNS , , may MD use VB any DT spurt NN in IN growth NN issues NNS to TO help VB them PRP sell VB all DT small JJ stocks NNS . . `` `` You PRP can MD find VB some DT good JJ , , quality NN companies NNS over IN the DT counter NN , , '' '' but CC investors NNS should MD be VB selective JJ , , says VBZ John NNP Palicka NNP , , chief JJ portfolio NN manager NN at IN Midco NNP Investors NNPS , , a DT Newark NNP , , N.J. NNP , , money NN management NN company NN with IN about IN $ $ 900 CD million CD invested VBN in IN growth NN stocks NNS of IN varying VBG sizes NNS . . Mr. NNP Palicka NNP 's POS picks NNS from IN the DT OTC NNP market NN include VBP Legent NNP , , Mail NNP Boxes NNPS Etc. NNP , , and CC Payco NNP American NNP . . The DT main JJ argument NN for IN growth NN stocks NNS is VBZ their PRP$ usually RB superior JJ performance NN in IN a DT slowing VBG economy NN . . `` `` If IN the DT market NN refocuses VB on IN earnings NNS , , we PRP should MD get VB better JJR valuations NNS of IN growth NN stocks NNS , , '' '' says VBZ L. NNP Keith NNP Mullins NNP , , a DT growth-stock JJ analyst NN at IN Morgan NNP Stanley NNP . . Eventually RB , , he PRP believes VBZ , , investors NNS will MD be VB willing JJ to TO pay VB higher JJR prices NNS for IN companies NNS with IN proven JJ track NN records NNS of IN earnings NNS growth NN . . In IN anticipation NN of IN that DT shift NN , , he PRP and CC other JJ analysts NNS are VBP encouraging VBG their PRP$ clients NNS to TO buy VB such JJ issues NNS now RB . . Understandably RB , , smaller JJR growth NN stocks NNS have VBP n't RB been VBN in IN favor NN recently RB . . The DT average JJ issue NN on IN Standard NNP & CC Poor NNP 's POS 500-stock JJ Index NN gained VBD 35 CD % NN last JJ year NN , , Ms. NNP Farrell NNP of IN PaineWebber NNP says VBZ . . Smaller-stock JJR earnings NNS , , by IN comparison NN , , rose VBD between IN 15 CD % NN and CC 20 CD % NN . . In IN addition NN , , earnings NNS growth NN took VBD a DT back JJ seat NN to TO cash NN flow NN , , restructuring NN and CC takeover NN potential NN , , and CC breakup NN value NN as IN the DT preferred JJ stock-picking JJ standards NNS for IN much JJ of IN the DT year NN . . Also RB , , the DT smaller JJR growth NN stocks NNS are VBP n't RB widely RB traded VBN , , and CC so RB are VBP harder JJR to TO buy VB and CC sell VB quickly RB than IN blue JJ chips NNS . . As IN a DT result NN , , Morgan NNP Stanley NNP 's POS Index NN of IN 40 CD Emerging VBG Growth NN Stocks NNS -- : most JJS of IN which WDT are VBP in IN the DT OTC NNP market NN -- : is VBZ up RB only RB 13 CD % NN for IN the DT year NN , , while IN the DT Dow NNP Jones NNP Industrial NNP Average NNP has VBZ leaped VBN 24 CD % NN and CC the DT S&P NNP 500 CD has VBZ grown VBN 25 CD % NN . . The DT Nasdaq NNP Composite NNP has VBZ gained VBN 23 CD % NN this DT year NN , , but CC that DT 's VBZ largely RB due JJ to TO the DT 100 CD largest JJS nonfinancial JJ stocks NNS , , which WDT have VBP soared VBN 30 CD % NN . . Some DT investors NNS are VBP skeptical JJ of IN growth NN stocks NNS because IN investing VBG in IN them PRP means VBZ ignoring VBG that DT maxim NN found VBN in IN the DT fine JJ print NN of IN some DT investment NN advertisements NNS -- : that IN past JJ performance NN is VBZ n't RB indicative JJ of IN future JJ results NNS . . `` `` People NNS are VBP naturally RB suspicious JJ of IN them PRP , , '' '' says VBZ Mr. NNP Mullins NNP of IN Morgan NNP Stanley NNP . . Among IN his PRP$ favorites NNS in IN his PRP$ firm NN 's POS index NN are VBP Legent NNP , , Silicon NNP Graphics NNPS and CC Novell NNP . . However RB , , more JJR money NN managers NNS are VBP reassured VBN that DT profit NN is VBZ regaining VBG importance NN . . Mark NNP Schoeppner NNP , , portfolio NN manager NN at IN Pittsburgh-based JJ Quaker NNP Capital NNP Management NNP , , says VBZ that IN in IN reaction NN to TO nervousness NN about IN debt-laden JJ buy-out NN transactions NNS , , analysts NNS and CC investors NNS now RB appear VBP to TO be VB `` `` valuing VBG stock NN based VBN on IN future JJ earnings NNS as IN opposed VBN to TO the DT amount NN of IN debt NN the DT company NN can MD support VB . . '' '' Barney NNP Hallingby NNP , , managing VBG director NN of IN research NN at IN Hambrecht NNP & CC Quist NNP , , also RB believes VBZ earnings NNS growth NN is VBZ beginning VBG to TO play VB a DT greater JJR part NN in IN investors NNS ' POS buying NN decisions NNS . . On IN Friday NNP , , Hambrecht NNP & CC Quist NNP added VBD St. NNP Jude NNP Medical NNP to TO the DT list NN of IN 20 CD stocks NNS it PRP strongly RB recommends VBZ . . The DT opinion NN is VBZ largely RB based VBN on IN the DT company NN 's POS earnings NN momentum NN , , Mr. NNP Hallingby NNP says VBZ . . St. NNP Jude NNP 's POS market NN value NN on IN Nasdaq NNP exceeds VBZ $ $ 1 CD billion CD , , so CC it PRP is VBZ n't RB a DT small JJ stock NN . . The DT medical JJ devices NNS maker NN 's POS earnings NNS rose VBD nearly RB 35 CD % NN in IN 1987 CD from IN 1986 CD , , and CC 75 CD % NN in IN 1988 CD . . Kurt NNP Kruger NNP , , who WP follows VBZ the DT stock NN for IN Hambrecht NNP & CC Quist NNP , , anticipates VBZ that IN the DT company NN 's POS net JJ income NN will MD grow VB 51 CD % NN to TO $ $ 2.15 CD a DT share NN this DT year NN . . St. NNP Jude NNP finished VBD up RB 1\/4 CD to TO 44 CD 1\/2 CD on IN Friday NNP . . Friday NNP 's POS Market NN Activity NN The DT Nasdaq NNP Composite NN Index NN eased VBN 0.13 CD to TO 470.67 CD . . The DT composite NN finished VBD up RB 0.7 CD % NN from IN last JJ Friday NNP 's POS close NN . . It PRP was VBD a DT busy JJ week NN for IN OTC NNP stocks NNS . . Friday NNP 's POS volume NN totaled VBD 158.2 CD million CD shares NNS ; : the DT daily JJ average NN for IN the DT week NN was VBD a DT bustling JJ 176.7 CD million CD . . Valley NNP National NNP lost VBD 1 CD 3\/8 CD to TO 17 CD 1\/8 CD on IN volume NN of IN 1.9 CD million CD shares NNS . . The DT company NN reported VBD a DT big JJ third-quarter JJ loss NN on IN Thursday NNP . . Merchants NNPS Bank NNP of IN New NNP York NNP lost VBD 1 CD to TO 106 CD after IN reporting VBG that IN its PRP$ third-quarter JJ net JJ income NN fell VBD to TO $ $ 1.62 CD a DT share NN from IN last JJ year NN 's POS $ $ 1.67 CD a DT share NN . . Eliot NNP Savings NNPS Bank NNP lost VBD 7\/8 CD to TO 1 CD 5\/8 CD after IN reporting VBG that IN it PRP had VBD a DT $ $ 4.8 CD million CD loss NN in IN the DT latest JJS third JJ quarter NN mostly RB because IN of IN loan-loss JJ provisions NNS . . In IN the DT 1988 CD quarter NN , , the DT bank NN earned VBD $ $ 1.1 CD million CD . . One CD bank NN stock NN was VBD a DT winner NN . . BanPonce NNP jumped VBD 4 CD 1\/2 CD to TO 47 CD 3\/4 CD after IN agreeing VBG to TO be VB acquired VBN by IN Banco NNP Popular NNP de FW Puerto NNP Rico NNP for IN $ $ 56.25 CD a DT share NN . . Banco NNP Popular NNP , , meanwhile RB , , dropped VBD 1 CD 1\/4 CD to TO 21 CD 1\/2 CD . . Sierra NNP Tucson NNP , , an DT initial JJ public NN offering NN , , made VBD the DT most RBS active JJ list NN . . The DT company NN 's POS shares NNS began VBD trading NN at IN 12 CD 1\/2 CD , , up IN from IN its PRP$ initial JJ offering NN price NN of IN 12 CD , , and CC closed VBD at IN 13 CD . . Sierra NNP Tucson NNP operates VBZ an DT addiction NN treatment NN center NN . . Among IN declining VBG issues NNS , , a DT weak JJ earnings NNS outlook NN drove VBD Groundwater NNP Technology NNP down RB 6 CD 1\/4 CD to TO 24 CD . . The DT company NN said VBD results NNS for IN its PRP$ second JJ quarter NN ended VBN Oct. NNP 28 CD could MD drop VB as RB much JJ as IN 20 CD % NN below IN the DT 30 CD cents NNS a DT share NN reported VBN in IN the DT year-earlier JJ quarter NN . . Medstone NNP International NNP plummeted VBD 3 CD 1\/4 CD to TO 7 CD 1\/4 CD . . A DT Food NNP and CC Drug NNP Administration NNP advisory JJ panel NN has VBZ asked VBN that IN Medstone NNP perform VB more JJR studies NNS on IN its PRP$ device NN to TO treat VB gallstones NNS . . Qintex NNP Entertainment NNP dropped VBD 2 CD 5\/8 CD to TO 1 CD 1\/2 CD after IN seeking VBG protection NN from IN creditor NN lawsuits NNS under IN Chapter NN 11 CD of IN the DT federal JJ Bankruptcy NNP Code NNP for IN itself PRP and CC its PRP$ two CD operating NN subsidiaries NNS , , Hal NNP Roach NNP Studios NNPS and CC Qintex NNP Productions NNPS . . Raymond NNP Corp. NNP lost VBD 1 CD to TO 10 CD after IN it PRP said VBD late JJ Thursday NNP that IN it PRP will MD take VB a DT $ $ 4.4 CD million CD charge NN in IN its PRP$ third JJ quarter NN for IN reserves NNS to TO cover VB potential JJ charges NNS in IN connection NN with IN the DT closing NN and CC sale NN of IN a DT manufacturing VBG plant NN . . As IN a DT result NN , , the DT company NN has VBZ suspended VBN its PRP$ quarterly JJ dividend NN . . McCaw NNP Cellular NNP Communications NNPS and CC its PRP$ target NN , , LIN NNP Broadcasting NNP , , were VBD active JJ . . LIN NNP added VBD 5\/8 CD to TO 110 CD 5\/8 CD and CC McCaw NNP lost VBD 1\/4 CD to TO 41 CD . . McCaw NNP said VBD it PRP has VBZ secured VBN commitments NNS from IN three CD banks NNS to TO help VB finance VB its PRP$ $ $ 125-a-share JJ bid NN for IN 22 CD million CD of IN Lin NNP 's POS shares NNS . . McCaw NNP has VBZ called VBN for IN a DT `` `` fair JJ auction NN '' '' of IN LIN NNP , , which WDT earlier RB entered VBD a DT stock-swap JJ merger NN pact NN with IN BellSouth NNP . . Following VBG the DT release NN of IN the DT company NN 's POS fourth-quarter JJ earnings NNS , , Apple NNP Computer NNP dropped VBD 3\/4 CD to TO 48 CD on IN volume NN of IN more JJR than IN 2.3 CD million CD shares NNS . . Apple NNP earned VBD $ $ 161.1 CD million CD , , or CC $ $ 1.24 CD a DT share NN , , in IN the DT quarter NN , , including VBG $ $ 48 CD million CD from IN the DT sale NN of IN its PRP$ Adobe NNP Systems NNPS stock NN . . The DT following JJ were VBD among IN Friday NNP 's POS offerings NNS and CC pricings NNS in IN the DT U.S. NNP and CC non-U.S. JJ capital NN markets NNS , , with IN terms NNS and CC syndicate NN manager NN , , as IN compiled VBN by IN Dow NNP Jones NNP Capital NNP Markets NNPS Report NNP : : Chicago NNP & CC North NNP Western NNP Acquisition NNP Corp. NNP -- : $ $ 475 CD million CD of IN senior JJ subordinated JJ resettable JJ debentures NNS , , due JJ Oct. NNP 15 CD , , 2001 CD , , priced VBN at IN par JJ to TO yield VB 14.75 CD % NN . . The DT coupon NN will MD be VB reset VB in IN one CD year NN at IN a DT rate NN that WDT will MD give VB the DT issue NN a DT market NN value NN of IN 101 CD . . However RB , , the DT maximum NN coupon NN rate NN on IN the DT issue NN when WRB it PRP is VBZ reset NN can MD only RB be VB 15.5 CD % NN . . Debenture NN holders NNS will MD also RB receive VB the DT equivalent NN of IN 10 CD % NN of IN the DT common JJ stock NN of IN CNW NNP Holdings NNPS . . The DT equity NN kicker NN is VBZ not RB attached VBN to TO the DT offering NN , , but CC underwriters NNS said VBD it PRP will MD be VB offered VBN after IN a DT filing NN for IN 68,548 CD common JJ shares NNS of IN CNW NNP Holdings NNPS is VBZ declared VBN effective JJ by IN the DT Securities NNPS & CC Exchange NNP Commission NNP . . The DT issue NN is VBZ noncallable JJ for IN five CD years NNS and CC has VBZ a DT sinking VBG fund NN starting VBG in IN 2000 CD to TO retire VB 50 CD % NN of IN the DT issue NN before IN maturity NN . . Rated VBN single-B-2 JJ by IN Moody NNP 's POS Investors NNPS Service NNP Inc. NNP and CC single-B-minus JJ by IN Standard NNP & CC Poor NNP 's POS Corp. NNP , , the DT issue NN will MD be VB sold VBN through IN underwriters NNS led VBN by IN Donaldson NNP Lufkin NNP & CC Jenrette NNP Securities NNPS Corp NNP . . Tokuyama NNP Soda NNP Co NNP . . ( ( Japan NNP ) ) -- : $ $ 200 CD million CD of IN Eurobonds NNS due JJ Nov. NNP 9 CD , , 1993 CD , , with IN equity-purchase JJ warrants NNS , , indicating VBG a DT 4 CD % NN coupon NN at IN par JJ , , via IN Nomura NNP International NNP Ltd NNP . . Each DT $ $ 5,000 CD bond NN carries VBZ one CD warrant NN , , exercisable JJ from IN Nov. NNP 28 CD , , 1989 CD , , through IN Oct. NNP 28 CD , , 1993 CD , , to TO buy VB company NN shares NNS at IN an DT expected JJ premium NN of IN 2 CD 1\/2 CD % NN to TO the DT closing NN share NN price NN when WRB terms NNS are VBP fixed VBN Oct. NNP 27 CD . . For IN bankers NNS and CC regulators NNS , , Arizona NNP is VBZ looking VBG more RBR like IN Texas NNP every DT day NN . . On IN Friday NNP , , Los NNP Angeles-based JJ First NNP Interstate NNP Bancorp NNP said VBD it PRP expects VBZ a DT net JJ loss NN of IN $ $ 16 CD million CD for IN the DT third JJ quarter NN of IN 1989 CD because RB of IN hemorrhaging NN at IN its PRP$ First NNP Interstate NNP Bank NNP of IN Arizona NNP unit NN . . First NNP Interstate NNP said VBD the DT unit NN , , bludgeoned VBN by IN Arizona NNP 's POS worsening VBG real-estate NN woes NNS , , will MD have VB a DT $ $ 174 CD million CD loss NN for IN the DT quarter NN . . First NNP Interstate NNP took VBD a DT huge JJ $ $ 350 CD million CD provision NN for IN loan NN losses NNS at IN the DT Arizona NNP bank NN . . It PRP charged VBD off RP an DT estimated VBN $ $ 200 CD million CD of IN Arizona NNP loans NNS , , leaving VBG the DT unit NN with IN a DT reserve NN for IN future JJ losses NNS of IN $ $ 255 CD million CD , , about IN 61 CD % NN of IN its PRP$ $ $ 416 CD million CD of IN troubled JJ loans NNS and CC repossessed JJ real JJ estate NN . . First NNP Interstate NNP made VBD the DT move NN under IN pressure NN from IN regulators NNS . . The DT action NN capped VBD a DT spurt NN of IN grim JJ Arizona NNP banking NN news NN for IN the DT third JJ quarter NN , , and CC emphatically RB signaled VBD that IN Arizona NNP is VBZ challenging VBG Texas NNP 's POS long JJ reign NN as IN banking NN 's POS busiest JJS graveyard NN . . Earlier RBR last JJ week NN , , Valley NNP National NNP Corp. NNP , , the DT state NN 's POS largest JJS locally RB owned JJ banking VBG company NN , , reported VBD a DT $ $ 72.2 CD million CD loss NN and CC suspended VBD its PRP$ dividend NN . . Pinnacle NNP West NNP Capital NNP Corp. NNP , , which WDT has VBZ been VBN wrangling VBG with IN regulators NNS for IN months NNS over IN what WP to TO do VB about IN Pinnacle NNP 's POS moribund JJ Merabank NNP thrift NN unit NN , , suspended VBD its PRP$ dividend NN and CC reported VBD a DT 91 CD % NN plunge NN in IN third-quarter JJ net JJ income NN . . Security NNP Pacific NNP Corp. NNP said VBD third-quarter JJ credit NN losses NNS surged VBD a DT third JJ to TO $ $ 109 CD million CD , , mainly RB because IN of IN sour JJ Arizona NNP real-estate JJ loans NNS . . New NNP York-based JJ Chase NNP Manhattan NNP Corp. NNP took VBD an DT $ $ 85 CD million CD Arizona-related JJ charge NN . . Furthermore RB , , the DT regulatory JJ maneuvering NN behind IN First NNP Interstate NNP 's POS loss NN suggests VBZ regulators NNS have VBP concluded VBN that IN lenders NNS ' POS reserves NNS are VBP far RB too RB low JJ to TO absorb VB their PRP$ future JJ Arizona NNP losses NNS and CC are VBP forcing VBG bankers NNS to TO do VB something NN about IN it PRP . . Examiners NNS from IN the DT Office NNP of IN the DT Comptroller NNP of IN the DT Currency NNP had VBD been VBN combing VBG through IN First NNP Interstate NNP 's POS real-estate NN portfolio NN since IN last JJ month NN ; : they PRP first RB recommended VBD that IN First NNP Interstate NNP take VB a DT provision NN that WDT was VBD less JJR than IN the DT eventual JJ $ $ 350 CD million CD third-quarter JJ hit NN . . When WRB First NNP Interstate NNP balked VBD , , arguing VBG that IN the DT figure NN was VBD too RB high JJ , , regulators NNS responded VBD by IN raising VBG their PRP$ recommendation NN to TO $ $ 350 CD million CD . . `` `` At IN that DT point NN , , { ( First NNP Interstate NNP } ) decided VBD it PRP was VBD the DT better JJR part NN of IN valor NN not RB to TO negotiate VB further RBR , , '' '' said VBD one CD industry NN official NN close JJ to TO the DT talks NNS . . Thomas NNP P. NNP Marrie NNP , , chief JJ financial JJ officer NN , , would MD n't RB comment VB about IN the DT details NNS of IN the DT negotiations NNS . . He PRP said VBD the DT provision NN `` `` was VBD n't RB forced VBN upon IN us PRP , , but CC the DT regulators NNS made VBD it PRP very RB clear JJ what WP they PRP thought VBD was VBD an DT appropriate JJ number NN . . '' '' The DT tough JJ regulatory JJ stance NN portends VBZ large JJ future JJ losses NNS , , especially RB at IN the DT state NN 's POS thrifts NNS . . At IN least JJS six CD of IN Arizona NNP 's POS 12 CD savings NNS and CC loan NN institutions NNS have VBP either RB been VBN taken VBN over RP by IN the DT government NN 's POS conservatorship NN program NN or CC are VBP essentially RB insolvent JJ ; : they PRP are VBP sitting VBG on IN enormous JJ unrecognized JJ losses NNS . . For IN example NN , , Western NNP Savings NNPS & CC Loan NNP Association NNP , , which WDT is VBZ now RB in IN conservatorship NN , , had VBD tangible JJ capital-assets NNS minus CC liabilities NNS -- : of IN a DT negative JJ $ $ 357.4 CD million CD at IN June NNP 30 CD . . It PRP had VBD a DT $ $ 258.9 CD million CD loss NN in IN the DT second JJ quarter NN . . Yet CC it PRP still RB held VBD $ $ 916.3 CD million CD of IN repossessed JJ real JJ estate NN , , for IN which WDT it PRP maintains VBZ no DT reserves NNS whatsoever RB . . It PRP also RB had VBD $ $ 479.7 CD million CD of IN past-due JJ loans NNS ; : its PRP$ level NN of IN reserves NNS against IN those DT was VBD n't RB immediately RB available JJ , , though IN it PRP is VBZ believed VBN to TO be VB small JJ . . The DT rapid JJ deterioration NN of IN the DT Arizona NNP thrifts NNS only RB adds VBZ to TO the DT ever-swelling JJ cost NN of IN the DT government NN 's POS massive JJ thrift NN bailout NN , , officially RB estimated VBN at IN about IN $ $ 166 CD billion CD . . Together RB , , the DT six CD government-controlled JJ or CC essentially RB insolvent JJ Arizona NNP thrifts NNS have VBP tangible JJ capital NN of IN a DT negative JJ $ $ 1.5 CD billion CD , , foreclosed VBN property NN of IN $ $ 1.8 CD billion CD and CC pastdue JJ loans NNS of IN $ $ 1.63 CD billion CD . . They PRP have VBP no DT reserves NNS against IN the DT real JJ estate NN , , and CC their PRP$ reserves NNS against IN the DT loans NNS are VBP miniscule JJ compared VBN with IN the DT levels NNS of IN reserves NNS banks NNS are VBP moving VBG to TO set VB up RP . . The DT thrifts NNS had VBD a DT combined JJ loss NN of IN $ $ 487.8 CD million CD in IN the DT second JJ quarter NN . . Other JJ lenders NNS have VBP been VBN recovering VBG only RB 50 CD cents NNS to TO 60 CD cents NNS on IN the DT dollar NN on IN foreclosed VBN Arizona NNP property NN , , if IN they PRP can MD sell VB it PRP at IN all DT . . All PDT this DT havoc NN is VBZ the DT result NN of IN one CD of IN the DT worst JJS busts NNS in IN Arizona NNP 's POS boom-and-bust JJ history NN , , compounded VBN by IN some DT of IN the DT usual JJ suspects NNS in IN 1980s NNS banking NN debacles NNS : : greed NN , , fraud NN and CC plain JJ bad JJ banking NN . . In IN the DT late JJ 1970s NNS and CC early RB 1980s NNS , , lenders NNS and CC developers NNS poured VBD money NN into IN office NN buildings NNS , , condominiums NNS and CC massive JJ tracts NNS of IN raw JJ desert NN land NN , , confident JJ that IN Arizona NNP 's POS population NN would MD grow VB at IN annual JJ rates NNS of IN 4 CD % NN to TO 6 CD % NN for IN years NNS to TO come VB . . Now RB , , annual JJ population NN growth NN is VBZ running VBG at IN about IN 2 CD % NN a DT year NN , , some DT desert NN tracts NNS bought VBD three CD years NNS ago RB for IN $ $ 90,000 CD an DT acre NN are VBP being VBG sold VBN at IN $ $ 25,000 CD an DT acre NN and CC Phoenix NNP has VBZ a DT seven-year JJ supply NN of IN unoccupied JJ office NN space NN . . `` `` It PRP 's VBZ horrible JJ to TO say VB , , but CC it PRP 's VBZ unfortunate JJ that IN earthquake NN was VBD n't RB in IN Phoenix NNP -- : it PRP might MD have VB knocked VBN out RP some DT of IN our PRP$ empty JJ buildings NNS , , '' '' said VBD C.W. NNP Jackson NNP , , a DT prominent JJ Arizona NNP businessman NN with IN interests NNS in IN real JJ estate NN , , banking NN and CC many JJ other JJ businesses NNS . . Many JJ Arizona NNP real-estate NN experts NNS think VBP the DT worst JJS may MD be VB yet RB to TO come VB . . Ralph NNP Shattuck NNP , , publisher NN of IN Foreclosure NNP Update NNP newsletter NN , , said VBD foreclosures NNS have VBP climbed VBN to TO about IN 1,482 CD a DT month NN just RB in IN Maricopa NNP County NNP , , where WRB Phoenix NNP is VBZ located VBN . . That DT 's VBZ up RB from IN about IN 687 CD a DT month NN in IN 1985 CD , , and CC it PRP 's VBZ accelerating VBG : : So RB far RB this DT month NN , , foreclosures NNS are VBP averaging VBG about IN 85 CD a DT day NN . . `` `` It PRP 's VBZ frightening JJ , , '' '' Mr. NNP Shattuck NNP said VBD . . Moreover RB , , Mr. NNP Shattuck NNP and CC others NNS said VBD residential JJ real JJ estate NN , , which WDT had VBD remained VBN fairly RB strong JJ through IN most JJS of IN the DT downturn NN , , is VBZ beginning VBG to TO comprise VB more JJR and CC more JJR of IN the DT foreclosures NNS . . And CC the DT generally RB frail JJ condition NN of IN Arizona NNP 's POS lenders NNS means VBZ there EX is VBZ little JJ capital NN available JJ in IN the DT state NN to TO shore NN up RP the DT economy NN and CC slow VB down RP the DT slide NN . . `` `` It PRP 's VBZ reasonable JJ to TO say VB there EX is VBZ not RB a DT solvent JJ S&L NN in IN the DT state NN and CC the DT amount NN of IN viable JJ bank NN capital NN is VBZ very RB low JJ , , '' '' said VBD Mr. NNP Jackson NNP . . `` `` We PRP 're VBP going VBG to TO see VB another DT big JJ wave NN of IN failures NNS and CC defaults NNS between IN now RB and CC year-end RB ... : . . The DT only JJ thing NN a DT lot NN of IN these DT lenders NNS can MD get VB out IN of IN their PRP$ mouth NN now RB is VBZ : : ` `` Pay VB me PRP in IN 60 CD days NNS . . ' '' '' '' First NNP Interstate NNP had VBD a DT $ $ 214.4 CD million CD loss NN in IN 1988 CD 's POS third JJ quarter NN , , mainly RB from IN writedowns NNS and CC reserves NNS connected VBN with IN its PRP$ Texas NNP operations NNS . . For IN the DT six CD months NNS ended VBN June NNP 30 CD , , it PRP reported VBD net JJ income NN of IN $ $ 234.3 CD million CD , , or CC $ $ 4.83 CD a DT share NN , , including VBG $ $ 46 CD million CD from IN tax NN credits NNS and CC accounting NN changes NNS . . The DT bank NN 's POS Arizona NNP unit NN holds VBZ about IN $ $ 6 CD billion CD of IN First NNP Interstate NNP 's POS $ $ 50 CD billion CD of IN assets NNS . . Mr. NNP Marrie NNP said VBD the DT bank NN expects VBZ Arizona NNP real-estate NN prices NNS , , which WDT plummeted VBD 40 CD % NN over IN the DT last JJ year NN , , to TO fall VB another DT 20 CD % NN before IN stabilizing VBG . . Some DT in IN Arizona NNP think VBP that IN may MD be VB optimistic JJ . . First NNP Interstate NNP said VBD its PRP$ operations NNS outside JJ of IN Arizona NNP `` `` achieved VBD results NNS as IN expected VBN for IN the DT quarter NN , , '' '' but CC did VBD n't RB specify VB the DT results NNS . . First NNP Interstate NNP stock NN closed VBD at IN $ $ 57.625 CD , , down RB 25 CD cents NNS , , in IN composite JJ trading NN Friday NNP on IN the DT New NNP York NNP Stock NNP Exchange NNP . . Since IN its PRP$ unsuccessful JJ bid NN for IN BankAmerica NNP Corp. NNP in IN 1986 CD , , the DT bank NN has VBZ undertaken VBN a DT major JJ restructuring NN in IN an DT effort NN to TO cut VB costs NNS and CC boost VB performance NN , , but CC many JJ industry NN officials NNS believe VBP it PRP may MD be VB ripe JJ for IN a DT takeover NN bid NN , , especially RB with IN interstate JJ banking NN set VBN to TO begin VB in IN California NNP in IN 1991 CD . . Mr. NNP Marrie NNP said VBD the DT problems NNS in IN Arizona NNP have VBP only RB `` `` increased VBN our PRP$ resolve NN to TO continue VB to TO make VB our PRP$ restructuring NN even RB more RBR effective JJ . . '' '' Separately RB , , Standard NNP & CC Poor NNP 's POS Corp. NN lowered VBD its PRP$ ratings NNS on IN Valley NNP National NNP Corp. NNP 's POS senior JJ debt NN to TO double-B JJ from IN double-B-plus JJ , , affecting VBG about IN $ $ 300 CD million CD of IN long-term JJ debt NN . . S&P NNP also RB lowered VBD ratings NNS on IN unsecured JJ deposits NNS and CC issues NNS backed VBN by IN a DT letter NN of IN credit NN from IN the DT bank NN holding VBG company NN 's POS principal JJ unit NN , , Valley NNP National NNP Bank NNP of IN Arizona NNP . . The DT ratings NNS service NN said VBD the DT downgrades NNS reflect VBP the DT continued JJ slide NN in IN the DT company NN 's POS financial JJ condition NN . . A DT spokesman NN for IN Phoenix NNP , , Ariz.-based JJ Valley NNP National NNP , , said VBD the DT concern NN will MD be VB able JJ to TO withstand VB the DT current JJ downturn NN in IN Arizona NNP real JJ estate NN . . Commercial JJ paper NN holders NNS have VBP reinvested VBN their PRP$ funds NNS , , he PRP said VBD , , and CC consumer NN deposits NNS have VBP been VBN up RB in IN the DT last JJ few JJ days NNS . . Immunex NNP Corp. NNP said VBD its PRP$ scientists NNS isolated VBD a DT molecule NN which WDT may MD hold VB potential JJ as IN a DT treatment NN for IN disruptions NNS of IN the DT immune-system NN , , ranging VBG from IN organ-transplant NN rejection NN , , to TO allergies NNS and CC asthma NN . . The DT molecule NN is VBZ the DT mouse NN version NN of IN a DT protein NN called VBN the DT interleukin-4 NN receptor NN . . IL-4 NN is VBZ a DT hormone NN which WDT directs VBZ the DT growth NN and CC function NN of IN white JJ blood NN cells NNS involved VBN in IN the DT body NN 's POS immune JJ response NN . . The DT IL-4 NN receptor NN on IN the DT surface NN of IN such JJ cells NNS receives VBZ the DT hormone NN 's POS message NN to TO rally VB the DT body NN 's POS defense NN . . But CC in IN certain JJ conditions NNS such JJ as IN autoimmune JJ diseases NNS and CC allergies NNS and CC transplant NN rejection NN , , doctors NNS would MD like VB to TO damp VB the DT immune JJ response NN so IN such JJ cells NNS do VBP n't RB touch VB off RP harmful JJ inflammatory JJ reactions NNS or CC cell NN destruction NN . . A DT soluble JJ form NN of IN the DT receptor NN might MD turn VB off RP a DT specific JJ part NN of IN the DT immune JJ response NN without IN general JJ immune JJ suppression NN , , the DT company NN said VBD . . The DT IL-4 NN receptor NN is VBZ one CD of IN five CD such JJ receptors NNS to TO be VB developed VBN and CC tested VBN by IN Receptech NNP Corp. NNP , , a DT spinoff NN of IN Immunex NNP , , through IN a DT proposed VBN $ $ 30 CD million CD initial JJ public JJ offering NN . . Immunex NNP will MD contract VB with IN the DT spinoff NN to TO provide VB the DT research NN , , development NN and CC initial JJ testing NN of IN the DT new JJ agents NNS . . Immunex NNP will MD have VB the DT option NN to TO buy VB back RP Receptech NNP shares NNS after IN five CD years NNS . . The DT following JJ issues NNS were VBD recently RB filed VBN with IN the DT Securities NNPS and CC Exchange NNP Commission NNP : : Heller NNP Financial NNP Inc. NNP , , an DT indirect JJ subsidiary NN of IN Fuji NNP Bank NNP Ltd. NNP , , shelf NN offering NN of IN up IN to TO $ $ 1 CD billion CD debt NN securities NNS and CC warrants NNS . . Jason NNP Overseas NNP Ltd. NNP , , proposed VBN offering VBG of IN five CD million CD common JJ shares NNS , , via IN Smith NNP Barney NNP & CC Co. NNP and CC Mabon NNP Nugent NNP & CC Co NNP . . MCI NNP Communications NNPS Corp. NNP , , shelf NN offering NN of IN up IN to TO $ $ 750 CD million CD of IN debt NN securities NNS via IN Merrill NNP Lynch NNP Capital NNP Markets NNPS , , Drexel NNP Burnham NNP Lambert NNP Inc. NNP , , Goldman NNP , , Sachs NNP & CC Co. NNP , , and CC Salomon NNP Brothers NNPS Inc NNP . . Millicom NNP Inc. NNP , , offering NN of IN $ $ 60 CD million CD subordinated JJ exchangeable JJ debentures NNS , , via IN Bear NNP , , Stearns NNPS & CC Co. NNP Inc NNP . . Union NNP Tank NNP Car NNP Co. NNP , , offering NN of IN $ $ 100 CD million CD of IN equipment NN trust NN certificates NNS , , via IN Salomon NNP Brothers NNPS . . Conner NNP Peripherals NNPS Inc. NNP , , which WDT has VBZ a DT near-monopoly NN on IN a DT key JJ part NN used VBN in IN many JJ portable JJ computers NNS , , is VBZ on IN target NN to TO surpass VB Compaq NNP Computer NNP Corp. NNP as IN the DT fastest-growing JJS start-up NN manufacturing VBG firm NN in IN U.S. NNP business NN history NN . . Conner NNP dominates VBZ the DT market NN for IN hard-disk NN drives NNS used VBN to TO store NN data NN in IN laptop NN computers NNS . . It PRP said VBD yesterday NN that IN net JJ income NN for IN its PRP$ third JJ quarter NN soared VBD 72 CD % NN to TO $ $ 11.8 CD million CD , , or CC 28 CD cents NNS a DT share NN , , from IN $ $ 6.8 CD million CD , , or CC 19 CD cents NNS a DT share NN , , in IN the DT year-ago JJ period NN . . Its PRP$ revenue NN totaled VBD $ $ 184.4 CD million CD , , an DT increase NN of IN 172 CD % NN from IN $ $ 67.8 CD million CD a DT year NN ago RB . . For IN the DT nine CD months NNS , , the DT San NNP Jose NNP , , Calif.-based JJ company NN said VBD net JJ income NN jumped VBD 84 CD % NN to TO $ $ 26.9 CD million CD , , or CC 69 CD cents NNS a DT share NN , , from IN $ $ 14.6 CD million CD , , or CC 43 CD cents NNS a DT share NN . . Revenue NN nearly RB tripled VBD to TO $ $ 479 CD million CD , , from IN $ $ 160 CD million CD . . Analysts NNS expect VBP Conner NNP 's POS earnings NNS to TO reach VB roughly RB $ $ 40 CD million CD , , or CC $ $ 1 CD to TO $ $ 1.05 CD a DT share NN , , on IN sales NNS of IN $ $ 650 CD million CD , , for IN 1989 CD , , the DT company NN 's POS third JJ full JJ year NN in IN business NN . . That DT 's VBZ a DT faster JJR growth NN rate NN than IN reported VBN by IN Compaq NNP , , which WDT did VBD n't RB post IN similar JJ results NNS until IN its PRP$ fourth JJ year NN , , in IN 1986 CD . . But CC Compaq NNP had VBD achieved VBN that DT level NN of IN sales NNS faster RBR than IN any DT previous JJ manufacturing NN start-up NNS . . Conner NNP 's POS performance NN is VBZ closely RB tied VBN to TO the DT burgeoning VBG demand NN for IN battery-operated JJ computers NNS , , the DT computer NN industry NN 's POS fastest-growing JJS segment NN . . Since IN its PRP$ inception NN , , Conner NNP has VBZ both DT benefited VBN from IN and CC helped VBN make VB possible JJ the DT rapid JJ spread NN of IN portable JJ computers NNS by IN selling VBG storage NN devices NNS that WDT consume VBP five CD to TO 10 CD times NNS less JJR electricity NN than IN drives NNS used VBN in IN desktop NN machines NNS . . Today NN , , Conner NNP controls VBZ an DT estimated VBN 90 CD % NN of IN the DT hard-disk NN drive NN market NN for IN laptop NN computers NNS . . The DT company NN supplies VBZ drives NNS to TO Compaq NNP and CC Zenith NNP Data NNP Systems NNPS , , the DT top JJ two CD U.S. NNP manufacturers NNS of IN laptops NNS , , and CC to TO Toshiba NNP Corp. NNP , , NEC NNP Corp. NNP and CC Sharp NNP Corp. NNP , , the DT leading VBG Japanese JJ laptop NN makers NNS . . `` `` They PRP 've VBP had VBN this DT field NN to TO themselves PRP for IN over IN a DT year NN now RB , , and CC they PRP 've VBP been VBN greatly RB rewarded VBN , , '' '' said VBD Bob NNP Katsive NNP , , an DT analyst NN at IN Disk\/Trend NNP Inc. NNP , , a DT market NN researcher NN in IN Los NNP Altos NNP , , Calif NNP . . In IN the DT coming VBG months NNS , , however RB , , this DT is VBZ likely JJ to TO change VB . . Next JJ month NN , , Seagate NNP Technology NNP , , which WDT is VBZ the DT dominant JJ supplier NN of IN hard-disk NN drives NNS for IN personal JJ computers NNS , , plans VBZ to TO introduce VB its PRP$ first JJ family NN of IN low-power JJ drives NNS for IN battery-operated JJ computers NNS . . And CC the DT Japanese NNPS are VBP likely JJ to TO keep VB close RB on IN Conner NNP 's POS heels NNS . . `` `` They PRP are VBP going VBG to TO catch VB up RP , , '' '' said VBD David NNP Claridge NNP , , an DT analyst NN with IN Hambrecht NNP & CC Quist NNP . . Both DT Toshiba NNP and CC NEC NNP already RB produce VBP hard-disk NN drives NNS , , and CC Sony NNP also RB is VBZ studying VBG the DT field NN , , Mr. NNP Claridge NNP said VBD . . But CC Conner NNP is VBZ n't RB standing VBG still RB . . Yesterday NN , , the DT company NN introduced VBD four CD products NNS , , three CD of IN which WDT are VBP aimed VBN at IN a DT hot JJ new JJ class NN of IN computers NNS called VBN notebooks NNS . . Each DT of IN the DT three CD drives NNS uses VBZ a DT mere JJ 1.5 CD watts NNS of IN power NN and CC one CD weighs VBZ just JJ 5.5 CD ounces NNS . . `` `` Most JJS of IN our PRP$ competitors NNS are VBP announcing VBG products NNS based VBN on IN our PRP$ ( ( older JJR ) ) products NNS , , '' '' said VBD Finis NNP Conner NNP , , chief JJ executive NN officer NN and CC founder NN of IN the DT firm NN that WDT bears VBZ his PRP$ name NN . . `` `` We PRP continue VBP to TO develop VB products NNS faster RBR than IN anyone NN else JJ can MD . . '' '' These DT new JJ products NNS could MD account VB for IN as RB much JJ as IN 35 CD % NN of IN the DT company NN 's POS business NN in IN 1990 CD , , Mr. NNP Conner NNP estimated VBD . . `` `` We PRP 're VBP not RB afraid JJ of IN obsoleting VBG some DT of IN our PRP$ old JJ stuff NN to TO stay VB ahead RB of IN the DT competition NN , , '' '' he PRP said VBD . . Conner NNP already RB is VBZ shipping VBG its PRP$ new JJ drives NNS . . Last JJ week NN , , for IN instance NN , , Compaq NNP introduced VBD its PRP$ first JJ notebook NN computer NN to TO rave VB reviews NNS . . Conner NNP is VBZ supplying VBG hard-disk NN drives NNS for IN the DT machine NN , , which WDT weighs VBZ only RB six CD pounds NNS and CC fits VBZ in IN a DT briefcase NN . . From IN its PRP$ inception NN , , Conner NNP has VBZ targeted VBN the DT market NN for IN battery-operated JJ machines NNS , , building VBG hard-disk NN drives NNS that WDT are VBP smaller JJR and CC use VB far RB less JJR power NN than IN those DT offered VBN by IN competitors NNS such JJ as IN Seagate NNP . . The DT availability NN of IN these DT drives NNS , , in IN turn NN , , boosted VBD demand NN for IN laptop NN computers NNS , , whose WP$ usefulness NN had VBD been VBN limited JJ because RB of IN lack NN of IN storage NN . . Conner NNP also RB makes VBZ hard-disk NN drives NNS for IN desktop NN computers NNS and CC is VBZ a DT major JJ supplier NN to TO Compaq NNP , , which WDT as IN of IN July NNP owned VBD 40 CD % NN of IN Conner NNP 's POS stock NN . . Sales NNS to TO Compaq NNP represented VBD 26 CD % NN of IN Conner NNP 's POS business NN in IN its PRP$ third JJ quarter NN , , compared VBN with IN 42 CD % NN in IN the DT year-ago JJ period NN . . Move VB over RB , , pornographic JJ phone NN services NNS : : A DT legal JJ service NN with IN a DT `` `` 900 CD '' '' number NN has VBZ been VBN launched VBN in IN California NNP . . A DT Newport NNP Beach NNP law NN firm NN started VBD the DT pay-as-you-go JJ legal JJ service NN , , called VBN Telelawyer NNP , , using VBG MCI NNP Communication NNP Corp. NNP 's POS toll-tele-phone JJ service NN . . Cane NNP & CC Associates NNPS touts VBZ its PRP$ $ $ 2-a-minute JJ service NN as IN the DT `` `` cheapest JJS legal JJ hour NN you PRP 'll MD ever RB find VB . . '' '' Though IN the DT service NN is VBZ available JJ only RB in IN California NNP , , Telelawyer NNP founder NN Michael NNP Cane NNP says VBZ he PRP plans VBZ to TO franchise VB it PRP in IN other JJ states NNS . . He PRP says VBZ his PRP$ aim NN is VBZ to TO reach VB people NNS who WP are VBP bedridden JJ , , have VB no DT access NN to TO transportation NN , , ca MD n't RB find VB a DT lawyer NN to TO take VB their PRP$ case NN or CC simply RB ca MD n't RB afford VB lawyers NNS ' POS consultation NN fees NNS . . Mr. NNP Cane NNP stresses VBZ that IN he PRP is VBZ n't RB using VBG the DT telephone NN to TO lure VB clients NNS to TO his PRP$ doorstep NN . . `` `` We PRP will MD only RB deal VB with IN clients NNS on IN the DT phone NN , , '' '' he PRP says VBZ . . `` `` We PRP have VBP no DT in-office JJ business NN . . '' '' Telelawyer NNP is VBZ apparently RB the DT only JJ telephone NN service NN that WDT offers VBZ the DT telephone NN equivalent NN of IN an DT office NN visit NN . . Local JJ bar NN associations NNS in IN some DT states NNS have VBP numbers NNS that WDT provide VBP free JJ tape-recorded JJ messages NNS explaining VBG certain JJ areas NNS of IN the DT law NN . . There EX also RB are VBP `` `` 800 CD '' '' hotlines NNS which WDT refer VBP people NNS to TO lawyers NNS , , usually RB personal-injury JJ specialists NNS , , for IN in-office JJ consultation NN . . When WRB a DT caller NN reaches VBZ Telelawyer NNP by IN dialing VBG 900-TELELAW NN , , a DT receptionist NN refers VBZ the DT call NN to TO one CD of IN six CD attorneys NNS . . In IN an DT effort NN to TO determine VB whether IN a DT caller NN has VBZ reason NN to TO sue VB , , Cane NNP lawyers NNS review VBP documents NNS and CC perform VBP research NN , , if IN necessary JJ , , with IN the DT help NN of IN three CD law NN clerks NNS and CC several JJ support NN staffers NNS . . There EX is VBZ no DT charge NN for IN research NN -- : only RB for IN time NN on IN the DT phone NN . . If IN the DT matter NN requires VBZ further JJ legal JJ work NN or CC litigation NN , , Mr. NNP Cane NNP says VBZ , , his PRP$ lawyers NNS may MD refer VB the DT client NN to TO a DT law NN firm NN . . But CC he PRP says VBZ Cane NNP & CC Associates NNP does VBZ n't RB receive VB referral NN fees NNS . . So RB far RB , , says VBZ Mr. NNP Cane NNP , , most JJS calls NNS have VBP involved VBN landlord-tenant JJ problems NNS , , tax NN problems NNS , , divorce NN , , and CC probate NN questions NNS . . The DT firm NN is VBZ getting VBG about IN 50 CD calls NNS a DT day NN , , and CC the DT average JJ call NN lasts VBZ about IN 15 CD minutes NNS . . Out IN of IN the DT $ $ 2 CD charge NN , , the DT law NN firm NN pockets VBZ about IN $ $ 1.55 CD . . JURY NN CONVICTS VBZ congressman NN in IN connection NN with IN Wedtech NNP Corp. NNP scandal NN . . A DT federal JJ court NN jury NN in IN New NNP York NNP found VBD U.S. NNP Rep. NNP Robert NNP Garcia NNP ( ( D. NNP , , N.Y NNP . . ) ) and CC his PRP$ wife NN , , Jane NNP Lee NNP Garcia NNP , , guilty JJ of IN extorting VBG $ $ 76,000 CD from IN Wedtech NNP in IN return NN for IN official JJ acts NNS by IN the DT congressman NN . . The DT jury NN also RB convicted VBD them PRP of IN extortion NN in IN obtaining VBG a DT $ $ 20,000 CD , , interest-free JJ loan NN from IN a DT Wedtech NNP officer NN . . The DT jury NN found VBD them PRP guilty JJ of IN conspiracy NN in IN obtaining VBG the DT payments NNS , , some DT of IN which WDT were VBD disguised VBN as IN fees NNS for IN consulting NN services NNS from IN Mrs. NNP Garcia NNP . . Wedtech NNP , , which WDT became VBD embroiled VBN in IN political-corruption NN cases NNS that WDT eventually RB led VBD to TO its PRP$ demise NN , , formerly RB was VBD a DT minority-owned JJ South NNP Bronx NNP , , N.Y. NNP , , defense NN contractor NN . . Edward NNP J.M. NNP Little NNP , , one CD of IN the DT assistant JJ U.S. NNP attorneys NNS who WP prosecuted VBD the DT case NN , , said VBD the DT Garcia NNP trial NN `` `` is VBZ the DT last JJ of IN the DT Wedtech NNP prosecutions NNS . . '' '' Mr. NNP Little NNP said VBD more JJR than IN 20 CD people NNS have VBP been VBN convicted VBN in IN the DT Wedtech NNP cases NNS , , including VBG former JJ U.S. NNP Rep. NNP Mario NNP Biaggi NNP ( ( D. NNP , , N.Y NNP . . ) ) . . Lawyers NNS for IN the DT Garcias NNPS said VBD they PRP plan VBP to TO appeal VB . . Mr. NNP Garcia NNP , , who WP represents VBZ New NNP York NNP 's POS 18th JJ congressional JJ district NN , , which WDT includes VBZ the DT Bronx NNP , , said VBD he PRP has VBZ n't RB decided VBN whether IN he PRP will MD resign VB . . `` `` In IN the DT next JJ few JJ weeks NNS , , I PRP will MD be VB consulting VBG with IN my PRP$ political JJ advisers NNS and CC with IN the DT Democratic JJ leaders NNS about IN the DT best JJS way NN of IN preserving VBG the DT interests NNS of IN my PRP$ constituents NNS , , '' '' said VBD Mr. NNP Garcia NNP , , 56 CD years NNS old JJ . . Mrs. NNP Garcia NNP , , 49 CD , , formerly RB was VBD a DT member NN of IN Mr. NNP Garcia NNP 's POS congressional JJ staff NN . . The DT Garcias NNPS were VBD cleared VBN of IN four CD other JJ felony NN counts NNS , , involving VBG the DT receipt NN of IN bribes NNS and CC gratuities NNS . . U.S. NNP Judge NNP Leonard NNP B. NNP Sand NNP set VBD the DT Garcias NNPS ' POS sentencing NN for IN Jan. NNP 5 CD . . FIVE CD SHEA NNP & CC GOULD NNP PARTNERS NNS are VBP leaving VBG to TO form VB a DT new JJ firm NN . . The DT new JJ firm NN , , Hutton NNP Ingram NNP Yuzek NNP Gainen NNP Carroll NNP & CC Bertolotti NNP , , will MD be VB based VBN in IN New NNP York NNP . . The DT five CD partners NNS who WP resigned VBD from IN Shea NNP & CC Gould NNP late JJ last JJ week NN are VBP Tom NNP Hutton NNP , , Sam NNP Ingram NNP , , Dean NNP Yuzek NNP , , Daniel NNP Carroll NNP and CC Ernest NNP Bertolotti NNP . . They PRP will MD be VB joined VBN by IN Larry NNP Gainen NNP , , who WP resigned VBD from IN the DT firm NN of IN LePatner NNP , , Gainen NNP & CC Block NNP . . Howard NNP Rubenstein NNP , , a DT New NNP York NNP publicist NN who WP represents VBZ Shea NNP & CC Gould NNP , , said VBD , , `` `` Shea NNP & CC Gould NNP understands VBZ they PRP 're VBP leaving VBG because IN they PRP wanted VBD a DT different JJ environment NN -- : a DT smaller JJR firm NN they PRP would MD be VB principals NNS of IN . . '' '' Mr. NNP Rubenstein NNP said VBD the DT five CD , , who WP were VBD n't RB on IN Shea NNP & CC Gould NNP 's POS management NN committee NN , , `` `` are VBP leaving VBG on IN good JJ terms NNS . . '' '' He PRP said VBD Shea NNP & CC Gould NNP held VBD a DT number NN of IN discussions NNS with IN the DT five CD partners NNS during IN the DT past JJ few JJ weeks NNS to TO get VB them PRP to TO stay VB but CC that IN the DT five CD were VBD firmly RB committed JJ to TO running VBG their PRP$ own JJ firm NN . . Hutton NNP Ingram NNP will MD have VB a DT general JJ corporate JJ , , securities NNS , , real-estate NN and CC litigation NN practice NN , , and CC a DT substantial JJ practice NN serving VBG the DT professional-design JJ community NN . . DISCIPLINARY NN PROCEEDINGS NNS against IN lawyers NNS open JJ to TO public NN in IN Illinois NNP . . While IN investigations NNS into IN lawyer NN misconduct NN will MD remain VB secret JJ , , the DT public NN will MD be VB notified VBN once RB a DT formal JJ complaint NN is VBZ filed VBN against IN an DT attorney NN . . The DT actual JJ disciplinary JJ hearings NNS will MD be VB public JJ . . In IN addition NN , , Illinois NNP attorneys NNS will MD lose VB the DT right NN to TO sue VB clients NNS who WP file VBP malicious JJ complaints NNS against IN them PRP . . Non-lawyers NNS will MD be VB added VBN to TO the DT inquiry NN panels NNS that WDT look VBP into IN allegations NNS of IN misconduct NN . . Illinois NNP joins VBZ 36 CD other JJ states NNS that WDT allow VBP public JJ participation NN in IN attorney-disciplinary JJ proceedings NNS and CC 32 CD states NNS that WDT open VBP disciplinary JJ hearings NNS to TO the DT public NN , , according VBG to TO the DT American NNP Bar NNP Association NNP . . One CD vocal JJ critic NN of IN the DT changes NNS , , Chicago NNP lawyer NN Warren NNP Lupel NNP , , says VBZ non-lawyers NNS should MD n't RB be VB on IN the DT inquiry NN panels NNS because IN they PRP are VBP unlikely JJ to TO appreciate VB the DT nuances NNS of IN attorney-client JJ relationships NNS . . In IN addition NN , , he PRP says VBZ , , publishing VBG the DT names NNS of IN lawyers NNS who WP are VBP facing VBG charges NNS unnecessarily RB subjects VBZ them PRP to TO public JJ derogation NN . . Nevertheless RB , , Mr. NNP Lupel NNP anticipates VBZ no DT legal JJ action NN to TO reverse VB the DT Illinois NNP Supreme NNP Court NNP 's POS decision NN to TO institute VB the DT changes NNS . . `` `` There EX 's VBZ no DT constitutional JJ right NN involved VBN in IN the DT rule NN change NN , , '' '' he PRP says VBZ . . `` `` You PRP do VBP n't RB have VB a DT right NN to TO practice VB . . You PRP only RB have VBP a DT privilege NN to TO practice VB . . '' '' DREXEL NNP BURNHAM NNP LAMBERT NNP Inc. NNP agreed VBD to TO pay VB a DT $ $ 50,000 CD fine NN to TO Delaware NNP , , the DT 26th JJ state NN to TO settle VB with IN Drexel NNP in IN the DT wake NN of IN the DT firm NN 's POS guilty JJ plea NN to TO federal JJ insider-trading NN charges NNS . . Drexel NNP does VBZ n't RB have VB a DT Delaware NNP office NN , , but CC the DT New NNP York NNP firm NN has VBZ been VBN negotiating VBG settlements NNS that WDT would MD allow VB it PRP to TO operate VB freely RB nationwide RB despite IN its PRP$ record NN as IN an DT admitted VBN felon NN . . The DT firm NN has VBZ said VBN it PRP expects VBZ to TO pay VB $ $ 11.5 CD million CD overall NN to TO settle VB with IN states NNS . . Drexel NNP pleaded VBD guilty JJ in IN September NNP to TO six CD felony NN counts NNS of IN securities NNS and CC mail NN fraud NN ; : it PRP also RB made VBD a DT $ $ 650 CD million CD civil JJ settlement NN with IN the DT Securities NNPS and CC Exchange NNP Commission NNP . . Philip NNP Morris NNP Cos. NNP , , whose WP$ Benson NNP & CC Hedges NNP cigarette NN brand NN has VBZ been VBN losing VBG market NN share NN , , has VBZ asked VBN at IN least JJS one CD other JJ agency NN to TO try VB its PRP$ hand NN at IN creative JJ work NN for IN the DT big JJ account NN , , which WDT has VBZ been VBN at IN Wells NNP Rich NNP Greene NNP Inc. NNP since IN 1966 CD . . Executives NNS close JJ to TO Philip NNP Morris NNP said VBD that IN the DT tobacco NN and CC food NN giant NN has VBZ asked VBN Backer NNP Spielvogel NNP Bates NNP Worldwide NNP Inc. NNP , , a DT unit NN of IN Saatchi NNP & CC Saatchi NNP Co. NNP , , and CC possibly RB others NNS to TO work VB on IN creative JJ ideas NNS for IN the DT account NN . . Several JJ executives NNS said VBD another DT potential JJ contender NN is VBZ WPP NNP Group NNP 's POS Ogilvy NNP & CC Mather NNP agency NN , , which WDT works VBZ on IN some DT other JJ Philip NNP Morris NNP products NNS . . Both DT Philip NNP Morris NNP and CC Backer NNP Spielvogel NNP declined VBD to TO comment VB . . A DT spokeswoman NN for IN Ogilvy NNP & CC Mather NNP said VBD the DT agency NN does VBZ n't RB comment VB on IN `` `` idle JJ speculation NN . . '' '' Also RB mentioned VBN as IN a DT contender NN was VBD TBWA NNP Advertising NNP , , but CC the DT company NN denied VBD it PRP was VBD participating VBG . . The DT loss NN of IN the DT cigarette NN account NN would MD be VB a DT severe JJ blow NN to TO Wells NNP Rich NNP . . Benson NNP & CC Hedges NNP has VBZ been VBN one CD of IN its PRP$ most RBS high-visibility JJ campaigns NNS , , as RB well RB as IN one CD of IN its PRP$ largest JJS clients NNS . . The DT account NN billed VBD almost RB $ $ 60 CD million CD last JJ year NN , , according VBG to TO Leading VBG National NNP Advertisers NNPS . . But CC Philip NNP Morris NNP has VBZ scaled VBN back RB ad NN spending NN on IN the DT brand NN over IN the DT past JJ year NN , , industry NN executives NNS said VBD , , and CC it PRP now RB bills VBZ about IN $ $ 30 CD million CD to TO $ $ 40 CD million CD . . Industry NN executives NNS said VBD Philip NNP Morris NNP had VBD asked VBN the DT other JJ agencies NNS to TO create VB campaigns NNS in IN a DT bid NN to TO stop VB the DT brand NN 's POS slipping VBG market NN share NN . . According VBG to TO John NNP Maxwell NNP , , an DT analyst NN at IN Wheat NNP First JJ Securities NNPS , , Richmond NNP , , Va. NNP , , Benson NNP & CC Hedges NNP has VBZ slipped VBN from IN 4.7 CD % NN of IN the DT cigarette NN market NN in IN 1985 CD to TO just RB 4.1 CD % NN after IN the DT second JJ quarter NN of IN this DT year NN . . The DT brand NN is VBZ No. NN 7 CD overall NN in IN the DT cigarette NN business NN , , Mr. NNP Maxwell NNP said VBD . . The DT slip NN has VBZ come VBN despite IN high-profile JJ ads NNS created VBN by IN Wells NNP Rich NNP , , including VBG one NN picturing VBG a DT young JJ man NN clad VBN only RB in IN pajama NN bottoms NNS interrupting VBG a DT festive JJ brunch NN . . That DT ad NN generated VBD so RB much JJ publicity NN that IN a DT trade NN magazine NN launched VBD a DT contest NN for IN its PRP$ readers NNS to TO guess VB who WP the DT guy NN was VBD and CC what WP he PRP was VBD doing VBG . . Wells NNP Rich NNP first RB popularized VBD the DT Benson NNP & CC Hedges NNP brand NN more JJR than IN 20 CD years NNS ago RB with IN ads NNS portraying VBG , , among IN other JJ things NNS , , an DT elevator NN door NN closing VBG on IN a DT passenger NN 's POS cigarette NN . . The DT brand NN early RB on RB achieved VBD an DT upscale JJ appeal NN -- : a DT trait NN that IN some DT analysts NNS believe VBP is VBZ partly RB responsible JJ for IN its PRP$ staid JJ performance NN . . Philip NNP Morris NNP , , trying VBG to TO revive VB the DT Benson NNP & CC Hedges NNP franchise NN , , put VBD the DT account NN up RP for IN review NN in IN 1986 CD . . Wells NNP Rich NNP Greene NNP , , however RB , , in IN an DT effort NN directed VBN by IN Mary NNP Wells NNP Lawrence NNP , , emerged VBD the DT victor NN of IN the DT review NN and CC retained VBD the DT business NN . . Kenneth NNP Olshan NNP , , Wells NNP Rich NNP 's POS chairman NN , , did VBD n't RB return VB phone NN calls NNS seeking VBG comment NN . . While IN Wells NNP Rich NNP recently RB picked VBD up RP Hertz NNP Corp. NNP 's POS $ $ 25 CD million CD to TO $ $ 30 CD million CD account NN , , it PRP has VBZ lost VBN a DT number NN of IN big JJ accounts NNS this DT year NN , , including VBG the DT $ $ 20 CD million CD to TO $ $ 25 CD million CD Cadbury-Schweppes NNP Canada NNP Dry NNP and CC Sunkist NNP accounts NNS , , the DT $ $ 18 CD million CD Procter NNP & CC Gamble NNP Co NNP . . Sure NNP deodorant NN account NN and CC the DT $ $ 10 CD million CD Polo\/Ralph NNP Lauren NNP business NN . . Its PRP$ victories NNS include VBP more JJR than IN $ $ 30 CD million CD in IN Sheraton NNP Corp. NNP business NN and CC an DT assignment NN from IN Dun NNP & CC Bradstreet NNP worth JJ $ $ 5 CD million CD to TO $ $ 10 CD million CD . . This DT city NN is VBZ girding VBG for IN gridlock NN today NN as IN hundreds NNS of IN thousands NNS of IN commuters NNS avoid VBP travel NN routes NNS ravaged VBN by IN last JJ week NN 's POS earthquake NN . . Estimates NNS of IN damage NN in IN the DT six-county JJ San NNP Francisco NNP Bay NNP area NN neared VBD $ $ 5 CD billion CD , , excluding VBG the DT cost NN of IN repairing VBG the DT region NN 's POS transportation NN system NN . . The DT Bay NNP Bridge NNP , , the DT main JJ artery NN into IN San NNP Francisco NNP from IN the DT east JJ , , will MD be VB closed VBN for IN at IN least JJS several JJ weeks NNS . . Part NN of IN the DT bridge NN collapsed VBD in IN the DT quake NN , , which WDT registered VBD 6.9 CD on IN the DT Richter NNP scale NN . . The DT bridge NN normally RB carries VBZ 250,000 CD commuters NNS a DT day NN . . Also RB , , most RBS of IN the DT ramps NNS connecting VBG the DT city NN to TO its PRP$ main JJ link NN to TO the DT south NN , , the DT 101 CD freeway NN , , have VBP been VBN closed VBN for IN repairs NNS . . The DT Bay NNP Area NNP Rapid NNP Transit NNP system NN , , which WDT runs VBZ subway NN trains NNS beneath IN the DT bay NN , , is VBZ braced VBN for IN a DT doubling NN of IN its PRP$ daily JJ regular JJ ridership NN to TO 300,000 CD . . BART NNP has VBZ increased VBN service NN to TO 24 CD hours NNS a DT day NN in IN preparation NN for IN the DT onslaught NN . . Most RBS unusual JJ will MD be VB water-borne JJ commuters NNS from IN the DT East NNP Bay NNP towns NNS of IN Oakland NNP and CC Berkeley NNP . . For IN the DT first JJ time NN in IN 32 CD years NNS , , ferry NN service NN has VBZ been VBN restored VBN between IN the DT East NNP Bay NNP and CC San NNP Francisco NNP . . The DT Red NNP and CC White NNP Fleet NNP , , which WDT operates VBZ regular JJ commuter NN ferry NN service NN to TO and CC from IN Marin NNP County NNP , , and CC tourist NN tours NNS of IN the DT bay NN , , is VBZ offering VBG East NNP Bay NNP commuters NNS a DT chance NN to TO ride VB the DT waves NNS for IN the DT price NN of IN $ $ 10 CD round-trip NN . . That DT tariff NN is VBZ too RB stiff JJ for IN some DT Financial NNP District NNP wage NN earners NNS . . `` `` I PRP 'll MD stay VB with IN BART NNP , , '' '' said VBD one CD secretary NN , , swallowing VBG her PRP$ fears NNS about IN using VBG the DT transbay JJ tube NN . . Officials NNS expect VBP the DT Golden NNP Gate NNP Bridge NNP to TO be VB swamped VBN with IN an DT extra JJ load NN of IN commuters NNS , , including VBG East NNP Bay NNP residents NNS making VBG a DT long JJ detour NN . . `` `` We PRP 're VBP anticipating VBG quite RB a DT traffic NN crunch NN , , '' '' said VBD one CD official NN . . About IN 23,000 CD people NNS typically RB travel VBP over IN the DT Golden NNP Gate NNP Bridge NNP during IN commute NN hours NNS . . About IN 130,000 CD vehicles NNS cross VBP during IN a DT 24-hour JJ period NN . . Meetings NNS canceled VBN by IN Apple NNP Computer NNP Inc. NNP 's POS European JJ sales NNS force NN and CC by IN other JJ groups NNS raised VBD the DT specter NN of IN empty JJ hotel NN rooms NNS and CC restaurants NNS . . It PRP also RB raised VBD hackles NNS of IN the DT city NN 's POS tourism NN boosters NNS . . `` `` Other JJ cities NNS are VBP calling VBG { ( groups NNS booked VBN here RB for IN tours NNS and CC conferences NNS } ) and CC -- : not RB to TO be VB crass JJ -- : stealing VBG our PRP$ booking NN list NN , , '' '' said VBD Scott NNP Shafer NNP , , a DT spokesman NN for IN Mayor NNP Art NNP Agnos NNP . . City NN officials NNS stuck VBN by RP their PRP$ estimate NN of IN $ $ 2 CD billion CD in IN damage NN to TO the DT quake-shocked JJ city NN . . The DT other JJ five CD Bay NNP area NN counties NNS have VBP increased VBN their PRP$ total JJ damage NN estimates NNS to TO $ $ 2.8 CD billion CD . . All DT estimates NNS exclude VBP highway NN repair NN , , which WDT could MD exceed VB $ $ 1 CD billion CD . . Among IN the DT expensive JJ unknowns NNS are VBP stretches NNS of IN elevated JJ freeway NN in IN San NNP Francisco NNP that WDT were VBD closed VBN because IN of IN quake-inflicted JJ damage NN . . The DT most RBS worrisome JJ stretch NN is VBZ 1.2 CD miles NNS of IN waterfront NN highway NN known VBN as IN the DT Embarcadero NNP Freeway NNP . . Until IN it PRP was VBD closed VBN Tuesday NNP , , it PRP had VBD provided VBN the DT quickest JJS series NN of IN exits NNS for IN commuters NNS from IN the DT Bay NNP Bridge NNP heading VBG into IN the DT Financial NNP District NNP . . Engineers NNS say VBP it PRP will MD take VB at IN least JJS eight CD months NNS to TO repair VB the DT Embarcadero NNP structure NN . . As IN part NN of IN the DT quake NN recovery NN effort NN , , the DT city NN Building NNP Department NNP has VBZ surveyed VBN about IN 3,000 CD buildings NNS , , including VBG all DT of IN the DT Financial NNP District NNP 's POS high-rises NNS . . The DT preliminary JJ conclusion NN from IN a DT survey NN of IN 200 CD downtown NN high-rises NNS is VBZ that IN `` `` we PRP were VBD incredibly RB lucky JJ , , '' '' said VBD Lawrence NNP Kornfield NNP , , San NNP Francisco NNP 's POS chief JJ building NN inspector NN . . While IN many JJ of IN these DT buildings NNS sustained VBD heavy JJ damage NN , , little JJ of IN that DT involved VBN major JJ structural JJ damage NN . . City NN building NN codes NNS require VBP construction NN that WDT can MD resist VB temblors NNS . . In IN England NNP , , Martin NNP Leach NNP , , a DT spokesman NN for IN Lloyd NN 's POS of IN London NNP , , said VBD the DT insurance NN market NN has VBZ n't RB yet RB been VBN able JJ to TO estimate VB the DT total JJ potential JJ claims NNS from IN the DT disaster NN . . `` `` The DT extent NN of IN the DT claims NNS wo MD n't RB be VB known VBN for IN some DT time NN , , '' '' Mr. NNP Leach NNP said VBD . . On IN Friday NNP , , during IN a DT visit NN to TO California NNP to TO survey VB quake NN damage NN , , President NNP Bush NNP promised VBD to TO `` `` meet VB the DT federal JJ government NN 's POS obligation NN '' '' to TO assist VB relief NN efforts NNS . . California NNP officials NNS plan VBP to TO ask VB Congress NNP for IN $ $ 3 CD billion CD or CC more JJR of IN federal JJ aid NN , , in IN the DT form NN of IN grants NNS and CC low-interest JJ loans NNS . . The DT state NN has VBZ a DT $ $ 1 CD billion CD reserve NN , , and CC is VBZ expected VBN to TO add VB $ $ 1 CD billion CD to TO that DT fund NN in IN the DT next JJ year NN . . Some DT of IN that DT money NN will MD be VB available JJ for IN highway NN repair NN and CC special JJ emergency NN aid NN , , but CC members NNS of IN the DT legislature NN are VBP also RB mulling VBG over RP a DT temporary JJ state NN gasoline NN tax NN to TO raise VB money NN for IN earthquake NN relief NN . . However RB , , state NN initiatives NNS restrict VBP the DT ability NN of IN the DT legislature NN to TO raise VB such JJ taxes NNS unless IN the DT voters NNS approve VBP in IN a DT statewide JJ referendum NN . . G. NNP Christian NNP Hill NNP and CC Ken NNP Wells NNP contributed VBD to TO this DT article NN . . Bond NNP Corp NNP . . Holdings NNPS Ltd. NNP posted VBD a DT loss NN for IN fiscal JJ 1989 CD of IN 980.2 CD million CD Australian JJ dollars NNS ( ( US$ $ 762.4 CD million CD ) ) , , the DT largest JJS in IN Australian JJ corporate JJ history NN . . That DT loss NN compared VBN with IN a DT year-earlier JJ profit NN of IN A$ $ 273.5 CD million CD . . In IN preliminary JJ , , unaudited JJ results NNS reported VBN Friday NNP , , Bond NNP Corp. NNP also RB posted VBD an DT operating NN loss NN of IN A$ $ 814.1 CD million CD for IN the DT year NN ended VBN June NNP 30 CD , , compared VBN with IN operating NN profit NN of IN A$ $ 354.7 CD million CD a DT year NN earlier RB . . Operating NN revenue NN rose VBD 69 CD % NN to TO A$ $ 8.48 CD billion CD from IN A$ $ 5.01 CD billion CD . . But CC the DT net JJ interest NN bill NN jumped VBD 85 CD % NN to TO A$ $ 686.7 CD million CD from IN A$ $ 371.1 CD million CD . . Bond NNP Corp. NNP has VBZ interests NNS in IN brewing NN , , media NNS and CC communications NNS , , natural JJ resources NNS and CC property NN . . Much JJ of IN Bond NNP Corp. NNP 's POS losses NNS stemmed VBD from IN one-time JJ write-downs NNS of IN the DT value NN of IN some DT of IN Bond NNP Corp. NNP 's POS assets NNS and CC those DT of IN its PRP$ units NNS . . The DT results NNS included VBD a DT A$ $ 453.4 CD million CD write-off NN of IN future JJ income-tax NN benefits NNS and CC a DT provision NN for IN a DT loss NN of IN A$ $ 149.5 CD million CD on IN the DT sale NN of IN a DT stake NN of IN about IN 20 CD % NN in IN Lonrho NNP PLC NNP . . However RB , , Bond NNP Corp. NNP said VBD the DT tax NN benefits NNS remain VBP available JJ and CC might MD be VB used VBN later RBR . . Earnings NNS before IN interest NN and CC tax NN from IN brewing NN dived VBD 50 CD % NN to TO A$ $ 123.8 CD million CD from IN A$ $ 247.3 CD million CD . . The DT company NN said VBD the DT general JJ financial JJ performance NN of IN its PRP$ U.S. NNP brewing NN operations NNS , , G. NNP Heileman NNP Brewing NNP Co. NNP , , was VBD `` `` disappointing JJ , , and CC this DT has VBZ been VBN reflected VBN in IN the DT results NNS . . '' '' Bond NNP Corp. NNP 's POS shares NNS closed VBD Friday NNP before IN news NN of IN the DT results NNS at IN 28 CD Australian JJ cents NNS a DT share NN , , up RB one CD Australian JJ cent NN . . The DT staggering JJ losses NNS cap VBP a DT tumultuous JJ year NN for IN Alan NNP Bond NNP and CC his PRP$ flagship NN , , Bond NNP Corp NNP . . Only RB a DT year NN ago RB , , the DT chairman NN of IN Bond NNP Corp. NNP , , who WP controls VBZ about IN 58 CD % NN of IN the DT company NN , , appeared VBD to TO be VB building VBG a DT war NN chest NN to TO attack VB some DT big JJ companies NNS . . Now RB Bond NNP Corp. NNP has VBZ agreed VBN to TO sell VB at IN least JJS half PDT its PRP$ Australian JJ brewing NN assets NNS . . It PRP has VBZ sold VBN billions NNS of IN dollars NNS of IN other JJ assets NNS and CC has VBZ more JJR on IN the DT block NN . . But CC in IN a DT TV NN interview NN Sunday NNP Mr. NNP Bond NNP said VBD , , `` `` We PRP 've VBP taken VBN a DT big JJ loss NN . . We PRP 've VBP taken VBN it PRP on IN the DT chin NN . . But CC we PRP 're VBP out IN there RB and CC we PRP 're VBP going VBG to TO stay VB in IN business NN . . Bond NNP Corp. NNP signaled VBD it PRP will MD focus VB on IN building VBG its PRP$ domestic JJ and CC international JJ media NNS and CC communications NNS businesses NNS . . It PRP said VBD it PRP will MD look VB at IN opportunities NNS in IN brewing NN , , property NN and CC energy NN resources NNS to TO the DT extent NN consistent JJ with IN the DT dominant JJ objective NN of IN manageable JJ debt-to-assets JJ ratios NNS . . The DT result NN `` `` will MD ultimately RB be VB a DT very RB different JJ group NN in IN size NN and CC structure NN , , '' '' Bond NNP Corp. NNP directors NNS said VBD in IN a DT statement NN . . Some DT analysts NNS contend VBP the DT total JJ writeoffs NNS should MD have VB been VBN much RB greater JJR , , and CC Bond NNP Corp. NNP 's POS auditors NNS cited VBD a DT list NN of IN several JJ assets NNS and CC deals VBZ about IN which WDT there EX is VBZ `` `` uncertainty NN '' '' regarding VBG the DT current JJ value NN and CC potential JJ impact NN on IN the DT firm NN . . Bond NNP Corp. NNP said VBD the DT acknowledged JJ losses NNS mean VBP net JJ asset NN backing NN is VBZ in IN the DT red NN to TO the DT tune NN of IN 53 CD Australian JJ cents NNS a DT share NN , , vs. FW positive JJ asset NN backing NN of IN A$ $ 1.92 CD a DT share NN a DT year NN ago RB . . Still RB , , the DT directors NNS said VBD , , `` `` Having VBG fully RB considered VBN all DT aspects NNS of IN the DT company NN 's POS state NN of IN affairs NNS and CC future JJ cash NN flows NNS , , the DT directors NNS confirm VBP absolutely RB that IN the DT company NN is VBZ solvent JJ . . '' '' Indeed RB , , in IN a DT note NN to TO the DT results NNS , , directors NNS said VBD if IN the DT `` `` true JJ worth NN '' '' of IN some DT of IN the DT group NN 's POS assets NNS were VBD taken VBN into IN account NN instead RB of IN using VBG book NN values NNS , , the DT negative JJ net NN asset NN backing VBG a DT share NN would MD turn VB into IN `` `` a DT substantial JJ positive JJ '' '' one NN . . The DT Bakersfield NNP Supermarket NNP went VBD out IN of IN business NN last JJ May NNP . . The DT reason NN was VBD not RB high JJ interest NN rates NNS or CC labor NN costs NNS . . Nor CC was VBD there RB a DT shortage NN of IN customers NNS in IN the DT area NN , , the DT residential JJ Inwood NNP section NN of IN northern JJ Manhattan NNP . . The DT business NN closed VBD when WRB the DT owner NN was VBD murdered VBN by IN robbers NNS . . The DT owner NN was VBD Israel NNP Ortiz NNP , , a DT 29-year-old JJ entrepreneur NN and CC father NN of IN two CD . . In IN his PRP$ first JJ year NN of IN operating VBG the DT store NN he PRP bought VBD for IN $ $ 220,000 CD , , Mr. NNP Ortiz NNP was VBD robbed VBN at IN least RBS twice RB at IN gunpoint NN . . The DT first JJ time NN he PRP was VBD shot VBN in IN the DT hand NN as IN he PRP chased VBD the DT robbers NNS outside RB . . The DT second JJ time NN he PRP identified VBD two CD robbers NNS , , who WP were VBD arrested VBN and CC charged VBN . . Two CD weeks NNS later RB -- : perhaps RB in IN retaliation NN -- : Mr. NNP Ortiz NNP was VBD shot VBN three CD times NNS in IN the DT back NN , , during IN what WP police NNS classified VBD as IN a DT third JJ robbery NN attempt NN . . That DT was VBD his PRP$ reward NN for IN working VBG until IN 11 CD p.m. RB seven CD days NNS a DT week NN to TO cover VB his PRP$ $ $ 3,000 CD a DT month NN rent NN . . For IN providing VBG what WP his PRP$ customers NNS described VBD as IN very RB personal JJ and CC helpful JJ service NN . . For IN creating VBG a DT focus NN for IN neighborhood NN life NN . . Israel NNP Ortiz NNP is VBZ only RB one CD of IN the DT thousands NNS of IN entrepreneurs NNS and CC their PRP$ employees NNS who WP will MD be VB injured VBN or CC killed VBN by IN crime NN this DT year NN . . The DT U.S. NNP Bureau NNP of IN Justice NNP Statistics NNPS reports VBZ that IN almost RB 2 CD % NN of IN all DT retail-sales JJ workers NNS suffer VBP injuries NNS from IN crime NN each DT year NN , , almost RB twice RB the DT national JJ average NN and CC about IN four CD times NNS the DT rate NN for IN teachers NNS , , truck NN drivers NNS , , medical JJ workers NNS and CC door-to-door JJ salespeople NN . . Only RB a DT few JJ other JJ occupations NNS have VBP higher RBR reported JJ rates NNS of IN criminal JJ injury NN , , such JJ as IN police NNS , , bartenders NNS and CC taxi NN drivers NNS . . Yet RB these DT figures NNS show VBP only RB the DT most RBS visible JJ part NN of IN the DT problem NN . . Recent JJ data NNS from IN New NNP York NNP City NNP provide VBP more JJR of IN the DT picture NN . . While IN by IN no DT means NN the DT highest JJS crime NN community NN in IN the DT country NN , , New NNP York NNP is VBZ a DT prime JJ example NN of IN a DT city NN where WRB crime NN strangles VBZ small-business NN development NN . . A DT survey NN of IN small JJ businesses NNS there RB was VBD conducted VBN this DT spring NN by IN Interface NNP , , a DT policy NN research NN organization NN . . It PRP gave VBD 1,124 CD businesses NNS a DT questionnaire NN and CC analyzed VBD 353 CD responses NNS . . The DT survey NN found VBD that IN over IN a DT three-year JJ period NN 22 CD % NN of IN the DT firms NNS said VBD employees NNS or CC owners NNS had VBD been VBN robbed VBN on IN their PRP$ way NN to TO or CC from IN work NN or CC while NN on IN the DT job NN . . Seventeen CD percent NN reported VBD their PRP$ customers NNS being VBG robbed VBN . . Crime NN was VBD the DT reason NN that IN 26 CD % NN reported VBD difficulty NN recruiting VBG personnel NNS and CC that DT 19 CD % NN said VBD they PRP were VBD considering VBG moving VBG . . More JJR than IN one-third NN of IN the DT responding VBG businesses NNS said VBD they PRP suffer VBP from IN drug NN dealing NN and CC loitering NN near IN their PRP$ premises NNS . . In IN Brooklyn NNP and CC the DT Bronx NNP , , one CD out IN of IN four CD commercial JJ firms NNS is VBZ burglarized VBN each DT year NN . . Industrial JJ neighborhoods NNS fare VBP even RB worse RBR , , with IN burglary NN rates NNS twice JJ the DT citywide JJ average NN . . Crime NN is VBZ clearly RB more RBR deadly JJ to TO small-scale JJ entrepreneurship NN than IN to TO big JJ businesses NNS . . Two CD decades NNS ago RB , , the DT Small NNP Business NNP Administration NNP reported VBD Yale NNP Prof. NNP Albert NNP Reiss NNP 's POS landmark JJ study NN of IN crime NN against IN 2,500 CD small JJ businesses NNS drawn VBN from IN national JJ IRS NNP records NNS . . He PRP found VBD that IN monetary JJ crime NN losses NNS , , as IN a DT proportion NN of IN gross JJ receipts NNS , , were VBD 37 CD times NNS higher JJR for IN small JJ businesses NNS than IN for IN large JJ ones NNS . . The DT New NNP York NNP study NN 's POS companies NNS averaged VBD 27 CD employees NNS ; : their PRP$ annual JJ crime NN losses NNS averaged VBD about IN $ $ 15,000 CD , , with IN an DT additional JJ $ $ 8,385 CD annual JJ cost NN in IN security NN -- : enough JJ money NN to TO hire VB at IN least JJS one CD more JJR worker NN . . The DT costs NNS of IN crime NN may MD also RB be VB enough JJ to TO destroy VB a DT struggling VBG business NN . . Whatever WDT the DT monetary JJ crime NN losses NNS , , they PRP may MD not RB be VB nearly RB as RB important JJ to TO entrepreneurs NNS as IN the DT risk NN of IN personal JJ injury NN . . After IN repeated VBN gun NN robberies NNS , , some DT entrepreneurs NNS may MD give VB up RP a DT business NN out IN of IN fear NN for IN their PRP$ lives NNS . . One CD Washington NNP couple NN recently RB sold VBD their PRP$ liquor NN store NN after IN 34 CD years NNS in IN business NN that WDT included VBD four CD robbery NN deaths NNS and CC 16 CD robberies NNS or CC burglaries NNS on IN the DT premises NNS . . These DT findings NNS illustrate VBP the DT vicious JJ cycle NN that IN National NNP Institute NNP of IN Justice NNP Director NNP James NNP K. NNP Stewart NNP calls VBZ `` `` crime NN causing VBG poverty NN . . '' '' Underclass JJ neighborhoods NNS offer VBP relatively RB few JJ employment NN opportunities NNS , , contributing VBG to TO the DT poverty NN of IN local JJ residents NNS . . Small JJ neighborhood NN businesses NNS could MD provide VB more JJR jobs NNS , , if IN crime NN were VBD not RB so RB harmful JJ to TO creating VBG and CC maintaining VBG those DT businesses NNS . . This DT may MD help VB explain VB why WRB small JJ businesses NNS create VBP 65 CD % NN of IN all DT jobs NNS nationally RB , , but CC only RB 22 CD % NN of IN jobs NNS in IN a DT crime-ridden JJ city NN like IN New NNP York NNP . . Bigger JJR business NN can MD often RB better RBR afford VB to TO minimize VB the DT cost NN of IN crime NN . . The DT New NNP York NNP study NN found VBD that IN the DT cost NN of IN security NN measures NNS in IN firms NNS with IN fewer JJR than IN five CD employees NNS was VBD almost RB $ $ 1,000 CD per IN worker NN , , compared VBN with IN one-third RB that DT amount NN for IN firms NNS with IN more JJR than IN 10 CD employees NNS . . The DT shift NN of IN retailing NN to TO large JJ shopping NN centers NNS has VBZ created VBN even RB greater JJR economies NNS of IN scale NN for IN providing VBG low-crime JJ business NN environments NNS . . Private JJ security NN guards NNS and CC moonlighting VBG police NNS can MD invoke VB the DT law NN of IN trespass NN to TO regulate VB access NN to TO these DT quasi-public JJ places NNS . . Since IN 1984 CD , , in IN fact NN , , revenues NNS of IN the DT 10 CD largest JJS guard NN companies NNS , , primarily RB serving VBG such JJ big JJ businesses NNS , , have VBP increased VBN by IN almost RB 62 CD % NN . . Few JJ small JJ neighborhood NN businesses NNS , , however RB , , can MD afford VB such JJ protection NN , , even RB in IN collaboration NN with IN other JJ local JJ merchants NNS . . In IN the DT neighborhoods NNS with IN the DT highest JJS crime NN rates NNS , , small JJ business NN generally RB relies VBZ on IN the DT public JJ police NN force NN for IN protection NN . . This DT creates VBZ several JJ problems NNS . . One CD is VBZ that IN there EX are VBP not RB enough JJ police NN to TO satisfy VB small JJ businesses NNS . . The DT number NN one CD proposal NN for IN reducing VBG crime NN in IN the DT New NNP York NNP survey NN was VBD to TO put VB more JJR police NNS on IN foot NN or CC scooter NN patrol NN , , suggested VBN by IN more JJR than IN two-thirds NNS of IN the DT respondents NNS . . Only RB 22 CD % NN supported VBD private JJ security NN patrols NNS funded VBN by IN the DT merchants NNS themselves PRP . . A DT second JJ problem NN is VBZ the DT persistent JJ frustration NN of IN false JJ alarms NNS , , which WDT can MD make VB urban JJ police NNS less RBR than IN enthusiastic JJ about IN responding VBG to TO calls NNS from IN small JJ businesses NNS . . Only RB half PDT the DT New NNP York NNP small JJ businesses NNS surveyed VBN , , for IN their PRP$ part NN , , are VBP satisfied JJ with IN the DT police NN response NN they PRP receive VBP . . Some DT cities NNS , , including VBG New NNP York NNP , , have VBP experimented VBN with IN special JJ tax NN districts NNS for IN commercial JJ areas NNS that WDT provide VBP additional JJ patrols NNS funded VBN by IN local JJ businesses NNS . . But CC this DT raises VBZ added VBN cost NN barriers NNS to TO urban JJ entrepreneurship NN . . Another DT solution NN cities NNS might MD consider VB is VBZ giving VBG special JJ priority NN to TO police NN patrols NNS of IN small-business NN areas NNS . . For IN cities NNS losing VBG business NN to TO suburban JJ shopping NN centers NNS , , it PRP may MD be VB a DT wise JJ business NN investment NN to TO help VB keep VB those DT jobs NNS and CC sales NNS taxes NNS within IN city NN limits NNS . . Increased VBN patrolling NN of IN business NN zones NNS makes VBZ sense NN because IN urban JJ crime NN is VBZ heavily RB concentrated JJ in IN such JJ `` `` hot JJ spots NNS '' '' of IN pedestrian NN density NN . . With IN National NNP Institute NNP of IN Justice NNP support NN , , the DT Minneapolis NNP police NN and CC the DT Crime NNP Control NNP Institute NNP are VBP currently RB testing VBG the DT effects NNS of IN such PDT a DT strategy NN , , comparing VBG its PRP$ deterrence NN value NN with IN traditional JJ random JJ patrols NNS . . Small-business NN patrols NNS would MD be VB an DT especially RB helpful JJ gesture NN whenever WRB a DT small-business NN person NN is VBZ scheduled VBN to TO testify VB against IN a DT robbery NN suspect NN . . While IN no DT guarantee NN , , an DT increased VBN police NN presence NN might MD even RB deter VB further JJ attacks NNS . . It PRP might MD even RB have VB saved VBN the DT life NN , , and CC business NN , , of IN Israel NNP Ortiz NNP . . Mr. NNP Sherman NNP is VBZ a DT professor NN of IN criminology NN at IN the DT University NNP of IN Maryland NNP and CC president NN of IN the DT Crime NNP Control NNP Institute NNP in IN Washington NNP , , D.C NNP . . ENFIELD NNP Corp. NNP said VBD in IN Toronto NNP that IN it PRP hopes VBZ to TO raise VB 56 CD million CD Canadian JJ dollars NNS ( ( US$ $ 47.7 CD million CD ) ) through IN a DT rights NNS offering NN to TO shareholders NNS . . Under IN the DT offer NN , , shareholders NNS can MD purchase VB one CD Enfield NNP share NN at IN C$ $ 6.27 CD for IN each DT five CD shares NNS held VBN . . In IN Toronto NNP Stock NNP Exchange NNP trading NN Friday NNP , , Enfield NNP closed VBD at IN C$ $ 6.75 CD , , down RB 37.5 CD cents NNS . . The DT holding VBG company NN said VBD the DT rights NNS offering NN should MD reduce VB its PRP$ C$ $ 171 CD million CD debt NN to TO `` `` more RBR manageable JJ levels NNS '' '' before IN Dec. NNP 31 CD and CC allow VB it PRP to TO finance VB future JJ investments NNS with IN equity NN capital NN . . At IN last JJ report NN , , Enfield NNP had VBD about IN 44.5 CD million CD shares NNS outstanding JJ . . Former JJ U.N. NNP Ambassador NNP Jeane NNP Kirkpatrick NNP , , in IN a DT CNN NNP `` `` Capital NN Gang NN '' '' discussion NN Oct. NNP 7 CD of IN House NNP action NN on IN federal JJ catastrophic-illness JJ insurance NN : : I PRP think VBP this DT repeal NN was VBD kind NN of IN a DT thoughtless JJ action NN , , as IN a DT matter NN of IN fact NN ... : . . They PRP will MD have VB to TO revisit VB this DT issue NN , , and CC they PRP 'll MD have VB to TO revisit VB it PRP before RB long RB . . Diversification NN pays VBZ . . That DT 's VBZ a DT fundamental JJ lesson NN for IN investors NNS , , but CC its PRP$ truth NN was VBD demonstrated VBN once RB again RB in IN the DT performance NN of IN mutual JJ funds NNS during IN and CC after IN the DT stock NN market NN 's POS Friday-the-13th JJ plunge NN . . Stock NN funds NNS , , like IN the DT market NN as IN a DT whole NN , , generally RB dropped VBD more JJR than IN 2 CD % NN in IN the DT week NN through IN last JJ Thursday NNP , , according VBG to TO figures NNS compiled VBN by IN Lipper NNP Analytical NNP Services NNPS Inc NNP . . That DT reflects VBZ the DT huge JJ drop NN a DT week NN ago RB Friday NNP , , last JJ Monday NNP 's POS rebound NN and CC the DT dips NNS and CC blips NNS that WDT followed VBD . . But CC several JJ other JJ types NNS of IN funds NNS shielded VBD investors NNS from IN the DT worst JJS of IN the DT market NN 's POS slide NN . . Funds NNS that WDT invest VBP internationally RB were VBD the DT top-performing JJ stock NN and CC fixed-income JJ funds NNS . . `` `` More RBR than IN ever RB , , people NNS should MD realize VB they PRP should MD have VB a DT diversified JJ portfolio NN , , '' '' said VBD Jeremy NNP Duffield NNP , , a DT senior JJ vice NN president NN of IN Vanguard NNP Group NNP . . `` `` That DT means VBZ stocks NNS , , bonds NNS , , money NN market NN instruments NNS and CC real JJ estate NN . . '' '' One CD week NN 's POS performance NN should MD n't RB be VB the DT basis NN for IN any DT investment NN decision NN . . But CC the DT latest JJS mutual JJ fund NN performance NN figures NNS do VBP show VB what WP can MD happen VB when WRB the DT going VBG gets VBZ rough JJ . . `` `` You PRP want VBP to TO know VB how WRB a DT fund NN did VBD when WRB the DT market NN got VBD hammered VBN , , '' '' said VBD Kurt NNP Brouwer NNP , , an DT investment NN adviser NN with IN Brouwer NNP & CC Janachowski NNP in IN San NNP Francisco NNP . . `` `` It PRP 's VBZ like IN kicking VBG the DT tires NNS of IN a DT car NN ... : . . What WP you PRP want VBP to TO know VB is VBZ when WRB the DT road NN 's VBZ rough JJ , , when WRB there EX 's VBZ snow NN and CC ice NN , , how WRB 's VBZ this DT car NN going VBG to TO perform VB ? . '' '' General JJ equity NN funds NNS fell VBD an DT average NN of IN 2.35 CD % NN in IN the DT week NN ended VBN Thursday NNP , , compared VBN with IN a DT 2.32 CD % NN slide NN for IN the DT Standard NNP & CC Poor NNP 's POS 500-stock JJ index NN . . But CC Lipper NNP Analytical NNP 's POS figures NNS show VBP that IN there EX were VBD a DT number NN of IN ways NNS investors NNS could MD have VB cushioned VBN themselves PRP from IN the DT stock NN market NN 's POS gyrations NNS . . Gold-oriented JJ funds NNS , , for IN instance NN , , which WDT invest VBP in IN companies NNS that WDT mine VBP and CC process VBP the DT precious JJ metal NN , , posted VBD an DT average JJ decline NN of IN 1.15 CD % NN . . Flexible JJ portfolio NN funds NNS , , which WDT allocate VBP investments NNS among IN stocks NNS , , bonds NNS and CC money-market NN instruments NNS and CC other JJ investments NNS , , declined VBD at IN about IN half PDT the DT rate NN of IN stock NN funds NNS -- : an DT average JJ drop NN of IN 1.27 CD % NN , , according VBG to TO Lipper NNP . . Global JJ allocation NN funds NNS take VBP the DT asset-allocation JJ concept NN one CD step NN further RBR by IN investing VBG at IN least JJS 25 CD % NN of IN their PRP$ portfolios NNS outside IN the DT U.S. NNP . . This DT gives VBZ them PRP the DT added VBN benefits NNS of IN international JJ diversification NN -- : including VBG a DT foreign-exchange NN boost NN during IN periods NNS , , like IN the DT past NN week NN , , when WRB the DT dollar NN declines VBZ against IN other JJ major JJ currencies NNS . . With IN all PDT that DT going VBG for IN them PRP , , global JJ flexible JJ portfolio NN funds NNS declined VBD only RB 1.07 CD % NN in IN the DT week NN through IN last JJ Thursday NNP . . But CC while IN the DT merits NNS of IN diversification NN shine VBP through RB when WRB times NNS are VBP tough JJ , , there EX 's VBZ also RB a DT price NN to TO pay VB : : A DT diversified JJ portfolio NN always RB underperforms VBZ an DT undiversified JJ portfolio NN during IN those DT times NNS when WRB the DT investment NN in IN the DT undiversified JJ portfolio NN is VBZ truly RB hot JJ . . And CC Friday NNP the DT 13th NN notwithstanding IN , , stocks NNS have VBP been VBN this DT year NN 's POS hot JJ investment NN . . Thus RB , , even RB including VBG the DT latest JJS week NN , , the DT average JJ general JJ stock NN fund NN has VBZ soared VBN more JJR than IN 24 CD % NN so RB far RB this DT year NN , , the DT Lipper NNP Analytical NNP figures NNS show VBP . . By IN comparison NN , , global JJ asset NN allocation NN funds NNS have VBP turned VBN in RP an DT average JJ total NN return NN of IN about IN 19 CD % NN , , while IN domestic JJ flexible JJ portfolios NNS are VBP up RB about IN 17 CD % NN . . Fixed-income JJ funds NNS have VBP returned VBN 8.2 CD % NN , , while IN gold JJ funds NNS , , which WDT tend VBP to TO be VB volatile JJ , , have VBP risen VBN just RB 4.55 CD % NN , , on IN average NN . . `` `` That DT 's VBZ the DT problem NN with IN trying VBG to TO hedge VB too RB much JJ , , '' '' said VBD Mr. NNP Brouwer NNP . . `` `` You PRP do VBP n't RB make VB any DT real JJ money NN . . '' '' Over IN the DT last JJ 20 CD years NNS , , for IN example NN , , Mr. NNP Brouwer NNP says VBZ , , an DT investor NN putting VBG $ $ 5,000 CD a DT year NN in IN the DT S&P NNP 500 CD would MD have VB made VBN nearly RB twice RB as RB much JJ than IN if IN it PRP were VBD invested VBN in IN Treasury NNP bills NNS . . Some DT equity NN funds NNS did VBD better RBR than RBR others NNS in IN the DT week NN that WDT began VBD on IN Friday NNP the DT 13th NN . . The DT $ $ 4 CD million CD Monetta NNP Fund NNP , , for IN instance NN , , was VBD the DT seventh JJ top JJ performing VBG fund NN for IN the DT week NN , , with IN a DT 2.65 CD % NN return NN . . Its PRP$ return NN so RB far RB this DT year NN has VBZ been VBN a DT credible JJ 21.71 CD % NN . . The DT fund NN 's POS strategy NN is VBZ to TO sell VB when WRB a DT stock NN appreciates VBZ 30 CD % NN over IN its PRP$ cost NN . . By IN the DT time NN the DT market NN plummeted VBD 10 CD days NNS ago RB , , Monetta NNP was VBD 55 CD % NN in IN cash NN , , said VBD Robert NNP Bacarella NNP , , president NN and CC portfolio NN manager NN . . Last JJ Monday NNP , , he PRP started VBD `` `` buying VBG the DT high-quality JJ growth NN companies NNS that IN people NNS were VBD throwing VBG away RP at IN discount NN prices NNS . . '' '' Among IN Mr. NNP Bacarella NNP 's POS picks NNS : : Oracle NNP Systems NNPS , , Reebok NNP International NNP Ltd. NNP and CC Digital NNP Microwave NNP Corp NNP . . The DT fund NN 's POS cash NN position NN is VBZ now RB about IN 22 CD % NN , , which WDT Mr. NNP Bacarella NNP calls VBZ `` `` still RB bearish JJ . . '' '' Among IN the DT big JJ stock NN funds NNS , , Dreyfus NNP Fund NNP , , with IN more JJR than IN $ $ 2 CD billion CD in IN assets NNS , , had VBD a DT decline NN of IN just RB 1.49 CD % NN for IN the DT week NN and CC a DT return NN of IN 21.42 CD % NN for IN the DT year NN . . Howard NNP Stein NNP , , chairman NN of IN Dreyfus NNP Corp. NNP , , said VBD the DT fund NN was VBD about IN half RB invested VBN in IN government NN bonds NNS on IN Oct. NNP 13 CD , , and CC about IN 10 CD % NN in IN cash NN . . `` `` In IN a DT downward JJ market NN , , bonds NNS act VBP better RB , , '' '' he PRP said VBD . . `` `` We PRP still RB think VB there EX 's VBZ a DT lot NN of IN unsettlement NN in IN this DT market NN . . We PRP believe VBP interest NN rates NNS will MD continue VB to TO trend VB lower RBR , , and CC the DT economy NN will MD slow VB around IN the DT world NN . . '' '' Many JJ of IN the DT funds NNS that WDT did VBD best RBS in IN the DT last JJ week NN are VBP heavily RB invested VBN overseas RB , , giving VBG them PRP the DT benefit NN of IN foreign JJ currency NN translations NNS when WRB the DT dollar NN is VBZ weak JJ . . From IN its PRP$ high JJ point NN on IN Thursday NNP , , Oct. NNP 12 CD , , to TO where WRB it PRP traded VBN late RB in IN New NNP York NNP a DT week NN later RB , , the DT dollar NN fell VBD 3.6 CD % NN against IN the DT West JJ German JJ mark NN , , 3.4 CD % NN against IN the DT British JJ pound NN and CC 2.1 CD % NN against IN the DT Japanese JJ yen NNS . . Three CD International JJ Cash NN Portfolios NNS funds NNS , , which WDT invest VBP almost RB exclusively RB in IN bonds NNS and CC money-market NN instruments NNS overseas RB , , were VBD among IN the DT four CD top-performing JJ funds NNS in IN the DT latest JJS week NN . . Because IN the DT funds NNS ' POS investments NNS are VBP denominated VBN in IN foreign JJ currencies NNS , , their PRP$ value NN expressed VBN in IN dollars NNS goes VBZ up RB when WRB those DT currencies NNS rise VBP against IN the DT dollar NN . . But CC when WRB the DT dollar NN rises VBZ against IN major JJ foreign JJ currencies NNS , , as IN it PRP did VBD for IN much RB of IN this DT year NN , , the DT dollar NN value NN of IN these DT funds NNS declines VBZ . . All DT three CD funds NNS posted VBD negative JJ returns NNS for IN the DT year NN to TO date NN . . Of IN the DT funds NNS that WDT fared VBD the DT worst JJS in IN the DT post-Oct NNP . . 13 CD week NN , , two CD are VBP heavily RB invested VBN in IN airlines NNS stocks NNS , , which WDT led VBD the DT market NN slide NN following VBG problems NNS with IN financing NN for IN the DT UAL NNP Corp NNP . . buy-out NN plan NN . . Reflecting VBG airline NN takeover NN activity NN , , however RB , , both DT the DT Fidelity NNP Select NNP Air NNP Transportation NNP Portfolio NNP and CC the DT National NNP Aviation NNP & CC Technology NNP fund NN posted VBD better-than-average JJ returns NNS for IN the DT the DT year NN to TO date NN : : 30.09 CD % NN for IN the DT Fidelity NNP Air NNP Transportation NNP fund NN and CC a DT whopping JJ 47.24 CD % NN for IN National NNP Aviation NNP & CC Technology NNP . . The DT small JJ drop NN in IN equity NN funds NNS in IN general JJ in IN the DT latest JJS week NN may MD not RB necessarily RB be VB a DT good JJ sign NN , , said VBD A. NN Michael NNP Lipper NNP , , president NN of IN Lipper NNP Analytical NNP . . Noting VBG that IN equity NN funds NNS are VBP up RB nearly RB 60 CD % NN from IN their PRP$ post-crash JJ low NN on IN Dec. NNP 3 CD , , 1987 CD , , he PRP said VBD that IN what WP happened VBD last JJ week NN `` `` may MD not RB be VB enough RB of IN an DT adjustment NN . . There EX 's VBZ either RB more JJR to TO come VB or CC an DT extremely RB long JJ period NN of IN dullness NN . . '' '' But CC investors NNS do VBP n't RB seem VB to TO think VB so RB . . Several JJ big JJ mutual JJ fund NN groups NNS said VBD last JJ week NN that DT cash NN flows VBZ into IN stock NN funds NNS were VBD heavier JJR than IN usual JJ after IN heavy JJ outflows NNS on IN the DT 13th NN . . Vanguard NNP Group NNP said VBD it PRP had VBD a DT more JJR than IN $ $ 50 CD million CD net JJ inflow NN into IN its PRP$ stock NN funds NNS last JJ week NN . . `` `` There EX certainly RB has VBZ n't RB been VBN a DT panic NN reaction NN , , '' '' said VBD Steven NNP Norwitz NNP , , a DT vice NN president NN at IN T. NNP Rowe NNP Price NNP Associates NNPS . . `` `` People NNS showed VBD some DT staying NN power NN and CC , , in IN fact NN , , interest NN in IN buying VBG equities NNS . . '' '' Source NN : : Lipper NNP Analytical NNP Services NNPS Inc NNP . . \* SYM Not RB counting VBG dividends NNS \*\* SYM With IN dividends NNS reinvested VBN Sources NNS : : Lipper NNP Analytical NNP Services NNPS Inc. NNP ; : Standard NNP & CC Poor NNP 's POS Corp NNP . . Guardian NNP Royal NNP Exchange NNP Assurance NNP PLC NNP , , a DT major JJ British JJ composite JJ insurer NN , , said VBD it PRP is VBZ taking VBG a DT stake NN in IN Nationwide NNP Anglia NNP Building NNP Society NNP 's POS estate NN agency NN business NN as IN part NN of IN a DT plan NN to TO create VB a DT range NN of IN commercial JJ linkages NNS in IN the DT U.K. NNP and CC Europe NNP . . Officials NNS declined VBD to TO disclose VB the DT value NN of IN the DT transaction NN or CC the DT exact JJ stake NN that IN GRE NNP will MD hold VB in IN Nationwide NNP Anglia NNP Estate NNP Agents NNPS . . But CC the DT companies NNS said VBD that IN Nationwide NNP Anglia NNP Estate NNP Agents NNPS will MD market VB GRE NNP life NN insurance NN , , pension NN and CC investment NN products NNS through IN its PRP$ more JJR than IN 1,000 CD retail JJ outlets NNS in IN the DT U.K NNP . . Besides IN the DT marketing NN agreement NN , , GRE NNP said VBD Nationwide NNP Anglia NNP has VBZ agreed VBN to TO develop VB life NN insurance NN products NNS with IN the DT composite JJ insurer NN . . Sitting VBG at IN the DT bar NN of IN the DT Four NNP Seasons NNPS restaurant NN , , architect NN William NNP McDonough NNP seems VBZ oblivious JJ to TO the DT glamorous JJ clientele NNS and CC the DT elegant JJ setting NN . . He PRP is VBZ ogling VBG the DT curtains NNS rippling VBG above IN the DT ventilation NN ducts NNS . . `` `` Look VB how WRB much JJ air NN is VBZ moving VBG around RB ! . '' '' he PRP says VBZ . . `` `` The DT ventilation NN here RB is VBZ great JJ ! . '' '' You PRP may MD be VB hearing VBG more JJR about IN the DT 38-year-old JJ Mr. NNP McDonough NNP and CC his PRP$ preoccupation NN with IN clean JJ air NN . . After IN years NNS of IN relative JJ obscurity NN , , he PRP is VBZ starting VBG to TO attract VB notice NN for IN the DT ecological JJ as RB well RB as IN the DT aesthetic JJ quality NN of IN his PRP$ architecture NN . . Mr. NNP McDonough NNP believes VBZ that IN the DT well-being NN of IN the DT planet NN depends VBZ on IN such JJ stratagems NNS as IN opening VBG windows NNS to TO cut VB indoor JJ air NN pollution NN , , tacking VBG down RB carpets NNS instead RB of IN using VBG toxic JJ glues NNS , , and CC avoiding VBG mahogany NN , , which WDT comes VBZ from IN endangered JJ rain NN forests NNS . . He PRP has VBZ put VBN some DT of IN his PRP$ aesthetic JJ ideas NNS into IN practice NN with IN his PRP$ design NN of IN the DT four-star JJ Quilted NNP Giraffe NNP restaurant NN -- : `` `` architecturally RB impeccable JJ , , '' '' Progressive NNP Architecture NNP magazine NN called VBD it PRP -- : and CC his PRP$ remodeling NN of IN Paul NNP Stuart NNP , , the DT Madison NNP Avenue NNP clothing NN store NN . . He PRP has VBZ designed VBN furniture NN and CC homes NNS as RB well RB as IN commercial JJ and CC office NN space NN . . He PRP is VBZ now RB designing VBG a DT Broadway NNP stage NN set VBN for IN a DT show NN by IN the DT band NN Kid NNP Creole NNP and CC the DT Coconuts NNPS . . What WP really RB stirs VBZ his PRP$ muse NN , , though RB , , is VBZ aerobic JJ architecture NN . . Now RB the DT question NN is VBZ : : Is VBZ Poland NNP ready JJ for IN it PRP ? . Mr. NNP McDonough NNP is VBZ about IN to TO tackle VB his PRP$ biggest JJS clean-air NN challenge NN yet RB , , the DT proposed VBN Warsaw NNP Trade NNP Center NNP in IN Poland NNP , , the DT first RB such JJ center NN in IN Eastern NNP Europe NNP . . The DT project NN has VBZ already RB acquired VBN a DT certain JJ New NNP York NNP cachet NN . . Bloomingdale NNP 's POS plans NNS to TO sell VB a DT foot-tall JJ chocolate NN model NN of IN the DT center NN during IN the DT holidays NNS . . Some DT of IN the DT sales NNS proceeds NNS will MD go VB to TO the DT Design NNP Industries NNPS Foundation NNP for IN AIDS NNP . . A DT cake NN topped VBN with IN a DT replica NN of IN the DT center NN will MD be VB auctioned VBN at IN an DT AIDS NNP benefit NN at IN Sotheby NNP 's POS in IN December NNP . . If IN Mr. NNP McDonough NNP 's POS plans NNS get VBP executed VBN , , as IN much JJ of IN the DT Polish JJ center NN as IN possible JJ will MD be VB made VBN from IN aluminum NN , , steel NN and CC glass NN recycled VBN from IN Warsaw NNP 's POS abundant JJ rubble NN . . A DT 20-story JJ mesh NN spire NN will MD stand VB atop IN 50 CD stories NNS of IN commercial JJ space NN . . Solar-powered JJ batteries NNS will MD make VB the DT spire NN glow NN . . The DT windows NNS will MD open VB . . The DT carpets NNS wo MD n't RB be VB glued VBN down RP , , and CC walls NNS will MD be VB coated VBN with IN nontoxic JJ finishes NNS . . To TO the DT extent NN that IN the DT $ $ 150 CD million CD budget NN will MD allow VB it PRP , , Mr. NNP McDonough NNP will MD rely VB on IN solid JJ wood NN , , rather RB than IN plywood NN or CC particle NN board NN , , to TO limit VB the DT emission NN of IN formaldehyde NN . . If IN Mr. NNP McDonough NNP has VBZ his PRP$ way NN , , the DT Poles NNPS will MD compensate VB for IN the DT trade NN center NN 's POS emissions NNS of IN carbon NN dioxide NN , , a DT prime JJ suspect NN in IN the DT global JJ atmospheric JJ warming NN many JJ scientists NNS fear VBP . . The DT Poles NNPS would MD plant VB a DT 10-square-mile JJ forest NN somewhere RB in IN the DT country NN at IN a DT cost NN of IN $ $ 150,000 CD , , with IN the DT center NN 's POS developer NN footing VBG the DT bill NN . . The DT news NN has VBZ n't RB exactly RB moved VBN others NNS in IN Mr. NNP McDonough NNP 's POS profession NN to TO become VB architectural JJ Johnny NNP Appleseeds NNPS . . All DT architects NNS want VBP to TO be VB aware JJ of IN the DT ecological JJ consequences NNS of IN their PRP$ work NN , , says VBZ John NNP Burgee NNP , , whose WP$ New NNP York NNP firm NN is VBZ designing VBG the DT redevelopment NN of IN Times NNP Square NNP , , `` `` but CC we PRP ca MD n't RB all DT carry VB it PRP to TO that DT extreme NN . . '' '' Karen NNP Nichols NNP , , senior JJ associate NN at IN Michael NNP Graves NNP 's POS architecture NN firm NN in IN Princeton NNP , , N.J. NNP , , says VBZ : : `` `` We PRP 're VBP really RB at IN the DT mercy NN of IN what WP the DT construction NN industry NN can MD and CC will MD do VB readily RB . . '' '' Mr. NNP McDonough NNP responds VBZ : : `` `` I PRP 'm VBP asking VBG people NNS to TO broaden VB their PRP$ agendas NNS . . '' '' The DT son NN of IN a DT Seagram NNP 's POS executive NN who WP was VBD stationed VBN in IN many JJ countries NNS around IN the DT world NN , , Mr. NNP McDonough NNP was VBD born VBN in IN Tokyo NNP and CC attended VBD 19 CD schools NNS in IN places NNS ranging VBG from IN Hong NNP Kong NNP to TO Shaker NNP Heights NNPS , , Ohio NNP , , before IN entering VBG Dartmouth NNP College NNP . . He PRP earned VBD a DT master NN 's POS degree NN in IN architecture NN from IN Yale NNP . . His PRP$ interest NN in IN the DT natural JJ environment NN dates VBZ from IN his PRP$ youth NN . . He PRP and CC his PRP$ father NN still RB spend VBP time NN each DT summer NN fly-fishing NN for IN salmon NN in IN Iceland NNP . . Living VBG in IN Hong NNP Kong NNP , , he PRP says VBZ , , made VBD him PRP sensitive JJ to TO the DT limits NNS on IN food NN , , power NN and CC water NN supplies NNS . . At IN his PRP$ first JJ school NN in IN the DT U.S. NNP he PRP was VBD thought VBN a DT little RB strange JJ for IN shutting VBG off RP open JJ water NN taps NNS and CC admonishing VBG his PRP$ schoolmates NNS to TO take VB only JJ brief JJ showers NNS . . He PRP and CC a DT Dartmouth NNP roommate NN established VBD a DT company NN that WDT restored VBD three CD hydroelectric JJ power NN plants NNS in IN Vermont NNP . . At IN Yale NNP , , he PRP designed VBD one CD of IN the DT first JJ solarheated JJ houses NNS to TO be VB built VBN in IN Ireland NNP . . Mr. NNP McDonough NNP 's POS first JJ professional JJ project NN fully RB to TO reflect VB his PRP$ environmental JJ ardor NN was VBD his PRP$ 1986 CD design NN for IN the DT headquarters NN of IN the DT Environmental NNP Defense NNP Fund NNP in IN New NNP York NNP . . The DT offices NNS took VBD 10,000 CD square JJ feet NNS of IN a DT building NN with IN 14-foot JJ ceilings NNS and CC big JJ , , operable JJ windows NNS . . Since IN the DT 1970s NNS energy NN crisis NN , , some DT efforts NNS to TO conserve VB energy NN by IN sealing VBG buildings NNS have VBP had VBN an DT unintended JJ side NN effect NN : : high JJ indoor JJ pollution NN . . To TO reduce VB it PRP at IN the DT fund NN 's POS building NN , , workers NNS rubbed VBD beeswax NN instead RB of IN polyurethane NN on IN the DT floors NNS in IN the DT executive JJ director NN 's POS office NN . . Jute NN , , rather RB than IN a DT synthetic NN material NN , , lies VBZ under IN the DT tacked-down JJ carpets NNS , , and CC the DT desks NNS are VBP of IN wood NN and CC granite NN instead RB of IN plastic NN . . The DT budget NN was VBD only RB $ $ 400,000 CD . . `` `` Athens NNP with IN Spartan JJ means NNS , , '' '' Mr. NNP McDonough NNP says VBZ . . The DT fund NN 's POS lawyers NNS work VBP in IN an DT Athenian JJ grove NN of IN potted JJ trees NNS . . Economists NNS and CC administrators NNS sit VBP along IN a DT `` `` boulevard NN '' '' with IN street NN lamps NNS and CC ficus NN trees NNS . . In IN offices NNS , , triphosphorous JJ bulbs NNS simulate VBP daylight NN . . Offices NNS with IN outside JJ windows NNS have VBP inside JJ windows NNS , , too RB , , to TO let VB in RP more RBR real JJ daylight NN . . `` `` We PRP proved VBD a DT healthy JJ office NN does VBZ n't RB cost VB more JJR , , '' '' says VBZ Frederic NNP Krupp NNP , , executive NN director NN of IN the DT fund NN . . It PRP `` `` really RB looks VBZ beautiful JJ and CC is VBZ very RB light JJ , , '' '' says VBZ Ann NNP Hornaday NNP , , a DT free-lance JJ writer NN who WP has VBZ visited VBN the DT office NN for IN lunch NN meetings NNS . . But CC , , she PRP says VBZ , , `` `` I PRP guess VBP I PRP did VBD n't RB really RB notice VB the DT trees NNS . . Maybe RB they PRP were VBD hidden VBN by IN all PDT the DT people NNS . . '' '' Neither CC the DT Quilted NNP Giraffe NNP nor CC the DT Paul NNP Stuart NNP renovation NN reflects VBZ much JJ of IN Mr. NNP McDonough NNP 's POS environmental JJ concern NN . . The DT restaurant NN was VBD conceived VBN as IN a DT sparkling JJ , , crystalline JJ `` `` geode NN . . '' '' It PRP makes VBZ extensive JJ use NN of IN stainless JJ steel NN , , silver NN and CC aluminum NN that WDT sets VBZ off RP black JJ granite NN table NN tops NNS and CC a DT gray JJ terrazzo NN with IN zinc-strip JJ floors NNS . . To TO more RBR than IN replace VB the DT wood NN from IN two CD English JJ oaks NNS used VBN for IN paneling NN at IN Paul NNP Stuart NNP , , however RB , , Mr. NNP McDonough NNP and CC friends NNS planted VBD 1,000 CD acorns NNS around IN the DT country NN . . The DT ambitious JJ Warsaw NNP project NN still RB awaits VBZ approval NN by IN city NN officials NNS . . Its PRP$ developer NN is VBZ a DT Polish NNP American NNP , , Sasha NNP Muniak NNP . . He PRP had VBD worked VBN with IN Mr. NNP McDonough NNP on IN an DT earlier JJR project NN and CC recruited VBD him PRP as IN architect NN for IN the DT trade NN center NN . . The DT center NN will MD provide VB space NN for IN computer NN hardware NN and CC facsimile NN and CC other JJ telecommunications NN equipment NN , , not RB readily RB accessible JJ in IN Poland NNP now RB , , for IN a DT growing VBG number NN of IN Westerners NNPS doing VBG business NN in IN Eastern NNP Europe NNP . . Mr. NNP McDonough NNP thinks VBZ of IN the DT center NN as IN the DT `` `` Eiffel NNP Tower NNP of IN Warsaw NNP '' '' and CC `` `` a DT symbol NN of IN the DT resurgence NN of IN Poland NNP . . '' '' If IN any DT nation NN can MD use VB environmentally RB benign JJ architecture NN , , it PRP is VBZ Poland NNP . . Jessica NNP Mathews NNP , , vice NN president NN of IN World NNP Resources NNPS Institute NNP in IN Washington NNP , , D.C. NNP , , says VBZ that IN perhaps RB a DT quarter NN of IN Poland NNP 's POS soil NN is VBZ too RB contaminated VBN for IN safe JJ farming NN because IN of IN air NN pollution NN . . The DT pollution NN is VBZ also RB killing VBG forests NNS and CC destroying VBG buildings NNS that WDT date VBP back RB to TO the DT Middle NNP Ages NNPS . . The DT future NN of IN the DT forest NN remains VBZ uncertain JJ . . Mr. NNP Muniak NNP 's POS company NN , , Balag NNP Ltd. NNP , , has VBZ agreed VBN to TO set VB aside RB the DT money NN to TO plant VB and CC maintain VB it PRP , , but CC discussions NNS are VBP still RB going VBG on RB over IN where WRB to TO place VB it PRP and CC how WRB to TO ensure VB that IN it PRP will MD be VB maintained VBN . . After IN all DT , , Mr. NNP Muniak NNP says VBZ , , `` `` in IN Poland NNP there EX are VBP n't RB too RB many JJ people NNS worried JJ about IN the DT environment NN . . They PRP 're VBP more RBR worried JJ about IN bread NN on IN the DT table NN . . Pittston NNP Co. NNP 's POS third-quarter JJ net JJ income NN plunged VBD 79 CD % NN , , reflecting VBG the DT impact NN of IN a DT prolonged JJ and CC bitter JJ labor NN strike NN at IN its PRP$ coal NN operations NNS . . Net NN sank VBD to TO $ $ 3.1 CD million CD , , or CC eight CD cents NNS a DT share NN , , including VBG $ $ 789,000 CD , , or CC two CD cents NNS a DT share NN , , reflecting VBG a DT tax-loss JJ carry-forward NN . . In IN the DT year-ago JJ quarter NN , , net NN totaled VBD $ $ 14.7 CD million CD , , or CC 38 CD cents NNS a DT share NN , , including VBG $ $ 4 CD million CD , , or CC 10 CD cents NNS a DT share NN , , reflecting VBG a DT tax-loss JJ carry-forward NN . . Revenue NN slipped VBD 0.7 CD % NN to TO $ $ 395.3 CD million CD from IN $ $ 398.3 CD million CD . . Pittston NNP also RB owns VBZ Brink NNP 's POS Inc. NN , , the DT security NN service NN , , and CC Burlington NNP Air NNP Express NNP , , the DT air-freight JJ concern NN . . In IN addition NN to TO expected JJ losses NNS tied VBN to TO the DT labor NN strike NN , , the DT coal NN group NN has VBZ spent VBN almost RB $ $ 20 CD million CD since IN the DT strike NN began VBD for IN security NN , , the DT company NN said VBD . . As IN a DT result NN , , the DT group NN 's POS third-quarter JJ loss NN widened VBD to TO $ $ 9.8 CD million CD from IN the DT second JJ quarter NN 's POS $ $ 3.6 CD million CD . . Pittston NNP continues VBZ to TO hire VB replacement NN workers NNS , , the DT company NN said VBD . . Burlington NNP 's POS operating NN profit NN grew VBD to TO $ $ 9.2 CD million CD from IN $ $ 3.8 CD million CD a DT year NN earlier RB , , Pittston NNP said VBD . . While IN `` `` the DT tone NN '' '' of IN domestic JJ and CC international JJ air-freight JJ markets NNS remains VBZ sound JJ , , seasonal JJ factors NNS are VBP likely JJ to TO hinder VB Burlington NNP Air NNP from IN matching VBG third-quarter JJ results NNS in IN the DT fourth JJ quarter NN , , Pittston NNP said VBD . . Brink NNP 's POS operating NN profit NN was VBD about IN flat RB with IN the DT year-earlier JJ period NN , , reflecting VBG continued JJ pricing NN and CC cost NN pressures NNS . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN Friday NNP , , Pittston NNP closed VBD at IN $ $ 18.50 CD a DT share NN , , down RB 12.5 CD cents NNS . . Does VBZ n't RB anybody NN here RB want VB to TO win VB this DT mayor NN 's POS race NN ? . As IN they PRP stumble VBP and CC bumble VBP toward IN election NN day NN two CD weeks NNS from IN tomorrow NN , , both DT Democrat NNP David NNP Dinkins NNP and CC Republican NNP Rudolph NNP Giuliani NNP are VBP in IN trouble NN . . Mr. NNP Dinkins NNP , , the DT Manhattan NNP borough NN president NN , , can MD afford VB more RBR bumbling VBG and CC stumbling VBG because IN he PRP holds VBZ a DT comfortable JJ 20-point JJ lead NN in IN most JJS of IN the DT public-opinion JJ polls NNS . . But CC , , in IN the DT past JJ 10 CD days NNS , , he PRP has VBZ taken VBN a DT series NN of IN body NN blows NNS to TO his PRP$ pride NN and CC his PRP$ reputation NN that WDT could MD adversely RB affect VB his PRP$ ability NN to TO govern VB this DT tumultuous JJ city NN should MD he PRP become VB New NNP York NNP 's POS first JJ black JJ mayor NN . . Ordinarily RB , , a DT clever JJ opponent NN would MD find VB a DT way NN to TO capitalize VB on IN the DT other JJ side NN 's POS misfortunes NNS . . But CC Mr. NNP Giuliani NNP , , a DT celebrated JJ prosecutor NN , , has VBZ had VBN difficulty NN switching VBG from IN his PRP$ crime-busting JJ , , finger-pointing JJ mode NN to TO a DT political JJ stance NN that WDT suggests VBZ he PRP might MD know VB something NN about IN running VBG this DT big JJ , , troubled JJ city NN . . And CC now RB , , at IN the DT crucial JJ moment NN , , he PRP 's VBZ running VBG out RB of IN money NN . . This DT is VBZ the DT nation NN 's POS biggest JJS city NN and CC , , traditionally RB , , its PRP$ mayor NN is VBZ the DT nation NN 's POS best-known JJS urban JJ politician NN . . Democrats NNPS hoped VBD that IN Mr. NNP Dinkins NNP could MD become VB a DT highly RB visible JJ national JJ leader NN . . Republicans NNPS figured VBD that IN in IN Mr. NNP Giuliani NNP , , the DT nation NN 's POS best-known JJS prosecutor NN , , they PRP had VBD a DT chance NN for IN a DT huge JJ upset NN in IN the DT heart NN of IN Democratic JJ territory NN and CC that IN they PRP would MD pick VB up RP a DT new JJ political JJ star NN . . But CC it PRP has VBZ n't RB worked VBN out RP that DT way NN . . `` `` Dinkins NNP is VBZ a DT decent JJ but CC sloppy JJ guy NN , , '' '' says VBZ David NNP Garth NNP , , veteran NN campaign NN consultant NN here RB who WP has VBZ always RB worked VBN for IN Mayor NNP Edward NNP Koch NNP , , defeated VBN by IN Mr. NNP Dinkins NNP in IN the DT Sept. NNP 12 CD Democratic JJ primary NN . . `` `` The DT alternative NN -- : Giuliani NNP -- : is VBZ ghastly JJ . . '' '' `` `` I PRP guess VBP we PRP 'll MD reluctantly RB go VB ahead RB and CC do VB it PRP , , vote VB for IN Dinkins NNP , , '' '' says VBZ Richard NNP Wade NNP , , a DT politically RB active JJ professor NN who WP supported VBD Richard NNP Ravitch NNP , , an DT also-ran NN in IN the DT Democratic JJ primary NN . . `` `` There EX 's VBZ nothing NN on IN the DT other JJ side NN . . '' '' `` `` We PRP 're VBP picking VBG up RP steam NN , , '' '' insists VBZ Roger NNP Ailes NNP , , Mr. NNP Giuliani NNP 's POS media NNS consultant NN , , whose WP$ last JJ big JJ campaign NN helped VBD put VBN George NNP Bush NNP in IN the DT White NNP House NNP . . He PRP adds VBZ : : `` `` It PRP just RB has VBZ n't RB gotten VBN down RP to TO the DT engine NN room NN yet RB . . '' '' But CC the DT steam NN may MD never RB reach VB the DT engine NN room NN . . For IN , , just RB as IN Mr. NNP Giuliani NNP latches VBZ on RP to TO an DT issue NN that WDT has VBZ Mr. NNP Dinkins NNP reeling VBG , , his PRP$ campaign NN desperately RB needs VBZ cash NN to TO keep VB Mr. NNP Ailes NNP 's POS commercials NNS on IN the DT air NN beyond IN Wednesday NNP or CC Thursday NNP . . To TO help VB out RB this DT week NN , , the DT White NNP House NNP is VBZ dispatching VBG chief NN of IN staff NN John NNP Sununu NNP and CC three CD Cabinet NNP members NNS -- : HUD NNP 's POS Jack NNP Kemp NNP , , Transportation NNP 's POS Samuel NNP Skinner NNP and CC Treasury NNP 's POS Nicholas NNP Brady NNP , , according VBG to TO Peter NNP Powers NNP , , the DT Giuliani NNP campaign NN manager NN . . For IN Republicans NNPS who WP began VBD this DT campaign NN with IN such JJ high JJ hopes NNS , , all DT of IN this DT is VBZ deeply RB frustrating JJ . . Historically NNP , , New NNP York NNP is VBZ almost RB always RB in IN trouble NN . . But CC the DT trouble NN it PRP faces VBZ now RB under IN Democratic JJ rule NN seems VBZ bigger JJR and CC more RBR daunting JJ than IN anything NN it PRP has VBZ faced VBN in IN the DT past NN . . This DT year NN , , the DT city NN faces VBZ a DT budget NN deficit NN that WDT could MD become VB even RB bigger JJR next JJ year NN . . And CC hardly RB surprising JJ , , many JJ residents NNS trying VBG to TO cope VB with IN the DT city NN 's POS other JJ problems NNS are VBP constantly RB on IN edge NN , , one CD ethnic JJ group NN scrapping VBG with IN another DT . . `` `` People NNS were VBD n't RB so RB happy JJ in IN the DT 1930s NNS , , '' '' says VBZ Thomas NNP Lessner NNP , , another DT local JJ professor NN and CC the DT biographer NN of IN the DT legendary JJ Fiorello NNP LaGuardia NNP , , the DT city NN 's POS fusion NN mayor NN who WP built VBD a DT coalition NN Mr. NNP Giuliani NNP hopes VBZ to TO emulate VB . . `` `` But CC , , at IN least JJS , , back RB then RB they PRP did VBD n't RB generally RB direct VB their PRP$ anger NN at IN each DT other JJ . . '' '' The DT 62-year-old JJ Mr. NNP Dinkins NNP , , an DT ex-Marine NN , , has VBZ served VBN as IN the DT city NN clerk NN and CC as IN Manhattan NNP borough NN president NN , , a DT job NN with IN limited JJ executive NN responsibilities NNS ( ( `` `` I PRP defy VBP you PRP to TO come VB up RB with IN one CD major JJ accomplishment NN of IN David NNP Dinkins NNP , , '' '' says VBZ Mr. NNP Giuliani NNP . . ) ) He PRP defeated VBD the DT contentious JJ Mr. NNP Koch NNP in IN the DT Democratic JJ primary NN partly RB because IN he PRP seemed VBD to TO offer VB hope NN he PRP could MD heal VB the DT city NN 's POS racial JJ and CC ethnic JJ wounds NNS . . His PRP$ general-election JJ campaign NN is VBZ almost RB Reagan-like JJ , , all DT muted JJ pictures NNS and CC comforting JJ words NNS . . His PRP$ theme NN is VBZ unity NN , , decency NN , , humanity NN , , bringing VBG New NNP York NNP together RB again RB . . Both DT candidates NNS are VBP negotiating VBG about IN holding VBG debates NNS , , but CC Mr. NNP Dinkins NNP is VBZ widely RB seen VBN as IN the DT major JJ obstacle NN for IN scheduling VBG them PRP . . The DT 45-year-old JJ Mr. NNP Giuliani NNP has VBZ run VBN a DT negative JJ campaign NN to TO pick VB up RP votes NNS leaning VBG to TO Mr. NNP Dinkins NNP . . `` `` He PRP 's VBZ got VBD to TO get VB Dinkins NNP 's POS negatives NNS up RP , , '' '' says VBZ Lee NNP Miringoff NNP , , director NN of IN the DT Marist NNP College NNP Institute NNP of IN Public NNP Opinion NNP . . `` `` But CC our PRP$ polls NNS show VBP voters NNS do VBP n't RB like VB the DT attack NN stuff NN . . Why WRB , , even RB 20 CD % NN of IN the DT Republican JJ vote NN is VBZ going VBG to TO Dinkins NNP . . '' '' `` `` It PRP 's VBZ assault-weapons JJ politics NNS , , '' '' says VBZ John NNP Siegal NNP , , Mr. NNP Dinkins NNP 's POS issues NNS director NN , , insisting VBG there EX is VBZ a DT strong JJ racist JJ undertone NN to TO the DT Giuliani NNP effort NN . . For IN the DT Giuliani NNP forces NNS , , it PRP 's VBZ a DT conundrum NN . . On IN the DT one CD hand NN , , Mr. NNP Giuliani NNP wants VBZ to TO cut VB into IN Mr. NNP Dinkins NNP 's POS credibility NN . . On IN the DT other JJ , , he PRP seeks VBZ to TO convince VB voters NNS he PRP 's VBZ the DT new JJ Fiorello NNP LaGuardia NNP -- : affable JJ , , good-natured JJ and CC ready JJ to TO lead VB New NNP York NNP out IN of IN the DT mess NN it PRP 's VBZ in IN . . It PRP has VBZ n't RB helped VBN that IN he PRP 's VBZ waffled VBN on IN abortion NN and CC gay JJ rights NNS , , sought VBN the DT support NN of IN both DT the DT Liberal JJ and CC Conservative JJ parties NNS ( ( he PRP won VBD the DT Liberal JJ endorsement NN ) ) and CC that IN he PRP turned VBD to TO comedian NN Jackie NNP Mason NNP for IN help NN with IN Jewish JJ voters NNS . . Mr. NNP Mason NNP left VBD the DT campaign NN after IN telling VBG reporters NNS Mr. NNP Dinkins NNP is VBZ `` `` a DT fancy'shvartzer NN ' '' with IN a DT moustache NN . . '' '' Shvartzer NNP is VBZ a DT derogatory JJ Yiddish JJ word NN for IN a DT black JJ person NN . . Mr. NNP Dinkins NNP concedes VBZ nothing NN in IN his PRP$ ability NN to TO stumble VB and CC bumble VB . . He PRP can MD match VB Jackie NNP Mason NNP with IN his PRP$ own JJ Robert NNP `` `` Sonny NNP '' '' Carson NNP , , an DT angry JJ street NN organizer NN who WP was VBD convicted VBN of IN kidnapping NN in IN 1974 CD . . The DT Dinkins NNP campaign NN paid VBD Mr. NNP Carson NNP close JJ to TO $ $ 10,000 CD to TO get VB out RP the DT vote NN on IN primary-election NN day NN . . Paper NN work NN on IN how WRB it PRP was VBD spent VBN is VBZ incomplete JJ . . Mr. NNP Carson NNP has VBZ been VBN charged VBN with IN being VBG anti-Semitic JJ . . Asked VBN about IN that IN the DT other JJ day NN , , he PRP replied VBD , , `` `` Anti-Semitic JJ ? . I PRP 'm VBP anti-white JJ . . '' '' More RBR troubling JJ for IN Mr. NNP Dinkins NNP is VBZ his PRP$ record NN in IN personal JJ accounting NN . . It PRP began VBD in IN 1973 CD , , when WRB he PRP was VBD being VBG considered VBN for IN deputy NN mayor NN , , and CC a DT routine JJ check NN unearthed VBD the DT extraordinary JJ fact NN that IN he PRP had VBD n't RB paid VBN his PRP$ income NN tax NN for IN the DT previous JJ four CD years NNS . . `` `` I PRP was VBD always RB going VBG to TO do VB it PRP tomorrow NN , , '' '' he PRP explained VBD at IN the DT time NN . . And CC now RB he PRP 's VBZ busily RB trying VBG to TO explain VB an DT arrangement NN in IN which WDT he PRP sold VBD stock NN in IN Inner NNP City NNP Broadcasting NNP Co. NNP , , headed VBN by IN his PRP$ old JJ friend NN and CC patron NN , , Percy NNP Sutton NNP , , to TO his PRP$ son NN , , David NNP Dinkins NNP Jr. NNP , , for IN $ $ 58,000 CD . . He PRP had VBD valued VBN the DT shares NNS at IN more JJR than IN $ $ 1 CD million CD two CD years NNS earlier RB . . He PRP says VBZ he PRP sold VBD the DT stock NN to TO avoid VB conflict-of-interest NN problems NNS in IN his PRP$ role NN as IN a DT voting VBG member NN of IN the DT city NN 's POS Board NNP of IN Estimate NNP . . He PRP says VBZ his PRP$ son NN has VBZ n't RB paid VBN for IN the DT shares NNS . . `` `` It PRP looks VBZ like IN serious JJ tax NN evasion NN , , '' '' says VBZ Mr. NNP Ailes NNP , , the DT Giuliani NNP media NNS consultant NN . . `` `` It PRP follows VBZ the DT same JJ pattern NN as IN his PRP$ tax NN returns NNS . . He PRP waits VBZ to TO talk VB about IN it PRP until IN after IN he PRP gets VBZ caught VBN . . '' '' `` `` He PRP simply RB has VBZ n't RB explained VBN why WRB something NN worth JJ a DT million CD dollars NNS ended VBD up RP worth JJ $ $ 58,000 CD two CD years NNS later RB , , '' '' says VBZ Mr. NNP Powers NNP , , the DT Giuliani NNP campaign NN manager NN . . `` `` It PRP 's VBZ ludicrous JJ for IN him PRP to TO suggest VB it PRP 's VBZ the DT difference NN between IN the'breakup NN ' '' value NN of IN the DT shares NNS and CC their PRP$ market NN value NN . . '' '' So RB far RB though RB , , no DT one NN -- : not RB even RB former JJ U.S. NNP attorney NN Giuliani NNP -- : has VBZ been VBN able JJ to TO pinpoint VB just RB what WDT law NN Mr. NNP Dinkins NNP has VBZ broken VBN or CC just RB what WDT tax NN he PRP has VBZ evaded VBN . . `` `` The DT crime NN goes VBZ to TO character NN , , '' '' says VBZ Ron NNP Maiorana NNP , , a DT consultant NN to TO the DT Giuliani NNP campaign NN . . `` `` It PRP 's VBZ serious JJ stuff NN . . He PRP evades VBZ and CC ducks VBZ . . He PRP 's VBZ had VBN a DT history NN of IN deception NN and CC this DT is VBZ the DT latest JJS chapter NN . . '' '' `` `` It PRP makes VBZ people NNS think VB , , maybe RB this DT guy NN is VBZ n't RB so RB squeaky RB clean JJ after IN all DT , , '' '' says VBZ Mr. NNP Garth NNP , , Mayor NNP Koch NNP 's POS media NNS consultant NN . . `` `` The DT result NN may MD turn VB out RP to TO be VB a DT lot RB closer JJR than IN people NNS think VBP . . The DT long-running JJ scandal NN surrounding VBG the DT 1982 CD collapse NN of IN Banco NNP Ambrosiano NNP was VBD reignited VBN by IN the DT arrest NN last JJ week NN of IN Rome NNP businessman NN Flavio NNP Carboni NNP on IN fraud NN charges NNS . . Rome NNP magistrates NNS accuse VBP Mr. NNP Carboni NNP and CC several JJ other JJ people NNS of IN trying VBG to TO extort VB 1.2 CD billion CD lire NNS ( ( $ $ 880,000 CD ) ) from IN the DT Vatican NNP in IN return NN for IN documents NNS contained VBN in IN the DT briefcase NN of IN Roberto NNP Calvi NNP , , the DT Ambrosiano NNP chairman NN found VBD hanged VBN under IN London NNP 's POS Blackfriar NNP 's POS Bridge NNP shortly RB before IN the DT bank NN 's POS collapse NN . . Banco NNP Ambrosiano NNP , , which WDT was VBD Italy NNP 's POS largest JJS private-sector NN bank NN , , collapsed VBD in IN 1982 CD with IN $ $ 1.3 CD billion CD of IN debts NNS . . Most JJS of IN the DT money NN was VBD lent VBN to TO a DT series NN of IN shell JJ companies NNS in IN Panama NNP and CC Luxembourg NNP that WDT were VBD owned VBN , , directly RB or CC indirectly RB , , by IN the DT Vatican NNP bank NN . . The DT Vatican NNP , , which WDT denies VBZ any DT wrongdoing NN , , paid VBD $ $ 250 CD million CD to TO the DT Milan NNP bank NN 's POS creditors NNS as IN a DT `` `` goodwill NN gesture NN '' '' in IN 1985 CD . . Italian JJ news NN reports NNS said VBD Mr. NNP Carboni NNP and CC a DT colleague NN obtained VBD 1.2 CD billion CD lire NNS in IN checks NNS from IN a DT Vatican NNP official NN , , Pavel NNP Hnilica NNP . . Italian JJ papers NNS speculated VBD the DT briefcase NN contained VBD papers NNS either CC exonerating VBG the DT Vatican NNP bank NN from IN blame NN in IN the DT scandal NN , , or CC showing VBG that IN the DT bank NN , , known VBN as IN the DT Istituto NNP per FW le FW Opere NNP di FW Religione NNP , , channeled VBD funds NNS to TO East JJ bloc NN groups NNS such JJ as IN Solidarity NNP in IN Poland NNP . . Neither CC Mr. NNP Hnilica NNP , , Mr. NNP Carboni NNP nor CC Vatican JJ officials NNS could MD be VB reached VBN for IN comment NN over IN the DT weekend NN . . This DT business NN trust NN company NN said VBD its PRP$ board NN elected VBD Kieran NNP E. NNP Burke NNP , , a DT consultant NN to TO Drexel NNP Burnham NNP Lambert NNP Group NNP Inc. NNP , , as IN chief JJ executive NN officer NN , , a DT new JJ post NN , , and CC as IN president NN . . Mr. NNP Burke NNP succeeds VBZ Richard NNP D. NNP Manley NNP , , who WP will MD remain VB as IN a DT consultant NN to TO the DT company NN . . Both DT men NNS were VBD unavailable JJ to TO comment VB . . The DT company NN also RB named VBN Michael NNP E. NNP Gellert NNP , , a DT director NN and CC a DT major JJ shareholder NN , , to TO fill VB the DT vacant JJ seat NN of IN chairman NN . . Britain NNP 's POS Serious NNP Fraud NNP Office NNP said VBD it PRP will MD investigate VB the DT circumstances NNS surrounding VBG alleged JJ phantom JJ contracts NNS at IN Ferranti NNP International NNP Signal NNP PLC NNP 's POS International NNP Signal NNP & CC Control NNP unit NN . . The DT investigation NN , , which WDT will MD be VB coordinated VBN with IN one NN already RB under IN way NN in IN the DT U.S. NNP , , follows VBZ the DT discovery NN of IN what WP Ferranti NNP has VBZ called VBN a DT `` `` serious JJ '' '' fraud NN involving VBG its PRP$ U.S. NNP subsidiary NN . . International NNP Signal NNP & CC Control NNP , , Lancaster NNP , , Pa. NNP , , a DT defense-equipment JJ manufacturer NN , , was VBD bought VBN by IN Ferranti NNP in IN 1987 CD for IN # # 420 CD million CD ( ( $ $ 670.3 CD million CD ) ) . . Ferranti NNP has VBZ said VBN that IN it PRP would MD be VB forced VBN to TO write VB off RP # # 185 CD million CD against IN the DT phantom JJ contracts NNS , , reducing VBG its PRP$ net JJ asset NN value NN by IN more JJR than IN half NN . . The DT Serious NNP Fraud NNP Office NNP , , a DT division NN of IN London NNP 's POS Metropolitan NNP Police NNP responsible JJ for IN investigating VBG financial JJ crimes NNS , , said VBD its PRP$ work NN would MD take VB in RP `` `` allegations NNS of IN fraud NN prior JJ to TO , , surrounding JJ and CC subsequent JJ to TO the DT merger NN . . '' '' Ferranti NNP said VBD that IN it PRP welcomes VBZ the DT investigation NN and CC that IN it PRP will MD `` `` cooperate VB fully RB . . '' '' Derek NNP Alun-Jones NNP , , Ferranti NNP 's POS chairman NN , , has VBZ said VBN he PRP hoped VBD to TO pursue VB legal JJ action NN against IN those DT responsible JJ . . The DT British JJ defense NN electronics NNS group NN has VBZ said VBD it PRP will MD sell VB # # 100 CD million CD in IN assets NNS and CC may MD seek VB a DT merger NN to TO strengthen VB itself PRP in IN the DT wake NN of IN its PRP$ troubles NNS . . Chicago NNP businessmen NNS Bertram NNP M. NNP Lee NNP and CC Peter NNP Bynoe NNP signed VBD a DT new JJ agreement NN to TO purchase VB the DT Denver NNP Nuggets NNPS basketball NN team NN , , but CC not RB as IN principal JJ owners NNS . . On IN Saturday NNP , , the DT partners NNS said VBD the DT team NN would MD be VB purchased VBN for IN $ $ 54 CD million CD by IN a DT new JJ group NN including VBG Comsat NNP Video NNP Enterprises NNPS Inc. NNP , , a DT unit NN of IN Communications NNPS Satellite NNP Corp. NNP based VBN here RB . . Comsat NNP Video NNP will MD pay VB $ $ 17 CD million CD for IN a DT 62.5 CD % NN interest NN , , with IN Messrs. NNPS Lee NNP and CC Bynoe NNP putting VBG up RP $ $ 8 CD million CD for IN a DT 37.5 CD % NN stake NN in IN the DT team NN . . Under IN terms NNS of IN the DT sale NN , , Nuggets NNPS owner NN Sidney NNP Shlenker NNP could MD receive VB up IN to TO $ $ 11 CD million CD in IN additional JJ payments NNS from IN the DT franchise NN 's POS future JJ earnings NNS . . Messrs. NNP Lee NNP and CC Bynoe NNP last JJ July NNP announced VBD a DT deal NN that WDT would MD have VB made VBN them PRP the DT first JJ black JJ principal JJ owners NNS of IN a DT major JJ professional JJ sports NNS franchise NN . . But CC the DT deal NN fell VBD apart RB last JJ week NN for IN lack NN of IN financing NN . . Comsat NNP Video NNP is VBZ headed VBN by IN Robert NNP Wussler NNP , , who WP resigned VBD his PRP$ No. NN 2 CD executive NN post NN with IN Turner NNP Broadcasting NNP System NNP Inc. NNP just RB two CD weeks NNS ago RB to TO take VB the DT Comsat NNP position NN . . Comsat NNP Video NNP , , which WDT distributes VBZ pay-per-view JJ programs NNS to TO hotel NN rooms NNS , , plans VBZ to TO add VB Nuggets NNPS games NNS to TO their PRP$ offerings NNS , , as IN Mr. NNP Turner NNP did VBD successfully RB with IN his PRP$ Atlanta NNP Hawks NNPS and CC Braves NNPS sports NNS teams NNS . . Messrs. NNPS Lee NNP and CC Bynoe NNP will MD manage VB the DT Nuggets NNPS ' POS day-today JJ affairs NNS . . Royal NNP Business NNP Group NNP Inc. NNP said VBD it PRP filed VBD suit NN in IN federal JJ court NN here RB charging VBG Realist NNP Inc. NNP and CC its PRP$ directors NNS with IN violating VBG federal JJ securities NNS laws NNS `` `` by IN engaging VBG in IN a DT scheme NN to TO prevent VB '' '' Royal NNP from IN acquiring VBG Realist NNP . . Royal NNP , , which WDT makes VBZ and CC distributes VBZ business NN forms NNS , , owns VBZ an DT 8 CD % NN stake NN in IN Realist NNP . . Royal NNP contends VBZ that IN Realist NNP failed VBD to TO disclose VB material NN information NN , , including VBG Realist NNP 's POS negotiations NNS to TO acquire VB Ammann NNP Laser NNP Technik NNP AG NNP , , to TO stockholders NNS prior RB to TO Realist NNP 's POS June NNP 6 CD annual JJ meeting NN . . Royal NNP 's POS suit NN contends VBZ that IN the DT Ammann NNP acquisition NN was VBD `` `` designed VBN to TO entrench VB management NN and CC thwart VB Royal NNP 's POS offer NN . . '' '' Royal NNP withdrew VBD its PRP$ offer NN to TO buy VB Realist NNP , , a DT maker NN of IN optical JJ and CC electronic JJ products NNS based VBN in IN Menomonee NNP Falls NNPS , , Wis. NNP , , for IN $ $ 14.06 CD a DT share NN in IN July NNP after IN Realist NNP disclosed VBD the DT Ammann NNP purchase NN . . The DT suit NN seeks VBZ `` `` in IN excess NN of IN $ $ 350,000 CD in IN damages NNS . . '' '' A DT Realist NNP official NN said VBD the DT company NN had VBD n't RB yet RB received VBN the DT full JJ complaint NN and CC would MD n't RB have VB a DT response NN until IN it PRP had VBD an DT opportunity NN to TO review VB it PRP . . Winnebago NNP Industries NNPS Inc. NNP , , battered VBN by IN a DT deepening VBG slowdown NN in IN recreational JJ vehicle NN industry NN sales NNS , , reported VBD a DT widened VBN fourth-quarter JJ loss NN and CC slashed VBD its PRP$ dividend NN in IN half NN . . The DT Forest NNP City NNP , , Iowa NNP , , maker NN of IN motor NN homes NNS said VBD it PRP had VBD a DT loss NN of IN $ $ 11.3 CD million CD , , or CC 46 CD cents NNS a DT share NN , , in IN the DT quarter NN ended VBN Aug. NNP 26 CD . . A DT year NN earlier RB , , the DT company NN had VBD a DT deficit NN of IN $ $ 1.5 CD million CD , , or CC six CD cents NNS a DT share NN . . The DT cut NN in IN the DT dividend NN to TO 10 CD cents NNS a DT share NN semiannually RB , , from IN 20 CD cents NNS , , `` `` would MD indicate VB to TO me PRP they PRP do VBP n't RB see VB the DT problems NNS being VBG fixed VBN real RB quick RB , , '' '' said VBD Frank NNP Rolfes NNP , , an DT analyst NN at IN Dain NNP Bosworth NNP Inc. NNP in IN Minneapolis NNP . . Indeed RB , , Winnebago NNP said VBD it PRP started VBD `` `` several JJ promotional JJ programs NNS '' '' to TO spur VB retail JJ sales NNS in IN the DT fall NN and CC winter NN . . The DT year NN was VBD already RB shaping VBG up RB as IN a DT difficult JJ one NN for IN the DT recreational JJ vehicle NN industry NN , , which WDT makes VBZ products NNS such JJ as IN motor NN homes NNS , , travel NN trailers NNS , , folding JJ campers NNS and CC van NN conversions NNS . . With IN the DT exception NN of IN van NN conversions NNS , , the DT industry NN has VBZ seen VBN a DT decline NN from IN 1988 CD 's POS robust JJ sales NNS . . But CC the DT rate NN of IN the DT decline NN snowballed VBD in IN August NNP , , with IN unit NN sales NNS to TO dealers NNS for IN the DT month NN down RB 10.5 CD % NN from IN a DT year NN earlier RB , , according VBG to TO the DT Recreation NNP Vehicle NNP Industry NNP Association NNP . . At IN Winnebago NNP , , sales NNS for IN the DT quarter NN fell VBD 6 CD % NN to TO $ $ 89.5 CD million CD from IN $ $ 95.4 CD million CD a DT year NN earlier RB . . The DT company NN attributed VBD the DT decline NN to TO consumers NNS ' POS concern NN over IN interest NN rates NNS and CC gas NN prices NNS -- : two CD key NN expenses NNS for IN RV NN buyers NNS . . `` `` It PRP 's VBZ a DT large-ticket JJ discretionary JJ purchase NN , , '' '' said VBD Robert NNP Curran NNP , , who WP follows VBZ the DT industry NN for IN Merrill NNP Lynch NNP & CC Co NNP . . `` `` So RB when WRB there EX 's VBZ talk NN and CC concern NN about IN the DT economy NN , , it PRP 's VBZ not RB unreasonable JJ for IN a DT portion NN of IN the DT buying VBG public NN to TO defer VB purchases NNS . . '' '' Mr. NNP Curran NNP expects VBZ industry NN RV NN sales NNS for IN all DT of IN 1989 CD to TO fall VB about IN 5 CD % NN from IN 1988 CD , , when WRB sales NNS of IN 427,300 CD units NNS were VBD the DT highest JJS since IN 1978 CD . . And CC he PRP said VBD the DT weakness NN could MD continue VB in IN the DT first JJ half NN of IN next JJ year NN . . But CC he PRP said VBD the DT industry NN has VBZ `` `` a DT good JJ decade NN ahead RB , , '' '' particularly RB if IN aging VBG baby NN boomers NNS fulfill VBP the DT industry NN 's POS dreams NNS by IN buying VBG RVs NNS . . Winnebago NNP was VBD hit VBN especially RB hard RB in IN the DT latest JJS downturn NN because IN unit NN sales NNS in IN its PRP$ bread-and-butter JJ motor NN home NN business NN tumbled VBD 25 CD % NN industrywide RB in IN August NNP , , and CC 10.4 CD % NN in IN the DT first JJ eight CD months NNS of IN the DT year NN . . The DT company NN said VBD it PRP also RB suffered VBD in IN the DT quarter NN from IN incentive NN programs NNS , , losses NNS from IN discontinuing VBG a DT motor NN home NN line NN and CC costs NNS of IN developing VBG a DT new JJ commercial JJ vehicle NN , , among IN other JJ things NNS . . The DT news NN sent VBD Winnebago NNP stock NN falling VBG 62.5 CD cents NNS , , to TO $ $ 5.25 CD , , in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN - : a DT 52-week JJ low NN . . The DT dividend NN cut NN will MD prove VB most RBS costly JJ for IN John NNP K. NNP Hanson NNP , , Winnebago NNP 's POS founder NN and CC chairman NN . . Based VBN on IN his PRP$ control NN of IN about IN 45 CD % NN of IN Winnebago NNP 's POS 24.7 CD million CD shares NNS , , his PRP$ annual JJ dividend NN income NN would MD be VB cut VBN to TO about IN $ $ 2.2 CD million CD from IN $ $ 4.4 CD million CD . . For IN the DT year NN , , Winnebago NNP had VBD a DT loss NN of IN $ $ 4.7 CD million CD , , or CC 19 CD cents NNS a DT share NN , , following VBG profit NN of IN $ $ 2.7 CD million CD , , or CC 11 CD cents NNS a DT share NN , , a DT year NN earlier RB . . Sales NNS rose VBD 2 CD % NN to TO $ $ 437.5 CD million CD from IN $ $ 430.3 CD million CD . . Bullish JJ bond NN market NN sentiment NN is VBZ on IN the DT rise NN again RB . . As IN the DT government NN prepares VBZ to TO release VB the DT next JJ batch NN of IN economic JJ reports NNS , , the DT consensus NN among IN economists NNS and CC money NN managers NNS is VBZ that IN the DT news NN will MD be VB negative JJ . . And CC that DT , , they PRP say VBP , , will MD be VB good JJ for IN bonds NNS . . `` `` Recent JJ data NNS have VBP indicated VBN somewhat RB weaker JJR economic JJ activity NN , , '' '' said VBD Elliott NNP Platt NNP , , director NN of IN economic JJ research NN at IN Donaldson NNP , , Lufkin NNP & CC Jenrette NNP Securities NNPS . . Mr. NNP Platt NNP is VBZ advising VBG clients NNS that IN `` `` the DT near-term JJ direction NN of IN bond NN prices NNS is VBZ likely JJ to TO remain VB upward JJ . . '' '' Analysts NNS insist VBP that IN even RB without IN help NN from IN a DT shaky JJ stock NN market NN , , which WDT provided VBD a DT temporary JJ boost NN for IN bonds NNS during IN the DT Oct. NNP 13 CD stock NN market NN plunge NN , , bond NN prices NNS will MD start VB to TO climb VB on IN the DT prospects NNS that IN the DT Federal NNP Reserve NNP will MD allow VB interest NN rates NNS to TO move VB lower RBR in IN the DT coming VBG weeks NNS . . That DT would MD be VB comforting JJ to TO fixed-income JJ investors NNS , , many DT of IN whom WP were VBD badly RB burned JJ in IN the DT third JJ quarter NN by IN incorrectly RB assuming VBG that IN the DT Fed NNP would MD ease VB . . Investors NNS rushed VBD to TO buy VB bonds NNS during IN the DT summer NN as IN prices NNS soared VBD on IN speculation NN that IN interest NN rates NNS would MD continue VB to TO fall VB . . But CC when WRB it PRP became VBD clear JJ that IN rates NNS had VBD stabilized VBN and CC that IN the DT Fed NNP 's POS credit-easing JJ policy NN was VBD on IN hold NN , , bond NN yields NNS jumped VBD and CC prices NNS tumbled VBD . . Long-term JJ bonds NNS have VBP performed VBN erratically RB this DT year NN . . For IN example NN , , a DT group NN of IN long-term JJ Treasury NNP bonds NNS tracked VBN by IN Merrill NNP Lynch NNP & CC Co. NNP produced VBD a DT total JJ return NN of IN 1 CD % NN in IN the DT first JJ quarter NN , , 12.45 CD % NN in IN the DT second JJ quarter NN and CC -0.06 CD % NN in IN the DT third JJ quarter NN . . Total JJ return NN is VBZ price NN changes NNS plus CC interest NN income NN . . Now RB some DT investment NN analysts NNS insist VBP that IN the DT economic JJ climate NN has VBZ turned VBN cold JJ and CC gloomy JJ , , and CC they PRP are VBP urging VBG clients NNS to TO buy VB bonds NNS before IN the DT rally NN begins VBZ . . Among IN other JJ things NNS , , economists NNS note VBP that IN consumer NN spending NN is VBZ slowing VBG , , corporate JJ profit NN margins NNS are VBP being VBG squeezed VBN , , business NN confidence NN is VBZ slipping VBG and CC construction NN and CC manufacturing NN industries NNS are VBP depressed JJ . . At IN the DT same JJ time NN , , last JJ week NN 's POS consumer NN price NN index NN showed VBD that DT inflation NN is VBZ moderating VBG . . Add VB it PRP all DT up RP and CC it PRP means VBZ `` `` that IN the DT Fed NNP has VBZ a DT little JJ leeway NN to TO ease VB its PRP$ credit NN policy NN stance NN without IN the DT risk NN of IN rekindling VBG inflation NN , , '' '' said VBD Norman NNP Robertson NNP , , chief JJ economist NN at IN Mellon NNP Bank NNP Corp. NNP , , Pittsburgh NNP . . `` `` I PRP think VBP we PRP will MD see VB a DT federal JJ funds NNS rate NN of IN close JJ to TO 8 CD 1\/2 CD % NN in IN the DT next JJ two CD weeks NNS and CC 8 CD % NN by IN year NN end NN . . '' '' The DT federal JJ funds NNS rate NN , , which WDT banks NNS charge VBP each DT other JJ on IN overnight JJ loans NNS , , is VBZ considered VBN an DT early JJ signal NN of IN changes NNS in IN the DT Fed NNP 's POS credit NN policy NN . . Economists NNS generally RB agree VBP that IN the DT rate NN was VBD lowered VBN by IN the DT Fed NNP from IN around IN 9 CD % NN , , where WRB it PRP had VBD been VBN since IN July NNP , , to TO about IN 8 CD 3\/4 CD % NN in IN early JJ October NNP on IN the DT heels NNS of IN a DT weak JJ employment NN report NN . . Although IN the DT rate NN briefly RB drifted VBD even RB lower RBR following VBG the DT stock NN market NN sell-off NN that WDT occurred VBD Oct. NNP 13 CD , , it PRP ended VBD Friday NNP at IN about IN 8 CD 11\/16 CD % NN . . James NNP Kochan NNP , , chief JJ fixed-income JJ strategist NN at IN Merrill NNP Lynch NNP , , is VBZ touting VBG shorter-term JJR securities NNS , , which WDT he PRP says VBZ should MD benefit VB more RBR quickly RB than IN longer-term JJR bonds NNS as IN interest NN rates NNS fall VBP . . `` `` Given VBN our PRP$ forecast NN for IN lower JJR rates NNS , , purchases NNS made VBN now RB should MD prove VB quite RB rewarding JJ before IN year NN end NN , , '' '' he PRP said VBD . . Mr. NNP Kochan NNP also RB likes VBZ long-term JJ , , investment-grade JJ corporate JJ bonds NNS and CC long-term JJ Treasurys NNPS . . He PRP says VBZ these DT bonds NNS should MD appreciate VB in IN value NN as IN some DT investors NNS , , reacting VBG to TO the DT recent JJ turmoil NN in IN the DT stock NN and CC high-yield JJ junk NN bond NN markets NNS , , seek VBP safer JJR securities NNS . . `` `` If IN the DT { ( Tennessee NNP Valley NNP Authority NNP } ) sale NN is VBZ any DT guide NN , , there EX appears VBZ to TO be VB good JJ demand NN for IN top-quality JJ , , long-term JJ paper NN from IN both DT domestic JJ and CC overseas JJ accounts NNS , , '' '' he PRP said VBD . . TVA NNP , , in IN its PRP$ first JJ public JJ debt NN offering NN in IN 15 CD years NNS , , sold VBD $ $ 4 CD billion CD of IN long-term JJ and CC intermediate-term JJ securities NNS last JJ week NN . . Strong JJ investor NN demand NN prompted VBD the DT utility NN to TO boost VB the DT size NN of IN the DT issue NN from IN $ $ 3 CD billion CD . . TVA NNP , , which WDT operates VBZ one CD of IN the DT nation NN 's POS largest JJS electric JJ power NN systems NNS , , is VBZ a DT corporation NN owned VBN by IN the DT federal JJ government NN . . But CC persuading VBG investors NNS to TO buy VB bonds NNS may MD be VB especially RB tough JJ this DT week NN , , when WRB the DT U.S. NNP government NN will MD auction VB more JJR than IN $ $ 30 CD billion CD of IN new JJ securities NNS . . Today NN , , the DT Treasury NNP Department NNP will MD sell VB $ $ 15.6 CD billion CD of IN three-month JJ and CC six-month JJ bills NNS at IN the DT regular JJ weekly JJ auction NN . . Tomorrow NN , , the DT Treasury NNP will MD sell VB $ $ 10 CD billion CD of IN two-year JJ notes NNS . . Resolution NNP Funding NNP Corp. NNP , , known VBN as IN Refcorp NNP , , a DT division NN of IN a DT new JJ government NN agency NN created VBN to TO bail VB out RP the DT nation NN 's POS troubled JJ savings NNS and CC loan NN associations NNS , , will MD hold VB its PRP$ first JJ bond NN auction NN Wednesday NNP , , when WRB it PRP will MD sell VB $ $ 4.5 CD billion CD of IN 30-year JJ bonds NNS . . All DT of IN this DT comes VBZ ahead RB of IN the DT government NN 's POS big JJ quarterly JJ refunding NN of IN the DT federal JJ debt NN , , which WDT takes VBZ place NN sometime RB in IN November NNP . . So RB far RB , , investors NNS have VBP n't RB shown VBN much JJ appetite NN for IN Refcorp NNP 's POS initial JJ bond NN offering NN . . Roger NNP Early NNP , , a DT portfolio NN manager NN at IN Federated NNP Investors NNPS Corp. NNP , , said VBD that IN yields NNS on IN the DT so-called JJ bailout NN bonds NNS are VBP n't RB high JJ enough RB to TO attract VB his PRP$ attention NN . . `` `` Why WRB should MD I PRP bother VB with IN something NN that WDT 's VBZ an DT unknown NN for IN a DT very RB small JJ pickup NN in IN yield NN ? . '' '' he PRP said VBD . . `` `` I PRP 'm VBP not RB going VBG to TO jump VB on IN them PRP the DT first JJ day NN they PRP come VBP out RB . . '' '' He PRP seems VBZ to TO be VB typical JJ of IN many JJ professional JJ money NN managers NNS . . When WRB the DT size NN of IN the DT Refcorp NNP offering NN was VBD announced VBN last JJ week NN and CC when-issued VBN trading NN activity NN began VBD , , the DT bailout NN bonds NNS were VBD yielding VBG about IN 1\/20 CD percentage NN point NN more JJR than IN the DT Treasury NNP 's POS benchmark JJ 30-year JJ bond NN . . On IN Friday NNP , , the DT yield NN was VBD quoted VBN at IN about IN 1\/4 CD percentage NN point NN higher JJR than IN the DT benchmark JJ bond NN , , an DT indication NN of IN weak JJ demand NN . . Some DT economists NNS believe VBP that IN yields NNS on IN all DT Treasury NNP securities NNS may MD rise VB this DT week NN as IN the DT market NN struggles VBZ to TO absorb VB the DT new JJ supply NN . . But CC once RB the DT new JJ securities NNS are VBP digested VBN , , they PRP expect VBP investors NNS to TO focus VB on IN the DT weak JJ economic JJ data NNS . . `` `` The DT supply NN is VBZ not RB a DT constraint NN to TO the DT market NN , , '' '' said VBD Samuel NNP Kahan NNP , , chief JJ financial JJ economist NN at IN Kleinwort NNP Benson NNP Government NNP Securities NNPS Inc NNP . . `` `` If IN one PRP thinks VBZ that IN rates NNS are VBP going VBG down RB , , you PRP do VBP n't RB care VB how WRB much JJ supply NN is VBZ coming VBG . . '' '' Friday NNP 's POS Market NN Activity NN Most JJS bond NN prices NNS fell VBD on IN concerns NNS about IN this DT week NN 's POS new JJ supply NN and CC disappointment NN that IN stock NN prices NNS did VBD n't RB stage VB a DT sharp JJ decline NN . . Junk NN bond NN prices NNS moved VBD higher RBR , , however RB . . In RBR early JJ trading NN , , Treasury NNP bonds NNS were VBD higher JJR on IN expectations NNS that IN a DT surge NN in IN buying NN among IN Japanese JJ investors NNS would MD continue VB . . Also RB providing VBG support NN to TO Treasurys NNPS was VBD hope NN that IN the DT stock NN market NN might MD see VB declines NNS because RB of IN the DT expiration NN of IN some DT stock-index NN futures NNS and CC options NNS on IN indexes NNS and CC individual JJ stocks NNS . . Those DT hopes NNS were VBD dashed VBN when WRB the DT stock NN market NN put VBD in RP a DT relatively RB quiet JJ performance NN . . Treasury NNP bonds NNS ended VBD with IN losses NNS of IN as RB much JJ as IN 1\/4 CD point NN , , or CC about IN $ $ 2.50 CD for IN each DT $ $ 1,000 CD face NN amount NN . . The DT benchmark JJ 30-year JJ bond NN , , which WDT traded VBN as RB high JJ as IN 102 CD 1\/4 CD during IN the DT day NN , , ended VBD at IN 101 CD 17\/32 CD . . The DT yield NN on IN the DT benchmark JJ bond NN rose VBD slightly RB to TO 7.98 CD % NN from IN 7.96 CD % NN . . In IN the DT corporate JJ bond NN market NN , , traders NNS said VBD the DT new-issue JJ market NN for IN junk NN bonds NNS is VBZ likely JJ to TO pick VB up RB following VBG Chicago NNP & CC North NNP Western NNP Acquisition NNP Corp. NNP 's POS $ $ 475 CD million CD junk NN bond NN offering NN Friday NNP . . Today NN , , for IN example NN , , underwriters NNS at IN Morgan NNP Stanley NNP & CC Co. NNP said VBD they PRP expect VBP to TO price VB a DT $ $ 150 CD million CD , , 12-year JJ senior JJ subordinated JJ debenture NN offering NN by IN Imo NNP Industries NNPS Inc NNP . . Traders NNS expect VBP the DT issue NN to TO be VB priced VBN to TO yield VB 12 CD % NN . . Shearson NNP Lehman NNP Hutton NNP Inc. NNP said VBD that IN a DT $ $ 150 CD million CD senior JJ subordinated JJ discount NN debenture NN issue NN by IN R.P. NNP Scherer NNP Drugs NNPS is VBZ expected VBN by IN the DT end NN of IN the DT month NN . . However RB , , despite IN the DT big JJ new-issue JJ calendar NN , , many JJ junk NN bond NN investors NNS and CC analysts NNS are VBP skeptical JJ the DT deals NNS will MD get VB done VBN . . `` `` There EX are VBP about IN a DT dozen NN more JJR deals NNS coming VBG , , '' '' said VBD Michael NNP McNamara NNP , , director NN of IN fixed-income JJ research NN at IN Kemper NNP Financial NNP Services NNPS Inc NNP . . `` `` If IN they PRP had VBD this DT much JJ trouble NN with IN Chicago NNP & CC North NNP Western NNP , , they PRP are VBP going VBG to TO have VB an DT awful JJ time NN with IN the DT rest NN . . '' '' Last JJ week NN , , underwriters NNS were VBD forced VBN to TO postpone VB three CD junk NN bond NN deals NNS because IN of IN recent JJ weakness NN in IN the DT market NN . . And CC pressure NN by IN big JJ investors NNS forced VBD Donaldson NNP Lufkin NNP & CC Jenrette NNP Securities NNPS Corp. NNP to TO sweeten VB Chicago NNP & CC North NNP Western NNP 's POS $ $ 475 CD million CD junk NN bond NN offering NN . . After IN hours NNS of IN negotiating NN that IN stretched VBN late RB into IN Thursday NNP night NN , , underwriters NNS priced VBD the DT 12-year JJ issue NN of IN resettable JJ senior JJ subordinated JJ debentures NNS at IN par NN to TO yield VB 14.75 CD % NN , , higher JJR than IN the DT 14.5 CD % NN that WDT had VBD been VBN expected VBN . . The DT coupon NN on IN the DT issue NN will MD be VB reset VB in IN one CD year NN at IN a DT rate NN that WDT will MD give VB the DT issue NN a DT market NN value NN of IN 101 CD . . However RB , , the DT maximum NN coupon NN rate NN on IN the DT issue NN when WRB it PRP is VBZ reset JJ is VBZ 15.50 CD % NN . . Debenture NN holders NNS also RB will MD receive VB the DT equivalent NN of IN 10 CD % NN of IN the DT common JJ stock NN in IN Chicago NNP & CC North NNP Western NNP 's POS parent NN company NN . . `` `` The DT coupon NN was VBD raised VBN to TO induce VB some DT of IN the DT big JJ players NNS on IN the DT fence NN to TO come VB in RB , , '' '' said VBD a DT spokesman NN for IN Donaldson NNP . . `` `` We PRP put VBP a DT price NN on IN the DT deal NN that WDT the DT market NN required VBD to TO get VB it PRP done VBN . . '' '' The DT spokesman NN said VBD the DT issue NN was VBD sold VBN out RB and CC met VBD with IN strong JJ interest NN abroad RB , , particularly RB from IN Japanese JJ investors NNS . . In IN the DT secondary JJ , , or CC resale NN , , market NN , , junk NN bonds NNS closed VBD 1\/2 CD point NN higher RBR , , while IN investment-grade JJ corporate JJ bonds NNS fell VBD 1\/8 CD to TO 1\/4 CD point NN . . Sotheby NNP 's POS Inc. NNP 's POS gamble NN in IN the DT art-dealing JJ business NN appears VBZ to TO have VB paid VBN off RB . . The DT New NNP York NNP arm NN of IN the DT London-based JJ auction NN house NN auctioned VBD off RP the DT estate NN of IN John NNP T. NNP Dorrance NNP Jr. NNP , , the DT Campbell NNP 's POS Soup NNP Co. NNP heir NN , , for IN $ $ 131 CD million CD last JJ week NN , , a DT record NN for IN a DT single-owner JJ art NN collection NN . . That DT total NN was VBD below IN the DT $ $ 140 CD million CD the DT auction NN house NN estimated VBD the DT collection NN might MD sell VB for IN , , but CC was VBD enough RB to TO ensure VB that IN an DT unprecedented JJ financial JJ arrangement NN Sotheby NNP 's POS had VBD made VBN with IN the DT Dorrance NNP family NN proved VBD profitable JJ to TO the DT auction NN house NN . . Sotheby NNP 's VBZ provided VBD the DT Dorrance NNP family NN a DT guarantee NN of IN at IN least JJS $ $ 100 CD million CD , , and CC as RB much JJ as IN $ $ 120 CD million CD , , to TO obtain VB the DT collection NN , , people NNS familiar JJ with IN the DT transaction NN said VBD , , thus RB taking VBG a DT greater JJR than IN usual JJ financial JJ interest NN in IN the DT property NN to TO be VB sold VBN . . The DT Dorrance NNP estate NN , , auctioned VBN off RP in IN a DT series NN of IN sales NNS held VBN over IN four CD days NNS , , included VBD porcelains NNS , , furniture NN and CC paintings NNS . . An DT Henri NNP Matisse NNP , , auctioned VBN last JJ Wednesday NNP , , fetched VBD $ $ 12.4 CD million CD , , a DT world NN record NN for IN the DT artist NN . . In IN addition NN , , a DT handful NN of IN paintings NNS from IN the DT Dorrance NNP collection NN remain VBP to TO be VB sold VBN at IN Sotheby NNP 's POS annual JJ old JJ masters NNS paintings NNS auction NN in IN January NNP . . The DT Better NNP Business NNP Bureau NNP of IN San NNP Diego NNP and CC the DT state NN Attorney NNP General NNP 's POS office NN entered VBD into IN a DT settlement NN stemming VBG from IN an DT investigation NN of IN bureau-sponsored JJ business NN directories NNS published VBN by IN an DT outside JJ firm NN , , Better NNP Book NNP Inc NNP . . The DT settlement NN stems VBZ from IN charges NNS that IN Better NNP Book NNP , , now RB defunct JJ , , made VBD misrepresentations NNS in IN selling VBG advertising NN for IN the DT directories NNS and CC memberships NNS in IN the DT bureau NN from IN 1984 CD to TO 1986 CD . . Without IN admitting VBG any DT guilt NN , , the DT bureau NN agreed VBD to TO several JJ conditions NNS if IN it PRP again RB contracts VBZ with IN an DT outside JJ firm NN to TO publish VB its PRP$ directories NNS . . The DT conditions NNS include VBP not RB misrepresenting VBG how WRB many JJ directories NNS will MD be VB distributed VBN , , and CC agreeing VBG to TO make VB refunds NNS to TO directory NN advertisers NNS if IN any DT misrepresentations NNS are VBP involved VBN in IN the DT sale NN . . The DT Attorney NNP General NNP 's POS investigation NN was VBD sparked VBN by IN lawsuits NNS and CC charges NNS by IN angry JJ California NNP businesspeople NN that IN they PRP were VBD swindled VBN in IN a DT bureau-sponsored JJ directory NN project NN contracted VBN by IN Better NNP Book NNP . . The DT uproar NN led VBD to TO the DT closing NN of IN the DT Los NNP Angeles NNP Better NNP Business NNP Bureau NNP in IN late JJ 1987 CD . . McCaw NNP Cellular NNP Communications NNPS Inc. NNP said VBD it PRP obtained VBD `` `` firm JJ '' '' financing NN commitments NNS from IN three CD major JJ banks NNS in IN regard NN to TO its PRP$ offer NN for IN 50.3 CD % NN of IN LIN NNP Broadcasting NNP Corp NNP . . Morgan NNP Guaranty NNP Trust NNP , , Toronto-Dominion NNP Bank NNP and CC Provident NNP National NNP Bank NNP , , an DT affiliate NN of IN PNC NNP Financial NNP Corp. NNP , , jointly RB committed VBD $ $ 1.2 CD billion CD of IN financing NN , , subject JJ to TO certain JJ conditions NNS , , McCaw NNP said VBD . . Further RBR , , McCaw NNP said VBD the DT banks NNS expressed VBD confidence NN that IN the DT balance NN of IN the DT $ $ 4.5 CD billion CD bank NN facility NN will MD be VB committed VBN within IN the DT next JJ several JJ weeks NNS by IN a DT syndicate NN of IN foreign JJ and CC domestic JJ banks NNS . . Morgan NNP , , Toronto-Dominion NNP and CC Provident NNP are VBP leading VBG that DT syndicate NN . . McCaw NNP is VBZ offering VBG to TO buy VB 22 CD million CD shares NNS of IN LIN NNP for IN $ $ 125 CD each DT in IN cash NN , , which WDT would MD result VB in IN McCaw NNP owning VBG 50.3 CD % NN of IN the DT cellular-phone NN and CC broadcasting NN concern NN . . The DT offer NN is VBZ in IN limbo NN , , however RB , , because IN LIN NNP has VBZ agreed VBN to TO merge VB its PRP$ cellular-phone NN businesses NNS with IN BellSouth NNP Corp NNP . . In IN national JJ over-the-counter JJ trading NN Friday NNP , , LIN NNP shares NNS rose VBD 62.5 CD cents NNS to TO close VB at IN $ $ 110.625 CD . . Beijing NNP lawmakers NNS have VBP called VBN for IN jails NNS to TO be VB built VBN to TO house VB prostitutes NNS and CC for IN severe JJ punishment NN , , including VBG the DT death NN sentence NN , , for IN anyone NN who WP induces VBZ or CC coerces VBZ women NNS into IN prostitution NN . . The DT official JJ Xinhua NNP News NNP Agency NNP said VBD the DT municipal JJ government NN was VBD discussing VBG a DT draft NN bill NN to TO give VB the DT capital NN its PRP$ first JJ anti-prostitution JJ statutes NNS . . It PRP quoted VBD Liu NNP Changyi NNP , , deputy NN director NN of IN the DT Beijing NNP Public NNP Security NNP Bureau NNP , , as IN saying VBG that IN there EX were VBD many RB more JJR people NNS involved VBN in IN prostitution NN now RB than IN in IN 1985 CD , , when WRB there EX were VBD about IN 100 CD cases NNS . . Foreigners NNS involved VBN in IN prostitution NN will MD be VB punished VBN according VBG to TO the DT law NN , , and CC those DT with IN sexually RB transmitted JJ diseases NNS will MD be VB expelled VBN from IN the DT country NN , , according VBG to TO the DT regulations NNS . . The DT Communists NNPS nearly RB succeeded VBD in IN eliminating VBG prostitution NN after IN taking VBG over RP in IN 1949 CD , , but CC the DT practice NN has VBZ returned VBN in IN recent JJ years NNS with IN the DT country NN 's POS increased VBN exposure NN to TO the DT outside JJ world NN . . Japan NNP agreed VBD to TO enforce VB a DT decision NN by IN an DT international JJ wildlife NN conference NN to TO ban VB all DT trade NN in IN ivory NN , , a DT spokesman NN for IN the DT Ministry NNP of IN International NNP Trade NNP and CC Industry NNP said VBD . . Earlier RBR , , Japan NNP had VBD said VBN it PRP might MD file VB a DT reservation NN against IN the DT ivory NN ban NN decided VBN by IN ballot NN at IN the DT 103-nation JJ United NNP Nations NNPS Conference NNP on IN International NNP Trade NNP in IN Endangered NNP Species NNP in IN Switzerland NNP last JJ week NN . . The DT Japanese NNPS use VBP 40 CD % NN of IN the DT world NN 's POS ivory NN . . Italy NNP should MD close VB the DT Leaning NNP Tower NNP of IN Pisa NNP because IN it PRP 's VBZ a DT danger NN to TO tourists NNS , , government-appointed JJ experts NNS said VBD . . `` `` In IN some DT places NNS the DT stonework NN is VBZ so RB damaged JJ it PRP shows VBZ signs NNS of IN breaking VBG off RB , , '' '' scientists NNS and CC technicians NNS said VBD in IN a DT report NN to TO Public NNP Works NNP Minister NNP Giovanni NNP Prandini NNP . . Each DT year NN , , nearly RB a DT million CD people NNS pay VBP about IN $ $ 3 CD to TO make VB the DT spiral NN climb NN up IN 294 CD steps NNS to TO the DT top NN of IN the DT 800-year-old JJ marble NN tower NN . . East NNP Germany NNP pledged VBD to TO reduce VB alcohol NN consumption NN by IN boosting VBG production NN of IN soft JJ drinks NNS and CC fruit NN juices NNS . . Trade NNP and CC Supply NNP Minister NNP Gerhard NNP Briksa NNP said VBD in IN a DT letter NN published VBN in IN the DT youth NN daily JJ Junge NNP Welt NNP that IN the DT rise NN in IN alcohol NN consumption NN in IN East NNP Germany NNP had VBD been VBN halted VBN ; : but CC to TO reduce VB it PRP further RBR , , he PRP said VBD , , production NN and CC supply NN of IN other JJ beverages NNS , , including VBG fruit NN juices NNS , , should MD be VB stepped VBN up RB . . He PRP added VBD that IN shops NNS will MD have VB to TO continue VB reducing VBG their PRP$ stocks NNS of IN liquor NN and CC avoid VB displaying VBG them PRP too RB prominently RB in IN the DT window NN . . Hong NNP Kong NNP has VBZ built VBN a DT detention NN center NN for IN illegal JJ immigrants NNS from IN China NNP because IN China NNP has VBZ refused VBN for IN the DT past JJ two CD weeks NNS to TO accept VB them PRP back RB . . The DT center NN , , close RB to TO Hong NNP Kong NNP 's POS border NN with IN China NNP , , will MD be VB ready JJ today NN and CC will MD be VB able JJ to TO house VB 1,000 CD inmates NNS , , Police NNP Deputy NNP Director NNP Peter NNP Wong NNP said VBD . . The DT dispute NN started VBD when WRB China NNP , , angry JJ that IN Hong NNP Kong NNP had VBD allowed VBN dissident NN swimmer NN Yang NNP Yang NNP to TO flee VB to TO the DT U.S. NNP , , halted VBD the DT usual JJ daily JJ transfer NN of IN illegal JJ immigrants NNS caught VBN in IN this DT British JJ colony NN , , which WDT reverts VBZ to TO Beijing NNP 's POS control NN in IN 1997 CD . . Sweating VBG under IN the DT glare NN of IN newly RB installed VBN television NN lights NNS , , British JJ members NNS of IN Parliament NNP demanded VBD a DT halt NN to TO the DT experimental JJ televising NN of IN debates NNS . . A DT group NN of IN senior JJ Conservative JJ legislators NNS , , complaining VBG the DT House NNP of IN Commons NNPS was VBD like IN a DT sauna NN , , demanded VBD that IN the DT experiment NN be VB stopped VBN unless IN the DT intensity NN of IN the DT lights NNS is VBZ reduced VBN . . One CD Conservative NN MP NNP , , David NNP Wilshire NNP , , said VBD : : `` `` I PRP should MD have VB a DT wonderful JJ suntan NN by IN Christmas NNP . . '' '' Debates NNS are VBP due JJ to TO be VB broadcast VBN nationally RB starting VBG Nov. NNP 21 CD in IN a DT six-month JJ experiment NN . . A DT majority NN of IN Japanese JJ banks NNS are VBP said VBN to TO be VB wary JJ of IN making VBG new JJ loans NNS to TO Mexico NNP under IN the DT Brady NNP plan NN because IN they PRP 're VBP uncertain JJ the DT Mexican JJ economy NN will MD remain VB stable JJ . . Instead RB , , many JJ small JJ and CC medium-sized JJ banks NNS , , and CC some DT larger JJR ones NNS , , are VBP likely JJ to TO take VB one CD of IN the DT other JJ two CD options NNS open JJ to TO them PRP under IN the DT plan NN , , Japanese JJ banking NN officials NNS said VBD . . The DT plan NN , , proposed VBN by IN U.S. NNP Secretary NNP of IN State NNP Nicholas NNP Brady NNP , , calls VBZ for IN banks NNS either CC to TO make VB new JJ loans NNS or CC to TO reduce VB the DT principle NN on IN existing JJ loans NNS or CC to TO cut VB the DT interest NN rate NN on IN those DT existing VBG loans NNS . . The DT officials NNS said VBD that DT most JJS Japanese JJ banks NNS prefer VBP the DT losses NNS they PRP 'd MD suffer VB in IN either DT of IN the DT latter JJ options NNS to TO the DT risk NN of IN new JJ lending NN . . But CC an DT official NN at IN a DT long-term JJ credit NN bank NN explained VBD that IN since IN some DT larger JJR banks NNS have VBP already RB taken VBN loss NN provisions NNS for IN loans NNS to TO other JJ Third NNP World NNP nations NNS , , further JJ write-offs NNS could MD be VB viewed VBN as IN intolerable JJ . . `` `` They PRP ca MD n't RB take VB the DT hit NN '' '' to TO their PRP$ earnings NNS , , he PRP said VBD . . As IN a DT result NN , , the DT official NN said VBD , , they PRP may MD be VB forced VBN into IN a DT no-win JJ situation NN in IN which WDT they PRP make VBP risky JJ loans NNS that IN they PRP could MD have VB to TO write VB off RP later RB . . A DT poll NN in IN male-dominated JJ South NNP Korea NNP put VBD Margaret NNP Thatcher NNP first JJ on IN a DT list NN of IN most-respected JJS foreign JJ leaders NNS . . The DT British JJ prime JJ minister NN was VBD the DT only JJ woman NN singled VBN out RP by IN respondents NNS , , who WP put VBD Soviet JJ President NNP Mikhail NNP Gorbachev NNP in IN second JJ place NN ... : . . The DT Soviet JJ newspaper NN Trud NNP reported VBD that IN Mickey NNP Mouse NNP will MD appear VB in IN a DT Russian-language JJ comic JJ book NN to TO be VB issued VBN four CD times NNS a DT year NN by IN Soviet JJ publisher NN Fizkultura NNP i FW Sport NNP and CC Denmark NNP 's POS Gutenberghus NNP Group NNP . . The DT comic JJ book NN will MD cost VB about IN $ $ 2 CD . . Ekco NNP Group NNP Inc. NNP , , Nashua NNP , , N.H. NNP , , expects VBZ to TO report VB that DT net JJ income NN in IN the DT third JJ quarter NN , , ended VBN Oct. NNP 1 CD , , fell VBD 50 CD % NN to TO 60 CD % NN from IN $ $ 2.1 CD million CD , , or CC 11 CD cents NNS a DT share NN , , a DT year NN earlier RB . . Robert NNP Stein NNP , , president NN and CC chief JJ executive NN officer NN , , attributed VBD the DT expected JJ decline NN partly RB to TO the DT effects NNS of IN a DT two-week JJ strike NN last JJ month NN at IN the DT company NN 's POS Masillon NNP , , Ohio NNP , , bakeware NN facility NN . . Softer-than-expected JJ orders NNS in IN early JJ September NNP also RB played VBD a DT role NN , , he PRP said VBD in IN an DT interview NN . . But CC Mr. NNP Stein NNP said VBD he PRP is VBZ `` `` reasonably RB confident JJ '' '' that IN earnings NNS for IN the DT full JJ year NN will MD exceed VB the DT $ $ 3.1 CD million CD , , or CC 17 CD cents NNS a DT share NN , , in IN 1988 CD . . That DT would MD require VB fourth-quarter JJ net NN of IN more JJR than IN about IN 22 CD cents NNS to TO 24 CD cents NNS a DT share NN , , assuming VBG that IN Mr. NNP Stein NNP 's POS third-quarter JJ estimate NN proves VBZ accurate JJ . . In IN the DT year-earlier JJ fourth JJ quarter NN , , the DT company NN had VBD profit NN of IN $ $ 2.7 CD million CD , , or CC 15 CD cents NNS a DT share NN . . Third-quarter JJ revenue NN is VBZ expected VBN to TO be VB $ $ 40 CD million CD to TO $ $ 45 CD million CD , , up RB from IN $ $ 38.2 CD million CD a DT year NN earlier RB , , according VBG to TO Neil NNP Gordon NNP , , treasurer NN . . The DT year-earlier JJ periods NNS do VBP n't RB reflect VB results NNS of IN the DT company NN 's POS Woodstream NNP Corp. NNP unit NN , , acquired VBN last JJ January NNP , , but CC include VBP some DT Canadian JJ operations NNS that WDT were VBD sold VBN at IN the DT end NN of IN 1988 CD . . August NNP through IN October NNP traditionally RB is VBZ the DT busiest JJS season NN for IN the DT bakeware NN business NN , , as IN many JJ retailers NNS use VBP the DT goods NNS as IN autumn NN promotional JJ items NNS . . Mr. NNP Stein NNP said VBD some DT retailers NNS -- : perhaps RB anxious JJ about IN minimizing VBG inventories NNS -- : appear VBP to TO have VB held VBN back RB on IN orders NNS in IN September NNP but CC have VBP been VBN ordering VBG more RBR heavily RB in IN October NNP . . Mr. NNP Stein NNP said VBD Woodstream NNP is VBZ `` `` marginally RB profitable JJ '' '' but CC has VBZ n't RB performed VBN as RB well RB as IN expected VBN . . Woodstream NNP 's POS Victor-brand JJ mousetraps NNS and CC other JJ pest-control JJ products NNS are VBP `` `` doing VBG very RB well RB , , '' '' and CC its PRP$ plastic JJ storage-case NN products NNS `` `` are VBP poised VBN for IN growth NN , , '' '' he PRP said VBD . . But CC the DT unit NN 's POS third JJ segment NN , , wildlife NN traps NNS , , is VBZ suffering VBG from IN a DT `` `` depressed JJ market NN , , '' '' and CC Ekco NNP is VBZ seeking VBG to TO sell VB that DT segment NN , , he PRP said VBD . . Mr. NNP Stein NNP said VBD he PRP expects VBZ profit NN to TO be VB higher JJR in IN 1990 CD than IN in IN 1989 CD , , reflecting VBG a DT number NN of IN measures NNS taken VBN since IN the DT acquisition NN of IN Ekco NNP Housewares NNPS in IN late JJ 1987 CD . . ( ( Prior RB to TO acquiring VBG the DT housewares NNS business NN , , the DT company NN was VBD known VBN as IN Centronics NNP Corp. NNP ; : Centronics NNP had VBD been VBN a DT maker NN of IN computer NN printers NNS , , but CC Mr. NNP Stein NNP and CC other JJ officers NNS decided VBD to TO sell VB that DT business NN after IN Japanese JJ competitors NNS grabbed VBD a DT dominant JJ share NN of IN the DT market NN . . ) ) Mr. NNP Stein NNP said VBD tighter JJR operating NN controls NNS have VBP enabled VBN Ekco NNP to TO reduce VB inventory NN levels NNS 25 CD % NN to TO 30 CD % NN ; : improve VB on-time JJ delivery NN of IN orders NNS to TO about IN 95 CD % NN from IN around IN 70 CD % NN ; : and CC to TO lower VB the DT number NN of IN labor NN hours NNS required VBN to TO produce VB a DT unit NN . . By IN moving VBG the DT design NN of IN new JJ products NNS in-house JJ -- : instead RB of IN contracting VBG out RP the DT work NN -- : the DT company NN also RB has VBZ been VBN able JJ to TO come VB up RP with IN designs NNS that WDT can MD be VB manufactured VBN more RBR efficiently RB , , he PRP said VBD . . In IN addition NN to TO those DT measures NNS , , the DT company NN spent VBD heavily RB earlier RBR this DT year NN to TO install VB displays NNS at IN its PRP$ customers NNS ' POS retail JJ outlets NNS -- : a DT strategy NN that IN Mr. NNP Stein NNP said VBD has VBZ helped VBN bolster VB awareness NN of IN the DT company NN 's POS brands NNS . . Ekco NNP 's POS housewares NNS operation NN makes VBZ kitchen NN tools NNS and CC gadgets NNS , , as RB well RB as IN bakeware NN , , at IN factories NNS in IN the DT U.S. NNP and CC Canada NNP . . The DT main JJ issue NN in IN the DT strike NN at IN the DT Ohio NNP facility NN was VBD health-care NN benefits NNS , , Mr. NNP Stein NNP said VBD . . The DT strike NN ended VBD Oct NNP . . Ekco NNP continues VBZ to TO seek VB further JJ acquisitions NNS in IN the DT consumer-products JJ industry NN , , Mr. NNP Stein NNP said VBD . . He PRP indicated VBD that IN Ekco NNP may MD be VB interested JJ in IN acquiring VBG another DT company NN with IN revenue NN in IN the DT range NN of IN $ $ 75 CD million CD to TO $ $ 100 CD million CD , , partly RB because IN mass NN merchandisers NNS increasingly RB want VBP to TO rely VB on IN larger JJR , , and CC fewer JJR , , suppliers NNS . . After IN several JJ years NNS of IN booming JJ business NN with IN China NNP , , foreign JJ traders NNS are VBP bracing VBG for IN the DT biggest JJS slump NN in IN a DT decade NN . . The DT imposition NN of IN austerity NN measures NNS , , starting VBG last JJ October NNP , , already RB had VBD begun VBN to TO pinch VB when WRB the DT massacre NN in IN Tiananmen NNP Square NNP on IN June NNP 4 CD and CC subsequent JJ events NNS tugged VBD the DT belt NN far RB tighter RBR . . Foreign JJ lending NN has VBZ been VBN virtually RB suspended VBN since IN then RB , , choking VBG liquidity NN and CC hobbling VBG many JJ projects NNS . . And CC Beijing NNP has VBZ pulled VBN back RB on IN domestic JJ loans NNS and CC subsidies NNS , , leaving VBG many JJ domestic JJ buyers NNS and CC export-oriented JJ plants NNS strapped VBN for IN cash NN . . Givaudan NNP Far NNP East NNP Ltd. NNP , , a DT Swiss JJ concern NN that WDT sells VBZ chemicals NNS to TO shampoo NN and CC soap NN factories NNS in IN China NNP , , typifies VBZ the DT problems NNS . . Last JJ year NN 's POS retrenchment NN dried VBD up RP the DT working NN capital NN of IN Chinese JJ factories NNS . . The DT company NN 's POS sales NNS flattened VBD during IN 1989 CD 's POS first JJ half NN . . The DT June NNP killings NNS magnified VBD the DT problems NNS . . In IN Canton NNP , , Givaudan NNP 's POS representative JJ office NN received VBD no DT orders NNS in IN June NNP . . At IN first RB it PRP attributed VBD the DT slump NN to TO temporary JJ business NN disruptions NNS , , but CC when WRB no DT orders NNS were VBD logged VBN in IN August NNP and CC September NNP , , manager NN Donald NNP Lai NNP became VBD convinced JJ that DT business NN would MD be VB bad JJ for IN many JJ months NNS . . `` `` Things NNS have VBP grown VBN worse JJR since IN June NNP 4 CD , , '' '' Mr. NNP Lai NNP says VBZ . . He PRP predicts VBZ that IN sales NNS will MD drop VB between IN 30 CD % NN and CC 40 CD % NN from IN last JJ year NN 's POS $ $ 3 CD million CD . . The DT consumer-products JJ and CC light-industrial JJ sectors NNS are VBP bearing VBG the DT brunt NN of IN China NNP 's POS austerity NN measures NNS , , and CC foreign JJ companies NNS such JJ as IN Givaudan NNP that WDT deal VBP with IN those DT industries NNS are VBP being VBG hit VBN the DT hardest RBS . . But CC in IN general JJ , , all DT foreign-trading JJ companies NNS are VBP feeling VBG the DT pinch NN . . `` `` The DT import NN pie NN will MD shrink VB , , '' '' says VBZ John NNP Kamm NNP , , first JJ vice NN president NN of IN the DT American NNP Chamber NNP of IN Commerce NNP in IN Hong NNP Kong NNP and CC a DT China NNP trade NN specialist NN . . `` `` On IN the DT down JJ side NN , , sales NNS could MD fall VB as RB much JJ as IN 90 CD % NN for IN some DT companies NNS ; : on IN the DT upper JJ side NN , , sales NNS will MD be VB flat JJ . . '' '' China NNP 's POS foreign JJ trade NN has VBZ gone VBN in IN cycles NNS during IN the DT past JJ decade NN . . The DT last JJ time NN that IN traders NNS experienced VBD a DT trough NN was VBD during IN 1985-86 CD , , when WRB Beijing NNP imposed VBD tough JJ measures NNS to TO curb VB imports NNS and CC conserve VB foreign JJ exchange NN . . The DT current JJ trough NN is VBZ expected VBN to TO be VB much RB deeper JJR , , because IN Beijing NNP has VBZ cut VBN off RP domestic JJ funds NNS from IN factories NNS for IN the DT first JJ time NN to TO slow VB inflation NN . . In IN addition NN , , the DT suspension NN of IN loans NNS and CC export NN credits NNS from IN foreign JJ governments NNS and CC institutions NNS following VBG the DT June NNP killings NNS have VBP been VBN a DT big JJ setback NN . . `` `` The DT freeze NN on IN new JJ lending NN is VBZ dealing VBG the DT single JJ biggest JJS blow NN to TO trading NN , , '' '' says VBZ Raymond NNP Wong NNP , , China NNP manager NN for IN Mannesmann NNP AG NNP , , a DT West JJ German JJ machinery-trading JJ company NN . . Import NN growth NN from IN the DT year-earlier JJ months NNS slowed VBD to TO 16 CD % NN in IN July NNP and CC 7.1 CD % NN in IN August NNP , , compared VBN with IN an DT average JJ growth NN rate NN of IN 26 CD % NN in IN the DT first JJ half NN . . In IN the DT first JJ eight CD months NNS of IN 1989 CD , , imports NNS grew VBD 21 CD % NN , , to TO $ $ 38.32 CD billion CD , , down RB slightly RB from IN a DT growth NN rate NN of IN 23 CD % NN a DT year NN earlier RB . . The DT picture NN for IN China NNP 's POS exports NNS is VBZ just RB as RB bleak JJ , , mainly RB because IN of IN the DT domestic JJ credit NN squeeze NN . . Exports NNS in IN the DT first JJ eight CD months NNS grew VBD only RB 9 CD % NN , , to TO $ $ 31.48 CD billion CD , , compared VBN with IN a DT growth NN rate NN of IN 25 CD % NN a DT year NN earlier RB , , according VBG to TO Chinese JJ customs NNS figures NNS . . The DT threat NN to TO China NNP 's POS balance NN of IN payments NNS is VBZ further RBR aggravated VBN by IN the DT plunge NN in IN its PRP$ foreign-exchange NN reserves NNS , , excluding VBG gold NN holdings NNS . . The DT reserves NNS dropped VBD for IN the DT first JJ time NN in IN recent JJ years NNS , , to TO $ $ 14 CD billion CD in IN June NNP from IN $ $ 19 CD billion CD in IN April NNP . . The DT trend NN has VBZ prompted VBN Beijing NNP to TO intensify VB efforts NNS to TO curb VB imports NNS . . In IN recent JJ weeks NNS , , China NNP 's POS leaders NNS have VBP recentralized VBN trading NN in IN wool NN and CC scores NNS of IN chemical NN products NNS and CC commodities NNS . . The DT Ministry NNP of IN Foreign NNP Economic NNP Relations NNPS and CC Trade NNP set VBD up RP a DT special JJ bureau NN last JJ month NN to TO monitor VB the DT issue NN of IN import NN and CC export NN licenses NNS . . Beijing NNP 's POS periodic JJ clampdowns NNS on IN imports NNS have VBP taught VBN many JJ trading NN companies NNS that IN the DT best JJS way NN to TO get VB through IN the DT drought NN is VBZ by IN helping VBG China NNP export VB . . For IN example NN , , Nissho NNP Iwai NNP Corp. NNP , , one CD of IN the DT biggest JJS Japanese JJ trading NN houses NNS , , now RB buys VBZ almost RB twice RB as IN many JJ goods NNS from IN China NNP as IN it PRP sells VBZ to TO that DT country NN . . Three CD years NNS ago RB , , the DT ratio NN was VBD reversed JJ . . But CC the DT strategy NN is VBZ n't RB helping VBG much RB this DT time NN . . `` `` Both DT sectors NNS of IN imports NNS and CC exports NNS look VBP just RB as RB bad JJ , , '' '' says VBZ Masahiko NNP Kitamura NNP , , general JJ manager NN of IN Nissho NNP Iwai NNP 's POS Canton NNP office NN . . He PRP expects VBZ the DT company NN 's POS trading NN business NN to TO drop VB as RB much JJ as IN 40 CD % NN this DT year NN . . For IN a DT short JJ time NN after IN June NNP 4 CD , , it PRP appeared VBD that IN the DT trade NN picture NN would MD remain VB fairly RB bright JJ . . Many JJ foreign JJ trading VBG offices NNS in IN Hong NNP Kong NNP were VBD swamped VBN with IN telexes NNS and CC telephone NN calls NNS from IN Chinese JJ trade NN officials NNS urging VBG them PRP not RB to TO sever VB ties NNS . . Even RB the DT Bank NNP of IN China NNP , , which WDT normally RB took VBD weeks NNS to TO process VB letters NNS of IN credit NN , , was VBD settling VBG the DT letters NNS at IN record JJ speed NN to TO dispel VB rumors NNS about IN the DT bank NN 's POS financial JJ health NN . . But CC when WRB foreign JJ traders NNS tried VBD to TO do VB business NN , , they PRP discovered VBD that IN the DT eagerness NN of IN Chinese JJ trade NN officials NNS was VBD just RB a DT smokescreen NN . . The DT suspension NN of IN foreign JJ loans NNS has VBZ weakened VBN the DT buying NN power NN of IN China NNP 's POS national JJ trading VBG companies NNS , , which WDT are VBP among IN the DT country NN 's POS biggest JJS importers NNS . . Business NN is VBZ n't RB any RB better RB on IN the DT provincial JJ or CC municipal JJ level NN , , foreign JJ traders NNS say VBP . . Shanghai NNP Investment NNP & CC Trust NNP Co. NNP , , known VBN as IN Sitco NNP , , is VBZ the DT city NN 's POS main JJ financier NN for IN trading NN business NN . . Sitco NNP had VBD customarily RB tapped VBN the DT Japanese JJ bond NN market NN for IN funds NNS , , but CC it PRP ca MD n't RB do VB that DT any RB longer RB . . Foreign JJ traders NNS say VBP the DT company NN is VBZ strapped JJ for IN cash NN . . `` `` It PRP has VBZ difficulties NNS paying VBG its PRP$ foreign JJ debts NNS , , '' '' says VBZ a DT Hong NNP Kong NNP executive NN who WP is VBZ familiar JJ with IN Sitco NNP 's POS business NN . . `` `` How WRB can MD it PRP make VB available JJ funds NNS for IN purchases NNS ? . '' '' Foreign JJ traders NNS also RB say VBP many JJ of IN China NNP 's POS big JJ infrastructural JJ projects NNS have VBP been VBN canceled VBN or CC postponed VBN because RB of IN the DT squeeze NN on IN domestic JJ and CC foreign JJ credit NN . . Albert NNP Lee NNP , , a DT veteran NN trader NN who WP specializes VBZ in IN machinery NN sales NNS , , estimates VBZ that IN as RB many JJ as IN 70 CD % NN of IN projects NNS that WDT had VBD obtained VBN approval NN to TO proceed VB have VBP been VBN canceled VBN in IN recent JJ months NNS . . `` `` There EX are VBP virtually RB no RB new JJ projects NNS , , and CC that DT means VBZ no DT new JJ business NN for IN us PRP , , '' '' he PRP says VBZ . . Even RB when WRB new JJ lending NN resumes VBZ , , foreign JJ exchange NN would MD still RB be VB tight JJ because IN Beijing NNP will MD likely RB try VB to TO rein VB in RP foreign JJ borrowing NN , , which WDT has VBZ grown VBN between IN 30 CD % NN and CC 40 CD % NN in IN the DT past JJ few JJ years NNS . . And CC foreign JJ creditors NNS are VBP likely JJ to TO be VB more RBR cautious JJ about IN extending VBG new JJ loans NNS because IN China NNP is VBZ nearing VBG a DT peak NN repayment NN period NN as IN many JJ loans NNS start VBP falling VBG due JJ in IN the DT next JJ two CD to TO five CD years NNS . . Another DT reason NN for IN the DT intensity NN of IN the DT trade NN problems NNS is VBZ that IN Beijing NNP has VBZ extended VBN the DT current JJ clampdown NN on IN imports NNS beyond IN the DT usual JJ target NN of IN consumer NN products NNS to TO include VB steel NN , , chemical NN fertilizers NNS and CC plastics NNS . . These DT have VBP been VBN among IN the DT country NN 's POS leading VBG imports NNS , , particularly RB last JJ year NN when WRB there EX were VBD shortages NNS that WDT led VBD many JJ traders NNS to TO buy VB heavily RB and CC pay VB dearly RB . . But CC the DT shortages NNS also RB spawned VBD rampant JJ speculation NN and CC spiraling VBG prices NNS . . To TO stem VB speculation NN , , Beijing NNP imposed VBD ceiling NN prices NNS that WDT went VBD into IN effect NN earlier RBR this DT year NN . . Traders NNS who WP had VBD bought VBN the DT goods NNS at IN prices NNS above IN the DT ceiling NN do VBP n't RB want VB to TO take VB a DT loss NN on IN resales NNS and CC are VBP holding VBG onto IN their PRP$ stock NN . . The DT resulting VBG stockpiling NN has VBZ depressed VBN the DT market NN . . But CC Beijing NNP ca MD n't RB cut VB back RB on IN such JJ essential JJ imports NNS as IN raw JJ materials NNS for IN too RB long RB without IN hampering VBG the DT country NN 's POS export NN business NN . . Mr. NNP Kamm NNP , , the DT China NNP trade NN expert NN , , estimates VBZ that IN as RB much JJ as IN 50 CD % NN of IN Guangdong NNP 's POS exports NNS is VBZ made VBN up RP of IN processed VBN imported VBN raw JJ materials NNS . . Oil NN Spill NN Case NN Shows VBZ Liability NN Fund NN Flaws NNS AN DT UNRESOLVED JJ two-year-old JJ dispute NN stemming VBG from IN an DT Alaskan JJ oil NN spill NN has VBZ helped VBN spur VB a DT drive NN for IN tougher JJR federal JJ laws NNS to TO protect VB victims NNS of IN such JJ accidents NNS . . The DT class-action JJ suit NN highlights VBZ shortcomings NNS of IN the DT Trans-Alaska NNP Pipeline NNP Liability NNP Fund NNP , , which WDT gets VBZ its PRP$ money NN from IN oil NN companies NNS using VBG the DT pipeline NN and CC compensates VBZ those DT harmed VBN by IN oil NN spills NNS . . On IN July NNP 2 CD , , 1987 CD , , the DT tanker NN S.S. NNP Glacier NNP Bay NNP struck VBD a DT rock NN and CC spilled VBD almost RB 150,000 CD gallons NNS of IN oil NN into IN the DT Cook NNP Inlet NNP . . Commercial JJ fishermen NNS and CC fish NN processors NNS filed VBD suit NN in IN federal JJ court NN in IN a DT claim NN that WDT has VBZ ballooned VBN to TO more JJR than IN $ $ 104.8 CD million CD . . Defendants NNS include VBP British NNP Petroleum NNP America NNP ; : Trinidad NNP Corp. NNP , , the DT shipper NN ; : and CC the DT pipeline NN liability NN fund NN . . The DT fund NN was VBD created VBN by IN the DT Trans-Alaska NNP Pipeline NNP Act NNP , , which WDT provides VBZ that IN the DT owner NN or CC operator NN of IN a DT vessel NN involved VBN in IN an DT oil NN spill NN must MD pay VB the DT first JJ $ $ 14 CD million CD in IN damages NNS . . The DT fund NN is VBZ required VBN to TO pay VB claims NNS up IN to TO an DT additional JJ $ $ 86 CD million CD . . The DT fund NN 's POS purpose NN is VBZ to TO provide VB quick JJ and CC adequate JJ relief NN . . But CC the DT Glacier NNP Bay NNP case NN , , the DT fund NN 's POS first JJ test NN , , shows VBZ how WRB easily RB the DT fund NN can MD be VB undermined VBN . . Trinidad NNP Corp. NNP is VBZ contesting VBG liability NN . . It PRP claims VBZ the DT Coast NNP Guard NNP failed VBD to TO chart VB the DT rock NN and CC refuses VBZ to TO pay VB damages NNS . . That DT means VBZ the DT fund NN is VBZ n't RB obligated VBN to TO pay VB anything NN , , at IN least JJS so RB far RB . . The DT Oil NNP Pollution NNP Act NNP , , scheduled VBN to TO come VB up RP for IN a DT vote NN in IN Congress NNP this DT fall NN , , would MD provide VB that IN if IN claimants NNS are VBP n't RB paid VBN within IN 90 CD days NNS of IN a DT spill NN , , the DT liability NN fund NN would MD compensate VB them PRP and CC seek VB reimbursement NN from IN the DT owner NN or CC operator NN of IN the DT vessel NN , , says VBZ a DT spokesman NN for IN Rep. NNP George NNP Miller NNP ( ( D. NNP , , Calif. NNP ) ) , , a DT sponsor NN of IN the DT bill NN . . The DT spokesman NN says VBZ the DT `` `` glitch NN '' '' in IN the DT statute NN is VBZ `` `` the DT worst JJS kind NN of IN Catch-22 NN . . '' '' Many JJ Law NN School NN Grads NNS Find VBP Classes NNS Never RB End VB RECENT JJ LAW NN school NN graduates NNS are VBP starting VBG jobs NNS with IN law NN firms NNS this DT fall NN -- : and CC heading VBG back RB to TO class NN . . Bar NN associations NNS and CC consultants NNS are VBP offering VBG more JJR programs NNS to TO teach VB associates NNS all DT they PRP need VBP to TO know VB about IN law NN but CC did VBD n't RB learn VB in IN law NN school NN . . `` `` Law NN school NN teaches VBZ wonderful JJ theory NN , , but CC it PRP does VBZ n't RB teach VB the DT nuts NNS and CC bolts NNS of IN practical JJ lawyering NN , , '' '' says VBZ Aaron NNP Weitz NNP , , head NN of IN a DT New NNP York NNP County NNP Lawyers NNP ' POS Association NNP committee NN that WDT sponsors VBZ such PDT a DT course NN . . In IN the DT past NN , , associates NNS learned VBD the DT basics NNS from IN senior JJ lawyers NNS who WP acted VBD as IN mentors NNS . . But CC these DT days NNS , , large JJ firms NNS hire VBP as RB many JJ as IN 30 CD new JJ associates NNS a DT year NN , , and CC it PRP 's VBZ impossible JJ to TO personally RB train VB everyone NN , , says VBZ Joel NNP Henning NNP of IN Hildebrandt NNP Inc. NNP , , a DT consulting NN firm NN that WDT runs VBZ training NN classes NNS . . The DT Hildebrandt NNP course NN enables VBZ students NNS to TO brush VB up RP on IN negotiation NN skills NNS by IN role NN playing NN in IN simulated JJ deals NNS . . Students NNS also RB are VBP taught VBN to TO return VB clients NNS ' POS phone NN calls NNS immediately RB and CC to TO treat VB the DT support NN staff NN with IN respect NN . . Many JJ law NN firms NNS sponsor VBP their PRP$ own JJ programs NNS . . At IN the DT Baltimore NNP firm NN of IN Weinberg NNP & CC Green NNP , , new JJ corporate JJ and CC banking JJ associates NNS are VBP required VBN to TO enroll VB in IN a DT 20-class JJ course NN . . Partners NNS lecture VBP on IN how WRB to TO form VB corporations NNS , , draft NN agreements NNS and CC defend VB clients NNS against IN unwanted JJ tender NN offers NNS . . Now RB , , clients NNS know VBP that IN new JJ associates NNS have VBP had VBN some DT practical JJ training NN before IN working VBG on IN their PRP$ cases NNS , , says VBZ James NNP J. NNP Hanks NNP , , a DT partner NN at IN the DT firm NN . . Los NNP Angeles NNP Creates VBZ A DT Courthouse NN for IN Kids NNS THE DT CHILDREN NNS of IN Los NNP Angeles NNP will MD soon RB have VB their PRP$ own JJ $ $ 52 CD million CD courthouse NN . . The DT building NN , , which WDT will MD handle VB child NN abuse NN , , custody NN and CC foster JJ care NN cases NNS , , will MD be VB `` `` less RBR formal JJ , , less RBR threatening JJ and CC just RB basically RB less RBR grim JJ than IN most JJS courthouses NNS , , '' '' says VBZ Edmund NNP Edelman NNP , , chairman NN of IN the DT Los NNP Angeles NNP County NNP Board NNP of IN Supervisors NNPS . . Designs NNS call VBP for IN an DT L-shaped JJ structure NN with IN a DT playground NN in IN the DT center NN . . There EX will MD be VB recreation NN and CC movie NN rooms NNS . . Teens NNS will MD be VB able JJ to TO listen VB to TO music NN with IN headsets NNS . . Study NN halls NNS , , complete JJ with IN reference NN materials NNS , , will MD be VB available JJ . . And CC there EX will MD be VB a DT nurse NN 's POS station NN and CC rooms NNS for IN children NNS to TO meet VB with IN social JJ workers NNS . . The DT building NN 's POS 25 CD courtrooms NNS will MD be VB smaller JJR , , says VBZ Charlene NNP Saunders NNP , , a DT court NN administrator NN . . The DT bench NN will MD be VB lower JJR so IN the DT judge NN seems VBZ less RBR intimidating JJ , , and CC walls NNS will MD be VB painted VBN in IN bright JJ colors NNS and CC covered VBN with IN murals NNS . . Cases NNS in IN Los NNP Angeles NNP County NNP involving VBG dependent JJ children NNS are VBP usually RB heard VBN in IN the DT Criminal NNP Courts NNPS Building NNP . . `` `` We PRP need VBP to TO get VB the DT kids NNS away RB from IN the DT criminals NNS into IN a DT less RBR traumatic JJ environment NN , , '' '' says VBZ Mr. NNP Edelman NNP . . About IN 45,000 CD children NNS in IN Los NNP Angeles NNP County NNP are VBP under IN court NN supervision NN , , Mr. NNP Edelman NNP says VBZ , , and CC an DT average NN of IN 1,500 CD new JJ children NNS are VBP added VBN each DT month NN . . The DT courthouse NN , , to TO be VB built VBN in IN Monterey NNP Park NNP , , is VBZ expected VBN to TO open VB in IN the DT spring NN of IN 1992 CD . . Law NN Firm NN Management NN Can MD Be VB Quite JJ Rewarding NN IT PRP PAYS VBZ to TO follow VB a DT management NN career NN path NN -- : even RB at IN law NN firms NNS . . That DT 's VBZ the DT conclusion NN of IN a DT recent JJ study NN of IN large JJ law NN firms NNS conducted VBN by IN Altman NNP & CC Weil NNP Inc. NNP , , an DT Ardmore NNP , , Pa. NNP , , law NN firm NN consultant NN . . Its PRP$ survey NN of IN 96 CD firms NNS , , each DT with IN 100 CD to TO 1,000 CD lawyers NNS , , shows VBZ that IN managing VBG partners NNS earned VBD an DT average NN of IN $ $ 395,974 CD in IN compensation NN and CC cash NN benefits NNS in IN the DT firms NNS ' POS 1988 CD fiscal JJ years NNS . . Managing VBG partners NNS who WP responded VBD to TO the DT survey NN typically RB spend VBP over IN half PDT their PRP$ time NN supervising VBG their PRP$ firms NNS ' POS day-to-day JJ operations NNS and CC just RB a DT little RB more JJR than IN a DT third NN of IN their PRP$ time NN practicing VBG law NN . . Partners NNS in IN the DT survey NN who WP devote VBP most JJS of IN their PRP$ time NN to TO practicing VBG law NN earned VBD an DT average NN of IN about IN $ $ 217,000 CD . . Chairman NNP Jamie NNP Whitten NNP ( ( D. NNP , , Miss NNP . . ) ) of IN the DT House NNP Appropriations NNPS Committee NNP proposed VBD a DT $ $ 2.85 CD billion CD emergency NN funding NN package NN to TO assist VB California NNP 's POS recovery NN from IN last JJ week NN 's POS earthquake NN and CC extend VB further JJR aid NN to TO East JJ Coast JJ victims NNS of IN Hurricane NNP Hugo NNP . . The DT sweeping JJ measure NN incorporates VBZ $ $ 500 CD million CD in IN small-business NN loans NNS , , $ $ 1 CD billion CD in IN highway-construction JJ funds NNS and CC $ $ 1.25 CD billion CD divided VBN between IN general JJ emergency NN assistance NN and CC a DT reserve NN to TO be VB available JJ to TO President NNP Bush NNP to TO meet VB unanticipated JJ costs NNS from IN the DT two CD disasters NNS . . The DT funds NNS would MD be VB attached VBN to TO a DT stop-gap JJ spending NN bill NN required VBN to TO keep VB most JJS of IN the DT government NN operating VBG past IN Wednesday NNP . . The DT measure NN is VBZ scheduled VBN to TO be VB taken VBN up RP by IN the DT Appropriations NNPS Committee NNP today NN . . The DT panel NN is VBZ expected VBN to TO add VB provisions NNS waiving VBG restrictions NNS on IN the DT use NN of IN federal JJ highway NN funds NNS and CC may MD also RB shift VB money NN within IN the DT package NN to TO bolster VB the DT share NN for IN the DT Small NNP Business NNP Administration NNP . . `` `` We PRP will MD support VB it PRP , , we PRP will MD thank VB him PRP , , and CC we PRP will MD augment VB it PRP where WRB appropriate JJ , , '' '' said VBD Rep. NNP Vic NNP Fazio NNP ( ( D. NNP , , Calif NNP . . ) ) . . Dubbed VBN the DT `` `` Dire JJ Emergency NN Supplemental NN to TO Meet VB the DT Needs NNS of IN Natural JJ Disasters NNS of IN National JJ Significance NN , , '' '' the DT measure NN is VBZ vintage JJ Whitten NNP in IN asserting VBG federal JJ responsibility NN and CC in IN disdaining VBG budget NN impediments NNS . . `` `` Such JJ other JJ amounts NNS will MD be VB made VBN available JJ subsequently RB as IN required VBN , , '' '' the DT legislation NN reads VBZ , , and CC the DT new JJ obligations NNS `` `` shall MD not RB be VB a DT charge NN against IN the DT Budget NNP Act NNP , , Gramm-Rudman-Hollings NNP , , or CC other JJ ceilings NNS . . Moody NNP 's POS Investors NNPS Service NNP Inc. NNP said VBD it PRP lowered VBD the DT ratings NNS of IN some DT $ $ 145 CD million CD of IN Pinnacle NNP debt NN because IN of IN `` `` accelerating VBG deficiency NN in IN liquidity NN , , '' '' which WDT it PRP said VBD was VBD evidenced VBN by IN Pinnacle NNP 's POS elimination NN of IN dividend NN payments NNS . . Henry NNP Sargent NNP Jr. NNP , , Pinnacle NNP executive NN vice NN president NN , , said VBD the DT action NN `` `` wo MD n't RB really RB have VB any DT effect NN on IN us PRP . . We PRP are VBP n't RB selling VBG bonds NNS right RB now RB , , and CC I PRP do VBP n't RB think VB it PRP will MD affect VB the DT value NN of IN our PRP$ existing VBG bonds NNS . . '' '' The DT rating NN agency NN said VBD it PRP lowered VBD the DT ratings NNS on IN $ $ 75 CD million CD of IN the DT holding VBG company NN 's POS convertible JJ subordinated JJ Eurodebentures NNS to TO B-3 JJ from IN B-1 JJ . . Moody NNP 's POS said VBD it PRP also RB lowered VBD the DT ratings NNS of IN $ $ 70 CD million CD of IN Pinnacle NNP 's POS MeraBank NNP thrift NN unit NN long-term JJ deposits NNS to TO B-3 JJ from IN B-2 JJ , , and CC on IN its PRP$ subordinated JJ debt NN to TO Ca JJ from IN Caa JJ . . MeraBank NNP 's POS rating NN for IN short-term JJ deposits NNS remains VBZ Not RB Prime JJ . . Securities NNS of IN MeraBank NNP were VBD placed VBN under IN review NN last JJ May MD , , and CC will MD remain VB under IN review NN for IN downgrade NN , , the DT agency NN said VBD . . First RB , , the DT somewhat RB affected JJ idealism NN of IN the DT 1960s NNS . . Then RB , , the DT all-too-sincere JJ opportunism NN of IN the DT 1970s NNS and CC 1980s NNS . . What WP now RB ? . To TO judge VB from IN novels NNS that WDT mirror VBP the DT contemporary JJ scene NN , , we PRP 're VBP back RB in IN the DT age NN of IN anxiety NN . . Where WRB '60s NNS dropouts NNS professed VBD to TO scorn VB middle-class NN life NN and CC ambitious JJ yuppies NNS hoped VBD to TO leave VB it PRP far RB behind RB as IN they PRP scaled VBD the DT upper JJ reaches NNS of IN success NN , , it PRP now RB seems VBZ that IN so RB many JJ people NNS feel VBP they PRP 're VBP slipping VBG between IN the DT cracks NNS , , that IN middle-class NN life NN is VBZ viewed VBN with IN nostalgia NN or CC outright JJ longing NN . . Lisa NNP Zeidner NNP 's POS third JJ novel NN , , `` `` Limited JJ Partnerships NNS '' '' ( ( North NNP Point NNP Press NNP , , 256 CD pages NNS , , $ $ 18.95 CD ) ) is VBZ a DT stylish JJ , , funny JJ and CC thoughtful JJ look NN at IN the DT way NN love NN relationships NNS are VBP affected JJ by IN the DT pressures NNS of IN money NN , , or CC , , more RBR specifically RB , , the DT lack NN of IN it PRP . . Nora NNP Worth NNP and CC Malcolm NNP DeWitt NNP , , 33 CD and CC 39 CD respectively RB , , live VBP together RB in IN a DT townhouse NN in IN a DT transitional JJ Philadelphia NNP neighborhood NN . . Malcolm NNP , , a DT former JJ film-maker NN turned VBD architect NN , , has VBZ just RB seen VBN his PRP$ first JJ big JJ chance NN at IN a DT lucrative JJ commission NN turn VB to TO dust NN with IN the DT arrest NN of IN his PRP$ shady JJ , , obnoxious JJ client NN , , a DT fly-by-night JJ real JJ estate NN developer NN . . Nora NNP , , who WP still RB has VBZ artistic JJ aspirations NNS , , knows VBZ she PRP is VBZ lucky JJ to TO be VB working VBG as IN a DT food NN stylist NN , , prepping VBG pies NNS , , burgers NNS , , frosty JJ cold JJ drinks NNS and CC other JJ comestibles NNS to TO look VB as RB appetizing JJ as IN possible JJ in IN front NN of IN the DT camera NN . . After IN all DT , , she PRP reasons VBZ , , `` `` there EX were VBD housewives NNS with IN Nikons NNPS and CC degrees NNS from IN cooking NN schools NNS in IN France NNP who WP would MD kill VB for IN her PRP$ job NN . . '' '' But CC Nora NNP and CC Malcolm NNP feel VBP trapped JJ . . They PRP seem VBP to TO be VB having VBG the DT `` `` worst JJS of IN both DT worlds NNS : : artistic JJ work NN with IN none NN of IN art NN 's POS integrity NN and CC no DT control NN over IN the DT finished JJ product NN ; : self-employment NN without IN fun NN or CC profit NN . . '' '' It PRP 's VBZ a DT downbeat NN , , `` `` thirtysomething JJ '' '' world NN , , in IN which WDT bright JJ , , still RB youngish JJ people NNS are VBP engaged VBN in IN a DT glossy JJ version NN of IN day NN labor NN , , doing VBG free-lance JJ , , semi-professional JJ work NN that WDT brings VBZ little JJ satisfaction NN or CC security NN but CC that WDT they PRP know VBP they PRP should MD be VB grateful JJ to TO do VB . . Uncertainty NN dogs VBZ every DT aspect NN of IN their PRP$ lives NNS . . Malcolm NN faces VBZ bankruptcy NN and CC an DT IRS NNP audit NN , , but CC Nora NNP finds VBZ an DT extra JJ $ $ 30,000 CD in IN her PRP$ bank NN account NN , , suddenly RB increasing VBG her PRP$ available JJ funds NNS some DT fifteenfold RB . . While IN she PRP is VBZ wondering VBG whether IN to TO live VB it PRP up RB , , and CC do VB something NN even RB more RBR dramatic JJ , , say VB get VB married VBN , , her PRP$ life NN is VBZ further RBR complicated JJ by IN the DT reappearance NN of IN an DT old JJ flame NN , , David NNP , , a DT film NN critic NN and CC actor NN who WP always RB seems VBZ to TO be VB just JJ on IN the DT brink NN of IN stardom NN . . In IN novels NNS of IN an DT earlier JJR vintage NN , , David NNP would MD have VB represented VBN excitement NN and CC danger NN ; : Malcolm NNP , , placid JJ , , middle-class NN security NN . . The DT irony NN in IN this DT novel NN is VBZ that IN neither DT man NN represents VBZ a DT `` `` safe JJ '' '' middle-class NN haven NN : : Nora NNP 's POS decision NN is VBZ between IN emotional JJ excitement NN and CC emotional JJ security NN , , with IN no DT firm JJ economic JJ base NN anywhere RB . . The DT characters NNS confront VBP a DT world NN in IN which WDT it PRP seems VBZ increasingly RB difficult JJ to TO find VB a DT `` `` middle JJ way NN '' '' between IN the DT extremes NNS of IN success NN and CC failure NN , , wealth NN and CC poverty NN . . In IN making VBG Malcolm NNP and CC Nora NNP such JJ wonderfully RB representative JJ specimens NNS of IN their PRP$ class NN and CC generation NN , , Ms. NNP Zeidner NNP has VBZ somewhat RB neglected VBN the DT task NN of IN making VBG them PRP distinctively RB individual JJ characters NNS . . The DT humor NN of IN the DT story NN owes VBZ much JJ to TO the DT fact NN that IN no DT hearts NNS ( ( even RB the DT characters NNS ' POS own JJ ) ) are VBP likely JJ to TO bleed VB for IN the DT plight NN of IN health-food NN eaters NNS . . But CC readers NNS may MD well RB feel VB the DT pangs NNS of IN recognition NN . . In IN any DT case NN , , the DT foundering JJ middle JJ classes NNS are VBP n't RB the DT only JJ ones NNS in IN trouble NN -- : or CC whose WP$ troubles NNS provide VBP material NN for IN fiction NN . . `` `` Rascal NN Money NN '' '' ( ( Contemporary NNP Books NNPS , , 412 CD pages NNS , , $ $ 17.95 CD ) ) , , a DT novel NN by IN consultant NN and CC business NN analyst NN Joseph NNP R. NNP Garber NNP , , tells VBZ the DT story NN of IN an DT innovative JJ , , well-run JJ , , widely RB respected JJ computer NN manufacturing VBG company NN called VBD PegaSys NNP as IN it PRP faces VBZ a DT hostile JJ takeover NN attempt NN by IN AIW NNP , , a DT much RB smaller JJR corporation NN that WDT is VBZ so RB incompetently RB managed VBN as IN to TO constitute VB a DT standing JJ joke NN in IN the DT business NN world NN . . Patrician NN , , dynamic JJ Scott NNP Thatcher NNP , , founder NN and CC head NN of IN PegaSys NNP , , initially RB finds VBZ the DT takeover NN threat NN risible JJ . . But CC , , as IN he PRP and CC his PRP$ skilled JJ team NN soon RB discover VBP , , they PRP 're VBP up IN against IN two CD factors NNS they PRP had VBD n't RB counted VBN on IN : : first LS , , a DT business NN climate NN in IN which WDT a DT failing VBG company NN with IN few JJ assets NNS and CC many JJ debts NNS can MD borrow VB against IN the DT assets NNS of IN the DT successful JJ company NN it PRP hopes VBZ to TO acquire VB in IN order NN to TO finance VB the DT takeover NN ; : second LS , , that IN standing VBG behind IN AIW NNP is VBZ a DT sinister JJ consortium NN of IN much RB bigger JJR , , shadier JJR and CC shrewder JJR foreign JJ interests NNS secretly RB providing VBG the DT money NN and CC muscle NN for IN the DT deal NN . . Mr. NNP Garber NNP manages VBZ to TO invest VB this DT tale NN of IN financial JJ wars NNS with IN the DT colorful JJ characters NNS and CC fast-paced JJ action NN of IN a DT suspense NN novel NN . . And CC like IN a DT spy NN or CC mystery NN story NN , , this DT novel NN has VBZ strong JJ elements NNS of IN allegory NN , , as IN the DT good JJ and CC evil JJ forces NNS battle VBP it PRP out RP . . Mr. NNP Garber NNP depicts VBZ these DT moral JJ qualities NNS with IN the DT broad JJ brush NN strokes NNS of IN a DT satire NN that WDT occasionally RB descends VBZ to TO the DT realm NN of IN cliched JJ caricatures NNS . . Standard-issue JJ portraits NNS of IN flaky JJ Californians NNPS , , snobbish JJ homosexuals NNS and CC Neanderthal JJ union NN leaders NNS undermine VBP the DT force NN of IN the DT author NN 's POS perceptions NNS . . Yet RB the DT heavy-handedness NN of IN the DT satire NN also RB can MD be VB effective JJ in IN a DT book NN like IN this DT : : If IN the DT head NN of IN AIW NNP were VBD not RB portrayed VBN as IN an DT utterly RB contemptible JJ , , malicious JJ dolt NN , , we PRP would MD not RB much RB care VB whether IN his PRP$ schemes NNS were VBD defeated VBN , , and CC would MD not RB be VB so RB diverted VBN in IN the DT process NN . . Ms. NNP Rubin NNP is VBZ a DT free-lance JJ writer NN based VBN in IN Los NNP Angeles NNP . . High-definition JJ television NN promises VBZ to TO be VB the DT TV NN of IN tomorrow NN , , so IN it PRP is VBZ a DT natural JJ multibillion-dollar JJ market NN . . Although IN major JJ U.S. NNP manufacturers NNS have VBP all DT but CC ceded VBN the DT main JJ segment NN of IN that DT future JJ business NN to TO Japan NNP , , not RB everyone NN here RB is VBZ ready JJ to TO give VB up RP . . A DT handful NN of IN small JJ U.S. NNP companies NNS are VBP struggling VBG to TO develop VB the DT technology NN to TO build VB the DT screens NNS for IN the DT thin JJ , , high-quality JJ televisions NNS that WDT are VBP expected VBN to TO hang VB on IN living JJ room NN walls NNS by IN the DT end NN of IN the DT 1990s NNS . . With IN only JJ small JJ help NN from IN the DT government NN , , these DT start-up JJ concerns NNS are VBP trying VBG to TO compete VB with IN the DT Goliaths NNPS of IN the DT Japanese JJ consumer NN electronics NNS industry NN , , which WDT enjoy VBP considerable JJ backing NN from IN the DT Japanese JJ government NN . . Photonics NNP Technology NNP Inc. NNP of IN Northwood NNP , , Ohio NNP , , aims VBZ to TO use VB a DT new JJ form NN of IN plasma NN technology NN to TO put VB movie-quality JJ images NNS on IN a DT TV NN display NN that WDT is VBZ 40 CD inches NNS in IN diameter NN but CC only RB a DT few JJ inches NNS thick JJ . . Planar NNP Systems NNPS Inc. NNP of IN Beaverton NNP , , Ore. NNP , , the DT largest JJS of IN these DT firms NNS , , with IN $ $ 20 CD million CD in IN annual JJ revenue NN , , has VBZ similar JJ plans NNS . . It PRP already RB has VBZ had VBN success NN in IN electroluminescence NN , , another DT promising JJ technology NN adaptable JJ for IN high-definition JJ television NN . . Two CD other JJ firms NNS , , Ovonic NNP Imaging NNP Systems NNPS Inc. NNP of IN Troy NNP , , Mich. NNP , , and CC Magnascreen NNP Corp. NNP of IN Pittsburgh NNP are VBP developing VBG a DT variation NN of IN the DT flat-panel JJ screens NNS called VBN active-matrix JJ liquid NN crystal NN displays NNS . . The DT new JJ technologies NNS are VBP intended VBN to TO retire VB the DT cathode-ray NN tube NN , , which WDT accounts VBZ for IN most JJS of IN the DT bulk NN of IN the DT conventional JJ TV NN set NN . . Replacing VBG the DT cathode-ray NN tube NN with IN a DT large JJ , , thin JJ screen NN is VBZ the DT key NN to TO the DT creation NN of IN a DT high-definition JJ television NN , , or CC HDTV NN , , which WDT is VBZ expected VBN to TO become VB a DT $ $ 30 CD billion CD business NN world-wide JJ within IN a DT decade NN . . Large JJ U.S. NNP companies NNS are VBP interested JJ in IN other JJ segments NNS of IN the DT HDTV NN business NN , , such JJ as IN signal-processing NN and CC broadcast NN equipment NN . . But CC except IN for IN Zenith NNP Electronics NNPS Corp. NNP and CC International NNP Business NNP Machines NNPS Corp. NNP , , which WDT is VBZ collaborating VBG with IN Toshiba NNP on IN computer NN displays NNS , , they PRP are VBP poorly RB positioned VBN to TO exploit VB advances NNS in IN large JJ panels NNS . . General NNP Electric NNP Co. NNP recently RB sold VBD off RP its PRP$ interests NNS in IN liquid-crystal JJ displays NNS to TO Thompson-CSF NNP of IN France NNP . . `` `` We PRP found VBD the DT market NN not RB developing VBG as IN we PRP thought VBD it PRP would MD , , '' '' a DT GE NNP spokesman NN says VBZ . . The DT small JJ U.S. NNP firms NNS are VBP persisting VBG because IN of IN their PRP$ strong JJ positions NNS in IN patents NNS , , and CC because IN the DT prize NN is VBZ still RB there RB to TO be VB seized VBN . . `` `` No DT one NN yet RB has VBZ shown VBN the DT ability NN to TO manufacture VB these DT panels NNS '' '' at IN commercial JJ costs NNS , , says VBZ Zvi NNP Yaniv NNP , , the DT president NN of IN Ovonic NNP Imaging NNP . . He PRP says VBZ he PRP thinks VBZ his PRP$ company NN is VBZ just RB a DT few JJ years NNS from IN doing VBG that DT . . The DT Bush NNP administration NN , , hearing VBG conflicting JJ advice NN about IN what WP its PRP$ role NN in IN HDTV NN should MD be VB , , is VBZ n't RB doing VBG much JJ for IN now RB . . The DT only JJ material NN support NN it PRP is VBZ extending VBG to TO the DT struggling JJ U.S. NNP industry NN is VBZ $ $ 30 CD million CD in IN awards NNS from IN the DT Pentagon NNP 's POS Defense NNP Advanced NNP Research NNP Projects NNP Agency NNP . . The DT DARPA NNP funds NNS are VBP a DT pittance NN compared VBN with IN what WP Japan NNP and CC other JJ prospective JJ competitors NNS are VBP spending VBG . . The DT Commerce NNP Department NNP estimates VBZ that IN Japanese JJ government NN and CC industry NN spending NN on IN HDTV NN research NN is VBZ already RB over IN $ $ 1 CD billion CD . . `` `` Unless IN it PRP gets VBZ more JJR help NN , , the DT U.S. NNP industry NN wo MD n't RB have VB a DT chance NN , , '' '' says VBZ Peter NNP Friedman NNP , , Photonics NNP 's POS executive NN vice NN president NN . . Thus RB far RB , , almost RB all DT of IN the DT basic JJ technology NN relating VBG to TO high-definition JJ television NN has VBZ come VBN from IN U.S. NNP laboratories NNS . . But CC Peter NNP Brody NNP , , Magnascreen NNP 's POS president NN , , says VBZ Japanese JJ companies NNS are VBP poised VBN to TO snatch VB the DT technology NN and CC put VBD it PRP to TO commercial JJ use NN , , just RB as IN they PRP did VBD with IN earlier JJR U.S. NNP innovations NNS in IN color NN television NN and CC video NN recording NN . . In IN the DT 1970s NNS , , Mr. NNP Brody NNP helped VBD develop VB the DT first JJ display NN panels NNS based VBN on IN active-matrix NN liquid NN crystals NNS at IN Westinghouse NNP Electric NNP Corp. NNP 's POS research NN labs NNS in IN Pittsburgh NNP . . The DT panels NNS are VBP like IN oversized JJ semiconductors NNS surfaced VBN with IN a DT million CD or CC more JJR picture NN elements NNS , , each DT contributing VBG to TO the DT color NN and CC tone NN of IN a DT TV NN image NN . . In IN 1979 CD , , however RB , , Westinghouse NNP abandoned VBD the DT project NN along IN with IN its PRP$ stake NN in IN advanced JJ television NN . . Mr. NNP Brody NNP left VBD the DT company NN to TO find VB other JJ backers NNS . . He PRP has VBZ a DT claim NN to TO the DT right NN to TO commercialize VB the DT Westinghouse NNP patents NNS , , but CC he PRP contends VBZ that IN those DT patents NNS are VBP being VBG infringed VBN by IN a DT number NN of IN Japanese JJ producers NNS . . `` `` Most JJS American JJ investors NNS have VBP just RB given VBN up RP , , '' '' Mr. NNP Brody NNP says VBZ . . `` `` They PRP are VBP n't RB prepared JJ to TO compete VB in IN an DT area NN where WRB the DT Japanese NNPS want VBP to TO enter VB . . '' '' Many JJ critics NNS question VBP the DT industry NN 's POS need NN for IN federal JJ support NN ; : the DT Pentagon NNP justifies VBZ its PRP$ help NN on IN national-security NN grounds NNS . . `` `` We PRP do VBP n't RB see VB a DT domestic JJ source NN for IN some DT of IN our PRP$ { ( HDTV NN } ) requirements NNS , , and CC that DT 's VBZ a DT source NN of IN concern NN , , '' '' says VBZ Michael NNP Kelly NNP , , director NN of IN DARPA NNP 's POS defense NN manufacturing NN office NN . . So RB DARPA NNP is VBZ trying VBG to TO keep VB the DT industry NN interested JJ in IN developing VBG large JJ display NN panels NNS by IN doling VBG out RP research NN funds NNS . . HDTV NN already RB has VBZ some DT military JJ applications NNS , , such JJ as IN creating VBG realistic JJ flight NN simulations NNS and CC transmitting VBG information NN to TO combat NN commanders NNS . . The DT Navy NNP is VBZ ordering VBG displays NNS for IN its PRP$ Aegis NNP cruisers NNS and CC the DT Army NNP wants VBZ smaller JJR versions NNS for IN its PRP$ Abrams NNP battle NN tanks NNS . . The DT Commerce NNP Department NNP also RB is VBZ trying VBG to TO encourage VB HDTV NN because IN of IN the DT benefits NNS that WDT could MD spin VB off RB to TO the DT semiconductor NN and CC computer NN industries NNS . . `` `` It PRP is VBZ n't RB just RB yuppie NN television NN , , '' '' argues VBZ Jack NNP Clifford NNP , , director NN of IN the DT department NN 's POS office NN of IN microelectronics NNS and CC instrumentation NN . . `` `` The DT industry NN will MD create VB industrial JJ products NNS such JJ as IN displays NNS for IN work NN stations NNS and CC medical JJ diagnostic JJ equipment NN before IN it PRP acquires VBZ a DT mass NN consumer NN market NN . . '' '' Although IN some DT HDTV NN advocates NNS are VBP calling VBG for IN other JJ forms NNS of IN aid NN , , such JJ as IN antitrust JJ relief NN for IN research NN consortia NN , , the DT small JJ firms NNS simply RB would MD prefer VB more JJR DARPA NNP funds NNS . . Each DT claims VBZ to TO possess VB the DT right JJ technology NN and CC wants VBZ just RB a DT bit RB more JJR money NN to TO make VB it PRP commercial JJ . . They PRP also RB want VBP U.S. NNP trade NN policy NN to TO reflect VB the DT Pentagon NNP and CC Commerce NNP department NN 's POS concern NN over IN their PRP$ future NN . . They PRP all DT are VBP strongly RB opposed JJ to TO a DT petition NN from IN several JJ Japanese JJ TV NN manufacturers NNS , , including VBG Matsushita NNP , , Hitachi NNP , , and CC Toshiba NNP , , to TO exempt VB portable JJ color NN TVs NNS with IN liquid-crystal JJ displays NNS from IN anti-dumping JJ duties NNS that IN the DT U.S. NNP imposes VBZ on IN the DT larger JJR Japanese JJ color NN TVs NNS . . And CC they PRP want VBP the DT U.S. NNP to TO help VB them PRP sell VB overseas RB . . Planar NNP President NNP James NNP Hurd NNP says VBZ he PRP has VBZ to TO pay VB tariffs NNS as RB high JJ as IN 15 CD % NN to TO sell VB his PRP$ display NN panels NNS in IN Japan NNP and CC South NNP Korea NNP , , while IN panels NNS from IN those DT countries NNS enter VBP the DT U.S. NNP duty-free JJ . . `` `` This DT is VBZ n't RB a DT technology NN issue NN , , but CC an DT attitude NN issue NN , , '' '' he PRP says VBZ . . `` `` We PRP just RB have VBP n't RB learned VBN what WP it PRP takes VBZ to TO compete VB . . Burmah NNP Oil NNP PLC NNP , , a DT British JJ independent JJ oil NN and CC specialty-chemicals NNS marketing NN concern NN , , said VBD SHV NNP Holdings NNP N.V. NNP has VBZ built VBN up RP a DT 7.5 CD % NN stake NN in IN the DT company NN . . The DT holding NN of IN 13.6 CD million CD shares NNS is VBZ up RB from IN a DT 6.7 CD % NN stake NN that DT Burmah NNP announced VBD SHV NNP held VBD as IN of IN last JJ Monday NNP . . SHV NNP , , of IN the DT Netherlands NNP , , which WDT last JJ year NN merged VBD its PRP$ North NNP Sea NNP oil NN and CC gas NN operations NNS with IN those DT of IN Calor NNP Group NNP PLC NNP and CC which WDT owns VBZ 40 CD % NN of IN Calor NNP , , was VBD identified VBN as IN a DT possible JJ suitor NN for IN Burmah NNP . . Burmah NNP said VBD it PRP had VBD n't RB held VBN any DT discussions NNS with IN SHV NNP and CC that IN `` `` no DT deal NN of IN any DT nature NN is VBZ in IN contemplation NN . . The DT top JJ state NN environmental JJ official NN in IN Massachusetts NNP said VBD Clean NNP Harbors NNPS Inc. NNP 's POS environmental-impact JJ statement NN for IN a DT proposed VBN incinerator NN in IN Braintree NNP was VBD inadequate JJ . . The DT official NN , , John NNP DeVillars NNP , , asked VBD Clean NNP Harbors NNPS for IN more JJR information NN before IN ruling VBG on IN a DT permit NN for IN the DT site NN . . Critics NNS of IN the DT plan NN , , including VBG the DT town NN of IN Braintree NNP , , say VBP the DT incinerator NN is VBZ a DT health NN hazard NN . . Clean NNP Harbors NNPS , , based VBN in IN Quincy NNP , , said VBD it PRP `` `` will MD proceed VB expeditiously RB '' '' to TO submit VB the DT data NNS requested VBN . . Alan NNP McKim NNP , , chief JJ executive NN officer NN of IN Clean NNP Harbors NNPS said VBD he PRP was VBD `` `` very RB much RB encouraged JJ '' '' by IN the DT official NN 's POS praise NN of IN Clean NNP Harbors NNPS for IN the DT quality NN of IN some DT of IN the DT data NNS in IN the DT report NN . . Citizens NNPS & CC Southern NNP Corp. NNP said VBD it PRP signed VBD a DT definitive JJ agreement NN to TO acquire VB Security NNP Pacific NNP Corp. NNP 's POS New NNP York-based JJ factoring NN unit NN . . Terms NNS of IN the DT bank NN holding NN companies NNS ' POS agreement NN were VBD n't RB disclosed VBN . . Factoring NN involves VBZ the DT purchase NN and CC collection NN of IN another DT company NN 's POS receivables NN . . Citizens NNPS , , based VBN in IN Atlanta NNP , , said VBD it PRP has VBZ about IN $ $ 4.6 CD billion CD in IN factored JJ sales NNS annually RB ; : the DT Security NNP Pacific NNP unit NN has VBZ about IN $ $ 1.8 CD billion CD annually RB . . Security NNP Pacific NNP 's POS factoring NN business NN works VBZ with IN companies NNS in IN the DT apparel NN , , textile NN and CC food NN industries NNS , , among IN others NNS . . The DT Office NNP of IN Thrift NNP Supervision NNP banned VBD B.J. NNP Garman NNP , , a DT former JJ director NN of IN the DT failed VBN Vision NNP Banc NNP Savings NNPS Association NNP of IN Kingsville NNP , , Texas NNP , , from IN working VBG in IN any DT financial JJ institution NN insured VBN by IN the DT government NN . . The DT office NN , , a DT Treasury NNP Department NNP unit NN that WDT is VBZ the DT successor NN to TO the DT Federal NNP Home NNP Loan NNP Bank NNP Board NNP , , said VBD this DT was VBD the DT first JJ announcement NN of IN an DT enforcement NN action NN since IN this DT year NN 's POS thrift-bailout NN legislation NN ordered VBD that IN all DT such JJ actions NNS by IN federal JJ banking NN regulators NNS be VB made VBN public JJ . . Generally RB , , regulators NNS have VBP n't RB announced VBN enforcement NN actions NNS in IN the DT past NN . . Indeed RB , , the DT OTS NNP said VBD that IN before IN the DT law NN took VBD effect NN Aug. NNP 9 CD , , it PRP banned VBD another DT `` `` key JJ Vision NNP Banc NNP insider NN '' '' from IN insured JJ financial JJ institutions NNS . . That DT individual JJ was VBD n't RB identified VBN . . Vision NNP Banc NNP was VBD placed VBN in IN government NN conservatorship NN in IN March NNP , , and CC it PRP operates VBZ under IN the DT control NN of IN the DT Resolution NNP Trust NNP Corp. NNP , , the DT agency NN created VBN to TO sell VB or CC liquidate VB insolvent JJ thrifts NNS . . The DT OTS NNP did VBD n't RB say VB specifically RB why WRB the DT action NN was VBD taken VBN against IN Ms. NNP Garman NNP . . However RB , , it PRP said VBD examiners NNS found VBD a DT variety NN of IN insider NN dealings NNS at IN the DT thrift NN , , including VBG `` `` extraordinary JJ loan NN commissions NNS '' '' paid VBN to TO a DT firm NN associated VBN with IN Vision NNP Banc NNP officials NNS , , and CC loans NNS diverted VBN through IN borrowers NNS back RB to TO the DT thrift NN officials NNS . . Ms. NNP Garman NNP could MD n't RB be VB reached VBN for IN comment NN . . Arizona NNP Instrument NNP Corp. NNP said VBD it PRP expects VBZ to TO post VB a DT third-quarter JJ net JJ loss NN of IN about IN $ $ 600,000 CD , , or CC 25 CD cents NNS to TO 27 CD cents NNS a DT share NN , , compared VBN with IN net JJ income NN of IN $ $ 214,000 CD , , or CC 10 CD cents NNS a DT share NN , , a DT year NN earlier RB . . The DT Tempe NNP , , Ariz. NNP , , maker NN of IN underground JJ fuel-storage NN systems NNS said VBD the DT most RBS recent JJ period NN was VBD affected VBN by IN customers NNS ' POS problems NNS complying VBG with IN recent JJ Environmental NNP Protection NNP Agency NNP regulations NNS . . For IN the DT nine CD months NNS , , the DT company NN expects VBZ to TO post VB a DT net JJ loss NN of IN about IN $ $ 879,000 CD , , or CC 35 CD cents NNS to TO 40 CD cents NNS a DT share NN , , on IN revenue NN of IN $ $ 6.5 CD million CD . . A DT year NN earlier RB , , it PRP had VBD a DT loss NN of IN $ $ 199,203 CD or CC nine CD cents NNS a DT share NN , , on IN revenue NN of IN $ $ 7.6 CD million CD . . Growth NN is VBZ good JJ . . At IN least JJS , , that DT 's VBZ a DT theme NN emerging VBG among IN many JJ money NN managers NNS who WP are VBP anxious JJ both DT to TO preserve VB the DT handsome JJ stock-market NN gains NNS they PRP have VBP already RB achieved VBN this DT year NN and CC to TO catch VB the DT next JJ wave NN of IN above-average JJ performers NNS . . They PRP are VBP starting VBG to TO buy VB growth NN stocks NNS . . Remember VB them PRP ? . The DT upper JJ echelon NN of IN this DT group NN were VBD shares NNS of IN the DT `` `` nifty JJ 50 CD '' '' companies NNS whose WP$ profits NNS of IN the DT 1960s NNS and CC early RB 1970s NNS grew VBD steadily RB , , if IN not RB spectacularly RB , , through IN thick JJ and CC thin JJ . . That DT sort NN of IN workhorse NN performance NN sounds VBZ made VBN to TO order VB for IN a DT time NN when WRB corporate JJ profits NNS overall RB have VB been VBN weakening VBG from IN the DT brisk JJ increases NNS of IN recent JJ years NNS . . The DT current JJ flood NN of IN third-quarter NN reports NNS are VBP producing VBG many RB more JJR negative JJ surprises NNS than IN positive JJ ones NNS . . Those DT are VBP unwelcome JJ trends NNS in IN a DT year NN that IN the DT Dow NNP Jones NNP Industrial NNP Average NNP has VBZ risen VBN 23 CD % NN so RB far RB , , even RB with IN the DT 190.58-point JJ plunge NN on IN Oct. NNP 13 CD ; : broader JJR market NN measures NNS are VBP in IN the DT same JJ neighborhood NN . . The DT question NN for IN investors NNS is VBZ , , how WRB to TO protect VB these DT returns NNS and CC yet RB reach VB a DT little RB for IN additional JJ gains NNS . . That DT 's VBZ the DT path NN of IN reasoning NN leading VBG to TO growth NN stocks NNS . . `` `` I PRP think VBP it PRP is VBZ a DT good JJ theme NN for IN what WP looks VBZ to TO be VB an DT uncertain JJ market NN , , '' '' says VBZ Steven NNP Einhorn NNP , , partner NN at IN Goldman NNP Sachs NNP . . Growth NN stocks NNS may MD be VB as RB big JJ as IN Philip NNP Morris NNP or CC medium-sized JJ such JJ as IN Circuit NNP City NNP Stores NNPS , , but CC their PRP$ common JJ characteristic NN is VBZ a DT history NN of IN increasing VBG profits NNS on IN the DT order NN of IN at IN least JJS 15 CD % NN to TO 20 CD % NN a DT year NN , , money NN managers NNS say VBP . . `` `` The DT period NN when WRB growth NN stocks NNS should MD be VB performing VBG well RB is VBZ when WRB their PRP$ earnings NNS are VBP growing VBG at IN a DT superior JJ rate NN to TO the DT general JJ level NN of IN corporate JJ profits NNS , , '' '' says VBZ Stephen NNP Boesel NNP , , president NN of IN T. NNP Rowe NNP Price NNP 's POS Growth NNP and CC Income NNP Fund NNP . . Growth NN stocks NNS also RB are VBP attractive JJ in IN periods NNS of IN market NN volatility NN , , which WDT many JJ investors NNS and CC analysts NNS expect VBP in IN the DT weeks NNS ahead RB as IN everybody NN tries VBZ to TO discern VB where WRB the DT economy NN is VBZ heading VBG . . This DT kind NN of IN jumpy JJ uncertainty NN reminds VBZ John NNP Calverley NNP , , senior JJ economist NN for IN American NNP Express NNP Bank NNP , , of IN the DT 1969-72 CD period NN , , when WRB the DT industrial JJ average NN rolled VBD through IN huge JJ ranges NNS and CC investors NNS flocked VBD to TO the DT shares NNS of IN companies NNS with IN proven JJ earnings NNS records NNS , , which WDT became VBD known JJ as IN the DT `` `` nifty JJ 50 CD . . '' '' And CC they PRP will MD again RB , , say VBP money-manager NN proponents NNS of IN the DT growth-stock JJ theme NN . . Cabanne NNP Smith NNP , , president NN of IN a DT money NN management NN company NN bearing VBG his PRP$ name NN , , predicts VBZ that IN investment NN companies NNS using VBG computers NNS to TO identify VB companies NNS with IN earnings NNS `` `` momentum NN '' '' will MD climb VB on IN the DT growth-stock NN bandwagon NN as IN the DT overall JJ corporate JJ earnings NNS outlook NN deteriorates VBZ further RBR . . He PRP also RB thinks VBZ foreign JJ investors NNS , , who WP are VBP showing VBG signs NNS of IN more RBR discriminate JJ investing NN , , will MD join VB the DT pursuit NN and CC pump VB up RP prices NNS . . `` `` We PRP 're VBP just RB seeing VBG the DT beginning NN of IN a DT shift NN , , '' '' Mr. NNP Smith NNP says VBZ . . Mr. NNP Smith NNP recommends VBZ Cypress NNP Semiconductor NNP that WDT is VBZ currently RB showing VBG a DT robust JJ 63 CD % NN earnings NNS growth NN rate NN . . Ronald NNP Sloan NNP , , executive NN vice NN president NN of IN Siebel NNP Capital NNP Management NNP , , likes VBZ Wellman NNP Inc. NNP , , a DT company NN that WDT recycles VBZ plastic NN into IN synthetic NN fibers NNS for IN carpeting NN . . Mr. NNP Sloan NNP praises VBZ the DT company NN as IN recession NN resistant NN and CC notes NNS that IN it PRP has VBZ an DT annual JJ earnings NNS growth NN rate NN of IN 32 CD % NN a DT year NN over IN the DT past JJ five CD years NNS . . Wellman NNP stock NN closed VBN Friday NNP at IN 39 CD 3\/8 CD , , up RB 1\/8 CD ; : Mr. NNP Sloan NNP thinks VBZ that IN in IN a DT year NN it PRP could MD hit VB 60 CD . . Others NNS preach VBP the DT gospel NN of IN buying VBG only JJ blue-chip JJ growth NN stocks NNS . . Carmine NNP Grigoli NNP , , chief JJ market NN strategist NN for IN First NNP Boston NNP , , who WP still RB says VBZ , , `` `` We PRP expect VBP the DT Dow NNP average NN { ( to TO be VB at IN } ) 3000 CD by IN mid-1990 NN , , '' '' nonetheless RB foresees VBZ a DT sluggish JJ economy NN in IN the DT meantime NN . . He PRP recommends VBZ such JJ blue-chip JJ growth NN stalwarts NNS as IN Philip NNP Morris NNP , , PepsiCo NNP , , CPC NNP International NNP , , Reebok NNP International NNP , , and CC Limited NNP Inc NNP . . All DT have VBP a DT fiveyear JJ earnings NNS growth NN rate NN of IN more JJR than IN 20 CD % NN a DT year NN . . Some DT money NN managers NNS are VBP pursuing VBG growth NN stocks NNS at IN the DT expense NN of IN those DT that WDT rise VBP and CC fall VBP along IN with IN the DT economic JJ cycle NN . . `` `` One CD of IN the DT stories NNS of IN the DT fourth JJ quarter NN is VBZ that IN we PRP will MD get VB an DT unusual JJ number NN of IN earnings NNS disappointments NNS from IN companies NNS sensitive JJ to TO the DT economy NN , , '' '' says VBZ Mr. NNP Boesel NNP of IN T. NNP Rowe NNP Price NNP . . James NNP Wright NNP , , chief JJ investment NN officer NN for IN Banc NNP One CD Asset NNP Management NNP , , says VBZ , , `` `` We PRP 've VBP been VBN selling VBG a DT disproportionate JJ share NN of IN cyclical JJ companies NNS and CC buying VBG a DT disproportionate JJ share NN of IN high JJ earnings NNS stocks NNS . . '' '' He PRP recently RB trimmed VBD his PRP$ portfolio NN of IN International NNP Paper NNP , , Dow NNP Chemical NNP , , Quantum NNP Chemical NNP , , International NNP Business NNP Machines NNPS and CC Digital NNP Equipment NNP . . He PRP is VBZ putting VBG money NN in IN Dress NNP Barn NNP , , Circuit NNP City NNP Stores NNPS , , Bruno NNP 's POS , , and CC Rubbermaid NNP . . Big JJ cyclical JJ companies NNS are VBP using VBG `` `` all PDT the DT tricks NNS they PRP can MD to TO stabilize VB earnings NNS , , '' '' says VBZ Mr. NNP Sloan NNP . . He PRP cites VBZ IBM NNP , , which WDT reported VBD a DT 30 CD % NN earnings NNS decline NN in IN the DT third JJ quarter NN , , and CC which WDT last JJ week NN announced VBD a DT $ $ 1 CD billion CD buy-back NN of IN its PRP$ shares NNS . . `` `` What WP they PRP are VBP telling VBG you PRP is VBZ that IN they PRP do VBP n't RB have VB the DT ability NN to TO generate VB higher JJR returns NNS internally RB , , '' '' says VBZ Mr. NNP Sloan NNP . . `` `` When WRB they PRP are VBP buying VBG back RB stock NN at IN 10 CD times NNS earnings NNS , , they PRP are VBP suggesting VBG that IN the DT rate NN of IN return NN on IN competing VBG internal JJ projects NNS is VBZ below IN '' '' returns NNS on IN the DT stock NN . . IBM NNP says VBZ it PRP considers VBZ its PRP$ shares NNS a DT good JJ investment NN . . But CC not RB all DT strategists NNS or CC money NN managers NNS are VBP ready JJ to TO throw VB in RP the DT towel NN completely RB on IN cyclicals NNS . . Growth NN stocks NNS may MD underperform VB cyclical JJ stocks NNS next IN year NN if IN the DT Federal NNP Reserve NNP begins VBZ to TO let VB interest NN rates NNS drift VB sufficiently RB lower RBR to TO boost VB the DT economy NN . . Goldman NNP Sachs NNP 's POS Mr. NNP Einhorn NNP , , for IN one CD , , subscribes VBZ to TO that DT scenario NN . . He PRP suggests VBZ investors NNS think VB about IN buying VBG cyclical JJ shares NNS in IN the DT weeks NNS ahead RB , , as RB well RB as IN growth NN issues NNS . . Friday NNP 's POS Market NN Activity NN Stock NN prices NNS finished VBN about IN unchanged JJ Friday NNP in IN quiet JJ expiration NN trading NN . . Traders NNS anticipated VBD a DT volatile JJ session NN due JJ to TO the DT October NNP expiration NN of IN stock-index NN futures NNS and CC options NNS , , and CC options NNS on IN individual JJ stocks NNS . . But CC there EX were VBD fewer JJR price NN swings NNS than IN expected VBN . . Buy JJ order NN imbalances NNS on IN several JJ big JJ stocks NNS were VBD posted VBN by IN the DT New NNP York NNP Stock NNP Exchange NNP . . But CC block NN trading NN desks NNS and CC money NN managers NNS made VBD a DT concerted JJ effort NN to TO meet VB the DT imbalances NNS with IN stock NN to TO sell VB , , one CD trader NN said VBD . . As IN a DT result NN , , the DT Dow NNP Jones NNP Industrial NNP Average NNP drifted VBD in IN narrow JJ ranges NNS in IN the DT final JJ hour NN of IN trading NN , , and CC closed VBN 5.94 CD higher JJR to TO 2689.14 CD . . New NNP York NNP Stock NNP Exchange NNP volume NN was VBD 164,830,000 CD . . Advancers NNS on IN the DT Big NNP Board NNP lagged VBD decliners NNS 662 CD to TO 829 CD . . For IN the DT week NN , , the DT industrial JJ average NN gained VBD 119.88 CD points NNS , , or CC 4.7 CD % NN , , the DT biggest JJS weekly JJ point NN advance NN ever RB and CC a DT better JJR than IN 50 CD % NN rebound NN from IN the DT 190.58 CD point NN loss NN the DT industrial JJ average NN logged VBD Oct. NNP 13 CD . . Broader JJR market NN averages NNS were VBD little RB changed JJ in IN the DT latest JJS session NN . . Standard NNP & CC Poor NNP 's POS 500-Stock NNP Index NNP gained VBD 0.03 CD to TO 347.16 CD , , the DT Dow NNP Jones NNP Equity NNP Market NNP Index NNP fell VBD 0.02 CD to TO 325.50 CD , , and CC the DT New NNP York NNP Stock NNP Exchange NNP Composite NNP Index NNP fell VBD 0.05 CD to TO 192.12 CD . . Most JJS of IN last JJ week NN 's POS surge NN in IN the DT industrial JJ average NN came VBD on IN Monday NNP , , when WRB the DT average NN rose VBD 88.12 CD points NNS as IN market NN players NNS snapped VBD up RP blue-chip JJ issues NNS and CC shunned VBD the DT broad JJ market NN . . That DT contrast NN was VBD reflected VBN in IN the DT smaller JJR weekly JJ percentage NN gains NNS recorded VBN by IN the DT broader JJR averages NNS . . The DT S&P NNP 500 CD rose VBD 4 CD % NN , , the DT Dow NNP Jones NNP Equity NNP Market NNP index NN gained VBD 3.7 CD % NN and CC the DT New NNP York NNP Stock NNP Exchange NNP composite JJ index NN added VBD 3.5 CD % NN . . The DT Dow NNP Jones NNP Transportation NNP Average NNP fell VBD 32.71 CD to TO 1230.80 CD amid IN renewed VBN weakness NN in IN the DT airline NN sector NN . . UAL NNP skidded VBD 21 CD 5\/8 CD to TO 168 CD 1\/2 CD on IN 2.2 CD million CD shares NNS . . On IN the DT week NN , , UAL NNP was VBD down RB nearly RB 40 CD % NN . . The DT latest JJS drop NN followed VBD a DT decision NN by IN British NNP Airways NNPS , , which WDT had VBD supported VBN the DT $ $ 300-a-share JJ buy-out NN offer NN for IN UAL NNP from IN a DT labor-management JJ group NN , , not RB to TO participate VB in IN any DT revised VBN bid NN . . British NNP Airways NNPS fell VBD 1 CD to TO 31 CD 7\/8 CD . . While IN most JJS other JJ airline NN issues NNS took VBD their PRP$ cue NN from IN UAL NNP , , USAir NNP Group NNP rose VBD 1 CD 3\/4 CD to TO 43 CD 1\/4 CD on IN 1.5 CD million CD shares NNS amid IN speculation NN about IN a DT possible JJ takeover NN proposal NN from IN investor NN Marvin NNP Davis NNP . . USA NNP Today NNP reported VBD that IN Mr. NNP Davis NNP , , who WP had VBD pursued VBN UAL NNP before IN dropping VBG his PRP$ bid NN Wednesday NNP , , has VBZ acquired VBN a DT stake NN of IN about IN 3 CD % NN in IN USAir NNP . . Unocal NNP fell VBD 1 CD 1\/2 CD to TO 52 CD 1\/4 CD and CC Burlington NNP Resources NNPS declined VBD 7\/8 CD to TO 45 CD 5\/8 CD . . At IN a DT meeting NN with IN analysts NNS , , British NNP Petroleum NNP officials NNS dispelled VBD speculation NN that IN the DT company NN may MD take VB over RP a DT U.S. NNP oil NN company NN , , according VBG to TO Dow NNP Jones NNP Professional NNP Investor NNP Report NNP . . Both DT Unocal NNP and CC Burlington NNP had VBD been VBN seen VBN as IN potential JJ targets NNS for IN a DT British NNP Petroleum NNP bid NN . . Paper NNP and CC forest-products NNS stocks NNS declined VBD after IN Smith NNP Barney NNP , , Harris NNP Upham NNP & CC Co. NNP lowered VBD investment NN ratings NNS on IN a DT number NN of IN issues NNS in IN the DT two CD sectors NNS , , based VBN on IN a DT forecast NN that IN pulp NN prices NNS will MD fall VB sharply RB . . International NNP Paper NNP dropped VBD 5\/8 CD to TO 51 CD , , Georgia-Pacific NNP fell VBD 1 CD 3\/4 CD to TO 56 CD 1\/4 CD , , Stone NNP Container NNP tumbled VBD 1 CD 1\/2 CD to TO 26 CD 5\/8 CD , , Great NNP Northern NNP Nekoosa NNP went VBD down RB 5\/8 CD to TO 38 CD 3\/8 CD and CC Weyerhaeuser NNP lost VBD 7\/8 CD to TO 28 CD 1\/8 CD . . Dun NNP & CC Bradstreet NNP dropped VBD 3\/4 CD to TO 51 CD 1\/8 CD on IN 1.9 CD million CD shares NNS on IN uncertainty NN about IN the DT company NN 's POS earnings NNS prospects NNS . . Merrill NNP Lynch NNP cut VBD its PRP$ rating NN and CC 1990 CD earnings NNS estimate NN Thursday NNP , , citing VBG weakness NN in IN its PRP$ credit-rating NN business NN . . Lamson NNP & CC Sessions NNP , , which WDT posted VBD sharply RB lower JJR third-quarter NN earnings NNS and CC forecast VBD that IN results NNS for IN the DT fourth JJ quarter NN might MD be VB `` `` near RB break-even JJ , , '' '' fell VBD 1\/2 CD to TO 9 CD 1\/4 CD . . Winnebago NNP Industries NNPS slid VBD 5\/8 CD to TO 5 CD 1\/4 CD . . The DT company NN , , which WDT reported VBD that DT its PRP$ loss NN for IN the DT fiscal JJ quarter NN ended VBN Aug. NNP 26 CD widened VBN from IN a DT year NN earlier RB , , cut VB its PRP$ semiannual JJ dividend NN in IN half NN in IN response NN to TO the DT earnings NNS weakness NN . . MassMutual NNP Corporate NNP Investors NNPS fell VBD 3 CD to TO 29 CD after IN declaring VBG a DT quarterly JJ dividend NN of IN 70 CD cents NNS a DT share NN , , down RB from IN 95 CD cents NNS a DT share NN . . Stoneridge NNP Resources NNPS Inc. NNP said VBD it PRP will MD begin VB an DT offering NN of IN rights NNS equivalent JJ to TO 2.6 CD million CD common JJ shares NNS and CC valued VBN at IN $ $ 22,750,000 CD . . The DT Bloomfield NNP Hills NNPS , , Mich.-based JJ real-estate NN holding NN company NN said VBD it PRP will MD offer VB the DT rights NNS at IN $ $ 8.75 CD a DT share NN to TO shareholders NNS of IN record NN on IN Oct. NNP 26 CD . . The DT offering NN is VBZ scheduled VBN to TO expire VB on IN Nov. NNP 30 CD . . The DT company NN said VBD it PRP will MD use VB the DT proceeds NNS of IN the DT offering NN for IN debt NN reduction NN and CC general JJ corporate JJ purposes NNS , , including VBG acquisitions NNS . . Stockholders NNP may MD buy VB one CD share NN at IN the DT subscription NN price NN for IN every DT four CD shares NNS of IN stock NN they PRP own VBP . . Stockholders NNP who WP exercise VBP all DT their PRP$ rights NNS may MD buy VB additional JJ shares NNS , , the DT company NN said VBD . . The DT company NN said VBD it PRP has VBZ an DT option NN to TO increase VB the DT offering NN by IN up IN to TO 350,000 CD shares NNS . . The DT following VBG U.S. NNP Treasury NNP , , corporate JJ and CC municipal JJ offerings NNS are VBP tentatively RB scheduled VBN for IN sale NN this DT week NN , , according VBG to TO Dow NNP Jones NNP Capital NNP Markets NNPS Report NNP : : $ $ 15.6 CD billion CD three-month JJ and CC six-month JJ bills NNS . . $ $ 10 CD billion CD of IN two-year JJ notes NNS . . Resolution NNP Funding NNP Corp. NNP to TO sell VB $ $ 4.5 CD billion CD 30-year JJ bonds NNS . . Aim NNP Prime NNP Rate NNP Plus NNP Fund NNP Inc. NNP -- : 10 CD million CD common JJ shares NNS , , via IN PaineWebber NNP Inc NNP . . Allied NNP Capital NNP Corp. NNP II NNP -- : 6,500,000 CD common JJ shares NNS , , via IN Shearson NNP Lehman NNP Hutton NNP Inc NNP . . American NNP Cyanamid NNP Co. NNP -- : 1,250,000 CD common JJ shares NNS , , via IN Merrill NNP Lynch NNP Capital NNP Markets NNPS . . Associated NNP Natural NNP Gas NNP Corp. NNP -- : 1,400,000 CD common JJ shares NNS , , via IN Dillon NNP Read NNP & CC Co NNP . . B NNP & CC H NNP Crude NNP Carriers NNPS Ltd. NNP -- : Four CD million CD common JJ shares NNS , , via IN Salomon NNP Brothers NNPS Inc NNP . . Baldwin NNP Technology NNP Co. NNP -- : 2,600,000 CD Class NNP A NNP shares NNS , , via IN Smith NNP Barney NNP , , Harris NNP Upham NNP & CC Co NNP . . Blockbuster NNP Entertainment NNP Corp. NNP -- : $ $ 250 CD million CD ( ( face NN amount NN ) ) Liquid NN Yield NN Option NN Notes NNS , , via IN Merrill NNP Lynch NNP . . Chemex NNP Pharmaceuticals NNPS Inc. NNP -- : 1,200,000 CD units NNS , , via IN PaineWebber NNP . . Immune NNP Response NNP Corp. NNP -- : Three CD million CD common JJ shares NNS , , via IN Merrill NNP Lynch NNP . . Marsam NNP Pharmaceuticals NNPS Inc. NNP -- : 1,300,000 CD common JJ shares NNS , , via IN Smith NNP Barney NNP , , Harris NNP Upham NNP . . RMI NNP Titanium NNP Co. NNP -- : 15 CD million CD common JJ shares NNS , , via IN Salomon NNP Brothers NNPS Inc NNP . . Tidewater NNP Inc. NNP -- : 4,631,400 CD common JJ shares NNS , , via IN Salomon NNP Brothers NNPS Inc NNP . . Massachusetts NNP -- : Approximately RB $ $ 230 CD million CD of IN general JJ bonds NNS , , consolidated JJ loan NN of IN 1989 CD , , Series NN D NNP , , via IN competitive JJ bid NN . . Montgomery NNP County NNP , , Maryland NNP -- : $ $ 75 CD million CD of IN general JJ consolidated JJ public JJ improvement NN bonds NNS of IN 1989 CD , , Series NN B NNP , , via IN competitive JJ bid NN . . Trinity NNP River NNP Authority NNP , , Texas NNP -- : $ $ 134,750,000 CD of IN regional JJ wastewater NN system NN improvement NN revenue NN bonds NNS , , Series NN 1989 CD , , via IN competitive JJ bid NN . . City NNP and CC County NNP of IN Honolulu NNP , , Hawaii NNP -- : $ $ 75 CD million CD of IN obligation NN bonds NNS , , 1989 CD Series NN B NNP , , due RB 1993-2009 CD , , via IN competitive JJ bid NN . . Beverly NNP Hills NNPS -- : $ $ 110 CD million CD of IN civic JJ center NN project NN certificates NNS of IN participation NN , , Series NN 1989 CD , , via IN a DT Goldman NNP , , Sachs NNP & CC Co. NNP group NN . . Broward NNP County NNP School NNP District NNP , , Florida NNP -- : $ $ 185 CD million CD of IN school NN district NN general JJ bonds NNS , , via IN a DT First NNP Boston NNP Corp. NNP group NN . . Connecticut NNP Housing NNP Finance NNP Authority NNP -- : $ $ 132,620,000 CD of IN housing NN mortgage NN revenue NN ( ( AMT NNP and CC non-AMT JJ ) ) bonds NNS , , via IN a DT PaineWebber NNP group NN . . Maryland NNP Stadium NNP Authority NNP -- : $ $ 137,550,000 CD of IN sports NNS facilities NNS lease NN revenue NN Alternative NNP Minimum NNP Tax NNP ( ( AMT NNP ) ) bonds NNS , , Series NN 1989 CD D NNP , , via IN a DT Morgan NNP Stanley NNP & CC Co. NNP group NN . . Michigan NNP -- : $ $ 80 CD million CD of IN Michigan NNP First NNP general JJ bonds NNS , , including VBG $ $ 70 CD million CD of IN environmental JJ protection NN project NN bonds NNS and CC $ $ 10 CD million CD of IN recreation NN project NN bonds NNS , , via IN a DT Shearson NNP Lehman NNP Hutton NNP group NN . . West NNP Virginia NNP Parkways NNPS Economic NNP Development NNP and CC Tourism NNP Authority NNP -- : $ $ 143 CD million CD of IN parkway NN revenue NN bonds NNS , , Series NN 1989 CD , , via IN a DT PaineWebber NNP group NN . . San NNP Antonio NNP , , Texas NNP -- : $ $ 640 CD million CD of IN gas NN and CC electric JJ revenue NN refunding VBG bonds NNS , , via IN a DT First NNP Boston NNP group NN . . MCI NNP COMMUNICATIONS NNPS Corp. NNP said VBD it PRP filed VBD a DT shelf NN registration NN with IN the DT Securities NNPS and CC Exchange NNP Commission NNP for IN issuance NN of IN as RB much JJ as IN $ $ 750 CD million CD of IN debt NN securities NNS . . The DT debt NN will MD include VB medium-term JJ notes NNS sold VBN through IN Merrill NNP Lynch NNP Capital NNP Markets NNPS ; : Drexel NNP Burnham NNP Lambert NNP Inc. NNP ; : Goldman NNP , , Sachs NNP & CC Co. NNP and CC Salomon NNP Brothers NNPS Inc NNP . . The DT funds NNS will MD be VB used VBN for IN refinancing VBG existing VBG debt NN of IN the DT Washington NNP , , D.C. NNP , , concern NN at IN lower JJR interest NN rates NNS and CC for IN other JJ general JJ purposes NNS . . The DT effective JJ date NN of IN the DT registration NN is VBZ to TO be VB determined VBN by IN the DT SEC NNP . . A DT group NN including VBG ESL NNP Partners NNPS Ltd. NNP , , a DT Fort NNP Worth NNP , , Texas NNP , , investment NN partnership NN , , and CC Richard NNP E. NNP Rainwater NNP , , a DT former JJ adviser NN to TO the DT Fort NNP Worth NNP Bass NNP family NN , , said VBD it PRP reduced VBD its PRP$ stake NN in IN Anacomp NNP Inc. NNP to TO 3.6 CD % NN of IN the DT common JJ shares NNS outstanding JJ . . In IN a DT filing NN with IN the DT Securities NNPS and CC Exchange NNP Commission NNP , , the DT group NN said VBD it PRP sold VBD 1,325,900 CD Anacomp NNP common JJ shares NNS from IN Aug. NNP 31 CD to TO last JJ Wednesday NNP for IN $ $ 4.48 CD to TO $ $ 5.84 CD a DT share NN , , resulting VBG in IN a DT drop NN in IN its PRP$ holdings NNS to TO 1,351,662 CD shares NNS . . No DT reason NN was VBD given VBN in IN the DT filing NN for IN the DT sales NNS . . An DT Anacomp NNP official NN said VBD the DT Indianapolis NNP computer-services NNS concern NN had VBD no DT comment NN on IN the DT group NN 's POS share NN sales NNS . . In IN March NNP , , the DT group NN disclosed VBD it PRP held VBD a DT 7.2 CD % NN stake NN in IN Anacomp NNP for IN investment NN purposes NNS . . It PRP said VBD then RB it PRP had VBD had VBN and CC would MD continue VB to TO have VB discussions NNS with IN Anacomp NNP 's POS management NN concerning VBG its PRP$ investment NN . . Home NNP Beneficial NNP Corp. NNP , , Richmond NNP , , Va. NNP , , said VBD it PRP contracted VBD to TO sell VB its PRP$ 50 CD % NN interest NN in IN a DT Richmond-area JJ shopping NN mall NN to TO a DT buyer NN that DT was VBD n't RB identified VBN . . The DT life-insurance NN holding NN company NN said VBD the DT sale NN would MD result VB in IN an DT after-tax JJ gain NN of IN about IN $ $ 32 CD million CD , , or CC $ $ 3.09 CD a DT share NN , , in IN the DT first JJ quarter NN of IN The DT company NN also RB said VBD it PRP will MD adopt VB new JJ accounting NN standards NNS in IN the DT first JJ quarter NN . . The DT change NN will MD result VB in IN a DT charge NN of IN about IN $ $ 8.5 CD million CD , , or CC 82 CD cents NNS a DT share NN , , because IN of IN an DT increase NN in IN deferred JJ income-tax NN liability NN . . In IN the DT first JJ quarter NN of IN 1988 CD , , the DT company NN earned VBN $ $ 10 CD million CD , , or CC 94 CD cents NNS a DT share NN . . Following VBG is VBZ a DT weekly JJ listing NN of IN unadited JJ net JJ asset NN values NNS of IN publicly RB traded JJ investment NN fund NN shares NNS , , reported VBN by IN the DT companies NNS as IN of IN Friday NNP 's POS close NN . . Also RB shown VBN is VBZ the DT closing NN listed JJ market NN price NN or CC a DT dealer-to-dealer JJ asked JJ price NN of IN each DT fund NN 's POS shares NNS , , with IN the DT percentage NN of IN difference NN . . Closed NNP End NNP Bond NNP Funds NNPS Flexible NNP Portfolio NNP Funds NNPS Specialized NNP Equity NNP and CC Convertible NNP Funds NNPS a SYM - : Ex-dividend NN . . b SYM - : As IN of IN Thursday NNP 's POS close NN . . c SYM - : Translated VBN at IN Commercial NNP Rand NNP exchange NN rate NN . . e SYM - : In IN Canadian JJ dollars NNS . . f SYM - : As IN of IN Wednesday NNP 's POS close NN . . A DT shareholder NN filed VBD suit NN , , seeking VBG to TO block VB Unitel NNP Video NNP Inc. NNP 's POS proposed VBN plan NN to TO be VB acquired VBN by IN a DT new JJ affiliate NN of IN closely RB held JJ Kenmare NNP Capital NNP Corp. NNP for IN $ $ 15 CD a DT share NN , , or CC $ $ 33.6 CD million CD . . The DT suit NN , , which WDT seeks VBZ class-action JJ status NN , , was VBD filed VBN in IN Delaware NNP Chancery NNP Court NNP . . The DT complaint NN alleges VBZ that IN the DT price NN is VBZ `` `` unfair JJ and CC grossly RB inadequate JJ '' '' and CC that IN the DT defendants NNS are VBP seeking VBG to TO ensure VB a DT `` `` lockup NN '' '' of IN the DT purchase NN of IN Unitel NNP , , thereby RB discouraging VBG other JJ bids NNS . . It PRP seeks VBZ unspecified JJ money NN damages NNS . . The DT New NNP York NNP company NN called VBD the DT lawsuit NN without IN merit NN . . Shareholders NNS are VBP scheduled VBN to TO vote VB on IN the DT transaction NN Nov NNP . . This DT Toronto NNP closed-end JJ fund NN cut VBD the DT annual JJ dividend NN on IN its PRP$ Class NN A NNP common JJ shares NNS to TO one CD Canadian JJ cent NN from IN 10 CD Canadian JJ cents NNS . . The DT fund NN invests VBZ mainly RB in IN gold NN and CC silver NN bullion NN . . It PRP said VBD the DT reduced VBN dividend NN reflects VBZ the DT low JJ price NN for IN precious JJ metals NNS . . Greg NNP Davies NNP , , Central NNP Fund NNP 's POS vice NN president NN , , finance NN , , said VBD losses NNS for IN the DT fiscal JJ year NN ending VBG Oct. NNP 31 CD could MD be VB as RB high JJ as IN one CD million CD Canadian JJ dollars NNS ( ( US$ $ 852,000 CD ) ) . . The DT fund NN last RB had VBD a DT profit NN in IN 1985 CD . . The DT new JJ dividend NN rate NN is VBZ payable JJ Nov. NNP 15 CD to TO holders NNS of IN record NN Oct. NNP 31 CD . . In IN American NNP Stock NNP Exchange NNP composite JJ trading NN Friday NNP , , Central NNP Fund NNP was VBD unchanged JJ at IN $ $ 4.6875 CD a DT share NN . . Comair NNP Holdings NNPS Inc. NNP said VBD in IN Cincinnati NNP that IN it PRP bought VBD Airline NNP Aviation NNP Academy NNP , , a DT pilot NN training NN school NN based VBN at IN Sanford NNP Regional NNP Airport NNP near IN Orlando NNP , , Fla NNP . . Comair NNP said VBD it PRP paid VBD cash NN but CC declined VBD to TO disclose VB the DT price NN . . Comair NNP Holdings NNPS is VBZ the DT parent NN of IN Comair NNP Inc. NNP , , a DT regional JJ air NN carrier NN . . Airline NNP Aviation NNP , , which WDT has VBZ annual JJ revenue NN of IN $ $ 5 CD million CD to TO $ $ 6 CD million CD , , has VBZ great JJ growth NN potential NN because IN of IN the DT large JJ number NN of IN U.S. NNP pilots NNS nearing VBG retirement NN age NN , , Comair NNP said VBD . . The DT unit NN will MD be VB renamed VBN Comair NNP Aviation NNP Academy NNP and CC will MD continue VB to TO be VB headed VBN by IN Scott NNP Williams NNP , , a DT son NN of IN its PRP$ founder NN , , Comair NNP said VBD . . The DT collapse NN of IN a DT $ $ 6.79 CD billion CD buy-out NN of IN United NNP Airlines NNPS parent NN UAL NNP Corp. NNP has VBZ handed VBN Wall NNP Street NNP 's POS takeover NN stock NN speculators NNS their PRP$ worst JJS loss NN ever RB on IN a DT single JJ deal NN . . Their PRP$ $ $ 700 CD million-plus JJ in IN estimated VBN paper NN losses NNS easily RB tops VBZ the DT $ $ 400 CD million CD in IN paper NN losses NNS the DT takeover NN traders NNS , , known VBN as IN arbitragers NNS , , suffered VBN in IN 1982 CD when WRB Gulf NNP Oil NNP Co. NNP dropped VBD a DT $ $ 4.8 CD billion CD offer NN for IN Cities NNPS Service NNP Co NNP . . In IN the DT six CD trading NN days NNS since IN the DT UAL NNP labor-management NN buy-out NN group NN failed VBD to TO get VB bank NN financing NN , , culminating VBG Friday NNP with IN the DT withdrawal NN of IN its PRP$ partner NN British NNP Airways NNPS PLC NNP , , UAL NNP stock NN has VBZ plummeted VBN by IN 41 CD % NN to TO 168 CD 1\/2 CD from IN 285 CD 1\/4 CD . . The DT arbs NNS may MD recoup VB some DT of IN their PRP$ paper NN losses NNS if IN the DT UAL NNP deal NN gets VBZ patched VBN up RP again RB , , as IN they PRP did VBD in IN 1982 CD when WRB Occidental NNP Petroleum NNP Co. NNP rescued VBD them PRP with IN a DT $ $ 4 CD billion CD takeover NN of IN Cities NNPS Service NNP . . In IN the DT meantime NN , , the DT question NN faced VBN by IN investors NNS is VBZ : : What WP is VBZ UAL NNP stock NN worth NN ? . The DT short JJ answer NN , , on IN a DT fundamental JJ basis NN , , is VBZ that IN airline NN analysts NNS say VBP the DT stock NN is VBZ worth JJ somewhere RB between IN $ $ 135 CD and CC $ $ 150 CD a DT share NN . . That DT 's VBZ based VBN on IN a DT multiple NN of IN anywhere RB between IN 8.5 CD to TO 10 CD times NNS UAL NNP earnings NNS , , which WDT are VBP estimated VBN to TO come VB in RP somewhere RB around IN $ $ 16 CD a DT share NN this DT year NN . . Airline NN stocks NNS typically RB sell VBP at IN a DT discount NN of IN about IN one-third NN to TO the DT stock NN market NN 's POS price-earnings NNS ratio NN -- : which WDT is VBZ currently RB about IN 13 CD times NNS earnings NNS . . That DT 's VBZ because IN airline NN earnings NNS , , like IN those DT of IN auto NN makers NNS , , have VBP been VBN subject JJ to TO the DT cyclical JJ ups-and-downs NNS of IN the DT economy NN . . That DT analysis NN matches VBZ up RP with IN stock NN traders NNS ' POS reports NNS that IN , , despite IN the DT huge JJ drop NN in IN the DT stock NN , , UAL NNP has VBZ n't RB returned VBN to TO the DT level NN at IN which WDT it PRP could MD attract VB buying NN by IN institutions NNS solely RB on IN the DT basis NN of IN earnings NNS . . So CC anyone NN buying VBG the DT stock NN now RB is VBZ betting VBG on IN some DT special JJ transaction NN such JJ as IN a DT recapitalization NN or CC takeover NN , , and CC must MD do VB so RB using VBG some DT guesswork NN about IN the DT likelihood NN of IN such JJ an DT event NN . . One CD analyst NN , , who WP asked VBD not RB to TO be VB identified VBN , , said VBD he PRP believes VBZ that IN the DT UAL NNP pilots NNS and CC management NN can MD put VB together RB a DT bid NN `` `` in IN the DT $ $ 225 CD area NN , , '' '' but CC that IN it PRP could MD take VB three CD to TO four CD months NNS to TO close VB . . At IN that DT level NN , , and CC given VBN the DT uncertainty NN , , he PRP believes VBZ UAL NNP stock NN should MD trade VB closer RBR to TO Other JJ observers NNS note VBP that IN UAL NNP 's POS board NN , , having VBG accepted VBN a DT bid NN of IN $ $ 300 CD a DT share NN , , might MD hold VB out RP for IN a DT new JJ bid NN much RB closer JJR to TO the DT original NN level NN -- : even RB if IN it PRP means VBZ that IN the DT management NN goes VBZ back RB to TO running VBG the DT company NN for IN a DT while NN and CC lets VBZ things NNS return VB to TO normal JJ . . By IN that DT logic NN , , the DT closing NN of IN a DT deal NN could MD be VB much RB further RB away RB than IN three CD to TO four CD months NNS , , even RB though IN the DT eventual JJ price NN might MD be VB higher JJR . . Investment NN bankers NNS following VBG UAL NNP agree VBP that IN the DT strongest JJS impetus NN for IN an DT eventual JJ deal NN is VBZ that IN the DT pilots NNS have VBP been VBN attempting VBG a DT buy-out NN for IN more JJR than IN two CD years NNS , , and CC are VBP n't RB likely JJ to TO stop VB , , having VBG come VBN so RB close RB to TO success NN . . The DT pilots NNS have VBP a DT strong JJ financing NN tool NN in IN their PRP$ willingness NN to TO cut VB their PRP$ annual JJ compensation NN by IN $ $ 200 CD million CD , , and CC to TO commit VB $ $ 200 CD million CD from IN their PRP$ retirement NN funds NNS . . On IN Friday NNP , , they PRP also RB persuaded VBD the DT UAL NNP flight NN attendants NNS to TO join VB them PRP . . However RB , , investment NN bankers NNS say VBP that IN banks NNS are VBP n't RB likely JJ to TO lend VB the DT almost RB $ $ 5 CD billion CD that DT would MD be VB necessary JJ for IN a DT takeover NN even RB at IN a DT lower JJR price NN without IN someone NN putting VBG up RP a DT hefty JJ wad NN of IN cash NN -- : probably RB even RB greater JJR than IN the DT 17 CD % NN in IN cash NN put VBD up RP by IN investors NNS in IN the DT leveraged JJ takeover NN of IN Northwest NNP Airlines NNPS parent NN NWA NNP Corp. NNP in IN July NNP . . Banks NNS want VBP to TO see VB someone NN putting VBG up RP real JJ cash NN at IN risk NN , , that DT is VBZ , , subordinate JJ to TO the DT bank NN debt NN in IN any DT deal NN . . That DT way NN , , they PRP figure VBP , , someone NN else RB has VBZ an DT even RB stronger JJR motivation NN to TO make VB sure JJ the DT deal NN is VBZ going VBG to TO work VB , , because IN they PRP would MD be VB losing VBG their PRP$ money NN before IN the DT banks NNS lost VBD theirs PRP . . Banks NNS also RB want VBP to TO be VB able JJ to TO call VB someone NN on IN the DT telephone NN to TO fix VB a DT problem NN with IN a DT deal NN that WDT goes VBZ bad JJ -- : preferably RB someone NN other JJ than IN a DT union NN leader NN . . That DT leaves VBZ the DT pilots NNS still RB in IN need NN of IN cash NN totaling VBG around IN $ $ 1 CD billion CD -- : far RB more JJR than IN either DT they PRP or CC the DT flight NN attendants NNS can MD lay VB their PRP$ hands NNS on IN from IN retirement NN funds NNS alone RB . . One CD obstacle NN to TO the DT pilots NNS ' POS finding VBG such JJ a DT huge JJ amount NN of IN cash NN is VBZ their PRP$ insistence NN on IN majority NN ownership NN . . Investors NNS such JJ as IN Marvin NNP Davis NNP of IN Los NNP Angeles NNP who WP have VBP sought VBN airline NN ownership NN this DT year NN have VBP insisted VBN they PRP , , not RB the DT pilots NNS , , must MD have VB control NN . . One CD way NN out IN of IN that DT dilemma NN could MD be VB a DT partial JJ recapitalization NN in IN which WDT the DT pilots NNS would MD wind VB up RP sharing VBG the DT value NN of IN their PRP$ concessions NNS with IN public JJ shareholders NNS . . The DT pilots NNS could MD borrow VB against IN the DT value NN of IN their PRP$ concessions NNS , , using VBG the DT proceeds NNS to TO buy VB back RB stock NN from IN the DT public NN and CC give VB themselves PRP the DT majority NN control NN they PRP have VBP been VBN seeking VBG . . But CC it PRP is VBZ n't RB clear JJ that IN banks NNS would MD lend VB sufficient JJ money NN to TO deliver VB a DT big JJ enough JJ price NN to TO shareholders NNS . . The DT lack NN of IN any DT new JJ cash NN probably RB would MD still RB leave VB the DT banks NNS dissatisfied JJ . . In IN advising VBG the DT UAL NNP board NN on IN the DT various JJ bids NNS for IN the DT airline NN , , starting VBG with IN one CD for IN $ $ 240 CD a DT share NN from IN Mr. NNP Davis NNP , , the DT investment NN bank NN of IN First NNP Boston NNP came VBD up RP with IN a DT wide JJ range NN of IN potential JJ values NNS for IN the DT company NN , , depending VBG on IN appraisal NN methods NNS and CC assumptions NNS . . Using VBG the DT the DT NWA NNP takeover NN as IN a DT benchmark NN , , First NNP Boston NNP on IN Sept. NNP 14 CD estimated VBD that IN UAL NNP was VBD worth JJ $ $ 250 CD to TO $ $ 344 CD a DT share NN based VBN on IN UAL NNP 's POS results NNS for IN the DT 12 CD months NNS ending VBG last JJ June NNP 30 CD , , but CC only RB $ $ 235 CD to TO $ $ 266 CD based VBN on IN a DT management NN estimate NN of IN results NNS for IN 1989 CD . . First RB Boston NNP 's POS estimates NNS had VBD been VBN higher JJR before IN management NN supplied VBD a DT 1989 CD projection NN . . Using VBG estimates NNS of IN the DT company NN 's POS future JJ earnings NNS under IN a DT variety NN of IN scenarios NNS , , First RB Boston NNP estimated VBD UAL NNP 's POS value NN at IN $ $ 248 CD to TO $ $ 287 CD a DT share NN if IN its PRP$ future JJ labor NN costs NNS conform VBP to TO Wall NNP Street NNP projections NNS ; : $ $ 237 CD to TO $ $ 275 CD if IN the DT company NN reaches VBZ a DT settlement NN with IN pilots NNS similar JJ to TO one CD at IN NWA NNP ; : $ $ 98 CD to TO $ $ 121 CD under IN an DT adverse JJ labor NN settlement NN , , and CC $ $ 229 CD to TO $ $ 270 CD under IN a DT pilot NN contract NN imposed VBN by IN the DT company NN following VBG a DT strike NN . . And CC using VBG liquidation NN value NN assuming VBG the DT sale NN of IN all DT UAL NNP assets NNS , , First NNP Boston NNP estimated VBD the DT airline NN is VBZ worth JJ $ $ 253 CD to TO $ $ 303 CD a DT share NN . . Unfortunately RB , , all PDT those DT estimates NNS came VBD before IN airline NN industry NN fundamentals NNS deteriorated VBN during IN the DT past JJ month NN . . American NNP Airlines NNPS parent NN AMR NNP and CC USAir NNP Group NNP , , both DT subject JJ to TO takeover NN efforts NNS themselves PRP , , have VBP each DT warned VBN of IN declining VBG results NNS . . Some DT analysts NNS do VBP n't RB expect VB a DT quick JJ revival NN of IN any DT takeover NN by IN the DT pilots NNS . . The DT deal NN has VBZ , , as IN one CD takeover NN expert NN puts VBZ it PRP , , `` `` so RB many JJ moving VBG parts NNS . . I PRP do VBP n't RB see VB anybody NN who WP 's VBZ sophisticated JJ getting VBG his PRP$ name NN associated VBN with IN this DT mess NN until IN the DT moving VBG parts NNS stop VBP moving VBG . . '' '' In IN addition NN to TO the DT need NN for IN another DT cash NN equity NN investor NN , , the DT other JJ moving VBG parts NNS include VBP : : the DT pilots NNS themselves PRP , , who WP can MD scuttle VB rival JJ deals NNS by IN threatening VBG to TO strike VB ; : the DT machinists NNS union NN , , the DT pilots NNS ' POS longtime JJ rivals NNS who WP helped VBD scuttle VB the DT pilots NNS ' POS deal NN ; : and CC regulators NNS in IN Washington NNP , , whose WP$ opposition NN to TO foreign JJ airline NN investment NN helped VBD throw VB the DT deal NN into IN doubt NN . . In IN the DT meantime NN , , the DT arbs NNS are VBP bleeding VBG . . Wall NNP Street NNP traders NNS and CC analysts NNS estimate VBP that IN takeover NN stock NN traders NNS own VBP UAL NNP stock NN and CC options NNS equal JJ to TO as RB many JJ as IN 6.5 CD million CD shares NNS , , or CC about IN 30 CD % NN of IN the DT total NN outstanding JJ . . Frank NNP Gallagher NNP , , an DT analyst NN with IN Phoenix NNP Capital NNP Corp. NNP in IN New NNP York NNP , , estimates VBZ that IN the DT arbs NNS paid VBD an DT average NN of IN about IN $ $ 280 CD a DT share NN for IN their PRP$ UAL NNP positions NNS . . That DT would MD indicate VB that IN the DT arbs NNS have VBP paper NN losses NNS on IN UAL NNP alone JJ totalling VBG $ $ 725 CD million CD . . UAL NNP Corp NNP . . ( ( NYSE NNP ; : Symbol NN : : UAL NNP ) ) Business NN : : Airline NN Year NN ended VBN Dec. NNP 31 CD , , 1988 CD : : Sales NNS : : $ $ 8.98 CD billion CD Net JJ income NN \* SYM : : $ $ 599.9 CD million CD ; : or CC $ $ 20.20 CD a DT share NN Second JJ quarter NN , , June NNP 30 CD , , 1989 CD : : Per-share JJ earnings NNS : : $ $ 6.52 CD vs. FW $ $ 5.77 CD Average JJ daily JJ trading NN volume NN : : 881,969 CD shares NNS Common JJ shares NNS outstanding JJ : : 21.6 CD million CD Eastern NNP Enterprises NNPS , , bolstered VBN by IN improved JJ tonnages NNS in IN its PRP$ marine-shipping JJ unit NN , , had VBD a DT narrower JJR third-quarter JJ net NN loss NN of IN $ $ 1.1 CD million CD , , or CC five CD cents NNS a DT share NN . . Last JJ year NN , , Eastern NNP had VBD a DT quarter NN loss NN of IN $ $ 1.7 CD million CD , , or CC eight CD cents NNS a DT share NN . . Quarter NN revenue NN rose VBD 44 CD % NN to TO $ $ 160.1 CD million CD from IN $ $ 111.2 CD million CD a DT year NN ago RB . . The DT Weston NNP , , Mass. NNP , , utilities NNS and CC marine-transport NN concern NN said VBD results NNS for IN the DT third JJ quarter NN , , usually RB a DT money-losing JJ one NN because RB of IN the DT seasonality NN of IN the DT gas NN business NN , , were VBD also RB aided VBN by IN higher JJR gas NN sales NNS and CC the DT May MD 1989 CD acquisition NN of IN Water NNP Products NNPS Company NNP . . For IN the DT nine CD months NNS , , Eastern NNP had VBD net JJ income NN of IN $ $ 41.8 CD million CD , , or CC $ $ 1.80 CD a DT share NN , , up RB 23 CD % NN from IN $ $ 33.9 CD million CD or CC $ $ 1.46 CD a DT share NN a DT year NN ago RB . . Revenue NN grew VBD 24 CD % NN to TO $ $ 614.5 CD million CD from IN $ $ 497.1 CD million CD . . Convex NNP Computer NNP Corp. NNP , , continuing VBG its PRP$ rapid JJ growth NN while IN other JJ computer NN companies NNS falter VBP , , reported VBD an DT 87 CD % NN increase NN in IN third-quarter JJ net JJ income NN from IN a DT year NN earlier RB and CC a DT 50 CD % NN increase NN in IN revenue NN . . Net NN was VBD $ $ 3.1 CD million CD , , or CC 16 CD cents NNS a DT share NN , , up RB from IN $ $ 1.6 CD million CD , , or CC nine CD cents NNS a DT share NN . . Revenue NN was VBD $ $ 41.2 CD million CD , , up RB from IN $ $ 27.5 CD million CD . . For IN the DT nine CD months NNS , , net NN was VBD $ $ 7.7 CD million CD , , or CC 41 CD cents NNS a DT share NN , , up RB 97 CD % NN from IN $ $ 3.9 CD million CD , , or CC 22 CD cents NNS a DT share NN , , a DT year NN earlier RB . . Revenue NN was VBD $ $ 111.9 CD million CD , , up RB 50 CD % NN from IN $ $ 74.8 CD million CD . . Convex NNP makes VBZ supercomputers NNS that WDT sell VBP for IN up IN to TO $ $ 2 CD million CD and CC has VBZ an DT installed JJ base NN of IN more JJR than IN 550 CD systems NNS and CC 340 CD customers NNS world-wide JJ . . During IN the DT third JJ quarter NN , , it PRP said VBD , , it PRP won VBD several JJ significant JJ contracts NNS , , including VBG a DT five-year JJ contract NN with IN the DT National NNP Institutes NNP of IN Health NNP valued VBN at IN an DT estimated VBN $ $ 8 CD million CD . . Earlier RB this DT month NN , , Convex NNP made VBD a DT bid NN to TO outflank VB other JJ supercomputer NN competitors NNS like IN Digital NNP Equipment NNP Corp. NNP and CC International NNP Business NNP Machines NNPS Corp. NNP by IN adopting VBG an DT open JJ set NN of IN standards NNS and CC introducing VBG new JJ hardware NN and CC software NN to TO link VB different JJ systems NNS . . The DT new JJ products NNS allow VBP customers NNS to TO add VB Convex NNP machines NNS to TO established JJ systems NNS made VBN by IN other JJ manufacturers NNS , , which WDT `` `` opens VBZ up RP a DT phenomenal JJ market NN for IN us PRP , , '' '' said VBD Robert NNP J. NNP Paluck NNP , , Convex NNP 's POS chairman NN , , president NN and CC chief JJ executive NN . . Convex NNP also RB recently RB agreed VBD to TO use VB Posix NNP , , a DT standard NN for IN the DT computer NN language NN called VBN UNIX NNP . . Posix NNP is VBZ one CD of IN three CD or CC four CD versions NNS of IN UNIX NNP , , but CC it PRP is VBZ increasingly RB required VBN by IN the DT federal JJ government NN as IN it PRP tries VBZ to TO standardize VB its PRP$ computer NN systems NNS . . Most RBS other JJ supercomputer NN manufacturers NNS have VBP yet RB to TO adopt VB the DT Posix NNP standard NN , , Mr. NNP Paluck NNP said VBD , , adding VBG that IN they PRP prefer VBP to TO maintain VB proprietary JJ systems NNS that WDT lock VBP in RP customers NNS . . `` `` They PRP want VBP a DT lobster NN trap NN -- : once IN you PRP get VB in RB , , you PRP ca MD n't RB get VB out RB , , '' '' he PRP said VBD . . `` `` But CC the DT customer NN does VBZ n't RB want VB that DT . . '' '' Convex NNP closed VBD in IN over-the-counter JJ trading NN on IN Friday NNP at IN $ $ 15.375 CD a DT share NN , , down RB 12.5 CD cents NNS . . Troubled JJ Saatchi NNP & CC Saatchi NNP Co. NNP has VBZ attracted VBN offers NNS for IN some DT of IN its PRP$ advertising NN units NNS , , with IN potential JJ suitors NNS including VBG Interpublic NNP Group NNP , , but CC has VBZ rejected VBN them PRP , , people NNS familiar JJ with IN the DT company NN said VBD . . Industry NN executives NNS said VBD Interpublic NNP approached VBD Saatchi NNP in IN August NNP about IN buying VBG its PRP$ Campbell-Mithun-Esty NNP unit NN , , but CC was VBD turned VBN down RP by IN Chairman NNP Maurice NNP Saatchi NNP . . More RBR recently RB , , Interpublic NNP inquired VBD about IN one CD of IN Saatchi NNP 's POS smaller JJR communications NNS companies NNS -- : identified VBN as IN the DT Rowland NNP public JJ relations NNS firm NN by IN several JJ industry NN executives NNS -- : but CC again RB was VBD rebuffed VBN , , they PRP said VBD . . Interpublic NNP 's POS chairman NN and CC chief JJ executive NN officer NN , , Philip NNP Geier NNP Jr. NNP , , made VBD the DT pitches NNS in IN visits NNS to TO Mr. NNP Saatchi NNP in IN London NNP , , the DT executives NNS said VBD . . A DT Saatchi NNP spokesman NN declined VBD to TO comment VB about IN Interpublic NNP . . But CC the DT spokesman NN confirmed VBD that IN Saatchi NNP has VBZ received VBN several JJ inquiries NNS from IN companies NNS interested VBN in IN acquiring VBG its PRP$ Campbell-Mithun NNP and CC Rowland NNP units NNS . . He PRP added VBD , , `` `` We PRP have VBP no DT intention NN of IN selling VBG either CC business NN . . '' '' Interpublic NNP declined VBD comment NN . . The DT offers NNS come VBP as IN Saatchi NNP is VBZ struggling VBG through IN the DT most RBS troubled JJ period NN in IN its PRP$ 19-year JJ history NN . . Takeover NN speculation NN has VBZ been VBN rife JJ , , its PRP$ consulting NN business NN is VBZ on IN the DT block NN , , and CC its PRP$ largest JJS shareholder NN , , Southeastern NNP Asset NNP Management NNP , , has VBZ said VBD it PRP 's VBZ been VBN approached VBN by IN third JJ parties NNS regarding VBG a DT possible JJ restructuring NN . . Analysts NNS have VBP continually RB lowered VBN their PRP$ earnings NNS estimates NNS for IN the DT company NN , , and CC their PRP$ outlook NN , , at IN least JJS for IN the DT short JJ term NN , , is VBZ bleak JJ . . In IN the DT midst NN of IN the DT current JJ turmoil NN , , Saatchi NNP is VBZ attempting VBG to TO shore VB up RP its PRP$ ad NN businesses NNS . . It PRP named VBD a DT new JJ chief JJ executive NN officer NN , , former JJ IMS NNP International NNP head NN Robert NNP Louis-Dreyfus NNP . . It PRP rebuffed VBD an DT offer NN by IN Carl NNP Spielvogel NNP , , head NN of IN Saatchi NNP 's POS Backer NNP Spielvogel NNP Bates NNP unit NN , , to TO lead VB a DT management NN buy-out NN of IN all DT or CC part NN of IN Saatchi NNP . . And CC last JJ week NN , , people NNS close JJ to TO Saatchi NNP said VBD Maurice NNP Saatchi NNP and CC his PRP$ brother NN , , Charles NNP , , would MD lead VB a DT buy-out NN if IN a DT hostile JJ bid NN emerged VBD . . But CC Saatchi NNP 's POS troubles NNS have VBP only RB whipped VBN up RP interest NN among IN outsiders NNS interested VBN in IN picking VBG off RP pieces NNS of IN its PRP$ ad NN businesses NNS . . While IN Saatchi NNP 's POS major JJ agency NN networks NNS -- : Backer NNP Spielvogel NNP and CC Saatchi NNP & CC Saatchi NNP Advertising NNP -- : would MD be VB difficult JJ for IN any DT ad NN firm NN to TO buy VB because RB of IN potential JJ client NN conflicts NNS , , its PRP$ smaller JJR businesses NNS are VBP quite RB attractive JJ . . Campbell-Mithun-Esty NNP , , for IN example NN , , has VBZ had VBD big JJ problems NNS at IN its PRP$ New NNP York NNP office NN , , but CC offers VBZ strong JJ offices NNS in IN other JJ areas NNS of IN the DT country NN , , including VBG Minneapolis NNP and CC Chicago NNP . . That DT would MD would MD make VB it PRP appealing JJ to TO a DT network NN such JJ as RB Interpublic NNP that IN already RB has VBZ a DT healthy JJ New NNP York NNP presence NN . . ( ( While IN there EX would MD be VB some DT client NN conflicts NNS , , they PRP would MD n't RB be VB nearly RB as RB onerous JJ as IN with IN Saatchi NNP 's POS other JJ agencies NNS . . ) ) Campbell-Mithun NNP also RB would MD be VB a DT sizable JJ addition NN to TO an DT agency NN network NN : : It PRP has VBZ billings NNS of IN about IN $ $ 850 CD million CD and CC blue-chip JJ clients NNS including VBG General NNP Mills NNPS , , Jeep\/Eagle NNP and CC Dow NNP Brands NNPS . . Rowland NNP , , meanwhile RB , , has VBZ expanded VBN aggressively RB , , and CC now RB ranks VBZ as IN the DT fifth-largest JJ U.S. NNP public JJ relations NNS firm NN , , according VBG to TO O'Dwyer's NNP Directory NNP of IN Public NNP Relations NNPS Firms NNPS . . It PRP would MD be VB attractive JJ to TO an DT agency NN such JJ as IN Interpublic NNP , , one CD of IN the DT few JJ big JJ agency NN groups NNS without IN an DT affiliated JJ public NN relations NNS firm NN of IN its PRP$ own JJ . . Other JJ Saatchi NNP units NNS include VBP ad NN agency NN McCaffrey NNP & CC McCall NNP , , which WDT has VBZ the DT Mercedes NNP account NN and CC which WDT has VBZ been VBN attempting VBG to TO buy VB itself PRP back RB ; : and CC Howard NNP Marlboro NNP , , a DT sports NNS and CC event NN marketing NN firm NN . . Despite IN Saatchi NNP 's POS firm JJ stand NN against IN selling VBG its PRP$ ad NN units NNS , , U.S. NNP analysts NNS believe VBP the DT company NN may MD ultimately RB sell VB some DT of IN the DT smaller JJR units NNS . . Mr. NNP Louis-Dreyfus NNP , , in IN a DT recent JJ interview NN , , said VBD he PRP might MD sell VB `` `` a DT marginal JJ agency NN or CC office NN . . '' '' Analysts NNS believe VBP he PRP may MD ultimately RB dispose VB of IN some DT of IN the DT non-advertising JJ businesses NNS . . Prudential NNP 's POS Final JJ Four CD Prudential NNP Insurance NNP Co. NNP of IN America NNP said VBD it PRP selected VBD four CD agencies NNS to TO pitch VB its PRP$ $ $ 60 CD million CD to TO $ $ 70 CD million CD account NN . . In IN addition NN to TO Backer NNP Spielvogel NNP Bates NNP , , a DT Saatchi NNP unit NN that WDT has VBZ handled VBN the DT account NN since IN 1970 CD , , the DT other JJ agencies NNS include VBP Lowe NNP Marschalk NNP , , a DT unit NN of IN the DT Lowe NNP Group NNP ; : Grey NNP Advertising NNP ; : and CC WPP NNP Group NNP 's POS Scali NNP , , McCabe NNP , , Sloves NNP agency NN . . All DT agencies NNS are VBP New NNP York-based JJ . . A DT spokesman NN for IN the DT insurance NN and CC financial JJ services NNS firm NN , , based VBN in IN Newark NNP , , N.J. NNP , , said VBD it PRP hopes VBZ to TO make VB a DT decision NN within IN three CD to TO four CD months NNS . . Jamaica NNP Fires VBZ Back RB The DT Jamaica NNP Tourist NNP Board NNP , , in IN the DT wake NN of IN Young NNP & CC Rubicam NNP 's POS indictment NN on IN charges NNS that IN it PRP bribed VBD Jamaican JJ officials NNS to TO win VB the DT account NN in IN 1981 CD , , released VBD a DT scathing JJ memo NN blaming VBG the DT agency NN for IN the DT embarrassing JJ incident NN . . The DT memo NN attempts VBZ to TO remove VB the DT tourist NN board NN as RB far RB as IN possible RB from IN the DT agency NN , , which WDT pleaded VBD innocent JJ to TO the DT charges NNS . . Among IN other JJ things NNS , , the DT memo NN contends VBZ that IN Young NNP & CC Rubicam NNP gave VBD false JJ assurances NNS that IN the DT investigation NN would MD n't RB uncover VB any DT information NN that WDT would MD `` `` embarrass VB the DT government NN of IN Jamaica NNP or CC the DT Jamaica NNP Tourist NNP Board NNP . . '' '' It PRP also RB contends VBZ that IN Young NNP & CC Rubicam NNP never RB told VBD the DT tourist NN board NN about IN its PRP$ relationship NN with IN Ad NNP Ventures NNPS , , a DT Jamaican JJ firm NN hired VBN by IN the DT agency NN . . The DT U.S. NNP indictment NN charges VBZ Ad NNP Ventures NNPS was VBD a DT front NN used VBN to TO funnel VB kickbacks NNS to TO the DT then-minister NN of IN tourism NN . . The DT memo NN also RB chastises VBZ the DT agency NN for IN the DT timing NN of IN its PRP$ announcement NN Thursday NNP that IN it PRP would MD no RB longer RB handle VB the DT $ $ 5 CD million CD to TO $ $ 6 CD million CD account NN . . The DT agency NN declined VBD comment NN , , but CC said VBD it PRP will MD continue VB work NN until IN a DT new JJ agency NN is VBZ chosen VBN . . Ad NN Notes NNS ... : . . NEW JJ ACCOUNT NN : : American NNP Suzuki NNP Motor NNP Corp. NNP , , Brea NNP , , Calif. NNP , , awarded VBD its PRP$ estimated VBN $ $ 10 CD million CD to TO $ $ 30 CD million CD account NN to TO Asher\/Gould NNP , , Los NNP Angeles NNP . . Also RB participating VBG in IN the DT finals NNS was VBD Los NNP Angeles NNP agency NN Hakuhodo NNP Advertising NNP America NNP . . American NNP Suzuki NNP 's POS previous JJ agency NN , , Keye\/Donna\/Pearlstein NN , , did VBD n't RB participate VB . . AYER NNP TALKS VBZ : : N NNP W NNP Ayer NNP 's POS president NN and CC chief JJ executive NN officer NN , , Jerry NNP J. NNP Siano NNP , , said VBD the DT agency NN is VBZ holding VBG `` `` conversations NNS '' '' about IN acquiring VBG Zwiren NNP Collins NNP Karo NNP & CC Trusk NNP , , a DT midsized JJ Chicago NNP agency NN , , but CC a DT deal NN is VBZ n't RB yet RB close JJ to TO being VBG completed VBN . . WHO WP 'S VBZ NEWS NN : : John NNP Wells NNP , , 47 CD , , former JJ president NN and CC chief JJ executive NN of IN N NNP W NNP Ayer NNP 's POS Chicago NNP office NN , , was VBD named VBN management NN director NN and CC director NN of IN account NN services NNS at IN WPP NNP Group NNP 's POS J. NNP Walter NNP Thompson NNP agency NN in IN Chicago NNP ... : . . Shelly NNP Lazarus NNP , , 42 CD , , was VBD named VBN president NN and CC chief JJ operating VBG officer NN of IN Ogilvy NNP & CC Mather NNP Direct NNP , , the DT direct JJ mail NN division NN of IN WPP NNP Group NNP 's POS Ogilvy NNP & CC Mather NNP agency NN . . Grand NNP Metropolitan NNP PLC NNP , , the DT United NNP Kingdom NNP food NN and CC beverage NN group NN that WDT owns VBZ Pillsbury NNP Inc. NNP of IN the DT U.S. NNP , , announced VBD a DT reshuffling NN of IN board-level JJ executive NN duties NNS intended VBN to TO fit VB the DT company NN 's POS recent JJ expansion NN . . David NNP Nash NNP , , formerly RB group NN finance NN director NN at IN Cadbury NNP Schweppes NNP PLC NNP , , will MD become VB Grand NNP Met NNP 's POS first JJ group NN finance NN director NN in IN January NNP . . In IN a DT statement NN , , Grand NNP Met NNP said VBD its PRP$ recent JJ `` `` growth NN and CC wider JJR geographic JJ spread NN '' '' made VBD it PRP necessary JJ to TO create VB the DT new JJ position NN . . The DT company NN also RB reassigned VBD several JJ executive NN responsibilities NNS . . David NNP Tagg NNP , , formerly RB in IN charge NN of IN gambling NN operations NNS , , was VBD appointed VBN chief JJ executive NN for IN retailing NN and CC property NN . . Peter NNP Cawdron NNP , , group NN strategy NN development NN director NN , , and CC Bill NNP Shardlow NNP , , group NN personnel NNS director NN , , will MD become VB part NN of IN the DT board NN 's POS management NN committee NN . . David NNP Baltimore NNP , , who WP has VBZ just RB been VBN named VBN president NN of IN Rockefeller NNP University NNP , , already RB knows VBZ what WP it PRP 's VBZ like JJ to TO go VB through IN life NN with IN `` `` Nobel NNP laureate NN '' '' appended VBN to TO one PRP 's POS name NN . . He PRP is VBZ currently RB experiencing VBG what WP it PRP 's VBZ like JJ to TO have VB the DT phrase NN , , `` `` under IN investigation NN for IN scientific JJ fraud NN , , '' '' also RB attached VBN to TO his PRP$ name NN . . The DT Nobel NNP committee NN made VBD the DT first JJ addition NN ; : John NNP Dingell NNP 's POS congressional JJ committee NN created VBD the DT second NN . . Both DT of IN Dr. NNP Baltimore NNP 's POS public JJ faces NNS have VBP been VBN on IN view NN the DT past JJ few JJ weeks NNS while IN he PRP was VBD under IN consideration NN to TO succeed VB Joshua NNP Lederberg NNP as IN head NN of IN the DT prestigious JJ Rockefeller NNP research NN institution NN . . It PRP came VBD to TO light VB that IN a DT substantial JJ number NN of IN Rockefeller NNP 's POS faculty NN were VBD upset JJ over IN or CC even RB opposed VBN to TO Dr. NNP Baltimore NNP 's POS impending VBG appointment NN . . They PRP were VBD disturbed VBN at IN what WP they PRP regarded VBD as IN Dr. NNP Baltimore NNP 's POS confrontational JJ attitude NN toward IN the DT Dingell NNP committee NN , , which WDT held VBD hearings NNS on IN a DT dispute NN over IN the DT lab NN notebooks NNS of IN a DT researcher NN who WP had VBD co-authored VBN a DT scientific JJ paper NN with IN Dr. NNP Baltimore NNP . . Readers NNS of IN these DT columns NNS ( ( `` `` The NNP Science NN Police NNS , , '' '' May MD 15 CD ) ) will MD recall VB that IN Dr. NNP Baltimore NNP was VBD merely RB the DT most RBS well-known JJ part NN of IN the DT Dingell NNP committee NN 's POS larger JJR investigation NN , , which WDT touched VBD MIT NNP , , Tufts NNP , , Duke NNP , , the DT National NNP Institutes NNPS of IN Health NNP and CC elsewhere RB . . Rep. NNP Dingell NNP even RB managed VBD to TO enlist VB the DT services NNS of IN the DT Secret NNP Service NNP in IN his PRP$ investigation NN of IN the DT Baltimore NNP paper NN . . Insofar RB as IN Mr. NNP Dingell NNP has VBZ a DT special JJ interest NN in IN NIH NNP and CC the DT institutions NNS that WDT receive VBP its PRP$ funding NN , , the DT Rockefeller NNP scientists NNS were VBD no DT doubt RB discomfited JJ by IN Dr. NNP Baltimore NNP 's POS unflattering JJ public JJ opinion NN of IN this DT congressional JJ patron NN , , whose WP$ behavior NN reminded VBD Dr. NNP Baltimore NNP of IN the DT McCarthy NNP era NN . . This DT well RB may MD be VB the DT first JJ time NN that IN the DT venerable JJ Rockefeller NNP University NNP has VBZ brushed VBN up RB publicly RB against IN the DT intimidations NNS now RB common JJ in IN American JJ science NN . . John NNP Dingell NNP demagogues NNS a DT David NNP Baltimore NNP , , animal-rights NN activists NNS do VBP $ $ 3.5 CD million CD of IN damage NN to TO labs NNS at IN the DT U.Cal-Davis NNP , , Meryl NNP Streep NNP decries VBZ the DT horrors NNS of IN chemistry NN on IN talk NN shows NNS , , Jeremy NNP Rifkin NNP files VBZ lawsuits NNS in IN federal JJ court NN to TO thwart VB biotech JJ experiments NNS , , and CC Dutch-elm-disease NN researcher NN Gary NNP Strobel NNP 's POS own JJ colleagues NNS at IN Montana NNP State NNP denounce VBP him PRP for IN `` `` violating VBG '' '' EPA NNP rules NNS . . Scientists NNS are VBP mistaken VBN who WP still RB think VBP that IN the DT anti-science JJ movement NN in IN this DT country NN is VBZ n't RB their PRP$ concern NN or CC that IN a DT David NNP Baltimore NNP could MD have VB somehow RB placated VBN a DT John NNP Dingell NNP . . ( ( Mr. NNP Dingell NNP , , by IN the DT way NN , , has VBZ decreed VBN another DT NIH NNP investigation NN of IN the DT Baltimore NNP paper NN , , adding VBG to TO several JJ previous JJ investigations NNS . . Something NN other JJ than IN what WP most JJS scientists NNS would MD recognize VB as IN the DT truth NN is VBZ being VBG sought VBN here RB . . ) ) Fortunately RB , , there EX are VBP signs NNS that IN increasing VBG numbers NNS of IN scientists NNS understand VBP the DT necessity NN of IN speaking VBG out RB . . David NNP Hubel NNP , , a DT Nobel NNP laureate NN at IN Harvard NNP , , has VBZ taken VBN the DT lead NN in IN defending VBG research NN with IN animals NNS , , as RB has VBZ Dr. NNP Michael NNP DeBakey NNP . . NASA NNP defended VBD itself PRP vigorously RB and CC successfully RB against IN a DT Rifkin NNP suit NN to TO block VB the DT Galileo NNP launch NN . . Scientists NNS need VBP to TO understand VB that IN while IN they PRP tend VBP to TO believe VB their PRP$ work NN is VBZ primarly RB about IN establishing VBG new JJ knowledge NN or CC doing VBG good JJ , , today NN it PRP is VBZ also RB about IN power NN . . In IN a DT media-linked JJ world NN , , scientists NNS may MD earn VB wide JJ praise NN and CC even RB Nobels NNPS for IN their PRP$ work NN , , but CC they PRP also RB attract VBP the DT attention NN of IN people NNS who WP wish VBP to TO gain VB control NN over IN the DT content NN , , funding NN and CC goals NNS of IN that DT work NN . . When WRB a DT David NNP Baltimore NNP -- : or CC the DT next JJ target NN -- : decides VBZ it PRP is VBZ better JJR to TO stand VB up RP to TO these DT forces NNS , , his PRP$ fellow JJ scientists NNS would MD do VB well RB to TO recognize VB what WP is VBZ fundamentally RB at IN stake NN , , and CC offer VB their PRP$ public JJ support NN . . Wisconsin NNP Toy NNP Co. NNP said VBD it PRP definitively RB agreed VBD to TO acquire VB closely RB held JJ Everything NNP 's VBZ a DT Dollar NNP Inc. NNP of IN Virginia NNP Beach NNP , , Va. NNP , , for IN stock NN currently RB valued VBN at IN about IN $ $ 4.7 CD million CD . . The DT Milwaukee NNP toy NN retailer NN said VBD the DT agreement NN calls VBZ for IN Everything NNP 's VBZ a DT Dollar NNP holders NNS to TO receive VB for IN their PRP$ holdings NNS a DT total NN of IN 354,600 CD newly RB issued VBN Wisconsin NNP Toy NNP shares NNS . . Wisconsin NNP Toy NNP currently RB has VBZ about IN 4.7 CD million CD shares NNS outstanding JJ . . A DT company NN official NN said VBD Arthur NNP Borie NNP , , until IN January NNP chief JJ operating VBG officer NN of IN Pic NNP 'N CC Save NNP Inc. NNP , , will MD buy VB a DT 20 CD % NN stake NN in IN the DT new JJ Wisconsin NNP Toy NNP subsidiary NN , , and CC will MD act VB as IN head NN of IN Everything NNP 's VBZ a DT Dollar NNP . . Wisconsin NNP Toy NNP has VBZ 71 CD retail JJ stores NNS , , primarily RB in IN discount NN settings NNS . . Everything NNP 's VBZ a DT Dollar NNP operates VBZ 60 CD specialty-retail JJ stores NNS . . While IN welcoming VBG Nicholas NNP McInnes NNP 's POS Sept. NNP 18 CD letter NN offering VBG corrections NNS to TO your PRP$ `` `` World-Wide JJ Tax NN Revolution NN '' '' table NN ( ( editorial NN page NN , , Aug. NNP 29 CD ) ) , , I PRP am VBP surprised VBN that IN he PRP neglected VBD other JJ errors NNS that WDT , , for IN some DT of IN us PRP , , strike VBP close RB to TO home NN . . As IN a DT Channel NNP Islander NNP , , I PRP was VBD amazed VBN to TO see VB my PRP$ birthplace NN listed VBN as IN one CD of IN `` `` 86 CD countries NNS with IN an DT income NN tax NN . . '' '' Despite IN a DT history NN of IN heated JJ local JJ debate NN on IN the DT topic NN , , my PRP$ passport NN clearly RB reads VBZ `` `` British JJ citizen NN . . '' '' Whether NNP Mr. NNP McInnes NNP 's POS oversight NN is VBZ merely RB a DT sign NN of IN a DT mainlander NN 's POS benign JJ neglect NN is VBZ a DT question NN my PRP$ fellow JJ Channel NNP Islanders NNPS ( ( and CC friends NNS on IN the DT Isle NNP of IN Man NNP ) ) will MD continue VB to TO ponder VB . . Patrick NNP Basham NNP Roland NNP J. NNP Hawkins NNP , , chairman NN of IN Jet NNP Vacations NNPS Inc. NNP , , was VBD elected VBN to TO the DT board NN of IN this DT cruise NN line NN . . The DT board NN expands VBZ to TO seven CD members NNS . . Ducks NNS . . If IN the DT White NNP House NNP spots VBZ one CD , , it PRP intends VBZ to TO fire VB a DT veto NN at IN it PRP . . Ducks NNS are VBP this DT season NN 's POS word NN for IN new JJ taxes NNS , , under IN OMB NNP Director NNP Richard NNP Darman NNP 's POS formulation NN that IN `` `` if IN it PRP looks VBZ like IN a DT duck NN , , walks VBZ like IN a DT duck NN and CC quacks NNS like IN a DT duck NN , , it PRP 's VBZ a DT duck NN . . '' '' George NNP Bush NNP is VBZ quite RB clear JJ : : No DT new JJ ducks NNS . . But CC what WP about IN all PDT those DT non-duck JJ ducks NNS flapping VBG over IN Washington NNP ? . We PRP see VBP a DT whole JJ flock NN of IN programs NNS that WDT will MD impose VB significant JJ costs NNS on IN the DT American JJ economy NN in IN the DT form NN of IN burdensome JJ regulation NN and CC higher JJR liabilities NNS . . Federal JJ child NN care NN ( ( quack UH ) ) . . The DT Clean JJ Air NN bill NN ( ( quack UH ) ) . . The DT disabled-workers NNS bill NN ( ( quack UH , , quack UH ) ) . . The DT Bush NNP White NNP House NNP is VBZ breeding VBG non-duck JJ ducks NNS the DT same JJ way NN the DT Nixon NNP White NNP House NNP did VBD : : It PRP hops VBZ on IN an DT issue NN that WDT is VBZ unopposable JJ -- : cleaner JJR air NN , , better JJR treatment NN of IN the DT disabled JJ , , better JJR child NN care NN . . It PRP comes VBZ up RP with IN a DT toned-down JJ version NN of IN a DT Democratic JJ proposal NN . . The DT bill NN gets VBZ signed VBN into IN law NN and CC then RB the DT administration NN watches VBZ helplessly RB , , wondering VBG where WRB all PDT the DT `` `` unexpected JJ '' '' costs NNS came VBD from IN . . Consider VB , , for IN instance NN , , the DT very RB fat JJ fowl NN known VBN as IN federalized JJ child NN care NN . . The DT President NNP came VBD up RP with IN a DT good JJ bill NN , , but CC now RB may MD end VB up RP signing VBG the DT awful JJ bureaucratic JJ creature NN hatched VBN on IN Capitol NNP Hill NNP . . It PRP would MD create VB 38,000 CD local JJ day-care NN commissions NNS , , answerable JJ to TO the DT Department NNP of IN Health NNP and CC Human NNP Services NNPS . . They PRP 'd MD determine VB where WRB parents NNS could MD store VB their PRP$ kids NNS during IN the DT day NN , , and CC they PRP 'd MD regulate VB the DT storage NN facilities NNS . . The DT initial JJ costs NNS are VBP said VBN to TO be VB in IN the DT $ $ 2 CD billion CD a DT year NN range NN , , but CC that DT 's VBZ only RB the DT beginning NN . . New JJ entitlements NNS tend VBP to TO grow VB , , creating VBG a DT rationale NN for IN new JJ taxes NNS . . Quack UH . . The DT administration NN claims VBZ that IN its PRP$ Clean JJ Air NN bill NN will MD cost VB businesses NNS between IN $ $ 14 CD billion CD and CC $ $ 19 CD billion CD annually RB , , but CC economist NN Michael NNP Evans NNP estimates VBZ that IN the DT costs NNS for IN firms NNS will MD actually RB be VB in IN the DT $ $ 60 CD billion CD a DT year NN range NN . . The DT House NNP bill NN also RB distorts VBZ economic JJ efficiency NN in IN all DT sorts NNS of IN perverse JJ ways NNS . . For IN example NN , , the DT administration NN proposal NN imposes VBZ extremely RB tough JJ emissions NNS standards NNS on IN new JJ power NN plants NNS . . So CC instead RB of IN building VBG more RBR efficient JJ modern JJ plants NNS , , utilities NNS stick VBP scrubbers NNS on IN the DT old JJ plants NNS . . The DT money NN spent VBN on IN scrubbers NNS is VBZ diverted VBN from IN planned JJ research NN on IN new JJ , , cleaner JJR technology NN . . The DT bill NN also RB imposes VBZ the DT California NNP auto-emissions NNS standards NNS on IN all DT cars NNS nationwide RB , , as IN if IN a DT car NN registered VBN in IN Big NNP Sky NNP , , Montana NNP , , needed VBN to TO be VB as RB clean JJ as IN one CD driven VBN in IN Los NNP Angeles NNP . . Proponents NNS of IN the DT nationwide JJ standards NNS say VBP the DT cost NN for IN car NN buyers NNS would MD be VB about IN $ $ 500 CD per IN car NN . . Other JJ analysts NNS say VBP that DT estimate NN is VBZ low JJ . . Quack NN . . Nobody NN knows VBZ how WRB many JJ billions NNS of IN dollars NNS the DT Americans NNPS With IN Disabilities NNPS Act NNP will MD cost VB , , because IN nobody NN knows VBZ what WP the DT bill NN entails VBZ . . It PRP is VBZ an DT intentionally RB vague JJ document NN that WDT will MD create VB a DT wave NN of IN litigation NN . . Judges NNS will MD write VB the DT real JJ bill NN as IN suits NNS roll VBP through IN the DT courts NNS . . Lawyers NNS will MD benefit VB . . Private JJ companies NNS , , and CC ultimately RB their PRP$ customers NNS , , will MD end VB up RP footing VBG the DT huge JJ bill NN . . The DT effect NN of IN Nixon NNP era NN non-duck JJ ducks NNS was VBD an DT economy NN clogged VBN up RP with IN regulations NNS and CC distortions NNS . . All PDT this DT was VBD recognized VBN and CC documented VBN in IN the DT succeeding VBG years NNS by IN economists NNS , , some DT of IN whom WP worked VBD in IN the DT Reagan NNP administration NN to TO lift VB this DT burden NN from IN the DT American JJ people NNS , , states NNS and CC local JJ governments NNS . . Running VBG for IN President NNP in IN 1980 CD and CC 1988 CD , , George NNP Bush NNP also RB persuasively RB diagnosed VBD the DT economic JJ stagnation NN of IN the DT 1970s NNS . . In IN fact NN , , during IN last JJ year NN 's POS campaign NN , , the DT entire JJ nation NN constantly RB heard VBD Mr. NNP Bush NNP tout VB his PRP$ accomplishments NNS as IN head NN of IN the DT Task NNP Force NNP on IN Regulatory NNP Relief NNP . . `` `` Government NN continues VBZ to TO inhibit VB the DT productivity NN of IN our PRP$ citizenry NN and CC the DT international JJ competitiveness NN of IN American JJ business NN , , '' '' the DT vice NN president NN declared VBD when WRB he PRP was VBD head NN of IN the DT task NN force NN . . But CC with IN the DT impending JJ passage NN of IN these DT new JJ programs NNS , , Mr. NNP Bush NNP will MD surely RB be VB sending VBG many JJ people NNS hurtling VBG back RB into IN the DT regulatory JJ thicket NN that IN he PRP had VBD helped VBN cut VB back RB . . By IN 1986 CD , , the DT number NN of IN federal JJ regulators NNS was VBD down RB to TO about IN 103,000 CD . . Then RB it PRP turned VBD up RB , , and CC by IN one CD estimate NN the DT number NN will MD be VB up RB to TO about IN 109,000 CD regulators NNS by IN next JJ year NN . . Holding VBG the DT dam NN on IN taxes NNS is VBZ the DT most RBS important JJ task NN of IN the DT Bush NNP presidency NN . . We PRP would MD have VB thought VBD by IN now RB , , though IN , , that IN there EX was VBD a DT significant JJ core NN of IN people NNS involved VBN in IN government NN life NN who WP understood VBD that DT direct JJ taxation NN is VBZ n't RB the DT only JJ way NN to TO slow VB down RB an DT economy NN . . It PRP is VBZ merely RB the DT most RBS obvious JJ . . What WP is VBZ even RB more RBR ironic JJ is VBZ that IN all DT over IN the DT world NN nations NNS are VBP learning VBG that IN well-intentioned JJ public JJ programs NNS often RB backfire VBP . . But CC while IN they PRP are VBP unloading VBG these DT burdens NNS , , the DT United NNP States NNPS is VBZ close JJ to TO creating VBG three CD more JJR big JJ ones NNS . . The DT Bush NNP administration NN ought MD to TO be VB setting VBG aside RB some DT of IN its PRP$ buckshot NN for IN the DT non-duck JJ ducks NNS . . Confidence NN in IN the DT pound NN is VBZ widely RB expected VBN to TO take VB another DT sharp JJ dive NN if IN trade NN figures NNS for IN September NNP , , due JJ for IN release NN tomorrow NN , , fail VBP to TO show VB a DT substantial JJ improvement NN from IN July NNP and CC August NNP 's POS near-record JJ deficits NNS . . Chancellor NNP of IN the DT Exchequer NNP Nigel NNP Lawson NNP 's POS restated VBN commitment NN to TO a DT firm JJ monetary JJ policy NN has VBZ helped VBN to TO prevent VB a DT freefall NN in IN sterling NN over IN the DT past JJ week NN . . But CC analysts NNS reckon VBP underlying JJ support NN for IN sterling NN has VBZ been VBN eroded VBN by IN the DT chancellor NN 's POS failure NN to TO announce VB any DT new JJ policy NN measures NNS in IN his PRP$ Mansion NNP House NNP speech NN last JJ Thursday NNP . . This DT has VBZ increased VBN the DT risk NN of IN the DT government NN being NN forced VBN to TO increase VB base NN rates NNS to TO 16 CD % NN from IN their PRP$ current JJ 15 CD % NN level NN to TO defend VB the DT pound NN , , economists NNS and CC foreign JJ exchange NN market NN analysts NNS say VBP . . `` `` The DT risks NNS for IN sterling NN of IN a DT bad JJ trade NN figure NN are VBP very RB heavily RB on IN the DT down JJ side NN , , '' '' said VBD Chris NNP Dillow NNP , , senior JJ U.K. NNP economist NN at IN Nomura NNP Research NNP Institute NNP . . `` `` If IN there EX is VBZ another DT bad JJ trade NN number NN , , there EX could MD be VB an DT awful JJ lot NN of IN pressure NN , , '' '' noted VBD Simon NNP Briscoe NNP , , U.K. NNP economist NN for IN Midland NNP Montagu NNP , , a DT unit NN of IN Midland NNP Bank NNP PLC NNP . . Forecasts NNS for IN the DT trade NN figures NNS range VBP widely RB , , but CC few JJ economists NNS expect VBP the DT data NNS to TO show VB a DT very RB marked JJ improvement NN from IN the DT # # 2 CD billion CD ( ( $ $ 3.2 CD billion CD ) ) deficit NN in IN the DT current JJ account NN reported VBN for IN August NNP . . The DT August NNP deficit NN and CC the DT # # 2.2 CD billion CD gap NN registered VBN in IN July NNP are VBP topped VBN only RB by IN the DT # # 2.3 CD billion CD deficit NN of IN October NNP 1988 CD . . Sanjay NNP Joshi NNP , , European JJ economist NN at IN Baring NNP Brothers NNP & CC Co. NNP , , said VBD there EX is VBZ no DT sign NN that IN Britain NNP 's POS manufacturing VBG industry NN is VBZ transforming VBG itself PRP to TO boost NN exports NNS . . At IN the DT same JJ time NN , , he PRP remains VBZ fairly RB pessimistic JJ about IN the DT outlook NN for IN imports NNS , , given VBN continued VBD high JJ consumer NN and CC capital NN goods NNS inflows NNS . . He PRP reckons VBZ the DT current JJ account NN deficit NN will MD narrow VB to TO only RB # # 1.8 CD billion CD in IN September NNP . . However RB , , Mr. NNP Dillow NNP said VBD he PRP believes VBZ that IN a DT reduction NN in IN raw JJ material NN stockbuilding VBG by IN industry NN could MD lead VB to TO a DT sharp JJ drop NN in IN imports NNS . . Combined VBN with IN at IN least JJS some DT rebound NN in IN exports NNS after IN August NNP 's POS unexpected JJ decline NN , , the DT deficit NN could MD narrow VB to TO as RB little JJ as IN # # 1.3 CD billion CD . . Mr. NNP Briscoe NNP , , who WP also RB forecasts VBZ a DT # # 1.3 CD billion CD current JJ account NN gap NN , , warns VBZ that IN even RB if IN the DT trade NN figures NNS are VBP bullish JJ for IN sterling NN , , the DT currency NN wo MD n't RB advance VB much RB because IN investors NNS will MD want VB to TO see VB further JJ evidence NN of IN the DT turnaround NN before IN adjusting VBG positions NNS . . Nevertheless RB , , he PRP noted VBD , , `` `` No DT one PRP will MD want VB to TO go VB into IN the DT trade NN figures NNS without IN a DT flat JJ position NN '' '' in IN the DT pound NN . . Meanwhile RB , , overall JJ evidence NN on IN the DT economy NN remains VBZ fairly RB clouded JJ . . In IN his PRP$ Mansion NNP House NNP speech NN , , Mr. NNP Lawson NNP warned VBD that IN a DT further JJ slowdown NN can MD be VB expected VBN as IN the DT impact NN of IN the DT last JJ rise NN in IN interest NN rates NNS earlier RBR this DT month NN takes VBZ effect NN . . U.K. NNP base NN rates NNS are VBP at IN their PRP$ highest JJS level NN in IN eight CD years NNS . . But CC consumer NN expenditure NN data NNS released VBD Friday NNP do VBP n't RB suggest VB that IN the DT U.K. NNP economy NN is VBZ slowing VBG that RB quickly RB . . The DT figures NNS show VBP that DT spending NN rose VBD 0.1 CD % NN in IN the DT third JJ quarter NN from IN the DT second JJ quarter NN and CC was VBD up RB 3.8 CD % NN from IN a DT year NN ago RB . . This DT compares VBZ with IN a DT 1.6 CD % NN rise NN in IN the DT second NN from IN the DT first JJ quarter NN and CC a DT 5.4 CD % NN increase NN from IN the DT second JJ quarter NN of IN 1988 CD . . Mr. NNP Dillow NNP said VBD the DT data NNS show VBP the DT economy NN `` `` is VBZ still RB quite RB strong JJ , , '' '' but CC suggestions NNS that IN much JJ of IN the DT spending NN went VBD on IN services NNS rather RB than IN consumer NN goods NNS should MD reduce VB fears NNS of IN more JJR import NN rises NNS . . Certainly RB , , the DT chancellor NN has VBZ made VBN it PRP clear JJ that IN he PRP is VBZ prepared VBN to TO increase VB interest NN rates NNS again RB if IN necessary JJ to TO both DT ensure VB that IN a DT substantial JJ slowdown NN does VBZ take VB place NN and CC that DT sterling NN does VBZ n't RB decline VB further RB . . Thursday NNP , , he PRP reminded VBD his PRP$ audience NN that IN the DT government NN `` `` can MD not RB allow VB the DT necessary JJ rigor NN of IN monetary JJ policy NN to TO be VB undermined VBN by IN exchange NN rate NN weakness NN . . '' '' Analysts NNS agree VBP there EX is VBZ little JJ holding VBG sterling JJ firm NN at IN the DT moment NN other JJ than IN Mr. NNP Lawson NNP 's POS promise NN that IN rates NNS will MD be VB pushed VBN higher RBR if IN necessary JJ . . And CC , , they PRP warn VBP , , any DT further JJ drop NN in IN the DT government NN 's POS popularity NN could MD swiftly RB make VB this DT promise NN sound VB hollow JJ . . Sterling NN was VBD already RB showing VBG some DT signs NNS of IN a DT lack NN of IN confidence NN in IN Mr. NNP Lawson NNP 's POS promise NN Friday NNP . . In IN European JJ trading NN it PRP declined VBD to TO $ $ 1.5890 CD and CC 2.9495 CD marks NNS from IN $ $ 1.5940 CD and CC 2.9429 CD marks NNS late JJ Thursday NNP . . Economists NNS suggested VBD that IN if IN the DT pound NN falls VBZ much RB below IN 2.90 CD marks NNS , , the DT government NN will MD be VB forced VBN to TO increase VB rates NNS to TO 16 CD % NN , , both DT to TO halt VB any DT further JJ decline NN and CC ensure VB that IN the DT balance NN of IN monetary JJ policy NN remains VBZ unchanged JJ . . Friday NNP 's POS Market NNP Activity NNP The DT dollar NN posted VBD gains NNS in IN quiet JJ trading NN as IN concerns NNS about IN equities NNS abated VBD . . Foreign JJ exchange NN dealers NNS said VBD that IN the DT currency NN market NN has VBZ begun VBN to TO distance VB itself PRP from IN the DT volatile JJ stock NN exchange NN , , which WDT has VBZ preoccupied VBN the DT market NN since IN Oct. NNP 13 CD , , when WRB the DT Dow NNP Jones NNP Industrial NNP Average NNP plunged VBD more RBR than IN 190 CD points NNS . . Currency NN analysts NNS predict VBP that IN in IN the DT coming VBG week NN the DT foreign JJ exchange NN market NN will MD shift VB its PRP$ focus NN back RB to TO economic JJ fundamentals NNS , , keeping VBG a DT close JJ eye NN out RP for IN any DT signs NNS of IN monetary JJ easing VBG by IN U.S. NNP Federal NNP Reserve NNP . . Late RB in IN the DT New NNP York NNP trading NN day NN , , the DT dollar NN was VBD quoted VBN at IN 1.8578 CD marks NNS , , up RB from IN 1.8470 CD marks NNS late JJ Thursday NNP in IN New NNP York NNP . . The DT U.S. NNP currency NN was VBD also RB changing VBG hands NNS at IN 142.43 CD yen NN , , up RB from IN 141.70 CD yen NN in IN New NNP York NNP late JJ Thursday NNP . . In IN Tokyo NNP on IN Monday NNP , , the DT U.S. NNP currency NN opened VBD for IN trading NN at IN 141.95 CD yen NN , , up RB from IN Friday NNP 's POS Tokyo NNP close NN of IN 141.35 CD yen NN . . On IN the DT Commodity NNP Exchange NNP in IN New NNP York NNP , , gold NN for IN current JJ delivery NN settled VBN at IN $ $ 367.30 CD an DT ounce NN , , up RB 20 CD cents NNS . . Estimated VBN volume NN was VBD a DT light JJ 2.4 CD million CD ounces NNS . . In IN early RB trading NN in IN Hong NNP Kong NNP Monday NNP , , gold NN was VBD quoted VBN at IN $ $ 366.50 CD an DT ounce NN . . East NNP Rock NNP Partners NNP Limited NNP Partnership NNP said VBD it PRP proposed VBD to TO acquire VB A.P. NNP Green NNP Industries NNP Inc. NNP for IN $ $ 40 CD a DT share NN . . In IN an DT Oct. NNP 19 CD letter NN to TO A.P. NNP Green NNP 's POS board NN , , East NNP Rock NNP said VBD the DT offer NN is VBZ subject JJ to TO the DT signing NN of IN a DT merger NN agreement NN by IN no RB later RB than IN Oct. NNP 31 CD . . The DT letter NN , , attached VBN to TO a DT filing NN with IN the DT Securities NNP and CC Exchange NNP Commission NNP , , said VBD the DT approval NN is VBZ also RB contingent JJ upon IN obtaining VBG satisfactory JJ financing NN . . An DT A.P. NNP Green NNP official NN declined VBD to TO comment VB on IN the DT filing NN . . The DT $ $ 40-a-share JJ proposal NN values VBZ the DT company NN at IN about RB $ $ 106.6 CD million CD . . A.P. NNP Green NNP currently RB has VBZ 2,664,098 CD shares NNS outstanding JJ . . Its PRP$ stock NN closed VBD at IN $ $ 38 CD , , up RB $ $ 1.875 CD , , in IN national JJ over-the-counter JJ trading NN . . The DT company NN is VBZ a DT Mexico NNP , , Mo. NNP , , maker NN of IN refractory JJ products NNS . . East NNP Rock NNP also RB said VBD in IN the DT filing NN that IN it PRP boosted VBD its PRP$ stake NN in IN A.P. NNP Green NNP to TO 8.7 CD % NN . . It PRP now RB holds VBZ 233,000 CD A.P. NNP Green NNP common JJ shares NNS , , including VBG 30,000 CD shares NNS bought VBD last JJ Thursday NNP for IN $ $ 35.50 CD to TO $ $ 36.50 CD a DT share NN . . New NNP York-based JJ John NNP Kuhns NNP and CC Robert NNP MacDonald NNP control VBP East NNP Rock NNP Partners NNP Inc. NNP , , the DT sole JJ general JJ partner NN of IN East NNP Rock NNP Partners NNP L.P NNP . . The DT sole JJ limited VBN partner NN of IN the DT partnership NN is VBZ Westwood NNP Brick NNP Lime NNP Inc. NNP , , an DT indirect JJ subsidiary NN of IN Westwood NNP Group NNP Inc NNP . . Both DT Westwood NNP Brick NNP and CC Westwood NNP Group NNP are VBP based VBN in IN Boston NNP . . Freight NN rates NNS , , declining VBG for IN most JJS of IN the DT decade NN because IN of IN competition NN spurred VBN by IN deregulation NN , , are VBP bottoming VBG out RP , , turning VBG upward RB and CC threatening VBG to TO fuel VB inflation NN . . Trucking NN , , shipping NN and CC air-freight NN companies NNS have VBP announced VBN rate NN increases NNS , , scheduled VBN for IN this DT fall NN or CC early JJ next JJ year NN , , reflecting VBG higher JJR costs NNS and CC tightened VBD demand NN for IN freight NN transport NN . . Major JJ shippers NNS say VBP they PRP expect VBP freight NN rates NNS to TO rise VB at IN least JJS as RB fast RB as IN inflation NN and CC maybe RB faster RBR in IN the DT next JJ few JJ years NNS . . That DT 's VBZ a DT big JJ change NN from IN recent JJ years NNS when WRB freight NN haulage NN was VBD a DT bright JJ spot NN for IN U.S. NNP productivity NN , , helping VBG to TO restrain VB inflation NN and CC make VB U.S. NNP industry NN more RBR competitive JJ abroad RB . . `` `` Demand NN has VBZ caught VBN up RP with IN the DT supply NN of IN certain JJ types NNS of IN freight NN transportation NN , , and CC rates NNS are VBP starting VBG to TO move VB up RB '' '' at IN a DT rate NN `` `` close JJ to TO or CC slightly RB more JJR than IN the DT inflation NN rate NN , , '' '' said VBD Clifford NNP Sayre NNP , , director NN of IN logistics NNS at IN Du NNP Pont NNP Co NNP . . Shippers NNS surveyed VBD recently RB by IN Ohio NNP State NNP University NNP said VBD they PRP expect VBP their PRP$ freight-transport NN , , storage NN and CC distribution NN costs NNS to TO rise VB about RB 4 CD % NN this DT year NN . . Only RB 10 CD % NN of IN the DT 250 CD shippers NNS polled VBN expected VBD their PRP$ freight-transport JJ costs NNS to TO decrease VB , , compared VBN with IN 30 CD % NN who WP had VBD looked VBN to TO freight VB transport NN to TO reduce VB costs NNS in IN past JJ years NNS . . `` `` This DT is VBZ the DT first JJ year NN since IN transportation NN deregulation NN in IN 1980 CD that IN we PRP have VBP had VBD such JJ a DT dramatic JJ and CC broad-based JJ upturn NN in IN perceived VBN transportation NN rates NNS , , '' '' said VBD Bernard NNP LaLonde NNP , , a DT transportation NN logistics NNS professor NN at IN Ohio NNP State NNP in IN Columbus NNP . . The DT deregulation NN of IN railroads NNS and CC trucking NN companies NNS that WDT began VBD in IN 1980 CD enabled VBD shippers NNS to TO bargain VB for IN transportation NN . . Carriers NNS could MD use VB their PRP$ equipment NN more RBR efficiently RB , , leading VBG to TO overcapacity NN they PRP were VBD eager JJ to TO fill VB . . Shippers NNS cut VBN about RB $ $ 35 CD billion CD from IN their PRP$ annual JJ , , inter-city JJ truck NN and CC rail NN costs NNS , , to TO about RB $ $ 150 CD billion CD , , or CC about RB 6.4 CD % NN of IN gross JJ national JJ product NN , , down RB from IN 8 CD % NN of IN GNP NNP in IN 1981 CD . . But CC with IN much JJ of IN the DT inefficiency NN squeezed VBD out RB of IN the DT freight-transport JJ system NN , , rising VBG costs NNS are VBP likely JJ to TO be VB reflected VBN directly RB in IN higher JJR freight NN rates NNS . . `` `` Shippers NNP are VBP saying VBG ` `` the DT party NN 's VBZ over JJ , , ' '' '' '' said VBD Mr. NNP LaLonde NNP . . `` `` Shippers NNP wo MD n't RB be VB able JJ to TO look VB for IN transportation-cost JJ savings NNS as IN they PRP have VBP for IN the DT last JJ eight CD or CC nine CD years NNS . . Transport NN rates NNS wo MD n't RB be VB an DT opportunity NN for IN offsetting VBG cost NN increases NNS in IN other JJ segments NNS of IN the DT economy NN . . '' '' Robert NNP Delaney NNP , , a DT consultant NN at IN Arthur NNP D. NNP Little NNP Inc. NNP , , Cambridge NNP , , Mass. NNP , , said VBD `` `` We PRP 've VBP gotten VBN all DT the DT benefits NNS of IN deregulation NN in IN freight-cost JJ reductions NNS . . Now RB we PRP are VBP starting VBG to TO see VB real JJ freight-rate JJ increases NNS as IN carriers NNS replace VBP equipment NN , , pay VBP higher JJR fuel NN costs NNS and CC pay VBP more JJR for IN labor NN . . You PRP 'll MD see VB carriers NNS try VBP to TO recoup VB some DT of IN the DT price NN cutting NN that WDT occurred VBD previously RB . . '' '' Not RB everyone NN believes VBZ that IN the DT good JJ times NNS are VBP over JJ for IN shippers NNS . . `` `` There EX 's VBZ still RB a DT lot NN of IN pressure NN on IN rates NNS in IN both DT rail NN and CC truck NN , , '' '' said VBD Gerard NNP McCullough NNP , , lecturer NN in IN transportation NN at IN Massachusetts NNP Institute NNP of IN Technology NNP . . Less-than-truckload JJ companies NNS , , which WDT carry VBP the DT freight NN of IN several JJ shippers NNS in IN each DT truck NN trailer NN , , discounted VBD away RB a DT 4.7 CD % NN rate NN increase NN implemented VBD last JJ April NNP . . The DT carriers NNS were VBD competing VBG fiercely RB for IN market NN share NN . . Railroad-rate JJ increases NNS are VBP likely JJ to TO be VB restrained VBN by IN weakening VBG rail-traffic JJ levels NNS and CC keen JJ competition NN for IN freight NN from IN trucks NNS . . An DT official NN at IN Consolidated NNP Freightways NNP Inc. NNP , , a DT Menlo NNP Park NNP , , Calif. NNP , , less-than-truckload JJ carrier NN , , said VBD rate NN discounting NN in IN that DT industry NN has VBZ begun VBN to TO `` `` stabilize VB . . '' '' Consolidated NNP Freightways NNP plans VBZ to TO raise VB its PRP$ rates NNS 5.3 CD % NN late RB this DT year NN or CC early RB next JJ year NN , , and CC at IN least JJS two CD competitors NNS have VBP announced VBN similar JJ increases NNS . . Truckers NNS are VBP `` `` trying VBG to TO send VB signals NNS that IN they PRP need VBP to TO stop VB the DT bloodletting VBG , , forget VB about IN market NN share NN and CC go VB for IN higher JJR rates NNS , , '' '' said VBD Michael NNP Lloyd NNP , , an DT analyst NN at IN Salomon NNP Bros NNP . . And CC `` `` shippers NNS are VBP getting VBG the DT feeling NN that IN they PRP have VBP played VBN one CD trucker NN off RP against IN another DT as RB much RB as IN they PRP can MD , , '' '' he PRP said VBD . . Air-freight NN carriers NNS raised VBD their PRP$ rates NNS for IN U.S. NNP products NNS going VBG across IN the DT Pacific NNP to TO Asia NNP by IN about RB 20 CD % NN earlier RBR this DT month NN . . And CC Japan NNP Air NNP Lines NNP said VBD it PRP plans VBZ to TO boost VB its PRP$ rates NNS a DT further JJR 25 CD % NN over IN the DT next JJ two CD years NNS . . Such JJ rate NN increases NNS `` `` will MD increase VB the DT total JJ cost NN of IN U.S. NNP products NNS and CC slow VB down RP the DT rate NN of IN increase NN of IN U.S. NNP exports NNS , , '' '' said VBD Richard NNP Connors NNP , , a DT senior JJ vice NN president NN of IN Yusen NNP Air NNP & CC Sea NNP Service NNP U.S.A. NNP Inc. NNP , , the DT U.S. NNP air-freight-forwarding JJ subsidiary NN of IN Nippon NNP Yusen NNP Kaisha NNP of IN Japan NNP . . Ship NN companies NNS carrying VBG bulk JJ commodities NNS , , such JJ as IN oil NN , , grain NN , , coal NN and CC iron NN ore NN , , have VBP been VBN able JJ to TO increase VB their PRP$ rates NNS in IN the DT last JJ couple NN of IN years NNS . . Some DT bulk NN shipping NN rates NNS have VBP increased VBN `` `` 3 CD % NN to TO 4 CD % NN in IN the DT past JJ few JJ months NNS , , '' '' said VBD Salomon NNP 's POS Mr. NNP Lloyd NNP . . And CC ship NN lines NNS carrying VBG containers NNS are VBP also RB trying VBG to TO raise VB their PRP$ rates NNS . . Carriers NNS boosted VBD rates NNS more JJR than IN 10 CD % NN in IN the DT North NNP Atlantic NNP between IN the DT U.S. NNP and CC Europe NNP last JJ September NNP , , hoping VBG to TO partly RB restore VB rates NNS to TO earlier JJR levels NNS . . Ship NN lines NNS operating VBG in IN the DT Pacific NNP plan VBP to TO raise VB rates NNS on IN containers NNS carrying VBG U.S. NNP exports NNS to TO Asia NNP about RB 10 CD % NN , , effective JJ next JJ April NNP . . MGM NNP Grand NNP Inc. NNP said VBD it PRP filed VBD a DT registration NN statement NN with IN the DT Securities NNP and CC Exchange NNP Commission NNP for IN a DT public JJ offering NN of IN six CD million CD common JJ shares NNS . . The DT Beverly NNP Hills NNP , , Calif.-based JJ company NN said VBD it PRP would MD have VB 26.9 CD million CD common JJ shares NNS outstanding JJ after IN the DT offering NN . . The DT hotel NN and CC Gaming NN company NN said VBD Merrill NNP Lynch NNP Capital NNP Markets NNP will MD lead VB the DT underwriters NNS . . Proceeds NNS from IN the DT sale NN will MD be VB used VBN for IN remodeling VBG and CC refurbishing VBG projects NNS , , as RB well RB as IN for IN the DT planned VBN MGM NNP Grand NNP hotel\/casino NN and CC theme NN park NN . . Bob NNP Stone NNP stewed VBD over IN a DT letter NN from IN his PRP$ manager NN putting VBG him PRP on IN probation NN for IN insubordination NN . . Mr. NNP Stone NNP thought VBD the DT discipline NN was VBD unfair JJ ; : he PRP believed VBD that IN his PRP$ manager NN wanted VBD to TO get VB rid JJ of IN him PRP for IN personal JJ reasons NNS . . Unable JJ to TO persuade VB the DT manager NN to TO change VB his PRP$ decision NN , , he PRP went VBD to TO a DT `` `` company NN court NN '' '' for IN a DT hearing NN . . At IN the DT scheduled VBN time NN , , Mr. NNP Stone NNP entered VBD a DT conference NN room NN in IN a DT building NN near IN where WRB he PRP worked VBD . . After IN the DT three CD members NNS of IN the DT court NN introduced VBN themselves PRP , , the DT chairman NN of IN the DT panel NN said VBD : : `` `` Go VB ahead RB and CC tell VB us PRP what WP happened VBD . . We PRP may MD ask VB questions NNS as IN you PRP go VBP along RP , , or CC we PRP may MD wait VB until IN the DT end NN . . '' '' No DT lawyers NNS or CC tape NN recorders NNS were VBD present JJ . . The DT only JJ extra JJ people NNS were VBD a DT couple NN of IN personnel NNS specialists NNS , , one CD of IN whom WP knew VBD Mr. NNP Stone NNP 's POS case NN intimately RB and CC would MD help VB fill VB in RP any DT facts NNS needed VBD to TO give VB the DT court NN the DT full JJ picture NN . . Over IN a DT cup NN of IN coffee NN , , Mr. NNP Stone NNP told VBD his PRP$ story NN . . He PRP talked VBD about RB 20 CD minutes NNS . . When WRB he PRP was VBD through JJ , , the DT court NN members NNS asked VBD many JJ questions NNS , , then RB the DT chairman NN said VBD they PRP would MD like VB to TO hear VB his PRP$ manager NN 's POS side NN and CC talk VB to TO witnesses NNS . . The DT chairman NN promised VBD Mr. NNP Stone NNP a DT decision NN within IN two CD weeks NNS . . Bob NNP Stone NNP is VBZ a DT fictional JJ name NN , , but CC the DT incident NN described VBN is VBZ real JJ . . It PRP happened VBD at IN Northrop NNP Corp. NNP in IN Los NNP Angeles NNP . . The DT court NN is VBZ called VBN the DT Management NNP Appeals NNP Committee NNP , , or CC just RB `` `` MAC NNP , , '' '' and CC it PRP is VBZ likely JJ to TO hear VB a DT couple NN of IN dozen NN cases NNS a DT year NN . . Alter VB some DT details NNS of IN this DT example NN and CC it PRP could MD be VB taking VBG place NN today NN at IN Federal NNP Express NNP in IN Memphis NNP , , the DT Defense NNP and CC Underseas NNP Systems NNP divisions NNS of IN Honeywell NNP in IN Minneapolis NNP , , a DT General NNP Electric NNP plant NN in IN Columbia NNP , , Md. NNP , , or CC a DT number NN of IN other JJ companies NNS . . These DT firms NNS are VBP pioneers NNS in IN a DT significant JJ new JJ trend NN in IN the DT corporate JJ world NN : : the DT rise NN of IN what WP I PRP call VBP corporate JJ due JJ process NN . . Although IN corporate JJ due JJ process NN is VBZ practiced VBN today NN in IN few JJ companies NNS -- : perhaps RB 40 CD to TO 60 CD -- : it PRP is VBZ one CD of IN the DT fastest JJS developing VBG trends NNS in IN industry NN . . In IN the DT coming JJ decade NN a DT majority NN of IN people-oriented JJ companies NNS are VBP likely JJ to TO adopt VB it PRP . . Corporate JJ due JJ process NN appeals NNS to TO management NN for IN a DT variety NN of IN reasons NNS . . It PRP reduces VBZ lawsuits NNS from IN disgruntled VBN employees NNS and CC ex-employees NNS , , with IN all DT that DT means VBZ for IN reduced VBN legal JJ costs NNS and CC better JJR public JJ relations NNS . . It PRP helps VBZ to TO keep VB out RP unions NNS . . It PRP increases VBZ employee NN commitment NN to TO the DT company NN , , with IN all DT that DT means VBZ for IN efficiency NN and CC quality NN control NN . . What WP must MD your PRP$ management NN team NN do VB to TO establish VB corporate JJ due JJ process NN ? . Here RB are VBP four CD key JJ steps NNS : : 1 LS . . Make VB sure JJ you PRP have VBP a DT strong JJ personnel NNS department NN . . It PRP must MD be VB able JJ to TO handle VB most JJS of IN the DT complaints NNS that WDT can MD not RB be VB solved VBN in IN the DT trenches NNS by IN managers NNS and CC their PRP$ subordinates NNS , , else RB the DT company NN court NN or CC adjudicators NNS will MD be VB inundated VBN with IN cases NNS . . At IN Polaroid NNP , , the DT Personnel NNP Policy NNP Planning NNP Committee NNP may MD hear VB only RB about RB 20 CD cases NNS a DT year NN ; : the DT rest NN of IN the DT many JJ hundreds NNS of IN complaints NNS are VBP resolved VBN at IN earlier JJR stages NNS . . At IN TWA NNP , , the DT System NNP Board NNP of IN Adjustment NNP hears VBZ 50 CD to TO 75 CD cases NNS a DT year NN , , only RB a DT fraction NN of IN the DT complaints NNS brought VBN to TO personnel NNS specialists NNS . . At IN Citicorp NNP , , the DT Problem NNP Review NNP Board NNP may MD hear VB only RB 12 CD or CC so RB cases NNS because IN of IN personnel NNS 's POS skill NN in IN complaint-resolution NN . . In IN a DT typical JJ year NN , , up IN to TO 20 CD % NN of IN the DT work NN force NN goes VBZ to TO personnel NNS specialists NNS with IN complaints NNS of IN unfair JJ treatment NN . . In IN a DT large JJ company NN that DT means VBZ many JJ hundreds NNS of IN complaints NNS for IN personnel NNS to TO handle VB . . 2 LS . . Formally RB or CC informally RB , , train VB all DT your PRP$ managers NNS and CC supervisors NNS in IN the DT company NN 's POS due-process NN approach NN . . See VB that IN they PRP know VBP company NN personnel NNS policy NN backwards RB and CC forwards RB , , for IN it PRP is VBZ the DT `` `` law NN '' '' governing VBG company NN courts NNS and CC adjudicators NNS . . Coach VB them PRP in IN handling VBG complaints NNS so RB that IN they PRP can MD resolve VB problems NNS immediately RB . . In IN case NN managers NNS and CC personnel NNS specialists NNS are VBP unsuccessful JJ and CC subordinates NNS take VBP their PRP$ complaints NNS to TO a DT company NN court NN or CC adjudicator NN , , teach VB managers NNS to TO accept VB reversals NNS as IN a DT fact NN of IN business NN life NN , , for IN in IN a DT good JJ due-process NN system NN they PRP are VBP bound VBN to TO happen VB . . In IN the DT 15 CD companies NNS I PRP studied VBD , , reversal NN rates NNS range VBP on IN the DT average NN from IN 20 CD % NN to TO 40 CD % NN . . 3 LS . . Decide VB whether CC you PRP want VBP a DT panel NN system NN or CC a DT single JJ adjudicator NN . . A DT panel NN system NN like IN that DT in IN the DT Bob NNP Stone NNP example NN enjoys VBZ such JJ advantages NNS as IN high JJ credibility NN and CC , , for IN the DT panelists NNS , , mutual JJ support NN . . An DT adjudicator NN system NN -- : that DT is VBZ , , an DT investigator NN who WP acts VBZ first RB as IN a DT fact-finder NN and CC then RB switches VBZ hats NNS and CC arbitrates VBZ the DT facts NNS -- : has VBZ such JJ advantages NNS as IN speed NN , , flexibility NN and CC maximum NN privacy NN . . International NNP Business NNP Machines NNP and CC Bank NNP of IN America NNP are VBP among IN the DT companies NNS using VBG the DT single-adjudicator JJ approach NN . . 4 LS . . Make VB your PRP$ due-process NN system NN visible JJ . . It PRP wo MD n't RB do VB any DT good JJ for IN anybody NN unless IN employees NNS know VBP about IN it PRP . . Most JJS managements NNS hesitate VBP to TO go VB all DT out RP in IN advertising VBG their PRP$ due-process NN systems NNS for IN fear NN of IN encouraging JJ cranks NNS and CC chronic NN soreheads NNS to TO file VB complaints NNS . . On IN the DT other JJ hand NN , , they PRP make VBP sure RB at IN a DT minimum NN that IN their PRP$ systems NNS are VBP described VBN in IN their PRP$ employee NN handbooks NNS and CC talked VBD up RP by IN personnel NNS specialists NNS . . Smith-Kline NNP Beecham NNP goes VBZ further RBR and CC sometimes RB features VBZ its PRP$ grievance NN procedure NN in IN closed-circuit JJ TV NN programs NNS . . Naturally RB , , one CD of IN the DT best JJS ways NNS to TO guarantee VB visibility NN for IN your PRP$ due-process NN system NN is VBZ for IN top JJ management NN to TO support VB it PRP . . At IN IBM NNP , , the DT company NN 's POS Open NNP Door NNP system NN is VBZ sometimes RB the DT subject NN of IN memorandums NNS from IN the DT chief JJ executive NN . . Federal NNP Express NNP goes VBZ further RBR in IN this DT respect NN than IN any DT company NN I PRP know VBP of IN with IN both DT Frederick NNP Smith NNP and CC James NNP Barksdale NNP , , chief JJ executive NN and CC chief NN operating NN officer NN , , respectively RB , , sitting VBG in RP on IN the DT Appeals NNP Board NNP almost RB every DT Tuesday NNP to TO decide VB cases NNS . . Mr. NNP Ewing NNP is VBZ a DT consultant NN based VBN in IN Winchester NNP , , Mass. NNP , , and CC author NN of IN `` `` Justice NNP on IN the DT Job NNP : : Resolving NNP Grievances NNP in IN the DT Nonunion NNP Workplace NNP '' '' ( ( Harvard NNP Business NNP School NNP Press NNP , , 1989 CD ) ) . . Tokyo NNP stocks NNS closed VBD higher RBR in IN active JJ trading NN Friday NNP , , marking VBG the DT fourth JJ consecutive JJ daily JJ gain NN since IN Monday NNP 's POS sharp JJ fall NN . . London NNP shares NNS closed VBD moderately RB lower RBR in IN thin JJ trading NN . . At IN Tokyo NNP , , the DT Nikkei NNP index NN of IN 225 CD selected VBN issues NNS was VBD up RB 112.16 CD points NNS to TO 35486.38 CD . . The DT index NN advanced VBD 266.66 CD points NNS Thursday NNP . . In IN early RB trading NN in IN Tokyo NNP Monday NNP , , the DT Nikkei NNP index NN rose VBD 101.98 CD points NNS to TO 35588.36 CD . . Friday NNP 's POS volume NN on IN the DT First JJ Section NNP was VBD estimated VBN at IN one CD billion CD shares NNS , , up RB from IN 862 CD million CD Thursday NNP . . Winners NNS outpaced VBD losers NNS , , 572 CD to TO 368 CD , , while IN 181 CD issues NNS remained VBD unchanged JJ . . With IN investors NNS relieved VBN at IN the DT overnight JJ gain NN in IN New NNP York NNP stocks NNS , , small-lot JJ buying NN orders NNS streamed VBD into IN the DT market NN from IN early JJ morning NN , , making VBG traders NNS believe VB the DT market NN was VBD back RB to TO normal JJ . . The DT Nikkei NNP , , which WDT reached VBD as RB high JJ as IN 35611.38 CD right RB after IN the DT opening NN , , surrendered VBD part NN of IN its PRP$ early JJ advance NN toward IN the DT end NN of IN the DT day NN because IN of IN profit-taking NN . . `` `` Investors NNS , , especially RB dealers NNS , , do VBP n't RB want VB to TO hold VB a DT position NN over IN the DT weekend NN , , '' '' a DT trader NN at IN Dai-ichi NNP Securities NNP said VBD , , adding VBG , , though IN , , that IN the DT trading NN mood NN remained VBD positive JJ through IN the DT afternoon NN session NN . . The DT Tokyo NNP Stock NNP Price NNP Index NNP ( ( Topix NNP ) ) of IN all DT issues NNS listed VBN in IN the DT First JJ Section NNP , , which WDT gained VBD 22.78 CD points NNS Thursday NNP , , was VBD up RB 14.06 CD points NNS , , or CC 0.53 CD % NN , , at IN 2679.72 CD . . The DT Second NNP Section NNP index NN , , which WDT rose VBD 15.72 CD points NNS Thursday NNP , , was VBD up RB 11.88 CD points NNS , , or CC 0.32 CD % NN , , to TO close VB at IN 3717.46 CD . . Volume NN in IN the DT second JJ section NN was VBD estimated VBN at IN 30 CD million CD shares NNS , , up RB from IN 28 CD million CD Thursday NNP . . In IN turmoil NN caused VBN by IN the DT previous JJ Friday NNP 's POS plunge NN in IN New NNP York NNP stocks NNS , , the DT Nikkei NNP marked VBD a DT sharp JJ 647.33-point JJ fall NN Monday NNP . . But CC the DT Nikkei NNP fell VBD an DT overall JJ 1.8 CD % NN in IN value NN that DT day NN compared VBN with IN Wall NNP Street NNP 's VBZ far RB sharper JJR 6.9 CD % NN drop NN on IN Oct. NNP 13 CD . . The DT Tokyo NNP market NN 's POS resiliency NN helped VBD participants NNS to TO regain VB confidence NN gradually RB as IN they PRP spent VBD more JJR time NN on IN analyzing NN factors NNS that WDT caused VBD the DT Friday NNP plunge NN and CC realized VBD these DT problems NNS were VBD unique JJ to TO New NNP York NNP stocks NNS and CC not RB directly RB related VBN to TO Tokyo NNP . . The DT Nikkei NNP continued VBD to TO gain VB for IN the DT rest NN of IN the DT week NN , , adding VBG 1017.69 CD points NNS in IN four CD days NNS -- : more RBR than IN erasing VBG Monday NNP 's POS losses NNS . . But CC further JJ major JJ advances NNS on IN the DT Nikkei NNP are VBP n't RB foreseen VBN this DT week NN by IN market NN observers NNS . . Investors NNS are VBP still RB waiting VBG to TO see VB how WRB the DT U.S. NNP government NN will MD decide VB on IN interest NN rates NNS and CC how WRB the DT dollar NN will MD be VB stabilized VBN . . Some DT high-priced JJ issues NNS made VBD a DT comeback NN Friday NNP . . Pioneer NNP surged VBD 450 CD yen NNS ( ( $ $ 3.16 CD ) ) to TO 6,050 CD yen NNS ( ( $ $ 42.60 CD ) ) . . Kyocera NNP advanced VBN 80 CD yen NNS to TO 5,440 CD . . Fanuc NNP gained VBD 100 CD to TO 7,580 CD . . Breweries NNS attracted VBD investors NNS because IN of IN their PRP$ land NN property NN holdings NNS that WDT could MD figure VB in IN development NN or CC other JJ plans NNS , , traders NNS said VBD . . Sapporo NNP gained VBD 80 CD to TO 1,920 CD and CC Kirin NNP added VBD 60 CD to TO 2,070 CD . . Housings NNS , , constructions NNS and CC pharmaceuticals NNS continued VBD to TO be VB bought VBN following VBG Thursday NNP 's POS gains NNS because IN of IN strong JJ earnings NNS outlooks NNS . . Daiwa NNP House NNP gained VBD 50 CD to TO 2,660 CD . . Misawa NNP Homes NNP was VBD up RB 20 CD at IN 2,960 CD . . Kajima NNP advanced VBD 40 CD to TO 2,120 CD and CC Ohbayashi NNP added VBD 50 CD to TO 1,730 CD . . Fujisawa NNP added VBD 80 CD to TO 2,010 CD and CC Mochida NNP advanced VBD 230 CD to TO 4,400 CD . . London NNP share NN prices NNS were VBD influenced VBN largely RB by IN declines NNS on IN Wall NNP Street NNP and CC weakness NN in IN the DT British JJ pound NN . . The DT key JJ Financial NNP Times-Stock NNP Exchange NNP 100-share JJ index NN ended VBD 10.2 CD points NNS lower RBR at IN 2179.1 CD , , above RB its PRP$ intraday NN low JJ of IN 2176.9 CD , , but CC off RB the DT day NN 's VBZ high JJ of IN 2189 CD . . The DT index NN finished VBD 2.4 CD % NN under IN its PRP$ close NN of IN 2233.9 CD the DT previous JJ Friday NNP , , although IN it PRP recouped VBD some DT of IN the DT sharp JJ losses NNS staged VBD early JJ last JJ week NN on IN the DT back NN of IN Wall NNP Street NNP 's POS fall NN . . London NNP was VBD weak JJ throughout IN Friday NNP 's POS trading NN , , however RB , , on IN what WP dealers NNS attributed VBN to TO generally RB thin JJ interest NN ahead RB of IN the DT weekend NN and CC this DT week NN 's VBZ potentially RB important JJ U.K. NNP trade NN figures NNS for IN September NNP . . The DT FT-SE NNP 100 CD largely RB remained VBD within IN an DT 11-point JJ range NN establshed VBN within IN the DT first JJ hour NN of IN trading NN before RB it PRP eased VBD to TO an DT intraday NN low NN late RB in IN the DT session NN when WRB a DT flurry NN of IN program NN selling NN pushed VBD Wall NNP Street NNP lower RBR . . The DT FT NNP 30-share CD index NN closed VBD 11.0 CD points NNS lower RBR at IN 1761.0 CD . . Volume NN was VBD extremely RB thin JJ at IN 351.3 CD million CD shares NNS , , the DT lightest JJS volume NN of IN the DT week NN and CC modestly RB under RB Thursday NNP 's POS 387.4 CD million CD shares NNS . . Dealers NNS said VBD the DT day NN 's POS action NN was VBD featureless JJ outside IN some DT response NN to TO sterling NN 's POS early JJ weakness NN against IN the DT mark NN , , and CC fears NNS that IN Wall NNP Street NNP might MD open VB lower RBR after IN its PRP$ strong JJ leap NN forward RB Thursday NNP . . They PRP added VBD that IN market-makers NNS were VBD largely RB sidelined VBN after IN aggressively RB supporting VBG the DT market NN Thursday NNP in IN their PRP$ quest NN to TO cover VB internal JJ shortages NNS of IN FT-SE NNP 100 CD shares NNS . . Interest NN may MD remain VB limited JJ into IN tomorrow NN 's POS U.K. NNP trade NN figures NNS , , which WDT the DT market NN will MD be VB watching VBG closely RB to TO see VB if IN there EX is VBZ any DT improvement NN after IN disappointing JJ numbers NNS in IN the DT previous JJ two CD months NNS . . The DT key JJ corporate JJ news NN of IN the DT day NN was VBD that IN British NNP Airways NNP decided VBD to TO withdraw VB from IN a DT management-led JJ bid NN for IN UAL NNP Corp. NNP , , the DT parent NN of IN United NNP Airlines NNP . . British NNP Airways NNP rose VBD initially RB after IN announcing VBG its PRP$ withdrawal NN from IN the DT UAL NNP deal NN . . Dealers NNS said VBD they PRP viewed VBD the DT initial JJ # # 390-million CD ( ( $ $ 622 CD million CD ) ) outlay NN for IN a DT 15 CD % NN stake NN in IN the DT airline NN as IN a DT bit NN much JJ . . Its PRP$ shares NNS slid VBD in IN late JJ dealings NNS to TO close VB a DT penny NN per IN share NN lower RBR at IN 197 CD pence NN . . The DT airline NN was VBD the DT most RBS active JJ FT-SE NNP 100 CD at IN 8.2 CD million CD shares NNS traded VBN . . The DT next JJ most RBS active JJ top-tier JJ stock NN was VBD B.A.T NNP Industries NNP , , the DT target NN of IN Sir NNP James NNP Goldsmith NNP 's POS # # 13.4 CD billion CD bid NN . . The DT company NN gained VBD shareholder NN approval NN Thursday NNP to TO restructure NN in IN a DT bid NN to TO fend VB off RP the DT hostile NN takeover NN . . Sir NNP James NNP said VBD Thursday NNP night NN that IN his PRP$ plans NNS for IN the DT takeover NN had VBD n't RB changed VBN . . B.A.T NNP ended VBD the DT day NN at IN 778 CD , , down RB 5 CD , , on IN turnover NN of IN 7.5 CD million CD shares NNS . . Dealers NNS said VBD it PRP was VBD hit VBN by IN some DT profit-taking NN after IN gains NNS since IN mid-week NN . . In IN other JJ active JJ shares NNS , , Trusthouse NNP Forte NNP shed VBD 10 CD to TO 294 CD on IN volume NN of IN 6.4 CD million CD shares NNS after IN a DT Barclays NNP De NNP Zoete NNP Wedd NNP downgrading NN , , while IN Hillsdown NNP Holdings NNP , , a DT food NN products NNS concern NN , , was VBD boosted VBN 2 CD to TO 271 CD after RB it PRP disclosed VBD it PRP would MD seek VB shareholder NN approval NN to TO begin VB share NN repurchases NNS . . Elsewhere RB in IN Europe NNP , , share NN prices NNS closed VBD higher RBR in IN Stockholm NNP , , Brussels NNP and CC Milan NNP . . Prices NNS were VBD lower JJR in IN Frankfurt NNP , , Zurich NNP , , Paris NNP and CC Amsterdam NNP . . South JJ African JJ gold NN stocks NNS closed VBD moderately RB lower RBR . . Share NN prices NNS closed VBD higher RBR in IN Sydney NNP , , Taipei NNP , , Wellington NNP , , Manila NNP , , Hong NNP Kong NNP and CC Singapore NNP and CC were VBD lower JJR in IN Seoul NNP . . Here RB are VBP price NN trends NNS on IN the DT world NN 's POS major JJ stock NN markets NNS , , as IN calculated VBN by IN Morgan NNP Stanley NNP Capital NNP International NNP Perspective NNP , , Geneva NNP . . To TO make VB them PRP directly RB comparable JJ , , each DT index NN is VBZ based VBN on IN the DT close NN of IN 1969 CD equaling VBG 100 CD . . The DT percentage NN change NN is VBZ since IN year-end NN . . The DT U.S. NNP is VBZ required VBN to TO notify VB foreign JJ dictators NNS if IN it PRP knows VBZ of IN coup NN plans NNS likely JJ to TO endanger VB their PRP$ lives NNS , , government NN officials NNS said VBD . . The DT notification NN policy NN was VBD part NN of IN a DT set NN of IN guidelines NNS on IN handling VBG coups NNS outlined VBN in IN a DT secret JJ 1988 CD exchange NN of IN letters NNS between IN the DT Reagan NNP administration NN and CC the DT Senate NNP Intelligence NNP Committee NNP . . The DT existence NN of IN the DT guidelines NNS has VBZ become VBN known VBN since IN President NNP Bush NNP disclosed VBD them PRP privately RB to TO seven CD Republican NNP senators NNS at IN a DT White NNP House NNP meeting NN last JJ Monday NNP . . Officials NNS familiar JJ with IN the DT meeting NN said VBD Mr. NNP Bush NNP cited VBD the DT policy NN as IN an DT example NN of IN the DT sort NN of IN congressional JJ requirements NNS the DT administration NN contends VBZ contribute VB to TO the DT failure NN of IN such JJ covert JJ actions NNS as IN this DT month NN 's POS futile JJ effort NN to TO oust VB Panamanian JJ dictator NN Manuel NNP Noriega NNP . . According VBG to TO the DT officials NNS , , Mr. NNP Bush NNP even RB read VBD to TO the DT senators NNS selections NNS from IN a DT highly RB classified VBN letter NN from IN the DT committee NN to TO the DT White NNP House NNP discussing VBG the DT guidelines NNS . . They PRP said VBD the DT president NN conceded VBD the DT notification NN requirement NN did VBD n't RB affect VB his PRP$ decision NN to TO lend VB only JJ minor JJ support NN to TO this DT month NN 's POS Panama NNP coup NN effort NN . . No DT notification NN was VBD ever RB considered VBN , , officials NNS said VBD , , apparently RB because IN the DT U.S. NNP did VBD n't RB think VB the DT coup NN plotters NNS intended VBN to TO kill VB Mr. NNP Noriega NNP , , but CC merely RB sought VBD to TO imprison VB him PRP . . What WP 's VBZ more JJR , , both DT administration NN and CC congressional JJ officials NNS hint VBP that IN the DT notification NN requirement NN is VBZ likely JJ to TO be VB dropped VBN from IN the DT guidelines NNS on IN coup NN attempts NNS that WDT are VBP being VBG rewritten VBN by IN the DT panel NN and CC the DT White NNP House NNP . . The DT rewriting VBG was VBD launched VBN at IN a DT meeting NN between IN Mr. NNP Bush NNP and CC intelligence NN committee NN leaders NNS Oct. NNP 12 CD , , a DT few JJ days NNS before IN the DT meeting NN at IN which WDT the DT president NN complained VBD about IN the DT rules NNS . . However RB , , the DT disclosure NN of IN the DT guidelines NNS , , first RB reported VBN last JJ night NN by IN NBC NNP News NNP , , is VBZ already RB being VBG interpreted VBN on IN Capitol NNP Hill NNP as IN an DT unfair JJ effort NN to TO pressure VB Congress NNP . . It PRP has VBZ reopened VBN the DT bitter JJ wrangling VBG between IN the DT White NNP House NNP and CC Congress NNP over IN who WP is VBZ responsible JJ for IN the DT failure NN to TO oust VB Mr. NNP Noriega NNP and CC , , more RBR broadly RB , , for IN difficulties NNS in IN carrying VBG out RP covert JJ activities NNS abroad RB . . A DT statement NN issued VBN by IN the DT office NN of IN the DT committee NN chairman NN , , Sen. NNP David NNP Boren NNP ( ( D. NNP , , Okla. NNP ) ) , , charged VBD that IN the DT disclosure NN is VBZ part NN of IN a DT continuing VBG effort NN to TO shift VB the DT criticism NN for IN the DT failure NN of IN the DT recent JJ coup NN attempt NN in IN Panama NNP . . The DT statement NN added VBD , , `` `` Someone NN has VBZ regrettably RB chosen VBN to TO selectively RB summarize VB portions NNS of IN highly RB classified VBN correspondence NN between IN the DT two CD branches NNS of IN government NN . . Not RB only RB does VBZ this DT come VB close RB to TO a DT violation NN of IN law NN , , it PRP violates VBZ the DT trust NN we PRP have VBP all DT worked VBD to TO develop VB . . '' '' Sen. NNP Boren NNP said VBD , , `` `` It PRP 's VBZ time NN to TO stop VB bickering VBG and CC work NN together RB to TO develop VB a DT clear JJ and CC appropriate JJ policy NN to TO help VB the DT country NN in IN the DT future NN . . I PRP 've VBP invited VBN the DT president NN to TO send VB his PRP$ suggestions NNS to TO the DT committee NN . . '' '' Republican NNP Sen. NNP William NNP Cohen NNP of IN Maine NNP , , the DT panel NN 's POS vice NN chairman NN , , said VBD of IN the DT disclosure NN that IN `` `` a DT text NN torn VBN out RB of IN context NN is VBZ a DT pretext NN , , and CC it PRP is VBZ unfair JJ for IN those DT in IN the DT White NNP House NNP who WP are VBP leaking VBG to TO present VB the DT evidence NN in IN a DT selective JJ fashion NN . . '' '' Sen. NNP Boren NNP said VBD the DT committee NN could MD n't RB defend VB itself PRP by IN making VBG the DT documents NNS public JJ because IN that DT would MD violate VB classification NN rules NNS . . But CC the DT chairman NN and CC other JJ committee NN members NNS stressed VBD that IN the DT notification NN guideline NN was VBD n't RB imposed VBN on IN the DT White NNP House NNP by IN a DT meddling VBG Congress NNP . . Instead RB , , both DT congressional JJ and CC administration NN officials NNS agreed VBD , , it PRP grew VBD out IN of IN talks NNS about IN coup-planning NN in IN Panama NNP that WDT were VBD initiated VBN by IN the DT administration NN in IN July NNP 1988 CD and CC stretched VBD into IN last JJ October NNP . . The DT guideline NN was VBD n't RB a DT law NN , , but CC a DT joint JJ interpretation NN of IN how WRB the DT U.S. NNP might MD operate VB during IN foreign JJ coups NNS in IN light NN of IN the DT longstanding JJ presidential JJ order NN banning VBG a DT U.S. NNP role NN in IN assassinations NNS . . In IN fact NN , , yesterday NN the DT administration NN and CC Congress NNP were VBD still RB differing VBG on IN what WP had VBD been VBN agreed VBN to TO . . One CD administration NN official NN said VBD notification NN was VBD required VBN even RB if IN the DT U.S. NNP `` `` gets VBZ wind NN '' '' of IN somebody NN else RB 's POS coup NN plans NNS that WDT seem VBP likely RB to TO endanger VB a DT dictator NN 's POS life NN . . But CC a DT congressional JJ source NN close RB to TO the DT panel NN said VBD the DT rule NN only RB covered VBD coup NN plans NNS directly RB involving VBG the DT U.S. NNP . . Although IN the DT notification NN guideline NN was VBD n't RB carried VBD out RP in IN this DT month NN 's POS coup NN attempt NN , , some DT administration NN officials NNS argue VBP that IN it PRP may MD have VB led VBN to TO hesitation NN and CC uncertainty NN on IN the DT part NN of IN U.S. NNP intelligence NN and CC military JJ operatives NNS in IN Panama NNP . . One CD senior JJ administration NN official NN called VBD the DT guideline NN `` `` outrageous JJ '' '' and CC said VBD it PRP could MD make VB U.S. NNP operatives NNS reluctant JJ to TO even RB listen VB to TO coup NN plans NNS for IN fear NN they PRP may MD get VB into IN legal JJ trouble NN . . The DT issue NN came VBD to TO a DT head NN last JJ year NN , , officials NNS recalled VBD , , partly RB because IN the DT Reagan NNP administration NN had VBD sought VBN unsuccessfully RB to TO win VB committee NN approval NN of IN funding NN for IN new JJ Panama NNP coup NN efforts NNS . . In IN addition NN , , both DT administration NN and CC congressional JJ officials NNS said VBD the DT need NN for IN guidelines NNS on IN coups NNS and CC assassinations NNS was VBD partly RB spurred VBN by IN a DT White NNP House NNP desire NN to TO avoid VB nasty JJ overseas JJ surprises NNS during IN the DT election NN campaign NN . . Though IN the DT assassination NN ban NN is VBZ a DT White NNP House NNP order NN that IN Congress NNP never RB voted VBD on IN , , the DT intelligence NN committees NNS can MD exercise VB influence NN over IN its PRP$ interpretation NN . . Last JJ week NN , , Central NNP Intelligence NNP Agency NNP Director NNP William NNP Webster NNP publicly RB called VBD on IN Congress NNP to TO provide VB new JJ interpretations NNS of IN the DT assassination NN order NN that WDT would MD permit VB the DT U.S. NNP more JJR freedom NN to TO act VB in IN coups NNS . . The DT administration NN has VBZ reacted VBN to TO criticism NN that IN it PRP mishandled VBD the DT latest JJS coup NN attempt NN by IN seeking VBG to TO blame VB Congress NNP for IN restrictions NNS the DT White NNP House NNP said VBD have VBP hampered VBN its PRP$ freedom NN of IN action NN . . However RB , , last JJ week NN Mr. NNP Webster NNP 's POS two CD top JJ CIA NNP deputies NNS said VBD congressional JJ curbs NNS had VBD n't RB hampered VBN the DT spy NN agency NN 's POS role NN in IN the DT coup NN attempt NN in IN Panama NNP . . Nevertheless RB , , the DT administration NN 's POS criticisms NNS appeared VBD to TO have VB made VBN some DT headway NN with IN Sens. NNS Boren NNP and CC Cohen NNP after IN their PRP$ Oct. NNP 12 CD meeting NN with IN the DT president NN . . The DT three CD men NNS agreed VBD to TO rewrite VB the DT guidelines NNS , , without IN changing VBG the DT basic JJ assassination NN ban NN , , to TO clear VB up RP any DT ambiguities NNS that WDT may MD have VB hampered VBN U.S. NNP encouragement NN of IN coups NNS against IN anti-American JJ leaders NNS . . The DT new JJ argument NN over IN the DT notification NN guideline NN , , however RB , , could MD sour VB any DT atmosphere NN of IN cooperation NN that IN existed VBD . . Gerald NNP F. NNP Seib NNP contributed VBD to TO this DT article NN . . ( ( During IN its PRP$ centennial JJ year NN , , The DT Wall NNP Street NNP Journal NNP will MD report VB events NNS of IN the DT past JJ century NN that WDT stand VBP as IN milestones NNS of IN American JJ business NN history NN . . ) ) MUTUAL JJ FUNDS NNS ARRIVED VBD IN IN THE DT U.S. NNP during IN the DT Roaring NNP Twenties NNP ( ( they PRP had VBD been VBN in IN Britain NNP for IN a DT century NN ) ) , , but CC they PRP did VBD n't RB boom VB until IN the DT money NN market NN fund NN was VBD created VBN in IN the DT 1970s CD . . By IN 1980 CD , , there EX were VBD more JJR than IN 100 CD such JJ funds NNS . . Besides IN creating VBG a DT vehicle NN for IN investors NNS , , money NN market NN funds NNS also RB helped VBD rewrite VB banking NN regulations NNS . . The DT idea NN was VBD to TO let VB small JJ investors NNS , , the DT backbone NN of IN the DT fund NN business NN , , deal VB in IN the DT money NN market NN 's POS high JJ short-term JJ interest NN rates NNS . . This DT had VBD been VBN the DT exclusive JJ province NN of IN those DT rich JJ enough RB to TO use VB six-figure JJ sums NNS to TO get VB income NN that WDT was VBD figured VBN beyond IN the DT third JJ or CC fourth JJ decimal NN place NN . . The DT now-standard JJ price NN of IN $ $ 1 CD a DT share NN came VBD about RP by IN accident NN . . An DT early JJ fund NN had VBD filed VBN a DT registration NN with IN the DT Securities NNP and CC Exchange NNP Commission NNP that WDT included VBD a DT fixed VBN $ $ 1 CD price NN . . It PRP arrived VBD just RB as IN the DT regulator NN handling VBG such JJ operations NNS was VBD retiring VBG . . His PRP$ successor NN approved VBD the DT $ $ 1 CD price NN in IN the DT process NN of IN clearing VBG the DT backed-up JJ papers NNS on IN his PRP$ desk NN . . When WRB Dreyfus NNP started VBD the DT first JJ advertising-backed JJ retail JJ fund NN in IN February NNP 1974 CD , , it PRP was VBD priced VBN at IN $ $ 10 CD a DT share NN ( ( and CC reached VBD $ $ 1 CD billion CD in IN assets NNS in IN one CD year NN . . ) ) Dreyfus NNP moved VBD to TO the DT $ $ 1 CD price NN after IN the DT SEC NNP set NN standards NNS -- : an DT average JJ 120-day JJ maturity NN of IN high-grade JJ paper NN -- : that WDT are VBP still RB the DT rule NN . . Keeping VBG the DT listed VBN price NN at IN a DT dollar NN is VBZ primarily RB a DT convenience NN . . Actually RB , , the DT funds NNS do VBP fluctuate VB , , but CC beyond IN the DT third JJ decimal NN place NN . . Rounding-off NN keeps VBZ them PRP at IN $ $ 1 CD . . Eventually RB , , the DT money NN funds NNS ' POS success NN forced VBD relaxation NN of IN curbs NNS on IN bank NN interest NN rates NNS to TO allow VB banks NNS to TO offer VB competing VBG yields NNS . . The DT new JJ instrument NN also RB introduced VBD many JJ to TO the DT industry NN -- : 30 CD % NN of IN fund NN owners NNS ( ( there EX are VBP more JJR than IN 54 CD million CD accounts NNS ) ) started VBN with IN a DT money NN fund NN . . Today NN more JJR than IN 470 CD money NN market NN funds NNS have VBP total JJ assets NNS exceeding VBG $ $ 350 CD billion CD . . ( ( The DT companion NN tax-exempt JJ funds NNS add VBP $ $ 71 CD billion CD . . ) ) Dreyfus NNP alone RB has VBZ seen VBN its PRP$ money NN market NN funds NNS grow VBP from IN $ $ 1 CD billion CD in IN 1975 CD to TO closes NNS to TO $ $ 15 CD billion CD today NN . . Procter NNP & CC Gamble NNP Co. NNP and CC Noxell NNP Corp. NNP said VBD they PRP received VBD early JJ termination NN of IN the DT waiting NN period NN under IN the DT Hart-Scott-Rodino NNP Act NNP regarding VBG the DT proposed VBN $ $ 1.4 CD billion CD merger NN of IN Noxell NNP into IN P&G NNP . . Shareholders NNS of IN Noxell NNP , , of IN Hunt NNP Valley NNP , , Md. NNP , , will MD vote VB on IN the DT merger NN at IN a DT special JJ meeting NN on IN Nov. NNP 30 CD , , the DT companies NNS said VBD . . P&G NNP , , Cincinnati NNP , , agreed VBD to TO exchange VB 0.272 CD share NN of IN its PRP$ common JJ stock NN for IN each DT share NN of IN Noxell NNP common JJ and CC Class NNP B NNP stock NN , , a DT total NN of IN about RB 11 CD million CD P&G NNP shares NNS . . The DT transaction NN would MD mark VB the DT entry NN of IN P&G NNP into IN cosmetics NNS . . The DT company NN already RB markets VBZ a DT wide JJ range NN of IN detergents NNS , , food NN , , household NN and CC health-care NN products NNS . . Shareholders NNS of IN Messerschmitt-Boelkow-Blohm NNP G.m.b NNP . . H. NNP postponed VBD their PRP$ formal JJ endorsement NN of IN a DT merger NN with IN Daimler-Benz NNP AG NNP until IN another DT meeting NN on IN Nov. NNP 17 CD . . The DT owners NNS of IN the DT defense NN and CC aerospace NN concern NN , , which WDT include VBP three CD regional JJ states NNS , , several JJ industrial JJ companies NNS and CC banks NNS , , met VBD Friday NNP to TO discuss VB the DT final JJ terms NNS of IN the DT transaction NN , , in IN which WDT Daimler-Benz NNP will MD acquire VB 50.01 CD % NN of IN But CC agreement NN aparently RB could MD n't RB be VB reached VBN because RB of IN opposition NN from IN the DT states NNS of IN Hamburg NNP and CC Bremen NNP , , which WDT are VBP demanding VBG more JJR influence NN over IN the DT German NNP Airbus NNP operations NNS and CC a DT better JJR guarantee NN against IN job NN losses NNS in IN the DT troubled JJ Northern JJ German JJ region NN . . The DT two CD states NNS and CC the DT state NN of IN Bavaria NNP still RB hold VBP a DT majority NN in IN MBB NNP , , but CC their PRP$ stake NN will MD fall VB to TO around RB 30 CD % NN after IN Daimler-Benz NNP acquires VBZ its PRP$ stake NN in IN the DT concern NN . . Jeffrey NNP E. NNP Levin NNP was VBD named VBN vice NN president NN and CC chief JJ economist NN of IN this DT commodity NN futures NNS and CC options NNS exchange NN . . He PRP had VBD been VBN associate JJ professor NN in IN the DT department NN of IN finance NN at IN Seton NNP Hall NNP University NNP . . SIERRA NNP TUCSON NNP Cos. NNP said VBD it PRP completed VBD its PRP$ initial JJ public NN offering NN of IN 2.5 CD million CD common JJ shares NNS , , which WDT raised VBD $ $ 30 CD million CD . . The DT Tucson NNP , , Ariz. NNP , , operator NN of IN addiction-treatment JJ centers NNS said VBD proceeds NNS will MD be VB used VBN for IN expansion NN , , to TO pay VB debt NN and CC for IN general JJ corporate JJ purposes NNS . . Oppenheimer NNP & CC Co. NNP was VBD the DT lead JJ underwriter NN . . The DT government NN issues VBZ its PRP$ first JJ reading NN on IN third-quarter JJ real JJ gross JJ national JJ product NN this DT week NN in IN a DT report NN that WDT is VBZ expected VBN to TO disclose VB much RB tamer JJR inflation NN . . The DT consensus NN view NN on IN real JJ GNP NNP , , the DT total JJ value NN of IN the DT nation NN 's POS output NN of IN goods NNS and CC services NNS adjusted VBN for IN inflation NN , , calls VBZ for IN a DT 2.3 CD % NN gain NN , , down RB from IN the DT second JJ quarter NN 's POS 2.5 CD % NN , , according VBG to TO MMS NNP International NNP , , a DT unit NN of IN McGraw-Hill NNP Inc. NNP , , New NNP York NNP . . But CC inflation NN , , as IN measured VBN by IN the DT GNP NNP deflator NN in IN Thursday NNP 's POS report NN , , is VBZ expected VBN to TO rise VB only RB 3.5 CD % NN , , down RB from IN 4.6 CD % NN in IN the DT second JJ quarter NN . . `` `` Inflation NN could MD be VB a DT real JJ surprise NN , , '' '' said VBD Samuel NNP D. NNP Kahan NNP , , chief JJ financial JJ economist NN at IN Kleinwort NNP Benson NNP Government NNP Securities NNP Inc. NNP , , in IN Chicago NNP . . `` `` If IN that DT gets VBZ people NNS excited JJ , , it PRP could MD serve VB as IN an DT impetus NN to TO the DT fixed-income NN markets NNS to TO lower VB their PRP$ rates NNS , , '' '' he PRP added VBD . . The DT week NN 's POS other JJ notable JJ indicators NNS include VBP mid-October JJ auto NN sales NNS , , September NNP durable JJ goods NNS orders NNS as RB well RB as IN September NNP personal JJ income NN , , personal JJ consumption NN and CC the DT saving NN rate NN . . Most JJS are VBP expected VBN to TO fall VB below IN previous-month JJ levels NNS . . Many JJ economists NNS see VBP even RB slower JJR GNP NNP growth NN for IN the DT remainder NN of IN the DT year NN , , with IN some DT leaning VBG more RBR strongly RB toward IN a DT possible JJ recession NN . . In IN addition NN to TO softer JJR production NN data NNS , , weaker JJR housing NN starts NNS and CC lower JJR corporate JJ profits NNS currently RB in IN evidence NN , , some DT analysts NNS believe VBP the DT two CD recent JJ natural NN disasters NNS -- : Hurricane NNP Hugo NNP and CC the DT San NNP Francisco NNP earthquake NN -- : will MD carry VB economic JJ ramifications NNS in IN the DT fourth JJ quarter NN . . The DT recent JJ one-day JJ , , 190-point JJ drop NN in IN the DT Dow NNP Jones NNP Industrial NNP Average NNP seems VBZ to TO be VB significant JJ to TO economists NNS mainly RB for IN its PRP$ tacit JJ comment NN on IN the DT poor JJ quality NN of IN third-quarter JJ profits NNS now RB being VBG reported VBN . . `` `` The DT stock NN market NN is VBZ sick JJ because IN profits NNS are VBP crumbling VBG , , '' '' says VBZ Michael NNP K. NNP Evans NNP , , president NN of IN Evans NNP Economics NNP Inc. NNP , , Washington NNP . . The DT economy NN , , he PRP noted VBD , , moves VBZ the DT market NN , , not RB vice RB versa RB . . On IN the DT other JJ hand NN , , Mr. NNP Evans NNP expects VBZ the DT hurricane NN and CC the DT earthquake NN `` `` to TO take VB a DT hunk NN out IN of IN fourth-quarter JJ GNP NNP . . '' '' His PRP$ estimate NN of IN 3.3 CD % NN for IN third-quarter JJ GNP NNP is VBZ higher JJR than IN the DT consensus NN largely RB because IN he PRP believes VBZ current JJ inventories NNS are VBP n't RB as RB low JJ as IN official JJ figures NNS indicate VBP . . Demand NN , , he PRP believes VBZ , , is VBZ being VBG met VBN from IN overhang NN rather RB than IN new JJ production NN . . By IN and CC large JJ , , economists NNS believe VBP the DT two CD natural JJ catastrophes NNS will MD limit VB economic JJ damage NN to TO their PRP$ regions NNS . . Edward NNP J. NNP Campbell NNP , , economist NN at IN Brown NNP Brothers NNP Harriman NNP & CC Co. NNP , , New NNP York NNP , , noted VBD that IN large JJ increases NNS in IN construction NN activity NN along IN with IN government NN and CC private JJ relief NN efforts NNS could MD offset VB loss NN of IN production NN in IN those DT areas NNS . . Gary NNP Ciminero NNP , , economist NN at IN Fleet\/Norstar NNP Financial NNP Group NNP , , Providence NNP , , R.I. NNP , , expects VBZ the DT deflator NN to TO rise VB 3.7 CD % NN , , well RB below IN the DT second JJ quarter NN 's POS 4.6 CD % NN , , partly RB because IN of IN what WP he PRP believes VBZ will MD be VB temporarily RB better JJR price NN behavior NN . . He PRP expects VBZ real JJ GNP NNP growth NN of IN only JJ 2.1 CD % NN for IN the DT quarter NN , , noting VBG a DT wider JJR trade NN deficit NN , , slower JJR capital NN and CC government NN spending NN and CC the DT lower JJR inventory NN figures NNS . . Sung NNP Won NNP Sohn NNP , , chief JJ economist NN at IN Norwest NNP Corp. NNP , , Minneapolis NNP , , holds VBZ that IN the DT recent JJ stock-market NN volatility NN `` `` increases VBZ the DT possibility NN of IN economic JJ recession NN and CC reinforces VBZ the DT bad JJ news NN '' '' from IN recent JJ trade NN deficit NN , , employment NN and CC housing NN reports NNS . . The DT consensus NN calls VBZ for IN a DT 0.5 CD % NN increase NN in IN September NNP personal JJ income NN and CC a DT 0.3 CD % NN gain NN in IN consumption NN . . In IN August NNP , , personal JJ income NN rose VBD 0.4 CD % NN and CC personal JJ consumption NN increased VBD 0.9 CD % NN . . Charles NNP Lieberman NNP , , managing VBG director NN of IN financial JJ markets NNS reasearch NN at IN Manufacturers NNP Hanover NNP Securities NNP Corp. NNP , , New NNP York NNP , , said VBD Hurrican NNP Hugo NNP shaved VBD 0.1 CD % NN to TO 0.2 CD % NN from IN personal-income JJ growth VB , , because IN of IN greatly RB diminished VBN rental JJ income NN from IN tourism NN . . Durable JJ goods NNS orders NNS for IN September NNP , , due JJ out RP tomorrow NN , , are VBP expected VBN to TO show VB a DT slip NN of IN 1 CD % NN , , compared VBN with IN August NNP 's POS 3.9 CD % NN increase NN . . As IN usual JJ , , estimates NNS on IN the DT fickle JJ report NN are VBP wide JJ , , running VBG from IN a DT drop NN of IN 3.5 CD % NN to TO a DT gain NN of IN 1.6 CD % NN . . HASTINGS NNP MANUFACTURING NNP Co. NNP declared VBD a DT regular JJ quarterly JJ dividend NN of IN 10 CD cents NNS a DT share NN and CC an DT extra JJ dividend NN of IN five CD cents NNS a DT share NN on IN its PRP$ common JJ stock NN , , payable JJ Dec. NNP 15 CD to TO shares NNS of IN record NN Nov. NNP 17 CD . . This DT is VBZ the DT 11th JJ consecutive JJ quarter NN in IN which WDT the DT company NN has VBZ paid VBN shareholders NNS an DT extra JJ dividend NN of IN five CD cents NNS . . The DT Hastings NNP , , Mich. NNP , , concern NN makes VBZ piston NN rings NNS , , filters NNS and CC fuel NN pumps NNS . . Vickers NNP PLC NNP , , a DT United NNP Kingdom NNP defense NN and CC engineering NN company NN , , said VBD an DT investment NN unit NN controlled VBN by IN New NNP Zealand NNP financier NN Ron NNP Brierley NNP raised VBD its PRP$ stake NN in IN the DT company NN Friday NNP to TO 15.02 CD % NN from IN about RB 14.6 CD % NN Thursday NNP and CC from IN 13.7 CD % NN the DT previous JJ week NN . . I.E.P. NNP Securities NNP Ltd. NNP , , a DT unit NN of IN Mr. NNP Brierley NNP 's POS Hong NNP Kong-based JJ Industrial NNP Equity NNP ( ( Pacific NNP ) ) Ltd. NNP , , boosted VBD its PRP$ holdings NNS in IN Vickers NNP to TO 38.8 CD million CD shares NNS . . The DT latest JJS purchase NN follows VBZ small JJ increases NNS in IN his PRP$ holdings NNS made VBN over IN the DT past JJ five CD months NNS . . In IN May NNP , , Mr. NNP Brierley NNP 's POS stake NN shrank VBD to TO 8.7 CD % NN after IN ranging VBG between IN 9 CD % NN and CC 11 CD % NN for IN much JJ of IN the DT previous JJ year NN . . `` `` Ron NNP Brierley NNP clearly RB views VBZ our PRP$ company NN as IN a DT good JJ investment NN , , '' '' a DT Vickers NNP spokesman NN said VBD . . The DT spokesman NN refused VBD to TO comment VB on IN speculation NN that IN Industrial NNP Equity NNP might MD use VB its PRP$ interest NN as IN a DT platform NN to TO launch VB a DT hostile JJ bid NN for IN the DT company NN . . Vickers NNP makes VBZ tanks NNS for IN the DT U.K. NNP army NN , , Rolls NNP Royce NNP cars NNS , , and CC has VBZ marine JJ and CC medical JJ businesses NNS . . When WRB Rune NNP Andersson NNP set VBD out RP to TO revive VB flagging JJ Swedish JJ conglomerate NN Trelleborg NNP AB NNP in IN the DT early JJ 1980s CD , , he PRP spurned VBD the DT advice NN of IN trendy JJ management NN consultants NNS . . `` `` All DT these DT consultants NNS kept VBD coming VBG around RP telling VBG us PRP we PRP should MD concentrate VB on IN high JJ technology NN , , electronics NNS or CC biotechnology NN , , and CC get VB out IN of IN mature JJ basic JJ industries NNS , , '' '' Mr. NNP Andersson NNP recalls VBZ . . Yet RB under IN its PRP$ 45-year-old JJ president NN , , Trelleborg NNP moved VBD aggressively RB into IN those DT unfashionable JJ base NN industries NNS -- : first RB strengthening VBG its PRP$ existing VBG rubber NN and CC plastics NNS division NN , , later RB adding VBG mining NN as RB well RB as IN building NN and CC construction NN materials NNS . . It PRP was VBD a DT gutsy JJ move NN for IN a DT little-known JJ executive NN , , fired VBN after IN only RB two CD months NNS as IN president NN of IN his PRP$ previous JJ company NN . . But CC going VBG against IN the DT grain NN has VBZ never RB bothered VBN Mr. NNP Andersson NNP . . Stroking VBG his PRP$ trademark NN white JJ goatee NN during IN a DT recent JJ interview NN , , the DT diminutive JJ Swede NN quips VBZ : : `` `` It PRP turned VBD out RP to TO be VB lucky JJ for IN us PRP . . If IN the DT whole JJ market NN thinks VBZ what WP you PRP 're VBP doing VBG is VBZ crazy JJ you PRP do VBP n't RB have VB much JJ competition NN . . '' '' Mr. NNP Andersson NNP is VBZ anxious JJ to TO strengthen VB Trelleborg NNP 's POS balance NN sheet NN . . Characteristically RB , , he PRP did VBD n't RB waste VB much JJ time NN getting VBG started VBD . . On IN Tuesday NNP , , Trelleborg NNP 's POS directors NNS announced VBD plans NNS to TO spin VB off RP two CD big JJ divisions NNS -- : minerals NNS processing NN , , and CC building NN and CC distribution NN -- : as RB separately RB quoted VBN companies NNS on IN Stockholm NNP 's POS Stock NNP Exchange NNP . . At IN current JJ market NN prices NNS , , the DT twin JJ public JJ offerings NNS to TO be VB completed VBN next JJ year NN would MD add VB an DT estimated VBN 2.5 CD billion CD Swedish JJ kronor NN ( ( $ $ 386 CD million CD ) ) to TO Trelleborg NNP 's POS coffers NNS , , analysts NNS say VBP . . The DT board NN had VBD also RB been VBN expected VBN to TO approve VB a DT SKr1.5 NNS billion CD international JJ offering NN of IN new JJ Trelleborg NNP shares NNS . . But CC that DT share NN issue NN -- : intended VBN to TO make VB Trelleborg NNP better RBR known VBN among IN international JJ investors NNS -- : was VBD postponed VBN until IN market NN conditions NNS stabilize VBP , , people NNS familiar JJ with IN the DT situation NN say VBP . . Trelleborg NNP 's POS internationally RB traded VBN `` `` Bfree NNP '' '' series NN stock NN plunged VBD SKr29 NNS ( ( $ $ 4.48 CD ) ) to TO SKr205 NNS ( ( $ $ 31.65 CD ) ) in IN volatile JJ trading NN Monday NNP in IN Stockholm NNP . . Tuesday NNP , , the DT shares NNS regained VBD SKr20 NNS , , closing VBG at IN SKr225 NNS . . Mr. NNP Andersson NNP says VBZ he PRP is VBZ confident JJ that IN taking VBG parts NNS of IN the DT company NN public NN will MD help VB erase VB the DT `` `` conglomerate JJ stigma NN '' '' that WDT has VBZ held VBN down RP Trelleborg NNP 's POS share NN price NN . . Trelleborg NNP plans VBZ to TO remain VB the DT dominant JJ shareholder NN with IN stakes NNS of IN slightly RB less JJR than IN 50 CD % NN of IN both DT units NNS . . The DT spinoff NN should MD solve VB a DT problem NN for IN the DT parent NN . . A DT family NN foundation NN set VBN up RP by IN late JJ founder NN Henry NNP Dunker NNP controls VBZ 59 CD % NN of IN Trelleborg NNP 's POS voting NN shares NNS outstanding JJ . . But CC the DT foundation NN bylaws NNS require VBP the JJ entire NN Trelleborg NNP stake NN to TO be VB sold VBN in IN the DT open JJ market NN if IN control NN drops VBZ below IN 50 CD % NN . . That DT possibility NN had VBD crept VBN closer RBR as IN repeated VBN new JJ share NN offerings NNS to TO finance VB Trelleborg NNP 's POS rapid JJ growth NN steadily RB diluted VBD the DT foundation NN 's POS holding NN . . That DT growth NN is VBZ the DT result NN of IN Mr. NNP Andersson NNP 's POS shopping NN spree NN , , during IN which WDT he PRP has VBZ bought VBN and CC sold VBN more JJR than IN 100 CD companies NNS during IN the DT past JJ five CD years NNS . . Most JJS of IN the DT new JJ additions NNS were VBD barely RB profitable JJ , , if IN not RB outright JJ loss NN makers NNS . . Applying VBG prowess NN gained VBN during IN earlier JJR stints NNS at IN appliance NN maker NN AB NNP Electrolux NNP , , Mr. NNP Andersson NNP and CC a DT handful NN of IN loyal JJ lieutenants NNS aggressively RB stripped VBN away RB dead JJ wood NN -- : and CC got VBD quick JJ results NNS . . The DT treatment NN turned VBD Trelleborg NNP into IN one CD of IN Scandinavia NNP 's POS biggest JJS and CC fastest-growing JJ industrial JJ concerns NNS . . Between IN 1985 CD and CC 1988 CD , , sales NNS multipled VBD more RBR than IN 10 CD times NNS and CC pretax JJ profit NN surged VBD almost RB twelvefold JJ . . Many JJ analysts NNS expect VBP Mr. NNP Andersson NNP , , who WP owns VBZ 1.7 CD % NN of IN the DT company NN , , to TO be VB named VBN Trelleborg NNP 's POS new JJ chairman NN when WRB Ernst NNP Herslow NNP steps NNS down RB next JJ year NN . . But CC the DT promotion NN is VBZ n't RB likely JJ to TO alter VB a DT management NN style NN Mr. NNP Andersson NNP describes VBZ as IN `` `` being VBG the DT driving VBG force NN leading VBG the DT troops NNS , , not RB managing VBG by IN sitting VBG back RB with IN a DT cigar NN waiting VBG for IN people NNS to TO bring VB me PRP ideas NNS . . '' '' Last JJ month NN , , in IN his PRP$ boldest JJS move NN yet RB , , Mr. NNP Andersson NNP and CC Trelleborg NNP joined VBD forces NNS with IN Canada NNP 's POS Noranda NNP Inc. NNP in IN a DT joint JJ $ $ 2 CD billion CD hostile NN takeover NN of IN another DT big JJ Canadian JJ mining NN concern NN , , Falconbridge NNP Ltd NNP . . Industry NN analysts NNS suggest VBP that IN the DT conquest NN of IN Falconbridge NNP could MD vault VB Trelleborg NNP from IN a DT regional JJ Scandinavian JJ success NN story NN to TO a DT world-class JJ mining NN concern NN . . `` `` Trelleborg NNP is VBZ n't RB in IN the DT same JJ league NN yet RB as IN mining NN giants NNS such JJ as IN RTZ NNP Corp. NNP or CC Anglo-American NNP Corp. NNP , , '' '' says VBZ Mike NNP Kurtanjek NNP , , a DT mining NN analyst NN at IN James NNP Capel NNP & CC Co. NNP , , London NNP . . `` `` But CC we PRP certainly RB like VBP what WP we PRP 've VBP seen VBN so RB far RB . . '' '' But CC Trelleborg NNP still RB must MD clear VB some DT tough JJ hurdles NNS . . Mr. NNP Andersson NNP acknowledges VBZ that IN the DT company NN 's POS mining NN division NN `` `` will MD be VB busy JJ for IN a DT while NN digesting VBG its PRP$ recent JJ expansion NN . . '' '' Booming JJ metals NNS prices NNS have VBP fueled VBN Trelleborg NNP 's POS recent JJ profit NN surge NN , , raising VBG mining NN 's POS share NN of IN pretax JJ profit NN to TO 68 CD % NN this DT year NN from IN a DT big JJ loss NN two CD years NNS earlier RBR . . But CC analysts NNS caution VBP an DT expected VBN fall NN in IN metal NN prices NNS next JJ year NN could MD slow VB profit NN growth NN . . Mining NN is VBZ likely JJ to TO remain VB Trelleborg NNP 's POS main JJ business NN . . Analysts NNS say VBP its PRP$ chances NNS of IN success NN will MD likely RB hinge VB on IN how WRB well RB Trelleborg NNP manages VBZ to TO cooperate VB with IN Noranda NNP in IN the DT Falconbridge NNP venture NN . . Noranda NNP and CC Trelleborg NNP each DT came VBD close RB to TO winning VBG Falconbridge NNP alone RB before IN the DT successful JJ joint NN bid NN . . Some DT analysts NNS say VBP Noranda NNP would MD prefer VB to TO break VB up RP Falconbridge NNP , , and CC that IN the DT Swedes NNS -- : relatively RB inexperienced JJ in IN international JJ mining NN operations NNS -- : could MD have VB problems NNS holding VBG their PRP$ own JJ with IN a DT much RB bigger JJR partner NN like IN Noranda NNP operating VBG on IN its PRP$ home NN turf NN . . Mr. NNP Andersson NNP insists VBZ that IN Trelleborg NNP and CC Noranda NNP have VBP n't RB discussed VBN a DT Falconbridge NNP break-up NN . . Falconbridge NNP , , he PRP says VBZ , , will MD continue VB operating VBG in IN its PRP$ current JJ form NN . . `` `` We PRP 'd MD be VB reluctant JJ to TO accept VB 50-50 CD ownership NN in IN a DT manufacturing NN company NN . . But CC such JJ partnerships NNS are VBP common JJ in IN mining NN , , where WRB there EX are VBP n't RB problems NNS or CC conflict NN of IN interest NN or CC risk NN of IN cheating VBG by IN a DT partner NN , , '' '' Trelleborg NNP 's POS president NN says VBZ . . Perhaps RB more RBR important JJ , , both DT companies NNS share VBP Mr. NNP Andersson NNP 's POS belief NN in IN the DT coming JJ renaissance NN of IN base NN industries NNS . . `` `` If IN the DT 1980s CD were VBD a DT decade NN of IN consumption NN , , the DT '90s CD will MD be VB the DT investment NN decade NN , , '' '' Mr. NNP Andersson NNP says VBZ . . `` `` The DT whole NN of IN Europe NNP and CC the DT industrialized JJ world NN is VBZ suffering VBG from IN a DT breakdown NN in IN infrastructure NN investment NN , , '' '' he PRP says VBZ . . `` `` That DT 's VBZ beginning VBG to TO change VB . . And CC investment NN is VBZ the DT key JJ word NN for IN base NN metals NNS , , and CC most JJS other JJ businesses NNS Trelleborg NNP is VBZ in IN . . Apple NNP Computer NNP Inc. NNP posted VBD improved VBN fiscal JJ fourth-quarter JJ profit NN due RB largely RB to TO a DT $ $ 48 CD million CD gain NN on IN the DT sale NN of IN its PRP$ stock NN in IN Adobe NNP Systems NNP Inc NNP . . Excluding VBG the DT gain NN , , the DT company NN registered VBD a DT modest JJ 4.6 CD % NN increase NN for IN the DT quarter NN ended VBN Sept. NNP 29 CD to TO $ $ 113 CD million CD , , or CC 87 CD cents NNS a DT share NN , , from IN the DT year-earlier JJ $ $ 107.9 CD million CD , , or CC 84 CD cents NNS a DT share NN . . Proceeds NNP of IN the DT Adobe NNP sale NN brought VBD net JJ income NN in IN the DT quarter NN to TO $ $ 161.1 CD million CD , , or CC $ $ 1.24 CD a DT share NN . . Apple NNP shares NNS fell VBD 75 CD cents NNS in IN over-the-counter JJ trading NN to TO close VB at IN $ $ 48 CD a DT share NN . . Fiscal JJ fourth-quarter JJ sales NNS grew VBD about RB 18 CD % NN to TO $ $ 1.38 CD billion CD from IN $ $ 1.17 CD billion CD a DT year NN earlier RBR . . Without IN the DT Adobe NNP gain NN , , Apple NNP 's POS full-year JJ operating NN profit NN edged VBD up RB 1.5 CD % NN to TO $ $ 406 CD million CD , , or CC $ $ 3.16 CD a DT share NN , , from IN $ $ 400.3 CD million CD , , or CC $ $ 3.08 CD a DT share NN . . Including VBG the DT Adobe NNP gain NN , , full-year JJ net NN was VBD $ $ 454 CD million CD , , or CC $ $ 3.53 CD a DT share NN . . Sales NNS for IN the DT year NN rose VBD nearly RB 30 CD % NN to TO $ $ 5.28 CD billion CD from IN $ $ 4.07 CD billion CD a DT year NN earlier RBR . . John NNP Sculley NNP , , chairman NN and CC chief JJ executive NN officer NN , , credited VBD the DT Macintosh NNP SE\/30 NNP and CC IIcx NNP computers NNS , , introduced VBN in IN the DT winter NN , , for IN the DT brightened VBN sales NNS performance NN . . Mr. NNP Sculley NNP also RB indicated VBD that IN sagging VBG margins NNS , , which WDT dogged VBD the DT company NN through IN most JJS of IN 1989 CD , , began VBD to TO turn VB up RP in IN the DT fourth JJ quarter NN as IN chip NN prices NNS eased VBD . . `` `` Adverse JJ pressure NN on IN gross JJ margins NNS ... : has VBZ subsided VBN , , '' '' Mr. NNP Sculley NNP said VBD . . Margins NNS in IN the DT fiscal JJ fourth JJ quarter NN perked VBD up RP , , rising VBG to TO 51 CD % NN from IN 49.2 CD % NN a DT year NN earlier RBR . . For IN all DT of IN fiscal JJ 1989 CD , , however RB , , the DT average JJ gross JJ margin NN was VBD 49 CD % NN , , below IN the DT average JJ 1988 CD gross JJ margin NN of IN 51 CD % NN . . Lower JJR component NN costs NNS -- : especially RB for IN DRAMs NNS , , or CC dynamic JJ random JJ access NN memory NN chips NNS -- : were VBD cited VBN for IN the DT easing NN of IN margin NN pressure NN on IN the DT company NN , , a DT spokeswoman NN said VBD . . Looking VBG ahead RB to TO 1990 CD , , Mr. NNP Sculley NNP predicted VBD `` `` another DT year NN of IN significant JJ revenue NN growth NN , , '' '' along IN with IN improved VBN profitability NN , , as IN the DT recovery NN in IN gross JJ margins NNS continues VBZ into IN 1990 CD . . Gary NNP J. NNP Schantz NNP , , 44 CD years NNS old JJ , , was VBD named VBN president NN and CC chief JJ operating VBG officer NN . . Polymerix NNP makes VBZ lumber-like JJ materials NNS that IN it PRP describes VBZ as IN `` `` plastic JJ wood NN . . '' '' The DT operating VBG chief NN 's POS post NN is VBZ new JJ . . Martin NNP Schrager NNP , , 51 CD , , who WP had VBD been VBN president NN , , was VBD named VBN vice NN chairman NN . . He PRP remains VBZ chief JJ executive NN officer NN . . Mr. NNP Schantz NNP was VBD vice NN president NN and CC chief JJ operating VBG officer NN of IN the DT Acrylic NNP division NN of IN Polycast NNP Technology NNP Corp NNP . . Separately RB , , the DT board NN expanded VBD to TO six CD members NNS with IN the DT election NN of IN David NNP L. NNP Holewinski NNP , , a DT consultant NN . . The DT company NN also RB said VBD it PRP privately RB placed VBD stock NN and CC warrants NNS in IN exchange NN for IN $ $ 750,000 CD . . Terry NNP L. NNP Haines NNP , , formerly RB general JJ manager NN of IN Canadian JJ operations NNS , , was VBD elected VBN to TO the DT new JJ position NN of IN vice NN president NN , , North JJ American JJ sales NNS , , of IN this DT plastics NNS concern NN . . Also RB , , Larry NNP A. NNP Kushkin NNP , , executive JJ vice NN president NN , , North JJ American JJ operations NNS , , was VBD named VBN head NN of IN the DT company NN 's POS international JJ automotive JJ operations NNS , , another DT new JJ position NN . . He PRP remains VBZ an DT executive JJ vice NN president NN , , the DT company NN said VBD , , and CC his PRP$ new JJ position NN reflects VBZ `` `` the DT growing VBG importance NN of IN the DT world NN automotive JJ market NN as IN a DT market NN for IN A. NNP Schulman NNP 's POS high JJ performance NN plastic NN materials NNS . . '' '' Gordon NNP Trimmer NNP will MD succeed VB Mr. NNP Haines NNP as IN manager NN of IN Canadian NNP operations NNS , , and CC Mr. NNP Kushkin NNP 's POS former JJ position NN is VBZ n't RB being VBG filled VBN at IN this DT time NN , , the DT company NN said VBD . . General NNP Electric NNP Co. NNP said VBD it PRP signed VBD a DT contract NN with IN the DT developers NNS of IN the DT Ocean NNP State NNP Power NNP project NN for IN the DT second JJ phase NN of IN an DT independent JJ $ $ 400 CD million CD power NN plant NN , , which WDT is VBZ being VBG built VBN in IN Burrillville NNP , , R.I NNP . . GE NNP , , along IN with IN a DT division NN of IN Ebasco NNP , , a DT subsidiary NN of IN Enserch NNP Corp. NNP , , have VBP been VBN building VBG the DT first JJ 250-megawatt JJ phase NN of IN the DT project NN , , which WDT they PRP expect VBP to TO complete VB in IN late JJ 1990 CD . . The DT second JJ portion NN will MD be VB completed VBN the DT following JJ year NN . . GE NNP 's POS Power NNP Generation NNP subsidiary NN will MD operate VB and CC maintain VB the DT plant NN upon IN its PRP$ completion NN . . The DT Environmental NNP Protection NNP Agency NNP is VBZ getting VBG a DT lot NN out IN of IN the DT Superfund NNP program NN . . Of IN the DT $ $ 4.4 CD billion CD spent VBN so RB far RB on IN the DT program NN , , 60 CD % NN is VBZ going VBG for IN administrative JJ costs NNS , , management NN and CC research NN , , the DT Office NNP of IN Technology NNP Assessment NNP just RB reported VBD . . Only RB 36 CD of IN 1,200 CD priority JJ cleanup NN sites NNS have VBP been VBN `` `` decontaminated VBN . . '' '' Over IN the DT next JJ 50 CD years NNS , , $ $ 500 CD billion CD is VBZ earmarked VBN for IN the DT program NN . . At IN current JJ allocations NNS , , that WDT means VBZ EPA NNP will MD be VB spending VBG $ $ 300 CD billion CD on IN itself PRP . . It PRP may MD not RB be VB toxic JJ , , but CC we PRP know VBP where WRB one CD waste NN dump NN is VBZ . . Chambers NNP Development NNP Co. NNP said VBD its PRP$ Security NNP Bureau NNP Inc. NNP unit NN purchased VBN two CD security NN concerns NNS in IN Florida NNP that WDT will MD add VB $ $ 2.1 CD million CD of IN annual JJ revenue NN . . Purchase NN of IN the DT businesses NNS serving VBG Miami NNP , , Fort NNP Lauderdale NNP and CC West NNP Palm NNP Beach NNP , , Fla. NNP , , is VBZ part NN of IN a DT plan NN by IN Chambers NNS to TO expand VB in IN the DT growing JJ security NN industry NN . . Terms NNS were VBD n't RB disclosed VBN . . Basf NNP AG NNP said VBD it PRP moved VBD its PRP$ headquarters NN for IN Latin NNP America NNP to TO Mexico NNP and CC the DT headquarters NN for IN the DT Asia\/Australia JJ regional JJ division NN to TO Singapore NNP , , effective NN Oct NNP . . The DT central NN offices NNS for IN both DT regions NNS were VBD previously RB located VBN in IN Ludwigshafen NNP , , Basf NNP headquarters NN . . The DT West NNP German NNP chemical NN concern NN called VBD the DT moves VBZ a DT further JJ step NN in IN the DT internationalization NN of IN its PRP$ business NN activities NNS . . Both DT regions NNS are VBP the DT fastest-growing JJ areas NNS for IN Basf NNP , , the DT company NN said VBD . . David NNP H. NNP Eisenberg NNP , , 53 CD years NNS old JJ , , was VBD named VBN president NN and CC chief JJ operating VBG officer NN of IN Imasco NNP 's POS 500-store JJ Peoples NNP Drug NNP Stores NNP Inc. NNP unit NN , , based VBN in IN Alexandria NNP , , Va NNP . . Mr. NNP Eisenberg NNP was VBD senior JJ executive JJ vice NN president NN and CC chief JJ operating VBG officer NN . . Imasco NNP is VBZ a DT tobacco NN , , retailing NN , , restaurant NN and CC financial JJ services NNS concern NN . . Lotus NNP Development NNP Corp. NNP is VBZ in IN talks NNS to TO sell VB its PRP$ Signal NNP stock-quote JJ service NN to TO Infotechnology NNP Inc. NNP , , the DT New NNP York NNP parent NN of IN Financial NNP News NNP Network NNP , , people NNS familiar JJ with IN the DT negotiations NNS said VBD . . They PRP said VBD the DT price NN would MD be VB around RB $ $ 10 CD million CD . . Signal NNP , , which WDT has VBZ an DT estimated VBN 10,000 CD subscribers NNS and CC is VBZ profitable JJ , , provides VBZ stock NN quotes NNS over IN an DT FM NN radio NN band NN that WDT can MD be VB received VBN by IN specially RB equipped VBN personal JJ computers NNS . . The DT computers NNS will MD display VB stock NN prices NNS selected VBN by IN users NNS . . Lotus NNP , , Cambridge NNP , , Mass. NNP , , has VBZ been VBN rumored VBN to TO have VB the DT sale NN of IN the DT four-year-old JJ unit NN under IN consideration NN for IN a DT year NN . . The DT business NN is VBZ n't RB related VBN to TO Lotus NNP 's POS main JJ businesses NNS of IN making VBG computer NN software NN and CC publishing VBG information NN on IN compact JJ disks NNS . . `` `` Please UH submit VB your PRP$ offers NNS , , '' '' says VBZ Felipe NNP Bince NNP Jr NNP . . He PRP surveys VBZ the DT prospective JJ investors NNS gathered VBN in IN the DT board NN room NN of IN the DT Philippine JJ government NN 's POS Asset NNP Privatization NNP Trust NNP for IN the DT sale NN of IN a DT 36 CD % NN interest NN in IN the DT country NN 's POS largest JJS paper NN mill NN . . The DT agency NN expects VBZ the DT bids NNS to TO be VB equivalent JJ of IN more JJR than IN $ $ 80 CD million CD . . Not RB a DT peso NN is VBZ offered VBN . . Mr. NNP Bince NNP , , the DT trust NN 's POS associate JJ executive JJ trustee NN , , declares VBZ the DT bidding NN a DT failure NN . . `` `` It PRP 's VBZ getting VBG harder RB to TO sell VB , , '' '' he PRP mutters NNS as IN he PRP leaves VBZ the DT room NN . . Indeed UH . . Recently RB , , the DT trust NN failed VBD to TO auction VB off RP the DT paper NN mill NN , , a DT bank NN , , an DT office NN building NN and CC a DT small JJ cotton-ginning JJ plant NN . . Of IN the DT four CD , , only RB the DT bank NN and CC the DT plant NN drew VBD bids NNS -- : one CD apiece RB . . In IN October NNP 1987 CD , , President NNP Corazon NNP Aquino NNP vowed VBD that DT her PRP$ government NN would MD `` `` get VB out RB of IN business NN '' '' by IN selling VBG all DT or CC part NN of IN the DT state NN 's POS holdings NNS in IN the DT many JJ companies NNS taken VBN over RP by IN the DT government NN during IN the DT 20-year JJ rule NN of IN Ferdinand NNP Marcos NNP . . Two CD years NNS later RBR , , Mrs. NNP Aquino NNP 's POS promise NN remains VBZ largely RB unfulfilled JJ . . October NNP is VBZ a DT critical JJ month NN for IN the DT privatization NN program NN . . Manila NNP is VBZ offering VBG several JJ major JJ assets NNS for IN the DT first JJ time NN and CC is VBZ trying VBG to TO conclude VB sales NNS already RB arranged VBN . . In IN addition NN , , the DT government NN is VBZ scheduled VBN to TO unveil VB plans NNS for IN privatizing VBG Philippine NNP Airlines NNP , , the DT national JJ carrier NN , , an DT effort NN that DT lawyer NN and CC business NN columnist NN Rodolfo NNP Romero NNP calls VBZ `` `` the DT bellwether NN of IN privatization NN . . '' '' All DT told VBD , , there EX are VBP assets NNS on IN the DT line NN valued VBN at IN up IN to TO $ $ 1.03 CD billion CD . . The DT privatization NN program NN is VBZ designed VBN to TO rid VB the DT government NN of IN hundreds NNS of IN assets NNS and CC to TO raise VB critically RB needed VBN funds NNS . . Much RB of IN the DT money NN from IN the DT sales NNS is VBZ earmarked VBN for IN a DT multibillion-dollar JJ agrarian-reform JJ program NN . . But CC efforts NNS have VBP been VBN thwarted VBN by IN official JJ indifference NN , , bureaucratic JJ resistance NN , , a DT legal JJ system NN that WDT operates VBZ at IN a DT snail NN 's POS pace NN , , political JJ opposition NN and CC government NN misjudgments NNS . . Most RBS recently RB , , a DT lack NN of IN buyers NNS has VBZ been VBN added VBN to TO the DT list NN . . Rather RB than IN gathering VBG momentum NN , , the DT program NN is VBZ in IN danger NN of IN slowing VBG even RB more RBR as IN the DT government NN tackles VBZ several JJ big JJ assets NNS . . The DT axiom NN appears VBZ to TO be VB that IN the DT more RBR valuable JJ the DT asset NN , , the DT harder JJR the DT privatization NN process NN . . `` `` You PRP just RB do VBP n't RB see VB a DT whole JJ lot NN happening VBG , , '' '' says VBZ an DT international JJ economist NN . . To TO be VB sure JJ , , the DT program NN has VBZ n't RB completely RB stalled VBN . . The DT Asset NNP Privatization NNP Trust NNP , , the DT agency NN chiefly RB responsible JJ for IN selling VBG government-held JJ properties NNS , , has VBZ recorded VBN sales NNS of IN more JJR than IN $ $ 500 CD million CD since IN it PRP began VBD functioning VBG in IN December NNP 1986 CD . . But CC its PRP$ success NN has VBZ been VBN largely RB in IN the DT sale NN of IN small JJ , , nonperforming JJ companies NNS , , which WDT are VBP valued VBN for IN their PRP$ assets NNS . . Dealing VBG with IN the DT sales NNS this DT month NN could MD be VB particularly RB challenging JJ because IN almost RB every DT problem NN that WDT has VBZ hobbled VBN the DT program NN in IN the DT past NN is VBZ popping VBG up RP again RB . . Ramon NNP Garcia NNP , , the DT Asset NNP Trust NNP 's POS executive NN trustee NN , , admits VBZ to TO what WP he PRP calls VBZ `` `` temporary JJ setbacks NNS . . '' '' In IN light NN of IN the DT poor JJ results NNS recently RB , , he PRP says VBZ , , the DT agency NN is VBZ adopting VBG an DT `` `` attitude NN of IN flexibility NN . . '' '' October NNP 's POS troubles NNS began VBD when WRB the DT trust NN failed VBD to TO sell VB a DT state-owned JJ commercial JJ bank NN , , Associated NNP Bank NNP , , for IN the DT minimum NN price NN of IN 671 CD million CD pesos NNS ( ( $ $ 31 CD million CD ) ) . . At IN the DT end NN of IN the DT month NN , , the DT agency NN again RB will MD offer VB the DT bank NN . . But CC instead RB of IN a DT minimum NN price NN , , only RB a DT target NN price NN will MD be VB established VBN . . Bankers NNS say VBP , , however RB , , that IN the DT government NN may MD have VB difficulty NN selling VBG the DT institution NN even RB without IN a DT floor NN price NN . . The DT bank NN has VBZ a DT negative JJ net JJ worth NN , , they PRP say VBP . . In IN addition NN , , special JJ bidding NN rules NNS give VBP the DT bank NN 's POS former JJ owner NN , , Leonardo NNP Ty NNP , , the DT right NN to TO match VB the DT highest JJS bid NN . . Mr. NNP Ty NNP lost VBD control NN to TO the DT government NN in IN 1980 CD when WRB a DT government NN bank NN made VBD emergency NN loans NNS to TO the DT cash-strapped JJ institution NN . . In IN 1983 CD , , the DT loans NNS were VBD converted VBN into IN equity NN , , giving VBG Manila NNP 98 CD % NN of IN the DT bank NN , , but CC with IN the DT understanding NN that IN Mr. NNP Ty NNP had VBD repurchase VBN rights NNS . . His PRP$ ability NN to TO match VB any DT bid NN has VBZ scared VBN off RP many JJ potential JJ buyers NNS . . Separately RB , , the DT government NN will MD try VB again RB within IN a DT month NN to TO sell VB the DT 36 CD % NN stake NN in IN Paper NNP Industries NNP Corp. NNP of IN the DT Philippines NNP , , or CC Picop NNP , , as IN the DT paper NN mill NN is VBZ known VBN . . The DT price NN will MD depend VB on IN how WRB much JJ Picop NNP shares NNS fetch VBP on IN the DT local JJ stock NN market NN . . But CC according VBG to TO bankers NNS and CC stock NN analysts NNS who WP have VBP studied VBN the DT paper NN mill NN , , price NN is VBZ n't RB the DT only JJ consideration NN . . As IN it PRP stands VBZ now RB , , the DT government NN would MD continue VB to TO hold VB 45 CD % NN of IN Picop NNP after IN the DT 36 CD % NN stake NN is VBZ sold VBN . . ( ( About RB 7.5 CD % NN of IN Picop NNP is VBZ publicly RB traded VBN and CC other JJ shareholders NNS own VBP the DT rest NN of IN the DT equity NN . . ) ) Potential JJ buyers NNS , , mostly RB foreign JJ companies NNS , , are VBP reluctant JJ to TO take VB a DT non-controlling JJ stake NN in IN a DT company NN that IN , , by IN the DT government NN 's POS own JJ reckoning NN , , needs VBZ some DT $ $ 100 CD million CD in IN new JJ capital NN for IN rehabilitation NN . . The DT prospect NN of IN buying VBG into IN a DT cash-hungry JJ company NN without IN getting VBG management NN control NN persuaded VBD at IN least JJS three CD foreign JJ buyers NNS , , including VBG a DT member NN of IN the DT Elders NNP group NN of IN Australia NNP , , to TO pull VB out RB of IN the DT bidding NN , , the DT bankers NNS and CC analysts NNS say VBP . . Mr. NNP Garcia NNP acknowledges VBZ the DT problem NN and CC says VBZ the DT Asset NNP Trust NNP will MD study VB why WRB the DT bidding NN failed VBD and CC what WP changes NNS the DT agency NN may MD be VB able JJ to TO offer VB . . Under IN government NN regulations NNS , , however RB , , foreign JJ ownership NN of IN Picop NNP 's POS equity NN is VBZ limited VBN to TO 40 CD % NN . . Even RB though IN the DT government NN would MD retain VB the DT 45 CD % NN stake NN in IN Picop NNP , , critics NNS have VBP accused VBN the DT trust NN of IN selling VBG out RP to TO foreigners NNS . . A DT series NN of IN newspaper NN articles NNS accused VBD the DT trust NN of IN short-changing NN the DT government NN over IN the DT Picop NNP sale NN . . Mr. NNP Garcia NNP says VBZ he PRP has VBZ been VBN notified VBN of IN congressional JJ hearings NNS on IN the DT Picop NNP bidding NN and CC possible JJ legislation NN covering VBG the DT paper NN mill NN 's POS sale NN , , both DT prompted VBD by IN the DT criticism NN of IN the DT agency NN . . The DT question NN of IN control NN could MD further RB hinder VB long-delayed JJ plans NNS for IN the DT government NN to TO divest VB itself PRP of IN Philippine NNP Airlines NNP , , in IN which WDT it PRP has VBZ a DT 99 CD % NN stake NN . . The DT carrier NN has VBZ valuable JJ trans-Pacific JJ and CC Asian JJ routes NNS but CC it PRP remains VBZ debt-laden JJ and CC poorly RB managed VBN . . This DT maker NN of IN electronic JJ measuring NN devices NNS named VBD two CD new JJ directors NNS , , increasing VBG board NN membership NN to TO nine CD . . The DT new JJ directors NNS are VBP Gordon NNP M. NNP Sprenger NNP , , president NN and CC chief JJ executive JJ officer NN of IN LifeSpan NNP Inc. NNP , , and CC Peter NNP S. NNP Willmott NNP , , chairman NN and CC chief JJ executive JJ officer NN of IN Willmott NNP Services NNP Inc NNP . . Gerard NNP E. NNP Wood NNP , , 51 CD years NNS old JJ , , was VBD elected VBN president NN , , chief JJ executive NN officer NN and CC a DT director NN of IN this DT minerals NNS and CC materials NNS company NN . . He PRP succeeds VBZ Harry NNP A. NNP Durney NNP , , 65 CD , , who WP is VBZ retiring VBG from IN active JJ duty NN but CC remains VBZ a DT director NN and CC consultant NN . . Mr. NNP Wood NNP has VBZ been VBN president NN and CC chief JJ executive NN of IN Steep NNP Rock NNP Resources NNP Inc NNP . . Eagle NNP Financial NNP Corp. NNP and CC Webster NNP Financial NNP Corp. NNP , , two CD Connecticut NNP savings NNS bank-holding JJ companies NNS , , agreed VBD to TO merge VB in IN a DT tax-free JJ stock NN transaction NN . . The DT new JJ holding VBG company NN , , Webster\/Eagle NNP Bancorp NNP Inc. NNP , , will MD have VB about RB $ $ 1.2 CD billion CD of IN assets NNS and CC 19 CD banking NN offices NNS in IN Connecticut NNP . . Tangible JJ capital NN will MD be VB about RB $ $ 115 CD million CD . . The DT merger NN is VBZ subject JJ to TO regulatory JJ clearance NN and CC a DT definitive JJ agreement NN . . In IN the DT merger NN , , each DT share NN of IN Webster NNP , , based VBN in IN Waterbury NNP , , will MD be VB converted VBN into IN one CD share NN of IN the DT new JJ company NN . . Each DT share NN of IN Eagle NNP , , based VBN in IN Bristol NNP , , will MD become VB 0.95 CD share NN of IN Webster\/Eagle NNP . . In IN American NNP Stock NNP Exchange NNP composite NN trading NN Friday NNP , , Eagle NNP shares NNS rose VBD 12.5 CD cents NNS to TO $ $ 11 CD . . In IN national JJ over-the-counter JJ trading NN , , Webster NNP shares NNS fell VBD 25 CD cents NNS to TO $ $ 12.375 CD . . Webster NNP has VBZ 3.5 CD million CD shares NNS outstanding JJ and CC Eagle NNP 2.6 CD million CD . . Their PRP$ indicated VBN market NN values NNS thus RB are VBP about RB $ $ 43.3 CD million CD and CC $ $ 28.6 CD million CD , , respectively RB . . Frank NNP J. NNP Pascale NNP , , chairman NN of IN Eagle NNP , , will MD be VB chairman NN of IN the DT new JJ firm NN and CC James NNP C. NNP Smith NNP , , president NN and CC chief JJ executive JJ officer NN of IN Webster NNP , , will MD take VB those DT posts NNS at IN Webster\/Eagle NNP . . Harold NNP W. NNP Smith NNP Sr. NNP , , chairman NN of IN Webster NNP , , will MD become VB chairman NN emeritus NN and CC a DT director NN of IN the DT new JJ company NN . . Ralph NNP T. NNP Linsley NNP , , vice NN chairman NN of IN Eagle NNP , , will MD become VB vice NN chairman NN of IN Webster\/Eagle NNP . . The DT board NN will MD be VB made VBN up RP of IN seven CD directors NNS of IN each DT holding VBG company NN . . In IN an DT interview NN , , James NNP Smith NNP said VBD the DT banks NNS ' POS `` `` markets NNS are VBP contiguous JJ and CC their PRP$ business NN philosophies NNS are VBP similar JJ and CC conservative JJ . . '' '' Nonperforming VBG loans NNS will MD make VB up RP only RB about RB 0.5 CD % NN of IN the DT combined VBN banks NNS ' POS total JJ loans NNS outstanding JJ , , he PRP said VBD . . At IN June NNP 30 CD , , Webster NNP , , which WDT owns VBZ First NNP Federal NNP Savings NNP & CC Loan NNP Association NNP of IN Waterbury NNP , , had VBD assets NNS of IN $ $ 699 CD million CD . . Eagle NNP , , which WDT controls VBZ Bristol NNP Federal NNP Savings NNP Bank NNP and CC First NNP Federal NNP Savings NNP & CC Loan NNP Association NNP of IN Torrington NNP , , had VBD assets NNS of IN $ $ 469.6 CD million CD on IN that DT date NN . . Guillermo NNP Ortiz NNP 's POS Sept. NNP 15 CD Americas NNP column NN , , `` `` Mexico NNP 's VBZ Been VBN Bitten VBN by IN the DT Privatization NN Bug NN , , '' '' is VBZ a DT refreshingly RB clear JJ statement NN of IN his PRP$ government NN 's POS commitment NN to TO privatization NN , , and CC must MD be VB welcomed VBN as IN such JJ by IN all DT Americans NNS who WP wish VBP his PRP$ country NN well RB . . The DT Mexico-United NNP States NNP Institute NNP is VBZ glad JJ to TO see VB such JJ a DT high JJ official NN as IN Mexico NNP 's POS undersecretary NN of IN finance NN view VB his PRP$ country NN 's POS reforms NNS `` `` in IN the DT context NN of IN a DT larger JJR , , world-wide JJ process NN '' '' of IN profound JJ change NN toward IN free-market JJ economics NNS , , especially RB in IN the DT statist JJ countries NNS . . Having VBG said VBD that DT , , we PRP must MD caution VB against IN an DT apparent JJ tendency NN to TO overstate VB the DT case NN . . It PRP is VBZ not RB quite RB true JJ , , for IN example NN , , that IN the DT Mexican JJ government NN has VBZ `` `` privatized VBN '' '' Mexicana NNP de NNP Aviacion NNP , , as IN Mr. NNP Ortiz NNP claims VBZ . . In IN the DT same JJ sentence NN he PRP contradicts VBZ himself PRP when WRB he PRP reports VBZ that IN the DT government NN still RB retains VBZ 40 CD % NN of IN the DT total JJ equity NN of IN the DT airline NN . . How WRB can MD a DT company NN be VB considered VBN `` `` privatized VBN '' '' if IN the DT state NN is VBZ so RB heavily RB represented VBN in IN it PRP ? . ( ( True UH , , the DT Mexican JJ government NN has VBZ granted VBN `` `` control NN '' '' over IN the DT airline NN to TO a DT new JJ private JJ consortium NN , , but CC its PRP$ propensity NN to TO take VB back RB what WP it PRP gives VBZ is VBZ too RB well RB known VBN to TO permit VB one PRP to TO be VB sanguine JJ . . ) ) Regrettably RB , , too RB , , Mr. NNP Ortiz NNP resorts VBZ to TO the DT familiar JJ `` `` numbers NNS game NN '' '' when WRB he PRP boasts VBZ that IN `` `` fewer JJR than IN 392 CD { ( state NN enterprises NNS } ) currently RB remain VBP in IN the DT public JJ sector NN , , '' '' down RB from IN the DT `` `` 1,155 CD public JJ entities NNS that WDT existed VBD in IN 1982 CD . . '' '' But CC the DT enterprises NNS still RB in IN state NN hands NNS include VBP the DT biggest JJS and CC most RBS economically RB powerful JJ ones NNS in IN Mexico NNP ; : indeed RB , , they PRP virtually RB constitute VBP the DT economic JJ infrastructure NN . . I PRP refer VBP essentially RB to TO petroleum NN , , electric JJ power NN , , banking NN and CC newsprint NN . . Those DT enterprises NNS , , however RB , , are VBP not RB going VBG to TO be VB privatized VBN . . They PRP are VBP officially RB considered VBN `` `` strategic JJ , , '' '' and CC their PRP$ privatization NN is VBZ prohibited VBN by IN the DT Mexican JJ Constitution NNP . . In IN language NN that WDT sidesteps VBZ the DT issue NN , , Mr. NNP Ortiz NNP writes VBZ , , `` `` The DT divestiture NN of IN nonpriority NN and CC nonstrategic JJ public JJ enterprises NNS is VBZ an DT essential JJ element NN of IN President NNP Carlos NNP Salinas NNP 's POS plan NN to TO modernize VB Mexico NNP 's POS economy NN ... : . . '' '' Yet RB clearly RB , , modernization NN must MD embrace VB its PRP$ key JJ industries NNS before RB it PRP can MD be VB said VBD to TO have VB caught VBN the DT `` `` privatization NN bug NN . . '' '' The DT bottom JJ line NN , , however RB , , is VBZ not RB economic JJ but CC political JJ reform NN . . A DT long JJ succession NN of IN Mexican JJ presidents NNS arbitrarily RB nationalized VBD whatever WDT industry NN they PRP took VBD a DT fancy NN to TO , , without IN having VBG to TO answer VB to TO the DT public NN . . To TO guarantee VB that IN Mexicana NNP de IN Aviacion NNP and CC other JJ companies NNS will MD really RB be VB privatized VBN , , Mexico NNP needs VBZ a DT pluri-party JJ political JJ system NN that WDT will MD ensure VB democracy NN and CC hence RB accountability NN . . Daniel NNP James NNP President NNP Mexico-United NNP States NNP Institute NNP The DT board NN of IN this DT Ponce NNP , , Puerto NNP Rico NNP concern NN voted VBD to TO suspend VB payment NN of IN its PRP$ quarterly NN of IN 11 CD cents NNS a DT share NN for IN the DT third JJ quarter NN . . The DT third-largest JJ thrift NN institution NN in IN Puerto NNP Rico NNP also RB said VBD it PRP expects VBZ a DT return NN to TO profitability NN in IN the DT third JJ quarter NN when WRB it PRP reports VBZ operating NN results NNS this DT week NN . . Ponce NNP Federal NNP said VBD the DT dividend NN was VBD suspended VBN in IN anticipation NN of IN more RBR stringent JJ capital NN requirements NNS under IN the DT Financial NNP Institutions NNP Reform NNP , , Recovery NNP , , and CC Enforcement NNP Act NNP of IN 1989 CD . . A DT labor-management JJ group NN is VBZ preparing VBG a DT revised VBN buy-out NN bid NN for IN United NNP Airlines NNP parent NN UAL NNP Corp. NNP that WDT would MD transfer VB majority NN ownership NN to TO employees NNS while IN leaving VBG some DT stock NN in IN public JJ hands NNS , , according VBG to TO people NNS familiar JJ with IN the DT group NN . . The DT group NN has VBZ been VBN discussing VBG a DT proposal NN valued VBN in IN a DT range NN of IN $ $ 225 CD to TO $ $ 240 CD a DT share NN , , or CC $ $ 5.09 CD billion CD to TO $ $ 5.42 CD billion CD . . But CC to TO avoid VB the DT risk NN of IN rejection NN , , the DT group NN does VBZ n't RB plan VB to TO submit VB the DT plan NN formally RB at IN a DT UAL NNP board NN meeting NN today NN . . Instead RB , , the DT group NN is VBZ raising VBG the DT proposal NN informally RB to TO try VB to TO test VB the DT board NN 's POS reaction NN . . People NNS familiar JJ with IN the DT company NN say VBP the DT board NN is VBZ n't RB likely JJ to TO give VB quick JJ approval NN to TO any DT offer NN substantially RB below IN the DT $ $ 300-a-share JJ , , $ $ 6.79 CD billion CD buy-out NN bid NN that WDT collapsed VBD last JJ week NN after IN banks NNS would MD n't RB raise VB needed VBN loans NNS and CC after IN a DT key JJ partner NN , , British NNP Airways NNP PLC NNP , , dropped VBD out RP . . In IN composite JJ trading NN Friday NNP on IN the DT New NNP York NNP Stock NNP Exchange NNP , , UAL NNP closed VBD at IN $ $ 168.50 CD a DT share NN , , down RB $ $ 21.625 CD . . But CC the DT pilots NNS union NN , , which WDT has VBZ been VBN pushing VBG for IN a DT takeover NN since IN 1987 CD , , appears VBZ to TO be VB pressing VBG ahead RB with IN the DT revised VBN bid NN to TO avoid VB further JJ loss NN of IN momentum NN even RB though IN it PRP has VBZ n't RB found VBD a DT partner NN to TO replace VB British NNP Air NNP . . Although IN the DT bidding NN group NN has VBZ n't RB had VBD time NN to TO develop VB its PRP$ latest JJS idea NN fully RB or CC to TO discuss VB it PRP with IN banks NNS , , it PRP believes VBZ bank NN financing NN could MD be VB obtained VBN . . After IN the DT collapse NN of IN the DT last JJ effort NN , , the DT group NN does VBZ n't RB plan VB to TO make VB any DT formal JJ proposal NN without IN binding JJ commitments NNS from IN banks NNS covering VBG the DT entire JJ amount NN to TO be VB borrowed VBN . . Under IN the DT type NN of IN transaction NN being VBG discussed VBN , , the DT pilot-management JJ group NN would MD borrow VB several JJ billion CD dollars NNS from IN banks NNS that WDT could MD then RB be VB used VBN to TO finance VB a DT cash NN payment NN to TO current JJ holders NNS . . Those DT current JJ holders NNS would MD also RB receive VB minority NN interests NNS in IN the DT new JJ company NN . . For IN example NN , , the DT group NN could MD offer VB $ $ 200 CD a DT share NN in IN cash NN plus IN stock NN valued VBN at IN $ $ 30 CD a DT share NN . . UAL NNP currently RB has VBZ 22.6 CD million CD shares NNS , , fully RB diluted VBN . . The DT new JJ structure NN would MD be VB similar JJ to TO a DT recapitalization NN in IN which WDT holders NNS get VBP a DT special JJ dividend NN yet CC retain VBP a DT controlling JJ ownership NN interest NN . . The DT difference NN is VBZ that IN current JJ holders NNS would MD n't RB retain VB majority NN ownership NN or CC control NN . . The DT failed JJ takeover NN would MD have VB given VBN UAL NNP employees NNS 75 CD % NN voting NN control NN of IN the DT nation NN 's POS second-largest JJ airline NN , , with IN management NN getting VBG 10 CD % NN control NN and CC British NNP Air NNP 15 CD % NN . . It PRP was VBD n't RB clear JJ how WRB the DT ownership NN would MD stack VB up RP under IN the DT new JJ plan NN , , but CC employees NNS would MD keep VB more JJR than IN 50 CD % NN . . Management NN 's POS total NN could MD be VB reduced VBN , , and CC the DT public NN could MD get VB more JJR than IN the DT 15 CD % NN control NN that WDT had VBD been VBN earmarked VBN for IN British NNP Air NNP . . One CD option NN the DT board NN is VBZ likely JJ to TO consider VB today NN is VBZ some DT sort NN of IN cooling-off JJ period NN . . Although IN the DT pilots NNS are VBP expected VBN to TO continue VB to TO pursue VB the DT bid NN , , UAL NNP Chairman NNP Stephen NNP Wolf NNP may MD be VB asked VBN to TO withdraw VB from IN the DT buy-out NN effort NN , , at IN least JJS temporarily RB , , and CC to TO return VB to TO running VBG the DT company NN full JJ time NN . . The DT board NN could MD eventually RB come VB under IN some DT pressure NN to TO sell VB the DT company NN because IN its PRP$ members NNS can MD be VB ousted VBN by IN a DT majority NN shareholder NN vote NN , , particularly RB since IN one-third JJ of IN UAL NNP stock NN is VBZ held VBN by IN takeover NN stock NN speculators NNS who WP favor VBP a DT sale NN . . The DT labor-management JJ buy-out NN group NN plans VBZ to TO keep VB its PRP$ offer NN on IN the DT table NN in IN an DT apparent JJ attempt NN to TO maintain VB its PRP$ bargaining NN position NN with IN the DT board NN . . However RB , , the DT only JJ outsider NN who WP has VBZ emerged VBN to TO lead VB such JJ a DT shareholder NN vote NN , , Los NNP Angeles NNP investor NN Marvin NNP Davis NNP , , who WP triggered VBD the DT buy-out NN with IN a DT $ $ 5.4 CD billion CD bid NN in IN early JJ August NNP , , is VBZ hanging VBG back RB -- : apparently RB to TO avoid VB being VBG blamed VBN for IN contributing VBG to TO the DT deal NN 's POS collapse NN . . Three CD top JJ advisers NNS to TO Mr. NNP Davis NNP visited VBD New NNP York NNP late JJ last JJ week NN , , at IN least JJS in IN part NN to TO confer VB with IN executives NNS at IN Citicorp NNP . . Mr. NNP Davis NNP had VBD paid VBN $ $ 6 CD million CD for IN Citicorp NNP 's POS backing NN of IN his PRP$ last JJ bid NN . . But CC Citicorp NNP has VBZ lost VBN some DT credibility NN because IN it PRP also RB led VBD the DT unsuccessful JJ effort NN to TO gain VB bank NN loans NNS for IN the DT labor-management JJ group NN . . On IN Friday NNP , , British NNP Air NNP issued VBD a DT statement NN saying VBG it PRP `` `` does VBZ not RB intend VB to TO participate VB in IN any DT new JJ deal NN for IN the DT acquisition NN of IN UAL NNP in IN the DT foreseeable JJ future NN . . '' '' However RB , , several JJ people NNS said VBD that IN British NNP Air NNP might MD yet RB rejoin VB the DT bidding NN group NN and CC that IN the DT carrier NN made VBD the DT statement NN to TO answer VB questions NNS from IN British JJ regulators NNS about IN how WRB it PRP plans VBZ to TO use VB proceeds NNS of IN a DT securities NNS offering NN previously RB earmarked VBN for IN the DT UAL NNP buy-out NN . . Also RB late RB last JJ week NN , , UAL NNP flight NN attendants NNS agreed VBD to TO participate VB with IN the DT pilots NNS in IN crafting VBG a DT revised VBN offer NN . . But CC the DT machinists NNS union NN , , whose WP$ opposition NN helped VBD scuttle VB the DT first JJ buy-out NN bid NN , , is VBZ likely JJ to TO favor VB a DT recapitalization NN with IN a DT friendly JJ third-party JJ investor NN . . One CD advantage NN the DT buy-out NN group NN intends VBZ to TO press VB with IN the DT board NN is VBZ that IN pilots NNS have VBP agreed VBN to TO make VB $ $ 200 CD million CD in IN annual JJ cost NN concessions NNS to TO help VB finance VB a DT bid NN . . Speculation NN has VBZ also RB arisen VBN that IN the DT UAL NNP executive NN most RBS closely RB identified VBN with IN the DT failure NN to TO gain VB bank NN financing NN , , chief JJ financial JJ officer NN John NNP Pope NNP , , may MD come VB under IN pressure NN to TO resign VB . . However RB , , people NNS familiar JJ with IN the DT buy-out NN group NN said VBD Mr. NNP Pope NNP 's POS departure NN would MD weaken VB the DT airline NN 's POS management NN at IN a DT critical JJ time NN . . Despite IN the DT buy-out NN group NN 's POS failure NN to TO obtain VB financing NN , , UAL NNP remains VBZ obligated JJ to TO pay VB $ $ 26.7 CD million CD in IN investment NN banking NN and CC legal JJ fees NNS to TO the DT group NN 's POS advisers NNS , , Lazard NNP Freres NNP & CC Co. NNP , , Salomon NNP Brothers NNP Inc. NNP , , and CC Paul NNP Weiss NNP Rifkind NNP Wharton NNP & CC Garrison NNP . . Whittle NNP Communications NNP Limited NNP Partnership NNP , , Knoxville NNP , , Tenn. NNP , , will MD launch VB its PRP$ first JJ media NN property NN targeting VBG Hispanic JJ women NNS . . `` `` La NNP Familia NNP de IN Hoy NNP , , '' '' or CC `` `` Today NNP 's POS Family NNP , , '' '' will MD debut VB this DT spring NN and CC will MD combine VB a DT national JJ bimonthly JJ magazine NN and CC TV NN programming NN . . The DT television NN element NN of IN `` `` La NNP Familia NNP '' '' includes VBZ a DT series NN of IN two-minute JJ informational JJ features NNS to TO air NN seven CD days NNS a DT week NN on IN the DT Spanish-language JJ Univision NNP network NN , , a DT unit NN of IN Univision NNP Holdings NNP Inc. NNP , , which WDT is VBZ 80%-owned CD by IN Hallmark NNP Cards NNP Inc NNP . . The DT features NNS will MD focus VB on IN `` `` parenting NN , , family NN health NN and CC nutrition NN , , and CC financial JJ management NN , , '' '' and CC will MD carry VB 30 CD seconds NNS of IN advertising NN . . The DT magazines NNS , , also RB ad-supported JJ , , will MD be VB distributed VBN in IN more JJR than IN 10,000 CD doctors NNS ' POS offices NNS , , clinics NNS , , and CC health NN centers NNS in IN Hispanic JJ and CC largely RB Hispanic JJ communities NNS . . WEIRTON NNP STEEL NNP Corp. NNP said VBD it PRP completed VBD a DT $ $ 300 CD million CD sale NN of IN 10-year JJ notes NNS , , the DT final JJ step NN in IN the DT 1984 CD buy-out NN of IN the DT company NN from IN National NNP Steel NNP Corp NNP . . The DT 10 CD 7\/8 CD % NN notes NNS were VBD priced VBN at IN 99.5 CD % NN to TO yield VB 10.958 CD % NN in IN an DT offering NN managed VBD by IN Bear NNP , , Stearns NNP & CC Co. NNP , , Shearson NNP Lehman NNP Hutton NNP Inc. NNP and CC Lazard NNP Freres NNP & CC Co. NNP , , the DT company NN said VBD . . Weirton NNP , , of IN Weirton NNP , , W. NNP Va. NNP , , said VBD $ $ 60.3 CD million CD of IN the DT proceeds NNS were VBD used VBN to TO prepay VB the DT remaining JJ amounts NNS on IN the DT note NN outstanding JJ to TO National NNP Intergroup NNP Inc. NNP , , the DT parent NN of IN National NNP Steel NNP . . Remaining JJ proceeds NNS were VBD used VBN to TO pay VB other JJ debt NN and CC to TO finance VB the DT company NN 's POS capital NN spending NN program NN . . Lep NNP Group NNP PLC NNP of IN Britain NNP , , which WDT holds VBZ a DT 62.42 CD % NN stake NN in IN Profit NNP Systems NNP Inc. NNP , , said VBD it PRP is VBZ considering VBG courses NNS of IN action NN that WDT could MD result VB in IN its PRP$ having VBG `` `` active JJ control NN '' '' of IN the DT company NN . . In IN a DT filing NN with IN the DT Securities NNP and CC Exchange NNP Commission NNP , , Lep NNP Group NNP said VBD a DT possible JJ course NN of IN action NN may MD include VB acquiring VBG some DT or CC all DT of IN the DT Profit NNP Systems NNP shares NNS it PRP does VBZ n't RB already RB own VB . . It PRP noted VBD , , however RB , , that IN it PRP has VBZ n't RB determined VBN any DT specific JJ terms NNS of IN a DT possible JJ transaction NN . . Lep NNP Group NNP and CC affiliates NNS currently RB control VBP 3,513,072 CD Profit NNP Systems NNP common JJ shares NNS , , or CC 62.42 CD % NN , , the DT filing NN said VBD . . Profit NNP Systems NNP , , Valley NNP Stream NNP , , N.Y. NNP , , is VBZ an DT air NN freight NN forwarding NN concern NN . . U.S. NNP official JJ reserve NN assets NNS rose VBD $ $ 6.05 CD billion CD in IN September NNP , , to TO $ $ 68.42 CD billion CD , , the DT Treasury NNP Department NNP said VBD . . The DT gain NN compared VBD with IN a DT $ $ 1.10 CD billion CD decline NN in IN reserve NN assets NNS in IN August NNP to TO $ $ 62.36 CD billion CD , , the DT department NN said VBD . . U.S. NNP reserve NN assets NNS consist VBP of IN foreign JJ currencies NNS , , gold NN , , special JJ drawing NN rights NNS at IN the DT International NNP Monetary NNP Fund NNP and CC the DT U.S. NNP reserve NN position NN -- : its PRP$ ability NN to TO draw VB foreign JJ currencies NNS -- : at IN the DT IMF NNP . . The DT nation NN 's POS holdings NNS of IN foreign JJ currencies NNS increased VBD $ $ 5.67 CD billion CD in IN September NNP to TO $ $ 39.08 CD billion CD , , while IN its PRP$ gold NN reserves NNS were VBD virtually RB unchanged JJ at IN $ $ 11.07 CD billion CD . . U.S. NNP holdings NNS of IN IMF NNP special JJ drawing NN rights NNS last JJ month NN rose VBD $ $ 247 CD million CD , , to TO $ $ 9.49 CD billion CD , , and CC its PRP$ reserve NN position NN at IN the DT IMF NNP increased VBD $ $ 142 CD million CD , , to TO $ $ 8.79 CD billion CD . . Alusuisse NNP of IN America NNP Inc. NNP plans VBZ to TO sell VB its PRP$ Consolidated NNP Aluminum NNP Corp. NNP subsidiary NN as IN part NN of IN its PRP$ strategy NN to TO focus VB more RBR on IN aluminum NN packaging NN in IN the DT U.S. NNP . . Alusuisse NNP , , of IN New NNP York NNP , , declined VBD to TO say VB how WRB much JJ it PRP expects VBZ to TO get VB for IN the DT unit NN ; : the DT company NN has VBZ hired VBN First NNP Boston NNP Corp. NNP to TO help VB identify VB bidders NNS . . Alusuisse NNP is VBZ a DT subsidiary NN of IN Swiss NNP Aluminium NNP Ltd. NNP , , a DT Zurich NNP , , Switzerland NNP , , producer NN of IN aluminum NN , , chemicals NNS and CC packaging NN products NNS . . Consolidated NNP , , which WDT had VBD 1988 CD revenue NN of IN $ $ 400 CD million CD , , makes VBZ aluminum NN sheet NN and CC foil NN products NNS at IN its PRP$ Hannibal NNP , , Ohio NNP , , and CC Jackson NNP , , Tenn. NNP , , rolling NN mills NNS and CC recycles VBZ aluminum NN at IN a DT plant NN in IN Bens NNP Run NNP , , W.Va NNP . . Manhattan NNP National NNP Corp. NNP said VBD Michael NNP A. NNP Conway NNP , , president NN and CC chief JJ executive JJ officer NN , , was VBD elected VBN chief JJ executive NN of IN the DT holding VBG company NN 's POS two CD principal JJ insurance NN subsidiaries NNS . . He PRP succeeds VBZ Paul NNP P. NNP Aniskovich NNP Jr. NNP , , who WP resigned VBD to TO pursue VB other JJ business NN interests NNS , , the DT company NN said VBD . . Mr. NNP Conway NNP , , 42 CD years NNS old JJ , , was VBD elected VBN chairman NN , , president NN and CC chief JJ executive NN of IN Manhattan NNP Life NNP Insurance NNP Co. NNP and CC president NN and CC chief JJ executive NN of IN Manhattan NNP National NNP Life NNP Insurance NNP Co NNP . . Harry NNP Rossi NNP , , 69 CD , , chairman NN of IN the DT holding VBG company NN , , also RB remains VBZ chairman NN of IN Manhattan NNP National NNP Life NNP Insurance NNP Co NNP . . Mr. NNP Conway NNP was VBD executive JJ vice NN president NN and CC chief JJ investment NN officer NN of IN Union NNP Central NNP Life NNP Insurance NNP Co. NNP , , of IN Cincinnati NNP , , in IN 1987 CD , , when WRB Union NNP Central NNP bought VBD a DT 54 CD % NN interest NN in IN Manhattan NNP National NNP Corp NNP . . He PRP resigned VBD as IN an DT officer NN of IN Central NNP Life NNP to TO accept VB the DT Manhattan NNP National NNP presidency NN . . Daniel NNP J. NNP Terra NNP , , a DT director NN of IN First NNP Illinois NNP Corp. NNP , , said VBD that IN in IN August NNP he PRP reduced VBD his PRP$ stake NN in IN First NNP Illinois NNP to TO 26.48 CD % NN of IN the DT common JJ shares NNS outstanding JJ . . In IN a DT filing NN with IN the DT Securities NNP and CC Exchange NNP Commission NNP , , Mr. NNP Terra NNP said VBD he PRP sold VBD 263,684 CD First NNP Illinois NNP common JJ shares NNS from IN Aug. NNP 9 CD to TO Aug. NNP 28 CD for IN $ $ 9.9375 CD to TO $ $ 10.5625 CD a DT share NN . . As IN a DT result NN of IN the DT sales NNS he PRP holds VBZ 6,727,042 CD shares NNS . . Mr. NNP Terra NNP said VBD in IN the DT filing NN that IN he PRP sold VBD the DT stock NN to TO decrease VB his PRP$ position NN in IN the DT Evanston NNP , , Ill. NNP , , banking NN concern NN . . He PRP may MD sell VB more JJR shares NNS in IN the DT open JJ market NN or CC in IN private JJ transactions NNS , , but CC would MD n't RB rule VB out RP changing VBG his PRP$ intentions NNS and CC buying VBG shares NNS , , the DT filing NN said VBD . . SciMed NNP Life NNP Systems NNP Inc. NNP , , Minneapolis NNP , , said VBD a DT federal JJ appeals NNS court NN vacated VBD an DT earlier JJR summary NN judgment NN in IN its PRP$ favor NN . . A DT lower JJR court NN in IN St. NNP Paul NNP had VBD ruled VBN in IN September NNP 1988 CD that IN a DT heart NN catheter NN SciMed VBD manufactures VBZ does VBZ n't RB infringe VB on IN a DT patent NN owned VBN by IN Advanced NNP Cardiovascular NNP Systems NNP , , a DT unit NN of IN Eli NNP Lilly NNP & CC Co NNP . . SciMed NNP said VBD the DT appeals NNS court NN remanded VBD the DT case NN back RB to TO the DT district NN court NN for IN further JJ proceedings NNS . . In IN national JJ over-the-counter JJ trading NN Friday NNP , , SciMed NNP shares NNS tumbled VBD $ $ 2.75 CD to TO $ $ 43 CD . . SciMed VBN said VBD it PRP `` `` remains VBZ committed JJ '' '' both DT to TO the DT `` `` vigorous JJ defense NN '' '' of IN its PRP$ position NN that IN the DT catheter NN does VBZ n't RB infringe VB the DT Lilly NNP unit NN 's POS patent NN , , and CC to TO the DT pursuit NN of IN its PRP$ own JJ counterclaims NNS , , which WDT allege VBP Lilly NNP engaged VBD in IN antitrust JJ violations NNS and CC other JJ wrongful JJ acts NNS . . A DT REVISED VBN BID NNP FOR IN UAL NNP is VBZ being VBG prepared VBN by IN a DT labor-management JJ group NN , , sources NNS said VBD . . The DT new JJ proposal NN , , which WDT would MD transfer VB majority NN ownership NN of IN United NNP Air NNP 's POS parent NN to TO employees NNS and CC leave VB some DT stock NN in IN public JJ hands NNS , , would MD be VB valued VBN at IN $ $ 225 CD to TO $ $ 240 CD a DT share NN , , or CC as RB much JJ as IN $ $ 5.42 CD billion CD . . But CC UAL NNP 's POS board NN is VBZ n't RB expected VBN to TO give VB quick JJ approval NN to TO any DT offer NN substantially RB below IN the DT $ $ 300-a-share JJ bid NN that WDT collapsed VBD recently RB . . Takeover NN stock NN speculators NNS have VBP incurred VBN paper NN losses NNS of IN over IN $ $ 700 CD million CD from IN the DT failed VBN UAL NNP offer NN , , their PRP$ worst JJS loss NN ever RB on IN a DT single JJ deal NN . . Ford NNP and CC Saab NNP ended VBD talks NNS about IN a DT possible JJ alliance NN after IN Ford NNP concluded VBD that IN the DT cost NN to TO modernize VB Saab NNP 's POS car NN operations NNS would MD outweigh VB the DT likely JJ return NN . . The DT collapse NN Friday NNP prompted VBD speculation NN that IN Ford NNP would MD intensify VB its PRP$ pursuit NN of IN Jaguar NNP , , which WDT is VBZ negotiating VBG a DT defensive JJ alliance NN with IN GM NNP . . Stock NN prices NNS edged VBD up RB in IN quiet JJ trading NN Friday NNP . . The DT Dow NNP Jones NNP industrials NNS rose VBD 5.94 CD , , to TO 2689.14 CD , , making VBG the DT gain NN for IN the DT week NN a DT record NN 119.88 CD points NNS , , or CC 4.7 CD % NN . . Most JJS bond NN prices NNS fell VBD , , but CC junk NN bonds NNS and CC the DT dollar NN rose VBD . . New NNP York NNP City NNP bonds NNS were VBD sold VBN off RP by IN many JJ investors NNS last JJ week NN amid IN political JJ and CC economic JJ uncertainty NN . . More JJR banks NNS are VBP being VBG hurt NN by IN Arizona NNP 's POS worsening VBG real-estate NN slump NN . . First NNP Interstate NNP Bancorp NNP of IN Los NNP Angeles NNP said VBD Friday NNP it PRP expects VBZ a DT $ $ 16 CD million CD quarterly JJ loss NN , , citing VBG property-loan JJ losses NNS at IN its PRP$ Arizona NNP unit NN . . OPEC NNP 's POS ability NN to TO produce VB more JJR oil NN than IN it PRP can MD sell VB is VBZ starting VBG to TO cast VB a DT shadow NN over IN world NN oil NN markets NNS . . OPEC NNP officials NNS worry VBP that IN prices NNS could MD collapse VB a DT few JJ months NNS from IN now RB if IN the DT group NN does VBZ n't RB adopt VB new JJ quotas NNS . . Saatchi NNP & CC Saatchi NNP has VBZ attracted VBN offers NNS for IN some DT of IN its PRP$ advertising NN units NNS but CC has VBZ rejected VBN them PRP , , sources NNS said VBD . . The DT proposals NNS , , from IN suitors NNS including VBG Interpublic NNP Group NNP , , come VBP as IN the DT London-based JJ ad NN giant JJ struggles NNS through IN its PRP$ most RBS difficult JJ period NN ever RB . . Qintex NNP Australia NNP suffered VBD another DT setback NN Friday NNP when WRB its PRP$ Los NNP Angeles-based JJ affiliate NN filed VBD for IN Chapter NNP 11 CD protection NN . . Qintex NNP 's POS $ $ 1.5 CD billion CD pact NN to TO buy VB MGM\/UA NNP collapsed VBD recently RB . . Kodak NNP entered VBD the DT high-definition JJ television NN market NN by IN unveiling NN a DT device NN that WDT can MD convert VB conventional JJ film NN into IN high-definition JJ video NN . . A DT handful NN of IN small JJ U.S. NNP firms NNS are VBP refusing VBG to TO cede VB the DT HDTV-screen JJ market NN to TO Japanese JJ manufacturers NNS . . Freight NN rates NNS are VBP bottoming VBG out RP and CC starting VBG to TO rebound VB . . Trucking NN , , shipping NN and CC air-freight NN firms NNS are VBP all DT planning VBG rate NN increases NNS , , reflecting VBG higher JJR costs NNS and CC tightened VBN demand NN . . Texaco NNP has VBZ purchased VBN an DT oil-producing JJ company NN in IN Texas NNP for IN $ $ 476.5 CD million CD . . It PRP is VBZ Texaco NNP 's POS first JJ major JJ acquisition NN since IN the DT legal JJ battle NN with IN Pennzoil NNP began VBD over RB four CD years NNS ago RB . . Winnebago NNP posted VBD a DT widened VBN quarterly JJ loss NN and CC slashed VBD its PRP$ dividend NN in IN half NN , , reflecting VBG the DT deepening VBG slowdown NN in IN recreational JJ vehicle NN sales NNS . . Markets NNS -- : Stocks NNS : : Volume NN 164,830,000 CD shares NNS . . Dow NNP Jones NNP industrials VBZ 2689.14 CD , , up RB 5.94 CD ; : transportation NN 1230.80 CD , , off RB 32.71 CD ; : utilities NNS 215.48 CD , , up RB 0.06 CD . . Bonds NNS : : Shearson NNP Lehman NNP Hutton NNP Treasury NNP index NN 3392.49 CD , , off RB Commodities NNS : : Dow NNP Jones NNP futures NNS index NN 129.62 CD , , off RB 0.51 CD ; : spot NN index NN 131.34 CD , , up RB 0.88 CD . . Dollar NN : : 142.43 CD yen NNS , , up RB 0.73 CD ; : 1.8578 CD marks NNS , , up RB 0.0108 CD . . Inmac NNP Corp. NNP , , a DT money-losing JJ direct JJ marketer NN of IN computer NN supplies NNS and CC accessories NNS , , said VBD directors NNS suspended VBD payment NN of IN its PRP$ semiannual JJ dividend NN as RB too RB great JJ a DT drain NN on IN funds NNS . . The DT company NN paid VBD five CD cents NNS a DT share NN in IN April NNP . . The DT directors NNS ' POS action NN , , taken VBN Oct. NNP 10 CD but CC announced VBD Friday NNP , , had VBD little JJ or CC no DT effect NN on IN the DT company NN 's POS stock NN , , which WDT stagnated VBD at IN $ $ 4.75 CD in IN light JJ over-the-counter JJ trading NN . . Inmac NNP recently RB disclosed VBD a DT $ $ 12.3 CD million CD write-off NN related VBN to TO a DT corporate JJ restructuring NN that WDT resulted VBD in IN the DT company NN 's POS posting VBG a DT $ $ 6.4 CD million CD net JJ loss NN for IN the DT year NN ended VBN July NNP 29 CD , , compared VBN with IN year-earlier JJ profit NN of IN $ $ 9.7 CD million CD , , or CC $ $ 1.02 CD a DT share NN . . Sales NNS rose VBD 12 CD % NN to TO $ $ 249.5 CD million CD from IN $ $ 222.8 CD million CD . . `` `` The DT board NN felt VBD that IN the DT continued VBN payment NN of IN our PRP$ semiannual JJ dividend NN was VBD inconsistent JJ with IN recent JJ operating NN results NNS , , '' '' said VBD Kenneth NNP A. NNP Eldred NNP , , president NN and CC chief JJ executive JJ officer NN . . `` `` All DT our PRP$ efforts NNS are VBP now RB focused VBN on IN improving NN earnings NNS to TO the DT point NN where WRB we PRP can MD fund VB additional JJ new-country JJ development NN , , continue VB to TO invest VB in IN the DT business NN and CC reinstate VB the DT dividend NN , , '' '' he PRP added VBD . . The DT company NN offers VBZ more JJR than IN 3,500 CD parts NNS and CC supplies NNS directly RB to TO microcomputer NN and CC minicomputer NN users NNS through IN catalog NN sales NNS . . The DT Food NNP and CC Drug NNP Administration NNP said VBD American NNP Home NNP Products NNP Corp. NNP agreed VBD to TO recall VB certain JJ generic JJ drugs NNS that WDT were VBD produced VBN by IN its PRP$ Quantum NNP Pharmics NNP unit NN in IN Amityville NNP , , N.Y NNP . . Quantum NNP stopped VBD shipping VBG the DT drugs NNS last JJ month NN , , following VBG a DT federal JJ investigation NN regarding VBG information NN the DT company NN supplied VBD to TO obtain VB three CD drug NN approvals NNS . . The DT FDA NNP requested VBD the DT recall NN of IN Quantum NNP 's POS mioxidil NN tablets NNS , , chlorazepate NN dipotassium NN tablets NNS and CC meclofenamate NN sodium NN capsules NNS because IN , , it PRP said VBD , , the DT size NN of IN the DT production NN runs NNS submitted VBN for IN testing NN to TO gain VB FDA NNP approval NN was VBD in IN each DT case NN misrepresented VBD as IN much RB larger JJR than IN it PRP actually RB was VBD . . American NNP Home NNP Products NNP , , based VBN in IN New NNP York NNP , , agreed VBD to TO recall VB four CD other JJ products NNS , , trazadone NN , , doxepin NN , , diazepam NN and CC lorazapam NN , , because IN of IN concerns NNS about IN data NNS submitted VBN in IN their PRP$ original JJ approval NN applications NNS before IN the DT FDA NNP . . No DT safety NN problems NNS with IN the DT products NNS are VBP known VBN , , the DT FDA NNP said VBD . . An DT FDA NNP spokesperson NN said VBD the DT drugs NNS are VBP still RB available JJ under IN other JJ brand NN names NNS . . Last JJ month NN , , American NNP Home NNP Products NNP said VBD it PRP was VBD suspending VBG production NN and CC distribution NN of IN all DT 21 CD of IN Quantum NNP 's POS generic JJ drug NN products NNS pending VBG the DT completion NN of IN an DT exhaustive JJ internal JJ audit NN . . It PRP also RB temporarily RB closed VBD Quantum NNP , , because IN of IN the DT internal JJ investigation NN , , as RB well RB as IN the DT FDA NNP 's POS ongoing JJ inquiry NN . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , American NNP Home NNP Products NNP rose VBD 75 CD cents NNS to TO $ $ 105 CD on IN Friday NNP . . Lyondell NNP Petrochemical NNP Co. NNP said VBD third-quarter JJ net NN income NN fell VBD 54 CD % NN , , to TO $ $ 73 CD million CD , , or CC 91 CD cents NNS a DT share NN , , from IN $ $ 160 CD million CD a DT year NN earlier RBR . . Year-earlier JJ per-share JJ results NNS are VBP n't RB applicable JJ because IN the DT company NN went VBD public NN in IN January NNP . . Revenue NN rose VBD 7.7 CD % NN to TO $ $ 1.28 CD billion CD from IN $ $ 1.18 CD billion CD . . The DT petrochemical NN maker NN said VBD the DT biggest JJS reason NN earnings NNS declined VBD was VBD a DT loss NN of IN production NN time NN and CC the DT increased VBN costs NNS associated VBN with IN a DT temporary JJ maintenance NN closing NN and CC expansion NN of IN an DT olefins NNS plant NN . . Like IN other JJ refiners NNS , , Lyondell NNP 's POS margins NNS for IN chemicals NNS and CC gasoline NN were VBD narrower JJR . . While IN the DT company NN said VBD chemical NN margins NNS continued VBD to TO worsen VB this DT quarter NN , , costs NNS will MD be VB lower JJR because IN the DT maintenance NN and CC expansions NNS are VBP complete JJ . . In IN New NNP York NNP Stock NNP Exchange NNP composite NN trading NN Friday NNP , , Lyondell NNP was VBD unchanged JJ at IN $ $ 18.50 CD a DT share NN . . Four CD former JJ Cordis NNP Corp. NNP officials NNS were VBD acquitted VBN of IN federal JJ charges NNS related VBN to TO the DT Miami-based JJ company NN 's POS sale NN of IN pacemakers NNS , , including VBG conspiracy NN to TO hide VB pacemaker NN defects NNS . . Jurors NNP in IN U.S. NNP District NNP Court NNP in IN Miami NNP cleared VBD Harold NNP Hershhenson NNP , , a DT former JJ executive JJ vice NN president NN ; : John NNP Pagones NNP , , a DT former JJ vice NN president NN ; : and CC Stephen NNP Vadas NNP and CC Dean NNP Ciporkin NNP , , who WP had VBD been VBN engineers NNS with IN Cordis NNP . . Earlier RBR this DT year NN , , Cordis NNP , , a DT maker NN of IN medical JJ devices NNS , , agreed VBD to TO plead VB guilty JJ to TO felony NN and CC misdemeanor NN charges NNS related VBN to TO the DT pacemakers NNS and CC to TO pay VB the DT government NN about RB $ $ 5.7 CD million CD in IN fines NNS and CC other JJ costs NNS . . Cordis NNP sold VBD its PRP$ pacemaker NN operations NNS two CD years NNS ago RB to TO Telectronics NNP Holding NNP Ltd. NNP of IN Australia NNP . . PAPERS NNS : : Management NN and CC unions NNS representing VBG 2,400 CD employees NNS at IN Torstar NNP Corp. NNP 's POS Toronto NNP Star NNP reached VBD a DT tentative JJ contract NN agreement NN Friday NNP , , averting VBG a DT strike NN by IN most JJS employees NNS of IN Canada NNP 's POS largest JJS daily JJ newspaper NN . . Members NNS of IN the DT largest JJS union NN , , representing VBG 1,700 CD workers NNS , , voted VBD in IN favor NN of IN the DT pact NN yesterday NN . . Four CD other JJ unions NNS have VBP yet RB to TO vote VB , , but CC their PRP$ leadership NN also RB recommended VBD approval NN . . The DT pact NN proposes VBZ a DT 2 CD 1\/2-year JJ contract NN with IN a DT raise NN of IN 8 CD % NN in IN the DT first JJ year NN , , 7 CD % NN in IN the DT second JJ and CC 4 CD % NN for IN the DT final JJ six CD months NNS . . Amgen NNP Inc. NNP said VBD its PRP$ second-quarter JJ earnings NNS increased VBD more RBR than IN tenfold RB to TO $ $ 3.9 CD million CD , , or CC 22 CD cents NNS a DT share NN , , due JJ to TO increased VBN sales NNS of IN the DT company NN 's POS new JJ antianemia JJ drug NN for IN kidney NN patients NNS . . The DT Thousand NNP Oaks NNP , , Calif.-based JJ biotechnology NN company NN reported VBD a DT 97 CD % NN increase NN in IN revenue NN to TO $ $ 42.5 CD million CD for IN the DT quarter NN ended VBN Sept. NNP 30 CD . . In IN the DT year-ago JJ period NN , , Amgen NNP reported VBD net JJ income NN of IN $ $ 320,000 CD , , or CC two CD cents NNS a DT share NN , , on IN revenue NN of IN $ $ 21.5 CD million CD . . For IN the DT six CD months NNS , , the DT company NN reported VBD a DT more JJR than IN sixfold JJ increase NN in IN earnings NNS to TO $ $ 4.7 CD million CD , , or CC 26 CD cents NNS a DT share NN , , from IN $ $ 625,000 CD , , or CC four CD cents NNS a DT share NN a DT year NN ago RB . . Revenue NN rose VBD 77 CD % NN to TO $ $ 72.6 CD million CD , , from IN last JJ year NN 's POS $ $ 41 CD million CD . . LEBANESE JJ LAWMAKERS NNS APPROVED VBD a DT peace NN plan NN but CC Aoun NNP rejected VBD it PRP . . Lebanon NNP 's POS Parliament NNP passed VBD the DT power-sharing JJ accord NN to TO end VB the DT country NN 's POS 14-year-old JJ conflict NN , , but CC the DT Christian JJ military JJ leader NN wad VB the DT plan NN was VBD `` `` full JJ of IN ambiguities NNS . . '' '' The DT Arab NNP League-sponsored JJ pact NN , , drafted VBN during IN three CD weeks NNS of IN talks NNS at IN the DT Saudi JJ Arabian JJ resort NN of IN Taif NNP , , includes VBZ Syrian JJ proposals NNS for IN at IN least JJS a DT partial JJ troop NN pullout NN from IN Lebanon NNP , , and CC guarantees VBZ an DT equal JJ number NN of IN seats NNS for IN Moslems NNS and CC Christians NNS in IN the DT Parliament NNP . . The DT rejection NN by IN Aoun NNP , , who WP has VBZ demanded VBN a DT total JJ and CC immediate JJ pull-out NN of IN Damascus NNP 's POS 33,000 CD troops NNS , , puts VBZ the DT future NN of IN the DT agreement NN in IN doubt NN . . NORTHERN NNP CALIFORNIA NNP BRACED NNP for IN earthquake-related JJ traffic NN jams NNS . . As IN rescuers NNS pressed VBD their PRP$ efforts NNS after IN finding VBG a DT survivor NN in IN a DT collapsed VBN freeway NN , , the DT San NNP Francisco NNP Bay NNP area NN girded VBD for IN hundreds NNS of IN thousands NNS of IN commuters NNS seeking VBG to TO avoid VB routes NNS ravaged VBN by IN last JJ Tuesday NNP 's POS tremor NN . . In IN Oakland NNP , , officials NNS said VBD the DT 57-year-old JJ longshoreman NN who WP spent VBD four CD days NNS entombed VBN in IN rubble NN was VBD in IN critical JJ condition NN with IN slight JJ improvement NN . . Estimates NNS of IN damage NN in IN the DT area NN , , visited VBN Friday NNP by IN Bush NNP , , topped VBD $ $ 5 CD billion CD . . The DT baseball NN commissioner NN announced VBD that IN the DT third JJ game NN of IN the DT World NNP Series NNP between IN the DT Giants NNP and CC the DT Athletics NNP would MD n't RB resume VB until IN Friday NNP . . THE DT U.S. NNP . . IS VBZ REQUIRED NNP to TO notify VB foreign JJ dictators NNS of IN certain JJ coup NN plans NNS . . Under IN guidelines NNS included VBN in IN an DT exchange NN of IN letters NNS between IN the DT Reagan NNP administration NN and CC the DT Senate NNP Intelligence NNP panel NN last JJ year NN , , the DT U.S. NNP must MD inform VB foreign JJ dictators NNS of IN plans NNS likely JJ to TO endanger VB their PRP$ lives NNS . . The DT existence NN of IN the DT policy NN became VBD known VBN after IN Bush NNP disclosed VBD it PRP to TO seven CD GOP NNP senators NNS last JJ week NN , , citing VBG the DT plan NN as IN an DT example NN of IN congressional JJ requirements NNS the DT administration NN contends VBZ contribute VBP to TO the DT failure NN of IN covert JJ actions NNS , , officials NNS said VBD . . Bush NNP conceded VBD that IN the DT requirement NN did VBD n't RB affect VB a DT decision NN to TO lend VB only JJ minor JJ support NN to TO this DT month NN 's POS failed JJ effort NN to TO oust VB Panama NNP 's POS Noriega NNP , , aides NNS said VBD . . The DT shuttle NN Atlantis NNP 's POS crew NN prepared VBD to TO return VB to TO Earth NNP today NN several JJ hours NNS earlier RBR than IN planned VBN to TO avoid VB high JJ winds NNS forecast VBN at IN the DT landing NN site NN at IN Edwards NNP Air NNP Force NNP Base NNP , , Calif NNP . . The DT five CD astronauts NNS , , who WP stowed VBD gear NN and CC tested VBD the DT spacecraft NN 's POS steering NN , , said VBD they PRP were VBD unconcerned JJ about IN the DT touchy JJ weather NN expected VBN in IN the DT Mojave NNP Desert NNP . . Commonwealth NNP leaders NNS issued VBD a DT declaration NN giving VBG South NNP Africa NNP six CD months NNS to TO deliver VB on IN pledges NNS to TO ease VB apartheid NN or CC face VB new JJ reprisals NNS . . The DT 49-nation JJ organization NN , , meeting VBG in IN Malaysia NNP , , called VBD for IN tighter JJR financial JJ pressure NN immediately RB . . Britain NNP 's POS Prime NNP Minister NNP Thatcher NNP alone RB dissented VBD . . East NNP Germany NNP 's POS leadership NN vowed VBD swift JJ action NN to TO ease VB travel VB to TO the DT West NN . . Despite IN the DT pledge NN by IN the DT Communist NNP rulers NNS , , tens NNS of IN thousands NNS of IN people NNS across IN the DT country NN staged VBD marches NNS over IN the DT weekend NN to TO demand VB democratic JJ freedoms NNS . . In IN Leipzig NNP , , more JJR than IN 500 CD people NNS met VBD with IN local JJ party NN officials NNS to TO discuss VB internal JJ changes NNS . . The DT Senate NNP convicted VBD federal JJ Judge NNP Alcee NNP Hastings NNP of IN Miami NNP of IN eight CD impeachment NN articles NNS , , removing VBG him PRP from IN the DT bench NN . . The DT chamber NN voted VBD 69-26 CD Friday NNP to TO convict VB the DT judge NN of IN perjury NN and CC bribery NN conspiracy NN . . It PRP marked VBD the DT first JJ time NN a DT U.S. NNP official NN was VBD impeached VBN on IN charges NNS of IN which WDT a DT jury NN had VBD acquitted VBN him PRP . . Rep. NNP Garcia NNP and CC his PRP$ wife NN were VBD found VBN guilty JJ by IN a DT federal JJ jury NN in IN New NNP York NNP of IN extorting VBG $ $ 76,000 CD from IN Wedtech NNP Corp. NNP in IN return NN for IN official JJ acts NNS by IN the DT New NNP York NNP Democrat NNP . . The DT jury NN also RB convicted VBD them PRP of IN extortion NN in IN obtaining VBG a DT $ $ 20,000 CD interest-free JJ loan NN from IN an DT officer NN of IN the DT defunct JJ defense NN contractor NN . . Authorities NNP in IN Honduras NNP launched VBD an DT investigation NN into IN the DT cause NN of IN Saturday NNP 's POS crash NN of IN a DT Honduran JJ jetliner NN that WDT killed VBD 132 CD of IN the DT 146 CD people NNS aboard RB . . The DT Boeing NNP 727 CD , , en IN route NN to TO Honduras NNP from IN Costa NNP Rica NNP via IN Nicaragua NNP , , smashed VBD into IN the DT hills NNS outside IN Tegucigalpa NNP as IN it PRP approached VBD the DT capital NN 's POS airport NN in IN high JJ winds NNS and CC low JJ clouds NNS . . The DT U.S. NNP and CC Israel NNP have VBP been VBN holding VBG what WP an DT aide NN to TO Prime NNP Minister NNP Shamir NNP called VBD intense JJ telephone NN negotiations NNS in IN an DT effort NN to TO bridge VB differences NNS over IN Mideast JJ peace NN moves NNS . . The DT Labor NNP Party NNP , , meanwhile RB , , threatened VBD to TO support VB a DT parliamentary JJ motion NN to TO topple VB the DT coalition NN unless IN Shamir NNP showed VBD flexibility NN on IN Arab-Israeli JJ talks NNS . . Nicaragua NNP 's POS Defense NNP Ministry NNP said VBD a DT group NN of IN Contra NNP rebels NNS ambushed VBD two CD trucks NNS carrying VBG troops NNS in IN northern JJ Nicaragua NNP , , killing VBG 18 CD of IN the DT soldiers NNS . . The DT incident NN occurred VBN Saturday NNP night NN . . The DT Sandinista NNP government NN and CC the DT U.S.-backed JJ insurgents NNS agreed VBD in IN March NNP to TO suspend VB offensive JJ operations NNS , , but CC there EX has VBZ been VBN sporadic JJ fighting NN . . Scientists NNS have VBP isolated VBN a DT molecule NN that WDT may MD hold VB potential NN as IN a DT treatment NN for IN disruptions NNS of IN the DT immune JJ system NN , , ranging VBG from IN organ-transplant JJ rejection NN , , to TO allergies NNS and CC asthma NN , , Immunex NNP Corp. NNP said VBD . . The DT molecule NN is VBZ the DT mouse NN version NN of IN a DT protein NN called VBD the DT interleukin-4 NN receptor NN , , which WDT directs VBZ the DT growth NN and CC function NN of IN white JJ blood NN cells NNS . . Died VBN : : Alfred NNP Hayes NNP , , 79 CD , , former JJ president NN of IN the DT Federal NNP Reserve NNP Bank NNP of IN New NNP York NNP , , Saturday NNP , , in IN New NNP Canaan NNP , , Conn NNP . . Contel NNP Corp. NNP said VBD third-quarter JJ net JJ income NN increased VBD 16 CD % NN to TO $ $ 72 CD million CD , , or CC 45 CD cents NNS a DT share NN , , from IN $ $ 62 CD million CD , , or CC 39 CD cents NNS a DT share NN , , as IN a DT result NN of IN strong JJ growth NN in IN telephone-access JJ lines NNS and CC long-distance JJ minutes NNS of IN use NN . . The DT telecommunications NNS company NN 's POS results NNS included VBD a DT one-time JJ gain NN of IN $ $ 4 CD million CD , , or CC two CD cents NNS a DT share NN , , from IN the DT sale NN of IN Contel NNP Credit NNP , , a DT leasing NN and CC financial-services JJ subsidiary NN . . Revenue NN rose VBD 8.3 CD % NN to TO $ $ 780 CD million CD from IN $ $ 720 CD million CD . . Telephone-operations NNS quarterly JJ profit NN increased VBN 9 CD % NN to TO $ $ 84 CD million CD from IN $ $ 77 CD million CD , , while IN federal-systems JJ earnings NNS declined VBD 33 CD % NN to TO $ $ 4 CD million CD from IN $ $ 6 CD million CD . . Information NN systems NNS posted VBD a DT loss NN of IN $ $ 8 CD million CD , , compared VBN with IN a DT loss NN of IN $ $ 9 CD million CD a DT year NN earlier RBR . . Customer-access NN lines NNS increased VBD at IN an DT annualized VBN rate NN of IN about RB 4 CD % NN and CC minutes NNS of IN long-distance JJ use NN rose VBD about RB 12 CD % NN . . A DT 10 CD % NN gain NN in IN operating NN profit NN in IN the DT quarter NN was VBD offset VBN by IN a DT 21 CD % NN boost NN in IN interest NN expense NN , , reflecting VBG higher JJR consolidated JJ borrowings NNS and CC interest NN rates NNS . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Contel NNP closed VBD at IN $ $ 33.75 CD a DT share NN , , down RB .50 CD cents NNS . . In IN East NNP Germany NNP , , where WRB humor NN has VBZ long RB been VBN the DT only JJ way NN to TO express VB political JJ criticism NN , , they PRP 're VBP not RB laughing VBG about IN their PRP$ new JJ leader NN Egon NNP Krenz NNP . . Mr. NNP Krenz NNP is VBZ such JJ a DT contradictory JJ figure NN that IN nobody NN has VBZ even RB come VBN up RP with IN any DT good JJ jokes NNS about IN him PRP . . `` `` You PRP have VBP to TO have VB clear JJ feelings NNS about IN someone NN before RB you PRP can MD make VB jokes NNS , , '' '' says VBZ an DT East NNP German NNP mother NN of IN two CD who WP loves VBZ swapping VBG political JJ barbs NNS with IN her PRP$ friends NNS . . `` `` With IN Krenz NNP , , we PRP just RB do VBP n't RB know VB what WP to TO expect VB . . '' '' Mr. NNP Krenz NNP does VBZ n't RB seem VB to TO be VB the DT knee-jerk JJ hardliner NN many RB initially RB thought VBD he PRP was VBD when WRB the DT 52-year-old JJ Politburo NNP member NN was VBD selected VBN last JJ week NN to TO succeed VB Erich NNP Honecker NNP . . But CC he PRP does VBZ n't RB appear VB to TO be VB ready JJ to TO make VB broad JJ changes NNS either RB . . According VBG to TO East NNP Germany NNP 's POS ADN NNP news NN agency NN , , Mr. NNP Krenz NNP spoke VBD to TO Soviet JJ leader NN Mikhail NNP Gorbachev NNP by IN telephone NN over IN the DT weekend NN and CC acknowledged VBD East NNP Germany NNP could MD learn VB from IN Moscow NNP 's POS glasnost NN policies NNS . . Already RB last JJ week NN , , Mr. NNP Krenz NNP started VBD overhauling VBG East NNP Germany NNP 's VBZ heavily RB censored VBN and CC notoriously RB boring VBG news NN media NNS . . On IN Thursday NNP , , a DT day NN after RB he PRP took VBD office NN , , East JJ German JJ television NN broke VBD into IN regular JJ programming NN to TO launch VB a DT talk NN show NN in IN which WDT viewers NNS call VBP in RP questions NNS for IN a DT panel NN of IN officials NNS to TO answer VB . . The DT regular JJ nightly JJ news NN program NN and CC daily JJ newspapers NNS are VBP also RB getting VBG a DT visible JJ injection NN of IN Soviet-style JJ glasnost NN . . `` `` It PRP was VBD quite RB a DT shock NN , , '' '' says VBZ a DT 43-year-old JJ East JJ German JJ shopkeeper NN . . `` `` For IN the DT first JJ time NN in IN my PRP$ life NN , , I PRP was VBD n't RB sure JJ whether IN I PRP was VBD listening VBG to TO our PRP$ news NN or CC West JJ German JJ television NN . . '' '' Other JJ changes NNS , , including VBG easing VBG restrictions NNS on IN travel NN for IN East NNS Germans NNS , , are VBP expected VBN . . But CC whether IN such JJ moves NNS can MD win VB back RB the DT confidence NN of IN East NNS Germans NNS , , who WP have VBP taken VBN to TO the DT streets NNS by IN the DT thousands NNS in IN recent JJ weeks NNS to TO demand VB democratic JJ changes NNS , , depends VBZ largely RB on IN whether IN they PRP feel VBP they PRP can MD trust VB Mr. NNP Krenz NNP . . And CC that DT 's VBZ a DT problem NN . . Mr. NNP Krenz NNP is VBZ not RB only RB closely RB identified VBN with IN his PRP$ mentor NN , , Mr. NNP Honecker NNP , , but CC also RB blamed VBN for IN ordering VBG violent JJ police NN action NN against IN protesters NNS this DT month NN and CC for IN praising VBG China NNP for IN sending VBG tanks NNS against IN student NN demonstrators NNS . . `` `` I PRP hope VBP he PRP grows VBZ with IN the DT job NN , , '' '' says VBZ Rainer NNP Eppelmann NNP , , a DT Protestant JJ pastor NN in IN East NNP Berlin NNP . . `` `` The DT most RBS important JJ thing NN is VBZ that IN he PRP have VB a DT chance NN . . '' '' Although IN Mr. NNP Krenz NNP is VBZ dedicated VBN to TO East NNP Germany NNP 's POS conservative JJ vein NN of IN communism NN , , there EX is VBZ much JJ about IN his PRP$ style NN that WDT sets VBZ him PRP apart RB from IN his PRP$ party NN comrades NNS . . Unlike IN Mr. NNP Honecker NNP , , who WP tended VBD to TO lecture VB people NNS about IN socialist JJ values NNS , , Mr. NNP Krenz NNP enjoys VBZ asking VBG questions NNS . . Indeed RB , , one CD of IN his PRP$ first JJ actions NNS as IN leader NN was VBD to TO visit VB a DT gritty JJ machine NN factory NN on IN the DT outskirts NNS of IN Berlin NNP and CC wander VB among IN the DT workers NNS -- : a FW la FW Gorbachev NNP . . He PRP was VBD later RB shown VBN on IN television NN , , fielding VBG questions NNS . . At IN one CD point NN , , he PRP asked VBD a DT worker NN whether IN he PRP thought VBD East NNS Germans NNS were VBD fleeing VBG the DT country NN because IN of IN restrictive JJ travel NN policies NNS . . The DT worker NN 's POS tart JJ reply NN : : `` `` It PRP 's VBZ more JJR than IN just JJ travel NN . . People NNS have VBP a DT sense NN the DT government NN is VBZ ignoring VBG the DT real JJ problems NNS in IN our PRP$ society NN . . '' '' The DT exchange NN was VBD all DT the DT more RBR remarkable JJ in IN that IN authorities NNS released VBD television NN footage NN to TO Western JJ news NN agencies NNS . . This DT same JJ tendency NN toward IN openness NN impressed VBD a DT group NN of IN visiting VBG U.S. NNP congressmen NNS this DT spring NN . . Rather RB than IN trying VBG to TO `` `` lecture VB us PRP , , '' '' says VBZ one CD congressional JJ aide NN who WP attended VBD the DT two-hour JJ meeting NN , , Mr. NNP Krenz NNP `` `` wanted VBD to TO listen VB . . '' '' Rep. NNP Ronnie NNP Flippo NNP ( ( D. NNP , , Ala. NNP ) ) , , one CD of IN the DT members NNS of IN the DT delegation NN , , says VBZ he PRP was VBD particularly RB impressed VBN by IN Mr. NNP Krenz NNP 's POS ready JJ admission NN that IN East NNP Germany NNP needed VBD to TO change VB . . `` `` He PRP 's VBZ a DT very RB tough JJ man NN , , but CC one CD who WP 's VBZ also RB open JJ to TO arguments NNS , , '' '' adds VBZ an DT aide NN to TO West JJ German JJ Chancellor NNP Helmut NNP Kohl NNP . . But CC there EX 's VBZ another DT side NN to TO Mr. NNP Krenz NNP . . Born VBN in IN a DT Baltic JJ town NN in IN an DT area NN which WDT is VBZ now RB part NN of IN Poland NNP , , he PRP has VBZ dedicated VBN his PRP$ life NN to TO the DT party NN apparatus NN . . He PRP moved VBD quickly RB through IN the DT ranks NNS with IN the DT help NN of IN his PRP$ patron NN , , Mr. NNP Honecker NNP , , and CC emerged VBD as IN the DT heir NN apparent JJ . . Barbara NNP Donovan NNP , , an DT expert NN on IN East NNP Germany NNP at IN Radio NNP Free NNP Europe NNP in IN Munich NNP , , says VBZ Mr. NNP Krenz NNP may MD project VB a DT smooth JJ image NN , , but CC she PRP doubts VBZ he PRP 's VBZ a DT true JJ reformer JJ . . Even RB if IN he PRP is VBZ , , she PRP adds VBZ , , he PRP appears VBZ to TO have VB only RB limited JJ room NN for IN maneuver NN within IN the DT Communist NNP Party NNP 's POS ruling NN Politburo NNP . . Against IN this DT background NN , , the DT new JJ East NNP German NNP leader NN must MD move VB quickly RB to TO shore VB up RP his PRP$ government NN 's POS standing NN . . The DT sudden JJ growth NN of IN the DT opposition NN movement NN , , together RB with IN the DT steady JJ outflow NN of IN citizens NNS escaping VBG through IN Poland NNP and CC Hungary NNP , , has VBZ plunged VBN the DT country NN into IN its PRP$ deepest JJS political JJ crisis NN since IN an DT anti-Soviet JJ workers NNS ' POS uprising NN in IN 1953 CD . . `` `` He PRP does VBZ n't RB have VB any DT honeymoon NN period NN , , '' '' says VBZ a DT Western JJ diplomat NN based VBN in IN East NNP Berlin NNP . . `` `` But CC if IN he PRP 's VBZ sharp JJ and CC quick JJ , , he PRP has VBZ a DT chance NN . . '' '' The DT diplomat NN adds VBZ that IN Mr. NNP Krenz NNP has VBZ several JJ things NNS going VBG for IN him PRP . . The DT East NNP German NNP economy NN is VBZ strong RB compared VBN with IN other JJ East JJ bloc NN nations NNS . . And CC his PRP$ relative JJ youth NN could MD help VB him PRP project VB a DT more RBR vibrant JJ image NN , , contrasting VBG with IN the DT perception NN of IN Mr. NNP Honecker NNP as IN an DT out-of-touch JJ old JJ man NN . . For IN average JJ East NNS Germans NNS , , Mr. NNP Krenz NNP remains VBZ a DT puzzle NN . . `` `` Either CC he PRP was VBD n't RB being VBG real JJ in IN the DT past NN , , or CC he PRP is VBZ n't RB being VBG real RB right RB now RB , , '' '' says VBZ a DT 30-year-old JJ East JJ German JJ doctor NN . . `` `` Either NNP way NN , , I PRP have VBP a DT problem NN with IN how WRB quickly RB he PRP 's VBZ changed VBN . . '' '' The DT doctor NN was VBD among IN dozens NNS of IN people NNS milling VBG through IN East JJ Berlin JJ 's POS Gethsemane NNP Church NNP Saturday NNP morning NN . . The DT walls NNS of IN the DT church NN are VBP covered VBN with IN leaflets NNS , , news NN clippings NNS , , and CC handwritten JJ notes NNS associated VBN with IN the DT country NN 's POS political JJ opposition NN . . `` `` I PRP have VBP to TO come VB here RB to TO read VB the DT walls NNS , , '' '' says VBZ the DT doctor NN , , `` `` because IN it PRP 's VBZ information NN I PRP still RB ca MD n't RB get VB through IN the DT newspapers NNS . . '' '' Meanwhile RB , , East NNP Germany NNP 's POS growing VBG openness NN may MD even RB allow VB the DT state-controlled JJ news NN media NNS to TO display VB a DT muted JJ sense NN of IN humor NN . . Television NN last JJ week NN carried VBD a DT new JJ report NN on IN East NNP Berlin NNP 's POS main JJ wallpaper NN factory NN and CC the DT need NN to TO boost VB production NN . . East NNS Germans NNS remember VBP a DT comment NN a DT few JJ years NNS ago RB by IN Kurt NNP Hager NNP , , the DT government NN 's POS top NN ideologist NN , , that IN just RB because IN a DT neighbor NN hangs VBZ new JJ wallpaper NN , , there EX 's VBZ no DT reason NN to TO change VB your PRP$ own JJ . . His PRP$ point NN was VBD there EX is VBZ no DT reason NN for IN East NNP Germany NNP to TO copy VB Soviet-style JJ changes NNS . . `` `` It PRP 's VBZ hard JJ to TO know VB whether IN it PRP was VBD intended VBN to TO be VB funny JJ , , '' '' says VBZ the DT East NNP Berlin NNP shopkeeper NN , , `` `` But CC everyone NN I PRP know VBP laughed VBD about IN it PRP . . The DT list NN of IN laboratories NNS claiming VBG to TO be VB producing VBG inexplicable JJ amounts NNS of IN heat NN from IN `` `` cold JJ fusion NN '' '' experiments NNS is VBZ slowly RB growing VBG . . But CC the DT experiments NNS continue VBP to TO be VB plagued VBN by IN lack NN of IN firm JJ evidence NN that IN the DT extra JJ heat NN is VBZ coming VBG from IN the DT fusing NN of IN hydrogen NN atoms NNS . . New JJ experiments NNS at IN some DT of IN the DT big JJ national JJ laboratories NNS are VBP still RB unable JJ to TO find VB hints NNS of IN nuclear JJ fusion NN reactions NNS , , leaving VBG only RB the DT finding NN of IN tritium NN in IN a DT Texas NNP experiment NN to TO support VB University NNP of IN Utah NNP chemists NNS ' POS claim NN of IN achieving VBG hydrogen NN fusion NN at IN room NN temperatures NNS . . The DT latest JJS developments NNS in IN cold JJ fusion NN research NN were VBD presented VBN in IN 24 CD reports NNS delivered VBN at IN the DT fall NN meeting NN here RB of IN the DT Electrochemical NNP Society NNP , , the DT first RB scientific JJ meeting NN in IN five CD months NNS to TO hear VB formal JJ reports NNS on IN cold JJ fusion NN experiments NNS . . The DT meeting NN offered VBD stark JJ evidence NN of IN a DT dramatic JJ fall NN in IN scientific JJ interest NN in IN cold JJ fusion NN research NN . . Of IN the DT 1,300 CD chemists NNS registered VBN for IN the DT society NN 's POS weeklong NN meeting NN , , fewer RBR than IN 200 CD sat VBD through IN the DT day NN and CC a DT half NN of IN cold JJ fusion NN presentations NNS at IN week NN 's POS end NN . . This DT was VBD in IN contrast NN with IN the DT society NN 's POS meeting NN last JJ May NNP , , at IN the DT height NN of IN the DT controversy NN , , when WRB more JJR than IN 1,500 CD scientists NNS , , along IN with IN scores NNS of IN reporters NNS and CC TV NN crews NNS , , crowded VBD into IN a DT Los NNP Angeles NNP hotel NN ballroom NN for IN a DT tumultuous JJ special JJ night NN session NN on IN the DT subject NN . . Neither IN of IN the DT two CD chemists NNS whose WP$ Utah NNP experiments NNS triggered VBD the DT cold JJ fusion NN uproar NN , , Martin NNP Fleischmann NNP and CC B. NNP Stanley NNP Pons NNP , , were VBD at IN the DT meeting NN . . But CC some DT members NNS of IN an DT ad FW hoc FW expert NN committee NN set VBD up RP by IN the DT Department NNP of IN Energy NNP to TO evaluate VB the DT cold JJ fusion NN research NN were VBD in IN the DT audience NN . . The DT committee NN is VBZ to TO recommend VB at IN the DT end NN of IN the DT month NN whether IN DOE NNP should MD support VB cold JJ fusion NN research NN . . Most JJS of IN the DT two CD dozen NN scientists NNS taking VBG the DT podium NN reported VBD results NNS with IN new JJ , , more RBR sophisticated JJ variations NNS of IN the DT seemingly RB simple JJ electrolysis-of-water JJ experiments NNS described VBN last JJ March NNP by IN Messrs. NNP Fleischmann NNP and CC Pons NNP . . The DT experiments NNS involve VBP encircling VBG a DT thin JJ rod NN of IN palladium NN metal NN with IN a DT wire NN of IN platinum NN and CC plunging VBG the DT two CD electrodes NNS into IN `` `` heavy JJ '' '' water NN in IN which WDT the DT hydrogen NN atoms NNS are VBP a DT doubly RB heavy JJ form NN known VBN as IN deuterium NN . . When WRB an DT electric JJ current NN is VBZ applied VBN to TO the DT palladium NN and CC platinum NN electrodes NNS , , the DT heavy JJ water NN did VBD begin VB to TO break VB up RP , , or CC dissociate VB . . Ordinarily RB the DT electrolysis NN , , or CC breakup NN , , of IN the DT water NN would MD consume VB almost RB all DT of IN the DT electrical JJ energy NN . . But CC Messrs. NNS Fleischmann NNP and CC Pons NNP said VBD their PRP$ experiments NNS also RB produced VBD large JJ amounts NNS of IN heat NN . . The DT heat NN energy NN plus IN the DT energy NN consumed VBN by IN the DT breakup NN of IN the DT water NN molecules NNS added VBD to TO far RB more JJR energy NN coming VBG out IN of IN the DT apparatus NN than IN electrical JJ energy NN going VBG in IN , , they PRP reported VBD . . Because IN they PRP also RB detected VBD tritium NN and CC indications NNS of IN nuclear JJ radiation NN , , they PRP asserted VBD that IN the DT `` `` excess JJ '' '' heat NN energy NN must MD be VB coming VBG from IN energy NN released VBN by IN the DT nuclear JJ fusion NN of IN deuterium NN atoms NNS inside IN the DT palladium NN rod NN . . As IN of IN last JJ weekend NN , , a DT dozen NN labs NNS also RB have VBP reported VBN measuring VBG `` `` excess JJ '' '' heat NN from IN similar JJ electrolytic JJ experiments NNS , , although IN amounts NNS of IN such JJ heat NN vary VBP widely RB . . One CD of IN the DT seven CD reports NNS presented VBN here RB of IN excess JJ heat NN production NN was VBD given VBN by IN Richard NNP A. NNP Oriani NNP , , professor NN of IN chemical NN engineering NN at IN the DT University NNP of IN Minnesota NNP . . Mr. NNP Oriani NNP said VBD his PRP$ skepticism NN of IN the DT Utah NNP claims NNS was VBD initially RB confirmed VBN when WRB his PRP$ first JJ experiments NNS last JJ spring NN failed VBD to TO produce VB results NNS . . But CC he PRP then RB borrowed VBD a DT palladium NN rod NN from IN chemists NNS at IN Texas NNP A&M NNP who WP said VBD they PRP were VBD getting VBG excess JJ heat NN . . `` `` The DT results NNS were VBD fascinating JJ , , '' '' he PRP said VBD . . On IN the DT fourth JJ `` `` run NN '' '' with IN the DT borrowed VBN rod NN , , the DT experiment NN began VBD producing VBG excess JJ heat NN . . The DT experiment NN was VBD stopped VBN briefly NN to TO change VB an DT instrument NN . . When WRB it PRP was VBD restarted VBN , , heat NN output NN `` `` really RB took VBD off RP '' '' and CC produced VBD excess JJ heat NN for IN several JJ hours NNS before IN dying VBG down RP , , he PRP said VBD . . Typical JJ of IN other JJ experiments NNS , , Mr. NNP Oriani NNP said VBD his PRP$ experiment NN was VBD `` `` very RB erratic JJ . . '' '' It PRP would MD go VB along RP doing VBG nothing NN but CC dissociating VBG the DT heavy NN water NN and CC then RB at IN totally RB unpredictable JJ times NNS , , it PRP would MD begin VB producing VBG excess JJ heat NN for IN as RB long JJ as IN 10 CD or CC 11 CD hours NNS before RB quieting VBG down RP . . The DT excess JJ heat NN was VBD 15 CD % NN to TO 20 CD % NN more JJR than IN the DT energy NN involved VBN in IN the DT electrolysis NN of IN water NN . . Mr. NNP Oriani NNP said VBD the DT heat NN bursts NNS were VBD too RB large JJ and CC too RB long JJ to TO be VB explained VBN by IN the DT sudden JJ release NN of IN energy NN that WDT might MD have VB slowly RB accumulated VBN during IN the DT experiments NNS ' POS quiescent JJ times NNS , , as IN some DT scientists NNS have VBP suggested VBN . . `` `` There EX is VBZ a DT reality NN to TO the DT excess JJ energy NN , , '' '' he PRP said VBD . . Other JJ scientists NNS said VBD they PRP also RB were VBD getting VBG sporadic JJ bursts NNS of IN excess JJ heat NN lasting VBG several JJ hours NNS at IN a DT time NN . . The DT bursts NNS often RB occur VBP , , they PRP said VBD , , after RB they PRP `` `` perturbed VBD '' '' the DT experiments NNS by IN raising VBG or CC lowering VBG the DT amount NN of IN electric JJ current JJ being VBG applied VBN , , or CC switching VBG the DT current NN off RP and CC on RP . . One CD chemist NN privately RB suggested VBD this DT hinted VBD that IN some DT `` `` anomalous JJ '' '' chemical JJ reactions NNS might MD be VB producing VBG the DT heat NN . . One CD reason NN questions NNS surround VBP the DT heat NN experiments NNS is VBZ that IN they PRP involve VBP unusually RB meticulous JJ measurements NNS . . Typically RB , , the DT input NN energy NN ranges VBZ from IN a DT third JJ of IN a DT watt NN to TO one CD watt NN and CC the DT excess JJ energy NN is VBZ measured VBN in IN tenths NNS of IN a DT watt NN . . One CD exception NN is VBZ a DT continuing VBG experiment NN at IN Stanford NNP University NNP where WRB as RB much JJ as IN 10 CD watts NNS of IN energy NN are VBP being VBG put VBD into IN the DT electrolytic JJ cells NNS . . A DT cell NN filled VBN with IN heavy JJ water NN is VBZ producing VBG 1.0 CD to TO 1.5 CD watts NNS more JJR heat NN than IN an DT identical JJ electrolytic JJ cell NN filled VBN with IN ordinary JJ water NN next JJ to TO it PRP , , reported VBD Turgut NNP M. NNP Gur NNP , , an DT associate NN of IN materials NNS scientist NN Robert NNP A. NNP Huggins NNP , , head NN of IN the DT Stanford NNP experimental JJ team NN . . One CD of IN the DT few JJ hints NNS the DT excess JJ heat NN might MD be VB produced VBN by IN fusion NN came VBD from IN brief JJ remarks NNS by IN chemist NN John NNP Bockris NNP of IN Texas NNP A&M NNP University NNP . . Mr. NNP Bockris NNP previously RB reported VBD getting VBG bursts NNS of IN excess JJ heat NN and CC of IN detecting VBG increasing VBG amounts NNS of IN tritium NN forming VBG in IN the DT heavy JJ water NN . . He PRP said VBD that IN within IN the DT past JJ few JJ days NNS , , he PRP 's VBZ gotten VBN evidence NN that IN there EX is VBZ a DT `` `` weak JJ correlation NN '' '' between IN the DT time NN the DT heat NN bursts NNS occur VBP and CC the DT production NN of IN tritium NN . . There EX is VBZ n't RB any DT way NN to TO continuously RB measure VB the DT amount NN of IN tritium NN in IN the DT heavy JJ water NN , , so IN it PRP 's VBZ been VBN difficult JJ to TO tell VB whether CC the DT tritium NN formation NN is VBZ related VBN to TO the DT heat NN bursts NNS or CC some DT other JJ phenomenon NN . . Increasingly RB careful JJ attempts NNS to TO measure VB neutrons NNS , , which WDT would MD be VB strong JJ evidence NN of IN fusion NN reactions NNS , , continue VBP to TO be VB negative JJ . . Messrs. NNS Fleischmann NNP and CC Pons NNP initially RB reported VBD indirect JJ evidence NN of IN neutrons NNS being VBG produced VBN in IN their PRP$ experiment NN but CC later RB conceded VBD the DT measurements NNS were VBD questionable JJ . . Researchers NNS at IN Sandia NNP National NNP Laboratories NNP in IN Albuquerque NNP , , N.M. NNP , , reported VBD they PRP went VBD so RB far RB as IN to TO take VB a DT `` `` cold JJ fusion NN '' '' experiment NN and CC three CD neutron NN detectors NNS into IN a DT tunnel NN under IN 300 CD feet NNS of IN granite NN to TO shield VB the DT detectors NNS from IN cosmic JJ rays NNS . . A DT number NN of IN times NNS they PRP detected VBD neutrons NNS in IN one CD , , sometimes RB two CD , , of IN the DT three CD detectors NNS , , but CC only RB once RB during IN 411 CD hours NNS of IN the DT experiment NN did VBD they PRP detect VB a DT neutron NN burst NN in IN all DT three CD detectors NNS -- : and CC they PRP think VBP that DT was VBD a DT spurious JJ event NN . . Shimson NNP Gottesfeld NNP of IN Los NNP Alamos NNP National NNP Laboratory NNP said VBD researchers NNS there RB detected VBD a DT burst NN of IN neutrons NNS from IN an DT early JJ cold JJ fusion NN experiment NN last JJ April NNP but CC decided VBD not RB to TO announce VB it PRP until IN they PRP could MD confirm VB it PRP . . In IN subsequent JJ experiments NNS , , one CD of IN two CD neutron NN detectors NNS occasionally RB indicated VBD a DT burst NN of IN neutrons NNS but CC neutron NN bursts NNS were VBD never RB recorded VBN in IN both DT detectors NNS at IN the DT same JJ time NN . . They PRP concluded VBD the DT indications NNS of IN neutrons NNS stemmed VBD from IN faults NNS in IN the DT detectors NNS rather RB than IN from IN the DT cold JJ fusion NN experiment NN . . At IN the DT Lawrence NNP Berkeley NNP Laboratory NNP in IN California NNP , , new JJ experiments NNS indicated VBD that IN the DT lithium NN added VBN to TO the DT heavy JJ water NN so IN it PRP will MD conduct VB a DT current NN can MD produce VB previously RB unsuspected JJ electrical JJ effects NNS on IN the DT surface NN of IN the DT palladium NN rod NN -- : which WDT Messrs. NNS Fleischmann NNP and CC Pons NNP might MD have VB misinterpreted VBN , , reported VBD Philip NNP Ross NNP from IN the DT California NNP laboratory NN . . Dow NNP Jones NNP & CC Co. NNP announced VBD Wall NNP Street NNP Journal NNP advertising NN rates NNS for IN 1990 CD . . The DT rates NNS , , which WDT take VBP effect NN Jan. NNP 2 CD , , include VBP a DT 4 CD % NN increase NN for IN national JJ edition NN advertising NN . . The DT Journal NNP also RB will MD offer VB expanded VBN volume NN and CC frequency NN discounts NNS . . The DT increase NN for IN national JJ edition NN advertising NN is VBZ less JJR than IN the DT inflation NN rate NN and CC compares VBZ with IN a DT 6.5 CD % NN increase NN in IN 1989 CD . . `` `` Newsprint NN and CC postage NN prices NNS this DT year NN have VBP not RB gone VBN up RB , , '' '' said VBD Peter NNP R. NNP Kann NNP , , president NN of IN Dow NNP Jones NNP . . `` `` We PRP have VBP invested VBN in IN improved VBN editorial JJ quality NN and CC expanded VBN our PRP$ quality NN audience NN without IN substantially RB increasing VBG our PRP$ costs NNS . . Fundamental JJ fairness NN and CC a DT sense NN of IN responsibility NN lead VBP us PRP to TO share VB operating NN efficiencies NNS with IN our PRP$ customers NNS . . '' '' Advertising NN rates NNS for IN the DT Eastern JJ , , Midwest JJ , , Western JJ and CC Southwest JJ editions NNS will MD increase VB an DT average NN 5.5 CD % NN , , and CC rates NNS for IN localized VBN advertising NN editions NNS will MD increase VB 7.5 CD % NN . . Rates NNP for IN the DT Wall NNP Street NNP Journal NNP Reports NNP will MD remain VB unchanged JJ . . A DT one-time JJ noncontract JJ full-page JJ advertisement NN in IN The DT Wall NNP Street NNP Journal NNP national JJ edition NN will MD cost VB $ $ 99,385 CD . . Advertising NN rates NNS for IN The DT Wall NNP Street NNP Journal\/Europe NNP , , published VBN in IN Brussels NNP and CC printed VBN in IN the DT Netherlands NNP and CC Switzerland NNP , , will MD increase VB 9 CD % NN . . Rates NNP for IN The DT Asian NNP Wall NNP Street NNP Journal NNP , , published VBN and CC printed VBN in IN Hong NNP Kong NNP and CC also RB printed VBN in IN Singapore NNP and CC Tokyo NNP , , will MD rise VB 8 CD % NN . . Rates NNP for IN The DT Asian NNP Wall NNP Street NNP Journal NNP Weekly NNP , , published VBN in IN New NNP York NNP for IN North JJ American JJ readers NNS , , will MD rise VB 6 CD % NN . . Dow NNP Jones NNP also RB publishes VBZ Barron NNP 's POS magazine NN , , other JJ periodicals NNS and CC community NN newspapers NNS and CC operates VBZ electronic JJ business NN information NN services NNS . . It PRP owns VBZ 67 CD % NN of IN Telerate NNP Inc. NNP , , a DT leading JJ supplier NN of IN computerized JJ financial JJ information NN on IN global JJ markets NNS . . Reflecting VBG the DT impact NN of IN lower JJR semiconductor NN prices NNS and CC cuts NNS in IN defense NN spending NN , , Texas NNP Instruments NNP Inc. NNP said VBD third-quarter JJ net JJ income NN fell VBD 31 CD % NN and CC sales NNS dropped VBD slightly RB from IN a DT year NN earlier RBR . . Net JJ fell VBD to TO $ $ 65 CD million CD , , or CC 67 CD cents NNS a DT common JJ share NN , , from IN $ $ 93.7 CD million CD or CC $ $ 1.03 CD a DT share NN , , a DT year NN ago RB . . Sales NNS fell VBD 2.5 CD % NN to TO $ $ 1.54 CD billion CD from IN $ $ 1.58 CD billion CD . . For IN the DT nine CD months NNS , , the DT electronics NNS and CC defense NN concern NN had VBD net JJ of IN $ $ 255.8 CD million CD , , or CC $ $ 2.70 CD a DT share NN , , down RB 5.6 CD % NN from IN $ $ 271 CD million CD , , or CC $ $ 3.01 CD a DT share NN , , in IN the DT year-ago JJ period NN . . Sales NNS were VBD $ $ 4.66 CD billion CD , , up RB 1.3 CD % NN from IN $ $ 4.6 CD billion CD . . Jerry NNP Junkins NNP , , chairman NN , , president NN and CC chief JJ executive JJ officer NN , , said VBD sluggish JJ consumer-electronics JJ sales NNS reduced VBD demand NN for IN semiconductors NNS . . That IN , , coupled VBN with IN lower JJR semiconductor NN prices NNS and CC higher JJR semiconductor-depreciation JJ expense NN , , contributed VBD to TO the DT decline NN in IN sales NNS and CC profit NN . . In IN addition NN , , cost NN increases NNS related VBN to TO fixed-price JJ defense NN contracts NNS and CC a DT $ $ 10 CD million CD charge NN to TO reduce VB the DT work NN force NN of IN Texas NNP Instruments NNP ' POS defense-electronics JJ division NN also RB reduced VBD net JJ . . However RB , , the DT quarter NN results NNS included VBD $ $ 28 CD million CD in IN royalty NN income NN from IN patent NN licenses NNS , , up RB from IN $ $ 21 CD million CD in IN the DT year-earlier JJ period NN . . The DT nine CD months NNS include VBP $ $ 125 CD million CD of IN royalty NN income NN , , up RB from IN $ $ 98 CD million CD last JJ year NN . . Mr. NNP Junkins NNP was VBD n't RB optimistic JJ about IN the DT short-term JJ outlook NN , , hinting VBG that IN further JJ workforce NN reductions NNS may MD be VB needed VBN . . `` `` We PRP expect VBP near-term JJ sluggishness NN in IN the DT electronics NNS market NN , , '' '' he PRP said VBD , , `` `` and CC we PRP will MD take VB ongoing JJ cost-reduction JJ actions NNS as RB necessary JJ to TO keep VB operations NNS aligned VBN with IN demand NN . . '' '' Further RB , , he PRP said VBD , , an DT internal JJ reorganization NN to TO combine VB several JJ divisions NNS into IN the DT Information NNP Technology NNP Group NNP is VBZ expected VBN to TO affect VB fourth-quarter JJ results NNS by IN an DT undisclosed JJ amount NN . . Lynch NNP Corp. NNP said VBD its PRP$ Lynch NNP Telephone NNP Corp. NNP subsidiary NN completed VBD the DT acquisition NN of IN Western NNP New NNP Mexico NNP Telephone NNP Co. NNP for IN $ $ 20 CD million CD plus IN assumption NN of IN $ $ 24 CD million CD of IN debt NN . . Western NNP New NNP Mexico NNP Telephone NNP , , Silver NNP City NNP , , had VBD net JJ income NN of IN $ $ 1.9 CD million CD on IN revenue NN of IN about RB $ $ 10 CD million CD last JJ year NN . . It PRP is VBZ an DT independent JJ phone NN company NN with IN a DT service NN area NN of IN 15,000 CD square JJ miles NNS in IN southwest JJ New NNP Mexico NNP . . It PRP is VBZ also RB a DT partner NN in IN the DT wireline JJ cellular JJ franchise NN covering VBG most JJS of IN western JJ New NNP Mexico NNP . . The DT transaction NN represents VBZ Lynch NNP 's POS entry NN into IN the DT telephone NN business NN . . The DT company NN , , which WDT has VBZ interests NNS in IN television NN , , trucking NN services NNS , , and CC glass-making NN and CC food-processing NN equipment NN , , said VBD it PRP plans VBZ to TO make VB other JJ acquisitions NNS in IN the DT telephone NN industry NN . . Nelson NNP Bunker NNP Hunt NNP 's POS attempted VBN corner NN on IN silver NN a DT decade NN ago RB is VBZ still RB haunting VBG the DT market NN in IN this DT metal NN . . Silver NN , , now RB trading VBG around RB $ $ 5 CD an DT ounce NN , , surged VBD to TO an DT all-time JJ peak NN of IN $ $ 50 CD an DT ounce NN in IN January NNP 1980 CD from IN around RB $ $ 9 CD in IN mid-1979 NN . . `` `` Mr. NNP Hunt NNP 's POS attempt NN to TO squeeze VB the DT silver NN market NN 10 CD years NNS ago RB is VBZ still RB indirectly RB to TO blame VB for IN today NN 's POS market NN depression NN , , '' '' says VBZ Lesley NNP Edgar NNP , , managing VBG director NN of IN Sharps NNP Pixley NNP Ltd. NNP , , London NNP bullion NN brokers NNS . . While IN some DT 100 CD million CD ounces NNS of IN silver NN once RB held VBN by IN Mr. NNP Hunt NNP and CC Middle NNP Eastern NNP associates NNS are VBP n't RB hanging VBG over IN the DT market NN anymore RB , , the DT price NN surge NN of IN 1979-80 CD precipitated VBD an DT expansion NN of IN mine JJ production NN and CC scrap NN recovery NN and CC encouraged VBD silver JJ consumers NNS to TO economize VB on IN silver JJ use NN , , Mr. NNP Edgar NNP says VBZ . . Photographic JJ developers NNS , , for IN example NN , , bought VBD equipment NN to TO recover VB silver NN from IN spent JJ photographs NNS , , negatives NNS and CC processing NN solutions NNS . . Meanwhile RB , , the DT photographic JJ industry NN , , which WDT accounts VBZ for IN 44 CD % NN of IN silver NN consumption NN , , continues VBZ to TO look VB for IN substitutes NNS . . Japanese JJ and CC U.S. NNP photographic JJ firms NNS are VBP beginning VBG to TO produce VB electronic JJ cameras NNS and CC X-rays NNS that WDT do VBP n't RB require VB silver NN , , dealers NNS say VBP . . Silver NN 's POS history NN of IN volatility NN is VBZ also RB discouraging VBG investors NNS , , dealers NNS say VBP . . Even RB in IN the DT present JJ uncertain JJ investment NN climate NN , , investors NNS are VBP preferring VBG `` `` quality NN assets NNS '' '' such JJ as IN Treasury NNP bills NNS and CC bonds NNS to TO gold NN , , silver NN and CC platinum NN , , dealers NNS say VBP . . Although IN prices NNS rallied VBD briefly RB following VBG the DT tumble NN on IN world NN stock NN markets NNS earlier RBR this DT month NN and CC the DT related VBN decline NN of IN the DT dollar NN , , precious JJ metals NNS are VBP out RB of IN favor NN for IN the DT moment NN because IN of IN high JJ interest NN rates NNS and CC a DT determination NN by IN industrial JJ nations NNS to TO curb VB inflation NN , , dealers NNS say VBP . . Silver NN , , however RB is VBZ in IN a DT deeper JJR slump NN than IN are VBP gold NN and CC platinum NN . . Some DT analysts NNS contend VBP that DT silver NN is VBZ cheap JJ now RB that IN prices NNS are VBP languishing VBG at IN levels NNS last RB seen VBN in IN the DT mid-1970s NNS . . `` `` Bargain NN hunters NNS believe VBP that DT silver NN offers VBZ the DT best JJS value NN amongst IN precious JJ metals NNS , , '' '' says VBZ Frederick NNP R. NNP Demler NNP , , analyst NN at IN Drexel NNP Burnham NNP Lambert NNP Inc NNP . . A DT further JJ decline NN in IN prices NNS will MD lead VB to TO mine JJ production NN cuts NNS in IN the DT U.S. NNP , , he PRP says VBZ . . Scrap NN merchants NNS are VBP converting VBG smaller JJR quantities NNS of IN metal NN into IN silver NN , , while IN low JJ prices NNS are VBP discouraging VBG exports NNS from IN India NNP and CC the DT Soviet NNP Union NNP . . Silver NN prices NNS could MD also RB be VB boosted VBN by IN strikes NNS in IN leading JJ producing VBG nations NNS Peru NNP and CC Mexico NNP , , Mr. NNP Demler NNP says VBZ . . Meanwhile RB , , total JJ fabrication NN demand NN for IN silver NN has VBZ risen VBN six CD years NNS in IN a DT row NN , , he PRP says VBZ . . Japanese JJ demand NN grew VBD by IN 70 CD % NN in IN the DT first JJ half NN of IN this DT year NN and CC the DT nation NN plans VBZ an DT issue NN of IN a DT silver JJ commemorative JJ coin NN that WDT will MD require VB 4.5 CD million CD ounces NNS . . Compared VBN with IN huge JJ annual JJ surpluses NNS of IN more RBR than IN 100 CD million CD ounces NNS in IN the DT first JJ half NN of IN the DT 1980s NNS , , world NN silver NN supplies NNS and CC consumption NN are VBP now RB nearly RB in IN balance NN , , Mr. NNP Demler NNP says VBZ . . Despite IN intermittent JJ rallies NNS in IN the DT past JJ few JJ years NNS , , improvements NNS in IN the DT supply-demand JJ balance NN have VBP n't RB managed VBN to TO push VB silver JJ prices NNS into IN a DT higher JJR range NN . . `` `` There EX 's VBZ just RB too RB much JJ silver NN around RP , , '' '' says VBZ Tom NNP Butler NNP , , an DT analyst NN at IN Samuel NNP Montagu NNP & CC Co. NNP , , a DT London NNP bullion NN house NN . . A DT huge JJ silver NN stockpile NN at IN exchanges NNS , , refiners NNS , , consuming NN industries NNS and CC government NN warehouses NNS of IN at IN least JJS 617 CD million CD ounces NNS is VBZ the DT market NN depressant NN , , says VBZ Shearson NNP Lehman NNP Hutton NNP Inc. NNP in IN a DT report NN . . This DT year NN alone RB , , inventories NNS at IN the DT Commodity NNP Exchange NNP of IN New NNP York NNP jumped VBD `` `` by IN a DT staggering JJ 46 CD million CD to TO 221 CD million CD ounces NNS '' '' because IN of IN producer NN deliveries NNS , , de-stocking NN by IN fabricators NNS and CC sales NNS by IN disenchanted JJ investors NNS , , says VBZ Rhona NNP O'Connell NNP , , London-based JJ precious JJ metals NNS analyst NN at IN Shearson NNP Lehman NNP Hutton NNP . . `` `` Silver JJ production NN is VBZ also RB in IN an DT inexorable JJ upward JJ trend NN , , '' '' Ms. NNP O'Connell NNP says VBZ . . Moreover RB , , while IN Asian NNP and CC Middle NNP Eastern NNP investors NNS hoard VBP gold NN and CC help VBP underpin VB its PRP$ price NN , , silver NN does VBZ n't RB have VB the DT same JJ mystique NN , , dealers NNS say VBP . . Investors NNS have VBP gotten VBN burned VBN on IN silver NN so RB often RB that IN they PRP are VBP far RB more JJR partial JJ to TO gold NN , , says VBZ Urs NNP Seiler NNP , , senior JJ vice NN president NN at IN Union NNP Bank NNP of IN Switzerland NNP . . Yet RB if IN gold JJ prices NNS improve VBP , , silver JJ prices NNS could MD rally VB sharply RB , , he PRP says VBZ . . However RB , , dealers NNS caution VBP that IN any DT increase NN would MD be VB $ $ 1 CD to TO $ $ 2 CD at IN most JJS . . Looking VBG ahead RB to TO other JJ commodity NN markets NNS this DT week NN : : Livestock NN and CC Meats NNS Analysts NNS expect VBP the DT prices NNS of IN live JJ cattle NNS futures NNS contracts NNS to TO rise VB in IN trading NN today NN in IN the DT wake NN of IN a DT government NN quarterly JJ census NN that WDT found VBD fewer-than-expected JJ cattle NNS on IN feedlots NNS . . After IN the DT close NN of IN trading NN Friday NNP , , the DT Agriculture NNP Department NNP reported VBD that IN feedlots NNS in IN the DT 13 CD biggest JJS ranch NN states NNS held VBD 8.06 CD million CD cattle NNS on IN Oct. NNP 1 CD , , down RB 6 CD % NN from IN that DT date NN a DT year NN earlier RBR . . Most JJS analysts NNS had VBD expected VBN the DT government NN to TO report VB a DT 4 CD % NN decline NN . . Feedlots NNS fatten VBP young JJ cattle NNS for IN slaughter NN , , so IN a DT decline NN signals VBZ a DT tightening VBG supply NN of IN beef NN . . The DT government NN reported VBD that IN the DT number NN of IN young JJ cattle NNS placed VBN on IN feedlots NNS during IN the DT quarter NN dropped VBD 5 CD % NN compared VBN with IN the DT year-earlier JJ quarter NN . . Many JJ industry NN analysts NNS had VBD been VBN projecting VBG a DT 3 CD % NN decline NN in IN placements NNS for IN the DT quarter NN . . In IN the DT 1988 CD quarter NN , , many JJ farmers NNS were VBD forced VBN to TO sell VB their PRP$ cattle NNS to TO feedlot NN operators NNS because IN the DT drought NN dried VBD out RP the DT pasture NN on IN their PRP$ ranches NNS . . The DT number NN of IN cattle NNS moving VBG onto IN feedlots NNS in IN the DT recent JJ quarter NN was VBD also RB lower JJR because IN fattening NN cattle NNS is VBZ less RBR profitable JJ . . A DT shortage NN of IN young JJ cattle NNS has VBZ made VBN them PRP more RBR expensive JJ for IN feedlot NN operators NNS to TO buy VB . . The DT Agriculture NNP Department NNP also RB said VBD that IN the DT number NN of IN fattened VBN cattle NNS slaughtered VBN in IN the DT quarter NN dropped VBD by IN 5 CD % NN from IN the DT 1988 CD quarter NN , , which WDT was VBD in IN line NN with IN projections NNS by IN analysts NNS . . Energy NN Friday NNP 's POS 44-cent-a-barrel JJ price NN drop NN to TO $ $ 19.98 CD in IN the DT expiring VBG November NNP contract NN for IN West NNP Texas NNP Intermediate NNP crude NN may MD well RB set VB the DT tone NN for IN trading NN this DT week NN in IN petroleum NN futures NNS on IN the DT New NNP York NNP Mercantile NNP Exchange NNP . . Most JJS traders NNS and CC analysts NNS attributed VBD the DT decline NN to TO technical JJ factors NNS associated VBN with IN the DT contract NN 's POS going VBG off RB the DT board NN . . Others NNS said VBD that IN the DT drop NN continued VBD the DT downward JJ correction NN that WDT 's VBZ been VBN due JJ in IN the DT petroleum NN pits NNS and CC that IN such PDT a DT trend NN could MD well RB continue VB in IN the DT next JJ several JJ trading NN sessions NNS . . Barring VBG any DT petroleum-related JJ news NN events NNS , , trading NN in IN the DT days NNS ahead RB should MD further RB test VB recent JJ projections NNS by IN oil NN economists NNS and CC other JJ market NN watchers NNS that IN strong JJ fourth-quarter JJ demand NN will MD keep VB prices NNS firm JJ . . Copper NN Copper NN prices NNS fell VBD sharply RB Friday NNP afternoon NN . . For IN example NN , , copper NN for IN December NNP delivery NN settled VBD 4.5 CD cents NNS lower RBR at IN $ $ 1.2345 CD a DT pound NN . . Pressure NN came VBD from IN several JJ developments NNS including VBG the DT settlement NN of IN two CD long-term JJ strikes NNS . . On IN Friday NNP , , one CD analyst NN said VBD , , rank-and-file JJ workers NNS ratified VBD a DT new JJ labor NN agreement NN ending VBG a DT three-month JJ strike NN at IN the DT Highland NNP Valley NNP mine NN in IN British NNP Columbia NNP . . In IN Mexico NNP , , the DT analyst NN added VBD , , employees NNS at IN the DT Cananea NNP mine NN , , who WP have VBP been VBN out IN of IN work NN since IN late JJ August NNP when WRB the DT mine NN was VBD declared VBN bankrupt JJ by IN the DT government NN , , accepted VBD a DT 35 CD % NN cut NN in IN the DT 3,800-man JJ work NN force NN . . The DT mine NN is VBZ expected VBN to TO return VB to TO production NN in IN about RB a DT week NN . . On IN Friday NNP , , selling NN dominated VBD the DT afternoon NN `` `` curb NN '' '' session NN in IN London NNP , , which WDT takes VBZ place NN at IN noon NN EDT NNP . . The DT premium NN of IN cash NN copper NN to TO the DT three-month JJ forward JJ offerings NNS narrowed VBD , , indicating VBG weaker JJR demand NN for IN cash NN copper NN . . Long-term JJ support NN for IN the DT December NNP contract NN was VBD believed VBN to TO be VB at IN $ $ 1.25 CD a DT pound NN . . A DT technical JJ analyst NN said VBD there EX were VBD a DT number NN of IN stop-loss JJ orders NNS under IN that DT level NN that WDT were VBD touched VBN off RP when WRB the DT contract NN 's POS price NN fell VBD below IN it PRP . . That IN brought VBN in RB considerable JJ fund NN selling NN , , which WDT continued VBD until IN the DT close NN of IN trading NN . . `` `` In IN general JJ , , it PRP was VBD a DT bearish JJ close NN , , '' '' said VBD Ben NNP Hanauer NNP , , a DT copper NN trader NN at IN Rudolph NNP Wolff NNP & CC Co. NNP , , a DT major JJ commodities NNS trading NN and CC brokerage NN firm NN . . But CC whether IN this DT price NN break NN has VBZ implications NNS for IN this DT week NN , , he PRP said VBD , , `` `` we PRP will MD know VB more RBR when WRB the DT London NNP Metal NNP Exchange NNP copper NN stock NN levels NNS are VBP released VBN Monday NNP morning NN . . '' '' Another DT analyst NN said VBD he PRP expected VBD LME NNP inventories NNS to TO be VB down RB by IN about RB 15,000 CD tons NNS when WRB the DT weekly JJ report NN is VBZ issued VBN . . Bernard NNP Savaiko NNP , , senior JJ commodities NNS analyst NN at IN PaineWebber NNP Inc. NNP , , said VBD that IN when WRB traders NNS saw VBD the DT market NN was VBD n't RB reacting VBG positively RB to TO the DT forecasts NNS of IN lower JJR LME NNP stocks NNS , , they PRP perceived VBD a DT bearish JJ sign NN . . He PRP also RB noted VBD that IN the DT Japanese NNS , , who WP had VBD been VBN buying VBG at IN prices NNS just RB above IN the DT $ $ 1.25 CD level NN , , apparently RB pulled VBD back RB from IN the DT market NN on IN Friday NNP . . Mr. NNP Savaiko NNP said VBD he PRP sees VBZ a DT possibility NN of IN the DT December NNP contract NN dropping VBG to TO $ $ 1.05 CD a DT pound NN . . Hewlett-Packard NNP Co. NNP will MD announce VB today NN a DT software NN program NN that WDT allows VBZ computers NNS in IN a DT network NN to TO speed VB up RP computing NN tasks NNS by IN sending VBG the DT tasks NNS to TO each DT other JJ . . Called VBD Task NNP Broker NNP , , the DT program NN acts VBZ something NN like IN an DT auctioneer NN among IN a DT group NN of IN computers NNS wired VBN together RB . . If IN a DT machine NN has VBZ a DT big JJ computing NN task NN , , Task NNP Broker NNP asks VBZ other JJ computers NNS in IN the DT network NN for IN `` `` bids NNS '' '' on IN the DT job NN . . It PRP then RB determines VBZ which WDT machine NN is VBZ free JJ to TO do VB the DT task NN most RBS quickly RB and CC sends VBZ the DT task NN to TO that DT machine NN . . Hewlett-Packard NNP claims VBZ that IN the DT software NN allows VBZ a DT network NN to TO run VB three CD times NNS as IN many JJ tasks NNS as IN conventional JJ networks NNS and CC will MD run VB each DT task NN twice RB as IN fast JJ . . The DT new JJ Hewlett-Packard NNP program NN , , said VBD analyst NN John NNP McCarthy NNP at IN Forrester NNP Research NNP Inc. NNP , , a DT computer-market JJ research NN company NN , , `` `` is VBZ a DT key JJ building NN block NN as IN people NNS move VBP to TO this DT new JJ model NN of IN distributed VBN processing NN . . '' '' In IN today NN 's POS computer NN networks NNS , , some DT machines NNS often RB sit VBP idle JJ while IN others NNS are VBP overtaxed VBN . . With IN the DT Hewlett-Packard NNP program NN , , he PRP said VBD , , `` `` You PRP get VBP more JJR bang NN for IN the DT buck NN you PRP 've VBP spent VBN on IN computers NNS . . '' '' The DT program NN , , which WDT will MD be VB shipped VBN in IN January NNP 1990 CD , , runs VBZ on IN the DT Unix NNP operating NN system NN . . Hewlett-Packard NNP will MD charge VB $ $ 5,000 CD for IN a DT license NN covering VBG 10 CD users NNS . . The DT program NN now RB works VBZ on IN all DT Hewlett-Packard NNP and CC Apollo NNP workstations NNS and CC on IN computers NNS made VBN by IN Multiflow NNP Computer NNP Inc. NNP of IN Branford NNP , , Conn NNP . . Hewlett-Packard NNP said VBD it PRP will MD sell VB versions NNS later RBR next JJ year NN that IN run VBP on IN Sun NNP Microsystems NNP Inc. NNP and CC Digital NNP Equipment NNP Corp. NNP machines NNS . . The DT Task NNP Broker NNP differs VBZ from IN other JJ programs NNS that WDT spread VBP computing VBG tasks NNS around IN a DT network NN . . A DT previously RB available JJ program NN called VBN Network NNP Computing NNP System NNP , , developed VBN by IN Hewlett-Packard NNP 's POS Apollo NNP division NN , , for IN instance NN , , takes VBZ a DT task NN and CC splits VBZ it PRP up RP into IN parts NNS , , divvying VBG up RP those DT parts NNS to TO several JJ computers NNS in IN a DT network NN for IN simultaneous JJ processing NN . . But CC programs NNS in IN individual JJ computers NNS must MD be VB revised VBN in IN order NN to TO work VB with IN that DT system NN . . Applications NNS wo MD n't RB have VB to TO be VB rewritten VBN to TO work VB with IN Task NNP Broker NNP , , Hewlett-Packard NNP said VBD , , and CC the DT user NN of IN a DT computer NN wo MD n't RB be VB able JJ to TO tell VB that IN another DT machine NN is VBZ doing VBG the DT work NN . . The DT Task NNP Broker NNP `` `` turns VBZ that DT network NN into IN -- : as RB far RB as IN the DT user NN is VBZ concerned VBN -- : one CD giant JJ computer NN , , '' '' said VBD Bill NNP Kay NNP , , general JJ manager NN of IN Hewlett-Packard NNP 's POS workstation NN group NN . . Price NN wars NNS between IN the DT fast-food NN giants NNS are VBP starting VBG to TO clobber VB the DT fast-food NN little JJ guys NNS : : the DT franchisees NNS . . `` `` When WRB elephants NNS start VB fighting VBG , , ants NNS get VB killed VBN , , '' '' says VBZ Murray NNP Riese NNP , , co-owner NN of IN National NNP Restaurants NNP , , a DT New NNP York NNP franchisee NN for IN Pizza NNP Hut NNP , , Roy NNP Rogers NNP and CC other JJ chains NNS . . As IN hamburger NN and CC pizza NN outlets NNS saturate VB one CD area NN after IN another DT , , franchisers NNS are VBP struggling VBG desperately RB for IN market NN share NN , , slashing VBG prices NNS and CC stepping VBG up RP costly JJ promotions NNS . . The DT fight NN is VBZ putting VBG a DT tight JJ squeeze NN on IN profits NNS of IN many JJ , , threatening VBG to TO drive VB the DT smallest JJS ones NNS out IN of IN business NN and CC straining VBG relations NNS between IN the DT national JJ fast-food NN chains NNS and CC their PRP$ franchisees NNS . . The DT chains NNS `` `` used VBN to TO offer VB discounts NNS during IN winter NN when WRB business NN was VBD slow JJ , , but CC in IN the DT last JJ year NN or CC so RB , , discounting VBG has VBZ become VBN a DT 12-month JJ thing NN , , '' '' says VBZ Donald NNP Harty NNP , , president NN of IN Charisma NNP Group NNP Inc. NNP , , a DT New NNP York NNP franchisee NN of IN Grand NNP Metropolitan NNP PLC NNP 's POS Burger NNP King NNP chain NN . . Though NNP Charisma NNP 's POS sales NNS are VBP up IN slightly RB this DT year NN , , Mr. NNP Harty NNP says VBZ profits NNS will MD be VB flat JJ or CC lower JJR . . And CC Bill NNP Konopnicki NNP , , a DT Safford NNP , , Ariz. NNP , , licensee NN of IN McDonald NN 's POS Corp. NN who WP is VBZ chairman NN of IN the DT company NN 's POS National NNP Operators NNP Advisory NNP Board NNP , , says VBZ some DT fast-food NN outlets NNS `` `` could MD be VB in IN serious JJ trouble NN , , based VBN on IN the DT amount NN of IN discounting VBG that DT seems VBZ to TO be VB going VBG on IN . . '' '' Until IN recently RB , , the DT huge JJ fast-food NN industry NN , , with IN sales NNS of IN about RB $ $ 60.1 CD billion CD last JJ year NN , , kept VBD price-skirmishing JJ to TO a DT minimum NN . . But CC early RB this DT year NN , , PepsiCo NNP Inc. NNP 's POS Taco NNP Bell NNP unit NN and CC Wendy NN 's POS International NNP Inc. NNP slashed VBD prices NNS and CC stepped VBD up RP promotions NNS , , says VBZ John NNP Rohs NNP , , an DT analyst NN for IN Wertheim NNP Schroder NNP & CC Co NNP . . That WDT brought VBD a DT chain NN reaction NN in IN the DT industry NN . . The DT situation NN was VBD further RB aggravated VBN early RB this DT month NN , , when WRB McDonald NN 's VBZ set VBN plans NNS to TO heat VB up RP the DT discounting VBG by IN offering VBG coupons NNS . . It PRP also RB decided VBD to TO go VB national JJ with IN pizza NN , , which WDT it PRP has VBZ been VBN test-marketing JJ . . Now RB , , two-for-one JJ deals NNS on IN pizza NN are VBP common JJ ; : so RB are VBP 99-cent CD specials NNS on IN sandwiches NNS normally RB priced VBN twice RB as IN high JJ . . The DT discounting VBG , , say VB fast-food NN operators NNS , , occurs VBZ on IN a DT scale NN and CC with IN a DT frequency NN they PRP have VBP n't RB seen VBN before IN . . The DT result NN is VBZ that IN some DT franchisees NNS are VBP running VBG hard RB just RB to TO stay VB even RB , , laying VBG off RP middle JJ managers NNS and CC working VBG harder RB to TO make VB less JJR . . Joe NNP Mack NNP , , a DT district NN manager NN for IN Cormack NNP Enterprises NNP Inc. NNP , , a DT Burger NNP King NNP operator NN in IN Omaha NNP , , Neb. NNP , , says VBZ discounting VBG is VBZ so RB prevalent JJ that IN `` `` we PRP have VB to TO serve VB 15 CD % NN to TO 20 CD % NN more JJR customers NNS '' '' to TO keep VB sales JJ level NN . . `` `` It PRP 's VBZ almost RB as IN if IN you PRP 're VBP doing VBG extra JJ work NN to TO give VB away RP the DT food NN , , '' '' he PRP says VBZ . . Alan NNP D'Agosto NNP , , president NN of IN Panda NN 's POS Inc. NN , , an DT operator NN of IN Arby NN 's POS restaurants NNS in IN Omaha NN , , says VBZ : : `` `` All DT we PRP 're VBP doing VBG is VBZ keeping VBG the DT customers NNS coming VBG , , but CC we PRP are VBP n't RB increasing VBG sales NNS . . '' '' With IN fast-food NN outlets NNS on IN every DT corner NN , , he PRP , , like IN many JJ , , does VBZ n't RB think VB he PRP has VBZ a DT choice NN in IN the DT price NN war NN : : `` `` Our PRP$ customers NNS say VB that IN they PRP wo MD n't RB go VB into IN a DT fast-food NN store NN unless IN they PRP get VB a DT coupon NN . . '' '' If IN the DT battle NN continues VBZ much RB longer JJR , , many JJ fast-food NN businesses NNS will MD close VB or CC merge VB , , predicts VBZ Vincent NNP Morrissey NNP , , who WP owns VBZ a DT string NN of IN Kentucky NNP Fried NNP Chicken NNP stores NNS in IN the DT Midwest JJS . . `` `` The DT industry NN is VBZ overbuilt JJ , , '' '' he PRP says VBZ . . `` `` Fast-food NN franchisers NNS have VB managed VBN to TO squeeze VB in RB stores NNS into IN every DT corner NN available JJ . . '' '' The DT National NNP Restaurant NNP Association NNP says VBZ quick-service JJ restaurant NN units NNS in IN the DT U.S. NNP rose VBD 14 CD % NN to TO 131,146 CD between IN 1983 CD and CC 1987 CD , , the DT last JJ year NN for IN which WDT figures NNS are VBP available JJ . . With IN the DT market NN so RB crowded VBN , , says VBZ a DT spokesman NN for IN Wendy NN 's VBZ in IN Columbus NNP , , Ohio NNP , , `` `` If IN you PRP 're VBP doing VBG well RB , , you PRP 're VBP doing VBG well RB at IN someone NN else RB 's POS expense NN . . '' '' Simply RB put VBN , , there EX is VBZ n't RB enough JJ business NN for IN every DT store NN to TO grow VB . . According VBG to TO Mr. NNP Rohs NNP , , inflation-adjusted CD , , same-store CD sales NNS at IN company-owned JJ Wendy NN 's POS units NNS in IN the DT U.S. NNP have VB trailed VBN year-earlier JJ levels NNS throughout IN 1989 CD , , except IN for IN August NNP . . `` `` McDonald VB 's POS has VBZ also RB been VBN running VBG negative JJ all DT year NN , , '' '' the DT analyst NN says VBZ . . Spokesmen NNP for IN Wendy NNP 's POS and CC McDonald NNP 's POS criticized VBN Mr. NNP Rohs NNP 's POS calculations NNS . . Jack NNP Greenberg NNP , , executive JJ vice NN president NN and CC chief JJ financial JJ officer NN of IN McDonald NNP 's POS , , says VBZ the DT company NN does VBZ n't RB compute VB , , much RB less RBR disclose VB , , inflation-adjusted JJ , , same-store JJ sales NNS . . He PRP adds VBZ that IN short-term JJ comparisons NNS `` `` can MD be VB very RB misleading JJ because IN of IN differences NNS in IN timing NN of IN marketing VBG programs NNS from IN year NN to TO year NN . . '' '' Profit NN margins NNS at IN company-owned JJ McDonald NN 's POS outlets NNS in IN the DT U.S. NNP `` `` are VBP holding VBG up RP quite RB nicely RB , , '' '' says VBZ Mr. NNP Greenberg NNP . . Profits NNS of IN franchisees NNS have VBP n't RB been VBN higher JJR since IN the DT mid-1970s CD , , he PRP adds VBZ . . But CC Mr. NNP Greenberg NNP 's POS sanguine JJ outlook NN is VBZ n't RB matched VBN by IN many JJ fast-food NN industry NN observers NNS . . Smaller JJR chains NNS and CC single-store JJ operators NNS will MD be VB the DT first JJ to TO fail VB , , many JJ in IN the DT industry NN predict VB . . Big JJ franchise NN groups NNS `` `` can MD ride VB out IN the DT storm NN a DT lot NN longer RB , , '' '' says VBZ Mr. NNP Harty NNP , , the DT Burger NNP King NNP operator NN in IN New NNP York NNP . . The DT prolonged VBN price NN pressures NNS are VBP driving VBG a DT wedge NN between IN some DT franchisers NNS and CC their PRP$ franchisees NNS . . Mr. NNP Morrissey NNP , , the DT Kentucky NNP Fried NNP Chicken NNP franchisee NN , , notes VBZ that IN most JJS franchise NN owners NNS must MD absorb VB increases NNS in IN expenses NNS without IN any DT cut NN in IN the DT royalties NNS , , or CC portion NN of IN sales NNS , , that IN they PRP must MD pay VB franchisers NNS . . Franchisees NNS ca MD n't RB be VB forced VBN to TO go VB along RP with IN a DT franchiser NN 's POS discounting VBG . . But CC once RB a DT franchisee NN agrees VBZ to TO a DT promotional JJ program NN , , the DT franchiser NN can MD demand VB full JJ participation NN to TO the DT very JJ end NN , , says VBZ Lew NNP Rudnick NNP , , a DT principal NN of IN Rudnick NNP & CC Wolfe NNP , , a DT Chicago NNP law NN firm NN with IN franchise NN industry NN clients NNS . . He PRP says VBZ courts NNS have VB held VBN that IN antitrust JJ considerations NNS are VBP outweighed VBN in IN such JJ cases NNS by IN the DT need NN to TO protect VB consumers NNS from IN deceptive JJ marketing NN . . In IN any DT case NN , , many JJ franchisees NNS , , in IN order NN to TO stay VB on IN good JJ terms NNS with IN franchisers NNS , , routinely RB go VB along RP with IN promotions NNS . . Says VBZ Mr. NNP Riese NNP of IN National NNP Restaurants NNP : : `` `` If IN you PRP resisted VBD on IN prices NNS , , maybe RB you PRP would MD never RB get VB that DT telephone NN call VB about IN a DT new JJ franchise NN . . Companies NNS listed VBN below IN reported VBN quarterly JJ profit NN substantially RB different JJ from IN the DT average NN of IN analysts NNS ' POS estimates NNS . . The DT companies NNS are VBP followed VBN by IN at IN least JJS three CD analysts NNS , , and CC had VBD a DT minimum NN five-cent JJ change NN in IN actual JJ earnings NNS per IN share NN . . Estimated VBN and CC actual JJ results NNS involving VBG losses NNS are VBP omitted VBN . . The DT percent NN difference NN compares VBZ actual JJ profit NN with IN the DT 30-day CD estimate NN where WRB at IN least JJS three CD analysts NNS have VB issues NNS forecasts NNS in IN the DT past JJ 30 CD days NNS . . Otherwise RB , , actual JJ profit NN is VBZ compared VBN with IN the DT 300-day CD estimate NN . . Companies NNS listed VBN below IN reported VBN quarterly JJ profit NN substantially RB different JJ from IN the DT average NN of IN analysts NNS ' POS estimates NNS . . The DT companies NNS are VBP followed VBN by IN at IN least JJS three CD analysts NNS , , and CC had VBD a DT minimum NN five-cent JJ change NN in IN actual JJ earnings NNS per IN share NN . . Estimated VBN and CC actual JJ results NNS involving VBG losses NNS are VBP omitted VBN . . The DT percent NN difference NN compares VBZ actual JJ profit NN with IN the DT 30-day CD estimate NN where WRB at IN least JJS three CD analysts NNS have VB issues NNS forecasts NNS in IN the DT past JJ 30 CD days NNS . . Otherwise RB , , actual JJ profit NN is VBZ compared VBN with IN the DT 300-day CD estimate NN . . CalMat NNP Co. NNP said VBD it PRP completed VBD a DT $ $ 32.8 CD million CD sale NN of IN assets NNS from IN its PRP$ Los NNP Angeles NNP area NN real JJ estate NN portfolio NN for IN net JJ income NN of IN $ $ 12 CD million CD . . CalMat NN said VBD the DT sale NN is VBZ part NN of IN its PRP$ previously RB announced VBN plan NN to TO sell VB much JJ of IN its PRP$ real JJ estate NN holdings NNS to TO focus VB on IN its PRP$ core NN business NN of IN mining VBG and CC producing VBG asphalt NN , , concrete NN , , rock NN and CC sand NN . . And CC you PRP thought VBD the DT only JJ reason NN to TO save VB your PRP$ canceled VBN checks NNS was VBD to TO prepare VB for IN an DT IRS NNP audit NN . . Reggie NNP Jackson NNP , , the DT retired VBN baseball NN star NN , , has VBZ found VBN another DT use NN for IN them PRP . . Mr. NNP Jackson NNP , , who WP won VBD the DT nickname NN `` `` Mr. NNP October NNP '' '' for IN his PRP$ World NNP Series NNP exploits VBZ , , is VBZ selling VBG some DT of IN his PRP$ canceled VBN checks NNS to TO autograph VB collectors NNS through IN a DT dealer NN for IN as RB much JJ as IN $ $ 500 CD each DT . . Dealers NNS say VB the DT budding VBG trade NN in IN Mr. NNP Jackson NNP 's POS canceled VBN checks NNS is VBZ unusual JJ . . `` `` I PRP do VBP n't RB know VB of IN any DT living VBG ballplayer NN that WDT 's VBZ ever RB done VBN it PRP , , '' '' says VBZ Jack NNP Smalling NNP , , a DT dealer NN in IN Ames NNP , , Iowa NNP , , and CC a DT recognized VBN expert NN in IN the DT field NN of IN baseball NN autographs NNS . . An DT initial JJ batch NN of IN Mr. NNP Jackson NNP 's POS checks NNS was VBD on IN sale NN at IN a DT baseball-card JJ show NN held VBN in IN San NNP Francisco NNP over IN Labor NNP Day NNP weekend NN . . Mr. NNP Jackson NNP showed VBD up RP at IN the DT affair NN to TO sign VB autographs NNS for IN a DT fee NN as RB well RB . . `` `` For IN someone NN who WP has VBZ everything NN else RB -- : Reggie NN 's POS jersey NN , , cap NN and CC cards NNS -- : his PRP$ checks NNS might MD be VB a DT nice JJ addition NN , , '' '' says VBZ William NNP Vizas NNP , , owner NN of IN Bill NNP 's POS Sports NNP Collectibles NNP in IN Denver NNP , , who WP examined VBD the DT checks NNS at IN the DT San NNP Francisco NNP card NN show NN . . For IN years NNS , , the DT canceled VBN checks NNS of IN a DT small JJ number NN of IN well-known JJ baseball NN players NNS have VB been VBN bought VBN and CC sold VBN . . But CC these DT players NNS were VBD dead JJ . . `` `` Maybe RB three CD years NNS ago RB , , there EX were VBD a DT lot NN of IN { ( Ty NN } ) Cobbs NNS in IN the DT hobby NN , , and CC awhile RB back RB there EX were VBD Babe NNP Ruth NNP checks NNS , , '' '' says VBZ Mr. NNP Smalling NNP . . However RB , , the DT thought NN of IN a DT living VBG player NN selling VBG his PRP$ checks NNS rubs VBZ some DT people NNS the DT wrong JJ way NN . . `` `` Maybe RB I PRP 'm VBP a DT little RB stuffy JJ , , but CC I PRP would MD n't RB sell VB them PRP , , '' '' sniffs VBZ Bob NNP Machon NNP , , owner NN of IN Papa NN 's POS Sports NNP Cards NNP in IN Menlo NNP Park NNP , , Calif NNP . . `` `` Who WP knows VBZ how WRB much RB they PRP 'll MD be VB worth JJ 100 CD years NNS from IN now RB ? . '' '' And CC Mr. NNP Smalling NNP does VBZ n't RB believe VB they PRP 're VBP worth JJ all DT that DT much JJ now RB . . `` `` I PRP do VBP n't RB think VB the DT checks NNS are VBP worth JJ $ $ 15 CD apiece RB , , '' '' he PRP says VBZ . . Why WRB Mr. NNP Jackson NNP , , who WP could MD n't RB be VB reached VBN for IN comment NN , , has VBZ made VBN some DT of IN his PRP$ checks NNS available JJ for IN sale NN is VBZ n't RB clear JJ . . He PRP probably RB has VBZ n't RB done VBN it PRP for IN the DT cash NN . . `` `` I PRP would MD say VB he PRP 's VBZ definitely RB not RB in IN need NN of IN money NN , , '' '' says VBZ Matt NNP Merola NNP , , an DT agent NN of IN Mr. NNP Jackson NNP 's VBZ based VBN in IN New NNP York NNP . . `` `` He PRP has VBZ good JJ investments NNS . . '' '' And CC Mr. NNP Jackson NNP probably RB has VBZ opened VBN new JJ checking VBG accounts NNS , , too RB . . Or CC at IN least JJS he PRP should MD . . `` `` I PRP assume VB those DT accounts NNS are VBP closed VBN , , '' '' says VBZ Mr. NNP Smalling NNP , , referring VBG to TO the DT accounts NNS of IN the DT canceled VBN checks NNS . . `` `` I PRP do VBP n't RB think VB he PRP 'd MD want VB to TO give VB out RP his PRP$ current JJ account NN numbers NNS . . USX NNP Corp. NNP and CC its PRP$ Japanese NNP partner NN , , Kobe NNP Steel NNP Ltd. NNP , , agreed VBD to TO form VB a DT joint JJ venture NN to TO build VB a DT new JJ plant NN to TO produce VB hot-dipped JJ galvanized JJ sheet NN products NNS , , mainly RB for IN the DT automotive JJ market NN . . Terms NNS were VBD n't RB disclosed VBN for IN the DT plant NN , , which WDT will MD have VB annual JJ capacity NN of IN 600,000 CD tons NNS . . The DT move NN by IN the DT nation NN 's POS largest JJS steelmaker NN follows VBZ a DT string NN of IN earlier JJR announcements NNS by IN other JJ major JJ steel NN companies NNS . . Bethlehem NNP Steel NNP Corp. NNP , , LTV NNP Corp. NNP and CC Armco NNP Inc. NNP all DT have VB plans NNS to TO build VB additional JJ lines NNS for IN such JJ coated JJ corrosion-resistant JJ steel NN . . The DT surge NN in IN production NN , , analysts NNS say VB , , raises VBZ questions NNS about IN capacity NN outpacing VBG demand NN . . They PRP note VB that IN most JJS of IN the DT new JJ plants NNS will MD come VB on IN line NN in IN 1992 CD , , when WRB the DT current JJ import NN trade NN restraint NN program NN ends NNS , , which WDT could MD result VB in IN more JJR imports NNS . . `` `` There EX 's VBZ too RB much JJ capacity NN , , '' '' contended VBD Charles NNP Bradford NNP , , an DT analyst NN with IN Merrill NNP Lynch NNP Capital NNP Markets NNP . . `` `` I PRP do VBP n't RB think VB there EX 's VBZ anyone NN not RB building VBG one CD . . '' '' He PRP does VBZ add VB , , however RB , , that IN transplanted VBN Japanese NNP car NN makers NNS are VBP boosting VBG the DT levels NNS of IN U.S.-made JJ steel NN in IN their PRP$ autos NNS , , instead RB of IN relying VBG heavily RB on IN imported VBN steel NN . . That DT trend NN could MD increase VB demand VB for IN hot-dipped JJ galvanized JJ sheet NN . . The DT hot-dipped JJ galvanized JJ segment NN is VBZ one CD of IN the DT fastest-growing JJ and CC most RBS profitable JJ segments NNS of IN the DT steel NN market NN , , coveted VBN by IN all DT major JJ integrated VBN steelmakers NNS wanting VBG to TO maintain VB an DT edge NN over IN smaller JJR minimills NNS and CC reconstructed JJ mills NNS -- : those DT spun VBD off RP to TO employees NNS . . Indeed RB , , USX NNP said VBD it PRP expects VBZ the DT market NN for IN coated JJ sheet NN steel NN to TO reach VB 12 CD million CD tons NNS annually RB by IN 1992 CD , , compared VBN with IN 10.2 CD million CD tons NNS shipped VBN in IN 1988 CD . . For IN the DT first JJ eight CD months NNS of IN 1989 CD , , analysts NNS say VB shipments NNS of IN hot-dipped JJ galvanized JJ steel NN increased VBN about RB 8 CD % NN from IN a DT year NN earlier RB , , while IN overall JJ steel NN shipments NNS were VBD up IN only RB 2.4 CD % NN . . USX NNP and CC Kobe NNP Steel NNP hope VB to TO reach VB a DT definitive JJ agreement NN establishing VBG the DT 50-50 CD partnership NN by IN the DT end NN of IN the DT year NN , , with IN construction NN tentatively RB slated VBN for IN the DT spring NN of IN 1990 CD and CC production NN by IN 1992 CD . . USX NNP already RB has VBZ six CD lines NNS in IN existing VBG plants NNS producing VBG hot-dipped JJ galvanized JJ steel NN , , but CC this DT marks VBZ the DT first JJ so-called NN greenfield NN plant NN for IN such JJ production NN . . Moreover RB , , it PRP will MD boost VB by IN 50 CD % NN USX NNP 's POS current JJ hot-dipped JJ capacity NN of IN 1,275,000 CD tons NNS . . The DT company NN said VBD it PRP does VBZ n't RB expect VB the DT new JJ line NN 's POS capacity NN to TO adversely RB affect VB the DT company NN 's POS existing VBG hot-dipped JJ galvanizing VBG lines NNS . . Steelmakers NNS have VB also RB been VBN adding VBG capacity NN of IN so-called JJ electrogalvanized VBN steel NN , , which WDT is VBZ another DT way NN to TO make VB coated JJ corrosion-resistant JJ steel NN . . One CD of IN the DT advantages NNS of IN the DT hot-dipped JJ process NN is VBZ that IN it PRP allows VBZ the DT steel NN to TO be VB covered VBN with IN a DT thicker JJR coat NN of IN zinc NN more RBR quickly RB . . ONCE RB YOU PRP MAKE VB UP RP your PRP$ mind NN about IN an DT investment NN , , the DT rest NN is VBZ easy JJ , , right JJ ? . You PRP just RB call VB your PRP$ broker NN and CC say VB `` `` buy VB '' '' or CC `` `` sell VB . . '' '' Dream VB on IN . . There EX are VBP all DT sorts NNS of IN ways NNS to TO give VB buy VB and CC sell VB instructions NNS to TO a DT broker NN -- : and CC just RB as IN many JJ ways NNS to TO get VB burned VBN if IN you PRP do VBP n't RB know VB what WP you PRP 're VBP doing VBG . . So RB here RB 's VBZ a DT rundown NN of IN the DT most RBS common JJ types NNS of IN market NN orders NNS permitted VBN by IN the DT stock NN and CC commodity NN exchanges NNS . . Two CD things NNS to TO keep VB in IN mind NN : : Not RB all DT exchanges NNS accept VB every DT type NN of IN order NN . . And CC even RB when WRB a DT specific NN order NN is VBZ acceptable JJ to TO an DT exchange NN , , a DT brokerage NN firm NN can MD refuse VB to TO enter VB it PRP for IN a DT customer NN . . Market NNP Order NNP : : This DT is VBZ probably RB the DT most RBS widely RB used VBN order NN -- : and CC the DT one CD most RBS open JJ to TO abuse VB by IN unscrupulous JJ floor NN brokers NNS , , since IN it PRP imposes VBZ no DT price NN restrictions NNS . . With IN a DT market NN order NN , , an DT investor NN tells VBZ a DT broker NN to TO buy VB or CC sell VB `` `` at IN the DT market NN . . '' '' It PRP 's POS like IN saying VBG , , `` `` get VB me PRP in IN now RB '' '' or CC `` `` get VB me PRP out IN now RB . . '' '' For IN example NN , , if IN wheat NN is VBZ being VBG offered VBN at IN $ $ 4.065 CD and CC bid VBD at IN $ $ 4.060 CD , , a DT market NN order NN to TO buy VB would MD be VB filled VBN at IN the DT higher JJR price NN and CC a DT market NN order NN to TO sell VB at IN the DT lower JJR price NN . . A DT recent JJ indictment NN alleges VBZ that IN some DT floor NN brokers NNS at IN the DT two CD largest JJS Chicago NNP commodity NN exchanges NNS used VBD market NN orders NNS to TO fill VB customers NNS ' POS orders NNS at IN unfavorable JJ prices NNS by IN arranging VBG trades NNS with IN fellow NN brokers NNS . . Profits NNS realized VBD from IN these DT trades NNS would MD then RB be VB shared VBN by IN the DT conspiring VBG brokers NNS . . Limit NNP Order NNP : : Limit NN orders NNS are VBP used VBN when WRB investors NNS want VB to TO restrict VB the DT amount NN they PRP will MD receive VB or CC pay VB for IN an DT investment NN . . Investors NNS do VB this DT by IN specifying VBG a DT minimum NN price NN at IN which WDT the DT investment NN may MD be VB sold VBN or CC the DT maximum NN price NN that WDT may MD be VB paid VBN for IN it PRP . . Suppose VB an DT investor NN wants VBZ to TO sell VB a DT stock NN , , but CC not RB for IN less JJR than IN $ $ 55 CD . . A DT limit NN order NN to TO sell VB could MD be VB entered VBN at IN that DT price NN . . One CD risk NN : : Investors NNS may MD regret VB the DT restriction NN if IN the DT stock NN reaches VBZ 54 CD and CC then RB falls VBZ . . Unless IN the DT market NN goes VBZ at IN least JJS one CD tick NN ( ( the DT smallest JJS price NN increment NN permitted VBN ) ) beyond IN the DT limit NN price NN , , investors NNS are VBP n't RB assured VBN of IN having VBG their PRP$ orders NNS filled VBD because IN there EX may MD not RB be VB sufficient JJ trading VBG volume NN to TO permit VB filling VBG it PRP at IN the DT specified VBN price NN . . Stop NNP Order NNP : : Stop VB orders NNS tell VB a DT floor NN broker NN to TO buy VB or CC sell VB an DT investment NN once IN the DT price NN reaches VBZ a DT certain JJ level NN . . Once RB the DT price NN reaches VBZ that DT level NN , , a DT stop NN order NN turns VBZ into IN a DT market NN order NN , , and CC the DT order NN is VBZ filled VBN at IN whatever WDT price NN the DT broker NN can MD get VB . . Stop NN orders NNS are VBP sometimes RB called VBN `` `` stop-loss NN '' '' orders NNS because IN they PRP are VBP frequently RB used VBN to TO protect VB profits NNS or CC limit NN losses NNS . . While IN stop NN orders NNS sound VB similar JJ to TO limit NN orders NNS , , there EX is VBZ a DT difference NN : : Sell VB stops NNS must MD be VB entered VBN at IN a DT price NN below IN the DT current JJ market NN price NN and CC buy VB stops NNS above IN . . In IN contrast NN , , sell VB limit NN orders NNS must MD be VB placed VBN above IN the DT market NN price NN and CC buy VB limit NN orders NNS are VBP placed VBN below IN . . The DT crash NN in IN October NNP 1987 CD and CC last JJ Friday NNP 's POS sell-off NN painfully RB taught VBD some DT investors NNS exactly RB what WP stop VB orders NNS will MD and CC wo MD n't RB do VB . . An DT investor NN who WP may MD have VB placed VBN a DT stop-loss NN order NN at IN $ $ 90 CD under IN a DT stock NN that WDT was VBD trading VBG at IN $ $ 100 CD a DT share NN on IN the DT Friday NNP before IN the DT crash NN was VBD stunned VBN to TO discover VB that IN the DT order NN was VBD filled VBN at IN $ $ 75 CD when WRB the DT stock NN opened VBD at IN that DT price NN on IN Monday NNP . . Stop-Limit NNP Order NNP : : Stop-limit JJ orders NNS turn VB into IN limit NN orders NNS when WRB an DT investment NN trades VBZ at IN the DT price NN specified VBN in IN the DT order NN . . Unlike IN stop NN orders NNS -- : which WDT are VBP filled VBN at IN the DT market NN price NN when WRB the DT stop NN price NN is VBZ hit VBN -- : stop-limit JJ orders NNS demand VB that IN the DT trades NNS be VB made VBN only RB at IN the DT specified VBN price NN . . If IN it PRP ca MD n't RB be VB made VBN at IN that DT price NN , , it PRP does VBZ n't RB get VB filled VBN . . Investors NNS who WP wish VB to TO be VB out IN of IN a DT position NN , , without IN the DT risk NN of IN receiving VBG a DT worse-than-expected JJ price NN from IN a DT market NN order NN , , may MD use VB this DT type NN of IN order NN to TO specify VB the DT price NN at IN which WDT the DT order NN must MD be VB filled VBN . . But CC if IN the DT market NN moves VBZ quickly RB enough RB , , it PRP may MD be VB impossible JJ for IN the DT broker NN to TO carry VB out RP the DT order NN because IN the DT investment NN has VBZ passed VBN the DT specified VBN price NN . . Market-If-Touched NNP Order NNP : : Market-if-touched JJ orders NNS are VBP like IN stop NN orders NNS in IN that IN they PRP become VB market NN orders NNS if IN a DT specified VBN price NN is VBZ reached VBN . . However RB , , unlike IN a DT buy-stop JJ order NN , , a DT buy NN market-if-touched NN order NN is VBZ entered VBN at IN a DT price NN below IN the DT current JJ price NN , , while IN a DT sell NN market-if-touched NN order NN is VBZ entered VBN at IN a DT price NN above IN it PRP . . As RB soon RB as IN the DT market NN trades VBZ at IN the DT specified VBN price NN the DT floor NN broker NN will MD fill VB it PRP at IN the DT best JJS possible JJ price NN . . Fill-Or-Kill NNP Order NNP : : The DT fill-or-kill JJ order NN is VBZ one CD of IN several JJ associated VBN with IN the DT timing NN of IN trades NNS . . It PRP instructs VBZ a DT broker NN to TO buy VB or CC sell VB an DT investment NN at IN the DT specified VBN price NN or CC better JJR . . But CC if IN the DT investment NN ca MD n't RB be VB bought VBN or CC sold VBN immediately RB , , the DT order NN is VBZ automatically RB canceled VBN . . Gregory NNP Bessemer NNP , , who WP came VBD in IN second JJ in IN the DT stock NN division NN of IN the DT recently RB completed VBN U.S. NNP Trading NNP Championship NNP , , says VBZ he PRP uses VBZ fill-or-kill JJ orders NNS almost RB exclusively RB when WRB trading VBG options NNS . . `` `` I PRP like VB to TO use VB them PRP to TO feel VB out RP the DT market NN , , '' '' he PRP says VBZ . . `` `` If IN they PRP do VBP n't RB fill VB it PRP immediately RB , , then RB I PRP can MD start VB over RB at IN a DT new JJ price NN or CC try VB again RB with IN the DT same JJ price NN . . '' '' Not-Held NNP Order NNP : : This DT is VBZ another DT timing VBG order NN . . It PRP is VBZ a DT market NN order NN that WDT allows VBZ floor NN brokers NNS to TO take VB more JJR time NN to TO buy VB or CC sell VB an DT investment NN , , if IN they PRP think VB they PRP can MD get VB a DT better JJR price NN by IN waiting VBG . . Not-held JJ orders NNS , , which WDT are VBP also RB known VBN as IN `` `` disregard VB the DT tape NN '' '' orders NNS , , are VBP always RB done VBN at IN the DT customer NN 's POS risk NN . . One-Cancels-The-Other NNP Order NNP : : This DT is VBZ really RB two CD orders NNS in IN one CD , , generally RB for IN the DT same JJ security NN or CC commodity NN , , instructing VBG floor NN brokers NNS to TO fill VB whichever WDT order NN they PRP can MD first RB and CC then RB cancel VB the DT other JJ order NN . . In IN a DT fast-moving JJ market NN , , it PRP prevents VBZ an DT investor NN from IN getting VBG stuck VBN with IN having VBG made VBN two CD trades NNS on IN the DT same JJ security NN . . Specific-Time NNP Order NNP : : This DT type NN of IN order NN couples NNS many JJ of IN the DT orders NNS described VBD above IN with IN instructions NNS that IN the DT order NN must MD be VB carried VBN out RP at IN or CC by IN a DT certain JJ time NN . . `` `` On IN the DT close NN '' '' can MD be VB added VBN to TO many JJ types NNS of IN orders NNS . . For IN example NN , , `` `` market-on-close JJ orders NNS '' '' must MD be VB filled VBN during IN the DT last JJ few JJ minutes NNS of IN trading VBG for IN the DT day NN at IN a DT price NN that WDT is VBZ within IN the DT official JJ closing NN range NN of IN prices NNS as IN determined VBN by IN the DT exchange NN . . `` `` Stop-close-only JJ orders NNS '' '' are VBP stop NN orders NNS that WDT only RB become VB active JJ during IN the DT closing VBG minutes NNS of IN trading VBG . . `` `` Day NN orders NNS '' '' expire VB at IN the DT end NN of IN the DT day NN on IN which WDT they PRP are VBP entered VBN , , `` `` good-till-canceled JJ orders NNS '' '' have VB no DT expiration NN date NN . . Most JJS brokers NNS assume VB that IN all DT orders NNS are VBP day NN orders NNS unless IN specified VBN otherwise RB . . On IN Oct. NNP 19 CD , , 1987 CD , , some DT investors NNS learned VBD the DT consequences NNS of IN entering VBG `` `` good-til-canceled JJ limit NN orders NNS '' '' and CC then RB forgetting VBG about IN them PRP . . They PRP found VBD they PRP had VBD bought VBN stock NN from IN limit NN orders NNS that IN they PRP might MD have VB entered VBN weeks NNS or CC months NNS earlier RB and CC had VBD forgotten VBN to TO cancel VB . . It PRP is VBZ always RB the DT responsibility NN of IN investors NNS to TO keep VB track NN of IN the DT orders NNS they PRP have VB placed VBN . . Investors NNS who WP change VB their PRP$ mind NN about IN buying VBG or CC selling VBG after IN an DT order NN has VBZ been VBN filled VBN are VBP , , usually RB , , stuck VBD with IN the DT consequences NNS . . Mr. NNP Angrist NNP writes VBZ on IN the DT options NNS and CC commodities NNS markets NNS for IN The DT Wall NNP Street NNP Journal NNP . . IN IN SIZING NNP UP RP the DT risks NNS of IN stock-market JJ investments NNS , , there EX 's VBZ probably RB no DT starting VBG place NN better RB than IN `` `` beta JJ . . '' '' But CC investors NNS better RB not RB ignore VB its PRP$ limitations NNS , , either RB . . Beta NN is VBZ a DT handy JJ gauge NN that WDT measures VBZ the DT volatility NN of IN a DT stock NN or CC stock NN mutual JJ fund NN . . For IN any DT given VBN move NN in IN the DT overall JJ market NN , , it PRP suggests VBZ how WRB steeply RB that IN particular JJ issue NN might MD rise VB or CC fall VB . . Beta JJ figures NNS are VBP widely RB available JJ and CC easy JJ to TO interpret VB . . The DT beta NN of IN the DT broad JJ market NN , , typically RB defined VBN as IN the DT Standard NNP & CC Poor NNP 's POS 500-stock CD index NN , , is VBZ always RB 1.0 CD . . So IN a DT stock NN with IN a DT beta NN of IN 0.5 CD is VBZ half RB as RB volatile JJ , , one CD at IN 1.5 CD is VBZ 50 CD % NN more RBR volatile JJ , , and CC so RB on IN . . Cautious JJ investors NNS should MD generally RB go VB with IN stocks NNS that WDT have VB low JJ betas NNS . . Go VB with IN high-beta JJ stocks NNS to TO get VB the DT biggest JJS payoff NN from IN a DT bet NN on IN a DT bull NN market NN . . Remember VB , , though RB , , that DT beta NN also RB has VBZ important JJ limitations NNS . . `` `` Beta NN is VBZ only RB part NN of IN the DT risk NN in IN a DT stock NN , , '' '' says VBZ William NNP F. NNP Sharpe NNP , , the DT Stanford NNP University NNP emeritus JJ professor NN who WP developed VBD the DT measure NN . . `` `` There EX is VBZ risk NN that WDT is VBZ not RB associated VBN with IN market NN moves VBZ , , and CC the DT beta NN does VBZ n't RB tell VB you PRP the DT magnitude NN of IN that DT . . '' '' In IN particular JJ , , beta JJ does VBZ n't RB measure VB the DT company NN - : and CC industry-specific JJ risk NN associated VBN with IN an DT individual JJ stock NN . . That IN `` `` business NN '' '' risk NN is VBZ very RB significant JJ for IN an DT investor NN with IN only RB a DT few JJ stocks NNS , , but CC it PRP virtually RB disappears VBZ in IN a DT large JJ and CC well-diversified JJ portfolio NN . . Beta NN is VBZ also RB a DT poor JJ indicator NN of IN the DT risk NN in IN stock NN groups NNS that WDT march VB to TO their PRP$ own JJ drummer NN . . In IN particular JJ , , the DT prices NNS of IN gold NN and CC other JJ precious-metals JJ stocks NNS shoot VB up IN and CC down IN , , but CC the DT stocks NNS tend VB to TO have VB low JJ betas NNS because IN their PRP$ moves NNS are VBP not RB market-inspired JJ . . Concern NN that IN investors NNS could MD misinterpret VB such JJ readings NNS led VBD the DT American NNP Association NNP of IN Individual NNP Investors NNP to TO eliminate VB beta JJ figures NNS for IN precious-metals JJ funds NNS in IN the DT 1989 CD edition NN of IN its PRP$ mutual-fund JJ guide NN . . `` `` Our PRP$ fear NN was VBD people NNS would MD look VB just RB at IN the DT beta NN { ( of IN a DT gold JJ fund NN } ) and CC say VB here RB is VBZ an DT investment NN with IN very RB low JJ risk VB , , '' '' says VBZ John NNP Markese NNP , , director NN of IN research NN for IN the DT Chicago-based JJ group NN . . `` `` In IN reality NN it PRP 's VBZ very RB volatile JJ , , but CC the DT movements NNS are VBP not RB because RB of IN market NN movements NNS . . READY NNP TO TO REVIEW NNP the DT riskiness NN of IN your PRP$ investment NN portfolio NN ? . First RB , , a DT pop NN quiz NN . . When WRB you PRP think VB of IN the DT words NNS `` `` risk NN '' '' and CC `` `` investment NN , , '' '' what WP 's VBZ the DT specific NN peril NN that WDT comes VBZ to TO mind VB ? . Pencils NNS down IN . . If IN you PRP 're VBP like IN most JJS people NNS , , you PRP said VBD it PRP 's VBZ a DT holding NN that WDT goes VBZ completely RB sour JJ -- : maybe RB a DT bond NN that IN defaults NNS or CC a DT stock NN whose WP$ value NN disappears VBZ in IN a DT bankruptcy NN proceeding NN . . `` `` People NNS tend VB to TO see VB risk NN primarily RB on IN that DT one CD dimension NN , , '' '' says VBZ Timothy NNP Kochis NNP , , national JJ director NN of IN personal NN financial JJ planning NN for IN accountants NNS Deloitte NNP , , Haskins NNP & CC Sells NNP . . But CC therein RB lies VBZ another DT aspect NN of IN investment NN risk NN : : the DT hazard NN of IN shaping VBG your PRP$ portfolio NN to TO avoid VB one CD or CC more JJR types NNS of IN risk NN and CC being VBG blind-sided JJ by IN others NNS . . This DT is VBZ clearly RB not RB good JJ news NN to TO all DT you PRP people NNS who WP sleep VB like IN babies NNS every DT night NN , , lulled VBN by IN visions NNS of IN your PRP$ money NN sitting VBG risk-free JJ in IN six-month JJ CDs NNS . . Risk NN wears VBZ many JJ disguises NNS , , and CC investments NNS that WDT are VBP low JJ in IN one CD type NN of IN obvious JJ risk NN can MD be VB distressingly RB high JJ in IN other JJ , , less RBR obvious JJ kinds NNS . . U.S. NNP Treasury NNP bonds NNS , , for IN example NN , , are VBP supersafe NN when WRB it PRP comes VBZ to TO returning VBG money NN at IN maturity NN . . But CC their PRP$ value NN as IN investments NNS can MD be VB decimated VBN by IN inflation NN , , which WDT erodes VBZ the DT purchasing VBG power NN of IN bonds NNS ' POS fixed-dollar JJ interest NN payments NNS . . Risk NN is VBZ also RB a DT function NN of IN time NN . . When WRB financial JJ professionals NNS measure VB risk NN mathematically RB , , they PRP usually RB focus VB on IN the DT volatility NN of IN short-term JJ returns NNS . . Stocks NNS are VBP much RB riskier JJR than IN Treasury NNP bills NNS , , for IN example NN , , because IN the DT range NN in IN performance NN from IN the DT best JJS years NNS to TO the DT worst JJS is VBZ much RB wider JJR . . That DT is VBZ usually RB measured VBN by IN the DT standard JJ deviation NN , , or CC divergence NN , , of IN annual JJ results NNS from IN the DT average JJ return NN over IN time NN . . But CC investors NNS who WP are VBP preoccupied VBN with IN short-term JJ fluctuations NNS may MD be VB paying VBG too RB little JJ attention NN to TO another DT big JJ risk NN -- : not RB generating VBG enough JJ money NN to TO meet VB long-term JJ financial JJ and CC life-style JJ goals NNS . . For IN instance NN , , some DT investors NNS have VB sworn VBN off RP stocks NNS since IN the DT 1987 CD market NN crash NN ; : last JJ Friday NNP 's POS debacle NN only RB reinforced VBD those DT feelings NNS . . But CC the DT stock NN market NN , , despite IN some DT stomach-churning JJ declines NNS , , has VBZ far RB outperformed VBN other JJ securities NNS over IN extended VBN periods NNS . . By IN retreating VBG to TO the DT apparent JJ security NN of IN , , say VB , , money-market JJ funds NNS , , investors NNS may MD not RB be VB earning VBG enough JJ investment NN return VB to TO pay VB for IN a DT comfortable JJ retirement NN . . `` `` That DT 's VBZ the DT biggest JJS risk NN of IN all DT -- : the DT risk NN of IN not RB meeting VBG your PRP$ objectives NNS , , '' '' says VBZ Steven NNP B. NNP Enright NNP , , a DT New NNP York NNP financial JJ planner NN with IN Seidman NNP Financial NNP Services NNP . . As IN a DT result NN , , financial JJ advisers NNS say VB they PRP take VB several JJ steps NNS when WRB evaluating VBG the DT riskiness NN of IN clients NNS ' POS portfolios NNS . . They PRP estimate VB the DT return NN a DT person NN 's POS current JJ portfolio NN is VBZ likely JJ to TO generate VB over IN time NN , , along IN with IN a DT standard JJ deviation NN that WDT suggests VBZ how WRB much RB the DT return NN will MD vary VB year NN by IN year NN . . They PRP try VB to TO figure VB out RP the DT long-term NN results VBZ the DT person NN needs VBZ to TO meet VB major JJ goals NNS . . And CC they PRP eyeball NN types NNS of IN risk NN that WDT are VBP not RB easily RB quantified VBN . . The DT portfolios NNS of IN two CD hypothetical JJ families NNS , , one CD a DT couple NN at IN retirement NN age NN and CC another DT a DT two-income NN couple NN at IN age NN 45 CD , , illustrate VB several JJ types NNS of IN risk NN that IN investors NNS need VB to TO consider VB . . For IN instance NN , , the DT insured VBN municipal JJ bonds NNS that WDT dominate VB the DT older JJR couple NN 's POS portfolio NN were VBD probably RB selected VBN in IN large JJ part NN for IN their PRP$ low JJ repayment NN risk NN . . But CC they PRP expose VB the DT holders NNS to TO a DT lot NN of IN inflation NN risk NN and CC interest-rate JJ risk NN . . The DT younger JJR couple NN 's POS stockholdings NNS involve VB more JJR risk NN than IN a DT diversified VBN stock NN portfolio NN because IN the DT bulk NN of IN the DT money NN is VBZ in IN a DT single JJ issue NN . . Note VB that IN the DT younger JJR couple NN 's POS portfolio NN has VBZ a DT higher JJR expected VBN annual JJ return NN , , 10.1 CD % NN vs. NN 8.8 CD % NN , , as IN calculated VBN by IN Seidman NNP Financial NNP Services NNP , , which WDT is VBZ the DT financial-planning JJ affiliate NN of IN BDO NNP Seidman NNP . . That DT largely RB reflects VBZ the DT heavy NN stockholdings NNS . . But CC one CD price NN paid VBN for IN the DT higher JJR expected VBN return NN is VBZ greater JJR short-term NN volatility NN , , as IN reflected VBN in IN the DT higher JJR standard JJ deviation NN that IN Seidman NN estimates NNS for IN the DT younger JJR couple NN 's POS portfolio NN . . ( ( Here RB 's VBZ how WRB to TO interpret VB a DT standard JJ deviation NN figure NN : : Take VB the DT expected VBN return NN and CC add VB one CD standard JJ deviation NN to TO it PRP . . Then RB take VB the DT expected VBN return NN and CC subtract VB one CD standard JJ deviation NN . . In IN two CD of IN three CD years NNS , , the DT actual JJ result NN should MD fall VB within IN that DT range NN if IN all DT the DT assumptions NNS were VBD accurate JJ . . Then RB add VB and CC subtract VB two CD standard JJ deviations NNS to TO get VB a DT wider JJR range NN . . There EX 's VBZ a DT 95 CD % NN probability NN any DT year NN 's POS result NN will MD fall VB in IN the DT range NN . . ) ) Of IN course NN , , the DT greater JJR volatility NN of IN the DT younger JJR couple NN 's POS portfolio NN does VBZ n't RB necessarily RB mean VB those DT investments NNS are VBP riskier NN in IN terms NNS of IN meeting VBG the DT holders NNS ' POS long-term JJ goals NNS . . Indeed RB , , the DT older JJR couple NN 's POS portfolio NN could MD actually RB be VB riskier NN in IN that DT sense NN if IN the DT expected VBN return NN wo MD n't RB generate VB enough JJ dollars NNS to TO meet VB their PRP$ spending VBG plans NNS . . `` `` They PRP may MD feel VB emotionally RB secure JJ now RB because IN they PRP are VBP not RB heavily RB in IN the DT stock NN market NN , , '' '' says VBZ John NNP H. NNP Cammack NNP , , a DT financial JJ planner NN with IN Alexandra NNP Armstrong NNP Advisors NNP Inc. NNP in IN Washington NNP . . `` `` But CC they PRP may MD pay VB a DT price NN 10 CD or CC 20 CD years NNS in IN the DT future NN . . '' '' Ms. NNP Slater NNP reports NNS on IN personal NN finance NN from IN The DT Wall NNP Street NNP Journal NNP 's POS New NNP York NNP bureau NN . . When WRB it PRP comes VBZ to TO investing VBG , , trying VBG to TO weigh VB risk NN and CC reward NN can MD seem VB like IN throwing VBG darts NN blindfolded VBD : : Investors NNS do VBP n't RB know VB the DT actual JJ returns NNS that IN securities NNS will MD deliver VB , , or CC the DT ups NNS and CC downs NNS that WDT will MD occur VB along IN the DT way NN . . Looking VBG to TO the DT past NN can MD provide VB some DT clues NNS . . Over IN several JJ decades NNS , , for IN instance NN , , investors NNS who WP put VBD up RP with IN the DT stock NN market NN 's POS gyrations NNS earned VBD returns NNS far RB in IN excess NN of IN those DT on IN bonds NNS and CC `` `` cash NN '' '' investments NNS like IN Treasury NN bills NNS . . But CC while IN history NN can MD suggest VB what WP is VBZ reasonable JJ to TO expect VB there EX 's VBZ no DT guarantee NN that IN the DT past NN will MD repeat VB itself PRP . . For IN instance NN , , some DT analysts NNS believe VB bond NN returns NNS and CC volatility NN have VB moved VBN permanently RB closer RB to TO those DT of IN the DT stock NN market NN . . And CC returns NNS on IN cash NN investments NNS may MD continue VB to TO exceed VB inflation NN by IN a DT wider JJR margin NN than IN they PRP did VBD over IN the DT long-term JJ past NN . . Portfolio NNP A DT : : Retired VBN couple NN , , age NN 65 CD ; : $ $ 400,000 CD portfolio NN . . Portfolio NNP B NNP : : Two-income NN couple NN , , age NN 45 CD ; : $ $ 150,000 CD portfolio NN . . A DT letter NN from IN Senator NNP John NNP Kerry NNP chides VBZ us PRP today NN for IN implying VBG that IN he PRP had VBD `` `` flip-flopped JJ '' '' on IN Manuel NNP Noriega NNP . . He PRP correctly RB says VBZ he PRP has VBZ been VBN down IN on IN Noriega NNP for IN some DT time NN , , hence RB his PRP$ criticism NN of IN administration NN mishandling VBG of IN the DT attempted VBN coup NN . . Our PRP$ October NNP 12 CD editorial NN should MD have VB been VBN more RBR precise JJ . . It PRP meant VBD to TO convey VB our PRP$ hope NN that IN the DT Senator NNP and CC other JJ members NNS of IN the DT congressional JJ left NN are VBP broadening VBG their PRP$ dislike NN of IN Noriega NN to TO include VB other JJ notorious JJ Central NNP American NNP drug NN runners NNS . . The DT Sandinistas NNP of IN Nicaragua NNP , , for IN example NN , , also RB are VBP part NN of IN the DT Castro-Medellin NNP cartel NN nexus NN . . In IN his PRP$ letter NN and CC on IN the DT basis NN of IN his PRP$ losing VBG vote NN Tuesday NNP against IN U.S. NNP aid NN for IN the DT Nicaraguan NNP opposition NN , , Senator NNP Kerry NNP makes VBZ clear JJ he PRP has VBZ not RB made VBN that IN intellectual JJ leap NN . . We PRP were VBD wrong JJ . . THROUGHOUT IN THE DT 1980s NNS , , investors NNS have VBP been VBN looking VBG for IN creative JJ alternatives NNS to TO traditional JJ modes NNS of IN financial JJ planning NN . . Capital NN has VBZ been VBN democratized VBN , , and CC people NNS want VBP in RP . . Too RB often RB , , however RB , , small JJ investors NNS are VBP left VBN with IN the DT same JJ stale JJ solutions NNS that WDT appealed VBD to TO previous JJ generations NNS of IN fiduciary JJ strategists NNS . . Now RB a DT startling JJ new JJ approach NN is VBZ available JJ to TO building VBG your PRP$ financial JJ portfolio NN without IN undue JJ risk NN , , without IN extensive JJ planning NN and CC without IN hurting VBG your PRP$ life NN style NN one CD bit NN ! . This DT is VBZ particularly RB good JJ news NN for IN those DT who WP hate VBP risk NN , , who WP are VBP incapable JJ of IN doing VBG extensive JJ amounts NNS of IN planning NN and CC who WP refuse VBP to TO see VB their PRP$ life NN styles NNS hurt VBN in IN any DT way NN . . You PRP know VBP who WP you PRP are VBP . . My PRP$ revolutionary JJ system NN is VBZ also RB useful JJ for IN those DT who WP have VBP tried VBN customary JJ forms NNS of IN growing VBG their PRP$ currency NN cushion NN . . Like IN all DT Americans NNS seeking VBG chronic NN prosperity NN , , I PRP do VBP find VB it PRP necessary JJ to TO plunge VB certain JJ funds NNS into IN conservative JJ monetary JJ tools NNS , , if IN only RB to TO assuage VB my PRP$ father-in-law NN , , who WP believes VBZ in IN such JJ things NNS . . So RB throughout IN the DT decade NN I PRP have VBP maintained VBN my PRP$ share NN of IN individual JJ retirement NN accounts NNS and CC CDs NNS , , and CC tinkered VBN with IN stocks NNS , , bonds NNS and CC mutual JJ funds NNS , , as RB well RB as IN preserving VBG my PRP$ necessary JJ position NN in IN the DT residential JJ real-estate NN market NN . . Return NN on IN this DT fine JJ portfolio NN has VBZ been VBN modest JJ when WRB it PRP has VBZ not RB been VBN negative JJ . . Figure NN 1 CD demonstrates VBZ the DT performance NN of IN those DT businesses NNS I PRP 've VBP invested VBN in IN during IN this DT prosperous JJ decade NN ( ( see VB accompanying VBG illustration NN -- : WSJ NNP Oct. NNP 20 CD , , 1989 CD ) ) . . Oil-related JJ properties NNS suffered VBD a DT huge JJ decline NN until IN I PRP divested VBD myself PRP of IN all DT such JJ stocks NNS in IN 1985 CD , , at IN which WDT point NN the DT industry NN , , while IN not RB lighting VBG up RP any DT Christmas NNP trees NNS , , began VBD a DT slow JJ recovery NN . . Likewise RB , , mutual JJ funds NNS remained VBD relatively RB flat JJ until IN I PRP made VBD what WP was VBD , , for IN me PRP , , a DT serious JJ investment NN . . By IN 1987 CD , , these DT properties NNS were VBD in IN a DT tailspin NN , , causing VBG my PRP$ broker NN at IN Pru-Bache NNP to TO remark VB that IN she PRP 'd VBD `` `` never RB seen VBN anything NN like IN it PRP . . '' '' Concerned VBN for IN her PRP$ state NN of IN mind NN , , I PRP dropped VBD them PRP -- : and CC the DT market NN instantly RB began VBD its PRP$ steady JJ climb NN back RB to TO health NN . . Perhaps RB most RBS dramatic JJ was VBD the DT performance NN of IN the DT metropolitan JJ New NNP York NNP real-estate NN market NN , , which WDT was VBD booming VBG until IN I PRP entered VBD it PRP in IN late JJ 1988 CD , , at IN which WDT time NN it PRP posted VBD the DT first JJ negative JJ compound JJ annual JJ growth NN rate NN in IN years NNS . . Disgusted VBN , , I PRP cast VBD around RP for IN a DT different JJ way NN to TO plan VB my PRP$ asset NN distribution NN , , and CC with IN hardly RB any DT heavy JJ breathing NN the DT answer NN struck VBD me PRP : : I PRP was VBD doing VBG it PRP already RB ! . We PRP 've VBP all DT got VBD money NN to TO spend VB , , some DT of IN it PRP clearly RB disposable JJ since IN we PRP keep VBP disposing VBG of IN it PRP . . Bank VB it PRP ? . Not RB really RB ! . Sock VB it PRP away RB in IN long-term JJ instruments NNS ? . Nonsense NN ! . Daily RB living NN is VBZ the DT best JJS possible JJ investment NN ! . Your PRP$ priorities NNS may MD be VB different JJ , , but CC here RB in IN Figure NN 2 CD is VBZ where WRB I PRP 've VBP chosen VBN to TO build VB for IN the DT future NN : : personal JJ space NN ; : automotive JJ pursuits NNS ; : children NNS 's POS toys NNS ; : gardening VBG equipment NN , , bulbs NNS and CC shrubs NNS ; : and CC finally RB , , entertainment NN , , perhaps RB the DT best JJS investment NN of IN all DT . . All DT have VBP paid VBD off RP for IN me PRP in IN double-digit JJ annual JJ growth NN and CC continue VBP to TO provide VB significant JJ potential NN . . At IN least JJS , , according VBG to TO my PRP$ calculations NNS . . Personal JJ space NN ( ( Figure NN 3 CD ) ) has VBZ grown VBN 35 CD % NN annually RB over IN the DT course NN of IN the DT decade NN , , a DT performance NN that WDT would MD compare VB positively RB with IN an DT investment NN in IN , , say VB , , synthetic-leather JJ products NNS for IN the DT interiors NNS of IN cold-weather JJ vehicles NNS , , which WDT my PRP$ cousin NN got VBD into IN and CC sort NN of IN regrets VBZ to TO this DT day NN . . The DT assortment NN of IN expensive JJ children NNS 's POS toys NNS that IN I PRP have VBP purchased VBN wisely RB at IN a DT host NN of IN discount-toy JJ brokerage NN firms NNS ( ( Figure NN 4 CD ) ) has VBZ increased VBN handsomely RB in IN total JJ asset NN value NN far RB beyond IN any DT personal JJ investment NN except IN , , perhaps RB , , for IN my PRP$ record NN collection NN , , whose WP$ worth JJ , , I PRP think VBP it PRP 's VBZ safe JJ to TO say VB , , is VBZ incalculable JJ . . Continued VBN investment NN in IN my PRP$ 1984 CD subcompact NN has VBZ been VBN part NN of IN my PRP$ strategy NN ( ( Figure NNP 5 CD ) ) , , with IN present JJ annual JJ contributions NNS now RB equaling VBG more JJR than IN 60 CD % NN of IN the DT car NN 's POS original JJ value NN . . According VBG to TO my PRP$ calculations NNS , , these DT outlays NNS should MD have VB brought VBN the DT value NN of IN my PRP$ sedan NN to TO more JJR than IN $ $ 22,000 CD on IN the DT open JJ market NN ( ( Figure NNP 6 CD ) ) , , where WRB I PRP plan VBP to TO offer VB it PRP shortly RB . . Expansion NN of IN my PRP$ living VBG space NN has VBZ produced VBN an DT obvious JJ need NN for IN maintenance NN and CC construction NN of IN suitable JJ lawns NNS , , shrubs NNS and CC bushes NNS fitting JJ to TO its PRP$ suburban JJ locale NN . . I PRP have VBP thus RB committed VBN sufficient JJ personal JJ outlay NN to TO ensure VB that IN my PRP$ grounds NNS and CC lodgings NNS will MD never RB be VB short JJ of IN greens NNS and CC flowers NNS . . My PRP$ initial JJ stake NN in IN this DT blooming VBG enterprise NN has VBZ grown VBN tenfold RB , , according VBG to TO my PRP$ conservative JJ calculations NNS . . At IN the DT same JJ time NN , , my PRP$ share NN in IN a DT wide JJ variety NN of IN entertainment NN pursuits NNS has VBZ given VBN perhaps RB the DT most RBS dramatic JJ demonstration NN of IN the DT benefits NNS of IN creative JJ personal JJ financial JJ planning NN . . Over IN the DT course NN of IN the DT decade NN , , for IN instance NN , , my PRP$ return NN on IN investment NN in IN the DT area NN of IN poker NN alone RB ( ( Figures NNS 7A NN and CC 7B NN ) ) has VBZ been VBN most RBS impressive JJ , , showing VBG bodacious JJ annual JJ expansion NN with IN -- : given VBN the DT way NN my PRP$ associates NNS play VBP -- : no DT sign NN of IN abatement NN into IN the DT 1990s NNS and CC beyond IN . . With IN this DT personal JJ strategy NN firmly RB in IN place NN , , I PRP look VBP forward RB to TO years NNS of IN fine JJ life-style NN investments NNS and CC increasing JJ widespread JJ leverage NN . . My PRP$ kids NNS ' POS college NN education NN looms VBZ as IN perhaps RB the DT greatest JJS future JJ opportunity NN for IN spending VBG , , although IN I PRP 'll MD probably RB have VB to TO cash VB in RP their PRP$ toy NN portfolio NN to TO take VB advantage NN of IN it PRP . . But CC with IN every DT step NN I PRP take VBP , , I PRP 'm VBP building VBG wealth NN . . You PRP can MD , , too RB , , if IN you PRP , , like IN me PRP , , refuse VBP to TO bite VB the DT bullet NN . . So RB go VB out RB there RB and CC eat VB that DT debt NN . . You PRP 're VBP right RB there RB in IN the DT mainstream NN of IN American JJ business NN , , building VBG value NN on IN the DT back NN of IN insupportable JJ expenditures NNS . . Henry NNP Kravis NNP , , watch VB out RP ! . Mr. NNP Schwartz NNP is VBZ a DT business NN executive NN and CC writer NN in IN New NNP York NNP . . WHEN WRB JAMES NNP SCHWARTZ NNP was VBD just RB a DT lad NN his PRP$ father NN gave VBD him PRP a DT piece NN of IN career NN advice NN . . `` `` He PRP told VBD me PRP to TO choose VB an DT area NN where WRB just RB by IN being VBG mediocre JJ I PRP could MD be VB great JJ , , '' '' recalls VBZ Mr. NNP Schwartz NNP , , now RB 40 CD . . He PRP tried VBD management NN consulting NN , , traded VBD in IN turquoise NN for IN a DT while NN , , and CC even RB managed VBD professional JJ wrestlers NNS . . Now RB he PRP has VBZ settled VBN into IN a DT career NN that WDT fits VBZ the DT bill NN -- : financial JJ planning NN . . It PRP should MD be VB noted VBN that IN Mr. NNP Schwartz NNP , , who WP operates VBZ out RP of IN Englewood NNP , , Colo. NNP , , is VBZ a DT puckish JJ sort NN who WP likes VBZ to TO give VB his PRP$ colleagues NNS the DT needle NN . . But CC in IN this DT case NN the DT needle NN has VBZ a DT very RB sharp JJ point NN . . Though IN it PRP 's VBZ probably RB safe JJ to TO assume VB that IN the DT majority NN of IN financial JJ planners NNS are VBP honest JJ and CC even RB reasonably RB competent JJ , , the DT fact NN remains VBZ that IN , , as IN one CD wag NN puts VBZ it PRP , , `` `` anybody NN who WP can MD fog VB a DT mirror NN '' '' can MD call VB himself PRP a DT financial JJ planner NN . . Planners NNS now RB influence VBP the DT investment NN of IN several JJ hundred CD billion CD dollars NNS , , but CC in IN effect NN they PRP operate VBP in IN the DT dark NN . . There EX is VBZ no DT effective JJ regulation NN of IN planners NNS , , no DT accepted VBN standard NN for IN admission NN into IN their PRP$ ranks NNS -- : a DT dog NN got VBD into IN one CD trade NN group NN -- : no DT way NN to TO assess VB their PRP$ performance NN , , no DT way NN even RB to TO know VB how WRB many JJ of IN them PRP there EX are VBP ( ( estimates NNS range VBP from IN 60,000 CD to TO 450,000 CD ) ) . . All DT anyone NN need MD do VB is VBZ hang VB up RP a DT shingle NN and CC start VB planning VBG . . So RB it PRP should MD come VB as IN no DT shock NN that IN the DT profession NN , , if IN that DT 's VBZ what WP it PRP is VBZ , , has VBZ attracted VBN a DT lot NN of IN people NNS whose WP$ principal JJ talents NNS seem VBP to TO be VB frittering VBG away RP or CC flat-out JJ stealing VBG their PRP$ clients NNS ' POS money NN . . Alarmed VBN , , state NN and CC federal JJ authorities NNS are VBP trying VBG to TO devise VB ways NNS to TO certify VB and CC regulate VB planners NNS . . Industry NN groups NNS and CC reputable JJ planners NNS who WP are VBP members NNS of IN them PRP want VBP comprehensive JJ standards NNS , , too RB ; : they PRP 're VBP tired VBN of IN seeing VBG practitioners NNS depicted VBN collectively RB in IN the DT business NN press NN as RB dumber JJR than IN chimpanzees NNS and CC greedier JJR than IN a DT herd NN of IN swine NNS . . But CC reform NN has VBZ n't RB taken VBN hold NN yet RB . . `` `` The DT industry NN is VBZ still RB pretty RB much RB in IN its PRP$ Wild NNP West NNP days NNS , , '' '' says VBZ Scott NNP Stapf NNP , , director NN of IN investor NN education NN for IN the DT North NNP American NNP Securities NNP Administrators NNP Association NNP . . An DT admittedly RB limited VBN survey NN by IN NASAA NNP , , whose WP$ members NNS are VBP state NN securities-law NN regulators NNS , , found VBD that IN between IN 1986 CD and CC 1988 CD `` `` fraud NN and CC abuse NN '' '' by IN financial JJ planners NNS cost VBD 22,000 CD investors NNS $ $ 400 CD million CD . . The DT rogues NNS ' POS gallery NN of IN planners NNS involved VBN includes VBZ some DT convicted VBN felons NNS , , a DT compulsive JJ gambler NN or CC two CD , , various JJ businessmen NNS who WP had VBD planned VBN their PRP$ own JJ previous JJ ventures NNS right RB into IN bankruptcy NN , , and CC one CD man NN who WP scammed VBD his PRP$ wife NN 's POS grandmother NN . . What WP 's VBZ more JJR , , the DT losses NNS they PRP and CC the DT others NNS caused VBD `` `` are VBP just RB what WP we PRP are VBP stumbling VBG over IN , , '' '' says VBZ Mr. NNP Stapf NNP , , adding VBG that IN the DT majority NN of IN misdeeds NNS probably RB go VBP undetected JJ . . So RB do VBP just RB about RP all DT the DT losses NNS that WDT could MD be VB attributed VBN to TO the DT sheer JJ incompetence NN of IN unqualified JJ planners NNS . . Nobody NN can MD estimate VB the DT toll NN , , but CC John NNP Gargan NNP , , a DT Tampa NNP , , Fla. NNP , , planner NN and CC head NN of IN one CD trade NN group NN , , the DT International NNP Association NNP of IN Registered NNP Financial NNP Planners NNP , , thinks VBZ the DT danger NN to TO investors NNS from IN incompetence NN is VBZ `` `` humongous JJ , , '' '' far RB greater JJR than IN that DT from IN crookery NN . . His PRP$ group NN , , like IN others NNS , , wants VBZ minimum NN standards NNS applied VBN to TO all DT who WP call VBP themselves PRP financial JJ planners NNS . . Surveying VBG all DT this DT , , some DT people NNS now RB think VBP the DT best JJS planner NN might MD be VB no DT planner NN at IN all DT . . For IN most JJS investors NNS `` `` the DT benefits NNS just RB are VBP n't RB worth JJ the DT risks NNS , , '' '' says VBZ Barbara NNP Roper NNP , , who WP follows VBZ financial-planning JJ issues NNS for IN the DT Consumer NNP Federation NNP of IN America NNP , , a DT consumer-advocacy JJ organization NN based VBN in IN Washington NNP . . She PRP concedes VBZ that IN such JJ a DT position NN is VBZ `` `` unfair JJ '' '' to TO the DT thousands NNS of IN conscientious JJ and CC qualified JJ people NNS plying VBG the DT trade NN , , but CC as IN a DT consumer NN advocate NN she PRP feels VBZ impelled VBN to TO take VB it PRP . . She PRP says VBZ her PRP$ group NN used VBN to TO give VB tips NNS on IN selecting VBG planners NNS -- : check VB educational JJ and CC experience NN credentials NNS , , consult VB regulators NNS and CC Better NNP Business NNP Bureaus NNPS -- : but CC found VBD that IN even RB some DT people NNS who WP took VBD these DT steps NNS `` `` were VBD still RB getting VBG ripped VBN off RP . . '' '' The DT bad JJ news NN , , however RB , , has VBZ n't RB been VBN bad JJ enough RB to TO kill VB the DT growing VBG demand NN for IN financial JJ planning NN . . The DT Tax NNP Reform NNP Act NNP of IN 1986 CD , , which WDT eliminated VBD many JJ tax NN shelters NNS peddled VBN by IN planners NNS , , and CC the DT stock NN market NN crash NN the DT next JJ year NN did VBD cause VB a DT sharp JJ slump NN in IN such JJ demand NN , , and CC many JJ planners NNS had VBD to TO make VB an DT unplanned JJ exit NN from IN the DT business NN . . But CC membership NN in IN the DT International NNP Association NNP of IN Financial NNP Planners NNP ( ( IAFP NNP ) ) , , the DT industry NN 's POS biggest JJS trade NN group NN , , is VBZ still RB nearly RB triple JJ what WP it PRP was VBD in IN 1980 CD , , and CC it PRP 's VBZ believed VBN that IN the DT ranks NNS of IN planners NNS who WP do VBP n't RB belong VB to TO any DT group NN have VBP soared VBN as RB well RB . . An DT estimated VBN 10 CD million CD Americans NNS are VBP now RB using VBG financial JJ planners NNS , , and CC the DT pool NN of IN capital NN they PRP influence VBP is VBZ enormous JJ . . A DT survey NN of IN 54,000 CD of IN them PRP conducted VBN by IN the DT IAFP NNP in IN April NNP showed VBD that IN these DT practitioners NNS alone RB had VBD controlled VBN or CC guided VBN the DT investment NN of IN $ $ 154 CD billion CD of IN their PRP$ clients NNS ' POS money NN in IN the DT previous JJ 12 CD months NNS . . The DT sheer JJ number NN of IN planners NNS makes VBZ the DT business NN extremely RB difficult JJ , , if IN not RB impossible JJ , , to TO regulate VB . . Even RB the DT minority NN of IN them PRP who WP must MD register VB with IN the DT Securities NNP and CC Exchange NNP Commission NNP as IN `` `` investment NN advisers NNS '' '' -- : people NNS who WP are VBP in IN the DT business NN of IN counseling VBG others NNS on IN the DT buying VBG and CC selling VBG of IN securities NNS specifically RB -- : have VBP been VBN enough JJ to TO swamp VB the DT agency NN 's POS capacity NN . . The DT SEC NNP has VBZ only RB about RB 200 CD staffers NNS assigned VBN to TO keep VB tabs NNS on IN investment NN advisers NNS -- : about RB the DT same JJ as IN in IN 1980 CD -- : even RB though IN the DT number NN of IN advisers NNS has VBZ tripled VBN to TO about RB 15,000 CD over IN the DT past JJ decade NN . . Currently RB , , a DT registered VBN investment NN adviser NN can MD expect VB an DT SEC NNP audit NN only RB once RB every DT 12 CD years NNS . . A DT lot NN of IN bad JJ things NNS can MD happen VB in IN 12 CD years NNS . . `` `` It PRP does VBZ n't RB take VB a DT rocket NN scientist NN to TO figure VB out RP our PRP$ problem NN , , '' '' says VBZ Kathryn NNP McGrath NNP , , director NN of IN the DT SEC NNP 's POS division NN of IN investment NN management NN . . So IN the DT SEC NNP has VBZ proposed VBN to TO Congress NNP that IN much JJ of IN the DT job NN of IN oversight NN be VB turned VBN over RP to TO an DT industry-funded JJ , , self-regulatory JJ organization NN patterned VBN on IN the DT National NNP Association NNP of IN Securities NNP Dealers NNP , , which WDT operates VBZ in IN the DT brokerage NN business NN . . Such JJ an DT organization NN could MD , , among IN other JJ things NNS , , set VBN minimum NN standards NNS for IN competence NN , , ethics NNS and CC finances NNS and CC punish VB those DT investment NN advisers NNS who WP broke VBD the DT rules NNS . . The DT proposal NN has VBZ set VBN off RP a DT lively JJ debate NN within IN an DT industry NN that WDT was VBD far RB from IN united VBN to TO begin VB with RP . . Mr. NNP Schwartz NNP , , the DT puckish JJ planner NN from IN Englewood NNP , , Colo. NNP , , says VBZ that IN allowing VBG the DT business NN to TO police VB itself PRP would MD be VB `` `` like IN putting VBG Dracula NNP in IN charge NN of IN the DT blood NN bank NN . . '' '' Mr. NNP Gargan NNP , , the DT Tampa NNP planner NN who WP heads VBZ one CD trade NN group NN , , favors VBZ simply RB assessing VBG the DT industry NN and CC giving VBG the DT money NN to TO the DT SEC NNP to TO hire VB more JJR staff NN . . ( ( Mr. NNP Gargan NNP 's POS views NNS are VBP not RB greeted VBN with IN wild JJ enthusiasm NN over RB at IN the DT IAFP NNP , , the DT major JJ industry NN organization NN . . When WRB the DT IAFP NNP recently RB assembled VBD other JJ industry NN groups NNS to TO discuss VB common JJ standards NNS that WDT might MD be VB applied VBN to TO planners NNS , , Mr. NNP Gargan NNP 's POS group NN was VBD excluded VBN . . That DT may MD be VB because IN Mr. NNP Gargan NNP , , smarting VBG at IN what WP he PRP considered VBD slurs NNS on IN his PRP$ membership NN standards NNS made VBN by IN the DT rival JJ group NN , , enrolled VBD his PRP$ dog NN , , Beauregard NNP , , as IN a DT member NN of IN the DT IAFP NNP . . Then RB he PRP sent VBD the DT pooch NN 's POS picture NN with IN the DT certificate NN of IN membership NN -- : it PRP was VBD made VBN out RP to TO `` `` Boris NNP ` `` Bo NNP ' '' Regaard NNP '' '' -- : to TO every DT newspaper NN he PRP could MD think VB of IN . . ) ) The DT states NNS have VBP their PRP$ own JJ ideas NNS about IN regulation NN and CC certification NN . . NASAA NNP , , the DT organization NN of IN state NN securities NNS regulators NNS , , is VBZ pushing VBG for IN a DT model JJ regulatory JJ statute NN already RB adopted VBN in IN eight CD states NNS . . It PRP requires VBZ financial JJ planners NNS to TO register VB with IN states NNS , , pass VB competency NN tests NNS and CC reveal VB to TO customers NNS any DT conflicts NNS of IN interest NN . . The DT most RBS common JJ conflict NN involves VBZ compensation NN . . NASAA NNP estimates VBZ that IN nearly RB 90 CD % NN of IN planners NNS receive VBP some DT or CC all DT of IN their PRP$ income NN from IN sales NNS commissions NNS on IN securities NNS , , insurance NN and CC other JJ financial JJ products NNS they PRP recommend VBP . . The DT issue NN : : Is VBZ the DT planner NN putting VBG his PRP$ clients NNS into IN the DT best JJS investments NNS , , or CC the DT ones NNS that WDT garner VBP the DT biggest JJS commissions NNS ? . In IN 1986 CD the DT New NNP York NNP attorney NN general NN 's POS office NN got VBD an DT order NN from IN a DT state NN court NN in IN Albany NNP shutting VBG down RP First NNP Meridian NNP Corp. NNP , , an DT Albany NNP financial-planning JJ firm NN that WDT had VBD invested VBN $ $ 55 CD million CD on IN behalf NN of IN nearly RB 1,000 CD investors NNS . . In IN its PRP$ notice NN of IN action NN , , the DT attorney NN general NN said VBD the DT company NN had VBD promised VBN to TO put VB clients NNS into IN `` `` balanced JJ '' '' investment NN portfolios NNS ; : instead RB , , the DT attorney NN general NN alleged VBN , , the DT company NN consistently RB shoved VBD unwary JJ customers NNS into IN high-risk JJ investments NNS in IN paintings NNS , , coins NNS and CC Florida NNP condos NNS . . Those DT investments NNS paid VBD big JJ commissions NNS to TO First NNP Meridian NNP , , payments NNS investors NNS were VBD never RB told VBN about IN , , the DT attorney NN general NN alleged VBD . . Investors NNS were VBD further RB assured VBN that IN only RB those DT with IN a DT minimun NN net JJ worth NN would MD be VB accepted VBN . . In IN practice NN , , the DT attorney NN general NN alleged VBN in IN an DT affidavit NN , , if IN an DT investor NN had VBD access NN to TO cash NN `` `` the DT chances NNS of IN being VBG turned VBD down RP by IN First NNP Meridian NNP were VBD about RB as RB probable JJ as IN being VBG rejected VBD by IN the DT Book-of-the-Month NNP Club NNP . . '' '' And CC , , the DT attorney NN general NN added VBD , , First NNP Meridian NNP 's POS president NN , , Roger NNP V. NNP Sala NNP , , portrayed VBD himself PRP as IN a DT `` `` financial JJ expert NN '' '' when WRB his PRP$ qualifications NNS largely RB consisted VBD of IN a DT high-school NN diploma NN , , work NN as IN a DT real-estate NN and CC insurance NN salesman NN , , and CC a DT stint NN as IN supervisor NN at IN a DT highway NN toll NN booth NN . . First NNP Meridian NNP and CC its PRP$ officials NNS are VBP currently RB under IN investigation NN for IN possible JJ criminal JJ wrongdoing NN , , according VBG to TO a DT spokeswoman NN for IN the DT attorney NN general NN . . Harry NNP Manion NNP , , Mr. NNP Sala NNP 's POS attorney NN , , says VBZ his PRP$ client NN denies VBZ any DT wrongdoing NN and CC adds VBZ that IN the DT attorney NN general NN 's POS contentions NNS about IN First NNP Meridian NNP 's POS business NN practices NNS are VBP incorrect JJ . . As IN for IN Mr. NNP Sala NNP 's POS qualifications NNS , , `` `` the DT snooty JJ attorneys NNS for IN the DT state NN of IN New NNP York NNP decided VBD Mr. NNP Sala NNP was VBD n't RB qualified VBD because IN he PRP did VBD n't RB have VB a DT Harvard NNP degree NN , , '' '' says VBZ Mr. NNP Manion NNP . . Civil JJ suits NNS against IN planners NNS by IN clients NNS seeking VBG recovery NN of IN funds NNS are VBP increasingly RB common JJ . . Two CD such JJ actions NNS , , both DT filed VBD earlier RB this DT year NN in IN Georgia NNP state NN court NN in IN Atlanta NNP , , could MD be VB particularly RB embarrassing VBG to TO the DT industry NN : : both DT name VBP J. NNP Chandler NNP Peterson NNP , , an DT Atlanta NNP financial JJ planner NN who WP is VBZ a DT founder NN and CC past NN chairman NN of IN the DT IAFP NNP , , as IN defendant NN . . One CD suit NN , , filed VBN by IN more JJR than IN three CD dozen NN investors NNS , , charges VBZ that IN Mr. NNP Peterson NNP misused VBD much JJ of IN the DT $ $ 9.7 CD million CD put VBD into IN a DT limited VBN partnership NN that IN he PRP operated VBD and CC promoted VBD , , spending VBG some DT of IN it PRP to TO pay VB his PRP$ own JJ legal JJ bills NNS and CC to TO invest VB in IN other JJ companies NNS in IN which WDT he PRP had VBD an DT interest NN . . Those DT companies NNS , , in IN turn NN , , paid VBD Mr. NNP Peterson NNP commissions NNS and CC fees NNS , , the DT suit NN alleges VBZ . . The DT other JJ suit NN was VBD filed VBN by IN two CD men NNS in IN a DT dispute NN over IN $ $ 100,000 CD investments NNS each DT says VBZ he PRP made VBD with IN Mr. NNP Peterson NNP as IN part NN of IN an DT effort NN to TO purchase VB the DT Bank NNP of IN Scottsdale NNP in IN Scottsdale NNP , , Ariz NNP . . One CD plaintiff NN , , a DT doctor NN , , testified VBD in IN an DT affidavit NN that IN he PRP also RB gave VBD Mr. NNP Peterson NNP $ $ 50,000 CD to TO join VB a DT sort NN of IN investment NN club NN which WDT essentially RB gave VBD the DT physician NN `` `` the DT privilege NN of IN making VBG additional JJ investments NNS '' '' with IN Mr. NNP Peterson NNP . . In IN affidavits NNS , , each DT plaintiff NN claims VBZ Mr. NNP Peterson NNP promised VBD the DT bank NN purchase NN would MD be VB completed VBN by IN the DT end NN of IN 1988 CD or CC the DT money NN returned VBD . . Mr. NNP Peterson NNP took VBD the DT plaintiffs NNS ' POS and CC other JJ investors NNS ' POS money NN to TO a DT meeting NN of IN the DT bank NN 's POS directors NNS . . Wearing VBG a DT business NN suit NN and CC western-style JJ hat NN and CC boots NNS , , he PRP opened VBD up RP his PRP$ briefcase NN and CC dumped VBD $ $ 1 CD million CD in IN cash NN on IN a DT table NN in IN front NN of IN the DT directors NNS , , says VBZ Myron NNP Diebel NNP , , the DT bank NN 's POS president NN . . `` `` He PRP said VBD he PRP wanted VBD to TO show VB the DT color NN of IN his PRP$ money NN , , '' '' recalls VBZ Mr. NNP Diebel NNP . . Bank NN officials NNS , , however RB , , showed VBD him PRP the DT door NN , , and CC the DT sale NN never RB came VBD off RP . . According VBG to TO the DT suit NN , , Mr. NNP Peterson NNP has VBZ yet RB to TO return VB the DT plaintiffs NNS ' POS investment NN . . They PRP want VBP it PRP back RB . . Mr. NNP Peterson NNP declines VBZ to TO comment VB on IN specific JJ allegations NNS in IN the DT two CD suits NNS , , saying VBG he PRP prefers VBZ to TO save VB such JJ responses NNS for IN court NN . . But CC he PRP does VBZ say VB that IN all DT of IN his PRP$ activities NNS have VBP been VBN `` `` entirely RB proper JJ . . '' '' On IN the DT suit NN by IN the DT limited VBN partners NNS , , he PRP says VBZ he PRP is VBZ considering VBG a DT defamation NN suit NN against IN the DT plaintiffs NNS . . The DT suit NN , , he PRP adds VBZ , , `` `` is VBZ almost RB in IN the DT nature NN of IN a DT vendetta NN by IN a DT handful NN of IN disgruntled JJ people NNS . . '' '' Rearding VBG the DT suit NN over IN the DT bank NN bid NN , , Mr. NNP Peterson NNP says VBZ it PRP is VBZ filled VBN with IN `` `` inflammatory JJ language NN and CC half JJ truths NNS . . '' '' He PRP declines VBZ to TO go VB into IN specifics NNS . . Mr. NNP Peterson NNP says VBZ the DT suits NNS against IN him PRP are VBP less JJR a DT measure NN of IN his PRP$ work NN than IN they PRP are VBP a DT `` `` sign NN of IN the DT times NNS '' '' in IN which WDT people NNS generally RB are VBP more RBR prone JJ to TO sue VB . . `` `` I PRP do VBP n't RB know VB anybody NN in IN the DT industry NN who WP has VBZ n't RB experienced VBN litigation NN , , '' '' he PRP says VBZ . . Mr. NNP Peterson NNP also RB says VBZ he PRP does VBZ n't RB consider VB himself PRP a DT financial JJ planner NN anymore RB . . He PRP now RB calls VBZ himself PRP an DT `` `` investment NN banker NN . . '' '' In IN many JJ scams NNS or CC alleged VBN scams NNS involving VBG planners NNS , , it PRP 's VBZ plain JJ that IN only RB a DT modicum NN of IN common JJ sense NN on IN the DT part NN of IN the DT investors NNS would MD have VB kept VBN them PRP out IN of IN harm NN 's POS way NN . . Using VBG it PRP , , would MD n't RB a DT proessional NN hesitate VB to TO pay VB tens NNS of IN thousands NNS of IN dollars NNS just RB for IN a DT chance NN to TO invest VB witha NN planner NN ? . Other JJ cases NNS go VBP to TO show VB that IN an DT old JJ saw NN still RB applies VBZ : : If IN it PRP sounds VBZ too RB good JJ to TO be VB true JJ , , it PRP probably RB is VBZ . . Certificates NNS of IN deposit NN do VBP n't RB pay VB 23 CD % NN a DT year NN , , for IN example NN , , but CC that DT did VBD n't RB give VB pause NN to TO clients NNS of IN one CD Alabama NNP planner NN . . Now RB they PRP 're VBP losers NNS and CC he PRP 's VBZ in IN jail NN in IN Mobile NNP County NNP . . CDs NNS yielding VBG 40 CD % NN are VBP even RB more RBR implausible JJ -- : especially RB when WRB the DT issuing VBG `` `` bank NN '' '' in IN the DT Marshall NNP Islands NNP is VBZ merely RB a DT mail NN drop NN watched VBD over RP by IN a DT local JJ gas-station JJ operator NN -- : but CC investors NNS fell VBD for IN that DT one CD too RB . . And CC the DT Colorado NNP planner NN who WP promised VBD to TO make VB some DT of IN his PRP$ clients NNS millionaires NNS on IN investments NNS of IN as RB litle JJ as IN $ $ 100 CD ? . Never RB mind VB . . You PRP already RB know VBP the DT answer NN . . Mr. NNP Emshwiller NNP is VBZ a DT staff NN reporter NN in IN The DT Wall NNP Street NNP Journal NNP 's POS Los NNP Angeles NNP bureau NN . . At IN the DT ritzy JJ Fashion NNP Island NNP Shopping NNP Center NNP , , the DT tanned VBN and CC elegant JJ ladies NNS of IN this DT wealthy JJ Southern NNP California NNP beach NN community NN disembark VBP from IN their PRP$ Mercedes-Benzes NNS and CC BMWs NNS for IN another DT day NN of IN exercising VBG their PRP$ credit NN cards NNS . . They PRP root VBP among IN the DT designer NN offerings NNS at IN Neiman-Marcus NNP and CC Bullocks NNP Wilshire NNP . . They PRP stroll VBP through IN the DT marble-encased JJ corridors NNS of IN the DT Atrium NNP Court NNP . . They PRP graze VBP at IN the DT Farmers NNP Market NNP , , a DT combination NN gourmet NN food NN court NN and CC grocery NN store NN , , while IN a DT pianist NN accompanies VBZ the DT noon NN fashion NN show NN with IN a DT selection NN of IN dreamy JJ melodies NNS . . `` `` The DT beautiful JJ look NN of IN wool NN , , '' '' croons VBZ the DT show NN 's POS narrator NN , , `` `` slightly RB Victorian JJ in IN its PRP$ influence NN ... : . . '' '' Meanwhile RB , , in IN the DT squat JJ office NN buildings NNS that WDT ring VBP Fashion NNP Island NNP , , the DT odds NNS are VBP good JJ that IN someone NN is VBZ getting VBG fleeced VBN . . Law-enforcement JJ authorities NNS say VBP that IN at IN any DT given VBN time NN , , a DT host NN of IN fraudulent JJ telemarketing NN operations NNS mingle VBP with IN the DT many JJ legitimate JJ businesses NNS here RB . . `` `` They PRP seem VBP to TO like VB these DT industrial JJ parks NNS , , '' '' says VBZ Kacy NNP McClelland NNP , , a DT postal JJ inspector NN who WP specializes VBZ in IN mail NN fraud NN . . `` `` We PRP call VBP them PRP fraud NN farms NNS . . '' '' Welcome UH to TO that DT welter NN of IN contradictions NNS known VBN as IN Newport NNP Beach NNP . . This DT city NN of IN more JJR than IN 70,000 CD is VBZ known VBN for IN sunshine NN , , yachts NNS and CC rich JJ residents NNS . . It PRP is VBZ also RB known VBN as IN the DT fraud NN capital NN of IN the DT U.S. NNP , , dubbed VBN by IN investigators NNS and CC the DT media NNS as IN the DT `` `` Cote NNP de IN Fraud NNP '' '' . . How WRB does VBZ a DT community NN famous JJ for IN its PRP$ high JJ living NN end VB up RP as IN a DT haven NN for IN low-lifes NNS ? . Clearly RB , , the DT existence NN of IN the DT former JJ lures NNS the DT latter JJ . . The DT places NNS renowned VBN for IN breeding VBG bunco NN , , like IN the DT Miami NNP neighborhood NN known VBN as IN the DT `` `` Maggot NNP Mile NNP '' '' and CC Las NNP Vegas NNP 's POS flashy JJ strip NN of IN casinos NNS , , invariably RB offer VBP fast JJ cars NNS , , high JJ rollers NNS , , glamorous JJ women NNS and CC lots NNS of IN sunshine NN . . You PRP do VBP n't RB hear VB much JJ about IN unusual JJ concentrations NNS of IN fraud NN in IN Green NNP Bay NNP or CC Buffalo NNP . . Con NN men NNS hate VBP snow NN . . Newport NNP Beach NNP fits VBZ the DT scam NN artists NNS ' POS specifications NNS perfectly RB . . What WP more JJR could MD a DT con JJ man NN in IN search NN of IN the DT easy JJ life NN ask VB for IN ? . Nothing NN seems VBZ hard RB here RB . . The DT breezes NNS are VBP soft JJ , , the DT waves NNS lap VBP gently RB and CC the DT palm NN trees NNS sway VBP lazily RB . . Nightlife NN is VBZ plentiful JJ . . Moreover RB , , ostentation NN is VBZ appreciated VBN . . The DT median JJ price NN of IN homes NNS is VBZ $ $ 547,000 CD ; : more JJR than IN 9,000 CD vessels NNS fill VBP what WP the DT chamber NN of IN commerce NN calls VBZ the DT nation NN 's POS largest JJS pleasure-boat NN harbor NN . . `` `` Blondes NNS , , cocaine NN and CC Corvettes NNS , , '' '' mutters NNS Mr. NNP McClelland NNP . . `` `` That DT 's VBZ what WP they PRP 're VBP after IN . . '' '' The DT rich JJ image NN of IN Newport NNP Beach NNP also RB helps VBZ lend VB the DT con NN artists NNS ' POS operation NN an DT air NN of IN respectability NN . . `` `` One CD reason NN they PRP use VBP Newport NNP Beach NNP is VBZ that IN it PRP sounds VBZ swankier JJR than IN most JJS addresses NNS , , '' '' says VBZ David NNP Katz NNP , , a DT U.S. NNP attorney NN who WP , , until IN recently RB , , headed VBD a DT multi-agency JJ Southern NNP California NNP fraud NN task NN force NN . . `` `` Newport NNP Beach NNP is VBZ known VBN in IN Rhode NNP Island NNP for IN having VBG a DT lot NN of IN rich JJ people NNS . . '' '' No DT wonder NN all DT kinds NNS of IN big-time JJ scams NNS have VBP flourished VBN here RB , , from IN phony JJ tax-sheltered JJ Bible NNP sales NNS to TO crooked JJ car NN dealers NNS to TO bogus JJ penny-stock JJ traders NNS . . But CC above IN all DT , , this DT is VBZ the DT national JJ headquarters NN for IN boiler-room NN operators NNS , , those DT slick-talking JJ snake-oil JJ salesmen NNS who WP use VBP the DT telephone NN to TO extract VB money NN from IN the DT gullible JJ and CC the DT greedy JJ and CC then RB vanish VBP . . Because IN only RB a DT fraction NN of IN them PRP are VBP ever RB prosecuted VBN , , nobody NN really RB knows VBZ how WRB much JJ money NN bogus JJ telemarketing NN operators NNS really RB harvest VBP . . `` `` I PRP 've VBP heard VBN that IN there EX is VBZ $ $ 40 CD billion CD taken VBN in RP nationwide JJ by IN boiler NN rooms NNS every DT year NN , , '' '' Mr. NNP McClelland NNP says VBZ . . `` `` If IN that DT 's VBZ true JJ , , Orange NNP County NNP has VBZ to TO be VB at IN least JJS 10 CD % NN of IN that DT . . '' '' And CC most JJS of IN the DT truly RB big JJ scams NNS in IN Orange NNP County NNP seem VBP to TO originate VB in IN Newport NNP Beach NNP or CC one CD of IN the DT other JJ well-heeled JJ communities NNS that WDT surround VBP this DT sliver-like JJ city NN that WDT hooks VBZ around IN a DT point NN of IN land NN on IN the DT California NNP coast NN south RB of IN Los NNP Angeles NNP . . In IN fact NN , , sophisticated JJ big-bucks JJ boiler-room NN scams NNS are VBP known VBN generically RB among IN law-enforcement JJ types NNS as IN `` `` Newport NNP Beach NNP '' '' operations NNS . . That DT contrasts VBZ with IN the DT penny-ante JJ sales NNS of IN things NNS such JJ as IN pen-and-pencil JJ sets NNS and CC office NN supplies NNS that WDT are VBP known VBN as IN `` `` Hollywood NNP '' '' scams NNS . . Newport NNP Beach NNP telemarketers NNS concentrate VBP on IN precious JJ metals NNS and CC oil-leasing NN deals NNS that WDT typically RB cost VBP thousands NNS of IN dollars NNS a DT shot NN . . The DT investors NNS range VBP from IN elderly JJ widows NNS to TO affluent JJ professionals NNS . . In IN one CD ingenious JJ recent JJ example NN of IN a DT Newport NNP Beach NNP boiler NN room NN , , prospective JJ investors NNS in IN Capital NNP Trust NNP Inc. NNP were VBD allegedly RB told VBN that IN their PRP$ investment NN in IN precious JJ metals NNS was VBD insured VBN against IN losses NNS `` `` caused VBN by IN employees NNS due JJ to TO dishonesty NN , , destruction NN or CC disappearance NN , , '' '' according VBG to TO an DT indictment NN handed VBD up RP by IN a DT federal JJ grand JJ jury NN in IN Los NNP Angeles NNP last JJ month NN . . Thus RB falsely RB reassured VBN , , investors NNS sent VBD $ $ 11.4 CD million CD to TO the DT Newport NNP Beach NNP company NN , , most JJS of IN which WDT was VBD diverted VBN to TO unauthorized JJ uses NNS , , the DT indictment NN charges NNS . . Douglas NNP Jones NNP , , an DT attorney NN representing VBG Richard NNP O. NNP Kelly NNP Sr. NNP , , the DT chairman NN and CC president NN of IN Capital NNP Trust NNP , , says VBZ his PRP$ client NN denies VBZ that IN there EX was VBD any DT attempt NN to TO defraud VB investors NNS . . `` `` There EX were VBD some DT business NN deals NNS that WDT went VBD bad JJ , , '' '' Mr. NNP Jones NNP says VBZ , , `` `` but CC no DT intent NN to TO defraud VB . . '' '' Newport NNP Beach NNP operations NNS differ VBP from IN the DT Hollywood NNP boiler NN rooms NNS in IN style NN as RB well RB as IN in IN dollars NNS . . Traditionally RB , , boiler NN rooms NNS operate VBP on IN the DT cheap JJ , , since IN few JJ , , if IN any DT , , customers NNS ever RB visit VBP their PRP$ offices NNS . . Indeed UH , , the DT name NN derives VBZ from IN the DT tendency NN among IN telemarketing NN scammers NNS to TO rent VB cheap JJ basement NN space NN , , near IN the DT boiler NN room NN . . But CC , , says VBZ Mr. NNP Katz NNP , , the DT U.S. NNP attorney NN , , `` `` the DT interesting JJ thing NN about IN Newport NNP Beach NNP operations NNS is VBZ that IN they PRP give VBP themselves PRP the DT indulgence NN of IN beautiful JJ offices NNS , , with IN plush JJ furnishings NNS . . When WRB we PRP go VBP there RB , , it PRP 's VBZ quite RB different JJ from IN these DT Hollywood NNP places NNS where WRB the DT sandwiches NNS are VBP spread VBN out RP on IN the DT table NN and CC the DT people NNS are VBP picking VBG their PRP$ noses NNS . . '' '' The DT Newport NNP Beach NNP operators NNS also RB tend VBP to TO indulge VB themselves PRP privately RB . . Investigators NNS cite VBP the DT case NN of IN Matthew NNP Valentine NNP , , who WP is VBZ currently RB serving VBG a DT six-year JJ sentence NN at IN Lompoc NNP Federal NNP Prison NNP for IN his PRP$ role NN in IN Intech NNP Investment NNP Corp. NNP , , which WDT promised VBD investors NNS returns NNS of IN as RB much JJ as IN 625 CD % NN on IN precious JJ metals NNS . . Mr. NNP Valentine NNP , , who WP pleaded VBD guilty JJ to TO five CD counts NNS of IN fraud NN in IN federal JJ court NN in IN Los NNP Angeles NNP , , drove VBD a DT leased VBN Mercedes NNS and CC lived VBD in IN an DT expensive JJ home NN on IN Lido NNP Isle NNP , , an DT island NN in IN Newport NNP 's POS harbor NN , , according VBG to TO investigators NNS . . With IN the DT $ $ 3 CD million CD received VBN from IN investors NNS , , he PRP took VBD frequent JJ junkets NNS with IN friends NNS to TO exotic JJ locales NNS and CC leased VBD an DT expensive JJ BMW NNP for IN his PRP$ girlfriend NN , , whom WP he PRP met VBD at IN the DT shop NN where WRB he PRP got VBD his PRP$ custom-tailored JJ suits NNS . . `` `` It PRP 's VBZ amazing JJ the DT amount NN of IN money NN that WDT goes VBZ up IN their PRP$ nose NN , , out IN to TO the DT dog NN track NN or CC to TO the DT tables NNS in IN Las NNP Vegas NNP , , '' '' Mr. NNP Katz NNP says VBZ . . All DT this DT talk NN of IN boiler NN rooms NNS and CC fraud NN is VBZ unnerving VBG to TO the DT city NN 's POS legitimate JJ business NN element NN . . Vincent NNP M NNP Ciavarella NNP , , regional JJ manager NN of IN Property NNP Management NNP Systems NNP , , insists VBZ he PRP does VBZ n't RB know VB of IN any DT bogus JJ telemarketers NNS operating VBG in IN the DT 1.6 CD million CD square JJ feet NNS of IN office NN space NN around IN Fashion NNP Island NNP that IN his PRP$ company NN leases VBZ for IN Irvine NNP Co. NNP , , the DT owner NN and CC developer NN of IN the DT project NN . . Mr. NNP Ciavarella NNP has VBZ rejected VBN a DT few JJ prospective JJ tenants NNS who WP provided VBD `` `` incomplete JJ '' '' financial JJ information NN and CC acknowledges VBZ that IN illegitimate JJ operators NNS `` `` are VBP not RB easily RB detectable JJ . . '' '' ( ( Investigators NNS stress VBP that IN building NN owners NNS are VBP victims NNS , , too RB , , since IN boiler NN rooms NNS often RB leave VBP without IN paying VBG rent NN . . ) ) Richard NNP Luehrs NNP , , president NN of IN the DT Newport NNP Harbor NNP Area NNP Chamber NNP of IN Commerce NNP , , calls VBZ boiler NN rooms NNS a DT `` `` negative JJ we PRP wish VBP we PRP could MD get VB rid VB of IN . . '' '' Actually RB , , `` `` we PRP do VBP n't RB get VB much JJ negative JJ publicity NN about IN this DT , , '' '' he PRP insists VBZ , , `` `` except IN for IN the DT press NN who WP write VBP about IN it PRP . . '' '' Mr. NNP Lancaster NNP is VBZ deputy JJ chief NN of IN The DT Wall NNP Street NNP Journal NNP 's POS Dallas NNP bureau NN . . YOU PRP WENT VBD to TO college NN and CC thought VBD you PRP got VBD an DT education NN . . Now RB you PRP discover VBP that IN you PRP never RB learned VBD the DT most RBS important JJ lesson NN : : How WRB to TO send VB your PRP$ kids NNS to TO college NN . . True JJ , , when WRB you PRP went VBD to TO college NN , , there RB was VBD n't RB that RB much JJ to TO learn VB . . Stick VB some DT money NN in IN an DT interest-bearing JJ account NN and CC watch VB it PRP grow VB . . Now RB , , investment NN salesmen NNS say VBP it PRP 's VBZ time NN to TO take VB some DT risks NNS if IN you PRP want VBP the DT kind NN of IN returns NNS that WDT will MD buy VB your PRP$ toddler NN a DT ticket NN to TO Prestige NNP U. NNP in IN 18 CD years NNS . . In IN short JJ , , throw VB away RB the DT passbook NN and CC go VB for IN the DT glory NN . . The DT reason NN is VBZ cost NN . . Nothing NN in IN the DT annals NN of IN tuition NN readied VBD parents NNS for IN the DT 1980s NNS . . Tuitions NNS at IN private JJ colleges NNS rose VBD 154 CD % NN in IN the DT 10 CD years NNS ended VBN in IN June NNP of IN this DT year NN ; : that DT 's VBZ twice RB the DT 77 CD % NN increase NN in IN consumer NN prices NNS for IN the DT same JJ period NN . . A DT year NN at IN Harvard NNP now RB goes VBZ for IN $ $ 19,395 CD . . By IN 2007 CD , , when WRB this DT year NN 's POS newborns NNS hit VBP campus NN , , a DT four-year JJ Ivy NNP League NNP sheepskin NN will MD cost VB $ $ 300,000 CD , , give VB or CC take VB a DT few JJ pizzas-with-everything NNS at IN exam NN time NN . . Stanford NNP , , MIT NNP and CC other JJ utmosts NNS will MD cost VB no RB less JJR . . So RB what WP 's VBZ a DT parent NN to TO do VB ? . Some DT investment NN advisers NNS are VBP suggesting VBG , , in IN effect NN , , a DT bet NN on IN a DT start-up JJ investment NN pool NN -- : maybe RB even RB on IN margin NN . . Others NNS prefer VBP deep-discount JJ zero-coupon JJ bonds NNS . . Still RB others NNS say VBP , , Why WRB not RB take VB a DT chance NN on IN a DT high-octane JJ growth NN fund NN ? . `` `` You PRP 're VBP not RB going VBG to TO make VB it PRP in IN a DT 5 CD % NN bank NN account NN , , '' '' says VBZ James NNP Riepe NNP , , director NN of IN mutual JJ funds NNS at IN T. NNP Rowe NNP Price NNP . . To TO get VB the DT necessary JJ growth NN , , adds VBZ Murray NNP Ruffel NNP , , a DT marketing NN official NN at IN the DT Financial NNP Programs NNP mutual-fund JJ group NN , , `` `` you PRP need VBP to TO go VB to TO the DT stock NN market NN . . '' '' In IN other JJ words NNS , , a DT little JJ volatility NN never RB hurt VBD . . It PRP never RB hurt VBD anyone NN , , that DT is VBZ , , unless IN the DT growth NN funds NNS do VBP n't RB grow VB when WRB you PRP need VBP them PRP to TO . . Or CC the DT zero-coupon JJ bonds NNS turn VBP out RP not RB to TO have VB been VBN discounted VBN deeply RB enough RB to TO pay VB your PRP$ kid NN 's POS tuition NN . . That DT 's VBZ the DT dilemma NN for IN today NN 's POS parent NN . . Although IN many JJ experts NNS are VBP advising VBG risk NN , , no DT one PRP has VBZ a DT good JJ answer NN for IN you PRP if IN the DT risk NN does VBZ n't RB pay VB off RP . . Help NN may MD be VB on IN the DT way NN . . The DT antitrust JJ division NN of IN the DT Justice NNP Department NNP is VBZ investigating VBG the DT oddly RB similar JJ tuition NN charges NNS and CC increases NNS among IN the DT top JJ schools NNS . . Fear NN of IN the DT price NN police NN could MD help VB cool VB things NNS off RP in IN the DT 1990s NNS . . And CC then RB there EX 's VBZ always RB State NNP U NNP . . But CC parents NNS ' POS craving NN for IN a DT top-rated JJ education NN for IN their PRP$ children NNS is VBZ growing VBG like IN their PRP$ taste NN for IN fancy JJ wheels NNS and CC vintage NN wine NN . . Belatedly RB aware JJ of IN public JJ concern NN , , lawmakers NNS and CC financial JJ middlemen NNS are VBP working VBG overtime RB to TO create VB and CC sell VB college NN savings NNS and CC investment NN schemes NNS . . Their PRP$ message NN , , explicit JJ or CC implicit JJ , , is VBZ that IN a DT good JJ college NN will MD cost VB so RB much JJ by IN whenever WRB you PRP want VBP it PRP that IN the DT tried VBN and CC true JJ wo MD n't RB do VB anymore RB . . Forget VB about IN Treasury NNP bills NNS or CC a DT money-market JJ fund NN . . The DT latest JJS wave NN of IN marketing NN is VBZ instructive JJ . . Several JJ outfits NNS -- : including VBG the DT Financial NNP Programs NNP , , Franklin NNP , , and CC T. NNP Rowe NNP Price NNP mutual-fund JJ groups NNS and CC the DT Edward NNP D. NNP Jones NNP brokerage NN house NN -- : are VBP advertising VBG `` `` college NN planner NN '' '' tables NNS and CC charts NNS that WDT tell VBP you PRP how WRB much JJ you PRP need VBP to TO put VB aside RB regularly RB . . The DT calculations NNS generally RB rely VBP on IN an DT after-tax JJ rate NN of IN return NN of IN 8 CD % NN annually RB -- : a DT rate NN historically RB obtainable JJ by IN the DT individual NN in IN only RB one CD place NN , , the DT stock NN market NN . . Most JJS of IN the DT mailers NNS are VBP free JJ , , but CC Denver-based JJ Financial NNP Programs NNP sells VBZ , , for IN $ $ 15 CD , , a DT version NN customized VBN to TO the DT age NN of IN the DT child NN and CC the DT college NN of IN choice NN . . The DT figures NNS are VBP shocking JJ . . To TO build VB a DT nest NN egg NN that WDT would MD pay VB for IN Stanford NNP when WRB a DT current JJ first-grader NN reaches VBZ college NN age NN , , parents NNS would MD need VB to TO set VB aside RB $ $ 773.94 CD a DT month NN -- : for IN 12 CD years NNS . . They PRP can MD cut VB this DT to TO $ $ 691.09 CD a DT month NN if IN the DT investing NN keeps VBZ up RP through IN college NN . . And CC they PRP can MD further RBR reduce VB the DT monthly JJ amount NN if IN they PRP start VBP saving VBG earlier RBR -- : when WRB mother NN and CC child NN come VBP home NN from IN the DT hospital NN . . Plugging VBG a DT cheaper JJR college NN into IN the DT formulas NNS still RB does VBZ n't RB generate VB an DT installment JJ most JJS people NNS can MD live VB with IN . . Using VBG a DT recent JJ average JJ private-school JJ cost NN of IN about RB $ $ 12,500 CD a DT year NN , , T. NNP Rowe NNP Price NNP 's POS planner NN prescribes VBZ $ $ 450 CD monthly JJ if IN the DT plan NN begins VBZ when WRB the DT child NN is VBZ six CD . . Since IN the DT formula NN assumes VBZ an DT 8 CD % NN before-tax JJ return NN in IN a DT mutual JJ fund NN , , there EX would MD also RB be VB $ $ 16,500 CD in IN taxes NNS to TO pay VB over IN the DT 12 CD years NNS . . Not RB everyone NN is VBZ so RB pessimistic JJ . . `` `` People NNS are VBP basically RB peddling VBG a DT lot NN of IN fear NN , , '' '' says VBZ Arthur NNP Hauptman NNP , , a DT consultant NN to TO the DT American NNP Council NNP on IN Education NNP in IN Washington NNP . . He PRP takes VBZ issue NN with IN projections NNS that WDT do VBP n't RB factor NN in RP students NNS ' POS own JJ contribution NN , , which WDT reduces VBZ most JJS parents NNS ' POS burden NN substantially RB . . Still RB , , he PRP says VBZ , , `` `` it PRP 's VBZ no DT bad JJ thing NN '' '' if IN all DT the DT marketing NN prods VBZ people NNS into IN putting VBG aside RB a DT little JJ more JJR . . `` `` The DT situation NN you PRP want VBP to TO avoid VB is VBZ having VBG somebody NN not RB save VB anything NN and CC hope VBP they PRP 'll MD be VB able JJ to TO do VB it PRP out IN of IN current JJ income NN , , '' '' he PRP says VBZ . . `` `` That DT 's VBZ crazy JJ . . '' '' His PRP$ advice NN : : Do VBP n't RB panic VB . . Parents NNS , , he PRP says VBZ , , should MD aim VB at IN whatever WDT regular JJ investment NN sum NN they PRP can MD afford VB . . Half DT the DT amount NN that IN the DT investment NN tables NNS suggest VBP might MD be VB a DT good JJ goal NN , , he PRP adds VBZ . . That DT way NN , , parents NNS will MD reduce VB borrowings NNS and CC outlays NNS from IN current JJ income NN when WRB the DT time NN comes VBZ to TO pay VB tuition NN . . Mr. NNP Hauptman NNP reckons VBZ that IN the DT best JJS investment NN choice NN is VBZ mutual JJ funds NNS because IN they PRP are VBP managed VBN and CC over IN time NN have VBP nearly RB kept VBN up RP with IN the DT broad JJ stock NN averages NNS . . He PRP favors VBZ either RB an DT all-stock JJ fund NN or CC a DT balanced VBN fund NN that IN mixes VBZ both DT stocks NNS and CC bonds NNS . . In IN their PRP$ anxiety NN , , however RB , , parents NNS and CC other JJ student NN benefactors NNS are VBP flocking VBG to TO new JJ schemes NNS . . They PRP have VBP laid VBN out RP about RB $ $ 1 CD billion CD for IN so-called JJ baccalaureate NN zero-coupon JJ municipal JJ bonds NNS -- : so RB far RB offered VBN by IN Connecticut NNP , , Illinois NNP , , Virginia NNP and CC eight CD other JJ states NNS . . And CC they PRP have VBP bought VBN about RB $ $ 500 CD million CD in IN prepaid-tuition JJ plans NNS , , offered VBN in IN Michigan NNP , , Florida NNP and CC Wyoming NNP . . The DT prepaid JJ plans NNS take VBP payment NN today NN -- : usually RB at IN current JJ tuitions NNS or CC at IN a DT slight JJ discount NN -- : for IN a DT promise NN that DT tuition NN will MD be VB covered VBN tomorrow NN . . The DT baccalaureate NN bonds NNS -- : tax-free JJ , , offered VBN in IN small JJ denominations NNS and CC usually RB containing VBG a DT provision NN that IN they PRP wo MD n't RB be VB called VBN before IN maturity NN -- : seem VBP to TO be VB tailor-made JJ for IN college NN savers NNS . . Like IN other JJ zeros NNS , , they PRP pay VBP all DT their PRP$ interest NN at IN maturity NN , , meaning VBG that IN buyers NNS can MD time VB things NNS so RB that IN their PRP$ bonds NNS pay VBP off RP just RB when WRB Junior NNP graduates VBZ from IN high JJ school NN . . Their PRP$ compounding NN effect NN is VBZ also RB alluring JJ . . In IN June NNP , , Virginia NNP sold VBD bonds NNS for IN $ $ 268.98 CD that WDT will MD pay VB $ $ 1,000 CD in IN 2009 CD . . But CC Richard NNP Anderson NNP , , head NN of IN the DT Forum NNP for IN College NNP Financing NNP Alternatives NNP , , at IN Columbia NNP University NNP , , a DT research NN group NN partly RB financed VBN by IN the DT federal JJ government NN , , says VBZ zeros NNS are VBP particularly RB ill-suited JJ . . Their PRP$ price NN falls VBZ further RBR than IN that DT of IN other JJ bonds NNS when WRB inflation NN and CC interest NN rates NNS kick VBP up RP . . That DT wo MD n't RB matter VB if IN they PRP are VBP held VBN to TO maturity NN , , but CC if IN , , for IN any DT reason NN , , the DT parents NNS need VBP to TO sell VB them PRP before RB then RB , , there EX could MD be VB a DT severe JJ loss NN of IN principal NN . . Had VBD zeros NNS been VBN available JJ in IN 1972 CD and CC had VBD parents NNS bought VBN a DT face NN amount NN equal JJ to TO four CD years NNS ' POS tuition NN at IN the DT time NN , , aiming VBG for IN their PRP$ children NNS 's POS 1988 CD enrollment NN , , they PRP would MD have VB been VBN left VBN with IN only RB enough JJ to TO pay VB for IN two CD years NNS , , Mr. NNP Anderson NNP figures VBZ . . Most JJS other JJ bonds NNS , , however RB , , would MD probably RB not RB have VB fared VBN much RB better RBR . . The DT prepaid VBN plans NNS may MD be VB a DT good JJ bet NN , , provided VBN the DT guarantee NN of IN future JJ tuition NN is VBZ secure JJ . . Issuing NN states NNS generally RB limit VBP the DT guarantees NNS to TO in-state JJ institutions NNS , , however RB , , and CC buyers NNS get VBP refunds NNS without IN much JJ interest NN if IN the DT children NNS do VBP n't RB attend VB the DT specified VBN schools NNS . . Two CD private JJ groups NNS are VBP seeking VBG Securities NNP and CC Exchange NNP Commission NNP approval NN for IN plans NNS that WDT could MD be VB more RBR broadly RB transferable JJ . . Mr. NNP Anderson NNP wants VBZ the DT prestige NN colleges NNS to TO sponsor VB such PDT a DT plan NN . . The DT issue NN here RB may MD be VB the DT soundness NN of IN the DT guarantee NN . . Prepayments NNS , , much RB like IN mutual-fund JJ purchases NNS , , are VBP pooled VBN for IN investment NN . . Sponsors NNS are VBP naturally RB counting VBG on IN their PRP$ ability NN to TO keep VB ahead RB of IN tuition NN inflation NN with IN investment NN returns NNS . . But CC buyers NNS are VBP essentially RB betting VBG on IN a DT start-up JJ investment NN fund NN with IN no DT track NN record NN -- : and CC some DT have VBP been VBN encouraged VBN to TO borrow VB to TO do VB so RB . . One CD problem NN is VBZ that IN the DT Internal NNP Revenue NNP Service NNP has VBZ decided VBN that IN the DT investment NN earnings NNS and CC gains NNS of IN the DT sponsors NNS ' POS funds NNS are VBP taxable JJ . . The DT colleges NNS , , as IN educational JJ institutions NNS , , had VBD hoped VBN that DT would MD n't RB be VB the DT case NN . . Based VBN on IN historical JJ rates NNS of IN return NN , , Mr. NNP Anderson NNP reckons VBZ a DT 100 CD % NN stock NN portfolio NN , , indexed VBN to TO the DT market NN , , would MD have VB kept VBD up RP with IN tuition NN and CC taxes NNS in IN the DT 20th JJ century NN . . But CC sponsors NNS might MD not RB pick VB the DT stocks NNS that WDT will MD match VB the DT market NN . . And CC they PRP 're VBP leaning VBG more RBR toward IN fixed VBN income NN , , whose WP$ returns NNS after IN tax NN have VBP trailed VBN tuition NN increases NNS . . `` `` I PRP 'm VBP not RB sure JJ they PRP 're VBP going VBG to TO make VB it PRP work VB , , '' '' says VBZ Mr. NNP Anderson NNP . . What WP happens VBZ if IN the DT sponsors NNS do VBP n't RB have VB the DT cash NN to TO pay VB the DT tuitions NNS ? . Florida NNP and CC Wyoming NNP have VBP backed VBN up RP their PRP$ guarantees NNS with IN the DT full JJ faith NN and CC credit NN of IN the DT state NN governments NNS , , meaning VBG that IN taxpayers NNS will MD pick VB up RP any DT slack NN . . Not RB so RB Michigan NNP . . Its PRP$ plan NN is VBZ set VBN up RP as IN an DT independent JJ agency NN . . The DT state NN says VBZ there EX 's VBZ no DT worry NN -- : investment NN returns NNS , , combined VBN with IN fees NNS and CC the DT gains NNS from IN unused JJ plans NNS , , will MD provide VB all DT the DT cash NN it PRP needs VBZ . . Mr. NNP Putka NNP covers VBZ education NN from IN The DT Wall NNP Street NNP Journal NNP 's POS Boston NNP bureau NN . . If IN you PRP start VBP saving VBG for IN your PRP$ child NN 's POS eduction NN on IN Jan. NNP 1 CD , , 1990 CD , , here RB 's VBZ the DT monthly JJ sum NN you PRP will MD need VB to TO invest VB to TO pay VB for IN four CD years NNS at IN Yale NNP , , Notre NNP Dame NNP and CC University NNP of IN Minnesota NNP . . Figures NNS assume VBP a DT 7 CD % NN annual JJ rise NN in IN tuition NN , , fees NNS , , room NN and CC board NN and CC an DT 8 CD % NN annual JJ investment NN return NN . . Note NN : : These DT figures NNS are VBP only JJ for IN mandatory JJ charges NNS and CC do VBP n't RB include VB books NNS , , transportation NN etc NN . . \* NN For IN in-state JJ students NNS Source NN : : PaineWebber NNP Inc NNP . . AMONG IN THE DT CATFISH NNS farmers NNS in IN the DT watery JJ delta JJ land NN of IN Humphreys NNP County NNP , , Miss. NNP , , Allen NNP D. NNP Tharp NNP of IN Isola NNP was VBD one CD of IN the DT best RBS known VBN and CC most RBS enterprising JJ . . He PRP sold VBD quarter-inch JJ fingerlings NNS to TO stock VB other JJ farmers NNS ' POS ponds NNS , , and CC he PRP bought VBD back RB one-pound-or-so JJ food-fish NNS that WDT he PRP `` `` live-hauled VBD '' '' to TO market NN along IN with IN his PRP$ own JJ whiskery JJ crop NN . . And CC he PRP nearly RB always RB bought VBD and CC sold VBD for IN cash NN . . Along IN the DT way NN , , Mr. NNP Tharp NNP omitted VBD a DT total NN of IN $ $ 1.5 CD million CD from IN his PRP$ receipts NNS reported VBN on IN federal JJ tax NN returns NNS for IN three CD years NNS . . The DT returns NNS landed VBD in IN the DT hands NNS of IN an DT Internal NNP Revenue NNP Service NNP criminal JJ investigator NN , , Samuel NNP James NNP Baker NNP . . Mr. NNP Baker NNP interviewed VBD or CC wrote VBD to TO hundreds NNS of IN catfish NN farmers NNS , , live-haulers NNS and CC processors NNS throughout IN the DT South NNP before IN coming VBG up RP with IN detailed JJ estimates NNS of IN purchases NNS and CC sales NNS , , in IN pounds NNS and CC dollars NNS , , by IN Mr. NNP Tharp NNP and CC others NNS . . Unknown JJ to TO Mr. NNP Tharp NNP , , he PRP had VBD fouled VBN his PRP$ net NN on IN a DT special JJ IRS NNP project NN to TO catch VB catfish NN farmers NNS and CC haulers NNS inclined VBN to TO cheat VB on IN their PRP$ taxes NNS . . Confronted VBN with IN the DT evidence NN , , Mr. NNP Tharp NNP pleaded VBD guilty JJ to TO one CD charge NN of IN filing NN a DT false JJ return NN and CC was VBD fined VBN $ $ 5,000 CD and CC sentenced VBN to TO 18 CD months NNS in IN prison NN . . He PRP also RB owes VBZ a DT lot NN of IN back JJ taxes NNS , , interest NN and CC civil JJ fraud NN penalties NNS . . A DT lot NN of IN taxpayers NNS out IN there EX are VBP n't RB as RB paranoid JJ as IN one PRP might MD think VB . . Federal JJ and CC state NN tax NN enforcers NNS develop VBP many JJ group NN targets NNS for IN investigation NN , , on IN the DT basis NN of IN occupation NN , , high JJ income NN , , type NN of IN income NN , , or CC some DT other JJ characteristic NN that WDT may MD signal VB an DT opportunity NN or CC tendency NN to TO hide VB income NN or CC exaggerate VB deductions NNS . . Many JJ professions NNS long RB have VBP seemed VBN to TO be VB targets NNS because IN of IN the DT exotic JJ or CC ludicrous JJ efforts NNS of IN some DT members NNS to TO offset VB high JJ income NN with IN fake JJ losses NNS from IN phony JJ tax NN shelters NNS : : dentists NNS who WP invested VBD in IN dubiously RB dubbed VBN foreign JJ films NNS or CC airline NN pilots NNS who WP raised VBD racehorses NNS on IN their PRP$ days NNS off RB . . Mail-order NN ministers NNS have VBP been VBN squelched VBN . . Now RB , , television NN and CC radio NN evangelists NNS are VBP under IN scrutiny NN . . The DT IRS NNP recently RB won VBD part NN of IN its PRP$ long-running JJ battle NN with IN the DT Church NNP of IN Scientology NNP over IN exemptions NNS when WRB the DT U.S. NNP Supreme NNP Court NNP held VBD that IN members NNS ' POS payments NNS to TO the DT church NN were VBD n't RB deductible JJ because IN the DT members NNS received VBD services NNS in IN return NN . . IRS NNP statistics NNS show VBP that IN the DT more JJR persistent JJ hiders NNS of IN income NN among IN sole JJ proprietors NNS of IN businesses NNS include VBP used-car JJ dealers NNS , , entertainment NN producers NNS , , masons NNS , , roofers NNS , , and CC taxi NN owners NNS . . Small JJ businesses NNS in IN general JJ account VBP for IN almost RB 40 CD % NN of IN unreported JJ personal JJ income NN , , the DT IRS NNP has VBZ said VBD . . Once IN such JJ abuses NNS become VBP so RB pervasive JJ , , the DT IRS NNP builds VBZ another DT factor NN into IN its PRP$ secret JJ computer NN formula NN for IN selecting NN returns NNS for IN audit NN and CC does VBZ n't RB need VB special JJ projects NNS for IN them PRP . . San NNS Franciscans NNS have VBP a DT much RB higher JJR incidence NN of IN audits NN than IN average JJ because IN more JJR of IN them PRP score VBP high RB under IN that DT formula NN , , not RB because IN IRS NNP agents NNS envy VBP their PRP$ life NN styles NNS . . Many JJ openings NNS for IN mass JJ cheating NN , , such JJ as IN questionable JJ tax NN shelters NNS and CC home NN offices NNS , , have VBP gaped VBN so RB broadly RB that IN Congress NNP has VBZ passed VBN stringent JJ laws NNS to TO close VB them PRP . . Deductions NNS of IN charitable JJ gifts NNS of IN highly RB valued VBN art NN now RB must MD be VB accompanied VBN by IN appraisals NNS . . And CC laws NNS requiring VBG the DT reporting NN of IN more JJR varieties NNS of IN transactions NNS have VBP enabled VBN the DT IRS NNP to TO rely VB on IN computers NNS to TO ferret VB out RP discrepancies NNS with IN returns NNS and CC to TO generate VB form-letter NN inquiries NNS to TO taxpayers NNS . . Unreported JJ alimony NN income NN can MD be VB spotted VBN by IN computer NN because IN a DT payer NN of IN alimony NN ( ( who WP gets VBZ a DT deduction NN ) ) must MD report VB the DT former JJ spouse NN 's POS Social NNP Security NNP number NN . . Passport NN applicants NNS now RB must MD give VB Social NNP Security NNP numbers NNS , , enabling VBG the DT IRS NNP to TO see VB whether IN Americans NNS living VBG abroad RB are VBP filing VBG required VBN U.S. NNP returns NNS . . But CC while IN IRS NNP computers NNS focus VBP routinely RB on IN target NN groups NNS like IN these DT , , the DT agency NN has VBZ assigned VBN many JJ agents NNS to TO special JJ projects NNS that WDT need VBP more RBR personal JJ attention NN . . In IN most JJS cases NNS , , the DT IRS NNP says VBZ , , these DT projects NNS are VBP local JJ or CC regional JJ , , rather RB than IN national JJ , , and CC arise VBP because IN auditors NNS in IN an DT area NN detect VBP some DT pattern NN of IN abuse NN among IN , , say VB , , factory NN workers NNS claiming VBG that IN having VBG a DT multitude NN of IN dependents NNS frees VBZ them PRP from IN tax NN withholding NN or CC yacht NN owners NNS deducting VBG losses NNS from IN sideline NN charter NN businesses NNS . . The DT national JJ office NN currently RB has VBZ 21 CD noncriminal JJ audit NN projects NNS , , according VBG to TO Marshall NNP V. NNP Washburn NNP , , deputy NN assistant NN commissioner NN for IN examination NN . . Auditors NNS involved VBN in IN noncriminal JJ projects NNS ca MD n't RB send VB anyone NN to TO jail NN , , but CC they PRP can MD make VB life NN miserable JJ in IN other JJ ways NNS -- : for IN one CD , , by IN imposing VBG some DT of IN the DT 150 CD different JJ civil JJ penalties NNS for IN negligence NN , , failure NN to TO file VB a DT return NN , , and CC the DT like JJ . . The DT targeted JJ audit NN groups NNS include VBP direct JJ sellers NNS -- : people NNS who WP sell VBP cosmetics NNS , , housewares NNS and CC other JJ items NNS door NN to TO door NN or CC at IN home NN parties NNS -- : and CC employers NNS who WP label VBP workers NNS as IN independent JJ contractors NNS instead RB of IN employees NNS , , to TO avoid VB the DT employer NN share NN of IN payroll NN taxes NNS . . Other JJ projects NNS look VBP for IN offenders NNS among IN waiters NNS who WP get VBP cash NN tips NNS , , people NNS who WP engage VBP in IN large JJ cash NN transactions NNS , , and CC people NNS whose WP$ returns NNS show VBP they PRP sold VBD a DT home NN for IN a DT profit NN without IN reinvesting VBG the DT capital NN gain NN in IN another DT home NN by IN the DT end NN of IN the DT same JJ year NN ; : the DT gain NN must MD be VB rolled VBN over RP within IN two CD years NNS to TO defer VB tax NN . . And CC now RB that IN returns NNS must MD show VB dependents NNS ' POS Social NNP Security NNP numbers NNS , , the DT IRS NNP wants VBZ to TO see VB which WDT dependents NNS show VBP up RP on IN more JJR than IN one CD return NN -- : and CC which WDT dependents NNS turn VBP out RP to TO be VB deceased VBN . . Impetus NN for IN the DT direct-seller NN project NN came VBD from IN a DT congressional JJ hearing NN some DT years NNS back RB . . It PRP prompted VBD an DT IRS NNP study NN that WDT found VBD many JJ sellers NNS were VBD concealing VBG income NN and CC treating VBG large JJ amounts NNS of IN nondeductible JJ travel NN and CC other JJ personal JJ expenses NNS as IN business NN costs NNS , , Mr. NNP Washburn NNP says VBZ . . The DT study NN provided VBD criteria NNS for IN singling VBG out RP returns NNS of IN `` `` potentially RB noncompliant JJ '' '' taxpayers NNS who WP report VBP low JJ income NN and CC large JJ expenses NNS from IN a DT part-time JJ business NN . . The DT Tax NNP Court NNP recently RB denied VBD business NN deductions NNS by IN Mr. NNP and CC Mrs. NNP Peter NNP S. NNP Rubin NNP of IN Cherry NNP Hill NNP , , N.J. NNP , , who WP both DT were VBD part-time JJ distributors NNS of IN Amway NNP products NNS in IN addition NN to TO their PRP$ regular JJ jobs NNS as IN sales NNS people NNS in IN other JJ fields NNS . . For IN 1984 CD , , they PRP reported VBD gross JJ income NN of IN $ $ 1,647 CD from IN Amway NNP sales NNS , , offset VBN by IN expenses NNS totaling VBG $ $ 16,746 CD -- : including VBG car NN costs NNS of IN $ $ 6,805 CD and CC travel NN and CC entertainment NN costs NNS of IN $ $ 5,088 CD . . The DT Tax NNP Court NNP did VBD n't RB believe VB that IN the DT Rubins NNS , , who WP earned VBD $ $ 65,619 CD in IN their PRP$ regular JJ jobs NNS , , treated VBD the DT sideline NN as IN a DT real JJ business NN and CC derived VBD `` `` merely RB incidental JJ elements NNS of IN recreation NN and CC other JJ personal JJ pleasure NN and CC benefits NNS '' '' from IN it PRP . . The DT Direct NNP Selling NNP Association NNP , , a DT trade NN group NN , , points VBZ out RP that IN its PRP$ members NNS , , which WDT include VBP Amway NNP Corp. NNP , , cooperate VBP with IN the DT IRS NNP to TO distribute VB tax-compliance NN material NN to TO sales JJ people NNS and CC are VBP helping VBG to TO prepare VB a DT public-service JJ television NN program NN on IN the DT subject NN . . The DT independent-contractor JJ project NN , , which WDT began VBD in IN 1988 CD , , involves VBZ about RB 350 CD IRS NNP agents NNS . . In IN the DT fiscal JJ nine CD months NNS ended VBN June NNP 30 CD , , reports VBZ Raymond NNP P. NNP Keenan NNP , , assistant NN commissioner NN for IN collection NN , , they PRP examined VBD about RB 13,000 CD employers NNS , , assessed VBN more JJR than IN $ $ 67 CD million CD in IN delinquent JJ employment NN taxes NNS , , and CC reclassified VBD about RB 56,000 CD workers NNS as IN employees NNS instead RB of IN self-employed JJ contractors NNS . . The DT number NN of IN misclassified VBN workers NNS may MD be VB in IN the DT millions NNS , , mostly RB paid VBN by IN small JJ firms NNS . . Many JJ workers NNS , , especially RB professionals NNS , , want VBP to TO remain VB independent JJ to TO avoid VB tax NN withholding NN and CC to TO continue VB to TO deduct VB many JJ expenses NNS that IN employees NNS ca MD n't RB . . But CC many JJ others NNS , , who WP want VBP to TO qualify VB for IN employee NN benefits NNS and CC unemployment NN compensation NN , , become VBP tipsters NNS for IN the DT IRS NNP , , says VBZ Jerry NNP Lackey NNP , , who WP manages VBZ the DT IRS NNP project NN 's POS force NN of IN nine CD agents NNS in IN north JJ and CC central JJ Florida NNP from IN Orlando NNP . . Firms NNS that WDT are VBP paying VBG employment NN taxes NNS also RB provide VBP leads NNS to TO competitors NNS that WDT are VBP n't RB , , he PRP says VBZ . . In IN his PRP$ area NN , , Mr. NNP Lackey NNP continues VBZ , , the DT miscreant JJ employers NNS most RBS commonly RB are VBP in IN construction NN -- : doing VBG framing NN , , drywall NN , , masonry NN and CC similar JJ work NN . . But CC a DT medical JJ clinic NN with IN about RB 20 CD employees NNS wrongly RB listed VBN all DT of IN them PRP -- : including VBG physicians NNS and CC receptionists NNS -- : as IN independent JJ contractors NNS . . The DT IRS NNP assessed VBD the DT clinic NN $ $ 350,000 CD in IN back JJ payroll NN taxes NNS . . It PRP assessed VBD nearly RB $ $ 500,000 CD against IN a DT cruise-ship NN company NN that IN carried VBD about RB 100 CD deckhands NNS , , cooks NNS , , bartenders NNS , , entertainers NNS and CC other JJ employees NNS as IN self-employed JJ independents NNS . . Revenue-short JJ states NNS also RB are VBP becoming VBG more RBR aggressive JJ pursuers NNS of IN tax NN delinquents NNS , , and CC perhaps RB none NN tracks VBZ them PRP down RP with IN more JJR relish NN than IN does VBZ New NNP York NNP since IN it PRP acquired VBD an DT $ $ 80 CD million CD computer NN system NN in IN 1985 CD . . The DT state NN 's POS tax NN enforcers NNS have VBP amassed VBN data NN bases NNS from IN other JJ New NNP York NNP agencies NNS that WDT license VBP or CC register VBP professionals NNS and CC businesses NNS ; : from IN exchange NN agreements NNS with IN the DT IRS NNP , , 24 CD other JJ states NNS , , and CC two CD Canadian JJ provinces NNS , , and CC even RB from IN phonebook NN Yellow NNP Pages NNP . . Thus RB armed VBN for IN massive JJ matching NN of IN documents NNS by IN computer NN , , they PRP single VBP out RP high-income JJ groups NNS , , looking VBG primarily RB for IN people NNS who WP have VBP n't RB filed VBN New NNP York NNP income-tax NN returns NNS . . The DT state NN has VBZ combed VBN through IN records NNS relating VBG to TO architects NNS , , stockbrokers NNS , , lawyers NNS in IN the DT New NNP York NNP City NNP area NN , , construction NN workers NNS from IN out IN of IN the DT state NN , , and CC homeowners NNS who WP claim VBP to TO be VB residents NNS of IN other JJ states NNS -- : especially RB Florida NNP , , which WDT has VBZ no DT personal JJ income NN tax NN . . Soon RB to TO feel VB the DT glare NN of IN attention NN are VBP lawyers NNS elsewhere RB in IN the DT state NN , , doctors NNS , , dentists NNS , , and CC accountants NNS , , says VBZ Frederick NNP G. NNP Hicks NNP , , director NN of IN the DT tax-department JJ division NN that WDT develops VBZ the DT computer-matching JJ programs NNS . . The DT department NN has VBZ collected VBN over RB $ $ 6.5 CD million CD from IN brokers NNS so RB far RB and CC recommended VBN more JJR than IN 30 CD of IN them PRP for IN criminal JJ prosecution NN . . In IN the DT early JJ stage NN of IN checking NN people NNS with IN incomes NNS exceeding VBG $ $ 500,000 CD who WP were VBD filing VBG nonresident JJ returns NNS , , it PRP squeezed VBD $ $ 7.5 CD million CD out IN of IN a DT man NN who WP was VBD posing VBG as IN a DT Florida NNP resident NN . . `` `` We PRP think VBP we PRP can MD reclaim VB hundreds NNS of IN millions NNS of IN dollars NNS just RB through IN the DT nonresident JJ project NN , , '' '' Mr. NNP Hicks NNP declares VBZ . . Mr. NNP Schmedel NNP is VBZ editor NN of IN The DT Wall NNP Street NNP Journal NNP 's POS Tax NNP Report NNP column NN . . In IN finding VBG `` `` good JJ news NN '' '' in IN Berkeley NNP 's POS new JJ freshman NN admissions NNS plan NN ( ( `` `` The NNP Privileged NNP Class NNP , , '' '' editorial NN , , Sept. NNP 20 CD ) ) , , you PRP 're VBP reading VBG the DT headline NN but CC not RB the DT story NN . . The DT plan NN indeed RB raises VBZ from IN 40 CD % NN to TO 50 CD % NN the DT number NN of IN freshmen NNS applicants NNS admitted VBN strictly RB by IN academic JJ criteria NNS . . But CC that DT does VBZ n't RB mean VB `` `` half NN of IN the DT students NNS attending VBG Berkeley NNP '' '' will MD be VB admitted VBN this DT way NN . . The DT plan NN is VBZ talking VBG about IN applicants NNS admitted VBN , , not RB students NNS who WP enroll VBP . . Since IN the DT `` `` yield NN '' '' from IN this DT top JJ slice NN of IN applicants NNS is VBZ relatively RB low JJ , , boosting VBG admits NNS from IN 40 CD % NN to TO 50 CD % NN will MD boost VB registrants NNS from IN about RB 31 CD % NN to TO 38 CD % NN of IN the DT class NN . . In IN addition NN , , perhaps RB 5 CD % NN of IN registrants NNS will MD come VB from IN a DT new JJ category NN consisting VBG of IN applicants NNS whose WP$ academic JJ credentials NNS `` `` narrowly RB missed VBD '' '' gaining VBG them PRP admission NN in IN the DT first JJ category NN . . But CC against IN that DT combined VBN increase NN of IN 12 CD % NN in IN students NNS chosen VBN by IN academic JJ criteria NNS , , the DT plan NN eliminates VBZ a DT large JJ category NN in IN which WDT admissions NNS now RB are VBP based VBN on IN grades NNS , , test NN scores NNS and CC `` `` supplemental JJ points NNS '' '' for IN factors NNS such JJ as IN high-school NN curriculum NN , , English-language JJ proficiency NN and CC an DT essay NN . . This DT category NN now RB accounts VBZ for IN about RB 19 CD % NN of IN admits NNS and CC 22 CD % NN of IN registrants NNS . . The DT plan NN thus RB will MD decrease VB by IN 22 CD % NN , , for IN a DT net JJ loss NN of IN 10 CD % NN , , the DT number NN of IN students NNS admitted VBN primarily RB by IN academic JJ criteria NNS . . Who WP will MD take VB over RP these DT places NNS ? . The DT plan NN creates VBZ a DT new JJ category NN of IN students NNS from IN `` `` socioeconomically RB disadvantaged JJ backgrounds NNS , , '' '' a DT concept NN not RB yet RB defined VBN , , and CC gives VBZ them PRP about RB 10 CD % NN of IN the DT class NN . . One CD of IN the DT plan NN 's POS authors NNS has VBZ defended VBN the DT `` `` socioeconomic JJ disadvantage NN '' '' category NN as IN perhaps RB making VBG more JJR sense NN than IN the DT current JJ affirmative-action NN preferences NNS based VBN on IN race NN . . Perhaps RB it PRP does VBZ . . But CC the DT new JJ category NN does VBZ not RB replace VB or CC reduce VB Berkeley NNP 's POS broad JJ racial JJ preferences NNS . . Nor CC will MD students NNS from IN racial-minority JJ groups NNS who WP are VBP admitted VBN through IN the DT new JJ category NN be VB counted VBN against IN the DT affirmative-action NN `` `` target NN '' '' for IN their PRP$ group NN . . The DT plan NN thus RB places VBZ a DT large JJ new JJ affirmative-action NN program NN , , based VBN on IN `` `` socioeconomic JJ disadvantage NN , , '' '' on IN top NN of IN the DT existing VBG program NN based VBN on IN race NN . . The DT role NN of IN academic JJ criteria NNS in IN choosing VBG Berkeley NNP 's POS freshmen NNS can MD only RB decline VB as IN a DT result NN . . Stephen NNP R. NNP Barnett NNP Professor NNP of IN Law NNP University NNP of IN California NNP Berkeley NNP , , Calif NNP . . FOR IN THOSE DT WHO WP DELIGHT VBP in IN the DT misfortune NN of IN others NNS , , read VB on RB . . This DT is VBZ a DT story NN about IN suckers NNS . . Most JJS of IN us PRP know VBP a DT sucker NN . . Many JJ of IN us PRP are VBP suckers NNS . . But CC what WP we PRP may MD not RB know VB is VBZ just RB what WP makes VBZ somebody NN a DT sucker NN . . What WP makes VBZ people NNS blurt VBP out RP their PRP$ credit-card NN numbers NNS to TO a DT caller NN they PRP 've VBP never RB heard VBN of IN ? . Do VBP they PRP really RB believe VB that IN the DT number NN is VBZ just RB for IN verification NN and CC is VBZ simply RB a DT formality NN on IN the DT road NN to TO being VBG a DT grand-prize NN winner NN ? . What WP makes VBZ a DT person NN buy VBP an DT oil NN well NN from IN some DT stranger NN knocking VBG on IN the DT screen NN door NN ? . Or CC an DT interest NN in IN a DT retirement NN community NN in IN Nevada NNP that WDT will MD knock VB your PRP$ socks NNS off RB , , once IN it PRP is VBZ built VBN ? . Because IN in IN the DT end NN , , these DT people NNS always RB wind VBP up RP asking VBG themselves PRP the DT same JJ question NN : : `` `` How WRB could MD I PRP be VB so RB stupid JJ ? . '' '' There EX are VBP , , unfortunately RB , , plenty JJ of IN answers NNS to TO that DT question NN -- : and CC scam NN artists NNS know VBP all DT of IN them PRP . . `` `` These DT people NNS are VBP very RB skilled JJ at IN finding VBG out RP what WP makes VBZ a DT person NN tick VB , , '' '' says VBZ Kent NNP Neal NNP , , chief NN of IN the DT economic-crime JJ unit NN of IN the DT Broward NNP County NNP State NNP Attorney NNP 's POS Office NNP in IN Fort NNP Lauderdale NNP , , Fla. NNP , , a DT major JJ haven NN for IN boiler NN rooms NNS . . `` `` Once RB they PRP size VBP them PRP up RP , , then RB they PRP know VBP what WP buttons NNS to TO push VB . . '' '' John NNP Blodgett NNP agrees VBZ -- : and CC he PRP ought MD to TO know VB . . He PRP used VBD to TO be VB a DT boiler-room NN salesman NN , , peddling VBG investments NNS in IN oil NN and CC gas NN wells NNS and CC rare JJ coins NNS . . `` `` There EX 's VBZ a DT definite JJ psychology NN of IN the DT sale NN and CC different JJ personalities NNS you PRP pitch VBP different JJ ways NNS , , '' '' he PRP says VBZ . . The DT most RBS obvious JJ pitch NN , , of IN course NN , , is VBZ the DT lure NN of IN big JJ returns NNS . . `` `` We PRP 're VBP all DT a DT little RB greedy JJ . . Everyone NN is VBZ vulnerable JJ , , '' '' says VBZ Charles NNP Harper NNP , , associate JJ regional JJ administrator NN for IN the DT Securities NNP and CC Exchange NNP Commission NNP in IN Miami NNP . . `` `` These DT guys NNS prey VBP on IN human JJ frailties NNS . . '' '' While IN the DT promises NNS of IN big JJ profits NNS ought MD to TO set VB off RP warning NN bells NNS , , they PRP often RB do VBP n't RB , , in IN part NN because IN get-rich-quick JJ tales NNS have VBP become VBN embedded VBN in IN American JJ folklore NN . . `` `` The DT overnight JJ success NN story NN is VBZ part NN of IN our PRP$ culture NN , , and CC our PRP$ society NN puts VBZ an DT emphasis NN on IN it PRP with IN lotteries NNS and CC Ed NNP McMahon NNP making VBG millionaires NNS out IN of IN people NNS , , '' '' says VBZ Michael NNP Cunningham NNP , , an DT associate JJ professor NN of IN psychology NN at IN the DT University NNP of IN Kentucky NNP in IN Louisville NNP . . `` `` Other JJ people NNS are VBP making VBG it PRP overnight RB , , and CC the DT rest NN who WP toil VBP daily RB do VBP n't RB want VB to TO miss VB that DT opportunity NN when WRB it PRP seems VBZ to TO come VB along RP . . '' '' Adds VBZ Spencer NNP Barasch NNP , , branch NN chief NN for IN enforcement NN at IN the DT SEC NNP in IN Fort NNP Worth NNP , , Texas NNP : : `` `` Why WRB do VBP people NNS play VB the DT lottery NN when WRB the DT odds NNS are VBP great JJ against IN them PRP ? . People NNS are VBP shooting VBG for IN a DT dream NN . . '' '' Clearly RB , , though RB , , scam NN artists NNS have VBP to TO be VB a DT bit NN more RBR subtle JJ than IN simply RB promising VBG millions NNS ; : the DT psychology NN of IN suckers NNS is VBZ n't RB simply RB the DT psychology NN of IN the DT greedy JJ . . There EX 's VBZ also RB , , for IN instance NN , , the DT need NN to TO be VB part NN of IN the DT in-crowd NN . . So RB one CD popular JJ ploy NN is VBZ to TO make VB a DT prospective JJ investor NN feel VB like IN an DT insider NN , , joining VBG an DT exclusive JJ group NN that WDT is VBZ about IN to TO make VB a DT killing NN . . Between IN 1978 CD and CC 1987 CD , , for IN instance NN , , SH NNP Oil NNP in IN Winter NNP Haven NNP , , Fla. NNP , , sold VBN interests NNS in IN oil NN wells NNS to TO a DT very RB select JJ group NN of IN local JJ residents NNS , , while IN turning VBG away RB numerous JJ other JJ eager JJ investors NNS . . The DT owner NN of IN the DT company NN , , Stephen NNP Smith NNP , , who WP has VBZ since RB pleaded VBN guilty JJ to TO state NN and CC federal JJ fraud NN charges NNS , , confided VBD to TO investors NNS that IN he PRP had VBD a DT secret JJ agreement NN with IN Amoco NNP Oil NNP Co. NNP and CC said VBD the DT location NN of IN his PRP$ wells NNS was VBD confidential JJ , , according VBG to TO a DT civil JJ suit NN filed VBN in IN a DT Florida NNP state NN court NN by IN the DT Florida NNP comptroller NN 's POS office NN . . Neither CC the DT Amoco NNP agreement NN nor CC the DT wells NNS existed VBD , , the DT suit NN alleged VBD . . Such JJ schemes NNS , , says VBZ Tony NNP Adamski NNP , , chief NN of IN the DT financial-crimes NNS unit NN of IN the DT Federal NNP Bureau NNP of IN Investigation NNP in IN Washington NNP , , D.C. NNP , , appeal VBP to TO investors NNS ' POS `` `` desire NN to TO believe VB this DT is VBZ really RB true JJ and CC that IN they PRP are VBP part NN of IN a DT chosen JJ group NN being VBG given VBN this DT opportunity NN . . '' '' At IN times NNS , , salesmen NNS may MD embellish VB the DT inside JJ information NN with IN `` `` the DT notion NN that IN this DT is VBZ some DT slightly RB shady JJ , , slightly RB illegal JJ investment NN the DT person NN is VBZ being VBG included VBN in IN , , '' '' says VBZ Mr. NNP Cunningham NNP . . In IN appealing VBG to TO those DT with IN a DT bit NN of IN larceny NN in IN their PRP$ hearts NNS , , the DT fraud NN artist NN can MD insist VB that IN a DT person NN keep VB an DT investment NN secret NN -- : insulating VBG himself PRP from IN being VBG discovered VBN and CC keeping VBG his PRP$ victim NN from IN consulting VBG with IN others NNS . . It PRP also RB adds VBZ to TO the DT mystery NN of IN the DT venture NN . . Mr. NNP Blodgett NNP , , the DT boiler-room NN veteran NN , , believes VBZ that IN for IN many JJ investors NNS , , the DT get-rich-quick JJ scams NNS carry VBP a DT longed-for JJ element NN of IN excitement NN . . `` `` Once IN people NNS got VBD into IN it PRP , , I PRP was VBD allowing VBG them PRP to TO live VB a DT dream NN , , '' '' he PRP says VBZ . . He PRP phoned VBD them PRP with IN updates NNS on IN the DT investment NN , , such JJ as IN `` `` funny JJ things NNS that WDT happened VBD at IN the DT well RB that DT week NN , , '' '' he PRP says VBZ . . `` `` You PRP gave VBD them PRP some DT excitement NN that IN they PRP did VBD n't RB have VB in IN their PRP$ lives NNS . . '' '' ( ( Mr. NNP Blodgett NNP , , who WP was VBD convicted VBN in IN Florida NNP state NN court NN of IN selling NN unregistered JJ securities NNS and CC in IN California NNP state NN court NN of IN unlawful JJ use NN of IN the DT telephone NN to TO defraud VB and CC deceive VB , , is VBZ now RB on IN probation NN . . He PRP says VBZ he PRP has VBZ quit VBN the DT business NN and CC is VBZ back RB in IN school NN , , majoring VBG in IN psychology NN with IN aspirations NNS to TO go VB into IN industrial JJ psychology NN . . ) ) For IN some DT investors NNS , , it PRP 's VBZ the DT appearances NNS that WDT leave VBP them PRP deceived VBN . . `` `` The DT trappings NNS of IN success NN go VBP a DT long JJ way NN -- : wearing VBG the DT right JJ clothes NNS , , doing VBG the DT right JJ things NNS , , '' '' says VBZ Paul NNP Andreassen NNP , , an DT associate JJ professor NN of IN psychology NN at IN Harvard NNP . . Conservative JJ appearances NNS make VBP people NNS think VB it PRP 's VBZ a DT conservative JJ investment NN . . `` `` People NNS honestly RB lose VBP money NN on IN risky JJ investments NNS that IN they PRP did VBD n't RB realize VB were VBD a DT crapshoot NN , , '' '' he PRP says VBZ . . Paul NNP Wenz NNP , , a DT Phoenix NNP , , Ariz. NNP , , attorney NN , , says VBZ a DT promise NN of IN unrealistic JJ returns NNS would MD have VB made VBN him PRP leery JJ . . But CC Mr. NNP Wenz NNP , , who WP says VBZ he PRP lost VBD $ $ 43,000 CD in IN one CD precious-metals NNS deal NN and CC $ $ 39,000 CD in IN another DT , , says VBZ a DT salesman NN `` `` used VBD a DT business-venture JJ approach NN '' '' with IN him PRP , , sending VBG investment NN literature NN , , a DT contract NN limiting VBG the DT firm NN 's POS liability NN , , and CC an DT insurance NN policy NN . . When WRB he PRP visited VBD the DT company NN 's POS office NN , , he PRP says VBZ , , it PRP had VBD `` `` all DT the DT trappings NNS of IN legitimacy NN . . '' '' Still RB others NNS are VBP stung VBN by IN a DT desire NN to TO do VB both DT well RB and CC good RB , , says VBZ Douglas NNP Watson NNP , , commanding VBG officer NN of IN the DT Los NNP Angeles NNP Police NNP Department NNP 's POS bunko-forgery NN division NN . . Born-again JJ Christians NNS are VBP the DT most RBS visible JJ targets NNS of IN unscrupulous JJ do-gooder JJ investment NN pitches NNS . . But CC hardly RB the DT only JJ ones NNS : : The DT scams NNS promise VBP -- : among IN other JJ things NNS -- : to TO help VB save VB the DT environment NN , , feed VB starving VBG families NNS and CC prevent VB the DT disappearance NN of IN children NNS . . Psychologists NNS say VB isolated VBN people NNS who WP do VBP n't RB discuss VB their PRP$ investments NNS with IN others NNS are VBP particularly RB at IN risk NN for IN fraud NN . . Scam NN artists NNS seek VBP out RP such JJ people NNS -- : or CC try VB to TO make VB sure JJ that IN their PRP$ victims NNS isolate VBP themselves PRP . . For IN instance NN , , salesmen NNS may MD counter VB a DT man NN 's POS objection NN that IN he PRP wants VBZ to TO discuss VB an DT investment NN with IN his PRP$ wife NN by IN asking VBG , , `` `` Who WP wears VBZ the DT pants NNS in IN your PRP$ family NN ? . '' '' Or CC an DT investor NN who WP wants VBZ his PRP$ accountant NN 's POS advice NN may MD be VB told VBN , , `` `` You PRP seem VBP like IN a DT guy NN who WP can MD make VB up RP his PRP$ own JJ mind NN . . '' '' Often RB con NN artists NNS will MD try VB to TO disarm VB their PRP$ victims NNS by IN emphasizing VBG similarities NNS between IN them PRP . . William NNP Lynes NNP , , a DT retired JJ engineer NN from IN Lockheed NNP Corp. NNP , , says VBZ he PRP and CC his PRP$ wife NN , , Lily NNP , , warmed VBD to TO the DT investment NN pitches NNS of IN a DT penny-stock NN peddler NN from IN Stuart-James NNP Co. NNP in IN Atlanta NNP after RB the DT broker NN told VBD them PRP he PRP , , too RB , , had VBD once RB worked VBN with IN Lockheed NNP . . The VB Lyneses NNP , , of IN Powder NNP Springs NNP , , Ga. NNP , , have VBP filed VBN suit NN in IN Georgia NNP state NN court NN against IN Stuart NNP James NNP , , alleging VBG fraud NN . . They PRP are VBP awaiting VBG an DT arbitration NN proceeding NN . . They PRP say VBP the DT broker NN took VBD them PRP out RB for IN lunch NN frequently RB . . He PRP urged VBD them PRP to TO refer VB their PRP$ friends NNS , , who WP also RB lost VBD money NN . . ( ( Donald NNP Trinen NNP , , an DT attorney NN for IN the DT penny-brokerage JJ firm NN , , denies VBZ the DT fraud NN allegations NNS and CC says VBZ the DT Lyneses NNP were VBD fully RB apprised VBN that IN they PRP were VBD pursuing VBG a DT high-risk JJ investment NN . . ) ) `` `` It PRP 's VBZ not RB uncommon JJ for IN these DT guys NNS to TO send VB pictures NNS of IN themselves PRP or CC their PRP$ families NNS to TO ingratiate VB themselves PRP to TO their PRP$ clients NNS , , '' '' says VBZ Terree NNP Bowers NNP , , chief NN of IN the DT major-frauds JJ section NN of IN the DT U.S. NNP attorney NN 's POS office NN in IN Los NNP Angeles NNP . . `` `` We PRP 've VBP seen VBN cases NNS where WRB salesmen NNS will MD affect VB the DT accent NN of IN the DT region NN of IN the DT country NN they PRP are VBP calling VBG . . Anything NN to TO make VB a DT sale NN . . '' '' Experts NNS say VBP that IN whatever WDT a DT person NN 's POS particular JJ weak JJ point NN , , timing NN is VBZ crucial JJ . . People NNS may MD be VB particularly RB vulnerable JJ to TO flim-flam NN pitches NNS when WRB they PRP are VBP in IN the DT midst NN of IN a DT major JJ upheaval NN in IN their PRP$ lives NNS . . `` `` Sometimes RB when WRB people NNS are VBP making VBG big JJ changes NNS , , retiring VBG from IN their PRP$ jobs NNS , , moving VBG to TO a DT new JJ area NN , , they PRP lose VBP their PRP$ bearings NNS , , '' '' says VBZ Maury NNP Elvekrog NNP , , a DT licensed JJ psychologist NN who WP is VBZ now RB an DT investment NN adviser NN and CC principal NN in IN Seger-Elvekrog NNP Inc. NNP , , a DT Birmingham NNP , , Mich. NNP , , investment-counseling JJ firm NN . . `` `` They PRP may MD be VB susceptible JJ to TO some DT song NN and CC dance NN if IN it PRP hits VBZ them PRP at IN the DT right JJ time NN . . '' '' They PRP are VBP obviously RB also RB more RBR susceptible JJ when WRB they PRP need VBP money NN - : retirees NNS , , for IN instance NN , , trying VBG to TO bolster VB their PRP$ fixed JJ income NN or CC parents NNS fretting VBG over IN how WRB to TO pay VB for IN a DT child NN 's POS college NN expenses NNS . . `` `` These DT people NNS are VBP n't RB necessarily RB stupid JJ or CC naive JJ . . Almost RB all DT of IN us PRP in IN comparable JJ circumstances NNS might MD be VB victimized VBN in IN some DT way NN , , '' '' says VBZ Jerald NNP Jellison NNP , , a DT psychology NN professor NN at IN the DT University NNP of IN Southern NNP California NNP in IN Los NNP Angeles NNP . . Nick NNP Cortese NNP thinks VBZ that IN 's VBZ what WP happened VBD to TO him PRP . . Mr. NNP Cortese NNP , , a DT 33-year-old JJ Delta NNP Air NNP Lines NNP engineer NN , , invested VBD some DT $ $ 2,000 CD in IN penny NN stocks NNS through IN a DT broker NN who WP promised VBD quick JJ returns NNS . . `` `` We PRP were VBD saving VBG up RP to TO buy VB a DT house NN , , and CC my PRP$ wife NN was VBD pregnant JJ , , '' '' says VBZ Mr. NNP Cortese NNP . . `` `` It PRP was VBD just RB before RB the DT Christmas NNP holidays NNS , , and CC I PRP figured VBD we PRP could MD use VB some DT extra JJ cash NN . . '' '' The DT investment NN is VBZ worth JJ about RB $ $ 130 CD today NN . . `` `` Maybe RB it PRP was VBD just RB a DT vulnerable JJ time NN , , '' '' says VBZ Mr. NNP Cortese NNP . . `` `` Maybe RB the DT next JJ day NN or CC even RB an DT hour NN later RB , , I PRP would MD n't RB have VB done VBN it PRP . . '' '' Ms. NNP Brannigan NNP is VBZ a DT staff NN reporter NN in IN The DT Wall NNP Street NNP Journal NNP 's POS Atlanta NNP bureau NN . . Prices NNS for IN seats NNS on IN the DT New NNP York NNP Stock NNP Exchange NNP are VBP recovering VBG a DT bit NN after RB hitting VBG a DT four-year JJ low JJ earlier RBR this DT month NN . . Two CD seats NNS on IN the DT Big NNP Board NNP were VBD sold VBN yesterday NN for IN $ $ 455,000 CD , , and CC then RB $ $ 500,000 CD . . The DT previous JJ sale NN was VBD $ $ 436,000 CD on IN Oct. NNP 17 CD ; : the DT last JJ time NN prices NNS were VBD that RB low JJ was VBD November NNP 1985 CD , , when WRB a DT seat NN sold VBD for IN $ $ 425,000 CD . . Prices NNS peaked VBD at IN $ $ 1,150,000 CD in IN September NNP 1987 CD . . Seats NNS are VBP currently RB quoted VBN at IN $ $ 430,000 CD bid VBN and CC $ $ 525,000 CD asked VBN . . FOX NN HUNTING NN HAS VBZ been VBN defined VBN as IN the DT unspeakable JJ in IN pursuit NN of IN the DT inedible JJ , , but CC at IN least JJS it PRP 's VBZ exercise NN . . At IN least JJS it PRP has VBZ a DT little JJ dash NN . . Most JJS of IN us PRP have VBP to TO spend VB our PRP$ time NN on IN pursuits NNS that WDT afford VBP neither DT , , drab JJ duties NNS rather RB than IN pleasures NNS . . Like IN trying VBG to TO buy VB life NN insurance NN , , for IN instance NN , , an DT endeavor NN notably RB lacking VBG in IN dash NN . . Call VB it PRP the DT uninformed JJ trudging VBG after IN the DT incomprehensible NN . . But CC sooner RBR or CC later RBR , , most JJS of IN us PRP have VBP to TO think VB about IN life NN insurance NN , , just RB as IN we PRP often RB have VBP to TO think VB about IN having VBG root-canal NN work NN . . And CC my PRP$ time NN has VBZ come VBN . . I PRP 'm VBP 33 CD , , married JJ , , no DT children NNS , , and CC employed VBN in IN writing VBG stories NNS like IN this DT one CD . . In IN times NNS past NN , , life-insurance NN salesmen NNS targeted VBD heads NNS of IN household NN , , meaning VBG men NNS , , but CC ours JJ is VBZ a DT two-income JJ family NN and CC accustomed VBN to TO it PRP . . So RB if IN anything NN happened VBD to TO me PRP , , I PRP 'd MD want VBP to TO leave VB behind RB enough JJ so RB that IN my PRP$ 33-year-old JJ husband NN would MD be VB able JJ to TO pay VB off RP the DT mortgage NN and CC some DT other JJ debts NNS ( ( though IN not RB , , I PRP admit VBP , , enough JJ to TO put VB any DT potential JJ second JJ wife NN in IN the DT lap NN of IN luxury NN ) ) . . Figuring VBG that IN maybe RB $ $ 100,000 CD to TO $ $ 150,000 CD would MD do VB but CC having VBG no DT idea NN of IN what WP kind NN of IN policy NN I PRP wanted VBD , , I PRP looked VBD at IN the DT myriad JJ products NNS of IN a DT dozen NN companies NNS -- : and CC plunged VBN into IN a DT jungle NN of IN gibberish NN . . Over IN the DT past JJ decade NN or CC two CD , , while IN I PRP was VBD thinking VBG about IN fox NN hunting NN , , the DT insurance NN industry NN has VBZ spawned VBN an DT incredible JJ number NN of IN products NNS , , variations NNS on IN products NNS , , and CC variations NNS on IN the DT variations NNS . . Besides IN term NN life NN and CC whole JJ life NN ( ( the DT old JJ standbys NNS ) ) , , we PRP now RB have VBP universal JJ life NN , , universal JJ variable JJ life NN , , flexible JJ adjustable JJ universal JJ life NN , , policies NNS with IN persistency NN bonuses NNS , , policies NNS festooned VBN with IN exotic JJ riders NNS , , living NN benefit NN policies NNS , , and CC on RB and CC on RB . . What WP to TO do VB ? . First RB , , generalize VB . . Shorn VBN of IN all DT their PRP$ riders NNS , , special JJ provisions NNS , , and CC other JJ bells NNS and CC whistles NNS , , insurance NN policies NNS can MD still RB be VB grouped VBN under IN two CD broad JJ categories NNS : : so-called JJ pure JJ insurance NN , , which WDT amasses VBZ no DT cash NN value NN in IN the DT policy NN and CC pays VBZ off RP only RB upon IN death NN , , and CC permanent JJ insurance NN , , which WDT provides VBZ not RB only RB a DT death NN benefit NN but CC also RB a DT cash NN value NN in IN the DT policy NN that WDT can MD be VB used VBN in IN various JJ ways NNS while IN the DT insured VBN is VBZ still RB alive JJ . . If IN all DT you PRP want VBP is VBZ death-benefit JJ coverage NN , , pure JJ insurance NN -- : a DT term NN policy NN -- : gives VBZ you PRP maximum NN bang NN for IN your PRP$ buck NN , , within IN limits NNS . . It PRP 's VBZ much RB cheaper JJR than IN permanent JJ insurance NN bought VBN at IN the DT same JJ age NN . . But CC `` `` term NN '' '' means VBZ just RB that DT ; : the DT policy NN is VBZ written VBN for IN a DT specific JJ time NN period NN only RB and CC must MD be VB renewed VBN when WRB it PRP expires VBZ . . It PRP may MD also RB stipulate VB that IN the DT insured NN must MD pass VB another DT medical JJ exam NN before IN renewal NN ; : if IN you PRP flunk VBP -- : which WDT means VBZ you PRP need VBP insurance NN more RBR than IN ever RB -- : you PRP may MD not RB be VB able JJ to TO buy VB it PRP . . Even RB if IN you PRP 're VBP healthy JJ and CC can MD renew VB , , your PRP$ premium NN will MD go VB up RB sharply RB because IN you PRP 're VBP that DT much RB older JJR . . So IN term NN insurance NN may MD not RB be VB as RB cheap JJ as IN it PRP looks VBZ . . There EX are VBP all DT sorts NNS of IN variations NNS on IN term NN insurance NN : : policies NNS structured VBN to TO pay VB off RP your PRP$ mortgage NN debt NN , , term NN riders NNS tacked VBD on RP to TO permanent JJ insurance NN , , and CC many JJ others NNS . . One CD variation NN that WDT appealed VBD to TO me PRP at IN first JJ was VBD the DT `` `` Money NNP Smart NNP Term NNP Life NNP '' '' policy NN offered VBN by IN Amex NNP Life NNP Insurance NNP Co. NNP , , the DT American NNP Express NNP unit NN , , to TO the DT parent NN company NN 's POS credit-card NN holders NNS . . Upon IN examination NN , , however RB , , I PRP wondered VBD whether IN the DT plan NN made VBD a DT lot NN of IN sense NN . . Amex NNP said VBD it PRP would MD charge VB me PRP $ $ 576 CD a DT year NN for IN $ $ 100,000 CD of IN coverage NN -- : and CC would MD pay VB me PRP back RB all DT the DT premiums NNS I PRP put VBD in RP if IN I PRP canceled VBD the DT policy NN after IN 10 CD years NNS . . Sounds VBZ great JJ -- : or CC does VBZ it PRP ? . First RB , , if IN I PRP canceled VBD , , I PRP 'd MD have VB no DT more JJR insurance NN , , a DT not RB insignificant JJ consideration NN . . Second JJ , , the DT $ $ 5,760 CD I PRP 'd MD get VB back RB would MD be VB much RB diminished VBN in IN purchasing NN power NN by IN 10 CD years NNS of IN inflation NN ; : Amex NNP , , not RB I PRP , , would MD get VB the DT benefit NN of IN the DT investment NN income NN on IN my PRP$ money NN , , income NN that WDT would MD have VB exceeded VBN the DT inflation NN rate NN and CC thus RB given VBN the DT company NN a DT real JJ profit NN . . Third JJ and CC most RBS important JJ , , Amex NNP would MD charge VB me PRP a DT far RB higher JJR premium NN than IN other JJ reputable JJ companies NNS would MD on IN a DT straight JJ term NN policy NN for IN the DT same JJ amount NN ; : I PRP 'd MD be VB paying VBG so RB heavily RB just RB to TO have VB the DT option NN of IN getting VBG my PRP$ premiums NNS back RB that IN I PRP 'd MD almost RB have VB to TO cancel VB to TO make VB the DT whole JJ thing NN worthwhile JJ . . That DT would MD be VB all RB right JJ with IN Amex NNP , , which WDT could MD then RB lock VB in RB its PRP$ investment NN profit NN , , but CC it PRP does VBZ n't RB add VB up RP to TO a DT `` `` smart JJ money NN '' '' move NN for IN me PRP . . Which WDT goes VBZ to TO show VB that IN the DT First NNP Law NNP applies VBZ in IN insurance NN as IN in IN anything NN else RB : : There EX is VBZ no DT free JJ lunch NN , , there EX is VBZ only RB marketing NN . . And CC the DT Second NNP Law NNP , , unique JJ to TO insurance NN ? . If IN I PRP die VBP early RB , , I PRP win VBP -- : a DT hollow JJ victory NN , , since IN I PRP ca MD n't RB enjoy VB it PRP -- : and CC if IN I PRP live VBP long RB , , the DT insurer NN wins VBZ . . Always RB . . This DT is VBZ worth JJ remembering VBG when WRB insurers NNS and CC their PRP$ salesmen NNS try VBP to TO sell VB you PRP permanent JJ insurance NN , , the DT kind NN that WDT amasses VBZ cash NN value NN . . The DT word NN `` `` death NN '' '' can MD not RB be VB escaped VBN entirely RB by IN the DT industry NN , , but CC salesmen NNS dodge VBP it PRP wherever WRB possible JJ or CC cloak VBP it PRP in IN euphemisms NNS , , preferring VBG to TO talk VB about IN `` `` savings NNS '' '' and CC `` `` investment NN '' '' instead RB . . The DT implication NN is VBZ that DT your PRP$ permanent-insurance JJ policy NN is VBZ really RB some DT kind NN of IN CD NNP or CC mutual-fund JJ account NN with IN an DT added VBN feature NN . . That DT is VBZ gilding NN the DT lily NN . . The DT fact NN is VBZ that IN as IN a DT savings NNS or CC investment NN vehicle NN , , insurance NN generally RB runs VBZ a DT poor JJ second NN to TO any DT direct JJ investment NN you PRP might MD make VB in IN the DT same JJ things NNS the DT insurance NN company NN is VBZ putting VBG your PRP$ money NN into IN . . That DT 's VBZ because IN you PRP have VBP to TO pay VB for IN the DT insurance NN portion NN of IN the DT policy NN and CC the DT effort NN required VBN to TO sell VB and CC service VB the DT whole JJ package NN . . Again RB , , no DT free JJ lunch NN . . This DT is VBZ reflected VBN in IN a DT built-in JJ mortality NN cost NN -- : in IN effect NN , , your PRP$ share NN of IN the DT company NN 's POS estimated VBN liability NN in IN paying VBG off RP beneficiaries NNS of IN people NNS who WP had VBD the DT effrontery NN to TO die VB while IN under IN its PRP$ protection NN . . And CC in IN most JJS cases NNS , , a DT huge JJ hunk NN of IN your PRP$ premium NN in IN the DT initial JJ year NN or CC two CD of IN the DT the DT policy NN is VBZ , , in IN effect NN , , paying VBG the DT salesman NN 's POS commission NN as RB well RB ; : investment NN returns NNS on IN most JJS policies NNS are VBP actually RB negative JJ for IN several JJ years NNS , , largely RB because IN of IN this DT . . So RB view VB permanent JJ insurance NN for IN what WP it PRP is VBZ -- : a DT compromise NN between IN pure JJ insurance NN and CC direct JJ investment NN . . The DT simplest JJS , , most RBS traditional JJ form NN of IN permanent JJ insurance NN is VBZ the DT straight JJ whole JJ life NN policy NN . . You PRP pay VBP a DT set VBN premium NN for IN a DT set VBN amount NN of IN coverage NN , , the DT company NN invests VBZ that DT premium NN in IN a DT portfolio NN of IN its PRP$ choosing NN , , and CC your PRP$ cash NN value NN and CC dividends NNS grow VBP over IN the DT years NNS . . One CD newer JJR wrinkle NN , , so RB called VBN single-premium JJ life NN ( ( you PRP pay VBP for IN the DT whole JJ policy NN at IN once RB ) ) , , has VBZ been VBN immensely RB popular JJ in IN recent JJ years NNS for IN tax NN reasons NNS ; : the DT insured VBN could MD extract VB cash NN value NN in IN the DT form NN of IN policy NN `` `` loans NNS , , '' '' and CC none NN of IN the DT proceeds NNS were VBD taxable JJ even RB though IN they PRP included VBD gains NNS on IN investment NN . . Congress NNP closed VBD this DT loophole NN last JJ year NN , , or CC thought VBD it PRP did VBD . . However RB , , Monarch NNP Capital NNP Corp. NNP of IN Springfield NNP , , Mass. NNP , , has VBZ developed VBN a DT `` `` combination NN plan NN '' '' of IN annuity NN and CC insurance NN coverage NN that IN it PRP says VBZ does VBZ not RB violate VB the DT new JJ regulations NNS and CC that DT allows VBZ policy NN loans NNS without IN tax NN consequences NNS . . But CC the DT percentage NN of IN your PRP$ cash NN reserve NN that IN you PRP can MD borrow VB tax-free JJ is VBZ very RB small JJ . . I PRP 'm VBP not RB prepared VBN in IN any DT case NN to TO put VB that DT much JJ money NN into IN a DT policy NN immediately RB , , so IN I PRP look VBP into IN the DT broad JJ category NN called VBD universal JJ life NN . . Hugely RB popular JJ , , it PRP is VBZ far RB more RBR flexible JJ than IN straight JJ whole JJ life NN . . I PRP can MD adjust VB the DT amount NN of IN insurance NN I PRP want VBP against IN the DT amount NN going VBG into IN investment NN ; : I PRP can MD pay VB more JJR or CC less JJR than IN the DT so-called JJ target NN premium NN in IN a DT given VBN year NN ; : and CC I PRP can MD even RB skip VB payments NNS if IN my PRP$ cash NN reserves NNS are VBP enough JJ to TO cover VB the DT insurance NN portion NN of IN the DT policy NN . . In IN looking VBG at IN these DT and CC other JJ policies NNS , , I PRP learn VBP to TO ask VB pointed JJ questions NNS about IN some DT of IN the DT assumptions NNS built VBN into IN `` `` policy NN illustrations NNS '' '' -- : the DT rows NNS of IN numbers NNS that WDT show VBP me PRP the DT buildup NN of IN my PRP$ cash NN values NNS over IN the DT years NNS . . They PRP commonly RB give VB two CD scenarios NNS : : One CD is VBZ based VBN on IN interest NN rates NNS that IN the DT company NN guarantees VBZ ( ( usually RB 4 CD % NN to TO 4.5 CD % NN ) ) and CC the DT other JJ on IN the DT rate NN it PRP is VBZ currently RB getting VBG on IN investment NN , , often RB 8.5 CD % NN or CC more JJR . . Projecting VBG the DT latter JJ over IN several JJ decades NNS , , I PRP find VBP my PRP$ cash NN buildup NN is VBZ impressive JJ -- : but CC can MD any DT high JJ interest NN rate NN prevail VB for IN that DT long RB ? . Not RB likely RB , , I PRP think VBP . . Also RB , , some DT policy NN illustrations NNS assume VBP that IN mortality NN costs NNS will MD decline VB or CC that IN I PRP will MD get VB some DT sort NN of IN dividend NN bonus NN after IN the DT 10th JJ year NN . . These DT are VBP not RB certain JJ , , either RB . . Companies NNS `` `` are VBP n't RB comfortable JJ playing VBG these DT games NNS , , but CC they PRP realize VBP they PRP 're VBP under IN pressure NN to TO make VB their PRP$ policies NNS look VB good JJ , , '' '' says VBZ Timothy NNP Pfiefer NNP , , an DT actuarial JJ consultant NN at IN Tillinghast NNP , , a DT unit NN of IN Towers NNP Perrin NNP Co. NNP , , the DT big JJ New NNP York NNP consulting VBG firm NN . . Another DT factor NN to TO consider VB : : Some DT of IN the DT companies NNS currently RB earning VBG very RB high JJ yields NNS are VBP doing VBG so RB through IN substantial JJ investment NN in IN junk NN bonds NNS , , and CC you PRP know VBP how WRB nervous JJ the DT market NN has VBZ been VBN about IN those DT lately RB . . There EX are VBP seemingly RB endless JJ twists NNS to TO universal JJ life NN , , and CC it PRP pays VBZ to TO ask VB questions NNS about IN all DT of IN them PRP . . At IN a DT back-yard JJ barbecue NN , , for IN example NN , , a DT friend NN boasts VBZ that IN she PRP 'll MD only RB have VB to TO pay VB premiums NNS on IN her PRP$ John NNP Hancock NNP policy NN for IN seven CD years NNS and CC that IN her PRP$ death NN benefits NNS will MD then RB be VB `` `` guaranteed VBN . . '' '' I PRP call VBP her PRP agent NN , , David NNP Dominici NNP . . Yes RB , , he PRP says VBZ , , premiums NNS on IN such JJ variable-rate JJ coverage NN can MD be VB structured VBN to TO `` `` vanish VB '' '' after IN a DT certain JJ period NN -- : but CC usually RB only RB if IN interest NN rates NNS stay VBP high JJ enough RB to TO generate VB sufficient JJ cash NN to TO cover VB the DT annual JJ cost NN of IN insurance NN protection NN . . If IN interest NN rates NNS plunge VBP , , the DT insurer NN may MD be VB knocking VBG on IN my PRP$ door NN , , asking VBG for IN steeper JJR premium NN payments NNS to TO maintain VB the DT same JJ amount NN of IN protection NN . . I PRP do VBP n't RB like VB the DT sound NN of IN that DT . . Some DT insurers NNS have VBP also RB started VBN offering VBG `` `` persistency NN bonuses NNS , , '' '' such JJ as IN extra JJ dividends NNS or CC a DT marginally RB higher JJR interest NN yield NN , , if IN the DT policy NN is VBZ maintained VBN for IN 10 CD years NNS . . But CC Glenn NNP Daily NNP , , a DT New NNP York-based JJ financial JJ consultant NN , , warns VBZ that IN many JJ of IN these DT bonuses NNS are VBP `` `` just RB fantasies NNS , , '' '' because IN most JJS are VBP n't RB guaranteed VBN by IN the DT companies NNS . . And CC the DT feature NN is VBZ so RB new JJ , , he PRP adds VBZ , , that IN no DT insurer NN has VBZ yet RB established VBN a DT track NN record NN for IN actually RB making VBG such JJ payments NNS . . So-called JJ living-benefits JJ provisions NNS also RB merit VBP a DT close JJ inspection NN . . Offered VBN by IN insurers NNS that WDT include VBP Security-Connecticut NNP Life NNP Insurance NNP Co. NNP , , Jackson NNP National NNP Life NNP Insurance NNP Co. NNP , , and CC National NNP Travelers NNP Life NNP Insurance NNP Co. NNP , , these DT policy NN riders NNS let VBP me PRP tap VB a DT portion NN of IN my PRP$ death NN benefits NNS while IN I PRP 'm VBP still RB alive JJ . . Some DT provisions NNS would MD let VB me PRP collect VB a DT percentage NN of IN the DT policy NN 's POS face NN value NN to TO pay VB for IN long-term JJ care NN such JJ as IN nursing-home NN stays NNS ; : others NNS would MD allow VB payments NNS for IN catastrophic JJ illnesses NNS and CC conditions NNS such JJ as IN cancer NN , , heart NN attarcks NNS , , renal JJ failure NN and CC kidney NN transplants NNS . . But CC the DT catastrophic JJ events NNS for IN which WDT the DT policyholder NN can MD collect VB are VBP narrowly RB defined VBN , , vary VBP from IN policy NN to TO policy NN , , and CC generally RB permit VBP use NN of IN only RB a DT small JJ fraction NN of IN the DT face NN amount NN of IN insurance NN . . Also RB , , financial JJ planners NNS advising VBG on IN insurance NN say VBP that IN to TO their PRP$ knowledge NN there EX has VBZ not RB yet RB been VBN a DT tax NN ruling NN exempting VBG these DT advance NN payments NNS from IN taxes NNS . . And CC considering VBG the DT extra JJ cost NN of IN such JJ provisions NNS , , some DT figure NN that IN people NNS interested JJ in IN , , say VB , , paying VBG for IN extended VBN nursing-home NN care NN would MD be VB better JJR off RP just RB buying VBG a DT separate JJ policy NN that WDT provides VBZ it PRP . . I PRP 'm VBP more RBR favorably RB impressed VBN by IN `` `` no-load JJ life NN , , '' '' even RB though IN it PRP turns VBZ out RP to TO be VB low-load JJ life NN . . Insureres NNS selling VBG these DT policies NNS market VBP them PRP directly RB to TO the DT public NN or CC otherwise RB do VBP n't RB use VB commissioned VBN salesmen NNS ; : there EX is VBZ still RB a DT load NN -- : annual JJ administrative JJ fees NNS and CC initial JJ `` `` setup NN '' '' charges NNS -- : but CC I PRP figure VBP that IN the DT lack NN of IN commission NN and CC of IN `` `` surrender NN fees NNS '' '' for IN dropping VBG the DT policy NN early RB still RB saves VBZ me PRP a DT lot NN . . I PRP compared VBD one CD universal JJ policy NN for IN $ $ 130,000 CD face NN amount NN from IN such JJ an DT insurer NN , , American NNP Life NNP Insurance NNP Corp. NNP of IN Lincoln NNP , , Neb. NNP , , with IN a DT similar JJ offering NN from IN Equitable NNP Life NNP Assurance NNP Society NNP of IN the DT U.S. NNP , , which WDT operates VBZ through IN 11,000 CD commissioned VBN salesmen NNS . . After IN one CD year NN I PRP could MD walk VB away RB from IN the DT Ameritas NNP policy NN with IN $ $ 792 CD , , but CC Id NN get VB only RB $ $ 14 CD from IN the DT Equitable NNP . . The DT difference NN is VBZ magnified VBN by IN time NN , , too RB . . At IN age NN 65 CD , , when WRB I PRP 'd MD stop VB paying VBG premiums NNS , , the DT Ameritas NNP offering NN would MD have VB a DT projected VBN cash NN value NN $ $ 14,000 CD higher JJR than IN the DT other JJ , , even RB though IN the DT Equitable NNP 's POS policy NN illustration NN assumed VBD a DT fractionally RB higher JJR interest NN rate NN . . Did VBD I PRP buy VB it PRP ? . Well RB , , not RB yet RB . . I PRP 'm VBP thinking VBG about IN using VBG the DT $ $ 871 CD annual JJ premium NN to TO finance VB a DT trip NN to TO Paris NNP first RB . . A DT person NN can MD do VB some DT heavy JJ thinking NN about IN insurance NN there RB -- : and CC shop VB for IN something NN more RBR exciting JJ while IN she PRP 's VBZ doing VBG it PRP . . Rorer NNP Group NNP Inc. NNP will MD report VB that IN third-quarter JJ profit NN rose VBD more RBR than IN 15 CD % NN from IN a DT year NN earlier RBR , , though IN the DT gain NN is VBZ wholly RB due JJ to TO asset NN sales NNS , , Robert NNP Cawthorn NNP , , chairman NN , , president NN and CC chief JJ executive JJ officer NN , , said VBD . . His PRP$ projection NN indicates VBZ profit NN in IN the DT latest JJS quarter NN of IN more JJR than IN $ $ 17.4 CD million CD , , or CC 55 CD cents NNS a DT share NN , , compared VBN with IN $ $ 15.2 CD million CD , , or CC 48 CD cents NNS a DT share NN , , a DT year NN ago RB . . Mr. NNP Cawthorn NNP said VBD in IN an DT interview NN that IN sales NNS will MD show VB an DT increase NN from IN a DT year NN ago RB of IN `` `` somewhat RB less JJR than IN 10 CD % NN . . '' '' Through IN the DT first JJ six CD months NNS of IN 1989 CD , , sales NNS had VBD grown VBN about RB 12 CD % NN from IN the DT year-earlier JJ period NN . . Growth NN of IN 10 CD % NN would MD make VB sales NNS for IN the DT latest JJS quarter NN $ $ 269 CD million CD , , compared VBN with IN $ $ 244.6 CD million CD a DT year NN ago RB . . Mr. NNP Cawthorn NNP said VBD the DT profit NN growth NN in IN the DT latest JJS quarter NN was VBD due JJ to TO the DT sale NN of IN two CD Rorer NNP drugs NNS . . Asilone NNP , , an DT antacid NN , , was VBD sold VBN to TO Boots NNP PLC NNP , , London NNP . . Thrombinar NNP , , a DT drug NN used VBN to TO stanch VB bleeding NN , , was VBD sold VBN to TO Jones NNP Medical NNP Industries NNP Inc. NNP , , St. NNP Louis NNP . . He PRP said VBD Rorer NNP sold VBD the DT drugs NNS for IN `` `` nice JJ prices NNS '' '' and CC will MD record VB a DT combined VBN , , pretax JJ gain NN on IN the DT sales NNS of IN $ $ 20 CD million CD . . As IN the DT gain NN from IN the DT sales NNS indicates VBZ , , operating NN profit NN was VBD `` `` significantly RB '' '' below IN the DT year-earlier JJ level NN , , Mr. NNP Cawthorn NNP said VBD . . Rorer NNP in IN July NNP had VBD projected VBN lower JJR third-quarter JJ operating NN profit NN but CC higher JJR profit NN for IN all DT of IN 1989 CD . . He PRP said VBD the DT company NN is VBZ still RB looking VBG for IN `` `` a DT strong JJ fourth JJ quarter NN in IN all DT areas NNS -- : sales NNS , , operating NN income NN and CC net JJ income NN . . '' '' Mr. NNP Cawthorn NNP attributed VBD the DT decline NN in IN third-quarter JJ operating NN profit NN to TO the DT stronger JJR dollar NN , , which WDT reduces VBZ the DT value NN of IN overseas JJ profit NN when WRB it PRP is VBZ translated VBN into IN dollars NNS ; : to TO accelerated VBN buying NN of IN Rorer NNP products NNS in IN the DT second JJ quarter NN because IN of IN a DT then-pending JJ July NNP 1 CD price NN increase NN , , and CC to TO higher JJR marketing NN expenses NNS for IN Rorer NNP 's POS Maalox NNP antacid NN , , whose WP$ sales NNS and CC market NN share NN in IN the DT U.S. NNP had VBD slipped VBN in IN the DT first JJ half NN of IN 1989 CD . . He PRP said VBD Rorer NNP opted VBD to TO sell VB Asilone NNP and CC Thrombinar NNP to TO raise VB revenue NN that WDT would MD `` `` kick NN start VB '' '' its PRP$ increased VBN marketing NN efforts NNS behind IN Maalox NNP , , still RB its PRP$ top-selling JJ product NN with IN about RB $ $ 215 CD million CD in IN world-wide JJ sales NNS in IN 1988 CD . . `` `` We PRP had VBD underfunded VBN Maalox NNP for IN a DT year NN , , '' '' he PRP said VBD , , because IN the DT company NN was VBD concentrating VBG on IN research NN and CC development NN and CC promoting VBG other JJ drugs NNS . . He PRP said VBD Rorer NNP will MD spend VB $ $ 15 CD million CD to TO $ $ 20 CD million CD more JJR on IN Maalox NNP advertising NN and CC promotion NN in IN the DT second JJ half NN of IN 1989 CD than IN in IN the DT year-earlier JJ period NN . . A DT `` `` big JJ chunk NN '' '' of IN that DT additional JJ spending NN came VBD in IN the DT third JJ quarter NN , , he PRP said VBD . . Hoechst NNP AG NNP said VBD it PRP will MD stop VB producing VBG fertilizer NN in IN 1990 CD because IN of IN continued VBN losses NNS and CC a DT bleak JJ outlook NN . . The DT West JJ German JJ chemical NN concern NN said VBD it PRP will MD close VB the DT last JJ remaining JJ fertilizer NN plant NN in IN Oberhausen NNP in IN the DT fall NN of IN next JJ year NN . . Hoechst NNP said VBD the DT fertilizer NN market NN faces VBZ overcapacity NN in IN Western NNP Europe NNP , , rising JJ imports NNS from IN East JJ bloc NN countries NNS and CC overseas RB , , and CC declining VBG demand NN . . HomeFed NNP Corp. NNP said VBD its PRP$ main JJ subsidiary NN , , Home NNP Federal NNP Savings NNP & CC Loan NNP , , converted VBD from IN a DT federal JJ savings NNS and CC loan NN to TO a DT federal JJ savings NNS bank NN and CC changed VBD its PRP$ name NN to TO HomeFed NNP Bank NNP . . The DT federal JJ Office NNP of IN Thrift NNP Supervision NNP approved VBD the DT conversion NN last JJ Friday NNP , , HomeFed NNP said VBD . . The DT change NN in IN charter NN does VBZ n't RB alter VB the DT federal JJ insurance NN of IN deposits NNS , , federal JJ regulatory JJ powers NNS or CC company NN operations NNS , , a DT spokesman NN said VBD . . It PRP was VBD the DT second JJ anniversary NN of IN the DT 1987 CD crash NN , , but CC this DT time NN it PRP was VBD different JJ . . Stocks NNS rallied VBD on IN good JJ earnings NNS reports NNS and CC on IN data NNS that WDT showed VBD less JJR inflation NN than IN expected VBN . . Blue JJ chips NNS led VBD the DT march NN up RB in IN heavy JJ trading NN . . The DT Dow NNP Jones NNP Industrial NNP Average NNP rose VBD 39.55 CD points NNS to TO 2683.20 CD . . The DT 30 CD industrials NNS led VBD the DT market NN higher RBR from IN the DT opening NN bell NN as IN foreign JJ buyers NNS stepped VBD in RP . . By IN afternoon NN , , the DT broader JJR market NN joined VBD the DT advance NN in IN full JJ strength NN . . Standard NNP & CC Poor NNP 's POS 500-stock JJ Index NNP rose VBD 5.37 CD to TO 347.13 CD and CC the DT Nasdaq NNP composite JJ index NN jumped VBD 7.52 CD to TO 470.80 CD . . New NNP York NNP Stock NNP Exchange NNP volume NN swelled VBD to TO 198,120,000 CD shares NNS . . The DT industrials NNS were VBD up RB about RB 60 CD points NNS in IN the DT afternoon NN , , but CC cautious JJ investors NNS took VBD profits NNS before IN the DT close NN . . Traders NNS said VBD a DT variety NN of IN factors NNS triggered VBD the DT rally NN . . The DT consumer NN price NN index NN rose VBD 0.2 CD % NN in IN September NNP , , while IN many JJ economists NNS were VBD looking VBG for IN a DT 0.4 CD % NN increase NN . . Stock-index JJ arbitrage NN buy NN programs NNS -- : in IN which WDT traders NNS buy VBP stock NN against IN offsetting JJ positions NNS in IN futures NNS to TO lock VB in RP price NN differences NNS -- : helped VBD the DT rally NN 's POS momentum NN . . The DT euphoria NN was VBD such JJ that IN investors NNS responded VBD to TO good JJ earnings NNS reports NNS of IN companies NNS such JJ as IN American NNP Express NNP , , while IN ignoring VBG the DT disappointing JJ profits NNS of IN companies NNS such JJ as IN Caterpillar NNP , , analysts NNS said VBD . . Stock-index JJ arbitrage NN trading NN was VBD a DT minor JJ influence NN in IN yesterday NN 's POS rally NN , , traders NNS said VBD . . Institutional JJ buyers NNS were VBD the DT main JJ force NN pushing VBG blue JJ chips NNS higher RBR . . To TO the DT amazement NN of IN some DT traders NNS , , takeover NN stocks NNS were VBD climbing VBG again RB . . Hilton NNP rose VBD 2 CD 7\/8 CD to TO 100 CD , , for IN example NN . . Last JJ Friday NNP , , takeover NN traders NNS spilled VBD out RP of IN Hilton NNP , , knocking VBG the DT stock NN down RB 21 CD 1\/2 CD to TO 85 CD . . Among IN other JJ stocks NNS involved VBN in IN restructurings NNS or CC rumored VBN to TO be VB so RB : : Holiday NNP Corp. NNP gained VBD 1 CD 7\/8 CD to TO 73 CD and CC Honeywell NNP rose VBD 2 CD 7\/8 CD to TO 81 CD 1\/2 CD . . One CD floor NN trader NN noted VBD in IN astonishment NN that IN nobody NN seemed VBD to TO mind VB the DT news NN that IN British NNP Airways NNP is VBZ n't RB making VBG a DT special JJ effort NN to TO revive VB the DT UAL NNP buy-out NN . . The DT announcement NN of IN the DT buy-out NN 's POS troubles NNS triggered VBD the DT market NN 's POS nose NN dive NN a DT week NN ago RB . . Takeover NN enthusiasm NN may MD have VB been VBN renewed VBN when WRB an DT investor NN group NN disclosed VBD yesterday NN that IN it PRP had VBD obtained VBN all DT the DT financing NN required VBN to TO complete VB its PRP$ $ $ 1.6 CD billion CD leveraged VBN buy-out NN of IN American NNP Medical NNP International NNP . . `` `` That DT 's VBZ put VB some DT oomph NN back RB into IN this DT market NN , , '' '' said VBD Peter NNP VandenBerg NNP , , a DT vice NN president NN of IN equity NN trading NN at IN Shearson NNP Lehman NNP Hutton NNP . . But CC some DT traders NNS thought VBD there EX was VBD less JJR to TO the DT rally NN than IN met VBD the DT eye NN . . `` `` There EX is VBZ no DT strength NN behind IN this DT rally NN , , '' '' asserted VBD Chung NNP Lew NNP , , head NN trader NN at IN Kleinwort NNP Benson NNP North NNP America NNP . . `` `` It PRP 's VBZ traders NNS squaring VBG positions NNS . . It PRP 's VBZ not RB good JJ ; : the DT market NN is VBZ setting VBG up RP for IN another DT fall NN . . '' '' Indeed RB , , many JJ traders NNS said VBD that DT uncertainty NN about IN today NN 's POS monthly JJ expiration NN of IN stocks-index JJ futures NNS and CC options NNS , , and CC options NNS on IN individual JJ stocks NNS , , prompted VBD a DT lot NN of IN buying NN by IN speculative JJ traders NNS who WP were VBD unwinding VBG positions NNS that WDT were VBD bets NNS on IN declining JJ stock NN prices NNS . . The DT number NN of IN outstanding JJ contracts NNS in IN the DT October NNP Major NNP Market NNP Index NNP jumped VBD from IN 5,273 CD on IN Friday NNP to TO 9,023 CD on IN Monday NNP . . The DT MMI NNP is VBZ a DT 20-stock JJ index NN that IN mimics NNS the DT Dow NNP Jones NNP Industrial NNP Average NNP . . Outstanding JJ contracts NNS are VBP those DT that WDT remain VBP to TO be VB liquidated VBN . . By IN Wednesday NNP , , the DT outstanding JJ October NNP contracts NNS amounted VBD to TO 8,524 CD , , representing VBG about RB $ $ 1.13 CD billion CD in IN stock NN , , noted VBD Donald NNP Selkin NNP , , head NN of IN stock-index JJ futures NNS research NN at IN Prudential-Bache NNP Securities NNP , , who WP expects VBZ a DT volatile JJ expiration NN today NN . . `` `` There EX has VBZ been VBN a DT tremendous JJ increase NN '' '' in IN MMI NNP positions NNS , , Mr. NNP Selkin NNP said VBD . . Consumer NN stocks NNS once RB again RB set VBD the DT pace NN for IN blue-chip JJ issues NNS . . Philip NNP Morris NNP added VBD 1 CD 1\/8 CD to TO 44 CD 1\/2 CD in IN Big NNP Board NNP composite NN trading NN of IN 3.7 CD million CD shares NNS , , Coca-Cola NNP Co. NNP gained VBD 2 CD 3\/8 CD to TO 70 CD 3\/8 CD , , Merck NNP gained VBD 1 CD 3\/8 CD to TO 77 CD 3\/8 CD and CC American NNP Telephone NNP & CC Telegraph NNP advanced VBD 7\/8 CD to TO 43 CD 3\/8 CD on IN 2.5 CD million CD shares NNS . . American NNP Medical NNP jumped VBD 1 CD 7\/8 CD to TO 23 CD 5\/8 CD . . IMA NNP Acquisition NNP , , an DT investor NN group NN that WDT includes VBZ First NNP Boston NNP and CC the DT Pritzker NNP family NN of IN Chicago NNP , , said VBD Chemical NNP Bank NNP had VBD made VBN arrangements NNS for IN 23 CD other JJ banks NNS to TO provide VB $ $ 509 CD million CD in IN bank NN financing NN for IN the DT buy-out NN offer NN . . Chemical NNP and CC six CD other JJ banks NNS , , along IN with IN First NNP Boston NNP , , are VBP providing VBG the DT rest NN of IN the DT $ $ 1.6 CD billion CD . . Elsewhere RB on IN the DT takeover NN front NN , , Time NNP Warner NNP advanced VBD 2 CD 5\/8 CD to TO 136 CD 5\/8 CD and CC Warner NNP Communications NNP tacked VBD on RP 7\/8 CD to TO 63 CD 7\/8 CD . . The DT Delaware NNP Supreme NNP Court NNP affirmed VBD a DT ruling NN that WDT barred VBD Chris-Craft NNP Industries NNP from IN voting VBG its PRP$ Warner NNP preferred VBD stock NN as IN a DT separate JJ class NN in IN deciding VBG on RP the DT companies NNS ' POS proposed VBN merger NN . . Paramount NNP Communications NNP climbed VBD 1 CD 1\/4 CD to TO 58 CD 1\/2 CD and CC MCA NNP rose VBD 1 CD 1\/2 CD to TO 64 CD ; : both DT media NNS companies NNS have VBP long RB been VBN mentioned VBN as IN potential JJ acquisition NN candidates NNS . . Among IN other JJ actual JJ and CC rumored VBN targets NNS , , Woolworth NNP rose VBD 1 CD 1\/4 CD to TO 60 CD 1\/2 CD , , Upjohn NNP went VBD up RB 1 CD 1\/8 CD to TO 39 CD 3\/4 CD , , Armstrong NNP World NNP Industries NNP gained VBD 1 CD to TO 40 CD 1\/8 CD and CC Kollmorgen NNP rose VBD 3\/4 CD to TO 13 CD 7\/8 CD . . In IN addition NN : : -- : Soo NNP Line NNP jumped VBD 2 CD 3\/4 CD to TO 20 CD 1\/4 CD , , above IN the DT $ $ 19.50 CD a DT share NN that IN Canadian NNP Pacific NNP offered VBD for IN the DT company NN in IN a DT takeover NN proposal NN . . -- : Xtra NN gained VBN 1 CD 1\/8 CD to TO 27 CD 1\/8 CD . . Investor NNP Robert NNP M. NNP Gintel NNP , , who WP owns VBZ a DT 4.7 CD % NN stake NN in IN the DT company NN , , said VBD he PRP plans VBZ a DT proxy NN fight NN for IN control NN of IN its PRP$ board NN . . -- : Golden NNP Nugget NNP rose VBD 2 CD to TO 28 CD 1\/4 CD . . Its PRP$ board NN approved VBD the DT repurchase VBD of IN as RB many JJ as IN three CD million CD common JJ shares NNS , , or CC about RB 17 CD % NN of IN its PRP$ shares NNS outstanding JJ . . Buying NN interest NN also RB resurfaced VBD in IN the DT technology NN sector NN , , including VBG International NNP Business NNP Machines NNP , , whose WP$ board NN approved VBD a DT $ $ 1 CD billion CD increase NN in IN its PRP$ stock NN buy-back JJ program NN . . IBM NNP rose VBD 2 CD 3\/8 CD to TO 104 CD 1\/8 CD as IN 2.2 CD million CD shares NNS changed VBD hands NNS . . Compaq NNP Computer NNP soared VBD 4 CD 5\/8 CD to TO 111 CD 1\/8 CD on IN 1.8 CD million CD shares NNS in IN response NN to TO the DT company NN 's POS announcement NN of IN plans NNS to TO introduce VB several JJ products NNS next IN month NN . . Digital NNP Equipment NNP gained VBD 1 CD 3\/8 CD to TO 89 CD 3\/4 CD despite IN reporting VBG earnings NNS for IN the DT September NNP quarter NN that WDT were VBD on IN the DT low JJ end NN of IN expectations NNS . . Among IN other JJ technology NN issues NNS , , Cray NNP Research NNP rose VBD 1 CD 5\/8 CD to TO 37 CD , , Hewlett-Packard NNP added VBD 1 CD 1\/4 CD to TO 50 CD 1\/4 CD , , Tandem NNP Computers NNP rallied VBD 1 CD 1\/8 CD to TO 25 CD 3\/4 CD , , Data NNP General NNP rose VBD 3\/4 CD to TO 14 CD 1\/2 CD and CC Motorola NNP gained VBN 2 CD 3\/8 CD to TO 59 CD 1\/4 CD . . On IN the DT other JJ hand NN , , Symbol NNP Technologies NNP dropped VBD 1 CD 1\/4 CD to TO 18 CD 1\/2 CD after IN Shearson NNP Lehman NNP Hutton NNP lowered VBD its PRP$ short-term JJ investment NN rating NN on IN the DT stock NN and CC its PRP$ 1989 CD earnings NNS estimate NN , , and CC Commodore NNP International NNP fell VBD 7\/8 CD to TO 8 CD after IN the DT company NN said VBD it PRP expects VBZ to TO post VB a DT loss NN for IN the DT September NNP quarter NN . . Insurance NN stocks NNS continued VBD to TO climb VB on IN expectations NNS that IN premium NN rates NNS will MD rise VB in IN the DT aftermath NN of IN the DT earthquake NN in IN the DT San NNP Francisco NNP area NN . . American NNP International NNP Group NNP climbed VBD 4 CD to TO 106 CD 5\/8 CD , , General NNP Re NNP rose VBD 3 CD 1\/8 CD to TO 89 CD 5\/8 CD , , Kemper NNP added VBD 2 CD 1\/2 CD to TO 48 CD , , AON NNP went VBD up RB 1 CD 3\/8 CD to TO 36 CD and CC Chubb NNP rose VBD 1 CD 1\/4 CD to TO 82 CD 1\/4 CD . . Stocks NNS of IN major JJ toy NN makers NNS rallied VBN in IN the DT wake NN of IN strong JJ third-quarter JJ earnings NNS reports NNS . . Mattel NNP added VBN 1 CD 1\/4 CD to TO 19 CD 5\/8 CD , , Tonka NNP firmed VBD 1 CD to TO 18 CD 1\/2 CD and CC Lewis NNP Galoob NNP Toys NNP rose VBD 7\/8 CD to TO 13 CD 5\/8 CD on IN the DT Big NNP Board NNP , , while IN Hasbro NNP gained VBD 1 CD to TO 21 CD 7\/8 CD on IN the DT American NNP Stock NNP Exchange NNP . . Capital NNP Cities-ABC NNP surged VBD 42 CD 5\/8 CD to TO 560 CD . . Kidder NNP Peabody NNP raised VBD its PRP$ investment NN rating NN on IN the DT stock NN and CC its PRP$ earnings NNS estimates NNS for IN 1989 CD and CC 1990 CD , , based VBN on IN optimism NN that IN the DT company NN 's POS ABC NNP television NN network NN will MD continue VB to TO fare VB well RB in IN the DT ratings NNS . . Dun NNP & CC Bradstreet NNP lost VBD 1 CD 7\/8 CD to TO 51 CD 7\/8 CD on IN 1.8 CD million CD shares NNS . . Merrill NNP Lynch NNP lowered VBD its PRP$ short-term JJ rating NN on IN the DT stock NN and CC its PRP$ estimate NN of IN 1990 CD earnings NNS , , citing VBG a DT sales NNS slowdown NN in IN the DT company NN 's POS credit-rating JJ business NN . . Pinnacle NNP West NNP Capital NNP , , which WDT suspended VBD its PRP$ common-stock JJ dividend NN indefinitely RB and CC reported VBD a DT 91 CD % NN decline NN in IN third-quarter JJ earnings NNS , , fell VBD 5\/8 CD to TO 11 CD 3\/8 CD . . The DT Amex NNP Market NNP Value NNP Index NNP recorded VBD its PRP$ sharpest JJS gain NN of IN the DT year NN by IN climbing VBG 4.74 CD to TO 382.81 CD . . Volume NN totaled VBD 14,580,000 CD shares NNS . . B.A.T NNP Industries NNP , , the DT most RBS active JJ Amex NNP issue NN , , rose VBD 3\/8 CD to TO 12 CD 3\/8 CD . . The DT company NN received VBD shareholder NN approval NN for IN its PRP$ restructuring NN plan NN , , designed VBN to TO fend VB off RP a DT hostile JJ takeover NN bid NN from IN a DT group NN headed VBN by IN financier NN Sir NNP James NNP Goldsmith NNP . . Chambers NNP Development NNP Class NNP A NNP jumped VBD 3 CD 1\/8 CD to TO 37 CD 1\/8 CD and CC Class NNP B NNP rose VBD 2 CD 5\/8 CD to TO 37 CD 1\/4 CD . . The DT company NN said VBD six CD officers NNS are VBP buying VBG a DT total NN of IN $ $ 1.5 CD million CD of IN its PRP$ stock NN . . TRC NNP Cos. NNP , , the DT target NN of IN an DT investigation NN by IN the DT U.S. NNP inspector NN general NN , , dropped VBD 2 CD to TO 10 CD 3\/4 CD . . The DT probe NN involves VBZ testing NN procedures NNS used VBN on IN certain JJ government NN contracts NNS by IN the DT company NN 's POS Metatrace NNP unit NN . . Avondale NNP Industries NNP Inc. NNP , , New NNP Orleans NNP , , received VBD a DT $ $ 23 CD million CD contract NN from IN the DT Navy NNP to TO enlarge VB by IN 50 CD % NN the DT capacity NN of IN an DT auxiliary JJ oiler NN . . The DT award NN results VBZ from IN the DT Navy NNP 's POS exercising VBG of IN an DT option NN in IN an DT earlier JJR contract NN it PRP awarded VBD Avondale NNP . . Richard NNP J. NNP Pinola NNP was VBD elected VBN to TO the DT board NN of IN this DT personnel NNS consulting NN concern NN , , increasing VBG its PRP$ size NN to TO nine CD members NNS . . Mr. NNP Pinola NNP is VBZ president NN and CC chief JJ operating VBG officer NN of IN Penn NNP Mutual NNP Life NNP Insurance NNP Co NNP . . The DT Senate NNP rejected VBD a DT constitutional JJ amendment NN that IN President NNP Bush NNP sought VBD to TO protect VB the DT U.S. NNP flag NN from IN desecration NN . . The DT 51-48 JJ roll NN call NN fell VBD well RB short JJ of IN the DT two-thirds NNS majority NN needed VBD to TO approve VB changes NNS to TO the DT Constitution NNP . . The DT vote NN , , in IN which WDT 11 CD GOP NNP lawmakers NNS voted VBD against IN Mr. NNP Bush NNP 's POS position NN , , was VBD a DT victory NN for IN Democratic JJ leaders NNS , , who WP opposed VBD the DT amendment NN as IN an DT intrusion NN on IN the DT Bill NNP of IN Rights NNP . . `` `` We PRP can MD support VB the DT American JJ flag NN without IN changing VBG the DT American NNP Constitution NNP , , '' '' said VBD Senate NNP Majority NNP Leader NNP George NNP Mitchell NNP of IN Maine NNP . . In IN order NN to TO defuse VB pressure NN for IN an DT amendment NN , , Mr. NNP Mitchell NNP and CC House NNP Speaker NNP Thomas NNP Foley NNP ( ( D. NNP , , Wash NNP . . ) ) had VBD arranged VBN for IN lawmakers NNS to TO pass VB a DT statute NN barring VBG flag NN desecration NN before IN voting VBG on IN the DT constitutional JJ change NN . . Mr. NNP Bush NNP said VBD he PRP would MD allow VB the DT bill NN to TO become VB law NN without IN his PRP$ signature NN , , because IN he PRP said VBD only RB a DT constitutional JJ amendment NN can MD protect VB the DT flag NN adequately RB . . In IN June NNP , , the DT Supreme NNP Court NNP threw VBD out RP the DT conviction NN of IN a DT Texas NNP man NN who WP set VBD a DT flag NN afire RB during IN a DT 1984 CD demonstration NN , , saying VBG he PRP was VBD `` `` engaging VBG in IN political JJ expression NN '' '' that WDT is VBZ protected VBN by IN the DT First NNP Amendment NNP . . If IN you PRP think VBP you PRP have VBP stress-related JJ problems NNS on IN the DT job NN , , there EX 's POS good JJ news NN and CC bad JJ news NN . . You PRP 're VBP probably RB right JJ , , and CC you PRP are VBP n't RB alone RB . . A DT new JJ Gallup NNP Poll NNP study NN commissioned VBN by IN the DT New NNP York NNP Business NNP Group NNP on IN Health NNP , , found VBD that IN a DT full JJ 25 CD % NN of IN the DT work NN force NN at IN companies NNS may MD suffer VB from IN anxiety NN disorders NNS or CC a DT stress-related JJ illness NN , , with IN about RB 13 CD % NN suffering VBG from IN depression NN . . The DT study NN surveyed VBD a DT national JJ group NN of IN medical JJ directors NNS , , personnel NNS managers NNS and CC employee NN assistance NN program NN directors NNS about IN their PRP$ perceptions NNS of IN these DT problems NNS in IN their PRP$ companies NNS . . It PRP is VBZ one CD of IN a DT series NN of IN studies NNS on IN health NN commissioned VBN by IN the DT New NNP York NNP Business NNP Group NNP , , a DT non-profit JJ organization NN with IN about RB 300 CD members NNS . . The DT stress NN study NN was VBD undertaken VBN because IN problems NNS related VBN to TO stress NN `` `` are VBP much RB more RBR prevalent JJ than IN they PRP seem VBP , , '' '' said VBD Leon NNP J. NNP Warshaw NNP , , executive JJ director NN of IN the DT business NN group NN . . In IN presenting VBG the DT study NN late JJ last JJ week NN , , Dr. NNP Warshaw NNP estimated VBD the DT cost NN of IN these DT types NNS of IN disorders NNS to TO business NN is VBZ substantial JJ . . Occupational JJ disability NN related VBN to TO anxiety NN , , depression NN and CC stress NN costs VBZ about RB $ $ 8,000 CD a DT case NN in IN terms NNS of IN worker NN 's POS compensation NN . . In IN terms NNS of IN days NNS lost VBN on IN the DT job NN , , the DT study NN estimated VBD that IN each DT affected VBN employee NN loses VBZ about RB 16 CD work NN days NNS a DT year NN because IN of IN stress NN , , anxiety NN or CC depression NN . . He PRP added VBD that IN the DT cost NN for IN stress-related JJ compensation NN claims NNS is VBZ about RB twice RB the DT average NN for IN all DT injury NN claims NNS . . `` `` We PRP hope VBP to TO sensitize VB employers NNS '' '' to TO recognize VB the DT problems NNS so IN they PRP can MD do VB something NN about IN them PRP , , Dr. NNP Warshaw NNP said VBD . . Early JJ intervention NN into IN these DT types NNS of IN problems NNS can MD apparently RB save VB businesses NNS long-term JJ expense NN associated VBN with IN hospitalization NN , , which WDT sometimes RB results VBZ when WRB these DT problems NNS go VBP untreated JJ for IN too RB long RB . . Even RB the DT courts NNS are VBP beginning VBG to TO recognize VB the DT link NN between IN jobs NNS and CC stress-related JJ disorders NNS in IN compensation NN cases NNS , , according VBG to TO a DT survey NN by IN the DT National NNP Council NNP on IN Compensation NNP Insurance NNP . . But CC although IN 56 CD % NN of IN the DT respondents NNS in IN the DT study NN indicated VBD that IN mental-health JJ problems NNS were VBD fairly RB pervasive JJ in IN the DT workplace NN , , there EX is VBZ still RB a DT social JJ stigma NN associated VBN with IN people NNS seeking VBG help NN . . The DT disorders NNS , , which WDT 20 CD years NNS ago RB struck VBD middle-age JJ and CC older JJR people NNS , , `` `` now RB strike VBP people NNS at IN the DT height NN of IN productivity NN , , '' '' says VBZ Robert NNP M.A. NNP Hirschfeld NNP , , of IN the DT National NNP Institute NNP of IN Mental NNP Health NNP , , who WP spoke VBD at IN the DT presentation NN of IN the DT study NN 's POS findings NNS . . The DT poll NN showed VBD that IN company NN size NN had VBD a DT bearing NN on IN a DT manager NN 's POS view NN of IN the DT problem NN , , with IN 65 CD % NN of IN those DT in IN companies NNS of IN more JJR than IN 15,000 CD employees NNS saying VBG stress-related JJ problems NNS were VBD `` `` fairly RB pervasive JJ '' '' and CC 55 CD % NN of IN those DT in IN companies NNS with IN fewer JJR than IN 4,000 CD employees NNS agreeing VBG . . The DT poll NN also RB noted VBD fear NN of IN a DT takeover NN as IN a DT stress-producing JJ event NN in IN larger JJR companies NNS . . More JJR than IN eight CD in IN 10 CD respondents NNS reported VBD such JJ a DT stress-provoking JJ situation NN in IN their PRP$ company NN . . Mid-sized JJ companies NNS were VBD most RBS affected VBN by IN talk NN of IN layoffs NNS or CC plant NN closings NNS . . The DT study NN , , which WDT received VBD funding NN from IN Upjohn NNP Co. NNP , , which WDT makes VBZ several JJ drugs NNS to TO treat VB stress-related JJ illnesses NNS , , also RB found VBD 47 CD % NN of IN the DT managers NNS said VBD stress NN , , anxiety NN and CC depression NN contribute VBP to TO decreased VBN production NN . . Alcohol NN and CC substance NN abuse NN as IN a DT result NN of IN stress-related JJ problems NNS was VBD cited VBN by IN 30 CD % NN of IN those DT polled VBN . . Although IN Dr. NNP Warshaw NNP points NNS out RP that DT stress NN and CC anxiety NN have VBP their PRP$ positive JJ uses NNS , , `` `` stress NN perceived VBN to TO be VB threatening JJ implies VBZ a DT component NN of IN fear NN and CC anxiety NN that WDT may MD contribute VB to TO burnout NN . . '' '' He PRP also RB noted VBD that DT various JJ work NN environments NNS , , such JJ as IN night NN work NN , , have VBP their PRP$ own JJ `` `` stressors NNS . . '' '' `` `` We PRP all DT like VBP stress NN , , but CC there EX 's VBZ a DT limit NN , , '' '' says VBZ Paul NNP D'Arcy NNP , , of IN Rohrer NNP , , Hibler NNP & CC Replogle NNP , , a DT corporate JJ psychology NN and CC management NN consulting NN firm NN . . The DT problem NN , , says VBZ Mr. NNP D'Arcy NNP , , a DT psychologist NN , , is VBZ that IN `` `` it PRP 's VBZ very RB hard JJ to TO get VB any DT hard JJ measures NNS on IN how WRB stress NN affects VBZ job NN performance NN . . For IN Cheap JJ Air NN Fares NNS , , Spend VB Christmas NNP Aloft JJ IT PRP IS VBZ N'T RB TRUE JJ that IN a DT 90-year JJ old JJ clergyman NN on IN a DT mission NN of IN mercy NN to TO a DT disaster NN area NN on IN Christmas NNP Day NNP can MD fly VB free JJ . . But CC his PRP$ circumstances NNS are VBP among IN the DT few JJ that WDT can MD qualify VB for IN the DT handful NN of IN really RB cheap JJ airline NN tickets NNS remaining VBG in IN America NNP . . In IN recent JJ years NNS , , carriers NNS have VBP become VBN much RB more RBR picky JJ about IN who WP can MD fly VB on IN the DT cheap NN . . But CC there EX still RB are VBP a DT few JJ ways NNS today NN 's POS traveler NN can MD qualify VB under IN the DT airline NN 's POS many JJ restrictions NNS . . One CD of IN the DT best JJS deals NNS , , though RB , , may MD mean VB skipping VBG Christmas NNP dinner NN with IN the DT relatives NNS . . This DT week NN , , many JJ carriers NNS are VBP announcing VBG cut-rate JJ fares NNS designed VBN to TO get VB people NNS to TO fly VB on IN some DT of IN the DT most RBS hallowed JJ -- : and CC slowest JJS -- : days NNS of IN the DT year NN , , including VBG Christmas NNP . . In IN recent JJ years NNS , , the DT airlines NNS had VBD waited VBN until IN the DT last JJ moment NN to TO court VB Christmas NNP season NN vacationers NNS with IN bargain NN fares NNS . . That DT approach NN flopped VBD : : Last JJ Christmas NNP Day NNP , , a DT USAir NNP Group NNP Inc. NNP DC-9 NNP jetliner NN flew VBD about RB seven CD passengers NNS from IN Chicago NNP to TO Pittsburgh NNP . . So RB this DT year NN , , the DT airlines NNS are VBP getting VBG a DT jump NN on IN holiday NN discounts NNS . . They PRP are VBP cutting VBG ticket NN prices NNS by IN as RB much JJ as IN 70 CD % NN from IN normal JJ levels NNS for IN travel NN to TO most JJS U.S. NNP locations NNS on IN Dec. NNP 24 CD , , 25 CD , , 29 CD , , 30 CD and CC 31 CD , , and CC Jan. NNP 4 CD , , 5 CD and CC 6 CD . . The DT promotions NNS -- : dubbed VBD everything NN from IN 'T- PRP is VBZ the DT Season NN to TO be VB Jolly JJ to TO Kringle NNP fares NNS -- : put VBP round-trip JJ fares NNS at IN $ $ 98 CD , , $ $ 148 CD and CC $ $ 198 CD . . `` `` They PRP 're VBP trying VBG to TO keep VB planes NNS flying VBG on IN days NNS they PRP 'd MD normally RB park VB them PRP , , '' '' says VBZ Roger NNP Bard NNP , , president NN of IN Mr. NNP Mitchell NNP Travel NNP Service NNP in IN Burnsville NNP , , N.C NNP . . Expect VB , , of IN course NN , , sky-high JJ prices NNS on IN other JJ dates NNS near IN the DT holidays NNS when WRB the DT airlines NNS know VBP vacationers NNS are VBP eager JJ to TO travel VB . . Consider VB Adopting VBG Your PRP$ Spouse NN 's POS Name NN IF IN CONTINENTAL NNP Airlines NNP has VBZ its PRP$ way NN , , couples NNS like IN Marlo NNP Thomas NNP and CC Phil NNP Donahue NNP may MD find VB it PRP a DT hassle NN to TO qualify VB for IN some DT new JJ discounts NNS . . Continental NNP , , a DT Texas NNP Air NNP Corp. NNP unit NN , , recently RB unveiled VBD a DT marketing VBG program NN offering VBG free JJ companion NN tickets NNS to TO business-class JJ and CC first-class JJ passengers NNS on IN international JJ flights NNS . . The DT Continental NNP catch NN : : Only RB immediate JJ family NN members NNS are VBP allowed VBN , , and CC they PRP must MD have VB the DT same JJ last JJ name NN as IN the DT buyer NN of IN the DT ticket NN or CC legal JJ proof NN they PRP 're VBP related VBN . . That DT irritates VBZ many JJ women NNS who WP have VBP n't RB taken VBN their PRP$ husbands NNS ' POS last JJ name NN . . `` `` What WP a DT bunch NN of IN nonsense NN , , '' '' says VBZ Jessica NNP Crosby NNP , , president NN of IN the DT New NNP York NNP chapter NN of IN the DT National NNP Association NNP of IN Women NNP Business NNP Owners NNP . . `` `` This DT sets VBZ things NNS way RB back RB . . '' '' Continental NNP 's POS logic NN : : It PRP does VBZ n't RB want VB business NN companions NNS abusing VBG the DT promotion NN by IN falsely RB claiming VBG to TO be VB related VBN . . `` `` We PRP accommodate VBP their PRP$ choice NN of IN names NNS by IN allowing VBG them PRP to TO demonstrate VB '' '' family NN affiliation NN with IN legal JJ documents NNS , , says VBZ Jim NNP O'Donnell NNP , , a DT senior JJ vice NN president NN . . But CC gay JJ rights NNS advocates NNS are VBP angry JJ , , too RB . . The DT Lambda NNP Legal NNP Defense NNP and CC Education NNP Fund NNP of IN New NNP York NNP City NNP has VBZ received VBN complaints NNS from IN homosexual JJ couples NNS whom WP the DT airline NN does VBZ n't RB recognize VB as IN family NN . . `` `` It PRP 's VBZ certainly RB discrimination NN , , '' '' says VBZ attorney NN Evan NNP Wolfson NNP , , whose WP$ group NN forced VBD Trans NNP World NNP Airlines NNP this DT year NN to TO change VB a DT rule NN that WDT allowed VBD travelers NNS to TO transfer VB frequent JJ flier NN awards NNS only RB to TO family NN members NNS . . Take VB Your PRP$ Vacation NN In IN a DT Hurricane NN Area NN WHEN WRB HURRICANE NNP Hugo NNP careened VBD through IN the DT Caribbean NNP and CC the DT Atlantic NNP coast NN states NNS , , it PRP downed VBD electric JJ and CC telephone NN lines NNS , , shot VBD coconuts NNS through IN cottage NN rooftops NNS , , shattered VBD windows NNS and CC uprooted VBD thousands NNS of IN lives NNS . . It PRP also RB lowered VBD some DT air NN fares NNS . . Since IN the DT hurricane NN , , Midway NNP Airlines NNP Inc. NNP and CC American NNP Airlines NNP , , a DT unit NN of IN AMR NNP Corp. NNP , , trimmed VBD their PRP$ one-way JJ fares NNS to TO the DT Virgin NNP Islands NNP to TO $ $ 109 CD from IN prices NNS that WDT were VBD at IN times NNS double RB that DT before IN the DT storm NN . . The DT fares NNS are VBP code-named NNP Hugo NNP , , Compassion NNP and CC Virgin NNP Islands NNP Aid NNP . . ( ( Airlines NNS are VBP n't RB lowering VBG fares NNS to TO Northern NNP California NNP following VBG this DT week NN 's POS earthquake NN , , but CC reservation NN agents NNS can MD waive VB advance-purchase JJ restrictions NNS on IN discount NN fares NNS for IN emergency NN trips NNS . . ) ) Some DT hotels NNS in IN the DT hurricane-stricken JJ Caribbean NNP promise VBP money-back JJ guarantees NNS . . In IN Myrtle NNP Beach NNP , , S.C. NNP , , the DT damaged VBN Yachtsman NNP Resort NNP offers VBZ daily JJ rates NNS as RB low JJ as IN $ $ 35 CD , , or CC as RB much JJ as IN 22 CD % NN below IN regular JJ prices NNS . . Says VBZ Michele NNP Hoffman NNP , , a DT clerk NN in IN the DT resort NN 's POS front JJ office NN : : `` `` We PRP do VBP n't RB have VB the DT outdoor JJ pool NN , , the DT pool NN table NN , , ping NN pong NN table NN , , snack NN bar NN or CC VCR NNP , , but CC we PRP still RB have VBP the DT indoor JJ pool NN and CC Jacuzzi NN . . '' '' Just RB Wait VB Until IN You PRP 're VBP a DT Bit NN Older JJR SENIOR JJ CITIZENS NNS have VBP long RB received VBN cheap JJ air NN fares NNS . . This DT year NN , , the DT older JJR someone NN is VBZ the DT bigger JJR the DT discount NN . . A DT senior JJ citizen NN between IN 62 CD and CC 70 CD saves VBZ 70 CD % NN off IN regular JJ coach NN fare NN . . Travelers NNS up IN to TO age NN 99 CD get VBP a DT percentage NN discount NN matching VBG their PRP$ age NN . . And CC centenarians NNS fly VBP free JJ in IN first JJ class NN . . Next JJ month NN , , Northwest NNP Airlines NNP says VBZ , , a DT 108-year-old JJ Lansing NNP , , Mich. NNP , , woman NN is VBZ taking VBG it PRP up RP on IN the DT offer NN to TO fly VB with IN her PRP$ 72-year-old JJ son NN to TO Tampa NNP , , Fla NNP . . Last JJ year NN when WRB Northwest NNP first RB offered VBD the DT promotion NN , , only RB six CD centenarians NNS flew VBD free JJ . . If IN All DT Else RB Fails VBZ ... : . . THE DT NATION'S NN carriers NNS also RB provide VBP discounts NNS to TO Red NNP Cross NNP workers NNS , , retired VBN military JJ personnel NNS and CC medical JJ students NNS . . There EX 's VBZ even RB a DT special JJ fare NN for IN clergy NNS that WDT does VBZ n't RB require VB the DT usual JJ stay NN over IN Saturday NNP night NN . . That DT way NN , , they PRP can MD be VB home NN in IN time NN for IN work NN Sunday NNP . . The DT British NNP Petroleum NNP Co. NNP PLC NNP said VBD its PRP$ BP NNP Exploration NNP unit NN has VBZ produced VBN the DT first JJ oil NN from IN its PRP$ Don NNP oilfield NN in IN the DT North NNP Sea NNP . . In IN an DT official JJ release NN , , BP NNP said VBD initial JJ production NN from IN the DT field NN was VBD 11,000 CD barrels NNS a DT day NN , , and CC that IN it PRP expects VBZ peak JJ output NN from IN the DT field NN of IN 15,000 CD barrels NNS a DT day NN to TO be VB reached VBN in IN 1990 CD . . As IN the DT sponsor NN of IN the DT `` `` Older NNP Americans NNP Freedom NNP to TO Work NNP Act NNP , , '' '' which WDT would MD repeal VB the DT Social NNP Security NNP earnings NNS limit NN for IN people NNS aged VBN 65 CD and CC older JJR , , I PRP applaud VBP your PRP$ strong JJ endorsement NN to TO repeal VB this DT Depression-era JJ fossil NN . . For IN every DT dollar NN earned VBN over IN $ $ 8,880 CD , , Social NNP Security NNP recipients NNS lose VBP 50 CD cents NNS of IN their PRP$ Social NNP Security NNP benefits NNS ; : it PRP 's POS like IN a DT 50 CD % NN marginal JJ tax NN . . But CC the DT compounded VBN effects NNS of IN `` `` seniors NNS only RB '' '' taxes NNS result VBP in IN truly RB catastrophic JJ marginal JJ tax NN rates NNS . . Imagine VB a DT widow NN who WP wants VBZ to TO maintain VB her PRP$ standard NN of IN living NN at IN the DT same JJ level NN she PRP had VBD before IN she PRP had VBD to TO pay VB the DT catastrophic JJ surtax NN . . Although IN this DT widow NN earns VBZ only RB twice RB the DT minimum NN wage NN , , largely RB due JJ to TO the DT earnings NNS limit NN , , she PRP would MD have VB to TO earn VB an DT additional JJ $ $ 4,930 CD to TO offset VB her PRP$ catastrophic JJ surtax NN of IN $ $ 496 CD . . Eliminating VBG the DT earnings NNS limit NN would MD greatly RB help VB seniors NNS and CC reduce VB the DT deficit NN . . Repeal NN would MD generate VB more JJR in IN new JJ taxes NNS than IN the DT government NN would MD lose VB in IN increased VBN Social NNP Security NNP benefit NN payments NNS . . We PRP now RB need VBP support NN from IN the DT Democrats NNS on IN the DT Rules NNP Committee NNP in IN order NN to TO include VB earnings-limit JJ reform NN in IN the DT Reconciliation NNP Bill NNP . . Since IN all DT four CD Republicans NNP on IN the DT committee NN are VBP co-sponsors NNS of IN my PRP$ bill NN , , it PRP is VBZ the DT Democrats NNS who WP will MD be VB held VBN fully RB accountable JJ if IN an DT earnings NNS test NN amendment NN is VBZ not RB allowed VBN from IN the DT floor NN . . The DT time NN is VBZ now RB to TO lift VB the DT burdensome JJ Social NNP Security NNP earnings NNS limit NN from IN the DT backs NNS of IN our PRP$ nation NN 's POS seniors NNS . . Rep. NNP J. NNP Dennis NNP Hastert NNP ( ( R. NNP , , Ill NNP . . ) ) When WRB his PRP$ Seventh NNP Avenue NNP fur NN business NN here RB was VBD flying VBG high JJ 20 CD years NNS ago RB , , Jack NNP Purnick NNP had VBD 25 CD workers NNS and CC a DT large JJ factory NN . . Now RB his PRP$ half-dozen NN employees NNS work VBP in IN an DT eighth-floor JJ shop NN that IN he PRP says VBZ is VBZ smaller JJR than IN his PRP$ old JJ storage NN room NN . . He PRP also RB says VBZ he PRP is VBZ losing VBG money NN now RB . . He PRP blames VBZ imports NNS . . But CC just RB down IN Seventh NNP Avenue NNP , , where WRB about RB 75 CD % NN of IN U.S. NNP fur NN garments NNS are VBP made VBN , , Larry NNP Rosen NNP has VBZ acquired VBN two CD retail JJ outlets NNS , , broadened VBN his PRP$ fur-making JJ line NN and CC expanded VBN into IN leather NN . . He PRP credits VBZ imports NNS . . The DT difference NN lies VBZ in IN how WRB the DT two CD entrepreneurial JJ furriers NNS reacted VBD to TO the DT foreign JJ competition NN and CC transformation NN of IN their PRP$ industry NN over IN the DT past JJ 10 CD years NNS . . One CD stuck VBD to TO old-line JJ business NN traditions NNS , , while IN the DT other JJ embraced VBD the DT change NN . . `` `` The DT small JJ , , good JJ fur NN salon NN is VBZ not RB what WP it PRP used VBD to TO be VB , , '' '' says VBZ Mr. NNP Purnick NNP , , 75 CD years NNS old JJ . . `` `` We PRP make VBP the DT finest JJS product NN in IN the DT world NN , , and CC the DT Americans NNS are VBP being VBG kicked VBD around RP . . '' '' Mr. NNP Rosen NNP , , though RB , , believes VBZ imports NNS have VBP reinvigorated VBN the DT industry NN in IN which WDT he PRP has VBZ worked VBN for IN most JJS of IN his PRP$ 57 CD years NNS . . `` `` You PRP 've VBP got VBD some DT minds NNS here RB that WDT wo MD n't RB think VB progressively RB , , '' '' he PRP says VBZ . . Import NN competition NN for IN U.S. NNP furs NNS has VBZ risen VBN sharply RB since IN furriers NNS started VBD aggressively RB marketing VBG `` `` working-girl NN mink NN '' '' and CC similar JJ lower-priced JJ imported VBN furs NNS in IN recent JJ years NNS . . Merchants NNS discovered VBD a DT consumer NN largely RB ignored VBN by IN higher-priced JJ furriers NNS : : the DT younger JJR woman NN -- : even RB in IN her PRP$ late JJ 20s NNS -- : who WP never RB thought VBD she PRP could MD buy VB a DT mink NN . . The DT new JJ market NN helped VBD boost VB U.S. NNP fur NN sales NNS to TO about RB $ $ 1.8 CD billion CD a DT year NN now RB , , triple JJ the DT level NN in IN the DT late JJ 1970s NNS . . It PRP also RB opened VBD the DT door NN to TO furs NNS made VBN in IN South NNP Korea NNP , , China NNP , , Hong NNP Kong NNP and CC other JJ countries NNS . . Jindo NNP Furs NNP , , a DT large JJ South JJ Korean JJ maker NN , , says VBZ it PRP operates VBZ 35 CD retail JJ outlets NNS in IN the DT U.S. NNP and CC plans VBZ to TO open VB 15 CD more JJR by IN the DT end NN of IN next JJ year NN . . Mr. NNP Purnick NNP and CC other JJ old-line JJ furriers NNS call VBP many JJ of IN the DT the DT imports NNS unstylish JJ and CC poorly RB made VBN . . High-end JJ U.S. NNP furriers NNS say VBP these DT imports NNS have VBP n't RB squeezed VBN them PRP . . But CC low-priced JJ and CC middle-priced JJ furriers NNS like IN Mr. NNP Purnick NNP , , who WP once RB saturated VBD the DT five-block JJ Seventh NNP Avenue NNP fur NN district NN , , say VBP imports NNS have VBP cut VBN their PRP$ sales NNS . . A DT woman NN who WP once RB would MD have VB saved VBN for IN two CD or CC three CD seasons NNS to TO buy VB a DT U.S.-made JJ mink NN can MD now RB get VB an DT imported VBN mink NN right RB away RB for IN less JJR than IN $ $ 2,000 CD . . Yet CC Mr. NNP Rosen NNP has VBZ turned VBN the DT import NN phenomenon NN to TO his PRP$ advantage NN . . Early RB in IN the DT decade NN he PRP saw VBD that IN fur NN workers NNS in IN many JJ foreign JJ countries NNS were VBD willing JJ to TO work VB longer JJR hours NNS at IN lower JJR wages NNS than IN their PRP$ American JJ counterparts NNS and CC were VBD more RBR open JJ to TO innovation NN . . In IN 1982 CD , , he PRP started VBD a DT factory NN in IN Greece NNP . . Two CD years NNS later RBR , , he PRP opened VBD one CD in IN West NNP Germany NNP . . He PRP also RB noticed VBD that IN foreign JJ makers NNS were VBD introducing VBG many JJ variations NNS on IN the DT traditional JJ fur NN , , and CC he PRP decided VBD to TO follow VB suit NN . . By IN combining VBG his PRP$ strengths NNS in IN innovation NN and CC quality NN control NN with IN the DT lower JJR costs NNS of IN production NN abroad RB , , he PRP says VBZ he PRP has VBZ been VBN able JJ to TO produce VB high-quality JJ goods NNS at IN low JJ cost NN . . To TO maintain VB control NN over IN production NN and CC avoid VB overdependence NN on IN foreign JJ sources NNS , , he PRP says VBZ he PRP still RB makes VBZ most JJS of IN his PRP$ furs NNS in IN the DT U.S. NNP . . But CC six CD years NNS ago RB he PRP also RB began VBD importing VBG from IN the DT Far NNP East NNP . . Inspired VBN by IN imports NNS , , Mr. NNP Rosen NNP now RB makes VBZ fur NN muffs NNS , , hats NNS and CC flings NNS . . This DT year NN he PRP produced VBD a DT men NNS 's POS line NN and CC offers VBZ dyed VBN furs NNS in IN red NN , , cherry NN red JJ , , violet NN , , royal NN blue NN and CC forest NN green NN . . He PRP has VBZ leather NN jackets NNS from IN Turkey NNP that WDT are VBP lined VBN with IN eel NN skin NN and CC topped VBD off RP with IN raccoon-skin JJ collars NNS . . From IN Asia NNP , , he PRP has VBZ mink NN jackets NNS with IN floral JJ patterns NNS made VBN by IN using VBG different JJ colored VBN furs NNS . . Next JJ he PRP will MD be VB testing VBG pictured VBN embroidery NN ( ( called VBN kalega NN ) ) made VBN in IN the DT Far NNP East NNP . . He PRP plans VBZ to TO attach VB the DT embroidery NN to TO the DT backs NNS of IN mink NN coats NNS and CC jackets NNS . . Besides IN adding VBG to TO sales NNS , , leathers NNS also RB attract VBP retailers NNS who WP may MD buy VB furs NNS later RBR , , he PRP adds VBZ . . Other JJ furriers NNS have VBP also RB benefited VBN from IN leathers NNS . . Seymour NNP Schreibman NNP , , the DT 65-year-old JJ owner NN of IN Schreibman NNP Raphael NNP Furs NNP Inc. NNP , , treats VBZ the DT reverse JJ side NN of IN a DT Persian JJ lambskin NN to TO produce VB a DT reversible JJ fur-and-leather JJ garment NN . . He PRP says VBZ it PRP accounts VBZ for IN 25 CD % NN of IN total JJ sales NNS . . Mr. NNP Rosen NNP is VBZ also RB pushing VBG retail JJ sales NNS . . This DT year NN he PRP bought VBD two CD stores NNS , , one CD in IN Brooklyn NNP and CC one CD in IN Queens NNP . . Other JJ furriers NNS have VBP also RB placed VBN more JJR weight NN on IN retailing NN . . Golden NNP Feldman NNP Furs NNP Inc. NNP began VBD retailing VBG aggressively RB eight CD years NNS ago RB , , and CC now RB retail JJ sales NNS account VBP for IN about RB 20 CD % NN of IN gross JJ income NN . . In IN other JJ moves NNS , , Mr. NNP Rosen NNP says VBZ he PRP bought VBD a DT truck NN three CD years NNS ago RB to TO reach VB more JJR retailers NNS . . Since IN then RB he PRP has VBZ expanded VBN his PRP$ fleet NN and CC can MD now RB bring VB his PRP$ furs NNS to TO the DT front JJ door NN of IN retailers NNS as IN far RB away RB as IN the DT Midwest JJS . . Small JJ retailers NNS who WP ca MD n't RB afford VB to TO travel VB to TO his PRP$ New NNP York NNP showroom NN have VBP become VBN fair JJ game NN . . Such JJ moves NNS have VBP helped VBN Mr. NNP Rosen NNP weather VB the DT industry NN slump NN of IN recent JJ years NNS . . The DT industry NN enjoyed VBD six CD prosperous JJ years NNS beginning VBG in IN 1980 CD , , but CC since IN 1986 CD sales NNS have VBP languished VBN at IN their PRP$ $ $ 1.8 CD billion CD peak NN . . Large JJ furriers NNS such JJ as IN Antonovich NNP Inc. NNP , , Fur NNP Vault NNP Inc. NNP and CC Evans NNP Inc. NNP all DT reported VBD losses NNS in IN their PRP$ latest JJS fiscal JJ years NNS . . Aftereffects NNS of IN the DT 1987 CD stock NN market NN crash NN head VBP the DT list NN of IN reasons NNS . . In IN addition NN , , competition NN has VBZ glutted VBN the DT market NN with IN both DT skins NNS and CC coats NNS , , driving VBG prices NNS down RB . . The DT animal-rights JJ movement NN has VBZ n't RB helped VBD sales NNS . . Warm JJ winters NNS over IN the DT past JJ two CD years NNS have VBP trimmed VBN demand NN , , too RB , , furriers NNS complain VBP . . And CC those DT who WP did VBD n't RB move VB some DT production NN overseas RB suffer VBP labor NN shortages NNS . . `` `` The DT intensive JJ labor NN needed VBN to TO manufacture VB furs NNS { ( in IN the DT U.S. NNP . . } ) is VBZ not RB as RB available JJ as IN it PRP was VBD , , '' '' says VBZ Mr. NNP Schreibman NNP , , who WP is VBZ starting VBG overseas JJ production NN . . But CC even RB those DT who WP have VBP found VBN a DT way NN to TO cope VB with IN the DT imports NNS and CC the DT slump NN , , fear VBP that IN furs NNS are VBP losing VBG part NN of IN their PRP$ allure NN . . `` `` People NNS are VBP promoting VBG furs NNS in IN various JJ ways NNS and CC taking VBG the DT glamour NN out IN of IN the DT fur NN business NN , , '' '' says VBZ Stephen NNP Sanders NNP , , divisional JJ merchandise NN manager NN for IN Marshall NNP Field NNP 's POS department NN store NN in IN Chicago NNP . . `` `` You PRP ca MD n't RB make VB a DT commodity NN out IN of IN a DT luxury NN , , '' '' insists VBZ Mr. NNP Purnick NNP , , the DT New NNP York NNP furrier NN . . He PRP contends VBZ that IN chasing VBG consumers NNS with IN low-priced JJ imports NNS will MD harm VB the DT industry NN in IN the DT long JJ run NN by IN reducing VBG the DT prestige NN of IN furs NNS . . But CC Mr. NNP Rosen NNP responds VBZ : : `` `` Whatever WDT people NNS want VBP to TO buy VB , , I PRP 'll MD sell VB . . The DT name NN of IN the DT game NN is VBZ to TO move VB goods NNS . . Four CD workers NNS at IN GTE NNP Corp. NNP 's POS headquarters NNS have VBP been VBN diagnosed VBN as IN having VBG hepatitis NN , , and CC city NN health NN officials NNS are VBP investigating VBG whether IN a DT cafeteria NN worker NN may MD have VB exposed VBN hundreds NNS of IN other JJ GTE NNP employees NNS to TO the DT viral JJ infection NN , , company NN and CC city NN officials NNS said VBD . . The DT four CD cases NNS were VBD all DT reported VBN to TO GTE NNP 's POS medical JJ director NN and CC state NN and CC local JJ health NN authorities NNS . . GTE NNP shut VBD down RP its PRP$ cafeteria NN Tuesday NNP afternoon NN after IN testing NN determined VBD that IN at IN least JJS one CD cafeteria NN worker NN employed VBN by IN GTE NNP 's POS private JJ food NN vending VBG contractor NN , , ARA NNP Services NNP Inc. NNP , , was VBD suffering VBG from IN a DT strain NN of IN the DT virus NN , , officials NNS said VBD . . More RBR than IN 700 CD people NNS work VBP in IN the DT GTE NNP building NN . . The DT cafeteria NN remains VBZ closed JJ . . Dr. NNP Andrew NNP McBride NNP , , city NN health NN director NN , , said VBD his PRP$ staff NN suspects VBZ the DT hepatitis NN , , which WDT can MD be VB highly RB contagious JJ , , was VBD spread VBN by IN the DT cafeteria NN worker NN with IN the DT virus NN . . The DT exact JJ strain NN of IN hepatitis NN that IN the DT cafeteria NN worker NN contracted VBD has VBZ n't RB been VBN determined VBN but CC should MD be VB known VBN by IN the DT end NN of IN the DT week NN , , Dr. NNP McBride NNP said VBD . . Hepatitis NNP A NNP , , considered VBN the DT least JJS dangerous JJ strain NN of IN the DT virus NN , , has VBZ been VBN confirmed VBN in IN at IN least JJS one CD GTE NNP employee NN , , company NN and CC city NN officials NNS said VBD . . `` `` From IN a DT public JJ health NN point NN of IN view NN we PRP 're VBP relieved JJ because IN hepatitis NNP A NNP is VBZ rarely RB life-threatening JJ , , '' '' said VBD Dr. NNP Frank NNP Provato NNP , , GTE NNP 's POS medical JJ director NN . . `` `` It PRP 's VBZ a DT double-edged JJ sword NN though IN , , because IN it PRP is VBZ also RB the DT most RBS contagious JJ kind NN of IN hepatitis NN . . '' '' GTE NNP officials NNS began VBD posting VBG warning NN notices NNS about IN the DT potential JJ threat NN to TO exposure NN Wednesday NNP morning NN at IN various JJ places NNS at IN the DT company NN , , said VBD GTE NNP spokesman NN Thomas NNP Mattausch NNP . . The DT company NN has VBZ begun VBN offering VBG shots NNS of IN gamma NN globulin NN , , which WDT will MD diminish VB the DT flu-like JJ symptoms NNS of IN hepatitis NNP A NNP , , in IN anyone NN who WP has VBZ contracted VBN the DT disease NN , , Mr. NNP Mattausch NNP said VBD . . `` `` We PRP 're VBP strongly RB recommending VBG that IN anyone NN who WP has VBZ eaten VBN in IN the DT cafeteria NN this DT month NN have VB the DT shot NN , , '' '' Mr. NNP Mattausch NNP added VBD , , `` `` and CC that DT means VBZ virtually RB everyone NN who WP works VBZ here RB . . I PRP was VBD appalled VBN to TO read VB the DT misstatements NNS of IN facts NNS in IN your PRP$ Oct. NNP 13 CD editorial NN `` `` Colombia NNP 's POS Brave NNP Publisher NNP . . '' '' It PRP is VBZ the DT right-wing JJ guerrillas NNS who WP are VBP aligned VBN with IN the DT drug NN traffickers NNS , , not RB the DT left JJ wing NN . . This DT information NN was VBD gleaned VBN from IN your PRP$ own JJ news NN stories NNS on IN the DT region NN . . Past JJ Colombian JJ government NN tolerance NN of IN the DT `` `` narcotraficantes FW '' '' was VBD due JJ to TO the DT drug NN lords NNS ' POS history NN of IN wiping VBG out RP leftists NNS in IN the DT hinterlands NNS . . Mary NNP Poulin NNP Palo NNP Alto NNP , , Calif. NNP I PRP suggest VBP that IN The DT Wall NNP Street NNP Journal NNP ( ( as RB well RB as IN other JJ U.S. NNP news NN publications NNS of IN like JJ mind NN ) ) should MD put VB its PRP$ money NN where WRB its PRP$ mouth NN is VBZ : : Lend VB computer NN equipment NN to TO replace VB that IN damaged VBN at IN El NNP Espectador NNP , , buy VB ad NN space NN , , publish VB stories NNS under IN the DT bylines NNS of IN El NNP Espectador NNP journalists NNS . . Perhaps RB an DT arrangement NN could MD be VB worked VBN out RP to TO `` `` sponsor VB '' '' El NNP Espectador NNP journalists NNS and CC staff NN by IN paying VBG for IN added VBN security NN in IN exchange NN for IN exclusive JJ stories NNS . . Reward VB El NNP Espectador NNP 's POS courage NN with IN real JJ support NN . . Douglas NNP B. NNP Evans NNP COCA-COLA NNP Co NNP . . ( ( Atlanta NNP ) ) -- : Anton NNP Amon NNP and CC George NNP Gourlay NNP were VBD elected VBN vice NN presidents NNS of IN this DT soft-drink NN company NN . . Mr. NNP Amon NNP , , 46 CD years NNS old JJ , , is VBZ the DT company NN 's POS director NN of IN quality NN assurance NN ; : most RBS recently RB , , he PRP served VBD as IN vice NN president NN , , operations NNS , , for IN Coca-Cola NNP Enterprises NNP . . Mr. NNP Gourlay NNP , , 48 CD , , is VBZ manager NN for IN corporate JJ manufacturing NN operations NNS ; : he PRP was VBD assistant JJ vice NN president NN at IN the DT company NN . . In IN the DT wake NN of IN a DT slide NN in IN sterling NN , , a DT tailspin NN in IN the DT stock NN market NN , , and CC a DT string NN of IN problematic JJ economic JJ indicators NNS , , British JJ Chancellor NNP of IN the DT Exchequer NNP Nigel NNP Lawson NNP promised VBD gradual JJ improvement NN in IN the DT U.K. NNP economy NN . . In IN a DT speech NN prepared VBN for IN delivery NN to TO London NNP 's POS financial JJ community NN , , Mr. NNP Lawson NNP summed VBD up RP current JJ economic JJ policy NN as IN a DT battle NN to TO wring VB inflation NN out IN of IN the DT British JJ economy NN , , using VBG high JJ interest NN rates NNS as IN `` `` the DT essential JJ instrument NN '' '' to TO carry VB out RP the DT campaign NN . . Two CD weeks NNS after IN boosting VBG base NN rates NNS to TO 15 CD % NN , , he PRP pledged VBD that IN `` `` rates NNS will MD have VB to TO remain VB high JJ for IN some DT time NN to TO come VB . . '' '' Mr. NNP Lawson NNP also RB made VBD it PRP clear JJ that IN he PRP would MD be VB watching VBG exchange NN rates NNS carefully RB . . A DT sinking VBG pound NN makes VBZ imports NNS more RBR expensive JJ and CC increases VBZ businesses NNS ' POS expectations NNS of IN future JJ inflation NN , , he PRP argued VBD . . In IN an DT apparent JJ warning NN to TO currency NN traders NNS who WP have VBP lately RB been VBN selling VBG the DT British JJ currency NN , , he PRP stated VBD that IN the DT exchange NN rates NNS will MD have VB a DT `` `` major JJ role NN in IN the DT assessment NN of IN monetary JJ conditions NNS . . '' '' In IN reaffirming VBG the DT current JJ monetary JJ policy NN of IN using VBG high JJ interest NN rates NNS to TO fight VB inflation NN and CC shore VB up RP the DT pound NN , , Mr. NNP Lawson NNP dismissed VBD other JJ approaches NNS to TO managing VBG the DT economy NN . . He PRP said VBD he PRP monitors VBZ the DT money-supply JJ figures NNS , , but CC does VBZ n't RB give VB them PRP paramount JJ importance NN , , as IN some DT private JJ and CC government NN economists NNS have VBP suggested VBN . . Mr. NNP Lawson NNP also RB dismissed VBD the DT possibility NN of IN imposing VBG direct JJ credit NN controls NNS on IN Britain NNP 's POS financial JJ system NN . . Mr. NNP Lawson NNP 's POS speech NN , , delivered VBN at IN the DT Lord NNP Mayor NNP of IN London NNP 's POS annual JJ dinner NN at IN Mansion NNP House NNP , , came VBD on IN the DT heels NNS of IN a DT grueling JJ period NN for IN the DT U.K. NNP economy NN . . Two CD weeks NNS ago RB , , in IN a DT campaign NN to TO blunt VB inflation NN at IN home NN and CC arrest VB a DT world-wide JJ plunge NN in IN the DT pound NN , , he PRP raised VBD base NN rates NNS a DT full JJ percentage NN point NN to TO 15 CD % NN . . Despite IN the DT increase NN , , the DT British JJ currency NN slid VBD below IN a DT perceived VBN threshold NN of IN three CD marks NNS early RB last JJ week NN . . It PRP was VBD quoted VBN at IN 2.9428 CD marks NNS in IN late JJ New NNP York NNP trading NN Wednesday NNP . . Leading VBG up IN to TO the DT speech NN was VBD a DT drumroll NN of IN economic JJ statistics NNS suggesting VBG that IN the DT British JJ war NN on IN inflation NN will MD be VB more RBR bruising VBG than IN previously RB assumed VBN . . Unemployment NN in IN September NNP dropped VBD to TO 1,695,000 CD , , the DT lowest JJS level NN since IN 1980 CD . . While IN lower JJR joblessness NN is VBZ generally RB good JJ news NN , , the DT hefty JJ drop NN last JJ month NN indicates VBZ that IN the DT economy NN is VBZ n't RB slowing VBG down RP as RB much RB as IN hoped VBN -- : despite IN a DT doubling NN of IN interest NN rates NNS over IN the DT last JJ 16 CD months NNS . . Meanwhile RB , , average JJ earnings NNS in IN Britain NNP were VBD up RB 8.75 CD % NN in IN August NNP over IN the DT previous JJ year NN . . Another DT inflationary JJ sign NN came VBD in IN a DT surge NN in IN building-society JJ lending NN to TO a DT record NN # # 10.2 CD billion CD ( ( $ $ 16.22 CD billion CD ) ) last JJ month NN , , a DT much RB higher JJR level NN than IN economists NNS had VBD predicted VBN . . In IN a DT separate JJ speech NN prepared VBN for IN delivery NN at IN the DT dinner NN , , Robin NNP Leigh-Pemberton NNP , , Bank NNP of IN England NNP governor NN , , conceded VBD that IN `` `` demand NN pressures NNS were VBD even RB more RBR buoyant JJ than IN had VBD been VBN appreciated VBN '' '' when WRB the DT British JJ economy NN was VBD heating VBG up RP last JJ year NN . . He PRP added VBD that IN `` `` there EX 's VBZ no DT quick-fix JJ solution NN '' '' to TO the DT economic JJ woes NNS , , and CC said VBD `` `` tight JJ monetary JJ policy NN is VBZ the DT right JJ approach NN . . '' '' Discussing VBG the DT recent JJ slide NN in IN stock NN prices NNS , , the DT central JJ bank NN governor NN stated VBD that IN `` `` the DT markets NNS now RB appear VBP to TO have VB steadied VBN '' '' after IN the DT `` `` nasty JJ jolt NN '' '' of IN the DT 190.58-point JJ plunge NN in IN the DT Dow NNP Jones NNP Industrial NNP Average NNP a DT week NN ago RB . . Although IN the DT New NNP York NNP market NN plunge NN prompted VBD a DT 70.5-point JJ drop NN in IN the DT London NNP Financial NNP Times-Stock NNP Exchange NNP 100 CD Share NNP Index NNP , , Mr. NNP Leigh-Pemberton NNP declared VBD `` `` that IN the DT experience NN owed VBD nothing NN to TO the DT particular JJ problems NNS of IN the DT British JJ economy NN . . '' '' Specifically RB , , he PRP pointed VBD out RP that IN compared VBN with IN the DT U.S. NNP market NN , , the DT U.K. NNP has VBZ far RB fewer RBR highly RB leveraged VBN junk-bond NN financings NNS . . Discussing VBG future JJ monetary JJ arrangements NNS , , Mr. NNP Lawson NNP repeated VBD the DT Thatcher NNP government NN 's POS commitment NN to TO join VB the DT exchange NN rate NN mechanism NN of IN the DT European NNP Monetary NNP System NNP , , but CC he PRP did VBD n't RB indicate VB when WRB . . Ing NNP . . C. NNP Olivetti NNP & CC Co. NNP , , claiming VBG it PRP has VBZ won VBN the DT race NN in IN Europe NNP to TO introduce VB computers NNS based VBN on IN a DT powerful JJ new JJ microprocessor NN chip NN , , unveiled VBD its PRP$ CP486 CD computer NN yesterday NN . . The DT product NN is VBZ the DT first JJ from IN a DT European JJ company NN based VBN on IN Intel NNP Corp. NNP 's POS new JJ 32-bit JJ 486tm NN microprocessor NN , , which WDT works VBZ several JJ times NNS faster RBR than IN previously RB available JJ chips NNS . . Hewlett-Packard NNP Co. NNP became VBD the DT first JJ company NN world-wide JJ to TO announce VB a DT product NN based VBN on IN the DT chip NN earlier RBR this DT month NN , , but CC it PRP wo MD n't RB start VB shipping VBG the DT computers NNS until IN early JJ next JJ year NN . . An DT Olivetti NNP spokesman NN said VBD the DT company NN 's POS factories NNS are VBP already RB beginning VBG to TO produce VB the DT machine NN , , and CC that IN it PRP should MD be VB available JJ in IN Europe NNP by IN December NNP . . `` `` What WP this DT means VBZ is VBZ that IN Europeans NNS will MD have VB these DT machines NNS in IN their PRP$ offices NNS before RB Americans NNS do VBP , , '' '' the DT spokesman NN said VBD . . The DT new JJ chip NN `` `` is VBZ a DT very RB big JJ step NN in IN computing NN , , and CC it PRP is VBZ important JJ that IN Olivetti NNP be VB one CD of IN the DT first JJ out IN on IN the DT market NN with IN this DT product NN , , '' '' said VBD Patricia NNP Meagher NNP Davis NNP , , an DT analyst NN at IN James NNP Capel NNP & CC Co. NNP in IN London NNP . . Executives NNS at IN Olivetti NNP , , whose WP$ earnings NNS have VBP been VBN steadily RB sliding VBG over IN the DT past JJ couple NN of IN years NNS , , have VBP acknowledged VBN that IN in IN the DT past NN they PRP have VBP lagged VBN at IN getting VBG new JJ technology NN to TO market NN . . Ms. NNP Davis NNP said VBD the DT new JJ machines NNS could MD steal VB some DT sales NNS away RB from IN Olivetti NNP 's POS own JJ minicomputers NNS , , but CC would MD bring VB new JJ sales NNS among IN professionals NNS such JJ as IN engineers NNS , , stockbrokers NNS and CC medical JJ doctors NNS . . Although IN Olivetti NNP 's POS profits NNS tumbled VBD 40 CD % NN in IN the DT first JJ half NN of IN this DT year NN , , she PRP believes VBZ Olivetti NNP 's POS restructuring NN last JJ fall NN and CC its PRP$ introduction NN of IN new JJ products NNS will MD begin VB to TO bear VB fruit NN with IN an DT earnings NNS rebound NN next JJ year NN , , especially RB if IN it PRP can MD fulfill VB its PRP$ promise NN to TO deliver VB the DT new JJ machines NNS by IN December NNP . . `` `` We PRP think VBP the DT worst JJS is VBZ over RB '' '' in IN the DT European JJ information-technology JJ market NN , , she PRP said VBD . . Depending VBG on IN the DT type NN of IN software NN and CC peripherals NNS used VBN , , the DT machines NNS can MD serve VB either CC as IN the DT main JJ computer NN in IN a DT network NN of IN many JJ terminals NNS ( ( a DT role NN usually RB filled VBN by IN a DT minicomputer NN ) ) , , as IN a DT technical JJ workstation NN or CC as IN a DT very RB fast JJ personal JJ computer NN . . `` `` It PRP 's VBZ the DT missing JJ link NN '' '' in IN Olivetti NNP 's POS product NN line NN between IN small JJ personal JJ computers NNS and CC higher-priced JJ minicomputers NNS , , the DT Olivetti NNP spokesman NN said VBD . . He PRP added VBD that IN Olivetti NNP will MD continue VB making VBG its PRP$ LSX NNP minicomputer NN line NN . . The DT machines NNS will MD cost VB around RB $ $ 16,250 CD on IN average NN in IN Europe NNP . . The DT Intel NNP 486 CD chip NN can MD process VB 15 CD million CD instructions NNS per IN second NN , , or CC MIPS NNP , , while IN Intel NNP 's POS previous JJ 386 CD chip NN could MD handle VB only RB 3 CD to TO 6 CD MIPS NNS . . Olivetti NNP also RB plans VBZ to TO sell VB the DT CP486 NNP computer NN in IN the DT U.S. NNP starting VBG next JJ year NN through IN Olivetti NNP USA NNP and CC through IN its PRP$ ISC\/Bunker NNP Ramo NNP unit NN , , which WDT specializes VBZ in IN automating VBG bank-branch JJ networks NNS . . Viatech NNP Inc. NNP said VBD it PRP received VBD approval NN from IN the DT French JJ government NN for IN its PRP$ proposed VBN $ $ 44.7 CD million CD acquisition NN of IN Ferembal NNP S.A NNP . . The DT approval NN satisfies NNS the DT remaining JJ conditions NNS of IN the DT purchase NN , , which WDT is VBZ expected VBN to TO close VB within IN two CD weeks NNS . . erembal NNP , , the DT second-largest JJ maker NN of IN food NN cans NNS in IN France NNP , , had VBD 1988 CD sales NNS of IN $ $ 150 CD million CD . . Ferembal NNP has VBZ 930 CD workers NNS at IN four CD canning NN manufacturing NN plants NNS and CC one CD plastic NN container NN facility NN . . Viatech NNP makes VBZ flexible JJ packaging NN films NNS and CC machinery NN , , and CC materials NNS for IN the DT food NN and CC pharmaceutical JJ industries NNS . . Social NNP Security NNP benefits NNS will MD rise VB 4.7 CD % NN next JJ year NN to TO keep VB pace NN with IN inflation NN , , boosting VBG the DT average JJ monthly JJ benefit NN to TO $ $ 566 CD from IN $ $ 541 CD , , the DT Department NNP of IN Health NNP and CC Human NNP Services NNP announced VBD . . The DT higher JJR payments NNS will MD start VB with IN Social NNP Security NNP checks NNS received VBN on IN Jan. NNP 3 CD , , 1990 CD . . Supplemental NNP Security NNP Income NNP payments NNS to TO the DT disabled JJ also RB will MD rise VB 4.7 CD % NN , , starting VBG with IN checks NNS received VBN on IN Dec. NNP 29 CD , , 1988 CD , , increasing VBG the DT maximum NN SSI NNP payment NN to TO $ $ 386 CD from IN $ $ 368 CD a DT month NN . . The DT inflation NN adjustment NN also RB means VBZ that IN the DT maximum NN annual JJ level NN of IN earnings NNS subject JJ to TO the DT wage NN tax NN that WDT generates VBZ revenue NN for IN the DT Social NNP Security NNP trust NN fund NN will MD rise VB to TO $ $ 50,400 CD in IN 1990 CD from IN $ $ 48,000 CD this DT year NN . . As IN mandated VBN by IN law NN , , the DT tax NN rate NN will MD rise VB to TO 7.65 CD % NN in IN 1990 CD from IN 7.51 CD % NN and CC wo MD n't RB rise VB any DT further RBR in IN the DT future NN . . This DT means VBZ that IN the DT maximum NN yearly JJ Social NNP Security NNP tax NN paid VBN by IN workers NNS and CC employers NNS each DT will MD rise VB $ $ 250.80 CD next JJ year NN to TO $ $ 3,855.60 CD . . Beneficiaries NNS aged VBN 65 CD through IN 69 CD will MD be VB able JJ to TO earn VB $ $ 9,360 CD without IN losing VBG any DT Social NNP Security NNP benefits NNS in IN 1990 CD , , up IN from IN $ $ 8,880 CD this DT year NN . . The DT exempt JJ amount NN for IN beneficiaries NNS under IN 65 CD will MD rise VB to TO $ $ 6,840 CD from IN $ $ 6,480 CD . . The DT adjustments NNS reflect VBP the DT increase NN in IN the DT consumer NN price NN index NN for IN urban JJ wage NN earners NNS and CC clerical JJ workers NNS from IN the DT third JJ quarter NN of IN last JJ year NN to TO the DT third JJ quarter NN of IN this DT year NN . . Health-care JJ companies NNS should MD get VB healthier RBR in IN the DT third JJ quarter NN . . Medical-supply JJ houses NNS are VBP expected VBN to TO report VB earnings NNS increases NNS of IN about RB 15 CD % NN on IN average NN for IN the DT third JJ quarter NN , , despite IN sales NNS increases NNS of IN less JJR than IN 10 CD % NN , , analysts NNS say VBP . . To TO offset VB sluggish JJ sales NNS growth NN , , companies NNS have VBP been VBN cutting VBG staff NN , , mostly RB through IN attrition NN , , and CC slowing VBG the DT growth NN in IN research NN and CC development NN spending NN . . Sales NNS growth NN in IN the DT quarter NN was VBD slowed VBN by IN mounting JJ pressure NN from IN groups NNS of IN buyers NNS , , such JJ as IN hospitals NNS , , to TO hold VB down RP prices NNS . . Suppliers NNS were VBD also RB hurt VBN by IN the DT stronger JJR U.S. NNP dollar NN , , which WDT makes VBZ sales NNS abroad RB more RBR difficult JJ . . In IN some DT cases NNS , , competition NN has VBZ squeezed VBN margins NNS . . Becton NNP , , Dickinson NNP & CC Co. NNP , , for IN example NN , , faces VBZ stiff JJ competition NN from IN a DT Japanese JJ supplier NN in IN the DT important JJ syringe NN market NN . . The DT Franklin NNP Lakes NNP , , N.J. NNP , , company NN is VBZ expected VBN to TO report VB sales JJ growth NN of IN only JJ 5 CD % NN to TO 6 CD % NN , , but CC should MD still RB maintain VB earnings NNS growth NN of IN 10 CD % NN , , says VBZ Jerry NNP E. NNP Fuller NNP , , an DT analyst NN with IN Duff NNP & CC Phelps NNP Inc NNP . . Among IN the DT first JJ of IN the DT group NN to TO post VB results NNS , , Abbott NNP Laboratories NNP said VBD third-quarter JJ net JJ income NN jumped VBD 14 CD % NN to TO $ $ 196 CD million CD , , or CC 88 CD cents NNS a DT share NN , , from IN $ $ 172 CD million CD , , or CC 76 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . Sales NNS for IN the DT company NN , , based VBN in IN Abbott NNP Park NNP , , Ill. NNP , , rose VBD 8.3 CD % NN to TO $ $ 1.31 CD billion CD from IN $ $ 1.21 CD billion CD . . Baxter NNP International NNP Inc. NNP yesterday NN reported VBD net JJ climbed VBD 20 CD % NN in IN the DT third JJ period NN to TO $ $ 102 CD million CD , , or CC 34 CD cents NNS a DT share NN , , from IN $ $ 85 CD million CD , , or CC 28 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . Sales NNS for IN the DT Deerfield NNP , , Ill. NNP , , company NN rose VBD 5.8 CD % NN to TO $ $ 1.81 CD billion CD from IN $ $ 1.71 CD billion CD . . But CC not RB every DT company NN expects VBZ to TO report VB increased VBN earnings NNS . . C.R. NNP Bard NNP Inc. NNP yesterday NN said VBD third-quarter JJ net JJ plunged VBD 51 CD % NN to TO $ $ 9.9 CD million CD , , or CC 18 CD cents NNS a DT share NN , , from IN $ $ 20 CD million CD , , or CC 35 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . Sales NNS fell VBD 1.2 CD % NN to TO $ $ 190.1 CD million CD from IN $ $ 192.5 CD million CD . . The DT Murray NNP Hill NNP , , N.J. NNP , , company NN said VBD full-year JJ earnings NNS may MD be VB off JJ 33 CD cents NNS a DT share NN because IN the DT company NN removed VBD a DT catheter NN from IN the DT market NN . . In IN 1988 CD , , the DT company NN earned VBD $ $ 1.38 CD a DT share NN . . The DT Food NNP and CC Drug NNP Administration NNP had VBD raised VBN questions NNS about IN the DT device NN 's POS design NN . . Some DT analysts NNS add VBP that IN third-party JJ pressures NNS to TO reduce VB health NN costs NNS will MD continue VB to TO bedevil VB companies NNS ' POS bottom JJ lines NNS . . Takeover NN speculation NN , , which WDT has VBZ been VBN buoying VBG stocks NNS of IN supply NN houses NNS , , may MD also RB ease VB , , says VBZ Peter NNP Sidoti NNP , , an DT analyst NN with IN Drexel NNP Burnham NNP Lambert NNP Inc NNP . . `` `` As IN that DT wanes VBZ , , you PRP 're VBP going VBG to TO see VB the DT stocks NNS probably RB wane VBP as IN well RB , , '' '' he PRP says VBZ . . Hospitals NNS companies NNS , , meanwhile RB , , are VBP reporting VBG improved VBN earnings NNS . . Bolstered VBN by IN strong JJ performances NNS by IN its PRP$ psychiatric JJ hospitals NNS , , National NNP Medical NNP Enterprises NNP Inc. NNP , , Los NNP Angeles NNP , , reported VBD net JJ income NN of IN $ $ 50 CD million CD , , or CC 65 CD cents NNS a DT share NN , , for IN the DT first JJ quarter NN ended VBN Aug. NNP 31 CD , , up RB from IN $ $ 41 CD million CD , , or CC 56 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . Humana NNP Inc. NNP , , Louisville NNP , , Ky. NNP , , also RB reported VBD favorable JJ results NNS , , with IN net JJ income NN of IN $ $ 66.7 CD million CD , , or CC 66 CD cents NNS , , in IN the DT fourth JJ quarter NN ended VBN Aug. NNP 31 CD , , up RB from IN $ $ 58.2 CD million CD , , or CC 59 CD cents NNS , , a DT year NN earlier RBR . . Analysts NNS say VBP the DT handful NN of IN hospital NN companies NNS that WDT are VBP still RB publicly RB traded VBN are VBP benefiting VBG from IN several JJ trends NNS . . Most RBS important JJ , , hospital NN admission NN rates NNS are VBP stabilizing VBG after IN several JJ years NNS of IN decline NN . . Moreover RB , , companies NNS have VBP sold VBN off RP many JJ of IN their PRP$ smaller JJR , , less-profitable JJ hospitals NNS and CC have VBP completed VBN painful JJ restructurings NNS . . Humana NNP 's POS revenues NNS , , for IN example NN , , are VBP being VBG boosted VBN by IN large JJ increases NNS in IN enrollments NNS in IN the DT company NN 's POS health NN maintenance NN organizations NNS . . Says VBZ Todd NNP Richter NNP , , an DT analyst NN with IN Dean NNP Witter NNP Reynolds NNP : : `` `` The DT shakeout NN in IN the DT publicly RB traded VBN companies NNS is VBZ over RB . . Initial JJ claims NNS for IN regular JJ state NN unemployment NN benefits NNS rose VBD to TO a DT seasonally RB adjusted VBN 396,000 CD during IN the DT week NN ended VBN Oct. NNP 7 CD from IN 334,000 CD the DT previous JJ week NN , , the DT Labor NNP Department NNP said VBD . . The DT number NN of IN people NNS receiving VBG regular JJ state NN benefits NNS in IN the DT week NN ended VBN Sept. NNP 30 CD decreased VBD to TO a DT seasonally RB adjusted VBN 2,202,000 CD , , or CC 2.2 CD % NN of IN those DT covered VBN by IN unemployment NN insurance NN , , from IN 2,205,000 CD the DT previous JJ week NN , , when WRB the DT insured VBN unemployment NN rate NN also RB was VBD 2.2 CD % NN . . Counting VBG all DT state NN and CC federal JJ benefit NN programs NNS , , the DT number NN of IN people NNS receiving VBG unemployment NN benefits NNS in IN the DT week NN ended VBN Sept. NNP 30 CD fell VBD to TO 1,809,300 CD from IN 1,838,200 CD a DT week NN earlier RBR . . These DT figures NNS are VBP n't RB seasonally RB adjusted VBN . . A DT Labor NNP Department NNP spokesman NN said VBD the DT unusually RB high JJ number NN of IN initial JJ claims NNS for IN state NN unemployment NN benefits NNS reflects VBZ the DT impact NN of IN Hurricane NNP Hugo NNP on IN southern JJ states NNS , , particularly RB North NNP Carolina NNP and CC South NNP Carolina NNP . . The DT figure NN also RB may MD reflect VB initial JJ claims NNS filed VBN by IN striking VBG Nynex NNP Corp. NNP workers NNS who WP have VBP become VBN eligible JJ for IN unemployment NN benefits NNS , , the DT official NN said VBD . . Digital NNP Equipment NNP Corp. NNP reported VBD a DT 32 CD % NN decline NN in IN net JJ income NN on IN a DT modest JJ revenue NN gain NN in IN its PRP$ fiscal JJ first JJ quarter NN , , causing VBG some DT analysts NNS to TO predict VB weaker JJR results NNS ahead RB than IN they PRP had VBD expected VBN . . Although IN the DT second-largest JJ computer NN maker NN had VBD prepared VBN Wall NNP Street NNP for IN a DT poor JJ quarter NN , , analysts NNS said VBD they PRP were VBD troubled VBN by IN signs NNS of IN flat JJ U.S. NNP orders NNS and CC a DT slowdown NN in IN the DT rate NN of IN gain NN in IN foreign JJ orders NNS . . The DT Maynard NNP , , Mass. NNP , , company NN is VBZ in IN a DT transition NN in IN which WDT it PRP is VBZ trying VBG to TO reduce VB its PRP$ reliance NN on IN mid-range JJ machines NNS and CC establish VB a DT presence NN in IN workstations NNS and CC mainframes NNS . . Net NN for IN the DT quarter NN ended VBD Sept. NNP 30 CD fell VBD to TO $ $ 150.8 CD million CD , , or CC $ $ 1.20 CD a DT share NN , , from IN $ $ 223 CD million CD , , or CC $ $ 1.71 CD a DT share NN , , a DT year NN ago RB . . Revenue NN rose VBD 6.4 CD % NN to TO $ $ 3.13 CD billion CD from IN $ $ 2.94 CD billion CD . . Digital NN said VBD a DT shift NN in IN its PRP$ product NN mix NN toward IN low-end JJ products NNS and CC strong JJ growth NN in IN workstation NN sales NNS yielded VBD lower JJR gross JJ margins NNS . . A DT spokesman NN also RB said VBD margins NNS for IN the DT company NN 's POS service NN business NN narrowed VBD somewhat RB because IN of IN heavy JJ investments NNS made VBN in IN that DT sector NN . . The DT lack NN of IN a DT strong JJ product NN at IN the DT high JJ end NN of IN Digital NNP 's POS line NN was VBD a DT significant JJ drag NN on IN sales NNS . . Digital NNP hopes VBZ to TO address VB that DT with IN the DT debut NN of IN its PRP$ first JJ mainframe-class JJ computers NNS next IN Tuesday NNP . . The DT new JJ line NN is VBZ aimed VBN directly RB at IN International NNP Business NNP Machines NNP Corp NNP . . `` `` Until IN the DT new JJ mainframe NN products NNS kick VBP in RP , , there EX wo MD n't RB be VB a DT lot NN of IN revenue NN contribution NN at IN the DT high JJ end NN , , and CC that DT 's VBZ hurt VB us PRP , , '' '' said VBD Mark NNP Steinkrauss NNP , , Digital NNP 's POS director NN of IN investor NN relations NNS . . He PRP said VBD unfavorable JJ currency NN translations NNS were VBD also RB a DT factor NN in IN the DT quarter NN . . DEC NNP shares NNS rose VBD $ $ 1.375 CD to TO $ $ 89.75 CD apiece RB in IN consolidated JJ New NNP York NNP Stock NNP Exchange NNP trading NN yesterday NN . . But CC analysts NNS said VBD that IN against IN the DT backdrop NN of IN a DT nearly RB 40-point JJ rise NN in IN the DT Dow NNP Jones NNP Industrial NNP Average NNP , , that WDT should MD n't RB necessarily RB be VB taken VBN as IN a DT sign NN of IN great JJ strength NN . . Some DT cut VBD their PRP$ earnings NNS estimates NNS for IN the DT stock NN this DT year NN and CC predicted VBD more JJR efforts NNS to TO control VB costs NNS ahead RB . . `` `` I PRP think VBP the DT next JJ few JJ quarters NNS will MD be VB difficult JJ , , '' '' said VBD Steven NNP Milunovich NNP of IN First NNP Boston NNP . . `` `` Margins NNS will MD remain VB under IN pressure NN , , and CC when WRB the DT new JJ mainframe NN does VBZ ship VB , , I PRP 'm VBP not RB sure JJ it PRP will MD be VB a DT big JJ winner NN . . '' '' Mr. NNP Milunovich NNP said VBD he PRP was VBD revising VBG his PRP$ estimate NN for IN DEC NNP 's POS current JJ year NN from IN $ $ 8.20 CD a DT share NN to TO `` `` well RB below IN $ $ 8 CD , , '' '' although IN he PRP has VBZ n't RB settled VBN on IN a DT final JJ number NN . . One CD troubling VBG aspect NN of IN DEC NNP 's POS results NNS , , analysts NNS said VBD , , was VBD its PRP$ performance NN in IN Europe NNP . . DEC NNP said VBD its PRP$ overseas JJ business NN , , which WDT now RB accounts VBZ for IN more JJR than IN half NN of IN sales NNS , , improved VBD in IN the DT quarter NN . . It PRP even RB took VBD the DT unusually RB frank JJ step NN of IN telling VBG analysts NNS in IN a DT morning NN conference NN call NN that IN orders NNS in IN Europe NNP were VBD up RB in IN `` `` double JJ digits NNS '' '' in IN foreign-currency JJ terms NNS . . That DT gain NN probably RB translated VBN into IN about RB 5 CD % NN to TO 7 CD % NN in IN dollar NN terms NNS , , well RB below IN recent JJ quarters NNS ' POS gains NNS of IN above IN 20 CD % NN , , reckons VBZ Jay NNP Stevens NNP of IN Dean NNP Witter NNP Reynolds NNP . . `` `` That DT was VBD a DT disappointment NN '' '' and CC a DT sign NN of IN overall JJ computer-market JJ softness NN in IN Europe NNP , , Mr. NNP Stevens NNP said VBD . . Marc NNP Schulman NNP , , with IN UBS NNP Securities NNP in IN New NNP York NNP , , dropped VBD his PRP$ estimate NN of IN DEC NNP 's POS full-year JJ net NN to TO $ $ 6.80 CD a DT share NN from IN $ $ 8 CD . . Although IN overall JJ revenues NNS were VBD stronger JJR , , Mr. NNP Schulman NNP said VBD , , DEC NNP `` `` drew VBD down RB its PRP$ European JJ backlog NN '' '' and CC had VBD flat JJ world-wide JJ orders NNS overall JJ . . `` `` The DT bottom JJ line NN is VBZ that IN it PRP 's VBZ more JJR hand NN to TO mouth NN than IN it PRP has VBZ been VBN before RB , , '' '' he PRP said VBD . . Mr. NNP Schulman NNP said VBD he PRP believes VBZ that IN the DT roll-out NN of IN DEC NNP 's POS new JJ mainframe NN will MD `` `` occur VB somewhat RB more RBR leisurely JJ '' '' than IN many JJ of IN his PRP$ investment NN colleagues NNS expect VBP . . He PRP said VBD current JJ expectations NNS are VBP for IN an DT entry NN level NN machine NN to TO be VB shipped VBN in IN December NNP , , with IN all DT of IN the DT more RBR sophisticated JJ versions NNS out RB by IN June NNP . . For IN reasons NNS he PRP would MD n't RB elaborate VB on IN , , he PRP said VBD he PRP 's VBZ sure JJ that DT schedule NN wo MD n't RB be VB met VBN , , meaning VBG less JJR profit NN impact NN from IN the DT product NN for IN DEC NNP in IN the DT next JJ few JJ quarters NNS . . John NNP R. NNP Wilke NNP contributed VBD to TO this DT article NN . . Colgate NNP Palmolive NNP Co. NNP reported VBD third-quarter JJ net JJ income NN rose VBD 27 CD % NN , , bolstered VBN by IN strong JJ sales NNS in IN its PRP$ Latin JJ American JJ business NN and CC surprisingly RB healthy JJ profits NNS from IN U.S. NNP operations NNS . . Colgate NNP said VBD net JJ income NN for IN the DT quarter NN rose VBD to TO $ $ 76.7 CD million CD , , or CC $ $ 1.06 CD a DT share NN , , on IN sales NNS that WDT increased VBD 6 CD % NN to TO $ $ 1.3 CD billion CD . . In IN the DT year-earlier JJ period NN , , Colgate NNP posted VBD net JJ income NN of IN $ $ 60.2 CD million CD , , or CC 88 CD cents NNS a DT share NN . . Last JJ year NN 's POS results NNS included VBD earnings NNS from IN discontinued VBN operations NNS of IN $ $ 13.1 CD million CD , , or CC 19 CD cents NNS a DT share NN . . Reuben NNP Mark NNP , , chairman NN and CC chief JJ executive JJ officer NN of IN Colgate NNP , , said VBD earnings NN growth NN was VBD fueled VBN by IN strong JJ sales NNS in IN Latin NNP America NNP , , the DT Far NNP East NNP and CC Europe NNP . . Results NNS were VBD also RB bolstered VBN by IN `` `` a DT very RB meaningful JJ increase NN in IN operating NN profit NN at IN Colgate NNP 's POS U.S. NNP business NN , , '' '' he PRP said VBD . . Operating NN profit NN at IN Colgate NNP 's POS U.S. NNP household NN products NNS and CC personal JJ care NN businesses NNS , , which WDT include VBP such JJ well-known JJ brands NNS as IN Colgate NNP toothpaste NN and CC Fab NNP laundry NN detergent NN , , jumped VBD more RBR than IN 40 CD % NN , , the DT company NN said VBD . . Mr. NNP Mark NNP attributed VBD the DT improvement NN to TO cost NN savings NNS achieved VBN by IN consolidating VBG manufacturing VBG operations NNS , , blending VBG together RB two CD sales NNS organizations NNS and CC more RBR carefully RB focusing VBG the DT company NN 's POS promotional JJ activities NNS . . `` `` We PRP 've VBP done VBN a DT lot NN to TO improve VB ( ( U.S. NNP . . ) ) results NNS and CC a DT lot NN more JJR will MD be VB done VBN , , '' '' Mr. NNP Mark NNP said VBD . . `` `` Improving NN profitability NN of IN U.S. NNP operations NNS is VBZ an DT extremely RB high JJ priority NN in IN the DT company NN . . '' '' Colgate NNP 's POS results NNS were VBD at IN the DT high JJ end NN of IN the DT range NN of IN analysts NNS ' POS forecasts NNS . . The DT scope NN of IN the DT improvement NN in IN the DT U.S. NNP business NN caught VBD some DT analysts NNS by IN surprise NN . . The DT company NN 's POS domestic JJ business NN , , especially RB its PRP$ household NN products NNS division NN , , has VBZ performed VBN poorly RB for IN years NNS . . Analysts NNS say VBP the DT earnings NNS improvement NN came VBD from IN cutting VBG costs NNS rather RB than IN increasing VBG sales NNS . . For IN the DT nine CD months NNS , , net JJ increased VBD 14 CD % NN to TO $ $ 217.5 CD million CD , , or CC $ $ 3.09 CD a DT share NN . . Sales NNS rose VBD 7 CD % NN to TO $ $ 3.8 CD billion CD . . The DT company NN earned VBD $ $ 191.1 CD million CD , , or CC $ $ 2.79 CD a DT share NN , , in IN the DT year-earlier JJ period NN . . Colgate NNP 's POS 1988 CD net JJ income NN included VBD $ $ 40.1 CD million CD , , or CC 59 CD cents NNS a DT share NN , , from IN discontinued VBN operations NNS . . Colgate NNP sold VBD its PRP$ hospital NN supply NN and CC home NN health NN care NN business NN last JJ year NN . . Separately RB , , Colgate NNP Wednesday NNP finalized VBD an DT agreement NN with IN MacroChem NNP Corp. NNP , , a DT tiny JJ dental JJ products NNS and CC pharmaceutical JJ concern NN based VBN in IN Billerica NNP , , Mass. NNP , , to TO market VB in IN the DT U.S. NNP four CD of IN MacroChem NNP 's POS FDA-approved JJ dental JJ products NNS . . The DT products NNS -- : sealants NNS and CC bonding NN materials NNS used VBN by IN dentists NNS -- : all DT contain VBP fluoride NN that WDT is VBZ released VBN over IN time NN . . The DT move NN is VBZ part NN of IN a DT drive NN to TO increase VB Colgate NNP 's POS business NN with IN dentists NNS , , a DT company NN spokeswoman NN said VBD . . Terms NNS of IN the DT agreement NN were VBD n't RB given VBN . . USACafes NNP Limited NNP Partnership NNP said VBD it PRP completed VBD the DT sale NN of IN its PRP$ Bonanza NNP restaurant NN franchise NN system NN to TO a DT subsidiary NN of IN Metromedia NNP Co. NNP for IN $ $ 71 CD million CD in IN cash NN . . USACafes NNP , , which WDT is VBZ nearly RB half-owned JJ by IN Sam NNP and CC Charles NNP Wyly NNP of IN Dallas NNP , , said VBD it PRP will MD distribute VB proceeds NNS from IN the DT sale NN to TO unit NN holders NNS as IN a DT liquidating NN dividend NN as RB soon RB as IN possible JJ . . The DT Bonanza NNP franchise NN system NN , , which WDT generates VBZ about RB $ $ 600 CD million CD in IN sales NNS annually RB , , represented VBD substantially RB all DT of IN the DT partnership NN 's POS assets NNS . . The DT sale NN of IN the DT system NN has VBZ been VBN challenged VBN in IN a DT class-action JJ suit NN on IN behalf NN of IN unit NN holders NNS filed VBN last JJ week NN in IN a DT Delaware NNP court NN , , USACafes NNP said VBD . . The DT company NN said VBD it PRP believes VBZ the DT suit NN is VBZ without IN merit NN . . American NNP Telephone NNP & CC Telegraph NNP Co. NNP unveiled VBD a DT sweetened VBN pension NN and CC early-retirement JJ program NN for IN management NN that IN it PRP hopes VBZ will MD enable VB it PRP to TO save VB $ $ 450 CD million CD in IN the DT next JJ year NN . . AT&T NNP also RB said VBD net JJ income NN rose VBD 19 CD % NN in IN the DT third JJ quarter NN . . AT&T NNP said VBD its PRP$ amended VBN pension NN program NN will MD nearly RB double VB to TO 34,000 CD the DT number NN of IN managers NNS eligible NN to TO retire VB with IN immediate JJ pension NN payments NNS . . AT&T NNP said VBD that IN based VBN on IN studies NNS of IN other JJ companies NNS that WDT have VBP offered VBN retirement NN plans NNS , , it PRP expects VBZ about RB one-third JJ of IN its PRP$ eligible NN managers NNS to TO retire VB under IN the DT new JJ program NN . . AT&T NNP said VBD third-quarter JJ net JJ income NN grew VBD , , despite IN stiff JJ competition NN in IN all DT of IN the DT company NN 's POS markets NNS . . Net JJ income NN rose VBD to TO $ $ 699 CD million CD , , or CC 65 CD cents NNS a DT share NN , , from IN the DT year-earlier JJ $ $ 587 CD million CD , , or CC 55 CD cents NNS a DT share NN . . Revenue NN edged VBD up RP to TO $ $ 8.9 CD billion CD from IN $ $ 8.81 CD billion CD . . The DT latest JJS period NN 's POS net NN was VBD reduced VBN $ $ 102 CD million CD , , or CC nine CD cents NNS a DT share NN , , for IN a DT change NN in IN depreciation NN method NN and CC concurrent JJ changes NNS in IN estimates NNS of IN depreciable JJ lives NNS and CC net JJ salvage NN for IN certain JJ telecommunications NNS equipment NN . . The DT results NNS roughly RB matched VBD estimates NNS of IN securities NNS analysts NNS , , who WP were VBD encouraged VBN by IN AT&T NNP increasing VBG its PRP$ operating NN margin NN to TO 13 CD % NN from IN 11 CD % NN a DT year NN ago RB , , because IN of IN continued VBN cost-cutting JJ efforts NNS . . Sales NNS of IN long-distance JJ services NNS , , an DT extremely RB competitive JJ market NN , , rose VBD 6.4 CD % NN . . But CC the DT growth NN was VBD partly RB offset VBN by IN lower JJR equipment NN sales NNS and CC rentals NNS and CC price NN cuts NNS on IN some DT products NNS . . Under IN the DT amended VBN pension NN program NN , , AT&T NNP managers NNS who WP have VBP at IN least JJS five CD years NNS of IN service NN will MD have VB five CD years NNS added VBN to TO their PRP$ age NN and CC length NN of IN service NN for IN pension NN purposes NNS . . Managers NNS who WP retire VBP Dec. NNP 30 CD will MD have VB an DT additional JJ 15 CD % NN added VBN to TO their PRP$ monthly JJ pension NN for IN as RB long JJ as IN five CD years NNS or CC age NN 65 CD , , whichever WDT comes VBZ earlier RBR . . An DT AT&T NNP spokeswoman NN said VBD the DT company NN would MD likely RB replace VB about RB one-third JJ of IN its PRP$ managers NNS who WP choose VBP to TO retire VB with IN new JJ employees NNS . . Analysts NNS hailed VBD the DT sweetened VBN pension NN package NN , , which WDT they PRP said VBD had VBD been VBN the DT subject NN of IN rumors NNS for IN several JJ months NNS . . `` `` This DT tells VBZ you PRP AT&T NNP is VBZ serious JJ about IN continuing VBG to TO manage VB their PRP$ cost NN structure NN and CC is VBZ committed VBN to TO 20%-a-year JJ earnings NNS growth NN , , '' '' said VBD Jack NNP Grubman NNP , , an DT analyst NN with IN PaineWebber NNP Inc NNP . . But CC other JJ analysts NNS expressed VBD disappointment NN that IN the DT cost-cutting JJ move NN wo MD n't RB result VB in IN even RB greater JJR earnings NNS growth NN . . `` `` This DT is VBZ a DT good JJ move NN , , but CC it PRP only RB gets VBZ you PRP to TO where WRB people NNS 's POS expectations NNS already RB are VBP , , '' '' in IN terms NNS of IN earnings NNS growth NN , , said VBD Joel NNP D. NNP Gross NNP , , an DT analyst NN with IN Donaldson NNP , , Lufkin NNP & CC Jenrette NNP . . Mr. NNP Gross NNP said VBD he PRP had VBD hoped VBN that IN a DT cost NN savings NNS of IN $ $ 450 CD million CD would MD result VB in IN even RB greater JJR growth NN than IN the DT 20 CD % NN annual JJ earnings NNS increase NN AT&T NNP has VBZ told VBN analysts NNS it PRP expects VBZ in IN the DT future NN . . AT&T NNP said VBD the DT special JJ retirement NN option NN will MD increase VB fourth-quarter JJ expenses NNS . . But CC the DT company NN said VBD the DT amount NN ca MD n't RB be VB determined VBN until IN it PRP knows VBZ how WRB many JJ managers NNS opt VBP to TO retire VB . . AT&T NNP said VBD the DT expense NN increase NN will MD be VB largely RB offset VBN by IN a DT gain NN from IN its PRP$ previously RB announced VBN plan NN to TO swap VB its PRP$ holdings NNS in IN Ing NNP . . C. NNP Olivetti NNP & CC Co. NNP for IN shares NNS in IN Cie NNP . . Industriali NNP Riunite NNP , , an DT Italian JJ holding VBG company NN . . For IN the DT nine CD months NNS , , AT&T NNP said VBD net JJ income NN was VBD $ $ 1.99 CD billion CD , , or CC $ $ 1.85 CD a DT share NN , , up RB 19 CD % NN from IN $ $ 1.67 CD billion CD , , or CC $ $ 1.56 CD a DT share NN . . Revenue NN gained VBD 3.1 CD % NN to TO $ $ 26.81 CD billion CD from IN $ $ 26 CD billion CD . . In IN composite JJ trading NN yesterday NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , AT&T NNP shares NNS closed VBD at IN $ $ 43.375 CD , , up RB 87.5 CD cents NNS . . When WRB it PRP comes VBZ to TO buying VBG and CC selling VBG shares NNS , , Westridge NNP Capital NNP Management NNP Inc. NNP takes VBZ a DT back JJ seat NN to TO no DT one PRP . . Every DT dollar NN 's POS worth NN of IN stock NN in IN the DT Los NNP Angeles NNP money NN manager NN 's POS portfolio NN is VBZ traded VBN seven CD or CC eight CD times NNS a DT year NN , , the DT firm NN estimates VBZ . . That DT makes VBZ it PRP the DT most RBS active JJ trader NN among IN all DT the DT nation NN 's POS investment NN advisers NNS , , according VBG to TO Securities NNP and CC Exchange NNP Commission NNP filings NNS . . But CC wait VB a DT second NN . . Westridge NNP Capital NNP is VBZ an DT index NN fund NN -- : the DT type NN of IN stolid JJ long-term JJ investor NN whose WP$ goal NN is VBZ to TO be VB nothing NN more JJR than IN average JJ . . Westridge NNP Capital NNP 's POS frenetic JJ trading NN reflects VBZ the DT changes NNS sweeping VBG through IN the DT previously RB sleepy JJ world NN of IN indexing NN . . Indexing NN for IN the DT most JJS part NN has VBZ involved VBN simply RB buying VBG and CC then RB holding VBG stocks NNS in IN the DT correct JJ mix NN to TO mirror VB a DT stock NN market NN barometer NN , , such JJ as IN Standard NNP & CC Poor NNP 's POS 500-stock JJ index NN , , and CC match VB its PRP$ performance NN . . Institutional JJ investors NNS have VBP poured VBN $ $ 210 CD billion CD into IN stock NN and CC bond NN indexing NN as IN a DT cheap JJ and CC easy JJ form NN of IN investment NN management NN that WDT promises VBZ to TO post VB average JJ market NN returns NNS . . These DT big JJ investors NNS have VBP flocked VBN to TO indexing NN because IN relatively RB few JJ `` `` active JJ '' '' stock NN pickers NNS have VBP been VBN able JJ to TO consistently RB match VB the DT returns NNS of IN the DT S&P NNP 500 CD or CC other JJ bellwethers NNS , , much RB less RBR beat VB it PRP . . And CC the DT fees NNS investors NNS pay VBP for IN indexing NN run VBP a DT few JJ pennies NNS for IN each DT $ $ 100 CD of IN assets NNS -- : a DT fraction NN of IN the DT cost NN of IN active JJ managers NNS . . That DT 's VBZ because IN computers NNS do VBP most JJS of IN the DT work NN , , and CC low JJ trading NN activity NN keeps VBZ a DT lid NN on IN commission NN costs NNS . . But CC today NN , , indexing NN is VBZ moving VBG from IN a DT passive NN investment NN strategy NN to TO an DT increasingly RB active JJ one CD . . Because IN index-fund JJ managers NNS are VBP no RB longer RBR satisfied VBN with IN merely RB being VBG average JJ , , they PRP have VBP developed VBN `` `` enhanced VBN '' '' indexing NN strategies NNS that WDT are VBP intended VBN to TO outperform JJ the DT market NN as RB much JJ as IN three CD percentage NN points NNS . . `` `` Indexing NN has VBZ been VBN the DT most RBS single JJ successful JJ investment NN concept NN in IN the DT last JJ decade NN , , but CC the DT index NN money NN has VBZ been VBN just RB sort NN of IN sitting VBG there RB , , '' '' says VBZ Seth NNP M. NNP Lynn NNP , , president NN of IN Axe NNP Core NNP Investors NNP Inc. NNP , , an DT indexer NN based VBN in IN Tarrytown NNP , , N.Y NNP . . `` `` Now RB the DT interest NN is VBZ in IN what WP else RB can MD I PRP do VB with IN that DT money NN . . '' '' Among IN the DT souped-up JJ indexing NN strategies NNS : : Indexed JJ portfolios NNS can MD be VB built VBN around IN thousands NNS of IN stocks NNS , , or CC just RB a DT few JJ dozen NN , , rather RB than IN being VBG restricted VBN to TO the DT S&P NNP 500 CD companies NNS . . They PRP can MD ignore VB the DT S&P NNP 500 CD stocks NNS altogether RB and CC focus VB on IN particular JJ types NNS of IN stocks NNS , , such JJ as IN smaller JJR companies NNS , , those DT paying VBG high JJ dividends NNS or CC companies NNS in IN a DT particular JJ industry NN , , state NN or CC country NN . . With IN today NN 's POS computer-driven JJ program NN trading NN techniques NNS , , index NN funds NNS can MD trade VB back RB and CC forth RB between IN stock-index JJ futures NNS and CC the DT actual JJ stocks NNS making VBG up RP indexes NNS such JJ as IN the DT S&P NNP 500 CD . . Futures NNS and CC options NNS also RB make VBP it PRP possible JJ to TO build VB `` `` synthetic JJ '' '' index NN funds NNS that WDT do VBP n't RB actually RB own VB a DT single JJ share NN of IN stock NN , , but CC can MD produce VB returns NNS that WDT match VBP or CC exceed VBP the DT broad JJ stock NN market NN . . One CD reason NN for IN these DT hybrids NNS is VBZ that DT indexing NN 's POS rapid JJ growth NN is VBZ slowing VBG , , particularly RB for IN those DT `` `` plain JJ vanilla NN '' '' funds NNS that WDT mirror VBP the DT S&P NNP 500 CD . . `` `` There EX is VBZ n't RB a DT boatload NN { ( of IN big JJ investors NNS } ) out RB there RB still RB waiting VBG to TO get VB into IN indexing NN , , '' '' says VBZ P. NNP James NNP Kartalia NNP , , vice NN president NN of IN ANB NNP Investment NNP Management NNP Co. NNP , , Chicago NNP , , which WDT offers VBZ both DT indexing NN and CC active JJ management NN services NNS . . ( ( After IN tripling VBG in IN size NN in IN the DT past JJ five CD years NNS , , index NN funds NNS now RB hold VBP about RB 20 CD % NN of IN the DT stock NN owned VBN by IN pension NN funds NNS . . ) ) A DT further JJ problem NN is VBZ razor-thin JJ profits NNS . . Plain-vanilla JJ funds NNS have VBP become VBN so RB commonplace JJ that IN fees NNS they PRP can MD charge VB have VBP plunged VBN to TO almost RB nothing NN , , and CC in IN some DT cases NNS are VBP just RB that DT . . To TO land VB customers NNS for IN their PRP$ well-paying JJ stock NN custodial JJ business NN , , big JJ banks NNS sometimes RB will MD throw VB in RP basic JJ indexing NN services NNS for IN free JJ . . `` `` It PRP 's VBZ like IN getting VBG a DT free JJ toaster NN when WRB you PRP open VBP an DT account NN , , '' '' says VBZ Axe NNP Core NNP 's POS Mr. NNP Lynn NNP . . As IN a DT result NN , , indexers NNS have VBP been VBN looking VBG for IN ways NNS to TO give VB investors NNS something NN more JJR than IN the DT average NN for IN their PRP$ money NN . . And CC many JJ have VBP been VBN successful JJ , , as IN in IN the DT case NN of IN the DT index NN fund NN operated VBN by IN hyper-trader NN Westridge NNP Capital NNP . . Westridge NNP Capital NNP has VBZ used VBN enhanced JJ indexing NN techniques NNS to TO beat VB the DT S&P NNP 500 CD 's POS returns NNS by IN 2.5 CD to TO 3 CD percentage NN points NNS over IN the DT past JJ four CD years NNS , , with IN the DT same JJ risk NN level NN as IN holding VBG the DT S&P NNP 500 CD stocks NNS , , according VBG to TO James NNP Carder NNP , , the DT firm NN 's POS president NN . . Strategies NNS vary VBP for IN Westridge NNP Capital NNP , , which WDT has VBZ $ $ 300 CD million CD under IN management NN . . The DT firm NN sometimes RB buys VBZ S&P NNP 500 CD futures NNS when WRB they PRP are VBP selling VBG at IN a DT discount NN to TO the DT actual JJ stocks NNS , , and CC will MD switch VB back RB and CC forth RB between IN stocks NNS and CC stock-index JJ futures NNS to TO take VB advantages NNS of IN any DT momentary JJ price NN discrepencies NNS . . Mr. NNP Carder NNP also RB goes VBZ through IN periods NNS when WRB he PRP buys VBZ stocks NNS in IN conjunction NN with IN options NNS to TO boost VB returns NNS and CC protect VB against IN declines NNS . . And CC in IN some DT months NNS , , he PRP buys VBZ stock-index JJ futures NNS and CC not RB stocks NNS at IN all DT . . `` `` By IN their PRP$ nature NN , , our PRP$ trades NNS are VBP very RB short-term JJ and CC are VBP going VBG to TO create VB high JJ turnover NN , , '' '' Mr. NNP Carder NNP adds VBZ . . `` `` The DT more JJR turnover NN , , the DT better JJR for IN our PRP$ clients NNS . . '' '' Big JJ indexer NN Bankers NNP Trust NNP Co. NNP also RB uses VBZ futures NNS in IN a DT strategy NN that IN on IN average NN has VBZ added VBN one CD percentage NN point NN to TO its PRP$ enhanced JJ fund NN 's POS returns NNS . . J. NNP Thomas NNP Allen NNP , , president NN of IN Pittsburgh-based JJ Advanced NNP Investment NNP Management NNP Inc. NNP , , agrees VBZ it PRP 's VBZ a DT good JJ idea NN to TO jump VB between IN the DT S&P NNP 500 CD stocks NNS and CC futures NNS . . `` `` You PRP 're VBP buying VBG the DT S&P NNP , , and CC you PRP always RB want VBP to TO hold VB the DT cheapest JJS form NN of IN it PRP , , '' '' he PRP says VBZ . . But CC some DT indexers NNS make VBP little JJ or CC no DT use NN of IN futures NNS , , saying VBG that IN these DT instruments NNS present VBP added VBN risks NNS for IN investors NNS . . `` `` If IN the DT futures NNS markets NNS have VBP a DT problem NN , , then RB those DT products NNS could MD have VB a DT problem NN , , '' '' says VBZ John NNP Zumbrunn NNP , , managing VBG director NN of IN Prudential NNP Insurance NNP Co. NNP of IN America NNP 's POS Investment NNP Index NNP Technologies NNP Inc. NNP unit NN . . Prudential NNP currently RB is VBZ seeking VBG approval NN to TO offer VB a DT new JJ fund NN offering VBG a DT return NN equal JJ to TO the DT S&P NNP 500 CD index NN plus IN 5\/100 CD of IN a DT percentage NN point NN . . An DT added VBN feature NN is VBZ that IN the DT slighty NN improved VBD return NN would MD be VB guaranteed VBN by IN Prudential NNP . . There EX are VBP many JJ other JJ strategies NNS to TO bolster VB the DT returns NNS of IN index NN funds NNS . . They PRP include VBP : : LIMITED JJ RISK NN FUNDS NNS : : These DT guarantee VBP protection NN against IN stock NN market NN declines NNS while IN still RB passing VBG along RB most JJS gains NNS . . Here RB a DT fund NN may MD promise VB to TO pay VB back RP , , say VB , , $ $ 95 CD of IN every DT $ $ 100 CD invested VBN for IN a DT year NN , , even RB if IN the DT market NN goes VBZ much RB lower RBR . . The DT fund NN could MD invest VB $ $ 87 CD for IN one CD year NN in IN Treasury NNP bills NNS yielding VBG 8 CD % NN to TO return VB the DT guaranteed VBN $ $ 95 CD . . That DT leaves VBZ $ $ 13 CD , , which WDT could MD be VB used VBN to TO buy VB S&P NNP 500 CD options NNS that WDT will MD nearly RB match VB any DT gain NN in IN the DT S&P NNP index NN . . MANAGER NN REPLICATION NN FUNDS NNS : : Say VB a DT big JJ investor NN is VBZ interested JJ in IN growth NN stocks NNS . . Instead RB of IN hiring VBG one CD of IN the DT many JJ active JJ managers NNS specializing VBG in IN growth NN stocks NNS , , indexers NNS can MD design VB a DT portfolio NN around IN the DT same JJ stocks NNS ; : the DT portfolio NN will MD be VB maintained VBN by IN computer NN , , reducing VBG both DT fees NNS and CC , , in IN theory NN , , risk NN ( ( because IN of IN the DT large JJ number NN of IN stocks NNS ) ) . . `` `` We PRP see VBP a DT lot NN of IN interest NN in IN those DT kind NN of IN things NNS , , '' '' says VBZ Frank NNP Salerno NNP , , a DT vice NN president NN of IN Bankers NNP Trust NNP . . `` `` People NNS comfortable JJ with IN the DT passive JJ approach NN are VBP using VBG them PRP for IN other JJ strategies NNS . . '' '' TILT NN FUNDS NNS : : This DT is VBZ an DT index NN fund NN with IN a DT bet NN . . Instead RB of IN replicating VBG the DT S&P NNP 500 CD or CC some DT other JJ index NN exactly RB , , some DT stocks NNS are VBP overweighted VBN or CC underweighted VBN in IN the DT portfolio NN . . One CD simple JJ approach NN is VBZ to TO exclude VB S&P NNP 500 CD companies NNS considered VBN bankruptcy NN candidates NNS ; : this DT can MD avoid VB weak JJ sisters NNS , , but CC also RB can MD hurt VB when WRB a DT company NN like IN Chrysler NNP Corp. NNP rebounds NNS . . Another DT approach NN : : An DT investor NN with IN $ $ 100 CD million CD might MD use VB $ $ 75 CD million CD to TO buy VB the DT S&P NNP 500 CD index NN and CC spend VB the DT other JJ $ $ 25 CD million CD on IN a DT favorite JJ group NN of IN stocks NNS . . SPECIALIZED JJ FUNDS NNS : : Indexes NNS can MD be VB constructed VBN to TO serve VB social JJ goals NNS , , such JJ as IN eliminating VBG the DT stocks NNS of IN companies NNS doing VBG business NN in IN South NNP Africa NNP . . Other JJ funds NNS have VBP been VBN designed VBN to TO concentrate VB on IN stocks NNS in IN a DT geographic JJ area NN in IN order NN to TO encourage VB local JJ investment NN . . Pennsylvania NNP State NNP Employees NNP Retirement NNP System NNP , , for IN example NN , , has VBZ about RB $ $ 130 CD million CD invested VBN in IN a DT fund NN of IN 244 CD companies NNS that WDT are VBP either DT Pennsylvania-based JJ or CC have VBP 25 CD % NN of IN their PRP$ work NN forces NNS in IN the DT state NN . . Short JJ interest NN on IN the DT New NNP York NNP Stock NNP Exchange NNP declined VBD for IN the DT second JJ consecutive JJ month NN , , this DT time NN 4.2 CD % NN , , while IN the DT American NNP Stock NNP Exchange NNP reported VBD its PRP$ third JJ consecutive JJ record NN month NN of IN short JJ interest NN . . The DT Big NNP Board NNP reported VBD that DT short JJ interest NN dropped VBD to TO 523,920,214 CD shares NNS as IN of IN Oct. NNP 13 CD from IN 547,347,585 CD shares NNS in IN mid-September NN . . Amex NNP short JJ interest NN climbed VBD 3 CD % NN to TO 53,496,665 CD shares NNS from IN 51,911,566 CD shares NNS . . For IN the DT year-earlier JJ month NN , , the DT Big NNP Board NNP reported VBD 461,539,056 CD shares NNS , , indicating VBG a DT 13.5 CD % NN year-to-year JJ rise NN , , while IN the DT Amex NNP reported VBN 36,015,194 CD shares NNS , , a DT 48 CD % NN leap NN . . Amex NNP short JJ interest NN has VBZ been VBN heading VBG upward RB since IN mid-December NN , , with IN increases NNS in IN each DT month NN since IN then RB except IN at IN mid-July NN . . Traders NNS who WP sell VBP short JJ borrow VBP stock NN and CC sell VBP it PRP , , betting VBG that IN the DT stock NN 's POS price NN will MD decline VB and CC that IN they PRP can MD buy VB the DT shares NNS back RB later RBR at IN a DT lower JJR price NN for IN return NN to TO the DT lender NN . . Short JJ interest NN is VBZ the DT number NN of IN shares NNS that WDT have VBP n't RB yet RB been VBN purchased VBN for IN return NN to TO lenders NNS . . Although IN a DT substantial JJ short JJ position NN reflects VBZ heavy JJ speculation NN that IN a DT stock NN 's POS price NN will MD decline VB , , some DT investors NNS consider VBP an DT increase NN in IN short JJ interest NN bullish JJ because IN the DT borrowed VBN shares NNS eventually RB must MD be VB bought VBN back RB . . Fluctuation NN in IN short JJ interest NN of IN certain JJ stocks NNS also RB may MD be VB caused VBN partly RB by IN arbitraging VBG . . The DT figures NNS occasionally RB include VBP incomplete JJ transactions NNS in IN restricted JJ stock NN . . The DT level NN of IN negative JJ sentiment NN measured VBN by IN the DT Big NNP Board NNP short JJ interest NN ratio NN slipped VBD to TO 3.36 CD from IN last JJ month NN 's POS 3.38 CD . . The DT ratio NN is VBZ the DT number NN of IN trading NN days NNS , , at IN the DT exchange NN 's POS average JJ trading NN volume NN , , that WDT would MD be VB required VBN to TO convert VB the DT total JJ short JJ interest NN position NN . . Some DT analysts NNS suggest VBP , , however RB , , that IN the DT ratio NN has VBZ weakened VBN in IN value NN as IN an DT indicator NN because IN options NNS and CC other JJ products NNS can MD be VB used VBN to TO hedge VB short JJ positions NNS . . Varity NNP Corp. NNP led VBD the DT Big NNP Board NNP list NN of IN largest JJS short JJ volumes NNS with IN 12,822,563 CD shares NNS . . Varity NNP has VBZ proposed VBN to TO acquire VB K-H NNP Corp. NNP , , consisting VBG of IN the DT auto NN parts NNS division NN and CC some DT debt NN of IN Fruehauf NNP Corp. NNP , , for IN $ $ 577.3 CD million CD of IN cash NN and CC securities NNS . . Chemical NNP Waste NNP Management NNP posted VBD the DT biggest JJS increase NN in IN short JJ volume NN on IN the DT New NNP York NNP exchange NN , , up RB 3,383,477 CD shares NNS to TO 5,267,238 CD . . Bristol-Myers NNP Squibb NNP Co. NNP , , the DT entity NN formed VBN from IN the DT recent JJ acquisition NN of IN Squibb NNP Corp. NNP by IN Bristol-Myers NNP Co. NNP , , logged VBD the DT largest JJS volume NN decline NN , , 7,592,988 CD shares NNS , , to TO 12,017,724 CD . . Short JJ interest NN in IN International NNP Business NNP Machines NNP Corp. NNP plunged VBD to TO 1,425,035 CD shares NNS from IN 2,387,226 CD shares NNS a DT month NN earlier RBR . . Also RB closely RB watched VBN is VBZ Exxon NNP Corp. NNP , , where WRB short JJ interest NN slid VBD to TO 4,469,167 CD shares NNS from IN 5,088,774 CD . . On IN a DT percentage NN basis NN , , Germany NNP Fund NNP Inc. NNP led VBD the DT gainers NNS , , leaping VBG to TO 67,972 CD shares NNS from IN three CD shares NNS . . TransCanada NNP PipeLines NNP Ltd. NNP led VBD the DT percentage NN decliners NNS , , dropping VBG to TO 59 CD shares NNS from IN 183,467 CD . . The DT Amex NNP short JJ interest NN volume NN leader NN again RB was VBD Texas NNP Air NNP Corp. NNP , , rising VBG to TO 3,820,634 CD shares NNS from IN 3,363,949 CD . . Bolar NNP Pharmaceutical NNP Co. NNP posted VBD the DT largest JJS volume NN increase NN , , 552,302 CD shares NNS , , to TO 2,157,656 CD . . The DT company NN is VBZ under IN an DT investigation NN concerning VBG procedures NNS to TO gain VB Food NNP and CC Drug NNP Administration NNP approval NN of IN generic JJ drugs NNS . . Bolar NNP has VBZ denied VBN any DT wrongdoing NN . . The DT largest JJS volume NN drop NN -- : down RB 445,645 CD shares NNS to TO 141,903 CD -- : came VBD in IN shares NNS represented VBN by IN B.A.T NNP Industries NNP PLC NNP 's POS American JJ depositary NN receipts NNS . . The DT company NN is VBZ facing VBG a DT takeover NN proposal NN from IN the DT financier NN Sir NNP James NNP Goldsmith NNP . . First NNP Iberian NNP Fund NNP led VBD the DT percentage NN increases NNS , , rising VBG to TO 73,100 CD shares NNS from IN 184 CD . . Nelson NNP Holdings NNP International NNP Ltd. NNP dropped VBD the DT most JJS on IN a DT percentage NN basis NN , , to TO 1,000 CD shares NNS from IN 255,923 CD . . The DT adjacent JJ tables NNS show VBP the DT Big NNP Board NNP and CC Amex NNP issues NNS in IN which WDT a DT short JJ interest NN position NN of IN at IN least JJS 100,000 CD shares NNS existed VBD as IN of IN mid-October NN or CC in IN which WDT there EX was VBD a DT short JJ position NN change NN of IN at IN least JJS 50,000 CD shares NNS since IN mid-September NN . . Your PRP$ Oct. NNP 12 CD editorial NN `` `` Pitiful NNP , , Helpless NNP Presidency NNP ? . '' '' correctly RB states VBZ that IN I PRP was VBD critical JJ of IN the DT Bush NNP administration NN 's POS failure NN to TO have VB any DT plan NN in IN place NN to TO respond VB in IN a DT timely JJ fashion NN to TO the DT opportunities NNS to TO oust VB Manuel NNP Noriega NNP presented VBD by IN the DT attempted VBN military JJ coup NN on IN Oct. NNP 3 CD . . You PRP are VBP absolutely RB wrong JJ , , however RB , , in IN opining VBG that IN this DT position NN is VBZ some DT kind NN of IN `` `` flip-flop JJ , , '' '' something NN newly RB arrived VBD at IN as IN a DT result NN of IN reading VBG the DT opinion NN polls NNS . . My PRP$ position NN is VBZ one CD founded VBN on IN both DT the DT facts NNS and CC the DT law NN . . Although IN you PRP may MD have VB forgotten VBN , , public JJ opinion NN about IN Gen. NNP Noriega NNP is VBZ where WRB it PRP is VBZ in IN large JJ measure NN because IN of IN my PRP$ investigation NN of IN his PRP$ years NNS of IN involvement NN in IN narcotics NNS smuggling NN ( ( and CC simultaneous JJ work NN as IN a DT U.S. NNP operative NN ) ) . . The DT public NN made VBD up RP its PRP$ mind NN about IN Gen. NNP Noriega NNP largely RB as IN a DT result NN of IN the DT hearings NNS I PRP chaired VBD in IN the DT Subcommittee NNP on IN Terrorism NNP and CC Narcotics NNP of IN the DT Foreign NNP Relations NNP Committee NNP on IN Feb. NNP 8 CD , , 9 CD , , 10 CD and CC 11 CD , , 1988 CD , , and CC again RB on IN April NNP 4 CD , , 1988 CD . . It PRP was VBD during IN those DT hearings NNS that IN the DT nation NN first RB learned VBD the DT breadth NN and CC depth NN of IN Gen. NNP Noriega NNP 's POS criminality NN , , and CC of IN his PRP$ enduring VBG relationships NNS with IN a DT variety NN of IN U.S. NNP government NN agencies NNS . . Those DT hearings NNS also RB highlighted VBD how WRB Gen. NNP Noriega NNP was VBD able JJ to TO use VB his PRP$ relationships NNS with IN these DT agencies NNS to TO delay VB U.S. NNP action NN against IN him PRP , , and CC to TO exploit VB the DT administration NN 's POS obsession NN with IN overthrowing VBG the DT Sandinistas NNS to TO protect VB his PRP$ own JJ drug-dealing NN . . As IN former JJ Ambassador NNP to TO Costa NNP Rica NNP Francis NNP J. NNP McNeil NNP testified VBD before IN the DT subcommittee NN , , the DT Reagan NNP administration NN knew VBD that IN Gen. NNP Noriega NNP was VBD involved VBN with IN narcotics NNS , , but CC made VBD a DT decision NN in IN the DT summer NN of IN 1986 CD `` `` to TO put VB Gen. NNP Noriega NNP on IN the DT shelf NN until IN Nicaragua NNP was VBD settled VBN . . '' '' As IN the DT report NN issued VBN by IN the DT subcommittee NN concluded VBD , , `` `` Our PRP$ government NN did VBD nothing NN regarding VBG Gen. NNP Noriega NNP 's POS drug NN business NN and CC substantial JJ criminal JJ involvement NN because IN the DT first JJ priority NN was VBD the DT Contra NNP war NN . . This DT decision NN resulted VBD in IN at IN least JJS some DT drugs NNS entering VBG the DT United NNP States NNP as IN a DT hidden JJ cost NN of IN the DT war NN . . '' '' Unfortunately RB , , this DT problem NN continued VBD even RB after RB Gen. NNP Noriega NNP 's POS indictment NN . . Throughout IN 1988 CD and CC this DT year NN , , I PRP and CC others NNS in IN Congress NNP have VBP pressed VBN the DT U.S. NNP to TO develop VB a DT plan NN for IN pushing VBG this DT `` `` narcokleptocrat NN '' '' out IN of IN Panama NNP . . Regrettably RB , , two CD administrations NNS in IN a DT row NN have VB been VBN unwilling JJ and CC unable JJ to TO develop VB any DT plan NN , , military JJ or CC economic JJ , , for IN supporting VBG the DT Panamanian JJ people NNS in IN their PRP$ attempts NNS to TO restore VB democracy NN . . Sen. NNP John NNP Kerry NNP ( ( D. NNP , , Mass NNP . . ) ) For IN Vietnamese NNS , , these DT are VBP tricky JJ , , often RB treacherous JJ , , times NNS . . After IN years NNS of IN hesitation NN , , economic JJ and CC political JJ reform NN was VBD embraced VBN at IN the DT end NN of IN 1986 CD , , but CC ringing VBG declarations NNS have VBP yet RB to TO be VB translated VBN into IN much JJ action NN . . Vietnam NNP is VBZ finding VBG that IN turning VBG a DT stagnant JJ socialist JJ order NN into IN a DT dynamic JJ free JJ market NN does VBZ n't RB come VB easy RB . . Here RB is VBZ how WRB three CD Vietnamese NNS are VBP coping VBG with IN change NN : : The DT Tire NN King NN Nguyen NNP Van NNP Chan NNP is VBZ living VBG proof NN that IN old JJ ways NNS die VBP hard JJ . . Mr. NNP Chan NNP used VBD to TO be VB an DT oddity NN in IN Hanoi NNP : : a DT private JJ entrepreneur NN . . His PRP$ business NN success NN made VBD him PRP an DT official JJ target NN in IN pre-reform JJ days NNS . . Mr. NNP Chan NNP , , now RB 64 CD years NNS old JJ , , invented VBD a DT fountain NN pen NN he PRP and CC his PRP$ family NN produced VBD from IN plastic JJ waste NN . . Later RB , , he PRP marketed VBD glue NN . . Both DT products NNS were VBD immensely RB popular JJ . . For IN his PRP$ troubles NNS , , Mr. NNP Chan NNP was VBD jailed VBN three CD times NNS between IN 1960 CD and CC 1974 CD . . Though IN his PRP$ operation NN was VBD registered VBN and CC used VBN only JJ scrap NN , , he PRP was VBD accused VBN of IN conducting VBG illegal JJ business NN and CC possessing VBG illegal JJ materials NNS . . Once RB he PRP was VBD held VBN for IN three CD months NNS without IN being VBG charged VBN . . Things NNS were VBD supposed VBN to TO change VB when WRB Vietnam NNP 's POS economic JJ reforms NNS gathered VBD pace NN , , and CC for IN awhile RB they PRP did VBD . . After IN years NNS of IN experimenting VBG , , Mr. NNP Chan NNP produced VBD a DT heavy-duty JJ bicycle NN tire NN that WDT outlasted VBD its PRP$ state-produced JJ rival NN . . By IN 1982 CD , , he PRP was VBD selling VBG thousands NNS of IN tires NNS . . Newspapers NNS published VBD articles NNS about IN him PRP , , and CC he PRP was VBD hailed VBN as IN `` `` the DT tire NN king NN . . '' '' His PRP$ efforts NNS earned VBD a DT gold JJ medal NN at IN a DT national JJ exhibition NN -- : and CC attracted VBD renewed VBN attention NN from IN local JJ authorities NNS . . District NN police NNS in IN 1983 CD descended VBD on IN his PRP$ suburban JJ home NN , , which WDT he PRP and CC his PRP$ large JJ family NN used VBD as IN both DT residence NN and CC factory NN , , and CC demanded VBD proof NN the DT house NN and CC equipment NN were VBD his PRP$ . . He PRP produced VBD it PRP . . `` `` That DT was VBD the DT first JJ time NN they PRP lost VBD and CC I PRP won VBD , , '' '' he PRP says VBZ . . He PRP was VBD further RBR questioned VBN to TO determine VB if IN he PRP was VBD `` `` a DT real JJ working VBG man NN or CC an DT exploiter NN . . '' '' Says VBZ Mr. NNP Chan NNP : : `` `` When WRB I PRP showed VBD it PRP was VBD from IN my PRP$ own JJ brain NN , , they PRP lost VBD for IN the DT second JJ time NN . . '' '' But CC a DT few JJ days NNS later RBR the DT police NN accused VBD him PRP of IN stealing VBG electricity NN , , acquiring VBG rubber NN without IN permission NN and CC buying VBG stolen VBN property NN . . Warned VBD he PRP was VBD to TO be VB jailed VBN again RB , , he PRP fled VBD to TO the DT countryside NN . . His PRP$ family NN was VBD given VBN three CD hours NNS to TO leave VB before RB the DT house NN and CC contents NNS were VBD confiscated VBN . . With IN only RB the DT clothes NNS they PRP were VBD wearing VBG , , family NN members NNS moved VBD to TO a DT home NN owned VBN by IN one CD of IN Mr. NNP Chan NNP 's POS sons NNS . . After IN six CD months NNS on IN the DT run NN , , Mr. NNP Chan NNP learned VBD the DT order NN for IN his PRP$ arrest NN had VBD been VBN canceled VBN . . He PRP rejoined VBD his PRP$ family NN in IN January NNP 1984 CD and CC began VBD the DT long JJ struggle NN for IN justice NN , , pressing VBG everyone NN from IN Hanoi NNP municipal JJ officials NNS to TO National NNP Assembly NNP deputies NNS for IN restoration NN of IN his PRP$ rights NNS . . He PRP and CC his PRP$ family NN kept VBD afloat RB by IN repairing VBG bicycles NNS , , selling VBG fruit NN and CC doing VBG odd JJ jobs NNS . . Mr. NNP Chan NNP achieved VBD a DT breakthrough NN in IN 1987 CD -- : and CC became VBD a DT minor JJ celebrity NN again RB -- : when WRB his PRP$ story NN was VBD published VBN in IN a DT weekly JJ newspaper NN . . In IN 1988 CD , , 18 CD months NNS after RB the DT sixth JJ congress NN formally RB endorsed VBD family-run JJ private JJ enterprise NN , , district NN authorities NNS allowed VBD Mr. NNP Chan NNP to TO resume VB work NN . . By IN late JJ last JJ year NN he PRP was VBD invited VBN back RB as IN `` `` the DT tire NN king NN '' '' to TO display VB his PRP$ products NNS at IN a DT national JJ exhibition NN . . National JJ leaders NNS stopped VBD by IN his PRP$ stand NN to TO commend VB his PRP$ achievements NNS . . Mr. NNP Chan NNP now RB produces VBZ 1,000 CD bicycle NN and CC motorbike NN tires VBZ a DT month NN and CC 1,000 CD tins NNS of IN tire-patching JJ glue NN in IN the DT son NN 's POS small JJ house NN . . Eighteen CD people NNS pack VBP the DT house NN 's POS two CD rooms NNS -- : the DT Chans NNS , , four CD of IN their PRP$ 10 CD children NNS with IN spouses NNS , , and CC eight CD of IN 22 CD grandchildren NNS . . Most JJS sleep VBP on IN the DT floor NN . . Come VBN daybreak NN , , eight CD family NN members NNS and CC two CD other JJ workers NNS unroll VBP a DT sheet NN of IN raw JJ rubber NN that WDT covers VBZ the DT floor NN of IN the DT house NN and CC spills VBZ out IN onto IN the DT street NN . . The DT primitive JJ operations NNS also RB burst VBP out IN the DT back JJ door NN into IN a DT small JJ courtyard NN , , where WRB an DT ancient JJ press NN squeezes VBZ rubber NN solution NN into IN a DT flat JJ strip NN and CC newly RB made VBN tires NNS are VBP cooled VBN in IN a DT bathtub NN filled VBN with IN water NN . . Mr. NNP Chan NNP talks VBZ optimistically RB of IN expanding VBG , , maybe RB even RB moving VBG into IN the DT import-export JJ field NN . . First RB , , however RB , , he PRP has VBZ unfinished JJ business NN . . When WRB district NN authorities NNS allowed VBD him PRP to TO resume VB manufacturing VBG , , they PRP released VBD only RB one CD of IN his PRP$ machines NNS . . They PRP did VBD n't RB return VB the DT rubber NN stocks NNS that WDT represent VBP his PRP$ capital NN . . Nor CC did VBD they PRP return VB his PRP$ house NN and CC contents NNS , , which WDT he PRP values VBZ at IN about RB $ $ 44,000 CD . . He PRP wants VBZ to TO recover VB more JJR than IN just RB his PRP$ property NN , , though RB . . `` `` I PRP want VBP my PRP$ dignity NN back RB , , '' '' he PRP says VBZ . . The DT Editor NNP Nguyen NNP Ngoc NNP seemed VBD an DT obvious JJ choice NN when WRB the DT Vietnamese NNP Writers NNP Association NNP was VBD looking VBG for IN a DT new JJ editor NN to TO reform VB its PRP$ weekly JJ newspaper NN , , Van NNP Nghe NNP . . After IN the DT sixth JJ congress NN , , journalists NNS seized VBD the DT opportunity NN provided VBN by IN the DT liberalization NN to TO probe VB previously RB taboo JJ subjects NNS . . Mr. NNP Ngoc NNP , , 57 CD years NNS old JJ , , had VBD solid JJ reformist JJ credentials NNS : : He PRP had VBD lost VBN his PRP$ official JJ position NN in IN the DT association NN in IN he PRP early RB 1980s NNS because IN he PRP questioned VBD the DT intrusion NN of IN politics NNS into IN literature NN . . Appointed VBN editor NN in IN chief NN in IN July NNP 1987 CD , , Mr. NNP Ngoc NNP rapidly RB turned VBD the DT staid JJ Van NNP Nghe NNP into IN Vietnam NNP 's POS hottest JJS paper NN . . Circulation NN soared VBD as IN the DT weekly NN went VBD way NN beyond IN standard JJ literary JJ themes NNS to TO cover VB Vietnamese JJ society NN and CC its PRP$ ills NNS . . Readers NNS were VBD electrified VBN by IN the DT paper NN 's POS audacity NN and CC appalled VBN by IN the DT dark JJ side NN of IN life NN it PRP uncovered VBD . . One CD article NN recounted VBD a DT decade-long JJ struggle NN by IN a DT wounded VBN soldier NN to TO prove VB , , officially RB , , he PRP was VBD alive JJ . . Another DT described VBD how WRB tax-collection JJ officials NNS in IN Thanh NNP Hoa NNP province NN one CD night NN stormed VBD through IN homes NNS and CC confiscated VBD rice NN from IN starving VBG villagers NNS . . The DT newspaper NN also RB ran VBD a DT series NN of IN controversial JJ short JJ stories NNS by IN Nguyen NNP Huy NNP Thiep NNP , , a DT former JJ history NN teacher NN , , who WP stirred VBD debate NN over IN his PRP$ interpretation NN of IN Vietnamese JJ culture NN and CC took VBD a DT thinly RB veiled VBN swipe NN at IN writers NNS who WP had VBD blocked VBN his PRP$ entry NN into IN their PRP$ official JJ association NN . . Van NNP Nghe NNP quickly RB made VBD influential JJ enemies NNS . . `` `` Those DT who WP manage VBP ideology NN and CC a DT large JJ number NN of IN writers NNS reacted VBD badly RB '' '' to TO the DT restyled VBN paper NN , , says VBZ Lai NNP Nguyen NNP An NNP , , a DT literary JJ critic NN . . After IN months NNS of IN internal JJ rumblings NNS , , Mr. NNP Ngoc NNP was VBD fired VBN last JJ December NNP . . His PRP$ dismissal NN triggered VBD a DT furor NN among IN intellectuals NNS that WDT continues VBZ today NN . . `` `` Under IN Mr. NNP Ngoc NNP , , Van NNP Nghe NNP protected VBD the DT people NNS instead RB of IN the DT government NN , , '' '' says VBZ Nguyen NNP Duy NNP , , a DT poet NN who WP is VBZ the DT paper NN 's POS bureau NN chief NN for IN southern JJ Vietnam NNP . . `` `` The DT paper NN reflected VBD the DT truth NN . . For IN the DT leadership NN , , that WDT was VBD too RB painful JJ to TO bear VB . . '' '' The DT ` `` Billionaire NN ' '' Nguyen NNP Thi NNP Thi NNP is VBZ Vietnam NNP 's POS entrepreneur NN of IN the DT 1980s CD . . Her PRP$ challenge NN is VBZ to TO keep VB her PRP$ fledgling NN empire NN on IN top NN in IN the DT 1990s CD . . Mrs. NNP Thi NNP did VBD n't RB wait VB for IN the DT reforms NNS to TO get VB her PRP$ start NN . . She PRP charged VBD ahead RB of IN the DT government NN and CC the DT law NN to TO establish VB Hochiminh NNP City NNP Food NNP Co. NNP as IN the DT biggest JJS rice NN dealer NN in IN the DT country NN . . Her PRP$ success NN , , which WDT included VBD alleviating VBG an DT urban JJ food NN shortage NN in IN the DT early JJ 1980s CD , , helped VBD persuade VB Hanoi NNP to TO take VB the DT reform NN path NN . . Her PRP$ story NN is VBZ becoming VBG part NN of IN local JJ folklore NN . . A DT lifelong JJ revolutionary NN with IN little JJ education NN who WP fought VBD both DT the DT French NNS and CC the DT U.S.-backed JJ Saigon NNP regime NN , , she PRP switched VBD effortlessly RB to TO commerce NN after IN the DT war NN . . Her PRP$ instincts NNS were VBD capitalistic JJ , , despite IN her PRP$ background NN . . As IN she PRP rode VBD over IN regulations NNS , , only RB her PRP$ friendship NN with IN party NN leaders NNS , , including VBG Nguyen NNP Van NNP Linh NNP , , then RB Ho NNP Chi NNP Minh NNP City NNP party NN secretary NN , , kept VBD her PRP out IN of IN jail NN . . Following VBG Mr. NNP Linh NNP 's POS appointment NN as IN secretary-general JJ of IN the DT party NN at IN the DT sixth JJ congress NN , , Mrs. NNP Thi NNP has VBZ become VBN the DT darling NN of IN `` `` doi FW moi FW '' '' , , the DT Vietnamese JJ version NN of IN perestroika FW . . The DT authorities NNS have VBP steered VBN foreign JJ reporters NNS to TO her PRP$ office NN to TO see VB an DT example NN of IN `` `` the DT new JJ way NN of IN thinking NN . . '' '' Foreign JJ publications NNS have VBP responded VBN with IN articles NNS declaring VBG her PRP$ Vietnam NNP 's POS richest JJS woman NN . . `` `` Some DT people NNS call VBP me PRP the DT communist JJ billionaire NN , , '' '' she PRP has VBZ told VBN visitors NNS . . Actually RB , , 67-year-old JJ Mrs. NNP Thi NNP is VBZ about RB as RB poor JJ as IN almost RB everyone NN else RB in IN this DT impoverished JJ land NN . . She PRP has VBZ indeed RB turned VBN Hochiminh NNP City NNP Food NNP into IN a DT budding VBG conglomerate NN , , but CC the DT company NN itself PRP remains VBZ state-owned JJ . . She PRP manages VBZ it PRP with IN the DT title NN of IN general-director NN . . The DT heart NN of IN the DT business NN is VBZ the DT purchase NN of IN rice NN and CC other JJ commodities NNS , , such JJ as IN corn NN and CC coffee NN , , from IN farmers NNS in IN the DT south NN , , paying VBG with IN fertilizer NN , , farm NN tools NNS and CC other JJ items NNS . . Last JJ year NN , , Hochiminh NNP City NNP Food NNP says VBZ it PRP bought VBD two CD million CD metric JJ tons NNS of IN unhusked VBN rice NN , , more JJR than IN 10 CD % NN of IN the DT country NN 's POS output NN . . The DT company NN operates VBZ a DT fleet NN of IN trucks NNS and CC boats NNS to TO transport VB the DT commodities NNS to TO its PRP$ warehouses NNS . . A DT subsidiary JJ company NN processes VBZ commodities NNS into IN foods NNS such JJ as IN instant NN noodles NNS that WDT are VBP sold VBN with IN the DT rice NN through IN a DT vast JJ retail JJ network NN . . In IN recent JJ years NNS , , Mrs. NNP Thi NNP has VBZ started VBN to TO diversify VB the DT company NN , , taking VBG a DT 20 CD % NN stake NN in IN newly RB established VBN , , partly RB private JJ Industrial NNP and CC Commercial NNP Bank NNP , , and CC setting VBG up RP Saigon NNP Petro NNP , , which WDT owns VBZ and CC operates VBZ Vietnam NNP 's POS first JJ oil NN refinery NN . . Mrs. NNP Thi NNP says VBZ Hochiminh NNP City NNP Food NNP last JJ year NN increased VBD pretax JJ profit NN 60 CD % NN to TO the DT equivalent NN of IN about RB $ $ 2.7 CD million CD on IN sales NNS of IN $ $ 150 CD million CD . . She PRP expects VBZ both DT revenue NN and CC profit NN to TO gain VB this DT year NN . . She PRP is VBZ almost RB cavalier JJ about IN the DT possibility NN Vietnam NNP 's POS reforms NNS will MD create VB rivals NNS on IN her PRP$ home NN turf NN . . `` `` I PRP do VBP n't RB mind VB the DT competition NN inside IN the DT country NN , , '' '' she PRP says VBZ . . `` `` I PRP am VBP only RB afraid JJ that IN with IN Vietnam NNP 's POS poor-quality JJ products NNS we PRP ca MD n't RB compete VB with IN neighboring JJ countries NNS . . The DT earthquake NN that WDT hit VBD the DT San NNP Francisco NNP Bay NNP area NN is VBZ n't RB likely JJ to TO result VB in IN wholesale JJ downgrading NN of IN bond NN ratings NNS , , officials NNS at IN the DT two CD major JJ rating NN agencies NNS said VBD . . Standard NNP & CC Poor NNP 's POS Corp. NNP is VBZ reviewing VBG debt NN issued VBN by IN 12 CD California NNP counties NNS , , and CC `` `` there EX are VBP potential JJ isolated VBN problems NNS , , '' '' said VBD Hyman NNP Grossman NNP , , a DT managing VBG director NN . . The DT agency NN is VBZ preparing VBG a DT report NN , , to TO be VB issued VBN today NN , , on IN the DT earthquake NN 's POS impact NN on IN the DT property- NN and CC casualty-insurance JJ industry NN . . The DT only JJ securities NNS so RB far RB to TO be VB singled VBN out RP are VBP those DT issued VBN by IN Bay NNP View NNP Federal NNP Savings NNP & CC Loan NNP . . Moody NNP 's POS Investors NNP Service NNP Inc. NNP said VBD it PRP is VBZ reviewing VBG , , with IN an DT eye NN toward IN a DT possible JJ downgrade NN , , the DT ratings NNS on IN Bay NNP View NNP Federal NNP bonds NNS , , long-term JJ deposits NNS and CC the DT preferred-stock JJ rating NN of IN its PRP$ parent NN company NN , , Bay NNP View NNP Capital NNP Corp NNP . . As IN for IN property NN and CC casualty NN insurers NNS , , Moody NNP 's POS said VBD `` `` preliminary JJ estimates NNS suggest VBP that IN losses NNS should MD not RB have VB a DT significant JJ impact NN on IN most JJS insurers NNS ' POS financial JJ condition NN , , '' '' but CC it PRP `` `` raises VBZ concerns NNS about IN potentially RB substantial JJ risks NNS '' '' longer-term JJ . . `` `` Losses NNS from IN the DT earthquake NN are VBP expected VBN to TO be VB of IN similar JJ magnitude NN to TO those DT of IN Hurricane NNP Hugo NNP , , '' '' according VBG to TO Moody NNP 's POS . . Your PRP$ Oct. NNP 5 CD editorial NN `` `` A DT Democratic JJ Tax NNP Cut NNP '' '' contained VBD an DT error NN . . In IN the DT third JJ paragraph NN it PRP referred VBD to TO the DT senators NNS seeking VBG loophole NN suggestions NNS from IN lobbyists NNS for IN various JJ sectors NNS of IN the DT economy NN . . Among IN them PRP , , `` `` banana NN farmers NNS . . '' '' The DT only JJ significant JJ commercial JJ banana NN farmers NNS in IN the DT U.S. NNP are VBP in IN Hawaii NNP . . The DT Hawaii NNP Banana NNP Industry NNP Association NNP , , to TO which WDT nearly RB all DT of IN them PRP belong VBP , , has VBZ no DT lobbyist NN . . Thomas NNP V. NNP Reese NNP Sr NNP . . Maui NNP Banana NNP Co NNP . . Western NNP Digital NNP Corp. NNP reported VBD a DT net JJ loss NN of IN $ $ 2.7 CD million CD , , or CC nine CD cents NNS a DT share NN , , for IN its PRP$ first JJ quarter NN ended VBN Sept. NNP 30 CD , , citing VBG factors NNS as RB varied VBN as IN hurricane NN damage NN , , an DT advance NN in IN graphics NNS technology NN and CC the DT strengthening JJ dollar NN . . In IN the DT year-ago JJ period NN , , the DT company NN earned VBD $ $ 12.9 CD million CD , , or CC 45 CD cents NNS a DT share NN , , on IN sales NNS of IN $ $ 247 CD million CD . . Sales NNS for IN the DT just-ended JJ period NN fell VBD to TO about RB $ $ 225 CD million CD , , the DT maker NN of IN computer NN parts NNS said VBD . . Nonetheless RB , , Chairman NNP Roger NNP W. NNP Johnson NNP said VBD he PRP expects VBZ the DT company NN to TO be VB profitable JJ in IN the DT current JJ quarter NN . . `` `` We PRP are VBP positioned VBN to TO come VB through RP , , '' '' he PRP said VBD , , noting VBG that IN the DT company NN 's POS backlog NN was VBD up RB from IN the DT previous JJ quarter NN . . In IN its PRP$ second JJ quarter NN last JJ year NN , , Western NNP Digital NNP earned VBD $ $ 12.7 CD million CD , , or CC 44 CD cents NNS a DT share NN , , on IN sales NNS of IN $ $ 258.4 CD million CD . . Mr. NNP Johnson NNP said VBD Western NNP Digital NNP 's POS plant NN in IN Puerto NNP Rico NNP was VBD affected VBN by IN Hurricane NNP Hugo NNP , , losing VBG three CD days NNS ' POS production NN because IN of IN the DT storm NN , , which WDT wrecked VBD much JJ of IN the DT Caribbean JJ island NN 's POS infrastructure NN . . Although IN the DT plant NN itself PRP was VBD n't RB damaged VBD , , Mr. NNP Johnson NNP said VBD millions NNS of IN dollars NNS in IN first-quarter JJ revenue NN were VBD lost VBN . . The DT revenue NN will MD be VB regained VBN in IN the DT current JJ period NN , , he PRP added VBD . . There EX are VBP no DT plans NNS to TO initiate VB a DT common JJ stock NN dividend NN , , Mr. NNP Johnson NNP said VBD , , explaining VBG that IN the DT board NN continues VBZ to TO believe VB shareholders NNS are VBP best RBS served VBN by IN reinvesting VBG excess JJ cash NN . . Mr. NNP Johnson NNP said VBD the DT first-quarter JJ loss NN also RB heavily RB reflected VBD a DT rapid JJ change NN in IN graphics NNS technology NN that WDT left VBD reseller NN channels NNS with IN too RB many JJ of IN the DT old JJ computer NN graphics NNS boards NNS and CC too RB few JJ new JJ monitors NNS compatible JJ with IN the DT new JJ graphics NNS boards NNS . . Western NNP Digital NNP does VBZ n't RB make VB the DT monitors NNS . . An DT accelerating JJ move NN by IN personal JJ computer NN manufacturers NNS ' POS to TO include VB advanced VBN graphics NNS capabilities NNS as IN standard JJ equipment NN further RBR dampened VBD reseller JJR purchases NNS of IN Western NNP Digital NNP 's POS equipment NN . . `` `` The DT other JJ areas NNS of IN the DT business NN -- : storage NN and CC microcomputers NNS -- : were VBD very RB good JJ , , '' '' Mr. NNP Johnson NNP said VBD . . He PRP said VBD Western NNP Digital NNP has VBZ reacted VBN swiftly RB to TO the DT movement NN to TO video JJ graphics NNS array NN , , VGA NNP , , graphics NNS technology NN from IN the DT old JJ enhanced JJ graphics NNS adapter NN , , EGA NNP , , which WDT has VBZ a DT lower JJR resolution NN standard NN , , technology NN and CC now RB is VBZ one CD of IN the DT leading VBG producers NNS of IN these DT newer JJR units NNS . . Other JJ makers NNS of IN video JJ controller NN equipment NN also RB were VBD caught VBN in IN the DT EGA-VGA JJ shift NN , , he PRP said VBD , , `` `` but CC we PRP were VBD able JJ to TO respond VB much RB more RBR quickly RB . . '' '' Still RB , , Mr. NNP Johnson NNP said VBD , , `` `` our PRP$ stock NN is VBZ grossly RB undervalued VBN . . '' '' He PRP said VBD the DT company NN has VBZ cut VBN operating NN expenses NNS by IN about RB 10 CD % NN over IN the DT last JJ few JJ quarters NNS , , while IN maintaining VBG research NN and CC development NN at IN about RB 8 CD % NN to TO 9 CD % NN of IN sales NNS . . As IN part NN of IN its PRP$ reorganization NN this DT week NN , , Western NNP Digital NNP has VBZ divided VBN its PRP$ business NN into IN two CD segments NNS -- : storage NN products NNS , , including VBG controllers NNS and CC disk NN drives NNS ; : and CC microcomputer JJR products NNS , , which WDT include VBP graphics NNS , , communications NNS and CC peripheral JJ control NN chips NNS . . Graphics NNS , , communications NNS and CC peripheral JJ control NN chips NNS were VBD combined VBN because IN , , increasingly RB , , multiple JJ functions NNS are VBP being VBG governed VBN by IN a DT single JJ chip NN . . Storage NN , , which WDT includes VBZ computer NN controllers NNS and CC 3.5-inch JJ disk NN drives NNS , , represents VBZ nearly RB two-thirds NNS of IN the DT company NN 's POS business NN . . Disk NN drives NNS , , which WDT allow VBP a DT computer NN to TO access VB its PRP$ memory NN , , generated VBD 38 CD % NN more JJR revenue NN in IN the DT most RBS recent JJ period NN compared VBN with IN the DT fiscal JJ first JJ quarter NN a DT year NN earlier RBR . . Computer NN parts NNS are VBP getting VBG ever RB smaller JJR , , Mr. NNP Johnson NNP said VBD , , a DT shrinking NN that WDT has VBZ propelled VBN laptops NNS into IN position NN as IN the DT fastest-growing JJ segment NN of IN the DT computer NN business NN . . As IN smaller JJR and CC more RBR powerful JJ computers NNS continue VBP to TO be VB the DT focus NN of IN the DT industry NN , , he PRP said VBD , , Western NNP Digital NNP is VBZ strengthening VBG development NN of IN laptop NN parts NNS . . Next JJ year NN Western NNP Digital NNP plans VBZ to TO consolidate VB its PRP$ operations NNS from IN 11 CD buildings NNS in IN Irvine NNP into IN two CD buildings NNS in IN the DT same JJ city NN a DT new JJ headquarters NN and CC , , a DT block NN away RB , , a DT modern JJ $ $ 100 CD million CD silicon NN wafer NN fabrication NN plant NN . . The DT plan NN will MD help VB the DT company NN in IN its PRP$ existing VBG joint NN manufacturing NN agreement NN with IN AT&T NNP . . About IN half NN of IN Western NNP Digital NNP 's POS business NN is VBZ overseas JJ , , and CC Mr. NNP Johnson NNP expects VBZ that DT proportion NN to TO continue VB . . Plans NNS to TO dissolve VB many JJ of IN the DT trade NN barriers NNS within IN Europe NNP in IN 1992 CD creates VBZ significant JJ opportunities NNS for IN the DT company NN , , he PRP said VBD , , particularly RB since IN Western NNP Digital NNP already RB manufactures VBZ there RB . . Capitalizing VBG on IN that DT presence NN , , Western NNP Digital NNP is VBZ launching VBG a DT major JJ effort NN to TO develop VB the DT embryonic JJ reseller JJR market NN in IN Europe NNP . . Directors NNS of IN state-owned JJ Banca NNP Nazionale NNP del DT Lavoro NNP approved VBD a DT two-step JJ capital-boosting JJ transaction NN and CC a DT change NN in IN the DT bank NN 's POS rules NNS that WDT will MD help VB it PRP operate VB more RBR like IN a DT private-sector JJ institution NN . . Until IN now RB , , BNL NNP 's POS top JJ managers NNS and CC its PRP$ directors NNS have VBP been VBN appointed VBN by IN a DT Treasury NNP decree NN . . But CC under IN the DT bank NN 's POS proposed VBN statutes NNS , , an DT assembly NN of IN shareholders NNS must MD approve VB board NN members NNS . . The DT bank NN 's POS chairman NN and CC director NN general NN , , who WP also RB sit VBP on IN the DT board NN , , still RB would MD be VB appointed VBN by IN the DT Treasury NNP . . BNL NNP , , which WDT is VBZ controlled VBN by IN the DT Italian NNP Treasury NNP , , was VBD rocked VBN by IN the DT disclosure NN last JJ month NN that IN its PRP$ Atlanta NNP branch NN extended VBD more JJR than IN $ $ 3 CD billion CD in IN unauthorized JJ credits NNS to TO Iraq NNP . . The DT ensuing VBG scandal NN , , in IN which WDT the DT bank NN 's POS management NN resigned VBD , , has VBZ helped VBN renew VB calls NNS for IN privatization NN , , or CC at IN least JJS an DT overhaul NN , , of IN Italy NNP 's POS banking NN system NN , , which WDT is VBZ about RB 80 CD % NN state-controlled JJ . . In IN a DT related VBN move NN , , the DT bank NN also RB proposed VBD that IN board NN representation NN be VB linked VBN more RBR closely RB to TO the DT bank NN 's POS new JJ shareholding NN structure NN . . BNL NNP called VBD a DT shareholders NNS ' POS assembly NN meeting NN in IN December NNP to TO vote VB on IN the DT proposals NNS . . BNL NNP has VBZ about RB 75,000 CD nonvoting JJ shares NNS that WDT are VBP listed VBN on IN the DT Milan NNP Stock NNP Exchange NNP . . The DT shares NNS were VBD suspended VBN from IN trading NN following VBG disclosure NN of IN the DT Atlanta NNP scandal NN ; : Consob NNP , , the DT stock NN exchange NN regulatory JJ body NN , , reportedly RB will MD decide VB soon RB whether IN to TO end VB the DT trading NN suspension NN . . Switzerland NNP 's POS wholesale JJ price NN index NN increased VBD 0.3 CD % NN in IN September NNP from IN August NNP , , and CC was VBD up IN 3.9 CD % NN from IN a DT year NN ago RB , , marking VBG the DT first JJ time NN this DT year NN that IN the DT index NN has VBZ fallen VBN below IN 4 CD % NN on IN a DT year-to-year JJ basis NN , , the DT government NN reported VBD . . The DT government NN attributed VBD the DT 0.3 CD % NN month-to-month JJ rise NN in IN the DT index NN largely RB to TO higher JJR energy NN prices NNS . . In IN August NNP , , the DT index NN was VBD up RB 0.2 CD % NN from IN the DT previous JJ month NN , , and CC was VBD up RB 4.5 CD % NN on IN a DT year-to-year JJ basis NN . . The DT wholesale JJ price NN index NN , , based VBN on IN 1963 CD as IN 100 CD , , was VBD 180.9 CD in IN September NNP . . American NNP Express NNP Co. NNP posted VBD a DT 21 CD % NN increase NN in IN third JJ quarter NN net JJ income NN despite IN a DT sharp JJ rise NN in IN reserves NNS for IN Third NNP World NNP loans NNS at IN its PRP$ banking NN unit NN . . Aided VBN by IN a DT sharp JJ gain NN in IN its PRP$ travel NN business NN , , American NNP Express NNP said VBD net JJ rose VBD to TO $ $ 331.8 CD million CD , , or CC 77 CD cents NNS a DT share NN , , from IN $ $ 273.9 CD million CD , , or CC 64 CD cents NNS a DT share NN . . The DT year-earlier JJ figures NNS included VBD $ $ 9.9 CD million CD , , or CC three CD cents NNS a DT share NN , , in IN income NN from IN discontinued VBN operations NNS . . Income NN from IN continuing VBG operations NNS was VBD up RB 26 CD % NN . . Revenue NN rose VBD 24 CD % NN to TO $ $ 6.5 CD billion CD from IN $ $ 5.23 CD billion CD . . The DT travel NN , , investment NN services NNS , , insurance NN and CC banking NN concern NN added VBD $ $ 110 CD million CD to TO reserves NNS for IN credit NN losses NNS at IN its PRP$ American NNP Express NNP Bank NNP unit NN , , boosting VBG the DT reserve NN to TO $ $ 507 CD million CD as IN of IN Sept. NNP 30 CD . . The DT bank NN 's POS Third NNP World NNP debt NN portfolio NN totals VBZ $ $ 560 CD million CD , , down RB from IN $ $ 2.2 CD billion CD at IN the DT end NN of IN 1986 CD . . The DT bank NN charged VBD off RP $ $ 53 CD million CD in IN loans NNS during IN the DT quarter NN . . At IN the DT American NNP Express NNP Travel NNP Related NNP Services NNP Co. NNP unit NN , , net JJ rose VBD 17 CD % NN to TO a DT record NN $ $ 240.8 CD million CD on IN a DT 19 CD % NN revenue NN increase NN . . The DT figures NNS exclude VBP businesses NNS now RB organized VBN as IN American NNP Express NNP Information NNP Services NNP Co NNP . . American NNP Express NNP card NN charge NN volume NN rose VBD 12 CD % NN . . Travel NN sales NNS rose VBD 11 CD % NN , , led VBN by IN gains NNS in IN the DT U.S. NNP . . At IN IDS NNP Financial NNP Services NNP , , the DT financial JJ planning NN and CC mutual JJ fund NN unit NN , , net JJ rose VBD 19 CD % NN to TO a DT record NN $ $ 47.6 CD million CD on IN a DT 33 CD % NN revenue NN gain NN . . Assets NNS owned VBN or CC managed VBN rose VBD 20 CD % NN to TO $ $ 45 CD billion CD , , and CC mutual JJ fund NN sales NNS rose VBD 45 CD % NN in IN the DT quarter NN to TO $ $ 923 CD million CD . . American NNP Express NNP Bank NNP earnings NNS fell VBD 50 CD % NN to TO $ $ 21.3 CD million CD from IN $ $ 42.5 CD million CD despite IN a DT 29 CD % NN revenue NN gain NN . . The DT results NNS include VBP $ $ 106 CD million CD of IN tax NN benefits NNS associated VBN with IN previous JJ years NNS ' POS Third JJ World NNP loan NN activity NN , , compared VBN with IN $ $ 15 CD million CD a DT year NN earlier RBR . . Profit NN rose VBD 38 CD % NN at IN American NNP Express NNP Information NNP Services NNP to TO $ $ 21.6 CD million CD . . Shearson NNP Lehman NNP Hutton NNP Holdings NNP Inc. NNP , , as RB previously RB reported VBN , , had VBD net JJ of IN $ $ 65.9 CD million CD , , reversing VBG a DT $ $ 3.5 CD million CD loss NN a DT year NN earlier RBR ; : its PRP$ latest JJS results NNS include VBP a DT $ $ 37 CD million CD gain NN from IN the DT sale NN of IN an DT institutional JJ money NN management NN business NN . . American NNP Express NNP 's POS share NN of IN Shearson NNP 's POS earnings NNS was VBD $ $ 41 CD million CD , , after RB preferred VBN stock NN dividends NNS ; : it PRP owns VBZ about RB 68 CD % NN of IN Shearson NNP 's POS common NN . . For IN the DT nine CD months NNS , , American NNP Express NNP said VBD net JJ rose VBD 11 CD % NN to TO $ $ 899.8 CD million CD , , or CC $ $ 2.09 CD a DT share NN , , from IN $ $ 807.5 CD million CD , , or CC $ $ 1.89 CD a DT share NN . . Revenue NN rose VBD 24 CD % NN to TO $ $ 18.73 CD billion CD from IN $ $ 15.09 CD billion CD . . Textron NNP Inc. NNP , , hampered VBN by IN a DT slowdown NN in IN its PRP$ defense NN sales NNS , , reported VBD an DT 8 CD % NN decline NN in IN per-share JJ earnings NNS on IN nearly RB flat JJ revenue NN for IN its PRP$ third JJ quarter NN . . The DT aerospace NN and CC financial JJ services NNS concern NN said VBD net JJ income NN fell VBD 5 CD % NN to TO $ $ 59.5 CD million CD from IN $ $ 62.8 CD million CD . . Revenue NN of IN $ $ 1.73 CD billion CD was VBD almost RB unchanged JJ from IN last JJ year NN 's POS $ $ 1.72 CD billion CD . . Per-share JJ net NN of IN 66 CD cents NNS , , down RB from IN 72 CD cents NNS , , fell VBD by IN more JJR than IN overall JJ net NN because IN of IN more JJR shares NNS outstanding JJ . . The DT company NN said VBD that IN improved VBN results NNS in IN its PRP$ financial-services JJ sector NN were VBD negated VBN by IN increased VBN costs NNS in IN its PRP$ government NN contract NN business NN , , lower JJR operating NN earnings NNS in IN its PRP$ commercial-products JJ sector NN and CC soft JJ automotive JJ markets NNS . . Net JJ was VBD aided VBN by IN a DT lower JJR income NN tax NN rate NN . . Profit NN before IN taxes NNS fell VBD 17 CD % NN to TO $ $ 84.4 CD million CD from IN $ $ 101.4 CD million CD . . For IN the DT nine CD months NNS , , Textron NNP reported VBD net JJ of IN $ $ 182.1 CD million CD , , or CC $ $ 2.06 CD a DT share NN , , on IN revenue NN of IN $ $ 5.41 CD billion CD . . A DT year NN ago RB , , net NN was VBD $ $ 170.4 CD million CD , , or CC $ $ 1.93 CD a DT share NN , , on IN revenue NN of IN $ $ 5.3 CD billion CD . . The DT nine-month JJ results NNS included VBD a DT $ $ 9.5 CD million CD special JJ charge NN in IN 1989 CD for IN an DT arbitration NN settlement NN related VBN to TO past JJ export NN sales NNS , , and CC $ $ 29.7 CD million CD in IN extraordinary JJ charges NNS in IN 1988 CD related VBD to TO a DT former JJ line NN of IN business NN and CC early JJ redemption NN of IN debt NN . . Textron NNP said VBD that IN nine-months NNS ' POS results NNS do VBP n't RB include VB earnings NNS of IN Avdel NNP PLC NNP , , a DT British JJ maker NN of IN industrial JJ fasteners NNS , , but CC do VBP include VB interest NN costs NNS of IN $ $ 16.4 CD million CD on IN borrowings NNS related VBN to TO the DT proposed VBN purchase NN of IN Avdel NNP . . A DT federal JJ judge NN has VBZ issued VBN a DT preliminary JJ injunction NN against IN the DT purchase NN because IN of IN Federal NNP Trade NNP Commission NNP concerns NNS that IN the DT transaction NN would MD reduce VB competition NN in IN the DT production NN of IN two CD kinds NNS of IN rivets NNS . . For IN the DT quarter NN , , Textron NNP said VBD aerospace NN revenue NN , , including VBG Bell NNP helicopter NN and CC jet-engine NN manufacture NN , , declined VBD 9.8 CD % NN to TO $ $ 755.9 CD million CD from IN $ $ 838.3 CD million CD , , an DT indication NN of IN slowing VBG government NN defense NN work NN . . As IN the DT Hunt NNP brothers NNS ' POS personal JJ bankruptcy NN cases NNS sputter VBP into IN their PRP$ second JJ year NN , , Minpeco NNP S.A. NNP has VBZ proposed VBN a DT deal NN to TO settle VB its PRP$ huge JJ claim NN against IN the DT troubled VBN Texas NNP oil NN men NNS . . But CC the DT plan NN only RB threatens VBZ to TO heighten VB the DT tension NN and CC confusion NN already RB surrounding VBG the DT cases NNS that WDT were VBD filed VBN in IN September NNP 1988 CD . . The DT Peruvian JJ mineral NN concern NN 's POS $ $ 251 CD million CD claim NN stems VBZ from IN 1988 CD jury NN award NN in IN a DT case NN stemming VBG from IN the DT brothers NNS ' POS alleged VBN attempts NNS to TO corner VB the DT 1979-80 CD silver NN market NN . . Minpeco NNP now RB says VBZ it PRP is VBZ willing JJ to TO settle VB for RP up IN to TO $ $ 65.7 CD million CD from IN each DT brother NN , , although IN the DT actual JJ amount NN would MD probably RB be VB much RB less JJR . . Although IN the DT proposal NN must MD be VB approved VBN by IN federal JJ Judge NNP Harold NNP C. NNP Abramson NNP , , W. NNP Herbert NNP Hunt NNP has VBZ agreed VBN to TO the DT Peruvian JJ mineral NN concern NN 's POS proposal NN . . Nelson NNP Bunker NNP Hunt NNP is VBZ considering VBG it PRP , , although IN his PRP$ attorney NN says VBZ he PRP wo MD n't RB do VB it PRP if IN the DT proposal NN jeopardizes VBZ a DT tentative JJ settlement NN he PRP has VBZ reached VBN with IN the DT Internal NNP Revenue NNP Service NNP , , which WDT claims VBZ the DT brothers NNS owe VBP $ $ 1 CD billion CD in IN back JJ taxes NNS and CC is VBZ by IN far RB the DT biggest JJS creditor NN in IN both DT cases NNS . . The DT tentative NN agreement NN between IN the DT IRS NNP and CC Nelson NNP Bunker NNP Hunt NNP is VBZ awaiting VBG U.S. NNP Justice NNP Department NNP approval NN . . Under IN it PRP , , the DT former JJ billionaire NN 's POS assets NNS would MD be VB liquidated VBN with IN the DT IRS NNP getting VBG 80 CD % NN of IN the DT proceeds NNS and CC the DT rest NN being NN divided VBN among IN other JJ creditors NNS , , including VBG Minpeco NNP and CC Manufacturers NNP Hanover NNP Trust NNP Co. NNP , , which WDT is VBZ seeking VBG repayment NN of IN a DT $ $ 36 CD million CD loan NN . . A DT similiar JJ proposal NN has VBZ been VBN made VBN in IN the DT W. NNP Herbert NNP Hunt NNP case NN although IN he PRP and CC the DT IRS NNP are VBP at IN odds NNS over IN the DT size NN of IN the DT non-dischargable JJ debt NN he PRP would MD have VB to TO pay VB to TO the DT government NN from IN future JJ earnings NNS . . In IN both DT cases NNS , , Minpeco NNP and CC Manufacturers NNP Hanover NNP have VBP been VBN fighting VBG ferociously RB over IN their PRP$ shares NNS of IN the DT pie NN . . With IN support NN from IN the DT IRS NNP , , Manufacturers NNP Hanover NNP has VBZ filed VBN suit NN asking VBG Judge NNP Abramson NNP to TO subordinate VB Minpeco NNP 's POS claim NN to TO those DT of IN Manufacturer NNP Hanover NNP and CC the DT IRS NNP . . Minpeco NNP has VBZ threatened VBN a DT `` `` volcano NN '' '' of IN litigation NN if IN the DT Manufacturers NNP Hanover NNP Corp. NNP unit NN attempts VBZ to TO force VB such JJ a DT plan NN through IN the DT court NN . . Minpeco NNP said VBD it PRP would MD n't RB pursue VB such JJ litigation NN if IN its PRP$ settlement NN plan NN in IN the DT W. NNP Herbert NNP Hunt NNP case NN is VBZ approved VBN by IN Judge NNP Abramson NNP , , who WP will MD consider VB the DT proposal NN at IN a DT hearing NN next IN week NN . . Minpeco NNP attorney NN Thomas NNP Gorman NNP decribed VBD the DT plan NN as IN one CD step NN toward IN an DT overall JJ settlement NN of IN the DT W. NNP Herbert NNP Hunt NNP case NN but CC Hugh NNP Ray NNP , , attorney NN for IN Manufacturers NNP Hanover NNP , , called VBD it PRP `` `` silly JJ '' '' and CC said VBD he PRP would MD fight VB it PRP in IN court NN . . `` `` The DT thing NN is VBZ so RB fluid JJ right RB now RB that IN there EX 's VBZ really RB no DT way NN to TO say VB what WP will MD happen VB , , '' '' says VBZ Justice NNP Department NNP attorney NN Grover NNP Hartt NNP III NNP , , who WP represents VBZ the DT IRS NNP in IN the DT case NN . . `` `` Developments NNS like IN this DT are VBP hard JJ to TO predict VB . . Banc NNP One CD Corp. NNP said VBD it PRP agreed VBD in IN principle NN to TO buy VB five CD branch NN offices NNS from IN Trustcorp NNP Inc. NNP , , Toledo NNP , , Ohio NNP , , following VBG the DT planned VBN merger NN of IN Trustcorp NNP into IN Society NNP Corp. NNP , , Cleveland NNP . . The DT five CD offices NNS in IN Erie NNP and CC Ottawa NNP counties NNS in IN northern JJ Ohio NNP have VBP total JJ assets NNS of IN about RB $ $ 88 CD million CD , , Banc NNP One CD said VBD . . The DT purchase NN price NN will MD be VB established VBN after IN Banc NNP One CD has VBZ an DT opportunity NN to TO study VB the DT quality NN of IN the DT assets NNS , , Banc NNP One CD said VBD . . Society NNP Corp. NNP already RB has VBZ branches NNS in IN the DT area NN , , and CC selling VBG the DT Trustcorp NNP offices NNS could MD avoid VB a DT problem NN with IN regulators NNS over IN excessive JJ concentration NN of IN banking VBG in IN the DT two CD counties NNS after IN the DT merger NN of IN Trustcorp NNP into IN Society NNP , , according VBG to TO industry NN sources NNS . . The DT merger NN is VBZ scheduled VBN to TO take VB place NN in IN the DT 1990 CD first JJ quarter NN . . Stock-market NN fears NNS and CC relatively RB more RBR attractive JJ interest NN rates NNS pushed VBD money-market JJ mutual JJ fund NN assets NNS up RB $ $ 6.07 CD billion CD in IN the DT latest JJS week NN , , the DT sharpest JJS increase NN in IN almost RB two CD years NNS . . The DT 473 CD funds NNS tracked VBN by IN the DT Investment NNP Company NNP Institute NNP , , a DT Washington-based JJ trade NN group NN , , rose VBD to TO $ $ 356.1 CD billion CD , , a DT record NN . . The DT $ $ 6.07 CD billion CD increase NN was VBD the DT strongest JJS weekly JJ inflow NN since IN January NNP 1988 CD . . The DT increase NN was VBD spread VBN fairly RB evenly RB among IN all DT three CD types NNS of IN funds NNS . . Individual JJ investors NNS , , represented VBN in IN the DT general-purpose JJ and CC broker-dealer JJ fund NN categories NNS , , pulled VBD money NN from IN the DT stock NN market NN after IN its PRP$ big JJ drop NN last JJ Friday NNP and CC put VBD the DT money NN into IN funds NNS , , said VBD Jacob NNP Dreyer NNP , , vice NN president NN and CC chief JJ economist NN of IN the DT Institute NNP . . `` `` Insitutional JJ investors NNS , , on IN the DT other JJ hand NN , , reacted VBD to TO the DT steep JJ decline NN in IN yields NNS on IN direct JJ money-market JJ instruments NNS following VBG the DT stock-market NN decline NN last JJ Friday NNP , , '' '' Mr. NNP Dreyer NNP said VBD . . Yields NNS on IN money NN funds NNS dropped VBD in IN the DT week NN ended VBN Tuesday NNP , , according VBG to TO Donoghue NNP 's POS Money NNP Fund NNP Report NNP , , a DT Holliston NNP , , Mass. NNP , , newsletter NN . . The DT average JJ seven-day JJ compounded VBN yield NN fell VBD to TO 8.55 CD % NN from IN 8.60 CD % NN the DT week NN earlier RBR , , Donoghue NNP 's POS said VBD . . At IN the DT auction NN of IN six-month JJ U.S. NNP Treasury NNP bills NNS on IN Monday NNP , , the DT average JJ yield NN fell VBD to TO 7.61 CD % NN from IN 7.82 CD % NN . . Likewise RB , , certificates NNS of IN deposit NN on IN average JJ posted VBD lower JJR yields NNS in IN the DT week NN ended VBD Tuesday NNP . . The DT 142 CD institutional-type JJ money NN funds NNS rose VBD $ $ 2.23 CD billion CD to TO $ $ 85.49 CD billion CD . . The DT 235 CD general-purpose JJ funds NNS increased VBD $ $ 2.53 CD billion CD to TO $ $ 116.56 CD billion CD , , while IN 96 CD broker-dealer JJ funds NNS increased VBD $ $ 1.3 CD billion CD to TO $ $ 154.05 CD billion CD . . Domestic JJ lending NN for IN real JJ estate NN and CC property NN development NN was VBD the DT source NN of IN Bank NNP Bumiputra NNP Malaysia NNP Bhd. NNP 's POS most RBS recent JJ spate NN of IN financial JJ troubles NNS , , the DT institution NN 's POS executive JJ chairman NN , , Mohamed NNP Basir NNP Ismail NNP , , said VBD . . Speaking VBG to TO reporters NNS this DT week NN after IN Bank NNP Bumiputra NNP 's POS shareholders NNS approved VBD a DT rescue NN plan NN , , Tan NNP Sri NNP Basir NNP said VBD heavy JJ lending VBG to TO the DT property NN sector NN rocked VBD the DT bank NN when WRB property NN prices NNS in IN Malaysia NNP plummeted VBD in IN 1984-85 CD . . He PRP said VBD the DT bank NN could MD n't RB wait VB any DT longer RBR for IN prices NNS to TO recover VB and CC for IN borrowers NNS to TO service VB their PRP$ loans NNS . . So IN the DT bank NN 's POS board NN decided VBD to TO make VB 1.23 CD billion CD Malaysian JJ dollars NNS ( ( US$ $ 457 CD million CD ) ) in IN provisions NNS for IN interest NN payments NNS from IN loans NNS previously RB recorded VBN as IN revenue NN but CC never RB actually RB received VBN by IN the DT bank NN , , and CC to TO submit VB a DT bailout NN package NN to TO replenish VB the DT bank NN 's POS paid-up JJ capital NN . . The DT predicament NN , , he PRP added VBD , , was VBD similar JJ to TO the DT Hong NNP Kong NNP 1982-83 CD property-price JJ collapse NN , , which WDT exposed VBD the DT involvement NN of IN Bank NNP Bumiputra NNP 's POS former JJ subsidiary NN in IN the DT colony NN in IN the DT largest JJS banking NN scandal NN in IN Malaysia NNP 's POS history NN . . The DT subsidiary NN , , Bumiputra NNP Malaysia NNP Finance NNP Ltd. NNP , , was VBD left VBN with IN M$ $ 2.26 CD billion CD in IN bad JJ loans NNS made VBN to TO Hong NNP Kong NNP property NN speculators NNS . . Both DT episodes NNS wiped VBD out RP Bank NNP Bumiputra NNP 's POS shareholders NNS ' POS funds NNS . . Each DT time NN , , the DT bank NN 's POS 90 CD % NN shareholder NN -- : Petroliam NNP Nasional NNP Bhd. NNP , , or CC Petronas NNP , , the DT national JJ oil NN company NN -- : has VBZ been VBN called VBN upon IN to TO rescue VB the DT institution NN . . In IN five CD years NNS , , Petronas NNP , , which WDT became VBD the DT dominant JJ shareholder NN in IN a DT 1984 CD rescue NN exercise NN , , has VBZ spent VBN about RB M$ $ 3.5 CD billion CD to TO prop VB up RP the DT troubled VBN bank NN . . Tan NNP Sri NNP Basir NNP said VBD the DT capital NN restructuring NN plan NN has VBZ been VBN approved VBN by IN Malaysia NNP 's POS Capital NNP Issues NNP Committee NNP and CC central JJ bank NN . . Malaysia NNP 's POS High NNP Court NNP is VBZ expected VBN to TO approve VB the DT plan NN . . Once RB the DT plan NN is VBZ approved VBN , , Tan NNP Sri NNP Basir NNP said VBD , , most JJS of IN Bank NNP Bumiputra NNP 's POS nonperforming VBG loans NNS will MD have VB been VBN fully RB provided VBN for IN and CC the DT bank NN will MD be VB on IN track NN to TO report VB a DT pretax JJ profit NN of IN between IN M$ $ 160 CD million CD and CC M$ $ 170 CD million CD for IN the DT fiscal JJ year NN ending VBG March NNP 31 CD . . For IN the DT previous JJ financial JJ year NN , , the DT bank NN would MD have VB reported VBN a DT pretax JJ profit NN of IN M$ $ 168 CD million CD if IN it PRP had VBD n't RB made VBN provisions NNS for IN the DT nonperforming NN loans NNS , , he PRP said VBD . . Malaysia NNP 's POS Banking NNP Secrecy NNP Act NNP prohibited VBD the DT bank NN from IN identifying VBG delinquent JJ borrowers NNS , , said VBD Tan NNP Sri NNP Basir NNP . . But CC public JJ documents NNS indicate VBP 10 CD % NN or CC more JJR of IN the DT bank NN 's POS provisions NNS were VBD made VBN for IN foregone JJ interest NN on IN a DT M$ $ 200 CD million CD loan NN to TO Malaysia NNP 's POS dominant JJ political JJ party NN , , the DT United NNP Malays NNP National NNP Organization NNP , , to TO build VB its PRP$ convention NN and CC headquarters NN complex NN in IN Kuala NNP Lumpur NNP . . The DT loan NN to TO UMNO NNP was VBD made VBN in IN September NNP 1983 CD . . `` `` We PRP lent VBD a DT lot NN of IN money NN all DT over IN the DT place NN , , '' '' said VBD Tan NNP Sri NNP Basir NNP , , who WP refused VBD to TO discuss VB the DT bank NN 's POS outstanding JJ loans NNS to TO As RB well RB as IN the DT M$ $ 1.23 CD billion CD in IN provisions NNS announced VBN on IN Oct. NNP 6 CD , , the DT restructuring NN package NN covers VBZ an DT additional JJ M$ $ 450 CD million CD in IN provisions NNS made VBN in IN earlier JJR years NNS but CC never RB reflected VBN in IN a DT reduction NN of IN the DT bank NN 's POS paid-up JJ capital NN . . At IN the DT end NN of IN the DT exercise NN , , the DT cash NN injection NN from IN Petronas NNP will MD increase VB the DT bank NN 's POS paid-up JJ capital NN to TO M$ $ 1.15 CD billion CD after IN virtually RB being VBG wiped VBD out RP by IN the DT new JJ provisions NNS . . Heidi NNP Ehman NNP might MD have VB stepped VBD from IN a DT recruiting NN poster NN for IN young JJ Republicans NNS . . White JJ , , 24 CD years NNS old JJ , , a DT singer NN in IN her PRP$ church NN choir NN , , she PRP symbolizes VBZ a DT generation NN that WDT gave VBD its PRP$ heart NN and CC its PRP$ vote NN to TO Ronald NNP Reagan NNP . . `` `` I PRP felt VBD kind NN of IN safe JJ , , '' '' she PRP says VBZ . . No RB longer RBR . . When WRB the DT Supreme NNP Court NNP opened VBD the DT door NN this DT year NN to TO new JJ restrictions NNS on IN abortion NN , , Ms. NNP Ehman NNP opened VBD her PRP$ mind NN to TO Democratic JJ politics NNS . . Then RB a DT political JJ novice NN , , she PRP stepped VBD into IN a DT whirl NN of IN `` `` pro-choice JJ '' '' marches NNS , , house NN parties NNS and CC fund-raisers NNS . . Now RB she PRP leads VBZ a DT grassroots NNS abortion-rights NNS campaign NN in IN Passaic NNP County NNP for IN pro-choice JJ Democratic JJ gubernatorial JJ candidate NN James NNP Florio NNP . . `` `` This DT is VBZ one CD where WRB I PRP cross VBP party NN lines NNS , , '' '' she PRP says VBZ , , rejecting VBG the DT anti-abortion JJ stance NN of IN Rep. NNP Florio NNP 's POS opponent NN , , Reagan-Republican JJ Rep. NNP James NNP Courter NNP . . `` `` People NNS my PRP$ age NN thought VBD it PRP was VBD n't RB going VBG to TO be VB an DT issue NN . . Now RB it PRP has VBZ -- : especially RB for IN people NNS my PRP$ age NN . . '' '' Polls NNS bear VBP out RP this DT warning NN , , but CC after IN a DT decade NN of IN increased VBN Republican JJ influence NN here RB , , the DT new JJ politics NNS of IN abortion NN have VBP contributed VBN to TO a DT world NN turned VBD upside RB down RB for IN Mr. NNP Courter NNP . . Unless IN he PRP closes VBZ the DT gap NN , , Republicans NNS risk NN losing VBG not RB only RB the DT governorship NN but CC also RB the DT assembly NN next IN month NN . . Going VBG into IN the DT 1990s CD , , the DT GOP NNP is VBZ paying VBG a DT price NN for IN the DT same JJ conservative JJ social JJ agenda NN that IN it PRP used VBD to TO torment VB Democrats NNS in IN the DT past NN . . This DT change NN comes VBZ less RBR from IN a DT shift NN in IN public JJ opinion NN , , which WDT has VBZ n't RB changed VBD much RB on IN abortion NN over IN the DT past NN decade NN , , than IN in IN the DT boundaries NNS of IN the DT debate NN . . New NNP Jersey NNP 's POS own JJ highest JJS court NN remains VBZ a DT liberal JJ bulwark NN against IN major JJ restrictions NNS on IN abortion NN , , but CC the DT U.S. NNP Supreme NNP Court NNP ruling NN , , Webster NNP vs. IN Missouri NNP , , has VBZ engaged VBN voters NNS across IN the DT nation NN who WP had VBD been VBN insulated VBN from IN the DT issue NN . . Before IN July NNP , , pro-choice JJ voters NNS could MD safely RB make VB political JJ decisions NNS without IN focusing VBG narrowly RB on IN abortion NN . . Now RB , , the DT threat NN of IN further JJ restrictions NNS adds VBZ a DT new JJ dimension NN , , bringing VBG an DT upsurge NN in IN political JJ activity NN by IN abortion-rights JJ forces NNS . . A DT recent JJ pro-choice JJ rally NN in IN Trenton NNP drew VBD thousands NNS , , and CC in IN a DT major JJ reversal NN , , Congress NNP is VBZ defying VBG a DT presidential JJ veto NN and CC demanding VBG that IN Medicaid NNP abortions NNS be VBP permitted VBN in IN cases NNS of IN rape NN and CC incest NN . . `` `` If IN Webster NNP had VBD n't RB happened VBN , , you PRP would MD n't RB be VB here RB , , '' '' Linda NNP Bowker NNP tells VBZ a DT reporter NN in IN the DT Trenton NNP office NN of IN the DT National NNP Organization NNP for IN Women NNP . . `` `` We PRP could MD have VB shouted VBD from IN the DT rooftops NNS about IN Courter NNP ... : and CC no DT one PRP would MD have VB heard VBN us PRP . . '' '' New NNP Jersey NNP is VBZ a DT proving NN ground NN for IN this DT aggressive JJ women's-rights JJ movement NN this DT year NN . . The DT infusion NN of IN activists NNS can MD bring VB a DT clash NN of IN cultures NNS . . In IN Cherry NNP Hill NNP , , the DT National NNP Abortion NNP Rights NNP Action NNP League NNP , , whose WP$ goal NN is VBZ to TO sign VB up RP 50,000 CD pro-choice JJ voters NNS , , targets VBZ a DT union NN breakfast NN to TO build VB labor NN support NN for IN its PRP$ cause NN . . The DT league NN organizers NNS seem VBP more JJR a DT fit NN with IN a DT convention NN next JJ door NN of IN young JJ aerobics NNS instructors NNS in IN leotards NNS than IN the DT beefy JJ union NN leaders NNS ; : `` `` I PRP wish VBP I PRP could MD go VB work VB out RP , , '' '' says VBZ a DT slim JJ activist NN . . A DT labor NN chief NN speaks VBZ sardonically RB of IN having VBG to TO `` `` man VB and CC woman NN '' '' Election NNP Day NNP phones NNS . . No DT age NN group NN is VBZ more RBR sensitive JJ than IN younger JJR voters NNS , , like IN Ms. NNP Ehman NNP . . A DT year NN ago RB this DT fall NN , , New NNP Jersey NNP voters NNS under IN 30 CD favored VBN George NNP Bush NNP by IN 56 CD % NN to TO 39 CD % NN over IN Michael NNP Dukakis NNP , , according VBG to TO a DT survey NN then RB by IN Rutgers NNP University NNP 's POS Eagleton NNP Institute NNP . . A DT matching VBG Eagleton-Newark NNP Star NNP Ledger NNP poll NN last JJ month NN showed VBD a DT complete JJ reversal NN . . Voters NNS in IN the DT same JJ age NN group NN backed VBD Democrat NNP Florio NNP 55 CD % NN to TO 29 CD % NN over IN Republican NNP Courter NNP . . Abortion NN alone RB ca MD n't RB explain VB this DT shift NN , , but CC New NNP Jersey NNP is VBZ a DT model NN of IN how WRB so RB personal JJ an DT issue NN can MD become VB a DT baseline NN of IN sorts NNS in IN judging VBG a DT candidate NN . . By IN a DT 2-to-1 JJ ratio NN , , voters NNS appear VBP more JJR at IN ease NN with IN Mr. NNP Florio NNP 's POS stance NN on IN abortion NN , , and CC polls NNS indicate VBP his PRP$ lead NN widens VBZ when WRB the DT candidates NNS are VBP specifically RB linked VBN to TO the DT issue NN . . `` `` The DT times NNS are VBP my PRP$ times NNS , , '' '' says VBZ Mr. NNP Florio NNP . . The DT Camden NNP County NNP congressman NN still RB carries VBZ himself PRP with IN a DT trademark NN `` `` I'm-coming-down-your-throat JJ '' '' intensity NN , , but CC at IN a DT pause NN in IN Newark NNP 's POS Columbus NNP Day NNP parade NN recently RB , , he PRP was VBD dancing VBG with IN his PRP$ wife NN in IN the DT middle NN of IN the DT avenue NN in IN the DT city NN 's POS old JJ Italian-American JJ ward NN . . After IN losing VBG by IN fewer JJR than IN 1,800 CD votes NNS in IN the DT 1981 CD governor NN 's POS race NN , , he PRP has VBZ prepared VBN himself PRP methodically RB for IN this DT moment NN , , including VBG deciding VBG in IN recent JJ years NNS he PRP could MD no RB longer RB support VB curbs NNS on IN federal JJ funding NN for IN Medicaid NNP abortions NNS . . `` `` If IN you PRP 're VBP going VBG to TO be VB consistent JJ and CC say VB it PRP is VBZ a DT constitutionally RB protected VBN right NN , , '' '' he PRP asks VBZ , , `` `` how WRB are VBP you PRP going VBG to TO say VB an DT upscale JJ woman NN who WP can MD drive VB to TO the DT hospital NN or CC clinic NN in IN a DT nice JJ car NN has VBZ a DT constitutional JJ right NN and CC someone NN who WP is VBZ not RB in IN great JJ shape NN financially RB does VBZ not RB ? . '' '' Mr. NNP Courter NNP , , by IN comparison NN , , seems VBZ a DT shadow NN of IN the DT confident JJ hawk NN who WP defended VBD Oliver NNP North NNP before IN national JJ cameras NNS at IN Iran-Contra NNP hearings NNS two CD years NNS ago RB . . Looking VBG back RB , , he PRP says VBZ he PRP erred VBD by IN stating VBG his PRP$ `` `` personal JJ '' '' opposition NN to TO abortion NN instead RB of IN assuring VBG voters NNS that IN he PRP would MD n't RB impose VB his PRP$ views NNS on IN `` `` policy NN '' '' as IN governor NN . . It PRP is VBZ a DT distinction NN that IN satisfies NNS neither DT side NN in IN the DT debate NN . . `` `` He PRP does VBZ n't RB know VB himself PRP , , '' '' Kathy NNP Stanwick NNP of IN the DT Abortion NNP Rights NNP League NNP says VBZ of IN Mr. NNP Courter NNP 's POS position NN . . Even RB abortion NN opponents NNS , , however RB angry JJ with IN Mr. NNP Florio NNP , , ca MD n't RB hide VB their PRP$ frustration NN with IN the DT Republican NNP 's POS ambivalence NN . . `` `` He PRP does VBZ n't RB want VB to TO lead VB the DT people NNS , , '' '' says VBZ Richard NNP Traynor NNP , , president NN of IN New NNP Jersey NNP Right NNP to TO Life NNP . . Moreover RB , , by IN stepping VBG outside IN the DT state NN 's POS pro-choice JJ tradition NN , , Mr. NNP Courter NNP aggravates VBZ fears NNS that IN he PRP is VBZ too RB conservative JJ as IN well RB on IN more RBR pressing VBG concerns NNS such JJ as IN auto NN insurance NN rates NNS and CC the DT environment NN . . He PRP hurt VBD himself PRP further RBR this DT summer NN by IN bringing VBG homosexual JJ issues NNS into IN the DT debate NN ; : and CC by IN wavering VBG on IN this DT issue NN and CC abortion NN , , he PRP has VBZ weakened VBN his PRP$ credibility NN in IN what WP is VBZ already RB a DT mean-spirited JJ campaign NN on IN both DT sides NNS . . Elected VBN to TO Congress NNP in IN 1978 CD , , the DT 48-year-old JJ Mr. NNP Courter NNP is VBZ part NN of IN a DT generation NN of IN young JJ conservatives NNS who WP were VBD once RB very RB much RB in IN the DT lead NN of IN the DT rightward JJ shift NN under IN Mr. NNP Reagan NNP . . Like IN many VB of IN his PRP$ colleagues NNS , , he PRP did VBD n't RB serve VB in IN Vietnam NNP in IN the DT 1960s CD yet CC embraced VBD a DT hawkish JJ defense NN and CC foreign JJ policy NN -- : even RB voting VBG against IN a DT 1984 CD resolution NN critical JJ of IN the DT U.S. NNP mining NN of IN Nicaraguan NNP harbors NNS . . Jack NNP Kemp NNP and CC the DT writers NNS Irving NNP Kristol NNP and CC George NNP Gilder NNP were VBD influences VBZ , , and CC Mr. NNP Courter NNP 's POS own JJ conservative JJ credentials NNS proved VBD useful JJ to TO the DT current JJ New NNP Jersey NNP GOP NNP governor NN , , Thomas NNP Kean NNP , , in IN the DT 1981 CD Republican NNP primary NN here RB . . The DT same JJ partnership NN is VBZ now RB crucial JJ to TO Mr. NNP Courter NNP 's POS fortunes NNS , , but CC the DT abortion NN issue NN is VBZ only RB a DT reminder NN of IN the DT gap NN between IN his PRP$ record NN and CC that IN of IN the DT more RBR moderate JJ , , pro-choice JJ Gov. NNP Kean NNP . . While IN the DT Warren NNP County NNP congressman NN pursued VBD an DT anti-government NN , , anti-tax JJ agenda NN in IN Washington NNP , , Gov. NNP Kean NNP was VBD approving VBG increased VBN income NN and CC sales NNS taxes NNS at IN home NN and CC overseeing VBG a DT near JJ doubling NN in IN the DT size NN of IN New NNP Jersey NNP 's POS budget NN in IN his PRP$ eight CD years NNS in IN office NN . . Kean NNP forces NNS play VB down RP any DT differences NNS with IN Mr. NNP Courter NNP , , but CC this DT history NN makes VBZ it PRP harder RB for IN the DT conservative JJ to TO run VB against IN government NN . . Mr. NNP Courter NNP 's POS free-market JJ plan NN to TO bring VB down IN auto NN insurance NN rates NNS met VBD criticism NN from IN Gov. NNP Kean NNP 's POS own JJ insurance NN commissioner NN . . Mr. NNP Courter NNP is VBZ further RBR hobbled VBN by IN a DT record NN of IN votes NNS opposed VBN to TO government NN regulation NN on IN behalf NN of IN consumers NNS . . Fluent NNP in IN Spanish NNP from IN his PRP$ days NNS in IN the DT Peace NNP Corps NNP , , Mr. NNP Courter NNP actively RB courts VBZ minority NN voters NNS but CC seems VBZ oddly RB over IN his PRP$ head NN . . He PRP is VBZ warm JJ and CC polished VBN before IN a DT Puerto NNP Rican NNP Congress NNP in IN Asbury NNP Park NNP . . Yet RB minutes NNS after IN promising VBG to TO appoint VB Hispanics NNS to TO high JJ posts NNS in IN state NN government NN , , he PRP is VBZ unable JJ to TO say VB whether IN he PRP has VBZ ever RB employed VBN any DT in IN his PRP$ congressional JJ office NN . . `` `` I PRP do VBP n't RB think VB we PRP do VB now RB , , '' '' he PRP says VBZ . . `` `` I PRP think VB we PRP did VBD . . '' '' Asked VBD the DT same JJ question NN after IN his PRP$ appearance NN , , Democrat NNP Florio NNP identifies VBZ a DT staff NN member NN by IN name NN and CC explains VBZ her PRP$ whereabouts NN today NN . . When WRB he PRP is VBZ presented VBN with IN a DT poster NN celebrating VBG the DT organization NN 's POS 20th JJ anniversary NN , , he PRP recognizes VBZ a DT photograph NN of IN one CD of IN the DT founders NNS and CC recalls VBZ time NN spent VBD together RB in IN Camden NNP . . Details NNP and CC Camden NNP are VBP essential JJ Florio NNP . . Elected VBN to TO Congress NNP as IN a DT `` `` Watergate NNP baby NN '' '' in IN 1974 CD , , he PRP ran VBD for IN governor NN three CD years NNS later RB . . In IN the DT opinion NN of IN many JJ , , he PRP has VBZ n't RB stopped VBD running VBG since IN , , even RB though IN he PRP declined VBD a DT rematch NN with IN Gov. NNP Kean NNP in IN 1985 CD . . His PRP$ base NN in IN South NNP Jersey NNP and CC on IN the DT House NNP Energy NNP and CC Commerce NNP Committee NNP helped VBD him PRP sustain VB a DT network NN of IN political-action JJ committees NNS to TO preserve VB his PRP$ edge NN . . With IN limited VBN budgets NNS for IN television NN in IN a DT high-priced JJ market NN , , Mr. NNP Florio NNP 's POS higher JJR recognition NN than IN his PRP$ rival NN is VBZ a DT major JJ advantage NN . . More RBR than IN ever RB , , his PRP$ pro-consumer NN and CC pro-environment NN record NN is VBZ in IN sync NN with IN the DT state NN . . Auto NN insurance NN rates NNS are VBP soaring VBG . . A DT toxic-waste-dump JJ fire NN destroyed VBD part NN of IN an DT interstate JJ highway NN this DT summer NN . . In IN Monmouth NNP , , an DT important JJ swing NN area NN , , Republican NNP freeholders NNS now RB run VB on IN a DT slogan NN promising VBG to TO keep VB the DT county NN `` `` clean JJ and CC green JJ . . '' '' Mr. NNP Florio NNP savors NNS this DT vindication NN , , but CC at IN age NN 52 CD , , the DT congressman NN is VBZ also RB a DT product NN of IN his PRP$ times NNS and CC losses NNS . . He PRP speaks VBZ for IN the DT death NN penalty NN as IN if IN reading VBG from IN Exodus NNP 21 CD ; : to TO increase VB state NN revenue NN he PRP focuses VBZ not RB on IN `` `` taxes NNS '' '' but CC on IN `` `` audits NNS '' '' to TO cut VB waste NN . . Hard-hitting JJ consultants NNS match VBP ads NNS with IN Mr. NNP Courter NNP 's POS team NN , , and CC Mr. NNP Florio NNP retools VBZ himself PRP as IN the DT lean JJ , , mean JJ Democratic JJ fighting NN machine NN of IN the DT 1990s CD . . Appealing VBG to TO a DT young JJ audience NN , , he PRP scraps VBZ an DT old JJ reference NN to TO Ozzie NNP and CC Harriet NNP and CC instead RB quotes VBZ the DT Grateful NNP Dead NNP . . The DT lyric NN chosen VBN -- : `` `` long JJ strange JJ night NN '' '' -- : may MD be VB an DT apt JJ footnote NN to TO television NN spots NNS by IN both DT candidates NNS intended VBN to TO portray VB each DT other JJ as IN a DT liar NN . . The DT Democratic JJ lawmaker NN fits VBZ a DT pattern NN of IN younger JJR reformers NNS arising VBG out IN of IN old JJ machines NNS , , but CC his PRP$ ties NNS to TO Camden NNP remain VBP a DT sore JJ point NN because IN of IN the DT county NN 's POS past NN corruption NN . . His PRP$ campaign NN hierarchy NN is VBZ chosen VBN from IN elsewhere RB in IN the DT state NN , , and CC faced VBN with IN criticism NN of IN a DT sweetheart NN bank NN investment NN , , he PRP has VBZ so RB far RB blunted VBN the DT issue NN by IN donating VBG the DT bulk NN of IN his PRP$ profits NNS to TO his PRP$ alma JJ mater NN , , Trenton NNP State NNP College NNP . . Mr. NNP Florio NNP 's POS forcefulness NN on IN the DT abortion NN issue NN after IN the DT Webster NNP ruling NN divides VBZ some DT of IN his PRP$ old JJ constituency NN . . Pasquale NNP Pignatelli NNP , , an DT unlikely JJ but CC enthusiastic JJ pipe NN major NN in IN an DT Essex NNP County NNP Irish JJ bagpipe NN band NN , , speaks VBZ sadly RB of IN Mr. NNP Florio NNP . . `` `` I PRP am VBP a DT devout JJ Catholic NNP , , '' '' says VBZ Mr. NNP Pignatelli NNP , , a DT 40-year-old JJ health NN officer NN . . `` `` I PRP ca MD n't RB support VB him PRP because IN of IN abortion NN . . '' '' Bill NNP Wames NNP Sr. NNP , , 72 CD , , is VBZ Catholic NNP too RB , , but CC unfazed JJ by IN Mr. NNP Florio NNP 's POS stand NN on IN abortion NN . . A DT security NN guard NN at IN a DT cargo NN terminal NN , , he PRP wears VBZ a DT Sons NNP of IN Italy NNP jacket NN and CC cap NN celebrating VBG `` `` The DT US NNP 1 CD Band NNP . . '' '' `` `` I PRP still RB think VBP the DT woman NN has VBZ the DT right NN to TO do VB with IN her PRP$ body NN as IN she PRP pleases VBZ , , '' '' he PRP says VBZ . . `` `` If IN you PRP want VBP more JJR opinions NNS ask VB my PRP$ wife NN . . She PRP has VBZ lots NNS of IN opinions NNS . . Consumer NN prices NNS rose VBD a DT surprisingly RB moderate JJ 0.2 CD % NN in IN September NNP , , pushed VBD up RB mostly RB by IN a DT jump NN in IN clothing NN costs NNS , , the DT Labor NNP Department NNP reported VBD . . Energy NN costs NNS , , which WDT drove VBD wholesale JJ prices NNS up RB sharply RB during IN the DT month NN , , continued VBD to TO decline VB at IN the DT retail JJ level NN , , pulling VBG down RB transportation NN and CC helping VBG to TO ease VB housing NN costs NNS . . The DT report NN was VBD the DT brightest JJS news NN the DT financial JJ markets NNS had VBD seen VBN since IN before RB the DT stock NN market NN plunged VBD more RBR than IN 190 CD points NNS last JJ Friday NNP . . The DT Dow NNP Jones NNP Industrial NNP Average NNP rallied VBD on IN the DT news NN , , closing VBG 39.55 CD points NNS higher RBR at IN 2683.20 CD . . Bond NN prices NNS also RB jumped VBD as IN traders NNS appeared VBD to TO read VB the DT data NNS as IN a DT sign NN that IN interest NN rates NNS may MD fall VB . . But CC many JJ economists NNS were VBD not RB nearly RB as IN jubilant JJ . . The DT climb NN in IN wholesale JJ energy NN prices NNS is VBZ certain JJ to TO push VB up RB retail JJ energy NN prices NNS in IN the DT next JJ few JJ months NNS , , they PRP warned VBD . . They PRP also RB said VBD the DT dollar NN is VBZ leveling VBG off RP after IN a DT rise NN this DT summer NN that WDT helped VBD to TO reduce VB the DT prices NNS of IN imported VBN goods NNS . . `` `` I PRP think VBP inflation NN is VBZ going VBG to TO pick VB up RP through IN the DT fall NN , , '' '' said VBD Joel NNP Popkin NNP , , a DT specialist NN on IN inflation NN who WP runs VBZ an DT economic JJ consulting NN firm NN here RB . . `` `` It PRP has VBZ been VBN in IN what WP I PRP would MD describe VB as IN a DT lull NN for IN the DT past JJ several JJ months NNS . . '' '' `` `` We PRP 've VBP had VBD whopping JJ declines NNS in IN consumer NN energy NN prices NNS in IN each DT of IN the DT past JJ three CD months NNS , , and CC at IN the DT wholesale JJ level NN those DT are VBP fully RB behind IN us PRP now RB , , '' '' said VBD Jay NNP Woodworth NNP , , chief JJ domestic JJ economist NN at IN Bankers NNP Trust NNP Co. NNP in IN New NNP York NNP . . Because IN wholesale JJ energy NN prices NNS shot VBD up RB by IN a DT steep JJ 6.5 CD % NN last JJ month NN , , many JJ analysts NNS expected VBD energy NN prices NNS to TO rise VB at IN the DT consumer NN level NN too RB . . As IN a DT result NN , , many JJ economists NNS were VBD expecting VBG the DT consumer NN price NN index NN to TO increase VB significantly RB more RBR than IN it PRP did VBD . . But CC retail JJ energy NN prices NNS declined VBD 0.9 CD % NN in IN September NNP . . Though IN analysts NNS say VBP competition NN will MD probably RB hold VB down RP increases NNS in IN retail JJ energy NN prices NNS , , many JJ expect VBP some DT of IN the DT wholesale JJ rise NN to TO be VB passed VBN along RP to TO the DT consumer NN before IN the DT end NN of IN the DT year NN . . Still RB , , some DT analysts NNS insisted VBD that IN the DT worst JJS of IN the DT inflation NN is VBZ behind RB . . `` `` It PRP increasingly RB appears VBZ that IN 1987-88 CD was VBD a DT temporary JJ inflation NN blip NN and CC not RB the DT beginning NN of IN a DT cyclical JJ inflation NN problem NN , , '' '' argued VBD Edward NNP Yardeni NNP , , chief JJ economist NN at IN Prudential-Bache NNP Securities NNP Inc. NNP in IN New NNP York NNP . . In IN both DT 1987 CD and CC 1988 CD , , consumer NN prices NNS rose VBD 4.4 CD % NN . . A DT run-up NN in IN world NN oil NN prices NNS last JJ winter NN sent VBD consumer NN prices NNS soaring VBG at IN a DT 6.7 CD % NN annual JJ rate NN in IN the DT first JJ five CD months NNS of IN this DT year NN , , but CC the DT subsequent JJ decline NN in IN energy NN prices NNS has VBZ pulled VBN the DT annual JJ rate NN back RB down RB to TO 4.4 CD % NN . . Mr. NNP Yardeni NNP predicted VBD that IN world NN business NN competition NN will MD continue VB to TO restrain VB prices NNS . . `` `` The DT bottom JJ line NN is VBZ , , it PRP seems VBZ to TO me PRP that IN the DT economic JJ environment NN has VBZ become VBN very RB , , very RB competitve JJ for IN a DT lot NN of IN businesses NNS , , '' '' he PRP said VBD . . `` `` Back RB in IN 1987-88 CD , , business NN was VBD operating VBG at IN fairly RB tight JJ capacity NN , , so IN businesses NNS felt VBD they PRP could MD raise VB prices NNS . . '' '' Now RB , , he PRP said VBD , , a DT slowdown NN in IN economic JJ activity NN has VBZ slackened VBN demand NN . . The DT mild JJ inflation NN figures NNS renewed VBD investors NNS ' POS hopes NNS that IN the DT Federal NNP Reserve NNP will MD ease VB its PRP$ interest-rate NN stance NN . . The DT steep JJ climb NN in IN producer NN prices NNS reported VBN last JJ Friday NNP fostered VBD pessimism NN about IN lower JJR interest NN rates NNS and CC contributed VBD to TO the DT stock NN market NN 's POS 6.9 CD % NN plunge NN that DT day NN . . In IN the DT past JJ several JJ days NNS , , however RB , , the DT U.S. NNP 's POS central JJ bank NN has VBZ allowed VBN a DT key JJ interest NN rate NN to TO fall VB slightly RB to TO try VB to TO stabilize VB the DT markets NNS . . Analysts NNS say VBP Fed NNP policy NN makers NNS have VBP been VBN wary JJ of IN relaxing VBG credit NN too RB much RB because IN they PRP were VBD still RB uncertain JJ about IN the DT level NN of IN inflation NN in IN the DT economy NN . . Excluding VBG the DT volatile JJ categories NNS of IN energy NN and CC food NN -- : leaving VBG what WP some DT economists NNS call VBP the DT core NN inflation NN rate NN -- : consumer NN prices NNS still RB rose VBD only RB 0.2 CD % NN in IN September NNP . . Transportation NN costs NNS actually RB fell VBD 0.5 CD % NN , , and CC housing NN costs NNS gained VBD only RB 0.1 CD % NN . . Apparel NN prices NNS rocketed VBD up RB 1.7 CD % NN , , but CC that DT was VBD after IN three CD months NNS of IN declines NNS . . Medical JJ costs NNS continued VBD their PRP$ steep NN ascent NN , , rising VBG 0.8 CD % NN after IN four CD consecutive JJ months NNS of IN 0.7 CD % NN increases NNS . . Car NN prices NNS , , another DT area NN that WDT contributed VBD to TO the DT steep JJ rise NN in IN the DT wholesale JJ index NN last JJ month NN , , still RB showed VBD declines NNS at IN the DT consumer NN level NN . . They PRP dropped VBD 0.4 CD % NN as IN dealers NNS continued VBD to TO offer VB rebates NNS to TO attract VB customers NNS . . Food NN prices NNS rose VBD 0.2 CD % NN for IN the DT second JJ month NN in IN a DT row NN , , far RB slower RBR than IN the DT monthly NN rises NNS earlier RBR in IN the DT year NN . . Separately RB , , the DT Labor NNP Department NNP reported VBD that IN average JJ weekly JJ earnings NNS rose VBD 0.3 CD % NN in IN September NNP , , after IN adjusting VBG for IN inflation NN , , following VBG a DT 0.7 CD % NN decline NN in IN August NNP . . All DT the DT numbers NNS are VBP adjusted VBN for IN seasonal JJ fluctuations NNS . . Here RB are VBP the DT seasonally RB adjusted VBN changes NNS in IN the DT components NNS of IN the DT Labor NNP Department NNP 's POS consumer NN price NN index NN for IN September NNP . . After RB watching VBG interest NN in IN the DT sport NN plummet VB for IN years NNS , , the DT ski NN industry NN is VBZ trying VBG to TO give VB itself PRP a DT lift NN . . Across IN the DT country NN , , resorts NNS are VBP using VBG everything NN from IN fireworks NNS to TO classical-music JJ concerts NNS to TO attract VB new JJ customers NNS . . Some DT have VBP built VBN health NN spas NNS , , business NN centers NNS and CC shopping NN villages NNS so IN visitors NNS have VBP more JJR to TO do VB than IN ski VB . . And CC this DT week NN , , the DT industry NN 's POS efforts NNS will MD go VB national JJ for IN the DT first JJ time NN when WRB it PRP unveils VBZ a DT $ $ 7 CD million CD advertising NN campaign NN . . Such JJ efforts NNS -- : unheard JJ of RP only RB a DT few JJ years NNS ago RB -- : are VBP the DT latest JJS attempts NNS to TO revive VB the DT sagging VBG $ $ 1.76 CD billion CD U.S. NNP ski NN industry NN . . Since IN the DT start NN of IN the DT decade NN , , lift-ticket JJ sales NNS have VBP grown VBN only RB 3 CD % NN a DT year NN on IN average NN , , compared VBN with IN 16 CD % NN annual JJ growth NN rates NNS in IN the DT '60s NNS and CC '70s NNS . . Last JJ season NN , , lift-ticket NN sales NNS fell VBD for IN the DT first JJ time NN in IN seven CD years NNS . . By IN some DT estimates NNS , , nearly RB a DT fourth JJ of IN all DT U.S. NNP ski NN areas NNS have VBP been VBN forced VBN to TO shut VB down RP since IN the DT early JJ '80s NNS . . Competition NN and CC mounting VBG insurance NN and CC equipment NN costs NNS have VBP been VBN the DT undoing NN of IN many JJ resorts NNS . . But CC another DT big JJ problem NN has VBZ been VBN the DT aging NN of IN baby NN boomers NNS . . Skiing NN , , after IN all DT , , has VBZ mainly RB been VBN for IN the DT young JJ and CC daring JJ and CC many JJ baby NN boomers NNS have VBP outgrown VBN skiing NN or CC have VBP too RB many JJ family NN responsibilities NNS to TO stick VB with IN the DT sport NN . . In IN its PRP$ new JJ ad NN campaign NN , , created VBN by IN D'Arcy NNP Masius NNP Benton NNP & CC Bowles NNP Inc. NNP , , Chicago NNP , , the DT ski NN industry NN is VBZ trying VBG to TO change VB its PRP$ image NN as IN a DT sport NN primarily RB for IN young JJ white JJ people NNS . . One CD 60-second JJ TV NN spot NN features VBZ a DT diverse JJ group NN of IN skiers NNS gracefully RB gliding VBG down RB sun-drenched JJ slopes NNS : : senior JJ citizens NNS , , minorities NNS , , families NNS with IN children NNS -- : even RB a DT blind JJ skier NN . . `` `` Ski NN school NN is VBZ great JJ , , '' '' cries VBZ out RP a DT tot NN , , bundled VBN in IN a DT snowsuit NN as IN he PRP plows VBZ down RB a DT bunny NN slope NN . . `` `` You PRP 'll MD never RB know VB 'til RB you PRP try VBP , , '' '' says VBZ a DT black JJ skier NN . . `` `` We PRP used VBD to TO show VB some DT hot-dog JJ skier NN in IN his PRP$ twenties NNS or CC thirties NNS going VBG over IN the DT edge NN of IN a DT cliff NN , , '' '' says VBZ Kathe NNP Dillmann NNP , , a DT spokeswoman NN for IN the DT United NNP Ski NNP Industries NNP Association NNP , , the DT trade NN group NN sponsoring VBG the DT campaign NN . . Ski NN promotions NNS have VBP traditionally RB avoided VBN the DT touchy JJ issue NN of IN safety NN . . But CC the DT new JJ commercials NNS deal VBP with IN it PRP indirectly RB by IN showing VBG a DT woman NN smiling VBG as IN she PRP tries VBZ to TO get VB up RP from IN a DT fall NN . . `` `` We PRP wanted VBD to TO show VB it PRP 's VBZ okay JJ if IN you PRP fall VBP , , '' '' says VBZ Ms. NNP Dillmann NNP . . `` `` Most JJS people NNS think VBP if IN you PRP slip VBP , , you PRP 'll MD wind VB up RP in IN a DT body NN cast NN . . '' '' The DT ad NN campaign NN represents VBZ an DT unusual JJ spirit NN of IN cooperation NN among IN resorts NNS and CC ski NN equipment NN makers NNS ; : normally RB , , they PRP only RB run VBP ads NNS hyping VBG their PRP$ own JJ products NNS and CC facilities NNS . . But CC in IN these DT crunch NN times NNS for IN the DT ski NN industry NN , , some DT resorts NNS , , such JJ as IN the DT Angel NNP Fire NNP , , Red NNP River NNP and CC Taos NNP ski NN areas NNS in IN New NNP Mexico NNP , , have VBP even RB started VBN shuttle-busing NN skiers NNS to TO each DT other JJ 's POS slopes NNS and CC next JJ year NN plan VBP to TO sell VB tickets NNS good JJ for IN all DT local JJ lifts NNS . . Many JJ resorts NNS also RB are VBP focusing VBG more RBR on IN the DT service NN side NN of IN their PRP$ business NN . . Since IN 40 CD % NN of IN skiers NNS are VBP parents NNS , , many JJ slopes NNS are VBP building VBG nurseries NNS , , expanding VBG ski JJ schools NNS and CC adding VBG entertainment NN for IN kids NNS . . Vail NNP , , Colo. NNP , , now RB has VBZ a DT playland NN that WDT looks VBZ like IN an DT old JJ mining NN town NN ; : kids NNS can MD ski VB through IN and CC pan VB for IN fool NN 's POS gold NN . . For IN $ $ 15 CD , , they PRP can MD enjoy VB their PRP$ own JJ nightly JJ entertainment NN , , with IN dinner NN , , without IN mom NN and CC dad NN . . A DT few JJ years NNS ago RB , , parents NNS usually RB had VBD to TO hire VB a DT sitter NN or CC take VB turns NNS skiing VBG while IN one CD spouse NN stayed VBD with IN the DT children NNS . . `` `` Most JJS parents NNS who WP had VBD to TO go VB through IN that WDT never RB came VBD back RB , , '' '' says VBZ Michael NNP Shannon NNP , , president NN of IN Vail NNP Associates NNP Inc. NNP , , which WDT owns VBZ and CC operates VBZ the DT Vail NNP and CC nearby JJ Beaver NNP Creek NNP resorts NNS . . To TO make VB skiing NN more RBR convenient JJ for IN time-strapped JJ visitors NNS , , several JJ resorts NNS are VBP buying VBG or CC starting VBG their PRP$ own JJ travel NN agencies NNS . . In IN one CD phone NN call NN , , ski NN buffs NNS can MD make VB hotel NN and CC restaurant NN reservations NNS , , buy VB lift NN tickets NNS , , rent VB ski JJ equipment NN and CC sign VB up RP for IN lessons NNS . . And CC resorts NNS are VBP adding VBG other JJ amenities NNS , , such JJ as IN pricey JJ restaurants NNS , , health NN spas NNS and CC vacation NN packages NNS with IN a DT twist NN . . During IN Winter NNP Carnival NNP week NN , , for IN example NN , , visitors NNS at IN Sunday NNP River NNP in IN Maine NNP can MD take VB a DT hot-air JJ balloon NN ride NN . . `` `` People NNS these DT days NNS want VBP something NN else RB to TO do VB besides IN ski VB and CC sit VB in IN the DT bar NN , , '' '' says VBZ Don NNP Borgeson NNP , , executive JJ director NN of IN Angel NNP Fire NNP , , N.M. NNP 's POS Chamber NNP of IN Commerce NNP . . The DT ski NN industry NN hopes VBZ to TO increase VB the DT number NN of IN skiers NNS by IN 3.5 CD million CD to TO about RB 21.7 CD million CD in IN the DT next JJ five CD years NNS with IN its PRP$ latest JJS ads NNS and CC promotions NNS . . But CC some DT think VBP that DT 's VBZ being VBG overly RB optimistic JJ . . For IN one CD thing NN , , it PRP may MD be VB tough JJ to TO attract VB people NNS because IN skiing NN is VBZ still RB expensive JJ : : a DT lift NN ticket NN can MD cost VB up IN to TO $ $ 35 CD a DT day NN and CC equipment NN prices NNS are VBP rising VBG . . And CC most JJS vacationers NNS still RB prefer VBP a DT warm JJ climate NN for IN their PRP$ winter NN excursions NNS . . An DT American NNP Express NNP Co. NNP survey NN of IN its PRP$ travel NN agents NNS revealed VBD that IN only RB 34 CD % NN believe VBP their PRP$ clients NNS will MD pick VB a DT trip NN this DT winter NN based VBN on IN the DT availability NN of IN winter NN sports NNS , , as IN opposed VBN to TO 69 CD % NN who WP think VBP that IN warm-weather JJ sports NNS will MD be VB the DT deciding VBG factor NN . . `` `` Even RB if IN they PRP could MD bring VB in IN that DT many JJ new JJ skiers NNS , , I PRP do VBP n't RB know VB if IN { ( the DT industry NN } ) could MD handle VB that DT kind NN of IN an DT increase NN , , '' '' says VBZ I. NNP William NNP Berry NNP , , editor NN and CC publisher NN of IN the DT Ski NNP Industry NNP Letter NNP in IN Katonah NNP , , N.Y NNP . . `` `` Most JJS people NNS will MD come VB on IN the DT weekend NN , , the DT slopes NNS will MD be VB overcrowded JJ and CC then RB these DT { ( new JJ skiers NNS } ) wo MD n't RB come VB back RB . . They PRP did VBD n't RB play VB the DT third JJ game NN of IN the DT World NNP Series NNP on IN Tuesday NNP night NN as IN scheduled VBN , , and CC they PRP did VBD n't RB play VB it PRP on IN Wednesday NNP or CC Thursday NNP either RB . . But CC you PRP knew VBD that IN , , did VBD n't RB you PRP ? . They PRP are VBP supposed VBN to TO play VB the DT game NN next IN Tuesday NNP , , in IN Candlestick NNP Park NNP here RB . . The DT theory NN is VBZ that IN the DT stadium NN , , damaged VBN by IN Tuesday NNP 's POS earthquake NN , , will MD be VB repaired VBN by IN then RB , , and CC that IN people NNS will MD be VB able JJ to TO get VB there RB . . Like IN just RB about IN everything NN else RB , , that WDT remains VBZ to TO be VB seen VBN . . Aftershocks NNS could MD intervene VB . . But CC , , at IN least JJS , , the DT law NN of IN averages NNS should MD have VB swung VBN to TO the DT favorable JJ side NN . . It PRP may MD seem VB trivial JJ to TO worry VB about IN the DT World NNP Series NNP amid IN the DT destruction NN to TO the DT Bay NNP Area NNP wrought VBD by IN Tuesday NNP 's POS quake NN , , but CC the DT name NN of IN this DT column NN is VBZ `` `` On IN Sports NNS , , '' '' so IN I PRP feel VBP obliged VBN to TO do VB so RB . . You PRP might MD be VB interested VBN to TO know VB that DT baseball NN , , not RB survival NN , , appeared VBD to TO be VB the DT first JJ thought NN of IN most JJS of IN the DT crowd NN of IN 60,000-odd JJ that WDT had VBD gathered VBN at IN Candlestick NNP at IN 5:04 CD p.m. NN Tuesday NNP , , a DT half-hour NN before IN game NN time NN , , when WRB the DT quake NN struck VBD . . As RB soon RB as IN the DT tremor NN passed VBD , , many JJ people NNS spontaneously RB arose VBD and CC cheered VBD , , as IN though IN it PRP had VBD been VBN a DT novel JJ kind NN of IN pre-game JJ show NN . . One CD fan NN , , seated VBN several JJ rows NNS in IN front NN of IN the DT open JJ , , upper-deck JJ auxiliary JJ press NN section NN where WRB I PRP was VBD stationed VBN , , faced VBD the DT assembled VBN newsies NNS and CC laughingly RB shouted VBD , , `` `` We PRP arranged VBD that DT just RB for IN you PRP guys NNS ! . '' '' I PRP thought VBD and CC , , I PRP 'm VBP sure JJ , , others NNS did VBD : : `` `` You PRP should MD n't RB have VB bothered VBN . . '' '' I PRP 'd MD slept VBD through IN my PRP$ only JJ previous JJ brush NN with IN natural JJ disaster NN , , a DT tornado NN 15 CD or CC so RB summers NNS ago RB near IN Traverse NNP City NNP , , Mich. NNP , , so IN I PRP was VBD unprepared JJ for IN one CD reaction NN to TO such JJ things NNS : : the DT urge NN to TO talk VB about IN them PRP . . Perhaps RB primed VBN by IN the DT daily JJ diet NN of IN radio NN and CC TV NN reporters NNS thrusting VBG microphones NNS into IN people NNS 's POS faces NNS and CC asking VBG how WRB they PRP `` `` feel VBP '' '' about IN one CD calamity NN or CC another DT , , fellow JJ reporters NNS and CC civilians NNS who WP spied VBD my PRP$ press NN credential NN were VBD eager JJ to TO chat VB . . `` `` It PRP felt VBD like IN I PRP was VBD on IN a DT station NN platform NN and CC a DT train NN went VBD by RP , , '' '' said VBD one CD man NN , , describing VBG my PRP$ own JJ reaction NN . . A DT women NNS said VBD she PRP saw VBD the DT park NN 's POS light JJ standards NNS sway VB . . A DT man NN said VBD he PRP saw VBD the DT upper JJ rim NN undulate VBP . . I PRP saw VBD neither RB . . Dictates NNS of IN good JJ sense NN to TO the DT contrary NN not RB withstanding VBG , , the DT general JJ inclination NN was VBD to TO believe VB that IN the DT disturbance NN would MD be VB brief JJ and CC that DT ball NN would MD be VB played VBN . . `` `` I PRP was VBD near IN the DT top NN of IN the DT stadium NN , , and CC saw VBD a DT steel NN girder NN bow VB six CD feet NNS from IN where WRB I PRP sat VBD , , but CC I PRP stayed VBD put VBN for IN 10 CD or CC 15 CD minutes NNS , , '' '' confessed VBD a DT friend NN . . `` `` I PRP guess VBP I PRP thought VBD , , ` `` This DT is VBZ the DT World NNP Series NNP and CC I PRP 'm VBP not RB gon VBG na TO wimp VB out RP ! . ' '' '' '' Here RB in IN the DT Global NNP Village NNP , , though RB , , folks NNS do VBP not RB stay VB uninformed JJ for IN long RB . . Electrical JJ power NN was VBD out JJ in IN still-daylighted JJ Candlestick NNP Park NNP , , but CC battery-operated JJ radios NNS and CC television NN sets NNS were VBD plentiful JJ . . Within IN a DT few JJ minutes NNS , , the DT true JJ extent NN of IN the DT catastrophe NN was VBD becoming VBG clear JJ . . Its PRP$ Richter NNP Scale NNP measurement NN was VBD reported VBN as IN 6.5 CD , , then RB 6.9 CD , , then RB 7.0 CD . . A DT section NN of IN the DT Bay NNP Bridge NNP had VBD collapsed VBN , , as IN had VBD a DT part NN of IN Interstate NNP Highway NNP 880 CD in IN Oakland NNP . . People NNS had VBD died VBN . . At IN 5:40 CD p.m. NN , , scheduled VBN game NN time NN having VBG passed VBN , , some DT fans NNS chanted VBD `` `` Let VB 's POS Play NNP Ball NNP . . '' '' No DT longer RBR innocent JJ , , they PRP qualified VBD as IN fools NNS . . The DT stadium NN was VBD ordered VBN evacuated VBN soon RB afterward RB ; : the DT announcement NN , , made VBN over IN police NN bullhorns NNS , , cited VBD the DT power NN outage NN , , but CC it PRP later RB was VBD revealed VBN that IN there EX also RB had VBD been VBN damage NN of IN the DT sort NN reported VBN by IN my PRP$ friend NN . . Outside JJ , , I PRP spotted VBD two CD young JJ men NNS lugging VBG blocks NNS of IN concrete NN . . `` `` Pieces NNP of IN Candlestick NNP , , '' '' they PRP said VBD . . The DT crowd NN remained VBD good JJ natured JJ , , even RB bemused JJ . . TV NN reporters NNS interviewed VBD fans NNS in IN the DT parking NN lots NNS while NN , , a DT few JJ feet NNS away RB , , others NNS watched VBD the DT interviews NNS on IN their PRP$ portable JJ TVs NNS . . The DT only JJ frenzy NN I PRP saw VBD was VBD commercial JJ : : Booths NNS selling VBG World NNP Series NNP commemorative JJ stamps NNS and CC dated VBN postmarks NNS were VBD besieged VBN by IN fledgling NN speculators NNS who WP saw VBD future JJ profit NN in IN the DT items NNS . . The DT traffic NN jam NN out IN of IN the DT park NN was VBD monumental JJ . . It PRP took VBD me PRP a DT half-hour NN to TO move VB 10 CD feet NNS from IN my PRP$ parking NN spot NN in IN an DT outer JJ lot NN to TO an DT aisle NN , , and CC an DT additional JJ hour NN to TO reach VB an DT inner JJ roadway NN a DT half-block NN away RB . . The DT six-mile JJ trip NN to TO my PRP$ airport NN hotel NN that WDT had VBD taken VBN 20 CD minutes NNS earlier RBR in IN the DT day NN took VBD more JJR than IN three CD hours NNS . . At IN my PRP$ hotel NN , , the DT Westin NNP , , power NN was VBD out JJ , , some DT interior JJ plaster NN had VBD broken VBN loose JJ and CC there EX had VBD been VBN water NN damage NN , , but CC little JJ else RB . . With IN Garpian JJ randomness NN , , a DT hotel NN across IN the DT street NN , , the DT Amfac NNP , , had VBD been VBN hit VBN harder RBR : : A DT large JJ sheet NN of IN its PRP$ concrete JJ facade NN and CC several JJ window NN balconies NNS were VBD torn VBN away RB . . The DT Westin NNP staff NN had VBD , , kindly RB , , set VBN out RP lighted VBN candles NNS in IN the DT ballroom NN , , prepared VBD a DT cold-cuts NNS buffet NN and CC passed VBD around RP pillows NNS and CC blankets NNS . . I PRP fell VBD asleep JJ on IN the DT lobby NN floor NN , , next IN to TO a DT man NN wearing VBG a DT Chicago NNP Cubs NNP jacket NN . . I PRP expected VBD him PRP to TO say VB , , `` `` I PRP told VBD you PRP so RB , , '' '' but CC he PRP already RB was VBD snoring VBG . . The DT journalistic JJ consensus NN was VBD that IN the DT earthquake NN made VBD the DT World NNP Series NNP seem VB unimportant JJ . . My PRP$ response NN was VBD that IN sports NNS rarely RB are VBP important JJ , , only RB diverting VBG , , and CC the DT quake NN merely RB highlighted VBD that DT fact NN . . Should MD the DT rest NN of IN the DT Series NNP be VB played VBN at IN all DT ? . Sure JJ . . The DT quake NN and CC baseball NN were VBD n't RB related VBN , , unlike IN the DT massacre NN of IN athletes NNS that WDT attended VBD the DT 1972 CD Olympics NNS . . That IN heavily RB politicized VBN event NN learned VBD nothing NN from IN the DT horrifying JJ experience NN , , and CC seems VBZ doomed VBN to TO repeat VB it PRP . . Two CD ironies NNS intrude VBP . . This DT has VBZ been VBN widely RB dubbed VBN the DT BART NNP Series NNP , , after IN the DT local JJ subway NN line NN , , and CC the DT Bay NNP Bridge NNP Series NNP . . Flags NNS fly VBP at IN half-staff JJ for IN the DT death NN of IN Bart NNP Giamatti NNP , , the DT late JJ baseball NN commissioner NN , , and CC now RB the DT Bay NNP Bridge NNP lies VBZ in IN ruins NNS . . A DT Series NNP that WDT was VBD shaping VBG up RP as IN the DT dullest JJS since IN the DT one-sided JJ Detroit-over-San JJ Diego JJ go NN of IN 1984 CD has VBZ become VBN memorable JJ in IN the DT least JJS fortunate JJ way NN . . Still RB , , its PRP$ edge NN is VBZ lost VBN . . It PRP now RB will MD be VB played VBN mostly RB for IN the DT record NN , , and CC should MD be VB wrapped VBN up RP as RB quickly RB as IN possible JJ , , without IN `` `` off JJ '' '' days NNS . . And CC I PRP will MD never RB again RB complain VB about IN a DT rainout NN . . The DT disarray NN in IN the DT junk-bond NN market NN that WDT began VBD last JJ month NN with IN a DT credit NN crunch NN at IN Campeau NNP Corp. NNP has VBZ offered VBN commercial JJ banks NNS a DT golden JJ opportunity NN to TO play VB a DT greater JJR role NN in IN financing NN billion-dollar JJ takeovers NNS . . But CC two CD big JJ New NNP York NNP banks NNS seem VBP to TO have VB kicked VBN those DT chances NNS away RB , , for IN the DT moment NN , , with IN the DT embarrassing JJ failure NN of IN Citicorp NNP and CC Chase NNP Manhattan NNP Corp. NNP to TO deliver VB $ $ 7.2 CD billion CD in IN bank NN financing VBG for IN a DT leveraged VBN buy-out NN of IN United NNP Airlines NNP parent NN UAL NNP Corp NNP . . For IN more JJR than IN a DT decade NN , , banks NNS have VBP been VBN pressing VBG Congress NNP and CC banking NN regulators NNS for IN expanded VBN powers NNS to TO act VB like IN securities NNS firms NNS in IN playing VBG Wall NNP Street NNP 's POS lucrative JJ takeover NN game NN , , from IN giving VBG mergers NNS advice NN all DT the DT way NN to TO selling VBG and CC trading VBG high-yield JJ junk NN bonds NNS . . Those DT expanded VBN powers NNS reached VBD their PRP$ zenith NN in IN July NNP when WRB Bankers NNP Trust NNP New NNP York NNP Corp. NNP provided VBD mergers NNS advice NN , , an DT equity NN investment NN and CC bank NN loans NNS for IN the DT $ $ 3.65 CD billion CD leveraged VBN buy-out NN of IN Northwest NNP Airlines NNP parent NN NWA NNP Inc NNP . . One CD of IN the DT major JJ selling NN points NNS used VBN by IN Los NNP Angeles NNP financier NN Alfred NNP Checchi NNP in IN getting VBG the DT takeover NN approved VBD was VBD that IN the DT deal NN did VBD n't RB include VB any DT junk NN bonds NNS . . That DT was VBD seen VBN as IN an DT advantage NN in IN lobbying VBG airline NN employees NNS and CC Washington NNP regulators NNS for IN approval NN of IN the DT contested VBN takeover NN . . All DT $ $ 3.35 CD billion CD in IN debt NN for IN the DT deal NN was VBD supplied VBN by IN banks NNS . . Charles NNP Nathan NNP , , co-head NN of IN mergers NNS and CC acquisitions NNS at IN Salomon NNP Brothers NNP Inc. NNP , , says VBZ it PRP is VBZ natural JJ for IN banks NNS to TO try VB to TO expand VB beyond IN their PRP$ bread-and-butter JJ business NN of IN providing VBG senior JJ debt NN for IN buy-outs NNS . . But CC the DT UAL NNP collapse NN , , he PRP says VBZ , , `` `` may MD tell VB you PRP it PRP 's VBZ not RB going VBG to TO work VB that RB easily RB . . '' '' David NNP Batchelder NNP , , a DT mergers NNS adviser NN in IN La NNP Jolla NNP , , Calif. NNP , , who WP aided VBD Los NNP Angeles NNP investor NN Marvin NNP Davis NNP on IN the DT bids NNS which WDT put VBP both DT UAL NNP and CC NWA NNP in IN play NN as IN takeover NN candidates NNS this DT year NN , , says VBZ that IN banks NNS have VBP been VBN `` `` preparing VBG to TO play VB a DT larger JJR and CC larger JJR role NN in IN acquisition NN financing NN . . '' '' Mr. NNP Batchelder NNP says VBZ that IN in IN the DT past NN , , banks NNS would MD normally RB have VB loaned VBN 65 CD % NN of IN a DT total JJ buy-out NN price NN , , with IN the DT loans NNS secured VBN by IN the DT target NN company NN 's POS assets NNS . . Another DT 20 CD % NN of IN the DT borrowed VBN funds NNS would MD come VB from IN the DT sale NN to TO investors NNS of IN junk NN bonds NNS , , which WDT offer VBP less JJR security NN and CC typically RB carry VBP higher JJR yields NNS than IN bank NN loans NNS . . Mr. NNP Checchi NNP 's POS purchase NN of IN NWA NNP , , Mr. NNP Batchelder NNP notes VBZ , , `` `` was VBD probably RB the DT most RBS aggressive JJ to TO date VB , , '' '' with IN bank NN debt NN at IN 85 CD % NN of IN the DT purchase NN price NN . . But CC Mr. NNP Batchelder NNP says VBZ that IN Citicorp NNP 's POS `` `` failure NN to TO deliver VB '' '' on IN its PRP$ promise NN to TO raise VB the DT UAL NNP bank NN debt NN for IN a DT labor-management JJ buy-out NN group NN `` `` is VBZ very RB distressing JJ to TO potential JJ users NNS of IN a DT ` `` highly-confident JJ ' '' letter NN from IN commercial JJ banks NNS . . '' '' His PRP$ client NN , , Mr. NNP Davis NNP , , used VBD just RB such JJ a DT letter NN from IN Citicorp NNP in IN pursuing VBG UAL NNP ; : Citicorp NNP later RBR agreed VBD to TO work VB with IN a DT competing VBG UAL NNP buy-out NN group NN . . Executives NNS of IN Citicorp NNP and CC Chase NNP Manhattan NNP declined VBD to TO comment VB on IN either CC the DT UAL NNP situation NN , , or CC on IN the DT changing VBG nature NN of IN banks NNS ' POS role NN in IN financing VBG takeovers NNS . . In IN the DT wake NN of IN Campeau NNP 's POS problems NNS , , prices NNS of IN junk NN bonds NNS tumbled VBD , , throwing VBG into IN doubt NN the DT ability NN of IN corporate JJ acquirers NNS to TO finance VB large JJ takeovers NNS with IN the DT help NN of IN junk NN bond NN sales NNS . . Mark NNP Solow NNP , , senior JJ managing VBG director NN at IN Manufacturers NNP Hanover NNP Trust NNP Co. NNP , , says VBZ the DT falloff NN in IN junk NN bonds NNS may MD yet RB open VB new JJ business NN opportunities NNS to TO banks NNS in IN structuring NN takeovers NNS . . But CC he PRP warns VBZ that IN banks NNS will MD have VB `` `` to TO have VB enough JJ discipline NN '' '' not RB to TO make VB loans NNS that WDT are VBP too RB risky JJ . . In IN fact NN , , Manufacturers NNP Hanover NNP said VBD in IN its PRP$ third-quarter JJ earnings NNS report NN that IN fees NNS from IN syndicating VBG loans NNS to TO other JJ banks NNS dropped VBD 48 CD % NN , , to TO $ $ 21 CD million CD . . `` `` We PRP did VBD n't RB take VB part NN in IN a DT lot NN of IN deals NNS because IN their PRP$ credit NN quality NN was VBD poor JJ , , '' '' says VBZ a DT bank NN spokesman NN . . James NNP B. NNP Lee NNP , , head NN of IN syndications NNS and CC private JJ placements NNS at IN Chemical NNP Banking NNP Corp. NNP , , said VBD he PRP believes VBZ banks NNS can MD still RB make VB a DT credible JJ offer NN of IN one-stop JJ shopping NN for IN takeover NN finance NN . . As IN evidence NN , , he PRP cites VBZ yesterday NN 's POS arrangement NN for IN the DT final JJ financing NN of IN a DT $ $ 3 CD billion CD bid NN for IN American NNP Medical NNP International NNP Inc. NNP in IN which WDT Chemical NNP served VBD as IN both DT the DT lead NN bank NN and CC an DT equity NN investor NN . . Beyond IN the DT current JJ weakness NN in IN the DT junk NN bond NN market NN , , banks NNS have VBP another DT advantage NN over IN investment NN banks NNS in IN financing VBG contested VBN takeovers NNS . . Arthur NNP Fleischer NNP Jr. NNP , , a DT takeover NN lawyer NN at IN Fried NNP Frank NNP Harris NNP Shriver NNP & CC Jacobson NNP , , notes VBZ that IN `` `` a DT political JJ and CC emotional JJ bias NN '' '' has VBZ developed VBN against IN junk NN bonds NNS . . One CD hostile JJ bidder NN who WP deliberately RB avoided VBD using VBG junk NN bonds NNS was VBD Paramount NNP Communications NNP Inc. NNP in IN its PRP$ initial JJ offer NN to TO acquire VB Time NNP Inc. NNP for IN $ $ 10.7 CD billion CD , , or CC $ $ 175 CD a DT share NN . . A DT Paramount NNP spokesman NN says VBZ that DT decision NN was VBD based VBN on IN the DT financial JJ , , not RB political JJ , , drawbacks NNS of IN junk NN bonds NNS . . But CC some DT observers NNS believe VBP Paramount NNP Chairman NNP Martin NNP Davis NNP wanted VBD to TO avoid VB the DT possible JJ taint NN of IN being VBG perceived VBN as IN a DT corporate JJ raider NN in IN his PRP$ controversial JJ bid NN for IN Time NNP . . In IN the DT end NN , , Mr. NNP Davis NNP used VBD junk NN bonds NNS so RB that IN he PRP could MD raise VB Paramount NNP 's POS bid NN to TO $ $ 200 CD a DT share NN . . Some DT Monday-morning JJ quarterbacks NNS said VBD the DT initial JJ lower JJR bid NN , , without IN junk NN bonds NNS , , was VBD a DT factor NN in IN his PRP$ losing VBG the DT company NN . . Time NNP eluded VBD Paramount NNP by IN acquiring VBG Warner NNP Communications NNP Inc NNP . . The DT success NN of IN the DT NWA NNP financing NN , , and CC the DT failure NN of IN the DT UAL NNP deal NN , , also RB seem VBP to TO highlight VB the DT important JJ new JJ role NN in IN takeover NN financing NN being VBG played VBD by IN Japanese JJ banks NNS . . Japanese JJ banks NNS accounted VBD for IN 50 CD % NN of IN the DT NWA NNP bank NN debt NN , , according VBG to TO a DT report NN by IN Transportation NNP Secretary NNP Samuel NNP Skinner NNP . . But CC it PRP was VBD broad-scale JJ rejection NN by IN Japanese JJ banks NNS that WDT helped VBD seal VB the DT fate NN of IN the DT attempt NN to TO buy VB UAL NNP . . Citicorp NNP and CC Chase NNP are VBP attempting VBG to TO put VB together RP a DT new JJ , , lower JJR bid NN . . Takanori NNP Mizuno NNP , , chief JJ economist NN of IN the DT Institute NNP for IN Financial NNP Affairs NNP Inc. NNP , , a DT Tokyo NNP research NN center NN on IN finance NN and CC economics NNS , , says VBZ , , `` `` The DT junk NN bond NN market NN became VBD very RB jittery JJ , , and CC there EX 's VBZ a DT fear NN of IN a DT coming JJ recession NN and CC the DT possible JJ bankruptcy NN of IN LBO NNP companies NNS . . Harley-Davidson NNP Inc. NNP filed VBD suit NN in IN federal JJ court NN here RB , , alleging VBG that IN a DT group NN that WDT holds VBZ 6.2 CD % NN of IN its PRP$ stock NN made VBN `` `` false JJ , , deceptive JJ and CC misleading JJ '' '' statements NNS in IN recent JJ regulatory JJ filings NNS and CC public JJ announcements NNS . . Harley-Davidson NNP 's POS complaint NN claims VBZ that IN the DT group NN , , led VBN by IN investor NN Malcolm NNP I. NNP Glazer NNP , , violated VBD securities NNS laws NNS by IN failing VBG to TO disclose VB plans NNS to TO purchase VB 15 CD % NN of IN the DT company NN 's POS shares NNS outstanding JJ and CC that IN when WRB the DT required VBN Hart-Scott-Rodino JJ filing NN eventually RB was VBD made VBN , , it PRP did VBD n't RB disclose VB the DT group NN 's POS alleged JJ earlier JJR violation NN of IN the DT so-called JJ prior-notice JJ requirements NNS of IN the DT law NN . . Mr. NNP Glazer NNP could MD n't RB immediately RB be VB reached VBN to TO comment VB . . But CC when WRB Harley NNP last JJ week NN publicly RB questioned VBD the DT legality NN of IN the DT group NN 's POS filing NN procedures NNS , , the DT Rochester NNP , , N.Y. NNP , , investor NN said VBD `` `` we PRP complied VBD with IN every DT law NN , , '' '' and CC he PRP denied VBD any DT wrongdoing NN . . The DT Glazer NNP group NN said VBD in IN a DT Securities NNP and CC Exchange NNP Commission NNP filing NN in IN early JJ October NNP that IN it PRP may MD seek VB a DT controlling NN interest NN in IN Harley-Davidson NNP , , or CC seek VB representation NN on IN the DT company NN 's POS board NN . . Harley NNP has VBZ said VBD it PRP does VBZ n't RB intend VB to TO be VB acquired VBN by IN the DT Glazer NNP group NN or CC any DT other JJ party NN . . Inland NNP Steel NNP Industries NNP Inc. NNP , , battered VBN by IN lower JJR volume NN and CC higher JJR costs NNS , , posted VBD a DT 75 CD % NN drop NN in IN third-quarter JJ earnings NNS . . The DT nation NN 's POS fourth-largest JJ steelmaker NN earned VBD $ $ 18.3 CD million CD , , or CC 43 CD cents NNS a DT share NN , , compared VBN with IN $ $ 61 CD million CD , , or CC $ $ 1.70 CD a DT share NN , , a DT year NN earlier RBR , , when WRB the DT industry NN was VBD enjoying VBG peak JJ demand NN and CC strong JJ pricing NN . . Sales NNS fell VBD to TO $ $ 981.2 CD million CD from IN $ $ 1.02 CD billion CD . . The DT earnings NNS also RB mark VBP a DT significant JJ drop NN from IN the DT second JJ quarter NN 's POS $ $ 45.3 CD million CD or CC $ $ 1.25 CD a DT share NN . . Moreover RB , , the DT earnings NNS were VBD well RB below IN analysts NNS ' POS expectations NNS of IN about RB $ $ 1.16 CD a DT share NN . . In IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , Inland NNP closed VBD yesterday NN at IN $ $ 35.875 CD a DT share NN , , down RB $ $ 1 CD . . The DT company NN attributed VBD the DT earnings NNS drop NN to TO lower JJR volume NN related VBN to TO seasonal JJ demand NN and CC the DT soft JJ consumer NN durable JJ market NN , , especially RB in IN the DT automotive JJ sector NN . . However RB , , the DT company NN also RB lost VBN orders NNS because IN of IN prolonged VBN labor NN talks NNS in IN the DT second JJ quarter NN . . Third-quarter JJ shipments NNS slipped VBD 7 CD % NN from IN the DT year-ago JJ period NN , , and CC 17 CD % NN from IN this DT year NN 's POS second JJ quarter NN . . Profit NN of IN steel NN shipped VBN for IN the DT company NN 's POS steel NN segment NN slid VBD to TO $ $ 26 CD a DT ton NN , , from IN $ $ 66 CD a DT ton NN a DT year NN earlier RBR and CC $ $ 57 CD a DT ton NN a DT quarter NN earlier RBR . . Analysts NNS noted VBD that IN the DT disappointing JJ results NNS do VBP n't RB reflect VB lower JJR prices NNS for IN steel NN products NNS . . Charles NNP Bradford NNP , , an DT analyst NN with IN Merrill NNP Lynch NNP Capital NNP Markets NNP , , said VBD higher JJR prices NNS for IN galvanized JJ and CC cold-rolled JJ products NNS offset VBD lower JJR prices NNS for IN bar NN , , hot-rolled JJ and CC structural JJ steel NN . . Structural JJ steel NN , , which WDT primarily RB serves VBZ the DT construction NN market NN , , was VBD especially RB hurt VBN by IN a DT 15 CD % NN price NN drop NN , , Mr. NNP Bradford NNP said VBD . . The DT company NN said VBD its PRP$ integrated VBN steel NN sector NN was VBD also RB hurt VBN by IN higher JJR raw JJ material NN , , repair NN and CC maintenance NN , , and CC labor NN costs NNS . . The DT increased VBN labor NN costs NNS became VBD effective JJ Aug. NNP 1 CD under IN terms NNS of IN the DT four-year JJ labor NN agreement NN with IN the DT United NNP Steelworkers NNP union NN . . Meanwhile RB , , the DT company NN 's POS service NN center NN segment NN , , which WDT saw VBD operating NN profit NN drop VB to TO $ $ 11.5 CD million CD from IN $ $ 30.7 CD million CD a DT year NN ago RB , , experienced VBD much JJ of IN the DT same JJ demand NN and CC cost NN problems NNS , , as RB well RB as IN start-up NN costs NNS associated VBN with IN a DT coil NN processing NN facility NN in IN Chicago NNP and CC an DT upgraded VBN computer NN information NN system NN . . Inland NNP Chairman NNP Frank NNP W. NNP Luerssen NNP said VBD the DT company NN 's POS short-term JJ outlook NN is VBZ `` `` clouded VBN by IN uncertainties NNS in IN the DT economy NN and CC financial JJ markets NNS . . '' '' However RB , , he PRP noted VBD that IN steel NN mill NN bookings NNS are VBP up RB from IN early JJ summer NN levels NNS , , and CC that IN he PRP expects VBZ the DT company NN to TO improve VB its PRP$ cost NN performance NN in IN the DT fourth JJ quarter NN . . In IN the DT first JJ nine CD months NNS , , profit NN was VBD $ $ 113 CD million CD , , or CC $ $ 3.04 CD a DT share NN , , on IN sales NNS of IN $ $ 3.19 CD billion CD , , compared VBN with IN $ $ 204.5 CD million CD , , or CC $ $ 5.76 CD a DT share NN , , on IN sales NNS of IN $ $ 3.03 CD billion CD , , a DT year NN earlier RBR . . The DT `` `` seismic JJ '' '' activity NN of IN a DT financial JJ market NN bears VBZ a DT resemblance NN to TO the DT seismic JJ activity NN of IN the DT earth NN . . When WRB things NNS are VBP quiet JJ ( ( low JJ volatility NN ) ) , , the DT structures NNS on IN which WDT markets NNS stand VBP can MD be VB relatively RB inefficient JJ and CC still RB perform VB their PRP$ functions NNS adequately RB . . However RB , , when WRB powerful JJ forces NNS start VBP shaking VBG the DT market NN 's POS structure NN , , the DT more RBR `` `` earthquake-resistant JJ '' '' it PRP is VBZ , , the DT better JJR its PRP$ chance NN for IN survival NN . . America NNP 's POS financial JJ markets NNS do VBP not RB yet RB have VB all DT the DT required VBN modern NN features NNS required VBN to TO make VB them PRP fully RB `` `` aftershock-resistant JJ . . '' '' Investors NNS lack VBP equal JJ access NN to TO the DT markets NNS ' POS trading NN arena NN and CC its PRP$ information NN . . That DT structural JJ lack NN is VBZ crucial JJ because IN investors NNS are VBP the DT only JJ source NN of IN market NN liquidity NN . . And CC liquidity NN is VBZ what WP markets NNS need VBP to TO damp VB quakes NNS and CC aftershocks NNS . . In IN today NN 's POS markets NNS , , specialists NNS ( ( on IN the DT New NNP York NNP Stock NNP Exchange NNP ) ) and CC `` `` upstairs NN '' '' market NN makers NNS ( ( in IN the DT over-the-counter JJ market NN ) ) are VBP the DT only JJ market NN participants NNS allowed VBN to TO play VB a DT direct JJ role NN in IN the DT price-determination JJ process NN . . When WRB they PRP halt VBP trading NN , , all DT market NN liquidity NN is VBZ gone VBN . . And CC when WRB any DT component NN of IN the DT market NN -- : cash NN , , futures NNS or CC options NNS -- : loses VBZ liquidity NN , , the DT price NN discovery NN system NN ( ( the DT way NN prices NNS are VBP determined VBN ) ) becomes VBZ flawed JJ or CC is VBZ lost VBN entirely RB for IN a DT time NN . . Last JJ Friday NNP the DT 13th JJ ( ( as RB well RB as IN two CD years NNS ago RB this DT week NN ) ) the DT markets NNS became VBD unlinked JJ . . When WRB that DT happened VBD , , `` `` seismic JJ '' '' tremors NNS of IN fear NN -- : much RB like IN the DT shock NN waves NNS created VBN by IN an DT earthquake NN -- : coursed VBN through IN the DT market NN and CC increased VBD the DT market NN 's POS volatility NN . . Lack NN of IN important JJ , , needed VBN information NN can MD cause VB fear NN . . Fear NN is VBZ the DT father NN of IN panic NN . . Panic NN frequently RB results VBZ in IN irrational JJ behavior NN . . And CC in IN financial JJ markets NNS , , irrational JJ behavior NN is VBZ sometimes RB translated VBN into IN catastrophe NN . . When WRB market NN tremors NNS start VBP , , it PRP is VBZ crucial JJ that IN as IN much JJ information NN about IN transaction NN prices NNS and CC the DT supply-demand JJ curve NN ( ( buy VB and CC sell VB orders NNS at IN various JJ prices NNS ) ) be VB made VBN available JJ to TO all DT , , not RB just RB to TO market NN makers NNS . . Because IN of IN a DT lack NN of IN information NN and CC access NN , , many JJ investors NNS -- : including VBG the DT very JJ ones NNS whose WP$ buying NN power NN could MD restore VB stability NN and CC damp VB volatility NN -- : are VBP forced VBN to TO stand VB on IN the DT sidelines NNS when WRB they PRP are VBP most RBS needed VBN , , because IN of IN their PRP$ ignorance NN of IN important JJ market NN information NN . . To TO add VB aftershock-damping JJ power NN to TO America NNP 's POS markets NNS , , a DT modern JJ , , electronic JJ trading NN system NN should MD be VB implemented VBN that DT permits VBZ equal JJ access NN to TO the DT trading NN arena NN ( ( and CC the DT information NN that WDT would MD automatically RB accompany VB such JJ access NN ) ) by IN investors NNS -- : particularly RB institutional JJ investors NNS . . Contrary JJ to TO some DT opinions NNS , , the DT trading NN activities NNS of IN specialists NNS and CC other JJ market NN makers NNS do VBP not RB provide VB liquidity NN to TO the DT market NN as IN a DT whole NN . . What WP market NN makers NNS provide VBP is VBZ immediacy NN , , a DT very RB valuable JJ service NN . . Liquidity NN is VBZ not RB a DT service NN . . It PRP is VBZ a DT market NN attribute NN -- : the DT ability NN to TO absorb VB selling NN orders NNS without IN causing VBG significant JJ price NN changes NNS in IN the DT absence NN of IN news NN . . Market NN makers NNS buy VBP what WP investors NNS wish VBP to TO sell VB ; : their PRP$ business NN is VBZ reselling VBG these DT unwanted JJ positions NNS as RB quickly RB as IN possible JJ to TO other JJ investors NNS , , and CC at IN a DT profit NN . . As IN a DT result NN , , while IN any DT one CD customer NN may MD purchase VB immediacy NN by IN selling VBG to TO a DT market NN maker NN ( ( which WDT is VBZ micro-liquidity NN for IN the DT investor NN ) ) , , the DT market NN as IN a DT whole NN remains VBZ in IN the DT same JJ circumstances NNS it PRP was VBD before IN the DT transaction NN : : The DT unwanted JJ position NN is VBZ still RB an DT unwanted JJ position NN ; : only RB the DT identity NN of IN the DT seller NN has VBZ changed VBN . . In IN fact NN it PRP can MD be VB argued VBN that IN increasing VBG capital NN commitments NNS by IN market NN makers NNS ( ( a DT result NN of IN some DT post-1987 JJ crash JJ studies NNS ) ) also RB increases VBZ market NN volatility NN , , since IN the DT more JJR securities NNS are VBP held VBN by IN market NN makers NNS at IN any DT given VBN time NN , , the DT more JJR selling NN pressure NN is VBZ overhanging VBG the DT market NN . . In IN an DT open JJ electronic JJ system NN , , any DT investor NN wishing VBG to TO pay VB for IN real-time JJ access NN to TO the DT trading NN arena NN through IN a DT registered VBN broker-dealer NN would MD be VB able JJ to TO see VB the DT entire JJ supply-demand JJ curve NN ( ( buy VB and CC sell VB orders NNS at IN each DT price NN ) ) entered VBN by IN dealers NNS and CC investors NNS alike RB , , and CC to TO enter VB and CC execute VB orders NNS . . Current JJ quotations NNS would MD reflect VB the DT combined VBN financial JJ judgment NN of IN all DT market NN participants NNS -- : not RB just RB those DT of IN intermediaries NNS who WP become VBP extremely RB risk-averse JJ during IN times NNS of IN crisis NN . . Investors NNS and CC professionals NNS alike RB would MD compete VB on IN the DT level NN playing NN field NN Congress NNP sought VBD and CC called VBD a DT `` `` national JJ market NN system NN '' '' ( ( not RB yet RB achieved VBN ) ) almost RB 15 CD years NNS ago RB when WRB it PRP passed VBD the DT Securities NNP Reform NNP Act NNP of IN 1975 CD . . Last JJ Friday NNP 's POS market NN gyrations NNS did VBD not RB result VB in IN severe JJ `` `` aftershocks NNS . . '' '' Were VBD we PRP smart JJ or CC just RB lucky JJ ? . I PRP 'm VBP not RB certain JJ . . But CC I PRP am VBP sure JJ we PRP need VBP to TO maximize VB our PRP$ `` `` earthquake NN '' '' protection NN by IN making VBG certain JJ that IN our PRP$ market NN structures NNS let VBP investors NNS add VB their PRP$ mighty JJ shock-damping JJ power NN to TO our PRP$ nation NN 's POS markets NNS . . Mr. NNP Peake NNP is VBZ chairman NN of IN his PRP$ own JJ consulting NN company NN in IN Englewood NNP , , N.J NNP . . NOW RB YOU PRP SEE VBP IT PRP , , now RB you PRP do VBP n't RB . . The DT recession NN , , that DT is VBZ . . The DT economy NN 's POS stutter NN steps NNS leave VBP investors NNS wondering VBG whether CC things NNS are VBP slowing VBG down RP or CC speeding VBG up RP . . So RB often RB are VBP government NN statistics NNS revised VBD that IN they PRP seem VBP to TO resemble VB a DT spinning JJ weather NN vane NN . . For IN the DT past JJ seven CD years NNS , , investors NNS have VBP had VBD the DT wind NN at IN their PRP$ backs NNS , , in IN the DT form NN of IN a DT generally RB growing VBG economy NN . . Some DT may MD have VB forgotten VBN -- : and CC some DT younger JJR ones NNS may MD never RB have VB experienced VBN -- : what WP it PRP 's VBZ like JJ to TO invest VB during IN a DT recession NN . . Different JJ tactics NNS are VBP called VBN for IN , , as IN losing VBG money NN becomes VBZ easier JJR and CC making VBG money NN becomes VBZ tougher JJR . . For IN those DT investors NNS who WP believe VBP -- : or CC fear VBP -- : that DT 1990 CD will MD be VB a DT recession NN year NN , , many JJ economists NNS and CC money NN managers NNS agree VBP on IN steps NNS that WDT can MD be VB taken VBN to TO lower VB the DT risks NNS in IN a DT portfolio NN . . In IN a DT nutshell NN , , pros NNS advise VBP investors NNS who WP expect VBP a DT slowdown NN to TO hold VB fewer JJR stocks NNS than IN usual JJ and CC to TO favor VB shares NNS of IN big JJ companies NNS in IN `` `` defensive JJ '' '' industries NNS . . A DT heavy JJ dose NN of IN cash NN is VBZ prescribed VBN , , along IN with IN a DT heavier-than-usual JJ allotment NN to TO bonds NNS -- : preferably RB government NN bonds NNS . . It PRP 's VBZ tempting JJ to TO think VB these DT defensive JJ steps NNS can MD be VB delayed VBN until IN a DT recession NN is VBZ clearly RB at IN hand NN . . But CC that DT may MD not RB be VB possible JJ , , because IN recessions NNS often RB take VBP investors NNS by IN surprise NN . . `` `` They PRP always RB seem VBP to TO come VB a DT bit NN later RBR than IN you PRP expect VBP . . When WRB they PRP do VBP hit VB , , they PRP hit VBP fast RB , , '' '' says VBZ David NNP A. NNP Wyss NNP , , chief JJ financial JJ economist NN at IN the DT Data NNP Resources NNP division NN of IN McGraw-Hill NNP Inc NNP . . Though IN he PRP himself PRP does VBZ n't RB expect VB a DT recession NN soon RB , , Mr. NNP Wyss NNP advises VBZ people NNS who WP do VBP that IN `` `` the DT best JJS thing NN to TO be VB in IN is VBZ long JJ that DT is VBZ , , 20-year JJ to TO 30-year JJ Treasury NNP bonds NNS . . '' '' The DT reason NN is VBZ simple JJ , , Mr. NNP Wyss NNP says VBZ : : `` `` Interest NN rates NNS almost RB always RB decline VBP during IN recession NN . . '' '' As RB surely RB as IN a DT seesaw NN tilts VBZ , , falling VBG interest NN rates NNS force VBP up RB the DT price NN of IN previously RB issued VBN bonds NNS . . They PRP are VBP worth JJ more JJR because IN they PRP pay VBP higher JJR interest NN than IN newly RB issued VBN bonds NNS do VBP . . That DT effect NN holds VBZ true JJ for IN both DT short-term JJ and CC long-term JJ bonds NNS . . But CC short-term JJ bonds NNS ca MD n't RB rise VB too RB much RB , , because IN everyone NN knows VBZ they PRP will MD be VB redeemed VBN at IN a DT preset JJ price NN fairly RB soon RB . . Long-term JJ bonds NNS , , with IN many JJ years NNS left VBN before IN maturity NN , , swing VBP more RBR widely RB in IN price NN . . But CC not RB just RB any DT bonds NNS will MD do VB . . Corporate JJ bonds NNS `` `` are VBP usually RB not RB a DT good JJ bet NN in IN a DT recession NN , , '' '' Mr. NNP Wyss NNP says VBZ . . As IN times NNS get VBP tougher JJR , , investors NNS fret VBP about IN whether IN companies NNS will MD have VB enough JJ money NN to TO pay VB their PRP$ debts NNS . . This DT hurts VBZ the DT price NN of IN corporate JJ bonds NNS . . Also RB , , he PRP notes VBZ , , `` `` most JJS corporate JJ bonds NNS are VBP callable JJ . . '' '' That DT means VBZ that IN a DT corporation NN , , after IN a DT specified VBN amount NN of IN time NN has VBZ passed VBN , , can MD buy VB back RB its PRP$ bonds NNS by IN paying VBG investors NNS the DT face NN value NN ( ( plus CC , , in IN some DT cases NNS , , a DT sweetener NN ) ) . . When WRB interest NN rates NNS have VBP dropped VBN , , it PRP makes VBZ sense NN for IN corporations NNS to TO do VB just RB that DT ; : they PRP then RB save VBP on IN interest NN costs NNS . . But CC the DT investors NNS are VBP left VBN stranded VBN with IN money NN to TO reinvest VB at IN a DT time NN when WRB interest NN rates NNS are VBP puny JJ . . If IN corporate JJ bonds NNS are VBP bad JJ in IN recessions NNS , , junk NN bonds NNS are VBP likely JJ to TO be VB the DT worst JJS of IN all DT . . It PRP 's VBZ an DT `` `` absolute JJ necessity NN '' '' to TO get VB out IN of IN junk NN bonds NNS when WRB a DT recession NN is VBZ in IN the DT offing NN , , says VBZ Avner NNP Arbel NNP , , professor NN of IN finance NN at IN Cornell NNP University NNP . . `` `` Such JJ bonds NNS are VBP very RB sensitive JJ to TO the DT downside NN , , and CC this DT could MD be VB a DT disaster NN . . '' '' Municipal JJ bonds NNS are VBP generally RB a DT bit NN safer JJR than IN corporate JJ bonds NNS in IN a DT recession NN , , but CC not RB as RB safe JJ as IN bonds NNS issued VBN by IN the DT federal JJ government NN . . During IN an DT economic JJ slump NN , , local JJ tax NN revenues NNS often RB go VBP down RB , , raising VBG the DT risks NNS associated VBN with IN at IN least JJS some DT municipals NNS . . And CC , , like IN corporates NNS , , many JJ municipal JJ bonds NNS are VBP callable JJ . . But CC a DT few JJ experts NNS , , going VBG against IN the DT consensus NN , , do VBP n't RB think VB bonds NNS would MD help VB investors NNS even RB if IN a DT recession NN is VBZ in IN the DT offing NN . . One CD of IN these DT is VBZ Jeffrey NNP L. NNP Beach NNP , , director NN of IN research NN for IN Underwood NNP Neuhaus NNP & CC Co. NNP , , a DT brokerage NN house NN in IN Houston NNP , , who WP thinks VBZ that IN `` `` we PRP 're VBP either CC in IN a DT recession NN or CC about IN to TO go VB into IN one CD . . '' '' What WP 's VBZ more JJR , , he PRP thinks VBZ this DT could MD be VB a DT nastier JJR recession NN than IN usual JJ : : `` `` Once RB the DT downturn NN comes VBZ , , it PRP 's VBZ going VBG to TO be VB very RB hard JJ to TO reverse VB . . '' '' Investors NNS , , he PRP advises VBZ , , `` `` should MD be VB cautious JJ , , '' '' holding VBG fewer JJR stocks NNS than IN usual JJ and CC also RB shunning VBG bonds NNS . . Because IN he PRP sees VBZ a DT `` `` 5 CD % NN to TO 6 CD % NN base NN rate NN of IN inflation NN in IN the DT economy NN , , '' '' he PRP doubts VBZ that IN interest NN rates NNS will MD fall VB much RB any DT time NN soon RB . . Instead RB , , Mr. NNP Beach NNP says VBZ , , investors NNS `` `` probably RB should MD be VB carrying VBG a DT very RB high JJ level NN of IN cash NN , , '' '' by IN which WDT he PRP means VBZ such JJ so-called JJ cash NN equivalents NNS as IN money-market JJ funds NNS and CC Treasury NNP bills NNS . . Greg NNP Confair NNP , , president NN of IN Sigma NNP Financial NNP Inc. NNP in IN Allentown NNP , , Pa. NNP , , also RB recommends VBZ that IN investors NNS go VB heavily RB for IN cash NN . . He PRP is VBZ n't RB sure RB a DT recession NN is VBZ coming VBG , , but CC says VBZ the DT other JJ likely JJ alternative NN -- : reignited VBN inflation NN -- : is VBZ just RB as RB bad JJ . . `` `` This DT late JJ in IN an DT expansion NN , , '' '' the DT economy NN tends VBZ to TO veer VB off RP either CC into IN damaging JJ inflation NN or CC into IN a DT recession NN , , Mr. NNP Confair NNP says VBZ . . The DT Federal NNP Reserve NNP Board NNP 's POS plan NN for IN a DT `` `` soft JJ landing NN , , '' '' he PRP says VBZ , , requires VBZ the DT Fed NNP to TO navigate VB `` `` an DT ever-narrowing JJ corridor NN . . '' '' A DT soft JJ landing NN is VBZ n't RB something NN that WDT can MD be VB achieved VBN once RB and CC for IN all DT , , Mr. NNP Confair NNP adds VBZ . . It PRP has VBZ to TO be VB engineered VBN over RB and CC over RB again RB , , month NN after IN month NN . . He PRP believes VBZ that IN the DT task NN facing VBG Fed NNP Chairman NNP Alan NNP Greenspan NNP is VBZ so RB difficult JJ that IN it PRP resembles VBZ `` `` juggling NN a DT double-bladed JJ ax NN and CC a DT buzz NN saw NN . . '' '' And CC , , in IN a DT sense NN , , that DT 's VBZ the DT kind NN of IN task NN individuals NNS face VBP in IN deciding VBG what WP to TO do VB about IN stocks NNS -- : the DT mainstay NN of IN most JJS serious JJ investors NNS ' POS portfolios NNS . . It PRP comes VBZ down RP to TO a DT question NN of IN whether IN to TO try VB to TO `` `` time VB '' '' the DT market NN . . For IN people NNS who WP can MD ride VB out RP market NN waves NNS through IN good JJ times NNS and CC bad JJ , , stocks NNS have VBP been VBN rewarding JJ long-term JJ investments NNS . . Most JJS studies NNS show VBP that IN buy-and-hold CD investors NNS historically RB have VBP earned VBN an DT annual JJ return NN from IN stocks NNS of IN 9 CD % NN to TO 10 CD % NN , , including VBG both DT dividends NNS and CC price NN appreciation NN . . That DT 's VBZ well RB above IN what WP bonds NNS or CC bank NN certificates NNS have VBP paid VBN . . Moreover RB , , because IN no DT one PRP knows VBZ for IN sure JJ just RB when WRB a DT recession NN is VBZ coming VBG , , some DT analysts NNS think VBP investors NNS should MD n't RB even RB worry VB too RB much RB about IN timing NN . . `` `` Trying VBG to TO time NN the DT economy NN is VBZ a DT mistake NN , , '' '' says VBZ David NNP Katz NNP , , chief JJ investment NN officer NN of IN Value NNP Matrix NNP Management NNP Inc. NNP in IN New NNP York NNP . . Mr. NNP Katz NNP notes VBZ that IN some DT economists NNS have VBP been VBN predicting VBG a DT recession NN for IN at IN least JJS two CD years NNS . . Investors NNS who WP listened VBD , , and CC lightened VBD up RP on IN stocks NNS , , `` `` have VBP just RB hurt VBN themselves PRP , , '' '' he PRP says VBZ . . Mr. NNP Katz NNP adds VBZ that IN people NNS who WP jump VBP in IN and CC out IN of IN the DT stock NN market NN need VBP to TO be VB right JJ about RB 70 CD % NN of IN the DT time NN to TO beat VB a DT buy-and-hold JJ strategy NN . . Frequent JJ trading NN runs NNS up IN high JJ commission NN costs NNS . . And CC the DT in-and-outer NN might MD miss VB the DT sudden JJ spurts NNS that WDT account VBP for IN much JJ of IN the DT stock NN market NN 's POS gains NNS over IN time NN . . Still RB , , few JJ investors NNS are VBP able JJ to TO sit VB tight RB when WRB they PRP are VBP convinced VBN a DT recession NN is VBZ coming VBG . . After IN all DT , , in IN all DT five CD recessions NNS since IN 1960 CD , , stocks NNS declined VBD . . According VBG to TO Ned NNP Davis NNP , , president NN of IN Ned NNP Davis NNP Research NNP Inc. NNP in IN Nokomis NNP , , Fla. NNP , , the DT average JJ drop NN in IN the DT Dow NNP Jones NNP Industrial NNP Average NNP was VBD about RB 21 CD % NN , , and CC the DT decrease NN began VBD an DT average NN of IN six CD months NNS before IN a DT recession NN officially RB started VBD . . By IN the DT time NN a DT recession NN is VBZ `` `` official JJ '' '' ( ( two CD consecutive JJ quarters NNS of IN declining VBG gross JJ national JJ product NN ) ) , , much JJ of IN the DT damage NN to TO stocks NNS has VBZ already RB been VBN done VBN - : and CC , , in IN the DT typical JJ case NN , , the DT recession NN is VBZ already RB half RB over JJ . . About RB six CD months NNS before IN a DT recession NN ends VBZ , , stocks NNS typically RB begin VBP to TO rise VB again RB , , as IN investors NNS anticipate VBP a DT recovery NN . . The DT average JJ recession NN lasts VBZ about RB a DT year NN . . Unfortunately RB , , though RB , , recessions NNS vary VBP enough RB in IN length NN so RB that IN the DT average NN ca MD n't RB reliably RB be VB used VBN to TO guide VB investors NNS in IN timing VBG stock NN sales NNS or CC purchases NNS . . But CC whatever WDT their PRP$ advice NN about IN timing NN , , none NN of IN these DT experts NNS recommend VBP jettisoning VBG stocks NNS entirely RB during IN a DT recession NN . . For IN the DT portion NN of IN an DT investor NN 's POS portfolio NN that WDT stays VBZ in IN stocks NNS , , professionals NNS have VBP a DT number NN of IN suggestions NNS . . Mr. NNP Katz NNP advocates VBZ issues NNS with IN low JJ price-earnings JJ ratios NNS -- : that DT is VBZ , , low JJ prices NNS in IN relation NN to TO the DT company NN 's POS earnings NNS per IN share NN . . `` `` Low NNP P-E NNP '' '' stocks NNS , , he PRP says VBZ , , vastly RB outperform VBP others NNS `` `` during IN a DT recession NN or CC bear NN market NN . . '' '' In IN good JJ times NNS , , he PRP says VBZ , , they PRP lag VBP a DT bit NN , , but CC overall RB they PRP provide VBP superior JJ performance NN . . Prof. NNP Arbel NNP urges VBZ investors NNS to TO discard VB stocks NNS in IN small JJ companies NNS . . Small-company JJ shares NNS typically RB fall VBP more RBR than IN big-company JJ stocks NNS in IN a DT recession NN , , he PRP says VBZ . . And CC in IN any DT case NN , , he PRP argues VBZ , , stocks NNS of IN small JJ companies NNS are VBP `` `` almost RB as RB overpriced JJ as IN they PRP were VBD Sept. NNP 30 CD , , 1987 CD , , just RB before IN the DT crash NN . . '' '' For IN example NN , , Mr. NNP Arbel NNP says VBZ , , stocks NNS of IN small JJ companies NNS are VBP selling VBG for IN about RB 19 CD times NNS cash NN flow NN . . ( ( Cash NN flow NN , , basically RB earnings NNS plus IN depreciation NN , , is VBZ one CD common JJ gauge NN of IN a DT company NN 's POS financial JJ health NN . . ) ) That IN ratio NN is VBZ dangerously RB close JJ to TO the DT ratio NN of IN 19.7 CD that WDT prevailed VBD before IN the DT 1987 CD stock-market NN crash NN , , Mr. NNP Arbel NNP says VBZ . . And CC it PRP 's VBZ way NN above IN the DT ratio NN ( ( 7.5 CD times NNS cash NN flow NN ) ) that WDT bigger JJR companies NNS are VBP selling VBG for RP . . Another DT major JJ trick NN in IN making VBG a DT portfolio NN recession-resistant JJ is VBZ choosing VBG stocks NNS in IN `` `` defensive JJ '' '' industries NNS . . Food NN , , tobacco NN , , drugs NNS and CC utilities NNS are VBP the DT classic JJ examples NNS . . Recession NN or CC not RB , , people NNS still RB eat VBP , , smoke VBP , , and CC take VBP medicine NN when WRB they PRP 're VBP sick JJ . . George NNP Putnam NNP III NNP , , editor NN of IN Turnaround NNP Letter NNP in IN Boston NNP , , offers VBZ one CD final JJ tip NN for IN recession-wary JJ investors NNS . . `` `` Keep VB some DT money NN available JJ for IN opportunities NNS , , '' '' he PRP says VBZ . . `` `` If IN the DT recession NN does VBZ hit VB , , there EX will MD be VB some DT great JJ investment NN opportunities NNS just RB when WRB things NNS seem VBP the DT blackest JJS . . '' '' Mr. NNP Dorfman NNP covers VBZ investing NN issues NNS from IN The DT Wall NNP Street NNP Journal NNP 's POS New NNP York NNP bureau NN . . Some DT industry NN groups NNS consistently RB weather VBP the DT storm NN better RBR than IN others NNS . . The DT following NN shows VBZ the DT number NN of IN times NNS these DT industries NNS outperformed VBD the DT Standard NNP & CC Poor NNP 's POS 500-Stock NNP Index NNP during IN the DT first JJ six CD months NNS of IN the DT past JJ seven CD recessions NNS . . Bond NN prices NNS posted VBD strong JJ gains NNS as IN investors NNS went VBD on IN a DT bargain NN hunt NN . . But CC while IN the DT overall JJ market NN improved VBN , , the DT new-issue JJ junk-bond JJ market NN continued VBD to TO count VB casualties NNS , , even RB as IN junk-bond JJ prices NNS rose VBD . . Yesterday NN , , Prudential-Bache NNP Securities NNP Inc. NNP said VBD it PRP postponed VBD a DT $ $ 220 CD million CD senior JJ subordinated VBN debenture NN offering NN by IN York NNP International NNP Corp NNP . . And CC Donaldson NNP , , Lufkin NNP & CC Jenrette NNP Securities NNP Corp. NNP scrambled VBD to TO restructure NN and CC improve VB the DT potential JJ returns NNS on IN a DT $ $ 475 CD million CD debenture NN offering NN by IN Chicago NNP & CC North NNP Western NNP Acquisition NNP Corp. NNP that WDT was VBD still RB being VBG negotiated VBN late JJ last JJ night NN . . The DT issue NN by IN Chicago NNP & CC North NNP Western NNP is VBZ one CD of IN the DT so-called JJ good JJ junk-bond JJ offerings NNS on IN the DT new-issue JJ calendar NN . . Some DT analysts NNS said VBD the DT restructuring NN of IN the DT railroad NN concern NN 's POS issue NN shows VBZ how WRB tough JJ it PRP is VBZ for IN underwriters NNS to TO sell VB even RB the DT junk NN bonds NNS of IN a DT company NN considered VBN to TO be VB a DT relatively RB good JJ credit NN risk NN . . Since IN last JJ week NN 's POS junk-bond JJ market NN debacle NN , , many JJ new JJ issues NNS of IN high-yield JJ , , high-risk JJ corporate JJ bonds NNS have VBP either RB been VBN scaled VBN back RP , , delayed VBN or CC dropped VBN . . On IN Wednesday NNP , , Drexel NNP Burnham NNP Lambert NNP Inc. NNP had VBD to TO slash VB the DT size NN of IN Continental NNP Airlines NNP ' POS junk-bond JJ offering NN to TO $ $ 71 CD million CD from IN $ $ 150 CD million CD . . Salomon NNP Brothers NNP Inc. NNP has VBZ delayed VBN Grand NNP Union NNP Co. NNP 's POS $ $ 1.16 CD billion CD junk-bond JJ offering NN while IN it PRP restructures VBZ the DT transaction NN . . Last JJ week NN , , the DT Grand NNP Union NNP offering NN was VBD sweetened VBN to TO include VB warrants NNS that WDT allow VBP bondholders NNS to TO acquire VB common JJ stock NN . . Prudential-Bache NNP said VBD the DT York NNP issue NN was VBD delayed VBN because RB of IN market NN conditions NNS . . `` `` Everything NN is VBZ going VBG through IN firehoops NNS right RB now RB , , and CC { ( Chicago NNP & CC North NNP Western NNP } ) is VBZ no DT exception NN , , '' '' said VBD Mariel NNP Clemensen NNP , , vice NN president NN , , high-yield JJ research NN , , at IN Citicorp NNP . . Portfolio NN managers NNS say VBP sweeteners NNS like IN equity NN kickers NNS and CC stricter JJR protective JJ covenants NNS may MD increasingly RB be VB required VBN to TO sell VB junk-bond JJ deals NNS . . Dan NNP Baldwin NNP , , managing VBG director NN of IN high-yield JJ investments NNS at IN Chancellor NNP Capital NNP Management NNP , , said VBD the DT Chicago NNP & CC North NNP Western NNP offering NN was VBD restructured VBN in IN part NN because IN `` `` several JJ large JJ insurance NN buyers NNS right RB now RB are VBP demanding VBG equity NN as IN part NN of IN the DT package NN . . If IN you PRP 're VBP going VBG to TO take VB the DT risk NN in IN this DT market NN , , you PRP want VBP something NN extra JJ . . '' '' Mr. NNP Baldwin NNP likes VBZ the DT offering NN . . But CC several JJ mutual-fund JJ managers NNS , , nervous JJ about IN the DT deteriorating VBG quality NN of IN their PRP$ junk-bond JJ portfolios NNS and CC shy JJ about IN buying VBG new JJ issues NNS , , said VBD they PRP 're VBP staying VBG away RB from IN any DT junk NN security NN that WDT is VBZ n't RB considered VBN first JJ rate NN for IN its PRP$ class NN . . While IN they PRP consider VBP the DT Chicago NNP & CC North NNP Western NNP issue NN to TO be VB good JJ , , they PRP do VBP n't RB view VB it PRP as IN the DT best JJS . . To TO lure VB buyers NNS to TO the DT Chicago NNP & CC North NNP Western NNP bonds NNS , , portfolio NN managers NNS said VBD Donaldson NNP Lufkin NNP sweetened VBD the DT transaction NN by IN offering VBG the DT bonds NNS with IN a DT resettable JJ interest NN rate NN and CC a DT 10 CD % NN equity NN kicker NN . . The DT bonds NNS are VBP expected VBN to TO have VB a DT 14 CD 1\/2 CD % NN coupon NN rate NN . . The DT equity NN arrangement NN apparently RB would MD allow VB bondholders NNS to TO buy VB a DT total NN of IN 10 CD % NN of IN the DT stock NN of IN CNW NNP Corp. NNP , , Chicago NNP & CC North NNP Western NNP 's POS parent NN company NN . . Donaldson NNP Lufkin NNP declined VBD to TO comment VB on IN the DT restructuring NN . . According VBG to TO some DT analysts NNS familiar JJ with IN the DT negotiations NNS , , the DT 10 CD % NN of IN equity NN would MD come VB directly RB from IN Donaldson NNP Lufkin NNP and CC a DT fund NN affiliated VBN with IN the DT investment NN bank NN Blackstone NNP Group NNP , , which WDT would MD reduce VB their PRP$ CNW NNP equity NN holdings NNS by IN 5 CD % NN each DT . . That DT would MD leave VB the DT Blackstone NNP fund NN with IN a DT 60 CD % NN stake NN and CC Donaldson NNP Lufkin NNP with IN 15 CD % NN . . Despite IN the DT problems NNS with IN new JJ issues NNS , , high-yield JJ bonds NNS showed VBD gains NNS in IN the DT secondary JJ , , or CC resell JJ , , market NN . . Junk NN bonds NNS ended VBD about RB one-half JJ point NN higher RBR with IN so-called JJ high-quality JJ issues NNS from IN RJR NNP Capital NNP Holdings NNP Corp. NNP and CC Petrolane NNP Gas NNP Service NNP Limited NNP Partnership NNP rising VBG one CD point NN . . In IN the DT Treasury NNP market NN , , the DT benchmark NN 30-year JJ bond NN rose VBD seven-eighths JJ point NN , , or CC $ $ 8.75 CD for IN each DT $ $ 1,000 CD face NN amount NN . . The DT gain NN reflects VBZ fresh JJ economic JJ evidence NN that DT inflation NN is VBZ moderating VBG while IN the DT economy NN slows VBZ . . That DT raised VBD hopes NNS that IN interest NN rates NNS will MD continue VB to TO move VB lower RBR . . The DT Labor NNP Department NNP reported VBD that IN consumer NN prices NNS rose VBD just RB 0.2 CD % NN last JJ month NN , , slightly RB lower JJR than IN some DT economists NNS had VBD expected VBN . . But CC there EX were VBD also RB rumors NNS yesterday NN that IN several JJ Japanese JJ institutional JJ investors NNS were VBD shifting VBG their PRP$ portfolios NNS and CC buying VBG long-term JJ bonds NNS while IN selling VBG shorter-term JJ Treasurys NNPS . . Short-term NNP Treasury NNP securities NNS ended VBD narrowly RB mixed VBN , , with IN two-year JJ notes NNS posting VBG slight JJ declines NNS while IN three-year JJ notes NNS were VBD slightly RB higher JJR . . Yesterday NN , , the DT Fed NNP executed VBD four-day JJ matched VBN sales NNS , , a DT technical JJ trading NN operation NN designed VBN to TO drain VB reserves NNS from IN the DT banking NN system NN . . The DT move NN was VBD interpreted VBN by IN some DT economists NNS as IN a DT sign NN that IN the DT Fed NNP does VBZ n't RB want VB the DT federal JJ funds NNS rate NN to TO move VB any DT lower RBR than IN the DT 8 CD 3\/4 CD % NN at IN which WDT it PRP has VBZ been VBN hovering VBG around RP during IN the DT past JJ week NN . . The DT closely RB watched VBN funds NNS rate NN is VBZ what WP banks NNS charge VBP each DT other JJ on IN overnight JJ loans NNS . . It PRP is VBZ considered VBN an DT early JJ signal NN of IN Fed NNP credit NN policy NN changes NNS . . `` `` The DT fact NN that IN they PRP did VBD four-day JJ matched VBN sales NNS means VBZ they PRP are VBP not RB in IN a DT mood NN to TO ease VB aggressively RB . . They PRP are VBP telling VBG us PRP that IN { ( 8 CD 3\/4 CD % NN } ) is VBZ as RB low JJ as IN they PRP want VBP to TO see VB the DT fed NN funds NNS rate NN , , '' '' said VBD Robert NNP Chandross NNP at IN Lloyds NNP Bank NNP PLC NNP . . Treasury NNP Securities NNP The DT benchmark NN 30-year JJ bond NN was VBD quoted VBN late RB at IN a DT price NN of IN 101 CD 25\/32 CD to TO yield VB 7.955 CD % NN , , compared VBN with IN 100 CD 29\/32 CD to TO yield VB 8.032 CD % NN Wednesday NNP . . The DT latest JJS 10-year JJ notes NNS were VBD quoted VBN late RB at IN 100 CD 9\/32 CD to TO yield VB 7.937 CD % NN , , compared VBN with IN 99 CD 26\/32 CD to TO yield VB 8.007 CD % NN . . Short-term JJ rates NNS rose VBD yesterday NN . . The DT discount NN rate NN on IN three-month JJ Treasury NNP bills NNS rose VBD to TO 7.56 CD % NN from IN 7.51 CD % NN Wednesday NNP , , while IN the DT rate NN on IN six-month JJ bills NNS rose VBD to TO 7.57 CD % NN from IN 7.53 CD % NN . . Meanwhile RB , , the DT Treasury NNP sold VBD $ $ 9.75 CD billion CD of IN 52-week JJ bills NNS yesterday NN . . The DT average JJ yield NN on IN the DT bills NNS was VBD 7.35 CD % NN , , down RB from IN 7.61 CD % NN at IN the DT previous JJ 52-week JJ bill NN auction NN Sept. NNP 21 CD . . Yesterday NN 's POS yield NN was VBD the DT lowest JJS since IN 7.22 CD % NN on IN July NNP 27 CD . . Here RB are VBP details NNS of IN the DT auction NN : : Rates NNS are VBP determined VBN by IN the DT difference NN between IN the DT purchase NN price NN and CC face NN value NN . . Thus RB , , higher JJR bidding NN narrows VBZ the DT investor NN 's POS return NN while IN lower JJR bidding NN widens VBZ it PRP . . The DT percentage NN rates NNS are VBP calculated VBN on IN a DT 360-day JJ year NN , , while IN the DT coupon-equivalent JJ yield NN is VBZ based VBN on IN a DT 365-day JJ year NN . . Corporate JJ Issues NNS Junk NN bond NN price NN climbed VBD yesterday NN despite IN skittishness NN in IN the DT new-issue JJ market NN for IN high-yield JJ securities NNS . . Dealers NNS said VBD junk NN bond NN issues NNS on IN average NN were VBD up RB by IN 1\/4 CD to TO 1\/2 CD point NN with IN so-called JJ quality NN issues NNS from IN RJR NNP Capital NNP Holdings NNP Corp. NNP and CC Petrolane NNP Gas NNP Service NNP Limited NNP Partnership NNP posting VBG one-point JJ gains NNS . . Petrolane NNP Gas NNP Service NNP 's POS 13 CD 1\/4 CD % NN debentures NNS traded VBN at IN 102 CD , , after IN trading VBG around IN par NN earlier RBR this DT week NN , , and CC RJR NNP 's POS 13 CD 1\/2 CD % NN subordinated VBN debentures NNS of IN 2001 CD were VBD at IN 101 CD 5\/8 CD after IN trading VBG at IN below IN par NN earlier RBR this DT week NN . . Investment-grade JJ bonds NNS were VBD unchanged JJ . . Municipals NNS Activity NN was VBD brisk JJ in IN the DT high-grade JJ general JJ obligation NN market NN , , as IN a DT series NN of IN sell NN lists NNS hit VBD the DT Street NN and CC capped VBD upward JJ price NN movement NN in IN the DT sector NN . . Traders NNS estimated VBD that IN more JJR than IN $ $ 140 CD million CD of IN high-grade JJ bonds NNS was VBD put VBN up RP for IN sale NN via IN bid-wanted JJ lists NNS circulated VBN by IN a DT handful NN of IN major JJ brokers NNS . . There EX was VBD speculation NN that IN the DT supply NN was VBD coming VBG from IN a DT commercial JJ bank NN 's POS portfolios NNS . . According VBG to TO market NN participants NNS , , the DT bonds NNS were VBD met VBN with IN decent JJ bids NNS , , but CC the DT volume NN of IN paper NN left VBD high JJ grades NNS in IN the DT 10-year JJ and CC under JJ maturity NN range NN unchanged JJ to TO 0.05 CD percentage NN point NN higher JJR in IN yield NN . . Away RB from IN the DT general JJ obligation NN sector NN , , activity NN was VBD modest JJ . . Long JJ dollar NN bonds NNS were VBD flat JJ to TO up RB 3\/8 CD point NN . . New NNP Jersey NNP Turnpike NNP Authority NNP 's POS 7.20 CD % NN issue NN of IN 2018 CD was VBD up RB 3\/8 CD at IN 98 CD 3\/8 CD bid NN to TO yield VB about RB 7.32 CD % NN , , down RB 0.03 CD percentage NN point NN . . The DT debt NN of IN some DT California NNP issuers NNS pulled VBD off RP lows NNS reached VBN after IN Tuesday NNP 's POS massive JJ earthquake NN , , although IN traders NNS said VBD market NN participants NNS remained VBD cautious JJ . . California NNP expects VBZ to TO rely VB on IN federal JJ emergency NN funds NNS and CC its PRP$ $ $ 1.06 CD billion CD in IN general JJ fund NN reserves VBZ to TO meet VB the DT estimated VBN $ $ 500 CD million CD to TO $ $ 1 CD billion CD in IN damages NNS resulting VBG from IN the DT quake NN , , according VBG to TO a DT state NN official NN . . It PRP 's VBZ also RB unclear JJ precisely RB how WRB the DT state NN will MD rebuild VB its PRP$ reserve NN , , said VBD Cindy NNP Katz NNP , , assistant JJ director NN of IN California NNP 's POS department NN of IN finance NN , , although IN she PRP noted VBD that IN a DT bond NN offering NN for IN that DT purpose NN is VBZ n't RB anticipated VBN . . Meanwhile RB , , new JJ issuance NN was VBD slow JJ . . The DT largest JJS sale NN in IN the DT competitive JJ arena NN was VBD a DT $ $ 55.7 CD million CD issue NN of IN school NN financing NN bonds NNS from IN the DT Virginia NNP Public NNP School NNP Authority NNP . . A DT balance NN of IN $ $ 25.8 CD million CD remained VBD in IN late JJ order-taking NN , , according VBG to TO the DT lead JJ manager NN . . Mortgage-Backed JJ Securities NNS Mortgage NN securities NNS generally RB ended VBD 6\/32 CD to TO 9\/32 CD point NN higher RBR , , but CC lagged VBN gains NNS in IN the DT Treasury NNP market NN because IN of IN a DT shift NN in IN the DT shape NN of IN the DT Treasury NNP yield NN curve NN and CC rumored VBN mortgage NN sales NNS by IN thrifts NNS . . Premium NNP Government NNP National NNP Mortgage NNP Association NNP securities NNS with IN coupon NN rates NNS of IN 13 CD % NN and CC higher JJR actually RB declined VBD amid IN concerns NNS about IN increased VBN prepayments NNS because IN of IN a DT plan NN being VBG considered VBN by IN Congress NNP to TO speed VB the DT refinancing NN of IN government-subsidized JJ mortgages NNS . . Ginnie NNP Mae NNP 13 CD % NN securities NNS were VBD down RB about RB 1\/4 CD at IN 109 CD 30\/32 CD . . If IN the DT refinancing NN plan NN clears VBZ Congress NNP , , there EX could MD be VB fairly RB heavy JJ prepayments NNS on IN the DT premium NN securities NNS , , hurting VBG any DT investor NN paying VBG much RB above JJ par NN for IN them PRP . . In IN the DT current-coupon JJ sector NN , , a DT shift NN in IN the DT Treasury NNP yield NN curve NN resulting VBG from IN the DT better JJR performance NN of IN long-dated JJ issues NNS over IN short-dated JJ securities NNS hurt VBP major JJ coupons NNS because IN it PRP will MD become VB more RBR difficult JJ to TO structure VB new JJ derivative JJ securities NNS offerings NNS . . Ginnie NNP Mae NNP 9 CD % NN securities NNS ended VBD at IN 98 CD 6\/32 CD , , up IN 9\/32 CD , , and CC Federal NNP Home NNP Loan NNP Mortgage NNP Corp. NNP 9 CD % NN securities NNS were VBD at IN 97 CD 10\/32 CD , , up RB 6\/32 CD . . The DT Ginnie NNP Mae NNP 9 CD % NN issue NN was VBD yielding VBG 9.42 CD % NN to TO a DT 12-year JJ average NN life NN assumption NN , , as IN the DT spread NN above IN the DT Treasury NNP 10-year JJ note NN widened VBD 0.03 CD percentage NN point NN to TO 1.48 CD . . While IN Remic NNP issuance NN may MD slow VB in IN the DT coming VBG days NNS because IN of IN the DT shift NN in IN the DT Treasury NNP yield NN curve NN , , underwriters NNS continued VBD to TO crank VB out RP new JJ real JJ estate NN mortgage NN investment NN conduits NNS structured VBN when WRB the DT yield NN curve NN was VBD more RBR favorable JJ . . Two CD new JJ Remics NNS totaling VBG $ $ 900 CD million CD were VBD announced VBN by IN Freddie NNP Mac NNP yesterday NN . . Foreign JJ Bonds NNS British JJ government NN bonds NNS ended VBD little RB changed VBN as IN investors NNS awaited VBD an DT economic JJ policy NN address NN last JJ night NN by IN Chancellor NNP of IN the DT Exchequer NNP Nigel NNP Lawson NNP . . The DT Treasury NNP 11 CD 3\/4 CD % NN bond NN due RB 2003\/2007 CD was VBD down RB 2\/32 CD at IN 111 CD 29\/32 CD to TO yield VB 10.09 CD % NN , , while IN the DT 11 CD 3\/4 CD % NN notes NNS due JJ 1991 CD were VBD unchanged JJ at IN 98 CD 19\/32 CD to TO yield VB 12.94 CD % NN . . In IN Japan NNP , , the DT bellwether NN No. NN 111 CD 4.6 CD % NN bond NN of IN 1998 CD ended VBD off JJ 0.03 CD at IN 95.72 CD , , to TO yield VB 5.32 CD % NN , , and CC in IN West NNP Germany NNP , , the DT 7 CD % NN benchmark NN issue NN due JJ October NNP 1999 CD ended VBD 0.05 CD point NN lower RBR at IN 99.85 CD to TO yield VB 7.02 CD % NN . . THE DT PANHANDLER NN approaches VBZ , , makes VBZ his PRP$ pitch NN . . It PRP may MD be VB straightforward JJ -- : he PRP wants VBZ money NN for IN food NN -- : or CC incredibly RB convoluted VBN ; : his PRP$ sister NN is VBZ at IN this DT very JJ moment NN near IN death NN in IN Hoboken NNP , , he PRP has VBZ lost VBN his PRP$ wallet NN and CC has VBZ only RB $ $ 1.22 CD in IN change NN to TO put VB toward IN a DT bus NN ticket NN costing VBG $ $ 3.83 CD , , and CC wo MD n't RB you PRP give VB him PRP the DT difference NN ? . No UH ? . Well RB , , how WRB about IN a DT loan NN , , he PRP 'll MD take VB your PRP$ name NN and CC address NN ... : Figuring VBG that DT their PRP$ money NN would MD more RBR likely RB go VB toward IN a DT bottle NN of IN Night NNP Train NNP Express NNP , , most JJS people NNS have VBP little JJ trouble NN saying VBG no UH to TO propositions NNS like IN this DT . . But CC healthy JJ skepticism NN vanishes VBZ when WRB they PRP are VBP solicited VBN by IN an DT organized VBN charity NN to TO help VB fight VB cancer NN , , famine NN , , child NN abuse NN , , or CC what WP have VBP you PRP . . Most JJS see VBP little JJ reason NN to TO doubt VB that DT their PRP$ cash NN will MD go VB toward IN these DT noble JJ goals NNS . . But CC will MD it PRP ? . In IN a DT distressing JJ number NN of IN cases NNS , , no UH . . In IN fact NN , , the DT donors NNS sometimes RB might MD be VB better RB off RP giving VBG the DT money NN to TO the DT panhandler NN : : at IN least JJS he PRP has VBZ no DT overhead NN , , and CC he PRP might MD even RB be VB telling VBG the DT truth NN . . Last JJ year NN , , more JJR than IN $ $ 100 CD billion CD was VBD donated VBN to TO the DT nation NN 's POS 400,000 CD charities NNS . . While IN the DT vast JJ bulk NN of IN it PRP was VBD indeed RB spent VBN by IN reputable JJ organizations NNS on IN the DT good JJ works NNS it PRP was VBD raised VBN for IN , , it PRP 's VBZ equally RB true JJ that IN a DT sizable JJ hunk NN was VBD consumed VBN in IN `` `` expenses NNS '' '' claimed VBN by IN other JJ operators NNS , , including VBG fraudulent JJ expenses NNS . . In IN many JJ cases NNS the DT costs NNS claimed VBN were VBD so RB high JJ that IN only RB a DT dribble NN of IN cash NN was VBD left VBN for IN the DT purported JJ beneficiaries NNS . . It PRP 's VBZ impossible JJ to TO say VB exactly RB how WRB much JJ of IN the DT total JJ charity NN intake NN is VBZ devoured VBN by IN stratospheric JJ fund-raising NN costs NNS , , high-living JJ operators NNS , , and CC downright JJ fraud NN . . But CC the DT problem NN clearly RB is VBZ widespread JJ and CC persistent JJ . . State NN law NN enforcers NNS can MD barely RB keep VB up RP with IN charity NN scams NNS , , and CC reports NNS from IN watchdog NN groups NNS such JJ as IN the DT Council NNP of IN Better NNP Business NNP Bureaus NNP are VBP not RB encouraging VBG . . The DT Philanthropic NNP Advisory NNP Service NNP of IN the DT BBB NNP reviews VBZ hundreds NNS of IN new JJ charities NNS every DT year NN , , measuring VBG them PRP against IN minimum NN standards NNS for IN accountability NN ; : for IN accuracy NN and CC honesty NN in IN solicitation NN ; : and CC for IN percentage NN of IN funds NNS actually RB going VBG to TO work VB for IN which WDT the DT charity NN was VBD supposedly RB established VBN . . The DT Service NNP figures VBZ at IN least JJS half NN of IN the DT money NN taken VBN in RP should MD be VB spent VBN on IN program NN . . Roughly RB a DT third JJ of IN the DT charities NNS reviewed VBN flunk VBP the DT test NN . . Which WDT , , it PRP should MD be VB added VBN , , does VBZ n't RB prevent VB the DT charities NNS from IN raking VBG in RP a DT lot NN of IN money NN anyway RB . . Without IN a DT microscope NN and CC a DT subpoena NN , , it PRP 's VBZ often RB hard JJ to TO sort VB out RP worthwhile JJ causes NNS from IN ripoffs NNS if IN all DT you PRP 've VBP got VBD to TO go VB on RP is VBZ the DT solicitation NN itself PRP . . On IN this DT basis NN , , `` `` there EX 's VBZ no DT way NN the DT average JJ person NN can MD know VB a DT good JJ charity NN from IN a DT bad JJ one CD , , '' '' says VBZ David NNP Ormstedt NNP , , an DT assistant JJ attorney NN general NN in IN Connecticut NNP . . `` `` A DT lot NN of IN donors NNS just RB get VBP taken VBN . . '' '' Including VBG those DT , , he PRP contends VBZ , , who WP put VBP about RB $ $ 1 CD million CD into IN the DT kitty NN for IN the DT Connecticut NNP Association NNP of IN Concerned NNP Veterans NNP and CC the DT Vietnam NNP Veterans NNP Service NNP Center NNP . . The DT state NN has VBZ sued VBN these DT charities NNS in IN state NN court NN , , complaining VBG that IN much JJ of IN the DT money NN was VBD grossly RB misspent VBN ; : 82 CD % NN , , says VBZ Mr. NNP Ormstedt NNP , , went VBD to TO fund NN raisers NNS and CC most JJS of IN the DT rest NN to TO the DT people NNS who WP ran VBD the DT charities NNS and CC to TO their PRP$ relatives NNS -- : for IN fur NN coats NNS , , trips NNS to TO Florida NNP , , Lucullan JJ restaurant NN tabs NNS . . The DT telephone NN number NN for IN the DT charity NN in IN Shelton NNP , , Conn. NNP , , has VBZ been VBN disconnected VBN , , and CC the DT former JJ officials NNS could MD n't RB be VB located VBN . . Running NN a DT charity NN does VBZ cost VB money NN , , but CC reputable JJ organizations NNS manage VBP to TO get VB the DT lion NN 's POS share NN of IN donations NNS out RB to TO where WRB they PRP are VBP really RB needed VBN . . The DT Arthritis NNP Foundation NNP , , the DT American NNP Cancer NNP Society NNP and CC the DT United NNP Way NNP of IN America NNP all DT say VBP that IN they PRP spend VBP roughly RB 90 CD % NN of IN their PRP$ income NN on IN programs NNS , , not RB overhead NN . . With IN some DT other JJ charities NNS , , however RB , , it PRP s VBZ the DT other JJ way NN around RP . . The DT fledgling JJ National NNP Children NNP 's POS Cancer NNP Society NNP , , for IN example NN , , took VBD in RP $ $ 2.5 CD million CD last JJ year NN to TO finance VB bone-marrow NN transplants NNS for IN children NNS . . By IN the DT time NN it PRP paid VBD its PRP$ expenses NNS it PRP only RB had VBD $ $ 120,000 CD left VBN -- : not RB enough JJ to TO treat VB even RB one CD child NN . . The DT state NN of IN Illinois NNP is VBZ suing VBG the DT charity NN for IN fraud NN in IN Chicago NNP , , along IN with IN Telesystems NNP Marketing NNP Inc. NNP , , its PRP$ Houston-based JJ fund NN raiser NN . . Both DT deny VBP wrongdoing NN . . The DT charity NN admits VBZ spending VBG a DT lot NN on IN fund NN raising NN , , but CC says VBZ that DT was VBD necessary JJ to TO establish VB a DT donor NN base NN it PRP can MD tap VB at IN much RB lower JJR cost NN in IN years NNS to TO come VB . . Michael NNP Burns NNP , , president NN of IN Telesystems NNS , , says VBZ his PRP$ concern NN has VBZ only RB benefited VBN from IN the DT publicity NN surrounding VBG the DT case NN , , noting VBG that IN three CD other JJ charities NNS have VBP signed VBN on RP as IN clients NNS because IN they PRP were VBD impressed VBN with IN the DT amount NN he PRP raised VBD for IN National NNP Children NNP 's POS . . Meanwhile RB , , a DT state NN court NN judge NN has VBZ allowed VBN the DT charity NN to TO go VB on RP soliciting VBG funds NNS . . Enforcers NNS ca MD n't RB put VB charities NNS out IN of IN business NN simply RB because IN they PRP spend VBP the DT lion NN 's POS share NN of IN their PRP$ income NN on IN fund NN raising NN . . State NN laws NNS previously RB used VBN as IN a DT yardstick NN minimum NN percentages NNS of IN income NN -- : usually RB half NN -- : that WDT had VBD to TO be VB spent VBN on IN the DT program NN rather RB than IN overhead RB , , but CC these DT have VBP been VBN overturned VBN by IN the DT U.S. NNP Supreme NNP Court NNP . . It PRP has VBZ ruled VBN that IN such JJ laws NNS might MD work VB to TO stifle VB fund NN raising NN , , which WDT would MD amount VB to TO limiting VBG the DT charities NNS ' POS first-amendment JJ right NN to TO freedom NN of IN expression NN . . This DT puts VBZ upon IN enforcers NNS the DT burden NN of IN proving VBG outright JJ fraud NN or CC misrepresentation NN , , and CC such JJ actions NNS have VBP been VBN brought VBN against IN hundreds NNS of IN charities NNS recently RB . . The DT attorney NN general NN 's POS office NN in IN Connecticut NNP alone RB has VBZ put VBN seven CD of IN them PRP out IN of IN business NN over IN the DT past JJ couple NN of IN years NNS , , and CC the DT enforcement NN drive NN is VBZ continuing VBG there RB and CC elsewhere RB . . In IN making VBG cases NNS , , the DT authorities NNS frequently RB zero VBP in RP on IN alleged VBN misrepresentations NNS made VBN by IN the DT charities NNS ' POS fund NN raisers NNS . . Illinois NNP , , for IN instance NN , , currently RB has VBZ under IN investigation NN 10 CD of IN the DT 30 CD companies NNS drumming VBG up RP funds NNS for IN charities NNS soliciting VBG there RB . . Enforcers NNS pay VBP special JJ attention NN to TO operators NNS using VBG sweepstakes NN prizes NNS as IN an DT additional JJ inducement NN to TO give VB . . Attorneys NNS general JJ in IN several JJ states NNS , , including VBG Illinois NNP , , are VBP already RB suing VBG Watson NNP & CC Hughey NNP Co. NNP , , an DT Alexandria NNP , , Va.-based JJ outfit NN that IN they PRP say VBP has VBZ used VBN deceptive JJ sweepstakes NN ads NNS to TO solicit VB donations NNS for IN the DT American NNP Heart NNP Disease NNP Foundation NNP and CC the DT Cancer NNP Fund NNP of IN America NNP . . According VBG to TO the DT Illinois NNP attorney NN general NN 's POS suit NN , , Watson NNP & CC Hughey NNP sent VBD mailings NNS indicating VBG that IN recipients NNS were VBD guaranteed VBN cash NN prizes NNS , , and CC could MD win VB up IN to TO an DT additional JJ $ $ 1,000 CD on IN top NN of IN them PRP , , if IN they PRP contributed VBD as RB little JJ as IN $ $ 7 CD . . But CC the DT total JJ value NN of IN the DT prizes NNS was VBD only RB $ $ 5,000 CD and CC most JJS `` `` winners NNS '' '' will MD receive VB just RB 10 CD cents NNS , , according VBG to TO the DT attorney NN general NN 's POS office NN . . The DT suit NN is VBZ still RB pending VBG in IN Illinois NNP state NN court NN . . Watson NNP & CC Hughey NNP has VBZ denied VBN the DT allegations NNS in IN court NN ; : officials NNS decline VBP to TO comment VB further RBR . . While IN they PRP can MD target VB some DT of IN the DT most RBS obvious JJ miscreants NNS , , enforcers NNS concede VBP that IN they PRP are VBP only RB scratching VBG the DT surface NN . . There EX are VBP so RB many JJ cunning JJ ploys NNS used VBN by IN so RB many JJ dubious JJ operators NNS , , they PRP say VBP , , that IN it PRP is VBZ probably RB impossible JJ to TO stop VB them PRP all DT . . One CD maneuver NN : : the DT `` `` public JJ education NN '' '' gambit NN . . The DT solicitation NN material NN indicates VBZ that IN donations NNS will MD go VB toward IN a DT campaign NN alerting VBG and CC informing VBG the DT public NN about IN some DT health NN or CC other JJ issue NN . . What WP it PRP does VBZ n't RB say VB is VBZ that IN the DT entire NN `` `` campaign NN '' '' may MD be VB the DT fund-raising JJ letter NN itself PRP . . `` `` All DT too RB often RB this DT will MD merely RB be VB a DT statement NN on IN the DT solicitation NN such JJ as IN , , ` `` Do VBP n't RB smoke VB ! . ' '' or CC ` `` Wear VB suntan NN lotion NN , , ' '' `` `` says VBZ William NNP Webster NNP , , attorney NN general NN of IN Missouri NNP . . `` `` By IN putting VBG these DT pithy JJ statements NNS on IN the DT solicitations NNS , , hundreds NNS of IN thousands NNS of IN dollars NNS are VBP claimed VBN to TO have VB been VBN spent VBN on IN education NN to TO consumers NNS when WRB in IN fact NN this DT represents VBZ the DT costs NNS of IN sending VBG the DT newsletters NNS . . '' '' Mr. NNP Webster NNP cites VBZ a DT four-page JJ mailing NN from IN the DT United NNP Cancer NNP Council NNP that WDT offers VBZ a DT chance NN to TO win VB $ $ 5,000 CD in IN gold JJ bullion NN to TO those DT giving VBG as RB little JJ as IN $ $ 5 CD to TO cancer NN education NN . . `` `` A DT few JJ boilerplate NN warnings NNS about IN cancer NN appear VBP but CC that DT 's VBZ only RB two CD inches NNS in IN all DT four CD pages NNS . . I PRP think VBP some DT people NNS may MD believe VB they PRP 're VBP helping VBG fund VB a DT massive JJ TV NN and CC print NN campaign NN , , but CC we PRP could MD n't RB find VB that IN the DT charity NN does VBZ anything NN except IN write VB these DT letters NNS , , '' '' he PRP says VBZ . . Officials NNS at IN the DT Washington NNP D.C.-based JJ charity NN did VBD n't RB return VB repeated VBN phone NN calls NNS . . Many JJ fly-by-night JJ charities NNS ride VBP the DT coattails NNS of IN the DT biggest JJS , , best-known JJ and CC most RBS reputable JJ ones NNS by IN adopting VBG names NNS similar JJ to TO theirs JJ . . The DT established VBN charities NNS are VBP bothered VBN by IN this DT but CC say VBP they PRP can MD do VB little RB about IN it PRP . . `` `` We PRP ca MD n't RB police VB the DT many JJ organizations NNS that WDT have VBP sprung VBN up RP in IN the DT last JJ few JJ years NNS using VBG part NN of IN our PRP$ name NN . . Most JJS of IN them PRP do VBP n't RB last VB for IN long JJ , , but CC in IN the DT meantime NN all DT we PRP can MD do VB is VBZ tell VB people NNS they PRP are VBP n't RB connected VBN with IN us PRP , , '' '' says VBZ a DT spokeswoman NN for IN the DT American NNP Heart NNP Association NNP . . And CC sometimes RB a DT reputable JJ charity NN with IN a DT household NN name NN gets VBZ used VBN and CC does VBZ n't RB even RB know VB it PRP . . A DT couple NN in IN Rockford NNP , , Ill. NNP , , raised VBD $ $ 12,591 CD earlier RBR this DT year NN using VBG the DT name NN and CC logo NN of IN Mothers NNP Against IN Drunk NNP Driving NNP , , without IN permission NN from IN the DT group NN . . MADD NNP did VBD n't RB learn VB of IN the DT fund NN raising NN until IN the DT couple NN sent VBD it PRP a DT check NN for IN $ $ 613 CD , , along IN with IN a DT letter NN saying VBG that DT was VBD the DT charity NN 's POS `` `` share NN . . '' '' The DT Illinois NNP Attorney NNP General NNP won VBD a DT court NN order NN to TO prevent VB the DT couple NN from IN raising VBG further JJ funds NNS without IN MADD NNP 's POS permission NN . . The DT couple NN could MD n't RB be VB reached VBN for IN comment NN and CC apparently RB have VB left VBN Rockford NNP , , law NN enforcement NN officials NNS report VBP . . Denise NNP McDonald NNP , , a DT spokeswoman NN for IN MADD NNP , , says VBZ , , `` `` It PRP 's VBZ scary JJ , , because IN anybody NN could MD do VB this NN . . '' '' Mr. NNP Johnson NNP is VBZ a DT staff NN reporter NN in IN The DT Wall NNP Street NNP Journal NNP 's POS Chicago NNP bureau NN . . Overhead NN costs NNS at IN some DT of IN the DT largest JJS charities NNS , , in IN millions NNS of IN dollars NNS British NNP Airways NNP PLC NNP , , a DT crucial JJ participant NN in IN the DT proposed VBN buy-out NN of IN UAL NNP Corp. NNP , , washed VBD its PRP$ hands NNS of IN the DT current JJ efforts NNS to TO revive VB a DT bid NN for IN the DT parent NN of IN United NNP Airlines NNP . . Specifically RB , , the DT British JJ carrier NN said VBD it PRP currently RB has VBZ no DT plans NNS to TO participate VB in IN any DT new JJ offer NN for IN UAL NNP . . In IN addition NN , , British NNP Air NNP officially RB withdrew VBD its PRP$ support NN for IN the DT previous JJ $ $ 300-a-share JJ bid NN in IN a DT terse JJ statement NN that WDT said VBD `` `` the DT original JJ deal NN is VBZ closed VBN . . '' '' Company NN officials NNS said VBD later RBR that IN British NNP Airways NNP believes VBZ its PRP$ involvement NN in IN the DT UAL NNP buy-out NN ended VBD last JJ Friday NNP when WRB the DT buy-out NN group NN , , which WDT also RB includes VBZ UAL NNP 's POS management NN and CC pilot NN union NN , , failed VBD to TO obtain VB financing NN for IN the DT $ $ 6.79 CD billion CD transaction NN . . The DT carrier NN stopped VBD short RB of IN saying VBG it PRP would MD n't RB at IN some DT point NN reconsider VB participating VBG in IN any DT new JJ bid NN for IN UAL NNP . . However RB , , company NN officials NNS said VBD they PRP plan VBP to TO take VB `` `` no DT initiatives NNS '' '' to TO resurrect VB the DT transaction NN , , and CC `` `` are VBP n't RB aware JJ '' '' of IN any DT restructured VBN bid NN in IN the DT making NN . . Collectively RB , , the DT statements NNS raised VBD questions NNS about IN whether IN a DT new JJ bid NN for IN UAL NNP will MD ever RB get VB off IN the DT ground NN . . The DT transaction NN has VBZ had VBD a DT series NN of IN setbacks NNS since IN the DT financing VBG problems NNS became VBD known VBN last JJ Friday NNP , , with IN no DT signs NNS or CC statements NNS from IN the DT buy-out JJ group NN to TO indicate VB that IN any DT progress NN has VBZ taken VBN place NN . . However RB , , in IN response NN to TO the DT British NNP Air NNP decision NN , , United VBN 's POS pilot NN union NN vowed VBD to TO continue VB efforts NNS to TO revive VB the DT buy-out NN . . Pilot NN union NN Chairman NNP Frederick NNP C. NNP Dubinsky NNP said VBD advisers NNS to TO UAL NNP management NN and CC the DT union NN will MD begin VB meeting VBG in IN New NNP York NNP today NN and CC will MD work VB through IN the DT weekend NN to TO devise VB a DT new JJ proposal NN to TO present VB to TO UAL NNP 's POS board NN `` `` at IN the DT earliest JJS time NN possible JJ . . '' '' Pilot NN union NN advisers NNS appeared VBD confident JJ that IN a DT new JJ bid NN could MD go VB forward RB even RB without IN British NNP Air NNP 's POS participation NN . . UAL NNP declined VBD to TO comment VB on IN British NNP Air NNP 's POS statement NN . . UAL NNP Chairman NNP Stephen NNP M. NNP Wolf NNP , , who WP is VBZ leading VBG the DT management NN end NN of IN the DT buy-out NN , , has VBZ n't RB provided VBN investors NNS with IN any DT assurances NNS about IN the DT prospect NN of IN a DT new JJ deal NN . . In IN another DT setback NN yesterday NN , , United VBN 's POS machinist NN union NN asked VBD the DT Treasury NNP Department NNP to TO investigate VB whether IN certain JJ aspects NNS of IN the DT original JJ buy-out NN proposal NN violated VBD tax NN laws NNS . . In IN an DT effort NN to TO derail VB the DT buy-out NN , , the DT union NN has VBZ already RB called VBN for IN investigations NNS by IN the DT Securities NNP and CC Exchange NNP Commission NNP , , Transportation NNP Department NNP and CC Labor NNP Department NNP . . But CC there EX was VBD one CD bright JJ spot NN yesterday NN . . The DT United NNP flight-attendants NNS union NN agreed VBD to TO negotiations NNS that WDT could MD lead VB to TO the DT flight NN attendants NNS contributing VBG concessions NNS to TO a DT revived VBN bid NN in IN exchange NN for IN an DT ownership NN stake NN . . The DT pilot NN union NN , , the DT only JJ one CD to TO support VB the DT buy-out NN thus RB far RB , , said VBD the DT flight NN attendants NNS ' POS decision NN `` `` enforces VBZ our PRP$ belief NN that IN an DT all-employee JJ owned VBN airline NN is VBZ practical JJ and CC achievable JJ . . '' '' Still RB , , without IN the DT assurance NN of IN British NNP Airways NNP ' POS financial JJ backing NN , , it PRP will MD be VB tougher JJR for IN the DT buy-out NN group NN to TO convince VB already-reluctant JJ banks NNS to TO make VB loan NN commitments NNS for IN a DT revised VBN bid NN , , especially RB since IN British NNP Air NNP 's POS original JJ investment NN represented VBN 78 CD % NN of IN the DT cash NN equity NN contribution NN for IN the DT bid NN . . Under IN the DT previous JJ plan NN , , British NNP Air NNP would MD have VB received VBN a DT 15 CD % NN stake NN in IN UAL NNP in IN exchange NN for IN a DT $ $ 750 CD million CD equity NN investment NN , , with IN a DT 75 CD % NN stake NN going VBG to TO UAL NNP employees NNS and CC 10 CD % NN to TO UAL NNP management NN . . British NNP Air NNP officials NNS said VBD the DT airline NN 's POS chairman NN , , Lord NNP King NNP , , was VBD concerned VBN about IN news NN reports NNS indicating VBG that IN British NNP Air NNP might MD be VB willing JJ to TO participate VB in IN a DT bid NN that WDT included VBD a DT lower JJR purchase NN price NN and CC better JJR investment NN terms NNS for IN the DT British JJ carrier NN . . The DT previous JJ reports NNS were VBD based VBN on IN remarks NNS by IN British NNP Air NNP 's POS chief JJ financial JJ officer NN , , Derek NNP Stevens NNP , , who WP said VBD any DT revised VBN bid NN would MD have VB to TO include VB a DT lower JJR purchase NN price NN to TO reflect VB the DT sharp JJ drop NN in IN UAL NNP 's POS stock NN in IN the DT past NN week NN . . UAL NNP stock NN dropped VBD $ $ 1.625 CD yesterday NN to TO $ $ 190.125 CD on IN volume NN of IN 923,500 CD shares NNS in IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP . . UAL NNP declined VBD to TO comment VB on IN British NNP Air NNP 's POS statement NN . . In IN an DT interview NN Wednesday NNP with IN Dow NNP Jones NNP Professional NNP Investor NNP Report NNP , , Mr. NNP Stevens NNP said VBD , , `` `` We PRP 're VBP in IN no DT way NN committed VBN to TO a DT deal NN going VBG through RP at IN all DT . . We PRP 're VBP not RB rushing VBG into IN anything NN . . We PRP do VBP n't RB want VB to TO be VB party NN to TO a DT second JJ rejection NN . . '' '' Indeed RB , , British NNP Air NNP seemed VBD to TO be VB distancing VBG itself PRP from IN the DT troubled VBN transaction NN early RB in IN an DT effort NN to TO avoid VB any DT further JJ embarrassment NN . . The DT original JJ transaction NN fell VBD through RP on IN the DT same JJ day NN British NNP Air NNP shareholders NNS approved VBD the DT plan NN at IN a DT special JJ meeting NN after IN the DT British NNP succeeded VBD in IN arranging VBG the DT financing NN for IN its PRP$ equity NN contribution NN . . The DT carrier NN also RB seemed VBD eager JJ to TO place VB blame NN on IN its PRP$ American JJ counterparts NNS . . `` `` The DT { ( buy-out NN } ) consortium NN ceased VBD to TO exist VB because IN our PRP$ American JJ partners NNS were VBD not RB capable JJ of IN organizing VBG the DT financing NN , , '' '' a DT British NNP Air NNP spokesman NN said VBD . . British NNP Airways NNP may MD have VBP begun VBN to TO have VB second JJ thoughts NNS about IN the DT transaction NN after IN the DT Transportation NNP Department NNP forced VBD Northwest NNP 's POS Airlines NNP ' POS new JJ owners NNS to TO restructure NN the DT equity NN contribution NN of IN KLM NNP Royal NNP Dutch NNP Airlines NNP in IN that DT carrier NN . . Most JJS of IN the DT department NN 's POS statements NNS since IN the DT Northwest NNP transaction NN indicated VBD it PRP planned VBD to TO curtail VB foreign JJ ownership NN stakes NNS in IN U.S. NNP carriers NNS . . Even RB before IN British NNP Air NNP 's POS announcement NN , , pilot NN union NN leaders NNS had VBD been VBN meeting VBG in IN Chicago NNP yesterday NN to TO consider VB their PRP$ options NNS . . The DT leaders NNS expressed VBD support NN for IN trying VBG to TO revive VB the DT bid NN following VBG a DT briefing NN Wednesday NNP by IN the DT union NN 's POS advisers NNS , , Lazard NNP Freres NNP & CC Co. NNP and CC Paul NNP , , Weiss NNP , , Rifkind NNP Wharton NNP & CC Garrison NNP . . They PRP also RB unanimously RB re-elected VBD Mr. NNP Dubinsky NNP , , the DT union NN chairman NN who WP has VBZ led VBN the DT pilots NNS ' POS 2 CD 1\/2-year CD fight NN to TO take VB control NN of IN the DT airline NN . . UAL NNP 's POS advisers NNS have VBP indicated VBN previously RB that IN it PRP may MD take VB a DT while NN to TO come VB forward RP with IN a DT revised VBN plan NN since IN they PRP want VBP to TO have VB firm JJ bank NN commitments NNS before IN launching VBG a DT new JJ bid NN . . They PRP have VBP maintained VBN that IN banks NNS remain VBP interested JJ in IN financing NN the DT transaction NN . . The DT buy-out NN fell VBD through RP after IN Citicorp NNP and CC Chase NNP Manhattan NNP Corp. NNP , , the DT lead JJ banks NNS in IN the DT transaction NN , , failed VBD to TO obtain VB $ $ 7.2 CD billion CD in IN financing NN needed VBN for IN the DT plan NN . . Italy NNP 's POS industrial JJ wholesale JJ sales NNS index NN rose VBD 13.2 CD % NN in IN June NNP from IN a DT year NN earlier RBR , , the DT state NN statistical JJ institute NN Istat NNP said VBD . . The DT June NNP increase NN compared VBN with IN a DT rise NN of IN 10.5 CD % NN in IN May NNP from IN a DT year NN earlier RBR . . Domestic JJ wholesale JJ sales NNS rose VBD 11.9 CD % NN from IN a DT year NN earlier RBR , , while IN foreign JJ sales NNS jumped VBD 17.3 CD % NN , , Istat NNP said VBD . . For IN the DT first JJ six CD months NNS , , wholesale JJ sales NNS rose VBD 12.3 CD % NN from IN the DT year NN before RP , , reflecting VBG to TO a DT 11.5 CD % NN jump NN in IN domestic JJ sales NNS and CC a DT 14.6 CD % NN boost NN in IN foreign JJ sales NNS . . Sales NNS of IN capital NN goods NNS to TO foreign JJ and CC domestic JJ destinations NNS increased VBD 16.6 CD % NN in IN the DT January-June JJ period NN from IN a DT year NN earlier RBR . . Sales NNS of IN consumer NN goods NNS rose VBD 6.9 CD % NN in IN the DT same JJ period NN , , while IN sales NNS of IN intermediate JJ goods NNS were VBD up RB 13.8 CD % NN from IN a DT year NN ago RB . . Senate NNP Democrats NNS favoring VBG a DT cut NN in IN the DT capital-gains NNS tax NN have VBP decided VBN , , under IN pressure NN from IN their PRP$ leaders NNS , , not RB to TO offer VB their PRP$ own JJ proposal NN , , placing VBG another DT obstacle NN in IN the DT path NN of IN President NNP Bush NNP 's POS legislative JJ priority NN . . A DT core NN group NN of IN six CD or CC so RB Democratic JJ senators NNS has VBZ been VBN working VBG behind IN the DT scenes NNS to TO develop VB a DT proposal NN to TO reduce VB the DT tax NN on IN the DT gain NN from IN the DT sale NN of IN assets NNS . . The DT plan NN was VBD complete JJ except IN for IN finishing VBG touches NNS , , and CC there EX was VBD talk NN that IN it PRP would MD be VB unveiled VBN as RB early RB as IN yesterday NN . . But CC Senate NNP Majority NNP Leader NNP George NNP Mitchell NNP ( ( D. NNP , , Maine NNP ) ) , , a DT vigorous JJ opponent NN of IN the DT capital-gains NNS tax NN cut NN , , called VBD the DT group NN to TO meet VB with IN him PRP Wednesday NNP night NN and CC again RB yesterday NN . . Sen. NNP Mitchell NNP urged VBD them PRP to TO desist VB . . Afterward RB , , leaders NNS of IN the DT dissident JJ Democrats NNS relented VBD , , and CC said VBD they PRP would MD n't RB offer VB their PRP$ own JJ proposal NN as IN they PRP had VBD planned VBN . . The DT decision NN is VBZ a DT setback NN for IN President NNP Bush NNP , , who WP needs VBZ the DT support NN of IN Democrats NNS to TO pass VB the DT tax NN cut NN through IN the DT Democratic-controlled JJ Senate NNP . . Having VBG a DT proposal NN sponsored VBN by IN Democrats NNS would MD have VB given VBN the DT president NN an DT advantage NN . . Having VBG only RB a DT Republican JJ measure NN makes VBZ the DT task NN harder RBR . . Still RB , , Sen. NNP Bob NNP Packwood NNP ( ( R. NNP , , Ore. NNP ) ) , , the DT lead JJ sponsor NN of IN the DT Republican JJ capital-gains NNS amendment NN , , predicted VBD that IN the DT tax NN cut NN would MD be VB enacted VBN this DT year NN . . He PRP said VBD a DT clear JJ majority NN of IN senators NNS back VBP the DT tax NN reduction NN and CC that IN ultimately RB there EX would MD be VB enough JJ senators NNS to TO overcome VB any DT procedural JJ hurdle NN the DT Democratic JJ leadership NN might MD erect VB . . But CC Sen. NNP Mitchell NNP , , buoyed VBN by IN his PRP$ victory NN among IN fellow JJ Democrats NNS , , strongly RB disagreed VBD . . Mr. NNP Mitchell NNP has VBZ been VBN predicting VBG that IN the DT president NN 's POS initiative NN would MD fail VB this DT year NN . . Yesterday NN , , in IN an DT interview NN , , he PRP added VBD that IN the DT Democrats NNS ' POS decision NN `` `` increases VBZ the DT likelihood NN that IN a DT capital-gains NNS tax NN cut NN will MD not RB pass VB this DT year NN . . '' '' Mr. NNP Mitchell NNP 's POS first JJ victory NN came VBD last JJ week NN , , when WRB the DT Senate NNP passed VBD a DT deficit-reduction JJ bill NN that WDT did VBD n't RB contain VB a DT capital-gains NNS provision NN . . That DT vote NN made VBD it PRP unlikely JJ that IN a DT capital-gains NNS tax NN cut NN would MD be VB included VBN in IN the DT final JJ bill NN , , now RB being VBG drafted VBN by IN House NNP and CC Senate NNP negotiators NNS . . The DT House NNP version NN of IN the DT bill NN does VBZ include VB the DT tax NN cut NN . . Now RB Republican JJ leaders NNS are VBP concentrating VBG on IN attaching VBG a DT capital-gains NNS amendment NN to TO some DT other JJ bill NN , , perhaps RB a DT measure NN raising VBG the DT federal JJ borrowing NN limit NN or CC a DT second JJ tax NN bill NN that WDT would MD follow VB on IN the DT heels NNS of IN the DT deficit-reduction JJ legislation NN . . To TO help VB lay VB the DT groundwork NN for IN that DT fight NN , , President NNP Bush NNP plans VBZ early JJ next JJ week NN to TO meet VB at IN the DT White NNP House NNP with IN some DT 20 CD Democratic JJ senators NNS who WP favor VBP cutting VBG the DT capital-gains NNS tax NN or CC are VBP undecided JJ on IN the DT issue NN . . The DT president NN apparently RB will MD have VB only RB one CD bill NN to TO push VB , , Sen. NNP Packwood NNP 's POS , , and CC at IN least JJS some DT of IN the DT dissident JJ Democrats NNS plan VBP to TO support VB it PRP . . `` `` I PRP may MD want VB to TO offer VB additional JJ amendments NNS to TO improve VB it PRP when WRB the DT bill NN comes VBZ to TO the DT floor NN , , '' '' said VBD Sen. NNP David NNP Boren NNP ( ( D. NNP , , Okla. NNP ) ) , , a DT leader NN of IN those DT Democrats NNS . . The DT Packwood NNP plan NN , , as IN expected VBN , , would MD allow VB individuals NNS to TO exclude VB from IN income NN 5 CD % NN of IN the DT gain NN from IN the DT sale NN of IN a DT capital NN asset NN held VBN for IN more JJR than IN one CD year NN . . The DT exclusion NN would MD rise VB five CD percentage NN points NNS for IN each DT year NN the DT asset NN was VBD held VBN , , until IN it PRP reached VBD a DT maximum NN of IN 35 CD % NN after IN seven CD years NNS . . The DT exclusion NN would MD apply VB to TO assets NNS sold VBN after IN Oct. NNP 1 CD . . As IN an DT alternative NN , , taxpayers NNS could MD chose VBD to TO reduce VB their PRP$ gains NNS by IN an DT inflation NN index NN . . For IN corporations NNS , , the DT top JJ tax NN rate NN on IN the DT sale NN of IN assets NNS held VBN for IN more JJR than IN three CD years NNS would MD be VB cut VBN to TO 33 CD % NN from IN the DT current JJ top NN rate NN of IN 34 CD % NN . . That DT rate NN would MD gradually RB decline VB to TO as RB little JJ as IN 29 CD % NN for IN corporate JJ assets NNS held VBN for IN 15 CD years NNS . . The DT Packwood NNP plan NN also RB would MD include VB a DT proposal NN , , designed VBN by IN Sen. NNP William NNP Roth NNP ( ( R. NNP , , Del. NNP ) ) , , that WDT would MD create VB new JJ tax NN benefits NNS for IN individual JJ retirement NN accounts NNS . . The DT Roth NNP plan NN would MD create VB a DT new JJ , , non-deductible JJ IRA NNP from IN which WDT money NN could MD be VB withdrawn VBN tax-free JJ not RB only JJ for IN retirement NN , , but CC also RB for IN the DT purchase NN of IN a DT first JJ home NN , , education NN expenses NNS and CC medical JJ expenses NNS . . Current JJ IRAs NNS could MD be VB rolled VBN over RP into IN the DT new JJ IRAs NNS , , but CC would MD be VB subject JJ to TO tax NN though IN no DT penalty NN . . Westmoreland NNP Coal NNP Co. NNP , , realizing VBG benefits NNS of IN a DT sustained VBN effort NN to TO cut VB costs NNS and CC boost VB productivity NN , , reported VBD sharply RB improved VBN third-quarter JJ results NNS . . The DT producer NN and CC marketer NN of IN low-sulfur JJ coal NN said VBD net JJ income NN for IN the DT quarter NN was VBD $ $ 5.9 CD million CD , , or CC 71 CD cents NNS a DT share NN , , on IN revenue NN of IN $ $ 145.4 CD million CD . . For IN the DT year-earlier JJ period NN , , the DT company NN reported VBD a DT loss NN of IN $ $ 520,000 CD or CC six CD cents NNS a DT share NN . . In IN the DT latest JJS nine CD months NNS , , the DT company NN earned VBD $ $ 8.5 CD million CD , , or CC $ $ 1.03 CD a DT share NN . . Last JJ year NN 's POS net JJ loss NN of IN $ $ 3,524,000 CD included VBD a DT benefit NN of IN $ $ 1,640,000 CD from IN an DT accounting NN change NN . . Revenue NN for IN the DT nine CD months NNS rose VBD to TO $ $ 449 CD million CD from IN $ $ 441.1 CD million CD . . In IN an DT interview NN , , Pemberton NNP Hutchinson NNP , , president NN and CC chief JJ executive NN , , cited VBD several JJ reasons NNS for IN the DT improvement NN : : higher JJR employee NN productivity NN and CC `` `` good JJ natural NN conditions NNS '' '' in IN the DT mines NNS , , as RB well RB as IN lower JJR costs NNS for IN materials NNS , , administrative JJ overhead NN and CC debt NN interest NN . . In IN the DT latest JJS nine CD months NNS , , Mr. NNP Hutchinson NNP said VBD , , total JJ coal NN sales NNS rose VBD to TO about RB 14.6 CD million CD tons NNS from IN about RB 14.3 CD million CD tons NNS a DT year NN earlier RBR . . In IN addition NN , , long-term JJ debt NN has VBZ been VBN trimmed RBR to TO about RB $ $ 72 CD million CD from IN $ $ 96 CD million CD since IN Jan. NNP 1 CD . . He PRP predicted VBD the DT debt NN ratio NN will MD improve VB further RBR in IN coming JJ quarters NNS . . Westmoreland NNP 's POS strategy NN is VBZ to TO retain VB and CC expand VB its PRP$ core NN business NN of IN mining VBG and CC selling VBG low-sulphur JJ coal NN in IN the DT Appalachia NNP region NN . . The DT operating NN territory NN includes VBZ coal NN terminals NNS on IN the DT Ohio NNP River NNP and CC in IN Newport NNP News NNP , , Va NNP . . Westmoreland NNP exports VBZ about RB a DT fourth JJ of IN its PRP$ coal NN tonnage NN , , including VBG a DT significant JJ amount NN of IN metallurgical JJ coal NN produced VBN by IN others NNS that WDT is VBZ used VBN by IN steelmakers NNS overseas RB . . For IN the DT past JJ couple NN of IN years NNS , , Westmoreland NNP has VBZ undertaken VBN an DT aggressive JJ streamlining NN of IN all DT aspects NNS of IN its PRP$ business NN . . Marginal JJ operations NNS and CC assets NNS have VBP been VBN sold VBN . . The DT size NN of IN the DT company NN 's POS board NN has VBZ been VBN reduced VBN to TO eight CD directors NNS from IN 13 CD . . About RB 140 CD salaried JJ management NN jobs NNS and CC hundreds NNS of IN hourly JJ wage NN positions NNS have VBP been VBN eliminated VBN . . Even RB perks NNS have VBP been VBN reduced VBN . . For IN example NN , , the DT chief JJ executive NN himself PRP now RB pays VBZ 20 CD % NN of IN the DT cost NN of IN his PRP$ health NN benefits NNS ; : the DT company NN used VBD to TO pay VB 100 CD % NN . . `` `` I PRP think VBP the DT ship NN is VBZ now RB righted VBN , , the DT bilges NNS are VBP pumped VBN and CC we PRP are VBP on IN course NN , , '' '' Mr. NNP Hutchinson NNP said VBD of IN the DT restructuring NN program NN . . `` `` Much RB of IN what WP we PRP set VBD out RP to TO do VB is VBZ completed VBN . . '' '' But CC he PRP cautioned VBD that DT Westmoreland NNP 's POS third JJ quarter NN is VBZ typically RB better JJR than IN the DT fourth JJ , , so IN investors NNS `` `` should MD n't RB just RB multiply VB the DT third JJ quarter NN by IN four CD '' '' and CC assume VB the DT same JJ rate NN of IN improvement NN can MD be VB sustained VBN . . One CD difference NN , , he PRP said VBD , , is VBZ that IN the DT fourth JJ quarter NN has VBZ significantly RB fewer JJR workdays NNS because IN of IN holidays NNS and CC the DT hunting NN season NN . . `` `` I PRP do VBP n't RB want VB to TO give VB the DT impression NN that IN everybody NN can MD relax VB now RB , , '' '' he PRP said VBD . . `` `` We PRP have VBP to TO keep VB working VBG at IN improving VBG our PRP$ core NN business NN to TO stay VB efficient JJ . . It PRP 's VBZ a DT process NN that IN never RB really RB ends VBZ . . '' '' Nevertheless RB , , Mr. NNP Hutchinson NNP predicted VBD that IN 1989 CD would MD be VB `` `` solidly RB profitable JJ '' '' for IN Westmoreland NNP and CC that DT 1990 CD would MD bring VB `` `` more JJR of IN the DT same JJ . . '' '' For IN all DT of IN 1988 CD , , the DT company NN reported VBD an DT after-tax JJ operating NN loss NN of IN $ $ 134,000 CD on IN revenue NN of IN $ $ 593.5 CD million CD . . An DT accounting NN adjustment NN made VBD net JJ income NN $ $ 1.5 CD million CD , , or CC 18 CD cents NNS a DT share NN . . In IN a DT move NN that WDT complements VBZ the DT company NN 's POS basic JJ strategy NN , , its PRP$ Westmoreland NNP Energy NNP Inc. NNP unit NN is VBZ developing VBG four CD coal-fired JJ cogeneration NN plants NNS with IN a DT partner NN in IN Virginia NNP . . Some DT of IN the DT coal NN the DT plants NNS buy VB will MD come VB from IN Westmoreland NNP mines NNS . . Mr. NNP Hutchinson NNP predicted VBD that IN the DT unit NN 's POS contribution NN to TO company NN results NNS in IN the DT 1990s CD `` `` will MD be VB exciting JJ . . '' '' He PRP said VBD Westmoreland NNP is VBZ looking VBG at IN investment NN stakes NNS in IN other JJ cogeneration NN plants NNS east JJ of IN the DT Mississippi NNP River NNP . . Westmoreland NNP expects VBZ energy NN demand NN to TO grow VB annually RB in IN the DT 2.5 CD % NN range NN in IN the DT early JJ 1990s NNS . . `` `` We PRP see VBP coal NN 's POS piece NN of IN the DT action NN growing VBG , , '' '' Mr. NNP Hutchinson NNP said VBD . . `` `` Coal NN prices NNS , , while IN not RB skyrocketing VBG , , will MD grow VB modestly RB in IN real JJ terms NNS , , we PRP think VBP . . Chase NNP Manhattan NNP Corp. NNP , , after IN trying VBG unsuccessfully RB to TO sell VB its PRP$ interest NN in IN its PRP$ lower JJR Manhattan NNP operations NNS building NN , , has VBZ exercised VBN its PRP$ option NN to TO purchase VB the DT 50-story JJ office NN tower NN . . Chase NNP had VBD purchased VBN an DT option NN to TO buy VB the DT building NN at IN One CD New NNP York NNP Plaza NNP for IN an DT undisclosed JJ sum NN from IN the DT late JJ Sol NNP Atlas NNP as IN part NN of IN its PRP$ original JJ lease NN in IN 1970 CD . . The DT current JJ transaction NN cost VBD the DT bank NN approximately RB $ $ 140 CD million CD . . Of IN that DT amount NN , , $ $ 20 CD million CD was VBD payment NN for IN the DT land NN underneath IN the DT building NN and CC the DT rest NN was VBD for IN the DT building NN itself PRP . . The DT building NN houses VBZ about RB 4,500 CD Chase NNP workers NNS , , most JJS of IN whom WP will MD be VB moved VBN to TO downtown NN Brooklyn NNP after IN the DT bank NN 's POS new JJ back JJ office NN center NN is VBZ completed VBN in IN 1993 CD . . The DT move NN is VBZ part NN of IN Chase NNP 's POS strategy NN to TO consolidate VB its PRP$ back JJ offices NNS under IN one CD roof NN . . The DT headquarters NN is VBZ located VBN a DT few JJ blocks NNS away RB at IN 1 CD Chase NNP Manhattan NNP Plaza NNP . . As IN part NN of IN its PRP$ decision NN to TO leave VB the DT building NN , , Chase NNP tried VBD to TO sell VB its PRP$ interest NN , , along IN with IN the DT Atlas NNP estate NN 's POS interest NN , , shortly RB after IN the DT October NNP 1987 CD stock NN market NN crash NN . . Chase NNP Senior NNP Vice NNP President NNP George NNP Scandalios NNP said VBD the DT bank NN decided VBD to TO exercise VB its PRP$ option NN after IN bids NNS fell VBD short RB of IN expectations NNS . . He PRP said VBD Chase NNP and CC the DT Atlas NNP estate NN were VBD looking VBG to TO sell VB the DT entire JJ building NN for IN $ $ 400 CD million CD to TO $ $ 475 CD million CD , , but CC did VBD n't RB get VB an DT offer NN for IN more JJR than IN $ $ 375 CD million CD . . As IN the DT building NN 's POS new JJ owner NN , , Chase NNP will MD have VB its PRP$ work NN cut VBD out RP for IN it PRP . . Chase NNP is VBZ vacating VBG 1.1 CD million CD square JJ feet NNS of IN space NN , , and CC Salomon NNP Brothers NNP Inc. NNP , , whose WP$ headquarters NN is VBZ in IN the DT building NN , , also RB plans VBZ to TO move VB shortly RB . . In IN addition NN , , another DT major JJ building NN tenant NN , , Thomson NNP McKinnon NNP Inc. NNP 's POS Thomson NNP McKinnon NNP Securities NNP , , likely RB will MD vacate VB the DT premises NNS as IN part NN of IN its PRP$ liquidation NN . . New NNP York NNP real JJ estate NN brokerage NN Edward NNP S. NNP Gordon NNP Co. NNP will MD have VB the DT difficult JJ task NN of IN finding VBG new JJ tenants NNS . . Even RB with IN its PRP$ striking JJ views NNS of IN the DT New NNP York NNP harbor NN , , the DT building NN is VBZ considered VBN antiquated JJ by IN modern JJ office NN standards NNS . . And CC Chase NNP will MD have VB to TO spend VB approximately RB $ $ 50 CD million CD to TO remove VB asbestos NN from IN the DT premises NNS . . WALL NNP STREET NNP , , SHAKE VB hands NNS with IN George NNP Orwell NNP . . The DT author NN of IN the DT futuristic JJ novel NN `` `` 1984 CD '' '' invented VBD a DT language NN called VBD Newspeak NNP that IN made VBN it PRP impossible JJ to TO fully RB develop VB a DT heretical JJ thought NN -- : that DT is VBZ , , anything NN negative JJ about IN the DT policies NNS and CC practices NNS of IN the DT state NN . . Wall NNP Street NNP has VBZ n't RB gotten VBN that IN far RB yet RB , , but CC it PRP has VBZ made VBN a DT promising JJ start NN . . Its PRP$ language NN -- : call VB it PRP Streetspeak VB -- : is VBZ increasingly RB mellifluous JJ , , reassuring VBG , , and CC designed VBD to TO make VB financial JJ products NNS and CC maneuvers NNS appear VB better JJR , , safer JJR or CC cheaper JJR than IN they PRP really RB are VBP . . When WRB something NN undeniably RB nasty JJ happens VBZ , , a DT few JJ euphemisms NNS are VBP deployed VBN to TO simply RB make VB it PRP disappear VB , , much RB as IN a DT fresh JJ grave NN may MD be VB covered VBN by IN a DT blanket NN of IN flowers NNS . . For IN example NN , , we PRP 'll MD bet VB you PRP thought VBD that IN the DT stock NN market NN crashed VBD two CD years NNS ago RB . . Wrong JJ . . According VBG to TO some DT of IN the DT grand JJ panjandrums NNS of IN the DT market NN , , it PRP never RB happened VBD . . In IN their PRP$ lexicon NN the DT 508-point JJ collapse NN in IN the DT Dow NNP Jones NNP Industrial NNP Average NNP on IN Oct. NNP 19 CD , , 1987 CD , , was VBD just RB a DT big JJ blip NN . . Trotting VBG out RP a DT much-beloved JJ Streetspeak NNP term NN , , New NNP York NNP Stock NNP Exchange NNP Chairman NNP John NNP Phelan NNP recently RB declared VBD that DT history NN would MD record VB the DT event NN as IN only RB `` `` a DT major JJ technical JJ correction NN . . '' '' ( ( Another DT much-beloved JJ saying VBG , , however RB , , this DT one CD in IN plain JJ English NNP , , holds VBZ that IN if IN something NN walks VBZ like IN a DT duck NN and CC quacks VBZ like IN a DT duck NN , , it PRP is VBZ a DT duck NN . . On IN Oct. NNP 29 CD , , 1929 CD -- : a DT date NN historians NNS stubbornly RB insist VBP on RP associating VBG with IN the DT dreaded VBN C-word NN -- : the DT DJ NNP industrials NNS fell VBD 12.8 CD % NN . . In IN the DT `` `` technical JJ correction NN '' '' of IN two CD years NNS ago RB , , they PRP lost VBD a DT whopping JJ 22.6 CD % NN . . ) ) Customers NNS hear VBP a DT lot NN of IN this DT stuff NN from IN people NNS who WP try VBP to TO sell VB them PRP stock NN . . These DT people NNS used VBD to TO be VB called VBN brokers NNS , , but CC apparently RB this DT word NN either CC is VBZ not RB grandiose JJ enough RB or CC carries VBZ too RB many JJ negative JJ connotations NNS from IN the DT aforementioned JJ technical JJ correction NN , , when WRB terrified VBN customers NNS could MD n't RB raise VB brokers NNS on IN the DT phone NN . . Either CC way NN , , the DT word NN `` `` broker NN '' '' is VBZ clearly RB out IN of IN favor NN . . Of IN the DT major JJ New NNP York-based JJ securities NNS firms NNS , , only RB Morgan NNP Stanley NNP & CC Co. NNP still RB calls VBZ its PRP$ salespeople NN brokers NNS . . At IN Merrill NNP Lynch NNP & CC Co. NNP and CC Shearson NNP Lehman NNP Hutton NNP Inc. NNP , , they PRP are VBP `` `` financial JJ consultants NNS . . '' '' At IN Drexel NNP Burnham NNP Lambert NNP Inc. NNP , , Prudential NNP Bache NNP Securities NNP , , and CC Dean NNP Witter NNP Reynolds NNP Inc. NNP , , they PRP are VBP `` `` account NN executives NNS . . '' '' At IN PaineWebber NNP Inc. NNP , , they PRP are VBP `` `` investment NN executives NNS . . '' '' Such JJ titles NNS are VBP designed VBN to TO convey VB a DT sense NN of IN dignified JJ , , broad-scale JJ competence NN and CC expertise NN in IN selling VBG today NN 's POS myriad JJ financial JJ products NNS . . It PRP is VBZ a DT competence NN and CC expertise NN that IN some DT brokers NNS themselves PRP , , overwhelmed VBN by IN all DT the DT new JJ things NNS being VBG dreamed VBN up RP for IN them PRP to TO peddle VB , , do VBP n't RB feel VB . . `` `` It PRP s VBZ almost RB product NN de FW jour FW , , '' '' grouses VBZ one CD account NN executive NN at IN Dean NNP Witter NNP . . The DT transmogrified VBN brokers NNS never RB let VBP the DT C-word NN cross VB their PRP$ lips NNS , , instead RB stressing VBG such JJ terms NNS as IN `` `` safe JJ , , '' '' `` `` insured VBN '' '' and CC `` `` guaranteed VBN '' '' -- : even RB though IN these DT terms NNS may MD be VB severely RB limited VBN in IN their PRP$ application NN to TO a DT particular JJ new JJ financial JJ product NN . . The DT names NNS of IN some DT of IN these DT products NNS do VBP n't RB suggest VB the DT risk NN involved VBN in IN buying VBG them PRP , , either RB . . A DT case NN in IN point NN : : `` `` government-plus JJ '' '' bond NN funds NNS . . What WP could MD imply VB more JJR safety NN than IN investing VBG in IN government NN bonds NNS ? . What WP could MD be VB better JJR than IN getting VBG a DT tad NN more JJR income NN from IN them PRP ( ( the DT plus NN ) ) than IN other JJ people NNS ? . Indeed RB , , conservative JJ investors NNS , , many JJ of IN them PRP elderly JJ , , have VBP poured VBN more JJR than IN $ $ 50 CD billion CD into IN such JJ funds NNS , , which WDT promise VBP fatter JJR yields NNS than IN ordinary JJ Treasury NNP bonds NNS -- : only RB to TO learn VB later JJ that IN these DT funds NNS use VBP part NN of IN their PRP$ money NN to TO dabble VB in IN high-risk JJ bond NN options NNS , , a DT gambler NN 's POS game NN . . When WRB a DT certain JJ class NN of IN investment NN performs VBZ so RB poorly RB that IN its PRP$ reputation NN is VBZ tarnished VBN , , look VB for IN Wall NNP Street NNP to TO give VB it PRP a DT new JJ moniker NN . . This DT seems VBZ to TO be VB happening VBG now RB to TO limited VBN partnerships NNS , , many JJ of IN which WDT either CC have VBP gone VBN into IN the DT tank NN in IN recent JJ years NNS or CC have VBP otherwise RB been VBN grievous JJ disappointments NNS . . They PRP are VBP still RB being VBG sold VBN , , but CC more RBR and CC more RBR often RB as IN `` `` direct JJ investments NNS '' '' -- : with IN all DT the DT same JJ risks NNS they PRP had VBD under IN the DT old JJ label NN . . In IN such JJ cases NNS , , the DT game NN has VBZ n't RB changed VBD , , only RB the DT name NN . . In IN others NNS a DT familiar JJ old JJ name NN still RB prevails VBZ , , but CC the DT underlying JJ game NN has VBZ changed VBN . . For IN example NN , , `` `` no DT load NN '' '' mutual JJ funds NNS remain VBP a DT favorite NN with IN investors NNS because IN they PRP do VBP n't RB carry VB a DT frontend NN sales NNS commission NN . . Getting VBG out RB of IN them PRP , , however RB , , may MD be VB a DT different JJ story NN now RB . . Traditional JJ no-loads NNS made VBD their PRP$ money NN by IN charging VBG an DT annual JJ management NN fee NN , , usually RB a DT modest JJ one CD ; : they PRP imposed VBD no DT other JJ fees NNS , , and CC many JJ still RB do VBP n't RB . . In IN recent JJ years NNS , , though RB , , a DT passel NN of IN others NNS flying VBG the DT no-load JJ flag NN have VBP been VBN imposing VBG hefty JJ charges NNS -- : all DT the DT way NN up IN to TO 6 CD % NN -- : when WRB an DT investor NN sells VBZ his PRP$ shares NNS . . Should MD n't RB they PRP properly RB be VB called VBN exit-load JJ funds NNS ? . The DT mutual-fund JJ industry NN is VBZ debating VBG the DT question NN , , but CC do VBP n't RB expect VB a DT new JJ name NN while IN the DT old JJ one CD is VBZ working VBG so RB well RB . . And CC do VBP n't RB expect VB anyone NN to TO change VB the DT term NN `` `` blue JJ chip NN , , '' '' either CC , , even RB though IN some DT of IN the DT companies NNS that WDT still RB enjoy VBP the DT title NN may MD be VB riskier JJR investments NNS than IN they PRP were VBD . . American NNP Telephone NNP & CC Telegraph NNP Co. NNP , , for IN one CD , , is VBZ still RB a DT favorite JJ of IN widows NNS , , orphans NNS and CC trust NN departments NNS -- : but CC shorn VB of IN its PRP$ regional JJ telephone NN units NNS and CC exposed VBN to TO competition NN on IN every DT side NN , , it PRP is VBZ a DT far RB different JJ investment NN prospect NN than IN it PRP was VBD before IN divestiture NN . . Also RB , , blue JJ chips NNS in IN general JJ have VBP suffered VBN much RB more RBR short-term JJ price NN volatility NN in IN recent JJ years NNS . . Larry NNP Biehl NNP , , a DT money NN manager NN in IN San NNP Mateo NNP , , Calif. NNP , , blames VBZ that DT on IN the DT advent NN of IN program NN trading NN , , in IN which WDT computers NNS used VBN by IN big JJ institutional JJ investors NNS are VBP programmed VBN to TO buy VB and CC sell VB big JJ blocks NNS when WRB certain JJ market NN conditions NNS prevail VBP . . Blue JJ chips NNS , , he PRP says VBZ , , `` `` are VBP now RB being VBG referred VBN to TO as IN poker NN chips NNS . . '' '' Finally RB , , even RB the DT time-honored JJ strategy NN called VBN `` `` value NN investing NN '' '' no RB longer RB means VBZ what WP it PRP once RB did VBD . . Before IN the DT takeover NN mania NN of IN the DT '80s NNS , , it PRP referred VBD to TO rooting VBG out RP through IN analysis NN undervalued VBN stocks NNS , , especially RB those DT with IN shrewd JJ management NN , , sound NN fundamentals NNS and CC decent JJ prospects NNS . . Now RB , , says VBZ Mr. NNP Biehl NNP , , value NN investing NN often RB means VBZ `` `` looking VBG for IN downtrodden JJ companies NNS with IN terrible JJ management NN that WDT are VBP in IN real JJ trouble NN . . '' '' To TO institutional JJ investors NNS or CC brokers NNS , , he PRP adds VBZ , , a DT company NN with IN value NN is VBZ a DT company NN at IN risk NN of IN being VBG swallowed VBN up RP . . Ms. NNP Bettner NNP covers VBZ personal JJ finance NN from IN The DT Wall NNP Street NNP Journal NNP 's POS Los NNP Angeles NNP bureau NN . . I PRP was VBD amused VBN to TO read VB your PRP$ recent JJ news NN stories NNS on IN the DT banking NN industry NN 's POS reserve NN additions NNS and CC concomitant JJ threats NNS to TO cease VB making VBG new JJ loans NNS to TO less-developed JJ countries NNS . . If IN the DT whole JJ story NN were VBD told VBN , , it PRP would MD read VB something NN like IN this DT : : -- : During IN the DT 1970s NNS the DT commercial JJ banks NNS lured VBD the DT country NN loan NN business NN away RB from IN the DT bond NN markets NNS where WRB the DT discipline NN of IN a DT prospectus NN and CC `` `` Use NNP of IN Proceeds NNP '' '' confirmation NN allowed VBD lenders NNS to TO audit VB expenditures NNS of IN old JJ loans NNS before IN new JJ loans NNS were VBD made VBN . . -- : The DT reward NN for IN that DT reckless JJ lending NN was VBD high RB reported VBN earnings NNS ( ( and CC management NN bonuses NNS ) ) ; : the DT price NN , , a DT sea NN of IN bad JJ loans NNS . . -- : For IN the DT past JJ several JJ years NNS , , the DT banks NNS , , lacking VBG a DT private JJ navy NN to TO enforce VB their PRP$ interests NNS , , have VBP been VBN pressuring VBG the DT U.S. NNP Treasury NNP to TO underwrite VB their PRP$ bad JJ LDC NNP credits NNS . . -- : The DT Treasury NNP wisely RB has VBZ refused VBN , , but CC has VBZ concluded VBN that IN indirect JJ credit NN support NN through IN various JJ multinational JJ agencies NNS should MD be VB made VBN available JJ for IN a DT price NN : : either CC debt NN reduction NN or CC debt-service JJ reduction NN or CC new JJ loans NNS ( ( the DT Brady NNP Plan NNP ) ) . . -- : The DT banks NNS will MD threaten VB not RB to TO make VB further JJ loans NNS , , but CC in IN truth NN , , lacking VBG the DT capital NN to TO write VB off RP their PRP$ mistakes NNS or CC to TO build VB a DT navy NN , , they PRP have VBP no DT alternative NN but CC to TO go VB along RP . . George NNP A. NNP Wiegers NNP Gillette NNP Co. NNP elected VBD Warren NNP E. NNP Buffett NNP , , chairman NN of IN Berkshire NNP Hathaway NNP Inc. NNP , , to TO its PRP$ board NN , , increasing VBG the DT number NN of IN directors NNS to TO 12 CD from IN 11 CD . . Berkshire NNP Hathaway NNP earlier RBR this DT year NN bought VBD $ $ 600 CD million CD of IN preferred JJ stock NN in IN Gillette NNP that WDT is VBZ convertible JJ into IN an DT 11 CD % NN stake NN , , and CC Gillette NNP said VBD at IN the DT time NN that IN Mr. NNP Buffett NNP would MD be VB added VBN to TO the DT board NN . . Separately NNP , , Gillette NNP said VBD its PRP$ third-quarter JJ earnings NNS rose VBD 2 CD % NN to TO $ $ 65.2 CD million CD , , or CC 57 CD cents NNS a DT share NN , , from IN $ $ 63.9 CD million CD , , or CC 57 CD cents NNS a DT share NN , , in IN the DT year-earlier JJ period NN ; : per-share JJ earnings NNS remained VBD flat JJ despite IN an DT increase NN in IN net JJ income NN in IN part NN because IN the DT company NN paid VBD a DT $ $ 10.4 CD million CD dividend NN on IN the DT new JJ preferred VBN stock NN in IN the DT period NN . . Sales NNS rose VBD 9 CD % NN to TO $ $ 921.6 CD million CD from IN $ $ 845.7 CD million CD , , with IN sales NNS of IN the DT company NN 's POS international\/diversified JJ operations NNS `` `` well RB above JJ '' '' the DT year NN earlier-period NN . . For IN the DT nine CD months NNS , , Gillette NNP 's POS net JJ income NN declined VBD 1 CD % NN to TO $ $ 205.3 CD million CD , , or CC $ $ 2.02 CD a DT share NN , , from IN $ $ 207 CD million CD , , or CC $ $ 1.82 CD a DT share NN , , in IN the DT 1988 CD period NN . . Sales NNS rose VBD 6 CD % NN to TO $ $ 2.77 CD billion CD from IN $ $ 2.61 CD billion CD . . In IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , the DT company NN closed VBD yesterday NN at IN $ $ 45.50 CD a DT share NN , , up RB 25 CD cents NNS . . When WRB Walter NNP Yetnikoff NNP , , the DT president NN of IN Sony NNP Corp. NNP 's POS CBS NNP Records NNP , , last JJ month NN told VBD producer NN Peter NNP Guber NNP that IN Sony NNP was VBD about IN to TO make VB a DT $ $ 3.4 CD billion CD bid NN for IN Columbia NNP Pictures NNP and CC needed VBD someone NN to TO run VB the DT studio NN , , Mr. NNP Guber NNP jumped VBD at IN the DT chance NN . . Within IN two CD days NNS , , he PRP was VBD on IN his PRP$ way NN to TO New NNP York NNP and CC Tokyo NNP to TO meet VB with IN top JJ brass NN at IN Sony NNP . . And CC before IN the DT week NN was VBD out JJ , , Sony NNP had VBD offered VBN Mr. NNP Guber NNP and CC his PRP$ partner NN , , Jon NNP Peters NNP , , the DT most RBS lucrative JJ employment NN contracts NNS in IN the DT history NN of IN the DT movie NN business NN . . Not RB only RB that DT , , Sony NNP also RB agreed VBD to TO give VB them PRP a DT stake NN in IN Columbia NNP 's POS future JJ profits NNS and CC buy VB their PRP$ company NN , , Guber NNP Peters NNP Entertainment NNP Co. NNP , , for IN $ $ 200 CD million CD , , almost RB 40 CD % NN more JJR than IN the DT market NN value NN of IN the DT company NN . . There EX was VBD just RB one CD sticking NN point NN : : The DT two CD had VBD a DT prior JJ commitment NN . . Just RB seven CD months NNS earlier RBR , , they PRP had VBD signed VBN a DT five-year JJ exclusive JJ contract NN to TO make VB movies NNS for IN Warner NNP Bros. NNP for IN which WDT they PRP had VBD just RB produced VBN the DT smash NN hit VBN `` `` Batman NNP . . '' '' But CC Mr. NNP Guber NNP figured VBD that IN Warner NNP Communications NNP Inc. NNP chairman NN Steven NNP Ross NNP , , would MD empathize VB and CC let VB the DT producers NNS go VB , , knowing VBG the DT Sony NNP offer NN was VBD `` `` the DT culmination NN of IN a DT life NN 's POS work NN . . '' '' He PRP figured VBD wrong JJ . . Last JJ week NN , , following VBG fruitless JJ settlement NN talks NNS , , Warner NNP , , now RB merging VBG with IN Time NNP Inc. NNP , , filed VBD a DT $ $ 1 CD billion CD breach NN of IN contract NN suit NN in IN Los NNP Angeles NNP Superior NNP Court NNP against IN both DT Sony NNP and CC Guber NNP Peters NNP . . Sony NNP promptly RB countersued VBD , , charging VBG Warner NNP with IN trying VBG to TO sabotage VB its PRP$ acquisitions NNS and CC hurt VB its PRP$ efforts NNS to TO enter VB the DT U.S. NNP movie NN business NN . . The DT accusations NNS of IN lying VBG and CC duplicity NN are VBP flying VBG thick JJ and CC fast JJ on IN both DT sides NNS : : As IN one CD Sony NNP executive NN puts VBZ it PRP , , `` `` It PRP 's VBZ World NNP War NNP III NNP . . '' '' That IN two CD successful JJ producers NNS who WP are VBP n't RB all DT that IN well RB known VBN outside IN Hollywood NNP could MD occasion VB such JJ a DT clash NN of IN corporate JJ titans NNS suggests VBZ how WRB desperate JJ the DT quest NN for IN proven VBN talent NN is VBZ in IN the DT movie NN business NN . . And CC they PRP are VBP a DT very RB odd JJ team NN in IN any DT case NN . . Mr. NNP Guber NNP was VBD raised VBN in IN Boston NNP and CC educated VBN in IN New NNP York NNP . . He PRP is VBZ a DT lawyer NN with IN a DT string NN of IN academic JJ degrees NNS . . Mr. NNP Peters NNP is VBZ a DT high-school NN dropout NN who WP came VBD to TO fame NN as IN Barbra NNP Streisand NNP 's POS hairdresser NN . . Yet RB , , they PRP are VBP far RB and CC away RB the DT most RBS prolific JJ producers NNS in IN Hollywood NNP . . And CC despite IN their PRP$ share NN of IN duds NNS , , they PRP make VBP movies NNS that WDT make VBP money NN . . That DT is VBZ a DT skill NN Sony NNP badly RB needs VBZ -- : and CC Warner NNP is VBZ loath JJ to TO lose VB . . Although IN Columbia NNP had VBD a DT good JJ summer NN with IN `` `` Ghostbusters NNP II NNP '' '' and CC `` `` When WRB Harry NNP Met NNP Sally NNP , , '' '' rivals NNS such JJ as IN Warner NNP , , Paramount NNP Pictures NNP , , Walt NNP Disney NNP Co. NNP and CC Universal NNP Studios NNP have VBP been VBN thrashing NN Columbia NNP at IN the DT box NN office NN . . After IN five CD years NNS of IN management NN turmoil NN , , with IN four CD different JJ studio NN heads NNS , , Columbia NNP sorely RB needs VBZ a DT stable JJ , , savvy JJ team NN to TO restore VB its PRP$ credibility NN and CC get VB it PRP back RB in IN the DT business NN of IN making VBG hits NNS . . Mr. NNP Guber NNP and CC Mr. NNP Peters NNP are VBP n't RB universally RB loved VBN in IN Hollywood NNP but CC they PRP are VBP well RB connected VBN . . Their PRP$ stock NN in IN trade NN as IN `` `` executive JJ producers NNS '' '' is VBZ sniffing VBG out RP hot JJ properties NNS , , locking VBG them PRP up RP and CC then RB getting VBG big JJ studios NNS to TO bankroll VB and CC distribute VB them PRP . . Sometimes RB Mr. NNP Guber NNP and CC Mr. NNP Peters NNP do VBP little RB more JJR than IN grab VB the DT first JJ draft NN of IN a DT screenplay NN for IN a DT `` `` Flashdance NNP , , '' '' or CC buy VB rights NNS to TO a DT best JJS seller NN such JJ as IN `` `` The DT Color NNP Purple NNP . . '' '' It PRP falls VBZ to TO others NNS to TO do VB the DT writing NN , , directing NN and CC producing NN . . With IN MGM\/UA NNP 's POS `` `` Rainman NNP , , '' '' for IN instance NN , , Messrs. NNP Guber NNP and CC Peters NNP had VBD virtually RB nothing NN to TO do VB with IN day-to-day JJ production NN , , but CC their PRP$ names NNS still RB appear VBP in IN big JJ letters NNS on IN the DT credits NNS , , and CC they PRP are VBP inevitably RB associated VBN with IN its PRP$ success NN . . Sometimes RB , , as IN with IN `` `` Batman NNP , , '' '' the DT pair NN really RB do VBP make VB the DT film NN . . In IN that DT case NN , , Guber NNP Peters NNP acquired VBD the DT rights NNS in IN 1979 CD , , nursed VBD the DT movie NN through IN a DT dozen NN scripts NNS , , and CC were VBD on IN the DT set NN in IN London NNP for IN 11 CD months NNS hovering VBG over IN the DT most RBS minute JJ changes NNS in IN casting NN and CC production NN . . `` `` They PRP 're VBP the DT best JJS production NN talent NN around RP , , '' '' says VBZ Brian NNP De NNP Palma NNP , , beholden JJ to TO Guber NNP Peters NNP for IN hiring VBG him PRP to TO direct VB the DT Warner NNP movie NN of IN Tom NNP Wolfe NNP 's POS novel NN `` `` Bonfire NNP of IN the DT Vanities NNP . . '' '' On IN that DT film NN , , which WDT is VBZ to TO start VB shooting NN in IN a DT few JJ months NNS , , `` `` they PRP 've VBP been VBN very RB much RB involved VBN , , hiring VBG talent NN and CC discussing VBG the DT development NN of IN the DT script NN . . And CC when WRB you PRP 're VBP making VBG a DT movie NN this DT big JJ , , you PRP need VBP all DT the DT help NN you PRP can MD get VB , , '' '' Mr. NNP De NNP Palma NNP adds VBZ . . `` `` I PRP wish VBP they PRP were VBD around RB 24 CD hours NNS a DT day NN . . '' '' And CC some DT movies NNS seem VBP to TO have VB been VBN hurt VBN by IN their PRP$ inattention NN . . Warner NNP executives NNS blame VBP Mr. NNP Guber NNP 's POS and CC Mr. NNP Peters NNP 's POS lack NN of IN involvement NN in IN `` `` Caddyshack NNP II NNP '' '' for IN casting NN and CC production NN problems NNS and CC the DT film NN 's POS ultimate JJ dismal JJ failure NN . . `` `` We PRP 've VBP had VBD a DT few JJ bombs NNS , , '' '' admits VBZ Mr. NNP Peters NNP . . `` `` But CC by IN and CC large JJ this DT company NN has VBZ only RB been VBN profitable JJ . . '' '' He PRP says VBZ his PRP$ company NN 's POS prowess NN at IN packaging NN and CC marketing NN `` `` is VBZ why WRB we PRP 'll MD be VB good JJ at IN Columbia NNP . . We PRP practically RB ran VBD our PRP$ own JJ studio NN . . '' '' Longtime JJ Hollywood NNP associates NNS describe VBP Mr. NNP Guber NNP as IN the DT intellectual JJ powerhouse NN of IN the DT two CD , , a DT man NN with IN a DT flair NN for IN deal-making NN and CC marketing JJ . . `` `` Peter NNP is VBZ a DT major JJ piece NN of IN Hollywood NNP manpower NN who WP has VBZ really RB earned VBN his PRP$ success NN , , '' '' says VBZ Robert NNP Bookman NNP , , an DT agent NN at IN Creative NNP Artists NNP Agency NNP . . Mark NNP Johnson NNP , , the DT producer NN of IN `` `` Rainman NNP , , '' '' chimes VBZ in RP : : `` `` He PRP has VBZ a DT great JJ ability NN to TO hire VB terrific JJ people NNS and CC delegate VB authority NN ... : . . It PRP 's VBZ no DT accident NN that IN they PRP 've VBP been VBN able JJ to TO develop VB such JJ successful JJ material NN . . '' '' Mr. NNP Peters NNP , , on IN the DT other JJ hand NN , , has VBZ fewer JJR fans NNS in IN Hollywood NNP , , and CC his PRP$ detractors NNS like VBP to TO characterize VB him PRP as IN something NN of IN a DT hot-tempered JJ bully NN . . He PRP gets VBZ better JJR reviews NNS as IN a DT creative JJ whiz NN , , an DT enthusiast NN , , an DT idea NN man NN . . He PRP also RB had VBD to TO fight VB harder RBR for IN credibility NN than IN his PRP$ partner NN did VBD . . Barbra NNP Streisand NNP made VBD him PRP famous JJ . . He PRP cut VBD her PRP$ hair NN . . He PRP lived VBD with IN her PRP . . He PRP came VBD to TO produce VB her PRP$ records NNS and CC her PRP$ movies NNS -- : `` `` A DT Star NNP Is NNP Born NNP '' '' and CC `` `` The DT Main NNP Event NNP . . '' '' Thrice RB married VBN but CC now RB single JJ , , Mr. NNP Peters NNP got VBD plenty NN of IN ink NN last JJ summer NN for IN an DT on-set JJ romance NN with IN actress NN Kim NNP Basinger NNP during IN the DT making NN of IN `` `` Batman NNP . . '' '' Mr. NNP Guber NNP , , by IN contrast NN , , has VBZ been VBN married VBN to TO one CD woman NN for IN more JJR than IN 20 CD years NNS . . But CC for IN all DT their PRP$ intellectual JJ and CC stylistic JJ differences NNS , , they PRP make VBP the DT perfect JJ `` `` good JJ cop NN , , bad JJ cop NN '' '' team NN , , Hollywood NNP associates NNS say VBP . . `` `` Peter NNP is VBZ the DT bright JJ , , sympathetic JJ guy NN when WRB you PRP 're VBP doing VBG a DT deal NN , , '' '' says VBZ one CD agent NN . . `` `` If IN there EX 's VBZ a DT problem NN , , Peter NNP disappears VBZ , , and CC all DT of IN a DT sudden JJ Jon NNP shows VBZ up RP . . '' '' Mr. NNP Guber NNP and CC Mr. NNP Peters NNP rub VBP many JJ people NNS in IN Hollywood NNP the DT wrong JJ way NN . . Producers NNP Don NNP Simpson NNP and CC Jerry NNP Bruckheimer NNP , , who WP shepherded VBD `` `` Flashdance NNP '' '' through IN several JJ scripts NNS and CC ultimately RB produced VBD the DT movie NN , , bristle VBP when WRB Messrs. NNS Guber NNP and CC Peters NNP take VBP credit NN for IN the DT film NN . . Says VBZ Mr. NNP Simpson NNP : : `` `` The DT script NN was VBD unreadable JJ . . We PRP reinvented VBD it PRP . . We PRP are VBP the DT producers NNS of IN that DT movie NN . . They PRP got VBD a DT small JJ piece NN of IN the DT net JJ profits NNS and CC a DT screen NN credit NN '' '' as IN executive NN producers NNS . . When WRB Roger NNP Birnbaum NNP , , an DT executive NN who WP worked VBD for IN Guber NNP Peters NNP in IN the DT early JJ 1980s NNS , , left VBD to TO take VB a DT job NN as IN head NN of IN production NN at IN the DT United NNP Artists NNP studio NN , , they PRP made VBD him PRP forfeit VB all DT credits NNS and CC financial JJ interest NN in IN the DT films NNS he PRP had VBD helped VBN develop VB , , including VBG `` `` Rainman NNP '' '' and CC `` `` Batman NNP . . '' '' Mr. NNP Peters NNP acknowledges VBZ that DT and CC says VBZ it PRP 's VBZ not RB unlike IN the DT situation NN he PRP and CC Mr. NNP Guber NNP are VBP in IN with IN Warner NNP . . `` `` I PRP was VBD upset VBN with IN Roger NNP , , I PRP fumpered VBD and CC schmumpered VBD , , '' '' says VBZ Mr. NNP Peters NNP . . `` `` But CC he PRP wanted VBD to TO pursue VB his PRP$ own JJ dream NN , , and CC he PRP went VBD . . '' '' Still RB , , Mr. NNP Birnbaum NNP says VBZ his PRP$ relationship NN with IN Guber NNP Peters NNP was VBD `` `` one CD of IN the DT most RBS successful JJ I PRP 've VBP had VBD in IN Hollywood NNP . . '' '' The DT two CD `` `` have VBP a DT wonderful JJ chemistry NN -- : Jon NNP is VBZ very RB impulsive JJ , , and CC Peter NNP is VBZ very RB compulsive JJ , , '' '' adds VBZ Mr. NNP Birnbaum NNP , , who WP is VBZ now RB head NN of IN production NN at IN News NNP Corp. NNP 's POS 20th JJ Century NNP Fox NNP Film NNP Co NNP . . `` `` Jon NNP Peters NNP will MD come VB barreling VBG into IN a DT room NN , , say VB he PRP 's VBZ got VBD a DT great JJ idea NN , , and CC be VB gone VBN . . Peter NNP will MD take VB the DT kernel NN of IN that DT idea NN and CC make VB it PRP grow VB into IN something NN specific NN ... : . . '' '' Mr. NNP Birnbaum NNP recalls VBZ that IN Mr. NNP Guber NNP and CC Mr. NNP Peters NNP shifted VBD into IN high JJ gear NN a DT few JJ years NNS back RB upon IN learning VBG that IN they PRP had VBD competition NN for IN the DT story NN of IN the DT murdered VBN naturalist NN Dian NNP Fossey NNP , , which WDT became VBD `` `` Gorillas NNP in IN the DT Mist NNP . . '' '' He PRP says VBZ , , `` `` Within IN a DT few JJ weeks NNS , , we PRP made VBD deals NNS with IN the DT government NN of IN Rwanda NNP and CC everyone NN who WP had VBD ever RB met VBN or CC talked VBN to TO Dian NNP Fossey NNP . . I PRP think VBP Peter NNP even RB made VBD some DT deals NNS with IN the DT gorillas NNS . . '' '' Universal NNP Studios NNP was VBD working VBG on IN a DT competing VBG film NN , , but CC the DT studio NN and CC its PRP$ producers NNS ultimately RB agreed VBD to TO co-produce VB the DT film NN with IN Guber NNP Peters NNP and CC Warner NNP . . More RBR recently RB , , Guber NNP Peters NNP beat VBD out RP a DT dozen NN other JJ producers NNS , , reportedly RB including VBG Robert NNP Redford NNP and CC Ted NNP Turner NNP , , for IN rights NNS to TO the DT life NN story NN of IN Chico NNP Mendes NNP , , the DT murdered VBN Brazilian JJ union NN leader NN who WP fought VBD developers NNS in IN the DT Amazon NNP rain NN forest NN . . Messrs. NNP Guber NNP and CC Peters NNP assiduously RB courted VBD the DT man NN 's POS widow NN for IN months NNS , , showing VBG her PRP a DT tape NN of IN `` `` Gorillas NNP in IN the DT Mist NNP '' '' to TO impress VB her PRP with IN the DT quality NN of IN their PRP$ work NN . . Money NN helped VBD , , too RB . . Ultimately RB , , they PRP paid VBD more JJR than IN $ $ 1 CD million CD for IN the DT rights NNS . . ( ( The DT sale NN caused VBD a DT rift NN between IN the DT widow NN and CC some DT of IN her PRP husband NN 's POS followers NNS . . Some DT of IN the DT money NN will MD go VB to TO the DT Chico NNP Mendes NNP Foundation NNP , , but CC it PRP is VBZ n't RB earmarked VBN for IN groups NNS trying VBG to TO save VB the DT rain NN forest NN . . ) ) It PRP 's VBZ hardly RB astonishing JJ ( ( given VBN the DT men NNS 's POS track NN record NN ) ) that IN Sony NNP wants VBZ Mr. NNP Guber NNP and CC Mr. NNP Peters NNP . . But CC it PRP is VBZ puzzling JJ to TO some DT Hollywood NNP executives NNS that IN Sony NNP rushed VBD to TO hire VB them PRP without IN clearing VBG up RP the DT Warner NNP situation NN first RB . . Some DT note NN that IN Sony NNP might MD have VB saved VBN itself PRP some DT trouble NN by IN just RB hiring VBG Mr. NNP Guber NNP and CC letting VBG Mr. NNP Peters NNP stay VB on RP to TO fulfill VB the DT Warner NNP contract NN . . But CC though IN `` `` people NNS in IN town NN may MD ask VB why WRB Guber NNP needs VBZ Peters NNP , , it PRP 's VBZ good JJ to TO have VB a DT partner NN , , and CC obviously RB the DT chemistry NN works VBZ , , '' '' says VBZ Steven NNP Tisch NNP , , a DT producer NN who WP once RB worked VBD for IN Mr. NNP Guber NNP . . `` `` This DT business NN is VBZ n't RB about IN personalities NNS at IN the DT end NN of IN the DT day NN -- : it PRP s VBZ about IN whether CC the DT ink NN is VBZ red JJ or CC black JJ . . In IN the DT case NN of IN Peter NNP and CC Jon NNP , , the DT ink NN has VBZ been VBN very RB , , very RB black JJ . . '' '' Mr. NNP Guber NNP got VBD his PRP$ start NN in IN the DT movie NN business NN at IN Columbia NNP two CD decades NNS ago RB . . Recruited VBN from IN New NNP York NNP University NNP 's POS MBA NNP program NN , , he PRP rose VBD within IN two CD years NNS to TO head NN of IN production NN , , overseeing VBG such JJ films NNS as IN `` `` The DT Way NN We PRP Were VBD , , '' '' `` `` Taxi NN Driver NN , , '' '' `` `` Tommy NNP '' '' and CC `` `` Shampoo NNP . . '' '' In IN 1976 CD , , he PRP teamed VBD up RP with IN record NN producer NN Neil NNP Bogart NNP in IN Casablanca NNP Records NNP and CC Filmworks NNP -- : later RB called VBN Polygram NNP Pictures NNP -- : where WRB they PRP produced VBD such JJ hits NNS as IN as IN `` `` The DT Deep NNP , , '' '' and CC `` `` Midnight NNP Express NNP . . '' '' In IN 1980 CD , , Mr. NNP Guber NNP got VBD together RP with IN Mr. NNP Peters NNP , , by IN then RB a DT successful JJ producer NN in IN his PRP$ own JJ right NN , , after IN the DT death NN of IN Mr. NNP Bogart NNP . . While IN Guber NNP Peters NNP produced VBD a DT number NN of IN hits NNS for IN Warner NNP and CC others NNS , , their PRP$ record NN was VBD n't RB always RB so RB impressive JJ . . Among IN their PRP$ clinkers NNS were VBD `` `` The DT Legend NNP of IN Billie NNP Jean NNP , , '' '' `` `` VisionQuest NNP , , '' '' `` `` Clue NNP '' '' and CC `` `` Clan NNP of IN the DT Cave NNP Bear NNP . . '' '' And CC the DT failures NNS make VBP it PRP possible JJ for IN Warner NNP in IN its PRP$ current JJ lawsuit NN to TO paint VB the DT producers NNS as IN ingrates NNS . . The DT studio NN says VBZ it PRP stuck VBD with IN them PRP `` `` even RB in IN the DT early JJ years NNS when WRB the DT creative JJ partnership NN was VBD not RB particularly RB profitable JJ for IN Warner NNP . . '' '' Mr. NNP Guber NNP replies VBZ that IN `` `` this DT is VBZ a DT Goliath NNP , , this DT Time NNP Warner NNP , , trying VBG to TO chew VB up RP two CD fellows NNS who WP have VBP done VBN only RB well RB for IN them PRP for IN a DT long JJ period NN of IN time NN . . '' '' Mr. NNP Guber NNP and CC Mr. NNP Peters NNP maintain VBP that IN executives NNS at IN Warner NNP have VBP always RB known VBN of IN their PRP$ ambitions NNS to TO run VB a DT major JJ entertainment NN powerhouse NN , , but CC that IN Warner NNP never RB felt VBD threatened VBN until IN they PRP linked VBD up RP with IN Sony NNP . . `` `` From IN the DT beginning NN , , { ( they PRP } ) knew VBD we PRP had VBD a DT goal NN and CC a DT dream NN , , '' '' says VBZ Mr. NNP Guber NNP . . On IN a DT number NN of IN occasions NNS , , he PRP adds VBZ , , he PRP tried VBD to TO get VB Warner NNP to TO buy VB Guber NNP Peters NNP outright RB . . `` `` They PRP always RB listened VBD , , but CC they PRP never RB acted VBD , , '' '' Mr. NNP Guber NNP says VBZ . . In IN 1987 CD , , Mr. NNP Guber NNP and CC Mr. NNP Peters NNP contributed VBD their PRP$ company NN 's POS assets NNS in IN exchange NN for IN a DT 28 CD % NN stake NN in IN Barris NNP Entertainment NNP , , a DT small-fry JJ TV NN production NN company NN controlled VBN by IN Giant NNP Industries NNP Inc. NNP Chairman NNP Burt NNP Sugarman NNP . . In IN July NNP a DT year NN later RB , , Warner NNP agreed VBD to TO release VB the DT producers NNS from IN their PRP$ old JJ contract NN when WRB Messrs. NNP Guber NNP , , Peters NNP and CC Sugarman NNP made VBD a DT $ $ 100 CD million CD offer NN to TO buy VB 25 CD % NN of IN MGM\/UA NN . . Mr. NNP Guber NNP and CC Mr. NNP Peters NNP planned VBD to TO run VB the DT nearly RB dormant JJ MGM NNP studio NN , , and CC the DT two CD even RB tried VBD to TO interest VB Warner NNP Bros NNP . . ' '' President NNP Terry NNP Semel NNP in IN becoming VBG a DT partner NN after IN he PRP advised VBD them PRP on IN the DT deal NN . . But CC the DT MGM NNP plan NN collapsed VBD just RB two CD weeks NNS later RBR . . Mr. NNP Guber NNP and CC Mr. NNP Peters NNP say VBP they PRP got VBD a DT look NN at IN the DT books NNS and CC balked VBD at IN the DT price NN . . Their PRP$ relationship NN with IN Mr. NNP Sugarman NNP soured VBD shortly RB thereafter RB . . Last JJ May NNP , , he PRP sold VBD his PRP$ 24 CD % NN stake NN in IN Barris NNP to TO a DT passive NN Australian JJ investor NN and CC Barris NNP was VBD renamed VBN Guber NNP Peters NNP Entertainment NNP Co NNP . . Meanwhile RB , , Mr. NNP Guber NNP and CC Mr. NNP Peters NNP had VBD agreed VBN to TO extend VB their PRP$ Warner NNP agreement NN with IN the DT new JJ five-year JJ exclusive JJ contract NN . . The DT new JJ deal NN was VBD considered VBN the DT most RBS generous JJ of IN its PRP$ kind NN , , both DT financially RB and CC in IN terms NNS of IN creative JJ freedom NN . . But CC it PRP paled VBD by IN comparison NN to TO what WP Sony NNP was VBD to TO offer VB last JJ month NN : : the DT chance NN , , at IN last JJ , , to TO run VB a DT major JJ studio NN , , about RB $ $ 50 CD million CD in IN deferred VBN compensation NN , , up IN to TO 10 CD % NN of IN Columbia NNP 's POS future JJ cash NN flow NN , , 8 CD % NN of IN the DT future JJ appreciation NN of IN Columbia NNP 's POS market NN value NN , , and CC annual JJ salaries NNS of IN $ $ 2.7 CD million CD for IN each DT . . The DT producers NNS ' POS 28 CD % NN share NN of IN publicly RB held VBN Guber NNP Peters NNP would MD net VB them PRP an DT additional JJ $ $ 50 CD million CD . . Sony NNP also RB agreed VBD to TO indemnify VB the DT producers NNS against IN any DT liability NN to TO Warner NNP . . Sony NNP is VBZ paying VBG a DT hefty JJ price NN for IN a DT company NN that WDT had VBD revenue NN of IN only RB $ $ 42 CD million CD last JJ year NN . . And CC earnings NNS have VBP been VBN erratic JJ . . In IN the DT the DT latest JJS quarter NN , , thanks NNS in IN part NN to TO `` `` Batman NNP , , '' '' Guber NNP Peters NNP earned VBD $ $ 5.8 CD million CD , , or CC 50 CD cents NNS a DT share NN , , compared VBN to TO a DT loss NN of IN $ $ 6.8 CD million CD , , or CC 62 CD cents NNS a DT share NN , , in IN last JJ year NN 's POS quarter NN . . Guber NNP Peters NNP stock NN , , which WDT traded VBD as RB low JJ as IN $ $ 6 CD a DT share NN last JJ year NN , , closed VBD yesterday NN at IN $ $ 16.625 CD . . The DT two CD sides NNS now RB are VBP accusing VBG each DT other JJ of IN lying VBG . . Mr. NNP Guber NNP and CC Mr. NNP Peters NNP claim VBP they PRP have VBP an DT oral JJ agreement NN with IN Warner NNP executives NNS that WDT allows VBZ them PRP to TO terminate VB their PRP$ contract NN should MD the DT opportunity NN to TO run VB a DT major JJ studio NN arise VB . . But CC in IN affidavits NNS filed VBN yesterday NN in IN the DT Los NNP Angeles NNP court NN , , Mr. NNP Ross NNP , , Warner NNP Bros. NNP Chairman NNP Robert NNP Daly NNP and CC President NNP Semel NNP deny VBP that IN such JJ an DT oral JJ agreement NN was VBD ever RB made VBN . . Warner NNP , , in IN its PRP$ court NN filings NNS , , calls VBZ it PRP `` `` a DT piece NN of IN fiction NN created VBN for IN this DT litigation NN . . '' '' Mr. NNP Daly NNP in IN his PRP$ affidavit NN acknowledges VBZ that IN Warner NNP agreed VBD to TO release VB the DT producers NNS last JJ year NN to TO take VB over RP MGM NNP but CC says VBZ that DT situation NN was VBD altogether RB different JJ . . For IN one CD thing NN , , according VBG to TO Mr. NNP Daly NNP , , the DT producers NNS requested VBD a DT release NN in IN advance NN . . Moreover RB , , the DT old JJ contract NN was VBD about IN to TO expire VB , , and CC the DT lineup NN of IN Guber NNP Peters NNP pictures NNS for IN Warner NNP was VBD n't RB as RB strong JJ as IN it PRP is VBZ now RB . . Warner NNP itself PRP was VBD in IN negotiations NNS with IN MGM NNP over IN certain JJ movie NN and CC other JJ rights NNS , , and CC it PRP was VBD `` `` in IN Warner NNP 's POS interest NN to TO accommodate VB MGM\/UA NNP , , Guber NNP and CC Peters NNP by IN permitting VBG them PRP to TO become VB MGM NNP executives NNS , , '' '' Mr. NNP Daly NNP said VBD in IN his PRP$ affidavit NN . . Warner NNP obviously RB does VBZ n't RB think VB that IN it PRP is VBZ in IN its PRP$ own JJ interests NNS to TO let VB Mr. NNP Guber NNP and CC Mr. NNP Peters NNP go VB off RP to TO Columbia NNP . . At IN the DT very RB least JJS , , Mr. NNP Ross NNP clearly RB sees VBZ an DT opportunity NN to TO use VB the DT two CD men NNS to TO get VB a DT pound NN of IN flesh NN from IN Sony NNP . . During IN settlement NN talks NNS , , for IN example NN , , Warner NNP demanded VBD such JJ things NNS as IN cable NN TV NN rights NNS to TO Columbia NNP movies NNS and CC Columbia NNP 's POS interest NN in IN the DT studio NN it PRP jointly RB owns VBZ with IN Warner NNP , , according VBG to TO executives NNS involved VBN in IN the DT talks NNS . . In IN any DT settlement NN , , Warner NNP is VBZ almost RB certain JJ to TO demand VB rights NNS to TO most JJS of IN the DT 50 CD or CC so RB projects NNS Mr. NNP Guber NNP and CC Mr. NNP Peters NNP have VBP locked VBN up RP for IN the DT next JJ few JJ years NNS , , notably RB sequels NNS to TO `` `` Batman NNP . . '' '' Mr. NNP Guber NNP and CC Mr. NNP Peters NNP refuse VBP to TO concede VB that IN they PRP may MD have VB made VBN a DT tactical JJ error NN in IN accepting VBG the DT Sony NNP offer NN before IN taking VBG it PRP up RP with IN Warner NNP . . And CC they PRP say VBP there EX are VBP plenty RB of IN precedents NNS in IN Hollywood NNP for IN letting VBG people NNS out IN of IN contracts NNS . . The DT last JJ time NN Columbia NNP Pictures NNP was VBD looking VBG for IN a DT studio NN chief NN , , they PRP note VBP , , Warner NNP released VBD producer NN David NNP Puttnam NNP from IN his PRP$ contract NN , , then RB took VBD him PRP back RB after IN he PRP was VBD subsequently RB fired VBN by IN his PRP$ bosses NNS at IN Columbia NNP . . In IN his PRP$ affidavit NN filed VBD yesterday NN , , Warner NNP 's POS Mr. NNP Ross NNP indicated VBD he PRP is VBZ n't RB buying VBG any DT such JJ argument NN : : `` `` If IN Sony NNP succeeds VBZ here RB , , no DT written VBN contract NN in IN Hollywood NNP will MD be VB worth JJ the DT paper NN it PRP 's VBZ written VBN on IN . . THE DT SALES NNP PITCH NNP could MD n't RB sound VB better RBR . . First RB , , there EX 's VBZ the DT name NN : : `` `` asset-backed JJ securities NNS . . '' '' Better RBR than IN all DT those DT offers NNS you PRP get VBP to TO buy VB securities NNS backed VBN by IN nothing NN . . And CC there EX 's VBZ more JJR . . The DT assets NNS backing VBG the DT securities NNS come VBP from IN some DT of IN the DT country NN 's POS biggest JJS -- : and CC most RBS secure JJ -- : institutions NNS . . Most JJS earn VBP high JJ ratings NNS from IN credit NN agencies NNS . . Their PRP$ yields NNS are VBP higher JJR than IN those DT of IN U.S. NNP Treasury NNP issues NNS . . And CC the DT booming JJ market NN has VBZ already RB attracted VBN many JJ of IN the DT nation NN 's POS biggest JJS institutional JJ investors NNS . . Ready JJ to TO jump VB ? . Well RB , , think VB twice RB . . The DT concept NN may MD be VB simple JJ : : Take VB a DT bunch NN of IN loans NNS , , tie VB them PRP up RP in IN one CD neat JJ package NN , , and CC sell VB pieces NNS of IN the DT package NN to TO investors NNS . . But CC the DT simplicity NN may MD be VB misleading VBG . . Skeptics NNS say VBP the DT slightly RB higher JJR returns NNS are VBP n't RB enough JJ to TO compensate VB for IN the DT extra JJ risk NN . . They PRP warn VBP that IN asset-backed JJ securities NNS are VBP only RB as RB good JJ as IN the DT assets NNS and CC credit NN backing NN that WDT support VBP them PRP -- : and CC those DT are VBP hard JJ to TO evaluate VB . . Moreover RB , , the DT securities NNS were VBD introduced VBN only RB about RB 4 CD 1\/2 CD years NNS ago RB ; : the DT biggest JJS unknown NN is VBZ how WRB they PRP will MD fare VB in IN a DT recession NN . . `` `` A DT lot NN of IN this DT stuff NN really RB is VBZ in IN untested JJ waters NNS , , '' '' says VBZ Owen NNP Carney NNP , , director NN of IN the DT investment NN securities NNS division NN of IN the DT U.S. NNP comptroller NN of IN the DT currency NN . . `` `` We PRP do VBP n't RB know VB how WRB this DT whole JJ market NN will MD work VB in IN a DT serious JJ economic JJ downturn NN . . '' '' Such JJ concerns NNS , , however RB , , have VBP n't RB stopped VBN asset-backed JJ securities NNS from IN becoming VBG one CD of IN Wall NNP Street NNP 's POS hottest JJS new JJ products NNS . . Since IN the DT spring NN of IN 1985 CD , , financial JJ alchemists NNS have VBP transformed VBN a DT wide JJ variety NN of IN debt NN into IN these DT new JJ securities NNS . . They PRP have VBP sold VBN issues NNS backed VBD by IN car NN loans NNS , , boat NN loans NNS and CC recreational-vehicle JJ loans NNS . . They PRP have VBP offered VBN bundles NNS of IN homeequity NN loans NNS , , as RB well RB as IN packages NNS of IN loans NNS used VBN to TO buy VB vacation NN time-shares NNS . . Last JJ year NN , , there EX was VBD an DT issue NN of IN `` `` death-backed JJ bonds NNS '' '' -- : securities NNS backed VBN by IN loans NNS to TO life-insurance NN policyholders NNS . . Some DT predict VBP there EX will MD be VB `` `` Third NNP World NNP bonds NNS , , '' '' backed VBN by IN loans NNS to TO Brazil NNP , , Argentina NNP and CC other JJ debt-ridden JJ nations NNS . . And CC the DT biggest JJS volume NN this DT year NN has VBZ been VBN on IN securities NNS backed VBN by IN credit-card NN receivables NN , , sometimes RB known VBN as IN `` `` plastic JJ bonds NNS . . '' '' `` `` This DT is VBZ the DT heyday NN of IN debt NN , , '' '' says VBZ James NNP Grant NNP , , editor NN of IN Grant NNP 's POS Interest NNP Rate NNP Observer NNP , , a DT newsletter NN . . `` `` Before RB the DT sun NN sets VBZ on IN the DT '80s CD , , it PRP seems VBZ nothing NN will MD be VB left VBN unhocked VBN . . '' '' The DT result NN is VBZ a DT $ $ 45 CD billion CD market NN , , according VBG to TO Securities NNP Data NNP Co NNP . . That DT includes VBZ more JJR than IN $ $ 9.5 CD billion CD issued VBD through IN August NNP of IN this DT year NN , , up RP sharply RB from IN $ $ 6.5 CD billion CD in IN the DT comparable JJ 1988 CD period NN -- : and CC more JJR than IN in IN all DT of IN 1987 CD . . Most JJS issues NNS have VBP been VBN sold VBN to TO professional JJ money NN managers NNS , , pension NN funds NNS , , bank NN trust NN departments NNS and CC other JJ institutions NNS . . But CC wealthy JJ individuals NNS also RB have VBP been VBN jumping VBG in RP , , and CC lately RB brokers NNS have VBP been VBN pushing VBG smaller JJR investors NNS into IN the DT asset-backed JJ market NN . . The DT entry NN fee NN is VBZ affordable JJ : : Issues NNS typically RB are VBP sold VBN in IN minimum NN denominations NNS of IN $ $ 1,000 CD . . `` `` We PRP expect VBP additional JJ offerings NNS '' '' of IN asset-backed JJ securities NNS targeted VBN toward IN individual JJ investors NNS , , says VBZ Bill NNP Addiss NNP , , a DT senior JJ vice NN president NN at IN Shearson NNP Lehman NNP Hutton NNP Inc NNP . . The DT process NN typically RB begins VBZ when WRB an DT institution NN , , such JJ as IN Citibank NNP or CC Sears NNP , , Roebuck NNP & CC Co. NNP , , takes VBZ a DT pool NN of IN credit-card NN or CC other JJ receivables NN and CC sells VBZ them PRP to TO a DT specially RB created VBN trust NN . . The DT trust NN then RB issues VBZ securities NNS -- : generally RB due JJ in IN five CD years NNS or CC less JJR -- : that WDT are VBP underwritten JJ by IN Wall NNP Street NNP brokerage NN firms NNS and CC offered VBN to TO investors NNS . . Issues NNS typically RB come VB with RP `` `` credit NN enhancements NNS , , '' '' such JJ as IN a DT bank NN letter NN of IN credit NN , , and CC thus RB have VBP received VBN high JJ credit NN ratings NNS . . Enthusiasts NNS say VBP the DT booming JJ market NN has VBZ opened VBN up RP a DT valuable JJ new JJ source NN of IN funds NNS to TO issuers NNS , , while IN providing VBG a DT valuable JJ new JJ investment NN for IN individuals NNS and CC institutions NNS . . Asset-backed JJ securities NNS `` `` are VBP an DT attractive JJ investment NN compared VBN to TO bank NN certificates NNS of IN deposit NN or CC other JJ corporate JJ bonds NNS , , '' '' says VBZ Craig NNP J. NNP Goldberg NNP , , managing VBG director NN and CC head NN of IN the DT asset-backed JJ securities NNS group NN at IN Merrill NNP Lynch NNP Capital NNP Markets NNP . . But CC skeptics NNS question VBP whether IN asset-backed JJ bonds NNS offer VBP sufficient JJ rewards NNS to TO compensate VB for IN the DT extra JJ risks NNS . . Consider VB a DT $ $ 500 CD million CD offering NN of IN 9 CD % NN securities NNS issued VBD last JJ spring NN and CC backed VBD by IN Citibank NNP credit-card NN receivables NN . . The DT triple-A-rated JJ issue NN offered VBD a DT yield NN of IN only RB about RB 0.5 CD percentage NN point NN above IN four-year JJ Treasury NNP issues NNS . . On IN a DT $ $ 10,000 CD investment NN , , that DT 's VBZ a DT difference NN of IN only RB $ $ 50 CD a DT year NN . . That DT kind NN of IN spread NN can MD be VB critical JJ for IN money NN managers NNS who WP buy VBP bonds NNS in IN large JJ quantities NNS and CC whose WP$ livelihood NN depends VBZ on IN outperforming VBG the DT money NN manager NN across IN the DT street NN . . But CC for IN individuals NNS who WP buy VBP much RB smaller JJR amounts NNS and CC care VBP less RBR about IN relative JJ performance NN than IN in IN preserving VBG what WP they PRP have VBP , , that DT margin NN is VBZ meaningless JJ . . `` `` If IN you PRP 're VBP in IN the DT bond NN business NN playing VBG the DT relative-performance JJ derby NN , , then RB even RB an DT extra JJ 25 CD basis NN points NNS ( ( 0.25 CD percentage NN point NN ) ) becomes VBZ an DT important JJ consideration NN on IN a DT career NN basis NN , , '' '' says VBZ Mr. NNP Grant NNP . . `` `` But CC if IN you PRP 're VBP an DT individual JJ investing VBG money NN and CC trying VBG to TO get VB it PRP back RP again RB , , then RB that IN is VBZ n't RB of IN overwhelming JJ importance NN . . '' '' Moreover RB , , the DT interest NN on IN asset-backed JJ securities NNS is VBZ fully RB taxable JJ , , while IN interest NN on IN Treasury NNP issues NNS is VBZ tax-free JJ at IN the DT state NN and CC local JJ level NN . . That DT 's VBZ why WRB some DT investment NN managers NNS , , such JJ as IN Alex NNP Powers NNP , , a DT vice NN president NN of IN Chase NNP Manhattan NNP Bank NNP 's POS private JJ banking NN division NN , , do VBP n't RB recommend VB most JJS asset-backed JJ issues NNS for IN individuals NNS in IN high-tax JJ states NNS , , such JJ as IN New NNP York NNP or CC California NNP . . But CC Mr. NNP Powers NNP has VBZ purchased VBN asset-backed JJ issues NNS for IN individuals NNS with IN tax-deferred JJ accounts NNS , , such JJ as IN retirement NN plans NNS . . He PRP points VBZ out RP that IN institutions NNS buying VBG asset-backed JJ issues NNS in IN large JJ quantities NNS can MD earn VB higher JJR spreads NNS over IN Treasurys NNPS than IN individuals NNS buying VBG smaller JJR amounts NNS . . Another DT concern NN is VBZ liquidity NN , , or CC how WRB easily RB a DT security NN can MD be VB converted VBN into IN cash NN . . The DT secondary JJ , , or CC resale NN , , market NN for IN asset-backed JJ securities NNS is VBZ relatively RB new JJ and CC much RB less RBR active JJ than IN for IN Treasury NNP issues NNS . . That DT could MD make VB it PRP tricky JJ for IN investors NNS who WP need VBP to TO sell VB their PRP$ holdings NNS quickly RB before IN the DT securities NNS mature VBP . . That DT 's VBZ particularly RB true JJ , , analysts NNS say VBP , , for IN certain JJ of IN the DT securities NNS , , such JJ as IN those DT backed VBN by IN time-share JJ loans NNS . . `` `` You PRP could MD see VB massive JJ gyrations NNS here RB because IN it PRP 's VBZ such JJ a DT thinly RB traded VBN market NN , , '' '' says VBZ Jonathan NNP S. NNP Paris NNP , , a DT vice NN president NN of IN European NNP Investors NNP Inc. NNP , , a DT New NNP York NNP investment-management JJ firm NN . . In IN addition NN , , an DT investor NN who WP wants VBZ to TO know VB the DT daily JJ value NN of IN Treasury NNP bonds NNS , , or CC corporate JJ bonds NNS traded VBN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , can MD simply RB check VB newspaper NN listings NNS . . There EX are VBP n't RB any DT such JJ listings NNS for IN asset-backed JJ securities NNS . . Evaluating VBG asset-backed JJ securities NNS poses VBZ another DT problem NN . . Investors NNS , , for IN instance NN , , may MD mistakenly RB assume VB that IN the DT bank NN or CC company NN that WDT originally RB held VBD the DT assets NNS is VBZ guaranteeing VBG the DT securities NNS . . It PRP is VBZ n't RB . . The DT front JJ cover NN of IN the DT prospectus NN for IN the DT Citibank NNP credit-card NN receivables NN offering VBG points NNS out JJ in IN bold JJ capital NN letters NNS that IN the DT certificates NNS represent VBP an DT interest NN only RB in IN the DT specially RB created VBN trust NN and CC `` `` do VBP not RB represent VB interests NNS in IN or CC obligations NNS of IN the DT banks NNS , , Citibank NNP N.A. NNP , , Citicorp NNP or CC any DT affiliate NN thereof RB . . '' '' In IN other JJ words NNS , , if IN there EX 's VBZ a DT problem NN , , do VBP n't RB expect VB Citibank NNP to TO come VB to TO the DT rescue NN . . The DT prospectus NN also RB notes VBZ that IN the DT securities NNS are VBP not RB guaranteed VBN by IN any DT government NN agency NN . . That IN means VBZ investors NNS have VBP to TO focus VB on IN the DT quality NN of IN the DT debt NN that WDT lies VBZ beneath IN the DT securities NNS , , as RB well RB as IN on IN the DT credit NN enhancement NN for IN the DT issue NN and CC the DT credit NN ratings NNS the DT issue NN has VBZ received VBN . . That IN also RB is VBZ n't RB easy JJ . . Take VB the DT `` `` credit NN enhancements NNS , , '' '' which WDT typically RB include VBP a DT bank NN letter NN of IN credit NN or CC insurance NN from IN a DT bond-insurance JJ company NN . . The DT letter NN of IN credit NN typically RB is VBZ not RB offered VBN by IN the DT bank NN selling VBG the DT assets NNS to TO back VB the DT securities NNS . . Nor CC does VBZ it PRP cover VB the DT entire JJ portfolio NN . . Details NNS of IN credit NN enhancements NNS vary VBP widely RB from IN issue NN to TO issue NN . . Still RB , , they PRP play VBP a DT crucial JJ role NN in IN winning VBG top JJ ratings NNS for IN most JJS asset-backed JJ issues NNS -- : which WDT in IN turn NN is VBZ why WRB the DT yield NN above IN Treasurys NNPS is VBZ so RB slim JJ . . But CC skeptics NNS ask VBP why WRB you PRP should MD bother VB buying VBG this DT stuff NN when WRB you PRP can MD get VB only RB slightly RB lower JJR yields NNS on IN government-guaranteed JJ paper NN . . When WRB you PRP buy VBP an DT asset-backed JJ issue NN , , you PRP take VBP the DT risk NN that IN a DT bank NN or CC an DT insurer NN could MD run VB into IN unexpected JJ difficulties NNS . . If IN a DT bank NN 's POS credit NN rating NN was VBD lowered VBN because RB of IN , , say VB , , its PRP$ loans NNS to TO Third JJ World NNP nations NNS , , that WDT could MD also RB affect VB the DT ratings NNS , , liquidity NN and CC prices NNS of IN the DT asset-backed JJ issues NNS that IN the DT bank NN supports VBZ . . Underwriters NNS insist VBP these DT issues NNS are VBP constructed VBN to TO withstand VB extremely RB tough JJ economic JJ conditions NNS . . But CC despite IN the DT credit NN enhancements NNS , , despite IN the DT high JJ ratings NNS , , some DT money NN managers NNS still RB worry VBP that IN a DT recession NN could MD wreak VB havoc NN on IN the DT underlying VBG assets NNS . . At IN a DT time NN when WRB Americans NNS are VBP leveraged JJ to TO their PRP$ eyeballs NNS , , asset-backed JJ investors NNS may MD be VB taking VBG a DT heady JJ gamble NN that IN consumers NNS will MD be VB able JJ to TO repay VB loans NNS in IN hard JJ times NNS . . At IN the DT very RB least JJS , , a DT recession NN would MD prompt VB investors NNS to TO buy VB the DT highest-quality JJ bonds NNS they PRP can MD find VB -- : that DT is VBZ , , Treasurys NNPS . . That DT could MD widen VB the DT yield NN spread VBN between IN Treasurys NNPS and CC asset-backed JJ securities NNS , , as RB well RB as IN make VB it PRP tougher JJR to TO unload VB the DT latter JJ . . But CC it PRP could MD be VB much RB worse JJR . . Some DT analysts NNS are VBP especially RB wary JJ of IN credit-card NN issues NNS . . For IN one CD thing NN , , credit-card NN loans NNS are VBP unsecured JJ . . In IN addition NN , , they PRP fear VBP that IN banks NNS have VBP been VBN overeager JJ to TO issue VB cards NNS to TO the DT public NN -- : giving VBG cards NNS to TO too RB many JJ big JJ spenders NNS who WP will MD default VB during IN a DT recession NN . . `` `` A DT day NN of IN reckoning NN is VBZ coming VBG where WRB we PRP think VBP the DT market NN will MD place VB a DT high JJ premium NN on IN the DT highest-quality JJ debt NN issues NNS , , and CC therefore RB we PRP think VBP the DT best JJS debt NN investment NN is VBZ U.S. NNP government NN bonds NNS , , '' '' says VBZ Craig NNP Corcoran NNP of IN Davis\/Zweig NNP Futures NNP Inc. NNP , , an DT investment NN advisory JJ firm NN . . What WP about IN triple-A-rated JJ asset-backed JJ issues NNS ? . `` `` Nope UH , , we PRP still RB say VBP to TO stick VB with IN Treasurys NNPS , , '' '' Mr. NNP Corcoran NNP replies VBZ . . Ratings NNS , , he PRP notes VBZ , , `` `` are VBP subject JJ to TO change VB . . '' '' All DT this DT makes VBZ asset-backed JJ securities NNS seem VB too RB risky JJ for IN many JJ people NNS . . And CC it PRP reminds VBZ Raymond NNP F. NNP DeVoe NNP Jr. NNP , , a DT market NN strategist NN at IN Legg NNP Mason NNP Wood NNP Walker NNP Inc. NNP , , of IN what WP he PRP calls VBZ `` `` DeVoe NNP 's POS Unprovable JJ but CC Highly NNP Probable NNP Theory NNP No. NN 1 CD : : `` `` More JJR money NN has VBZ been VBN lost VBN reaching VBG for IN yield NN than IN in IN all DT the DT stock NN speculations NNS , , scams NNS and CC frauds NNS of IN all DT time NN . . '' '' Mr. NNP Herman NNP is VBZ a DT staff NN reporter NN in IN The DT Wall NNP Street NNP Journal NNP 's POS New NNP York NNP bureau NN . . Volume NN of IN asset-backed JJ securities NNS issued VBN annually RB \* SYM Principal NN amount NN \*\* SYM As IN of IN August NNP 30 CD \* SYM Principal NN amount NN Source NN : : Securities NNP Data NNP Co NNP . . IF IN YOU PRP FORCE VBP financial JJ planners NNS to TO sum VB up RP their PRP$ most RBS important JJ advice NN in IN a DT single JJ sentence NN , , it PRP would MD probably RB be VB a DT one-word JJ sentence NN : : Diversify VB . . Judging VBG by IN a DT poll NN of IN Wall NNP Street NNP Journal NNP readers NNS conducted VBN this DT summer NN by IN Erdos NNP & CC Morgan NNP Inc. NNP , , serious JJ investors NNS have VBP taken VBN that DT advice NN to TO heart NN . . Nearly RB 1,000 CD investors NNS responded VBN to TO the DT Journal NNP 's POS poll NN , , providing VBG an DT in-depth JJ look NN at IN their PRP$ portfolios NNS . . Those DT portfolios NNS are VBP remarkably RB diversified VBN . . By IN spreading VBG their PRP$ wealth NN among IN several JJ investment NN alternatives NNS , , the DT respondents NNS have VBP protected VBN themselves PRP against IN squalls NNS in IN any DT one CD area NN , , be VB it PRP stocks NNS , , bonds NNS or CC real JJ estate NN . . For IN example NN , , about RB 88 CD % NN of IN Journal NNP readers NNS owned VBD stock NN ( ( down RB slightly RB from IN 91 CD % NN in IN a DT similar JJ poll NN last JJ year NN ) ) . . But CC only RB 17.5 CD % NN said VBD they PRP had VBD more JJR than IN half PDT their PRP$ money NN in IN the DT stock NN market NN . . Similarly RB , , 57 CD % NN of IN respondents NNS own JJ shares NNS in IN a DT money-market JJ mutual JJ fund NN , , and CC 33 CD % NN own JJ municipal JJ bonds NNS . . But CC only RB 6 CD % NN to TO 7 CD % NN of IN the DT investors NNS were VBD committing VBG more JJR than IN half PDT their PRP$ funds NNS to TO either DT of IN those DT alternatives NNS . . The DT poll NN , , conducted VBD Aug. NNP 7-28 CD , , also RB provides VBZ a DT glimpse NN into IN the DT thinking NN of IN serious JJ investors NNS on IN a DT variety NN of IN other JJ topics NNS . . It PRP found VBD them PRP in IN a DT cautious JJ , , but CC not RB downbeat JJ , , mood NN . . Of IN 1,500 CD people NNS sent VBN a DT questionnaire NN , , 951 CD replied VBD . . The DT response NN rate NN , , more JJR than IN 63 CD % NN , , allows VBZ the DT results NNS to TO be VB interpreted VBN with IN a DT high JJ degree NN of IN confidence NN . . The DT results NNS ca MD n't RB be VB extrapolated VBN to TO all DT investors NNS , , though RB . . Journal NNP readers NNS are VBP relatively RB affluent JJ , , with IN a DT median JJ household NN income NN of IN between IN $ $ 75,000 CD and CC $ $ 99,000 CD . . Nearly RB half NN of IN the DT respondents NNS ( ( 47 CD % NN ) ) said VBD their PRP$ investment NN portfolio NN was VBD worth JJ $ $ 250,000 CD or CC more JJR , , and CC 17 CD % NN said VBD it PRP was VBD worth JJ $ $ 1 CD million CD or CC more JJR . . The DT respondents NNS were VBD mildly RB optimistic JJ about IN the DT economy NN and CC investment NN markets NNS , , but CC their PRP$ collective JJ judgments NNS were VBD a DT notch NN more RBR sober JJ than IN they PRP were VBD a DT year NN ago RB . . For IN example NN , , 12 CD % NN of IN this DT year NN 's POS respondents NNS said VBD they PRP expect VBP a DT recession NN within IN 12 CD months NNS . . Last JJ year NN , , only RB 8 CD % NN were VBD expecting VBG a DT recession NN . . An DT additional JJ 56 CD % NN of IN this DT year NN 's POS respondents NNS expect VBP the DT economy NN to TO slow VB down RP during IN the DT next JJ 12 CD months NNS . . Only RB 42 CD % NN of IN last JJ year NN 's POS respondents NNS anticipated VBD slowing VBG growth NN . . Apparently RB , , the DT respondents NNS do VBP n't RB think VB that IN an DT economic JJ slowdown NN would MD harm VB the DT major JJ investment NN markets NNS very RB much RB . . A DT slim JJ majority NN ( ( 51 CD % NN ) ) think VBP stock NN prices NNS will MD be VB higher JJR in IN August NNP 1990 CD than IN they PRP were VBD in IN August NNP 1989 CD . . Their PRP$ verdict NN on IN real JJ estate NN is VBZ almost RB the DT same JJ . . Some DT 50 CD % NN expect VBP real JJ estate NN in IN their PRP$ local JJ area NN to TO increase VB in IN value NN over IN the DT next JJ 12 CD months NNS . . By IN contrast NN , , only RB 32 CD % NN expect VBP an DT increase NN in IN the DT price NN of IN gold NN . . Since IN gold NN tends VBZ to TO soar VB when WRB inflation NN is VBZ high JJ , , that DT finding NN suggests VBZ that IN people NNS believe VBP inflation NN remains VBZ under IN control NN . . Even RB though IN only RB 12 CD % NN actually RB predicted VBD a DT recession NN , , many JJ respondents NNS were VBD taking VBG a DT better-safe-than JJ sorry JJ investment NN stance NN . . Nearly RB a DT third JJ said VBD they PRP have VBP made VBN some DT portfolio NN changes NNS to TO anticipate VB a DT possible JJ recession NN . . For IN the DT most JJS part NN , , the DT changes NNS were VBD `` `` slight JJ . . '' '' The DT two-thirds NNS who WP have VBP n't RB tried VBN to TO make VB their PRP$ portfolios NNS more RBR recession-resistant JJ were VBD split VBN about RB evenly RB between IN investors NNS who WP `` `` do VBP n't RB believe VB in IN trying VBG to TO predict VB the DT markets NNS '' '' ( ( about RB 31 CD % NN ) ) and CC investors NNS who WP `` `` do VBP n't RB expect VB a DT recession NN '' '' ( ( about RB 15 CD % NN ) ) or CC are VBP `` `` unsure JJ if IN and CC when WRB a DT recession NN might MD come VB '' '' ( ( about RB 22 CD % NN ) ) . . A DT buy-and-hold JJ approach NN to TO stocks NNS continues VBZ to TO be VB the DT rule NN among IN respondents NNS . . Most JJS own VBP two CD to TO 10 CD stocks NNS , , and CC buy VBP or CC sell VBP no RB more JJR than IN three CD times NNS a DT year NN . . Some DT 71 CD % NN had VBD bought VBN some DT stock NN in IN the DT past JJ year NN ; : only RB 57 CD % NN had VBD sold VBN any DT . . But CC the DT lurking VBG shadow NN of IN 1987 CD 's POS stock-market NN crash NN still RB seems VBZ dark JJ . . About RB 33 CD % NN considered VBD another DT crash NN `` `` likely RB , , '' '' while IN about RB 63 CD % NN said VBD one CD is VBZ `` `` unlikely JJ . . '' '' Those DT percentages NNS hardly RB changed VBD from IN the DT previous JJ year NN 's POS poll NN . . And CC the DT respondents NNS ' POS commitment NN to TO the DT stock NN market NN remains VBZ somewhat RB lighter JJR than IN usual JJ . . About RB 60 CD % NN of IN them PRP said VBD they PRP would MD `` `` ordinarily RB '' '' have VB at IN least JJS 25 CD % NN of IN their PRP$ money NN in IN stocks NNS . . But CC as IN of IN August NNP , , only RB 50 CD % NN actually RB had VBD stock-market JJ investments NNS of IN that DT size NN . . Most JJS stock-market NN indexes NNS were VBD hitting VBG all-time JJ highs NNS at IN around IN the DT time NN of IN the DT poll NN . . But CC it PRP appears VBZ that IN many JJ Journal NNP readers NNS were VBD taking VBG that DT news NN as IN a DT sign NN to TO be VB cautious JJ , , rather RB than IN a DT signal NN to TO jump VB on IN the DT bandwagon NN . . Mr. NNP Dorfman NNP covers VBZ investing NN issues NNS from IN The DT Wall NNP Street NNP Journal NNP 's POS New NNP York NNP bureau NN . . Canadian JJ steel NN ingot NN production NN totaled VBD 276,334 CD metric JJ tons NNS in IN the DT week NN ended VBN Oct. NNP 14 CD , , down RB 5.3 CD % NN from IN the DT preceding VBG week NN 's POS total NN of IN 291,890 CD tons NNS , , Statistics NNP Canada NNP , , a DT federal JJ agency NN , , said VBD . . The DT week NN 's POS total NN was VBD down RB 7.1 CD % NN from IN 297,446 CD tons NNS a DT year NN earlier RBR . . A DT metric JJ ton NN is VBZ equal JJ to TO 2,204.62 CD pounds NNS . . The DT cumulative JJ total NN in IN 1989 CD was VBD 12,283,217 CD tons NNS , , up RB 7.5 CD % NN from IN 11,429,243 CD tons NNS a DT year NN earlier RBR . . Health NNP Care NNP Property NNP Investors NNP Inc. NNP said VBD it PRP acquired VBD three CD long-term JJ care NN facilities NNS and CC one CD assisted-living JJ facility NN in IN a DT purchase-and-lease JJ transaction NN valued VBN at IN $ $ 15 CD million CD . . The DT real JJ estate NN investment NN trust NN said VBD that IN it PRP leased VBD the DT three CD Florida NNP facilities NNS to TO National NNP Health NNP Care NNP Affiliates NNP Inc. NNP of IN Buffalo NNP , , N.Y NNP . . Health NNP Care NNP Property NNP holds VBZ an DT interest NN in IN 139 CD facilities NNS in IN 30 CD states NNS . . Moody NNP 's POS Investors NNP Service NNP said VBD it PRP lowered VBD its PRP$ rating NN on IN about RB $ $ 75 CD million CD of IN this DT Chatsworth NNP , , Calif. NNP , , concern NN 's POS convertible JJ subordinated VBN debentures NNS , , due RB 2012 CD , , to TO Caa NNP from IN B2 NN . . It PRP said VBD the DT reduction NN reflects VBZ impaired VBN business NN prospects NNS and CC reduced VBN financial JJ flexibility NN caused VBN by IN continuing VBG losses NNS at IN the DT maker NN of IN Winchester NNP disk NN drives NNS . . VALLEY NNP National NNP Corp. NNP -- : Moody NNP 's POS Investors NNP Service NNP Inc. NNP said VBD it PRP lowered VBD its PRP$ rating NN on IN about RB $ $ 400 CD million CD of IN this DT bank NN holding VBG company NN 's POS senior JJ debt NN to TO B2 NN from IN Ba3 NN . . Moody NNP 's VBZ said VBD it PRP expects VBZ Valley NNP National NNP , , of IN Phoenix NNP , , Ariz. NNP , , to TO make VB substantial JJ further JJ provisions NNS against IN its PRP$ real-estate NN portfolio NN , , and CC that IN it PRP continues VBZ to TO suffer VB from IN the DT high JJ cost NN of IN carrying VBG nonperforming VBG assets NNS , , and CC from IN high JJ loan-loss JJ provisions NNS . . Electronic JJ theft NN by IN foreign JJ and CC industrial JJ spies NNS and CC disgruntled VBN employees NNS is VBZ costing VBG U.S. NNP companies NNS billions NNS and CC eroding VBG their PRP$ international JJ competitive JJ advantage NN . . That DT was VBD the DT message NN delivered VBN by IN government NN and CC private JJ security NN experts NNS at IN an DT all-day JJ conference NN on IN corporate JJ electronic JJ espionage NN . . `` `` Hostile JJ and CC even RB friendly JJ nations NNS routinely RB steal VBP information NN from IN U.S. NNP companies NNS and CC share VBP it PRP with IN their PRP$ own JJ companies NNS , , '' '' said VBD Noel NNP D. NNP Matchett NNP , , a DT former JJ staffer NN at IN the DT federal JJ National NNP Security NNP Agency NNP and CC now RB president NN of IN Information NNP Security NNP Inc. NNP , , Silver NNP Spring NNP , , Md NNP . . It PRP `` `` may MD well RB be VB '' '' that IN theft NN of IN business NN data NNS is VBZ `` `` as RB serious JJ a DT strategic JJ threat NN to TO national JJ security NN '' '' as IN it PRP is VBZ a DT threat NN to TO the DT survival NN of IN victimized VBN U.S. NNP firms NNS , , said VBD Michelle NNP Van NNP Cleave NNP , , the DT White NNP House NNP 's POS assistant JJ director NN for IN National NNP Security NNP Affairs NNP . . The DT conference NN was VBD jointly RB sponsored VBN by IN the DT New NNP York NNP Institute NNP of IN Technology NNP School NNP of IN Management NNP and CC the DT Armed NNP Forces NNP Communications NNP and CC Electronics NNP Association NNP , , a DT joint JJ industry-government NN trade NN group NN . . Any DT secret NN can MD be VB pirated VBN , , the DT experts NNS said VBD , , if IN it PRP is VBZ transmitted VBN over IN the DT air NN . . Even RB rank NN amateurs NNS can MD do VB it PRP if IN they PRP spend VBP a DT few JJ thousand CD dollars NNS for IN a DT commercially RB available JJ microwave NN receiver NN with IN amplifier NN and CC a DT VCR NNP recorder NN . . They PRP need VBP only RB position VB themselves PRP near IN a DT company NN 's POS satellite NN dish NN and CC wait VB . . `` `` You PRP can MD have VB a DT dozen NN competitors NNS stealing VBG your PRP$ secrets NNS at IN the DT same JJ time NN , , '' '' Mr. NNP Matchett NNP said VBD , , adding VBG : : `` `` It PRP 's VBZ a DT pretty RB good JJ bet NN they PRP wo MD n't RB get VB caught VBN . . '' '' The DT only JJ way NN to TO catch VB an DT electronic JJ thief NN , , he PRP said VBD , , is VBZ to TO set VB him PRP up RP with IN erroneous JJ information NN . . Even RB though IN electronic JJ espionage NN may MD cost VB U.S. NNP firms NNS billions NNS of IN dollars NNS a DT year NN , , most JJS are VBP n't RB yet RB taking VBG precautions NNS , , the DT experts NNS said VBD . . By IN contrast NN , , European JJ firms NNS will MD spend VB $ $ 150 CD million CD this DT year NN on IN electronic JJ security NN , , and CC are VBP expected VBN to TO spend VB $ $ 1 CD billion CD by IN 1992 CD . . Already RB many DT foreign JJ firms NNS , , especially RB banks NNS , , have VBP their PRP$ own JJ cryptographers NNS , , conference NN speakers NNS reported VBD . . Still RB , , encrypting VBG corporate JJ communications NNS is VBZ only RB a DT partial JJ remedy NN . . One CD expert NN , , whose WP$ job NN is VBZ so RB politically RB sensitive JJ that IN he PRP spoke VBD on IN condition NN that IN he PRP would MD n't RB be VB named VBN or CC quoted VBN , , said VBD the DT expected VBN influx NN of IN East JJ European JJ refugees NNS over IN the DT next JJ few JJ years NNS will MD greatly RB increase VB the DT chances NNS of IN computer-maintenance JJ workers NNS , , for IN example NN , , doubling VBG as IN foreign JJ spies NNS . . Moreover RB , , he PRP said VBD , , technology NN now RB exists VBZ for IN stealing VBG corporate JJ secrets NNS after IN they PRP 've VBP been VBN `` `` erased VBN '' '' from IN a DT computer NN 's POS memory NN . . He PRP said VBD that IN Oliver NNP North NNP of IN Iran-Contra NNP notoriety NN thought VBD he PRP had VBD erased VBN his PRP$ computer NN but CC that IN the DT information NN was VBD later RB retrieved VBN for IN congressional JJ committees NNS to TO read VB . . No DT personal JJ computer NN , , not RB even RB the DT one CD on IN a DT chief JJ executive NN 's POS desk NN , , is VBZ safe JJ , , this DT speaker NN noted VBD . . W. NNP Mark NNP Goode NNP , , president NN of IN Micronyx NNP Inc. NNP , , a DT Richardson NNP , , Texas NNP , , firm NN that WDT makes VBZ computer-security JJ products NNS , , provided VBD a DT new JJ definition NN for IN Mikhail NNP Gorbachev NNP 's POS campaign NN for IN greater JJR openness NN , , known VBN commonly RB as IN glasnost FW . . Under IN Mr. NNP Gorbachev NNP , , Mr. NNP Goode NNP said VBD , , the DT Soviets NNS are VBP openly RB stealing VBG Western JJ corporate JJ communications NNS . . He PRP cited VBD the DT case NN of IN a DT Swiss JJ oil NN trader NN who WP recently RB put VBD out RP bids NNS via IN telex NN for IN an DT oil NN tanker NN to TO pick VB up RP a DT cargo NN of IN crude NN in IN the DT Middle NNP East NNP . . Among IN the DT responses NNS the DT Swiss JJ trader NN got VBD was VBD one CD from IN the DT Soviet JJ national JJ shipping NN company NN , , which WDT had VBD n't RB been VBN invited VBN to TO submit VB a DT bid NN . . The DT Soviets NNS ' POS eavesdropping NN paid VBD off RP , , however RB , , because IN they PRP got VBD the DT contract NN . . The DT University NNP of IN Toronto NNP stepped VBD deeper RBR into IN the DT contest NN for IN Connaught NNP BioSciences NNP Inc. NNP by IN reaching VBG an DT unusual JJ agreement NN with IN Ciba-Geigy NNP Ltd. NNP and CC Chiron NNP Corp NNP . . The DT University NNP said VBD the DT two CD companies NNS agreed VBD to TO spend VB 25 CD million CD Canadian JJ dollars NNS ( ( $ $ 21.3 CD million CD ) ) over IN 10 CD years NNS on IN research NN at IN Canadian JJ universities NNS if IN they PRP are VBP successful JJ in IN acquiring VBG the DT vaccine NN maker NN . . It PRP said VBD $ $ 10 CD million CD would MD go VB to TO the DT University NNP of IN Toronto NNP . . Ciba-Geigy NNP and CC Chiron NNP have VBP made VBN a DT joint JJ bid NN of IN C$ $ 866 CD million CD for IN Connaught NNP , , and CC Institut NNP Merieux NNP S.A. NNP of IN France NNP has VBZ made VBN a DT rival JJ bid NN of IN C$ $ 942 CD million CD . . The DT University NNP is VBZ seeking VBG an DT injunction NN against IN the DT Merieux NNP bid NN , , arguing VBG that IN Connaught NNP 's POS predecessor NN company NN agreed VBD in IN 1972 CD that IN Connaught NNP 's POS ownership NN would MD n't RB be VB transferred VBN to TO foreigners NNS . . The DT university NN implied VBD that IN it PRP would MD drop VB its PRP$ opposition NN to TO foreign JJ ownership NN if IN Ciba-Geigy NNP and CC Chiron NNP are VBP successful JJ with IN their PRP$ lower JJR bid NN . . It PRP said VBD the DT new JJ agreement NN would MD `` `` replace VB '' '' the DT old JJ one CD that WDT forms VBZ the DT basis NN of IN its PRP$ suit NN against IN the DT Merieux NNP takeover NN . . `` `` Notwithstanding IN foreign JJ ownership NN of IN Connaught NNP , , this DT accord NN would MD enhance VB research NN and CC development NN in IN Canada NNP , , '' '' said VBD James NNP Keffer NNP , , the DT university NN 's POS vice NN president NN of IN research NN . . Ciba-Geigy NNP is VBZ a DT Swiss JJ pharmaceutical JJ company NN and CC Chiron NNP is VBZ based VBN in IN Emeryville NNP , , Calif NNP . . In IN a DT statement NN , , Jacques-Francois NNP Martin NNP , , director NN general NN of IN Merieux NNP , , said VBD the DT French JJ company NN is VBZ still RB determined VBN to TO acquire VB Connaught NNP . . While IN he PRP did VBD n't RB comment NN directly RB on IN the DT pact NN between IN Ciba-Geigy NNP and CC the DT university NN , , he PRP said VBD Merieux NNP can MD transfer VB new JJ products NNS and CC technologies NNS to TO Connaught NNP more RBR rapidly RB than IN other JJ companies NNS `` `` not RB currently RB producing VBG and CC marketing VBG vaccines NNS { ( who WP } ) can MD only RB promise VB this DT for IN some DT ... : years NNS in IN the DT future NN . . '' '' In IN national JJ over-the-counter JJ trading NN yesterday NN , , Connaught NNP closed VBD at IN $ $ 28.625 CD , , up IN $ $ 1.25 CD . . Microsoft NNP and CC other JJ software NN stocks NNS surged VBD , , leading VBG the DT Nasdaq NNP composite JJ index NN of IN over-the-counter JJ stocks NNS to TO its PRP$ biggest JJS advance NN of IN the DT year NN on IN breathtaking JJ volume NN . . Leading VBG the DT pack NN , , Microsoft NNP soared VBD 3 CD 3\/4 CD , , or CC 4 CD % NN , , to TO a DT record NN price NN of IN 84 CD 1\/4 CD on IN 1.2 CD million CD shares NNS . . On IN the DT other JJ hand NN , , Valley NNP National NNP tumbled VBD 24 CD % NN after IN reporting VBG a DT sizable JJ third-quarter JJ loss NN . . The DT Nasdaq NNP composite NN leaped VBD 7.52 CD points NNS , , or CC 1.6 CD % NN , , to TO 470.80 CD . . Its PRP$ largest JJS previous JJ rise NN this DT year NN came VBD Aug. NNP 7 CD , , when WRB it PRP gained VBD 4.31 CD . . The DT OTC NNP market NN 's POS largest JJS stocks NNS soared VBD as IN well RB , , as IN the DT Nasdaq NNP 100 CD Index NNP jumped VBD 10.01 CD , , or CC 2 CD % NN , , to TO 463.06 CD . . The DT Nasdaq NNP Financial NNP Index NNP rose VBD 5.04 CD , , or CC 1.1 CD % NN , , to TO 460.33 CD . . By IN comparison NN , , the DT Dow NNP Jones NNP Industrials NNP and CC the DT New NNP York NNP Stock NNP Exchange NNP Composite NNP each DT rose VBD 1.5 CD % NN . . Volume NN totaled VBD 173.5 CD million CD shares NNS , , 30 CD % NN above IN this DT year NN 's POS average JJ daily JJ turnover NN on IN Nasdaq NNP . . Among IN broader JJR Nasdaq NNP industry NN groups NNS , , the DT utility NN index NN gained VBD 18.11 CD to TO 761.38 CD . . The DT transportation NN and CC insurance NN sectors NNS each DT posted VBN gains NNS of IN 8.59 CD , , with IN the DT transports NNS finishing VBG at IN 486.74 CD and CC the DT insurers NNS at IN 537.91 CD . . The DT Nasdaq NNP industrial JJ index NN climbed VBD 8.17 CD to TO 458.52 CD , , and CC the DT `` `` other JJ finance NN '' '' index NN , , made VBD up RP of IN commercial JJ banks NNS and CC real JJ estate NN and CC brokerage NN firms NNS , , rose VBD 3.97 CD to TO 545.96 CD . . The DT index NN of IN smaller JJR banks NNS improved VBD 1.97 CD . . Of IN the DT 4,346 CD issues NNS that IN changed VBN hands NNS , , 1,435 CD rose VBD and CC 629 CD fell VBD . . Jeremiah NNP Mullins NNP , , head NN of IN OTC NNP trading NN at IN Dean NNP Witter NNP Reynolds NNP , , said VBD both DT institutional JJ and CC retail JJ investors NNS were VBD buying VBG . . But CC there EX was VBD a DT dearth NN of IN sellers NNS , , traders NNS said VBD , , so IN buyers NNS had VBD to TO bid VB prices NNS up RB to TO entice VB them PRP . . `` `` There EX 's VBZ no DT pressure NN on IN OTC NNP stocks NNS at IN this DT point NN , , '' '' said VBD Mr. NNP Mullins NNP , , who WP said VBD some DT buyers NNS are VBP beginning VBG to TO shop VB among IN smaller JJR OTC NNP issues NNS . . Microsoft NNP 's POS surge NN followed VBD a DT report NN this DT week NN of IN substantially RB improved VBN earnings NNS for IN its PRP$ first JJ quarter NN , , ended VBN Sept. NNP 30 CD . . The DT stock NN was VBD trading VBG at IN 69 CD just RB two CD weeks NNS ago RB . . Rick NNP Sherlund NNP , , a DT Goldman NNP Sachs NNP analyst NN , , has VBZ raised VBN his PRP$ earnings NNS estimates NNS for IN the DT company NN twice RB in IN the DT past JJ two CD weeks NNS , , citing VBG improved VBN margins NNS . . After IN the DT earnings NNS were VBD announced VBN , , he PRP raised VBD his PRP$ fiscal JJ 1990 CD estimate NN to TO between IN $ $ 3.80 CD and CC $ $ 4 CD a DT share NN . . Microsoft NNP earned VBD $ $ 3.03 CD a DT share NN in IN fiscal JJ 1989 CD . . Among IN other JJ software NN issues NNS , , Autodesk NNP jumped VBD 1 CD 1\/4 CD to TO 42 CD , , Lotus NNP Development NNP was VBD unchanged JJ at IN 32 CD 1\/2 CD , , Novell NNP jumped VBD 7\/8 CD to TO 30 CD 3\/4 CD , , Ashton-Tate NNP gained VBD 1\/4 CD to TO 10 CD 5\/8 CD , , and CC Oracle NNP Systems NNP rose VBD 3\/4 CD to TO 25 CD 3\/4 CD . . Caere NNP , , a DT new JJ software NN issue NN , , surged VBD from IN its PRP$ offering NN price NN of IN 12 CD to TO close VB at IN 16 CD 1\/8 CD . . The DT company NN also RB makes VBZ optical JJ character NN recognition NN equipment NN . . Caere NNP was VBD underwritten NN by IN Alex NNP . . Brown NNP & CC Sons NNP . . Another DT recently RB offered VBN Alex NNP . . Brown NNP issue NN , , Rally NNP 's POS , , surged VBD 3 CD 1\/8 CD to TO 23 CD . . The DT operator NN of IN fast-food NN restaurants NNS , , whose WP$ shares NNS began VBD trading VBG last JJ Friday NNP , , climbed VBD 3 CD 1\/8 CD to TO 23 CD on IN 944,000 CD shares NNS . . Its PRP$ 1.7 CD million-share JJ offering NN was VBD priced VBN at IN 15 CD . . Valley NNP National NNP 's POS slide NN of IN 5 CD 3\/4 CD points NNS to TO 18 CD 1\/2 CD on IN 4.2 CD million CD shares NNS followed VBD its PRP$ report NN late JJ Wednesday NNP of IN a DT $ $ 72.2 CD million CD third-quarter NN loss NN . . In IN the DT 1988 CD quarter NN , , the DT Phoenix NNP , , Ariz. NNP , , commercial JJ banking NN concern NN earned VBD $ $ 18.7 CD million CD . . Valley NNP National NNP said VBD its PRP$ $ $ 110 CD million CD provision NN for IN credit NN losses NNS and CC $ $ 11 CD million CD provision NN for IN other JJ real JJ estate NN owned VBN is VBZ related VBN to TO weakness NN in IN the DT Arizona NNP real JJ estate NN market NN . . Additionally RB , , Moody NNP 's POS Investors NNP Service NNP said VBD it PRP downgraded VBD Valley NNP National NNP 's POS senior JJ debt NN and CC confirmed VBD the DT company NN 's POS commercial JJ paper NN rating NN of IN `` `` not RB prime JJ . . '' '' A DT new JJ issue NN , , Exabyte NNP , , surged VBD 2 CD 1\/8 CD from IN its PRP$ initial JJ offering NN price NN to TO close VB at IN 12 CD 1\/8 CD . . The DT offering NN was VBD for IN about RB 2.8 CD million CD shares NNS of IN the DT data NN storage NN equipment NN maker NN ; : more JJR than IN 2.2 CD million CD shares NNS changed VBD hands NNS after IN trading NN began VBD . . Dell NNP Computer NNP dropped VBD 7\/8 CD to TO 6 CD . . The DT company NN said VBD earnings NNS for IN the DT year NN ending VBG Jan. NNP 28 CD , , 1990 CD , , are VBP expected VBN to TO be VB 25 CD to TO 35 CD cents NNS a DT share NN , , compared VBN with IN a DT previous JJ estimate NN of IN 50 CD to TO 60 CD cents NNS a DT share NN . . Nutmeg NNP Industries NNP lost VBD 1 CD 3\/4 CD to TO 14 CD . . Raymond NNP James NNP & CC Associates NNP in IN St. NNP Petersburg NNP , , Fla. NNP , , lowered VBD its PRP$ third-quarter JJ earnings NNS estimate NN for IN the DT company NN , , according VBG to TO Dow NNP Jones NNP Professional NNP Investor NNP Report NNP . . A.P. NNP Green NNP Industries NNP advanced VBD 1 CD 5\/8 CD to TO 36 CD 1\/8 CD . . East NNP Rock NNP Partners NNP , , which WDT has VBZ indicated VBN it PRP might MD make VB a DT bid NN for IN the DT company NN , , said VBD A.P. NNP Green NNP , , a DT refractory JJ products NNS maker NN , , told VBD the DT partnership NN it PRP is VBZ n't RB for IN sale NN . . Row NN 21 CD of IN Section NN 9 CD of IN the DT Upper NNP Reserved NNP at IN Candlestick NNP Park NNP is VBZ a DT lofty JJ perch NN , , only RB a DT few JJ steps NNS from IN the DT very JJ top NN of IN the DT stands NNS . . From IN my PRP$ orange NN seat NN , , I PRP looked VBD over IN the DT first-base JJ line NN and CC the DT new-mown JJ ball NN field NN in IN the DT warm JJ sun NN of IN the DT last JJ few JJ minutes NNS before IN what WP was VBD to TO have VB been VBN the DT third JJ game NN of IN the DT World NNP Series NNP . . It PRP was VBD five CD in IN the DT afternoon NN , , but CC that DT was VBD Pacific NNP time NN . . Back RB in IN New NNP York NNP the DT work NN day NN was VBD already RB over RB , , so IN I PRP did VBD n't RB have VB to TO feel VB guilty JJ . . Even RB still RB , , I PRP did VBD feel VB self-indulgent JJ , , and CC I PRP could MD n't RB help VB remembering VBG my PRP$ father NN 's POS contempt NN for IN a DT rich JJ medical JJ colleague NN who WP would MD go VB to TO watch VB the DT Tigers NNP on IN summer NN afternoons NNS . . This DT ballpark NN , , the DT Stick NNP , , was VBD not RB a DT classic JJ baseball NN stadium NN -- : too RB symmetrical JJ , , too RB much JJ bald JJ concrete NN . . And CC it PRP did VBD n't RB have VB the DT crowded VBN wild JJ intimacy NN of IN Yankee NNP Stadium NNP . . But CC I PRP liked VBD the DT easy JJ friendliness NN of IN the DT people NNS around IN me PRP , , liked VBD it PRP that IN they PRP 'd MD brought VBD their PRP$ children NNS , , found VBD it PRP charming JJ that IN , , true JJ citizens NNS of IN the DT state NN of IN the DT future NN , , they PRP had VBD brought VBN so IN many JJ TVs NNS and CC radios NNS to TO stay VB in IN touch NN with IN electroreality NN at IN a DT live JJ event NN . . Maybe RB it PRP was VBD their PRP$ peculiar JJ sense NN of IN history NN . . The DT broadcasters NNS were VBD , , after IN all DT , , documenting VBG the DT game NN , , ratifying VBG its PRP$ occurrence NN for IN millions NNS outside IN the DT Stick NNP . . Why WRB not RB watch VB or CC hear VB your PRP$ experience NN historicized VBN while IN you PRP were VBD living VBG it PRP ? . The DT day NN was VBD saturated VBN with IN the DT weight NN of IN its PRP$ own JJ impending JJ history NN . . Long JJ lines NNS of IN people NNS waited VBD to TO buy VB special JJ souvenir NN World NNP Series NNP postcards NNS with IN official JJ postmarks NNS . . Thousands NNS of IN us PRP had VBD paid VBN $ $ 5 CD for IN the DT official JJ souvenir NN book NN with IN its PRP$ historical JJ essays NNS on IN Series NNP trivia NNS , , its PRP$ historical JJ photographs NNS of IN great JJ moments NNS in IN Series NNP past NN , , and CC its PRP$ instructions NNS , , in IN English NNP and CC Spanish NNP , , for IN filling VBG in RP the DT scorecard NN . . Pitcher NN = SYM lanzador FW . . Homerun NN = SYM jonron FW . . Players NNS ran VBD out RB on IN the DT field NN way RB below RB , , and CC the DT stands NNS began VBD to TO reverberate VB . . It PRP must MD be VB a DT local JJ custom NN , , I PRP thought VBD , , stamping VBG feet NNS to TO welcome VB the DT team NN . . But CC then RB the DT noise NN turned VBD into IN a DT roar NN . . And CC no DT one PRP was VBD shouting VBG . . No DT one PRP around IN me PRP was VBD saying VBG anything NN . . Because IN we PRP all DT were VBD busy JJ riding VBG a DT wave NN . . Sixty CD thousand CD surfers NNS atop IN a DT concrete JJ wall NN , , waiting VBG for IN the DT wipeout NN . . Only RB at IN the DT moment NN of IN maximum NN roll NN did VBD I PRP grasp VBP what WP was VBD going VBG on RP . . Then RB I PRP remembered VBD the DT quake NN of IN '71 CD , , which WDT I PRP experienced VBD in IN Santa NNP Barbara NNP in IN a DT second-story JJ motel NN room NN . . When WRB the DT swaying NN of IN the DT building NN woke VBD me PRP up RP , , I PRP reasoned VBD that IN a LS ) ) I PRP was VBD in IN Southern NNP California NNP ; : b LS ) ) the DT bed NN was VBD moving VBG ; : c LS ) ) it PRP must MD be VB a DT Magic NNP Fingers NNP bed NN that WDT had VBD short-circuited VBN . . Then RB I PRP noticed VBD the DT overhead JJ light NN was VBD swaying VBG on IN its PRP$ cord NN and CC realized VBD what WP had VBD happened VBN . . What WP should MD I PRP do VB ? . Get VB out IN of IN the DT possibly RB collapsing VBG building NN to TO the DT parking NN lot NN . . But CC the DT lot NN might MD split VB into IN crevasses NNS , , so IN I PRP had VBD better RBR stand VB on IN my PRP$ car NN , , which WDT probably RB was VBD wider JJR than IN the DT average JJ crevasse NN . . Fortunately RB , , the DT quake NN was VBD over RB before IN I PRP managed VBD to TO run VB out RB and CC stand VB naked JJ on IN the DT hood NN . . At IN the DT Stick NNP , , while IN the DT world NN shook VBD , , I PRP thought VBD of IN that DT morning NN and CC then RB it PRP struck VBD me PRP that IN this DT time NN was VBD different JJ . . If IN I PRP survived VBD , , I PRP would MD have VB achieved VBN every DT journalist NN 's POS highest JJS wish NN . . I PRP was VBD an DT eyewitness NN of IN the DT most RBS newsworthy JJ event NN on IN the DT planet NN at IN that DT moment NN . . What WP was VBD my PRP$ angle NN ? . How WRB would MD I PRP file VB ? . All DT these DT thoughts NNS raced VBD through IN my PRP$ head NN in IN the DT 15 CD seconds NNS of IN the DT earthquake NN 's POS actual JJ duration NN . . The DT rest NN is VBZ , , of IN course NN , , history NN . . The DT Stick NNP did VBD n't RB fall VB . . The DT real JJ tragedies NNS occurred VBD elsewhere RB , , as IN we PRP soon RB found VBD out RP . . But CC for IN a DT few JJ minutes NNS there RB , , relief NN abounded VBD . . A DT young JJ mother NN found VBD her PRP boy NN , , who WP had VBD been VBN out RB buying VBG a DT hotdog NN . . The DT wall NN behind IN me PRP was VBD slightly RB deformed VBN , , but CC the DT center NN had VBD held VBN . . And CC most JJS of IN us PRP waited VBD for IN a DT while NN for IN the DT game NN to TO start VB . . Then RB we PRP began VBD to TO file VB out RB , , to TO wait VB safely RB on IN terra NN firma NN for IN the DT opening VBG pitch NN . . It PRP was VBD during IN the DT quiet JJ exodus NN down IN the DT pristine JJ concrete JJ ramps NNS of IN the DT Stick NNP that IN I PRP really RB understood VBD the DT point NN of IN all DT those DT Walkmen NNP and CC Watchmen NNP . . The DT crowd NN moved VBD in IN clumps NNS , , clumps NNS magnetized VBN around IN an DT electronic JJ nucleus NN . . In IN this DT way NN , , while IN the DT Stick NNP itself PRP was VBD blacked VBN out RP , , we PRP kept VBD up IN to TO date VB on IN events NNS . . Within IN 15 CD minutes NNS of IN the DT quake NN itself PRP , , I PRP was VBD able JJ to TO see VB pictures NNS of IN the DT collapsed VBN section NN of IN the DT Bay NNP Bridge NNP . . Increasingly RB accurate JJ estimates NNS of IN the DT severity NN of IN the DT quake NN became VBD available JJ before IN I PRP got VBD to TO my PRP$ car NN . . And CC by IN then RB , , expensive JJ automobile NN sound NN systems NNS were VBD keeping VBG the DT gridlocked VBN parking NN lot NN by IN the DT bay NN informed VBN about IN the DT fire NN causing VBG the DT big JJ black JJ plume NN of IN smoke NN we PRP saw VBD on IN the DT northern JJ horizon NN . . Darkness NN fell VBD . . But CC the DT broadcasts NNS continued VBN through IN the DT blacked-out JJ night NN , , with IN pictures NNS of IN the DT sandwiched VBN highway NN ganglion NN in IN Oakland NNP and CC firefighting NN in IN the DT Marina NNP district NN . . By IN then RB , , our PRP$ little JJ sand NN village NN of IN cars NNS had VBD been VBN linked VBN with IN a DT global JJ village NN of IN listeners NNS and CC viewers NNS . . Everyone NN at IN the DT Stick NNP that DT day NN had VBD started VBN out RP as IN a DT spectator NN and CC ended VBD up RP as IN a DT participant NN . . In IN fact NN , , the DT entire JJ population NN of IN the DT Bay NNP Area NNP had VBD ended VBN up RP with IN this DT dual JJ role NN of IN actor NN and CC audience NN . . The DT reporters NNS were VBD victims NNS and CC some DT of IN the DT victims NNS turned VBD into IN unofficial JJ reporters NNS . . The DT outstanding JJ example NN of IN this DT was VBD the DT motorist NN on IN the DT Bay NNP Bridge NNP who WP had VBD the DT presence NN of IN mind NN to TO take VB out RP a DT video JJ camera NN at IN the DT absolutely RB crucial JJ moment NN and CC record VB the DT car NN in IN front NN as IN it PRP fell VBD into IN the DT gap NN in IN the DT roadway NN . . The DT tape NN was VBD on IN tv NN before IN the DT night NN was VBD out RB . . Marshall NNP McLuhan NNP , , you PRP should MD have VB been VBN there RB at IN that DT hour NN . . Investors NNS who WP received VBD Shearson NNP Lehman NNP Hutton NNP Inc. NNP 's POS latest JJS stock NN commentary NN may MD be VB left VBN with IN blank JJ expressions NNS . . The DT first JJ 10 CD pages NNS of IN the DT 76-page JJ Weekly NNP Portfolio NNP Perspective NNP are VBP completely RB blank JJ , , except IN for IN the DT page NN numbers NNS . . Rather RB than IN printing VBG devils NNS , , Shearson NNP puts VBZ all DT the DT blame NN on IN the DT unpredictable JJ stock NN market NN . . The DT plunge NN made VBD Shearson NNP 's POS market NN commentary NN instantly RB out IN of IN date NN . . In IN fact NN , , last JJ Friday NNP 's POS 190.58-point JJ tumble NN in IN the DT stock NN market NN caught VBD many JJ people NNS and CC businesses NNS by IN surprise NN , , not RB the DT least JJS of IN them PRP brokerage NN firms NNS such JJ as IN Shearson NNP that WDT print VBP their PRP$ weekly JJ market NN commentaries NNS on IN Fridays NNS for IN dissemination NN the DT following JJ week NN . . Shearson NNP , , a DT 62%-owned JJ unit NN of IN American NNP Express NNP Co. NNP , , did VBD n't RB have VB enough JJ time NN to TO update VB its PRP$ market NN commentary NN so RB , , `` `` We PRP decided VBD to TO kill VB our PRP$ strategy NN pieces NNS , , '' '' says VBZ Jack NNP Rivkin NNP , , the DT head NN of IN Shearson NNP 's POS research NN department NN . . The DT first JJ thought VBD some DT investors NNS had VBD was VBD that IN a DT red-faced JJ Shearson NNP must MD have VB been VBN wildly RB bullish JJ on IN stocks NNS in IN its PRP$ original JJ commentary NN , , and CC that DT 's VBZ why WRB it PRP purged VBD its PRP$ pages NNS . . Investors NNS recalled VBD that IN Shearson NNP last JJ week NN had VBD been VBN advising VBG that IN `` `` the DT market NN is VBZ still RB exhibiting VBG all DT the DT signs NNS of IN a DT further JJ advance NN . . '' '' Many JJ other JJ brokerage NN firms NNS had VBD similarly RB bullish JJ views NNS . . But CC Mr. NNP Rivkin NNP insists VBZ that IN the DT 10 CD pages NNS were VBD n't RB pulled VBN because IN they PRP were VBD too RB bullish JJ . . Instead RB , , he PRP says VBZ , , `` `` they PRP were VBD cautious JJ , , and CC that DT was VBD n't RB the DT message NN we PRP wanted VBD to TO deliver VB '' '' on IN Monday NNP . . As IN Mr. NNP Rivkin NNP explains VBZ it PRP , , `` `` We PRP were VBD raising VBG some DT caution NN flags NNS about IN rate NN rises NNS in IN Europe NNP and CC concerns NNS about IN the DT LBO NNP market NN . . And CC by IN late JJ Friday NNP afternoon NN , , actually RB after IN the DT close JJ , , we PRP decided VBD that DT was VBD the DT wrong JJ tone NN to TO take VB . . With IN the DT market NN down RB , , we PRP wanted VBD to TO tell VB people NNS to TO put VB their PRP$ orders NNS in RP on IN the DT opening NN . . '' '' Both DT before IN and CC after IN the DT Friday NNP plunge NN , , Shearson NNP has VBZ maintained VBN a DT recommended VBN portfolio NN weighting NN of IN 65 CD % NN stocks NNS , , 20 CD % NN bonds NNS and CC 15 CD % NN cash NN . . Sheldon NNP B. NNP Lubar NNP , , chairman NN of IN Lubar NNP & CC Co. NNP , , and CC John NNP L. NNP Murray NNP , , chairman NN of IN Universal NNP Foods NNP Corp. NNP , , were VBD elected VBN to TO the DT board NN of IN this DT engine NN maker NN . . They PRP succeed VBP Robert NNP W. NNP Kasten NNP and CC John NNP R. NNP Parker NNP , , who WP reached VBD the DT mandatory JJ retirement NN age NN . . China NNP 's POS slide NN toward IN recession NN is VBZ beginning VBG to TO look VB like IN a DT free JJ fall NN . . In IN a DT report NN on IN China NNP 's POS foundering VBG economy NN , , the DT official JJ State NNP Statistical NNP Bureau NNP disclosed VBD that DT industrial JJ output NN last JJ month NN rose VBD 0.9 CD % NN from IN a DT year NN earlier RBR - : the DT lowest JJS growth NN rate NN in IN a DT decade NN for IN September NNP . . Retail JJ sales NNS are VBP plummeting VBG , , while IN consumer NN prices NNS still RB are VBP rising VBG . . Chinese JJ and CC foreign JJ economists NNS now RB predict VBP prolonged VBN stagflation NN : : low JJ growth NN and CC high JJ inflation NN . . `` `` The DT economy NN is VBZ crashing VBG hard RB , , '' '' says VBZ an DT Asian JJ economist NN in IN Beijing NNP . . `` `` The DT slowdown NN is VBZ taking VBG hold VB a DT lot NN more RBR quickly RB and CC devastatingly RB than IN anyone NN had VBD expected VBN . . '' '' A DT lengthy JJ recession NN , , if IN it PRP materializes VBZ , , would MD drain VB state NN coffers NNS and CC create VB severe JJ hardships NNS for IN urban JJ workers NNS . . Experts NNS predict VBP the DT coming VBG year NN will MD be VB characterized VBN by IN flat JJ or CC negative JJ industrial JJ growth NN , , rising VBG unemployment NN and CC a DT widening VBG budget NN deficit NN . . Unless IN the DT government NN suddenly RB reverses VBZ course NN , , wages NNS for IN most JJS workers NNS wo MD n't RB keep VB pace NN with IN inflation NN , , creating VBG a DT potential JJ source NN of IN urban JJ unrest NN . . The DT economy NN 's POS slowdown NN is VBZ due JJ only RB partly RB to TO the DT austerity NN program NN launched VBN in IN September NNP 1988 CD to TO cool VB an DT overheated VBN economy NN and CC tame JJ inflation NN . . ( ( Industrial JJ output NN surged VBD 21 CD % NN in IN 1988 CD , , while IN inflation NN peaked VBD last JJ February NNP at IN nearly RB 30 CD % NN . . ) ) The DT slowdown NN also RB results VBZ from IN chronic JJ energy NN and CC raw-materials JJ shortages NNS that WDT force VBP many JJ factories NNS to TO restrict VB operations NNS to TO two CD or CC three CD days NNS a DT week NN . . In IN Western JJ , , market-driven JJ countries NNS , , recessions NNS often RB have VBP a DT bright JJ side NN : : prodding VBG the DT economy NN to TO greater JJR efficiency NN . . In IN China NNP , , however RB , , there EX is VBZ n't RB likely JJ to TO be VB any DT silver NN lining VBG because IN the DT economy NN remains VBZ guided VBN primarily RB by IN the DT state NN . . Instead RB , , China NNP is VBZ likely JJ to TO shell VB out RP ever-greater JJ subsidies NNS to TO its PRP$ coddled VBN state-run JJ enterprises NNS , , which WDT ate VBD up RP $ $ 18 CD billion CD in IN bailouts NNS last JJ year NN . . Nor CC are VBP any DT of IN these DT inefficient JJ monoliths NNS likely JJ to TO be VB allowed VBN to TO go VB bankrupt JJ . . Rather RB , , the DT brunt NN of IN the DT slowdown NN will MD be VB felt VBN in IN the DT fast-growing JJ private JJ and CC semi-private JJ `` `` township NN '' '' enterprises NNS , , which WDT have VBP fallen VBN into IN disfavor NN as IN China NNP 's POS leaders NNS re-emphasize VBP an DT orthodox NN Marxist JJ preference NN for IN public JJ ownership NN . . `` `` When WRB the DT going NN gets VBZ rough JJ , , China NNP penalizes VBZ the DT efficient JJ and CC rewards VBZ the DT incompetent JJ , , '' '' says VBZ a DT Western JJ economist NN . . Reports NNS of IN an DT economy NN near IN recession NN come VBN as IN officials NNS prepare VBP a DT major JJ Communist NNP Party NNP plenum NN for IN sometime RB in IN the DT next JJ few JJ weeks NNS . . The DT meeting NN is VBZ expected VBN to TO call VB for IN heightened VBN austerity NN for IN two CD years NNS . . But CC with IN industrial JJ growth NN stagnant JJ and CC inflation NN showing VBG signs NNS of IN easing VBG , , some DT voices NNS may MD call VB for IN measures NNS to TO pump VB new JJ life NN into IN the DT economy NN . . Some DT analysts NNS believe VBP China NNP soon RB will MD begin VB relaxing VBG economic JJ controls NNS , , particularly RB by IN loosening VBG credit NN . . That DT would MD benefit VB Chinese JJ enterprises NNS as RB well RB as IN Sino-foreign JJ joint JJ ventures NNS , , both DT of IN which WDT have VBP been VBN plagued VBN by IN shortages NNS of IN working NN capital NN . . A DT dangerous JJ buildup NN this DT year NN of IN billions NNS of IN dollars NNS in IN inter-company JJ debts NNS threatens VBZ , , if IN unchecked JJ , , to TO bring VB the DT economy NN to TO a DT collapse NN . . One CD sign NN of IN a DT possible JJ easing VBG of IN credit NN policy NN was VBD the DT decision NN this DT week NN of IN People NNP 's POS Bank NNP of IN China NNP , , the DT central JJ bank NN , , to TO allocate VB $ $ 5.4 CD billion CD in IN short-term JJ loans NNS to TO pay VB farmers NNS for IN the DT autumn NN harvest NN , , the DT official JJ China NNP Daily NNP reported VBD . . But CC while IN pumping VBG more JJR money NN into IN the DT economy NN would MD bring VB relief NN to TO many JJ industries NNS , , it PRP also RB runs VBZ the DT risk NN of IN triggering VBG another DT period NN of IN runaway JJ growth NN and CC steep JJ inflation NN . . The DT cycle NN has VBZ been VBN repeated VBN several JJ times NNS since IN China NNP began VBD reforming VBG its PRP$ planned VBN economy NN in IN 1979 CD . . And CC , , because IN China NNP 's POS leaders NNS have VBP abandoned VBN plans NNS to TO drastically RB reform VB the DT economy NN , , it PRP is VBZ likely JJ to TO continue VB , , analysts NNS say VBP . . The DT statistical JJ bureau NN 's POS report NN , , cited VBN in IN China NNP Daily NNP , , notes VBZ that IN industrial JJ output NN in IN September NNP totaled VBD $ $ 29.4 CD billion CD , , a DT rise NN of IN just RB 0.9 CD % NN from IN a DT year NN earlier RBR . . Output NN declined VBD in IN several JJ provinces NNS , , including VBG Jiangsu NNP and CC Zhejiang NNP , , two CD key JJ coastal JJ areas NNS , , and CC Sichuan NNP , , the DT nation NN 's POS agricultural JJ breadbasket NN . . Production NN in IN Shanghai NNP , , China NNP 's POS industrial JJ powerhouse NN and CC the DT largest JJS source NN of IN tax NN revenue NN for IN the DT central JJ government NN , , fell VBD 1.8 CD % NN for IN the DT month NN . . Nationwide JJ , , output NN of IN light JJ industrial JJ products NNS declined VBD 1.8 CD % NN -- : `` `` the DT first JJ decline NN in IN 10 CD years NNS , , '' '' a DT bureau NN spokesman NN told VBD China NNP Daily NNP . . In IN an DT unusually RB direct JJ statement NN , , the DT bureau NN spokesman NN recommended VBD that IN state NN banks NNS extend VB more JJR credit NN to TO shopkeepers NNS so IN that IN they PRP can MD purchase VB manufacturers NNS ' POS goods NNS . . `` `` This DT will MD prevent VB a DT slide NN in IN industrial JJ production NN , , which WDT will MD otherwise RB cause VB new JJ panic NN buyings NNS , , '' '' the DT spokesman NN said VBD . . The DT 1986 CD tax NN overhaul NN , , the DT biggest JJS achievement NN of IN President NNP Reagan NNP 's POS second JJ term NN , , is VBZ beginning VBG to TO fall VB apart RB , , and CC interest NN groups NNS are VBP lining VBG up RP for IN tax NN goodies NNS all DT over IN Capitol NNP Hill NNP . . Real-estate NN executives NNS are VBP lobbying VBG to TO ease VB anti-tax-shelter JJ rules NNS . . Charitable JJ groups NNS are VBP trying VBG to TO reinstate VB the DT write-off NN for IN contributions NNS made VBN by IN individuals NNS who WP do VBP n't RB itemize VB their PRP$ deductions NNS . . Big JJ auction NN houses NNS want VBP to TO make VB collectibles NNS eligible NN for IN lower JJR capital-gains JJ taxes NNS . . And CC heavy-industry NN lobbyists NNS are VBP quietly RB discussing VBG the DT possibility NN of IN reinstating VBG the DT investment NN tax NN credit NN . . `` `` Everything NN is VBZ up IN for IN grabs NNS , , '' '' says VBZ Theodore NNP Groom NNP , , a DT lobbyist NN for IN mutual JJ life-insurance NN companies NNS . . Adds VBZ Robert NNP Juliano NNP , , the DT head NN lobbyist NN for IN a DT variety NN of IN interests NNS that WDT want VBP to TO protect VB the DT tax NN deduction NN for IN travel NN and CC entertainment NN expenses NNS : : `` `` It PRP appears VBZ as IN though IN the DT whole JJ thing NN is VBZ wide RB open JJ again RB . . '' '' The DT catalyst NN has VBZ been VBN the DT congressional JJ move NN to TO restore VB preferential JJ tax NN treatment NN for IN capital NN gains NNS , , an DT effort NN that WDT is VBZ likely JJ to TO succeed VB in IN this DT Congress NNP . . Other JJ fundamental JJ `` `` reforms NNS '' '' of IN the DT 1986 CD act NN have VBP been VBN threatened VBN as RB well RB . . The DT House NNP seriously RB considered VBD raising VBG the DT top JJ tax NN rate NN paid VBN by IN individuals NNS with IN the DT highest JJS incomes NNS . . The DT Senate NNP Finance NNP Committee NNP voted VBD to TO expand VB the DT deduction NN for IN individual JJ retirement NN accounts NNS , , and CC also RB to TO bring VB back JJ income NN averaging NN for IN farmers NNS , , a DT tax NN preference NN that WDT allows VBZ income NN to TO be VB spread VBN out RP over IN several JJ years NNS . . As IN part NN of IN the DT same JJ bill NN , , the DT finance NN panel NN also RB voted VBD in IN favor NN of IN billions NNS of IN dollars NNS in IN narrow JJ tax NN breaks NNS for IN individuals NNS and CC corporations NNS , , in IN what WP committee NN member NN Sen. NNP David NNP Pryor NNP ( ( D. NNP , , Ark NNP . . ) ) calls VBZ a DT `` `` feeding VBG frenzy NN '' '' of IN special-interest JJ legislating NN . . The DT beneficiaries NNS would MD range VB from IN pineapple NN growers NNS to TO rich JJ grandparents NNS to TO tuxedo-rental JJ shops NNS . . To TO be VB sure JJ , , the DT full JJ Senate NNP , , facing VBG a DT fast-approaching JJ budget NN deadline NN , , last JJ Friday NNP stripped VBD away RB all DT of IN the DT tax NN breaks NNS that WDT were VBD contained VBN in IN the DT Finance NNP Committee NNP bill NN . . But CC lawmakers NNS of IN both DT parties NNS agree VBP that IN the DT streamlining VBG was VBD temporary JJ . . Other JJ bills NNS will MD be VB moving VBG soon RB that WDT are VBP expected VBN to TO carry VB many JJ of IN the DT tax NN cuts NNS , , including VBG both DT the DT capital-gains NNS and CC IRA NNP provisions NNS . . `` `` There EX is VBZ n't RB any DT doubt NN that IN the DT thread NN of IN the DT '86 CD code NN has VBZ been VBN given VBN a DT mighty JJ tug NN , , '' '' says VBZ Rep. NNP Thomas NNP Downey NNP ( ( D. NNP , , N.Y NNP . . ) ) . . `` `` You PRP 'll MD see VB the DT annual JJ unraveling NN of IN it PRP . . '' '' `` `` It PRP 's VBZ back RP to TO tax-give-away JJ time NN for IN the DT select JJ few JJ , , '' '' says VBZ Rep. NNP William NNP Gray NNP of IN Pennsylvania NNP , , the DT third-ranking JJ Democrat NNP in IN the DT House NNP . . Referring VBG to TO the DT chairmen NNS of IN the DT Senate NNP and CC House NNP tax-writing JJ committees NNS , , he PRP adds VBZ , , `` `` Next JJ year NN , , every DT special-interest JJ group NN is VBZ going VBG to TO be VB there RB knocking VBG on IN Lloyd NNP Bentsen NNP 's POS door NN , , on IN Danny NNP Rostenkowski NNP 's POS door NN . . '' '' Many JJ groups NNS are VBP n't RB waiting VBG that DT long JJ . . Just RB last JJ week NN , , a DT House NNP Ways NNP and CC Means NNP subcommittee NN held VBD a DT lengthy JJ meeting NN to TO hear VB the DT pleas NNS of IN individual JJ cities NNS , , companies NNS and CC interest NN groups NNS who WP want VBP to TO open VB their PRP$ own JJ special JJ loopholes NNS . . `` `` It PRP 's VBZ a DT Swiss-cheese NN factory NN and CC the DT cheese NN smells VBZ pretty RB good JJ , , '' '' commented VBD one CD veteran NN lobbyist NN who WP was VBD watching VBG the DT proceedings NNS . . Even RB lobbyists NNS for IN heavy JJ industry NN , , one CD of IN the DT interests NNS hit VBD hardest RBS in IN the DT 1986 CD bill NN , , are VBP encouraged VBN . . The DT return NN of IN pro-investment JJ tax NN breaks NNS such JJ as IN those DT for IN capital NN gains NNS and CC IRAs NNS `` `` creates VBZ more JJR of IN a DT mood NN or CC a DT mindset NN that WDT is VBZ helpful JJ for IN getting VBG better JJR depreciation NN ( ( write-offs NNS ) ) or CC investment NN credits NNS , , '' '' says VBZ Paul NNP Huard NNP , , a DT vice NN president NN for IN the DT National NNP Association NNP of IN Manufacturers NNP . . Corporate JJ lobbyist NN Charls NNP Walker NNP is VBZ planning VBG a DT spring NN conference NN to TO discuss VB what WP tax NN changes NNS to TO make VB to TO improve VB `` `` competitiveness NN . . '' '' In IN reaction NN to TO proposed VBN capital-gains NNS legislation NN , , groups NNS are VBP lobbying VBG to TO make VB sure JJ they PRP are VBP n't RB left VBN off RP the DT gravy NN train NN . . Real-estate NN interests NNS , , for IN example NN , , are VBP protesting VBG an DT omission NN in IN President NNP Bush NNP 's POS capital-gains NNS proposal NN : : It PRP does VBZ n't RB include VB real-estate NN gains NNS . . `` `` If IN there EX is VBZ going VBG to TO be VB a DT tax NN scheme NN that WDT contemplates VBZ lower JJR treatment NN of IN capital NN gains NNS , , they PRP certainly RB want VBP to TO be VB part NN of IN it PRP , , '' '' says VBZ real-estate NN lobbyist NN Wayne NNP Thevenot NNP of IN Concord NNP Associates NNP . . In IN the DT House-passed JJ tax NN bill NN , , Mr. NNP Thevenot NNP got VBD his PRP$ wish NN ; : real-estate NN assets NNS are VBP included VBN in IN the DT capital-gains NNS provision NN . . But CC Sotheby NNP 's POS , , Christie NNP 's POS and CC the DT National NNP Association NNP of IN Antique NNP Dealers NNP are VBP still RB trying VBG to TO get VB theirs JJ . . They PRP have VBP sent VBN a DT letter NN to TO congressional JJ tax-writers NNS asking VBG that IN gains NNS from IN the DT sale NN of IN collectibles NNS also RB be VB given VBN preferential JJ treatment NN . . `` `` Collectibles NNS should MD continue VB to TO be VB recognized VBN as IN capital NN assets NNS , , '' '' the DT letter NN states NNS . . All DT of IN this DT talk NN is VBZ antithetical JJ to TO the DT Tax NNP Reform NNP Act NNP of IN 1986 CD . . In IN exchange NN for IN dramatically RB lower JJR tax NN rates NNS , , the DT framers NNS of IN that DT legislation NN sought VBD to TO eliminate VB most JJS of IN the DT exemptions NNS , , deductions NNS and CC credits NNS that WDT gave VBD some DT taxpayers NNS an DT advantage NN over IN others NNS . . The DT goal NN was VBD to TO tax VB people NNS with IN roughly RB equivalent JJ incomes NNS equally RB , , and CC to TO eliminate VB the DT many JJ shelters NNS that WDT allowed VBD the DT wealthy JJ to TO escape VB taxes NNS . . Two CD of IN the DT major JJ ways NNS that IN tax-writers NNS managed VBD to TO attain VB these DT ends NNS were VBD to TO scrap VB the DT preferential JJ treatment NN of IN capital NN gains NNS and CC to TO curtail VB the DT use NN of IN paper NN losses NNS , , also RB known VBN as IN passive JJ losses NNS , , that WDT made VBD many JJ tax NN shelters NNS possible JJ . . Many JJ other JJ tax NN benefits NNS also RB were VBD swept VBN away RB . . This DT year NN Congress NNP , , with IN prodding NN from IN President NNP Bush NNP , , has VBZ been VBN busy JJ trying VBG to TO put VB many JJ of IN these DT same JJ tax NN preferences NNS back RB into IN the DT code NN . . It PRP appears VBZ likely RB that IN , , this DT year NN or CC next JJ , , some DT form NN of IN capital-gains NNS preference NN and CC passive-loss JJ restoration NN will MD be VB enacted VBN . . Other JJ tax NN benefits NNS probably RB will MD be VB restored VBN and CC created VBN . . The DT main JJ obstacle NN is VBZ finding VBG a DT way NN to TO pay VB for IN them PRP . . `` `` The DT '86 CD act NN was VBD a DT fluke NN . . They PRP wanted VBD reform NN and CC they PRP got VBD a DT revolution NN , , '' '' says VBZ overhaul NN advocate NN Rep. NNP Willis NNP Gradison NNP ( ( R. NNP , , Ohio NNP ) ) . . So RB , , is VBZ the DT tax NN code NN now RB open JJ game NN again RB ? . Mr. NNP Juliano NNP thinks VBZ so RB . . One CD recent JJ Saturday NNP morning NN he PRP stayed VBD inside IN the DT Capitol NNP monitoring VBG tax-and-budget JJ talks NNS instead RB of IN flying VBG to TO San NNP Francisco NNP for IN a DT fund-raiser NN and CC then RB to TO his PRP$ hometown NN of IN Chicago NNP for IN the DT 30th JJ reunion NN of IN St. NNP Ignatius NNP High NNP School NNP . . `` `` I PRP 'm VBP too RB old JJ to TO waste VB a DT weekend NN , , but CC that DT 's VBZ what WP I PRP did VBD , , '' '' the DT 48-year-old JJ Mr. NNP Juliano NNP moans VBZ . . `` `` These DT days NNS , , anything NN can MD happen VB . . Lufthansa NNP AG NNP said VBD passenger NN volume NN climbed VBD 5.2 CD % NN for IN the DT first JJ nine CD months NNS of IN 1989 CD to TO 15.3 CD million CD passengers NNS from IN 14.5 CD million CD passengers NNS in IN the DT year-earlier JJ period NN . . The DT West JJ German JJ national JJ air NN carrier NN said VBD cargo NN volume NN jumped VBD 12 CD % NN to TO 638,000 CD metric JJ tons NNS from IN 569,000 CD tons NNS a DT year NN ago RB . . Load NN factor NN , , or CC percentage NN of IN seats NNS filled VBN , , climbed VBN to TO 67.1 CD % NN from IN 66.6 CD % NN , , even RB though IN the DT number NN of IN flights NNS rose VBD 6.9 CD % NN to TO 215,845 CD in IN the DT first-three JJ quarters NNS . . From IN January NNP through IN September NNP , , the DT distance NN flown VBN by IN Lufthansa NNP airplanes NNS rose VBD 5.6 CD % NN to TO 266.2 CD million CD kilometers NNS from IN a DT year NN earlier RBR , , the DT company NN added VBD . . Raymond NNP Chandler NNP , , in IN a DT 1950 CD letter NN defending VBG a DT weak JJ Hemingway NNP book NN , , likened VBD a DT champion NN writer NN to TO a DT baseball NN pitcher NN . . When WRB the DT champ NN has VBZ lost VBN his PRP$ stuff NN , , the DT great JJ mystery NN novelist NN wrote VBD , , `` `` when WRB he PRP can MD no RB longer RB throw VB the DT high JJ hard JJ one CD , , he PRP throws VBZ his PRP$ heart NN instead RB . . He PRP throws VBZ something NN . . He PRP does VBZ n't RB just RB walk VB off IN the DT mound NN and CC weep NN . . '' '' Chandler NNP might MD have VB been VBN predicting VBG the DT course NN of IN his PRP$ own JJ career NN . . His PRP$ last JJ published VBN novel NN featuring VBG private JJ detective NN Philip NNP Marlowe NNP , , the DT inferior JJ `` `` Playback NNP '' '' ( ( 1958 CD ) ) , , at IN times NNS read VBD almost RB like IN a DT parody NN of IN his PRP$ previous JJ work NN . . When WRB he PRP died VBD in IN 1959 CD , , Chandler NNP left VBD behind RP four CD chapters NNS of IN yet RB another DT Marlowe NNP book NN , , `` `` The DT Poodle NNP Springs NNP Story NNP , , '' '' which WDT seemed VBD to TO go VB beyond IN parody NN into IN something NN like IN burlesque JJ . . `` `` Champ NNP '' '' Chandler NNP 's POS last JJ pitch NN , , apparently RB , , was VBD a DT screwball NN . . Now RB Robert NNP Parker NNP , , author NN of IN several JJ best JJS sellers NNS featuring VBG Spenser NNP , , a DT contemporary JJ private JJ eye NN in IN the DT Marlowe NNP mold NN , , has VBZ with IN the DT blessings NNS of IN the DT Chandler NNP estate NN been VBN hired VBN to TO complete VB `` `` The DT Poodle NNP Springs NNP Story NNP . . '' '' The DT result NN , , `` `` Poodle NNP Springs NNP '' '' ( ( Putnam NNP 's POS , , 288 CD pages NNS , , $ $ 18.95 CD ) ) is VBZ an DT entertaining JJ , , easy JJ to TO read VB and CC fairly RB graceful JJ extension NN of IN the DT Marlowe NNP chronicle NN , , full JJ of IN hard-boiled JJ wisecracks NNS and CC California NNP color NN . . If IN it PRP does VBZ not RB quite RB have VB Chandler NNP 's POS special JJ magic NN -- : well RB , , at IN the DT end NN , , neither CC did VBD Chandler NNP . . As IN the DT book NN begins VBZ , , a DT newly RB wed VBN Marlowe NNP roars VBZ into IN the DT desert NN resort NN of IN Poodle NNP ( ( a.k.a JJ . . Palm NNP ) ) Springs NNP at IN the DT wheel NN of IN a DT Cadillac NNP Fleetwood NNP . . His PRP$ bride NN is VBZ the DT rich JJ and CC beautiful JJ Linda NNP Loring NNP , , a DT character NN who WP also RB appeared VBD in IN Chandler NNP 's POS `` `` The DT Long NNP Goodbye NNP '' '' and CC `` `` Playback NNP . . '' '' Philip NNP and CC Linda NNP move VBP into IN her PRP$ mansion NN and CC ca MD n't RB keep VB their PRP$ hands NNS off IN each DT other JJ , , even RB in IN front NN of IN the DT Hawaiian\/Japanese JJ houseman NN . . But CC the DT lovebirds NNS have VBP a DT conflict NN . . He PRP wants VBZ to TO continue VB being VBG a DT low-paid JJ private JJ eye NN , , and CC she PRP wants VBZ him PRP to TO live VB off RP the DT million CD dollars NNS she PRP 's VBZ settled VBN on IN him PRP . . That DT 's VBZ Chandler NNP 's POS setup NN . . Mr. NNP Parker NNP spins VBZ it PRP into IN a DT pretty RB satisfying JJ tale NN involving VBG Poodle NNP Springs NNP high JJ life NN , , Hollywood NNP low JJ life NN and CC various JJ folk NN who WP hang VBP their PRP$ hats NNS in IN both DT worlds NNS . . The DT supporting JJ lineup NN is VBZ solid JJ , , the DT patter NN is VBZ amusing JJ and CC there EX 's VBZ even RB a DT cameo NN by IN Bernie NNP Ohls NNP , , the DT `` `` good JJ cop NN '' '' of IN previous JJ Chandler NNP books NNS who WP still RB does VBZ n't RB hesitate VB to TO have VB Marlowe NNP jailed VBN when WRB it PRP suits VBZ his PRP$ purposes NNS . . The DT style NN throughout IN bears VBZ a DT strong JJ resemblance NN to TO Chandler NNP 's POS prose NN at IN its PRP$ most RBS pared VBN down RP . . All DT told VBD , , Mr. NNP Parker NNP does VBZ a DT better JJR job NN of IN making VBG a DT novel NN out IN of IN this DT abandoned JJ fragment NN than IN anyone NN might MD have VB had VBD a DT right NN to TO expect VB . . But CC there EX are VBP grounds NNS for IN complaint NN . . At IN one CD point NN , , the DT reader NN is VBZ two CD steps NNS ahead RB of IN Marlowe NNP in IN catching VBG on RP to TO a DT double JJ identity NN scam NN -- : and CC Marlowe NNP is VBZ supposed VBN to TO be VB the DT pro NN . . More RBR bothersome JJ , , there EX are VBP several JJ apparent JJ anachronisms NNS . . Contact NN lenses NNS , , tank NN tops NNS , , prostitutes NNS openly RB working VBG the DT streets NNS of IN Hollywood NNP and CC the DT Tequila NNP Sunrise NNP cocktail NN all DT seem VBP out IN of IN place NN in IN the DT 1950s CD . . A DT little JJ more JJR care NN in IN re-creating NN Marlowe NNP 's POS universe NN would MD have VB made VBN the DT book NN that RB much RB more RBR enjoyable JJ . . Mr. NNP Nolan NNP is VBZ a DT contributing VBG editor NN at IN Los NNP Angeles NNP Magazine NNP . . Ko NNP Shioya NNP spent VBD eight CD years NNS as IN the DT editor NN in IN chief NN of IN the DT Japanese JJ edition NN of IN Reader NNP 's POS Digest NNP . . `` `` Japan NNP has VBZ been VBN a DT major JJ importer NN of IN foreign JJ information NN and CC news NN , , '' '' says VBZ Mr. NNP Shioya NNP . . `` `` But CC one PRP gets VBZ fed VBN up RP with IN importing VBG information NN and CC news NN . . '' '' Mr. NNP Shioya NNP has VBZ turned VBN the DT tables NNS . . Today NN , , he PRP is VBZ publisher NN of IN Business NNP Tokyo NNP magazine NN , , the DT first JJ English-language JJ business NN magazine NN devoted VBN to TO coverage NN of IN Japanese JJ business NN . . After IN a DT slick JJ redesign NN , , the DT two-year-old JJ magazine NN has VBZ been VBN relaunched VBN this DT month NN by IN its PRP$ parent NN company NN , , Keizaikai NNP Corp. NNP , , the DT Tokyo-based JJ company NN with IN interests NNS that WDT include VBP financial JJ services NNS , , book NN publishing NN and CC a DT tourist NN agency NN . . Printed NNP in IN the DT U.S. NNP and CC carrying VBG the DT line NN `` `` The DT Insider NNP 's POS Japan NNP , , '' '' Business NNP Tokyo NNP 's POS October NNP cover NN story NN was VBD `` `` The DT World NNP 's POS No. NN 1 CD Customer NN '' '' -- : Japanese JJ women NNS . . Keizaikai NNP is VBZ one CD of IN a DT small JJ but CC growing VBG band NN of IN Japanese JJ companies NNS taking VBG their PRP$ first JJ steps NNS into IN American JJ publishing NN , , after IN making VBG major JJ investments NNS in IN entertainment NN , , real JJ estate NN and CC banking NN companies NNS here RB . . Japanese JJ concerns NNS have VBP retained VBN a DT number NN of IN publishing NN consultants NNS and CC media NNS brokers NNS to TO study VB the DT U.S. NNP market NN , , including VBG the DT New NNP York-based JJ investment NN banker NN Veronis NNP , , Suhler NNP & CC Associates NNP . . And CC they PRP are VBP quietly RB linking VBG up RP with IN U.S. NNP publishing NN trade NN groups NNS . . `` `` Japanese JJ publishers NNS want VBP to TO be VB introduced VBN to TO the DT publishing NN and CC information NN industries NNS , , '' '' said VBD John NNP Veronis NNP , , chairman NN of IN Veronis NNP Suhler NNP . . While IN there EX are VBP n't RB any DT major JJ deals NNS in IN the DT works NNS currently RB on IN the DT scale NN of IN Sony NNP Corp. NNP 's POS recent JJ $ $ 3.4 CD billion CD agreement NN to TO buy VB Columbia NNP Pictures NNP Entertainment NNP Inc. NNP , , observers NNS do VBP n't RB rule VB out RP a DT transaction NN of IN that DT size NN . . `` `` The DT Japanese NNS take VBP the DT long JJ view NN . . '' '' said VBD Mr. NNP Veronis NNP . . `` `` It PRP may MD not RB be VB weeks NNS or CC months NNS , , but CC they PRP are VBP also RB opportunistic JJ and CC if IN they PRP feel VBP comfortable JJ , , they PRP will MD move VB on IN a DT deal NN , , '' '' he PRP said VBD . . In IN recent JJ months NNS , , three CD big JJ Tokyo-based JJ publishing NN concerns NNS -- : including VBG Nikkei NNP Business NNP Publications NNP , , Nikkei NNP Home NNP ( ( no DT relation NN ) ) , , and CC Magazine NNP House NNP -- : applied VBD for IN membership NN in IN Magazine NNP Publishers NNP of IN America NNP , , which WDT represents VBZ almost RB all DT U.S. NNP consumer NN magazines NNS . . Japanese JJ involvement NN in IN American JJ publishing NN has VBZ been VBN so RB small JJ to TO date NN that IN magazines NNS such JJ as IN Business NNP Tokyo NNP are VBP considered VBN groundbreakers NNS . . When WRB Keizaikai NNP launched VBD Business NNP Tokyo NNP in IN 1987 CD , , it PRP appealed VBD to TO a DT more RBR multinational JJ audience NN . . The DT magazine NN was VBD overhauled VBN with IN the DT aid NN of IN American JJ magazine NN design NN gurus NNS Milton NNP Glaser NNP and CC Walter NNP Bernard NNP , , and CC targets VBZ top-level JJ U.S. NNP executives NNS with IN Japanese JJ and CC American JJ advertisers NNS . . American JJ publishers NNS appear VBP more RBR than IN ready JJ to TO do VB some DT selling VBG . . Susumu NNP Ohara NNP , , president NN of IN Nihon NNP Keizai NNP Shinbun NNP America NNP Inc. NNP , , publisher NN of IN the DT Japan NNP Economic NNP Journal NNP , , said VBD he PRP receives VBZ telephone NN calls NNS weekly RB from IN media NNS bankers NNS on IN whether CC his PRP$ parent NN company NN is VBZ interested JJ in IN buying VBG a DT U.S. NNP consumer NN or CC business NN magazine NN . . `` `` The DT Japanese NNS are VBP in IN the DT early JJ stage NN right RB now RB , , '' '' said VBD Thomas NNP Kenney NNP , , a DT onetime JJ media NN adviser NN for IN First NNP Boston NNP Corp. NNP who WP was VBD recently RB appointed VBN president NN of IN Reader NNP 's POS Digest NNP Association NNP 's POS new JJ Magazine NNP Publishing NNP Group NNP . . `` `` Before IN , , they PRP were VBD interested JJ in IN hard JJ assets NNS and CC they PRP saw VBD magazines NNS as IN soft JJ . . Now RB they PRP realize VBP magazines NNS are VBP as RB much RB a DT franchise NN as IN Nabisco NNP is VBZ a DT franchise NN . . Bell NNP Atlantic NNP Corp. NNP and CC Southern NNP New NNP England NNP Telecommunications NNP posted VBD strong JJ profit NN gains NNS for IN the DT third JJ quarter NN , , while IN Nynex NNP Corp. NNP , , Pacific NNP Telesis NNP Group NNP and CC U NNP S NNP West NNP Inc. NNP reported VBD earnings NNS declines NNS for IN the DT period NN . . Rate NN settlements NNS in IN Minnesota NNP and CC Colorado NNP depressed VBD U NNP S NNP West NNP 's POS third-quarter JJ profit NN . . Denver-based JJ U NNP S NNP West NNP said VBD net JJ income NN dropped VBD 8.9 CD % NN , , noting VBG that IN the DT year-ago JJ quarter NN included VBD the DT sale NN of IN a DT building NN by IN its PRP$ BetaWest NNP Properties NNP unit NN . . Revenue NNP dropped VBD 4.3 CD % NN to TO $ $ 2.3 CD billion CD from IN $ $ 2.4 CD billion CD , , reflecting VBG declines NNS in IN its PRP$ consumer-telephone JJ sector NN , , long-distance JJ carrier NN business NN and CC diversified JJ division NN . . Revenue NNP from IN business-telephone JJ operations NNS grew VBD 3.3 CD % NN to TO $ $ 618.9 CD million CD from IN $ $ 599.4 CD million CD a DT year NN ago RB . . New JJ telephone NN lines NNS posted VBD healthy JJ growth NN . . Overall RB they PRP increased VBD 2.8 CD % NN to TO 12.1 CD million CD , , putting VBG U NNP S NNP West NNP over IN the DT 12 CD million CD mark NN for IN the DT first JJ time NN . . Business NN lines NNS increased VBD 3.7 CD % NN to TO 3.3 CD million CD . . `` `` On IN a DT truly RB comparable JJ basis NN , , we PRP 've VBP seen VBN modest JJ earnings NNS growth NN this DT year NN from IN the DT operations NNS of IN our PRP$ company NN , , '' '' said VBD Jack NNP MacAllister NNP , , chairman NN and CC chief JJ executive NN officer NN . . `` `` The DT major JJ negative JJ factor NN was VBD the DT cumulative JJ impact NN of IN regulatory JJ activity NN over IN the DT past JJ two CD years NNS . . '' '' He PRP said VBD the DT company NN expects VBZ to TO be VB `` `` on IN target NN '' '' with IN analysts NNS ' POS projections NNS by IN year NN end NN but CC conceded VBD that IN the DT fourth JJ quarter NN represents VBZ `` `` a DT significant JJ challenge NN . . '' '' Expenses NNS in IN the DT quarter NN dropped VBD 11.2 CD % NN to TO $ $ 664.3 CD million CD from IN $ $ 747.7 CD million CD a DT year NN ago RB . . Yesterday NN , , U NNP S NNP West NNP shares NNS rose VBD 75 CD cents NNS to TO close VB at IN $ $ 71.25 CD in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN . . Philadelphia-based JJ Bell NNP Atlantic NNP said VBD net JJ rose VBD 6.5 CD % NN , , aided VBN by IN strong JJ growth NN in IN the DT network-services JJ business NN and CC an DT increase NN in IN the DT number NN of IN new JJ telephone NN lines NNS . . Revenue NN jumped VBD 5.6 CD % NN to TO $ $ 2.9 CD billion CD from IN $ $ 2.8 CD billion CD in IN the DT year-ago JJ quarter NN . . Revenue NN from IN financial JJ and CC real-estate JJ services NNS jumped VBD 23 CD % NN to TO $ $ 177.4 CD million CD from IN $ $ 144.1 CD million CD a DT year NN ago RB . . Network-access JJ revenue NN from IN long-distance JJ telephone NN companies NNS increased VBD 6.4 CD % NN to TO $ $ 618.6 CD million CD . . Bell NNP Atlantic NNP added VBD 148,000 CD new JJ telephone NN lines NNS in IN the DT quarter NN for IN a DT total NN of IN 16.9 CD million CD . . The DT company NN said VBD per-share JJ earnings NNS were VBD slightly RB reduced VBN by IN the DT sale NN of IN 4.1 CD million CD shares NNS of IN treasury NN stock NN to TO the DT company NN 's VBZ newly RB formed VBN Employee NNP Stock NNP Ownership NNP Plans NNP . . In IN composite JJ trading NN on IN the DT Big NNP Board NNP , , Bell NNP Atlantic NNP closed VBD at IN $ $ 100.625 CD , , up RB $ $ 1.50 CD a DT share NN . . At IN Nynex NNP , , net JJ slumped VBD 14.8 CD % NN , , primarily RB because IN of IN a DT continuing VBG strike NN by IN 60,000 CD employees NNS , , lower-than-expected JJ profit NN at IN its PRP$ New NNP York NNP Telephone NNP unit NN and CC significantly RB higher JJR taxes NNS and CC costs NNS . . State NN and CC local JJ taxes NNS increased VBD to TO $ $ 131.3 CD million CD from IN $ $ 99.1 CD million CD a DT year NN ago RB . . Nynex NNP said VBD expenses NNS rose VBD 4.5 CD % NN to TO $ $ 2.73 CD billion CD from IN $ $ 2.61 CD billion CD , , a DT $ $ 119 CD million CD increase NN . . Most JJS of IN the DT higher JJR costs NNS were VBD associated VBN with IN acquisitions NNS and CC growth NN in IN nonregulated JJ business NN units NNS , , it PRP added VBD . . `` `` Our PRP$ net JJ income NN is VBZ n't RB where WRB we PRP would MD want VB it PRP to TO be VB at IN this DT point NN , , '' '' said VBD William NNP C. NNP Ferguson NNP , , chairman NN and CC chief JJ executive JJ officer NN . . `` `` This DT deviation NN from IN our PRP$ past JJ growth NN patterns NNS is VBZ caused VBN largely RB by IN lower JJR earnings NNS at IN New NNP York NNP Telephone NNP . . '' '' Mr. NNP Ferguson NNP said VBD a DT continued VBN softness NN in IN New NNP York NNP City NNP area NN 's POS economy NN and CC increased VBN competition NN , , particularly RB in IN the DT private-line JJ market NN , , took VBD a DT heavy NN toll NN on IN earnings NNS . . The DT three-month-old JJ strike NN at IN Nynex NNP seriously RB hurt VBD the DT installation NN of IN new JJ telephone NN lines NNS in IN the DT quarter NN . . Nynex NNP said VBD access NN lines NNS in IN service NN at IN the DT end NN of IN the DT quarter NN were VBD off JJ 18,000 CD from IN the DT previous JJ quarter NN , , which WDT reported VBD an DT increase NN of IN 160,000 CD new JJ access NN lines NNS . . Revenue NN rose VBD to TO $ $ 3.31 CD billion CD from IN $ $ 3.18 CD billion CD , , mostly RB from IN acquisition NN of IN AGS NNP Computers NNP and CC robust JJ non-regulated JJ businesses NNS . . In IN Big NNP Board NNP composite NN trading NN yesterday NN , , Nynex NNP common NN closed VBD at IN $ $ 81.125 CD , , up RB $ $ 1.625 CD . . Southern NNP New NNP England NNP Telecommunications NNP , , which WDT bolstered VBD its PRP$ marketing NN efforts NNS for IN telephone NN and CC non-telephone JJ subsidiaries NNS , , reported VBD that DT net JJ increased VBD 8.1 CD % NN . . Walter NNP H. NNP Monteith NNP Jr. NNP , , SNET NNP chairman NN and CC chief JJ executive JJ officer NN , , said VBD : : `` `` Innovative JJ marketing NN of IN our PRP$ products NNS and CC services NNS contributed VBD to TO increase VB revenue NN . . '' '' Revenue NN and CC sales NNS increased VBD 7.5 CD % NN to TO $ $ 423.9 CD million CD from IN $ $ 394.4 CD million CD a DT year NN earlier RBR . . Yellow JJ pages NNS advertising NN sales NNS rose VBD 11.8 CD % NN to TO $ $ 41.2 CD million CD . . Cost NN and CC expenses NNS for IN the DT quarter NN , , excluding VBG interest NN , , increased VBD 6.1 CD % NN to TO $ $ 333.3 CD million CD from IN $ $ 314 CD million CD the DT year NN before RB . . SNET NNP common NN rose VBD $ $ 1.25 CD to TO $ $ 85.50 CD a DT share NN yesterday NN in IN composite JJ trading NN on IN the DT Big NNP Board NNP . . San NNP Francisco-based JJ Pacific NNP Telesis NNP said VBD net JJ declined VBD 12.6 CD % NN , , primarily RB because IN of IN regulatory JJ action NN . . Revenue NN was VBD about RB flat JJ at IN $ $ 2.4 CD billion CD . . Revenue NN was VBD reduced VBN $ $ 33 CD million CD by IN three CD extraordinary JJ items NNS : : a DT California NNP Public NNP Utilities NNP Commission NNP refund NN for IN an DT American NNP Telephone NNP & CC Telegraph NNP Co. NNP billing NN adjustment NN ; : a DT provision NN for IN productivity NN sharing NN to TO be VB paid VBN to TO customers NNS in IN 1990 CD and CC a DT one-time JJ accrual NN for IN a DT toll NN settlement NN with IN long-distance JJ telephone NN companies NNS . . Excluding VBG the DT one-time JJ charges NNS , , the DT company NN would MD have VB posted VBN earnings NNS of IN $ $ 298 CD million CD , , or CC 73 CD cents NNS a DT share NN . . The DT company NN also RB was VBD hurt VBN by IN a DT $ $ 289 CD million CD rate NN reduction NN that WDT went VBD into IN effect NN in IN 1989 CD . . `` `` This DT is VBZ a DT good JJ quarter NN for IN us PRP in IN terms NNS of IN our PRP$ business NN fundamentals NNS , , '' '' said VBD Sam NNP Ginn NNP , , chairman NN and CC chief JJ executive JJ officer NN . . Pacific NNP Telesis NNP said VBD new JJ telephone NN lines NNS increased VBD 4.5 CD % NN for IN a DT total NN of IN about RB $ $ 13.5 CD million CD for IN the DT quarter NN ; : toll NN calls NNS increased VBD 9.6 CD % NN to TO 807 CD million CD and CC minutes NNS of IN telephone NN usage NN increased VBD to TO 9.9 CD billion CD . . In IN Big NNP Board NNP composite NN trading NN yesterday NN , , Pacific NNP Telesis NNP common NN closed VBD at IN $ $ 45.50 CD , , up RB 87.5 CD cents NNS . . a SYM - : Includes VBZ a DT one-time JJ gain NN of IN $ $ 88.7 CD million CD from IN a DT commonstock NN sale NN by IN U NNP S NNP West NNP 's POS U NNP S NNP West NNP New NNP Vector NNP Group NNP . . b SYM - : Includes VBZ a DT $ $ 41.3 CD million CD gain NN on IN the DT sale NN of IN FiberCom NNP . . Amoco NNP Corp. NNP said VBD third-quarter JJ net JJ income NN plunged VBD 39 CD % NN to TO $ $ 336 CD million CD , , or CC 65 CD cents NNS a DT share NN , , as IN gasoline NN refining NN and CC marketing NN profits NNS lagged VBD substantially RB behind IN last JJ year NN 's POS record NN level NN . . A DT charge NN of IN $ $ 80 CD million CD related VBN to TO projected VBN environmental JJ costs NNS in IN its PRP$ refining NN and CC marketing NN operations NNS further RBR depressed VBD results NNS . . A DT spokesman NN said VBD Amoco NNP completed VBD an DT environmental JJ analysis NN last JJ quarter NN but CC that IN no DT single JJ clean-up JJ project NN was VBD responsible JJ . . In IN the DT 1988 CD third JJ quarter NN , , the DT Chicago-based JJ oil NN company NN earned VBD $ $ 552 CD million CD , , or CC $ $ 1.07 CD a DT share NN . . Revenue NN in IN the DT latest JJS quarter NN rose VBD 12 CD % NN to TO $ $ 6.6 CD billion CD from IN $ $ 5.91 CD billion CD . . Aside RB from IN the DT special JJ charge NN , , Amoco NNP 's POS results NNS were VBD in IN line NN with IN Wall NNP Street NNP estimates NNS . . The DT company NN 's POS stock NN ended VBD at IN $ $ 48.375 CD , , up RB 25 CD cents NNS in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN . . Amoco NNP is VBZ the DT first RB major JJ oil NN company NN to TO report VB third-quarter JJ results NNS . . Analysts NNS expect VBP others NNS to TO show VB a DT similar JJ pattern NN . . Generally RB in IN the DT quarter NN , , overproduction NN of IN gasoline NN and CC higher JJR crude NN oil NN prices NNS pressured VBD profitability NN . . The DT industry NN 's POS chemical NN profits NNS also RB declined VBD because IN excess JJ capacity NN has VBZ depressed VBN prices NNS . . Gasoline NN margins NNS may MD rebound VB this DT quarter NN , , some DT industry NN officials NNS say VB , , but CC they PRP believe VBP chemical JJ margins NNS could MD worsen VB . . American NNP Petrofina NNP Inc. NNP , , a DT Dallas-based JJ integrated VBN oil NN company NN , , yesterday NN said VBD its PRP$ third-quarter JJ earnings NNS declined VBD by IN more JJR than IN half NN . . Fina NNP blamed VBD lower JJR chemical NN prices NNS , , reduced VBN gasoline NN margins NNS and CC refinery NN maintenance NN shutdowns NNS . . It PRP said VBD net JJ income NN dropped VBD to TO $ $ 15.1 CD million CD , , or CC 98 CD cents NNS a DT share NN , , from IN $ $ 35.2 CD million CD , , or CC $ $ 2.66 CD a DT share NN . . Sales NNS rose VBD 2.2 CD % NN to TO $ $ 711.9 CD million CD from IN $ $ 696.1 CD million CD . . Amoco NNP 's POS refining NN and CC marketing NN profit NN in IN the DT quarter NN fell VBD to TO $ $ 134 CD million CD from IN $ $ 319 CD million CD . . Chemical NN earnings NNS declined VBD by IN one-third JJ to TO $ $ 120 CD million CD last JJ year NN 's POS robust JJ levels NNS . . Amoco NNP 's POS domestic JJ oil NN and CC natural JJ gas NN operations NNS recorded VBD a DT profit NN of IN $ $ 104 CD million CD in IN the DT quarter NN compared VBN with IN a DT loss NN of IN $ $ 5 CD million CD , , `` `` primarily RB on IN the DT strength NN of IN higher JJR crude NN oil NN prices NNS , , '' '' said VBD Chairman NNP Richard NNP M. NNP Morrow NNP . . Amoco NNP also RB sharply RB boosted VBD natural-gas JJ output NN , , part NN of IN it PRP from IN properties NNS acquired VBN from IN Tenneco NNP Inc. NNP last JJ year NN . . But CC foreign JJ exploration NN and CC production NN earnings NNS fell VBD sharply RB , , to TO $ $ 12 CD million CD from IN $ $ 95 CD million CD . . Higher JJR oil NN prices NNS were VBD n't RB enough JJ to TO offset VB a DT roughly RB $ $ 20 CD million CD charge NN related VBN to TO a DT 10 CD % NN reduction NN in IN Amoco NNP 's POS Canadian JJ work NN force NN as RB well RB as IN increased VBN exploration NN expenses NNS . . For IN the DT nine CD months NNS , , Amoco NNP said VBD that IN net JJ income NN fell VBD to TO $ $ 1.29 CD billion CD from IN $ $ 1.69 CD billion CD but CC if IN unusual JJ items NNS are VBP excluded VBN , , operations NNS produced VBD essentially RB flat JJ results NNS . . Revenue NN rose VBD 12 CD % NN to TO $ $ 19.93 CD billion CD from IN $ $ 17.73 CD billion CD . . James NNP F. NNP Gero NNP , , former JJ chairman NN and CC chief JJ executive JJ officer NN of IN Varo NNP Inc. NNP , , and CC Richard NNP J. NNP Hatchett NNP III NNP , , a DT Dallas NNP investment NN banker NN , , were VBD elected VBN directors NNS of IN this DT medical-products NNS concern NN , , boosting VBG the DT board NN to TO seven CD members NNS . . For IN retailers NNS , , Christmas NNP , , not RB Halloween NNP , , promises VBZ to TO be VB this DT year NN 's POS spookiest JJS season NN . . Many JJ retailers NNS fear VBP a DT price NN war NN will MD erupt VB if IN cash-strapped JJ companies NNS such JJ as IN Campeau NNP Corp. NNP slash VBP tags NNS to TO spur VB sales NNS . . Concerns NNS about IN the DT stock NN market NN , , doubts NNS about IN the DT economy NN in IN general JJ and CC rising VBG competition NN from IN catalog NN companies NNS also RB haunt VBP store NN operators NNS . . `` `` Profits NNS at IN Christmas NNP could MD be VB under IN attack NN for IN every DT retailer NN , , '' '' asserts VBZ Norman NNP Abramson NNP , , president NN and CC chief NN operating VBG officer NN of IN Clothestime NNP Inc. NNP , , an DT off-price JJ chain NN . . Even RB if IN there EX is VBZ n't RB any DT widespread JJ discounting NN , , the DT outlook NN for IN industry NN profits NNS is VBZ n't RB good JJ . . Management NNP Horizons NNP forecasts VBZ a DT 1.4 CD % NN profit NN decline NN for IN non-auto JJ retailers NNS this DT year NN , , after IN annual JJ drops NNS that WDT averaged VBD 4.5 CD % NN in IN 1988 CD and CC 1987 CD . . `` `` For IN the DT last JJ two CD and CC a DT half JJ years NNS , , retailing NN has VBZ been VBN in IN a DT mild JJ recession NN , , '' '' says VBZ Carl NNP Steidtmann NNP , , chief JJ economist NN at IN the DT Columbus NNP , , Ohio NNP , , consulting VBG firm NN . . This DT year NN , , many JJ stores NNS are VBP entering VBG the DT Christmas NNP season NN in IN turmoil NN : : Bonwit NNP Teller NNP and CC B. NNP Altman NNP parent NN L.J. NNP Hooker NNP Corp. NNP is VBZ operating VBG under IN Chapter NNP 11 CD of IN the DT federal JJ Bankruptcy NNP Code NNP ; : B.A.T NNP Industries NNP PLC NNP 's POS healthy JJ Saks NNP Fifth NNP Avenue NNP and CC Marshall NNP Field NNP 's POS chains NNS are VBP on IN the DT auction NN block NN ; : Campeau NNP 's POS Bloomingdale NNP 's POS is VBZ also RB on IN the DT block NN . . Industry NN observers NNS expect VBP a DT wide JJ divergence NN in IN performance NN . . Stores NNS in IN a DT state NN of IN confusion NN are VBP likely JJ to TO fare VB poorly RB , , and CC to TO lose VB customers NNS to TO stable JJ chains NNS such JJ as IN Limited NNP Inc. NNP , , May NNP Department NNP Stores NNP Co. NNP and CC Dillard NNP Department NNP Stores NNP Inc. NNP , , which WDT should MD do VB well RB . . `` `` There EX are VBP going VBG to TO be VB very RB clear JJ winners NNS and CC very RB clear JJ losers NNS , , '' '' says VBZ Cynthia NNP Turk NNP , , a DT Touche NNP Ross NNP & CC Co. NNP retail JJ consultant NN . . Says VBZ Mr. NNP Steidtmann NNP : : `` `` I PRP 'm VBP looking VBG for IN a DT bi-polar JJ Christmas NNP . . '' '' Economists NNS expect VBP general JJ merchandise NN sales NNS in IN the DT fourth JJ quarter NN to TO rise VB 4.5 CD % NN to TO 6 CD % NN from IN year-ago JJ figures NNS . . But CC Mr. NNP Steidtmann NNP predicts VBZ that IN healthy JJ stores NNS hawking VBG mostly RB apparel NN could MD ring VB up RP gains NNS of IN as RB much JJ as IN 25 CD % NN to TO 30 CD % NN . . Troubled VBN chains NNS could MD see VB their PRP$ sales NNS drop VB as RB much RB as IN 8 CD % NN , , he PRP believes VBZ , , as IN managers NNS distracted VBN by IN fears NNS about IN the DT future NN allow VBP their PRP$ stores NNS to TO get VB sloppy JJ . . Thin JJ merchandise NN selections NNS at IN the DT most RBS troubled VBN chains NNS are VBP also RB expected VBN to TO hurt VB sales NNS . . Catalog NN companies NNS are VBP likely JJ to TO pose VB a DT bigger JJR threat NN to TO all DT stores NNS this DT year NN , , particularly RB in IN December NNP . . More JJR than IN 200 CD catalog NN outfits NN are VBP promoting VBG a DT low-cost JJ Federal NNP Express NNP service NN that WDT guarantees VBZ pre-Christmas JJ delivery NN of IN orders NNS made VBN by IN a DT certain JJ date NN . . `` `` Traditionally RB , , consumers NNS were VBD concerned VBN about IN ordering VBG after IN the DT first JJ of IN December NNP because IN they PRP did VBD n't RB believe VB they PRP would MD get VB it PRP by IN Christmas NNP , , '' '' says VBZ Adam NNP Strum NNP , , chairman NN of IN the DT Wine NNP Enthusiast NNP Inc. NNP , , which WDT sells VBZ wine NN cellars NNS and CC accessories NNS through IN the DT mail NN . . Using VBG Federal NNP Express NNP delivery NN last JJ year NN , , Mr. NNP Strum NNP says VBZ , , `` `` December NNP was VBD our PRP$ biggest JJS month NN . . '' '' Even RB Sears NNP , , Roebuck NNP & CC Co. NNP is VBZ getting VBG into IN the DT act NN , , offering VBG for IN the DT first JJ time NN to TO have VB Federal NNP Express NNP deliver VB toys NNS ordered VBN by IN Dec. NNP 20 CD from IN its PRP$ Wish NNP Book NNP catalog NN . . K NNP mart NNP Corp. NNP Chairman NNP Joseph NNP E. NNP Antonini NNP summed VBD up RP his PRP$ outlook NN for IN the DT Christmas NNP season NN as IN `` `` not RB troublesome JJ . . '' '' He PRP 's VBZ not RB predicting VBG a DT blockbuster NN , , but CC he PRP is VBZ `` `` more RBR optimistic JJ than IN three CD months NNS ago RB '' '' because IN employment NN remains VBZ strong JJ and CC inflation NN low JJ . . Other JJ retailers NNS are VBP also RB preparing VBG for IN a DT ho-hum JJ holiday NN . . Philip NNP M. NNP Hawley NNP , , chairman NN of IN Carter NNP Hawley NNP Hale NNP Stores NNP Inc. NNP , , expects VBZ sales NNS at IN department NN stores NNS open JJ at IN least JJS a DT year NN to TO rise VB a DT modest JJ 3 CD % NN to TO 5 CD % NN over IN last JJ year NN 's POS totals NNS , , both DT for IN his PRP$ company NN and CC the DT industry NN in IN general NN . . `` `` I PRP 'm VBP not RB looking VBG for IN a DT runaway JJ Christmas NNP at IN all DT , , '' '' he PRP says VBZ . . `` `` It PRP is VBZ n't RB a DT real JJ boom NN holiday NN season NN in IN our PRP$ eyes NNS , , '' '' says VBZ Woolworth NNP Corp. NNP Chairman NNP Harold NNP E. NNP Sells NNP , , `` `` but CC it PRP is VBZ n't RB going VBG to TO be VB a DT bust NN either RB . . '' '' Mr. NNP Sells NNP expects VBZ fourth-quarter JJ sales NNS at IN his PRP$ company NN -- : which WDT besides IN Woolworth NNP stores NNS includes VBZ Kinney NNP and CC Foot NNP Locker NNP shoe NN stores NNS and CC other JJ specialty NN chains NNS -- : to TO rise VB `` `` pretty RB much RB in IN line NN '' '' with IN its PRP$ year-to-date JJ increases NNS of IN between IN 8 CD % NN and CC 9 CD % NN . . The DT estimate NN includes VBZ the DT results NNS of IN new JJ stores NNS . . A DT consumer NN poll NN conducted VBN in IN early JJ September NNP by IN Leo NNP J. NNP Shapiro NNP & CC Associates NNP , , a DT market NN researcher NN based VBN in IN Chicago NNP , , also RB suggests VBZ a DT modest JJ holiday NN . . Of IN the DT 450 CD survey NN respondents NNS , , 35 CD % NN said VBD they PRP expect VBP to TO spend VB less JJR buying VBG Christmas NNP gifts NNS this DT year NN than IN last JJ year NN , , while IN 28 CD % NN said VBD they PRP expect VBP to TO spend VB more JJR and CC 37 CD % NN said VBD their PRP$ gift NN budget NN would MD stay VB the DT same JJ . . The DT results NNS are VBP almost RB identical JJ to TO Shapiro NNP 's POS September NNP 1988 CD numbers NNS . . Retailers NNS could MD get VB a DT boost NN this DT year NN from IN the DT calendar NN . . Christmas NNP falls VBZ on IN a DT Monday NNP , , creating VBG a DT big JJ last-minute JJ weekend NN opportunity NN for IN stores NNS . . Most JJS will MD stay VB open JJ late JJ Saturday NNP night NN and CC open VB their PRP$ doors NNS again RB Sunday NNP . . But CC many JJ consumers NNS probably RB will MD use VB the DT extra JJ time NN to TO put VB off RP some DT purchasing NN until IN the DT last JJ minute NN . . `` `` What WP you PRP 'll MD hear VB as IN we PRP get VBP into IN December NNP is VBZ that IN sales NNS are VBP sluggish JJ , , '' '' predicts VBZ Woolworth NN 's POS Mr. NNP Sells NNP . . `` `` The DT week NN ending VBG the DT 24th JJ is VBZ going VBG to TO save VB the DT entire JJ month NN for IN everyone NN . . The DT Spanish JJ author NN Camilo NNP Jose NNP Cela NNP won VBD the DT Nobel NNP Prize NNP for IN literature NN yesterday NN , , a DT surprising JJ choice NN , , but CC given VBN the DT Swedish NNP Academy NNP 's POS past JJ perversities NNS , , hardly RB the DT most RBS undeserved JJ and CC ridiculous JJ accolade NN handed VBN out RP by IN the DT awarding VBG committee NN . . In IN Spain NNP , , anyway RB , , the DT 73-year-old JJ Mr. NNP Cela NNP enjoys VBZ some DT renown NN for IN the DT novels NNS and CC travel NN books NNS he PRP wrote VBD during IN the DT parched JJ Franco NNP years NNS , , the DT everyday JJ poverty NN and CC stagnant JJ atmosphere NN of IN which WDT he PRP described VBD in IN brutally RB direct JJ , , vivid JJ prose NN , , beginning VBG with IN `` `` The DT Family NNP of IN Pascal NNP Duarte NNP '' '' ( ( 1942 CD ) ) . . Unlike IN other JJ writers NNS who WP either RB battled VBD the DT fascists NNS during IN the DT Civil NNP War NNP , , or CC left VBD Spain NNP when WRB Franco NNP triumphed VBD , , Mr. NNP Cela NNP fought VBD briefly RB on IN the DT general NN 's POS side NN , , no DT doubt NN earning VBG with IN his PRP$ war NN wound VBN some DT forbearance NN when WRB he PRP went VBD on RP to TO depict VB a DT country NN with IN a DT high JJ population NN of IN vagabonds NNS , , murderers NNS and CC rural JJ idiots NNS trudging VBG aimlessly RB through IN a DT dried-out JJ land NN . . Still RB , , it PRP was VBD in IN Argentine JJ editions NNS that IN his PRP$ countrymen NNS first RB read VBD his PRP$ story NN of IN Pascal NNP Duarte NNP , , a DT field NN worker NN who WP stabbed VBD his PRP$ mother NN to TO death NN and CC has VBZ no DT regrets NNS as IN he PRP awaits VBZ his PRP$ end NN in IN a DT prison NN cell NN : : `` `` Fate NNP directs VBZ some DT men NNS down IN the DT flower-bordered JJ path NN , , and CC others NNS down IN the DT road NN bordered VBN with IN thistles NNS and CC prickly JJ pears NNS . . The DT lucky JJ ones NNS gaze VBP out RB at IN life NN with IN serene JJ eyes NNS and CC smile VBP with IN a DT face NN of IN innocence NN at IN their PRP$ perfumed JJ happiness NN . . The DT others NNS endure VBP the DT hot JJ sun NN of IN the DT plains NNS and CC scowl VBP like IN cornered JJ wild JJ beasts NNS . . '' '' Mr. NNP Cela NNP himself PRP was VBD one CD of IN the DT lucky JJ ones NNS , , his PRP$ fortunes NNS steadily RB increasing VBG over IN the DT decades NNS he PRP spent VBD putting VBG out RP some DT 70 CD travelogues NNS , , novels NNS , , short JJ story NN collections NNS and CC poetry NN . . These DT days NNS , , he PRP is VBZ as RB known VBN for IN his PRP$ flamboyant JJ tastes NNS and CC the DT youthful JJ muse NN who WP shares VBZ his PRP$ life NN as IN he PRP is VBZ for IN his PRP$ books NNS . . The DT man NN who WP wore VBD out RP his PRP$ shoes NNS wandering VBG around IN Guadalajara NNP in IN 1958 CD , , describing VBG in IN his PRP$ travel NN book NN `` `` Viaje NNP a NNP la NNP Alcarria NNP '' '' how WRB he PRP scrounged VBD for IN food NN and CC stayed VBD in IN squalid JJ inns NNS , , now RB tours VBZ Spain NNP in IN a DT Rolls-Royce NNP . . Of IN his PRP$ 10 CD novels NNS , , `` `` The DT Hive NNP '' '' ( ( 1951 CD ) ) , , full JJ of IN sharp JJ vignettes NNS of IN Madrid NNP life NN and CC centered VBD on IN a DT cafe NN run VBN by IN Dona NNP Rosa NNP , , a DT foul-mouthed JJ , , broad-based JJ woman NN with IN blackened VBN little JJ teeth NNS encrusted VBN in IN filth NN , , used VBN to TO be VB available JJ in IN English NNP , , translated VBN by IN J.M. NNP Cohen NNP and CC published VBN by IN Ecco NNP Press NNP , , which WDT now RB no DT doubt NN regrets VBZ relinquishing VBG its PRP$ copyright NN . . Here RB is VBZ an DT excerpt NN : : The DT lonely JJ woman NN walks VBZ on RP in IN the DT direction NN of IN the DT Plaza NNP de IN Alonso NNP Martinez NNP . . Two CD men NNS have VBP a DT conversation NN behind IN one CD of IN the DT windows NNS of IN the DT cafe NN on IN the DT corner NN of IN the DT boulevard NN . . Both DT are VBP young JJ , , one CD twenty CD odd JJ , , the DT other JJ thirty CD odd JJ . . The DT older JJR one CD looks VBZ like IN a DT member NN of IN the DT jury NN for IN a DT literary JJ award NN , , the DT younger JJR one CD looks VBZ like IN a DT novelist NN . . It PRP is VBZ evident JJ that IN their PRP$ conversation NN runs VBZ more RBR or CC less RBR on IN the DT following JJ lines NNS : : `` `` I PRP 've VBP submitted VBN the DT manuscript NN of IN my PRP$ novel NN under IN the DT title NN ` `` Teresa NNP de IN Cepeda NNP , , ' '' and CC in IN it PRP I PRP 've VBP treated VBN a DT few JJ neglected VBN aspects NNS of IN that DT eternal JJ problem NN which WDT ... : '' '' `` `` Oh UH , , yes RB . . Will MD you PRP pour VBP me PRP a DT drop NN of IN water NN , , if IN you PRP do VBP n't RB mind VB ? . '' '' `` `` With IN pleasure NN . . I PRP 've VBP revised VBN it PRP several JJ times NNS and CC I PRP think VBP I PRP may MD say VB with IN pride NN that IN there EX is VBZ not RB a DT single JJ discordant JJ word NN in IN the DT whole JJ text NN . . '' '' `` `` How WRB interesting JJ . . '' '' `` `` I PRP think VBP so RB . . I PRP do VBP n't RB know VB the DT quality NN of IN the DT works NNS my PRP$ colleagues NNS have VBP sent VBN in RP , , but CC in IN any DT case NN I PRP feel VBP confident JJ that IN good JJ sense NN and CC honest JJ judgment NN ... : '' '' `` `` Rest VB assured VBN , , we PRP proceed VBP with IN exemplary JJ fairness NN . . '' '' `` `` I PRP do VBP n't RB doubt VB it PRP for IN a DT moment NN . . It PRP does VBZ not RB matter VB if IN one PRP is VBZ defeated VBN , , provided VBD the DT work NN that WDT gets VBZ the DT award NN has VBZ unmistakable JJ qualities NNS . . What WP 's VBZ so RB discouraging JJ is VBZ ... : '' '' In IN passing VBG the DT window NN , , Senorita NNP Elvira NNP gives VBZ them PRP a DT smile NN -- : simply RB out IN of IN habit NN . . Ashland NNP Oil NNP Inc. NNP said VBD it PRP will MD take VB after-tax JJ charges NNS of IN $ $ 78 CD million CD , , or CC $ $ 1.40 CD a DT share NN , , in IN its PRP$ fiscal JJ fourth JJ quarter NN , , ended VBN Sept. NNP 30 CD . . Because IN of IN the DT charge NN , , Ashland VBP expects VBZ to TO report VB a DT loss NN for IN the DT fourth JJ quarter NN and CC `` `` significantly RB lower JJR results NNS '' '' for IN fiscal JJ 1989 CD . . The DT oil NN refiner NN said VBD it PRP will MD report VB fiscal JJ fourth JJ quarter NN and CC 1989 CD results NNS next JJ week NN . . The DT company NN earned VBD $ $ 66 CD million CD , , or CC $ $ 1.19 CD a DT share NN , , on IN revenue NN of IN $ $ 2.1 CD billion CD in IN the DT year-ago JJ fourth JJ quarter NN . . For IN fiscal JJ 1988 CD , , Ashland NNP had VBD net JJ of IN $ $ 224 CD million CD , , or CC $ $ 4.01 CD a DT share NN , , on IN revenue NN of IN $ $ 7.8 CD billion CD . . Both DT revenue NN figures NNS exclude VBP excise NN taxes NNS . . The DT charges NNS consist VBP of IN : : a DT $ $ 25 CD million CD after-tax JJ charge NN to TO cover VB cost NN overruns NNS in IN Ashland NNP 's POS Riley NNP Consolidated NNP subsidiary NN ; : a DT previously RB announced VBN $ $ 38 CD million CD after-tax JJ charge NN resulting VBG from IN a DT $ $ 325 CD million CD settlement NN with IN National NNP Iranian NNP Oil NNP Co. NNP and CC a DT $ $ 15 CD million CD after-tax JJ charge NN from IN the DT previously RB announced VBN sale NN of IN its PRP$ Ashland NNP Technology NNP Corp. NNP subsidiary NN . . Ashland NNP expects VBZ that DT sale NN to TO be VB complete JJ next JJ year NN . . The DT charge NN for IN the DT Riley NNP subsidiary NN is VBZ for IN expected VBN costs NNS to TO correct VB problems NNS with IN certain JJ bed NN boilers NNS built VBN for IN utilities NNS . . The DT charge NN will MD be VB added VBN to TO $ $ 20 CD million CD in IN reserves NNS established VBN a DT year NN ago RB to TO cover VB the DT cost NN overruns NNS . . When WRB President NNP Bush NNP arrives VBZ here RB next JJ week NN for IN a DT hemispheric JJ summit NN organized VBN to TO commemorate VB a DT century NN of IN Costa JJ Rican JJ democracy NN , , will MD he PRP be VB able JJ to TO deliver VB a DT credible JJ message NN in IN the DT wake NN of IN the DT Panamanian JJ fiasco NN ? . Undoubtedly NNP Mr. NNP Bush NNP will MD be VB praised VBN by IN some DT Latin JJ leaders NNS prone JJ to TO pay VB lip JJ service NN to TO nonintervention NN , , while IN they PRP privately RB encourage VBP more RBR assertive JJ U.S. NNP action NN to TO remove VB Gen. NNP Manuel NNP Noriega NNP and CC safeguard VB their PRP$ countries NNS from IN a DT Sandinista NNP onslaught NN . . The DT Panamanian JJ affair NN is VBZ only RB the DT tip NN of IN a DT more RBR alarming JJ iceberg NN . . It PRP originates VBZ in IN a DT Bush NNP administration NN decision NN not RB to TO antagonize VB the DT U.S. NNP Congress NNP and CC avoid VB , , at IN all DT costs NNS , , being VBG accused VBN of IN meddling VBG in IN the DT region NN . . The DT result NN has VBZ been VBN a DT dangerous JJ vacuum NN of IN U.S. NNP leadership NN , , which WDT leaves VBZ Central NNP America NNP open JJ to TO Soviet JJ adventurism NN . . `` `` The DT { ( influence NN of IN the DT } ) U.S. NNP is VBZ not RB being VBG felt VBD in IN Central NNP America NNP ; : Washington NNP 's POS decisions NNS do VBP not RB respond VB to TO a DT policy NN , , and CC are VBP divorced VBN from IN reality NN , , '' '' says VBZ Fernando NNP Volio NNP , , a DT Costa JJ Rican JJ congressman NN and CC former JJ foreign JJ minister NN . . The DT disarray NN of IN the DT Bush NNP administration NN 's POS Latin NNP diplomacy NN was VBD evident JJ in IN the DT failure NN of IN the DT Organization NNP of IN American NNP States NNP to TO condemn VB categorically RB Gen. NNP Noriega NNP . . Faced VBN with IN this DT embarrassment NN , , U.S. NNP diplomats NNS expressed VBD confidence NN that IN the DT influential JJ Rio NNP Group NNP of IN South JJ American JJ nations NNS , , which WDT gathered VBD last JJ week NN in IN Peru NNP , , would MD take VB a DT stronger JJR posture NN toward IN the DT Panamanian JJ dictator NN . . But CC other JJ than IN a DT few JJ slaps NNS on IN the DT wrist NN , , Gen. NNP Noriega NNP went VBD unpunished JJ by IN that DT body NN , , too RB ; : he PRP was VBD not RB even RB singled VBD out RP in IN the DT closing VBG statement NN . . Now RB Mr. NNP Bush NNP will MD come VB to TO Costa NNP Rica NNP and CC encounter VB Nicaraguan JJ strongman NN Daniel NNP Ortega NNP , , eager JJ for IN photo JJ opportunities NNS with IN the DT U.S. NNP president NN . . The DT host NN , , Costa JJ Rican JJ President NNP Oscar NNP Arias NNP , , did VBD not RB invite VB Chile NNP , , Cuba NNP , , Panama NNP or CC Haiti NNP to TO the DT summit NN , , which WDT was VBD to TO be VB restricted VBN to TO democracies NNS . . However RB , , Mr. NNP Ortega NNP was VBD included VBN . . Formally RB upgrading VBG the DT Sandinistas NNS to TO a DT democratic JJ status NN was VBD an DT initiative NN harshly RB criticized VBN in IN the DT Costa JJ Rican JJ press NN . . Even RB Carlos NNP Manuel NNP Castillo NNP -- : the DT presidential JJ candidate NN for IN Mr. NNP Arias NNP 's POS National NNP Liberation NNP Party NNP -- : made VBD public JJ his PRP$ opposition NN to TO the DT presence NN of IN Nicaragua NNP `` `` in IN a DT democratic JJ festivity NN . . '' '' Nevertheless RB , , the DT Bush NNP administration NN agreed VBD to TO the DT dubious JJ arrangement NN in IN July NNP , , a DT few JJ weeks NNS before IN the DT Central JJ American JJ presidents NNS met VBD in IN Tela NNP , , Honduras NNP , , to TO discuss VB a DT timetable NN for IN disbanding VBG the DT anti-Sandinista JJ rebels NNS . . According VBG to TO officials NNS in IN Washington NNP , , the DT State NNP Department NNP hoped VBD that IN by IN pleasing VBG President NNP Arias NNP , , it PRP would MD gain VB his PRP$ support NN to TO postpone VB any DT decision NN on IN the DT Contras NNP until IN after IN Mr. NNP Ortega NNP 's POS promises NNS of IN democratic JJ elections NNS were VBD tested VBN next IN February NNP . . However RB , , relying VBG on IN an DT ardent JJ critic NN of IN the DT Reagan NNP administration NN and CC the DT Contra NNP movement NN for IN help NN in IN delaying VBG the DT disarming VBG of IN the DT Contras NNS was VBD risky JJ business NN . . And CC even RB some DT last-minute JJ phone NN calls NNS that IN Mr. NNP Bush NNP made VBD ( ( at IN the DT behest NN of IN some DT conservative JJ U.S. NNP senators NNS ) ) to TO enlist VB backing NN for IN the DT U.S. NNP position NN failed VBD to TO stop VB the DT march NN of IN Mr. NNP Arias NNP 's POS agenda NN . . Prior RB to TO this DT episode NN , , Sen. NNP Christopher NNP Dodd NNP ( ( D. NNP , , Conn. NNP ) ) , , sensing VBG an DT open JJ field NN , , undertook VBD a DT personal JJ diplomatic JJ mission NN through IN Central NNP America NNP to TO promote VB an DT early JJ disbanding NN of IN the DT rebels NNS . . Visiting VBG Nicaragua NNP , , he PRP praised VBD the DT Sandinistas NNS for IN their PRP$ electoral JJ system NN and CC chided VBD the DT Bush NNP administration NN for IN not RB rewarding VBG the DT Sandinistas NNS . . In IN Honduras NNP , , where WRB the DT Contras NNP are VBP a DT hot JJ political JJ issue NN , , he PRP promised VBD to TO help VB unblock VB some DT $ $ 70 CD million CD in IN assistance NN withheld VBN due JJ to TO the DT failure NN of IN local JJ agencies NNS to TO comply VB with IN conditions NNS agreed VBD upon RP with IN Washington NNP . . Aid NN was VBD also RB the DT gist NN of IN the DT talks NNS Sen. NNP Dodd NNP had VBD with IN Salvadoran JJ President NNP Alfredo NNP Cristiani NNP ; : Mr. NNP Cristiani NNP 's POS government NN is VBZ very RB much RB at IN the DT mercy NN of IN U.S. NNP largess NN and CC is VBZ forced VBN to TO listen VB very RB carefully RB to TO Sen. NNP Dodd NNP 's POS likes NN and CC dislikes NN . . It PRP was VBD therefore RB not RB surprising JJ that IN close JJ allies NNS of IN the DT U.S. NNP , , virtually RB neglected VBN by IN the DT Bush NNP administration NN , , ordered VBD the DT Nicaraguan JJ insurgents NNS dismantled VBN by IN December NNP , , long RB before IN the DT elections NNS . . Fittingly RB , , the DT Tela NNP Accords NNP were VBD nicknamed VBN by IN Hondurans NNS `` `` the DT Dodd NNP plan NN . . '' '' The DT individual JJ foreign JJ policy NN carried VBD out RP by IN U.S. NNP legislators NNS adds VBZ to TO a DT confusing JJ U.S. NNP performance NN that WDT has VBZ emboldened VBN Soviet JJ initiatives NNS in IN Central NNP America NNP . . On IN Oct. NNP 3 CD , , following VBG conversations NNS with IN Secretary NNP of IN State NNP James NNP Baker NNP , , Soviet NNP Foreign NNP Minister NNP Eduard NNP Shevardnadze NNP arrived VBD in IN Managua NNP to TO acclaim VB `` `` Nicaragua NNP 's POS great JJ peace NN efforts NNS . . '' '' There RB , , Mr. NNP Shevardnadze NNP felt VBD legitimized VBN to TO unveil VB his PRP$ own JJ peace NN plan NN : : The DT U.S.S.R. NNP would MD prolong VB a DT suspension NN of IN arms NNS shipments NNS to TO Nicaragua NNP after IN the DT February NNP election NN if IN the DT U.S. NNP did VBD likewise RB with IN its PRP$ allies NNS in IN Central NNP America NNP . . He PRP also RB called VBD on IN Nicaragua NNP 's POS neighbors NNS to TO accept VB a DT `` `` military JJ equilibrium NN '' '' guaranteed VBN by IN both DT superpowers NNS . . The DT Pentagon NNP claims VBZ that IN in IN spite NN of IN Moscow NNP 's POS words NNS , , East NNP bloc NN weapons NNS continue VBP to TO flow VB into IN Nicaragua NNP through IN Cuba NNP at IN near-record JJ levels NNS . . Since IN Mr. NNP Shevardnadze NNP 's POS proposals NNS followed VBD discussions NNS with IN Mr. NNP Baker NNP , , speculations NNS arose VBD that IN the DT Bush NNP administration NN was VBD seeking VBG an DT accommodation NN with IN the DT Soviets NNS in IN Central NNP America NNP . . This DT scheme NN would MD fit VB the DT Arias NNP Plan NNP , , which WDT declared VBD a DT false JJ symmetry NN between IN Soviet NNP military JJ aid NN to TO the DT Sandinista JJ dictatorship NN and CC that DT provided VBN by IN Washington NNP to TO freely RB elected VBN governments NNS . . Furthermore RB , , it PRP is VBZ also RB likely JJ to TO encourage VB those DT on IN Capitol NNP Hill NNP asking VBG for IN cuts NNS in IN the DT assistance NN to TO El NNP Salvador NNP if IN President NNP Cristiani NNP does VBZ not RB bend VB to TO demands NNS of IN the DT Marxist JJ guerrillas NNS . . The DT sad JJ condition NN of IN U.S. NNP policy NN in IN Central NNP America NNP is VBZ best RB depicted VBN by IN the DT recent JJ end NN to TO U.S. NNP sponsorship NN of IN Radio NNP Costa NNP Rica NNP . . In IN 1984 CD , , the DT Costa NNP Rican NNP government NN requested VBD help NN to TO establish VB a DT radio NN station NN in IN the DT northern JJ part NN of IN the DT country NN , , flooded VBN by IN airwaves NNS of IN Sandinista JJ propaganda NN . . Recovering VBG radiophonic JJ sovereignty NN was VBD the DT purpose NN of IN Radio NNP Costa NNP Rica NNP , , funded VBN by IN the DT U.S. NNP and CC affiliated VBN with IN the DT Voice NNP of IN America NNP ( ( VOA NNP ) ) . . A DT few JJ months NNS ago RB , , the DT Bush NNP administration NN decided VBD to TO stop VB this DT cooperation NN , , leaving VBG Radio NNP Costa NNP Rica NNP operating VBG on IN a DT shoestring NN . . According VBG to TO news NN reports NNS , , the DT abrupt JJ termination NN was VBD due JJ to TO fears NNS that IN VOA NNP transmissions NNS could MD interfere VB with IN the DT peace NN process NN . . In IN the DT meantime NN , , Russia NNP gave VBD Nicaragua NNP another DT powerful JJ radio NN transmitter NN , , which WDT has VBZ been VBN installed VBN in IN the DT city NN of IN Esteli NNP . . It PRP is VBZ capable JJ of IN reaching VBG the DT entire JJ Caribbean JJ area NN and CC deep JJ into IN North NNP America NNP . . Perhaps RB its PRP$ loud JJ signal NN may MD generate VB some DT awareness NN of IN the DT Soviet JJ condominium NN being VBG created VBN in IN the DT isthmus NN thanks NNS to TO U.S. NNP default NN . . The DT Soviet JJ entrenchment NN in IN Nicaragua NNP is VBZ alarming JJ for IN Costa NNP Rica NNP , , a DT peaceful JJ democracy NN without IN an DT army NN . . Questioned VBN in IN Washington NNP about IN what WP would MD happen VB if IN his PRP$ much-heralded JJ peace NN plan NN would MD fail VB , , President NNP Arias NNP voiced VBD expectations NNS of IN direct JJ U.S. NNP action NN . . A DT poll NN conducted VBN in IN July NNP by IN a DT Gallup NN affiliate NN showed VBD that IN 64 CD % NN of IN Costa NNS Ricans NNS believe VBP that IN if IN their PRP$ country NN is VBZ militarily RB attacked VBN by IN either DT Nicaragua NNP or CC Panama NNP , , the DT U.S. NNP will MD come VB to TO its PRP$ defense NN . . But CC in IN the DT light NN of IN events NNS in IN Panama NNP , , where WRB the DT U.S. NNP has VBZ such JJ clear JJ strategic JJ interests NNS , , waiting VBG for IN the DT Delta NNP Force NNP may MD prove VB to TO be VB a DT dangerous JJ gambit NN . . Mr. NNP Daremblum NNP is VBZ a DT lawyer NN and CC a DT columnist NN for IN La NNP Nacion NNP newspaper NN . . Holiday NNP Corp. NNP said VBD net JJ income NN jumped VBD 89 CD % NN , , partly RB on IN the DT strength NN of IN record NN operating VBG income NN in IN its PRP$ gaming NN division NN . . Separately RB , , the DT hotel NN and CC gambling NN giant NN said VBD it PRP was VBD proceeding VBG with IN plans NNS to TO make VB a DT tender NN offer NN and CC solicit VB consents NNS with IN respect NN to TO approximately RB $ $ 1.4 CD billion CD of IN its PRP$ publicly RB traded VBN debt NN . . That DT debt NN is VBZ part NN of IN the DT $ $ 2.1 CD billion CD of IN Holiday NNP debt NN that IN Bass NNP PLC NNP of IN Britain NNP said VBD it PRP would MD retire VB or CC assume VB when WRB it PRP agreed VBD to TO buy VB the DT Holiday NNP Inn NNP business NN in IN August NNP . . Holiday NNP said VBD third-quarter JJ earnings NNS rose VBD to TO $ $ 39.8 CD million CD , , or CC $ $ 1.53 CD a DT share NN , , from IN $ $ 21 CD million CD , , or CC 84 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . Results NNS for IN the DT quarter NN included VBD $ $ 19.2 CD million CD in IN pretax JJ gains NNS from IN property NN transactions NNS , , including VBG the DT sale NN of IN one CD Embassy NNP Suites NNP hotel NN , , and CC $ $ 3.5 CD million CD of IN nonrecurring VBG costs NNS associated VBN with IN the DT acquisition NN of IN the DT Holiday NNP Inn NNP business NN by IN Bass NNP . . Holiday NNP said VBD operating NN income NN related VBN to TO gaming NN increased VBD 4.5 CD % NN to TO a DT record NN $ $ 61.4 CD million CD from IN $ $ 58.8 CD million CD a DT year NN earlier RBR . . The DT jump NN reflected VBD record NN results NNS in IN Las NNP Vegas NNP , , Nev. NNP , , and CC Atlantic NNP City NNP , , N.J. NNP , , as RB well RB as IN a DT full JJ quarter NN 's POS results NNS from IN Harrah NNP 's POS Del NNP Rio NNP in IN Laughlin NNP , , Nev NNP . . Third-quarter JJ revenue NN rose VBD 2.7 CD % NN to TO $ $ 433.5 CD million CD from IN $ $ 422.1 CD million CD . . For IN the DT nine CD months NNS , , earnings NNS fell VBD 2.9 CD % NN to TO $ $ 99.1 CD million CD , , or CC $ $ 3.86 CD a DT share NN , , from IN $ $ 102.1 CD million CD , , or CC $ $ 4.10 CD a DT share NN , , a DT year NN earlier RBR . . Revenue NN dropped VBD 1.6 CD % NN to TO $ $ 1.21 CD billion CD from IN $ $ 1.23 CD billion CD . . The DT tender NN offer NN and CC consent NN solicitation NN will MD be VB made VBN to TO debtholders NNS in IN December NNP . . In IN effect NN , , Holiday NNP is VBZ asking VBG holders NNS for IN permission NN for IN Bass NNP to TO buy VB their PRP$ debt NN . . Holiday NNP said VBD Salomon NNP Brothers NNP Inc. NNP has VBZ been VBN retained VBN to TO act VB as IN the DT dealer-manager NN and CC financial JJ adviser NN in IN connection NN with IN the DT offer NN and CC solicitation NN . . The DT debt NN issues NNS involved VBN and CC the DT proposed VBN consent NN fees NNS and CC cash NN tender NN offer NN prices NNS ( ( expressed VBN per IN $ $ 1,000 CD of IN principal NN amount NN ) ) are VBP as IN follows VBZ : : 10 CD 1\/2 CD % NN senior JJ notes NNS due JJ 1994 CD at IN 101 CD % NN ; : 11 CD % NN subordinated VBN debt NN due RB 1999 CD at IN 102 CD % NN ; : 9 CD 3\/8 CD % NN notes NNS due RB 1993 CD at IN 100 CD % NN ; : and CC 8 CD 3\/8 CD % NN notes NNS due RB 1996 CD at IN 95.25 CD % NN . . Holiday NNP said VBD its PRP$ 15 CD % NN notes NNS due RB 1992 CD also RB will MD be VB included VBN in IN the DT tender NN offer NN and CC consent NN solicitation NN at IN a DT price NN to TO be VB determined VBN by IN Holiday NNP prior RB to TO the DT commencement NN of IN the DT offer NN . . The DT television NN units NNS of IN Paramount NNP Communications NNP Inc. NNP and CC MCA NNP Inc. NNP are VBP exploring VBG the DT possibility NN of IN offering VBG prime-time JJ programming NN to TO independent JJ stations NNS two CD nights NNS a DT week NN , , industry NN executives NNS say VBP . . Although IN such JJ a DT venture NN would MD n't RB match VB the DT `` `` fourth JJ network NN '' '' created VBN by IN News NNP Corp. NNP 's POS Fox NNP Broadcasting NNP Co. NNP , , MCA NNP and CC Paramount NNP may MD have VB similar JJ ambitions NNS . . Fox NNP , , which WDT also RB owns VBZ six CD TV NN stations NNS , , provides VBZ programs NNS three CD nights NNS a DT week NN to TO those DT and CC other JJ affiliates NNS . . Paramount NNP Domestic NNP TV NNP and CC MCA NNP TV NNP formed VBD a DT joint JJ venture NN last JJ month NN , , named VBN Premier NNP Advertiser NNP Sales NNP , , to TO sell VB advertising NN in IN programs NNS syndicated VBN by IN both DT companies NNS , , such JJ as IN `` `` Star NNP Trek NNP : : the DT Next JJ Generation NNP , , '' '' `` `` Charles NNP in IN Charge NNP '' '' and CC `` `` Friday NNP the DT 13th NNP : : the DT Series NNP . . '' '' A DT spokeswoman NN for IN Paramount NNP said VBD the DT company NN does VBZ n't RB comment VB on IN speculation NN . . Calls NNS to TO Shelly NNP Schwab NNP , , president NN of IN MCA NNP TV NNP , , were VBD n't RB returned VBN . . The DT two CD companies NNS , , like IN Fox NNP , , already RB have VBP their PRP$ own JJ TV NN stations NNS . . MCA NNP owns VBZ WWOR NNP in IN New NNP York NNP and CC Paramount NNP last JJ month NN agreed VBD to TO purchase VB a DT 79 CD % NN stake NN in IN the DT TVX NNP Broadcast NNP Group NNP from IN Salomon NNP Inc. NNP in IN a DT deal NN valued VBN at IN $ $ 140 CD million CD . . TVX NNP owns VBZ five CD stations NNS , , including VBG WTXF NNP , , a DT Fox NNP affiliate NN , , in IN Philadelphia NNP . . One CD broadcasting NN executive NN familiar JJ with IN the DT project NN said VBD the DT co-venture NN would MD target VB stations NNS affiliated VBN with IN Fox NNP because IN Fox NNP has VBZ the DT desirable JJ independent JJ stations NNS in IN most JJS of IN the DT key JJ cities NNS . . Currently NNP , , Fox NNP supplies VBZ programs NNS on IN Saturdays NNP , , Sundays NNP and CC Mondays NNP , , although IN the DT company NN plans VBZ to TO expand VB to TO other JJ weeknights NNS . . Jamie NNP Kellner NNP , , president NN of IN Fox NNP Broadcasting NNP , , said VBD , , `` `` We PRP believe VBP the DT partnership NN of IN Fox NNP , , its PRP$ affiliates NNS and CC advertisers NNS is VBZ succeeding VBG and CC will MD continue VB to TO grow VB . . '' '' Another DT Fox NNP official NN , , who WP declined VBD to TO be VB identified VBN , , said VBD Fox NNP was VBD n't RB pleased VBN by IN the DT possible JJ Paramount-MCA NNP venture NN into IN prime-time JJ programming NN . . `` `` To TO make VB the DT venture NN work NN , , they PRP would MD need VB Fox NNP affiliates NNS , , '' '' he PRP said VBD . . `` `` We PRP spent VBD a DT lot NN of IN time NN and CC money NN in IN building VBG our PRP$ group NN of IN stations NNS , , '' '' he PRP said VBD , , adding VBG that IN Fox NNP does VBZ n't RB `` `` appreciate VB '' '' another DT company NN attempting VBG to TO usurp VB its PRP$ station NN lineup NN . . Fox NNP said VBD it PRP plans VBZ to TO offer VB its PRP$ stations NNS movies NNS , , theatrical JJ and CC made-for-TV JJ ventures NNS , , probably RB on IN Wednesdays NNS , , sometime RB next JJ year NN . . It PRP is VBZ also RB planning VBG another DT night NN of IN original JJ series NN . . Paramount NNP and CC MCA NNP , , according VBG to TO the DT broadcasting NN executive NN , , plan VBP to TO offer VB theatrical JJ movies NNS produced VBN separately RB by IN Paramount NNP and CC MCA NNP for IN Wednesdays NNS and CC perhaps RB a DT block NN of IN original JJ shows NNS Fridays NNS . . The DT executive NN said VBD Paramount NNP and CC MCA NNP have VBP also RB held VBN discussions NNS with IN Chris-Craft NNP Industries NNP ' POS broadcasting NN unit NN , , which WDT owns VBZ five CD independent JJ stations NNS in IN cities NNS such JJ as IN Los NNP Angeles NNP , , San NNP Francisco NNP and CC Portland NNP , , Ore NNP . . A DT Chris-Craft NNP station NN manager NN said VBD there EX have VBP been VBN no RB formal JJ talks NNS . . `` `` I PRP think VBP it PRP 's VBZ to TO Fox NNP 's POS advantage NN to TO be VB associated VBN with IN the DT Paramount-MCA JJ venture NN , , '' '' said VBD Michael NNP Conway NNP , , station NN manager NN of IN WTXF NNP , , the DT TVX NNP station NN that WDT is VBZ a DT Fox NNP affiliate NN . . Mr. NNP Conway NNP said VBD the DT Fox NNP shows NNS appearing VBG on IN nights NNS when WRB Paramount-MCA JJ shows NNS would MD n't RB be VB offered VBN could MD be VB promoted VBN on IN the DT programs NNS produced VBN by IN Paramount-MCA NNP . . Michael NNP Fisher NNP , , general JJ manager NN of IN KTXL NNP , , a DT Fox NNP affiliate NN in IN Sacramento NNP , , Calif. NNP , , said VBD , , `` `` The DT real JJ question NN is VBZ whether IN the DT Paramount-MCA JJ offering NN is VBZ practical JJ . . It PRP is VBZ n't RB ... : . . Why WRB would MD I PRP consider VB giving VBG up RP Fox NNP , , a DT proven VBN commodity NN , , '' '' for IN an DT unknown JJ venture NN ? . Fox NNP attracts VBZ a DT young JJ audience NN with IN shows NNS such JJ as IN `` `` Married NNP ... : With IN Children NNP , , '' '' its PRP$ most RBS successful JJ series NN . . Banco NNP Popular NNP de IN Puerto NNP Rico NNP and CC BanPonce NNP Corp. NNP -- : agreed VBD to TO merge VB in IN a DT transaction NN valued VBN at IN $ $ 324 CD million CD . . Under IN the DT agreement NN , , BanPonce NNP stockholders NNS will MD be VB able JJ to TO exchange VB each DT of IN their PRP$ shares NNS for IN either CC shares NNS in IN the DT new JJ entity NN or CC cash NN . . In IN each DT case NN , , the DT exchange NN is VBZ valued VBN at IN $ $ 56.25 CD a DT share NN . . The DT two CD companies NNS , , both DT based VBN in IN San NNP Juan NNP , , will MD form VB a DT bank NN holding VBG company NN with IN assets NNS of IN just RB over IN $ $ 9 CD billion CD . . The DT holding VBG company NN will MD be VB called VBN BanPonce NNP Corp NNP . . The DT primary JJ subsidiary NN will MD be VB the DT combined VBN banking NN operations NNS of IN the DT two CD companies NNS and CC will MD be VB known VBN as IN Banco NNP Popular NNP de IN Puerto NNP Rico NNP . . Rafael NNP Carrion NNP Jr. NNP , , chairman NN of IN Banco NNP Popular NNP , , will MD be VB the DT chairman NN of IN the DT holding VBG company NN . . Alberto NNP M. NNP Paracchini NNP , , currently RB chairman NN of IN BanPonce NNP , , will MD serve VB as IN president NN of IN the DT bank NN holding VBG company NN and CC chairman NN of IN the DT subsidiary NN . . Banco NNP Popular NNP originally RB proposed VBD the DT merger NN in IN July NNP , , in IN a DT cash NN and CC stock NN transaction NN valued VBN at IN $ $ 50 CD a DT share NN , , or CC about RB $ $ 293 CD million CD . . BanPonce NNP reacted VBD cooly RB at IN first JJ , , but CC appeared VBD to TO be VB won VBN over RP , , analysts NNS said VBD , , by IN Banco NNP Popular NNP 's POS assurances NNS that IN it PRP wanted VBD only RB a DT friendly JJ transaction NN . . `` `` Banco NNP Popular NNP just RB kept VBD waiting VBG , , '' '' said VBD Edward NNP Thompson NNP , , a DT vice NN president NN and CC analyst NN at IN Thomson NNP BankWatch NNP Inc. NNP in IN New NNP York NNP . . `` `` They PRP got VBD a DT transaction NN that WDT 's VBZ good JJ for IN both DT companies NNS . . '' '' The DT two CD banks NNS appear VBP to TO be VB a DT good JJ fit NN . . BanPonce NNP caters VBZ to TO a DT more RBR affluent JJ customer NN , , while IN Banco NNP Popular NNP has VBZ always RB had VBD a DT large JJ presence NN among IN middle-income JJ and CC lower-income JJ markets NNS . . The DT merger NN should MD also RB allow VB the DT companies NNS to TO reduce VB costs NNS by IN combining VBG operations NNS in IN many JJ locations NNS in IN Puerto NNP Rico NNP . . `` `` They PRP 're VBP often RB right JJ across IN the DT street NN from IN one CD another DT , , '' '' Mr. NNP Thompson NNP said VBD . . Richard NNP Carrion NNP , , who WP is VBZ currently RB president NN and CC chief JJ executive JJ officer NN of IN Banco NNP Popular NNP , , said VBD the DT merger NN will MD result VB in IN a DT `` `` larger JJR and CC stronger JJR locally RB based VBN bank NN . . '' '' Mr. NNP Carrion NNP , , who WP will MD now RB serve VB as IN president NN and CC chief JJ executive JJ officer NN of IN the DT subsidiary NN bank NN , , added VBD : : `` `` We PRP 'll MD be VB able JJ to TO better RBR compete VB with IN large JJ foreign JJ banks NNS . . It PRP makes VBZ sense NN from IN a DT strategic JJ standpoint NN . . '' '' The DT newly RB merged VBN company NN will MD have VB 165 CD branches NNS in IN Puerto NNP Rico NNP and CC 27 CD branches NNS outside JJ of IN the DT island NN . . The DT banks NNS said VBD they PRP do VBP n't RB expect VB the DT merger NN to TO face VB any DT regulatory JJ hurdles NNS . . Mr. NNP Carrion NNP said VBD the DT merger NN should MD be VB completed VBN in IN six CD to TO nine CD months NNS . . Hit VBN by IN higher JJR costs NNS and CC lower JJR sales NNS , , Caterpillar NNP Inc. NNP said VBD third-quarter JJ earnings NNS tumbled VBD 43 CD % NN and CC full-year JJ earnings NNS will MD trail VB last JJ year NN 's POS results NNS . . The DT construction NN equipment NN maker NN said VBD third-quarter JJ profit NN fell VBD to TO $ $ 108 CD million CD , , or CC $ $ 1.07 CD a DT share NN , , from IN $ $ 190 CD million CD , , or CC $ $ 1.87 CD a DT share NN , , a DT year NN earlier RBR . . Sales NNS dropped VBD 6 CD % NN to TO $ $ 2.58 CD billion CD from IN $ $ 2.74 CD billion CD , , reflecting VBG eight CD fewer JJR business NN days NNS in IN the DT latest JJS quarter NN . . The DT company NN , , which WDT is VBZ in IN a DT costly JJ modernization NN program NN , , said VBD earnings NNS were VBD hurt VBN by IN higher JJR start-up NN and CC new JJ program NN costs NNS , , increased VBN costs NNS of IN materials NNS , , higher JJR wages NNS and CC an DT $ $ 11 CD million CD provision NN for IN bad JJ debts NNS in IN Latin NNP America NNP . . In IN announcing VBG a DT 1989 CD capital NN spending NN plan NN of IN $ $ 950 CD million CD early RB this DT year NN , , Caterpillar NNP said VBD full-year JJ earnings NNS would MD be VB flat JJ compared VBN with IN last JJ year NN 's POS $ $ 616 CD million CD , , or CC $ $ 6.07 CD a DT share NN . . But CC yesterday NN , , the DT company NN said VBD this DT year NN 's POS profit NN will MD be VB lower JJR . . It PRP did VBD n't RB say VB by IN how WRB much JJ . . Suffering VBG from IN a DT downturn NN in IN heavy JJ truck NN production NN that WDT cut VBD orders NNS for IN its PRP$ engines NNS , , Caterpillar NNP also RB said VBD it PRP will MD indefinitely RB lay VB off RP about RB 325 CD workers NNS in IN the DT Peoria NNP area NN and CC temporarily RB shut VB its PRP$ plant NN in IN York NNP , , Pa. NNP , , for IN two CD weeks NNS in IN both DT November NNP and CC December NNP . . For IN the DT first JJ nine CD months NNS of IN the DT year NN , , Caterpillar NNP said VBD earnings NNS fell VBD 14 CD % NN to TO $ $ 390 CD million CD , , or CC $ $ 3.85 CD a DT share NN , , from IN $ $ 453 CD million CD , , or CC $ $ 4.46 CD a DT share NN , , a DT year NN earlier RBR . . Sales NNS rose VBD to TO $ $ 8.19 CD billion CD from IN $ $ 7.65 CD billion CD . . Millicom NNP Inc. NNP said VBD it PRP is VBZ one CD of IN two CD companies NNS to TO receive VB a DT license NN to TO introduce VB and CC operate VB a DT cellular JJ mobile JJ telephone NN system NN in IN Pakistan NNP . . The DT market NN during IN the DT start-up NN is VBZ estimated VBN at IN 25,000 CD subscribers NNS . . A DT spokeswoman NN for IN Millicom NNP , , a DT telecommunications NNS company NN , , said VBD she PRP did VBD n't RB know VB the DT value NN of IN the DT contract NN . . Cable NNP & CC Wireless NNP PLC NNP of IN Britain NNP won VBD the DT other JJ license NN . . Millicom NNP said VBD it PRP would MD build VB and CC operate VB the DT system NN in IN Pakistan NNP with IN Comvik NNP International NNP AB NNP , , part NN of IN the DT Kinnevik NNP group NN of IN Sweden NNP , , and CC Arfeen NNP International NNP , , Pakistan NNP . . B.A.T NNP Industries NNP PLC NNP won VBD overwhelming JJ shareholder NN approval NN for IN a DT defensive JJ restructuring NN to TO fend VB off RP a DT # # 13.35 CD billion CD ( ( $ $ 21.23 CD billion CD ) ) takeover NN bid NN from IN Sir NNP James NNP Goldsmith NNP . . At IN a DT shareholders NNS ' POS meeting NN in IN London NNP , , the DT tobacco NN , , financial-services NNS and CC retailing NN giant NN said VBD it PRP received VBD 99.9 CD % NN approval NN from IN voting VBG holders NNS for IN plans NNS to TO spin VB off RP about RB $ $ 6 CD billion CD in IN assets NNS . . B.A.T NNP aims VBZ to TO sell VB such JJ U.S. NNP retailing NN units NNS as IN Marshall NNP Field NNP and CC Saks NNP Fifth NNP Avenue NNP and CC float VB its PRP$ big JJ paper NN and CC British NNP retailing NN businesses NNS via IN share NN issues NNS to TO existing VBG holders NNS . . Proceeds NNS will MD help VB pay VB for IN a DT planned VBN buy-back NN of IN 10 CD % NN , , or CC about RB 153 CD million CD , , of IN its PRP$ shares NNS and CC a DT 50 CD % NN dividend NN increase NN . . B.A.T NNP yesterday NN started VBD its PRP$ share NN buy-back NN . . The DT company NN said VBD it PRP acquired VBD 2.5 CD million CD shares NNS for IN 785 CD pence NN ( ( $ $ 12.48 CD ) ) each DT , , or CC a DT total NN of IN # # 19.6 CD million CD ( ( $ $ 31.2 CD million CD ) ) , , from IN its PRP$ broker NN , , Barclays NNP de IN Zoete NNP Wedd NNP . . The DT share NN buy-back JJ plan NN is VBZ likely JJ to TO underpin VB B.A.T NNP 's POS share NN price NN . . B.A.T NNP said VBD it PRP may MD make VB more JJR equity NN purchases NNS until IN the DT close NN of IN business NN today NN , , depending VBG on IN market NN conditions NNS , , but CC will MD cease VB further JJ purchases NNS until IN Nov. NNP 22 CD , , when WRB it PRP releases VBZ third-quarter JJ results NNS . . B.A.T NNP shares NNS rose VBD 29 CD pence NN to TO 783 CD pence NN on IN London NNP 's POS stock NN exchange NN yesterday NN . . Shareholder NN approval NN sets VBZ the DT stage NN for IN a DT lengthy JJ process NN of IN restructuring NN that DT might MD not RB be VB completed VBN until IN next JJ year NN 's POS second JJ half NN . . Before IN the DT recent JJ tumult NN in IN global JJ financial JJ markets NNS , , B.A.T NNP officials NNS , , holders NNS and CC analysts NNS had VBD expected VBN a DT substantial JJ part NN of IN the DT restructuring NN to TO be VB complete JJ by IN the DT end NN of IN the DT first JJ half NN . . `` `` We PRP are VBP not RB in IN any DT hurry NN to TO sell VB '' '' Saks NNP , , Marshall NNP Field NNP or CC B.A.T NNP 's POS other JJ U.S. NNP retail NN properties NNS , , said VBD Chairman NNP Patrick NNP Sheehy NNP . . `` `` This DT is VBZ n't RB a DT distress NN sale NN . . We PRP are VBP determined VBN to TO get VB good JJ prices NNS . . '' '' Company NN officials NNS say VBP the DT flotations NNS of IN the DT paper NN and CC British JJ retailing NN businesses NNS are VBP likely JJ only RB after IN the DT disposals NNS of IN the DT U.S. NNP retailing NN assets NNS . . Meanwhile RB , , Sir NNP James NNP still RB is VBZ pursuing VBG efforts NNS to TO gain VB U.S. NNP insurance NN regulators NNS ' POS approval NN for IN a DT change NN in IN control NN of IN B.A.T NNP 's POS Farmers NNP Group NNP Inc. NNP unit NN . . The DT Anglo-French JJ financier NN has VBZ indicated VBN he PRP intends VBZ to TO bid VB again RB for IN B.A.T NNP if IN he PRP receives VBZ approval NN . . Hasbro NNP Inc. NNP , , the DT nation NN 's POS largest JJS toy NN maker NN , , reported VBD third-quarter JJ earnings NNS increased VBD 73 CD % NN from IN a DT year NN earlier RBR on IN a DT 9.4 CD % NN sales NNS gain NN , , reflecting VBG improved VBN margins NNS . . Hasbro NNP said VBD it PRP had VBD net JJ income NN of IN $ $ 31.3 CD million CD , , or CC 53 CD cents NNS a DT share NN , , up RP from IN $ $ 18.1 CD million CD , , or CC 31 CD cents NNS a DT share NN , , a DT year NN earlier RBR , , when WRB it PRP took VBD a DT pretax JJ charge NN of IN $ $ 10 CD million CD after IN dropping VBG development NN of IN an DT interactive JJ video NN entertainment NN system NN . . Revenue NN rose VBD to TO $ $ 403 CD million CD from IN $ $ 368.4 CD million CD . . The DT company NN cited VBD sales JJ gains NNS at IN its PRP$ Milton NNP Bradley NNP and CC Playskool NNP units NNS and CC in IN its PRP$ international JJ business NN for IN the DT increase NN in IN revenue NN . . Alan NNP G. NNP Hassenfeld NNP , , chairman NN and CC chief JJ executive NN , , added VBD that DT Hasbro NNP 's POS new JJ line NN of IN battery-powered JJ racing NN cars NNS , , called VBD Record NNP Breakers NNP , , and CC its PRP$ acquisition NN of IN Cabbage NNP Patch NNP Kids NNP , , Scrabble NNP and CC other JJ lines NNS from IN Coleco NNP Industries NNP Inc. NNP puts VBZ the DT company NN `` `` in IN a DT good JJ position NN as IN we PRP enter VBP the DT Christmas NNP buying NN season NN . . '' '' For IN the DT first JJ nine CD months NNS of IN the DT year NN , , Hasbro NNP 's POS net JJ income NN rose VBD 33 CD % NN to TO $ $ 68.2 CD million CD , , or CC $ $ 1.15 CD a DT share NN , , from IN $ $ 51.3 CD million CD , , or CC 88 CD cents NNS a DT share NN , , on IN a DT 3.1 CD % NN increase NN in IN revenue NN to TO $ $ 992.7 CD million CD from IN $ $ 963 CD million CD a DT year NN earlier RBR . . Reebok NNP International NNP Ltd. NNP posted VBD a DT 35 CD % NN increase NN in IN third-quarter JJ net JJ income NN despite IN a DT slight JJ decline NN in IN sales NNS . . The DT athletic JJ footwear NN maker NN said VBD net JJ rose VBD to TO $ $ 49.9 CD million CD , , or CC 44 CD cents NNS a DT share NN , , from IN $ $ 37.1 CD million CD , , or CC 32 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . Sales NNS declined VBD 3 CD % NN to TO $ $ 524.5 CD million CD from IN $ $ 539.4 CD million CD . . Paul NNP Fireman NNP , , Reebok NNP chairman NN and CC chief JJ executive JJ officer NN , , said VBD , , `` `` Our PRP$ gains NNS in IN earnings NNS provide VBP further JJ evidence NN that IN the DT controls NNS we PRP have VBP put VBN in IN place NN and CC our PRP$ sales NNS mix NN are VBP continuing VBG to TO improve VB the DT company NN 's POS overall JJ profit NN performance NN . . '' '' The DT company NN said VBD it PRP expects VBZ sales NNS to TO improve VB due RB to TO a DT number NN of IN new JJ products NNS , , including VBG a DT `` `` pump NN '' '' basketball NN shoe NN that WDT can MD be VB inflated VBN to TO better RB fit VB the DT foot NN . . In IN the DT first JJ nine CD months NNS , , net JJ was VBD $ $ 140 CD million CD , , or CC $ $ 1.23 CD a DT share NN , , on IN sales NNS of IN $ $ 1.44 CD billion CD . . Separately NNP , , Reebok NNP completed VBD the DT acquisition NN of IN CML NNP Group NNP Inc. NNP 's POS Boston NNP Whaler NNP unit NN , , a DT builder NN of IN power NN boats NNS . . CML NNP , , Acton NNP , , Mass. NNP , , had VBD agreed VBN to TO sell VB the DT unit NN to TO Reebok NNP for IN about RB $ $ 42 CD million CD . . The DT agreement NN also RB called VBD for IN Reebok NNP to TO receive VB warrants NNS to TO purchase VB 400,000 CD shares NNS of IN CML NNP common JJ at IN $ $ 31.25 CD a DT share NN , , exercisable JJ at IN any DT time NN before IN July NNP 1 CD , , An DT outside JJ spokesman NN for IN CML NNP said VBD the DT terms NNS were VBD changed VBN to TO a DT minor JJ extent NN but CC would MD n't RB disclose VB what WP those DT changes NNS were VBD . . Pitney NNP Bowes NNP Inc. NNP directors NNS authorized VBD the DT company NN to TO seek VB buyers NNS for IN its PRP$ Wheeler NNP Group NNP Inc. NNP subsidiary NN , , a DT direct JJ mail NN marketer NN of IN office NN supplies NNS . . Pitney NNP Bowes NNP said VBD the DT decision NN was VBD based VBN on IN a DT long-term JJ analysis NN of IN the DT compatibility NN of IN Wheeler NNP Group NNP 's POS marketing NN business NN with IN other JJ Pitney NNP Bowes NNP operations NNS . . Pitney NNP Bowes NNP acquired VBD the DT core NN of IN what WP evolved VBD into IN Wheeler NNP Group NNP in IN 1979 CD by IN buying VBG Dictaphone NNP Corp NNP . . A DT spokeswoman NN would MD n't RB comment VB on IN whether IN the DT company NN had VBD talked VBN with IN any DT potential JJ buyers NNS for IN the DT New NNP Hartford NNP , , Conn. NNP , , unit NN , , which WDT had VBD 1988 CD sales NNS of IN about RB $ $ 75 CD million CD . . She PRP said VBD Wheeler NNP Group NNP was VBD profitable JJ but CC would MD n't RB give VB figures NNS . . The DT spokeswoman NN said VBD the DT company NN does VBZ n't RB have VB a DT timetable NN for IN the DT sale NN , , adding VBG that IN the DT board NN 's POS decision NN just RB starts VBZ the DT search NN for IN a DT buyer NN . . Separately NNP , , Pitney NNP Bowes NNP said VBD third-quarter JJ net NN income NN gained VBN 15 CD % NN to TO $ $ 62 CD million CD , , or CC 78 CD cents NNS a DT share NN , , from IN $ $ 54 CD million CD , , or CC 68 CD cents NNS a DT share NN , , a DT year NN ago RB . . Revenue NN grew VBD 13 CD % NN to TO $ $ 734.8 CD million CD from IN $ $ 650.9 CD million CD . . The DT company NN said VBD the DT growth NN was VBD led VBN by IN its PRP$ major JJ operations NNS , , particularly RB mailing NN , , shipping NN , , dictating NN and CC facsimile JJ businesses NNS . . Steel NN jackets NNS of IN a DT type NN that WDT may MD have VB prevented VBN collapse NN of IN the DT columns NNS of IN a DT 1.5-mile CD stretch NN of IN the DT Nimitz NNP Freeway NNP had VBD been VBN installed VBN on IN at IN least JJS a DT small JJ test NN section NN of IN the DT double-decker JJ highway NN last JJ year NN by IN California NNP 's POS Department NNP of IN Transportation NNP , , employees VBZ familiar JJ with IN the DT project NN say VBP . . The DT test NN project NN -- : which WDT reportedly RB survived VBD Tuesday NNP 's POS earthquake NN -- : was VBD a DT prelude NN to TO a DT state NN plan NN to TO retrofit VB that DT critical JJ section NN of IN the DT freeway NN with IN the DT steel NN casings NNS . . State NN engineers NNS have VBP made VBN a DT preliminary JJ finding NN that IN it PRP was VBD failure NN of IN the DT concrete JJ columns NNS , , wrenched VBN and CC separated VBN from IN the DT double-decker JJ roadbed NN , , that WDT was VBD responsible JJ for IN the DT collapse NN . . The DT failure NN in IN Oakland NNP of IN the DT freeway NN segment NN known VBN as IN the DT Cypress NNP structure NN was VBD the DT deadliest JJS aspect NN of IN the DT quake NN , , although IN officials NNS were VBD hopeful JJ yesterday NN that IN the DT death NN toll NN there RB might MD be VB significantly RB lower JJR than IN the DT 250 CD initially RB feared VBN . . Sorting VBG out RP the DT wreckage NN is VBZ expected VBN to TO take VB several JJ days NNS . . Red JJ tractors NNS gingerly RB picked VBD at IN the DT rubble NN while IN jackhammers NNS tried VBD to TO break VB up RP some DT of IN the DT massive JJ slabs NNS of IN concrete NN . . Giant JJ yellow JJ cranes NNS were VBD wheeled VBN up RP alongside IN the DT collapsed VBN segment NN , , preparing VBG to TO lift VB off RP chunks NNS of IN the DT debris NN . . In IN Sacramento NNP , , a DT transportation NN department NN spokesman NN said VBD he PRP could MD n't RB immediately RB confirm VB or CC deny VB existence NN of IN the DT test NN work NN . . However RB , , he PRP asserted VBD that IN the DT department NN had VBD n't RB mastered VBN the DT technology NN needed VBD to TO retrofit VB the DT entire JJ Cypress NNP structure NN . . Moreover RB , , other JJ officials NNS noted VBD , , snafus NNS in IN transportation NN funding NN that IN the DT state NN has VBZ experienced VBN over IN the DT years NNS may MD have VB restricted VBN the DT availability NN of IN funds NNS for IN such JJ a DT retrofitting NN , , even RB if IN it PRP were VBD technologically RB feasible JJ . . Knowledgeable JJ employees NNS said VBD the DT retrofitting NN , , which WDT had VBD n't RB yet RB been VBN budgeted VBN , , was VBD part NN of IN a DT planned VBN , , three-stage JJ reinforcement NN of IN the DT Cypress NNP structure NN begun VBN by IN the DT California NNP transportation NN department NN several JJ years NNS ago RB . . The DT Cypress NNP reinforcement NN project NN itself PRP was VBD part NN of IN an DT annual JJ effort NN to TO shore NN up RP structures NNS believed VBD vulnerable JJ to TO earthquakes NNS . . The DT state NN began VBD such JJ work NN after IN a DT 1971 CD tremblor NN in IN Southern NNP California NNP , , when WRB numerous JJ bridges NNS collapsed VBD . . `` `` We PRP had VBD just RB finished VBN phase NN two CD '' '' of IN the DT Cypress NNP project NN that WDT involved VBD installing VBG a DT series NN of IN retaining VBG cables NNS designed VBN to TO prevent VB sections NNS of IN the DT roadway NN from IN separating VBG as IN a DT result NN of IN seismic JJ shock NN , , a DT state NN DOT NNP engineer NN said VBD . . After IN completing VBG installation NN of IN the DT jackets NNS on IN `` `` one CD frame NN '' '' of IN the DT freeway NN last JJ year NN , , the DT state NN DOT NNP had VBD sent VBN the DT project NN over IN to TO its PRP$ Sacramento NNP engineers NNS to TO draw VB up RP a DT final JJ design NN . . Knowledgeable JJ employees NNS said VBD the DT project NN had VBD been VBN stymied VBN somewhat RB by IN `` `` the DT difficulty NN of IN designing VBG '' '' the DT jackets NNS . . The DT procedure NN involves VBZ encasing VBG the DT concrete JJ columns NNS with IN steel NN , , then RB connecting VBG them PRP more RBR securely RB to TO the DT double-decker JJ roadbed NN . . The DT employees NNS also RB said VBD the DT project NN may MD have VB been VBN snagged VBN by IN budgetary JJ concerns NNS . . One CD preliminary JJ estimate NN put VBD the DT retrofitting NN cost NN at IN as RB much JJ as IN $ $ 50 CD million CD . . The DT collapse NN of IN the DT span NN has VBZ provoked VBN surprise NN and CC anger NN among IN state NN officials NNS . . Gov. NNP George NNP Deukmejian NNP , , who WP said VBD he PRP had VBD been VBN assured VBN by IN state NN transportation NN officials NNS that IN the DT structure NN could MD withstand VB an DT even RB larger JJR quake NN , , called VBD for IN an DT immediate JJ investigation NN . . `` `` I PRP want VBP to TO know VB who WP made VBD the DT decision NN that IN it PRP was VBD safe JJ for IN 186,000 CD people NNS to TO use VB every DT day NN , , '' '' said VBD Richard NNP Katz NNP , , a DT state NN legislator NN who WP is VBZ chairman NN of IN the DT California NNP Assembly NNP 's POS transportation NN committee NN . . He PRP said VBD he PRP would MD convene VB hearings NNS within IN two CD weeks NNS . . The DT Cypress NNP structure NN opened VBD in IN June NNP 1957 CD , , and CC as RB such JJ , , like IN many JJ buildings NNS in IN the DT San NNP Francisco NNP Bay NNP area NN , , does VBZ not RB meet VB current JJ building NN codes NNS requiring VBG considerably RB more JJR steel NN support NN . . The DT northern JJ piers NNS of IN the DT span NN lie NN in IN estuarian NN deposits NNS that WDT were VBD of IN a DT type NN to TO have VB liquefied VBN easily RB during IN the DT 1906 CD quake NN . . Transportation NN department NN officials NNS , , however RB , , said VBD they PRP were VBD as RB surprised VBN as IN anyone NN by IN the DT Cypress NNP destruction NN . . They PRP said VBD previous JJ earthquakes NNS suggested VBD that IN multiple-column JJ viaducts NNS would MD stand VB up RP well RB , , although IN they PRP were VBD working VBG on IN ways NNS to TO bolster VB them PRP . . `` `` Unfortunately RB , , there EX is VBZ only RB one CD laboratory NN for IN developing VBG techniques NNS to TO withstand VB earthquakes NNS , , and CC that DT is VBZ an DT earthquake NN , , '' '' said VBD Burch NNP Bachtold NNP , , San NNP Francisco NNP district NN director NN for IN the DT transportation NN department NN . . He PRP said VBD : : `` `` We PRP know VBP of IN no DT technology NN that WDT exists VBZ anywhere RB in IN the DT world NN that WDT would MD allow VB us PRP to TO '' '' reinforce VB the DT columns NNS . . Financial NNP Corp. NNP of IN Santa NNP Barbara NNP said VBD it PRP rescheduled VBD to TO Nov. VB 29 CD a DT special JJ shareholder NN meeting NN to TO vote VB on IN a DT $ $ 75 CD million CD stock-for-debt JJ exchange NN . . The DT meeting NN had VBD been VBN scheduled VBN for IN Nov. NNP 10 CD but CC the DT company NN delayed VBD the DT meeting NN to TO allow VB time NN for IN the DT Securities NNP and CC Exchange NNP Commission NNP to TO review VB the DT proposal NN . . As IN part NN of IN a DT restructuring VBG announced VBD earlier RBR this DT year NN , , the DT company NN proposed VBN in IN August NNP to TO exchange VB 168 CD newly RB issued VBN common JJ shares NNS for IN each DT $ $ 1,000 CD face NN value NN of IN debt NN . . However RB , , that DT figure NN could MD be VB revised VBN , , Financial NNP Corp. NNP said VBD . . Currently RB , , the DT company NN has VBZ about RB six CD million CD common JJ shares NNS outstanding JJ . . If IN all DT the DT debt NN was VBD converted VBN , , about RB 13 CD million CD new JJ shares NNS would MD be VB issued VBN . . In IN composite JJ trading NN Wednesday NNP on IN the DT New NNP York NNP Stock NNP Exchange NNP , , Financial NNP Corp. NNP closed VBD at IN $ $ 1.125 CD , , unchanged JJ . . The DT debt NN consists VBZ of IN $ $ 50 CD million CD of IN 13 CD 3\/8 CD % NN subordinated VBN notes NNS due JJ 1998 CD , , and CC $ $ 25 CD million CD of IN 9 CD % NN convertible JJ subordinated VBN debentures NNS due JJ 2012 CD . . Financial NNP Corp. NNP also RB is VBZ proposing VBG to TO exchange VB each DT of IN its PRP$ 130,000 CD outstanding JJ shares NNS of IN cumulative JJ convertible NN preferred VBN series NN A NNP stock NN for IN two CD shares NNS of IN common NN . . After IN years NNS of IN quarreling VBG over IN Bonn NNP 's POS `` `` Ostpolitik NNP '' '' , , West NNP Germany NNP and CC the DT U.S. NNP appear VBP to TO have VB shifted VBN onto IN a DT united VBN course NN in IN Eastern NNP Europe NNP . . Bonn NNP and CC Washington NNP have VBP taken VBN a DT leading JJ role NN in IN aid NN for IN the DT reformist NN countries NNS , , pledging VBG billions NNS of IN dollars NNS in IN fresh JJ credit NN and CC forgiving JJ old JJ debt NN while IN urging VBG other JJ industrial JJ nations NNS to TO follow VB suit NN . . Both DT hope VBP to TO encourage VB pressure NN for IN change NN in IN East NNP bloc NN countries NNS still RB ruled VBN by IN Stalinist JJ holdouts NNS by IN arranging VBG liberal JJ financial JJ aid NN and CC trade NN benefits NNS for IN Poland NNP , , Hungary NNP and CC , , to TO a DT lesser JJR extent NN , , the DT Soviet NNP Union NNP . . West JJ German JJ officials NNS also RB have VBP the DT special JJ goal NN of IN holding VBG out RP hope NN for IN East NNP Germany NNP 's POS fledgling NN reform NN movement NN . . `` `` The DT change NN taking VBG place NN in IN the DT Soviet NNP Union NNP , , Poland NNP and CC Hungary NNP has VBZ aroused VBN new JJ hope NN in IN both DT German JJ states NNS that IN reforms NNS will MD be VB undertaken VBN in IN { ( East NNP Germany NNP } ) , , and CC that IN relations NNS between IN the DT two CD German JJ states NNS , , too RB , , will MD get VB better RBR , , '' '' said VBD Foreign NNP Minister NNP Hans-Dietrich NNP Genscher NNP . . Addressing VBG a DT conference NN of IN the DT New NNP York-based JJ Institute NNP for IN East-West NNP Security NNP Studies NNP in IN Frankfurt NNP yesterday NN , , Mr. NNP Genscher NNP said VBD , , `` `` History NN will MD judge VB us PRP by IN whether IN we PRP have VBP taken VBN the DT opportunities NNS that WDT emerge VBP from IN these DT reforms NNS . . '' '' The DT ultimate JJ aim NN of IN Western JJ support NN for IN East NNP bloc NN reforms NNS , , he PRP said VBD , , is VBZ to TO create VB `` `` an DT equitable JJ and CC stable JJ peaceful JJ order NN in IN Europe NNP from IN the DT Atlantic NNP to TO the DT Urals NNS . . '' '' Mr. NNP Genscher NNP and CC U.S. NNP Secretary NNP of IN Commerce NNP Robert NNP A. NNP Mosbacher NNP , , in IN separate JJ speeches NNS at IN the DT conference NN , , appealed VBD for IN more JJR Western JJ contributions NNS to TO economic JJ reforms NNS and CC business NN development NN in IN Hungary NNP and CC Poland NNP . . Bonn NNP and CC Washington NNP are VBP leading JJ supporters NNS of IN Poland NNP 's POS request NN for IN a DT $ $ 1 CD billion CD stand-by JJ credit NN from IN the DT International NNP Monetary NNP Fund NNP . . `` `` We PRP want VBP the DT bold JJ programs NNS of IN market NN development NN and CC political JJ freedom NN in IN Hungary NNP and CC in IN Poland NNP to TO succeed VB . . We PRP are VBP prepared VBN to TO support VB those DT changes NNS , , '' '' said VBD Mr. NNP Mosbacher NNP . . U.S. NNP curbs NNS on IN the DT exports NNS of IN sensitive JJ technology NN to TO East NNP bloc NN countries NNS will MD remain VB in IN place NN , , however RB . . Meanwhile RB , , the DT U.S. NNP House NNP of IN Representatives NNP yesterday NN approved VBD an DT $ $ 837.5 CD million CD aid NN package NN for IN Poland NNP and CC Hungary NNP that IN more RBR than IN doubles VBZ the DT amount NN President NNP Bush NNP had VBD requested VBN . . The DT package NN was VBD brought VBN to TO the DT House NNP just RB 15 CD days NNS after IN it PRP was VBD introduced VBN , , indicating VBG Congress NNP 's POS eagerness NN to TO reward VB Poland NNP and CC Hungary NNP for IN their PRP$ moves NNS toward IN democracy NN and CC freemarket JJ economic JJ reforms NNS . . The DT legislation NN , , approved VBN 345-47 CD and CC sent VBN to TO the DT Senate NNP , , establishes VBZ two CD enterprise NN funds NNS , , to TO be VB governed VBN by IN independent JJ nonprofit JJ boards NNS , , which WDT will MD make VB loans NNS and CC investments NNS in IN new JJ business NN ventures NNS in IN Hungary NNP and CC Poland NNP . . The DT Polish JJ fund NN would MD be VB seeded VBN with IN $ $ 160 CD million CD , , the DT Hungarian JJ fund NN with IN $ $ 40 CD million CD . . In IN addition NN , , a DT group NN of IN 24 CD industrialized VBN countries NNS , , including VBG the DT U.S. NNP and CC Japan NNP and CC coordinated VBN by IN the DT European NNP Community NNP Commission NNP , , has VBZ promised VBN Poland NNP and CC Hungary NNP trade NN advice NN and CC a DT line NN of IN credit NN equivalent JJ to TO $ $ 1.11 CD billion CD through IN the DT European NNP Investment NNP Bank NNP , , while IN the DT EC NNP plans VBZ $ $ 222 CD million CD in IN direct JJ aid NN . . When WRB Chancellor NNP Helmut NNP Kohl NNP travels VBZ to TO Poland NNP Nov. NNP 9 CD , , he PRP is VBZ expected VBN to TO take VB with IN him PRP a DT promise NN of IN three CD billion CD West NNP German NNP marks NNS ( ( $ $ 1.6 CD billion CD ) ) in IN new JJ credit NN guarantees NNS for IN industrial JJ projects NNS . . Last JJ week NN , , Bonn NNP agreed VBD to TO reschedule VB 2.5 CD billion CD marks NNS in IN Polish JJ debt NN that WDT came VBD due JJ last JJ year NN . . In IN addition NN , , a DT one CD billion CD mark NN credit NN dating VBG from IN 1974 CD is VBZ to TO be VB written VBN off RP . . Poland NNP 's POS plan NN to TO switch VB to TO a DT free-market JJ economy NN by IN 1991 CD is VBZ hampered VBN by IN a DT foreign JJ debt NN load NN of IN $ $ 39.2 CD billion CD . . West NNP Germany NNP also RB has VBZ increased VBN its PRP$ credit NN guarantees VBZ to TO Hungary JJ by IN 500 CD million CD marks NNS to TO 1.5 CD billion CD marks NNS as IN the DT emerging VBG democratic JJ state NN rushes VBZ through IN its PRP$ own JJ economic JJ reforms NNS , , including VBG a DT broad JJ privatization NN of IN state-owned JJ industry NN and CC tax NN incentives NNS for IN industrial JJ investment NN . . An DT additional JJ 500 CD million CD marks NNS in IN credit-backing NN was VBD promised VBN by IN the DT West JJ German JJ state NN governments NNS of IN Bavaria NNP and CC Baden-Wuerttemberg NNP . . Deutsche NNP Bank NNP AG NNP , , which WDT last JJ year NN arranged VBD a DT three CD billion CD mark NN credit NN for IN the DT Soviet NNP Union NNP , , is VBZ now RB moving VBG to TO become VB the DT first JJ West JJ German JJ bank NN to TO set VB up RP independent JJ business NN offices NNS in IN Hungary NNP and CC Poland NNP as IN they PRP shift VBP to TO free-market JJ economies NNS . . A DT maxim NN of IN Frankfurt NNP banking NN holds VBZ that IN wherever WRB Deutsche NNP Bank NNP goes VBZ , , other JJ West JJ German JJ banks NNS follow VBP . . Indeed RB , , at IN least JJS four CD other JJ West JJ German JJ banks NNS are VBP believed VBN to TO be VB making VBG inquiries NNS . . Mattel NNP Inc. NNP said VBD third-quarter JJ net JJ income NN rose VBD 73 CD % NN , , to TO $ $ 38 CD million CD , , or CC 76 CD cents NNS a DT share NN , , from IN $ $ 21.9 CD million CD , , or CC 45 CD cents NNS a DT share NN , , a DT year NN ago RB . . Revenue NN rose VBD 34 CD % NN to TO $ $ 410 CD million CD from IN $ $ 306.6 CD million CD a DT year NN earlier RBR . . `` `` Mattel NNP 's POS world-wide JJ volume NN has VBZ grown VBN 25 CD % NN in IN a DT climate NN of IN relatively RB flat JJ industry NN sales NNS , , '' '' said VBD John NNP W. NNP Amerman NNP , , chairman NN . . He PRP said VBD the DT toy NN company NN 's POS `` `` prospects NNS for IN a DT strong JJ fourth JJ quarter NN '' '' are VBP also RB good JJ . . Mattel NNP attributed VBD the DT jump NN in IN quarter NN net NN to TO strong JJ world-wide JJ sales NNS of IN its PRP$ Barbie NNP doll NN , , Hot NNP Wheels NNP cars NNS , , Disney NNP toys NNS and CC other JJ well-known JJ toy NN lines NNS . . The DT company NN also RB cited VBD retail JJ trade NN and CC consumer NN demand NN for IN new JJ products NNS introduced VBN this DT year NN , , such JJ as IN Cherry NNP Merry NNP Muffin NNP and CC Turtle NNP Tots NNP . . For IN the DT nine CD months NNS , , Mattel NNP net JJ more RBR than IN doubled VBN to TO $ $ 58.9 CD million CD , , or CC $ $ 1.19 CD a DT share NN , , from IN $ $ 25.4 CD million CD , , or CC 53 CD cents NNS a DT share NN , , a DT year NN ago RB . . Revenue NN rose VBD 25 CD % NN , , to TO $ $ 877.6 CD million CD , , from IN $ $ 702.4 CD million CD . . Mattel NNP said VBD the DT company NN 's POS sale NN of IN rights NNS to TO land NN and CC buildings NNS at IN its PRP$ Hawthorne NNP , , Calif. NNP , , headquarters NN resulted VBD in IN a DT $ $ 13 CD million CD charge NN to TO third-quarter JJ operating NN profit NN . . The DT charge NN did VBD n't RB affect VB net JJ for IN the DT quarter NN as IN it PRP was VBD offset VBN by IN tax NN benefits NNS . . Mattel NNP has VBZ purchased VBN a DT new JJ headquarters NN building NN in IN El NNP Segundo NNP , , Calif. NNP , , which WDT it PRP will MD occupy VB by IN the DT end NN of IN next JJ year NN . . Democracy NN can MD be VB cruel JJ to TO politicians NNS : : Sometimes RB it PRP forces VBZ them PRP to TO make VB choices NNS . . Now RB that IN the DT Supreme NNP Court NNP opened VBD the DT door NN on IN the DT subject NN of IN abortion NN , , politicians NNS are VBP squinting VBG under IN the DT glare NN of IN democratic JJ choice NN . . Their PRP$ discomfort NN is VBZ a DT healthy JJ sign NN for IN the DT rest NN of IN us PRP . . Republicans NNS are VBP squinting VBG most RBS painfully RB , , at IN least JJS at IN first JJS , , which WDT is VBZ only RB fair JJ because IN they PRP 've VBP been VBN shielded VBN the DT most JJS . . So RB long RB as IN abortion NN was VBD a DT question NN for IN litigation NN , , not RB legislation NN , , Republicans NNS could MD find VB political JJ security NN in IN absolutism NN . . They PRP could MD attract VB one-issue JJ voters NNS by IN adopting VBG the DT right-to-life JJ movement NN 's POS strongest JJS position NN , , even RB as IN pro-choice JJ Republicans NNS knew VBD this DT mattered VBN little JJ on IN an DT issue NN monopolized VBN by IN the DT court NN . . Now RB it PRP matters VBZ . . Much JJ of IN Washington NNP thought VBD it PRP detected VBD George NNP Bush NNP in IN a DT characteristic JJ waffle NN on IN abortion NN the DT past NN week NN . . Only RB a DT month NN ago RB he PRP 'd VBD warned VBN Congress NNP not RB to TO pass VB legislation NN to TO pay VB for IN abortions NNS in IN cases NNS of IN rape NN or CC incest NN . . Last JJ Friday NNP , , after IN Congress NNP passed VBD it PRP anyway RB , , he PRP hinted VBD he PRP was VBD looking VBG for IN compromise NN . . Was VBD the DT man NN who WP once RB was VBD pro-choice JJ , , but CC later RBR pro-life JJ , , converting VBG again RB ? . In IN fact NN , , Mr. NNP Bush NNP 's POS dance NN was VBD more JJR wiggle NN than IN waffle NN . . Pro-life JJ advocates NNS say VBP the DT White NNP House NNP never RB wavered VBD over IN the DT veto NN . . Christopher NNP Smith NNP ( ( R. NNP , , N.J. NNP ) ) , , a DT pro-life JJ leader NN in IN the DT House NNP , , suggested VBD a DT compromise NN that WDT would MD have VB adapted VBN restrictive JJ language NN from IN rape NN and CC incest NN exceptions NNS in IN the DT states NNS . . The DT White NNP House NNP , , never RB eager JJ for IN a DT fight NN , , was VBD happy JJ to TO try VB , , which WDT is VBZ why WRB George NNP Bush NNP said VBD he PRP was VBD looking VBG for IN `` `` flexibility NN '' '' last JJ week NN . . When WRB Democrats NNS refused VBD to TO budge VB , , pro-life JJ Republicans NNS met VBD at IN the DT White NNP House NNP with IN Chief NNP of IN Staff NNP John NNP Sununu NNP on IN Monday NNP , , and CC Mr. NNP Bush NNP quickly RB signaled VBD a DT veto NN . . Amid IN charges NNS of IN `` `` timidity NN '' '' on IN Panama NNP and CC elsewhere RB , , the DT president NN was VBD n't RB about IN to TO offend VB his PRP$ most RBS energetic JJ constituency NN . . The DT GOP NNP doubters NNS were VBD in IN Congress NNP . . In IN last JJ week NN 's POS House NNP vote NN , , 41 CD Republicans NNS defected VBD . . After IN the DT vote NN , , Connecticut NNP Rep. NNP Nancy NNP Johnson NNP rounded VBD up RP nearly RB as IN many JJ signatures NNS on IN a DT letter NN to TO Mr. NNP Bush NNP urging VBG him PRP not RB to TO veto VB . . Even RB such JJ a DT pro-life JJ stalwart NN as IN Sen. NNP Orrin NNP Hatch NNP ( ( R. NNP , , Utah NNP ) ) had VBD counseled VBN some DT kind NN of IN compromise NN . . The DT Senate NNP passed VBD the DT same JJ bill NN yesterday NN , , with IN a DT veto-proof JJ majority NN of IN 67 CD . . The DT manuevering VBG illustrates VBZ an DT emerging VBG Republican JJ donnybrook NN , , pacified VBD since IN the DT early JJ 1980s CD . . At IN the DT 1988 CD GOP NNP convention NN , , abortion NN was VBD barely RB discussed VBN at IN all DT , , though IN delegates NNS were VBD evenly RB divided VBN on IN the DT question NN of IN an DT anti-abortion JJ constitutional JJ amendment NN . . Ms. NNP Johnson NNP made VBD a DT passionate JJ statement NN to TO the DT platform NN committee NN , , but CC she PRP was VBD talking VBG to TO herself PRP . . Now RB many DT Republicans NNS are VBP listening VBG . . They PRP 're VBP frightened VBN by IN what WP they PRP see VBP in IN New NNP Jersey NNP , , and CC especially RB Virginia NNP , , where WRB pro-life JJ GOP NNP candidates NNS for IN governor NN are VBP being VBG pummeled VBD on IN abortion NN . . Eddie NNP Mahe NNP , , a DT Republican JJ consultant NN , , says VBZ the DT two CD GOP NNP candidates NNS could MD have VB avoided VBN trouble NN if IN they PRP had VBD framed VBN the DT issue NN first RB . . ( ( In IN Virginia NNP , , Marshall NNP Coleman NNP and CC his PRP$ running VBG mate NN , , Eddy NNP Dalton NNP , , are VBP both DT on IN the DT defensive NN for IN opposing VBG abortions NNS even RB in IN cases NNS of IN rape NN or CC incest NN . . ) ) But CC Mr. NNP Mahe NNP adds VBZ , , `` `` The DT net JJ loser NN in IN the DT next JJ few JJ years NNS is VBZ the DT right-to-life JJ side NN . . '' '' Darla NNP St. NNP Martin NNP , , of IN the DT National NNP Right NNP to TO Life NNP Committee NNP , , says VBZ exit NN polls NNS from IN the DT 1988 CD election NN had VBD single-issue JJ , , pro-life JJ voters NNS giving VBG Mr. NNP Bush NNP about RB five CD more JJR percentage NN points NNS of IN support NN than IN pro-choice JJ voters NNS gave VBD Michael NNP Dukakis NNP . . But CC the DT Supreme NNP Court NNP 's POS opening NN of IN debate NN may MD have VB changed VBN even RB that DT . . GOP NNP pollster NN Neil NNP Newhouse NNP , , of IN the DT Wirthlin NNP Group NNP , , says VBZ polls NNS this DT summer NN showed VBD that IN the DT single-issue JJ voters NNS had VBN about RB evened VBN out RP . . Polls NNS are VBP no DT substitute NN for IN principle NN , , but CC they PRP 'll MD do VB for IN some DT politicians NNS . . The DT Republican JJ danger NN is VBZ that DT abortion NN could MD become VB for IN them PRP what WP it PRP 's VBZ long RB been VBN for IN Democrats NNS , , a DT divisive JJ litmus NN test NN . . It PRP 's VBZ already RB that DT in IN the DT Bush NNP administration NN , , at IN least JJS for IN any DT job NN in IN which WDT abortion NN is VBZ even RB remotely RB an DT issue NN . . Oklahoma NNP official NN Robert NNP Fulton NNP lost VBD a DT chance NN for IN a DT senior JJ job NN in IN the DT Department NNP of IN Health NNP and CC Human NNP Services NNP after IN right-to-life JJ activists NNS opposed VBD him PRP . . Caldwell NNP Butler NNP , , a DT conservative JJ former JJ congressman NN , , was VBD barred VBN from IN a DT Legal NNP Services NNP post NN , , after IN he PRP gave VBD wrong JJ answers NNS on IN abortion NN . . Even RB the DT president NN 's POS doctor NN , , Burton NNP Lee NNP , , has VBZ said VBD on IN the DT record NN that IN he PRP 'd MD love VB to TO be VB surgeon NN general JJ but CC could MD n't RB pass VB the DT pro-life JJ test NN . . In IN the DT case NN of IN HHS NNP Secretary NNP Louis NNP Sullivan NNP , , the DT litmus NN test NN could MD yet RB damage VB issues NNS important JJ to TO other JJ parts NNS of IN the DT Republican JJ coalition NN . . After IN Mr. NNP Sullivan NNP waffled VBD on IN abortion NN last JJ year NN , , the DT White NNP House NNP appeased VBD right-to-lifers NNS by IN surrounding VBG him PRP with IN pro-life JJ deputies NNS . . Their PRP$ views NNS on IN health NN care NN and CC welfare NN did VBD n't RB much JJ matter NN , , though IN HHS NNP spends VBZ billions NNS a DT year NN on IN both DT . . It PRP makes VBZ only RB a DT handful NN of IN abortion-related JJ decisions NNS . . Though IN Democrats NNS can MD gloat VB at IN all DT this DT for IN now RB , , they PRP may MD want VB to TO contain VB their PRP$ glee NN . . On IN abortion NN , , their PRP$ own JJ day NN will MD come VB . . Eventually RB even RB Republicans NNS will MD find VB a DT way NN to TO frame VB the DT issue NN in IN ways NNS that WDT expose VBP pro-choice JJ absolutism NN . . Does VBZ the DT candidate NN favor VB parental JJ consent NN for IN teen-age JJ abortions NNS ? . ( ( The DT pro-choice JJ lobby NN does VBZ n't RB . . ) ) What WP about IN banning VBG abortions NNS in IN the DT second JJ and CC third JJ trimesters NNS ? . ( ( The DT lobby NN says VBZ no RB again RB . . ) ) Democracy NN is VBZ forcing VBG the DT abortion NN debate NN toward IN healthy JJ compromise NN , , toward IN the DT unpolarizing VBG middle NN . . Roe NNP v. IN Wade NNP pre-empted VBD political JJ debate NN , , so IN the DT extremes NNS blossomed VBD . . Now RB the DT ambivalent JJ middle NN , , a DT moral JJ majority NN of IN sorts NNS , , is VBZ reasserting VBG itself PRP . . Within IN a DT few JJ years NNS , , the DT outcome NN in IN most JJS states NNS is VBZ likely JJ to TO be VB that DT abortion NN will MD be VB more RBR restricted VBN , , but CC not RB completely RB banned VBN . . This DT is VBZ where WRB the DT voters NNS are VBP , , which WDT is VBZ where WRB politicians NNS usually RB end VBP up RP . . Union NNP Pacific NNP Corp NNP . . third-quarter JJ net JJ income NN fell VBD 17 CD % NN . . Excluding VBG earnings NNS from IN discontinued VBN operations NNS a DT year NN earlier RBR , , net NN fell VBD only RB 2 CD % NN . . The DT energy NN , , natural JJ resources NNS and CC railroad NN concern NN had VBD net JJ of IN $ $ 137.4 CD million CD , , or CC $ $ 1.35 CD a DT share NN , , down RB from IN $ $ 165 CD million CD , , or CC $ $ 1.44 CD a DT share NN , , a DT year NN earlier RBR . . In IN the DT 1988 CD third JJ quarter NN , , profit NN from IN continuing VBG operations NNS totaled VBD $ $ 140.1 CD million CD . . A DT year NN earlier RBR , , the DT company NN had VBD profit NN from IN discontinued VBN operations NNS of IN $ $ 24.9 CD million CD from IN sale NN of IN a DT pipeline NN , , a DT refinery NN and CC an DT interest NN in IN a DT second JJ refinery NN . . Revenue NN rose VBD 2 CD % NN to TO $ $ 1.58 CD billion CD from IN $ $ 1.54 CD billion CD . . In IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , Union NNP Pacific NNP jumped VBD $ $ 1.375 CD to TO $ $ 75 CD a DT share NN . . The DT company NN said VBD its PRP$ Union NNP Pacific NNP Railroad NNP had VBD a DT 3 CD % NN profit NN increase NN , , despite IN a DT 14 CD % NN rise NN in IN fuel NN costs NNS and CC a DT 4 CD % NN drop NN in IN car NN loadings NNS . . Most JJS of IN the DT commodity NN traffic NN was VBD off JJ , , the DT company NN said VBD . . Earnings NNS from IN continuing VBG operations NNS of IN the DT Union NNP Pacific NNP Resources NNP unit NN almost RB doubled VBD , , the DT company NN said VBD . . It PRP added VBD that IN higher JJR revenue NN , , strong JJ crude JJ oil NN prices NNS and CC higher JJR natural JJ gas NN prices NNS offset VBD declines NNS in IN production NN of IN oil NN , , gas NN and CC plant NN liquids NNS . . In IN addition NN , , the DT company NN cited VBD cost-reduction JJ moves NNS and CC interest NN income NN . . Earnings NNS from IN Union NNP Pacific NNP Realty NNP dropped VBD 50 CD % NN to TO $ $ 3 CD million CD . . Before IN good JJ will NN , , Overnite NNP Transportation NNP earnings NNS fell VBD 11 CD % NN to TO $ $ 15 CD million CD , , Union NNP Pacific NNP said VBD . . In IN the DT nine CD months NNS , , net JJ fell VBD 6.3 CD % NN to TO $ $ 427.7 CD million CD , , or CC $ $ 3.98 CD a DT share NN , , from IN $ $ 456.4 CD million CD , , or CC $ $ 4 CD a DT share NN , , a DT year NN earlier RBR . . Profit NN from IN continuing VBG operations NNS in IN the DT year-earlier JJ period NN was VBD $ $ 402.7 CD million CD . . Revenue NN was VBD $ $ 4.75 CD billion CD , , up RB 6 CD % NN from IN $ $ 4.49 CD billion CD . . The DT Federal NNP Trade NNP Commission NNP ruled VBD that IN five CD major JJ title-insurance JJ companies NNS illegally RB fixed VBN prices NNS for IN title NN search-and-examination JJ services NNS by IN participating VBG in IN joint JJ `` `` rating NN bureaus NN '' '' in IN six CD states NNS . . The DT FTC NNP ordered VBD the DT companies NNS not RB to TO use VB rating NN bureaus NN in IN those DT six CD states NNS . . The DT commission NN order NN named VBD the DT following JJ companies NNS : : Ticor NNP Title NNP Insurance NNP Co. NNP of IN California NNP , , a DT unit NN of IN Los NNP Angeles-based JJ Ticor NNP ; : Chicago NNP Title NNP Insurance NNP Co. NNP and CC Safeco NNP Title NNP Insurance NNP Co. NNP , , units NNS of IN Chicago NNP Title NNP & CC Trust NNP Co. NNP ; : Lawyers NNP Title NNP Insurance NNP Corp. NNP , , a DT unit NN of IN Richmond NNP , , Va.-based JJ Universal NNP Corp. NNP ; : and CC Stewart NNP Title NNP Guaranty NNP Co. NNP , , a DT unit NN of IN Houston-based JJ Stewart NNP Information NNP Services NNP Corp NNP . . Chicago NNP Title NNP & CC Trust NNP acquired VBD Safeco NNP in IN 1987 CD and CC changed VBD the DT unit NN 's POS name NN to TO Security NNP Union NNP Title NNP Insurance NNP Co NNP . . The DT FTC NNP ruled VBD that IN the DT companies NNS violated VBD federal JJ antitrust JJ law NN by IN fixing VBG rates NNS in IN the DT following JJ states NNS : : New NNP Jersey NNP , , Pennsylvania NNP , , Connecticut NNP , , Wisconsin NNP , , Arizona NNP and CC Montana NNP . . The DT FTC NNP first RB issued VBD an DT administrative JJ complaint NN in IN the DT case NN in IN 1985 CD . . John NNP Christie NNP , , a DT lawyer NN here RB for IN the DT two CD Chicago NNP Title NNP & CC Trust NNP units NNS accused VBD the DT FTC NNP of IN `` `` second-guessing NN '' '' state-level JJ regulations NNS , , with IN which WDT , , he PRP said VBD , , his PRP$ clients NNS had VBD complied VBN . . `` `` I PRP expect VBP all DT the DT companies NNS to TO appeal VB , , '' '' he PRP added VBD . . A DT lawyer NN for IN Lawyers NNP Title NNP said VBD that IN , , because IN the DT named VBN companies NNS no RB longer RB use VBP the DT type NN of IN cooperative JJ rating NN bureaus NN attacked VBN by IN the DT FTC NNP , , the DT commission NN 's POS order NN wo MD n't RB have VB much JJ practical JJ impact NN . . Officials NNS for IN the DT other JJ named VBN companies NNS did VBD n't RB return VB telephone NN calls NNS seeking VBG comment NN . . MARK NNP RESOURCES NNP INC. NNP , , Calgary NNP , , Alberta NNP , , said VBD it PRP agreed VBD to TO sell VB 75 CD million CD Canadian JJ dollars NNS ( ( US$ $ 63.9 CD million CD ) ) of IN 8 CD % NN convertible JJ debentures NNS to TO a DT group NN of IN securities NNS dealers NNS . . Mark NNP , , an DT oil NN and CC gas NN concern NN , , said VBD the DT 15-year JJ debentures NNS are VBP convertible JJ before IN maturity NN at IN C$ $ 12.50 CD for IN each DT Mark NNP common JJ share NN , , and CC can MD be VB redeemed VBN at IN the DT company NN 's POS option NN , , under IN certain JJ conditions NNS , , after IN Nov. NNP 30 CD , , 1992 CD . . The DT government NN will MD try VB to TO sell VB all DT the DT real JJ estate NN managed VBD by IN the DT Federal NNP Asset NNP Disposition NNP Association NNP in IN one CD fell JJ swoop NN , , said VBD William NNP Seidman NNP , , chairman NN of IN the DT Federal NNP Deposit NNP Insurance NNP Corp NNP . . The DT FADA NNP real-estate NN package NN , , with IN an DT asking NN price NN of IN $ $ 428 CD million CD , , is VBZ comprised VBN of IN 150 CD properties NNS in IN Texas NNP , , California NNP , , Colorado NNP , , Arizona NNP and CC Florida NNP . . It PRP includes VBZ apartments NNS , , shopping NN centers NNS , , office NN buildings NNS and CC undeveloped JJ land NN . . Mr. NNP Seidman NNP is VBZ chairman NN of IN the DT Resolution NNP Trust NNP Corp. NNP , , established VBN to TO sell VB or CC merge VB the DT nation NN 's POS hundreds NNS of IN insolvent JJ savings-and-loan JJ associations NNS . . The DT RTC NNP , , created VBN by IN this DT year NN 's POS S&L NN bailout NN legislation NN , , is VBZ trying VBG to TO sell VB FADA NNP 's POS network NN of IN offices NNS separately RB . . FADA NNP , , which WDT holds VBZ problem NN assets NNS of IN thrifts NNS that WDT were VBD closed VBN before IN the DT bailout NN legislation NN was VBD enacted VBN , , is VBZ being VBG liquidated VBN . . The DT properties NNS held VBN by IN FADA NNP wo MD n't RB be VB sold VBN piecemeal RB , , Mr. NNP Seidman NNP said VBD in IN a DT speech NN before IN Southern NNP Methodist NNP University NNP Business NNP School NNP in IN Dallas NNP . . `` `` You PRP need VBP to TO buy VB the DT entire JJ lot NN , , '' '' Mr. NNP Seidman NNP said VBD , , `` `` so RB get VB out RP your PRP$ checkbooks NNS . . The DT following JJ were VBD among IN yesterday NN 's POS offerings NNS and CC pricings NNS in IN the DT U.S. NNP and CC non-U.S. NNP capital NN markets NNS , , with IN terms NNS and CC syndicate NN manager NN , , as IN compiled VBN by IN Dow NNP Jones NNP Capital NNP Markets NNP Report NNP : : Sequa NNP Corp. NNP -- : $ $ 150 CD million CD of IN 9 CD 5\/8 CD % NN notes VBZ due NNS Oct. NNP 15 CD , , 1999 CD , , priced VBN at IN 99.75 CD to TO yield VB 9.664 CD % NN . . The DT noncallable JJ issue NN was VBD priced VBN at IN a DT spread NN of IN 170 CD basis NN points NNS above IN the DT Treasury NNP 's POS 10-year JJ note NN . . Rated NNP Baa-2 NNP by IN Moody NNP 's POS Investors NNP Service NNP Inc. NNP and CC triple-B-minus NNP by IN Standard NNP & CC Poor NNP 's POS Corp. NNP , , the DT issue NN will MD be VB sold VBN through IN underwriters NNS led VBN by IN Merrill NNP Lynch NNP Capital NNP Markets NNP . . Virginia NNP Public NNP School NNP Authority NNP -- : $ $ 55.7 CD million CD of IN school NN financing NN bonds NNS , , 1989 CD Series NNP B NNP ( ( 1987 CD resolution NN ) ) , , due RB 19912000 CD , , 2005 CD and CC 2010 CD , , through IN a DT BT NNP Securities NNP Corp. NNP group NN . . The DT bonds NNS , , rated VBN double-A NNP by IN Moody NNP 's POS and CC S&P NNP , , were VBD priced VBN to TO yield VB from IN 6 CD % NN in IN 1991 CD to TO 7.10 CD % NN in IN 2010 CD . . Serial JJ bonds NNS were VBD priced VBN to TO yield VB to TO 6.75 CD % NN in IN 2000 CD . . Bonds NNS due JJ 1991-1996 CD carry VBP 6.70 CD % NN coupons NNS and CC bonds NNS due JJ 1997-2000 CD carry VBP 6 CD 3\/4 CD % NN coupons NNS . . Term NN bonds NNS due JJ 2005 CD are VBP n't RB being VBG formally RB reoffered VBN . . They PRP carry VBP a DT 7 CD % NN coupon NN . . Term NN bonds NNS due JJ 2010 CD are VBP 7.10 CD % JJ securities NNS priced VBN at IN par NN . . St. NNP Johns NNP River NNP Water NNP Management NNP District NNP , , Fla. NNP -- : $ $ 50,005,000 CD of IN land NN acquisition NN revenue NN bonds NNS , , Series NN 1989 CD , , due RB 1990-2000 CD , , 2003 CD , , 2006 CD and CC 2009 CD , , tentatively RB priced VBN by IN a DT Smith NNP Barney NNP , , Harris NNP Upham NNP & CC Co. NNP group NN to TO yield VB from IN 6 CD % NN in IN 1990 CD to TO about RB 7.03 CD % NN in IN 2003 CD . . There EX are VBP $ $ 9.76 CD million CD of IN 7 CD % NN term NN bonds NNS due JJ 2003 CD , , priced VBN at IN 99 CD 3\/4 CD to TO yield VB about RB 7.03 CD % NN . . The DT $ $ 11,775,000 CD of IN term NN bonds NNS due JJ 2006 CD and CC the DT $ $ 13,865,000 CD of IN term NN bonds NNS due JJ 2009 CD are VBP n't RB being VBG formally RB reoffered VBN . . Serial JJ bonds NNS were VBD priced VBN at IN par NN to TO yield NN to TO 6.90 CD % NN in IN 2000 CD . . The DT bonds NNS are VBP insured VBN and CC rated VBN triple-A NNP by IN Moody NNP 's POS and CC S&P NNP . . Federal NNP Home NNP Loan NNP Mortgage NNP Corp. NNP -- : $ $ 500 CD million CD of IN Remic NNP mortgage NN securities NNS being VBG offered VBN in IN 12 CD classes NNS by IN Salomon NNP Brothers NNP Inc NNP . . The DT offering NN , , Series NNP 105 CD , , is VBZ backed VBN by IN Freddie NNP Mac NNP 9 CD 1\/2 CD % NN securities NNS . . Separately RB , , $ $ 400 CD million CD of IN Freddie NNP Mac NNP Remic NNP mortgage NN securities NNS is VBZ being VBG offered VBN in IN 10 CD classes NNS by IN Kidder NNP , , Peabody NNP & CC Co NNP . . The DT offering NN , , Series NNP 106 CD , , is VBZ backed VBN by IN Freddie NNP Mac NNP 9 CD 1\/2 CD % NN securities NNS . . According VBG to TO available JJ details NNS , , yields NNS range VBP from IN 8.70 CD % NN , , a DT spread NN of IN 80 CD basis NN points NNS over IN three-year JJ Treasury NNP securities NNS , , to TO 10.37 CD % NN , , a DT spread NN of IN 230 CD basis NN points NNS over IN 20-year JJ Treasurys NNPS . . The DT offerings NNS bring VBP Freddie NNP Mac NNP 's POS 1989 CD Remic NNP issuance NN to TO $ $ 32.6 CD billion CD and CC its PRP$ total JJ volume NN to TO $ $ 46.5 CD billion CD since IN the DT program NN began VBD in IN February NNP 1988 CD . . European NNP Investment NNP Bank NNP ( ( agency NN ) ) -- : 200 CD billion CD lire NN of IN 12 CD % NN bonds NNS due JJ Nov. NNP 16 CD , , 1995 CD , , priced VBN at IN 101 CD 3\/4 CD to TO yield VB 12 CD % NN less CC full JJ fees NNS , , via IN lead NN manager NN Banco NNP Commercial NNP Italiana NNP . . Fees NNS 1 CD 3\/4 CD . . IBM NNP International NNP Finance NNP ( ( U.S. NNP parent NN ) ) -- : 125 CD million CD European JJ currency NN units NNS of IN 9 CD 1\/8 CD % NN bonds NNS due JJ Nov. NNP 10 CD , , 1994 CD , , priced VBN at IN 101 CD 5\/8 CD to TO yield VB 9.13 CD % NN at IN the DT recommended VBN reoffered VBN price NN of IN par NN , , via IN Banque NNP Paribas NNP Capital NNP Markets NNP . . Societe NNP Generale NNP Australia NNP Ltd NNP . . ( ( French JJ parent NN ) ) -- : 50 CD million CD Australian JJ dollars NNS of IN 17 CD % NN bonds NNS due JJ Nov. NNP 20 CD , , 1991 CD , , priced VBN at IN 101.90 CD to TO yield VB 16.59 CD less CC fees NNS , , via IN Westpac NNP Banking NNP Corp NNP . . Guaranteed VBN by IN Societe NNP Generale NNP . . Fees NNS 1 CD 1\/4 CD . . Mitsubishi NNP Trust NNP & CC Banking NNP Corp NNP . . ( ( Japan NNP ) ) -- : 200 CD million CD Swiss JJ francs NNS of IN privately RB placed VBN convertible JJ notes NNS due JJ March NNP 31 CD , , 1994 CD , , with IN a DT fixed VBN 0.75 CD % NN coupon NN at IN par NN , , via IN Union NNP Bank NNP of IN Switzerland NNP . . Put VB option NN on IN March NNP 31 CD , , 1992 CD , , at IN a DT fixed VBN 107 CD 3\/4 CD to TO yield VB 3.5 CD % NN . . Callable JJ from IN March NNP 31 CD , , 1992 CD , , at IN 107 CD 3\/4 CD , , declining VBG two CD points NNS semi-annually RB to TO par NN . . Each DT 50,000 CD Swiss JJ franc NN note NN is VBZ convertible JJ from IN Nov NNP , , 27 CD , , 1989 CD , , to TO March NNP 21 CD , , 1994 CD , , at IN a DT premium NN over IN the DT closing VBG share NN price NN Oct. NNP 25 CD , , when WRB terms NNS are VBP scheduled VBN to TO be VB fixed VBN . . Also RB , , the DT company NN issued VBN 300 CD million CD marks NNS of IN convertible JJ bonds NNS with IN an DT indicated VBN 2 CD 3\/4 CD % NN coupon NN due JJ March NNP 31 CD , , 1995 CD , , at IN par NN , , via IN Westdeutsche NNP Landesbank NNP Girozentrale NNP Bank NNP . . Put VBN on RP March NNP 31 CD , , 1992 CD , , at IN an DT indicated VBN 105 CD to TO yield VB 4.80 CD % NN . . Call NN option NN beginning VBG March NNP 31 CD , , 1992 CD , , if IN the DT price NN of IN the DT stock NN rises VBZ more RBR than IN 50 CD % NN within IN 30 CD trading NN days NNS as RB well RB as IN a DT call NN option NN for IN tax NN reasons NNS . . Each DT 1,000 CD mark NN and CC 10,000 CD mark NN bond NN is VBZ convertible JJ from IN Nov. NNP 27 CD , , 1989 CD , , to TO March NNP 21 CD , , 1995 CD , , at IN a DT price NN to TO be VB determined VBN when WRB terms NNS are VBP fixed VBN Oct. NNP 25 CD . . Scandinavian NNP Airlines NNP System NNP ( ( Sweden NNP ) ) -- : 100 CD million CD Swiss JJ francs NNS of IN 6 CD 1\/8 CD % NN bonds NNS due JJ Nov. NNP 24 CD , , 1999 CD , , priced VBN at IN 100 CD 3\/4 CD to TO yield VB 6.03 CD % NN , , via IN Union NNP Bank NNP of IN Switzerland NNP . . Call VB from IN Nov. NNP 24 CD , , 1994 CD , , at IN 101 CD 1\/2 CD , , declining VBG 1\/4 CD point NN a DT year NN . . Federal NNP Home NNP Loan NNP Mortgage NNP Corp. NNP -- : $ $ 400 CD million CD of IN 10-year JJ debentures NNS with IN a DT coupon NN rate NN of IN 8.80 CD % NN , , priced VBN at IN par NN . . The DT debentures NNS , , callable JJ at IN par NN in IN five CD years NNS , , were VBD priced VBN at IN a DT yield NN spread VBD of IN about RB 86 CD basis NN points NNS above IN the DT Treasury NNP 10-year JJ note NN . . The DT issue NN is VBZ being VBG sold VBN through IN Freddie NNP Mac NNP 's POS 17-member JJ securities NNS selling NN group NN . . The DT debentures NNS mature VBP Oct. NNP 27 CD , , 1999 CD . . The DT debentures NNS will MD be VB available JJ in IN book-entry JJ form NN only RB in IN a DT minimum NN amount NN of IN $ $ 5,000 CD and CC additional JJ increments NNS of IN $ $ 5,000 CD . . Interest NN will MD be VB paid VBN semi-annually RB . . First RB they PRP get VBP us PRP to TO buy VB computers NNS so IN we PRP can MD get VB more JJR information NN . . Then RB the DT computers NNS give VBP us PRP more JJR information NN than IN we PRP can MD ever RB read VB . . Now RB they PRP plan VBP to TO sell VB us PRP products NNS that WDT sift VBP through IN all DT the DT information NN to TO give VB us PRP what WP we PRP really RB want VBP to TO know VB . . The DT products NNS range VBP from IN computer-edited JJ , , personal JJ newsletters NNS to TO systems NNS that WDT sit VBP inside IN a DT personal JJ computer NN and CC pick VBP stories NNS on IN selected VBN topics NNS off IN news NN wires NNS . . `` `` Filtered VBN news NN is VBZ what WP people NNS want VBP , , '' '' says VBZ Esther NNP Dyson NNP , , editor NN of IN Release NNP 1.0 CD , , an DT industry NN newsletter NN that WDT spots VBZ new JJ developments NNS . . `` `` Most JJS people NNS read VBD 10 CD times NNS more JJR than IN necessary JJ in IN order NN to TO find VB out RP what WP they PRP really RB need VBP . . '' '' Geoffrey NNP Goodfellow NNP , , who WP dropped VBD out IN of IN high JJ school NN back RB in IN the DT 1970s CD to TO manage VB a DT computer NN network NN at IN a DT California NNP research NN firm NN , , says VBZ : : `` `` Old JJ network NN hands NNS have VBP started VBN to TO turn VB off RP the DT network NN because IN they PRP do VBP n't RB have VB time NN to TO wade VB through IN the DT muck NN . . '' '' Mr. NNP Goodfellow NNP has VBZ started VBN a DT Menlo NNP Park NNP , , Calif. NNP , , company NN called VBN Anterior NNP Technology NNP that WDT provides VBZ human JJ editors NNS for IN public JJ electronic JJ networks NNS . . `` `` I PRP see VBP it PRP as IN a DT sewage NN treatment NN plant NN , , '' '' he PRP says VBZ . . A DT new JJ product NN , , NewsEdge NNP , , carries VBZ five CD business NN news NN wires NNS simultaneously RB into IN a DT user NN 's POS computer NN and CC beeps NNS and CC flashes NNS whenever WRB an DT article NN appears VBZ that DT is VBZ of IN interest NN to TO the DT user NN . . The DT product NN , , developed VBN by IN Desktop NNP Data NNP Corp. NNP , , a DT new JJ company NN based VBN in IN Waltham NNP , , Mass. NNP , , scans VBZ the DT wires NNS looking VBG for IN articles NNS that WDT contain VBP key JJ words NNS specified VBN by IN the DT user NN . . One CD early JJ user NN , , David NNP Semmel NNP , , a DT Chicago NNP venture NN capitalist NN and CC investor NN in IN Desktop NNP Data NNP , , says VBZ he PRP uses VBZ it PRP to TO track VB takeover NN developments NNS . . He PRP says VBZ he PRP told VBD NewsEdge NNP to TO look VB for IN stories NNS containing VBG such JJ words NNS as IN takeover NN , , acquisition NN , , acquire NN , , LBO NNP , , tender NN , , merger NN , , junk NN and CC halted NN . . `` `` I PRP 'm VBP pretty RB confident JJ I PRP 'm VBP catching VBG everything NN , , '' '' he PRP says VBZ . . NewsEdge NNP is VBZ pricey JJ : : $ $ 7,500 CD a DT year NN for IN a DT limited VBN version NN , , $ $ 40,000 CD a DT year NN if IN the DT cost NN of IN all DT the DT news NN wires NNS is VBZ included VBN . . And CC it PRP works VBZ best RBS in IN high-powered JJ personal JJ computers NNS . . But CC some DT investors NNS and CC consultants NNS who WP have VBP tried VBN it PRP are VBP enthusiastic JJ . . Jeffrey NNP Tarter NNP , , editor NN of IN SoftLetter NNP , , a DT Watertown NNP , , Mass. NNP , , industry NN newsletter NN , , says VBZ : : `` `` I PRP 've VBP seen VBN a DT lot NN of IN people NNS fooling VBG around RP on IN the DT fringes NNS of IN filtering VBG information NN . . This DT is VBZ the DT first JJ time NN I PRP 've VBP seen VBN something NN I PRP could MD imagine VB a DT lot NN of IN people NNS using VBG . . '' '' NewsEdge NNP uses VBZ an DT FM NNP radio NN band NN to TO carry VB news NN wires NNS provided VBN by IN Reuters NNP , , McGraw-Hill NNP and CC Dow NNP Jones NNP & CC Co. NNP , , as RB well RB as IN PR NNP Newswire NNP , , which WDT carries VBZ corporate JJ press NN releases NNS . . An DT FM NNP receiver NN attached VBN to TO a DT user NN 's POS personal JJ computer NN receives VBZ the DT information NN . . Some DT organizations NNS have VBP devised VBN their PRP$ own JJ systems NNS to TO sort VB through IN news NN wire NN items NNS as IN they PRP come VBP in RB . . George NNP Goodwin NNP , , an DT account NN manager NN at IN Royal NNP Bank NNP of IN Canada NNP , , adapted VBD a DT Lotus NNP Development NNP Corp. NNP program NN called VBN Agenda NNP to TO sort NN through IN international JJ news NN wires NNS . . It PRP automatically RB selects VBZ stories NNS from IN particular JJ countries NNS for IN reading VBG by IN the DT international JJ bankers NNS responsible JJ for IN lending VBG in IN those DT areas NNS . . For IN those DT who WP do VBP n't RB need VB their PRP$ personalized VBN information NN moment NN by IN moment NN , , some DT services NNS are VBP offering VBG overnight JJ newsletters NNS . . Individual NNP Inc. NNP , , a DT new JJ company NN in IN Brookline NNP , , Mass. NNP , , uses VBZ filtering VBG technology NN developed VBN by IN Cornell NNP University NNP computer NN scientist NN Gerard NNP Salton NNP , , to TO automatically RB produce VB customized VBN newsletters NNS it PRP sends VBZ electronically RB to TO subscribers NNS by IN 8 CD a.m. NN the DT next JJ day NN . . `` `` We PRP are VBP operating VBG an DT information NN refinery NN that WDT takes VBZ a DT broad JJ stream NN of IN raw JJ data NNS and CC turns VBZ it PRP into IN actionable JJ knowledge NN , , '' '' says VBZ Yosi NNP Amram NNP , , founder NN and CC president NN . . The DT daily JJ newsletter NN , , which WDT is VBZ n't RB widely RB available JJ yet RB , , will MD have VB a DT base NN cost NN of IN $ $ 2,000 CD a DT year NN and CC provides VBZ full JJ text NN of IN relevant JJ articles NNS under IN license NN agreements NNS with IN Reuters NNP , , McGraw NNP Hill NNP , , United NNP Press NNP International NNP , , two CD press NN release NN news NN wires NNS and CC Japan NNP 's POS Kyodo NNP news NN service NN . . One CD early JJ user NN is VBZ NEC NNP Corp. NNP 's POS U.S. NNP printer NN marketing NN arm NN . . `` `` They PRP want VBP the DT full JJ press NN releases NNS on IN printer NN announcements NNS by IN their PRP$ competition NN , , '' '' Mr. NNP Amram NNP says VBZ . . It PRP also RB tracks VBZ personnel NNS and CC financial JJ announcements NNS by IN NEC NNP 's POS distributors NNS and CC customers NNS . . Individual NNP Inc. NNP 's POS technology NN goes VBZ beyond IN word NN searches NNS by IN using VBG a DT computerized JJ thesaurus NN . . If IN a DT customer NN asks VBZ for IN stories NNS about IN `` `` IBM NNP , , '' '' the DT computer NN will MD also RB supply VB stories NNS that WDT mention VBP `` `` I.B.M. NNP , , International NNP Business NNP Machines NNP , , or CC Big NNP Blue NNP , , '' '' Mr. NNP Amram NNP says VBZ . . Moreover RB , , Individual NNP Inc. NNP 's POS computers NNS can MD weigh VB the DT value NN of IN an DT article NN based VBN on IN how WRB closely RB the DT story NN matches VBZ the DT subscriber NN 's POS interest NN area NN . . It PRP compares VBZ the DT position NN of IN key JJ words NNS in IN the DT story NN ; : words NNS in IN the DT headline NN or CC first JJ paragraph NN get VBP a DT higher JJR value NN . . And CC it PRP calculates VBZ how WRB often RB the DT words NNS appear VBP in IN the DT story NN compared VBN with IN how WRB often RB they PRP appear VBP in IN the DT entire JJ data NN base NN . . The DT higher JJR the DT ratio NN of IN hits NNS to TO total JJ words NNS , , the DT higher JJR the DT presumed VBN value NN to TO the DT reader NN . . Pinpoint NNP Information NNP Corp. NNP , , Chantilly NNP , , Va. NNP , , a DT producer NN of IN $ $ 1,800-a-year JJ personalized VBN newsletters NNS about IN the DT computer NN industry NN that WDT started VBD full JJ operation NN last JJ month NN , , relies VBZ on IN 12 CD human JJ readers NNS to TO code VB news NN releases NNS by IN topic NN in IN order NN to TO select VB items NNS for IN each DT subscriber NN . . `` `` The DT computers NNS find VBP all DT the DT key JJ words NNS they PRP can MD , , but CC the DT editors NNS confirm VBP every DT one CD . . Computer NN picking NN is VBZ n't RB perfect JJ , , '' '' says VBZ Harvey NNP Golomb NNP , , president NN and CC founder NN of IN Pinpoint NNP . . The DT humans NNS also RB write VBP abstracts NNS of IN articles NNS from IN some DT 200 CD computer NN industry NN publications NNS . . Once RB all DT the DT articles NNS are VBP coded VBN and CC put VBN in IN a DT data NN base NN , , Pinpoint NNP 's POS computers NNS pick VBP the DT most RBS relevant JJ for IN each DT subscriber NN and CC lay VBD them PRP out RP in IN a DT three-to-five-page JJ newsletter NN format NN ; : each DT newsletter NN is VBZ sent VBN directly RB from IN the DT computer NN to TO the DT subscriber NN 's POS fax NN machine NN . . Mr. NNP Golomb NNP says VBZ each DT of IN his PRP$ computers NNS can MD produce VB and CC send VB about RB 75 CD unique JJ newsletters NNS a DT night NN . . Many JJ computer NN network NN users NNS who WP never RB see VBP news NN wires NNS would MD like VB to TO sort VB through IN their PRP$ electronic JJ mail NN automatically RB . . So-called JJ E-mail NN is VBZ the DT collection NN of IN inter-office JJ memos NNS , , gossip NN , , technical JJ data NNS , , schedules NNS and CC directives NNS distributed VBN over IN local JJ and CC national JJ computer NN networks NNS . . `` `` All DT these DT interconnected VBN computers NNS make VBP it PRP difficult JJ to TO sort VB out RP what WP 's VBZ junk NN and CC what WP 's VBZ important JJ , , '' '' says VBZ Chuck NNP Digate NNP , , a DT former JJ Lotus NNP Development NNP executive NN who WP has VBZ started VBN a DT new JJ company NN to TO cope VB with IN the DT problem NN . . Mr. NNP Digate NNP says VBZ his PRP$ firm NN , , Beyond NNP Inc. NNP , , has VBZ licensed VBN technology NN known VBN as IN Information NNP Lens NNP from IN Massachusetts NNP Institute NNP of IN Technology NNP and CC plans VBZ to TO develop VB it PRP for IN commercial JJ use NN . . The DT MIT NNP project NN devised VBD ways NNS for IN E-mail NN to TO be VB automatically RB categorized VBN as IN top JJ priority NN if IN it PRP comes VBZ from IN certain JJ designated VBN senders NNS or CC requires VBZ action NN in IN the DT next JJ couple NN of IN days NNS . . Mr. NNP Digate NNP says VBZ that DT Beyond NNP will MD refine VB the DT product NN `` `` so IN the DT message NN will MD be VB smart JJ enough RB to TO know VB to TO come VB back RB and CC bother VB you PRP again RB next JJ week NN . . '' '' And CC if IN a DT user NN is VBZ busy JJ , , `` `` he PRP can MD set VB it PRP for IN crisis NN mode NN : : ` `` Do VBP n't RB bother VB me PRP with IN reports NNS until IN Monday NNP . . ' '' '' '' A DT program NN called VBN Notes NNP , , which WDT is VBZ under IN development NN by IN Lotus NNP , , also RB is VBZ designed VBN to TO sort VB E-mail NN sent VBN within IN work NN groups NNS . . One CD thing NN that WDT makes VBZ E-mail NN difficult JJ to TO sift VB through IN is VBZ that IN each DT item NN looks VBZ the DT same JJ . . Notes NNP , , which WDT is VBZ designed VBN for IN advanced JJ computers NNS that IN display NN graphics NNS , , allows VBZ mail NN senders NNS to TO put VB different JJ logos NNS on IN their PRP$ mail NN . . A DT daily JJ news NN briefing NN from IN the DT company NN librarian NN , , for IN example NN , , would MD have VB a DT distinctive JJ format NN on IN the DT screen NN , , just RB as IN a DT paper NN version NN would MD have VB . . `` `` With IN E-mail NN , , you PRP do VBP n't RB have VB the DT visual JJ clues NNS of IN paper NN , , '' '' says VBZ Mr. NNP Tarter NNP , , the DT editor NN of IN SoftLetter NNP . . `` `` With IN Notes NNP , , they PRP 're VBP visually RB distinct JJ . . Dean NNP Witter NNP Reynolds NNP Inc. NNP lost VBD its PRP$ second JJ recent JJ arbitration NN case NN involving VBG a DT former JJ bond-trading JJ executive NN . . A DT New NNP York NNP Stock NNP Exchange NNP arbitration NN panel NN ordered VBN Dean NNP Witter NNP to TO pay VB $ $ 404,294 CD in IN back JJ bonuses NNS to TO William NNP Kelly NNP , , the DT company NN 's POS former JJ head NN of IN high-yield JJ , , high-risk JJ junk-bond NN trading NN and CC sales NNS . . It PRP also RB awarded VBD $ $ 196,785 CD in IN back JJ bonuses NNS to TO former JJ trader NN Michael NNP Newcomb NNP and CC $ $ 69,105 CD in IN fees NNS to TO the DT two CD men NNS 's POS attorneys NNS . . The DT sums NNS awarded VBN to TO Messrs. NNS Kelly NNP and CC Newcomb NNP represent VBP bonuses NNS the DT two CD men NNS said VBD they PRP deserved VBD from IN the DT first JJ half NN of IN 1988 CD , , but CC which WDT were VBD n't RB paid VBN because RB of IN a DT dispute NN over IN an DT incentive NN contract NN . . Jeffrey NNP L. NNP Liddle NNP , , the DT two CD men NNS 's POS attorney NN at IN Liddle NNP , , O'Connor NNP , , Finkelstein NNP & CC Robinson NNP , , said VBD Mr. NNP Kelly NNP began VBD working VBG at IN Dean NNP Witter NNP in IN 1987 CD . . Mr. NNP Kelly NNP built VBD the DT company NN 's POS high-yield JJ bond NN group NN , , which WDT has VBZ been VBN a DT minor JJ player NN in IN the DT junk-bond NN arena NN . . Dean NNP Witter NNP lost VBD a DT separate JJ case NN involving VBG a DT former JJ bond NN executive NN earlier RBR this DT year NN ; : in IN August NNP it PRP paid VBD $ $ 666,666 CD in IN back JJ pay NN and CC a DT bonus NN to TO a DT former JJ corporate-bond JJ trading NN chief NN , , Harold NNP Bachman NNP . . That DT award NN ended VBD a DT dispute NN between IN Dean NNP Witter NNP and CC Mr. NNP Bachman NNP over IN who WP was VBD responsible JJ for IN certain JJ bond-trading JJ losses NNS around IN the DT time NN of IN the DT 1987 CD stock-market NN crash NN . . A DT spokesman NN for IN Dean NNP Witter NNP , , a DT unit NN of IN Sears NNP , , Roebuck NNP & CC Co. NNP , , declined VBD to TO comment VB . . DILLARD NNP DEPARTMENT NNP STORES NNP Inc. NNP said VBD it PRP offered VBD $ $ 50 CD million CD of IN 9 CD 1\/2 CD % NN debentures NNS due JJ 2001 CD at IN par NN . . The DT Little NNP Rock NNP , , Ark. NNP , , department-store NN retailer NN said VBD proceeds NNS will MD be VB used VBN to TO reduce VB short-term JJ debt NN . . Goldman NNP , , Sachs NNP & CC Co. NNP was VBD the DT underwriter NN . . American NNP Brands NNP Inc. NNP said VBD third-quarter JJ net JJ income NN rose VBD 13 CD % NN , , reflecting VBG strong JJ gains NNS in IN its PRP$ tobacco NN and CC distilled VBN spirits NNS businesses NNS . . The DT company NN , , which WDT also RB has VBZ businesses NNS in IN life NN insurance NN , , office NN products NNS and CC hardware NN , , and CC home-improvement NN products NNS , , said VBD net JJ income NN rose VBD to TO $ $ 166.4 CD million CD , , or CC $ $ 1.71 CD a DT share NN , , from IN $ $ 146.8 CD million CD , , or CC $ $ 1.53 CD a DT share NN , , a DT year NN earlier RBR . . Year-earlier JJ results NNS for IN the DT quarter NN and CC the DT nine CD months NNS were VBD restated VBN to TO reflect VB a DT change NN in IN accounting VBG standards NNS . . Revenue NN declined VBD 2 CD % NN , , to TO $ $ 3.06 CD billion CD from IN $ $ 3.13 CD billion CD , , because IN of IN the DT sale NN of IN Southland NNP Life NNP in IN March NNP , , and CC the DT impact NN of IN the DT stronger JJR U.S. NNP dollar NN on IN overseas JJ results NNS . . Operating NN profit NN for IN world-wide JJ tobacco NN products NNS rose VBD 10 CD % NN to TO $ $ 247.6 CD million CD . . For IN distilled VBN spirits NNS , , operating NN profit NN rose VBD 36 CD % NN , , to TO $ $ 24.8 CD million CD . . In IN the DT first JJ nine CD months NNS , , net JJ rose VBD 1.5 CD % NN , , to TO $ $ 458.8 CD million CD , , or CC $ $ 4.76 CD a DT share NN , , from IN $ $ 452 CD million CD , , or CC $ $ 4.50 CD a DT share NN , , a DT year NN earlier RBR . . The DT year-earlier JJ period NN included VBD $ $ 40.1 CD million CD , , or CC 41 CD cents NNS a DT share NN , , from IN discontinued VBN operations NNS . . Revenue NN rose VBD to TO $ $ 9.03 CD billion CD from IN $ $ 8.98 CD billion CD . . The DT average JJ number NN of IN shares NNS outstanding JJ rose VBD 2 CD % NN in IN the DT third JJ quarter NN but CC was VBD down RB 4 CD % NN for IN the DT nine CD months NNS . . In IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , American NNP Brands NNP shares NNS rose VBD $ $ 1.75 CD to TO $ $ 73 CD . . SANTA NNP FE NNP PACIFIC NNP PIPELINE NNP PARTNERS NNP Limited NNP Partnership NNP , , of IN Los NNP Angeles NNP , , increased VBD its PRP$ quarterly JJ cash NN dividend NN to TO 60 CD cents NNS a DT unit NN from IN 55 CD cents NNS , , payable JJ Nov. NNP 14 CD to TO units NNS of IN record NN Oct. NNP 31 CD . . The DT company NN is VBZ an DT independent JJ refined-petroleum-products JJ pipeline NN serving VBG six CD Western JJ states NNS . . WASHINGTON NNP LIES VBZ LOW RB after IN the DT stock NN market NN 's POS roller-coaster NN ride NN . . Lawmakers NNS , , haunted VBN by IN charges NNS that IN some DT of IN their PRP$ comments NNS contributed VBD to TO the DT 1987 CD crash NN , , generally RB shy VBP away RB from IN calls NNS for IN sweeping JJ new JJ legislation NN . . But CC a DT House NNP Energy NNP and CC Commerce NNP subcommittee NN will MD quiz VB SEC NNP Chairman NNP Breeden NNP Wednesday NNP , , and CC Treasury NNP Secretary NNP Brady NNP will MD go VB before IN the DT Senate NNP Banking NNP panel NN Thursday NNP . . The DT market NN 's POS wild JJ week NN may MD speed VB along RP the DT market-reform JJ legislation NN that WDT has VBZ been VBN pending VBG for IN months NNS in IN the DT aftermath NN of IN the DT 1987 CD crash NN . . It PRP may MD also RB expedite VB the DT SEC NNP 's POS modest JJ pending VBG changes NNS in IN junk-bond NN disclosure NN rules NNS and CC intensify VB the DT Treasury NNP 's POS look NN at IN plans NNS for IN giving VBG new JJ tax NN breaks NNS on IN dividends NNS and CC raising VBG taxes NNS on IN short-term JJ trades NNS by IN pension NN funds NNS . . Brady NNP and CC Breeden NNP work VBP well RB together RB on IN the DT plunge NN , , despite IN the DT fact NN that IN the DT Treasury NNP secretary NN opposed VBD Breeden NNP 's POS nomination NN to TO the DT SEC NNP post NN . . BAKER NNP FALTERS NNP in IN the DT Mideast NNP amid IN Israeli JJ paralysis NN and CC Palestinian JJ politics NNS . . Despite IN seeing VBG his PRP$ plan NN for IN Israeli-Palestinian JJ elections NNS wither VBP , , the DT cautious JJ secretary NN of IN state NN is VBZ so RB far RB unwilling JJ to TO cut VB U.S. NNP economic JJ or CC military JJ aid NN to TO force VB Israeli JJ cooperation NN . . Baker NNP nonetheless RB remains VBZ furious JJ both DT at IN Shamir NNP , , for IN backing VBG down RP on IN the DT elections NNS , , and CC at IN Shamir NNP 's POS rival NN , , Peres NNP , , for IN political JJ ineptitude NN in IN forcing VBG a DT premature JJ cabinet NN vote NN on IN Baker NNP 's POS plan NN . . Meanwhile RB , , some DT U.S. NNP officials NNS fear VBP PLO NNP chief NN Arafat NNP is VBZ getting VBG cold JJ feet NNS and CC may MD back VB off RP from IN his PRP$ recent JJ moderation NN and CC renunciation NN of IN terrorism NN . . He PRP is VBZ under IN intense JJ fire NN from IN other JJ Palestinian JJ groups NNS ; : Syria NNP is VBZ pushing VBG Ahmad NNP Jibril NNP , , whose WP$ terrorist JJ band NN is VBZ blamed VBN for IN the DT Pan NNP Am VBP 103 CD bombing NN , , as IN an DT alternative NN to TO Arafat NNP . . DARMAN'S NNP MANEUVERS NNS on IN the DT budget NN and CC capital NN gains NNS hurt VBP him PRP in IN Congress NNP . . Republicans NNS as RB well RB as IN Democrats NNS were VBD angered VBN by IN the DT budget NN director NN 's POS rejection NN of IN Speaker NNP Foley NNP 's POS effort NN to TO expedite VB a DT deficitcutting NN measure NN by IN stripping VBG it PRP of IN the DT capital-gains NNS tax NN cut NN as RB well RB as IN pet JJ Democratic JJ projects NNS . . Darman NNP now RB blames VBZ the DT clash NN on IN miscommunication NN , , but CC House NNP GOP NNP leader NN Michel NNP , , who WP carried VBD the DT offer NN to TO him PRP , , observes VBZ , , `` `` I PRP was VBD speaking VBG English NNP at IN the DT time NN , , and CC quite RB loud JJ so IN I PRP could MD be VB understood VBN . . '' '' Senate NNP GOP NNP leader NN Dole NNP ridicules VBZ the DT budget NN chief NN on IN the DT Senate NNP floor NN . . Democratic JJ counterpart NN Mitchell NNP , , asked VBN to TO interpret VB Darman NNP 's POS threat NN to TO make VB permanent JJ the DT across-the-board JJ Gramm-Rudman NNP cuts NNS that WDT took VBD effect NN this DT week NN , , says VBZ , , `` `` I PRP do VBP n't RB even RB bother VB to TO interpret VB them PRP . . '' '' But CC Darman NNP suggests VBZ such JJ tensions NNS will MD dissipate VB quickly RB . . `` `` If IN I PRP can MD show VB signs NNS of IN maturity NN , , almost RB anybody NN can MD , , '' '' he PRP jokes VBZ . . HHS NNP OFFICIALS NNS expect VBP Secretary NNP Sullivan NNP to TO continue VB a DT ban NN on IN research NN using VBG fetal JJ tissue NN . . Before IN he PRP was VBD confirmed VBN , , Sullivan NNP said VBD he PRP had VBD `` `` reservations NNS about IN any DT blanket NN prohibitions NNS on IN medical JJ research NN . . '' '' But CC now RB , , an DT official NN says VBZ , , he PRP is VBZ `` `` surrounded VBN by IN right-to-lifers NNS , , '' '' who WP contend VBP that IN any DT breakthroughs NNS in IN fetal-tissue JJ research NN could MD increase VB the DT demand NN for IN abortions NNS . . COOPERATION NN WANES VBZ on IN weapons NNS development NN between IN the DT U.S. NNP and CC Europe NNP . . Britain NNP , , France NNP and CC Italy NNP pull VBP out IN of IN a DT proposal NN to TO build VB new JJ NATO NNP frigates NNS ; : the DT U.S. NNP and CC West NNP Germany NNP have VBP each DT withdrawn VBN from IN missile NN projects NNS . . Defense NN experts NNS say VBP joint JJ projects NNS are VBP increasingly RB squeezed VBN by IN budget NN pressures NNS and CC the DT desire NN to TO save VB domestic JJ jobs NNS ; : some DT also RB fear VBP rising VBG protectionism NN as IN European JJ unity NN nears VBZ . . BOTH DT SIDES NNS NOW RB : : Virginia NNP GOP NNP lieutenant NN governor NN candidate NN Eddy NNP Dalton NNP tries VBZ to TO have VB it PRP both DT ways NNS on IN the DT abortion NN issue NN . . Though IN she PRP opposes VBZ abortion NN in IN almost RB all DT cases NNS , , she PRP airs VBZ a DT TV NN commercial NN using VBG pro-choice JJ buzzwords NNS . . `` `` A DT woman NN ought MD to TO have VB a DT choice NN in IN cases NNS where WRB her PRP$ life NN or CC health NN are VBP in IN danger NN and CC in IN cases NNS of IN rape NN or CC incest NN , , '' '' she PRP proclaims VBZ . . HOT JJ TOPIC NN : : Interest NN in IN the DT abortion NN issue NN is VBZ so RB great JJ that IN the DT Hotline NNP , , a DT daily JJ , , computer-distributed JJ political JJ newsletter NN , , comes VBZ up RP with IN a DT spinoff NN product NN called VBD the DT Abortion NNP Report NNP dealing VBG solely RB with IN its PRP$ political JJ implications NNS . . CONSERVATIVES NNS EXPECT VBP Bush NNP to TO solidify VB their PRP$ majority NN on IN a DT key JJ court NN . . Bush NNP has VBZ three CD vacancies NNS to TO fill VB on IN the DT prestigious JJ D.C. NNP Circuit NNP Court NNP , , which WDT handles VBZ many JJ important JJ regulatory JJ issues NNS and CC is VBZ often RB considered VBN a DT warm-up NN for IN future JJ Supreme NNP Court NNP nominees NNS . . Conservatives NNS now RB hold VBP only RB a DT 5-4 JJ edge NN . . One CD slot NN is VBZ expected VBN to TO go VB to TO EEOC NNP Chairman NNP Clarence NNP Thomas NNP , , a DT black JJ conservative NN ; : after IN mulling VBG a DT fight NN , , liberals NNS now RB probably RB wo MD n't RB put VB up RP a DT major JJ struggle NN against IN him PRP . . Other JJ conservatives NNS thought VBD to TO be VB on IN the DT administration NN 's POS short JJ list NN include VBP Washington NNP lawyer NN Michael NNP Uhlmann NNP , , who WP was VBD passed VBN over RP for IN the DT No. NN 2 CD job NN at IN the DT Justice NNP Department NNP , , and CC Marshall NNP Breger NNP , , chairman NN of IN a DT U.S. NNP agency NN on IN administration NN . . The DT Bush NNP administration NN would MD also RB like VB to TO nominate VB a DT woman NN ; : one CD possibility NN is VBZ former JJ Justice NNP Department NNP official NN Victoria NNP Toensing NNP . . MINOR JJ MEMOS NNS : : In IN the DT wake NN of IN the DT failed VBN Panama NNP coup NN , , a DT bumper NN sticker NN appears VBZ : : `` `` Ollie NNP Would MD Have VB Got NNP Him PRP . . '' '' ... : Rep. NNP Garcia NNP , , on IN trial NN for IN bribery NN and CC extortion NN , , puts VBZ statements NNS in IN the DT Congressional NNP Record NNP attributing VBG missed VBN votes NNS to TO `` `` scheduling NN conflicts NNS . . '' '' ... : A DT GOP NNP Senate NNP fund-raising JJ letter NN from IN Sen. NNP Burns NNP of IN Montana NNP is VBZ made VBN to TO appear VB personally RB written VBN , , and CC its PRP$ opening NN line NN is VBZ , , `` `` Please UH excuse VB my PRP$ handwriting NN . . '' '' But CC Burns NNP confesses VBZ in IN an DT interview NN : : `` `` That DT 's VBZ not RB my PRP$ handwriting NN . . MC NNP SHIPPING NNP Inc. NNP , , New NNP York NNP , , declared VBD an DT initial JJ quarterly NN of IN 60 CD cents NNS a DT share NN payable JJ Nov. NNP 15 CD to TO shares NNS of IN record NN Oct. NNP 30 CD . . The DT announcement NN boosted VBD the DT charter-shipping JJ company NN 's POS shares NNS , , which WDT closed VBD at IN $ $ 15.125 CD , , up RB $ $ 1.25 CD a DT share NN , , in IN composite JJ trading NN on IN the DT American NNP Stock NNP Exchange NNP . . The DT company NN , , which WDT went VBD public NN in IN May NNP , , intends VBZ to TO pay VB dividends NNS from IN available JJ cash NN flow NN ; : the DT amount NN may MD vary VB from IN quarter NN to TO quarter NN . . Ever RB since IN the DT hotly RB contested VBN America NNP 's POS Cup NNP race NN last JJ year NN , , the DT famous JJ yachting NN match NN has VBZ run VBN into IN more JJR rough JJ sailing NN out IN of IN the DT water NN than IN in IN it PRP . . Now RB that IN a DT key JJ member NN of IN the DT San NNP Diego NNP Yacht NNP Club NNP team NN is VBZ splitting JJ off RP to TO form VB his PRP$ own JJ team NN , , even RB more JJR competition NN lies VBZ ahead RB . . Peter NNP Isler NNP , , the DT winning VBG navigator NN in IN the DT past JJ two CD America NNP 's POS Cup NNP challenges NNS , , has VBZ split VBN from IN the DT team NN led VBN by IN Dennis NNP Conner NNP , , skipper NN of IN the DT victorious JJ Stars NNP & CC Stripes NNP , , to TO form VB his PRP$ own JJ team NN for IN the DT next JJ contest NN in IN 1992 CD . . And CC , , in IN addition NN to TO a DT crack NN team NN of IN sailors NNS , , Mr. NNP Isler NNP has VBZ lined VBN up RP some DT real JJ brass NN to TO help VB him PRP finance VB the DT syndicate NN . . Isler NNP Sailing NNP International NNP 's POS advisory JJ board NN includes VBZ Ted NNP Turner NNP , , Turner NNP Broadcasting NNP chairman NN and CC a DT former JJ Cup NNP victor NN ; : Peter NNP G. NNP Diamandis NNP , , head NN of IN Diamandis NNP Communications NNP , , and CC Joseph NNP B. NNP Vittoria NNP , , chairman NN and CC chief JJ executive NN of IN Avis NNP Inc NNP . . His PRP$ steering NN committee NN includes VBZ other JJ notable JJ businessmen NNS , , including VBG the DT California NNP investor NN and CC old JJ salt NN Roy NNP E. NNP Disney NNP . . `` `` We PRP have VBP the DT structure NN , , people NNS and CC plan NN , , '' '' Mr. NNP Isler NNP said VBD in IN a DT statement NN . . Now RB , , the DT first JJ order NN of IN business NN is VBZ raising VBG enough JJ money NN to TO keep VB his PRP$ team NN afloat RB -- : a DT new JJ yacht NN will MD cost VB about RB $ $ 3 CD million CD alone RB , , and CC sailing NN syndicate NN budgets NNS can MD easily RB run VB to TO $ $ 25 CD million CD for IN a DT Cup NNP challenge NN . . The DT split NN comes VBZ in IN the DT midst NN of IN a DT court NN battle NN over IN whether IN the DT San NNP Diego NNP Yacht NNP Club NNP should MD be VB allowed VBN to TO keep VB the DT international JJ trophy NN for IN sailing VBG a DT catamaran NN against IN the DT New NNP Zealand NNP challengers NNS ' POS 90-foot JJ monohull NN . . In IN September NNP , , a DT New NNP York NNP appellate JJ court NN overturned VBD a DT state NN judge NN 's POS ruling NN that WDT awarded VBD the DT Cup NNP to TO the DT New NNP Zealand NNP team NN . . Pending VBG an DT appeal NN by IN the DT New NNP Zealand NNP team NN , , led VBN by IN Michael NNP Fay NNP , , the DT finals NNS for IN the DT next JJ Cup NNP challenge NN are VBP scheduled VBN to TO be VB held VBN in IN mid-1992 NN in IN San NNP Diego NNP . . But CC because IN of IN the DT uncertainty NN of IN the DT outcome NN of IN the DT suit NN , , Mr. NNP Conner NNP 's POS team NN has VBZ done VBN little JJ to TO begin VB gearing VBG up RP to TO defend VB its PRP$ title NN . . `` `` If IN you PRP do VBP n't RB know VB what WP the DT rules NNS of IN the DT game NN are VBP , , it PRP 's VBZ hard JJ to TO start VB your PRP$ fund-raising NN or CC design NN , , '' '' said VBD Dana NNP Smith NNP , , an DT official NN with IN Team NNP Dennis NNP Conner NNP . . The DT Conner NNP team NN wo MD n't RB be VB able JJ to TO negotiate VB with IN corporate JJ sponsors NNS until IN the DT suit NN is VBZ resolved VBN and CC the DT race NN site NN is VBZ determined VBN , , Mr. NNP Smith NNP said VBD , , and CC the DT syndicate NN 's POS budget NN could MD easily RB reach VB $ $ 30 CD million CD . . But CC spokesmen NNS for IN both DT Mr. NNP Isler NNP and CC Mr. NNP Conner NNP say VBP the DT formation NN of IN the DT new JJ syndicate NN has VBZ to TO do VB with IN Mr. NNP Isler NNP 's POS desire NN to TO skipper VB his PRP$ own JJ team NN and CC begin VB planning VBG now RB , , rather RB than IN any DT falling VBG out RP between IN the DT two CD sportsmen NNS . . Mr. NNP Smith NNP and CC a DT spokesman NN for IN the DT America NNP 's POS Cup NNP Organizing NNP Committee NNP insist VBP that IN the DT added VBN competition NN for IN the DT defender NN 's POS spot NN will MD only RB improve VB the DT race NN . . Missouri NNP farmer NN Blake NNP Hurst NNP writing VBG in IN the DT fall NN issue NN of IN the DT Heritage NNP Foundation NNP 's POS Policy NNP Review NNP about IN the DT proposed VBN location NN of IN a DT hazardous-waste JJ incinerator NN in IN his PRP$ county NN : : Of IN course NN I PRP 'd MD rather RB have VB a DT computer NN software NN firm NN in IN my PRP$ backyard NN than IN a DT hazardous JJ waste NN incinerator NN . . But CC I PRP 'd MD also RB rather RB live VB next JJ door NN to TO an DT incinerator NN than IN to TO some DT of IN the DT hog NN farms NNS I PRP 've VBP seen VBN ( ( and CC smelt VBN ) ) in IN these DT parts NNS . . An DT incinerator NN is VBZ also RB probably RB better RBR than IN having VBG nobody NN next JJ door NN -- : on IN our PRP$ farm NN there EX are VBP four CD unoccupied JJ houses NNS . . On IN my PRP$ four-mile JJ drive NN to TO farm NN headquarters NNS each DT morning NN , , I PRP drive VBP by IN another DT four CD empty JJ houses NNS . . A DT community NN of IN abandoned VBN farmsteads NNS , , failing VBG businesses NNS , , and CC crumbling VBG roads NNS and CC bridges NNS is VBZ hardly RB a DT desirable JJ one CD ... : . . The DT loss NN of IN 40 CD jobs NNS by IN a DT depressed VBN county NN in IN rural JJ Missouri NNP is VBZ hardly RB of IN national JJ importance NN except IN for IN this DT : : If IN the DT most RBS environmentally RB safe JJ way NN of IN dealing VBG with IN a DT national JJ problem NN can MD not RB be VB built VBN in IN Atchinson NNP County NNP , , what WP hope NN have VBP we PRP for IN dealing VBG with IN the DT wastes NNS our PRP$ economy NN produces VBZ ? . After IN all DT , , farmers NNS here RB work VBP with IN `` `` hazardous JJ '' '' chemicals NNS every DT day NN , , many JJ of IN them PRP the DT same JJ chemicals NNS that WDT would MD have VB been VBN destroyed VBN in IN the DT incinerator NN . . We PRP know VBP they PRP are VBP dangerous JJ , , but CC if IN handled VBN with IN care NN , , their PRP$ benefits NNS far RB outweigh VBP any DT risk NN to TO the DT environment NN . . Just RB because IN Stamford NNP , , Conn. NNP , , High NNP School NNP did VBD nothing NN when WRB its PRP$ valuable JJ 1930s NNS mural NN was VBD thrown VBN in IN the DT trash NN does VBZ n't RB mean VB the DT city NN no RB longer RBR owns VBZ the DT work NN of IN art NN , , a DT federal JJ judge NN ruled VBD . . The DT mural NN , , now RB valued VBN at IN $ $ 1.3 CD million CD according VBG to TO appraisers NNS , , was VBD tossed VBN in IN a DT trash NN heap NN in IN 1971 CD by IN workers NNS who WP were VBD renovating VBG the DT building NN . . The DT 100-foot-long JJ mural NN , , painted VBN by IN James NNP Daugherty NNP in IN 1934 CD , , was VBD commissioned VBN by IN the DT federal JJ Works NNP Project NNP Administration NNP . . After IN the DT discarded VBN mural NN was VBD found VBN outside IN the DT school NN by IN a DT concerned JJ Stamford NNP graduate NN , , it PRP eventually RB was VBD turned VBN over RP to TO Hiram NNP Hoelzer NNP , , a DT professional JJ art NN restorer NN . . Throughout IN the DT 1970s NNS , , Stamford NNP school NN and CC city NN officials NNS made VBD no DT effort NN to TO locate VB the DT mural NN . . Apparently RB the DT officials NNS did VBD n't RB even RB know VB the DT mural NN was VBD missing VBG until IN 1980 CD , , when WRB a DT researcher NN found VBD that IN the DT painting NN was VBD in IN Mr. NNP Hoelzer NNP 's POS studio NN and CC questioned VBD school NN officials NNS about IN it PRP . . In IN 1986 CD , , Stamford NNP officials NNS thanked VBD Mr. NNP Hoelzer NNP for IN taking VBG care NN of IN the DT mural NN -- : and CC demanded VBD he PRP return VB it PRP as RB soon RB as IN possible JJ . . Mr. NNP Hoelzer NNP , , however RB , , sued VBD Stamford NNP , , claiming VBG that IN the DT city NN had VBD abandoned VBN the DT artwork NN and CC that IN it PRP had VBD waited VBN too RB long JJ to TO reclaim VB it PRP . . But CC Judge NNP Louis NNP L. NNP Stanton NNP of IN federal JJ court NN in IN Manhattan NNP ruled VBD that IN the DT city NN could MD n't RB be VB faulted VBN for IN waiting VBG too RB long RB because IN it PRP did VBD n't RB realize VB until IN 1986 CD that DT its PRP$ ownership NN of IN the DT painting NN was VBD in IN dispute NN . . The DT judge NN also RB ruled VBD that IN the DT painting NN was VBD n't RB abandoned VBN because IN officials NNS did VBD n't RB intend VB for IN it PRP to TO be VB thrown VBN away RP and CC were VBD unaware JJ that IN the DT workmen NNS had VBD discarded VBN it PRP . . Mr. NNP Hoelzer NNP did VBD n't RB return VB phone NN calls NNS seeking VBG comment NN on IN the DT judge NN 's POS decision NN . . The DT judge NN ordered VBD that IN a DT hearing NN be VB held VBN Nov. NNP 17 CD to TO determine VB how WRB much JJ the DT city NN should MD pay VB Mr. NNP Hoelzer NNP for IN his PRP$ services NNS . . Mary NNP E. NNP Sommer NNP , , corporate JJ counsel NN for IN Stamford NNP , , said VBD the DT city NN has VBZ discussed VBN several JJ possible JJ plans NNS for IN displaying VBG the DT mural NN , , which WDT portrays VBZ various JJ scenes NNS from IN the DT Great NNP Depression NNP . . She PRP said VBD the DT mural NN `` `` preserves VBZ an DT era NN in IN Stamford NNP and CC in IN our PRP$ country NN when WRB this DT type NN of IN work NN was VBD being VBG done VBN . . The DT prices NNS of IN corn NN futures NNS contracts NNS jumped VBD amid IN rumors NNS that IN the DT Soviet NNP Union NNP is VBZ keeping VBG up RP its PRP$ dizzying JJ October NNP buying NN binge NN of IN U.S. NNP corn NN . . Those DT rumors NNS were VBD confirmed VBN after IN the DT end NN of IN trading NN yesterday NN when WRB the DT U.S. NNP Agriculture NNP Department NNP announced VBD that IN the DT Soviets NNS had VBD bought VBN 1.2 CD million CD metric JJ tons NNS of IN U.S. NNP corn NN , , bringing VBG their PRP$ U.S. NNP corn NN purchases NNS confirmed VBN so RB far RB this DT month NN to TO about RB five CD million CD metric JJ tons NNS . . In IN trading NN at IN the DT Chicago NNP Board NNP of IN Trade NNP , , the DT corn NN contract NN for IN December NNP delivery NN jumped VBD 5.75 CD cents NNS a DT bushel NN to TO settle VB at IN $ $ 2.44 CD a DT bushel NN . . The DT Soviet JJ purchases NNS are VBP close JJ to TO exceeding VBG what WP some DT analysts NNS had VBD expected VBN the DT Soviet NNP Union NNP to TO buy VB this DT fall NN , , the DT season NN in IN which WDT it PRP usually RB buys VBZ much JJ of IN the DT corn NN it PRP imports VBZ from IN the DT U.S. NNP . . That DT pace NN is VBZ causing VBG some DT analysts NNS to TO speculate VB that IN the DT Soviet NNP Union NNP might MD soon RB purchase VB as RB much JJ as IN another DT two CD million CD metric JJ tons NNS . . One CD sign NN that IN more JJR Soviet JJ purchases NNS are VBP possible JJ is VBZ that DT U.S. NNP grain NN companies NNS yesterday NN bought VBD an DT unusually RB large JJ amount NN of IN corn NN futures NNS contracts NNS . . That DT sometimes RB signals VBZ that IN they PRP are VBP laying VBG plans NNS to TO export VB corn NN . . By IN some DT estimates NNS , , several JJ grain NN companies NNS combined VBN bought VBD contracts NNS for IN the DT possession NN of IN roughly RB one CD million CD metric JJ tons NNS of IN corn NN . . By IN buying VBG futures NNS contracts NNS , , these DT companies NNS attempt VBP to TO protect VB themselves PRP from IN swings NNS in IN the DT price NN of IN the DT corn NN that IN they PRP are VBP obligated VBN to TO deliver VB . . Rumors NNP of IN Soviet JJ interest NN also RB pushed VBD up RB the DT prices NNS of IN soybean NN futures NNS contracts NNS . . Among IN other JJ things NNS , , the DT Agriculture NNP Department NNP is VBZ widely RB thought VBN to TO be VB mulling VBG whether IN to TO subsidize VB the DT sale NN of IN soybean NN oil NN to TO the DT Soviet NNP Union NNP . . On IN top NN of IN all DT this DT , , corn NN and CC soybean NN prices NNS rose VBD on IN reports NNS that IN the DT Midwest NNP harvest NN was VBD disrupted VBN by IN a DT freakishly RB early JJ snow NN storm NN that WDT dumped VBD several JJ inches NNS in IN parts NNS of IN Indiana NNP and CC Ohio NNP . . The DT harvest NN delays VBZ , , however RB , , are VBP expected VBN to TO be VB temporary JJ . . Balmy JJ temperatures NNS are VBP forecast VBN for IN next JJ week NN , , said VBD Robert NNP Lekberg NNP , , an DT analyst NN at IN Farmers NNP Grain NNP & CC Livestock NNP Corp. NNP , , Chicago NNP . . Many JJ farmers NNS used VBD the DT jump NN in IN prices NNS to TO sell VB their PRP$ recently RB harvested VBN crop NN to TO grain NN elevator NN companies NNS . . The DT heavy JJ selling NN by IN farmers NNS helped VBD to TO damp VB the DT price NN rally NN . . Wheat NN futures NNS prices NNS rose VBD slightly RB . . In IN other JJ commodity NN markets NNS yesterday NN : : PRECIOUS JJ METALS NNS : : Futures NNS prices NNS declined VBD . . A DT number NN of IN developments NNS were VBD negatively RB interpreted VBN by IN traders NNS . . December NNP delivery NN gold NN fell VBD $ $ 1.80 CD an DT ounce NN to TO $ $ 370.60 CD . . December NNP silver NN eased VBD 2.7 CD cents NNS an DT ounce NN to TO $ $ 5.133 CD . . January NNP platinum NN was VBD down RB $ $ 3.60 CD an DT ounce NN at IN $ $ 491.10 CD . . One CD price-depressing JJ development NN was VBD the DT lower-than-expected JJ increase NN of IN only JJ 0.2 CD % NN in IN the DT consumer NN price NN index NN for IN September NNP , , an DT analyst NN said VBD . . He PRP noted VBD that IN the DT `` `` core NN inflation NN rate NN , , '' '' which WDT excludes VBZ food NN and CC energy NN , , was VBD also RB low JJ at IN 0.2 CD % NN . . Other JJ news NN that WDT weighed VBD on IN the DT market NN : : Initial JJ unemployment NN claims NNS rose VBD by IN 62,000 CD last JJ week NN ; : American NNP Telephone NNP & CC Telegraph NNP Co. NNP will MD reduce VB its PRP$ managerial JJ staff NN by IN 15,000 CD through IN attrition NN ; : the DT oil NN market NN turned VBD weaker JJR ; : there EX was VBD n't RB any DT investor NN demand NN for IN bullion NN ; : and CC the DT dollar NN strengthened VBD during IN the DT day NN , , putting VBG pressure NN on IN gold NN . . Also RB , , the DT analyst NN said VBD , , economic JJ circumstances NNS are VBP such JJ that IN both DT South NNP Africa NNP and CC the DT Soviet NNP Union NNP , , the DT principal JJ gold NN and CC platinum NN producers NNS , , are VBP being VBG forced VBN to TO continue VB selling VBG the DT metals NNS . . Both DT are VBP in IN great JJ need NN of IN foreign JJ exchange NN , , and CC South NNP Africa NNP is VBZ also RB under IN pressure NN to TO meet VB foreign JJ loan NN commitments NNS , , he PRP said VBD . . `` `` Putting VBG it PRP all DT together RB , , we PRP have VBP a DT negative JJ scenario NN that WDT does VBZ n't RB look VB like IN it PRP will MD improve VB overnight RB , , '' '' he PRP said VBD . . COPPER NNP : : Futures NNS prices NNS recovered VBD in IN quiet JJ trading NN . . The DT December NNP contract NN rose VBD 1.50 CD cents NNS a DT pound NN to TO $ $ 1.2795 CD . . That DT contract NN fell VBD a DT total NN of IN 5.75 CD cents NNS during IN the DT first JJ three CD days NNS of IN this DT week NN , , mostly RB in IN reaction NN to TO last VB Friday NNP 's POS stock NN market NN plunge NN , , which WDT prompted VBD concern NN that IN it PRP might MD signal VB a DT similar JJ sharp JJ slowing NN of IN the DT U.S. NNP economy NN and CC thus RB reduced VBN demand NN for IN copper NN , , a DT leading VBG industrial JJ metal NN . . In IN recent JJ days NNS , , however RB , , there EX has VBZ been VBN increased VBN purchasing VBG of IN copper NN in IN London NNP , , an DT analyst NN said VBD . . Some DT of IN this DT buying NN was VBD by IN Japan NNP , , which WDT has VBZ had VBD its PRP$ supplies NNS sharply RB reduced VBN by IN long JJ production NN stoppages NNS at IN the DT Bougainville NNP mine NN in IN Papua NNP New NNP Guinea NNP , , Highland NNP Valley NNP mine NN in IN British NNP Columbia NNP , , and CC the DT Cananea NNP mine NN in IN Mexico NNP , , which WDT are VBP major JJ shippers NNS to TO Japan NNP . . The DT increasing VBG likelihood NN that IN Cananea NNP and CC Highland NNP Valley NNP will MD soon RB return VB to TO production NN may MD have VB cut VBN some DT of IN that DT purchasing NN , , but CC even RB if IN any DT of IN these DT mines NNS begin VBP operating VBG soon RB , , their PRP$ output NN wo MD n't RB be VB significant JJ until IN at IN least JJS the DT end NN of IN the DT year NN , , analysts NNS note VBP . . So RB , , one CD analyst NN said VBD , , even RB though IN the DT long-term JJ production NN problems NNS may MD be VB easing VBG , , there EX will MD still RB be VB a DT significant JJ need NN for IN copper NN over IN the DT next JJ three CD months NNS , , when WRB inventories NNS will MD remain VB relatively RB low JJ . . ENERGY NNP : : Crude NN oil NN prices NNS ended VBD mixed VBN . . West NNP Texas NNP Intermediate NNP for IN November NNP delivery NN fell VBD 14 CD cents NNS a DT barrel NN to TO $ $ 20.42 CD . . But CC so-called JJ outer JJ month NN contracts NNS finished VBD higher RBR . . For IN instance NN , , December NNP contracts NNS for IN WTI NNP rose VBD 17 CD cents NNS to TO $ $ 20.42 CD . . Most JJS energy NN futures NNS opened VBD lower RBR , , following VBG Wednesday NNP 's POS market NN downturn NN . . But CC a DT flurry NN of IN late JJ trading NN yesterday NN beefed VBD up RP prices NNS . . Heating NN oil NN and CC gasoline NN futures NNS ended VBD higher RBR as IN well RB . . Melvin NNP Belli NNP 's POS San NNP Francisco NNP law NN offices NNS may MD have VB been VBN the DT epicenter NN of IN legal JJ activity NN after IN Tuesday NNP 's POS earthquake NN . . In IN the DT first JJ 25 CD minutes NNS after IN his PRP$ office NN 's POS telephone NN service NN was VBD restored VBN yesterday NN morning NN , , 17 CD potential JJ clients NNS had VBD called VBN seeking VBG the DT services NNS of IN the DT self-proclaimed JJ King NNP of IN Torts NNP . . Mr. NNP Belli NNP , , like IN many JJ other JJ personal-injury JJ lawyers NNS , , suspects VBZ that IN the DT earthquake NN , , which WDT measured VBD 6.9 CD on IN the DT Richter NNP scale NN , , will MD generate VB enough JJ lawsuits NNS to TO keep VB this DT city NN 's POS personal-injury JJ and CC construction NN lawyers NNS busy JJ for IN quite RB some DT time NN . . Suits NNS are VBP likely JJ to TO be VB filed VBN against IN engineering NN firms NNS , , contractors NNS and CC developers NNS , , as RB well RB as IN against IN local-government JJ agencies NNS . . But CC lawyers NNS looking VBG to TO cash VB in RP on IN the DT quake NN may MD have VB a DT tough JJ time NN once IN their PRP$ cases NNS reach VBP a DT judge NN . . Experts NNS on IN California NNP tort NN law NN say VBP protections NNS afforded VBN government NN agencies NNS in IN such JJ cases NNS are VBP pretty RB ironclad JJ . . Even RB claims NNS against IN individuals NNS and CC companies NNS face VBP significant JJ roadblocks NNS . . The DT major JJ legal JJ barrier NN is VBZ the DT principle NN that IN no DT one PRP can MD be VB held VBN liable JJ for IN an DT `` `` act NN of IN God NNP . . '' '' For IN now RB , , says VBZ Laurence NNP Drivon NNP , , president-elect NN of IN the DT 6,000-member JJ California NNP Trial NNP Lawyers NNP Association NNP , , `` `` the DT last JJ thing NN we PRP really RB need VBP to TO worry VB about IN is VBZ whether IN anybody NN is VBZ going VBG to TO get VB sued VBN , , or CC whether IN they PRP have VBP liability NN or CC not RB . . We PRP still RB have VBP people NNS wandering VBG around RB in IN a DT daze NN in IN San NNP Francisco NNP worrying VBG about IN whether IN it PRP 's VBZ going VBG to TO rain VB tonight RB . . '' '' But CC that DT wo MD n't RB stop VB plaintiffs NNS ' POS lawyers NNS from IN seeking VBG a DT little JJ room NN for IN maneuvering VBG . . In IN San NNP Francisco NNP , , they PRP argue VBP , , an DT earthquake NN was VBD a DT near JJ certainty NN . . Therefore RB , , engineering NN firms NNS , , construction NN contractors NNS and CC developers NNS can MD be VB sued VBN for IN not RB keeping VBG structures NNS up RB to TO standard NN , , and CC government NN agencies NNS can MD be VB held VBN accountable JJ for IN failing VBG to TO properly RB protect VB citizens NNS from IN such JJ a DT foreseeable JJ disaster NN , , if IN negligence NN can MD be VB proven VBN . . `` `` My PRP$ prediction NN is VBZ there EX will MD be VB mass JJ litigation NN over IN errors NNS and CC omissions NNS in IN engineering NN and CC contracting NN , , '' '' says VBZ Stanley NNP Chesley NNP , , a DT well-known JJ Cincinnati NNP plaintiffs NNS lawyer NN . . From IN what WP he PRP saw VBD on IN television NN , , Mr. NNP Chesley NNP points VBZ out RP that IN Interstate NNP 880 CD , , which WDT collapsed VBD and CC killed VBD more JJR than IN 200 CD commuters NNS , , suffered VBD serious JJ damage NN while IN surrounding VBG buildings NNS appeared VBD to TO sustain VB no DT damage NN whatsoever RB . . He PRP adds VBZ that IN `` `` they PRP were VBD aware JJ of IN the DT propensity NN for IN earthquakes NNS and CC the DT San NNP Andreas NNP Fault NNP . . '' '' The DT flamboyant JJ and CC publicity-conscious JJ Mr. NNP Belli NNP says VBZ he PRP already RB has VBZ investigators NNS looking VBG into IN who WP could MD be VB held VBN liable JJ for IN the DT damage NN on IN the DT Bay NNP Bridge NNP and CC the DT interstate NN approaching VBG it PRP . . `` `` We PRP wo MD n't RB know VB until IN the DT smoke NN clears VBZ -- : but CC yes UH , , we PRP 're VBP looking VBG into IN it PRP , , '' '' he PRP says VBZ . . Mr. NNP Belli NNP says VBZ he PRP wants VBZ to TO know VB whether IN state NN or CC federal JJ engineers NNS or CC private JJ companies NNS could MD have VB prevented VBN the DT damage NN . . Mr. NNP Belli NNP , , who WP was VBD at IN Candlestick NNP Park NNP for IN the DT World NNP Series NNP Tuesday NNP night NN , , says VBZ he PRP has VBZ hired VBN civil JJ engineers NNS to TO check VB out RP his PRP$ own JJ mildly RB damaged VBN building NN and CC to TO investigate VB the DT bridge NN collapse NN . . Defense NN lawyers NNS , , perhaps RB understandably RB , , say VBP that IN plaintiffs NNS ' POS lawyers NNS taking VBG such JJ an DT approach NN will MD have VB little JJ success NN in IN pursuing VBG their PRP$ claims NNS , , though IN they PRP add VBP that IN the DT facts NNS of IN each DT case NN must MD be VB looked VBN at RP individually RB . . `` `` A DT lot NN of IN this DT is VBZ going VBG to TO be VB code-related JJ , , '' '' says VBZ Ignazio NNP J. NNP Ruvolo NNP , , a DT construction NN law NN specialist NN at IN Bronson NNP , , Bronson NNP & CC McKinnon NNP , , a DT San NNP Francisco NNP law NN firm NN . . Plaintiffs NNS , , he PRP says VBZ , , will MD argue VB that IN damaged VBN structures NNS were VBD n't RB built VBN to TO proper JJ design NN standards NNS . . But CC if IN defendants NNS can MD prove VB that IN they PRP met VBD San NNP Francisco NNP 's POS stringent JJ building NN codes NNS , , `` `` that DT 's VBZ probably RB going VBG to TO protect VB them PRP , , '' '' Mr. NNP Ruvolo NNP says VBZ . . Government NNP entities NNS , , continues VBZ Mr. NNP Ruvolo NNP , , could MD be VB protected VBN by IN the DT California NNP Government NNP Tort NNP Liability NNP Act NNP . . Under IN the DT statute NN , , agencies NNS are VBP provided VBN `` `` defenses NNS that WDT normally RB are VBP n't RB available JJ in IN the DT private JJ sector NN , , '' '' Mr. NNP Ruvolo NNP says VBZ . . `` `` The DT legislature NN does VBZ not RB want VB to TO inhibit VB the DT unique JJ government NN activities NNS by IN exposing VBG public JJ entities NNS to TO liability NN . . '' '' Built VBN into IN the DT statute NN are VBP so-called JJ design NN immunities NNS , , which WDT are VBP likely JJ to TO protect VB government NN agencies NNS , , according VBG to TO Mr. NNP Ruvolo NNP and CC Richard NNP Covert NNP , , a DT lawyer NN with IN the DT California NNP Department NNP of IN Transportation NNP , , which WDT oversees VBZ the DT damaged VBN Bay NNP Bridge NNP . . The DT state NN is VBZ protected VBN when WRB plans NNS and CC designs NNS for IN public JJ structures NNS were VBD approved VBN ahead RB of IN time NN or CC when WRB structures NNS met VBD previously RB approved VBN standards NNS , , says VBZ Mr. NNP Covert NNP . . He PRP believes VBZ those DT defenses NNS might MD well RB apply VB to TO the DT Bay NNP Bridge NNP collapse NN . . Nevertheless RB , , he PRP adds VBZ , , `` `` I PRP would MD n't RB get VB totally RB shocked VBN if IN we PRP get VBP lawsuits NNS out IN of IN the DT Bay NNP Bridge NNP . . '' '' If IN there EX 's VBZ going VBG to TO be VB a DT race NN to TO the DT courthouse NN , , it PRP has VBZ n't RB started VBD yet RB . . Mr. NNP Covert NNP had VBD to TO search VB through IN law NN books NNS scattered VBN on IN the DT floor NN of IN his PRP$ office NN yesterday NN , , and CC Mr. NNP Belli NNP 's POS courtyard NN was VBD strewn VBN with IN bricks NNS . . Wednesday NNP , , Mr. NNP Belli NNP 's POS staff NN was VBD n't RB permitted VBN into IN his PRP$ office NN by IN city NN officials NNS worried VBN about IN their PRP$ safety NN . . He PRP said VBD he PRP set VBD up RP shop NN on IN the DT sidewalk NN in IN front NN of IN his PRP$ town-house NN office NN and CC helped VBN victims NNS apply VB for IN federal JJ aid NN -- : free JJ of IN charge NN . . In IN a DT news NN release NN issued VBN by IN Mr. NNP Drivon NNP , , the DT trial NN lawyers NNS association NN also RB promised VBD free JJ assistance NN to TO victims NNS . . The DT association NN said VBD it PRP would MD monitor VB the DT conduct NN of IN lawyers NNS and CC warned VBD that IN solicitation NN of IN business NN is VBZ unethical JJ . . What WP 's VBZ in IN a DT name NN ? . Apparently RB a DT lot NN , , according VBG to TO the DT British JJ firm NN of IN Deloitte NNP , , Haskins NNP & CC Sells NNP . . The DT British JJ firm NN has VBZ begun VBN court NN proceedings NNS in IN London NNP to TO prevent VB the DT use NN of IN the DT name NN `` `` Deloitte NNP '' '' by IN Deloitte NNP , , Haskins NNP & CC Sells NNP and CC Touche NNP Ross NNP & CC Co. NNP in IN England NNP and CC the DT rest NN of IN the DT world NN . . The DT British JJ Deloitte NNP firm NN recently RB withdrew VBD from IN the DT merger NN of IN Deloitte NNP and CC Touche NNP world-wide JJ and CC joined VBD Coopers NNP & CC Lybrand NNP . . John NNP Bullock NNP , , senior JJ partner NN of IN Deloitte NNP in IN the DT U.K. NNP , , said VBD `` `` the DT decision NN to TO start VB these DT proceedings NNS has VBZ n't RB been VBN taken VBN lightly RB . . '' '' Mr. NNP Bullock NNP said VBD the DT British JJ firm NN has VBZ used VBN the DT name NN `` `` Deloitte NNP '' '' since IN 1845 CD . . In IN the DT U.S. NNP , , Deloitte NNP , , Haskins NNP & CC Sells NNP was VBD known VBN as IN Haskins NNP & CC Sells NNP until IN 1978 CD , , when WRB it PRP added VBD the DT `` `` Deloitte NNP '' '' name NN of IN its PRP$ British JJ affiliate NN . . John NNP C. NNP Burton NNP , , an DT accounting NN professor NN at IN Columbia NNP University NNP 's POS Graduate NNP School NNP of IN Business NNP , , said VBD `` `` there EX 's VBZ a DT lot NN of IN emotion NN involved VBN in IN the DT name NN of IN an DT accounting NN firm NN with IN a DT long JJ history NN and CC with IN roots NNS in IN England NNP , , where WRB accounting NN predates VBZ the DT U.S. NNP . . '' '' Although IN accountants NNS are VBP n't RB noted VBN as IN `` `` being VBG deeply RB emotional JJ , , they PRP really RB hold VBP it PRP all DT in RP , , '' '' said VBD Mr. NNP Burton NNP , , former JJ chief JJ accountant NN of IN the DT Securities NNP and CC Exchange NNP Commission NNP . . J. NNP Michael NNP Cook NNP , , chairman NN of IN Deloitte NNP , , Haskins NNP & CC Sells NNP International NNP , , said VBD he PRP believes VBZ the DT legal JJ action NN by IN the DT British JJ firm NN `` `` to TO be VB without IN merit NN . . '' '' Mr. NNP Cook NNP said VBD that IN last JJ June NNP , , the DT international JJ executive JJ committes NNS of IN Deloitte NNP and CC Touche NNP agreed VBD to TO a DT world-wide JJ merger NN . . `` `` The DT merger NN is VBZ proceeding VBG according VBG to TO plan NN , , except IN as IN to TO the DT withdrawal NN of IN the DT Deloitte NNP U.K. NNP firm NN , , '' '' he PRP said VBD . . Partners NNS at IN other JJ accounting NN firms NNS say VBP that IN the DT Deloitte NNP firm NN in IN the DT U.K. NNP is VBZ filing VBG the DT suit NN to TO get VB even RP with IN the DT merged VBN Deloitte-Touche NNP firm NN for IN keeping VBG major JJ auditing NN work NN in IN England NNP . . General NNP Motors NNP Corp. NNP , , a DT Deloitte NNP audit NN client NN , , for IN example NN , , has VBZ agreed VBN to TO keep VB its PRP$ annual JJ $ $ 18 CD million CD world-wide JJ audit NN and CC associated VBN tax NN work NN with IN the DT merged VBN Deloitte-Touche NNP firm NN , , to TO be VB known VBN as IN Deloitte NNP & CC Touche NNP in IN the DT U.S. NNP . . In IN England NNP , , this DT would MD mean VB that IN the DT British JJ Deloitte NNP would MD lose VB revenue NN for IN its PRP$ audit NN of IN GM NNP 's POS Vauxhill NNP unit NN . . The DT defection NN of IN Deloitte NNP 's POS affiliates NNS in IN Britain NNP and CC the DT Netherlands NNP to TO Coopers NNP & CC Lybrand NNP will MD make VB Coopers NNP one CD of IN the DT biggest JJS accounting NN firms NNS in IN Europe NNP , , rivaling VBG KPMG NNP Peat NNP Marwick NNP there RB . . Although IN Coopers NNP has VBZ n't RB been VBN courted VBN by IN other JJ major JJ accounting NN firms NNS for IN a DT merger NN , , it PRP is VBZ benefiting VBG greatly RB from IN fallout NN from IN the DT Deloitte-Touche NNP merger NN . . In IN New NNP York NNP , , Harris NNP Amhowitz NNP , , general JJ counsel NN of IN Coopers NNP , , said VBD Coopers NNP `` `` was VBD aware JJ of IN the DT litigation NN , , '' '' but CC he PRP declined VBD further JJ comment NN . . He PRP also RB declined VBD to TO comment VB on IN the DT name NN that IN Coopers NNP would MD use VB in IN England NNP if IN Deloitte NNP UK NNP won VBD its PRP$ litigation NN to TO keep VB its PRP$ name NN . . Coopers NNP uses VBZ the DT Coopers NNP & CC Lybrand NNP name NN world-wide JJ . . William NNP Bennett NNP , , the DT White NNP House NNP drug-policy NN director NN , , accused VBD local JJ officials NNS in IN the DT Washington NNP area NN of IN blocking VBG construction NN of IN prison NN facilities NNS to TO house VB convicted VBN drug NN dealers NNS . . `` `` Politics NNS has VBZ essentially RB put VBN up RP a DT roadblock NN '' '' to TO finding VBG sites NNS for IN new JJ federal JJ prisons NNS , , Mr. NNP Bennett NNP said VBD at IN a DT news NN conference NN called VBN to TO report VB on IN his PRP$ `` `` emergency NN assistance NN program NN '' '' for IN the DT capital NN . . Without IN more JJR space NN to TO incarcerate VB convicted VBN criminals NNS , , he PRP added VBD , , `` `` we PRP will MD not RB win VB the DT war NN on IN drugs NNS . . '' '' Mr. NNP Bennett NNP declared VBD in IN April NNP that IN he PRP would MD make VB Washington NNP a DT `` `` test NN case NN '' '' for IN how WRB the DT Bush NNP administration NN would MD aid VB cities NNS afflicted VBN by IN heavy JJ drug NN trafficking NN and CC violence NN . . The DT drug NN czar NN claimed VBD that IN enforcement NN efforts NNS are VBP working VBG here RB , , `` `` albeit IN at IN a DT slower JJR and CC more RBR halting JJ pace NN than IN we PRP would MD like VB . . '' '' He PRP acknowledged VBD , , however RB , , that IN Washington NNP 's POS `` `` drug-related JJ murder NN rate NN is VBZ intolerably RB high JJ . . The DT prisons NNS are VBP too RB crowded JJ . . Drugs NNS continue VBP to TO be VB sold VBN openly RB around IN schools NNS , , parks NNS and CC housing NN projects NNS . . '' '' Mr. NNP Bennett NNP declined VBD to TO name VB the DT area NN officials NNS who WP he PRP believes VBZ have VBP impeded VBN plans NNS for IN building VBG more JJR federal JJ prisons NNS to TO ease VB Washington NNP 's POS problem NN . . But CC other JJ Bush NNP administration NN officials NNS have VBP criticized VBN Maryland NNP Gov. NNP William NNP Schaefer NNP for IN blocking VBG the DT use NN of IN possible JJ sites NNS in IN that DT state NN . . Administration NN officials NNS also RB have VBP said VBD that IN Washington NNP Mayor NNP Marion NNP Barry NNP has VBZ delayed VBN consideration NN of IN sites NNS in IN the DT city NN . . In IN a DT letter NN to TO Mr. NNP Bennett NNP 's POS office NN , , released VBN yesterday NN , , Washington NNP 's POS city NN administrator NN , , Carol NNP Thompson NNP , , complained VBD that IN the DT drug NN czar NN had VBD exaggerated VBN the DT amount NN of IN federal JJ drug-related JJ assistance NN provided VBN to TO the DT capital NN . . Referring VBG to TO Mr. NNP Bennett NNP 's POS claim NN that IN the DT federal JJ government NN would MD provide VB $ $ 97 CD million CD in IN emergency NN federal JJ support NN , , Ms. NNP Thompson NNP wrote VBD , , `` `` Our PRP$ analysis NN was VBD unable JJ to TO even RB come VB close JJ to TO documenting VBG that DT figure NN . . '' '' Of IN his PRP$ successes NNS in IN Washington NNP , , Mr. NNP Bennett NNP stressed VBD that IN existing VBG federal JJ prisons NNS have VBP taken VBN custody NN of IN 375 CD local JJ inmates NNS . . He PRP also RB noted VBD that IN the DT federal JJ Drug NNP Enforcement NNP Administration NNP has VBZ established VBN a DT federal-local JJ task NN force NN responsible JJ since IN April NNP for IN 106 CD arrests NNS and CC more JJR than IN $ $ 2 CD million CD in IN seizures NNS of IN drug NN dealers NNS ' POS assets NNS . . The DT Defense NNP Department NNP has VBZ lent VBN the DT Washington NNP U.S. NNP attorney NN 10 CD prosecutors NNS , , and CC the DT Federal NNP Bureau NNP of IN Investigation NNP has VBZ provided VBN crime NN laboratory NN facilities NNS and CC training NN , , he PRP added VBD . . What WP if IN it PRP happened VBD to TO us PRP ? . In IN the DT wake NN of IN the DT earthquake NN in IN California NNP and CC the DT devastation NN of IN Hurricane NNP Hugo NNP , , many JJ companies NNS in IN disaster-prone JJ areas NNS are VBP pondering VBG the DT question NN of IN preparedness NN . . Some DT , , particularly RB in IN West NNP Coast NNP earthquake NN zones NNS , , are VBP dusting VBG off RP their PRP$ evacuation NN plans NNS , , checking VBG food NN stocks NNS and CC reminding VBG employees NNS of IN what WP to TO do VB if IN emergency NN strikes VBZ . . Others NNS say VBP they PRP feel VBP confident JJ that IN steps NNS they PRP 've VBP already RB taken VBN would MD see VB them PRP through IN a DT disaster NN . . Preparedness NN involves VBZ more JJR than IN flashlights NNS and CC fire NN alarms NNS these DT days NNS . . Some DT big JJ companies NNS have VBP teams NNS of IN in-house JJ experts NNS focusing VBG on IN safety NN and CC business NN resumption NN . . Many JJ companies NNS in IN the DT path NN of IN potential JJ disaster NN have VBP set VBN up RP contingency NN offices NNS in IN safe JJ regions NNS , , hoping VBG they PRP can MD transport VB employees NNS there RB and CC resume VB operations NNS quickly RB . . That DT means VBZ making VBG sure RB that IN copies NNS of IN vital JJ computer NN software NN and CC company NN records NNS are VBP out IN of IN harm NN 's POS way NN . . Some DT businesses NNS -- : like IN Disneyland NNP -- : claim VBP that IN even RB if IN they PRP became VBD isolated VBN in IN a DT crisis NN , , they PRP would MD be VB able JJ to TO feed VB and CC care VB for IN their PRP$ people NNS for IN as RB long JJ as IN five CD days NNS . . `` `` Self-sufficiency NN has VBZ to TO be VB the DT cornerstone NN of IN your PRP$ plan NN , , '' '' says VBZ Stephanie NNP Masaki-Schatz NNP , , manager NN of IN corporate JJ emergency NN planning NN at IN Atlantic NNP Richfield NNP Co. NNP in IN Los NNP Angeles NNP . . `` `` If IN you PRP do VBP n't RB save VB your PRP$ critical JJ people NNS , , you PRP wo MD n't RB be VB able JJ to TO bring VB up RP your PRP$ vital JJ business NN functions NNS . . '' '' Although IN ARCO NNP 's POS head NN office NN , , more JJR than IN 300 CD miles NNS from IN the DT epicenter NN , , was VBD n't RB affected VBN by IN this DT week NN 's POS tremors NNS , , Ms. NNP Masaki-Schatz NNP used VBD the DT occasion NN to TO distribute VB a DT three-page JJ memo NN of IN `` `` Earthquake NNP Tips NNP '' '' to TO 1,200 CD ARCO NNP employees NNS . . `` `` You PRP need VBP to TO capitalize VB on IN these DT moments NNS when WRB you PRP have VBP everyone NN 's POS attention NN , , '' '' she PRP says VBZ . . `` `` It PRP was VBD a DT good JJ reminder NN that IN we PRP all DT need VBP to TO prepare VB prior RB to TO an DT event NN . . '' '' The DT ARCO NNP memo NN urges VBZ employees NNS to TO keep VB certain JJ supplies NNS at IN work NN , , such JJ as IN solid JJ shoes NNS and CC `` `` heavy JJ gloves NNS to TO clear VB debris NN . . '' '' It PRP also RB recommends VBZ that IN employees NNS be VB aware JJ of IN everyday JJ office NN items NNS that WDT could MD be VB used VBN for IN emergency NN care NN or CC shelter NN . . Among IN the DT suggestions NNS : : Pantyhose NN and CC men NNS 's POS ties NNS could MD be VB used VBN for IN slings NNS , , while IN removable JJ wooden JJ shelves NNS might MD aid VB in IN `` `` breaking VBG through IN office NN walls NNS . . '' '' ARCO NNP maintains VBZ an DT office NN in IN Dallas NNP that WDT would MD take VB over RP if IN payroll NN operations NNS in IN Pasadena NNP were VBD disrupted VBN . . Two CD months NNS ago RB the DT company NN set VBD up RP a DT toll-free JJ number NN , , based VBN outside IN California NNP , , to TO handle VB queries NNS from IN employees NNS about IN when WRB they PRP should MD report VB back RB to TO work NN after IN an DT earthquake NN or CC other JJ disaster NN . . The DT ARCO NNP plan NN takes VBZ into IN account NN such JJ details NNS as IN which WDT aspects NNS of IN business NN are VBP busier JJR at IN certain JJ times NNS of IN the DT year NN . . This DT way NN , , depending VBG on IN when WRB a DT quake NN might MD strike VB , , priorities NNS can MD be VB assigned VBN to TO departments NNS that WDT should MD be VB brought VBN back RB on IN line NN first JJ . . At IN Hewlett-Packard NNP Co. NNP , , the DT earthquake NN came VBD just RB as IN the DT company NN was VBD reviewing VBG its PRP$ own JJ emergency NN procedures NNS . . `` `` We PRP were VBD talking VBG about IN scheduling VBG a DT practice NN drill NN for IN November NNP , , '' '' says VBZ Joan NNP Tharp NNP , , a DT spokeswoman NN . . `` `` Then RB we PRP had VBD a DT real JJ one CD in IN the DT afternoon NN . . '' '' The DT Palo NNP Alto NNP , , Calif. NNP , , computer NN maker NN scrambled VBD to TO set VB up RP a DT special JJ phone NN line NN to TO tell VB manufacturing NN and CC support NN staff NN to TO stay VB home NN Wednesday NNP . . Sales NNS and CC service NN employees NNS were VBD asked VBN to TO report VB to TO work NN to TO help VB Bay NNP area NN clients NNS who WP called VBD with IN computer NN problems NNS . . Hewlett-Packard NNP also RB called VBD in RP its PRP$ systems NNS experts NNS to TO restore VB its PRP$ own JJ computer NN operations NNS . . `` `` That DT means VBZ we PRP can MD accept VB orders NNS '' '' and CC begin VB getting VBG back RB to TO normal JJ , , says VBZ Ms. NNP Tharp NNP . . Prompted VBN by IN an DT earlier JJR California NNP earthquake NN , , as RB well RB as IN a DT fire NN in IN a DT Los NNP Angeles NNP office NN tower NN , , Great JJ Western NNP Bank NNP in IN the DT past NN year NN hired VBD three CD emergency NN planners NNS and CC spent VBD $ $ 75,000 CD equipping VBG a DT trailer NN with IN communications NNS gear NN to TO serve VB as IN an DT emergency NN headquarters NN . . Although IN officials NNS of IN the DT savings NNS and CC loan NN , , a DT unit NN of IN Great JJ Western NNP Financial NNP Corp. NNP , , used VBD some DT of IN their PRP$ new JJ plans NNS and CC equipment NN during IN this DT week NN 's POS quake NN , , they PRP still RB lost VBD touch NN for IN more JJR than IN 24 CD hours NNS with IN 15 CD branches NNS in IN the DT affected VBN areas NNS , , not RB knowing VBG if IN employees NNS were VBD injured VBN or CC vaults NNS were VBD broken VBN open JJ . . `` `` Some DT people NNS flat JJ out RP did VBD n't RB know VB what WP to TO do VB , , '' '' says VBZ Robert NNP G. NNP Lee NNP , , vice NN president NN for IN emergency NN planning VBG and CC corporate JJ security NN at IN Great JJ Western NNP . . As IN it PRP turned VBD out RP , , bank NN employees NNS were VBD n't RB hurt VBN and CC the DT vaults NNS withstood VBD the DT jolts NNS . . Still RB , , says VBZ Mr. NNP Lee NNP : : `` `` We PRP need VBP to TO educate VB people NNS that IN they PRP need VBP to TO get VB to TO a DT phone NN somehow RB , , some DT way NN , , to TO let VB someone NN know VB what WP their PRP$ status NN is VBZ . . '' '' Some DT companies NNS are VBP confident JJ that IN they PRP 're VBP prepared VBN . . Occidental NNP Petroleum NNP Corp. NNP holds VBZ regular JJ evacuation NN drills NNS and CC stocks NNS food NN , , oxygen NN and CC non-prescription JJ drugs NNS at IN checkpoints NNS in IN its PRP$ 16-story JJ headquarters NNS . . The DT company NN also RB maintains VBZ rechargeable JJ flashlights NNS in IN offices NNS and CC changes VBZ its PRP$ standby JJ supply NN of IN drinking NN water NN every DT three CD months NNS . . `` `` We PRP feel VBP we PRP are VBP doing VBG everything NN we PRP can MD , , '' '' an DT Occidental NNP spokesman NN says VBZ . . Walt NNP Disney NNP Co. NNP 's POS Disneyland NNP in IN Anaheim NNP , , Calif. NNP , , stocks VBZ rescue NN equipment NN , , medical JJ supplies NNS , , and CC enough JJ food NN and CC water NN to TO feed VB at IN least JJS 10,000 CD visitors NNS for IN as RB long JJ as IN five CD days NNS in IN the DT event NN that IN a DT calamity NN isolates VBZ the DT theme NN park NN . . The DT park NN also RB has VBZ emergency NN centers NNS where WRB specially RB trained VBN employees NNS would MD go VB to TO coordinate VB evacuation NN and CC rescue NN plans NNS using VBG walkie-talkies NNS , , cellular JJ phones NNS , , and CC a DT public-address JJ system NN . . The DT centers NNS are VBP complete JJ with IN maps NNS detailing VBG utility NN lines NNS beneath IN rides NNS and CC `` `` safe JJ havens NNS '' '' where WRB people NNS can MD be VB assembled VBN away RB from IN major JJ structures NNS . . Vista NNP Chemical NNP Co. NNP , , with IN three CD chemical NN plants NNS in IN and CC near IN Lake NNP Charles NNP , , La. NNP , , `` `` prepares VBZ for IN every DT hurricane NN that WDT enters VBZ the DT Gulf NNP of IN Mexico NNP , , '' '' says VBZ Keith NNP L. NNP Fogg NNP , , a DT company NN safety NN director NN . . Hurricane NNP Hugo NNP , , an DT Atlantic NNP storm NN , , did VBD n't RB affect VB Vista NNP . . But CC two CD other JJ major JJ storms NNS have VBP threatened VBN operations NNS so RB far RB this DT year NN , , most RBS recently RB Hurricane NNP Jerry NNP this DT week NN . . Because IN hurricanes NNS can MD change VB course NN rapidly RB , , the DT company NN sends VBZ employees NNS home NN and CC shuts NNS down VBP operations NNS in IN stages NNS -- : the DT closer RBR a DT storm NN gets VBZ , , the DT more RBR complete JJ the DT shutdown NN . . The DT company NN does VBZ n't RB wait VB until IN the DT final JJ hours NNS to TO get VB ready JJ for IN hurricanes NNS . . `` `` There EX are VBP just RB tons NNS of IN things NNS that WDT have VBP to TO be VB considered VBN , , '' '' Mr. NNP Fogg NNP says VBZ . . `` `` Empty JJ tank NN cars NNS will MD float VB away RB on IN you PRP if IN you PRP get VBP a DT big JJ tidal JJ surge NN . . '' '' Still RB , , Vista NNP officials NNS realize VBP they PRP 're VBP relatively RB fortunate JJ . . `` `` With IN a DT hurricane NN you PRP know VBP it PRP 's VBZ coming VBG . . You PRP have VBP time NN to TO put VB precautionary JJ mechanisms NNS in IN place NN , , '' '' notes VBZ a DT Vista NNP spokeswoman NN . . `` `` A DT situation NN like IN San NNP Francisco NNP is VBZ so RB frightening JJ because IN there EX 's VBZ no DT warning NN . . Former JJ Democratic JJ fund-raiser NN Thomas NNP M. NNP Gaubert NNP , , whose WP$ savings NNS and CC loan NN was VBD wrested VBN from IN his PRP$ control NN by IN federal JJ thrift NN regulators NNS , , has VBZ been VBN granted VBN court NN permission NN to TO sue VB the DT regulators NNS . . In IN a DT ruling NN by IN the DT Fifth NNP U.S. NNP Circuit NNP Court NNP of IN Appeals NNP in IN New NNP Orleans NNP , , Mr. NNP Gaubert NNP received VBD the DT go-ahead NN to TO pursue VB a DT claim NN against IN the DT Federal NNP Home NNP Loan NNP Bank NNP Board NNP and CC the DT Federal NNP Home NNP Loan NNP Bank NNP of IN Dallas NNP for IN losses NNS he PRP suffered VBD when WRB the DT Bank NNP Board NNP closed VBD the DT Independent NNP American NNP Savings NNP Association NNP of IN Irving NNP , , Texas NNP . . Mr. NNP Gaubert NNP , , who WP was VBD chairman NN and CC the DT majority NN stockholder NN of IN Independent NNP American NNP , , had VBD relinquished VBN his PRP$ control NN in IN exchange NN for IN federal JJ regulators NNS ' POS agreement NN to TO drop VB their PRP$ inquiry NN into IN his PRP$ activities NNS at IN another DT savings NN and CC loan NN . . As IN part NN of IN the DT agreement NN , , Mr. NNP Gaubert NNP contributed VBD real JJ estate NN valued VBN at IN $ $ 25 CD million CD to TO the DT assets NNS of IN Independent NNP American NNP . . While IN under IN the DT control NN of IN federal JJ regulators NNS , , Independent NNP American NNP 's POS net JJ worth NN dropped VBN from IN $ $ 75 CD million CD to TO a DT negative JJ $ $ 400 CD million CD , , wiping VBG out RP the DT value NN of IN Mr. NNP Gaubert NNP 's POS real JJ estate NN contribution NN and CC his PRP$ stock NN in IN the DT institution NN . . Mr. NNP Gaubert NNP 's POS suit NN to TO recover VB his PRP$ damages NNS was VBD dismissed VBN last JJ year NN by IN U.S. NNP District NNP Judge NNP Robert NNP Maloney NNP of IN Dallas NNP under IN the DT Federal NNP Tort NNP Claims NNP Act NNP , , which WDT offers VBZ broad JJ protection NN for IN actions NNS by IN federal JJ agencies NNS and CC employees NNS . . Earlier RBR this DT week NN , , a DT Fifth NNP Circuit NNP appellate JJ panel NN upheld VBD Judge NNP Maloney NNP 's POS dismissal NN of IN Mr. NNP Gaubert NNP 's POS claim NN as IN a DT shareholder NN but CC said VBD the DT judge NN should MD reconsider VB Mr. NNP Gaubert NNP 's POS claim NN for IN the DT loss NN of IN his PRP$ property NN . . `` `` It PRP may MD depend VB on IN whether CC there EX was VBD an DT express JJ or CC implied VBN promise NN ... : that IN the DT federal JJ officials NNS would MD not RB negligently RB cause VB the DT deterioration NN '' '' of IN Independent NNP American NNP , , the DT court NN wrote VBD . . Mr. NNP Gaubert NNP 's POS lawyer NN , , Abbe NNP David NNP Lowell NNP of IN Washington NNP , , D.C. NNP , , says VBZ the DT impact NN of IN the DT ruling NN on IN other JJ cases NNS involving VBG thrift NN takeovers NNS will MD depend VB on IN the DT degree NN of IN similarity NN in IN the DT facts NNS . . `` `` I PRP do VBP n't RB know VB if IN this DT will MD affect VB one CD institution NN or CC a DT hundred CD , , '' '' Mr. NNP Lowell NNP says VBZ . . `` `` It PRP does VBZ establish VB a DT very RB clear JJ precedent NN for IN suing VBG the DT FHLBB NNP where WRB there EX was VBD none NN before RB . . '' '' MAITRE'D NNP CLAIMS VBZ in IN suit NN that IN restaurant NN fired VBD her PRP because IN she PRP was VBD pregnant JJ . . In IN a DT suit NN filed VBN in IN state NN court NN in IN Manhattan NNP , , the DT American NNP Civil NNP Liberties NNP Union NNP is VBZ representing VBG the DT former JJ maitre NNP 'd NNP of IN the DT chic JJ Odeon NNP restaurant NN . . The DT suit NN , , which WDT seeks VBZ compensatory JJ and CC punitive JJ damages NNS of IN $ $ 1 CD million CD , , alleges VBZ that IN the DT firing NN of IN Marcia NNP Trees NNP Levine NNP violated VBD New NNP York NNP state NN 's POS human-rights JJ law NN . . Among IN other JJ things NNS , , the DT law NN prohibits VBZ discrimination NN on IN the DT basis NN of IN sex NN and CC pregnancy NN . . The DT suit NN alleges VBZ that IN Ms. NNP Levine NNP was VBD fired VBN after IN she PRP refused VBD to TO accept VB a DT lower JJR paying VBG , , less RBR visible JJ job NN upon IN reaching VBG her PRP sixth JJ month NN of IN pregnancy NN . . Ms. NNP Levine NNP told VBD her PRP$ employer NN that IN she PRP was VBD pregnant JJ in IN February NNP ; : a DT month NN later RBR , , the DT suit NN says VBZ , , the DT restaurant NN manager NN told VBD Ms. NNP Levine NNP that IN she PRP would MD be VB demoted VBN to TO his PRP$ assistant NN because IN he PRP felt VBD customers NNS would MD be VB uncomfortable JJ with IN a DT pregnant JJ maitre NNP 'd NNP . . Kary NNP Moss NNP , , an DT attorney NN with IN the DT ACLU NNP 's POS Women NNS 's POS Rights NNP Project NNP , , said VBD , , `` `` They PRP wanted VBD a DT svelte-looking JJ woman NN , , and CC a DT pregnant JJ woman NN is VBZ not RB svelte JJ . . They PRP told VBD her PRP , , ` `` We PRP do VBP n't RB hire VB fat JJ people NNS and CC we PRP do VBP n't RB hire VB cripples NNS . . And CC pregnant JJ women NNS are VBP fat JJ . . ' '' '' '' Ms. NNP Moss NNP said VBD Ms. NNP Levine NNP secretly RB taped VBD many JJ conversations NNS with IN her PRP$ bosses NNS at IN the DT Odeon NNP in IN which WDT they PRP told VBD her PRP she PRP was VBD being VBG fired VBD as IN maitre NNP 'd NNP because IN she PRP was VBD pregnant JJ . . Paul NNP H. NNP Aloe NNP , , an DT attorney NN for IN Odeon NNP owner NN Keith NNP McNally NNP , , denied VBD the DT allegations NNS . . He PRP said VBD Ms. NNP Levine NNP had VBD never RB been VBN fired VBN , , although IN she PRP had VBD stopped VBN working VBG at IN the DT restaurant NN . . `` `` The DT Odeon NNP made VBD a DT written VBN offer NN to TO Marcia NNP Levine NNP on IN July NNP 10 CD to TO return VB to TO work VB as IN the DT maitre NNP 'd NNP , , at IN the DT same JJ pay NN , , same JJ hours NNS and CC with IN back JJ pay NN accrued VBN , , '' '' he PRP said VBD . . Mr. NNP Aloe NNP said VBD the DT Odeon NNP `` `` has VBZ no DT policy NN against IN hiring VBG pregnant JJ people NNS . . '' '' LAWYERS NNP IN IN Texas NNP 's POS biggest JJS bank-fraud JJ case NN want VBP out RP in IN face NN of IN retrial NN . . Lawyers NNS representing VBG five CD of IN the DT seven CD defendants NNS in IN the DT case NN say VBP their PRP$ clients NNS can MD no RB longer RBR afford VB their PRP$ services NNS . . The DT trial NN of IN the DT case NN lasted VBD seven CD months NNS and CC ended VBD in IN September NNP with IN a DT hung VBN jury NN . . The DT defendants NNS were VBD indicted VBN two CD years NNS ago RB on IN charges NNS that IN they PRP conspired VBD to TO defraud VB five CD thrifts NNS of IN more JJR than IN $ $ 130 CD million CD through IN a DT complicated VBN scheme NN to TO inflate VB the DT price NN of IN land NN and CC condominium NN construction NN along IN Interstate NNP 30 CD , , east JJ of IN Dallas NNP . . The DT defense NN lawyers NNS , , three CD of IN whom WP are VBP solo NN practitioners NNS , , say VBP they PRP ca MD n't RB afford VB to TO put VB their PRP$ law NN practices NNS on IN hold NN for IN another DT seven-month JJ trial NN . . Some DT of IN the DT lawyers NNS say VBP they PRP would MD continue VB to TO represent VB their PRP$ clients NNS if IN the DT government NN pays VBZ their PRP$ tab NN as IN court-appointed JJ lawyers NNS . . Assistant NNP U.S. NNP Attorney NNP Terry NNP Hart NNP of IN Dallas NNP says VBZ the DT government NN will MD oppose VB any DT efforts NNS to TO bring VB in RP a DT new JJ defense NN team NN because IN it PRP would MD delay VB a DT retrial NN . . FEDERAL JJ JUDGE NN ALCEE NNP HASTINGS NNP of IN Florida NNP , , facing VBG impeachment NN , , received VBD an DT unanticipated JJ boost NN yesterday NN . . Sen. NNP Arlen NNP Specter NNP ( ( R. NNP , , Pa NNP . . ) ) urged VBD acquittal NN of IN the DT judge NN in IN a DT brief NN circulated VBN to TO his PRP$ Senate NNP colleagues NNS during IN closed-door JJ deliberations NNS . . Among IN other JJ things NNS , , the DT brief NN cited VBD insufficient JJ evidence NN . . Sen. NNP Specter NNP was VBD vice NN chairman NN of IN the DT impeachment NN trial NN committee NN that WDT heard VBD evidence NN in IN the DT Hastings NNP case NN last JJ summer NN . . A DT former JJ prosecutor NN and CC member NN of IN the DT Senate NNP Judiciary NNP Committee NNP , , Sen. NNP Specter NNP is VBZ expected VBN to TO exercise VB influence NN when WRB the DT Senate NNP votes VBZ on IN the DT impeachment NN today NN . . RICHMOND NNP RESIGNATIONS NNS : : Six CD partners NNS in IN the DT Richmond NNP , , Va. NNP , , firm NN of IN Browder NNP , , Russell NNP , , Morris NNP & CC Butcher NNP announced VBD they PRP are VBP resigning VBG . . Five CD of IN the DT partners NNS -- : James NNP W. NNP Morris NNP , , Philip NNP B. NNP Morris NNP , , Robert NNP M. NNP White NNP , , Ann NNP Adams NNP Webster NNP and CC Jacqueline NNP G. NNP Epps NNP -- : are VBP opening VBG a DT boutique NN in IN Richmond NNP to TO concentrate VB on IN corporate JJ defense NN litigation NN , , particularly RB in IN product NN liability NN cases NNS . . The DT sixth JJ partner NN , , John NNP H. NNP OBrion NNP , , Jr. NNP , , is VBZ joining VBG Cowan NNP & CC Owen NNP , , a DT smaller JJR firm NN outside IN Richmond NNP . . LAW NNP FIRM NNP NOTES NNS : : Nixon NNP , , Hargrave NNP , , Devans NNP & CC Doyle NNP , , based VBN in IN Rochester NNP , , N.Y. NNP , , has VBZ opened VBN an DT office NN in IN Buffalo NNP , , N.Y NNP ... : . . Mayer NNP , , Brown NNP & CC Platt NNP , , Chicago NNP , , added VBD two CD partners NNS to TO its PRP$ Houston NNP office NN , , Eddy NNP J. NNP Roger NNP Jr. NNP , , and CC Jeff NNP C. NNP Dodd NNP ... : . . Copyright NN specialist NN Neil NNP Boorstyn NNP , , who WP writes VBZ the DT monthly JJ Copyright NNP Law NNP Journal NNP newsletter NN , , is VBZ joining VBG McCutchen NNP , , Doyle NNP , , Brown NNP & CC Enersen NNP . . New NNP York NNP Times NNP Co. NNP 's POS third-quarter JJ earnings NNS report NN is VBZ reinforcing VBG analysts NNS ' POS belief NN that IN newspaper NN publishers NNS will MD be VB facing VBG continued VBN poor JJ earnings NNS comparisons NNS through IN 1990 CD . . The DT publisher NN was VBD able JJ to TO register VB soaring VBG quarter NN net JJ income NN because IN of IN a DT onetime JJ gain NN on IN the DT sale NN of IN its PRP$ cable-TV NN system NN . . However RB , , operating NN profit NN fell VBD 35 CD % NN to TO $ $ 16.4 CD million CD . . The DT decline NN reflected VBD the DT expense NN of IN buying VBG three CD magazines NNS , , lower JJR earnings NNS from IN the DT forest-products JJ group NN , , and CC what WP is VBZ proving VBG to TO be VB a DT nagging JJ major JJ problem NN , , continued VBN declines NNS in IN advertising NN linage NN at IN the DT New NNP York NNP Times NNP , , the DT company NN 's POS flagship NN daily JJ newspaper NN . . In IN composite JJ trading NN on IN the DT American NNP Stock NNP Exchange NNP , , New NNP York NNP Times NNP closed VBD at IN $ $ 28.125 CD a DT share NN , , down RB 37.5 CD cents NNS . . Analysts NNS said VBD the DT company NN 's POS troubles NNS mirror VBP those DT of IN the DT industry NN . . Retail JJ advertising NN , , which WDT often RB represents VBZ half NN of IN the DT advertising NN volume NN at IN most JJS daily JJ newspapers NNS , , largely RB is VBZ n't RB rebounding VBG in IN the DT second JJ half NN from IN extended VBN doldrums NNS as IN expected VBN . . At IN the DT same JJ time NN , , newspapers NNS are VBP bedeviled VBN by IN lagging VBG national JJ advertising NN , , especially RB in IN its PRP$ financial JJ component NN . . Dow NNP Jones NNP & CC Co. NNP recently RB reported VBD net JJ fell VBD 9.9 CD % NN , , a DT reflection NN , , in IN part NN , , of IN continued VBN softness NN in IN financial JJ advertising NN at IN The DT Wall NNP Street NNP Journal NNP and CC Barron NNP 's POS magazine NN . . `` `` We PRP expect VBP next JJ year NN to TO be VB a DT fairly RB soft JJ year NN in IN newspaper-industry JJ advertising NN , , '' '' said VBD John NNP Morton NNP , , an DT analyst NN for IN Lynch NNP , , Jones NNP & CC Ryan NNP . . `` `` Next JJ year NN , , earnings NNS will MD hold VB steady JJ , , but CC we PRP just RB do VBP n't RB see VB a DT big JJ turnaround NN in IN the DT trend NN in IN advertising NN . . '' '' John NNP S. NNP Reidy NNP , , an DT analyst NN for IN Drexel NNP Burnham NNP Lambert NNP Inc. NNP , , said VBD , , `` `` The DT Times NNP faces VBZ the DT same JJ problem NN of IN other JJ publishers NNS : : linage NN is VBZ down RB . . It PRP will MD be VB hard JJ to TO do VB handstands NNS until IN real JJ linage NN starts VBZ heading VBG back RB up RB . . '' '' In IN the DT quarterly JJ report NN , , Arthur NNP Ochs NNP Sulzberger NNP , , New NNP York NNP Times NNP Co. NNP chairman NN and CC chief JJ executive NN officer NN , , said VBD negative JJ factors NNS affecting VBG third-quarter JJ earnings NNS will MD continue VB . . Analysts NNS agreed VBD with IN company NN expectations NNS that IN operating VBG profit NN will MD be VB down RB this DT year NN and CC in IN 1990 CD . . Mr. NNP Sulzberger NNP said VBD the DT scheduled VBN opening NN of IN a DT new JJ color-printing JJ plant NN in IN Edison NNP , , N.J. NNP , , in IN 1990 CD would MD involve VB heavy JJ startup NN and CC depreciation NN costs NNS . . `` `` With IN the DT Edison NNP plant NN coming VBG on IN line NN next IN summer NN , , the DT Times NNP is VBZ facing VBG some DT tough JJ earnings NNS comparison NN in IN the DT future NN , , '' '' said VBD Peter NNP Appert NNP , , an DT analyst NN with IN C.J. NNP Lawrence NNP , , Morgan NNP Grenfell NNP . . `` `` But CC many JJ newspapers NNS are VBP facing VBG similar JJ comparisons NNS . . '' '' The DT sale NN of IN the DT company NN 's POS cable NN franchise NN brought VBD an DT after-tax JJ gain NN of IN $ $ 193.3 CD million CD , , part NN of IN which WDT will MD be VB used VBN to TO reduce VB debt NN . . The DT company NN also RB has VBZ a DT stock-repurchase JJ plan NN . . Analysts NNS said VBD they PRP were VBD impressed VBN by IN the DT performance NN of IN the DT company NN 's POS newspaper NN group NN , , which WDT consists VBZ of IN the DT Times NNP , , 35 CD regional JJ newspapers NNS and CC a DT one-third JJ interest NN in IN the DT International NNP Herald NNP Tribune NNP ; : group NN operating NN profit NN for IN the DT quarter NN increased VBD slightly RB to TO $ $ 34.9 CD million CD from IN $ $ 34.5 CD million CD on IN flat JJ revenue NN . . Drexel NNP Burnham NNP 's POS Mr. NNP Reidy NNP pointed VBD out RP that IN `` `` profits NNS held VBD up RP in IN a DT tough JJ revenue NN environment NN . . That DT 's VBZ a DT good JJ sign NN when WRB profits NNS are VBP stable JJ during IN a DT time NN revenue NN is VBZ in IN the DT trough NN . . Investors NNS celebrated VBD the DT second JJ anniversary NN of IN Black NNP Monday NNP with IN a DT buying NN spree NN in IN both DT stocks NNS and CC bonds NNS . . But CC the DT dollar NN was VBD mixed VBN . . Stock NN and CC bond NN investors NNS were VBD cheered VBN by IN last JJ month NN 's POS encouragingly RB low JJ inflation NN rate NN . . This DT news NN raised VBD hopes NNS for IN further JJ interest-rate JJ cuts NNS . . Treasury-bond JJ prices NNS immediately RB rallied VBD , , setting VBG the DT stock NN market NN rolling VBG from IN the DT opening VBG bell NN . . The DT Dow NNP Jones NNP Industrial NNP Average NNP , , up RB about RB 60 CD points NNS in IN mid-afternoon NN , , finished VBD with IN a DT gain NN of IN 39.55 CD points NNS , , to TO 2683.20 CD . . That WDT brought VBD the DT average NN 's POS cumulative JJ gain NN this DT week NN to TO about RB 114 CD points NNS . . Since IN the DT 1987 CD crash NN , , the DT industrials NNS have VBP soared VBN more RBR than IN 54 CD % NN , , and CC the DT widely RB watched VBN market NN barometer NN is VBZ about RB 4 CD % NN below IN its PRP$ record NN high NN set VBN earlier RBR this DT month NN . . The DT stock-market NN rally NN was VBD led VBN by IN blue-chip JJ issues NNS , , but CC , , unlike IN Monday NNP 's POS rebound NN , , was VBD broadly RB based VBN . . Indeed RB , , over-the-counter JJ stocks NNS , , led VBN by IN technology NN issues NNS , , outleaped VBD the DT industrial JJ average NN . . The DT Nasdaq NNP Composite NNP Index NNP soared VBD 7.52 CD , , or CC 1.6 CD % NN , , to TO 470.80 CD , , its PRP$ highest JJS one-day JJ jump NN in IN points NNS this DT year NN . . Many JJ takeover-related JJ stocks NNS rose VBD after IN news NN that IN a DT group NN obtained VBD financing VBG commitments NNS for IN the DT proposed VBN buy-out NN of IN American NNP Medical NNP International NNP Inc NNP . . Among IN the DT biggest JJS winners NNS were VBD brokerage-house NN stocks NNS , , responding VBG to TO heavy JJ trading NN volume NN . . The DT government NN said VBD consumer NN prices NNS rose VBD only RB 0.2 CD % NN last JJ month NN . . Economists NNS expected VBD twice RB as RB large JJ an DT increase NN . . That DT news NN , , plus IN recent JJ signs NNS of IN economic JJ sluggishness NN , , greatly RB increases VBZ pressure NN on IN the DT Federal NNP Reserve NNP to TO ease VB credit NN further RBR , , which WDT in IN turn NN would MD be VB good JJ news NN for IN stocks NNS , , investment NN managers NNS say VBP . . `` `` I PRP see VBP a DT lot NN of IN evidence NN indicating VBG a DT slower JJR economy NN , , and CC that DT means VBZ my PRP$ interest-rate JJ outlook NN has VBZ a DT downward JJ tilt NN , , '' '' said VBD Garnett NNP L. NNP Keith NNP Jr. NNP , , vice NN chairman NN of IN Prudential NNP Insurance NNP Co. NNP of IN America NNP , , one CD of IN the DT nation NN 's POS largest JJS institutional JJ investors NNS . . Fed NNP officials NNS probably RB wo MD n't RB drive VB down RB rates NNS immediately RB , , Mr. NNP Keith NNP said VBD . . Despite IN the DT inflation NN news NN , , several JJ Fed NNP officials NNS still RB fear VBP consumer-price JJ pressures NNS will MD intensify VB because IN they PRP insist VBP the DT economy NN is VBZ stronger JJR than IN generally RB believed VBN . . But CC Wall NNP Street NNP analysts NNS expect VBP further JJ signs NNS of IN economic JJ weakness NN in IN government NN reports NNS during IN the DT next JJ few JJ weeks NNS . . If IN so RB , , that DT will MD cinch VB the DT case NN for IN another DT shot NN of IN credit-easing NN within IN a DT month NN or CC so RB . . That DT , , in IN turn NN , , is VBZ expected VBN to TO persuade VB banks NNS to TO cut VB their PRP$ prime JJ lending NN rate NN , , a DT benchmark NN rate NN on IN many JJ corporate JJ and CC consumer NN loans NNS , , by IN half PDT a DT percentage NN point NN , , to TO 10 CD % NN . . `` `` We PRP 're VBP not RB out IN of IN the DT woods NNS yet RB by IN any DT means NNS , , '' '' said VBD George NNP R. NNP Mateyo NNP , , president NN and CC chief JJ executive NN of IN Carnegie NNP Capital NNP Management NNP Co. NNP , , Cleveland NNP . . But CC the DT economy NN `` `` is VBZ slowing VBG enough RB to TO give VB the DT Federal NNP Reserve NNP leeway NN to TO reduce VB interest NN rates NNS . . '' '' But CC many JJ individual JJ investors NNS are VBP leery JJ about IN stocks NNS because IN of IN fresh JJ signs NNS of IN fragility NN in IN the DT huge JJ junk-bond NN market NN . . Investors NNS also RB are VBP anxious JJ about IN today NN 's POS `` `` witching NN hour NN , , '' '' the DT monthly JJ expiration NN of IN stock-index JJ futures NNS and CC options NNS , , and CC options NNS on IN individual JJ stocks NNS . . This DT phenomenon NN often RB makes VBZ stock NN prices NNS swing VB wildly RB at IN the DT end NN of IN the DT trading NN session NN . . In IN major JJ market NN activity NN : : Stock NNP prices NNS surged VBD in IN heavy JJ trading NN . . Volume NN on IN the DT New NNP York NNP Stock NNP Exchange NNP rose VBD to TO 198.1 CD million CD shares NNS from IN 166.9 CD million CD Wednesday NNP . . Gaining NNP Big NNP Board NNP issues NNS outnumbered VBD decliners NNS by IN 1,235 CD to TO 355 CD . . The DT dollar NN was VBD mixed JJ . . In IN New NNP York NNP late JJ yesterday NN , , it PRP was VBD at IN 141.70 CD yen NN , , up IN from IN 141.45 CD yen NN late JJ Wednesday NNP . . But CC it PRP fell VBD to TO 1.8470 CD marks NNS from IN 1.8485 CD . . Tuesday NNP 's POS rout NN of IN a DT GOP NNP congressional JJ hopeful NN in IN a DT Mississippi NNP district NN that DT has VBZ n't RB backed VBD a DT Democratic JJ presidential JJ candidate NN since IN Adlai NNP Stevenson NNP is VBZ another DT reminder NN that IN , , at IN least JJS at IN the DT federal JJ level NN , , political JJ `` `` ticket NN splitting NN '' '' has VBZ been VBN on IN the DT rise NN over IN the DT past JJ half JJ century NN . . In IN only RB one CD presidential JJ election NN year NN prior RB to TO 1948 CD did VBD more JJR than IN 20 CD % NN of IN the DT nation NN 's POS congressional JJ districts NNS choose VB a DT different JJ party NN 's POS candidate NN for IN the DT White NNP House NNP than IN for IN the DT House NNP of IN Representatives NNP . . Now RB that DT percentage NN routinely RB equals VBZ a DT third JJ and CC twice RB has VBZ been VBN above IN 40 CD % NN . . As IN we PRP know VBP , , voters NNS tend VBP to TO favor VB Republicans NNS more RBR in IN races NNS for IN president NN than IN in IN those DT for IN Congress NNP . . In IN every DT presidential JJ election NN over IN the DT past JJ half JJ century NN , , except IN for IN the DT Goldwater NNP presidential JJ candidacy NN , , the DT GOP NNP has VBZ captured VBN a DT greater JJR percentage NN of IN the DT major-party JJ popular JJ vote NN for IN president NN than IN it PRP has VBZ of IN congressional JJ seats NNS or CC the DT popular JJ vote NN for IN Congress NNP . . Prior RB to TO 1932 CD , , the DT pattern NN was VBD nearly RB the DT opposite NN . . What WP accounts VBZ for IN the DT results NNS of IN recent JJ decades NNS ? . A DT simple JJ economic JJ theory NN may MD provide VB at IN least JJS a DT partial JJ explanation NN for IN the DT split JJ personality NN displayed VBN by IN Americans NNS in IN the DT voting NN booth NN . . The DT theory NN relies VBZ on IN three CD assumptions NNS : : 1 LS ) ) Voters NNS can MD `` `` buy VB '' '' one CD of IN two CD brands NNS when WRB they PRP select VBP their PRP$ political JJ agents NNS -- : a DT Republican JJ brand NN that WDT believes VBZ in IN the DT minimalist JJ state NN and CC in IN the DT virtues NNS of IN private JJ markets NNS over IN the DT vices NNS of IN public JJ action NN , , and CC a DT Democratic JJ brand NN that WDT believes VBZ in IN big JJ government NN and CC in IN public JJ intervention NN to TO remedy VB the DT excesses NNS attendant JJ to TO the DT pursuit NN of IN private JJ interest NN . . 2 LS ) ) Congressional JJ representatives NNS have VBP two CD basic JJ responsibilities NNS while IN voting VBG in IN office NN -- : dealing VBG with IN national JJ issues NNS ( ( programmatic JJ actions NNS such JJ as IN casting VBG roll NN call NN votes NNS on IN legislation NN that WDT imposes VBZ costs NNS and\/or CC confers VBZ benefits NNS on IN the DT population NN at IN large JJ ) ) and CC attending VBG to TO local JJ issues NNS ( ( constituency NN service NN and CC pork NN barrel NN ) ) . . 3 LS ) ) Republican JJ congressional JJ representatives NNS , , because IN of IN their PRP$ belief NN in IN a DT minimalist JJ state NN , , are VBP less RBR willing JJ to TO engage VB in IN local JJ benefit-seeking NN than IN are VBP Democratic JJ members NNS of IN Congress NNP . . If IN these DT assumptions NNS hold VBP , , voters NNS in IN races NNS for IN Congress NNP face VBP what WP in IN economic JJ theory NN is VBZ called VBN a DT prisoner NN 's POS dilemma NN and CC have VBP an DT incentive NN , , at IN the DT margin NN , , to TO lean VB Democratic JJ . . If IN they PRP put VBP a DT Republican NNP into IN office NN , , not RB only RB will MD they PRP acquire VB less JJR in IN terms NNS of IN local JJ benefits NNS but CC their PRP$ selected VBN legislator NN will MD be VB relatively RB powerless JJ to TO prevent VB other JJ legislators NNS from IN `` `` bringing VBG home NN the DT bacon NN '' '' to TO their PRP$ respective JJ constituencies NNS . . Each DT legislator NN , , after IN all DT , , is VBZ only RB one CD out IN of IN 535 CD when WRB it PRP comes VBZ to TO national JJ policy NN making NN . . In IN races NNS for IN the DT White NNP House NNP , , a DT voter NN 's POS incentive NN , , at IN the DT margin NN , , is VBZ to TO lean VB Republican NNP . . Although IN a DT GOP NNP president NN may MD limit VB local JJ benefits NNS to TO the DT voter NN 's POS particular JJ district\/state NN , , such JJ a DT president NN is VBZ also RB likely JJ to TO be VB more RBR effective JJ at IN preventing VBG other JJ districts\/states NNS and CC their PRP$ legislators NNS from IN bringing VBG home NN the DT local JJ benefits NNS . . The DT individual JJ voter NN 's VBZ standing NN consequently RB will MD be VB enhanced VBN through IN lower JJR taxes NNS . . While IN this DT theory NN is VBZ exceedingly RB simple JJ , , it PRP appears VBZ to TO explain VB several JJ things NNS . . First JJ , , why WRB ticket NN splitting NN has VBZ increased VBN and CC taken VBN the DT peculiar JJ pattern NN that IN it PRP has VBZ over IN the DT past JJ half JJ century NN : : Prior RB to TO the DT election NN of IN Franklin NNP Roosevelt NNP as IN president NN and CC the DT advent NN of IN the DT New NNP Deal NNP , , government NN occupied VBD a DT much RB smaller JJR role NN in IN society NN and CC the DT prisoner NN 's POS dilemma NN problem NN confronting VBG voters NNS in IN races NNS for IN Congress NNP was VBD considerably RB less RBR severe JJ . . Second JJ , , it PRP explains VBZ why WRB voters NNS hold VBP Congress NNP in IN disdain NN but CC generally RB love VBP their PRP$ own JJ congressional JJ representatives NNS : : Any DT individual JJ legislator NN 's POS constituents NNS appreciate VBP the DT specific JJ benefits NNS that IN the DT legislator NN wins VBZ for IN them PRP but CC not RB the DT overall JJ cost NN associated VBN with IN every DT other JJ legislator NN doing VBG likewise RB for IN his PRP$ own JJ constituency NN . . Third JJ , , the DT theory NN suggests VBZ why WRB legislators NNS who WP pay VBP too RB much JJ attention NN to TO national JJ policy NN making NN relative JJ to TO local JJ benefit-seeking NN have VBP lower JJR security NN in IN office NN . . For IN example NN , , first-term JJ members NNS of IN the DT House NN , , once RB the DT most RBS vulnerable JJ of IN incumbents NNS , , have VBP become VBN virtually RB immune JJ to TO defeat VB . . The DT one CD exception NN to TO this DT recent JJ trend NN was VBD the DT defeat NN of IN 13 CD of IN the DT 52 CD freshman NN Republicans NNS brought VBD into IN office NN in IN 1980 CD by IN the DT Reagan NNP revolution NN and CC running VBG for IN re-election NN in IN 1982 CD . . Because IN these DT freshmen NNS placed VBD far RB more JJR emphasis NN on IN their PRP$ partisan JJ role NN -- : spreading VBG the DT Reagan NNP revolution NN -- : in IN national JJ policy NN making VBG , , they PRP were VBD more RBR vulnerable JJ to TO defeat VB . . Fourth JJ , , the DT theory NN indicates VBZ why WRB the DT Republican NNP Party NNP may MD have VB a DT difficult JJ time NN attracting VBG viable JJ candidates NNS for IN congressional JJ office NN . . Potential JJ candidates NNS may MD be VB discouraged VBN from IN running VBG less RBR by IN the DT congressional JJ salary NN than IN by IN the DT prospect NN of IN defeat NN at IN the DT hands NNS of IN a DT Democratic JJ opponent NN . . To TO the DT extent NN that IN potential JJ Republican NNP candidates NNS and CC their PRP$ financial JJ backers NNS realize VBP that IN the DT congressional JJ prisoner NN 's POS dilemma NN game NN works VBZ to TO their PRP$ disadvantage NN , , the DT Republican NNP Party NNP will MD be VB hindered VBN in IN its PRP$ attempts NNS to TO field VB a DT competitive JJ slate NN of IN congressional JJ candidates NNS . . Fifth JJ , , the DT theory NN may MD provide VB at IN least JJS a DT partial JJ reason NN for IN why WRB ticket NN splitting NN has VBZ been VBN particularly RB pronounced VBN in IN the DT South NNP . . To TO the DT extent NN that IN Democratic JJ legislators NNS from IN the DT South NNP have VBP held VBN a DT disproportionate JJ share NN of IN power NN in IN Congress NNP since IN 1932 CD and CC have VBP been VBN able JJ to TO translate VB such JJ clout NN into IN relatively RB more JJR local JJ benefits NNS for IN their PRP$ respective JJ constituencies NNS , , voters NNS in IN the DT South NNP have VBP had VBD an DT especially RB strong JJ incentive NN to TO keep VB such JJ Democrats NNS in IN office NN . . Finally RB , , the DT theory NN suggests VBZ why WRB Republicans NNS generally RB have VBP fared VBN better RBR in IN Senate NNP races NNS than IN in IN campaigns NNS for IN the DT House NNP . . Since IN local JJ benefit-seeking NN matters VBZ more RBR and CC national JJ policy NN making NN matters VBZ less RBR in IN the DT lower JJR chamber NN of IN Congress NNP , , this DT is VBZ precisely RB the DT pattern NN one PRP would MD expect VB if IN Republicans NNS are VBP less RBR willing JJ to TO engage VB in IN local JJ benefit-seeking NN than IN their PRP$ Democratic JJ counterparts NNS . . Is VBZ there EX any DT empirical JJ support NN for IN this DT theory NN ? . Three CD pieces NNS of IN evidence NN corroborate VBP the DT key JJ assumption NN that IN Democratic JJ legislators NNS are VBP more RBR willing JJ to TO engage VB in IN local JJ benefit-seeking NN than IN their PRP$ Republican JJ colleagues NNS . . First JJ , , economists NNS James NNP Bennett NNP and CC Thomas NNP DiLorenzo NNP find VBP that IN GOP NNP senators NNS turn VBP back RP roughly RB 10 CD % NN more JJR of IN their PRP$ allocated VBN personal JJ staff NN budgets NNS than IN Democrats NNS do VBP . . To TO the DT extent NN that IN the DT primary JJ duty NN of IN personal JJ staff NN involves VBZ local JJ benefit-seeking NN , , this DT indicates VBZ that IN political JJ philosophy NN leads VBZ congressional JJ Republicans NNS to TO pay VB less JJR attention NN to TO narrow JJ constituent NN concerns NNS . . Second JJ , , if IN the DT key JJ assumption NN is VBZ valid JJ , , Democrats NNS should MD have VB lower JJR attendance NN rates NNS on IN roll-call NN votes NNS than IN Republicans NNS do VBP to TO the DT extent NN that IN such JJ votes NNS reflect VBP national JJ policy NN making NN and CC that IN participating VBG in IN such JJ votes NNS takes VBZ away RP from IN the DT time NN a DT legislator NN could MD otherwise RB devote VB to TO local JJ benefit-seeking NN . . This DT is VBZ indeed RB what WP the DT data NNS indicate VBP , , particularly RB in IN the DT case NN of IN the DT House NNP . . The DT Democratic JJ House NNP attendance NN rate NN has VBZ not RB exceeded VBN the DT Republican JJ House NNP attendance NN rate NN since IN 1959 CD . . Finally RB , , as IN shown VBN in IN the DT table NN , , Democrats NNS allocate VBP a DT higher JJR proportion NN of IN their PRP$ personal JJ staffs NNS to TO district NN offices NNS -- : where WRB local JJ benefit-seeking NN duties NNS matter VBP more RBR and CC national JJ policy NN making NN activities NNS matter VBP less RBR relative JJ to TO Washington NNP offices NNS . . An DT examination NN of IN changes NNS in IN personal JJ staffing NN decisions NNS in IN the DT Senate NNP between IN 1986 CD and CC 1987 CD ( ( when WRB control NN of IN that DT body NN changed VBD party NN hands NNS ) ) , , moreover RB , , reveals VBZ that IN the DT personal JJ staffing NN differences NNS noted VBN in IN the DT table NN can MD not RB be VB attributed VBN to TO the DT disproportionate JJ control NN Democrats NNS exercise VBP , , due JJ to TO their PRP$ majority-party JJ status NN , , over IN other JJ resources NNS such JJ as IN committee NN staff NN . . An DT additional JJ piece NN of IN evidence NN from IN the DT Senate NNP : : Holding VBG other JJ factors NNS constant JJ , , such JJ as IN incumbency NN advantages NNS and CC regional JJ factors NNS , , the DT difference NN between IN popular JJ votes NNS for IN Republican JJ presidential JJ and CC senatorial JJ candidates NNS in IN states NNS conducting VBG a DT Senate NNP election NN turns VBZ out RP to TO be VB a DT positive JJ function NN of IN how WRB onerous JJ the DT federal JJ government NN 's POS tax NN burden NN is VBZ per IN state NN ( ( a DT progressive JJ tax NN rate NN hits VBZ higher-income JJ states NNS harder RBR ) ) . . Put VB more RBR simply JJ , , GOP NNP candidates NNS for IN president NN are VBP looked VBN on IN more RBR kindly RB by IN voters NNS than IN Republican JJ candidates NNS for IN the DT Senate NNP when WRB the DT prisoner NN 's POS dilemma NN is VBZ more RBR severe JJ . . Moreover RB , , ticket NN splitting NN appears VBZ to TO take VB the DT same JJ peculiar JJ pattern NN at IN the DT state NN government NN level NN as IN it PRP does VBZ at IN the DT federal JJ level NN . . State NN government NN is VBZ more RBR typically RB split VBN along IN Republican-governor\/Democratic-legislature JJ lines NNS than IN the DT reverse NN . . A DT cross-state JJ econometric JJ investigation NN , , furthermore RB , , reveals VBZ that IN , , holding VBG other JJ factors NNS constant JJ , , the DT difference NN between IN a DT state NN 's POS major-party JJ vote NN going VBG to TO the DT Republican JJ gubernatorial JJ candidate NN and CC the DT Republican JJ share NN of IN the DT lower JJR state NN house NN is VBZ a DT positive JJ function NN of IN the DT state NN tax NN rate NN . . In IN sum NN , , at IN both DT the DT federal JJ and CC state NN government NN levels NNS at IN least JJS part NN of IN the DT seemingly RB irrational JJ behavior NN voters NNS display VBP in IN the DT voting NN booth NN may MD have VB an DT exceedingly RB rational JJ explanation NN . . Mr. NNP Zupan NNP teaches VBZ at IN the DT University NNP of IN Southern NNP California NNP 's POS business NN school NN . . A DT House-Senate JJ conference NN approved VBD a DT nearly RB $ $ 17 CD billion CD State NNP , , Justice NNP and CC Commerce NNP Department NNP bill NN that WDT makes VBZ federal JJ reparations NNS for IN Japanese-Americans NNS held VBN in IN World NNP War NNP II NNP internment NN camps NNS a DT legal JJ entitlement NN after IN next JJ Oct. NNP 1 CD . . The DT measure NN provides VBZ no DT money NN for IN the DT promised VBN payments NNS until IN then RB , , but CC beginning VBG in IN fiscal JJ 1991 CD , , the DT government NN would MD be VB committed VBN to TO meeting VBG annual JJ payments NNS of IN as RB much JJ as IN $ $ 500 CD million CD until IN the DT total JJ liability NN of IN approximately RB $ $ 1.25 CD billion CD is VBZ paid VBN . . The DT action NN abandons VBZ earlier JJR efforts NNS to TO find VB offsetting VBG cuts NNS to TO fund VB the DT payments NNS , , but CC is VBZ widely RB seen VBN as IN a DT more RBR realistic JJ means NNS of IN expediting VBG reparations NNS first RB authorized VBN in IN 1988 CD . . The DT action NN came VBD as IN Congress NNP sent VBD to TO President NNP Bush NNP a DT fiscal JJ 1990 CD bill NN providing VBG an DT estimated VBN $ $ 156.7 CD billion CD for IN the DT Departments NNP of IN Labor NNP , , Education NNP , , Health NNP and CC Human NNP Services NNP . . Final JJ approval NN was VBD on IN a DT 67-31 CD roll NN call NN in IN the DT Senate NNP , , which WDT sets VBZ the DT stage NN for IN a DT veto NN confrontation NN with IN Mr. NNP Bush NNP over IN the DT issue NN of IN publicly RB financed VBN abortions NNS for IN poor JJ women NNS . . Reversing VBG an DT eight-year JJ federal JJ policy NN , , the DT measure NN supports VBZ Medicaid NNP abortions NNS in IN cases NNS of IN rape NN and CC incest NN , , but CC Mr. NNP Bush NNP has VBZ so RB far RB refused VBN to TO support VB any DT specific JJ exemption NN beyond IN instances NNS in IN which WDT the DT mother NN 's POS life NN is VBZ in IN danger NN . . Mr. NNP Bush NNP 's POS veto NN power NN puts VBZ him PRP a DT commanding VBG position NN in IN the DT narrowly RB divided VBN House NNP , , but CC a DT vote NN to TO override VB his PRP$ position NN could MD well RB pick VB up RP new JJ support NN because IN of IN the DT wealth NN of IN health NN and CC education NN programs NNS financed VBN in IN the DT underlying JJ bill NN . . The DT measure NN before IN the DT conference NN yesterday NN funds VBZ the DT Departments NNP of IN State NNP , , Justice NNP and CC Commerce NNP through IN fiscal JJ 1990 CD . . An DT estimated VBN $ $ 1.32 CD billion CD is VBZ provided VBN for IN next JJ year NN 's POS census NN , , and CC negotiators NNS stripped VBD a DT Senate-passed JJ rider NN seeking VBG to TO block VB the DT counting NN of IN illegal JJ aliens NNS . . Elsewhere RB in IN the DT Commerce NNP Department NNP , , nearly RB $ $ 191.2 CD million CD is VBZ preserved VBN for IN assistance NN programs NNS under IN the DT Economic NNP Development NNP Administration NNP . . And CC in IN a DT footnote NN to TO the DT fall NN of IN House NNP Speaker NNP James NNP Wright NNP this DT year NN , , the DT conference NN voted VBD to TO rescind VB $ $ 11.8 CD million CD in IN unspent JJ EDA NNP funds NNS for IN a DT Fort NNP Worth NNP , , Texas NNP , , stockyards NNS project NN that WDT figured VBD in IN ethics NNS charges NNS against IN the DT former JJ Democratic JJ leader NN . . Fiscal JJ pressures NNS also RB forced VBD the DT adoption NN of IN new JJ fees NNS charged VBN by IN federal JJ agencies NNS , , and CC an DT 18 CD % NN increase NN in IN the DT Securities NNP and CC Exchange NNP Commission NNP 's POS budget NN would MD be VB financed VBN entirely RB by IN an DT added VBN $ $ 26 CD million CD in IN filing NN fees NNS . . In IN an DT unprecedented JJ step NN , , the DT measure NN anticipates VBZ another DT $ $ 30 CD million CD in IN receipts NNS by IN having VBG the DT Federal NNP Bureau NNP of IN Investigation NNP charge VB for IN fingerprint NN services NNS in IN civil JJ cases NNS -- : a DT change NN that WDT is VBZ almost RB certain JJ to TO increase VB Pentagon NNP costs NNS in IN processing VBG personnel NNS and CC security NN clearances NNS . . The DT bill NN does VBZ n't RB include VB an DT estimated VBN $ $ 1.9 CD billion CD in IN supplemental JJ anti-drug JJ funds NNS for IN Justice NNP Department NNP and CC law-enforcement JJ accounts NNS that WDT are VBP still RB in IN conference NN with IN the DT House NNP . . But CC yesterday NN 's POS agreement NN would MD make VB it PRP easier JJR for IN state NN governments NNS to TO handle VB the DT promised VBN aid NN by IN deferring VBG for IN one CD year NN a DT scheduled VBN 50 CD % NN increase NN in IN the DT required VBN state NN matching NN funds NNS for IN law-enforcement JJ grants NNS . . Similarly RB , , the DT measure NN adjusts VBZ the DT current JJ funding VBG formula NN to TO promise VB smaller JJR states NNS such JJ as IN New NNP Hampshire NNP and CC Delaware NNP a DT minimum NN allocation NN of IN $ $ 1.6 CD million CD each DT in IN drug NN grants NNS , , or CC three CD times NNS the DT current JJ minimum NN . . The DT odd JJ mix NN of IN departments NNS in IN the DT bill NN makes VBZ it PRP one CD of IN the DT more JJR eclectic NN of IN the DT annual JJ appropriations NNS measures NNS , , and CC the DT assorted JJ provisions NNS attached VBN by IN lawmakers NNS run VBP from IN $ $ 1.5 CD million CD for IN a DT fish NN farm NN in IN Arkansas NNP to TO a DT music NN festival NN in IN Moscow NNP under IN the DT United NNP States NNP Information NNP Agency NNP . . Lawmakers NNS scrapped VBD all DT of IN a DT $ $ 7.4 CD million CD State NNP Department NNP request NN for IN the DT 1992 CD Expo NNP in IN Seville NNP , , Spain NNP , , but CC agreed VBD elsewhere RB to TO $ $ 15,000 CD for IN an DT oil NN portrait NN of IN former JJ Chief NNP Justice NNP Warren NNP Burger NNP . . Senate NNP Commerce NNP Committee NNP Chairman NNP Ernest NNP Hollings NNP ( ( D. NNP , , S.C. NNP ) ) , , who WP also RB chairs VBZ the DT Senate NNP appropriations NNS subcommittee NN for IN the DT department NN , , attached VBD $ $ 10 CD million CD for IN an DT advanced JJ technology NN initiative NN , , including VBG work NN on IN high-definition JJ television NN . . His PRP$ Republican JJ counterpart NN , , Sen. NNP Warren NNP Rudman NNP ( ( R. NNP , , N.H. NNP ) ) , , has VBZ used VBN his PRP$ position NN to TO wage VB a DT legislative JJ war NN with IN the DT conservative JJ board NN of IN the DT Legal NNP Services NNP Corp NNP . . An DT estimated VBN $ $ 321 CD million CD is VBZ provided VBN to TO maintain VB the DT program NN , , but CC Mr. NNP Rudman NNP also RB succeeded VBD in IN attaching VBG language NN seeking VBG to TO curb VB the DT authority NN of IN the DT current JJ board NN until IN new JJ members NNS are VBP confirmed VBN . . The DT effective JJ date NN of IN any DT new JJ regulations NNS by IN the DT current JJ board NN would MD be VB delayed VBN until IN Oct. NNP 1 CD next JJ year NN , , and CC the DT bill NN seeks VBZ to TO reverse VB efforts NNS by IN the DT corporation NN to TO cut VB off RP funds NNS to TO service NN organizations NNS such JJ as IN the DT Food NNP Research NNP and CC Action NNP Center NNP . . The DT bill NN also RB provides VBZ $ $ 620.5 CD million CD to TO meet VB U.S. NNP contributions NNS to TO international JJ organizations NNS and CC $ $ 80 CD million CD for IN peace-keeping JJ activities NNS . . Both DT accounts NNS reflect VBP significant JJ increases NNS from IN fiscal JJ 1989 CD , , although IN the DT amount NN for IN peace-keeping NN shows VBZ a DT 27 CD % NN cut NN from IN the DT administration NN 's POS request NN . . Mercury NNP Savings NNP & CC Loan NNP Association NNP said VBD it PRP retained VBD Merrill NNP Lynch NNP Capital NNP Markets NNP as IN its PRP$ lead NN investment NN banker NN to TO advise VB it PRP regarding VBG a DT possible JJ sale NN or CC other JJ combination NN of IN the DT Huntington NNP Beach NNP , , Calif. NNP , , thrift NN . . Mercury NNP , , which WDT has VBZ assets NNS of IN more JJR than IN $ $ 2 CD billion CD and CC 24 CD branches NNS in IN California NNP , , said VBD the DT action NN to TO improve VB its PRP$ regulatory JJ capital NN position NN is VBZ related VBN directly RB to TO new JJ capital NN requirements NNS mandated VBN by IN recently RB adopted VBN federal JJ legislation NN . . Mercury NNP also RB said VBD it PRP extended VBD its PRP$ two-year JJ advisory JJ relationship NN with IN Montgomery NNP Securities NNP of IN San NNP Francisco NNP . . Mercury NNP 's POS stock NN closed VBD yesterday NN at IN $ $ 4.875 CD , , unchanged JJ in IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP . . Watching VBG Congress NNP sweat VB and CC grimace VB through IN its PRP$ annual JJ budget NN labors NNS , , fighting VBG the DT urge NN to TO spend VB more JJR , , we PRP 're VBP reminded VBN of IN those DT late-night JJ movies NNS in IN which WDT the DT anguished JJ serial JJ killer NN turns VBZ himself PRP in RP to TO police NN and CC says VBZ , , `` `` Stop VB me PRP before IN I PRP kill VBP again RB . . '' '' The DT Members NNS know VBP they PRP 're VBP doing VBG wrong JJ , , but CC they PRP need MD help NN to TO restrain VB their PRP$ darker JJR compulsions NNS . . Arkansas NNP Democrat NNP David NNP Pryor NNP spilled VBD his PRP$ guts NNS on IN the DT Senate NNP floor NN the DT other JJ day NN after IN he PRP 'd MD joined VBD the DT Finance NNP Committee NNP 's POS early-morning JJ pork-barrel NN revels NNS : : `` `` I PRP must MD tell VB you PRP ... : I PRP come VBP to TO the DT floor NN tonight RB as IN one PRP who WP ended VBD up RP with IN a DT busload NN of IN extraneous JJ matter NN . . It PRP was VBD nothing NN more JJR or CC nothing NN less JJR than IN a DT feeding NN frenzy NN . . '' '' He PRP was VBD turning VBG himself PRP in RP . . `` `` Frankly RB , , as IN I PRP was VBD walking VBG back RB to TO get VB in IN my PRP$ car NN , , I PRP heard VBD many JJ , , many JJ people NNS ... : opening VBG champagne NN bottles NNS and CC celebrating VBG individual JJ victories NNS that IN some DT of IN us PRP had VBD accomplished VBN in IN getting VBG our PRP$ little JJ deal NN in IN the DT tax NN bill NN and CC winking VBG at IN this DT person NN for IN slipping VBG this DT in RP , , '' '' he PRP said VBD . . `` `` As IN I PRP was VBD driving VBG home NN , , I PRP did VBD not RB feel VB very RB good JJ about IN myself PRP . . '' '' We PRP can MD applaud VB Mr. NNP Pryor NNP 's POS moment NN of IN epiphany NN , , even RB as IN we PRP understand VBP that IN he PRP and CC his PRP$ confreres FW need VBP restraint NN lest IN they PRP kill VBP again RB . . A DT good JJ place NN to TO start VB the DT rehabilitation NN is VBZ a DT `` `` legislative JJ line-item JJ veto NN '' '' bill NN now RB being VBG offered VBN by IN Indiana NNP Senator NNP Dan NNP Coats NNP . . The DT Coats NNP bill NN , , which WDT already RB has VBZ 32 CD Senate NNP co-sponsors NNS , , is VBZ n't RB a DT pure JJ line-item JJ veto NN because IN it PRP would MD apply VB only RB to TO spending NN bills NNS . . Instead RB it PRP 's VBZ a DT form NN of IN `` `` enhanced JJ rescission NN , , '' '' giving VBG a DT President NNP a DT chance NN to TO rescind VB , , or CC strike VB , , specific JJ spending VBG items NNS that WDT just RB go VBP too RB far RB . . Under IN the DT proposal NN , , a DT President NNP would MD have VB a DT chance NN twice RB each DT year NN to TO return VB a DT package NN of IN `` `` rescissions NNS '' '' to TO the DT Hill NNP -- : once RB when WRB he PRP proposes VBZ his PRP$ budget NN and CC again RB after IN Congress NNP disposes VBZ . . Congress NNP would MD have VB 20 CD days NNS to TO reject VB the DT package NN with IN a DT 50 CD % NN majority NN , , but CC then RB a DT President NNP could MD veto VB that DT rejection NN . . Congress NNP would MD then RB need VB the DT usual JJ two-thirds NNS majority NN to TO override VB any DT veto NN . . The DT proposal NN would MD restore VB some DT discipline NN erased VBN from IN the DT budget NN process NN by IN the DT 1974 CD Budget NNP `` `` Reform NNP '' '' Act NNP . . Before IN 1974 CD , , a DT President NNP could MD `` `` impound VB , , '' '' or CC refuse VB to TO spend VB , , funds NNS appropriated VBN by IN Congress NNP . . Presidents NNP Kennedy NNP and CC Johnson NNP were VBD both DT big JJ users NNS of IN the DT impoundment NN power NN , , but CC Congress NNP saw VBD its PRP$ chance NN against IN a DT weakened VBN President NNP Nixon NNP and CC stripped VBD it PRP away RB . . Today NN a DT President NNP can MD still RB send VB up RP spending NN rescissions NNS , , but CC they PRP 're VBP meaningless JJ unless IN Congress NNP has VBZ a DT guilty JJ conscience NN and CC changes VBZ its PRP$ mind NN . . This DT is VBZ like IN asking VBG foxes NNS to TO feel VB remorse NN about IN chickens NNS , , and CC naturally RB rescissions NNS are VBP almost RB never RB approved VBN . . In IN 1987 CD , , President NNP Reagan NNP sent VBD 73 CD rescissions NNS back RB to TO the DT Hill NNP , , but CC only RB 3 CD % NN of IN the DT spending NN total NN was VBD approved VBN by IN Congress NNP . . Senator NNP Coats NNP 's POS proposal NN would MD let VB the DT proposed VBN spending NN cuts NNS take VB place NN automatically RB unless IN Congress NNP acts VBZ . . The DT Members NNP could MD still RB try VB to TO serve VB their PRP$ constituents NNS with IN special-interest JJ goodies NNS , , but CC the DT police NN ( ( in IN the DT form NN of IN a DT President NNP ) ) would MD be VB there RB with IN a DT straitjacket NN if IN they PRP really RB get VBP crazy JJ , , as IN they PRP do VBP now RB . . Mr. NNP Coats NNP plans VBZ to TO offer VB his PRP$ proposal NN as IN an DT amendment NN to TO a DT bill NN to TO raise VB the DT federal JJ debt NN limit NN before IN the DT end NN of IN the DT month NN . . President NNP Bush NNP has VBZ endorsed VBN the DT idea NN , , and CC at IN least JJS 50 CD sitting VBG Senators NNS have VBP voted VBN to TO support VB enhanced JJ rescission NN authority NN in IN the DT past NN . . We PRP 're VBP told VBN Senator NNP Pryor NNP is VBZ n't RB yet RB a DT co-sponsor NN , , but CC if IN he PRP and CC his PRP$ colleagues NNS are VBP serious JJ about IN kicking VBG their PRP$ compulsions NNS , , they PRP 'll MD sign VB up RP . . Business NN and CC civic JJ operations NNS lurched VBD back RB toward IN normalcy NN here RB as IN congressional JJ officials NNS estimated VBD that IN the DT price NN tag NN for IN emergency NN assistance NN to TO earthquake-ravaged JJ California NNP would MD total VB at IN least JJS $ $ 2.5 CD billion CD . . `` `` That DT is VBZ a DT minimum NN figure NN , , and CC I PRP underscore VBP minimum NN , , '' '' said VBD House NNP Speaker NNP Thomas NNP Foley NNP ( ( D. NNP , , Wash NNP . . ) ) after IN conferring VBG with IN California NNP lawmakers NNS . . `` `` It PRP 's VBZ impossible JJ to TO put VB an DT exact JJ figure NN on IN it PRP at IN this DT time NN . . '' '' The DT Office NNP of IN Management NNP and CC Budget NNP has VBZ begun VBN looking VBG into IN legislation NN to TO provide VB more JJR funds NNS for IN earthquake NN repairs NNS . . And CC California NNP 's POS 45-member JJ delegation NN in IN the DT House NNP is VBZ expected VBN to TO propose VB that IN emergency NN funds NNS be VB added VBN to TO a DT stop-gap JJ spending NN bill NN that IN the DT House NNP Appropriations NNP Committee NNP is VBZ to TO consider VB Monday NNP . . For IN the DT most JJS part NN , , major JJ corporations NNS ' POS headquarters NNS and CC plants NNS were VBD unaffected JJ or CC only RB slightly RB damaged VBN by IN Tuesday NNP 's POS earthquake NN , , which WDT registered VBD 6.9 CD on IN the DT Richter NNP scale NN . . One CD of IN the DT last JJ big JJ employers NNS in IN the DT Silicon NNP Valley NNP to TO report VB in RP , , Seagate NNP Technology NNP , , said VBD it PRP expects VBZ to TO be VB back RB at IN full JJ strength NN Monday NNP . . The DT day NN before IN the DT quake NN , , Seagate NNP completed VBD three CD days NNS of IN emergency NN training NN and CC drills NNS . . Echoing VBG the DT response NN of IN almost RB all DT big JJ corporations NNS in IN the DT Bay NNP Area NNP , , Don NNP Waite NNP , , Seagate NNP 's POS chief JJ financial JJ officer NN , , said VBD , , `` `` I PRP would MD n't RB expect VB this DT to TO have VB any DT significant JJ financial JJ impact NN . . '' '' The DT city NN 's POS recovery NN from IN the DT earthquake NN was VBD uneven JJ . . Banks NNS indicated VBD they PRP were VBD operating VBG at IN greater JJR than IN 90 CD % NN of IN their PRP$ usual JJ capacity NN , , but CC a DT Nob NNP Hill NNP hotel NN said VBD tourists NNS had VBD fled VBN , , leaving VBG the DT previously RB full JJ hotel NN with IN an DT 80 CD % NN vacancy NN rate NN . . City NN crews NNS tallied VBD the DT wreckage NN to TO buildings NNS , , but CC lacked VBD a DT clear JJ sense NN of IN how WRB gravely RB transportation NN arteries NNS were VBD disabled VBN . . Among IN the DT city NN 's POS banks NNS , , Bank NNP of IN America NNP said VBD all DT but CC eight CD of IN its PRP$ 850 CD branches NNS were VBD open JJ . . The DT closed VBN branches NNS , , in IN San NNP Francisco NNP , , Hayward NNP , , Santa NNP Clara NNP and CC Santa NNP Cruz NNP , , sustained VBD structural JJ damage NN . . Power NN failures NNS kept VBD just RB seven CD of IN its PRP$ 1,500 CD automated-teller JJ machines NNS off-line JJ . . Securities-trading JJ operations NNS were VBD moved VBN to TO Bank NNP of IN America NNP 's POS Concord NNP office NN , , and CC foreign-exchange JJ trading NN operations NNS were VBD shifted VBN to TO Los NNP Angeles NNP , , the DT bank NN said VBD . . Wells NNP Fargo NNP & CC Co. NNP said VBD its PRP$ Emergency NNP Operations NNP Committee NNP -- : which WDT met VBD all DT night NN Tuesday NNP -- : moved VBD its PRP$ global-funds JJ transfer NN system NN to TO El NNP Monte NNP , , Calif. NNP , , 500 CD miles NNS to TO the DT south NN . . Only RB five CD of IN 496 CD branches NNS statewide RB remain VBP closed JJ , , while IN 23 CD of IN 600 CD automated-teller JJ machines NNS remained VBD out IN of IN order NN . . The DT most RBS extensive JJ damage NN was VBD in IN small JJ towns NNS near IN the DT quake NN 's POS epicenter NN , , 80 CD miles NNS south RB of IN San NNP Francisco NNP . . Santa NNP Cruz NNP County NNP estimates VBZ total JJ damage NN at IN nearly RB $ $ 600 CD million CD . . Santa NNP Clara NNP County NNP has VBZ a DT running VBG total NN so RB far RB of IN $ $ 504 CD million CD , , excluding VBG the DT hard-hit JJ city NN of IN Los NNP Gatos NNP . . Oakland NNP officials NNS were VBD still RB uncertain JJ about IN the DT magnitude NN of IN structural JJ damage NN late JJ yesterday NN ; : a DT section NN of IN I-880 NNP , , a DT twotiered JJ highway NN , , collapsed VBD in IN Oakland NNP , , causing VBG a DT majority NN of IN the DT deaths NNS resulting VBG from IN the DT quake NN . . San NNP Francisco NNP Mayor NNP Art NNP Agnos NNP estimated VBD that IN damages NNS to TO the DT city NN total VBP $ $ 2 CD billion CD . . That DT includes VBZ dwellings NNS in IN the DT ravaged VBN Marina NNP district NN that WDT must MD be VB demolished VBN , , peeled VBN business NN facades NNS south RB of IN Market NNP Street NNP , , and CC houses NNS in IN the DT city NN 's POS outer JJ Richmond NNP district NN that WDT were VBD heaved VBN off IN their PRP$ foundations NNS . . Many JJ streets NNS and CC sidewalks NNS buckled VBD , , and CC subterranean JJ water NN mains NNS and CC service NN connections NNS ruptured VBD . . The DT federal JJ funds NNS would MD go VB to TO a DT range NN of IN programs NNS , , including VBG the DT Federal NNP Emergency NNP Management NNP Agency NNP , , highway NN construction NN accounts NNS and CC the DT Small NNP Business NNP Administration NNP , , according VBG to TO Rep. NNP Vic NNP Fazio NNP ( ( D. NNP , , Calif NNP . . ) ) . . FEMA NNP , , which WDT coordinates VBZ federal JJ disaster NN relief NN , , is VBZ already RB strapped VBN by IN the DT costs NNS of IN cleaning VBG up RP after IN Hurricane NNP Hugo NNP , , which WDT hit VBD the DT Carolinas NNP last JJ month NN . . It PRP is VBZ likely JJ to TO get VB as RB much JJ as IN $ $ 800 CD million CD initially RB in IN additional JJ funds NNS , , and CC eventually RB could MD get VB more JJR than IN $ $ 1 CD billion CD , , according VBG to TO Mr. NNP Fazio NNP , , a DT member NN of IN the DT House NNP Appropriations NNP Committee NNP . . White NNP House NNP spokesman NN Marlin NNP Fitzwater NNP said VBD there EX is VBZ enough JJ money NN on IN hand NN to TO deal VB with IN immediate JJ requirements NNS . . The DT Bush NNP administration NN has VBZ at IN its PRP$ disposal NN $ $ 273 CD million CD in IN funds NNS remaining JJ from IN the DT $ $ 1.1 CD billion CD Congress NNP released VBN for IN the DT cleanup NN after IN Hurricane NNP Hugo NNP . . `` `` We PRP feel VBP we PRP have VBP the DT money NN necessary JJ to TO handle VB the DT immediate JJ , , short-term JJ requirements NNS , , '' '' Mr. NNP Fitzwater NNP said VBD . . He PRP added VBD that IN the DT Office NNP of IN Management NNP and CC Budget NNP , , the DT Transportation NNP Department NNP and CC other JJ agencies NNS are VBP `` `` developing VBG longer-term JJ legislation NN '' '' that WDT should MD be VB ready JJ soon RB . . Much JJ of IN the DT cost NN of IN cleaning VBG up RP after IN the DT earthquake NN will MD involve VB repairing VBG highways NNS and CC bridges NNS . . California NNP lawmakers NNS are VBP seeking VBG changes NNS in IN rules NNS governing VBG the DT federal JJ highway NN relief NN program NN so RB more JJR money NN can MD be VB made VBN available JJ for IN the DT state NN . . Some DT things NNS ca MD n't RB be VB repaired VBN . . The DT Asian NNP Art NNP Museum NNP in IN Golden NNP Gate NNP Park NNP reports VBZ $ $ 10 CD million CD to TO $ $ 15 CD million CD in IN damage NN , , including VBG shattered VBN porcelains NNS and CC stone NN figures NNS . . Its PRP$ neighbor NN , , the DT De NNP Young NNP Museum NNP , , totaled VBD $ $ 3 CD million CD to TO $ $ 5 CD million CD in IN structural JJ damage NN and CC shattered VBN sculpture NN . . The DT city NN 's POS main JJ library NN is VBZ closed VBN because RB of IN fissures NNS that WDT opened VBD in IN its PRP$ walls NNS , , and CC marble NN facings NNS and CC ornamental JJ plaster NN at IN the DT Beaux NNP Arts NNP City NNP Hall NNP broke VBD off RP in IN the DT temblor NN . . The DT ground NN along IN the DT Embarcadero NNP the DT street NN that WDT skirts VBZ the DT city NN 's POS eastern JJ boundary NN and CC piers NNS -- : dropped VBD six CD inches NNS after IN the DT quake NN , , wreaking VBG major JJ damage NN to TO at IN least JJS one CD of IN the DT piers NNS . . At IN San NNP Francisco NNP International NNP Airport NNP , , shock NN waves NNS wrecked VBD the DT control NN tower NN , , knocking VBG down IN computers NNS and CC shattering VBG glass NN . . Offices NNS of IN the DT city NN 's POS Rent NNP Board NNP were VBD destroyed VBN . . Mayor NNP Agnos NNP 's POS $ $ 2 CD billion CD estimate NN does VBZ n't RB include VB damage NN to TO freeway NN arteries NNS leading VBG into IN the DT city NN , , some DT of IN which WDT remained VBD closed JJ . . A DT major JJ chunk NN of IN the DT $ $ 2 CD billion CD is VBZ expected VBN to TO be VB eaten VBN up RP by IN overtime NN for IN city NN workers NNS deployed VBN in IN the DT emergency NN , , said VBD a DT spokesman NN for IN Mr. NNP Agnos NNP . . `` `` All DT of IN the DT city NN 's POS $ $ 5.9 CD million CD emergency NN reserve NN was VBD spent VBN in IN the DT first JJ 24 CD hours NNS '' '' on IN overtime NN salaries NNS , , he PRP said VBD . . Insurers NNS struggled VBD to TO to TO get VB a DT firm JJ grasp NN on IN the DT volume NN of IN claims NNS pouring VBG into IN their PRP$ offices NNS . . At IN Fireman NNP 's POS Fund NNP Corp. NNP , , a DT spokesman NN said VBD 142 CD claims NNS were VBD received VBN in IN the DT first JJ 24 CD hours NNS after IN the DT quake NN , , and CC the DT company NN is VBZ braced VBN for IN as RB many JJ as IN 5,000 CD claims NNS from IN its PRP$ 35,000 CD residential JJ and CC 35,000 CD business NN policyholders NNS in IN the DT affected VBN area NN . . `` `` Claims NNS range VBP from IN a DT scratched VBN fender NN -- : and CC there EX were VBD an DT awful JJ lot NN of IN cars NNS damaged VBN in IN this DT -- : to TO a DT major JJ processing NN plant NN , , '' '' a DT spokesman NN said VBD . . `` `` We PRP 're VBP delivering VBG a DT check NN for IN $ $ 750,000 CD to TO an DT automotive JJ business NN in IN Berkeley NNP that WDT burned VBD on IN Tuesday NNP . . '' '' Fireman NNP 's POS is VBZ part NN of IN a DT $ $ 38 CD million CD syndicate NN that WDT supplies VBZ business NN interruption NN insurance NN to TO the DT city NN on IN the DT Bay NNP Bridge NNP , , which WDT must MD pay VB employees NNS during IN the DT three CD weeks NNS or CC more JJR it PRP is VBZ expected VBN to TO be VB out IN of IN service NN and CC deprived VBN of IN toll NN income NN . . California NNP lawmakers NNS want VBP to TO eliminate VB temporarily RB a DT $ $ 100 CD million CD cap NN on IN the DT amount NN of IN federal JJ highway NN relief NN for IN each DT state NN for IN each DT disaster NN , , as RB well RB as IN a DT prohibition NN on IN using VBG the DT emergency NN highway NN aid NN to TO repair VB toll NN roads NNS . . In IN addition NN , , under IN the DT highway-relief JJ program NN , , the DT federal JJ government NN provides VBZ 100 CD % NN of IN emergency NN highway NN aid NN for IN only RB the DT first JJ 90 CD days NNS of IN a DT repair NN effort NN . . After IN that DT , , the DT federal JJ share NN diminishes VBZ . . For IN interstate JJ highways NNS , , the DT federal JJ share NN normally RB would MD drop VB to TO 90 CD % NN of IN the DT cost NN of IN repairs NNS , , and CC the DT state NN would MD have VB to TO pick VB up RP the DT remainder NN of IN the DT cost NN . . But CC lawmakers NNS want VBP to TO extend VB the DT period NN for IN 100 CD % NN federal JJ funding NN for IN several JJ months NNS . . Those DT changes NNS also RB would MD apply VB to TO two CD areas NNS hit VBD hard RB by IN Hurricane NNP Hugo NNP -- : South NNP Carolina NNP and CC the DT U.S. NNP Virgin NNP Islands NNP , , according VBG to TO an DT aide NN to TO Rep. NNP Fazio NNP . . Meanwhile RB , , the DT FEMA NNP announced VBD a DT toll-free JJ telephone NN number NN ( ( 800-462-9029 CD ) ) to TO expedite VB service NN to TO victims NNS of IN the DT earthquake NN . . Lines NNS will MD be VB available JJ 24 CD hours NNS a DT day NN to TO take VB applications NNS for IN such JJ disaster NN relief NN as IN temporary JJ housing NN and CC emergency NN home NN repairs NNS by IN phone NN . . Transportation NN officials NNS are VBP expecting VBG utter JJ traffic NN pandemonium NN beginning VBG Monday NNP and CC growing VBG worse JJR over IN the DT next JJ several JJ weeks NNS . . Some DT 250,000 CD cars NNS normally RB cross VBP the DT closed VBN Bay NNP Bridge NNP between IN Oakland NNP and CC San NNP Francisco NNP daily RB . . Officials NNS say VBP it PRP is VBZ clear JJ that IN alternate JJ routes NNS ca MD n't RB handle VB the DT overflow NN . . The DT state NN is VBZ calling VBG in RP a DT flotilla NN of IN navy NN landing NN vessels NNS and CC other JJ boats NNS to TO expand VB ferry NN service NN across IN the DT bay NN and CC hopes VBZ to TO add VB numerous JJ new JJ bus NN routes NNS and CC train NN departures NNS to TO help VB alleviate VB the DT traffic NN problem NN . . Moreover RB , , state NN officials NNS are VBP urging VBG freight NN haulers NNS to TO bypass VB many JJ of IN the DT area NN 's POS main JJ highways NNS and CC to TO travel VB late RB at IN night NN or CC during IN predawn JJ hours NNS . . Even RB so RB , , `` `` We PRP 're VBP looking VBG for IN chaos NN , , '' '' said VBD George NNP Gray NNP , , a DT deputy NN district NN director NN at IN the DT California NNP Department NNP of IN Transportation NNP . . `` `` If IN there EX 's VBZ any DT way NN you PRP can MD do VB it PRP , , you PRP ought MD to TO go VB to TO Idaho NNP and CC go VB fishing NN for IN a DT while NN . . '' '' Most JJS of IN San NNP Francisco NNP 's POS tourists NNS and CC business NN travelers NNS already RB have VBP left VBN -- : despite IN hotel NN 's POS offers NNS of IN rate NN cuts NNS . . `` `` Everyone NN left VBD , , '' '' said VBD Peter NNP Lang NNP , , reservations NNS manager NN of IN the DT Mark NNP Hopkins NNP Hotel NNP . . The DT Westin NNP St. NNP Francis NNP hotel NN , , which WDT survived VBD the DT 1906 CD earthquake NN and CC fire NN , , currently RB is VBZ less JJR than IN 50 CD % NN occupied VBN . . `` `` We PRP still RB have VBP our PRP$ die-hard JJ baseball NN fans NNS , , '' '' a DT spokesman NN said VBD . . `` `` One CD lady NN from IN New NNP York NNP said VBD she PRP 's VBZ not RB going VBG home NN until IN the DT { ( World NNP Series NNP } ) is VBZ over JJ . . '' '' Gerald NNP F. NNP Seib NNP and CC Joe NNP Davidson NNP in IN Washington NNP contributed VBD to TO this DT article NN . . Is VBZ an DT American JJ Secretary NNP of IN State NNP seriously RB suggesting VBG that IN the DT Khmer NNP Rouge NNP should MD help VB govern VB Cambodia NNP ? . Apparently RB so RB . . There EX are VBP no RB easy JJ choices NNS in IN Cambodia NNP , , but CC we PRP ca MD n't RB imagine VB that IN it PRP benefits VBZ the DT U.S. NNP to TO become VB the DT catalyst NN for IN an DT all-too-familiar JJ process NN that WDT could MD end VB in IN another DT round NN of IN horror NN in IN Cambodia NNP . . Now RB that IN Vietnam NNP appears VBZ to TO have VB pulled VBN out RP its PRP$ occupation NN army NN , , the DT State NNP Department NNP is VBZ talking VBG again RB about IN accepting VBG an DT `` `` interim JJ '' '' coalition NN government NN in IN the DT Cambodian JJ capital NN of IN Phnom NNP Penh NNP . . The DT coalition NN would MD include VB the DT current JJ Vietnamese-backed JJ Hun NNP Sen NNP regime NN , , the DT two CD non-communist JJ resistance NN groups NNS led VBN by IN Son NNP Sann NNP and CC Prince NNP Sihanouk NNP , , and CC the DT Khmer NNP Rouge NNP . . The DT aim NN would MD be VB to TO end VB the DT guerrilla NN war NN for IN control NN of IN Cambodia NNP by IN allowing VBG the DT Khmer NNP Rouge NNP a DT small JJ share NN of IN power NN . . The DT State NNP Department NNP says VBZ that IN any DT Khmer NNP Rouge NNP participation NN would MD have VB to TO be VB `` `` minimal JJ . . '' '' The DT usual JJ problem NN with IN including VBG communists NNS in IN `` `` interim JJ '' '' coalition NN governments NNS is VBZ that IN their PRP$ ideology NN and CC methods NNS require VBP they PRP squeeze VBP out RP everyone NN else RB . . Recall VB that IN Nicaragua NNP 's POS Sandinistas NNPS came VBD into IN Managua NNP as IN partners NNS in IN a DT coalition NN government NN with IN anti-Somoza JJ moderates NNS . . Within IN two CD years NNS , , the DT moderates NNS were VBD exiled VBN or CC in IN prison NN , , Nicaragua NNP had VBD gone VBN communist NN , , and CC the DT Sandinistas NNPS were VBD building VBG one CD of IN the DT biggest JJS armies NNS in IN Latin NNP America NNP and CC threatening VBG their PRP$ neighbors NNS . . In IN Laos NNP , , when WRB the DT Western JJ powers NNS bowed VBD to TO pressure VB for IN such PDT a DT coalition NN it PRP turned VBD out RP they PRP were VBD opening VBG the DT door NN to TO communist NN domination NN . . Even RB Mao NNP Tse-tung NNP 's POS China NNP began VBD in IN 1949 CD with IN a DT partnership NN between IN the DT communists NNS and CC a DT number NN of IN smaller JJR , , non-communist JJ parties NNS . . What WP complicates VBZ the DT scene NN in IN Cambodia NNP is VBZ that IN the DT current JJ regime NN is VBZ already RB communist JJ , , as IN are VBP its PRP$ Vietnamese JJ overseers NNS back RB in IN Hanoi NNP , , as IN are VBP the DT Khmer NNP Rouge NNP -- : who WP are VBP the DT strongest JJS of IN the DT three CD guerrilla NN groups NNS . . It PRP 's VBZ not RB clear JJ which WDT crew NN of IN communists NNS might MD prevail VB in IN a DT coalition NN government NN , , but CC the DT one CD good JJ bet NN is VBZ that IN the DT non-communists NNS would MD disappear VB . . That DT would MD leave VB Hun NNP Sen NNP and CC the DT Khmer NNP Rouge NNP . . The DT Hun NNP Sen NNP regime NN has VBZ sent VBN thousands NNS of IN conscript JJ laborers NNS to TO die VB of IN malaria NN and CC malnourishment NN while IN building VBG Cambodia NNP 's POS equivalent NN of IN the DT Berlin NNP Wall NNP near IN the DT Thai NNP border NN . . The DT Khmer NNP Rouge NNP , , however RB , , carry VBP an DT unsurpassed JJ record NN for IN Cambodian JJ tyranny NN . . These DT utopians NNS caused VBD the DT deaths NNS -- : by IN starvation NN , , disease NN or CC execution NN -- : of IN well RB over IN one CD million CD Cambodians NNPS . . The DT Cambodian JJ horror NN was VBD so RB bad JJ that IN the DT Vietnamese JJ occupation NN in IN 1978 CD was VBD a DT perverse JJ form NN of IN relief NN . . The DT world NN might MD want VB to TO believe VB that IN the DT Khmer NNP Rouge NNP ca MD n't RB still RB be VB such JJ bad JJ guys NNS , , just RB as IN in IN the DT late JJ 1970s CD it PRP was VBD reluctant JJ to TO credit VB the DT reports NNS of IN genocide NN then RB taking VBG place NN . . But CC there EX is VBZ no DT solid JJ evidence NN that IN the DT Khmer NNP Rouge NNP have VBP changed VBN . . Some DT of IN our PRP$ sources NNS in IN Thailand NNP say VBP the DT notorious JJ old JJ Khmer NNP Rouge NNP leader NN , , Pol NNP Pot NNP , , has VBZ been VBN holed VBN up RP this DT summer NN in IN Khmer NNP Rouge NNP camps NNS near IN the DT Thai-Cambodian JJ border NN . . So IN it PRP 's VBZ difficult JJ to TO swallow VB the DT notion NN that IN Mr. NNP Baker NNP is VBZ willing JJ to TO accept VB conditions NNS that WDT would MD help VB the DT Khmer NNP Rouge NNP set VBD up RP shop NN again RB in IN Phnom NNP Penh NNP . . True JJ , , Prince NNP Sihanouk NNP backs VBZ the DT idea NN of IN such PDT a DT coalition NN , , at IN least JJS for IN this DT week NN . . But CC Prince NNP Sihanouk NNP has VBZ backed VBN all DT sorts NNS of IN ideas NNS over IN the DT years NNS , , and CC done VBN rather RB better RB by IN himself PRP than IN by IN Cambodia NNP . . Nor CC should MD the DT U.S. NNP worry VB much RB about IN offending VBG China NNP , , which WDT still RB aids VBZ the DT Khmer NNP Rouge NNP . . It PRP 's VBZ time NN the DT State NNP Department NNP recognized VBD that IN China NNP does VBZ not RB play VB by IN gentlemen NNS 's POS rules NNS . . For IN the DT U.S. NNP to TO lend VB even RB the DT slightest JJS support NN to TO the DT most RBS infamous JJ killers NNS on IN Indochina NNP 's POS bleak JJ scene NN could MD only RB disturb VB America NNP 's POS allies NNS elsewhere RB . . It PRP would MD be VB entirely RB rational JJ for IN communist NN insurgents NNS in IN countries NNS such JJ as IN the DT Philippines NNP or CC Peru NNP to TO conclude VB the DT following NN : : Fight VB viciously RB enough RB and CC the DT U.S. NNP , , under IN the DT banner NN of IN pragmatism NN , , might MD eventually RB help VB negotiate VB your PRP$ way NN to TO victory NN . . U.S. NNP diplomacy NN has VBZ done VBN it PRP before IN , , and CC it PRP will MD likely RB do VB it PRP again RB . . The DT administration NN and CC Congress NNP have VBP lately RB tangoed VBD around IN the DT idea NN of IN sending VBG military JJ aid NN to TO Cambodia NNP 's POS non-communists NNS . . But CC now RB the DT possibility NN of IN `` `` diplomatic JJ movement NN '' '' ( ( Vietnam NNP 's POS withdrawal NN , , the DT Baker NNP initiative NN ) ) has VBZ put VBN that DT plan NN on IN hold NN , , with IN the DT proviso NN that IN if IN the DT going NN got VBD rough JJ , , the DT U.S. NNP would MD then RB rearm VB the DT opposition NN . . Why WRB the DT timidity NN ? . At IN the DT very RB least JJS , , the DT odds NNS are VBP heavily RB weighted VBN against IN the DT prospects NNS of IN preventing VBG the DT Khmer NNP Rouge NNP and CC Cambodia NNP 's POS communists NNS from IN ultimately RB moving VBG against IN their PRP$ opponents NNS . . When WRB that DT day NN comes VBZ , , it PRP would MD be VB particularly RB awful JJ to TO know VB that IN the DT United NNP States NNPS sat VBD on IN military JJ aid NN and CC deprived VBD these DT people NNS of IN the DT means NNS to TO settle VB their PRP$ fate NN with IN at IN least JJS a DT little JJ honor NN . . Michael NNP F. NNP Harris NNP , , 53 CD , , was VBD named VBN executive JJ vice NN president NN , , North NNP America NNP , , for IN the DT Financial NNP Times NNPS , , the DT business NN newspaper NN published VBN by IN this DT company NN that WDT also RB has VBZ interests NNS in IN book NN publishing NN , , fine JJ china NN , , oil NN services NNS and CC investment NN banking NN . . Mr. NNP Harris NNP had VBD been VBN vice NN president NN for IN the DT newspaper NN 's POS advertising NN in IN New NNP York NNP . . He PRP takes VBZ additional JJ responsibility NN for IN newspaper NN sales NNS and CC distribution NN of IN the DT Financial NNP Times NNPS in IN North NNP America NNP . . Laurance NNP V. NNP Allen NNP , , 44 CD , , who WP had VBD been VBN director NN for IN North NNP America NNP , , resigned VBD to TO pursue VB other JJ business NN interests NNS and CC do VB some DT consulting NN . . Cipher NNP Data NNP Products NNPS Inc. NNP posted VBD a DT net JJ loss NN of IN $ $ 14.2 CD million CD , , or CC 97 CD cents NNS a DT share NN , , for IN its PRP$ fiscal JJ first JJ quarter NN , , compared VBN with IN net JJ income NN of IN $ $ 3.8 CD million CD , , or CC 27 CD cents NNS a DT share NN , , a DT year NN ago IN . . Revenue NN for IN the DT quarter NN ended VBD Sept. NNP 30 CD fell VBD 20 CD % NN , , to TO $ $ 41.3 CD million CD from IN $ $ 51.9 CD million CD in IN the DT year-earlier JJ period NN . . Cipher NNP Data NNP , , a DT San NNP Diego NNP maker NN of IN magnetic JJ tape NN peripherals NNS and CC optical JJ disc NN drives NNS , , said VBD the DT loss NN included VBD reserves NNS of IN $ $ 3.8 CD million CD related VBN to TO a DT corporate JJ restructuring NN . . The DT restructuring VBG calls VBZ for IN a DT 24 CD % NN reduction NN in IN its PRP$ work NN force NN over IN the DT next JJ two CD months NNS , , affecting VBG about IN 525 CD jobs NNS , , Cipher NNP Data NNP said VBD . . It PRP is VBZ eliminating VBG the DT positions NNS of IN president NN and CC chief NN operating NN officer NN , , formerly RB held VBN by IN Edward NNP L. NNP Marinaro NNP . . Cipher NNP Data NNP said VBD Mr. NNP Marinaro NNP consequently RB has VBZ resigned VBN from IN those DT posts NNS and CC from IN the DT company NN 's POS board NN . . Mr. NNP Marinaro NNP could MD n't RB immediately RB be VB reached VBN for IN comment NN . . FileNet NNP Corp. NNP , , Costa NNP Mesa NNP , , Calif. NNP , , said VBD it PRP expects VBZ to TO report VB a DT third-quarter JJ loss NN of IN about IN $ $ 1.8 CD million CD , , or CC 17 CD cents NNS a DT share NN , , because IN of IN a DT $ $ 2.5 CD million CD reserve NN to TO be VB taken VBN against IN potential JJ losses NNS on IN a DT contract NN with IN the DT state NN of IN California NNP . . Revenue NN is VBZ estimated VBN at IN $ $ 18.6 CD million CD . . The DT maker NN of IN document NN image NN processing NN equipment NN said VBD the DT state NN procurement NN division NN had VBD declared VBN FileNet NNP in IN default NN on IN its PRP$ contract NN with IN the DT secretary NN of IN state NN uniform JJ commercial JJ code NN division NN . . FileNet NNP said VBD it PRP does VBZ n't RB believe VB the DT state NN has VBZ a DT valid JJ basis NN of IN default NN and CC is VBZ reviewing VBG its PRP$ legal JJ rights NNS under IN the DT contract NN , , but CC said VBD it PRP ca MD n't RB predict VB the DT outcome NN of IN the DT dispute NN . . The DT disagreement NN centers VBZ on IN testing VBG deadlines NNS and CC other JJ issues NNS involving VBG a DT FileNet NNP system NN installed VBN earlier RBR this DT year NN . . State NN officials NNS could MD n't RB be VB reached VBN for IN comment NN late JJ yesterday NN . . FileNet NNP noted VBD that IN it PRP had VBD cash NN and CC marketable JJ securities NNS totaling VBG $ $ 22.5 CD million CD on IN Sept. NNP 30 CD , , and CC stockholders NNS ' POS equity NN is VBZ $ $ 60.1 CD million CD . . The DT company NN made VBD the DT announcement NN after IN the DT close NN of IN the DT markets NNS , , where WRB its PRP$ stock NN finished VB at IN $ $ 10.75 CD , , up IN 25 CD cents NNS , , in IN over-the-counter JJ trading NN . . Clinton NNP Gas NNP Systems NNPS Inc. NNP said VBD it PRP received VBD a DT contract NN from IN Timken NNP Co. NNP , , Canton NNP , , Ohio NNP , , to TO manage VB the DT natural JJ gas NN purchasing NN , , scheduling NN and CC transportation NN activities NNS for IN Timken NNP 's POS seven CD Ohio NNP and CC two CD Pennsylvania NNP plants NNS . . Clinton NNP and CC Timken NNP agreed VBD not RB to TO disclose VB the DT value NN of IN the DT contract NN . . Timken NNP , , a DT producer NN of IN bearings NNS and CC specialty NN steel NN , , already RB buys VBZ gas NN from IN Clinton NNP . . Clinton NNP said VBD in IN Columbus NNP , , Ohio NNP , , that IN its PRP$ Clinton NNP Gas NNP Marketing NNP unit NN wants VBZ to TO line VB up RP a DT number NN of IN such JJ gas NN management NN contracts NNS . . Manufacturers NNS frequently RB do VBP n't RB have VB anyone NN who WP is VBZ a DT specialist NN in IN natural JJ gas NN , , Clinton NNP said VBD , , and CC a DT specialist NN such JJ as IN Clinton NNP can MD save VB them PRP substantial JJ amounts NNS of IN money NN . . The DT scene NN opens VBZ with IN pinstripe-suited JJ executives NNS -- : Easterners NNS , , obviously RB -- : glued VBN to TO cellular JJ phones NNS and CC hightailing VBG it PRP out IN of IN town NN in IN chauffeur-driven JJ limousines NNS . . `` `` The DT carpetbaggers NNS , , '' '' snorts VBZ the DT narrator NN with IN a DT Texas JJ twang NN , , `` `` have VBP packed VBN their PRP$ bags NNS and CC went VBD . . '' '' But CC , , he PRP continues VBZ , , `` `` They PRP 're VBP forgetting VBG we PRP 're VBP all DT Texans NNPS . . The DT Lone NNP Star NNP is VBZ on IN the DT rise NN again RB . . '' '' As IN the DT music NN swells NNS , , viewers NNS discover VBP they PRP 're VBP watching VBG a DT commercial NN for IN Lone NNP Star NNP Beer NNP , , the DT pride NN of IN Texas NNP , , a DT product NN of IN G. NNP Heileman NNP Brewing NNP Co. NNP , , a DT La NNP Crosse NNP , , Wis. NNP , , unit NN of IN Bond NNP Corp NNP . . As IN the DT ad NN 's POS tone NN implies VBZ , , the DT Texas NNP spirit NN is VBZ pretty RB xenophobic JJ these DT days NNS , , and CC Lone NNP Star NNP is VBZ n't RB alone RB in IN trying VBG to TO take VB advantage NN of IN that DT . . From IN Chevy NNP trucks NNS to TO Lipton NNP iced JJ tea NN to TO a DT host NN of IN battling VBG banks NNS , , the DT state NN has VBZ been VBN inundated VBN with IN broadcast NN commercials NNS and CC print NN advertising NN campaigns NNS celebrating VBG Texans NNPS and CC castigating VBG outsiders NNS . . While IN advertisers NNS have VBP long RB appealed VBN to TO Texans NNPS ' POS state NN pride NN and CC prejudices NNS , , the DT latest JJS trend NN has VBZ been VBN sparked VBN , , in IN part NN , , by IN the DT state NN 's POS recent JJ hard JJ economic JJ times NNS . . That DT has VBZ taken VBN some DT of IN the DT swagger NN out IN of IN natives NNS who WP like VBP to TO brag VB that IN Texas NNP is VBZ the DT only JJ state NN that WDT was VBD once RB a DT nation NN , , but CC it PRP has VBZ increased VBN their PRP$ legendary JJ resentment NN of IN outsiders NNS . . In IN the DT past NN , , writes VBZ Houston NNP Chronicle NNP columnist NN Jim NNP Barlow NNP , , outlanders NNS were VBD accepted VBN only RB after IN passing VBG a DT series NN of IN tests NNS to TO prove VB they PRP had VBD the DT `` `` right JJ '' '' Texas NNP attitudes NNS and CC `` `` of IN course NN they PRP had VBD to TO be VB dipped VBN for IN parasites NNS . . '' '' There EX is VBZ no DT small JJ irony NN in IN the DT fact NN that IN some DT of IN the DT most-jingoistic JJ advertising NN comes VBZ courtesy NN of IN -- : you PRP guessed VBD it PRP -- : outsiders NNS . . Lone NNP Star NNP 's POS Bond NNP Corp. NNP parent NN , , for IN instance NN , , hails VBZ from IN Perth NNP , , Australia NNP . . North NNPS Carolinians NNPS , , New NNPS Yorkers NNPS , , Californians NNPS , , Chicagoans NNPS and CC Ohioans NNPS own VBP Texas NNP banks NNS . . All DT kinds NNS of IN landmark NN Texas NNP real JJ estate NN has VBZ been VBN snapped VBN up RP by IN out-of-staters NNS . . Even RB the DT beloved JJ Dallas NNP Cowboys NNPS were VBD bought VBN by IN an DT Arkansas NNP oil NN man NN . . `` `` Texas NNP has VBZ lost VBN its PRP$ distinctiveness NN , , leaving VBG Texans NNPS with IN a DT hunger NN to TO feel VB proud JJ about IN themselves PRP , , '' '' says VBZ Stephen NNP Klineberg NNP , , a DT sociology NN professor NN at IN Rice NNP University NNP , , Houston NNP . . `` `` This DT plays VBZ right RB into IN the DT hands NNS of IN the DT advertising NN agencies NNS . . '' '' For IN example NN , , the DT iced-tea NN radio NN campaign NN for IN Thomas NNP J. NNP Lipton NNP Co. NNP , , an DT Englewood NNP Cliffs NNPS , , N.J. NNP , , unit NN of IN Anglo-Dutch NNP Unilever NNP Group NNP , , emphatically RB proclaims VBZ : : `` `` Real JJ Texans NNPS do VBP not RB wear VB dock-siders NNS -- : ever RB . . Real JJ Texans NNPS do VBP n't RB play VB paddleball NN , , at IN least JJS I PRP hope VBP not RB . . This DT is VBZ football NN country NN . . And CC another DT thing NN -- : real JJ Texans NNPS drink VBP Lipton NNP iced JJ tea NN . . '' '' In IN developing VBG that DT theme NN at IN Interpublic NNP Group NNP of IN Cos NNP . . ' '' Lintas NNP : : New NNP York NNP unit NN , , account NN supervisor NN Lisa NNP Buksbaum NNP says VBZ she PRP made VBD a DT `` `` couple NN of IN phone NN calls NNS '' '' to TO Dallas NNP ad NN friends NNS and CC reported VBD her PRP `` `` findings NNS '' '' to TO a DT team NN of IN writers NNS . . Her PRP$ findings NNS ? . `` `` You PRP know VBP , , '' '' she PRP says VBZ , , `` `` stereotypical JJ stuff NN like IN armadillos NNS , , cowboys NNS and CC football NN . . '' '' Not RB exactly RB sophisticated JJ market NN research NN , , but CC who WP cares VBZ as RB long JJ as IN the DT campaigns NNS work VBP . . And CC ad NN agencies NNS insist VBP that IN they PRP do VBP . . Stan NNP Richards NNP of IN Richards NNP Group NNP Inc. NNP , , Dallas NNP , , tells VBZ of IN the DT Texan NNP who WP saw VBD the DT agency NN 's POS tear-jerking JJ commercial NN for IN First NNP Gibraltar NNP Bank NNP F.S.B. NNP -- : complete JJ with IN the DT state NN 's POS anthem NN -- : and CC promptly RB invested VBD $ $ 100,000 CD in IN the DT thrift NN 's POS CDs NNS . . Never RB mind VB that IN First NNP Gibraltar NNP is VBZ one CD of IN the DT failed VBN Texas NNP thrifts NNS taken VBN over RP by IN outsiders NNS -- : in IN this DT case NN , , an DT investor NN group NN headed VBN by IN New NNP York NNP financier NN Ronald NNP Perelman NNP . . The DT North NNP Texas NNP Chevy NNP Dealers NNPS recently RB had VBD a DT record NN sales NNS month NN after IN the DT debut NN of IN ad NN campaign NN that WDT thumbs VBZ its PRP$ nose NN at IN elite NN Easterners NNS . . And CC deposits VBZ at IN NCNB NNP Texas NNP National NNP Bank NNP , , a DT unit NN of IN NCNB NNP Corp. NNP , , Charlotte NNP , , N.C. NNP , , have VBP increased VBN $ $ 2 CD billion CD since IN last JJ year NN after IN heavy JJ advertising NN stressing VBG commitment NN to TO Texas NNP . . `` `` Obviously RB , , pride NN sells VBZ in IN Texas NNP , , '' '' says VBZ a DT spokeswoman NN for IN Bozell NNP Inc. NNP , , Omaha NNP , , Neb. NNP , , which WDT represents VBZ The DT ad NN campaigns NNS usually RB follow VBP one CD of IN three CD tracks NNS -- : stressing VBG the DT company NN 's POS ` `` Texasness NN , , ' '' pointing VBG out RP the DT competition NN 's POS lack NN thereof RB , , or CC trying VBG to TO be VB more RBR Texan JJ than IN Texans NNPS . . Ford NNP trucks NNS may MD outsell VB Chevy NNP trucks NNS in IN places NNS like IN `` `` Connecticut NNP and CC Long NNP Island NNP , , '' '' sniffs VBZ a DT commercial NN for IN Chevrolet NNP , , a DT division NN of IN General NNP Motors NNPS Corp NNP . . The DT commercial JJ , , created VBN by IN Bateman NNP , , Bryan NNP & CC Galles NNP Inc. NNP , , of IN Dallas NNP , , adds VBZ derisively RB : : `` `` I PRP bet VBP it PRP takes VBZ a DT real JJ tough JJ truck NN to TO haul VB your PRP$ Ivy NNP League NNP buddies NNS to TO the DT yacht NN club NN . . '' '' Because IN they PRP want VBP a DT truck NN that WDT is VBZ `` `` Texas NNP tough JJ , , '' '' the DT commercial NN concludes VBZ , , `` `` Texans NNPS drive VBP Chevy NNP . . '' '' J.C. NNP Penney NNP Co. NNP , , which WDT relocated VBD from IN New NNP York NNP to TO suburban JJ Dallas NNP two CD years NNS ago IN , , gently RB wraps VBZ itself PRP in IN Texas NNP pride NN through IN a DT full-page JJ magazine NN ad NN : : `` `` Taking VBG the DT long-range JJ view NN to TO conserve VB what WP is VBZ of IN value NN to TO future NN generations NNS is VBZ part NN of IN the DT Lone NNP Star NNP lifestyle NN , , '' '' the DT ad NN reads VBZ . . `` `` It PRP 's VBZ part NN of IN our PRP$ style NN , , too RB . . '' '' According VBG to TO several JJ ad-agency NN sources NNS , , newcomers NNS to TO the DT Texas NNP banking NN market NN are VBP spending VBG a DT combined VBN $ $ 50 CD million CD this DT year NN to TO woo VB Texans NNPS . . Meanwhile RB , , surviving VBG Texas NNP banking NN institutions NNS are VBP busily RB pitching VBG themselves PRP as IN the DT only JJ lenders NNS who WP truly RB care VBP about IN the DT state NN . . The DT most-strident JJ anti-outsider NN sentiment NN among IN bankers NNS comes VBZ from IN the DT Independent NNP Bankers NNPS Association NNP of IN Texas NNP , , although IN it PRP 's VBZ hard JJ to TO tell VB from IN previews NNS of IN the DT $ $ 5 CD million CD `` `` The DT I PRP 's VBZ of IN Texas NNP '' '' TV NN campaign NN . . Commercials NNS will MD highlight VB heart-rending JJ scenes NNS of IN Texas NNP and CC chest-swelling JJ , , ain't-it-great-to-be-a-Texan JJ music NN . . Supporting VBG banks NNS will MD sign VB a DT `` `` Texas NNP Declaration NNP of IN Independents NNPS . . '' '' But CC in IN introductory JJ material NN for IN the DT campaign NN , , the DT trade NN group NN urges VBZ members NNS to TO `` `` arm VB '' '' for IN a DT `` `` revolution NN '' '' against IN big JJ , , out-of-state JJ bank-holding JJ companies NNS . . A DT video NN sent VBN to TO association NN members NNS , , featuring VBG shots NNS of IN the DT Alamo NNP , , cowboys NNS , , fajitas NNS and CC a DT statue NN of IN Sam NNP Houston NNP , , does VBZ n't RB mince VB words NNS . . `` `` Texans NNPS can MD sniff VB a DT phony NN a DT mile NN away RB , , '' '' the DT narrator NN warns VBZ outsiders NNS . . `` `` So RB , , do VB n't RB come VB and CC try VB to TO con VB us PRP with IN a DT howdy UH y'all PRP or CC a DT cowboy NN hat NN . . '' '' Young NNP & CC Rubicam NNP 's POS Pact NNP Young NNP & CC Rubicam NNP , , fighting VBG charges NNS that IN it PRP bribed VBD Jamaican JJ officials NNS to TO win VB the DT Jamaica NNP Tourist NNP Board NNP ad NN account NN in IN 1981 CD , , said VBD it PRP will MD no RB longer RB create VB the DT tourist NN board NN 's POS advertising NN . . In IN a DT statement NN , , Alex NNP Kroll NNP , , Young NNP & CC Rubicam NNP 's POS chairman NN , , said VBD `` `` under IN the DT present JJ circumstances NNS { ( we PRP } ) have VBP agreed VBN that IN it PRP is VBZ prudent JJ to TO discontinue VB that DT contract NN . . '' '' Young NNP & CC Rubicam NNP has VBZ pleaded VBN innocent JJ to TO the DT charges NNS . . The DT board NN would MD n't RB comment VB on IN its PRP$ impending JJ search NN for IN a DT new JJ ad NN agency NN to TO handle VB its PRP$ estimated VBN $ $ 5 CD million CD to TO $ $ 6 CD million CD account NN . . Ad NNP Notes NNPS ... : . . NEW NNP ACCOUNT NNP : : Sunshine NNP Biscuits NNPS Inc. NNP , , Woodbridge NNP , , N.J. NNP , , awarded VBD its PRP$ estimated VBN $ $ 5 CD million CD account NN to TO Waring NNP & CC LaRosa NNP , , New NNP York NNP . . The DT account NN had VBD been VBN at IN Della NNP Femina NNP McNamee NNP WCRS NNP , , New NNP York NNP . . MEDIA NNP POLICY NNP : : MacNamara NNP Clapp NNP & CC Klein NNP , , a DT small JJ New NNP York NNP shop NN , , is VBZ asking VBG magazine NN ad NN representatives NNS to TO tell VB it PRP when WRB major JJ advertising NN inserts NNS will MD run VB in IN their PRP$ publications NNS . . It PRP says VBZ it PRP may MD pull VB its PRP$ clients NNS ' POS ads NNS from IN those DT magazines NNS . . COKE NNP ADS NNPS : : Coca-Cola NNP Co. NNP said VBD it PRP produced VBD a DT new JJ version NN of IN its PRP$ 1971 CD `` `` I PRP 'd MD like VB to TO teach VB the DT world NN to TO sing VB '' '' commercial NN . . The DT ad NN is VBZ part NN of IN Classic NNP Coke NNP 's POS 1990 CD ad NN campaign NN , , with IN the DT tag NN line NN , , `` `` Ca MD n't RB beat VB the DT Real NNP Thing NNP . . '' '' Basketball NN star NN Michael NNP Jordan NNP and CC singer NN Randy NNP Travis NNP have VBP also RB agreed VBN to TO appear VB in IN ads NNS . . Dell NNP Computer NNP Corp. NNP , , squeezed VBN by IN price NN pressure NN from IN its PRP$ larger JJR competitors NNS and CC delays NNS in IN its PRP$ new JJ product NN line NN , , said VBD its PRP$ per-share JJ earnings NNS for IN fiscal JJ 1990 CD will MD be VB half PDT its PRP$ previous JJ forecasts NNS . . Although IN the DT personal JJ computer NN maker NN said VBD it PRP expects VBZ revenue NN to TO meet VB or CC exceed VB previous JJ projections NNS of IN $ $ 385 CD million CD for IN the DT year NN ending VBG Jan. NNP 28 CD , , 1990 CD , , earnings NNS are VBP expected VBN to TO be VB 25 CD cents NNS to TO 35 CD cents NNS a DT share NN , , down IN from IN previous JJ estimates NNS of IN 50 CD cents NNS to TO 60 CD cents NNS . . Earnings NNS for IN fiscal JJ 1989 CD were VBD $ $ 14.4 CD million CD , , or CC 80 CD cents NNS a DT share NN , , on IN sales NNS of IN $ $ 257.8 CD million CD . . Results NNS for IN the DT third JJ quarter NN ending VBG Oct. NNP 31 CD , , are VBP expected VBN to TO be VB released VBN the DT third JJ week NN of IN November NNP , , according VBG to TO Michael NNP Dell NNP , , chairman NN and CC chief NN executive NN officer NN . . Mr. NNP Dell NNP said VBD he PRP does VBZ n't RB expect VB a DT loss NN in IN either CC the DT third JJ or CC fourth JJ quarter NN , , but CC said VBD third-quarter JJ earnings NNS could MD be VB as RB low JJ as IN four CD cents NNS a DT share NN . . In IN the DT third JJ quarter NN last JJ year NN , , Dell NNP had VBD net JJ income NN of IN $ $ 5 CD million CD , , or CC 26 CD cents NNS a DT share NN , , on IN sales NNS of IN $ $ 75.2 CD million CD . . Mr. NNP Dell NNP attributed VBD the DT earnings NNS slide NN to TO new JJ product NN delays NNS , , such JJ as IN a DT laptop NN scheduled VBN for IN September NNP that WDT wo MD n't RB be VB introduced VBN until IN early JJ November NNP . . Some DT delays NNS have VBP been VBN caused VBN by IN a DT shortage NN of IN micoprocessors NNS -- : notably RB Intel NNP Corp. NNP 's POS newest JJS chip NN , , the DT 486 CD -- : but CC others NNS apparently RB have VBP been VBN caused VBN by IN Dell NNP 's POS explosive JJ growth NN and CC thinly RB stretched VBN resources NNS . . `` `` They PRP 've VBP got VBN a DT lot NN of IN different JJ balls NNS in IN the DT air NN at IN the DT same JJ time NN , , '' '' observes VBZ Jim NNP Poyner NNP , , a DT computer NN securities NNS analyst NN with IN Dallas-based JJ William NNP K. NNP Woodruff NNP & CC Co NNP . . Mr. NNP Dell NNP , , meanwhile RB , , concedes VBZ the DT company NN was VBD `` `` definitely RB too RB optimistic JJ '' '' in IN its PRP$ expectations NNS . . Product NN delays NNS , , however RB , , have VBP left VBN Dell NNP buffeted VBN by IN harsher JJR competition NN in IN its PRP$ bread-and-butter JJ line NN of IN desktop NN computers NNS , , as IN powerhouse NN competitors NNS Compaq NNP Computer NNP Corp. NNP and CC International NNP Business NNP Machines NNPS Corp. NNP price VBP their PRP$ PCs NNS more RBR aggressively RB . . The DT result NN has VBZ been VBN thinner JJR margins NNS , , which WDT have VBP been VBN further RB eroded VBN by IN an DT ambitious JJ research NN and CC development NN effort NN and CC rapid JJ overseas RB expansion NN . . Analyst NN James NNP Weil NNP of IN the DT Soundview NNP Financial NNP Group NNP believes VBZ Dell NNP 's POS response NN has VBZ been VBN to TO place VB increased VBN emphasis NN on IN product NN quality NN , , `` `` in IN an DT effort NN to TO rise VB above IN some DT of IN that DT price NN pressure NN . . '' '' But CC that IN has VBZ been VBN the DT key NN to TO Compaq NNP 's POS success NN , , he PRP adds VBZ , , whereas IN Dell NNP carved VBD out RP its PRP$ market NN niche NN as IN a DT direct JJ seller NN of IN low-cost JJ but CC reliable JJ computers NNS -- : and CC it PRP might MD be VB too RB late JJ in IN the DT game NN for IN a DT shift NN in IN strategy NN . . In IN national JJ over-the-counter JJ trading NN , , Dell NNP closed VBD yesterday NN at IN $ $ 6 CD a DT share NN , , down IN 87.5 CD cents NNS . . TransAtlantic NNP Holdings NNPS PLC NNP , , a DT British-based JJ , , South NNP African-controlled JJ financial JJ services NNS investment NN group NN , , and CC France NNP 's POS Societe NNP Centrale NNP Union NNP des NNP Assurances NNP de IN Paris NNP reached VBD an DT accord NN effectively RB reducing VBG chances NNS of IN an DT unfriendly JJ takeover NN for IN Sun NNP Life NNP Assurance NNP Society NNP PLC NNP . . In IN a DT joint JJ statement NN , , the DT two CD companies NNS , , whose WP$ combined VBN holdings NNS equal JJ 52.7 CD % NN of IN Sun NNP Life NNP 's POS ordinary JJ shares NNS , , said VBD their PRP$ agreement NN is VBZ aimed VBN at IN reducing VBG `` `` the DT uncertainty NN and CC instability NN for IN Sun NNP Life NNP that WDT has VBZ resulted VBN from IN two CD major JJ shareholders NNS owning VBG '' '' a DT controlling VBG interest NN in IN the DT company NN . . TransAtlantic NNP , , whose WP$ Transol NNP Investments NNPS Ltd. NNP unit NN owns VBZ the DT largest JJS minority NN stake NN in IN Sun NNP Life NNP , , has VBZ agreed VBN not RB to TO make VB a DT takeover NN bid NN for IN the DT British JJ life NN insurer NN without IN the DT prior JJ consent NN of IN the DT French JJ company NN , , known VBN as IN UAP NNP . . In IN return NN , , the DT agreement NN would MD force VB UAP NNP to TO buy VB TransAtlantic NNP 's POS 29.8 CD % NN holding NN in IN Sun NNP Life NNP or CC sell VB its PRP$ 22.9 CD % NN stake NN to TO TransAtlantic NNP at IN a DT price NN set VBN by IN Transatlantic NNP . . Pride NNP Petroleum NNP Services NNPS Inc. NNP said VBD it PRP agreed VBD to TO buy VB well-servicing JJ assets NNS of IN two CD companies NNS and CC expects VBZ to TO report VB higher JJR third-quarter JJ revenue NN and CC earnings NNS . . In IN the DT year-earlier JJ quarter NN , , the DT well-servicing JJ contractor NN had VBD net JJ income NN of IN $ $ 319,000 CD , , or CC 3 CD cents NNS a DT share NN , , on IN revenue NN of IN about IN $ $ 15 CD million CD . . Results NNS for IN the DT earlier JJR quarter NN included VBD a DT $ $ 100,000 CD restructuring NN charge NN . . Separately RB , , the DT Houston JJ concern NN said VBD it PRP signed VBD letters NNS of IN intent NN for IN the DT cash NN and CC stock NN purchases NNS of IN a DT total NN of IN 29 CD well-servicing JJ rigs NNS from IN two CD concerns NNS located VBN in IN New NNP Mexico NNP and CC California NNP . . It PRP did VBD n't RB disclose VB specifics NNS but CC said VBD it PRP expects VBZ to TO complete VB the DT purchases NNS by IN Nov. NNP 1 CD . . Schlumberger NNP Ltd. NNP , , New NNP York NNP , , reported VBD third-quarter JJ net JJ income NN edged VBD up IN as IN growth NN in IN its PRP$ oil-field JJ services NNS sector NN offset VBP a DT decline NN in IN interest NN income NN . . The DT lower JJR interest NN income NN occurred VBD because IN Schlumberger NNP spent VBD $ $ 1.2 CD billion CD buying VBG back RP its PRP$ stock NN last JJ year NN . . Net NN for IN the DT oil-field NN services NNS and CC electronic JJ measurements NNS and CC systems NNS concern NN rose VBD to TO $ $ 114.2 CD million CD , , or CC 48 CD cents NNS a DT share NN , , from IN $ $ 112.2 CD million CD , , or CC 42 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . Per-share JJ earnings NNS advanced VBD 14 CD % NN because IN of IN the DT buy-back NN . . Revenue NN declined VBD 6.3 CD % NN to TO $ $ 1.11 CD billion CD from IN $ $ 1.18 CD billion CD . . But CC excluding VBG businesses NNS acquired VBN or CC sold VBN , , revenue NN was VBD flat JJ at IN about IN $ $ 1.24 CD billion CD . . Nine-month JJ net NN fell VBD 9.5 CD % NN to TO $ $ 323.4 CD million CD , , or CC $ $ 1.36 CD a DT share NN , , from IN $ $ 357.2 CD million CD , , or CC $ $ 1.32 CD a DT share NN , , a DT year NN earlier RBR . . Revenue NN dropped VBD 5.4 CD % NN to TO $ $ 3.48 CD billion CD from IN $ $ 3.68 CD billion CD . . This DT year NN 's POS nine-month JJ results NNS include VBP gains NNS of IN $ $ 13 CD million CD , , or CC five CD cents NNS a DT share NN , , from IN the DT sale NN of IN Schlumberger NNP 's POS defense NN systems NNS business NN , , and CC $ $ 22 CD million CD , , or CC nine CD cents NNS a DT share NN , , from IN an DT award NN by IN the DT IranU.S NNP . . Claims NNPS Tribunal NNP . . The DT year-earlier JJ nine CD months NNS include VBP a DT gain NN of IN $ $ 35 CD million CD , , or CC 13 CD cents NNS a DT share NN , , from IN sale NN of IN the DT company NN 's POS Electricity NNP Control NNP & CC Transformers NNPS division NN . . NEW NNP ENGLAND NNP CRITICAL NNP CARE NNP Inc. NNP offered VBD $ $ 35 CD million CD in IN convertible JJ subordinated VBN debentures NNS through IN Morgan NNP Stanley NNP & CC Co. NNP and CC Prudential-Bache NNP Capital NNP Funding NNP . . The DT debentures NNS , , due JJ in IN 2014 CD , , have VBP a DT coupon NN of IN 7 CD 3\/4 CD % NN , , payable JJ semiannually RB . . The DT debentures NNS may MD be VB converted VBN into IN common JJ stock NN of IN the DT Westborough NNP , , Mass. NNP , , home NN health NN care NN concern NN at IN $ $ 52.50 CD a DT share NN . . Proceeds NNS will MD be VB used VBN for IN working VBG capital NN and CC general JJ corporate JJ purposes NNS , , including VBG expansion NN of IN the DT company NN 's POS operations NNS . . The DT French NNP building NN group NN Dumez NNP S.A. NNP said VBD profit NN jumped VBD 70 CD % NN in IN the DT first JJ half DT of IN 1989 CD , , partly RB on IN the DT strength NN of IN nonrecurring VBG gains NNS from IN a DT share NN issue NN by IN its PRP$ Canadian JJ unit NN . . Dumez NNP said VBD group NN profit NN after IN payments NNS to TO minority NN interests NNS rose VBD to TO 252 CD million CD francs NNS ( ( $ $ 40.1 CD million CD ) ) from IN 148 CD million CD a DT year NN earlier RBR . . Revenue NN rose VBD 40 CD % NN to TO 13.32 CD billion CD francs NNS from IN 9.53 CD billion CD . . The DT group NN noted VBD that IN 75 CD million CD francs NNS of IN the DT advance NN reflected VBD a DT one-time JJ gain NN from IN the DT June NNP offering NN by IN its PRP$ United NNP Westburne NNP unit NN in IN Canada NNP . . It PRP did VBD n't RB say VB if IN its PRP$ year-earlier JJ results NNS were VBD influenced VBN significantly RB by IN nonrecurring VBG elements NNS . . For IN all DT of IN 1988 CD , , Dumez NNP had VBD group NN profit NN of IN 452 CD million CD francs NNS after IN payment NN to TO minority NN interests NNS . . Revenue NN was VBD 21.98 CD billion CD francs NNS . . The DT group NN has VBZ n't RB forecast VBN full-year JJ earnings NNS for IN 1989 CD , , although IN it PRP said VBD that IN its PRP$ first-half JJ results NNS are VBP n't RB a DT good JJ indication NN because IN of IN one-time JJ elements NNS and CC the DT seasonal JJ nature NN of IN its PRP$ operations NNS . . Tuesday NNP 's POS earthquake NN will MD depress VB local JJ real-estate NN values NNS in IN the DT short JJ term NN and CC force VB companies NNS to TO reconsider VB expanding VBG in IN or CC relocating VBG to TO the DT Bay NNP Area NNP and CC California NNP , , real-estate NN and CC relocation NN specialists NNS said VBD . . Few JJ specialists NNS said VBD they PRP expect VBP the DT quake NN to TO have VB much RB of IN an DT effect NN on IN most JJS California NNP property NN values NNS . . But CC real-estate NN experts NNS and CC brokers NNS said VBD the DT quake NN undoubtedly RB will MD drag VB down RP prices NNS in IN neighborhoods NNS built VBN on IN less JJR stable JJ ground NN , , especially RB in IN the DT Bay NNP Area NNP . . `` `` California NNP prices NNS were VBD already RB coming VBG down IN . . This DT is VBZ n't RB going VBG to TO help VB , , '' '' said VBD Kenneth NNP T. NNP Rosen NNP , , chairman NN of IN the DT Center NNP for IN Real NNP Estate NNP and CC Urban NNP Economics NNP at IN the DT University NNP of IN California NNP at IN Berkeley NNP . . State NN housing NN prices NNS , , at IN a DT median NN $ $ 201,028 CD , , have VBP declined VBN in IN recent JJ months NNS because IN of IN potential JJ buyers NNS ' POS inability NN to TO afford VB homes NNS . . Mr. NNP Rosen NNP , , among IN others NNS , , suggested VBD that IN the DT quake NN , , the DT strongest JJS since IN the DT 1906 CD temblor NN that WDT struck VBD San NNP Francisco NNP , , will MD in IN the DT short JJ term NN create VB a DT two-tier JJ price NN system NN for IN quake-prone JJ communities NNS , , with IN dwellings NNS built VBN on IN sturdy JJ ground NN likely JJ to TO demand VB higher JJR prices NNS . . One CD San NNP Francisco NNP neighborhood NN likely JJ to TO test VB Mr. NNP Rosen NNP 's POS theory NN soon RB is VBZ the DT city NN 's POS fashionable JJ Marina NNP district NN , , which WDT boasts VBZ some DT of IN the DT highest JJS home NN prices NNS in IN the DT state NN . . The DT district NN , , built VBN on IN landfill NN , , suffered VBN heavy JJ quake NN damage NN , , including VBG collapsed VBN buildings NNS . . Yesterday NN , , the DT city NN demolished VBD two CD dwellings NNS in IN the DT district NN because IN of IN severe JJ structural JJ damage NN and CC said VBD as RB many JJ as IN 19 CD of IN the DT district NN 's POS 350 CD dwellings NNS might MD have VB to TO be VB razed VBN . . Brokers NNS agreed VBD with IN the DT two-tier JJ price NN theory NN . . `` `` My PRP$ gut NN feeling NN is VBZ that IN the DT Marina NNP properties NNS will MD be VB affected VBN , , '' '' said VBD Grace NNP Perkins NNP , , senior JJ vice NN president NN at IN Grubb NNP & CC Ellis NNP Residential NNP Brokerage NNP Inc NNP . . Neither CC she PRP nor CC other JJ real-estate NN executives NNS and CC brokers NNS could MD project VB how WRB much JJ less JJR Marina NNP properties NNS might MD bring VB , , but CC she PRP said VBD the DT two-tier JJ price NN structure NN would MD affect VB prices NNS `` `` for IN a DT while NN . . '' '' Mr. NNP Rosen NNP said VBD the DT quake NN will MD revive VB consumer NN interest NN in IN a DT little-publicized JJ 1972 CD state NN law NN that WDT requires VBZ brokers NNS to TO disclose VB to TO potential JJ buyers NNS how WRB close JJ a DT property NN sits VBZ to TO a DT fault NN line NN . . Because IN of IN the DT size NN of IN the DT California NNP market NN , , few JJ relocation NN specialists NNS expect VBP a DT widespread JJ corporate JJ flight NN in IN the DT quake NN 's POS aftermath NN . . But CC they PRP said VBD the DT quake NN will MD force VB some DT companies NNS to TO relocate VB or CC expand VB part NN or CC all DT of IN their PRP$ operations NNS outside IN the DT state NN . . `` `` What WP you PRP 're VBP going VBG to TO get VB is VBZ ` `` We PRP do VBP n't RB want VB to TO put VB all DT of IN our PRP$ eggs NNS in IN one CD basket NN ' '' theory NN , , '' '' said VBD James NNP H. NNP Renzas NNP , , president NN of IN Location NNP Management NNP Services NNPS Inc. NNP , , a DT Palo NNP Alto NNP , , Calif. NNP , , relocation NN concern NN . . Mr. NNP Renzas NNP , , among IN others NNS , , said VBD the DT quake NN will MD prod VB companies NNS in IN certain JJ industries NNS , , like IN semiconductors NNS , , computers NNS and CC aerospace NN , , to TO consider VB moving VBG operations NNS that WDT involve VBP particularly RB sensitive JJ machinery NN to TO locations NNS outside IN California NNP . . Because IN of IN the DT quake NN threat NN , , `` `` some DT firms NNS have VBP evaluated VBN what WP the DT cost NN is VBZ to TO shore VB up RP their PRP$ buildings NNS and CC compared VBN it PRP with IN the DT cost NN of IN building VBG it PRP elswehere NN , , '' '' he PRP said VBD . . One CD Southern NNP California NNP aerospace NN firm NN , , for IN example NN , , two CD months NNS ago IN asked VBD Location NNP Management NNP to TO compare VB the DT costs NNS of IN reinforcing VBG its PRP$ current JJ building NN against IN earthquakes NNS with IN the DT cost NN of IN building VBG a DT new JJ structure NN elsewhere RB . . A DT new JJ dwelling NN would MD cost VB $ $ 21 CD million CD , , Location NNP Management NNP found VBD , , compared VBN with IN $ $ 22 CD million CD to TO make VB the DT present JJ building NN earthquake-proof JJ . . The DT company NN , , Mr. NNP Renzas NNP said VBD , , has VBZ n't RB yet CC determined VBN what WP to TO do VB . . NATIONWIDE NNP HEALTH NNP PROPERTIES NNPS , , Pasadena NNP , , Calif. NNP , , said VBD it PRP would MD n't RB pay VB its PRP$ fourth-quarter JJ dividend NN , , despite IN a DT 44 CD % NN increase NN in IN third-quarter JJ earnings NNS , , to TO $ $ 3.5 CD million CD , , or CC 42 CD cents NNS a DT share NN . . Net JJ income NN included VBD a DT gain NN of IN $ $ 708,000 CD on IN asset NN sales NNS , , the DT real JJ estate NN investment NN trust NN said VBD . . A DT year NN earlier RBR , , Nationwide NNP Health NNP earned VBD $ $ 2.4 CD million CD , , or CC 29 CD cents NNS a DT share NN . . Revenue NN rose VBD 3 CD % NN to TO $ $ 9 CD million CD from IN $ $ 8.8 CD million CD . . Nationwide NNP Health NNP said VBD that IN although IN it PRP has VBZ the DT cash NN to TO cover VB the DT 25-cent-a-share JJ dividend NN , , its PRP$ banks NNS have VBP denied VBN the DT company NN 's POS request NN to TO pay VB it PRP because IN the DT trust NN has VBZ n't RB met VBN certain JJ terms NNS . . Nationwide NNP Health NNP said VBD it PRP has VBZ `` `` numerous JJ financing NN activities NNS '' '' under IN way NN to TO remedy VB the DT problem NN and CC will MD make VB up RP the DT dividend NN payment NN later RB if IN possible JJ . . Aussedat NNP Rey NNP S.A. NNP , , a DT French JJ paper NN producer NN , , said VBD it PRP concluded VBD an DT agreement NN with IN Japan NNP 's POS Fuji NNP Photo NNP Film NNP Co. NNP that WDT will MD allow VB Aussedat NNP Rey NNP to TO manufacture VB and CC sell VB thermal JJ paper NN using VBG Fuji NNP technology NN . . Aussedat NNP Rey NNP is VBZ a DT leading VBG French JJ maker NN of IN copying NN and CC electronic JJ printing NN paper NN . . Thermal JJ paper NN is VBZ used VBN in IN facsimile JJ machines NNS . . Terms NNS of IN the DT agreement NN were VBD n't RB disclosed VBN . . Aussedat NNP Rey NNP 's POS move NN follows VBZ similar JJ technology-licensing JJ agreements NNS between IN Japanese JJ producers NNS of IN thermal JJ paper NN and CC European JJ paper NN groups NNS . . W.R. NNP Grace NNP & CC Co. NNP , , New NNP York NNP , , said VBD its PRP$ earnings NNS for IN the DT third JJ quarter NN nearly RB doubled VBD as IN a DT result NN of IN a DT $ $ 114.4 CD million CD pre-tax JJ gain NN from IN restructuring VBG its PRP$ energy NN operations NNS and CC other JJ adjustments NNS . . Net JJ income NN rose VBD to TO $ $ 97.9 CD million CD , , or CC $ $ 1.15 CD a DT share NN , , from IN $ $ 50.5 CD million CD , , or CC 60 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . Sales NNS increased VBD 7 CD % NN to TO $ $ 1.49 CD billion CD from IN $ $ 1.39 CD billion CD . . The DT gain NN resulted VBD from IN the DT sale NN of IN Grace NNP Equipment NNP Co. NNP , , the DT initial JJ public JJ offering NN of IN a DT one-sixth JJ interest NN in IN Grace NNP Energy NNP Corp. NNP and CC an DT adjustment NN in IN the DT carrying VBG value NN of IN certain JJ natural JJ resource NN assets NNS not RB part NN of IN Grace NNP Energy NNP . . The DT international JJ specialty NN chemical NN company NN 's POS earnings NNS were VBD hurt VBN by IN an DT accrual NN for IN stock-appreciation NN rights NNS that WDT reflected VBD a DT 19 CD % NN increase NN in IN the DT stock NN price NN , , and CC higher JJR interest NN expenses NNS . . Anglo NNP American NNP Corp. NNP of IN South NNP Africa NNP Ltd. NNP said VBD the DT third-quarter JJ combined VBN profit NN of IN its PRP$ six CD gold NN mines NNS dropped VBD 8.5 CD % NN from IN the DT previous JJ quarter NN . . Total JJ net JJ income NN fell VBD to TO 471.6 CD million CD rand NN ( ( $ $ 178.0 CD million CD ) ) from IN 515.4 CD million CD rand NN in IN the DT June NNP quarter NN . . Total JJ gold NN production NN by IN all DT six CD mines NNS rose VBD 4 CD % NN to TO 63,971 CD kilograms NNS from IN 61,493 CD kilograms NNS in IN the DT previous JJ quarter NN . . Doman NNP Industries NNPS Ltd. NNP said VBD it PRP increased VBD its PRP$ stake NN in IN Western NNP Forest NNP Products NNPS Ltd. NNP to TO 56 CD % NN from IN 22 CD % NN , , through IN a DT two-step JJ transaction NN valued VBN at IN 137 CD million CD Canadian JJ dollars NNS ( ( $ $ US116.7 CD million CD ) ) . . Doman NNP is VBZ based VBN in IN Duncan NNP , , British NNP Columbia NNP . . The DT company NN , , founded VBN and CC controlled VBN by IN Harbanse NNP Doman NNP , , its PRP$ chairman NN and CC president NN , , said VBD the DT purchase NN would MD make VB it PRP Canada NNP 's POS 10th JJ largest JJS forest NN products NNS company NN . . Under IN terms NNS of IN the DT transaction NN , , which WDT was VBD proposed VBN in IN June NNP , , Doman NNP said VBD it PRP acquired VBD International NNP Forest NNP Products NNPS Ltd. NNP 's POS 22 CD % NN stake NN in IN Western NNP Forest NNP , , and CC Western NNP Forest NNP , , in IN a DT related VBN transaction NN , , bought VBD back RP a DT 22 CD % NN interest NN in IN the DT company NN from IN Fletcher NNP Challenge NNP Canada NNP Ltd NNP . . The DT Fletcher NNP Challenge NNP Canada NNP stake NN was VBD then RB canceled VBN , , Doman NNP said VBD , , raising VBG Doman NNP 's POS interest NN in IN Western NNP Forest NNP to TO 56 CD % NN . . Doman NNP said VBD it PRP was VBD also RB granted VBN an DT option NN to TO acquire VB the DT remaining VBG 44 CD % NN interest NN in IN Western NNP Forest NNP , , which WDT is VBZ currently RB held VBN by IN two CD Canadian JJ banks NNS . . International NNP Forest NNP , , Western NNP Forest NNP , , and CC Fletcher NNP Challenge NNP Canada NNP are VBP Vancouver-based JJ forest NN products NNS concerns NNS . . The DT Canadian JJ government NN introduced VBD in IN the DT House NNP of IN Commons NNP legislation NN to TO extend VB federal JJ regulatory JJ authority NN over IN provincial JJ government-owned JJ telephone NN utilities NNS in IN Alberta NNP , , Saskatchewan NNP and CC Manitoba NNP . . The DT legislation NN would MD open VB the DT way NN for IN more JJR telephone NN services NNS and CC more JJR competition NN in IN the DT telephone NN business NN in IN the DT three CD provinces NNS , , federal JJ officials NNS said VBD . . The DT federal JJ government NN initiative NN follows VBZ a DT recent JJ Canadian NNP Supreme NNP Court NNP decision NN that WDT held VBD that IN the DT major JJ telephone NN companies NNS in IN Alberta NNP , , Saskatchewan NNP and CC Manitoba NNP and CC in IN the DT Atlantic JJ coast NN provinces NNS were VBD interprovincial JJ undertakings NNS and CC subject JJ to TO federal JJ legislative JJ authority NN . . Prior RB to TO the DT ruling NN the DT federal JJ government NN had VBD regulated VBN only RB the DT telephone NN companies NNS in IN Quebec NNP , , Ontario NNP , , British NNP Columbia NNP and CC the DT Northwest NNP Territories NNPS . . The DT governments NNS of IN Alberta NNP , , Saskatchewan NNP and CC Manitoba NNP have VBP strongly RB opposed VBN federal JJ regulation NN of IN their PRP$ telephone NN companies NNS . . The DT extension NN of IN federal JJ regulatory JJ authority NN over IN telephone NN utilities NNS in IN the DT Atlantic JJ provinces NNS has VBZ n't RB required VBN special JJ legislation NN because IN they PRP are VBP investor-owned JJ . . Amdura NNP Corp. NNP said VBD its PRP$ bank NN group NN , , led VBN by IN Chicago-based JJ Continental NNP Bank NNP , , agreed VBD to TO extend VB its PRP$ $ $ 40 CD million CD bridge NN loan NN until IN March NNP 31 CD , , 1990 CD , , and CC gave VBD it PRP a DT new JJ $ $ 30 CD million CD credit NN line NN . . Under IN terms NNS of IN the DT loan NN agreement NN , , Amdura NNP said VBD it PRP will MD omit VB the DT next JJ quarterly JJ dividends NNS on IN its PRP$ Series NNPS A NNP , , B NNP , , C NNP and CC D NNP preferred VBN shares NNS , , which WDT are VBP due JJ Nov. NNP 15 CD . . Since IN the DT preferred VBN stock NN is VBZ cumulative JJ , , Amdura NNP said VBD it PRP will MD pay VB all DT omitted VBN dividends NNS , , which WDT range VBP from IN $ $ 1.19 CD to TO $ $ 4.88 CD a DT share NN , , when WRB debt-reduction NN requirements NNS have VBP been VBN met VBN . . Amdura NNP 's POS bridge NN loan NN , , part NN of IN the DT financing NN for IN Amdura NNP 's POS acquisition NN of IN CoastAmerica NNP in IN December NNP 1988 CD , , was VBD to TO come VB due JJ next JJ Friday NNP . . The DT company NN 's POS new JJ management NN , , which WDT took VBD control NN of IN Amdura NNP 's POS board NN after IN a DT consent NN solicitation NN last JJ month NN , , wanted VBD to TO extend VB the DT loan NN while IN it PRP tries VBZ to TO sell VB two CD units NNS . . Proceeds NNS from IN those DT sales NNS will MD be VB used VBN to TO reduce VB debt NN . . Amdura NNP , , a DT Denver NNP hardware NN and CC automotive JJ distributor NN , , said VBD the DT new JJ credit NN agreement NN will MD provide VB the DT working VBG capital NN needed VBN to TO meet VB ongoing JJ requirements NNS . . Three CD savings-and-loan NN institutions NNS in IN Kansas NNP and CC Texas NNP were VBD added VBN to TO the DT Resolution NNP Trust NNP Corp. NNP 's POS conservatorship NN program NN after IN federal JJ regulators NNS declared VBD the DT thrifts NNS insolvent JJ and CC named VBD the DT RTC NNP their PRP$ receiver NN . . The DT deposits NNS , , assets NNS and CC certain JJ liabilities NNS of IN the DT three CD thrifts NNS were VBD transferred VBN to TO newly RB chartered VBN federal JJ mutual JJ institutions NNS . . The DT three CD institutions NNS are VBP : : Mid NNP Kansas NNP Federal NNP Savings NNP & CC Loan NNP Association NNP , , Wichita NNP , , which WDT had VBD $ $ 830.5 CD million CD in IN assets NNS ; : Valley NNP Federal NNP Savings NNP & CC Loan NNP Association NNP of IN McAllen NNP , , McAllen NNP , , Texas NNP , , with IN $ $ 582.6 CD million CD in IN assets NNS ; : and CC Surety NNP Savings NNP Association NNP , , El NNP Paso NNP , , with IN $ $ 309.3 CD million CD in IN assets NNS . . The DT three CD insolvent JJ thrifts NNS will MD maintain VB normal JJ business NN hours NNS and CC operations NNS under IN RTC-appointed JJ managing VBG agents NNS , , while IN the DT RTC NNP tries VBZ to TO negotiate VB permanent JJ resolutions NNS . . Separately RB , , Century NNP Bank NNP , , Phoenix NNP , , Ariz. NNP , , was VBD closed VBN by IN Arizona NNP banking NN officials NNS . . The DT Federal NNP Deposit NNP Insurance NNP Corp. NNP approved VBD the DT assumption NN of IN Century NNP 's POS deposits NNS and CC fully RB secured VBN liabilities NNS by IN a DT newly RB chartered VBN subsidiary NN of IN Valley NNP Capital NNP Corp. NNP , , Las NNP Vegas NNP . . The DT new JJ institution NN is VBZ also RB called VBN Century NNP Bank NNP , , and CC the DT failed VBN bank NN 's POS five CD offices NNS will MD reopen VB today NN . . The DT failed VBN bank NN had VBD assets NNS of IN about IN $ $ 129.6 CD million CD . . The DT newly RB chartered VBN bank NN will MD assume VB about IN $ $ 125.7 CD million CD in IN 10,300 CD deposit NN accounts NNS and CC pay VB the DT FDIC NNP a DT purchase NN premium NN of IN $ $ 2.9 CD million CD . . It PRP also RB will MD buy VB about IN $ $ 91.7 CD million CD of IN assets NNS , , and CC the DT FDIC NNP will MD advance VB $ $ 31.8 CD million CD to TO the DT assuming VBG bank NN . . Lonrho NNP PLC NNP of IN Britain NNP is VBZ to TO come VB to TO the DT rescue NN of IN the DT French JJ distribution NN group NN Societe NNP Commerciale NNP de IN l'Ouest NNP Africaine NNP in IN an DT operation NN that WDT has VBZ been VBN engineered VBN with IN the DT Paribas NNP financial JJ group NN , , Societe NNP Commerciale NNP 's POS main JJ shareholder NN . . The DT announcement NN came VBD as IN Societe NNP Commerciale NNP , , a DT trading NN company NN with IN activities NNS in IN more RBR than IN 40 CD countries NNS , , reported VBD a DT loss NN of IN 320.5 CD million CD francs NNS ( ( $ $ 51 CD million CD ) ) for IN the DT first JJ six CD months NNS of IN this DT year NN , , partly RB because IN of IN provisions NNS on IN future JJ losses NNS . . The DT rescue NN operation NN will MD consist VB of IN a DT capital NN boost NN for IN Societe NNP Commerciale NNP of IN one CD billion CD francs NNS through IN issues NNS of IN new JJ shares NNS and CC convertible JJ bonds NNS . . Cie NNP . . Financiere NNP de NNP Paribas NNP said VBD it PRP intends VBZ to TO transfer VB its PRP$ 30 CD % NN shareholding NN in IN Societe NNP Commerciale NNP to TO a DT new JJ company NN which WDT will MD be VB jointly RB owned VBN with IN Lonrho NNP . . This DT will MD give VB Paribas NNP and CC Lonrho NNP joint JJ control NN of IN Societe NNP Commerciale NNP . . Paribas NNP said VBD Lonrho NNP will MD participate VB in IN the DT forthcoming JJ capital NN boost NN for IN Societe NNP Commerciale NNP . . International NNP Business NNP Machines NNPS Corp. NNP and CC MCA NNP Inc. NNP said VBD they PRP agreed VBD to TO sell VB their PRP$ Discovision NNP Associates NNPS joint JJ venture NN to TO U.S. NNP units NNS of IN Pioneer NNP Electronic NNP Corp. NNP for IN $ $ 200 CD million CD . . The DT joint JJ venture NN licenses VBZ a DT portfolio NN of IN about IN 1,400 CD patents NNS and CC patent NN applications NNS relating VBG to TO optical-disk JJ recording NN technology NN . . IBM NNP and CC MCA NNP formed VBD Discovision NNP in IN 1979 CD to TO make VB laser-read JJ optical JJ products NNS . . But CC the DT partners NNS did VBD n't RB believe VB the DT market NN for IN the DT systems NNS was VBD developing VBG as RB rapidly RB as IN they PRP had VBD hoped VBN . . After IN reportedly RB investing VBG $ $ 100 CD million CD in IN the DT business NN , , Discovision NNP ceased VBD manufacturing NN operations NNS in IN 1982 CD and CC sold VBD many JJ of IN its PRP$ assets NNS to TO Tokyo-based JJ Pioneer NNP , , among IN others NNS . . Discovision NNP now RB has VBZ world-wide JJ license NN agreements NNS with IN major JJ manufacturers NNS covering VBG CD NN audio NN disks NNS , , audio JJ disk NN players NNS , , videodisks NNS and CC videodisk NN players NNS . . It PRP also RB licenses VBZ optically RB based VBN data NNS storage NN and CC retrieval NN devices NNS . . James NNP N. NNP Fiedler NNP , , president NN of IN Discovision NNP and CC a DT vice NN president NN of IN MCA NNP , , said VBD that IN IBM NNP and CC MCA NNP had VBD n't RB planned VBN to TO sell VB the DT joint JJ venture NN , , which WDT is VBZ now RB profitable JJ , , but CC that IN Pioneer NNP approached VBD Discovision NNP earlier RBR this DT year NN . . He PRP said VBD it PRP is VBZ n't RB certain JJ whether IN Discovision NNP 's POS current JJ management NN will MD remain VB when WRB Pioneer NNP buys VBZ the DT company NN . . The DT agreement NN is VBZ contingent JJ on IN certain JJ government NN approvals NNS and CC should MD be VB completed VBN later RB this DT year NN . . Tokyo NNP stocks NNS closed VBD higher JJR in IN moderately RB active JJ but CC directionless JJ trading NN as IN the DT recent JJ anxiety NN in IN world NN stock NN markets NNS continued VBD to TO fade VB . . London NNP shares NNS also RB closed VBN firmer JJR in IN thin JJ trading NN driven VBN largely RB by IN technical JJ factors NNS and CC support NN from IN a DT new JJ Wall NNP Street NNP rally NN . . Prices NNS also RB rose VBD on IN almost RB every DT other JJ major JJ exchange NN in IN Europe NNP , , Asia NNP and CC the DT Pacific NNP . . Tokyo NNP 's POS Nikkei NNP index NN of IN 225 CD issues NNS , , which WDT gained VBD 111.48 CD points NNS Wednesday NNP , , climbed VBD 266.66 CD , , or CC 0.76 CD % NN , , to TO 35374.22 CD . . Volume NN on IN the DT first JJ section NN was VBD estimated VBN at IN 800 CD million CD shares NNS , , compared VBN with IN 841 CD million CD Wednesday NNP . . Winners NNS outnumbered VBD losers NNS 645-293 CD , , with IN 186 CD issues NNS unchanged JJ . . In IN early RB trading NN in IN Tokyo NNP Friday NNP , , the DT Nikkei NNP index NN rose VBD 170.65 CD points NNS , , to TO 35544.87 CD . . On IN Thursday NNP , , the DT Tokyo NNP Stock NNP Price NNP Index NNP of IN all DT issues NNS listed VBN in IN the DT first JJ section NN , , which WDT gained VBD 0.24 CD point NN Wednesday NNP , , was VBD up IN 22.78 CD , , or CC 0.86 CD % NN , , at IN 2665.66 CD . . The DT morning NN session NN was VBD dominated VBN by IN individuals NNS and CC dealers NNS , , but CC some DT institutions NNS participated VBD in IN the DT afternoon NN , , encouraged VBN by IN the DT market NN 's POS firmness NN , , traders NNS said VBD . . Sentiment NN was VBD helped VBN by IN the DT small JJ gain NN made VBN by IN New NNP York NNP stocks NNS Wednesday NNP despite IN anxiety NN over IN possible JJ effects NNS of IN the DT major JJ earthquake NN that WDT struck VBD northern JJ California NNP Tuesday NNP . . Having VBG survived VBN both DT last JJ Friday NNP 's POS 6.9 CD % NN Wall NNP Street NNP plunge NN and CC the DT immediate JJ aftermath NN of IN the DT San NNP Francisco NNP Bay NNP area NN earthquake NN , , Tokyo NNP market NN participants NNS expressed VBD relief NN that IN trading NN had VBD returned VBN to TO normal JJ . . Hiroyuki NNP Murai NNP , , general JJ manager NN of IN the DT stock NN trading NN division NN at IN Nikko NNP Securities NNPS , , said VBD that IN after IN looking VBG at IN the DT reasons NNS for IN Friday NNP 's POS Wall NNP Street NNP plunge NN , , participants NNS realized VBD that IN the DT Tokyo NNP and CC New NNP York NNP markets NNS have VBP different JJ economic JJ fundamentals NNS . . This DT conclusion NN , , he PRP said VBD , , restored VBD the DT credibility NN of IN Tokyo NNP stocks NNS . . Yoshiaki NNP Mitsuoka NNP , , head NN of IN the DT investment NN information NN department NN at IN Daiwa NNP Investment NNP Trust NNP & CC Management NNP , , said VBD that IN if IN New NNP York NNP stocks NNS just RB fluctuate VBP in IN or CC near IN their PRP$ current JJ range NN , , the DT Tokyo NNP market NN will MD remain VB firm NN with IN a DT moderately RB upward JJ trend NN for IN the DT rest NN of IN the DT year NN . . But CC traders NNS said VBD the DT market NN lacks VBZ a DT base NN on IN which WDT to TO set VB long-term JJ buying NN strategy NN , , as IN the DT future JJ direction NN of IN U.S. NNP interest NN rates NNS remains VBZ unclear JJ . . `` `` Investor NN interest NN switches VBZ back RB and CC forth RB ceaselessly RB as IN they PRP are VBP unable JJ to TO shift VB their PRP$ weight NN to TO one CD side NN for IN sure JJ , , '' '' Mr. NNP Mitsuoka NNP of IN Daiwa NNP Investment NNP Trust NNP said VBD . . Many JJ of IN Wednesday NNP 's POS winners NNS were VBD losers NNS yesterday NN as IN investors NNS quickly RB took VBD profits NNS and CC rotated VBD their PRP$ buying NN to TO other JJ issues NNS , , traders NNS said VBD . . Pharmaceuticals NNS made VBD across-the-board JJ advances NNS . . Fujisawa NNP Pharmaceutical NNP gained VBD 130 CD to TO 1,930 CD yen NN ( ( $ $ 13.64 CD ) ) a DT share NN , , Mochida NNP Pharmaceutical NNP was VBD up IN 150 CD at IN 4,170 CD , , and CC Eisai NNP advanced VBD 60 CD to TO 2,360 CD . . Housing NN issues NNS were VBD boosted VBN by IN a DT report NN that IN Daiwa NNP House NNP expects VBZ to TO post VB 43 CD % NN higher JJR earnings NNS for IN its PRP$ latest JJS fiscal JJ year NN , , traders NNS said VBD . . Daiwa NNP House NNP advanced VBD 100 CD to TO 2,610 CD , , Misawa NNP Homes NNPS was VBD up IN 60 CD at IN 2,940 CD , , and CC Sekisui NNP House NNP gained VBD 100 CD to TO 2,490 CD . . Leading VBG construction NN companies NNS also RB attracted VBD interest NN for IN their PRP$ strong JJ earnings NNS outlooks NNS , , traders NNS said VBD . . They PRP and CC many JJ other JJ major JJ Japanese JJ corporations NNS will MD issue VB results NNS soon RB for IN the DT fiscal JJ first JJ half NN ended VBD Sept. NNP 30 CD . . Ohbayashi NNP was VBD up IN 60 CD to TO close VB at IN 1,680 CD , , Shimizu NNP gained VBD 50 CD to TO 2,120 CD , , and CC Kumagai-Gumi NNP advanced VBD 40 CD to TO 1,490 CD . . Other JJ winners NNS included VBD real JJ estate NN issues NNS Mitsubishi NNP Estate NNP , , which WDT closed VBD at IN 2,500 CD , , up IN 130 CD , , and CC Mitsui NNP Real NNP Estate NNP Development NNP , , which WDT gained VBD 100 CD to TO 2,890 CD . . Steel NNP shares NNS fell VBD back RB after IN advancing VBG for IN three CD days NNS . . Kawasaki NNP Steel NNP was VBD down IN 11 CD at IN 788 CD , , Kobe NNP Steel NNP lost VBD 5 CD to TO 723 CD , , and CC Nippon NNP Steel NNP slipped VBD 6 CD to TO 729 CD . . Mitsubishi NNP Rayon NNP , , a DT leading VBG advancer NN Wednesday NNP , , fell VBD 44 CD to TO 861 CD as IN investors NNS grabbed VBD profits NNS . . London NNP 's POS Financial NNP Times-Stock NNP Exchange NNP 100-share JJ index NN finished VBD 19.2 CD points NNS higher JJR at IN 2189.3 CD . . The DT Financial NNP Times NNP 30-share JJ index NN ended VBD 13.6 CD higher JJR at IN 1772.1 CD . . Volume NN continued VBD to TO ease VB from IN the DT active JJ dealings NNS at IN the DT start NN of IN the DT week NN . . Turnover NN was VBD 382.9 CD million CD shares NNS , , compared VBN with IN 449.3 CD million CD Wednesday NNP . . Dealers NNS said VBD the DT market NN was VBD underpinned VBN by IN a DT squeeze NN in IN FT-SE NNP 100 CD stocks NNS , , particularly RB among IN market-makers NNS seeking VBG shares NNS that WDT had VBD been VBN hit VBN hard RB in IN recent JJ weeks NNS , , such JJ as IN retailers NNS and CC building-related JJ concerns NNS . . But CC despite IN the DT flurry NN of IN interest NN in IN those DT shares NNS , , dealers NNS said VBD , , the DT market NN remains VBZ nervous JJ about IN Wall NNP Street NNP 's POS volatility NN and CC high JJ U.K. NNP interest NN rates NNS . . U.K. NNP money NN supply NN figures NNS for IN September NNP , , released VBD yesterday NN , , showed VBD continued VBN growth NN in IN corporate JJ and CC personal JJ lending NN , , which WDT will MD keep VB pressure NN on IN the DT government NN to TO maintain VB tight JJ credit NN . . Among IN the DT stocks NNS featured VBN in IN the DT market-makers NNS ' POS squeeze NN was VBD Sears NNP , , which WDT closed VBD at IN 107 CD pence NN ( ( $ $ 1.70 CD ) ) a DT share NN , , up IN 3 CD . . General NNP Universal NNP Stores NNPS , , another DT top-tier JJ stock NN hit VBN recently RB by IN concerns NNS over IN retail JJ demand NN in IN the DT face NN of IN high JJ interest NN rates NNS , , gained VBD 20 CD to TO # # 10.44 CD . . Storehouse NNP gained VBD 2 CD to TO Another DT active JJ FT-SE NNP 100 CD stock NN was VBD clothing NN and CC furniture NN retailer NN Burton NNP , , which WDT gained VBD 6 CD to TO 196 CD . . Insurers NNS recovered VBD ground NN again RB on IN market-maker NN demand NN and CC speculative JJ buying NN linked VBN to TO talk NN of IN mergers NNS in IN the DT industry NN before IN the DT European NNP Community NNP 's POS planned VBN market NN unification NN in IN Royal NNP Insurance NNP was VBD the DT sector NN 's POS hottest JJS issue NN , , ending VBG 15 CD higher JJR at IN 465 CD . . Sun NNP Alliance NNP fell VBD 1 CD to TO close VB at IN 289 CD , , and CC General NNP Accident NNP jumped VBD 10 CD to TO # # 10.13 CD . . B.A.T NNP Industries NNPS surged VBD in IN afternoon NN dealings NNS after IN its PRP$ shareholders NNS approved VBD a DT plan NN to TO dispose VB of IN its PRP$ U.S. NNP and CC U.K. NNP retailing VBG operations NNS to TO fend VB off RP Hoylake NNP Investment NNP 's POS # # 13.4 CD billion CD ( ( $ $ 21.33 CD billion CD ) ) hostile JJ bid NN . . With IN the DT company NN also RB exercising VBG a DT plan NN to TO buy VB back RB as RB many JJ as IN 10 CD % NN of IN its PRP$ shares NNS outstanding JJ , , B.A.T NNP closed VBD at IN 783 CD , , up IN 27 CD . . Turnover NN was VBD 6.8 CD million CD shares NNS , , including VBG about IN four CD million CD shares NNS traded VBN in IN the DT afternoon NN after IN the DT shareholders NNS ' POS meeting NN . . B.A.T NNP said VBD it PRP purchased VBD 2.5 CD million CD shares NNS at IN 785 CD . . In IN other JJ European JJ markets NNS , , shares NNS closed VBD sharply RB higher JJR in IN Stockholm NNP , , Frankfurt NNP , , Zurich NNP and CC Paris NNP and CC higher JJR in IN Milan NNP , , Amsterdam NNP and CC Brussels NNP . . South NNP African NNP gold NN stocks NNS closed VBD firmer JJR . . Prices NNS also RB closed VBN higher JJR in IN Singapore NNP , , Sydney NNP , , Taipei NNP , , Wellington NNP , , Hong NNP Kong NNP and CC Manila NNP but CC were VBD lower JJR in IN Seoul NNP . . Here RB are VBP price NN trends NNS on IN the DT world NN 's POS major JJ stock NN markets NNS , , as IN calculated VBN by IN Morgan NNP Stanley NNP Capital NNP International NNP Perspective NNP , , Geneva NNP . . To TO make VB them PRP directly RB comparable JJ , , each DT index NN is VBZ based VBN on IN the DT close NN of IN 1969 CD equaling VBG 100 CD . . The DT percentage NN change NN is VBZ since IN year-end NN . . The DT federal JJ response NN to TO California NNP 's POS earthquake NN crisis NN was VBD marred VBN by IN coast-to-coast JJ name-calling NN between IN the DT White NNP House NNP and CC San NNP Francisco NNP 's POS Mayor NNP Art NNP Agnos NNP . . Mr. NNP Agnos NNP complained VBD that IN he PRP was VBD `` `` ticked VBN off RP '' '' that IN Vice NNP President NNP Dan NNP Quayle NNP , , who WP toured VBD the DT earthquake NN site NN Wednesday NNP , , did VBD n't RB schedule VB a DT private JJ meeting NN with IN him PRP . . The DT mayor NN said VBD the DT Quayle NNP visit NN was VBD `` `` a DT publicity NN stunt NN . . '' '' The DT White NNP House NNP said VBD Mr. NNP Quayle NNP 's POS staff NN had VBD invited VBN the DT mayor NN to TO two CD meetings NNS of IN the DT vice NN president NN and CC groups NNS of IN local JJ officials NNS and CC had VBD offered VBN to TO dispatch VB a DT helicopter NN to TO pick VB him PRP up IN . . Mr. NNP Agnos NNP declined VBD the DT invitations NNS , , the DT White NNP House NNP said VBD . . Marlin NNP Fitzwater NNP , , White NNP House NNP press NN secretary NN , , also RB asserted VBD that IN Mr. NNP Agnos NNP had VBD failed VBN to TO return VB telephone NN calls NNS from IN John NNP Sununu NNP , , White NNP House NNP chief NN of IN staff NN . . `` `` We PRP regret VBP very RB much RB that IN the DT mayor NN of IN San NNP Francisco NNP has VBZ decided VBN not RB to TO cooperate VB with IN us PRP on IN this DT matter NN in IN making VBG sure JJ that IN there EX is VBZ adequate JJ federal JJ support NN for IN the DT disaster NN in IN his PRP$ city NN , , '' '' Mr. NNP Fitzwater NNP said VBD . . By IN late JJ yesterday NN , , both DT sides NNS appeared VBD prepared VBN to TO bury VB the DT hatchet NN . . The DT White NNP House NNP announced VBD that IN Mr. NNP Agnos NNP , , along IN with IN the DT mayors NNS of IN Oakland NNP and CC Alameda NNP , , are VBP to TO accompany VB President NNP Bush NNP on IN a DT tour NN of IN the DT earthquake NN area NN today NN . . And CC one CD White NNP House NNP official NN reported VBD that IN Mr. NNP Agnos NNP had VBD been VBN `` `` very RB helpful JJ '' '' in IN making VBG arrangements NNS for IN Mr. NNP Bush NNP 's POS hastily RB scheduled VBN trip NN to TO California NNP . . Gold NN and CC silver NN broker NN Preston NNP Semel NNP asked VBD a DT federal JJ court NN to TO halt VB the DT Commodity NNP Exchange NNP from IN imposing VBG a DT record NN $ $ 550,000 CD fine NN on IN his PRP$ firm NN . . The DT suit NN , , filed VBN in IN federal JJ court NN in IN Manhattan NNP , , also RB asks VBZ that IN the DT Comex NNP 's POS nine-month JJ suspension NN of IN Mr. NNP Semel NNP be VB lifted VBN , , pending VBG the DT broker NN 's POS appeal NN of IN the DT disciplinary JJ measures NNS . . The DT fine NN and CC suspension NN , , announced VBN in IN August NNP , , are VBP the DT stiffest JJS sanctions NNS the DT Comex NNP has VBZ ever RB ordered VBN against IN one CD of IN its PRP$ members NNS . . The DT Comex NNP accused VBD the DT 39-year-old JJ Mr. NNP Semel NNP of IN `` `` fraudulent JJ conduct NN '' '' and CC improper JJ trading NN . . The DT disciplinary JJ proceedings NNS stem VBP from IN trading NN in IN April NNP 1987 CD . . Mr. NNP Semel NNP and CC his PRP$ firm NN , , Semel NNP & CC Co. NNP , , have VBP appealed VBN the DT Comex NNP decision NN and CC the DT sanctions NNS to TO the DT Commodity NNP Futures NNPS Trading NNP Commission NNP . . The DT commission NN denied VBD Mr. NNP Semel NNP 's POS request NN that IN the DT fine NN and CC suspension NN be VB delayed VBN pending VBG the DT appeal NN . . The DT lawsuit NN states VBZ that IN unless IN the DT sanctions NNS are VBP halted VBN pending VBG an DT appeal NN , , the DT broker NN and CC his PRP$ firm NN `` `` will MD be VB irreparably RB injured VBN and CC their PRP$ business NN will MD be VB totally RB and CC permanently RB destroyed VBN . . '' '' Already RB the DT firm NN has VBZ paid VBN $ $ 211,666 CD of IN the DT fine NN , , the DT suit NN said VBD , , and CC it PRP will MD have VB to TO liquidate VB additional JJ assets NNS in IN order NN to TO pay VB the DT rest NN . . A DT spokesman NN for IN the DT Comex NNP could MD n't RB be VB reached VBN to TO comment VB . . The DT Federal NNP National NNP Mortgage NNP Association NNP said VBD 39 CD lenders NNS across IN the DT U.S. NNP have VBP agreed VBN to TO offer VB home NN loans NNS under IN Fannie NNP Mae NNP 's POS pilot NN program NN for IN elderly JJ people NNS . . Fannie NNP Mae NNP , , a DT federally RB chartered JJ and CC shareholder-owned JJ company NN , , said VBD the DT lenders NNS include VBP Prudential NNP Home NNP Mortgage NNP Co. NNP , , a DT unit NN of IN Prudential NNP Insurance NNP Co. NNP of IN America NNP that WDT operates VBZ in IN every DT state NN . . Prudential NNP Insurance NNP is VBZ based VBN in IN Newark NNP , , N.J NNP . . Fannie NNP Mae NNP has VBZ agreed VBN to TO buy VB as RB much RB as IN $ $ 100 CD million CD of IN loans NNS under IN its PRP$ Seniors NNS ' POS Housing NNP Opportunities NNPS pilot NN program NN , , which WDT offers VBZ four CD types NNS of IN loans NNS to TO people NNS 62 CD years NNS of IN age NN or CC older JJR to TO help VB them PRP maintain VB their PRP$ home NN or CC obtain VB housing NN . . The DT loans NNS can MD be VB for IN accessory JJ apartments NNS , , for IN cottages NNS built VBN in IN a DT relative NN 's POS yard NN , , for IN home-sharing NN or CC for IN sale-lease-back JJ transactions NNS . . Fannie NNP Mae NNP makes VBZ a DT secondary JJ market NN in IN home NN loans NNS . . It PRP buys VBZ loans NNS from IN lenders NNS , , packages VBZ some DT into IN securities NNS for IN sale NN to TO investors NNS and CC holds VBZ the DT remainder NN in IN a DT portfolio NN . . Robert NNP M. NNP Gintel NNP , , senior JJ partner NN of IN a DT Greenwich NNP , , Conn. NNP , , investment NN firm NN , , said VBD he PRP plans VBZ to TO launch VB a DT proxy NN fight NN against IN the DT board NN of IN Boston-based JJ Xtra NNP Corp NNP . . Mr. NNP Gintel NNP , , head NN of IN Gintel NNP & CC Co. NNP , , said VBD he PRP plans VBZ to TO conduct VB a DT proxy NN contest NN to TO elect VB a DT majority NN of IN Xtra NNP 's POS board NN at IN the DT next JJ annual JJ stockholders NNS meeting NN . . Xtra NNP , , a DT transportation NN leasing VBG company NN , , said VBD in IN a DT statement NN it PRP would MD have VB no DT comment NN on IN Mr. NNP Gintel NNP 's POS plans NNS until IN `` `` further JJ information NN has VBZ been VBN disclosed VBN by IN him PRP . . '' '' The DT company NN also RB said VBD its PRP$ 1990 CD annual JJ meeting NN has VBZ not RB been VBN scheduled VBN . . Mr. NNP Gintel NNP owns VBZ 300,000 CD of IN the DT company NN 's POS 6.3 CD million CD common JJ shares NNS outstanding JJ . . Xtra NNP said VBD it PRP recently RB bought VBD back RB approximately RB 55,000 CD of IN its PRP$ shares NNS pursuant JJ to TO its PRP$ existing VBG authorization NN to TO acquire VB as RB many JJ as IN 650,000 CD shares NNS . . Mr. NNP Gintel NNP has VBZ filed VBN suit NN in IN Delaware NNP Chancery NNP Court NNP , , seeking VBG to TO block NN Xtra NNP 's POS anti-takeover JJ tactic NN . . In IN a DT filing NN with IN the DT Securities NNPS and CC Exchange NNP Commission NNP , , Mr. NNP Gintel NNP said VBD Xtra NNP `` `` has VBZ pursued VBN business NN strategies NNS that WDT are VBP n't RB in IN the DT best JJS interest NN of IN stockholders NNS . . STOCKS NNS AND CC BONDS NNS SURGED VBD on IN the DT second JJ anniversary NN of IN Black NNP Monday NNP as IN a DT favorable JJ inflation NN report NN prompted VBD speculation NN of IN lower JJR interest NN rates NNS . . The DT Dow NNP Jones NNP industrials NNS closed VBD up RB 39.55 CD , , at IN 2683.20 CD , , after IN rising VBG over IN 60 CD points NNS in IN mid-afternoon RB . . The DT rally NN brought VBD the DT gain NN so RB far RB this DT week NN to TO about IN 114 CD points NNS . . The DT dollar NN finished VBD mixed VBN , , while IN gold NN declined VBD . . Consumer NN prices NNS climbed VBD a DT moderate JJ 0.2 CD % NN in IN September NNP , , mostly RB due JJ to TO higher JJR clothing NN costs NNS . . Energy NN prices NNS continued VBD to TO fall VB at IN the DT retail JJ level NN , , but CC economists NNS worried VBN about IN a DT big JJ rise NN in IN wholesale JJ energy NN costs NNS . . British NNP Airways NNPS dropped VBD out IN of IN the DT current JJ bidding NN for IN United NNP Air NNP 's POS parent NN , , leaving VBG a DT UAL NNP management-pilots JJ group NN without IN a DT key JJ partner NN . . British NNP Air NNP 's POS move NN raised VBD new JJ questions NNS about IN the DT buy-out NN group NN 's POS efforts NNS to TO revive VB a DT stalled VBN bid NN for IN UAL NNP . . A DT capital-gains JJ tax-cut JJ plan NN was VBD dropped VBN by IN Senate NNP Democrats NNPS under IN pressure NN from IN their PRP$ leadership NN . . The DT move NN is VBZ a DT setback NN for IN Bush NNP , , who WP needs VBZ Democratic JJ support NN to TO pass VB a DT capital-gains NN cut NN in IN the DT Senate NNP . . Other JJ tax NN breaks NNS also RB are VBP likely JJ to TO be VB restored VBN or CC created VBN in IN the DT coming VBG months NNS as IN special JJ interest NN groups NNS try VBP to TO undo VB the DT 1986 CD tax NN overhaul NN . . Many JJ retailers NNS are VBP worried VBN that IN a DT price NN war NN could MD erupt VB this DT Christmas NNP if IN cash-strapped JJ firms NNS such JJ as IN Campeau NNP slash VBP prices NNS to TO spur VB sales NNS . . AT&T NNP unveiled VBD a DT sweetened VBN early JJ retirement NN plan NN for IN management NN that IN the DT company NN hopes VBZ will MD save VB it PRP $ $ 450 CD million CD in IN the DT next JJ year NN . . Also RB , , profit NN rose VBD 19 CD % NN in IN the DT third JJ quarter NN . . Chrysler NNP will MD idle VB a DT Toledo NNP assembly NN plant NN temporarily RB due JJ to TO slowing VBG sales NNS of IN its PRP$ profitable JJ Jeep NNP Cherokee NNP and CC Wagoneer NNP sport NN utility NN vehicles NNS . . Digital NNP Equipment NNP 's POS profit NN fell VBD 32 CD % NN in IN the DT latest JJS quarter NN , , prompting VBG forecasts NNS of IN weaker JJR results NNS ahead RB . . Analysts NNS were VBD troubled VBN by IN signs NNS of IN flat JJ U.S. NNP orders NNS at IN the DT computer NN maker NN . . IBM NNP plans VBZ to TO unveil VB over IN 50 CD software NN products NNS on IN Tuesday NNP to TO try VB to TO end VB some DT of IN the DT problems NNS in IN computerizing VBG manufacturing NN operations NNS . . The DT TV NN units NNS of IN Paramount NNP and CC MCA NNP are VBP exploring VBG offering VBG prime-time JJ programming NN to TO independent JJ stations NNS two CD nights NNS a DT week NN . . BankAmerica NNP 's POS profit NN jumped VBD 34 CD % NN in IN the DT third JJ quarter NN . . The DT rapid JJ recovery NN continued VBD to TO be VB fueled VBN by IN growth NN in IN consumer NN loans NNS , , higher JJR interest NN margins NNS and CC only JJ minor JJ loan NN losses NNS . . Big NNP Board NNP short JJ interest NN fell VBD 4.2 CD % NN for IN the DT month NN ended VBD Oct. NNP 13 CD , , the DT second JJ decline NN in IN a DT row NN . . Borrowed VBN shares NNS on IN the DT Amex NNP rose VBD to TO another DT record NN . . Bell NNP Atlantic NNP posted VBD a DT strong JJ earnings NNS gain NN for IN the DT third JJ quarter NN , , as IN did VBD Southern NNP New NNP England NNP Telecommunications NNP . . But CC Nynex NNP , , Pacific NNP Telesis NNP and CC U NNP S NNP West NNP had VBD lower JJR profits NNS . . B.A.T NNP Industries NNPS won VBD shareholder NN approval NN for IN a DT defensive JJ restructuring NN to TO fend VB off RP Sir NNP James NNP Goldsmith NNP . . American NNP Express NNP 's POS profit NN climbed VBD 21 CD % NN in IN the DT quarter NN , , aided VBN by IN a DT surge NN in IN its PRP$ travel NN business NN and CC despite IN a DT big JJ rise NN in IN Third NNP World NNP loan NN reserves NNS . . Markets NNS -- : Stocks NNS : : Volume NN 198,120,000 CD shares NNS . . Dow NNP Jones NNP industrials NNS 2683.20 CD , , up IN 39.55 CD ; : transportation NN 1263.51 CD , , up IN 15.64 CD ; : utilities NNS 215.42 CD , , up IN 1.45 CD . . Bonds NNS : : Shearson NNP Lehman NNP Hutton NNP Treasury NNP index NN 3398.65 CD , , up IN Commodities NNS : : Dow NNP Jones NNP futures NNS index NN 130.13 CD , , up IN 0.23 CD ; : spot NN index NN 130.46 CD , , up IN 0.10 CD . . Dollar NN : : 141.70 CD yen NN , , up IN 0.25 CD ; : 1.8470 CD marks NNS , , off IN 0.0015 CD . . Computer NNP Sciences NNPS Corp. NNP , , El NNP Segundo NNP , , Calif. NNP , , said VBD the DT National NNP Aeronautics NNP and CC Space NNP Administration NNP will MD negotiate VB details NNS of IN a DT contract NN valued VBN at IN about IN $ $ 170 CD million CD to TO provide VB software NN for IN the DT Ames NNP Research NNP Center NNP . . Included VBN in IN the DT three-year JJ contract NN are VBP options NNS for IN two CD one-year JJ renewals NNS . . NASA NNP awarded VBD the DT contract NN to TO CSC NNP in IN November NNP but CC an DT appeal NN by IN Sterling NNP Software NNP Inc. NNP of IN Dallas NNP sent VBD the DT contract NN to TO the DT General NNP Services NNPS Administration NNP Board NNP of IN Contract NNP Appeals NNPS and CC the DT board NN required VBN NASA NNP to TO re-evaluate VB bidders NNS ' POS proposals NNS . . Sterling NNP had VBD completed VBN a DT five-year JJ contract NN for IN NASA NNP but CC lost VBD its PRP$ bid NN for IN renewal NN . . As IN directed VBN by IN the DT board NN , , NASA NNP completed VBD the DT evaluation NN and CC again RB chose VBD CSC NNP . . For IN its PRP$ fiscal JJ year NN ended VBD March NNP 31 CD , , CSC NNP had VBD revenue NN of IN $ $ 1.3 CD billion CD . . AFTERSHOCKS NNS RATTLED VBD Northern NNP California NNP amid IN an DT earthquake NN cleanup NN . . As IN power NN and CC commuters NNS returned VBD to TO much RB of IN downtown NN San NNP Francisco NNP for IN the DT first JJ time NN since IN Tuesday NNP 's POS temblor NN in IN the DT Bay NN area NN , , three CD strong JJ aftershocks NNS , , one CD measuring VBG 5.0 CD on IN the DT Richter NNP scale NN , , jolted VBD the DT region NN . . Serious JJ injuries NNS or CC damages NNS were VBD n't RB reported VBN . . Californians NNS , , meanwhile RB , , tried VBD to TO cope VB with IN still-limited JJ services NNS , , blocked VBN roadways NNS and CC water NN shortages NNS in IN the DT aftermath NN of IN the DT tremor NN that WDT left VBD scores NNS dead VBN and CC injured VBN . . Thousands NNS remained VBD homeless JJ . . Bush NNP is VBZ to TO visit VB the DT area NN today NN , , and CC officials NNS in IN Washington NNP estimated VBD that IN emergency NN assistance NN would MD total VB at IN least JJS $ $ 2.5 CD billion CD . . A DT series NN of IN earthquakes NNS struck VBD northern JJ China NNP , , killing VBG at IN least JJS 29 CD people NNS , , injuring VBG hundreds NNS and CC razing VBG about IN 8,000 CD homes NNS , , the DT Xinhua NNP News NNP Agency NNP said VBD . . The DT Senate NNP rejected VBD a DT constitutional JJ amendment NN sought VBN by IN Bush NNP to TO prohibit VB desecration NN of IN the DT U.S. NNP flag NN . . While IN the DT proposal NN won VBD a DT slight JJ majority NN , , the DT 51-48 CD vote NN was VBD well RB short JJ of IN the DT two-thirds NNS needed VBN to TO approve VB changes NNS in IN the DT Constitution NNP . . It PRP was VBD considered VBN a DT victory NN for IN Democratic JJ leaders NNS , , who WP favor VBP a DT law NN barring VBG flag NN burning NN . . The DT House NNP approved VBD an DT $ $ 837 CD million CD aid NN package NN for IN Poland NNP and CC Hungary NNP , , nearly RB double JJ what WP Bush NNP had VBD requested VBN . . The DT vote NN of IN 345-47 CD sent VBD the DT measure NN to TO the DT Senate NNP . . Britain NNP 's POS chief NN justice NN quashed VBD the DT murder NN convictions NNS of IN four CD people NNS for IN Irish NNP Republican NNP Army NNP bombings NNS that WDT killed VBD seven CD people NNS in IN 1974 CD . . The DT reversal NN came VBD after IN the DT government NN conceded VBD that IN investigators NNS may MD have VB faked VBN evidence NN . . The DT `` `` Guildford NNP Four NNP , , '' '' three CD Irishmen NNPS and CC an DT Englishwoman NNP , , have VBP been VBN imprisoned VBN since IN 1975 CD . . The DT Nobel NNP Prize NNP in IN literature NN was VBD won VBN by IN Camilo NNP Jose NNP Cela NNP , , a DT Spanish JJ writer NN . . His PRP$ 1942 CD novel NN `` `` The DT Family NNP of IN Pascual NNP Duarte NNP '' '' is VBZ considered VBN the DT most RBS popular JJ work NN of IN fiction NN in IN Spanish NNP since IN Cervantes NNP 's POS `` `` Don NNP Quixote NNP '' '' was VBD published VBN 400 CD years NNS ago IN . . The DT Swedish NNP Academy NNP in IN Stockholm NNP cited VBD the DT 73-year-old JJ Cela NNP for IN `` `` rich JJ and CC intensive JJ prose NN . . '' '' The DT editor NN of IN Pravda NNP was VBD dismissed VBN and CC succeeded VBN by IN a DT confidant NN of IN Soviet NNP leader NN Gorbachev NNP . . The DT action NN at IN the DT Communist NNP Party NNP daily RB , , viewed VBD as IN the DT Soviet NNP Union NNP 's POS most JJS authoritative JJ newspaper NN , , was VBD considered VBN the DT most RBS significant JJ development NN in IN a DT week NN of IN Kremlin NNP wrangling VBG over IN the DT press NN , , including VBG sharp JJ criticism NN from IN Gorbachev NNP . . East NNP Germany NNP 's POS new JJ leader NN met VBD with IN Lutheran NNP Church NNP officials NNS to TO discuss VB a DT growing VBG opposition NN movement NN demanding VBG democratic JJ freedoms NNS . . As IN they PRP conferred VBD near IN East NNP Berlin NNP , , a DT pro-democracy JJ protest NN erupted VBD in IN the DT Baltic JJ city NN of IN Greifswald NNP , , and CC activists NNS threatened VBD further JJ rallies NNS against IN leader NN Krenz NNP 's POS expected VBN hard-line JJ policies NNS . . Police NN in IN Prague NNP raided VBD an DT international JJ meeting NN on IN human JJ rights NNS , , detaining VBG Czechoslovakia NNP 's POS former JJ foreign JJ minister NN , , Jiri NNP Hajak NNP , , and CC 14 CD other JJ activists NNS . . A DT leading VBG U.S. NNP human-rights NNS monitor NN also RB was VBD briefly NN held VBN . . Dissident JJ playwright NN Vaclav NNP Havel NNP reportedly RB escaped VBD the DT crackdown NN , , the DT fourth JJ against IN activists NNS in IN recent JJ days NNS . . Bush NNP met VBD in IN Washington NNP with IN Spain NNP 's POS Prime NNP Minister NNP Gonzalez NNP and CC discussed VBD what WP the DT president NN called VBD `` `` the DT unique JJ role NN '' '' that IN Madrid NNP can MD play VB in IN furthering VBG democracy NN in IN Eastern NNP Europe NNP and CC Latin NNP America NNP . . Gonzalez NNP , , who WP pledged VBD to TO help VB monitor VB voting NN in IN Nicaragua NNP , , was VBD said VBD to TO be VB carrying VBG proposals NNS for IN free JJ elections NNS in IN Panama NNP . . The DT Galileo NNP spacecraft NN sped VBD unerringly RB toward IN the DT planet NN Jupiter NNP , , while IN five CD astronauts NNS aboard IN the DT space NN shuttle NN Atlantis NNP measured VBD the DT Earth NN 's POS ozone NN layer NN . . The DT robot NN probe NN was VBD dispatched VBN Wednesday NNP by IN the DT shuttle NN crew NN , , which WDT is VBZ to TO conduct VB a DT series NN of IN medical JJ and CC other JJ experiments NNS before IN their PRP$ scheduled VBN landing NN Monday NNP in IN California NNP . . Argentina NNP and CC Britain NNP agreed VBD to TO resume VB diplomatic JJ and CC economic JJ relations NNS , , seven CD years NNS after IN the DT two CD nations NNS battled VBD over IN the DT Falkland NNP Islands NNPS . . The DT announcement NN , , in IN which WDT they PRP said VBD hostilities NNS had VBD ceased VBN , , followed VBD a DT two-day JJ meeting NN in IN Madrid NNP . . Rebel NN artillerists NNS bombarded VBD the DT capital NN of IN Afghanistan NNP , , killing VBG at IN least JJS 12 CD people NNS , , as IN the DT Soviet NNP Union NNP was VBD reported VBN to TO be VB airlifting VBG arms NNS and CC food NN to TO Kabul NNP 's POS forces NNS . . Fighting NN also RB was VBD reported VBN around IN the DT strategic JJ town NN of IN Khost NNP , , near IN the DT Pakistani JJ border NN . . Saudi NNP Arabia NNP 's POS foreign JJ minister NN met VBD in IN Damascus NNP with IN President NNP Assad NNP to TO develop VB a DT plan NN for IN the DT withdrawal NN of IN Syria NNP 's POS 40,000 CD troops NNS from IN Lebanon NNP as IN part NN of IN a DT settlement NN of IN that DT nation NN 's POS 14-year-old JJ civil JJ war NN . . The DT talks NNS came VBD as IN Lebanese JJ negotiations NNS on IN political JJ changes NNS appeared VBD deadlocked VBN . . GOP NNP Sen. NNP Specter NNP of IN Pennsylvania NNP said VBD he PRP would MD vote VB to TO acquit VB federal JJ Judge NNP Alcee NNP Hastings NNP in IN his PRP$ impeachment NN trial NN on IN charges NNS of IN perjury NN and CC bribery NN conspiracy NN . . Specter NNP , , the DT vice NN chairman NN of IN the DT Senate NNP 's POS evidence NN panel NN , , said VBD there EX was VBD `` `` insufficient JJ evidence NN to TO convict VB '' '' the DT Miami NNP jurist NN . . After IN slipping VBG on IN news NN of IN a DT smaller-than-expected JJ U.S. NNP inflation NN figure NN , , the DT dollar NN rebounded NN later RB in IN the DT trading VBG day NN . . The DT U.S. NNP unit NN dipped VBD to TO a DT session NN low JJ against IN the DT mark NN just RB after IN the DT release NN of IN the DT U.S. NNP consumer NN price NN index NN . . The DT report NN showed VBD that IN September NNP consumer NN prices NNS rose VBD just RB 0.2 CD % NN , , a DT smaller JJR increase NN than IN expected VBN . . The DT market NN had VBD anticipated VBN a DT 0.4 CD % NN rise NN in IN the DT price NN index NN . . The DT September NNP index NN fueled VBD speculation NN , , damaging VBG to TO the DT dollar NN , , that IN the DT Federal NNP Reserve NNP soon RB will MD ease VB monetary JJ policy NN further RB . . But CC foreign-exchange JJ dealers NNS said VBD the DT dollar NN staged VBD a DT quick JJ comeback NN , , prompted VBN by IN a DT round NN of IN short JJ covering NN and CC some DT fresh JJ buying NN interest NN later RB in IN the DT trading NN day NN . . Traders NNS said VBD that IN a DT nearly RB 40-point JJ gain NN in IN the DT Dow NNP Jones NNP Industrial NNP Average NNP , , fueled VBN in IN part NN by IN news NN of IN a DT lower-than-expected JJ price NN index NN , , had VBD little JJ influence NN on IN the DT dollar NN 's POS moves NNS . . `` `` The DT market NN is VBZ beginning VBG to TO disassociate VB itself PRP from IN Wall NNP Street NNP , , '' '' said VBD one CD New NNP York NNP trader NN . . In IN late JJ New NNP York NNP trading NN yesterday NN , , the DT dollar NN was VBD quoted VBN at IN 1.8470 CD marks NNS , , down IN from IN 1.8485 CD marks NNS late JJ Wednesday NNP , , and CC at IN 141.70 CD yen NN , , up IN from IN 141.45 CD yen NN late JJ Wednesday NNP . . Sterling NNP was VBD quoted VBN at IN $ $ 1.5990 CD , , up IN from IN $ $ 1.5920 CD late JJ Wednesday NNP . . In IN Tokyo NNP Friday NNP , , the DT U.S. NNP currency NN opened VBD for IN trading NN at IN 141.93 CD yen NN , , up IN from IN Thursday NNP 's POS Tokyo NNP close NN of IN 141.55 CD yen NN . . Some DT analysts NNS said VBD the DT consumer NN price NN index NN reflects VBZ a DT more RBR significant JJ slowdown NN in IN the DT U.S. NNP economy NN than IN earlier RBR indicated VBN . . They PRP point VBP out RP that IN September NNP 's POS producer-price JJ index NN showed VBD a DT 0.9 CD % NN increase NN . . They PRP noted VBD that IN because IN the DT consumer NN price NN index NN , , known VBN as IN the DT CPI NNP , , is VBZ a DT more RBR comprehensive JJ measure NN of IN inflation NN and CC is VBZ rising VBG less RBR rapidly RB than IN the DT producer-price JJ index NN , , or CC PPI NNP , , it PRP could MD signal VB further RB easing VBG by IN Fed NNP . . Others NNS suggested VBD , , however RB , , that IN the DT Fed NNP will MD hold VB any DT changes NNS in IN monetary JJ policy NN in IN check NN , , leaving VBG fed NN funds NNS at IN around IN 8 CD 3\/4 CD % NN , , down IN from IN the DT 9 CD % NN level NN that WDT prevailed VBD from IN July NNP through IN September NNP . . Kevin NNP Logan NNP , , chief NN economist NN with IN the DT Swiss NNP Bank NNP Corp. NNP , , said VBD that IN both DT PPI NNP and CC CPI NNP climbed VBD around IN 4 CD 1\/2 CD % NN year-to-year JJ in IN September NNP . . He PRP argued VBD that IN both DT CPI NNP and CC PPI NNP have VBP in IN fact NN decelerated VBN since IN spring NN . . `` `` The DT Fed NNP wo MD n't RB be VB stampeded VBN into IN easing VBG , , '' '' Mr. NNP Logan NNP said VBD , , predicting VBG that IN for IN now RB , , interest NN rates NNS will MD stay VB where WRB they PRP are VBP . . A DT four-day JJ matched VBN sale-purchase NN agreement NN , , a DT move NN to TO drain VB liquidity NN from IN the DT system NN , , was VBD viewed VBN as IN a DT technical JJ move NN , , rather RB than IN an DT indication NN of IN tightening VBG credit NN . . Market NN participants NNS note VBP that IN the DT mark NN continues VBZ to TO post VB heftier JJR gains NNS against IN its PRP$ U.S. NNP counterpart NN than IN any DT other JJ major JJ currency NN , , particularly RB the DT yen NN . . `` `` There EX 's VBZ a DT bottomless JJ pit NN of IN dollar NN demand NN '' '' by IN Japanese JJ investors NNS , , said VBD Graham NNP Beale NNP , , managing VBG director NN of IN foreign JJ exchange NN at IN Hongkong NNP & CC Shanghai NNP Banking NNP Corp. NNP in IN New NNP York NNP , , adding VBG that IN purely RB speculative JJ demand NN would MD n't RB hold VB the DT dollar NN at IN its PRP$ recent JJ levels NNS against IN the DT Japanese JJ currency NN . . Mr. NNP Beale NNP commented VBD that IN the DT mark NN remains VBZ well RB bid VBN against IN other JJ currencies NNS as RB well RB . . Robert NNP White NNP , , manager NN of IN corporate JJ trading NN at IN First NNP Interstate NNP of IN California NNP , , called VBD the DT market NN `` `` psychologically RB pro-mark JJ , , '' '' noting VBG that IN the DT U.S. NNP remains VBZ a DT `` `` veritable JJ grab NN bag NN '' '' for IN Japanese JJ investors NNS which WDT accounts VBZ for IN the DT unabated JJ demand NN for IN U.S. NNP dollars NNS . . On IN the DT Commodity NNP Exchange NNP in IN New NNP York NNP , , gold NN dropped VBD $ $ 1.60 CD to TO $ $ 367.10 CD an DT ounce NN in IN moderate JJ trading NN . . Estimated VBN volume NN was VBD three CD million CD ounces NNS . . In IN early RB trading NN in IN Hong NNP Kong NNP Friday NNP , , gold NN was VBD at IN about IN $ $ 366.85 CD an DT ounce NN . . Hotel NNP Investors NNPS Trust NNP and CC its PRP$ affiliate NN , , Hotel NNP Investors NNPS Corp. NNP , , said VBD the DT companies NNS plan VBP to TO sell VB all DT of IN the DT hotels NNS the DT companies NNS own VBP and CC operate VBP , , except IN for IN two CD hotel-casinos NNS in IN Las NNP Vegas NNP , , Nev NNP . . The DT hotels NNS and CC management NN interests NNS will MD be VB sold VBN at IN an DT auction NN , , said VBD John NNP Rothman NNP , , president NN and CC chief NN executive JJ officer NN of IN the DT trust NN and CC a DT director NN of IN the DT corporation NN . . Value NN of IN the DT properties NNS and CC management NN interests NNS was VBD n't RB disclosed VBN . . In IN all DT , , the DT Los NNP Angeles-based JJ trust NN plans VBZ to TO sell VB its PRP$ interests NNS in IN 36 CD hotels NNS , , while IN the DT corporation NN will MD sell VB its PRP$ management NN interests NNS in IN 32 CD of IN those DT properties NNS . . Excluded VBN from IN the DT sale NN are VBP the DT interests NNS of IN the DT trust NN and CC the DT corporation NN in IN two CD Las NNP Vegas NNP hotel-casinos NNS . . After IN completing VBG the DT sale NN and CC paying VBG debts NNS , , the DT trust NN and CC corporation NN will MD consider VB a DT number NN of IN options NNS including VBG a DT stock NN repurchase NN , , payment NN of IN special JJ dividend NN or CC investment NN in IN more JJR gaming NN properties NNS . . The DT companies NNS will MD retain VB their PRP$ current JJ regular JJ quarterly JJ dividend NN of IN 25 CD cents NNS during IN the DT sale NN process NN , , Mr. NNP Rothman NNP said VBD . . For IN the DT first JJ six CD months NNS , , the DT trust NN and CC corporation NN had VBD a DT net JJ loss NN of IN $ $ 244,000 CD . . Baxter NNP International NNP Inc. NNP , , citing VBG cost-cutting JJ moves NNS and CC increased VBN sales NNS of IN its PRP$ home-care JJ products NNS and CC dialysis NN treatments NNS , , posted VBD a DT 20 CD % NN rise NN in IN third-quarter JJ net JJ income NN on IN a DT 5.9 CD % NN sales NNS boost NN . . The DT Deerfield NNP , , Ill. NNP , , medical JJ products NNS and CC services NNS company NN posted VBD net NN of IN $ $ 102 CD million CD , , or CC 34 CD cents NNS a DT share NN , , compared VBN with IN $ $ 85 CD million CD , , or CC 28 CD cents NNS a DT share NN , , a DT year NN ago IN . . Sales NNS totaled VBD $ $ 1.81 CD billion CD up IN from IN $ $ 1.71 CD billion CD the DT previous JJ year NN . . For IN the DT nine-month JJ period NN , , Baxter NNP said VBD net NN rose VBD 15 CD % NN to TO $ $ 307 CD million CD , , or CC $ $ 1.02 CD a DT share NN , , from IN $ $ 267 CD million CD , , or CC 89 CD cents NNS a DT share NN , , during IN the DT year-ago JJ period NN . . Sales NNS for IN the DT nine CD months NNS were VBD up IN 8 CD % NN to TO $ $ 5.44 CD billion CD from IN $ $ 5.04 CD billion CD in IN the DT same JJ period NN in IN 1988 CD . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Baxter NNP closed VBD at IN $ $ 22.25 CD a DT share NN , , down IN 12.5 CD cents NNS . . A DT group NN bidding NN for IN American NNP Medical NNP International NNP Inc. NNP , , New NNP York NNP , , said VBD it PRP formally RB received VBD the DT final JJ financing NN needed VBN for IN a DT $ $ 3 CD billion CD bid NN for IN about IN 86 CD % NN of IN the DT hospital NN operator NN 's POS stock NN . . The DT offer NN from IN IMA NNP Acquisition NNP Corp. NNP , , for IN as RB many JJ as IN 63 CD million CD shares NNS , , is VBZ set VBN to TO expire VB Wednesday NNP . . Earlier RBR this DT month NN , , IMA NNP said VBD it PRP had VBD received VBN about IN $ $ 1 CD billion CD of IN senior JJ debt NN financing NN from IN Chemical NNP Bank NNP and CC six CD other JJ banks NNS ; : Chemical NNP Bank NNP said VBD it PRP was VBD `` `` highly RB confident JJ '' '' it PRP could MD arrange VB the DT balance NN of IN about IN $ $ 509 CD million CD . . In IN addition NN , , the DT $ $ 3 CD billion CD bid NN includes VBZ $ $ 1 CD billion CD of IN debt NN that WDT will MD be VB assumed VBN by IN IMA NNP , , $ $ 600 CD million CD of IN high-yield JJ junk NN bonds NNS that WDT will MD be VB sold VBN by IN First NNP Boston NNP Corp. NNP and CC $ $ 285 CD million CD of IN equity NN . . In IN New NNP York NNP Stock NNP Exchange NNP composite NN trading NN yesterday NN , , American NNP Medical NNP closed VBD at IN $ $ 23.625 CD , , up IN $ $ 1.875 CD . . American NNP Medical NNP has VBZ agreed VBN to TO the DT offer NN , , but CC earlier RBR this DT month NN said VBD it PRP had VBD received VBN new JJ `` `` expressions NNS of IN interest NN '' '' from IN two CD previous JJ bidders NNS . . American NNP Medical NNP said VBD it PRP would MD pursue VB the DT inquiries NNS from IN the DT companies NNS , , but CC would MD n't RB identify VB them PRP unless IN they PRP make VBP firm JJ offers NNS . . H&R NNP Block NNP is VBZ one CD of IN the DT great JJ success NN stories NNS of IN U.S. NNP business NN . . Oddly RB enough RB , , this DT presents VBZ a DT problem NN for IN the DT stock NN . . Some DT money NN managers NNS are VBP disenchanted VBN with IN H&R NNP Block NNP because IN they PRP suspect VBP the DT company NN 's POS glory NN days NNS are VBP past JJ , , or CC at IN least JJS passing NN . . Block NNP 's POS tax-preparation NN business NN is VBZ mature JJ , , they PRP say VBP , , and CC some DT of IN its PRP$ diversifications NNS are VBP facing VBG tough JJ competition NN . . It PRP 's VBZ no RB secret JJ that IN Block NNP dominates VBZ the DT mass-market JJ tax-preparation NN business NN . . The DT Street NNP knows VBZ all DT about IN the DT predictability NN of IN its PRP$ earnings NNS , , which WDT are VBP headed VBN for IN a DT ninth JJ consecutive JJ yearly JJ increase NN . . The DT company NN has VBZ consistently RB earned VBN more RBR than IN a DT 20 CD % NN annual JJ return NN on IN its PRP$ net JJ worth NN while IN many JJ companies NNS would MD be VB happy JJ with IN 15 CD % NN . . But CC the DT tax-preparation NN business NN simply RB has VBZ no DT more JJR room NN to TO grow VB , , says VBZ Mark NNP Cremonie NNP , , director NN of IN research NN for IN Capital NNP Supervisors NNPS Inc. NNP , , a DT Chicago NNP firm NN that WDT manages VBZ $ $ 6.5 CD billion CD . . `` `` You PRP go VBP to TO any DT medium-sized JJ town NN in IN the DT U.S. NNP and CC you PRP 're VBP going VBG to TO see VB H&R NNP Block NNP tax NN services NNS . . '' '' Mr. NNP Cremonie NNP 's POS firm NN once RB held VBD about IN 4.8 CD % NN of IN H&R NNP Block NNP . . That DT was VBD before IN the DT 1986 CD tax NN `` `` reform NN '' '' made VBN taxes NNS more RBR complex JJ than IN ever RB . . `` `` One CD thing NN you PRP can MD bet VB on IN , , '' '' he PRP says VBZ , , `` `` is VBZ that IN Congress NNP will MD do VB stupid JJ things NNS with IN the DT Tax NNP Code NNP . . '' '' But CC Capital NNP Supervisors NNPS sold VBD the DT last JJ of IN its PRP$ H&R NNP Block NNP holdings NNS earlier RBR this DT year NN . . `` `` They PRP 're VBP thrashing VBG around RB for IN diversification NN , , '' '' he PRP says VBZ . . `` `` I PRP think VBP a DT lot NN of IN their PRP$ businesses NNS are VBP just RB so-so JJ . . '' '' Last JJ week NN the DT stock NN hit VBD an DT all-time JJ high NN of IN 37 CD 1\/4 CD before IN getting VBG roughed VBD up RP in IN the DT Friday-the-13th JJ minicrash NN . . It PRP closed VBD yesterday NN at IN 34 CD 3\/4 CD . . To TO be VB sure JJ , , the DT stock NN still RB has VBZ a DT lot NN of IN fans NNS . . `` `` If IN you PRP invested VBD $ $ 10,000 CD in IN the DT initial JJ public JJ offering NN in IN 1962 CD , , it PRP would MD be VB worth JJ well RB over IN $ $ 5 CD million CD today NN , , '' '' says VBZ Fredric NNP E. NNP Russell NNP , , a DT Tulsa NNP , , Okla. NNP , , money NN manager NN . . `` `` I PRP do VBP n't RB know VB what WP the DT risk NN is VBZ { ( of IN holding VBG the DT stock NN } ) . . Taxes NNS are VBP not RB going VBG out IN of IN business NN . . '' '' Many JJ of IN his PRP$ peers NNS feel VBP the DT same JJ way NN . . The DT number NN of IN big JJ institutions NNS that IN own JJ H&R NNP Block NNP shares NNS is VBZ 207 CD and CC growing VBG , , according VBG to TO a DT midyear NN tally NN by IN CDA NNP Investment NNP Technologies NNPS . . Brokerage NN houses NNS are VBP sweet JJ on IN H&R NNP Block NNP , , too RB . . Zacks NNP Investment NNP Research NNP counts VBZ five CD brokerage NN houses NNS that WDT consider VBP the DT stock NN a DT buy NN , , and CC four CD that WDT call VBP it PRP a DT hold NN . . None NN dare MD say VB to TO sell VB it PRP . . But CC some DT money NN managers NNS are VBP doing VBG just RB that DT . . Eugene NNP Sit NNP , , president NN of IN Sit NNP Investment NNP Associates NNPS in IN Minneapolis NNP , , says VBZ , , `` `` When WRB we PRP bought VBD it PRP , , we PRP thought VBD the DT growth NN rate NN was VBD going VBG to TO accelerate VB '' '' because IN of IN computerized JJ tax NN filing VBG and CC instant NN refunds NNS ( ( the DT customer NN gets VBZ a DT refund NN immediately RB but CC pays VBZ extra JJ to TO the DT tax NN preparer NN , , which WDT waits VBZ for IN Uncle NNP Sam NNP 's POS check NN ) ) . . But CC neither DT of IN those DT developments NNS did VBD much RB to TO juice NN up RP growth NN , , Mr. NNP Sit NNP says VBZ . . He PRP figures VBZ Block NNP earnings NNS are VBP now RB growing VBG at IN about IN a DT 10 CD % NN annual JJ rate NN ( ( down IN from IN about IN 14 CD % NN the DT past JJ five CD years NNS ) ) and CC will MD grow VB at IN an DT 8%-10 CD % NN rate NN in IN the DT future NN . . That DT 's VBZ `` `` not RB bad JJ , , '' '' Mr. NNP Sit NNP says VBZ , , but CC it PRP sure RB does VBZ n't RB justify VB Block NNP shares NNS being VBG priced VBN at IN 15 CD to TO 16 CD times NNS estimated VBD earnings NNS for IN fiscal JJ 1990 CD . . He PRP wants VBZ stocks NNS whose WP$ price\/earnings NNS ratio NN is VBZ less JJR than IN their PRP$ growth NN rate NN ; : as IN he PRP figures VBZ it PRP , , H&R NNP Block NNP does VBZ n't RB even RB come VB close RB . . Two CD other JJ money NN managers NNS , , in IN explaining VBG why WRB they PRP have VBP sold VBN large JJ amounts NNS of IN H&R NNP Block NNP stock NN this DT year NN , , spoke VBD on IN the DT condition NN they PRP not RB be VB named VBN . . `` `` The DT stock NN was VBD going VBG no DT place NN and CC the DT earnings NNS were VBD so-so JJ , , '' '' said VBD one CD . . ( ( In IN the DT past JJ two CD years NNS , , the DT stock NN almost RB stalled VBD out IN . . It PRP was VBD above IN 33 CD , , adjusted VBN for IN a DT subsequent JJ split NN , , in IN 1987 CD , , and CC has VBZ n't RB gotten VBN much RB higher JJR since IN . . ) ) `` `` There EX 's VBZ no DT more JJR growth NN in IN the DT tax NN business NN { ( except IN } ) for IN increasing VBG prices NNS , , '' '' the DT money NN manager NN added VBD . . The DT CompuServe NNP subsidiary NN ( ( which WDT provides VBZ information NN to TO home-computer NN users NNS ) ) is VBZ `` `` where WRB the DT growth NN is VBZ , , '' '' he PRP said VBD , , but CC its PRP$ format NN is VBZ `` `` still RB too RB complicated VBN . . '' '' CompuServe NNP provides VBZ about IN 20 CD % NN of IN both DT sales NNS and CC earnings NNS . . The DT tax NN business NN still RB provides VBZ about IN 70 CD % NN of IN earnings NNS , , on IN about IN 50 CD % NN of IN sales NNS . . Personnel NNP Pool NNP ( ( temporary JJ workers NNS , , mostly RB in IN the DT health-care JJ area NN ) ) chips NNS in RP close NN to TO 25 CD % NN of IN sales NNS but CC only RB about IN 9 CD % NN of IN earnings NNS . . The DT shortage NN of IN nurses NNS is VBZ crimping VBG profit NN at IN Personnel NNP Pool NNP , , said VBD the DT second JJ money NN manager NN . . He PRP concedes VBZ H&R NNP Block NNP is VBZ `` `` well-entrenched JJ '' '' and CC `` `` a DT great JJ company NN , , '' '' but CC says VBZ `` `` it PRP does VBZ n't RB grow VB fast RB enough RB for IN us PRP . . We PRP 're VBP looking VBG for IN something NN that WDT grows VBZ faster RBR and CC sells VBZ at IN a DT comparable JJ { ( price-earnings NNS } ) multiple JJ . . '' '' Thomas NNP M. NNP Bloch NNP , , president NN and CC chief NN operating VBG officer NN , , says VBZ `` `` I PRP would MD disagree VB '' '' that IN the DT tax NN business NN is VBZ mature JJ . . For IN example NN , , he PRP says VBZ , , the DT company NN is VBZ planning VBG to TO go VB nationwide JJ with IN a DT new JJ service NN , , tested VBN in IN parts NNS of IN the DT country NN , , aimed VBN at IN taxpayers NNS who WP want VBP refunds NNS in IN a DT hurry NN . . Mr. NNP Bloch NNP concedes VBZ that IN a DT recent JJ diversification NN attempt NN fell VBD through IN . . `` `` We PRP 're VBP still RB interested VBN { ( in IN diversifying VBG } ) , , '' '' he PRP says VBZ , , `` `` but CC we PRP 'd MD rather RB be VB prudent JJ than IN make VB a DT mistake NN . . '' '' He PRP also RB says VBZ CompuServe NNP 's POS earnings NNS continue VBP to TO grow VB `` `` 20 CD % NN to TO 30 CD % NN a DT year NN '' '' in IN spite NN of IN tough JJ competition NN from IN giants NNS like IN Sears NNP and CC IBM NNP . . And CC he PRP says VBZ Block NNP 's POS other JJ businesses NNS are VBP growing VBG , , although IN less RBR consistently RB . . H&R NNP Block NNP ( ( NYSE NNP ; : Symbol:HRB NNP ) ) Business NN : : Tax NNP Preparation NNP Year NN ended VBD April NNP 30 CD , , 1989 CD : : Revenue NN : : $ $ 899.6 CD million CD Net JJ loss NN : : $ $ 100.2 CD million CD ; : $ $ 1.90 CD a DT share NN First JJ quarter NN , , July NNP 31 CD , , 1989 CD : : Per-share JJ earnings NNS : : Loss NN of IN 8 CD cents NNS vs. CC loss NN of IN 9 CD cents NNS Average JJ daily JJ trading NN volume NN : : 145,954 CD shares NNS Philips NNP Industries NNPS Inc. NNP said VBD its PRP$ board NN authorized VBD the DT redemption NN Dec. NNP 6 CD of IN the DT company NN 's POS $ $ 1 CD cumulative JJ convertible JJ special JJ preferred VBN stock NN at IN $ $ 37.50 CD a DT share NN , , not RB including VBG a DT 25 CD cent NN dividend NN for IN the DT current JJ quarter NN , , and CC the DT $ $ 3 CD cumulative JJ convertible JJ preferred VBN stock NN at IN $ $ 75 CD , , plus CC a DT 75 CD cent NN dividend NN for IN the DT current JJ quarter NN . . The DT Dayton NNP , , Ohio NNP , , maker NN of IN parts NNS for IN the DT building NN and CC transportation NN industries NNS said VBD holders NNS of IN the DT two CD issues NNS can MD convert VB their PRP$ stock NN into IN common JJ shares NNS through IN the DT close NN of IN business NN Dec. NNP 1 CD . . Each DT $ $ 1 CD cumulative JJ share NN can MD be VB converted VBN into IN 4.92 CD common JJ shares NNS ; : the DT ratio NN on IN the DT $ $ 3 CD cumulative JJ is VBZ eight CD common JJ shares NNS for IN each DT $ $ 3 CD cumulative JJ preferred VBN . . Philips NNP did VBD n't RB indicate VB how WRB many JJ shares NNS outstanding JJ it PRP has VBZ of IN either DT issue NN . . Company NN officials NNS could MD n't RB be VB reached VBN . . Earlier RBR this DT month NN the DT company NN said VBD its PRP$ board NN approved VBD a DT proposed VBN management-led JJ leveraged JJ buy-out NN at IN $ $ 25.50 CD a DT share NN , , or CC $ $ 750 CD million CD . . ( ( During IN its PRP$ centennial NN year NN , , The DT Wall NNP Street NNP Journal NNP will MD report VB events NNS of IN the DT past JJ century NN that DT stand VBP as IN milestones NNS of IN American JJ business NN history NN . . ) ) PUTS NNPS AND CC CALLS NNPS , , STOCK NNP MARKET NNP PATOIS NNP for IN options NNS to TO sell VB or CC buy VB a DT company NN 's POS shares NNS , , were VBD long RB an DT arcane JJ Wall NNP Street NNP art NN best RB left VBN to TO the DT experts NNS , , who WP used VBD them PRP either CC as IN a DT hedge NN or CC for IN pure JJ speculation NN . . Options NNS lost VBD some DT of IN their PRP$ mystery NN in IN 1973 CD when WRB the DT Chicago NNP Board NNP of IN Trade NNP set VBD up RP a DT special JJ exchange NN to TO deal VB in IN them PRP . . Until IN then RB , , options NNS had VBD been VBN traded VBN only RB in IN the DT over-the-counter JJ market NN , , mostly RB in IN New NNP York NNP , , and CC in IN an DT almost RB invisible JJ secondary JJ market NN operating VBG chiefly RB by IN telephone NN . . The DT Chicago NNP Board NNP of IN Trade NNP , , the DT No. NN 1 CD U.S. NNP grain NN market NN , , had VBD long RB chafed VBN under IN the DT attention NN won VBN by IN its PRP$ innovative JJ archrival JJ , , the DT livestock-dealing JJ Mercantile NNP Exchange NNP . . So IN the DT men NNS who WP ran VBD the DT grain NN pits NNS listened VBD when WRB Joseph NNP Sullivan NNP , , a DT 35-year-old JJ former JJ Wall NNP Street NNP Journal NNP newsman NN , , offered VBD them PRP the DT idea NN of IN all-options JJ trading NN . . After IN four CD year NN of IN tinkering NN and CC $ $ 2.4 CD million CD in IN seed NN money NN , , the DT board NN set VBD up RP the DT new JJ marketplace NN , , titled VBD it PRP the DT Chicago NNP Board NNP Options NNPS Exchange NNP , , and CC named VBD Sullivan NNP its PRP$ first JJ president NN . . The DT beginnings NNS were VBD modest JJ . . The DT CBOE NNP opened VBD for IN business NN on IN April NNP 26 CD , , 1973 CD , , in IN what WP had VBD been VBN a DT Board NNP of IN Trade NNP lunchroom NN . . It PRP listed VBD just RB 16 CD options NNS to TO buy VB a DT `` `` pilot NN list NN '' '' of IN stocks NNS on IN the DT New NNP York NNP Stock NNP Exchange NNP . . ( ( Puts VBZ , , or CC sell VB options NNS , , would MD not RB be VB added VBN until IN 1977 CD . . ) ) The DT 282 CD members NNS had VBD paid VBN $ $ 10,000 CD apiece RB for IN seats NNS . . ( ( The DT 1989 CD price NN : : $ $ 250,000 CD . . ) ) The DT first JJ day NN 's POS business NN was VBD 911 CD contracts NNS ( ( each DT for IN 100 CD shares NNS of IN one CD of IN the DT listed VBN stocks NNS ) ) . . By IN the DT end NN of IN 1973 CD , , the DT number NN of IN `` `` underlying VBG '' '' Big NNP Board NNP stocks NNS had VBD been VBN increased VBN to TO 50 CD and CC the DT options NNS exchange NN had VBD run VBN up RP volume NN of IN 1.1 CD million CD contracts NNS . . A DT year NN later RB , , it PRP was VBD 5.7 CD million CD . . Last JJ year NN , , more RBR than IN 1,800 CD traders NNS on IN the DT CBOE NNP bought VBD and CC sold VBD 112 CD million CD contracts NNS on IN 178 CD listed VBN stocks NNS , , 60 CD % NN of IN all DT U.S. NNP listed VBD options NNS trading NN . . The DT new JJ exchange NN drew VBD instant JJ recognition NN from IN an DT unwelcome JJ quarter NN . . The DT government NN , , campaigning VBG against IN fixed VBN brokerage NN commissions NNS , , promptly RB sued VBD the DT CBOE NNP over IN its PRP$ minimum-fee JJ system NN . . The DT Nuclear NNP Regulatory NNP Commission NNP ruled VBD unanimously RB that IN the DT financial JJ troubles NNS facing VBG the DT Seabrook NNP , , N.H. NNP , , nuclear-power JJ plant NN have VBP no DT impact NN on IN whether IN the DT plant NN receives VBZ a DT full-power JJ license NN . . Massachusetts NNP Attorney NNP General NNP James NNP Shannon NNP , , opposing VBG the DT license NN , , said VBD he PRP will MD appeal VB the DT ruling NN in IN federal JJ court NN . . Seabrook NNP officials NNS said VBD the DT plant NN could MD receive VB a DT full-power JJ license NN by IN the DT end NN of IN the DT year NN . . The DT NRC NNP rejected VBD Mr. NNP Shannon NNP 's POS argument NN that IN Public NNP Service NNP Co. NNP of IN New NNP Hampshire NNP , , which WDT owns VBZ the DT largest JJS share NN of IN Seabrook NNP , , and CC 11 CD other JJ owners NNS are VBP financially RB unable JJ to TO guarantee VB the DT plant NN 's POS safe JJ operation NN . . Mr. NNP Shannon NNP was VBD seeking VBG a DT waiver NN of IN NRC NNP policy NN that WDT ignores VBZ financial JJ considerations NNS in IN making VBG licensing NN decisions NNS . . In IN its PRP$ ruling NN , , the DT NRC NNP said VBD that IN because IN Seabrook NNP will MD be VB allowed VBN to TO charge VB rates NNS sufficient JJ to TO run VB the DT plant NN and CC make VB payments NNS on IN past JJ construction NN costs NNS , , consideration NN of IN the DT owners NNS ' POS financial JJ condition NN is VBZ pointless JJ . . `` `` The DT commissioners NNS found VBD the DT circumstances NNS of IN the DT case NN did VBD n't RB undercut JJ the DT assurance NN from IN government NN rate NN setters NNS of IN available JJ funds NNS adequate JJ for IN safe JJ operation NN , , '' '' said VBD a DT commission NN spokesman NN . . In IN January NNP 1988 CD , , the DT utility NN filed VBD for IN protection NN under IN Chapter NN 11 CD of IN the DT federal JJ Bankruptcy NNP Code NNP , , allowing VBG it PRP to TO continue VB to TO operate VB while IN protected VBN from IN creditors NNS ' POS lawsuits NNS . . Bristol-Myers NNP Squibb NNP Co. NNP , , New NNP York NNP , , the DT newly RB merged VBN drug NN and CC health-care-product NN company NN , , reported VBD record NN third-quarter NN earnings NNS for IN both DT companies NNS in IN the DT merger NN . . Bristol-Myers NNP Co. NNP and CC Squibb NNP Corp. NNP , , Princeton NNP , , N.J. NNP , , merged VBD Oct. NNP 4 CD , , but CC the DT new JJ company NN reported VBD third-period JJ earnings NNS for IN both DT companies NNS . . For IN the DT fourth JJ quarter NN , , Bristol-Myers NNP Squibb NNP will MD report VB one CD set NN of IN earnings NNS . . Bristol-Myers NNP said VBD net JJ income NN rose VBD 15 CD % NN to TO $ $ 266.2 CD million CD , , or CC 93 CD cents NNS a DT share NN , , from IN $ $ 232.3 CD million CD , , or CC 81 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . Sales NNS gained VBD 5 CD % NN to TO $ $ 1.59 CD billion CD from IN $ $ 1.52 CD billion CD . . Squibb NNP Corp. NNP said VBD net NN rose VBD 17 CD % NN to TO $ $ 144.5 CD million CD , , or CC $ $ 1.47 CD a DT share NN , , from IN $ $ 123 CD million CD , , or CC $ $ 1.25 CD a DT share NN . . Sales NNS were VBD $ $ 730.1 CD million CD , , up IN 7 CD % NN from IN $ $ 679.5 CD million CD . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Bristol-Myers NNP Squibb NNP rose VBD $ $ 1.75 CD to TO $ $ 52.75 CD . . PPG NNP Industries NNPS Inc. NNP , , hurt VBN by IN softness NN in IN the DT U.S. NNP automotive JJ and CC construction NN industries NNS , , said VBD third-quarter NN net NN income NN fell VBD 5.5 CD % NN to TO $ $ 106.7 CD million CD , , or CC 97 CD cents NNS a DT share NN , , from IN $ $ 112.9 CD million CD , , or CC $ $ 1.03 CD a DT share NN , , a DT year NN ago IN . . Sales NNS were VBD nearly RB identical JJ to TO the DT year-earlier JJ $ $ 1.36 CD billion CD . . The DT drop NN in IN earnings NNS did VBD n't RB surprise VB analysts NNS who WP said VBD the DT Pittsburgh NNP glass NN , , coatings NNS and CC chemical NN concern NN had VBD been VBN predicting VBG a DT slow JJ quarter NN because IN of IN the DT sluggish JJ construction NN industry NN , , a DT major JJ market NN for IN the DT company NN 's POS flat JJ glass NN . . Glass NN sales NNS to TO Canadian JJ and CC European JJ auto NN makers NNS and CC sales NNS of IN replacement NN auto NN glass NN in IN all DT markets NNS increased VBD . . The DT coating NN segment NN also RB posted VBD higher JJR sales NNS particularly RB in IN North NNP America NNP and CC Europe NNP . . But CC sale NN increases NNS were VBD offset VBN by IN slumping VBG sales NNS in IN flat JJ glass NN and CC fiberglass NNS reinforcements NNS , , the DT company NN said VBD . . Also RB , , chemicals NNS sales NNS were VBD slightly RB down IN because IN of IN lower JJR prices NNS for IN vinyl NN chloride NN monomer NN and CC other JJ chlorine NN derivatives NNS . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , PPG NNP closed VBD at IN $ $ 41 CD a DT share NN , , down IN 37.5 CD cents NNS . . Jefferies NNP Group NNP Inc. NNP said VBD third-quarter NN net NN income NN fell VBD 4 CD % NN , , to TO $ $ 2.2 CD million CD , , or CC 35 CD cents NNS a DT share NN , , from IN $ $ 2.3 CD million CD , , or CC 31 CD cents NNS a DT share NN on IN more JJR shares NNS , , a DT year NN earlier RBR . . Revenue NN rose VBD 15 CD % NN , , to TO $ $ 36 CD million CD from IN $ $ 31.2 CD million CD . . Jefferies NNP , , a DT Los NNP Angeles NNP holding VBG company NN primarily RB engaged VBN in IN securities NNS trading NN , , also RB said VBD stock NN market NN declines VBZ since IN the DT quarter NN ended VBD Sept. NNP 30 CD created VBD an DT unrealized JJ pretax NN loss NN of IN about IN $ $ 6 CD million CD in IN its PRP$ risk NN arbitrage NN account NN . . For IN the DT nine CD months NNS , , Jefferies NNP said VBD net NN fell VBD 39 CD % NN , , to TO $ $ 6.8 CD million CD , , or CC $ $ 1.07 CD a DT share NN , , from IN $ $ 11.1 CD million CD , , or CC $ $ 1.50 CD a DT share NN . . Revenue NN fell VBD 3 CD % NN , , to TO $ $ 105.2 CD million CD from IN $ $ 108.4 CD million CD . . Sony NNP Corp. NNP , , New NNP York NNP , , said VBD its PRP$ bids NNS for IN Columbia NNP Pictures NNPS Entertainment NNP Inc. NNP and CC Guber-Peters NNP Entertainment NNP Co. NNP have VBP been VBN cleared VBN by IN federal JJ antitrust JJ regulators NNS . . The DT Japanese JJ company NN said VBD the DT waiting VBG period NN under IN the DT Hart-Scott-Rodino NNP antitrust JJ act NN for IN the DT $ $ 3.4 CD billion CD bid NN for IN Columbia NNP and CC the DT $ $ 200 CD million CD offer NN for IN Guber-Peters NNP expired VBD Monday NNP . . Sony NNP has VBZ agreed VBN to TO buy VB both DT companies NNS , , but CC is VBZ in IN a DT legal JJ battle NN with IN Warner NNP Communications NNPS Inc. NNP over IN the DT services NNS of IN producers NNS Peter NNP Guber NNP and CC Jon NNP Peters NNP . . In IN a DT filing NN with IN the DT Securities NNPS and CC Exchange NNP Commission NNP , , Sony NNP also RB said VBD two CD more JJR suits NNS have VBP been VBN filed VBN opposing VBG the DT company NN 's POS agreement NN to TO buy VB Columbia NNP . . Sony NNP added VBD that IN a DT hearing NN has VBZ been VBN set VBN for IN Thursday NNP in IN the DT Delaware NNP Chancery NNP Court NNP in IN one CD of IN the DT suits NNS . . Thursday NNP , , October NNP 19 CD , , 1989 CD The DT key JJ U.S. NNP and CC foreign JJ annual JJ interest NN rates NNS below IN are VBP a DT guide NN to TO general JJ levels NNS but CC do VBP n't RB always RB represent VB actual JJ transactions NNS . . PRIME NNP RATE NNP : : 10 CD 1\/2 CD % NN . . The DT base NN rate NN on IN corporate JJ loans NNS at IN large JJ U.S. NNP money NN center NN commercial JJ banks NNS . . FEDERAL JJ FUNDS NNS : : 8 CD 3\/4 CD % NN high JJ , , 8 CD 5\/8 CD % NN low JJ , , 8 CD 11\/16 CD % NN near IN closing VBG bid NN , , 8 CD 11\/16 CD % NN offered VBN . . Reserves NNS traded VBN among IN commercial JJ banks NNS for IN overnight JJ use NN in IN amounts NNS of IN $ $ 1 CD million CD or CC more JJR . . Source NN : : Fulton NNP Prebon NNP ( ( U.S.A NNP . . ) ) Inc NNP . . DISCOUNT JJ RATE NN : : 7 CD % NN . . The DT charge NN on IN loans NNS to TO depository NN institutions NNS by IN the DT New NNP York NNP Federal NNP Reserve NNP Bank NNP . . CALL NNP MONEY NNP : : 9 CD 3\/4 CD % NN to TO 10 CD % NN . . The DT charge NN on IN loans NNS to TO brokers NNS on IN stock NN exchange NN collateral NN . . COMMERCIAL JJ PAPER NN placed VBN directly RB by IN General NNP Motors NNPS Acceptance NNP Corp. NNP : : 8.45 CD % NN 30 CD to TO 44 CD days NNS ; : 8.25 CD % NN 45 CD to TO 73 CD days NNS ; : 8.325 CD % NN 74 CD to TO 99 CD days NNS ; : 7.75 CD % NN 100 CD to TO 179 CD days NNS ; : 7.50 CD % NN 180 CD to TO 270 CD days NNS . . COMMERCIAL NNP PAPER NNP : : High-grade JJ unsecured JJ notes NNS sold VBN through IN dealers NNS by IN major JJ corporations NNS in IN multiples NNS of IN $ $ 1,000 CD : : 8.525 CD % NN 30 CD days NNS ; : 8.425 CD % NN 60 CD days NNS ; : 8.375 CD % NN 90 CD days NNS . . CERTIFICATES NNPS OF IN DEPOSIT NNP : : 8.05 CD % NN one CD month NN ; : 8.02 CD % NN two CD months NNS ; : 8 CD % NN three CD months NNS ; : 7.98 CD % NN six CD months NNS ; : 7.95 CD % NN one CD year NN . . Average JJ of IN top JJ rates NNS paid VBN by IN major JJ New NNP York NNP banks NNS on IN primary JJ new JJ issues NNS of IN negotiable JJ C.D.s NNS , , usually RB on IN amounts NNS of IN $ $ 1 CD million CD and CC more JJR . . The DT minimum JJ unit NN is VBZ $ $ 100,000 CD . . Typical JJ rates NNS in IN the DT secondary JJ market NN : : 8.60 CD % NN one CD month NN ; : 8.60 CD % NN three CD months NNS ; : 8.45 CD % NN six CD months NNS . . BANKERS NNPS ACCEPTANCES NNPS : : 8.45 CD % NN 30 CD days NNS ; : 8.32 CD % NN 60 CD days NNS ; : 8.32 CD % NN 90 CD days NNS ; : 8.17 CD % NN 120 CD days NNS ; : 8.08 CD % NN 150 CD days NNS ; : 7.98 CD % NN 180 CD days NNS . . Negotiable JJ , , bank-backed JJ business NN credit NN instruments NNS typically RB financing VBG an DT import NN order NN . . LONDON NNP LATE RB EURODOLLARS NNPS : : 8 CD 11\/16 CD % NN to TO 8 CD 9\/16 CD % NN one CD month NN ; : 8 CD 11\/16 CD % NN to TO 8 CD 9\/16 CD % NN two CD months NNS ; : 8 CD 11\/16 CD % NN to TO 8 CD 9\/16 CD % NN three CD months NNS ; : 8 CD 5\/8 CD % NN to TO 8 CD 1\/2 CD % NN four CD months NNS ; : 8 CD 9\/16 CD % NN to TO 8 CD 7\/16 CD % NN five CD months NNS ; : 8 CD 9\/16 CD % NN to TO 8 CD 7\/16 CD % NN six CD months NNS . . LONDON NNP INTERBANK NNP OFFERED VBN RATES NNS ( ( LIBOR NNP ) ) : : 8 CD 3\/4 CD % NN one CD month NN ; : 8 CD 11\/16 CD % NN three CD months NNS ; : 8 CD 9\/16 CD % NN six CD months NNS ; : 8 CD 9\/16 CD % NN one CD year NN . . The DT average NN of IN interbank NN offered VBN rates NNS for IN dollar NN deposits NNS in IN the DT London JJ market NN based VBN on IN quotations NNS at IN five CD major JJ banks NNS . . FOREIGN NNP PRIME NNP RATES NNPS : : Canada NNP 13.50 CD % NN ; : Germany NNP 8.50 CD % NN ; : Japan NNP 4.875 CD % NN ; : Switzerland NNP 8.50 CD % NN ; : Britain NNP 15 CD % NN . . These DT rate NN indications NNS are VBP n't RB directly RB comparable JJ ; : lending VBG practices NNS vary VBP widely RB by IN location NN . . TREASURY NNP BILLS NNPS : : Results NNS of IN the DT Monday NNP , , October NNP 16 CD , , 1989 CD , , auction NN of IN short-term JJ U.S. NNP government NN bills NNS , , sold VBN at IN a DT discount NN from IN face NN value NN in IN units NNS of IN $ $ 10,000 CD to TO $ $ 1 CD million CD : : 7.37 CD % NN 13 CD weeks NNS ; : 7.42 CD % NN 26 CD weeks NNS . . FEDERAL NNP HOME NNP LOAN NNP MORTGAGE NNP CORP NNP . . ( ( Freddie NNP Mac NNP ) ) : : Posted VBN yields NNS on IN 30-year JJ mortgage NN commitments NNS for IN delivery NN within IN 30 CD days NNS . . 9.87 CD % NN , , standard JJ conventional JJ fixed-rate JJ mortgages NNS ; : 7.875 CD % NN , , 2 CD % NN rate NN capped VBN one-year JJ adjustable JJ rate NN mortgages NNS . . Source NN : : Telerate NNP Systems NNPS Inc NNP . . FEDERAL NNP NATIONAL NNP MORTGAGE NNP ASSOCIATION NNP ( ( Fannie NNP Mae NNP ) ) : : Posted VBN yields NNS on IN 30 CD year NN mortgage NN commitments NNS for IN delivery NN within IN 30 CD days NNS ( ( priced VBN at IN par NN ) ) 9.81 CD % NN , , standard JJ conventional JJ fixed-rate JJ mortgages NNS ; : 8.70 CD % NN , , 6\/2 CD rate NN capped VBN one-year JJ adjustable JJ rate NN mortgages NNS . . Source NN : : Telerate NNP Systems NNPS Inc NNP . . MERRILL NNP LYNCH NNP READY NNP ASSETS NNPS TRUST NNP : : 8.50 CD % NN . . Annualized VBN average JJ rate NN of IN return NN after IN expenses NNS for IN the DT past JJ 30 CD days NNS ; : not RB a DT forecast NN of IN future JJ returns NNS . . China NNP said VBD the DT question NN of IN Taiwan NNP 's POS membership NN in IN the DT General NNP Agreement NNP on IN Tariffs NNPS and CC Trade NNP should MD be VB considered VBN only RB after IN China NNP 's POS own JJ membership NN in IN the DT 97-nation JJ organization NN is VBZ restored VBN . . Both DT China NNP and CC Taiwan NNP are VBP seeking VBG seats NNS in IN GATT NNP , , which WDT sponsors VBZ trade-liberalizing JJ agreements NNS and CC sets VBZ world-commerce JJ rules NNS . . `` `` As IN one CD of IN China NNP 's POS provinces NNS , , Taiwan NNP has VBZ no DT right NN to TO join VB GATT NNP on IN its PRP$ own JJ , , '' '' Foreign NNP Ministry NNP spokesman NN Li NNP Zhaoxing NNP said VBD . . China NNP , , under IN the DT Nationalist JJ government NN of IN Chiang NNP Kai-shek NNP , , was VBD a DT founding VBG member NN of IN GATT NNP in IN 1947 CD . . The DT Nationalists NNPS withdrew VBD in IN 1950 CD , , after IN their PRP$ flight NN to TO Taiwan NNP , , and CC the DT Communist JJ government NN in IN Beijing NNP applied VBD for IN restoration NN of IN China NNP 's POS membership NN in IN July NNP 1986 CD . . The DT U.S. NNP has VBZ voiced VBN opposition NN to TO China NNP 's POS bid NN for IN GATT NNP membership NN , , saying VBG China NNP has VBZ yet RB to TO undertake VB needed VBN economic JJ reforms NNS . . Japan NNP 's POS biggest JJS women NNS 's POS underwear NN maker NN , , Wacoal NNP Corp. NNP , , said VBD that IN it PRP developed VBD a DT sports NNS car NN that IN it PRP plans VBZ to TO market VB in IN two CD years NNS . . The DT `` `` Jiotto NNP Caspita NNP '' '' can MD run VB at IN over IN 188 CD miles NNS an DT hour NN , , a DT company NN spokesman NN said VBD . . The DT base NN price NN of IN the DT car NN is VBZ estimated VBN at IN 30 CD million CD yen NN ( ( about IN $ $ 213,000 CD ) ) . . Wacoal NNP said VBD it PRP intends VBZ to TO produce VB the DT cars NNS through IN a DT car NN manufacturer NN . . Along IN with IN the DT car NN , , Wacoal NNP plans VBZ to TO launch VB a DT series NN of IN Caspita-brand JJ men NNS 's POS underwear NN . . `` `` Our PRP$ image NN is VBZ a DT company NN that WDT makes VBZ women NNS 's POS products NNS , , '' '' said VBD a DT Wacoal NNP spokesman NN . . `` `` Now RB , , we PRP 're VBP going VBG to TO sell VB to TO men NNS . . '' '' The DT British JJ satirical JJ magazine NN Private NNP Eye NNP won VBD an DT appeal NN against IN the DT size NN of IN a DT $ $ 960,000 CD libel NN award NN to TO Sonia NNP Sutcliffe NNP , , the DT estranged VBN wife NN of IN the DT `` `` Yorkshire NNP Ripper NNP '' '' mass NN murderer NN . . An DT appeals-court NN panel NN slashed VBD all DT but CC $ $ 40,000 CD from IN the DT award NN , , the DT largest JJS ever RB set VBN by IN a DT British JJ jury NN , , pending VBG a DT reassessment NN of IN the DT damages NNS . . But CC the DT panel NN dismissed VBD the DT magazine NN 's POS contention NN that IN it PRP had VBD n't RB libeled VBN Mrs. NNP Sutcliffe NNP when WRB it PRP accused VBD her PRP of IN trying VBG to TO sell VB her PRP$ story NN to TO capitalize VB on IN the DT notoriety NN of IN her PRP$ husband NN . . Private NNP Eye NNP had VBD been VBN threatened VBN with IN closure NN because IN it PRP could MD n't RB afford VB the DT libel NN payment NN . . Senshukai NNP Co. NNP , , a DT travel NN agent NN based VBN in IN Osaka NNP , , Japan NNP , , announced VBD that IN it PRP and CC Nissho NNP Iwai NNP Corp. NNP , , a DT major JJ Japanese JJ trading NN house NN , , will MD jointly RB build VB a DT 130-unit JJ condominium NN in IN Queensland NNP , , Australia NNP . . Senshukai NNP said VBD the DT partners NNS plan VBP to TO rent VB to TO tourists NNS but CC will MD also RB sell VB to TO interested JJ parties NNS . . Senshukai NNP has VBZ a DT 60 CD % NN stake NN in IN the DT venture NN and CC Nissho NNP Iwai NNP has VBZ the DT rest NN . . Construction NN of IN the DT 34-floor JJ building NN will MD begin VB next JJ May NNP and CC should MD be VB completed VBN in IN April NNP 1992 CD . . Units NNS will MD cost VB from IN 500,000 CD to TO 3.5 CD million CD Australian JJ dollars NNS ( ( about IN US$ $ 386,000 CD to TO US$ $ 2.7 CD million CD ) ) . . The DT Soviet NNP Union NNP has VBZ halted VBN construction NN of IN two CD Chernobyl-type JJ nuclear JJ reactors NNS and CC is VBZ reassessing VBG the DT future NN of IN 12 CD other JJ existing VBG reactors NNS . . Viktor NNP Sidorenko NNP , , vice NN chairman NN of IN the DT State NNP Committee NNP on IN Nuclear NNP Safety NNP , , said VBD the DT two CD reactors NNS were VBD at IN Kursk NNP and CC Smolensk NNP . . News NNS of IN the DT halt NN comes VBZ amid IN growing VBG anger NN in IN the DT Ukraine NNP and CC Byelorussia NNP over IN continuing VBG high JJ levels NNS of IN radiation NN from IN Chernobyl NNP . . A DT former JJ vice NN president NN of IN the DT Singapore NNP branch NN of IN Drexel NNP Burnham NNP Lambert NNP Group NNP Inc. NNP was VBD charged VBN in IN court NN yesterday NN on IN 19 CD counts NNS of IN cheating NN . . Francis NNP Dang NNP , , 41 CD , , is VBZ alleged VBN to TO have VB been VBN involved VBN in IN cheating VBG Drexel NNP Burnham NNP Lambert NNP of IN up IN to TO 2.1 CD million CD Singapore NNP dollars NNS ( ( US$ $ 1.1 CD million CD ) ) by IN carrying VBG out RP unauthorized JJ transactions NNS on IN the DT London NNP Commodities NNPS Exchange NNP and CC the DT International NNP Petroleum NNP Exchange NNP . . Mr. NNP Dang NNP is VBZ alleged VBN to TO have VB used VBN the DT account NN of IN Singapore NNP hotel NN and CC property NN magnate NN Ong NNP Beng NNP Seng NNP to TO effect VB the DT transactions NNS . . Japan NNP says VBZ its PRP$ economic JJ growth NN will MD fall VB sharply RB if IN it PRP cuts VBZ back RB on IN the DT use NN of IN oil NN , , coal NN and CC gas NN to TO cap VB emissions NNS of IN carbon NN dioxide NN . . A DT Ministry NNP of IN International NNP Trade NNP and CC Industry NNP official NN said VBD that IN a DT study NN found VBD that IN Japan NNP 's POS annual JJ economic JJ growth NN rate NN would MD eventually RB be VB only RB 0.8 CD % NN if IN carbon-dioxide NN emissions NNS remained VBD at IN this DT year NN 's POS level NN of IN 300 CD million CD tons NNS . . The DT study NN will MD support VB arguments NNS against IN capping VBG carbon-dioxide NN emissions NNS that IN Japan NNP will MD make VB at IN a DT U.N.-backed JJ conference NN on IN atmospheric JJ pollution NN next IN month NN . . The DT study NN said VBD Japan NNP 's POS carbon-dioxide NN emissions NNS would MD slightly RB more RBR than IN double JJ by IN 2010 CD unless IN the DT nation NN reduced VBD its PRP$ dependence NN on IN fossil JJ fuels NNS . . It PRP said VBD that IN expanding VBG nuclear-power JJ capability NN is VBZ the DT quickest JJS way NN to TO lessen VB that DT dependence NN . . But CC increased VBN reliance NN on IN nuclear JJ power NN would MD meet VB stiff JJ opposition NN from IN environmentalists NNS , , a DT second JJ ministry NN official NN said VBD . . Just RB in IN time NN for IN Halloween NNP , , Britain NNP 's POS Oxford NNP University NNP Press NNP is VBZ publishing VBG a DT `` `` Dictionary NNP of IN Superstitions NNPS . . '' '' The DT books NN 1,500 CD entries NNS include VBP stepping VBG on IN cracks NNS and CC knocking VBG on IN wood NN ... : . . In IN New NNP Zealand NNP 's POS tiny JJ township NN of IN Kaitaia NNP , , which WDT has VBZ had VBN direct JJ dialing NN for IN less JJR than IN a DT year NN , , about IN 30 CD angry JJ phone-company NN customers NNS questioned VBD the DT size NN of IN their PRP$ bills NNS . . It PRP turned VBD out RP their PRP$ children NNS had VBD been VBN dialing VBG a DT `` `` sex NN fantasy NN '' '' service NN in IN the DT U.S. NNP . . Slowing VBG sales NNS of IN its PRP$ profitable JJ Jeep NNP Cherokee NNP and CC Wagoneer NNP sport NN utility NN vehicles NNS are VBP forcing VBG Chrysler NNP Corp. NNP to TO temporarily RB idle VB its PRP$ Toledo NNP , , Ohio NNP , , assembly NN plant NN for IN the DT first JJ time NN since IN April NNP 1986 CD . . About IN 5,500 CD hourly JJ workers NNS will MD be VB laid VBN off RP for IN a DT week NN beginning NN Oct. NNP 23 CD , , and CC overtime RB has VBZ been VBN eliminated VBN at IN the DT plant NN for IN the DT fourth JJ quarter NN , , a DT Chrysler NNP spokesman NN said VBD . . That DT 's VBZ a DT significant JJ change NN from IN earlier RBR this DT year NN when WRB the DT plant NN worked VBD substantial JJ overtime NN only RB to TO have VB sales NNS fall VB short RB of IN the DT company NN 's POS bullish JJ expectations NNS . . Sales NNS of IN Cherokee NNP , , the DT best-selling JJ Jeep NN , , and CC the DT lower-volume JJ Wagoneer NN were VBD actually RB up IN about IN 10 CD % NN through IN the DT end NN of IN last JJ month NN . . But CC that DT 's VBZ less JJR than IN Chrysler NNP officials NNS had VBD hoped VBN when WRB they PRP set VBP ambitious JJ production NN schedules NNS for IN the DT Toledo NNP plant NN earlier RBR this DT year NN . . Even RB when WRB it PRP became VBD clear JJ this DT spring NN that DT demand NN was VBD n't RB coming VBG up IN to TO expectations NNS , , Chrysler NNP officials NNS `` `` resisted VBD '' '' cutting VBG output NN because IN Cherokee NNP and CC Wagoneer NNP are VBP `` `` very RB profitable JJ vehicles NNS , , '' '' the DT spokesman NN said VBD . . Instead RB , , Chrysler NNP officials NNS in IN late JJ May NNP slapped VBD $ $ 1,000 CD cash NN rebates NNS on IN the DT vehicles NNS , , including VBG the DT first JJ such JJ incentives NNS on IN the DT popular JJ four-door JJ Cherokee NNP since IN Chrysler NNP bought VBD Jeep NN in IN 1987 CD . . The DT incentives NNS boosted VBD sales NNS for IN a DT while NN , , but CC the DT pace NN had VBD cooled VBN by IN last JJ month NN . . The DT result NN : : Chrysler NNP dealers NNS had VBD a DT bloated JJ 82-day JJ supply NN of IN the DT Cherokee NNP as IN of IN the DT end NN of IN last JJ month NN and CC a DT 161-day JJ supply NN of IN the DT Comanche NNP pickup NN , , which WDT Toledo NNP also RB builds VBZ . . A DT 60-day JJ to TO 65-day JJ supply NN is VBZ considered VBN normal JJ . . At IN Jasper NNP Jeep-Eagle NNP , , one CD of IN the DT largest JJS Jeep NN dealerships NNS in IN the DT country NN , , inventories NNS have VBP continued VBN to TO swell VB . . Steve NNP Lowe NNP , , general JJ manager NN of IN Jasper NNP , , Ga. NNP , , dealership NN , , said VBD new JJ rebates NNS of IN $ $ 500 CD to TO $ $ 1,000 CD on IN the DT models NNS have VBP stimulated VBN sales NNS , , but CC not RB enough RB to TO significantly RB cut VB dealer NN stocks NNS . . `` `` If IN people NNS are VBP n't RB buying VBG , , you PRP have VBP to TO close VB plants NNS , , '' '' he PRP said VBD . . Separately RB , , Chrysler NNP said VBD it PRP will MD idle VB for IN four CD weeks NNS the DT St. NNP Louis NNP assembly NN plant NN that WDT builds VBZ the DT Chrysler NNP LeBaron NNP and CC Dodge NNP Daytona NNP models NNS . . Chrysler NNP officials NNS said VBD the DT plant NN is VBZ scheduled VBN to TO resume VB production NN on IN Nov. NNP 20. CD , , and CC 3,300 CD hourly JJ workers NNS will MD be VB affected VBN . . General NNP Motors NNPS Corp. NNP , , meanwhile RB , , said VBD it PRP will MD idle VB for IN yet RB another DT week NN its PRP$ Linden NNP , , N.J. NNP , , assembly NN plant NN , , bringing VBG to TO three CD weeks NNS the DT total JJ time NN that DT plant NN will MD be VB idled VBN during IN October NNP . . GM NNP said VBD the DT assembly NN plant NN , , which WDT builds VBZ the DT Chevrolet NNP Corsica NNP and CC Beretta NNP compact JJ cars NNS , , originally RB was VBD scheduled VBN to TO reopen VB Monday NNP but CC now RB will MD not RB resume VB production NN until IN Oct. NNP 30 CD . . The DT shutdown NN affects VBZ 3,000 CD workers NNS and CC will MD cut VB output NN by IN about IN 4,320 CD cars NNS . . Sluggish JJ sales NNS of IN the DT Beretta NNP and CC Corsica NNP spurred VBD GM NNP to TO offer VB $ $ 800 CD rebates NNS on IN those DT cars NNS . . The DT Corsica NNP and CC Beretta NNP make VB up RP the DT highest-volume JJ car NN line NN at IN Chevrolet NNP , , but CC sales NNS of IN the DT cars NNS are VBP off IN 9.6 CD % NN for IN the DT year NN , , and CC fell VBD a DT steep JJ 34.2 CD % NN early RB this DT month NN . . GM NNP has VBZ scheduled VBN overtime RB at IN its PRP$ Lordstown NNP , , Ohio NNP , , and CC Janesville NNP , , Wis. NNP , , assembly NN plants NNS , , which WDT build VBP the DT Chevrolet NNP Cavalier NNP . . Ford NNP Motor NNP Co. NNP said VBD it PRP will MD shut VB down RP for IN one CD week NN its PRP$ Kentucky NNP Truck NNP Plant NNP because IN of IN a DT `` `` shortage NN of IN dealer NN orders NNS . . '' '' The DT shutdown NN will MD idle VB 2,000 CD hourly JJ employees NNS and CC eliminate VB production NN of IN about IN 1,300 CD medium NN and CC heavy JJ duty NN trucks NNS . . The DT assembly NN plant NN is VBZ scheduled VBN to TO resume VB production NN on IN Oct. NNP 30 CD . . Meanwhile RB , , the DT nine CD major JJ U.S. NNP auto NN makers NNS plan VBP to TO build VB 143,178 CD cars NNS this DT week NN , , down IN 11.7 CD % NN from IN 162,190 CD a DT year NN ago IN and CC flat RB with IN last JJ week NN 's POS 142,117 CD car NN output NN . . f SYM - : Includes VBZ Chevrolet NNP Prizm NNP and CC Toyota NNP Corolla NNP . . r SYM - : Revised VBN . . x SYM - : Year-to-date JJ 1988 CD figure NN includes VBZ Volkswagen NNP domestic-production NN through IN July NNP . . LOTUS NNP DEVELOPMENT NNP Corp. NNP 's POS net JJ income NN rose VBD 61 CD % NN in IN the DT third JJ quarter NN from IN the DT year-earlier JJ period NN . . Yesterday NN 's POS edition NN misstated VBD the DT percentage NN increase NN . . First NNP Fidelity NNP Bancorp. NNP , , Lawrenceville NNP , , N.J. NNP , , reported VBD a DT 24 CD % NN drop NN in IN third-quarter JJ profit NN , , because IN of IN a DT decline NN in IN earning VBG assets NNS , , lower JJR loan NN volume NN and CC tighter JJR interest NN margins NNS . . The DT bank NN holding VBG company NN posted VBD net JJ income NN of IN $ $ 54.4 CD million CD , , or CC 87 CD cents NNS a DT share NN , , including VBG $ $ 1.7 CD million CD , , or CC three CD cents NNS a DT share NN , , in IN one-time JJ tax NN benefits NNS . . A DT year NN earlier RBR , , net NN was VBD $ $ 71.6 CD million CD , , or CC $ $ 1.22 CD a DT share NN . . First NNP Fidelity NNP said VBD non-performing JJ assets NNS increased VBD to TO $ $ 482.3 CD million CD Sept. NNP 30 CD from IN $ $ 393.1 CD million CD June NNP 30 CD . . The DT rise NN resulted VBD from IN the DT transfer NN to TO non-accrual JJ status NN of IN $ $ 96 CD million CD `` `` owed VBN by IN two CD national JJ borrowers NNS and CC one CD local JJ commercial JJ real-estate NN customer NN , , '' '' First NNP Fidelity NNP said VBD . . It PRP said VBD it PRP does VBZ n't RB anticipate VB any DT loss NN of IN principal NN on IN two CD of IN the DT loans NNS , , comprising VBG $ $ 85 CD million CD of IN these DT credits NNS . . First NNP Fidelity NNP said VBD it PRP boosted VBD its PRP$ loan-loss NN provision NN to TO $ $ 50.9 CD million CD from IN $ $ 20.4 CD million CD a DT year NN ago IN , , primarily RB because IN of IN a DT weaker JJR real-estate JJ sector NN in IN the DT region NN . . VIACOM NNP Inc. NNP 's POS loss NN narrowed VBN to TO $ $ 21.7 CD million CD in IN the DT third JJ quarter NN from IN $ $ 56.9 CD million CD a DT year NN ago IN . . Thursday NNP 's POS edition NN misstated VBD the DT narrowing NN . . Coastal NNP Corp. NNP said VBD it PRP signed VBD a DT definitive JJ agreement NN with IN Aruba NNP to TO restart VB a DT 150,000-barrel-a-day JJ oil NN refinery NN . . Coastal NNP would MD n't RB disclose VB the DT terms NNS . . Coastal NNP , , a DT Houston NNP oil NN and CC gas NN company NN , , said VBD it PRP expects VBZ to TO begin VB operations NNS in IN October NNP 1990 CD . . The DT company NN said VBD it PRP may MD install VB additional JJ processing VBG units NNS at IN the DT refinery NN to TO produce VB higher JJR octane NN gasolines NNS and CC other JJ products NNS . . The DT company NN said VBD it PRP was VBD leasing VBG the DT site NN of IN the DT refinery NN from IN Aruba NNP . . Exxon NNP Corp. NNP built VBD the DT plant NN but CC closed VBD it PRP in IN 1985 CD and CC sold VBD off RP much RB of IN the DT equipment NN to TO dismantling VBG contractors NNS , , from IN whom WP Coastal NNP bought VBD back RB much JJ of IN the DT equipment NN . . A DT Coastal NNP spokesman NN said VBD the DT biggest JJS expense NN will MD be VB to TO refurbish VB the DT refinery NN but CC would MD n't RB say VB how WRB much RB that IN would MD be VB . . The DT prime JJ minister NN of IN Aruba NNP has VBZ said VBN it PRP could MD cost VB around IN $ $ 100 CD million CD . . Coastal NNP said VBD the DT refinery NN 's POS expected VBN daily JJ production NN will MD include VB 34,000 CD barrels NNS of IN jet NN fuel NN , , 32,000 CD barrels NNS of IN low-sulfur JJ diesel NN fuel NN , , 30,000 CD barrels NNS of IN naphtha NN , , 17,000 CD barrels NNS of IN residual JJ fuel NN oil NN , , 8,000 CD barrels NNS of IN asphalt NN and CC 25,000 CD barrels NNS of IN low-sulfur JJ catalytic JJ cracker NN feedstock NN . . Loral NNP Corp. NNP said VBD fiscal JJ second-quarter NN net NN income NN was VBD $ $ 19.8 CD million CD , , or CC 79 CD cents NNS a DT share NN , , compared VBN with IN year-earlier JJ earnings NNS from IN continuing VBG operations NNS of IN $ $ 15.6 CD million CD , , or CC 62 CD cents NNS a DT share NN . . Year-earlier JJ net NN of IN $ $ 21 CD million CD , , or CC 84 CD cents NNS a DT share NN , , included VBD the DT results NNS of IN Loral NNP 's POS former JJ Aircraft NNP Braking NNP Systems NNPS and CC Engineered NNP Fabrics NNP divisions NNS , , which WDT were VBD sold VBN April NNP 27 CD to TO the DT company NN 's POS chairman NN , , Bernard NNP L. NNP Schwartz NNP . . The DT defense NN electronics NNS concern NN attributed VBD the DT operating VBG improvement NN to TO higher JJR profit NN margins NNS and CC lower JJR net JJ interest NN expense NN . . Loral NNP also RB reported VBD that IN its PRP$ bookings NNS more JJR than IN doubled VBN to TO $ $ 654 CD million CD in IN the DT quarter NN , , ended VBD Sept. NNP 30 CD , , from IN $ $ 257 CD million CD , , in IN the DT year-before JJ period NN . . The DT increase NN was VBD due JJ mainly RB to TO a DT $ $ 325 CD million CD order NN from IN Turkey NNP to TO equip VB its PRP$ fleet NN of IN F-16 CD fighters NNS with IN Loral NNP 's POS ALQ-178 NNP Rapport NNP III NNP electronic JJ countermeasures NNS system NN . . The DT order NN is VBZ the DT biggest JJS in IN the DT company NN 's POS history NN . . Sales NNS in IN the DT latest JJS period NN edged VBD up IN to TO $ $ 295.7 CD million CD from IN $ $ 293.9 CD million CD . . Mr. NNP Schwartz NNP said VBD the DT recent JJ increase NN in IN orders NNS `` `` puts VBZ us PRP well RB on IN the DT way NN to TO our PRP$ goal NN of IN $ $ 1.6 CD billion CD in IN bookings NNS for IN the DT year NN . . '' '' He PRP added VBD : : `` `` I PRP expect VBP to TO see VB the DT earnings NNS momentum NN we PRP experienced VBD this DT quarter NN continue VB for IN the DT rest NN of IN the DT year NN . . '' '' Loral NNP said VBD it PRP expects VBZ sales NNS to TO accelerate VB in IN both PDT the DT third JJ and CC fourth JJ quarters NNS of IN this DT fiscal JJ year NN . . Loral NNP 's POS profit NN from IN continuing VBG operations NNS for IN the DT first JJ six CD months NNS of IN fiscal JJ 1990 CD was VBD $ $ 36.4 CD million CD , , or CC $ $ 1.44 CD a DT share NN , , up IN 31 CD % NN from IN $ $ 27.8 CD million CD , , or CC $ $ 1.11 CD a DT share NN , , a DT year NN earlier RBR . . Net JJ income NN fell VBD 8.6 CD % NN to TO $ $ 37.1 CD million CD , , or CC $ $ 1.43 CD a DT share NN , , from IN $ $ 40.6 CD million CD , , or CC $ $ 1.56 CD a DT share NN . . Fiscal JJ first-half NN sales NNS slipped VBD 3.9 CD % NN to TO $ $ 528.4 CD million CD from IN $ $ 549.9 CD million CD . . Bookings NNS for IN the DT first JJ half DT totaled VBD $ $ 813 CD million CD , , compared VBN with IN the DT $ $ 432 CD million CD recorded VBN last JJ year NN . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Loral NNP closed VBD at IN $ $ 33.25 CD , , down IN 37.5 CD cents NNS . . HealthVest NNP said VBD two CD of IN its PRP$ lenders NNS have VBP given VBN it PRP notices NNS of IN default NN on IN bank NN loans NNS and CC said VBD they PRP may MD take VB actions NNS to TO recover VB their PRP$ loans NNS . . HealthVest NNP , , an DT Austin NNP , , Texas NNP , , real JJ estate NN investment NN trust NN , , said VBD that IN Chemical NNP Bank NNP , , the DT lead NN bank NN under IN its PRP$ domestic JJ bank NN agreement NN , , told VBD it PRP that IN if IN $ $ 3.3 CD million CD owed VBD to TO the DT bank NN group NN is VBZ n't RB paid VBN by IN today NN , , the DT group NN will MD call VB the DT $ $ 120 CD million CD that IN HealthVest NNP has VBZ outstanding JJ under IN the DT credit NN line NN . . The DT bank NN group NN also RB said VBD that IN it PRP wo MD n't RB make VB additional JJ advances NNS under IN the DT $ $ 150 CD million CD credit NN line NN . . HealthVest NNP missed VBD a DT payment NN to TO the DT group NN that WDT was VBD due JJ in IN late JJ September NNP . . In IN addition NN , , HealthVest NNP said VBD Bank NNP of IN Tokyo NNP Trust NNP Co. NNP also RB has VBZ notified VBN it PRP of IN a DT default NN and CC said VBD it PRP might MD take VB action NN to TO cure VB the DT default NN . . HealthVest NNP missed VBD an DT interest NN payment NN to TO Bank NNP of IN Tokyo NNP on IN Oct. NNP 1 CD . . However RB , , HealthVest NNP said VBD the DT Tokyo NNP bank NN indicated VBD that IN it PRP wo MD n't RB accelerate VB HealthVest NNP 's POS $ $ 50 CD million CD loan NN . . HealthVest NNP is VBZ in IN a DT severe JJ liquidity NN bind NN because IN its PRP$ affiliate NN , , Healthcare NNP International NNP Inc. NNP , , has VBZ failed VBN to TO make VB about IN $ $ 10.6 CD million CD in IN principal NN and CC interest NN payments NNS owed VBD since IN August NNP . . Healthcare NNP operates VBZ many JJ of IN the DT health-care JJ properties NNS that IN HealthVest NNP owns VBZ . . EMPIRE NNP PENCIL NNP , , later RB called VBN Empire-Berol NNP , , developed VBD the DT plastic JJ pencil NN in IN 1973 CD . . Yesterday NN 's POS Centennial NNP Journal NNP misstated VBD the DT company NN 's POS name NN . . Storage NNP Technology NNP Corp. NNP had VBD net JJ income NN of IN $ $ 8.3 CD million CD , , or CC 32 CD cents NNS a DT share NN , , for IN its PRP$ fiscal-third JJ quarter NN ended VBD Sept. NNP 29 CD , , almost RB 15 CD times NNS the DT $ $ 557,000 CD , , or CC two CD cents NNS a DT share NN , , it PRP posted VBD for IN the DT year-ago JJ period NN . . Storage NNP , , Louisville NNP , , Colo. NNP , , which WDT makes VBZ data-storage JJ devices NNS for IN mainframe NN computers NNS , , said VBD the DT huge JJ increase NN in IN net NN reflects VBZ `` `` strong JJ sales NNS '' '' of IN its PRP$ tape NN products NNS , , particularly RB the DT 4400 CD Automated NNP Cartridge NNP System NNP , , which WDT holds VBZ a DT library NN of IN tape NN cartridges NNS . . The DT company NN said VBD it PRP recently RB sold VBD its PRP$ 750th JJ cartridge NN system NN , , which WDT cost VBD $ $ 400,000 CD to TO $ $ 500,000 CD each DT . . Quarter NN revenue NN was VBD $ $ 232.6 CD million CD , , up IN 12 CD % NN from IN $ $ 206 CD million CD last JJ year NN . . The DT stock NN market NN reacted VBD strongly RB to TO the DT news NN . . Storage NNP rose VBD $ $ 1.125 CD a DT share NN , , to TO close VB at IN $ $ 14 CD , , in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN . . For IN the DT nine CD months NNS , , Storage NNP had VBD net NN of IN $ $ 25.5 CD million CD , , or CC 98 CD cents NNS a DT share NN , , including VBG an DT $ $ 11.3 CD million CD extraordinary JJ gain NN for IN the DT anticipated VBN proceeds NNS from IN liquidating VBG an DT Irish JJ unit NN . . Net NN was VBD up IN 69 CD % NN from IN $ $ 15.1 CD million CD , , or CC 57 CD cents NNS a DT share NN , , last JJ year NN . . Revenue NN for IN the DT latest JJS period NN was VBD up IN 11 CD % NN to TO $ $ 682.7 CD million CD , , from IN $ $ 614.6 CD million CD . . A DT Canadian JJ government NN agency NN conditionally RB approved VBD proposed VBN exports NNS to TO the DT U.S. NNP of IN natural JJ gas NN from IN big JJ , , untapped JJ fields NNS in IN the DT Mackenzie NNP River NNP delta JJ area NN of IN the DT western JJ Canadian NNP Arctic NNP . . Three CD companies NNS , , Esso NNP Resources NNPS Canada NNP Ltd. NNP , , Shell NNP Canada NNP Ltd. NNP and CC Gulf NNP Canada NNP Resources NNPS Ltd. NNP , , applied VBD to TO the DT Canadian NNP National NNP Energy NNP Board NNP to TO export VB 9.2 CD trillion CD cubic JJ feet NNS of IN Mackenzie NNP delta NN natural JJ gas NN over IN 20 CD years NNS starting VBG in IN 1996 CD . . To TO be VB economically RB feasible JJ , , the DT 11 CD billion CD Canadian JJ dollar NN ( ( US$ $ 9.37 CD billion CD ) ) project NN requires VBZ almost RB a DT doubling NN of IN natural JJ gas NN export NN prices NNS . . It PRP also RB faces VBZ numerous JJ other JJ hurdles NNS including VBG an DT agreement NN on IN a DT pipeline NN route NN for IN the DT gas NN . . The DT board NN said VBD the DT export NN licenses NNS would MD be VB issued VBN on IN the DT condition NN that IN Canadian JJ interests NNS would MD also RB be VB allowed VBN to TO bid VB for IN the DT Mackenzie NNP delta NN gas NN on IN terms NNS similar JJ to TO those DT offered VBN to TO U.S. NNP customers NNS . . U.S. NNP buyers NNS have VBP already RB been VBN lined VBN up IN . . They PRP include VBP Enron NNP Corp. NNP , , Texas NNP Eastern NNP Corp. NNP , , Pacific NNP Interstate NNP Transmission NNP Co. NNP and CC Tennessee NNP Gas NNP Pipeline NNP Co NNP . . The DT project NN could MD result VB in IN the DT U.S. NNP taking VBG more RBR than IN 10 CD % NN of IN its PRP$ natural JJ gas NN supplies NNS from IN Canada NNP , , up IN from IN about IN 5 CD % NN currently RB . . It PRP would MD bring VB 13 CD gas NN fields NNS into IN production NN at IN a DT combined VBN rate NN of IN about IN 1.2 CD billion CD cubic JJ feet NNS a DT day NN . . The DT board NN estimated VBN that IN the DT cost NN of IN building VBG a DT pipeline NN from IN the DT Mackenzie NNP delta NN to TO Alberta NNP would MD be VB about IN C$ $ 5.9 CD million CD . . It PRP also RB said VBD projections NNS of IN surging VBG U.S. NNP demand NN for IN natural JJ gas NN and CC price NN forecasts NNS of IN C$ $ 5.25 CD per IN thousand CD cubic JJ feet NNS by IN 2005 CD would MD make VB the DT project NN economically RB viable JJ . . Esso NNP , , a DT unit NN of IN Imperial NNP Oil NNP Ltd. NNP which WDT is VBZ 71%-owned JJ by IN Exxon NNP Corp. NNP , , will MD be VB allowed VBN to TO export VB 5.1 CD trillion CD cubic JJ feet NNS to TO the DT U.S. NNP in IN the DT 20-year JJ period NN . . Shell NNP , , a DT subsidiary NN of IN Royal NNP Dutch\/Shell NNP Group NNP , , will MD be VB allowed VBN to TO export VB 0.9 CD trillion CD cubic JJ feet NNS , , and CC Gulf NNP , , a DT unit NN of IN Olympia NNP & CC York NNP Developments NNPS Ltd. NNP will MD be VB allowed VBN to TO export VB 3.2 CD trillion CD cubic JJ feet NNS . . Combustion NNP Engineering NNP Inc. NNP , , Stamford NNP , , Conn. NNP , , said VBD it PRP sold VBD and CC agreed VBD to TO sell VB several JJ investments NNS and CC nonstrategic JJ businesses NNS for IN about IN $ $ 100 CD million CD , , which WDT will MD be VB used VBN for IN reducing VBG debt NN and CC general JJ purposes NNS . . The DT transactions NNS are VBP unrelated JJ . . The DT company NN agreed VBD to TO sell VB its PRP$ minority NN investments NNS in IN makers NNS of IN steam-generating NN and CC related VBN equipment NN , , Stein NNP Industrie NNP and CC Energie NNP & CC Verfahrenstechnik NNP , , to TO the DT major JJ shareholder NN in IN the DT companies NNS , , Dutch-based JJ GEC NNP Alsthom NNP N.V NNP . . Combustion NNP Engineering NNP , , which WDT provides VBZ engineered VBN products NNS , , systems NNS and CC services NNS for IN power NN generation NN , , also RB sold VBD Illinois NNP Minerals NNPS Co. NNP , , based VBN in IN Cairo NNP , , Ill NNP . . That DT unit NN of IN its PRP$ Georgia NNP Kaolin NNP Co. NNP subsidiary NN was VBD sold VBN to TO a DT unit NN of IN Unimin NNP Corp NNP . . Assets NNPS of IN Construction NNP Equipment NNP International NNP , , Houston NNP , , were VBD sold VBN to TO Essex NNP Crane NNP Inc. NNP , , and CC the DT assets NNS of IN Elgin NNP Electronics NNP , , Erie NNP , , Pa. NNP , , were VBD sold VBN to TO closely RB held VBN Charter NNP Technologies NNPS Inc NNP . . Where WRB do VBP Americans NNPS put VBD their PRP$ money NN ? . It PRP depends VBZ on IN when WRB you PRP look VBP . . In IN 1900 CD , , for IN instance NN , , less JJR than IN 8 CD % NN of IN assets NNS went VBD into IN bank NN deposits NNS . . That DT rose VBD to TO nearly RB 18 CD % NN during IN the DT Depression NN , , and CC has VBZ n't RB changed VBN much RB since IN . . Pension NN reserves NNS , , on IN the DT other JJ hand NN , , made VBD up RP a DT relatively RB small JJ part NN of IN household NN assets NNS until IN the DT last JJ decade NN , , when WRB they PRP skyrocketed VBD . . And CC there EX has VBZ been VBN a DT drastic JJ decline NN in IN the DT importance NN of IN unincorporated JJ business NN assets NNS -- : thanks NNS to TO industry NN consolidation NN and CC a DT decline NN in IN family NN farms NNS . . That DT 's VBZ some DT of IN what WP emerges VBZ from IN the DT following VBG charts NNS , , which WDT show VBP how WRB Americans NNPS have VBP changed VBN their PRP$ investment NN patterns NNS over IN the DT past JJ 90 CD years NNS . . Some DT results NNS are VBP self-explanatory JJ . . But CC other JJ figures NNS are VBP surprising JJ . . Housing NN , , for IN instance NN , , has VBZ remained VBN a DT fairly RB steady JJ component NN of IN household NN assets NNS over IN the DT past JJ decade NN -- : although IN common JJ wisdom NN would MD have VB expected VBN an DT increase NN . . `` `` There EX is VBZ a DT lot NN of IN attention NN paid VBN to TO housing NN as IN a DT form NN of IN household NN wealth NN , , '' '' says VBZ Edward NNP N. NNP Wolff NNP , , professor NN of IN economics NNS at IN New NNP York NNP University NNP . . `` `` But CC it PRP has VBZ n't RB increased VBN much RB relative JJ to TO other JJ assets NNS . . It PRP suggests VBZ that IN households NNS accumulate VBP wealth NN across IN a DT broad JJ spectrum NN of IN assets NNS . . And CC housing NN though IN it PRP appears VBZ in IN the DT popular JJ mind NN as IN being VBG the DT major JJ { ( growing VBG } ) household NN asset NN , , is VBZ n't RB . . '' '' In IN addition NN , , investors NNS ' POS desire NN to TO hold VB stocks NNS -- : directly RB and CC through IN mutual JJ funds NNS -- : has VBZ held VBN surprisingly RB steady JJ ; : stocks NNS ' POS importance NN among IN assets NNS largely RB reflects VBZ the DT ups NNS and CC downs NNS of IN the DT stock NN market NN , , and CC not RB a DT shift NN in IN stock-holding JJ preferences NNS . . `` `` Stocks NNS have VBP not RB spread VBN to TO the DT general JJ public NN , , despite IN the DT fact NN that IN the DT environment NN is VBZ much RB different JJ , , '' '' concludes VBZ Robert NNP Avery NNP , , an DT economist NN at IN Cornell NNP University NNP . . `` `` To TO me PRP it PRP says VBZ that IN despite IN all PDT the DT views NNS that IN we PRP spend VBP too RB much RB of IN our PRP$ wealth NN on IN paper NN assets NNS , , we PRP have VBP ways NNS of IN holding VBG wealth NN similar JJ to TO 100 CD years NNS ago IN . . '' '' -- : The DT charts NNS show VBP how WRB househld JJ assets NNS have VBP been VBN distributed VBN over IN time NN . . The DT main JJ components NNS of IN the DT various JJ asseet NN categories NNS : : Housing NN : : Primary JJ home NN , , but CC not RB the DT land NN it PRP 's VBZ on IN . . Land NN and CC Other JJ Real NNP Estate NNP : : Land NNP on IN which WDT primary JJ home NN is VBZ built VBN , , investment NN property NN . . Consumer NNP Durables NNPS : : Automobiles NNS , , appliances NNS , , furniture NN . . Bank NNP Deposits NNPS : : Currency NN , , checking-account JJ deposits NNS , , small JJ savings NNS and CC time NN deposits NNS , , certificates NNS of IN deposits NNS , , money-market JJ fund NN shares NNS . . Bonds NNS : : Excludes NNS bond NN funds NNS . . Stocks\/Mutual NNP Funds NNPS : : Stocks NNS and CC mutual JJ funds NNS other JJ than IN money-market JJ funds NNS . . Unincorporated NNP Business NNP : : Partnerships NNS and CC sole JJ proprietorships NNS , , professional JJ corporations NNS . . Pension NNP Reserves NNPS : : Holdings NNS by IN pension NN funds NNS . . McCaw NNP Cellular NNP Communications NNPS Inc. NNP said VBD it PRP sent VBD a DT letter NN to TO LIN NNP Broadcasting NNP Corp. NNP clarifying VBG its PRP$ revised VBN tender NN offer NN for IN LIN NNP and CC asking VBG LIN NNP to TO conduct VB `` `` a DT fair JJ auction NN . . '' '' The DT letter NN apparently RB came VBD in IN response NN to TO a DT request NN for IN clarification NN by IN LIN NNP earlier RBR this DT week NN . . LIN NNP , , which WDT has VBZ agreed VBN with IN BellSouth NNP Corp. NNP to TO merge VB their PRP$ cellular-telephone JJ businesses NNS , , said VBD then RB that IN it PRP would MD n't RB take VB a DT position NN on IN McCaw NNP 's POS revised VBN tender NN offer NN . . Earlier RBR this DT month NN , , McCaw NNP revised VBD its PRP$ offer NN to TO $ $ 125 CD a DT share NN for IN 22 CD million CD LIN NNP shares NNS . . McCaw NNP is VBZ seeking VBG 50.3 CD % NN of IN the DT cellular JJ and CC broadcasting VBG concern NN ; : the DT revised VBN offer NN includes VBZ a DT feature NN requiring VBG McCaw NNP to TO begin VB an DT auction NN process NN in IN July NNP 1994 CD that WDT would MD buy VB out RP remaining VBG holders NNS at IN a DT per-share JJ price NN roughly RB equivalent JJ to TO what WP a DT third JJ party NN might MD then RB have VB to TO pay VB for IN all DT of IN LIN NNP . . The DT letter NN outlines VBZ broad JJ powers NNS for IN an DT independent JJ group NN of IN directors NNS provided VBN for RP in IN the DT revised VBN offer NN . . In IN a DT statement NN , , Craig NNP O. NNP McCaw NNP , , chairman NN and CC chief NN executive JJ officer NN of IN McCaw NNP , , said VBD : : `` `` We PRP trust VBP LIN NNP will MD take VB no DT further JJ actions NNS that WDT favor VBP BellSouth NNP . . '' '' McCaw NNP said VBD the DT three CD independent JJ directors NNS provided VBN for RP in IN the DT offer NN would MD be VB designated VBN by IN the DT current JJ board NN . . The DT successors NNS would MD be VB nominated VBN by IN the DT independent JJ directors NNS . . LIN NNP would MD have VB a DT priority NN right NN to TO pursue VB all DT opportunities NNS to TO acquire VB U.S. NNP cellular JJ interests NNS in IN markets NNS other JJ than IN those DT in IN which WDT McCaw NNP holds VBZ an DT interest NN , , or CC which WDT are VBP contiguous JJ to TO those DT markets NNS , , unless IN LIN NNP has VBZ an DT interest NN there RB or CC contiguous JJ to TO it PRP . . Independent JJ directors NNS would MD have VB veto NN rights NNS to TO any DT acquisition NN if IN they PRP unanimously RB decide VBP it PRP is VBZ n't RB in IN LIN NNP 's POS best JJS interest NN . . Independent JJ directors NNS would MD be VB able JJ to TO block VB transactions NNS they PRP unanimously RB deem VBP would MD be VB likely JJ to TO depress VB the DT private JJ market NN value NN of IN LIN NNP at IN the DT time NN it PRP is VBZ to TO be VB sold VBN in IN five CD years NNS . . If IN LIN NNP is VBZ put VBN up RP for IN sale NN rather RB than IN purchased VBN by IN McCaw NNP in IN five CD years NNS , , McCaw NNP wo MD n't RB submit VB a DT bid NN unless IN the DT independent JJ directors NNS request VBP it PRP , , and CC the DT independent JJ directors NNS will MD run VB the DT bidding NN . . The DT directors NNS would MD be VB able JJ to TO sell VB particular JJ assets NNS to TO enable VB such JJ buyers NNS as IN the DT regional JJ Bell NNP operating VBG companies NNS to TO purchase VB the DT company NN 's POS interests NNS . . MCA NNP Inc. NNP said VBD third-quarter JJ net NN fell VBD 6.3 CD % NN to TO $ $ 50.8 CD million CD , , or CC 69 CD cents NNS a DT share NN , , from IN $ $ 54.3 CD million CD , , or CC 74 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . MCA NNP said VBD revenue NN rose VBD 14 CD % NN to TO $ $ 918.4 CD million CD from IN $ $ 806.7 CD million CD . . The DT entertainment NN concern NN said VBD the DT success NN of IN several JJ movies NNS released VBN during IN the DT quarter NN , , including VBG `` `` Parenthood NNP '' '' and CC `` `` Uncle NNP Buck NNP , , '' '' contributed VBD to TO record NN revenue NN for IN its PRP$ film NN unit NN . . Both DT MCA NNP 's POS music-entertainment NN and CC book-publishing NN units NNS also RB posted VBD record NN revenue NN and CC operating VBG profit NN . . The DT parent NN company NN 's POS net NN included VBD a DT loss NN -- : which WDT it PRP did VBD n't RB specify VB -- : that WDT was VBD related VBN to TO the DT company NN 's POS 50 CD % NN stake NN in IN Cineplex NNP Odeon NNP Corp NNP . . Cineplex NNP , , a DT Toronto NNP theater NN chain NN , , had VBD a DT second-quarter JJ net JJ loss NN of IN $ $ 38.7 CD million CD . . MCA NNP said VBD net NN also RB included VBD certain JJ reserves NNS related VBN to TO the DT restructuring NN of IN its PRP$ LJN NNP Toys NNPS ' POS international JJ operations NNS . . These DT items NNS were VBD partly RB offset VBN , , MCA NNP said VBD , , by IN an DT unspecified JJ gain NN on IN the DT sale NN of IN its PRP$ Miller NNP International NNP unit NN , , a DT maker NN and CC distributor NN of IN budget-priced JJ audio JJ cassettes NNS . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , MCA NNP rose VBD $ $ 1.50 CD to TO $ $ 64 CD . . In IN the DT nine CD months NNS , , net NN rose VBD 35 CD % NN to TO $ $ 120.1 CD million CD , , or CC $ $ 1.64 CD a DT share NN , , from IN $ $ 89.2 CD million CD , , or CC $ $ 1.22 CD a DT share NN , , a DT year NN earlier RBR . . Revenue NN increased VBD 22 CD % NN to TO $ $ 2.5 CD billion CD from IN $ $ 2.1 CD billion CD . . Past NNP Due NNP Impasse NNP I PRP never RB pay VBP my PRP$ bills NNS Till IN the DT very RB last JJ day NN ; : I PRP lose VBP far RB less JJR interest NN By IN proceeding VBG that DT way NN . . But CC it PRP all RB evens VBZ out IN , , It PRP 's VBZ so RB easy JJ to TO see VB : : Not RB till IN the DT last JJ moment NN Am VBP I PRP paid VBN what WP 's VBZ due JJ me PRP . . -- : Arnold NNP J. NNP Zarett NNP . . Rex NNP Tremendae NNP The DT effete JJ Tyrannosaurus NNP Rex NNP Had VBD strict JJ Cretaceous JJ views NNS on IN sex NN , , And CC that DT is VBZ why WRB you PRP only RB see VB him PRP Reproduced VBN in IN the DT museum NN . . -- : Laurence NNP W. NNP Thomas NNP . . Helmsley NNP Enterprises NNPS Inc. NNP plans VBZ to TO close VB its PRP$ company-owned JJ insurance NN business NN and CC is VBZ seeking VBG other JJ brokers NNS to TO take VB over RP its PRP$ policies NNS , , according VBG to TO individuals NNS familiar JJ with IN the DT New NNP York NNP firm NN . . Helmsley NNP Enterprises NNPS is VBZ the DT umbrella NN organization NN for IN companies NNS controlled VBN by IN Harry NNP B. NNP Helmsley NNP . . These DT include VBP office NN and CC residential JJ real JJ estate NN giant NN , , HelmsleySpear NNP Inc. NNP , , and CC Helmsley NNP Hotels NNPS . . The DT insurance NN brokerage NN agency NN , , just RB a DT fragment NN of IN Helmsley NNP 's POS vast JJ empire NN , , would MD be VB the DT first JJ piece NN of IN the DT company NN to TO be VB stripped VBN away RB since IN last JJ summer NN when WRB Mr. NNP Helmsley NNP 's POS wife NN , , Leona NNP Helmsley NNP , , was VBD found VBN guilty JJ of IN tax NN evasion NN . . Industry NN sources NNS estimate VBP the DT agency NN brokers NNS property NN and CC casualty NN premiums NNS worth JJ about IN $ $ 25 CD million CD annually RB , , and CC has VBZ revenue NN , , based VBN on IN a DT standard JJ 10 CD % NN commission NN rate NN , , of IN about IN $ $ 2.5 CD million CD . . The DT insurance NN firm NN acts VBZ as IN a DT broker NN on IN policies NNS covering VBG buildings NNS managed VBN by IN HelmsleySpear NNP and CC others NNS . . Many JJ of IN the DT properties NNS are VBP owned VBN through IN limited VBN partnerships NNS controlled VBN by IN Mr. NNP Helmsley NNP . . New NNP York NNP State NNP law NN prohibits VBZ insurance NN brokerages NNS from IN deriving VBG more RBR than IN 10 CD % NN of IN revenue NN from IN insuring VBG affiliated VBN companies NNS . . Helmsley NNP 's POS insurance NN division NN had VBD slightly RB exceeded VBN that DT percentage NN , , sources NNS say VBP , , but CC the DT division NN was VBD n't RB considered VBN significant JJ enough RB to TO the DT company NN to TO be VB restructured VBN , , particularly RB at IN a DT difficult JJ time NN for IN the DT firm NN . . Adverse JJ publicity NN from IN the DT scandal NN surrounding VBG its PRP$ founder NN 's POS wife NN and CC related VBN management NN strife NN have VBP put VBN pressure NN on IN the DT entire JJ Helmsley NNP organization NN . . However RB , , individuals NNS close VBP to TO the DT company NN insist VBP shuttering VBG the DT insurance NN division NN , , a DT sideline NN from IN the DT company NN 's POS core NN property NN management NN business NN , , is VBZ n't RB the DT beginning NN of IN a DT sale NN of IN assets NNS . . Helmsley NNP 's POS insurance NN premiums NNS are VBP expected VBN to TO be VB transferred VBN to TO several JJ different JJ insurance NN brokerage NN companies NNS . . Frank NNP B. NNP Hall NNP Inc. NNP of IN Briarcliff NNP Manor NNP , , N.Y. NNP is VBZ reportedly RB working VBG out RP an DT agreement NN with IN Helmsley NNP . . Officials NNS there RB declined VBD to TO comment VB , , as IN did VBD Helmsley NNP management NN . . Outside IN the DT white-walled JJ headquarters NN of IN the DT socalled JJ Society NNP of IN Orange NNP Workers NNPS , , all DT seems VBZ normal RB in IN South NNP Africa NNP 's POS abnormal JJ society NN . . A DT pickup NN truck NN driven VBN by IN a DT white JJ farmer NN rumbles VBZ past NN with IN a DT load NN of IN black JJ workers NNS bouncing VBG in IN the DT back NN . . Over IN at IN Conradies NNP , , the DT general JJ store NN , , a DT black JJ stock NN boy NN scurries NNS to TO help VB an DT elderly JJ white JJ woman NN with IN her PRP$ packages NNS . . Down IN the DT street NN , , a DT car NN pulls VBZ into IN the DT Shell NNP station NN and CC is VBZ surrounded VBN by IN black JJ attendants NNS . . But CC inside IN the DT white JJ walls NNS of IN the DT Orange NNP Workers NNPS ' POS office NN -- : just RB about IN the DT largest JJS building NN in IN town NN , , save IN for IN the DT Dutch NNP Reformed NNP Church NNP and CC the DT school NN -- : South NNP Africa NNP 's POS neat JJ racial JJ order NN is VBZ awry JJ . . A DT dozen NN white JJ office NN workers NNS fold VBP newsletters NNS and CC stuff VBP them PRP into IN envelopes NNS . . White JJ women NNS serve VBP tea NN and CC coffee NN , , and CC then RB wash VBP the DT cups NNS and CC saucers NNS afterwards RB . . White JJ children NNS empty VBP the DT wastepaper NN baskets NNS and CC squeegee VBP the DT windows NNS . . There EX is VBZ n't RB a DT black JJ worker NN in IN sight NN . . Not RB in IN the DT kitchen NN , , or CC the DT storeroom NN or CC the DT book NN shop NN . . `` `` If IN we PRP want VBP to TO have VB our PRP$ own JJ nation NN , , then RB we PRP must MD be VB willing JJ to TO do VB all PDT the DT work NN ourselves PRP , , '' '' says VBZ Hendrik NNP Verwoerd NNP Jr. NNP , , son NN of IN the DT former JJ prime JJ minister NN and CC the DT leader NN of IN the DT Orange NNP Workers NNPS , , founded VBN in IN 1980 CD . . They PRP do VBP indeed RB want VB their PRP$ own JJ nation NN . . The DT pillars NNS of IN apartheid NN may MD be VB trembling VBG in IN the DT rest NN of IN South NNP Africa NNP , , with IN Johannesburg NNP opening VBG its PRP$ public JJ facilities NNS to TO all DT races NNS , , blacks NNS storming VBG the DT all-white JJ beaches NNS of IN the DT Cape NNP and CC the DT government NN releasing VBG seven CD leaders NNS of IN the DT banned VBN African NNP National NNP Congress NNP . . But CC here RB in IN Morgenzon NNP , , a DT sleepy JJ town NN amid IN the DT corn NN fields NNS of IN the DT eastern JJ Transvaal NNP , , the DT Orange NNP Workers NNPS are VBP holding VBG the DT pillars NNS steady RB . . The DT Orange NNP Workers NNPS -- : who WP take VBP their PRP$ name NN from IN William NNP of IN Orange NNP of IN the DT Netherlands NNP , , a DT hero NN of IN the DT Dutch-descended JJ Afrikaners NNPS -- : believe VBP that IN the DT solution NN to TO South NNP Africa NNP 's POS racial JJ problems NNS is VBZ n't RB the DT abolition NN of IN apartheid NN , , it PRP 's VBZ the DT perfection NN of IN apartheid NN -- : complete JJ and CC total JJ separation NN of IN the DT races NNS . . Here RB , , then RB , , is VBZ where WRB the DT Orange NNP Workers NNPS have VBP come VBN to TO make VB apartheid NN 's POS last JJ stand NN . . Their PRP$ idea NN is VBZ to TO create VB a DT city NN , , first JJ , , and CC then RB an DT entire JJ nation NN -- : without IN blacks NNS . . This DT may MD seem VB to TO be VB a DT preposterous JJ and CC utterly RB futile JJ effort NN in IN Africa NNP . . And CC the DT fact NN that IN there EX are VBP only RB 3,000 CD card-carrying JJ Orange NNP Workers NNPS may MD put VB them PRP on IN the DT loony JJ fringe NN . . But CC their PRP$ ideal NN of IN an DT Afrikaner JJ homeland NN , , an DT all-white JJ reserve NN to TO be VB carved VBN out IN of IN present-day JJ South NNP Africa NNP , , is VBZ a DT mainstream NN desire NN of IN the DT right-wing NN , , which WDT embraces VBZ about IN one-third NN of IN the DT country NN 's POS five CD million CD whites NNS . . Afrikaner JJ philosophers NNS and CC theologians NNS have VBP long RB ruminated VBN on IN the DT need NN for IN a DT white JJ homeland NN . . The DT Orange NNP Workers NNPS are VBP just RB putting VBG this DT preaching NN into IN practice NN . . Thus RB , , farmer NN Johan NNP Fischer NNP , , his PRP$ T-shirt NNS and CC jeans NNS covered VBN in IN grease NN , , crawls VBZ around RB under IN his PRP$ planter NN , , tightening VBG bolts NNS and CC fixing VBG dents NNS . . On IN almost RB every DT other JJ farm NN in IN South NNP Africa NNP , , black JJ workers NNS do VBP the DT repairs NNS . . But CC not RB here RB . . Mr. NNP Fischer NNP plows VBZ his PRP$ own JJ fields NNS , , sows VBZ his PRP$ own JJ corn NN and CC sunflowers NNS , , and CC feeds VBZ his PRP$ own JJ sheep NN . . Over IN at IN the DT fiberglass NNS factory NN , , four CD white JJ workers NNS assemble VBP water NN tanks NNS on IN their PRP$ own JJ , , and CC in IN their PRP$ spare JJ time NN they PRP build VBP townhouses NNS across IN the DT road NN . . On IN Main NNP Street NNP , , Alida NNP Verwoerd NNP and CC her PRP$ daughters NNS look VB after IN the DT clothes NNS and CC fabric NN shop NN , , then RB hurry VB home NN to TO fix VB lunch NN for IN the DT rest NN of IN the DT family NN . . Down IN by IN the DT stream NN , , a DT group NN of IN Orange NNP Workers NNPS puts VBZ the DT finishing VBG touches NNS on IN a DT golf NN course NN . . If IN whites NNS want VBP to TO play VB there RB by IN themselves PRP , , says VBZ consulting VBG engineer NN Willem NNP van NNP Heerden NNP , , whites NNS should MD also RB build VB it PRP by IN themselves PRP . . `` `` If IN we PRP want VBP to TO survive VB as IN a DT people NNS , , '' '' he PRP says VBZ , , `` `` we PRP have VBP to TO change VB our PRP$ way NN of IN life NN . . The DT Afrikaner NNP must MD end VB his PRP$ reliance NN on IN others NNS . . '' '' In IN their PRP$ quest NN to TO perfect JJ apartheid NN , , the DT Orange NNP Workers NNPS have VBP discovered VBN a DT truth NN that IN most JJS of IN privileged JJ white JJ South NNP Africa NNP tries VBZ mightily RB to TO deny VB : : The DT master NN ca MD n't RB become VB dependent JJ on IN the DT slave NN and CC expect VB to TO remain VB master NN forever RB . . `` `` If IN apartheid NN means VBZ you PRP want VBP cheap JJ black JJ labor NN and CC all PDT the DT comforts NNS that WDT go VBP with IN it PRP , , but CC you PRP also RB want VBP to TO exclude VB the DT blacks NNS from IN social JJ and CC political JJ integration NN , , then RB these DT are VBP two CD contradictions NNS that WDT ca MD n't RB go VB on RP forever RB , , '' '' says VBZ Mr. NNP Verwoerd NNP . . He PRP is VBZ sitting VBG in IN his PRP$ living VBG room NN , , beneath IN a DT huge JJ portrait NN of IN his PRP$ late JJ father NN , , Hendrik NNP F. NNP Verwoerd NNP , , apartheid NN 's POS architect NN and CC South JJ African JJ prime JJ minister NN from IN 1958 CD to TO 1966 CD . . Somewhere RB , , the DT son NN sighs VBZ , , things NNS went VBD terribly RB wrong JJ with IN apartheid NN ; : today NN , , whites NNS even RB rely VBP on IN blacks NNS to TO police VB their PRP$ separation NN . . `` `` People NNS took VBD separate JJ development NN as IN an DT opportunity NN to TO use VB black JJ labor NN without IN ever RB getting VBG rid JJ of IN it PRP . . But CC my PRP$ father NN meant VBD it PRP to TO mean VB real JJ separation NN , , '' '' says VBZ the DT son NN . . The DT Orange NNP Workers NNPS speak VBP sincerely RB . . `` `` We PRP agree VBP with IN world NN opinion NN that IN the DT status FW quo FW in IN South NNP Africa NNP is VBZ morally RB wrong JJ , , '' '' says VBZ Pieter NNP Bruwer NNP , , the DT Orange NNP Workers NNPS ' POS chief NN scribe NN and CC pamphleteer NN . . `` `` We PRP must MD either RB integrate VB honestly RB or CC segregate VB honestly RB . . '' '' Morgenzon NNP has VBZ long RB been VBN a DT special JJ domain NN of IN Afrikanerdom NNP . . According VBG to TO Mr. NNP Verwoerd NNP , , the DT early JJ Afrikaner JJ pioneers NNS were VBD the DT first JJ people NNS to TO settle VB in IN the DT eastern JJ Transvaal JJ , , even RB before IN the DT blacks NNS . . Then RB , , when WRB Morgenzon NNP was VBD incorporated VBN in IN 1908 CD , , the DT farmer NN who WP owned VBD the DT land NN stipulated VBD that IN only JJ whites NNS could MD reside VB in IN town NN ; : blacks NNS could MD work VB there RB , , but CC they PRP had VBD to TO leave VB at IN night NN . . Today NN , , Morgenzon NNP is VBZ a DT town NN of IN 800 CD whites NNS and CC two CD paved JJ roads NNS . . Weeds NNS push VBP up IN through IN the DT cracks NNS in IN the DT sidewalks NNS , , and CC many JJ houses NNS and CC storefronts NNS are VBP empty JJ . . There EX are VBP few JJ factories NNS and CC no DT mines NNS . . It PRP was VBD an DT ideal JJ place NN for IN the DT Orange NNP Workers NNPS to TO start VB their PRP$ new JJ nation NN , , unencumbered JJ by IN the DT demographics NNS that WDT have VBP undermined VBN apartheid NN elsewhere RB in IN South NNP Africa NNP . . So IN far RB , , about IN 150 CD Orange NNP Workers NNPS have VBP moved VBN here RB , , spending VBG nearly RB $ $ 1 CD million CD buying NN up RP property NN over IN the DT past JJ three CD years NNS . . Still RB , , complete JJ and CC total JJ segregation NN remains VBZ elusive JJ . . Just RB beyond IN the DT city NN limits NNS is VBZ a DT shantytown NN of IN 2,000 CD blacks NNS who WP are VBP employed VBN throughout IN the DT area NN . . Despite IN the DT Orange NNP Workers NNPS ' POS intention NN to TO put VB them PRP all DT out IN of IN work NN , , they PRP are VBP in IN no DT hurry NN to TO leave VB . . A DT young JJ man NN called VBN July NNP ( ( that DT 's VBZ when WRB he PRP was VBD born VBN ) ) , , who WP works VBZ at IN the DT railroad NN station NN just RB up IN the DT street NN from IN the DT Orange NNP Workers NNPS office NN , , points VBZ at IN the DT whitewalled JJ building NN and CC says VBZ matter-of-factly RB , , `` `` We PRP 're VBP not RB allowed VBN in IN there RB , , that DT 's VBZ all DT I PRP know VBP . . '' '' The DT 650-or-so JJ local JJ whites NNS who WP are VBP n't RB Orange NNP Workers NNPS are VBP more RBR troubled VBN . . Try VB as IN they PRP might MD , , they PRP just RB ca MD n't RB conceive VB of IN life NN without IN black JJ workers NNS . . `` `` Impossible JJ , , impossible JJ , , '' '' say VBP the DT Conradies NNPS , , an DT elderly JJ couple NN who WP have VBP run VBN the DT general JJ store NN for IN decades NNS . . `` `` We PRP ca MD n't RB do VB without IN their PRP$ help NN , , '' '' says VBZ Mrs. NNP Conradie NNP . . `` `` Oh UH no UH . . We PRP need VBP them PRP and CC I PRP thank VBP God NNP for IN them PRP . . '' '' Over IN at IN the DT Shell NNP station NN , , owner NN Rudi NNP van NNP Dyk NNP , , who WP doubles VBZ as IN Morgenzon NNP 's POS mayor NN , , worries VBZ that IN the DT Orange NNP Workers NNPS have VBP made VBN his PRP$ town NN the DT laughingstock NN of IN the DT nation NN . . `` `` What WP they PRP want VBP us PRP to TO do VB just RB is VBZ n't RB practical JJ , , '' '' he PRP says VBZ , , noting VBG that IN he PRP employs VBZ 16 CD blacks NNS . . `` `` I PRP could MD n't RB afford VB to TO hire VB 16 CD whites NNS . . The DT only JJ Afrikaners NNPS who WP would MD be VB willing JJ to TO work VB for IN this DT salary NN would MD n't RB know VB how WRB to TO handle VB money NN . . '' '' Back RB at IN the DT Verwoerd NNP house NN , , Hendrik NNP Sr. NNP peers VBZ down IN over IN the DT shoulder NN of IN Hendrik NNP Jr NNP . . The DT son NN believes VBZ that IN when WRB the DT Afrikaners NNPS finally RB realize VBP there EX is VBZ no RB turning VBG back RB the DT integration NN of IN South JJ African JJ society NN and CC politics NNS , , Morgenzon NNP will MD boom VB . . `` `` We PRP urge VBP our PRP$ people NNS not RB to TO wait VB until IN they PRP have VBP to TO fight VB for IN their PRP$ own JJ nation NN , , '' '' says VBZ Mr. NNP Verwoerd NNP . . `` `` By IN populating VBG a DT place NN now RB , , we PRP make VBP ourselves PRP a DT power NN any DT new JJ government NN will MD have VB to TO take VB into IN account NN . . '' '' Curiously RB , , he PRP compares VBZ the DT Orange NNP Workers NNPS to TO the DT ANC NNP , , which WDT his PRP$ father NN outlawed VBD in IN 1960 CD . . `` `` The DT ANC NNP wo MD n't RB be VB stopped VBN until IN there EX is VBZ a DT provision NN for IN black JJ aspirations NNS , , '' '' says VBZ Mr. NNP Verwoerd NNP . . `` `` Likewise RB , , no DT government NN will MD stop VB this DT idea NN of IN the DT Afrikaners NNPS . . '' '' He PRP apologizes VBZ for IN sounding VBG pushy JJ . . `` `` Look VB , , '' '' he PRP says VBZ , , `` `` If IN the DT rest NN of IN South NNP Africa NNP wants VBZ to TO have VB an DT integrated VBN melting NN pot NN , , that DT 's VBZ their PRP$ choice NN . . We PRP 'll MD leave VB them PRP alone RB . . We PRP just RB want VBP to TO have VB our PRP$ own JJ cup NN of IN tea NN . . '' '' And CC they PRP will MD even RB serve VB it PRP themselves PRP . . Okay UH , , now RB you PRP can MD pick VB up RP that DT phone NN . . But CC do VB n't RB do VB anything NN rash JJ . . After IN last JJ Friday NNP 's POS stock-market JJ plunge NN , , investment NN professionals NNS cautioned VBD people NNS to TO resist VB the DT urge NN to TO call VB their PRP$ brokers NNS and CC sell VB stocks NNS . . Not RB selling VBG into IN a DT panic NN turned VBD out RP to TO be VB very RB good JJ advice NN : : Despite IN the DT market NN 's POS volatility NN , , the DT Dow NNP Jones NNP Industrial NNP Average NNP has VBZ surged VBN 114 CD points NNS in IN the DT past JJ four CD days NNS . . Now RB , , with IN a DT semblance NN of IN normalcy NN returning VBG , , some DT advisers NNS say VBP it PRP 's VBZ time NN for IN investors NNS to TO take VB a DT hard JJ , , cold JJ look NN at IN the DT stocks NNS they PRP own VBP and CC consider VBP some DT careful JJ pruning NN . . `` `` The DT market NN is VBZ sending VBG nervous JJ signals NNS , , '' '' says VBZ Peter NNP J. NNP Canelo NNP , , chief NN market NN strategist NN for IN Bear NNP , , Stearns NNP & CC Co. NNP , , and CC it PRP 's VBZ `` `` unwise JJ '' '' to TO be VB overcommitted VBN to TO stocks NNS . . Alan NNP Weston NNP , , president NN of IN Weston NNP Capital NNP Management NNP , , a DT Los NNP Angeles NNP money-management NN firm NN , , adds VBZ that IN in IN periods NNS of IN uncertainty NN like IN today NN , , `` `` it PRP 's VBZ a DT good JJ time NN to TO cut VB out RP the DT dead JJ branches NNS of IN your PRP$ portfolio NN . . '' '' Not RB everybody NN agrees VBZ that IN it PRP 's VBZ time NN to TO trim VB . . `` `` We PRP are VBP n't RB inclined VBN to TO prune VB stock NN portfolios NNS now RB , , '' '' says VBZ Steven NNP G. NNP Einhorn NNP , , chairman NN of IN the DT investment NN policy NN committee NN of IN Goldman NNP , , Sachs NNP & CC Co NNP . . `` `` Investors NNS should MD stay VB with IN their PRP$ stocks NNS . . We PRP expect VBP a DT choppy JJ and CC sloppy JJ market NN for IN a DT short JJ period NN , , but CC we PRP do VBP n't RB think VB it PRP will MD be VB ugly JJ . . The DT downside NN is VBZ limited VBN . . '' '' And CC even RB those DT who WP say VBP some DT selective JJ selling NN may MD be VB in IN order NN stress NN that IN individuals NNS need VBP to TO be VB in IN the DT stock NN market NN to TO achieve VB their PRP$ long-term JJ investment NN objectives NNS and CC to TO help VB balance VB their PRP$ other JJ assets NNS . . Any DT selling NN , , they PRP say VBP , , should MD be VB well RB thought-out JJ , , and CC executed VBD gradually RB , , during IN market NN rallies NNS . . They PRP offer VBP these DT suggestions NNS : : GET VB RID VB OF IN THE DT DOGS NNS . . `` `` Sell VB stocks NNS that WDT are VBP n't RB doing VBG well RB now RB , , and CC that DT do VBP n't RB have VB good JJ earnings NNS prospects NNS , , '' '' says VBZ Alfred NNP Goldman NNP , , technical JJ analyst NN at IN St. NNP Louis-based JJ A.G. NNP Edwards NNP & CC Sons NNPS . . `` `` Most JJS people NNS do VBP just RB the DT opposite NN : : They PRP sell VBP their PRP$ winners NNS and CC keep VBP their PRP$ losers NNS . . '' '' Which WDT types NNS of IN stocks NNS are VBP most RBS likely JJ to TO qualify VB ? . Technology NN stocks NNS , , says VBZ Mr. NNP Goldman NNP . . WATCH VB FOR IN EARNINGS NNS DISAPPOINTMENTS NNS . . A DT company NN does VBZ n't RB have VB to TO post VB a DT loss NN to TO be VB a DT candidate NN for IN sale NN , , says VBZ Charles NNP I. NNP Clough NNP Jr. NNP , , chief NN market NN strategist NN at IN Merrill NNP Lynch NNP & CC Co NNP . . If IN earnings NNS do VBP n't RB live VB up RP to TO analysts NNS ' POS expectations NNS , , he PRP says VBZ , , that DT 's VBZ enough JJ to TO dump VB the DT stock NN . . John NNP Markese NNP , , director NN of IN research NN for IN the DT American NNP Association NNP of IN Individual NNP Investors NNPS , , raises VBZ a DT cautionary JJ note NN . . `` `` Substituting VBG a DT rule NN of IN thumb NN for IN your PRP$ own JJ judgment NN '' '' can MD be VB a DT mistake NN , , he PRP says VBZ . . An DT earnings NNS disappointment NN may MD reflect VB a DT situation NN that WDT 's VBZ short-term JJ . . But CC Mr. NNP Clough NNP says VBZ , , `` `` The DT risk NN is VBZ that IN earnings NNS disappointments NNS will MD continue VB . . '' '' The DT economy NN is VBZ decelerating VBG after IN six CD good JJ years NNS , , and CC `` `` right RB now RB it PRP 's VBZ better JJR to TO shoot VB first RB and CC ask VB questions NNS later RB . . '' '' Which WDT types NNS of IN stocks NNS currently RB have VBP the DT greatest JJS earnings NNS risks NNS ? . Computer NN companies NNS ; : commodity NN cyclical JJ stocks NNS , , like IN autos NNS ; : and CC retailing NN stocks NNS , , he PRP says VBZ . . BEWARE VB OF IN HEAVY JJ DEBT NN . . The DT companies NNS apt JJ to TO run VB into IN earnings NNS problems NNS soonest JJS are VBP the DT ones NNS with IN heavy JJ debt NN loads NNS , , says VBZ Larry NNP Biehl NNP , , partner NN in IN the DT San NNP Mateo NNP , , Calif. NNP , , money-management NN firm NN of IN Bailard NNP , , Biehl NNP & CC Kaiser NNP . . Mr. NNP Canelo NNP of IN Bear NNP Stearns NNP agrees VBZ : : `` `` If IN we PRP do VBP have VB an DT economic JJ slowdown NN , , '' '' he PRP says VBZ , , `` `` companies NNS with IN high JJ debt NN ratios NNS will MD be VB dumped VBN en IN masse NN . . '' '' The DT best JJS course NN for IN individual JJ investors NNS is VBZ to TO sell VB these DT stocks NNS now RB , , the DT two CD advisers NNS say VBP . . SELL VB ` `` WHISPER NN ' '' STOCKS NNS . . UAL NNP Corp. NNP 's POS difficulty NN in IN obtaining VBG bank NN financing NN for IN its PRP$ leveraged JJ buy-out NN and CC its PRP$ resulting VBG price NN plunge NN is VBZ a DT tip-off NN to TO what WP 's VBZ going VBG to TO happen VB to TO `` `` takeover NN stocks NNS , , '' '' says VBZ Mr. NNP Canelo NNP . . Takeover NN activity NN will MD slow VB down RP as RB more JJR and CC more JJR banks NNS tighten VBP their PRP$ lending NN requirements NNS , , he PRP says VBZ . . `` `` There EX 'll MD be VB fewer JJR and CC fewer JJR deals NNS . . '' '' Moreover RB , , many JJ financial JJ advisers NNS say VBP individuals NNS should MD be VB in IN the DT stock NN market NN as IN long-term JJ investors NNS , , not RB as IN traders NNS trying VBG to TO catch VB the DT next JJ hot JJ stock NN . . In IN general JJ , , they PRP say VBP , , avoid VB takeover NN stocks NNS . . COMPARE VB P\/E NNP RATIOS NNS WITH IN PROSPECTS NNS . . Mr. NNP Canelo NNP suggests VBZ that IN investors NNS compare VBP price\/earnings NNS ratios NNS ( ( the DT price NN of IN a DT share NN of IN stock NN divided VBN by IN a DT company NN 's POS per-share JJ earnings NNS for IN a DT 12-month JJ period NN ) ) with IN projected VBN growth NN rates NNS . . `` `` If IN you PRP think VBP earnings NNS will MD grow VB at IN 20 CD % NN a DT year NN , , it PRP 's VBZ all RB right JJ to TO pay VB 20 CD times NNS earnings NNS , , '' '' he PRP says VBZ . . `` `` But CC do VBP n't RB pay VB 30 CD times NNS earnings NNS for IN a DT company NN that WDT 's VBZ expected VBN to TO grow VB at IN 15 CD % NN a DT year NN . . '' '' Mr. NNP Canelo NNP thinks VBZ the DT market NN will MD probably RB go VB higher JJR , , but CC `` `` will MD be VB ruthless JJ with IN stocks NNS if IN the DT earnings NNS are VBP n't RB there RB . . '' '' Mr. NNP Markese NNP cautions VBZ that IN investors NNS should MD n't RB slavishly RB follow VB any DT specific JJ price\/earnings NNS sell NN trigger NN . . `` `` If IN you PRP say VBP sell VB anytime RB a DT company NN 's POS price\/earnings NNS ratio NN exceeds VBZ 15 CD , , that WDT knocks VBZ out RP all DT your PRP$ growth NN stocks NNS , , '' '' he PRP says VBZ . . `` `` You PRP eliminate VBP companies NNS with IN substantial JJ prospects NNS that WDT are VBP moving VBG up IN in IN price NN . . '' '' EXAMINE VB WHAT WDT HAS VBZ CHANGED VBN . . Tom NNP Schlesinger NNP , , market NN analyst NN at IN A.G. NNP Edwards NNP & CC Sons NNPS Inc. NNP , , says VBZ investors NNS should MD consider VB selling VBG if IN there EX has VBZ been VBN a DT fundamental JJ change NN in IN a DT company NN since IN they PRP bought VBD its PRP$ stock NN . . Say VB you PRP purchased VBD a DT stock NN because IN of IN a DT new JJ product NN that WDT was VBD in IN the DT works NNS . . Now RB , , because IN of IN various JJ difficulties NNS , , the DT product NN has VBZ been VBN scrapped VBN . . Time NN to TO sell VB , , says VBZ Mr. NNP Schlesinger NNP . . Similarly RB , , he PRP says VBZ , , suppose VB you PRP were VBD attracted VBN to TO a DT company NN because IN of IN expectations NNS that IN sales NNS would MD hit VB $ $ 200 CD million CD by IN 1990 CD . . If IN things NNS have VBP n't RB worked VBN out RP that IN well RB , , and CC sales NNS wo MD n't RB hit VB $ $ 200 CD million CD until IN 1992 CD , , it PRP 's VBZ time NN to TO consider VB selling VBG , , he PRP says VBZ . . USX NNP Corp. NNP declined VBD a DT United NNP Steelworkers NNPS request NN for IN a DT reopening VBG of IN its PRP$ four-year JJ labor NN contract NN that WDT is VBZ due JJ to TO expire VB Jan. NNP 31 CD , , 1991 CD . . The DT union NN on IN Oct. NNP 5 CD requested VBD that IN the DT contract NN be VB reopened VBN to TO restore VB all DT pay NN and CC benefits NNS that IN the DT union NN gave VBD up RP in IN the DT 1982-83 CD and CC 1986-87 CD rounds NNS of IN bargaining NN . . A DT United NNP Steelworkers NNPS spokeman NN said VBD Lynn NNP Williams NNP , , the DT union NN 's POS president NN , , was VBD out IN of IN town NN . . The DT union NN wo MD n't RB respond VB to TO the DT USX NNP statement NN until IN Mr. NNP Williams NNP has VBZ studied VBN it PRP , , the DT spokesman NN said VBD . . Robert NNP A. NNP Oswald NNP , , chief NN financial JJ officer NN and CC a DT director NN of IN this DT natural-gas JJ pipeline NN company NN , , was VBD elected VBN to TO the DT additional JJ position NN of IN executive JJ vice NN president NN . . In IN addition NN , , Michael NNP W. NNP O'Donnell NNP , , executive JJ vice NN president NN of IN a DT Columbia NNP unit NN , , was VBD named VBN assistant JJ chief NN financial JJ officer NN and CC a DT senior JJ vice NN president NN of IN the DT parent NN company NN . . The DT appointments NNS take VBP effect NN Nov. NNP 1 CD . . Both DT men NNS are VBP 44 CD years NNS old JJ . . This DT magazine NN and CC book NN publisher NN said VBD three CD men NNS were VBD elected VBN directors NNS , , increasing VBG the DT board NN to TO 10 CD . . They PRP are VBP : : James NNP R. NNP Eiszner NNP , , 62 CD years NNS old JJ and CC chairman NN and CC chief NN executive JJ officer NN of IN CPC NNP International NNP Inc. NNP ; : Robert NNP G. NNP Schwartz NNP , , 61 CD , , chairman NN , , president NN and CC chief NN executive JJ officer NN of IN Metropolitan NNP Life NNP Insurance NNP Co. NNP , , and CC Walter NNP V. NNP Shipley NNP , , 53 CD , , chairman NN and CC chief NN executive JJ officer NN of IN Chemical NNP Banking NNP Corp NNP . . BankAmerica NNP Corp. NNP reported VBD a DT 34 CD % NN jump NN in IN third-quarter JJ earnings NNS , , as IN its PRP$ rocket-like JJ recovery NN from IN nearly RB ruinous JJ losses NNS several JJ years NNS ago IN continued VBD to TO be VB fueled VBN by IN growth NN in IN consumer NN loans NNS , , higher JJR interest NN margins NNS and CC negligible JJ loan NN losses NNS . . For IN the DT quarter NN , , BankAmerica NNP said VBD it PRP earned VBD $ $ 254 CD million CD , , or CC $ $ 1.16 CD a DT share NN , , compared VBN with IN $ $ 190 CD million CD , , or CC 97 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . BankAmerica NNP spokesmen NNS said VBD preliminary JJ reports NNS indicate VBP the DT company NN was VBD n't RB materially RB affected VBN by IN the DT Tuesday NNP earthquake NN . . All DT but CC eight CD of IN the DT 850 CD branches NNS , , which WDT had VBD some DT structural JJ damage NN , , reopened VBN yesterday NN for IN business NN . . Automated VBN teller NN machine NN operations NNS also RB were VBD up IN and CC operating VBG yesterday NN , , a DT bank NN spokesman NN said VBD . . For IN the DT first JJ time NN in IN nearly RB two CD years NNS , , BankAmerica NNP results NNS failed VBD to TO improve VB in IN consecutive JJ quarters NNS , , but CC the DT decline NN from IN the DT second JJ quarter NN was VBD attributable JJ to TO special JJ factors NNS . . Third-quarter JJ profit NN was VBD 16 CD % NN below IN the DT $ $ 304 CD million CD , , or CC $ $ 1.50 CD a DT share NN , , earned VBN in IN the DT 1989 CD second JJ quarter NN . . The DT company NN cited VBD higher JJR tax NN credits NNS in IN the DT second JJ quarter NN , , totaling VBG $ $ 63 CD million CD , , compared VBN with IN $ $ 28 CD million CD in IN the DT third JJ quarter NN . . Excluding VBG tax NN credits NNS , , profit NN was VBD 6 CD % NN below IN the DT second JJ quarter NN . . But CC that DT drop NN was VBD caused VBN entirely RB by IN a DT decline NN in IN Brazilian JJ interest NN paid VBN , , to TO $ $ 5 CD million CD from IN $ $ 54 CD million CD the DT second JJ quarter NN . . Moreover RB , , BankAmerica NNP continued VBD to TO build VB its PRP$ reserve NN against IN troubled VBN foreign JJ loans NNS by IN boosting VBG its PRP$ loan-loss NN provision NN to TO $ $ 170 CD million CD , , about IN the DT same JJ as IN the DT previous JJ quarter NN but CC well RB above IN the DT $ $ 100 CD million CD in IN the DT year-earlier JJ quarter NN . . The DT provision NN rate NN was VBD far RB above IN BankAmerica NNP 's POS actual JJ net JJ credit NN losses NNS of IN $ $ 24 CD million CD in IN the DT third JJ quarter NN , , compared VBN with IN $ $ 18 CD million CD in IN the DT second JJ period NN and CC $ $ 38 CD million CD a DT year NN earlier RBR . . As IN a DT result NN , , BankAmerica NNP said VBD its PRP$ reserve NN against IN troubled VBN foreign-country JJ loans NNS , , once RB below IN 25 CD % NN , , now RB amounts VBZ to TO 45 CD % NN of IN the DT $ $ 6.4 CD billion CD of IN non-trade JJ debt NN it PRP calculates VBZ it PRP is VBZ owed VBN by IN those DT nations NNS . . That DT level NN is VBZ about IN the DT same JJ as IN some DT other JJ big JJ banks NNS , , but CC far RB below IN the DT 85 CD % NN and CC 100 CD % JJ reserves NNS of IN Bankers NNPS Trust NNP New NNP York NNP Corp. NNP and CC J.P. NNP Morgan NNP & CC Co. NNP , , respectively RB . . By IN any DT measure NN , , third-quarter JJ earnings NNS were VBD still RB robust JJ , , equivalent JJ to TO a DT 0.92 CD % NN return NN on IN assets NNS even RB excluding VBG tax NN credits NNS . . By IN that DT key JJ measure NN of IN operating VBG efficiency NN , , BankAmerica NNP turned VBD in RP a DT better JJR performance NN than IN its PRP$ well-regarded JJ Los NNP Angeles-based JJ competitor NN , , Security NNP Pacific NNP Corp. NNP , , which WDT posted VBD a DT 0.89 CD % NN return NN in IN the DT third JJ quarter NN . . But CC it PRP continued VBD to TO badly RB trail VB its PRP$ San NNP Francisco NNP neighbor NN , , Wells NNP Fargo NNP & CC Co. NNP , , which WDT reported VBD an DT extraordinary JJ 1.25 CD % NN return NN on IN assets NNS . . Both DT returns NNS do VBP n't RB include VB any DT tax NN credits NNS . . `` `` They PRP { ( BankAmerica NNP } ) continue VBP to TO show VB good JJ performance NN , , '' '' said VBD Donald NNP K. NNP Crowley NNP , , an DT analyst NN with IN Keefe NNP , , Bruyette NNP & CC Woods NNP Inc. NNP , , San NNP Francisco NNP . . In IN composite JJ trading NN yesterday NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , BankAmerica NNP common JJ stock NN edged VBD up IN 12.5 CD cents NNS to TO close VB at IN $ $ 32 CD a DT share NN . . Shareholder NN equity NN improved VBD to TO 4.68 CD % NN from IN 4.23 CD % NN in IN the DT previous JJ quarter NN . . The DT 4.52 CD % NN net JJ interest NN margin NN , , or CC the DT difference NN between IN the DT yield NN on IN a DT bank NN 's POS investments NNS and CC the DT rate NN it PRP pays VBZ for IN deposits NNS and CC other JJ borrowings NNS , , was VBD still RB markedly RB higher JJR than IN the DT 3.91 CD % NN ratio NN a DT year NN earlier RBR , , and CC is VBZ among IN the DT best JJS in IN the DT industry NN , , analysts NNS said VBD . . The DT high JJ margin NN partly RB stems VBZ from IN continued VBN strong JJ growth NN in IN high-yielding JJ consumer NN loans NNS , , which WDT jumped VBD 31 CD % NN to TO $ $ 17.47 CD billion CD from IN a DT year NN earlier RBR , , and CC residential JJ mortgages NNS , , which WDT rose VBD 25 CD % NN to TO $ $ 12 CD billion CD . . BankAmerica NNP 's POS total JJ loans NNS rose VBD 8 CD % NN to TO $ $ 71.36 CD billion CD . . For IN the DT nine CD months NNS , , BankAmerica NNP profit NN soared VBD 81 CD % NN to TO $ $ 833 CD million CD , , or CC $ $ 4.07 CD a DT share NN , , from IN $ $ 461 CD million CD , , or CC $ $ 2.40 CD a DT share NN . . International NNP Business NNP Machines NNPS Corp. NNP will MD announce VB on IN Tuesday NNP a DT slew NN of IN software NN products NNS aimed VBN at IN eliminating VBG some DT of IN the DT major JJ problems NNS involved VBN in IN computerizing VBG manufacturing VBG operations NNS , , industry NN executives NNS said VBD . . Many JJ plant NN floors NNS currently RB resemble VBP a DT Tower NNP of IN Babel NNP , , with IN computers NNS , , robots NNS and CC machine NN tools NNS that WDT generally RB speak VBP their PRP$ own JJ language NN and CC have VBP trouble NN talking VBG to TO each DT other JJ . . As IN a DT result NN , , if IN a DT problem NN develops VBZ on IN a DT production NN line NN , , it PRP is VBZ unlikely RB some DT supervisor NN sitting VBG in IN front NN of IN a DT personal JJ computer NN or CC workstation NN will MD know VB about IN it PRP or CC be VB able JJ to TO correct VB it PRP . . So IN IBM NNP will MD be VB announcing VBG more RBR than IN 50 CD products NNS that WDT will MD be VB aimed VBN at IN letting VBG even RB the DT dumbest JJS machine NN tool NN talk NN to TO the DT smartest JJS mainframe NN , , or CC anything NN in IN between IN . . In IN an DT unusual JJ display NN of IN openness NN , , IBM NNP also RB will MD be VB helping VBG customers NNS tie VB together RB operations NNS that WDT include VBP lots NNS of IN equipment NN made VBN by IN IBM NNP 's POS competitors NNS . . In IN addition NN , , the DT executives NNS said VBD IBM NNP will MD be VB offering VBG programming NN tools NNS designed VBN to TO let VB anyone NN working VBG on IN a DT factory NN floor NN write VB ad-hoc JJ software NN , , for IN instance NN , , to TO do VB statistical JJ analysis NN that WDT would MD pinpoint VB a DT problem NN on IN a DT manufacturing VBG line NN . . In IN Armonk NNP , , N.Y. NNP , , an DT IBM NNP spokeswoman NN confirmed VBD that IN IBM NNP executives NNS will MD be VB announcing VBG some DT computer-integrated-manufacturing JJ plans NNS next IN week NN but CC declined VBD to TO elaborate VB . . The DT industry NN executives NNS said VBD that IN , , as IN usual JJ with IN such JJ broad JJ announcements NNS from IN IBM NNP , , this DT one CD will MD be VB part NN reality NN and CC part NN strategy NN . . So RB it PRP will MD take VB many JJ quarters NNS for IN IBM NNP to TO roll VB out RP all PDT the DT products NNS that IN customers NNS need VBP , , and CC it PRP will MD take VB years NNS for IN customers NNS to TO integrate VB the DT products NNS into IN their PRP$ operations NNS . . Also RB as IN usual JJ , , the DT products NNS will MD appeal VB mostly RB to TO heavy JJ users NNS of IN IBM NNP equipment NN , , at IN least JJS initially RB . . Still RB , , consultants NNS and CC industry NN executives NNS said VBD the DT products NNS could MD help VB make VB manufacturing VBG operations NNS more RBR efficient JJ , , and CC provide VB a DT boost NN to TO the DT computer-integrated-manufacturing JJ market NN -- : a DT market NN that IN Yankee NNP Group NNP , , a DT research NN firm NN , , has VBZ said VBN may MD double VB to TO $ $ 40 CD billion CD by IN 1993 CD . . `` `` This DT is VBZ a DT step NN in IN the DT right JJ direction NN , , '' '' said VBD Martin NNP Piszczalski NNP , , a DT Yankee NNP Group NNP analyst NN . . He PRP added VBD , , though RB , , that IN `` `` a DT lot NN of IN this DT is VBZ intentions NNS ... : . . We PRP 'll MD have VB to TO wait VB and CC see VB '' '' how WRB the DT plan NN develops VBZ . . The DT announcements NNS also RB should MD help VB IBM NNP go VB on IN the DT offensive NN against IN Digital NNP Equipment NNP Corp. NNP on IN the DT plant NN floor NN . . While IN IBM NNP has VBZ traditionally RB dominated VBN the DT market NN for IN computers NNS on IN the DT business NN side NN of IN manufacturing VBG operations NNS and CC has VBZ done VBN well RB in IN the DT market NN for IN design NN tools NNS , , Digital NNP has VBZ dominated VBN computerized JJ manufacturing NN . . Hewlett-Packard NNP Co. NNP also RB has VBZ begun VBN to TO gain VB share NN in IN the DT whole JJ computer-integrated-manufacturing JJ arena NN . . IBM NNP will MD face VB an DT uphill JJ climb NN against IN Digital NNP , , given VBN Digital NNP 's POS reputation NN for IN being VBG better JJR than IN IBM NNP at IN hooking VBG together RB different JJ manufacturers NNS ' POS computers NNS . . In IN addition NN , , Hewlett-Packard NNP , , while IN a DT much JJ smaller JJR player NN , , has VBZ made VBN a DT big JJ commitment NN to TO the DT sorts NNS of IN industry NN standards NNS that WDT facilitate VBP those DT hookups NNS and CC could MD give VB IBM NNP some DT problems NNS . . Both DT can MD be VB expected VBN to TO go VB after IN the DT market NN aggressively RB : : Gartner NNP Group NNP Inc. NNP , , a DT research NN firm NN , , estimated VBD the DT Digital NNP gets VBZ 30 CD % NN of IN its PRP$ revenue NN from IN the DT manufacturing VBG market NN , , and CC Hewlett-Packard NNP gets VBZ 50 CD % NN . . IBM NNP , , which WDT Gartner NNP Group NNP said VBD generates VBZ 22 CD % NN of IN its PRP$ revenue NN in IN this DT market NN , , should MD be VB able JJ to TO take VB advantage NN of IN its PRP$ loyal JJ following NN among IN buyers NNS of IN equipment NN . . That DT is VBZ because IN many JJ companies NNS will MD standardize VB on IN certain JJ types NNS of IN equipment NN as IN the DT various JJ parts NNS of IN the DT manufacturing VBG market NN merge VBP , , and CC IBM NNP is VBZ the DT biggest JJS player NN . . But CC much RB will MD depend VB on IN how WRB quickly RB IBM NNP can MD move VB . . The DT whole JJ idea NN of IN computer-integrated JJ manufacturing NN , , CIM NNP , , seems VBZ to TO be VB making VBG a DT comeback NN after IN losing VBG a DT little JJ luster NN over IN the DT past JJ couple NN of IN years NNS when WRB it PRP became VBD apparent JJ that IN it PRP was VBD n't RB a DT panacea NN that WDT would MD make VB U.S. NNP plants NNS more RBR efficient JJ and CC banish VB foreign JJ competition NN . . Erik NNP Keller NNP , , a DT Gartner NNP Group NNP analyst NN , , said VBD organizational JJ changes NNS may MD still RB be VB required VBN to TO really RB take VB advantage NN of IN CIM NNP 's POS capabilities NNS -- : someone NN on IN the DT shop NN floor NN may MD not RB like VB having VBG someone NN in IN an DT office NN using VBG a DT personal JJ computer NN to TO look VB over IN his PRP$ shoulder NN , , for IN instance NN , , and CC may MD be VB able JJ to TO prevent VB that IN from IN happening VBG . . But CC he PRP said VBD a DT system NN such JJ as IN IBM NNP 's POS should MD help VB significantly RB . . In IN making VBG polyethylene NN sheets NNS out IN of IN plastic JJ chips NNS , , for IN instance NN , , a DT chip NN sometimes RB does VBZ n't RB melt VB , , gets VBZ caught VBN in IN the DT machinery NN and CC creates VBZ a DT run NN in IN the DT sheets NNS . . That DT can MD be VB expensive JJ , , because IN the DT problem NN may MD not RB be VB noticed VBN for IN a DT while NN , , and CC the DT sheets NNS are VBP typically RB thrown VBN away RB . . But CC Mr. NNP Keller NNP said VBD that IN , , if IN computers NNS can MD be VB integrated VBN into IN the DT process NN , , they PRP could MD alert VB an DT operator NN as RB soon RB as IN the DT problem NN occurred VBD . . They PRP could MD also RB check VB through IN the DT orders NNS on IN file NN to TO find VB a DT customer NN that WDT was VBD willing JJ to TO accept VB a DT lower JJR grade NN of IN polyethylene NN . . The DT computer NN would MD let VB the DT machine NN run VB just RB until IN that DT order NN was VBD filled VBN , , eliminating VBG waste NN . . This DT sort NN of IN improved VBN link NN figures NNS to TO eventually RB become VB a DT significant JJ weapon NN for IN some DT companies NNS . . Companies NNS might MD be VB able JJ to TO tell VB salespeople NN daily RB , , for IN instance NN , , about IN idle JJ equipment NN , , so IN they PRP could MD offer VB discounts NNS on IN whatever WDT that DT equipment NN produces VBZ . . Salespeople NNS also RB could MD get VB a DT precise JJ reading NN on IN when WRB products NNS could MD be VB delivered VBN -- : in IN much RB the DT same JJ way NN that IN Federal NNP Express NNP has VBZ marketed VBN its PRP$ ability NN to TO tell VB exactly RB where WRB a DT package NN is VBZ in IN the DT delivery NN system NN . . Ford NNP Motor NNP Co. NNP 's POS Merkur NNP , , the DT company NN 's POS first JJ new JJ car NN franchise NN in IN the DT U.S. NNP since IN the DT Edsel NNP was VBD unveiled VBN in IN 1957 CD , , now RB will MD share VB Edsel NNP 's POS fate NN . . Ford NNP said VBD yesterday NN it PRP will MD halt VB imports NNS of IN the DT Merkur NNP Scorpio NNP , , a DT $ $ 28,000 CD luxury NN sedan NN built VBN by IN Ford NNP of IN Europe NNP in IN West NNP Germany NNP . . The DT cars NNS are VBP sold VBN under IN a DT separate JJ franchise NN with IN its PRP$ own JJ sign NN in IN front NN of IN Lincoln-Mercury NNP dealers NNS -- : as IN opposed VBN to TO new JJ models NNS such JJ as IN Taurus NNP or CC Escort NNP , , which WDT are VBP sold VBN under IN existing VBG Ford NNP divisions NNS . . The DT move NN to TO halt VB imports NNS -- : announced VBD 29 CD years NNS and CC 11 CD months NNS to TO the DT day NN after IN Henry NNP Ford NNP II NNP declared VBD that IN the DT Edsel NNP division NN and CC its PRP$ gawky JJ car NN would MD be VB scrapped VBN -- : kills VBZ the DT four-year-old JJ Merkur NNP brand NN in IN the DT U.S. NNP market NN . . It PRP will MD continue VB to TO be VB sold VBN in IN the DT European JJ market NN . . Merkur NNP 's POS death NN is VBZ n't RB nearly RB as RB costly JJ to TO Ford NNP as IN was VBD the DT Edsel NNP debacle NN , , because IN Merkur NNP was VBD a DT relatively RB low-budget JJ project NN with IN limited VBN sales NNS goals NNS . . Still RB , , Merkur NNP 's POS demise NN is VBZ a DT setback NN for IN Ford NNP at IN a DT time NN when WRB the DT company NN 's POS image NN as IN the DT U.S. NNP auto NN maker NN with IN the DT golden JJ touch NN is VBZ showing VBG signs NNS of IN strain NN . . The DT No. NN 2 CD auto NN maker NN 's POS new JJ Thunderbird NNP and CC Mercury NNP Cougar NNP models NNS have VBP n't RB met VBN sales NNS expectations NNS in IN the DT year NN since IN they PRP were VBD introduced VBN , , and CC Ford NNP 's POS trucks NNS are VBP losing VBG ground NN to TO their PRP$ GM NNP rivals NNS . . This DT fall NN , , Ford NNP introduced VBD only RB one CD new JJ product NN : : A DT restyled VBN version NN of IN its PRP$ hulking VBG Lincoln NNP Town NNP Car NNP luxury NN model NN . . The DT demise NN of IN Merkur NNP ( ( pronounced VBD mare-COOR NNP ) ) comes VBZ after IN a DT September NNP in IN which WDT 670 CD Merkur NNP dealers NNS managed VBD to TO sell VB only RB 93 CD Scorpios NNPS . . Total NNP Merkur NNP sales NNS for IN the DT first JJ nine CD months NNS dropped VBD 46 CD % NN from IN a DT year NN ago IN to TO just RB 6,320 CD cars NNS . . Merkur NNP is VBZ n't RB the DT only JJ European JJ luxury NN brand NN having VBG problems NNS in IN the DT U.S. NNP . . The DT Japanese JJ assault NN on IN the DT luxury NN market NN is VBZ rapidly RB overshadowing VBG such JJ European JJ makes NNS as IN Audi NNP and CC Saab NNP , , which WDT at IN least JJS have VBP clear JJ brand NN images NNS . . Merkur NNP , , as IN an DT import NN on IN domestic JJ car NN lots NNS , , suffered VBD from IN the DT same JJ sort NN of IN image NN confusion NN that WDT is VBZ hobbling VBG sales NNS of IN imports NNS at IN General NNP Motors NNPS Corp. NNP and CC Chrysler NNP Corp NNP . . Merkur NNP was VBD originally RB aimed VBN at IN enticing VBG into IN Lincoln-Mercury NNP dealerships NNS the DT kind NN of IN young JJ , , affluent JJ buyers NNS who WP would MD n't RB be VB caught VBN dead JJ in IN a DT Town NNP Car NNP -- : a DT vehicle NN so RB bargelike JJ that IN Ford NNP is VBZ staging VBG a DT press NN event NN next IN month NN linking VBG the DT Town NNP Car NNP 's POS launch NN to TO the DT commissioning VBG of IN a DT new JJ aircraft NN carrier NN in IN Norfolk NNP , , Va NNP . . But CC the DT brand NN had VBD trouble NN from IN the DT start NN . . The DT first JJ Merkur NNP , , the DT XR4Ti NNP , , went VBD on IN sale NN in IN early JJ 1985 CD . . The DT sporty JJ coupe NN foundered VBD in IN part NN because IN American JJ buyers NNS did VBD n't RB go VB for IN the DT car NN 's POS unusual JJ double-wing JJ rear JJ spoiler NN . . In IN May NNP 1987 CD , , Ford NNP began VBD importing VBG the DT Scorpio NNP sedan NN from IN West NNP Germany NNP to TO sell VB next JJ to TO a DT redesigned VBN XR4Ti NNP in IN showrooms NNS . . Ford NNP officials NNS said VBD they PRP expected VBD the DT two CD Merkurs NNPS would MD sell VB about IN 15,000 CD cars NNS a DT year NN , , and CC in IN 1988 CD they PRP reached VBD that DT goal NN , , as IN sales NNS hit VBD 15,261 CD cars NNS . . It PRP was VBD downhill RB from IN there EX , , however RB . . One CD major JJ factor NN was VBD the DT decline NN of IN the DT dollar NN against IN the DT mark NN , , which WDT began VBD less JJR than IN a DT year NN after IN Merkur NNP 's POS 1985 CD launch NN . . As IN the DT West NNP German NNP currency NN rose VBD , , so RB did VBD Merkur NNP prices NNS . . The DT Merkur NNP cars NNS also RB suffered VBD from IN spotty JJ quality NN , , some DT dealers NNS say VBP . . `` `` It PRP was VBD like IN a DT comedy NN of IN errors NNS , , '' '' says VBZ Martin NNP J. NNP `` `` Hoot NNP '' '' McInerney NNP , , a DT big JJ dealer NN whose WP$ Star NNP Lincoln-Mercury-Merkur NNP operation NN in IN Southfield NNP , , Mich. NNP , , sold VBD more JJR XR4Ti NNP 's VBZ than IN any DT other JJ dealership NN . . But CC by IN the DT third JJ quarter NN of IN 1988 CD , , Scorpios NNPS had VBD a DT high JJ satisfaction NN rating NN in IN internal JJ Ford NNP studies NNS , , a DT spokesman NN said VBD . . Apparently RB , , however RB , , the DT improvement NN came VBD too RB late JJ . . Last JJ fall NN , , Ford NNP announced VBD it PRP would MD discontinue VB the DT XR4Ti NNP in IN the DT U.S. NNP at IN the DT end NN of IN the DT 1989 CD model NN year NN . . Ford NNP said VBD then RB it PRP would MD keep VB the DT Scorpio NNP . . This DT year NN , , Scorpio NNP sales NNS plummeted VBD , , and CC at IN the DT current JJ sales NNS pace NN it PRP would MD take VB Ford NNP 242 CD days NNS to TO sell VB off RP the DT current JJ Scorpio NNP inventory NN of IN about IN 4,600 CD cars NNS . . Canadian NNP Pacific NNP Ltd. NNP said VBD it PRP proposed VBD acquiring VBG the DT 44 CD % NN of IN Soo NNP Line NNP Corp. NNP it PRP does VBZ n't RB already RB own JJ for IN $ $ 19.50 CD a DT share NN , , or CC about IN $ $ 81.9 CD million CD , , after IN failing VBG to TO find VB a DT buyer NN for IN its PRP$ majority NN stake NN earlier RBR this DT year NN . . Soo NNP Line NNP said VBD its PRP$ board NN appointed VBD a DT special JJ committee NN of IN independent JJ directors NNS to TO study VB the DT proposal NN . . The DT troubled VBN Minneapolis-based JJ railroad NN concern NN said VBD the DT committee NN has VBZ the DT authority NN to TO hire VB financial JJ and CC legal JJ advisers NNS to TO assist VB it PRP . . The DT proposed VBN acquisition NN will MD be VB subject JJ to TO approval NN by IN the DT Interstate NNP Commerce NNP Commission NNP , , Soo NNP Line NNP said VBD . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN yesterday NN , , Soo NNP Line NNP shares NNS jumped VBD well RB above IN the DT proposed VBN price NN , , closing VBG at IN $ $ 20.25 CD , , up IN $ $ 2.75 CD . . Canadian NNP Pacific NNP put VBD its PRP$ 56 CD % NN stake NN in IN Soo NNP Line NNP up IN for IN sale NN last JJ year NN but CC could MD n't RB find VB any DT takers NNS . . Canadian NNP Pacific NNP , , which WDT has VBZ interests NNS in IN transportation NN , , telecommunications NNS , , forest NN products NNS , , energy NN and CC real JJ estate NN , , finally RB took VBD its PRP$ majority NN block NN off IN the DT market NN this DT spring NN . . `` `` It PRP turned VBD out RP we PRP could MD n't RB sell VB it PRP , , '' '' a DT Canadian NNP Pacific NNP official NN said VBD , , adding VBG that IN acquiring VBG the DT remainder NN of IN Soo NNP Line NNP is VBZ now RB `` `` the DT best JJS way NN to TO rationalize VB operations NNS . . '' '' Canadian NNP Pacific NNP is VBZ Soo NNP Line NNP 's POS biggest JJS customer NN and CC has VBZ owned VBN a DT majority NN stake NN in IN the DT U.S. NNP railroad NN since IN 1947 CD . . Canadian NNP Pacific NNP and CC Soo NNP Line NNP tracks NNS connect VBP at IN two CD points NNS in IN the DT West NN on IN the DT Canada-U.S. NNP border NN and CC the DT two CD companies NNS operate VBP a DT very RB successful JJ Chicago-Montreal NNP rail NN service NN . . Separately RB , , for IN the DT first JJ nine CD months NNS , , Soo NNP Line NNP reported VBD a DT loss NN of IN $ $ 398,000 CD , , or CC four CD cents NNS a DT share NN , , compared VBN with IN net JJ income NN of IN $ $ 12.5 CD million CD , , or CC $ $ 1.32 CD a DT share NN , , a DT year NN earlier RBR . . Revenue NN fell VBD 5.8 CD % NN to TO $ $ 407.9 CD million CD from IN $ $ 433.2 CD million CD . . The DT company NN had VBD a DT loss NN from IN operations NNS of IN $ $ 1.7 CD million CD . . Golden NNP Nugget NNP Inc. NNP reported VBD a DT third-quarter JJ net JJ loss NN of IN $ $ 13.1 CD million CD , , or CC 76 CD cents NNS a DT share NN , , based VBN on IN 17.2 CD million CD common JJ shares NNS and CC dilutive JJ equivalents NNS outstanding JJ . . The DT results NNS compare VBP with IN a DT year-earlier JJ net JJ loss NN of IN $ $ 1.5 CD million CD , , or CC seven CD cents NNS a DT share NN , , based VBN on IN 20.3 CD million CD common JJ and CC dilutive JJ equivalents NNS outstanding JJ . . Operating VBG revenue NN rose VBD 25 CD % NN to TO $ $ 52.1 CD million CD from IN $ $ 41.8 CD million CD a DT year NN ago IN . . Results NNS for IN the DT latest JJS quarter NN include VBP nonoperating VBG items NNS of IN $ $ 23.9 CD million CD , , versus CC $ $ 8.4 CD million CD a DT year NN earlier RBR . . Most JJS of IN the DT expenses NNS stem VBP from IN the DT company NN 's POS huge JJ Mirage NNP resort-casino NN scheduled VBN to TO open VB next JJ month NN along IN the DT Strip NNP , , and CC an DT April NNP 1989 CD financing NN by IN units NNS operating VBG the DT downtown NN Golden NNP Nugget NNP property NN . . For IN the DT nine CD months NNS , , Golden NNP Nugget NNP reported VBD a DT net JJ loss NN of IN $ $ 11.4 CD million CD , , or CC 69 CD cents NNS a DT share NN , , based VBN on IN 16.6 CD million CD common JJ and CC dilutive JJ equivalents NNS outstanding JJ . . The DT year NN earlier RBR , , the DT company NN had VBD a DT net JJ loss NN of IN $ $ 4.3 CD million CD , , or CC 20 CD cents NNS a DT share NN , , based VBN on IN 21 CD million CD common JJ shares NNS and CC dilutive JJ equivalents NNS outstanding JJ . . The DT 1988 CD results NNS include VBP a DT $ $ 10.7 CD million CD charge NN stemming VBG from IN a DT litigation NN judgment NN . . Separately RB , , the DT casino NN operator NN said VBD its PRP$ board NN approved VBD a DT plan NN to TO buy-back VB as RB many JJ as IN three CD million CD common JJ shares NNS from IN time NN to TO time NN , , either CC in IN the DT open JJ market NN or CC through IN private JJ transactions NNS . . An DT additional JJ 299,000 CD shares NNS are VBP authorized VBN for IN repurchase NN under IN an DT earlier JJR stock NN buy-back NN program NN . . John NNP Uphoff NNP , , an DT analyst NN with IN Raymond NNP James NNP & CC Associates NNPS , , said VBD the DT results NNS were VBD n't RB surprising JJ , , and CC attributed VBD the DT buy-back NN to TO management NN 's POS confidence NN in IN the DT Mirage NNP 's POS ability NN to TO generate VB strong JJ cash NN flow NN in IN 1990 CD . . Yesterday NN , , in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Golden NNP Nugget NNP common NN closed VBD at IN $ $ 28.25 CD , , up IN $ $ 2 CD . . Capital NNP Holding NNP Corp. NNP said VBD it PRP requested VBD and CC received VBD the DT resignation NN of IN John NNP A. NNP Franco NNP , , its PRP$ vice NN chairman NN , , as IN an DT officer NN and CC a DT director NN of IN the DT life NN insurance NN holding VBG company NN . . The DT company NN said VBD Mr. NNP Franco NNP developed VBD a DT plan NN to TO establish VB a DT business NN that WDT might MD be VB competitive JJ with IN Capital NNP Holding NNP Corp. NNP 's POS Accumulation NNP and CC Investment NNP Group NNP , , which WDT Mr. NNP Franco NNP headed VBD . . The DT group NN temporarily RB will MD report VB to TO Irving NNP W. NNP Bailey NNP II NNP , , chairman NN , , president NN and CC chief NN executive JJ officer NN of IN Capital NNP Holding NNP . . Mr. NNP Franco NNP , , 47 CD years NNS old JJ , , said VBD in IN a DT telephone NN interview NN that IN he PRP has VBZ been VBN considering VBG and CC discussing VBG a DT number NN of IN possible JJ business NN ventures NNS , , but CC that IN `` `` nothing NN is VBZ at IN a DT mature JJ stage NN . . '' '' He PRP said VBD he PRP `` `` did VBD n't RB argue VB with IN '' '' the DT company NN 's POS decision NN to TO seek VB his PRP$ resignation NN because IN contemplating VBG outside IN business NN ventures NNS can MD distract VB an DT executive NN from IN performing VBG his PRP$ best JJS `` `` at IN the DT job NN he PRP is VBZ paid VBN to TO do VB . . '' '' Martin NNP H. NNP Ruby NNP , , a DT managing VBG director NN of IN Capital NNP Holding NNP 's POS Accumulation NNP and CC Investment NNP Group NNP , , also RB resigned VBD to TO pursue VB other JJ business NN interests NNS , , Capital NNP Holding NNP said VBD . . Mr. NNP Ruby NNP , , 39 CD , , said VBD that IN he PRP had VBD `` `` an DT amicable JJ parting NN '' '' with IN Capital NNP Holding NNP and CC that IN he PRP has VBZ `` `` a DT number NN of IN ventures NNS in IN the DT financial-services JJ area NN '' '' under IN consideration NN . . He PRP said VBD that DT his PRP$ resignation NN was VBD a DT mutual JJ decision NN with IN Capital NNP Holding NNP management NN , , but CC that IN he PRP was VBD n't RB actually RB asked VBN to TO resign VB . . The DT Accumulation NNP and CC Investment NNP Group NNP is VBZ responsible JJ for IN the DT investment NN operations NNS of IN all DT Capital NNP Holding NNP 's POS insurance NN businesses NNS and CC markets NNS guaranteed VBN investment NN contracts NNS to TO bank VB trust NN departments NNS and CC other JJ institutions NNS . . It PRP also RB sells VBZ single-premium JJ annuities NNS to TO individuals NNS . . Mr. NNP Bailey NNP said VBD he PRP expects VBZ to TO name VB a DT new JJ group NN president NN to TO head VB that DT operation NN following VBG the DT Nov. NNP 8 CD board NN meeting NN . . @ SYM Money NNP Market NNP Deposits NNS - : a SYM 6.23 CD % NN a SYM - : Average JJ rate NN paid VBN yesterday NN by IN 100 CD large JJ banks NNS and CC thrifts NNS in IN the DT 10 CD largest JJS metropolitan JJ areas NNS as IN compiled VBN by IN Bank NNP Rate NNP Monitor NNP . . b SYM - : Current JJ annual JJ yield NN . . Guaranteed VBN minimum NN 6 CD % NN . . ( ( During IN its PRP$ centennial NN year NN , , The DT Wall NNP Street NNP Journal NNP will MD report VB events NNS of IN the DT past JJ century NN that WDT stand VBP as IN milestones NNS of IN American JJ business NN history NN . . ) ) PLASTIC NN PENCILS NNS , , CODE-NAMED VBN E-71 NNP , , made VBD their PRP$ hush-hush JJ debut NN in IN children NNS 's POS pencil NN boxes NNS at IN five-and-dime NN stores NNS in IN 1973 CD . . But CC few JJ knew VBD it PRP then RB and CC most RBS still RB think VBP all DT pencils NNS are VBP wooden JJ . . Eagle NNP Pencil NNP of IN Shelbyville NNP , , Tenn. NNP , , `` `` Pencil NNP City NNP U.S.A. NNP , , '' '' had VBD made VBN its PRP$ earliest JJS pilot NN plastic NN pencils NNS in IN 1971 CD . . But CC it PRP was VBD n't RB until IN after IN it PRP hired VBD Arthur NNP D. NNP Little NNP , , a DT Cambridge NNP , , Mass. NNP , , research NN concern NN , , that IN its PRP$ new JJ product NN was VBD refined VBN for IN commercial JJ sale NN in IN 1973 CD . . Three CD A.D.L. NNP inventors NNS applied VBD April NNP 6 CD , , 1973 CD , , for IN the DT patent NN , , which WDT was VBD assigned VBN and CC awarded VBN in IN 1976 CD to TO Hasbro NNP Industries NNPS , , then RB Eagle NNP 's POS parent NN . . Pencil NN pushers NNS chew VBP and CC put VBP the DT plastic NN models NNS behind IN their PRP$ ears NNS just RB like IN traditional JJ pencils NNS made VBN of IN glued VBN strips NNS of IN California NNP incense NN cedar NN filled VBN with IN ceramic JJ lead NN . . It PRP takes VBZ five CD steps NNS to TO make VB standard JJ pencils NNS , , just RB one CD for IN the DT plastic NN type NN . . Automated VBN machines NNS coextrude VBP long JJ plastic NN sheaths NNS with IN graphite-plastic JJ cores NNS that WDT are VBP printed VBN , , cut VBN , , painted VBN and CC eraser-fitted JJ . . `` `` After IN more RBR than IN 200 CD years NNS , , something NN new JJ has VBZ happened VBN to TO pencils NNS , , '' '' said VBD Arthur NNP D. NNP Little NNP in IN a DT 1974 CD report NN that WDT publicly RB described VBD the DT previously RB secret JJ item NN . . Eagle NNP 's POS plastic JJ type NN sharpens VBZ and CC looks VBZ like IN a DT wooden JJ pencil NN . . A DT major JJ difference NN is VBZ that IN a DT snapped JJ wooden JJ pencil NN will MD have VB a DT slivered VBN break NN while IN a DT plastic NN model NN will MD break VB cleanly RB . . The DT softness NN of IN the DT core NN constrains VBZ the DT plastic NN models NNS to TO No. NN 1 CD , , No. NN 2 CD or CC No. NN 3-type JJ pencils NNS , , which WDT account VBP for IN the DT bulk NN of IN the DT market NN . . Artists NNS and CC draftsmen NNS need VBP harder JJR `` `` leads NNS . . '' '' Eagle NNP , , now RB called VBN Eagle-Berol NNP , , remains VBZ a DT leading VBG company NN among IN the DT 10 CD in IN the DT U.S. NNP that IN produced VBD about IN 2.3 CD billion CD pencils NNS last JJ year NN , , according VBG to TO the DT Pencil NNP Makers NNPS Association NNP . . It PRP 's VBZ a DT trade NN secret NN how WRB many JJ were VBD plastic NN , , and CC most JJS writers NNS still RB do VBP n't RB know VB what WP they PRP 're VBP using VBG . . H.F. NNP Ahmanson NNP & CC Co. NNP , , the DT nation NN 's POS largest JJS thrift NN holding VBG company NN , , posted VBD a DT 12 CD % NN earnings NNS decline NN for IN the DT third JJ quarter NN while IN another DT large JJ California NNP savings NNS and CC loan NN , , Great NNP Western NNP Financial NNP Corp. NNP , , reported VBD a DT slight JJ earnings NNS gain NN . . H.F. NNP Ahmanson NNP , , parent NN of IN Home NNP Savings NNP of IN America NNP , , reported VBD third-quarter NN net NN of IN $ $ 49.2 CD million CD , , or CC 50 CD cents NNS a DT share NN , , down IN from IN $ $ 56.1 CD million CD , , or CC 57 CD cents NNS a DT share NN , , in IN the DT year-earlier JJ period NN . . Most JJS of IN the DT earnings NNS decline NN reflected VBD an DT increase NN in IN the DT company NN 's POS effective JJ tax NN rate NN to TO 44 CD % NN from IN 37 CD % NN in IN the DT year-ago JJ third JJ quarter NN when WRB nonrecurring VBG tax NN credits NNS were VBD recorded VBN , , the DT company NN said VBD . . Pretax NNP earnings NNS declined VBD 1.3 CD % NN . . For IN the DT nine CD months NNS , , Los NNP Angeles-based JJ H.F. NNP Ahmanson NNP had VBD profit NN of IN $ $ 128.1 CD million CD , , or CC $ $ 1.29 CD a DT share NN , , a DT 4.6 CD % NN decline NN from IN earnings NNS of IN $ $ 134.2 CD million CD in IN the DT year-ago JJ nine CD months NNS . . The DT company NN said VBD the DT decline NN was VBD attributable JJ to TO a DT 79 CD % NN reduction NN in IN net JJ gains NNS on IN loan NN sales NNS this DT year NN . . Third-quarter NN spreads NNS widened VBD to TO the DT highest JJS level NN in IN two CD years NNS as IN loan NN portfolio NN yields NNS rose VBP and CC money NN costs NNS declined VBD , , the DT company NN said VBD . . Great NNP Western NNP Financial NNP said VBD third-quarter NN profit NN rose VBD slightly RB to TO $ $ 68.4 CD million CD , , or CC 52 CD cents NNS a DT share NN , , from IN $ $ 67.9 CD million CD , , or CC 53 CD cents NNS a DT share NN , , from IN a DT year NN ago IN . . Great NNP Western NNP , , based VBN in IN Beverly NNP Hills NNP , , Calif. NNP , , is VBZ a DT financial JJ services NNS firm NN and CC parent NN to TO Great NNP Western NNP Bank NNP , , an DT S&L NNP . . Great NNP Western NNP said VBD it PRP had VBD a DT sharp JJ increase NN in IN margins NNS in IN the DT recent JJ third JJ quarter NN . . Margins NNS are VBP the DT difference NN between IN the DT yield NN on IN the DT company NN 's POS earning VBG assets NNS and CC its PRP$ own JJ cost NN of IN funds NNS . . But CC a DT reduction NN in IN one-time JJ gains NNS on IN the DT sale NN of IN various JJ assets NNS and CC an DT increase NN in IN the DT company NN 's POS provision NN for IN loan NN losses NNS held VBD down RP the DT earnings NNS gain NN , , the DT company NN said VBD . . Great NNP Western NNP 's POS provision NN for IN loan NN losses NNS was VBD increased VBN to TO $ $ 27.9 CD million CD for IN the DT recent JJ quarter NN compared VBN with IN $ $ 21.8 CD million CD a DT year NN ago IN primarily RB as IN a DT result NN of IN `` `` continued VBN weakness NN in IN various JJ commercial JJ and CC multifamily RB real JJ estate NN markets NNS outside IN California NNP . . '' '' For IN the DT nine CD months NNS Great NNP Western NNP posted VBD net NN of IN $ $ 177.5 CD million CD , , or CC $ $ 1.37 CD a DT share NN , , a DT 5.9 CD % NN decline NN from IN $ $ 188.7 CD million CD , , or CC $ $ 1.48 CD a DT share NN , , in IN the DT year-ago JJ period NN . . Dun NNP & CC Bradstreet NNP Corp. NNP posted VBD a DT 15 CD % NN rise NN in IN third-quarter NN earnings NNS . . But CC revenue NN declined VBD more JJR than IN 2 CD % NN , , reflecting VBG in IN part NN a DT continuing VBG drop NN in IN sales NNS of IN credit NN services NNS in IN the DT wake NN of IN controversy NN over IN the DT company NN 's POS sales NNS practices NNS . . The DT information NN company NN also RB cited VBD the DT stronger JJR dollar NN , , the DT sale NN last JJ year NN of IN its PRP$ former JJ Official NNP Airline NNP Guides NNPS unit NN and CC other JJ factors NNS . . Net JJ income NN rose VBD to TO a DT record NN $ $ 155.3 CD million CD , , or CC 83 CD cents NNS a DT share NN , , from IN $ $ 134.8 CD million CD , , or CC 72 CD cents NNS a DT share NN . . Revenue NN fell VBD to TO $ $ 1.04 CD billion CD from IN $ $ 1.07 CD billion CD . . In IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , Dun NNP & CC Bradstreet NNP closed VBD yesterday NN at IN $ $ 53.75 CD , , down IN 25 CD cents NNS a DT share NN . . Analysts NNS said VBD the DT results NNS were VBD as RB expected VBN , , but CC several JJ added VBN that IN the DT earnings NNS masked VBD underlying VBG weaknesses NNS in IN several JJ businesses NNS . . `` `` The DT quality NN of IN earnings NNS was VBD n't RB as RB high JJ as IN I PRP expected VBD , , '' '' said VBD Eric NNP Philo NNP , , an DT analyst NN for IN Goldman NNP , , Sachs NNP & CC Co NNP . . For IN example NN , , he PRP noted VBD , , operating VBG profit NN was VBD weaker JJR than IN he PRP had VBD anticipated VBN , , but CC nonoperating NN earnings NNS of IN $ $ 14.6 CD million CD and CC a DT lower JJR tax NN rate NN helped VBD boost VB net NN income NN . . Dun NNP & CC Bradstreet NNP said VBD operating NN earnings NNS rose VBD 8 CD % NN , , excluding VBG the DT sale NN of IN Official NNP Airline NNP Guides NNPS . . Third-quarter NN sales NNS of IN U.S. NNP credit NN services NNS were VBD `` `` disappointingly RB below IN sales NNS '' '' of IN a DT year NN earlier RBR , , Dun NNP & CC Bradstreet NNP said VBD . . As IN previously RB reported VBN , , those DT sales NNS have VBP been VBN declining VBG this DT year NN in IN the DT wake NN of IN allegations NNS that IN the DT company NN engaged VBD in IN unfair JJ sales NNS practices NNS that WDT encouraged VBD customers NNS to TO overpurchase VB services NNS . . The DT company NN has VBZ denied VBN the DT allegations NNS but CC has VBZ negotiated VBN a DT proposed VBN $ $ 18 CD million CD settlement NN of IN related VBN lawsuits NNS . . Analysts NNS predict VBP the DT sales NNS impact NN will MD linger VB . . `` `` There EX is VBZ n't RB much JJ question NN there RB will MD continue VB to TO be VB a DT ripple NN effect NN , , '' '' said VBD John NNP Reidy NNP , , an DT analyst NN with IN Drexel NNP Burnham NNP Lambert NNP Inc NNP . . Dun NNP & CC Bradstreet NNP noted VBD that IN price NN competition NN in IN its PRP$ Nielsen NNP Marketing NNP Research NNP , , Nielsen NNP Clearing NNP House NNP and CC Donnelley NNP Marketing NNP businesses NNS also RB restrained VBD revenue NN growth NN . . It PRP cited VBD cyclical JJ conditions NNS in IN its PRP$ Moody NNP 's POS Investors NNPS Service NNP Inc. NNP and CC D&B NNP Plan NNP Services NNPS units NNS . . For IN the DT nine CD months NNS , , net JJ income NN rose VBD 19 CD % NN to TO $ $ 449 CD million CD , , or CC $ $ 2.40 CD a DT share NN , , from IN $ $ 375.9 CD million CD , , or CC $ $ 2.01 CD a DT share NN , , a DT year NN earlier RBR . . Year-earlier JJ earnings NNS reflected VBD costs NNS of IN $ $ 14.3 CD million CD related VBN to TO the DT acquisition NN of IN IMS NNP International NNP . . Revenue NN rose VBD slightly RB to TO $ $ 3.16 CD billion CD from IN $ $ 3.13 CD billion CD . . Control NNP Data NNP Corp. NNP said VBD it PRP licensed VBD its PRP$ airline NN yield-management NN software NN to TO the DT International NNP Air NNP Transport NNP Association NNP . . Terms NNS include VBP a DT royalty NN arrangement NN , , but CC details NNS were VBD n't RB disclosed VBN . . The DT computer NN equipment NN and CC financial JJ services NNS company NN said VBD IATA NNP , , a DT trade NN group NN , , will MD sell VB access NN to TO the DT package NN to TO its PRP$ 180 CD airline NN members NNS world-wide JJ . . Control NNP Data NNP will MD receive VB revenue NN linked VBN to TO the DT number NN of IN passengers NNS served VBN by IN the DT software NN , , IATA NNP said VBD . . The DT package NN helps VBZ carriers NNS solve VB pricing NN problems NNS , , such JJ as IN how WRB to TO react VB to TO discounts NNS offered VBN by IN competitors NNS or CC what WP would MD be VB the DT optimum JJ number NN of IN seats NNS to TO offer VB at IN a DT given VBN price NN . . Wheeling-Pittsburgh NNP Steel NNP Corp. NNP said VBD it PRP decided VBD to TO proceed VB with IN installation NN of IN automatic JJ gauge NN and CC shape NN controls NNS at IN its PRP$ 60-inch JJ tandem NN cold JJ rolling VBG mill NN in IN Allenport NNP , , Pa NNP . . The DT new JJ equipment NN , , which WDT will MD produce VB steel NN sheet NN with IN more JJR uniform JJ thickness NN and CC flatness NN , , is VBZ likely JJ to TO cost VB more JJR than IN $ $ 20 CD million CD , , the DT company NN said VBD . . When WRB the DT company NN last RB considered VBD adding VBG the DT equipment NN two CD years NNS ago IN , , it PRP estimated VBD the DT cost NN at IN $ $ 21 CD million CD to TO $ $ 22 CD million CD , , but CC a DT task NN force NN will MD have VB to TO prepare VB a DT detailed VBN plan NN before IN the DT company NN can MD predict VB the DT current JJ cost NN . . The DT time NN schedule NN for IN installing VBG the DT equipment NN also RB will MD be VB developed VBN by IN the DT task NN force NN , , the DT company NN said VBD . . Sir NNP Richard NNP Butler NNP , , 60-year-old JJ chairman NN of IN Agricola NNP ( ( U.K NNP . . ) ) Ltd. NNP , , was VBD named VBN chairman NN of IN County NNP NatWest NNP Investment NNP Management NNP Ltd. NNP , , the DT investment NN management NN subsidiary NN of IN County NNP NatWest NNP Ltd. NNP , , the DT investment NN banking NN arm NN of IN this DT British JJ bank NN . . Sir NNP Richard NNP succeeds VBZ John NNP Plastow NNP , , who WP resigned VBD in IN July NNP . . Sir NNP Richard NNP is VBZ also RB a DT non-executive JJ director NN at IN National NNP Westminister NNP Bank NNP and CC NatWest NNP Investment NNP Bank NNP Ltd NNP . . In IN the DT long JJ , , frightening JJ night NN after IN Tuesday NNP 's POS devastating VBG earthquake NN , , Bay NNP Area NNP residents NNS searched VBD for IN comfort NN and CC solace NN wherever WRB they PRP could MD . . Some DT found VBD it PRP on IN the DT screen NN of IN a DT personal JJ computer NN . . Hundreds NNS of IN Californians NNPS made VBD their PRP$ way NN to TO their PRP$ computers NNS after IN the DT quake NN , , and CC checked VBD in RP with IN each DT other JJ on IN electronic JJ bulletin NN boards NNS , , which WDT link VBP computers NNS CB-radio-style JJ , , via IN phone NN lines NNS . . Some DT of IN the DT most RBS vivid JJ bulletins NNS came VBD over IN The NNP Well NNP , , a DT Sausalito NNP , , Calif. NNP , , board NN that WDT is VBZ one CD of IN the DT liveliest JJS outposts NNS of IN the DT electronic JJ underground NN . . About IN two-thirds NNS of IN the DT Well NNP 's POS 3,000 CD subscribers NNS live VBP in IN the DT Bay NNP Area NNP . . The DT quake NN knocked VBD The NNP Well NNP out RP for IN six CD hours NNS , , but CC when WRB it PRP came VBD back RB up IN , , it PRP teemed VBD with IN emotional JJ first-hand JJ reports NNS . . Following VBG are VBP excerpts NNS from IN the DT electronic JJ traffic NN that DT night NN . . The DT time NN is VBZ Pacific NNP Daylight NNP Time NN , , and CC the DT initials NNS or CC nicknames NNS are VBP those DT subscribers NNS use VBP to TO identify VB themselves PRP . . 11:54 CD p.m RB . . JCKC NNP : : Wow UH ! . I PRP was VBD in IN the DT avenues NNS , , on IN the DT third JJ floor NN of IN an DT old JJ building NN , , and CC except IN for IN my PRP$ heart NN ( ( Beat NN , , BEAT NN ! . ) ) I PRP 'm VBP OK JJ . . Got VBD back RB to TO Bolinas NNP , , and CC everything NN had VBD fallen VBN : : broken VBN poster NN frames NNS with IN glass NN on IN the DT floor NN , , file NN cabinets NNS open JJ or CC dumped VBN onto IN the DT floor NN . . 11:59 CD p.m RB . . JKD NNP : : I PRP was VBD in IN my PRP$ favorite JJ watering NN hole NN , , waiting VBG for IN the DT game NN to TO start VB . . I PRP felt VBD the DT temblor NN begin VB and CC glanced VBD at IN the DT table NN next JJ to TO mine PRP , , smiled VBD that DT guilty JJ smile NN and CC we PRP both DT mouthed VBD the DT words NNS , , `` `` Earth-quake NN ! . '' '' together RB . . That DT 's VBZ usually RB how WRB long JJ it PRP takes VBZ for IN the DT temblors NNS to TO pass VB . . This DT time NN , , it PRP just RB got VBD stronger JJR and CC then RB the DT building NN started VBD shaking VBG violently RB up IN and CC down IN as RB though IN it PRP were VBD a DT child NN 's POS toy NN block NN that WDT was VBD being VBG tossed VBD . . 12:06 CD a.m RB . . HRH NNP : : I PRP was VBD in IN the DT Berkeley NNP Main NNP library NN when WRB it PRP hit VBD . . Endless JJ seconds NNS wondering VBG if IN those DT huge JJ windows NNS would MD buckle VB and CC shower VB us PRP with IN glass NN . . Only RB a DT few JJ books NNS fell VBD in IN the DT reading NN room NN . . Then RB the DT auto NN paint NN shop NN fire NN sent VBD an DT evil-looking JJ cloud NN of IN black JJ smoke NN into IN the DT air NN . . 12:07 CD a.m RB . . ONEZIE NNP : : My PRP$ younger JJR daughter NN and CC I PRP are VBP fine JJ . . This DT building NN shook VBD like IN hell NN and CC it PRP kept VBD getting VBG stronger JJR . . Except IN for IN the DT gas NN tank NN at IN Hustead NNP 's POS Towing NNP Service NNP exploding VBG and CC burning VBG in IN downtown NN Berkeley NNP , , things NNS here RB are VBP quite RB peaceful JJ . . A DT lot NN of IN car NN alarms NNS went VBD off IN . . The DT cats NNS are VBP fine JJ , , although IN nervous JJ . . 12:15 CD a.m RB . . DHAWK NNP : : Huge JJ fire NN from IN broken VBN gas NN main NN in IN the DT Marina NNP in IN SF NNP . . Areas NNS that WDT are VBP made VBN of IN ` `` fill NN ' '' liquefy VBP . . A DT woman NN in IN a DT three-story JJ apartment NN was VBD able JJ to TO walk VB out IN the DT window NN of IN the DT third JJ floor NN onto IN street NN level NN after IN the DT quake NN . . The DT house NN just RB settled VBD right RB down IN into IN the DT ground NN . . 12:38 CD a.m RB . . DAYAC NNP : : I PRP was VBD driving VBG my PRP$ truck NN , , stopped VBD at IN a DT red JJ light NN at IN the DT corner NN of IN Shattuck NNP and CC Alcatraz NNP at IN the DT Oakland-Berkeley NNP border NN when WRB it PRP hit VBD . . Worst JJS part NN was VBD watching VBG power NN lines NNS waving VBG above IN my PRP$ head NN and CC no DT way NN to TO drive VB away RB . . 12:48 CD a.m RB . . LMEYER NNP : : Was VBD 300 CD ft. NN out RB on IN a DT pier NN in IN San NNP Rafael NNP . . It PRP flopped VBD all DT around IN , , real RB dramatic JJ ! . Many JJ hairline NN cracks NNS in IN the DT concrete JJ slabs NNS afterwards RB . . Ruined VBN the DT damn JJ fishing NN ! . 1:00 CD a.m RB . . HEYNOW NNP : : I PRP rode VBD it PRP out RP on IN the DT second JJ floor NN of IN Leo NNP 's POS at IN 55th JJ and CC Telegraph NNP in IN Oakland NNP . . I PRP heard VBD parts NNS of IN the DT building NN above IN my PRP$ head NN cracking VBG . . I PRP actually RB thought VBD that IN I PRP might MD die VB . . I PRP could MD n't RB decide VB if IN I PRP should MD come VB home NN to TO Marin NNP , , because IN my PRP$ house NN is VBZ on IN stilts NNS . . I PRP decided VBD to TO brave VB the DT storm NN . . There EX was VBD a DT horrible JJ smell NN of IN gas NN as IN I PRP passed VBD the DT Chevron NNP refinery NN before IN crossing VBG the DT Richmond-San NNP Rafael NNP Bridge NNP . . I PRP could MD also RB see VB the DT clouds NNS across IN the DT bay NN from IN the DT horrible JJ fire NN in IN the DT Marina NNP District NNP of IN San NNP Francisco NNP . . I PRP have VBP felt VBN many JJ aftershocks NNS . . My PRP$ back NN is VBZ still RB in IN knots NNS and CC my PRP$ hands NNS are VBP still RB shaking VBG . . I PRP think VBP a DT few JJ of IN the DT aftershocks NNS might MD just RB be VB my PRP$ body NN shaking VBG . . 1:11 CD a.m. NN GR8FLRED NNP : : I PRP could MD see VB the DT flames NNS from IN San NNP Francisco NNP from IN my PRP$ house NN across IN the DT bay NN . . It PRP 's VBZ hard JJ to TO believe VB this DT really RB is VBZ happening VBG . . 1:11 CD a.m RB . . RD NNP : : Building NN on IN the DT corner NN severely RB damaged VBN , , so IN an DT old JJ lady NN and CC her PRP$ very RB old JJ mother NN are VBP in IN the DT guest NN room NN . . Books NNS and CC software NN everywhere RB . . This DT being VBG typed VBN in IN a DT standing NN position NN . . 1:20 CD a.m RB . . DGAULT NNP : : Bolinas NNP -- : astride IN the DT San NNP Andreas NNP Fault NNP . . Did VBD n't RB feel VB a DT thing NN , , but CC noticed VBD some DT strange JJ bird NN behavior NN . . Duck NN swarms NNS . . 3:25 CD a.m RB . . SAMURAI NNP : : I PRP just RB felt VBD another DT aftershock NN a DT few JJ seconds NNS ago IN . . I PRP 'm VBP just RB numb JJ . . 3:25 CD a.m RB . . MACPOST NNP : : Downtown NN Bolinas NNP seems VBZ to TO be VB the DT part NN of IN town NN that WDT 's VBZ worst JJS off IN . . No DT power NN , , minimal JJ phones NNS , , and CC a DT mess NN of IN mayonnaise NN , , wine NN , , and CC everything NN else RB all DT over IN the DT floors NNS of IN the DT big JJ old JJ general JJ store NN and CC the DT People NNS 's POS Co-op NN . . The DT quivers NNS move VBP through IN my PRP$ house NN every DT few JJ minutes NNS at IN unpredictable JJ intervals NNS , , and CC the DT mouse NN that WDT 's VBZ been VBN living VBG in IN my PRP$ kitchen NN has VBZ taken VBN refuge NN under IN my PRP$ desk NN . . It PRP runs VBZ out IN frantically RB now RB and CC then RB , , and CC is VBZ clearly RB pretty RB distressed JJ . . I PRP was VBD in IN Stinson NNP Beach NNP when WRB the DT quake NN rolled VBD through IN town NN . . At IN first JJ , , we PRP were VBD unfazed VBN . . Then RB as IN things NNS got VBD rougher JJR , , we PRP ran VBD for IN the DT door NN and CC spent VBD the DT next JJ few JJ minutes NNS outside IN watching VBG the DT brick NN sidewalk NN under IN our PRP$ feet NNS oozing VBG up IN and CC down IN , , and CC the DT flowers NNS waving VBG in IN an DT eerie JJ rhythm NN . . Amazing JJ what WP it PRP does VBZ to TO one NN 's POS heart NN rate NN and CC one NN 's POS short-term JJ memory NN . . Everyone NN looked VBD calm JJ , , but CC there EX was VBD this DT surreal JJ low JJ level NN of IN confusion NN as IN the DT aftershocks NNS continued VBD . . 4:02 CD a.m RB . . SHIBUMI NNP : : Power NN is VBZ back RB on IN , , and CC UCSF NNP { ( medical JJ center NN } ) seems VBZ to TO have VB quieted VBN down RP for IN the DT night NN ( ( they PRP were VBD doing VBG triage NN out IN in IN the DT parking NN lot NN from IN the DT sound NN and CC lights NNS of IN it PRP ) ) . . A DT friend NN of IN mine NN was VBD in IN an DT underground JJ computer NN center NN in IN downtown NN SF NNP when WRB the DT quake NN hit VBD . . He PRP said VBD that IN one CD of IN the DT computers NNS took VBD a DT three-foot JJ trip NN sliding VBG across IN the DT floor NN . . Today NN should MD be VB interesting JJ as IN people NNS realize VBP how WRB hard JJ life NN is VBZ going VBG to TO be VB here RB for IN a DT while NN . . 4:30 CD a.m RB . . KIM NNP : : I PRP got VBD home NN , , let VBD the DT dogs NNS into IN the DT house NN and CC noticed VBD some DT sounds NNS above IN my PRP$ head NN , , as IN if IN someone NN were VBD walking VBG on IN the DT roof NN , , or CC upstairs NN . . Then RB I PRP noticed VBD the DT car NN was VBD bouncing VBG up IN and CC down IN as RB if IN someone NN were VBD jumping VBG on IN it PRP . . I PRP realized VBD what WP was VBD happening VBG and CC screamed VBD into IN the DT house NN for IN the DT dogs NNS . . Cupboard NN doors NNS were VBD flying VBG , , the DT trash NN can NN in IN the DT kitchen NN walked VBD a DT few JJ feet NNS , , the DT dogs NNS came VBD running VBG , , and CC I PRP scooted VBD them PRP into IN the DT dog NN run NN and CC stood VBD in IN the DT doorway NN myself PRP , , watching VBG the DT outside JJ trash NN cans NNS dance VB across IN the DT concrete NN . . When WRB I PRP realized VBD it PRP was VBD over IN , , I PRP went VBD and CC stood VBD out IN in IN front NN of IN the DT house NN , , waiting VBG and CC praying VBG for IN Merrill NNP to TO come VB home NN , , shivering VBG as IN if IN it PRP were VBD 20 CD below IN zero CD until IN he PRP got VBD there RB . . Never RB in IN my PRP$ life NN have VBP I PRP been VBN so RB frightened JJ . . When WRB I PRP saw VBD the DT pictures NNS of IN 880 CD and CC the DT Bay NNP Bridge NNP , , I PRP began VBD to TO cry VB . . 5:09 CD a.m RB . . JROE NNP : : The DT Sunset NNP { ( District NNP } ) was VBD more JJR or CC less JJR like IN a DT pajama NN party NN all DT evening NN , , lots NNS of IN people NNS & CC dogs NNS walking VBG around IN , , drinking VBG beer NN . . 6:50 CD a.m RB . . CAROLG NNP : : I PRP was VBD just RB sitting VBG down RP to TO meet VB with IN some DT new JJ therapy NN clients NNS , , a DT couple NN , , and CC the DT building NN started VBD shaking VBG like IN crazy JJ . . It PRP 's VBZ a DT flimsy JJ structure NN , , built VBN up IN on IN supports NNS , , and CC it PRP was VBD really RB rocking VBG around IN . . The DT three CD of IN us PRP stopped VBD breathing VBG for IN a DT moment NN , , and CC then RB when WRB it PRP kept VBD on RP coming VBG we PRP lunged VBD for IN the DT doorway NN . . Needless JJ to TO say VB , , it PRP was VBD an DT interesting JJ first JJ session NN ! . 7:13 CD a.m RB . . CALLIOPE NNP : : Albany NNP escaped VBD embarrassingly RB unscathed JJ . . Biggest JJS trouble NN was VBD scared VBN family NN who WP could MD n't RB get VB a DT phone NN line NN through RB , , and CC spent VBD a DT really RB horrible JJ hour NN not RB knowing VBG . . 8:01 CD a.m RB . . HLR NNP : : Judy NNP and CC I PRP were VBD in IN our PRP$ back NN yard NN when WRB the DT lawn NN started VBD rolling VBG like IN ocean NN waves NNS . . We PRP ran VBD into IN the DT house NN to TO get VB Mame NNP , , but CC the DT next JJ tremor NN threw VBD me PRP in IN the DT air NN and CC bounced VBD me PRP as IN I PRP tried VBD to TO get VB to TO my PRP$ feet NNS . . We PRP are VBP all RB fine JJ here RB , , although IN Mame NNP was VBD extremely RB freaked VBN . . Kitchen NN full JJ of IN broken VBN crystal NN . . Books NNS and CC tapes NNS all DT over IN my PRP$ room NN . . Not RB one CD thing NN in IN the DT house NN is VBZ where WRB it PRP is VBZ supposed VBN to TO be VB , , but CC the DT structure NN is VBZ fine JJ . . While IN I PRP was VBD standing VBG on IN the DT lawn NN with IN Mame NNP , , waiting VBG for IN another DT tremor NN , , I PRP noticed VBD that IN all PDT the DT earthworms NNS were VBD emerging VBG from IN the DT ground NN and CC slithering VBG across IN the DT lawn NN ! . 9:31 CD a.m. NN GR8FLRED CD : : It PRP 's VBZ amazing JJ how WRB one CD second NN can MD so RB completely RB change VB your PRP$ life NN . . 9:38 CD a.m RB . . FIG NNP : : I PRP guess VBP we PRP 're VBP all DT living VBG very RB tentatively RB here RB , , waiting VBG for IN the DT expected VBN but CC dreaded VBN aftershock NN . . It PRP 's VBZ hard JJ to TO accept VB that IN it PRP 's VBZ over IN and CC only RB took VBD 15 CD seconds NNS . . I PRP wonder VBP when WRB we PRP 'll MD be VB able JJ to TO relax VB . . 9:53 CD a.m RB . . PANDA NNP : : Flesh NN goes VBZ to TO total NN alert JJ for IN flight NN or CC fight NN . . Nausea NN seems VBZ a DT commonplace JJ symptom NN . . Berkeley NNP very RB quiet JJ right RB now RB . . I PRP walked VBD along IN Shattuck NNP between IN Delaware NNP and CC Cedar NNP at IN a DT few JJ minutes NNS before IN eight CD this DT morning NN . . Next JJ to TO Chez NNP Panisse NNP a DT homeless JJ couple NN , , bundled VBN into IN a DT blue JJ sleeping VBG bag NN , , sat VBD up IN , , said VBD , , `` `` Good JJ morning NN '' '' and CC then RB the DT woman NN smiled VBD , , said VBD , , `` `` Is VBZ n't RB it PRP great JJ just RB to TO be VB alive JJ ? . '' '' I PRP agreed VBD . . It PRP is VBZ . . Great JJ . . Georgia-Pacific NNP Corp. NNP , , exceeding VBG some DT analysts NNS ' POS expectations NNS , , said VBD third-quarter NN earnings NNS rose VBD 56 CD % NN to TO $ $ 178 CD million CD , , or CC $ $ 2.03 CD a DT share NN , , from IN $ $ 114 CD million CD , , or CC $ $ 1.19 CD a DT share NN , , in IN the DT year-earlier JJ period NN . . Sales NNS increased VBD 10 CD % NN to TO $ $ 2.65 CD billion CD from IN $ $ 2.41 CD billion CD . . Per-share JJ earnings NNS were VBD enhanced VBN by IN the DT company NN 's POS share NN buy-back NN program NN , , which WDT reduced VBD the DT average JJ shares NNS outstanding JJ to TO 87.5 CD million CD in IN the DT quarter NN from IN 95.8 CD million CD in IN the DT same JJ quarter NN of IN 1988 CD . . With IN strong JJ prices NNS in IN the DT company NN 's POS two CD major JJ areas NNS -- : building NN products NNS as RB well RB as IN pulp NN and CC paper NN -- : analysts NNS had VBD expected VBN a DT roaring VBG quarter NN . . But CC the DT performance NN exceeded VBD some DT estimates NNS of IN around IN $ $ 1.90 CD a DT share NN . . Fueling VBG the DT growth NN , , among IN other JJ things NNS , , were VBD higher-than-expected JJ prices NNS for IN certain JJ building NN products NNS . . One CD reason NN : : efforts NNS to TO protect VB the DT spotted JJ owl NN led VBD to TO restrictions NNS on IN logging VBG in IN the DT Pacific NNP Northwest NNP , , constricting VBG supply NN and CC forcing VBG prices NNS up IN . . Another DT reason NN : : strikes NNS , , both DT at IN Georgia-Pacific NNP and CC other JJ lumber NN companies NNS also RB cut VBP supplies NNS and CC raised VBD prices NNS , , analysts NNS said VBD . . For IN the DT nine CD months NNS , , Georgia-Pacific NNP 's POS earnings NNS increased VBD 49 CD % NN to TO $ $ 504 CD million CD , , or CC $ $ 5.58 CD a DT share NN , , from IN $ $ 338 CD million CD , , or CC $ $ 3.41 CD a DT share NN . . Sales NNS rose VBD 11 CD % NN to TO $ $ 7.73 CD billion CD from IN $ $ 6.94 CD billion CD . . In IN composite JJ New NNP York NNP Stock NNP Exchange NNP Trading NNP , , Georgia-Pacific NNP stock NN rose VBD $ $ 1.25 CD a DT share NN yesterday NN to TO close VB at IN $ $ 58 CD . . The DT House NNP Public NNP Works NNP and CC Transportation NNP Committee NNP approved VBD a DT bill NN that WDT would MD give VB the DT Transportation NNP Department NNP power NN to TO block VB airline NN leveraged JJ buy-outs NNS , , despite IN a DT clear JJ veto NN threat NN from IN the DT Bush NNP administration NN . . The DT 23-5 CD vote NN clears VBZ the DT way NN for IN consideration NN on IN the DT House NNP floor NN next IN week NN or CC the DT week NN after IN . . Transportation NNP Secretary NNP Samuel NNP Skinner NNP , , in IN a DT letter NN to TO the DT committee NN , , warned VBD that IN he PRP would MD urge VB President NNP Bush NNP to TO veto VB the DT legislation NN if IN it PRP passed VBD Congress NNP . . The DT Senate NNP Commerce NNP Committee NNP already RB has VBZ approved VBN similar JJ legislation NN . . On IN Monday NNP , , a DT letter NN from IN Mr. NNP Skinner NNP 's POS deputy NN , , Elaine NNP Chao NNP , , said VBD the DT administration NN opposed VBD the DT legislation NN `` `` in IN its PRP$ present JJ form NN . . '' '' Some DT of IN the DT bill NN 's POS supporters NNS had VBD taken VBN heart NN from IN the DT fact NN that IN the DT letter NN was VBD n't RB signed VBN by IN Mr. NNP Skinner NNP and CC that IN it PRP did VBD n't RB contain VB a DT veto NN threat NN . . The DT stepped-up JJ administration NN warnings NNS annoyed VBD some DT lawmakers NNS , , especially RB senior JJ Republicans NNPS who WP supported VBD the DT bill NN because IN they PRP thought VBD the DT Transportation NNP Department NNP favored VBD it PRP . . `` `` We PRP backed VBD this DT bill NN because IN we PRP thought VBD it PRP would MD help VB Skinner NNP , , '' '' one CD Republican NNP said VBD , , `` `` and CC now RB we PRP 're VBP out IN there RB dangling VBG in IN the DT wind NN . . '' '' A DT few JJ weeks NNS ago IN , , Mr. NNP Skinner NNP testified VBD before IN Congress NNP that IN it PRP would MD be VB `` `` cleaner JJR , , more RBR efficient JJ '' '' if IN he PRP had VBD authority NN to TO block VB buy-outs NNS in IN advance NN . . But CC he PRP never RB took VBD an DT official JJ position NN on IN the DT bill NN and CC has VBZ steadfastly RB maintained VBN that IN he PRP already RB has VBZ enough JJ authority NN to TO deal VB with IN buy-outs NNS . . Under IN the DT committee NN bill NN , , the DT Transportation NN secretary NN would MD have VB 30 CD days NNS , , and CC an DT additional JJ 20 CD days NNS if IN needed VBN , , to TO review VB any DT proposed VBN purchase NN of IN 15 CD % NN or CC more JJR of IN a DT major JJ U.S. NNP airline NN 's POS voting NN stock NN . . The DT secretary NN would MD be VB required VBN to TO block VB an DT acquisition NN if IN he PRP concluded VBD that IN it PRP would MD so RB weaken VB an DT airline NN financially RB that IN it PRP would MD hurt VB safety NN or CC reduce VB the DT carrier NN 's POS ability NN to TO compete VB , , or CC if IN it PRP gave VBD control NN to TO a DT foreign JJ interest NN . . Although IN the DT legislation NN would MD apply VB to TO any DT acquisition NN of IN a DT major JJ airline NN , , it PRP is VBZ aimed VBN at IN transactions NNS financed VBN by IN large JJ amounts NNS of IN debt NN . . Supporters NNS of IN the DT bill NN are VBP concerned VBN an DT airline NN might MD sacrifice VB costly JJ safety NN measures NNS in IN order NN to TO repay VB debt NN . . The DT panel NN 's POS action NN occurs VBZ in IN a DT politically RB charged VBN atmosphere NN surrounding VBG recent JJ buy-out NN proposals NNS , , their PRP$ apparent JJ collapse NN and CC the DT volatile JJ conditions NNS in IN the DT stock NN market NN . . `` `` It PRP became VBD apparent JJ in IN hearings NNS that IN there EX ought MD to TO be VB regulation NN of IN leveraged JJ buy-outs NNS of IN some DT sort NN , , '' '' Rep. NNP James NNP Oberstar NNP ( ( D. NNP , , Minn. NNP ) ) , , chairman NN of IN the DT House NNP Aviation NNP Subcommittee NNP , , said VBD during IN the DT panel NN 's POS deliberations NNS . . `` `` I PRP do VBP n't RB believe VB in IN the DT airline NN business NN you PRP can MD be VB totally RB laissez-faire FW because IN of IN the DT high JJ degree NN of IN public JJ interest NN '' '' at IN stake NN . . But CC Mr. NNP Skinner NNP disagreed VBD , , calling VBG the DT legislation NN `` `` a DT retreat NN from IN the DT policy NN of IN deregulaton NN of IN the DT airline NN industry NN . . '' '' In IN his PRP$ letter NN to TO Committee NNP Chairman NNP Glenn NNP Anderson NNP ( ( D. NNP , , Calif. NNP ) ) , , the DT secretary NN also RB said VBD the DT bill NN `` `` would MD be VB at IN odds NNS with IN the DT administration NN 's POS policies NNS welcoming VBG open JJ foreign JJ investment NN and CC market NN allocation NN of IN resources NNS . . '' '' Currently RB , , the DT Transportation NNP Department NNP does VBZ n't RB have VB the DT authority NN to TO block VB a DT takeover NN in IN advance NN . . However RB , , if IN the DT secretary NN concludes VBZ that IN a DT transaction NN has VBZ made VBN a DT carrier NN unfit NN to TO operate VB , , the DT department NN may MD revoke VB its PRP$ certificate NN , , grounding VBG the DT airline NN . . Such JJ authority NN is VBZ more JJR than IN adequate JJ , , say VBP opponents NNS of IN the DT legislation NN . . But CC supporters NNS argue VBP that IN grounding VBG an DT airline NN is VBZ so RB drastic JJ that IN the DT department NN would MD hesitate VB doing VBG it PRP . . The DT panel NN rejected VBD a DT proposal NN pushed VBN by IN AMR NNP Corp. NNP , , the DT parent NN of IN American NNP Airlines NNPS , , to TO allow VB the DT Transportation NN secretary NN to TO block VB corporate JJ raiders NNS from IN waging VBG proxy NN fights NNS to TO oust VB boards NNS that WDT oppose VBP a DT leveraged JJ buy-out NN . . It PRP also RB voted VBD down RP proposals NNS to TO give VB the DT secretary NN much RB more JJR discretion NN on IN whether IN to TO block VB a DT buy-out NN and CC to TO require VB the DT department NN to TO consider VB the DT impact NN of IN a DT buy-out NN on IN workers NNS . . London NNP shares NNS rallied VBD to TO post VB strong JJ gains NNS after IN initial JJ fears NNS evaporated VBD that IN the DT California NNP earthquake NN would MD depress VB Wall NNP Street NNP prices NNS . . Tokyo NNP stocks NNS , , which WDT rebounded VBD strongly RB Tuesday NNP , , extended VBD their PRP$ gains NNS yesterday NN , , but CC most RBS other JJ Asian JJ and CC Pacific JJ markets NNS closed VBD sharply RB lower JJR . . In IN London NNP , , the DT Financial NNP Times-Stock NNP Exchange NNP 100-share JJ index NN jumped VBD 34.6 CD points NNS to TO close VB at IN its PRP$ intraday NN high JJ of IN 2170.1 CD . . The DT index NN was VBD under IN pressure NN for IN most JJS of IN the DT morning NN over IN concerns NNS that IN the DT effects NNS of IN Tuesday NNP night NN 's POS major JJ earthquake NN in IN the DT San NNP Francisco NNP area NN would MD undermine VB the DT U.S. NNP market NN . . The DT mood NN changed VBD after IN dealers NNS reappraised VBD the DT direct JJ impact NN of IN the DT disaster NN on IN shares NNS and CC Wall NNP Street NNP rebounded NN from IN early JJ losses NNS . . The DT Financial NNP Times NNP 30-share JJ index NN settled VBD 27.8 CD points NNS higher JJR at IN 1758.5 CD . . Volume NN was VBD 449.3 CD million CD shares NNS , , the DT slowest JJS of IN a DT hectic JJ week NN , , compared VBN with IN 643.4 CD million CD Tuesday NNP . . U.K. NNP composite JJ , , or CC non-life JJ , , insurers NNS , , which WDT some DT equity NN analysts NNS said VBD might MD be VB heavily RB hit VBN by IN the DT earthquake NN disaster NN , , helped VBD support VB the DT London NNP market NN by IN showing VBG only JJ narrow JJ losses NNS in IN early JJ trading NN . . The DT insurers NNS ' POS relative JJ resilience NN gave VBD the DT market NN time NN to TO reappraise VB the DT impact NN of IN the DT California NNP disaster NN on IN U.K. NNP equities NNS , , dealers NNS said VBD . . Dealers NNS said VBD the DT market NN still RB has VBZ n't RB shaken VBN off RP its PRP$ nervousness NN after IN its PRP$ bumpy JJ ride NN of IN the DT past JJ several JJ sessions NNS , , caused VBN by IN interest-rate NN increases NNS last JJ week NN and CC Wall NNP Street NNP 's POS 6.9 CD % NN plunge NN Friday NNP . . But CC technical JJ factors NNS , , including VBG modest JJ gains NNS in IN the DT value NN of IN the DT pound NN , , helped VBD draw VB buying VBG back RB into IN the DT market NN and CC reverse VB losses NNS posted VBD a DT day NN earlier RBR . . Among IN composite JJ insurers NNS , , General NNP Accident NNP rose VBD 10 CD pence NN to TO # # 10.03 CD ( ( $ $ 15.80 CD ) ) a DT share NN , , Guardian NNP Royal NNP climbed VBD 5 CD to TO 217 CD pence NN , , Sun NNP Alliance NNP rose VBD 3 CD to TO 290 CD , , and CC Royal NNP Insurance NNP jumped VBD 12 CD to TO 450 CD . . Life NN insurers NNS fared VBD similarly RB , , with IN Legal NNP & CC General NNP advancing VBG 3 CD to TO 344 CD , , although IN Prudential NNP fell VBD 2 CD to TO 184 CD 1\/2 CD . . Pearl NNP Group NNP rose VBD 5 CD to TO 628 CD , , and CC Sun NNP Life NNP finished VBD unchanged JJ at IN # # 10.98 CD . . Most JJS banking NN issues NNS retreated VBN after IN a DT sector NN downgrade NN by IN Warburg NNP Securities NNPS , , although IN National NNP Westminister NNP showed VBD strength NN on IN positive JJ comments NNS from IN brokerage NN firms NNS about IN its PRP$ long-term JJ prospects NNS . . NatWest NNP , , the DT most RBS actively RB traded VBN of IN the DT banks NNS , , finished VBD at IN 300 CD , , up IN 1 CD . . B.A.T NNP Industries NNPS fell VBD in IN early JJ dealings NNS but CC recovered VBD to TO finish VB at IN 754 CD , , up IN 5 CD . . Dealers NNS said VBD the DT market NN was VBD nervous JJ ahead RB of IN a DT special JJ B.A.T NNP holders NNS ' POS meeting NN today NN . . The DT session NN is VBZ to TO consider VB a DT defensive JJ plan NN to TO spin VB off RP assets NNS to TO fend VB off RP Sir NNP James NNP Goldsmith NNP 's POS # # 13.4 CD billion CD bid NN for IN B.A.T NNP . . The DT recent JJ stock NN market NN drop NN has VBZ shaken VBN confidence NN in IN the DT plan NN , , but CC dealers NNS said VBD the DT shares NNS fell VBD initially RB on IN questions NNS about IN whether IN Mr. NNP Goldsmith NNP 's POS highly RB leveraged JJ bid NN will MD come VB to TO fruition NN . . Trading NN was VBD suspended VBN in IN WCRS NNP Group NNP , , a DT U.K. NNP advertising NN concern NN , , pending VBG an DT announcement NN that IN it PRP is VBZ buying VBG the DT remaining VBG 50 CD % NN of IN France NNP 's POS Carat NNP Holding NNP for IN 2.02 CD billion CD French NNP francs NNS ( ( $ $ 318.7 CD million CD ) ) and CC expanding VBG commercial JJ and CC equity NN ties NNS with IN advertising NN group NN Eurocom NNP . . Merchant NN banker NN Morgan NNP Grenfell NNP climbed VBD 14 CD to TO 406 CD on IN renewed VBN takeover NN speculation NN . . S.G. NNP Warburg NNP , , also RB mentioned VBN in IN the DT rumor NN mill NN , , jumped VBD 14 CD at IN to TO 414 CD . . Jaguar NNP advanced VBD 19 CD to TO 673 CD as IN traders NNS contemplated VBD a DT potential JJ battle NN between IN General NNP Motors NNPS and CC Ford NNP Motor NNP for IN control NN of IN the DT U.K. NNP luxury NN auto NN maker NN . . Tokyo NNP 's POS Nikkei NNP index NN of IN 225 CD issues NNS rose VBD 111.48 CD points NNS , , or CC 0.32 CD % NN , , to TO 35107.56 CD . . The DT index NN gained VBN 527.39 CD Tuesday NNP . . Volume NN was VBD estimated VBN at IN 800 CD million CD shares NNS , , compared VBN with IN 678 CD million CD Tuesday NNP . . Declining VBG issues NNS outnumbered VBD advancers NNS 505-455 CD , , with IN 172 CD unchanged JJ . . The DT Tokyo NNP Stock NNP Price NNP Index NNP of IN all DT issues NNS listed VBN in IN the DT first JJ section NN , , which WDT gained VBD 41.76 CD Tuesday NNP , , was VBD up IN 0.24 CD points NNS , , or CC 0.01 CD % NN , , at IN 2642.88 CD . . In IN early RB trading NN in IN Tokyo NNP Thursday NNP , , the DT Nikkei NNP index NN rose VBD 135.09 CD points NNS to TO 35242.65 CD . . On IN Wednesday NNP , , shares NNS were VBD pushed VBN up IN by IN index-related JJ buying NN on IN the DT part NN of IN investment NN trusts NNS as RB well RB as IN small JJ orders NNS from IN individuals NNS and CC corporations NNS , , traders NNS said VBD . . Institutions NNS , , meanwhile RB , , stepped VBD back RB to TO the DT sidelines NNS as IN the DT direction NN of IN U.S. NNP interest NN rates NNS remained VBD unclear JJ . . The DT uncertainty NN was VBD multiplied VBN by IN the DT persistent JJ strength NN of IN the DT dollar NN , , traders NNS said VBD , , and CC by IN the DT U.S. NNP trade NN deficit NN , , which WDT widened VBD by IN 31 CD % NN in IN August NNP from IN the DT previous JJ month NN . . Traders NNS and CC analysts NNS said VBD they PRP did VBD n't RB see VB any DT effect NN on IN Tokyo NNP stocks NNS from IN the DT California NNP earthquake NN . . The DT impact NN on IN Japanese JJ insurers NNS and CC property NN owners NNS with IN interests NNS in IN the DT San NNP Francisco NNP area NN is VBZ still RB being VBG assessed VBN , , they PRP said VBD . . Buying VBG was VBD scattered VBN across IN a DT wide JJ range NN of IN issues NNS , , making VBG the DT session NN fairly RB characterless JJ , , traders NNS said VBD . . With IN uncertainty NN still RB hanging VBG over IN interest NN rates NNS and CC the DT dollar NN , , the DT market NN failed VBD to TO find VB a DT focus NN that WDT might MD lead VB to TO further JJ investor NN commitments NNS , , they PRP said VBD . . Some DT traders NNS said VBD the DT popularity NN of IN issues NNS that WDT gained VBD yesterday NN wo MD n't RB last VB long RB , , as IN investors NNS will MD rotate VB their PRP$ buying VBG choices NNS over IN the DT short JJ term NN . . Interest NN rate-sensitive JJ shares NNS such JJ as IN steel NN , , construction NN and CC electric JJ utility NN companies NNS , , which WDT rose VBD early RB in IN the DT week NN , , saw VBD their PRP$ advance NN weaken VB yesterday NN . . Traders NNS said VBD these DT issues NNS need VBP large-volume JJ buying NN to TO push VB up RP their PRP$ prices NNS , , so RB substantial JJ gains NNS are VBP n't RB likely JJ unless IN institutional JJ investors NNS participate VBP . . An DT outstanding JJ issue NN in IN yesterday NN 's POS session NN was VBD Mitsubishi NNP Rayon NNP , , which WDT surged VBD 95 CD to TO 905 CD yen NN ( ( $ $ 6.34 CD ) ) a DT share NN . . Its PRP$ popularity NN was VBD due JJ to TO speculation NN about IN the DT strong JJ earnings NNS potential JJ of IN a DT new JJ type NN of IN plastic JJ wrap NN for IN household NN use NN , , a DT trader NN at IN County NNP Natwest NNP Securities NNPS Japan NNP said VBD . . Some DT laggard JJ food NN issues NNS attracted VBD bargain-hunters NNS , , traders NNS said VBD . . Kirin NNP Brewery NNP was VBD up IN 100 CD at IN 2,000 CD , , and CC Ajinomoto NNP gained VBD 70 CD to TO 2,840 CD . . Pharmaceuticals NNS were VBD mostly RB higher JJR , , with IN SS NNP Pharmaceutical NNP gaining VBG 140 CD to TO 1,980 CD . . Shares NNS closed VBD lower JJR in IN other JJ major JJ Asian JJ and CC Pacific JJ markets NNS , , including VBG Sydney NNP , , Hong NNP Kong NNP , , Singapore NNP , , Taipei NNP , , Wellington NNP , , Seoul NNP and CC Manila NNP . . Most JJS of IN those DT markets NNS had VBD rebounded VBN the DT day NN before IN from IN Monday NNP 's POS slide NN . . But CC unlike IN the DT Tokyo NNP exchange NN , , they PRP failed VBD to TO extend VB the DT rise NN to TO a DT second JJ session NN . . Elsewhere RB , , prices NNS surged VBD for IN a DT second JJ day NN in IN Frankfurt NNP , , closed VBD higher RBR in IN Zurich NNP , , Stockholm NNP and CC Amsterdam NNP and CC were VBD broadly RB lower JJR in IN Milan NNP , , Paris NNP and CC Brussels NNP . . South JJ African JJ gold NN stocks NNS ended VBD marginally RB firmer JJR . . In IN Brussels NNP , , it PRP was VBD the DT first JJ trading NN day NN for IN most JJS major JJ shares NNS since IN stocks NNS tumbled VBD on IN Wall NNP Street NNP Friday NNP . . Trading NN had VBD been VBN impeded VBN by IN a DT major JJ computer NN failure NN that WDT took VBD place NN before IN the DT start NN of IN Monday NNP 's POS session NN . . Here RB are VBP price NN trends NNS on IN the DT world NN 's POS major JJ stock NN markets NNS , , as IN calculated VBN by IN Morgan NNP Stanley NNP Capital NNP International NNP Perspective NNP , , Geneva NNP . . To TO make VB them PRP directly RB comparable JJ , , each DT index NN is VBZ based VBN on IN the DT close NN of IN 1969 CD equaling VBG 100 CD . . The DT percentage NN change NN is VBZ since IN year-end NN . . Housing NN construction NN sank VBD in IN September NNP to TO its PRP$ lowest JJS level NN since IN the DT last JJ recession NN , , the DT Commerce NNP Department NNP reported VBD . . Work NN began VBD on IN homes NNS and CC apartments NNS at IN an DT annual JJ rate NN of IN 1,263,000 CD units NNS last JJ month NN , , down IN 5.2 CD % NN from IN August NNP , , the DT department NN said VBD . . The DT September NNP decline NN followed VBD an DT even RB steeper JJR drop NN of IN 6.2 CD % NN in IN August NNP and CC left VBD housing NN starts NNS at IN their PRP$ weakest JJS since IN October NNP 1982 CD , , when WRB the DT country NN was VBD nearing VBG the DT end NN of IN a DT recession NN . . Originally RB the DT department NN had VBD reported VBN the DT August NNP decline NN as IN 5 CD % NN . . The DT numbers NNS suggest VBP that IN the DT housing NN industry NN is VBZ still RB suffering VBG the DT effects NNS of IN the DT Federal NNP Reserve NNP 's POS battle NN against IN inflation NN . . The DT industry NN had VBD shown VBN signs NNS of IN recovery NN this DT summer NN , , after IN the DT central JJ bank NN began VBD to TO relax VB its PRP$ clamp NN on IN credit NN , , allowing VBG interest NN rates NNS to TO drop VB a DT bit NN after IN pushing VBG them PRP up RP for IN a DT year NN . . Sales NNS of IN new JJ homes NNS rose VBD and CC inventories NNS of IN houses NNS , , which WDT had VBD been VBN climbing VBG , , dropped VBD . . But CC last JJ month NN new JJ construction NN in IN all DT types NNS of IN homes NNS waned VBD , , from IN single-family NN houses NNS to TO large JJ apartment NN complexes NNS . . `` `` It PRP 's VBZ pretty RB much RB weak JJ across IN the DT board NN , , '' '' said VBD Martin NNP Regalia NNP , , chief NN economist NN of IN the DT National NNP Council NNP of IN Savings NNP Institutions NNPS . . Mr. NNP Regalia NNP said VBD the DT industry NN may MD be VB reluctant JJ to TO step VB up RP building VBG at IN the DT moment NN for IN fear NN the DT inventories NNS of IN unsold JJ homes NNS will MD increase VB again RB . . Another DT reason NN for IN the DT weakness NN , , he PRP said VBD , , may MD be VB that IN mortgage NN rates NNS have VBP hit VBN a DT plateau NN since IN they PRP began VBD edging VBG down IN after IN a DT peak NN in IN March NNP . . In IN August NNP , , rates NNS on IN 30-year JJ fixed-rate JJ mortgages NNS started VBD creeping VBG up IN a DT bit NN , , but CC they PRP inched VBD down IN again RB through IN September NNP . . `` `` Rates NNS have VBP n't RB really RB peeled VBN off RP that DT much JJ , , '' '' Mr. NNP Regalia NNP said VBD . . `` `` We PRP 've VBP kind NN of IN settled VBN now RB into IN an DT interest-rate JJ environment NN that WDT 's VBZ fairly RB high JJ . . '' '' Work NN was VBD begun VBN on IN single JJ family NN homes NNS -- : the DT core NN of IN the DT housing NN market NN -- : at IN an DT annual JJ rate NN of IN 971,000 CD in IN September NNP , , a DT drop NN of IN 2.1 CD % NN from IN the DT previous JJ month NN . . That WDT followed VBD a DT 3.3 CD % NN decline NN in IN August NNP . . Construction NN of IN apartments NNS and CC other JJ multi-family JJ dwellings NNS slipped VBD 2.2 CD % NN to TO an DT annual JJ rate NN of IN 1,022,000 CD following VBG a DT 3.5 CD % NN decline NN in IN August NNP . . The DT number NN of IN building NN permits NNS issued VBN for IN future JJ construction NN dropped VBD 2.4 CD % NN to TO a DT 1,296,000 CD annual JJ rate NN after IN rising VBG 3.7 CD % NN in IN August NNP . . All PDT the DT numbers NNS were VBD adjusted VBN for IN normal JJ seasonal JJ variations NNS in IN building NN activity NN . . The DT housing NN starts VBZ numbers NNS , , however RB , , are VBP one CD of IN the DT least JJS precise JJ of IN the DT government NN 's POS economic JJ indicators NNS and CC are VBP often RB revised VBN significantly RB as IN more JJR information NN is VBZ collected VBN . . Shearson NNP Lehman NNP Hutton NNP Holdings NNP Inc. NNP posted VBD a DT sharp JJ third-quarter NN turnaround NN from IN a DT year NN earlier RBR , , but CC net JJ income NN would MD have VB dropped VBN from IN the DT second JJ quarter NN without IN a DT $ $ 37 CD million CD after-tax JJ gain NN . . The DT securities NNS firm NN posted VBD third-quarter NN net NN of IN $ $ 66 CD million CD , , or CC 64 CD cents NNS a DT share NN , , compared VBN with IN a DT restated VBN year-earlier JJ loss NN of IN $ $ 3 CD million CD , , or CC 11 CD cents NNS a DT share NN . . Revenue NN climbed VBD 25 CD % NN to TO $ $ 3.3 CD billion CD from IN $ $ 2.6 CD billion CD . . The DT latest JJS period NN included VBD the DT gain NN , , which WDT was VBD $ $ 77 CD million CD before IN tax NN , , from IN the DT previously RB announced VBN sale NN of IN the DT institutional JJ money NN management NN business NN of IN Lehman NNP Management NNP Co NNP . . The DT 1988 CD period NN was VBD restated VBN from IN net JJ income NN of IN $ $ 8 CD million CD to TO correct VB an DT overstatement NN in IN the DT company NN 's POS Boston NNP Co. NNP subsidiary NN . . In IN the DT 1989 CD second JJ quarter NN , , Shearson NNP had VBD net JJ income NN of IN $ $ 55 CD million CD , , or CC 54 CD cents NNS a DT share NN . . An DT average JJ 102.5 CD million CD common JJ shares NNS were VBD outstanding JJ in IN the DT latest JJS quarter NN , , up IN from IN 87.1 CD million CD . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN yesterday NN , , Shearson NNP shares NNS lost VBD 37.5 CD cents NNS to TO $ $ 18.125 CD . . The DT company NN said VBD the DT improved VBN performance NN from IN a DT year NN ago IN reflects VBZ higher JJR commissions NNS and CC revenue NN from IN marketmaking NN and CC trading NN for IN its PRP$ own JJ account NN . . Commission NN revenue NN was VBD $ $ 522 CD million CD , , up IN 49 CD % NN . . But CC industrywide JJ trading NN activity NN slowed VBD in IN September NNP as IN institutional JJ investors NNS turned VBD cautious JJ and CC individuals NNS continued VBD to TO shy VB away RB from IN the DT market NN . . Investment NN banking NN revenue NN fell VBD 32 CD % NN to TO $ $ 205 CD million CD , , in IN part NN reflecting VBG the DT continued VBN slowdown NN of IN the DT underwriting NN business NN . . In IN the DT nine CD months NNS , , net NN fell VBD 3 CD % NN to TO $ $ 106 CD million CD , , or CC 98 CD cents NNS a DT share NN , , from IN $ $ 110 CD million CD , , or CC $ $ 1.05 CD a DT share NN . . Revenue NN advanced VBD 26 CD % NN to TO $ $ 9.6 CD billion CD from IN $ $ 7.6 CD billion CD . . Two CD major JJ drug NN companies NNS posted VBD strong JJ third-quarter NN earnings NNS , , in IN line NN with IN profits NNS already RB reported VBN by IN industry NN leaders NNS and CC analysts NNS ' POS expectations NNS . . But CC Pfizer NNP Inc. NNP , , based VBN in IN New NNP York NNP , , reported VBD flat JJ earnings NNS . . Schering-Plough NNP Corp. NNP , , based VBN in IN Madison NNP , , N.J. NNP , , reported VBD a DT 21 CD % NN rise NN in IN earnings NNS as IN American NNP Home NNP Products NNPS Corp. NNP of IN New NNP York NNP posted VBD an DT 11 CD % NN increase NN in IN net NN . . American NNP Home NNP Products NNPS American NNP Home NNP Products NNPS said VBD sales NNS and CC earnings NNS for IN the DT third JJ quarter NN and CC nine CD months NNS were VBD at IN record NN levels NNS . . Sales NNS for IN the DT third JJ quarter NN increased VBD 6.5 CD % NN to TO $ $ 1.51 CD billion CD from IN $ $ 1.42 CD billion CD . . Sales NNS of IN health-care JJ products NNS increased VBD 6 CD % NN in IN the DT third JJ quarter NN , , based VBN in IN part NN on IN strong JJ sales NNS of IN prescription NN drugs NNS such JJ as IN Premarin NNP , , an DT estrogen-replacement NN drug NN , , and CC sales NNS of IN the DT company NN 's POS infant NN formula NN . . American NNP Home NNP Products NNPS said VBD net JJ income NN benefited VBD from IN a DT `` `` lower JJR effective JJ tax NN rate NN , , '' '' reflecting VBG a DT reduction NN of IN foreign JJ tax NN rates NNS , , and CC additional JJ operations NNS in IN Puerto NNP Rico NNP . . Net NN also RB was VBD aided VBN by IN a DT gain NN on IN the DT sale NN of IN the DT company NN 's POS equity NN interests NNS in IN South NNP Africa NNP effective JJ Sept. NNP 1 CD . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN yesterday NN , , American NNP Home NNP Products NNPS closed VBD at IN $ $ 102.25 CD a DT share NN , , down IN 75 CD cents NNS . . Pfizer NNP Pfizer NNP said VBD third-quarter NN sales NNS increased VBD 4 CD % NN to TO $ $ 1.44 CD billion CD from IN $ $ 1.38 CD billion CD . . The DT company NN said VBD net JJ income NN was VBD flat JJ because IN of IN investment NN in IN research NN and CC development NN and CC costs NNS related VBN to TO launches NNS of IN several JJ products NNS . . The DT company NN said VBD the DT dollar NN 's POS continued VBN strengthening VBG reduced VBD world-wide JJ sales NNS growth NN by IN three CD percentage NN points NNS . . Pfizer NNP posted VBD its PRP$ largest JJS gains NNS in IN healthcare NN sales NNS , , up IN 3 CD % NN , , and CC consumer NN products NNS , , up IN 23 CD % NN . . Sales NNS by IN the DT specialty NN chemicals NNS and CC materials NNS science NN segments NNS were VBD flat JJ , , and CC sales NNS by IN the DT agriculture NN segment NN declined VBD 5 CD % NN . . In IN the DT health-care JJ segment NN , , pharmaceutical JJ sales NNS increased VBD 4 CD % NN and CC sales NNS of IN hospital NN products NNS increased VBD 1 CD % NN . . During IN the DT quarter NN , , Pfizer NNP received VBD federal JJ approval NN of IN Procardia NNP XL NNP , , a DT calcium NN channel NN blocker NN approved VBN for IN both DT angina NN and CC hypertension NN , , and CC Monorail NNP Piccolino NNP , , used VBN to TO open VB obstructed VBN coronary JJ arteries NNS . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN yesterday NN , , Pfizer NNP closed VBD at IN $ $ 67.75 CD a DT share NN , , up IN 75 CD cents NNS . . Schering-Plough NNP Schering-Plough NNP said VBD sales NNS gained VBD 2.7 CD % NN to TO $ $ 743.7 CD million CD from IN $ $ 724.4 CD million CD . . In IN the DT period NN , , the DT company NN completed VBD the DT sale NN of IN its PRP$ European JJ cosmetics NNS businesses NNS , , sold VBD a DT majority NN interest NN in IN its PRP$ Brazilian JJ affiliate NN , , and CC announced VBD the DT reorganization NN of IN its PRP$ over-the-counter JJ drug NN businesses NNS into IN a DT new JJ unit NN , , Schering-Plough NNP Health NNP Care NNP Products NNPS . . These DT actions NNS did VBD n't RB affect VB results NNS because IN the DT gain NN on IN the DT sale NN of IN the DT European JJ cosmetics NNS businesses NNS was VBD offset VBN by IN provisions NNS relating VBG to TO the DT Brazil NNP divestiture NN and CC drug NN restructuring NN . . U.S. NNP pharmaceutical JJ sales NNS rose VBD 15 CD % NN , , led VBN by IN allergy NN , , asthma NN and CC cold JJ products NNS ; : dermatological JJ products NNS ; : anti-infectives NNS and CC anti-cancer JJ products NNS ; : and CC cardiovascular JJ products NNS . . World-wide JJ consumer NN product NN sales NNS declined VBD 12 CD % NN , , primarily RB because IN of IN the DT European JJ cosmetics NNS sale NN . . Significantly RB lower JJR sales NNS of IN ` `` Stay NNP Trim NNP ' '' diet NN aids NNS also RB were VBD a DT factor NN in IN the DT drop NN . . The DT Maybelline NNP beauty NN product NN line NN had VBD higher JJR sales NNS following VBG a DT sluggish JJ first JJ half NN . . In IN Big NNP Board NNP composite JJ trading NN , , Schering-Plough NNP shares NNS fell VBD 75 CD cents NNS to TO close VB at IN $ $ 74.125 CD . . Swedish JJ auto NN and CC aerospace NN concern NN Saab-Scania NNP AB NNP said VBD it PRP received VBD a DT 250 CD million CD krona NN ( ( $ $ 39 CD million CD ) ) order NN from IN Swiss NNP Crossair NNP , , one CD of IN Europe NNP 's POS leading VBG regional JJ air NN companies NNS , , for IN five CD Saab NNP 340B NNP turboprop NN commuter NN aircraft NN . . It PRP is VBZ quite RB unfortunate JJ that IN you PRP failed VBD so RB miserably RB in IN reporting VBG the DT Hurricane NNP Hugo NNP disaster NN . . Your PRP$ Sept. NNP 27 CD page-one NN article NN `` `` Charleston NNP Lost VBD Quite RB a DT Lot NN to TO Hugo NNP , , Especially RB Gentility NN '' '' leaves VBZ the DT impression NN that IN the DT storm NN was VBD little RB more JJR than IN an DT inconvenience NN . . The DT damage NN reported VBD focused VBN on IN a DT select JJ few JJ who WP owned VBD irreplaceable JJ historic JJ homes NNS on IN the DT Battery NNP . . Not RB mentioned VBN were VBD the DT 50,000 CD people NNS rendered VBD homeless JJ , , and CC the DT more RBR than IN 200,000 CD out IN of IN work NN for IN an DT indeterminable JJ period NN ; : the DT $ $ 1 CD billion-plus CD in IN losses NNS to TO homes NNS and CC personal JJ property NN on IN the DT barrier NN islands NNS ; : the DT near JJ - : and CC long-term JJ impact NN on IN the DT state NN 's POS largest JJS industry NN , , tourism NN , , not RB to TO mention VB the DT human JJ suffering NN . . In IN centering VBG on IN the DT disruption NN of IN a DT few JJ proud JJ local JJ customs NNS such JJ as IN the DT historic JJ homes NNS tour NN and CC the DT damage NN to TO the DT antiquities NNS , , your PRP$ reporter NN served VBD to TO only RB perpetuate VB an DT outdated VBN and CC stereotypically RB provincial JJ view NN of IN this DT otherwise RB thriving VBG port JJ city NN . . The DT damage NN will MD undoubtedly RB prove VB to TO be VB one CD of IN the DT epic NN human JJ and CC economic JJ disasters NNS of IN the DT decade NN in IN this DT country NN . . David NNP M. NNP Carroll NNP Columbia NNP , , S.C NNP . . Your PRP$ story NN was VBD tasteless JJ and CC insensitive JJ . . Depicting VBG the DT people NNS of IN a DT traumatized VBN city NN reeling VBG from IN a DT disaster NN of IN unprecedented JJ proportions NNS was VBD at IN the DT very RB best JJS ludicrous JJ under IN the DT circumstances NNS . . Your PRP$ narrow JJ focus NN appears VBZ to TO be VB a DT contrived JJ attempt NN to TO show VB the DT people NNS of IN that DT historic JJ city NN to TO be VB doddering JJ fools NNS . . You PRP had VBD to TO have VB been VBN blind JJ not RB to TO see VB the DT scenario NN there RB for IN what WP it PRP was VBD and CC is VBZ and CC will MD continue VB to TO be VB for IN months NNS and CC even JJ years NNS -- : a DT part NN of IN South NNP Carolina NNP that WDT has VBZ sustained VBN a DT blow NN that IN the DT Red NNP Cross NNP expects VBZ will MD cost VB that DT organization NN alone RB some DT $ $ 38 CD million CD . . William NNP C. NNP Barksdale NNP Jr NNP . . Columbia NNP , , S.C NNP . . Charleston NNP is VBZ historic JJ and CC aristocratic JJ , , as RB your PRP$ reporter NN said VBD , , but CC not RB haughty JJ , , as IN he PRP suggested VBD . . Charlestonians NNS are VBP instead RB indomitable JJ and CC have VBP contributed VBN mightily RB to TO the DT culture NN and CC history NN of IN our PRP$ country NN for IN more RBR than IN 300 CD years NNS . . I PRP suggest VBP your PRP$ reporter NN see VB Charleston NNP next JJ spring NN in IN its PRP$ full JJ glory NN . . William NNP C. NNP Stuart NNP III NNP Silver NNP Spring NNP , , Md NNP . . Affiliated NNP Bankshares NNPS of IN Colorado NNP Inc. NNP said VBD it PRP agreed VBD to TO sell VB its PRP$ 10 CD % NN interest NN in IN Rocky NNP Mountain NNP Bankcard NNP Systems NNPS for IN $ $ 18.5 CD million CD to TO Colorado NNP National NNP Bank NNP of IN Denver NNP and CC Central NNP Bank NNP of IN Denver NNP . . Colorado NNP National NNP is VBZ a DT unit NN of IN Colorado NNP National NNP Bankshares NNPS Inc. NNP and CC Central NNP is VBZ a DT unit NN of IN First NNP Bank NNP System NNP of IN Minneapolis NNP . . Affiliated VBN said VBD it PRP expects VBZ to TO record VB a DT pretax NN gain NN of IN about IN $ $ 18.5 CD million CD from IN the DT sale NN of IN the DT credit-card NN business NN , , which WDT should MD more RBR than IN offset VBN any DT reduction NN in IN the DT carrying VBG value NN of IN real JJ estate NN and CC real-estate NN loans NNS on IN its PRP$ books NNS . . The DT U.S. NNP Export-Import NNP Bank NNP tentatively RB decided VBD to TO guarantee VB commercial JJ bank NN financing NN for IN the DT purchase NN of IN two CD Boeing NNP Co. NNP 767 CD airliners NNS by IN Avianca NNP , , Colombia NNP 's POS international JJ airline NN , , at IN a DT cost NN of IN about IN $ $ 150 CD million CD . . The DT loan NN guarantee NN would MD amount VB to TO about IN $ $ 127.5 CD million CD , , or CC 85 CD % NN of IN the DT cost NN of IN the DT aircraft NN . . Because IN of IN the DT size NN of IN the DT proposed VBN loan NN guarantee NN , , the DT Ex-Im NNP Bank NNP 's POS preliminary JJ commitment NN is VBZ subject JJ to TO review VB by IN the DT House NNP and CC Senate NNP Banking NNP committees NNS . . Ex-Im NNP Bank NNP officials NNS said VBD this DT review NN process NN currently RB is VBZ under IN way NN . . Sebastian NNP Guzman NNP Cabrera NNP took VBD over RP the DT oil NN workers NNS union NN , , Mexico NNP 's POS most JJS powerful JJ labor NN organization NN , , only RB last JJ January NNP . . But CC even RB in IN that DT short JJ time NN Mr. NNP Guzman NNP Cabrera NNP has VBZ become VBN as IN controversial JJ in IN his PRP$ own JJ way NN as IN his PRP$ deposed VBN predecessor NN , , Joaquin NNP Hernandez NNP Galicia NNP , , known VBN as IN La NNP Quina NNP . . President NNP Carlos NNP Salinas NNP de IN Gortari NNP used VBD the DT army NN to TO oust VB La NNP Quina NNP , , who WP reigned VBD for IN 28 CD years NNS over IN a DT graft-riddled JJ empire NN that WDT made VBD state-run JJ Petroleos NNP Mexicanos NNP , , or CC Pemex NNP , , one CD of IN the DT world NN 's POS most RBS inefficient JJ oil NN companies NNS . . Now RB , , Mr. NNP Guzman NNP Cabrera NNP is VBZ facing VBG accusations NNS that IN he PRP 's VBZ as RB much JJ a DT company NN man NN as IN La NNP Quina NNP was VBD a DT crook NN . . In IN recent JJ contract NN negotiations NNS with IN Pemex NNP management NN , , Mr. NNP Guzman NNP Cabrera NNP accepted VBD major JJ concessions NNS that WDT greatly RB curtail VBP the DT union NN 's POS role NN in IN subcontracting NN , , long RB a DT source NN of IN millions NNS of IN dollars NNS in IN illicit JJ earnings NNS . . And CC with IN the DT quiet JJ pragmatism NN of IN Mr. NNP Guzman NNP Cabrera NNP replacing VBG the DT prickly JJ populism NN of IN La NNP Quina NNP , , government NN technocrats NNS have VBP been VBN given VBN a DT free JJ hand NN to TO open VB the DT petrochemical NN sector NN to TO wider JJR private JJ and CC foreign JJ investment NN . . Mr. NNP Guzman NNP Cabrera NNP 's POS new JJ order NN has VBZ n't RB arrived VBN without IN resistance NN . . Brawls NNS between IN union NN factions NNS still RB erupt VB at IN Pemex NNP installations NNS . . Leftist JJ leader NN Cuauhtemoc NNP Cardenas NNP publicly RB questioned VBD Mr. NNP Guzman NNP Cabrera NNP 's POS `` `` moral JJ quality NN , , '' '' suggesting VBG he PRP is VBZ part NN of IN a DT conspiracy NN to TO turn VB over RP the DT country NN 's POS oil NN , , a DT symbol NN of IN Mexican JJ nationalism NN , , to TO foreigners NNS . . The DT 61-year-old JJ Mr. NNP Guzman NNP Cabrera NNP takes VBZ such JJ criticisms NNS in IN stride NN . . `` `` This DT is VBZ n't RB a DT new JJ kind NN of IN union NN leadership NN , , it PRP 's VBZ a DT new JJ Mexico NNP . . We PRP 're VBP no RB longer RB afraid JJ of IN associating VBG with IN private JJ or CC foreign JJ capital NN , , '' '' he PRP says VBZ . . Pemex NNP , , which WDT produces VBZ 40 CD % NN of IN government NN revenue NN , , desperately RB needs VBZ new JJ investment NN . . Since IN world NN oil NN prices NNS collapsed VBD in IN 1982 CD , , the DT government NN has VBZ siphoned VBN Pemex NNP 's POS coffers NNS to TO make VB payments NNS on IN Mexico NNP 's POS $ $ 97 CD billion CD foreign JJ debt NN . . Little JJ money NN has VBZ been VBN returned VBN to TO upgrade VB Pemex NNP 's POS aging VBG facilities NNS . . While IN the DT government NN drains VBZ Pemex NNP from IN above JJ , , the DT union NN has VBZ drained VBN it PRP from IN below IN . . A DT bloated JJ payroll NN and CC pervasive JJ graft NN caused VBD Pemex NNP 's POS operating VBG costs NNS to TO balloon VB to TO 95 CD cents NNS of IN each DT $ $ 1 CD in IN sales NNS , , far RB above IN the DT industry NN norm NN . . The DT declines NNS in IN investment NN and CC efficiency NN explain VBP in IN part NN why WRB Mexico NNP has VBZ been VBN importing VBG gasoline NN this DT year NN . . Some DT projections NNS show VBP Mexico NNP importing VBG crude NN by IN the DT end NN of IN the DT century NN , , barring VBG an DT overhaul NN of IN operations NNS . . `` `` Whatever WDT you PRP tried VBD to TO change VB , , whether IN it PRP was VBD cutting VBG costs NNS or CC attracting VBG new JJ partners NNS , , the DT big JJ obstacle NN was VBD the DT old JJ union NN leadership NN , , '' '' says VBZ oil NN consultant NN George NNP Baker NNP . . Enter VB Mr. NNP Guzman NNP Cabrera NNP , , who WP has VBZ a DT clear JJ understanding NN of IN where WRB union NN leaders NNS fit VBP in IN the DT pro-enterprise JJ regime NN of IN President NNP Salinas NNP . . `` `` I PRP 'm VBP the DT secretary-general NN , , if IN there EX is VBZ one NN , , '' '' he PRP says VBZ , , greeting VBG a DT visitor NN to TO his PRP$ office NN . . Beginning VBG as IN a DT laborer NN in IN a DT refinery NN , , Mr. NNP Guzman NNP Cabrera NNP put VBP in RP more RBR than IN 40 CD years NNS at IN Pemex NNP before IN being VBG pushed VBN into IN retirement NN by IN La NNP Quina NNP after IN a DT dispute NN two CD years NNS ago IN . . Though IN he PRP also RB long RB benefited VBN from IN the DT system NN built VBN by IN La NNP Quina NNP , , Mr. NNP Guzman NNP Cabrera NNP says VBZ union NN perks NNS had VBD simply RB gotten VBN out IN of IN hand NN . . They PRP are VBP `` `` at IN the DT base NN of IN all DT of IN the DT problems NNS of IN corruption NN , , '' '' he PRP says VBZ . . Thus RB , , in IN recent JJ contract NN negotiations NNS , , Mr. NNP Guzman NNP Cabrera NNP gave VBD up RP the DT union NN 's POS right NN to TO assign VB 40 CD % NN of IN all DT of IN Pemex NNP 's POS outside JJ contracts NNS -- : an DT enormous JJ source NN of IN kickbacks NNS . . The DT union NN also RB ceded VBD the DT 2 CD % NN commission NN it PRP had VBD received VBN on IN all DT Pemex NNP maintenance NN contracts NNS . . ( ( The DT union NN will MD keep VB a DT 2 CD % NN commission NN on IN construction NN projects NNS . . ) ) The DT new JJ contract NN also RB eliminates VBZ the DT $ $ 15 CD monthly JJ coupon NN , , good JJ only RB at IN union-owned JJ grocery NN stores NNS , , that WDT was VBD part NN of IN the DT salary NN of IN every DT worker NN , , from IN roughneck NN to TO chief NN executive NN . . About IN 9,800 CD technical JJ workers NNS , , notably RB chemists NNS and CC lawyers NNS , , were VBD switched VBN to TO non-union JJ status NN . . Also RB , , because IN of IN its PRP$ reduced VBN capital NN budget NN , , Pemex NNP has VBZ phased VBN out RP about IN 50,000 CD transitory JJ construction NN workers NNS , , reducing VBG the DT work NN force NN to TO about IN 140,000 CD , , the DT union NN leader NN says VBZ . . Mr. NNP Guzman NNP Cabrera NNP says VBZ the DT union NN 's POS sacrifices NNS will MD be VB offset VBN by IN a DT wage NN and CC benefit NN package NN that WDT amounts VBZ to TO a DT 22 CD % NN increase NN in IN compensation NN . . But CC Pemex NNP managers NNS are VBP the DT ones NNS most RBS thrilled VBN by IN the DT contract NN . . `` `` We PRP are VBP retaking VBG the DT instruments NNS of IN administration NN , , '' '' says VBZ Raul NNP Robles NNP , , a DT Pemex NNP subdirector NN . . Pemex NNP officials NNS would MD n't RB say VB how WRB much JJ money NN the DT new JJ contract NN would MD save VB the DT company NN , , but CC one CD previous JJ government NN estimate NN pegged VBD savings NNS at IN around IN $ $ 500 CD million CD a DT year NN . . Pemex NNP 's POS customers NNS also RB are VBP pleased VBN with IN the DT company NN 's POS new JJ spirit NN . . Grupo NNP Desc NNP , , a DT big JJ conglomerate NN , , has VBZ long RB depended VBN on IN Pemex NNP petrochemicals NNS to TO produce VB plastic JJ packing NN material NN . . But CC when WRB the DT Pemex NNP plant NN shut VBD down RP for IN an DT annual JJ overhaul NN , , it PRP would MD never RB give VB notice VB to TO its PRP$ customers NNS . . `` `` The DT capriciousness NN would MD completely RB disrupt VB our PRP$ operations NNS , , '' '' says VBZ Ernesto NNP Vega NNP Velasco NNP , , Desc NNP 's POS finance NN director NN . . This DT year NN , , for IN the DT first JJ time NN , , Desc NNP and CC other JJ customers NNS were VBD consulted VBN well RB in IN advance NN of IN the DT Pemex NNP plant NN 's POS shutdown NN to TO ensure VB minimal JJ inconvenience NN . . Taming VBG the DT union NN complements VBZ previous JJ moves NNS by IN the DT government NN to TO attract VB private JJ investment NN in IN petrochemicals NNS , , which WDT Mexico NNP has VBZ been VBN forced VBN to TO import VB in IN large JJ quantities NNS in IN recent JJ years NNS . . In IN May NNP , , the DT government NN unveiled VBD new JJ foreign JJ investment NN regulations NNS that WDT create VBP special JJ trusts NNS allowing VBG foreigners NNS , , long RB limited VBN to TO a DT 40 CD % NN stake NN in IN secondary JJ petrochemical NN companies NNS , , to TO own VB up IN to TO 100 CD % NN . . Later RB , , the DT government NN reclassified VBD several JJ basic JJ petrochemicals NNS as IN secondary JJ products NNS . . But CC Pemex NNP 's POS courtship NN with IN private JJ companies NNS , , and CC especially RB foreign JJ ones NNS , , is VBZ controversial JJ in IN a DT country NN where WRB oil NN has VBZ been VBN a DT symbol NN of IN national JJ sovereignty NN since IN foreign JJ oil NN holdings NNS were VBD nationalized VBN in IN 1938 CD . . `` `` They PRP are VBP preparing VBG the DT workers NNS for IN what WP 's VBZ coming VBG : : foreign JJ control NN , , '' '' wrote VBD Heberto NNP Castillo NNP , , a DT leftist JJ leader NN . . Mr. NNP Guzman NNP Cabrera NNP and CC government NN officials NNS insist VBP that IN foreigners NNS will MD be VB limited VBN to TO investing VBG in IN secondary JJ petroleum NN products NNS . . But CC the DT new JJ union NN leader NN makes VBZ no DT apologies NNS for IN Pemex NNP 's POS more RBR outward-looking JJ attitude NN . . `` `` If IN we PRP do VBP not RB integrate VB into IN this DT new JJ world NN of IN interdependence NN , , sooner RBR or CC later RB we PRP 're VBP going VBG to TO become VB victims NNS of IN our PRP$ own JJ isolation NN , , '' '' he PRP says VBZ . . Couple NN Counseling NN Grows VBZ to TO Defuse VB Stress NN MORE JJR EXECUTIVES NNS and CC their PRP$ spouses NNS are VBP seeking VBG counseling NN as IN work NN and CC family NN pressures NNS mount VBP . . Some DT employers NNS initiate VBP referrals NNS , , especially RB if IN work NN problems NNS threaten VBP a DT top JJ manager NN 's POS job NN . . Many JJ couples NNS `` `` are VBP like IN ships NNS passing VBG in IN the DT night NN , , '' '' a DT communications NNS gulf NN that WDT sparks VBZ problems NNS on IN the DT job NN and CC at IN home NN , , says VBZ psychologist NN Harry NNP Levinson NNP . . His PRP$ Levinson NNP Institute NNP in IN Belmont NNP , , Mass. NNP , , has VBZ seen VBN in IN recent JJ years NNS a DT doubling NN in IN the DT number NN of IN executives NNS and CC spouses NNS at IN its PRP$ weeklong JJ counseling NN program NN . . Employers NNS foot VBP the DT bill NN , , he PRP says VBZ , , figuring VBG what WP 's VBZ good JJ for IN the DT couple NN is VBZ good JJ for IN the DT company NN . . One CD East NNP Coast NNP manufacturing VBG executive NN , , faced VBN with IN a DT job NN transfer NN his PRP$ wife NN resented VBD , , found VBD that IN counseling NN helped VBD them PRP both DT come VB to TO grips NNS with IN the DT move NN . . And CC the DT vice NN president NN of IN a DT large JJ Midwestern JJ company NN realized VBD that IN an DT abrasive JJ temperament NN threatened VBD his PRP$ career NN when WRB his PRP$ wife NN confided VBD that DT similar JJ behavior NN at IN home NN harmed VBD their PRP$ marriage NN . . More JJR dual-career JJ couples NNS also RB are VBP getting VBG help NN , , with IN men NNS increasingly RB bringing VBG their PRP$ working VBG wives NNS for IN joint JJ counseling NN . . `` `` The DT level NN of IN stress NN for IN a DT woman NN is VBZ often RB so RB high JJ , , it PRP 's VBZ the DT husband NN who WP says VBZ , , ` `` I PRP 'm VBP worried JJ about IN her PRP , , ' '' '' '' says VBZ psychologist NN Marjorie NNP Hansen NNP Shaevitz NNP . . Her PRP$ Institute NNP for IN Family NNP and CC Work NNP Relationships NNPS in IN La NNP Jolla NNP , , Calif. NNP , , has VBZ noted VBN a DT doubling NN in IN the DT number NN of IN couples NNS seeking VBG help NN the DT past JJ two CD years NNS . . `` `` No DT matter NN how WRB competent JJ and CC smart JJ you PRP both DT are VBP , , the DT relationship NN almost RB certainly RB will MD erode VB if IN you PRP do VBP n't RB have VB time NN to TO talk VB , , to TO have VB fun NN and CC to TO be VB sexual JJ , , '' '' says VBZ Ms. NNP Shaevitz NNP . . She PRP urges VBZ client NN couples NNS to TO begin VB a DT `` `` detoxification NN '' '' period NN , , purging VBG social JJ and CC other JJ nonproductive JJ activities NNS and CC setting VBG time NN apart RB for IN themselves PRP . . `` `` Putting VBG those DT times NNS on IN the DT calendar NN , , '' '' she PRP says VBZ , , `` `` is VBZ as RB important JJ as IN remembering VBG business NN appointments NNS . . '' '' Power NNP of IN Suggestion NNP Stronger NNP in IN Japan NNP HERE RB 'S VBZ ONE CD more JJR explanation NN for IN why WRB Japan NNP is VBZ a DT tough JJ industrial JJ competitor NN : : Two CD of IN three CD Japanese JJ employees NNS submit VBP suggestions NNS to TO save VB money NN , , increase VB efficiency NN and CC boost VB morale NN , , while IN only RB 8 CD % NN of IN American JJ workers NNS do VBP . . And CC the DT Japanese NNP make VBP far RB more JJR suggestions NNS -- : 2,472 CD per IN 100 CD eligible JJ employees NNS vs. CC only RB 13 CD per IN 100 CD employees NNS in IN the DT Data NNS for IN 1987 CD from IN the DT National NNP Association NNP of IN Suggestion NNP Systems NNPS and CC the DT Japan NNP Human NNP Relations NNPS Association NNP also RB indicate VBP that IN Japanese JJ employers NNS adopt VBP four CD of IN five CD suggestions NNS , , while IN their PRP$ U.S. NNP counterparts NNS accept VBP just RB one CD in IN four CD . . In IN Japan NNP , , small JJ suggestions NNS are VBP encouraged VBN . . Each DT new JJ employee NN is VBZ expected VBN to TO submit VB four CD daily RB in IN the DT first JJ few JJ months NNS on IN the DT job NN . . U.S. NNP companies NNS tend VBP to TO favor VB suggestions NNS `` `` that WDT go VBP for IN the DT home NN runs NNS , , '' '' says VBZ Gary NNP Floss NNP , , vice NN president NN of IN corporate JJ quality NN at IN Control NNP Data NNP Corp NNP . . That DT helps VBZ explain VB why WRB American JJ employers NNS grant VBP an DT average JJ award NN of IN $ $ 604.72 CD per IN suggestion NN , , while IN Japan NNP 's POS payment NN is VBZ $ $ 3.23 CD . . Still RB , , suggestions NNS ' POS net JJ savings NNS per IN 100 CD employees NNS is VBZ $ $ 274,475 CD in IN Japan NNP vs. CC $ $ 24,891 CD in IN the DT U.S. NNP . . U.S. NNP companies NNS developing VBG management NN teams NNS are VBP wrestling VBG with IN how WRB to TO handle VB individual JJ suggestion NN systems NNS . . Control NNP Data NNP , , for IN one CD , , plays VBZ down RP its PRP$ employee NN suggestion NN program NN because IN it PRP favors VBZ the DT team-management NN focus NN . . Merger NNP Fallout NNP : : Beware VB Employee NN Dishonesty NN CORPORATE JJ security NN directors NNS increasingly RB worry VBP that DT merger NN mania NN spawns VBZ a DT rise NN in IN employee NN dishonesty NN . . A DT Security NNP magazine NN survey NN places VBZ the DT effect NN of IN takeovers NNS and CC buy-outs NNS among IN the DT industry NN 's POS 10 CD biggest JJS challenges NNS . . `` `` If IN it PRP causes VBZ management NN to TO take VB their PRP$ eye NN off IN the DT ball NN , , inventory NN shrinkage NN is VBZ going VBG to TO be VB affected VBN , , '' '' says VBZ Lewis NNP Shealy NNP , , vice NN president NN for IN loss NN prevention NN at IN Marshall NNP Field NNP 's POS , , the DT department NN store NN chain NN . . A DT separate JJ study NN of IN the DT extent NN of IN employee NN misconduct NN linked VBD general JJ job NN satisfaction NN to TO property NN loss NN . . Co-author NN Richard NNP Hollinger NNP cites VBZ what WP happened VBD at IN one CD family-owned JJ company NN absorbed VBN by IN a DT foreign JJ giant NN . . Pilferage NN climbed VBD dramatically RB as IN many JJ angry JJ employees NNS `` `` felt VBD abandoned VBN by IN the DT former JJ owners NNS , , '' '' says VBZ the DT University NNP of IN Florida NNP sociologist NN . . But CC top JJ management NN should MD watch VB for IN other JJ tell-tale NN signs NNS of IN employee NN misdeeds NNS , , like IN expense-account NN fudging NN and CC phone NN misuse NN . . Security NN consultant NN Dennis NNP Dalton NNP of IN Ventura NNP , , Calif. NNP , , thinks VBZ mergers NNS often RB trigger VBP longer JJR lunch NN hours NNS and CC increased VBN absenteeism NN , , conduct NN which WDT can MD sap VB the DT bottom NN line NN more JJR than IN thefts NNS . . New JJ management NN can MD take VB several JJ steps NNS to TO reduce VB dishonesty NN . . Most RBS important JJ , , experts NNS say VBP , , is VBZ to TO show VB that IN a DT company NN 's POS ethical JJ tone NN is VBZ set VBN at IN the DT top NN . . Mr. NNP Dalton NNP also RB recommends VBZ that IN the DT chief NN executive NN establish VB a DT rumor NN control NN center NN and CC move VB swiftly RB to TO bolster VB morale NN . . Consultant NN John NNP Keller NNP of IN Southlake NNP , , Texas NNP , , urges VBZ that IN top JJ management NN adopt VB a DT `` `` tough JJ hands-on JJ approach NN '' '' with IN very RB tight JJ controls NNS and CC monitoring NN . . And CC security NN authority NN Robert NNP L. NNP Duston NNP favors VBZ disciplining VBG all DT employees NNS who WP cheat VBP . . Firms NNS Walk VBP Fine JJ Line NN In IN Distributing VBG Profits NNS ARE VBP CORPORATE JJ profits NNS distributed VBN fairly RB ? . A DT survey NN by IN Sirota NNP , , Alper NNP & CC Pfau NNP , , a DT New NNP York NNP consulting VBG firm NN , , underscores VBZ the DT difficulty NN for IN top JJ management NN in IN satisfying VBG employees NNS and CC investors NNS on IN that DT score NN . . Nearly RB seven CD of IN 10 CD investors NNS think VBP companies NNS reinvest VBP `` `` too RB little JJ '' '' of IN their PRP$ profits NNS in IN the DT business NN . . And CC half PDT the DT employees NNS surveyed VBN think VBP companies NNS dole VBP out RP too RB little JJ to TO them PRP . . But CC both DT see VBP a DT common JJ enemy NN : : About IN 66 CD % NN of IN employees NNS and CC 73 CD % NN of IN investors NNS think VBP senior JJ managers NNS get VBP too RB big JJ a DT slice NN of IN the DT profit NN pie NN . . Bank NNP of IN New NNP York NNP Co. NNP said VBD it PRP agreed VBD in IN principle NN to TO acquire VB the DT credit-card NN business NN of IN Houston-based JJ First NNP City NNP Bancorp. NNP of IN Texas NNP for IN between IN $ $ 130 CD million CD and CC $ $ 134 CD million CD . . The DT move NN , , subject JJ to TO a DT definitive JJ agreement NN , , is VBZ part NN of IN a DT trend NN by IN big-city NN banks NNS that WDT have VBP been VBN buying VBG up RP credit-card NN portfolios NNS to TO expand VB their PRP$ business NN . . Just RB last JJ month NN , , a DT Bank NNP of IN New NNP York NNP subsidiary NN agreed VBD to TO buy VB the DT credit-card NN operation NN of IN Dreyfus NNP Corp. NNP 's POS Dreyfus NNP Consumer NNP Bank NNP for IN $ $ 168 CD million CD , , a DT transaction NN that WDT is VBZ expected VBN to TO be VB completed VBN by IN the DT end NN of IN the DT year NN . . First RB City NNP 's POS portfolio NN includes VBZ approximately RB 640,000 CD accounts NNS with IN about IN $ $ 550 CD million CD in IN loans NNS outstanding JJ . . First NNP City NNP , , which WDT issues VBZ both DT MasterCard NNP and CC Visa NNP cards NNS , , has VBZ agreed VBN to TO act VB as IN an DT agent NN bank NN . . At IN the DT end NN of IN the DT third JJ quarter NN , , Bank NNP of IN New NNP York NNP 's POS credit-card NN business NN consisted VBD of IN 2.4 CD million CD accounts NNS with IN $ $ 3.6 CD billion CD in IN loans NNS outstanding JJ . . Bank NNP of IN New NNP York NNP is VBZ currently RB the DT seventh-largest JJ issuer NN of IN credit NN cards NNS in IN the DT First NNP City NNP said VBD that IN because IN of IN increased VBN competition NN in IN the DT credit-card NN business NN , , it PRP had VBD decided VBN it PRP either CC had VBD to TO expand VB its PRP$ own JJ holdings NNS substantially RB or CC sell VB them PRP . . `` `` We PRP think VBP there EX 's VBZ a DT good JJ prospect NN that DT competition NN is VBZ going VBG to TO get VB pretty RB fierce JJ in IN this DT market NN , , '' '' said VBD James NNP E. NNP Day NNP , , a DT First NNP City NNP vice NN president NN . . `` `` We PRP see VBP it PRP becoming VBG a DT bargain-basement NN kind NN of IN business NN . . '' '' The DT company NN estimated VBN that IN the DT transaction NN would MD enhance VB its PRP$ book NN value NN , , which WDT stood VBD at IN $ $ 28.55 CD a DT share NN on IN Sept. NNP 30 CD , , by IN more RBR than IN $ $ 100 CD million CD , , or CC about IN $ $ 4 CD a DT share NN . . The DT company NN also RB said VBD the DT transaction NN would MD bolster VB after-tax JJ earnings NNS by IN $ $ 3.25 CD a DT share NN when WRB completed VBN and CC boost VB its PRP$ primary JJ capital NN ratio NN to TO 7 CD % NN from IN 6.63 CD % NN . . First NNP City NNP , , which WDT recently RB purchased VBD three CD small JJ Texas NNP banking NN concerns NNS , , said VBD it PRP would MD use VB the DT proceeds NNS to TO pursue VB additional JJ expansion NN opportunities NNS in IN the DT Southwest NN and CC elsewhere RB . . With IN that DT possibility NN in IN mind NN , , analysts NNS said VBD the DT transaction NN was VBD a DT positive JJ move NN for IN First NNP City NNP . . `` `` I PRP think VBP they PRP 'll MD be VB able JJ to TO move VB faster RBR to TO make VB acquisitions NNS in IN Texas NNP , , '' '' said VBD Brent NNP Erensel NNP , , an DT analyst NN with IN Donaldson NNP , , Lufkin NNP & CC Jenrette NNP . . `` `` That DT 's VBZ something NN they PRP can MD do VB very RB well RB . . British NNP Airways NNPS PLC NNP said VBD it PRP is VBZ seeking VBG improved VBN terms NNS and CC a DT sharply RB lower JJR price NN in IN any DT revised VBN bid NN for IN United NNP Airlines NNPS parent NN UAL NNP Corp. NNP following VBG the DT collapse NN of IN a DT $ $ 6.79 CD billion CD , , $ $ 300-a-share JJ buy-out NN bid NN . . Derek NNP Stevens NNP , , British NNP Air NNP 's POS chief NN financial JJ officer NN , , told VBD Dow NNP Jones NNP Professional NNP Investor NNP Report NNP a DT price NN of IN $ $ 230 CD a DT share NN is VBZ `` `` certainly RB not RB too RB low JJ , , '' '' and CC indicated VBD his PRP$ company NN would MD like VB to TO reduce VB the DT size NN of IN its PRP$ $ $ 750 CD million CD cash NN investment NN . . He PRP added VBD the DT airline NN is VBZ n't RB committed VBN to TO going VBG forward RB with IN any DT new JJ bid NN , , and CC has VBZ n't RB participated VBN in IN bankers NNS ' POS efforts NNS to TO revive VB the DT transaction NN that WDT collapsed VBD . . `` `` We PRP 're VBP in IN no DT way NN committed VBN to TO a DT deal NN going VBG through RB at IN all DT . . We PRP 're VBP not RB rushing VBG into IN anything NN . . We PRP do VBP n't RB want VB to TO be VB party NN to TO a DT second JJ rejection NN , , '' '' he PRP said VBD , , adding VBG that IN coming VBG up RP with IN a DT revised VBN offer NN could MD easily RB take VB several JJ weeks NNS . . Mr. NNP Stevens NNP 's POS remarks NNS , , confirming VBG a DT report NN in IN The DT Wall NNP Street NNP Journal NNP that IN British NNP Air NNP wants VBZ to TO start VB from IN scratch NN in IN any DT new JJ bid NN for IN the DT nation NN 's POS second-largest JJ airline NN , , helped VBD push VB UAL NNP stock NN lower JJR for IN the DT fourth JJ straight JJ day NN . . UAL NNP fell VBD $ $ 6.25 CD a DT share NN to TO $ $ 191.75 CD on IN volume NN of IN 2.3 CD million CD shares NNS in IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP as IN concern NN deepened VBD among IN takeover NN stock NN traders NNS about IN the DT length NN of IN time NN it PRP will MD take VB to TO revive VB the DT purchase NN . . Under IN the DT original JJ buy-out NN approved VBN by IN the DT UAL NNP board NN Sept. NNP 14 CD , , UAL NNP 's POS pilots NNS planned VBD to TO put VB up RP $ $ 200 CD million CD in IN cash NN and CC make VB $ $ 200 CD million CD in IN annual JJ cost NN concessions NNS for IN a DT 75 CD % NN stake NN . . UAL NNP management NN was VBD to TO pay VB $ $ 15 CD million CD for IN 10 CD % NN , , and CC British NNP Air NNP was VBD to TO receive VB a DT 15 CD % NN stake NN . . The DT buy-out NN fell NN through RB when WRB Citicorp NNP and CC Chase NNP Manhattan NNP Corp. NNP unexpectedly RB failed VBD to TO obtain VB bank NN financing NN . . Since IN then RB , , UAL NNP stock NN has VBZ fallen VBN 33 CD % NN in IN what WP may MD rank VB as IN the DT largest JJS collapse NN of IN a DT takeover NN stock NN ever RB . . The DT tenor NN of IN Mr. NNP Stevens NNP 's POS remarks NNS seemed VBD to TO indicate VB that IN British NNP Air NNP will MD take VB a DT more RBR active JJ , , high-profile JJ role NN in IN pursuing VBG any DT new JJ bid NN . . He PRP said VBD he PRP believes VBZ UAL NNP management NN was VBD badly RB advised VBN on IN the DT funding VBG of IN its PRP$ original JJ transaction NN . . Mr. NNP Stevens NNP said VBD British NNP Air NNP has VBZ n't RB received VBD any DT new JJ buy-out NN proposals NNS from IN the DT labor-management NN group NN , , led VBN by IN UAL NNP Chairman NNP Stephen NNP Wolf NNP , , and CC has VBZ n't RB received VBN any DT indication NN of IN when WRB one NN might MD be VB forthcoming JJ . . `` `` As RB far RB as IN we PRP 're VBP concerned VBN , , we PRP 're VBP waiting VBG for IN the DT dust NN to TO settle VB , , '' '' he PRP said VBD . . Although IN British NNP Air NNP is VBZ waiting VBG to TO see VB what WP the DT buy-out NN group NN comes VBZ up RP with IN , , Mr. NNP Stevens NNP said VBD a DT revised VBN transaction NN with IN less JJR debt NN leverage NN is VBZ likely JJ to TO be VB more RBR attractive JJ to TO banks NNS . . He PRP said VBD the DT original JJ proposal NN is VBZ dead JJ , , and CC all DT aspects NNS of IN a DT revised VBN version NN are VBP up IN for IN change NN , , in IN light NN of IN the DT changes NNS in IN UAL NNP 's POS market NN price NN , , the DT amount NN of IN debt NN banks NNS are VBP willing JJ to TO fund VB , , and CC the DT price NN British NNP Air NNP would MD be VB willing JJ to TO pay VB . . Mr. NNP Stevens NNP said VBD he PRP expects VBZ the DT new JJ price NN will MD be VB considerably RB lower JJR , , but CC declined VBD to TO specify VB a DT figure NN . . Asked VBD whether IN a DT $ $ 230-a-share JJ figure NN circulating VBG in IN the DT market NN yesterday NN is VBZ too RB low JJ , , he PRP said VBD , , `` `` It PRP 's VBZ certainly RB not RB too RB low JJ . . '' '' He PRP added VBD the DT original JJ offer NN was VBD `` `` a DT pretty RB full JJ price NN , , '' '' and CC that IN British NNP Air NNP 's POS contribution NN `` `` was VBD quite RB a DT large JJ chunk NN for IN us PRP . . '' '' British NNP Air NNP was VBD originally RB attracted VBN to TO the DT chance NN of IN obtaining VBG a DT 15 CD % NN stake NN in IN the DT company NN , , but CC was VBD n't RB particularly RB happy JJ with IN paying VBG $ $ 750 CD million CD . . `` `` If IN the DT { ( new JJ } ) deal NN had VBD us PRP putting VBG up RP less JJR money NN but CC still RB having VBG 15 CD % NN , , that WDT would MD be VB a DT point NN in IN our PRP$ favor NN , , '' '' he PRP said VBD . . In IN any DT new JJ proposal NN , , British NNP Air NNP would MD expect VB a DT greater JJR rate NN of IN return NN than IN the DT 20%-plus JJ in IN the DT original JJ proposal NN . . In IN the DT event NN that IN the DT buy-out NN group NN stalls VBZ in IN reviving VBG its PRP$ bid NN , , the DT UAL NNP board NN could MD remain VB under IN some DT pressure NN to TO seek VB another DT transaction NN , , even RB without IN any DT legal JJ obligation NN to TO do VB so RB . . Roughly RB one-third NN of IN its PRP$ stock NN is VBZ believed VBN held VBN by IN takeover NN stock NN traders NNS , , who WP could MD vote VB to TO oust VB the DT board NN if IN they PRP become VBP impatient NN . . Meanwhile RB , , the DT buy-out NN group NN 's POS task NN of IN holding VBG its PRP$ fragile JJ coalition NN together RB , , in IN the DT face NN of IN the DT bid NN 's POS collapse NN and CC internal JJ opposition NN from IN two CD other JJ employee NN groups NNS , , has VBZ been VBN further RB complicated VBN by IN an DT apparent JJ rift NN in IN the DT ranks NNS of IN the DT pilot NN union NN itself PRP . . A DT pilot NN representing VBG a DT group NN of IN 220 CD pilots NNS hired VBN during IN United NNP 's POS 1985 CD strike NN filed VBD suit NN Friday NNP in IN Chicago NNP federal JJ court NN to TO block VB the DT takeover NN . . The DT dissident JJ pilots NNS oppose VBP the DT plan NN because IN it PRP would MD cause VB them PRP to TO lose VB their PRP$ seniority NN . . UAL NNP 's POS management NN agreed VBD to TO reduce VB the DT seniority NN of IN those DT pilots NNS in IN exchange NN for IN the DT support NN of IN the DT United NNP pilot NN union NN for IN the DT buy-out NN proposal NN . . The DT 220 CD pilots NNS involved VBN in IN the DT suit NN are VBP n't RB members NNS of IN the DT union NN . . The DT airline NN had VBD allowed VBN them PRP to TO move VB ahead RB of IN some DT union NN members NNS in IN seniority NN following VBG the DT 1985 CD strike NN , , a DT move NN the DT union NN had VBD contested VBN in IN a DT previous JJ lawsuit NN . . Judith NNP Valente NNP contributed VBD to TO this DT article NN . . Corporate JJ efforts NNS to TO control VB health-care JJ costs NNS by IN requiring VBG evaluations NNS prior RB to TO planned VBN hospitalization NN and CC surgery NN have VBP n't RB been VBN sweeping VBG enough RB to TO reduce VB the DT long-term JJ rate NN of IN cost NN increases NNS , , according VBG to TO a DT study NN by IN the DT Institute NNP of IN Medicine NNP . . In IN the DT last JJ decade NN , , many JJ corporations NNS have VBP embraced VBN the DT `` `` utilization NN management NN '' '' cost NN containment NN strategy NN as IN a DT way NN to TO control VB health-care JJ costs NNS for IN employees NNS . . These DT programs NNS vary VBP widely RB , , but CC often RB require VBP second JJ opinions NNS on IN proposed VBN surgery NN , , preadmission NN reviews NNS of IN elective JJ hospitalizations NNS and CC reviews NNS of IN treatment NN during IN illnesses NNS or CC recovery NN periods NNS . . Between IN 50 CD % NN and CC 75 CD % NN of IN today NN 's POS workers NNS are VBP covered VBN by IN such JJ plans NNS , , up IN from IN 5 CD % NN five CD years NNS ago IN . . `` `` Although IN it PRP probably RB has VBZ reduced VBN the DT level NN of IN expenditures NNS for IN some DT purchasers NNS , , utilization NN management NN -- : like IN most RBS other JJ cost NN containment NN strategies NNS -- : does VBZ n't RB appear VB to TO have VB altered VBN the DT long-term JJ rate NN of IN increase NN in IN health-care JJ costs NNS , , '' '' the DT Institute NNP of IN Medicine NNP , , an DT affiliate NN of IN the DT National NNP Academy NNP of IN Sciences NNPS , , concluded VBD after IN a DT two-year JJ study NN . . `` `` Employers NNS who WP saw VBD a DT short-term JJ moderation NN in IN benefit NN expenditures NNS are VBP seeing VBG a DT return NN to TO previous JJ trends NNS . . '' '' While IN utilization NN management NN frequently RB reduces VBZ hospitalization NN costs NNS , , these DT savings NNS are VBP often RB offset VBN by IN increases NNS in IN outpatient NN services NNS and CC higher JJR administrative JJ costs NNS , , according VBG to TO the DT report NN by IN a DT panel NN of IN health-care JJ experts NNS . . The DT report NN suggested VBD that DT current JJ review NN programs NNS are VBP too RB narrow JJ . . `` `` The DT unnecessary JJ and CC inappropriate JJ use NN of IN the DT hospital NN , , and CC not RB the DT actual JJ need NN for IN a DT particular JJ procedure NN , , has VBZ been VBN the DT main JJ focus NN , , '' '' the DT panel NN said VBD . . `` `` As IN a DT general JJ rule NN , , prior-review JJ programs NNS have VBP not RB made VBN case-by-case JJ assessments NNS of IN the DT comparative JJ costs NNS of IN alternative JJ treatments NNS or CC sites NNS of IN care NN . . '' '' The DT report NN said VBD that DT utilization NN management NN should MD have VB more RBR of IN an DT impact NN as IN federal JJ research NN on IN the DT effectiveness NN of IN medical JJ treatments NNS helps VBZ lead VB to TO medical JJ practice NN guidelines NNS . . Howard NNP Bailit NNP , , a DT panel NN member NN and CC a DT vice NN president NN of IN Aetna NNP Life NNP & CC Casualty NNP , , said VBD that DT utilization NN management NN will MD also RB do VB a DT better JJR job NN of IN containing VBG costs NNS as IN it PRP spreads VBZ to TO cover VB medical JJ services NNS delivered VBN outside IN of IN hospitals NNS . . `` `` There EX 's VBZ pretty RB good JJ evidence NN that DT utilization NN management NN has VBZ reduced VBN inappropriate JJ hospitalization NN , , '' '' he PRP said VBD . . But CC at IN the DT same JJ time NN , , spending VBG on IN physician NN services NNS and CC ambulatory JJ care NN have VBP mushroomed VBN . . `` `` It PRP 's VBZ like IN squeezing VBG a DT balloon NN , , '' '' Dr. NNP Bailit NNP said VBD . . David NNP Rahill NNP of IN A. NNP Foster NNP Higgins NNP & CC Co. NNP said VBD that IN clients NNS of IN his PRP$ consulting VBG firm JJ report NN that DT utilization NN management NN reduces VBZ their PRP$ hospital NN care NN bills NNS by IN about IN 5 CD % NN , , but CC he PRP agreed VBD that IN for IN the DT health-care NN system NN as IN whole JJ , , some DT of IN these DT savings NNS are VBP offset VBN by IN administrative JJ and CC outpatient NN care NN costs NNS . . Jerome NNP Grossman NNP , , chairman NN of IN the DT panel NN , , agrees VBZ that IN administrative JJ costs NNS of IN utilization NN management NN programs NNS can MD be VB high JJ . . `` `` You PRP have VBP a DT whole JJ staff NN standing VBG ready JJ '' '' to TO evaluate VB the DT appropriateness NN of IN recommended VBN treatment NN , , he PRP said VBD . . Dr. NNP Grossman NNP , , who WP also RB is VBZ president NN of IN New NNP England NNP Medical NNP Center NNP Hospitals NNPS in IN Boston NNP , , noted VBD that IN the DT hospitals NNS he PRP runs VBZ deal VBP with IN more JJR than IN 100 CD utilization NN management NN firms NNS and CC that IN many JJ of IN them PRP have VBP different JJ procedures NNS and CC requirements NNS . . The DT panel NN urged VBD greater JJR efforts NNS to TO reduce VB the DT complexity NN , , paperwork NN and CC cost NN of IN utilization NN review NN . . `` `` Utilization NN management NN needs VBZ to TO better RB demonstrate VB that IN it PRP reduces VBZ the DT wasteful JJ use NN of IN resources NNS , , improves VBZ the DT appropriateness NN of IN patient JJ care NN and CC imposes VBZ only RB reasonable JJ burdens NNS on IN patients NNS and CC providers NNS , , '' '' the DT panel NN concluded VBD . . Renault NNP and CC DAF NNP Trucks NNPS NV NNP announced VBD a DT preliminary JJ agreement NN to TO jointly RB manufacture VB a DT line NN of IN trucks NNS in IN Britain NNP and CC France NNP . . Philippe NNP Gras NNP , , a DT Renault NNP managing VBG director NN , , said VBD the DT new JJ line NN will MD cover VB trucks NNS of IN between IN 2.5 CD tons NNS and CC 4.2 CD tons NNS and CC will MD be VB built VBN at IN Renault NNP 's POS Bapilly NNP plant NN in IN France NNP and CC at IN DAF NNP 's POS British JJ plant NN . . The DT French NNP state-controlled JJ auto NN group NN and CC the DT Dutch NNP truck NN maker NN plan NN to TO incorporate VB the DT new JJ trucks NNS into IN their PRP$ product NN lines NNS when WRB they PRP begin VBP production NN toward IN the DT middle NN of IN the DT 1990s CD . . Mr. NNP Gras NNP said VBD he PRP expects VBZ a DT definitive JJ agreement NN between IN the DT two CD companies NNS to TO be VB completed VBN in IN the DT next JJ few JJ months NNS . . The DT venture NN is VBZ the DT latest JJS example NN of IN the DT trend NN toward IN cooperative JJ projects NNS in IN Europe NNP ahead RB of IN the DT 1992 CD deadline NN for IN eliminating VBG trade NN barriers NNS within IN the DT European NNP Community NNP . . Renault NNP and CC DAF NNP are VBP expected VBN to TO invest VB a DT total NN of IN about IN three CD billion CD French JJ francs NNS ( ( $ $ 157.8 CD million CD ) ) in IN the DT venture NN , , including VBG FFr SYM 1 CD billion CD for IN design NN and CC development NN costs NNS . . In IN addition NN , , the DT companies NNS will MD each DT spend VB about IN FFr SYM 1 CD billion CD on IN tooling NN up RP their PRP$ plants NNS . . Mr. NNP Gras NNP said VBD the DT joint JJ venture NN represents VBZ considerable JJ savings NNS for IN both DT Renault NNP and CC DAF NNP , , since IN both DT companies NNS would MD in IN any DT case NN have VB had VBN to TO renew VB their PRP$ existing VBG ranges NNS of IN light JJ goods NNS vehicles NNS . . By IN pooling VBG their PRP$ resources NNS , , the DT two CD groups NNS have VBP effectively RB halved VBN the DT design NN and CC development NN costs NNS that WDT would MD otherwise RB have VB been VBN entailed VBN , , he PRP said VBD . . Renault NNP officials NNS said VBD the DT potential JJ European JJ market NN for IN light JJ trucks NNS in IN the DT 2.5-ton JJ to TO 4.2-ton JJ range NN is VBZ between IN 700,000 CD and CC 800,000 CD vehicles NNS annually RB , , and CC Renault NNP and CC DAF NNP are VBP aiming VBG for IN a DT combined JJ market NN share NN of IN about IN 11 CD % NN . . Both DT Renault NNP and CC DAF NNP will MD have VB world-wide JJ marketing NN rights NNS for IN the DT new JJ range NN of IN vans NNS and CC light NN trucks NNS . . Under IN a DT separate JJ arrangement NN , , British NNP Aerospace NNP PLC NNP 's POS Rover NNP Group NNP PLC NNP subsidiary NN will MD also RB be VB able JJ to TO offer VB the DT vehicles NNS through IN its PRP$ dealers NNS in IN the DT U.K. NNP , , and CC Renault NNP 's POS truck-building JJ subsidiary NN Renault NNP Vehicles NNPS Industriels NNPS will MD have VB similar JJ rights NNS in IN France NNP . . DAF NNP is VBZ 16%-owned JJ by IN British NNP Aerospace NNP , , with IN a DT further JJ 6.5 CD % NN held VBN by IN the DT Dutch JJ state-owned JJ chemical NN group NN NV NNP DSM NNP . . The DT van NNP Doorne NNP family NN of IN the DT Netherlands NNP holds VBZ an DT additional JJ 11 CD % NN of IN DAF NNP 's POS capital NN . . The DT Federal NNP Reserve NNP System NNP is VBZ the DT standard JJ object NN of IN suggestions NNS for IN organizational JJ and CC institutional JJ changes NNS , , for IN two CD reasons NNS . . First JJ , , its PRP$ position NN in IN the DT government NN is VBZ anomalous JJ . . It PRP has VBZ an DT unusual JJ kind NN of IN independence NN from IN elected VBN officials NNS and CC still RB has VBZ authority NN over IN one CD of IN the DT most RBS powerful JJ of IN government NN 's POS instruments NNS -- : the DT control NN of IN the DT money NN supply NN . . Thus RB we PRP have VBP a DT condition NN that WDT is VBZ easily RB described VBN as IN undemocratic JJ . . Second JJ , , the DT responsibilities NNS of IN the DT Federal NNP Reserve NNP as IN guardian NN of IN the DT currency NN , , which WDT means VBZ as IN guardian NN of IN the DT stability NN of IN the DT price NN level NN , , sometimes RB lead VBP it PRP to TO take VB measures NNS that WDT are VBP unpopular JJ . . As IN former JJ Fed NNP Chairman NNP William NNP McChesney NNP Martin NNP used VBD to TO say VB , , they PRP would MD have VB to TO take VB the DT punch NN bowl NN away RB just RB as IN the DT party NN is VBZ getting VBG interesting JJ . . So IN the DT Federal NNP Reserve NNP is VBZ an DT attractive JJ target NN for IN complaint NN by IN politicians NNS . . The DT Fed NNP is VBZ easily RB assigned VBN the DT blame NN for IN unpleasantness NN , , like IN high JJ interest NN rates NNS or CC slow JJ economic JJ growth NN , , while IN the DT politicians NNS can MD escape VB responsibility NN by IN pointing VBG to TO the DT Fed NNP 's POS independence NN . . This DT leads VBZ to TO proposals NNS for IN `` `` reform NN '' '' of IN the DT Fed NNP , , which WDT have VBP the DT common JJ feature NN of IN making VBG the DT Fed NNP more RBR responsive JJ to TO the DT administration NN , , to TO the DT Congress NNP and CC to TO public JJ opinion NN -- : without IN , , however RB , , any DT assumption NN of IN additional JJ responsibility NN by IN the DT politicians NNS . . These DT proposals NNS include VBP changing VBG the DT term NN of IN the DT chairman NN , , shortening VBG the DT terms NNS of IN the DT members NNS , , eliminating VBG the DT presidents NNS of IN the DT Federal NNP Reserve NNP Banks NNPS from IN the DT decision-making JJ process NN , , putting VBG the DT Secretary NNP of IN the DT Treasury NNP on IN the DT Federal NNP Reserve NNP Board NNP , , having VBG the DT Fed NNP audited VBD by IN an DT arm NN of IN Congress NNP ( ( the DT General NNP Accounting NNP Office NNP ) ) , , putting VBG the DT Fed NNP 's POS expenditures NNS in IN the DT budget NN , , and CC requiring VBG prompt JJ publication NN of IN the DT Fed NNP 's POS minutes NNS . . Some DT of IN these DT ideas NNS are VBP again RB under IN consideration NN in IN Congress NNP . . But CC these DT proposals NNS do VBP not RB rest VB on IN a DT view NN of IN what WP the DT Fed NNP 's POS problem NN is VBZ or CC , , if IN they PRP do VBP , , they PRP rest VBP on IN an DT incorrect JJ view NN . . They PRP would MD not RB solve VB the DT problem NN ; : they PRP would MD make VB it PRP worse JJR . . The DT problem NN is VBZ not RB that IN the DT Fed NNP is VBZ too RB unresponsive JJ to TO the DT public JJ interest NN . . On IN the DT contrary NN , , it PRP is VBZ too RB responsive JJ to TO an DT incorrect JJ view NN of IN the DT public JJ interest NN . . The DT price NN level NN in IN the DT U.S. NNP is VBZ now RB about IN 4 CD 1\/4 CD times NNS as RB high RB as IN it PRP was VBD 30 CD years NNS ago IN . . On IN average NN , , something NN that WDT cost VBD $ $ 100 CD 30 CD years NNS ago IN now RB costs VBZ $ $ 425 CD . . Or CC , , a DT wage NN that WDT was VBD $ $ 100 CD 30 CD years NNS ago IN would MD buy VB only RB $ $ 23.53 CD worth NN of IN stuff NN today NN . . On IN two CD occasions NNS the DT inflation NN rate NN rose VBD to TO more JJR than IN 10 CD % NN a DT year NN . . In IN each DT case NN the DT ending NN of IN this DT unsustainable JJ inflation NN caused VBD a DT severe JJ recession NN -- : the DT two CD worst JJS of IN the DT postwar JJ period NN . . The DT enormous JJ inflation NN over IN the DT past JJ 30 CD years NNS was VBD largely RB due JJ to TO monetary JJ policy NN . . At IN least JJS , , it PRP would MD not RB have VB happened VBN without IN the DT support NN of IN monetary JJ policy NN that WDT provided VBD for IN a DT 10-fold JJ increase NN in IN the DT money NN supply NN during IN the DT same JJ period NN . . And CC that DT increase NN in IN the DT money NN supply NN would MD not RB have VB happened VBN without IN the DT consent NN of IN the DT Federal NNP Reserve NNP . . The DT basic JJ problem NN of IN monetary JJ policy NN , , to TO which WDT reform NN of IN the DT Fed NNP should MD be VB addressed VBN , , is VBZ to TO prevent VB a DT recurrence NN of IN this DT experience NN . . There EX were VBD two CD general JJ reasons NNS for IN the DT mistaken JJ monetary JJ policy NN of IN the DT past JJ 30 CD years NNS : : 1 CD . . To TO some DT extent NN the DT Federal NNP Reserve NNP shared VBD the DT popular JJ but CC incorrect JJ view NN that IN expansionary JJ monetary JJ policy NN could MD yield VB a DT net JJ improvement NN in IN employment NN and CC output NN . . 2 CD . . Even RB where WRB the DT Fed NNP did VBD not RB share VB this DT view NN it PRP felt VBD the DT need NN to TO accommodate VB to TO it PRP . . Despite IN all PDT the DT formal JJ provisions NNS for IN its PRP$ independence NN , , the DT Fed NNP seems VBZ constantly RB to TO feel VB that IN if IN it PRP uses VBZ its PRP$ independence NN too RB freely RB it PRP will MD lose VB it PRP . . The DT common JJ proposals NNS for IN reforming VBG the DT Fed NNP would MD only RB make VB the DT situation NN worse JJR , , if IN they PRP had VBD any DT effect NN at IN all DT . . Putting VBG the DT Secretary NNP of IN the DT Treasury NNP on IN the DT Board NNP of IN Governors NNP , , one CD of IN the DT leading VBG proposals NNS today NN , , is VBZ an DT example NN . . The DT secretary NN is VBZ the DT world NN 's POS biggest JJS borrower NN of IN money NN . . He PRP has VBZ a DT built-in NN , , constant JJ longing NN for IN lower JJR interest NN rates NNS . . Moreover RB , , he PRP is VBZ a DT political JJ agent NN of IN a DT political JJ president NN , , who WP naturally RB gives VBZ extraordinary JJ weight NN to TO the DT way NN the DT economy NN will MD perform VB before IN the DT next JJ election NN , , and CC less JJR to TO its PRP$ longer-run JJ health NN . . These DT days NNS , , the DT secretary NN suffers VBZ the DT further JJ disqualification NN that IN he PRP is VBZ a DT member NN of IN a DT club NN of IN seven CD finance NN ministers NNS who WP meet VBP occasionally RB to TO decide VB what WP exchange NN rates NNS should MD be VB , , which WDT is VBZ a DT diversion NN from IN the DT real JJ business NN of IN the DT Federal NNP Reserve NNP to TO stabilize VB the DT price NN level NN . . How WRB should MD a DT reasonable JJ member NN of IN the DT Federal NNP Reserve NNP Board NNP interpret VB a DT congressional JJ decision NN to TO put VB the DT secretary NN on IN the DT board NN ? . Could MD he PRP plausibly RB interpret VB it PRP as IN encouragement NN for IN the DT Fed NNP to TO give VB primary JJ emphasis NN to TO stabilizing VBG the DT price NN level NN ? . Or CC would MD he PRP interpret VB it PRP as IN instruction NN to TO give VB more JJR weight NN to TO these DT other JJ objectives NNS that IN the DT secretary NN represents VBZ -- : low JJ interest NN rates NNS , , short-run JJ economic JJ expansion NN , , and CC stabilization NN of IN exchange NN rates NNS at IN internationally RB managed VBN levels NNS ? . The DT answer NN seems VBZ perfectly RB clear JJ . . ( ( True JJ , , a DT succession NN of IN Fed NNP chairmen NNS has VBZ given VBN color NN to TO the DT notion NN that IN the DT Secretary NNP of IN the DT Treasury NNP belongs VBZ on IN the DT Fed NNP . . By IN their PRP$ constant JJ readiness NN to TO advise VB all DT and CC sundry JJ about IN federal JJ budgetary JJ matters NNS the DT chairmen NNS have VBP encouraged VBN the DT belief NN that DT fiscal JJ policy NN and CC monetary JJ policy NN are VBP ingredients NNS of IN a DT common JJ stew NN , , in IN which WDT case NN it PRP is VBZ natural JJ that IN the DT Fed NNP and CC the DT Treasury NNP , , and CC probably RB also RB the DT Congress NNP , , should MD be VB jointly RB engaged VBN in IN stirring VBG the DT pot NN . . The DT Fed NNP 's POS case NN for IN its PRP$ own JJ independence NN would MD be VB a DT little RB stronger JJR if IN it PRP were VBD more RBR solicitous JJ of IN the DT independence NN of IN the DT rest NN of IN the DT government NN . . ) ) The DT Fed NNP 's POS problem NN is VBZ not RB that IN it PRP is VBZ too RB independent JJ , , or CC too RB unpolitical JJ . . The DT Fed NNP is VBZ responsive JJ to TO , , and CC can MD not RB help VB being VBG responsive JJ to TO , , the DT more JJR overtly RB political JJ part NN of IN the DT government NN . . The DT Fed NNP exercises VBZ a DT power NN given VBN to TO it PRP by IN Congress NNP and CC the DT president NN . . But CC Congress NNP and CC the DT president NN accept VBP no DT responsibility NN for IN the DT exercise NN of IN the DT power NN they PRP have VBP given VBN the DT Fed NNP . . Critics NNS of IN the DT present JJ arrangement NN are VBP correct JJ to TO say VB that IN it PRP is VBZ undemocratic JJ . . What WP is VBZ undemocratic JJ is VBZ the DT unwillingness NN of IN the DT more RBR political JJ parts NNS of IN the DT government NN to TO take VB the DT responsibility NN for IN deciding VBG the DT basic JJ question NN of IN monetary JJ policy NN , , which WDT is VBZ what WDT priority NN should MD be VB given VBN to TO stabilizing VBG the DT price NN level NN . . To TO leave VB this DT decision NN to TO an DT `` `` independent JJ '' '' agency NN is VBZ not RB only RB undemocratic JJ . . It PRP also RB prevents VBZ the DT conduct NN of IN a DT policy NN that WDT has VBZ a DT long-term JJ rationale NN , , because IN it PRP leaves VBZ the DT Fed NNP guessing VBG about IN what WP are VBP the DT expectations NNS of IN its PRP$ masters NNS , , the DT politicians NNS , , who WP have VBP never RB had VBN to TO consider VB the DT long-term JJ consequences NNS of IN monetary JJ policy NN . . The DT greatest JJS contribution NN Congress NNP could MD make VB at IN this DT time NN would MD be VB to TO declare VB that IN stabilizing VBG the DT price NN level NN is VBZ the DT primary JJ responsibility NN of IN the DT Federal NNP Reserve NNP System NNP . . Legislation NN to TO this DT effect NN has VBZ been VBN introduced VBN in IN Congress NNP in IN this DT session NN by IN Rep. NNP Stephen NNP Neal NNP ( ( D. NNP , , N.C NNP . . ) ) . . It PRP is VBZ not RB the DT kind NN of IN thing NN that WDT is VBZ likely JJ to TO be VB enacted VBN , , however RB . . Congress NNP would MD be VB required VBN to TO make VB a DT hard JJ decision NN , , and CC Congress NNP would MD much RB prefer VB to TO leave VB the DT hard JJ decision NN to TO the DT Fed NNP and CC retain VB its PRP$ rights NNS of IN complaint NN after IN the DT fact NN . . People NNS will MD say VB that IN the DT nation NN and CC the DT government NN have VBP other JJ objectives NNS , , in IN addition NN to TO stabilizing VBG the DT price NN level NN , , which WDT is VBZ true JJ . . But CC that DT is VBZ not RB the DT same JJ as IN saying VBG that IN the DT Federal NNP Reserve NNP has VBZ other JJ objectives NNS . . The DT government NN has VBZ other JJ agencies NNS and CC instruments NNS for IN pursuing VBG these DT other JJ objectives NNS . . But CC it PRP has VBZ only RB the DT Fed NNP to TO pursue VB price-level JJ stability NN . . And CC the DT Fed NNP has VBZ at IN most RBS very RB limited VBN ability NN to TO contribute VB to TO the DT achievement NN of IN other JJ objectives NNS by IN means NNS other JJ than IN by IN stabilizing VBG the DT price NN level NN . . The DT two CD objectives NNS most RBS commonly RB thought VBN to TO be VB legitimate JJ competitors NNS for IN the DT attention NN of IN the DT Fed NNP are VBP high JJ employment NN and CC rapid JJ real JJ growth NN . . But CC the DT main JJ lesson NN of IN economic JJ policy NN in IN the DT past JJ 30 CD years NNS is VBZ that IN if IN the DT Fed NNP compromises VBZ with IN the DT price-stability NN objective NN in IN the DT pursuit NN of IN these DT other JJ goals NNS , , the DT result NN is VBZ not RB high JJ employment NN and CC rapid JJ growth NN but CC is VBZ inflation NN . . A DT former JJ chairman NN of IN the DT president NN 's POS Council NNP of IN Economic NNP Advisers NNPS , , Mr. NNP Stein NNP is VBZ an DT American NNP Enterprise NNP Institute NNP fellow NN . . Republic NNP New NNP York NNP Corp. NNP joined VBD the DT list NN of IN banks NNS boosting VBG reserves NNS for IN losses NNS on IN loans NNS to TO less-developed JJ countries NNS , , setting VBG out RP a DT $ $ 200 CD million CD provision NN and CC posting VBG a DT $ $ 155.4 CD million CD third-quarter NN net JJ loss NN as IN a DT result NN . . The DT per-share JJ loss NN was VBD $ $ 5.32 CD . . In IN the DT year NN earlier JJR period NN , , the DT New NNP York NNP parent NN of IN Republic NNP National NNP Bank NNP had VBD net JJ income NN of IN $ $ 38.7 CD million CD , , or CC $ $ 1.12 CD a DT share NN . . Excluding VBG the DT provision NN , , Republic NNP earned VBD $ $ 44.6 CD million CD , , up IN 15 CD % NN from IN a DT year NN ago IN . . The DT bank NN 's POS medium-term JJ and CC long-term JJ loans NNS to TO less-developed JJ countries NNS total VBP $ $ 293 CD million CD , , of IN which WDT $ $ 146 CD million CD are VBP n't RB accruing VBG interest NN , , the DT bank NN said VBD . . Republic NNP 's POS total NN of IN nonperforming VBG assets NNS was VBD $ $ 167 CD million CD at IN Sept. NNP 30 CD , , with IN its PRP$ reserve NN for IN loan NN losses NNS now RB standing VBG at IN $ $ 357 CD million CD . . Abortion-rights NNS advocates NNS won VBD last JJ week NN 's POS battles NNS , , but CC the DT war NN over IN the DT nation NN 's POS most-contentious JJS social JJ question NN is VBZ about IN to TO pick VB up RP again RB on IN turf NN that WDT favors VBZ those DT seeking VBG to TO restrict VB abortions NNS . . Strict JJ new JJ regulations NNS seem VBP certain JJ to TO pass VB the DT state NN House NNP in IN Pennsylvania NNP next JJ week NN , , with IN easy JJ approval NN by IN the DT Senate NNP and CC by IN Democratic NNP Gov. NNP Bob NNP Casey NNP expected VBN shortly RB thereafter RB . . Legislation NN to TO require VB the DT consent NN of IN parents NNS before IN their PRP$ daughters NNS under IN the DT age NN of IN 18 CD can MD have VB abortions NNS will MD probably RB pass VB both DT houses NNS of IN the DT Michigan JJ legislature NN and CC set VB up RP a DT grinding VBG battle NN to TO override VB the DT expected VBN veto NN of IN Democratic NNP Gov. NNP James NNP Blanchard NNP . . The DT short-term JJ shift NN in IN the DT political JJ climate NN surrounding VBG abortion NN reflects VBZ two CD factors NNS that WDT are VBP likely JJ to TO govern VB the DT debate NN in IN the DT next JJ several JJ months NNS : : the DT reawakening VBG of IN the DT abortion-rights NNS movement NN as IN a DT potent JJ force NN after IN years NNS of IN lassitude NN , , and CC the DT ability NN of IN each DT side NN to TO counter VB the DT other JJ 's POS advance NN in IN one CD arena NN with IN a DT victory NN of IN its PRP$ own JJ elsewhere NN . . The DT action NN in IN Pennsylvania NNP , , for IN example NN , , will MD follow VB last JJ week NN 's POS collapse NN of IN a DT special JJ session NN of IN the DT Florida NNP legislature NN to TO enact VB restrictions NNS on IN abortions NNS in IN that DT state NN , , and CC the DT vote NN here RB in IN Washington NNP by IN the DT House NNP to TO permit VB federally RB paid VBN abortions NNS for IN poor JJ women NNS who WP are VBP victims NNS of IN rape NN or CC incest NN . . But CC President NNP Bush NNP is VBZ expected VBN to TO veto VB the DT congressional JJ legislation NN and CC that IN , , along IN with IN the DT easy JJ approval NN of IN the DT Pennsylvania NNP measure NN , , is VBZ likely JJ to TO mute VB the DT abortion-rights NNS activists NNS ' POS claims NNS of IN momentum NN and CC underline VB the DT challenges NNS faced VBN by IN this DT resurgent JJ movement NN . . `` `` It PRP 's VBZ great JJ to TO feel VB good JJ for IN once RB in IN 15 CD years NNS , , '' '' says VBZ Harrison NNP Hickman NNP , , a DT consultant NN to TO abortion-rights NNS advocates NNS , , reflecting VBG the DT relief NN of IN his PRP$ compatriots NNS after IN last JJ week NN 's POS victories NNS , , the DT first JJ major JJ events NNS since IN the DT Supreme NNP Court NNP , , in IN its PRP$ July NNP 3 CD Webster NNP decision NN , , permitted VBD the DT states NNS to TO enact VB restrictions NNS on IN abortions NNS . . `` `` But CC how WRB many JJ more JJR times NNS we PRP 're VBP going VBG to TO feel VB good JJ in IN the DT next JJ 15 CD is VBZ another DT question NN . . '' '' Indeed RB , , abortion-rights NNS activists NNS still RB face VBP their PRP$ greatest JJS tests NNS . . `` `` The DT pro-choice JJ movement NN has VBZ shown VBN -- : finally RB -- : that IN it PRP can MD mobilize VB , , '' '' says VBZ Glen NNP Halva-Neubauer NNP , , a DT Furman NNP University NNP political JJ scientist NN who WP specializes VBZ in IN how WRB state NN legislators NNS handle VBP the DT abortion NN question NN . . `` `` But CC it PRP still RB has VBZ n't RB shown VBN that IN it PRP can MD win VB in IN a DT state NN like IN Pennsylvania NNP or CC Missouri NNP , , where WRB abortion NN has VBZ been VBN clearly RB an DT electoral JJ issue NN and CC where WRB it PRP 's VBZ been VBN an DT emotional JJ issue NN for IN a DT long JJ time NN . . '' '' The DT foes NNS of IN abortion NN hold VBP the DT strong JJ whip NN hand NN in IN Pennsylvania NNP , , where WRB abortion-rights NNS activists NNS are VBP so RB much RB on IN the DT defensive NN that IN their PRP$ strategy NN is VBZ less JJR to TO fight VB the DT proposed VBN legislation NN than IN it PRP is VBZ to TO stress VB how WRB the DT state NN legislature NN does VBZ n't RB reflect VB the DT viewpoints NNS of IN the DT state NN 's POS citizens NNS . . As IN a DT result NN , , GOP NNP state NN Rep. NNP Stephen NNP Freind NNP of IN Delaware NNP County NNP , , the DT legislature NN 's POS leading VBG foe NN of IN abortion NN , , has VBZ been VBN given VBN all DT but CC free JJ rein NN to TO press VB a DT strict JJ seven-point JJ plan NN to TO restrict VB abortion NN and CC , , he PRP hopes VBZ , , to TO force VB the DT Supreme NNP Court NNP directly RB to TO reassess NN its PRP$ 1973 CD Roe NNP v. CC Wade NNP decision NN that WDT established VBD the DT right NN of IN abortion NN in IN the DT first JJ place NN . . The DT Freind NNP legislation NN -- : the DT state NN 's POS House NNP Judiciary NNP Committee NNP approved VBD it PRP in IN Harrisburg NN this DT week NN and CC the DT full JJ Pennsylvania NNP House NNP is VBZ expected VBN to TO take VB up RP the DT bill NN next IN Tuesday NNP -- : includes VBZ a DT provision NN to TO ban VB abortions NNS after IN 24 CD weeks NNS of IN pregnancy NN , , except IN to TO avert VB the DT death NN of IN the DT mother NN . . Mr. NNP Freind NNP calculates VBZ that IN the DT provision NN , , which WDT attacks VBZ the DT trimester NN standards NNS that IN Roe NNP established VBD , , will MD `` `` make VB it PRP necessary JJ '' '' for IN the DT Supreme NNP Court NNP to TO review VB Roe NNP and CC , , perhaps RB , , to TO overturn VB it PRP . . But CC the DT Pennsylvania NNP measure NN also RB includes VBZ an DT `` `` informed JJ consent NN '' '' provision NN that WDT may MD become VB widely RB imitated VBN by IN abortion NN foes NNS who WP want VBP to TO make VB women NNS contemplating VBG abortion NN as RB uncomfortable JJ as IN possible JJ with IN the DT procedure NN and CC with IN themselves PRP . . Under IN this DT legislation NN , , a DT woman NN must MD be VB informed VBN 24 CD hours NNS before IN the DT operation NN of IN the DT details NNS of IN the DT procedure NN and CC its PRP$ risks NNS . . `` `` Regardless RB of IN whether IN one NN supports VBZ or CC opposes VBZ the DT right NN to TO an DT abortion NN , , '' '' Mr. NNP Freind NNP argues VBZ , , `` `` it PRP is VBZ virtually RB impossible JJ for IN any DT rational JJ human NN being VBG to TO disagree VB with IN the DT concept NN that IN a DT woman NN has VBZ the DT right JJ to TO have VB all DT of IN the DT appropriate JJ materials NNS and CC advice NN made VBN available JJ to TO her PRP before IN she PRP makes VBZ a DT decision NN which WDT , , one CD way NN or CC the DT other JJ , , might MD remain VB with IN her PRP for IN the DT rest NN of IN her PRP$ life NN . . '' '' In IN Michigan NNP , , where WRB the DT state NN Senate NNP is VBZ expected VBN to TO approve VB parental-consent JJ legislation NN by IN the DT end NN of IN next JJ week NN , , Gov. NNP Blanchard NNP is VBZ the DT principal JJ obstacle NN for IN anti-abortionists NNS . . Susan NNP Rogin NNP , , a DT consultant NN to TO abortion-rights NNS activists NNS in IN the DT state NN , , takes VBZ comfort NN from IN the DT fact NN that IN the DT state NN 's POS House NNP abortion NN opponents NNS `` `` have VBP n't RB been VBN able JJ to TO muster VB the DT votes NNS to TO overturn VB a DT veto NN on IN abortion NN in IN 16 CD years NNS . . '' '' But CC proponents NNS believe VBP they PRP may MD be VB able JJ to TO shake VB enough JJ votes NNS loose JJ to TO override VB the DT veto NN if IN they PRP are VBP successful JJ in IN portraying VBG the DT legislation NN as IN a DT matter NN of IN parents NNS ' POS rights NNS . . In IN Illinois NNP , , lawmakers NNS will MD vote VB before IN next JJ spring NN on IN legislation NN requiring VBG physicians NNS to TO perform VB tests NNS on IN fetuses NNS at IN 20 CD weeks NNS to TO determine VB their PRP$ gestational JJ age NN , , weight NN and CC lung NN maturity NN along IN with IN a DT provision NN requiring VBG that IN , , if IN fetuses NNS survive VBP an DT abortion NN , , a DT second JJ doctor NN must MD be VB on IN hand NN to TO help VB it PRP survive VB . . The DT legislation NN failed VBD by IN one CD vote NN to TO clear VB the DT House NNP Rules NNPS Committee NNP Tuesday NNP , , but CC anti-abortionists NNS still RB may MD succeed VB in IN bringing VBG the DT measure NN to TO the DT floor NN this DT fall NN . . Pamela NNP Sutherland NNP , , executive JJ director NN of IN the DT Illinois NNP Planned NNP Parenthood NNP Council NNP , , says VBZ she PRP and CC her PRP$ allies NNS are VBP `` `` cautiously RB optimistic JJ '' '' they PRP can MD defeat VB it PRP if IN it PRP comes VBZ to TO a DT floor NN vote NN . . Abortion NN foes NNS in IN Wisconsin NNP , , meanwhile RB , , expect VBP a DT parental-consent JJ bill NN to TO be VB sent VBN to TO the DT state NN assembly NN floor NN by IN early JJ November NNP and CC are VBP hopeful JJ of IN prevailing VBG in IN both DT houses NNS by IN next JJ March NNP . . In IN Texas NNP , , abortion NN opponents NNS want VBP to TO pass VB parental-consent JJ legislation NN along IN with IN a DT statewide JJ ban NN on IN the DT use NN of IN public JJ funds NNS , , personnel NNS and CC facilities NNS for IN abortion NN , , and CC viability NN tests NNS for IN fetuses NNS 19 CD weeks NNS and CC older JJR . . The DT anti-abortionists NNS are VBP urging VBG GOP NNP Gov. NNP Bill NNP Clements NNP to TO press VB the DT issues NNS in IN a DT special JJ session NN scheduled VBN to TO run VB Nov. NNP 14 CD to TO Dec. NNP 13 CD . . `` `` The DT prognosis NN is VBZ only RB fair JJ , , '' '' says VBZ Kathie NNP Roberts NNP , , administrative JJ director NN of IN the DT Texas NNP Right NNP to TO Life NNP Committee NNP . . `` `` Next JJ year NN is VBZ an DT election NN year NN and CC the DT legislators NNS just RB do VBP n't RB want VB to TO do VB anything NN about IN this DT now RB . . '' '' This DT legislative JJ activity NN comes VBZ as IN both DT sides NNS are VBP undertaking VBG new JJ mobilization NN efforts NNS , , plunging VBG into IN gubernatorial JJ races NNS in IN Virginia NNP and CC New NNP Jersey NNP , , and CC girding VBG for IN next JJ autumn NN 's POS state NN elections NNS . . At IN the DT same JJ time NN , , abortion NN foes NNS have VBP developed VBN a DT national JJ legislative JJ strategy NN , , deciding VBG to TO move VB on IN what WP Jacki NNP Ragan NNP , , the DT National NNP Right NNP to TO Life NNP Committee NNP 's POS director NN of IN state NN organizational JJ development NN , , calls VBZ `` `` reasonable JJ measures NNS that IN an DT overwhelming JJ mainstream NN majority NN of IN Americans NNPS support VBP . . '' '' These DT include VBP bans NNS on IN the DT use NN of IN abortion NN for IN birth NN control NN and CC sex NN selection NN , , and CC the DT public NN funding NN of IN alternatives NNS for IN abortion NN . . `` `` Those DT who WP are VBP on IN the DT other JJ side NN can MD hardly RB oppose VB alternative NN funding NN if IN they PRP continue VBP to TO insist VB on IN calling VBG themselves PRP ` `` pro-choice JJ ' '' rather RB than IN ` `` pro-abortion JJ , , ' '' '' '' says VBZ Mary NNP Spaulding NNP , , the DT group NN 's POS associate JJ state NN legislative JJ coordinator NN . . Over IN the DT weekend NN , , the DT National NNP Abortion NNP Rights NNPS Action NNP League NNP singled VBD out RP eight CD politicians NNS , , including VBG Pennsylvania NNP 's POS Mr. NNP Freind NNP , , as IN 1990 CD targets NNS and CC held VBD a DT Washington NNP seminar NN designed VBN to TO train VB its PRP$ leaders NNS in IN political JJ techniques NNS , , including VBG how WRB to TO put VB the DT anti-abortionists NNS on IN the DT defensive NN in IN state NN legislatures NNS . . `` `` We PRP now RB see VBP pro-choice JJ legislators NNS going VBG on IN the DT offensive NN for IN the DT first JJ time NN , , '' '' says VBZ Kate NNP Michelman NNP , , executive JJ director NN of IN the DT group NN . . Wall NNP Street NNP When WRB I PRP was VBD just RB a DT child NN And CC confronted VBN by IN my PRP$ fears NNS , , The DT things NNS that IN I PRP thought VBD would MD get VB me PRP Had VBD fangs NNS and CC pointed JJ ears NNS . . Nothing NN much RB has VBZ changed VBN -- : My PRP$ periodic JJ scares NNS Are VBP still RB from IN hostile JJ animals NNS , , Only RB now RB , , they PRP 're VBP bulls NNS and CC bears NNS . . -- : Pat NNP D'Amico NNP . . Daffynition NN Trained VBN dolphins NNS : : pur-poises NNS . . -- : Marrill NNP J. NNP Pederson NNP . . This DT maker NN and CC marketer NN of IN cartridge NN tape NN systems NNS said VBD it PRP completed VBD the DT sale NN of IN 2.85 CD million CD shares NNS of IN common JJ priced VBN at IN $ $ 10 CD a DT share NN in IN an DT initial JJ public JJ offering NN . . The DT company NN said VBD that IN it PRP is VBZ selling VBG two CD million CD shares NNS and CC that IN the DT rest NN are VBP being VBG sold VBN by IN certain JJ stockholders NNS . . Proceeds NNS will MD be VB used VBN for IN capital NN expenditures NNS and CC working VBG capital NN . . Goldman NNP , , Sachs NNP & CC Co. NNP and CC Montgomery NNP Securities NNPS Inc. NNP are VBP co-managing VBG the DT offering NN . . Congress NNP sent VBD President NNP Bush NNP an DT $ $ 18.4 CD billion CD fiscal JJ 1990 CD Treasury NN and CC Postal JJ Service NN bill NN providing VBG $ $ 5.5 CD billion CD for IN the DT Internal NNP Revenue NNP Service NNP and CC increasing VBG the DT Customs NNP Service NNP 's POS air-interdiction NN program NN nearly RB a DT third JJ . . Final JJ approval NN came VBD on IN a DT simple JJ voice NN vote NN in IN the DT Senate NNP , , and CC the DT swift JJ passage NN contrasted VBN with IN months NNS of IN negotiations NNS over IN the DT underlying VBG bill NN which WDT is VBZ laced VBN with IN special-interest JJ provisions NNS for IN both DT members NNS and CC the DT executive NN branch NN . . An DT estimated VBN $ $ 33 CD million CD was VBD added VBN for IN university NN and CC science NN grants NNS , , including VBG $ $ 1.5 CD million CD for IN Smith NNP College NNP . . And CC Southwest NNP lawmakers NNS were VBD a DT driving VBG force NN behind IN $ $ 54.6 CD million CD for IN U.S.-Mexico JJ border NN facilities NNS , , or CC more RBR than IN double JJ the DT administration NN 's POS request NN . . More JJR than IN $ $ 1.8 CD million CD is VBZ allocated VBN for IN pensions NNS and CC expenses NNS for IN former JJ presidents NNS , , and CC the DT budget NN for IN the DT official JJ residence NN of IN Vice NNP President NNP Quayle NNP is VBZ more RBR than IN doubled VBN , , with IN $ $ 200,000 CD designated VBN for IN improvements NNS to TO the DT property NN . . Even RB the DT Office NNP of IN Management NNP and CC Budget NNP is VBZ remembered VBN with IN an DT extra JJ $ $ 1 CD million CD to TO help VB offset VB pay NN costs NNS that IN other JJ government NN departments NNS are VBP being VBG asked VBD to TO absorb VB . . Within IN the DT IRS NNP , , nearly RB $ $ 1.95 CD billion CD is VBZ provided VBN for IN processing VBG tax NN returns NNS , , a DT 12 CD % NN increase NN over IN fiscal JJ 1989 CD and CC double JJ what WP the DT government NN was VBD spending VBG five CD years NNS ago RB . . Investigation NN and CC taxpayer NN service NN accounts NNS would MD grow VB to TO $ $ 1.6 CD billion CD , , and CC Congress NNP specifically RB added VBD $ $ 7.4 CD million CD for IN stepped VBN up RB criminal JJ investigations NNS of IN money NN laundering NN related VBN to TO drug NN traffic NN . . The DT large JJ increase NN in IN Customs NNP Service NNP air-interdiction NN funds NNS is VBZ also RB intended JJ to TO counter VB smuggling NN , , and CC the DT annual JJ appropriations NNS level NN has VBZ more RBR than IN quadrupled VBN in IN five CD years NNS . . The DT $ $ 196.7 CD million CD provided VBN for IN fiscal JJ 1990 CD anticipates VBZ the DT purchase NN of IN a DT Lockheed NNP P-3 NN surveillance NN aircraft NN and CC five CD Cessna NNP Citation NNP II NNP jets NNS . . Despite IN administration NN reservations NNS , , the DT plan NN has VBZ had VBN the DT quiet JJ backing NN of IN customs NNS officials NNS as RB well RB as IN influential JJ lawmakers NNS from IN Cessna NNP 's POS home NN state NN , , Kansas NNP . . Among IN legislative JJ provisions NNS attached VBN to TO the DT bill NN is VBZ a DT ban NN on IN any DT Treasury NNP Department NNP expenditure NN for IN enforcement NN of IN a DT 1986 CD tax NN provision NN intended VBN to TO counter JJ discrimination NN in IN employee-benefit NN plans NNS . . Small-business NN interests NNS have VBP lobbied VBN against IN the DT so-called JJ Section NN 89 CD tax NN rules NNS . . Repeal NN is VBZ considered VBN likely RB now RB , , but CC the DT Treasury NNP Department NNP bill NN has VBZ been VBN used VBN as IN a DT vehicle NN to TO raise VB the DT profile NN of IN the DT issue NN and CC block VB any DT action NN in IN the DT interim NN . . Less RBR noticed JJ is VBZ a DT bit NN of IN legislative JJ legerdemain NN by IN Houston NNP Republicans NNPS on IN behalf NN of IN HEI NNP Corp. NNP of IN Texas NNP to TO retroactively RB `` `` move VB '' '' a DT Missouri NNP hospital NN from IN one CD county NN to TO the DT next JJ to TO justify VB higher JJR Medicare NNP reimbursements NNS . . The DT provision NN seeks VBZ to TO wipe VB out RP an DT estimated VBN $ $ 1.4 CD million CD in IN claims NNS made VBN by IN the DT Health NNP Care NNP Finance NNP Administration NNP against IN HEI NNP , , which WDT owned VBD the DT hospital NN in IN Sullivan NNP , , Mo. NNP , , during IN most RBS of IN the DT four-year JJ period NN -- : 1983-1987 CD -- : covered VBN in IN the DT amendment NN . . In IN a DT separate JJ development NN , , a DT private JJ meeting NN is VBZ scheduled VBN this DT morning NN between IN House NNP Appropriations NNPS Committee NNP Chairman NNP Jamie NNP Whitten NNP ( ( D. NNP , , Miss NNP . . ) ) and CC Sen. NNP Dale NNP Bumpers NNP ( ( D. NNP , , Ark NNP . . ) ) in IN an DT effort NN to TO end VB a DT dispute NN which WDT for IN two CD weeks NNS has VBZ delayed VBN action NN on IN an DT estimated VBN $ $ 44 CD billion CD agriculture NN bill NN . . A DT House-Senate JJ conference NN reached VBD agreement NN Oct. NNP 5 CD on IN virtually RB all DT major JJ provisions NNS of IN the DT bill NN , , but CC final JJ settlement NN has VBZ been VBN stalled VBN because RB of IN differences NNS between IN the DT two CD men NNS over IN the DT fate NN of IN a DT modest JJ Arkansas-based JJ program NN to TO provide VB technical JJ information NN to TO farmers NNS seeking VBG to TO reduce VB their PRP$ dependence NN on IN chemical NN fertilizers NNS and CC pesticides NNS . . The DT program NN 's POS nonprofit JJ sponsors NNS received VBD $ $ 900,000 CD in IN fiscal JJ 1989 CD through IN an DT Extension NNP Service NNP grant NN , , but CC Mr. NNP Whitten NNP has VBZ been VBN adamant JJ in IN insisting VBG that IN the DT program NN be VB cut VBN in IN 1990 CD . . The DT 79-year-old JJ Mississippian NNP takes VBZ a DT more JJR orthodox NN , , entrenched JJ view NN of IN agriculture NN policy NN than IN those DT in IN the DT movement NN to TO reduce VB chemical NN use NN , , but CC as IN a DT master NN of IN pork-barrel JJ politics NNS , , he PRP is VBZ believed VBN to TO be VB annoyed VBN as RB well RB that IN the DT project NN moved VBN to TO Arkansas NNP from IN a DT Tennessee NNP center NN near IN Memphis NNP and CC the DT northern JJ Mississippi NNP border NN . . Michael NNP F. NNP Klatman NNP , , director NN of IN corporate JJ public JJ relations NNS at IN Data NNP General NNP Corp. NNP , , was VBD named VBN to TO the DT new JJ position NN of IN vice NN president NN , , corporate JJ communications NNS , , of IN this DT maker NN of IN data NNS storage NN equipment NN . . B.A.T NNP Industries NNPS PLC NNP may MD delay VB aspects NNS of IN its PRP$ defensive JJ restructuring NN plan NN -- : including VBG the DT sale NN of IN its PRP$ Saks NNP Fifth NNP Avenue NNP and CC Marshall NNP Field NNP units NNS -- : in IN the DT wake NN of IN the DT current JJ upheaval NN in IN financial JJ markets NNS , , company NN officials NNS said VBD . . The DT British JJ conglomerate NN , , planning VBG its PRP$ own JJ defensive JJ restructuring NN to TO fight VB off RP a DT # # 13.35 CD billion CD ( ( $ $ 21.03 CD billion CD ) ) takeover NN bid NN by IN Anglo-French JJ financier NN Sir NNP James NNP Goldsmith NNP , , intends VBZ to TO press VB ahead RB with IN an DT extraordinary JJ shareholder NN vote NN today NN to TO clear VB the DT way NN for IN its PRP$ value-boosting JJ measures NNS . . If IN anything NN , , the DT gyrations NNS in IN world NN stock NN markets NNS -- : and CC in IN B.A.T NNP 's POS share NN price NN -- : since IN last JJ Friday NNP 's POS sharp JJ Wall NNP Street NNP sell-off NNS have VBP increased VBN the DT likelihood NN of IN shareholder NN approval NN for IN the DT restructuring NN , , analysts NNS and CC several JJ big JJ institutional JJ holders NNS said VBD . . `` `` Thank VB God NNP we PRP have VBP some DT deal NN on IN the DT table NN , , '' '' said VBD Stewart NNP Gilchrist NNP , , a DT director NN at IN Scottish NNP Amicable NNP Investment NNP Managers NNPS , , which WDT intends VBZ to TO vote VB its PRP$ roughly RB 1 CD % NN stake NN in IN favor NN of IN the DT restructuring NN . . Investors NNS in IN B.A.T NNP have VBP been VBN on IN a DT roller NN coaster NN . . B.A.T NNP has VBZ been VBN London NNP 's POS best-performing JJS blue JJ chip NN over IN the DT past JJ six CD months NNS , , up IN 40 CD % NN against IN a DT 4 CD % NN rise NN in IN the DT Financial NNP Times NNP 100-Share NNP Index NNP . . But CC this DT week NN , , B.A.T NNP has VBZ been VBN hit VBN harder RBR than IN other JJ big JJ U.K. NNP stocks NNS -- : first RB by IN the DT market NN gyrations NNS , , then RB by IN Tuesday NNP 's POS San NNP Francisco NNP earthquake NN , , which WDT could MD leave VB B.A.T NNP 's POS Farmers NNPS Group NNP Inc. NNP insurance NN unit NN facing VBG big JJ claims NNS . . B.A.T NNP rose VBD five CD pence NN ( ( eight CD cents NNS ) ) to TO 756 CD pence NN ( ( $ $ 11.91 CD ) ) in IN London NNP yesterday NN as IN a DT late JJ market NN rally NN erased VBD a DT 28-pence JJ fall NN earlier RB in IN the DT day NN . . To TO fight VB off RP predators NNS , , B.A.T NN plans NNS to TO spin VB off RP about IN $ $ 6 CD billion CD in IN assets NNS , , largely RB by IN selling VBG such JJ U.S. NNP retailing NN units NNS as IN Marshall NNP Field NNP and CC Saks NNP and CC by IN floating VBG its PRP$ big JJ paper NN and CC U.K. NNP retailing NN business NN via IN share NN issues NNS to TO existing VBG holders NNS . . Proceeds NNS will MD help VB pay VB for IN a DT planned JJ buy-back NN of IN 10 CD % NN of IN its PRP$ shares NNS and CC a DT 50 CD % NN dividend NN increase NN . . `` `` I PRP think VBP the DT restructuring NN will MD get VB the DT required JJ support NN , , '' '' said VBD Michael NNP Pacitti NNP , , an DT analyst NN at IN London NNP stockbroker NN UBS NNP Phillips NNP & CC Drew NNP . . `` `` The DT shareholders NNS effectively RB will MD support VB the DT share NN price NN by IN clearing VBG the DT share NN buy-back NN . . '' '' But CC B.A.T NNP 's POS restructuring NN , , which WDT was VBD never RB going VBG to TO happen VB quickly RB , , now RB will MD take VB longer RBR because IN of IN the DT market NN upheaval NN . . Company NN officials NNS , , holders NNS and CC analysts NNS who WP previously RB expected VBD the DT disposals NNS to TO be VB substantially RB complete JJ by IN the DT end NN of IN next JJ year NN 's VBZ first JJ half NN now RB say VBP the DT market NN gyrations NNS could MD delay VB the DT actions NNS well RB into IN the DT second JJ half NN . . `` `` We PRP are VBP n't RB forced VBN sellers NNS . . We PRP do VBP n't RB have VB an DT absolute JJ deadline NN and CC if IN market NN conditions NNS are VBP truly RB awful JJ we PRP might MD decide VB it PRP is VBZ not RB the DT right JJ time NN , , '' '' to TO take VB particular JJ steps NNS , , said VBD Michael NNP Prideaux NNP , , a DT B.A.T NNP spokesman NN . . Even RB if IN B.A.T NNP receives VBZ approval NN for IN the DT restructuring NN , , the DT company NN will MD remain VB in IN play NN , , say VBP shareholders NNS and CC analysts NNS , , though IN the DT situation NN may MD unfold VB over IN the DT next JJ 12 CD months NNS , , rather RB than IN six CD . . The DT new JJ B.A.T NNP will MD be VB a DT smaller JJR tobacco NN and CC financial-services NNS hybrid NN whose WP$ price-earnings NNS ratio NN may MD more RBR closely RB reflect VB the DT lower-growth JJ tobacco NN business NN than IN the DT higher-multiple JJ financial-services NNS business NN , , these DT holders NNS believe VBP . . Thus RB B.A.T NNP 's POS restructuring NN may MD only RB make VB the DT company NN a DT more RBR manageable JJ target NN for IN other JJ corporate JJ predators NNS -- : possibly RB such JJ acquisitive JJ bidders NNS as IN Hanson NNP PLC NNP . . `` `` The DT last JJ few JJ days NNS will MD surely RB slow VB down RP the DT pace NN of IN events NNS , , '' '' says VBZ Scottish NNP Amicable NNP 's POS Mr. NNP Gilchrist NNP . . `` `` But CC I PRP would MD n't RB write VB off RP '' '' Sir NNP James NNP or CC other JJ potential JJ bidders NNS . . Among IN possible JJ delays NNS , , the DT sales NNS of IN Saks NNP and CC Marshall NNP Field NNP -- : which WDT were VBD expected VBN to TO be VB on IN the DT block NN soon RB after IN the DT crucial JJ Christmas NNP season NN -- : may MD slide VB into IN the DT second JJ quarter NN or CC second JJ half NN . . Analysts NNS estimate VBP that IN sales NNS of IN the DT two CD businesses NNS could MD raise VB roughly RB $ $ 2 CD billion CD . . B.A.T NNP is VBZ n't RB predicting VBG a DT postponement NN because IN the DT units NNS `` `` are VBP quality NN businesses NNS and CC we PRP are VBP encouraged JJ by IN the DT breadth NN of IN inquiries NNS , , '' '' said VBD Mr. NNP Prideaux NNP . . But CC the DT delay NN could MD happen VB if IN B.A.T NNP does VBZ n't RB get VB adequate JJ bids NNS , , he PRP said VBD . . People NNS familiar JJ with IN B.A.T NNP say VBP possible JJ acquirers NNS for IN the DT units NNS include VBP managers NNS from IN both DT retailing NN chains NNS , , and CC General NNP Cinema NNP Corp. NNP , , which WDT is VBZ interested VBN in IN bidding NN for IN Saks NNP . . Other JJ potential JJ bidders NNS for IN parts NNS of IN B.A.T NNP 's POS U.S. NNP retail NN unit NN include VBP Dillard NNP Department NNP Stores NNPS Inc. NNP , , May NNP Department NNP Stores NNPS Co. NNP and CC Limited NNP Inc NNP . . B.A.T NNP has VBZ declined VBN to TO identify VB the DT potential JJ bidders NNS . . Though NNP Sir NNP James NNP has VBZ said VBN he PRP intends VBZ to TO mount VB a DT new JJ bid NN for IN B.A.T NNP once IN approval NN from IN U.S. NNP insurance NN regulators NNS is VBZ received VBN , , jitters NNS over IN prospects NNS for IN junk-bond NN financing NN and CC U.S. NNP leverage NN buy-outs NNS are VBP making VBG investors NNS more RBR skeptical JJ about IN Sir NNP James NNP 's POS prospects NNS . . His PRP$ initial JJ offer NN indicated VBD he PRP needed VBD to TO raise VB as RB much RB as IN 80 CD % NN of IN the DT takeover NN financing NN through IN the DT debt NN markets NNS . . Market NN uncertainty NN also RB clouds VBZ the DT outlook NN for IN B.A.T NNP 's POS attracting VBG a DT premium NN price NN for IN its PRP$ U.S. NNP retailing NN properties NNS . . Finally RB , , Tuesday NNP 's POS California NNP earthquake NN initially RB knocked VBD 3.7 CD % NN off RP B.A.T NNP 's POS share NN price NN in IN London NNP yesterday NN because IN of IN fears NNS of IN the DT potential JJ claims NNS to TO Los NNP Angeles-based JJ Farmers NNPS , , which WDT has VBZ a DT substantial JJ portion NN of IN its PRP$ property NN and CC casualty NN exposure NN in IN California NNP . . On IN Farmers NNPS , , Mr. NNP Prideaux NNP said VBD it PRP is VBZ too RB early JJ to TO quantify VB the DT level NN of IN potential JJ claims NNS . . He PRP added VBD B.A.T NNP `` `` has VBZ no DT expectation NN of IN a DT material NN impact NN on IN Farmers NNPS . . Bridge NN and CC highway NN collapses NNS will MD disrupt VB truck NN and CC auto NN transportation NN in IN the DT San NNP Francisco NNP Bay NNP area NN for IN months NNS to TO come VB . . But CC rail NN , , air NN and CC ocean-shipping NN links NNS to TO the DT area NN escaped VBD Tuesday NNP 's POS earthquake NN with IN only JJ minor JJ damage NN , , and CC many JJ are VBP expected VBN to TO be VB operating VBG normally RB today NN , , government NN and CC corporate JJ transport NN officials NNS said VBD . . Air NN traffic NN at IN San NNP Francisco NNP International NNP Airport NNP was VBD running VBG about IN 50 CD % NN of IN normal JJ yesterday NN afternoon NN , , but CC airport NN officals NNS said VBD they PRP expect VBP a DT return NN to TO full JJ operations NNS by IN Saturday NNP . . The DT major JJ gateway NN to TO Asia NNP and CC one CD of IN the DT nation NN 's POS 10 CD busiest JJS airports NNS was VBD closed VBN to TO all DT but CC emergency NN traffic NN from IN the DT time NN the DT quake NN hit VBN Tuesday NNP afternoon NN , , until IN 6 CD a.m. RB PDT NNP yesterday NN when WRB controllers NNS returned VBD to TO the DT tower NN . . Getting VBG to TO and CC from IN the DT airport NN in IN coming VBG weeks NNS may MD be VB the DT problem NN , , however RB . . `` `` People NNS 's POS ability NN to TO drive VB throughout IN the DT bay NN area NN is VBZ greatly RB restricted VBN , , '' '' said VBD a DT spokesman NN for IN the DT American NNP Automobile NNP Association NNP . . Tom NNP Schumacher NNP , , executive NN vice NN president NN and CC general JJ manager NN of IN the DT California NNP Trucking NNP Association NNP in IN Sacremento NNP , , said VBD his PRP$ organization NN urged VBD trucking NN firms NNS to TO halt VB all DT deliveries NNS into IN the DT Bay NNP area NN yesterday NN , , except IN for IN emergency-medical JJ supplies NNS . . `` `` Some DT foodstuff NN shipments NNS will MD probably RB resume VB Thursday NNP , , '' '' he PRP said VBD . . `` `` Right RB now RB most JJS of IN the DT roads NNS into IN the DT Bay NNP area NN are VBP closed VBN , , but CC the DT list NN of IN closings NNS changes VBZ about IN every DT 20 CD minutes NNS . . This DT { ( Wednesday NNP } ) morning NN the DT San NNP Mateo NNP bridge NN was VBD open JJ and CC now RB we PRP are VBP informed VBN that IN it PRP is VBZ closed JJ , , '' '' Mr. NNP Schumacher NNP said VBD . . United NNP Parcel NNP Service NNP , , Greenwich NNP , , Conn. NNP , , said VBD its PRP$ operations NNS in IN the DT San NNP Francisco NNP area NN have VBP been VBN reduced VBN to TO 40 CD % NN of IN normal JJ . . A DT UPS NNP spokesman NN said VBD that IN although IN none NN of IN the DT company NN 's POS terminals NNS , , trucks NNS or CC airplanes NNS were VBD damaged VBN in IN the DT quake NN , , road NN shutdowns NNS and CC power NN failures NNS have VBP impeded VBN its PRP$ pickup NN and CC delivery NN of IN packages NNS . . The DT spokesman NN noted VBD four-hour JJ to TO five-hour JJ traffic NN delays NNS on IN the DT San NNP Mateo NNP bridge NN , , for IN example NN . . In IN addition NN , , power NN failures NNS prevented VBD its PRP$ package-sorting NN facilities NNS from IN operating VBG , , causing VBG delays NNS . . But CC freight NN railroads NNS reported VBD that DT damage NN to TO their PRP$ facilities NNS was VBD relatively RB minor JJ , , with IN Santa NNP Fe NNP Pacific NNP Corp. NNP 's POS rail NN unit NN the DT least RBS affected JJ by IN the DT quake NN . . Santa NNP Fe NNP stopped VBD freight NN trains NNS Tuesday NNP night NN while IN its PRP$ officials NNS inspected VBD track NN but CC resumed VBD service NN at IN 10:45 CD p.m. RB when WRB they PRP found VBD no DT damage NN . . Union NNP Pacific NNP Corp. NNP 's POS rail NN unit NN said VBD that IN except IN for IN damage NN to TO shipping NN containers NNS in IN its PRP$ Oakland NNP yard NN , , its PRP$ track NN , , bridges NNS and CC structures NNS were VBD unharmed JJ . . That DT railroad NN is VBZ operating VBG trains NNS but CC with IN delays NNS caused VBN by IN employees NNS unable JJ to TO get VB to TO work NN . . Southern NNP Pacific NNP Transportation NNP Co. NNP , , the DT hardest JJS hit NN of IN the DT three CD railroads NNS in IN the DT Bay NNP area NN , , said VBD service NN on IN its PRP$ north-south JJ coastline NN , , which WDT is VBZ used VBN by IN an DT Amtrak NNP train NN between IN Los NNP Angeles NNP and CC Seattle NNP , , was VBD suspended VBN temporarily RB because IN of IN kinked JJ rails NNS near IN the DT epicenter NN of IN the DT quake NN . . But CC service NN on IN the DT line NN is VBZ expected VBN to TO resume VB by IN noon NN today NN . . `` `` We PRP had VBD no DT serious JJ damage NN on IN the DT railroad NN , , '' '' said VBD a DT Southern NNP Pacific NNP spokesman NN . . `` `` We PRP have VBP no DT problem NN to TO our PRP$ freight NN service NN at IN all DT expect IN for IN the DT fact NN businesses NNS are VBP shut VBN down RB . . '' '' Amtrak NNP said VBD it PRP suspended VBD train NN service NN into IN its PRP$ Oakland NNP station NN , , which WDT sustained VBD `` `` heavy JJ structural JJ damage NN '' '' during IN the DT quake NN . . The DT passenger NN railroad NN said VBD it PRP terminated VBD some DT runs NNS in IN Sacramento NNP , , relying VBG on IN buses NNS to TO ferry VB passengers NNS to TO the DT Bay NNP area NN . . Amtrak NNP said VBD it PRP planned VBD to TO resume VB some DT train NN operations NNS to TO Oakland NNP late JJ yesterday NN . . Rail-transit NN operations NNS suffered VBD little JJ damage NN , , according VBG to TO Albert NNP Engelken NNP , , deputy NN executive NN director NN of IN the DT American NNP Public NNP Transit NNP Association NNP in IN Washington NNP . . The DT Bay NNP Area NNP Rapid NNP Transit NNP `` `` withstood VBD the DT earthquake NN perfectly RB , , '' '' said VBD Mr. NNP Engelken NNP , , adding VBG that IN the DT rail NN system NN was VBD running VBG a DT full JJ fleet NN of IN 45 CD trains NNS during IN the DT day NN to TO provide VB an DT alternative NN for IN highway NN travelers NNS . . `` `` The DT highway NN system NN is VBZ screwed VBN up RP '' '' by IN the DT earthquake NN , , Mr. NNP Engelken NNP said VBD . . `` `` The DT transit NN system NN is VBZ how WRB people NNS are VBP going VBG to TO be VB getting VBG around RB . . '' '' He PRP added VBD that IN San NNP Francisco NNP 's POS trolley NN cars NNS and CC trolley NN buses NNS were VBD also RB running VBG at IN full JJ service NN levels NNS . . Although IN air-traffic NN delays NNS in IN San NNP Francisco NNP were VBD significant JJ yesterday NN , , they PRP did VBD n't RB appear VB to TO spread VB to TO other JJ airports NNS . . The DT earthquake NN shattered VBD windows NNS at IN San NNP Francisco NNP International NNP 's POS air-traffic NN control NN tower NN and CC rained VBD pieces NNS of IN the DT ceiling NN down RP on IN controllers NNS , , three CD of IN whom WP suffered VBD minor JJ injuries NNS . . Terminals NNS at IN San NNP Francisco NNP International NNP also RB were VBD damaged VBN , , but CC the DT tower NN itself PRP was VBD intact JJ . . Tuesday NNP night NN , , thousands NNS were VBD diverted VBN to TO other JJ airports NNS and CC had VBD to TO wait VB a DT day NN to TO resume VB travel NN . . Runways NNS at IN San NNP Francisco NNP were VBD n't RB damaged VBN , , but CC traffic NN was VBD being VBG limited VBN yesterday NN to TO 27 CD arrivals NNS and CC 27 CD departures NNS an DT hour NN -- : down IN from IN 33 CD to TO 45 CD an DT hour NN normally RB -- : mainly RB because IN the DT noise NN level NN in IN the DT control NN tower NN was VBD overwhelming JJ without IN the DT windows NNS , , an DT FAA NNP spokeswoman NN said VBD . . While IN the DT airport NN was VBD closed VBN , , flights NNS were VBD diverted VBN to TO airports NNS in IN Sacramento NNP and CC Stockton NNP , , Calif. NNP ; : Reno NNP and CC Las NNP Vegas NNP , , Nev. NNP ; : and CC Los NNP Angeles NNP . . United NNP Airlines NNPS , , the DT largest JJS carrier NN at IN San NNP Francisco NNP , , was VBD operating VBG only RB 50 CD % NN of IN its PRP$ scheduled JJ service NN in IN and CC out IN of IN the DT area NN because IN of IN damage NN to TO its PRP$ terminal NN , , which WDT in IN turn NN was VBD causing VBG delays NNS for IN travelers NNS headed VBD to TO the DT Bay NNP area NN . . A DT United NNP spokesman NN said VBD 14 CD of IN its PRP$ 21 CD gates NNS were VBD unusable JJ , , mainly RB because IN of IN water NN damage NN caused VBN when WRB a DT sprinkler NN system NN was VBD triggered VBN by IN the DT tremors NNS . . The DT United NNP spokesman NN said VBD none NN of IN its PRP$ people NNS were VBD injured VBN at IN the DT airport NN ; : in IN fact NN , , as IN the DT airport NN was VBD being VBG evacuated VBN Tuesday NNP night NN , , two CD babies NNS were VBD born VBN . . Yesterday NN , , the DT United NNP ticket NN counter NN was VBD active JJ , , with IN people NNS trying VBG to TO get VB flights NNS out RB , , but CC the DT airline NN said VBD demand NN for IN seats NNS into IN the DT city NN also RB was VBD active JJ , , with IN people NNS trying VBG to TO get VB there RB to TO help VB family NN and CC friends NNS . . The DT airports NNS in IN San NNP Jose NNP and CC Oakland NNP were VBD both DT fully RB operational JJ by IN noon NN yesterday NN , , the DT Federal NNP Aviation NNP Administration NNP said VBD . . In IN terms NNS of IN diversions NNS , , Denver NNP 's POS Stapleton NNP International NNP may MD have VB experienced VBN the DT most RBS far-flung JJ : : A DT United NNP flight NN from IN Japan NNP was VBD rerouted VBN there RB . . `` `` I PRP think VBP that DT 's VBZ the DT first JJ nonstop JJ commercial JJ passenger NN flight NN from IN Japan NNP to TO land VB here RB , , '' '' an DT airport NN spokesman NN said VBD . . A DT Japan NNP Air NNP Lines NNPS spokesman NN said VBD its PRP$ flights NNS into IN and CC out IN of IN San NNP Francisco NNP were VBD n't RB affected VBN , , but CC getting VBG information NN about IN its PRP$ operations NNS was VBD difficult JJ . . Its PRP$ telecommunications NN headquarters NN in IN Burlingame NNP , , Calif. NNP , , had VBD been VBN knocked VBN out RP since IN the DT quake NN . . `` `` We PRP 're VBP in IN the DT dark JJ , , '' '' he PRP said VBD . . Whitbread NNP & CC Co. NNP put VBD its PRP$ spirits NNS division NN up RP for IN sale NN , , triggering VBG a DT scramble NN among IN global JJ groups NNS for IN the DT British JJ company NN 's POS brands NNS . . Whitbread NNP already RB has VBZ been VBN approached VBN by IN `` `` about IN half PDT a DT dozen NN '' '' companies NNS interested JJ in IN buying VBG all DT or CC part NN of IN the DT spirits NNS business NN , , a DT spokesman NN said VBD . . Analysts NNS expect VBP the DT spirits NNS operations NNS and CC some DT California NNP vineyards NNS that WDT also RB are VBP being VBG sold VBN to TO fetch VB about IN # # 500 CD million CD ( ( $ $ 788.8 CD million CD ) ) . . Among IN the DT brands NNS for IN sale NN are VBP Beefeater NNP gin NN , , the DT No. NN 2 CD imported VBN gin NN in IN the DT U.S. NNP , , and CC Laphroaig NNP single-malt JJ whiskey NN . . Also RB for IN sale NN are VBP Buckingham NNP Wile NNP Co. NNP , , which WDT distributes VBZ Cutty NNP Sark NNP blended JJ whiskey NN in IN the DT U.S. NNP , , and CC Whitbread NNP 's POS Atlas NNP Peak NNP Vineyards NNPS in IN California NNP 's POS Napa NNP Valley NNP . . Beefeater NNP alone RB is VBZ worth JJ as IN much RB as IN # # 300 CD million CD , , analysts NNS said VBD . . Whitbread NNP bought VBD the DT Beefeater NNP distillery NN two CD years NNS ago RB for IN # # 174.5 CD million CD . . That DT purchase NN represented VBD an DT attempt NN by IN Whitbread NNP , , a DT venerable JJ British JJ brewer NN , , to TO become VB a DT major JJ player NN in IN the DT global JJ liquor NN business NN . . But CC Whitbread NNP has VBZ been VBN squeezed VBN by IN giant JJ rivals NNS amid IN widespread JJ consolidation NN in IN the DT industry NN . . Now RB , , it PRP wants VBZ to TO concentrate VB on IN beer NN and CC its PRP$ newer JJR hotel NN and CC restaurant NN operations NNS . . For IN rival JJ liquor NN companies NNS , , the DT Whitbread NNP auction NN is VBZ a DT rare JJ opportunity NN to TO acquire VB valuable JJ brands NNS . . `` `` It PRP 's VBZ not RB very RB often RB something NN like IN this DT comes VBZ up RP , , '' '' said VBD Ron NNP Littleboy NNP , , a DT liquor NN company NN analyst NN at IN Nomura NNP Research NNP Institute NNP in IN London NNP . . `` `` The DT division NN will MD be VB sold VBN off RP quite RB rapidly RB , , '' '' predicted VBD Neill NNP Junor NNP , , an DT analyst NN at IN London NNP brokers NNS County NNP NatWest NNP WoodMac NNP . . Among IN possible JJ buyers NNS , , Grand NNP Metropolitan NNP PLC NNP might MD find VB Beefeater NNP a DT useful JJ addition NN to TO its PRP$ portfolio NN . . Grand NNP Met NNP owns VBZ Bombay NNP gin NN , , the DT No. NN 3 CD imported VBN gin NN in IN the DT U.S. NNP ; : rival JJ Guinness NNP PLC NNP has VBZ the DT No. NN 1 CD imported VBN brand NN , , Tanqueray NNP . . The DT Whitbread NNP spirits NNS auction NN `` `` is VBZ an DT extremely RB interesting JJ development NN ... : and CC naturally RB we PRP 'll MD be VB considering VBG it PRP carefully RB , , '' '' a DT Grand NNP Met NNP spokesman NN said VBD . . Guinness NNP , , which WDT owns VBZ several JJ leading VBG whiskey NN brands NNS plus CC Gordon NNP 's POS gin NN , , the DT world NN 's POS No. NN 1 CD gin NN , , is VBZ considered VBN less RBR likely JJ to TO bid VB for IN the DT Whitbread NNP spirits NNS . . A DT Guinness NNP spokesman NN declined VBD to TO comment VB . . Two CD other JJ global JJ liquor NN giants NNS , , Canada NNP 's POS Seagram NNP Co. NNP and CC Britain NNP 's POS Allied-Lyons NNP PLC NNP , , also RB are VBP possible JJ buyers NNS . . Seagram NNP 's POS gin NN is VBZ the DT world NN 's POS No. NN 2 CD gin NN brand NN , , but CC the DT company NN does VBZ n't RB own VB any DT of IN the DT major JJ gin NN brands NNS imported VBN in IN the DT U.S. NNP . . Allied-Lyons NNP , , while IN powerful JJ in IN whiskey NN , , does VBZ n't RB own VB any DT major JJ white-spirit NN brands NNS . . `` `` We PRP will MD certainly RB have VB to TO take VB a DT look NN at IN '' '' the DT Whitbread NNP spirits NNS business NN , , an DT Allied-Lyons NNP spokesman NN said VBD . . `` `` We PRP would MD certainly RB like VB to TO have VB a DT major JJ white-spirits JJ brand NN in IN our PRP$ portfolio NN . . '' '' A DT Seagram NNP spokesman NN in IN New NNP York NNP would MD n't RB comment VB . . Smaller JJR liquor NN companies NNS , , such JJ as IN Brown-Forman NNP Corp. NNP and CC American NNP Brands NNPS Inc. NNP of IN the DT U.S. NNP , , also RB are VBP likely JJ to TO be VB interested JJ . . Such JJ companies NNS `` `` are VBP increasingly RB being VBG left RB behind RB '' '' in IN the DT global JJ liquor NN business NN , , says VBZ Nomura NN 's POS Mr. NNP Littleboy NNP . . In IN New NNP York NNP , , a DT spokesman NN for IN American NNP Brands NNPS would MD n't RB comment VB . . Brown-Forman NNP , , a DT Louisville NNP , , Ky. NNP distiller NN , , also RB declined VBD to TO comment VB . . Whitbread NNP 's POS wine NN , , spirits NNS and CC soft-drink NN operations NNS had VBD trading NN profit NN of IN # # 35.4 CD million CD on IN sales NNS of IN # # 315.5 CD million CD in IN the DT year NN ended VBN Feb. NNP 25 CD . . The DT company NN , , which WDT is VBZ retaining VBG most JJS of IN its PRP$ wine NN and CC all DT of IN its PRP$ soft-drink NN interests NNS , , did VBD n't RB break NN out RP results NNS for IN the DT businesses NNS it PRP plans VBZ to TO sell VB . . But CC analysts NNS estimate VBP their PRP$ trading NN profit NN at IN # # 30 CD million CD . . Whitbread NNP had VBD total JJ pretax JJ profit NN in IN the DT year NN ended VBN Feb. NNP 25 CD of IN # # 223.2 CD million CD , , on IN sales NNS of IN # # 2.26 CD billion CD . . Whitbread NNP 's POS spirits NNS auction NN occurs VBZ amid IN a DT parallel JJ shakeup NN in IN the DT British JJ beer NN industry NN . . Earlier RB this DT year NN , , the DT government NN announced VBD plans NNS to TO foster VB increased VBN competition NN in IN the DT industry NN . . British JJ brewers NNS currently RB own VBP thousands NNS of IN pubs NNS , , which WDT in RB turn RB sell VBP only RB the DT breweries NNS ' POS beer NN and CC soft JJ drinks NNS . . Under IN new JJ rules NNS , , many JJ of IN the DT country NN 's POS pubs NNS would MD become VB `` `` free JJ houses NNS , , '' '' selling VBG beers NNS of IN their PRP$ choice NN . . Whitbread NNP now RB intends VBZ to TO bolster VB its PRP$ brewing NN interests NNS , , in IN an DT effort NN to TO grab VB a DT share NN of IN sales NNS to TO free JJ houses NNS . . The DT company NN , , which WDT last JJ month NN paid VBD # # 50.7 CD million CD for IN regional JJ British JJ brewer NN Boddington NNP Group NNP PLC NNP , , has VBZ about IN 13 CD % NN of IN the DT British JJ beer NN market NN . . Whitbread NNP also RB owns VBZ the DT license NN to TO brew VB and CC distribute VB Heineken NNP and CC Stella NNP Artois NNP beers NNS in IN Britain NNP . . In IN addition NN , , Whitbread NNP intends VBZ to TO focus VB on IN its PRP$ newer JJR hotel NN , , liquor NN store NN and CC restaurant NN businesses NNS in IN Europe NNP and CC North NNP America NNP . . In IN Britain NNP , , those DT interests NNS include VBP the DT Beefeater NNP steakhouse NN chain NN and CC joint JJ ownership NN with IN PepsiCo NNP Inc. NNP of IN the DT country NN 's POS Pizza NNP Hut NNP chain NN . . In IN Canada NNP and CC the DT U.S. NNP , , Whitbread NNP owns VBZ The DT Keg NNP chain NN of IN steak NN and CC seafood NN restaurants NNS . . Focusing VBG on IN beer NN , , restaurants NNS and CC hotels NNS means VBZ `` `` we PRP can MD concentrate VB our PRP$ skills NNS and CC resources NNS more RBR effectively RB , , '' '' Peter NNP Jarvis NNP , , Whitbread NNP 's POS managing NN director NN , , said VBD in IN a DT statement NN . . The DT spirits NNS business NN `` `` would MD require VB substantial JJ additional JJ investment NN to TO enable VB it PRP to TO compete VB effectively RB in IN the DT first JJ division NN of IN global JJ players NNS . . '' '' Whitbread NNP also RB announced VBD that IN Mr. NNP Jarvis NNP , , who WP is VBZ 48 CD , , will MD become VB the DT company NN 's POS chief JJ executive NN March NNP 1 CD . . At IN that DT time NN Sam NNP Whitbread NNP , , the DT company NN 's POS chairman NN and CC a DT descendant NN of IN its PRP$ 18th-century JJ founder NN , , will MD retire VB from IN executive NN duties NNS . . He PRP will MD retain VB the DT honorary JJ title NN of IN non-executive JJ chairman NN . . The DT Treasury NNP plans NNS to TO raise VB $ $ 700 CD million CD in IN new JJ cash NN with IN the DT sale NN Tuesday NNP of IN about IN $ $ 10 CD billion CD in IN two-year JJ notes NNS to TO redeem VB $ $ 9.29 CD billion CD in IN maturing VBG notes NNS . . The DT offering NN will MD be VB dated VBN Oct. NNP 31 CD and CC mature VB Oct. NNP 31 CD , , Tenders NNS for IN the DT notes NNS , , available JJ in IN minimum JJ $ $ 5,000 CD denominations NNS , , must MD be VB received VBN by IN 1 CD p.m. RB EDT NNP Tuesday NNP at IN the DT Treasury NNP or CC at IN Federal NNP Reserve NNP banks NNS or CC branches NNS . . NEWHALL NNP LAND NNP & CC FARMING NNP Co. NNP , , Valencia NNP , , Calif. NNP , , announced VBD a DT 2-for-1 JJ split NN in IN the DT real JJ estate NN limited JJ partnership NN 's POS units NNS and CC increased VBD its PRP$ regular JJ quarterly JJ cash NN distribution NN 33 CD % NN , , to TO 40 CD cents NNS a DT unit NN . . The DT real JJ estate NN limited JJ partnership NN also RB said VBD it PRP will MD pay VB a DT special JJ year-end JJ cash NN distribution NN of IN 10 CD cents NNS a DT unit NN . . Both DT distributions NNS are VBP payable JJ Dec. NNP 4 CD to TO limited JJ partners NNS of IN record NN Nov. NNP 3 CD . . Mellon NNP Bank NNP Corp. NNP said VBD directors NNS authorized VBD the DT buy-back NN of IN as RB many JJ as IN 250,000 CD common JJ shares NNS . . The DT bank NN holding VBG company NN said VBD stock NN repurchased VBN will MD be VB used VBN to TO meet VB requirements NNS for IN the DT company NN 's POS benefit NN plans NNS . . Mellon NNP has VBZ 36.6 CD million CD shares NNS outstanding JJ . . Champion NNP International NNP Corp. NNP 's POS third-quarter NN profit NN dropped VBD 17 CD % NN , , reflecting VBG price NN declines NNS for IN certain JJ paper NN products NNS , , operating VBG problems NNS at IN certain JJ mills NNS , , and CC other JJ factors NNS . . The DT paper NN producer NN reported VBD that DT net JJ income NN fell VBD to TO $ $ 102.1 CD million CD , , or CC $ $ 1.09 CD a DT share NN , , from IN $ $ 122.4 CD million CD , , or CC $ $ 1.29 CD a DT share NN , , in IN the DT year-earlier JJ period NN . . Sales NNS rose VBD 2.6 CD % NN to TO $ $ 1.32 CD billion CD from IN $ $ 1.29 CD billion CD . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Champion NNP 's POS shares NNS rose VBD 25 CD cents NNS to TO $ $ 32.125 CD . . Digital NNP Equipment NNP Corp. NNP is VBZ planning VBG a DT big JJ coming-out JJ party NN on IN Tuesday NNP for IN its PRP$ first JJ line NN of IN mainframe NN computers NNS . . But CC an DT uninvited JJ guest NN is VBZ expected VBN to TO try VB to TO crash VB the DT party NN . . On IN the DT morning NN of IN the DT long-planned JJ announcement NN , , International NNP Business NNP Machines NNPS Corp. NNP is VBZ to TO introduce VB its PRP$ own JJ new JJ mainframe NN . . `` `` Their PRP$ attitude NN is VBZ , , ` `` You PRP want VBP to TO talk VB mainframes NNS , , we PRP 'll MD talk VB mainframes NNS , , ' '' '' '' says VBZ one CD computer NN industry NN executive NN . . `` `` They PRP 're VBP deliberately RB trying VBG to TO steal VB our PRP$ thunder NN , , '' '' a DT Digital NNP executive NN complains VBZ . . `` `` Maybe RB we PRP should MD take VB it PRP as IN a DT compliment NN . . '' '' Digital NNP 's POS target NN is VBZ the DT $ $ 40 CD billion CD market NN for IN mainframe NN computers NNS , , the DT closet-sized JJ number-crunchers NNS that IN nearly RB every DT big JJ company NN needs VBZ to TO run VB its PRP$ business NN . . IBM NNP , , based VBN in IN Armonk NNP , , N.Y. NNP , , has VBZ dominated VBN the DT market NN for IN decades NNS . . That IN does VBZ n't RB scare VB Digital NNP , , which WDT has VBZ grown VBN to TO be VB the DT world NN 's POS second-largest JJ computer NN maker NN by IN poaching VBG customers NNS of IN IBM NNP 's POS mid-range JJ machines NNS . . Digital NNP , , based VBN in IN Maynard NNP , , Mass. NNP , , hopes VBZ to TO stage VB a DT repeat NN performance NN in IN mainframes NNS , , and CC it PRP has VBZ spent VBN almost RB $ $ 1 CD billion CD developing VBG the DT new JJ technology NN . . A DT spoiler NN , , nimble JJ Tandem NNP Computers NNPS Inc. NNP in IN Cupertino NNP , , Calif. NNP , , jumped VBD into IN the DT fray NN earlier RB this DT week NN with IN an DT aggressively RB priced VBN entry NN . . IBM NNP appears VBZ more RBR worried JJ about IN Digital NNP , , which WDT has VBZ a DT broad JJ base NN of IN customers NNS waiting VBG for IN the DT new JJ line NN , , dubbed VBD the DT VAX NNP 9000 CD . . `` `` It PRP 's VBZ going VBG to TO be VB nuclear JJ war NN , , '' '' says VBZ Thomas NNP Willmott NNP , , a DT consultant NN with IN Aberdeen NNP Group NNP Inc NNP . . The DT surge NN in IN competition NN is VBZ expected VBN to TO stir VB new JJ life NN into IN the DT huge JJ mainframe NN market NN , , where WRB growth NN has VBZ slowed VBN to TO single JJ digits NNS in IN recent JJ years NNS . . IBM NNP 's POS traditional JJ mainframe NN rivals NNS , , including VBG Unisys NNP Corp. NNP , , Control NNP Data NNP Corp. NNP and CC NCR NNP Corp. NNP , , have VBP struggled VBN recently RB . . Digital NNP is VBZ promising VBG a DT new JJ approach NN . . Robert NNP M. NNP Glorioso NNP , , Digital NNP 's POS vice NN president NN for IN high JJ performance NN systems NNS , , says VBZ Digital NNP 's POS mainframe NN is VBZ designed VBN not RB as IN a DT central JJ computer NN around IN which WDT everything NN revolves VBZ , , but CC as IN part NN of IN a DT decentralized JJ network NN weaving VBG together RB hundreds NNS of IN workstations NNS , , personal JJ computers NNS , , printers NNS and CC other JJ devices NNS . . And CC unlike IN IBM NNP 's POS water-cooled JJ mainframes NNS , , it PRP does VBZ n't RB need VB any DT plumbing NN . . The DT challengers NNS will MD have VB a DT big JJ price NN advantage NN . . Digital NNP is VBZ expected VBN to TO tag VB its PRP$ new JJ line NN from IN about IN $ $ 1.24 CD million CD to TO $ $ 4.4 CD million CD and CC up RB , , depending VBG on IN configuration NN . . That DT 's VBZ about IN half NN the DT price NN of IN comparably RB equipped VBN IBM NNP mainframes NNS . . Tandem NNP 's POS pricing NN is VBZ just RB as RB aggressive JJ . . The DT heightened JJ competition NN will MD hit VB IBM NNP at IN a DT difficult JJ time NN . . The DT computer NN giant NN 's POS current JJ mainframe NN line NN , , which WDT has VBZ sold VBN well RB and CC has VBZ huge JJ profit NN margins NNS , , is VBZ starting VBG to TO show VB its PRP$ age NN . . The DT new JJ 3090s NNS due JJ next JJ week NN will MD boost VB performance NN by IN only RB about IN 8 CD % NN to TO 10 CD % NN . . And CC IBM NNP is VBZ n't RB expected VBN to TO deliver VB a DT new JJ generation NN of IN mainframes NNS until IN 1991 CD . . Still RB , , no DT one NN expects VBZ IBM NNP 's POS rivals NNS to TO deliver VB a DT knockout NN . . IBM NNP has VBZ a DT near-monopoly NN on IN mainframes NNS , , with IN an DT estimated VBN 70 CD % NN share NN of IN the DT market NN . . IBM NNP is VBZ five CD times NNS the DT size NN of IN Digital NNP -- : and CC 40 CD times NNS the DT size NN of IN Tandem NNP -- : and CC wields VBZ enormous JJ market NN power NN . . It PRP counts VBZ among IN its PRP$ customers NNS a DT majority NN of IN the DT world NN 's POS largest JJS corporations NNS , , which WDT entrust VBP their PRP$ most RBS critical JJ business NN information NN to TO IBM NNP computers NNS . . `` `` We PRP 're VBP not RB going VBG to TO walk VB in RB and CC replace VB a DT company NN 's POS corporate JJ accounting NN system NN if IN it PRP 's VBZ already RB running VBG on IN an DT IBM NNP mainframe NN , , '' '' concedes VBZ Kenneth NNP H. NNP Olsen NNP , , Digital NNP 's POS president NN . . He PRP says VBZ Digital NNP will MD target VB faster-growing JJR market NN segments NNS such JJ as IN on-line JJ transaction NN processing NN , , which WDT includes VBZ retail-sales NNS tracking NN , , airline NN reservations NNS and CC bank-teller NN networks NNS . . Tandem NNP , , which WDT already RB specializes VBZ in IN on-line JJ transaction NN processing NN , , is VBZ a DT potent JJ competitor NN in IN that DT market NN . . A DT key NN marketing NN target NN for IN Digital NNP will MD be VB the DT large JJ number NN of IN big JJ customers NNS who WP already RB own VBP both DT Digital NNP and CC IBM NNP systems NNS . . One CD such JJ company NN is VBZ Bankers NNPS Trust NNP Co NNP . . Stanley NNP Rose NNP , , a DT vice NN president NN , , technological JJ and CC strategic JJ planning NN at IN Bankers NNPS Trust NNP , , says VBZ that IN despite IN Digital NNP 's POS low JJ prices NNS , , `` `` we PRP are VBP n't RB about IN to TO unplug VB our PRP$ IBM NNP mainframes NNS for IN a DT DEC NNP machine NN . . The DT software NN conversion NN costs NNS would MD dwarf VB any DT savings NNS . . '' '' But CC Mr. NNP Rose NNP is VBZ still RB looking VBG seriously RB at IN the DT 9000 CD . . Bankers NNPS Trust NNP uses VBZ Digital NNP 's POS VAX NNP to TO run VB its PRP$ huge JJ money-transfer NN and CC capital NN markets NNS accounts NNS , , juggling VBG hundreds NNS of IN billions NNS of IN dollars NNS each DT day NN , , he PRP says VBZ . . As IN that DT system NN grows VBZ , , larger JJR computers NNS may MD be VB needed VBN . . `` `` In IN the DT past NN , , customers NNS had VBD to TO go VB to TO IBM NNP when WRB they PRP outgrew VBD the DT VAX NNP . . Now RB they PRP do VBP n't RB have VB to TO , , '' '' he PRP says VBZ . . `` `` That DT 's VBZ going VBG to TO cost VB IBM NNP revenue NN . . '' '' Analysts NNS say VBP Digital NNP can MD expect VB this DT pent-up JJ demand NN for IN the DT new JJ VAX NNP to TO fuel VB strong JJ sales NNS next IN year NN . . Barry NNP F. NNP Willman NNP , , an DT analyst NN at IN Sanford NNP C. NNP Bernstein NNP & CC Co. NNP , , estimates VBZ the DT 9000 CD could MD boost VB sales NNS by IN more JJR than IN $ $ 1 CD billion CD in IN the DT fiscal JJ year NN beginning VBG in IN July NNP . . He PRP bases VBZ the DT estimate NN on IN a DT survey NN of IN hundreds NNS of IN Digital NNP 's POS largest JJS customers NNS . . Although IN Digital NNP will MD announce VB a DT full JJ family NN of IN mainframes NNS next IN week NN , , it PRP is VBZ n't RB expected VBN to TO begin VB shipping VBG in IN volume NN until IN next JJ year NN . . The DT first JJ model NN available JJ will MD be VB the DT 210 CD , , which WDT is VBZ likely JJ to TO appeal VB to TO many JJ technical JJ and CC scientific JJ buyers NNS interested VBN in IN the DT optional JJ super-charger NN , , or CC vector NN processor NN , , says VBZ Terry NNP Shannon NNP of IN International NNP Data NNP Corp. NNP , , a DT market NN research NN concern NN . . Four CD more JJR models NNS , , aimed VBD squarely RB at IN IBM NNP 's POS commercial JJ customers NNS , , are VBP expected VBN to TO begin VB shipping VBG in IN late JJ June NNP . . Most JJS analysts NNS do VBP n't RB expect VB the DT new JJ mainframes NNS to TO begin VB contributing VBG significantly RB to TO revenue NN before IN the DT fiscal JJ first JJ quarter NN , , which WDT begins VBZ next JJ July NNP 1 CD . . Digital NNP 's POS new JJ line NN has VBZ been VBN a DT long JJ time NN coming VBG . . The DT company NN has VBZ long RB struggled VBN to TO deliver VB a DT strong JJ mainframe-class JJ product NN , , and CC made VBD a DT costly JJ decision NN in IN 1988 CD to TO halt VB development NN of IN an DT interim JJ product NN meant VBN to TO stem VB the DT revenue NN losses NNS at IN the DT high JJ end NN . . Digital NNP 's POS failure NN to TO deliver VB a DT true JJ mainframe-class JJ machine NN before IN now RB may MD have VB cost VBN the DT company NN as RB much RB as IN $ $ 1 CD billion CD in IN revenue NN in IN fiscal JJ 1989 CD , , Mr. NNP Willman NNP says VBZ . . IBM NNP will MD face VB still RB more JJR competition NN in IN coming VBG months NNS . . Amdahl NNP Corp. NNP , , backed VBN by IN Japan NNP 's POS Fujitsu NNP Ltd. NNP , , has VBZ a DT growing VBG share NN of IN the DT market NN with IN its PRP$ low-priced JJ , , IBM-compatible JJ machines NNS . . And CC National NNP Advanced NNP Systems NNPS , , a DT joint JJ venture NN of IN Japan NNP 's POS Hitachi NNP Ltd. NNP and CC General NNP Motors NNPS Corp. NNP 's POS Electronic NNP Data NNPS Systems NNP , , is VBZ expected VBN to TO unveil VB a DT line NN of IN powerful JJ IBM-compatible JJ mainframes NNS later RB this DT year NN . . NOTE VB : : NAS NNP is VBZ National NNP Advanced NNP Systems NNPS , , CDC NNP -- : Control NNP Data NNPS Corp. NNP , , Bull NNP NH NNP Information NNP Systems NNPS Inc NNP . . Source NN : : International NNP Data NNP Corp NNP . . Compiled VBN by IN Publishers NNPS Weekly NNP from IN data NNS from IN large-city JJ bookstores NNS , , bookstore NN chains NNS and CC local JJ bestseller NN lists NNS across IN the DT U.S. NNP . . Copyright NN 1989 CD by IN Reed NNP Publishing NNP USA NNP . . The DT frenetic JJ stock NN and CC bond NN markets NNS cooled VBD off RB , , but CC the DT dollar NN slumped VBD . . Stocks NNS rose VBD slightly RB as IN trading NN activity NN slowed VBD from IN the DT frenzied JJ pace NN earlier RB this DT week NN . . Prices NNS of IN long-term JJ Treasury NNP bonds NNS hovered VBD in IN a DT narrow JJ band NN most JJS of IN the DT day NN , , finishing VBG little RB changed JJ despite IN the DT dollar NN 's POS weakness NN and CC fears NNS about IN a DT wave NN of IN government NN borrowing NN coming VBG soon RB . . Helped VBN by IN futures-related JJ program NN buying NN , , the DT Dow NNP Jones NNP Industrial NNP Average NNP gained VBD 4.92 CD points NNS to TO close VB at IN 2643.65 CD . . But CC the DT Dow NNP Jones NNP Transportation NNP Average NNP fell VBD for IN the DT seventh-consecutive JJ session NN as IN more JJR investors NNS dumped VBD UAL NNP shares NNS . . Bond NN prices NNS rallied VBD early JJ yesterday NN morning NN as IN traders NNS scrambled VBD to TO buy VB Treasury NNP issues NNS on IN fears NNS that IN the DT Northern JJ California NNP earthquake NN might MD lead VB to TO a DT stock-market NN debacle NN . . But CC when WRB stocks NNS held VBD steady RB , , Treasury NNP bonds NNS later RB retreated VBD . . Speculation NN that IN the DT Federal NNP Reserve NNP will MD lower VB interest NN rates NNS in IN coming VBG weeks NNS helped VBD push VB the DT dollar NN down RB while NN boosting VBG stocks NNS , , traders NNS said VBD . . But CC many JJ investors NNS remain VBP wary JJ about IN stocks NNS , , partly RB because IN they PRP expect VBP continued VBN turbulence NN in IN the DT junk-bond NN market NN that WDT would MD make VB it PRP more RBR difficult JJ to TO finance VB corporate JJ takeovers NNS . . `` `` I PRP 'm VBP surprised VBN we PRP did VBD n't RB see VB more JJR volatility NN '' '' in IN stocks NNS , , said VBD Raymond NNP F. NNP DeVoe NNP Jr. NNP , , market NN strategist NN at IN Legg NNP Mason NNP Wood NNP Walker NNP . . `` `` I PRP think VBP the DT problems NNS in IN the DT junk-bond NN area NN are VBP just RB beginning VBG , , and CC this DT will MD be VB very RB unsettling JJ for IN companies NNS that WDT have VBP issued VBN junk NN bonds NNS . . In IN a DT bull NN market NN , , credit NN does VBZ not RB matter NN , , '' '' Mr. NNP DeVoe NNP added VBD . . `` `` But CC when WRB it PRP does VBZ matter NN , , then RB it PRP 's VBZ the DT only JJ thing NN that IN matters NNS . . '' '' However RB , , many JJ institutional JJ investors NNS are VBP reacting VBG to TO the DT stock NN market NN 's POS plunge NN as IN `` `` a DT great JJ buying NN opportunity NN , , '' '' said VBD Charles NNP I. NN Clough NNP , , chief JJ investment NN strategist NN at IN Merrill NNP Lynch NNP Capital NNP Markets NNPS . . `` `` Things NNS are VBP beginning VBG to TO settle VB down RB . . The DT markets NNS are VBP returning VBG to TO normalcy NN . . '' '' Oil NN prices NNS initially RB rose VBD on IN fears NNS that IN the DT massive JJ earthquake NN in IN Northern JJ California NNP would MD disrupt VB production NN . . But CC prices NNS later RB reversed VBD course NN , , finishing VBG slightly RB lower RBR , , as IN investors NNS concluded VBD that IN any DT cuts NNS would MD n't RB be VB large JJ and CC that IN foreign JJ oil NN producers NNS would MD quickly RB pick VB up RP the DT slack NN . . In IN major JJ market NN activity NN : : Stock NNP prices NNS rose VBD . . New NNP York NNP Stock NNP Exchange NNP volume NN shrank VBD to TO 166.9 CD million CD shares NNS from IN 224.1 CD million CD Tuesday NNP . . Advancers NNS on IN the DT Big NNP Board NNP outpaced VBD decliners NNS by IN 822 CD to TO 668 CD . . Bond NN prices NNS were VBD little RB changed JJ in IN sluggish JJ activity NN . . The DT yield NN on IN the DT Treasury NNP 's POS 30-year JJ issue NN fell VBD slightly RB to TO 8.03 CD % NN . . The DT dollar NN dropped VBD . . In IN New NNP York NNP late JJ yesterday NN , , the DT currency NN was VBD at IN 141.45 CD yen NNS and CC 1.8485 CD marks NNS , , down RB from IN 142.75 CD yen NNS and CC 1.8667 CD marks NNS late JJ Tuesday NNP . . James NNP L. NNP Madson NNP , , 46 CD years NNS old JJ , , was VBD named VBN a DT vice NN president NN and CC assistant JJ general JJ manager NN of IN this DT producer NN of IN copper NN and CC other JJ minerals NNS . . He PRP will MD succeed VB Arthur NNP E. NNP Himebaugh NNP as IN general JJ manager NN Feb. NNP 1 CD , , when WRB Mr. NNP Himebaugh NNP retires VBZ . . AMR NNP Corp. NNP posted VBD an DT 8.8 CD % NN drop NN in IN third-quarter JJ net JJ income NN and CC said VBD the DT fourth JJ quarter NN will MD be VB `` `` disappointing JJ '' '' as IN well RB , , primarily RB because IN of IN slimmer JJR profit NN margins NNS and CC increased VBN fuel NN costs NNS . . AMR NNP 's POS earnings NNS decline NN comes VBZ a DT year NN after IN the DT parent NN company NN of IN American NNP Airlines NNPS and CC the DT rest NN of IN the DT airline NN industry NN set VBD profit NN records NNS . . Some DT analysts NNS say VBP the DT latest JJS results NNS only RB seem VBP pale JJ by IN comparison NN with IN a DT spectacular JJ second JJ half NN of IN 1988 CD . . Still RB , , AMR NNP 's POS stumble NN does VBZ n't RB bode VB well RB for IN the DT rest NN of IN the DT industry NN . . The DT Fort NNP Worth NNP , , Texas NNP , , company NN is VBZ generally RB regarded VBN as IN one CD of IN the DT best-run JJS in IN the DT business NN , , and CC its PRP$ difficulties NNS are VBP likely JJ to TO be VB reflected VBN industrywide RB as IN other JJ major JJ carriers NNS report VBP third-quarter JJ results NNS over IN the DT next JJ several JJ days NNS . . Meanwhile RB , , the DT company NN 's POS board NN , , which WDT had VBD said VBN nothing NN publicly RB about IN investor NN Donald NNP Trump NNP 's POS recently RB withdrawn VBN $ $ 7.5 CD billion CD offer NN for IN AMR NNP , , issued VBD a DT statement NN condemning VBG `` `` ill-conceived JJ and CC reckless JJ '' '' bids NNS and CC saying VBG it PRP was VBD `` `` pleased JJ '' '' that IN Mr. NNP Trump NNP had VBD backed VBN out RB . . In IN the DT third JJ quarter NN , , AMR NNP said VBD , , net NN fell VBD to TO $ $ 137 CD million CD , , or CC $ $ 2.16 CD a DT share NN , , from IN $ $ 150.3 CD million CD , , or CC $ $ 2.50 CD a DT share NN . . Revenue NN rose VBD 17 CD % NN to TO $ $ 2.73 CD billion CD from IN $ $ 2.33 CD billion CD a DT year NN earlier RB . . AMR NNP 's POS chairman NN , , Robert NNP L. NNP Crandall NNP , , said VBD the DT results NNS were VBD due JJ to TO an DT 11 CD % NN year-to-year JJ increase NN in IN fuel NN prices NNS and CC a DT slight JJ decrease NN in IN yield NN , , an DT industry NN measure NN analogous JJ to TO profit NN margin NN on IN each DT seat NN sold VBN . . `` `` We PRP think VBP these DT trends NNS will MD continue VB and CC will MD produce VB a DT very RB disappointing JJ fourth JJ quarter NN as IN well RB , , '' '' he PRP said VBD . . Tim NNP Pettee NNP , , an DT analyst NN with IN Merrill NNP Lynch NNP & CC Co. NNP , , said VBD : : `` `` The DT business NN turned VBD faster RBR than IN expected VBN . . Costs NNS are VBP giving VBG them PRP a DT little JJ bit NN of IN trouble NN , , and CC the DT whole JJ industry NN is VBZ having VBG a DT pricing NN problem NN . . '' '' For IN the DT nine CD months NNS , , AMR NNP 's POS net NN rose VBD 15 CD % NN to TO $ $ 415.9 CD million CD , , or CC $ $ 6.59 CD a DT share NN , , from IN $ $ 360.1 CD million CD , , or CC $ $ 5.99 CD a DT share NN . . Revenue NN jumped VBD 22 CD % NN to TO $ $ 7.89 CD billion CD from IN $ $ 6.46 CD billion CD . . AMR NNP 's POS board NN , , in IN a DT statement NN after IN a DT regular JJ meeting NN yesterday NN , , said VBD : : `` `` Ill-considered JJ and CC reckless JJ acquisition NN proposals NNS adversely RB affect VBP employee NN , , financial JJ and CC business NN relationships NNS and CC are VBP contrary JJ to TO the DT best JJS interests NNS of IN AMR NNP shareholders NNS ... : . . AMR NNP has VBZ not RB been VBN , , and CC is VBZ not RB , , for IN sale NN . . '' '' Mr. NNP Crandall NNP said VBD the DT company NN 's POS current JJ decline NN in IN earnings NNS is VBZ exactly RB the DT kind NN of IN situation NN that IN an DT excessively RB leveraged JJ company NN laden JJ with IN debt NN from IN a DT takeover NN would MD find VB difficult JJ to TO weather VB . . `` `` Our PRP$ very RB disappointing JJ third-quarter JJ results NNS and CC the DT discouraging JJ outlook NN for IN the DT fourth JJ quarter NN underscore VBP the DT importance NN of IN an DT adequate JJ capital NN base NN , , '' '' he PRP said VBD . . Christopher NNP Whittington NNP , , 51-year-old JJ deputy NN chairman NN of IN this DT British JJ investment-banking NN group NN and CC chairman NN of IN Morgan NNP Grenfell NNP & CC Co. NNP , , the DT group NN 's POS main JJ banking NN unit NN , , has VBZ retired VBN from IN his PRP$ executive NN duties NNS . . Succeeding VBG Mr. NNP Whittington NNP as IN deputy NN chairman NN of IN the DT group NN is VBZ Anthony NNP Richmond-Watson NNP , , 43 CD , , currently RB a DT main JJ board NN member NN . . Succeeding VBG Mr. NNP Whittington NNP at IN Morgan NNP Grenfell NNP & CC Co. NNP is VBZ Richard NNP Webb NNP , , 50 CD , , currently RB deputy NN chairman NN . . Mr. NNP Whittington NNP will MD remain VB on IN the DT main JJ group NN board NN as IN a DT nonexecutive JJ director NN . . Without IN federal JJ subsidies NNS to TO developers NNS of IN beach NN houses NNS , , the DT economic JJ and CC structural JJ damage NN by IN Hurricane NNP Hugo NNP in IN South NNP Carolina NNP would MD have VB been VBN much RB less JJR , , as RB highlighted VBN by IN your PRP$ Oct. NNP 3 CD editorial NN `` `` Subsidizing VBG Disaster NN . . '' '' Congress NNP should MD stop VB throwing VBG tax NN dollars NNS out IN to TO sea NN by IN subsidizing VBG the DT development NN of IN beach NN communities NNS on IN ecologically RB fragile JJ coastal JJ barrier NN islands NNS , , such JJ as IN the DT hard-hit JJ Isle NNP of IN Palms NNPS near IN Charleston NNP . . As IN you PRP mentioned VBD , , subsidies NNS for IN development NN on IN a DT number NN of IN barrier NN islands NNS were VBD curtailed VBN in IN 1982 CD by IN the DT Coastal NNP Barrier NNP Resource NNP System NNP . . The DT National NNP Taxpayers NNPS Union NNP would MD like VB Congress NNP to TO add VB 800,000 CD acres NNS to TO the DT 453,000 CD of IN shoreline NN in IN the DT system NN by IN enacting VBG `` `` The DT Coastal NNP Barrier NNP Improvement NNP Act NNP of IN 1989 CD . . '' '' This DT bill NN simply RB says VBZ that IN if IN you PRP want VBP to TO develop VB property NN on IN a DT barrier NN island NN you PRP have VBP to TO do VB so RB without IN taxpayer NN support NN . . Private-property NN rights NNS would MD be VB upheld VBN because IN the DT legislation NN would MD not RB ban VB coastal JJ development NN . . However RB , , home NN builders NNS would MD have VB to TO bear VB the DT full JJ costs NNS of IN such JJ beach-house NN construction NN . . A DT Taxpayers NNPS Union NNP study NN concluded VBD the DT bill NN would MD save VB taxpayers NNS up IN to TO $ $ 9.3 CD billion CD in IN barrier-island NN subsidies NNS over IN 20 CD years NNS . . Already RB , , the DT 1982 CD legislation NN has VBZ saved VBN an DT estimated VBN $ $ 800 CD million CD . . Marshall NNP Y. NNP Taylor NNP Communications NNPS Director NNP National NNP Taxpayers NNPS Union NNP The DT government NN said VBD 13.1 CD % NN of IN Americans NNPS , , or CC 31.9 CD million CD people NNS , , were VBD living VBG in IN poverty NN in IN 1988 CD . . While IN last JJ year NN 's POS figure NN was VBD down RB from IN 13.4 CD % NN in IN 1987 CD and CC marked VBD the DT fifth JJ consecutive JJ annual JJ decline NN in IN the DT poverty NN rate NN , , the DT Census NNP Bureau NNP said VBD the DT 1988 CD drop NN was VBD n't RB statistically RB significant JJ . . The DT bureau NN 's POS report NN also RB showed VBD that IN while IN some DT measures NNS of IN the DT nation NN 's POS economic JJ well-being NN improved VBN modestly RB in IN 1988 CD , , the DT fruits NNS of IN prosperity NN were VBD shared VBN less RBR equitably RB than IN the DT year NN before RB . . Summarizing VBG data NNS derived VBN from IN a DT March NNP 1989 CD survey NN of IN 58,000 CD households NNS , , William NNP Butz NNP , , associate JJ director NN of IN the DT Census NNP Bureau NNP , , said VBD that IN `` `` most JJS groups NNS either CC stayed VBD the DT same JJ or CC improved VBD . . '' '' But CC , , he PRP added VBD , , `` `` Since IN the DT late JJ 1960s NNS , , the DT distribution NN of IN income NN has VBZ been VBN slowly RB getting VBG less RBR equal JJ . . There EX was VBD no DT reversal NN { ( of IN that DT trend NN } ) between IN 1987 CD and CC 1988 CD . . '' '' Per IN capita NN income NN , , a DT widely RB used JJ measure NN of IN a DT nation NN 's POS economic JJ health NN , , hit VBD a DT record NN in IN 1988 CD , , rising VBG 1.7 CD % NN after IN inflation NN adjustment NN to TO $ $ 13,120 CD . . But CC the DT median JJ income NN of IN American JJ families NNS fell VBD 0.2 CD % NN , , the DT first JJ time NN it PRP has VBZ failed VBN to TO rise VB since IN 1982 CD . . Mr. NNP Butz NNP said VBD the DT divergence NN in IN the DT two CD measures NNS reflects VBZ changes NNS in IN family NN size NN and CC structure NN , , including VBG the DT rising VBG number NN of IN female-headed JJ families NNS and CC a DT sharp JJ increase NN in IN income NN reported VBN by IN Americans NNPS who WP are VBP n't RB living VBG in IN families NNS . . As IN a DT result NN of IN last JJ year NN 's POS decline NN , , the DT government NN 's POS estimate NN for IN the DT number NN of IN people NNS living VBG below IN the DT poverty NN line NN declined VBN by IN about IN 500,000 CD . . The DT poverty NN threshold NN , , defined VBN as IN three CD times NNS food NN expenses NNS as IN calculated VBN by IN the DT Agricultural NNP Department NNP , , last JJ year NN was VBD $ $ 12,092 CD for IN a DT family NN of IN four CD . . The DT Census NNP Bureau NNP counts VBZ all DT cash NN income NN in IN determining VBG whether IN families NNS are VBP below IN the DT line NN , , but CC it PRP does VBZ n't RB consider VB other JJ government NN benefits NNS , , such JJ as IN Medicare NNP . . Thanks NNS largely RB to TO the DT continued JJ growth NN of IN the DT U.S. NNP economy NN , , the DT poverty NN rate NN is VBZ now RB substantially RB lower JJR than IN the DT 1983 CD peak NN of IN 15.3 CD % NN , , but CC the DT improvements NNS have VBP been VBN modest JJ in IN the DT past JJ couple NN of IN years NNS . . Poverty NN remains VBZ far RB more RBR widespread JJ among IN blacks NNS than IN other JJ Americans NNPS . . In IN 1988 CD , , 31.6 CD % NN of IN blacks NNS lived VBN in IN poverty NN , , compared VBN with IN 10.1 CD % NN for IN whites NNS and CC 26.8 CD % NN for IN Hispanics NNPS . . But CC two-thirds NNS of IN all DT poor JJ Americans NNPS were VBD white JJ . . More JJR than IN half DT of IN poor JJ families NNS were VBD headed VBN by IN women NNS living VBG without IN men NNS , , the DT bureau NN said VBD . . More JJR than IN three-fourths NNS of IN poor JJ black JJ families NNS were VBD headed VBN by IN women NNS . . The DT poverty NN rate NN of IN children NNS under IN 18 CD years NNS old JJ dropped VBD last JJ year NN to TO 19.7 CD % NN from IN 20.5 CD % NN in IN 1987 CD , , but CC remained VBD far RB higher JJR than IN a DT decade NN ago RB . . The DT rate NN among IN the DT elderly JJ -- : 12 CD % NN in IN 1988 CD -- : was VBD n't RB significantly RB lower JJR than IN the DT year NN before RB . . If IN it PRP were VBD n't RB for IN Social NNP Security NNP payments NNS , , more JJR than IN three CD times NNS as IN many JJ elderly JJ would MD be VB below IN the DT poverty NN line NN , , Mr. NNP Butz NNP said VBD . . The DT Census NNP Bureau NNP also RB said VBD : : -- : Some DT 17.2 CD % NN of IN all DT money NN income NN received VBN by IN families NNS in IN 1988 CD went VBD to TO the DT wealthiest JJS 5 CD % NN of IN all DT families NNS , , up RB from IN 16.9 CD % NN in IN 1987 CD . . That DT is VBZ the DT greatest JJS share NN reported VBN for IN any DT year NN since IN 1950 CD , , although IN changing JJ definitions NNS over IN the DT years NNS distort VBP the DT comparison NN . . -- : The DT top JJ fifth NN of IN all DT families NNS got VBD 44 CD % NN of IN the DT income NN , , up RB from IN 41.5 CD % NN a DT decade NN earlier RB . . The DT bottom JJ fifth JJ of IN all DT families NNS got VBD 4.6 CD % NN of IN the DT income NN , , down RB from IN 5.2 CD % NN a DT decade NN earlier RB . . -- : Confirming VBG other JJ government NN data NNS showing VBG that IN wages NNS are VBP n't RB keeping VBG pace NN with IN inflation NN , , earnings NNS of IN year-round JJ , , full-time JJ male NN workers NNS fell VBD 1.3 CD % NN in IN 1988 CD after IN adjusting VBG for IN higher JJR prices NNS , , the DT first JJ such JJ drop NN since IN 1982 CD . . Earnings NNS of IN female JJ workers NNS were VBD unchanged JJ . . -- : Women NNS working VBG full-time RB earned VBD 66 CD cents NNS for IN every DT dollar NN earned VBN by IN men NNS , , a DT penny NN more RBR than IN in IN 1987 CD and CC seven CD cents NNS more RBR than IN in IN 1978 CD . . -- : Median JJ household NN income NN -- : which WDT includes VBZ both DT those DT living VBG in IN families NNS and CC those DT who WP are VBP n't RB -- : rose VBD 0.3 CD % NN last JJ year NN to TO $ $ 27,225 CD after IN inflation NN . . It PRP rose VBD sharply RB in IN the DT Northeast NNP and CC Midwest NNP and CC fell VBD slightly RB in IN the DT South NNP and CC West NNP . . Median JJ family NN income NN was VBD $ $ 32,191 CD , , down RB 0.2 CD % NN . . -- : Per IN capita NN income NN of IN blacks NNS , , though IN still RB only RB 60 CD % NN that IN of IN whites NNS , , rose VBD 3.9 CD % NN in IN 1988 CD , , while IN per IN capita NN income NN of IN whites NNS rose VBD only RB 1.5 CD % NN . . -- : Among IN married JJ couples NNS , , the DT gap NN between IN blacks NNS and CC whites NNS narrowed VBN sharply RB , , as IN income NN of IN black JJ families NNS shot VBD up RB 6.8 CD % NN while NN income NN of IN whites NNS did VBD n't RB budge VB . . Fueling VBG a DT controversy NN that WDT has VBZ been VBN simmering VBG for IN years NNS , , the DT Census NNP Bureau NNP also RB said VBD its PRP$ figures NNS would MD look VB far RB rosier RBR if IN it PRP recalculated VBD the DT poverty NN threshold NN using VBG an DT improved VBN consumer-price NN measure NN adopted VBN in IN 1983 CD . . The DT bureau NN said VBD some DT 3.5 CD million CD fewer JJR people NNS would MD have VB fallen VBN below IN the DT poverty NN line NN in IN 1988 CD -- : and CC the DT poverty NN rate NN would MD have VB been VBN 10.5 CD % NN instead RB of IN 13.1 CD % NN -- : under IN the DT alternative JJ calculation NN . . Critics NNS on IN the DT left NN and CC right NN have VBP been VBN calling VBG for IN all DT sorts NNS of IN revisions NNS to TO the DT measure NN for IN years NNS . . A DT report NN by IN the DT staff NN of IN the DT Joint NNP Economic NNP Committee NNP of IN Congress NNP released VBN yesterday NN concluded VBD , , `` `` It PRP is VBZ misleading VBG to TO make VB this DT change NN without IN adjusting VBG for IN other JJ changes NNS . . '' '' The DT official JJ poverty NN threshold NN is VBZ set VBN by IN the DT Office NNP of IN Management NNP and CC Budget NNP . . John NNP E. NNP Hayes NNP Jr. NNP was VBD elected VBN chairman NN , , president NN and CC chief JJ executive NN officer NN , , succeeding VBG David NNP S. NNP Black NNP , , who WP retired VBD . . Mr. NNP Hayes NNP , , 52 CD years NNS old JJ , , left VBD Southwestern NNP Bell NNP Telephone NNP Co. NNP in IN January NNP , , where WRB he PRP had VBD been VBN chairman NN , , president NN and CC chief JJ executive NN , , to TO join VB Triad NNP Capital NNP Partners NNPS , , a DT St. NNP Louis NNP company NN with IN interests NNS in IN solid JJ waste NN and CC recycling NN , , telecommunications NN and CC international JJ venture NN capital NN . . He PRP has VBZ resigned VBN his PRP$ posts NNS at IN Triad NNP to TO take VB the DT Kansas NNP Power NNP positions NNS . . Kansas NNP Power NNP said VBD Mr. NNP Black NNP , , 61 CD , , chose VBD early JJ retirement NN . . The DT space NN shuttle NN Atlantis NNS boosted VBD the DT Galileo NNP spacecraft NN on IN its PRP$ way NN to TO Jupiter NNP , , giving VBG a DT big JJ lift NN as RB well RB to TO an DT ambitious JJ U.S. NNP program NN of IN space NN exploration NN . . Seven CD years NNS late JJ in IN the DT launching NN , , $ $ 1 CD billion CD over IN budget NN and CC a DT target NN of IN anti-nuclear JJ protestors NNS , , Galileo NNP has VBZ long RB been VBN a DT symbol NN of IN trouble NN for IN the DT National NNP Aeronautics NNP and CC Space NNP Administration NNP . . But CC yesterday NN , , as IN Atlantis NNP rumbled VBD into IN a DT patch NN of IN clear JJ sky NN above IN Florida NNP with IN storm NN clouds NNS closing VBG in RP on IN it PRP , , NASA NNP sought VBD to TO turn VB Galileo NNP into IN a DT symbol NN of IN triumph NN . . `` `` NASA NNP did VBD it PRP right RB ; : that DT 's VBZ the DT message NN , , '' '' said VBD J.R. NNP Thompson NNP , , the DT agency NN 's POS deputy NN administrator NN . . The DT $ $ 1.4 CD billion CD robot NN spacecraft NN faces VBZ a DT six-year JJ journey NN to TO explore VB Jupiter NNP and CC its PRP$ 16 CD known JJ moons NNS . . If IN all DT goes VBZ well RB , , it PRP will MD parachute VB a DT probe NN into IN the DT dense JJ Jovian JJ atmosphere NN in IN July NNP 1995 CD to TO pick VB up RP detailed JJ data NNS about IN gases NNS that WDT may MD be VB similar JJ to TO the DT material NN from IN which WDT the DT solar JJ system NN was VBD formed VBN 4.6 CD billion CD years NNS ago RB . . Jupiter NNP is VBZ so RB enormous JJ -- : its PRP$ mass NN is VBZ 318 CD times NNS that IN of IN Earth NNP -- : that IN its PRP$ gravity NN may MD have VB trapped VBN these DT primordial JJ gases NNS and CC never RB let VB them PRP escape VB . . Investigating VBG Jupiter NNP in IN detail NN may MD provide VB clues NNS to TO what WP astronomer NN Tobias NNP Owen NNP calls VBZ the DT `` `` cosmic JJ paradox NN '' '' of IN life NN : : Jupiter NNP and CC other JJ bodies NNS in IN the DT outer JJ solar JJ system NN are VBP rich JJ in IN elements NNS such JJ as IN hydrogen NN that WDT are VBP essential JJ for IN life NN on IN Earth NNP , , but CC these DT planets NNS are VBP lifeless JJ ; : Earth NNP , , on IN the DT other JJ hand NN , , has VBZ a DT diminished JJ store NN of IN such JJ material NN but CC is VBZ rich JJ in IN life NN . . Some DT scientists NNS have VBP suggested VBN that IN comets NNS and CC asteroids NNS may MD have VB brought VBN enough JJ of IN this DT kind NN of IN material NN from IN the DT outer JJ solar JJ system NN to TO Earth NNP to TO spawn VB life NN . . Beginning VBG in IN December NNP 1995 CD , , Galileo NNP will MD begin VB a DT two-year JJ tour NN of IN the DT Jovian JJ moons NNS . . In IN 1979 CD , , two CD Voyager NNP spacecraft NN sent VBD back RB stunning JJ photos NNS of IN Jovian JJ moons NNS Io NNP and CC Europa NNP that WDT showed VBD them PRP to TO be VB among IN the DT most RBS intriguing JJ bodies NNS in IN the DT solar JJ system NN . . The DT photos NNS showed VBD active JJ geysers NNS on IN Io NNP spewing VBG sulfurous JJ material NN 190 CD miles NNS into IN its PRP$ atmosphere NN and CC indicated VBD that IN Europa NNP may MD have VB an DT ocean NN hidden VBN under IN a DT thick JJ sheet NN of IN ice NN . . Galileo NNP 's POS photos NNS of IN Europa NN will MD be VB more JJR than IN 1,000 CD times NNS as RB sharp JJ as IN Voyager NNP 's POS , , according VBG to TO Torrence NNP Johnson NNP , , Galileo NNP 's POS project NN scientist NN , , and CC may MD show VB whether IN it PRP actually RB has VBZ the DT only RB known JJ ocean NN other JJ than IN those DT on IN Earth NNP . . Atlantis NNP lifted VBD Galileo NNP from IN the DT launch NN pad NN at IN 12:54 CD p.m. RB EDT NNP and CC released VBD the DT craft NN from IN its PRP$ cargo NN bay NN about IN six CD hours NNS later RB . . `` `` Galileo NNP is VBZ on IN its PRP$ way NN to TO another DT world NN in IN the DT hands NNS of IN the DT best JJS flight NN controllers NNS in IN this DT world NN , , '' '' Atlantis NNP Commander NNP Donald NNP Williams NNP said VBD . . `` `` Fly VB safely RB . . '' '' The DT five-member JJ Atlantis NNP crew NN will MD conduct VB several JJ experiments NNS , , including VBG growing VBG plants NNS and CC processing VBG polymeric JJ materials NNS in IN space NN , , before IN their PRP$ scheduled VBN landing NN at IN Edwards NNP Air NNP Force NNP Base NNP , , Calif. NNP , , Monday NNP . . The DT Galileo NNP project NN started VBN in IN 1977 CD , , and CC a DT number NN of IN project NN veterans NNS were VBD on IN hand NN to TO watch VB the DT launch NN . . An DT ebullient JJ Mr. NNP Johnson NNP , , wearing VBG a DT NASA NNP baseball NN cap NN and CC carrying VBG a DT camera NN and CC binoculars NNS , , called VBD the DT launch NN `` `` fantastic JJ . . '' '' Benny NNP Chin NNP , , manager NN of IN the DT Galileo NNP probe NN , , compared VBD it PRP to TO watching VBG a DT child NN leave VB home RB . . `` `` I PRP 'm VBP happy JJ and CC sad JJ , , '' '' he PRP said VBD . . Anti-nuclear JJ activists NNS took VBD a DT less RBR positive JJ view NN . . Having VBG argued VBN that IN Galileo NNP 's POS plutonium NN power NN source NN could MD have VB released VBN lethal JJ doses NNS of IN radiation NN if IN the DT shuttle NN exploded VBD yesterday RB , , they PRP were VBD n't RB quieted VBN by IN yesterday NN 's POS successful JJ launch NN . . Galileo NNP will MD skim VB past IN Earth NNP in IN 1990 CD and CC 1992 CD , , collecting VBG energy NN from IN the DT planet NN 's POS gravitational JJ field NN to TO gain VB momentum NN for IN its PRP$ trip NN to TO Jupiter NNP . . The DT protesters NNS point VBP out RP that IN Galileo NNP also RB could MD crash VB to TO Earth NNP then RB . . They PRP said VBD they PRP dropped VBD plans NNS to TO infiltrate VB the DT Kennedy NNP Space NNP Center NNP after IN NASA NNP beefed VBD up RP its PRP$ security NN . . One CD protest NN did VBD get VB past IN NASA NNP 's POS guard NN , , though RB ; : a DT computer NN virus NN caused VBD anti-Galileo JJ messages NNS to TO flash VB onto IN some DT computer NN screens NNS at IN NASA NNP centers NNS . . The DT successful JJ launch NN continues VBZ a DT remarkable JJ recovery NN in IN the DT U.S. NNP space-science NN program NN . . An DT unmanned JJ spacecraft NN , , Magellan NNP , , already RB is VBZ heading VBG to TO Venus NNP and CC is VBZ due JJ to TO begin VB mapping VBG the DT planet NN next IN August NNP . . Voyager NNP 2 CD sent VBD back RB spectacular JJ photos NNS of IN Neptune NNP and CC its PRP$ moon NN , , Triton NNP , , this DT summer NN . . Next JJ month NN , , NASA NNP plans VBZ to TO launch VB a DT satellite NN to TO study VB cosmic JJ rays NNS dating VBG from IN the DT birth NN of IN the DT universe NN . . In IN December NNP , , the DT shuttle NN Columbia NNP will MD try VB to TO retrieve VB a DT satellite NN that WDT 's VBZ been VBN in IN orbit NN for IN nearly RB five CD years NNS measuring VBG the DT deleterious JJ effects NNS of IN space NN on IN materials NNS and CC instruments NNS . . Next IN March NNP , , the DT shuttle NN Discovery NNP will MD launch VB the DT Hubble NNP space NN telescope NN , , a DT $ $ 1.5 CD billion CD instrument NN designed VBN to TO see VB the DT faintest JJS galaxies NNS in IN the DT universe NN . . Not RB all DT of IN NASA NNP 's POS space-science NN work NN will MD be VB so RB auspicious JJ , , though RB . . Around IN Thanksgiving NNP , , the DT Solar NNP Max NNP satellite NN , , which WDT NASA NNP repaired VBD in IN orbit NN in IN 1984 CD , , will MD tumble VB back RB into IN the DT Earth NNP 's POS atmosphere NN . . NASA NNP wo MD n't RB attempt VB a DT rescue NN ; : instead RB , , it PRP will MD try VB to TO predict VB whether IN any DT of IN the DT rubble NN will MD smash VB to TO the DT ground NN and CC where WRB . . The DT Associated NNP Press NNP 's POS earthquake NN coverage NN drew VBD attention NN to TO a DT phenomenon NN that WDT deserves VBZ some DT thought NN by IN public JJ officials NNS and CC other JJ policy NN makers NNS . . Private JJ relief NN agencies NNS , , such JJ as IN the DT Salvation NNP Army NNP and CC Red NNP Cross NNP , , mobilized VBD almost RB instantly RB to TO help VB people NNS , , while IN the DT Washington NNP bureaucracy NN `` `` took VBD hours NNS getting VBG into IN gear NN . . '' '' One CD news NN show NN we PRP saw VBD yesterday NN even RB displayed VBD 25 CD federal JJ officials NNS meeting VBG around IN a DT table NN . . We PRP recall VBP that IN the DT mayor NN of IN Charleston NNP complained VBD bitterly RB about IN the DT federal JJ bureaucracy NN 's POS response NN to TO Hurricane NNP Hugo NNP . . The DT sense NN grows VBZ that IN modern JJ public JJ bureaucracies NNS simply RB do VBP n't RB perform VB their PRP$ assigned VBN functions NNS well RB . . Bally NNP Manufacturing NNP Corp. NNP and CC New NNP York NNP developer NN Donald NNP Trump NNP have VBP agreed VBN in IN principle NN to TO a DT $ $ 6.5 CD million CD settlement NN of IN shareholder NN litigation NN stemming VBG from IN Bally NNP 's POS alleged VBN greenmail NN payment NN to TO Mr. NNP Trump NNP . . According VBG to TO lawyers NNS familiar JJ with IN the DT settlement NN talks NNS , , the DT verbal JJ agreement NN to TO end VB a DT lawsuit NN filed VBN more JJR than IN two CD years NNS ago RB was VBD reached VBN last JJ week NN and CC will MD soon RB be VB submitted VBN to TO a DT federal JJ judge NN in IN Camden NNP , , N.J NNP . . In IN February NNP 1987 CD , , Bally NNP thwarted VBD a DT possible JJ hostile JJ takeover NN bid NN from IN Mr. NNP Trump NNP by IN agreeing VBG to TO buy VB 2.6 CD million CD of IN Mr. NNP Trump NNP 's POS 3.1 CD million CD Bally NNP shares NNS for IN $ $ 83.7 CD million CD -- : more JJR than IN $ $ 18 CD million CD above IN market NN price NN . . The DT term NN greenmail NN refers VBZ to TO a DT situation NN where WRB a DT company NN pays VBZ a DT premium NN over IN market NN value NN to TO repurchase VBN a DT stake NN held VBN by IN a DT potential JJ acquirer NN . . Lawyers NNS for IN shareholders NNS , , Bally NNP and CC Mr. NNP Trump NNP all DT declined VBD to TO talk VB publicly RB about IN the DT proposed VBN settlement NN , , citing VBG a DT request NN by IN a DT federal JJ court NN magistrate NN not RB to TO reveal VB details NNS of IN the DT agreement NN until IN it PRP is VBZ completed VBN . . But CC some DT attorneys NNS who WP are VBP familiar JJ with IN the DT matter NN said VBD the DT $ $ 6.5 CD million CD payment NN will MD be VB shared VBN by IN Bally NNP and CC Mr. NNP Trump NNP , , with IN the DT casino NN and CC hotel NN concern NN probably RB paying VBG the DT bulk NN of IN the DT money NN . . The DT amount NN Bally NNP and CC Mr. NNP Trump NNP will MD pay VB to TO settle VB the DT class-action JJ suit NN pales VBZ in IN comparison NN to TO the DT $ $ 45 CD million CD Walt NNP Disney NNP Co. NNP and CC Saul NNP Steinberg NNP 's POS Reliance NNP Group NNP Holdings NNPS Inc. NNP agreed VBD to TO pay VB to TO settle VB a DT similar JJ suit NN in IN July NNP . . That DT settlement NN represented VBD the DT first JJ time NN shareholders NNS were VBD granted VBN a DT major JJ payment NN in IN a DT greenmail NN case NN . . Mr. NNP Steinberg NNP made VBD a DT $ $ 59.7 CD million CD profit NN on IN the DT sale NN to TO Disney NNP of IN his PRP$ investment NN in IN the DT company NN in IN 1984 CD . . But CC lawyers NNS said VBD Mr. NNP Steinberg NNP probably RB faced VBD much RB more RBR potential JJ liability NN because IN , , when WRB he PRP sued VBD Disney NNP during IN his PRP$ takeover NN battle NN , , he PRP filed VBD on IN behalf NN of IN all DT shareholders NNS . . When WRB Disney NNP offered VBD to TO pay VB Mr. NNP Steinberg NNP a DT premium NN for IN his PRP$ shares NNS , , the DT New NNP York NNP investor NN did VBD n't RB demand VB the DT company NN also RB pay VB a DT premium NN to TO other JJ shareholders NNS . . When WRB Mr. NNP Trump NNP sued VBD Bally NNP , , he PRP sued VBD only RB on IN behalf NN of IN himself PRP . . Mr. NNP Trump NNP and CC Bally NNP also RB appeared VBD to TO have VB some DT leverage NN in IN the DT case NN because RB in IN the DT state NN of IN Delaware NNP , , where WRB Bally NNP is VBZ incorporated JJ , , courts NNS have VBP held VBN that DT greenmail NN is VBZ often RB protected JJ by IN the DT business-judgment NN rule NN . . That DT rule NN gives VBZ boards NNS of IN directors NNS wide JJ latitude NN in IN deciding VBG how WRB to TO deal VB with IN dissident JJ shareholders NNS . . SENATE NNP HEARS VBZ final JJ arguments NNS in IN impeachment NN trial NN of IN federal JJ judge NN . . Yesterday NN , , U.S. NNP Judge NNP Alcee NNP Hastings NNP faced VBD his PRP$ jury NN -- : the DT full JJ U.S. NNP Senate NNP -- : and CC said VBD , , `` `` I PRP am VBP not RB guilty JJ of IN having VBG committed VBN any DT crime NN . . '' '' Seventeen CD articles NNS of IN impeachment NN against IN the DT Florida NNP judge NN , , one CD of IN the DT few JJ blacks NNS on IN the DT U.S. NNP bench NN , , were VBD approved VBN by IN the DT House NNP in IN August NNP 1988 CD . . The DT central JJ charge NN against IN Judge NNP Hastings NNP is VBZ that IN he PRP conspired VBD with IN a DT Washington NNP lawyer NN to TO obtain VB a DT $ $ 150,000 CD bribe NN from IN defendants NNS in IN a DT criminal JJ case NN before IN the DT judge NN , , in IN return NN for IN leniency NN . . He PRP is VBZ also RB accused VBN of IN lying VBG under IN oath NN and CC of IN leaking VBG information NN obtained VBN from IN a DT wiretap NN he PRP supervised VBD . . The DT Senate NNP 's POS public JJ gallery NN was VBD packed VBN with IN Judge NNP Hastings NNP ' POS supporters NNS , , who WP erupted VBD into IN applause NN after IN he PRP finished VBD his PRP$ argument NN . . Judge NNP Hastings NNP , , who WP was VBD acquitted VBN of IN similar JJ charges NNS by IN a DT federal JJ jury NN in IN 1983 CD , , claims VBZ he PRP is VBZ being VBG victimized VBN and CC that IN the DT impeachment NN proceedings NNS against IN him PRP constitute VBP double JJ jeopardy NN . . But CC Rep. NNP John NNP Bryant NNP ( ( D. NNP , , Texas NNP ) ) , , the DT lead JJ counsel NN for IN the DT House NNP managers NNS who WP conducted VBD a DT lengthy JJ inquiry NN into IN Judge NNP Hastings NNP ' POS activities NNS , , said VBD `` `` a DT mountain NN of IN evidence NN points VBZ to TO his PRP$ certain JJ guilt NN . . '' '' The DT Senate NNP will MD deliberate VB behind IN closed JJ doors NNS today NN and CC is VBZ scheduled VBN to TO vote VB on IN the DT impeachment NN tomorrow NN . . If IN the DT judge NN is VBZ impeached VBN , , as IN is VBZ thought VBN likely RB , , he PRP will MD be VB removed VBN from IN office NN immediately RB . . However RB , , Judge NNP Hastings NNP has VBZ said VBN he PRP will MD continue VB to TO fight VB and CC is VBZ contemplating VBG an DT appeal NN of IN any DT impeachment NN to TO the DT U.S. NNP Supreme NNP Court NNP . . COMPANIES NNS SEEKING VBG to TO make VB insurers NNS pay VB for IN pollution NN cleanup NN win VBP court NN victory NN . . In IN a DT case NN involving VBG Avondale NNP Industries NNPS Inc. NNP and CC its PRP$ insurer NN , , Travelers NNP Cos. NNPS , , the DT Second NNP U.S. NNP Circuit NNP Court NNP of IN Appeals NNPS in IN New NNP York NNP ruled VBD in IN favor NN of IN the DT company NN on IN two CD issues NNS that IN lawyers NNS say VBP are VBP central JJ to TO dozens NNS of IN pollution NN cases NNS around IN the DT country NN . . Travelers NNP and CC other JJ insurers NNS have VBP maintained VBN that IN cleanup NN costs NNS are VBP n't RB damages NNS and CC thus RB are VBP n't RB covered VBN under IN commercial JJ policies NNS . . They PRP also RB have VBP argued VBN that IN government NN proceedings NNS notifying VBG a DT company NN of IN potential JJ responsibility NN do VBP n't RB fit VB the DT legal JJ definition NN of IN a DT lawsuit NN ; : thus RB , , such JJ governmental JJ proceedings NNS are VBP n't RB covered VBN by IN the DT policies NNS , , the DT insurers NNS say VBP . . The DT appeals NNS court NN disagreed VBD on IN both DT counts NNS . . Avondale NNP was VBD notified VBN by IN Louisiana NNP officials NNS in IN 1986 CD that IN it PRP was VBD potentially RB responsible JJ for IN a DT cleanup NN at IN an DT oil-recycling NN plant NN . . Avondale NNP asked VBD Travelers NNP to TO defend VB it PRP in IN the DT state NN proceeding NN , , but CC the DT insurer NN did VBD n't RB respond NN . . The DT appeals NNS court NN upheld VBD a DT district NN judge NN 's POS ruling NN that IN the DT insurer NN had VBD to TO defend VB the DT company NN in IN such JJ proceedings NNS . . The DT appeals NNS court NN also RB said VBD , , `` `` We PRP think VBP an DT ordinary JJ businessman NN reading VBG this DT policy NN would MD have VB believed VBN himself PRP covered JJ for IN the DT demands NNS and CC potential JJ damage NN claims NNS '' '' stemming VBG from IN any DT cleanup NN . . `` `` This DT decision NN will MD have VB a DT very RB considerable JJ impact NN , , '' '' said VBD Kenneth NNP Abraham NNP , , professor NN of IN environmental JJ law NN and CC insurance NN law NN at IN the DT University NNP of IN Virginia NNP , , because IN many JJ commercial JJ insurance NN policies NNS are VBP issued VBN by IN companies NNS based VBN in IN New NNP York NNP . . William NNP Greaney NNP , , an DT attorney NN for IN the DT Chemical NNP Manufacturers NNPS Association NNP , , said VBD that IN while IN other JJ appeals NNS courts NNS have VBP ruled VBN differently RB on IN whether IN cleanup NN costs NNS are VBP damages NNS , , the DT influence NN of IN the DT appeals NNS court NN in IN New NNP York NNP `` `` will MD make VB insurers NNS sit VB up RB and CC listen VB . . '' '' He PRP said VBD the DT decision NN was VBD the DT first JJ in IN which WDT a DT federal JJ appeals NNS court NN has VBZ ruled VBN whether IN administrative JJ government NN proceedings NNS qualify VBP as IN litigation NN . . Barry NNP R. NNP Ostrager NNP , , an DT attorney NN for IN Travelers NNP , , said VBD , , `` `` there EX are VBP procedural JJ bases NNS on IN which WDT this DT case NN will MD be VB appealed VBN further RBR . . '' '' NEW NNP YORK NNP 'S POS poor JJ face VBP nearly RB three CD million CD legal JJ problems NNS a DT year NN without IN legal JJ help NN . . That DT is VBZ the DT conclusion NN of IN a DT report NN released VBN by IN the DT New NNP York NNP State NNP Bar NNP Association NNP . . The DT report NN was VBD based VBN on IN a DT telephone NN survey NN of IN 1,250 CD low-income JJ households NNS across IN the DT state NN , , a DT mail NN survey NN of IN major JJ legal-services NNS programs NNS and CC on-site JJ interviews NNS with IN individuals NNS in IN the DT field NN . . `` `` The DT report NN provides VBZ detailed JJ documentation NN of IN the DT extent NN and CC nature NN of IN the DT problem NN and CC indicates VBZ how WRB we PRP may MD want VB to TO shape VB solutions NNS , , '' '' said VBD Joseph NNP Genova NNP , , chairman NN of IN the DT committee NN that WDT oversaw VB the DT survey NN and CC a DT partner NN at IN the DT law NN firm NN of IN Milbank NNP , , Tweed NNP , , Hadley NNP & CC McCloy NNP . . According VBG to TO the DT study NN , , slightly RB more JJR than IN 34 CD % NN of IN those DT surveyed VBN reported VBD having VBG at IN least JJS one CD housing NN problem NN every DT year NN for IN which WDT they PRP had VBD no DT legal JJ help NN . . Nearly RB 36 CD % NN ranked VBD housing NN problems NNS as IN their PRP$ most RBS serious JJ unmet JJ legal JJ need NN . . Other JJ areas NNS targeted VBN by IN the DT survey NN 's POS respondents NNS included VBD difficulty NN obtaining VBG or CC maintaining VBG public JJ benefits NNS ( ( 22 CD % NN ) ) , , consumer NN fraud NN ( ( 15.4 CD % NN ) ) , , and CC health-care NN issues NNS ( ( 15 CD % NN ) ) . . During IN the DT 15-month JJ survey NN , , 43 CD % NN of IN all DT legal-services NNS programs NNS said VBD that IN at IN some DT period NN they PRP were VBD unable JJ to TO accept VB new JJ clients NNS unless IN they PRP had VBD an DT emergency NN . . Mr. NNP Genova NNP said VBD the DT committee NN may MD meet VB to TO propose VB solutions NNS to TO the DT problems NNS identified VBN in IN the DT study NN . . PROSECUTOR NN TO TO JOIN VB Gibson NNP Dunn NNP : : Assistant NNP U.S. NNP Attorney NNP Randy NNP Mastro NNP , , who WP headed VBD the DT government NN 's POS racketeering NN case NN against IN the DT International NNP Brotherhood NNP of IN Teamsters NNPS , , will MD join VB Gibson NNP , , Dunn NNP & CC Crutcher NNP in IN its PRP$ New NNP York NNP office NN . . Mr. NNP Mastro NNP has VBZ been VBN with IN the DT New NNP York NNP U.S. NNP attorney NN 's POS office NN for IN nearly RB five CD years NNS . . In IN 1987 CD he PRP became VBD deputy NN chief NN of IN the DT civil JJ division NN . . Mr. NNP Mastro NNP will MD do VB civil JJ litigation NN and CC white-collar JJ defense NN work NN for IN Gibson NNP Dunn NNP , , which WDT is VBZ based VBN in IN Los NNP Angeles NNP . . FORMER JJ APPLE NNP COMPUTER NNP Inc. NNP general JJ counsel NN John NNP P. NNP Karalis NNP has VBZ joined VBN the DT Phoenix NNP , , Ariz. NNP , , law NN firm NN of IN Brown NNP & CC Bain NNP . . Mr. NNP Karalis NNP , , 51 CD , , will MD specialize VB in IN corporate JJ law NN and CC international JJ law NN at IN the DT 110-lawyer JJ firm NN . . Before IN joining VBG Apple NNP in IN 1986 CD , , Mr. NNP Karalis NNP served VBD as IN general JJ counsel NN at IN Sperry NNP Corp NNP . . After IN failing VBG to TO find VB a DT buyer NN for IN the DT Sears NNP Tower NNP in IN Chicago NNP , , Sears NNP , , Roebuck NNP & CC Co. NNP is VBZ negotiating VBG with IN Boston NNP pension NN fund NN adviser NN Aldrich NNP , , Eastman NNP & CC Waltch NNP Inc. NNP to TO refinance VB the DT property NN for IN close JJ to TO $ $ 850 CD million CD , , according VBG to TO people NNS close JJ to TO the DT negotiations NNS . . Under IN the DT proposed VBN agreement NN involving VBG the DT world NN 's POS tallest JJS building NN , , Chicago-based JJ Sears NNP would MD receive VB about IN half PDT the DT money NN through IN conventional JJ mortgage NN financing NN and CC the DT other JJ half NN as IN a DT convertible JJ mortgage NN . . At IN the DT end NN of IN the DT term NN of IN the DT convertible JJ loan NN , , Sears NNP could MD still RB own VB half PDT the DT building NN , , and CC AEW NNP could MD own VB the DT other JJ half NN . . Neither DT side NN would MD comment VB . . The DT parties NNS are VBP currently RB negotiating VBG over IN who WP would MD manage VB the DT building NN , , which WDT will MD be VB emptied VBN of IN 6,000 CD employees NNS from IN Sears NNP ' POS merchandise NN group NN , , which WDT is VBZ moving VBG elsewhere RB . . The DT new JJ manager NN will MD face VB the DT daunting JJ task NN of IN leasing VBG 1.8 CD million CD square JJ feet NNS in IN a DT relatively RB soft JJ Chicago NNP real JJ estate NN market NN . . Also RB , , it PRP has VBZ not RB yet RB been VBN decided VBN exactly RB how WRB much RB of IN the DT mortgage NN AEW NNP will MD be VB able JJ to TO convert VB into IN equity NN . . Convertible JJ mortgages NNS have VBP become VBN an DT increasingly RB popular JJ way NN to TO finance VB prestigious JJ buildings NNS of IN late RB . . In IN a DT convertible JJ mortgage NN , , the DT investor NN lends VBZ the DT building NN owner NN a DT certain JJ amount NN in IN return NN for IN the DT option NN to TO convert VB its PRP$ interest NN into IN equity NN , , usually RB less JJR than IN 50 CD % NN , , at IN the DT end NN of IN the DT loan NN term NN . . During IN the DT term NN , , the DT lender NN can MD either RB receive VB a DT percentage NN of IN cash NN flow NN , , a DT percentage NN of IN the DT building NN 's POS appreciation NN or CC a DT fixed JJ return NN . . The DT main JJ advantage NN of IN a DT convertible JJ mortgage NN is VBZ that IN it PRP is VBZ not RB a DT sale NN and CC therefore RB does VBZ not RB trigger VB costly JJ transfer NN taxes NNS and CC reappraisal NN . . Sears NNS said VBD it PRP would MD put VB the DT 110-story JJ tower NN on IN the DT block NN almost RB a DT year NN ago RB as IN part NN of IN its PRP$ anti-takeover JJ restructuring NN . . But CC Japanese JJ institutions NNS shied VBD away RB from IN bidding NN on IN the DT high-profile JJ tower NN out IN of IN fear NN their PRP$ purchase NN of IN the DT property NN would MD trigger VB anti-Japanese JJ sentiment NN . . Last JJ summer NN , , Sears NNP appeared VBD to TO have VB a DT deal NN with IN Canadian JJ developer NN Olympia NNP & CC York NNP Developments NNPS Ltd NNP . . But CC that DT deal NN fell VBD through RB in IN September NNP after IN it PRP became VBD clear JJ that IN the DT sale NN would MD lead VB to TO a DT major JJ real JJ estate NN tax NN reassessment NN , , raising VBG property NN taxes NNS , , and CC making VBG it PRP difficult JJ to TO lease VB the DT building NN at IN competitive JJ prices NNS . . Real JJ estate NN industry NN executives NNS said VBD Sears NNP ' POS investment NN banker NN , , Goldman NNP , , Sachs NNP & CC Co. NNP , , sought VBD financing NN in IN Japan NNP . . However RB , , Japanese JJ authorities NNS apparently RB were VBD concerned VBN that IN a DT refinancing NN also RB would MD attract VB too RB much JJ publicity NN . . Sears NNP then RB went VBD back RB to TO AEW NNP , , the DT Boston NNP pension NN adviser NN that WDT had VBD proposed VBN a DT convertible JJ debt NN deal NN during IN the DT first JJ round NN of IN bids NNS last JJ spring NN . . AEW NNP has VBZ $ $ 3.5 CD billion CD of IN real JJ estate NN investments NNS nationwide RB , , according VBG to TO a DT spokesman NN . . Tandy NNP Corp. NNP said VBD it PRP signed VBD a DT definitive JJ agreement NN to TO acquire VB two CD units NNS of IN Datatronic NNP AB NNP of IN Stockholm NNP for IN cash NN . . The DT amount NN was VBD n't RB disclosed VBN . . The DT electronics NNS maker NN and CC retailer NN previously RB estimated VBD the DT sale NN price NN at IN between IN $ $ 100 CD million CD and CC $ $ 200 CD million CD for IN Datatronic NNP 's POS Victor NNP microcomputer NN and CC Micronic NNP hand-held JJ computer NN subsidiaries NNS . . In IN addition NN , , Tandy NNP will MD acquire VB rights NNS to TO the DT Victor NNP and CC Micronic NNP names NNS for IN computers NNS . . During IN 1988 CD , , the DT Datatronic NNP subsidiaries NNS had VBD combined VBN sales NNS in IN excess NN of IN $ $ 200 CD million CD . . The DT transaction NN will MD give VB Tandy VB a DT well-known JJ European JJ computer NN brand NN that WDT includes VBZ 2,700 CD dealers NNS and CC distributors NNS marketing VBG to TO medium-sized JJ business NN and CC educational JJ institutions NNS . . Closing NN of IN the DT transaction NN is VBZ subject JJ to TO certain JJ conditions NNS and CC regulatory JJ approvals NNS , , the DT company NN said VBD . . Two CD rules NNS in IN pending VBG congressional JJ legislation NN threaten VBP to TO hinder VB leveraged JJ buy-outs NNS by IN raising VBG the DT price NN tags NNS of IN such JJ deals NNS by IN as RB much JJ as IN 10 CD % NN . . Wall NNP Street NNP is VBZ seething VBG over IN the DT rules NNS , , which WDT would MD curtail VB the DT tax NN deductibility NN of IN debt NN used VBN in IN most JJS LBOs NNS . . The DT provisions NNS , , in IN deficit-reduction NN bills NNS recently RB passed VBN by IN the DT House NNP and CC Senate NNP , , could MD further RBR cool VB the DT takeover NN boom NN that WDT has VBZ been VBN the DT driving VBG force NN behind IN the DT bull NN market NN in IN stocks NNS for IN much RB of IN the DT 1980s NNS , , some DT tax NN experts NNS and CC investment NN bankers NNS argue VBP . . Indeed RB , , some DT investment NN bankers NNS have VBP already RB started VBN restructuring NN deals NNS to TO cope VB with IN the DT expected JJ rules NNS . . Wall NNP Street NNP has VBZ all DT but CC conceded VBD on IN the DT issue NN and CC is VBZ now RB lobbying VBG for IN the DT less RBR onerous JJ Senate NNP version NN of IN one CD of IN the DT provisions NNS . . At IN issue NN is VBZ the DT deductibility NN of IN certain JJ junk NN bonds NNS that WDT are VBP used VBN in IN most JJS LBOs NNS . . Such JJ high-yield JJ debt NN is VBZ similar JJ to TO a DT zero-coupon NN bond NN in IN that IN it PRP is VBZ sold VBN at IN a DT discount NN to TO face NN value NN , , with IN interest NN accruing VBG instead RB of IN being VBG paid VBN to TO the DT holder NN . . Under IN current JJ rules NNS , , that DT accrued VBN interest NN is VBZ deductible JJ by IN the DT company NN issuing VBG the DT debt NN . . The DT House NNP version NN of IN the DT legislation NN would MD kill VB that DT deduction NN , , and CC label VB any DT such JJ debt NN as IN equity NN , , which WDT is VBZ n't RB deductible JJ . . The DT less-rigorous JJR Senate NNP version NN would MD defer VB the DT deductibility NN for IN roughly RB five CD years NNS . . `` `` You PRP see VBP these DT in IN just RB about IN every DT LBO NN , , '' '' said VBD Robert NNP Willens NNP , , senior JJ vice NN president NN in IN charge NN of IN tax NN issues NNS at IN Shearson NNP Lehman NNP Hutton NNP Inc. NNP in IN New NNP York NNP . . `` `` It PRP becomes VBZ a DT source NN of IN cash NN '' '' for IN the DT company NN making VBG the DT LBO NN because IN it PRP gets VBZ a DT deduction NN and CC does VBZ n't RB have VB to TO repay VB the DT debt NN for IN several JJ years NNS . . Typically RB , , Mr. NNP Willens NNP estimates VBZ , , this DT type NN of IN debt NN makes VBZ up RP 15 CD % NN to TO 20 CD % NN of IN the DT financing NN for IN LBOs NNS . . These DT types NNS of IN bonds NNS have VBP been VBN used VBN in IN buy-outs NNS of IN companies NNS such JJ as IN RJR NNP Nabisco NNP Inc. NNP , , Storer NNP Communications NNPS Inc. NNP and CC Kroger NNP Co NNP . . A DT second JJ provision NN passed VBN by IN the DT Senate NNP and CC House NNP would MD eliminate VB a DT rule NN allowing VBG companies NNS that IN post NN losses NNS resulting VBG from IN LBO NN debt NN to TO receive VB refunds NNS of IN taxes NNS paid VBN over IN the DT previous JJ three CD years NNS . . For IN example NN , , if IN a DT company NN posted VBD a DT loss NN of IN $ $ 100 CD million CD from IN buy-out NN interest NN payments NNS , , the DT existing VBG rule NN would MD allow VB the DT concern NN to TO be VB able JJ to TO receive VB a DT refund NN from IN the DT tax NN it PRP paid VBD from IN 1986 CD through IN 1989 CD , , when WRB it PRP may MD have VB been VBN a DT profitable JJ public JJ company NN . . But CC that DT rule NN is VBZ being VBG virtually RB overlooked VBN by IN Wall NNP Street NNP , , which WDT is VBZ concentrating VBG on IN coping VBG with IN the DT deduction NN issue NN . . `` `` Prices NNS for IN LBOs NNS have VBP to TO come VB down RB if IN you PRP do VBP n't RB have VB that DT feature NN , , '' '' argued VBD Lawrence NNP Schloss NNP , , managing NN director NN for IN merchant NN banking NN at IN Donaldson NNP , , Lufkin NNP & CC Jenrette NNP Securities NNPS Corp. NNP in IN New NNP York NNP . . Several JJ Wall NNP Street NNP officials NNS say VBP the DT proposed VBN legislation NN already RB is VBZ having VBG an DT impact NN . . An DT investment NN group NN led VBN by IN Chicago NNP 's POS Pritzker NNP family NN recently RB lowered VBD a DT $ $ 3.35 CD billion CD bid NN for IN American NNP Medical NNP International NNP , , Beverly NNP Hills NNPS , , Calif. NNP , , because IN of IN the DT threat NN of IN the DT legislation NN . . Moreover RB , , one CD investment NN banker NN , , who WP requested VBD anonymity NN , , said VBD his PRP$ firm NN did VBD n't RB raise VB the DT ante NN for IN a DT target NN company NN earlier RB this DT month NN after IN a DT stronger JJR bid NN emerged VBD from IN a DT public JJ company NN that IN was VBD n't RB concerned JJ about IN the DT financing NN provision NN . . `` `` We PRP would MD have VB paid VBN more JJR if IN we PRP thought VBD that DT law NN was VBD n't RB going VBG to TO pass VB , , '' '' he PRP said VBD . . One CD possible JJ solution NN for IN Wall NNP Street NNP is VBZ to TO increase VB the DT equity NN part NN of IN the DT transaction NN -- : that DT is VBZ , , give VB lenders NNS a DT bigger JJR stake NN in IN the DT surviving VBG company NN rather RB than IN just RB interest NN payments NNS . . That DT would MD force VB the DT buy-out NN firm NN and CC the DT target NN company NN 's POS management NN to TO reduce VB their PRP$ level NN of IN ownership NN . . `` `` The DT pigs NNS in IN the DT trough NN may MD have VB to TO give VB a DT little JJ bit NN of IN the DT slop NN back RB and CC then RB the DT deal NN can MD go VB through RB , , '' '' said VBD Peter NNP C. NNP Canellos NNP , , tax NN partner NN at IN Wachtell NNP , , Lipton NNP , , Rosen NNP & CC Katz NNP . . Another DT solution NN , , said VBD a DT tax NN lawyer NN who WP requested VBD anonymity NN , , is VBZ for IN firms NNS to TO use VB convertible JJ bonds NNS that WDT sell VBP at IN a DT discount NN . . Since IN they PRP have VBP a DT lower JJR interest NN rate NN , , they PRP would MD n't RB fall VB under IN the DT junk-bond NN category NN that WDT would MD lose VB its PRP$ deductibility NN . . The DT House NNP version NN of IN the DT bill NN would MD make VB debt NN non-deductible JJ if IN it PRP pays VBZ five CD percentage NN points NNS above IN Treasury NNP notes NNS , , has VBZ at IN least JJS a DT five-year JJ maturity NN and CC does VBZ n't RB pay VB interest NN for IN at IN least JJS one CD year NN out IN of IN the DT first JJ five CD . . The DT bill NN would MD then RB declare VB that IN the DT debt NN is VBZ equity NN and CC therefore RB is VBZ n't RB deductible JJ . . The DT Senate NNP bill NN would MD only RB deny VB the DT deduction NN until IN interest NN is VBZ actually RB paid VBN . . Currently RB , , even RB though IN the DT issuer NN does VBZ n't RB pay VB tax NN , , the DT debt NN holder NN is VBZ taxed VBN on IN the DT accrued VBN interest NN . . But CC those DT holders NNS are VBP often RB foreign JJ investors NNS and CC tax-exempt JJ pension NN funds NNS that WDT do VBP n't RB pay VB taxes NNS on IN their PRP$ holdings NNS . . The DT Senate NNP estimates VBZ that IN its PRP$ version NN of IN the DT provision NN would MD yield VB $ $ 17 CD million CD the DT first JJ year NN and CC a DT total NN of IN $ $ 409 CD million CD over IN five CD years NNS . . The DT House NNP version NN would MD raise VB slightly RB more JJR . . Even RB if IN Wall NNP Street NNP finds VBZ ways NNS around IN the DT new JJ rules NNS , , a DT Senate NNP aide NN contends VBZ LBOs NNS will MD become VB somewhat RB more RBR difficult JJ . . `` `` There EX 's VBZ no DT question NN it PRP will MD make VB LBOs NNS more RBR expensive JJ , , '' '' he PRP said VBD . . `` `` The DT interest NN deduction NN was VBD the DT engine NN that WDT made VBD these DT things NNS more RBR productive JJ . . The DT average NN publicly RB offered VBN commodity NN fund NN fell VBD 4.2 CD % NN in IN September NNP , , largely RB because IN of IN the DT volatile JJ markets NNS in IN foreign JJ currencies NNS , , according VBG to TO Norwood NNP Securities NNPS . . The DT firm NN said VBD that IN losers NNS outnumbered VBD gainers NNS by IN more JJR than IN three CD to TO one CD among IN the DT 122 CD funds NNS it PRP tracks VBZ . . For IN the DT first JJ nine CD months NNS of IN the DT year NN , , Norwood NNP said VBD the DT average JJ fund NN has VBZ lost VBN 3.3 CD % NN . . The DT government NN moved VBD aggressively RB to TO open VB the DT spigots NNS of IN federal JJ aid NN for IN victims NNS of IN the DT California NNP earthquake NN , , but CC its PRP$ reservoir NN of IN emergency NN funds NNS must MD be VB replenished VBN soon RB if IN the DT aid NN is VBZ to TO continue VB . . President NNP Bush NNP signed VBD a DT disaster NN declaration NN covering VBG seven CD Northern JJ California NNP counties NNS . . The DT declaration NN immediately RB made VBD the DT counties NNS eligible JJ for IN temporary JJ housing NN , , grants NNS and CC low-cost JJ loans NNS to TO cover VB uninsured JJ property NN losses NNS . . In IN addition NN , , an DT unusually RB wide JJ array NN of IN federal JJ agencies NNS moved VBD to TO provide VB specialized JJ assistance NN . . The DT Department NNP of IN Housing NNP and CC Urban NNP Development NNP prepared VBD to TO make VB as RB many JJ as IN 100 CD vacant JJ houses NNS available JJ for IN those DT left VBN homeless JJ , , the DT Agriculture NNP Department NNP was VBD set VBN to TO divert VB food NN from IN the DT school-lunch NN program NN to TO earthquake NN victims NNS , , and CC the DT Pentagon NNP was VBD providing VBG everything NN from IN radio NN communications NNS to TO blood NN transfusions NNS to TO military JJ police NNS for IN directing VBG traffic NN . . But CC the DT pool NN of IN federal JJ emergency-relief NN funds NNS already RB is VBZ running VBG low RB because IN of IN the DT heavy JJ costs NNS of IN cleaning VBG up RP Hurricane NNP Hugo NNP , , and CC Congress NNP will MD be VB under IN pressure NN to TO allocate VB more JJR money NN quickly RB . . In IN Hugo NNP 's POS wake NN , , Congress NNP allocated VBD $ $ 1.1 CD billion CD in IN relief NN funds NNS , , and CC White NNP House NNP spokesman NN Marlin NNP Fitzwater NNP said VBD $ $ 273 CD million CD of IN that DT money NN remains VBZ and CC could MD be VB diverted VBN for IN quick JJ expenditures NNS related VBN to TO the DT earthquake NN . . Now RB , , though RB , , enormous JJ costs NNS for IN earthquake NN relief NN will MD pile VB on IN top NN of IN outstanding JJ costs NNS for IN hurricane NN relief NN . . `` `` That DT obviously RB means VBZ that IN we PRP wo MD n't RB have VB enough RB for IN all DT of IN the DT emergencies NNS that WDT are VBP now RB facing VBG us PRP , , and CC we PRP will MD have VB to TO consider VB appropriate JJ requests NNS for IN follow-on JJ funding NN , , '' '' Mr. NNP Fitzwater NNP said VBD . . The DT federal JJ government NN is VBZ n't RB even RB attempting VBG yet RB to TO estimate VB how WRB much JJ the DT earthquake NN will MD cost VB it PRP . . But CC Mr. NNP Fitzwater NNP said VBD , , `` `` There EX will MD be VB , , I PRP think VBP quite RB obviously RB , , a DT very RB large JJ amount NN of IN money NN required VBN from IN all DT levels NNS of IN government NN . . '' '' In IN Congress NNP , , lawmakers NNS already RB are VBP looking VBG for IN ways NNS to TO add VB relief NN funds NNS . . Money NN could MD be VB added VBN to TO a DT pending VBG spending NN bill NN covering VBG the DT Federal NNP Emergency NNP Management NNP Agency NNP , , which WDT coordinates VBZ federal JJ disaster NN relief NN . . More RBR likely JJ , , relief NN funds NNS could MD be VB added VBN to TO an DT omnibus JJ spending NN bill NN that IN Congress NNP is VBZ to TO begin VB considering VBG next JJ week NN . . But CC it PRP is VBZ n't RB just RB Washington NNP 's POS relief NN dollars NNS that WDT are VBP spread VBN thin RB ; : its PRP$ relief NN manpower NN also RB is VBZ stretched VBN . . FEMA NNP still RB has VBZ special JJ disaster NN centers NNS open RB to TO handle VB the DT aftermath NN of IN Hugo NNP , , and CC spokesman NN Russell NNP Clanahan NNP acknowledged VBD that IN `` `` we PRP 're VBP pretty RB thin JJ . . '' '' Mr. NNP Clanahan NNP says VBZ FEMA NNP now RB possibly RB may MD have VB the DT heaviest JJS caseload NN in IN its PRP$ history NN . . To TO further RBR complicate VB relief NN efforts NNS , , the DT privately RB funded JJ American NNP Red NNP Cross NNP also RB finds VBZ itself PRP strapped VBN for IN funds NNS after IN its PRP$ big JJ Hugo NNP operation NN . . `` `` It PRP 's VBZ been VBN a DT bad JJ month NN money-wise JJ and CC every DT other JJ way NN , , '' '' said VBD Sally NNP Stewart NNP , , a DT spokeswoman NN for IN the DT Red NNP Cross NNP . . `` `` It PRP just RB makes VBZ it PRP a DT little RB rough JJ when WRB you PRP have VBP to TO worry VB about IN the DT budget NN . . '' '' The DT Red NNP Cross NNP has VBZ opened VBN 30 CD shelters NNS in IN the DT Bay NNP area NN , , serving VBG 5,000 CD people NNS . . Twenty-five CD trucks NNS capable JJ of IN cooking VBG food NN were VBD dispatched VBN from IN other JJ states NNS . . All PDT the DT precise JJ types NNS of IN federal JJ aid NN that WDT will MD be VB sent VBN to TO California NNP wo MD n't RB be VB determined VBN until IN state NN officials NNS make VBP specific JJ requests NNS to TO FEMA NNP , , agency NN officials NNS said VBD . . And CC in IN the DT confusion NN after IN the DT earthquake NN , , `` `` the DT information NN flow NN is VBZ a DT little RB slow JJ coming VBG in RB from IN the DT affected JJ area NN , , '' '' said VBD Carl NNP Suchocki NNP , , a DT FEMA NNP spokesman NN . . Still RB , , some DT aid NN is VBZ moving VBG westward RB from IN Washington NNP almost RB immediately RB . . HUD NNP officials NNS said VBD they PRP will MD make VB available JJ as RB many JJ as IN 100 CD Bay NNP area NN houses NNS that WDT are VBP under IN HUD NNP loans NNS but CC now RB are VBP vacant JJ after IN the DT houses NNS have VBP been VBN inspected VBN to TO ensure VB they PRP are VBP sound JJ . . Additional JJ housing NN vouchers NNS and CC certificates NNS will MD be VB made VBN available JJ , , officials NNS said VBD , , and CC some DT housing NN and CC community-development NN funds NNS may MD be VB shifted VBN from IN other JJ programs NNS or CC made VBN available JJ for IN emergency NN use NN . . Another DT federal JJ agency NN not RB normally RB associated VBN with IN disaster NN relief NN -- : the DT Internal NNP Revenue NNP Service NNP -- : moved VBD quickly RB as RB well RB . . The DT IRS NNP said VBD it PRP will MD waive VB certain JJ tax NN penalties NNS for IN earthquake NN victims NNS unable JJ to TO meet VB return NN deadlines NNS or CC make VB payments NNS because RB of IN the DT quake NN 's POS devastation NN . . The DT agency NN plans VBZ to TO announce VB specific JJ relief NN procedures NNS in IN the DT coming VBG days NNS . . And CC the DT Treasury NNP said VBD residents NNS of IN the DT San NNP Francisco NNP area NN will MD be VB able JJ to TO cash VB in RP savings NN bonds NNS even RB if IN they PRP have VBP n't RB held VBN them PRP for IN the DT minimum JJ six-month JJ period NN . . One CD advantage NN that IN federal JJ officials NNS have VBP in IN handling VBG earthquake NN relief NN is VBZ the DT large JJ number NN of IN military JJ facilities NNS in IN the DT San NNP Francisco NNP Bay NNP area NN , , facilities NNS that WDT provide VBP a DT ready JJ base NN of IN supplies NNS and CC workers NNS . . Even RB before IN the DT full JJ extent NN of IN the DT devastation NN was VBD known VBN , , Defense NNP Secretary NNP Dick NNP Cheney NNP ordered VBD the DT military JJ services NNS to TO set VB up RP an DT emergency NN command NN center NN in IN the DT Pentagon NNP and CC prepare VB to TO respond VB to TO various JJ FEMA NNP requests NNS for IN assistance NN . . By IN yesterday NN afternoon NN , , Air NNP Force NNP transport NN planes NNS began VBD moving VBG additional JJ rescue NN and CC medical JJ supplies NNS , , physicians NNS , , communications NNS equipment NN and CC FEMA NNP personnel NNS to TO California NNP . . A DT military JJ jet NN flew VBD a DT congressional JJ delegation NN and CC senior JJ Bush NNP administration NN officials NNS to TO survey VB the DT damage NN . . And CC the DT Pentagon NNP said VBD dozens NNS of IN additional JJ crews NNS and CC transport NN aircraft NNS were VBD on IN alert JJ `` `` awaiting VBG orders NNS to TO move VB emergency NN supplies NNS . . '' '' Two CD Air NNP Force NNP facilities NNS near IN Sacramento NNP , , and CC Travis NNP Air NNP Force NNP Base NNP , , 50 CD miles NNS northeast RB of IN San NNP Francisco NNP , , were VBD designated VBN to TO serve VB as IN medical-airlift NN centers NNS . . Some DT victims NNS also RB were VBD treated VBN at IN the DT Letterman NNP Army NNP Medical NNP Center NNP in IN San NNP Francisco NNP and CC at IN the DT Naval NNP Hospital NNP in IN Oakland NNP . . In IN addition NN , , 20 CD military JJ police NNS from IN the DT Presidio NNP , , a DT military JJ base NN in IN San NNP Francisco NNP , , are VBP assisting VBG with IN traffic NN control NN , , and CC a DT Navy NNP ship NN was VBD moved VBN from IN a DT naval JJ station NN at IN Treasure NNP Island NNP near IN the DT Bay NNP Bridge NNP to TO San NNP Francisco NNP to TO help VB fight VB fires NNS . . To TO help VB residents NNS in IN Northern JJ California NNP rebuild VB , , FEMA NNP intends VBZ to TO set VB up RP 17 CD disaster NN assistance NN offices NNS in IN the DT earthquake NN area NN in IN the DT next JJ several JJ days NNS and CC to TO staff VB them PRP with IN 400 CD to TO 500 CD workers NNS from IN various JJ agencies NNS , , said VBD Robert NNP Volland NNP , , chief NN of IN the DT agency NN 's POS individual JJ assistance NN division NN . . At IN these DT offices NNS , , earthquake NN victims NNS will MD be VB helped VBN in IN filling VBG out RP a DT one-page JJ form NN that IN they PRP will MD need VB to TO qualify VB for IN such JJ federal JJ assistance NN as IN home-improvement NN loans NNS and CC to TO repair VB houses NNS . . And CC federal JJ officials NNS are VBP promising VBG to TO move VB rapidly RB with IN federal JJ highway NN aid NN to TO rebuild VB the DT area NN 's POS severely RB damaged JJ road NN system NN . . The DT Federal NNP Highway NNP Administration NNP has VBZ an DT emergency NN relief NN program NN to TO help VB states NNS and CC local JJ governments NNS repair VB federally RB funded JJ highways NNS and CC bridges NNS seriously RB damaged JJ by IN natural JJ disasters NNS . . The DT account NN currently RB has VBZ $ $ 220 CD million CD . . And CC though IN federal JJ law NN dictates VBZ that IN only RB $ $ 100 CD million CD can MD be VB disbursed VBN from IN that DT fund NN in IN any DT one CD state NN per IN disaster NN , , administration NN officials NNS expect VBP Congress NNP to TO move VB in RB to TO authorize VB spending VBG more JJR now RB in IN California NNP . . To TO get VB that DT money NN , , states NNS must MD go VB through IN an DT elaborate JJ approval NN process NN , , but CC officials NNS expect VBP red JJ tape NN to TO be VB cut VBN this DT time NN . . Keith NNP Mulrooney NNP , , special JJ assistant NN to TO Federal NNP Highway NNP Administrator NNP Thomas NNP Larson NNP , , also RB said VBD that IN after IN the DT 1971 CD San NNP Fernando NNP earthquake NN in IN Southern NNP California NNP , , the DT state NN set VBD tougher JJR standards NNS for IN bridges NNS , , and CC with IN federal JJ aid NN , , began VBD a DT program NN to TO retrofit VB highways NNS and CC bridges NNS for IN earthquake NN hazards NNS . . The DT first JJ phase NN of IN the DT program NN has VBZ been VBN completed VBN , , but CC two CD other JJ phases NNS are VBP continuing VBG . . The DT two CD major JJ structures NNS that WDT failed VBD Tuesday NNP night NN , , he PRP said VBD , , were VBD both DT built VBN well RB before IN the DT 1971 CD earthquake NN -- : the DT San NNP Francisco NNP Bay NNP Bridge NNP , , completed VBN in IN the DT 1930s NNS , , and CC the DT section NN of IN I-880 NN , , built VBN in IN the DT 1950s NNS . . The DT I-880 NN section NN had VBD completed VBN the DT first JJ phase NN of IN the DT retrofitting NN . . Laurie NNP McGinley NNP contributed VBD to TO this DT article NN . . FARMERS NNS REAP VBP abundant JJ crops NNS . . But CC how WRB much RB will MD shoppers NNS benefit VB ? . The DT harvest NN arrives VBZ in RB plenty NN after IN last JJ year NN 's POS drought-ravaged JJ effort NN : : The DT government NN estimates VBZ corn NN output NN at IN 7.45 CD billion CD bushels NNS , , up RB 51 CD % NN from IN last JJ fall NN . . Soybean NN production NN swells VBZ 24 CD % NN . . As IN a DT result NN , , prices NNS paid VBN to TO farmers NNS for IN the DT commodities NNS , , which WDT are VBP used VBN in IN products NNS as RB diverse JJ as IN bubble NN gum NN and CC chicken NN feed NN , , plummet VBP 20 CD % NN to TO 33 CD % NN . . But CC do VBP n't RB expect VB too RB much RB in IN the DT way NN of IN price NN breaks NNS soon RB at IN the DT supermarket NN . . Economists NNS expect VBP consumer NN food NN prices NNS to TO jump VB 5.5 CD % NN this DT year NN to TO the DT highest JJS level NN since IN 1980 CD and CC up RB from IN last JJ year NN 's POS 4.1 CD % NN rise NN . . Next JJ year NN may MD see VB a DT drop NN of IN one CD percentage NN point NN . . Beef NN prices NNS , , hovering VBG near IN records NNS since IN the DT drought NN , , could MD drop VB in IN earnest NN this DT winter NN if IN ranchers NNS expand VBP herds NNS . . Lower JJR feed NN prices NNS may MD help VB animals NNS eat VB more RBR cheaply RB , , but CC humans NNS have VBP to TO factor VB in RP an DT expensive JJ middleman NN : : the DT processor NN . . Food NN companies NNS probably RB wo MD n't RB cut VB their PRP$ prices NNS much RB , , blaming VBG other JJ costs NNS . . `` `` Labor NN takes VBZ the DT biggest JJS single JJ chunk NN out IN of IN the DT ` `` food NN dollar NN , , ' '' '' '' says VBZ Frank NNP Pankyo NNP of IN the DT Food NNP Institute NNP . . Stokely NNP says VBZ stores NNS revive VBP specials NNS like IN three CD cans NNS of IN peas NNS for IN 99 CD cents NNS . . Two CD cans NNS cost VBD 89 CD cents NNS during IN the DT drought NN . . IF IN IN IN VITRO NNP fertilization NN works VBZ , , it PRP usually RB does VBZ so RB after IN only RB a DT few JJ tries NNS . . Costly JJ infertility NN problems NNS and CC procedures NNS proliferate VBP as IN aging VBG baby NN boomers NNS and CC others NNS decide VBP to TO have VB children NNS -- : now RB . . It PRP 's VBZ estimated VBN that IN one CD in IN six CD couples NNS experiences VBZ infertility NN , , and CC in IN 1987 CD , , Americans NNPS spent VBD about IN $ $ 1 CD billion CD to TO fight VB the DT problem NN . . Only RB about IN five CD states NNS now RB offer VBP some DT form NN of IN insurance NN coverage NN , , but CC more JJR are VBP expected VBN . . A DT letter NN in IN the DT New NNP England NNP Journal NNP of IN Medicine NNP notes VBZ that IN while IN technology NN offers VBZ `` `` almost RB endless JJ hope NN ... : when WRB to TO stop VB has VBZ become VBN a DT difficult JJ question NN ... : . . '' '' The DT authors NNS , , from IN Boston NNP 's POS Beth NNP Israel NNP Hospital NNP , , say VBP that IN 84 CD % NN of IN the DT 50 CD births NNS they PRP followed VBD occurred VBD after IN only RB two CD in IN vitro NN cycles NNS . . It PRP adds VBZ that IN births NNS were VBD `` `` extremely RB unlikely JJ '' '' after IN the DT fourth JJ cycle NN and CC concludes VBZ couples NNS who WP do VBP n't RB achieve VB a DT pregnancy NN after IN four CD to TO six CD procedures NNS should MD be VB advised VBN that DT success NN is VBZ unlikely JJ . . Some DT couples NNS continue VBP to TO try VB . . `` `` Such JJ determination NN may MD translate VB into IN extreme JJ physical NN , , emotional JJ and CC financial JJ costs NNS , , '' '' the DT letter NN warns VBZ . . MARKET NN MOVES VBZ , , these DT managers NNS do VBP n't RB . . Only RB three CD of IN the DT 25 CD corporate JJ pension NN fund NN managers NNS attending VBG a DT Lowry NNP Consulting NNP Group NNP client NN conference NN say VBP they PRP plan VBP to TO change VB the DT asset NN allocation NN mix NN in IN their PRP$ portfolios NNS because IN of IN the DT market NN drop NN . . WORLD NN ODDITIES NNS come VBP alive JJ in IN a DT multimedia NNS version NN of IN the DT Guinness NNP Book NNP of IN Records NNPS . . The DT $ $ 99 CD CD-ROM NN disk NN ( ( it PRP can MD only RB be VB played VBN on IN an DT Apple NNP Macintosh NNP computer NN at IN the DT moment NN ) ) combines VBZ animation NN , , music NN and CC sound NN . . Among IN the DT Guinness NNP disk NN 's POS wonders NNS : : the DT world NN 's POS loudest JJS recorded VBN belch NN . . ARTY NNP FAX NNP from IN David NNP Hockney NNP begins VBZ a DT tongue-in-cheek JJ exhibit NN today NN at IN New NNP York NNP 's POS Andre NNP Emmerich NNP Gallery NNP . . One CD of IN the DT artist NN 's POS earliest JJS Fax NN works NNS was VBD `` `` Little JJ Stanley NNP Sleeping VBG , , '' '' a DT portrait NN of IN his PRP$ dog NN . . PACS NNS GIVE VBP and CC receive VBP in IN a DT debatable JJ duet NN with IN employees NNS ' POS favored JJ charities NNS . . The DT Federal NNP Election NNP Commission NNP clears VBZ corporate JJ plans NNS to TO donate VB to TO an DT employee NN 's POS chosen VBN charity NN in IN exchange NN for IN the DT worker NN 's POS gift NN to TO the DT company NN political JJ action NN committee NN . . Latest JJS approvals NNS : : Bell NNP Atlantic NNP 's POS New NNP Jersey NNP Bell NNP and CC General NNP Dynamics NNPS . . Companies NNS get VBP more JJR political JJ clout NN plus IN a DT possible JJ tax-deductible JJ charitable JJ donation NN -- : so RB far RB no DT word NN from IN the DT IRS NNP on IN deductibility NN . . Detroit NNP Edison NNP , , the DT plan NN pioneer NN , , generated VBD $ $ 54,000 CD in IN matching VBG funds NNS this DT year NN , , up RB from IN $ $ 39,000 CD in IN 1988 CD . . But CC the DT utility NN may MD not RB continue VB next JJ year NN . . `` `` We PRP 're VBP on IN a DT tight JJ budget NN , , '' '' says VBZ Detroit NNP Edison NNP 's POS Carol NNP Roskind NNP . . Two CD election NN commission NN members NNS opposed VBD the DT matching NN plans NNS . . Scott NNP E. NNP Thomas NNP says VBZ the DT plans NNS give VBP employees NNS `` `` a DT bonus NN in IN the DT form NN of IN charitable JJ donations NNS made VBN from IN an DT employer NN 's POS treasury NN '' '' in IN exchange NN for IN the DT political JJ donation NN . . `` `` The DT U.S. NNP government NN could MD be VB , , in IN effect NN , , subsidizing VBG political JJ contributions NNS to TO corporate JJ PACs NNS , , '' '' he PRP says VBZ . . New NNP Jersey NNP Bell NNP awaits VBZ state NN clearance NN . . Despite IN federal JJ approval NN , , General NNP Dynamics NNPS says VBZ it PRP decided VBD it PRP wo MD n't RB go VB ahead RB with IN the DT matching NN program NN . . CHRISTMAS NNP SHOPPERS NNS find VBP a DT helping VBG hand NN from IN some DT catalog NN companies NNS . . Blunt NNP Ellis NNP & CC Loewi NNP estimates VBZ direct JJ mail NN catalog NN sales NNS rose VBD to TO $ $ 12 CD billion CD last JJ year NN . . And CC while IN it PRP 's VBZ too RB soon RB to TO tell VB how WRB sales NNS will MD fare VB in IN the DT important JJ 1989 CD Christmas NNP season NN , , some DT companies NNS take VBP steps NNS to TO ease VB the DT usual JJ 11th-hour JJ crush NN . . Spiegel NNP promises VBZ a DT `` `` Guaranteed JJ Christmas NNP , , '' '' with IN a DT pledge NN to TO deliver VB goods NNS before IN Christmas NNP if IN ordered VBN by IN Dec. NNP 20 CD . . And CC , , for IN an DT extra JJ $ $ 6 CD , , Land NNP 's POS End NNP will MD deliver VB orders NNS within IN two CD days NNS ; : customers NNS can MD designate VB the DT day NN . . Spiegel NNP , , which WDT also RB owns VBZ Eddie NNP Bauer NNP and CC Honeybee NNP , , says VBZ that IN since IN 1987 CD , , sales NNS have VBP doubled VBN during IN the DT week NN before IN Christmas NNP . . An DT L.L. NNP Bean NNP spokeswoman NN notes VBZ : : `` `` People NNS are VBP just RB used VBN to TO living VBG in IN a DT last-minute JJ society NN . . '' '' Blunt NNP Ellis NNP , , a DT Milwaukee NNP brokerage NN firm NN , , says VBZ part NN of IN the DT reason NN catalog NN sales NNS grow VBP in IN popularity NN is VBZ because IN consumers NNS have VBP more JJR money NN but CC less JJR time NN to TO spend VB it PRP . . L.L. NNP Bean NNP hires VBZ about IN 2,700 CD workers NNS for IN the DT season NN rush NN , , about IN 300 CD more JJR than IN last JJ year NN ; : Land NNP 's POS End NNP hires VBZ 2,000 CD . . BRIEFS NNS : : Guarana NNP Antarctica NNP , , a DT Brazilian JJ soft JJ drink NN , , is VBZ brought VBN to TO the DT U.S. NNP by IN Amcap NNP , , Chevy NNP Chase NNP , , Md NNP . . New NNP Product NNP News NNP says VBZ the DT beverage NN `` `` looks VBZ like IN ginger NN ale NN , , tastes VBZ a DT little JJ like JJ cherries NNS and CC smells VBZ like IN bubble NN gum NN . . '' '' ... : `` `` Amenities NNS '' '' planned VBN for IN Chicago NNP 's POS new JJ Parkshore NNP Tower NNP apartments NNS include VBP an DT on-site JJ investment NN counselor NN . . Four CD years NNS ago RB , , Pittsburgh NNP was VBD designated VBN the DT most-livable JJS U.S. NNP city NN by IN Rand NNP McNally NNP 's POS Places NNPS Rated NNP Almanac NNP , , and CC the DT honor NN did VBD wonders NNS to TO improve VB Pittsburgh NNP 's POS soot-stained JJ image NN . . `` `` People NNS asked VBD , , is VBZ it PRP really RB true JJ ? . '' '' says VBZ Maury NNP Kelley NNP , , vice NN president NN , , marketing NN services NNS , , for IN Beecham NNP Products NNPS USA NNP , , a DT maker NN of IN health NN and CC personal-care NN products NNS that WDT used VBD the DT ranking NN in IN its PRP$ recruiting NN brochure NN . . Yuba NNP City NNP , , Calif. NNP , , meanwhile RB , , ranked VBD dead JJ last NN among IN 329 CD metro NN areas NNS . . Unamused JJ , , residents NNS burned VBD Rand NNP McNally NNP books NNS and CC wore VBD T-shirts NNS that IN said VBD : : `` `` Kiss VB my PRP$ Atlas NN . . '' '' The DT almanac NN will MD be VB making VBG new JJ friends NNS and CC enemies NNS on IN Oct. NNP 27 CD , , when WRB an DT updated VBN version NN will MD be VB released VBN . . Pittsburgh NNP figures VBZ it PRP will MD be VB dethroned VBN but CC plans NNS to TO accept VB its PRP$ ouster NN graciously RB . . The DT city NN 's POS Office NNP of IN Promotion NNP plans VBZ media NNS events NNS to TO welcome VB its PRP$ successor NN . . `` `` We PRP 're VBP encouraging VBG a DT graceful JJ transition NN , , '' '' says VBZ Mary NNP Kay NNP Poppenberg NNP , , the DT organization NN 's POS president NN . . `` `` Our PRP$ attitude NN is VBZ that DT ( ( the DT ranking NN ) ) is VBZ like IN Miss NNP America NNP . . Once RB you PRP 're VBP Miss NNP America NNP , , you PRP 're VBP always RB Miss NNP America NNP . . '' '' Tell VB that DT to TO Atlanta NNP , , which WDT Pittsburgh NNP replaced VBD as IN the DT most-livable JJS city NN in IN 1985 CD . . Many JJ Atlantans NNPS thought VBD Pittsburgh NNP was VBD an DT unworthy JJ heir NN . . A DT columnist NN in IN the DT Atlanta NNP Journal NNP and CC Constitution NNP wrote VBD : : `` `` Who WP did VBD the DT research NN for IN this DT report NN ? . Two CD guys NNS from IN Gary NNP , , Ind. NNP ? . '' '' Not RB so RB . . Co-authors NNS David NNP Savageau NNP and CC Richard NNP Boyer NNP , , live VBP in IN Gloucester NNP , , Mass. NNP , , and CC Asheville NNP , , N.C. NNP , , respectively RB . . `` `` Atlanta NNP , , '' '' Mr. NNP Savageau NNP sniffs VBZ , , `` `` has VBZ unrealistic JJ pretensions NNS to TO world-class JJ status NN . . '' '' The DT new JJ edition NN lists VBZ the DT top JJ 10 CD metropolitan JJ areas NNS as IN Anaheim-Santa NNP Ana NNP , , Calif. NNP ; : Boston NNP ; : Louisville NNP , , Ky. NNP ; : Nassau-Suffolk NNP , , N.Y. NNP ; : New NNP York NNP ; : Pittsburgh NNP ; : San NNP Diego NNP ; : San NNP Francisco NNP ; : Seattle NN ; : and CC Washington NNP . . Mr. NNP Savageau NNP says VBZ earthquake NN or CC not RB , , San NNP Francisco NNP makes VBZ the DT list NN . . But CC attention NN also RB rivets VBZ on IN who WP finishes VBZ last RB , , and CC Pine NNP Bluff NNP , , Ark. NNP -- : which WDT finished VBD third RB to TO last RB in IN 1981 CD and CC second RB to TO last RB in IN 1985 CD -- : is VBZ certainly RB in IN the DT running NN . . `` `` I PRP hate VBP to TO dignify VB the DT publication NN by IN commenting VBG on IN the DT obscene JJ rating NN , , '' '' Mayor NNP Carolyn NNP Robinson NNP says VBZ , , adding VBG that IN cities NNS have VBP no DT way NN to TO rebut VB the DT book NN . . `` `` It PRP 's VBZ like IN fighting VBG your PRP$ way NN out IN of IN a DT fog NN . . You PRP do VBP n't RB know VB which WDT way NN to TO punch VB . . Northrop NNP Corp. NNP 's POS third-quarter JJ net JJ income NN fell VBD 25 CD % NN to TO $ $ 21.5 CD million CD , , or CC 46 CD cents NNS a DT share NN , , while IN General NNP Dynamics NNPS Corp. NNP reported VBD nearly RB flat JJ earnings NNS of IN $ $ 76.5 CD million CD , , or CC $ $ 1.83 CD a DT share NN . . Los NNP Angeles-based JJ Northrop NNP recorded VBD an DT 8.2 CD % NN decline NN in IN sales NNS as IN B-2 NN Stealth NNP bomber NN research-and-development NN revenue NN continued VBD to TO ebb VB and CC high JJ costs NNS on IN some DT other JJ programs NNS cut VBD into IN profit NN . . The DT aerospace NN concern NN earned VBD $ $ 28.8 CD million CD , , or CC 61 CD cents NNS a DT share NN , , a DT year NN earlier RB . . Sales NNS in IN the DT latest JJS period NN were VBD $ $ 1.25 CD billion CD , , down RB from IN $ $ 1.36 CD billion CD in IN the DT 1988 CD quarter NN . . At IN St. NNP Louis-based JJ General NNP Dynamics NNPS , , sales NNS rose VBD 10 CD % NN to TO $ $ 2.52 CD billion CD from IN $ $ 2.29 CD billion CD . . It PRP earned VBD $ $ 76.4 CD million CD , , or CC $ $ 1.82 CD a DT share NN , , in IN the DT 1988 CD quarter NN . . General NNP Dynamics NNPS credited VBD significant JJ earnings NNS gains NNS in IN its PRP$ general JJ aviation NN and CC material NN service NN segments NNS , , an DT earnings NNS recovery NN in IN submarine JJ operations NNS , , and CC higher JJR military JJ aircraft NN sales NNS . . Northrop NNP said VBD sales NNS fell VBD because RB of IN the DT decline NN in IN B-2 NN development NN dollars NNS from IN the DT government NN as IN the DT plane NN continues VBZ its PRP$ initial JJ production NN stage NN and CC because IN fewer JJR F\/A-18 NN fighter NN sections NNS are VBP being VBG produced VBN in IN its PRP$ subcontract JJ work NN with IN prime JJ contractor NN McDonnell NNP Douglas NNP Corp NNP . . In IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , Northrop NNP shares NNS closed VBD at IN $ $ 21.125 CD , , off RB 25 CD cents NNS . . General NNP Dynamics NNPS closed VBD at IN $ $ 54.875 CD , , up RB 50 CD cents NNS . . Northrop NNP , , which WDT since IN early JJ 1988 CD has VBZ declined VBN to TO accept VB fixed-price JJ contracts NNS for IN research NN and CC development NN , , said VBD earnings NNS were VBD hurt VBN by IN excessive JJ costs NNS on IN a DT number NN of IN such JJ contracts NNS won VBD years NNS ago RB . . Among IN them PRP were VBD the DT ALQ-135 NN electronic JJ countermeasures NNS system NN for IN the DT F-15 NN fighter NN . . Northrop NNP 's POS interest NN expense NN also RB soared VBD to TO $ $ 35 CD million CD from IN $ $ 17 CD million CD a DT year NN ago RB . . It PRP said VBD debt NN remained VBD at IN the DT $ $ 1.22 CD billion CD that DT has VBZ prevailed VBD since IN early JJ 1989 CD , , although IN that IN compared VBN with IN $ $ 911 CD million CD at IN Sept. NNP 30 CD , , 1988 CD . . The DT backlog NN of IN undelivered JJ orders NNS at IN Northrop NNP on IN Sept. NNP 30 CD was VBD $ $ 4.68 CD billion CD , , down RB from IN $ $ 5.16 CD billion CD a DT year NN earlier RB . . For IN the DT nine CD months NNS , , Northrop NNP reported VBD a DT net JJ loss NN of IN $ $ 46.9 CD million CD , , or CC $ $ 1 CD a DT share NN , , compared VBN with IN profit NN of IN $ $ 190.3 CD million CD , , or CC $ $ 4.05 CD a DT share NN , , in IN 1988 CD . . Sales NNS dipped VBD 3.6 CD % NN to TO $ $ 3.92 CD billion CD from IN $ $ 4.07 CD billion CD . . At IN General NNP Dynamics NNPS , , factors NNS reducing VBG earnings NNS in IN the DT military JJ aircraft NN segment NN included VBD higher JJR levels NNS of IN cost-sharing NN in IN development NN of IN the DT Advanced NNP Tactical NNP Fighter NNP , , and CC the DT high JJ cost NN of IN an DT advanced JJ version NN of IN the DT F-16 NN fighter NN . . F-16 NN deliveries NN also RB have VBP fallen VBN `` `` slightly RB behind IN schedule NN , , '' '' although IN a DT return NN to TO the DT previous JJ schedule NN is VBZ expected VBN in IN 1990 CD , , the DT company NN said VBD . . Backlog NN at IN General NNP Dynamics NNPS rose VBD to TO $ $ 16.5 CD billion CD from IN $ $ 15.8 CD billion CD . . Its PRP$ interest NN expense NN surged VBD to TO $ $ 21.5 CD million CD from IN $ $ 12.4 CD million CD . . For IN the DT nine CD months NNS , , General NNP Dynamics NNPS earned VBD $ $ 210.3 CD million CD , , or CC $ $ 5.03 CD a DT share NN , , up RB marginally RB from IN $ $ 208.8 CD million CD , , or CC $ $ 4.97 CD a DT share NN , , on IN a DT 4.9 CD % NN rise NN in IN sales NNS to TO $ $ 7.41 CD billion CD from IN $ $ 7.06 CD billion CD . . Lotus NNP Development NNP Corp. NNP reported VBD a DT surprisingly RB strong JJ 51 CD % NN increase NN in IN third-quarter JJ net JJ income NN on IN a DT 32 CD % NN sales NNS gain NN , , buoyed VBN by IN strong JJ demand NN for IN a DT new JJ version NN of IN its PRP$ 1-2-3 NNP computer NN spreadsheet NN . . The DT results NNS topped VBD analysts NNS ' POS expectations NNS and CC the DT earnings NNS growth NN of IN competitors NNS , , prompting VBG traders NNS to TO all DT but CC forget VB the DT product-launch NN delays NNS that WDT bogged VBD down RP the DT company NN for IN much RB of IN the DT past JJ two CD years NNS . . Yesterday NN , , in IN heavy JJ , , national JJ over-the-counter JJ trading NN , , Lotus NNP shares NNS rose VBD to TO $ $ 32.50 CD , , up IN $ $ 1.25 CD apiece RB , , capping VBG a DT threemonth JJ run-up NN of IN more JJR than IN 40 CD % NN . . Lotus NNP said VBD net NN rose VBD to TO $ $ 23 CD million CD , , or CC 54 CD cents NNS a DT share NN , , on IN sales NNS of IN $ $ 153.9 CD million CD . . A DT year NN ago RB , , net NN was VBD $ $ 14.3 CD million CD , , or CC 31 CD cents NNS a DT share NN , , on IN sales NNS of IN $ $ 116.8 CD million CD . . For IN the DT nine CD months NNS , , net NN of IN $ $ 38.5 CD million CD , , or CC 92 CD cents NNS a DT share NN , , trailed VBD the DT year NN earlier NN 's POS $ $ 49.9 CD million CD , , or CC $ $ 1.08 CD a DT share NN . . Sales NNS rose VBD to TO $ $ 406 CD million CD from IN $ $ 356 CD million CD the DT year NN earlier RB . . In IN the DT first JJ half NN , , Lotus NNP struggled VBD to TO keep VB market NN share NN with IN costly JJ promotions NNS while IN customers NNS awaited VBD the DT launch NN of IN 1-2-3 NNP Release NNP 3 NNP , , the DT upgraded VBN spreadsheet NN software NN . . Lotus NNP 's POS results NNS were VBD about IN 10 CD % NN higher JJR than IN analysts NNS ' POS average JJ expectations NNS and CC compared VBN favorably RB with IN the DT 36 CD % NN earnings NNS rise NN reported VBN a DT day NN earlier RB by IN rival JJ Microsoft NNP Corp. NNP of IN Redmond NNP , , Wash NNP . . The DT company NN said VBD results NNS were VBD bolstered VBN by IN upgrades NNS to TO Release VB 3 CD by IN previous JJ customers NNS and CC improved JJ profit NN margins NNS , , the DT result NN of IN manufacturing-cost NN controls NNS . . Rick NNP Sherlund NNP , , a DT Goldman NNP Sachs NNP analyst NN , , said VBD Lotus NNP had VBD upgrade JJ revenue NN of IN about IN $ $ 22 CD million CD in IN the DT quarter NN , , twice JJ what WP he PRP had VBD expected VBN . . Also RB , , he PRP estimated VBD unit NN shipments NNS of IN 1-2-3 NNP in IN all DT its PRP$ forms NNS were VBD about IN 315,000 CD , , up RB 7 CD % NN from IN 1988 CD 's POS quarterly JJ average NN . . Demand NN for IN the DT new JJ version NN was VBD enabling VBG Lotus NNP to TO raise VB prices NNS with IN distributors NNS and CC to TO hold VB market NN share NN against IN Microsoft NNP and CC other JJ competitors NNS that WDT tried VBD to TO exploit VB the DT earlier JJR delays NNS in IN Release NNP 3 CD 's POS launch NN , , Mr. NNP Sherlund NNP added VBD . . He PRP estimated VBD that IN 1-2-3 NNP outsold VBD Microsoft NNP 's POS Excel NNP spreadsheet NN by IN four-to-one RB in IN the DT quarter NN , , and CC held VBD a DT 70 CD % NN or CC better JJR share NN of IN the DT spreadsheet NN market NN . . Silicon NNP Valley NNP heaved VBD a DT sigh NN of IN relief NN yesterday NN . . Though IN details NNS were VBD sketchy JJ in IN the DT aftermath NN of IN the DT violent JJ earthquake NN that WDT shook VBD the DT high-tech JJ corridor NN along IN with IN the DT rest NN of IN the DT San NNP Francisco NNP Bay NNP area NN , , a DT spot NN check NN of IN computer NN makers NNS turned VBD up RP little JJ , , if IN any DT , , potentially RB lingering VBG damage NN to TO facilities NNS or CC fabrication NN equipment NN . . Analysts NNS and CC corporate JJ officials NNS said VBD they PRP expected VBD practically RB no DT long-term JJ disruption NN in IN shipments NNS from IN the DT Valley NNP of IN either DT hardware NN or CC software NN goods NNS . . Intel NNP Corp. NNP , , Advanced NNP Micro NNP Devices NNPS Inc. NNP and CC National NNP Semiconductor NNP Corp. NNP were VBD all DT up RB and CC running VBG yesterday NN , , though IN many JJ workers NNS were VBD forced VBN to TO stay VB home NN because IN of IN damaged JJ roadways NNS ; : others NNS elected VBD to TO take VB the DT day NN off RB . . `` `` These DT systems NNS are VBP more RBR rugged JJ than IN many JJ people NNS would MD believe VB , , '' '' said VBD Thomas NNP Kurlak NNP , , who WP tracks VBZ the DT computer NN industry NN for IN Merrill NNP Lynch NNP Research NNP . . `` `` It PRP 's VBZ not RB the DT end NN of IN the DT world NN if IN you PRP shake VBP them PRP up RP a DT little JJ bit NN . . '' '' Other JJ companies NNS , , including VBG International NNP Business NNP Machines NNPS Corp. NNP and CC Hewlett-Packard NNP Co. NNP , , completely RB idled VBD their PRP$ operations NNS because IN of IN Tuesday NNP evening NN 's POS temblor NN , , which WDT registered VBD 6.9 CD on IN the DT Richter NNP scale NN . . Personnel NNS spent VBD the DT morning NN inspecting VBG buildings NNS for IN structural JJ weaknesses NNS , , mopping VBG up RP water NN from IN broken JJ pipes NNS and CC clearing VBG ceiling NN tiles NNS and CC other JJ debris NN from IN factory NN floors NNS . . Still RB , , many JJ were VBD confident JJ that IN `` `` in IN a DT day NN or CC two CD , , everything NN should MD be VB back RB to TO normal JJ , , '' '' according VBG to TO a DT spokeswoman NN for IN the DT Semiconductor NNP Industry NNP Association NNP , , based VBN in IN Cupertino NNP . . IBM NNP , , for IN instance NN , , said VBD it PRP anticipates VBZ returning VBG to TO a DT normal JJ work NN schedule NN by IN the DT weekend NN at IN its PRP$ San NNP Jose NNP plant NN , , which WDT puts VBZ out RP disk NN drives NNS for IN the DT 3090 CD family NN of IN mainframes NNS . . A DT Hewlett-Packard NNP spokeswoman NN said VBD that IN , , while IN `` `` things NNS are VBP a DT big JJ mess NN , , '' '' some DT 18,000 CD Valley NNP employees NNS have VBP been VBN called VBN back RB to TO work VB today NN . . Apple NNP Computer NNP added VBD that IN it PRP was VBD being VBG `` `` cautiously RB optimistic JJ , , '' '' despite IN not RB yet CC closely RB eyeballing VBG all DT of IN its PRP$ 50 CD buildings NNS in IN the DT region NN . . Even RB the DT carefully RB calibrated VBN machinery NN in IN its PRP$ giant JJ Fremont NNP plant NN , , to TO the DT north NN of IN the DT Valley NNP , , was VBD believed VBN to TO be VB undamaged JJ . . Sun NNP Microsystems NNPS Inc. NNP and CC Tandem NNP Computers NNPS Inc. NNP also RB signaled VBD that IN they PRP should MD recover VB quickly RB . . Digital NNP Equipment NNP Corp. NNP , , with IN major JJ facilities NNS in IN Santa NNP Clara NNP , , Cupertino NNP , , Palo NNP Alto NNP and CC Mountain NNP View NNP , , said VBD that IN all DT of IN its PRP$ engineering NN and CC manufacturing NN sites NNS had VBD reported VBN to TO corporate JJ headquarters NNS in IN Maynard NNP , , Mass. NNP , , Tuesday NNP night NN . . None NN sustained VBD `` `` significant JJ '' '' damage NN , , a DT spokesman NN said VBD , , adding VBG that IN `` `` the DT delicate JJ manufacturing NN process NN machines NNS were VBD checked VBN and CC were VBD all DT found VBN to TO be VB operating VBG normally RB . . '' '' For IN many JJ companies NNS , , of IN course NN , , there EX is VBZ still RB a DT slew NN of IN nagging JJ problems NNS to TO grapple VB with IN , , some DT of IN which WDT have VBP the DT potential NN to TO become VB quite RB serious JJ . . For IN example NN , , a DT spokesman NN for IN Advanced NNP Micro NNP Devices NNPS said VBD the DT Sunnyvale NNP chip NN maker NN is VBZ worried VBN about IN blackouts NNS . . A DT sudden JJ surge NN or CC drop NN in IN electric JJ power NN could MD ruin VB integrated JJ circuits NNS being VBG built VBN . . But CC , , given VBN what WP might MD have VB happened VBN to TO the DT fragile JJ parts NNS that WDT are VBP at IN the DT heart NN of IN the DT microelectronics NNS business NN , , the DT bulk NN of IN Valley NNP companies NNS seemed VBD to TO be VB just RB about IN shouting VBG hosannas NNS . . Several JJ factors NNS apparently RB spared VBD the DT Valley NNP -- : a DT sprawling VBG suburban JJ stretch NN from IN San NNP Jose NNP to TO Palo NNP Alto NNP -- : from IN the DT kind NN of IN impact NN felt VBN in IN San NNP Francisco NNP , , an DT hour NN 's POS drive NN north NN . . For IN one CD thing NN , , buildings NNS there RB tend VBP to TO be VB newer JJR and CC , , thus RB , , in IN step NN with IN the DT latest JJS safety NN codes NNS . . Also RB , , the DT soil NN in IN the DT Valley NNP is VBZ solid JJ , , unlike IN the DT landfill NN of IN San NNP Francisco NNP 's POS downtown NN Marina NNP District NNP , , which WDT was VBD hit VBN with IN fires NNS and CC vast JJ destruction NN . . In IN addition NN , , some DT microelectronics NNS companies NNS said VBD they PRP were VBD prepared JJ for IN tremulous JJ conditions NNS like IN Tuesday NNP 's POS . . Their PRP$ machine NN tools NNS are VBP even RB bolted VBN to TO the DT shop NN floor NN . . Intel NNP said VBD that IN over IN the DT past NN decade NN , , it PRP has VBZ installed VBN computer NN sensors NNS and CC shutoff NN valves NNS , , sensitive JJ to TO the DT shake NN of IN an DT earthquake NN , , in IN the DT pipes NNS that IN snake NN through IN its PRP$ plants NNS . . Like IN other JJ large JJ Valley NNP companies NNS , , Intel NNP also RB noted VBD that IN it PRP has VBZ factories NNS in IN several JJ parts NNS of IN the DT nation NN , , so IN that IN a DT breakdown NN at IN one CD location NN should MD n't RB leave VB customers NNS in IN a DT total JJ pinch NN . . That DT 's VBZ certainly RB good JJ news NN for IN such JJ companies NNS as IN Compaq NNP Computer NNP Corp. NNP , , Houston NNP , , which WDT has VBZ only RB a DT four-day JJ supply NN of IN microprocessors NNS from IN the DT Valley NNP on IN hand NN because IN of IN a DT just-in-time JJ manufacturing NN approach NN that WDT limits VBZ the DT buildup NN of IN inventory NN . . Compaq NNP said VBD it PRP foresees VBZ no DT difficulties NNS in IN obtaining VBG parts NNS in IN the DT immediate JJ future NN . . Computer NN makers NNS were VBD scrambling VBG to TO help VB customers NNS recover VB from IN the DT disaster NN . . Digital NNP Equipment NNP has VBZ set VBN up RP disaster-recovery NN response NN centers NNS in IN Dallas NNP , , Atlanta NNP and CC Colorado NNP Springs NNPS , , Colo NNP . . These DT units NNS were VBD handling VBG calls NNS both DT from IN people NNS in IN the DT San NNP Francisco NNP area NN and CC from IN computers NNS themselves PRP , , which WDT are VBP set VBN to TO dial VB Digital NNP automatically RB when WRB trouble NN arises VBZ . . They PRP then RB run VBP remotely RB controlled JJ self-diagnostic JJ programs NNS . . Digital NNP also RB said VBD it PRP has VBZ dispatched VBN teams NNS of IN technicians NNS to TO California NNP . . Meanwhile RB , , several JJ other JJ major JJ installations NNS around IN the DT Valley NNP -- : America NNP 's POS center NN of IN high-tech JJ -- : said VBD they PRP , , too RB , , fared VBD as RB well RB as IN could MD be VB expected VBN . . Lawrence NNP Livermore NNP National NNP Laboratory NNP , , where WRB the DT Energy NNP Department NNP tests VBZ and CC conducts VBZ research NN on IN nuclear JJ weapons NNS , , had VBD only RB `` `` superficial JJ damage NN , , '' '' a DT spokesman NN said VBD . . At IN Lockheed NNP Corp. NNP 's POS missiles NNS and CC space NN systems NNS group NN in IN Sunnyvale NNP , , about IN 40 CD miles NNS south RB of IN San NNP Francisco NNP , , workers NNS were VBD asked VBN to TO head VB to TO work VB yesterday RB after IN it PRP was VBD realized VBN that IN `` `` there EX were VBD no DT show-stoppers NNS '' '' in IN the DT 150-plus JJ buildings NNS on IN its PRP$ one-square-mile JJ campus NN . . Several JJ engineering NN and CC research NN offices NNS needed VBD closer JJR scrutiny NN to TO make VB sure JJ they PRP were VBD n't RB in IN danger NN of IN crumbling VBG , , but CC `` `` the DT bulk NN of IN the DT place NN is VBZ in IN pretty RB good JJ shape NN , , '' '' an DT official NN said VBD . . One CD of IN Lockheed NNP 's POS most JJS lucrative JJ sectors NNS -- : accounting VBG for IN more RBR than IN half PDT the DT aerospace NN company NN 's POS $ $ 10.59 CD billion CD in IN sales NNS in IN 1988 CD -- : the DT missiles NNS and CC space NN group NN is VBZ the DT prime JJ Pentagon NNP contractor NN on IN the DT Trident NNP II NNP ballistic JJ missile NN . . It PRP also RB generates VBZ pieces NNS of IN the DT missile NN shield NN called VBD the DT Strategic NNP Defense NNP Initiative NNP . . Fortunately RB , , the DT Hubble NNP Space NNP Telescope NNP -- : set VBN to TO be VB launched VBN on IN the DT shuttle NN next IN year NN in IN a DT search NN for IN distant JJ solar JJ systems NNS and CC light NN emitted VBN 14 CD billion CD years NNS ago RB from IN the DT farthest JJS reaches NNS of IN the DT universe NN -- : was VBD moved VBN from IN Sunnyvale NNP to TO the DT Kennedy NNP Space NNP Center NNP in IN Florida NNP at IN the DT beginning NN of IN October NNP . . John NNP R. NNP Wilke NNP contribued VBD to TO this DT article NN . . Michael NNP Maynard NNP offered VBD the DT world NN a DT faster JJR way NN to TO break VB eggs NNS . . As IN thanks NNS , , the DT egg NN industry NN tried VBD to TO break VB him PRP . . And CC the DT egg NN producers NNS have VBP done VBN a DT pretty RB good JJ job NN . . They PRP tried VBD to TO put VB Mr. NNP Maynard NNP out IN of IN business NN by IN an DT act NN of IN Congress NNP . . Egg-industry NN lobbying NN helped VBD persuade VB six CD states NNS to TO ban VB Mr. NNP Maynard NNP 's POS automatic JJ egg-breaking NN machine NN because IN of IN fears NNS over IN salmonella NN . . His PRP$ company NN , , Misa NNP Manufacturing NNP Inc. NNP , , was VBD forced VBN to TO seek VB protection NN from IN creditors NNS under IN federal JJ bankruptcy NN law NN in IN 1987 CD and CC has VBZ since RB been VBN liquidated VBN . . Monthly JJ sales NNS of IN his PRP$ Egg NNP King NNP machine NN -- : which WDT he PRP now RB is VBZ marketing VBG through IN a DT new JJ company NN -- : have VBP sunk VBN to TO about IN half PDT a DT dozen NN from IN a DT peak NN of IN 75 CD , , says VBZ the DT 46-year-old JJ businessman NN . . Mr. NNP Maynard NNP is VBZ n't RB the DT first JJ entrepreneur NN to TO bump VB up RP against IN entrenched JJ interests NNS . . But CC his PRP$ case NN is VBZ notable JJ both DT for IN the DT scale NN of IN the DT fight NN -- : it PRP is VBZ n't RB often RB that IN a DT congressional JJ hearing NN is VBZ held VBN to TO determine VB whether IN one CD small JJ businessman NN is VBZ a DT threat NN to TO the DT republic NN -- : and CC for IN what WP it PRP tells VBZ about IN the DT pitfalls NNS of IN marketing NN a DT new JJ product NN . . Now RB one PRP might MD ask VB why WRB people NNS who WP sell VBP eggs NNS would MD fight VB someone NN who WP is VBZ trying VBG to TO make VB it PRP easier RBR to TO crack VB them PRP . . Part NN of IN the DT answer NN lies VBZ in IN the DT nature NN of IN the DT industry NN . . Many JJ larger JJR egg NN producers NNS are VBP also RB egg NN processors NNS , , who WP crack VBP , , inspect VBP , , and CC sanitize VBP billions NNS of IN eggs NNS , , turning VBG them PRP into IN powdered JJ , , liquified JJ or CC frozen JJ egg NN products NNS . . However RB , , dozens NNS of IN bakers NNS , , restaurant NN chefs NNS and CC other JJ food NN preparers NNS who WP flocked VBD to TO Mr. NNP Maynard NNP 's POS defense NN say VBP that IN products NNS ranging VBG from IN egg NN bread NN to TO eclairs NNS lose VBP some DT zip NN when WRB the DT eggs NNS come VBN in IN 30-pound JJ cans NNS instead RB of IN shells NNS . . But CC for IN companies NNS that WDT use VBP hundreds NNS of IN eggs NNS a DT day NN , , breaking VBG them PRP by IN hand NN can MD get VB , , well RB , , out IN of IN hand NN . . The DT idea NN behind IN the DT Egg NNP King NNP is VBZ pretty JJ simple NN : : put VB the DT eggs NNS into IN a DT cylinder NN that WDT contains VBZ perforated JJ baskets NNS , , spin VB them PRP at IN a DT high JJ speed NN to TO break VB the DT shells NNS and CC strain VB the DT edible JJ part NN through IN the DT baskets NNS . . One CD Egg NNP King NNP -- : which WDT at IN just RB under IN four CD feet NNS tall JJ and CC two CD feet NNS wide JJ has VBZ been VBN likened VBN to TO the DT robot NN R2-D2 NN -- : can MD crack VB about IN 20,000 CD eggs NNS an DT hour NN . . Because IN fresh JJ eggs NNS are VBP less RBR expensive JJ than IN processed VBN ones NNS , , a DT big JJ egg NN user NN can MD recover VB the DT Egg NNP King NNP 's POS $ $ 3,390 CD cost NN in IN a DT few JJ months NNS , , says VBZ Mr. NNP Maynard NNP . . Such JJ centrifugal JJ egg NN breakers NNS have VBP been VBN around IN since IN the DT 1890s NNS . . But CC when WRB Mr. NNP Maynard NNP came VBD forward RB with IN his PRP$ machine NN in IN the DT early JJ 1970s NNS nobody NN else JJ was VBD offering VBG them PRP in IN the DT U.S. NNP . . The DT main JJ reason NN : : salmonella NN . . Chickens NNS carry VBP this DT bacteria NNS , , which WDT can MD cause VB upset JJ stomachs NNS and CC , , in IN rare JJ cases NNS , , death NN among IN people NNS . . Hens NNS sometimes RB pass VBP salmonella NN to TO the DT eggs NNS , , and CC it PRP can MD also RB be VB found VBN on IN unclean JJ shells NNS . . Thus RB , , any DT machine NN that WDT breaks VBZ large JJ amounts NNS of IN eggs NNS at IN once RB has VBZ the DT potential NN to TO spread VB salmonella NN if IN a DT bad JJ egg NN gets VBZ in IN with IN the DT good JJ ones NNS . . Mr. NNP Maynard NNP claims VBZ this DT is VBZ a DT manageable JJ problem NN . . The DT Egg NNP King NNP carries VBZ written JJ instructions NNS to TO break VB only JJ high-grade JJ eggs NNS that WDT have VBP been VBN properly RB sanitized VBN and CC , , as IN an DT added VBN precaution NN , , to TO use VB the DT eggs NNS only RB in IN products NNS that WDT will MD be VB cooked VBN enough RB to TO kill VB bacteria NNS . . With IN nearly RB 4,000 CD machines NNS in IN use NN , , there EX have VBP been VBN no DT salmonella NN problems NNS as RB long RB as IN instructions NNS were VBD followed VBN , , Mr. NNP Maynard NNP boasts VBZ . . He PRP says VBZ the DT handful NN of IN salmonella NN cases NNS involving VBG products NNS that WDT may MD have VB used VBN eggs NNS broken VBN by IN an DT Egg NNP King NNP stemmed VBD from IN a DT failure NN to TO adequately RB cook VB the DT products NNS . . But CC he PRP says VBZ that DT 's VBZ no RB more JJR a DT reason NN for IN banning VBG Egg NNP Kings NNPS than IN bad JJ drivers NNS are VBP a DT reason NN for IN banning VBG cars NNS . . Opponents NNS do VBP n't RB buy VB such JJ arguments NNS . . `` `` Human JJ nature NN being VBG what WP it PRP is VBZ , , people NNS do VBP n't RB always RB follow VB instructions NNS , , '' '' says VBZ Jack NNP Guzewich NNP , , chief NN of IN food NN protection NN for IN the DT New NNP York NNP state NN Health NNP Department NNP . . Leading VBG the DT assault NN against IN the DT Egg NNP King NNP has VBZ been VBN United NNP Egg NNP Producers NNPS . . The DT Decatur NNP , , Ga. NNP , , trade NN group NN has VBZ issued VBN a DT `` `` briefing NN book NN '' '' that WDT claims VBZ the DT machine NN is VBZ `` `` a DT health NN hazard NN '' '' and CC that IN Mr. NNP Maynard NNP is VBZ trying VBG `` `` to TO make VB a DT fast JJ buck NN at IN the DT expense NN of IN the DT nation NN 's POS egg NN producers NNS . . '' '' The DT UEP NNP declines VBZ to TO comment VB , , but CC the DT group NN 's POS attorney NN , , Alfred NNP Frawley NNP , , says VBZ the DT group NN 's POS actions NNS are VBP motivated VBN solely RB by IN `` `` health NN concerns NNS . . '' '' An DT early JJ battleground NN was VBD the DT U.S. NNP Department NNP of IN Agriculture NNP . . Mr. NNP Maynard NNP initially RB won VBD approval NN for IN his PRP$ machine NN to TO be VB used VBN at IN egg-processing JJ facilities NNS regulated VBN by IN the DT USDA NNP 's POS Food NNP Safety NNP Inspection NNP Service NNP . . Unfortunately RB for IN Mr. NNP Maynard NNP , , another DT branch NN of IN the DT USDA NNP , , the DT Agricultural NNP Marketing NNP Service NNP , , was VBD in IN charge NN of IN eggs NNS . . After IN receiving VBG complaints NNS from IN egg NN producers NNS , , this DT branch NN got VBD the DT other JJ branch NN to TO rescind VB its PRP$ approval NN , , thus RB limiting VBG the DT machine NN 's POS potential JJ market NN to TO bakeries NNS and CC restaurants NNS and CC other JJ establishments NNS that WDT are VBP n't RB regulated VBN by IN the DT USDA NNP . . The DT egg NN producers NNS also RB lobbied VBD the DT Food NNP and CC Drug NNP Administration NNP . . But CC the DT FDA NNP in IN a DT 1985 CD letter NN to TO the DT United NNP Egg NNP Producers NNPS said VBD that IN there EX was VBD `` `` little JJ likelihood NN '' '' of IN a DT health NN problem NN as RB long RB as IN instructions NNS were VBD followed VBN . . So CC the DT producers NNS went VBD to TO Capitol NNP Hill NNP , , where WRB a DT congressman NN from IN Georgia NNP introduced VBD a DT measure NN to TO ban VB centrifugal JJ egg-breaking NN machines NNS . . Mr. NNP Maynard NNP , , whose WP$ company NN at IN the DT time NN was VBD based VBN in IN Santa NNP Ana NNP , , Calif. NNP , , enlisted VBD his PRP$ local JJ congressman NN , , and CC the DT battle NN was VBD joined VBN . . Mr. NNP Maynard NNP 's POS forces NNS finally RB defeated VBD the DT measure NN , , though IN it PRP took VBD a DT vote NN on IN the DT floor NN of IN the DT House NNP of IN Representatives NNPS to TO do VB it PRP . . Even RB then RB , , opponents NNS managed VBD to TO get VB a DT congressional JJ hearing NN to TO examine VB what WP one CD congressman NN called VBD an DT `` `` unscrupulous JJ '' '' method NN for IN breaking VBG eggs NNS . . Foiled VBN in IN their PRP$ effort NN to TO get VB a DT national JJ ban NN , , the DT egg NN producers NNS turned VBD their PRP$ attention NN to TO the DT states NNS . . So RB far RB , , New NNP York NNP , , New NNP Jersey NNP , , Nebraska NNP , , Georgia NNP , , Michigan NNP and CC Minnesota NNP have VBP outlawed VBN Mr. NNP Maynard NNP 's POS device NN , , citing VBG health NN concerns NNS . . An DT antitrust JJ suit NN that IN Mr. NNP Maynard NNP 's POS company NN filed VBD in IN Los NNP Angeles NNP federal JJ court NN against IN the DT United NNP Egg NNP Producers NNPS and CC others NNS only RB added VBD to TO the DT entrepreneur NN 's POS woes NNS . . The DT judge NN dismissed VBD the DT suit NN and CC ordered VBD Mr. NNP Maynard NNP 's POS company NN to TO pay VB over IN $ $ 100,000 CD in IN legal JJ fees NNS to TO the DT defendants NNS ' POS lawyers NNS . . Mr. NNP Maynard NNP says VBZ the DT ruling NN pushed VBD his PRP$ company NN into IN bankruptcy NN court NN . . Now RB he PRP has VBZ moved VBN to TO Oklahoma NNP where WRB costs NNS are VBP lower JJR , , and CC started VBD a DT new JJ company NN , , Adsi NNP Inc. NNP , , to TO market VB his PRP$ machine NN . . But CC , , so RB far RB , , the DT change NN of IN scenery NN has VBZ n't RB ended VBD his PRP$ string NN of IN bad JJ breaks NNS . . Mr. NNP Maynard NNP recently RB fell VBD from IN a DT horse NN and CC fractured VBD his PRP$ arm NN . . Michelle NNP Pfeiffer NNP ca MD n't RB chew VB gum NN and CC sing VB at IN the DT same JJ time NN . . But CC on IN the DT evidence NN of IN `` `` The DT Fabulous NNP Baker NNP Boys NNPS , , '' '' that WDT may MD be VB the DT only JJ thing NN she PRP ca MD n't RB do VB , , at IN least JJS when WRB she PRP 's VBZ acting VBG in IN movies NNS . . As IN the DT tough JJ , , slinky JJ lounge NN chanteuse NN in IN `` `` The DT Fabulous NNP Baker NNP Boys NNPS , , '' '' Ms. NNP Pfeiffer NNP sings VBZ for IN herself PRP , , and CC more RBR than IN passably RB well RB . . Her PRP$ Susie NNP Diamond NNP handles VBZ a DT song NN the DT way NN the DT greats NNS do VBP , , like IN she PRP 's VBZ hearing VBG the DT way NN it PRP should MD sound VB inside IN her PRP$ head NN and CC she PRP 's VBZ concentrating VBG on IN matching VBG that DT internal JJ tone NN . . Yet RB her PRP$ intensity NN stops VBZ and CC starts VBZ with IN the DT music NN . . When WRB she PRP is VBZ n't RB performing VBG for IN an DT audience NN , , she PRP prepares VBZ for IN a DT song NN by IN removing VBG the DT wad NN of IN gum NN from IN her PRP$ mouth NN , , and CC indicates VBZ that IN she PRP 's VBZ finished VBN by IN sticking VBG the DT gum NN back RB in IN . . Like IN almost RB everything NN in IN this DT wonderfully RB romantic JJ and CC edgy JJ movie NN , , Ms. NNP Pfeiffer NNP 's POS Susie NNP seems VBZ like IN someone NN you PRP 've VBP seen VBN before RB , , in IN numerous JJ show-biz NN stories NNS ( ( even RB her PRP$ name NN , , Susie NNP Diamond NNP , , sounds VBZ like IN a DT character NN Marilyn NNP Monroe NNP must MD have VB played VBD ) ) . . Yet RB nothing NN about IN `` `` Baker NNP Boys NNPS , , '' '' and CC certainly RB nothing NN about IN Ms. NNP Pfeiffer NNP , , really RB is VBZ like IN something NN from IN the DT video NN vault NN . . Steve NNP Kloves NNP , , the DT young JJ writer NN and CC director NN ( ( he PRP is VBZ n't RB yet RB 30 CD ) ) , , has VBZ only RB one CD produced VBN picture NN to TO his PRP$ credit NN ; : he PRP wrote VBD the DT screenplay NN for IN `` `` Racing VBG With IN the DT Moon NN , , '' '' a DT lovely JJ coming-of-age JJ picture NN set VBN in IN the DT '40s NNS . . Both DT movies NNS are VBP infused VBN with IN the DT nostalgic JJ sensibility NN of IN someone NN much RB older JJR , , someone NN who WP does VBZ n't RB dismiss VB dreams NNS , , but CC who WP also RB has VBZ enough JJ experience NN to TO see VB his PRP$ limits NNS . . However RB , , Mr. NNP Kloves NNP directs VBZ his PRP$ own JJ material NN without IN sentimentality NN and CC at IN its PRP$ own JJ eccentric JJ pace NN ; : `` `` Baker NNP Boys NNPS '' '' is VBZ both DT bluesy JJ and CC funny JJ . . He PRP 's VBZ put VBN a DT fresh JJ spin NN on IN material NN that WDT could MD come VB off RP terribly RB cliched JJ ; : for IN example NN , , the DT way NN Susie NN wows VBZ an DT audience NN the DT first JJ time NN she PRP sings VBZ with IN the DT Baker NNP Boys NNPS . . Of IN course NN , , it PRP does VBZ n't RB hurt VB that IN Mr. NNP Kloves NNP has VBZ made VBN up RP for IN his PRP$ lack NN of IN experience NN behind IN the DT camera NN with IN technicians NNS who WP know VBP exactly RB what WP they PRP 're VBP doing VBG . . Much JJ of IN the DT picture NN 's POS sensuality NN emerges VBZ from IN cinematographer NN Michael NNP Ballhaus NNP 's POS slyly RB seductive JJ lens NN work NN . . After IN working VBG for IN years NNS with IN Werner NNP Rainer NNP Fassbinder NNP , , the DT late JJ German JJ director NN , , and CC more RBR recently RB with IN Martin NNP Scorsese NNP ( ( `` `` After IN Hours NNS , , '' '' `` `` The DT Color NN of IN Money NN , , '' '' `` `` The DT Last JJ Temptation NN of IN Christ NNP '' '' ) ) , , Mr. NNP Ballhaus NNP has VBZ developed VBN a DT distinctively RB fluid JJ style NN . . And CC Dave NNP Grusin NNP 's POS witty JJ score NN embraces VBZ the DT banal JJ requirements NNS of IN banquet-hall NN musicianship NN ( ( `` `` Feelings NNS '' '' is VBZ a DT must MD ) ) without IN condescension NN . . Though IN Ms. NNP Pfeiffer NNP has VBZ the DT flashy JJ part NN -- : she PRP gets VBZ the DT best JJS comic JJ bits NNS and CC to TO wear VB glamorous JJ dresses NNS and CC spiked JJ heels NNS the DT boys NNS are VBP pretty RB great JJ , , too RB . . What WP seemed VBD like IN a DT good JJ idea NN , , to TO cast VB the DT Bridges NNPS brothers NNS ( ( Jeff NNP and CC Beau NNP ) ) as IN the DT Baker NNP brothers NNS , , actually RB turned VBD out RP to TO be VB a DT good JJ idea NN . . Anyone NN who WP 's VBZ tried VBN to TO appear VB `` `` natural JJ '' '' in IN front NN of IN a DT camera NN knows VBZ that IN it PRP 's VBZ much RB more JJR natural NN to TO end VB up RB looking VBG like IN a DT stiff NN . . So RB it PRP 's VBZ quite RB possible JJ that IN the DT terrific JJ play NN between IN the DT brothers NNS is VBZ n't RB natural JJ at IN all DT , , that IN Jeff NNP and CC Beau NNP had VBD to TO work VB like IN crazy JJ to TO make VB their PRP$ brotherly JJ love NN -- : and CC resentment NN and CC frustration NN and CC rage NN -- : seem VB so RB very RB real JJ . . When WRB the DT movie NN opens VBZ the DT Baker NNP brothers NNS are VBP doing VBG what WP they PRP 've VBP done VBN for IN 15 CD years NNS professionally RB , , and CC twice RB as RB long JJ as IN that DT for IN themselves PRP : : They PRP 're VBP playing VBG proficient JJ piano NN , , face-to-face RB , , on IN twin JJ pianos NNS . . They PRP 're VBP small JJ time NN in IN the DT small JJ time-hotels NNS ( ( not RB the DT best JJS ones NNS ) ) and CC restaurants NNS in IN Seattle NNP . . Yet CC they PRP do VBP n't RB disparage VB their PRP$ audiences NNS by IN disparaging VBG their PRP$ act NN . . They PRP wear VBP tuxedos NNS most JJS nights NNS , , unless IN circumstances NNS ( ( a DT regular JJ gig NN at IN a DT `` `` tropical JJ '' '' lounge NN , , for IN example NN ) ) require VBP them PRP to TO wear VB special JJ costumes NNS , , like IN Hawaiian JJ shirts NNS . . Plump JJ Beau NNP , , looking VBG eager JJ to TO please VB with IN his PRP$ arched JJ eyebrows NNS and CC round JJ face NN , , plays VBZ the DT older JJR brother NN , , Frank NNP . . Frank NNP plans VBZ the DT program NN , , takes VBZ care NN of IN business NN , , and CC approaches VBZ the DT work NN like IN any DT other JJ job NN . . He PRP 's VBZ even RB able JJ to TO think VB of IN a DT job NN that WDT takes VBZ him PRP out IN of IN the DT house NN 300 CD nights NNS a DT week NN as IN an DT ordinary JJ job NN . . He PRP 's VBZ got VBN a DT wife NN and CC two CD kids NNS and CC a DT house NN in IN the DT suburbs NNS ; : the DT audience NN sees VBZ only RB the DT house NN , , and CC only RB near IN the DT end NN of IN the DT movie NN . . Frank NNP grovels VBZ a DT little RB for IN the DT bookers NNS , , probably RB no RB more RBR or CC less RBR than IN he PRP would MD have VB to TO if IN he PRP worked VBD for IN a DT big JJ corporation NN . . On IN his PRP$ off-hours NNS he PRP wears VBZ cardigan NN sweaters NNS . . Jeff NNP Bridges NNP is VBZ the DT younger JJR brother NN , , Jack NNP , , who WP fancies VBZ himself PRP the DT rebellious JJ artist NN ; : he PRP lives VBZ in IN a DT loft NN with IN his PRP$ sick JJ dog NN and CC the DT occasional JJ visit NN from IN the DT little JJ girl NN upstairs RB , , who WP climbs VBZ down IN the DT fire NN escape NN . . Yet RB Jack NNP 's VBZ the DT one NN who WP can MD remember VB every DT dive NN they PRP ever RB played VBD , , and CC when WRB , , and CC he PRP dutifully RB shows VBZ up RP for IN work NN night RB after IN night RB ( ( he PRP consoles VBZ himself PRP with IN booze NN and CC by IN showing VBG up RP at IN the DT last JJ minute NN ) ) . . Looking VBG leaner RBR than IN he PRP has VBZ in IN a DT while NN , , the DT younger JJR Mr. NNP Bridges NNP 's POS Jack NNP is VBZ sexy JJ and CC cynical JJ and CC a DT far RB sadder JJR case NN than IN Frank NNP , , who WP 's VBZ managed VBN to TO chisel VB his PRP$ dreams NNS to TO fit VB reality NN without IN feeling NN too RB cheated JJ . . He PRP can MD live VB with IN little JJ pleasures NNS . . Mr. NNP Kloves NNP has VBZ put VBN together RB some DT priceless JJ moments NNS . . These DT include VBP Jennifer NNP Tilly NNP 's POS audition NN to TO be VB the DT Baker NNP Boys NNPS ' POS girl NN singer NN . . Ms. NNP Tilly NNP of IN the DT tweety-bird JJ voice NN showed VBD great JJ comic JJ promise NN during IN her PRP$ stint NN as IN the DT mobster NN 's POS girlfriend NN on IN the DT television NN show NN , , `` `` Hill NNP Street NNP Blues NNPS . . '' '' Here RB she PRP delivers VBZ , , especially RB during IN her PRP enthusiastically RB awful JJ rendition NN of IN the DT `` `` Candy NN Man NN , , '' '' which WDT she PRP sings VBZ while IN prancing VBG around RB in IN a DT little JJ cotton NN candy NN pink JJ angora NN sweater NN that WDT could MD n't RB be VB more RBR perfect JJ . . ( ( It PRP matches VBZ her PRP$ voice NN . . ) ) And CC Ms. NNP Pfeiffer NNP 's POS particular JJ version NN of IN `` `` Making VBG Whoopee UH '' '' -- : and CC the DT way NN Mr. NNP Ballhaus NNP photographs VBZ her PRP , , from IN the DT tips NNS of IN her PRP$ red JJ high JJ heels NNS right RB up RB her PRP clingy JJ red JJ velvet NN dress NN -- : might MD make VB you PRP think VB of IN Marilyn NNP Monroe NNP if IN Ms. NNP Pfeiffer NNP had VBD n't RB gone VBN and CC become VBN a DT star NN in IN her PRP$ own JJ right NN . . VIDEO NN TIP NN : : If IN you PRP 'd MD like VB to TO see VB the DT first JJ time NN Michelle NNP Pfeiffer NNP sang VBD on IN screen NN , , and CC you PRP have VBP a DT lot NN of IN patience NN , , take VB a DT look NN at IN `` `` Grease NN 2 CD . . '' '' You PRP 'll MD find VB her PRP there RB . . Better RBR yet RB , , check VB out RP the DT emergence NN of IN her PRP$ comic JJ persona NN in IN `` `` Married JJ to TO the DT Mob NN , , '' '' Jonathan NNP Demme NNP 's POS delightful JJ Mafia NNP comedy NN . . International NNP Proteins NNPS Corp. NNP definitively RB agreed VBD to TO pay VB $ $ 49 CD million CD and CC 2,850,000 CD of IN its PRP$ shares NNS for IN Hanson NNP PLC NNP 's POS Ground NNP Round NNP restaurant NN subsidiary NN . . Shareholders NNS of IN International NNP Proteins NNPS , , a DT food NN and CC agriproducts NNS company NN , , will MD vote VB on IN the DT transaction NN at IN a DT meeting NN late RB next JJ month NN . . Hanson NNP is VBZ a DT London NNP producer NN of IN consumer NN and CC other JJ goods NNS . . International NNP Proteins NNPS shares NNS did VBD n't RB trade VB yesterday NN on IN the DT American NNP Stock NNP Exchange NNP . . They PRP closed VBD Tuesday NNP in IN composite JJ trading NN at IN $ $ 13.625 CD , , down RB 37.5 CD cents NNS , , giving VBG the DT stock NN portion NN of IN the DT transaction NN an DT indicated VBN value NN of IN $ $ 38.8 CD million CD . . Control NNP Data NNP Corp. NNP agreed VBD to TO sell VB its PRP$ idle JJ supercomputer NN manufacturing NN plant NN here RB to TO Minnesota NNP Mining NNP & CC Manufacturing NNP Co. NNP for IN $ $ 5.8 CD million CD . . The DT tentative JJ agreement NN calls VBZ for IN 3M NNP to TO use VB the DT 115,000-square-foot JJ plant NN and CC 19 CD acres NNS of IN land NN for IN research NN laboratories NNS . . Control NNP Data NNP has VBZ been VBN seeking VBG a DT buyer NN for IN the DT facility NN since IN it PRP folded VBD its PRP$ ETA NNP Systems NNPS Inc. NNP supercomputer NN unit NN this DT past JJ April NNP . . General NNP Dynamics NNPS Corp. NNP was VBD awarded VBN contracts NNS totaling VBG $ $ 589 CD million CD for IN one CD Navy NNP Trident NNP submarine NN and CC for IN Air NNP Force NNP research NN on IN the DT National NNP Aerospace NNP plane NN . . Grumman NNP Corp. NNP won VBD a DT $ $ 58.9 CD million CD Navy NNP contract NN for IN 12 CD F-14 NN aircraft NN . . Raytheon NNP Co. NNP was VBD issued VBN a DT $ $ 19.2 CD million CD Air NNP Force NNP contract NN for IN support NN of IN the DT Milstar NNP communications NNS satellite NN . . McDonnell NNP Douglas NNP Corp. NNP got VBD a DT $ $ 12.5 CD million CD Air NNP Force NNP contract NN for IN support NN work NN on IN the DT National NNP Aerospace NNP plane NN . . Denis NNP C. NNP Smith NNP was VBD named VBN to TO the DT new JJ post NN of IN vice NN president NN of IN world-wide JJ advanced JJ materials NNS operations NNS for IN this DT chemicals NNS concern NN . . Mr. NNP Smith NNP , , 50 CD years NNS old JJ , , was VBD formerly RB responsible JJ for IN advanced JJ materials NNS , , which WDT include VBP plastic JJ composites NNS and CC alloys NNS , , in IN North NNP America NNP only RB . . Himont NNP is VBZ 81%-owned JJ by IN Montedison NNP S.p NNP . . A. NNP of IN Milan NNP , , Italy NNP . . Galveston-Houston NNP Co. NNP said VBD it PRP will MD redeem VB all DT 3,950 CD shares NNS of IN its PRP$ privately RB held JJ 6.5 CD % NN convertible JJ Series NN C NNP preferred JJ stock NN Nov. NNP 8 CD . . Holders NNS can MD either RB convert VB each DT share NN into IN 421 CD shares NNS of IN the DT company NN 's POS common JJ stock NN , , or CC surrender VB their PRP$ shares NNS at IN the DT per-share JJ price NN of IN $ $ 1,000 CD , , plus CC accumulated VBN dividends NNS of IN $ $ 6.71 CD a DT share NN . . Galveston-Houston NNP makes VBZ and CC markets VBZ products NNS for IN the DT construction NN , , mining NN and CC energy NN industries NNS . . Bank NNP Building NNP & CC Equipment NNP Corp. NNP of IN America NNP , , which WDT previously RB said VBD accounting NN discrepancies NNS its PRP$ auditors NNS uncovered VBN would MD hurt VB earnings NNS and CC require VB restatement NN of IN earlier JJR results NNS , , increased VBN its PRP$ projections NNS of IN the DT negative JJ fiscal JJ impact NN , , and CC said VBD it PRP was VBD exploring VBG the DT company NN 's POS sale NN . . Bank NNP Building NNP , , which WDT builds VBZ and CC equips VBZ banks NNS , , had VBD announced VBN it PRP would MD restate VB the DT first-three JJ quarters NNS of IN this DT fiscal JJ year NN , , which WDT ends VBZ Oct. NNP 31 CD . . On IN Oct. NNP 5 CD , , the DT company NN estimated VBD after-tax JJ effects NNS on IN the DT year NN 's POS earnings NNS would MD be VB `` `` at IN least JJS '' '' $ $ 1.3 CD million CD . . Yesterday NN , , the DT company NN said VBD the DT negative JJ after-tax JJ effect NN on IN earnings NNS for IN the DT year NN will MD be VB about IN $ $ 3.3 CD million CD . . For IN the DT nine CD months NNS ended VBN July NNP 31 CD , , Bank NNP Building NNP had VBD a DT net JJ loss NN of IN $ $ 1 CD million CD , , on IN revenue NN of IN $ $ 66.5 CD million CD . . Bank NNP Building NNP , , which WDT expects VBZ to TO report VB a DT fourth-quarter JJ loss NN , , said VBD it PRP engaged VBD advisers NNS to TO `` `` explore VB financial JJ alternatives NNS for IN the DT company NN including VBG the DT possible JJ sale NN of IN the DT company NN or CC one CD or CC more JJR of IN its PRP$ units NNS . . '' '' Company NN auditors NNS are VBP continuing VBG their PRP$ review NN , , and CC final JJ restated VBN figures NNS are VBP n't RB yet RB available JJ . . Bank NNP Building NNP earlier RB said VBD the DT restatement NN is VBZ necessitated VBN by IN `` `` certain JJ errors NNS in IN recording VBG receivables NN and CC payables NNS '' '' at IN its PRP$ Loughman NNP Cabinet NNP division NN . . That DT division NN 's POS manager NN has VBZ been VBN fired VBN . . In IN American NNP Stock NNP Exchange NNP composite JJ trading NN , , Bank NNP Building NNP closed VBD at IN $ $ 4 CD a DT share NN , , down RB 62.5 CD cents NNS . . Gen. NNP Paul NNP X. NNP Kelley NNP , , retired JJ commandant NN of IN the DT U.S. NNP Marine NNP Corps NNP , , was VBD elected VBN a DT director NN of IN this DT plastics NNS , , specialty NN materials NNS and CC aerospace NN concern NN , , succeeding VBG Jewel NNP Lafontant NNP , , who WP resigned VBD to TO accept VB a DT government NN position NN . . Rep. NNP Mary NNP Rose NNP Oakar NNP ( ( D. NNP , , Ohio NNP ) ) at IN last JJ week NN 's POS hearings NNS on IN irregularities NNS in IN programs NNS at IN the DT Department NNP of IN Housing NNP and CC Urban NNP Development NNP : : I PRP do VBP n't RB want VB to TO feel VB guilty JJ representing VBG my PRP$ constituents NNS . . And CC if IN I PRP think VBP that IN some DT people NNS { ( on IN HUD NNP Secretary NNP Jack NNP Kemp NNP 's POS } ) staff NN are VBP off RB base NN in IN terms NNS in IN which WDT they PRP 're VBP evaluating VBG certain JJ things NNS affecting VBG my PRP$ hometown NN , , I PRP have VBP to TO tell VB you PRP something NN -- : I PRP 'm VBP not RB going VBG to TO take VB it PRP . . I PRP think VBP that IN I PRP 'm VBP elected VBN to TO represent VB the DT people NNS that WDT sent VBD me PRP here RB . . And CC one CD of IN our PRP$ charges NNS is VBZ to TO be VB an DT ombudsman NN for IN our PRP$ area NN . . And CC if IN we PRP 're VBP not RB ombudsman NN for IN our PRP$ area NN , , we PRP ought MD to TO be VB thrown VBN out IN of IN office NN . . On IN the DT other JJ hand NN , , if IN we PRP 're VBP asking VBG for IN something NN unreasonable JJ or CC unethical JJ and CC so RB on RB , , then RB that DT 's VBZ a DT whole JJ different JJ story NN . . But CC if IN I PRP feel VBP that IN there EX are VBP situations NNS where WRB I PRP 'm VBP trying VBG to TO get VB housing NN for IN our PRP$ area NN -- : whatever WDT it PRP happens VBZ to TO be VB -- : and CC I PRP have VBP to TO feel VB that IN I PRP ca MD n't RB even RB ask VB a DT question NN , , I PRP 've VBP got VBD to TO tell VB you PRP , , I PRP think VBP that DT 's VBZ outrageous JJ . . . . I PRP think VBP these DT regulations NNS that WDT would MD prohibit VB well-operated JJ programs NNS in IN areas NNS across IN this DT country NN would MD be VB wrong JJ to TO change VB ... : . . I PRP do VBP n't RB want VB to TO see VB some DT guidelines NNS change VB that DT 's VBZ going VBG to TO inhibit VB my PRP$ city NN 's POS opportunity NN to TO use VB its PRP$ money NN . . The DT Chicago NNP Mercantile NNP Exchange NNP said VBD it PRP fined VBD Capcom NNP Futures NNPS Inc. NNP $ $ 500,000 CD and CC accepted VBD its PRP$ withdrawal NN from IN membership NN as IN part NN of IN a DT settlement NN of IN disciplinary JJ actions NNS against IN the DT firm NN . . Capcom NNP Futures NNPS is VBZ a DT Chicago NNP subsidiary NN of IN Capcom NNP Financial NNP Services NNPS Ltd. NNP , , a DT London NNP financial JJ firm NN that WDT was VBD implicated VBN last JJ year NN in IN a DT scheme NN to TO launder VB drug NN money NN . . The DT case NN is VBZ pending VBG . . The DT firm NN was VBD indicted VBN in IN Tampa NNP , , Fla. NNP , , on IN money-laundering NN charges NNS . . In IN June NNP , , the DT Chicago NNP Board NNP of IN Trade NNP said VBD it PRP suspended VBD Capcom NNP Financial NNP . . The DT Capcom NNP Futures NNPS unit NN withdrew VBD from IN Board NNP of IN Trade NNP membership NN voluntarily RB in IN August NNP , , a DT Board NNP of IN Trade NNP spokesman NN said VBD . . Capcom NNP Futures NNPS , , while IN neither CC admitting VBG nor CC denying VBG the DT Merc NNP charges NNS , , said VBD in IN a DT statement NN that IN the DT Merc NNP charges NNS were VBD `` `` technical JJ in IN nature NN '' '' and CC that IN `` `` no DT customers NNS were VBD hurt VBN '' '' as IN a DT result NN of IN the DT violations NNS cited VBN by IN the DT Merc NNP . . The DT Merc NNP alleged VBD that IN , , among IN other JJ things NNS , , from IN April NNP 1987 CD through IN October NNP 1988 CD Capcom NNP Futures NNPS failed VBD to TO document VB trades NNS between IN Capcom NNP Futures NNPS and CC people NNS or CC entities NNS directly RB or CC indirectly RB controlled JJ by IN Capcom NNP Futures NNPS shareholders NNS . . Frederick NNP W. NNP Lang NNP , , 65 CD years NNS old JJ , , the DT founder NN of IN this DT software NN services NNS concern NN , , was VBD elected VBN to TO the DT new JJ post NN of IN chairman NN . . Formerly RB president NN and CC treasurer NN , , Mr. NNP Lang NNP remains VBZ chief JJ executive NN officer NN . . Victor NNP C. NNP Benda NNP , , 58 CD , , formerly RB executive NN vice NN president NN , , succeeds VBZ Mr. NNP Lang NNP as IN president NN and CC becomes VBZ chief JJ operating VBG officer NN , , a DT new JJ post NN . . Maurice NNP Warren NNP , , 56-year-old JJ group NN managing NN director NN , , was VBD named VBN chief JJ executive NN officer NN of IN this DT food NN and CC agriculture NN group NN . . The DT post NN of IN chief JJ executive NN has VBZ been VBN vacant JJ since IN July NNP when WRB Terry NNP Pryce NNP , , 55 CD , , left VBD the DT company NN . . Money-market NN mutual JJ fund NN assets NNS grew VBD at IN nearly RB three CD times NNS their PRP$ usual JJ rate NN in IN the DT latest JJS week NN , , as IN investors NNS opted VBD for IN safety NN instead RB of IN the DT stock NN market NN . . Money-fund NN assets NNS soared VBD $ $ 4.5 CD billion CD in IN the DT week NN ended VBD Tuesday NNP , , to TO a DT record NN $ $ 348.4 CD billion CD , , according VBG to TO IBC\/Donoghue NN 's POS Money NNP Fund NNP Report NNP , , a DT Holliston NNP , , Mass.-based JJ newsletter NN . . `` `` We PRP were VBD expecting VBG it PRP , , following VBG the DT fall NN of IN the DT Dow NNP Friday NNP , , '' '' said VBD Brenda NNP Malizia NNP Negus NNP , , editor NN of IN Money NNP Fund NNP Report NNP . . `` `` It PRP 's VBZ the DT proverbial JJ flight NN to TO safety NN . . '' '' Despite IN recent JJ declines NNS in IN interest NN rates NNS , , money NN funds NNS continue VBP to TO offer VB better JJR yields NNS than IN other JJ comparable JJ investments NNS . . The DT average JJ seven-day JJ compound NN yield NN on IN the DT 400 CD taxable JJ funds NNS tracked VBN by IN IBC\/Donoghue NNP 's POS was VBD 8.55 CD % NN in IN the DT latest JJS week NN , , down RB from IN 8.60 CD % NN . . Compound NN yields NNS assume VBP reinvestment NN of IN dividends NNS and CC that IN current JJ yields NNS continue VBP for IN a DT year NN . . Most RBS short-term JJ certificates NNS of IN deposit NN are VBP yielding VBG about IN 8 CD % NN or CC less JJR at IN major JJ banks NNS , , and CC the DT yields NNS on IN Treasury NNP bills NNS sold VBN at IN Monday NNP 's POS auction NN fell VBD to TO 7.61 CD % NN for IN three CD months NNS and CC 7.82 CD % NN for IN six CD months NNS . . Money-fund NN assets NNS have VBP been VBN rising VBG at IN an DT average JJ rate NN of IN $ $ 1.6 CD billion CD a DT week NN in IN recent JJ months NNS , , Ms. NNP Negus NNP said VBD , , reflecting VBG the DT relatively RB high JJ yields NNS . . In IN the DT latest JJS week NN , , funds NNS open JJ to TO institutions NNS alone RB grew VBD by IN $ $ 1.8 CD billion CD . . Some DT fund NN managers NNS say VBP inflows NNS could MD increase VB in IN coming VBG days NNS as IN a DT result NN of IN stock NN selling NN in IN the DT wake NN of IN Friday NNP 's POS 190.58 CD point JJ drop NN in IN the DT Dow NNP Jones NNP Industrial NNP Average NNP . . `` `` If IN you PRP 're VBP selling VBG equities NNS , , you PRP do VBP n't RB start VB getting VBG proceeds NNS for IN five CD to TO seven CD days NNS , , '' '' said VBD Frank NNP Rachwalski NNP , , who WP manages VBZ the DT Kemper NNP Money NNP Market NNP Fund NNP . . Neal NNP Litvack NNP , , marketing NN vice NN president NN for IN Fidelity NNP Investments NNPS , , said VBD inflows NNS Friday NNP into IN Fidelity NNP 's POS Spartan NNP and CC Cash NNP Reserves NNPS money-market NN funds NNS were VBD about IN twice RB normal JJ levels NNS , , with IN about IN half NN coming VBG from IN equity NN and CC junk-bond NN funds NNS . . Monday NNP and CC Tuesday NNP `` `` were VBD lackluster JJ in IN comparison NN , , '' '' he PRP said VBD . . `` `` People NNS are VBP n't RB necessarily RB running VBG scared RB , , '' '' Mr. NNP Litvack NNP said VBD . . `` `` They PRP 're VBP maintaining VBG their PRP$ attitude NN toward IN investing NN , , which WDT has VBZ leaned VBN toward IN the DT conservative NN recently RB . . '' '' Money-fund NN yields NNS tend VBP to TO lag VB interestrate NN trends NNS as IN portfolio NN managers NNS adjust VBP the DT maturities NNS of IN their PRP$ investments NNS -- : short-term JJ Treasury NNP securities NNS , , commercial JJ paper NN and CC the DT like JJ -- : to TO capture VB the DT highest JJS yields NNS . . Maturities NNS usually RB are VBP shorter JJR when WRB rates NNS are VBP rising VBG and CC longer JJR when WRB they PRP are VBP falling VBG . . The DT average JJ maturity NN of IN the DT funds NNS tracked VBN by IN IBC\/Donoghue NNP 's POS remained VBD at IN 38 CD days NNS for IN the DT third JJ consecutive JJ week NN . . It PRP was VBD as RB short JJ as IN 29 CD days NNS at IN the DT start NN of IN this DT year NN , , when WRB rates NNS were VBD marching VBG steadily RB upward RB , , and CC hit VBD 42 CD days NNS in IN August NNP . . The DT average JJ seven-day JJ simple JJ yield NN of IN the DT funds NNS fell VBD to TO 8.21 CD % NN this DT week NN from IN 8.26 CD % NN . . The DT average JJ 30-day JJ simple JJ yield NN was VBD 8.26 CD % NN , , compared VBN with IN 8.27 CD % NN the DT week NN before RB , , and CC the DT 30-day JJ compound NN yield NN slid VBD to TO 8.60 CD % NN from IN 8.61 CD % NN . . Some DT funds NNS are VBP posting VBG yields NNS far RB higher JJR than IN the DT average NN . . The DT highest RBS yielding JJ taxable JJ fund NN this DT week NN was VBD Harbor NNP Money NNP Market NNP Fund NNP , , with IN a DT seven-day JJ compound NN yield NN of IN 12.75 CD % NN . . That IN included VBD capital NN gains NNS that WDT were VBD passed VBN along RB to TO customers NNS . . Among IN the DT other JJ high-yielding JJ funds NNS , , Fidelity NNP 's POS Spartan NNP Fund NNP had VBD a DT seven-day JJ compound NN yield NN of IN 9.33 CD % NN in IN the DT latest JJS week NN . . The DT seven-day JJ compound NN yield NN of IN the DT Dreyfus NNP Worldwide NNP Dollar NNP Fund NNP was VBD 9.51 CD % NN . . whose WP$ Della NNP Femina NNP McNamee NNP WCRS NNP agency NN created VBD liar NN Joe NNP Isuzu NNP , , among IN others NNS -- : announced VBD a DT massive JJ restructuring NN that WDT largely RB removes VBZ it PRP from IN the DT advertising NN business NN and CC includes VBZ selling VBG the DT majority NN of IN its PRP$ advertising NN unit NN to TO Paris-based JJ Eurocom NNP . . The DT complex JJ restructuring NN , , which WDT was VBD long RB expected VBN , , transforms VBZ London-based JJ WCRS NNP from IN primarily RB a DT creator NN of IN advertising NN into IN one CD of IN Europe NNP 's POS largest JJS buyers NNS of IN advertising NN time NN and CC space NN . . It PRP also RB creates VBZ a DT newly RB merged JJ world-wide JJ ad NN agency NN controlled VBN by IN Eurocom NNP and CC headed VBD jointly RB by IN New NNP York NNP ad NN man NN Jerry NNP Della NNP Femina NNP and CC two CD top JJ WCRS NNP executives NNS . . The DT merged JJ agency NN 's VBZ admittedly RB ambitious JJ goal NN : : to TO become VB one CD of IN the DT world NN 's POS 10 CD largest JJS agencies NNS , , while IN attracting VBG more RBR multinational JJ clients NNS than IN the DT agencies NNS were VBD able JJ to TO attract VB alone RB . . WCRS NNP 's POS restructuring NN reflects VBZ the DT growing VBG importance NN of IN media NNS buying NN in IN Europe NNP , , where WRB the DT only JJ way NN to TO get VB a DT good JJ price NN on IN advertising NN time NN and CC space NN is VBZ to TO buy VB it PRP in IN bulk NN . . For IN Eurocom NNP , , meanwhile RB , , the DT move NN gives VBZ it PRP a DT strong JJ U.S. NNP foothold NN in IN Della NNP Femina NNP , , and CC more RBR than IN quadruples VBZ the DT size NN of IN its PRP$ ad NN agency NN business NN world-wide RB . . It PRP also RB gives VBZ the DT outspoken JJ Mr. NNP Della NNP Femina NNP -- : who WP often RB generates VBZ as IN much JJ publicity NN for IN himself PRP as IN for IN his PRP$ clients NNS -- : an DT international JJ platform NN that IN he PRP most RBS certainly RB wo MD n't RB be VB loath JJ to TO use VB . . According VBG to TO terms NNS , , WCRS NNP will MD pay VB 2.02 CD billion CD French JJ francs NNS ( ( $ $ 318.6 CD million CD ) ) for IN the DT 50 CD % NN it PRP does VBZ n't RB already RB own JJ of IN Carat NNP Holding NNP S.A. NNP , , one CD of IN Europe NNP 's POS largest JJS media NNS buyers NNS . . Meanwhile RB , , Eurocom NNP , , which WDT had VBD held VBN 20 CD % NN of IN WCRS NNP 's POS ad NN unit NN , , will MD pay VB # # 43.5 CD million CD ( ( $ $ 68.5 CD million CD ) ) to TO raise VB its PRP$ stake NN to TO 60 CD % NN . . That DT price NN also RB covers VBZ Eurocom NNP raising VBG to TO 60 CD % NN its PRP$ 51 CD % NN stake NN in IN Europe NNP 's POS Belier NNP Group NNP , , a DT joint JJ venture NN ad NN agency NN network NN it PRP owns VBZ with IN WCRS NNP . . Eurocom NNP will MD also RB have VB the DT right NN to TO buy VB the DT remaining VBG 40 CD % NN of IN the DT merged JJ ad NN agency NN group NN in IN six CD years NNS . . The DT transaction NN places VBZ the DT three CD executives NNS squarely RB at IN the DT helm NN of IN a DT major JJ agency NN with IN the DT rather RB unwieldy JJ name NN of IN Eurocom NNP WCRS NNP Della NNP Femina NNP Ball NNP Ltd. NNP , , or CC EWDB NNP . . The DT merged JJ agency NN will MD include VB Della NNP Femina NNP McNamee NNP based VBN in IN New NNP York NNP , , Eurocom NNP 's POS various JJ agencies NNS in IN France NNP , , the DT Belier NNP Group NNP in IN Europe NNP and CC WCRS NNP 's POS other JJ advertising NN and CC direct JJ marketing NN operations NNS . . Mr. NNP Della NNP Femina NNP will MD be VB joint JJ chairman NN with IN former JJ WCRS NNP executive NN Robin NNP Wight NNP . . Both DT will MD report VB to TO Tim NNP Breene NNP , , a DT former JJ WCRS NNP executive NN who WP will MD be VB chief JJ executive NN officer NN at IN the DT new JJ agency NN . . In IN an DT interview NN in IN New NNP York NNP , , Mr. NNP Breene NNP , , fresh JJ from IN a DT Concorde NNP flight NN from IN Paris NNP where WRB executives NNS had VBD worked VBN through IN most JJS of IN the DT night NN , , outlined VBD big JJ plans NNS for IN the DT new JJ agency NN . . `` `` Our PRP$ goal NN is VBZ to TO develop VB quite RB rapidly RB to TO a DT top-10 JJ position NN ... : by IN the DT end NN of IN three CD years NNS from IN now RB . . It PRP implies VBZ very RB dramatic JJ growth NN , , '' '' he PRP said VBD . . He PRP added VBD that IN Eurocom NNP and CC WCRS NNP had VBD agreed VBN to TO provide VB a DT development NN fund NN of IN # # 100 CD million CD for IN acquisitions NNS . . The DT new JJ agency NN group NN is VBZ already RB in IN discussions NNS about IN a DT possible JJ purchase NN in IN Spain NNP , , while IN Mr. NNP Breene NNP said VBD it PRP also RB plans VBZ to TO make VB acquisitions NNS in IN Scandinavia NNP , , Germany NNP and CC elsewhere RB . . Cracking VBG the DT top NN 10 CD within IN three CD years NNS will MD be VB difficult JJ at IN best RB . . Della NNP Femina NNP had VBD billings NNS of IN just RB $ $ 660 CD million CD last JJ year NN and CC ranked VBD as IN the DT U.S. NNP 's POS 24th-largest JJ ad NN agency NN . . The DT merged JJ company NN that IN it PRP now RB becomes VBZ part NN of IN will MD have VB billings NNS of IN just RB more JJR than IN $ $ 2.6 CD billion CD -- : most JJS of IN that DT in IN Europe NNP -- : bringing VBG it PRP to TO about IN 14th JJ world-wide RB . . To TO make VB it PRP to TO top-10 JJ status NN , , it PRP would MD have VB to TO leapfrog VB over IN such JJ formidable JJ forces NNS as IN Grey NNP Advertising NNP , , D'Arcy NNP Masius NNP Benton NNP & CC Bowles NNP and CC Omnicom NNP 's POS DDB NNP Needham NNP . . The DT merged JJ agency NN 's POS game NN plan NN to TO attract VB multinational JJ packaged-goods NNS advertisers NNS may MD prove VB equally RB difficult JJ . . When WRB WCRS NNP created VBD Della NNP Femina NNP McNamee NNP out IN of IN the DT merger NN of IN three CD smaller JJR agency NN units NNS in IN 1988 CD , , it PRP said VBD it PRP did VBD so RB in IN order NN to TO attract VB larger JJR clients NNS , , especially RB packaged-goods NNS companies NNS . . Since IN then RB , , Della NNP Femina NNP won VBD Pan NNP Am VBP as IN an DT international JJ client NN and CC also RB does VBZ work NN for IN a DT few JJ packaged-goods NNS clients NNS , , including VBG Dow NNP Chemical NNP Co. NNP 's POS Saran NNP Wrap NNP . . But CC major JJ packaged-goods NNS players NNS of IN the DT world NN -- : such JJ as IN Procter NNP & CC Gamble NNP , , Colgate-Palmolive NNP and CC Unilever NNP -- : have VBP steadfastly RB eluded VBD the DT agency NN . . `` `` Three CD of IN our PRP$ favorite JJ names NNS , , '' '' Mr. NNP Della NNP Femina NNP calls VBZ that DT roster NN , , adding VBG hopefully RB , , `` `` We PRP 're VBP a DT much RB more RBR attractive JJ agency NN to TO large JJ multinationals NNS today NN than IN we PRP were VBD yesterday NN . . '' '' Still RB , , the DT restructuring NN could MD create VB one CD of IN the DT most RBS powerful JJ alliances NNS between IN advertising NN and CC media-buying JJ firms NNS that IN Europe NNP has VBZ seen VBN . . As IN part NN of IN the DT restructuring NN , , WCRS NNP and CC Eurocom NNP said VBD they PRP will MD look VB for IN ways NNS to TO combine VB their PRP$ media NNS buying NN across IN Europe NNP . . What WP 's VBZ more JJR , , both DT Eurocom NNP and CC brothers NNS Francis NNP and CC Gilbert NNP Gross NNP , , who WP founded VBD Carat NNP , , will MD acquire VB 14.99 CD % JJ stakes NNS in IN WCRS NNP Group NNP , , creating VBG a DT powerful JJ link NN between IN Eurocom NNP and CC Carat NNP . . Carat NNP will MD receive VB its PRP$ WCRS NNP stake NN as IN part NN of IN payment NN for IN the DT 50 CD % NN Carat NNP stake NN that IN WCRS NNP is VBZ buying VBG , , while IN Eurocom NNP said VBD it PRP expects VBZ to TO pay VB about IN # # 32 CD million CD for IN its PRP$ WCRS NNP stake NN . . Mr. NNP Della NNP Femina NNP says VBZ he PRP plans VBZ to TO remain VB heavily RB involved JJ in IN the DT creative JJ product NN at IN the DT world-wide JJ agency NN , , serving VBG as IN a DT sort NN of IN `` `` creative JJ conscience NN . . '' '' Louise NNP McNamee NNP , , Della NNP Femina NNP 's POS president NN , , will MD continue VB running VBG the DT U.S. NNP agency NN day-to-day JJ . . They PRP and CC other JJ top JJ executives NNS signed VBD long-term JJ employment NN contracts NNS and CC Mr. NNP Della NNP Femina NNP will MD receive VB an DT additional JJ multimillion-dollar JJ sum NN , , which WDT some DT industry NN executives NNS pegged VBD at IN about IN $ $ 10 CD million CD . . WCRS NNP Group NNP , , for IN its PRP$ part NN , , will MD now RB be VB able JJ to TO follow VB its PRP$ longstanding JJ plan NN of IN becoming VBG `` `` a DT holding VBG company NN for IN a DT series NN of IN media-related JJ businesses NNS , , '' '' said VBD Peter NNP Scott NNP , , the DT firm NN 's POS chief JJ executive NN . . In IN addition NN to TO Carat NNP , , WCRS NNP will MD hold VB onto IN its PRP$ public JJ relations NNS , , TV NN programming NN and CC other JJ businesses NNS . . WCRS NNP says VBZ its PRP$ debt NN will MD be VB cut VBN to TO # # 24 CD million CD from IN # # 66 CD million CD as IN a DT result NN of IN the DT transaction NN . . For IN Carat NNP , , meanwhile RB , , the DT alliance NN with IN Eurocom NNP and CC WCRS NNP is VBZ intended VBN to TO strengthen VB its PRP$ own JJ push NN outside IN France NNP . . Carat NNP 's POS Gross NNP brothers NNS invented VBD the DT idea NN of IN large-scale JJ buying NN of IN media NNS space NN . . By IN buying VBG the DT space NN in IN bulk NN , , they PRP obtain VBP discounts NNS as RB high JJ as IN 50 CD % NN , , which WDT they PRP can MD pass VB on RB to TO customers NNS . . They PRP thus RB have VBP won VBN the DT French JJ space-buying NN business NN of IN such JJ advertising NN giants NNS as IN Coca-Cola NNP Co. NNP , , Fiat NNP S.p NNP . . A. NNP , , Gillette NNP and CC Kodak NNP . . But CC now RB , , other JJ agencies NNS are VBP getting VBG into IN the DT business NN with IN their PRP$ own JJ competing JJ media-buying JJ groups NNS -- : and CC Carat NNP wants VBZ to TO expand VB to TO the DT rest NN of IN Europe NNP . . To TO help VB finance VB the DT Carat NNP purchase NN , , WCRS NNP said VBD it PRP plans VBZ an DT issue NN of IN Euroconvertible JJ preferred JJ shares NNS once IN the DT market NN settles VBZ down RB . . But CC WCRS NNP added VBD that IN `` `` in IN the DT light NN of IN the DT current JJ uncertainty NN in IN the DT equity NN markets NNS , , '' '' it PRP has VBZ arranged VBN medium-term JJ debt NN financing NN , , which WDT would MD be VB underwritten VBN by IN Samuel NNP Montagu NNP & CC Co. NNP Ltd NNP . . Earthquake NN 's POS Damage NN Tuesday NNP 's POS earthquake NN brought VBD the DT San NNP Francisco NNP ad NN scene NN to TO a DT screeching VBG halt NN yesterday NN , , with IN only RB a DT few JJ staffers NNS showing VBG up RP at IN their PRP$ offices NNS , , mainly RB to TO survey VB the DT damage NN or CC to TO wring VB their PRP$ hands NNS about IN imminent JJ new-business JJ presentations NNS . . While IN no DT agencies NNS reported VBD injuries NNS to TO employees NNS , , the DT quake NN damaged VBD the DT offices NNS of IN J. NNP Walter NNP Thompson NNP , , Chiat\/Day\/Mojo NNP and CC DDB NNP Needham NNP , , among IN others NNS , , spokesmen NNS for IN those DT agencies NNS said VBD . . Staffers NNS at IN Thompson NNP , , whose WP$ offices NNS are VBP in IN the DT ultramodern JJ Embarcadero NNP Center NNP , , watched VBD pictures NNS drop VB from IN the DT walls NNS and CC then RB felt VBD the DT skyscraper NN sway VB seven CD to TO eight CD feet NNS , , according VBG to TO a DT spokeswoman NN . . Plaster NN fell VBD and CC windows NNS were VBD broken VBN at IN Chiat\/Day\/Mojo NNP , , a DT spokesman NN for IN that DT agency NN said VBD . . Late JJ yesterday NN afternoon NN , , DDB NNP Needham NNP executives NNS were VBD scrambling VBG to TO figure VB out RP what WP to TO do VB about IN a DT new JJ business NN presentation NN that WDT had VBD been VBN scheduled VBN for IN today NN , , a DT spokesman NN said VBD . . DDB NNP Needham NNP 's POS office NN building NN may MD have VB sustained VBN structural JJ damage NN , , the DT spokesman NN added VBD . . `` `` All DT operations NNS have VBP stopped VBN , , '' '' he PRP said VBD . . A DT number NN of IN agencies NNS , , including VBG Thompson NNP and CC Foote NNP , , Cone NNP & CC Belding NNP , , said VBD some DT employees NNS who WP live VBP outside IN of IN San NNP Francisco NNP , , fearful JJ that IN they PRP would MD n't RB be VB able JJ to TO get VB home RB , , spent VBD the DT night NN at IN the DT agency NN . . Ad NN Notes NNS ... : . . NEW NN ACCOUNT NN : : Chesebrough-Pond NNP 's POS Inc. NNP , , Greenwich NNP , , Conn. NNP , , awarded VBD its PRP$ Faberge NNP hair NN care NN accounts NNS to TO J. NNP Walter NNP Thompson NNP , , New NNP York NNP . . Thompson NNP , , a DT unit NN of IN WPP NNP Group NNP , , will MD handle VB Faberge NNP Organic NNP shampoo NN and CC conditioner NN and CC Aqua NNP Net NNP hairspray NN . . The DT accounts NNS , , which WDT billed VBD about IN $ $ 7 CD million CD last JJ year NN , , according VBG to TO Leading VBG National NNP Advertisers NNPS , , were VBD previously RB handled VBN at IN Bozell NNP , , New NNP York NNP . . WHO WP 'S VBZ NEWS NNP : : William NNP Morrissey NNP , , 44 CD , , was VBD named VBN executive NN vice NN president NN , , world-wide JJ director NN of IN McCann NNP Direct NNP , , the DT direct JJ marketing NN unit NN of IN Interpublic NNP Group NNP 's POS McCann-Erickson NNP agency NN . . He PRP had VBD been VBN president NN and CC chief NN operating NN officer NN of IN Ogilvy NNP & CC Mather NNP Direct NNP . . BOZELL NNP : : Los NNP Angeles NNP will MD be VB the DT site NN of IN a DT new JJ entertainment NN division NN for IN the DT ad NN agency NN . . The DT division NN will MD be VB headed VBN by IN Dick NNP Porter NNP , , who WP returns VBZ to TO Bozell NNP after IN being VBG vice NN president NN of IN media NNS at IN MGM NNP . . AC&R NNP ADVERTISING NNP : : The DT agency NN 's POS three CD California NNP offices NNS , , previously RB called VBN AC&R\/CCL NNP Advertising NNP , , will MD now RB be VB called VBN AC&R NNP Advertising NNP to TO match VB the DT name NN of IN its PRP$ New NNP York NNP office NN . . AC&R NNP Advertising NNP is VBZ a DT unit NN of IN Saatchi NNP & CC Saatchi NNP Co NNP . . NEW JJ BEER NN : : Sibra NNP Products NNPS Inc. NNP , , Greenwich NNP , , Conn. NNP , , awarded VBD its PRP$ Cardinal NNP Amber NNP Light NNP beer NN account NN to TO Heidelberg NNP & CC Associates NNPS , , New NNP York NNP . . Budget NN is VBZ set VBN at IN $ $ 1.5 CD million CD . . The DT new JJ beer NN , , introduced VBN this DT week NN at IN a DT liquor NN industry NN convention NN , , is VBZ imported VBN from IN Switzerland NNP 's POS Cardinal NNP brewery NN . . Heidelberg NNP 's POS first JJ ads NNS for IN the DT brand NN , , which WDT Sibra NNP says VBZ will MD compete VB with IN imported VBN light JJ beer NN leader NN Amstel NNP Light NNP , , feature VBP the DT line NN `` `` The DT best JJS tasting NN light JJ beer NN you PRP 've VBP ever RB seen VBN . . Diamond-Star NNP Motors NNPS Corp. NNP , , a DT joint JJ venture NN of IN Chrysler NNP Corp. NNP and CC Mitsubishi NNP Motors NNPS Corp. NNP said VBD it PRP will MD begin VB shipping VBG Mitsubishi NNP Eclipse NNP cars NNS to TO Japan NNP next JJ week NN , , emulating VBG other JJ Japanese JJ auto NN ventures NNS shipping VBG U.S.-built JJ vehicles NNS back RB to TO Japan NNP . . Diamond-Star NNP said VBD it PRP will MD export VB about IN 1,500 CD Eclipse NNP cars NNS to TO Japan NNP by IN year NN 's POS end NN . . Honda NNP Motor NNP Co. NNP , , the DT first JJ Japanese JJ auto NN maker NN to TO ship NN cars NNS to TO Japan NNP from IN the DT U.S. NNP , , is VBZ now RB exporting VBG more JJR than IN 5,000 CD Accord NNP Coupes NNP a DT year NN from IN its PRP$ Marysville NNP , , Ohio NNP , , factory NN . . One CD of IN the DT most RBS remarkable JJ features NNS of IN the DT forced JJ marches NNS of IN the DT ethnic JJ Turks NNPS out IN of IN Bulgaria NNP over IN the DT past JJ five CD months NNS has VBZ been VBN the DT lack NN of IN international JJ attention NN . . The DT deportation NN of IN more JJR than IN 315,000 CD men NNS , , women NNS and CC children NNS by IN the DT Bulgarian JJ regime NN adds VBZ up RP to TO one CD of IN the DT largest JJS migrations NNS seen VBN in IN the DT postwar JJ years NNS . . Yet CC some DT people NNS are VBP advancing VBG a DT chilling VBG casuistry NN : : that IN what WP we PRP are VBP seeing VBG is VBZ somehow RB the DT understandable JJ result NN of IN the DT historical JJ sins NNS committed VBN by IN the DT Turks NNPS in IN the DT 16th JJ century NN . . Today NN 's POS Turks NNPS in IN Bulgaria NNP , , in IN other JJ words NNS , , deserve VBP what WP is VBZ coming VBG to TO them PRP four CD centuries NNS later RB . . As IN if IN this DT were VBD n't RB enough RB , , the DT Senate NNP Judiciary NNP Committee NNP is VBZ getting VBG into IN the DT act NN . . On IN Tuesday NNP it PRP approved VBD Senator NNP Bob NNP Dole NNP 's POS proposed VBN commemorative NN resolution NN designating VBG April NNP 24 CD , , 1990 CD , , as IN the DT `` `` National JJ Day NN of IN Remembrance NN of IN the DT 75th JJ Anniversary NN of IN the DT Armenian JJ Genocide NN of IN 1915-1923 CD , , '' '' suffered VBN at IN the DT hands NNS of IN the DT warring VBG Ottoman NNP Empire NNP . . There EX can MD be VB no RB quibbling VBG that IN the DT Armenians NNPS endured VBD terrible JJ suffering NN , , but CC one NN has VBZ to TO wonder VB what WP possible RB good JJ such PDT a DT resolution NN will MD achieve VB . . It PRP puts VBZ great JJ strain NN on IN a DT longstanding JJ U.S. NNP friendship NN with IN Turkey NNP , , a DT country NN that WDT has VBZ been VBN one CD of IN America NNP 's POS strongest JJS allies NNS in IN NATO NNP . . The DT resolution NN also RB comes VBZ at IN a DT time NN when WRB Turkey NNP has VBZ been VBN seeking VBG help NN from IN the DT United NNP States NNPS in IN resolving VBG its PRP$ Bulgarian JJ emigration NN controversy NN and CC pursuing VBG democratic JJ reforms NNS that WDT may MD lead VB to TO membership NN in IN the DT European NNP Community NNP . . Turkey NNP has VBZ been VBN fighting VBG its PRP$ past NN for IN years NNS , , and CC thus RB far RB has VBZ been VBN only RB partially RB successful JJ . . Must MD it PRP now RB accept VB that IN one CD of IN its PRP$ strongest JJS allies NNS blames VBZ it PRP for IN the DT genocide NN of IN another DT people NNS ? . Such JJ sentiment NN only RB encourages VBZ the DT adverse JJ feelings NNS toward IN Turkey NNP that WDT surfaced VBD when WRB Turkey NNP asked VBD for IN assistance NN in IN dealing VBG with IN its PRP$ Bulgarian JJ emigration NN crisis NN . . Mr. NNP Dole NNP 's POS odd JJ effort NN notwithstanding IN , , most JJS of IN Turkey NNP 's POS political JJ problems NNS lie VBP with IN the DT Europeans NNPS . . Part NN of IN the DT problem NN some DT Europeans NNPS have VBP with IN Turkey NNP seems VBZ to TO stem VB from IN its PRP$ location NN -- : Turkey NNP is VBZ n't RB really RB part NN of IN Europe NNP . . Why WRB , , they PRP wonder VBP , , should MD it PRP belong VB to TO the DT EC NNP ? . Another DT anti-Turkish JJ hook NN is VBZ the DT Islamic JJ faith NN of IN the DT majority NN of IN the DT Turkish JJ people NNS : : Turkey NNP , , we PRP are VBP told VBN , , is VBZ not RB a DT Christian JJ nation NN ; : its PRP$ people NNS simply RB wo MD n't RB fit VB in RP with IN the DT Western JJ European JJ Judeo-Christian JJ tradition NN . . It PRP 's VBZ when WRB these DT rationalizations NNS fall VBP on IN deaf JJ ears NNS that IN the DT old JJ standby NN of IN retribution NN for IN treatment NN at IN the DT hands NNS of IN the DT Ottoman NNP Empire NNP comes VBZ to TO the DT fore NN . . No DT one NN has VBZ to TO accept VB the DT sins NNS of IN the DT Ottoman NNP Empire NNP to TO reject VB that DT argument NN . . Turkey NNP in IN any DT event NN is VBZ long JJ past IN it PRP . . The DT country NN has VBZ in IN recent JJ years NNS accepted VBN more JJR than IN 500,000 CD refugees NNS from IN at IN least JJS four CD bordering VBG nations NNS . . Kurds NNPS , , suffering VBG what WP many JJ people NNS consider VBP to TO be VB a DT current JJ extermination NN campaign NN at IN the DT hands NNS of IN Syria NNP , , Iran NNP and CC Iraq NNP have VBP inundated VBN eastern JJ Turkey NNP . . Now RB it PRP is VBZ their PRP$ fellow NN Turks NNPS arriving VBG as IN refugees NNS from IN Bulgaria NNP . . The DT Turkish JJ refugee NN tragedy NN and CC the DT ongoing JJ crisis NN can MD not RB be VB ignored VBN and CC shuttled VBN off RB to TO that DT notorious JJ dustbin NN of IN history NN that WDT has VBZ become VBN so RB convenient JJ recently RB . . Surely RB , , the DT past JJ suffering NN of IN any DT people NNS at IN any DT time NN can MD not RB be VB simply RB filed VBN away RB and CC forgotten VBN . . But CC what WP the DT Senate NNP Judiciary NNP Committee NNP has VBZ done VBN in IN supporting VBG the DT strongly RB worded VBN Armenian JJ resolution NN achieves VBZ no DT useful JJ end NN ; : it PRP merely RB produces VBZ more JJR controversy NN and CC embittered JJ memories NNS . . Congress NNP has VBZ enough JJ difficulty NN dealing VBG with IN the DT realities NNS of IN the DT world NN as IN it PRP currently RB exists VBZ . . Bulgaria NNP 's POS government NN has VBZ been VBN behaving VBG beyond IN the DT pale NN for IN months NNS , , and CC the DT U.S. NNP does VBZ its PRP$ values NNS no DT credit NN by IN ignoring VBG that IN while IN casting VBG its PRP$ votes NNS into IN the DT past NN . . Many JJ in IN Washington NNP say VBP President NNP Bush NNP will MD have VB to TO raise VB taxes NNS to TO pay VB for IN his PRP$ war NN on IN drugs NNS . . We PRP have VBP a DT better JJR idea NN : : Dismantle VB HUD NNP to TO pay VB for IN the DT war NN on IN drugs NNS . . Housing NNP and CC Urban NNP Development NNP 's POS budget NN is VBZ $ $ 17 CD billion CD . . From IN what WP we PRP and CC the DT nation NN have VBP been VBN reading VBG , , the DT money NN is VBZ n't RB being VBG spent VBN very RB well RB . . The DT single JJ most RBS important JJ contribution NN the DT government NN could MD make VB now RB to TO help VB the DT poor JJ is VBZ to TO get VB the DT specter NN of IN drugs NNS out IN of IN their PRP$ neighborhoods NNS . . If IN that DT takes VBZ money NN , , take VB it PRP away RB from IN this DT discredited JJ federal JJ department NN . . But CC of IN course NN the DT Democrats NNPS pillorying VBG HUD NNP in IN hearings NNS and CC in IN the DT press NN have VBP no DT such JJ solution NN in IN mind NN . . Instead RB , , they PRP 're VBP scrambling VBG to TO protect VB the DT very JJ programs NNS at IN the DT heart NN of IN the DT HUD NNP scandal NN . . This DT month NN , , HUD NNP Secretary NNP Jack NNP Kemp NNP unveiled VBD a DT series NN of IN proposed VBN reforms NNS to TO improve VB management NN at IN HUD NNP . . No DT doubt NN many JJ of IN his PRP$ ideas NNS are VBP worthy JJ , , but CC ultimately RB he PRP is VBZ proposing VBG to TO make VB fundamentally RB flawed JJ programs NNS work VB slightly RB more RBR fairly RB and CC efficiently RB . . Congress NNP is VBZ unlikely JJ to TO go VB even RB that DT far RB . . Last JJ week NN , , Secretary NNP Kemp NNP ran VBD into IN a DT buzzsaw NN of IN criticism NN from IN House NNP Banking NNP Committee NNP members NNS . . They PRP were VBD appalled VBN , , for IN instance NN , , that IN he PRP wanted VBD to TO target VB more JJR of IN the DT $ $ 3 CD billion CD Community NNP Development NNP Block NNP Grant NNP ( ( CDBG NNP ) ) program NN to TO low-income JJ projects NNS and CC zero VB out RP the DT notorious JJ `` `` discretionary JJ '' '' funds NNS that WDT have VBP allowed VBN HUD NNP officials NNS to TO steer VB contracts NNS to TO political JJ cronies NNS . . These DT development NN grants NNS mainly RB enrich VBP developers NNS who WP want VBP to TO put VB up RP shopping NN centers NNS and CC parking NN garages NNS . . They PRP also RB give VBP those DT in IN Congress NNP political JJ credit NN for IN bringing VBG home NN the DT pork NN , , and CC so IN they PRP are VBP popular JJ with IN such JJ Members NNS as IN Mary NNP Rose NNP Oakar NNP . . Rep. NNP Oakar NNP , , a DT Democrat NNP from IN Cleveland NNP , , wants VBZ a DT $ $ 6.9 CD million CD grant NN so IN Cleveland NNP can MD build VB an DT 18-story JJ Rock NNP and CC Roll NNP Hall NNP of IN Fame NNP . . She PRP says VBZ it PRP 'd MD create VB 600 CD jobs NNS and CC bring VB Cleveland NNP tourist NN revenue NN . . HUD NNP says VBZ the DT project NN does VBZ n't RB qualify VB , , and CC Mr. NNP Kemp NNP says VBZ that DT rock NN 'n' CC roll NN musicians NNS and CC the DT music NN industry NN ought MD to TO put VB up RP the DT money NN . . At IN the DT hearing NN , , Rep. NNP Oakar NNP started VBD wailing VBG about IN `` `` phoney JJ baloney NN regulations NNS '' '' that WDT would MD stand VB between IN her PRP and CC `` `` housing NN for IN downtown NN Cleveland NN . . '' '' Rep. NNP Chalmers NNP Wylie NNP , , an DT Ohio NNP Republican NNP , , rallied VBD to TO the DT cause NN : : `` `` I PRP think VBP the DT gentlelady NN is VBZ making VBG an DT important JJ statement NN . . The DT implication NN that IN if IN a DT congressman NN calls VBZ about IN a DT project NN in IN his PRP$ district NN there EX 's VBZ something NN wrong JJ , , I PRP think VBP is VBZ most RBS unfortunate JJ . . '' '' We PRP 're VBP sure RB some DT theologian NN can MD explain VB the DT difference NN between IN what WP the DT Republican JJ consultants NNS have VBP been VBN doing VBG with IN HUD NNP and CC what WP these DT gentleladies NNS and CC gentlemen NNS want VBP to TO do VB with IN HUD NNP . . Our PRP$ view NN is VBZ that DT given VBN Congress NNP 's POS attitude NN toward IN HUD NNP , , the DT place NN probably RB is VBZ beyond IN reform NN . . For IN more JJR than IN 50 CD years NNS the DT federal JJ government NN has VBZ tried VBN various JJ ways NNS to TO provide VB housing NN for IN the DT poor JJ and CC revive VB cities NNS . . In IN the DT process NN HUD NNP has VBZ wasted VBN untold JJ billions NNS , , created VBN slums NNS and CC invited VBN corruption NN . . Much RB of IN HUD NNP 's POS spending NN actually RB is VBZ disguised VBN welfare NN for IN developers NNS or CC the DT middle JJ class NN . . That DT includes VBZ the DT CDBG NNP funds NNS and CC the DT Federal NNP Housing NNP Administration NNP , , which WDT loans VBZ out RP money NN for IN private JJ home NN mortgages NNS and CC has VBZ just RB been VBN discovered VBN to TO be VB $ $ 4 CD billion CD in IN the DT hole NN . . Selling VBG the DT FHA NNP 's POS loan NN portfolio NN to TO the DT highest JJS bidder NN would MD save VB the DT taxpayers NNS untold JJ billions NNS in IN future JJ losses NNS . . Some DT HUD NNP money NN actually RB does VBZ trickle VB down RB to TO the DT poor JJ , , and CC zeroing VBG out RP housing NN middlemen NNS would MD free VB up RP more JJR money NN for IN public JJ housing NN tenants NNS to TO manage VB and CC even VB own JJ their PRP$ units NNS . . The DT rest NN ought MD to TO be VB used VBN to TO clean VB out RP drugs NNS from IN the DT neighbhorhoods NNS . . Rival JJ gangs NNS have VBP turned VBN cities NNS into IN combat NN zones NNS . . Even RB suburban JJ Prince NNP George NNP 's POS County NNP , , Md. NNP , , reported VBD last JJ week NN there EX have VBP been VBN a DT record NN 96 CD killings NNS there RB this DT year NN , , most JJS of IN them PRP drug-related JJ . . Innocent JJ bystanders NNS often RB are VBP the DT victims NNS . . A DT man NN in IN a DT wheelchair NN was VBD gunned VBN down RB in IN the DT crossfire NN of IN a DT Miami NNP drug NN battle NN . . A DT three-year-old JJ Brooklyn NNP boy NN was VBD used VBN as IN a DT shield NN by IN a DT drug NN dealer NN . . Decent JJ life NN in IN the DT inner JJ cities NNS wo MD n't RB be VB restored VBN unless IN the DT government NN reclaims VBZ the DT streets NNS from IN the DT drug NN gangs NNS . . Until IN then RB , , the DT billions NNS HUD NNP spends VBZ on IN inner-city JJ housing NN simply RB is VBZ wasted VBN . . It PRP 's VBZ still RB unclear JJ whether IN Secretary NNP Kemp NNP wants VBZ to TO completely RB overhaul VB the DT engine NN room NN at IN HUD NNP or CC just RB tighten VB a DT few JJ screws NNS here RB and CC there RB . . No DT doubt NN he PRP believes VBZ the DT place NN can MD be VB salvaged VBN . . Having VBG seen VBN the DT hypocrisy NN with IN which WDT Congress NNP has VBZ addressed VBN the DT HUD NNP scandals NNS , , we PRP disagree VBP . . It PRP 's VBZ time NN to TO scrap VB the DT politically RB infested JJ spending NN machine NN HUD NNP has VBZ become VB and CC channel VB the DT resources NNS into IN the DT drug NN war NN . . Randy NNP Delchamps NNP was VBD named VBN chairman NN and CC chief JJ executive NN officer NN of IN this DT grocery NN chain NN . . Mr. NNP Delchamps NNP , , 46 CD years NNS old JJ , , succeeds VBZ A.F. NNP Delchamps NNP Jr. NNP , , who WP died VBD in IN a DT plane NN crash NN on IN Sunday NNP at IN the DT age NN of IN 58 CD . . Randy NNP Delchamps NNP retains VBZ his PRP$ position NN as IN president NN . . Natural JJ upheavals NNS , , and CC most RBS particularly RB earthquakes NNS , , are VBP not RB only JJ horrible JJ realities NNS in IN and CC of IN themselves PRP , , but CC also RB symbols NNS through IN which WDT the DT state NN of IN a DT society NN can MD be VB construed VBN . . The DT rubble NN after IN the DT Armenian JJ earthquake NN a DT year NN ago RB disclosed VBD , , quite RB literally RB , , a DT city NN whose WP$ larger JJR structures NNS had VBD been VBN built VBN with IN sand NN . . The DT extent NN of IN the DT disaster NN stemmed VBD from IN years NNS of IN chicanery NN and CC bureaucratic JJ indifference NN . . The DT larger JJR parallel NN after IN the DT earthquake NN centered VBN south RB of IN San NNP Francisco NNP is VBZ surely RB with IN the DT state NN of IN the DT U.S. NNP economy NN . . Did VBD the DT stock-market JJ tremors NNS of IN Friday NNP , , Oct. NNP 13 CD , , presage VB larger JJR fragility NN , , far RB greater JJR upheavals NNS ? . Are VBP the DT engineering NN and CC architecture NN of IN the DT economy NN as RB vulnerable JJ as IN the DT spans NNS of IN the DT Bay NNP Bridge NNP ? . The DT eerie JJ complacency NN of IN the DT Reagan-Bush JJ era NN has VBZ produced VBN Panglossian JJ paeans NNS about IN the DT present JJ perfection NN of IN U.S. NNP economic JJ and CC social JJ arrangements NNS . . A DT licensed JJ government NN intellectual NN , , Francis NNP Fukuyama NNP , , recently RB announced VBD in IN The DT National NNP Interest NNP that IN history NN is VBZ , , so RB to TO speak VB , , at IN an DT end NN since IN the DT course NN of IN human JJ progress NN has VBZ now RB culminated VBN in IN the DT glorious JJ full JJ stop NN of IN American JJ civilization NN . . His PRP$ observations NNS were VBD taken VBN seriously RB . . But CC we PRP are VBP , , in IN reality NN , , witnessing VBG the DT continuing VBG decline NN of IN the DT political JJ economy NN of IN capitalism NN : : not RB so RB much JJ the DT end NN of IN history NN but CC the DT history NN of IN the DT end NN . . The DT financial JJ equivalent NN of IN the DT sand NN used VBN by IN those DT Armenian JJ contractors NNS is VBZ junk NN bonds NNS and CC the DT leveraged JJ buy-outs NNS associated VBN with IN them PRP . . Builders NNS get VBP away RB with IN using VBG sand NN and CC financiers NNS junk NN when WRB society NN decides VBZ it PRP 's VBZ okay JJ , , necessary JJ even RB , , to TO look VB the DT other JJ way NN . . And CC by IN the DT early JJ 1980s NNS U.S. NNP capitalists NNS had VBD ample JJ reason NN to TO welcome VB junk NN bonds NNS , , to TO look VB the DT other JJ way NN . . By IN that DT time NN they PRP found VBD extremely RB low JJ profit NN rates NNS from IN non-financial JJ corporate JJ investment NN . . Government NN statistics NNS in IN fact NN show VBP that IN the DT profit NN rate NN -- : net JJ pretax JJ profits NNS divided VBN by IN capital NN stock NN -- : peaked VBD in IN 1965 CD at IN 17.2 CD % NN . . That DT same JJ calculation NN saw VBD profit NN rates NNS fall VB to TO 4.6 CD % NN in IN the DT recession NN year NN 1982 CD and CC the DT supposed JJ miracle NN that WDT followed VBD has VBZ seen VBN the DT profit NN rate NN rise VB only RB to TO 8.1 CD % NN in IN 1986 CD and CC 8 CD % NN in IN 1987 CD . . Corresponding VBG to TO the DT fall NN in IN profit NN rates NNS was VBD -- : in IN the DT early JJ 1980s NNS -- : the DT drop NN in IN the DT number NN arrived VBN at IN if IN you PRP divide VBP the DT market NN value NN of IN firms NNS by IN the DT replacement NN costs NNS of IN their PRP$ assets NNS , , the DT famous JJ Q NNP ratio NN associated VBN with IN Prof. NNP James NNP Tobin NNP . . In IN theory NN , , the DT value NN attached VBN to TO a DT firm NN by IN the DT market NN and CC the DT cost NN of IN replacing VBG its PRP$ assets NNS should MD be VB the DT same JJ . . But CC of IN course NN the DT market NN could MD decide VB that IN the DT firm NN 's POS capital NN stock NN -- : its PRP$ assets NNS -- : means VBZ nothing NN if IN the DT firm NN is VBZ not RB producing VBG profits NNS . . This DT is VBZ indeed RB what WP the DT market NN decided VBD . . By IN 1982 CD the DT ratio NN was VBD 43.5 CD % NN , , meaning VBG that IN the DT market NN was VBD valuing VBG every DT dollar NN 's POS worth NN of IN the DT average JJ firm NN 's POS assets NNS at IN 43 CD cents NNS . . From IN the DT history NN of IN capitalism NN we PRP can MD take VB it PRP as IN a DT sound JJ bet NN that IN if IN it PRP takes VBZ only RB 43 CD cents NNS to TO buy VB a DT dollar NN 's POS worth NN of IN a DT firm NN 's POS capital NN stock NN , , an DT alert JJ entrepreneur NN wo MD n't RB look VB the DT other JJ way NN . . His PRP$ assumption NN is VBZ that IN the DT underlying VBG profitability NN rate NN will MD go VB up RB and CC the DT capital NN assets NNS he PRP bought VBD on IN the DT cheap NN will MD soon RB be VB producing VBG profits NNS , , thus RB restoring VBG the DT market NN 's POS faith NN in IN them PRP . . Hence RB the DT LBO NN craze NN . . But CC here RB is VBZ where WRB the DT entrepreneur NN made VBD a DT very RB risky JJ bet NN , , and CC where WRB society NN was VBD maybe RB foolish JJ to TO look VB the DT other JJ way NN . . The DT profit NN rate NN is VBZ still RB low JJ and CC the DT Q NNP ratio NN was VBD only RB 65 CD % NN in IN 1987 CD and CC 68.9 CD % NN in IN 1988 CD . . Result NN : : a DT landscape NN littered VBN with IN lemons NNS , , huge JJ debt NN burdens NNS crushing VBG down RB upon IN the DT arch NN and CC spans NNS of IN corporate JJ America NNP . . The DT mounting VBG risks NNS did VBD not RB go VB unobserved JJ , , even RB in IN the DT mid-1980s NNS . . But CC there EX were VBD enough RB promoters NNS announcing VBG the DT end NN of IN history NN ( ( in IN this DT case NN suspension NN of IN normal JJ laws NNS of IN economic JJ gravity NN ) ) for IN society NN to TO continue VB shielding VBG its PRP$ eyes NNS . . Mainstream NN economists NNS and CC commentators NNS , , craning VBG their PRP$ necks NNS up RB at IN the DT great JJ pyramids NNS of IN junk NN financing NN , , swiveling VBG their PRP$ heads NNS to TO watch VB the DT avalanche NN of IN leveraged JJ buy-outs NNS , , claimed VBD the DT end NN result NN would MD be VB a DT leaner JJR , , meaner JJR corporate JJ America NNP , , with IN soaring VBG productivity NN and CC profits NNS and CC the DT weaker JJR gone VBN to TO the DT wall NN . . But CC this DT is VBZ not RB where WRB the DT rewards NNS of IN junk NN financing NN were VBD found VBN . . The DT beneficiaries NNS were VBD those DT financiers NNS whose WP$ icon NN was VBD the DT topic NN figure NN of IN '80s NNS capitalism NN , , Michael NNP Milken NNP 's POS $ $ 517 CD million CD salary NN in IN one CD year NN . . Left-stream JJ economists NNS I PRP associate VBP with IN -- : fellows NNS in IN the DT Union NNP of IN Radical NNP Political NNP Economists NNPS , , most RBS particularly RB Robert NNP Pollin NNP of IN the DT economics NNS faculty NN at IN the DT University NNP of IN California NNP at IN Riverside NNP -- : were VBD not RB hypnotized VBN in IN the DT manner NN of IN their PRP$ pliant JJ colleagues NNS . . All DT along IN they PRP have VBP been VBN noting VBG the DT tremors NNS and CC pointing VBG out RP the DT underlying VBG realities NNS . . Profit NN rates NNS after IN the DT great JJ merger NN wave NN are VBP no RB higher JJR , , and CC now RB we PRP have VBP an DT extremely RB high-interest JJ burden NN relative JJ to TO cash NN flow NN . . The DT consequences NNS of IN building VBG empires NNS with IN sand NN are VBP showing VBG up RB . . In IN contrast NN to TO previous JJ estimates NNS reckoning VBG the DT default NN rate NN on IN junk NN bonds NNS at IN 2 CD % NN or CC 3 CD % NN , , a DT Harvard NNP study NN published VBN in IN April NNP of IN this DT year NN ( ( and CC discussed VBN in IN a DT lead NN story NN in IN The DT Wall NNP Street NNP Journal NNP for IN Sept. NNP 18 CD ) ) found VBD the DT default NN rate NN on IN these DT junk NN bonds NNS is VBZ 34 CD % NN . . What WP is VBZ the DT consequence NN of IN a DT high-interest JJ burden NN , , high JJ default NN rates NNS and CC continued JJ low JJ profitability NN ? . Corporations NNS need VBP liquidity NN , , in IN the DT form NN of IN borrowed VBN funds NNS . . Without IN liquidity NN from IN the DT junk-bond NN market NN or CC cash NN flow NN from IN profits NNS , , they PRP look VBP to TO the DT government NN , , which WDT obediently RB assists VBZ the DT natural JJ motions NNS of IN the DT capitalist JJ economy NN with IN charity NN in IN the DT form NN of IN cuts NNS in IN the DT capital-gains NNS tax NN rate NN or CC bailouts NNS . . The DT consequence NN can MD be VB inflation NN , , brought VBN on RP as IN the DT effect NN of IN a DT desperate JJ bid NN to TO avoid VB the DT deflationary JJ shock NN of IN a DT sudden JJ crash NN . . Attacks NNS on IN inflation NN come VBN with IN another DT strategy NN of IN capital NN of IN a DT very RB traditional JJ sort NN : : an DT assault NN on IN wages NNS . . Mr. NNP Fukuyama NNP , , peering VBG through IN binoculars NNS at IN the DT end NN of IN history NN , , said VBD in IN his PRP$ essay NN that IN `` `` the DT class NN issue NN has VBZ actually RB been VBN successfully RB resolved VBN in IN the DT West NN ... : the DT egalitarianism NN of IN modern JJ America NNP represents VBZ the DT essential JJ achievement NN of IN the DT classless JJ society NN envisioned VBN by IN Marx NNP . . '' '' Mr. NNP Fukuyama NNP might MD want VB to TO consult VB some DT American JJ workers NNS on IN the DT subject NN of IN class NN and CC egalitarianism NN . . From IN its PRP$ peak NN in IN 1972 CD of IN $ $ 198.41 CD , , the DT average JJ American JJ weekly JJ wage NN had VBD fallen VBN to TO $ $ 169.28 CD in IN 1987 CD -- : both DT figures NNS being VBG expressed VBN in IN 1977 CD dollars NNS . . In IN other JJ words NNS , , after IN the DT glory NN boom NN of IN the DT Reagan NNP years NNS , , wages NNS had VBD sunk VBN from IN the DT post JJ World NNP War NNP II NNP peak NN by IN 16 CD % NN as IN capitalists NNS , , helped VBN by IN the DT government NN , , turned VBD down RP the DT screws NNS or CC went VBD offshore RB . . But CC there EX are VBP signs NNS now RB -- : the DT strikes NNS by IN miners NNS , , Boeing NNP workers NNS , , telephone NN workers NNS , , etc. FW -- : that IN this DT attack NN on IN wages NNS is VBZ being VBG more RBR fiercely RB resisted VBN . . These DT are VBP long-term JJ Richter NNP readings NNS on IN American JJ capitalism NN . . The DT whole JJ structure NN is VBZ extremely RB shaky JJ . . Governments NNS have VBP become VBN sophisticated JJ in IN handling VBG moments NNS of IN panic NN ( ( a DT word NN the DT London NNP Times NNP forbade VBD my PRP$ father NN to TO use VB when WRB he PRP was VBD reporting VBG the DT Wall NNP Street NNP crash NN in IN 1929 CD ) ) . . But CC sophistication NN has VBZ its PRP$ limits NNS . . The DT S&L NNP bailout NN could MD cost VB $ $ 300 CD billion CD , , computing VBG interest NN on IN the DT government NN 's POS loans NNS . . These DT are VBP real JJ costs NNS . . Under IN what WP weights NNS will MD the DT Federal NNP Deposit NNP Insurance NNP Corporation NNP totter VB ? . Capitalism NN may MD now RB be VB engineered VBN to TO withstand VB sudden JJ shocks NNS , , but CC there EX are VBP fault NN lines NNS -- : the DT crisis NN in IN profits NNS , , the DT assault NN on IN wages NNS , , the DT structural JJ inequity NN of IN the DT system NN -- : that WDT make VBP fools NNS of IN those DT who WP claim VBP that IN the DT future NN is VBZ here RB and CC that DT history NN is VBZ over RB . . Mr. NNP Cockburn NNP is VBZ a DT columnist NN for IN The DT Nation NNP and CC LA NNP Weekly NNP . . Japan NNP Air NNP Lines NNPS , , Lufthansa NNP German NNP Airlines NNPS and CC Air NNP France NNP reportedly RB plan VBP to TO form VB an DT international JJ air-freight NN company NN this DT year NN , , a DT move NN that WDT could MD further RBR consolidate VB the DT industry NN . . Japanese JJ newspaper NN Nihon NNP Keizai NNP Shimbun NNP reported VBD that IN the DT three CD giants NNS plan VBP to TO integrate VB their PRP$ cargo NN computers NNS and CC ground-cargo NN and CC air-cargo NN systems NNS . . They PRP reportedly RB will MD invest VB a DT total NN of IN 20 CD billion CD yen NNS ( ( $ $ 140 CD million CD ) ) in IN the DT venture NN , , whose WP$ headquarters NN would MD be VB in IN France NNP or CC West NNP Germany NNP . . The DT action NN follows VBZ Federal NNP Express NNP Corp. NNP 's POS acquisition NN of IN Flying NNP Tiger NNP Line NNP Inc. NNP in IN August NNP . . After IN that DT , , `` `` it PRP would MD make VB sense NN for IN airlines NNS to TO talk VB about IN doing VBG things NNS jointly RB , , '' '' said VBD Cotton NNP Daly NNP , , director NN of IN cargo NN services NNS for IN New NNP York NNP consulting NN firm NN Simat NNP , , Helliesen NNP & CC Eichner NNP Inc NNP . . Mr. NNP Daly NNP said VBD such JJ discussions NNS are VBP motivated VBN by IN the DT competitive JJ threat NN posed VBN by IN Federal NNP Express NNP , , United NNP Parcel NNP Service NNP of IN America NNP Inc. NNP and CC other JJ fast-growing JJ air-freight NN companies NNS . . Many JJ airlines NNS are VBP talking VBG about IN cargo NN ventures NNS , , and CC there EX have VBP been VBN rumors NNS about IN such JJ a DT tie NN between IN JAL NNP and CC European JJ airlines NNS . . In IN Tokyo NNP , , a DT JAL NNP spokesman NN said VBD he PRP could MD n't RB confirm VB or CC deny VB the DT latest JJS Japanese JJ report NN . . But CC he PRP said VBD JAL NNP is VBZ talking VBG to TO Lufthansa NNP and CC Air NNP France NNP about IN some DT sort NN of IN cargo NN venture NN . . `` `` It PRP is VBZ just RB one CD of IN a DT number NN of IN strategies NNS JAL NNP has VBZ embarked VBN upon IN to TO come VB to TO terms NNS with IN the DT situation NN in IN Europe NNP after IN 1992 CD , , '' '' the DT deadline NN for IN ending VBG trade NN barriers NNS in IN the DT EC NNP , , he PRP said VBD . . In IN Frankfurt NNP , , a DT Lufthansa NNP spokesman NN confirmed VBD talks NNS are VBP under IN way NN , , but CC declined VBD to TO comment VB . . A DT Lufthansa NNP spokeswoman NN in IN Tokyo NNP said VBD the DT head NN of IN Lufthansa NNP 's POS cargo NN operations NNS had VBD been VBN in IN Toyko NNP last JJ week NN for IN talks NNS with IN JAL NNP . . In IN Paris NNP , , Air NNP France NNP declined VBD to TO comment VB . . `` `` Nothing NN is VBZ defined VBN or CC signed VBN at IN this DT point NN , , '' '' Mr. NNP Daly NNP said VBD of IN the DT talks NNS . . Whatever WDT accord NN the DT three CD carriers NNS reach VBP , , he PRP said VBD , , he PRP is VBZ skeptical JJ it PRP would MD create VB a DT separate JJ airline NN . . If IN the DT three CD companies NNS pool VBP their PRP$ air-freight NN businesses NNS , , their PRP$ clout NN would MD be VB considerable JJ . . According VBG to TO figures NNS from IN the DT International NNP Air NNP Transport NNP Association NNP , , they PRP carried VBD a DT combined VBN 1.8 CD million CD tons NNS of IN freight NN last JJ year NN . . Federal NNP Express NNP and CC Flying NNP Tiger NNP , , as IN separate JJ companies NNS , , carried VBD a DT combined VBN 2.6 CD million CD tons NNS . . Air NNP France NNP and CC Lufthansa NNP last JJ month NN concluded VBD a DT far-reaching JJ cooperation NN accord NN that WDT includes VBZ air-freight NN activities NNS . . They PRP plan VBP to TO increase VB cooperation NN in IN freight NN ground-handling NNS and CC create VB a DT world-wide JJ computer NN system NN to TO process VB cargo NN . . Other JJ airlines NNS would MD have VB access NN to TO the DT system NN , , they PRP said VBD , , and CC negotiations NNS with IN partners NNS were VBD already RB under IN way NN . . Both DT European JJ airlines NNS operate VBP extensive JJ fleets NNS of IN Boeing NNP 747 CD freighters NNS and CC 747 CD Combis NNPS , , aircraft NNS that WDT carry VBP both DT freight NN and CC passengers NNS on IN the DT main JJ deck NN . . They PRP currently RB have VBP large JJ orders NNS for IN cargo NN planes NNS . . Several JJ airlines NNS , , including VBG Lufthansa NNP , , JAL NNP and CC Cathay NNP Pacific NNP Airways NNPS , , are VBP working VBG on IN a DT so-called JJ global JJ cargo NN system NN and CC are VBP trying VBG to TO attract VB other JJ carriers NNS to TO join VB , , Mr. NNP Daly NNP said VBD . . JAL NNP also RB has VBZ signaled VBN it PRP is VBZ looking VBG for IN toeholds NNS in IN Europe NNP before IN the DT end NN of IN 1992 CD . . Last JJ month NN , , the DT carrier NN said VBD it PRP wanted VBD to TO lease VB crews NNS and CC planes NNS from IN British NNP Airways NNPS so IN it PRP could MD funnel VB its PRP$ passengers NNS from IN London NNP to TO other JJ European JJ destinations NNS . . British NNP Airways NNPS said VBD it PRP has VBZ n't RB received VBD a DT proposal NN from IN JAL NNP . . But CC last JJ week NN there EX were VBD air-traffic NN negotiations NNS between IN the DT U.K. NNP and CC Japan NNP , , a DT likely JJ first JJ step NN to TO any DT commercial JJ agreement NN between IN JAL NNP and CC British NNP Airways NNPS or CC another DT U.K. NNP carrier NN . . Federal NNP Paper NNP Board NNP Co. NNP said VBD it PRP completed VBD the DT previously RB announced VBN purchase NN of IN Imperial NNP Cup NNP Corp. NNP , , a DT closely RB held JJ maker NN of IN paper NN cups NNS based VBN in IN Kenton NNP , , Ohio NNP . . Terms NNS were VBD n't RB disclosed VBN . . Imperial NNP Cup NNP has VBZ annual JJ sales NNS of IN approximately RB $ $ 75 CD million CD . . Federal NNP Paper NNP Board NNP sells VBZ paper NN and CC wood NN products NNS . . In IN a DT move NN to TO prevent VB any DT dislocation NN in IN the DT financial JJ markets NNS from IN the DT California NNP earthquake NN , , the DT Securities NNPS and CC Exchange NNP Commission NNP said VBD it PRP temporarily RB reassigned VBD options NNS listed VBN on IN the DT Pacific NNP Stock NNP Exchange NNP to TO the DT American JJ , , New NNP York NNP and CC Philadelphia NNP stock NN exchanges NNS and CC to TO the DT Chicago NNP Board NNP Options NNPS Exchange NNP . . The DT decision NN , , which WDT affects VBZ millions NNS of IN dollars NNS of IN trading NN positions NNS , , was VBD made VBN late JJ yesterday NN because IN the DT Pacific NNP exchange NN 's POS options NNS floor NN was VBD shut VBN down RP as IN a DT result NN of IN Tuesday NNP 's POS earthquake NN . . The DT SEC NNP , , faced VBN with IN a DT major JJ squeeze NN on IN options NNS positions NNS , , said VBD it PRP was VBD necessary JJ to TO ensure VB that IN options NNS listed VBN on IN the DT exchange NN could MD be VB traded VBN today NN and CC tomorrow NN . . SEC NNP Chairman NNP Richard NNP Breeden NNP said VBD the DT cooperation NN by IN the DT exchanges NNS would MD enable VB investors NNS to TO buy VB and CC sell VB options NNS listed VBN solely RB on IN the DT Pacific NNP exchange NN , , guaranteeing VBG the DT liquidity NN of IN the DT market NN . . Officials NNS at IN the DT four CD exchanges NNS said VBD well RB over IN 50 CD traders NNS from IN the DT Pacific NNP exchange NN were VBD taking VBG flights NNS from IN San NNP Francisco NNP late JJ yesterday NN to TO the DT American JJ , , New NNP York NNP and CC Philadelphia NNP exchanges NNS and CC to TO the DT CBOE NNP , , where WRB they PRP would MD continue VB making VBG markets NNS in IN the DT Pacific-listed JJ options NNS . . The DT Big NNP Board NNP said VBD carpenters NNS quickly RB erected VBD a DT new JJ options NNS floor NN to TO accomodate VB 40 CD traders NNS from IN the DT Pacific NNP exchange NN . . In IN addition NN , , specialists NNS on IN the DT exchanges NNS agreed VBD to TO provide VB backup JJ capital NN for IN market-making NN in IN Pacific NNP exchange NN options NNS traded VBN on IN the DT exchanges NNS . . Trading NN was VBD light JJ on IN the DT Pacific NNP Stock NNP Exchange NNP yesterday NN , , with IN workers NNS at IN the DT exchange NN 's POS main JJ floor NN in IN San NNP Francisco NNP struggling VBG to TO execute VB orders NNS by IN flashlight NN as IN a DT result NN of IN a DT continuing VBG power NN outage NN . . The DT most RBS pressing JJ problem NN was VBD the DT suspension NN of IN options NNS trading NN . . The DT Pacific NNP exchange NN has VBZ options NNS for IN 129 CD underlying VBG stock NN issues NNS , , including VBG highly RB active JJ Hilton NNP Hotels NNPS Corp. NNP , , which WDT is VBZ listed VBN on IN the DT Big NNP Board NNP . . Investors NNS were VBD concerned VBN that IN they PRP might MD be VB unable JJ to TO exercise VB options NNS that WDT expire VBP tomorrow NN . . But CC professionals NNS said VBD throughout IN the DT day NN that IN the DT shutdown NN would MD n't RB be VB a DT cause NN for IN alarm NN even RB if IN it PRP were VBD to TO persist VB for IN several JJ days NNS . . `` `` I PRP 've VBP told VBN my PRP$ staff NN and CC clients NNS that IN they PRP still RB have VBP the DT ability NN to TO exercise VB their PRP$ options NNS , , because IN they PRP are VBP guaranteed VBN by IN the DT Options NNPS Clearing NNP Corp. NNP , , '' '' said VBD Michael NNP Schwartz NNP , , a DT senior JJ registered JJ options NNS strategist NN at IN Oppenheimer NNP & CC Co NNP . . The DT SEC NNP reassigned VBD trading NN in IN the DT options NNS , , however RB , , to TO allow VB investors NNS to TO do VB more JJR than IN simply RB exercise VB the DT options NNS . . While IN the DT exchange NN 's POS equities NNS floor NN in IN San NNP Francisco NNP remained VBD open JJ on IN a DT limited JJ basis NN , , orders NNS were VBD being VBG routed VBN and CC executed VBN in IN Los NNP Angeles NNP . . Workers NNS could MD dial VB out RB , , but CC they PRP could MD n't RB receive VB telephone NN calls NNS . . `` `` It PRP 's VBZ a DT very RB uncertain JJ situation NN right RB now RB , , '' '' said VBD Navin NNP Vyas NNP , , administrative JJ assistant NN of IN trading NN floor NN operations NNS of IN the DT exchange NN , , which WDT has VBZ daily JJ volume NN of IN about IN 10 CD million CD shares NNS . . Because IN the DT exchange NN 's POS computer NN was VBD rerouting VBG orders NNS to TO the DT exchange NN 's POS trading NN operations NNS in IN Los NNP Angeles NNP , , `` `` business NN is VBZ as RB usual JJ '' '' Mr. NNP Vyas NNP said VBD . . `` `` If IN one CD city NN is VBZ down RP , , the DT other JJ can MD take VB over RB . . '' '' Meanwhile RB , , the DT brokerage NN firms NNS in IN San NNP Francisco NNP were VBD trying VBG to TO cope VB . . Charles NNP Daggs NNP , , chairman NN and CC chief JJ executive NN officer NN of IN Sutro NNP & CC Co. NNP , , said VBD traders NNS came VBD to TO work VB at IN 5 CD a.m. RB PDT NNP -- : many JJ on IN foot NN because IN of IN uncertain JJ road NN and CC traffic NN conditions NNS -- : but CC learned VBD that IN they PRP would MD have VB to TO await VB a DT required JJ inspection NN by IN the DT city NN in IN order NN to TO turn VB the DT power NN back RB on RP at IN the DT company NN 's POS two CD main JJ facilities NNS there RB . . That DT should MD happen VB by IN today NN , , he PRP said VBD . . Traders NNS worked VBD with IN the DT help NN of IN sunlight NN streaming VBG through IN windows NNS , , despite IN large JJ cracks NNS in IN the DT walls NNS and CC a DT lack NN of IN incoming JJ phone NN calls NNS . . Also RB , , most RBS of IN the DT telecommunications NN equipment NN was VBD out RP . . The DT traders NNS were VBD executing VBG municipal JJ bond NN , , mutual JJ fund NN and CC other JJ orders NNS through IN a DT sister NN firm NN , , Tucker NNP Anthony NNP Inc. NNP , , which WDT is VBZ also RB owned VBN by IN John NNP Hancock NNP Freedom NNP Securities NNPS but CC is VBZ based VBN in IN New NNP York NNP . . `` `` We PRP are VBP having VBG a DT regular JJ day NN . . Volume NN is VBZ down RP out IN of IN San NNP Francisco NNP , , but CC not RB out IN of IN the DT 11 CD outlying JJ offices NNS , , '' '' Mr. NNP Daggs NNP added VBD . . Sutro NNP 's POS Oakland NNP office NN executed VBD orders NNS through IN the DT Sacramento NNP office NN , , which WDT was VBD n't RB affected VBN by IN the DT quake NN . . Others NNS , , like IN Prudential-Bache NNP Securities NNPS Inc. NNP , , which WDT has VBZ eight CD offices NNS in IN the DT San NNP Francisco NNP area NN , , set VBN up RP an DT 800 CD number NN yesterday NN morning NN for IN customers NNS to TO obtain VB market NN commentary NN and CC other JJ help NN . . At IN Kidder NNP , , Peabody NNP & CC Co. NNP 's POS Sacramento NNP branch NN , , Manager NN Janet NNP White NNP received VBD calls NNS yesterday NN morning NN from IN workers NNS in IN San NNP Francisco NNP who WP offered VBD to TO work VB in IN Sacramento NNP . . Then RB she PRP discovered VBD that IN Quotron NNP Systems NNPS Inc. NNP 's POS Sacramento NNP lines NNS were VBD down RP , , because IN they PRP are VBP normally RB tied VBN in RB through IN a DT system NN that WDT goes VBZ through IN San NNP Francisco NNP . . So CC the DT Kidder NNP brokers NNS had VBD to TO call VB other JJ company NN offices NNS to TO get VB quotes NNS on IN stocks NNS . . At IN Quotron NNP , , the DT company NN 's POS National JJ Call-In NN Center NN , , which WDT swung VBD into IN action NN for IN the DT first JJ time NN last JJ month NN for IN Hurricane NNP Hugo NNP , , assembled VBD a DT tactical JJ team NN at IN 5 CD a.m. RB yesterday NN to TO begin VB rerouting VBG lines NNS and CC restore VB service NN to TO brokers NNS and CC traders NNS . . The DT company NN dispatched VBD as RB many JJ as IN 200 CD people NNS in IN the DT San NNP Francisco NNP area NN to TO do VB the DT work NN , , though IN most JJS of IN the DT rerouting VBG was VBD done VBN by IN computer NN . . Service NN appeared VBD to TO be VB down RP throughout IN the DT financial JJ district NN in IN downtown NN San NNP Francisco NNP , , while IN just RB parts NNS of IN Oakland NNP and CC San NNP Jose NNP were VBD knocked VBN out RB . . But CC Dale NNP Irvine NNP , , director NN of IN the DT emergency NN center NN , , said VBD service NN was VBD being VBG restored VBN to TO outlying JJ San NNP Francisco NNP areas NNS . . In IN Chicago NNP yesterday NN , , Options NNPS Clearing NNP confirmed VBD that IN it PRP guarantees VBZ the DT Pacific NNP exchange NN options NNS . . The DT firm NN also RB will MD permit VB its PRP$ members NNS and CC the DT public NN `` `` to TO exercise VB their PRP$ put JJ and CC call JJ options NNS contracts NNS traded VBN on IN the DT Pacific NNP exchange NN '' '' even RB if IN the DT exchange NN is VBZ closed JJ , , said VBD Wayne NNP Luthringshausen NNP , , chairman NN of IN Options NNPS Clearing NNP . . ( ( Put JJ options NNS give VBP holders NNS the DT right NN , , but CC not RB the DT obligation NN , , to TO sell VB a DT financial JJ instrument NN at IN a DT specified JJ price NN , , while IN call JJ options NNS give VBP holders NNS the DT right NN , , but CC not RB the DT obligation NN , , to TO buy VB a DT financial JJ instrument NN at IN a DT specified JJ price NN ) ) . . Investors NNS and CC traders NNS in IN Pacific NNP exchange NN options NNS `` `` are VBP protected VBN to TO the DT extent NN that IN they PRP can MD convert VB their PRP$ put JJ and CC call JJ options NNS into IN the DT underlying VBG instrument NN , , '' '' Mr. NNP Luthringshausen NNP said VBD . . `` `` We PRP are VBP seeing VBG such JJ exercises NNS today NN , , in IN fact NN . . International NNP Business NNP Machines NNPS Corp. NNP said VBD its PRP$ board NN approved VBD the DT purchase NN of IN $ $ 1 CD billion CD of IN its PRP$ common JJ shares NNS , , a DT move NN that WDT should MD help VB support VB its PRP$ battered JJ stock NN . . Even RB as IN the DT stock NN market NN has VBZ generally RB done VBN well RB this DT year NN , , IBM NNP 's POS shares NNS have VBP slipped VBN steadily RB from IN its PRP$ 52-week JJ high NN of IN $ $ 130.875 CD . . Yesterday NN 's POS closing NN price NN of IN $ $ 101.75 CD , , down RB 50 CD cents NNS , , in IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , puts VBZ the DT stock NN at IN about IN 1 CD 1\/2 CD times NNS book NN value NN , , which WDT is VBZ as RB low JJ as IN it PRP has VBZ sunk VBN over IN the DT past JJ decade NN . . The DT announcement NN came VBD after IN the DT market NN 's POS close NN . . The DT move NN by IN IBM NNP was VBD n't RB exactly RB a DT surprise NN . . The DT company NN has VBZ spent VBN some DT $ $ 5 CD billion CD over IN the DT past JJ 3 CD 1\/2 CD years NNS to TO buy VB back RB 42 CD million CD common JJ shares NNS , , or CC roughly RB 7 CD % NN of IN those DT outstanding JJ . . In IN addition NN , , despite IN IBM NNP 's POS well-publicized JJ recent JJ problems NNS , , the DT computer NN giant NN still RB generates VBZ enormous JJ amounts NNS of IN cash NN . . As RB of IN the DT end NN of IN the DT second JJ quarter NN , , it PRP had VBD $ $ 4.47 CD billion CD of IN cash NN and CC marketable JJ securities NNS on IN hand NN . . As IN a DT result NN , , some DT securities NNS analysts NNS had VBD predicted VBN in IN recent JJ days NNS that IN IBM NNP would MD authorize VB additional JJ purchases NNS . . In IN Armonk NNP , , N.Y. NNP , , a DT spokesman NN said VBD that IN although IN IBM NNP did VBD n't RB view VB its PRP$ spending NN as IN necessarily RB a DT way NN to TO support VB the DT stock NN , , it PRP thought VBD the DT purchases NNS were VBD a DT good JJ way NN to TO improve VB such JJ financial JJ measurements NNS as IN per-share JJ earnings NNS and CC return NN on IN equity NN . . `` `` We PRP view VBP it PRP as IN a DT good JJ long-term JJ investment NN , , '' '' the DT spokesman NN said VBD . . In IN the DT short JJ term NN , , the DT move NN is VBZ likely JJ to TO have VB little JJ effect NN . . At IN yesterday NN 's POS closing NN price NN , , $ $ 1 CD billion CD would MD buy VB back RB about IN 10 CD million CD shares NNS , , or CC less JJR than IN 2 CD % NN of IN the DT roughly RB 580 CD million CD outstanding JJ . . In IN addition NN , , as IN of IN Sept. NNP 30 CD , , the DT company NN still RB had VBD authorization NN to TO buy VB $ $ 368 CD million CD of IN stock NN under IN a DT prior RB repurchase NN program NN . . Over IN the DT long JJ term NN , , however RB , , IBM NNP 's POS stock NN repurchases NNS -- : along IN with IN its PRP$ hefty JJ , , $ $ 4.84-a-share JJ annual JJ dividend NN and CC generally RB loyal JJ following NN among IN large JJ institutional JJ investors NNS -- : are VBP providing VBG a DT floor NN for IN the DT stock NN price NN . . Although IN IBM NNP last JJ year NN produced VBD its PRP$ first JJ strong JJ results NNS in IN four CD years NNS and CC was VBD expected VBN to TO continue VB to TO roll VB this DT year NN , , it PRP began VBD faltering VBG as RB early RB as IN January NNP . . First RB , , it PRP had VBD trouble NN manufacturing VBG a DT chip NN for IN its PRP$ mainframes NNS , , IBM NNP 's POS bread-and-butter JJ business NN . . Then RB it PRP had VBD a DT series NN of IN smaller JJR glitches NNS , , including VBG problems NNS manufacturing VBG certain JJ personal JJ computers NNS and CC the DT delay NN in IN the DT announcement NN of IN some DT important JJ workstations NNS . . Finally RB , , IBM NNP had VBD to TO delay VB the DT introduction NN of IN some DT high-end JJ disk NN drives NNS , , which WDT account VBP for IN 10 CD % NN of IN its PRP$ $ $ 60 CD billion CD of IN annual JJ revenue NN . . None NN of IN the DT problems NNS is VBZ necessarily RB fatal JJ , , and CC they PRP are VBP n't RB all DT necessarily RB even RB related JJ . . There EX are VBP also RB other JJ factors NNS at IN work NN that WDT are VBP outside IN IBM NNP 's POS control NN , , such JJ as IN currency NN exchange NN rates NNS . . The DT strong JJ dollar NN , , which WDT reduces VBZ the DT value NN of IN overseas JJ earnings NNS and CC revenue NN when WRB they PRP are VBP translated VBN into IN dollars NNS , , is VBZ expected VBN to TO knock VB 80 CD to TO 85 CD cents NNS off IN IBM NNP 's POS per-share JJ earnings NNS for IN the DT full JJ year NN . . Without IN that DT problem NN , , IBM NNP might MD have VB matched VBN last JJ year NN 's POS earnings NNS of IN $ $ 5.81 CD billion CD , , or CC $ $ 9.80 CD a DT share NN . . Still RB , , investors NNS will MD take VB some DT convincing NN before IN they PRP get VBP back RB into IN IBM NNP 's POS stock NN in IN a DT big JJ way NN . . Steve NNP Milunovich NNP , , a DT securities NNS analyst NN at IN First NNP Boston NNP , , said VBD that IN while IN investors NNS were VBD looking VBG for IN an DT excuse NN to TO buy VB IBM NNP shares VBZ a DT year NN ago RB , , even RB the DT big JJ institutional JJ investors NNS are VBP looking VBG for IN a DT reason NN to TO avoid VB the DT stock NN these DT days NNS . . On IN Wall NNP Street NNP yesterday NN , , northern JJ California NNP 's POS killer NN earthquake NN was VBD just RB another DT chance NN to TO make VB a DT buck NN . . At IN the DT opening VBG bell NN , , investors NNS quickly RB began VBD singling VBG out RP shares NNS of IN companies NNS expected VBN to TO profit VB or CC suffer VB in IN some DT way NN from IN the DT California NNP disaster NN , , including VBG insurers NNS , , construction-related JJ companies NNS , , refiners NNS and CC housing NN lenders NNS . . Brokerage NN houses NNS jumped VBD in RB , , touting VBG `` `` post-quake JJ demand NN '' '' stocks NNS , , and CC Kidder NNP , , Peabody NNP & CC Co. NNP set VBD up RP a DT toll-free JJ hot JJ line NN for IN San NNP Franciscans NNP who WP might MD need VB emergency NN investment NN advice NN and CC help NN in IN transferring VBG funds NNS . . `` `` Wall NNP Street NNP thinks VBZ of IN everything NN in IN terms NNS of IN money NN , , '' '' says VBZ Tom NNP Gallagher NNP , , a DT senior JJ Oppenheimer NNP & CC Co. NNP trader NN . . However RB , , he PRP added VBD , , such JJ event-driven JJ trading NN moves NNS typically RB last VB only RB a DT few JJ hours NNS and CC are VBP often RB made VBN without IN full JJ information NN . . The DT most RBS popular JJ plays NNS of IN the DT day NN were VBD insurance NN companies NNS such JJ as IN General NNP Re NNP Corp. NNP , , which WDT rose VBD $ $ 2.75 CD to TO $ $ 86.50 CD , , Nac NNP Re NNP Corp. NNP , , up RB $ $ 2 CD to TO $ $ 37.75 CD , , American NNP International NNP Group NNP Inc. NNP , , up RB $ $ 3.25 CD to TO $ $ 102.625 CD , , and CC Cigna NNP Corp. NNP , , up RB 87.5 CD cents NNS to TO $ $ 62.50 CD . . Yesterday NN , , the DT brokerage NN firm NN Conning NNP & CC Co. NNP said VBD insurers NNS will MD use VB the DT earthquake NN as IN an DT excuse NN to TO raise VB insurance NN rates NNS , , ending VBG their PRP$ long JJ price NN wars NNS . . Before IN this DT bullish JJ theory NN surfaced VBD , , some DT insurance NN stocks NNS initially RB fell VBD , , indicating VBG that IN investors NNS thought VBD the DT quake NN might MD cost VB insurers NNS a DT lot NN of IN money NN . . In IN fact NN , , Fireman NNP 's POS Fund NNP Corp. NNP , , which WDT ended VBD the DT day NN off RB 50 CD cents NNS to TO $ $ 36.50 CD , , said VBD earthquake NN damage NN would MD slightly RB hurt VB fourth-quarter JJ profit NN . . On IN the DT prospect NN for IN rebuilding VBG northern JJ California NNP , , investors NNS bid VB up RP cement-makers NNS Calmat NNP Co. NNP , , up RB $ $ 2.75 CD to TO $ $ 28.75 CD , , and CC Lone NNP Star NNP Industries NNPS Inc. NNP , , up RB $ $ 1.75 CD to TO $ $ 29.25 CD . . Bridge NN and CC road NN builders NNS had VBD a DT field NN day NN , , including VBG Kasler NNP Corp. NNP , , up RB $ $ 2.125 CD to TO $ $ 9.875 CD , , Guy NNP F. NNP Atkinson NNP Co. NNP , , up RB 87.5 CD to TO $ $ 61.875 CD , , and CC Morrison NNP Knudsen NNP Corp. NNP , , which WDT reported VBD higher JJR third-quarter JJ earnings NNS yesterday NN , , up RB $ $ 2.25 CD to TO $ $ 44.125 CD . . Fluor NNP Corp. NNP , , a DT construction NN engineering NN firm NN , , gained VBD 75 CD cents NNS to TO $ $ 33.375 CD . . But CC home-building NN stocks NNS were VBD a DT mixed JJ bag NN . . Timber NN stocks NNS got VBD a DT big JJ boost NN . . Georgia NNP Pacific NNP Corp. NNP , , up RB $ $ 1.25 CD to TO $ $ 58 CD , , and CC Maxxam NNP Inc. NNP , , up RB $ $ 3 CD to TO $ $ 43.75 CD , , both DT reported VBD strong JJ profits NNS . . Merrill NNP Lynch NNP & CC Co. NNP touted VBD Georgia-Pacific NNP , , Louisiana NNP Pacific NNP Corp. NNP and CC Willamette NNP Industries NNPS Inc. NNP as IN the DT best RBS post-quake JJ plywood NN plays NNS . . Other JJ gainers NNS were VBD companies NNS with IN one CD or CC more JJR undamaged JJ California NNP refineries NNS . . Tosco NNP Corp. NNP jumped VBD $ $ 1.125 CD to TO $ $ 20.125 CD and CC Chevron NNP Corp. NNP , , despite IN a DT temporary JJ pipeline NN shutdown NN , , rose VBD $ $ 1 CD to TO $ $ 65 CD . . Meanwhile RB , , shares NNS of IN some DT big JJ housing NN lenders NNS got VBD hit VBN , , on IN the DT likelihood NN that IN the DT lenders NNS ' POS collateral NN -- : people NNS 's POS homes NNS -- : suffered VBN physical JJ damage NN and CC perhaps RB a DT loss NN in IN value NN . . Wells NNP Fargo NNP & CC Co. NNP fell VBD 50 CD cents NNS to TO $ $ 81.50 CD , , and CC BankAmerica NNP Corp. NNP fell VBD 50 CD cents NNS to TO $ $ 31.875 CD . . Some DT California NNP thrift NN stocks NNS also RB fell VBD , , including VBG Golden NNP West NNP Financial NNP Corp. NNP and CC H.F. NNP Ahmanson NNP & CC Co. NNP , , which WDT reported VBD lower JJR earnings NNS yesterday NN . . `` `` Property NN values NNS did VBD n't RB go VB up RB in IN California NNP yesterday NN , , '' '' says VBZ one CD money NN manager NN . . Pacific NNP Gas NNP & CC Electric NNP Co. NNP fell VBD 37.5 CD cents NNS to TO $ $ 19.625 CD . . One CD of IN its PRP$ power NN generators NNS was VBD damaged VBN , , though IN the DT company NN said VBD there EX wo MD n't RB be VB any DT financial JJ impact NN . . Pacific NNP Telesis NNP Group NNP lost VBD 62.5 CD cents NNS to TO $ $ 44.625 CD . . A DT computer NN failure NN delayed VBD its PRP$ earnings NNS announcement NN , , and CC some DT investors NNS think VBP it PRP might MD have VB extra JJ costs NNS to TO repair VB damaged JJ telephone NN lines NNS . . Heavy JJ construction NN , , property-casualty NN insurance NN and CC forest NN products NNS were VBD among IN the DT best JJS performing VBG industry NN groups NNS in IN the DT Dow NNP Jones NNP Equity NNP Market NNP Index NNP yesterday NN . . Friday NNP 's POS stock NN market NN plunge NN claimed VBD its PRP$ second JJ victim NN among IN the DT scores NNS of IN futures NNS and CC options NNS trading NN firms NNS here RB . . Petco NNP Options NNPS , , an DT options NNS trading NN firm NN owned VBN by IN the DT family NN of IN the DT deceased JJ former JJ Chicago NNP Board NNP of IN Trade NNP chairman NN Ralph NNP Peters NNP , , is VBZ getting VBG out IN of IN the DT trade NN clearing NN , , or CC processing NN and CC guaranteeing NN , , business NN after IN sustaining VBG a DT multimillion JJ dollar NN loss NN Friday NNP , , options NNS industry NN officials NNS said VBD . . Nearly RB 75 CD options NNS traders NNS on IN the DT Chicago NNP Board NNP Options NNPS Exchange NNP who WP cleared VBD trades NNS through IN Petco NNP , , including VBG a DT handful NN of IN traders NNS who WP lost VBD between IN $ $ 500,000 CD to TO $ $ 1 CD million CD themselves PRP as IN a DT result NN of IN Friday NNP 's POS debacle NN , , are VBP trying VBG to TO transfer VB their PRP$ business NN to TO other JJ clearing NN firms NNS , , CBOE NNP members NNS said VBD . . Timothy NNP Vincent NNP , , Petco NNP chief JJ executive NN officer NN , , confirmed VBD that IN Petco NNP was VBD withdrawing VBG from IN the DT clearing NN business NN . . `` `` The DT owners NNS of IN the DT company NN got VBD a DT look NN at IN the DT potential JJ risks NNS in IN this DT business NN , , and CC after IN Monday NNP they PRP felt VBD they PRP did VBD n't RB want VB to TO be VB exposed VBN any DT more JJR , , '' '' he PRP said VBD . . He PRP added VBD that IN Petco NNP remained VBD in IN compliance NN with IN all DT industry NN capital NN requirements NNS during IN the DT market NN 's POS rapid JJ plunge NN Friday NNP and CC Monday NNP 's POS rebound NN . . A DT CBOE NNP spokeswoman NN declined VBD comment NN on IN Petco NNP . . Over IN the DT weekend NN Fossett NNP Corp. NNP , , another DT options NNS trading NN firm NN , , transferred VBD the DT clearing NN accounts NNS of IN about IN 160 CD traders NNS to TO First NNP Options NNPS of IN Chicago NNP , , a DT unit NN of IN Continental NNP Bank NNP Corp. NNP , , because IN it PRP could MD n't RB meet VB regulatory JJ capital NN requirements NNS after IN Friday NNP 's POS market NN slide NN . . The DT unprecedented JJ transfer NN of IN accounts NNS underscored VBD the DT options NNS industry NN 's POS desire NN not RB to TO have VB its PRP$ credibility NN tarnished VBN by IN potentially RB widespread JJ trading NN defaults NNS on IN Monday NNP . . The DT CBOE NNP , , American NNP Stock NNP Exchange NNP , , Options NNPS Clearing NNP Corp. NNP and CC Stephen NNP Fossett NNP , , owner NN of IN Fossett NNP , , joined VBN in IN putting VBG up RP $ $ 50 CD million CD to TO guarantee VB the DT accounts NNS at IN First NNP Options NNPS . . The DT head NN of IN another DT small JJ options NNS clearing NN firm NN , , who WP asked VBD not RB to TO be VB identified VBN , , said VBD that IN the DT heightened JJ volatility NN in IN the DT financial JJ markets NNS in IN recent JJ years NNS makes VBZ it PRP increasingly RB difficult JJ for IN any DT but IN the DT largest JJS financial JJ trading NN firms NNS to TO shoulder VB the DT risk NN inherent JJ in IN the DT highly RB leveraged JJ options NNS and CC futures NNS business NN . . Prior RB to TO the DT introduction NN of IN financial JJ futures NNS in IN the DT late JJ 1970s NNS , , most JJS trading NN firms NNS clustered VBN around IN the DT LaSalle NNP Street NNP financial JJ district NN here RB were VBD family NN operations NNS handed VBD down RB from IN one CD generation NN to TO the DT next JJ . . Most JJS also RB were VBD relatively RB undercapitalized JJ compared VBN with IN the DT size NN of IN most JJS Wall NNP Street NNP securities NNS firms NNS . . Mr. NNP Peters NNP , , a DT LaSalle NNP Street NNP legend NN among IN the DT post-World JJ War NNP II NNP generation NN of IN commodity NN traders NNS , , was VBD rumored VBN to TO have VB amassed VBN a DT multimillion-dollar JJ fortune NN from IN commodity NN trading NN and CC other JJ activities NNS by IN the DT time NN he PRP died VBD in IN May NNP . . Part NN of IN a DT Series NN } ) Betty NNP Lombardi NNP is VBZ a DT mild-mannered JJ homemaker NN and CC grandmother NN in IN rural JJ Hunterdon NNP County NNP , , N.J NNP . . But CC put VB her PRP behind IN a DT shopping NN cart NN and CC she PRP turns VBZ ruthless JJ . . If IN Colgate NNP toothpaste NN offers VBZ a DT tempting JJ money-saving NN coupon NN , , she PRP 'll MD cross VB Crest NNP off IN her PRP$ shopping NN list NN without IN a DT second JJ thought NN . . Never RB mind VB that DT her PRP$ husband NN prefers VBZ Crest NNP . . Some DT weeks NNS when WRB her PRP$ supermarket NN runs VBZ a DT double-coupon NN promotion NN , , she PRP boasts VBZ that IN she PRP shaves VBZ $ $ 22 CD off IN her PRP$ bill NN . . Money NN is VBZ n't RB the DT only JJ thing NN that WDT makes VBZ her PRP dump VB once RB favorite JJ brands NNS . . After IN she PRP heard VBD about IN the DT artery-clogging NN hazards NNS of IN tropical JJ oils NNS in IN many JJ cookies NNS , , she PRP dropped VBD Pepperidge NNP Farm NNP and CC started VBD buying VBG brands NNS free JJ of IN such JJ oils NNS . . `` `` I PRP always RB thought VBD Pepperidge NNP Farm NNP was VBD tasty JJ and CC high JJ quality NN , , '' '' Mrs. NNP Lombardi NNP says VBZ . . `` `` But CC I PRP do VBP n't RB want VB any DT of IN that DT oil NN for IN my PRP$ grandkids NNS . . '' '' ( ( Pepperidge NNP Farm NNP says VBZ it PRP ca MD n't RB tell VB exactly RB how WRB many JJ customers NNS it PRP has VBZ lost VBN , , but CC it PRP hopes VBZ to TO remove VB the DT objectionable JJ tropical JJ oil NN from IN all DT its PRP$ products NNS by IN year NN end NN . . ) ) Clearly RB , , people NNS like IN Mrs. NNP Lombardi NNP are VBP giving VBG marketers NNS fits NNS . . She PRP represents VBZ a DT new JJ breed NN of IN savvy JJ consumer NN who WP puts VBZ bargain NN prices NNS , , nutritional JJ and CC environmental JJ concerns NNS , , and CC other JJ priorities NNS ahead RB of IN old-fashioned JJ brand NN loyalty NN . . While IN brand NN loyalty NN is VBZ far RB from IN dead JJ , , marketing NN experts NNS say VBP it PRP has VBZ eroded VBN during IN the DT 1980s NNS . . Marketers NNS themselves PRP are VBP partly RB to TO blame VB : : They PRP 've VBP increased VBN spending VBG for IN coupons NNS and CC other JJ short-term JJ promotions NNS at IN the DT expense NN of IN image-building JJ advertising NN . . What WP 's VBZ more JJR , , a DT flood NN of IN new JJ products NNS has VBZ given VBN consumers NNS a DT dizzying JJ choice NN of IN brands NNS , , many JJ of IN which WDT are VBP virtually RB carbon NN copies NNS of IN one CD other JJ . . `` `` Marketers NNS have VBP brought VBN this DT on IN themselves PRP with IN their PRP$ heavy JJ use NN '' '' of IN promotions NNS , , contends VBZ Joe NNP Plummer NNP , , an DT executive NN vice NN president NN at IN the DT D'Arcy NNP Masius NNP Benton NNP & CC Bowles NNP ad NN agency NN . . `` `` Without IN some DT real JJ product NN improvements NNS , , it PRP 's VBZ going VBG to TO be VB difficult JJ to TO win VB that DT loyalty NN back RB . . '' '' The DT Wall NNP Street NNP Journal NNP 's POS `` `` American JJ Way NN of IN Buying NN '' '' survey NN this DT year NN found VBD that IN most JJS consumers NNS switch VBP brands NNS for IN many JJ of IN the DT products NNS they PRP use VBP . . For IN the DT survey NN , , Peter NNP D. NNP Hart NNP Research NNP Associates NNPS asked VBD some DT 2,000 CD consumers NNS , , including VBG Mrs. NNP Lombardi NNP , , whether IN they PRP usually RB buy VBP one CD brand NN of IN a DT certain JJ type NN of IN product NN or CC have VB no DT brand NN loyalty NN . . More JJR than IN half PDT the DT users NNS of IN 17 CD of IN the DT 25 CD products NNS included VBN in IN the DT survey NN said VBD they PRP 're VBP brand NN switchers NNS . . Overall RB , , 12 CD % NN of IN consumers NNS are VBP n't RB brand NN loyal JJ for IN any DT of IN the DT 25 CD product NN categories NNS . . About IN 47 CD % NN are VBP loyal JJ for IN one CD to TO five CD of IN the DT products NNS . . Only RB 2 CD % NN are VBP brand NN loyal JJ in IN 16 CD to TO 20 CD of IN the DT categories NNS , , and CC no DT one NN is VBZ loyal JJ for IN more JJR than IN 20 CD types NNS of IN products NNS . . For IN such JJ products NNS as IN canned JJ vegetables NNS and CC athletic JJ shoes NNS , , devotion NN to TO a DT single JJ brand NN was VBD quite RB low JJ , , with IN fewer JJR than IN 30 CD % NN saying VBG they PRP usually RB buy VBP the DT same JJ brand NN . . Only RB for IN cigarettes NNS , , mayonnaise NN and CC toothpaste NN did VBD more JJR than IN 60 CD % NN of IN users NNS say VB they PRP typically RB stick VBP with IN the DT same JJ brand NN . . People NNS tend VBP to TO be VB most RBS loyal JJ to TO brands NNS that WDT have VBP distinctive JJ flavors NNS , , such JJ as IN cigarettes NNS and CC ketchup NN . . Kathie NNP Huff NNP , , a DT respondent NN in IN the DT Journal NNP survey NN from IN Spokane NNP , , Wash. NNP , , says VBZ her PRP$ husband NN is VBZ adamant JJ about IN eating VBG only JJ Hunt NNP 's POS ketchup NN . . He PRP simply RB ca MD n't RB stomach VB the DT taste NN of IN Heinz NNP , , she PRP says VBZ . . The DT 31-year-old JJ homemaker NN adds VBZ , , `` `` The DT only RB other JJ thing NN I PRP 'm VBP really RB loyal JJ to TO is VBZ my PRP$ Virginia NNP Slims NNP cigarettes NNS . . Coke NNP and CC Pepsi NNP are VBP all PDT the DT same JJ to TO me PRP , , and CC I PRP usually RB buy VBP whichever WDT brand NN of IN coffee NN happens VBZ to TO be VB on IN sale NN . . '' '' Brand NN imagery NN plays VBZ a DT significant JJ role NN in IN loyalty NN to TO such JJ products NNS as IN cigarettes NNS , , perfume NN and CC beer NN . . People NNS often RB stay VBP with IN a DT particular JJ brand NN because IN they PRP want VBP to TO be VB associated VBN with IN the DT image NN its PRP$ advertising NN conveys VBZ , , whether IN that DT 's VBZ macho NN Marlboro NNP cigarettes NNS or CC Cher NNP 's POS Uninhibited NNP perfume NN . . Loyalty NN lags VBZ most RBS for IN utilitarian JJ products NNS like IN trash NN bags NNS and CC batteries NNS . . Only RB 23 CD % NN of IN trash-bag NN users NNS in IN the DT Journal NNP survey NN usually RB buy VBP the DT same JJ brand NN , , and CC just RB 29 CD % NN of IN battery NN buyers NNS stick VBP to TO one CD brand NN . . Underwear NN scored VBD a DT middling JJ 36 CD % NN in IN brand NN loyalty NN , , but CC consumer NN researchers NNS say VBP that DT 's VBZ actually RB quite RB high JJ for IN such JJ a DT mundane JJ product NN . . `` `` In IN the DT past NN , , you PRP just RB wore VBD Fruit NNP of IN the DT Loom NNP and CC did VBD n't RB care VB , , '' '' says VBZ Peter NNP Kim NNP , , U.S. NNP director NN of IN consumer NN behavior NN research NN for IN the DT J. NNP Walter NNP Thompson NNP ad NN agency NN . . `` `` The DT high JJ score NN reflects VBZ the DT attempts NNS to TO make VB underwear NN more JJR of IN a DT fashion NN image NN business NN for IN both DT men NNS and CC women NNS . . '' '' He PRP believes VBZ there EX 's VBZ opportunity NN for IN a DT smart JJ gasoline NN marketer NN to TO create VB a DT strong JJ brand NN image NN and CC more JJR consumer NN loyalty NN . . What WP loyalty NN there EX is VBZ to TO gas NN brands NNS , , he PRP believes VBZ , , is VBZ a DT matter NN of IN stopping VBG at IN the DT most RBS conveniently RB located JJ service NN stations NNS . . Brand NN loyalty NN was VBD stronger JJR among IN older JJR consumers NNS in IN the DT Journal NNP survey NN . . Nearly RB one-fourth NN of IN participants NNS age NN 60 CD and CC older JJR claim VBP brand NN loyalty NN for IN more JJR than IN 10 CD of IN the DT 25 CD products NNS in IN the DT survey NN ; : only RB 9 CD % NN of IN those DT age NN 18 CD to TO 29 CD have VBP such JJ strong JJ allegiance NN . . Higher-income JJR people NNS also RB tend VB to TO be VB more RBR brand NN loyal JJ these DT days NNS , , the DT Journal NNP survey NN and CC other JJ research NN studies NNS indicate VBP . . Marketers NNS speculate VBP that IN more JJR affluent JJ people NNS tend VBP to TO lead VB more RBR pressured JJ lives NNS and CC do VBP n't RB have VB time NN to TO research VB the DT products NNS they PRP buy VBP for IN the DT highest JJS quality NN and CC most RBS reasonable JJ price NN . . An DT established JJ brand NN name NN is VBZ insurance NN that IN at IN least JJS the DT product NN will MD be VB of IN acceptable JJ quality NN , , if IN not RB always RB the DT best JJS value NN for IN the DT money NN . . It PRP 's VBZ sort NN of IN loyalty NN by IN default NN . . Meanwhile RB , , `` `` the DT bottom JJ end NN of IN the DT market NN is VBZ becoming VBG less RBR loyal JJ , , '' '' says VBZ Laurel NNP Cutler NNP , , vice NN chairman NN of IN the DT ad NN agency NN FCB\/Leber NNP Katz NNP Partners NNPS . . `` `` They PRP 're VBP buying VBG whatever WDT 's VBZ cheaper JJR . . '' '' The DT biggest JJS wild JJ card NN in IN the DT brand NN loyalty NN game NN : : How WRB those DT hotly RB pursued JJ but CC highly RB unpredictable JJ baby NN boomers NNS will MD behave VB as IN they PRP move VBP into IN middle JJ age NN . . They PRP grew VBD up RB with IN more JJR brand NN choices NNS than IN any DT generation NN and CC have VBP shown VBN less JJR allegiance NN so RB far RB . . But CC now RB that IN they PRP 're VBP settling VBG down RB and CC raising VBG families NNS , , might MD they PRP also RB show VB more JJR stability NN in IN their PRP$ brand NN choices NNS ? . Mr. NNP Kim NNP of IN J. NNP Walter NNP Thompson NNP does VBZ n't RB think VB so RB . . He PRP believes VBZ baby NN boomers NNS will MD continue VB to TO be VB selective JJ in IN their PRP$ brand NN loyalties NNS . . `` `` Earlier JJR generations NNS were VBD brand NN loyal JJ across IN categories NNS , , '' '' he PRP says VBZ , , `` `` but CC boomers NNS tend VBP to TO be VB brand NN loyal JJ in IN categories NNS like IN running NN shoes NNS and CC bottled JJ water NN , , but CC less RBR so RB in IN others NNS like IN toilet NN paper NN and CC appliances NNS . . '' '' While IN not RB as RB brand NN loyal JJ as IN in IN the DT past NN , , consumers NNS today NN do VBP n't RB buy VB products NNS capriciously RB , , either RB . . Rather RB , , they PRP tend VBP to TO have VB a DT set NN of IN two CD or CC three CD favorites NNS . . Sometimes RB , , they PRP 'll MD choose VB Ragu NNP spaghetti NNS sauce NN ; : other JJ times NNS , , it PRP will MD be VB Prego NNP . . Advertisers NNS attribute VBP this DT shared JJ loyalty NN to TO the DT striking JJ similarity NN among IN brands NNS . . If IN a DT more RBR absorbent JJ Pampers NNPS hits VBZ the DT market NN , , you PRP can MD be VB sure JJ a DT new JJ and CC improved JJ Huggies NNPS wo MD n't RB be VB far RB behind RB . . The DT BBDO NNP Worldwide NNP ad NN agency NN studied VBD `` `` brand NN parity NN '' '' and CC found VBD that IN consumers NNS believe VBP all DT brands NNS are VBP about IN the DT same JJ in IN a DT number NN of IN categories NNS , , particularly RB credit NN cards NNS , , paper NN towels NNS , , dry JJ soups NNS and CC snack NN chips NNS . . `` `` When WRB there EX 's VBZ a DT clutter NN of IN brands NNS , , consumers NNS simplify VBP the DT complexity NN by IN telling VBG themselves PRP , , ` `` All DT brands NNS are VBP the DT same JJ so CC what WDT difference NN does VBZ it PRP make VB which WDT I PRP buy VBP , , ' '' '' '' says VBZ Karen NNP Olshan NNP , , a DT senior JJ vice NN president NN at IN BBDO NNP . . `` `` Too RB often RB , , advertising NN imagery NN has VBZ n't RB done VBN a DT good JJ job NN of IN forging VBG a DT special JJ emotional JJ bond NN between IN a DT brand NN and CC the DT consumer NN . . '' '' But CC given VBN such JJ strong JJ brand NN disloyalty NN , , some DT marketers NNS are VBP putting VBG renewed VBN emphasis NN on IN image NN advertising NN . . A DT small JJ but CC growing VBG number NN of IN companies NNS are VBP also RB trying VBG to TO instill VB more RBR fervent JJ brand NN loyalty NN through IN such JJ personalized JJ direct-marketing NN ploys NNS as IN catalogs NNS , , magazines NNS and CC membership NN clubs NNS for IN brand NN users NNS . . While IN discount NN promotions NNS are VBP essential JJ for IN most JJS brands NNS , , some DT companies NNS concede VBP they PRP went VBD overboard RB in IN shifting VBG money NN from IN advertising NN to TO coupons NNS , , refunds NNS and CC other JJ sales NNS incentives NNS . . Some DT people NNS argue VBP that IN strong JJ brands NNS can MD afford VB to TO stop VB advertising VBG for IN a DT time NN because IN of IN the DT residual JJ impact NN of IN hundreds NNS of IN millions NNS of IN dollars NNS spent VBN on IN advertising NN through IN the DT years NNS . . But CC most JJS companies NNS are VBP too RB afraid JJ to TO take VB that DT chance NN . . And CC perhaps RB with IN good JJ reason NN . . Says VBZ Clayt NNP Wilhite NNP , , president NN of IN the DT D'Arcy NNP Masius NNP ad NN agency NN 's POS U.S. NNP division NN , , `` `` Every DT time NN 24 CD hours NNS pass VBP without IN any DT advertising NN reinforcement NN , , brand NN loyalty NN will MD diminish VB ever RB so RB slightly RB -- : even RB for IN a DT powerful JJ brand NN like IN Budweiser NNP . . '' '' Consider VB , , for IN example NN , , what WP happened VBD to TO Maxwell NNP House NNP coffee NN . . The DT Kraft NNP General NNP Foods NNPS brand NN stopped VBD advertising VBG for IN about IN a DT year NN in IN 1987 CD and CC gave VBD up RP several JJ market NN share NN points NNS and CC its PRP$ leadership NN position NN in IN the DT coffee NN business NN . . But CC since IN returning VBG to TO advertising NN , , Maxwell NNP House NNP has VBZ regained VBN the DT lost JJ share NN and CC is VBZ running VBG neck NN and CC neck NN with IN archrival JJ Folgers NNP . . `` `` Now RB , , Philip NNP Morris NNP { ( Kraft NNP General NNP Foods NNPS ' POS parent NN company NN } ) is VBZ committed VBN to TO the DT coffee NN business NN and CC to TO increased VBN advertising NN for IN Maxwell NNP House NNP , , '' '' says VBZ Dick NNP Mayer NNP , , president NN of IN the DT General NNP Foods NNPS USA NNP division NN . . `` `` Even RB though IN brand NN loyalty NN is VBZ rather RB strong JJ for IN coffee NN , , we PRP need VBP advertising NN to TO maintain VB and CC strengthen VB it PRP . . '' '' Campbell NNP Soup NNP Co. NNP , , for IN one CD , , has VBZ concluded VBN that IN it PRP makes VBZ good JJ sense NN to TO focus VB more RBR on IN its PRP$ most RBS loyal JJ customers NNS than IN on IN people NNS who WP buy VBP competitive JJ brands NNS . . `` `` The DT probability NN of IN converting VBG a DT non-user NN to TO your PRP$ brand NN is VBZ about IN three CD in IN 1,000 CD , , '' '' says VBZ Tony NNP Adams NNP , , the DT company NN 's POS vice NN president NN for IN marketing NN research NN . . `` `` The DT best JJS odds NNS are VBP with IN your PRP$ core NN franchise NN . . Our PRP$ heavy JJ users NNS consume VBP two CD to TO three CD cans NNS of IN soup NN a DT week NN , , and CC we PRP 'd MD like VB to TO increase VB that DT . . '' '' So CC Campbell NNP is VBZ talking VBG to TO its PRP$ `` `` brand NN enthusiasts NNS , , '' '' probing VBG their PRP$ psychological JJ attachment NN to TO its PRP$ soup NN . . In IN one CD consumer NN focus NN group NN , , a DT fan NN declared VBD that IN , , `` `` Campbell NNP 's POS soup NN is VBZ like IN getting VBG a DT hug NN from IN a DT friend NN . . '' '' That DT helped VBD persuade VB the DT company NN to TO introduce VB a DT new JJ advertising NN slogan NN : : `` `` A DT warm JJ hug NN from IN Campbell NNP 's POS . . '' '' Insurers NNS face VBP the DT prospect NN of IN paying VBG out RP billions NNS of IN dollars NNS for IN damages NNS caused VBN by IN this DT week NN 's POS California NNP earthquake NN . . Getting VBG a DT grip NN on IN the DT extent NN of IN the DT damages NNS is VBZ proving VBG a DT far RB more RBR difficult JJ task NN than IN what WP insurers NNS faced VBN after IN Hurricane NNP Hugo NNP ripped VBD through IN the DT Caribbean NNP and CC the DT Carolinas NNPS last JJ month NN . . The DT earthquake NN 's POS toll NN , , including VBG possible JJ deep JJ structural JJ damage NN , , goes VBZ far RB beyond IN the DT more RBR easily RB observed JJ damage NN from IN a DT hurricane NN , , says VBZ George NNP Reider NNP , , a DT vice NN president NN in IN Aetna NNP Life NNP & CC Casualty NNP Insurance NNP Co. NNP 's POS claims NNS division NN . . But CC investors NNS are VBP betting VBG that IN the DT financial JJ and CC psychological JJ impact NN of IN the DT earthquake NN , , coming VBG so RB soon RB after IN the DT hurricane NN , , will MD help VB stem NN more JJR than IN two CD years NNS of IN intense JJ price-cutting JJ wars NNS among IN business NN insurers NNS . . Reflecting VBG that DT logic NN , , insurance-company NN stocks NNS posted VBD strong JJ gains NNS . . Aetna NNP and CC other JJ insurers NNS are VBP hiring VBG engineers NNS and CC architects NNS to TO help VB them PRP assess VB structural JJ damage NN . . Most JJS insurers NNS already RB have VBP mobilized VBN their PRP$ `` `` catastrophe NN '' '' teams NNS to TO begin VB processing VBG claims NNS from IN their PRP$ policyholders NNS in IN northern JJ California NNP . . Since IN commercial JJ air NN travel NN is VBZ interrupted JJ , , Aetna NNP , , based VBN in IN Hartford NNP , , Conn. NNP , , chartered VBD three CD planes NNS to TO fly VB claims NNS adjusters NNS into IN Sacramento NNP and CC then RB planned VBD for IN them PRP to TO drive VB to TO the DT Bay NNP area NN . . About IN 25 CD adjusters NNS were VBD dispatched VBN yesterday RB afternoon NN , , along IN with IN laptop NN computers NNS , , cellular JJ phones NNS and CC blank JJ checks NNS . . Some DT adjusters NNS , , already RB in IN other JJ parts NNS of IN California NNP , , drove VBD to TO the DT disaster NN area NN with IN recreational JJ vehicles NNS and CC mobile JJ homes NNS that WDT could MD be VB used VBN as IN makeshift JJ claims-processing NN centers NNS . . Insurers NNS will MD be VB advertising VBG 800 CD numbers NNS -- : probably RB on IN the DT radio NN -- : that IN policyholders NNS can MD call VB to TO get VB assistance NN on IN how WRB to TO submit VB claims NNS . . State NNP Farm NNP Mutual NNP Automobile NNP Insurance NNP Co. NNP , , the DT largest JJS home NN and CC auto NN insurer NN in IN California NNP , , believes VBZ the DT losses NNS from IN the DT earthquake NN could MD be VB somewhat RB less JJR than IN the DT $ $ 475 CD million CD in IN damages VBZ it PRP expects VBZ to TO pay VB out RP for IN claims NNS resulting VBG from IN Hurricane NNP Hugo NNP . . State NNP Farm NNP , , based VBN in IN Bloomington NNP , , Ind. NNP , , is VBZ also RB the DT largest JJS writer NN of IN personal-property NN earthquake NN insurance NN in IN California NNP . . Earthquake NN insurance NN is VBZ sold VBN as IN a DT separate JJ policy NN or CC a DT specific JJ endorsement NN `` `` rider NN '' '' on IN a DT homeowner NN 's POS policy NN in IN California NNP , , because IN of IN the DT area NN 's POS vulnerability NN to TO earthquakes NNS . . State NNP Farm NNP said VBD about IN 25 CD % NN of IN its PRP$ policyholders NNS in IN California NNP have VBP also RB purchased VBN earthquake NN insurance NN . . Allstate NNP Insurance NNP Co. NNP , , a DT unit NN of IN Sears NNP , , Roebuck NNP & CC Co. NNP , , said VBD about IN 23 CD % NN of IN its PRP$ personal JJ property NN policyholders NNS -- : about IN 28 CD % NN in IN the DT San NNP Franciso NNP area NN -- : also RB have VB earthquake NN coverage NN . . The DT Association NNP of IN California NNP Insurance NNP Companies NNPS estimated VBD damage NN to TO residential JJ property NN could MD total VB $ $ 500 CD million CD , , but CC only RB $ $ 100 CD million CD to TO $ $ 150 CD million CD is VBZ insured VBN , , it PRP said VBD . . Officials NNS from IN the DT American NNP Insurance NNP Association NNP 's POS property-claim NN service NN division NN , , which WDT coordinates VBZ the DT efforts NNS of IN the DT claims NNS adjusters NNS in IN an DT area NN after IN a DT natural JJ disaster NN , , will MD be VB flying VBG to TO San NNP Francisco NNP today NN . . They PRP expect VBP to TO have VB a DT preliminary JJ estimate NN of IN the DT damages NNS in IN a DT day NN or CC two CD . . Roads NNS and CC bridges NNS in IN the DT Bay NNP area NN appear VBP to TO have VB suffered VBN some DT of IN the DT most RBS costly JJ damage NN . . Highways NNS , , such JJ as IN the DT section NN of IN Interstate NN 880 CD that WDT collapsed VBD in IN Oakland NN , , generally RB do VBP n't RB have VB insurance NN coverage NN . . Industry NN officials NNS say VBP the DT Bay NNP Bridge NNP -- : unlike IN some DT bridges NNS -- : has VBZ no DT earthquake NN coverage NN , , either RB , , so IN the DT cost NN of IN repairing VBG it PRP probably RB would MD have VB to TO be VB paid VBN out IN of IN state NN general JJ operating NN funds NNS . . However RB , , the DT bridge NN , , which WDT charges VBZ a DT $ $ 1 CD toll NN each DT way NN , , does VBZ have VB `` `` loss NN of IN income NN '' '' insurance NN to TO replace VB lost VBN revenue NN if IN the DT operation NN of IN the DT bridge NN is VBZ interrupted JJ for IN more JJR than IN seven CD days NNS . . That DT coverage NN is VBZ provided VBN by IN a DT syndicate NN of IN insurance NN companies NNS including VBG Fireman NNP 's POS Fund NNP Corp. NNP , , based VBN in IN Novato NNP , , Calif. NNP , , and CC Cigna NNP Corp. NNP , , based VBN in IN Philadelphia NNP . . Earthquake-related JJ claims NNS are VBP n't RB expected VBN to TO cause VB significant JJ financial JJ problems NNS for IN the DT insurance NN industry NN as IN a DT whole NN . . Instead RB , , even RB with IN the DT liabilities NNS of IN two CD natural JJ disasters NNS in IN recent JJ weeks NNS , , analysts NNS said VBD the DT total JJ capital NN of IN the DT industry NN is VBZ likely JJ to TO be VB higher JJR at IN year NN end NN than IN it PRP was VBD at IN midyear NN . . Indeed RB , , the DT earthquake NN could MD contribute VB to TO a DT turnaround NN in IN the DT insurance NN cycle NN in IN a DT couple NN of IN ways NNS . . For IN example NN , , insurers NNS may MD seek VB to TO limit VB their PRP$ future JJ exposure NN to TO catastrophes NNS by IN increasing VBG the DT amount NN of IN reinsurance NN they PRP buy VBP . . Such JJ increased VBN demand NN for IN reinsurance NN , , along IN with IN the DT losses NNS the DT reinsurers NNS will MD bear VB from IN these DT two CD disasters NNS , , are VBP likely JJ to TO spur VB increases NNS in IN reinsurance NN prices NNS that WDT will MD later RB be VB translated VBN into IN an DT overall JJ price NN rise NN . . Reinsurance NN is VBZ protection NN taken VBN out RB by IN the DT insurance NN firms NNS themselves PRP . . `` `` We PRP are VBP saying VBG this DT is VBZ the DT breaking JJ point NN , , this DT is VBZ the DT event NN that WDT will MD change VB the DT psychology NN of IN the DT marketplace NN , , '' '' said VBD William NNP Yankus NNP , , an DT analyst NN with IN Conning NNP & CC Co. NNP , , a DT Hartford NNP firm NN that WDT specializes VBZ in IN the DT insurance NN industry NN . . His PRP$ firm NN , , along IN with IN some DT others NNS , , issued VBD new JJ buy JJ recommendations NNS on IN insurer NN stocks NNS yesterday NN . . Among IN the DT insurance NN stocks NNS , , big JJ gainers NNS included VBD American NNP International NNP Group NNP , , up RB $ $ 3.25 CD to TO $ $ 102.625 CD ; : General NNP Re NNP Corp. NNP , , up RB $ $ 2.75 CD to TO $ $ 86.50 CD ; : Aetna NNP , , up RB $ $ 2.375 CD to TO $ $ 59.50 CD ; : and CC Marsh NNP & CC McLennan NNP Inc. NNP , , up RB $ $ 3.125 CD to TO $ $ 75.875 CD . . Still RB , , a DT few JJ individual JJ companies NNS , , most RBS likely JJ smaller JJR ones NNS , , could MD be VB devastated VBN . . `` `` I PRP think VBP there EX is VBZ a DT damned RB good JJ chance NN someone NN is VBZ going VBG to TO hit VB the DT skids NNS on IN this DT , , '' '' said VBD Oppenheimer NNP & CC Co. NNP analyst NN Myron NNP Picoult NNP . . He PRP suspects VBZ some DT insurers NNS who WP had VBD purchased VBN reinsurance NN to TO limit VB their PRP$ exposure NN to TO catastrophes NNS will MD discover VB that DT reinsurance NN was VBD used VBN up RP by IN Hurricane NNP Hugo NNP . . British JJ , , West JJ German JJ , , Scandinavian JJ and CC other JJ overseas JJ insurers NNS are VBP bracing VBG for IN big JJ claims NNS from IN the DT San NNP Francisco NNP earthquake NN disaster NN . . Although IN it PRP 's VBZ unclear JJ how WRB much JJ exposure NN the DT London NNP market NN will MD face VB , , U.K. NNP underwriters , traditionally RB have VBP a DT large JJ reinsurance NN exposure NN to TO U.S. NNP catastrophe NN coverage NN . . Jack NNP Byrne NNP , , chairman NN of IN Fireman NNP 's POS Fund NNP , , said VBD this DT disaster NN will MD test VB the DT catastrophe NN reinsurance NN market NN , , causing VBG these DT rates NNS to TO soar VB . . The DT catastrophe NN losses NNS sustained VBN by IN insurers NNS this DT year NN will MD probably RB be VB the DT worst JJS on IN an DT inflation-adjusted JJ basis NN since IN 1906 CD -- : when WRB another DT earthquake NN sparked VBD the DT Great JJ San NNP Francisco NNP Fire NN . . Orin NNP Kramer NNP , , an DT insurance NN consultant NN in IN New NNP York NNP , , estimates VBZ that IN the DT 1906 CD San NNP Francisco NNP destruction NN , , on IN an DT inflation-adjusted JJ basis NN , , included VBD insured JJ losses NNS of IN $ $ 5.8 CD billion CD . . He PRP is VBZ estimating VBG this DT week NN 's POS disaster NN will MD generate VB insured VBN losses NNS of IN $ $ 2 CD billion CD to TO $ $ 4 CD billion CD , , following VBG about IN $ $ 4 CD billion CD in IN costs NNS to TO insurers NNS from IN Hurricane NNP Hugo NNP . . Silicon NNP Graphics NNPS Inc. NNP 's POS first-quarter NN profit NN rose VBD sharply RB to TO $ $ 5.2 CD million CD , , or CC 28 CD cents NNS a DT share NN , , from IN $ $ 1 CD million CD , , or CC six CD cents NNS a DT share NN , , a DT year NN ago RB . . The DT maker NN of IN computer NN workstations NNS said VBD a DT surge NN of IN government NN orders NNS contributed VBN to TO the DT increase NN . . Revenue NN rose VBD 95 CD % NN to TO $ $ 86.4 CD million CD from IN $ $ 44.3 CD million CD the DT year NN earlier RB . . In IN national JJ over-the-counter JJ trading NN , , the DT company NN closed VBD yesterday NN at IN $ $ 23.25 CD a DT share NN , , down RB 25 CD cents NNS . . Hunter NNP Environmental NNP Services NNPS Inc. NNP said VBD it PRP reached VBD a DT preliminary JJ accord NN on IN the DT sale NN of IN its PRP$ environmental JJ consulting NN and CC services NNS business NN for IN about IN $ $ 40 CD million CD and CC assumption NN of IN related JJ debt NN . . The DT buyer NN was VBD n't RB identified VBN . . The DT company NN said VBD it PRP also RB is VBZ making VBG progress NN in IN negotiating VBG the DT buy-out NN of IN its PRP$ design NN division NN by IN management NN . . In IN addition NN , , Hunter NNP said VBD it PRP will MD use VB proceeds NNS from IN a DT private JJ placement NN of IN $ $ 8 CD million CD of IN preferred JJ shares NNS to TO purchase VB an DT interest NN in IN a DT start-up JJ company NN to TO underwrite VB environmental JJ impairment NN insurance NN . . Hunter NNP wants VBZ to TO concentrate VB its PRP$ resources NNS on IN the DT insurance NN business NN and CC on IN a DT project NN to TO store VB hazardous JJ wastes NNS in IN salt NN domes NNS . . Jaguar NNP PLC NNP 's POS chairman NN said VBD he PRP hopes VBZ to TO reach VB a DT friendly JJ pact NN with IN General NNP Motors NNPS Corp. NNP within IN a DT month NN that WDT may MD involve VB the DT British JJ luxury-car NN maker NN 's VBZ producing VBG a DT cheaper JJR executive NN model NN . . Sir NNP John NNP Egan NNP told VBD reporters NNS at IN London NNP 's POS Motorfair NNP yesterday NN he PRP `` `` would MD be VB disappointed VBN if IN we PRP could MD n't RB do VB { ( the DT deal NN } ) within IN a DT month NN . . '' '' He PRP said VBD the DT tie-up NN would MD mean VB Jaguar NNP could MD `` `` develop VB cars NNS down RB range NN { ( in IN price NN } ) from IN where WRB we PRP are VBP '' '' by IN offering VBG access NN to TO GM NNP 's POS high-volume JJ parts NNS production NN . . Besides IN creating VBG joint JJ manufacturing NN ventures NNS , , the DT accord NN is VBZ expected VBN to TO give VB GM NNP about IN a DT 15 CD % NN stake NN that WDT eventually RB would MD rise VB to TO about IN 30 CD % NN . . Jaguar NNP figures VBZ a DT friendly JJ alliance NN with IN GM NNP will MD fend VB off RP unwelcome JJ advances NNS from IN Ford NNP Motor NNP Co NNP . . But CC Ford NNP , , Jaguar NNP 's POS biggest JJS shareholder NN since IN lifting VBG its PRP$ stake NN to TO 10.4 CD % NN this DT week NN , , is VBZ pressing VBG harder RBR for IN talks NNS with IN Sir NNP John NNP . . `` `` We PRP 're VBP getting VBG to TO the DT point NN where WRB we PRP are VBP going VBG to TO have VB to TO meet VB '' '' with IN him PRP , , one CD Ford NNP official NN said VBD yesterday NN . . Ford NNP probably RB will MD renew VB its PRP$ request NN for IN such JJ a DT meeting NN soon RB , , he PRP added VBD . . Sir NNP John NNP has VBZ spurned VBN Ford NNP 's POS advances NNS since IN the DT U.S. NNP auto NN giant NN launched VBD a DT surprise NN bid NN for IN as RB much JJ as IN 15 CD % NN of IN Jaguar NNP last JJ month NN . . Ford NNP has VBZ signaled VBN it PRP might MD acquire VB a DT majority NN interest NN later RB . . `` `` I PRP 'm VBP not RB obligated VBN to TO sit VB down RB and CC talk VB to TO anybody NN , , '' '' the DT Jaguar NNP chairman NN asserted VBD yesterday NN . . He PRP did VBD n't RB rule NN out RP negotiations NNS with IN Ford NNP , , however RB . . The DT fiercely RB proud JJ but CC financially RB strapped JJ British JJ company NN prefers VBZ to TO remain VB independent JJ and CC publicly RB held JJ , , despite IN Ford NNP 's POS promise NN of IN access NN to TO cash NN and CC technological JJ know-how NN . . Sir NNP John NNP noted VBD that IN GM NNP , , a DT longtime NN Jaguar NNP supplier NN , , agrees VBZ `` `` we PRP should MD remain VB an DT independent JJ company NN . . '' '' He PRP said VBD Jaguar NNP started VBD negotiating VBG with IN GM NNP and CC several JJ other JJ car NN makers NNS over IN a DT year NN ago RB , , but CC the DT rest NN `` `` dropped VBN by IN the DT wayside NN ever RB since IN the DT share NN price NN went VBD above IN # # 4 CD ( ( $ $ 6.30 CD ) ) a DT share NN . . '' '' Jaguar NNP shares NNS stood VBD at IN 405 CD pence NN before IN Ford NNP 's POS initial JJ announcement NN , , but CC the DT subsequent JJ takeover NN frenzy NN has VBZ driven VBN them PRP up RP . . The DT stock NN traded VBD late JJ yesterday NN on IN London NNP 's POS stock NN exchange NN at IN 673 CD pence NN , , up IN 19 CD pence NN . . Developing VBG an DT executive-model JJ range NN would MD mark VB a DT major JJ departure NN for IN Britain NNP 's POS leading VBG luxury-car NN maker NN . . A DT typical JJ British JJ executive NN car NN is VBZ mass RB produced VBN and CC smaller JJR than IN a DT luxury NN car NN . . It PRP generally RB fetches VBZ no RB more JJR than IN # # 25,000 CD ( ( $ $ 39,400 CD ) ) -- : roughly RB # # 16,000 CD less JJR than IN the DT highest-priced JJS Jaguars NNPS , , which WDT are VBP all DT known JJ for IN their PRP$ hand-crafted JJ leather NN work NN . . `` `` We PRP have VBP designs NNS for IN such JJ { ( executive NN } ) cars NNS , , but CC have VB never RB been VBN able JJ to TO develop VB them PRP , , '' '' Sir NNP John NNP said VBD . . GM NNP 's POS help NN would MD `` `` make VB it PRP possible JJ { ( for IN Jaguar NNP } ) to TO build VB a DT wider JJR range NN of IN cars NNS . . '' '' An DT executive NN model NN would MD significantly RB boost VB Jaguar NNP 's POS yearly JJ output NN of IN 50,000 CD cars NNS . . `` `` You PRP are VBP talking VBG about IN a DT couple NN hundred CD thousand CD a DT year NN , , '' '' said VBD Bob NNP Barber NNP , , an DT auto-industry NN analyst NN at IN U.K. NNP brokerage NN James NNP Capel NNP & CC Co NNP . . A DT pact NN with IN GM NNP may MD emerge VB in IN as RB little JJ as IN two CD weeks NNS , , according VBG to TO sources NNS close RB to TO the DT talks NNS . . The DT deal NN would MD require VB approval NN by IN a DT majority NN of IN Jaguar NNP shareholders NNS . . `` `` We PRP have VBP to TO make VB it PRP attractive JJ enough RB that IN { ( holders NNS } ) would MD accept VB it PRP , , '' '' Sir NNP John NNP said VBD . . That DT may MD be VB difficult JJ , , the DT Jaguar NNP chairman NN acknowledged VBD , , `` `` when WRB you PRP have VBP somebody NN else RB breathing VBG down IN your PRP$ neck NN . . '' '' Ford NNP probably RB would MD try VB to TO kill VB the DT proposal NN by IN enlisting VBG support NN from IN U.S. NNP takeover-stock NN speculators NNS and CC holding VBG out RP the DT carrot NN of IN a DT larger JJR bid NN later RB , , said VBD Stephen NNP Reitman NNP , , European JJ auto NN analyst NN at IN London NNP brokers NNS UBS NNP Phillips NNP & CC Drew NNP . . Ford NNP ca MD n't RB make VB a DT full-fledged JJ bid NN for IN Jaguar NNP until IN U.K. NNP government NN restrictions NNS expire VBP . . The DT anti-takeover JJ measure NN prevents VBZ any DT outside JJ investor NN from IN buying VBG more JJR than IN 15 CD % NN of IN Jaguar NNP shares NNS without IN permission NN until IN Dec. NNP 31 CD , , 1990 CD . . But CC with IN its PRP$ 10.4 CD % NN stake NN , , Ford NNP can MD convene VB a DT special JJ Jaguar NNP shareholders NNS ' POS meeting NN and CC urge VB them PRP to TO drop VB the DT restrictions NNS prematurely RB . . `` `` It PRP 's VBZ a DT very RB valuable JJ weapon NN in IN their PRP$ armory NN , , '' '' which WDT could MD enable VB Ford NNP to TO bid VB sooner RBR for IN Jaguar NNP , , observed VBD Mr. NNP Barber NNP of IN James NNP Capel NNP . . Otherwise RB , , Jaguar NNP may MD have VB to TO tolerate VB the DT two CD U.S. NNP auto NN giants NNS each DT owning NN a DT 15 CD % NN stake NN for IN more JJR than IN a DT year NN . . `` `` It PRP would MD be VB difficult JJ to TO see VB how WRB a DT car NN company NN can MD be VB owned VBN by IN a DT collective JJ , , '' '' Sir NNP John NNP said VBD . . `` `` It PRP has VBZ never RB been VBN done VBN before RB , , but CC there EX 's VBZ always RB a DT first JJ . . Although IN two CD Baby NNP Bells NNPS showed VBD strong JJ growth NN in IN access NN lines NNS , , usage NN and CC unregulated JJ business NN revenue NN , , one CD reported VBD a DT modest JJ gain NN in IN third-quarter JJ net NN while IN the DT other JJ posted VBD a DT small JJ drop NN . . Ameritech NNP Corp. NNP 's POS earnings NNS increased VBD 2.8 CD % NN , , after IN strong JJ revenue NN gains NNS were VBD offset VBN somewhat RB by IN refunds NNS and CC rate NN reductions NNS imposed VBN by IN regulators NNS in IN its PRP$ Midwest NNP territory NN . . BellSouth NNP Corp. NNP 's POS third-quarter JJ earnings NNS dropped VBD 3.8 CD % NN as IN a DT result NN of IN debt NN refinancing NN , , the DT recent JJ acquisition NN of IN a DT cellular JJ and CC paging NN property NN and CC rate NN reductions NNS in IN its PRP$ Southeast NNP territory NN . . BellSouth NNP At IN BellSouth NNP , , based VBN in IN Atlanta NNP , , customer NN access NN lines NNS grew VBN by IN 162,000 CD , , or CC 3.5 CD % NN , , during IN the DT 12-month JJ period NN ended VBN Sept NNP . . For IN the DT third JJ quarter NN , , total NN operating NN revenue NN grew VBD 2.6 CD % NN to TO $ $ 3.55 CD billion CD from IN $ $ 3.46 CD billion CD . . Total JJ operating NN expenses NNS increased VBD 3.5 CD % NN to TO $ $ 2.78 CD billion CD from IN $ $ 2.69 CD billion CD . . Overall JJ access NN minutes NNS of IN use NN increased VBD 10.3 CD % NN and CC toll NN messages NNS jumped VBD 5.2 CD % NN . . BellSouth NNP Chairman NNP and CC Chief NNP Executive NNP Officer NNP John NNP L. NNP Clendenin NNP said VBD three CD factors NNS accounted VBD for IN the DT drop NN in IN third-quarter JJ earnings NNS . . The DT refinancing NN of IN $ $ 481 CD million CD in IN long-term JJ debt NN reduced VBD net JJ income NN by IN $ $ 22 CD million CD , , or CC five CD cents NNS a DT share NN , , but CC in IN the DT long JJ run NN will MD save VB more JJR than IN $ $ 250 CD million CD in IN interest NN costs NNS . . The DT company NN previously RB said VBD that IN the DT recent JJ acquisition NN of IN Mobile NNP Communications NNPS Corp. NNP of IN America NNP would MD dilute VB 1989 CD earnings NNS by IN about IN 3 CD % NN . . In IN addition NN , , earnings NNS were VBD reduced VBN by IN rate NN reductions NNS in IN Florida NNP , , Kentucky NNP , , Alabama NNP , , Tennessee NNP and CC Louisiana NNP . . Ameritech NNP At IN Ameritech NNP , , based VBN in IN Chicago NNP , , customer NN access NN lines NNS increased VBN by IN 402,000 CD , , or CC 2.6 CD % NN , , and CC cellular JJ mobile JJ lines NNS increased VBN by IN 80,000 CD , , or CC 62.3 CD % NN , , for IN the DT 12-month JJ period NN ended VBN Sept. NNP 30 CD . . For IN the DT third JJ quarter NN , , revenue NN increased VBN 1.9 CD % NN to TO $ $ 2.55 CD billion CD from IN $ $ 2.51 CD billion CD . . Operating NN expenses NNS increased VBD 2.6 CD % NN to TO $ $ 2.04 CD billion CD , , including VBG one-time JJ pretax JJ charges NNS of IN $ $ 40 CD million CD for IN labor NN contract NN signing NN bonuses NNS . . Local JJ service NN revenue NN increased VBN 3.5 CD % NN and CC directory NN and CC unregulated JJ business NN revenue NN jumped VBD 9.5 CD % NN . . But CC network NN access NN revenue NN dropped VBD 4 CD % NN and CC toll NN revenue NN dropped VBD 1.4 CD % NN . . a SYM - : reflects VBZ 2-for-1 JJ stock NN split NN effective JJ Dec. NNP 30 CD , , 1988 CD . . b SYM - : reflects VBZ extraordinary JJ loss NN of IN five CD cents NNS a DT share NN for IN early JJ debt NN retirement NN . . c SYM - : reflects VBZ extraordinary JJ loss NN of IN five CD cents NNS a DT share NN and CC extraordinary JJ gain NN of IN 14 CD cents NNS a DT share NN from IN cumulative JJ effect NN of IN accounting NN change NN . . The DT Wall NNP Street NNP Journal NNP `` `` American JJ Way NN of IN Buying NN '' '' Survey NN consists VBZ of IN two CD separate JJ , , door-to-door JJ nationwide JJ polls NNS conducted VBN for IN the DT Journal NNP by IN Peter NNP D. NNP Hart NNP Research NNP Associates NNPS and CC the DT Roper NNP Organization NNP . . The DT two CD surveys NNS , , which WDT asked VBD different JJ questions NNS , , were VBD conducted VBN using VBG national JJ random JJ probability NN samples NNS . . The DT poll NN conducted VBN by IN Peter NNP D. NNP Hart NNP Research NNP Associates NNPS interviewed VBD 2,064 CD adults NNS age NN 18 CD and CC older JJR from IN June NNP 15 CD to TO June NNP 30 CD , , 1989 CD . . The DT poll NN conducted VBN by IN the DT Roper NNP Organization NNP interviewed VBD 2,002 CD adults NNS age NN 18 CD and CC older JJR from IN July NNP 7 CD to TO July NNP 15 CD , , 1989 CD . . Responses NNS were VBD weighted VBN on IN the DT basis NN of IN age NN and CC gender NN to TO conform VB with IN U.S. NNP Census NNP data NNS . . For IN each DT poll NN , , the DT odds NNS are VBP 19 CD out IN of IN 20 CD that DT if IN pollsters NNS had VBD sought VBN to TO survey VB every DT household NN in IN the DT U.S. NNP using VBG the DT same JJ questionnaire NN , , the DT findings NNS would MD differ VB from IN these DT poll JJ results NNS by IN no DT more JJR than IN 2 CD 1\/2 CD percentage NN points NNS in IN either DT direction NN . . The DT margin NN of IN error NN for IN subgroups NNS -- : for IN example NN , , married JJ women NNS with IN children NNS at IN home NN -- : would MD be VB larger JJR . . In IN addition NN , , in IN any DT survey NN , , there EX is VBZ always RB the DT chance NN that IN other JJ factors NNS such JJ as IN question NN wording NN could MD introduce VB errors NNS into IN the DT findings NNS . . Program NN traders NNS were VBD buying VBG and CC selling VBG at IN full JJ steam NN Monday NNP , , the DT first JJ trading NN session NN after IN the DT stock NN market NN 's POS 190.58-point JJ plunge NN Friday NNP . . They PRP accounted VBD for IN a DT hefty JJ 16 CD % NN of IN New NNP York NNP Stock NNP Exchange NNP volume NN Monday NNP , , the DT fourth RB busiest JJS session NN ever RB . . On IN Friday NNP , , 13 CD % NN of IN volume NN was VBD in IN computer-guided JJ program NN trades NNS . . In IN August NNP , , by IN contrast NN , , program NN trading NN averaged VBD 10.3 CD % NN of IN daily JJ Big NNP Board NNP turnover NN . . Program NN traders NNS were VBD publicly RB castigated VBN following VBG the DT 508-point JJ crash NN Oct. NNP 19 CD , , 1987 CD , , and CC a DT number NN of IN brokerage NN firms NNS pulled VBD back RB from IN using VBG this DT strategy NN for IN a DT while NN . . But CC as IN the DT outcry NN faded VBN by IN the DT spring NN of IN 1988 CD , , they PRP resumed VBD . . Some DT observers NNS thought VBD that IN after IN Friday NNP 's POS sharp JJ drop NN , , the DT firms NNS would MD rein VB in RP their PRP$ program NN traders NNS to TO avoid VB stoking VBG more JJR controversy NN . . But CC the DT statistics NNS released VBN yesterday NN show VB the DT firms NNS did VBD nothing NN of IN the DT sort NN . . One CD reason NN , , they PRP said VBD , , was VBD that IN the DT official JJ reports NNS on IN the DT 1987 CD crash NN exonerated VBD program NN trading NN as IN a DT cause NN . . Stock-index NN arbitrage NN is VBZ the DT most RBS controversial JJ form NN of IN program NN trading NN because IN it PRP accelerates VBZ market NN moves NNS , , if IN not RB actually RB causing VBG them PRP . . In IN it PRP , , traders NNS buy VBP or CC sell VBP stocks NNS and CC offset VBP those DT positions NNS in IN stock-index NN futures NNS contracts NNS to TO profit VB from IN fleeting JJ price NN discrepancies NNS . . Under IN the DT exchange NN 's POS definitions NNS , , program NN trading NN also RB describes VBZ a DT number NN of IN other JJ strategies NNS that IN , , in IN the DT opinion NN of IN some DT traders NNS , , do VBP n't RB cause VB big JJ swings NNS in IN the DT market NN . . The DT Big NNP Board NNP 's POS disclosure NN of IN program NN trading NN activity NN on IN these DT two CD days NNS was VBD unusual JJ . . Though IN it PRP collects VBZ such JJ data NNS daily JJ , , its PRP$ monthly JJ reports NNS on IN program NN trading NN usually RB come VBN out RB about IN three CD weeks NNS after IN each DT month NN ends VBZ . . The DT September NNP figures NNS are VBP due JJ to TO be VB released VBN this DT week NN . . The DT Big NNP Board NNP declined VBD to TO name VB the DT Wall NNP Street NNP firms NNS involved VBN in IN the DT activity NN Friday NNP and CC Monday NNP , , or CC the DT type NN of IN strategies NNS used VBN . . But CC traders NNS on IN the DT exchange NN floor NN , , who WP can MD observe VB the DT computer-guided JJ trading NN activity NN on IN monitor NN screens NNS , , said VBD most JJS of IN the DT top JJ program-trading NN firms NNS were VBD active JJ both DT days NNS . . Through IN August NNP , , the DT top JJ five CD program NN trading NN firms NNS in IN volume NN were VBD Morgan NNP Stanley NNP & CC Co. NNP , , Kidder NNP , , Peabody NNP & CC Co. NNP , , Merrill NNP Lynch NNP & CC Co. NNP , , PaineWebber NNP Group NNP Inc. NNP and CC Salomon NNP Brothers NNPS Inc NNP . . Though IN brokerage NN officials NNS defended VBD their PRP$ use NN of IN program NN trading NN , , one CD sign NN of IN what WP an DT issue NN it PRP remains VBZ was VBD that IN few JJ executives NNS would MD comment VB on IN the DT record NN . . Besides IN reciting VBG the DT pardon NN for IN program NN trading NN contained VBN in IN the DT Brady NNP Commission NNP report NN , , they PRP said VBD stock-index NN arbitrage NN was VBD actually RB needed VBN Monday NNP to TO restore VB the DT markets NNS ' POS equilibrium NN . . On IN Friday NNP , , the DT stock-index NN futures NNS market NN was VBD unhinged VBN from IN the DT stock NN market NN when WRB the DT Chicago NNP Mercantile NNP Exchange NNP halted VBD trading NN in IN Standard NNP & CC Poor NNP 's POS 500 CD futures NNS contract NN -- : a DT `` `` circuit NN breaker NN '' '' procedure NN instituted VBN after IN the DT 1987 CD crash NN and CC implemented VBD for IN the DT first JJ time NN . . Futures NNS trading NN resumed VBN a DT half-hour NN later RB , , but CC the DT session NN ended VBN shortly RB thereafter RB , , leaving VBG the DT stock NN market NN set VBN up RP for IN more JJR sell NN programs NNS , , traders NNS said VBD . . By IN Monday NNP morning NN , , they PRP said VBD , , stock-index NN arbitrage NN sell VB programs NNS helped VBP re-establish VB the DT link NN between IN stocks NNS and CC futures NNS . . But CC stunning JJ volatility NN was VBD produced VBN in IN the DT process NN . . The DT Dow NNP Jones NNP Industrial NNP Average NNP plunged VBD a DT breathtaking JJ 63.52 CD points NNS in IN the DT first JJ 40 CD minutes NNS of IN trading NN Monday NNP as IN stock-index NN arbitrage NN sell NN programs NNS kicked VBD in RB . . At IN about IN 10:10 CD a.m. RB EDT NNP , , the DT market NN abruptly RB turned VBD upward RB on IN stock-index NN arbitrage NN buy JJ programs NNS . . By IN day NN 's POS end NN , , the DT Dow NNP industrials NNS had VBD rebounded VBN 88.12 CD points NNS , , or CC nearly RB half NN of IN Friday NNP 's POS drop NN . . FREDERICK NNP 'S POS OF IN HOLLYWOOD NNP Inc. NNP , , Los NNP Angeles NNP , , said VBD its PRP$ board NN voted VBD a DT 50 CD % NN increase NN in IN the DT specialty NN boutique-store NN operator NN 's POS semiannual JJ dividend NN , , to TO five CD cents NNS a DT common JJ share NN . . The DT dividend NN is VBZ payable JJ Dec. NNP 15 CD to TO stock NN of IN record NN Nov. NNP 15 CD . . Valley NNP National NNP Corp. NNP reported VBD a DT third-quarter JJ net JJ loss NN of IN $ $ 72.2 CD million CD , , or CC $ $ 3.65 CD a DT share NN , , and CC suspended VBD its PRP$ quarterly JJ dividend NN because IN of IN potential JJ losses NNS on IN its PRP$ Arizona NNP real JJ estate NN holdings NNS . . The DT Phoenix-based JJ holding VBG company NN for IN Arizona NNP 's POS largest JJS bank NN said VBD it PRP added VBD $ $ 121 CD million CD to TO its PRP$ allowance NN for IN losses NNS on IN loans NNS and CC for IN real JJ estate NN owned VBN . . The DT company NN earned VBN $ $ 18.7 CD million CD , , or CC 95 CD cents NNS a DT share NN , , a DT year NN earlier RB . . For IN the DT nine CD months NNS , , Valley NNP National NNP posted VBD a DT net JJ loss NN of IN $ $ 136.4 CD million CD , , or CC $ $ 6.90 CD a DT share NN . . It PRP had VBD profit NN of IN $ $ 48.6 CD million CD , , or CC $ $ 2.46 CD a DT share NN , , in IN the DT 1988 CD period NN . . Valley NNP National NNP had VBD been VBN paying VBG a DT quarterly JJ dividend NN of IN 36 CD cents NNS a DT share NN . . `` `` The DT Arizona NNP real JJ estate NN market NN continues VBZ to TO be VB depressed VBN , , and CC there EX is VBZ still RB uncertainty NN as IN to TO when WRB values NNS will MD recover VB , , '' '' James NNP P. NNP Simmons NNP , , chairman NN , , said VBD . . The DT decision NN to TO increase VB the DT loan-loss NN reserve NN and CC suspend VB the DT dividend NN is VBZ `` `` both DT prudent JJ and CC in IN the DT best JJS long-term JJ interest NN of IN the DT shareholders NNS , , '' '' he PRP said VBD . . Valley NNP National NNP said VBD it PRP made VBD the DT decision NN on IN the DT basis NN of IN an DT `` `` overall JJ assessment NN of IN the DT marketplace NN '' '' and CC the DT condition NN of IN its PRP$ loan NN portfolio NN and CC after IN reviewing VBG it PRP with IN federal JJ regulators NNS . . The DT addition NN to TO reserves NNS comes VBZ on IN top NN of IN a DT provision NN of IN $ $ 199.7 CD million CD that DT was VBD announced VBN in IN June NNP . . In IN July NNP , , Moody NNP 's POS downgraded VBD $ $ 400 CD million CD of IN the DT company NN 's POS debt NN , , saying VBG the DT bank NN holding VBG company NN had VBD n't RB taken VBN adequate JJ write-offs NNS against IN potential JJ losses NNS on IN real JJ estate NN loans NNS despite IN its PRP$ second-quarter JJ write-down NN . . Richard NNP M. NNP Greenwood NNP , , Valley NNP National NNP 's POS executive NN vice NN president NN , , said VBD then RB that IN the DT company NN believed VBD the DT write-downs NNS were VBD `` `` adequate JJ '' '' and CC did VBD n't RB plan NN to TO increase VB its PRP$ reserves NNS again RB . . Bruce NNP Hoyt NNP , , a DT banking NN analyst NN with IN Boettcher NNP & CC Co. NNP , , a DT Denver NNP brokerage NN firm NN , , said VBD Valley NNP National NNP `` `` is VBZ n't RB out IN of IN the DT woods NNS yet RB . . '' '' The DT key NN will MD be VB whether IN Arizona NNP real JJ estate NN turns VBZ around RB or CC at IN least JJS stabilizes VBZ , , he PRP said VBD . . `` `` They PRP 've VBP stepped VBD up RB to TO the DT plate NN to TO take VB the DT write-downs NNS , , but CC when WRB markets NNS head VBP down RB , , a DT company NN is VBZ always RB exposed VBN to TO further VB negative JJ surprises NNS , , '' '' Mr. NNP Hoyt NNP said VBD . . Valley NNP National NNP closed VBD yesterday NN at IN $ $ 24.25 CD a DT share NN , , down RB $ $ 1 CD , , in IN national JJ over-the-counter JJ trading NN . . Two CD years NNS of IN coddling NN , , down IN the DT drain NN . . That DT 's VBZ the DT way NN a DT lot NN of IN brokers NNS feel VBP today NN on IN the DT second JJ anniversary NN of IN the DT 1987 CD stock-market NN crash NN . . Ever RB since IN that DT fearful JJ Black NNP Monday NNP , , they PRP 've VBP been VBN tirelessly RB wooing VBG wary JJ individual JJ investors NNS -- : trying VBG to TO convince VB them PRP that IN Oct. NNP 19 CD , , 1987 CD , , was VBD a DT fluke NN and CC that IN the DT stock NN market NN really RB is VBZ a DT safe JJ place NN for IN average JJ Americans NNPS to TO put VB their PRP$ hard-earned JJ dollars NNS . . And CC until IN last JJ Friday NNP , , it PRP seemed VBD those DT efforts NNS were VBD starting VBG to TO pay VB off RB . . `` `` Some DT of IN those DT folks NNS were VBD coming VBG back RB , , '' '' says VBZ Leslie NNP Quick NNP Jr. NNP , , chairman NN , , of IN discount NN brokers NNS Quick NNP & CC Reilly NNP Group NNP Inc NNP . . `` `` We PRP had VBD heard VBN from IN people NNS who WP had VBD n't RB been VBN active JJ '' '' for IN a DT long JJ time NN . . Then RB came VBD the DT frightening JJ 190-point JJ plunge NN in IN the DT Dow NNP Jones NNP Industrial NNP Average NNP and CC a DT new JJ wave NN of IN stock-market NN volatility NN . . All DT of IN a DT sudden JJ , , it PRP was VBD back RB to TO square NN one CD . . `` `` It PRP 's VBZ going VBG to TO set VB things NNS back RB for IN a DT period NN , , because IN it PRP reinforces VBZ the DT concern NN of IN volatility NN , , '' '' says VBZ Jeffrey NNP B. NNP Lane NNP , , president NN of IN Shearson NNP Lehman NNP Hutton NNP Inc NNP . . `` `` I PRP think VBP it PRP will MD shake VB confidence NN one CD more JJR time NN , , and CC a DT lot NN of IN this DT business NN is VBZ based VBN on IN client NN confidence NN . . '' '' Brokers NNS around IN the DT country NN say VBP the DT reaction NN from IN individual JJ investors NNS this DT week NN has VBZ been VBN almost RB eerie JJ . . Customers NNS and CC potential JJ customers NNS are VBP suddenly RB complaining VBG about IN the DT stock NN market NN in IN the DT exact JJ way NN they PRP did VBD in IN post-crash JJ 1987 CD . . `` `` The DT kinds NNS of IN questions NNS you PRP had VBD before IN have VBP resurfaced VBN , , '' '' says VBZ Raymond NNP A. NN `` `` Chip NN '' '' Mason NNP , , chairman NN of IN regional JJ brokerage NN firm NN Legg NNP Mason NNP Inc. NNP , , Baltimore NNP . . `` `` I PRP can MD just RB tell VB the DT questions NNS are VBP right RB back RB where WRB they PRP were VBD : : ` `` What WP 's VBZ going VBG on RB ? . , , ' '' ` `` Ca MD n't RB anything NN be VB done VBN about IN program NN trading NN ? . , , ' '' ` `` Does VBZ n't RB the DT exchange NN understand VB ? . , , ' '' ` `` Where WRB is VBZ the DT SEC NNP on IN this DT ? . ' '' '' '' Mr. NNP Mason NNP says VBZ he PRP 's VBZ convinced VBN the DT public NN still RB wants VBZ to TO invest VB in IN common JJ stocks NNS , , even RB though IN they PRP believe VBP the DT deck NN is VBZ stacked VBN against IN them PRP . . But CC `` `` these DT wide JJ swings NNS scare VBP them PRP to TO death NN . . '' '' All DT of IN this DT is VBZ bad JJ news NN for IN the DT big JJ brokerage NN firms NNS such JJ as IN Shearson NNP and CC Merrill NNP Lynch NNP & CC Co. NNP that WDT have VBP big JJ `` `` retail JJ , , '' '' or CC individual-investor JJ , , businesses NNS . . After IN expanding VBG rapidly RB during IN the DT bull-market NN years NNS up IN to TO the DT 1987 CD crash NN , , retail JJ brokerage NN operations NNS these DT days NNS are VBP getting VBG barely RB enough JJ business NN to TO pay VB the DT overhead NN . . True JJ , , the DT amount NN of IN money NN investors NNS are VBP willing JJ to TO entrust VB to TO their PRP$ brokers NNS has VBZ been VBN growing VBG lately RB . . But CC those DT dollars NNS have VBP been VBN going VBG into IN such JJ `` `` safe JJ '' '' products NNS as IN money NN market NN funds NNS , , which WDT do VBP n't RB generate VB much RB in IN the DT way NN of IN commissions NNS for IN the DT brokerage NN firms NNS . . At IN discount NN brokerage NN Charles NNP Schwab NNP & CC Co. NNP , , such JJ `` `` cash-equivalent JJ '' '' investments NNS recently RB accounted VBD for IN a DT record NN $ $ 8 CD billion CD of IN the DT firm NN 's POS $ $ 25 CD billion CD of IN client NN 's POS assets NNS . . The DT brokers NNS ' POS hope NN has VBZ been VBN that IN they PRP could MD soon RB coax VB investors NNS into IN shifting VBG some DT of IN their PRP$ hoard NN into IN the DT stock NN market NN . . And CC before IN last JJ Friday NNP , , they PRP were VBD actually RB making VBG modest JJ progress NN . . A DT slightly RB higher JJR percentage NN of IN New NNP York NNP Stock NNP Exchange NNP volume NN has VBZ been VBN attributed VBN to TO retail JJ investors NNS in IN recent JJ months NNS compared VBN with IN post-crash JJ 1988 CD , , according VBG to TO Securities NNPS Industry NNP Association NNP data NN . . In IN 1987 CD , , an DT average JJ 19.7 CD % NN of IN Big NNP Board NNP volume NN was VBD retail JJ business NN , , with IN the DT monthly JJ level NN never RB more JJR than IN 21.4 CD % NN . . The DT retail JJ participation NN dropped VBD to TO an DT average JJ 18.2 CD % NN in IN 1988 CD , , and CC shriveled VBD to TO barely RB 14 CD % NN some DT months NNS during IN the DT year NN . . Yet RB in IN 1989 CD , , retail JJ participation NN has VBZ been VBN more JJR than IN 20 CD % NN in IN every DT month NN , , and CC was VBD 23.5 CD % NN in IN August NNP , , the DT latest JJS month NN for IN which WDT figures NNS are VBP available JJ . . Jeffrey NNP Schaefer NNP , , the DT SIA NNP 's POS research NN director NN , , says VBZ that IN all DT of IN his PRP$ group NN 's POS retail-volume NN statistics NNS could MD be VB overstated VBN by IN as RB much JJ as IN five CD percentage NN points NNS because IN corporate JJ buy-backs NNS are VBP sometimes RB inadvertently RB included VBN in IN Big NNP Board NNP data NNS . . But CC there RB did VBD seem VB to TO be VB a DT retail JJ activity NN pickup NN . . But CC `` `` Friday NNP did VBD n't RB help NN things NNS , , '' '' says VBZ Mr. NNP Schaefer NNP . . With IN the DT gyrations NNS of IN recent JJ days NNS , , says VBZ Hugo NNP Quackenbush NNP , , senior JJ vice NN president NN at IN Charles NNP Schwab NNP , , many JJ small JJ investors NNS are VBP absolutely RB convinced JJ that IN `` `` they PRP should MD n't RB play VB in IN the DT stock NN market NN . . '' '' Joseph NNP Grano NNP , , president NN of IN retail JJ sales NNS and CC marketing NN at IN PaineWebber NNP Group NNP Inc. NNP , , still RB thinks VBZ that IN individual JJ investors NNS will MD eventually RB go VB back RB into IN the DT stock NN market NN . . Investors NNS will MD develop VB `` `` thicker JJR skins NNS , , '' '' and CC their PRP$ confidence NN will MD return VB , , he PRP says VBZ . . Friday NNP 's POS plunge NN , , he PRP is VBZ telling VBG PaineWebber NNP brokers NNS , , was VBD nothing NN more JJR than IN a DT `` `` tremendous JJ reaction NN to TO leveraged JJ buy-out NN stocks NNS . . '' '' Meanwhile RB , , PaineWebber NNP remains VBZ among IN the DT leaders NNS in IN efforts NNS to TO simply RB persuade VB investors NNS to TO keep VB giving VBG Wall NNP Street NNP their PRP$ money NN . . `` `` It PRP 's VBZ more JJR of IN an DT important JJ issue NN to TO keep VB control NN of IN those DT assets NNS , , rather RB than IN push VB the DT investor NN to TO move VB into IN ( ( specific JJ ) ) products NNS such JJ as IN equities NNS , , '' '' Mr. NNP Grano NNP says VBZ . . `` `` The DT equity NN decision NN will MD come VB when WRB the DT client NN is VBZ ready JJ and CC when WRB there EX 's VBZ a DT semblance NN of IN confidence NN . . '' '' It PRP could MD be VB a DT long JJ wait NN , , say VBP some DT industry NN observers NNS . . `` `` Some DT investors NNS will MD tiptoe VB back RB in RB , , '' '' says VBZ Richard NNP Ross NNP , , a DT market NN research NN director NN for IN Elrick NNP & CC Lavidge NNP in IN Chicago NNP . . `` `` Then RB there EX 'll MD be VB another DT swing NN . . Given VBN enough JJ of IN these DT , , this DT will MD drive VB everyone NN out RP except IN the DT most RBS hardy JJ , , '' '' he PRP adds VBZ . . Mr. NNP Ross NNP , , who WP has VBZ been VBN studying VBG retail JJ investors NNS ' POS perception NN of IN risks NNS in IN the DT brokerage NN industry NN , , said VBD a DT market NN plunge NN like IN Friday NNP 's POS `` `` shatters NNS investors NNS ' POS confidence NN in IN their PRP$ ability NN to TO make VB any DT judgments NNS on IN the DT market NN . . '' '' The DT long-term JJ outlook NN for IN the DT retail JJ brokerage NN business NN is VBZ `` `` miserable JJ , , '' '' Mr. NNP Ross NNP declares VBZ . . The DT following JJ were VBD among IN yesterday NN 's POS offerings NNS and CC pricings NNS in IN the DT U.S. NNP and CC non-U.S. JJ capital NN markets NNS , , with IN terms NNS and CC syndicate NN manager NN , , as IN compiled VBN by IN Dow NNP Jones NNP Capital NNP Markets NNPS Report NNP : : Washington NNP , , D.C. NNP -- : $ $ 200 CD million CD of IN general JJ obligation NN tax NN revenue NN anticipation NN notes NNS , , Series NN 1990 CD , , due JJ Sept. NNP 28 CD , , 1990 CD . . About IN $ $ 190 CD million CD were VBD offered VBN through IN Shearson NNP Lehman NNP Hutton NNP Inc NNP . . Shearson NNP is VBZ offering VBG the DT notes NNS as IN 6 CD 3\/4 CD % NN securities NNS priced VBN to TO yield VB 6.15 CD % NN . . J.P. NNP Morgan NNP Securities NNPS Inc. NNP is VBZ offering VBG the DT remaining VBG $ $ 10 CD million CD of IN notes NNS . . The DT notes NNS are VBP rated VBN MIG-1 JJ by IN Moody NNP 's POS Investors NNPS Service NNP Inc NNP . . Standard NNP & CC Poor NNP 's POS Corp. NN has VBZ them PRP under IN review NN . . Federal NNP National NNP Mortgage NNP Association NNP -- : $ $ 400 CD million CD of IN Remic NNP mortgage NN securities NNS being VBG offered VBN in IN 16 CD classes NNS by IN Bear NNP , , Stearns NNP & CC Co NNP . . The DT offering NN , , Series NN 1989-83 CD , , is VBZ backed VBN by IN Fannie NNP Mae NNP 9 CD % NN securities NNS . . The DT offering NN used VBD at-market JJ pricing NN . . Separately RB , , Fannie NNP Mae NNP issued VBD $ $ 400 CD million CD of IN Remic NNP mortgage NN securities NNS in IN 12 CD classes NNS through IN First NNP Boston NNP Corp NNP . . The DT offering NN , , Series NN 1989-84 CD , , is VBZ backed VBN by IN Fannie NNP Mae NNP 9 CD % NN securities NNS . . Pricing NN details NNS were VBD n't RB available JJ . . The DT two CD offerings NNS bring VBP Fannie NNP Mae NNP 's POS 1989 CD Remic NNP issuance NN to TO $ $ 31 CD billion CD and CC its PRP$ total JJ volume NN to TO $ $ 43.3 CD billion CD since IN the DT program NN began VBD in IN April NNP 1987 CD . . Societa NNP per FW Azioni NNP Finanziaria NNP Industria NNP Manaifatturiera NNP ( ( Italy NNP ) ) -- : $ $ 150 CD million CD of IN 9 CD % NN depository NN receipts NNS due JJ Nov. NNP 27 CD , , 1994 CD , , priced VBN at IN 101.60 CD to TO yield VB 9.07 CD % NN less CC fees NNS , , via IN Bankers NNPS Trust NNP International NNP Ltd NNP . . Fees NNS 1 CD 7\/8 CD . . Mitsubishi NNP Corp NNP . . Finance NNP ( ( Japanese JJ parent NN ) ) -- : $ $ 100 CD million CD of IN 8 CD 5\/8 CD % NN bonds NNS due JJ Nov. NNP 1 CD , , 1993 CD priced VBN at IN 101 CD 1\/4 CD to TO yield VB 8.74 CD % NN annually RB less CC full JJ fees NNS , , via IN Yamaichi NNP International NNP ( ( Europe NNP ) ) Ltd NNP . . Fees NNS 1 CD 5\/8 CD . . Indian NNP Oil NNP Corp NNP . . ( ( India NNP ) ) -- : $ $ 200 CD million CD of IN floating-rate JJ notes NNS due JJ November NNP 1994 CD , , paying VBG six-month JJ London NNP interbank NN offered VBN rate NN plus CC 3\/16 CD point NN and CC priced VBN at IN par JJ via IN Credit NNP Suisse NNP First JJ Boston NNP Ltd NNP . . Guaranteed VBN by IN India NNP . . Fees NNS 0.36 CD . . Notes NNS offered VBN at IN a DT fixed JJ level NN of IN 99.75 CD . . National NNP Westminster NNP Bank NNP PLC NNP ( ( U.K. NNP ) ) -- : # # 200 CD million CD of IN undated JJ variable-rate JJ notes NNS priced VBN at IN par JJ via IN Merill NNP Lynch NNP International NNP Ltd NNP . . Initial JJ interest NN rate NN set VBN at IN 0.375 CD point NN over IN three-month JJ Libor NNP . . Subsequent JJ margins NNS set VBN by IN agreement NN between IN NatWest NNP and CC Merrill NNP . . If IN no DT margin NN agreed VBD , , there EX is VBZ a DT fallback JJ rate NN of IN Libor NNP plus CC 0.75 CD point NN in IN years NNS one CD to TO 15 CD , , and CC Libor NNP plus CC 1.25 CD point NN thereafter RB . . Keihin NNP Electric NNP Express NNP Railway NNP Co NNP . . ( ( Japan NNP ) ) -- : $ $ 150 CD million CD of IN bonds NNS due JJ Nov. NNP 9 CD , , 1993 CD , , with IN equity-purchase JJ warrants NNS , , indicating VBG a DT 4 CD % NN coupon NN at IN par JJ via IN Yamaichi NNP International NNP ( ( Europe NNP ) ) Ltd NNP . . Each DT $ $ 5,000 CD bond NN carries VBZ one CD warrant NN , , exercisable JJ from IN Dec. NNP 1 CD , , 1989 CD , , through IN Nov. NNP 2 CD , , 1993 CD , , to TO buy VB company NN shares NNS at IN an DT expected JJ premium NN of IN 2 CD 1\/2 CD % NN to TO the DT closing NN share NN price NN when WRB terms NNS are VBP fixed VBN Oct. NNP 24 CD . . Seiren NNP Co NNP . . ( ( Japan NNP ) ) -- : 110 CD million CD Swiss JJ francs NNS of IN privately RB placed VBN convertible JJ notes NNS due JJ March NNP 31 CD , , 1994 CD , , with IN an DT indicated JJ 0.25 CD % NN coupon NN at IN par JJ , , via IN Bank NNP Leu NNP Ltd NNP . . Put JJ option NN on IN March NNP 31 CD , , 1992 CD , , at IN an DT indicated JJ 109 CD to TO yield VB 3.865 CD % NN . . Callable JJ on IN March NNP 31 CD , , 1992 CD , , at IN 109 CD , , also RB beginning VBG Sept. NNP 30 CD , , 1992 CD , , from IN 101 CD 1\/2 CD and CC declining VBG half PDT a DT point NN semiannually RB to TO par JJ . . Each DT 50,000 CD Swiss JJ franc NN note NN is VBZ convertible JJ from IN Nov. NNP 20 CD , , 1989 CD , , to TO March NNP 17 CD , , 1994 CD , , at IN an DT indicated JJ 5 CD % NN premium NN over IN the DT closing NN share NN price NN Oct. NNP 25 CD , , when WRB terms NNS are VBP scheduled VBN to TO be VB fixed VBN . . N. NNP Nomura NNP & CC Co NNP . . ( ( Japan NNP ) ) -- : 50 CD million CD Swiss JJ francs NNS of IN privately RB placed VBN convertible JJ notes NNS due JJ March NNP 31 CD , , 1994 CD , , with IN an DT indicated JJ 0.5 CD % NN coupon NN at IN par JJ , , via IN Bank NNP Julius NNP Baer NNP . . Put JJ option NN on IN March NNP 31 CD , , 1992 CD , , at IN an DT indicated JJ 108 CD 1\/4 CD to TO yield VB 3.846 CD % NN . . Each DT 50,000 CD Swiss JJ franc NN note NN is VBZ convertible JJ from IN Nov. NNP 20 CD , , 1989 CD , , to TO March NNP 17 CD , , 1994 CD , , at IN a DT 5 CD % NN premium NN over IN the DT closing NN share NN price NN Oct. NNP 21 CD , , when WRB terms NNS are VBP scheduled VBN to TO be VB fixed VBN . . Aegon NNP N.V NNP . . ( ( Netherlands NNP ) ) -- : 250 CD million CD Dutch JJ guilders NNS of IN 7 CD 3\/4 CD % NN bonds NNS due JJ Nov. NNP 15 CD , , 1999 CD , , priced VBN at IN 101 CD 1\/4 CD to TO yield VB 7.57 CD % NN at IN issue NN price NN and CC 7.86 CD % NN less CC full JJ fees NNS , , via IN AMRO NNP Bank NNP . . Fees NNS 2 CD . . Continental NNP Airlines NNPS -- : a DT four-part JJ , , $ $ 71 CD million CD issue NN of IN secured JJ equipment NN certificates NNS priced VBN through IN Drexel NNP Burnham NNP Lambert NNP Inc NNP . . The DT size NN of IN the DT issue NN was VBD decreased VBN from IN an DT originally RB planned JJ $ $ 95.2 CD million CD . . In IN addition NN , , a DT planned JJ two-part JJ offering NN of IN $ $ 58 CD million CD in IN unsecured JJ notes NNS was VBD n't RB offered VBN . . The DT first JJ part NN , , consisting VBG of IN $ $ 2.5 CD million CD of IN 11 CD 1\/4 CD % NN secured JJ equipment NN certificates NNS due JJ June NNP 15 CD , , 1990 CD , , was VBD priced VBN at IN 98.481 CD with IN a DT yield NN to TO maturity NN of IN 13.75 CD % NN . . The DT second JJ part NN , , consisting VBG of IN $ $ 28 CD million CD of IN 11 CD 3\/4 CD % NN secured JJ equipment NN certificates NNS due JJ June NNP 15 CD , , 1995 CD , , was VBD priced VBN at IN 87.026 CD with IN a DT yield NN to TO maturity NN of IN 15.25 CD % NN . . The DT third JJ part NN , , consisting VBG of IN $ $ 18.5 CD million CD of IN 12 CD 1\/8 CD % NN secured JJ equipment NN certificates NNS due JJ April NNP 15 CD , , 1996 CD , , was VBD priced VBN at IN 85.60 CD with IN a DT yield NN to TO maturity NN of IN 15.75 CD % NN . . The DT fourth JJ part NN , , consisting VBG of IN $ $ 22 CD million CD of IN 12 CD 1\/2 CD % NN secured JJ equipment NN certificates NNS due JJ April NNP 15 CD , , 1999 CD , , was VBD priced VBN at IN 85.339 CD with IN a DT yield NN to TO maturity NN of IN 15.50 CD % NN . . The DT issue NN was VBD rated VBN single-B-2 JJ by IN Moody NNP 's POS and CC single-B JJ by IN S&P NNP . . All DT parts NNS of IN the DT issue NN are VBP callable JJ at IN any DT time NN at IN par JJ . . Continental NNP Airlines NNPS is VBZ a DT unit NN of IN Texas NNP Air NNP Corp NNP . . John NNP V. NNP Holmes NNP , , an DT investment-newsletter NN publisher NN , , and CC three CD venture-capital NN firms NNS he PRP organized VBD were VBD enjoined VBN from IN violating VBG the DT registration NN provisions NNS of IN the DT securities NNS laws NNS governing VBG investment NN companies NNS . . As IN part NN of IN an DT agreement NN that WDT settled VBD charges NNS brought VBN by IN the DT Securities NNPS and CC Exchange NNP Commission NNP , , a DT receiver NN was VBD also RB appointed VBN for IN the DT three CD venture-capital NN firms NNS . . Mr. NNP Holmes NNP was VBD the DT subject NN of IN a DT page NN one CD profile NN in IN The DT Wall NNP Street NNP Journal NNP in IN 1984 CD , , after IN the DT SEC NNP questioned VBD him PRP about IN ties NNS between IN him PRP and CC companies NNS he PRP touted VBD in IN a DT newsletter NN . . In IN 1986 CD , , in IN another DT consent NN agreement NN with IN the DT SEC NNP , , Mr. NNP Holmes NNP was VBD enjoined VBN from IN violating VBG the DT stock-registration NN and CC anti-fraud JJ provisions NNS of IN the DT securities NNS laws NNS . . Without IN any DT admission NN or CC denial NN of IN guilt NN by IN Mr. NNP Holmes NNP , , that DT agreement NN settled VBD SEC NNP charges NNS that IN Mr. NNP Holmes NNP sold VBD unregistered JJ securities NNS and CC misled VBD investors NNS . . In IN charges NNS filed VBN last JJ week NN in IN federal JJ district NN court NN in IN Charlotte NNP , , N.C. NNP , , the DT SEC NNP alleged VBD that IN Venture NNP Capitalists NNPS Inc. NNP , , Venture NNP Finance NNP Corp. NNP and CC New NNP Ventures NNPS Fund NNP Inc. NNP , , all DT of IN Charlotte NNP , , failed VBD repeatedly RB to TO file VB proper JJ documents NNS . . The DT SEC NNP also RB charged VBD that IN Mr. NNP Holmes NNP acted VBD as IN an DT officer NN or CC director NN of IN New NNP Ventures NNP , , in IN violation NN of IN his PRP$ previous JJ consent NN agreement NN . . `` `` Some DT companies NNS were VBD delinquent JJ in IN filings NNS and CC other JJ actions NNS , , all DT of IN which WDT cost VBP money NN , , '' '' Mr. NNP Holmes NNP said VBD . . Two CD of IN Mr. NNP Holmes NNP 's POS business NN associates NNS who WP worked VBD for IN Venture NNP Capitalists NNPS , , Kimberly NNP Ann NNP Smith NNP and CC Frederick NNP Byrum NNP , , also RB consented VBD to TO being VBG enjoined VBN from IN violations NNS of IN registration NN provisions NNS of IN the DT securities NNS laws NNS . . Ms. NNP Smith NNP also RB agreed VBD to TO a DT permanent JJ injunction NN barring VBG her PRP from IN acting VBG as IN an DT officer NN , , director NN or CC investment NN adviser NN of IN any DT mutual JJ fund NN , , unit NN investment NN trust NN or CC face-amount JJ certificate NN company NN . . Mr. NNP Byrum NNP and CC Ms. NNP Smith NNP could MD n't RB be VB reached VBN for IN comment NN . . In IN consenting VBG to TO the DT injunctions NNS , , none NN of IN the DT individuals NNS or CC companies NNS admitted VBD or CC denied VBD the DT allegations NNS . . Senate NNP Republicans NNPS have VBP settled VBN on IN a DT proposal NN that WDT would MD cut VB the DT capital-gains NNS tax NN for IN individuals NNS and CC corporations NNS . . At IN the DT same JJ time NN , , a DT small JJ group NN of IN Senate NNP Democrats NNPS are VBP working VBG on IN a DT similar JJ plan NN and CC may MD introduce VB it PRP soon RB . . Sen. NNP Bob NNP Packwood NNP ( ( R. NNP , , Ore. NNP ) ) , , the DT lead JJ sponsor NN of IN the DT GOP NNP proposal NN , , said VBD he PRP intends VBZ to TO unveil VB the DT plan NN today NN and CC to TO offer VB it PRP as IN an DT amendment NN to TO whatever WDT legislation NN comes VBZ along RB , , particularly RB this DT month NN 's POS bill NN to TO raise VB the DT federal JJ borrowing NN limit NN . . He PRP gave VBD 10-to-1 JJ odds NNS that IN a DT capital-gains NNS tax NN cut NN of IN some DT sort NN would MD be VB approved VBN this DT year NN , , though IN it PRP probably RB wo MD n't RB be VB included VBN in IN the DT pending VBG deficit-reduction NN bill NN . . He PRP added VBD that IN he PRP expects VBZ to TO talk VB to TO the DT Democrats NNPS who WP also RB wanted VBD to TO cut VB the DT gains NNS tax NN about IN drafting VBG a DT joint JJ proposal NN . . For IN individuals NNS , , the DT Packwood NNP plan NN would MD exclude VB from IN income NN 5 CD % NN of IN the DT gain NN from IN the DT sale NN of IN a DT capital NN asset NN held VBN for IN more JJR than IN one CD year NN . . The DT exclusion NN would MD rise VB five CD percentage NN points NNS for IN each DT year NN the DT asset NN was VBD held VBN until IN it PRP reached VBD a DT maximum NN of IN 35 CD % NN . . The DT exclusion NN would MD apply VB to TO assets NNS sold VBN after IN Oct. NNP 1 CD , , 1989 CD . . As IN an DT alternative NN , , he PRP said VBD , , taxpayers NNS could MD chose VBD to TO reduce VB their PRP$ gains NNS by IN an DT inflation NN index NN . . For IN corporations NNS , , the DT top JJ tax NN rate NN on IN the DT sale NN of IN assets NNS held VBN for IN more JJR than IN three CD years NNS would MD be VB cut VBN to TO 33 CD % NN from IN the DT current JJ top NN rate NN of IN 34 CD % NN . . That DT rate NN would MD gradually RB decline VB to TO as RB little JJ as IN 29 CD % NN for IN corporate JJ assets NNS held VBN for IN 15 CD years NNS . . The DT Packwood NNP plan NN would MD also RB include VB a DT proposal NN , , designed VBN by IN Sen. NNP William NNP Roth NNP ( ( R. NNP , , Del. NNP ) ) , , that WDT would MD expand VB and CC alter VB the DT deduction NN for IN individual JJ retirement NN accounts NNS . . The DT Roth NNP plan NN would MD create VB a DT new JJ , , non-deductible JJ IRA NNP from IN which WDT money NN could MD be VB withdrawn VBN tax-free JJ not RB only JJ for IN retirement NN , , but CC also RB for IN the DT purchase NN of IN a DT first JJ home NN and CC to TO pay VB education NN and CC medical JJ expenses NNS . . Current JJ IRAs NNS could MD be VB rolled VBN over RB into IN the DT new JJ IRAs NNS but CC would MD be VB subject JJ to TO tax VB . . For IN their PRP$ part NN , , the DT group NN of IN Democrats NNPS are VBP working VBG on IN a DT plan NN that IN , , like IN the DT Packwood NNP proposal NN , , would MD grant VB larger JJR exclusions NNS to TO assets NNS the DT longer RB they PRP were VBD held VBN by IN individuals NNS and CC companies NNS . . Newly RB acquired JJ assets NNS would MD get VB a DT bigger JJR break NN than IN those DT currently RB held VBN . . An DT extra JJ exclusion NN would MD be VB given VBN to TO long-held JJ stock NN in IN small JJ and CC medium-size JJ corporations NNS just RB starting VBG up RB . . No DT one NN in IN the DT Senate NNP is VBZ considering VBG the DT capital-gains NNS plan NN passed VBN by IN the DT House NNP . . That DT plan NN would MD provide VB a DT 30 CD % NN exclusion NN to TO assets NNS sold VBN over IN a DT 2 CD 1\/2-year JJ period NN ending VBG Dec. NNP 31 CD , , 1991 CD . . After IN then RB , , the DT House NNP measure NN would MD boost VB the DT tax NN rate NN to TO 28 CD % NN and CC exclude VB from IN tax NN the DT gain NN attributable JJ to TO inflation NN . . Senators NNS are VBP focusing VBG on IN making VBG a DT capital-gains NNS differential NN permanent JJ . . Separately RB , , Chairman NNP Dan NNP Rostenkowski NNP ( ( D. NNP , , Ill NNP . . ) ) of IN the DT House NNP Ways NNPS and CC Means NNP Committee NNP said VBD he PRP did VBD n't RB want VB the DT capital-gains NNS tax NN cut NN or CC any DT other JJ amendments NNS attached VBN to TO the DT pending VBG bill NN raising VBG the DT federal JJ borrowing NN limit NN . . The DT current JJ debt NN limit NN expires VBZ Oct. NNP 31 CD . . He PRP also RB urged VBD House NNP and CC Senate NNP negotiators NNS to TO rid VB the DT deficit-reduction NN bill NN of IN all DT provisions NNS that WDT increase VBP the DT budget NN deficit NN , , including VBG the DT House-passed JJ capital-gains NNS provision NN . . From IN a DT helicopter NN a DT thousand CD feet NNS above IN Oakland NN after IN the DT second-deadliest JJ earthquake NN in IN U.S. NNP history NN , , a DT scene NN of IN devastation NN emerges VBZ : : a DT freeway NN crumbled VBN into IN a DT concrete JJ sandwich NN , , hoses VBZ pumping VBG water NN into IN once-fashionable JJ apartments NNS , , abandoned VBN autos NNS . . But CC this DT quake NN was VBD n't RB the DT big JJ one NN , , the DT replay NN of IN 1906 CD that WDT has VBZ been VBN feared VBN for IN so RB many JJ years NNS . . Despite IN the DT tragic JJ loss NN of IN more JJR than IN 270 CD lives NNS , , and CC damage NN estimated VBN in IN the DT billions NNS , , most JJS businesses NNS and CC their PRP$ plants NNS and CC offices NNS in IN the DT Bay NNP area NN were VBD n't RB greatly RB affected JJ . . The DT economic JJ life NN of IN the DT region NN is VBZ expected VBN to TO revive VB in IN a DT day NN or CC two CD , , although IN some DT transportation NN problems NNS may MD last VB weeks NNS or CC months NNS . . A DT main JJ factor NN mitigating VBG more RBR widespread JJ damage NN was VBD the DT location NN of IN the DT quake NN 's POS epicenter NN -- : 20 CD miles NNS from IN the DT heart NN of IN the DT Silicon NNP Valley NNP and CC more JJR than IN 50 CD miles NNS from IN downtown NN San NNP Francisco NNP and CC Oakland NNP . . Also RB , , the DT region NN 's POS insistence NN on IN strict JJ building NN codes NNS helped VBD prevent VB wider JJR damage NN . . The DT tremendous JJ energy NN of IN the DT quake NN was VBD dissipated VBN by IN the DT distance NN , , so IN that IN most JJS parts NNS of IN the DT valley NN and CC the DT major JJ cities NNS suffered VBD largely RB cosmetic JJ damage NN -- : broken JJ windows NNS , , falling VBG brick NN and CC cornices NNS , , buckled JJ asphalt NN or CC sidewalks NNS . . Of IN course NN , , the DT quake NN was VBD the DT worst JJS since IN the DT emergence NN of IN the DT computer NN era NN turned VBD Silicon NNP Valley NNP into IN the DT nation NN 's POS capital NN of IN high JJ technology NN . . Like IN other JJ major JJ American JJ cities NNS , , the DT San NNP Francisco NNP -- : Oakland NNP area NN owes VBZ its PRP$ current JJ prosperity NN more RBR to TO its PRP$ infrastructure NN of IN fiber-optic JJ cables NNS linking VBG thousands NNS of IN computer NN terminals NNS and CC telephones NNS than IN to TO its PRP$ location NN astride IN one CD of IN the DT world NN 's POS great JJ natural JJ harbors NNS . . When WRB the DT tremors NNS struck VBD , , the DT region NN 's POS largely RB unseen JJ high-tech JJ fabric NN held VBN up RP surprisingly RB well RB despite IN the DT devastation NN visible JJ from IN the DT air NN . . Michael NNP L. NNP Bandler NNP , , vice NN president NN for IN network NN technology NN at IN Pacific NNP Bell NNP Telephone NNP Co. NNP , , says VBZ nearly RB all PDT the DT network NN 's POS computer NN switches NNS , , which WDT move VBP thousands NNS of IN calls NNS a DT minute NN from IN one CD location NN to TO another DT , , changed VBN to TO battery NN power NN when WRB the DT city NN lost VBD power NN . . The DT battery NN packs NNS have VBP enough JJ power NN for IN only RB three CD hours NNS , , but CC that DT gave VBD emergency NN crews NNS time NN to TO turn VB on RP an DT emergency NN system NN that WDT runs VBZ primarily RB on IN diesel NN fuel NN . . Of IN some DT 160 CD switches NNS in IN Pacific NNP Bell NNP 's POS network NN , , only RB four CD went VBD down RB . . One CD of IN those DT was VBD in IN Hollister NNP , , Calif. NNP , , near IN the DT earthquake NN 's POS epicenter NN . . Few JJ telephone NN lines NNS snapped VBN . . That DT 's VBZ because IN the DT widely RB used JJ fiber-optic JJ cable NN has VBZ been VBN installed VBN underground RB with IN 25 CD extra JJ feet NNS of IN cable NN between IN junction NN points NNS . . The DT slack NN absorbs VBZ the DT pulling VBG strain NN generated VBN by IN an DT earthquake NN . . Nevertheless RB , , phone NN service NN was VBD sporadic JJ ; : many JJ computer NN terminals NNS remained VBD dark JJ , , and CC by IN late JJ yesterday NN a DT third JJ of IN San NNP Francisco NNP remained VBD without IN power NN . . Business NN in IN the DT nation NN 's POS fourth-largest JJ metropolitan JJ region NN was VBD nearly RB paralyzed VBN ; : an DT estimated VBN one CD million CD members NNS of IN the DT work NN force NN stayed VBD at IN home NN . . The DT economic JJ dislocation NN was VBD as RB abrupt JJ as IN the DT earthquake NN itself PRP , , as IN virtually RB all DT businesses NNS shut VBN down RB . . The DT $ $ 125-billion-a-year JJ Bay NNP area NN economy NN represents VBZ one-fourth NN of IN the DT economy NN of IN the DT nation NN 's POS most RBS populous JJ state NN and CC accounts VBZ for IN 2 CD % NN to TO 3 CD % NN of IN the DT nation NN 's POS total JJ output NN of IN goods NNS and CC services NNS , , according VBG to TO the DT Center NNP for IN Continuing NNP Study NNP of IN the DT California NNP Economy NNP in IN Palo NNP Alto NNP . . In IN high-tech JJ , , the DT Bay NNP area NN accounts VBZ for IN 15 CD % NN to TO 20 CD % NN of IN the DT U.S. NNP computer-related JJ industry NN . . `` `` This DT has VBZ been VBN a DT major JJ disruption NN for IN the DT Bay NNP area NN economy NN , , '' '' says VBZ Pauline NNP Sweezey NNP , , the DT chief JJ economist NN at IN the DT California NNP Department NNP of IN Finance NNP . . `` `` Obviously RB , , things NNS are VBP going VBG to TO have VB to TO go VB on IN hold NN for IN many JJ companies NNS . . '' '' The DT damage NN to TO the DT Bay NNP area NN 's POS roadways NNS could MD cause VB significant JJ economic JJ hardship NN . . A DT quarter NN of IN a DT million CD people NNS cross VBP the DT Bay NNP Bridge NNP every DT day NN , , far RB more JJR than IN the DT 100,000 CD that WDT use VBP the DT Bay NNP Area NNP Rapid NNP Transit NNP system NN ( ( BART NNP ) ) -- : which WDT was VBD working VBG but CC was VBD n't RB stopping VBG in IN the DT city NN 's POS Financial NNP District NNP yesterday NN afternoon NN because IN electricity NN was VBD shut VBN off RB and CC the DT area NN was VBD being VBG checked VBN for IN gas NN leaks NNS . . California NNP state NN transportation NN officials NNS interviewed VBN by IN telephone NN say VBP they PRP nevertheless RB do VBP n't RB expect VB serious JJ problems NNS for IN commerce NN in IN and CC out IN of IN the DT Bay NNP area NN . . All DT major JJ roadways NNS except IN Interstate NN 880 CD , , known VBN as IN the DT Nimitz NNP Freeway NNP , , and CC the DT Bay NNP Bridge NNP were VBD open RP by IN 1 CD p.m. RB yesterday NN . . Officials NNS expect VBP difficulty NN routing VBG traffic NN through IN downtown NN San NNP Francisco NNP . . The DT earthquake NN caused VBD many JJ streets NNS to TO buckle VB and CC crack VB , , making VBG them PRP impassible JJ . . Other JJ roads NNS were VBD obstructed VBN by IN collapsed JJ buildings NNS and CC damaged JJ water NN and CC power NN lines NNS , , an DT emergency NN relief NN spokesman NN says VBZ . . San NNP Francisco NNP Mayor NNP Art NNP Agnos NNP estimated VBD the DT damage NN to TO his PRP$ city NN alone JJ at IN $ $ 2 CD billion CD . . But CC many JJ predicted VBD that IN the DT commercial JJ disruption NN would MD be VB short-lived JJ . . Of IN the DT scores NNS of IN companies NNS contacted VBN by IN this DT newspaper NN , , few JJ reported VBD any DT damage NN that IN they PRP did VBD n't RB expect VB to TO have VB remedied VBN within IN a DT day NN or CC two CD . . It PRP is VBZ possible JJ , , of IN course NN , , that IN some DT of IN the DT most RBS seriously RB damaged JJ companies NNS could MD n't RB be VB reached VBN , , particularly RB in IN areas NNS nearest IN the DT epicenter NN . . Typical JJ , , perhaps RB , , was VBD the DT situation NN at IN New NNP United NNP Motor NNP Manufacturing NNP Inc. NNP , , the DT General NNP Motors NNPS Corp.-Toyota JJ joint-venture NN auto NN plant NN in IN Fremont NNP , , about IN 35 CD miles NNS south RB of IN Oakland NNP . . Ten CD of IN the DT plant NN 's POS workers NNS were VBD injured VBN when WRB the DT quake NN hit VBD about IN a DT half-hour NN into IN the DT afternoon NN shift NN ; : seven CD were VBD hospitalized VBN . . Metal NN racks NNS on IN the DT plant NN floor NN fell VBD over RB , , and CC water NN mains NNS ruptured VBN , , a DT spokeswoman NN says VBZ . . The DT plant NN was VBD evacuated VBN and CC workers NNS sent VBN home NN . . But CC the DT plant NN was VBD able JJ to TO resume VB limited JJ production NN of IN its PRP$ Toyota NNP Corollas NNPS and CC Geo NNP Prizms NNPS by IN 6 CD a.m. RB yesterday NN , , and CC absenteeism NN was VBD only RB 7 CD % NN of IN the DT work NN force NN , , about IN twice RB normal JJ . . Computer NN maker NN Hewlett-Packard NNP Co. NNP , , based VBN in IN Palo NNP Alto NNP , , says VBZ one CD of IN its PRP$ buildings NNS sustained VBD severe JJ damage NN when WRB it PRP was VBD knocked VBN off RB its PRP$ foundation NN . . Other JJ buildings NNS had VBD broken JJ glass NN , , dangling JJ light JJ fixtures NNS and CC broken JJ pipes NNS , , a DT spokesperson NN says VBZ , , estimating VBG the DT cost NN of IN reconstruction NN `` `` in IN the DT millions NNS . . '' '' Most JJS banks NNS were VBD closed VBN but CC were VBD expected VBN to TO reopen VB today NN with IN few JJ problems NNS anticipated VBN . . At IN the DT Federal NNP Reserve NNP Bank NNP of IN San NNP Francisco NNP , , Vice NNP President NNP Robert NNP Fienberg NNP says VBZ operations NNS were VBD `` `` steaming VBG along RB as RB usual JJ '' '' yesterday NN afternoon NN . . ` `` When WRB the DT quake NN hit VBD , , we PRP turned VBD on RP our PRP$ emergency NN generator NN and CC brought VBD our PRP$ computers NNS up RP , , '' '' he PRP says VBZ . . The DT Fed NNP serves VBZ as IN a DT middleman NN for IN banks NNS , , taking VBG checks NNS from IN one CD bank NN and CC sending VBG them PRP to TO another DT , , an DT operation NN that IN it PRP handled VBD smoothly RB Tuesday NNP night NN after IN the DT quake NN . . `` `` The DT volume NN we PRP received VBD from IN the DT banks NNS was VBD a DT lot RB lower JJR than IN usual JJ , , '' '' he PRP says VBZ . . A DT disaster-contingency NN plan NN in IN which WDT the DT Los NNP Angeles NNP Fed NNP would MD come VB to TO San NNP Francisco NNP 's POS aid NN was VBD n't RB needed VBN , , he PRP adds VBZ . . Most JJS of IN the DT telephone NN problems NNS in IN the DT immediate JJ aftermath NN stemmed VBD from IN congestion NN . . The DT telephone NN network NN simply RB could MD n't RB handle VB the DT large JJ number NN of IN people NNS seeking VBG to TO make VB a DT call NN at IN the DT same JJ time NN . . The DT volume NN resulted VBD in IN dial-tone NN delays NNS that WDT were VBD as RB short JJ as IN 15 CD seconds NNS and CC as RB long JJ as IN five CD minutes NNS . . Mr. NNP Bandler NNP puts VBZ traffic NN volume NN at IN 10 CD to TO 50 CD times NNS normal JJ . . American NNP Telephone NNP & CC Telegraph NNP Co. NNP , , MCI NNP Communications NNPS Inc. NNP and CC United NNP Telecommunications NNPS ' POS U NNP S NNP Sprint NNP unit NN were VBD blocking VBG phone NN calls NNS into IN the DT Bay NNP area NN to TO alleviate VB congestion NN . . The DT companies NNS block VBP traffic NN much RB as IN highway NN on-ramps NNS are VBP blocked VBN when WRB traffic NN backs VBZ up RP . . William NNP E. NNP Downing NNP , , Pacific NNP Bell NNP 's POS vice NN president NN of IN customer NN services NNS for IN the DT Bay NNP area NN , , says VBZ most JJS long-distance NN companies NNS were VBD blocking VBG about IN 50 CD % NN of IN all DT calls NNS . . Pacific NNP Telesis NNP says VBZ its PRP$ Pacific NNP Bell NNP unit NN also RB was VBD blocking VBG about IN 50 CD % NN of IN its PRP$ calls NNS locally RB . . Ironically RB , , the DT long-term JJ effect NN of IN the DT earthquake NN may MD be VB to TO bolster VB the DT Bay NNP area NN 's POS economic JJ fortunes NNS and CC , , indeed RB , , the DT nation NN 's POS gross JJ national JJ product NN . . It PRP may MD also RB lead VB to TO new JJ safeguards NNS in IN major JJ construction NN projects NNS such JJ as IN double-deck JJ highways NNS . . `` `` It PRP would MD in IN the DT near-term JJ give VB a DT boost NN to TO the DT San NNP Francisco NNP economy NN because IN there EX will MD be VB an DT influx NN of IN people NNS to TO help VB , , '' '' says VBZ Beth NNP Burnham NNP Mace NNP , , a DT regional JJ economist NN at IN DRI\/McGraw NNP Hill NNP , , a DT Lexington NNP , , Mass. NNP , , forecasting NN firm NN . . The DT construction NN industry NN is VBZ sure JJ to TO feel VB increased VBN demand NN . . `` `` There EX will MD be VB a DT big JJ influx NN of IN federal JJ dollars NNS and CC gains NNS in IN state NN , , federal JJ and CC local JJ employment NN , , '' '' Ms. NNP Mace NNP says VBZ . . Adds VBZ Stacy NNP Kotman NNP , , an DT economist NN at IN Georgia NNP State NNP University NNP , , `` `` There EX 's VBZ nothing NN positive JJ about IN an DT earthquake NN , , but CC it PRP will MD probably RB generate VB more JJR construction NN activity NN . . '' '' Wall NNP Street NNP reacted VBD swiftly RB yesterday NN to TO the DT disaster NN by IN bidding NN up RP stocks NNS of IN construction NN and CC related JJ companies NNS . . Shares NNS of IN Lone NNP Star NNP Industries NNPS Inc. NNP , , a DT cement NN maker NN , , rose VBD sharply RB in IN anticipation NN of IN stepped-up JJ demand NN . . In IN Greenwich NNP , , Conn. NNP , , Lone NNP Star NNP spokesman NN Michael NNP London NNP says VBZ , , `` `` Obviously RB with IN an DT earthquake NN of IN this DT size NN , , there EX are VBP likely JJ to TO be VB construction NN projects NNS that WDT would MD n't RB otherwise RB have VB been VBN anticipated VBN . . But CC any DT increase NN is VBZ n't RB likely JJ to TO be VB any DT kind NN of IN a DT surge NN . . It PRP 's VBZ something NN likely JJ to TO be VB spread VBN out RB over IN a DT long JJ period NN of IN time NN . . There EX will MD be VB a DT lot NN of IN repair NN work NN that WDT wo MD n't RB require VB the DT quantities NNS of IN cement NN or CC concrete NN that IN new JJ constructon NN would MD . . '' '' Lone NNP Star NNP 's POS San NNP Francisco NNP facilities NNS were VBD n't RB damaged VBN in IN the DT quake NN . . The DT earthquake NN is VBZ likely JJ to TO reduce VB GNP NNP negligibly RB in IN the DT near JJ term NN and CC then RB could MD raise VB it PRP a DT bit NN as IN rebuilding NN begins VBZ . . The DT first JJ effects NNS are VBP , , of IN course NN , , negative JJ as IN work NN is VBZ disrupted VBN and CC people NNS lose VBP income NN and CC cut VBP spending NN . . Corporate JJ profits NNS may MD also RB dip VB initially RB . . Many JJ of IN the DT lost JJ tourism NN dollars NNS wo MD n't RB be VB recovered VBN ; : many JJ trips NNS delayed VBN never RB take VB place NN . . Subsequently RB , , however RB , , the DT ill JJ effects NNS are VBP likely JJ to TO be VB offset VBN , , at IN least JJS in IN economic JJ terms NNS , , as IN construction NN activity NN begins VBZ . . Because IN of IN the DT way NN the DT government NN keeps VBZ its PRP$ books NNS , , the DT damage NN to TO the DT Bay NNP Bridge NNP , , however RB costly JJ , , wo MD n't RB be VB counted VBN as IN a DT minus NN . . The DT money NN spent VBN on IN repairs NNS will MD be VB counted VBN as IN a DT plus NN . . `` `` It PRP 's VBZ very RB difficult JJ to TO model VB the DT long-term JJ impact NN of IN this DT , , '' '' says VBZ Andrew NNP Goldberg NNP , , who WP studies VBZ the DT public-policy NN and CC crisis-management NN aspects NNS of IN earthquakes NNS at IN the DT Center NNP for IN Strategic NNP International NNP Studies NNPS in IN Washington NNP , , D.C NNP . . `` `` You PRP certainly RB can MD say VB it PRP 's VBZ going VBG to TO be VB extremely RB severe JJ . . We PRP really RB are VBP talking VBG about IN shutting VBG down RP a DT major JJ American JJ city NN for IN a DT number NN of IN days NNS , , maybe RB for IN a DT few JJ weeks NNS . . '' '' Mr. NNP Goldberg NNP says VBZ the DT cost NN of IN the DT earthquake NN will MD definitely RB top VB $ $ 1 CD billion CD and CC could MD reach VB $ $ 4 CD billion CD . . He PRP cautions VBZ that IN early JJ damage NN estimates NNS are VBP often RB low JJ ; : the DT damage NN totals NNS in IN Hurricane NNP Hugo NNP increased VBN tenfold RB as IN more JJR information NN was VBD received VBN . . The DT earthquake NN damage NN , , of IN course NN , , would MD have VB been VBN far RB greater JJR if IN the DT epicenter NN had VBD been VBN in IN downtown NN San NNP Francisco NNP . . A DT direct JJ hit NN on IN a DT major JJ city NN , , Mr. NNP Goldberg NNP figures NNS , , would MD cause VB $ $ 20 CD billion CD to TO $ $ 40 CD billion CD of IN damage NN . . Experts NNS caution VBP that IN it PRP is VBZ far RB too RB soon RB for IN reliable JJ estimates NNS of IN the DT quake NN 's POS total NN damage NN , , but CC it PRP 's VBZ clear JJ that IN insurers NNS are VBP likely JJ to TO pay VB out RP enormous JJ sums NNS . . Jack NNP Byrne NNP , , the DT chairman NN of IN Fireman NN 's POS Fund NNP Corp. NNP , , which WDT is VBZ based VBN in IN Novato NNP , , Calif. NNP , , estimates VBZ insured JJ losses NNS resulting VBG the DT earthquake NN could MD total VB $ $ 2 CD billion CD . . The DT impact NN on IN the DT insurance NN industry NN `` `` will MD be VB big JJ and CC harsh JJ , , but CC less JJR than IN { ( Hurricane NNP } ) Hugo NNP , , '' '' says VBZ Mr. NNP Byrne NNP , , who WP toured VBD the DT Bay NNP area NN by IN car NN yesterday NN afternoon NN to TO get VB a DT sense NN of IN the DT company NN 's POS exposure NN to TO the DT earthquake NN . . Mr. NNP Byrne NNP says VBZ Fireman NNP 's POS Fund NNP will MD probably RB pay VB hundreds NNS of IN millions NNS in IN primary JJ claims NNS , , but CC , , after IN taxes NNS and CC use NN of IN its PRP$ reinsurance NN lines NNS , , the DT company NN 's POS fourthquarter NN charge NN against IN earnings NNS should MD n't RB top VB $ $ 50 CD million CD . . The DT company NN was VBD able JJ to TO assess VB its PRP$ damage NN liability NN quickly RB because IN it PRP has VBZ computerized JJ maps NNS of IN Northern JJ California NNP showing VBG the DT exact JJ locations NNS of IN all PDT the DT property NN it PRP insures VBZ . . Fireman NNP 's POS Fund NNP had VBD claims NNS adjusters NNS on IN the DT streets NNS of IN San NNP Francisco NNP right RB after IN sunrise NN yesterday NN and CC was VBD paying VBG as RB many JJ claims NNS as IN it PRP could MD right RB on IN the DT spot NN . . Fireman NNP 's POS Fund NNP insures VBZ 37,300 CD homes NNS and CC autos NNS and CC 35,000 CD businesses NNS in IN the DT Bay NNP area NN . . In IN addition NN to TO paying VBG for IN earthquake NN and CC fire NN damage NN , , the DT insurer NN must MD cover VB worker-compensation NN claims NNS and CC also RB losses NNS due RB to TO businesses NNS being VBG shut VBN down RB by IN lack NN of IN power NN or CC phone NN service NN . . But CC many JJ Californians NNPS may MD not RB have VB adequate JJ insurance NN coverage NN to TO pay VB for IN damages NNS to TO their PRP$ property NN . . The DT Independent NNP Insurance NNP Agents NNPS of IN America NNP says VBZ fewer JJR than IN one CD of IN every DT five CD California NNP homeowners NNS has VBZ earthquake NN insurance NN . . A DT somewhat RB higher JJR percentage NN of IN people NNS living VBG in IN the DT Bay NNP area NN have VBP bought VBN the DT additional JJ insurance NN protection NN , , but CC the DT great JJ majority NN are VBP n't RB covered VBN . . Earthquake NN insurance NN typically RB runs VBZ $ $ 200 CD or CC more JJR a DT year NN for IN a DT small JJ house NN . . Whatever WDT the DT long-term JJ economic JJ effect NN , , the DT scene NN from IN the DT helicopter NN above IN Oakland NNP is VBZ one NN of IN tragedy NN . . Gargantuan JJ sections NNS of IN a DT double-decker JJ freeway NN have VBP been VBN heaved VBN about RP like IN plastic JJ building NN blocks NNS . . Atop IN them PRP sit VBP cars NNS and CC trucks NNS abandoned VBN in IN a DT terrifying JJ scramble NN to TO safety VB the DT day NN before RB . . In IN areas NNS where WRB the DT freeway NN made VBD giant JJ concrete JJ sandwiches NNS of IN itself PRP lie VBP cars NNS that IN police NNS say VBP have VBP been VBN flattened VBN into IN foot-thick JJ slabs NNS . . On IN the DT periphery NN , , rescue NN workers NNS seem VBP , , from IN the DT air NN , , to TO move VB in IN slow JJ motion NN . . They PRP peck VBP away RB at IN the DT 1 CD 1\/2-mile JJ section NN of IN rubble NN , , searching VBG for IN more JJR of IN the DT 250 CD people NNS thought VBN to TO have VB died VBN here RB . . About IN 20 CD other JJ deaths NNS were VBD also RB attributed VBN to TO the DT earthquake NN . . The DT heart NN of IN the DT earthquake NN , , 6.9 CD on IN the DT Richter NNP scale NN , , was VBD 50 CD miles NNS to TO the DT south NN , , near IN Santa NNP Cruz NNP , , but CC its PRP$ terrible JJ fist NN struck VBD here RB on IN the DT Nimitz NNP Freeway NNP , , a DT major JJ artery NN serving VBG the DT Bay NNP Bridge NNP between IN Oakland NNP and CC San NNP Francisco NNP . . Along IN the DT way NN , , the DT quake NN toppled VBD a DT mall NN in IN Santa NNP Cruz NNP , , knocked VBD down RP buildings NNS in IN San NNP Francisco NNP 's POS fashionable JJ Marina NNP District NNP and CC sent VBD a DT wall NN of IN bricks NNS crashing VBG on IN motorists NNS in IN the DT city NN 's POS Financial JJ District NN . . Just RB a DT short JJ span NN across IN the DT bay NN to TO the DT west NN , , the DT quake NN also RB showed VBD its PRP$ mettle NN : : A DT four-square-block JJ area NN of IN the DT Marina NNP District NNP lies VBZ smoldering VBG under IN a DT steady JJ stream NN of IN seawater NN being NN pumped VBN onto IN rubble NN to TO prevent VB it PRP from IN blazing VBG anew RB . . Many JJ of IN the DT buildings NNS , , mostly RB condominiums NNS and CC apartments NNS , , were VBD flattened VBN almost RB instantly RB as IN the DT underlying VBG soil NN -- : much JJ of IN it PRP landfill NN -- : was VBD literally RB turned VBN to TO ooze VB by IN the DT quake NN 's POS intensive JJ shaking VBG , , rupturing VBG gas NN lines NNS . . Onlookers NNS say VBP three CD persons NNS died VBD when WRB one CD of IN the DT buildings NNS exploded VBD into IN a DT fireball NN shortly RB after IN the DT quake NN struck VBD . . Efforts NNS to TO fight VB the DT blaze NN were VBD hampered VBN because IN water NN mains NNS were VBD severed VBN as RB well RB . . From IN the DT air NN , , ribbons NNS of IN yellow JJ fire NN hose NN carry VBP water NN from IN the DT bay NN to TO high-pressure JJ nozzles NNS trained VBN on IN the DT site NN . . As IN onlookers NNS stand VBP behind IN barricades NNS , , helmeted JJ firemen NNS and CC building NN inspectors NNS survey VBP rows NNS of IN nearby JJ buildings NNS that WDT were VBD twisted VBN from IN their PRP$ foundations NNS and CC seem VBP on IN the DT verge NN of IN collapse NN . . In IN the DT Marina NNP District NNP , , residents NNS spent VBD yesterday NN assessing VBG damage NN , , cleaning VBG up RB and CC trying VBG to TO find VB friends NNS and CC neighbors NNS . . Evelyn NNP Boccone NNP , , 85 CD years NNS old JJ , , has VBZ lived VBN in IN the DT district NN most JJS of IN her PRP$ life NN . . Her PRP$ parents NNS lost VBD everything NN in IN the DT 1906 CD earthquake NN . . `` `` Now RB , , we PRP realize VBP what WP our PRP$ mothers NNS must MD have VB gone VBN through IN , , '' '' she PRP says VBZ . . `` `` We PRP always RB heard VBD about IN the DT earthquake NN , , but CC as IN children NNS we PRP did VBD n't RB always RB listen VB . . PRINCE NNP HENRI NNP is VBZ the DT crown NN prince NN and CC hereditary JJ grand JJ duke NN of IN Luxembourg NNP . . An DT article NN in IN the DT World NNP Business NNP Report NNP of IN Sept. NNP 22 CD editions NNS incorrectly RB referred VBD to TO his PRP$ father NN , , Grand NNP Duke NNP Jean NNP , , as IN the DT crown NN prince NN . . Resolution NNP Funding NNP Corp. NNP plans VBZ to TO sell VB $ $ 4.5 CD billion CD of IN 30-year JJ bonds NNS Wednesday NNP in IN the DT agency NN 's POS first JJ sale NN of IN securities NNS . . The DT new JJ bonds NNS will MD be VB dated VBN Oct. NNP 30 CD and CC mature VB Oct. NNP 15 CD , , 2019 CD . . Tenders NNS for IN the DT bonds NNS , , available JJ in IN minimum JJ denominations NNS of IN $ $ 1,000 CD , , must MD be VB received VBN by IN 1 CD p.m. RB EDT NNP Wednesday NNP at IN Federal NNP Reserve NNP banks NNS . . Refcorp NNP , , created VBN by IN the DT thrift-overhaul NN law NN enacted VBN in IN August NNP , , will MD use VB the DT proceeds NNS to TO merge VB or CC sell VB off RP ailing JJ savings-and-loan NN institutions NNS . . Congress NNP authorized VBD $ $ 50 CD billion CD to TO be VB borrowed VBN to TO pay VB for IN the DT thrift NN bailout NN . . Of IN that DT amount NN , , $ $ 20 CD billion CD has VBZ already RB been VBN borrowed VBN by IN the DT Treasury NNP Department NNP . . Unless IN otherwise RB specified VBN in IN a DT particular JJ offer NN , , the DT bonds NNS wo MD n't RB be VB subject JJ to TO redemption NN prior RB to TO maturity NN . . Interest NN payments NNS on IN the DT bonds NNS will MD be VB payable JJ semiannually RB . . The DT bonds NNS are VBP subject JJ to TO federal JJ taxation NN in IN the DT U.S. NNP , , including VBG income NN taxes NNS . . At IN the DT state NN and CC local JJ level NN , , the DT bonds NNS are VBP subject JJ to TO surtaxes NNS and CC estate NN , , inheritance NN and CC gift NN taxes NNS , , but CC exempt JJ from IN taxation NN as IN to TO principal NN and CC interest NN . . G.D. NNP Searle NNP & CC Co. NNP , , a DT Monsanto NNP Co. NNP unit NN , , is VBZ launching VBG a DT program NN to TO give VB consumers NNS more JJR information NN about IN its PRP$ drugs NNS when WRB doctors NNS prescribe VBP them PRP . . Called VBN Patients NNPS in IN the DT Know NNP , , the DT program NN features VBZ fact NN sheets NNS designed VBN to TO be VB easy JJ to TO understand VB . . The DT sheets NNS tell VBP how WRB the DT medicine NN works VBZ , , describe VBP how WRB to TO use VB it PRP and CC list VBP its PRP$ possible JJ side NN effects NNS . . They PRP are VBP designed VBN to TO be VB given VBN to TO patients NNS by IN their PRP$ doctors NNS when WRB the DT medicines NNS are VBP prescribed VBN and CC include VBP space NN for IN the DT doctor NN to TO write VB special JJ instructions NNS . . In IN addition NN , , Searle NNP will MD give VB pharmacists NNS brochures NNS on IN the DT use NN of IN prescription NN drugs NNS for IN distribution NN in IN their PRP$ stores NNS . . Consumer NN groups NNS have VBP long RB advocated VBN that IN drug NN companies NNS and CC doctors NNS make VB more JJR information NN available JJ to TO patients NNS . . `` `` We PRP believe VBP that IN every DT drug NN that WDT 's VBZ marketed VBN to TO a DT consumer NN should MD have VB a DT consumer NN label NN , , '' '' said VBD Douglas NNP Teich NNP of IN the DT Public NNP Citizen NNP Health NNP Research NNP Group NNP , , a DT Ralph NNP Nader NNP affiliate NN . . Dr. NNP Teich NNP said VBD Searle NNP is VBZ `` `` the DT only JJ company NN I PRP know VBP that DT voluntarily RB '' '' will MD make VB consumer NN information NN available JJ . . According VBG to TO federal JJ officials NNS and CC drug-industry NN studies NNS , , nearly RB half NN of IN the DT 1.6 CD billion CD prescriptions NNS filled VBN each DT year NN are VBP n't RB used VBN properly RB , , meaning VBG that DT money NN is VBZ wasted VBN on IN some DT prescriptions NNS and CC patients NNS are VBP deprived VBN of IN the DT benefits NNS of IN medication NN . . `` `` We PRP think VBP it PRP 's VBZ very RB important JJ to TO provide VB as IN much JJ information NN as IN possible JJ on IN the DT drugs NNS consumers NNS take VBP , , '' '' said VBD Searle NNP Chairman NN Sheldon NNP Gilgore NNP . . Bond NN prices NNS rambled VBD yesterday NN as IN investors NNS kept VBD close JJ watch NN on IN the DT stock NN market NN and CC worried VBD about IN a DT wave NN of IN new JJ supply NN . . Early RB yesterday NN , , bonds NNS rose VBD as IN investors NNS rushed VBD to TO buy VB Treasury NNP securities NNS on IN the DT prospect NN that IN stocks NNS would MD plummet VB in IN the DT aftermath NN of IN the DT massive JJ California NNP earthquake NN . . For IN example NN , , some DT securities NNS analysts NNS warned VBD that IN stocks NNS of IN certain JJ insurance NN companies NNS , , which WDT face VBP massive JJ damage NN claims NNS , , would MD get VB hit VB hard RB . . But CC when WRB the DT Dow NNP Jones NNP Industrial NNP Average NNP rose VBD instead RB , , bonds NNS drifted VBD lower RBR . . With IN stocks NNS not RB a DT major JJ focus NN , , `` `` we PRP 're VBP waiting VBG for IN the DT next JJ guiding VBG light NN , , '' '' said VBD Brian NNP J. NNP Fabbri NNP , , chief JJ economist NN at IN Midland NNP Montagu NNP Securities NNPS Inc NNP . . `` `` If IN the DT stock NN market NN tremors NNS are VBP behind IN us PRP , , then RB the DT bond NN market NN will MD go VB back RB to TO looking VBG at IN the DT next JJ batch NN of IN economic JJ numbers NNS to TO determine VB '' '' where WRB interest NN rates NNS are VBP heading VBG . . The DT Treasury NNP 's POS benchmark NN 30-year JJ bond NN , , which WDT jumped VBD 3\/8 CD point NN , , or CC about IN $ $ 3.75 CD for IN each DT $ $ 1,000 CD face NN amount NN , , during IN the DT first JJ hour NN of IN trading NN , , ended VBD little RB changed JJ . . Interest NN rates NNS barely RB budged VBN from IN Tuesday NNP 's POS levels NNS . . Most JJS junk NN bonds NNS , , which WDT have VBP been VBN battered VBN in IN recent JJ weeks NNS , , continued VBD a DT slow JJ recuperation NN and CC ended VBN unchanged JJ to TO slightly RB higher RBR . . But CC some DT so-called JJ high-quality JJ junk NN issues NNS fell VBD as IN some DT mutual JJ funds NNS sold VBD their PRP$ most RBS liquid JJ issues NNS to TO raise VB cash NN . . RJR NNP Holdings NNPS Capital NNP Corp. NNP 's POS 14.7 CD % NN bonds NNS due JJ 2009 CD fell VBD one CD point NN . . Other JJ RJR NNP issues NNS fell VBD between IN 1\/2 CD point NN and CC 1 CD 1\/2 CD point NN . . In IN the DT latest JJS sign NN of IN how WRB difficult JJ it PRP is VBZ to TO place VB certain JJ junk NN bonds NNS , , Continental NNP Airlines NNPS said VBD it PRP was VBD forced VBN to TO scale VB back RP the DT size NN of IN its PRP$ latest JJS offering NN . . Continental NNP , , a DT unit NN of IN Texas NNP Air NNP Corp. NNP , , slashed VBD the DT size NN of IN its PRP$ note NN offering NN from IN $ $ 150 CD million CD to TO $ $ 71 CD million CD . . The DT move NN had VBD been VBN widely RB expected VBN . . In IN the DT multipart JJ offering NN , , the DT company NN sold VBD a DT portion NN of IN secured JJ notes NNS but CC shelved VBD all PDT the DT unsecured JJ notes NNS . . A DT Continental NNP spokeswoman NN said VBD the DT notes NNS may MD be VB offered VBN at IN a DT later JJ date NN . . `` `` This DT was VBD not RB a DT do-or-die JJ deal NN , , '' '' she PRP said VBD . . `` `` I PRP think VBP this DT is VBZ a DT market NN that IN required VBD some DT level NN of IN security NN . . It PRP did VBD not RB make VB sense NN to TO offer VB unsecured JJ paper NN in IN an DT unsettling JJ market NN . . '' '' Investors NNS have VBP been VBN speculating VBG for IN weeks NNS about IN the DT market NN 's POS ability NN to TO place VB the DT $ $ 7 CD billion CD to TO $ $ 10 CD billion CD of IN new JJ junk NN bonds NNS scheduled VBN to TO be VB sold VBN by IN year NN end NN . . Supply NN troubles NNS were VBD also RB on IN the DT minds NNS of IN Treasury NNP investors NNS yesterday RB , , who WP worried VBD about IN the DT flood NN of IN new JJ government NN securities NNS coming VBG next JJ week NN . . `` `` We PRP 're VBP being VBG bombarded VBN by IN new JJ Treasury NNP and CC agency NN debt NN offerings NNS , , '' '' said VBD William NNP Sullivan NNP Jr. NNP , , director NN of IN money-market NN research NN at IN Dean NNP Witter NNP Reynolds NNP Inc NNP . . `` `` The DT market NN is VBZ concerned JJ about IN its PRP$ ability NN to TO underwrite VB all PDT this DT debt NN at IN current JJ levels NNS . . '' '' In IN addition NN to TO the DT $ $ 15.6 CD billion CD of IN Treasury NNP bills NNS to TO be VB sold VBN at IN next JJ week NN 's POS regular JJ Monday NNP auction NN , , the DT government NN will MD sell VB $ $ 10 CD billion CD of IN new JJ two-year JJ Treasury NNP notes NNS . . And CC Resolution NNP Funding NNP Corp. NNP said VBD late JJ yesterday NN that IN it PRP will MD sell VB $ $ 4.5 CD billion CD of IN 30-year JJ bonds NNS Wednesday NNP . . Refcorp NNP is VBZ the DT financing VBG unit NN of IN Resolution NNP Trust NNP Corp. NNP , , a DT new JJ government NN agency NN created VBN to TO rescue VB the DT nation NN 's POS troubled JJ thrifts NNS . . Its PRP$ securities NNS have VBP been VBN dubbed VBN `` `` bailout NN bonds NNS '' '' by IN traders NNS . . In IN when-issued JJ trading NN , , the DT two-year JJ Treasurys NNPS had VBD a DT yield NN of IN about IN 7.88 CD % NN . . In IN the DT municipal JJ market NN , , all DT eyes NNS were VBD on IN California NNP debt NN as IN investors NNS tried VBD to TO gauge VB the DT financial JJ ramifications NNS of IN Tuesday NNP 's POS earthquake NN . . But CC traders NNS said VBD the DT quake NN had VBD only RB a DT minor JJ impact NN on IN the DT trading NN of IN California NNP state NN and CC local JJ municipal JJ debt NN . . `` `` There EX are VBP certain JJ bonds NNS traders NNS refer VBP to TO as IN ` `` earthquake NN ' '' bonds NNS because IN the DT ( ( issuers NNS ) ) are VBP on IN top NN of IN the DT San NNP Andreas NNP fault NN , , '' '' said VBD Zane NNP Mann NNP , , editor NN of IN the DT California NNP Municipal NNP Bond NNP Advisor NNP , , a DT newsletter NN for IN investors NNS . . Since IN those DT bonds NNS already RB pay VB a DT slightly RB higher JJR yield NN , , an DT extra JJ premium NN for IN the DT earthquake NN risk NN , , they PRP were VBD n't RB materially RB affected JJ . . But CC some DT bond NN market NN analysts NNS said VBD that DT could MD quickly RB change VB if IN property NN casualty NN insurance NN companies NNS scramble VBP to TO sell VB portions NNS of IN their PRP$ municipal JJ portfolios NNS to TO raise VB cash NN to TO pay VB damage NN claims NNS . . `` `` Insurance NN companies NNS will MD foot VB a DT substantial JJ amount NN of IN the DT bill NN to TO reconstruct VB San NNP Francisco NNP , , '' '' said VBD Charles NNP Lieberman NNP , , chief JJ economist NN at IN Manufacturers NNPS Hanover NNP Securities NNPS Corp NNP . . He PRP also RB expects VBZ the DT performance NN of IN municipals NNS to TO lag VB Treasurys NNPS as IN California NNP is VBZ forced VBN to TO issue VB new JJ debt NN over IN time NN to TO repair VB public JJ facilities NNS . . A DT report NN issued VBN late JJ yesterday NN by IN Standard NNP & CC Poor NNP 's POS Corp. NN concluded VBD the DT quake NN wo MD n't RB cause VB `` `` wide-scale JJ credit NN deterioration NN '' '' for IN issuers NNS and CC debt NN issues NNS in IN the DT 12-county JJ area NN of IN Northern JJ California NNP affected VBN by IN the DT quake NN . . Treasury NNP Securities NNS Treasury NNP bonds NNS ended VBN narrowly RB mixed JJ in IN quiet JJ trading NN . . The DT benchmark JJ 30-year JJ bond NN ended VBN at IN a DT price NN of IN 100 CD 29\/32 CD to TO yield VB 8.03 CD % NN , , compared VBN with IN 100 CD 28\/32 CD to TO yield VB 8.04 CD % NN Tuesday NNP . . The DT latest JJS 10-year JJ notes NNS were VBD quoted VBN late RB at IN a DT price NN of IN 99 CD 26\/32 CD to TO yield VB 8 CD % NN , , compared VBN with IN 99 CD 25\/32 CD to TO yield VB 8.01 CD % NN . . Short-term JJ rates NNS were VBD little RB changed JJ . . Corporate JJ Issues NNS Investment-grade JJ corporate JJ bonds NNS ended VBN 1\/4 CD point NN lower RBR . . The DT Continental NNP junk NN bond NN offering NN , , underwritten VBN by IN Drexel NNP Burnham NNP Lambert NNP Inc. NNP , , was VBD the DT only RB new JJ issue NN priced VBN yesterday NN . . In IN the DT four-part JJ offering NN , , the DT $ $ 71 CD million CD of IN secured JJ equipment NN certificates NNS was VBD priced VBN to TO yield VB 13.75 CD % NN to TO 15.75 CD % NN . . Municipals NNS Municipal JJ bonds NNS ended VBN about IN 1\/8 CD to TO 3\/8 CD point NN lower RBR , , hurt VBN by IN the DT circulation NN of IN two CD `` `` bid-wanted JJ '' '' lists NNS totaling VBG $ $ 655 CD million CD . . Chemical NNP Securities NNPS Inc. NNP is VBZ acting VBG as IN agent NN for IN the DT seller NN . . Meanwhile RB , , some DT California NNP issues NNS were VBD down RB a DT touch RB more RBR than IN the DT broad JJ market NN , , but CC traders NNS said VBD there EX had VBD n't RB been VBN much JJ investor NN selling NN because IN of IN the DT quake NN . . But CC New NNP York NNP City NNP general JJ obligation NN bonds NNS came VBD under IN selling NN pressure NN . . Traders NNP said VBD a DT steady JJ stream NN of IN bonds NNS was VBD put VBN up RB for IN sale NN yesterday NN , , pushing VBG yields NNS for IN longer JJR maturities NNS up RB 0.05 CD percentage NN point NN . . Traders NNP said VBD investors NNS were VBD reacting VBG to TO recent JJ negative JJ news NN on IN the DT city NN 's POS finances NNS and CC are VBP nervous JJ ahead RB of IN the DT Nov. NNP 7 CD election NN . . Washington NNP , , D.C. NNP , , topped VBD the DT competitive JJ slate NN yesterday NN with IN a DT sale NN of IN $ $ 200 CD million CD of IN general JJ obligation NN tax NN revenue NN anticipation NN notes NNS . . In IN late JJ trading NN , , New NNP Jersey NNP Turnpike NNP Authority NNP 's POS 7.20 CD % NN issue NN of IN 2018 CD was VBD off RB 1\/4 CD point NN at IN 98 CD bid NN . . The DT yield NN was VBD 7.35 CD % NN , , up RB 0.01 CD percentage NN point NN . . Mortgage-Backed JJ Securities NNS Mortgage NN securities NNS ended VBN little RB changed JJ after IN light JJ dealings NNS . . There EX was VBD no DT appreciable JJ market NN impact NN from IN the DT California NNP earthquake NN . . Dealers NNS said VBD there EX was VBD some DT concern NN that IN insurance NN companies NNS might MD be VB forced VBN to TO sell VB mortgage NN securities NNS to TO help VB pay VB earthquake-related JJ claims NNS , , but CC no DT selling NN materialized VBN . . The DT Federal NNP Home NNP Loan NNP Mortgage NNP Corp. NNP and CC Federal NNP National NNP Mortgage NNP Association NNP , , two CD dominant JJ issuers NNS of IN mortgage NN securities NNS , , have VBP a DT sizable JJ amount NN of IN California NNP home NN loans NNS in IN their PRP$ mortgagebacked JJ pools NNS . . But CC their PRP$ potential JJ quake NN exposure NN is VBZ seen VBN as IN small JJ given VBN that IN they PRP require VBP a DT financial JJ cushion NN on IN all PDT the DT loans NNS they PRP purchase VBP . . And CC because IN Northern JJ California NNP home NN prices NNS are VBP so RB high JJ , , loans NNS from IN the DT region NN often RB are VBP too RB large JJ to TO be VB included VBN in IN Freddie NNP Mac NNP and CC Fannie NNP Mae NNP pools NNS . . Meanwhile RB , , Government NNP National NNP Mortgage NNP Association NNP 9 CD % NN securities NNS for IN November NNP delivery NN ended VBN at IN 97 CD 29\/32 CD , , unchanged JJ . . Freddie NNP Mac NNP 9 CD % NN securities NNS were VBD at IN 97 CD 4\/32 CD , , down RB 1\/32 CD . . In IN derivative JJ markets NNS , , Fannie NNP Mae NNP issued VBD two CD $ $ 400 CD million CD real JJ estate NN mortgage NN investment NN conduits NNS backed VBN by IN its PRP$ 9 CD % NN securities NNS . . Foreign JJ Bonds NNS British JJ government NN bonds NNS , , or CC gilts NNS , , ended VBN moderately RB lower RBR as IN equities NNS there RB recovered VBD from IN Tuesday NNP 's POS drop NN . . The DT Treasury NNP 's POS 11 CD 3\/4 CD % NN bond NN due JJ 2003\/2007 CD fell VBD 11\/32 CD to TO 111 CD 31\/32 CD to TO yield VB 10.08 CD % NN , , while IN the DT 12 CD % NN notes NNS due JJ 1995 CD were VBD down RB 7\/32 CD to TO 103 CD 22\/32 CD to TO yield VB 11.04 CD % NN . . Traders NNS said VBD today NN may MD be VB an DT anxious JJ day NN for IN the DT market NN . . Several JJ key JJ economic JJ figures NNS are VBP due JJ out IN and CC Chancellor NNP of IN the DT Exchequer NNP Nigel NNP Lawson NNP is VBZ scheduled VBN to TO give VB the DT annual JJ `` `` Mansion NNP House NNP '' '' address NN to TO the DT financial JJ community NN . . The DT chancellor NN sometimes RB has VBZ used VBN the DT occasion NN to TO announce VB major JJ economic JJ policy NN changes NNS . . Economists NNS do VBP n't RB expect VB any DT such JJ changes NNS in IN this DT year NN 's POS address NN , , given VBN Mr. NNP Lawson NNP 's POS apparent JJ reluctance NN to TO adjust VB policy NN currently RB . . Meanwhile RB , , Japanese JJ government NN bonds NNS retreated VBD in IN quiet JJ trading NN , , stymied VBN by IN the DT dollar NN 's POS resiliency NN . . Japan NNP 's POS bellwether NN 4.6 CD % NN bond NN due JJ 1998 CD ended VBN on IN brokers NNS ' POS screens NNS at IN 95.75 CD to TO yield VB 5.315 CD % NN . . In IN West NNP Germany NNP , , investors NNS stayed VBD on IN the DT sidelines NNS as IN the DT bond NN market NN searched VBD for IN direction NN . . The DT government NN 's POS 7 CD % NN issue NN due JJ October NNP 1999 CD fell VBD 0.05 CD point NN to TO 99.90 CD to TO yield VB 7.01 CD % NN . . The DT Berlin NNP Wall NNP still RB stands VBZ . . But CC the DT man NN who WP built VBD it PRP has VBZ fallen VBN . . East NNP Germany NNP yesterday NN removed VBD Erich NNP Honecker NNP , , one CD of IN the DT staunchest JJS holdouts NNS against IN the DT reform NN rumbling VBG through IN the DT Communist JJ world NN , , in IN an DT effort NN to TO win VB back RB the DT confidence NN of IN its PRP$ increasingly RB rebellious JJ citizens NNS . . But CC while IN it PRP was VBD a DT move NN that WDT stunned VBD the DT East NNP bloc NN , , it PRP hardly RB ushers VBZ in RB an DT era NN of IN reform NN -- : at IN least JJS anytime RB soon RB . . For IN the DT Politburo NNP replaced VBD Mr. NNP Honecker NNP , , who WP had VBD led VBN East NNP Germany NNP for IN 18 CD years NNS and CC before IN that DT headed VBD its PRP$ security NN apparatus NN , , with IN a DT man NN cut VBN of IN the DT same JJ cloth NN : : Egon NNP Krenz NNP , , the DT most RBS recent JJ internal-security NN chief NN and CC a DT longtime NN Honecker NNP protege NN . . East NNP Germany NNP , , it PRP is VBZ clear JJ , , is VBZ no DT Poland NNP , , where WRB the DT Communist NNP Party NNP now RB shares VBZ power NN with IN the DT democratically RB elected JJ Solidarity NNP union NN . . Nor CC is VBZ it PRP a DT Hungary NNP , , where WRB yesterday NN the DT parliament NN approved VBD constitutional JJ changes NNS meant VBD to TO help VB turn VB the DT Communist JJ nation NN into IN a DT multiparty JJ democracy NN . . Still RB , , any DT change NN in IN East NNP Germany NNP has VBZ enormous JJ implications NNS , , for IN both DT East NNP and CC West NNP . . It PRP raises VBZ the DT long-cherished JJ hopes NNS of IN many JJ Germans NNPS for IN reunification NN -- : a DT prospect NN that IN almost RB equally RB alarms VBZ political JJ leaders NNS in IN Moscow NNP , , Washington NNP and CC Western NNP Europe NNP . . Mr. NNP Krenz NNP , , 52 CD , , was VBD named VBN the DT new JJ party NN chief NN just RB minutes NNS after IN the DT Party NNP 's POS 163-member JJ Central NNP Committee NNP convened VBD in IN East NNP Berlin NNP . . Although IN the DT East JJ German JJ news NN agency NN ADN NNP claimed VBD Mr. NNP Honecker NNP had VBD asked VBN to TO be VB relieved VBN of IN his PRP$ duties NNS for IN `` `` health NN reasons NNS , , '' '' West JJ German JJ government NN sources NNS said VBD the DT 26-man JJ Politburo NNP had VBD asked VBN for IN his PRP$ resignation NN at IN a DT separate JJ meeting NN late JJ Tuesday NNP . . ( ( Mr. NNP Honecker NNP was VBD twice RB hospitalized VBN this DT summer NN for IN a DT gall NN bladder NN ailment NN and CC his PRP$ physical JJ condition NN has VBZ been VBN the DT subject NN of IN intense JJ speculation NN in IN the DT Western JJ media NNS . . ) ) ADN NNP said VBD Mr. NNP Honecker NNP , , a DT hard-line JJ Stalinist NNP who WP in IN 1961 CD supervised VBD the DT construction NN of IN the DT Berlin NNP Wall NNP , , also RB was VBD relieved VBN of IN his PRP$ title NN as IN head NN of IN state NN and CC his PRP$ position NN as IN chief JJ of IN the DT military NN . . Mr. NNP Krenz NNP is VBZ expected VBN to TO be VB formally RB named VBN to TO all DT three CD positions NNS once IN the DT nation NN 's POS parliament NN convenes VBZ later RB this DT week NN . . Mr. NNP Honecker NNP 's POS ignoble JJ fall NN culminates VBZ nearly RB two CD decades NNS of IN iron-handed JJ leadership NN during IN which WDT Mr. NNP Honecker NNP , , now RB 77 CD years NNS old JJ , , built VBD East NNP Germany NNP into IN the DT most RBS economically RB advanced JJ nation NN in IN the DT Soviet NNP bloc NN . . His PRP$ grip NN on IN power NN unraveled VBN this DT summer NN as IN thousands NNS of IN his PRP$ countrymen NNS , , dissatisfied VBN by IN the DT harshness NN of IN his PRP$ rule NN , , fled VBD to TO the DT West NNP . . Thousands NNS more JJR have VBP taken VBN to TO the DT streets NNS in IN the DT last JJ month NN in IN East NNP Germany NNP 's POS largest JJS wave NN of IN domestic JJ unrest NN since IN a DT workers NNS ' POS uprising NN in IN 1953 CD . . In IN Washington NNP , , the DT Bush NNP administration NN took VBD a DT characteristically RB cautious JJ and CC skeptical JJ view NN of IN the DT leadership NN change NN . . The DT official JJ line NN was VBD to TO offer VB warmer JJR ties NNS to TO Mr. NNP Krenz NNP , , provided VBN he PRP is VBZ willing JJ to TO institute VB reforms NNS . . But CC U.S. NNP officials NNS have VBP strong JJ doubts NNS that IN he PRP is VBZ a DT reformer NN . . President NNP Bush NNP told VBD reporters NNS : : `` `` Whether IN that DT { ( the DT leadership NN change NN } ) reflects VBZ a DT change NN in IN East-West JJ relations NNS , , I PRP do VBP n't RB think VB so RB . . Because IN Mr. NNP Krenz NNP has VBZ been VBN very RB much JJ in IN accord NN with IN the DT policies NNS of IN Honecker NNP . . '' '' One CD top JJ U.S. NNP expert NN on IN East NNP Germany NNP added VBD : : `` `` There EX is VBZ no DT clear-cut JJ champion NN of IN reform NN , , that IN we PRP know VBP of IN , , in IN the DT East JJ German JJ leadership NN . . '' '' Indeed RB , , Mr. NNP Krenz NNP said VBD on IN East JJ German JJ television NN last JJ night NN that IN there EX will MD be VB no DT sharing NN of IN power NN with IN pro-democracy JJ groups NNS . . He PRP said VBD , , while IN dialogue NN is VBZ important JJ , , enough JJ forums NNS already RB exist VBP `` `` in IN which WDT different JJ interests NNS '' '' can MD express VB themselves PRP . . The DT removal NN of IN Mr. NNP Honecker NNP was VBD apparently RB the DT result NN of IN bitter JJ infighting NN within IN the DT top JJ ranks NNS of IN the DT Communist JJ party NN . . According VBG to TO West JJ German JJ government NN sources NNS , , Mr. NNP Honecker NNP and CC several JJ senior JJ Politburo NNP members NNS fought VBD over IN the DT last JJ week NN to TO delay VB any DT decisions NNS about IN a DT leadership NN change NN . . But CC , , with IN public JJ demonstrations NNS in IN the DT country NN growing VBG in IN size NN and CC intensity NN , , Mr. NNP Honecker NNP and CC several JJ key JJ allies NNS lost VBD out RB in IN this DT battle NN , , officials NNS say VBP . . Those DT allies NNS included VBD Politburo NNP members NNS Guenter NNP Mittag NNP , , who WP has VBZ long RB headed VBN economic JJ affairs NNS , , and CC Joachim NNP Hermann NNP , , chief NN of IN information NN policy NN . . Both DT men NNS were VBD also RB relieved VBN of IN their PRP$ duties NNS yesterday NN . . Although IN other JJ resignations NNS may MD follow VB , , it PRP 's VBZ still RB not RB clear JJ to TO what WDT extent NN the DT change NN in IN party NN personnel NNS will MD alter VB the DT government NN 's POS resistance NN to TO fundamental JJ change NN . . Clearly RB , , the DT central JJ figure NN in IN this DT process NN is VBZ Egon NNP Krenz NNP . . Born VBN in IN 1937 CD in IN a DT Baltic NNP Sea NNP town NN now RB part NN of IN Poland NNP , , he PRP was VBD eight CD years NNS old JJ when WRB World NNP War NNP II NNP ended VBN . . Like IN West JJ German JJ Chancellor NNP Helmut NNP Kohl NNP , , he PRP represents VBZ the DT postwar JJ generation NN that WDT has VBZ grown VBN up RB during IN Germany NNP 's POS division NN . . Since IN joining VBG the DT Politburo NNP in IN 1983 CD as IN its PRP$ youngest JJS member NN , , Mr. NNP Krenz NNP had VBD acquired VBN the DT nickname NN `` `` crown NN prince NN , , '' '' a DT reference NN to TO the DT widely RB held JJ view NN that IN he PRP was VBD the DT hand-picked JJ successor NN to TO Mr. NNP Honecker NNP . . In IN fact NN , , the DT two CD men NNS have VBP had VBN strikingly RB similar JJ career NN paths NNS , , both DT having VBG served VBN as IN chief JJ of IN internal JJ security NN before IN their PRP$ rise NN to TO the DT top JJ party NN position NN . . Moreover RB , , both DT men NNS have VBP hewn VBN to TO a DT similar JJ hard-line JJ philosophy NN . . Notably RB , , one CD of IN Mr. NNP Krenz NNP 's POS few JJ official JJ visits NNS overseas RB came VBD a DT few JJ months NNS ago RB , , when WRB he PRP visited VBD China NNP after IN the DT massacre NN in IN Beijing NNP . . He PRP later RB defended VBD the DT Chinese JJ government NN 's POS response NN during IN a DT separate JJ visit NN to TO West NNP Germany NNP . . East JJ German JJ Protestantism NNP in IN particular JJ fears VBZ Mr. NNP Krenz NNP , , in IN part NN because IN of IN an DT incident NN in IN January NNP 1988 CD when WRB he PRP was VBD believed VBN to TO have VB ordered VBN the DT arrest NN of IN hundreds NNS of IN dissidents NNS who WP had VBD sought VBN refuge NN in IN the DT Church NNP . . However RB , , Mr. NNP Krenz NNP also RB has VBZ a DT reputation NN for IN being VBG politically RB savvy JJ . . His PRP$ shrewd JJ ability NN to TO read VB the DT shifting VBG popular JJ mood NN in IN East NNP Germany NNP is VBZ best RBS illustrated VBN by IN his PRP$ apparent JJ break NN with IN his PRP$ old JJ mentor NN , , Mr. NNP Honecker NNP . . Indeed RB , , according VBG to TO West JJ German JJ government NN sources NNS , , he PRP was VBD one CD of IN the DT leaders NNS in IN the DT power NN struggle NN that WDT toppled VBD Mr. NNP Honecker NNP . . In IN recent JJ days NNS , , Mr. NNP Krenz NNP has VBZ sought VBN to TO project VB a DT kinder JJR image NN . . According VBG to TO a DT report NN widely RB circulating VBG in IN East NNP Berlin NNP , , it PRP was VBD Mr. NNP Krenz NNP who WP ordered VBD police NNS to TO stop VB using VBG excessive JJ force NN against IN demonstrators NNS in IN Leipzig NNP . . `` `` He PRP does VBZ n't RB want VB to TO have VB the DT image NN of IN the DT gun NN man NN , , '' '' says VBZ Fred NNP Oldenburg NNP , , an DT expert NN at IN the DT Bonn-sponsored NNP Institute NNP of IN East NNP European NNP and CC International NNP Studies NNPS in IN Cologne NNP . . `` `` He PRP 's VBZ not RB a DT reformer NN -- : he PRP wants VBZ to TO have VB the DT image NN of IN a DT reformer NN . . '' '' As IN part NN of IN his PRP$ image NN polishing NN , , Mr. NNP Krenz NNP is VBZ expected VBN to TO take VB modest JJ steps NNS toward IN reform NN to TO rebuild VB confidence NN among IN the DT people NNS and CC reassert VB the DT party NN 's POS authority NN . . Besides IN sacking VBG other JJ senior JJ Politburo NNP officials NNS who WP allied VBD themselves PRP with IN Mr. NNP Honecker NNP , , Mr. NNP Krenz NNP could MD loosen VB controls NNS on IN the DT news NN media NNS , , free JJ up RP travel NN restrictions NNS , , and CC establish VB a DT dialogue NN with IN various JJ dissident JJ groups NNS . . But CC will MD it PRP be VB enough RB ? . West JJ German JJ government NN officials NNS and CC Western JJ analysts NNS are VBP doubtful JJ . . `` `` He PRP does VBZ n't RB signify VB what WP people NNS want VBP , , so CC the DT unrest NN will MD go VB on RB , , '' '' Mr. NNP Oldenburg NNP predicts VBZ . . At IN the DT same JJ time NN , , the DT expectations NNS of IN the DT East JJ German JJ people NNS are VBP great JJ and CC will MD continue VB to TO grow VB . . Says VBZ one CD West JJ German JJ official NN : : `` `` What WP 's VBZ necessary JJ now RB is VBZ the DT process NN of IN democratization NN . . Not RB just RB that IN people NNS are VBP being VBG heard VBN but CC that IN their PRP$ interests NNS are VBP being VBG taken VBN seriously RB . . '' '' Chancellor NNP Kohl NNP , , meanwhile RB , , has VBZ invited VBN Mr. NNP Krenz NNP to TO open VB discussions NNS with IN Bonn NNP on IN a DT wide JJ range NN of IN subjects NNS . . Reports NNS in IN the DT West JJ German JJ press NN , , citing VBG sources NNS in IN East NNP Germany NNP , , suggest VBP Mr. NNP Krenz NNP may MD serve VB only RB as IN a DT bridge NN between IN Mr. NNP Honecker NNP and CC a DT genuine JJ reform NN leader NN . . Adding VBG to TO that DT speculation NN is VBZ Mr. NNP Krenz NNP 's POS reputation NN as IN a DT heavy JJ drinker NN , , who WP is VBZ said VBD to TO also RB suffer VB from IN diabetes NN . . `` `` This DT is VBZ a DT dynamic JJ process NN and CC we PRP 're VBP experiencing VBG the DT first JJ step NN , , '' '' the DT Bonn NNP official NN adds VBZ . . The DT selection NN of IN Mr. NNP Krenz NNP may MD also RB disappoint VB Moscow NNP . . Soviet JJ leader NN Mikhail NNP Gorbachev NNP has VBZ pressed VBN hard RB for IN a DT change NN in IN East NNP Germany NNP 's POS rigid JJ stance NN . . Two CD reform-minded JJ party NN leaders NNS favored VBN by IN Moscow NNP as IN possible JJ successors NNS to TO Mr. NNP Honecker NNP , , Dresden NNP party NN secretary NN Hans NNP Modrow NNP and CC Politburo NNP member NN Guenter NNP Schabowski NNP , , were VBD passed VBN over RB . . If IN Mr. NNP Krenz NNP sticks VBZ to TO rigid JJ policies NNS the DT pressure NN from IN the DT Soviet NNP Union NNP could MD intensify VB . . In IN Moscow NNP , , Mr. NNP Gorbachev NNP sent VBD Mr. NNP Krenz NNP a DT congratulatory JJ telegram NN that WDT appeared VBD to TO urge VB the DT new JJ leadership NN to TO heed VB growing VBG calls NNS for IN change NN . . According VBG to TO the DT Soviet JJ news NN agency NN Tass NNP , , `` `` Gorbachev NNP expressed VBD the DT conviction NN that IN the DT leadership NN of IN the DT Socialist NNP Unity NNP Party NNP of IN { ( East NNP } ) Germany NNP , , being VBG sensitive JJ to TO the DT demands NNS of IN the DT time NN , , ... : will MD find VB solutions NNS to TO complicated JJ problems NNS the DT GDR NNP { ( German NNP Democratic NNP Republic NNP } ) encountered VBD . . '' '' A DT force NN of IN younger JJR pro-Gorbachev JJ members NNS in IN the DT East JJ German JJ bureaucracy NN has VBZ for IN some DT time NN been VBN pushing VBG for IN relaxation NN within IN their PRP$ country NN . . The DT older JJR generation NN has VBZ been VBN torn VBN between IN a DT fear NN of IN tampering VBG with IN the DT status NN quo NN and CC a DT fear NN of IN what WP might MD happen VB if IN they PRP did VBD n't RB . . From IN the DT perspective NN of IN East NNP Germany NNP 's POS old JJ guard NN , , reforms NNS that WDT smack VBP of IN capitalism NN and CC Western-style JJ democracy NN could MD eliminate VB their PRP$ country NN 's POS reason NN for IN being VBG . . Unlike IN the DT other JJ nations NNS of IN the DT bloc NN , , East NNP Germany NNP is VBZ a DT creature NN of IN the DT Cold NNP War NNP . . Erasing VBG the DT differences NNS still RB dividing VBG Europe NNP , , and CC the DT vast JJ international JJ reordering NN that DT implies VBZ , , wo MD n't RB endanger VB the DT statehood NN of IN a DT Poland NNP or CC a DT Hungary JJ . . But CC it PRP could MD ultimately RB lead VB to TO German JJ reunification NN and CC the DT disappearance NN of IN East NNP Germany NNP from IN the DT map NN . . Which WDT is VBZ what WP the DT Old JJ Guard NN fears VBZ . . `` `` I PRP 'm VBP sure JJ they PRP 'll MD formulate VB a DT reform NN that WDT will MD be VB a DT recipe NN for IN the DT GDR NNP 's POS future NN as IN a DT separately RB identifiable JJ state NN , , '' '' says VBZ Michael NNP Simmons NNP , , a DT British JJ journalist NN whose WP$ book NN on IN East NNP Germany NNP , , entitled VBN `` `` The DT Unloved NNP Country NNP , , '' '' was VBD published VBN this DT month NN . . Up IN to TO now RB , , that IN recipe NN has VBZ consisted VBN of IN a DT dogged JJ effort NN by IN former JJ leader NN Walter NNP Ulbricht NNP to TO establish VB the DT country NN 's POS international JJ legitimacy NN , , followed VBN by IN Mr. NNP Honecker NNP 's POS campaign NN to TO build VB the DT East NNP bloc NN 's POS only JJ successful JJ Stalinist JJ economy NN into IN a DT consumer NN paradise NN . . Neither DT man NN achieved VBD perfection NN . . Early RB in IN 1987 CD , , Mr. NNP Honecker NNP and CC his PRP$ team NN stopped VBD paying VBG thin JJ compliments NNS to TO Mr. NNP Gorbachev NNP and CC joined VBD with IN Romania NNP in IN rejecting VBG any DT necessity NN for IN adjustments NNS in IN their PRP$ systems NNS . . The DT less-self-confident JJ Czechoslovaks NNPS and CC Bulgarians NNPS , , in IN contrast NN , , declared VBD their PRP$ intentions NNS to TO reform VB , , while IN doing VBG nothing NN concrete JJ about IN it PRP . . The DT East JJ German JJ media NNS soon RB began VBD presenting VBG Mr. NNP Gorbachev NNP 's POS speeches NNS only RB as IN sketchy JJ summaries NNS , , and CC giving VBG space NN to TO his PRP$ opponents NNS . . By IN late JJ 1988 CD , , they PRP were VBD banning VBG Soviet JJ publications NNS . . The DT country NN abandoned VBD its PRP$ former JJ devotion NN to TO socialist JJ unity NN and CC took VBD to TO insisting VBG instead RB that IN each DT country NN in IN the DT bloc NN ought MD to TO travel VB its PRP$ own JJ road NN . . Mr. NNP Honecker NNP spoke VBD of IN `` `` generally RB valid JJ objective JJ laws NNS of IN socialism NN '' '' and CC left VBD no DT room NN for IN debate NN . . With IN this DT year NN 's POS dislocations NNS in IN China NNP and CC the DT Soviet NNP Union NNP , , and CC the DT drive NN to TO democracy NN in IN Poland NNP and CC Hungary NNP , , the DT East JJ German JJ leadership NN grew VBD still RB more RBR defensive JJ . . Politburo NNP member NN Joachim NNP Herrman NNP confessed VBD to TO a DT `` `` grave JJ concern NN '' '' over IN Hungarian JJ democracy NN . . `` `` Under IN the DT banner NN that WDT proclaims VBZ the DT ` `` renewal NN of IN socialism NN , , ' '' '' '' he PRP said VBD , , `` `` forces NNS are VBP at IN work NN that WDT are VBP striving VBG to TO eliminate VB socialism NN . . '' '' Some DT loyal JJ voices NNS , , in IN and CC out IN of IN the DT East JJ German JJ Communist JJ party NN , , saw VBD the DT nation NN 's POS unrest NN coming VBG . . The DT first JJ signs NNS were VBD economic JJ . . Despite IN heavily RB subsidized JJ consumer NN industries NNS , , East NNPS Germans NNPS have VBP for IN years NNS watched VBN the DT West NNP pull VB farther RB out RP ahead RB . . In IN 1988 CD , , for IN the DT first JJ time NN , , economic JJ growth NN came VBD to TO a DT dead JJ stop NN . . Gingerly RB , , some DT economists NNS began VBD to TO blame VB central JJ planning NN . . Some DT writers NNS in IN theoretical JJ journals NNS even RB raised VBD the DT notion NN of IN introducing VBG democracy NN , , at IN least JJS in IN the DT workplace NN . . By IN summer NN , , an DT independent JJ reform NN movement NN was VBD saying VBG out RB loud RB what WP it PRP had VBD only RB whispered VBN before RB . . But CC they PRP are VBP stalwart JJ socialists NNS . . Their PRP$ proclaimed JJ purpose NN is VBZ to TO cleanse VB East NNP Germany NNP of IN its PRP$ Stalinist JJ muck NN , , not RB to TO merge VB with IN the DT West NNP . . One CD of IN their PRP$ pastors NNS has VBZ envisioned VBN a DT `` `` new JJ utopia NN '' '' of IN `` `` creative JJ socialism NN . . '' '' Meanwhile RB , , the DT man NN Mr. NNP Krenz NNP replaces VBZ has VBZ left VBN an DT indelible JJ mark NN on IN East JJ German JJ society NN . . Imprisoned VBN by IN the DT Nazis NNPS during IN World NNP War NNP II NNP for IN his PRP$ political JJ beliefs NNS , , Mr. NNP Honecker NNP typified VBD the DT postwar JJ generation NN of IN committed JJ Communist JJ leaders NNS in IN Eastern NNP Europe NNP who WP took VBD their PRP$ cues NNS from IN Moscow NNP . . He PRP was VBD a DT `` `` socialist JJ warrior NN '' '' who WP felt VBD rankled VBN by IN West NNP Germany NNP 's POS enormous JJ postwar JJ prosperity NN and CC the DT Bonn NNP government NN 's POS steadfast JJ refusal NN to TO recognize VB the DT legitimacy NN of IN his PRP$ state NN . . Finally RB , , during IN his PRP$ first JJ and CC only JJ state NN visit NN to TO Bonn NNP two CD years NNS ago RB , , he PRP won VBD some DT measure NN of IN the DT recognition NN he PRP had VBD long RB sought VBN . . But CC ultimately RB he PRP was VBD undone VBN by IN forces NNS unleashed VBN by IN his PRP$ own JJ comrade NN , , Mr. NNP Gorbachev NNP . . Mr. NNP Honecker NNP 's POS removal NN `` `` was VBD bound VBN to TO happen VB , , '' '' says VBZ one CD aide NN to TO Chancellor NNP Kohl NNP . . `` `` It PRP was VBD only RB a DT matter NN of IN time NN . . '' '' The DT European NNP Community NNP Commission NNP increased VBD its PRP$ forecast NN for IN economic JJ growth NN in IN the DT EC NNP in IN 1989 CD to TO 3.5 CD % NN , , slightly RB higher JJR than IN its PRP$ June NNP projection NN of IN 3.25 CD % NN . . In IN its PRP$ annual JJ economic JJ report NN for IN 1989-1990 CD , , the DT commission NN also RB projected VBD 1990 CD gross JJ domestic JJ product NN growth NN for IN the DT 12 CD EC NNP members NNS at IN 3 CD % NN . . EC NNP inflation NN was VBD seen VBN at IN 4.8 CD % NN in IN 1989 CD , , higher JJR than IN 1988 CD 's POS 3.6 CD % NN price NN rise NN . . However RB , , inflation NN for IN 1990 CD was VBD seen VBN slowing VBG to TO 4.5 CD % NN . . Leading VBG EC NNP growth NN forecasts NNS in IN 1989 CD was VBD Ireland NNP , , seen VBN growing VBG 5 CD % NN at IN constant JJ prices NNS . . Slower JJR growth NN countries NNS included VBD Greece NNP , , at IN 2.5 CD % NN , , the DT U.K. NNP , , at IN 2.25 CD % NN , , and CC Denmark NNP , , at IN 1.75 CD % NN . . Inflation NN is VBZ expected VBN to TO be VB highest JJS in IN Greece NNP , , where WRB it PRP is VBZ projected VBN at IN 14.25 CD % NN , , and CC Portugal NNP , , at IN 13 CD % NN . . At IN the DT other JJ end NN of IN the DT spectrum NN , , West JJ German JJ inflation NN was VBD forecast VBN at IN 3 CD % NN in IN 1989 CD and CC 2.75 CD % NN in IN 1990 CD . . Nestle NNP Korea NNP Ltd. NNP opened VBD a DT coffee NN and CC non-dairy-creamer NN plant NN in IN Chongju NNP , , South NNP Korea NNP . . An DT official NN at IN Nestle NNP Korea NNP , , a DT 50-50 CD joint JJ venture NN between IN Nestle NNP S.A. NNP and CC the DT Doosan NNP Group NNP , , said VBD the DT new JJ facility NN will MD manufacture VB all DT types NNS of IN soluble JJ , , roasted JJ and CC ground JJ coffee NN , , coffee NN mix NN and CC nondairy JJ coffee NN creamer NN . . The DT South NNP Korean NNP coffee NN market NN , , consisting VBG mostly RB of IN instant JJ coffee NN , , was VBD estimated VBN at IN about IN 100 CD billion CD won NNS ( ( $ $ 150.7 CD million CD ) ) last JJ year NN . . Brands NNS made VBN by IN the DT Kraft NNP General NNP Foods NNPS unit NN of IN Philip NNP Morris NNP Cos. NNP had VBD about IN 95 CD % NN of IN the DT market NN share NN . . Nestle NNP currently RB has VBZ only RB about IN a DT 2 CD % NN share NN with IN its PRP$ Taster NNP 's POS Choice NNP coffee NN . . Poland NNP plans VBZ to TO start VB negotiations NNS soon RB on IN purchasing VBG natural JJ gas NN from IN Iran NNP , , the DT official JJ Islamic NNP Republic NNP News NNP Agency NNP reported VBD . . The DT agency NN said VBD Polish JJ Prime NNP Minister NNP Tadeusz NNP Mazowiecki NNP told VBD Iranian JJ Deputy NNP Foreign NNP Minister NNP Mahmoud NNP Vaezi NNP of IN Poland NNP 's POS willingess NN to TO purchase VB the DT gas NN during IN Mr. NNP Vaezi NNP 's POS current JJ visit NN to TO Warsaw NNP . . The DT agency NN did VBD n't RB mention VB possible JJ quantities NNS and CC did VBD n't RB say VB how WRB the DT gas NN would MD be VB delivered VBN . . A DT Chinese JJ official NN harshly RB criticized VBN plans NNS to TO close VB a DT British JJ naval JJ base NN in IN downtown NN Hong NNP Kong NNP . . Hong NNP Kong NNP officials NNS announced VBD last JJ week NN that IN the DT base NN will MD be VB relocated VBN to TO a DT small JJ island NN to TO allow VB downtown NN redevelopment NN . . But CC Beijing NNP wants VBZ to TO use VB the DT base NN for IN the DT People NNS 's POS Liberation NNP Army NNP after IN 1997 CD , , when WRB the DT territory NN returns VBZ to TO Chinese JJ sovereignty NN . . Ke NNP Zaishuo NNP , , head NN of IN China NNP 's POS delegation NN to TO a DT Chinese-British JJ Liaison NNP Committee NNP on IN Hong NNP Kong NNP , , accused VBD Britain NNP of IN trying VBG to TO impose VB a DT fait NN accompli NN and CC said VBD , , `` `` This DT is VBZ something NN we PRP can MD not RB accept VB . . '' '' The DT Israeli JJ and CC Soviet JJ national JJ airlines NNS have VBP reached VBN preliminary JJ agreement NN for IN launching VBG the DT first JJ direct JJ flights NNS between IN Tel NNP Aviv NNP and CC Moscow NNP , , a DT spokesman NN for IN the DT Israeli JJ airline NN , , El NNP Al NNP , , said VBD . . El NNP Al NNP director NN Rafi NNP Har-Lev NNP and CC top JJ officials NNS of IN the DT Soviet NNP Union NNP 's POS Aeroflot NNP negotiated VBD a DT preliminary JJ pact NN in IN Moscow NNP this DT week NN , , the DT spokesman NN said VBD . . He PRP added VBD that IN concluding VBG the DT deal NN requires VBZ approval NN by IN the DT governments NNS of IN both DT countries NNS , , which WDT have VBP never RB had VBN direct JJ air NN links NNS . . The DT chairman NN and CC a DT director NN of IN one CD of IN the DT Republic NNP of IN Singapore NNP 's POS leading VBG property NN companies NNS , , City NNP Development NNP Ltd. NNP , , or CC CDL NNP , , were VBD charged VBN yesterday RB with IN criminal JJ breach NN of IN trust NN of IN some DT 800,000 CD Singapore NNP dollars NNS ( ( about IN US$ $ 409,000 CD ) ) . . Kwek NNP Hong NNP Png NNP , , chairman NN of IN CDL NNP , , and CC director NN Quek NNP Leng NNP Chye NNP were VBD arrested VBN by IN the DT republic NN 's POS Corrupt NNP Practices NNPS Investigation NNP Bureau NNP Tuesday NNP night NN . . In IN addition NN to TO abetting VBG in IN the DT alleged JJ criminal JJ breach NN of IN trust NN , , Kwek NNP Hong NNP Png NNP was VBD also RB charged VBN with IN dishonestly RB receiving VBG S$ $ 500,000 CD that WDT had VBD been VBN stolen VBN . . Both DT men NNS were VBD charged VBN in IN a DT subordinate JJ court NN and CC released VBN on IN bail NN of IN S$ $ 1 CD million CD . . The DT charges NNS are VBP the DT culmination NN of IN weeks NNS of IN rumors NNS concerning VBG CDL NNP that WDT have VBP depressed VBN the DT company NN 's POS share NN price NN and CC to TO a DT lesser JJR extent NN the DT shares NNS of IN all DT companies NNS owned VBN by IN CDL NNP 's POS controlling JJ Quek NNP family NN , , brokers NNS in IN Singapore NNP say VBP . . The DT Queks NNPS control VBP the DT Hong NNP Leong NNP Group NNP , , which WDT has VBZ widespread JJ interests NNS in IN manufacturing NN , , property NN and CC finance NN in IN both DT Malaysia NNP and CC Singapore NNP . . News NN of IN the DT arrest NN and CC charging NN of IN the DT two CD men NNS helped VBD to TO push VB prices NNS on IN the DT Singapore NNP Stock NNP market NN sharply RB lower RBR in IN early JJ trading NN yesterday NN , , but CC brokers NNS said VBD that IN the DT market NN and CC CDL NNP shares NNS recovered VBD once IN it PRP became VBD apparent JJ the DT charges NNS were VBD limited VBN to TO the DT two CD men NNS personally RB . . One CD of IN the DT two CD British JJ companies NNS still RB making VBG hard JJ toilet NN paper NN stopped VBD production NN of IN it PRP . . British NNP Tissues NNPS decided VBD to TO do VB away RB with IN its PRP$ hard JJ paper NN after IN a DT major JJ customer NN , , British NNP Rail NNP , , switched VBD to TO softer JJR tissues NNS for IN train NN bathrooms NNS ... : . . Peasants NNS in IN Inner NNP Mongolia NNP have VBP partly RB dismantled VBN a DT 20-mile JJ section NN of IN China NNP 's POS famed JJ Great NNP Wall NNP , , the DT official JJ People NNPS 's POS Daily NNP said VBD . . The DT paper NN said VBD the DT bricks NNS were VBD used VBN to TO build VB homes NNS and CC furnaces NNS and CC , , as IN a DT result NN , , the DT wall NN `` `` is VBZ in IN terrible JJ shape NN . . Wednesday NNP , , October NNP 18 CD , , 1989 CD The DT key JJ U.S. NNP and CC foreign JJ annual JJ interest NN rates NNS below RB are VBP a DT guide NN to TO general JJ levels NNS but CC do VBP n't RB always RB represent VB actual JJ transactions NNS . . PRIME NN RATE NN : : 10 CD 1\/2 CD % NN . . The DT base NN rate NN on IN corporate JJ loans NNS at IN large JJ U.S. NNP money NN center NN commercial JJ banks NNS . . FEDERAL JJ FUNDS NNS : : 8 CD 15\/16 CD % NN high JJ , , 8 CD 5\/8 CD % NN low JJ , , 8 CD 3\/4 CD % NN near IN closing NN bid NN , , 8 CD 7\/8 CD % NN offered VBN . . Reserves NNS traded VBN among IN commercial JJ banks NNS for IN overnight JJ use NN in IN amounts NNS of IN $ $ 1 CD million CD or CC more JJR . . Source NN : : Fulton NNP Prebon NNP ( ( U.S.A NNP . . ) ) Inc NNP . . DISCOUNT NN RATE NN : : 7 CD % NN . . The DT charge NN on IN loans NNS to TO depository NN institutions NNS by IN the DT New NNP York NNP Federal NNP Reserve NNP Bank NNP . . CALL JJ MONEY NN : : 9 CD 3\/4 CD % NN to TO 10 CD % NN . . The DT charge NN on IN loans NNS to TO brokers NNS on IN stock NN exchange NN collateral NN . . COMMERCIAL JJ PAPER NNS placed VBN directly RB by IN General NNP Motors NNPS Acceptance NNP Corp. NNP : : 8.45 CD % NN 30 CD to TO 44 CD days NNS ; : 8.25 CD % NN 45 CD to TO 74 CD days NNS ; : 8.30 CD % NN 75 CD to TO 99 CD days NNS ; : 7.75 CD % NN 100 CD to TO 179 CD days NNS ; : 7.50 CD % NN 180 CD to TO 270 CD days NNS . . COMMERCIAL JJ PAPER NN : : High-grade JJ unsecured JJ notes NNS sold VBN through IN dealers NNS by IN major JJ corporations NNS in IN multiples NNS of IN $ $ 1,000 CD : : 8.55 CD % NN 30 CD days NNS ; : 8.45 CD % NN 60 CD days NNS ; : 8.375 CD % NN 90 CD days NNS . . CERTIFICATES NNS OF IN DEPOSIT NN : : 8.05 CD % NN one CD month NN ; : 8.02 CD % NN two CD months NNS ; : 8 CD % NN three CD months NNS ; : 7.98 CD % NN six CD months NNS ; : 7.95 CD % NN one CD year NN . . Average JJ of IN top JJ rates NNS paid VBN by IN major JJ New NNP York NNP banks NNS on IN primary JJ new JJ issues NNS of IN negotiable JJ C.D.s NNS , , usually RB on IN amounts NNS of IN $ $ 1 CD million CD and CC more JJR . . The DT minimum JJ unit NN is VBZ $ $ 100,000 CD . . Typical JJ rates NNS in IN the DT secondary JJ market NN : : 8.53 CD % NN one CD month NN ; : 8.48 CD % NN three CD months NNS ; : 8.40 CD % NN six CD months NNS . . BANKERS NNS ACCEPTANCES NNS : : 8.42 CD % NN 30 CD days NNS ; : 8.30 CD % NN 60 CD days NNS ; : 8.28 CD % NN 90 CD days NNS ; : 8.15 CD % NN 120 CD days NNS ; : 8.05 CD % NN 150 CD days NNS ; : 7.95 CD % NN 180 CD days NNS . . Negotiable JJ , , bank-backed JJ business NN credit NN instruments NNS typically RB financing VBG an DT import NN order NN . . LONDON NNP LATE JJ EURODOLLARS NNS : : 8 CD 11\/16 CD % NN to TO 8 CD 9\/16 CD % NN one CD month NN ; : 8 CD 5\/8 CD % NN to TO 8 CD 1\/2 CD % NN two CD months NNS ; : 8 CD 5\/8 CD % NN to TO 8 CD 1\/2 CD % NN three CD months NNS ; : 8 CD 9\/16 CD % NN to TO 8 CD 7\/16 CD % NN four CD months NNS ; : 8 CD 1\/2 CD % NN to TO 8 CD 3\/8 CD % NN five CD months NNS ; : 8 CD 1\/2 CD % NN to TO 8 CD 3\/8 CD % NN six CD months NNS . . LONDON NNP INTERBANK NNP OFFERED VBN RATES NNS ( ( LIBOR NNP ) ) : : 8 CD 11\/16 CD % NN one CD month NN ; : 8 CD 11\/16 CD % NN three CD months NNS ; : 8 CD 1\/2 CD % NN six CD months NNS ; : 8 CD 1\/2 CD % NN one CD year NN . . The DT average NN of IN interbank NN offered VBN rates NNS for IN dollar NN deposits NNS in IN the DT London NNP market NN based VBN on IN quotations NNS at IN five CD major JJ banks NNS . . FOREIGN JJ PRIME JJ RATES NNS : : Canada NNP 13.50 CD % NN ; : Germany NNP 8.50 CD % NN ; : Japan NNP 4.875 CD % NN ; : Switzerland NN 8.50 CD % NN ; : Britain NNP 15 CD % NN . . These DT rate NN indications NNS are VBP n't RB directly RB comparable JJ ; : lending NN practices NNS vary VBP widely RB by IN location NN . . TREASURY NNP BILLS NNS : : Results NNS of IN the DT Monday NNP , , October NNP 16 CD , , 1989 CD , , auction NN of IN short-term JJ U.S. NNP government NN bills NNS , , sold VBN at IN a DT discount NN from IN face JJ value NN in IN units NNS of IN $ $ 10,000 CD to TO $ $ 1 CD million CD : : 7.37 CD % NN 13 CD weeks NNS ; : 7.42 CD % NN 26 CD weeks NNS . . FEDERAL NNP HOME NNP LOAN NNP MORTGAGE NNP CORP NNP . . ( ( Freddie NNP Mac NNP ) ) : : Posted VBN yields NNS on IN 30-year JJ mortgage NN commitments NNS for IN delivery NN within IN 30 CD days NN . . 9.88 CD % NN , , standard JJ conventional JJ fixed-rate JJ mortgages NNS ; : 7.875 CD % NN , , 2 CD % NN rate NN capped VBD one-year JJ adjustable JJ rate NN mortgages NNS . . Source NN : : Telerate NNP Systems NNPS Inc NNP . . FEDERAL NNP NATIONAL NNP MORTGAGE NNP ASSOCIATION NNP ( ( Fannie NNP Mae NNP ) ) : : Posted VBN yields NNS on IN 30 CD year NN mortgage NN commitments NNS for IN delivery NN within IN 30 CD days NNS ( ( priced VBN at IN par JJ ) ) 9.83 CD % NN , , standard JJ conventional JJ fixed-rate JJ mortgages NNS ; : 8.70 CD % NN , , 6\/2 CD rate NN capped VBD one-year JJ adjustable JJ rate NN mortgages NNS . . Source NN : : Telerate NNP Systems NNPS Inc NNP . . MERRILL NNP LYNCH NNP READY JJ ASSETS NNS TRUST NN : : 8.50 CD % NN . . Annualized VBN average JJ rate NN of IN return NN after IN expenses NNS for IN the DT past JJ 30 CD days NNS ; : not RB a DT forecast NN of IN future JJ returns NNS . . A DT grand JJ jury NN here RB indicted VBD Norton NNP Co. NNP 's POS former JJ director NN of IN advanced-ceramics NNS research NN , , charging VBG him PRP with IN interstate NN transportation NN of IN stolen VBN property NN . . Norton NNP and CC General NNP Electric NNP Co. NNP last JJ month NN filed VBD a DT lawsuit NN against IN the DT former JJ research NN manager NN , , Chien-Min NNP Sung NNP , , charging VBG him PRP with IN stealing VBG trade NN secrets NNS . . Mr. NNP Sung NNP formerly RB worked VBD at IN General NNP Electric NNP in IN research NN on IN synthetic JJ diamonds NNS . . The DT criminal JJ charges NNS brought VBN against IN him PRP involved VBN GE NNP technology NN , , according VBG the DT court NN documents NNS . . If IN convicted VBN , , he PRP could MD be VB imprisoned VBN for IN up IN to TO 10 CD years NNS and CC fined VBN $ $ 250,000 CD . . Mr. NNP Sung NNP could MD n't RB be VB reached VBN for IN comment NN . . He PRP earlier RB denied VBD the DT allegations NNS against IN him PRP in IN the DT lawsuit NN by IN Norton NNP and CC GE NNP . . Norton NNP makes VBZ sandpaper NN and CC other JJ abrasives NNS , , diamond NN tools NNS , , specialty JJ plastics NNS and CC ceramics NNS . . As IN the DT citizens NNS of IN San NNP Francisco NNP and CC surrounding VBG communities NNS began VBD assessing VBG the DT damage NN from IN Tuesday NNP 's POS devastating JJ earthquake NN , , NBC NNP News NNP began VBD assessing VBG the DT damage NN from IN what WP some DT said VBD was VBD a DT failure NN to TO provide VB comprehensive JJ coverage NN in IN the DT earthquake NN 's POS initial JJ moments NNS . . `` `` In IN terms NNS of IN coverage NN , , it PRP was VBD a DT disaster NN equal JJ to TO the DT earthquakes NNS , , '' '' said VBD Eric NNP Premner NNP , , president NN for IN broadcasting NN of IN King NNP Broadcasting NNP Co. NNP , , which WDT owns VBZ the DT NBC NNP affiliate NN in IN Seattle NNP , , Wash NNP . . While IN rival JJ ABC NNP News NNP outstripped VBD the DT competition NN in IN live JJ coverage NN of IN the DT event NN by IN sheer JJ luck NN -- : the DT network NN was VBD broadcasting VBG the DT World NNP Series NNP from IN Candlestick NNP Park NNP when WRB the DT quake NN struck VBD -- : NBC NNP News NNP was VBD unable JJ to TO get VB its PRP$ signal NN out IN of IN San NNP Francisco NNP for IN the DT first JJ hour NN after IN the DT quake NN . . `` `` I PRP have VBP to TO attribute VB the DT lackluster JJ performance NN to TO a DT natural JJ disaster NN , , '' '' said VBD Mr. NNP Premner NNP . . `` `` So CC before IN I PRP start VBP to TO be VB really RB critical JJ of IN NBC NNP , , I PRP would MD like VB to TO know VB more JJR about IN what WP happened VBN . . '' '' There EX were VBD no DT complaints NNS from IN affiliates NNS of IN CBS NNP Inc. NNP and CC Cable NNP News NNP Network NNP , , a DT unit NN of IN Turner NNP Broadcasting NNP System NNP Inc NNP . . But CC that DT was VBD not RB the DT case NN at IN NBC NNP News NNP , , which WDT has VBZ been VBN dogged VBN with IN the DT image NN of IN not RB being VBG aggressive JJ on IN major JJ breaking JJ stories NNS . . Last JJ summer NN , , the DT affiliates NNS bitterly RB complained VBD to TO network VB executives NNS about IN the DT poor JJ coverage NN of IN the DT student NN uprising NN in IN China NNP . . `` `` I PRP was VBD not RB pleased VBN with IN the DT slow JJ start NN , , and CC neither DT was VBD NBC NNP News NNP , , '' '' said VBD Guy NNP Hempel NNP , , general JJ manager NN of IN NBC NNP affiliate NN WAVE NNP in IN Louisville NNP , , Ky NNP . . A DT spokesman NN for IN National NNP Broadcasting NNP Co. NNP , , a DT unit NN of IN General NNP Electric NNP Co. NNP , , said VBD the DT network NN was VBD `` `` looking VBG into IN what WP happened VBN . . '' '' The DT stations NNS said VBD they PRP were VBD pleased VBN with IN the DT extended JJ coverage NN yesterday NN , , including VBG a DT special JJ five-hour JJ edition NN of IN `` `` Today NNP . . '' '' Don NNP Browne NNP , , director NN of IN news NN at IN NBC NNP News NNP , , said VBD in IN an DT interview NN that IN `` `` we PRP could MD n't RB get VB a DT signal NN out IN of IN San NNP Francisco NNP . . We PRP were VBD out IN of IN the DT box NN . . It PRP was VBD horrible JJ . . The DT comment NN we PRP 're VBP hearing VBG is VBZ that IN we PRP were VBD slow JJ out IN of IN the DT box NN , , but CC beat VBD everyone NN else JJ in IN the DT stretch NN . . '' '' NBC NNP broadcast VBD throughout IN the DT entire JJ night NN and CC did VBD not RB go VB off IN the DT air NN until IN noon NN yesterday NN . . The DT quake NN postponed VBD the DT third JJ and CC fourth JJ games NNS of IN the DT World NNP Series NNP . . In IN place NN of IN the DT games NNS , , ABC NNP said VBD it PRP planned VBD to TO broadcast VB next JJ week NN 's POS episodes NNS of IN its PRP$ prime-time NN Wednesday NNP and CC Thursday NNP lineups NNS , , except IN for IN a DT one-hour JJ special NN on IN the DT earthquake NN at IN 10 CD p.m. RB last JJ night NN . . The DT series NN is VBZ scheduled VBN to TO resume VB Tuesday NNP evening NN in IN San NNP Francisco NNP . . `` `` There EX are VBP no DT commercials NNS to TO make VB up RP for IN since IN we PRP 're VBP going VBG to TO eventually RB broadcast VB the DT World NNP Series NNP , , '' '' said VBD a DT network NN spokesman NN . . Pinnacle NNP West NNP Capital NNP Corp. NNP said VBD it PRP suspended VBD indefinitely RB its PRP$ common JJ stock NN dividend NN and CC reported VBD a DT 91 CD % NN plunge NN in IN third-quarter JJ net JJ income NN . . The DT announcement NN , , made VBN after IN the DT close NN of IN trading NN , , caught VBD analysts NNS by RB surprise RB . . The DT company NN closed VBD at IN $ $ 12 CD a DT share NN , , down RB 62.5 CD cents NNS , , in IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP . . Pinnacle NNP West NNP slashed VBD its PRP$ quarterly JJ dividend NN to TO 40 CD cents NNS per IN share NN from IN 70 CD cents NNS in IN December NNP , , saying VBG at IN the DT time NN that IN it PRP believed VBD the DT new JJ , , lower JJR dividend NN was VBD `` `` sustainable JJ . . '' '' A DT company NN spokesman NN said VBD the DT decision NN to TO eliminate VB the DT dividend NN resulted VBN from IN a DT quarterly JJ appraisal NN and CC that IN circumstances NNS had VBD changed VBN since IN the DT December NNP announcement NN . . He PRP declined VBD to TO elaborate VB . . Edward NNP J. NNP Tirello NNP Jr. NNP , , an DT analyst NN at IN Shearson NNP Lehman NNP Hutton NNP Inc. NNP , , speculated VBD that IN the DT sudden JJ dividend NN elimination NN presages VBZ an DT expensive JJ agreement NN with IN thrift NN regulators NNS over IN the DT company NN 's POS insolvent JJ MeraBank NNP savings NNS and CC loan NN unit NN . . Analysts NNS have VBP estimated VBN that IN Pinnacle NNP West NNP may MD have VB to TO inject VB between IN $ $ 300 CD million CD and CC $ $ 400 CD million CD into IN the DT MeraBank NNP unit NN before IN turning VBG the DT thrift NN over RP to TO federal JJ regulators NNS . . The DT latest JJS financial JJ results NNS at IN the DT troubled JJ utility NN and CC thrift NN holding VBG company NN , , based VBN in IN Phoenix NNP , , Ariz. NNP , , reflect VBP continuing VBG problems NNS at IN MeraBank NNP and CC losses NNS in IN real-estate NN , , venture-capital NN and CC uranium-mining NN operations NNS . . Third-quarter JJ net JJ income NN slid VBD to TO $ $ 5.1 CD million CD , , or CC six CD cents NNS a DT share NN , , from IN $ $ 56 CD million CD , , or CC 65 CD cents NNS , , a DT year NN earlier RB . . Utility NN operations NNS , , the DT only JJ company NN unit NN operating VBG in IN the DT black JJ in IN the DT latest JJS period NN , , had VBD a DT 26 CD % NN drop NN in IN profit NN , , to TO $ $ 86.3 CD million CD , , largely RB as IN a DT result NN of IN outages NNS at IN the DT company NN 's POS huge JJ Palo NNP Verde NNP nuclear JJ facility NN and CC the DT cost NN of IN purchased JJ replacement NN power NN . . In IN other JJ operations NNS , , losses NNS at IN MeraBank NNP totaled VBN $ $ 85.7 CD million CD in IN the DT latest JJS quarter NN , , compared VBN with IN a DT $ $ 2.5 CD million CD profit NN a DT year NN earlier RB . . The DT latest JJS quarter NN includes VBZ a DT $ $ 42.7 CD million CD addition NN to TO loan-loss NN reserves NNS . . As RB recently RB as IN August NNP , , the DT company NN said VBD it PRP did VBD n't RB foresee VB a DT need NN for IN substantial JJ additions NNS to TO reserves NNS . . Pinnacle NNP 's POS SunCor NNP Development NNP Co NNP . . real-estate NN unit NN 's POS loss NN narrowed VBN to TO $ $ 13.8 CD million CD from IN $ $ 78.4 CD million CD . . The DT latest JJS period NN included VBD a DT $ $ 9 CD million CD write-down NN on IN undeveloped JJ land NN , , while IN the DT year-earlier JJ period NN included VBD a DT $ $ 46 CD million CD reserve NN for IN real-estate NN losses NNS . . Losses NNS at IN its PRP$ Malapai NNP Resources NNPS Co NNP . . uranium-mining NN unit NN narrowed VBN to TO $ $ 3.4 CD million CD from IN $ $ 18 CD million CD a DT year NN ago RB , , which WDT included VBD a DT $ $ 9 CD million CD write-down NN of IN utility NN inventories NNS . . Losses NNS at IN El NNP Dorado NNP Investment NNP Co. NNP , , the DT venture-capital NN operation NN , , widened VBN to TO $ $ 6.8 CD million CD from IN $ $ 425,000 CD a DT year NN earlier RB . . The DT latest JJS quarter NN included VBD a DT $ $ 6.6 CD million CD write-down NN of IN investments NNS . . Equitec NNP Financial NNP Group NNP said VBD it PRP will MD ask VB as RB many JJ as IN 100,000 CD investors NNS in IN 12 CD of IN its PRP$ public JJ real-estate NN limited JJ partnerships NNS to TO give VB approval NN to TO rolling VBG them PRP up RP into IN a DT new JJ master NN limited JJ partnership NN . . Under IN the DT proposal NN by IN Equitec NNP , , a DT financially RB troubled JJ real-estate NN syndicator NN , , New NNP York-based JJ Hallwood NNP Group NNP Inc. NNP would MD replace VB Equitec NNP as IN the DT newly RB formed JJ master NN limited JJ partnership NN 's POS general JJ partner NN and CC manager NN . . Shares NNS of IN the DT new JJ partnership NN would MD trade VB on IN an DT exchange NN like IN a DT stock NN . . Hallwood NNP is VBZ a DT merchant NN bank NN whose WP$ activities NNS include VBP the DT ownership NN , , management NN and CC financial JJ restructuring NN of IN shopping NN centers NNS , , office NN buildings NNS , , apartments NNS and CC other JJ real JJ estate NN . . In IN a DT statement NN , , Equitec NNP Chairman NNP Richard NNP L. NNP Saalfeld NNP said VBD the DT transfer NN will MD benefit VB both DT the DT company NN and CC investors NNS in IN the DT 12 CD limited JJ partnerships NNS included VBN in IN the DT proposed JJ rollup NN . . While IN he PRP did VBD n't RB describe VB the DT partnerships NNS ' POS financial JJ condition NN , , he PRP said VBD their PRP$ operations NNS `` `` continue VBP to TO drain VB the DT resources NNS of IN Equitec NNP . . '' '' Equitec NN posted VBD a DT $ $ 3.3 CD million CD net NN loss NN in IN the DT second JJ quarter NN on IN $ $ 11.8 CD million CD of IN revenue NN , , compared VBN with IN a DT net JJ loss NN of IN $ $ 12.9 CD million CD in IN the DT year-earlier JJ period NN on IN revenue NN of IN $ $ 9.1 CD million CD . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Equitec NNP closed VBD at IN $ $ 2.625 CD a DT share NN , , unchanged JJ . . Because IN of IN Tuesday NNP 's POS earthquake NN in IN Northern JJ California NNP , , company NN officials NNS could MD n't RB immediately RB be VB reached VBN for IN additional JJ comment NN . . A DT spokesman NN for IN Hallwood NNP said VBD the DT 12 CD limited JJ partnerships NNS , , which WDT were VBD marketed VBN by IN brokerage NN firms NNS and CC financial JJ planners NNS between IN 1979 CD and CC 1984 CD , , raised VBD several JJ hundred CD million CD dollars NNS from IN investors NNS . . With IN airline NN deals NNS in IN a DT tailspin NN , , legendary JJ Wall NNP Street NNP trader NN Michael NNP Steinhardt NNP could MD have VB trouble NN parachuting VBG out IN of IN USAir NNP Group NNP , , traders NNS say VBP . . Only RB a DT week NN ago RB , , when WRB airline NN buy-out NN fever NN was VBD already RB winding VBG down RB , , Mr. NNP Steinhardt NNP was VBD engaged VBN in IN a DT duel NN with IN USAir NNP . . He PRP was VBD threatening VBG to TO take VB over RP the DT carrier NN , , after IN spending VBG an DT estimated VBN $ $ 167 CD million CD to TO build VB an DT 8.4 CD % NN USAir NNP stake NN for IN his PRP$ investment NN clients NNS . . The DT would-be JJ raider NN even RB hired VBD an DT investment NN banker NN to TO give VB teeth NNS to TO his PRP$ takeover NN threat NN , , which WDT was VBD widely RB interpreted VBN as IN an DT effort NN to TO flush VB out RP an DT acquirer NN for IN USAir NNP , , or CC for IN his PRP$ own JJ stake NN . . In IN fighting VBG USAir NNP , , Mr. NNP Steinhardt NNP was VBD pitted VBN against IN another DT investor NN , , billionnaire NN Warren NNP Buffett NNP , , who WP bought VBD into IN USAir NNP to TO help VB fend VB off RP Mr. NNP Steinhardt NNP . . Mr. NNP Buffett NNP 's POS firm NN , , Berkshire NNP Hathaway NNP , , holds VBZ a DT much RB bigger JJR stake NN in IN the DT carrier NN than IN Mr. NNP Steinhardt NNP 's POS firm NN , , Steinhardt NNP Partners NNPS . . Now RB , , in IN the DT wake NN of IN UAL NNP 's POS troubles NNS in IN financing VBG its PRP$ buy-out NN , , the DT airline NN raiding NN game NN has VBZ been VBN grounded VBN . . Instead RB of IN hoping VBG to TO sell VB his PRP$ USAir NNP stake NN at IN analysts NNS ' POS estimated JJ buy-out NN price NN of IN $ $ 80 CD a DT share NN , , Mr. NNP Steinhardt NNP is VBZ stuck VBN with IN roughly RB 3.7 CD million CD USAir NNP shares NNS that WDT cost VBD him PRP $ $ 45 CD , , on IN average NN , , but CC yesterday NN closed VBD at IN 40 CD 1\/2 CD , , up IN 1\/4 CD , , in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN . . `` `` It PRP does VBZ n't RB make VB sense NN to TO parachute VB out RB at IN this DT price NN , , '' '' Mr. NNP Steinhardt NNP says VBZ , , though IN he PRP has VBZ stopped VBN his PRP$ takeover NN talk NN and CC now RB commends VBZ USAir NNP managers NNS ' POS `` `` operating NN skills NNS . . '' '' At IN the DT current JJ price NN , , the DT USAir NNP holding NN represents VBZ 9 CD % NN of IN all PDT the DT assets NNS that IN Mr. NNP Steinhardt NNP manages VBZ . . A DT week NN ago RB , , USAir NNP stock NN briefly RB soared VBD above IN 52 CD after IN a DT report NN in IN USA NNP Today NNP that IN Mr. NNP Steinhardt NNP might MD launch VB a DT hostile JJ bid NN for IN the DT carrier NN , , though IN takeover NN speculators NNS say VBP they PRP were VBD skeptical JJ . . `` `` If IN USAir NNP is VBZ worth JJ 80 CD as IN a DT takeover NN and CC the DT stock NN went VBD to TO 52 CD , , the DT market NN was VBD saying VBG Steinhardt NNP 's POS presence NN was VBD n't RB worth JJ anything NN , , in IN terms NNS of IN getting VBG a DT deal NN done VBN , , '' '' says VBZ a DT veteran JJ takeover NN speculator NN . . Traders NNS say VBP this DT all DT goes VBZ to TO show VB that IN even RB the DT smartest JJS money NN manager NN can MD get VB infected VBN with IN crowd NN passions NNS . . In IN trying VBG to TO raid VB USAir NNP , , Mr. NNP Steinhardt NNP abandoned VBD his PRP$ usual JJ role NN as IN a DT passive JJ investor NN , , and CC ran VBD into IN snags NNS . . Moreover RB , , unlike IN Mr. NNP Buffett NNP , , who WP often RB holds VBZ big JJ stakes NNS in IN companies NNS for IN years NNS , , Mr. NNP Steinhardt NNP has VBZ n't RB in IN the DT past NN done VBN much JJ long-term JJ investing NN . . Mr. NNP Steinhardt NNP , , who WP runs VBZ about IN $ $ 1.7 CD billion CD for IN Steinhardt NNP Partners NNPS , , made VBD his PRP$ name NN as IN a DT gunslinging VBG trader NN , , moving VBG in IN and CC out IN of IN stocks NNS with IN agility NN -- : enriching VBG himself PRP and CC his PRP$ investment NN clients NNS . . Meanwhile RB , , his PRP$ big JJ losses NNS , , for IN instance NN in IN 1987 CD 's POS crash NN , , generally RB have VB been VBN trading NN losses NNS . . So CC , , some DT see VB a DT special JJ irony NN in IN the DT fact NN that IN Mr. NNP Steinhardt NNP , , the DT trader NN , , now RB is VBZ encumbered VBN with IN a DT massive JJ , , illiquid JJ airline NN holding NN . . Analysts NNS say VBP USAir NNP stock NN might MD lose VB four CD or CC five CD points NNS if IN the DT Steinhardt NNP stake NN was VBD dumped VBN all DT at IN once RB . . As IN a DT result NN , , Mr. NNP Steinhardt NNP must MD reconcile VB himself PRP to TO selling VBG USAir NNP at IN a DT loss NN , , or CC to TO holding VBG the DT shares NNS as IN an DT old-fashioned JJ investment NN . . `` `` Long-term JJ investing NN -- : that DT 's VBZ not RB Steinhardt NNP 's POS style NN , , '' '' chuckles VBZ an DT investor NN who WP once RB worked VBD at IN Steinhardt NNP Partners NNPS . . `` `` He PRP does VBZ n't RB usually RB risk VB that IN much RB unless IN he PRP thinks VBZ he PRP has VBZ an DT ace NN in IN the DT hole NN , , '' '' adds VBZ another DT Steinhardt NNP Partners NNP alumnus NN . . In IN recent JJ days NNS , , traders NNS say VBP USAir NNP has VBZ been VBN buying VBG its PRP$ own JJ shares NNS , , as IN part NN of IN a DT program NN to TO retire VB about IN eight CD million CD USAir NNP shares NNS , , though IN the DT carrier NN wo MD n't RB discuss VB its PRP$ buy-back JJ program NN . . If IN USAir NNP stepped VBD up RP its PRP$ share NN purchases NNS , , that WDT might MD be VB a DT way NN for IN Mr. NNP Steinhardt NNP to TO get VB out RB , , says VBZ Timothy NNP Pettee NNP , , a DT Merrill NNP Lynch NNP analyst NN . . But CC USAir NNP might MD not RB want VB to TO help VB Mr. NNP Steinhardt NNP , , he PRP adds VBZ . . In IN 1987 CD , , USAir NNP Chairman NNP Edwin NNP Colodny NNP stonewalled VBD when WRB Trans NNP World NNP Airlines NNPS Chairman NNP Carl NNP Icahn NNP threatened VBD to TO take VB over RP the DT carrier NN . . Mr. NNP Icahn NNP , , a DT much RB more RBR practiced JJ raider NN than IN Mr. NNP Steinhardt NNP , , eventually RB sold VBD a DT big JJ USAir NNP stake NN at IN a DT tiny JJ profit NN through IN Bear NNP , , Stearns NNP . . Mr. NNP Steinhardt NNP also RB could MD take VB that DT route NN . . He PRP confers VBZ big JJ trading NN commissions NNS on IN Wall NNP Street NNP firms NNS . . However RB , , with IN airline NN stocks NNS cratering VBG , , he PRP might MD not RB get VB a DT very RB good JJ price NN for IN his PRP$ shares NNS , , traders NNS say VBP . . Especially RB galling JJ for IN Mr. NNP Steinhardt NNP , , say VBP people NNS close JJ to TO him PRP , , is VBZ that IN USAir NNP 's POS Mr. NNP Colodny NNP wo MD n't RB even RB take VB his PRP$ telephone NN calls NNS . . While IN USAir NNP is VBZ n't RB considered VBN absolutely RB takeover-proof JJ , , its PRP$ defenses NNS , , including VBG the DT sale NN in IN August NNP of IN a DT 12 CD % NN stake NN in IN the DT company NN to TO Mr. NNP Buffett NNP 's POS Berkshire NNP Hathaway NNP , , are VBP pretty RB strong JJ . . USAir NNP 's POS deal NN with IN Mr. NNP Buffett NNP `` `` was VBD n't RB exactly RB a DT shining VBG example NN of IN shareholder NN democracy NN , , '' '' Mr. NNP Steinhardt NNP says VBZ . . Since IN last JJ April NNP , , the DT investor NN has VBZ made VBN seven CD so-called JJ 13D CD filings NNS in IN USAir NNP , , as IN he PRP bought VBD and CC sold VBD the DT company NN 's POS stock NN . . Such JJ disclosures NNS of IN big JJ holdings NNS often RB are VBP used VBN by IN raiders NNS to TO try VB to TO scare VB a DT company NN 's POS managers NNS , , and CC to TO stir VB interest NN in IN the DT stock NN . . But CC of IN course NN it PRP would MD be VB highly RB unusual JJ for IN an DT investment NN fund NN such JJ as IN Steinhardt NNP Partners NNPS to TO take VB over RP a DT company NN . . USAir NNP and CC Mr. NNP Buffett NNP wo MD n't RB talk VB about IN Mr. NNP Steinhardt NNP at IN all DT . . Analysts NNS say VBP USAir NNP has VBZ great JJ promise NN . . By IN the DT second JJ half NN of IN 1990 CD , , USAir NNP stock NN could MD hit VB 60 CD , , says VBZ Helane NNP Becker NNP of IN Shearson NNP Lehman NNP Hutton NNP . . She PRP thinks VBZ traders NNS should MD buy VB the DT stock NN if IN it PRP tumbles VBZ to TO 35 CD . . But CC meanwhile RB , , USAir NN is VBZ expected VBN to TO show VB losses NNS or CC lackluster JJ profit NN for IN several JJ quarters NNS as IN it PRP tries VBZ to TO digest VB Piedmont NNP Airlines NNPS , , which WDT it PRP acquired VBD . . Moreover RB , , some DT investors NNS think VBP a DT recession NN or CC renewed VBN airfare NN wars NNS will MD pummel VB airline NN stocks NNS in IN coming VBG months NNS . . However RB , , Mr. NNP Steinhardt NNP says VBZ he PRP 's VBZ `` `` comfortable JJ holding VBG USAir NNP as IN an DT investment NN . . '' '' While IN he PRP has VBZ bought VBN and CC sold VBN some DT USAir NNP shares NNS in IN recent JJ days NNS , , he PRP says VBZ that IN contrary JJ to TO rumors NNS , , he PRP has VBZ n't RB tried VBN to TO unload VB his PRP$ holding NN . . Mr. NNP Steinhardt NNP adds VBZ that IN he PRP bought VBD USAir NNP stock NN earlier RB this DT year NN as IN `` `` part NN of IN a DT fundamental JJ investment NN in IN the DT airline NN group NN . . '' '' In IN 1989 CD , , Mr. NNP Steinhardt NNP says VBZ he PRP made VBD money NN trading VBG in RP Texas NNP Air NNP , , AMR NNP and CC UAL NNP . . Overall JJ , , his PRP$ investments NNS so RB far RB this DT year NN are VBP showing VBG gains NNS of IN about IN 20 CD % NN , , he PRP adds VBZ . . Does NNP Mr. NNP Steinhardt NNP regret VB his PRP$ incursion NN into IN the DT takeover-threat NN game NN ? . People NNS close RB to TO the DT investor NN say VBP that DT was VBD an DT experiment NN he PRP is VBZ unlikely JJ to TO repeat VB . . `` `` I PRP do VBP n't RB think VB you PRP 'll MD find VB I PRP 'm VBP making VBG a DT radical JJ change NN in IN my PRP$ traditional JJ investment NN style NN , , '' '' Mr. NNP Steinhardt NNP says VBZ . . Addington NNP Resources NNPS Inc. NNP said VBD it PRP called VBD for IN redemption NN on IN Nov. NNP 21 CD its PRP$ $ $ 25.8 CD million CD outstanding JJ of IN 8 CD % NN convertible JJ subordinated JJ debentures NNS due JJ 2013 CD . . The DT debentures NNS were VBD issued VBN in IN the DT face NN amount NN of IN $ $ 46 CD million CD on IN July NNP 11 CD , , 1988 CD , , the DT Ashland NNP , , Ky. NNP , , coal NN mining NN , , water NN transportation NN and CC construction NN company NN said VBD . . The DT company NN said VBD the DT redemption NN is VBZ permitted VBN because IN the DT price NN of IN Addington NNP 's POS stock NN has VBZ equaled VBN or CC exceeded VBN $ $ 19.60 CD for IN 20 CD consecutive JJ trading NN days NNS , , a DT condition NN set VBN in IN the DT terms NNS of IN the DT debentures NNS . . Debenture NN holders NNS are VBP expected VBN to TO convert VB most JJS of IN the DT debentures NNS into IN common JJ because IN the DT value NN of IN the DT stock NN received VBN in IN a DT conversion NN would MD exceed VB the DT $ $ 1,103.11 CD redemption NN price NN . . Commodore NNP International NNP Ltd. NNP said VBD it PRP will MD report VB a DT loss NN for IN the DT first JJ quarter NN ended VBN Sept. NNP 30 CD because IN sales NNS of IN personal JJ computers NNS for IN the DT home NN market NN remained VBD weak JJ in IN some DT major JJ countries NNS . . That DT will MD mark VB the DT second JJ consecutive JJ quarterly JJ loss NN for IN Commodore NNP and CC will MD raise VB additional JJ questions NNS about IN whether IN it PRP can MD sustain VB the DT turnaround NN it PRP had VBD seemed VBN to TO be VB engineering NN . . Commodore NNP , , West NNP Chester NNP , , Pa. NNP , , had VBD said VBN in IN August NNP that IN it PRP was VBD consolidating VBG manufacturing NN to TO cut VB costs NNS and CC expected VBN to TO be VB profitable JJ in IN the DT fiscal JJ first JJ quarter NN . . Commodore NNP said VBD that DT its PRP$ announcement NN is VBZ based VBN on IN preliminary JJ information NN and CC that IN the DT situation NN could MD look VB different JJ by IN the DT time NN final JJ results NNS are VBP announced VBN early JJ next JJ month NN . . In IN fact NN , , Commodore NNP 's POS fiscal JJ fourth-quarter JJ loss NN was VBD $ $ 2 CD million CD narrower JJR than IN Commodore NNP had VBD expected VBN a DT few JJ weeks NNS after IN the DT quarter NN closed VBD . . Still RB , , even RB results NNS approaching VBG break-even NN would MD mark VB a DT sharp JJ weakening NN compared VBN with IN fiscal JJ 1989 CD first-quarter JJ earnings NNS of IN $ $ 9.6 CD million CD , , or CC 30 CD cents NNS a DT share NN , , on IN sales NNS of IN $ $ 200.2 CD million CD . . Reflecting VBG concerns NNS about IN Commodore NNP 's POS outlook NN , , its PRP$ stock NN has VBZ plunged VBN more JJR than IN 50 CD % NN since IN May NNP , , closing VBG yesterday NN unchanged JJ at IN $ $ 8.875 CD a DT share NN in IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP . . The DT price NN can MD be VB expected VBN to TO erode VB further RBR , , because IN the DT loss NN estimate NN came VBD after IN the DT market NN closed VBD . . Commodore NNP has VBZ seemed VBN to TO be VB setting VBG the DT stage NN recently RB for IN progress NN in IN the DT U.S. NNP , , where WRB its PRP$ personal-computer NN sales NNS have VBP been VBN so RB dismal JJ for IN years NNS that IN Commodore NNP is VBZ close JJ to TO dropping VBG off RP research NN firms NNS ' POS market-share NN charts NNS . . Commodore NNP has VBZ assembled VBN an DT experienced JJ management NN team NN , , it PRP has VBZ persuaded VBN many JJ more JJR dealers NNS to TO carry VB its PRP$ products NNS and CC it PRP has VBZ unleashed VBN a DT slick JJ advertising NN campaign NN . . But CC those DT represent VBP long-term JJ strategies NNS that WDT probably RB wo MD n't RB succeed VB quickly RB , , even RB if IN they PRP turn VBP out RB to TO be VB the DT right JJ ones NNS . . In IN the DT meantime NN , , the DT strategies NNS will MD increase VB expenses NNS . . Commodore NNP had VBD been VBN counting VBG on IN its PRP$ consumer NN business NN to TO stay VB sufficiently RB healthy JJ to TO support VB its PRP$ efforts NNS in IN other JJ areas NNS -- : mainly RB in IN getting VBG schools NNS and CC businesses NNS to TO use VB its PRP$ Amiga NNP , , which WDT has VBZ slick JJ graphics NNS yet CC has VBZ been VBN slow JJ to TO catch VB on RB because IN it PRP is VBZ n't RB compatible JJ with IN Apple NNP Computer NNP Inc. NNP or CC International NNP Business NNP Machines NNP Corp. NNP hardware NN . . But CC sales NNS to TO consumers NNS have VBP become VBN difficult JJ during IN the DT past JJ several JJ months NNS , , even RB in IN West NNP Germany NNP , , which WDT has VBZ been VBN by IN far RB Commodore NNP 's POS strongest JJS market NN . . The DT Commodore NNP 64 CD and CC 128 CD , , mainly RB used VBN for IN children NNS 's POS educational JJ software NN and CC games NNS , , had VBD surprised VBN market NN researchers NNS by IN continuing VBG to TO produce VB strong JJ sales NNS even RB though IN other JJ low-profit JJ personal JJ computers NNS now RB operate VBP several JJ times NNS as RB fast RB and CC have VBP much JJ more JJR memory NN . . Commodore NNP has VBZ said VBD it PRP expects VBZ sales NNS to TO rebound VB , , but CC market NN researchers NNS have VBP said VBD that IN sales NNS of IN the DT low-end JJ products NNS may MD finally RB be VB trailing VBG off RB . . Stock NN prices NNS closed VBD slightly RB higher RBR in IN the DT first JJ routine JJ trading NN day NN since IN Friday NNP 's POS big JJ plunge NN . . Some DT issues NNS were VBD affected VBN by IN Tuesday NNP 's POS devastating JJ earthquake NN in IN the DT San NNP Francisco NNP area NN . . Activity NN continued VBD to TO slow VB from IN the DT hectic JJ pace NN set VBN during IN the DT market NN 's POS plunge NN late JJ Friday NNP and CC its PRP$ rebound NN Monday NNP , , as IN players NNS began VBD to TO set VB their PRP$ sights NNS on IN events NNS coming VBG later RB this DT week NN . . The DT Dow NNP Jones NNP Industrial NNP Average NNP drifted VBD through IN the DT session NN within IN a DT trading NN range NN of IN about IN 30 CD points NNS before IN closing VBG with IN a DT gain NN of IN 4.92 CD at IN 2643.65 CD . . Broader JJR averages NNS also RB posted VBD modest JJ gains NNS . . Standard NNP & CC Poor NNP 's POS 500-Stock NNP Index NNP rose VBD 0.60 CD to TO 341.76 CD , , the DT Dow NNP Jones NNP Equity NNP Market NNP Index NNP rose VBD 0.71 CD to TO 320.54 CD and CC the DT New NNP York NNP Stock NNP Exchange NNP Composite NNP Index NNP gained VBD 0.43 CD to TO 189.32 CD . . Some DT 822 CD New NNP York NNP Stock NNP Exchange NNP issues NNS advanced VBD in IN price NN , , while IN 668 CD declined VBD . . But CC the DT Dow NNP Jones NNP Transportation NNP Average NNP went VBD down RB for IN the DT seventh JJ consecutive JJ session NN , , due RB largely RB to TO further VB selling VBG in IN UAL NNP . . The DT average NN dropped VBD 6.40 CD to TO 1247.87 CD and CC has VBZ now RB lost VBN 21.7 CD % NN of IN its PRP$ value NN since IN the DT losing JJ streak NN began VBD Oct. NNP 10 CD . . Big NNP Board NNP volume NN dropped VBD to TO 166,900,000 CD shares NNS , , in IN line NN with IN the DT level NN of IN trading NN over IN the DT past JJ few JJ weeks NNS , , from IN 224.1 CD million CD Tuesday NNP . . Traders NNS cited VBD anticipation NN of IN the DT consumer NN price NN report NN for IN September NNP , , due JJ today NN , , and CC tomorrow NN 's POS expiration NN of IN October NNP stock-index NN futures NNS and CC options NNS as IN major JJ factors NNS in IN the DT slowdown NN . . In IN addition NN , , activity NN at IN a DT number NN of IN San NNP Francisco-based JJ brokerage NN houses NNS was VBD curtailed VBN as IN a DT result NN of IN the DT earthquake NN , , which WDT knocked VBD out RP power NN lines NNS and CC telephone NN service NN throughout IN the DT Bay NNP area NN . . Stocks NNS retreated VBD to TO session NN lows NNS just RB after IN the DT opening NN amid IN worries NNS about IN the DT market NN impact NN of IN the DT quake NN , , but CC quickly RB snapped VBD back RB to TO higher JJR levels NNS with IN the DT help NN of IN futures-related JJ program NN buying NN . . The DT early JJ move NN essentially RB established VBD the DT day NN 's POS trading NN range NN , , and CC traders NNS said VBD they PRP saw VBD little RB of IN the DT program NN activity NN that WDT has VBZ battered VBN the DT market NN recently RB . . `` `` I PRP did VBD n't RB expect VB it PRP to TO be VB this DT quiet NN . . I PRP expected VBD to TO see VB more JJR volatility NN as IN some DT of IN the DT institutions NNS who WP were VBD spooked VBN last JJ Friday NNP did VBD some DT selling NN , , '' '' said VBD Raymond NNP F. NNP DeVoe NNP , , a DT market NN strategist NN at IN Legg NNP Mason NNP Wood NNP Walker NNP , , Baltimore NNP . . Mr. NNP DeVoe NNP said VBD he PRP expects VBZ prices NNS to TO show VB some DT renewed JJ instability NN over IN the DT next JJ few JJ sessions NNS as IN institutions NNS re-evaluate VBP their PRP$ stance NN toward IN the DT market NN in IN light NN of IN its PRP$ decline NN . . `` `` I PRP would MD suspect VB that IN a DT lot NN of IN investment NN committees NNS are VBP looking VBG into IN whether IN ( ( they PRP ) ) want VBP to TO be VB in IN stocks NNS at IN all DT , , '' '' he PRP said VBD . . Insurance NN stocks NNS were VBD sold VBN at IN the DT opening NN amid IN concerns NNS about IN the DT level NN of IN damage NN claims NNS the DT companies NNS would MD receive VB as IN a DT result NN of IN the DT earthquake NN . . But CC those DT issues NNS recovered VBD quickly RB and CC turned VBD higher RBR because IN of IN expectations NNS that IN the DT quake NN and CC the DT recent JJ Hurricane NNP Hugo NNP would MD set VB the DT stage NN for IN an DT increase NN in IN premium NN rates NNS . . Issues NNS of IN insurance NN brokers NNS were VBD especially RB strong JJ . . Marsh NNP & CC McLennan NNP advanced VBD 3 CD 1\/8 CD to TO 75 CD 7\/8 CD , , Alexander NNP & CC Alexander NNP Services NNP climbed VBD 2 CD to TO 32 CD and CC Corroon NNP & CC Black NNP firmed VBD 1 CD 7\/8 CD to TO 37 CD 1\/2 CD . . Elsewhere RB in IN the DT group NN , , General NNP Re NNP rose VBD 2 CD 3\/4 CD to TO 86 CD 1\/2 CD , , American NNP International NNP Group NNP gained VBD 3 CD 1\/4 CD to TO 102 CD 5\/8 CD , , Aetna NNP Life NNP & CC Casualty NNP added VBD 2 CD 3\/8 CD to TO 59 CD 1\/2 CD and CC Cigna NNP advanced VBD 7\/8 CD to TO 62 CD 1\/2 CD . . Loews NNP , , the DT parent NN of IN CNA NNP Financial NNP , , rose VBD 1 CD 3\/8 CD to TO 123 CD 1\/8 CD . . Companies NNS in IN the DT construction NN , , engineering NN and CC building-products NNS sectors NNS were VBD among IN other JJ beneficiaries NNS of IN earthquake-related JJ buying NN . . The DT heavy-construction NN sector NN was VBD the DT session NN 's POS best JJS performer NN among IN Dow NNP Jones NNP industry NN groups NNS ; : Fluor NNP rose VBD 3\/4 CD to TO 33 CD 3\/8 CD , , Morrison NNP Knudsen NNP gained VBD 2 CD 1\/4 CD to TO 44 CD 1\/8 CD , , Foster NNP Wheeler NNP added VBD 3\/8 CD to TO 18 CD 1\/4 CD and CC Ameron NNP climbed VBD 2 CD 3\/8 CD to TO 39 CD 3\/4 CD . . Among IN engineering NN firms NNS , , CRS NNP Sirrine NNP rose VBD 5\/8 CD to TO 34 CD 1\/4 CD on IN the DT Big NNP Board NNP and CC four CD others NNS rallied VBD on IN the DT American NNP Stock NNP Exchange NNP : : Jacobs NNP Engineering NNP Group NNP , , which WDT gained VBD 1 CD 1\/8 CD to TO 25 CD 3\/8 CD , , Greiner NNP Engineering NNP , , which WDT rose VBD 3 CD 1\/2 CD to TO 22 CD 1\/2 CD ; : Michael NNP Baker NNP , , which WDT added VBD 1 CD 1\/4 CD to TO 15 CD 1\/4 CD , , and CC American NNP Science NNP & CC Engineering NNP , , up RB 1\/2 CD to TO 8 CD 1\/2 CD . . Within IN the DT building-materials NNS group NN , , Georgia-Pacific NNP climbed VBD 1 CD 1\/4 CD to TO 58 CD and CC Louisiana-Pacific NNP added VBD 1 CD to TO 40 CD 3\/4 CD after IN Merrill NNP Lynch NNP recommended VBD the DT forest-products NNS issues NNS . . CalMat NNP advanced VBN 2 CD 3\/4 CD to TO 28 CD 3\/4 CD , , Lone NNP Star NNP Industries NNPS gained VBD 1 CD 3\/4 CD to TO 29 CD 1\/4 CD , , Lafarge NNP rose VBD 1 CD to TO 19 CD 1\/2 CD , , Southdown NNP added VBD 5\/8 CD to TO 24 CD 5\/8 CD and CC Eljer NNP Industries NNPS rose VBD 1 CD 1\/4 CD to TO 24 CD 7\/8 CD . . Pacific NNP Gas NNP & CC Electric NNP fell VBD 3\/8 CD to TO 19 CD 5\/8 CD in IN Big NNP Board NNP composite JJ trading NN of IN 1.7 CD million CD shares NNS and CC Pacific NNP Telesis NNP Group NNP slipped VBD 5\/8 CD to TO 44 CD 5\/8 CD as IN the DT companies NNS worked VBD to TO restore VB service NN to TO areas NNS affected VBN by IN the DT quake NN . . Chevron NNP added VBD 1 CD to TO 65 CD . . The DT company NN , , based VBN in IN San NNP Francisco NNP , , said VBD it PRP had VBD to TO shut VB down RP a DT crude-oil NN pipeline NN in IN the DT Bay NNP area NN to TO check VB for IN leaks NNS but CC added VBD that DT its PRP$ refinery NN in IN nearby JJ Richmond NNP , , Calif. NNP , , was VBD undamaged JJ . . Other JJ companies NNS based VBN in IN the DT area NN include VB Hewlett-Packard NNP , , which WDT rose VBD 1\/4 CD to TO 49 CD ; : National NNP Semiconductor NNP , , which WDT went VBD up RB 1\/4 CD to TO 7 CD 5\/8 CD , , and CC Genentech NNP , , which WDT eased VBD 1\/4 CD to TO 19 CD 5\/8 CD . . None NN of IN the DT firms NNS reported VBD any DT major JJ damage NN to TO facilities NNS as IN a DT result NN of IN the DT quake NN . . BankAmerica NNP eased VBD 1\/2 CD to TO 31 CD 7\/8 CD and CC Wells NNP Fargo NNP lost VBD 1\/2 CD to TO 81 CD 1\/2 CD ; : the DT two CD bank NN holding NN companies NNS , , based VBN in IN San NNP Francisco NNP , , were VBD forced VBN to TO curtail VB some DT operations NNS due JJ to TO the DT temblor NN . . Among IN California NNP savings-and-loan NN stocks NNS , , H.F. NNP Ahmanson NNP eased VBD 3\/8 CD to TO 22 CD 1\/4 CD , , CalFed NNP slid VBD 3\/4 CD to TO 24 CD 1\/8 CD , , Great NNP Western NNP Financial NNP dropped VBD 1\/2 CD to TO 21 CD 1\/4 CD and CC Golden NNP West NNP Financial NNP fell VBD 5\/8 CD to TO 29 CD 1\/4 CD . . UAL NNP , , the DT parent NN company NN of IN United NNP Airlines NNPS , , swung VBD within IN a DT 14-point JJ range NN during IN the DT course NN of IN the DT session NN before IN closing VBG at IN 191 CD 3\/4 CD , , down RB 6 CD 1\/4 CD , , on IN 2.3 CD million CD shares NNS . . British NNP Airways NNPS , , a DT member NN of IN the DT group NN that WDT had VBD offered VBN $ $ 300 CD a DT share NN for IN UAL NNP in IN a DT leveraged JJ buy-out NN , , said VBD it PRP had VBD yet RB to TO receive VB a DT revised JJ proposal NN and CC it PRP was VBD `` `` in IN no DT way NN committed VBN '' '' to TO the DT completion NN of IN a DT bid NN . . Separately RB , , investor NN Marvin NNP Davis NNP withdrew VBD his PRP$ backup JJ $ $ 300-a-share JJ takeover NN offer NN . . While IN UAL NNP faltered VBD , , AMR NNP , , the DT parent NN of IN American NNP Airlines NNPS , , pulled VBD out RB of IN its PRP$ recent JJ nosedive JJ by IN rising VBG 3\/4 CD to TO 74 CD . . The DT stock NN had VBD been VBN on IN the DT decline NN since IN the DT financing NN for IN the DT UAL NNP buy-out NN fell VBD through RB on IN Friday NNP and CC developer NN Donald NNP Trump NNP subsequently RB withdrew VBD a DT takeover NN offer NN of IN $ $ 120 CD a DT share NN for IN AMR NNP . . Also RB , , AMR NNP was VBD the DT most RBS active JJ Big NNP Board NNP issue NN ; : 2.8 CD million CD shares NNS changed VBD hands NNS . . GTE NNP added VBD 1 CD 1\/4 CD to TO 65 CD 3\/8 CD . . PaineWebber NNP repeated VBD a DT buy JJ recommendation NN on IN the DT stock NN and CC raised VBD its PRP$ 1990 CD earnings NNS estimate NN by IN 35 CD cents NNS a DT share NN , , to TO $ $ 5.10 CD . . Colgate-Palmolive NNP advanced VBD 1 CD 5\/8 CD to TO 63 CD after IN saying VBG it PRP was VBD comfortable JJ with IN analysts NNS ' POS projections NNS that IN third-quarter JJ net JJ income NN from IN continuing VBG operations NNS would MD be VB between IN 95 CD cents NNS and CC $ $ 1.05 CD a DT share NN , , up RB from IN 69 CD cents NNS a DT year NN ago RB . . Springs NNPS Industries NNPS dropped VBD 1 CD 3\/8 CD to TO 36 CD . . Analysts NNS at IN several JJ brokerage NN firms NNS lowered VBD their PRP$ 1989 CD and CC 1990 CD earnings NNS estimates NNS on IN the DT company NN after IN its PRP$ third-quarter JJ results NNS proved VBD disappointing JJ . . Trinova NNP third-quarter JJ loss NN after IN a DT charge NN for IN a DT planned JJ restructuring NN , , which WDT will MD include VB the DT closing NN or CC downsizing NN of IN about IN 25 CD % NN of IN its PRP$ plants NNS and CC a DT work NN force NN cut NN of IN about IN 1,500 CD over IN three CD years NNS . . The DT Amex NNP Market NNP Value NNP Index NNP snapped VBD a DT five-session JJ losing NN streak NN by IN rising VBG 2.91 CD to TO 378.07 CD . . Volume NN totaled VBN 12,500,000 CD shares NNS . . Carnival NNP Cruise NNP Lines NNPS Class NN A NNP rose VBD 1 CD 1\/4 CD to TO 22 CD 3\/8 CD . . The DT company NN , , citing VBG market NN conditions NNS , , postponed VBD a DT $ $ 200 CD million CD debt NN offer NN . . Philip NNP Morris NNP Cos. NNP posted VBD a DT 20 CD % NN jump NN in IN third-quarter JJ profit NN on IN a DT 45 CD % NN revenue NN increase NN , , reflecting VBG strength NN in IN the DT company NN 's POS cigarette NN , , food NN and CC brewing NN businesses NNS . . Net JJ income NN rose VBD to TO $ $ 748 CD million CD , , or CC 81 CD cents NNS a DT share NN , , from IN the DT year-earlier JJ $ $ 621 CD million CD , , or CC 67 CD cents NNS a DT share NN . . Per-share JJ figures NNS have VBP been VBN adjusted VBN for IN a DT 4-for-1 JJ stock NN split NN paid VBN earlier RB this DT month NN . . The DT New NNP York-based JJ tobacco NN , , food NN and CC beer NN concern NN said VBD revenue NN increased VBN to TO $ $ 11.25 CD billion CD from IN $ $ 7.74 CD billion CD . . In IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , Philip NNP Morris NNP closed VBD at IN $ $ 43.375 CD , , up RB 12.5 CD cents NNS . . Philip NNP Morris NNP disclosed VBD little JJ detailed JJ information NN about IN performance NN by IN major JJ business NN lines NNS except VB to TO say VB that IN most JJS , , including VBG Philip NNP Morris NNP U.S.A. NNP , , Kraft NNP General NNP Foods NNPS and CC Miller NNP Brewing NNP Co. NNP , , posted VBD increased VBN revenues NNS . . For IN the DT nine CD months NNS , , net NN increased VBD 4.4 CD % NN to TO $ $ 2.08 CD billion CD , , or CC $ $ 2.25 CD a DT share NN , , from IN $ $ 2 CD billion CD , , which WDT included VBD $ $ 273 CD million CD reflecting VBG the DT effect NN of IN an DT accounting NN change NN . . Granges NNP Inc. NNP , , citing VBG depressed JJ gold NN prices NNS , , said VBD it PRP plans VBZ to TO suspend VB operations NNS for IN an DT indefinite JJ period NN at IN its PRP$ Tartan NNP gold NN mine NN in IN Manitoba NNP . . Granges NNS said VBD in IN Vancouver NNP , , British NNP Columbia NNP , , that IN the DT production NN halt NN will MD be VB phased VBN in RB over IN a DT 10-week JJ period NN . . Tartan NNP currently RB produces VBZ gold NN at IN a DT cash NN operating NN cost NN of IN $ $ 393 CD an DT ounce NN , , which WDT is VBZ high JJ by IN industry NN standards NNS and CC $ $ 25 CD or CC so RB above IN the DT current JJ spot NN price NN . . Granges NNP said VBD it PRP also RB plans VBZ in IN the DT third JJ quarter NN to TO write VB down RP the DT carrying NN value NN of IN the DT Tartan NNP mine NN by IN 2.5 CD million CD Canadian JJ dollars NNS ( ( US$ $ 2.12 CD million CD ) ) , , and CC to TO write VB off RP most JJS of IN the DT C$ $ 6.3 CD million CD carrying NN value NN of IN its PRP$ Windflower NNP gold NN property NN in IN British NNP Columbia NNP . . Granges NNS did VBD n't RB say VB what WDT impact NN the DT moves NNS would MD have VB on IN total JJ gold NN output NN or CC earnings NNS , , and CC company NN officials NNS were VBD n't RB available JJ . . Computer NNP Associates NNPS International NNP Inc. NNP , , Garden NNP City NNP , , N.Y. NNP , , and CC Digital NNP Equipment NNP Corp. NNP said VBD they PRP agreed VBD to TO jointly RB develop VB software NN to TO help VB manage VB Digital NNP 's POS Vax NNP computers NNS . . Computer NNP Associates NNPS has VBZ carved VBN out RP a DT huge JJ business NN selling VBG such JJ software NN for IN use NN in IN managing NN networks NNS of IN International NNP Business NNP Machines NNPS Corp. NNP computers NNS but CC needs VBZ to TO find VB new JJ markets NNS if IN it PRP is VBZ to TO maintain VB its PRP$ growth NN rate NN of IN 30 CD % NN and CC more JJR each DT year NN . . The DT market NN for IN system-management NN software NN for IN Digital NNP 's POS hardware NN is VBZ fragmented VBN enough RB that IN a DT giant NN such JJ as IN Computer NNP Associates NNPS should MD do VB well RB there RB . . At IN the DT same JJ time NN , , the DT market NN is VBZ smaller JJR than IN the DT market NN for IN IBM-compatible JJ software NN . . For IN one CD thing NN , , Digital NNP , , Maynard NNP , , Mass. NNP , , has VBZ sold VBN fewer JJR machines NNS . . In IN addition NN , , its PRP$ machines NNS are VBP typically RB easier JJR to TO operate VB , , so IN customers NNS require VBP less JJR assistance NN from IN software NN . . Wang NNP Laboratories NNPS Inc. NNP , , Lowell NNP , , Mass. NNP , , beset VBN by IN declining VBG demand NN for IN its PRP$ computers NNS , , reported VBD a DT $ $ 62.1 CD million CD , , 38-cents-a-share JJ loss NN in IN its PRP$ first JJ quarter NN ended VBN Sept. NNP 30 CD . . Revenue NN fell VBD 12.7 CD % NN to TO $ $ 596.8 CD million CD from IN $ $ 684 CD million CD , , although IN some DT of IN the DT decline NN was VBD caused VBN by IN discontinued JJ operations NNS . . Wang NNP had VBD previously RB forecast VBN a DT loss NN . . The DT company NN reiterated VBD that IN it PRP expects VBZ another DT loss NN in IN the DT second JJ quarter NN and CC for IN the DT full JJ year NN , , although IN it PRP expects VBZ a DT profitable JJ fourth JJ quarter NN . . A DT year NN ago RB , , Wang NNP had VBD earnings NNS of IN $ $ 13.1 CD million CD , , or CC eight CD cents NNS a DT share NN , , in IN its PRP$ first JJ quarter NN , , including VBG a DT $ $ 3.1 CD million CD loss NN from IN discontinued JJ operations NNS . . The DT latest JJS period NN loss NN included VBD a DT $ $ 12.9 CD pretax JJ charge NN for IN severance NN payments NNS . . Dayton NNP Hudson NNP Corp. NNP said VBD it PRP accepted VBD for IN purchase NN seven CD million CD common JJ shares NNS at IN $ $ 62.875 CD each DT , , under IN the DT terms NNS of IN a DT Dutch JJ auction NN self-tender JJ offer NN . . The DT offer NN expired VBD at IN 12:01 CD a.m. RB yesterday NN . . In IN a DT Dutch JJ auction NN , , the DT buyer NN sets VBZ a DT price NN range NN and CC holders NNS give VBP a DT price NN in IN that DT range NN at IN which WDT they PRP 're VBP willing JJ to TO sell VB their PRP$ shares NNS . . The DT buyer NN then RB picks VBZ a DT price NN and CC buys VBZ shares NNS at IN that DT price NN from IN holders NNS who WP offered VBD to TO sell VB at IN that DT price NN or CC lower JJR . . Dayton NNP Hudson NNP 's POS repurchase NN offer NN , , representing VBG about IN 9 CD % NN of IN its PRP$ common JJ shares NNS outstanding JJ , , had VBD established VBN a DT range NN of IN between IN $ $ 60 CD and CC $ $ 65 CD for IN the DT buy-back NN . . Dayton NNP Hudson NNP said VBD it PRP accepted VBD all DT odd-lot JJ shares NNS tendered VBN at IN or CC below IN the DT final JJ $ $ 62.875 CD price NN ; : the DT preliminary JJ proration NN factor NN for IN other JJ shares NNS tendered VBN at IN or CC below IN the DT final JJ price NN is VBZ 98 CD % NN . . The DT Minneapolis-based JJ retailer NN said VBD it PRP expects VBZ to TO pay VB for IN the DT seven CD million CD shares NNS next IN Thursday NNP . . Tendered JJ shares NNS not RB purchased VBN will MD be VB returned VBN to TO holders NNS . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Dayton NNP rose VBD $ $ 1 CD to TO $ $ 61.125 CD . . Continental NNP Bank NNP Corp. NNP 's POS third-quarter JJ net JJ income NN slipped VBD 11 CD % NN despite IN a DT big JJ gain NN from IN the DT sale NN of IN the DT company NN 's POS London NNP headquarters NN building NN . . The DT $ $ 55 CD million CD gain NN on IN the DT sale NN was VBD offset VBN by IN lower JJR interest NN income NN , , poorer JJR results NNS from IN foreign-exchange JJ trading NN and CC a DT $ $ 9 CD million CD loss NN on IN the DT sale NN of IN a DT unit NN , , Securities NNPS Settlement NNP Corp NNP . . Chicago-based JJ Continental NNP earned VBD $ $ 65.2 CD million CD , , or CC $ $ 1.04 CD a DT share NN , , compared VBN with IN $ $ 73.6 CD million CD , , or CC $ $ 1.19 CD a DT share NN , , a DT year NN earlier RB . . The DT 1988 CD quarter NN also RB included VBD one-time JJ gains NNS totaling VBG about IN $ $ 35 CD million CD . . The DT bank NN , , which WDT has VBZ loss NN reserves NNS equal JJ to TO about IN half NN its PRP$ long-term JJ and CC medium-term JJ loans NNS to TO less-developed JJR nations NNS , , said VBD it PRP does VBZ n't RB think VB additional JJ reserves NNS are VBP required VBN . . Enron NNP Corp. NNP said VBD a DT subsidiary NN and CC two CD United NNP Kingdom NNP firms NNS are VBP studying VBG the DT feasibility NN of IN constructing VBG a DT 1,500 CD megawatt NN gas-fired JJ power NN plant NN in IN northern JJ England NNP as IN an DT outgrowth NN of IN the DT government NN 's POS privatization NN program NN . . Enron NNP Power NNP Corp. NNP , , a DT unit NN of IN the DT Houston NNP natural JJ gas NN pipeline NN company NN , , would MD design VB , , construct VB and CC run VB the DT plant NN . . Gas NN to TO fuel VB it PRP would MD be VB piped VBN from IN the DT North NNP Sea NNP . . A DT subsidiary NN of IN Britain NNP 's POS Imperial NNP Chemical NNP Industries NNPS would MD buy VB electricity NN and CC steam NN from IN the DT proposed JJ station NN . . Surplus JJ power NN would MD be VB sold VBN on IN the DT open JJ market NN , , Enron NNP said VBD . . Also RB participating VBG in IN the DT study NN , , Enron NNP said VBD , , is VBZ the DT National NNP Power NNP division NN of IN Britain NNP 's POS Central NNP Electricity NNP Generating NNP Board NNP . . Upon IN privatization NN , , National NNP Power NNP will MD be VB responsible JJ for IN 70 CD % NN of IN the DT country NN 's POS power NN generating NN business NN . . Viacom NNP Inc. NNP , , New NNP York NNP , , reported VBD that IN its PRP$ third-quarter JJ loss NN widened VBD to TO $ $ 21.7 CD million CD , , or CC 41 CD cents NNS a DT share NN , , primarily RB because IN of IN interest NN expense NN of IN $ $ 70.1 CD million CD . . A DT year NN ago RB , , Viacom NNP had VBD a DT net JJ loss NN of IN $ $ 56.9 CD million CD , , or CC $ $ 1.07 CD a DT share NN . . Interest NN expense NN in IN the DT 1988 CD third JJ quarter NN was VBD $ $ 75.3 CD million CD . . In IN the DT year-ago JJ quarter NN , , Viacom NNP also RB paid VBD preferred JJ stock NN dividends NNS of IN $ $ 17 CD million CD ; : Viacom NNP exchanged VBD its PRP$ preferred JJ stock NN for IN debt NN in IN March NNP . . The DT communications NNS and CC entertainment NN company NN said VBD revenue NN rose VBD to TO $ $ 345.5 CD million CD , , from IN $ $ 311.6 CD million CD . . Viacom NNP attributed VBD the DT improvement NN to TO higher JJR earnings NNS from IN operations NNS in IN its PRP$ networks NNS segment NN , , which WDT includes VBZ the DT MTV NNP and CC Showtime NNP networks NNS . . Viacom NNP said VBD it PRP also RB restructured VBD bank NN debt NN under IN a DT $ $ 1.5 CD billion CD unsecured JJ bank NN agreement NN that WDT offers VBZ significant JJ interest NN rate NN savings NNS . . Sumner NNP M. NNP Redstone NNP , , Viacom NNP 's POS chairman NN , , said VBD Viacom NNP `` `` emerged VBD from IN our PRP$ leveraged JJ buy-out NN structure NN and CC gained VBD substantial JJ operating NN and CC financial JJ flexibility NN through IN '' '' the DT bank NN pact NN . . Trinova NNP Corp. NNP , , Maumee NNP , , Ohio NNP , , said VBD it PRP is VBZ launching VBG an DT extensive JJ restructuring NN of IN its PRP$ core NN business NN , , and CC took VBD a DT charge NN that WDT resulted VBD in IN a DT loss NN of IN $ $ 29.7 CD million CD , , or CC 87 CD cents NNS a DT share NN , , for IN the DT third JJ quarter NN . . Trinova NNP said VBD it PRP will MD close VB , , move VB or CC overhaul VB 40 CD of IN its PRP$ 170 CD manufacturing NN facilities NNS and CC over IN the DT next JJ three CD years NNS cut VB 1,500 CD jobs NNS from IN its PRP$ current JJ world-wide JJ payroll NN of IN 22,300 CD employees NNS . . Most JJS of IN the DT factory NN closings NNS and CC job NN cutbacks NNS will MD affect VB Trinova NNP 's POS Aeroquip NNP operations NNS , , which WDT manufacture VBP automotive JJ plastics NNS , , hoses NNS and CC other JJ industrial JJ and CC automotive JJ parts NNS . . Hoses NNS and CC plastics NNS together RB account VBP for IN about IN 42 CD % NN of IN Trinova NNP 's POS total JJ annual JJ sales NNS . . In IN a DT separate JJ announcement NN , , Trinova NNP said VBD the DT Aeroquip NNP group NN has VBZ agreed VBN to TO sell VB its PRP$ spring-brake NN , , piston-brake NN and CC related JJ businesses NNS to TO Midland NNP Brake NNP Inc. NNP of IN Branford NNP , , Conn NNP . . Terms NNS were VBD n't RB disclosed VBN . . To TO provide VB for IN the DT restructuring NN 's POS costs NNS , , Trinova NNP said VBD it PRP took VBD an DT after-tax JJ charge NN of IN $ $ 38.5 CD million CD , , or CC $ $ 1.13 CD a DT share NN , , in IN the DT third JJ quarter NN . . The DT $ $ 29.7 CD million CD net JJ loss NN compares VBZ with IN net JJ income NN of IN $ $ 19.6 CD million CD , , or CC 57 CD cents NNS a DT share NN , , a DT year NN earlier RB . . Sales NNS rose VBD 8 CD % NN to TO $ $ 456.2 CD million CD from IN $ $ 422 CD million CD . . Trinova NNP closed VBD at IN $ $ 25 CD , , down RB $ $ 1 CD , , in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN . . A DT group NN of IN investors NNS , , including VBG Giancarlo NNP Parretti NNP 's POS Pathe NNP Communications NNP Corp. NNP and CC Sasea NNP Holding NNP S.A. NNP , , have VBP agreed VBN to TO buy VB 76.66 CD % NN of IN Odeon NNP Finanziaria NNP , , a DT financially RB troubled JJ Italian JJ TV NN station NN . . Florio NNP Fiorini NNP , , managing NN director NN of IN Geneva-based JJ Sasea NNP , , said VBD the DT investors NNS would MD pay VB only RB a DT symbolic JJ one CD lira NN for IN the DT station NN , , `` `` but CC we PRP have VBP agreed VBD to TO raise VB the DT capital NN that WDT will MD enable VB the DT company NN to TO continue VB operating VBG . . It PRP 's VBZ sort NN of IN a DT Chapter NN 11 CD situation NN , , '' '' he PRP added VBD , , referring VBG to TO the DT U.S. NNP bankruptcy NN law NN that WDT protects VBZ companies NNS from IN creditors NNS while IN they PRP restructure VBP . . Milan-based JJ Odeon NNP , , which WDT draws VBZ about IN 3 CD % NN of IN Italian JJ TV NN viewers NNS , , has VBZ debt NN of IN 250 CD billion CD lire NNS ( ( $ $ 181.9 CD million CD ) ) , , Mr. NNP Fiorini NNP said VBD . . He PRP added VBD that IN details NNS of IN the DT recapitalization NN still RB have VBP to TO be VB worked VBN out RB , , but CC that DT Pathe NNP will MD take VB 50 CD % NN of IN Odeon NNP , , Rome NNP film NN producer NN Bruno NNP Lucisano NNP will MD take VB 10 CD % NN and CC the DT remaining VBG 16.66 CD % NN , , currently RB owned VBN by IN Sasea NNP , , will MD eventually RB be VB sold VBN to TO other JJ investors NNS . . Calisto NNP Tanzi NNP , , Odeon NNP 's POS owner NN , , will MD retain VB his PRP$ 23.34 CD % NN stake NN . . Italy NNP 's POS Supreme NNP Court NNP this DT year NN ordered VBD Parliament NNP to TO write VB a DT law NN that WDT will MD regulate VB media NNS ownership NN . . `` `` We PRP think VBP that IN it PRP 's VBZ going VBG to TO be VB far RB more RBR favorable JJ to TO own VB a DT station NN before IN the DT law NN is VBZ passed VBN than IN to TO try VB to TO buy VB one NN afterward RB , , '' '' Mr. NNP Fiorini NNP said VBD . . San NNP Francisco NNP area NN officials NNS gave VBD the DT media NNS high JJ marks NNS for IN helping VBG people NNS find VB shelter NN and CC obtain VB emergency NN information NN after IN Tuesday NNP 's POS catastrophic JJ earthquake NN . . `` `` The DT press NN has VBZ been VBN doing VBG an DT excellent JJ job NN . . They PRP are VBP telling VBG people NNS what WDT roads NNS are VBP closed JJ and CC just RB keeping VBG the DT public NN informed JJ has VBZ helped VBN to TO keep VB the DT panic NN down RP , , '' '' said VBD James NNP Ball NNP , , a DT station NN supervisor NN at IN Daly NNP City NNP Police NNP Department NNP . . Mr. NNP Ball NNP noted VBD that IN television NN stations NNS featured VBD people NNS holding VBG up RP phone NN books NNS , , explaining VBG where WRB to TO call VB for IN help NN . . Radio NN stations NNS provided VBD an DT emergency NN number NN for IN people NNS who WP smelled VBD gas NN but CC did VBD n't RB know VB how WRB to TO turn VB off RP their PRP$ gas NN supply NN . . Kim NNP Schwartz NNP , , a DT spokesperson NN for IN the DT American NNP Red NNP Cross NNP in IN Los NNP Angeles NNP , , said VBD television NN and CC radio NN stations NNS in IN San NNP Francisco NNP played VBD a DT `` `` very RB positive JJ role NN '' '' by IN providing VBG the DT address NN of IN 28 CD shelters NNS of IN the DT Red NNP Cross NNP and CC by IN giving VBG out RP the DT Red NNP Cross NNP number NN for IN contributions NNS to TO help VB earthquake NN victims NNS ( ( 1-800-453-9000 CD ) ) . . The DT San NNP Francisco NNP Examiner NNP issued VBD a DT special JJ edition NN around IN noon NN yesterday NN that WDT was VBD filled VBN entirely RB with IN earthquake NN news NN and CC information NN . . The DT Examiner NNP and CC the DT San NNP Francisco NNP Chronicle NNP were VBD able JJ to TO publish VB despite IN Tuesday NNP 's POS quake NN , , which WDT occurred VBD close RB to TO deadline NN for IN many JJ newspapers NNS . . Sterling NNP Software NNP Inc. NNP said VBD it PRP lost VBD its PRP$ bid NN to TO supply VB software NN services NNS to TO the DT National NNP Aeronautics NNP and CC Space NNP Administration NNP 's POS Ames NNP Research NNP Center NNP at IN Moffett NNP Field NNP , , Calif NNP . . Sterling NNP , , which WDT estimated VBD the DT value NN of IN the DT contract NN at IN $ $ 150 CD million CD , , said VBD NASA NNP selected VBD another DT bidder NN for IN final JJ negotiations NNS . . In IN 1988 CD , , Dallas-based JJ Sterling NNP protested VBD a DT similar JJ decision NN by IN NASA NNP involving VBG the DT same JJ contract NN , , claiming VBG it PRP had VBD submitted VBN the DT lowest JJS bid NN . . As IN a DT result NN , , last JJ March NNP the DT General NNP Services NNPS Administration NNP board NN of IN contract NN appeals NNS directed VBD NASA NNP to TO reopen VB negotiations NNS on IN the DT contract NN . . Sterling NNP said VBD it PRP had VBD requested VBN a DT briefing NN by IN NASA NNP but CC had VBD not RB decided VBN whether IN to TO protest VB the DT agency NN 's POS latest JJS decision NN . . Consolidated NNP Rail NNP Corp. NNP , , New NNP York NNP , , reported VBD that IN third-quarter JJ net JJ income NN climbed VBD 4.8 CD % NN to TO $ $ 87 CD million CD , , or CC $ $ 1.27 CD a DT share NN , , exceeding VBG analysts NNS ' POS expectations NNS . . In IN the DT year-earlier JJ quarter NN , , the DT freight NN railroad NN earned VBD $ $ 83 CD million CD , , or CC $ $ 1.21 CD a DT share NN . . James NNP A. NN Hagen NNP , , chairman NN and CC chief JJ executive NN officer NN , , noted VBD that IN earnings NNS advanced VBD `` `` in IN the DT face NN of IN a DT drop NN in IN business NN , , brought VBN on RP by IN the DT general JJ economic JJ slowdown NN . . '' '' Revenue NN slipped VBD 4.6 CD % NN to TO $ $ 835 CD million CD from IN $ $ 876 CD million CD . . For IN the DT rest NN of IN 1989 CD , , Mr. NNP Hagen NNP said VBD , , Conrail NNP 's POS traffic NN and CC revenue NN `` `` will MD reflect VB the DT sluggish JJ economy NN , , but CC Conrail NNP will MD continue VB to TO take VB steps NNS to TO control VB and CC reduce VB costs NNS . . '' '' For IN the DT nine CD months NNS , , Conrail NNP earnings NNS grew VBD 0.4 CD % NN to TO $ $ 229 CD million CD , , or CC $ $ 3.34 CD a DT share NN , , from IN $ $ 228 CD million CD , , or CC $ $ 3.31 CD a DT share NN . . Revenue NNP was VBD flat JJ at IN $ $ 2.59 CD billion CD . . Georgia NNP Gulf NNP Corp. NNP , , hurt VBN by IN declining VBG sales NNS and CC falling VBG chemical NN prices NNS , , said VBD third-quarter JJ earnings NNS fell VBD 13 CD % NN to TO $ $ 46.1 CD million CD from IN $ $ 53.1 CD million CD in IN the DT year-earlier JJ period NN . . Sales NNS declined VBD 10 CD % NN to TO $ $ 251.2 CD million CD from IN $ $ 278.7 CD million CD . . The DT Atlanta-based JJ chemical NN manufacturer NN said VBD lower JJR prices NNS hurt VB margins NNS for IN most JJS products NNS . . `` `` We PRP did VBD see VB some DT relief NN in IN raw JJ material NN costs NNS , , but CC it PRP was VBD n't RB sufficient JJ to TO offset VB the DT drop NN in IN sales NNS prices NNS , , '' '' James NNP R. NNP Kuse NNP , , the DT company NN 's POS chairman NN and CC chief JJ executive NN officer NN said VBD in IN a DT statement NN . . On IN a DT per-share JJ basis NN , , quarterly JJ earnings NNS remained VBN at IN $ $ 1.85 CD , , the DT same JJ as IN last JJ year NN , , because IN of IN the DT company NN 's POS share NN buy-back NN program NN . . Georgia NNP Gulf NNP had VBD 24.9 CD million CD shares NNS outstanding JJ on IN average NN in IN the DT quarter NN , , compared VBN with IN 28.6 CD million CD in IN the DT third JJ quarter NN of IN 1988 CD , , adjusted VBN for IN a DT stock NN split NN paid VBN in IN January NNP 1989 CD . . In IN composite JJ New NNP York NNP Stock NNP Exchange NNP trading NN , , stock NN in IN Georgia NNP Gulf NNP , , which WDT has VBZ been VBN mentioned VBN as IN a DT takeover NN candidate NN , , rose VBD $ $ 2.125 CD a DT share NN to TO close VB at IN $ $ 46.125 CD . . This DT temblor-prone JJ city NN dispatched VBD inspectors NNS , , firefighters NNS and CC other JJ earthquake-trained JJ personnel NNS to TO aid VB San NNP Francisco NNP . . But CC a DT secondary JJ agenda NN among IN officials NNS in IN the DT City NNP of IN Angels NNPS was VBD to TO learn VB about IN the DT disaster-contingency NN plans NNS that WDT work VBP and CC those DT that WDT do VBP n't RB . . Los NNP Angeles NNP Mayor NNP Tom NNP Bradley NNP used VBD the DT opportunity NN to TO push VB the DT City NNP Council NNP harder RBR to TO pass VB a DT measure NN establishing VBG a DT loss-recovery JJ reserve NN of IN $ $ 100 CD million CD . . The DT amount NN would MD help VB Los NNP Angeles NNP cope VB in IN the DT first JJ few JJ weeks NNS after IN its PRP$ own JJ anticipated JJ quake NN , , while IN waiting VBG for IN federal JJ assistance NN to TO arrive VB . . After IN San NNP Francisco NNP Mayor NNP Art NNP Agnos NNP spoke VBD on IN television NN of IN the DT need NN for IN building NN inspectors NNS to TO check VB the DT soundness NN of IN buildings NNS , , Los NNP Angeles NNP dispatched VBD 32 CD inspectors NNS to TO help VB . . And CC the DT county NN of IN Los NNP Angeles NNP placed VBD its PRP$ firefighters NNS and CC sheriffs NNS on IN alert JJ , , ready JJ to TO send VB in IN reinforcements NNS , , and CC alerted VBD San NNP Francisco NNP that IN the DT city NN has VBZ 1,000 CD hospital NN beds NNS at IN its PRP$ disposal NN . . Two CD Los NNP Angeles NNP radio NN stations NNS initiated VBD Red NNP Cross NNP donation NN campaigns NNS , , and CC one CD Los NNP Angeles NNP bank NN manager NN forked VBD over RP $ $ 150,000 CD of IN his PRP$ own JJ money NN for IN relief NN purposes NNS , , the DT Red NNP Cross NNP said VBD . . The DT Los NNP Angeles NNP Red NNP Cross NNP sent VBD 2,480 CD cots NNS , , 500 CD blankets NNS , , and CC 300 CD pints NNS of IN Type-O JJ blood NN . . It PRP is VBZ also RB pulling VBG 20 CD people NNS out IN of IN Puerto NNP Rico NNP , , who WP were VBD helping VBG Huricane NNP Hugo NNP victims NNS , , and CC sending VBG them PRP to TO San NNP Francisco NNP instead RB . . The DT Arizona NNP Corporations NNP Commission NNP authorized VBD an DT 11.5 CD % NN rate NN increase NN at IN Tucson NNP Electric NNP Power NNP Co. NNP , , substantially RB lower JJR than IN recommended VBN last JJ month NN by IN a DT commission NN hearing NN officer NN and CC barely RB half PDT the DT rise NN sought VBN by IN the DT utility NN . . The DT ruling NN follows VBZ a DT host NN of IN problems NNS at IN Tucson NNP Electric NNP , , including VBG major JJ write-downs NNS , , a DT 60 CD % NN slash NN in IN the DT common JJ stock NN dividend NN and CC the DT departure NN of IN former JJ Chairman NNP Einar NNP Greve NNP during IN a DT company NN investigation NN of IN his PRP$ stock NN sales NNS . . The DT Arizona NNP regulatory JJ ruling NN calls VBZ for IN $ $ 42 CD million CD in IN added JJ revenue NN yearly RB , , compared VBN with IN a DT $ $ 57 CD million CD boost NN proposed VBN by IN the DT commission NN hearing NN officer NN . . The DT company NN had VBD sought VBN increases NNS totaling VBG $ $ 80.3 CD million CD , , or CC 22 CD % NN . . The DT decision NN was VBD announced VBN after IN trading NN ended VBD . . Tucson NNP Electric NNP closed VBD at IN $ $ 20.875 CD a DT share NN , , down RB 25 CD cents NNS , , in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN . . A DT Tucson NNP Electric NNP spokesman NN said VBD the DT utility NN was VBD disappointed VBN by IN the DT commission NN 's POS decision NN and CC `` `` concerned JJ about IN the DT financial JJ integrity NN of IN the DT company NN . . South JJ Korean JJ President NNP Roh NNP Tae NNP Woo NNP , , brushing VBG aside RP suggestions NNS that IN the DT won NN be VB revalued VBN again RB , , said VBD the DT currency NN 's POS current JJ level NN against IN the DT dollar NN is VBZ `` `` appropriate JJ . . '' '' His PRP$ comments NNS , , made VBN in IN response NN to TO reporters NNS ' POS questions NNS at IN the DT National NNP Press NNP Club NNP here RB , , signaled VBD that IN Seoul NNP is VBZ resisting VBG U.S. NNP pressure NN for IN a DT further JJR rise NN in IN the DT currency NN 's POS value NN . . The DT U.S. NNP wants VBZ a DT higher JJR won NN to TO make VB South NNP Korea NNP 's POS exports NNS more RBR expensive JJ and CC help VB trim VB Seoul NNP 's POS trade NN surplus NN . . Many JJ South JJ Korean JJ business NN people NNS want VBP a DT devaluation NN instead RB , , arguing VBG that IN the DT won VBN 's POS recent JJ gains NNS already RB have VBP weakened VBN the DT country NN 's POS export NN performance NN . . Mr. NNP Roh NNP also RB said VBD South NNP Korea NNP is VBZ taking VBG steps NNS that WDT would MD free VB the DT won NN to TO respond VB to TO market NN forces NNS . . Seoul NNP has VBZ pointed VBN to TO its PRP$ lack NN of IN a DT foreign JJ exchange NN market NN as IN one CD reason NN the DT won NN 's POS value NN remains VBZ heavily RB controlled VBN . . Mr. NNP Roh NNP said VBD a DT U.S. NNP demand NN for IN the DT removal NN of IN South JJ Korean JJ import NN quotas NNS on IN beef NN will MD be VB resolved VBN `` `` satisfactorily RB '' '' but CC gave VBD no DT hint NN when WRB that DT will MD happen VB . . Speaking VBG to TO a DT joint JJ meeting NN of IN Congress NNP earlier RBR , , he PRP said VBD South NNP Korea NNP ca MD n't RB move VB quickly RB on IN such JJ agricultural JJ trade NN issues NNS `` `` without IN causing VBG political JJ and CC social JJ trauma NN . . Great NNP American NNP Bank NNP said VBD its PRP$ board NN approved VBD the DT formation NN of IN a DT holding NN company NN enabling VBG the DT savings NNS bank NN to TO pursue VB nontraditional JJ banking NN activities NNS under IN a DT new JJ federal JJ law NN . . The DT proposed JJ holding NN company NN 's POS primary JJ purpose NN would MD be VB to TO allow VB Great NNP American NNP to TO continue VB engaging JJ in IN real JJ estate NN development NN activities NNS , , it PRP said VBD . . Those DT activities NNS generated VBD $ $ 26.1 CD million CD in IN operating NN profit NN last JJ year NN . . But CC according VBG to TO Great NNP American NNP , , such JJ profits NNS do VBP n't RB count VB toward IN meeting VBG the DT San NNP Diego NNP savings NNS bank NN 's POS new JJ capitalization NN requirements NNS under IN 1989 CD federal JJ law NN . . The DT new JJ real JJ estate NN unit NN would MD have VB a DT separate JJ capital NN structure NN to TO comply VB with IN the DT law NN . . The DT proposed JJ holding NN company NN would MD also RB consolidate VB Great NNP American NNP Bank NNP in IN San NNP Diego NNP and CC its PRP$ Tucson NNP , , Ariz. NNP , , savings NNS bank NN into IN a DT single JJ , , federally RB chartered JJ institution NN in IN San NNP Diego NNP . . The DT consolidation NN is VBZ expected VBN to TO save VB $ $ 1 CD million CD a DT year NN in IN administrative JJ costs NNS , , a DT Great NNP American NNP spokesman NN said VBD . . Dale NNP Lang NNP , , who WP this DT week NN completed VBD the DT acquisition NN of IN the DT publisher NN of IN Ms. NNP and CC Sassy NNP , , is VBZ candid JJ about IN the DT challenge NN he PRP is VBZ taking VBG on RP . . Mr. NNP Lang NNP admits VBZ that DT Ms. NNP is VBZ `` `` in IN dire JJ straits NNS '' '' and CC that IN Sassy NNP needs VBZ big JJ promotional JJ dollars NNS to TO keep VB it PRP alive JJ . . But CC the DT 57-year-old JJ publisher NN has VBZ moved VBN quickly RB and CC boldly RB to TO deal VB with IN the DT magazines NNS ' POS problems NNS . . Last JJ Friday NNP , , he PRP told VBD the DT staff NN of IN Ms. NNP that IN the DT magazine NN in IN January NNP would MD begin VB publishing VBG without IN advertising NN . . Mr. NNP Lang NNP will MD do VB away RP with IN expensive JJ circulation NN drives VBZ , , not RB to TO mention VB sales NNS staff NN , , and CC attempt VB to TO publish VB the DT 17-year-old JJ magazine NN supported VBN by IN circulation NN revenue NN alone RB . . `` `` Any DT fool NN can MD publish VB a DT money-losing JJ magazine NN . . I PRP want VBP to TO publish VB one NN that WDT succeeds VBZ , , '' '' said VBD Mr. NNP Lang NNP . . `` `` For IN Ms. NNP , , it PRP 's VBZ time NN to TO publish VB for IN the DT reader NN , , not RB the DT advertiser NN . . '' '' As IN for IN Sassy NNP , , which WDT competes VBZ directly RB with IN News NNP Corp. NNP 's POS Seventeen NNP magazine NN , , Mr. NNP Lang NNP says VBZ that IN in IN the DT next JJ two CD years NNS he PRP will MD spend VB $ $ 6 CD million CD promoting VBG and CC improving VBG the DT magazine NN . . Though NNP Sassy NNP has VBZ grown VBN quickly RB since IN its PRP$ debut NN in IN March NNP 1988 CD , , it PRP has VBZ been VBN the DT target NN of IN conservative JJ lobbyists NNS and CC skittish JJ advertisers NNS who WP bristled VBD at IN its PRP$ frank JJ editorial JJ matter NN on IN teen-age JJ problems NNS . . Mr. NNP Lang NNP said VBD the DT former JJ Australian JJ owners NNS of IN Sassy NNP were VBD `` `` blind-sided JJ by IN the DT Moral NNP Majority NNP ... : . . Their PRP$ reaction NN was VBD to TO do VB nothing NN and CC ride VB it PRP out RP . . '' '' He PRP said VBD Sassy NNP will MD keep VB its PRP$ irreverent JJ tone NN , , but CC added VBD , , `` `` We PRP will MD keep VB a DT close JJ watch NN on IN the DT editorial JJ content NN of IN the DT magazine NN . . '' '' Sassy NNP already RB has VBZ recovered VBN ; : circulation NN has VBZ quickly RB passed VBN the DT 500,000 CD mark NN and CC advertising NN pages NNS have VBP stabilized VBN this DT year NN at IN more JJR than IN 300 CD . . What WP 's VBZ more JJR , , Mr. NNP Lang NNP says VBZ he PRP has VBZ what WP all DT publishers NNS wish VBP for IN : : a DT bona JJ fide JJ niche NN . . `` `` Seventeen NNP is VBZ written VBN more RBR for IN mothers NNS , , not RB their PRP$ daughters NNS , , '' '' said VBD Mr. NNP Lang NNP . . `` `` But CC Sassy NNP has VBZ a DT different JJ spirit NN . . It PRP gets VBZ more JJR mail NN in IN a DT month NN than IN McCall NNP 's POS got VBD in IN a DT year NN , , and CC it PRP 's VBZ not RB from IN mothers NNS . . I PRP feel VBP about IN Sassy NNP like IN I PRP did VBD about IN Working NNP Woman NNP 10 CD years NNS ago RB . . '' '' Mr. NNP Lang NNP took VBD on RP Ms. NNP and CC Sassy NNP with IN the DT acquisition NN of IN Matilda NNP Publications NNP Inc. NNP by IN his PRP$ newly RB formed VBN Lang NNP Communications NNP . . Lang NNP owns VBZ 70 CD % NN of IN Matilda NNP , , while IN Citicorp NNP owns VBZ the DT rest NN through IN its PRP$ Citicorp NNP Venture NNP Capital NNP Partners NNP . . Two CD weeks NNS ago RB , , Citicorp NNP and CC Mr. NNP Lang NNP pumped VBD $ $ 800,000 CD into IN Matilda NNP just RB to TO keep VB the DT doors NNS open JJ . . Industry NN observers NNS have VBP congratulated VBN Mr. NNP Lang NNP on IN what WP some DT call VB his PRP$ `` `` courageous JJ '' '' handling NN of IN Ms. NNP , , but CC his PRP$ track NN record NN in IN magazine NN publishing NN in IN general JJ has VBZ gotten VBN mixed JJ reviews NNS . . Besides IN Ms. NNP and CC Sassy NNP , , closely RB held VBN Lang NNP Communications NNP includes VBZ Success NNP , , a DT magazine NN for IN entrepreneurs NNS and CC small JJ businesses NNS , , and CC Working NNP Woman NNP and CC Working NNP Mother NNP , , two CD monthly JJ magazines NNS . . Working NNP Woman NNP , , with IN circulation NN near IN one CD million CD , , and CC Working NNP Mother NNP , , with IN 625,000 CD circulation NN , , are VBP legitimate JJ magazine NN success NN stories NNS . . The DT magazine NN Success NNP , , however RB , , was VBD for IN years NNS lackluster JJ and CC unfocused JJ . . Only RB recently RB has VBZ it PRP been VBN attractively RB redesigned VBN and CC its PRP$ editorial JJ product NN improved VBN . . Success NNP is VBZ expected VBN to TO gain VB at IN least JJS because IN of IN the DT recent JJ folding NN of IN rival JJ Venture NNP , , another DT magazine NN for IN growing VBG companies NNS . . Working NNP Woman NNP and CC Working NNP Mother NNP have VBP operated VBN as IN part NN of IN Working NNP Woman\/McCall NNP 's POS Group NNP , , a DT less-than-successful JJ joint JJ venture NN between IN Mr. NNP Lang NNP and CC Time NN Warner NNP Inc NNP . . The DT joint JJ venture NN is VBZ being VBG undone VBN , , with IN McCall NNP 's POS magazine NN being VBG sold VBN last JJ summer NN to TO the DT New NNP York NNP Times NNP Co. NNP 's POS Magazine NNP Group NNP for IN about RB $ $ 80 CD million CD , , and CC Time NN Warner NNP agreeing VBG to TO sell VB back RP its PRP$ 50 CD % NN interest NN in IN Working NNP Woman NNP and CC Working NNP Mother NNP to TO Mr. NNP Lang NNP . . Executives NNS at IN Time NNP Inc NNP . . Magazine NNP Co. NNP , , a DT subsidiary NN of IN Time NNP Warner NNP , , have VBP said VBN the DT joint JJ venture NN with IN Mr. NNP Lang NNP was VBD n't RB a DT good JJ one CD . . The DT venture NN , , formed VBN in IN 1986 CD , , was VBD supposed VBN to TO be VB Time NNP 's POS low-cost JJ , , safe JJ entry NN into IN women NNS 's POS magazines NNS . . Mr. NNP Lang NNP surprised VBD Time NNP soon RB after IN joining VBG forces NNS when WRB he PRP said VBD he PRP would MD negotiate VB rates NNS individually RB with IN advertisers NNS , , a DT practice NN common JJ in IN broadcasting NN but CC considered VBN taboo NN by IN magazine NN publishers NNS . . In IN addition NN , , McCall NNP 's POS put VBD in RP a DT less RBR than IN stellar JJ performance NN . . Until IN a DT recent JJ comeback NN , , it PRP saw VBD steep JJ losses NNS in IN ad NN pages NNS and CC circulation NN . . Time NNP executives NNS complained VBD about IN the DT shoddy JJ editorial JJ quality NN , , and CC in IN the DT end NN , , one CD Time NNP executive NN who WP asked VBD not RB to TO be VB identified VBN said VBD , , `` `` Frankly RB , , McCall NNP 's POS and CC the DT joint JJ venture NN were VBD an DT embarrassment NN . . '' '' Mr. NNP Lang NNP feels VBZ that DT Time NNP 's POS priorities NNS changed VBD . . `` `` Their PRP$ management NN changed VBD right RB after IN { ( the DT venture NN was VBD formed VBN } ) , , and CC I PRP do VBP n't RB think VB they PRP were VBD comfortable JJ getting VBG into IN the DT competitive JJ wars NNS of IN women NNS 's POS service NN magazines NNS . . '' '' Today NN , , Mr. NNP Lang NNP believes VBZ his PRP$ magazines NNS will MD offer VB what WP many JJ women NNS 's POS magazines NNS do VBP n't RB . . `` `` We PRP write VBP straight RB for IN women NNS on IN their PRP$ level NN , , '' '' he PRP said VBD . . `` `` We PRP do VBP n't RB have VB passive JJ readers NNS . . '' '' Mr. NNP Lang NNP points VBZ out RP that IN even RB Success NNP , , in IN part NN , , fits VBZ the DT company NN 's POS image NN , , since IN about RB 30 CD % NN of IN its PRP$ readership NN is VBZ female JJ . . Mr. NNP Lang NNP has VBZ named VBN Carol NNP Taber NNP , , 43 CD , , as IN group NN publisher NN of IN New NNP York-based JJ Lang NNP Communications NNP . . She PRP will MD oversee VB Working NNP Woman NNP , , Working NNP Mother NNP and CC Success NNP magazines NNS , , and CC retain VB her PRP post NN as IN publisher NN of IN Working NNP Woman NNP . . The DT sale NN price NN of IN McCall NNP 's POS -- : twice RB what WP Mr. NNP Lang NNP originally RB paid VBD for IN it PRP -- : will MD finance VB Lang NNP Communications NNP ' POS buy-back NN of IN Time NNP Warner NNP 's POS 50 CD % NN interest NN in IN Working NNP Woman NNP and CC Working NNP Mother NNP . . Mr. NNP Lang NNP says VBZ he PRP is VBZ n't RB scouting VBG new JJ acquisitions NNS , , at IN least JJS for IN now RB . . `` `` We PRP would MD have VB to TO go VB outside RB to TO banks NNS to TO get VB the DT money NN and CC I PRP am VBP not RB ready JJ to TO do VB that DT , , '' '' he PRP said VBD . . `` `` Besides RB , , we PRP have VBP enough NN on IN our PRP$ plate NN . . There EX is VBZ plenty NN of IN work NN to TO be VB done VBN on IN what WP we PRP have VBP . . Britain NNP 's POS Monopolies NNP and CC Mergers NNP Commission NNP Wednesday NNP cleared VBD Rhone-Poulenc NNP S.A. NNP 's POS purchase NN of IN a DT specialty NN bulk-chemical NN unit NN from IN Monsanto NNP Co. NNP , , saying VBG the DT purchase NN was VBD unlikely JJ to TO have VB any DT lasting JJ impact NN on IN U.K. NNP industrial JJ consumers NNS . . The DT commission NN , , which WDT was VBD asked VBN to TO study VB the DT deal NN by IN the DT Department NNP of IN Trade NNP and CC Industry NNP after IN its PRP$ announcement NN in IN February NNP , , said VBD the DT diversity NN of IN global JJ supply NN of IN chemicals NNS used VBN in IN making VBG analgesic JJ drugs NNS was VBD great JJ enough RB to TO offset VB the DT dominant JJ U.K. NNP market NN share NN Rhone-Poulenc NNP would MD gain VB through IN the DT acquisition NN . . The DT French NNP chemical NN giant NN would MD hold VB an DT 80 CD % NN share NN of IN the DT U.K. NNP market NN for IN salicylic JJ acid NN , , methyl NN salicylate NN and CC bulk JJ aspirin NN . . The DT commission NN found VBD that IN if IN the DT British JJ government NN attempted VBD to TO block VB the DT merger NN , , Rhone-Poulenc NNP would MD likely RB respond VB by IN closing VBG the DT salicylates NNS plant NN Monsanto NNP operates VBZ in IN Wales NNP , , removing VBG the DT matter NN from IN U.K. NNP jurisdiction NN . . Morrison NNP Knudsen NNP Corp. NNP posted VBD third-quarter JJ net JJ income NN of IN $ $ 7.9 CD million CD , , or CC 69 CD cents NNS a DT share NN , , continuing VBG a DT rebound NN from IN steep JJ year-ago JJ losses NNS . . In IN the DT third JJ quarter NN a DT year-earlier NN , , the DT construction NN and CC engineering NN concern NN posted VBD a DT loss NN of IN $ $ 51.2 CD million CD , , or CC $ $ 4.68 CD a DT share NN . . Revenue NN in IN the DT latest JJS quarter NN rose VBD 14 CD % NN to TO $ $ 589 CD million CD from IN $ $ 515.1 CD million CD . . In IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , Morrison NNP gained VBD $ $ 2.25 CD to TO $ $ 44.125 CD . . Morrison NNP said VBD the DT engineering NN and CC construction NN segment NN performed VBD well RB , , with IN the DT mining NN and CC MK-Ferguson NNP operations NNS making VBG important JJ contributions NNS . . Boise NNP , , Idaho-based JJ Morrison NNP had VBD losses NNS totaling VBG $ $ 186 CD million CD over IN the DT two CD years NNS ended VBN in IN December NNP , , but CC it PRP has VBZ surged VBN back RB to TO profitability NN as IN a DT result NN of IN cost-cutting NN and CC shedding NN of IN unprofitable JJ operations NNS . . In IN the DT nine CD months NNS , , the DT company NN 's POS net JJ income NN was VBD $ $ 21.5 CD million CD , , or CC $ $ 1.88 CD a DT share NN , , compared VBN with IN a DT year-earlier JJ loss NN of IN $ $ 97.8 CD million CD , , or CC $ $ 8.96 CD a DT share NN . . Revenue NN rose VBD 17 CD % NN to TO $ $ 1.62 CD billion CD from IN $ $ 1.39 CD billion CD . . The DT House NNP Ethics NNP Committee NNP officially RB cited VBD Rep. NNP Jim NNP Bates NNP ( ( D. NNP , , Calif NNP . . ) ) for IN sexually RB harassing VBG two CD female JJ employees NNS , , but CC did VBD n't RB recommend VB formal JJ disciplinary JJ action NN . . Rep. NNP Bates NNP said VBD he PRP accepted VBD the DT finding NN , , but CC one CD of IN the DT victims NNS , , Dorena NNP Bertussi NNP , , denounced VBD the DT ethics NNS panel NN 's POS action NN as IN `` `` absurd JJ . . '' '' Acting VBG more RBR than IN a DT year NN after IN Ms. NNP Bertussi NNP filed VBD a DT complaint NN , , the DT panel NN issued VBD a DT `` `` letter NN of IN reproval NN '' '' saying VBG Rep. NNP Bates NNP had VBD admitted VBN conduct NN that WDT violated VBD a DT House NNP rule NN forbidding VBG discrimination NN against IN employees NNS on IN account NN of IN their PRP$ sex NN . . It PRP ordered VBD Rep. NNP Bates NNP to TO write VB letters NNS of IN apology NN to TO Ms. NNP Bertussi NNP and CC to TO a DT second JJ complainant NN , , Karen NNP Dryden NNP . . Rep. NNP Bates NNP said VBD he PRP would MD write VB the DT letters NNS as IN ordered VBN . . `` `` I PRP accept VBP the DT resolution NN of IN the DT matter NN by IN the DT Ethics NNP Committee NNP , , '' '' he PRP said VBD . . The DT panel NN also RB warned VBD Rep. NNP Bates NNP that IN any DT further JJ violations NNS `` `` may MD result VB in IN a DT recommendation NN that IN disciplinary JJ action NN be VB considered VBN . . '' '' But CC Ms. NNP Bertussi NNP asked VBD , , `` `` Who WP in IN their PRP$ right JJ mind NN is VBZ going VBG to TO file VB another DT complaint NN with IN the DT Ethics NNP Committee NNP ? . '' '' Rep. NNP Bates NNP has VBZ publicly RB begged VBN for IN forgiveness NN from IN voters NNS and CC was VBD re-elected VBN with IN 60 CD % NN of IN the DT vote NN last JJ November NNP . . Mesa NNP Airlines NNP said VBD the DT takeover NN offer NN it PRP received VBD earlier RBR this DT week NN from IN StatesWest NNP Airlines NNP is VBZ for IN a DT combination NN of IN cash NN and CC securities NNS valued VBN by IN StatesWest NNP at IN $ $ 10 CD a DT Mesa NNP share NN . . Both DT companies NNS are VBP regional JJ carriers NNS in IN the DT Southwest NNP . . When WRB it PRP made VBD the DT offer NN , , StatesWest NNP declined VBD to TO disclose VB details NNS and CC asked VBD Mesa NNP to TO do VB the DT same JJ . . But CC Farmington NNP , , N.M.-based JJ Mesa NNP said VBD the DT offer NN was VBD for IN $ $ 7 CD in IN cash NN and CC unspecified JJ StatesWest NNP securities NNS valued VBN at IN $ $ 3 CD a DT share NN . . Based VBN on IN the DT number NN of IN Mesa NNP shares NNS outstanding JJ not RB already RB owned VBN by IN StatesWest NNP , , the DT proposed JJ takeover NN would MD have VB a DT value NN of IN about RB $ $ 15.3 CD million CD . . StatesWest NNP owns VBZ 7.25 CD % NN of IN Mesa NNP . . Last JJ week NN , , Mesa NNP rejected VBD a DT general JJ proposal NN from IN StatesWest JJS that IN the DT two CD carriers NNS combine VB . . In IN response NN to TO the DT specific JJ offer NN , , Gary NNP Risley NNP , , Mesa NNP vice NN president NN , , said VBD management NN will MD ask VB directors NNS to TO employ VB a DT financial JJ consultant NN to TO advise VB them PRP . . Hawker NNP Siddeley NNP Group NNP PLC NNP , , a DT U.K. NNP engineering NN company NN , , reported VBD a DT 16 CD % NN jump NN in IN pretax JJ profit NN for IN the DT six-month JJ period NN ending VBG June NNP 30 CD . . Pretax JJ profit NN rose VBD to TO # # 93.2 CD million CD ( ( $ $ 146.8 CD million CD ) ) from IN # # 80.6 CD million CD ( ( $ $ 127 CD million CD ) ) , , matching VBG analysts NNS ' POS expectations NNS , , which WDT ranged VBD from IN # # 90 CD million CD to TO # # 95 CD million CD . . Profit NN after IN taxes NNS and CC minority NN interests NNS increased VBD 16 CD % NN to TO # # 55.2 CD million CD from IN # # 47.6 CD million CD in IN the DT year-earlier JJ period NN , , while IN earnings NNS per IN share NN rose VBD 16 CD % NN to TO 27.9 CD pence NNS ( ( 44 CD cents NNS ) ) from IN 24.1 CD pence NNS ( ( 38 CD cents NNS ) ) . . Hawker NNP Siddeley NNP said VBD its PRP$ core JJ electrical JJ products NNS division NN enjoyed VBD strong JJ growth NN , , with IN a DT 20 CD % NN rise NN in IN operating NN profit NN during IN the DT period NN . . Fleet\/Norstar NNP Financial NNP Group NNP reported VBD a DT 12 CD % NN increase NN in IN net JJ income NN in IN the DT third JJ quarter NN , , led VBN by IN a DT 43 CD % NN gain NN in IN its PRP$ financial JJ services NNS group NN . . Fleet NNP 's POS net NN was VBD $ $ 96.4 CD million CD , , or CC 86 CD cents NNS a DT primary JJ share NN , , compared VBN with IN $ $ 85.8 CD million CD , , or CC 79 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . The DT Providence NNP , , R.I. NNP , , financial JJ services NNS group NN , , which WDT includes VBZ commercial-credit NN , , leasing NN and CC mortgage-banking NN operations NNS , , contributed VBD $ $ 30.6 CD million CD to TO net NN , , up RB from IN last JJ year NN 's POS $ $ 21.3 CD million CD . . Fleet NNP also RB noted VBD that IN , , unlike IN other JJ banking NN companies NNS in IN the DT Northeast NNP , , it PRP has VBZ been VBN only RB marginally RB hurt VBN by IN nonperforming JJ loans NNS that WDT have VBP resulted VBN from IN the DT slumping VBG regional JJ real JJ estate NN market NN . . Fleet NNP reported VBD nine-month JJ net NN of IN $ $ 279.0 CD million CD , , or CC $ $ 2.51 CD a DT primary JJ share NN , , up RB from IN $ $ 248.2 CD million CD , , or CC $ $ 2.28 CD a DT share NN , , a DT year NN earlier RBR . . Benj NNP . . Franklin NNP Federal NNP Savings NNP & CC Loan NNP Association NNP said VBD it PRP expects VBZ to TO post VB a DT third-quarter JJ net JJ loss NN of IN about RB $ $ 8 CD million CD , , or CC $ $ 1.04 CD a DT share NN , , as IN a DT result NN of IN adding VBG $ $ 11 CD million CD in IN loan-loss JJ reserves NNS . . The DT Portland NNP , , Ore. NNP , , thrift NN , , which WDT has VBZ $ $ 5.2 CD billion CD of IN assets NNS , , had VBD net JJ income NN in IN last JJ year NN 's POS third JJ quarter NN of IN $ $ 1.8 CD million CD , , or CC 23 CD cents NNS a DT share NN . . Franklin NNP said VBD it PRP expects VBZ to TO report VB earnings NNS for IN the DT latest JJS quarter NN next IN week NN . . The DT additional JJ reserves NNS relate VBP to TO possible JJ write-downs NNS of IN certain JJ assets NNS held VBN by IN Franklin NNP and CC its PRP$ subsidiaries NNS and CC the DT default NN of IN a DT bond NN in IN its PRP$ investment NN portfolio NN , , the DT thrift NN said VBD . . According VBG to TO a DT spokeswoman NN , , they PRP also RB relate VBP to TO changes NNS Franklin NNP will MD have VB to TO make VB in IN its PRP$ accounting NN procedures NNS to TO comply VB with IN new JJ federal JJ capitalization NN requirements NNS for IN thrifts NNS . . The DT company NN 's POS shares NNS closed VBD yesterday NN at IN $ $ 4.25 CD , , off RB 25 CD cents NNS , , in IN national JJ over-the-counter JJ trading NN . . Arkla NNP Inc. NNP said VBD that IN as IN part NN of IN a DT program NN to TO improve VB profitability NN it PRP will MD take VB a DT total NN of IN $ $ 189 CD million CD in IN after-tax JJ charges NNS by IN year NN end NN . . It PRP also RB announced VBD an DT initial JJ public JJ offering NN of IN 18 CD % NN of IN its PRP$ gas NN exploration NN and CC production NN subsidiary NN . . The DT Shreveport NNP , , La. NNP , , natural JJ gas NN company NN said VBD the DT charges NNS , , though IN partially RB offset VBN by IN a DT one-time JJ gain NN from IN the DT offering NN , , will MD result VB in IN a DT full-year JJ after-tax JJ loss NN . . Last JJ year NN , , the DT company NN had VBD net JJ income NN of IN $ $ 117.3 CD million CD , , or CC $ $ 1.30 CD a DT share NN . . Arkla NNP said VBD it PRP will MD report VB $ $ 179 CD milllion NN in IN one-time JJ charges NNS against IN continuing JJ operations NNS for IN the DT third JJ quarter NN , , reflecting VBG settlement NN of IN certain JJ natural JJ gas NN contracts NNS . . It PRP said VBD it PRP will MD take VB a DT $ $ 10 CD million CD fourth-quarter JJ charge NN against IN discontinued JJ operations NNS , , reflecting VBG certain JJ write-downs NNS and CC the DT planned JJ sale NN of IN a DT unit NN . . Arkla NNP said VBD its PRP$ initial JJ offering NN of IN 18 CD % NN of IN Arkla NNP Exploration NNP Co. NNP is VBZ expected VBN to TO result VB in IN a DT net JJ gain NN of IN about RB $ $ 90 CD million CD , , which WDT will MD be VB used VBN to TO pay VB down RP Arkla NNP debt NN . . Arkla NNP Exploration NNP owns VBZ sizable JJ gas NN and CC crude-oil NN reserves NNS in IN the DT South NNP and CC Southwest NNP . . South NNP Africa NNP negotiated VBD a DT new JJ debt NN agreement NN with IN its PRP$ major JJ foreign JJ creditors NNS for IN about RB $ $ 8 CD billion CD of IN its PRP$ foreign JJ debt NN outstanding JJ , , said VBD Chris NNP Stals NNP , , governor NN of IN the DT Reserve NNP Bank NNP and CC the DT country NN 's POS chief JJ debt NN negotiator NN . . The DT new JJ agreement NN will MD last VB for IN 3 CD 1\/2 CD years NNS starting VBG July NNP 1 CD , , 1990 CD , , when WRB the DT current JJ agreement NN expires VBZ . . The DT announcement NN coincides VBZ with IN the DT start NN of IN the DT Commonwealth NNP Ministers NNP Conference NNP in IN Kuala NNP Lumpur NNP , , where WRB proposals NNS for IN renewed JJ sanctions NNS against IN South NNP Africa NNP , , including VBG moves NNS to TO block VB settling VBG of IN a DT new JJ debt NN agreement NN , , were VBD scheduled VBN to TO be VB discussed VBN . . As RB with IN the DT previous JJ pact NN , , the DT new JJ agreement NN covers VBZ the DT country NN 's POS debt NN `` `` inside IN the DT net NN , , '' '' which WDT applies VBZ mainly RB to TO repayments NNS due JJ to TO overseas JJ creditor NN banks NNS by IN the DT private JJ sector NN . . The DT agreement NN calls VBZ for IN South JJ African JJ debtors NNS to TO make VB repayments NNS in IN eight CD installments NNS , , starting VBG in IN December NNP of IN next JJ year NN . . The DT redemption NN then RB would MD be VB at IN 1.5 CD % NN of IN the DT total NN debt NN , , increasing VBG to TO 2.5 CD % NN in IN February NNP 1991 CD , , and CC to TO 3 CD % NN at IN six-month JJ intervals NNS thereafter RB . . A DT revised JJ provision NN would MD be VB included VBN for IN the DT conversion NN of IN short-term JJ claims NNS inside IN the DT net NN to TO long-term JJ loans NNS outside IN the DT net NN . . These DT claims NNS would MD be VB repayable JJ over IN a DT 10-year JJ period NN . . Foreign JJ debt NN falling VBG outside IN the DT net NN of IN affected VBN indebtedness NN -- : which WDT Mr. NNP Stahl NNP estimated VBD at IN $ $ 12 CD billion CD -- : would MD remain VB not RB subject JJ to TO the DT debt NN arrangements NNS . . New NNP York NNP Times NNP Co. NNP said VBD net JJ income NN rose VBD in IN the DT third JJ quarter NN because IN of IN a DT one-time JJ gain NN on IN the DT sale NN of IN the DT company NN 's POS cable-TV NN system NN . . Net NN surged VBD to TO $ $ 210.8 CD million CD , , or CC $ $ 2.68 CD a DT share NN , , from IN $ $ 26.7 CD million CD , , or CC 33 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . The DT latest JJS quarter NN included VBD a DT gain NN of IN $ $ 193.3 CD million CD , , or CC $ $ 2.46 CD a DT share NN , , from IN the DT sale NN of IN New NNP York NNP Times NNP Cable NNP , , completed VBN in IN August NNP . . Exclusive JJ of IN the DT gain NN , , operating NN profit NN declined VBD 35 CD % NN to TO $ $ 16.4 CD million CD , , or CC 21 CD cents NNS a DT share NN , , from IN $ $ 25.2 CD million CD , , or CC 31 CD cents NNS a DT share NN . . The DT decline NN primarily RB reflected VBD the DT dilution NN from IN acquiring VBG McCall NNP 's POS , , Golf NNP World NNP ( ( U.S. NNP ) ) and CC Sailing NNP World NNP magazines NNS ; : lower JJR equity NN earnings NNS from IN the DT forest-products NNS group NN because IN of IN price NN discounting NN and CC an DT unfavorable JJ exchange NN rate NN , , and CC an DT 8.7 CD % NN decline NN in IN advertising NN linage NN at IN the DT New NNP York NNP Times NNP , , the DT company NN 's POS flagship JJ newspaper NN . . Advertising NN volume NN at IN the DT company NN 's POS 35 CD regional JJ newspapers NNS decreased VBD 1.1 CD % NN . . The DT company NN said VBD the DT negative JJ factors NNS are VBP expected VBN to TO continue VB into IN next JJ year NN . . Revenue NN rose VBD 6.4 CD % NN to TO $ $ 415.3 CD million CD from IN $ $ 390.5 CD million CD . . Democrat NNP Gene NNP Taylor NNP won VBD a DT special JJ election NN to TO fill VB the DT congressional JJ seat NN vacated VBN by IN the DT death NN of IN Republican NNP Larkin NNP Smith NNP , , taking VBG back RP the DT GOP NNP 's POS lone JJ redoubt NN in IN Mississippi NNP 's POS House NNP delegation NN . . Mr. NNP Taylor NNP 's POS overwhelming JJ victory NN against IN Republican NNP Tom NNP Anderson NNP reclaims VBZ a DT seat NN the DT Republicans NNPS had VBD held VBN for IN 17 CD years NNS and CC gives VBZ the DT Democrats NNPS their PRP$ fifth JJ victory NN in IN the DT seven CD special JJ House NNP elections NNS held VBN this DT year NN . . Mr. NNP Taylor NNP , , a DT 36-year-old JJ state NN senator NN from IN Bay NNP St. NNP Louis NNP , , won VBD 65 CD % NN of IN the DT vote NN in IN a DT district NN that WDT has VBZ voted VBN Republican JJ in IN the DT past JJ five CD presidential JJ elections NNS and CC that DT was VBD once RB represented VBN by IN Republican NNP U.S. NNP Sen. NNP Trent NNP Lott NNP . . Mr. NNP Taylor NNP 's POS victory NN was VBD an DT embarrassment NN for IN both DT state NN and CC national JJ Republicans NNPS . . Mr. NNP Anderson NNP , , a DT former JJ Lott NNP aide NN , , received VBD campaign NN assistance NN from IN the DT senator NN and CC from IN President NNP Bush NNP , , who WP visited VBD the DT district NN last JJ week NN . . Even RB so RB , , Mr. NNP Taylor NNP carried VBD all DT but IN one CD of IN the DT district NN 's POS dozen NN counties NNS . . Rep. NNP Smith NNP died VBD in IN a DT plane NN crash NN on IN Aug. NNP 13 CD . . Wall NNP Street NNP Journal NNP reporters NNS called VBD companies NNS with IN headquarters NNS or CC facilities NNS in IN the DT Bay NNP area NN in IN a DT bid NN to TO assess VB the DT damage NN to TO their PRP$ operations NNS caused VBN by IN Tuesday NNP 's POS earthquake NN . . The DT calls NNS reached VBD many JJ , , but CC certainly RB not RB all DT , , of IN the DT publicly RB held VBN companies NNS with IN operations NNS in IN the DT area NN . . In IN most JJS cases NNS damage NN to TO company NN facilities NNS and CC operations NNS was VBD minimal JJ . . ADIA NNP SERVICES NNP INC. NNP , , Menlo NNP Park NNP , , temporary JJ personnel NNS agency NN , , annual JJ sales NNS of IN $ $ 504 CD million CD , , OTC NNP , , said VBD all DT 30 CD offices NNS in IN Bay NNP area NN were VBD working VBG , , but CC in IN various JJ states NNS of IN disarray NN . . Business NN was VBD slow JJ because IN many JJ companies NNS were VBD closed JJ yesterday NN . . ADVANCED NNP MICRO NNP DEVICES NNP INC. NNP , , Sunnyvale NNP , , integrated JJ circuit NN maker NN , , annual JJ sales NNS of IN $ $ 1.12 CD billion CD , , NYSE NNP , , had VBD only JJ minor JJ structural JJ damage NN . . Most JJS of IN its PRP$ 4,500 CD workers NNS were VBD at IN work NN yesterday NN , , and CC no DT production NN slowdown NN was VBD anticipated VBN as RB long RB as IN electricity NN remains VBZ available JJ . . AMDAHL NNP CORP. NNP , , Sunnyvale NNP , , computer NN maker NN , , annual JJ sales NNS of IN $ $ 1.8 CD billion CD , , Amex NNP , , was VBD closed JJ yesterday NN and CC no DT damage NN estimates NNS were VBD available JJ . . AMERICAN NNP BUILDING NNP MAINTENANCE NNP INDUSTRIES NNP Inc. NNP , , San NNP Francisco NNP , , provider NN of IN maintenance NN services NNS , , annual JJ revenue NN of IN $ $ 582 CD million CD , , NYSE NNP , , had VBD some DT damage NN to TO headquarters NN and CC lost VBD phone NN service NN , , but CC operations NNS were VBD moved VBN to TO a DT branch NN office NN and CC are VBP running VBG smoothly RB thanks NNS to TO a DT decentralized JJ computer NN system NN the DT company NN had VBD developed VBN before IN the DT quake NN . . AMERICAN NNP PRESIDENT NNP COS. NNP , , Oakland NNP , , shipping NN concern NN , , annual JJ sales NNS of IN $ $ 2.2 CD billion CD , , NYSE NNP , , had VBD little JJ damage NN to TO the DT cranes NNS , , dock NN or CC rail NN track NN at IN its PRP$ container-ship NN facility NN near IN the DT collapsed JJ Route NNP 880 NNP overpass NN . . The DT company NN expects VBZ to TO work VB a DT ship NN due JJ in IN today NN with IN minimal JJ delays NNS , , despite IN sporadic JJ power NN . . ANACOMP NNP INC. NNP , , Indianapolis NNP , , NYSE NNP , , said VBD its PRP$ Xidex NNP Corp. NNP unit NN , , a DT Sunnyvale NNP maker NN of IN computer NN disks NNS and CC microfilm NN with IN annual JJ sales NNS of IN $ $ 637 CD million CD , , had VBD only JJ minor JJ damage NN and CC is VBZ fully RB operational JJ . . ANTHEM NNP ELECTRONICS NNP INC. NNP , , San NNP Jose NNP , , distributor NN of IN electronic JJ parts NNS , , annual JJ sales NNS of IN about RB $ $ 300 CD million CD , , NYSE NNP , , sustained VBD very RB little JJ damage NN , , anticipated VBN being VBG `` `` in IN 100 CD % NN operating NN condition NN '' '' by IN midday NN . . APPLE NNP COMPUTER NNP CO. NNP , , Cupertino NNP , , computer NN maker NN , , annual JJ sales NNS of IN $ $ 4.07 CD billion CD , , OTC NNP , , sustained VBD some DT structural JJ damage NN . . Offices NNS were VBD closed JJ yesterday NN . . APPLIED NNP MATERIALS NNP INC. NNP , , Santa NNP Clara NNP , , maker NN of IN computer-chip NN machine NN systems NNS , , annual JJ sales NNS of IN $ $ 490 CD million CD , , OTC NNP , , had VBD slight JJ damage NN to TO headquarters NN , , no DT damage NN to TO manufacturing NN plants NNS . . Company NN , , with IN 1,750 CD workers NNS in IN area NN , , is VBZ fully RB functional JJ . . ATARI NNP CORP. NNP , , Sunnyvale NNP , , maker NN of IN personal JJ computers NNS and CC software NN , , annual JJ sales NNS of IN $ $ 700 CD million CD , , Amex NNP , , had VBD minor JJ damage NN and CC expects VBZ to TO be VB fully RB operational JJ by IN tomorrow NN . . BANKAMERICA NNP Corp. NNP , , San NNP Francisco NNP , , bank NN holding NN company NN , , annual JJ revenue NN of IN $ $ 10.2 CD billion CD , , NYSE NNP , , yesterday NN had VBD no DT power NN at IN its PRP$ headquarters NNS , , 80 CD of IN its PRP$ 433 CD Northern NNP California NNP branches NNS were VBD closed JJ and CC 250 CD of IN 750 CD automatic JJ teller NN machines NNS were VBD closed JJ in IN the DT area NN . . Securities NNS trading NN was VBD conducted VBN in IN a DT backup JJ facility NN in IN Concord NNP . . BECHTEL NNP CORP. NNP , , San NNP Francisco NNP , , engineering NN and CC construction NN concern NN , , annual JJ sales NNS of IN $ $ 4 CD billion CD , , had VBD only RB minor JJ structural JJ damage NN at IN its PRP$ three CD buildings NNS in IN the DT city NN , , but CC its PRP$ computers NNS were VBD knocked VBN out RP . . Backup JJ computer NN tapes NNS were VBD hand-carried VBN to TO an DT IBM NNP office NN in IN Philadelphia NNP , , and CC the DT company NN expects VBZ its PRP$ mainframe NN to TO be VB up RB in IN a DT few JJ days NNS . . Workers NNS , , except IN for IN senior JJ management NN , , were VBD asked VBN not RB to TO report VB for IN work NN yesterday NN . . BIO-RAD NNP LABORATORIES NNP INC. NNP , , Hercules NNP , , biological JJ research NN and CC clinical-products NNS leader NN , , $ $ 200 CD million CD in IN annual JJ sales NNS , , Amex NNP , , said VBD its PRP$ Richmond NNP warehouse NN north RB of IN San NNP Francisco NNP was VBD closed JJ because IN of IN debris NN and CC fallen JJ shelves NNS . . It PRP expects VBZ to TO be VB fully RB operational JJ by IN next JJ week NN . . BORLAND NNP INTERNATIONAL NNP , , Scotts NNP Valley NNP , , personal JJ computer NN and CC software NN designer NN , , annual JJ sales NNS of IN $ $ 72 CD million CD , , had VBD heavy JJ damage NN to TO its PRP$ headquarters NN and CC was VBD conducting VBG business NN from IN its PRP$ parking NN lot NN . . The DT company NN does VBZ n't RB expect VB any DT shipping NN delays NNS . . BUSINESSLAND NNP INC. NNP , , San NNP Jose NNP , , computer NN retail NN company NN , , annual JJ sales NNS of IN $ $ 1.1 CD billion CD , , NYSE NNP , , said VBD all DT 16 CD corporate JJ office NN and CC stores NNS in IN the DT area NN were VBD open JJ with IN the DT exception NN of IN a DT retail JJ center NN in IN San NNP Francisco NNP 's POS business NN district NN . . That DT facility NN should MD reopen VB today NN . . CARTER NNP HAWLEY NNP HALE NNP STORES NNP Inc. NNP , , Los NNP Angeles NNP , , retailer NN , , annual JJ sales NNS of IN $ $ 2.79 CD billion CD , , NYSE NNP , , said VBD nine CD of IN its PRP$ 22 CD Emporium NNP stores NNS in IN the DT area NN were VBD closed JJ because IN of IN water NN damage NN , , broken JJ windows NNS and CC fallen JJ displays NNS . . A DT spokesman NN said VBD sales NNS are VBP expected VBN to TO be VB hurt VBN , , but CC the DT losses NNS are VBP covered VBN by IN insurance NN . . CHEVRON NNP CORP. NNP , , San NNP Francisco NNP , , oil NN company NN , , annual JJ sales NNS of IN $ $ 25.2 CD billion CD , , NYSE NNP , , had VBD minor JJ damage NN to TO downtown JJ headquarters NNS , , but CC structural JJ damage NN closed VBD two CD of IN its PRP$ seven CD buildings NNS in IN San NNP Ramone NNP industrial JJ park NN . . Company NN expects VBZ to TO be VB fully RB operational JJ by IN next JJ week NN . . CLOROX NNP Co. NNP , , Oakland NNP , , consumer NN products NNS , , annual JJ sales NNS of IN $ $ 1.36 CD billion CD , , NYSE NNP , , was VBD closed VBN yesterday NN but CC plans VBZ to TO reopen VB today NN or CC tomorrow NN . . Meanwhile RB , , orders NNS are VBP being VBG routed VBN through IN Kingsford NNP Products NNP unit NN in IN Louisville NNP , , Ky. NNP , , but CC computer NN problems NNS mean VBP they PRP must MD be VB processed VBN manually RB . . Expects NNS to TO be VB fully RB operational JJ early RB next JJ week NN . . COHERENT NNP INC. NNP , , Palo NNP Alto NNP , , laser NN maker NN , , annual JJ sales NNS of IN $ $ 159 CD million CD , , was VBD closed JJ yesterday NN but CC expects VBZ to TO reopen VB today NN . . CONSOLIDATED NNP FREIGHTWAYS NNP INC. NNP , , Menlo NNP Park NNP , , trucking NN company NN , , $ $ 2.69 CD billion CD in IN annual JJ sales NNS , , NYSE NNP , , had VBD structural JJ damage NN to TO CF NNP Motor NNP Freight NNP subsidiary NN 's POS office NN in IN Palo NNP Alto NNP , , no DT damage NN in IN Menlo NNP Park NNP . . COOPER NNP COMPANIES NNP INC. NNP , , Palo NNP Alto NNP , , medical JJ products NNS maker NN , , annual JJ sales NNS of IN $ $ 628 CD million CD , , NYSE NNP , , had VBD little JJ damage NN and CC was VBD in IN full JJ operation NN yesterday NN . . DAYTON NNP HUDSON NNP CORP. NNP , , Minneapolis NNP , , retailer NN , , annual JJ sales NNS of IN $ $ 12.2 CD billion CD , , NYSE NNP , , closed VBD seven CD of IN its PRP$ 13 CD Bay-area JJ Target NNP discount NN stores NNS and CC nine CD of IN its PRP$ 20 CD Mervyn NNP 's POS department NN stores NNS because RB of IN pending VBG reviews NNS by IN structural JJ engineers NNS or CC requests NNS from IN authorities NNS , , who WP were VBD trying VBG to TO keep VB shoppers NNS off IN the DT freeways NNS . . The DT company NN expects VBZ to TO reopen VB three CD Target NNP stores NNS and CC all DT but IN two CD Mervyn NNP 's POS today NN or CC tomorrow NN . . DIASONICS NNP INC. NNP , , South NNP San NNP Francisco NNP , , maker NN of IN magnetic JJ resonance NN imaging NN equipment NN , , annual JJ sales NNS of IN $ $ 281 CD million CD , , Amex NNP , , had VBD minor JJ damage NN , , mostly RB in IN a DT stockroom NN . . The DT company NN plans VBZ to TO be VB fully RB operational JJ today NN . . DIGITAL NNP EQUIPMENT NNP CORP. NNP , , Maynard NNP , , Mass. NNP , , computer NN maker NN , , annual JJ sales NNS of IN $ $ 12.7 CD billion CD , , NYSE NNP , , had VBD structural JJ damage NN at IN its PRP$ San NNP Francisco NNP sales NNS office NN but CC no DT appreciable JJ damage NN elsewhere RB in IN the DT area NN , , including VBG its PRP$ Cupertino NNP plant NN . . DREYER'S NNP GRAND NNP ICE NNP CREAM NNP INC. NNP , , Oakland NNP , , ice NN cream NN maker NN , , annual JJ sales NNS of IN $ $ 225 CD million CD , , OTC NNP , , said VBD it PRP is VBZ delivering VBG ice NN cream NN wherever WRB roads NNS are VBP passable JJ . . EVEREX NNP SYSTEMS NNP INC. NNP , , Fremont NNP , , maker NN of IN personal JJ computers NNS and CC peripherals NNS , , annual JJ sales NNS of IN $ $ 377 CD million CD , , OTC NNP , , had VBD minor JJ damage NN and CC was VBD almost RB fully RB operational JJ yesterday NN . . EXXON NNP Corp. NNP , , New NNP York NNP , , oil NN company NN , , NYSE NNP , , said VBD its PRP$ refinery NN northeast RB of IN San NNP Francisco NNP was VBD operating VBG at IN a DT slightly RB reduced VBN rate NN as IN a DT precaution NN in IN case NN of IN aftershocks NNS . . FORD NNP MOTOR NNP CO. NNP , , Dearborn NNP , , Mich. NNP , , auto NN maker NN , , annual JJ sales NNS of IN $ $ 92.4 CD billion CD , , NYSE NNP , , said VBD its PRP$ three CD Ford NNP Aerospace NNP unit NN facilities NNS in IN the DT Bay NNP area NN , , including VBG a DT satellite-assembly NN operation NN in IN Palo NNP Alto NNP , , had VBD no DT major JJ damage NN . . GAP NNP Inc. NNP , , San NNP Bruno NNP , , clothing NN retailer NN , , annual JJ sales NNS of IN $ $ 1.25 CD billion CD , , NYSE NNP , , expects VBZ most JJS of IN its PRP$ stores NNS to TO return VB to TO full JJ operation NN and CC all DT 2,500 CD of IN its PRP$ Bay-area JJ workers NNS to TO be VB back RB at IN work NN by IN today NN . . GENENTECH NNP INC. NNP , , South NNP San NNP Francisco NNP , , biotechnology NN company NN , , annual JJ sales NNS of IN $ $ 334.8 CD million CD , , NYSE NNP , , sustained VBD no DT major JJ damage NN and CC expects VBZ to TO be VB fully RB operational JJ today NN . . GENERAL NNP ELECTRIC NNP CO. NNP , , Fairfield NNP , , Conn. NNP , , consumer NN , , industrial JJ products NNS and CC broadcasting VBG concern NN , , annual JJ sales NNS of IN $ $ 50 CD billion CD , , NYSE NNP , , said VBD its PRP$ GE NNP Nuclear NNP Energy NNP unit NN , , with IN 1,600 CD Bay-area JJ employees NNS , , had VBD only JJ minor JJ damage NN at IN its PRP$ San NNP Jose NNP headquarters NN . . Business NN was VBD n't RB disrupted VBD . . GENERAL NNP MOTORS NNP CORP. NNP , , Detroit NNP , , auto NN maker NN , , annual JJ sales NNS of IN $ $ 123.6 CD billion CD , , NYSE NNP , , sustained VBD about RB 10 CD injuries NNS to TO workers NNS and CC some DT ruptured JJ water NN mains NNS at IN its PRP$ New NNP United NNP Motor NNP Manufacturing NNP Inc. NNP facility NN in IN Fremont NNP , , a DT joint JJ venture NN with IN Toyota NNP Motor NNP Corp NNP . . There EX was VBD limited JJ production NN of IN some DT models NNS yesterday NN , , but CC it PRP was VBD n't RB clear JJ when WRB the DT normal JJ 750-car-a-day JJ pace NN will MD resume VB . . Plant NN officials NNS are VBP still RB assessing VBG damage NN to TO parts NNS suppliers NNS and CC Port NNP of IN Oakland NNP facilities NNS that WDT handle VBP shipments NNS to TO the DT plant NN . . GOLDEN NNP WEST NNP FINANCIAL NNP CORP. NNP , , Oakland NNP , , savings NNS and CC loan NN , , annual JJ revenue NN of IN $ $ 1.4 CD billion CD , , NYSE NNP , , had VBD only JJ minor JJ damage NN to TO a DT few JJ branches NNS and CC no DT injured JJ employees NNS . . HEWLETT-PACKARD NNP Co. NNP , , Palo NNP Alto NNP , , personal JJ computer NN and CC electronic JJ equipment NN maker NN , , annual JJ sales NNS of IN $ $ 9.8 CD billion CD , , NYSE NNP , , said VBD there EX will MD be VB a DT `` `` minimal JJ suspension NN '' '' of IN manufacturing NN for IN an DT undefined JJ period NN . . The DT computer NN system NN was VBD operating VBG , , so IN orders NNS could MD be VB taken VBN . . The DT company NN has VBZ 18,000 CD employees NNS and CC more JJR than IN 70 CD buildings NNS in IN the DT Bay NNP area NN . . One CD building NN in IN Palo NNP Alto NNP may MD be VB damaged JJ beyond IN repair NN . . Others NNS had VBD lesser JJR damage NN and CC there EX were VBD no DT injuries NNS among IN workers NNS . . Damage NN will MD be VB `` `` easily RB in IN the DT millions NNS , , '' '' the DT company NN said VBD . . HEXCEL NNP Corp. NNP , , Dublin NNP , , manufacturer NN of IN engineered JJ parts NNS , , annual JJ sales NNS of IN $ $ 399 CD million CD , , NYSE NNP , , had VBD little JJ damage NN beyond IN some DT phone NN trouble NN . . HOMESTAKE NNP MINING NNP CO. NNP , , San NNP Francisco NNP , , gold NN and CC general JJ miner NN , , annual JJ sales NNS of IN $ $ 432.6 CD million CD , , NYSE NNP , , said VBD its PRP$ headquarters NN was VBD closed JJ yesterday NN because IN of IN power NN failures NNS and CC lack NN of IN water NN , , but CC that IN it PRP may MD reopen VB today NN . . It PRP expects VBZ any DT impact NN on IN its PRP$ business NN to TO be VB slight JJ . . HOMESTEAD NNP FINANCIAL NNP CORP. NNP , , Millbrae NNP , , financial JJ services NNS concern NN , , annual JJ revenue NN of IN $ $ 562 CD million CD , , OTC NNP , , said VBD three CD of IN its PRP$ 17 CD Bay-area JJ branches NNS were VBD closed JJ yesterday NN . . The DT company NN expects VBZ all DT branches NNS to TO reopen VB today NN . . INMAC NNP CORP. NNP , , Santa NNP Clara NNP , , maker NN of IN computer NN accessories NNS , , annual JJ sales NNS of IN $ $ 250 CD million CD , , OTC NNP , , said VBD telephones NNS were VBD out RB at IN its PRP$ headquarters NN but CC service NN should MD be VB restored VBN by IN today NN . . The DT company NN said VBD it PRP was VBD doing VBG a DT brisk JJ business NN in IN computer NN power-surge NN protectors NNS , , cables NNS and CC uninterruptable JJ power NN sources NNS . . INTEL NNP Corp. NNP , , Santa NNP Clara NNP , , semiconductor NN maker NN , , annual JJ sales NNS of IN $ $ 2.87 CD billion CD , , OTC NNP , , had VBD some DT damage NN and CC few JJ people NNS were VBD at IN work NN yesterday NN . . INTERNATIONAL NNP BUSINESS NNP MACHINES NNP Corp NNP , , Armonk NNP , , N.Y. NNP , , maker NN of IN business NN machines NNS , , NYSE NNP , , said VBD flooding NN caused VBN by IN broken JJ water NN pipes NNS closed VBD its PRP$ San NNP Jose NNP plant NN , , which WDT makes VBZ high-end JJ data-storage NN devices NNS . . The DT plant NN and CC its PRP$ 8,500 CD employees NNS gradually RB will MD resume VB operations NNS over IN the DT next JJ several JJ days NNS , , the DT company NN said VBD . . Also RB closed JJ yesterday NN were VBD the DT company NN 's POS Santa NNP Teresa NNP software-development NN lab NN and CC the DT Almaden NNP research NN center NN . . The DT concern NN 's POS National NNP Service NNP Division NNP opened VBD a DT center NN for IN emergency NN service NN in IN Walnut NNP Creek NNP as IN part NN of IN its PRP$ disaster-recovery JJ plan NN . . KAISER NNP ALUMINUM NNP & CC CHEMICAL NNP , , Oakland NNP , , metal NN and CC chemical NN maker NN , , annual JJ sales NNS of IN $ $ 2.22 CD billion CD , , had VBD slight JJ structural JJ damage NN to TO its PRP$ 28-story JJ headquarters NN building NN and CC employees NNS stayed VBD home RB yesterday NN to TO allow VB crews NNS to TO clean VB up RP . . LOCKHEED NNP CORP. NNP , , Calabasas NNP , , aerospace NN and CC defense NN concern NN , , annual JJ sales NNS of IN $ $ 10.59 CD billion CD , , NYSE NNP , , said VBD its PRP$ Lockheed NNP Missiles NNP & CC Space NNP division NN closed VBD its PRP$ Santa NNP Cruz NNP test NN facility NN because IN of IN power NN outages NNS and CC landslides NNS . . The DT closing NN , , affecting VBG 266 CD employees NNS , , will MD continue VB at IN least JJS until IN roads NNS are VBP cleared VBN . . It PRP was VBD n't RB known VBN to TO what WP extent NN , , if IN any DT , , the DT facility NN was VBD damaged VBN . . It PRP also RB was VBD n't RB known VBN what WP the DT impact NN will MD be VB on IN the DT division NN 's POS work NN , , which WDT includes VBZ the DT Navy NNP 's POS Trident NNP submarine-based JJ missile NN program NN and CC the DT Air NNP Force NNP 's POS Strategic NNP Defense NNP Initiative NNP . . The DT division NN had VBD only RB minor JJ damage NN at IN its PRP$ Sunnyvale NNP headquarters NN and CC plant NN in IN Palo NNP Altos NNP , , and CC no DT delays NNS in IN deliveries NNS are VBP expected VBN . . LONGS NNP DRUG NNP STORES NNP INC. NNP , , Walnut NNP Creek NNP , , drugstore NN chain NN , , annual JJ sales NNS of IN $ $ 1.9 CD billion CD , , NYSE NNP , , had VBD only RB minor JJ damage NN and CC only RB four CD of IN its PRP$ 75 CD Bay-area JJ stores NNS , , all DT in IN the DT Santa NNP Cruz NNP area NN , , were VBD closed JJ . . All DT are VBP expected VBN to TO reopen VB soon RB . . LSI NNP LOGIC NNP CORP. NNP , , Milpitas NNP , , maker NN of IN customized JJ integrated JJ circuits NNS , , annual JJ sales NNS of IN $ $ 550 CD million CD , , NYSE NNP , , has VBZ halted VBN manufacturing NN at IN its PRP$ three CD plants NNS in IN the DT area NN while IN they PRP are VBP inspected VBN for IN structural JJ damage NN . . The DT company NN expects VBZ to TO resume VB full JJ operations NNS by IN today NN . . R.H. NNP MACY NNP & CC Co. NNP , , New NNP York NNP , , retailer NN , , annual JJ sales NNS of IN $ $ 7 CD billion CD , , said VBD there EX was VBD minor JJ damage NN to TO its PRP$ 24 CD Macy NNP stores NNS and CC nine CD I. NNP Magnin NNP stores NNS in IN the DT Bay NNP area NN . . MEASUREX NNP CORP. NNP , , Cupertino NNP , , maker NN of IN computer NN integrated JJ manufacturing NN processes NNS , , annual JJ sales NNS of IN $ $ 265 CD million CD , , NYSE NNP , , had VBD only RB minor JJ damage NN but CC workers NNS spent VBD most RBS of IN yesterday NN cleaning VBG up RP . . NATIONAL NNP SEMICONDUCTOR NNP CORP. NNP , , Santa NNP Clara NNP , , semiconductor NN maker NN , , annual JJ sales NNS of IN $ $ 1.65 CD billion CD , , NYSE NNP , , said VBD it PRP had VBD no DT major JJ structural JJ damage NN at IN its PRP$ 30 CD Bay-area JJ buildings NNS , , but CC two CD workers NNS were VBD injured VBN . . Production NN resumed VBD yesterday NN . . Piping NN in IN a DT waste-treatment NN plant NN needed VBD immediate JJ repairs NNS . . NORDSTROM NNP INC. NNP , , Seattle NNP , , retailer NN , , annual JJ sales NNS $ $ 2.33 CD billion CD , , OTC NNP , , five CD of IN this DT 59-store JJ chain NN 's POS nine CD stores NNS in IN the DT Bay NNP Area NNP were VBD closed JJ yesterday NN , , damage NN appears VBZ primarily RB cosmetic JJ , , hopes VBZ to TO reopen VB four CD of IN the DT stores NNS by IN today NN and CC the DT fifth JJ by IN Saturday NNP . . ORACLE NNP SYSTEMS NNP CORP. NNP , , Belmont NNP , , provider NN of IN computer NN programming NN and CC software NN services NNS , , annual JJ sales NNS $ $ 584 CD million CD , , four CD of IN 12 CD offices NNS and CC buildings NNS in IN the DT Belmont NNP and CC San NNP Mateo NNP areas NNS were VBD closed JJ , , 95 CD % NN of IN computer NN and CC telephone NN systems NNS are VBP operating VBG , , expects VBZ to TO be VB back RB to TO full JJ operation NN by IN the DT end NN of IN the DT week NN . . PACIFIC NNP GAS NNP & CC ELECTRIC NNP CO. NNP , , San NNP Francisco NNP , , electric JJ , , gas NN and CC water NN supplier NN , , annual JJ sales NNS $ $ 7.6 CD billion CD , , some DT minor JJ damage NN to TO headquarters NN , , undetermined JJ damage NN to TO four CD nearby JJ substations NNS , , severe JJ structural JJ damage NN to TO a DT major JJ power NN plant NN at IN Moss NNP Landing NNP , , extensive JJ damage NN to TO gas NN lines NNS and CC electric JJ lines NNS , , 400,000 CD residences NNS without IN electricity NN and CC 69,000 CD without IN gas NN , , can MD not RB reconnect VB electricity NN until IN it PRP is VBZ certain JJ there EX are VBP no DT gas NN leaks NNS , , no DT predictions NNS on IN when WRB this DT will MD happen VB . . PACIFIC NNP TELESIS NNP GROUP NNP , , San NNP Francisco NNP , , telecommunications NNS holding NN company NN , , annual JJ sales NNS of IN $ $ 9.5 CD billion CD , , no DT damage NN to TO headquarters NN , , but CC no DT power NN , , the DT power NN failure NN has VBZ caused VBN a DT delay NN in IN the DT release NN of IN the DT company NN 's POS earnings NNS report NN , , major JJ concern NN is VBZ subsidiaries NNS , , Pacific NNP Bell NNP and CC Pacific NNP Telesis NNP Cellular NNP , , both DT of IN which WDT sustained VBD damage NN to TO buildings NNS , , structural JJ damage NN to TO several JJ cellular JJ sites NNS in IN Santa NNP Cruz NNP , , volume NN of IN calls NNS on IN cellular JJ phones NNS 10 CD times NNS the DT usual JJ , , causing VBG a DT big JJ slowdown NN . . PROCTER NNP & CC GAMBLE NNP CO. NNP , , Cincinnati-based JJ company NN 's POS Folgers NNP Coffee NNP plant NN in IN South NNP San NNP Francisco NNP was VBD closed JJ following VBG the DT earthquake NN , , no DT injuries NNS or CC major JJ damage NN , , other JJ plants NNS around IN country NN can MD make VB up RP for IN any DT lost JJ production NN . . QUANTUM NNP CORP. NNP , , Milpitas NNP , , manufactures VBZ rigid JJ disc NN drives NNS for IN small JJ business NN computers NNS , , word NN processors NNS , , annual JJ sales NNS $ $ 120.8 CD million CD , , OTC NNP , , open JJ for IN business NN , , minor JJ structural JJ damage NN . . RAYCHEM NNP CORP. NNP , , Menlo NNP Park NNP , , plastics NNS manufacturer NN , , annual JJ sales NNS $ $ 1 CD billion CD , , no DT major JJ damage NN and CC no DT production NN slowdown NN is VBZ anticipated VBN . . ROSS NNP STORES NNP INC. NNP , , Newark NNP , , discount NN apparel NN chain NN , , annual JJ sales NNS $ $ 576 CD million CD , , two CD of IN 28 CD stores NNS in IN Bay NNP Area NNP closed JJ , , both DT could MD open VB as RB early RB as IN today NN . . SAFEWAY NNP STORES NNP INC. NNP , , Oakland NNP , , retail JJ food NN chain NN , , annual JJ sales NNS of IN $ $ 13.6 CD billion CD , , some DT structural JJ damage NN to TO headquarters NN and CC no DT power NN ; : major JJ problems NNS transporting VBG products NNS to TO those DT stores NNS that WDT remained VBD open JJ ; : no DT numbers NNS on IN how WRB many JJ stores NNS closed VBD . . CHARLES NNP SCHWAB NNP & CC CO. NNP , , San NNP Francisco NNP , , discount NN brokerage NN firm NN , , annual JJ sales NNS of IN $ $ 392 CD million CD , , had VBD only JJ minor JJ damage NN to TO headquarters NNS building NN and CC was VBD up RB and CC running VBG for IN yesterday NN 's POS market NN open NN . . Firm NN will NN not RB , , however RB , , resume VB 24-hour JJ service NN until IN power NN in IN city NN is VBZ restored VBN . . Office NN closed VBD yesterday NN at IN 4:30 CD p.m. NN EDT NNP . . SEAGATE NNP TECHNOLOGY NNP , , Scotts NNP Valley NNP , , maker NN of IN hard JJ disk NN drives NNS for IN computers NNS , , annual JJ sales NNS of IN $ $ 1.37 CD billion CD , , OTC NNP , , closed VBD to TO assess VB what WP appeared VBD to TO be VB minor JJ damage NN to TO some DT of IN its PRP$ 20 CD buildings NNS . . SOUTHERN NNP PACIFIC NNP TRANSPORTATION NNP CO. NNP , , San NNP Francisco NNP , , railroad NN , , annual JJ sales NNS of IN $ $ 2.41 CD billion CD , , had VBD only RB minor JJ damage NN to TO headquarters NN and CC tracks NNS , , and CC expects VBZ to TO be VB fully RB operational JJ tomorrow NN . . St. NNP Louis NNP Southwestern NNP Railway NNP Co. NNP unit NN halted VBD all DT service NN Tuesday NNP night NN but CC has VBZ since IN restored VBN some DT freight NN lines NNS and CC limited JJ commuter NN service NN between IN San NNP Francisco NNP and CC San NNP Jose NNP . . SUN NNP MICROSYSTEMS NNP INC. NNP , , Mountain NNP View NNP , , maker NN of IN desktop JJ computers NNS , , annual JJ sales NNS $ $ 1.77 CD billion CD , , OTC NNP , , no DT injured JJ employees NNS and CC very RB little JJ damage NN to TO buildings NNS . . Closed VBN yesterday RB due JJ to TO power NN difficulties NNS . . TANDEM NNP COMPUTERS NNP INC. NNP , , Cupertino NNP , , computer NN maker NN , , annual JJ sales NNS of IN $ $ 1.6 CD billion CD , , NYSE NNP , , said VBD it PRP had VBD no DT significant JJ damage NN and CC should MD be VB fully RB operational JJ within IN a DT week NN . . Many JJ employees NNS stayed VBD home RB yesterday NN , , but CC customer NN service NN was VBD being VBG maintained VBN . . TRANSAMERICA NNP CORP. NNP , , San NNP Francisco NNP , , financial JJ services NNS and CC insurance NN company NN , , annual JJ sales NNS of IN $ $ 7.9 CD billion CD , , NYSE NNP , , said VBD its PRP$ headquarters NNS , , the DT well-known JJ downtown JJ pyramid-shaped JJ building NN , , was VBD intact JJ but CC closed JJ yesterday NN . . VARIAN NNP ASSOCIATES NNP INC. NNP , , Palo NNP Alto NNP , , instrumentation NN and CC semiconductor NN equipment NN company NN , , annual JJ sales NNS of IN $ $ 1.3 CD billion CD , , had VBD only RB minor JJ damage NN and CC no DT slowdowns NNS were VBD anticipated VBN . . VLSI NNP TECHNOLOGY NNP INC. NNP , , San NNP Jose NNP , , maker NN of IN semiconductor NN products NNS , , annual JJ sales NNS $ $ 171.9 CD million CD , , OTC NNP , , minimal JJ damage NN to TO facilities NNS , , no DT injuries NNS , , expected VBN operations NNS to TO return VB to TO normal JJ late RB yesterday NN . . WATKINS-JOHNSON NNP CO. NNP , , defense-oriented JJ electronics NN manufacturer NN , , annual JJ sales NNS $ $ 292 CD million CD , , NYSE NNP , , minor JJ damage NN to TO headquarters NN and CC plant NN in IN Palo NNP Alto NNP , , no DT damage NN to TO San NNP Jose NNP plant NN , , `` `` still RB assessing VBG '' '' damage NN at IN Scotts NNP Valley NNP plant NN , , where WRB main JJ product NN is VBZ furnaces NNS for IN semiconductor NN production NN . . WELLS NNP FARGO NNP & CC CO. NNP , , San NNP Francisco NNP , , bank NN holding NN company NN , , annual JJ revenue NN $ $ 4.9 CD billion CD , , NYSE NNP , , minor JJ damage NN at IN headquarters NN , , 12 CD branches NNS out IN of IN 170 CD in IN Northern NNP California NNP sustained VBD structural JJ damage NN that WDT will MD preclude VB them PRP from IN opening VBG in IN the DT near JJ future NN , , 45 CD locations NNS with IN at IN least JJS one CD automatic JJ teller NN machine NN inoperable JJ , , central JJ computer NN systems NNS are VBP operating VBG , , no DT injuries NNS . . WYSE NNP TECHNOLOGY NNP INC. NNP , , San NNP Jose NNP , , maker NN of IN video JJ display NN terminals NNS and CC workstations NNS and CC IBM\/PC NNP compatible JJ computers NNS , , annual JJ sales NNS of IN $ $ 452 CD million CD , , slight JJ structural JJ damage NN at IN headquarters NN , , no DT injuries NNS , , expects VBZ to TO be VB back RB to TO full JJ operation NN today NN . . 3COM NNP CORP. NNP , , Santa NNP Clara NNP , , maker NN of IN computer NN communications NNS systems NNS , , annual JJ sales NNS of IN $ $ 386 CD million CD , , OTC NNP , , slight JJ structural JJ damage NN to TO headquarters NNS , , communications NNS systems NNS already RB fully RB operational JJ . . Could MD the DT collapse NN of IN I-880 NNP have VB been VBN prevented VBN ? . That DT was VBD the DT question NN structural JJ engineers NNS and CC California NNP transportation NN officials NNS were VBD asking VBG themselves PRP yesterday NN as IN rescue NN workers NNS began VBD the DT gruesome JJ task NN of IN trying VBG to TO extract VB as RB many JJ as IN 250 CD victims NNS from IN beneath IN the DT concrete JJ slabs NNS of IN the DT double-deck JJ Nimitz NNP Freeway NNP in IN Oakland NNP that WDT caved VBD in RP during IN Tuesday NNP 's POS temblor NN . . After IN touring VBG the DT area NN , , California NNP Gov. NNP George NNP Deukmejian NNP late RB yesterday NN called VBD for IN an DT inquiry NN into IN the DT freeway NN 's POS collapse NN , , blaming VBG the DT disaster NN on IN substandard JJ construction NN , , the DT Associated NNP Press NNP reported VBD . . The DT impact NN of IN the DT destruction NN of IN this DT 2.5-mile JJ stretch NN of IN highway NN was VBD tragically RB measured VBN in IN lost VBN lives NNS . . But CC there EX are VBP other JJ long-term JJ effects NNS that WDT raise VBP serious JJ questions NNS about IN the DT ability NN of IN California NNP 's POS infrastructure NN to TO withstand VB a DT major JJ temblor NN . . It PRP could MD easily RB be VB two CD years NNS before IN the DT well-traveled JJ artery NN that WDT helps VBZ connect VB Oakland NNP with IN San NNP Francisco NNP is VBZ reopened VBN , , and CC the DT cost NN to TO build VB a DT new JJ stretch NN of IN highway NN could MD soar VB to TO more JJR than IN $ $ 250 CD million CD , , said VBD Charles NNP J. NNP O'Connell NNP , , deputy NN district NN director NN in IN Los NNP Angeles NNP of IN the DT California NNP Department NNP of IN Transportation NNP , , nicknamed VBN Caltrans NNP . . Caltrans NNP in IN Sacramento NNP said VBD total JJ damage NN from IN the DT collapsed JJ highway NN is VBZ estimated VBN at IN around IN $ $ 500 CD million CD . . The DT aftershocks NNS of IN the DT highway NN tragedy NN are VBP reverberating VBG in IN Los NNP Angeles NNP as IN well RB , , as IN local JJ politicians NNS spoke VBD yesterday NN against IN plans NNS to TO bring VB double-decking NN to TO Los NNP Angeles NNP freeways NNS by IN 1994 CD . . Caltrans NNP plans NNS to TO add VB a DT second JJ deck NN for IN buses NNS and CC car NN pools NNS above IN the DT median NN of IN a DT 2.5-mile JJ stretch NN of IN the DT Harbor NNP Freeway NNP just RB south RB of IN Los NNP Angeles NNP , , near IN the DT Memorial NNP Coliseum NNP . . Los NNP Angeles NNP County NNP Supervisor NNP Kenneth NNP Hahn NNP yesterday NN vowed VBD to TO fight VB the DT introduction NN of IN double-decking NN in IN the DT area NN . . Caltrans NNS abandoned VBD double-decking NN in IN the DT early JJ 1970s NNS , , following VBG the DT 1971 CD Sylmar NNP earthquake NN that WDT destroyed VBD freeway NN sections NNS just RB north RB of IN Los NNP Angeles NNP , , Mr. NNP O'Connell NNP explained VBD . . That DT temblor NN measured VBD 6.1 CD on IN the DT Richter NNP scale NN ; : Tuesday NNP 's POS was VBD So RB why WRB even RB consider VB stacking VBG freeways NNS now RB ? . `` `` We PRP 've VBP run VBN out RP of IN places NNS to TO build VB freeways NNS in IN L.A. NNP , , and CC the DT only JJ place NN to TO go VB is VBZ up RB , , '' '' Mr. NNP O'Connell NNP said VBD , , although IN he PRP acknowledges VBZ there EX are VBP many JJ obstacles NNS , , including VBG cost NN . . But CC as IN for IN safety NN , , he PRP says VBZ double-deck JJ freeways NNS built VBN today NN with IN the DT heavily RB reinforced VBN concrete JJ and CC thicker JJR columns NNS required VBN after IN the DT Sylmar NNP quake NN should MD withstand VB a DT calamitous JJ temblor NN of IN 7.5 CD to TO 8 CD on IN the DT Richter NNP scale NN . . Reasons NNS for IN the DT collapse NN of IN the DT Nimitz NNP Freeway NNP were VBD sketchy JJ yesterday NN . . But CC most RBS structural JJ engineers NNS attributed VBD the DT destruction NN to TO improper JJ reinforcement NN of IN the DT columns NNS that WDT supported VBD the DT decks NNS , , and CC the DT fact NN that IN the DT ground NN beneath IN the DT highway NN is VBZ largely RB landfill NN and CC can MD become VB unstable JJ , , or CC `` `` liquefy VB , , '' '' in IN a DT major JJ quake NN . . The DT two-story JJ roadway NN , , designed VBN in IN the DT mid-1940s NNS and CC completed VBN in IN 1957 CD , , was VBD supported VBN by IN columns NNS that WDT apparently RB lacked VBD the DT kind NN of IN steel NN reinforcement NN used VBN in IN highways NNS today NN . . While IN the DT pillars NNS did VBD have VB long JJ metal NN bars NNS running VBG vertically RB through IN them PRP for IN reinforcement NN , , they PRP apparently RB lacked VBD an DT adequate JJ number NN of IN metal NN `` `` ties NNS '' '' that WDT run VBP horizontally RB through IN the DT column NN , , said VBD Leo NNP Parker NNP , , a DT structural JJ engineer NN in IN Los NNP Angeles NNP . . Caltrans NNP today NN uses VBZ a DT variation NN of IN the DT design NN Mr. NNP Parker NNP describes VBZ , , with IN spiraling JJ steel NN rods NNS inside RB . . But CC in IN the DT case NN of IN the DT Nimitz NNP Freeway NNP , , the DT lack NN of IN such JJ support NN caused VBD the DT core NN of IN the DT columns NNS to TO crumble VB and CC buckle VB under IN the DT weight NN of IN the DT second JJ deck NN , , crushing VBG motorists NNS who WP were VBD lined VBN up RP in IN bumper-to-bumper JJ rush-hour JJ traffic NN on IN the DT lower JJR deck NN nearly RB 15 CD feet NNS below RB . . Officials NNS of IN the DT state NN agency NN did VBD n't RB have VB any DT immediate JJ explanation NN why WRB the DT reinforcement NN did VBD n't RB hold VB up RP . . Caltrans NNP reinforced VBD the DT highway NN in IN 1977 CD as IN part NN of IN a DT $ $ 55 CD million CD statewide JJ project NN , , using VBG steel NN cables NNS to TO tie VB the DT decks NNS of IN the DT freeway NN to TO the DT columns NNS and CC prevent VB the DT structure NN from IN swaying VBG in IN a DT quake NN . . Caltrans NNP spokesman NN Jim NNP Drago NNP in IN Sacramento NNP declined VBD to TO identify VB the DT engineering NN firm NN that WDT did VBD the DT reinforcement NN work NN . . Liability NN in IN the DT bridge NN and CC road NN collapses NNS will MD revolve VB around IN whether IN government NN took VBD `` `` reasonable JJ care NN '' '' to TO build VB and CC maintain VB the DT structures NNS , , says VBZ John NNP Messina NNP , , a DT Tacoma NNP , , Wash. NNP , , personal-injury JJ attorney NN who WP specializes VBZ in IN highway NN design NN and CC maintenance NN cases NNS . . The DT firm NN brought VBD in RP to TO strengthen VB the DT structure NN could MD be VB liable JJ as RB well RB . . The DT results NNS of IN the DT quake NN certainly RB raise VBP questions NNS about IN whether IN reasonable JJ care NN was VBD taken VBN , , Mr. NNP Messina NNP says VBZ . . Given VBN the DT seismic JJ history NN of IN the DT Bay NNP Area NNP , , `` `` it PRP seems VBZ to TO me PRP that IN a DT 6.9 CD earthquake NN is VBZ a DT foreseeable JJ event NN . . '' '' Caltrans NNP ' POS Mr. NNP Drago NNP defended VBD the DT agency NN 's POS work NN on IN the DT Nimitz NNP Freeway NNP . . `` `` The DT work NN was VBD done VBN properly RB , , '' '' he PRP said VBD . . `` `` Basically RB , , we PRP had VBD a DT severe JJ earthquake NN of IN significant JJ duration NN and CC it PRP was VBD just RB something NN the DT structure NN could MD n't RB withstand VB . . '' '' Ironically RB , , Caltrans NNP this DT year NN began VBD working VBG on IN a DT second JJ round NN of IN seismic JJ reinforcements NNS of IN freeways NNS around IN the DT state NN , , this DT time NN wrapping VBG freeway NN columns NNS in IN `` `` steel NN blankets NNS '' '' to TO reinforce VB them PRP . . But CC only RB bridges NNS supported VBN with IN single JJ rows NNS of IN columns NNS were VBD top JJ priority NN , , and CC the DT Nimitz NNP Freeway NNP , , supported VBN by IN double JJ rows NNS , , was VBD left VBN out RP , , Mr. NNP Drago NNP explained VBD . . `` `` The DT reason NN is VBZ that IN the DT technology NN is VBZ such JJ that IN we PRP 're VBP not RB able JJ to TO retrofit VB multi-column JJ structures NNS , , '' '' he PRP said VBD . . Charles NNP McCoy NNP in IN San NNP Francisco NNP and CC John NNP R. NNP Emshwiller NNP in IN Los NNP Angeles NNP contributed VBD to TO this DT article NN . . Lionel NNP Corp. NNP 's POS board NN unanimously RB rejected VBD a DT tender NN offer NN of IN $ $ 8 CD a DT share NN , , or CC $ $ 95.4 CD million CD , , for IN as RB much JJ as IN 90 CD % NN of IN Lionel NNP by IN a DT group NN with IN a DT 9.9 CD % NN stake NN in IN the DT toy NN retailer NN . . Lionel NNP also RB urged VBD holders NNS of IN its PRP$ stock NN and CC debt NN not RB to TO tender VB their PRP$ securities NNS , , saying VBG it PRP wants VBZ to TO remain VB independent JJ to TO pursue VB its PRP$ business NN strategy NN . . Lionel NNP also RB said VBD the DT offer NN by IN Robert NNP I. NN Toussie NNP Limited NNP Partnership NNP is VBZ inadequate JJ , , and CC full JJ of IN conditions NNS that WDT leave VB it PRP `` `` subject NN to TO substantial JJ uncertainty NN . . '' '' In IN addition NN , , Lionel NNP began VBD a DT lawsuit NN in IN federal JJ District NNP Court NNP in IN New NNP York NNP seeking VBG to TO enjoin VB the DT offer NN , , alleging VBG , , among IN other JJ things NNS , , violations NNS of IN federal JJ securities NNS law NN and CC fraudulent JJ manipulation NN of IN the DT market NN for IN Lionel NNP 's POS securities NNS . . Robert NNP I. NN Toussie NNP , , general JJ partner NN of IN the DT investment NN group NN , , said VBD the DT Lionel NNP response NN reflected VBD management NN 's POS entrenched VBN position NN , , saying VBG officials NNS had VBD failed VBN to TO come VB up RP with IN a DT better JJR alternative NN to TO his PRP$ group NN 's POS offer NN . . Mr. NNP Toussie NNP said VBD he PRP would MD respond VB to TO Lionel NNP 's POS suit NN after IN his PRP$ lawyers NNS review VB it PRP . . Efforts NNS by IN a DT federal JJ mediator NN to TO reignite VB talks NNS between IN Boeing NNP Co. NNP and CC the DT Machinists NNPS union NN apparently RB failed VBD , , and CC no DT further JJ meetings NNS are VBP scheduled VBN . . Company NN officials NNS and CC union NN representatives NNS did VBD n't RB meet VB face NN to TO face VB , , but CC the DT mediator NN shuttled VBD between IN the DT two CD groups NNS . . In IN a DT statement NN issued VBN after IN the DT meeting NN , , the DT aerospace JJ giant NN said VBD it PRP wo MD n't RB increase VB its PRP$ offer NN although IN adjustments NNS within IN the DT proposed JJ pay-and-benefit JJ mix NN are VBP possible JJ . . Machinists NNS already RB have VBP rejected VBN a DT proposal NN that WDT called VBD for IN a DT 4 CD % NN pay NN increase NN and CC 8 CD % NN bonus NN in IN the DT first JJ year NN . . In IN the DT second JJ year NN , , workers NNS would MD receive VB a DT 3 CD % NN wage NN boost NN and CC a DT 3 CD % NN bonus NN , , followed VBN by IN a DT 3 CD % NN increase NN without IN a DT bonus NN in IN the DT third JJ year NN . . `` `` The DT company NN will MD not RB budge VB on IN anything NN , , '' '' said VBD a DT spokesman NN for IN the DT union NN . . As IN the DT strike NN enters VBZ its PRP$ 15th JJ day NN today NN , , some DT members NNS are VBP getting VBG nervous JJ , , the DT spokesman NN conceded VBD , , but CC the DT majority NN of IN the DT 55,000 CD Machinists NNPS are VBP prepared VBN to TO `` `` wait VB it PRP out RP as RB long RB as IN it PRP takes VBZ . . United NNP Merchants NNP & CC Manufacturers NNP Inc. NNP said VBD its PRP$ president NN , , Uzi NNP Ruskin NNP , , withdrew VBD his PRP$ proposal NN to TO acquire VB control NN of IN the DT New NNP York NNP textile JJ and CC clothing NN company NN . . Last JJ month NN , , Mr. NNP Ruskin NNP proposed VBD , , among IN other JJ things NNS , , to TO buy VB 3.5 CD million CD shares NNS , , or CC 38 CD % NN , , for IN $ $ 4 CD apiece RB . . Coupled VBN with IN his PRP$ current JJ 1.2 CD million CD shares NNS and CC 4 CD % NN held VBN by IN an DT associate NN , , the DT stake NN would MD have VB given VBN him PRP control NN of IN 55 CD % NN of IN the DT concern NN . . In IN a DT Securities NNP and CC Exchange NNP Commission NNP filing NN , , Mr. NNP Ruskin NNP had VBD said VBN that IN holders NNS of IN the DT other JJ 45 CD % NN of IN United NNP Merchants NNP would MD receive VB one-half JJ share NN of IN a DT new JJ preferred JJ stock NN for IN each DT of IN their PRP$ shares NNS . . A DT special JJ committee NN of IN United NNP Merchants NNP directors NNS said VBD that IN in IN view NN of IN uncertainties NNS regarding VBG various JJ legal JJ and CC financial JJ considerations NNS , , it PRP could MD n't RB recommend VB the DT plan NN to TO the DT full JJ board NN . . The DT company NN is VBZ exploring VBG , , with IN a DT major JJ financial JJ institution NN , , the DT development NN of IN a DT plan NN to TO boost VB the DT value NN of IN the DT company NN for IN its PRP$ holders NNS , , Mr. NNP Ruskin NNP said VBD . . In IN a DT separate JJ SEC NNP filing NN , , Albert NNP Safer NNP , , who WP holds VBZ 6.46 CD % NN of IN United NNP Merchants NNP , , said VBD he PRP retained VBD investment NN bank NN Lazard NNP Freres NNP & CC Co. NNP for IN advice NN as IN he PRP evaluates VBZ the DT possibility NN of IN making VBG a DT bid NN for IN the DT textile JJ maker NN . . On IN Friday NNP , , Mr. NNP Safer NNP , , a DT Newark NNP , , N.J. NNP , , textile JJ businessman NN , , signed VBD a DT confidentiality NN agreement NN under IN which WDT United NNP Merchants NNP would MD provide VB him PRP with IN nonpublic JJ information NN . . The DT White NNP House NNP is VBZ making VBG sure RB nobody NN will MD accuse VB it PRP of IN taking VBG this DT crisis NN lightly RB . . In IN the DT aftermath NN of IN the DT California NNP earthquake NN , , President NNP Bush NNP and CC his PRP$ aides NNS flew VBD into IN a DT whirlwind NN of IN earthquake-related JJ activity NN yesterday NN morning NN . . Some DT of IN it PRP was VBD necessary JJ to TO get VB federal JJ help NN flowing VBG to TO victims NNS , , but CC some DT seemed VBD designed VBN mostly RB to TO project VB an DT image NN of IN a DT White NNP House NNP in IN action NN . . Mr. NNP Bush NNP and CC his PRP$ aides NNS were VBD accused VBN of IN responding VBG too RB slowly RB after IN the DT Exxon NNP Valdez NNP oil NN tanker NN split VBD open RB in IN Alaskan JJ waters NNS and CC Hurricane NNP Hugo NNP struck VBD the DT Carolina NNP coast NN , , and CC they PRP clearly RB do VBP n't RB want VB a DT repeat NN of IN those DT charges NNS now RB . . So IN the DT White NNP House NNP announced VBD that IN Mr. NNP Bush NNP got VBD his PRP$ first JJ earthquake NN briefing NN of IN the DT day NN at IN 6:30 CD a.m. NN from IN chief NN of IN staff NN John NNP Sununu NNP . . By IN noon NN , , Mr. NNP Bush NNP had VBD taken VBN two CD phone NN calls NNS from IN Vice NNP President NNP Dan NNP Quayle NNP , , who WP was VBD in IN California NNP ; : made VBN a DT televised VBN statement NN of IN concern NN ; : signed VBN a DT disaster NN proclamation NN ; : received VBN a DT written JJ report NN from IN the DT Federal NNP Emergency NNP Management NNP Agency NNP ; : and CC visited VBN FEMA NNP headquarters NN . . Mr. NNP Bush NNP himself PRP essentially RB acknowledged VBD that IN he PRP and CC his PRP$ aides NNS were VBD trying VBG to TO head VB off RP criticism NN . . On IN his PRP$ FEMA NNP visit NN , , Mr. NNP Bush NNP said VBD that IN he PRP hoped VBD there EX would MD be VB `` `` less JJR carping NN '' '' about IN the DT emergency NN office NN 's POS performance NN this DT time NN , , adding VBG that IN the DT agency NN `` `` took VBD a DT hit NN '' '' for IN its PRP$ reaction NN to TO Hurricane NNP Hugo NNP . . The DT White NNP House NNP already RB is VBZ talking VBG of IN Mr. NNP Bush NNP visiting VBG the DT California NNP earthquake NN site NN this DT weekend NN . . He PRP visited VBD the DT Hugo NNP devastation NN but CC not RB until IN after IN local JJ leaders NNS urged VBD him PRP to TO do VB so RB . . Beazer NNP PLC NNP , , a DT major JJ British JJ building NN materials NNS and CC construction NN concern NN , , reported VBD a DT 24 CD % NN jump NN in IN pretax JJ profit NN for IN its PRP$ latest JJS financial JJ year NN , , helped VBN largely RB by IN contributions NNS from IN its PRP$ U.S. NNP unit NN , , Koppers NNP Co NNP . . Pretax JJ profit NN for IN the DT year NN to TO June NNP 30 CD rose VBD to TO # # 142.5 CD million CD ( ( $ $ 224.5 CD million CD ) ) from IN # # 114.7 CD million CD ( ( $ $ 180.7 CD million CD ) ) , , broadly RB matching VBG analysts NNS ' POS expectations NNS . . Profit NN after IN taxes NNS and CC minority NN interests NNS but CC before IN extraordinary JJ items NNS increased VBD 22 CD % NN to TO # # 92.6 CD million CD from IN # # 75.6 CD million CD a DT year NN earlier RBR , , while IN fully RB diluted VBN earnings NNS per IN share NN rose VBD to TO 29.90 CD pence NNS ( ( 47 CD cents NNS ) ) from IN 24.68 CD pence NNS ( ( 39 CD cents NNS ) ) . . The DT lethal JJ shudders NNS that WDT wracked VBD the DT San NNP Francisco NNP Bay NNP Area NNP -- : rated VBN a DT 6.9 CD on IN the DT Richter JJR scale NN -- : did VBD n't RB match VB the DT great JJ earthquake NN of IN 1906 CD , , rated VBN at IN 8.25 CD . . The DT difference NN of IN just RB 1.35 CD points NNS on IN the DT scale NN , , designed VBN by IN Charles NNP Richter NNP of IN CalTech NNP in IN the DT 1930s NNS , , means VBZ the DT older JJR quake NN was VBD `` `` 10 CD to TO 20 CD times NNS stronger JJR , , '' '' says VBZ Lane NNP Johnson NNP , , director NN of IN the DT University NNP of IN California NNP Berkeley NNP Seismographic NNP Station NNP . . The DT ground NN ruptured VBD along IN a DT 20-to-30-mile JJ stretch NN of IN the DT San NNP Andreas NNP Fault NNP on IN Tuesday NNP , , Mr. NNP Johnson NNP added VBD . . In IN 1906 CD , , the DT rupture NN was VBD 300 CD miles NNS long JJ and CC a DT couple NN feet NNS wide JJ . . Though IN the DT epicenter NN of IN Tuesday NNP 's POS temblor NN was VBD located VBN 10 CD miles NNS north RB of IN the DT town NN of IN Santa NNP Cruz NNP , , and CC 50 CD miles NNS south RB of IN San NNP Francisco NNP , , its PRP$ havoc NN hopscotched VBD up IN the DT coast NN in IN seemingly RB random JJ fashion NN . . But CC the DT greatest JJS damage NN was VBD visited VBN on IN buildings NNS and CC roadways NNS perched VBN upon IN landfill NN , , as IN were VBD the DT Marina NNP District NNP of IN San NNP Francisco NNP and CC the DT Bay NNP Bridge NNP -- : two CD areas NNS of IN maximum JJ devastation NN . . `` `` Landfill NN -- : loose JJ and CC unconsolidated JJ earth NN -- : may MD feel VB like IN rock NN but CC it PRP behaves VBZ like IN liquid NN when WRB you PRP shake VBP it PRP , , '' '' said VBD Douglas NNP Segar NNP , , professor NN of IN geosciences NNS at IN San NNP Francisco NNP State NNP University NNP in IN a DT televised JJ interview NN . . `` `` It PRP liquefies VBZ in IN a DT patchwork JJ quilt NN pattern NN . . Our PRP$ quake NN behaved VBD much RB like IN the DT Mexico NNP City NNP earthquake NN , , where WRB great JJ damage NN was VBD miles NNS from IN the DT epicenter NN . . '' '' Mr. NNP Johnson NNP , , of IN the DT Berkeley NNP seismographic JJ station NN , , said VBD : : `` `` Landfill NN can MD be VB done VBN if IN it PRP 's VBZ properly RB compacted VBN . . You PRP can MD drive VB piles NNS on IN it PRP and CC build VB on IN it PRP . . '' '' He PRP cited VBD the DT example NN of IN San NNP Francisco NNP 's POS financial JJ district NN , , where WRB many JJ new JJ glass NN towers NNS survived VBD almost RB unscathed JJ . . But CC the DT public JJ policy NN issues NNS raised VBN by IN earthquake NN damage NN will MD be VB difficult JJ to TO address VB , , Mr. NNP Johnson NNP predicted VBD . . `` `` The DT attention NN span NN of IN the DT public NN is VBZ short JJ , , '' '' he PRP said VBD . . `` `` We PRP 've VBP known VBN for IN years NNS and CC years NNS we PRP 've VBP got VBD lots NNS of IN old JJ { ( pre-1950s JJ } ) unreinforced JJ brick NN and CC masonry NN buildings NNS . . '' '' One CD old JJ building NN , , the DT Golden NNP State NNP Bank NNP Building NNP on IN Front NNP Street NNP , , had VBD its PRP$ yellow JJ brick NN facade NN sheared VBN off RP by IN the DT shock NN of IN the DT quake NN , , leaving VBG a DT wedge NN of IN its PRP$ third JJ floor NN open RB to TO the DT air NN , , while IN piles NNS of IN dusty JJ bricks NNS tumbled VBD to TO the DT street NN below RB narrowly RB missing VBG rush-hour JJ pedestrians NNS and CC cars NNS . . Reinforcing VBG such JJ old JJ building NN stock NN , , Mr. NNP Johnson NNP said VBD , , `` `` comes VBZ down RB to TO money NN . . It PRP 's VBZ a DT danger NN . . We PRP know VBP it PRP 's VBZ there RB . . And CC sooner RB or CC later RB , , we PRP have VBP to TO do VB something NN about IN it PRP . . '' '' The DT urgency NN is VBZ heightened VBN because RB this DT week NN 's POS earthquake NN -- : while IN major JJ and CC followed VBN by IN hundreds NNS of IN aftershocks NNS -- : did VBD n't RB release VB enough JJ pent-up JJ energy NN tension NN along IN the DT faultlines NNS to TO preclude VB more JJR and CC bigger JJR quakes NNS soon RB . . `` `` The DT big JJ one CD is VBZ still RB due JJ , , '' '' Mr. NNP Johnson NNP predicted VBD in IN an DT interview NN . . `` `` The DT Bay NNP Area NNP has VBZ three CD very RB dangerous JJ faults NNS , , the DT San NNP Andreas NNP , , the DT Hayward NNP fault NN and CC the DT Calaveras NNS fault NN . . It PRP { ( Tuesday NNP 's POS quake NN } ) has VBZ n't RB solved VBD our PRP$ problem NN . . In IN California NNP , , this DT is VBZ the DT reality NN . . Coca-Cola NNP Co. NNP may MD be VB about RB to TO intensify VB the DT cola NN wars NNS . . Coke NNP said VBD it PRP will MD test NN market VB a DT caffeine-free JJ version NN of IN its PRP$ flagship JJ brand NN , , Coca-Cola NNP Classic NNP , , beginning VBG next JJ week NN in IN Charlotte NNP , , N.C NNP . . Other JJ , , as RB yet RB unnamed JJ , , cities NNS will MD follow VB . . If IN all DT goes VBZ well RB , , the DT product NN will MD be VB rolled VBN out RP for IN national JJ sales NNS sometime RB next IN year NN , , a DT Coke NNP spokesman NN said VBD . . After IN the DT confusion NN surrounding VBG the DT change NN of IN the DT Coke NNP formula NN in IN 1985 CD , , Coca-Cola NNP was VBD reluctant JJ to TO clutter VB the DT Classic NNP name NN with IN a DT brand NN extension NN . . But CC now RB , , the DT soft-drink NN giant NN appears VBZ willing JJ to TO take VB the DT risk NN . . `` `` The DT name NN Classic NNP Coke NNP has VBZ tremendous JJ value NN , , and CC they PRP have VBP n't RB merchandised VBN that DT name NN before RB , , '' '' says VBZ Jesse NNP Meyers NNP , , publisher NN of IN the DT trade NN journal NN Beverage NNP Digest NNP . . The DT Coke NNP spokesman NN said VBD a DT caffeine-free JJ Classic NN should MD help VB increase VB volume NN of IN the DT original JJ brand NN . . Indeed RB , , analysts NNS have VBP said VBD that IN the DT absence NN of IN new JJ products NNS , , among IN other JJ factors NNS , , has VBZ limited VBN sales JJ growth NN throughout IN the DT industry NN . . Coke NNP now RB leads VBZ Pepsi NNP in IN market NN share NN in IN caffeine-free JJ diet NN colas NNS but CC trails VBZ Pepsi NNP in IN sales NNS of IN caffeine-free JJ sugared JJ colas NNS , , according VBG to TO Beverage NNP Digest NNP . . Coke NNP introduced VBD a DT caffeine-free JJ sugared JJ cola NN based VBN on IN its PRP$ original JJ formula NN in IN 1983 CD . . It PRP switched VBD to TO a DT caffeine-free JJ formula NN using VBG its PRP$ new JJ Coke NNP in IN 1985 CD . . Coke NNP has VBZ been VBN studying VBG the DT possibility NN of IN introducing VBG a DT caffeine-free JJ Classic NNP for IN a DT year NN , , a DT company NN spokesman NN said VBD . . He PRP said VBD large JJ increases NNS in IN sales NNS of IN other JJ non-caffeine JJ soft JJ drinks NNS make VBP the DT timing NN right RB now RB . . CALIFORNIA NNP STRUGGLED VBD with IN the DT aftermath NN of IN a DT Bay NNP area NN earthquake NN . . As IN aftershocks NNS shook VBD the DT San NNP Francisco NNP Bay NNP area NN , , rescuers NNS searched VBD through IN rubble NN for IN survivors NNS of IN Tuesday NNP 's POS temblor NN , , and CC residents NNS picked VBD their PRP$ way NN through IN glass-strewn JJ streets NNS . . In IN Oakland NNP , , hopes NNS faded VBD for IN finding VBG any DT more JJR survivors NNS within IN the DT concrete NN and CC steel NN from IN the DT collapse NN of IN an DT interstate JJ highway NN . . At IN least JJS 270 CD people NNS were VBD reported VBN killed VBN and CC 1,400 CD injured VBN in IN the DT rush-hour JJ tremor NN that WDT caused VBD billions NNS of IN dollars NNS of IN damage NN along IN 100 CD miles NNS of IN the DT San NNP Andreas NNP fault NN . . Bush NNP declared VBD the DT region NN a DT major JJ disaster NN area NN and CC the DT military NN was VBD mobilized VBN to TO prevent VB looting NN . . The DT baseball NN commissioner NN said VBD the DT third JJ game NN of IN the DT World NNP Series NNP between IN the DT Giants NNP and CC the DT Athletics NNP would MD be VB played VBN Tuesday NNP in IN Candlestick NNP Park NNP . . HONECKER NNP WAS VBD OUSTED VBN as IN leader NN of IN East NNP Germany NNP amid IN growing VBG unrest NN . . The DT 77-year-old JJ official NN , , who WP oversaw VBD the DT building NN of IN the DT Berlin NNP Wall NNP , , was VBD removed VBN during IN a DT meeting NN of IN the DT 163-member JJ Communist NNP Party NNP Central NNP Committee NNP in IN East NNP Berlin NNP . . Honecker NNP , , who WP was VBD reported VBN ill JJ following VBG gall-bladder NN surgery NN in IN August NNP , , said VBD he PRP was VBD resigning VBG for IN health NN reasons NNS . . He PRP was VBD succeeded VBN by IN internal-security NN chief NN Egon NNP Krenz NNP , , 52 CD , , a DT hard-liner NN who WP quickly RB ruled VBD out RP any DT sharing NN of IN power NN with IN pro-democracy JJ groups NNS . . Honecker NNP 's POS departure NN came VBD after IN weeks NNS of IN street NN protests NNS and CC an DT exodus NN to TO the DT West NNP of IN East NNP Germans NNPS who WP had VBD become VBN disenchanted JJ with IN his PRP$ rule NN . . HUNGARY NNP ADOPTED VBD constitutional JJ changes NNS to TO form VB a DT democratic JJ system NN . . At IN a DT nationally RB televised VBN legislative JJ session NN in IN Budapest NNP , , the DT Parliament NNP overwhelmingly RB approved VBD changes NNS formally RB ending VBG one-party JJ domination NN in IN the DT country NN , , regulating VBG free JJ elections NNS by IN next JJ summer NN and CC establishing VBG the DT office NN of IN state NN president NN to TO replace VB a DT 21-member JJ council NN . . The DT country NN was VBD renamed VBN the DT Republic NNP of IN Hungary NNP . . Like IN other JJ Soviet JJ bloc NN nations NNS , , it PRP had VBD been VBN known VBN as IN a DT `` `` people NNS 's POS republic NN '' '' since IN The DT voting NN for IN new JJ laws NNS followed VBD dissolution NN of IN Hungary NNP 's POS Communist NNP Party NNP this DT month NN and CC its PRP$ replacement NN by IN a DT Western-style JJ Socialist NNP Party NNP . . The DT space NN shuttle NN Atlantis NNP blasted VBD into IN orbit NN from IN Cape NNP Canaveral NNP , , Fla. NNP , , and CC its PRP$ crew NN of IN five CD astronauts NNS launched VBD the DT nuclear-powered JJ Galileo NNP space NN probe NN on IN a DT flight NN to TO the DT planet NN Jupiter NNP . . The DT $ $ 1.4 CD billion CD robot NN spacecraft NN 's POS exploratory JJ mission NN is VBZ to TO take VB six CD years NNS . . The DT shuttle NN is VBZ slated VBN to TO return VB Monday NNP to TO California NNP . . South NNP Korea NNP 's POS President NNP Roh NNP addressed VBD a DT joint JJ House-Senate NNP meeting NN and CC urged VBD patience NN over IN U.S. NNP demands NNS for IN the DT opening NN of IN Seoul NNP 's POS markets NNS to TO more JJR American JJ goods NNS , , saying VBG trade NN issues NNS would MD be VB `` `` resolved VBN to TO mutual JJ satisfaction NN . . '' '' He PRP also RB said VBD tragic JJ results NNS could MD follow VB any DT `` `` hint NN of IN weakening NN '' '' of IN the DT U.S. NNP defense NN commitment NN to TO Seoul NNP . . The DT Census NNP Bureau NNP reported VBD that IN 13.1 CD % NN of IN the DT U.S. NNP population NN , , or CC 31.9 CD million CD people NNS , , were VBD living VBG in IN poverty NN in IN 1988 CD . . Last JJ year NN 's POS figure NN was VBD down RB from IN 13.4 CD % NN in IN 1987 CD and CC marked VBD the DT fifth JJ consecutive JJ annual JJ decline NN in IN the DT poverty NN rate NN . . Per IN capita NN income NN rose VBD 1.7 CD % NN to TO $ $ 13,120 CD , , but CC median JJ family NN income NN fell VBD 0.2 CD % NN . . The DT Bush NNP administration NN accused VBD Israeli NNP Prime NNP Minister NNP Shamir NNP of IN hindering VBG peace NN efforts NNS in IN the DT Mideast NNP with IN `` `` unhelpful JJ '' '' and CC disappointing JJ statements NNS . . Shamir NNP said VBD Tuesday NNP that IN he PRP was VBD prepared VBN to TO risk VB a DT policy NN conflict NN with IN the DT U.S. NNP over IN an DT Egyptian JJ plan NN to TO hold VB direct JJ Israeli-Palestinian JJ talks NNS , , which WDT the DT premier NN 's POS Likud NNP bloc NN opposes VBZ . . Cuba NNP was VBD elected VBN to TO the DT U.N. NNP Security NNP Council NNP for IN the DT first JJ time NN since IN its PRP$ Castro-led JJ revolution NN 30 CD years NNS ago RB . . The DT election NN was VBD by IN secret JJ ballot NN in IN the DT General NNP Assembly NNP . . The DT U.S. NNP did VBD n't RB openly RB oppose VB Cuba NNP 's POS seating NN as IN the DT Latin JJ American JJ council NN delegate NN . . Britain NNP 's POS Prime NNP Minister NNP Thatcher NNP told VBD a DT Commonwealth NNP summit NN in IN Kuala NNP Lumpur NNP , , Malaysia NNP , , that WDT sanctions NNS against IN South NNP Africa NNP were VBD `` `` utterly RB irresponsible JJ , , '' '' officials NNS said VBD . . But CC other JJ nations NNS at IN the DT opening NN of IN the DT 49-nation JJ meeting NN of IN Britain NNP and CC its PRP$ former JJ colonies NNS pressed VBD for IN continued JJ or CC stronger JJR embargoes NNS in IN an DT effort NN to TO end VB apartheid NN . . Arab JJ officials NNS in IN Saudi NNP Arabia NNP said VBD three-week-old JJ talks NNS by IN Lebanese JJ lawmakers NNS aimed VBN at IN ending VBG Lebanon NNP 's POS civil JJ war NN appeared VBD about RB to TO collapse VB . . Christian JJ legislators NNS are VBP insisting VBG on IN a DT Syrian JJ troop NN pullout NN from IN Lebanon NNP before IN agreeing VBG to TO political JJ changes NNS giving VBG the DT nation NN 's POS Moslems NNPS a DT greater JJR role NN in IN Beirut NNP 's POS government NN . . Colombia NNP 's POS judges NNS launched VBD a DT 72-hour JJ strike NN to TO press VB security NN demands NNS following VBG Tuesday NNP 's POS murder NN of IN a DT High NNP Court NNP justice NN in IN Medellin NNP . . The DT country NN 's POS narcotics NNS traffickers NNS claimed VBD responsibility NN for IN the DT slaying NN . . Most JJS of IN the DT country NN 's POS 20,000 CD judges NNS and CC judicial JJ employees NNS joined VBD the DT work NN stoppage NN . . Charles NNP S. NNP Mitchell NNP , , a DT vice NN president NN with IN Homart NNP Development NNP Co. NNP , , the DT real JJ estate NN development NN subsidiary NN of IN Sears NNP , , Roebuck NNP & CC Co. NNP , , was VBD named VBN president NN of IN Figgie NNP Properties NNP , , a DT real JJ estate NN development NN unit NN . . He PRP succeeds VBZ William NNP Kohut NNP , , who WP resigned VBD earlier RBR this DT year NN . . Also RB , , Richard NNP A. NN Barkley NNP , , a DT former JJ marketing NN executive NN with IN FMC NNP Corp. NNP , , was VBD appointed VBN president NN of IN Continental NNP Container NNP Systems NNP , , a DT producer NN of IN can NN closing VBG machinery NN that IN Figgie NNP acquired VBD late RB last JJ year NN . . Figgie NNP is VBZ a DT fire NN protection NN , , electronics NN and CC industrial JJ products NNS concern NN . . Dow NNP Chemical NNP Co. NNP said VBD third-quarter JJ net JJ income NN slipped VBD 6.8 CD % NN from IN a DT record JJ year-ago JJ quarter NN . . The DT decline NN broke VBD a DT streak NN of IN 10 CD quarters NNS in IN which WDT Dow NNP posted VBD earnings NNS increases NNS . . Dow NNP 's POS third-quarter JJ net NN fell VBD to TO $ $ 589 CD million CD , , or CC $ $ 3.29 CD a DT share NN , , from IN $ $ 632 CD million CD , , or CC $ $ 3.36 CD a DT share NN , , a DT year NN ago RB . . Sales NNS in IN the DT latest JJS quarter NN rose VBD 2 CD % NN to TO $ $ 4.25 CD billion CD from IN $ $ 4.15 CD billion CD a DT year NN earlier RBR . . Dow NNP closed VBD at IN $ $ 94.625 CD a DT share NN , , up RB 75 CD cents NNS , , in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN . . A DT spokeswoman NN said VBD Dow NNP is VBZ comfortable JJ with IN Wall NNP Street NNP expectations NNS that IN full-year JJ earnings NNS will MD total VB about RB $ $ 14.60 CD a DT share NN , , compared VBN with IN last JJ year NN 's POS record JJ net NN of IN $ $ 2.4 CD billion CD , , or CC $ $ 12.76 CD a DT share NN . . But CC that DT signal NN on IN full-year JJ profit NN casts VBZ doubt NN on IN whether IN Dow NNP will MD improve VB on IN its PRP$ year-ago JJ fourth-quarter JJ net NN of IN $ $ 3.44 CD a DT share NN , , or CC $ $ 635 CD million CD . . Dow NNP would MD earn VB $ $ 14.85 CD a DT share NN for IN the DT year NN if IN it PRP equaled VBD that IN year-ago JJ fourth-quarter JJ performance NN . . Dow NNP officials NNS were VBD signaling VBG that IN the DT company NN would MD earn VB less JJR than IN $ $ 15 CD a DT share NN this DT year NN even RB before IN they PRP announced VBD in IN July NNP a DT plan NN to TO acquire VB 67 CD % NN of IN Marion NNP Laboratories NNP Inc NNP . . That DT acquisition NN could MD further RB dilute VB earnings NNS per IN share NN this DT year NN , , the DT company NN spokeswoman NN said VBD . . Dow NNP has VBZ n't RB said VBD exactly RB what WP impact NN the DT Marion NNP acquisition NN will MD have VB on IN 1989 CD earnings NNS . . Dow NNP blamed VBD the DT third-quarter JJ earnings NNS drop NN on IN several JJ factors NNS , , including VBG softer JJR prices NNS for IN polyethylene NN and CC other JJ basic JJ chemicals NNS , , a DT slower JJR U.S. NNP economy NN and CC a DT stronger JJR dollar NN , , which WDT made VBD Dow NNP 's POS exports NNS from IN the DT U.S. NNP more RBR expensive JJ to TO overseas JJ customers NNS . . Another DT problem NN was VBD a DT 7 CD % NN increase NN in IN operating NN costs NNS at IN a DT time NN when WRB revenue NN was VBD rising VBG by IN only RB 2 CD % NN . . For IN the DT first JJ nine CD months NNS of IN the DT year NN , , Dow NNP earned VBD $ $ 2.06 CD billion CD , , or CC $ $ 11.41 CD a DT share NN , , up RB 17 CD % NN from IN $ $ 1.76 CD billion CD , , or CC $ $ 9.32 CD a DT share NN , , a DT year NN ago RB . . Sales NNS for IN the DT latest JJS nine CD months NNS rose VBD 7.7 CD % NN to TO $ $ 13.34 CD billion CD from IN $ $ 12.38 CD billion CD in IN the DT year-ago JJ period NN . . Whether IN or CC not RB `` `` great JJ cases NNS make VBP bad-law NN '' '' -- : as IN Justice NNP Holmes NNP asserted VBD -- : who WP can MD doubt VB that IN when WRB great JJ confirmation NN hearings NNS turn VBP on IN the DT nominee NN 's POS response NN to TO these DT great JJ cases NNS they PRP make VBP bad JJ judicial JJ history NN ? . Ethan NNP Bronner NNP 's POS `` `` Battle NN for IN Justice NN : : How WRB the DT Bork NNP Nomination NN Shook VBD America NNP '' '' ( ( Norton NNP , , 399 CD pages NNS , , $ $ 22.50 CD ) ) is VBZ a DT spirited JJ narrative NN of IN the DT nastiest JJS of IN these DT hearings NNS , , done VBN with IN journalistic JJ verve NN , , but CC with IN a DT flawed JJ legal JJ philosophy NN . . While IN the DT book NN amply RB justifies VBZ its PRP$ subtitle NN , , the DT title NN itself PRP is VBZ dubious JJ . . What WP shook VBD America NNP was VBD not RB a DT battle NN for IN justice NN but CC for IN naked JJ power NN , , in IN which WDT an DT army NN of IN judicial JJ activists NNS rolled VBD over RB a DT judge NN they PRP had VBD demonized VBN . . In IN its PRP$ basic JJ structure NN and CC style NN the DT book NN is VBZ novelistic JJ , , with IN piquant JJ character NN portrayal NN , , hard-wire JJ action NN and CC devious JJ intrigue NN of IN the DT sort NN more RBR likely JJ to TO be VB encountered VBN in IN a DT Washington NNP docudrama NN than IN in IN a DT constitutional JJ history NN . . Mr. NNP Bronner NNP seems VBZ to TO believe VB that IN the DT hearings NNS could MD have VB gone VBN either DT way NN . . I PRP doubt VBP that DT . . Given VBN Democratic JJ frustration NN with IN the DT Reagan NNP victories NNS and CC Court NNP appointments NNS , , the DT contingency NN plans NNS in IN place NN , , and CC Mr. NNP Bork NNP 's POS paper NN trail NN of IN vulnerable JJ writings NNS , , it PRP was VBD pretty RB clear JJ that IN Judge NNP Bork NNP never RB stood VBD much JJ chance NN of IN being VBG confirmed VBN . . As IN Mr. NNP Bronner NNP himself PRP says VBZ , , the DT smell NN of IN `` `` raw JJ meat NN '' '' was VBD in IN the DT air NN . . Perhaps RB because IN they PRP won VBD , , Mr. NNP Bork NNP 's POS attackers NNS come VBD through RP more RBR vividly RB than IN his PRP$ defenders NNS . . Ralph NNP Neas NNP was VBD the DT organizing NN genius NN , , whipping VBG a DT conglomerate NN of IN pressure NN groups NNS into IN an DT irresistible JJ attacking NN force NN . . Harvard NNP 's POS Laurence NNP Tribe NNP was VBD the DT constitutional JJ heavy NN , , laying VBG out RP legal JJ strategies NNS for IN the DT senators NNS and CC witnesses NNS to TO follow VB . . But CC it PRP was VBD Ted NNP Kennedy NNP who WP scored VBD most RBS effectively RB with IN his PRP$ searing JJ portrayal NN of IN `` `` Robert NNP Bork NNP 's POS America NNP '' '' -- : the DT parade NN of IN imaginary JJ horribles NNS that WDT would MD follow VB logically RB , , he PRP claimed VBD , , from IN the DT positions NNS Mr. NNP Bork NNP had VBD taken VBN over IN the DT space NN of IN two CD decades NNS . . Sen. NNP Kennedy NNP , , never RB mind VB his PRP$ dubious JJ credentials NNS for IN the DT moral JJ high JJ ground NN , , emoted VBD brilliantly RB . . I PRP add VBP two CD others NNS . . Republican NNP Sen. NNP Arlen NNP Specter NNP of IN Pennsylvania NNP engaged VBD the DT nominee NN in IN a DT verbal JJ contest NN aimed VBN at IN showing VBG that IN Mr. NNP Bork NNP was VBD willing JJ to TO stretch VB the DT Constitution NNP in IN one CD area NN ( ( free JJ speech NN ) ) while IN remaining VBG rigid JJ in IN all PDT the DT others NNS . . It PRP achieved VBD a DT good JJ media NN play NN , , and CC enabled VBD Sen. NNP Specter NNP and CC others NNS to TO vote VB against IN Mr. NNP Bork NNP out IN of IN `` `` conscience NN . . '' '' Further JJ ammunition NN came VBD from IN left JJ legal JJ theorist NN Ronald NNP Dworkin NNP , , who WP in IN the DT New NNP York NNP Review NNP of IN Books NNP painted VBD a DT picture NN of IN a DT constitutional JJ zombie NN willfully RB reading VBG his PRP$ personal JJ prejudices NNS into IN the DT Constitution NNP , , particularly RB in IN the DT area NN of IN `` `` original JJ intent NN . . '' '' The DT charge NN of IN being VBG `` `` outside IN the DT mainstream NN '' '' of IN legal JJ thought NN gravely RB undercut VBD Mr. NNP Bork NNP 's POS scholarly JJ standing NN , , leaving VBG him PRP bleeding VBG on IN the DT platform NN . . The DT nomination NN still RB might MD have VB been VBN salvaged VBN if IN a DT number NN of IN Democratic JJ moderates NNS in IN the DT South NNP and CC Southwest NNP had VBD broken VBN party NN lines NNS . . But CC Democratic NNP Sen. NNP Bennett NNP Johnson NNP of IN Louisiana NNP reminded VBD the DT little JJ band NN that IN anti-Bork JJ blacks NNS and CC women NNS could MD furnish VB the DT margin NN to TO punish VB them PRP in IN their PRP$ next JJ Senate NNP elections NNS . . Demographics NNS converged VBD with IN `` `` mainstream NN '' '' and CC demonizing NN to TO seal VB Robert NNP Bork NNP 's POS fate NN . . The DT upshot NN ? . Mr. NNP Bork NNP 's POS opponents NNS chose VBD the DT battlefield NN , , held VBD it PRP and CC kept VBD it PRP . . Yet CC with IN the DT smooth JJ confirmation NN of IN Anthony NNP Kennedy NNP , , an DT `` `` 80 CD percenter NN '' '' only RB slightly RB less RBR supportive JJ of IN judicial JJ restraint NN than IN Mr. NNP Bork NNP , , the DT Democrats NNPS may MD have VB won VBN the DT battle NN but CC lost VBN the DT war NN . . Another DT upshot NN , , however RB , , was VBD the DT chilling JJ message NN the DT Bork NNP hearings NNS sent VBD into IN the DT judicial JJ culture NN from IN which WDT the DT Supreme NNP Court NNP draws VBZ its PRP$ talent NN . . The DT word NN went VBD forth RB to TO every DT law NN school NN that IN those DT with IN federal JJ court NN ambitions NNS must MD travel VB a DT safe JJ constitutional JJ journey NN , , with IN no DT paper NN trail NN and CC no DT bite NN to TO their PRP$ tongue NN or CC pen NN . . Unfortunately RB , , the DT author NN simply RB does VBZ n't RB supply VB the DT philosophical JJ frame NN to TO sustain VB his PRP$ reportorial JJ talents NNS . . He PRP has VBZ too RB readily RB swallowed VBN the DT case NN for IN the DT activist JJ law NN school NN culture NN . . Probing VBG more RBR deeply RB into IN the DT doctrine NN of IN `` `` judicial JJ restraint NN , , '' '' he PRP would MD have VB found VBN a DT long JJ history NN going VBG back RB to TO the DT great JJ decisions NNS of IN Justice NNP Holmes NNP . . He PRP would MD discover VB it PRP also RB in IN Alexander NNP Bickel NNP , , a DT subtle JJ constitutional JJ scholar NN , , Mr. NNP Bork NNP 's POS closest JJS friend NN at IN Yale NNP , , whose WP$ influence NN on IN the DT judge NN goes VBZ well RB beyond IN Mr. NNP Bronner NNP 's POS reporting NN . . Still RB , , the DT long JJ view NN of IN Robert NNP Bork NNP as IN constitutional JJ thinker NN must MD be VB a DT spotty JJ one CD . . His PRP$ strength NN lies VBZ in IN his PRP$ majoritarian JJ doctrine NN , , which WDT keeps VBZ the DT Court NNP clear JJ of IN transient JJ group NN pressures NNS and CC leaves VBZ most JJS decisions NNS in IN a DT democracy NN to TO elected JJ legislatures NNS and CC executives NNS . . Unfortunately RB , , Mr. NNP Bork NNP failed VBD to TO distinguish VB between IN such JJ pressures NNS and CC the DT emergence NN of IN great JJ issues NNS critical JJ to TO a DT society NN that WDT must MD be VB settled VBN judicially RB if IN it PRP is VBZ to TO cohere VB . . The DT question NN of IN segregated JJ schools NNS , , in IN Brown NNP vs. IN Board NNP of IN Education NNP , , was VBD such PDT an DT issue NN . . In IN our PRP$ time NN abortion NN has VBZ become VBN another DT , , best RBS left VBN to TO a DT line NN of IN Supreme NNP Court NNP decisions NNS rather RB than IN to TO the DT chaos NN of IN 50 CD state NN legislatures NNS . . A DT reflective JJ and CC growing JJ consensus NN of IN Americans NNPS clearly RB wishes VBZ to TO apply VB the DT right NN to TO privacy NN in IN contraceptive JJ matters NNS ( ( decided VBN in IN the DT Griswold NNP case NN ) ) to TO abortion NN as RB well RB . . One PRP can MD understand VB Mr. NNP Bork NNP 's POS fear NN that IN the DT new JJ right NN to TO privacy NN will MD become VB intolerably RB stretched VBN , , though IN a DT Supreme NNP Court NNP composed VBN of IN men NNS and CC women NNS with IN realism NN , , guts NNS and CC a DT sense NN of IN limits NNS should MD be VB able JJ to TO manage VB it PRP . . What WP is VBZ certain JJ is VBZ that IN if IN Americans NNPS allow VBP another DT happening NN like IN the DT degrading JJ Bork NNP confirmation NN circus NN , , it PRP will MD be VB at IN their PRP$ peril NN . . Mr. NNP Lerner NNP is VBZ a DT writer NN and CC historian NN living VBG in IN New NNP York NNP . . Sotheby NNP 's POS Inc. NNP , , the DT world NN 's POS biggest JJS auction NN house NN , , is VBZ taking VBG a DT huge JJ Wall NNP Street-style JJ risk NN on IN the DT outcome NN of IN the DT sale NN of IN art NN from IN the DT estate NN of IN John NNP T. NNP Dorrance NNP Jr. NNP , , the DT Campbell NNP Soup NNP Co. NNP heir NN . . The DT Financial NNP Services NNP division NN has VBZ guaranteed VBN the DT Dorrance NNP family NN that IN it PRP will MD receive VB a DT minimum NN of IN $ $ 100 CD million CD for IN the DT collection NN , , regardless RB of IN what WP the DT bids NNS for IN the DT art NN works NNS total VBP , , people NNS close RB to TO the DT transaction NN say VBP . . The DT collection NN , , which WDT includes VBZ two CD early JJ Picassos NNPS , , a DT van NNP Gogh NNP , , a DT Monet NNP , , other JJ paintings NNS , , furniture NN and CC porcelains NNS , , went VBD on IN sale NN last JJ night NN in IN the DT first JJ of IN six CD auctions NNS . . What WP Sotheby NNP 's POS is VBZ doing VBG closely RB resembles VBZ an DT underwriting NN by IN an DT investment NN bank NN . . A DT corporation NN that WDT wants VBZ to TO sell VB stock NN or CC bonds NNS goes VBZ to TO a DT Wall NNP Street NNP firm NN , , which WDT purchases VBZ the DT securities NNS outright RB , , accepting VBG the DT financial JJ risk NN of IN finding VBG buyers NNS . . If IN the DT investment NN bank NN can MD sell VB the DT securities NNS at IN a DT higher JJR price NN than IN it PRP paid VBD the DT issuer NN , , it PRP makes VBZ a DT profit NN . . At IN the DT initial JJ sale NN last JJ night NN , , for IN example NN -- : the DT sale NN featuring VBG the DT Impressionists NNPS masters NNS -- : bids NNS totaled VBD $ $ 116 CD million CD . . That DT was VBD slightly RB above IN Sotheby NNP 's POS presale JJ estimate NN of IN $ $ 111 CD million CD . . Normally NNP , , Sotheby NNP 's POS would MD have VB earned VBN 20 CD % NN of IN the DT total NN in IN commissions NNS . . Instead RB , , people NNS familiar JJ with IN the DT transaction NN said VBD , , the DT auction NN house NN opted VBD to TO forgo VB that DT percentage NN in IN order NN to TO obtain VB the DT collection NN and CC in IN exchange NN for IN taking VBG a DT bigger JJR chunk NN of IN proceeds NNS exceeding VBG $ $ 100 CD million CD . . Art NN dealers NNS say VBP that IN while IN auction NN houses NNS occasionally RB guarantee VBP the DT seller NN of IN a DT highly RB desirable JJ work NN of IN art NN a DT minimum JJ price NN , , a DT financial JJ commitment NN of IN this DT size NN is VBZ unprecedented JJ . . Diana NNP D. NNP Brooks NNP , , president NN of IN Sotheby NNP 's POS North NNP America NNP division NN , , vehemently RB denies VBZ it PRP offered VBD the DT Dorrance NNP heirs NNS a DT money-back JJ guarantee NN , , calling VBG such JJ reports NNS `` `` inaccurate JJ . . '' '' Buried VBN in IN the DT glossy JJ hardbound JJ catalog NN for IN the DT sale NN , , however RB , , appears VBZ the DT statement NN , , `` `` Sotheby NNP 's POS has VBZ an DT interest NN in IN the DT property NN in IN this DT catalog NN . . '' '' Explains VBZ a DT Sotheby NNP 's POS spokeswoman NN , , the DT statement NN `` `` means VBZ exactly RB what WP it PRP says VBZ . . We PRP have VBN some DT level NN of IN financial JJ interest NN '' '' in IN the DT collection NN . . `` `` We PRP do VBP n't RB disclose VB specifics NNS . . '' '' Frank NNP Mirabello NNP , , a DT lawyer NN for IN the DT Dorrance NNP estate NN with IN the DT Philadelphia NNP law NN firm NN of IN Morgan NNP , , Lewis NNP & CC Bockius NNP , , declines VBZ to TO comment VB on IN the DT financial JJ arrangements NNS . . Sotheby NNP 's VBZ made VBN the DT $ $ 100 CD million CD guarantee NN to TO keep VB the DT Dorrance NNP collection NN away RB from IN its PRP$ archrival JJ , , auction NN house NN Christie NNP 's POS International NNP PLC NNP ; : Christie NNP 's POS has VBZ handled VBN smaller JJR sales NNS for IN the DT Dorrance NNP family NN over IN the DT years NNS . . When WRB Christie NNP 's POS officials NNS asked VBD why WRB the DT firm JJ was VBD n't RB picked VBN to TO sell VB the DT Dorrance NNP collection NN , , representatives NNS of IN the DT Dorrance NNP family NN `` `` told VBD us PRP it PRP was VBD a DT question NN of IN financial JJ considerations NNS , , '' '' said VBD Michael NNP Findlay NNP , , Christie NNP 's POS head NN of IN impressionist JJ and CC modern JJ paintings NNS . . Collectors NNS who WP have VBP made VBN their PRP$ money NN on IN Wall NNP Street NNP have VBP become VBN an DT increasingly RB important JJ part NN of IN the DT art NN business NN and CC their PRP$ money NN has VBZ helped VBN fuel VB the DT art NN boom NN , , but CC recently RB it PRP appears VBZ Sotheby NNP 's POS has VBZ been VBN returning VBG the DT compliment NN . . In IN November NNP 1987 CD , , Sotheby NNP 's POS essentially RB offered VBD a DT Wall NNP Street-style JJ `` `` bridge NN loan NN '' '' of IN about RB $ $ 27 CD million CD to TO Australian JJ businessman NN Alan NNP Bond NNP to TO enable VB him PRP to TO purchase VB Vincent NNP van NNP Gogh NNP 's POS `` `` Irises NNS '' '' for IN $ $ 53.9 CD million CD . . It PRP was VBD the DT highest JJS bid NN in IN history NN for IN a DT work NN of IN art NN . . But CC two CD weeks NNS ago RB , , Sotheby NNP 's VBZ said VBD that IN it PRP has VBZ the DT painting NN under IN lock NN and CC key NN because IN the DT loan NN had VBD not RB been VBN fully RB repaid VBN . . Sotheby NNP 's POS is VBZ offering VBG such JJ deals NNS because IN it PRP 's VBZ an DT art NN sellers NNS ' POS market NN , , at IN least JJS where WRB the DT best JJS works NNS are VBP concerned VBN , , says VBZ Ralph NNP Lerner NNP , , an DT attorney NN and CC author NN of IN the DT book NN `` `` Art NN Law NN . . '' '' `` `` There EX seems VBZ to TO be VB a DT lot NN of IN art NN for IN sale NN , , but CC there EX 's POS more JJR competition NN . . The DT competition NN gives VBZ the DT seller NN the DT ability NN to TO cut VB a DT better JJR deal NN , , '' '' he PRP says VBZ . . The DT Dorrance NNP family NN will MD still RB receive VB a DT substantial JJ portion NN of IN the DT auction NN proceeds NNS above IN $ $ 100 CD million CD , , people NNS familiar JJ with IN the DT transaction NN said VBD . . But CC it PRP 's VBZ likely RB that DT Sotheby NNP 's POS will MD take VB a DT higher JJR than IN usual JJ commission NN , , called VBD an DT override NN , , on IN the DT amount NN exceeding VBG the DT guarantee NN . . Sotheby NNP 's POS has VBZ been VBN aggressively RB promoting VBG the DT Dorrance NNP sale NN . . At IN a DT news NN conference NN last JJ May NNP announcing VBG plans NNS for IN the DT auction NN , , Sotheby NNP 's POS estimated VBD its PRP$ value NN in IN excess NN of IN $ $ 100 CD million CD . . More RBR recently RB , , Sotheby NNP 's POS has VBZ predicted VBN the DT collection NN will MD fetch VB $ $ 140 CD million CD . . That DT 's VBZ the DT highest JJS estimate NN for IN a DT single JJ collection NN in IN auction NN history NN . . The DT decision NN to TO put VB the DT entire JJ collection NN on IN the DT block NN stunned VBD many JJ , , since IN Mr. NNP Dorrance NNP had VBD served VBN as IN chairman NN of IN the DT Philadelphia NNP Museum NNP of IN Art NNP , , and CC it PRP had VBD been VBN assumed VBN many JJ of IN the DT works NNS would MD be VB donated VBN to TO the DT institution NN . . At IN last JJ night NN 's POS sale NN , , 13 CD of IN 44 CD works NNS that WDT sold VBD were VBD purchased VBN by IN Aska NNP International NNP Gallery NNP , , the DT art-acquisition JJ unit NN of IN Aichi NNP Financial NNP , , a DT Japanese JJ conglomerate NN that WDT owns VBZ 7.5 CD % NN of IN Christie NN 's POS . . Meanwhile RB , , Sotheby NNP 's POS guarantee NN is VBZ raising VBG eyebrows NNS in IN the DT art NN world NN . . `` `` The DT consumer NN has VBZ to TO throw VB out RP the DT idea NN that IN the DT auction NN house NN is VBZ a DT disinterested JJ middleman NN , , '' '' says VBZ New NNP York NNP art NN dealer NN David NNP Tunick NNP . . While IN he PRP adds VBZ that IN he PRP has VBZ no DT problem NN with IN auction NN houses NNS who WP sell VBP works NNS in IN which WDT they PRP have VBP a DT financial JJ interest NN , , `` `` It PRP ought MD not RB to TO be VB hidden VBN in IN some DT small JJ print NN . . '' '' In IN such JJ situations NNS , , he PRP says VBZ , , the DT house NN `` `` is VBZ going VBG to TO put VB the DT best JJS light NN on IN things NNS . . '' '' For IN example NN , , an DT auction NN house NN 's POS comments NNS on IN the DT condition NN of IN a DT work NN of IN art NN that WDT is VBZ up RB for IN sale NN should MD be VB looked VBN at IN with IN `` `` very RB open JJ eyes NNS , , '' '' he PRP says VBZ . . `` `` There EX 's VBZ more JJR and CC more JJR of IN this DT cash-up-front NN going VBG on RP at IN every DT level NN , , '' '' says VBZ Bruce NNP Miller NNP , , president NN of IN Art NNP Funding NNP Corp. NNP , , an DT art NN lender NN . . Dealers NNS and CC auction NN houses NNS `` `` know VBP if IN they PRP do VBP n't RB lay VB out RP a DT half PDT a DT million CD for IN this DT , , another DT one NN will MD ; : it PRP 's VBZ that RB competitive JJ . . '' '' In IN January NNP , , two CD small JJ New NNP York NNP galleries NNS , , the DT Coe NNP Kerr NNP Gallery NNP and CC Beadleston NNP Fine NNP Arts NNP , , snatched VBD a DT major JJ art NN collection NN owned VBN by IN the DT Askin NNP family NN away RB from IN rival JJ auction-house NN bidders NNS with IN an DT up-front JJ payment NN of IN about RB $ $ 25 CD million CD . . A DT Christie NNP 's POS spokeswoman NN said VBD that IN while IN the DT auction NN house NN sometimes RB waives VBZ its PRP$ seller NN 's POS commission NN to TO attract VB art NN works NNS -- : it PRP still RB gets VBZ a DT commission NN from IN the DT buyer NN -- : Christie NNP 's POS wo MD n't RB offer VB financial JJ guarantees NNS because IN `` `` Christie NNP 's POS believes VBZ its PRP$ primary JJ role NN is VBZ as IN an DT auction NN house NN , , and CC therefore RB as IN an DT agent NN { ( for IN buyer NN and CC seller NN } ) , , not RB as IN a DT bank NN . . Egon NNP Krenz NNP , , the DT man NN tapped VBN yesterday NN to TO become VB East NNP Germany NNP 's POS new JJ leader NN , , faces VBZ the DT same JJ task NN that WDT has VBZ fallen VBN to TO neighboring VBG socialist JJ colleagues NNS : : reforming VBG a DT country NN in IN crisis NN . . But CC unlike IN the DT other JJ new JJ leaders NNS in IN the DT East NNP Bloc NNP , , Mr. NNP Krenz NNP will MD face VB an DT immediate JJ threat NN to TO his PRP$ nation NN 's POS very JJ existence NN : : German JJ reunification NN . . Mr. NNP Krenz NNP , , age NN 52 CD , , is VBZ known VBN as IN an DT old-guard JJ ironfist NN , , one NN likely JJ to TO continue VB the DT method NN of IN running VBG a DT country NN that WDT the DT Berlin NNP Wall NNP made VBD famous JJ . . Even RB if IN he PRP were VBD to TO change VB his PRP$ stripes NNS and CC become VB another DT Milton NNP Friedman NNP , , however RB , , he PRP would MD still RB stand VB a DT good JJ chance NN of IN losing VBG a DT country NN . . Mr. NNP Krenz NNP almost RB certainly RB will MD be VB a DT younger JJR version NN of IN Erich NNP Honecker NNP , , his PRP$ rigid JJ predecessor NN as IN dictator NN . . Mr. NNP Krenz NNP has VBZ followed VBN much RB the DT same JJ career NN path NN as IN Mr. NNP Honecker NNP : : Both DT spent VBD years NNS overseeing VBG the DT Freie NNP Deutsche NNP Jugend NNP , , the DT youth NN group NN that WDT is VBZ the DT communist JJ regime NN 's POS principal JJ tool NN for IN stamping VBG young JJ Germans NNPS into IN socialist JJ citizens NNS . . More RBR recently RB , , Mr. NNP Krenz NNP has VBZ been VBN in IN charge NN of IN East JJ German JJ security NN , , and CC is VBZ the DT youngest JJS member NN of IN the DT ruling VBG Politburo NNP . . Faced VBN with IN another DT Mr. NNP Honecker NNP , , so RB many JJ despairing JJ East NNP Germans NNPS are VBP likely JJ to TO flee VB that IN the DT two CD German JJ peoples NNS will MD get VB their PRP$ reunification NN , , de FW facto FW , , on IN West JJ German JJ ground NN . . But CC if IN East NNP Germany NNP 's POS arthritic JJ Politburo NNP does VBZ loosen VB up RP enough RB to TO permit VB Mr. NNP Krenz NNP to TO make VB serious JJ efforts NNS at IN reform NN , , he PRP will MD face VB a DT challenge NN just RB as IN fundamental JJ . . Abandoning VBG socialism NN means NNS abandoning VBG the DT East JJ German JJ state NN 's POS reason NN for IN existence NN , , and CC with IN it PRP the DT justification NN for IN its PRP$ watchdogs NNS and CC its PRP$ Wall NNP . . In IN this DT scenario NN it PRP 's VBZ hard JJ to TO imagine VB that IN a DT pale JJ imitation NN of IN the DT Federal NNP Republic NNP could MD avoid VB being VBG pulled VBD into IN some DT kind NN of IN tie NN -- : economic JJ , , federal JJ or CC stronger JJR -- : with IN West NNP Germany NNP . . Mr. NNP Krenz NNP may MD need VB a DT bit NN of IN time NN to TO consolidate VB his PRP$ empire NN , , which WDT would MD do VB a DT lot NN to TO promote VB Reunification NNP Scenario NNP One CD . . Cartoonists NNP in IN West NNP Germany NNP have VBP already RB mocked VBN the DT exodus NN by IN imagining VBG an DT advertisement NN placed VBN by IN Mr. NNP Honecker NNP : : `` `` Wanted VBN : : one CD people NN . . '' '' The DT West JJ German JJ embassies NNS in IN Prague NNP , , Budapest NNP and CC Warsaw NNP are VBP continuing VBG to TO find VB refugees NNS at IN their PRP$ gates NNS . . Of IN course NN East NNP Germany NNP , , true JJ to TO its PRP$ tradition NN , , could MD tighten VB its PRP$ borders NNS yet CC further RBR . . Two CD of IN the DT last JJ gestures NNS of IN the DT Honecker NNP regime NN were VBD to TO close VB the DT border NN to TO Czechoslovakia NNP and CC install VB halogen NN lights NNS in IN some DT spots NNS along IN the DT frontier NN . . But CC with IN world-wide JJ opinion NN -- : even RB , , apparently RB in IN Moscow NNP -- : against IN East NNP Germany NNP , , the DT country NN would MD have VB to TO turn VB itself PRP into IN an DT Albania NNP to TO clamp VB down RP further RB on IN refugees NNS . . There EX have VBP been VBN some DT reports NNS that IN Mr. NNP Krenz NNP is VBZ moving VBG to TO `` `` soften VB '' '' his PRP$ reputation NN , , notably RB rumors VBZ that IN it PRP was VBD he PRP who WP kept VBD East NNP Germany NNP 's POS state NN police NN off IN protesters NNS ' POS backs NNS at IN the DT country NN 's POS dismal JJ 40th JJ anniversary NN celebrations NNS earlier RBR this DT month NN . . But CC even RB if IN he PRP effects VBZ a DT Hyde-to-Jekyll JJ transformation NN , , he PRP will MD face VB a DT serious JJ ideological JJ crisis NN and CC Reunification NNP Scenario NNP Two CD . . The DT problem NN is VBZ one NN that IN East NNP Germany NNP shares NNS with IN other JJ half-states NNS , , such JJ as IN North NNP Korea NNP , , but CC one NN it PRP must MD shoulder VB alone RB in IN the DT East NNP Bloc NNP . . When WRB Poland NNP moves VBZ to TO reform VB , , it PRP can MD at IN least JJS lean VB on IN its PRP$ past NN : : However RB flawed JJ and CC short-lived JJ Joseph NNP Pilsudski NNP 's POS interwar JJ republic NN , , it PRP was VBD a DT nonsocialist JJ democracy NN . . Czech JJ reformers NNS can MD recall VB the DT Wilsonian JJ ideals NNS of IN the DT same JJ period NN in IN their PRP$ country NN . . Even RB the DT Soviet NNP Union NNP has VBZ Peter NNP the DT Great NNP to TO rediscover VB , , should MD it PRP choose VB to TO . . But CC East NNP Germany NNP is VBZ merely RB `` `` the DT land NN of IN truly RB existing VBG socialism NN . . '' '' Beyond IN that DT , , it PRP has VBZ to TO compete VB with IN West NNP Germany NNP for IN a DT claim NN to TO the DT German JJ identity NN . . Up IN to TO now RB , , the DT main JJ weapon NN of IN the DT `` `` worker NN and CC peasant NN state NN '' '' has VBZ been VBN the DT ideology NN of IN socialism NN . . With IN talk NN today NN of IN a DT second JJ economic JJ miracle NN in IN West NNP Germany NNP , , East NNP Germany NNP no RB longer RBR can MD content VB itself PRP with IN being VBG the DT economic JJ star NN in IN a DT loser JJ league NN . . Without IN Moscow NNP 's POS military NN and CC party NN behind IN it PRP , , East NNP Germany NNP runs VBZ the DT risk NN of IN disintegrating VBG . . If IN it PRP goes VBZ capitalist JJ , , and CC increases VBZ trade NN with IN West NNP Germany NNP , , it PRP will MD convert VB itself PRP , , willy-nilly RB , , into IN an DT economic JJ annex NN of IN the DT Federal NNP Republic NNP . . There EX 's VBZ a DT certain JJ cruel JJ logic NN at IN work NN here RB : : It PRP 's VBZ particularly RB appropriate JJ -- : and CC tragic JJ -- : that IN the DT land NN that WDT produced VBD Karl NNP Marx NNP should MD prove VB socialism NN 's POS failure NN in IN an DT experiment NN that WDT uses VBZ its PRP$ own JJ people NNS as IN controls NNS . . There EX may MD be VB forces NNS that WDT would MD delay VB this DT scenario NN . . Ideologues NNS are VBP the DT last JJ to TO surrender VB , , and CC Germans NNPS are VBP an DT ideological JJ people NNS . . The DT protesters NNS who WP greeted VBD Mikhail NNP Gorbachev NNP at IN East NNP Berlin NNP 's POS airport NN earlier RBR this DT month NN were VBD n't RB shouting VBG `` `` Go VB U.S.A NNP '' '' -- : they PRP were VBD chanting VBG `` `` Gorby NNP , , Help VB Us PRP . . '' '' Ideologues NNS on IN the DT other JJ side NN of IN the DT border NN can MD also RB slow VB the DT process NN . . Helmut NNP Kohl NNP 's VBZ governing VBG conservative JJ coalition NN is VBZ proving VBG admirably RB true JJ to TO the DT West JJ German JJ constitution NN by IN making VBG more JJR than IN 500,000 CD people NNS of IN German JJ descent NN automatic JJ citizens NNS this DT year NN alone RB . . But CC within IN the DT government NN and CC in IN the DT think VB tanks NNS outside IN it PRP , , many JJ West NNP Germans NNPS maintain VBP that IN they PRP do VBP n't RB want VB immediate JJ reunification NN . . Politically RB , , this DT currently RB is VBZ wisdom NN -- : particularly RB given VBN a DT nervous JJ neighboring JJ France NNP . . But CC it PRP would MD be VB ironic JJ if IN Germany NNP 's POS reunification NN , , just RB like IN its PRP$ division NN , , eventually RB were VBD the DT result NN of IN actions NNS in IN centers NNS of IN power NN other JJ than IN Bonn NNP and CC Berlin NNP . . In IN a DT statement NN that WDT was VBD as RB close JJ as IN East NNP Germany NNP gets VBZ to TO practicing VBG `` `` glasnost NN '' '' , , Otto NNP Reinhold NNP , , an DT East JJ German JJ party NN theorist NN , , actually RB acknowledged VBD the DT reunification NN dilemma NN . . `` `` The DT main JJ problem NN , , '' '' Mr. NNP Reinhold NNP said VBD in IN an DT East JJ German JJ radio NN interview NN monitored VBN by IN Radio NNP Free NNP Europe NNP in IN Munich NNP , , stems VBZ from IN the DT fact NN that IN `` `` the DT GDR NNP is VBZ different JJ '' '' from IN other JJ East JJ European JJ states NNS . . `` `` What WDT kind NN of IN right NN to TO exist VB , , '' '' he PRP asked VBD , , `` `` would MD a DT capitalist JJ German NNP Democratic NNP Republic NNP have VBP alongside IN a DT capitalist JJ Federal NNP Republic NNP ? . '' '' That DT 's VBZ a DT question NN East NNP Germany NNP ca MD n't RB answer VB easily RB , , no DT matter NN what WP its PRP$ new JJ leader NN does VBZ . . Miss NNP Shlaes NNP is VBZ editorial JJ features NNS editor NN of IN The DT Wall NNP Street NNP Journal\/Europe NNP . . INSURERS NNS ARE VBP FACING VBG billions NNS of IN dollars NNS in IN damage NN claims NNS from IN the DT California NNP quake NN . . But CC most JJS businesses NNS in IN the DT Bay NNP area NN , , including VBG Silicon NNP Valley NNP , , were VBD n't RB greatly RB affected VBN . . Computer NN and CC software NN companies NNS in IN the DT region NN are VBP expecting VBG virtually RB no DT long-term JJ disruption NN in IN shipments NNS . . Also RB , , investors NNS quickly RB singled VBD out RP stocks NNS of IN companies NNS expected VBN to TO profit VB or CC suffer VB from IN the DT disaster NN . . Leveraged JJ buy-outs NNS may MD be VB curbed VBN by IN two CD rules NNS in IN pending VBG congressional JJ legislation NN . . The DT provisions NNS , , in IN deficit-reduction JJ bills NNS recently RB passed VBN by IN the DT House NNP and CC Senate NNP , , could MD raise VB the DT price NN tags NNS of IN such JJ deals NNS by IN up IN to TO 10 CD % NN and CC cool VB the DT takeover NN boom NN . . A DT bill NN giving VBG the DT Transportation NNP Department NNP the DT power NN to TO block VB airline NN leveraged JJ buy-outs NNS cleared VBD a DT House NN panel NN . . But CC Secretary NNP Skinner NNP said VBD he PRP would MD urge VB Bush NNP to TO veto VB the DT bill NN . . Housing NN starts NNS sank VBD 5.2 CD % NN in IN September NNP to TO a DT seven-year JJ low JJ . . The DT drop NN , , following VBG a DT 6.2 CD % NN decline NN in IN August NNP , , indicates VBZ the DT industry NN is VBZ still RB being VBG hurt VBN by IN the DT Fed NNP 's POS anti-inflation JJ battle NN . . IBM NNP plans VBZ to TO buy VB back RP $ $ 1 CD billion CD of IN its PRP$ common JJ shares NNS , , a DT move NN likely RB to TO help VB the DT computer NN giant NN 's POS battered JJ stock NN . . The DT buy-back NN , , which WDT was VBD n't RB a DT complete JJ surprise NN , , was VBD announced VBN after IN the DT stock NN market NN had VBD closed VBN . . A DT capital-gains NNS tax NN cut NN plan NN has VBZ been VBN worked VBN out RP by IN Senate NNP Republicans NNPS . . A DT similar JJ proposal NN may MD be VB introduced VBN soon RB by IN Senate NNP Democrats NNPS . . British NNP Airways NNP said VBD it PRP is VBZ seeking VBG improved JJ terms NNS and CC a DT sharply RB lower JJR price NN in IN any DT revised VBN bid NN for IN United NNP Air NNP 's POS parent NN . . The DT British JJ carrier NN also RB confirmed VBD it PRP is VBZ n't RB committed VBN to TO going VBG forward RB with IN any DT new JJ bid NN . . UAL NNP 's POS stock NN fell VBD $ $ 6.25 CD , , to TO $ $ 191.75 CD . . Stock NN prices NNS rose VBD slightly RB as IN trading NN slowed VBD , , while IN bonds NNS ended VBD little RB changed VBN despite IN a DT slumping VBG dollar NN . . The DT Dow NNP Jones NNP industrials NNS gained VBD 4.92 CD , , to TO 2643.65 CD . . But CC investors NNS remain VBP wary JJ about IN stocks NNS , , partly RB because IN of IN turmoil NN in IN the DT junk-bond NN market NN . . B.A.T NNP Industries NNP may MD delay VB part NN of IN its PRP$ defensive JJ restructuring NN plan NN , , including VBG the DT sale NN of IN its PRP$ Saks NNP Fifth NNP Avenue NNP and CC Marshall NNP Field NNP units NNS . . The DT British JJ conglomerate NN cited VBD the DT recent JJ turmoil NN in IN financial JJ markets NNS . . WCRS NNP Group NNP announced VBD a DT major JJ restructuring NN that WDT largely RB removes VBZ it PRP from IN the DT advertising NN business NN . . The DT London-based JJ concern NN will MD sell VB most JJS of IN its PRP$ ad NN unit NN to TO France NNP 's POS Eurocom NNP . . Commodore NNP International NNP expects VBZ to TO post VB its PRP$ second JJ consecutive JJ quarterly JJ loss NN because IN of IN weak JJ personal JJ computer NN sales NNS in IN some DT markets NNS . . Jaguar NNP hopes VBZ to TO reach VB a DT friendly JJ accord NN with IN General NNP Motors NNP within IN a DT month NN that WDT may MD involve VB producing VBG a DT cheaper JJR executive JJ model NN . . Sears NNP is VBZ negotiating VBG to TO refinance VB its PRP$ Sears NNP Tower NNP for IN close RB to TO $ $ 850 CD million CD , , sources NNS said VBD . . The DT retailer NN was VBD unable JJ to TO find VB a DT buyer NN for IN the DT building NN . . Whitbread NNP of IN Britain NNP put VBD its PRP$ spirits NNS division NN up RB for IN sale NN , , setting VBG off RP a DT scramble NN among IN distillers NNS . . The DT business NN includes VBZ Beefeater NNP gin NN . . Markets NNS -- : Stocks NNS : : Volume NN 166,900,000 CD shares NNS . . Dow NNP Jones NNP industrials VBZ 2643.65 CD , , up RB 4.92 CD ; : transportation NN 1247.87 CD , , off RB 6.40 CD ; : utilities NNS 213.97 CD , , off RB 0.57 CD . . Bonds NNS : : Shearson NNP Lehman NNP Hutton NNP Treasury NNP index NN 3371.36 CD , , off RB Commodities NNS : : Dow NNP Jones NNP futures NNS index NN 129.90 CD , , up RB 0.18 CD ; : spot NN index NN 130.36 CD , , up RB 0.39 CD . . Dollar NN : : 141.45 CD yen NN , , off RB 1.30 CD ; : 1.8485 CD marks NNS , , off RB 0.0182 CD . . The DT dollar NN finished VBD softer JJR yesterday NN , , tilted VBN lower RBR by IN continued JJ concern NN about IN the DT stock NN market NN . . `` `` We PRP 're VBP trading VBG with IN a DT very RB wary JJ eye NN on IN Wall NNP Street NNP , , '' '' said VBD Trevor NNP Woodland NNP , , chief JJ corporate JJ trader NN at IN Harris NNP Trust NNP & CC Savings NNP Bank NNP in IN New NNP York NNP . . `` `` No DT one NN is VBZ willing JJ to TO place VB a DT firm JJ bet NN that IN the DT stock NN market NN wo MD n't RB take VB another DT tumultuous JJ ride NN . . '' '' News NN of IN the DT major JJ earthquake NN in IN California NNP Tuesday NNP triggered VBD a DT round NN of IN dollar NN sales NNS in IN early JJ Asian JJ trade NN , , but CC most RBS foreign-exchange NN dealers NNS said VBD they PRP expect VBP the DT impact NN of IN the DT quake NN on IN financial JJ markets NNS to TO be VB short-lived JJ . . Despite IN the DT dollar NN 's POS lackluster JJ performance NN , , some DT foreign-exchange NN traders NNS maintain VBP that IN the DT U.S. NNP unit NN remains VBZ relatively RB well RB bid VBN . . Harris NNP Trust NNP 's POS Mr. NNP Woodland NNP noted VBD that IN the DT unit NN continues VBZ to TO show VB resilience NN in IN the DT face NN of IN a DT barrage NN of IN `` `` headline NN negatives NNS '' '' in IN recent JJ weeks NNS , , including VBG rate NN increases NNS in IN Europe NNP and CC Japan NNP , , aggressive JJ central JJ bank NN intervention NN , , a DT 190-point JJ plunge NN in IN New NNP York NNP stock NN prices NNS , , an DT unexpectedly RB poor JJ U.S. NNP trade NN report NN and CC action NN by IN the DT Federal NNP Reserve NNP to TO nudge VB U.S. NNP rates NNS lower RBR . . While IN Mr. NNP Woodland NNP does VBZ n't RB predict VB a DT significant JJ climb NN for IN the DT U.S. NNP unit NN in IN light NN of IN recent JJ moves NNS in IN interest NN rates NNS around IN the DT world NN , , he PRP noted VBD that IN `` `` its PRP$ downside JJ potential NN is VBZ surprisingly RB and CC -- : for IN dollar NN bulls NNS -- : `` `` impressively RB '' '' limited JJ . . In IN late JJ New NNP York NNP trading NN yesterday NN , , the DT dollar NN was VBD quoted VBN at IN 1.8485 CD marks NNS , , down RB from IN 1.8667 CD marks NNS late RB Tuesday NNP , , and CC at IN 141.45 CD yen NN , , down RB from IN 142.75 CD yen NN late RB Tuesday NNP . . Sterling NN was VBD quoted VBN at IN $ $ 1.5920 CD , , up RB from IN $ $ 1.5753 CD late RB Tuesday NNP . . In IN Tokyo NNP Thursday NNP , , the DT U.S. NNP currency NN opened VBD for IN trading VBG at IN 140.97 CD yen NN , , down RB from IN Wednesday NNP 's POS Tokyo NNP close NN of IN 142.10 CD yen NN . . Since IN Friday NNP 's POS dive NN in IN stock NN market NN prices NNS , , the DT Fed NNP has VBZ injected VBN reserves NNS into IN the DT banking NN system NN in IN an DT effort NN to TO calm VB the DT markets NNS and CC avert VB a DT repeat NN of IN 1987 CD 's POS stock NN market NN debacle NN . . Some DT analysts NNS note VBP that IN after IN last JJ week NN 's POS stock NN market NN tailspin NN and CC Tuesday NNP 's POS California NNP earthquake NN , , it PRP 's VBZ hard JJ to TO gauge VB where WRB the DT central JJ bank NN wants VBZ the DT key JJ federal JJ funds NNS rate NN . . They PRP say VBP that IN the DT earthquake NN , , by IN preventing VBG many JJ banks NNS from IN operating VBG at IN full JJ capacity NN , , has VBZ given VBN the DT Fed NNP an DT additional JJ reason NN to TO keep VB liquidity NN at IN a DT high JJ level NN . . The DT Fed NNP did VBD , , in IN fact NN , , execute VB $ $ 1.5 CD billion CD of IN liquidity-enhancing JJ customer NN repurchase NN agreements NNS , , the DT third JJ set NN of IN repurchase NN orders NNS in IN three CD days NNS . . Analysts NNS said VBD the DT additional JJ liquidity NN should MD tend VB to TO reduce VB the DT federal JJ funds NNS rate NN . . For IN now RB , , traders NNS say VBP the DT foreign JJ exchange NN market NN is VBZ scrutinizing VBG both DT federal JJ funds NNS and CC events NNS on IN Wall NNP Street NNP . . They PRP note VBP that IN the DT dollar NN remains VBZ extremely RB vulnerable JJ to TO the DT slightest JJS bad JJ news NN from IN the DT stock NN exchange NN . . Indeed RB , , the DT U.S. NNP unit NN edged VBD lower RBR as IN the DT Dow NNP Jones NNP Industrial NNP Average NNP dropped VBD about RB 13 CD points NNS in IN early JJ trading NN . . A DT slight JJ recovery NN in IN the DT stock NN market NN gave VBD currency NN traders NNS confidence NN to TO push VB the DT dollar NN higher RBR before IN the DT unit NN dropped VBD back RB by IN day NN 's POS end NN . . Some DT dealers NNS noted VBD that DT nervousness NN over IN the DT recent JJ sharp JJ dive NN in IN stock NN prices NNS could MD intensify VB following VBG suggestions NNS by IN Bank NNP of IN Japan NNP Governor NNP Satoshi NNP Sumita NNP that WDT appeared VBD to TO advise VB Japanese JJ investors NNS to TO be VB very RB careful JJ in IN investing VBG in IN U.S. NNP leveraged JJ buy-outs NNS . . Dealers NNS suggest VBP that IN the DT only JJ positive JJ news NN on IN the DT horizon NN that WDT could MD detract VB attention NN from IN equities NNS transactions NNS is VBZ September NNP 's POS U.S. NNP consumer NN price NN data NNS . . The DT figures NNS , , due JJ for IN release NN Friday NNP , , are VBP expected VBN to TO show VB an DT uptick NN in IN inflation NN to TO 4.8 CD % NN from IN 4.7 CD % NN in IN August NNP . . If IN the DT figures NNS show VBP a DT hefty JJ rise NN in IN inflation NN , , they PRP could MD militate VB against IN easing NN by IN the DT Fed NNP . . On IN the DT Commodity NNP Exchange NNP in IN New NNP York NNP , , gold NN for IN current JJ delivery NN rose VBD $ $ 1.30 CD to TO $ $ 368.70 CD an DT ounce NN in IN moderate JJ trading NN . . Estimated JJ volume NN was VBD three CD million CD ounces NNS . . In IN early JJ trading NN in IN Hong NNP Kong NNP Thursday NNP , , gold NN was VBD at IN $ $ 368.15 CD an DT ounce NN . . Crude NN prices NNS spurted VBD upward RB in IN brisk JJ trading NN on IN the DT assumption NN that IN heavy JJ earthquake NN damage NN occurred VBD to TO San NNP Francisco NNP area NN refinery NN complexes NNS , , but CC the DT rise NN quickly RB fizzled VBD when WRB it PRP became VBD apparent JJ that IN oil NN operations NNS were VBD n't RB severely RB curtailed VBN . . Trading VBG on IN little JJ specific JJ information NN , , market NN players NNS overnight RB in IN Tokyo NNP began VBD bidding VBG up RB oil NN prices NNS . . The DT rally NN spread VBD into IN European JJ markets NNS , , where WRB traders NNS were VBD still RB betting VBG that IN the DT earthquake NN disrupted VBD the DT San NNP Francisco NNP area NN 's POS large JJ oil NN refining NN plants NNS . . By IN yesterday NN morning NN , , much JJ of IN the DT world NN was VBD still RB unable JJ to TO reach VB San NNP Francisco NNP by IN telephone NN . . West NNP Texas NNP Intermediate NNP was VBD bid VBN up RP more JJR than IN 20 CD cents NNS a DT barrel NN in IN many JJ overseas JJ markets NNS . . At IN the DT opening NN of IN the DT New NNP York NNP Mercantile NNP Exchange NNP , , West NNP Texas NNP Intermediate NNP for IN November NNP delivery NN shot VBD up RB 10 CD cents NNS a DT barrel NN , , to TO $ $ 20.85 CD , , still RB on IN the DT belief NN that IN the DT refineries NNS were VBD damaged VBN . . In IN the DT San NNP Francisco NNP area NN , , roughly RB 800,000 CD barrels NNS a DT day NN of IN crude NN , , about RB a DT third NN of IN all PDT the DT refining NN capacity NN in IN California NNP , , is VBZ processed VBN daily RB , , according VBG to TO industry NN data NNS . . For IN more RBR than IN the DT past NN year NN , , even RB the DT rumor NN of IN a DT major JJ West NNP Coast NNP refinery NN shutdown NN has VBZ been VBN enough NN to TO spark VB a DT futures NNS rally NN because IN the DT gasoline NN market NN is VBZ so RB tight JJ . . But CC yesterday NN , , as IN the DT morning NN wore VBD on RB , , some DT major JJ West NNP Coast NNP refinery NN operators NNS -- : including VBG Chevron NNP Corp. NNP , , Exxon NNP Corp. NNP and CC the DT Shell NNP Oil NNP Co. NNP unit NN of IN Royal NNP Dutch\/Shell NNP Group NNP -- : said VBD their PRP$ refineries NNS were VBD n't RB damaged VBN and CC were VBD continuing VBG to TO operate VB normally RB . . Most RBS said VBD they PRP shut VBD down RP their PRP$ petroleum NN pipeline NN operations NNS as IN a DT precaution NN but CC did VBD n't RB see VB any DT immediate JJ damage NN . . Gasoline NN terminals NNS were VBD also RB largely RB unhurt JJ , , they PRP said VBD . . `` `` It PRP 's VBZ hard JJ to TO imagine VB how WRB the DT markets NNS were VBD speculating VBG , , given VBN that IN nobody NN could MD get VB through IN to TO San NNP Francisco NNP , , '' '' said VBD one CD amazed JJ oil NN company NN executive NN . . As IN the DT news NN spread VBD that IN the DT refineries NNS were VBD intact JJ , , crude JJ prices NNS plunged VBD , , ending VBG the DT day NN at IN $ $ 20.56 CD a DT barrel NN , , down RB 19 CD cents NNS . . Gasoline NN for IN November NNP delivery NN was VBD off RB 1.26 CD cents NNS a DT gallon NN to TO 54.58 CD cents NNS . . Heating NN oil NN finished VBD at IN 60.6 CD cents NNS , , down RB 0.45 CD cent NN . . `` `` The DT market NN was VBD basically RB acting VBG on IN two CD contradictory JJ forces NNS , , '' '' said VBD Nauman NNP Barakat NNP of IN Shearson NNP Lehman NNP Hutton NNP Inc NNP . . `` `` One CD is VBZ the DT panic NN , , the DT earthquake NN in IN San NNP Francisco NNP , , which WDT is VBZ positive JJ . . '' '' But CC once RB that DT factor NN was VBD eliminated VBN , , traders NNS took VBD profits NNS and CC focused VBD on IN crude JJ oil NN inventories NNS , , Mr. NNP Barakat NNP said VBD . . After IN the DT market NN closed VBD Tuesday NNP , , the DT American NNP Petroleum NNP Institute NNP had VBD reported VBN that IN crude JJ stocks NNS increased VBD by IN 5.7 CD million CD barrels NNS in IN the DT week NN ended VBD Friday NNP , , which WDT traders NNS viewed VBD as IN bearish JJ . . But CC some DT market NN players NNS still RB think VBP earthquake NN speculation NN could MD have VB more JJR impact NN on IN the DT oil NN markets NNS . . `` `` The DT problem NN is VBZ that IN while IN on IN the DT surface NN everything NN is VBZ all RB right JJ , , the DT question NN is VBZ , , '' '' said VBD Mr. NNP Barakat NNP , , `` `` was VBD there EX any DT structural JJ damage NN to TO the DT pipelines NNS or CC anything NN else RB . . '' '' In IN other JJ commodity NN markets NNS yesterday NN : : COPPER NN : : Futures NNS prices NNS eased VBD on IN indications NNS of IN improvement NN in IN the DT industry NN 's POS labor NN situation NN . . The DT December NNP contract NN declined VBD 1.85 CD cents NNS a DT pound NN to TO $ $ 1.2645 CD . . According VBG to TO one CD analyst NN , , workers NNS at IN the DT Cananea NNP copper NN mine NN in IN Mexico NNP , , which WDT has VBZ n't RB been VBN operating VBG since IN it PRP was VBD declared VBN bankrupt JJ by IN the DT Mexican JJ government NN in IN late JJ August NNP , , are VBP set VBN to TO return VB to TO work VB . . The DT analyst NN said VBD it PRP will MD take VB about RB two CD to TO three CD months NNS before IN the DT mine NN begins VBZ to TO produce VB copper NN in IN significant JJ quantities NNS . . He PRP added VBD that IN , , while IN there EX has VBZ n't RB been VBN any DT official JJ announcement NN as IN yet RB , , the DT Highland NNP Valley NNP mine JJ strike NN in IN British NNP Columbia NNP , , which WDT has VBZ lasted VBN more RBR than IN three CD months NNS , , is VBZ regarded VBN as IN settled VBN . . Another DT analyst NN said VBD the DT Cananea NNP return NN to TO operation NN may MD not RB be VB as RB near RB as IN some DT expect VBP . . `` `` There EX are VBP still RB negotiations NNS taking VBG place NN on IN whether IN there EX will MD be VB a DT loss NN of IN jobs NNS , , which WDT has VBZ been VBN a DT critical JJ issue NN all RB along RB , , '' '' he PRP said VBD . . Nevertheless RB , , the DT increasing JJ likelihood NN that IN these DT two CD major JJ supply NN disruptions NNS will MD be VB resolved VBN weighed VBD on IN the DT market NN , , the DT analysts NNS agreed VBD . . Both DT of IN these DT mines NNS are VBP normally RB major JJ suppliers NNS of IN copper NN to TO Japan NNP , , which WDT has VBZ been VBN buying VBG copper NN on IN the DT world NN market NN . . The DT first JJ analyst NN said VBD that IN the DT Japanese NNPS , , as RB well RB as IN the DT Chinese NNPS , , bought VBD copper NN earlier RBR in IN the DT week NN in IN London NNP , , but CC that IN this DT purchasing NN has VBZ since IN slackened VBN as IN the DT supply NN situation NN , , at IN least JJS over IN the DT long JJ term NN , , appears VBZ to TO have VB improved VBN . . `` `` The DT focus NN for IN some DT time NN has VBZ been VBN on IN the DT copper NN supply NN , , and CC good JJ demand NN has VBZ been VBN taken VBN for IN granted JJ , , '' '' he PRP said VBD . . `` `` Now RB that IN the DT supply NN situation NN seems VBZ to TO be VB improving VBG , , it PRP would MD be VB best JJS for IN traders NNS to TO switch VB their PRP$ concentration NN to TO the DT demand NN side NN . . '' '' He PRP noted VBD the DT Commerce NNP Department NNP report NN yesterday NN that DT housing NN starts NNS in IN September NNP dropped VBD 5.2 CD % NN from IN August NNP to TO 1.26 CD million CD units NNS on IN an DT annualized JJ basis NN , , the DT lowest JJS level NN in IN seven CD years NNS . . `` `` Along RB with IN these DT factors NNS , , other JJ economic JJ reports NNS suggest VBP a DT slowing NN of IN the DT economy NN , , which WDT could MD mean VB reduced JJ copper NN usage NN , , '' '' he PRP said VBD . . SUGAR NN : : Futures NNS prices NNS extended VBD Tuesday NNP 's POS gains NNS . . The DT March NNP delivery NN ended VBD with IN an DT advance NN of IN 0.16 CD cent NN a DT pound NN to TO 14.27 CD cents NNS , , for IN a DT two-day JJ gain NN of IN 0.3 CD cent NN . . According VBG to TO one CD dealer NN , , Japan NNP said VBD it PRP has VBZ only RB 40,000 CD tons NNS of IN sugar NN remaining VBG to TO be VB shipped VBN to TO it PRP this DT year NN by IN Cuba NNP under IN current JJ commitments NNS . . The DT announcement NN was VBD made VBN because IN of IN reports NNS Tuesday NNP that IN Cuba NNP would MD delay VB shipments NNS to TO Japan NNP scheduled VBN for IN later RB this DT year NN , , into IN early RB next JJ year NN . . The DT dealer NN said VBD the DT quantity NN mentioned VBN in IN the DT Japanese JJ announcement NN is VBZ so RB small JJ that IN it PRP 's VBZ meaningless JJ . . One CD analyst NN said VBD he PRP thought VBD the DT market NN continued VBD to TO be VB supported VBN to TO some DT degree NN by IN a DT delay NN in IN the DT Cuban JJ sugar NN harvest NN caused VBN by IN adverse JJ weather NN . . The DT dealer NN said VBD India NNP might MD be VB the DT real JJ factor NN that WDT is VBZ keeping VBG futures NNS prices NNS firm JJ . . That DT country NN recently RB bought VBD 200,000 CD tons NNS of IN sugar NN and CC had VBD been VBN expected VBN to TO seek VB a DT like JJ quantity NN last JJ week NN but CC did VBD n't RB . . `` `` It PRP 's VBZ known VBN they PRP need VBP the DT sugar NN , , and CC the DT expectation NN that IN they PRP will MD come VB in RB is VBZ apparently RB giving VBG the DT market NN its PRP$ principal JJ support NN , , '' '' the DT dealer NN said VBD . . LIVESTOCK NN AND CC MEATS NNS : : The DT Agriculture NNP Department NNP is VBZ expected VBN to TO announce VB tomorrow NN that IN the DT number NN of IN cattle NNS in IN the DT 13 CD major JJ ranch NN states NNS slipped VBD 4 CD % NN to TO 8.21 CD million CD on IN Oct. NNP 1 CD compared VBN with IN the DT level NN a DT year NN earlier RBR , , said VBD Tom NNP Morgan NNP , , president NN of IN Sterling NNP Research NNP Corp. NNP , , Arlington NNP Heights NNP , , Ill NNP . . Cattle NNS prices NNS have VBP risen VBN in IN recent JJ weeks NNS on IN speculation NN that IN the DT government NN 's POS quarterly JJ report NN will MD signal VB tighter JJR supplies NNS of IN beef NN . . Among IN other JJ things NNS , , the DT government NN is VBZ expected VBN to TO report VB that IN the DT number NN of IN young JJ cattle NNS placed VBN on IN feedlots NNS during IN the DT quarter NN slipped VBD 3 CD % NN . . Feedlots NNS fatten VBP cattle NNS for IN slaughter NN , , so IN a DT drop NN indicates VBZ that IN the DT production NN of IN beef NN will MD dip VB this DT winter NN . . Indeed RB , , some DT analysts NNS expect VBP the DT government NN to TO report VB that IN the DT movement NN of IN young JJ cattle NNS onto IN feedlots NNS in IN the DT month NN of IN September NNP in IN seven CD big JJ ranch NN states NNS dropped VBD 8 CD % NN compared VBN with IN the DT level NN for IN September NNP 1988 CD . . The DT following JJ issues NNS were VBD recently RB filed VBN with IN the DT Securities NNP and CC Exchange NNP Commission NNP : : Health NNP Care NNP Property NNP Investors NNP Inc. NNP , , offering VBG of IN 2,250,000 CD shares NNS of IN common JJ stock NN , , via IN Merrill NNP Lynch NNP Capital NNP Markets NNP , , Alex NNP . . Brown NNP & CC Sons NNP Inc. NNP and CC Dean NNP Witter NNP Reynolds NNP Inc NNP . . Union NNP Pacific NNP Corp. NNP , , shelf NN offering NN of IN up IN to TO $ $ 500 CD million CD debt NN securities NNS and CC warrants NNS . . United NNP Technologies NNP Corp. NNP , , shelf NN offering NN of IN up IN to TO $ $ 500 CD million CD unsubordinated JJ non-convertible JJ unsecured JJ debt NN securities NNS . . A DT new JJ drug NN to TO prevent VB the DT rejection NN of IN transplanted JJ organs NNS has VBZ been VBN successfully RB used VBN on IN more JJR than IN 100 CD patients NNS at IN the DT University NNP of IN Pittsburgh NNP , , according VBG to TO researchers NNS . . The DT drug NN , , which WDT is VBZ still RB in IN the DT experimental JJ phase NN , , has VBZ n't RB been VBN approved VBN yet RB by IN the DT Food NNP and CC Drug NNP Admistration NNP , , and CC its PRP$ long-term JJ effects NNS are VBP unknown JJ . . But CC researchers NNS say VBP the DT drug NN , , called VBN FK-506 NNP , , could MD revolutionize VB the DT transplantation NN field NN by IN reducing VBG harmful JJ side JJ effects NNS and CC by IN lowering VBG rejection NN rates NNS . . Rejection NN has VBZ been VBN the DT major JJ obstacle NN in IN the DT approximately RB 30,000 CD organ NN transplants NNS performed VBN world-wide RB each DT year NN . . Researchers NNS began VBD using VBG the DT drug NN in IN February NNP on IN patients NNS who WP had VBD received VBN kidney NN , , liver NN , , heart NN and CC pancreas NN transplants NNS . . Only RB two CD of IN 111 CD transplants NNS have VBP been VBN rejected VBN . . The DT drug NN , , discovered VBN in IN 1984 CD , , is VBZ metabolized VBN from IN soil NN fungus NN found VBN in IN Japan NNP . . The DT Pittsburgh NNP patients NNS are VBP the DT first JJ humans NNS to TO be VB given VBN the DT drug NN , , which WDT is VBZ made VBN by IN Fujisawa NNP Pharmaceutical NNP Co NNP . . `` `` We PRP 're VBP shocked JJ by IN it PRP , , because IN it PRP 's VBZ worked VBN so RB fast RB , , '' '' said VBD Dr. NNP Thomas NNP E. NNP Starzl NNP , , director NN of IN the DT University NNP of IN Pittsburgh NNP Transplantation NNP Program NNP , , at IN a DT news NN conference NN here RB yesterday NN . . `` `` We PRP consider VBP it PRP a DT life-saving JJ drug NN , , like IN one CD for IN AIDS NNP , , '' '' said VBD Dr. NNP John NNP Fung NNP , , an DT immunologist NN at IN the DT University NNP of IN Pittsburgh NNP . . Researchers NNS say VBP they PRP believe VBP FK-506 NNP is VBZ 100 CD times NNS more RBR effective JJ than IN the DT traditional JJ anti-rejection JJ drug NN , , cyclosporine NN , , made VBN by IN Swiss JJ pharmaceutical JJ giant NN Sandoz NNP Ltd NNP . . They PRP are VBP also RB encouraged VBN by IN the DT relatively RB mild JJ side JJ effects NNS of IN FK-506 NNP , , compared VBN with IN cyclosporine NN , , which WDT can MD cause VB renal JJ failure NN , , morbidity NN , , nausea NN and CC other JJ problems NNS . . `` `` The DT side JJ effects NNS { ( of IN cyclosporine NN } ) have VBP made VBN the DT penalty NN for IN its PRP$ success NN rather RB high JJ , , '' '' Dr. NNP Starzl NNP said VBD . . Dr. NNP Fung NNP said VBD that IN FK-506 NNP would MD not RB be VB available JJ in IN the DT market NN for IN at IN least JJS a DT year NN , , and CC that IN the DT FDA NNP approval NN process NN usually RB takes VBZ three CD years NNS to TO five CD years NNS . . There EX are VBP no DT firm JJ plans NNS to TO expand VB the DT experimental JJ program NN beyond IN the DT University NNP of IN Pittsburgh NNP , , whose WP$ hospital NN performs VBZ the DT most JJS transplants NNS in IN the DT world NN . . Researchers NNS could MD n't RB estimate VB the DT cost NN of IN the DT drug NN when WRB it PRP reaches VBZ the DT market NN , , but CC they PRP said VBD FK-506 NNP will MD enable VB patients NNS to TO cut VB hospital NN stays NNS by IN 50 CD % NN and CC reduce VB the DT number NN of IN blood NN tests NNS used VBN to TO monitor VB the DT dosage NN of IN cyclosporine JJ and CC other JJ drugs NNS among IN transplant NN recipients NNS . . Dr. NNP Starzl NNP said VBD the DT research NN has VBZ been VBN largely RB financed VBN by IN the DT National NNP Institute NNP of IN Health NNP and CC by IN university NN funds NNS , , and CC that IN Fujisawa NNP did VBD n't RB give VB the DT hospital NN any DT grants NNS . . He PRP said VBD that IN the DT research NN team NN had VBD no DT financial JJ stake NN in IN the DT drug NN . . `` `` We PRP 've VBP known VBN for IN six CD months NNS the DT effect NN of IN this DT drug NN , , and CC our PRP$ advice NN to TO our PRP$ people NNS has VBZ been VBN not RB to TO buy VB the DT company NN 's POS stock NN , , '' '' Dr. NNP Starzl NNP said VBD , , adding VBG that IN profiting VBG from IN FK-506 NNP would MD n't RB be VB ethical JJ . . Economist NN David NNP N. NNP Laband NNP 's POS Sept. NNP 27 CD editorial-page NN article NN , , `` `` In IN Hugo NNP 's POS Path NN , , a DT Man-Made JJ Disaster NN , , '' '' decries VBZ the DT control NN of IN price NN gouging NN , , swiftly RB ordered VBN by IN South NNP Carolina NNP 's POS governor NN after IN Hurricane NNP Hugo NNP . . According VBG to TO Mr. NNP Laband NNP , , `` `` screaming VBG '' '' for IN price NN controls NNS occurs VBZ when WRB income NN redistribution NN `` `` threatens VBZ to TO hit VB home NN . . '' '' To TO be VB sure JJ , , the DT threat NN has VBZ hit VBN home NN down IN here RB . . Yet CC in IN Mr. NNP Laband NNP 's POS rehash NN of IN free-market JJ logic NN , , human JJ greed NN and CC self-interest NN are VBP the DT only JJ permissible JJ psychological JJ reactions NNS . . Allowing VBG uncontrolled JJ prices NNS for IN necessities NNS would MD indeed RB shorten VB the DT lines NNS at IN stores NNS , , as IN he PRP contends VBZ . . But CC not RB because IN resources NNS are VBP going VBG to TO their PRP$ most RBS efficient JJ use NN , , leaving VBG scarce JJ goods NNS `` `` allocated VBN to TO those DT buyers NNS who WP place VBP the DT highest JJS value NN on IN them PRP . . '' '' Rather RB , , lines NNS would MD diminish VB because RB at IN higher JJR prices NNS many JJ victims NNS could MD not RB afford VB necessities NNS such JJ as IN food NN and CC medical JJ supplies NNS . . It PRP is VBZ inhumane JJ to TO imply VB that IN a DT poor JJ , , unemployed JJ woman NN can MD not RB receive VB immediate JJ relief NN for IN her PRP$ family NN at IN fair JJ prices NNS because IN she PRP does VBZ not RB have VB as RB much JJ to TO protect VB as IN a DT rich JJ family NN . . Moreover RB , , essential JJ relief NN supplies NNS such JJ as IN ice NN must MD be VB distributed VBN throughout IN the DT population NN because IN of IN potential JJ health NN problems NNS from IN spoiled JJ food NN and CC possible JJ outbreak NN of IN disease NN . . Such JJ spillover NN effects NNS give VBP the DT state NN a DT right NN to TO intervene VB in IN the DT marketplace NN and CC temporarily RB coordinate VB allocation NN of IN resources NNS . . Fortunately RB , , volunteers NNS and CC charities NNS are VBP not RB motivated VBN by IN self-interest NN , , but CC by IN altruism NN . . Why WRB should MD they PRP have VBP to TO co-exist VB with IN opportunists NNS rushing VBG in RB to TO turn VB a DT quick JJ profit NN ? . These DT latter-day JJ scalawags NNS would MD be VB ill-advised JJ to TO take VB advantage NN of IN the DT situation NN , , if IN they PRP ever RB expect VBP to TO face VB the DT people NNS of IN South NNP Carolina NNP again RB . . The DT government NN is VBZ actually RB protecting VBG avaricious JJ ice-baggers NNS and CC other JJ profiteers NNS who WP can MD not RB see VB beyond IN their PRP$ own JJ short-term JJ gain NN . . South NNP Carolina NNP deserves VBZ an DT A NN for IN its PRP$ quick JJ and CC timely JJ relief NN efforts NNS . . Mr. NNP Laband NNP , , meanwhile RB , , gets VBZ an DT A NN for IN his PRP$ rote JJ recital NN of IN economic-efficiency NN arguments NNS . . Give VB him PRP an DT F NN for IN his PRP$ failure NN to TO understand VB the DT ethics NNS of IN economic JJ equity NN . . Signed VBN by IN 25 CD students NNS Of IN Douglas NNP Woodward NNP 's POS Honors NNP Economics NNP Class NNP , , University NNP of IN South NNP Carolina NNP Columbia NNP , , S.C NNP . . Mr. NNP Laband NNP gives VBZ us PRP an DT idea NN why WRB economists NNS ' POS predictions NNS are VBP usually RB wrong JJ . . They PRP set VBP up RP absurd JJ situations NNS , , detached VBN from IN reality NN , , and CC then RB try VB to TO reason VB from IN them PRP . . I PRP 'm VBP surprised JJ he PRP did VBD n't RB advocate NN letting VBG people NNS loot VB , , since IN that DT behavior NN can MD also RB be VB foreseen VBN in IN a DT disaster NN and CC `` `` every DT individual NN has VBZ an DT incentive NN to TO alter VB the DT distribution NN of IN income NN in IN his PRP$ favor NN . . '' '' Price NN controls NNS were VBD `` `` so RB fervently RB embraced VBN by IN Charleston NNP '' '' because IN price NN gouging NN in IN this DT situation NN is VBZ equivalent JJ to TO looting VBG . . Suzanne NNP Foster NNP Galax NNP , , Va NNP . . Mr. NNP Laband NNP described VBD one CD of IN the DT more RBR insidious JJ threats NNS we PRP face VBP when WRB dealing VBG with IN disasters NNS such JJ as IN Hugo NNP -- : anti-profiteering JJ ordinances NNS such JJ as IN that DT by IN the DT Charleston NNP City NNP Council NNP as IN it PRP thrashed VBD about RB trying VBG to TO Do VB Something NN . . Since IN he PRP concentrated VBD on IN the DT economic JJ folly NN of IN such JJ ordinances NNS , , he PRP did VBD n't RB mention VB certain JJ other JJ of IN their PRP$ effects NNS . . They PRP divert VBP law-enforcement NN resources NNS at IN a DT time NN they PRP are VBP most RBS needed VBN for IN protecting VBG lives NNS and CC property NN . . Also RB , , rather RB than IN increase VB supplies NNS , , they PRP reduce VBP them PRP and CC encourage VBP hoarding NN . . And CC they PRP , , or CC even RB the DT prospect NN of IN them PRP , , discourage VBP disaster NN preparedness NN in IN the DT form NN of IN speculative JJ advance NN stocking NN of IN supplies NNS by IN merchants NNS . . N. NNP Joseph NNP Potts NNP Miami NNP Lakes NNP , , Fla NNP . . Would MD Mr. NNP Laband NNP also RB suggest VB that IN the DT Red NNP Cross NNP , , Salvation NNP Army NNP , , military JJ units NNS , , police NNS , , fire NN departments NNS , , rescue NN units NNS and CC individual JJ citizens NNS cease VB their PRP$ efforts NNS to TO assist VB Hugo NNP 's POS victims NNS because IN they PRP interfere VBP with IN his PRP$ concept NN of IN the DT `` `` free JJ market NN '' '' ? . What WP about IN those DT caring JJ people NNS all RB over IN the DT country NN who WP are VBP donating VBG food NN , , water NN and CC other JJ necessities NNS of IN life NN to TO these DT people NNS who WP could MD be VB any DT of IN us PRP ? . Should MD they PRP , , too RB , , stop VB `` `` messing VBG with IN '' '' his PRP$ free JJ market NN ? . Maybe RB he PRP thinks VBZ they PRP should MD also RB sell VB to TO the DT highest JJS bidder NN . . And CC what WP about IN insurance NN firms NNS ? . Should MD they PRP be VB required VBN to TO pay VB claims NNS based VBN on IN exorbitant JJ costs NNS for IN labor NN and CC materials NNS ? . Mr. NNP Laband NNP should MD beware VB , , since IN he PRP lives VBZ in IN South NNP Carolina NNP . . In IN a DT free JJ market NN , , his PRP$ insurance NN rates NNS can MD be VB raised VBN to TO recover VB insurance-company NN losses NNS . . John NNP W. NNP Rush NNP Marietta NNP , , Ga NNP . . Having VBG been VBN through IN several JJ tornadoes NNS and CC hurricanes NNS , , I PRP have VBP a DT different JJ perspective NN . . Mine PRP comes VBZ from IN seeing VBG thriving JJ communities NNS devastated VBN -- : but CC only RB temporarily RB . . Their PRP$ recovery NN came VBD surprisingly RB fast RB , , and CC always RB with IN the DT help NN of IN neighbors NNS . . The DT shock NN of IN seeing VBG homes NNS destroyed VBN and CC city NN services NNS disrupted VBN may MD cause VB some DT to TO confuse VB priorities NNS such JJ as IN the DT true JJ economic JJ value NN of IN a DT freezer NN full JJ of IN meat NN . . In IN Texas NNP after IN Hurricane NNP Alicia NNP , , major JJ grocery NN chains NNS used VBD their PRP$ truck NN fleets NNS to TO ship VB essential JJ goods NNS to TO Houston NNP , , no DT gouging NN , , just RB good JJ will NN . . Tom NNP Mongan NNP Victoria NNP , , Texas NNP We PRP here RB in IN the DT affected JJ areas NNS were VBD dazzled VBN by IN Mr. NNP Laband NNP 's POS analysis NN of IN time NN values NNS and CC his PRP$ comparisons NNS of IN effectiveness NN concerning VBG research NN and CC development NN . . His PRP$ theoretical JJ approach NN and CC its PRP$ publication NN in IN this DT venerable JJ paper NN are VBP no DT doubt NN a DT noteworthy JJ accomplishment NN for IN him PRP . . Too RB bad JJ theory NN fails VBZ in IN practice NN . . We PRP consumers NNS tend VBP to TO have VB long JJ memories NNS . . The DT businesses NNS subscribing VBG to TO Mr. NNP Laband NNP 's POS effective JJ price NN system NN will MD be VB remembered VBN when WRB normalcy NN returns VBZ . . Perhaps RB , , considering VBG the DT value NN of IN our PRP$ time NN , , we PRP will MD be VB unable JJ to TO patronize VB their PRP$ establishments NNS in IN the DT post-Hugo JJ era NN . . I PRP have VBP a DT question NN for IN Mr. NNP Laband NNP : : How WRB do VB I PRP explain VB to TO the DT single JJ mother NN of IN three CD standing NN in IN line NN next JJ to TO me PRP for IN the DT past JJ three CD hours NNS that IN the DT two CD bags NNS of IN ice NN she PRP needs VBZ to TO keep VB her PRP$ children NNS 's POS food NN edible JJ will MD take VB her PRP last JJ $ $ 20 CD ? . I PRP 'm VBP sure JJ she PRP 'll MD appreciate VB what WP an DT efficient JJ reaction NN to TO her PRP$ problems NNS the DT price NN system NN has VBZ created VBN . . Chris NNP Edgar NNP Myrtle NNP Beach NNP , , S.C NNP . . This DT seems VBZ to TO be VB the DT season NN for IN revivals NNS in IN Chicago NNP . . Though NNP the DT Cubs NNP ' POS championship NN season NN ended VBD with IN the DT National NNP League NNP playoffs NNS , , a DT revival NN of IN the DT Organic NNP Theater NNP 's POS production NN of IN `` `` Bleacher NN Bums NNS , , '' '' a DT play NN in IN nine CD innings NN set VBN in IN the DT Wrigley NNP Field NNP bleachers NNS , , continues VBZ within IN spitting NN distance NN of IN the DT ballpark NN . . Revivals NNS of IN a DT different JJ sort NN also RB are VBP being VBG offered VBN by IN our PRP$ two CD major JJ theater NN troupes NNS , , the DT Goodman NNP and CC Steppenwolf NNP . . Each DT is VBZ more RBR problematic JJ than IN an DT unexpected JJ divisional JJ baseball NN championship NN , , but CC both DT help VBP explain VB why WRB Chicago NNP remains VBZ a DT vital JJ center NN of IN this DT country NN 's POS regional JJ theater NN movement NN . . The DT Goodman NNP is VBZ offering VBG a DT modernized JJ version NN of IN Moliere NNP 's POS `` `` The DT Misanthrope NN '' '' through IN Nov. NNP 4 CD . . The DT original NN is VBZ a DT comedy NN about IN Alceste NNP , , a DT man NN who WP sees VBZ falseness NN and CC vanity NN in IN everyone NN except IN himself PRP . . He PRP is VBZ the DT jealous JJ friend NN of IN Philinte NNP , , and CC the DT jealous JJ lover NN of IN Celimene NNP . . The DT play NN is VBZ filled VBN with IN intrigue NN , , dishonesty NN and CC injustice NN . . Twenty-five CD years NNS ago RB the DT poet NN Richard NNP Wilbur NNP modernized VBD this DT 17th-century JJ comedy NN merely RB by IN avoiding VBG `` `` the DT zounds UH sort NN of IN thing NN , , '' '' as IN he PRP wrote VBD in IN his PRP$ introduction NN . . Otherwise RB , , the DT scene NN remained VBD Celimene NNP 's POS house NN in IN 1666 CD . . Assuming VBG modern JJ audiences NNS readily RB understand VBP that DT Moliere NNP 's POS social JJ indictment NN covers VBZ their PRP$ world NN as RB well RB as IN 17th-century JJ Paris NNP , , Mr. NNP Wilbur NNP concentrated VBD his PRP$ formidable JJ artistry NN on IN rendering VBG the DT Alexandrine JJ French JJ verse NN into IN sprightly JJ and CC theatrical JJ English JJ iambic JJ pentameter NN . . The DT Wilbur NNP translation NN is VBZ remarkable JJ -- : well RB worth JJ a DT read VBN and CC even RB better RBR seen VBN in IN the DT theater NN if IN you PRP ever RB have VBP the DT opportunity NN . . But CC if IN you PRP happen VBP to TO be VB coming VBG to TO Chicago NNP in IN the DT next JJ few JJ weeks NNS , , do VBP n't RB fail VB to TO have VB a DT look NN at IN Robert NNP Falls NNP 's POS `` `` The DT Misanthrope NN '' '' at IN the DT Goodman NNP . . If IN Mr. NNP Wilbur NNP 's POS translation NN is VBZ a DT finely RB ground VBN lens NN through IN which WDT we PRP see VBP the DT pettiness NN and CC corruption NN of IN 17th-century JJ Paris NNP , , Mr. NNP Falls NNP 's POS production NN is VBZ a DT mirror NN in IN which WDT we PRP see VBP ourselves PRP . . Mr. NNP Falls NNP , , the DT Goodman NNP 's POS artistic JJ director NN , , took VBD a DT recent JJ adaptation NN by IN Neil NNP Bartlett NNP and CC significantly RB adapted VBD it PRP . . Mr. NNP Bartlett NNP had VBD slimmed VBN Moliere NNP 's POS cast NN of IN characters NNS to TO six CD and CC set VBN them PRP in IN the DT London NNP media NN world NN of IN Thatcherite JJ Britain NNP . . Mr. NNP Falls NNP transfers VBZ the DT setting NN to TO Hollywood NNP , , and CC transforms VBZ the DT characters NNS into IN what WP passes VBZ for IN aristocracy NN there RB -- : agents NNS , , producers NNS , , actors NNS , , writers NNS and CC sycophants NNS . . It PRP works VBZ . . Mr. NNP Bartlett NNP managed VBD to TO more RBR or CC less RBR maintain VB Moliere NNP 's POS Alexandrine JJ verse NN form NN , , 12 CD syllable NN lines NNS in IN rhyming VBG couplets NNS . . Mr. NNP Falls NNP kept VBD the DT form NN , , but CC Americanized VBD it PRP with IN Mr. NNP Bartlett NNP 's POS further JJ help NN . . With IN a DT splendid JJ cast NN led VBN by IN David NNP Darlow NNP as IN Alceste NNP , , Christina NNP Haag NNP as IN Celimene NNP and CC , , especially RB , , William NNP Brown NNP as IN a DT Philinte NNP who WP plays VBZ the DT Hollywood NNP game NN but CC harbors VBZ authentic JJ values NNS and CC feelings NNS , , the DT Goodman NNP production NN barrels NNS through IN an DT all-night JJ Hollywood NNP party NN with IN exuberance NN and CC wit NN . . If IN this DT version NN , , with IN its PRP$ references NNS to TO Steven NNP Spielberg NNP , , Spago NNP and CC `` `` thirtysomething NN '' '' attracts VBZ younger JJR audiences NNS who WP might MD stay VB away RB from IN the DT classical JJ version NN , , then RB Messrs. NNPS Bartlett NNP and CC Falls NNP are VBP justified JJ in IN abandoning VBG Mr. NNP Wilbur NNP . . A DT 300-year-old JJ play NN may MD be VB easier JJR to TO revive VB than IN one NN merely RB 25 CD . . The DT Steppenwolf NNP Theatre NNP Company NNP , , back RB from IN a DT critical JJ and CC box NN office NN success NN in IN London NNP with IN its PRP$ adaptation NN of IN Steinbeck NNP 's POS `` `` The DT Grapes NNS of IN Wrath NN , , '' '' opened VBD the DT new JJ season NN with IN Harold NNP Pinter NNP 's POS `` `` The DT Homecoming NN , , '' '' first RB produced VBN by IN the DT Royal NNP Shakespeare NNP Company NNP in IN 1965 CD . . Back RB then RB , , Mr. NNP Pinter NNP was VBD not RB only RB the DT angry JJ young JJ British JJ playwright NN , , but CC also RB the DT first JJ to TO use VB silences NNS and CC sentence NN fragments NNS and CC menacing JJ stares NNS , , almost RB to TO the DT exclusion NN of IN what WP we PRP previously RB understood VBD to TO be VB theatrical JJ dialogue NN . . When WRB `` `` The DT Homecoming NN '' '' was VBD first RB produced VBN on IN this DT side NN of IN the DT Atlantic NNP , , actors NNS and CC directors NNS were VBD reverential JJ . . Silences NNS were VBD lengthy JJ -- : nobody NN moved VBD or CC gestured VBD . . Nobody NN smiled VBD onstage RB , , and CC nobody NN in IN the DT audience NN was VBD encouraged VBN to TO laugh VB . . This DT kind NN of IN theater NN was VBD new JJ to TO us PRP . . Also RB , , it PRP was VBD not RB a DT funny JJ time NN over IN here RB , , what WP with IN the DT Vietnam NNP War NNP , , the DT '68 CD Democratic JJ convention NN , , assassinations NNS and CC riots NNS . . But CC under IN Jerry NNP Perry NNP 's POS direction NN the DT current JJ Steppenwolf NNP production NN , , scheduled VBN to TO play VB through IN Nov. NNP 19 CD , , breaks VBZ through IN the DT flat JJ and CC boring JJ ritual NN that IN `` `` The DT Homecoming NN '' '' had VBD become VBN . . Led VBN by IN a DT near-perfect JJ performance NN by IN Alan NNP Wilder NNP as IN Max NNP , , the DT father NN , , the DT play NN is VBZ at IN once RB an DT appalling JJ and CC hilarious JJ dissection NN of IN a DT family NN 's POS rage NN , , bitterness NN , , fear NN and CC isolation NN . . Encouraged VBN by IN Mr. NNP Wilder NNP 's POS sly JJ grins NNS , , embarrassed JJ grimaces NNS and CC sputtering JJ rages NNS , , the DT audience NN gets VBZ the DT joke NN and CC begins VBZ to TO laugh VB before IN the DT end NN of IN the DT first JJ act NN . . Three CD of IN the DT family NN members NNS , , Max NNP and CC his PRP$ two CD sons NNS , , Lenny NNP and CC Joey NNP , , live VBP off IN the DT flesh NN : : Max NNP is VBZ a DT retired JJ butcher NN , , Lenny NNP a DT pimp NN and CC Joey NNP an DT aspiring JJ boxer NN . . Sam NNP , , Max NNP 's POS brother NN , , has VBZ escaped VBN the DT flesh NN by IN working VBG as IN a DT liveried JJ chauffeur NN and CC never RB seeking VBG a DT wife NN . . Teddy NNP , , the DT eldest JJS of IN Max NNP 's POS sons NNS , , has VBZ made VBN the DT most RBS dramatic JJ escape NN by IN becoming VBG a DT professor NN of IN philosophy NN at IN an DT American JJ university NN . . Though IN it PRP 's VBZ clearly RB Max NNP 's POS wife NN who WP held VBD sway NN here RB until IN her PRP$ death NN , , now RB none NN of IN the DT other JJ male JJ residents NNS of IN this DT misbegotten JJ household NN can MD challenge VB Max NNP . . The DT play NN concerns VBZ Teddy NNP 's POS homecoming NN with IN his PRP$ wife NN of IN six CD years NNS , , Ruth NNP . . Curiously NNP , , Randall NNP Arney NNP as IN Teddy NNP seems VBZ the DT only JJ cast NN member NN unable JJ to TO get VB beyond IN the DT zombie NN approach NN to TO a DT Pinter NNP character NN . . As IN Ruth NNP , , Moira NNP Harris NNP , , a DT large JJ and CC beautiful JJ woman NN who WP may MD be VB our PRP$ next JJ Colleen NNP Dewhurst NNP , , begins VBZ almost RB immediately RB to TO overpower VB each DT of IN the DT men NNS . . In IN the DT end NN , , Teddy NNP returns VBZ alone RB to TO America NNP , , leaving VBG Ruth NNP in IN Max NNP 's POS chair NN . . We PRP have VBP seen VBN her PRP develop VB within IN a DT few JJ hours NNS from IN a DT shy JJ and CC unknown JJ in-law NN to TO a DT goddess NN of IN the DT flesh NN who WP will MD replace VB the DT dead JJ mother NN , , and CC then RB some RB . . While IN Steppenwolf NNP was VBD in IN London NNP with IN `` `` The DT Grapes NNS of IN Wrath NN , , '' '' Bruce NNP Sagan NNP , , the DT president NN of IN its PRP$ board NN of IN directors NNS , , quietly RB returned VBD to TO Chicago NNP to TO buy VB a DT piece NN of IN real JJ estate NN in IN the DT city NN 's POS rapidly RB reviving VBG North NNP Halsted NNP Street NNP restaurant NN and CC theater NN district NN . . Within IN a DT year NN he PRP hopes VBZ Steppenwolf NNP will MD move VB into IN a DT new JJ 500-seat JJ theater NN on IN that DT site NN . . The DT troupe NN currently RB performs VBZ in IN a DT converted JJ dairy NN that WDT seats VBZ 211 CD and CC provides VBZ little JJ capacity NN for IN staging VBG anything NN beyond IN a DT simple JJ one-set JJ production NN . . `` `` If IN we PRP wanted VBD to TO stage VB ` `` Death NN of IN a DT Salesman NN , , ' '' `` `` Mr. NNP Sagan NNP says VBZ , , `` `` Willie NNP Loman NNP would MD have VB to TO live VB in IN a DT ranch NN house NN because IN of IN the DT low JJ ceiling NN . . '' '' Steppenwolf NNP needs VBZ the DT extra JJ seats NNS even RB more RBR than IN the DT fly NN space NN . . It PRP 's VBZ currently RB forced VBN to TO turn VB away RP many JJ potential JJ subscribers NNS beyond IN the DT 13,000 CD who WP can MD be VB accommodated VBN in IN its PRP$ present JJ digs NNS . . For IN all PDT the DT attention NN that IN Chicago NNP theater NN has VBZ received VBN during IN the DT past NN decade NN , , not RB one CD new JJ building NN has VBZ been VBN devoted VBN to TO it PRP . . Mr. NNP Sagan NNP , , a DT former JJ publisher NN and CC real JJ estate NN developer NN , , has VBZ put VBN together RB an DT $ $ 8 CD million CD financial JJ package NN that WDT includes VBZ approximately RB $ $ 4 CD million CD of IN tax NN exempt JJ bonds NNS issued VBN by IN the DT State NNP of IN Illinois NNP ( ( the DT first JJ time NN that IN a DT state NN has VBZ used VBN its PRP$ educational JJ facilities NNS authority NN to TO support VB construction NN of IN a DT theater NN ) ) , , and CC approximately RB $ $ 1 CD million CD in IN grants NNS from IN the DT National NNP Endowment NNP for IN the DT Arts NNP , , the DT MacArthur NNP Foundation NNP , , and CC a DT few JJ other JJ deep JJ pockets NNS . . The DT rest NN , , he PRP is VBZ confident JJ , , can MD be VB raised VBN . . His PRP$ board NN members NNS alone RB have VBP pledged VBN $ $ 800,000 CD and CC he PRP is VBZ just RB beginning VBG to TO massage VB local JJ foundations NNS and CC corporations NNS . . Mr. NNP Sagan NNP compares VBZ the DT importance NN of IN Steppenwolf NNP with IN Orson NNP Welles NNP 's POS Mercury NNP Theater NNP in IN the DT '30s NNS . . But CC Welles NNP 's POS theater NN company NN turned VBD out RP to TO have VB a DT brief JJ -- : one PRP might MD say VB a DT mercurial JJ -- : existence NN . . What WP will MD Mr. NNP Sagan NNP do VB with IN his PRP$ new JJ theater NN building NN if IN the DT allure NN of IN Hollywood NNP and CC Broadway NNP proves VBZ too RB much RB for IN such JJ Steppenwolf NNP stalwarts NNS as IN John NNP Malkovich NNP ( ( `` `` Dangerous JJ Liaisons NNS '' '' ) ) , , Joan NNP Allen NNP ( ( `` `` The DT Heidi NNP Chronicles NNS '' '' ) ) , , and CC Glenne NNP Headly NNP ( ( `` `` Lonesome JJ Dove NN '' '' ) ) , , and CC the DT company NN crumbles VBZ ? . `` `` That DT 's VBZ OK JJ , , '' '' Mr. NNP Sagan NNP replies VBZ . . `` `` Let VB this DT building NN be VB Steppenwolf NNP 's POS legacy NN to TO Chicago NNP theater NN . . '' '' Mr. NNP Henning NNP is VBZ a DT Chicago-based JJ law NN firm NN management NN consultant NN and CC a DT writer NN . . After IN enduring VBG three CD days NNS of IN heavy JJ selling NN , , the DT beleaguered JJ Nasdaq NNP over-the-counter JJ market NN finally RB rebounded VBD , , rising VBG sharply RB in IN hearty JJ trading NN . . The DT Nasdaq NNP Composite NNP Index NNP jumped VBD 0.7 CD % NN , , or CC 3.35 CD , , to TO 463.28 CD . . It PRP rose VBD more RBR than IN the DT New NNP York NNP Stock NNP Exchange NNP Composite NNP , , which WDT improved VBD 0.2 CD % NN . . Among IN bigger JJR stocks NNS , , the DT Nasdaq NNP 100 CD Index NNP rose VBD 1 CD % NN , , or CC 4.56 CD , , to TO 453.05 CD , , while IN the DT Dow NNP Jones NNP Industrial NNP Average NNP was VBD up RB 0.2 CD % NN . . Richard NNP Bruno NNP , , head NN of IN OTC NNP trading NN at IN PaineWebber NNP , , said VBD the DT OTC NNP market NN has VBZ a DT habit NN of IN lagging VBG big JJ moves NNS on IN the DT New NNP York NNP Stock NNP Exchange NNP . . While IN the DT industrial JJ average NN rallied VBD on IN Monday NNP following VBG last JJ Friday NNP 's POS collapse NN , , the DT OTC NNP market NN , , which WDT did VBD n't RB suffer VB too RB badly RB during IN the DT correction NN , , tumbled VBD . . `` `` Our PRP$ market NN got VBD hit VB a DT lot NN harder RBR on IN Monday NNP than IN the DT listed JJ market NN , , '' '' Mr. NNP Bruno NNP said VBD . . `` `` We PRP 're VBP just RB recovering VBG and CC getting VBG back RB to TO business NN as RB usual JJ . . I PRP 'm VBP encouraged VBN by IN the DT action NN . . '' '' The DT trading NN pace NN was VBD busy JJ , , with IN 4,343 CD issues NNS and CC 147.6 CD million CD shares NNS changing VBG hands NNS . . Advancing VBG issues NNS beat VBP declining VBG ones NNS , , 1,271 CD to TO 811 CD . . Much JJ of IN the DT jockeying NN by IN OTC NNP traders NNS and CC investors NNS centered VBD on IN shares NNS of IN companies NNS that WDT might MD be VB financially RB affected VBN by IN damage NN from IN the DT devastating JJ earthquake NN in IN northern JJ California NNP . . As IN investors NNS speculated VBD about IN the DT long JJ - : and CC short-term JJ implications NNS , , shares NNS of IN a DT number NN of IN companies NNS that WDT might MD either CC profit VB or CC face VB problems NNS because IN of IN the DT disaster NN were VBD actively RB traded VBN . . Heading VBG the DT list NN : : insurance NN , , construction NN and CC technology NN companies NNS located VBN in IN the DT San NNP Francisco NNP Bay NNP Area NNP . . Insurance-related JJ stocks NNS were VBD mixed JJ as IN investors NNS tried VBD to TO figure VB out RP how WRB to TO assess VB the DT impact NN of IN the DT property NN damage NN and CC deaths NNS on IN those DT concerns NNS . . Traders NNS said VBD property-casualty JJ companies NNS with IN the DT heaviest JJS exposure NN in IN the DT San NNP Francisco NNP area NN include VBP the DT OTC NNP 's POS Safeco NNP and CC Ohio NNP Casualty NNP . . Frank NNP Gilmartin NNP , , a DT trader NN who WP follows VBZ insurance NN stocks NNS for IN Fox-Pitt NNP Kelton NNP , , said VBD his PRP$ strategy NN was VBD to TO sell VB early RB . . Then RB , , if IN the DT stocks NNS fell VBD sharply RB , , he PRP planned VBD to TO begin VB buying VBG them PRP aggressively RB , , on IN the DT theory NN that IN the DT companies NNS that WDT insure VBP against IN property NN damage NN and CC accidents NNS will MD have VB to TO raise VB rates NNS eventually RB to TO compensate VB for IN the DT claims NNS they PRP will MD pay VB to TO earthquake NN victims NNS and CC victims NNS of IN last JJ month NN 's POS Hurricane NNP Hugo NNP . . As RB well RB , , reinsurers NNS and CC insurance NN brokerage NN companies NNS will MD have VB improved JJ profits NNS . . Many JJ investors NNS expected VBD damage NN from IN the DT hurricane NN to TO be VB the DT catalyst NN for IN higher JJR rates NNS in IN the DT industry NN , , which WDT has VBZ been VBN depressed VBN because IN of IN low JJ rates NNS arising VBG from IN intense JJ competition NN . . But CC Mr. NNP Gilmartin NNP said VBD the DT hurricane NN damage NN was VBD n't RB extensive JJ enough RB to TO prompt VB premium NN boosts NNS . . `` `` The DT companies NNS just RB gave VBD back RP what WP they PRP had VBD reserved VBN for IN , , '' '' he PRP said VBD . . `` `` Now RB , , they PRP 'll MD have VB to TO increase VB their PRP$ coffers NNS to TO protect VB for IN the DT future NN and CC that DT means VBZ rate NN increases NNS . . '' '' Overall JJ OTC NNP insurance NN issues NNS were VBD mixed JJ . . Safeco NNP fell VBD 1\/8 CD to TO 32 CD 5\/8 CD on IN 462,900 CD shares NNS . . Ohio NNP Casualty NNP rose VBD 1\/4 CD to TO 51 CD 3\/4 CD on IN 137,200 CD shares NNS . . St. NNP Paul NNP Cos. NNP jumped VBD 2 CD to TO 59 CD 3\/4 CD on IN 517,500 CD shares NNS . . Academy NNP Insurance NNP fell VBD 1\/32 CD to TO 1 CD 3\/16 CD ; : but CC volume NN totaled VBD 1.2 CD million CD shares NNS . . The DT Nasdaq NNP Insurance NNP Index NNP jumped VBD 4.15 CD to TO 529.32 CD on IN the DT day NN , , while IN the DT barometer NN of IN big JJ insurance NN and CC banking NN issues NNS climbed VBD 1.72 CD to TO 455.29 CD . . Investors NNS expect VBP SunGard NNP Data NNP Systems NNP , , a DT company NN that WDT provides VBZ disaster NN recovery NN services NNS for IN computer-dependent JJ businesses NNS , , to TO profit VB from IN the DT earthquake NN . . SunGard NNP 's POS stock NN rose VBD 1 CD 3\/4 CD to TO 21 CD 1\/4 CD on IN 194,000 CD shares NNS . . Shares NNP of IN Kasler NNP , , a DT California NNP road NN and CC bridge NN builder NN , , were VBD heavily RB traded VBN , , jumping VBG 2 CD 1\/8 CD to TO 9 CD 7\/8 CD on IN 1.3 CD million CD shares NNS . . Guy NNP F. NNP Atkinson NNP added VBD 7\/8 CD to TO 16 CD 7\/8 CD , , on IN 335,700 CD shares NNS . . The DT company NN , , based VBN in IN San NNP Francisco NNP , , provides VBZ industrial JJ infrastructure NN engineering NN and CC construction NN services NNS . . Traders NNS were VBD initially RB nervous JJ about IN shares NNS of IN companies NNS , , including VBG many JJ leading JJ OTC NNP computer NN companies NNS , , such JJ as IN Apple NNP Computer NNP with IN offices NNS in IN the DT vicinity NN of IN the DT area NN damaged VBN by IN the DT quake NN . . But CC most JJS of IN those DT stocks NNS fared VBD well RB . . Apple NNP Computer NNP gained VBD 1 CD to TO 48 CD 1\/4 CD ; : Ashton-Tate NNP rose VBD 3\/8 CD to TO 10 CD 3\/8 CD . . Intel NNP also RB added VBD 3\/8 CD to TO 33 CD 7\/8 CD . . But CC Sun NNP Microsystems NNP slipped VBD 1\/4 CD to TO 17 CD 1\/4 CD . . Shares NNS of IN biotechnology NN companies NNS in IN the DT area NN were VBD also RB higher JJR . . Chiron NNP was VBD up RB 1\/2 CD to TO 27 CD and CC Cetus NNP gained VBD 1\/2 CD to TO 16 CD 3\/8 CD . . The DT stocks NNS of IN computer-related JJ companies NNS located VBN outside IN California NNP improved VBD , , too RB . . Microsoft NNP advanced VBD 1 CD 7\/8 CD to TO 80 CD 1\/2 CD and CC Lotus NNP Development NNP added VBD 1 CD 1\/4 CD to TO 32 CD 1\/2 CD . . In IN other JJ earthquake-related JJ news NN , , Hambrecht NNP & CC Quist NNP 's POS OTC NNP market NN makers NNS were VBD excused VBN from IN trading NN yesterday NN and CC its PRP$ positions NNS were VBD frozen VBN for IN the DT day NN by IN the DT National NNP Association NNP of IN Securities NNP Dealers NNP . . Power NN could MD n't RB be VB restored VBN at IN the DT company NN 's POS San NNP Francisco NNP headquarters NNS to TO allow VB trading NN yesterday NN morning NN . . In IN New NNP York NNP , , Roger NNP Killion NNP , , a DT Hambrecht NNP executive JJ vice NN president NN , , said VBD he PRP expects VBZ OTC NNP trading NN at IN the DT company NN to TO resume VB this DT morning NN , , either CC in IN New NNP York NNP or CC in IN San NNP Francisco NNP . . In IN other JJ trading NN , , Medco NNP Containment NNP Services NNP gained VBD 7\/8 CD to TO 15 CD on IN 1.9 CD million CD shares NNS after IN reporting VBG a DT loss NN for IN the DT first JJ quarter NN , , which WDT ended VBD Sept. NNP 30 CD . . The DT company NN earned VBD $ $ 6.6 CD million CD in IN the DT year-earlier JJ quarter NN . . Jaguar NNP 's POS American JJ depositary JJ receipts NNS added VBD 3\/8 CD to TO 10 CD 3\/4 CD on IN volume NN of IN 1.1 CD million CD . . Analysts NNS in IN London NNP believe VBP investors NNS , , despite IN their PRP$ stampede NN to TO dump VB takeover NN stocks NNS , , should MD hold VB on RP tight RB to TO their PRP$ Jaguar NNP shares NNS , , this DT newspaper NN 's POS Heard VBN on IN the DT Street NN column NN said VBD yesterday NN . . Amgen NNP rose VBD 1 CD 1\/2 CD to TO 50 CD 3\/4 CD in IN heavy JJ trading NN . . Analysts NNS figure VBP Amgen NNP could MD benefit VB as IN a DT result NN of IN troubles NNS facing VBG its PRP$ competitor NN , , Genetics NNP Institute NNP , , over IN the DT anti-anemia NN drug NN EPO NNP . . Genetics NNP Institute NNP disclosed VBD recently RB that IN it PRP is VBZ embroiled VBN in IN a DT dispute NN with IN Boehringer NNP Mannheim NNP , , which WDT distributes VBZ the DT drug NN , , regarding VBG the DT usability NN of IN some DT batches NNS . . Ciba-Geigy NNP Ltd. NNP and CC Chiron NNP Corp. NNP said VBD they PRP extended VBD their PRP$ offer NN for IN Connaught NNP BioSciences NNP Inc. NNP , , valued VBN at IN 866 CD million CD Canadian JJ dollars NNS ( ( US$ $ 736 CD million CD ) ) to TO Oct. NNP 27 CD . . The DT companies NNS earlier RBR said VBD they PRP did VBD n't RB want VB to TO raise VB their PRP$ offer NN to TO match VB a DT rival JJ bid NN by IN Institut NNP Merieux NNP S.A. NNP of IN C$ $ 37 CD a DT share NN , , or CC C$ $ 942 CD million CD . . But CC they PRP said VBD the DT C$ $ 30-a-share JJ bid NN , , which WDT was VBD due JJ to TO expire VB Monday NNP , , may MD still RB be VB extended VBN or CC varied VBN . . Merieux NNP , , a DT vaccine NN manufacturer NN based VBN in IN Lyon NNP , , France NNP , , is VBZ 51%-held JJ by IN French JJ state-owned JJ Rhone-Poulenc NNP S.A NNP . . Ciba-Geigy NNP is VBZ a DT major JJ pharmaceutical JJ concern NN based VBN in IN Basel NNP , , Switzerland NNP . . Chiron NNP , , another DT pharmaceutical JJ concern NN , , is VBZ based VBN in IN Emeryville NNP , , Calif NNP . . Connaught NNP is VBZ a DT biotechnology NN research NN and CC vaccine NN manufacturing NN concern NN . . Institut NNP Merieux NNP 's POS bid NN for IN Toronto-based JJ Connaught NNP has VBZ run VBN into IN problems NNS with IN the DT Canadian JJ government NN , , which WDT told VBD Merieux NNP last JJ week NN that IN it PRP was VBD n't RB convinced VBN that IN the DT proposed JJ acquisition NN would MD be VB of IN `` `` net JJ benefit NN '' '' to TO Canada NNP . . Merieux NNP officials NNS are VBP expected VBN to TO meet VB with IN federal JJ officials NNS in IN Ottawa NNP today NN to TO discuss VB the DT decision NN . . Within IN minutes NNS after IN the DT stock NN market NN closed VBN Friday NNP , , I PRP called VBD Sen. NNP Bill NNP Bradley NNP of IN New NNP Jersey NNP , , advised VBD him PRP that IN the DT Dow NNP Jones NNP Industrial NNP Average NNP had VBD declined VBN by IN 190 CD points NNS late RB that DT afternoon NN , , and CC cheerfully RB informed VBD him PRP that IN he PRP and CC his PRP$ fellow JJ Democrats NNPS were VBD to TO blame VB . . They PRP had VBD dealt VBN a DT major JJ setback NN that DT afternoon NN to TO President NNP Bush NNP 's POS capital-gains NNS tax NN cut NN proposal NN , , which WDT had VBD seemed VBN in IN the DT bag NN after IN it PRP passed VBD the DT House NN overwhelmingly RB earlier RBR in IN the DT month NN . . Sen. NNP Bradley NNP has VBZ it PRP in IN his PRP$ mind NN that IN such PDT a DT tax NN cut NN would MD unravel VB the DT tax NN reform NN he PRP helped VBD engineer VB in IN 1986 CD . . But CC he PRP knows VBZ that IN as RB many JJ as IN 20 CD of IN his PRP$ fellow JJ Democrats NNPS are VBP disposed VBN to TO vote VB for IN the DT cut NN , , popular JJ among IN their PRP$ constituents NNS . . As IN a DT result NN , , he PRP took VBD the DT lead NN in IN arguing VBG that IN the DT cut NN should MD be VB blocked VBN on IN procedural JJ grounds NNS . . He PRP helped VBD persuade VB 10 CD of IN these DT senators NNS to TO support VB him PRP and CC Majority NNP Leader NNP George NNP Mitchell NNP on IN these DT grounds NNS . . The DT budget NN reconciliation NN had VBD to TO be VB dealt VBN with IN by IN the DT Oct. NNP 15 CD deadline NN , , and CC these DT Senate NNP Democrats NNPS refused VBD to TO agree VB to TO allow VB a DT vote NN to TO append VB capital NN gains NNS to TO the DT budget NN bill NN , , knowing VBG it PRP would MD pass VB . . Denied VBN a DT vote NN on IN substance NN , , the DT GOP NNP leadership NN in IN the DT Senate NNP on IN Friday NNP morning NN was VBD confronted VBN with IN a DT hard JJ choice NN . . It PRP could MD throw VB in RP the DT towel NN and CC hope VB to TO win VB on IN capital NN gains NNS late RB this DT month NN , , or CC it PRP could MD follow VB the DT White NNP House NNP strategy NN , , to TO veto VB reconciliation NN unless IN capital JJ gains NNS was VBD appended VBN . . The DT U.S. NNP Chamber NNP of IN Commerce NNP has VBZ been VBN in IN the DT forefront NN in IN supporting VBG the DT Bush NNP proposal NN . . It PRP endorsed VBD the DT White NNP House NNP strategy NN , , believing VBG it PRP to TO be VB the DT surest JJS way NN to TO victory NN . . At IN noon NN Friday NNP , , a DT senior JJ White NNP House NNP official NN advised VBD Richard NNP Rahn NNP , , the DT Chamber NNP 's POS chief JJ economist NN , , that IN the DT White NNP House NNP would MD not RB agree VB to TO a DT budget NN reconciliation NN bill NN unless IN it PRP had VBD firm JJ assurances NNS that IN a DT vote NN on IN substance NN would MD be VB permitted VBN in IN the DT Senate NNP . . Two CD hours NNS later RB , , the DT first JJ word NN emerged VBD on IN Capitol NNP Hill NNP that IN the DT administration NN had VBD agreed VBN to TO reconciliation NN with IN no DT such JJ assurances NNS from IN Senate NNP Democrats NNPS . . Mr. NNP Rahn NNP was VBD shocked JJ , , telephoning VBG the DT office NN of IN Richard NNP Darman NNP , , director NN of IN the DT Office NNP of IN Management NNP and CC Budget NNP , , and CC the DT administration NN 's POS chief JJ strategist NN on IN this DT issue NN . . He PRP left VBD a DT message NN accusing VBG Mr. NNP Darman NNP of IN selling VBG out RP . . It PRP was VBD the DT Senate NNP Republicans NNPS , , though RB , , who WP had VBD edged VBN away RB from IN the DT veto NN strategy NN . . The DT stock NN market NN reacted VBD as IN Mr. NNP Rahn NNP did VBD , , crumbling VBG as IN it PRP absorbed VBD the DT news NN that IN Mr. NNP Darman NNP 's POS strategy NN had VBD been VBN abandoned VBN . . The DT stock NN market NN , , after IN all DT , , represents VBZ the DT collective JJ expectations NNS about IN the DT value NN of IN the DT future JJ income NN stream NN of IN the DT nation NN 's POS capital NN stock NN , , discounted VBD to TO present JJ value NN . . Why WRB should MD it PRP be VB so RB surprising JJ that IN a DT 30 CD % NN cut NN in IN the DT capital-gains NNS tax NN would MD have VB such PDT an DT enormous JJ impact NN on IN the DT value NN of IN the DT nation NN 's POS capital NN stock NN ? . The DT total JJ value NN of IN privately RB held VBN assets NNS is VBZ easily RB more JJR than IN $ $ 15 CD trillion CD . . The DT value NN traded VBN on IN the DT exchanges NNS is VBZ close RB to TO $ $ 3 CD trillion CD . . If IN the DT tax NN on IN any DT gain NN to TO those DT assets NNS was VBD doubled VBN , , would MD n't RB the DT value NN fall VB to TO the DT owners NNS of IN the DT assets NNS ? . Is VBZ n't RB it PRP reasonable JJ to TO assume VB that IN the DT asset NN you PRP own VBP would MD be VB worth JJ more JJR if IN the DT government NN suddenly RB announced VBD that IN if IN you PRP sold VBD it PRP , , you PRP would MD be VB able JJ to TO keep VB 30 CD % NN more JJR of IN its PRP$ gain NN than IN you PRP previously RB believed VBD ? . Indeed RB , , the DT stock NN market NN 's POS steady JJ advance NN this DT year NN tracked VBD with IN President NNP Bush NNP 's POS success NN in IN advancing VBG his PRP$ capital-gains NNS proposal NN . . A DT 30 CD % NN cut NN in IN this DT year NN 's POS capital NN gains NNS alone RB amounts VBZ to TO roughly RB $ $ 50 CD billion CD . . We PRP 're VBP talking VBG real JJ money NN . . When WRB Richard NNP Rahn NNP advised VBD the DT financial JJ press NN that IN the DT market NN crash NN was VBD caused VBN by IN the DT setback NN to TO capital NN gains NNS , , he PRP was VBD generally RB ignored VBN and CC mildly RB ridiculed VBN . . Instead RB , , the DT press NN corps NN readily RB accepted VBD the DT notion NN that IN a DT snag NN in IN the DT takeover NN financing NN of IN United NNP Airlines NNP instantly RB knocked VBD 7 CD % NN off IN the DT value NN of IN the DT nation NN 's POS capital NN stock NN and CC caused VBD convulsions NNS around IN the DT world NN . . Mr. NNP Rahn NNP was VBD pointing VBG out RP an DT elephant NN rumbling VBG through IN Wall NNP Street NNP while IN conventional JJ wisdom NN had VBD fastened VBN on IN the DT UAL NNP flea NN . . Why WRB is VBZ this DT happening NN ? . For IN one CD thing NN , , quite PDT a DT number NN of IN the DT leading JJ spokesmen NNS on IN Wall NNP Street NNP are VBP not RB portfolio NN managers NNS , , who WP understand VBP that IN the DT value NN of IN assets NNS is VBZ greatly RB affected VBN by IN how WRB government NN taxes VBZ those DT assets NNS . . They PRP are VBP economists NNS and CC financial JJ reporters NNS who WP sympathize VBP with IN the DT view NN that IN a DT capital-gains NNS tax NN cut NN benefits VBZ the DT rich JJ . . Yet CC they PRP somehow RB think VBP that IN Wall NNP Street NNP is VBZ indifferent JJ to TO losing VBG the DT tax NN cut NN that WDT seemed VBD so RB close RB Friday NNP morning NN and CC is VBZ now RB problematic JJ . . The DT market NN rebound NN Monday NNP followed VBD weekend NN assurances NNS from IN Mr. NNP Darman NNP that IN the DT administration NN has VBZ other JJ plans NNS to TO win VB the DT cut NN , , which WDT is VBZ alive JJ and CC well RB . . Sen. NNP Bradley NNP 's POS argument NN is VBZ that IN a DT capital-gains NNS tax NN cut NN would MD be VB bad JJ for IN the DT economy NN in IN the DT longer JJR run NN . . It PRP would MD inevitably RB lead VB to TO an DT increase NN in IN marginal JJ income-tax NN rates NNS in IN 1990 CD , , he PRP thinks VBZ , , when WRB the DT White NNP House NNP is VBZ forced VBN to TO ask VB for IN higher JJR taxes NNS to TO meet VB budget NN targets NNS . . That DT is VBZ , , with IN capital NN gains NNS cut VBN , , the DT glue NN of IN the DT 1986 CD accord NN will MD be VB gone VBN , , and CC political JJ realities NNS will MD push VB up RP income-tax NN rates NNS . . The DT counter-argument NN , , which WDT he PRP has VBZ heard VBN , , is VBZ that IN if IN he PRP and CC his PRP$ fellow JJ Democrats NNP are VBP successful JJ in IN killing VBG the DT president NN 's POS proposal NN , , the DT revenue NN gap NN will MD open VB up RP tremendously RB in IN 1990 CD because IN of IN the DT weakened JJ economy NN . . In IN this DT atmosphere NN , , there EX would MD be VB no DT serious JJ consideration NN of IN tax NN increases NNS . . If IN Sen. NNP Bradley NNP would MD permit VB a DT vote NN on IN capital NN gains NNS , , though RB , , it PRP would MD pass VB , , Christmas NNP retail JJ sales NNS would MD be VB strong JJ instead RB of IN burdened VBN by IN a DT falling VBG stock NN market NN , , the DT 1990 CD economy NN would MD be VB robust JJ , , and CC the DT revenue NN gains NNS at IN every DT level NN of IN government NN , , including VBG New NNP Jersey NNP 's POS , , would MD be VB surprisingly RB high JJ . . No DT tax NN increases NNS would MD be VB necessary JJ . . The DT struggle NN over IN capital NN gains NNS is VBZ the DT most RBS important JJ game NN in IN town NN . . In IN Washington NNP and CC on IN Wall NNP Street NNP . . Mr. NNP Wanniski NNP is VBZ president NN of IN Polyconomics NNP Inc. NNP , , of IN Morristown NNP , , N.J NNP . . Federal JJ prosecutors NNS said VBD they PRP have VBP obtained VBN a DT guilty JJ plea NN from IN another DT person NN in IN the DT government NN 's POS ongoing JJ probe NN of IN illegal JJ payments NNS in IN the DT record JJ industry NN . . William NNP Craig NNP , , an DT independent JJ record NN promoter NN , , pleaded VBD guilty JJ to TO payola NN and CC criminal JJ tax NN charges NNS , , according VBG to TO a DT statement NN issued VBN by IN Gary NNP Feess NNP , , the DT U.S. NNP attorney NN here RB . . Payola NN is VBZ the DT practice NN of IN making VBG illegal JJ , , undisclosed JJ payments NNS to TO radio NN station NN personnel NNS in IN return NN for IN getting VBG the DT stations NNS to TO play VB certain JJ songs NNS over IN the DT air NN . . As IN part NN of IN his PRP$ plea NN agreement NN with IN the DT government NN , , the DT 44-year-old JJ Mr. NNP Craig NNP faces VBZ a DT maximum NN of IN three CD years NNS in IN prison NN . . In IN return NN , , Mr. NNP Craig NNP agreed VBD to TO cooperate VB in IN the DT government NN 's POS continuing VBG payola NN probe NN , , says VBZ a DT spokeswoman NN for IN the DT U.S. NNP attorney NN 's POS office NN . . Mr. NNP Craig NNP and CC three CD others NNS were VBD indicted VBN last JJ year NN as IN part NN of IN that DT payola NN probe NN . . Two CD other JJ defendants NNS previously RB pleaded VBD guilty JJ , , and CC charges NNS against IN the DT third JJ were VBD dropped VBN . . Companies NNS listed VBN below IN reported VBD quarterly JJ profit NN substantially RB different JJ from IN the DT average NN of IN analysts NNS ' POS estimates NNS . . The DT companies NNS are VBP followed VBN by IN at IN least JJS three CD analysts NNS , , and CC had VBD a DT minimum JJ five-cent JJ change NN in IN actual JJ earnings NNS per IN share NN . . Estimated JJ and CC actual JJ results NNS involving VBG losses NNS are VBP omitted VBN . . The DT percent NN difference NN compares VBZ actual JJ profit NN with IN the DT 30-day JJ estimate NN where WRB at IN least JJS three CD analysts NNS have VBP issues NNS forecasts NNS in IN the DT past JJ 30 CD days NNS . . Otherwise RB , , actual JJ profit NN is VBZ compared VBN with IN the DT 300-day JJ estimate NN . . Grumman NNP Corp. NNP was VBD awarded VBN a DT $ $ 53.1 CD million CD Navy NNP contract NN for IN advanced JJ acquisition NN of IN six CD E-2C NNP tactical JJ control NN aircraft NN . . LTV NNP Corp. NNP won VBD a DT $ $ 25 CD million CD Army NN contract NN for IN missile NN test NN equipment NN . . Unisys NNP Corp. NNP received VBD a DT $ $ 24.4 CD million CD Air NNP Force NNP contract NN for IN computer NN programming NN . . Ford NNP Aerospace NNP & CC Communications NNP Corp. NNP , , a DT unit NN of IN Ford NNP Motor NNP Co. NNP , , was VBD awarded VBN a DT $ $ 15.9 CD million CD Air NNP Force NNP contract NN for IN computer NN improvements NNS . . Rockwell NNP International NNP Corp. NNP was VBD issued VBN a DT $ $ 12.5 CD million CD Air NNP Force NNP contract NN for IN changes NNS in IN the DT National NNP Aerospace NNP Plane NNP . . The DT Tennessee NNP Valley NNP Authority NNP issued VBD $ $ 4 CD billion CD in IN bonds NNS in IN the DT federal JJ utility NN 's POS first JJ public JJ debt NN offering NN in IN 15 CD years NNS . . Proceeds NNS from IN the DT bonds NNS , , with IN coupon NN rates NNS in IN the DT 8 CD % NN range NN , , will MD be VB used VBN to TO replace VB bonds NNS with IN an DT average JJ interest NN rate NN of IN 13.1 CD % NN . . The DT TVA NNP said VBD the DT refinancing VBG should MD save VB $ $ 75 CD million CD a DT year NN in IN interest NN payments NNS . . The DT refinancing NN is VBZ part NN of IN the DT TVA NNP 's POS strategy NN of IN dealing VBG with IN what WP has VBZ been VBN an DT intractable JJ problem NN : : its PRP$ staggering JJ $ $ 18.5 CD billion CD debt NN , , most JJS of IN which WDT is VBZ owed VBN to TO the DT Treasury NNP Department NNP 's POS Federal NNP Financing NNP Bank NNP . . The DT TVA NNP currently RB plans VBZ to TO issue VB a DT total NN of IN $ $ 6.7 CD billion CD in IN bonds NNS to TO refinance VB its PRP$ high-interest JJ debt NN . . The DT $ $ 4 CD billion CD bond NN issue NN also RB will MD help VB the DT TVA NNP meet VB its PRP$ goal NN of IN not RB raising VBG rates NNS for IN another DT year NN , , said VBD William NNP F. NNP Malec NNP , , the DT agency NN 's POS chief JJ financial JJ officer NN . . The DT bond NN issue NN is VBZ TVA NNP 's POS first JJ public JJ offering NN since IN the DT Financing NNP Bank NNP was VBD created VBN in IN 1974 CD , , primarily RB to TO finance VB the DT TVA NNP . . But CC the DT offering NN almost RB did VBD n't RB happen VB . . The DT TVA NNP , , in IN fact NN , , decided VBD to TO proceed VB with IN the DT bond NN offering NN following VBG an DT agreement NN last JJ week NN with IN the DT Financing NNP Bank NNP , , which WDT allows VBZ TVA NNP to TO keep VB borrowing VBG short JJ term NN from IN the DT bank NN for IN two CD years NNS after IN it PRP goes VBZ to TO the DT public JJ market NN . . The DT Treasury NNP contended VBD that IN TVA NNP could MD n't RB borrow VB from IN both DT it PRP and CC the DT public JJ debt NN market NN . . The DT $ $ 4 CD billion CD in IN bonds NNS break VBP down RP as IN follows VBZ : : $ $ 1 CD billion CD in IN five-year JJ bonds NNS with IN a DT coupon NN rate NN of IN 8.25 CD % NN and CC a DT yield NN to TO maturity NN of IN 8.33 CD % NN ; : $ $ 1 CD billion CD in IN 10-year JJ bonds NNS with IN a DT coupon NN rate NN of IN 8.375 CD % NN and CC a DT yield NN to TO maturity NN of IN 8.42 CD % NN ; : $ $ 2 CD billion CD in IN 30-year JJ bonds NNS with IN five-year JJ call NN protection NN , , a DT coupon NN rate NN of IN 8.75 CD % NN and CC a DT yield NN to TO maturity NN of IN 9.06 CD % NN . . Managing VBG the DT bond NN issue NN is VBZ a DT group NN of IN investment NN banks NNS headed VBN by IN First NNP Boston NNP Corp. NNP and CC co-managed VBN by IN Goldman NNP , , Sachs NNP & CC Co. NNP , , Merrill NNP Lynch NNP Capital NNP Markets NNP , , Morgan NNP Stanley NNP & CC Co. NNP , , and CC Salomon NNP Brothers NNP Inc NNP . . Mutual-fund NN czar NN John NNP M. NNP Templeton NNP has VBZ put VBN his PRP$ money NN where WRB his PRP$ moniker NN is VBZ , , pouring VBG $ $ 1.4 CD million CD into IN one CD of IN his PRP$ own JJ funds NNS , , the DT Templeton NNP Value NNP Fund NNP . . Mr. NNP Templeton NNP owns VBZ shares NNS in IN several JJ of IN the DT 33 CD funds NNS that IN his PRP$ firm NN manages VBZ , , but CC only RB in IN three CD of IN the DT 10 CD available JJ to TO U.S. NNP investors NNS , , according VBG to TO filings NNS with IN the DT Securities NNP and CC Exchange NNP Commission NNP . . Those DT are VBP Templeton NNP Global NNP Income NNP , , Templeton NNP Emerging NNP Markets NNP and CC now RB the DT Value NNP Fund NNP . . Why WRB did VBD he PRP add VB the DT Value NNP Fund NNP to TO the DT list NN ? . Because IN he PRP 's VBZ very RB bullish JJ on IN the DT emerging VBG growth NN stocks NNS that WDT make VBP up RP the DT fund NN 's POS portfolio NN , , Mr. NNP Templeton NNP said VBD from IN his PRP$ Bahamas NNPS hideaway NN . . `` `` Emerging VBG growth NN stocks NNS have VBP n't RB been VBN popular JJ in IN America NNP for IN years NNS , , they PRP 've VBP been VBN neglected VBN , , '' '' he PRP said VBD , , and CC their PRP$ prices NNS often RB trail VBP the DT market NN as IN a DT whole NN . . Mr. NNP Templeton NNP 's POS 147,300-share JJ purchase NN in IN the DT closed-end JJ fund NN came VBD before IN the DT U.S. NNP stock NN market NN 's POS plunge NN last JJ Friday NNP , , but CC still RB proved VBD slightly RB profitable JJ . . Mr. NNP Templeton NNP bought VBD his PRP$ shares NNS in IN several JJ separate JJ purchases NNS between IN Aug. NNP 30 CD and CC Sept. NNP 28 CD , , according VBG to TO reports NNS with IN the DT SEC NNP . . He PRP bought VBD at IN share NN prices NNS ranging VBG from IN $ $ 9.375 CD to TO $ $ 9.625 CD . . The DT fund NN closed VBD yesterday NN in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN at IN $ $ 9.625 CD , , up RB 12.5 CD cents NNS . . In IN addition NN , , Mr. NNP Templeton NNP received VBD a DT dividend NN of IN 22 CD cents NNS a DT share NN Oct. NNP 5 CD . . RIVER NNP RUN NNP : : A DT senior JJ vice NN president NN and CC a DT vice NN president NN at IN James NNP River NNP Corp. NNP sold VBD the DT majority NN of IN their PRP$ shares NNS in IN the DT Richmond NNP , , Va. NNP , , paper-products NNS concern NN in IN late JJ August NNP and CC early JJ September NNP , , reports NNS filed VBN with IN the DT SEC NNP show VBP . . The DT executives NNS , , who WP got VBD $ $ 30.88 CD a DT share NN for IN the DT stock NN , , showed VBD good JJ timing NN . . In IN Big NNP Board NNP trading NN yesterday NN , , James NNP River NNP shares NNS closed VBD at IN $ $ 28.375 CD , , down RB 12.5 CD cents NNS . . On IN Sept. NNP 6 CD , , Robert NNP Joseph NNP Sherry NNP , , the DT firm NN 's POS senior JJ vice NN president NN of IN employee NN and CC public JJ relations NNS , , sold VBD 4,000 CD shares NNS , , leaving VBG himself PRP with IN 1,062 CD shares NNS of IN James NNP River NNP . . Including VBG a DT sale NN of IN stock NN last JJ February NNP , , Mr. NNP Sherry NNP has VBZ sold VBN 88 CD % NN of IN his PRP$ stake NN in IN the DT company NN this DT year NN , , according VBG to TO SEC NNP filings NNS . . Mr. NNP Sherry NNP declined VBD to TO comment VB when WRB asked VBN about IN the DT sales NNS . . James NNP A. NN Toney NNP , , a DT vice NN president NN , , sold VBD 1,500 CD shares NNS Aug. NNP 28 CD . . He PRP still RB has VBZ 1,143 CD shares NNS , , according VBG to TO SEC NNP files NNS . . Mr. NNP Toney NNP also RB declined VBD to TO comment VB . . INTEREST-RATE NN PLAYER NNP : : Cincinnati NNP Gas NNP & CC Electric NNP Co. NNP tops VBZ the DT companies NNS portion NN of IN the DT accompanying JJ Insider NNP Trading NNP table NN this DT week NN . . Three CD of IN the DT utility NN 's POS directors NNS have VBP at IN least JJS doubled VBD their PRP$ holdings NNS in IN the DT company NN since IN July NNP . . The DT largest JJS purchase NN was VBD by IN Dudley NNP Taft NNP , , who WP bought VBD 4,400 CD shares NNS for IN $ $ 125,075 CD . . Mr. NNP Taft NNP , , who WP is VBZ also RB president NN of IN Taft NNP Broadcasting NNP Co. NNP , , said VBD he PRP bought VBD the DT shares NNS because IN he PRP keeps VBZ a DT utility NN account NN at IN the DT brokerage NN firm NN of IN Salomon NNP Brothers NNP Inc. NNP , , which WDT had VBD recommended VBN the DT stock NN as IN a DT good JJ buy NN . . Salomon NNP Brothers NNP confirmed VBD that IN it PRP has VBZ had VBN a DT buy JJ recommendation NN on IN the DT stock NN for IN about RB two CD years NNS . . `` `` Cincinnati NNP Gas NNP & CC Electric NNP is VBZ in IN good JJ shape NN , , '' '' Mr. NNP Taft NNP said VBD , , and CC utilities NNS are VBP `` `` a DT good JJ investment NN because IN interest NN rates NNS are VBP going VBG down RB . . '' '' Mr. NNP Taft NNP paid VBD an DT average NN of IN $ $ 28.43 CD for IN each DT share NN . . The DT stock NN closed VBD yesterday NN on IN the DT Big NNP Board NNP at IN $ $ 28.75 CD , , down RB 12.5 CD cents NNS . . The DT two CD other JJ directors NNS bought VBD 1,000 CD and CC 1,900 CD shares NNS , , respectively RB , , at IN prices NNS between IN $ $ 28.15 CD a DT share NN and CC $ $ 28.75 CD a DT share NN , , filings NNS with IN the DT SEC NNP show NN . . The DT two CD could MD n't RB be VB reached VBN for IN comment NN . . A DT company NN spokesman NN said VBD he PRP could MD n't RB explain VB their PRP$ sudden JJ bullishness NN . . `` `` I PRP do VBP n't RB know VB of IN any DT news NN or CC anything NN unusual JJ happening VBG here RB , , '' '' said VBD Bruce NNP Stoecklin NNP , , director NN of IN media NNS services NNS . . Peter NNP Pae NNP in IN Pittsburgh NNP contributed VBD to TO this DT article NN . . T. NNP Rowe NNP Price NNP Associates NNP Inc. NNP said VBD directors NNS recommended VBD stockholders NNS approve VB a DT 2-for-1 JJ stock NN split NN and CC an DT increase NN in IN authorized JJ shares NNS to TO 25 CD million CD from IN 10 CD million CD . . Stockholders NNS will MD vote VB on IN the DT proposal NN at IN a DT meeting NN Dec. NNP 13 CD . . T. NNP Rowe NNP Price NNP is VBZ an DT investment NN adviser NN to TO mutual JJ funds NNS , , institutions NNS and CC individuals NNS . . In IN one CD of IN the DT first JJ indoor JJ air-pollution NN cases NNS to TO go VB to TO trial NN , , a DT state-court NN jury NN decided VBD in IN favor NN of IN the DT defendant NN , , Burlington NNP Industries NNP Inc NNP . . The DT verdict NN , , reached VBN late JJ last JJ week NN in IN Cincinnati NNS , , may MD end VB an DT eight-year JJ legal JJ battle NN for IN the DT Greensboro NNP , , N.C. NNP , , carpet NN maker NN . . Glenn NNP and CC Sharon NNP Beebe NNP of IN Cincinnati NNP had VBD sued VBN the DT com NN - : pany NN in IN 1981 CD after IN installing VBG Burlington NNP carpets NNS in IN their PRP$ office NN . . The DT Beebes NNPS alleged VBD that IN toxic JJ fumes NNS from IN the DT carpets NNS made VBD them PRP sick JJ . . As IN a DT result NN of IN their PRP$ illness NN , , the DT Beebes NNPS said VBD , , they PRP lost VBD $ $ 1.8 CD million CD in IN wages NNS and CC earnings NNS . . In IN addition NN , , they PRP said VBD that IN months NNS of IN exposure NN to TO the DT chemicals NNS has VBZ left VBN them PRP sensitive JJ to TO a DT wide JJ range NN of IN commonly RB used VBN substances NNS . . The DT case NN had VBD been VBN closely RB watched VBN because IN attorneys NNS anticipate VBP increasing JJ litigation NN nationally RB over IN the DT so-called JJ sick-building JJ syndrome NN . . Plaintiffs NNS ' POS lawyers NNS say VBP that IN buildings NNS become VBP `` `` sick JJ '' '' when WRB inadequate JJ fresh JJ air NN and CC poor JJ ventilation NN systems NNS lead VBP pollutants NNS to TO build VB up RP inside RB . . Anthony NNP J. NNP Iaciofano NNP , , a DT lawyer NN for IN Burlington NNP , , said VBD the DT company NN believes VBZ the DT Beebes NNPS ' POS symptoms NNS were VBD not RB related VBN to TO the DT carpeting NN . . He PRP said VBD that IN ill JJ effects NNS from IN new JJ carpets NNS manifest VBP themselves PRP immediately RB but CC that IN the DT Beebes NNPS ' POS symptoms NNS appeared VBD months NNS later RB . . Catherine NNP Adams NNP , , the DT Beebes NNPS ' POS lawyer NN , , said VBD the DT verdict NN would MD not RB discourage VB other JJ plaintiffs NNS from IN filing VBG such JJ suits NNS . . Scientists NNS are VBP only RB beginning VBG to TO understand VB what WP causes VBZ sick-building JJ syndrome NN and CC much JJ of IN that DT research NN was VBD unavailable JJ when WRB the DT Beebes NNPS filed VBD the DT case NN , , she PRP said VBD . . The DT Beebes NNPS now RB believe VBP that IN a DT prime JJ culprit NN for IN their PRP$ injuries NNS was VBD fumes NNS from IN an DT adhesive NN used VBN in IN the DT carpeting NN . . But CC the DT Beebes NNPS did VBD n't RB come VBN to TO that DT conclusion NN until IN time NN limits NNS had VBD elapsed VBN for IN adding VBG the DT adhesives NNS maker NN as IN a DT defendant NN in IN the DT case NN , , Ms. NNP Adams NNP said VBD . . The DT Beebes NNPS have VBP not RB yet RB decided VBN whether IN to TO appeal VB . . TIMES NNP SQUARE NNP development NN opponents NNS are VBP dealt VBN setback NN . . The DT Appellate NNP Division NNP of IN New NNP York NNP State NNP Supreme NNP Court NNP dismissed VBD six CD lawsuits NNS attempting VBG to TO block VB a DT $ $ 2.5 CD billion CD project NN planned VBN for IN 42nd NNP Street NNP in IN Manhattan NNP . . Opponents NNS of IN the DT project NN had VBD claimed VBN that IN the DT city NN and CC the DT state NN of IN New NNP York NNP , , which WDT are VBP co-sponsoring JJ the DT project NN , , had VBD failed VBN to TO adhere VB to TO environmental JJ guidelines NNS . . All DT but IN two CD of IN the DT 40 CD or CC so RB lawsuits NNS that WDT have VBP been VBN filed VBN since IN the DT project NN 's POS 1984 CD approval NN have VBP been VBN dismissed VBN before IN the DT trial NN stage NN . . The DT two CD that WDT remain VBP have VBP n't RB yet RB reached VBN the DT pre-trial JJ fact-finding JJ stage NN . . State NN officials NNS said VBD the DT court NN 's POS ruling NN clears VBZ the DT way NN for IN proceedings NNS to TO condemn VB buildings NNS in IN the DT area NN . . `` `` This DT project NN is VBZ ready JJ to TO move VB , , '' '' said VBD State NNP Urban NNP Development NNP Corp. NNP Chairman NNP Vincent NNP Tese NNP . . But CC developers NNS of IN four CD planned JJ office NN towers NNS cautioned VBD that IN obstacles NNS still RB remain VBP . . As IN part NN of IN the DT agreement NN with IN the DT state NN , , the DT developers NNS -- : a DT partnership NN of IN Park NNP Tower NNP Realty NNP and CC Prudential NNP Insurance NNP Co. NNP of IN America NNP -- : said VBD they PRP would MD not RB proceed VB with IN condemnation NN proceedings NNS while IN there EX was VBD `` `` significant JJ litigation NN '' '' pending VBG . . Park NNP Tower NNP General NNP Counsel NNP Matthew NNP Mayer NNP said VBD the DT development NN team NN will MD have VB to TO review VB two CD additional JJ lawsuits NNS before IN putting VBG up RP a DT $ $ 155 CD million CD letter NN of IN credit NN to TO cover VB condemnation NN costs NNS . . Also RB , , he PRP said VBD , , the DT partnership NN is VBZ waiting VBG to TO see VB whether IN the DT appellate JJ division NN 's POS ruling NN will MD be VB appealed VBN . . The DT plan NN , , which WDT has VBZ been VBN plagued VBN with IN delays NNS and CC business-related JJ setbacks NNS , , seeks VBZ to TO transform VB the DT area NN from IN a DT seedy JJ thoroughfare NN to TO a DT more RBR wholesome JJ office NN and CC theater NN district NN . . State NN and CC city NN officials NNS are VBP still RB negotiating VBG with IN developers NNS to TO renovate VB historic JJ theaters NNS and CC build VB and CC operate VB a DT merchandise NN mart NN and CC hotel NN . . FEDERAL JJ JUDGE NN EXPANDS VBZ role NN of IN U.S. NNP courts NNS in IN extradition NN decisions NNS . . U.S. NNP District NNP Judge NNP Jack NNP B. NNP Weinstein NNP of IN Brooklyn NNP , , N.Y. NNP , , ruled VBD that IN a DT man NN implicated VBN in IN an DT attack NN on IN an DT Israeli JJ passenger NN bus NN in IN 1986 CD can MD be VB extradited VBN to TO Israel NNP for IN trial NN . . A DT magistrate NN had VBD initially RB refused VBN the DT request NN , , ruling VBG that IN the DT attack NN had VBD been VBN a DT political JJ act NN for IN which WDT the DT man NN , , Mahmoud NNP El-Abed NNP Ahmad NNP , , would MD be VB exempt JJ from IN extradition NN . . However RB , , Judge NNP Weinstein NNP wrote VBD in IN his PRP$ opinion NN late RB last JJ month NN that DT terrorism NN and CC acts NNS of IN war NN against IN civilians NNS can MD not RB be VB defined VBN as IN political JJ acts NNS . . Judge NNP Weinstein NNP also RB ruled VBD that IN judges NNS must MD consider VB prior RB to TO extradition NN whether IN the DT defendant NN will MD be VB treated VBN fairly RB in IN a DT foreign JJ court NN . . To TO do VB so RB , , the DT judge NN said VBD , , the DT U.S. NNP courts NNS must MD review VB the DT judicial JJ process NN in IN the DT foreign JJ country NN independently RB of IN the DT State NNP Department NNP 's POS assessment NN . . He PRP said VBD that IN in IN this DT case NN he PRP concurred VBD with IN the DT State NNP Department NNP 's POS decision NN that IN Mr. NNP Ahmad NNP should MD be VB extradited VBN . . Mr. NNP Ahmad NNP 's POS lawyer NN said VBD he PRP would MD appeal VB . . Lawyers NNS close RB to TO the DT case NN said VBD they PRP believed VBD the DT ruling NN was VBD unprecedented JJ . . `` `` Up IN until IN now RB the DT courts NNS have VBP said VBN it PRP is VBZ not RB their PRP$ role NN to TO supervise VB the DT foreign JJ country NN 's POS courts NNS , , '' '' said VBD Jacques NNP Semmelman NNP , , the DT assistant JJ U.S. NNP attorney NN on IN the DT case NN . . FORMER JJ CANADIAN JJ AMBASSADOR NN to TO the DT U.S. NNP Allan NNP E. NNP Gotlieb NNP has VBZ joined VBN the DT Philadelphia NNP law NN firm NN of IN Pepper NNP , , Hamilton NNP & CC Scheetz NNP as IN a DT consultant NN . . Mr. NNP Gotlieb NNP , , who WP serves VBZ as IN a DT consultant NN to TO Stikeman NNP , , Elliott NNP , , one CD of IN Canada NNP 's POS biggest JJS law NN firms NNS , , is VBZ advising VBG Pepper NNP Hamilton NNP 's POS Washington NNP office NN on IN legal JJ matters NNS related VBN to TO Canadian-U.S. JJ investment NN , , corporate JJ finance NN and CC international JJ transactions NNS . . QUOTABLE JJ : : In IN a DT speech NN prepared VBN for IN delivery NN in IN New NNP York NNP yesterday NN , , retired JJ Justice NNP Lewis NNP Powell NNP contested VBD the DT notion NN that IN the DT last JJ Supreme NNP Court NNP term NN marked VBD a DT turn NN toward IN conservatism NN : : `` `` Commentators NNS who WP agreed VBD on IN little JJ else RB unanimously RB proclaimed VBD a DT ` `` shift NN in IN direction NN ' '' on IN the DT court NN ... : . . I PRP take VBP these DT pronouncements NNS , , like IN many JJ that WDT have VBP preceded VBN them PRP in IN past JJ years NNS , , with IN a DT grain NN of IN salt NN . . In IN an DT era NN of IN ` `` sound NN bites NNS ' POS and CC instant JJ opinion NN polls VBZ it PRP is VBZ dangerous JJ to TO apply VB broad JJ labels NNS to TO a DT single JJ term NN . . ( ( During IN its PRP$ centennial JJ year NN , , The DT Wall NNP Street NNP Journal NNP will MD report VB events NNS of IN the DT past JJ century NN that DT stand NN as IN milestones NNS of IN American JJ business NN history NN . . ) ) THE DT YOM NNP KIPPUR NNP WAR NNP , , WHEN WRB EGYPT NNP CRASHED VBD into IN Israel NNP on IN Oct. NNP 6 CD , , 1973 CD , , the DT holiest JJS day NN in IN the DT Jewish JJ calendar NN , , lasted VBD barely RB a DT month NN . . But CC one CD far-afield JJ effect NN is VBZ still RB with IN us PRP . . The DT Arab JJ states NNS , , always RB bitterly RB resentful JJ of IN U.S. NNP support NN toward IN Israel NNP , , realized VBD they PRP held VBD an DT irresistable JJ weapon NN -- : oil NN . . Early RB in IN October NNP , , six CD Arab JJ nations NNS in IN the DT Persian NNP Gulf NNP jacked VBD up RP prices NNS sharply RB . . On IN Oct. NNP 22 CD , , led VBN by IN Saudi NNP Arabia NNP , , the DT world NN 's POS largest JJS exporter NN , , they PRP embargoed VBD oil NN shipments NNS to TO the DT U.S. NNP and CC to TO the DT Netherlands NNPS , , Israel NNP 's POS staunchest JJS European JJ ally NN . . The DT timing NN was VBD perfect JJ . . The DT Arabs NNPS had VBD tried VBN embargos NNS before RB . . In IN 1956 CD , , when WRB Britain NNP , , France NNP and CC Israel NNP invaded VBD Egypt NNP to TO seize VB the DT Suez NNP Canal NNP , , Arab JJ producers NNS cut VBD off RP supplies NNS to TO Europe NNP . . Texas NNP simply RB pumped VBD harder RBR . . U.S. NNP oil NN supplies NNS , , however RB , , had VBD peaked VBN in IN 1970 CD and CC 1971 CD and CC by IN 1973 CD were VBD declining VBG . . Imports NNS , , then RB six CD million CD barrels NNS a DT day NN , , came VBD primarily RB from IN Venezuela NNP and CC Canada NNP . . But CC Middle NNP East NNP supplies NNS were VBD growing VBG in IN importance NN . . By IN 1973 CD , , the DT U.S. NNP was VBD bringing VBG in RP two CD million CD barrels NNS of IN Arab JJ oil NN a DT day NN , , more JJR than IN 10 CD % NN of IN the DT 17.3 CD million CD barrels NNS consumed VBN daily RB . . Politics NNS and CC economics NNS conspired VBD . . Japan NNP and CC Europe NNP , , far RB more RBR dependent JJ on IN Mideast JJ oil NN than IN the DT U.S. NNP , , would MD n't RB offend VB the DT Arabs NNPS or CC trade VB off RP their PRP$ precious JJ supplies NNS . . The DT U.S. NNP did VBD manage VB to TO supply VB the DT Dutch NNPS with IN oil NN by IN relabeling VBG supplies NNS ; : once IN oil NN is VBZ shipped VBN , , no DT one NN can MD tell VB its PRP$ source NN . . But CC car-happy JJ Americans NNPS panicked VBD , , and CC so RB did VBD the DT U.S. NNP and CC other JJ oil-consuming JJ governments NNS . . `` `` Shortage NN '' '' and CC `` `` crisis NN '' '' became VBD buzz JJ words NNS , , although IN neither DT really RB applied VBD . . The DT spot JJ dislocations NNS that WDT showed VBD up RP were VBD largely RB the DT result NN of IN confusion NN ( ( much JJ of IN it PRP in IN Washington NNP ) ) , , though IN that DT was VBD cold JJ comfort NN for IN drivers NNS waiting VBG in IN mile-long JJ lines NNS at IN the DT gas NN pumps NNS . . The DT embargo NN lasted VBD only RB six CD months NNS , , but CC the DT price NN hikes NNS became VBD a DT fact NN of IN life NN . . What WP the DT Arabs NNPS started VBD , , inflation NN finished VBD . . Once RB and CC for IN all DT , , $ $ 5-a-barrel JJ crude JJ oil NN and CC 35-cents-a-gallon JJ gasoline NN were VBD history NN . . Times NNP may MD be VB tough JJ on IN Wall NNP Street NNP for IN some DT , , but CC a DT few JJ bosses NNS are VBP making VBG as RB much JJ as IN ever RB -- : or CC more JJR . . At IN Bear NNP Stearns NNP Cos. NNP , , for IN example NN , , the DT 15 CD executive JJ officers NNS led VBN by IN Chairman NNP Alan NNP `` `` Ace NNP '' '' Greenberg NNP got VBD a DT pay NN increase NN to TO $ $ 35.9 CD million CD for IN the DT 14-month JJ period NN ended VBN June NNP 30 CD from IN $ $ 22.9 CD million CD for IN the DT 12 CD months NNS ended VBN April NNP 30 CD , , 1988 CD . . The DT figures NNS do VBP n't RB include VB substantial JJ dividends NNS on IN holdings NNS of IN Bear NNP Stearns NNP stock NN . . Mr. NNP Greenberg NNP himself PRP was VBD paid VBN $ $ 4.5 CD million CD , , before IN an DT estimated JJ $ $ 1.5 CD million CD in IN dividends NNS , , up RB from IN $ $ 2.4 CD million CD the DT year NN before RB . . The DT increase NN is VBZ noted VBN in IN the DT brokerage NN firm NN 's POS latest JJS proxy JJ statement NN filed VBN with IN the DT Securities NNP and CC Exchange NNP Commission NNP . . Because IN it PRP operates VBZ on IN a DT fiscal JJ year NN , , Bear NNP Stearns NNP 's POS yearly JJ filings NNS are VBP available JJ much RB earlier RBR than IN those DT of IN other JJ firms NNS . . The DT latest JJS period NN includes VBZ 14 CD months NNS instead RB of IN 12 CD because IN Bear NNP Stearns NNP changed VBD to TO a DT fiscal JJ year NN ending VBG in IN June NNP instead RB of IN April NNP . . Meanwhile RB , , Bear NNP Stearns NNP 's POS 650 CD stock NN and CC bond NN salesmen NNS saw VBD thinner JJR paychecks NNS over IN the DT past NN year NN , , which WDT the DT company NN says VBZ reflected VBD lower JJR commission NN revenue NN caused VBN by IN a DT decline NN in IN investor NN activity NN in IN the DT markets NNS . . However RB , , Bear NNP Stearns NNP on IN Monday NNP reported VBD improved JJ earnings NNS for IN its PRP$ first JJ quarter NN , , ended VBN Sept. NNP 29 CD , , partly RB because IN of IN a DT 31 CD % NN increase NN in IN commissions NNS during IN the DT quarter NN . . William NNP J. NNP Montgoris NNP , , chief JJ financial JJ officer NN , , defended VBD the DT lofty JJ salaries NNS at IN Bear NNP Stearns NNP . . `` `` All DT of IN us PRP are VBP on IN a DT base JJ salary NN of IN $ $ 200,000 CD if IN the DT firm NN makes VBZ nothing NN -- : and CC that DT 's VBZ pretty RB low JJ as RB far RB as IN Wall NNP Street NNP goes VBZ , , '' '' Mr. NNP Montgoris NNP said VBD . . However RB , , Bear NNP Stearns NNP has VBZ never RB had VBD an DT unprofitable JJ year NN since IN its PRP$ founding NN 65 CD years NNS ago RB . . Four CD Bear NNP Stearns NNP executives NNS besides IN the DT 62-year-old JJ Mr. NNP Greenberg NNP were VBD paid VBN $ $ 3 CD million CD or CC more JJR before IN dividends NNS for IN the DT 14 CD months NNS ended VBN in IN June NNP . . According VBG to TO the DT proxy JJ statement NN , , James NNP E. NNP Cayne NNP , , 55 CD , , Bear NNP Stearns NNP 's POS president NN , , made VBD $ $ 3.9 CD million CD ; : an DT executive JJ vice NN president NN , , Michael NNP L. NNP Tarnopol NNP , , 53 CD , , made VBD nearly RB $ $ 3.4 CD million CD ; : and CC two CD executive JJ vice NN presidents NNS , , Vincent NNP J. NNP Mattone NNP , , 44 CD , , and CC William NNP J. NNP Michaelcheck NNP , , 42 CD , , made VBN about RB $ $ 3.3 CD million CD each DT . . Mr. NNP Montgoris NNP said VBD the DT firm NN has VBZ a DT `` `` straight JJ mathematical JJ formula NN '' '' for IN determining VBG compensation NN , , based VBN on IN the DT firm NN 's POS earnings NNS . . `` `` Just RB because IN a DT particular JJ element NN of IN the DT firm NN is VBZ down RB , , '' '' such JJ as IN stockbrokerage NN , , `` `` does VBZ n't RB mean VB the DT executive JJ committee NN should MD be VB paid VBN less JJR , , '' '' he PRP said VBD . . Morgan NNP Grenfell NNP Group NNP PLC NNP said VBD John NNP Craven NNP , , group NN chief NN executive NN officer NN , , is VBZ taking VBG over RB the DT chairmanship NN of IN the DT merchant NN banking VBG group NN from IN Sir NNP Peter NNP Carey NNP , , who WP is VBZ retiring VBG . . Mr. NNP Carey NNP will MD remain VB a DT member NN of IN the DT merchant NN bank NN 's POS board NN . . Mr. NNP Craven NNP is VBZ widely RB credited VBN with IN refocusing NN Morgan NNP Grenfell NNP 's POS energies NNS on IN its PRP$ core NN corporate JJ finance NN , , fund NN management NN and CC banking VBG activities NNS over IN the DT past JJ year NN . . Last JJ year NN , , Morgan NNP Grenfell NNP shut VBD down RB its PRP$ ailing VBG U.K. NN securities NNS operations NNS . . Mr. NNP Craven NNP said VBD his PRP$ move NN to TO the DT chairmanship NN means VBZ he PRP will MD take VB a DT less RBR active JJ role NN in IN the DT day-to-day JJ management NN of IN the DT group NN , , but CC he PRP added VBD that IN the DT merchant NN bank NN 's POS strategic JJ focus NN remains VBZ unchanged JJ . . Mr. NNP Craven NNP joined VBD Morgan NNP Grenfell NNP as IN group NN chief NN executive NN in IN May NNP 1987 CD , , a DT few JJ months NNS after IN the DT resignations NNS of IN former JJ Chief NNP Executive NNP Christopher NNP Reeves NNP and CC other JJ top JJ officials NNS because IN of IN the DT merchant NN bank NN 's POS role NN in IN Guinness NNP PLC NNP 's POS controversial JJ takeover NN of IN Distiller NN 's POS Co. NN in IN 1986 CD . . Morgan NNP Grenfell NNP had VBD advised VBN Guinness NNP on IN the DT bid NN , , which WDT was VBD surrounded VBN by IN allegations NNS that IN Guinness NNP used VBD artificial NN means NNS to TO support VB the DT bid NN 's POS value NN . . Morgan NNP Grenfell NNP said VBD Michael NNP Dobson NNP , , currently RB group NN deputy NN chief NN executive NN , , will MD assume VB the DT chief JJ executive NN position NN . . The DT merchant NN bank NN also RB announced VBD that IN finance NN director NN David NNP Eward NNP is VBZ taking VBG early JJ retirement NN for IN personal NN reasons NNS . . His PRP$ duties NNS will MD be VB taken VBN over RP by IN Anthony NNP Richmond-Watson NNP , , who WP has VBZ been VBN elected VBN deputy JJ chairman NN . . News NNP of IN Mr. NNP Eward NNP 's POS retirement NN comes VBZ one CD day NN after IN Morgan NNP said VBD that IN Christopher NNP Whittington NNP resigned VBD as IN chairman NN of IN Morgan NNP 's POS banking VBG subsidiary NN to TO join VB a DT financial JJ services NNS firm JJ . . Mr. NNP Craven NNP said VBD both DT Messrs. NNP Eward NNP and CC Whittington NNP had VBD planned VBN to TO leave VB the DT bank NN earlier RB , , but CC Mr. NNP Craven NNP had VBD persuaded VBN them PRP to TO remain VB until IN the DT bank NN was VBD in IN a DT healthy JJ position NN . . `` `` If IN there EX 's VBZ any DT coincidence NN about IN the DT departures NNS it PRP 's POS that IN they PRP are VBP leaving VBG at IN a DT time NN when WRB the DT business NN is VBZ in IN reasonably RB good JJ shape NN and CC going VBG forward RB very RB well RB . . '' '' Last JJ month NN , , Morgan NNP Grenfell NNP announced VBD its PRP$ pretax NN profit NN rose VBD 49.6 CD % NN to TO # # 32.8 CD million CD in IN the DT first JJ half NN , , boosted VBN by IN a DT healthy JJ growth NN in IN its PRP$ domestic JJ and CC international JJ corporate JJ finance NN business NN . . The DT following JJ were VBD among IN yesterday NN 's POS offerings NNS and CC pricings NNS in IN the DT U.S. NNP and CC non-U.S. JJ capital NN markets NNS , , with IN terms NNS and CC syndicate NN manager NN , , as IN compiled VBN by IN Dow NNP Jones NNP Capital NNP Markets NNP Report NNP : : Lockheed NNP Corp. NNP -- : $ $ 300 CD million CD of IN 9 CD 3\/8 CD % NN notes NNS due JJ Oct. NNP 15 CD , , 1999 CD , , priced VBN at IN 99.90 CD to TO yield VB 9.39 CD % NN . . The DT issue NN was VBD priced VBN at IN a DT spread NN of IN 137.5 CD basis NN points NNS above IN the DT Treasury NNP 's POS 10-year JJ note NN . . Rated VBN single-A-3 JJ by IN Moody NNP 's POS Investors NNP Service NNP Inc. NNP and CC single-A JJ by IN Standard NNP & CC Poor NNP 's POS Corp. NNP , , the DT issue NN will MD be VB sold VBN through IN underwriters NNS led VBN by IN Goldman NNP , , Sachs NNP & CC Co NNP . . California NNP Health NNP Facilities NNP Financing NNP Authority NNP -- : $ $ 144.35 CD million CD of IN revenue NN bonds NNS for IN Kaiser NNP Permanente NNP , , due JJ 19931999 CD , , 2004 CD , , 2008 CD , , 2018 CD and CC 2019 CD , , tentatively RB priced VBN by IN a DT PaineWebber NNP Inc. NNP group NN to TO yield VB from IN 6.25 CD % NN in IN 1993 CD to TO 7.227 CD % NN in IN 2018 CD . . Serial JJ bonds NNS were VBD priced VBN to TO yield VB to TO 6.80 CD % NN in IN 1999 CD . . There EX are VBP about RB $ $ 10 CD million CD of IN 7 CD % NN bonds NNS priced VBN at IN 99 CD 1\/4 CD to TO yield VB 7.081 CD % NN in IN 2004 CD ; : about RB $ $ 15 CD million CD of IN 7 CD % NN bonds NNS priced VBN at IN 98 CD 1\/2 CD to TO yield VB 7.145 CD % NN in IN 2008 CD ; : about RB $ $ 88.35 CD million CD of IN 7 CD % NN bonds NNS priced VBN at IN 97 CD 1\/4 CD to TO yield VB 7.227 CD % NN in IN 2018 CD ; : and CC about RB $ $ 15 CD million CD of IN 6 CD 3\/4 CD % NN bonds NNS priced VBN to TO yield VB 7.15 CD % NN in IN 2019 CD . . The DT bonds NNS are VBP rated VBN double-A-2 JJ by IN Moody NNP 's POS and CC double-A JJ by IN S&P NNP , , according VBG to TO the DT lead JJ underwriter NN . . Pennsylvania NNP Higher NNP Education NNP Facilities NNP Authority NNP -- : approximately RB $ $ 117 CD million CD of IN revenue NN bonds NNS for IN Hahnemann NNP University NNP , , Series NNP 1989 CD , , due JJ 1990-2002 CD , , 2009 CD and CC 2019 CD , , priced VBN late RB Monday NNP by IN a DT Merrill NNP Lynch NNP Capital NNP Markets NNP group NN to TO yield VB from IN 6 CD % NN in IN 1990 CD to TO 7.282 CD % NN in IN 2019 CD . . Serial JJ bonds NNS were VBD priced VBN to TO yield VB from IN 6 CD % NN in IN 1990 CD to TO 7.10 CD % NN in IN 2002 CD . . There EX are VBP about RB $ $ 25.6 CD million CD of IN 7.2 CD % NN term NN bonds NNS due JJ 2009 CD , , priced VBN to TO yield VB 7.25 CD % NN , , and CC about RB $ $ 66.8 CD million CD of IN 7.2 CD % NN term NN bonds NNS due JJ 2019 CD , , priced VBN at IN 99 CD to TO yield VB 7.282 CD % NN . . The DT bonds NNS are VBP insured VBN and CC rated VBN triple-A JJ by IN Moody NNP 's POS and CC S&P NNP . . Connecticut NNP -- : $ $ 100.4 CD million CD of IN general JJ obligation NN capital NN appreciation NN bonds NNS , , College NNP Savings NNP Plan NNP , , 1989 CD Series NNP B NNP , , priced VBN by IN a DT Prudential-Bache NNP Capital NNP Funding NNP group NN . . The DT zero-coupon JJ bonds NNS were VBD priced VBN to TO yield VB to TO maturity NN from IN 6.25 CD % NN in IN 1994 CD to TO 6.90 CD % NN in IN 2006 CD , , 2007 CD and CC 2009 CD . . The DT bonds NNS have VBP received VBN a DT rating NN of IN double-A-1 JJ from IN Moody NNP 's POS , , and CC a DT double-A-plus JJ rating NN is VBZ expected VBN from IN S&P NNP , , the DT underwriter NN said VBD . . Oregon NNP -- : $ $ 100 CD million CD of IN general JJ obligation NN veterans NNS ' POS tax NN notes NNS , , Series NNP 1989 CD , , dated VBN Nov. NNP 1 CD , , 1989 CD , , and CC due JJ Nov. NNP 1 CD , , 1990 CD , , through IN a DT Chemical NNP Securities NNP Inc. NNP group NN . . The DT group NN is VBZ offering VBG the DT notes NNS priced VBN as IN 6 CD 3\/4 CD % NN securities NNS to TO yield VB 6.25 CD % NN . . The DT notes NNS are VBP rated VBN MIG-1 JJ by IN Moody NN 's POS and CC SP1-plus JJ by IN S&P NNP . . University NNP of IN Medicine NNP and CC Dentistry NNP of IN New NNP Jersey NNP -- : $ $ 55.8 CD million CD of IN Series NNP C NNP bonds NNS priced VBN by IN a DT Prudential-Bache NNP Capital NNP Funding NNP group NN . . The DT bonds NNS , , rated VBN single-A JJ by IN Moody NNP 's POS and CC double-A JJ by IN S&P NNP , , were VBD priced VBN to TO yield VB from IN 6.20 CD % NN in IN 1992 CD to TO 7.26 CD % NN in IN 2019 CD . . All DT serial JJ bonds NNS are VBP being VBG offered VBN at IN par NN except IN those DT due JJ 2002 CD . . Federal NNP Home NNP Loan NNP Mortgage NNP Corp. NNP -- : $ $ 500 CD million CD of IN Remic NNP mortgage NN securities NNS being VBG offered VBN in IN eight CD classes NNS by IN Salomon NNP Brothers NNP Inc NNP . . The DT offering NN , , Series NNP 104 CD , , is VBZ backed VBN by IN Freddie NNP Mac NNP 9 CD % NN securities NNS . . The DT issue NN used VBD at-market JJ pricing NN . . Federal NNP National NNP Mortgage NNP Association NNP -- : $ $ 350 CD million CD of IN Remic NNP mortgage NN securities NNS being VBG offered VBN in IN 11 CD classes NNS by IN Greenwich NNP Capital NNP Markets NNP . . The DT offering NN , , Series NNP 1989-82 CD , , is VBZ backed VBN by IN Fannie NNP Mae NNP 9 CD 1\/2 CD % NN securities NNS and CC used VBD at-market JJ pricing NN . . The DT issue NN brings VBZ Fannie NNP Mae NNP 's POS 1989 CD Remic NNP issuance NN to TO $ $ 30.2 CD billion CD and CC its PRP$ total JJ volume NN to TO $ $ 42.3 CD billion CD since IN the DT program NN began VBD in IN April NNP 1987 CD . . Hanshin NNP Electric NNP Railway NNP Co NNP . . ( ( Japan NNP ) ) -- : $ $ 150 CD million CD of IN bonds NNS due JJ Nov. NNP 2 CD , , 1993 CD , , with IN equity-purchase JJ warrants NNS , , indicating VBG a DT 4 CD % NN coupon NN at IN par NN , , via IN Nomura NNP International NNP Ltd NNP . . Each DT $ $ 5,000 CD bond NN carries VBZ one CD warrant NN , , exercisable JJ from IN Nov. NNP 16 CD , , 1989 CD , , through IN Oct. NNP 19 CD , , 1993 CD , , to TO buy VB company NN shares NNS at IN an DT expected JJ premium NN of IN 2 CD 1\/2 CD % NN to TO the DT closing NN share NN price NN when WRB terms NNS are VBP fixed VBN Oct. NNP 24 CD . . Toyobo NNP Co NNP . . ( ( Japan NNP ) ) -- : $ $ 150 CD million CD of IN bonds NNS due JJ Nov. NNP 1 CD , , 1993 CD , , with IN equity-purchase JJ warrants NNS , , indicating VBG a DT 4 CD % NN coupon NN at IN par NN , , via IN Daiwa NNP Europe NNP Ltd NNP . . Each DT $ $ 5000 CD bond NN carries VBZ one CD warrant NN , , exercisable JJ from IN Nov. NNP 15 CD , , 1989 CD , , to TO Oct. NNP 18 CD , , 1993 CD , , to TO buy VB company NN shares NNS at IN an DT expected JJ premium NN of IN 2 CD 1\/2 CD % NN to TO the DT closing NN share NN price NN when WRB terms NNS are VBP fixed VBN Oct. NNP 23 CD . . Sammi NNP Steel NNP Co NNP . . ( ( Korea NNP ) ) -- : $ $ 50 CD million CD of IN bonds NNS due JJ Nov. NNP 8 CD , , 1994 CD , , with IN equity-purchase JJ warrants NNS , , indicating VBG a DT 1 CD 1\/4 CD % NN to TO 1 CD 3\/4 CD % NN coupon NN at IN par NN , , via IN Merrill NNP Lynch NNP International NNP Ltd. NNP and CC Dong NNP Suh NNP Securities NNP Co NNP . . Each DT $ $ 5,000 CD bond NN carries VBZ one CD warrant NN , , exercisable JJ from IN May NNP 8 CD , , 1991 CD , , through IN Oct. NNP 8 CD , , 1994 CD , , to TO buy VB company NN shares NNS at IN an DT expected JJ premium NN of IN 75 CD % NN to TO 85 CD % NN to TO the DT closing NN share NN price NN when WRB terms NNS are VBP fixed VBN Oct. NNP 18 CD . . Redland NNP International NNP Funding NNP PLC NNP ( ( U.K. NNP parent NN ) ) -- : 150 CD million CD Australian JJ dollars NNS of IN 15 CD 3\/8 CD % NN bonds NNS due JJ Nov. NNP 8 CD , , 1996 CD , , priced VBN at IN 101 CD 3\/4 CD to TO yield VB 15.44 CD % NN less CC full JJ fees NNS , , via IN JP NNP Morgan NNP Securities NNP Ltd NNP . . Guaranteed VBN by IN Redland NNP PLC NNP . . Fees NNS 2 CD . . Tennessee NNP Valley NNP Authority NNP -- : A DT $ $ 4 CD billion CD , , three-part JJ offering NN of IN power NN bonds NNS priced VBN through IN an DT underwriting NN group NN led VBN by IN First NNP Boston NNP Corp NNP . . The DT size NN of IN the DT issue NN was VBD increased VBN from IN an DT originally RB planned VBN $ $ 3 CD billion CD . . The DT first JJ part NN , , consisting VBG of IN $ $ 2 CD billion CD of IN bonds NNS due JJ Oct. NNP 1 CD , , 2019 CD , , with IN a DT five-year JJ non-call JJ provision NN , , was VBD priced VBN as IN 8 CD 3\/4 CD % NN securities NNS at IN 96.808 CD to TO yield VB 9.06 CD % NN . . The DT 30-year JJ issue NN was VBD priced VBN at IN a DT spread NN of IN 105 CD basis NN points NNS above IN the DT Treasury NNP 's POS 30-year JJ bellwether JJ bond NN . . The DT second JJ part NN , , consisting VBG of IN $ $ 1 CD billion CD of IN noncallable JJ bonds NNS due JJ Oct. NNP 1 CD , , 1999 CD , , was VBD priced VBN as IN 8 CD 3\/8 CD % NN securities NNS at IN 99.691 CD to TO yield VB 8.42 CD % NN . . The DT 10-year JJ issue NN was VBD priced VBN at IN a DT spread NN of IN 43 CD basis NN points NNS above IN the DT Treasury NNP 's POS 10-year JJ note NN . . The DT third JJ part NN , , consisting VBG of IN $ $ 1 CD billion CD of IN noncallable JJ bonds NNS due JJ Oct. NNP 1 CD , , 1994 CD , , was VBD priced VBN as IN 8 CD 1\/4 CD % NN securities NNS at IN 99.672 CD to TO yield VB 8.33 CD % NN . . The DT five-year JJ issue NN was VBD priced VBN at IN a DT spread NN of IN 43 CD basis NN points NNS above IN the DT Treasury NNP 's POS comparable JJ note NN . . The DT issue NN is VBZ rated VBN triple-A JJ by IN Moody NNP 's POS and CC triple-A JJ by IN S&P NNP . . Par NNP Pharmaceutical NNP Inc. NNP said VBD it PRP named VBD its PRP$ interim JJ president NN and CC chief JJ executive JJ officer NN , , Kenneth NNP I. NNP Sawyer NNP , , to TO those DT posts NNS permanently RB , , and CC elected VBD him PRP to TO the DT board NN . . Par NNP also RB said VBD it PRP was VBD advised VBN by IN the DT U.S. NNP attorney NN for IN Maryland NN that IN it PRP is VBZ one CD of IN a DT number NN of IN companies NNS being VBG investigated VBN by IN a DT federal JJ grand JJ jury NN for IN alleged JJ violations NNS of IN the DT federal JJ Food NNP , , Drug NNP and CC Cosmetic NNP Act NNP . . Par NNP , , a DT generic-drug NN maker NN that WDT has VBZ been VBN plagued VBN by IN management NN problems NNS , , was VBD already RB the DT subject NN of IN a DT federal JJ criminal JJ inquiry NN into IN the DT drug-approval JJ process NN and CC a DT Food NNP and CC Drug NNP Administration NNP investigation NN . . A DT Par NNP spokesman NN said VBD he PRP understood VBD the DT criminal JJ investigation NN in IN Maryland NNP relates VBZ to TO matters NNS Par NNP disclosed VBD in IN July NNP , , when WRB Par NNP said VBD it PRP filed VBD false JJ drug NN information NN with IN the DT FDA NNP . . At IN the DT time NN , , the DT company NN said VBD it PRP was VBD recalling VBG one CD of IN its PRP$ drugs NNS and CC had VBD stopped VBN selling VBG two CD others NNS . . The DT spokesman NN said VBD he PRP also RB understood VBD that IN the DT inquiry NN related VBD to TO the DT existence NN of IN an DT `` `` off-the-record JJ '' '' production NN book NN . . The DT book NN noted VBD changes NNS made VBN at IN the DT manufacturing NN level NN that WDT were VBD n't RB disclosed VBN to TO the DT FDA NNP . . Par NNP said VBD it PRP is VBZ cooperating VBG in IN the DT investigation NN . . Also RB yesterday NN , , Ashok NNP Patel NNP , , a DT former JJ Par NNP official NN who WP pleaded VBD guilty JJ to TO providing VBG an DT FDA NNP employee NN an DT illegal JJ gratuity NN of IN $ $ 3,000 CD , , was VBD sentenced VBN by IN a DT federal JJ judge NN in IN Baltimore NNP to TO one CD year NN of IN community NN service NN and CC a DT $ $ 150,000 CD fine NN . . Mr. NNP Patel NNP also RB was VBD placed VBN on IN three CD years NNS ' POS probation NN . . Mr. NNP Patel NNP resigned VBD as IN senior JJ vice NN president NN of IN Par NNP in IN April NNP . . In IN July NNP , , Par NNP and CC a DT 60%-owned JJ unit NN agreed VBD to TO plead VB guilty JJ in IN that DT inquiry NN , , as IN did VBD another DT former JJ Par NNP official NN . . Mr. NNP Sawyer NNP began VBD running VBG the DT company NN on IN an DT interim JJ basis NN in IN late JJ September NNP . . Par NNP said VBD it PRP selected VBD him PRP for IN the DT posts NNS of IN president NN and CC chief JJ executive NN on IN a DT permanent JJ basis NN because IN of IN his PRP$ experience NN in IN the DT industry NN and CC his PRP$ performance NN at IN Par NNP . . Perry NNP Levine NNP , , chairman NN , , said VBD Mr. NNP Sawyer NNP had VBD `` `` taken VBN significant JJ steps NNS '' '' to TO restore VB the DT company NN 's POS credibility NN and CC sense NN of IN professionalism NN and CC integrity NN . . Just RB after IN midnight NN Monday NNP , , federal JJ spending NN started VBD to TO drop VB by IN $ $ 16 CD billion CD . . What WP do VBP you PRP say VB we PRP all DT close VBP down RP the DT poker NN game NN , , go VBP home NN and CC bank VBP the DT $ $ 16 CD billion CD ? . That DT 's VBZ essentially RB what WP budget NN director NN Richard NNP Darman NNP is VBZ suggesting VBG , , and CC we PRP think VBP he PRP deserves VBZ as RB much JJ support NN as IN he PRP can MD get VB . . If IN human JJ beings NNS ca MD n't RB cut VB federal JJ spending NN honestly RB -- : and CC they PRP ca MD n't RB -- : let VB the DT computers NNS do VB it PRP . . Congress NNP , , with IN a DT measure NN of IN White NNP House NNP complicity NN , , has VBZ been VBN manipulating VBG the DT spending NN accounts NNS for IN years NNS under IN the DT cover NN of IN omnibus JJ appropriations NNS bills NNS . . ( ( Indeed RB without IN earlier JJR manipulations NNS , , the DT current NN sequester NN of IN $ $ 16 CD billion CD would MD have VB been VBN even RB larger JJR . . ) ) We PRP suspect VBP voters NNS are VBP fed VBN up RP with IN the DT finagling NN . . Consider VB , , for IN instance NN , , that IN even RB yesterday NN 's VBZ widely RB publicized VBN sequester NN is VBZ likely JJ to TO be VB traduced VBN if IN business NN as IN usual JJ is VBZ allowed VBN to TO prevail VB . . Under IN the DT law NN , , Gramm-Rudman NNP 's POS across-the-board-cuts NNS in IN federal JJ programs NNS are VBP supposed VBN to TO be VB permanent JJ . . Social NNP Security NNP and CC spending NN for IN poor JJ people NNS are VBP exempted VBN . . However RB , , the DT Associated NNP Press NNP 's POS account NN of IN the DT Monday NNP sequester NN order NN signed VBN by IN President NNP Bush NNP neatly RB captured VBD the DT contempt NN Congress NNP shows VBZ toward IN the DT notion NN of IN a DT legally RB binding JJ commitment NN : : `` `` Lawmakers NNS have VBP been VBN saying VBG for IN weeks NNS that IN they PRP plan VBP to TO roll VB back RP the DT cuts NNS as RB soon RB as IN they PRP agree VBP to TO a DT compromise NN on IN a DT deficit-cutting JJ bill NN . . '' '' Mr. NNP Darman NNP 's POS inclination NN to TO save VB the DT sequester NN was VBD backed VBN up RP yesterday NN by IN White NNP House NNP Press NNP Secretary NNP Marlin NNP Fitzwater NNP : : `` `` There EX is VBZ some DT feeling NN here RB that IN the DT cuts NNS are VBP the DT way NN to TO go VB . . It PRP will MD reduce VB spending NN in IN a DT very RB effective JJ fashion NN . . '' '' This DT attitude NN is VBZ being VBG waved VBD away RP by IN sophisticates NNS around IN Washington NNP as RB little JJ more JJR than IN tough JJ talk NN . . It PRP looks VBZ to TO us PRP like IN a DT golden JJ opportunity NN for IN George NNP Bush NNP to TO chop VB off RP at IN the DT knees NNS all PDT this DT talk NN about IN a DT timid JJ , , unserious JJ presidency NN . . Mr. NNP Bush NNP would MD be VB acting VBG in IN the DT public JJ interest NN if IN he PRP let VBD the DT Washington NNP elites NNS who WP manipulate VBP these DT budgets NNS -- : the DT bureaucrats NNS , , the DT lobbyists NNS , , the DT congressional JJ staffers NNS -- : live VB for IN just RB one CD year NN on IN a DT restricted JJ diet NN . . Ask VB Tommy NNP Lasorda NNP ; : thin JJ is VBZ in RB . . Senator NNP Phil NNP Gramm NNP pointed VBD out RP Monday NNP that IN in IN the DT 20 CD years NNS before IN Gramm-Rudman NNP was VBD enacted VBN in IN 1985 CD , , federal JJ spending NN grew VBD by IN about RB 11 CD % NN a DT year NN ; : since IN the DT law NN , , it PRP 's VBZ grown VBN at IN under IN 5 CD % NN annually RB . . Another DT major JJ factor NN in IN this DT positive JJ trend NN was VBD Ronald NNP Reagan NNP 's POS decision NN early RB in IN his PRP$ presidency NN to TO fight VB the DT budget NN war NN on IN the DT expenditure NN side NN rather RB than IN raising VBG taxes NNS . . George NNP Bush NNP 's POS continued JJ support NN of IN the DT tax NN dam NN sustains VBZ this DT strategy NN of IN pressuring VBG Congress NNP to TO make VB choices NNS among IN competing VBG priorities NNS , , rather RB than IN just RB saying VBG yes UH to TO all PDT the DT grateful JJ special-interest JJ constituencies NNS that WDT fill VBP the DT PAC NNP trough NN . . If IN Washington NNP 's POS elites NNS ever RB succeed VBP in IN bursting VBG the DT tax NN dam NN , , Americans NNPS will MD be VB engulfed VBN in IN a DT red JJ sea NN of IN new JJ spending NN programs NNS , , such JJ as IN federalized JJ child NN care NN . . Child NN care NN was VBD one CD of IN the DT many JJ `` `` extraneous JJ '' '' bills NNS pulled VBN out IN of IN the DT Senate NNP 's POS reconciliation NN bill NN last JJ Friday NNP . . Others NNS were VBD the DT capital-gains NNS cut NN , , Section NNP 89 CD repeal NN , , the DT disabled JJ workers NNS bill NN , , and CC the DT unprecedented JJ reconsideration NN of IN the DT catastrophic JJ health NN act NN . . All PDT this DT stuff NN still RB is VBZ in IN the DT House NNP 's POS 1,878-page JJ reconciliation NN bill NN , , and CC many JJ Members NNS say VBP they PRP 're VBP reluctant JJ to TO pull VB out RP cherished JJ bills NNS , , just RB to TO see VB them PRP die VB . . Republicans NNPS especially RB want VBP a DT guarantee NN from IN the DT House NNP leadership NN that IN they PRP 'll MD get VB an DT up-or-down JJ vote NN on IN the DT bills NNS . . House NNP Speaker NNP Foley NNP ought MD to TO deliver VB that DT promise NN . . This DT is VBZ the DT way NN government NN is VBZ supposed VBN to TO work VB , , with IN politicians NNS taking VBG responsibility NN for IN votes NNS that IN their PRP$ constituents NNS can MD identify VB , , instead RB of IN concealing VBG them PRP in IN the DT great JJ reconciliation NN garbage NN truck NN . . We PRP have VBP as RB much JJ nostalgia NN as IN anyone NN for IN those DT leafy JJ , , breezy JJ days NNS in IN Washington NNP when WRB honorable JJ men NNS and CC women NNS dickered VBD over IN budgets NNS and CC even RB log-rolled VBD a DT bit NN to TO see VB that IN the DT bridges NNS got VBD build VBN , , roads NNS paved VBN , , soldiers NNS paid VBN or CC that IN the DT desperately RB poor JJ were VBD cared VBN for IN . . Those DT days NNS are VBP gone VBN . . Nor CC do VBP we PRP see VB any DT reason NN to TO believe VB that IN a DT metropolitan JJ Washington NNP that WDT has VBZ gotten VBN fat JJ and CC rich JJ and CC lazy JJ in IN the DT shadow NN of IN the DT federal JJ colossus NN will MD change VB much RB on IN its PRP$ own JJ initiative NN . . Save VB the DT sequester NN , , and CC let VB Washington NNP scream NN . . The DT New NNP York NNP Stock NNP Exchange NNP said VBD a DT seat NN sold VBN for IN $ $ 436,000 CD , , down RB $ $ 39,000 CD from IN the DT previous JJ sale NN Oct. NNP 4 CD . . Seats NNS are VBP currently RB quoted VBN at IN $ $ 425,000 CD bid NN and CC $ $ 475,000 CD offered VBN . . The DT $ $ 475,000 CD sale NN price NN earlier RBR this DT month NN was VBD the DT lowest JJS in IN nearly RB three CD years NNS . . Exchange NN seats NNS hit VBD a DT peak NN of IN $ $ 1,150,000 CD in IN September NNP 1987 CD . . The DT Canadian JJ government NN auctioned VBD 750 CD million CD Canadian JJ dollars NNS ( ( US$ $ 637.5 CD million CD ) ) of IN 9.25 CD % NN bonds NNS due JJ Dec. NNP 15 CD , , 1994 CD . . The DT average JJ accepted JJ yield NN bid NN was VBD 9.617 CD % NN for IN a DT price NN equivalent NN of IN 98.523 CD . . Proceeds NNS of IN the DT sale NN will MD be VB used VBN to TO redeem VB C$ $ 675 CD million CD of IN government NN bonds NNS maturing VBG Nov. NNP 1 CD and CC for IN general JJ government NN purposes NNS . . Northern NNP Trust NNP Corp. NNP said VBD its PRP$ board NN adopted VBD a DT shareholder NN rights NNS plan NN aimed VBN at IN deterring VBG unwanted JJ takeover NN bids NNS , , but CC said VBD it PRP 's VBZ not RB aware JJ of IN any DT plan NN to TO acquire VB the DT banking NN concern NN . . Under IN Northern NNP Trust NNP 's POS plan NN , , shareholders NNS were VBD issued VBN rights NNS that IN , , in IN the DT event NN of IN certain JJ attempted VBN takeovers NNS , , allow VBP holders NNS to TO buy VB shares NNS in IN the DT company NN at IN half JJ price NN . . National NNP Patent NNP Development NNP Corp. NNP said VBD it PRP plans VBZ to TO purchase VB as RB many JJ as IN 200,000 CD common JJ shares NNS of IN its PRP$ 81%-controlled JJ Interferon NNP Sciences NNP Inc. NNP unit NN in IN periodic JJ , , open-market JJ purchases NNS . . The DT 200,000 CD shares NNS are VBP about RB 23 CD % NN of IN Interferon NNP 's POS common JJ shares NNS outstanding JJ , , excluding VBG National NNP Patent NNP 's POS stake NN . . Noting VBG the DT recent JJ Food NNP and CC Drug NNP Administration NNP approval NN of IN Interferon NNP 's POS genital JJ warts NNS treatment NN , , National NNP Patent NNP said VBD it PRP believes VBZ Interferon NNP 's POS stock NN is VBZ undervalued JJ . . Japanese JJ investors NNS , , reassured VBN by IN Monday NNP 's POS strong JJ rally NN on IN Wall NNP Street NNP , , erased VBD most JJS of IN that DT day NN 's POS losses NNS on IN the DT Tokyo NNP Stock NNP Exchange NNP . . But CC analysts NNS said VBD the DT rebound NN did VBD n't RB remove VB the DT cautious JJ mood NN from IN the DT market NN . . In IN London NNP , , stocks NNS closed VBD lower JJR in IN volatile JJ trading NN as IN an DT opening NN rally NN was VBD obliterated VBN by IN worse-than-expected JJ U.S. NNP trade NN figures NNS . . Paris NNP shares NNS had VBD a DT similar JJ reaction NN , , but CC most JJS other JJ European JJ bourses NNS posted VBD gains NNS , , as IN did VBD all PDT major JJ Asian JJ and CC Pacific JJ stock NN markets NNS . . Tokyo NNP 's POS Nikkei NNP Index NNP of IN 225 CD stocks NNS jumped VBD 527.39 CD points NNS to TO close VB at IN 34996.08 CD . . The DT rise NN came VBD a DT day NN after IN the DT year NN 's POS biggest JJS drop NN on IN Monday NNP , , when WRB the DT Nikkei NNP fell VBD 647.33 CD , , or CC 1.8 CD % NN , , in IN response NN to TO Friday NNP 's POS 6.9 CD % NN plunge NN on IN Wall NNP Street NNP . . In IN early JJ trading NN Wednesday NNP in IN Tokyo NNP , , the DT Nikkei NNP index NN rose VBD 19.30 CD points NNS to TO 35015.38 CD . . On IN Tuesday NNP , , the DT broader-based JJ Tokyo NNP Stock NNP Price NNP Index NNP of IN issues NNS listed VBN in IN the DT first JJ section NN , , which WDT fell VBD 45.66 CD Monday NNP , , rose VBD 41.76 CD , , or CC 1.61 CD % NN , , to TO 2642.64 CD . . Trading NN was VBD relatively RB thin JJ at IN an DT estimated JJ 650 CD million CD shares NNS , , though IN brisker JJR than IN Monday NNP 's POS 526 CD million CD . . Advancing VBG issues NNS outnumbered VBD decliners NNS 821-201 CD , , with IN 103 CD unchanged JJ . . `` `` We PRP 're VBP back RB to TO square NN one CD , , '' '' said VBD Simon NNP Smithson NNP , , an DT analyst NN in IN Japan NNP for IN Kleinwort NNP Benson NNP International NNP Inc NNP . . Japanese JJ domestic JJ institutions NNS , , including VBG trust NN banks NNS and CC investment NN management NN firms NNS , , that WDT had VBD been VBN on IN the DT sidelines NNS during IN Monday NNP 's POS fall NN were VBD back RB in IN the DT market NN , , analysts NNS said VBD . . Foreign JJ investors NNS reportedly RB started VBD off RP selling VBG but CC later RB joined VBD in IN the DT buying NN . . The DT Tokyo NNP rally NN seemed VBD to TO confirm VB the DT view NN , , frequently RB expressed VBN in IN Japan NNP in IN the DT past JJ few JJ days NNS , , that IN the DT drop NN in IN New NNP York NNP was VBD a DT local JJ problem NN related VBN to TO merger NN and CC acquisition NN activity NN in IN the DT U.S. NNP . . `` `` This DT time NN we PRP do VBP n't RB really RB have VB to TO worry VB about IN Tokyo NNP , , '' '' said VBD an DT official NN at IN Daiwa NNP Securities NNP Co NNP . . `` `` Nothing NN has VBZ changed VBN fundamentally RB in IN the DT Tokyo NNP market NN . . '' '' But CC even RB though IN Tokyo NNP appears VBZ unharmed JJ by IN recent JJ market NN volatility NN , , analysts NNS and CC traders NNS say VBP there EX are VBP still RB a DT few JJ concerns NNS on IN the DT horizon NN . . In IN particular JJ , , Japanese JJ investors NNS will MD be VB keeping VBG a DT wary JJ eye NN on IN Wall NNP Street NNP to TO see VB whether IN Monday NNP 's POS 88.12-point JJ rally NN holds VBZ up RP as RB fresh JJ U.S. NNP economic JJ data NNS are VBP released VBN . . `` `` People NNS are VBP placing VBG small JJ bets NNS . . There EX 's VBZ no DT huge JJ buying NN , , '' '' said VBD Stephen NNP Hill NNP , , head NN of IN equity NN sales NNS at IN Jardine NNP Fleming NNP Securities NNP Ltd. NNP in IN Tokyo NNP . . `` `` Really RB brave JJ views NNS right RB now RB would MD be VB foolhardy JJ . . '' '' Yesterday NN 's POS buyers NNS favored VBD real JJ estate NN , , construction NN and CC other JJ large-capitalization JJ issues NNS , , reflecting VBG the DT fact NN that IN many JJ Tokyo NNP investors NNS now RB feel VBP safer JJR with IN domestically RB oriented VBN stocks NNS , , analysts NNS said VBD . . They PRP also RB are VBP concerned JJ about IN the DT persistent JJ strength NN of IN the DT dollar NN against IN the DT yen NN , , as IN a DT weaker JJR yen NN leads VBZ to TO higher JJR import NN prices NNS in IN Japan NNP and CC adds VBZ to TO domestic JJ inflationary JJ pressures NNS . . Currency NN concerns NNS also RB weigh VBP heavily RB on IN interest NN rate-sensitive JJ stocks NNS such JJ as IN banking NN and CC other JJ financial JJ issues NNS because IN of IN fears NNS that IN Japanese JJ interest NN rates NNS might MD have VB to TO rise VB to TO keep VB the DT dollar NN in IN check NN . . Among IN steel NN shares NNS , , NKK NNP rose VBD 19 CD to TO 705 CD yen NN ( ( $ $ 4.97 CD ) ) a DT share NN , , and CC Nippon NNP Steel NNP gained VBD 17 CD to TO 735 CD . . Construction NN shares NNS that WDT gained VBD included VBD Shimizu NNP , , which WDT rose VBD 130 CD to TO 2,080 CD . . In IN the DT real JJ estate NN sector NN , , Mitsui NNP Real NNP Estate NNP Development NNP was VBD up RB 100 CD at IN 2,760 CD , , and CC Mitsubishi NNP Estate NNP gained VBD 80 CD to TO 2,360 CD . . London NNP 's POS Financial NNP Times-Stock NNP Exchange NNP 100-share JJ index NN fell VBD 27.9 CD points NNS to TO 2135.5 CD . . It PRP was VBD down RB more JJR than IN 40 CD points NNS a DT half-hour NN before IN the DT close NN , , marking VBG a DT 61.5-point JJ turnaround NN from IN its PRP$ high JJ , , reached VBN in IN the DT first JJ 15 CD minutes NNS of IN trading NN . . The DT narrower JJR Financial NNP Times NNP 30-share JJ index NN fell VBD 29.6 CD to TO 1730.7 CD . . Volume NN was VBD an DT active JJ 643.3 CD million CD shares NNS , , about IN double RB the DT recent JJ levels NNS but CC down RB from IN 959.3 CD million CD the DT previous JJ day NN , , which WDT U.K. NN traders NNS have VBP dubbed VBN `` `` Manic NNP Monday NNP . . '' '' Prices NNS opened VBD strongly RB on IN the DT basis NN of IN Monday NNP 's POS Wall NNP Street NNP rally NN and CC yesterday NN 's POS gains NNS in IN Tokyo NNP . . But CC the DT advance NN faltered VBD as IN index-options NNS traders NNS and CC investors NNS jittery JJ about IN the DT U.K. NNP economic JJ outlook NN took VBD over RP . . The DT unexpectedly RB wide JJ U.S. NNP August NNP trade NN deficit NN of IN $ $ 10.77 CD billion CD hit VBD an DT already RB jittery JJ U.K. NNP market NN in IN midafternoon NN . . Michael NNP Hicks NNP , , who WP manages VBZ sales NNS and CC trading NN for IN brokerage NN concern NN Societe NNP Generale NNP Strauss NNP Turnbull NNP , , said VBD : : `` `` It PRP 's VBZ a DT nervous JJ market NN . . It PRP was VBD all RB over IN the DT place NN . . If IN you PRP bought VBD , , you PRP wish VBP you PRP had VBD n't RB , , and CC if IN you PRP sold VBD , , you PRP wish VBP you PRP had VBD n't RB . . '' '' He PRP said VBD the DT current JJ market NN `` `` is VBZ all RB about IN sentiment NN , , and CC the DT sentiment NN in IN London NNP is VBZ 90 CD % NN anxiety NN and CC worry NN . . '' '' Britain NNP 's POS economic JJ fundamentals NNS , , he PRP said VBD , , `` `` do VBP n't RB look VB very RB bright JJ . . '' '' Dealers NNS said VBD London NNP showed VBD signs NNS of IN calming VBG in IN midafternoon NN after IN Wall NNP Street NNP avoided VBD sharp JJ losses NNS despite IN the DT trade NN report NN , , but CC a DT wave NN of IN futures-related JJ selling NN later RB in IN the DT session NN sent VBD buyers NNS back RB to TO the DT sidelines NNS . . Still RB , , some DT sectors NNS found VBD buying NN interest NN after IN being VBG actively RB sold VBN in IN recent JJ weeks NNS . . Merchant NN banks NNS were VBD stronger JJR across IN the DT board NN . . Morgan NNP Grenfell NNP , , which WDT has VBZ been VBN mentioned VBN in IN takeover NN rumors NNS , , rose VBD 20 CD to TO 392 CD pence NNS ( ( $ $ 6.18 CD ) ) a DT share NN . . S.G. NNP Warburg NNP , , a DT rumored JJ target NN of IN some DT European JJ banking NN concerns NNS , , finished VBD 22 CD higher JJR at IN 400 CD . . Hambros NNP rose VBD 5 CD to TO 204 CD , , and CC Schroders NNP rose VBD 25 CD to TO # # 12.75 CD . . On IN the DT corporate JJ front NN , , Ford NNP Motor NNP announced VBD that IN it PRP raised VBD its PRP$ stake NN in IN U.K. NNP luxury NN car NN maker NN Jaguar NNP to TO 10.4 CD % NN from IN 5 CD % NN . . Jaguar NNP shares NNS jumped VBD 23 CD before IN easing VBG to TO close VB at IN 654 CD , , up RB 6 CD . . Amstrad NNP , , a DT British JJ computer NN hardware NN and CC communications NNS equipment NN maker NN , , eased VBD 4 CD to TO 47 CD . . It PRP announced VBD a DT 52 CD % NN plunge NN in IN pretax JJ profit NN for IN the DT latest JJS year NN . . Brewery NN stocks NNS were VBD firm JJ to TO higher JJR on IN talk NN of IN early JJ bargain-hunting NN , , but CC most JJS ended VBD below IN their PRP$ peaks NNS . . Bass NNP ended VBD up RP 3 CD higher JJR at IN 966 CD , , Guinness NNP closed VBD at IN 589 CD , , down RB 7 CD , , and CC Scottish NNP & CC Newcastle NNP dropped VBD 11 CD to TO 359 CD , , but CC Whitbread NNP Class NNP A DT shares NNS rose VBD 17 CD to TO 363 CD . . Dealers NNS said VBD there EX was VBD late JJ talk NN of IN a DT Whitbread NNP sale NN of IN brewing NN operations NNS to TO Scottish NNP & CC Newcastle NNP . . The DT most RBS active JJ shares NNS were VBD major JJ blue-chips NNS , , particularly RB oils NNS and CC utilities NNS such JJ as IN British NNP Gas NNP and CC British NNP Telecommunications NNP . . Traders NNS attributed VBD the DT action NN in IN them PRP largely RB to TO defensive JJ positioning NN in IN a DT volatile JJ market NN . . British NNP Gas NNP finished VBD at IN 197 CD , , down RB 2 CD , , on IN 13 CD million CD shares NNS , , British NNP Petroleum NNP fell VBD 8 CD to TO 291 CD on IN 9.4 CD million CD shares NNS , , and CC British NNP Telecom NNP was VBD 4 CD lower JJR at IN 261 CD on IN turnover NN of IN 10 CD million CD shares NNS . . Cable NNP & CC Wireless NNP fell VBD 20 CD to TO 478 CD . . Also RB in IN active JJ trading NN , , British NNP Steel NNP fell VBD 1 CD to TO 124 CD as IN 20 CD million CD shares NNS changed VBD hands NNS . . Racal NNP Electric NNP , , which WDT traded VBD 11 CD million CD shares NNS , , declined VBD 12 CD to TO 218 CD . . In IN other JJ European JJ markets NNS , , share NN prices NNS closed VBD sharply RB higher JJR in IN Frankfurt NNP and CC Zurich NNP and CC posted VBD moderate JJ rises NNS in IN Stockholm NNP , , Amsterdam NNP and CC Milan NNP . . Paris NNP closed VBD lower JJR , , and CC most JJS Brussels NNS shares NNS were VBD unable JJ to TO trade VB for IN a DT second JJ consecutive JJ day NN because IN of IN technical JJ problems NNS . . South JJ African JJ gold NN stocks NNS closed VBD higher JJR . . Elsewhere RB , , share NN prices NNS rebounded VBD in IN Hong NNP Kong NNP , , Sydney NNP , , Singapore NNP , , Wellington NNP , , Taipei NNP , , Manila NNP and CC Seoul NNP . . In IN Hong NNP Kong NNP , , Sydney NNP and CC Singapore NNP -- : the DT largest JJS of IN those DT exchanges NNS -- : stocks NNS recovered VBD one-third NN to TO one-half NN of IN the DT ground NN they PRP lost VBD in IN Monday NNP 's POS plunge NN , , with IN major JJ market NN indexes NNS posting VBG gains NNS of IN 3.6 CD % NN to TO 4.4 CD % NN . . Here RB are VBP price NN trends NNS on IN the DT world NN 's POS major JJ stock NN markets NNS , , as IN calculated VBN by IN Morgan NNP Stanley NNP Capital NNP International NNP Perspective NNP , , Geneva NNP . . To TO make VB them PRP directly RB comparable JJ , , each DT index NN is VBZ based VBN on IN the DT close NN of IN 1969 CD equaling VBG 100 CD . . The DT percentage NN change NN is VBZ since IN year-end NN . . Zurn NNP Industries NNP Inc. NNP said VBD it PRP received VBD approval NN to TO proceed VB on IN four CD separate JJ projects NNS with IN a DT total JJ contract NN value NN of IN $ $ 59 CD million CD . . The DT projects NNS include VBP construction NN of IN a DT 29,400 CD kilowatt NN waste-to-energy JJ plant NN for IN Ada NNP Cogeneration NNP L.P. NNP , , Ada NNP , , Mich. NNP ; : a DT steam NN generating NN plant NN at IN Ontario NNP , , Calif. NNP , , that DT Zurn NNP will MD own VB and CC operate VB , , and CC two CD waste-water NN control NN projects NNS in IN Orange NNP County NNP , , Calif NNP . . AVX NNP Corp. NNP and CC Unitrode NNP Corp. NNP said VBD they PRP completed VBD the DT previously RB reported VBN sale NN of IN Unitrode NNP 's POS San NNP Diego-based JJ Passive NNP Components NNP division NN to TO AVX NNP . . AVX NNP , , a DT New NNP York-based JJ maker NN of IN passive JJ electronic JJ products NNS , , paid VBD $ $ 11 CD million CD in IN cash NN to TO Unitrode NNP , , a DT Lexington-based JJ maker NN of IN semiconductor NN products NNS . . Passive NNP Components NNP makes VBZ capacitors NNS and CC filters NNS used VBN to TO protect VB electronics NNS . . Consolidated NNP Papers NNP Inc. NNP said VBD it PRP plans VBZ to TO spend VB $ $ 495 CD million CD on IN new JJ paper-manufacturing JJ equipment NN and CC facilities NNS . . The DT producer NN of IN paper NN used VBN in IN magazines NNS and CC by IN commercial JJ printers NNS said VBD spending VBG on IN the DT expansion NN is VBZ planned VBN to TO begin VB in IN the DT first JJ quarter NN of IN 1990 CD . . The DT expansion NN is VBZ subject JJ to TO approval NN by IN federal JJ and CC Wisconsin NNP environmental JJ regulators NNS . . THE DT STOCK NN of IN Applied NNP Power NNP Inc. NNP , , which WDT split VBD 2-for-1 JJ in IN May NNP , , has VBZ risen VBN since IN August NNP 1988 CD . . In IN yesterday NN 's POS edition NN , , it PRP was VBD incorrectly RB stated VBN that IN the DT company NN 's POS share NN price NN has VBZ softened VBN since IN August NNP 1988 CD . . The DT stock NN market NN 's POS dizzying JJ gyrations NNS during IN the DT past JJ few JJ days NNS have VBP made VBN a DT lot NN of IN individual JJ investors NNS wish VB they PRP could MD buy VB some DT sort NN of IN insurance NN . . After IN all DT , , they PRP wo MD n't RB soon RB forget VB the DT stock NN bargains NNS that WDT became VBD available JJ after IN the DT October NNP 1987 CD crash NN . . But CC while IN they PRP want VBP to TO be VB on IN the DT alert NN for IN similar JJ buying NN opportunities NNS now RB , , they PRP 're VBP afraid JJ of IN being VBG hammered VBN by IN another DT terrifying JJ plunge NN . . The DT solution NN , , at IN least JJS for IN some DT investors NNS , , may MD be VB a DT hedging NN technique NN that WDT 's VBZ well RB known VBN to TO players NNS in IN the DT stock-options NNS market NN . . Called VBN a DT `` `` married JJ put NN , , '' '' the DT technique NN is VBZ carried VBN out RP by IN purchasing VBG a DT stock NN and CC simultaneously RB buying VBG a DT put NN option NN on IN that DT stock NN . . It PRP 's POS like IN `` `` fire NN insurance NN , , '' '' says VBZ Harrison NNP Roth NNP , , the DT senior JJ options NNS strategist NN at IN Cowen NNP & CC Co NNP . . Because IN a DT put NN option NN gives VBZ its PRP$ owner NN the DT right NN , , but CC not RB the DT obligation NN , , to TO sell VB a DT fixed JJ number NN of IN shares NNS of IN the DT stock NN at IN a DT stated JJ price NN on IN or CC before IN the DT option NN 's POS expiration NN date NN , , the DT investor NN is VBZ protected VBN against IN a DT sudden JJ drop NN in IN the DT stock NN 's POS price NN . . But CC most JJS investment NN advisers NNS do VBP n't RB recommend VB using VBG married JJ puts NNS all PDT the DT time NN . . That DT 's VBZ because IN the DT cost NN of IN buying VBG put NN options NNS eats VBZ into IN an DT investor NN 's POS profit NN when WRB stock NN prices NNS rise VBP . . `` `` This DT is VBZ the DT type NN of IN fire NN insurance NN you PRP only RB buy VBP when WRB the DT nearby JJ woods NNS are VBP on IN fire NN , , '' '' says VBZ Mr. NNP Roth NNP . . `` `` You PRP always RB want VB your PRP$ house NN insured VBN , , but CC you PRP do VBP n't RB always RB feel VB the DT need NN for IN your PRP$ investments NNS to TO be VB insured VBN . . '' '' In IN addition NN to TO hedging VBG new JJ stock NN purchases NNS , , the DT married-put JJ technique NN can MD be VB used VBN to TO protect VB stocks NNS that IN an DT investor NN already RB owns VBZ . . In IN either DT case NN , , the DT investor NN faces VBZ three CD possible JJ outcomes NNS : : -- : If IN the DT stock NN goes VBZ up RB in IN price NN between IN now RB and CC the DT put NN 's POS expiration NN date NN , , the DT put NN will MD probably RB expire VB worthless JJ . . The DT investor NN will MD be VB out IN the DT cost NN of IN the DT put NN , , which WDT is VBZ called VBN the DT `` `` premium NN , , '' '' and CC this DT loss NN will MD reduce VB the DT stock-market NN profit NN . . -- : If IN the DT stock NN stays VBZ at IN the DT same JJ price NN between IN now RB and CC the DT put NN 's POS expiration NN date NN , , the DT investor NN 's POS loss NN will MD be VB limited VBN to TO the DT cost NN of IN the DT put NN , , less CC any DT amount NN realized VBN from IN a DT closing NN sale NN of IN the DT put NN . . The DT worst-case JJ scenario NN would MD be VB if IN the DT put NN expires VBZ worthless JJ . . -- : If IN the DT price NN of IN the DT stock NN declines VBZ , , the DT put NN will MD increase VB in IN value NN . . Once IN the DT stock NN price NN is VBZ less JJR than IN the DT exercise NN price NN , , or CC `` `` strike NN price NN , , '' '' of IN the DT put NN , , the DT gain NN will MD match VB the DT loss NN on IN the DT stock NN dollar NN for IN dollar NN . . The DT put NN establishes VBZ a DT minimum NN selling NN price NN for IN the DT stock NN during IN its PRP$ life NN . . When WRB a DT stock NN falls VBZ below IN the DT put NN 's POS strike NN price NN , , the DT investor NN simply RB sells VBZ the DT stock NN at IN a DT loss NN and CC simultaneously RB sells VBZ the DT put NN at IN a DT profit NN . . Or CC , , the DT investor NN can MD exercise VB the DT put NN , , by IN tendering VBG the DT stock NN to TO his PRP$ or CC her PRP$ broker NN in IN return NN for IN payment NN from IN another DT investor NN who WP has VBZ sold VBN a DT put NN on IN the DT same JJ stock NN . . Brokers NNS handle VBP such JJ transactions NNS through IN the DT Options NNP Clearing NNP Corp. NNP , , which WDT guarantees VBZ all DT option NN trades NNS . . The DT accompanying JJ table NN shows VBZ how WRB this DT strategy NN would MD work VB for IN three CD stocks NNS . . Though IN not RB reflected VBN in IN the DT table NN , , an DT investor NN should MD know VB that IN the DT cost NN of IN the DT option NN insurance NN can MD be VB partially RB offset VBN by IN any DT dividends NNS that WDT the DT stock NN pays VBZ . . For IN example NN , , Tenneco NNP Inc. NNP pays VBZ a DT quarterly JJ dividend NN of IN 76 CD cents NNS , , which WDT would MD be VB received VBN before IN the DT February NNP option NN expires VBZ and CC , , thus RB , , reduce VB the DT cost NN of IN using VBG the DT technique NN by IN that DT amount NN . . In IN this DT case NN , , the DT investor NN 's POS risk NN would MD n't RB exceed VB 3.6 CD % NN of IN the DT total JJ investment NN . . To TO simplify VB the DT calculations NNS , , commissions NNS on IN the DT option NN and CC underlying JJ stock NN are VBP n't RB included VBN in IN the DT table NN . . There EX are VBP more JJR than IN 650 CD stocks NNS on IN which WDT options NNS may MD be VB bought VBN and CC sold VBN , , including VBG some DT over-the-counter JJ stocks NNS . . But CC some DT investors NNS might MD prefer VB a DT simpler JJR strategy NN then RB hedging VBG their PRP$ individual JJ holdings NNS . . They PRP can MD do VB this DT by IN purchasing VBG `` `` index NN puts VBZ , , '' '' which WDT are VBP simply RB put VBN options NNS on IN indexes NNS that WDT match VBP broad JJ baskets NNS of IN stocks NNS . . For IN instance NN , , the DT most RBS popular JJ index NN option NN is VBZ the DT S&P NNP 100 CD option NN , , commonly RB called VBN the DT OEX NNP . . It PRP is VBZ based VBN on IN the DT stocks NNS that WDT make VBP up RP Standard NNP & CC Poor NNP 's POS 100-stock CD index NN . . Unlike IN options NNS on IN individual JJ issues NNS , , index NN options NNS are VBP settled VBN only RB in IN cash NN , , and CC no DT stock NN is VBZ ever RB tendered VBN . . But CC while IN index NN options NNS are VBP convenient JJ , , they PRP have VBP several JJ disadvantages NNS . . For IN one CD thing NN , , an DT investor NN 's POS portfolio NN might MD not RB closely RB match VB the DT S&P NNP 100 CD . . As IN a DT result NN , , the DT OEX NNP insurance NN may MD or CC may MD not RB fully RB protect VB an DT investor NN 's POS holdings NNS in IN the DT event NN of IN a DT market NN decline NN . . In IN addition NN , , OEX NNP options NNS were VBD suspended VBN from IN trading VBG last JJ Friday NNP afternoon NN , , after IN the DT stock-market NN sell-off NN got VBD under IN way NN and CC trading NN in IN the DT S&P-500 NNP futures NNS contract NN was VBD halted VBN . . So IN an DT investor NN who WP wanted VBD to TO realize VB a DT profit NN on IN OEX NNP puts NNS after IN the DT trading NN suspension NN would MD have VB been VBN out IN of IN luck NN . . On IN the DT other JJ hand NN , , only RB a DT handful NN of IN individual JJ issues NNS were VBD suspended VBN from IN trading VBG on IN Friday NNP . . Normally RB , , once RB the DT underlying JJ investment NN is VBZ suspended VBN from IN trading VBG , , the DT options NNS on IN those DT investments NNS also RB do VBP n't RB trade VB . . Ultimately RB , , whether IN the DT insurance NN provided VBN by IN purchasing VBG puts NNS is VBZ worthwhile JJ depends VBZ on IN the DT cost NN of IN the DT options NNS . . That DT cost NN rises VBZ in IN times NNS of IN high JJ market NN volatility NN . . But CC it PRP still RB might MD be VB cheaper JJR than IN taking VBG a DT major JJ hit NN . . The DT protection NN from IN using VBG married JJ puts NNS is VBZ clearly RB superior JJ to TO that DT afforded VBN by IN another DT options NNS strategy NN some DT investors NNS consider VBP using VBG during IN troubled JJ times NNS : : selling VBG call NN options NNS on IN stocks NNS the DT investor NN owns VBZ . . A DT call NN option NN is VBZ similar JJ to TO a DT put NN , , except IN that IN it PRP gives VBZ its PRP$ owner NN the DT right NN to TO buy VB shares NNS at IN a DT stated JJ price NN until IN expiration NN . . Selling VBG a DT call NN option NN gives VBZ an DT investor NN a DT small JJ buffer NN against IN a DT stock-market NN decline NN . . That DT 's VBZ because IN it PRP reduces VBZ the DT cost NN of IN the DT stock NN by IN the DT amount NN of IN premium NN received VBN from IN the DT sale NN of IN the DT call NN . . But CC if IN the DT price NN of IN the DT stock NN rises VBZ above IN the DT strike NN price NN of IN the DT option NN , , the DT stock NN is VBZ almost RB certain JJ to TO be VB called VBN away RP . . And CC in IN that DT case NN , , the DT investor NN misses VBZ out RP on IN any DT major JJ upside JJ gain NN . . These DT calculations NNS exclude VBP the DT effect NN of IN commissions NNS paid VBN and CC dividends NNS received VBN from IN the DT stock NN . . All DT prices NNS are VBP as IN of IN Monday NNP 's POS close NN . . Hopes NNS for IN quick JJ enactment NN of IN pending VBG deficit-reduction NN legislation NN faded VBD as IN efforts NNS to TO streamline VB the DT House NNP version NN in IN advance NN of IN a DT House-Senate NNP conference NN broke VBD down RP . . House NNP leaders NNS had VBD hoped VBN to TO follow VB the DT Senate NNP 's POS lead NN by IN getting VBG an DT agreement NN from IN House NNP committee NN chairmen NNS under IN which WDT they PRP would MD drop VB items NNS that WDT would MD n't RB reduce VB the DT fiscal JJ 1990 CD budget NN deficit NN from IN the DT House-passed JJ bill NN before IN the DT negotiations NNS with IN the DT Senate NNP began VBD . . But CC the DT effort NN became VBD snagged VBN on IN the DT question NN of IN what WP would MD become VB of IN other JJ issues NNS , , ranging VBG from IN cutting VBG the DT capital-gains NNS tax NN to TO child NN care NN to TO repeal NN of IN catastrophic-illness NN insurance NN . . `` `` Many JJ members NNS feel VBP there EX are VBP important JJ features NNS of IN the DT House NNP bill NN that WDT should MD be VB enacted VBN , , '' '' Speaker NNP Thomas NNP Foley NNP ( ( D. NNP , , Wash NNP . . ) ) said VBD . . `` `` If IN there EX is VBZ any DT support NN for IN reducing VBG the DT bill NN , , it PRP is VBZ conditioned VBN on IN their PRP$ desire NN to TO see VB them PRP passed VBN in IN another DT form NN . . '' '' Now RB those DT items NNS will MD be VB discussed VBN in IN a DT House-Senate NNP conference NN , , which WDT could MD begin VB as RB soon RB as IN today NN , , with IN the DT expectation NN that IN they PRP could MD either CC be VB resolved VBN there RB or CC placed VBN into IN other JJ legislation NN . . `` `` You PRP 've VBP got VBN to TO give VB these DT chairmen NNS the DT opportunity NN to TO see VB if IN they PRP can MD work VB things NNS out RP , , '' '' said VBD House NNP Budget NNP Committee NNP Chairman NNP Leon NNP Panetta NNP ( ( D. NNP , , Calif NNP . . ) ) . . `` `` This DT is VBZ a DT democratic JJ process NN -- : you PRP ca MD n't RB slam-dunk VB anything NN around IN here RB . . '' '' White NNP House NNP Budget NNP Director NNP Richard NNP Darman NNP has VBZ said VBD he PRP would MD continue VB to TO press VB to TO keep VB the DT capital-gains NNS provision NN in IN the DT final JJ version NN of IN the DT bill NN unless IN the DT House NNP drops VBZ many JJ of IN its PRP$ costly JJ provisions NNS . . Senate NNP leaders NNS had VBD hoped VBN to TO be VB able JJ to TO send VB a DT compromise NN version NN of IN the DT measure NN to TO President NNP Bush NNP by IN the DT end NN of IN the DT week NN , , but CC Speaker NNP Foley NNP said VBD that DT was VBD n't RB likely JJ . . Failure NN to TO pass VB the DT bill NN meant VBD that IN $ $ 16.1 CD billion CD in IN across-the-board JJ spending NN cuts NNS took VBD effect NN Monday NNP under IN the DT Gramm-Rudman NNP budget NN law NN . . The DT bill NN must MD be VB enacted VBN before IN the DT cuts NNS can MD be VB restored VBN . . TRADING NN VOLUME NN in IN Standard NNP & CC Poor NNP 's POS 500 CD stock-index NN futures NNS contracts NNS on IN the DT Chicago NNP Mercantile NNP Exchange NNP Monday NNP totaled VBD 73,803 CD contracts NNS . . Yesterday NN 's POS edition NN incorrectly RB reported VBD Monday NNP 's POS trading NN volume NN as IN a DT record NN for IN the DT S&P NNP 500 CD contract NN . . NCNB NNP Corp. NNP raised VBD $ $ 1 CD billion CD in IN new JJ capital NN during IN the DT third JJ quarter NN . . In IN yesterday NN 's POS edition NN , , the DT amount NN of IN new JJ capital NN was VBD misstated VBN . . McCormick NNP Capital NNP Inc. NNP said VBD its PRP$ tender NN offer NN to TO buy VB back RP as RB many JJ as IN 1.1 CD million CD , , or CC 44 CD % NN , , of IN its PRP$ common JJ shares NNS at IN $ $ 3 CD apiece RB , , which WDT expired VBD Friday NNP evening NN , , was VBD oversubscribed VBN . . The DT developer NN and CC manager NN of IN futures-investment JJ limited JJ partnerships NNS said VBD preliminary JJ results NNS indicate VBP that IN about RB 1,749,000 CD shares NNS had VBD been VBN tendered VBN , , giving VBG a DT preliminary JJ proration NN factor NN of IN 0.6287 CD . . The DT final JJ proration NN factor NN will MD be VB announced VBN Monday NNP . . Northgate NNP Exploration NNP Ltd. NNP said VBD it PRP is VBZ proposing VBG to TO amalgamate VB four CD of IN its PRP$ associated JJ companies NNS . . Under IN a DT proposed VBN two-step JJ amalgamation NN involving VBG share NN swaps NNS , , ABM NNP Gold NNP Corp. NNP , , a DT gold JJ exploration NN and CC management NN company NN , , will MD merge VB with IN Neptune NNP Resources NNP Corp. NNP , , United NNP Gold NNP Corp. NNP and CC Inca NNP Resources NNP Inc NNP . . ABM NNP will MD also RB increase VB its PRP$ stake NN in IN Sonora NNP Gold NNP Corp. NNP to TO 42 CD % NN from IN 26 CD % NN . . Northgate NNP said VBD it PRP will MD own VB about RB 50 CD % NN of IN the DT equity NN and CC 81 CD % NN of IN the DT votes NNS of IN ABM NNP after IN the DT amalgamation NN . . The DT amalgamations NNS are VBP subject JJ to TO regulatory JJ approval NN and CC require VBP approval NN by IN shareholders NNS of IN ABM NNP , , Inca NNP , , United NNP and CC Neptune NNP at IN special JJ meetings NNS on IN Nov. NNP 10 CD . . Steven NNP C. NNP Walker NNP , , senior JJ vice NN president NN of IN this DT bank NN holding NN company NN , , was VBD named VBN president NN , , chief JJ executive JJ officer NN and CC a DT director NN of IN both CC Commercial NNP National NNP and CC Commercial NNP National NNP Bank NNP . . He PRP succeeds VBZ James NNP E. NNP Burt NNP III NNP , , who WP resigned VBD from IN all DT three CD posts NNS to TO pursue VB other JJ interests NNS . . Cincinnati NNP Microwave NNP Inc. NNP said VBD it PRP introduced VBD two CD radar NN detectors NNS . . One CD unit NN , , called VBD the DT Escort NNP , , uses VBZ a DT new JJ digital JJ signal-processing JJ technology NN to TO detect VB radar NN signals NNS much RB sooner RBR than IN was VBD previously RB possible JJ , , the DT company NN said VBD . . The DT other JJ , , called VBN the DT Solo NNP , , is VBZ battery NN operated VBN and CC is VBZ the DT first JJ high-performance JJ radar NN detector NN that WDT does VBZ n't RB need VB a DT power NN cord NN , , the DT company NN said VBD . . A DT surprising JJ surge NN in IN the DT U.S. NNP trade NN deficit NN raised VBD fears NNS that IN the DT nation NN 's POS export NN drive NN has VBZ stalled VBN , , and CC caused VBD new JJ turmoil NN in IN financial JJ markets NNS . . The DT merchandise NN trade NN deficit NN widened VBD in IN August NNP to TO $ $ 10.77 CD billion CD , , the DT Commerce NNP Department NNP reported VBD , , a DT sharp JJ deterioration NN from IN July NNP 's POS $ $ 8.24 CD billion CD and CC the DT largest JJS deficit NN of IN any DT month NN this DT year NN . . Exports NNS fell VBD for IN the DT second JJ month NN in IN a DT row NN , , while IN imports NNS rose VBD to TO a DT record NN . . `` `` This DT is VBZ one CD of IN the DT worst JJS trade NN releases NNS we PRP 've VBP had VBN since IN the DT dollar NN troughed VBD out RP in IN 1987 CD , , '' '' said VBD Geoffrey NNP Dennis NNP , , chief JJ international JJ economist NN at IN James NNP Capel NNP Inc NNP . . Like IN most JJS analysts NNS , , Mr. NNP Dennis NNP was VBD hesitant JJ to TO read VB too RB much JJ into IN one CD month NN 's POS numbers NNS ; : but CC he PRP said VBD , , `` `` It PRP indicates VBZ perhaps RB that IN the DT balance NN in IN the DT U.S. NNP economy NN is VBZ not RB as RB good JJ as IN we PRP 've VBP been VBN led VBN to TO believe VB . . '' '' The DT number NN had VBD a DT troubling JJ effect NN on IN Wall NNP Street NNP , , suggesting VBG that IN more RBR fundamental JJ economic JJ problems NNS may MD underlie VB last JJ Friday NNP 's POS stock NN market NN slide NN . . The DT Dow NNP Jones NNP Industrial NNP Average NNP tumbled VBD more JJR than IN 60 CD points NNS after IN the DT report NN 's POS release NN , , before IN recovering VBG to TO close VB 18.65 CD points NNS lower JJR at IN 2638.73 CD . . `` `` This DT bad JJ trade NN number NN raises VBZ some DT deeper JJR issues NNS about IN the DT market NN decline NN , , '' '' said VBD Norman NNP Robertson NNP , , chief JJ economist NN for IN Mellon NNP Bank NNP . . `` `` It PRP raises VBZ questions NNS about IN more RBR deep-seated JJ problems NNS , , the DT budget NN deficit NN and CC the DT trade NN deficit NN and CC the DT seeming JJ lack NN of IN ability NN to TO come VB to TO grips NNS with IN them PRP . . '' '' The DT trade NN report NN drew VBD yet RB another DT unsettling JJ parallel NN to TO October NNP 1987 CD . . On IN Oct. NNP 14 CD of IN that DT year NN , , the DT announcement NN of IN an DT unusually RB large JJ August NNP trade NN deficit NN helped VBD trigger NN a DT steep JJ market NN decline NN . . The DT slide NN continued VBD until IN the DT record JJ 508-point JJ market NN drop NN on IN Oct. NNP 19 CD . . In IN 1987 CD , , however RB , , the DT news NN was VBD the DT latest JJS in IN a DT string NN of IN disappointments NNS on IN trade NN , , while IN the DT current JJ report NN comes VBZ after IN a DT period NN of IN improvement NN . . The DT bleak JJ trade NN report NN was VBD played VBN down RP by IN the DT Bush NNP administration NN . . Commerce NNP Secretary NNP Robert NNP Mosbacher NNP called VBD the DT worsening VBG trade NN figures NNS `` `` disappointing JJ after IN two CD very RB good JJ months NNS . . '' '' And CC White NNP House NNP spokesman NN Marlin NNP Fitzwater NNP said VBD the DT deficit NN was VBD `` `` an DT unwelcome JJ increase NN , , '' '' adding VBG that IN `` `` we PRP 're VBP hopeful JJ that IN it PRP simply RB is VBZ a DT one-month JJ situation NN and CC will MD turn VB around RB . . '' '' But CC the DT figures NNS reinforced VBD the DT view NN of IN many JJ private JJ analysts NNS that IN the DT improvement NN in IN the DT U.S. NNP trade NN deficit NN has VBZ run VBN out IN of IN steam NN . . `` `` The DT figures NNS today NN add VBP further JJ evidence NN to TO support VB the DT view NN that IN the DT improvement NN in IN the DT U.S. NNP trade NN deficit NN has VBZ essentially RB stalled VBN out IN at IN a DT level NN of IN about RB a DT $ $ 110 CD billion CD annual JJ rate NN , , '' '' said VBD Jeffrey NNP Scott NNP , , a DT research NN fellow NN at IN the DT Institute NNP for IN International NNP Economics NNP here RB . . `` `` That DT 's VBZ still RB an DT improvement NN over IN last JJ year NN , , but CC it PRP leads VBZ one PRP to TO conclude VB that IN basically RB we PRP 've VBP gotten VBN all PDT the DT mileage NN we PRP can MD out IN of IN past JJ dollar NN depreciation NN and CC past JJ marginal JJ cuts NNS in IN the DT federal JJ budget NN deficit NN . . '' '' Exports NNS declined VBD for IN the DT second JJ consecutive JJ month NN in IN August NNP , , slipping VBG 0.2 CD % NN to TO $ $ 30.41 CD billion CD , , the DT Commerce NNP Department NNP reported VBD . . Imports NNS , , on IN the DT other JJ hand NN , , leaped VBD 6.4 CD % NN to TO a DT record JJ $ $ 41.18 CD billion CD . . Not RB only RB was VBD August NNP 's POS deficit NN far RB worse JJR than IN July NNP 's POS , , but CC the DT government NN revised VBD the DT July NNP figure NN substantially RB from IN the DT $ $ 7.58 CD billion CD deficit NN it PRP had VBD initially RB reported VBN last JJ month NN . . Many JJ economists NNS contend VBP that IN deep JJ cuts NNS in IN the DT U.S. NNP budget NN deficit NN are VBP needed VBN before IN further JJ trade NN improvement NN can MD occur VB . . That DT 's VBZ because IN the DT budget NN deficit NN feeds VBZ an DT enormous JJ appetite NN in IN this DT country NN for IN both CC foreign JJ goods NNS and CC foreign JJ capital NN , , overwhelming VBG the DT nation NN 's POS capacity NN to TO export VB . . `` `` People NNS are VBP sick JJ and CC tired JJ of IN hearing VBG about IN these DT deficits NNS , , but CC the DT imbalances NNS are VBP still RB there RB and CC they PRP are VBP still RB a DT problem NN , , '' '' said VBD Mr. NNP Robertson NNP . . In IN addition NN , , the DT rise NN in IN the DT value NN of IN the DT dollar NN against IN foreign JJ currencies NNS over IN the DT past JJ several JJ months NNS has VBZ increased VBN the DT price NN of IN U.S. NNP products NNS in IN overseas JJ markets NNS and CC hurt VBN the DT country NN 's POS competitiveness NN . . Since IN March NNP , , exports NNS have VBP been VBN virtually RB flat JJ . . At IN the DT same JJ time NN , , William NNP T. NNP Archey NNP , , international JJ vice NN president NN at IN the DT U.S. NNP Chamber NNP of IN Commerce NNP , , notes VBZ : : `` `` Clearly RB the DT stronger JJR dollar NN has VBZ made VBN imports NNS more RBR attractive JJ '' '' by IN causing VBG their PRP$ prices NNS to TO decline VB . . Most JJS economists NNS expect VBP the DT slowing VBG U.S. NNP economy NN to TO curb VB demand NN for IN imports NNS . . But CC they PRP foresee VBP little JJ substantial JJ progress NN in IN exports NNS unless IN the DT dollar NN and CC the DT federal JJ budget NN deficit NN come VBD down RB . . `` `` The DT best JJS result NN we PRP could MD get VB from IN these DT numbers NNS would MD be VB to TO see VB the DT administration NN and CC Congress NNP get VB serious JJ about IN putting VBG the DT U.S. NNP on IN an DT internationally RB competitive JJ economic JJ footing NN , , '' '' said VBD Howard NNP Lewis NNP , , vice NN president NN of IN international JJ economic JJ affairs NNS at IN the DT National NNP Association NNP of IN Manufacturers NNP . . `` `` That DT must MD start VB with IN cutting VBG the DT federal JJ budget NN deficit NN . . '' '' August NNP 's POS decline NN in IN exports NNS reflected VBD decreases NNS in IN sales NNS of IN industrial JJ supplies NNS , , capital NN goods NNS and CC food NN abroad RB and CC increases NNS in IN sales NNS of IN motor NN vehicles NNS , , parts NNS and CC engines NNS . . The DT jump NN in IN imports NNS stemmed VBD from IN across-the-board JJ increases NNS in IN purchases NNS of IN foreign JJ goods NNS . . The DT numbers NNS were VBD adjusted VBN for IN usual JJ seasonal JJ fluctuations NNS . . Alan NNP Murray NNP contributed VBD to TO this DT article NN . . ( ( In IN billions NNS of IN U.S. NNP dollars NNS , , not RB seasonally RB adjusted VBN ) ) \* SYM Newly RB industrialized VBN countries NNS : : Singapore NNP , , Hong NNP Kong NNP , , Taiwan NNP , , South NNP Korea NNP Steve NNP Jobs NNP took VBD a DT step NN back RB from IN the DT frontier NN of IN personal-computer NN technology NN in IN an DT effort NN to TO spur VB sales NNS of IN Next NNP Inc. NNP 's POS new JJ machine NN . . Mr. NNP Jobs NNP moved VBD to TO remedy VB a DT couple NN of IN his PRP$ computer NN 's POS drawbacks NNS yesterday NN by IN lowering VBG the DT entry-level JJ price NN for IN a DT Next NNP machine NN by IN $ $ 1,500 CD , , or CC 23 CD % NN , , if IN the DT buyer NN chooses VBZ a DT hard-disk JJ drive NN as IN an DT alternative NN to TO Next NNP 's POS optical-storage JJ device NN . . The DT hard JJ drive NN , , which WDT is VBZ the DT storage NN device NN of IN choice NN for IN virtually RB every DT desktop JJ computer NN user NN , , also RB now RB will MD supplement VB Next NNP 's POS futuristic JJ optical JJ device NN if IN buyers NNS pay VBP full JJ price NN . . Mr. NNP Jobs NNP , , co-founder NN of IN Apple NNP Computer NNP Inc. NNP , , founded VBD Next NNP four CD years NNS ago RB in IN the DT hopes NNS of IN fomenting VBG a DT revolution NN in IN the DT way NN desktop JJ computers NNS are VBP designed VBN and CC used VBN . . His PRP$ Next NNP computer NN , , introduced VBN about IN a DT year NN ago RB and CC aimed VBD primarily RB at IN university NN computer NN users NNS , , sports VBZ snazzy JJ graphics NNS , , digital JJ sound NN , , built-in JJ networking NN and CC a DT sleek JJ black JJ design NN . . But CC the DT computer NN was VBD proving VBG a DT hard JJ sell NN because IN of IN its PRP$ high JJ price NN , , a DT lack NN of IN software NN and CC an DT optical JJ data-storage JJ device NN that WDT was VBD too RB slow JJ . . The DT machine NN began VBD shipping VBG at IN the DT end NN of IN last JJ year NN . . The DT closely RB held VBN company NN has VBZ n't RB disclosed VBN sales NNS . . However RB , , most JJS universities NNS that WDT have VBP bought VBN the DT machines NNS say VBP they PRP are VBP buying VBG small JJ numbers NNS for IN evaluation NN purposes NNS . . Universities NNS can MD now RB buy VB a DT Next NNP computer NN without IN an DT optical JJ storage NN device NN for IN $ $ 4,995 CD . . A DT computer NN with IN the DT optical JJ device NN will MD still RB cost VB $ $ 6,495 CD , , but CC from IN now RB on RB Next NNP will MD outfit VB every DT computer NN with IN a DT hard JJ drive NN and CC supply VB one CD at IN no DT cost NN to TO those DT who WP have VBP already RB bought VBN Next NNP machines NNS . . Commercial JJ customers NNS can MD purchase VB the DT same JJ system NN through IN Businessland NNP Inc. NNP , , a DT computer NN retailer NN based VBN in IN San NNP Jose NNP , , Calif. NNP , , for IN roughly RB $ $ 3,000 CD more JJR . . Mr. NNP Jobs NNP said VBD the DT changes NNS were VBD prompted VBN by IN requests NNS from IN customers NNS who WP are VBP frustrated VBN with IN the DT performance NN of IN the DT optical JJ device NN , , which WDT is VBZ n't RB offered VBN as IN standard JJ equipment NN by IN any DT rivals NNS . . Another DT factor NN was VBD that IN customers NNS were VBD asking VBG , , `` `` Why WRB do VBP n't RB you PRP give VB us PRP a DT cheaper JJR system NN ? . '' '' Mr. NNP Jobs NNP said VBD at IN a DT conference NN on IN university NN computing NN here RB . . Optical-storage JJ devices NNS can MD handle VB very RB large JJ amounts NNS of IN data NNS and CC make VB it PRP far RB easier JJR to TO edit VB film NN clips NNS or CC audio JJ recordings NNS with IN a DT computer NN . . But CC the DT technology NN , , while IN reliable JJ , , is VBZ far RB slower JJR than IN the DT widely RB used VBN hard JJ drives NNS . . To TO get VB around IN the DT delays NNS caused VBN by IN the DT optical JJ device NN , , Businessland NNP , , which WDT is VBZ Next NNP 's POS exclusive JJ dealer NN to TO corporations NNS , , has VBZ for IN months NNS been VBN advising VBG customers NNS to TO purchase VB hard JJ drives NNS with IN the DT machines NNS . . Next NNP 's POS decision NN to TO rely VB on IN the DT more-established JJR hard JJ drive NN in IN every DT Next NNP computer NN does VBZ n't RB signal VB a DT retreat NN from IN optical JJ storage NN , , said VBD Mr. NNP Jobs NNP , , who WP for IN years NNS has VBZ said VBD this DT technology NN will MD play VB a DT crucial JJ role NN in IN the DT next JJ decade NN . . `` `` We PRP 're VBP extremely RB committed VBN to TO optical JJ storage NN technology NN '' '' he PRP said VBD . . `` `` We PRP think VBP everything NN will MD go VB this DT way NN in IN a DT few JJ years NNS . . '' '' He PRP said VBD that IN the DT next JJ generation NN of IN optical JJ drives NNS will MD be VB as RB fast JJ as IN hard JJ drives NNS , , but CC he PRP depends VBZ on IN outside JJ suppliers NNS for IN the DT devices NNS . . But CC university NN computer NN specialists NNS , , who WP welcomed VBD the DT move NN , , called VBD it PRP a DT necessary JJ retreat NN from IN the DT cutting NN edge NN of IN technology NN and CC one NN that WDT 's VBZ likely JJ to TO increase VB Next NNP 's POS sales NNS on IN campuses NNS . . `` `` From IN the DT standpoint NN of IN being VBG on IN the DT forefront NN of IN technology NN , , this DT is VBZ a DT step NN backward RB , , '' '' said VBD Jerry NNP W. NNP Sprecher NNP , , a DT senior JJ computing NN manager NN for IN the DT California NNP state NN university NN system NN . . `` `` But CC it PRP will MD definitely RB boost VB Next NNP 's POS sales NNS . . '' '' Universities NNS , , however RB , , say VBP Next NNP 's POS prices NNS must MD go VB even RB lower JJR before IN large JJ numbers NNS of IN students NNS purchase VBP the DT machine NN . . `` `` We PRP 'd MD still RB like VB to TO see VB a DT student NN model NN , , '' '' priced VBN at IN about RB $ $ 3,500 CD , , said VBD Ronald NNP Johnson NNP , , director NN of IN academic JJ computing NN at IN Minnesota NNP 's POS Gustavus NNP Adolphus NNP College NNP , , which WDT has VBZ bought VBN eight CD Next NNP machines NNS . . Broad JJ acceptance NN of IN Next NNP 's POS computer NN also RB is VBZ hindered VBN by IN difficulty NN in IN distributing VBG software NN for IN it PRP . . Most JJS software NN is VBZ distributed VBN on IN cheap JJ floppy JJ disks NNS , , but CC the DT Next NNP computer NN does VBZ n't RB come VB with IN a DT device NN that WDT reads VBZ them PRP . . Next NNP 's POS computer NN also RB needs VBZ more JJR software NN applications NNS , , but CC Mr. NNP Jobs NNP said VBD he PRP expects VBZ more JJR soon RB . . He PRP said VBD he PRP expects VBZ Lotus NNP Development NNP Corp. NNP to TO introduce VB a DT Next NNP version NN of IN its PRP$ popular JJ 1-2-3 JJ spreadsheet NN program NN in IN 1990 CD . . Educators NNS added VBD that IN Next NNP needs NNS to TO soon RB offer VB a DT color JJ version NN of IN its PRP$ computer NN . . Every DT major JJ maker NN offers VBZ computers NNS with IN color NN displays NNS . . Next NNP wo MD n't RB comment VB on IN when WRB it PRP will MD do VB the DT same JJ , , but CC is VBZ believed VBN to TO have VB a DT color JJ model NN under IN development NN . . Donald NNP J. NNP Amaral NNP , , 37 CD years NNS old JJ , , was VBD named VBN president NN and CC chief JJ operating NN officer NN of IN this DT owner NN and CC operator NN of IN hospitals NNS , , nursing NN centers NNS and CC retirement NN hotels NNS . . He PRP succeeds VBZ as IN president NN , , Don NNP Freeberg NNP , , who WP remains VBZ chairman NN and CC chief JJ executive JJ officer NN . . The DT position NN of IN chief JJ operating NN officer NN is VBZ new JJ . . Ashton-Tate NNP Corp. NNP reported VBD a DT net JJ loss NN of IN $ $ 19.4 CD million CD , , or CC 74 CD cents NNS a DT share NN , , for IN the DT third JJ quarter NN , , which WDT was VBD burdened VBN by IN severance NN costs NNS and CC the DT expense NN of IN upgrading VBG its PRP$ database NN software NN inventories NNS . . The DT software NN company NN said VBD revenue NN slid VBD 28 CD % NN to TO $ $ 53.9 CD million CD . . This DT contrasts VBZ with IN the DT year-ago JJ quarter NN , , when WRB the DT company NN had VBD net JJ income NN of IN $ $ 11.7 CD million CD , , or CC 45 CD cents NNS a DT share NN , , on IN revenue NN of IN $ $ 75.7 CD million CD . . For IN the DT nine CD months NNS , , Ashton-Tate NNP had VBD a DT loss NN of IN $ $ 27.6 CD million CD , , or CC $ $ 1.05 CD a DT share NN . . In IN the DT year-ago JJ period NN , , the DT company NN had VBD profit NN of IN $ $ 34.3 CD million CD , , or CC $ $ 1.32 CD a DT share NN . . Revenue NN in IN the DT period NN slid VBD almost RB 8 CD % NN to TO $ $ 203.2 CD million CD from IN about RB $ $ 220 CD million CD last JJ year NN . . Edward NNP M. NNP Esber NNP , , chairman NN , , president NN and CC chief JJ executive JJ officer NN , , attributed VBD the DT decline NN to TO reduced JJ domestic JJ revenue NN because IN of IN $ $ 4.9 CD million CD spent VBN to TO upgrade VB existing JJ software NN inventories NNS to TO the DT new JJ database NN IV NNP Version NNP 1.1 CD , , and CC $ $ 1.8 CD million CD spent VBN on IN the DT recent JJ reduction NN in IN work NN force NN . . He PRP said VBD the DT company NN was VBD `` `` encouraged VBN by IN feedback NN '' '' it PRP received VBD from IN selected JJ customers NNS now RB testing VBG Version NNP 1.1 CD . . The DT red JJ ink NN came VBD as IN no DT surprise NN to TO Wall NNP Street NNP , , but CC analysts NNS said VBD they PRP saw VBD ominous JJ hints NNS of IN a DT further JJ delay NN in IN volume NN shipments NNS of IN Version NNP 1.1 CD , , a DT harbinger NN of IN continued JJ losses NNS in IN the DT fourth JJ quarter NN . . `` `` The DT loss NN is VBZ in IN line NN with IN our PRP$ expectations NNS , , '' '' said VBD John NNP C. NNP Maxwell NNP III NNP , , an DT analyst NN with IN Dillon NNP , , Read NNP & CC Co. NNP in IN New NNP York NNP . . He PRP added VBD gross JJ margins NNS and CC operating NN profit NN `` `` eroded VBD quite RB dramatically RB '' '' from IN the DT prior JJ quarter NN , , along IN with IN sales NNS of IN existing JJ software NN product NN lines NNS like IN Multimate NNP and CC Framework NNP . . `` `` The DT success NN of IN a DT new JJ product NN in IN the DT database NN line NN is VBZ needed VBN . . And CC while IN the DT company NN has VBZ n't RB made VBN a DT definite JJ statement NN , , it PRP now RB looks VBZ like IN that DT 's VBZ not RB going VBG to TO be VB anytime RB soon RB , , '' '' Mr. NNP Maxwell NNP said VBD . . The DT company NN said VBD in IN a DT statement NN that IN it PRP expects VBZ to TO ship VB new JJ products NNS `` `` during IN the DT next JJ two CD quarters NNS . . '' '' `` `` It PRP now RB looks VBZ like IN database NN IV NNP Version NNP 1.1 CD is VBZ n't RB going VBG to TO be VB { ( widely RB } ) available JJ until IN the DT first JJ quarter NN of IN 1990 CD , , '' '' said VBD David NNP Bayer NNP , , an DT analyst NN with IN Montgomery NNP Securities NNP in IN San NNP Francisco NNP . . `` `` This DT is VBZ the DT second JJ delay NN now RB in IN getting VBG the DT product NN out IN the DT door NN . . It PRP does VBZ prolong VB the DT pain NN somewhat RB . . '' '' Mr. NNP Maxwell NNP said VBD unless IN the DT company NN can MD start VB shipments NNS of IN the DT new JJ product NN sometime RB this DT quarter NN , , the DT fourth-quarter JJ loss NN is VBZ likely JJ to TO be VB `` `` comparable JJ to TO the DT third JJ quarter NN 's POS . . '' '' If IN the DT company NN can MD start VB to TO ship VB during IN this DT quarter NN , , it PRP could MD stem VB some DT , , if IN not RB all DT of IN the DT red JJ ink NN , , he PRP said VBD . . In IN national JJ over-the-counter JJ trading NN , , Ashton-Tate NNP closed VBD yesterday NN at IN $ $ 10 CD a DT share NN , , up RB 62.5 CD cents NNS . . Tuesday NNP , , October NNP 17 CD , , 1989 CD The DT key JJ U.S. NNP and CC foreign JJ annual JJ interest NN rates NNS below RB are VBP a DT guide NN to TO general JJ levels NNS but CC do VBP n't RB always RB represent VB actual JJ transactions NNS . . PRIME JJ RATE NN : : 10 CD 1\/2 CD % NN . . The DT base NN rate NN on IN corporate JJ loans NNS at IN large JJ U.S. NNP money NN center NN commercial JJ banks NNS . . FEDERAL JJ FUNDS NNS : : 8 CD 11\/16 CD % NN high JJ , , 8 CD 5\/8 CD % NN low JJ , , 8 CD 5\/8 CD % NN near IN closing NN bid NN , , 8 CD 11\/16 CD % NN offered VBN . . Reserves NNS traded VBD among IN commercial JJ banks NNS for IN overnight JJ use NN in IN amounts NNS of IN $ $ 1 CD million CD or CC more JJR . . Source NN : : Fulton NNP Prebon NNP ( ( U.S.A NN . . ) ) Inc NNP . . DISCOUNT NN RATE NN : : 7 CD % NN . . The DT charge NN on IN loans NNS to TO depository JJ institutions NNS by IN the DT New NNP York NNP Federal NNP Reserve NNP Bank NNP . . CALL JJ MONEY NN : : 9 CD 3\/4 CD % NN to TO 10 CD % NN . . The DT charge NN on IN loans NNS to TO brokers NNS on IN stock NN exchange NN collateral NN . . COMMERCIAL JJ PAPER NN placed VBN directly RB by IN General NNP Motors NNP Acceptance NNP Corp. NNP : : 8.40 CD % NN 30 CD to TO 44 CD days NNS ; : 8.325 CD % NN 45 CD to TO 59 CD days NNS ; : 8.10 CD % NN 60 CD to TO 89 CD days NNS ; : 8 CD % NN 90 CD to TO 119 CD days NNS ; : 7.85 CD % NN 120 CD to TO 149 CD days NNS ; : 7.70 CD % NN 150 CD to TO 179 CD days NNS ; : 7.375 CD % NN 180 CD to TO 270 CD days NNS . . COMMERCIAL NNP PAPER NNP : : High-grade JJ unsecured JJ notes NNS sold VBN through IN dealers NNS by IN major JJ corporations NNS in IN multiples NNS of IN $ $ 1,000 CD : : 8.50 CD % NN 30 CD days NNS ; : 8.40 CD % NN 60 CD days NNS ; : 8.375 CD % NN 90 CD days NNS . . CERTIFICATES NNS OF IN DEPOSIT NN : : 8.05 CD % NN one CD month NN ; : 8.02 CD % NN two CD months NNS ; : 8 CD % NN three CD months NNS ; : 7.98 CD % NN six CD months NNS ; : 7.95 CD % NN one CD year NN . . Average JJ of IN top JJ rates NNS paid VBN by IN major JJ New NNP York NNP banks NNS on IN primary JJ new JJ issues NNS of IN negotiable JJ C.D.s NNS , , usually RB on IN amounts NNS of IN $ $ 1 CD million CD and CC more JJR . . The DT minimum JJ unit NN is VBZ $ $ 100,000 CD . . Typical JJ rates NNS in IN the DT secondary JJ market NN : : 8.50 CD % NN one CD month NN ; : 8.50 CD % NN three CD months NNS ; : 8.45 CD % NN six CD months NNS . . BANKERS NNS ACCEPTANCES NNS : : 8.38 CD % NN 30 CD days NNS ; : 8.28 CD % NN 60 CD days NNS ; : 8.23 CD % NN 90 CD days NNS ; : 8.13 CD % NN 120 CD days NNS ; : 8.03 CD % NN 150 CD days NNS ; : 7.93 CD % NN 180 CD days NNS . . Negotiable JJ , , bank-backed JJ business NN credit NN instruments NNS typically RB financing VBG an DT import NN order NN . . LONDON NNP LATE JJ EURODOLLARS NNS : : 8 CD 5\/8 CD % NN to TO 8 CD 1\/2 CD % NN one CD month NN ; : 8 CD 9\/16 CD % NN to TO 8 CD 7\/16 CD % NN two CD months NNS ; : 8 CD 9\/16 CD % NN to TO 8 CD 7\/16 CD % NN three CD months NNS ; : 8 CD 1\/2 CD % NN to TO 8 CD 3\/8 CD % NN four CD months NNS ; : 8 CD 7\/16 CD % NN to TO 8 CD 5\/16 CD % NN five CD months NNS ; : 8 CD 7\/16 CD % NN to TO 8 CD 5\/16 CD % NN six CD months NNS . . LONDON NNP INTERBANK JJ OFFERED VBN RATES NNS ( ( LIBOR NNP ) ) : : 8 CD 5\/8 CD % NN one CD month NN ; : 8 CD 9\/16 CD % NN three CD months NNS ; : 8 CD 7\/16 CD % NN six CD months NNS ; : 8 CD 7\/16 CD % NN one CD year NN . . The DT average NN of IN interbank NN offered VBN rates NNS for IN dollar NN deposits NNS in IN the DT London NNP market NN based VBN on IN quotations NNS at IN five CD major JJ banks NNS . . FOREIGN JJ PRIME JJ RATES NNS : : Canada NNP 13.50 CD % NN ; : Germany NNP 8.50 CD % NN ; : Japan NNP 4.875 CD % NN ; : Switzerland NNP 8.50 CD % NN ; : Britain NNP 15 CD % NN . . These DT rate NN indications NNS are VBP n't RB directly RB comparable JJ ; : lending NN practices NNS vary VBP widely RB by IN location NN . . TREASURY NN BILLS NNS : : Results NNS of IN the DT Monday NNP , , October NNP 16 CD , , 1989 CD , , auction NN of IN short-term JJ U.S. NNP government NN bills NNS , , sold VBN at IN a DT discount NN from IN face NN value NN in IN units NNS of IN $ $ 10,000 CD to TO $ $ 1 CD million CD : : 7.37 CD % NN 13 CD weeks NNS ; : 7.42 CD % NN 26 CD weeks NNS . . FEDERAL NNP HOME NNP LOAN NNP MORTGAGE NNP CORP NNP . . ( ( Freddie NNP Mac NNP ) ) : : Posted VBN yields NNS on IN 30-year JJ mortgage NN commitments NNS for IN delivery NN within IN 30 CD days NNS . . 9.88 CD % NN , , standard JJ conventional JJ fixed-rate JJ mortgages NNS ; : 7.875 CD % NN , , 2 CD % NN rate NN capped VBN one-year JJ adjustable JJ rate NN mortgages NNS . . Source NN : : Telerate NNP Systems NNP Inc NNP . . FEDERAL NNP NATIONAL NNP MORTGAGE NNP ASSOCIATION NNP ( ( Fannie NNP Mae NNP ) ) : : Posted VBN yields NNS on IN 30 CD year NN mortgage NN commitments NNS for IN delivery NN within IN 30 CD days NNS ( ( priced VBN at IN par NN ) ) 9.80 CD % NN , , standard JJ conventional JJ fixed-rate JJ mortgages NNS ; : 8.70 CD % NN , , 6\/2 CD rate NN capped VBN one-year JJ adjustable JJ rate NN mortgages NNS . . Source NN : : Telerate NNP Systems NNP Inc NNP . . MERRILL NNP LYNCH NNP READY NNP ASSETS NNP TRUST NNP : : 8.50 CD % NN . . Annualized JJ average JJ rate NN of IN return NN after IN expenses NNS for IN the DT past JJ 30 CD days NNS ; : not RB a DT forecast NN of IN future JJ returns NNS . . Ethyl NNP Corp. NNP reported VBD that IN third-quarter JJ net JJ income NN fell VBD 12 CD % NN from IN a DT year-earlier JJ quarter NN helped VBN by IN a DT gain NN from IN discontinued VBN operations NNS . . Profit NN from IN continuing VBG operations NNS rose VBD 19 CD % NN . . The DT chemicals NNS and CC insurance NN company NN said VBD net NN in IN the DT latest JJS quarter NN was VBD $ $ 54.8 CD million CD , , or CC 45 CD cents NNS a DT share NN . . In IN the DT year-earlier JJ quarter NN , , net NN was VBD $ $ 62.2 CD million CD , , or CC 51 CD cents NNS a DT share NN . . The DT previous-year JJ quarter NN included VBD $ $ 16.1 CD million CD from IN businesses NNS spun VBN off RP as IN Tredegar NNP Industries NNP Inc NNP . . Revenue NN was VBD $ $ 613.7 CD million CD , , up RB 18 CD % NN from IN $ $ 521.2 CD million CD a DT year NN ago RB . . Ethyl NNP said VBD pretax JJ profit NN from IN its PRP$ insurance NN segment NN , , excluding VBG investment NN gains NNS , , rose VBD 28 CD % NN in IN the DT latest JJS quarter NN to TO $ $ 28.6 CD million CD from IN $ $ 22.4 CD million CD . . In IN the DT chemicals NNS segment NN , , pretax JJ profit NN rose VBD 7 CD % NN to TO $ $ 69.2 CD million CD from IN $ $ 64.9 CD million CD . . The DT company NN 's POS chemicals NNS interests NNS include VBP , , among IN other JJ things NNS , , petroleum NN additives NNS , , pharmaceuticals NNS ingredients NNS and CC polysilicon NN used VBN by IN the DT semiconductor NN industry NN . . For IN the DT nine CD months NNS , , Ethyl NNP said VBD net NN fell VBD 2 CD % NN to TO $ $ 168.7 CD million CD , , or CC $ $ 1.40 CD a DT share NN , , from IN $ $ 172.2 CD million CD , , $ $ 1.42 CD a DT share NN , , a DT year NN ago RB . . Net NN in IN the DT latest JJS period NN included VBD $ $ 11.9 CD million CD from IN discontinued VBN operations NNS and CC a DT charge NN of IN $ $ 6.2 CD million CD from IN a DT plant NN closing NN . . In IN the DT year-ago JJ period NN , , net NN included VBD $ $ 32.7 CD million CD from IN discontinued VBN operations NNS . . Revenue NN was VBD $ $ 1.79 CD billion CD , , up RB 18 CD % NN from IN $ $ 1.52 CD billion CD a DT year NN earlier RBR . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Ethyl NNP closed VBN at IN $ $ 25.875 CD a DT share NN , , up RB 12.5 CD cents NNS . . Tribune NNP Co. NNP , , helped VBN by IN a DT hefty JJ boost NN in IN performance NN at IN its PRP$ broadcasting NN and CC entertainment NN operations NNS , , said VBD net JJ income NN jumped VBD 21 CD % NN in IN its PRP$ third JJ quarter NN ended VBN Sept. NNP 24 CD on IN a DT 3 CD % NN increase NN in IN revenue NN . . The DT broadcasting NN and CC newspaper NN concern NN , , based VBN in IN Chicago NNP , , said VBD net NN was VBD $ $ 62.7 CD million CD , , or CC 77 CD cents NNS a DT primary JJ share NN , , up RB from IN $ $ 51.6 CD million CD , , or CC 69 CD cents NNS a DT share NN . . Per-share JJ figures NNS this DT year NN reflect VBP $ $ 6.8 CD million CD in IN preferred-share JJ dividends NNS ; : the DT 1988 CD quarter NN did VBD n't RB have VB such PDT a DT payout NN . . Revenue NN rose VBD to TO $ $ 590.7 CD million CD from IN $ $ 575.1 CD million CD . . Nine-month JJ net NN climbed VBD 19 CD % NN to TO $ $ 174.8 CD million CD , , or CC $ $ 2.21 CD a DT primary JJ share NN , , from IN $ $ 147.5 CD million CD , , or CC $ $ 1.94 CD a DT share NN . . Nine-month JJ per-share JJ figures NNS for IN 1989 CD reflect VBP $ $ 12.9 CD million CD in IN preferred JJ dividends NNS that WDT had VBD no DT counterpart NN in IN the DT year-earlier JJ quarter NN . . Revenue NN rose VBD 4 CD % NN to TO $ $ 1.79 CD billion CD . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN Friday NNP , , Tribune NNP closed VBD at IN $ $ 49.375 CD , , down RB $ $ 4.75 CD . . Enserch NNP Corp. NNP said VBD about RB 12 CD million CD , , or CC 93 CD % NN , , of IN the DT publicly RB traded VBN units NNS of IN its PRP$ limited JJ partnership NN , , Enserch NNP Exploration NNP Partners NNP Ltd. NNP , , were VBD tendered VBN in IN response NN to TO an DT offer NN that WDT expired VBD Monday NNP . . Enserch NNP said VBD the DT tendered VBN units NNS will MD raise VB its PRP$ ownership NN of IN the DT partnership NN to TO more JJR than IN 99 CD % NN from IN 87 CD % NN . . About RB 900,000 CD units NNS will MD continue VB to TO be VB publicly RB traded VBN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , Enserch NNP said VBD . . Enserch NNP had VBD offered VBN one-half NN a DT share NN of IN its PRP$ common JJ and CC $ $ 1 CD in IN cash NN for IN each DT unit NN . . The DT public JJ sector NN borrowing NN requirement NN , , the DT most RBS widely RB used VBN measure NN of IN Britain NNP 's POS government NN deficit NN or CC surplus NN , , showed VBD a DT deficit NN of IN # # 200 CD million CD in IN September NNP , , compared VBN with IN a DT deficit NN of IN # # 765 CD million CD in IN August NNP and CC a DT deficit NN of IN # # 1.08 CD billion CD in IN September NNP 1988 CD , , the DT Treasury NNP said VBD . . In IN the DT six CD months NNS since IN the DT current JJ fiscal JJ year NN began VBD April NNP 1 CD , , the DT surplus NN totaled VBD # # 500 CD million CD , , compared VBN with IN a DT surplus NN of IN # # 3.6 CD billion CD in IN the DT year-earlier JJ period NN . . The DT government NN is VBZ projecting VBG a DT # # 14 CD billion CD surplus NN for IN the DT fiscal JJ year NN . . The DT reported VBN figures NNS for IN the DT public JJ sector NN borrowing NN requirement NN include VBP receipts NNS from IN the DT sale NN of IN state-owned JJ industries NNS . . Excluding VBG those DT receipts NNS , , the DT government NN deficit NN would MD have VB totaled VBN about RB # # 2.5 CD billion CD in IN the DT first JJ six CD months NNS , , compared VBN with IN # # 1.3 CD billion CD a DT year NN earlier RBR , , the DT Treasury NNP said VBD . . French JJ crude-steel NN production NN in IN September NNP was VBD 1,616,000 CD metric JJ tons NNS , , unchanged JJ from IN a DT year NN earlier RBR , , according VBG to TO the DT National NNP Steel NNP Manufacturers NNP ' POS Association NN . . The DT association NN said VBD the DT September NNP total NN brought VBN French JJ output NN for IN the DT first JJ nine CD months NNS this DT year NN to TO 14,789,000 CD tons NNS , , up RB 4.5 CD % NN from IN a DT year NN earlier RBR . . Prospect NNP Group NNP Inc. NNP , , whose WP$ recent JJ hostile JJ tender NN offer NN for IN Recognition NNP Equipment NNP Inc. NNP failed VBD for IN lack NN of IN financing NN , , apparently RB has VBZ gained VBN a DT measure NN of IN control NN over IN the DT troubled JJ company NN anyway RB . . As IN part NN of IN what WP a DT Recognition NNP spokeswoman NN termed VBD an DT `` `` amiable JJ agreement NN , , '' '' Prospect NNP Group NNP will MD wind VB up RP with IN control NN of IN top JJ management NN posts NNS and CC an DT increased JJ stake NN in IN the DT maker NN of IN data NNS management NN equipment NN . . In IN a DT management NN restructuring NN , , Thomas NNP L. NNP Ringer NNP resigned VBD as IN chairman NN , , chief JJ executive NN and CC a DT director NN , , while IN Israel NNP Sheinberg NNP resigned VBD as IN a DT director NN . . Mr. NNP Sheinberg NNP remains VBZ as IN executive JJ vice NN president NN . . Thomas NNP M. NNP Hurley NNP and CC Robert NNP A. NN Vanourek NNP , , who WP had VBD been VBN designated VBN to TO take VB over RP Recognition NNP 's POS top JJ spots NNS had VBD Prospect NNP 's POS tender NN offer NN succeeded VBN , , were VBD named VBN co-chief JJ executives NNS and CC directors NNS . . Mr. NNP Hurley NNP was VBD formerly RB a DT vice NN president NN and CC general JJ manager NN of IN an DT Avery NNP International NNP division NN ; : Mr. NNP Vanourek NNP was VBD a DT former JJ group NN vice NN president NN of IN Pitney NNP Bowes NNP Inc NNP . . In IN addition NN , , the DT agreement NN calls VBZ for IN Gilbert NNP H. NNP Lamphere NNP , , chairman NN of IN Prospect NNP Group NNP 's POS executive JJ committee NN , , to TO be VB named VBN chairman NN of IN a DT restructured VBN board NN that WDT will MD include VB four CD new JJ independent JJ directors NNS . . Also RB named VBN to TO the DT revised JJ board NN was VBD Thomas NNP A. NNP Loose NNP , , Recognition NNP 's POS senior JJ vice NN president NN and CC general JJ counsel NN . . Prospect NNP , , a DT New NNP York-based JJ leveraged JJ buy-out NN firm NN , , also RB agreed VBD to TO invest VB $ $ 15 CD million CD in IN Recognition NNP , , which WDT in IN turn NN agreed VBD to TO repurchase VBN as RB much JJ as IN $ $ 20 CD million CD of IN its PRP$ stock NN . . That DT would MD increase VB Prospect NNP 's POS ownership NN of IN the DT company NN 's POS fully-diluted JJ shares NNS outstanding JJ to TO 20 CD % NN from IN 14.1 CD % NN . . Under IN the DT agreement NN , , Prospect NNP is VBZ permitted VBN to TO increase VB its PRP$ stake NN in IN Recognition NNP to TO 30 CD % NN . . Beyond IN that DT , , Prospect NNP said VBD it PRP would MD n't RB offer VB to TO acquire VB additional JJ shares NNS for IN less JJR than IN $ $ 11.25 CD a DT share NN during IN the DT next JJ year NN or CC less JJR than IN $ $ 14.06 CD a DT share NN during IN the DT subsequent JJ two CD years NNS . . Recognition NNP also RB said VBD it PRP obtained VBD a DT commitment NN from IN Chemical NNP Bank NNP and CC Bank NNP of IN Boston NNP to TO convert VB an DT estimated JJ $ $ 18 CD million CD in IN bank NN debt NN to TO a DT new JJ , , 24-month JJ secured JJ term NN loan NN to TO be VB repaid VBN through IN the DT sale NN of IN certain JJ assets NNS . . In IN August NNP , , Recognition NNP said VBD it PRP was VBD in IN violation NN of IN certain JJ terms NNS of IN its PRP$ debt NN agreements NNS with IN bank NN lenders NNS because IN of IN a DT $ $ 3.9 CD million CD loss NN for IN the DT third JJ quarter NN ended VBN July NNP 31 CD . . The DT company NN attributed VBD the DT loss NN to TO declining VBG revenue NN and CC litigation NN costs NNS relating VBG to TO criminal JJ charges NNS against IN the DT company NN and CC two CD former JJ executives NNS , , William NNP G. NNP Moore NNP Jr. NNP and CC Robert NNP W. NNP Reedy NNP . . The DT former JJ executives NNS were VBD indicted VBN last JJ October NNP on IN charges NNS of IN fraud NN , , theft NN and CC conspiracy NN related VBN to TO efforts NNS by IN the DT company NN to TO win VB $ $ 400 CD million CD in IN Postal NNP Service NNP contracts NNS . . Recognition NNP Equipment NNP said VBD it PRP expected VBD to TO put VB the DT agreement NN with IN Prospect NNP to TO a DT vote NN of IN its PRP$ stockholders NNS at IN a DT special JJ meeting NN in IN January NNP . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Recognition NNP rose VBD 87.5 CD cents NNS to TO $ $ 6.625 CD . . Prospect NNP slipped VBD 25 CD cents NNS to TO $ $ 10.50 CD in IN national JJ over-the-counter JJ trading NN . . General NNP Motors NNP Corp. NNP 's POS Chevrolet NNP division NN , , reacting VBG to TO slow JJ sales NNS , , said VBD it PRP will MD offer VB $ $ 800 CD rebates NNS on IN its PRP$ 1990 CD Beretta NNP , , the DT two-door JJ version NN of IN its PRP$ core JJ compact-car NN line NN . . Sluggish JJ sales NNS of IN the DT Beretta NNP , , and CC its PRP$ four-door JJ sister JJ car NN , , the DT Corsica NNP , , prompted VBD GM NNP to TO idle VB the DT two CD plants NNS that WDT build VBP the DT automobiles NNS for IN a DT total NN of IN three CD weeks NNS this DT month NN . . The DT Corsica NNP and CC Beretta NNP make VBP up RP the DT highest-volume JJ car NN line NN at IN Chevrolet NN , , but CC sales NNS of IN the DT vehicles NNS are VBP off RB 9.6 CD % NN for IN the DT year NN , , and CC fell VBD a DT steep JJ 34 CD % NN during IN early JJ October NNP . . Chevrolet NNP already RB is VBZ offering VBG an DT $ $ 800 CD rebate NN on IN the DT 1990-model NN Corsica NNP . . The DT latest JJS rebate NN is VBZ good JJ for IN all DT Beretta NNP models NNS . . Chevrolet NNP buyers NNS can MD take VB the DT rebate NN , , or CC get VB discount NN financing NN at IN rates NNS ranging VBG from IN 6.9 CD % NN on IN 24-month JJ loans NNS to TO 10.9 CD % NN on IN 60-month JJ loans NNS . . StatesWest NNP Airlines NNP said VBD it PRP submitted VBD an DT offer NN to TO the DT directors NNS of IN Mesa NNP Airlines NNP to TO acquire VB the DT Farmington NNP , , N.M. NNP , , carrier NN . . Except IN to TO characterize VB its PRP$ offer NN as IN `` `` fair JJ and CC generous JJ and CC in IN the DT best JJS interests NNS of IN Mesa NNP shareholders NNS , , '' '' StatesWest NNP declined VBD to TO discuss VB details NNS of IN its PRP$ proposal NN . . It PRP also RB asked VBD Mesa NNP to TO keep VB the DT proposal NN confidential JJ . . A DT Mesa NNP official NN confirmed VBD receipt NN of IN the DT offer NN and CC said VBD directors NNS would MD meet VB to TO consider VB it PRP . . Last JJ week NN , , Mesa NNP rejected VBD a DT proposal NN by IN StatesWest NNP to TO acquire VB it PRP or CC merge VB . . StatesWest NNP has VBZ a DT 7.25 CD % NN stake NN in IN Mesa NNP , , which WDT operates VBZ 20 CD twin-engine JJ and CC two CD single-engine JJ turboprops NNS among IN 42 CD cities NNS in IN New NNP Mexico NNP , , Arizona NNP , , Wyoming NNP , , Colorado NNP and CC Texas NNP . . StatesWest NNP operates VBZ four CD twin-engine JJ turboprop NN aircraft NN , , connecting VBG 10 CD cities NNS in IN California NNP , , Arizona NNP and CC Nevada NNP . . The DT carrier NN has VBZ n't RB yet RB turned VBN a DT profit NN . . The DT former JJ president NN of IN FirstSouth NNP F.A. NNP , , a DT defunct JJ Arkansas NNP thrift NN , , pleaded VBD guilty JJ to TO conspiring VBG to TO inflate VB the DT institution NN 's POS earnings NNS by IN concealing VBG worthless JJ loan NN guarantees NNS . . Roderick NNP D. NNP Reed NNP III NNP , , who WP was VBD also RB chief JJ operating NN officer NN of IN FirstSouth NNP , , could MD receive VB a DT maximum JJ sentence NN of IN five CD years NNS in IN federal JJ prison NN and CC a DT $ $ 250,000 CD fine NN . . A DT sentencing NN date NN has VBZ n't RB been VBN set VBN . . Mr. NNP Reed NNP admitted VBD he PRP conspired VBD to TO conceal VB an DT agreement NN not RB to TO enforce VB loan NN guarantees NNS executed VBN by IN Dallas NNP real-estate NN developers NNS A. NN Starke NNP Taylor NNP III NNP and CC George NNP S. NNP Watson NNP , , both DT of IN whom WP were VBD FirstSouth NNP stockholders NNS . . Neither CC Mr. NNP Taylor NNP nor CC Mr. NNP Watson NNP have VBP been VBN charged VBN with IN criminal JJ wrongdoing NN . . By IN concealing VBG the DT non-enforcement JJ agreement NN , , certain JJ transactions NNS with IN Messrs. NNP Taylor NNP and CC Watson NNP were VBD entered VBN on IN FirstSouth NNP 's POS books NNS as IN loans NNS , , allowing VBG the DT thrift NN to TO report VB fees NNS and CC interest NN as IN current JJ income NN , , according VBG to TO the DT U.S. NNP attorney NN 's POS office NN in IN Little NNP Rock NNP , , Ark NNP . . The DT conspiracy NN was VBD part NN of IN an DT effort NN by IN Mr. NNP Reed NNP to TO hide VB FirstSouth NNP 's POS shaky JJ financial JJ condition NN from IN federal JJ regulators NNS , , according VBG to TO federal JJ prosecutors NNS and CC regulators NNS . . The DT $ $ 1.68 CD billion CD thrift NN was VBD declared VBN insolvent JJ and CC closed VBN in IN December NNP 1986 CD . . FirstSouth NNP 's POS former JJ chairman NN and CC chief JJ executive JJ officer NN , , Howard NNP Weichern NNP , , is VBZ also RB charged VBN with IN conspiring VBG to TO conceal VB the DT agreements NNS with IN Messrs. NNPS Watson NNP and CC Taylor NNP . . Mr. NNP Weichern NNP is VBZ scheduled VBN for IN trial NN Jan. NNP 3 CD before IN federal JJ Judge NNP Stephen NNP Reasoner NNP of IN Little NNP Rock NNP . . I PRP approached VBD `` `` Mastergate NNP , , '' '' Larry NNP Gelbart NNP 's POS new JJ comedy NN at IN the DT Criterion NNP Center NNP , , with IN considerable JJ trepidation NN . . Nothing NNP , , I PRP assumed VBD , , would MD be VB more RBR hopelessly RB dated JJ than IN a DT political JJ satire NN on IN the DT Iran-Contra NNP affair NN . . I PRP had VBD underestimated VBN , , however RB , , both CC Mr. NNP Gelbart NNP 's POS wit NN and CC the DT persistence NN of IN scandal NN in IN Washington NNP . . Though IN the DT play NN clearly RB is VBZ framed VBN around IN the DT events NNS of IN Iran-Contra NNP , , it PRP takes VBZ in RP the DT wide JJ sweep NN of IN scandals NNS over IN the DT past JJ 30 CD years NNS . . In IN fact NN , , at IN one CD point NN Merry NNP Chase NNP ( ( Melinda NNP Mullins NNP ) ) , , a DT cool JJ , , carefully RB coiffed JJ television NN announcer NN , , recites VBZ a DT list NN of IN a DT dozen NN or CC more JJR scandals NNS of IN recent JJ years NNS , , concluding VBG with IN those DT affecting VBG the DT Department NNP of IN Housing NNP and CC Urban NNP Development NNP and CC the DT savings NNS and CC loan NN industry NN . . Onstage RB , , a DT congressional JJ hearing NN is VBZ in IN progress NN , , complete JJ with IN elegant JJ crystal NN chandelier NN overhead RB and CC a DT lifesize JJ reproduction NN of IN the DT signing NN of IN the DT Constitution NNP in IN the DT background NN . . The DT witness NN table NN is VBZ center RB stage NN and CC below IN it PRP , , the DT paraphernalia NNS for IN the DT ever-present JJ media NNS , , in IN this DT case NN TNN NNP , , the DT Total NNP News NNP Network NNP . . Not RB only RB are VBP there RB camera NN operators NNS on IN all DT sides NNS , , but CC the DT proceedings NNS are VBP shown VBN on IN monitors NNS throughout IN the DT theater NN . . The DT metaphor NN of IN theater NN is VBZ not RB entirely RB coincidental JJ . . Mr. NNP Gelbart NNP clearly RB feels VBZ that IN all PDT the DT participants NNS in IN a DT congressional JJ hearing NN -- : the DT witnesses NNS , , the DT lawyers NNS , , the DT interrogators NNS and CC the DT news NN media NNS -- : are VBP performers NNS . . As IN the DT story NN of IN `` `` Mastergate NNP '' '' unfolds VBZ , , we PRP learn VBP that IN the DT Internal NNP Revenue NNP Service NNP confiscated VBD one CD of IN the DT properties NNS of IN a DT foreign JJ financier NN who WP owes VBZ the DT government NN millions NNS in IN taxes NNS . . The DT man NN , , it PRP seems VBZ , , has VBZ a DT Lichtenstein NNP corporation NN , , licensed VBN in IN Libya NNP and CC sheltered VBN in IN the DT Bahamas NNPS . . He PRP himself PRP lives VBZ in IN a DT `` `` consecutive JJ series NN of IN unnumbered JJ houses NNS in IN a DT town NN in IN Switzerland NNP . . '' '' The DT property NN seized VBN by IN the DT IRS NNP is VBZ a DT Hollywood NNP film NN studio NN , , Master NNP Pictures NNP Incorporated NNP ( ( MPI NNP ) ) . . Supposedly NNP the DT IRS NNP will MD sell VB off RP the DT assets NNS of IN MPI NNP , , but CC before IN it PRP can MD , , a DT lowly JJ IRS NNP agent NN is VBZ called VBN into IN the DT hospital NN room NN of IN Wylie NNP Slaughter NNP , , the DT dying VBG head NN of IN the DT Central NNP Intelligence NNP Agency NNP . . The DT lowly JJ agent NN , , Abel NNP Lamb NNP , , who WP as IN you PRP might MD guess VB , , is VBZ being VBG led VBN to TO the DT slaughter NN , , is VBZ ordered VBN to TO take VB over RP the DT studio NN . . Soon RB the DT studio NN is VBZ producing VBG a DT $ $ 40 CD million CD picture NN called VBN `` `` Tet NNP , , the DT Motion NNP Picture NNP , , '' '' to TO distinguish VB it PRP from IN `` `` Tet NNP , , the DT Offensive NNP , , '' '' as RB well RB as IN `` `` Tet NNP , , the DT Book NNP '' '' and CC `` `` Tet NNP , , the DT Album NNP . . '' '' The DT picture NN , , to TO be VB made VBN in IN the DT Central JJ American JJ country NN of IN San NNP Elvador NNP , , is VBZ a DT cover NN for IN sending VBG $ $ 800 CD million CD of IN arms NNS to TO Los NNP Otros NNP , , the DT rebel JJ group NN attempting VBG to TO regain VB neighboring JJ Ambigua NNP , , which WDT has VBZ been VBN taken VBN over RP by IN the DT leftist JJ dictator NN Dr. NNP Overtega NNP , , a DT former JJ podiatrist NN , , who WP leads VBZ a DT revolutionary JJ band NN of IN foot NN soldiers NNS . . The DT man NN handling VBG all PDT this DT for IN the DT now-deceased JJ Slaughter NNP is VBZ Major NNP Manley NNP Battle NNP , , Mr. NNP Gelbart NNP 's POS stand NN in RP for IN Col. NNP Oliver NNP North NNP . . Director NNP Michael NNP Engler NNP has VBZ assembled VBN a DT top-flight JJ cast NN to TO carry VB out RP the DT impersonations NNS of IN well-known JJ political JJ figures NNS and CC to TO play VB the DT stock JJ characters NNS who WP invariably RB show VB up RP at IN congressional JJ hearings NNS . . Daniel NNP von NNP Bargen NNP is VBZ ramrod-stiff JJ but CC totally RB assured JJ as IN Major NNP Battle NNP , , mixing VBG just RB the DT right JJ brand NN of IN self-righteousness NN and CC patriotism NN ; : Jeff NNP Weiss NNP is VBZ fire NN , , brimstone NN and CC teary-eyed JJ emotionalism NN as IN the DT far-right JJ senator NN who WP serves VBZ as IN a DT friendly JJ interrogator NN of IN Major NNP Battle NNP ; : Zach NNP Grenier NNP is VBZ maddeningly RB officious JJ playing VBG a DT succession NN of IN lawyers NNS ; : Joseph NNP Daly NNP has VBZ the DT perfect JJ `` `` aw UH , , shucks UH '' '' demeanor NN of IN George NNP Bush NNP in IN his PRP$ portrayal NN of IN the DT vice NN president NN ; : and CC Ann NNP McDonough NNP is VBZ first-rate JJ as IN a DT succession NN of IN witnesses NNS ' POS wives NNS . . With IN one CD she PRP is VBZ pregnant JJ , , with IN Major NNP Battle NNP she PRP is VBZ knitting VBG an DT American JJ flag NN , , and CC as IN the DT vice NN president NN 's POS wife NN she PRP rushes VBZ in RB with IN white JJ hair NN , , wearing VBG a DT tailored JJ suit NN and CC pearls NNS , , imitating VBG Barbara NNP Bush NNP 's POS gestures NNS down IN to TO the DT last JJ detail NN . . Though IN it PRP 's VBZ clear JJ that IN Mr. NNP Gelbart NNP 's POS sympathies NNS do VBP not RB lie VB with IN the DT far RB right JJ , , it PRP 's VBZ also RB true JJ that IN he PRP is VBZ evenhanded JJ in IN dispensing VBG his PRP$ satirical JJ jabs NNS , , taking VBG sharp JJ aim NN at IN senators NNS and CC congressmen NNS of IN all DT stripes NNS and CC particularly RB at IN the DT media NNS . . Mr. NNP Gelbart NNP also RB has VBZ fun NN with IN language NN . . `` `` Mastergate NNP '' '' is VBZ subtitled VBN `` `` a DT play NN on IN words NNS , , '' '' and CC Mr. NNP Gelbart NNP plays VBZ that DT game NN as RB well RB as IN anyone NN . . He PRP describes VBZ a DT Mastergate NNP flunky NN as IN one NN who WP experienced VBD a DT `` `` meteoric JJ disappearance NN '' '' and CC found VBD himself PRP `` `` handling VBG blanket NN appeals NNS at IN the DT Bureau NNP of IN Indian NNP Affairs NNP . . '' '' This DT interest NN in IN words NNS goes VBZ beyond IN puns NNS and CC playfulness NN , , however RB . . Mr. NNP Gelbart NNP deplores VBZ the DT obfuscation NN , , the DT circumlocution NN and CC the DT debasement NN of IN language NN he PRP sees VBZ on IN all DT sides NNS . . As IN the DT hearings NNS begin VBP , , the DT self-important JJ Sen. NNP Bowman NNP ( ( Jerome NNP Kilty NNP ) ) announces VBZ : : `` `` Let VB me PRP emphaticize VB one CD thing NN at IN the DT outset NN : : We PRP are VBP not RB looking VBG for IN hides NNS to TO skin NN nor CC goats NNS to TO scape VB . . '' '' Major NNP Battle NNP himself PRP speaks VBZ in IN pure JJ Pentagonese NNP : : `` `` Without IN further JJ monetary-stroke-military JJ aid NN , , scores NNS of IN Ambiguan JJ freedom NN lovers NNS , , who WP had VBD gone VBN way RB out IN on IN their PRP$ life NN and CC limbs NNS for IN us PRP , , were VBD literally RB cut VBN off RP at IN the DT knees NNS without IN a DT paddle NN . . '' '' At IN another DT point NN he PRP intones VBZ : : `` `` Publicity NN is VBZ a DT small JJ price NN to TO pay VB for IN secrecy NN . . '' '' The DT evening NN is VBZ short JJ -- : 95 CD minutes NNS without IN an DT intermission NN -- : but CC even RB so RB , , as IN the DT play NN progresses VBZ the DT thrust NN of IN Mr. NNP Gelbart NNP 's POS satire NN loses VBZ its PRP$ sharpness NN as IN his PRP$ targets NNS pop VBP up RP ever RB more RBR predictably RB . . Most RBS of IN the DT evening NN , , though RB , , is VBZ filled VBN with IN rare JJ and CC welcome JJ wit NN . . In IN `` `` Mastergate NNP , , '' '' Mr. NNP Gelbart NNP has VBZ provided VBN us PRP not RB just RB one CD but CC two CD commodities NNS that WDT have VBP all RB but RB disappeared VBD from IN the DT Broadway NNP theater NN : : sharp JJ political JJ satire NN and CC an DT even RB sharper JJR appreciation NN of IN the DT value NN of IN language NN . . The DT Federal NNP National NNP Mortgage NNP Association NNP set VBD up RP a DT three-member JJ office NN of IN the DT chairman NN and CC elected VBD James NNP A. NN Johnson NNP as IN vice NN chairman NN , , effective JJ Jan. NNP 1 CD . . Mr. NNP Johnson NNP has VBZ been VBN a DT managing NN director NN at IN Shearson NNP Lehman NNP Hutton NNP since IN 1985 CD , , and CC before IN that DT was VBD president NN of IN Public NNP Strategies NNP , , a DT Washington NNP consulting NN firm NN . . He PRP is VBZ well-known JJ in IN Democratic JJ circles NNS , , having VBG been VBN executive JJ assistant NN to TO Vice NNP President NNP Walter NNP Mondale NNP and CC chairman NN of IN Mr. NNP Mondale NNP 's POS 1984 CD presidential JJ campaign NN . . At IN Fannie NNP Mae NNP , , he PRP will MD take VB responsibility NN for IN the DT corporation NN 's POS financial JJ and CC legal JJ areas NNS and CC will MD work VB with IN David NNP Maxwell NNP , , chairman NN and CC chief JJ executive JJ officer NN , , and CC Roger NNP Birk NNP , , president NN and CC chief NN operating NN officer NN , , on IN strategic JJ planning NN . . Mr. NNP Johnson NNP , , 45 CD years NNS old JJ , , has VBZ been VBN a DT consultant NN on IN strategy NN to TO Fannie NNP Mae NNP for IN the DT past JJ 3 CD 1\/2 CD years NNS . . In IN an DT interview NN , , he PRP said VBD Fannie NNP Mae NNP faces VBZ a DT number NN of IN challenges NNS with IN the DT restructuring NN of IN the DT thrift NN industry NN and CC the DT push NN to TO broaden VB its PRP$ activities NNS overseas RB . . `` `` There EX 's VBZ no DT shortage NN of IN major JJ things NNS to TO do VB , , '' '' he PRP said VBD . . Fannie NNP Mae NNP also RB said VBD James NNP A. NNP Aliber NNP , , chairman NN of IN First NNP Federal NNP of IN Michigan NNP and CC a DT director NN since IN 1985 CD , , moved VBD up RP the DT date NN of IN his PRP$ retirement NN from IN the DT board NN to TO accommodate VB Mr. NNP Johnson NNP 's POS election NN as IN a DT director NN . . The DT board NN has VBZ 13 CD members NNS elected VBN by IN holders NNS and CC five CD presidential JJ appointees NNS . . Fannie NNP Mae NNP , , a DT federally RB chartered JJ , , shareholder-owned JJ corporation NN , , operates VBZ a DT secondary JJ market NN for IN mortgage NN loans NNS , , buying VBG loans NNS from IN lenders NNS , , packaging VBG some DT into IN securities NNS for IN sale NN to TO investors NNS and CC keeping VBG the DT rest NN in IN its PRP$ portfolio NN . . `` `` The DT New JJ Crowd NN '' '' by IN Judith NNP Ramsey NNP Ehrlich NNP and CC Barry NNP J. NNP Rehfeld NNP ( ( Little NNP , , Brown NNP , , 444 CD pages NNS , , $ $ 19.95 CD ) ) , , describes VBZ the DT displacing NN of IN the DT old JJ `` `` our PRP$ crowd NN '' '' Jewish JJ Wall NNP Street NNP banking NN grandees NNS by IN such JJ new JJ business NN barons NNS as IN Saul NNP Steinberg NNP , , Carl NNP Icahn NNP , , Sanford NNP Weill NNP and CC Bruce NNP Wasserstein NNP . . Its PRP$ many JJ lively JJ stories NNS include VBP the DT Gutfreund-Postel NNP holiday NN cheer NN imbroglio NN . . These DT two CD New NNP Crowd NNP families NNS lived VBD in IN the DT same JJ apartment NN building NN , , with IN the DT Postel NNP penthouse NN perched VBN on IN top NN of IN the DT Gutfreund NNP duplex NN . . The DT penthouse NN elevator NN started VBD up RB from IN the DT Gutfreund NNP landing NN , , and CC Susan NNP Gutfreund NNP used VBD to TO turn VB off RP its PRP$ light NN , , to TO give VB the DT impression NN that IN there EX was VBD no DT higher JJR floor NN . . Eventually RB , , Mr. NNP Postel NNP broke VBD his PRP$ toe NN in IN the DT dark NN . . Then RB the DT Gutfreunds NNPS determined VBD to TO put VB up RP a DT 22-foot JJ Christmas NNP tree NN , , weighing VBG a DT quarter NN of IN a DT ton NN , , to TO amaze VB their PRP$ holiday NN guests NNS . . For IN this DT , , a DT crane NN needed VBD to TO be VB mounted VBN on IN the DT Postels NNPS ' POS terrace NN . . The DT Postels NNPS did VBD not RB give VB permission NN . . But CC the DT Gutfreund NNP workers NNS went VBD ahead RB anyway RB , , only RB to TO be VB captured VBN `` `` in FW flagrante FW '' '' by IN Joan NNP Postel NNP , , who WP called VBD the DT police NN . . Before IN the DT Gutfreunds NNPS finally RB left VBD this DT unfriendly JJ environment NN for IN a DT prodigious JJ duplex NN on IN Fifth NNP Avenue NNP and CC an DT 18th-century JJ mansion NN with IN a DT specially RB excavated VBN $ $ 1 CD million CD garage NN in IN Paris NNP , , the DT Postels NNPS had VBD obtained VBN an DT injunction NN to TO prevent VB any DT future NN hoisting NN of IN trees NNS , , and CC in IN a DT neighborly JJ spirit NN hit VBD both DT the DT Gutfreunds NNPS and CC the DT building NN with IN a DT $ $ 35 CD million CD lawsuit NN . . Nothing NN less RBR , , it PRP seemed VBD , , could MD console VB them PRP for IN their PRP$ traumas NNS . . Where WRB had VBD all PDT the DT money NN come VBN from IN ? . The DT young JJ John NNP Gutfreund NNP had VBD been VBN discovered VBN by IN Billy NNP Salomon NNP of IN Salomon NNP Bros. NNP when WRB he PRP was VBD still RB a DT bearded JJ liberal NN , , and CC put VBN to TO work VB as IN a DT trader NN , , and CC then RB as IN a DT rough-and-tumble JJ syndicator NN . . `` `` ` `` Get VB off IN your PRP$ ... : , , ' '' he PRP would MD bellow VB , , '' '' say VBP the DT authors NNS . . Rising VBG in IN the DT firm NN , , he PRP became VBD powerful JJ and CC bland JJ , , though IN his PRP$ new JJ wife NN , , Susan NNP , , made VBD him PRP shine VB in IN the DT gossip NN columns NNS with IN her PRP$ profligate JJ spending NN habits NNS and CC flamboyant JJ frocks NNS . . After IN he PRP had VBD been VBN head NN of IN the DT company NN for IN 3 CD 1\/2 CD years NNS , , he PRP and CC his PRP$ partners NNS sold VBD it PRP to TO Phibro NNP , , a DT powerful JJ commodity NN trading NN outfit NN , , for IN $ $ 550 CD million CD in IN Phibro NNP stock NN . . Limited JJ partner NN Billy NNP Salomon NNP , , whose WP$ family NN name NN had VBD been VBN on IN the DT firm NN 's POS door NN for IN 70 CD years NNS and CC who WP had VBD hoped VBN it PRP would MD be VB there RB forever RB , , was VBD not RB consulted VBN . . Mr. NNP Gutfreund NNP collected VBD $ $ 32 CD million CD , , while IN Billy NNP Salomon NNP got VBD $ $ 10 CD million CD , , much RB less JJR than IN if IN he PRP had VBD conducted VBN the DT sale NN . . `` `` I PRP felt VBD betrayed VBN , , '' '' he PRP later RB said VBD . . Worse RBR , , Salomon NNP 's POS timing NN had VBD been VBN off RB . . Its PRP$ profits NNS , , unlike IN Phibro NNP 's POS , , soared VBD over IN the DT next JJ two CD years NNS , , and CC had VBD it PRP held VBN out RP , , Salomon NNP could MD have VB gotten VBN an DT even RB bigger JJR bundle NN . . The DT book NN also RB recounts VBZ the DT not RB dissimilar JJ maneuvers NNS surrounding VBG the DT changing NN of IN the DT guard NN at IN Lehman NNP Bros. NNP and CC other JJ grand JJ old JJ firms NNS . . Often RB the DT genteel JJ , , conservative JJ , , long-term-oriented JJ investment NN bankers NNS were VBD displaced VBN by IN crude JJ traders NNS : : `` `` When WRB angered VBN , , he PRP cursed VBD so RB forcefully RB that IN his PRP$ face NN reddened VB and CC his PRP$ pale-blue JJ eyes NNS narrowed VBD into IN tiny JJ slits NNS , , '' '' the DT authors NNS say VBP of IN Lehman NNP 's POS Lewis NNP Glucksman NNP . . The DT earlier JJR generation NN of IN `` `` our PRP$ crowd NN '' '' bankers NNS -- : Belmonts NNPS , , Warburgs NNPS , , Lehmans NNPS , , Baches NNPS and CC Schiffs NNPS -- : had VBD stressed VBN above IN all DT probity NN , , tradition NN , , continuity NN and CC reputation NN . . They PRP were VBD old-fashioned JJ elegant JJ gentlemen NNS , , who WP happened VBD to TO be VB of IN German JJ Jewish JJ extraction NN . . But CC in IN the DT harsh JJ world NN of IN today NN 's POS Wall NNP Street NNP they PRP have VBP lost VBN out RP to TO more RBR aggressive JJ and CC sometimes RB less RBR scrupulous JJ successors NNS . . The DT cuckoo NN prefers VBZ the DT nests NNS of IN other JJ birds NNS and CC heaves VBD out RP their PRP$ eggs NNS . . But CC the DT old JJ guard NN hired VBD the DT New NNP Crowd NNP people NNS : : It PRP brought VBD in IN its PRP$ own JJ cuckoos NNS . . So RB , , as IN the DT Old NNP Crowd NNP toppled VBD from IN the DT branch NN , , it PRP should MD n't RB have VB been VBN too RB surprised JJ . . The DT old JJ guard NN had VBD every DT right NN , , however RB , , to TO disdain VB the DT newcomers NNS ' POS new JJ ways NNS of IN making VBG money NN , , such JJ as IN greenmail NN . . ( ( A DT Fortune NNP article NN on IN Saul NNP Steinberg NNP was VBD entitled VBN , , `` `` Fear NN and CC Loathing NN in IN the DT Corporate JJ Boardrooms NNS . . '' '' ) ) Their PRP$ other JJ staple NN has VBZ been VBN corporate JJ takeovers NNS , , often RB hostile JJ and CC financed VBN by IN junk NN bonds NNS . . Hostile JJ takeovers NNS are VBP quite PDT a DT new JJ phenomenon NN . . Sometimes RB they PRP are VBP constructive JJ , , but CC often RB not RB . . First RB , , by IN making VBG management NN focus NN on IN short-term JJ results NNS , , they PRP inhibit VBP building VBG for IN the DT future NN -- : just RB the DT opposite JJ of IN Japan NNP . . Second RB , , a DT long-term JJ shareholder NN of IN a DT good JJ company NN need MD n't RB worry VB too RB much RB when WRB the DT stock NN price NN drops VBZ temporarily RB : : It PRP will MD bounce VB back RP . . But CC if IN a DT raider NN takes VBZ over RP when WRB the DT stock NN is VBZ weak JJ , , the DT shareholder NN never RB gets VBZ his PRP$ recovery NN . . The DT raiders NNS , , meanwhile RB , , have VBP evolved VBN their PRP$ own JJ pattern NN for IN spending VBG their PRP$ new JJ millions NNS . . As IN described VBN in IN `` `` The DT New JJ Crowd NN , , '' '' they PRP take VBP on RP ambitious JJ new JJ wives NNS , , move VBP to TO Greenwich NNP , , Conn. NNP , , or CC Bedford NNP , , N.Y. NNP , , buy VBP OK JJ pictures NNS , , and CC let VBP their PRP$ wives NNS share VB the DT wealth NN with IN decorators NNS . . Having VBG donated VBN heavily RB to TO museums NNS , , they PRP demand VBP a DT place NN on IN their PRP$ boards NNS . . The DT book NN is VBZ patronizing JJ about IN this DT nouveau JJ riche JJ struggle NN for IN respectability NN , , which WDT has VBZ its PRP$ tawdry JJ aspects NNS . . However RB , , on IN balance NN , , the DT charity NN game NN helps VBZ America NNP . . If IN those DT who WP have VBP the DT money NN do VBP n't RB get VB involved JJ with IN the DT museums NNS and CC the DT charities NNS , , then RB City NNP Hall NNP will MD do VB it PRP , , badly RB . . It PRP has VBZ been VBN rightly RB observed VBN that IN the DT main JJ thing NN wrong JJ with IN tainted JJ money NN is VBZ , , t' PRP ai VBZ nt RB enough NN of IN it PRP . . A DT handful NN of IN the DT New NNP Crowd NNP operators NNS have VBP crossed VBN the DT line NN from IN the DT immoral JJ to TO the DT illegal JJ , , and CC have VBP ended VBN up RP in IN the DT slammer NN or CC paying VBG huge JJ fines NNS : : Ivan NNP Boesky NNP , , Dennis NNP Levine NNP , , Martin NNP Siegel NNP , , Victor NNP and CC Steven NNP Posner NNP , , and CC now RB Michael NNP Milken NNP and CC perhaps RB Leona NNP Helmsley NNP . . The DT glitzy JJ office NN that WDT Ivan NNP Boesky NNP vacated VBD for IN a DT prison NN cell NN had VBD previously RB contained VBN commodity NN operators NNS Marc NNP Rich NNP and CC `` `` Pinky NNP '' '' Green NNP , , today NN fugitives NNS from IN a DT potential JJ century NN apiece RB of IN jail NN sentences NNS . . The DT Old NNP Crowd NNP is VBZ deeply RB concerned JJ by IN the DT backlash NN from IN all PDT this DT . . However RB , , the DT phenomenon NN is VBZ not RB specifically RB Jewish JJ . . It PRP has VBZ always RB been VBN true JJ that IN those DT outside IN the DT club NN want VBP to TO climb VB in RB , , and CC that IN a DT few JJ will MD cut VB corners NNS in IN the DT process NN . . Some DT pretty RB seamy JJ stuff NN built VBD the DT turn-of-the-century JJ families NNS ' POS Fifth NNP Avenue NNP and CC Newport NNP palazzi NNS and CC endowed VBD their PRP$ daughters NNS ' POS weddings NNS to TO foreign JJ noblemen NNS . . Mr. NNP Boesky NNP was VBD a DT piker NN compared VBN to TO Jay NNP Gould NNP and CC Jim NNP Fiske NNP , , and CC Commodore NNP Vanderbilt NNP thought VBD nothing NN of IN bribing VBG judges NNS and CC legislators NNS . . So RB who WP knows VBZ ? . In IN a DT generation NN or CC two CD some DT of IN the DT New NNP Crowd NNP may MD attain VB true JJ respectability NN , , perhaps RB to TO be VB displaced VBN in IN turn NN by IN a DT later JJ flock NN of IN unscrupulous JJ raptors NNS . . Or CC perhaps RB Wall NNP Street NNP , , when WRB it PRP has VBZ suffered VBN enough RB , , will MD realize VB that DT finance NN is VBZ a DT service NN industry NN , , and CC change VB its PRP$ ethos NN . . Mr. NNP Train NNP is VBZ president NN of IN Train NNP , , Smith NNP Investment NNP Counsel NNP , , New NNP York NNP . . Dallas NNP investor NN Harold NNP C. NNP Simmons NNP said VBD he PRP raised VBD his PRP$ stake NN in IN Lockheed NNP Corp. NNP to TO 10.62 CD % NN from IN 10.43 CD % NN of IN the DT aerospace NN and CC electronics NN concern NN 's POS common JJ shares NNS . . In IN a DT Securities NNP and CC Exchange NNP Commission NNP filing NN , , Mr. NNP Simmons NNP said VBD he PRP and CC companies NNS he PRP controls VBZ , , NL NNP Industries NNP Inc. NNP and CC NL NNP Chemicals NNP Inc. NNP , , hold VBP 6,744,600 CD shares NNS of IN Lockheed NNP , , of IN Calabasas NNP , , Calif NNP . . They PRP include VBP 122,700 CD shares NNS bought VBD Friday NNP for IN between IN $ $ 47.125 CD and CC $ $ 48 CD each DT . . In IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , Lockheed NNP closed VBD at IN $ $ 46.125 CD a DT share NN , , down RB 12.5 CD cents NNS . . Earlier RBR this DT week NN , , Mr. NNP Simmons NNP objected VBD to TO published VBN reports NNS quoting VBG him PRP as IN saying VBG he PRP planned VBD to TO sell VB his PRP$ Lockheed NNP stake NN because IN `` `` the DT defense NN industry NN seems VBZ to TO be VB getting VBG more RBR uncertain JJ . . '' '' Valhi NNP Inc. NNP , , another DT of IN Mr. NNP Simmons NNP ' POS companies NNS , , responded VBD to TO an DT article NN Monday NNP in IN The DT Wall NNP Street NNP Journal NNP , , which WDT credited VBD a DT story NN in IN the DT Sunday NNP Los NNP Angeles NNP Daily NNP News NNP . . Valhi NNP said VBD the DT articles NNS did VBD n't RB accurately RB reflect VB Valhi NNP and CC its PRP$ affiliates NNS ' POS intentions NNS toward IN Lockheed NNP . . Instead RB , , Valhi NNP said VBD , , they PRP may MD increase VB , , decrease VB or CC retain VB their PRP$ Lockheed NNP holdings NNS , , depending VBG on IN a DT number NN of IN conditions NNS . . Canada NNP , , which WDT is VBZ preparing VBG to TO speed VB up RP tariff NN cuts NNS with IN the DT U.S. NNP , , recorded VBD a DT 47 CD % NN narrowing NN in IN its PRP$ trade NN surplus NN with IN the DT U.S. NNP in IN August NNP , , Statistics NNP Canada NNP , , a DT federal JJ agency NN , , reported VBD . . U.S. NNP exports NNS to TO Canada NNP jumped VBD 11.2 CD % NN in IN August NNP from IN July NNP while IN U.S. NNP imports NNS from IN Canada NNP rose VBD only RB 2.7 CD % NN . . As IN a DT result NN , , Canada NNP 's POS trade NN surplus NN with IN the DT U.S. NNP narrowed VBD to TO C$ $ 656.5 CD million CD ( ( US$ $ 558 CD million CD ) ) in IN August NNP from IN C$ $ 1.23 CD billion CD ( ( US$ $ 1.04 CD billion CD ) ) in IN July NNP . . U.S. NNP exports NNS benefited VBD in IN August NNP from IN heavy JJ Canadian JJ spending NN on IN new JJ plant NN and CC equipment NN and CC a DT pickup NN in IN Canadian JJ auto NN demand NN , , Canadian JJ officials NNS said VBD . . The DT U.S. NNP and CC Canada NNP , , which WDT do VBP more JJR trade NN than IN any DT other JJ pair NN of IN nations NNS , , are VBP to TO meet VB next JJ month NN to TO arrange VB an DT acceleration NN of IN planned JJ tariff NN cuts NNS under IN the DT U.S.-Canada NNP free JJ trade NN agreement NN . . Industries NNS in IN both DT countries NNS have VBP requested VBN a DT speedup NN of IN tariff NN cuts NNS on IN hundreds NNS of IN products NNS . . Some DT tariffs NNS were VBD eliminated VBN when WRB the DT trade NN pact NN took VBD effect NN Jan. NNP 1 CD . . The DT remainder NN were VBD to TO be VB phased VBN out RP in IN five CD or CC 10 CD annual JJ installments NNS , , with IN all DT tariffs NNS eliminated VBN by IN January NNP 1998 CD . . The DT two CD countries NNS aim VBP to TO reach VB an DT agreement NN by IN early JJ December NNP on IN a DT package NN of IN accelerated JJ tariff NN cuts NNS that WDT would MD take VB effect VB early RB next JJ year NN . . Canadian JJ officials NNS said VBD the DT trade NN pact NN has VBZ kindled VBN an DT export NN interest NN among IN many JJ small JJ Canadian JJ companies NNS that WDT previously RB had VBD little JJ or CC no RB foreign JJ sales NNS . . For IN such JJ businessmen NNS , , the DT Canadian JJ government NN is VBZ organizing VBG 55 CD missions NNS this DT year NN to TO U.S. NNP states NNS bordering VBG on IN Canada NNP . . The DT businessmen NNS are VBP introduced VBN to TO potential JJ agents NNS and CC distributors NNS and CC instructed VBN in IN trade NN procedures NNS . . The DT U.S. NNP Commerce NNP Department NNP is VBZ planning VBG to TO try VB out RP similar JJ trips NNS on IN U.S. NNP businessmen NNS in IN coming JJ months NNS under IN its PRP$ Canada NNP First NNP ! . Outreach NNP Program NNP . . Participants NNS in IN the DT U.S. NNP missions NNS to TO Canada NNP are VBP to TO be VB assisted VBN by IN members NNS of IN the DT Service NNP Corps NNP of IN Retired NNP Executives NNP , , a DT volunteer NN group NN , , in IN dealing VBG with IN their PRP$ export NN challenges NNS . . The DT Canadian JJ government NN also RB has VBZ recently RB opened VBN new JJ trade NN offices NNS in IN San NNP Diego NNP ; : San NNP Juan NNP , , Puerto NNP Rico NNP ; : Miami NNP ; : Princeton NNP , , N.J. NNP , , and CC Denver NNP , , bringing VBG the DT total JJ number NN of IN such JJ Canadian JJ offices NNS in IN the DT U.S. NNP to TO 27 CD . . The DT U.S. NNP has VBZ six CD trade NN promotion NN offices NNS in IN Canada NNP . . Canada NNP 's POS export NN effort NN has VBZ been VBN blunted VBN by IN robust JJ home NN market NN demand NN and CC by IN an DT 18 CD % NN appreciation NN of IN the DT Canadian JJ dollar NN against IN its PRP$ U.S. NNP counterpart NN in IN the DT past JJ three CD years NNS that WDT has VBZ made VBN Canadian JJ goods NNS more RBR costly JJ in IN the DT U.S. NNP . . Canada NNP 's POS trade NN surplus NN with IN all DT countries NNS narrowed VBD to TO C$ $ 203.5 CD million CD in IN August NNP from IN C$ $ 528.3 CD million CD in IN July NNP , , Statistics NNP Canada NNP said VBD . . Loral NNP Corp. NNP said VBD it PRP received VBD a DT $ $ 325 CD million CD order NN from IN Turkey NNP 's POS Ministry NNP of IN Defense NNP , , the DT largest JJS contract NN the DT company NN ever RB has VBZ received VBN . . Loral NNP will MD provide VB to TO Turkey NNP an DT electronic JJ countermeasures NNS system NN for IN its PRP$ fleet NN of IN F-16 NNP aircraft NN . . The DT system NN provides VBZ radar-threat JJ warning NN and CC electronic JJ jamming NN capabilities NNS . . The DT defense NN electronics NNS maker NN said VBD delivery NN will MD begin VB in IN October NNP 1991 CD and CC run VB through IN mid-1995 NN . . Loral NNP said VBD the DT contract NN with IN Turkey NNP will MD provide VB opportunities NNS for IN Loral NNP to TO supply VB that DT country NN with IN other JJ defense NN systems NNS . . Crown NNP Resources NNP Corp. NNP said VBD it PRP reached VBD a DT definitive JJ agreement NN to TO acquire VB the DT Gold NNP Texas NNP Resources NNP Ltd. NNP shares NNS it PRP does VBZ n't RB already RB own JJ . . Under IN the DT proposed VBN agreement NN , , Gold NNP Texas NNP holders NNS will MD receive VB 1.43 CD Crown NNP shares NNS for IN each DT of IN the DT 1.1 CD million CD Gold NNP Texas NNP shares NNS not RB owned VBN by IN Crown NNP , , which WDT already RB owns VBZ 65 CD % NN . . The DT arrangement NN is VBZ subject JJ to TO approval NN by IN the DT Supreme NNP Court NNP of IN British NNP Columbia NNP province NN , , Crown NNP said VBD . . Gold NNP Texas NNP is VBZ based VBN in IN Vancouver NNP , , British NNP Columbia NNP , , and CC Crown NNP Resources NNP is VBZ based VBN in IN Denver NNP . . Both DT are VBP mining NN concerns NNS . . Apogee NNP Robotics NNP Inc. NNP said VBD its PRP$ board NN extended VBD until IN Feb. NNP 1 CD the DT exercise NN period NN of IN Apogee NNP 's POS existing JJ stock NN purchase NN warrants NNS outstanding JJ . . The DT expiration NN date NN had VBD been VBN Nov. NNP 3 CD . . Each DT of IN the DT 1,075,000 CD warrants NNS entitle VBP the DT holders NNS to TO purchase VB one CD share NN of IN Apogee NNP common JJ stock NN for IN $ $ 2.25 CD . . Apogee NNP was VBD quoted VBN in IN the DT over-the-counter JJ market NN yesterday NN at IN $ $ 2 CD bid NN . . Bank NNP of IN New NNP England NNP Corp. NNP , , seeking VBG to TO streamline VB its PRP$ business NN after IN a DT year NN of IN weak JJ earnings NNS and CC mounting VBG loan NN problems NNS , , said VBD it PRP will MD sell VB some DT operations NNS and CC lay VB off RP 4 CD % NN of IN its PRP$ work NN force NN . . The DT bank NN holding NN company NN also RB reported VBD that IN third-quarter JJ profit NN dropped VBD 41 CD % NN , , to TO $ $ 42.7 CD million CD , , or CC 61 CD cents NNS a DT share NN , , from IN the DT year-earlier JJ $ $ 72.3 CD million CD , , or CC $ $ 1.04 CD a DT share NN . . Among IN its PRP$ restructuring NN measures NNS , , the DT company NN said VBD it PRP plans VBZ to TO sell VB 53 CD of IN its PRP$ 453 CD branch NN offices NNS and CC to TO lay VB off RP 800 CD employees NNS . . Altogether RB , , employment NN is VBZ expected VBN to TO decline VB to TO less JJR than IN 16,000 CD from IN the DT current JJ level NN of IN about RB 18,000 CD . . Walter NNP Connolly NNP , , chairman NN , , said VBD in IN an DT interview NN that IN the DT company NN expects VBZ to TO record VB pretax JJ gains NNS of IN $ $ 100 CD million CD to TO $ $ 125 CD million CD from IN the DT sale NN of IN its PRP$ leasing NN operations NNS and CC of IN certain JJ financial JJ processing NN services NNS . . In IN a DT prepared JJ statement NN , , the DT company NN said VBD it PRP expects VBZ to TO realize VB those DT gains NNS before IN year NN end NN . . Nonperforming JJ assets NNS continued VBD to TO pile VB up RP in IN the DT latest JJS quarter NN , , rising VBG to TO $ $ 900 CD million CD , , or CC 3.52 CD % NN of IN loans NNS and CC leases NNS , , from IN $ $ 667 CD million CD , , or CC 2.68 CD % NN , , at IN the DT end NN of IN the DT second JJ quarter NN . . Some RB $ $ 170 CD million CD of IN the DT $ $ 233 CD million CD increase NN in IN nonperforming JJ loans NNS was VBD related VBN to TO real JJ estate NN , , and CC roughly RB three-quarters NNS of IN that DT was VBD in IN the DT troubled JJ New NNP England NNP market NN , , according VBG to TO Richard NNP Driscoll NNP , , vice NN chairman NN . . Mr. NNP Driscoll NNP said VBD that IN , , despite IN continued JJ weakness NN in IN the DT region NN 's POS real JJ estate NN market NN , , Bank NNP of IN New NNP England NNP expects VBZ the DT rate NN of IN increase NN in IN nonperforming JJ assets NNS to TO slow VB in IN coming JJ quarters NNS . . Mr. NNP Connolly NNP noted VBD that IN net JJ third-quarter JJ charge-offs NNS , , at IN $ $ 63 CD million CD , , improved VBD slightly RB from IN the DT $ $ 67 CD million CD in IN the DT second JJ quarter NN . . And CC he PRP indicated VBD that IN more RBR substantial JJ improvement NN is VBZ expected VBN in IN the DT next JJ couple NN of IN quarters NNS . . The DT company NN increased VBD its PRP$ loan NN loss NN reserve NN to TO $ $ 354 CD million CD from IN $ $ 342 CD million CD at IN the DT end NN of IN the DT second JJ quarter NN . . Total JJ assets NNS slipped VBD to TO $ $ 31.4 CD billion CD , , from IN $ $ 32 CD billion CD as IN of IN June NNP 30 CD . . Among IN other JJ restructuring NN measures NNS , , the DT bank NN said VBD it PRP will MD close VB its PRP$ loan NN production NN offices NNS in IN Chicago NNP , , New NNP York NNP and CC Philadelphia NNP . . The DT Chicago NNP office NN figured VBD prominently RB in IN the DT bank NN 's POS problems NNS earlier RBR this DT year NN , , when WRB $ $ 65 CD million CD in IN loans NNS to TO Chicago NNP businessman NN William NNP Stoecker NNP went VBD sour JJ . . In IN an DT internal JJ memorandum NN to TO employees NNS , , Messrs. NNPS Connolly NNP and CC Driscoll NNP described VBD the DT restructuring NN as IN an DT effort NN to TO continue VB rationalizing VBG operations NNS assembled VBN during IN a DT series NN of IN mergers NNS over IN the DT past JJ five CD years NNS . . Italy NNP 's POS wholesale JJ price NN index NN rose VBD 0.4 CD % NN in IN August NNP from IN July NNP and CC was VBD up RB 6.1 CD % NN from IN a DT year NN earlier RBR , , the DT state NN statistical JJ institute NN reported VBD . . The DT index NN registered VBD 196.1 CD in IN August NNP , , compared VBN with IN 195.4 CD in IN July NNP and CC with IN 184.9 CD in IN August NNP 1988 CD . . The DT year-on-year JJ rise NN in IN August NNP was VBD slightly RB down RB from IN the DT 6.4 CD % NN rate NN in IN July NNP . . The DT index NN has VBZ a DT base NN of IN 100 CD set NN in IN 1980 CD and CC is VBZ n't RB seasonally RB adjusted VBN . . U.S. NNP steel NN imports NNS in IN August NNP fell VBD 14 CD % NN from IN a DT year NN earlier JJR to TO 1,531,000 CD tons NNS , , according VBG to TO the DT American NNP Iron NNP and CC Steel NNP Institute NNP . . The DT trade NN group NN 's POS compilation NN of IN Commerce NNP Department NNP data NNS showed VBD that IN August NNP imports NNS , , the DT second JJ largest JJS monthly JJ total NN of IN the DT year NN , , were VBD up IN 5 CD % NN from IN July NNP 's POS 1,458,000 CD tons NNS but CC below IN last JJ year NN 's VBZ high JJ of IN 1,979,000 CD tons NNS in IN June NNP 1988 CD . . August NNP imports NNS claimed VBD 18.5 CD % NN of IN the DT U.S. NNP market NN , , compared VBN with IN 19.3 CD % NN in IN July NNP and CC 20.5 CD % NN in IN August NNP 1988 CD . . The DT latest JJS month NN 's POS figures NNS show VB that IN imports NNS of IN steel NN from IN European NNP Community NNP nations NNS fell VBD to TO 466,000 CD tons NNS from IN 481,000 CD a DT month NN earlier RB , , while IN imports NNS from IN Japan NNP rose VBD to TO 323,000 CD tons NNS from IN 288,000 CD in IN July NNP . . Imports NNS from IN Canada NNP rose VBD to TO 272,000 CD tons NNS in IN August NNP from IN 209,000 CD in IN July NNP . . The DT American NNP Institute NNP for IN Imported NNP Steel NNP said VBD imports NNS for IN the DT first JJ eight CD months NNS of IN 1989 CD were VBD below IN the DT level NN allowed VBN by IN the DT Voluntary NNP Restraint NNP Agreement NNP program NN . . The DT institute NN said VBD that IN , , excluding VBG semifinished VBN steel NN products NNS , , year-to-date JJ imports NNS represented VBD 15.2 CD % NN of IN consumption NN , , compared VBN with IN a DT permitted VBN maximum NN of IN 18.5 CD % NN . . Japanese JJ machinery NN makers NNS received VBD orders NNS totaling VBG 1.465 CD trillion CD yen NN ( ( $ $ 10.33 CD billion CD ) ) in IN August NNP , , up RB 14 CD % NN from IN a DT year NN earlier RBR , , the DT Economic NNP Planning NNP Agency NNP said VBD . . `` `` Equipment NN orders NNS on IN the DT domestic JJ side NN were VBD particularly RB strong JJ in IN shipping NN and CC power NN utilities NNS , , '' '' said VBD an DT agency NN official NN . . The DT latest JJS report NN compares VBZ with IN a DT modest JJ 9.9 CD % NN increase NN in IN July NNP machinery NN orders NNS from IN a DT year NN earlier RBR . . In IN August NNP , , soon RB after IN Wang NNP Laboratories NNP Inc. NNP reported VBD a DT staggering JJ $ $ 424.3 CD million CD loss NN and CC replaced VBD its PRP$ president NN , , two CD Boston NNP sales NNS representatives NNS sent VBD customers NNS a DT letter NN saying VBG : : `` `` We PRP fully RB expect VBP that IN you PRP will MD soon RB be VB reading VBG stories NNS in IN the DT press NN reporting VBG the DT ` `` Amazing NNP Comeback NNP at IN Wang NNP . . ' '' '' '' How WRB soon RB Wang NNP will MD stage VB a DT comeback NN , , or CC if IN it PRP will MD at IN all DT , , are VBP still RB matters NNS of IN debate NN . . But CC Wang NNP salespeople NN are VBP trying VBG to TO cope VB with IN the DT biggest JJS challenge NN any DT marketer NN can MD face VB : : selling VBG the DT products NNS of IN a DT company NN that WDT is VBZ on IN the DT ropes NNS . . `` `` If IN your PRP$ prospect NN is VBZ feeling VBG risk VB the DT whole JJ time NN and CC you PRP 're VBP not RB feeling VBG as IN if IN you PRP 're VBP backed VBN up RP by IN a DT stable JJ company NN , , you PRP 've VBP lost VBN it PRP before IN you PRP 've VBP begun VBN , , '' '' says VBZ Mary NNP Ann NNP Cluggish NNP , , a DT Wellesley NNP , , Mass. NNP , , sales NNS trainer NN and CC consultant NN who WP works VBZ with IN high JJ technology NN companies NNS . . It PRP can MD happen VB in IN any DT industry NN . . Consider VB the DT difficulties NNS faced VBN by IN Audi NNP salespeople NN when WRB the DT car NN was VBD tainted VBN by IN false JJ charges NNS of IN sudden JJ acceleration NN , , or CC Exxon NNP dealers NNS ' POS problems NNS in IN the DT wake NN of IN the DT Valdez NNP oil NN spill NN . . Like IN thousands NNS of IN salespeople NN before IN them PRP , , Wang NNP 's POS are VBP finding VBG ways NNS to TO combat VB the DT bad JJ news NN . . `` `` It PRP 's VBZ very RB important JJ that IN we PRP exude VBP confidence NN , , even RB though IN within IN the DT family NN we PRP know VBP there EX 's VBZ a DT lot NN of IN hard JJ work NN ahead RB , , '' '' said VBD Richard NNP Miller NNP , , the DT Lowell NNP , , Mass. NNP , , computer NN concern NN 's POS new JJ president NN , , in IN a DT video JJ message NN to TO salespeople NNS a DT month NN after IN he PRP took VBD over RP . . Wang NNP got VBD into IN financial JJ trouble NN because IN of IN bloated JJ overhead NN and CC overly RB optimistic JJ sales NNS forecasts NNS . . Its PRP$ mainline JJ minicomputers NNS and CC word NN processors NNS have VBP lost VBN ground NN to TO cheaper JJR personal JJ computers NNS . . Last JJ year NN it PRP funded VBD its PRP$ high JJ employment NN by IN heavy JJ borrowing NN , , and CC it PRP suffered VBD huge JJ losses NNS when WRB sales NNS turned VBD down RB instead RB of IN rising VBG . . After IN the DT company NN reported VBD red JJ ink NN for IN the DT fiscal JJ third JJ quarter NN , , Wang NNP 's POS marketing NN department NN provided VBD the DT sales NNS force NN answers NNS to TO questions NNS such JJ as IN `` `` How WRB could MD you PRP not RB have VB known VBN you PRP were VBD going VBG to TO lose VB $ $ 55 CD million CD ? . '' '' and CC `` `` Is VBZ Wang NNP still RB a DT viable JJ company NN ? . '' '' Salespeople NNS try VBP to TO push VB their PRP$ products NNS and CC avoid VB discussions NNS of IN finances NNS . . Responding VBG to TO such JJ questions NNS is VBZ `` `` defensive JJ , , '' '' says VBZ Kenneth NNP Olissa NNP , , Wang NNP 's POS vice NN president NN , , marketing NN . . `` `` That DT 's VBZ antithetical JJ to TO the DT art NN of IN selling VBG . . '' '' Moreover RB , , he PRP notes VBZ that IN analyzing VBG financial JJ results NNS `` `` poses VBZ a DT problem NN for IN a DT salesman NN who WP is VBZ n't RB particularly RB familiar JJ with IN a DT balance NN sheet NN . . '' '' At IN one CD sales NNS strategy NN meeting NN , , an DT executive NN suggested VBD ordering VBG salespeople NNS to TO become VB experts NNS on IN the DT annual JJ report NN . . Mr. NNP Miller NNP vetoed VBD that DT : : `` `` Even RB I PRP ca MD n't RB understand VB all PDT the DT footnotes NNS , , '' '' he PRP says VBZ . . Instead RB , , he PRP says VBZ , , if IN the DT salespeople NNS can MD get VB the DT customers NNS to TO consider VB Wang NNP 's POS products NNS on IN their PRP$ merits NNS , , he PRP or CC a DT top JJ financial JJ officer NN will MD try VB to TO assuage VB the DT fears NNS about IN finances NNS . . Mike NNP Metschan NNP , , a DT salesman NN in IN Wang NNP 's POS Austin NNP , , Texas NNP , , office NN , , has VBZ a DT breezier JJR method NN : : `` `` We PRP tell VBP them PRP $ $ 3 CD billion CD companies NNS do VBP n't RB go VB out IN of IN business NN . . We PRP tell VBP them PRP all PDT the DT major JJ companies NNS are VBP having VBG financial JJ difficulties NNS . . '' '' Numerous JJ computer NN companies NNS are VBP having VBG sales NNS slumps NNS and CC earnings NNS declines NNS , , but CC very RB few JJ have VBP had VBN losses NNS comparable JJ to TO Wang NNP 's POS or CC are VBP carrying VBG such PDT a DT large JJ debt NN load NN . . Mr. NNP Miller NNP says VBZ that IN after IN a DT sharp JJ sales NNS slump NN in IN July NNP and CC August NNP , , sales NNS stabilized VBD in IN September NNP . . Although IN Wang NNP will MD report VB a DT loss NN for IN the DT first JJ quarter NN ended VBN Sept. NNP 30 CD and CC the DT full JJ fiscal JJ year NN , , Mr. NNP Miller NNP says VBZ he PRP expects VBZ the DT company NN will MD return VB to TO profitability NN by IN the DT fourth JJ quarter NN . . Experts NNS on IN sales NNS technique NN say VBP anyone NN representing VBG a DT troubled JJ company NN must MD walk VB a DT fine JJ line NN . . `` `` If IN a DT salesman NN jeopardizes VBZ his PRP$ credibility NN in IN this DT time NN of IN trouble NN , , it PRP will MD be VB a DT problem NN for IN the DT long JJ run NN , , '' '' says VBZ George NNP Palmatier NNP , , a DT Minden NNP , , Nev. NNP , , sales NNS consultant NN and CC author NN of IN `` `` The DT Marketing NN Edge NN . . '' '' Still RB , , says VBZ John NNP Sullivan NNP , , a DT management NN recruiter NN with IN Daniel NNP Roberts NNP Inc. NNP of IN Boston NNP , , who WP has VBZ held VBN senior JJ sales NNS positions NNS at IN Polaroid NNP and CC Atari NNP : : `` `` The DT customer NN will MD react VB to TO strength NN . . Ignore VB the DT present JJ condition NN . . Show VB it PRP 's VBZ business NN as IN usual JJ . . '' '' That DT is VBZ n't RB easy JJ . . Wang NNP 's POS customers NNS are VBP data NNS processing NN managers NNS who WP want VBP to TO be VB sure JJ that IN their PRP$ suppliers NNS are VBP stable JJ , , wellrun JJ companies NNS that WDT will MD be VB around RB to TO fix VB bugs NNS and CC upgrade VB computers NNS for IN years NNS to TO come VB . . For IN buyers NNS , , `` `` these DT are VBP career-risking JJ decisions NNS , , '' '' says VBZ Jean NNP Conlin NNP , , who WP supervises VBZ a DT network NN of IN Wang NNP computers NNS in IN the DT admissions NNS department NN at IN Boston NNP University NNP . . The DT university NN is VBZ considering VBG installing VBG a DT $ $ 250,000 CD system NN to TO store VB applications NNS electronically RB . . `` `` Before IN the DT really RB bad JJ news NN , , we PRP were VBD looking VBG at IN Wang NNP fairly RB seriously RB , , '' '' she PRP says VBZ . . But CC `` `` their PRP$ present JJ financial JJ condition NN means VBZ I PRP 'd MD have VB a DT hard JJ time NN convincing VBG the DT vice NN president NN in IN charge NN of IN purchasing VBG . . '' '' Ms. NNP Conlin NNP adds VBZ : : `` `` At IN some DT point NN we PRP 'd MD have VB to TO ask VB , , ` `` How WRB do VBP we PRP know VB that IN in IN three CD years NNS you PRP wo MD n't RB be VB in IN Chapter NNP 11 CD ? . ' '' '' '' During IN the DT past JJ year NN , , Wang NNP has VBZ developed VBN new JJ products NNS and CC a DT new JJ strategy NN and CC hired VBN a DT new JJ president NN . . Wang NNP 's POS overall JJ product NN line NN is VBZ `` `` still RB not RB as RB good JJ as IN other JJ vendors NNS , , but CC they PRP 've VBP come VBN a DT long JJ way NN , , '' '' says VBZ Steven NNP Wendler NNP , , a DT consultant NN with IN market NN researcher NN Gartner NNP Group NNP , , Stamford NNP , , Conn NNP . . `` `` They PRP were VBD on IN the DT road NN to TO recovery NN in IN terms NNS of IN customer NN attitudes NNS until IN this DT bad JJ quarter NN happened VBD . . '' '' The DT first JJ priority NN for IN Wang NNP 's POS sales NNS force NN is VBZ to TO make VB sure JJ it PRP holds VBZ on IN to TO existing JJ customers NNS . . Wang NNP 's POS installed JJ base NN is VBZ one CD of IN its PRP$ greatest JJS assets NNS , , and CC many JJ of IN those DT customers NNS remain VBP extremely RB loyal JJ . . But CC even RB before IN Wang NNP 's POS latest JJS financial JJ troubles NNS surfaced VBD , , some DT customers NNS `` `` were VBD trying VBG to TO wall VB off RP their PRP$ Wang NNP installations NNS '' '' so IN other JJ departments NNS would MD n't RB add VB Wang NNP , , says VBZ Chris NNP Christiansen NNP , , a DT former JJ Wang NNP marketer NN who WP is VBZ now RB a DT market NN analyst NN with IN Meta NNP Group NNP , , a DT market NN research NN firm NN in IN Stamford NNP , , Conn NNP . . One CD Wang NNP salesman NN who WP left VBD the DT company NN in IN July NNP recalls VBZ that IN when WRB he PRP tried VBD to TO sell VB products NNS to TO Eastman NNP Kodak NNP , , he PRP worked VBD `` `` to TO muster VB support NN from IN internal JJ allies NNS , , '' '' but CC `` `` those DT allies NNS became VBD skeptical JJ as IN they PRP saw VBD the DT downtrend NN . . The DT more RBR recent JJ losses NNS were VBD really RB devastating JJ . . '' '' New JJ customers NNS , , the DT source NN of IN higher JJR commissions NNS for IN salespeople NN and CC the DT key NN to TO Wang NNP 's POS long-term JJ viability NN , , are VBP even RB tougher JJR . . Rick NNP Lynch NNP , , a DT former JJ top JJ salesman NN in IN Wang NNP 's POS Boston NNP office NN , , referring VBG to TO Wang NNP 's POS mainstay JJ computer NN line NN , , says VBZ : : `` `` You PRP ca MD n't RB sell VB a DT VS NNP to TO a DT new JJ customer NN . . '' '' Mr. NNP Lynch NNP left VBD Wang NNP this DT summer NN for IN Oracle NNP Systems NNP Inc. NNP , , a DT software NN vendor NN . . The DT financial JJ problems NNS are VBP particularly RB frustrating JJ for IN salespeople NNS pushing VBG Wang NNP 's POS image NN systems NNS , , which WDT convert VBP paper NN forms NNS to TO electronic JJ documents NNS . . Consultants NNS say VBP that IN Wang NNP 's POS technology NN is VBZ among IN the DT best JJS available JJ in IN the DT image NN market NN . . But CC salespeople NNS often RB found VBD that IN news NN of IN Wang NNP 's POS problems NNS superseded VBD their PRP$ sales NNS efforts NNS . . William NNP Tait NNP , , a DT former JJ sales NNS manager NN in IN Indianapolis NNP , , says VBZ that IN his PRP$ office NN had VBD all RB but RB sold VBD a DT $ $ 1.5 CD million CD image NN system NN to TO pharmaceutical JJ maker NN Eli NNP Lilly NNP & CC Co NNP . . `` `` When WRB they PRP were VBD making VBG the DT decision NN , , all DT hell NN broke VBD loose RB with IN the DT finances NNS . . '' '' He PRP says VBZ the DT Lilly NNP executives NNS told VBD him PRP they PRP could MD n't RB take VB the DT risk NN with IN Wang NNP . . Mr. NNP Tait NNP say VB he PRP does VBZ n't RB blame VB Lilly RB . . Buyers NNS have VBP to TO rely VB on IN a DT supplier NN `` `` continually RB upgrading VBG and CC replacing VBG the DT product NN , , '' '' he PRP says VBZ . . `` `` When WRB a DT company NN realizes VBZ that DT , , it PRP 's VBZ hard JJ to TO go VB with IN Wang NNP . . '' '' For IN Mr. NNP Tait NNP , , who WP says VBZ he PRP used VBD to TO earn VB as RB much JJ as IN $ $ 150,000 CD a DT year NN at IN Wang NNP , , it PRP was VBD one CD more JJR reason NN to TO quit VB . . He PRP is VBZ now RB president NN of IN Eastate NNP Homes NNP Inc. NNP , , an DT Indianapolis NNP contractor NN . . It PRP can MD be VB hard JJ for IN a DT salesperson NN to TO fight VB off RP feelings NNS of IN discouragement NN . . Brian NNP Petre NNP , , a DT former JJ Wang NNP salesman NN in IN upstate JJ New NNP York NNP , , says VBZ : : `` `` You PRP have VBP pride NN in IN your PRP$ job NN . . You PRP think VBP you PRP can MD go VB out RB and CC turn VB things NNS around RB . . It PRP 's VBZ a DT tough JJ thing NN when WRB you PRP ca MD n't RB . . The DT reason NN does VBZ n't RB relate VB to TO your PRP$ selling NN skills NNS . . '' '' Discouragement NN feeds VBZ on IN itself PRP . . `` `` The DT problem NN is VBZ , , if IN people NNS get VBP down IN in IN the DT dumps NNS , , they PRP stop VBP selling VBG , , '' '' says VBZ Mike NNP Durcan NNP , , a DT laid-off JJ sales NNS manager NN in IN Wang NNP 's POS Austin NNP office NN . . One CD key NN for IN salespeople NNS is VBZ to TO boost VB their PRP$ own JJ morale NN . . Paul NNP Hellman NNP , , a DT Framingham NNP , , Mass. NNP , , sales NNS and CC management NN consultant NN and CC author NN of IN `` `` Ready JJ , , Aim VB , , You PRP 're VBP Hired VBN , , '' '' says VBZ : : `` `` The DT bad JJ news NN is VBZ , , you PRP 'll MD be VB rejected VBN more RBR . . The DT good JJ news NN is VBZ , , it PRP 's VBZ not RB your PRP$ fault NN . . '' '' So RB , , he PRP advises VBZ , , make VB goals NNS achievable JJ . . For IN instance NN , , he PRP suggests VBZ that IN salespeople NNS making VBG telephone NN calls NNS should MD say VB to TO themselves PRP : : `` `` All DT I PRP want VBP to TO do VB today NN is VBZ get VB 50 CD rejections NNS . . '' '' But CC Mr. NNP Miller NNP , , Wang NNP 's POS new JJ president NN , , recently RB warned VBD his PRP$ salespeople NN about IN negativism NN . . `` `` Our PRP$ customers NNS watch VBP us PRP for IN the DT hidden JJ message NN , , '' '' he PRP said VBD . . `` `` Look VB a DT customer NN right RB in IN the DT eye NN and CC say VB , , ` `` I PRP 'm VBP glad JJ to TO be VB at IN Wang NNP . . Blinder NNP International NNP Enterprises NNP Inc. NNP , , the DT parent NN of IN beleaguered JJ penny-stockbroker NN Blinder NNP , , Robinson NNP & CC Co. NNP , , said VBD its PRP$ shareholders NNS approved VBD a DT previously RB announced VBN name NN change NN to TO Intercontinental NNP Enterprises NNP Inc NNP . . `` `` The DT parent NN company NN is VBZ diversifying VBG into IN other JJ industries NNS around IN the DT world NN , , '' '' said VBD president NN Meyer NNP Blinder NNP in IN explaining VBG the DT name NN change NN . . `` `` Everytime RB we PRP talked VBD about IN Blinder NNP International NNP , , { ( people NNS } ) thought VBD it PRP was VBD the DT brokerage NN house NN . . '' '' Mr. NNP Blinder NNP said VBD the DT change NN was VBD n't RB related VBN to TO the DT brokerage NN 's POS recent JJ troubles NNS , , which WDT have VBP included VBN sharp JJ declines NNS in IN earnings NNS , , run-ins NNS with IN the DT securities NNS regulators NNS and CC lawsuits NNS by IN former JJ customers NNS . . The DT company NN said VBD it PRP expects VBZ the DT name NN change NN to TO take VB effect NN within IN a DT week NN . . Olin NNP Corp. NNP said VBD third-quarter JJ net JJ income NN rose VBD 26 CD % NN on IN the DT strength NN of IN its PRP$ chemical NN business NN . . Net NN was VBD $ $ 24 CD million CD , , or CC $ $ 1.15 CD a DT share NN , , up RB from IN $ $ 19 CD million CD , , or CC 90 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . Sales NNS rose VBD 7.4 CD % NN to TO $ $ 580 CD million CD from IN $ $ 540 CD million CD . . Olin NNP said VBD its PRP$ chemical NN segment NN had VBD profit NN of IN $ $ 22 CD million CD , , up RB from IN $ $ 15 CD million CD a DT year NN ago RB , , largely RB because IN of IN gains NNS in IN electrochemicals NNS such JJ as IN caustic JJ soda NN . . The DT company NN said VBD the DT gains NNS were VBD tied VBN to TO volume NN increases NNS and CC higher JJR prices NNS . . The DT market NN for IN electrochemicals NNS include VBP the DT paper NN , , water-purification NN and CC textile JJ industries NNS . . The DT chemical NN segment NN had VBD a DT $ $ 6 CD million CD gain NN on IN the DT sale NN of IN ammonia NN and CC urea NN businesses NNS , , which WDT was VBD offset VBN by IN a DT $ $ 6 CD million CD charge NN for IN future JJ environmental JJ expenditures NNS . . Profit NNP in IN Olin NNP 's POS defense NN and CC ammunition NN segment NN rose VBD to TO $ $ 8 CD million CD from IN $ $ 7 CD million CD . . The DT metals NNS segment NN , , hurt VBN by IN a DT strike NN , , had VBD break-even JJ results NNS , , against IN $ $ 3 CD million CD a DT year NN ago RB . . In IN the DT first JJ nine CD months NNS , , net NN rose VBD 21 CD % NN to TO $ $ 93 CD million CD , , or CC $ $ 4.52 CD a DT share NN , , from IN $ $ 77 CD million CD , , or CC $ $ 3.62 CD a DT share NN a DT year NN ago RB . . Sales NNS rose VBD 13 CD % NN to TO $ $ 1.91 CD billion CD from IN $ $ 1.69 CD billion CD . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Olin NNP closed VBD at IN $ $ 58.50 CD a DT share NN , , down RB 25 CD cents NNS . . GTE NNP Corp. NNP and CC MCI NNP Communications NNP Corp. NNP reported VBD strong JJ earnings NNS gains NNS to TO record JJ levels NNS for IN the DT third JJ quarter NN . . Southwestern NNP Bell NNP Corp. NNP and CC Cincinnati NNP Bell NNP posted VBD slight JJ declines NNS . . GTE NNP Corp NNP . . GTE NNP said VBD net JJ income NN rose VBD 18 CD % NN , , aided VBN by IN higher JJR long-distance JJ calling NN volumes NNS and CC an DT increase NN in IN telephone NN lines NNS in IN service NN . . Pretax JJ operating NN profit NN from IN telephone NN operations NNS rose VBD 8.2 CD % NN but CC profits NNS from IN telecommunications NNS products NNS and CC electrical JJ products NNS were VBD flat JJ . . Revenues NNS rose VBD 8.8 CD % NN to TO $ $ 4.35 CD billion CD from IN $ $ 4.0 CD billion CD . . The DT company NN said VBD the DT quarter NN included VBD a DT 10 CD % NN increase NN in IN local-exchange JJ usage NN for IN long-distance JJ calling NN and CC a DT 5 CD % NN increase NN in IN the DT number NN of IN access NN lines NNS in IN service NN . . Earlier JJR rate NN reductions NNS in IN Texas NNP and CC California NNP reduced VBD the DT quarter NN 's POS revenue NN and CC operating NN profit NN $ $ 55 CD million CD ; : a DT year NN earlier RBR , , operating NN profit NN in IN telephone NN operations NNS was VBD reduced VBN by IN a DT similar JJ amount NN as IN a DT result NN of IN a DT provision NN for IN a DT reorganization NN . . Revenue NN in IN the DT telecommunications NN products NNS and CC services NNS unit NN rose VBD 27 CD % NN to TO $ $ 728.8 CD million CD , , but CC operating NN profit NN was VBD unchanged JJ at IN $ $ 26.3 CD million CD , , partly RB because IN of IN start-up JJ expenses NNS . . Electrical JJ products NNS ' POS sales NNS fell VBD to TO $ $ 496.7 CD million CD from IN $ $ 504.5 CD million CD with IN higher JJR world-wide JJ lighting NN volume NN offset VBN by IN lower JJR domestic JJ prices NNS and CC the DT impact NN of IN weaker JJR currencies NNS in IN Europe NNP and CC South NNP America NNP . . Operating NN profit NN of IN $ $ 37.2 CD million CD was VBD unchanged JJ . . In IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , GTE NNP rose VBD $ $ 1.25 CD to TO $ $ 64.125 CD . . MCI NNP Communications NNP Corp NNP . . MCI NNP , , which WDT stepped VBD up RP efforts NNS to TO sell VB long-distance JJ telephone NN service NN to TO residential JJ customers NNS , , reported VBD a DT 59 CD % NN jump NN in IN earnings NNS . . Revenue NN rose VBD 23 CD % NN to TO $ $ 1.67 CD billion CD from IN $ $ 1.36 CD billion CD . . Operating NN profit NN grew VBD 57 CD % NN to TO $ $ 269 CD million CD from IN $ $ 171 CD million CD , , while IN operating VBG margins NNS rose VBD to TO 16.1 CD % NN from IN 15.9 CD % NN the DT previous JJ quarter NN and CC 12.6 CD % NN a DT year NN ago RB . . Daniel NNP Akerson NNP , , MCI NNP chief JJ financial JJ officer NN , , said VBD the DT company NN sees VBZ further JJ improvements NNS in IN operating NN margins NNS . . `` `` We PRP think VBP we PRP can MD take VB it PRP to TO the DT 18 CD % NN range NN over IN next JJ 18 CD to TO 24 CD months NNS , , '' '' he PRP said VBD . . In IN national JJ over-the-counter JJ trading NN , , MCI NNP fell VBD $ $ 2.625 CD to TO $ $ 42.375 CD . . Charles NNP Schellke NNP , , an DT analyst NN with IN Smith NNP Barney NNP , , Harris NNP Upham NNP & CC Co. NNP , , said VBD some DT investors NNS apparently RB expected VB slightly RB better JJR revenue NN growth NN . . The DT company NN said VBD that DT residential JJ traffic NN grew VBD faster RBR than IN business NN traffic NN and CC attributed VBD that DT to TO its PRP$ new JJ PrimeTime NNP calling NN plan NN that WDT competes VBZ with IN American NNP Telephone NNP & CC Telegraph NNP 's POS Reach NNP Out IN America NNP plan NN . . MCI NNP claims VBZ about RB 12 CD % NN of IN the DT overall JJ long-distance JJ telephone NN market NN but CC just RB under IN 10 CD % NN of IN the DT $ $ 23 CD billion CD residential JJ market NN . . It PRP has VBZ been VBN trying VBG to TO improve VB its PRP$ share NN of IN the DT residential JJ market NN . . The DT company NN wants VBZ its PRP$ business NN mix NN to TO more RBR closely RB match VB that DT of IN AT&T NNP -- : a DT step NN it PRP says VBZ will MD help VB prevent VB cross JJ subsidization NN . . Mr. NNP Akerson NNP said VBD MCI NNP recorded VBD `` `` another DT solid JJ cash NN positive JJ quarter NN , , '' '' its PRP$ fourth JJ in IN a DT row NN , , but CC declined VBD to TO comment VB on IN whether IN the DT company NN is VBZ considering VBG a DT dividend NN or CC is VBZ planning VBG any DT acquisition NN . . The DT current JJ quarter NN , , he PRP said VBD , , `` `` looks VBZ fine JJ . . We PRP think VBP revenue NN will MD continue VB to TO grow VB and CC that IN we PRP can MD control VB costs NNS and CC thus RB improve VB profitability NN . . '' '' Southwestern NNP Bell NNP Corp NNP . . Southwestern NNP Bell NNP Corp. NNP said VBD net NN dropped VBD 8.7 CD % NN , , mainly RB the DT result NN of IN four CD extraordinary JJ items NNS : : a DT franchise NN tax NN refund NN that IN its PRP$ Southwestern NNP Bell NNP Telephone NNP Co. NNP unit NN received VBD last JJ year NN ; : a DT production NN shift NN of IN several JJ Yellow NNP Pages NNPS directories NNS to TO the DT fourth JJ quarter NN from IN the DT third JJ ; : a DT rate NN refund NN in IN Missouri NNP and CC a DT one-time JJ adjustment NN to TO phone NN company NN revenues NNS . . Revenue NN slipped VBD 1.2 CD % NN to TO $ $ 2.21 CD billion CD from IN $ $ 2.23 CD billion CD . . The DT earnings NNS drop NN had VBD been VBN expected VBN . . Chairman NNP Zane NNP E. NNP Barnes NNP said VBD Southwestern NNP Bell NNP 's POS `` `` businesses NNS are VBP healthy JJ and CC are VBP continuing VBG to TO grow VB . . '' '' The DT company NN reported VBD a DT 3.1 CD % NN increase NN in IN the DT number NN of IN access NN lines NNS in IN service NN , , and CC also RB said VBD its PRP$ Southwestern NNP Bell NNP Mobile NNP Systems NNP unit NN added VBD 30,000 CD new JJ customers NNS , , with IN a DT current JJ total NN of IN about RB 333,000 CD . . Southwestern NNP shares NNS fell VBD 50 CD cents NNS to TO $ $ 55.875 CD in IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP . . Cincinnati NNP Bell NNP Inc NNP . . Cincinnati NNP Bell NNP Inc. NNP said VBD net NN declined VBD 1.8 CD % NN . . The DT company NN noted VBD that IN the DT year-ago JJ period NN was VBD particularly RB strong JJ , , with IN an DT increase NN of IN nearly RB 70 CD % NN . . Revenue NN jumped VBD nearly RB 17 CD % NN to TO $ $ 223.3 CD million CD from IN $ $ 191.4 CD million CD . . In IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , Cincinnati NNP Bell NNP fell VBD 25 CD cents NNS to TO $ $ 29 CD . . The DT company NN said VBD that IN the DT number NN of IN access NN lines NNS dropped VBD slightly RB in IN the DT quarter NN , , a DT decline NN attributed VBN to TO seasonal JJ fluctuations NNS . . For IN the DT year NN , , however RB , , access NN lines NNS in IN service NN have VBP increased VBN 5.5 CD % NN . . Chairman NNP D.H. NNP Hibbard NNP said VBD the DT company NN has VBZ set VBN a DT new JJ five CD year NN goal NN of IN doubling VBG revenues NNS to TO about RB $ $ 1.8 CD billion CD while IN steadily RB increasing VBG net NN . . Rockwell NNP International NNP Corp. NNP 's POS Tulsa NNP unit NN said VBD it PRP signed VBD a DT tentative JJ agreement NN extending VBG its PRP$ contract NN with IN Boeing NNP Co. NNP to TO provide VB structural JJ parts NNS for IN Boeing NNP 's POS 747 CD jetliners NNS . . Rockwell NNP said VBD the DT agreement NN calls VBZ for IN it PRP to TO supply VB 200 CD additional JJ so-called JJ shipsets NNS for IN the DT planes NNS . . These DT include VBP , , among IN other JJ parts NNS , , each DT jetliner NN 's POS two CD major JJ bulkheads NNS , , a DT pressure NN floor NN , , torque NN box NN , , fixed VBN leading VBG edges NNS for IN the DT wings NNS and CC an DT aft JJ keel NN beam NN . . Under IN the DT existing VBG contract NN , , Rockwell NNP said VBD , , it PRP has VBZ already RB delivered VBN 793 CD of IN the DT shipsets NNS to TO Boeing NNP . . Rockwell NNP , , based VBN in IN El NNP Segundo NNP , , Calif. NNP , , is VBZ an DT aerospace NN , , electronics NNS , , automotive JJ and CC graphics NNS concern NN . . Frank NNP Carlucci NNP III NNP was VBD named VBN to TO this DT telecommunications NNS company NN 's POS board NN , , filling VBG the DT vacancy NN created VBN by IN the DT death NN of IN William NNP Sobey NNP last JJ May NNP . . Mr. NNP Carlucci NNP , , 59 CD years NNS old JJ , , served VBD as IN defense NN secretary NN in IN the DT Reagan NNP administration NN . . In IN January NNP , , he PRP accepted VBD the DT position NN of IN vice NN chairman NN of IN Carlyle NNP Group NNP , , a DT merchant NN banking NN concern NN . . SHEARSON NNP LEHMAN NNP HUTTON NNP Inc NNP . . Thomas NNP E. NNP Meador NNP , , 42 CD years NNS old JJ , , was VBD named VBN president NN and CC chief NN operating VBG officer NN of IN Balcor NNP Co. NNP , , a DT Skokie NNP , , Ill. NNP , , subsidiary NN of IN this DT New NNP York NNP investment NN banking NN firm NN . . Balcor NNP , , which WDT has VBZ interests NNS in IN real JJ estate NN , , said VBD the DT position NN is VBZ newly RB created VBN . . Mr. NNP Meador NNP had VBD been VBN executive JJ vice NN president NN of IN Balcor NNP . . In IN addition NN to TO his PRP$ previous JJ real-estate NN investment NN and CC asset-management NN duties NNS , , Mr. NNP Meador NNP takes VBZ responsibility NN for IN development NN and CC property NN management NN . . Those DT duties NNS had VBD been VBN held VBN by IN Van NNP Pell NNP , , 44 CD , , who WP resigned VBD as IN an DT executive JJ vice NN president NN . . Shearson NNP is VBZ about IN 60%-held JJ by IN American NNP Express NNP Co NNP . . Great NNP American NNP Bank NNP , , citing VBG depressed JJ Arizona NNP real JJ estate NN prices NNS , , posted VBD a DT third-quarter NN loss NN of IN $ $ 59.4 CD million CD , , or CC $ $ 2.48 CD a DT share NN . . A DT year NN earlier RBR , , the DT savings NNS bank NN had VBD earnings NNS of IN $ $ 8.1 CD million CD , , or CC 33 CD cents NNS a DT share NN . . For IN the DT nine CD months NNS , , it PRP had VBD a DT loss NN of IN $ $ 58.3 CD million CD , , or CC $ $ 2.44 CD a DT share NN , , after IN earnings NNS of IN $ $ 29.5 CD million CD , , or CC $ $ 1.20 CD a DT share NN , , in IN the DT 1988 CD period NN . . Great NNP American NNP said VBD it PRP increased VBD its PRP$ loan-loss NN reserves NNS by IN $ $ 93 CD million CD after IN reviewing VBG its PRP$ loan NN portfolio NN , , raising VBG its PRP$ total JJ loan NN and CC real JJ estate NN reserves NNS to TO $ $ 217 CD million CD . . Before IN the DT loan-loss NN addition NN , , it PRP said VBD , , it PRP had VBD operating VBG profit NN of IN $ $ 10 CD million CD for IN the DT quarter NN . . The DT move NN followed VBD a DT round NN of IN similar JJ increases NNS by IN other JJ lenders NNS against IN Arizona NNP real JJ estate NN loans NNS , , reflecting VBG a DT continuing VBG decline NN in IN that DT market NN . . In IN addition NN to TO the DT increased VBN reserve NN , , the DT savings NNS bank NN took VBD a DT special JJ charge NN of IN $ $ 5 CD million CD representing VBG general JJ and CC administrative JJ expenses NNS from IN staff NN reductions NNS and CC other JJ matters NNS , , and CC it PRP posted VBD a DT $ $ 7.6 CD million CD reduction NN in IN expected VBN mortgage NN servicing VBG fees NNS , , reflecting VBG the DT fact NN that IN more JJR borrowers NNS are VBP prepaying VBG their PRP$ mortgages NNS . . Arbitragers NNS were VBD n't RB the DT only JJ big JJ losers NNS in IN the DT collapse NN of IN UAL NNP Corp. NNP stock NN . . Look VB at IN what WP happened VBD to TO UAL NNP 's POS chairman NN , , Stephen NNP M. NNP Wolf NNP , , and CC its PRP$ chief NN financial JJ officer NN , , John NNP C. NNP Pope NNP . . On IN a DT day NN some DT United NNP Airlines NNPS employees NNS wanted VBD Mr. NNP Wolf NNP fired VBD and CC takeover NN stock NN speculators NNS wanted VBD his PRP$ scalp NN , , Messrs. NNP Wolf NNP and CC Pope NNP saw VBD their PRP$ prospective JJ personal JJ fortunes NNS continue VB to TO plummet VB as IN shares NNS of IN UAL NNP , , United NNP 's POS parent NN company NN , , dived VBD $ $ 24.875 CD on IN the DT Big NNP Board NNP to TO close VB at IN $ $ 198 CD . . Including NNP Monday NNP 's POS plunge NN , , that WDT has VBZ given VBN the DT two CD executives NNS paper NN losses NNS of IN $ $ 49.5 CD million CD , , based VBN on IN what WP they PRP would MD have VB realized VBN had VBD the DT pilots NNS and CC management-led JJ buy-out NN of IN UAL NNP gone VBN through RB at IN $ $ 300 CD a DT share NN . . When WRB bank NN financing NN for IN the DT buy-out NN collapsed VBD last JJ week NN , , so RB did VBD UAL NNP 's POS stock NN . . Even RB if IN the DT banks NNS resurrect VBP a DT financing VBG package NN at IN $ $ 250 CD a DT share NN , , the DT two CD executives NNS would MD still RB get VB about IN $ $ 25 CD million CD less JJR than IN they PRP stood VBD to TO gain VB in IN the DT initial JJ transaction NN . . Mr. NNP Wolf NNP owns VBZ 75,000 CD UAL NNP shares NNS and CC has VBZ options NNS to TO buy VB another DT 250,000 CD at IN $ $ 83.3125 CD each DT . . In IN the DT $ $ 300-a-share JJ buyout NN , , that WDT totaled VBD about IN $ $ 76.7 CD million CD . . By IN yesterday NN 's POS close NN of IN trading NN , , it PRP was VBD good JJ for IN a DT paltry JJ $ $ 43.5 CD million CD . . Of IN course NN , , Mr. NNP Wolf NNP , , 48 CD years NNS old JJ , , has VBZ some DT savings NNS . . He PRP left VBD his PRP$ last JJ two CD jobs NNS at IN Republic NNP Airlines NNPS and CC Flying NNP Tiger NNP with IN combined VBN stock-option NN gains NNS of IN about IN $ $ 22 CD million CD , , and CC UAL NNP gave VBD him PRP a DT $ $ 15 CD million CD bonus NN when WRB it PRP hired VBD him PRP . . His PRP$ 1988 CD salary NN was VBD $ $ 575,000 CD , , with IN a DT $ $ 575,000 CD bonus NN . . The DT 40-year JJ old JJ Mr. NNP Pope NNP has VBZ n't RB changed VBN jobs NNS enough RB -- : at IN least JJS the DT right JJ ones NNS -- : to TO stash VB away RB that DT kind NN of IN money NN . . United NNP paid VBD him PRP a DT $ $ 375,000 CD bonus NN to TO lure VB him PRP away RB from IN American NNP Airlines NNPS , , and CC he PRP was VBD paid VBN a DT salary NN of IN $ $ 342,122 CD last JJ year NN with IN a DT $ $ 280,000 CD bonus NN . . Mr. NNP Pope NNP owns VBZ 10,000 CD UAL NNP shares NNS and CC has VBZ options NNS to TO buy VB another DT 150,000 CD at IN $ $ 69 CD each DT . . That DT came VBD to TO a DT combined VBN $ $ 37.7 CD million CD under IN the DT $ $ 300-a-share JJ buy-out NN , , but CC just RB $ $ 21.3 CD million CD at IN yesterday NN 's POS close NN . . Of IN the DT combined VBN $ $ 114.4 CD million CD the DT two CD men NNS were VBD scheduled VBN to TO reap VB under IN the DT buy-out NN , , they PRP agreed VBD to TO invest VB in IN the DT buy-out NN just RB $ $ 15 CD million CD , , angering VBG many JJ of IN the DT thousands NNS of IN workers NNS asked VBD to TO make VB pay NN concessions NNS so IN the DT buy-out NN would MD be VB a DT success NN . . United NNP 's POS directors NNS voted VBD themselves PRP , , and CC their PRP$ spouses NNS , , lifetime NN access NN to TO the DT Friendly NNP Skies NNPS -- : free JJ first-class JJ travel NN , , and CC $ $ 20,000 CD a DT year NN for IN life NN as RB well RB . . Conceivably RB , , in IN a DT scaled-back JJ buy-out NN , , they PRP could MD be VB bumped VBN back RB to TO coach NN seats NNS for IN life NN . . Thomas NNP H. NNP Johnson NNP , , president NN of IN the DT Coatedboard NNP division NN of IN Mead NNP Corp. NNP , , was VBD named VBN president NN of IN Manville NNP Forest NNP Products NNPS Corp. NNP , , a DT Manville NNP unit NN , , and CC senior JJ vice NN president NN of IN Manville NNP Corp NNP . . Mr. NNP Johnson NNP succeeds VBZ Harry NNP W. NNP Sherman NNP , , who WP resigned VBD to TO pursue VB other JJ interests NNS , , in IN both DT positions NNS . . Manville NNP is VBZ a DT building NN and CC forest NN products NNS concern NN . . US NNP Facilities NNPS Corp. NNP said VBD Robert NNP J. NNP Percival NNP agreed VBD to TO step VB down IN as IN vice NN chairman NN of IN the DT insurance NN holding VBG company NN . . `` `` There EX was VBD a DT difference NN of IN opinion NN as IN to TO the DT future JJ direction NN of IN the DT company NN , , '' '' a DT spokeswoman NN said VBD . . Mr. NNP Percival NNP declined VBD to TO comment VB . . In IN a DT statement NN , , US NNP Facilities NNPS said VBD Mr. NNP Percival NNP 's POS employment NN contract NN calls VBZ for IN him PRP to TO act VB as IN a DT consultant NN to TO the DT company NN for IN two CD years NNS . . He PRP will MD also RB remain VB a DT director NN , , US NNP Facilities NNPS said VBD , , but CC wo MD n't RB serve VB on IN any DT board NN committees NNS . . Mr. NNP Percival NNP will MD be VB succeeded VBN on IN an DT interim JJ basis NN by IN George NNP Kadonada NNP , , US NNP Facilities NNPS chairman NN and CC president NN . . In IN the DT same JJ statement NN , , US NNP Facilities NNPS also RB said VBD it PRP had VBD bought VBN back RB 112,000 CD of IN its PRP$ common JJ shares NNS in IN a DT private JJ transaction NN . . Terms NNS were VBD n't RB disclosed VBN . . The DT buy-back NN represents VBZ about IN 3 CD % NN of IN the DT company NN 's POS shares NNS , , based VBN on IN the DT 3.7 CD million CD shares NNS outstanding JJ as IN of IN Sept. NNP 30 CD . . In IN national JJ over-the-counter NN trading NN yesterday NN , , US NNP Facilities NNPS closed VBD at IN $ $ 3.625 CD , , unchanged JJ . . Three CD leading VBG drug NN companies NNS reported VBD robust JJ third-quarter NN earnings NNS , , bolstered VBN by IN strong JJ sales NNS of IN newer JJR , , big-selling JJ prescriptions NNS drugs NNS that WDT provide VBP hefty JJ profit NN margins NNS . . Merck NNP & CC Co. NNP reported VBD a DT 25 CD % NN increase NN in IN earnings NNS ; : Warner-Lambert NNP Co. NNP 's POS profit NN rose VBD 22 CD % NN and CC Eli NNP Lilly NNP & CC Co. NNP 's POS net JJ income NN rose VBD 24 CD % NN . . The DT results NNS were VBD in IN line NN with IN analysts NNS ' POS expectations NNS . . Merck NNP & CC Co NNP . . Merck NNP , , Rahway NNP , , N.J. NNP , , continued VBD to TO lead VB the DT industry NN with IN a DT strong JJ sales NNS performance NN in IN the DT human NN and CC animal NN health-products NNS segment NN . . A DT stronger JJR U.S. NNP dollar NN reduced VBD third-quarter NN and CC first-nine-month JJ sales NNS growth NN 2 CD % NN and CC 3 CD % NN , , respectively RB . . International JJ sales NNS accounted VBD for IN 47 CD % NN of IN total JJ company NN sales NNS for IN the DT nine CD months NNS , , compared VBN with IN 50 CD % NN a DT year NN earlier RBR . . Sales NNS for IN the DT quarter NN rose VBD to TO $ $ 1.63 CD billion CD from IN $ $ 1.47 CD billion CD . . Mevacor NNP , , Merck NNP 's POS new JJ cholesterol-lowering JJ drug NN , , had VBD higher JJR sales NNS than IN any DT other JJ prescription NN medicine NN has VBZ ever RB achieved VBN in IN the DT U.S. NNP in IN the DT year NN following VBG introduction NN , , the DT company NN said VBD . . The DT drug NN was VBD introduced VBN in IN West NNP Germany NNP this DT year NN . . Intense JJ competition NN , , however RB , , led VBD to TO unit NN sales NNS declines NNS for IN a DT group NN of IN Merck NNP 's POS established VBN human NN and CC animal-health NN products NNS , , including VBG Aldomet NNP and CC Indocin NNP . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN yesterday NN , , Merck NN shares NNS closed VBD at IN $ $ 75.25 CD , , up IN 50 CD cents NNS . . Warner-Lambert NNP Co NNP . . Warner-Lambert NNP , , Morris NNP Plains NNP , , N.J. NNP , , reported VBD sales NNS that WDT were VBD a DT record NN for IN any DT quarter NN and CC the DT eighth JJ quarter NN in IN a DT row NN of IN 20 CD % NN or CC more JJR per-share JJ earnings NNS growth NN . . Spurred VBN by IN growth NN in IN world-wide JJ sales NNS of IN the DT company NN 's POS prescription NN drugs NNS , , Warner-Lambert NNP said VBD 1989 CD will MD be VB the DT best JJS year NN in IN its PRP$ history NN , , with IN per-share JJ earnings NNS expected VBN to TO increase VB more JJR than IN 20 CD % NN to TO about IN $ $ 6.10 CD . . Sales NNS for IN the DT quarter NN rose VBD to TO $ $ 1.11 CD billion CD from IN $ $ 1.03 CD billion CD . . Prescription-drug NN world-wide JJ sales NNS rose VBD 9 CD % NN in IN the DT quarter NN to TO $ $ 340 CD million CD ; : U.S. NNP sales NNS rose VBD 15 CD % NN . . The DT segment NN 's POS growth NN was VBD led VBN by IN sales NNS of IN the DT cardiovascular JJ drugs NNS Lopid NNP , , a DT lipid NN regulator NN , , and CC Dilzem NNP , , a DT calcium NN channel NN blocker NN . . World-wide JJ sales NNS of IN Warner-Lambert NNP 's POS non-prescription JJ health-care NN products NNS , , such JJ as IN Halls NNP cough NN tablets NNS , , Rolaids NNP antacid NN , , and CC Lubriderm NNP skin NN lotion NN , , increased VBD 3 CD % NN to TO $ $ 362 CD million CD in IN the DT third JJ quarter NN ; : U.S. NNP sales NNS rose VBD 5 CD % NN . . Confectionery JJ products NNS sales NNS also RB had VBD strong JJ growth NN in IN the DT quarter NN . . World-wide JJ sales NNS of IN Trident NNP gum NN , , Certs NNP breath NN mints NNS , , and CC Clorets NNP gum NN and CC breath NN mints NNS , , increased VB 12 CD % NN to TO $ $ 277 CD million CD . . Warner-Lambert NNP shares NNS closed VBD at IN $ $ 109.50 CD a DT share NN , , up IN $ $ 1.50 CD , , in IN Big NNP Board NNP composite JJ trading NN yesterday NN . . Eli NNP Lilly NNP & CC Co NNP . . Lilly NNP attributed VBD record NN third-quarter JJ and CC nine-month JJ results NNS to TO world-wide JJ gains NNS for IN pharmaceuticals NNS , , medical JJ instruments NNS and CC plant-science NN products NNS despite IN poor JJ exchange NN rates NNS for IN the DT dollar NN that WDT slowed VBD sales NNS abroad RB . . Earnings NNS continued VBD to TO pace VB sales NNS because IN of IN a DT lower JJR tax NN rate NN , , profit NN from IN the DT renegotiation NN of IN the DT debt NN instrument NN received VBN from IN Faberge NNP Inc. NNP in IN connection NN with IN Lilly NNP 's POS sale NN of IN Elizabeth NNP Arden NNP Inc. NNP in IN 1987 CD , , and CC net JJ proceeds NNS from IN the DT settlement NN of IN patent NN litigation NN at IN Lilly NNP 's POS Hybritech NNP Inc. NNP unit NN . . Third-quarter NN sales NNS of IN the DT Indianapolis NNP , , Ind. NNP , , company NN rose VBD 11 CD % NN to TO $ $ 1.045 CD billion CD from IN $ $ 940.6 CD million CD . . Nine-month JJ sales NNS grew VBD 12 CD % NN to TO $ $ 3.39 CD billion CD from IN $ $ 3.03 CD billion CD a DT year NN earlier RBR . . Sales NNS of IN Prozac NNP , , an DT anti-depressant NN , , led VBD drug-sales NNS increases NNS . . Higher JJR sales NNS of IN pesticides NNS and CC other JJ plant-science NN products NNS more RBR than IN offset VBP a DT slight JJ decline NN in IN the DT sales NNS of IN animal-health NN products NNS to TO fuel VB the DT increase NN in IN world-wide JJ agricultural JJ product NN sales NNS , , Lilly NNP said VBD . . Advanced NNP Cardiovascular NNP Systems NNPS Inc. NNP and CC Cardiac NNP Pacemakers NNPS Inc. NNP units NNS led VBD growth NN in IN the DT medical-instrument JJ systems NNS division NN . . Lilly NNP shares NNS closed VBD yesterday NN in IN composite JJ trading NN on IN the DT Big NNP Board NNP at IN $ $ 62.25 CD , , down IN 12.5 CD cents NNS . . Reuben NNP Mark NNP , , chairman NN of IN Colgate-Palmolive NNP Co. NNP , , said VBD he PRP is VBZ `` `` comfortable JJ '' '' with IN analysts NNS ' POS estimates NNS that IN third-quarter NN earnings NNS rose VBD to TO between IN 95 CD cents NNS and CC $ $ 1.05 CD a DT share NN . . That DT compares VBZ with IN per-share JJ earnings NNS from IN continuing VBG operations NNS of IN 69 CD cents NNS the DT year NN earlier RBR ; : including VBG discontinued VBN operations NNS , , per-share NN was VBD 88 CD cents NNS a DT year NN ago IN . . The DT per-share JJ estimates NNS mean VBP the DT consumer-products NNS company NN 's POS net NN income NN , , increased VBD to TO between IN $ $ 69.5 CD million CD and CC $ $ 76 CD million CD , , from IN $ $ 47.1 CD million CD the DT year-before JJ period NN . . Analysts NNS estimate VBP Colgate NNP 's POS world-wide JJ third-quarter NN sales NNS rose VBD about IN 8 CD % NN to TO $ $ 1.29 CD billion CD . . Mr. NNP Mark NNP attributed VBD the DT earnings NNS growth NN to TO strong JJ sales NNS in IN Latin NNP America NNP , , Asia NNP and CC Europe NNP . . Results NNS were VBD also RB bolstered VBN by IN `` `` a DT very RB meaningful JJ '' '' increase NN in IN operating VBG profit NN by IN Colgate NNP 's POS U.S. NNP business NN , , Mr. NNP Mark NNP said VBD . . Operating VBG profit NN at IN Colgate NNP 's POS U.S. NNP household NN products NNS and CC personal-care JJ businesses NNS jumped VBD 25 CD % NN in IN the DT quarter NN , , Mr. NNP Mark NNP added VBD . . He PRP said VBD the DT improvement NN was VBD a DT result NN of IN cost NN savings NNS achieved VBN by IN consolidating VBG manufacturing VBG operations NNS , , blending VBG two CD sales NNS organizations NNS and CC focusing VBG more RBR carefully RB the DT company NN 's POS promotional JJ activities NNS . . The DT estimated VBN improvement NN in IN Colgate NNP 's POS U.S. NNP operations NNS took VBD some DT analysts NNS by IN surprise NN . . Colgate NNP 's POS household NN products NNS business NN , , which WDT includes VBZ such JJ brands NNS as IN Fab NNP laundry NN detergent NN and CC Ajax NNP cleanser NN , , has VBZ been VBN a DT weak JJ performer JJ . . Analysts NNS estimate VBP Colgate NNP 's POS sales NNS of IN household NN products NNS in IN the DT U.S. NNP were VBD flat JJ for IN the DT quarter NN , , and CC they PRP estimated VBD operating VBG margins NNS at IN only RB 1 CD % NN to TO 3 CD % NN . . `` `` If IN you PRP could MD say VB their PRP$ business NN in IN the DT U.S. NNP was VBD mediocre JJ , , but CC great RB everywhere RB else RB , , that IN would MD be VB fine JJ , , '' '' says VBZ Bonita NNP Austin NNP , , an DT analyst NN with IN Wertheim NNP Schroder NNP & CC Co NNP . . `` `` But CC it PRP 's VBZ not RB mediocre JJ , , it PRP 's VBZ a DT real JJ problem NN . . '' '' Mr. NNP Mark NNP conceded VBD that DT Colgate NNP 's POS domestic JJ business NN , , apart RB from IN its PRP$ highly RB profitable JJ Hill NNP 's POS Pet NNP Products NNPS unit NN , , has VBZ lagged VBN . . `` `` We PRP 've VBP done VBN a DT lot NN to TO improve VB { ( U.S. NNP . . } ) results NNS , , and CC a DT lot NN more RBR will MD be VB done VBN , , '' '' Mr. NNP Mark NNP said VBD . . `` `` Improving VBG profitability NN of IN U.S. NNP operations NNS is VBZ an DT extremely RB high JJ priority NN in IN the DT company NN . . '' '' To TO focus VB on IN its PRP$ global JJ consumer-products NNS business NN , , Colgate NNP sold VBD its PRP$ Kendall NNP health-care NN business NN in IN 1988 CD . . H. NNP Anthony NNP Ittleson NNP was VBD elected VBN a DT director NN of IN this DT company NN , , which WDT primarily RB has VBZ interests NNS in IN radio NN and CC television NN stations NNS , , increasing VBG the DT number NN of IN seats NNS to TO five CD . . Osborn NNP also RB operates VBZ Muzak NNP franchises NNS , , entertainment NN properties NNS and CC small JJ cable-television NN systems NNS . . Mr. NNP Ittleson NNP is VBZ executive JJ , , special JJ projects NNS , , at IN CIT NNP Group NNP Holdings NNP Inc. NNP , , which WDT is VBZ controlled VBN by IN Manufacturers NNPS Hanover NNP Corp NNP . . The DT Boston NNP Globe NNP says VBZ its PRP$ newly RB redesigned VBN pages NNS have VBP a DT `` `` crisper NN '' '' look NN with IN revamped VBN fixtures NNS aimed VBN at IN making VBG the DT paper NN `` `` more RBR consistent JJ '' '' and CC `` `` easier JJR to TO read VB . . '' '' Maybe RB so RB -- : if IN you PRP can MD find VB where WRB your PRP$ favorite JJ writer NN went VBD . . Beantown NNP scribes NNS , , who WP spare VBP no DT invective NN when WRB taking VBG on RP local JJ luminaries NNS such JJ as IN Michael NNP `` `` Pee NNP Wee NNP '' '' Dukakis NNP , , or CC New NNP England NNP Patriots NNPS Coach NNP Raymond NNP `` `` Rev. NNP Ray NNP '' '' Berry NN , , yesterday NN poured VBD ridicule NN on IN new JJ drawings NNS of IN Globe NNP columnists NNS that WDT replaced VBD old JJ photos NNS in IN the DT revamped VBN pages NNS this DT week NN . . By IN late JJ last JJ night NN , , Globe NNP Managing NNP Editor NNP Thomas NNP Mulvoy NNP , , bending VBG to TO the DT will NN of IN his PRP$ troops NNS , , scrapped VBD the DT new JJ drawings NNS . . For IN a DT few JJ days NNS at IN least JJS , , he PRP says VBZ , , no DT pictures NNS or CC drawings NNS of IN any DT kind NN will MD adorn VB the DT columns NNS . . Trouble NN was VBD , , nobody NN thought VBD they PRP looked VBD right RB . . Globe NNP columnist NN Mike NNP Barnicle NNP -- : in IN the DT second JJ attack NN on IN his PRP$ employer NN in IN as RB many JJ weeks NNS -- : averred VBD that IN his PRP$ shadowy JJ countenance NN was VBD so RB bad JJ , , it PRP looked VBD `` `` like IN a DT face NN you PRP 'd MD find VB on IN a DT bottle NN of IN miracle NN elixir NN that WDT promises VBZ to TO do VB away RB with IN diarrhea NN in IN our PRP$ lifetime NN . . '' '' Mr. NNP Barnicle NNP reminded VBD readers NNS that IN he PRP still RB has VBZ n't RB forgiven VBN Globe NNP management NN for IN questioning VBG a DT $ $ 20 CD expense NN chit NN he PRP submitted VBD for IN parking VBG his PRP$ car NN while IN chasing VBG a DT story NN . . `` `` I PRP thought VBD { ( the DT drawing NN } ) a DT cross NN between IN someone NN you PRP 'd MD spot VB whipping VBG open JJ his PRP$ trench NN coat NN ... : or CC a DT guy NN who WP boasted VBD he PRP 'd VBD been VBN Charles NNP Manson NNP 's POS roommate NN for IN the DT last JJ 19 CD years NNS , , '' '' he PRP said VBD . . Mr. NNP Barnicle NNP was VBD hardly RB kinder JJR to TO the DT renderings NNS of IN colleagues NNS Michael NNP Madden NNP ( ( `` `` appears NNS to TO be VB a DT pervert NN '' '' ) ) , , Will NNP McDonough NNP ( ( `` `` looks VBZ as IN if IN he PRP drove VBD for IN Abe NNP Lincoln NNP '' '' ) ) or CC Bella NNP English NNP , , whose WP$ `` `` little JJ girl NN now RB screams VBZ hysterically RB every DT time NN she PRP sees VBZ a DT newspaper NN . . '' '' Lynn NNP Staley NNP , , the DT Globe NNP 's POS assistant NN managing VBG editor NN for IN design NN , , acknowledges VBZ that IN the DT visages NNS were VBD `` `` on IN the DT low JJ end NN of IN the DT likeness NN spectrum NN . . '' '' Rival NNP Boston NNP Herald NNP columnist NN Howie NNP Carr NNP , , who WP usually RB rails VBZ at IN Statehouse NN `` `` hacks NNS '' '' and CC nepotism NN , , argued VBD that IN the DT new JJ drawings NNS were VBD designed VBN to TO hide VB Mr. NNP Madden NNP 's POS `` `` rapidly RB growing VBG forehead NN '' '' and CC the DT facial JJ defects NNS of IN `` `` chinless JJ '' '' Dan NNP Shaughnessy NNP , , a DT Globe NNP sports NNS columnist NN . . `` `` But CC think VB of IN the DT money NN you PRP , , the DT reader NN , , will MD save VB on IN Halloween NNP , , '' '' said VBD Mr. NNP Barnicle NNP . . `` `` Instead RB of IN buying VBG masks NNS for IN your PRP$ kids NNS , , just RB cut VB out RP the DT columnists NNS ' POS pictures NNS ... : . . Deeply RB ingrained JJ in IN both PDT the DT book NN review NN `` `` Kissing VBG Nature NN Good-bye NN '' '' by IN Stephen NNP MacDonald NNP ( ( Leisure NNP & CC Arts NNPS , , Sept. NNP 27 CD ) ) and CC the DT books NNS reviewed VBN is VBZ the DT assumption NN that IN global JJ warming NN is VBZ entirely RB a DT result NN of IN human JJ activity NN . . Is VBZ such JJ a DT view NN justified VBN ? . In IN the DT absence NN of IN humans NNS , , would MD the DT Earth NN enjoy VB a DT constant JJ climate NN over IN the DT long JJ term NN ? . Clearly RB not RB . . About IN 20,000 CD years NNS ago IN the DT last JJ ice NN age NN ended VBD . . Enormous JJ ice NN sheets NNS retreated VBD from IN the DT face NN of IN North NNP America NNP , , northern JJ Europe NNP and CC Asia NNP . . This DT global JJ warming NN must MD have VB been VBN entirely RB natural JJ -- : nobody NN would MD blame VB it PRP on IN a DT few JJ hundred CD thousand CD hunter-gatherers NNS hunting VBG mammoths NNS and CC scratching VBG around IN in IN caves NNS . . Furthermore RB , , no DT bell NN has VBZ yet RB rung VBN to TO announce VB the DT end NN of IN this DT immense JJ episode NN of IN natural JJ global JJ warming NN . . It PRP is VBZ probably RB continuing VBG and CC may MD well RB account VB for IN most RBS of IN , , or CC all DT of IN , , present-day JJ global JJ warming NN . . I PRP bow VBP to TO no DT one CD in IN my PRP$ regard NN for IN our PRP$ terrestrial JJ heritage NN , , but CC if IN we PRP are VBP serious JJ about IN global JJ warming NN we PRP must MD look VB at IN the DT big JJ picture NN and CC not RB allow VB the DT Dominant NNP Culture NNP to TO lock VB us PRP into IN the DT capitalist-exploiters-greedy-American-consumers-global JJ - : warming NN scenario NN as IN the DT sole JJ model NN for IN discussion NN . . Jocelyn NNP Tomkin NNP Astronomy NNP Department NNP University NNP of IN The DT Internal NNP Revenue NNP Service NNP plans VBZ to TO restructure VB itself PRP more RBR like IN a DT private JJ corporation NN . . In IN addition NN , , the DT tax-collecting JJ agency NN says VBZ that IN it PRP will MD take VB the DT unusual JJ step NN of IN looking VBG to TO the DT private JJ sector NN to TO fill VB two CD new JJ high-level JJ positions NNS to TO guide VB the DT 120,000-employee JJ agency NN : : a DT comptroller NN to TO oversee VB daily JJ finances NNS and CC a DT chief NN information NN officer NN to TO update VB the DT information NN system NN , , which WDT includes VBZ probably RB the DT largest JJS computer NN data NNS base NN in IN the DT world NN . . The DT IRS NNP also RB said VBD that IN it PRP would MD create VB the DT position NN of IN chief NN financial JJ officer NN , , who WP will MD be VB hired VBN from IN within IN the DT agency NN . . IRS NNP Commissioner NNP Fred NNP T. NNP Goldberg NNP said VBD the DT changes NNS are VBP intended VBN to TO bring VB `` `` accountability NN '' '' to TO the DT agency NN , , which WDT has VBZ an DT annual JJ budget NN of IN more RBR than IN $ $ 5 CD billion CD and CC collects VBZ about IN $ $ 1 CD trillion CD a DT year NN . . `` `` My PRP$ assessment NN and CC everyone NN 's POS assessment NN is VBZ that IN we PRP do VBP not RB have VB the DT kinds NNS of IN information NN that WDT let VBD us PRP responsibly RB and CC effectively RB formulate VB and CC execute VB our PRP$ budget NN , , '' '' Mr. NNP Goldberg NNP said VBD . . `` `` And CC we PRP do VBP n't RB have VB internal JJ controls NNS and CC discipline NN that IN we PRP need VBP to TO have VB to TO spend VB $ $ 5 CD billion CD properly RB . . '' '' Mr. NNP Goldberg NNP , , who WP took VBD over RP as IN head NN of IN the DT IRS NNP in IN July NNP , , has VBZ been VBN disturbed VBN by IN what WP he PRP considers VBZ the DT inefficiency NN , , waste NN and CC lack NN of IN coordination NN among IN the DT branches NNS of IN the DT vast JJ federal JJ agency NN . . The DT IRS NNP operates VBZ on IN a DT computer NN system NN designed VBN in IN 1961 CD , , which WDT it PRP has VBZ been VBN trying VBG to TO modernize VB for IN years NNS . . And CC the DT agency NN , , which WDT operated VBD throughout IN fiscal JJ 1989 CD with IN a DT $ $ 360 CD million CD budget NN shortfall NN , , has VBZ been VBN under IN a DT hiring VBG freeze NN since IN last JJ fall NN . . The DT new JJ commissioner NN says VBZ that IN closer JJR scrutiny NN of IN how WRB the DT agency NN uses VBZ its PRP$ resources NNS will MD go VB a DT long JJ way NN toward IN enhancing VBG its PRP$ ability NN to TO collect VB more JJR tax NN revenue NN . . `` `` I PRP think VBP that IN you PRP will MD see VB a DT significant JJ improvement NN in IN the DT budget NN formulation NN and CC execution NN process NN which WDT , , in IN turn NN , , I PRP believe VBP will MD result VB in IN a DT significant JJ increase NN in IN revenue NN , , '' '' he PRP said VBD . . The DT IRS NNP hopes VBZ to TO fill VB the DT new JJ positions NNS soon RB . . Customarily RB , , it PRP would MD appoint VB career NN civil JJ servants NNS from IN within IN the DT agency NN , , but CC Mr. NNP Goldberg NNP said VBD he PRP plans VBZ to TO `` `` scour VB the DT world NN '' '' for IN the DT chief NN information NN officer NN and CC the DT comptroller NN . . Although IN the DT jobs NNS will MD probably RB pay VB between IN $ $ 70,000 CD and CC $ $ 80,000 CD a DT year NN , , IRS NNP officials NNS are VBP confident JJ that IN they PRP can MD attract VB top-notch JJ candidates NNS from IN the DT private JJ sector NN . . `` `` You PRP 're VBP telling VBG someone NN they PRP can MD spend VB the DT next JJ three CD or CC four CD or CC five CD or CC six CD years NNS of IN their PRP$ life NN bringing VBG about RP the DT most RBS difficult JJ and CC costly JJ modernization NN of IN an DT information NN system NN on IN the DT civil JJ side NN ever RB , , '' '' Mr. NNP Goldberg NNP said VBD . . `` `` On IN the DT comptroller NN side NN , , you PRP 're VBP developing VBG and CC making VBG work VB financial JJ controls NNS governing VBG a DT $ $ 6 CD billion CD budget NN . . When WRB Maj. NNP Moises NNP Giroldi NNP , , the DT leader NN of IN the DT abortive JJ coup NN in IN Panama NNP , , was VBD buried VBN , , his PRP$ body NN bore VBD several JJ gunshot NN wounds NNS , , a DT cracked VBN skull NN and CC broken VBN legs NNS and CC ribs NNS . . They PRP were VBD the DT signature NN of IN his PRP$ adversary NN , , Panamanian JJ leader NN Manuel NNP Antonio NNP Noriega NNP . . The DT rebel NN officer NN 's POS slow JJ and CC painful JJ death NN , , at IN the DT headquarters NN of IN Panama NNP 's POS Battalion-2000 NN squad NN , , was VBD personally RB supervised VBN by IN Gen. NNP Noriega NNP , , says VBZ a DT U.S. NNP official NN with IN access NN to TO intelligence NN reports NNS . . Leaping VBG into IN rages NNS , , sinking VBG into IN bouts NNS of IN drunkenness NN and CC mistrust NN , , Mr. NNP Noriega NNP has VBZ put VBN to TO death NN some DT 70 CD of IN his PRP$ troops NNS involved VBN in IN the DT coup NN , , according VBG to TO U.S. NNP officials NNS monitoring VBG crematoriums NNS and CC funeral NN parlors NNS in IN Panama NNP City NNP . . He PRP is VBZ now RB changing VBG the DT place NN he PRP sleeps VBZ every DT night NN , , sometimes RB more JJR than IN once RB a DT night NN . . His PRP$ meals NNS are VBP most RBS often RB prepared VBN by IN women NNS he PRP trusts VBZ -- : his PRP$ full-time JJ mistress NN , , Vicky NNP Amado NNP , , and CC her PRP$ mother NN , , Norma NNP . . And CC he PRP is VBZ collecting VBG the DT names NNS of IN those DT who WP telephoned VBD the DT coup-makers NNS to TO congratulate VB them PRP during IN their PRP$ brief JJ time NN in IN control NN of IN his PRP$ headquarters NNS . . More JJR enemies NNS to TO be VB dealt VBN with IN . . In IN the DT two CD weeks NNS since IN the DT rebellion NN , , which WDT the DT U.S. NNP hesitantly RB backed VBD , , Mr. NNP Noriega NNP has VBZ been VBN at IN his PRP$ most JJS brutal JJ - : and CC efficient JJ - : in IN maintaining VBG power NN . . Yet RB , , while IN the DT failed VBN coup NN is VBZ a DT major JJ U.S. NNP foreign JJ policy NN embarrassment NN , , it PRP is VBZ merely RB the DT latest JJS chapter NN in IN a DT byzantine JJ relationship NN between IN Mr. NNP Noriega NNP and CC Washington NNP that WDT stretches VBZ back RB three CD decades NNS . . America NNP 's POS war NN on IN the DT dictator NN over IN the DT past JJ two CD years NNS , , following VBG his PRP$ indictment NN on IN drug NN charges NNS in IN February NNP 1988 CD , , is VBZ the DT legacy NN of IN that DT relationship NN . . Before IN American JJ foreign JJ policy NN set VBD out RP to TO destroy VB Noriega NNP , , it PRP helped VBD create VB him PRP out IN of IN the DT crucible NN of IN Panama NNP 's POS long JJ history NN of IN conspirators NNS and CC pirates NNS . . For IN most JJS of IN the DT past JJ 30 CD years NNS , , the DT marriage NN was VBD one CD of IN convenience NN . . In IN 1960 CD , , for IN example NN , , when WRB Mr. NNP Noriega NNP was VBD both PDT a DT cadet NN at IN an DT elite JJ military JJ academy NN in IN Peru NNP and CC a DT spy-in-training NN for IN the DT U.S. NNP Defense NNP Intelligence NNP Agency NNP , , he PRP was VBD detained VBN by IN Lima NNP authorities NNS for IN allegedly RB raping VBG and CC savagely RB beating VBG a DT prostitute NN , , according VBG to TO a DT U.S. NNP Embassy NNP cable NN from IN that DT period NN . . The DT woman NN had VBD nearly RB died VBN . . But CC U.S. NNP intelligence NN , , rather RB than IN rein VB in RB or CC cut VB loose JJ its PRP$ new JJ spy NN , , merely RB filed VBD the DT report NN away RB . . Mr. NNP Noriega NNP 's POS tips NNS on IN emerging VBG leftists NNS at IN his PRP$ school NN were VBD deemed VBN more RBR important JJ to TO U.S. NNP interests NNS . . From IN that DT point NN on IN , , the DT U.S. NNP would MD make VB a DT practice NN of IN overlooking VBG the DT Panamanian NNP 's POS misadventures NNS . . The DT U.S. NNP has VBZ befriended VBN and CC later RB turned VBD against IN many JJ dictators NNS , , but CC none NN quite RB so RB resourceful JJ . . The DT 55-year-old JJ Mr. NNP Noriega NNP is VBZ n't RB as RB smooth JJ as IN the DT shah NN of IN Iran NNP , , as RB well-born JJ as IN Nicaragua NNP 's POS Anastasio NNP Somoza NNP , , as RB imperial JJ as IN Ferdinand NNP Marcos NNP of IN the DT Philippines NNP or CC as RB bloody JJ as IN Haiti NNP 's POS Baby NNP Doc NNP Duvalier NNP . . Yet CC he PRP has VBZ proved VBN more RBR resilient JJ than IN any DT of IN them PRP . . And CC out IN of IN necessity NN : : The DT U.S. NNP can MD make VB mistakes NNS and CC still RB hope VB to TO remove VB him PRP from IN power NN , , but CC a DT single JJ error NN on IN his PRP$ part NN could MD cost VB him PRP his PRP$ life NN . . `` `` The DT U.S. NNP underestimated VBD Noriega NNP all DT along IN , , '' '' says VBZ Ambler NNP Moss NNP , , a DT former JJ Ambassador NN to TO Panama NNP . . `` `` He PRP has VBZ mastered VBN the DT art NN of IN survival NN . . '' '' In IN keeping VBG with IN America NNP 's POS long JJ history NN of IN propping VBG up RP Mr. NNP Noriega NNP , , recent JJ U.S. NNP actions NNS have VBP extended VBN rather RB than IN shortened VBN his PRP$ survival NN . . Mr. NNP Noriega NNP might MD have VB fallen VBN of IN his PRP$ own JJ weight NN in IN 1988 CD because IN of IN Panama NNP 's POS dire JJ economic JJ situation NN , , says VBZ Mr. NNP Moss NNP , , but CC increasing VBG external JJ pressure NN has VBZ only RB given VBN him PRP additional JJ excuses NNS for IN repression NN , , and CC a DT scapegoat NN for IN his PRP$ own JJ mismanagement NN . . `` `` If IN the DT U.S. NNP had VBD sat VBN back RB and CC done VBN nothing NN , , he PRP might MD not RB have VB made VBN it PRP through IN 1988 CD , , '' '' Mr. NNP Moss NNP contends VBZ . . Perhaps RB most RBS important JJ , , Mr. NNP Noriega NNP 's POS allies NNS have VBP intervened VBN to TO encourage VB -- : in IN some DT cases NNS , , to TO demand VB -- : that IN the DT dictator NN maintain VB his PRP$ grip NN of IN the DT throne NN . . One CD Colombian JJ drug NN boss NN , , upon IN hearing NN in IN 1987 CD that IN Gen. NNP Noriega NNP was VBD negotiating VBG with IN the DT U.S. NNP to TO abandon VB his PRP$ command NN for IN a DT comfortable JJ exile NN , , sent VBD him PRP a DT hand-sized JJ mahogany NN coffin NN engraved VBN with IN his PRP$ name NN . . `` `` He PRP is VBZ cornered JJ , , '' '' says VBZ the DT Rev. NNP Fernando NNP Guardia NNP , , who WP has VBZ led VBN Catholic NNP Church NNP opposition NN against IN Noriega NNP . . `` `` The DT Americans NNPS have VBP left VBN him PRP without IN a DT way NN out IN . . It PRP is VBZ easy JJ to TO fight VB when WRB you PRP do VBP n't RB have VB any DT other JJ option NN . . '' '' His PRP$ chief NN advantage NN in IN the DT fight NN : : his PRP$ intimate JJ knowledge NN of IN American JJ ways NNS and CC weaknesses NNS . . Mr. NNP Noriega NNP often RB tells VBZ friends NNS that IN patience NN is VBZ the DT best JJS weapon NN against IN the DT gringos NNS , , who WP have VBP a DT short JJ attention NN span NN and CC little JJ stomach NN for IN lasting VBG confrontation NN . . The DT U.S. NNP discovered VBD the DT young JJ Tony NNP Noriega NNP in IN late JJ 1959 CD , , when WRB he PRP was VBD in IN his PRP$ second JJ year NN at IN the DT Chorrillos NNP Military NNP Academy NNP in IN Lima NNP , , according VBG to TO former JJ U.S. NNP intelligence NN officials NNS . . The DT contact NN occurred VBD through IN Mr. NNP Noriega NNP 's POS half-brother NN , , a DT Panamanian JJ diplomat NN based VBN in IN Peru NNP named VBN Luis NNP Carlos NNP Noriega NNP Hurtado NNP . . Luis NNP Carlos NNP , , knowing VBG that IN helping VBG the DT Americans NNPS could MD advance VB the DT career NN of IN any DT Panamanian JJ officer NN , , relayed VBD Tony NNP 's POS reports NNS on IN the DT leftist JJ tendencies NNS he PRP observed VBD among IN his PRP$ fellow NN students NNS and CC , , more RBR important JJ , , among IN his PRP$ officers NNS and CC instructors NNS . . A DT spy NN was VBD born VBN . . It PRP was VBD a DT heady JJ experience NN for IN the DT pockmarked VBN and CC slightly RB built VBN Mr. NNP Noriega NNP , , who WP was VBD known VBN to TO his PRP$ friends NNS as IN Cara NNP la DT Pina NNP -- : pineapple NN face NN . . Born VBN the DT illegitimate JJ son NN of IN his PRP$ father NN 's POS maid NN , , he PRP was VBD raised VBN on IN the DT mean JJ streets NNS of IN the DT central JJ market NN district NN of IN Panama NNP City NNP . . Tony NNP was VBD four CD years NNS older JJR than IN most JJS of IN his PRP$ fellow NN cadets NNS , , and CC gained VBD admission NN to TO the DT academy NN because IN his PRP$ brother NN had VBD falsified VBN his PRP$ birth NN certificate NN . . He PRP considered VBD himself PRP intellectually RB superior JJ to TO his PRP$ Peruvian JJ peers NNS , , many DT of IN whom WP were VBD wayward JJ sons NNS sent VBN by IN their PRP$ well-off JJ families NNS to TO the DT highly RB disciplined VBN , , French-modeled JJ academy NN as IN a DT sort NN of IN reform NN school NN . . In IN his PRP$ peaked JJ military JJ cap NN and CC neatly RB pressed VBN , , French-made JJ uniform NN , , Noriega NNP felt VBD more RBR respected VBN and CC powerful JJ than IN ever RB in IN his PRP$ underprivileged JJ life NN , , friends NNS from IN the DT period NN say VBP . . `` `` He PRP had VBD an DT elegant JJ uniform NN with IN gold JJ buttons NNS in IN a DT country NN where WRB there EX was VBD a DT cult NN of IN militarism NN , , where WRB officers NNS were VBD the DT elite NN with IN special JJ privileges NNS , , '' '' recalls VBZ Darien NNP Ayala NNP , , a DT fellow NN student NN in IN Peru NNP and CC a DT lifelong JJ friend NN . . Mr. NNP Noriega NNP 's POS relationship NN to TO American JJ intelligence NN agencies NNS became VBD contractual JJ in IN either DT 1966 CD or CC 1967 CD , , intelligence NN officials NNS say VBP . . His PRP$ commanding JJ officer NN at IN the DT Chiriqui NNP Province NNP garrison NN , , Major NNP Omar NNP Torrijos NNP , , gave VBD him PRP an DT intriguing JJ assignment NN : : Mr. NNP Noriega NNP would MD organize VB the DT province NN 's POS first JJ intelligence NN service NN . . The DT spy NN network NN would MD serve VB two CD clients NNS : : the DT Panamanian JJ government NN , , by IN monitoring VBG political JJ opponents NNS in IN the DT region NN , , and CC the DT U.S. NNP , , by IN tracking VBG the DT growing VBG Communist JJ influence NN in IN the DT unions NNS organized VBN at IN United NNP Fruit NNP Co. NNP 's POS banana NN plantations NNS in IN Bocas NNP del NNP Toros NNP and CC Puerto NNP Armuelles NNP . . United NNP Fruit NNP was VBD one CD of IN the DT two CD largest JJS contributors NNS to TO Panama NNP 's POS national JJ income NN . . Satisfying VBG its PRP$ interests NNS was VBD a DT priority NN for IN any DT Panamanian JJ leader NN . . Mr. NNP Noriega NNP 's POS initial JJ retainer NN was VBD only RB $ $ 50 CD to TO $ $ 100 CD a DT month NN , , plus CC occasional JJ gifts NNS of IN liquor NN or CC groceries NNS from IN the DT American JJ PX NNP , , a DT former JJ intelligence NN official NN says VBZ . . It PRP was VBD modest JJ pay NN by IN American JJ standards NNS , , but CC a DT healthy JJ boost NN to TO his PRP$ small JJ military JJ salary NN , , which WDT fellow NN officers NNS remember VBP as IN having VBG been VBN $ $ 300 CD to TO $ $ 400 CD monthly RB . . `` `` He PRP did VBD it PRP very RB well RB , , '' '' recalls VBZ Boris NNP Martinez NNP , , a DT former JJ Panamanian JJ colonel NN who WP managed VBD Mr. NNP Noriega NNP and CC his PRP$ operation NN . . `` `` He PRP started VBD building VBG the DT files NNS that WDT helped VBD him PRP gain VB power NN . . '' '' A DT National NNP Guard NNP job NN assumed VBN by IN Capt. NNP Noriega NNP in IN 1964 CD -- : as IN chief NN of IN the DT transit NN police NN in IN David NNP City NNP , , capital NN of IN the DT Chiriqui NNP Province NNP -- : was VBD tailor-made JJ for IN an DT aspiring VBG super-spy NN . . By IN pressuring VBG taxi NN and CC bus NN drivers NNS who WP needed VBD licenses NNS , , he PRP gained VBD a DT ready JJ cache NN of IN information NN . . He PRP knew VBD which WDT local JJ luminaries NNS had VBD been VBN caught VBN driving VBG drunk NN , , which WDT had VBD been VBN found VBN with IN their PRP$ mistresses NNS . . This DT proved VBD particularly RB valuable JJ to TO the DT Panamanian JJ government NN in IN 1967 CD , , when WRB union NN leaders NNS were VBD planning VBG a DT May NNP Day NNP march NN that IN the DT government NN feared VBD could MD turn VB violent JJ . . Mr. NNP Noriega NNP had VBD learned VBN that IN a DT local JJ union NN leader NN was VBD sleeping VBG with IN the DT wife NN of IN his PRP$ deputy NN . . So IN he PRP splashed VBD the DT information NN on IN handbills NNS that IN he PRP distributed VBD throughout IN the DT banana-exporting JJ city NN of IN Puerto NNP Armuelles NNP , , which WDT was VBD ruled VBN by IN United NNP Fruit NNP Co NNP . . The DT campaign NN so RB divided VBD union NN leaders NNS that IN the DT government NN found VBD them PRP far RB easier JJR to TO control VB . . `` `` It PRP was VBD like IN a DT play NN on IN Broadway NNP , , '' '' recalls VBZ Mr. NNP Martinez NNP . . `` `` Noriega NNP managed VBD the DT whole JJ thing NN . . He PRP was VBD superb JJ . . Noriega NNP was VBD an DT expert NN at IN bribing VBG and CC blackmailing VBG people NNS . . '' '' During IN his PRP$ years NNS in IN Chiriqui NNP , , however RB , , Mr. NNP Noriega NNP also RB revealed VBD himself PRP as IN an DT officer NN as RB perverse JJ as IN he PRP was VBD ingenious JJ . . Rodrigo NNP Miranda NNP , , a DT local JJ lawyer NN and CC human-rights NN monitor NN , , recalls VBZ an DT intoxicated JJ Noriega NNP visiting VBG prisoners NNS in IN their PRP$ cells NNS at IN the DT 5th JJ Zone NNP Garrison NNP headquarters NN in IN David NNP , , where WRB he PRP had VBD his PRP$ offices NNS . . Mr. NNP Noriega NNP would MD order VB them PRP all DT to TO take VB off IN their PRP$ clothes NNS and CC run VB around IN the DT courtyard NN naked JJ , , laughing VBG at IN them PRP and CC then RB retreating VBG to TO his PRP$ office NN . . `` `` People NNS started VBD wondering VBG if IN something NN was VBD wrong JJ with IN him PRP , , '' '' Mr. NNP Miranda NNP recalls VBZ . . But CC through IN this DT period NN , , so RB far RB as IN the DT U.S. NNP military NN was VBD concerned VBN , , Mr. NNP Noriega NNP was VBD a DT model NN recruit NN . . He PRP signed VBD up RP for IN intelligence NN and CC counter-intelligence JJ training NN under IN American JJ officers NNS at IN Fort NNP Gulick NNP in IN Panama NNP in IN July NNP 1967 CD , , according VBG to TO a DT copy NN of IN a DT 1983 CD resume NN with IN details NNS Mr. NNP Noriega NNP has VBZ since IN classified VBN as IN secret JJ . . He PRP flew VBD to TO Fort NNP Bragg NNP , , N.C. NNP , , in IN September NNP of IN that DT year NN for IN a DT course NN in IN psychological JJ operations NNS , , returning VBG to TO the DT School NNP of IN the DT Americas NNPS in IN Panama NNP for IN a DT two-month JJ course NN called VBN `` `` military JJ intelligence NN for IN officers NNS . . '' '' Some DT American JJ officers NNS interpreted VBD his PRP$ eagerness NN and CC studiousness NN as IN a DT sign NN of IN loyalty NN , , but CC they PRP did VBD so RB falsely RB . . He PRP rose VBD to TO chief NN of IN intelligence NN in IN Panama NNP 's POS socalled VBN G-2 NN in IN 1970 CD after IN providing VBG populist JJ dictator NN Torrijos NNP the DT critical JJ support NN to TO defeat VB a DT coup NN attempt NN against IN him PRP a DT year NN earlier RBR . . He PRP became VBD Gen. NNP Torrijos NNP 's POS inseparable JJ shadow NN , , and CC the DT holder NN of IN all DT Panama NNP 's POS secrets NNS . . Mr. NNP Noriega NNP , , by IN now RB a DT lieutenant NN colonel NN , , expanded VBD his PRP$ contacts NNS to TO include VB the DT Cubans NNPS -- : not RB to TO mention VB the DT Israelis NNPS , , the DT Taiwanese NNP and CC any DT other JJ intelligence NN service NN that WDT came VBD knocking VBG . . When WRB U.S. NNP diplomats NNS complained VBD to TO the DT CIA NNP of IN Col. NNP Noriega NNP 's POS moonlighting NN , , intelligence NN experts NNS always RB insisted VBD that DT his PRP$ allegiance NN was VBD first RB to TO the DT Americans NNPS . . `` `` Early RB on IN in IN the DT State NNP Department NNP , , we PRP took VBD to TO calling VBG him PRP the DT rent-a-colonel NN , , in IN tribute NN to TO his PRP$ ability NN to TO simultaneously RB milk VB the DT antagonistic JJ intelligence NN services NNS of IN Cuba NNP and CC the DT United NNP States NNPS , , '' '' recalls VBZ Francis NNP J. NNP McNeil NNP , , who WP , , as IN deputy JJ assistant JJ secretary NN of IN state NN for IN inter-American JJ affairs NNS , , first RB ran VBD across IN reports NNS about IN Mr. NNP Noriega NNP in IN 1977 CD . . `` `` Some DT of IN us PRP wondered VBD how WRB our PRP$ intelligence NN people NNS could MD put VB so RB much JJ stock NN in IN his PRP$ information NN when WRB he PRP was VBD just RB as RB close RB to TO the DT Cubans NNPS . . '' '' Even RB at IN this DT early JJ stage NN , , drugs NNS caused VBD additional JJ concerns NNS . . During IN the DT Nixon NNP administration NN , , the DT Drug NNP Enforcement NNP Administration NNP became VBD dismayed VBN at IN the DT extent NN of IN the DT G-2 NN 's POS connections NNS to TO arrested VBN drug NN traffickers NNS . . One CD DEA NNP agent NN drew VBD up RP a DT list NN of IN five CD options NNS for IN dealing VBG with IN Col. NNP Noriega NNP , , one CD of IN which WDT was VBD assassination NN . . The DT head NN of IN the DT DEA NNP at IN the DT time NN , , John NNP Ingersoll NNP , , scotched VBD the DT assassination NN plan NN . . But CC he PRP did VBD fly VB to TO Panama NNP to TO scold VB dictator NN Torrijos NNP on IN the DT drug NN ties NNS of IN Panamanian JJ officials NNS , , including VBG Mr. NNP Noriega NNP . . Mr. NNP Ingersoll NNP later RB recalled VBD that IN Gen. NNP Torrijos NNP seemed VBD afraid JJ to TO act VB on IN the DT concerns NNS of IN the DT U.S. NNP . . `` `` Everybody NN was VBD afraid JJ of IN him PRP , , '' '' Mr. NNP Ingersoll NNP says VBZ . . Mr. NNP Noriega NNP became VBD an DT even RB greater JJR threat NN in IN 1976 CD , , when WRB U.S. NNP intelligence NN services NNS discovered VBD that IN he PRP had VBD been VBN buying VBG recordings NNS of IN electronically RB monitored VBN conversations NNS from IN three CD sergeants NNS working VBG for IN the DT U.S. NNP Army NNP 's POS 470th JJ Military NNP Intelligence NNP Group NNP . . The DT tapes NNS included VBD wiretaps NNS of IN Gen. NNP Torrijos NNP 's POS own JJ phone NN , , according VBG to TO American JJ intelligence NN officials NNS . . `` `` We PRP caught VBD him PRP with IN his PRP$ hands NNS on IN our PRP$ cookie NN jar NN , , '' '' says VBZ former JJ CIA NNP Director NNP Stansfield NNP Turner NNP . . For IN the DT first JJ time NN , , the DT U.S. NNP considered VBD cutting VBG Mr. NNP Noriega NNP from IN its PRP$ intelligence NN payroll NN -- : and CC the DT deliberations NNS were VBD intense JJ , , Mr. NNP Turner NNP says VBZ . . `` `` In IN the DT world NN of IN intelligence NN , , if IN you PRP want VBP to TO get VB information NN , , you PRP get VBP it PRP from IN seedy JJ characters NNS . . The DT question NN is VBZ how WRB much RB you PRP get VBP tied VBN in RP with IN seedy JJ characters NNS so IN they PRP can MD extort VB you PRP . . '' '' Intelligence NN officials NNS to TO this DT day NN worry VBP whether IN Mr. NNP Noriega NNP sold VBD sensitive JJ information NN on IN the DT recordings NNS to TO the DT Cubans NNPS or CC others NNS . . Mr. NNP Turner NNP was VBD troubled VBN enough RB to TO cancel VB the DT U.S. NNP contract NN with IN the DT rent-a-colonel NN at IN the DT beginning NN of IN the DT Carter NNP administration NN . . The DT U.S. NNP soon RB found VBD new JJ cause NN for IN concern NN : : gun-running NN . . Prosecutors NNS in IN Southern NNP Florida NNP indicted VBD five CD Panamanians NNPS on IN charges NNS of IN illegally RB running VBG arms NNS to TO Sandinista NNP rebels NNS trying VBG to TO overthrow VB the DT Nicaraguan JJ government NN of IN Mr. NNP Somoza NNP . . They PRP included VBD one CD of IN Mr. NNP Noriega NNP 's POS closest JJS friends NNS and CC business NN partners NNS , , Carlos NNP Wittgreen NNP . . And CC the DT investigators NNS were VBD quickly RB closing VBG in RP on IN Mr. NNP Noriega NNP himself PRP . . At IN the DT time NN , , though RB , , in IN 1979 CD , , the DT U.S. NNP was VBD once RB again RB flirting VBG with IN its PRP$ longtime NN Latin NNP American NNP spy NN . . Mr. NNP Noriega NNP made VBD plans NNS to TO fly VB to TO Washington NNP for IN a DT meeting NN with IN his PRP$ counterpart NN at IN the DT Pentagon NNP . . Dade NNP County NNP and CC federal JJ authorities NNS , , learning VBG that IN he PRP intended VBD to TO fly VB through IN Miami NNP , , made VBN plans NNS to TO arrest VB him PRP on IN the DT gun-running JJ charges NNS as RB soon RB as IN he PRP hit VBD U.S. NNP soil NN . . It PRP was VBD a DT Friday NNP in IN June NNP . . The DT Pentagon NNP foiled VBD the DT plan NN . . According VBG to TO military JJ officers NNS at IN the DT time NN , , word NN was VBD passed VBN to TO Mr. NNP Noriega NNP by IN his PRP$ American JJ hosts NNS that IN the DT police NN would MD be VB waiting VBG . . On IN Monday NNP , , U.S. NNP officials NNS received VBD a DT routine JJ , , unclassified JJ message NN from IN the DT military JJ group NN commander NN in IN Panama NNP . . `` `` Due JJ to TO health NN reasons NNS , , Lt. NNP Col. NNP Noriega NNP has VBZ elected VBN to TO postpone VB his PRP$ visit NN to TO Washington NNP , , '' '' it PRP read VBD . . Prosecutors NNS in IN Miami NNP received VBD yet RB another DT setback NN . . Their PRP$ original JJ indictment NN against IN Mr. NNP Wittgreen NNP , , the DT friend NN of IN Mr. NNP Noriega NNP , , and CC the DT other JJ four CD was VBD dismissed VBN on IN a DT technicality NN . . But CC now RB , , along IN with IN reindicting VBG Mr. NNP Noriega NNP 's POS pal NN , , they PRP intended VBD to TO charge VB Mr. NNP Noriega NNP himself PRP , , on IN allegations NNS that IN he PRP was VBD involved VBN in IN the DT illegal JJ trading NN of IN some DT $ $ 2 CD million CD in IN arms NNS . . In IN January NNP 1980 CD , , Jerome NNP Sanford NNP , , as IN assistant JJ U.S. NNP attorney NN , , was VBD summoned VBN to TO a DT meeting NN with IN a DT Federal NNP Bureau NNP of IN Investigation NNP agent NN assigned VBN to TO the DT Bureau NNP of IN Alcohol NNP , , Tobacco NNP and CC Firearms NNPS in IN Miami NNP . . Panamanian JJ dictator NN Torrijos NNP , , he PRP was VBD told VBN , , had VBD granted VBN the DT shah NN of IN Iran NNP asylum NN in IN Panama NNP as IN a DT favor NN to TO Washington NNP . . Mr. NNP Sanford NNP was VBD told VBN Mr. NNP Noriega NNP 's POS friend NN , , Mr. NNP Wittgreen NNP , , would MD be VB handling VBG the DT shah NN 's POS security NN . . It PRP would MD n't RB be VB a DT good JJ idea NN to TO indict VB him PRP -- : much RB less JJR Mr. NNP Noriega NNP , , the DT prosecutor NN was VBD told VBN . . After IN prodding VBG from IN Mr. NNP Sanford NNP , , U.S. NNP Attorney NNP Jack NNP Eskenazi NNP pleaded VBD with IN Justice NNP Department NNP officials NNS in IN Washington NNP to TO let VB the DT indictment NN proceed VB . . `` `` Unfortunately RB , , '' '' Mr. NNP Eskenazi NNP wrote VBD in IN a DT letter NN , , `` `` those DT of IN us PRP in IN law NN enforcement NN in IN Miami NNP find VBP ourselves PRP frequently RB attempting VBG to TO enforce VB the DT laws NNS of IN the DT United NNP States NNPS but CC simultaneously RB being VBG caught VBN between IN foreign JJ policy NN considerations NNS over IN which WDT we PRP have VBP no DT control NN . . '' '' The DT letter NN , , along IN with IN a DT detailed VBN prosecution NN memo NN , , sat VBD on IN the DT desks NNS of IN Justice NNP officials NNS for IN months NNS before IN the DT case NN died VBD a DT quiet JJ death NN . . `` `` I PRP think VBP if IN we PRP had VBD been VBN allowed VBN to TO go VB ahead RB then RB we PRP would MD n't RB have VB the DT problems NNS we PRP have VBP now RB , , '' '' Mr. NNP Sanford NNP says VBZ . . `` `` If IN he PRP had VBD been VBN found VBN guilty JJ , , we PRP could MD have VB stopped VBN him PRP . . '' '' In IN August NNP 1983 CD , , Mr. NNP Noriega NNP took VBD over RP as IN General NNP and CC de-facto JJ dictator NN of IN Panama NNP , , having VBG maneuvered VBN his PRP$ way NN to TO the DT top NN only RB two CD years NNS after IN the DT mysterious JJ death NN in IN a DT plane NN crash NN of IN his PRP$ old JJ boss NN Omar NNP Torrijos NNP . . Soon RB , , the DT military NN became VBD a DT veritable JJ mafia NN controlling VBG legal JJ and CC illegal JJ businesses NNS . . The DT Reagan NNP administration NN also RB put VBD Mr. NNP Noriega NNP 's POS G-2 NN back NN on IN the DT U.S. NNP payroll NN . . Payments NNS averaged VBD nearly RB $ $ 200,000 CD a DT year NN from IN the DT U.S. NNP Defense NNP Intelligence NNP Agency NNP and CC the DT CIA NNP . . Although IN working VBG for IN U.S. NNP intelligence NN , , Mr. NNP Noriega NNP was VBD hardly RB helping VBG the DT U.S. NNP exclusively RB . . During IN the DT Reagan NNP years NNS he PRP expanded VBD his PRP$ business NN and CC intelligence NN contacts NNS with IN the DT Cubans NNPS and CC the DT Sandinistas NNPS . . He PRP allegedly RB entered VBD into IN Panama NNP 's POS first JJ formal JJ business NN arrangement NN with IN Colombian JJ drug NN bosses NNS , , according VBG to TO Floyd NNP Carlton NNP , , a DT pilot NN who WP once RB worked VBD for IN Mr. NNP Noriega NNP and CC who WP testified VBD before IN the DT U.S. NNP grand JJ jury NN in IN Miami NNP that WDT would MD ultimately RB indict VB the DT Panamanian NNP on IN drug NN charges NNS . . But CC Mr. NNP Noriega NNP was VBD convinced VBN the DT Reagan NNP White NNP House NNP would MD n't RB act VB against IN him PRP , , recalls VBZ his PRP$ close JJ ally NN Jose NNP Blandon NNP , , because IN he PRP had VBD an DT insurance NN policy NN : : his PRP$ involvement NN with IN the DT Contra NNP rebels NNS in IN Nicaragua NNP . . Mr. NNP Blandon NNP says VBZ the DT general NN allowed VBD the DT Contras NNPS to TO set VB up RP a DT secret JJ training NN center NN in IN Panama NNP . . Mr. NNP Noriega NNP also RB conveyed VBD intelligence NN from IN his PRP$ spy NN operation NN inside IN the DT Nicaraguan JJ capital NN of IN Managua NNP . . And CC on IN at IN least JJS one CD occasion NN , , in IN the DT spring NN of IN 1985 CD , , he PRP helped VBD arrange VB a DT sabotage NN attack NN on IN a DT Sandinista NNP arsenal NN in IN Nicaragua NNP . . Although IN , , his PRP$ help NN for IN the DT Contra NNP cause NN was VBD limited VBN , , it PRP was VBD enough JJ to TO win VB him PRP important JJ protectors NNS in IN the DT Reagan NNP administration NN , , says VBZ Sen. NNP Patrick NNP Leahy NNP , , a DT Vermont NNP Democrat NNP who WP then RB served VBD on IN the DT Senate NNP Intelligence NNP Committee NNP . . `` `` Noriega NNP played VBD U.S. NNP intelligence NN agencies NNS and CC the DT U.S. NNP government NN like IN a DT violin NN , , '' '' he PRP says VBZ . . An DT incident NN in IN 1984 CD suggested VBD one CD additional JJ means NNS by IN which WDT Mr. NNP Noriega NNP might MD have VB maintained VBN such JJ influence NN with IN Washington NNP -- : by IN compromising VBG U.S. NNP officials NNS . . Curtin NNP Windsor NNP , , then RB the DT ambassador NN to TO Costa NNP Rica NNP , , recalls VBZ being VBG invited VBN to TO Panama NNP by IN Mr. NNP Noriega NNP 's POS brother NN Luis NNP Carlos NNP for IN a DT weekend NN of IN deep JJ sea NN fishing NN and CC `` `` quiet JJ , , serious JJ conversation NN '' '' on IN the DT Aswara NNP Peninsula NNP . . Mr. NNP Windsor NNP notified VBD Everett NNP E. NNP Briggs NNP , , the DT U.S. NNP ambassador NN to TO Panama NNP , , of IN the DT invitation NN . . `` `` Briggs NNP screamed VBD , , '' '' Mr. NNP Windsor NNP recalls VBZ . . He PRP says VBZ Mr. NNP Briggs NNP told VBD him PRP he PRP was VBD being VBG set VBN up RP for IN a DT `` `` honey NN trap NN , , '' '' in IN which WDT Mr. NNP Noriega NNP would MD try VB to TO involve VB him PRP in IN an DT orgy NN and CC then RB record VB the DT event NN `` `` with IN sound NN and CC video NN . . '' '' Mr. NNP Briggs NNP , , on IN vacation NN after IN resigning VBG his PRP$ position NN at IN the DT National NNP Security NNP Council NNP , , could MD n't RB be VB reached VBN for IN comment NN . . As IN Mr. NNP Noriega NNP 's POS political JJ troubles NNS grew VBD , , so RB did VBD his PRP$ offers NNS of IN assistance NN to TO the DT Contras NNPS , , an DT apparent JJ attempt NN to TO curry VB more JJR favor NN in IN Washington NNP . . For IN instance NN , , he PRP helped VBD steal VB the DT May NNP 1984 CD Panamanian JJ elections NNS for IN the DT ruling VBG party NN . . But CC just RB one CD month NN later RB , , he PRP also RB contributed VBD $ $ 100,000 CD to TO a DT Contra NNP leader NN , , according VBG to TO documents NNS released VBN for IN Oliver NNP North NNP 's POS criminal JJ trial NN in IN Washington NNP , , D.C NNP . . Yet RB , , his PRP$ political JJ setbacks NNS mounted VBD . . Mr. NNP Noriega NNP was VBD accused VBN of IN ordering VBG in IN 1985 CD the DT beheading NN of IN Hugo NNP Spadafora NNP , , his PRP$ most JJS outspoken JJ political JJ opponent NN and CC the DT first JJ man NN to TO publicly RB finger VB Mr. NNP Noriega NNP on IN drug NN trafficking NN charges NNS . . He PRP then RB ousted VBD President NNP Nicholas NNP Ardito NNP Barletta NNP , , a DT former JJ World NNP Bank NNP official NN with IN close JJ ties NNS to TO the DT U.S. NNP , , after IN Mr. NNP Barletta NNP tried VBD to TO create VB a DT commission NN to TO investigate VB the DT murder NN . . And CC , , all PDT the DT while NN , , Panama NNP 's POS debt NN problems NNS continued VBD to TO grow VB . . Mr. NNP Noriega NNP was VBD growing VBG desperate JJ . . In IN late JJ 1986 CD , , he PRP made VBD an DT offer NN he PRP thought VBD the DT U.S. NNP could MD n't RB refuse VB . . As IN recounted VBN in IN a DT stipulation NN that WDT summarized VBD government NN documents NNS released VBN for IN the DT North NNP trial NN , , Mr. NNP Noriega NNP offered VBD to TO assassinate VB the DT Sandinista NNP leadership NN in IN exchange NN `` `` for IN a DT promise NN to TO help VB clean VB up RP Noriega NNP 's POS image NN and CC a DT commitment NN to TO lift VB the DT { ( U.S. NNP . . } ) ban NN on IN military JJ sales NNS to TO the DT Panamanian NNP Defense NNP Forces NNPS . . '' '' `` `` North NNP , , '' '' the DT document NN went VBD on RB , , referring VBG to TO Oliver NNP North NNP , , `` `` has VBZ told VBN Noriega NNP 's POS representative NN that IN U.S. NNP law NN forbade VBD such JJ actions NNS . . The DT representative NN responded VBD that IN Noriega NNP had VBD numerous JJ assets NNS in IN place NN in IN Nicaragua NNP and CC could MD accomplish VB many JJ essential JJ things NNS , , just RB as IN Noriega NNP had VBD helped VBN { ( the DT U.S. NNP . . } ) the DT previous JJ year NN in IN blowing VBG up RP a DT Sandinista NNP arsenal NN . . '' '' Col. NNP North NNP conveyed VBD the DT request NN to TO his PRP$ superiors NNS and CC to TO Assistant NNP Secretary NNP of IN State NNP Elliot NNP Abrams NNP , , who WP relayed VBD it PRP to TO Secretary NNP of IN State NNP George NNP Shultz NNP . . Mr. NNP Noriega NNP 's POS proposal NN was VBD turned VBN down IN . . And CC Mr. NNP Shultz NNP curtly RB told VBD Mr. NNP Abrams NNP that IN the DT general NN should MD be VB told VBN that IN only RB he PRP could MD repair VB his PRP$ tarnished VBN image NN . . The DT end NN of IN the DT marriage NN was VBD at IN hand NN . . Within IN weeks NNS the DT unfolding VBG Iran-Contra NNP scandal NN took VBD away RB Mr. NNP Noriega NNP 's POS insurance NN policy NN . . The DT death NN of IN CIA NNP Director NNP William NNP Casey NNP and CC resignation NN of IN Oliver NNP North NNP allowed VBD anti-Noriega JJ political JJ forces NNS to TO gain VB influence NN . . Public JJ protests NNS against IN him PRP were VBD triggered VBN in IN June NNP 1987 CD due JJ to TO charges NNS by IN Diaz NNP Herrera NNP , , his PRP$ former JJ chief NN of IN staff NN , , that IN Mr. NNP Noriega NNP had VBD stolen VBN the DT 1984 CD election NN and CC had VBD ordered VBN the DT killing NN of IN Messrs. NNP Spadafora NNP and CC Torrijos NNP . . Few JJ American JJ officials NNS were VBD willing VBG any DT longer RB to TO defend VB him PRP . . Lawyers NNS in IN Miami NNP -- : this DT time NN working VBG virtually RB without IN impediment NN -- : prepared VBD to TO have VB him PRP indicted VBN on IN drug NN charges NNS in IN February NNP 1988 CD . . During IN negotiations NNS with IN American JJ officials NNS in IN May NNP 1988 CD over IN proposals NNS to TO drop VB the DT U.S. NNP indictments NNS in IN exchange NN for IN his PRP$ resignation NN , , Mr. NNP Noriega NNP often RB asked VBD almost RB plaintively RB how WRB the DT Americans NNPS , , whom WP he PRP had VBD helped VBN for IN so RB many JJ years NNS , , could MD turn VB against IN him PRP . . Now RB , , neither CC side NN -- : the DT U.S. NNP nor CC Mr. NNP Noriega NNP -- : has VBZ an DT easy JJ out NN . . President NNP Bush NNP has VBZ sworn VBN to TO bring VB him PRP to TO justice NN . . Mr. NNP Noriega NNP believes VBZ he PRP has VBZ n't RB any DT alternative NN but CC to TO continue VB clutching VBG to TO power NN . . It PRP is VBZ a DT knock-out JJ battle NN -- : perhaps RB to TO the DT death NN . . In IN the DT end NN , , is VBZ Mr. NNP Noriega NNP the DT political JJ equivalent NN of IN Frankenstein NNP 's POS monster NN , , created VBN by IN a DT well-intentioned JJ but CC misguided JJ foreign JJ power NN ? . Not RB quite RB , , Sen. NNP Leahy NNP contends VBZ . . `` `` For IN short-term JJ gains NNS , , people NNS were VBD willing JJ to TO put VB up RP with IN him PRP . . That DT allowed VB him PRP to TO get VB stronger JJR and CC stronger JJR , , '' '' he PRP says VBZ . . `` `` I PRP do VBP n't RB think VB we PRP created VBD him PRP as RB much RB as IN we PRP fed VBD him PRP , , nurtured VBD him PRP and CC let VB him PRP grow VB up IN to TO be VB big JJ and CC strong JJ . . UPJOHN NNP Co. NNP reported VBD that IN third-quarter NN net JJ income NN rose VBD to TO $ $ 96 CD million CD , , or CC 52 CD cents NNS a DT share NN , , from IN $ $ 89.6 CD million CD , , or CC 49 CD cents NNS a DT share NN , , a DT year NN earlier RBR . . Yesterday NN 's POS edition NN provided VBD analysts NNS ' POS estimates NNS for IN the DT company NN when WRB actual JJ earnings NNS were VBD available JJ . . Industrial JJ production NN declined VBD 0.1 CD % NN in IN September NNP , , reinforcing VBG other JJ signs NNS that IN the DT manufacturing VBG sector NN continues VBZ its PRP$ slowing VBG trend NN . . The DT Federal NNP Reserve NNP Board NNP said VBD output NN of IN the DT nation NN 's POS factories NNS , , mines NNS and CC utilities NNS expanded VBD at IN an DT annual JJ rate NN of IN 1.3 CD % NN in IN the DT third JJ quarter NN , , substantially RB slower JJR than IN the DT 3.3 CD % NN annual JJ rate NN in IN the DT second JJ quarter NN . . `` `` Capital NN spending NN and CC exports NNS , , which WDT have VBP been VBN the DT driving VBG force NN in IN this DT expansion NN , , are VBP showing VBG clear JJ signs NNS of IN having VBG the DT steam NN taken VBN out IN of IN them PRP , , '' '' said VBD Robert NNP Dederick NNP , , economist NN for IN Northern NNP Trust NNP Co. NNP in IN Chicago NNP . . The DT new JJ reports NNS of IN sluggishness NN , , which WDT were VBD foreshadowed VBN by IN an DT earlier JJR Labor NNP Department NNP report NN that IN manufacturing VBG payrolls NNS dropped VBD by IN 105,000 CD in IN September NNP , , give VBP the DT Fed NNP another DT reason NN to TO further RB ease VB its PRP$ grip NN on IN credit NN and CC lower VB interest NN rates NNS . . `` `` They PRP need VBP to TO do VB something NN about IN this DT , , '' '' said VBD Maury NNP Harris NNP , , economist NN at IN PaineWebber NNP Group NNP Inc NNP . . The DT Fed NNP also RB said VBD U.S. NNP industry NN operated VBD at IN 83.6 CD % NN of IN capacity NN last JJ month NN , , down IN from IN 83.8 CD % NN in IN August NNP . . Measures NNS of IN manufacturing VBG activity NN fell VBD more RBR than IN the DT overall JJ measures NNS . . Factory NN output NN dropped VBD 0.2 CD % NN , , its PRP$ first JJ decline NN since IN February NNP , , after IN having VBG been VBN unchanged JJ in IN October NNP . . Factories NNS operated VBD at IN 83.7 CD % NN of IN capacity NN , , the DT lowest JJS rate NN in IN more JJR than IN a DT year NN and CC down IN from IN 84.1 CD % NN in IN September NNP . . The DT declines NNS mainly RB reflected VBD widespread JJ weakness NN in IN durable JJ goods NNS , , those DT intended VBN to TO last VB more JJR than IN three CD years NNS . . The DT biggest JJS drop NN was VBD recorded VBN by IN primary JJ metals NNS producers NNS , , a DT category NN that WDT includes VBZ the DT steel NN industry NN . . Output NN of IN business NN equipment NN was VBD unchanged JJ in IN September NNP . . Production NN of IN factory NN equipment NN , , one CD indication NN of IN the DT strength NN of IN manufacturers NNS ' POS investment NN spending NN , , fell VBD 0.3 CD % NN . . Some DT economists NNS expect VBP further JJ declines NNS in IN investment NN spending NN . . `` `` Whenever WRB corporate JJ profits NNS are VBP weak JJ that WDT means VBZ capital NN spending NN is VBZ going VBG to TO soften VB subsequently RB , , '' '' Mr. NNP Harris NNP said VBD . . `` `` You PRP have VBP n't RB seen VBN the DT full JJ effect NN of IN that DT yet RB . . '' '' A DT decline NN in IN truck NN production NN more RBR than IN offset VB a DT sharp JJ rise NN in IN auto NN assemblies NNS , , the DT Fed NNP noted VBD . . Analysts NNS do VBP n't RB expect VB the DT September NNP surge NN in IN auto NN production NN to TO be VB repeated VBN in IN the DT coming VBG months NNS . . Here RB is VBZ a DT summary NN of IN the DT Federal NNP Reserve NNP Board NNP 's POS report NN on IN industrial JJ production NN in IN September NNP . . The DT figures NNS are VBP seasonally RB adjusted VBN . . 142.3 CD % NN of IN the DT 1977 CD average NN . . Robin NNP Honiss NNP , , president NN and CC chief NN executive JJ officer NN of IN this DT bank NN holding VBG company NN , , was VBD elected VBN to TO the DT additional JJ posts NNS of IN chairman NN , , president NN and CC chief NN executive NN of IN the DT company NN 's POS New NNP England NNP Savings NNP Bank NNP subsidiary NN . . William NNP R. NNP Attridge NNP resigned VBD those DT posts NNS , , as RB well RB as IN a DT seat NN on IN NESB NNP 's POS board NN . . NESB NNP is VBZ also RB the DT parent NN of IN Omnibank NNP . . Lung-cancer NN mortality NN rates NNS for IN people NNS under IN 45 CD years NNS of IN age NN have VBP begun VBN to TO decline VB , , federal JJ researchers NNS report VBP . . The DT drop NN is VBZ particularly RB large JJ for IN white JJ males NNS , , although IN black JJ males NNS and CC white JJ and CC black JJ women NNS also RB show VBP lower JJR mortality NN rates NNS . . A DT report NN in IN this DT week NN 's POS issue NN of IN the DT Journal NNP of IN the DT National NNP Cancer NNP Institute NNP also RB projects VBZ that IN overall JJ U.S. NNP mortality NN rates NNS from IN lung NN cancer NN , , the DT leading VBG cause NN of IN cancer NN death NN , , should MD begin VB to TO drop VB in IN several JJ years NNS if IN cigarette NN smoking NN continues VBZ to TO abate VB . . The DT report NN , , which WDT comes VBZ 25 CD years NNS after IN the DT U.S. NNP Surgeon NNP General NNP issued VBD a DT report NN warning VBG against IN the DT dangers NNS of IN smoking NN , , is VBZ the DT strongest JJS indication NN to TO date NN that IN the DT reduction NN in IN smoking NN is VBZ leading VBG to TO lower JJR death NN rates NNS from IN lung NN cancer NN . . `` `` What WP this DT is VBZ saying VBG is VBZ that IN the DT surgeon NN general NN 's POS message NN is VBZ having VBG an DT impact NN , , '' '' said VBD Melvyn NNP Tockman NNP , , an DT epidemiologist NN at IN the DT Johns NNP Hopkins NNP School NNP of IN Hygiene NNP and CC Public NNP Health NNP in IN Baltimore NNP . . The DT National NNP Cancer NNP Institute NNP report NN compares VBZ mortality NN rates NNS of IN two CD groups NNS of IN people NNS between IN the DT ages NNS of IN 35 CD and CC 44 CD a DT decade NN apart RB . . The DT death NN rate NN from IN lung NN cancer NN of IN white JJ males NNS aged VBN 35 CD to TO 44 CD in IN the DT mid-1970s CD was VBD 13.4 CD per IN 100,000 CD , , but CC the DT mortality NN rate NN of IN the DT same JJ age NN group NN in IN the DT mid-1980s CD was VBD 9.6 CD , , a DT decline NN of IN 28.7 CD % NN . . Measured VBN the DT same JJ way NN , , the DT decline NN for IN black JJ males NNS was VBD 14.2 CD % NN . . The DT drop NN in IN mortality NN rates NNS for IN women NNS was VBD less RBR steep JJ -- : 8.9 CD % NN for IN blacks NNS and CC 5.3 CD % NN for IN whites NNS . . The DT study NN , , by IN Susan NNP Devesa NNP , , William NNP Blot NNP and CC Joseph NNP Fraumeni NNP of IN the DT institute NN 's POS staff NN , , also RB shows VBZ that IN the DT incidence NN of IN lung NN cancer NN as RB well RB as IN the DT death NN rate NN declined VBD over IN the DT decade NN for IN all DT groups NNS in IN the DT 35-44 CD age NN bracket NN , , except IN black JJ men NNS . . Although IN lung-cancer NN mortality NN rates NNS are VBP increasing VBG for IN the DT nation NN as IN a DT whole NN , , the DT report NN projects VBZ that IN death NN rates NNS will MD begin VB to TO decline VB in IN the DT 1990s CD for IN men NNS and CC after IN the DT year NN 2000 CD for IN women NNS . . Lung-cancer NN mortality NN rates NNS increase VBP with IN age NN and CC are VBP continuing VBG to TO rise VB for IN all DT age NN groups NNS over IN 55 CD , , with IN sharp JJ increases NNS for IN everybody NN but CC white JJ men NNS . . But CC Dr. NNP Fraumeni NNP , , one CD of IN the DT authors NNS of IN the DT report NN , , said VBD `` `` the DT declining VBG rates NNS we PRP 're VBP seeing VBG for IN younger JJR people NNS we PRP believe VBP may MD be VB a DT harbinger NN of IN declining VBG mortality NN in IN the DT future NN . . '' '' However RB , , he PRP stressed VBD that IN the DT improvement NN depends VBZ on IN a DT continued VBN reduction NN in IN smoking NN . . `` `` Even RB though IN these DT favorable JJ trends NNS in IN lung-cancer NN mortality NN affect VBP all DT sex NN and CC race NN groups NNS , , they PRP ca MD n't RB be VB taken VBN for IN granted VBN , , '' '' the DT report NN says VBZ . . `` `` Smoking NN prevention NN programs NNS should MD reach VB larger JJR segments NNS of IN the DT population NN , , especially RB children NNS , , adolescents NNS and CC minorities NNS . . '' '' An DT editorial NN in IN the DT NCI NNP Journal NNP says VBZ the DT report NN of IN declining VBG lung-cancer NN mortality NN `` `` among IN young JJ men NNS and CC women NNS in IN the DT U.S. NNP indicates VBZ that IN we PRP finally RB may MD be VB winning VBG the DT battle NN -- : this DT even RB in IN a DT country NN where WRB the DT tobacco NN industry NN spends VBZ over IN $ $ 2 CD billion CD a DT year NN for IN promotion NN of IN the DT addictive JJ habit NN of IN smoking NN . . '' '' But CC the DT editorial NN , , by IN Jan NNP Stjernsward NNP of IN the DT World NNP Health NNP Organization NNP , , notes VBZ that IN tobacco NN consumption NN and CC lung-cancer NN mortality NN rates NNS are VBP rising VBG in IN developing VBG countries NNS . . `` `` Non-smoking NN should MD be VB established VBN as IN the DT norm NN of IN social JJ behavior NN '' '' around IN the DT world NN , , the DT editorial NN says VBZ , , through IN the DT enactment NN of IN laws NNS that WDT limit VBP advertising NN , , boost VBP tobacco NN prices NNS and CC promote VBP anti-smoking JJ education NN . . Asked VBN for IN comment NN , , Walker NNP Merryman NNP , , a DT vice NN president NN of IN the DT Tobacco NNP Institute NNP , , said VBD new JJ efforts NNS to TO restrict VB tobacco NN advertising NN in IN the DT U.S. NNP could MD violate VB the DT First NNP Amendment NNP protection NN of IN free JJ speech NN . . According VBG to TO the DT American NNP Cancer NNP Society NNP , , smoking NN is VBZ responsible JJ for IN 85 CD % NN of IN the DT lung-cancer NN cases NNS among IN men NNS and CC 75 CD % NN among IN women NNS . . The DT NCI NNP report NN attributes VBZ the DT differences NNS in IN mortality NN rates NNS by IN race NN to TO different JJ smoking NN patterns NNS . . A DT higher JJR proportion NN of IN black JJ men NNS smoke VBP than IN white JJ men NNS . . While IN nearly RB equal JJ percentages NNS of IN black JJ and CC white JJ women NNS currently RB smoke VBP , , in IN both DT sexes NNS more JJR whites NNS have VBP given VBN up RP smoking NN than IN blacks NNS . . In IN comparing VBG changes NNS in IN mortality NN rates NNS over IN the DT past NN decade NN , , the DT NCI NNP study NN looked VBD only RB at IN blacks NNS and CC whites NNS . . Asians NNPS and CC native JJ Americans NNPS were VBD n't RB studied VBN ; : Hispanics NNPS were VBD included VBN with IN whites NNS . . Recent JJ changes NNS in IN average JJ annual JJ age-specific JJ lung-cancer NN rates NNS per IN 100,000 CD population NN by IN race NN and CC sex NN . . White NNP Males NNPS White NNP Females NNPS Black NNP Males NNPS Black NNP Females NNPS Directors NNS elected VBD R. NNP Marvin NNP Womack NNP , , currently RB vice NN president\/product NN supply NN , , purchasing NN , , to TO head VB the DT company NN 's POS Washington NNP , , D.C. NNP , , office NN . . As IN vice NN president\/national-government NN relations NNS , , Mr. NNP Womack NNP will MD work VB with IN P&G NNP 's POS top JJ management NN and CC with IN the DT company NN 's POS government-relations NNS staff NN `` `` to TO represent VB P&G NNP 's POS interests NNS at IN the DT federal JJ level NN , , '' '' said VBD John NNP G. NNP Smale NNP , , chairman NN and CC chief NN executive NN officer NN . . Mr. NNP Smale NNP said VBD the DT appointment NN `` `` recognizes VBZ the DT growing VBG influence NN of IN government NN on IN our PRP$ business NN . . '' '' Mr. NNP Womack NNP , , 53 CD years NNS old JJ , , has VBZ been VBN with IN the DT big JJ producer NN of IN household NN products NNS , , food NN and CC pharmaceuticals NNS for IN 30 CD years NNS . . Traders NNS trying VBG to TO profit VB from IN the DT recent JJ volatility NN in IN financial JJ markets NNS invaded VBD the DT Nasdaq NNP over-the-counter NN market NN , , prompting VBG even RB more JJR swings NNS in IN stock NN prices NNS . . After IN gaining VBG strength NN during IN a DT brief JJ run-up NN when WRB trading NN began VBD , , the DT Nasdaq NNP Composite NNP Index NNP weakened VBD under IN selling VBG pressure NN . . The DT forces NNS at IN work NN included VBD computer-guided JJ trading NN , , as RB well RB as IN profit-driven JJ market NN makers NNS and CC institutional JJ investors NNS who WP had VBD bought VBN stock NN on IN the DT cheap NN during IN the DT recent JJ correction NN . . During IN the DT last JJ two CD hours NNS of IN trading NN , , the DT composite NN almost RB drew VBD even RB on IN the DT day NN before IN slipping VBG again RB . . The DT Nasdaq NNP Composite NNP closed VBD down RB 1.05 CD , , or CC 0.2 CD % NN , , to TO 459.93 CD . . The DT action NN was VBD confined VBN to TO Nasdaq NNP 's POS biggest JJS and CC most RBS liquid JJ stocks NNS , , traders NNS said VBD . . The DT Nasdaq NNP 100 CD Index NNP began VBD the DT day NN at IN 449.89 CD , , lost VBN 2 CD % NN at IN one CD point NN , , and CC was VBD up IN 0.4 CD % NN at IN another DT . . The DT barometer NN of IN the DT biggest JJS nonfinancial JJ stocks NNS settled VBD at IN 448.49 CD , , off IN 1.40 CD . . Its PRP$ counterpart NN , , the DT Nasdaq NNP Financial NNP Index NNP , , was VBD weak JJ for IN most JJS of IN the DT day NN , , sliding VBG 2.51 CD to TO 453.57 CD by IN the DT end NN of IN trading NN . . The DT volatility NN was VBD dizzying JJ for IN traders NNS . . `` `` The DT market NN must MD have VB turned VBN up RB and CC down RB 15 CD different JJ times NNS , , '' '' commented VBD Lance NNP Zipper NNP , , head NN of IN OTC NN trading NN at IN Kidder NNP Peabody NNP . . `` `` Every DT time NN you PRP thought VBD it PRP was VBD going VBG into IN a DT rally NN it PRP gave VBD up IN , , and CC every DT time NN you PRP thought VBD it PRP would MD rally VB it PRP came VBD down RB . . This DT is VBZ a DT tough JJ market NN . . '' '' Mr. NNP Zipper NNP said VBD the DT market NN is VBZ still RB settling VBG down RP after IN the DT recent JJ correction NN . . Most JJS of IN trading NN action NN now RB is VBZ from IN professional JJ traders NNS who WP are VBP trying VBG to TO take VB advantage NN of IN the DT price NN swings NNS to TO turn VB a DT quick JJ profit NN , , he PRP and CC other JJ traders NNS said VBD . . `` `` Everybody NN 's VBZ confused VBN and CC no DT one NN has VBZ an DT opinion NN that WDT lasts VBZ longer RB than IN 30 CD seconds NNS , , '' '' said VBD Mr. NNP Zipper NNP . . `` `` A DT lot NN of IN the DT professional JJ traders NNS are VBP just RB going VBG back RB and CC forth RB . . They PRP 're VBP just RB as RB confused VBN . . '' '' William NNP Rothe NNP , , head NN of IN OTC NNP trading NN at IN Alex NNP . . Brown NNP & CC Sons NNPS , , in IN Baltimore NNP , , said VBD program NN trading NN is VBZ keeping VBG the DT markets NNS unsettled VBN . . He PRP believes VBZ that IN the DT volatile JJ conditions NNS created VBN by IN program NN trading NN has VBZ `` `` thoroughly RB confused VBN '' '' investors NNS about IN where WRB the DT market NN is VBZ headed VBN . . Program NN trading NN is VBZ `` `` benefiting VBG a DT few JJ to TO the DT detriment NN of IN many JJ and CC I PRP wish VBP someone NN would MD do VB something NN about IN it PRP , , '' '' he PRP complained VBD . . Trading NN activity NN cooled VBD off RP from IN Monday NNP 's POS sizzling JJ pace NN . . Share NN turnover NN subsided VBD to TO 161.5 CD million CD . . Advancing VBG and CC declining VBG issues NNS finished VBD about IN even RB . . Of IN the DT 4,345 CD stocks NNS that IN changed VBD hands NNS , , 1,174 CD declined VBD and CC 1,040 CD advanced VBD . . One CD big JJ technology NN issue NN , , Novell NNP , , rode VBD the DT roller NN coaster NN . . The DT stock NN , , which WDT finished VBD Monday NNP at IN 29 CD 1\/2 CD , , traded VBD as RB high JJ as IN 29 CD 3\/4 CD and CC as RB low JJ as IN 28 CD 3\/4 CD before IN closing VBG at IN 29 CD 1\/4 CD , , down IN 1\/4 CD . . It PRP was VBD a DT jarring VBG day NN for IN investors NNS in IN Genetics NNP Institute NNP . . The DT stock NN tumbled VBD 2 CD 3\/4 CD on IN news NN that IN it PRP might MD have VB to TO take VB a DT charge NN against IN earnings NNS if IN it PRP ca MD n't RB successfully RB resolve VB a DT dispute NN with IN its PRP$ European JJ licensee NN , , Boehringer NNP Mannheim NNP , , over IN its PRP$ anti-anemia NN drug NN , , EPO NNP . . The DT stock NN recovered VBD somewhat RB to TO finish VB 1 CD 1\/4 CD lower JJR at IN 26 CD 1\/4 CD . . In IN a DT statement NN , , Genetics NNP Institute NNP said VBD the DT dispute NN with IN Boehringer NNP centers VBZ on IN questions NNS of IN the DT usability NN of IN certain JJ batches NNS of IN EPO NNP material NN valued VBN at IN $ $ 13.6 CD million CD . . Earlier RBR this DT week NN , , Genetics NNP Institute NNP reported VBD wider JJR losses NNS in IN its PRP$ fiscal JJ third JJ quarter NN ended VBD Aug. NNP 31 CD . . Price NNP Co. NNP jumped VBD 2 CD 1\/4 CD to TO 44 CD on IN 1.7 CD million CD shares NNS . . The DT wholesaler NN of IN cash NN and CC carry NN merchandise NN reported VBD fiscal JJ fourthquarter NN earnings NNS that WDT were VBD better JJR than IN analysts NNS had VBD expected VBN . . The DT company NN also RB pleased VBD analysts NNS by IN announcing VBG four CD new JJ store NN openings NNS planned VBN for IN fiscal JJ 1990 CD , , ending VBG next JJ August NNP . . That DT will MD bring VB the DT total NN for IN the DT year NN to TO 10 CD , , from IN five CD during IN fiscal JJ 1989 CD . . `` `` Every DT year NN we PRP 've VBP been VBN waiting VBG for IN stepped-up JJ expansion NN from IN the DT company NN . . The DT news NN could MD n't RB have VB been VBN better JJR , , '' '' said VBD Linda NNP Kristiansen NNP , , a DT Dean NNP Witter NNP Reynolds NNP analyst NN , , in IN an DT interview NN . . Intermec NNP , , a DT maker NN of IN optical JJ character-recognition NN devices NNS , , also RB reported VBD higher JJR third-quarter NN earnings NNS . . Its PRP$ shares NNS added VBD 3\/4 CD to TO 30 CD 3\/4 CD . . But CC favorable JJ earnings NNS was VBD n't RB a DT guarantee NN that IN a DT stock NN 's POS price NN would MD improve VB yesterday NN . . MCI NNP Communications NNP tumbled VBD 2 CD 5\/8 CD to TO 42 CD 3\/8 CD on IN 4.7 CD million CD shares NNS even RB though IN the DT telecommunications NNS giant NN reported VBD a DT 63 CD % NN increase NN in IN third-quarter NN profit NN . . CoreStates NNPS Financial NNP slipped VBD 3\/8 CD to TO 43 CD 1\/8 CD in IN active JJ trading NN after IN reporting VBG that IN third-quarter NN earnings NNS improved VBD to TO $ $ 1.27 CD a DT share NN from IN $ $ 1.15 CD a DT share NN a DT year NN earlier RBR . . However RB , , the DT bank NN holding VBG company NN 's POS loan-loss NN reserves NNS rose VBD to TO $ $ 177.3 CD million CD from IN $ $ 154 CD million CD a DT year NN earlier RBR . . A&W NNP Brands NNPS lost VBD 1\/4 CD to TO 27 CD . . But CC its PRP$ thirdquarter NN earnings NNS rose VBD to TO 26 CD cents NNS a DT share NN from IN 18 CD cents NNS a DT share NN last JJ year NN . . Capital NNP Associates NNPS dropped VBD 1 CD to TO 5 CD 3\/8 CD . . The DT company NN , , which WDT leases VBZ technology NN equipment NN , , reported VBD substantially RB lower JJR net NN income NN for IN its PRP$ fiscal JJ first JJ quarter NN , , which WDT ended VBD Aug. NNP 31 CD . . Robert NNP M. NNP Jelenic NNP , , 39 CD , , was VBD named VBN president NN and CC chief NN operating VBG officer NN of IN this DT closely RB held VBN publisher NN . . The DT post NN had VBD been VBN vacant JJ for IN more RBR than IN a DT year NN . . Mr. NNP Jelenic NNP had VBD been VBN executive JJ vice NN president NN for IN operations NNS . . In IN addition NN , , Ralph NNP Ingersoll NNP II NNP , , 43 CD , , chairman NN and CC chief NN executive NN , , said VBD he PRP would MD take VB on RP additional JJ responsibilities NNS as IN editor NN in IN chief NN of IN the DT company NN . . John NNP Wilpers NNP resigned VBD as IN editor NN in IN chief NN . . Mr. NNP Ingersoll NNP remains VBZ editor NN in IN chief NN of IN the DT company NN 's POS recently RB launched VBN daily RB , , the DT St. NNP Louis NNP Sun NNP . . Also RB , , Jean NNP B. NNP Clifton NNP , , 28 CD , , was VBD named VBN executive JJ vice NN president NN , , treasurer NN and CC chief NN financial JJ officer NN . . Michael NNP Applebaum NNP resigned VBD after IN less RBR than IN a DT year NN in IN the DT posts NNS . . Ms. NNP Clifton NNP had VBD been VBN executive JJ financial JJ assistant NN to TO the DT chairman NN . . Certainly RB conservative JJ environmentalists NNS can MD defend VB their PRP$ limited VBN government NN position NN by IN differentiating VBG between IN Old NNP Environmentalism NNP and CC New NNP Environmentalism NNP ( ( `` `` Journalists NNPS and CC Others NNPS for IN Saving NNP the DT Planet NNP , , '' '' by IN David NNP Brooks NNP , , editorial NN page NN , , Oct. NNP 5 CD ) ) . . Old NNP Environmentalism NNP involved VBD microbe NN hunters NNS and CC sanitationists NNS . . It PRP started VBD with IN improvements NNS in IN hygiene NN made VBN possible JJ by IN affordable JJ soap NN and CC washable JJ underwear NN during IN the DT Industrial NNP Revolution NNP . . Then RB cast-iron JJ sewer NN pipe NN and CC the DT flush JJ toilet NN were VBD followed VBN by IN sewage NN - : and CC water-treatment NN plants NNS toward IN the DT end NN of IN the DT 19th JJ century NN . . Medicine NN in IN the DT 19th JJ century NN was VBD dedicated VBN mostly RB to TO combating VBG sepsis NN and CC diagnostic JJ analysis NN . . Then RB the DT 20th JJ century NN saw VBD the DT evolution NN of IN private-sector JJ wonder NN drugs NNS , , which WDT promulgated VBD medical JJ therapy NN . . The DT process NN dramatically RB increased VBD our PRP$ average JJ life NN expectancy NN , , eliminated VBD much JJ pain NN and CC constantly RB improved VBN health NN and CC well-being NN . . Most JJS public-health NN measures NNS were VBD handled VBN at IN the DT local JJ level NN . . New NNP Environmentalism NNP probably RB started VBD in IN 1962 CD with IN the DT publication NN of IN Rachel NNP Carson NNP 's POS book NN `` `` Silent NNP Spring NNP . . '' '' Shortly RB thereafter RB , , hysterical JJ articles NNS began VBD to TO appear VB predicting VBG that IN advanced VBN industrial JJ societies NNS would MD produce VB a DT blackened VBN , , uninhabitable JJ planet NN possibly RB by IN the DT turn NN of IN the DT century NN . . These DT apocalyptic JJ predictions NNS were VBD advanced VBN by IN such JJ stalwarts NNS as IN Paul NNP Ehrlich NNP , , Barry NNP Commoner NNP , , Rene NNP Dubois NNP and CC George NNP Wald NNP . . Writing VBG in IN the DT 1960s CD Ms. NNP Carson NNP suggested VBD that IN the DT human JJ race NN could MD be VB eliminated VBN in IN 20 CD years NNS , , and CC Mr. NNP Wald NNP suggested VBD that DT life NN on IN earth NN might MD end VB by IN 1985 CD . . Mr. NNP Ehrlich NNP predicted VBD unprecedented JJ famine NN by IN 1980 CD . . There EX were VBD many RB more JJR . . Thousands NNS of IN chemical NN products NNS were VBD categorized VBN as IN carcinogenic JJ , , with IN recommendations NNS that IN they PRP be VB banned VBN from IN industrial JJ use NN because IN they PRP produced VBD malignant JJ tumors NNS in IN overdosed VBN rats NNS . . Unknown JJ before IN 1960 CD were VBD the DT inconclusive JJ effects NNS of IN acid NN rain NN , , greenhouse NN warming NN and CC ozone NN depletion NN , , all DT of IN which WDT required VBD burgeoning VBG political JJ power NN and CC gargantuan JJ expense NN . . Meanwhile RB , , the DT New NNP Environmentalists NNPS systematically RB opposed VBD the DT methods NNS of IN the DT Old NNP Environmentalists NNPS . . Local JJ pollution NN problems NNS require VBP cheap JJ energy NN and CC capital NN for IN their PRP$ solution NN . . But CC the DT New NNP Environmentalists NNPS oppose VBP private JJ wealth NN creation NN ( ( which WDT , , they PRP claim VBP , , depletes VBZ natural JJ resources NNS ) ) and CC nuclear JJ power NN ( ( even RB though IN it PRP would MD counteract VB the DT greenhouse NN effect NN ) ) . . They PRP are VBP in IN the DT forefront NN of IN opposing VBG the DT search NN for IN new JJ landfills NNS and CC methods NNS of IN incineration NN and CC even RB oppose VBP new JJ methods NNS of IN research NN such JJ as IN genetic JJ engineering NN . . New NNP Environmentalism NNP is VBZ an DT emotional JJ attack NN on IN proven VBN methods NNS of IN improving VBG our PRP$ quality NN of IN life NN and CC a DT bid NN for IN political JJ power NN . . Let VB 's PRP rationalize VB our PRP$ priorities NNS by IN solving VBG pollution NN problems NNS at IN the DT local JJ level NN as RB heretofore RB . . Harry NNP Lee NNP Smith NNP Alpharetta NNP , , Ga NNP . . Your PRP$ story NN missed VBD some DT essential JJ points NNS of IN the DT conference NN on IN `` `` The NNP Global NNP Environment NNP : : Are VBP We PRP Overreacting VBG ? . '' '' First RB and CC foremost RB , , the DT vignettes NNS presented VBN by IN the DT various JJ scientists NNS represent VBP a DT general JJ consensus NN among IN specialists NNS working VBG in IN the DT respective JJ aspects NNS of IN the DT global JJ environment NN . . Consider VB , , for IN example NN , , the DT greenhouse NN effect NN and CC climate NN change NN ; : numerous JJ blue-ribbon JJ scientific JJ committees NNS , , including VBG one CD from IN the DT National NNP Academy NNP of IN Science NNP , , judge VBP there EX is VBZ a DT greater JJR than IN 50 CD % NN probability NN of IN a DT grave JJ problem NN in IN the DT offing NN . . The DT point NN was VBD to TO answer VB the DT question NN in IN the DT conference NN title NN , , not RB to TO try VB to TO create VB news NN stories NNS for IN the DT event NN itself PRP . . Nor CC was VBD it PRP intended VBN to TO dictate VB a DT set NN of IN prescriptive JJ solutions NNS , , although IN various JJ points NNS were VBD raised VBN . . Each DT speaker NN was VBD asked VBN to TO address VB a DT specific JJ topic NN , , not RB deliver VB a DT point NN of IN view NN . . Each DT scientist NN independently RB concluded VBD society NN and CC government NN are VBP underreacting VBG when WRB it PRP comes VBZ to TO substantive JJ policy NN change NN . . This DT leads VBZ to TO a DT very RB special JJ sense NN of IN urgency NN . . If IN the DT media NNS decide VBP to TO work VB harder RBR at IN educating VBG the DT public NN about IN these DT complex JJ and CC technical JJ issues NNS , , that WDT hardly RB can MD be VB termed VBN non-objective JJ journalism NN . . The DT environment NN can MD no RB longer RB be VB a DT normal JJ issue NN , , to TO be VB dealt VBN with IN on IN a DT business-as-usual JJ basis NN with IN comfortable JJ increments NNS of IN change NN . . We PRP have VBP literally RB altered VBN the DT chemistry NN and CC physics NNS of IN our PRP$ planet NN 's POS atmosphere NN . . This DT portends VBZ consequences NNS from IN what WP we PRP have VBP already RB done VBN that WDT will MD be VB very RB destabilizing VBG to TO social JJ and CC economic JJ systems NNS . . The DT problems NNS of IN the DT environment NN are VBP so RB interrelated JJ , , so RB inextricably RB entwined VBN with IN our PRP$ current JJ way NN of IN life NN and CC so RB large JJ that IN it PRP is VBZ unlikely JJ we PRP will MD be VB able JJ to TO address VB them PRP effectively RB unless IN major JJ changes NNS are VBP made VBN in IN less RBR than IN 10 CD years NNS . . The DT consensus NN from IN the DT scientific JJ community NN is VBZ that IN there EX is VBZ sufficient JJ evidence NN to TO advise VB major JJ policy NN changes NNS . . No RB , , we PRP are VBP not RB overreacting VBG . . Thomas NNP E. NNP Lovejoy NNP Assistant NNP Secretary NNP for IN External NNP Affairs NNPS Smithsonian NNP Institution NNP Coca-Cola NNP Enterprises NNPS Inc. NNP , , fulfilling VBG its PRP$ dismal JJ earnings NNS forecast VBN for IN 1989 CD , , said VBD its PRP$ third-quarter NN net NN income NN fell VBD 68 CD % NN on IN flat JJ revenue NN . . Stung VBN by IN higher JJR marketing NN costs NNS and CC slowing VBG volume NN growth NN , , the DT giant JJ Coke NNP bottling NN operation NN said VBD net NN fell VBD to TO $ $ 12.7 CD million CD , , or CC six CD cents NNS a DT share NN , , from IN $ $ 39.9 CD million CD , , or CC 26 CD cents NNS a DT share NN , , the DT year NN earlier RBR . . The DT results NNS met VBD estimates NNS of IN analysts NNS , , who WP had VBD already RB slashed VBN their PRP$ projections NNS after IN the DT company NN said VBD in IN late JJ August NNP that IN its PRP$ 1989 CD earnings NNS could MD tumble VB as RB much RB as IN 37 CD % NN . . A DT company NN spokesman NN said VBD yesterday NN that IN Coca-Cola NNP Enterprises NNPS sticks VBZ by IN its PRP$ 1989 CD forecast NN . . Third-quarter NN revenue NN was VBD flat JJ at IN $ $ 1.02 CD billion CD . . The DT year-ago JJ results NNS , , however RB , , included VBD the DT operations NNS of IN a DT bottling NN business NN , , which WDT was VBD sold VBN last JJ December NNP . . Excluding VBG that DT bottling NN business NN , , Coca-Cola NNP Enterprises NNPS ' POS volume NN , , measured VBN by IN cases NNS of IN soda NN , , rose VBD only RB 1 CD % NN . . The DT volume NN is VBZ well RB below IN the DT industry NN 's POS 4 CD % NN to TO 5 CD % NN growth NN rate NN of IN recent JJ years NNS , , but CC in IN line NN with IN other JJ soft-drink JJ companies NNS for IN the DT third JJ quarter NN . . The DT latest JJS third-quarter NN volume NN also RB compares VBZ with IN a DT very RB strong JJ 10 CD % NN growth NN in IN the DT year-ago JJ quarter NN . . Coca-Cola NNP Enterprises NNPS blamed VBD the DT lower JJR volume NN on IN its PRP$ soft-drink JJ prices NNS , , which WDT were VBD about IN 3 CD % NN higher JJR in IN the DT third JJ quarter NN . . Consumers NNS have VBP been VBN accustomed VBN to TO buying VBG soft-drinks NNS at IN discounted VBN prices NNS for IN several JJ years NNS . . Coca-Cola NNP Enterprises NNPS said VBD it PRP had VBD to TO boost VB spending VBG for IN trade NN and CC dealer NN incentives NNS to TO try VB to TO keep VB volumes NNS from IN slipping VBG . . The DT company NN said VBD it PRP expects VBZ consumers NNS will MD adjust VB to TO higher-priced JJ soft JJ drinks NNS . . A DT spokesman NN attributed VBD the DT bulk NN of IN a DT 14 CD % NN increase NN in IN selling VBG , , administrative JJ and CC general JJ expenses NNS -- : to TO $ $ 324.9 CD million CD -- : to TO marketing NN costs NNS . . `` `` They PRP 're VBP out IN there RB promoting VBG like IN crazy JJ , , trying VBG to TO get VB prices NNS up IN by IN promotion NN , , '' '' said VBD Roy NNP Burry NNP , , an DT analyst NN with IN Kidder NNP , , Peabody NNP & CC Co NNP . . For IN the DT nine CD months NNS , , Coca-Cola NNP Enterprises NNPS ' POS net NN fell VBD 31 CD % NN to TO $ $ 65 CD million CD , , or CC 39 CD cents NNS a DT share NN , , from IN $ $ 93.8 CD million CD , , or CC 63 CD cents NNS a DT share NN . . Revenue NN was VBD flat JJ at IN about IN $ $ 2.97 CD billion CD . . Coca-Cola NNP Enterprises NNPS , , which WDT is VBZ 49%-owned JJ by IN Coca-Cola NNP Co. NNP , , also RB said VBD it PRP repurchased VBD about IN 1.2 CD million CD of IN its PRP$ common JJ shares NNS during IN the DT third JJ quarter NN . . The DT buy-back NN is VBZ part NN of IN a DT 25-million-share JJ repurchase VBN plan NN , , under IN which WDT Coca-Cola NNP Enterprises NNPS so RB far RB has VBZ acquired VBN a DT total NN of IN 9.7 CD million CD shares NNS . . Separately RB , , Purchase NNP , , N.Y.-based JJ PepsiCo NNP Inc. NNP , , as IN expected VBN , , said VBD fiscal JJ third-quarter NN net NN rose VBD 11 CD % NN to TO $ $ 269.3 CD million CD , , or CC $ $ 1.02 CD a DT share NN , , from IN $ $ 241.6 CD million CD , , or CC 91 CD cents NNS a DT share NN . . Sales NNS rose VBD 25 CD % NN to TO $ $ 3.90 CD billion CD from IN $ $ 3.13 CD billion CD . . The DT year-ago JJ quarter NN 's POS results NNS include VBP an DT after-tax JJ charge NN of IN $ $ 5.9 CD million CD from IN the DT sale NN of IN a DT winery NN in IN Spain NNP . . In IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , Coca-Cola NNP Enterprises NNPS closed VBD at IN $ $ 16.375 CD a DT share NN , , down IN 62.5 CD cents NNS . . PepsiCo NNP closed VBD at IN $ $ 58.50 CD a DT share NN , , up IN $ $ 1.375 CD . . L.J. NNP Hooker NNP Corp. NNP is VBZ expected VBN to TO reach VB an DT agreement NN in IN principle NN this DT week NN to TO sell VB Merksamer NNP Jewelers NNPS Inc. NNP to TO management NN , , say VBP executives NNS familiar JJ with IN the DT talks NNS . . L.J. NNP Hooker NNP , , based VBN in IN Atlanta NNP , , filed VBD for IN Chapter NN 11 CD bankruptcy NN protection NN earlier RBR this DT year NN . . Currently RB , , its PRP$ parent NN company NN , , Hooker NNP Corp. NNP of IN Sydney NNP , , Australia NNP , , is VBZ being VBG managed VBN by IN a DT court-appointed JJ liquidator NN . . It PRP is VBZ expected VBN that IN GE NNP Capital NNP Corp. NNP , , a DT financial-services NNS subsidiary NN of IN General NNP Electric NNP Co. NNP , , will MD provide VB much RB of IN the DT funding NN for IN the DT proposed VBN leveraged JJ buy-out NN of IN Merksamer NNP , , based VBN in IN Sacramento NNP , , Calif NNP . . A DT spokesman NN for IN GE NNP Capital NNP declined VBD to TO comment VB . . GE NNP Capital NNP has VBZ a DT working VBG relationship NN with IN L.J. NNP Hooker NNP . . It PRP is VBZ providing VBG $ $ 50 CD million CD in IN emergency NN financing NN to TO the DT company NN and CC has VBZ agreed VBN to TO buy VB as RB much RB as IN $ $ 75 CD million CD in IN receivables NN from IN B. NNP Altman NNP & CC Co. NNP and CC Bonwit NNP Teller NNP , , L.J. NNP Hooker NNP 's POS two CD fully RB owned VBN department-store NN chains NNS . . Sam NNP Merksamer NNP , , chief NN executive NN officer NN of IN the DT nationwide JJ jewelry NN chain NN , , and CC Sanford NNP Sigoloff NNP , , chief NN executive NN of IN L.J. NNP Hooker NNP Corp. NNP , , both DT declined VBD to TO comment VB . . Currently RB , , Mr. NNP Merksamer NNP owns VBZ 20 CD % NN of IN the DT company NN ; : L.J. NNP Hooker NNP acquired VBD its PRP$ 80 CD % NN interest NN in IN the DT firm NN in IN May NNP 1986 CD . . At IN the DT time NN , , the DT Merksamer NNP chain NN had VBD 11 CD stores NNS in IN operation NN . . Today NN , , there EX are VBP 77 CD units NNS , , all DT located VBN in IN shopping NN malls NNS . . In IN recent JJ weeks NNS Mr. NNP Merksamer NNP has VBZ approached VBN a DT number NN of IN his PRP$ suppliers NNS and CC asked VBN them PRP to TO provide VB letters NNS of IN intent NN saying VBG they PRP will MD continue VB shipping VBG merchandise NN to TO the DT chain NN following VBG the DT buy-out NN , , say VBP those DT familiar JJ with IN the DT situation NN . . This DT year NN , , a DT number NN of IN retail JJ leveraged JJ buyouts NNS have VBP failed VBN , , causing VBG jitters NNS among IN suppliers NNS , , and CC Mr. NNP Merksamer NNP apparently RB wanted VBD assurances NNS that IN he PRP wo MD n't RB have VB delivery NN problems NNS . . For IN the DT year NN ended VBD June NNP 30 CD , , 1989 CD , , Merksamer NNP Jewelers NNPS had VBD $ $ 62 CD million CD of IN revenue NN and CC operating VBG profit NN of IN $ $ 2.5 CD million CD . . The DT jewelery NN chain NN was VBD put VBN up IN for IN sale NN in IN June NNP . . According VBG to TO those DT familiar JJ with IN the DT situation NN , , other JJ bidders NNS included VBD Ratners NNP Group NNP PLC NNP of IN London NNP and CC Kay NNP Jewelers NNPS Inc NNP . . First NNP Boston NNP Corp. NNP is VBZ advising VBG L.J. NNP Hooker NNP on IN the DT sale NN of IN the DT Merksamer NNP business NN . . Merksamer NNP was VBD the DT first JJ in IN a DT series NN of IN retail JJ acquisitions NNS made VBN by IN L.J. NNP Hooker NNP . . The DT company NN was VBD founded VBN in IN Sacramento NNP in IN 1929 CD by IN two CD brothers NNS , , Ralph NNP and CC Walter NNP Merksamer NNP , , who WP operated VBD as IN DeVon NNP 's POS Jewelers NNPS . . In IN 1979 CD , , the DT pair NN split VBD the DT company NN in IN half DT , , with IN Walter NNP and CC his PRP$ son NN , , Sam NNP , , agreeing VBG to TO operate VB under IN the DT Merksamer NNP Jewelery NNP name NN . . The DT sale NN of IN Merksamer NNP Jewelers NNPS is VBZ subject JJ to TO approval NN by IN Judge NNP Tina NNP Brozman NNP of IN U.S. NNP Bankruptcy NNP Court NNP . . As IN earlier RBR reported VBN , , L.J. NNP Hooker NNP this DT week NN received VBD a DT $ $ 409 CD million CD bid NN for IN its PRP$ three CD shopping NN malls NNS , , plus CC other JJ properties NNS from IN a DT consortium NN led VBN by IN Honolulu NNP real-estate NN investor NN Jay NNP Shidler NNP and CC A. NNP Boyd NNP Simpson NNP , , an DT Atlanta NNP developer NN and CC former JJ L.J. NNP Hooker NNP senior JJ executive NN . . The DT offer NN , , which WDT did VBD n't RB include VB the DT Merksamer NNP chain NN , , is VBZ being VBG reviewed VBN by IN Mr. NNP Sigoloff NNP . . Robert NNP J. NNP Regal NNP was VBD named VBN president NN and CC chief NN executive JJ officer NN of IN this DT company NN 's POS Universal-Rundle NNP Corp. NNP unit NN . . Mr. NNP Regal NNP had VBD been VBN president NN and CC chief NN executive NN of IN RBS NNP Industries NNPS Inc NNP . . Robert NNP H. NNP Carlson NNP , , previous JJ president NN and CC chief NN executive NN of IN Universal-Rundle NNP , , will MD assume VB the DT title NN of IN chairman NN of IN the DT unit NN , , a DT vitreous-china NN maker NN . . The DT days NNS may MD be VB numbered VBN for IN animated VBN shows NNS featuring VBG Alf NNP , , the DT Karate NNP Kid NNP and CC the DT Chipmunks NNPS . . NBC NNP , , a DT leader NN in IN morning NN , , prime-time JJ and CC late JJ night NN programs NNS but CC an DT also-ran NN on IN Saturday NNP mornings NNS , , when WRB children NNS rule VB the DT TV NN set NN , , is VBZ contemplating VBG getting VBG out IN of IN the DT cartoon NN business NN . . Instead RB , , network NN officials NNS say VBP , , it PRP may MD `` `` counterprogram VB '' '' with IN shows NNS for IN an DT audience NN that WDT is VBZ virtually RB ignored VBN in IN that DT time NN period NN : : adults NNS . . `` `` There EX is VBZ talk NN of IN some DT revamping VBG and CC we PRP 're VBP certainly RB heading VBG in IN the DT direction NN of IN less JJR and CC less JJR animation NN , , '' '' said VBD Joseph NNP S. NNP Cicero NNP , , vice NN president NN of IN finance NN and CC administration NN for IN National NNP Broadcasting NNP Co. NNP , , a DT unit NN of IN General NNP Electric NNP Co NNP . . Mr. NNP Cicero NNP said VBD that IN NBC NNP Entertainment NNP president NN Brandon NNP Tartikoff NNP , , who WP declined VBD to TO be VB interviewed VBN , , is VBZ `` `` looking VBG at IN options NNS now RB and CC may MD put VB some DT things NNS into IN the DT schedule NN by IN mid-season NN . . '' '' He PRP declined VBD to TO elaborate VB . . NBC NNP 's POS options NNS could MD range VB from IN news-oriented JJ programming NN to TO sports NNS shows NNS , , although IN the DT network NN declined VBD to TO comment VB . . One CD major JJ NBC NNP affiliate NN , , KCRA NNP in IN Sacramento NNP , , plans VBZ to TO cancel VB the DT NBC NNP Saturday NNP morning NN line-up NN as IN of IN January NNP and CC replace VB it PRP with IN a DT local JJ newscast NN . . The DT one-hour JJ program NN will MD be VB repeated VBN with IN updates NNS throughout IN Saturday NNP mornings NNS . . `` `` We PRP feel VBP there EX is VBZ an DT opportunity NN for IN an DT audience NN that WDT is VBZ not RB being VBG served VBN by IN any DT network NN , , so IN we PRP want VBP to TO take VB the DT lead NN , , '' '' says VBZ KCRA NNP 's POS general JJ manager NN , , John NNP Kueneke NNP . . `` `` We PRP do VBP n't RB need VB cartoons NNS anymore RB . . They PRP only RB accounted VBD for IN 5 CD % NN , , at IN best JJS , , of IN the DT station NN 's POS total JJ revenues NNS . . '' '' An DT NBC NNP spokesman NN says VBZ the DT network NN will MD `` `` closely RB monitor VB '' '' the DT Sacramento NNP situation NN , , and CC says VBZ it PRP is VBZ the DT only JJ station NN to TO defect VB . . Spokesmen NNS for IN the DT television NN networks NNS of IN CBS NNP Inc. NNP and CC Capital NNP Cities\/ABC NNP Inc. NNP , , say VBP there EX are VBP no DT plans NNS to TO alter VB the DT children NNS 's POS line-up NN on IN Saturday NNP mornings NNS . . The DT youthful JJ audience NN for IN Saturday NNP programming NN is VBZ no DT longer RB dependent JJ on IN the DT networks NNS . . There EX has VBZ been VBN a DT surge NN in IN syndicated VBN children NNS 's POS shows NNS to TO independent JJ stations NNS , , as RB well RB as IN competition NN from IN videocassettes NNS for IN kids NNS and CC from IN cable NN outlets NNS such JJ as IN Nickelodeon NNP and CC the DT Disney NNP Channel NNP . . At IN the DT same JJ time NN , , there EX appears VBZ to TO be VB a DT market NN for IN news-oriented JJ programming NN ; : Turner NNP Broadcasting NNP System NNP Inc. NNP 's POS Cable NNP News NNP Network NNP has VBZ its PRP$ highest JJS ratings NNS , , outside IN of IN prime JJ time NN , , on IN Saturday NNP mornings NNS . . NBC NNP has VBZ on IN previous JJ occasions NNS considered VBN replacing VBG cartoons NNS with IN a DT Saturday NNP version NN of IN `` `` Today NNP , , '' '' which WDT is VBZ produced VBN by IN NBC NNP News NNP . . The DT network NN 's POS own JJ production NN company NN , , NBC NNP Productions NNPS , , supplies VBZ a DT half-hour JJ family-oriented JJ show NN titled VBN `` `` Saved NNP By NNP The NNP Bell NNP . . '' '' NBC NNP Productions NNPS or CC NBC NNP News NNP could MD supply VB the DT network NN with IN other JJ Saturday NNP morning NN shows NNS , , a DT move NN that WDT would MD control VB costs NNS . . Animated JJ shows NNS , , which WDT are VBP made VBN by IN outside JJ production NN companies NNS , , cost VBD the DT network NN about IN $ $ 300,000 CD per IN episode NN . . Rohm NNP & CC Haas NNP Co. NNP said VBD third-quarter NN net NN income NN skidded VBD 35 CD % NN to TO $ $ 32.6 CD million CD , , or CC 49 CD cents NNS a DT share NN . . In IN the DT year-earlier JJ quarter NN , , the DT chemicals NNS company NN had VBD net NN of IN $ $ 49.8 CD million CD , , or CC 75 CD cents NNS a DT share NN . . Sales NNS were VBD $ $ 623 CD million CD , , up IN 0.5 CD % NN from IN $ $ 619.8 CD million CD a DT year NN ago IN . . Rohm NNP & CC Haas NNP , , which WDT plans VBZ to TO start VB operating VBG seven CD new JJ production NN units NNS this DT year NN , , attributed VBD the DT profit NN slide NN partly RB to TO higher JJR start-up JJ expense NN . . The DT company NN also RB cited VBD the DT stronger JJR dollar NN , , which WDT cuts VBZ the DT value NN of IN overseas JJ profit NN when WRB it PRP is VBZ translated VBN into IN dollars NNS . . In IN addition NN , , the DT company NN said VBD , , it PRP was VBD hurt VBN by IN higher JJR than IN previous-year JJ costs NNS for IN raw JJ materials NNS , , though IN those DT costs NNS have VBP declined VBN since IN the DT second JJ quarter NN . . Incrementally RB higher JJR production NN of IN those DT chemicals NNS which WDT remain VBP in IN heavy JJ demand NN also RB has VBZ forced VBN up IN costs NNS , , such JJ as IN overtime NN pay NN . . For IN the DT nine CD months NNS , , Rohm NNP & CC Haas NNP net NN totaled VBD $ $ 155 CD million CD , , or CC $ $ 2.33 CD a DT share NN , , down IN 17 CD % NN from IN $ $ 187.8 CD million CD , , or CC $ $ 2.82 CD a DT share NN , , a DT year NN ago IN . . Sales NNS rose VBD 5.2 CD % NN to TO $ $ 2.04 CD billion CD from IN $ $ 1.94 CD billion CD the DT previous JJ year NN . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Rohm NNP & CC Haas NNP closed VBD at IN $ $ 33 CD a DT share NN , , down IN $ $ 1.75 CD . . Michael NNP A. NNP Gaskin NNP , , 55 CD years NNS old JJ , , was VBD named VBN president NN and CC chief NN executive JJ officer NN of IN this DT manufacturer NN of IN industrial JJ robots NNS , , succeeding VBG Walter NNP K. NNP Weisel NNP . . Mr. NNP Weisel NNP , , 49 CD , , resigned VBD as IN president NN and CC chief NN executive NN and CC will MD work VB on IN special JJ projects NNS , , said VBD John NNP J. NNP Wallace NNP , , chairman NN . . Mr. NNP Gaskin NNP formerly RB was VBD president NN and CC chief NN executive NN of IN Taylor NNP & CC Gaskin NNP Inc. NNP and CC was VBD a DT director NN of IN Prab NNP Robots NNP since IN 1985 CD . . Stephen NNP N. NNP Wertheimer NNP was VBD named VBN managing VBG director NN and CC group NN head NN of IN investment NN banking NN in IN Asia NNP , , based VBN in IN Tokyo NNP . . Mr. NNP Wertheimer NNP , , 38 CD years NNS old JJ , , had VBD been VBN a DT first JJ vice NN president NN in IN the DT industrial JJ group NN in IN investment NN banking NN . . He PRP succeeds VBZ Everett NNP Meyers NNP , , who WP resigned VBD in IN May NNP . . This DT is VBZ written VBN to TO correct VB a DT misquotation NN in IN your PRP$ Oct. NN 3 CD article NN `` `` Deaths NNP From IN Advanced NNP Colon NNP Cancer NNP Can MD Be VB Reduced NNP by IN Using VBG Two CD Drugs NNP . . '' '' In IN this DT article NN , , I PRP was VBD alleged VBN to TO have VB said VBN , , `` `` Any DT patient NN with IN high-risk JJ colon NN cancer NN is VBZ really RB getting VBG short JJ shrift NN if IN he PRP 's VBZ not RB getting VBG this DT therapy NN . . '' '' I PRP did VBD n't RB say VB this DT , , and CC I PRP 'm VBP totally RB opposed VBN to TO the DT philosophy NN expressed VBN by IN the DT quote NN . . I PRP have VBP not RB offered VBN and CC will MD not RB offer VB routine JJ therapy NN with IN the DT two CD drugs NNS , , levamisole NN and CC 5-fluorouracil NN , , to TO any DT of IN my PRP$ colon-cancer NN patients NNS . . With IN this DT treatment NN we PRP have VBP reduced VBN deaths NNS in IN high-risk JJ colon NN cancer NN by IN one-third NN -- : but CC this DT leaves VBZ the DT two-thirds NNS who WP are VBP dying VBG of IN cancer NN . . This DT is VBZ not RB nearly RB good JJ enough RB . . I PRP believe VBP any DT physician NN who WP truly RB cares VBZ about IN cancer NN patients NNS , , both DT today NN and CC tomorrow NN , , should MD offer VB the DT hope NN of IN something NN better JJR than IN that DT . . My PRP$ statement NN , , read VBD verbatim RB from IN a DT printed VBN text NN available JJ to TO all DT reporters NNS attending VBG the DT National NNP Cancer NNP Institute NNP news NN conference NN , , was VBD the DT following VBG : : `` `` New JJ clinical JJ trials NNS are VBP already RB in IN operation NN seeking VBG to TO improve VB these DT results NNS . . These DT research NN protocols NNS offer VBP to TO the DT patient NN not RB only RB the DT very RB best JJS therapy NN which WDT we PRP have VBP established VBN today NN but CC also RB the DT hope NN of IN something NN still RB better JJR . . I PRP feel VBP any DT patient NN with IN high-risk JJ cancer NN is VBZ getting VBG short JJ shrift NN if IN he PRP is VBZ not RB offered VBN this DT opportunity NN . . '' '' We PRP have VBP very RB exciting JJ prospects NNS for IN far RB more RBR impressive JJ advances NNS in IN the DT treatment NN of IN colon NN cancer NN during IN the DT years NNS immediately RB ahead RB . . This DT hope NN , , however RB , , will MD never RB be VB realized VBN if IN we PRP use VBP levamisole NN and CC 5-fluorouracil NN as IN a DT stopping NN point NN . . Charles NNP G. NNP Moertel NNP M.D NNP . . Mayo NNP Clinic NNP Rochester NNP , , Minn NNP . . The DT oil NN and CC auto NN industries NNS , , united VBN in IN their PRP$ dislike NN of IN President NNP Bush NNP 's POS proposal NN for IN cars NNS that WDT run VBP on IN alternative JJ fuels NNS , , announced VBD a DT joint JJ research NN program NN that WDT could MD turn VB up RP a DT cleaner-burning JJ gasoline NN . . Officials NNS of IN the DT Big NNP Three CD auto NN makers NNS and CC 14 CD petroleum NN companies NNS said VBD they PRP are VBP setting VBG out RP to TO find VB the DT most RBS cost-effective JJ fuel NN for IN reducing VBG cities NNS ' POS air-pollution NN problems NNS , , with IN no DT bias NN toward IN any DT fuel NN in IN particular NN . . However RB , , their PRP$ search NN notably RB wo MD n't RB include VB natural JJ gas NN or CC pure JJ methanol NN -- : the DT two CD front-running JJ alternative JJ fuels NNS -- : in IN tests NNS to TO be VB completed VBN by IN next JJ summer NN . . Instead RB , , the DT tests NNS will MD focus VB heavily RB on IN new JJ blends NNS of IN gasoline NN , , which WDT are VBP still RB undeveloped JJ but CC which WDT the DT petroleum NN industry NN has VBZ been VBN touting VBG as IN a DT solution NN for IN automobile NN pollution NN that WDT is VBZ choking VBG urban JJ areas NNS . . Environmentalists NNS criticized VBD the DT program NN as IN merely RB a DT public-relations NNS attempt NN to TO head VB off RP a DT White NNP House NNP proposal NN to TO require VB a DT million CD cars NNS a DT year NN that WDT run VBD on IN cleaner-burning JJ fuels NNS by IN 1997 CD . . While IN major JJ oil NN companies NNS have VBP been VBN experimenting VBG with IN cleaner-burning JJ gasoline NN blends NNS for IN years NNS , , only RB Atlantic NNP Richfield NNP Co. NNP is VBZ now RB marketing VBG a DT lower-emission NN gasoline NN for IN older JJR cars NNS currently RB running VBG on IN leaded JJ fuel NN . . The DT initial JJ $ $ 11 CD million CD research NN program NN will MD conduct VB the DT most RBS extensive JJ testing NN to TO date NN of IN reformulated VBN gasolines NNS , , said VBD Joe NNP Colucci NNP , , head NN of IN fuels NNS and CC lubricants NNS at IN General NNP Motors NNPS Corp. NNP research NN laboratories NNS . . It PRP will MD compare VB 21 CD different JJ blends NNS of IN gasolines NNS with IN three CD mixtures NNS of IN up IN to TO 85 CD % NN methanol NN . . A DT second JJ phase NN of IN research NN , , which WDT is VBZ still RB being VBG planned VBN , , will MD test VB reformulated VBN gasolines NNS on IN newer JJR engine NN technologies NNS now RB being VBG developed VBN for IN use NN in IN 1992 CD or CC 1993 CD cars NNS . . There EX was VBD no DT cost NN estimate NN for IN the DT second JJ phase NN . . `` `` The DT whole JJ idea NN here RB is VBZ the DT automobile NN and CC oil NN companies NNS have VBP joint JJ customers NNS , , '' '' said VBD Keith NNP McHenry NNP , , a DT senior JJ vice NN president NN of IN technology NN at IN Amoco NNP Corp NNP . . `` `` And CC we PRP are VBP looking VBG for IN the DT most RBS cost-effective JJ way NN to TO clean VB up RP the DT air NN . . '' '' But CC David NNP Hawkins NNP , , an DT environmental JJ lawyer NN with IN the DT Natural NNP Resources NNPS Defense NNP Council NNP , , said VBD the DT research NN appears VBZ merely RB to TO be VB a DT way NN to TO promote VB reformulated VBN gasoline NN . . Oil NN and CC auto NN companies NNS supported VBD a DT move NN on IN Capitol NNP Hill NNP last JJ week NN to TO gut VB Mr. NNP Bush NNP 's POS plans NNS to TO require VB auto NN makers NNS to TO begin VB selling VBG alternative-fueled JJ cars NNS by IN 1995 CD . . Instead RB , , a DT House NNP subcommittee NN adopted VBD a DT clean-fuels NNS program NN that WDT specifically RB mentions VBZ reformulated VBN gasoline NN as IN an DT alternative NN . . The DT Bush NNP administration NN has VBZ said VBN it PRP will MD try VB to TO resurrect VB its PRP$ plan NN when WRB the DT House NNP Energy NNP and CC Commerce NNP Committee NNP takes VBZ up RP a DT comprehensive JJ clean-air JJ bill NN . . William NNP Seidman NNP , , chairman NN of IN the DT Federal NNP Deposit NNP Insurance NNP Corp. NNP , , said VBD Lincoln NNP Savings NNP & CC Loan NNP Association NNP should MD have VB been VBN seized VBN by IN the DT government NN in IN 1986 CD to TO contain VB losses NNS that IN he PRP estimated VBD will MD cost VB taxpayers NNS as RB much RB as IN $ $ 2 CD billion CD . . Mr. NNP Seidman NNP , , who WP has VBZ been VBN the DT nation NN 's POS top JJ bank NN regulator NN , , inherited VBD the DT problems NNS of IN Lincoln NNP , , based VBN in IN Irvine NNP , , Calif. NNP , , after IN his PRP$ regulatory JJ role NN was VBD expanded VBN by IN the DT new JJ savings-and-loan JJ bailout NN law NN . . He PRP made VBD his PRP$ comments NNS before IN House NNP Banking NNP Committee NNP hearings NNS to TO investigate VB what WP appears VBZ to TO be VB the DT biggest JJS thrift NN disaster NN in IN a DT scandal-ridden JJ industry NN . . The DT inquiry NN also RB will MD cover VB the DT actions NNS of IN Charles NNP Keating NNP Jr. NNP , , who WP is VBZ chairman NN of IN American NNP Continental NNP Corp. NNP , , Lincoln NNP 's POS parent NN , , and CC who WP contributed VBD heavily RB to TO several JJ U.S. NNP senators NNS . . Mr. NNP Seidman NNP told VBD the DT committee NN that IN the DT Resolution NNP Trust NNP Corp. NNP , , the DT agency NN created VBD to TO sell VB sick JJ thrifts NNS , , has VBZ studied VBN Lincoln NN 's POS examination NN reports NNS by IN former JJ regulators NNS dating VBG back RB to TO 1986 CD . . `` `` My PRP$ staff NN indicated VBD that IN had VBD we PRP made VBN such JJ findings NNS in IN one CD of IN our PRP$ own JJ institutions NNS , , we PRP would MD have VB sought VBN an DT immediate JJ cease-and-desist JJ order NN to TO stop VB the DT hazardous JJ operations NNS , , '' '' Mr. NNP Seidman NNP said VBD . . When WRB Lincoln NNP was VBD seized VBN by IN the DT government NN , , for IN example NN , , 15 CD % NN of IN its PRP$ loans NNS , , or CC $ $ 250 CD million CD , , were VBD to TO borrowers NNS who WP were VBD buying VBG real JJ estate NN from IN one CD of IN American NNP Continental NNP 's POS 50 CD other JJ subsidiaries NNS , , according VBG to TO Mr. NNP Seidman NNP . . But CC the DT government NN did VBD n't RB step VB in RB until IN six CD months NNS ago IN , , when WRB thrift NN officials NNS put VBD Lincoln NNP into IN conservatorship NN -- : the DT day NN after IN American NNP Continental NNP filed VBD for IN Chapter NN 11 CD bankruptcy NN protection NN from IN creditors NNS . . The DT bankruptcy NN filing NN , , the DT government NN has VBZ charged VBN in IN a DT $ $ 1.1 CD billion CD civil JJ lawsuit NN , , was VBD part NN of IN a DT pattern NN to TO shift VB insured VBN deposits NNS to TO the DT parent NN company NN , , which WDT used VBD the DT deposits NNS as IN a DT cache NN for IN real-estate NN deals NNS . . The DT deposits NNS that WDT have VBP been VBN transferred VBN to TO other JJ subsidiaries NNS are VBP now RB under IN the DT jurisdiction NN of IN the DT bankruptcy NN court NN . . `` `` I PRP think VBP it PRP 's VBZ fairly RB clear JJ { ( Mr. NNP Keating NNP } ) knew VBD , , '' '' that IN regulators NNS were VBD set VBN to TO seize VB Lincoln NNP , , Mr. NNP Seidman NNP said VBD . . Further JJ investigation NN , , he PRP said VBD , , may MD result VB in IN further JJ actions NNS against IN Lincoln NNP 's POS executives NNS , , said VBD Mr. NNP Seidman NNP , , `` `` including VBG fraud NN actions NNS . . '' '' Mr. NNP Keating NNP , , for IN his PRP$ part NN , , has VBZ filed VBN suit NN alleging VBG that IN regulators NNS unlawfully RB seized VBD the DT thrift NN . . Leonard NNP Bickwit NNP , , an DT attorney NN in IN Washington NNP for IN Mr. NNP Keating NNP , , declined VBD to TO comment VB on IN the DT hearings NNS , , except IN to TO say VB , , `` `` We PRP will MD be VB responding VBG comprehensively RB in IN several JJ forums NNS to TO each DT of IN these DT allegations NNS at IN the DT appropriate JJ time NN . . '' '' Lincoln NNP 's POS treatment NN by IN former JJ thrift NN regulators NNS , , in IN an DT agency NN disbanded VBN by IN the DT new JJ law NN , , has VBZ proved VBN embarrassing VBG for IN five CD senators NNS who WP received VBD thousands NNS of IN dollars NNS in IN campaign NN contributions NNS from IN Mr. NNP Keating NNP . . Mr. NNP Seidman NNP said VBD yesterday NN , , for IN example NN , , that IN Sen. NNP Dennis NNP DeConcini NNP ( ( D. NNP , , Ariz. NNP ) ) , , who WP received VBD $ $ 48,100 CD in IN contributions NNS from IN Mr. NNP Keating NNP , , phoned VBD Mr. NNP Seidman NNP to TO request VB that IN he PRP push VB for IN a DT sale NN of IN Lincoln NNP before IN it PRP would MD be VB seized VBN . . After IN the DT government NN lawsuit NN was VBD filed VBN against IN Lincoln NNP , , Sen. NNP DeConcini NNP returned VBD the DT campaign NN contributions NNS . . The DT senator NN 's POS spokesman NN said VBD yesterday NN that IN he PRP pushed VBD for IN the DT sale NN of IN Lincoln NNP because IN `` `` hundreds NNS of IN Arizona NNP jobs NNS { ( at IN Lincoln NNP } ) were VBD on IN the DT line NN . . '' '' Senate NNP Banking NNP Committee NNP Chairman NNP Donald NNP Riegle NNP ( ( D. NNP , , Mich NNP . . ) ) has VBZ also RB returned VBN contributions NNS he PRP received VBD from IN Mr. NNP Keating NNP a DT year NN ago IN . . Sens. NNP John NNP Glenn NNP ( ( D. NNP , , Ohio NNP ) ) , , John NNP McCain NNP , , ( ( R. NNP , , Ariz. NNP ) ) and CC Alan NNP Cranston NNP ( ( D. NNP , , Calif. NNP ) ) also RB received VBD substantial JJ contributions NNS from IN Mr. NNP Keating NNP and CC sought VBD to TO intervene VB on IN behalf NN of IN Lincoln NNP . . House NNP Banking NNP Committee NNP Chairman NNP Henry NNP Gonzalez NNP ( ( D. NNP , , Texas NNP ) ) said VBD Sen. NNP Cranston NNP volunteered VBD to TO appear VB before IN the DT House NNP committee NN , , if IN necessary JJ . . But CC a DT committee NN staff NN member NN said VBD the DT panel NN is VBZ unlikely JJ to TO pursue VB closely RB the DT role NN of IN the DT senators NNS . . At IN the DT hearing NN , , Mr. NNP Seidman NNP said VBD the DT RTC NNP has VBZ already RB pumped VBN $ $ 729 CD million CD into IN Lincoln NNP for IN liquidity NN . . He PRP also RB held VBD out RP little JJ hope NN of IN restitution NN for IN purchasers NNS of IN $ $ 225 CD million CD in IN American NNP Continental NNP subordinated VBD debt NN . . Some DT of IN those DT debtholders NNS have VBP filed VBN a DT suit NN , , saying VBG they PRP believed VBD they PRP were VBD buying VBG government-insured JJ certificates NNS of IN deposit NN . . `` `` We PRP have VBP no DT plans NNS at IN this DT time NN to TO pay VB off RP those DT notes NNS , , '' '' he PRP said VBD . . Eastern NNP Airlines NNP ' POS creditors NNS committee NN , , unhappy JJ with IN the DT carrier NN 's POS plans NNS for IN emerging VBG from IN bankruptcy-law NN proceedings NNS , , asked VBD its PRP$ own JJ experts NNS to TO devise VB alternate JJ approaches NNS to TO a DT reorganization NN . . Representatives NNS of IN the DT accounting VBG firm NN of IN Ernst NNP & CC Young NNP and CC the DT securities NNS firm NN of IN Goldman NNP , , Sachs NNP & CC Co. NNP , , hired VBN by IN creditors NNS to TO consult VB on IN Eastern NNP 's POS financial JJ plans NNS , , told VBD the DT committee NN in IN a DT private JJ meeting NN yesterday NN that IN Eastern NNP 's POS latest JJS plan NN to TO emerge VB from IN bankruptcy-law NN protection NN is VBZ far RB riskier JJR than IN an DT earlier JJR one CD which WDT won VBD the DT creditors NNS ' POS approval NN . . According VBG to TO one CD person NN present JJ at IN the DT meeting NN , , Eastern NNP 's POS new JJ plan NN is VBZ financially RB `` `` overly RB optimistic JJ . . '' '' Asked VBN about IN the DT consultants NNS ' POS reports NNS , , an DT Eastern NNP spokeswoman NN said VBD `` `` we PRP totally RB disagree VBP . . '' '' She PRP said VBD they PRP have VBP `` `` oversimplified VBN and CC made VBN some DT erroneous JJ assumptions NNS that WDT make VBP their PRP$ analysis NN completely RB off-base JJ . . '' '' At IN a DT later JJ news NN conference NN here RB , , Frank NNP Lorenzo NNP , , chairman NN of IN Eastern NNP 's POS parent NN Texas NNP Air NNP Corp. NNP , , said VBD Eastern NNP was VBD exceeding VBG its PRP$ goals NNS for IN getting VBG back NN into IN operation NN and CC predicted VBD it PRP would MD emerge VB from IN Chapter NN 11 CD protection NN from IN creditors NNS early RB next IN year NN , , operating VBG with IN more JJR service NN than IN it PRP originally RB had VBD scheduled VBN . . He PRP insisted VBD , , as IN he PRP has VBZ before IN , , that IN creditors NNS would MD be VB paid VBN in IN full JJ under IN the DT plan NN . . Mr. NNP Lorenzo NNP made VBD no DT mention NN of IN creditors NNS ' POS negative JJ response NN to TO his PRP$ plan NN . . `` `` We PRP 're VBP in IN the DT process NN of IN discussing VBG an DT amended VBN plan NN with IN the DT creditors NNS and CC anticipate VBP filing VBG that IN amended VBN plan NN shortly RB , , '' '' Mr. NNP Lorenzo NNP told VBD reporters NNS . . `` `` We PRP 're VBP meeting VBG and CC surpassing VBG our PRP$ goals NNS , , '' '' he PRP added VBD . . In IN July NNP , , Eastern NNP and CC its PRP$ creditors NNS agreed VBD on IN a DT reorganization NN plan NN that WDT called VBD for IN Eastern NNP to TO sell VB $ $ 1.8 CD billion CD in IN assets NNS and CC to TO emerge VB from IN bankruptcy-law NN protection NN at IN two-thirds NNS its PRP$ former JJ size NN . . But CC after IN selling VBG off RP pieces NNS such JJ as IN its PRP$ East NNP Coast NNP shuttle NN , , its PRP$ Philadelphia NNP hub NN and CC various JJ planes NNS , , Eastern NNP hit VBD a DT stumbling VBG block NN . . It PRP could MD n't RB sell VB its PRP$ South NNP American NNP routes NNS , , one CD of IN the DT major JJ assets NNS marked VBN for IN disposal NN . . Those DT routes NNS , , valued VBN by IN the DT creditors NNS ' POS professionals NNS at IN about IN $ $ 400 CD million CD , , were VBD to TO be VB sold VBN to TO AMR NNP Corp. NNP 's POS American NNP Airlines NNPS . . A DT last-minute JJ snag NN in IN negotiations NNS with IN AMR NNP , , over IN an DT unrelated JJ lawsuit NN between IN American NNP and CC another DT Texas NNP Air NNP unit NN , , caused VBD the DT deal NN to TO collapse VB . . Eastern NNP ultimately RB decided VBD it PRP would MD have VB to TO keep VB and CC operate VB the DT routes NNS itself PRP , , which WDT would MD leave VB it PRP with IN less JJR cash NN for IN its PRP$ reorganization NN . . It PRP also RB would MD leave VB Eastern NNP a DT bigger JJR carrier NN than IN the DT scaled-down JJ one CD proposed VBN under IN the DT initial JJ plan NN . . Those DT changes NNS in IN its PRP$ condition NN meant VBD the DT reorganization NN plan NN previously RB presented VBN to TO creditors NNS would MD have VB to TO be VB revamped VBN . . Since IN then RB , , Eastern NNP has VBZ been VBN negotiating VBG with IN creditors NNS over IN revisions NNS , , but CC the DT creditors NNS committee NN has VBZ been VBN having VBG problems NNS with IN the DT revisions NNS . . The DT committee NN has VBZ two CD groups NNS of IN experts NNS it PRP calls VBZ on IN to TO analyze VB Eastern NNP 's POS plans NNS . . Both DT said VBD the DT new JJ plan NN would MD n't RB work VB . . Ernst NNP & CC Young NNP said VBD Eastern NNP 's POS plans NNS will MD miss VB its PRP$ projections NNS of IN earnings NNS before IN interest NN , , tax NN and CC depreciation NN by IN $ $ 100 CD million CD , , and CC that IN Eastern NNP 's POS plan NN presented VBD no DT comfort NN level NN , , according VBG to TO a DT source NN present NN at IN yesterday NN 's POS session NN . . Experts NNS from IN Goldman NNP Sachs NNP estimated VBD Eastern NNP would MD miss VB the DT same JJ mark NN by IN $ $ 120 CD million CD to TO $ $ 135 CD million CD , , the DT source NN said VBD . . The DT experts NNS said VBD they PRP expected VBD Eastern NNP would MD have VB to TO issue VB new JJ debt NN to TO cover VB its PRP$ costs NNS , , and CC that IN it PRP would MD generate VB far RB less JJR cash NN than IN anticipated VBN . . Other JJ costs NNS also RB would MD increase VB , , including VBG maintenance NN , , because IN Eastern NNP has VBZ an DT older JJR fleet NN . . At IN the DT news NN conference NN , , Mr. NNP Lorenzo NNP and CC Eastern NNP President NNP Phil NNP Bakes NNP presented VBD a DT far JJ rosier JJR assessment NN . . Flanked VBN by IN flight NN attendants NNS , , pilots NNS and CC gate NN agents NNS dressed VBN in IN spiffy JJ new JJ blue JJ uniforms NNS , , they PRP said VBD Eastern NNP has VBZ exceeded VBN its PRP$ operational JJ goals NNS and CC is VBZ filling VBG its PRP$ seats NNS . . Starting VBG next JJ month NN , , Eastern NNP will MD begin VB flying VBG 775 CD flights NNS daily RB instead RB of IN the DT previously RB announced VBN 700 CD , , they PRP said VBD . . Mr. NNP Bakes NNP declined VBD to TO give VB out IN Eastern NNP 's POS daily JJ losses NNS , , but CC said VBD he PRP did VBD n't RB expect VB Eastern NNP would MD have VB to TO dip VB into IN the DT cash NN from IN asset NN sales NNS currently RB held VBN in IN escrow NN . . These DT accounts NNS hold VBP several JJ hundred CD million CD dollars NNS , , primarily RB from IN asset NN sales NNS . . The DT plan NN Eastern NNP hopes VBZ to TO pursue VB , , he PRP said VBD , , calls NNS for IN Eastern NNP to TO have VB $ $ 390 CD million CD in IN cash NN by IN year NN 's POS end NN . . Both DT he PRP and CC Mr. NNP Lorenzo NNP predicted VBD that DT plan NN might MD be VB confirmed VBN in IN January NNP . . As IN to TO negotiations NNS with IN creditors NNS , , Mr. NNP Lorenzo NNP said VBD in IN remarks NNS after IN the DT conference NN `` `` we PRP 'll MD have VB to TO see VB how WRB they PRP { ( talks NNS } ) come VBP along RP . . '' '' However RB , , he PRP added VBD , , `` `` it PRP 's VBZ not RB a DT requirement NN that IN the DT plan NN be VB accepted VBN by IN creditors NNS . . It PRP must MD be VB accepted VBN by IN the DT court NN . . '' '' Under IN bankruptcy NN law NN , , Eastern NNP has VBZ exclusive JJ rights NNS for IN a DT certain JJ period NN to TO develop VB its PRP$ own JJ reorganization NN plan NN . . That DT deadline NN has VBZ been VBN extended VBN once RB and CC could MD be VB extended VBN again RB . . If IN Eastern NNP can MD get VB creditor NN support NN , , court NN confirmation NN of IN its PRP$ plan NN could MD be VB relatively RB swift JJ . . But CC creditors NNS are VBP free JJ to TO press VB for IN court NN approval NN of IN their PRP$ own JJ plan NN , , or CC the DT court NN could MD ignore VB both DT sides NNS and CC draw VB its PRP$ own JJ . . In IN any DT event NN , , some DT people NNS familiar JJ with IN the DT case NN question NN whether IN the DT court NN will MD act VB by IN January NNP as IN forecast VBN by IN Mr. NNP Lorenzo NNP and CC Mr. NNP Bakes NNP . . Eastern NNP sought VBD bankruptcy-law NN protection NN a DT few JJ days NNS after IN a DT crippling JJ strike NN began VBD March NNP 4 CD . . Mr. NNP Lorenzo NNP told VBD reporters NNS the DT reorganization NN Eastern NNP is VBZ pursuing VBG would MD create VB a DT carrier NN 85 CD % NN to TO 90 CD % NN of IN the DT size NN of IN the DT pre-bankruptcy NN Eastern NNP . . He PRP projected VBD it PRP would MD be VB operating VBG about IN 1,000 CD flights NNS a DT day NN by IN late JJ spring NN , , only RB slightly RB fewer JJR than IN the DT carrier NN 's POS old JJ volume NN of IN 1,050 CD a DT day NN . . HOPES NNS OF IN SIMPLIFYING VBG the DT corporate JJ minimum JJ tax NN before IN 1990 CD are VBP weakening VBG . . The DT method NN of IN calculating VBG the DT 20 CD % NN tax NN , , paid VBN if IN it PRP exceeds VBZ tax NN figured VBN the DT regular JJ way NN , , is VBZ due JJ for IN a DT change NN in IN 1990 CD , , thanks NNS to TO 1986 CD 's POS tax NN act NN . . But CC most JJS experts NNS agree VBP that IN the DT concept NN that WDT is VBZ to TO be VB introduced VBN drags VBZ in RB great JJ complexity NN ; : they PRP have VBP been VBN trying VBG to TO head VB it PRP off RP this DT year NN . . Ways NNS and CC Means NNS Chairman NNP Rostenkowski NNP backed VBD a DT simplification NN plan NN in IN the DT pending VBG House NN tax NN bill NN , , but CC the DT plan NN turns VBZ out RP to TO be VB a DT big JJ revenue NN loser NN . . Now RB the DT Senate NNP 's POS stripped-down JJ bill NN omits VBZ any DT proposal NN to TO deal VB with IN the DT corporate JJ tax NN . . Proponents NNS of IN simplification NN fear NN that IN the DT chances NNS of IN getting VBG it PRP into IN the DT final JJ bill NN are VBP waning VBG . . `` `` We PRP hear VBP it PRP has VBZ low JJ priority NN on IN the DT House NN side NN , , '' '' says VBZ Samuel NNP Starr NNP of IN Coopers NNP & CC Lybrand NNP , , CPAs NNPS . . If IN the DT law NN is VBZ n't RB changed VBN , , he PRP says VBZ , , `` `` we PRP are VBP left VBN staring VBG at IN rules NNS that WDT are VBP almost RB impossible JJ to TO implement VB , , because IN there EX are VBP so RB many JJ complex JJ depreciation NN calculations NNS to TO do VB . . '' '' But CC Congress NNP still RB could MD resolve VB the DT issue NN with IN other JJ legislation NN this DT year NN or CC next JJ , , Starr NNP adds VBZ . . HUGO NNP 'S POS RAVAGES NNS may MD be VB offset VBN by IN immediate JJ claims NNS for IN tax NN refunds NNS . . This DT law NN aids VBZ hurricane-wracked JJ locales NNS named VBN by IN the DT president NN as IN disaster NN areas NNS , , as RB well RB as IN regions NNS so RB designated VBN after IN other JJ 1989 CD disasters NNS . . It PRP lets VBZ victims NNS elect VB to TO deduct VB casualty NN losses NNS on IN either DT 1989 CD or CC amended VBD 1988 CD returns NNS , , whichever WDT offers VBZ the DT larger JJR tax NN benefit NN ; : they PRP have VBP until IN April NNP 16 CD to TO choose VB . . Amending VBG a DT 1988 CD return NN to TO claim VB a DT refund NN brings VBZ cash NN faster RBR ; : but CC for IN personal JJ losses NNS , , there EX are VBP other JJ factors NNS to TO consider VB , , notes VBZ publisher NN Prentice NNP Hall NNP . . A DT loss NN -- : after IN insurance NN recoveries NNS -- : is VBZ deductible JJ only RB to TO the DT extent NN that IN it PRP exceeds VBZ $ $ 100 CD and CC that IN the DT year NN 's POS total JJ losses NNS exceed VBP 10 CD % NN of IN adjusted VBN gross JJ income NN ; : victims NNS may MD pick VB the DT year NN when WRB income NN is VBZ lower JJR and CC deductions NNS higher JJR . . In IN filing VBG an DT original JJ ( ( not RB amended VBN ) ) return NN , , a DT couple NN should MD consider VB whether IN damaged VBN property NN is VBZ owned VBN jointly RB or CC separately RB and CC whether IN one CD spouse NN has VBZ larger JJR income NN ; : that WDT may MD determine VB whether IN they PRP should MD file VB jointly RB or CC separately RB . . THE DT IRS NNP DELAYS VBZ several JJ deadlines NNS for IN Hugo NNP 's POS victims NNS . . Returns NNS for IN 1988 CD from IN people NNS with IN six-month JJ filing NN extensions NNS were VBD due JJ Monday NNP , , but CC the DT IRS NNP says VBZ people NNS in IN the DT disaster NN areas NNS wo MD n't RB be VB penalized VBN for IN late JJ filing NN if IN their PRP$ returns NNS are VBP marked VBN `` `` Hugo NNP '' '' and CC postmarked VBN by IN Jan. NNP 16 CD . . Interest NN will MD be VB imposed VBN on IN unpaid JJ taxes NNS , , but CC late-payment NN penalties NNS on IN the DT returns NNS will MD be VB waived VBN if IN the DT balance NN due JJ and CC paid VBN is VBZ 10 CD % NN or CC less JJR of IN the DT liability NN . . IRS NNP Notice NN 89-136 CD describes VBZ this DT and CC other JJ deadline NN relief NN for IN Hugo NNP 's POS victims NNS . . Among IN the DT provisions NNS : : Fiscal-year JJ taxpayers NNS with IN returns NNS due JJ last JJ Monday NNP wo MD n't RB be VB penalized VBN if IN they PRP file VBP -- : or CC request VBP an DT extension NN -- : and CC pay VBP tax NN due JJ by IN Nov. NNP 15 CD . . Excise-tax JJ returns NNS due JJ by IN Oct. NNP 31 CD or CC Nov. NNP 30 CD may MD be VB delayed VBN to TO Jan. NNP 16 CD . . Extensions NNS ca MD n't RB be VB granted VBN for IN filing VBG employment-tax JJ returns NNS due JJ Oct. NNP 31 CD or CC for IN depositing VBG withheld VBN taxes NNS , , but CC late JJ penalties NNS will MD be VB abated VBN for IN deposits NNS made VBN by IN Nov. NNP 15 CD . . The DT notice NN also RB grants VBZ relief NN for IN certain JJ estate-tax JJ returns NNS . . ONE-DAY JJ JAUNTS NNS in IN a DT chartered JJ boat NN were VBD perks NNS for IN permanent JJ staffers NNS of IN American NNP Business NNP Service NNP Corp. NNP , , a DT Costa NNP Mesa NNP , , Calif. NNP , , supplier NN of IN temporary JJ workers NNS . . The DT IRS NNP denied VBD cost NN deductions NNS because IN few JJ of IN the DT temps NNS got VBD to TO go VB aboard IN . . But CC the DT Tax NNP Court NNP said VBD the DT limitations NNS were VBD reasonable JJ and CC realistic JJ and CC allowed VBD the DT deductions NNS . . USED-CAR NN BUYERS NNS who WP try VBP to TO avoid VB sales JJ tax NN by IN understating VBG prices NNS paid VBN in IN private JJ deals NNS are VBP the DT targets NNS of IN a DT New NNP York NNP drive NN . . Estimating VBG that IN the DT state NN may MD lose VB $ $ 15 CD million CD a DT year NN , , officials NNS announced VBD the DT filing NN of IN 15 CD criminal JJ actions NNS and CC `` `` hundreds NNS '' '' of IN civil JJ penalties NNS . . WHEN WRB AN DT IRA NNP OWNER NNP dies VBZ , , the DT trustee NN of IN the DT individual JJ retirement NN account NN must MD file VB forms NNS 5498 CD reporting VBG market NN values NNS relating VBG to TO the DT decedent NN and CC each DT beneficiary NN , , with IN copies NNS to TO the DT executor NN and CC beneficiaries NNS . . IRS NNP Revenue NNP Procedure NNP 89-52 CD describes VBZ the DT reporting VBG requirements NNS . . BIGGER JJR THAN IN A DT BREADBOX NN was VBD this DT cash NN hoarder NN 's POS reputation NN for IN honesty NN . . People NNS often RB cite VBP frugality NN and CC distrust NN of IN banks NNS to TO justify VB cash NN caches NNS to TO the DT IRS NNP . . Gregory NNP Damonne NNP Brown NNP of IN Fremont NNP , , Calif. NNP , , a DT hardworking JJ , , reclusive JJ young JJ bachelor NN , , told VBD that DT story NN to TO the DT Tax NNP Court NNP . . But CC judges NNS usually RB find VBP the DT real JJ aim NN is VBZ to TO escape VB tax NN on IN hidden JJ income NN ; : and CC the DT IRS NNP said VBD Brown NNP must MD have VB had VBN such JJ income NN -- : although IN it PRP uncovered VBD no DT source NN -- : because IN he PRP deposited VBD $ $ 124,732 CD in IN a DT bank NN account NN in IN 1982-84 CD while IN reporting VBG income NN of IN only JJ $ $ 52,012 CD . . Brown NNP 's POS story NN : : The DT deposits NNS came VBD from IN savings NNS kept VBN in IN a DT Tupperware NNP breadbox NN ; : he PRP saved VBD $ $ 47,000 CD in IN 1974-81 CD by IN living VBG with IN family NN members NNS and CC pinching VBG pennies NNS and CC $ $ 45,000 CD of IN secret JJ gifts NNS from IN his PRP$ remorseful JJ father NN , , who WP had VBD abandoned VBN the DT family NN in IN 1955 CD . . Brown NNP had VBD no DT proof NN ; : but CC testimony NN of IN his PRP$ mother NN and CC stepmother NN about IN his PRP$ father NN and CC of IN an DT ex-employer NN about IN his PRP$ honesty NN and CC habits NNS satisfied VBD a DT judge NN that IN Brown NNP was VBD truthful JJ and CC his PRP$ tale NN of IN gifts NNS was VBD possible JJ . . The DT IRS NNP offered VBD no DT evidence NN of IN hidden VBN sources NNS of IN taxable JJ income NN , , so IN Judge NNP Shields NNP rejected VBD its PRP$ claims NNS . . BRIEFS NNS : : Asked VBD how WRB he PRP made VBD charitable JJ gifts NNS of IN $ $ 26,350 CD out IN of IN reported VBN two-year JJ income NN of IN $ $ 46,892 CD , , Thomas NNP H. NNP McFall NNP of IN Bryan NNP , , Texas NNP , , told VBD the DT Tax NNP Court NNP he PRP had VBD understated VBN his PRP$ income NN . . The DT court NN rejected VBD his PRP$ incredible JJ claims NNS , , denied VBD his PRP$ deductions NNS , , and CC imposed VBD a DT negligence NN penalty NN ... : . . Rep. NNP Schaefer NNP ( ( R. NNP , , Colo. NNP ) ) entered VBD a DT bill NN to TO exempt VB from IN tax NN rewards NNS for IN tips NNS leading VBG to TO the DT arrest NN of IN violent JJ criminals NNS . . Kay NNP Peterson NNP mounts VBZ her PRP$ bicycle NN and CC grinds VBZ up RP yet RB another DT steep NN , , rocky JJ path NN seemingly RB suitable JJ only RB for IN mountain NN goats NNS . . After IN a DT tortuous JJ climb NN , , she PRP is VBZ rewarded VBN by IN a DT picture-postcard NN vista NN : : a DT glade NN of IN golden JJ aspens NNS under IN an DT azure JJ Indian-summer JJ sky NN . . This DT place NN is VBZ 12 CD miles NNS into IN the DT back NN country NN -- : a DT day-long JJ trudge NN for IN a DT hiker NN , , but CC reached VBN by IN Ms. NNP Peterson NNP and CC six CD others NNS in IN a DT mere JJ two CD hours NNS of IN pedaling VBG fat-tired JJ mountain NN bikes NNS . . `` `` This DT , , '' '' says VBZ Ms. NNP Peterson NNP , , `` `` is VBZ what WP it PRP 's VBZ all DT about IN . . '' '' Twelve CD hundred CD miles NNS away RB , , rangers NNS at IN a DT Napa NNP County NNP , , Calif. NNP , , state NN park NN are VBP among IN the DT many JJ who WP do VBP n't RB quite RB share VB the DT enthusiasm NN . . This DT summer NN , , speeding VBG bikers NNS were VBD blamed VBN for IN an DT accident NN in IN the DT Napa NNP County NNP park NN , , in IN which WDT a DT horse NN -- : spooked VBN on IN a DT trail NN that WDT was VBD closed VBN to TO bikers NNS -- : broke VBD its PRP$ leg NN . . The DT animal NN had VBD to TO be VB destroyed VBN ; : the DT bikers NNS fled VBD and CC were VBD never RB found VBN . . In IN numerous JJ parks NNS near IN San NNP Francisco NNP , , rangers NNS have VBP been VBN forced VBN to TO close VB trails NNS , , set VB up RP speed NN traps NNS and CC use VB radar NN guns NNS to TO curb VB fast JJ and CC reckless JJ riding NN . . They PRP have VBP even RB sent VBN helicopters NNS in IN pursuit NN of IN bikers NNS after IN hikers NNS and CC equestrians NNS complained VBD they PRP were VBD being VBG driven VBN from IN trails NNS . . `` `` We PRP were VBD being VBG overrun NN , , '' '' says VBZ Steve NNP Fiala NNP , , trails NNS coordinator NN of IN the DT East NNP Bay NNP Regional NNP Park NNP District NNP . . Two CD years NNS ago IN , , the DT district NN decided VBD to TO limit VB the DT bikes NNS to TO fire NN roads NNS in IN its PRP$ 65,000 CD hilly JJ acres NNS . . From IN about IN 200,000 CD six CD years NNS ago IN , , the DT number NN of IN mountain NN bikes NNS in IN the DT U.S. NNP is VBZ expected VBN to TO grow VB to TO 10 CD million CD in IN 1990 CD . . At IN least JJS half PDT that DT growth NN will MD have VB come VBN in IN the DT past JJ three CD years NNS alone RB . . The DT controversy NN kicked VBD up RP by IN the DT proliferation NN of IN these DT all-terrain JJ bicycles NNS is VBZ one CD of IN the DT most RBS divisive JJ storms NNS to TO blow VB through IN the DT national JJ conservation NN movement NN in IN recent JJ memory NN . . Bikers NNS -- : many JJ of IN them PRP ardent JJ environmentalists NNS -- : proclaim VBP their PRP$ sport NN an DT efficient JJ , , safe JJ , , fitness-promoting JJ way NN to TO get VB back RB to TO nature NN , , while IN asserting VBG a DT right NN , , as IN taxpayers NNS , , to TO pedal VB on IN public JJ lands NNS . . But CC the DT bikes NNS ' POS burgeoning VBG numbers NNS , , safety NN concerns NNS and CC fear NN that IN they PRP damage VBP fragile JJ landscapes NNS have VBP prompted VBN pleas NNS , , from IN the DT Sierras NNPS to TO the DT Eastern NNP Seaboard NNP , , to TO ban VB them PRP from IN the DT back NN country NN . . Key JJ to TO the DT issue NN is VBZ that IN the DT bikes NNS , , in IN skillful JJ hands NNS , , can MD go VB virtually RB anywhere RB , , and CC in IN reckless JJ hands NNS can MD become VB vehicles NNS of IN terror NN . . An DT adept JJ bicyclist NN can MD leap VB from IN a DT dead JJ stop NN to TO the DT top NN of IN a DT picnic NN table NN without IN losing VBG balance NN . . Such JJ skills NNS allow VBP riders NNS to TO fly VB down IN treacherous JJ mountain NN grades NNS at IN speeds NNS of IN up IN to TO 40 CD miles NNS an DT hour NN -- : a DT thrill NN for IN the DT cyclist NN but CC a DT nightmare NN for IN unsuspecting JJ hikers NNS or CC equestrians NNS . . For IN harried VBN public-land JJ managers NNS across IN the DT nation NN , , the DT response NN is VBZ increasingly RB to TO shut VB the DT gates NNS . . The DT state NN of IN California NNP , , following VBG the DT lead NN of IN some DT regional JJ parks NNS , , recently RB adopted VBD regulations NNS that WDT closed VBD nearly RB all DT hiking NN paths NNS in IN state NN parks NNS to TO mountain NN bicycles NNS . . The DT move NN largely RB consigns VBZ them PRP to TO roads NNS used VBN by IN motorized VBN vehicles NNS . . Most JJS other JJ states NNS have VBP enacted VBN similar JJ bans NNS . . The DT bikes NNS are VBP unwelcome JJ on IN trails NNS in IN national JJ parks NNS . . Even RB the DT U.S. NNP Forest NNP Service NNP , , whose WP$ lenient JJ `` `` multiple-use JJ '' '' philosophy NN permits VBZ motorized VBN vehicles NNS on IN thousands NNS of IN miles NNS of IN its PRP$ trails NNS across IN the DT U.S. NNP , , has VBZ begun VBN to TO close VB some DT lands NNS to TO the DT bikes NNS , , including VBG major JJ portions NNS of IN the DT popular JJ Pacific NNP Crest NNP Trail NNP , , which WDT stretches VBZ from IN California NNP to TO Canada NNP . . Often RB these DT closings NNS come VBP after IN vigorous JJ anti-bike JJ lobbying NN by IN conservation NN organizations NNS , , the DT politically RB potent JJ Sierra NNP Club NNP among IN them PRP . . Sierra NNP has VBZ been VBN instrumental JJ in IN securing VBG a DT number NN of IN the DT California NNP bans NNS . . It PRP has VBZ been VBN waging VBG an DT all-out JJ campaign NN to TO beat VB back RB a DT proposal NN , , pushed VBN by IN Utah NNP bike NN groups NNS , , to TO allow VB the DT cycles NNS in IN federally RB designated VBN wilderness NN areas NNS , , where WRB they PRP are VBP now RB prohibited VBN . . Yet RB Sierra NNP 's POS hard-line JJ stance NN has VBZ created VBN something NN of IN a DT rift NN in IN the DT organization NN , , which WDT estimates VBZ that IN 17 CD % NN of IN its PRP$ 500,000 CD members NNS own JJ mountain NN bikes NNS . . Pressure NN from IN these DT members NNS prompted VBD the DT club NN recently RB to TO soften VB its PRP$ anti-bike JJ rhetoric NN ; : it PRP no RB longer RB , , for IN example NN , , lumps VBZ the DT bikes NNS into IN the DT same JJ category NN as IN motorcycles NNS and CC other JJ terrain-marring JJ off-road JJ vehicles NNS . . But CC the DT club NN still RB insists VBZ that IN public JJ lands NNS ought MD to TO be VB closed VBN to TO the DT bikes NNS unless IN studies NNS indicate VBP the DT bikes NNS wo MD n't RB injure VB the DT environment NN or CC other JJ users NNS . . `` `` I PRP have VBP a DT mountain NN bike NN , , yet RB as IN a DT hiker NN I PRP 've VBP been VBN run VBN off IN the DT road NN by IN kids NNS careening VBG down IN a DT fire NN trail NN on IN them PRP , , '' '' says VBZ Gene NNP Coan NNP , , an DT official NN at IN Sierra NNP 's POS headquarters NN in IN San NNP Francisco NNP , , echoing VBG the DT concerns NNS of IN many JJ members NNS . . `` `` People NNS who WP feel VBP that IN cyclists NNS should MD be VB banned VBN from IN an DT area NN are VBP n't RB looking VBG at IN the DT whole JJ picture NN , , '' '' complains VBZ Mark NNP Langton NNP , , associate JJ editor NN of IN Mountain NNP and CC City NNP Biking NNP magazine NN in IN Canoga NNP Park NNP , , Calif NNP . . Mr. NNP Langton NNP is VBZ among IN the DT legions NNS of IN bikers NNS who WP got VBD their PRP$ first JJ taste NN of IN wilderness NN as IN hikers NNS or CC backpackers NNS . . He PRP says VBZ fellow NN bikers NNS show VBP the DT same JJ concern NN for IN the DT land NN that IN they PRP demonstrated VBD as IN hikers NNS ; : many DT are VBP appalled VBN that IN the DT conservation NN community NN would MD suddenly RB consider VB them PRP the DT enemy NN . . To TO fight VB back RB , , activists NNS such JJ as IN Mr. NNP Langton NNP are VBP forming VBG groups NNS to TO lobby VB land NN managers NNS over IN access NN issues NNS and CC undertake VB education NN programs NNS to TO show VB that IN the DT bikes NNS can MD responsibly RB share VB trails NNS . . Mr. NNP Langton NNP 's POS group NN , , Concerned NNP Off-Road NNP Bicyclists NNPS Association NNP , , mounted VBN petition NN drives VBZ to TO help VB keep VB open JJ certain JJ Santa NNP Monica NNP Mountain NNP trails NNS designated VBN for IN closing VBG . . Biking VBG groups NNS in IN Montana NNP , , Idaho NNP , , Michigan NNP and CC Massachusetts NNP have VBP won VBN similar JJ concessions NNS , , says VBZ Tim NNP Blumenthal NNP , , mountain NN bike NN editor NN of IN Bicycling NNP magazine NN . . These DT groups NNS have VBP been VBN trying VBG to TO improve VB the DT mountain NN biker NN 's POS image NN ; : in IN the DT San NNP Francisco-area NNP park NN district NN where WRB a DT ranger NN was VBD clobbered VBN by IN a DT cyclist NN this DT summer NN bikers NNS have VBP formed VBN a DT volunteer NN patrol NN to TO help VB rangers NNS enforce VB regulations NNS , , and CC to TO school NN riders NNS in IN proper JJ trail NN etiquette NN . . Even RB staunch JJ anti-bike JJ Sierra NNP members NNS concede VBP that IN 10 CD % NN of IN all DT riders NNS cause VBP most JJS of IN the DT problems NNS . . While IN some DT are VBP renegade NN riders NNS who WP simply RB scorn VBP regulations NNS , , much RB bad JJ riding NN simply RB reflects VBZ ignorance NN that WDT can MD be VB corrected VBN through IN `` `` education NN and CC peer NN pressure NN , , '' '' says VBZ Jim NNP Hasenauer NNP , , a DT director NN of IN the DT International NNP Mountain NNP Biking NNP Association NNP . . `` `` I PRP think VBP we PRP 're VBP making VBG progress NN . . '' '' Few JJ would MD have VB foreseen VBN such PDT a DT furor NN when WRB , , a DT decade NN ago IN , , some DT Marin NNP County NNP bicycle NN enthusiasts NNS created VBD a DT hybrid JJ bike NN using VBG fat JJ tires NNS , , lightweight JJ metallurgy NN and CC multi-gear JJ technology NN . . They PRP wanted VBD a DT machine NN that WDT would MD allow VB them PRP to TO pedal VB into IN rugged JJ terrain NN then RB inaccessible JJ to TO cycles NNS . . They PRP got VBD a DT machine NN more RBR responsive JJ , , more RBR stable JJ and CC in IN many JJ ways NNS easier JJR to TO ride VB than IN the DT thin-tired JJ racing NN bikes NNS that WDT then RB were VBD the DT rage NN . . When WRB the DT bikes NNS first RB entered VBD mass JJ production NN in IN 1981 CD , , they PRP were VBD dismissed VBN as IN a DT fad NN . . Last JJ year NN , , 25 CD % NN of IN the DT 10 CD million CD bicycles NNS sold VBN in IN the DT U.S. NNP were VBD mountain NN bikes NNS . . In IN California NNP , , a DT bellwether NN market NN , , they PRP accounted VBD for IN more RBR than IN 80 CD % NN of IN all DT bike NN sales NNS . . The DT majority NN of IN the DT bikes NNS never RB even RB make VBP it PRP into IN the DT high JJ country NN . . City NN dwellers NNS love VBP them PRP because IN they PRP shift VBP smoothly RB in IN traffic NN , , bounce VBP easily RB over IN curbs NNS and CC roll VBP through IN road NN glass NN with IN far RB fewer JJR flat JJ tires NNS than IN racing VBG bikes NNS . . Crested NNP Butte NNP , , population NN 1,200 CD , , is VBZ a DT bastion NN of IN the DT sport NN . . By IN one CD estimate NN , , everyone NN here RB under IN 50 CD owns VBZ at IN least JJS one CD bike NN . . The DT town NN is VBZ home NN to TO the DT Mountain NNP Bike NNP Hall NNP of IN Fame NNP and CC it PRP hosts VBZ the DT annual JJ Fat NNP Tire NNP Bike NNP Week NNP . . This DT summer NN , , the DT jamboree NN attracted VBD more JJR visitors NNS than IN the DT busiest JJS week NN of IN the DT town NN 's POS winter NN ski NN season NN . . David NNP Lindsey NNP , , chairman NN of IN the DT Fat NNP Tire NNP Bike NNP celebration NN , , muses VBZ that IN the DT bike NN 's POS popularity NN may MD be VB a DT combination NN of IN technology NN and CC nostalgia NN . . `` `` The DT mountain NN bike NN feels VBZ as RB comfortable JJ as IN the DT ` `` paperboy NN ' '' bike NN you PRP had VBD as IN a DT kid NN , , but CC it PRP can MD do VB so RB much RB more JJR , , '' '' he PRP says VBZ . . The DT following VBG issues NNS were VBD recently RB filed VBN with IN the DT Securities NNPS and CC Exchange NNP Commission NNP : : Canada NNP 's POS Province NNP of IN Nova NNP Scotia NNP , , shelf NN offering NN of IN up IN to TO $ $ 550 CD million CD of IN debentures NNS . . Golar NNP Gas NNP Holding NNP Co. NNP , , a DT subsidiary NN of IN Gotaas-Larsen NNP Shipping NNP Corp. NNP , , offering VBG of IN $ $ 280 CD million CD first RB preferred VBD ship NN mortgage NN notes NNS , , via IN Merrill NNP Lynch NNP Capital NNP Markets NNPS . . H.F. NNP Ahmanson NNP & CC Co. NNP , , offering NN of IN four CD million CD shares NNS of IN noncumulative JJ convertible JJ preferred VBN stock NN , , Series NNP B. NNP , , via IN Goldman NNP , , Sachs NNP & CC Co NNP , , First NNP Boston NNP Corp. NNP , , and CC Merrill NNP Lynch NNP . . Shared NNP Technologies NNPS Inc. NNP , , offering NN of IN 2.5 CD million CD common JJ shares NNS , , via IN Smetek NNP , , Van NNP Horn NNP & CC Cormack NNP Inc. NNP and CC Oakes NNP , , Fitzwilliams NNP & CC Co NNP . . Stock-market NN tremors NNS again RB shook VBD bond NN prices NNS , , while IN the DT dollar NN turned VBD in RP a DT mixed VBN performance NN . . Early RB yesterday NN , , investors NNS scrambled VBD to TO buy VB Treasury NNP bonds NNS for IN safety NN as IN stock NN prices NNS plummeted VBD and CC fears NNS mounted VBD of IN a DT replay NN of IN Friday NNP . . But CC stocks NNS later RB recovered VBD , , erasing VBG most JJS of IN their PRP$ early JJ declines NNS . . That DT cut VBD short RB the DT rally NN in IN Treasury NNP bonds NNS and CC depressed VBN prices NNS moderately RB below IN late JJ Monday NNP 's POS levels NNS . . The DT Dow NNP Jones NNP Industrial NNP Average NNP , , down IN more RBR than IN 60.25 CD points NNS early RB in IN the DT day NN , , finished VBD 18.65 CD points NNS lower JJR at IN 2638.73 CD . . Long-term JJ Treasury NNP issues NNS declined VBD about IN half PDT a DT point NN , , or CC $ $ 5 CD for IN each DT $ $ 1,000 CD face NN amount NN . . `` `` The DT stock NN market NN clearly RB is VBZ leading VBG the DT bond NN markets NNS , , '' '' said VBD Jack NNP Conlon NNP , , an DT executive JJ vice NN president NN at IN Nikko NNP Securities NNPS . . `` `` People NNS are VBP breathing VBG a DT major JJ sigh NN of IN relief NN that IN the DT world NN did VBD n't RB end VB Monday NNP morning NN '' '' or CC yesterday NN . . Gold NN , , a DT closely RB watched VBN barometer NN of IN investor NN anxiety NN , , was VBD little RB changed VBN . . The DT dollar NN initially RB fell VBD against IN other JJ major JJ currencies NNS on IN news NN that IN the DT U.S. NNP trade NN deficit NN surged VBD in IN August NNP to TO $ $ 10.77 CD billion CD . . But CC the DT dollar NN later RB rebounded VBD , , finishing VBG slightly RB higher JJR against IN the DT yen NN although IN slightly RB lower JJR against IN the DT mark NN . . Federal NNP Reserve NNP officials NNS sent VBD another DT signal NN of IN their PRP$ determination NN to TO shore VB up RP investor NN confidence NN . . In IN an DT apparent JJ attempt NN to TO keep VB a DT lid NN on IN short-term JJ interest NN rates NNS , , the DT Fed NNP once RB again RB pumped VBD money NN into IN the DT banking NN system NN . . But CC the DT Fed NNP move NN was VBD a DT small JJ gesture NN , , traders NNS said VBD . . Fed NNP officials NNS appear VBP reluctant JJ to TO ease VB their PRP$ credit NN grip NN any RB further RB because IN a DT bold JJ move NN does VBZ n't RB appear VB necessary JJ , , several JJ investment NN managers NNS said VBD . . The DT Fed NNP has VBZ allowed VBN a DT key JJ short-term JJ interest NN rate NN to TO decline VB about IN one-quarter NN percentage NN point NN . . The DT federal JJ funds NNS rate NN on IN overnight JJ loans NNS between IN banks NNS has VBZ been VBN hovering VBG around IN 8 CD 3\/4 CD % NN , , down IN from IN 9 CD % NN previously RB . . Although IN stocks NNS have VBP led VBN bonds NNS this DT week NN , , some DT traders NNS predict VBP that IN relationship NN will MD reverse VB during IN the DT next JJ few JJ weeks NNS . . Nikko NNP 's POS Mr. NNP Conlon NNP fears VBZ a DT huge JJ wave NN of IN Treasury NNP borrowing VBG early JJ next JJ month NN will MD drive VB down RB Treasury NNP bond NN prices NNS . . That IN , , coupled VBN with IN poor JJ third-quarter NN corporate-earnings NNS comparisons NNS , , `` `` will MD make VB trouble NN for IN the DT equity NN market NN for IN the DT next JJ two CD to TO three CD months NNS , , '' '' he PRP says VBZ . . But CC several JJ other JJ traders NNS contend VBP investors NNS have VBP overreacted VBN to TO junk-bond NN jitters NNS , , and CC that IN stock NN prices NNS will MD continue VB to TO recover VB . . `` `` They PRP shot VBD the DT whole JJ orchestra NN just RB because IN the DT piano NN player NN hit VBD a DT bad JJ note NN , , '' '' said VBD Laszlo NNP Birinyi NNP , , president NN of IN Birinyi NNP Associates NNPS Inc. NNP , , referring VBG to TO the DT stock NN market NN 's POS plunge NN Friday NNP on IN news NN of IN trouble NN in IN financing VBG the DT UAL NNP Corp NNP . . buy-out NN . . In IN major JJ market NN activity NN : : Treasury NNP bond NN prices NNS fell VBD . . The DT yield NN on IN 30-year JJ Treasury NNP bonds NNS climbed VBD back RB above IN 8 CD % NN , , ending VBG the DT day NN at IN 8.03 CD % NN . . The DT dollar NN was VBD mixed VBN . . Late JJ yesterday NN in IN New NNP York NNP , , the DT dollar NN rose VBD to TO 142.75 CD yen NN from IN 141.80 CD yen NN Monday NNP , , but CC fell VBD to TO 1.8667 CD marks NNS from IN 1.8685 CD marks NNS . . The DT Consumer NNP News NNP and CC Business NNP Channel NNP cable NN network NN and CC U.S. NNP News NNP & CC World NNP Report NNP have VBP formed VBN a DT joint JJ venture NN to TO produce VB cable NN program NN versions NNS of IN special JJ issues NNS of IN the DT magazine NN . . The DT programs NNS will MD run VB on IN the DT cable NN network NN the DT Sunday NNP evening NN immediately RB prior RB to TO the DT release NN of IN the DT special JJ issue NN of IN U.S. NNP News NNP & CC World NNP Report NNP . . CNBC NNP is VBZ a DT joint JJ venture NN of IN the DT National NNP Broadcasting NNP Co. NNP , , a DT unit NN of IN General NNP Electric NNP Co. NNP , , and CC Cablevision NNP System NNP Corp NNP . . Advertisers NNS will MD be VB offered VBN an DT advertising NN package NN , , which WDT for IN a DT single JJ price NN , , will MD include VB time NN on IN the DT CNBC NNP program NN and CC ad NN pages NNS in IN the DT special JJ guides NNS . . CNBC NNP will MD produce VB six CD , , one-hour JJ programs NNS , , beginning VBG in IN April NNP 1990 CD . . The DT first JJ program NN scheduled VBN in IN the DT joint JJ venture NN is VBZ `` `` The NNP 1990 CD Homeowner NNP 's POS Guide NNP . . '' '' Other JJ programs NNS and CC special JJ issues NNS will MD be VB based VBN on IN themes NNS of IN health NN , , jobs NNS , , personal JJ finance NN , , the DT best JJS colleges NNS , , and CC investments NNS . . The DT programs NNS will MD be VB written VBN and CC produced VBN by IN CNBC NNP , , with IN background NN and CC research NN provided VBN by IN staff NN from IN U.S. NNP News NNP & CC World NNP Report NNP . . Skoal NNP Daze NNP I PRP 've VBP learned VBN the DT hard JJ way NN that IN too RB much JJ booze NN Takes VBZ revenge NN the DT next JJ day NN about IN nine CD ; : No DT wonder NN I PRP say VBP , , `` `` I PRP drink VBP to TO your PRP$ health NN '' '' -- : It PRP certainly RB is VBZ n't RB to TO mine PRP ! . -- : George NNP O. NNP Ludcke NNP . . Spaced NNP Out NNP Those DT supermarket NN tabloids NNS Make VBP me PRP feel VB slow JJ Because IN I PRP still RB have VBP n't RB seen VBN -- : Bruce NNP Kafaroff NNP . . Daffynition NNP Repression NN : : emote VB control NN . . -- : Daisy NNP Brown NNP . . Weyerhaeuser NNP Co. NNP reported VBD a DT one-time JJ gain NN and CC strong JJ wood-product NN sales NNS that WDT offset VBP weakness NN in IN pulp NN and CC paper NN to TO fuel VB a DT 15 CD % NN jump NN in IN third-quarter NN net JJ income NN to TO $ $ 166.8 CD million CD , , or CC 78 CD cents NNS a DT share NN . . In IN the DT 1988 CD third JJ quarter NN , , the DT forest-products NNS company NN reported VBD profit NN of IN $ $ 144.9 CD million CD , , or CC 69 CD cents NNS a DT share NN . . Sales NNS rose VBD 9 CD % NN to TO $ $ 2.57 CD billion CD from IN $ $ 2.36 CD billion CD . . For IN the DT nine CD months NNS , , the DT company NN posted VBD a DT 14 CD % NN rise NN in IN profit NN to TO $ $ 469.8 CD million CD , , or CC $ $ 2.21 CD a DT share NN , , from IN $ $ 410.3 CD million CD , , or CC $ $ 1.95 CD a DT share NN . . Sales NNS rose VBD 9 CD % NN to TO $ $ 7.54 CD billion CD from IN $ $ 6.95 CD billion CD . . Results NNS for IN the DT 1989 CD third JJ quarter NN and CC nine CD months NNS include VBP a DT pretax NN loss NN of IN $ $ 33 CD million CD from IN the DT company NN 's POS business NN improvement NN and CC refocusing NN program NN , , and CC a DT gain NN of IN $ $ 49 CD million CD on IN the DT sale NN of IN a DT subsidiary NN 's POS common JJ stock NN . . Forest-products NNS operations NNS strengthened VBD in IN the DT third JJ quarter NN , , while IN paper NN operations NNS were VBD dogged VBN by IN higher JJR costs NNS , , soft JJ newsprint NN exports NNS and CC a DT strong JJ Japanese JJ yen NN . . Some DT competing VBG forest-products NNS firms NNS have VBP recently RB reported VBN improved VBN results NNS due JJ to TO strong JJ pulp NN and CC paper NN business NN . . Weyerhaeuser NNP 's POS pulp NN and CC paper NN operations NNS were VBD up IN for IN the DT nine CD months NNS , , but CC full-year JJ performance NN depends VBZ on IN the DT balance NN of IN operating VBG and CC maintenance NN costs NNS , , plus CC pricing VBG of IN certain JJ products NNS , , the DT company NN said VBD . . Looking VBG ahead RB to TO the DT fourth JJ quarter NN , , the DT company NN said VBD export JJ log NN and CC lumber NN markets NNS will MD be VB weak JJ , , while IN panel NN and CC plywood NN markets NNS will MD be VB stronger JJR . . Pulp NN and CC paper NN performance NN depends VBZ on IN cost NN and CC price NN variables NNS , , the DT company NN said VBD . . Bankers NNP Trust NNP New NNP York NNP Corp. NNP became VBD the DT latest JJS major JJ U.S. NNP bank NN to TO increase VB reserves NNS for IN its PRP$ loans NNS to TO less-developed JJ countries NNS , , making VBG a DT $ $ 1.6 CD billion CD third-quarter NN addition NN to TO its PRP$ provision NN . . The DT bank NN also RB said VBD it PRP expects VBZ to TO report VB a DT $ $ 1.42 CD billion CD loss NN for IN the DT third JJ quarter NN and CC a DT loss NN for IN the DT full JJ year NN . . The DT new JJ reserves NNS bring VBP the DT company NN 's POS provision NN for IN loans NNS to TO Third NNP World NNP countries NNS to TO $ $ 2.6 CD billion CD , , or CC 85 CD % NN of IN Bankers NNP Trust NNP 's POS medium NN and CC long-term JJ loans NNS to TO these DT countries NNS . . `` `` Step VB up RB to TO the DT plate NN and CC take VB the DT big JJ swing NN . . Get VB the DT problem NN behind IN you PRP and CC do VB n't RB look VB back RB , , '' '' said VBD James NNP J. NNP McDermott NNP , , analyst NN at IN Keefe NNP , , Bruyette NNP & CC Woods NNP , , in IN approving VBG of IN the DT move NN . . Bankers NNP Trust NNP `` `` has VBZ had VBN the DT capacity NN to TO do VB this DT for IN some DT time NN , , '' '' the DT analyst NN said VBD . . He PRP expects VBZ Citicorp NNP to TO take VB a DT similar JJ step NN this DT year NN . . Citicorp NNP yesterday NN reported VBD a DT 9 CD % NN third-quarter NN earnings NNS drop NN , , which WDT analysts NNS called VBD a DT bit NN disappointing JJ , , while IN Manufacturers NNP Hanover NNP Corp. NNP posted VBD a DT $ $ 789 CD million CD loss NN for IN the DT quarter NN after IN adding VBG $ $ 950 CD million CD to TO its PRP$ reserve NN for IN loans NNS to TO less-developed JJ countries NNS . . Three CD other JJ major JJ U.S. NNP banks NNS posted VBD earnings NNS increases NNS . . Wells NNP Fargo NNP & CC Co. NNP of IN San NNP Francisco NNP posted VBD a DT 17 CD % NN jump NN . . PNC NNP Financial NNP Corp. NNP , , the DT parent NN of IN Pittsburgh NNP National NNP Bank NNP , , reported VBD net JJ income NN climbed VBD 9.8 CD % NN , , while IN net NN for IN Banc NNP One NNP Corp. NNP of IN Columbus NNP , , Ohio NNP , , grew VBD 3.8 CD % NN . . Citicorp NNP Analysts NNS were VBD only RB slightly RB disappointed VBN by IN Citicorp NNP 's POS numbers NNS . . `` `` There EX 's VBZ nothing NN in IN here RB that IN 's VBZ horrible JJ and CC nothing NN to TO make VB you PRP think VB they PRP 're VBP setting VBG the DT world NN on IN fire NN , , '' '' said VBD Carole NNP Berger NNP , , analyst NN for IN C.J. NNP Lawrence NNP , , Morgan NNP Grenfell NNP Inc NNP . . Earnings NNS from IN the DT bank NN 's POS global JJ consumer NN business NN grew VBD 27 CD % NN . . `` `` The DT consumer NN business NN continues VBZ to TO drive VB the DT earnings NNS stream NN , , '' '' said VBD Mr. NNP McDermott NNP of IN Keefe NNP , , Bruyette NNP & CC Woods NNP . . Corporate JJ finance NN and CC trading NN results NNS in IN member NN countries NNS of IN the DT Organization NNP for IN Economic NNP Cooperation NNP and CC Development NNP were VBD `` `` relatively RB flat JJ , , sometimes RB choppy JJ , , '' '' the DT bank NN said VBD , , and CC profit NN for IN the DT area NN sank VBD 27 CD % NN . . The DT cross-border JJ loan NN portfolio NN reflected VBD `` `` adjustment NN problems NNS and CC episodic JJ payment NN patterns NNS , , '' '' the DT bank NN said VBD no DT interest NN payments NNS from IN Argentina NNP in IN the DT nine CD months NNS and CC none NN from IN Brazil NNP in IN the DT third JJ quarter NN , , while IN Venezuela NNP brought VBD itself PRP `` `` substantially RB current JJ . . '' '' Overall RB , , the DT portfolio NN narrowed VBD its PRP$ quarterly JJ loss NN to TO $ $ 70 CD million CD from IN $ $ 80 CD million CD a DT year NN earlier RBR . . `` `` People NNS were VBD waiting VBG to TO see VB if IN we PRP would MD take VB an DT additional JJ provision NN '' '' for IN medium-term JJ and CC long-term JJ loans NNS to TO less-developed JJ countries NNS , , a DT Citicorp NNP spokesman NN said VBD . . But CC he PRP reiterated VBD the DT bank NN 's POS position NN that IN it PRP is VBZ comfortable JJ with IN the DT current JJ level NN of IN $ $ 2.6 CD billion CD , , covering VBG about IN 30 CD % NN of IN the DT $ $ 8.9 CD billion CD of IN such JJ loans NNS outstanding JJ . . Ronald NNP I. NNP Mandle NNP , , analyst NN at IN Sanford NNP C. NNP Bernstein NNP & CC Co. NNP , , called VBD Citicorp NNP 's POS venture-capital JJ gains NNS of IN $ $ 93 CD million CD before IN taxes NNS `` `` strong JJ . . '' '' A DT `` `` concerning VBG '' '' item NN the DT analyst NN cited VBD was VBD the DT 10 CD % NN jump NN in IN expenses NNS , , which WDT the DT bank NN attributes VBZ to TO costs NNS of IN expanding VBG both PDT its PRP$ consumer NN credit-card NN operations NNS and CC its PRP$ overseas JJ branch NN business NN . . Citicorp NNP 's POS spokesman NN said VBD , , however RB , , that IN the DT bank NN is VBZ maintaining VBG those DT expenses NNS in IN proportion NN to TO revenue NN growth NN . . Wells NNP Fargo NNP Wells NNP Fargo NNP continued VBD to TO generate VB one CD of IN the DT highest JJS profit NN margins NNS among IN major JJ banks NNS , , minimizing VBG a DT drop NN in IN net JJ interest NN margin NN with IN 13 CD % NN third-quarter NN growth NN in IN high-yielding JJ business NN loans NNS and CC similar JJ growth NN in IN mortgages NNS . . Its PRP$ margin NN fell VBD only RB seven CD basis NN points NNS , , or CC 7\/100ths CD of IN a DT percentage NN point NN , , from IN a DT year NN ago IN , , compared VBN with IN a DT 13-point JJ drop NN at IN Security NNP Pacific NNP Corp. NNP and CC much JJ larger JJR declines NNS among IN banks NNS in IN other JJ parts NNS of IN the DT country NN . . As IN a DT result NN , , Wells NNP Fargo NNP 's POS net JJ interest NN income NN rose VBD $ $ 36.3 CD million CD , , or CC 7 CD % NN , , to TO $ $ 537 CD million CD for IN the DT quarter NN . . Non-interest JJ income NN fell VBD slightly RB to TO $ $ 191.9 CD million CD from IN $ $ 193.3 CD million CD , , while IN Wells NNP Fargo NNP continued VBD to TO rigorously RB control VB non-interest JJ expense NN , , which WDT was VBD almost RB flat JJ at IN $ $ 393.4 CD million CD . . The DT combination NN of IN solid JJ loan NN growth NN with IN tight JJ expense NN control NN gave VBD Wells NNP Fargo NNP a DT 1.25 CD % NN return NN on IN average JJ assets NNS for IN the DT quarter NN , , about IN 40 CD % NN higher JJR than IN Security NNP Pacific NNP 's POS and CC a DT profit NN ratio NN matched VBN by IN only RB two CD or CC three CD other JJ major JJ banks NNS in IN the DT U.S. NNP . . Wells NNP Fargo NNP 's POS return NN on IN equity NN increased VBD to TO 24.4 CD % NN from IN 23.8 CD % NN . . Wells NNP Fargo NNP has VBZ sold VBN all DT of IN its PRP$ non-trade JJ loans NNS made VBN to TO less-developed JJ countries NNS , , and CC managed VBD to TO partly RB reverse VB the DT sharp JJ rise NN in IN domestic JJ non-accrual JJ loans NNS , , which WDT fell VBD 8 CD % NN from IN the DT previous JJ quarter NN to TO $ $ 806.8 CD million CD from IN $ $ 880.9 CD million CD . . But CC the DT amount NN was VBD still RB 39 CD % NN higher JJR than IN the DT year-ago JJ level NN , , and CC 25 CD % NN higher JJR as IN a DT percentage NN of IN total JJ loans NNS . . That DT trend NN , , and CC Wells NNP Fargo NNP 's POS heavy JJ exposure NN to TO leveraged JJ buy-outs NNS , , are VBP about IN the DT only JJ worries NNS analysts NNS have VBP about IN Wells NNP Fargo NNP 's POS financial JJ picture NN . . Wells NNP Fargo NNP is VBZ rebuilding VBG its PRP$ loan-loss NN reserve NN , , which WDT increased VBD to TO $ $ 711 CD million CD at IN Sept. NNP 30 CD from IN $ $ 664 CD million CD the DT previous JJ quarter NN but CC was VBD down IN from IN $ $ 852 CD million CD a DT year NN ago IN , , when WRB the DT bank NN still RB had VBD some DT shaky JJ foreign JJ loans NNS . . Manufacturers NNPS Hanover NNP Manufacturers NNPS Hanover NNP said VBD that IN excluding VBG the DT addition NN to TO its PRP$ reserves NNS , , certain JJ tax NN benefits NNS , , and CC a DT one-time JJ $ $ 16 CD million CD gain NN on IN the DT sale NN of IN an DT interest NN in IN a DT foreign JJ leasing NN company NN , , third-quarter NN earnings NNS were VBD $ $ 75 CD million CD . . The DT comparable JJ year-earlier JJ number NN was VBD $ $ 56 CD million CD , , a DT spokesman NN said VBD . . The DT bank NN 's POS additional JJ provisions NNS brought VBD reserves NNS for IN loans NNS to TO less-developed JJ countries NNS to TO $ $ 2.4 CD billion CD , , covering VBG 36 CD % NN of IN its PRP$ medium NN and CC long-term JJ loans NNS outstanding JJ to TO these DT nations NNS . . The DT net JJ interest NN margin NN - : the DT difference NN between IN the DT bank NN 's POS cost NN of IN funds NNS and CC what WP it PRP receives VBZ as IN interest NN payments NNS -- : improved VBD in IN the DT quarter NN , , as IN did VBD certain JJ areas NNS of IN wholesale JJ banking NN . . Fees NNS from IN syndicating VBG loans NNS dropped VBD 48 CD % NN , , to TO $ $ 21 CD million CD . . `` `` We PRP did VBD n't RB take VB part NN in IN a DT lot NN of IN deals NNS '' '' in IN the DT quarter NN `` `` because IN their PRP$ credit NN quality NN was VBD poor JJ , , '' '' the DT spokesman NN said VBD . . Expenses NNS unrelated JJ to TO interest NN rose VBD 5.4 CD % NN , , to TO $ $ 541 CD million CD . . PNC NNP Financial NNP PNC NNP Financial NNP cited VBD higher JJR income NN from IN sources NNS unrelated JJ to TO interest NN and CC said VBD it PRP continues VBZ to TO cut VB costs NNS . . Net JJ interest NN income NN in IN the DT third JJ quarter NN edged VBD up RP 1.4 CD % NN , , to TO $ $ 317.7 CD million CD . . Trust NN income NN grew VBD 15 CD % NN , , to TO $ $ 49.9 CD million CD , , while IN service NN charges NNS , , fees NNS and CC commissions NNS increased VBD 22 CD % NN , , to TO $ $ 79.4 CD million CD . . The DT bank NN 's POS total JJ allowance NN for IN credit NN losses NNS was VBD $ $ 502.1 CD million CD , , or CC 1.82 CD % NN of IN total JJ loans NNS . . Prime NNP Minister NNP Rajiv NNP Gandhi NNP set VBD a DT date NN next IN month NN for IN general JJ elections NNS that IN some DT analysts NNS say VBP could MD cost VB him PRP and CC his PRP$ ruling VBG Congress NNP ( ( I NN ) ) Party NN control NN of IN the DT government NN . . Other JJ analysts NNS say VBP the DT Indian JJ leader NN could MD retain VB control NN with IN a DT slim JJ majority NN or CC be VB forced VBN to TO rule VB as IN the DT dominant JJ partner NN in IN a DT coalition NN with IN other JJ parties NNS . . Elections NNS in IN this DT large JJ , , diverse JJ and CC passionate JJ nation NN are VBP always RB hard JJ to TO predict VB . . Much RB depends VBZ on IN the DT opposition NN , , a DT loose JJ group NN of IN regional JJ and CC ideological JJ parties NNS led VBN by IN former JJ Gandhi NNP cabinet NN minister NN Vishwanath NNP Pratap NNP Singh NNP . . The DT biggest JJS certainty NN is VBZ that IN the DT elections NNS will MD be VB a DT vote NN for IN or CC against IN Mr. NNP Gandhi NNP and CC his PRP$ five CD years NNS in IN power NN -- : five CD years NNS of IN ups NNS and CC downs NNS , , promises NNS and CC disappointments NNS and CC wide JJ fluctuations NNS in IN popularity NN . . Yesterday NN , , four CD days NNS after IN an DT unusual JJ parliamentary JJ defeat NN for IN the DT ruling VBG party NN , , Mr. NNP Gandhi NNP called VBD elections NNS for IN the DT lower JJR house NN of IN Parliament NNP on IN Nov. NNP 22 CD and CC 24 CD . . The DT elections NNS will MD be VB held VBN in IN different JJ states NNS on IN one CD of IN the DT two CD days NNS . . ( ( The DT lower JJR house NN 's POS five-year JJ term NN expires VBZ in IN January NNP ; : the DT Parliament NNP 's POS upper JJ house NN is VBZ appointed VBN . . ) ) The DT elections NNS will MD be VB a DT rigorous JJ test NN for IN the DT 45-year-old JJ prime JJ minister NN and CC Congress NNP ( ( I NN ) ) , , which WDT in IN various JJ forms NNS has VBZ ruled VBN for IN 40 CD of IN India NNP 's POS 42 CD years NNS of IN independence NN . . After IN a DT landslide NN win NN in IN 1984 CD in IN polls NNS held VBN after IN the DT assassination NN of IN his PRP$ mother NN , , Indira NNP Gandhi NNP , , Mr. NNP Gandhi NNP saw VBD his PRP$ popularity NN begin VB a DT roller NN coaster NN ride NN . . His PRP$ early JJ promises NNS to TO make VB India NNP a DT modern JJ nation NN remain VBP bogged VBD down IN in IN bloated JJ bureaucracy NN . . His PRP$ pledge NN to TO clean VB up RP local JJ administration NN and CC Indian JJ politics NNS , , including VBG his PRP$ own JJ party NN , , went VBD unfulfilled JJ . . His PRP$ `` `` Mr. NNP Clean NNP '' '' image NN was VBD muddied VBN by IN an DT arms-kickback NN scandal NN , , which WDT will MD be VB a DT major JJ campaign NN issue NN . . Some DT analysts NNS predict VBP that DT disappointment NN in IN Mr. NNP Gandhi NNP 's POS spent VBN pledge NN to TO reduce VB corruption NN and CC heavy-handed JJ local JJ government NN will MD crest VB at IN the DT polls NNS . . `` `` There EX 's VBZ a DT wide JJ feeling NN of IN indignation NN across IN the DT country NN , , '' '' says VBZ Bhabani NNP Sen NNP Gupta NNP of IN the DT Center NNP for IN Policy NNP Research NNP , , in IN New NNP Delhi NNP . . `` `` I PRP think VBP the DT people NNS will MD be VB judging VBG the DT regime NN by IN a DT petty JJ policeman NN , , by IN a DT corrupt JJ revenue NN collector NN . . This DT could MD be VB a DT big JJ protest NN against IN an DT administrative JJ failure NN . . '' '' Even RB if IN the DT Congress NNP ( ( I NN ) ) retains VBZ control NN of IN the DT government NN , , Mr. NNP Gandhi NNP 's POS ability NN to TO push VB through IN major JJ initiatives NNS might MD be VB hobbled VBN by IN a DT thinner JJR majority NN . . Economic JJ analysts NNS call VBP his PRP$ trail-blazing JJ liberalization NN of IN the DT Indian JJ economy NN incomplete JJ , , and CC many JJ are VBP hoping VBG for IN major JJ new JJ liberalizations NNS if IN he PRP is VBZ returned VBN firmly RB to TO power NN . . The DT Lok NNP Sabha NNP , , or CC lower JJR house NN of IN Parliament NNP , , has VBZ 542 CD elected VBN and CC two CD appointed VBN seats NNS . . In IN 1984 CD , , the DT Congress NNP ( ( I NN ) ) captured VBN 405 CD seats NNS , , the DT largest JJS victory NN in IN the DT history NN of IN Indian JJ democracy NN . . The DT landslide NN was VBD fueled VBN by IN panic NN that WDT prevailed VBD in IN India NNP at IN the DT time NN . . Mrs. NNP Gandhi NNP had VBD been VBN assassinated VBN by IN separatist JJ Sikhs NNPS , , and CC many JJ Indians NNPS feared VBD their PRP$ country NN might MD split VB apart RB . . In IN the DT previous JJ three CD general JJ elections NNS , , similar JJ national JJ issues NNS clinched VBD the DT vote NN . . In IN 1971 CD , , the DT Congress NNP Party NNP won VBD after IN India NNP 's POS victory NN in IN the DT Bangladesh NNP war NN . . In IN 1977 CD , , Mrs. NNP Gandhi NNP was VBD thrown VBN out IN of IN office NN after IN her PRP$ 19-month JJ emergency NN rule NN , , and CC in IN 1980 CD , , after IN her PRP$ successors NNS made VBD a DT mess NN of IN their PRP$ three CD years NNS in IN power NN , , she PRP was VBD restored VBN to TO office NN . . Most RBS political JJ analysts NNS say VBP that IN if IN Mr. NNP Gandhi NNP 's POS opposition NN unites VBZ to TO field VB single JJ candidates NNS in IN most JJS precincts NNS , , the DT Congress NNP ( ( I NN ) ) will MD lose VB big JJ . . But CC if IN the DT opposition NN remains VBZ fractured VBN , , the DT Congress NNP ( ( I NN ) ) could MD win VB a DT small JJ majority NN , , or CC lead VB a DT coalition NN government NN . . Chimanbhai NNP Mehta NNP , , a DT parliamentarian NN and CC former JJ Gandhi NNP ally NN , , predicts VBZ Congress NNP ( ( I NN ) ) will MD win VB only RB 150 CD seats NNS , , a DT quarter NN of IN the DT house NN , , if IN the DT opposition NN fields VBZ single JJ candidates NNS in IN 80 CD % NN of IN the DT races NNS . . Analysts NNS say VBP the DT opposition NN will MD struggle VB this DT week NN to TO unite VB , , and CC its PRP$ success NN will MD be VB clear JJ only RB when WRB it PRP announces VBZ its PRP$ final JJ list NN of IN parliamentary JJ candidates NNS . . The DT arms-kickback NN scandal NN is VBZ likely JJ to TO be VB one CD of IN the DT big JJ talking VBG points NNS in IN the DT campaign NN , , but CC it PRP 's VBZ unclear JJ how WRB it PRP is VBZ viewed VBN by IN average JJ Indian JJ voters NNS . . In IN 1986 CD , , India NNP signed VBD a DT $ $ 1.4 CD billion CD contract NN with IN AB NNP Bofors NNP , , a DT unit NN of IN Nobel NNP Industries NNPS Sweden NNP AB NNP , , to TO purchase VB 400 CD artillery NN pieces NNS . . The DT contract NN was VBD negotiated VBN by IN the DT countries NNS ' POS two CD prime JJ ministers NNS , , and CC was VBD supposed VBN to TO be VB free JJ of IN commissions NNS or CC agents NNS ' POS costs NNS . . In IN April NNP 1987 CD , , evidence NN surfaced VBD that IN commissions NNS were VBD paid VBN . . The DT opposition NN charged VBD that IN the DT money NN was VBD used VBN to TO bribe VB Indian JJ government NN officials NNS , , an DT allegation NN denied VBN by IN Mr. NNP Gandhi NNP 's POS administration NN . . But CC many JJ of IN his PRP$ statements NNS on IN the DT issue NN in IN Parliament NNP subsequently RB were VBD proven VBN wrong JJ by IN documentary JJ evidence NN . . The DT scandal NN has VBZ faded VBN and CC flared VBN , , but CC recent JJ disclosures NNS propelled VBD it PRP back RB onto IN the DT front JJ pages NNS , , and CC that DT has VBZ helped VBN galvanize VB the DT opposition NN , , which WDT last JJ week NN blocked VBD passage NN of IN two CD constitutional JJ amendment NN bills NNS . . It PRP was VBD the DT first JJ time NN in IN 20 CD years NNS that IN such JJ government NN bills NNS were VBD defeated VBN . . In IN a DT country NN where WRB a DT bribe NN is VBZ needed VBN to TO get VB a DT phone NN , , a DT job NN , , and CC even RB into IN a DT school NN , , the DT name NN Bofors NNP has VBZ become VBN a DT potent JJ rallying NN cry NN against IN the DT government NN . . That DT illustrates VBZ the DT kind NN of IN disappointment NN many JJ Indians NNPS feel VBP toward IN Mr. NNP Gandhi NNP , , whom WP they PRP zestfully RB elected VBD and CC enthusiastically RB supported VBD in IN his PRP$ first JJ two CD years NNS in IN power NN . . His PRP$ term NN has VBZ produced VBN no DT spectacular JJ failures NNS in IN politics NNS , , in IN the DT economy NN or CC on IN the DT military JJ front NN , , and CC has VBZ chalked VBN up RP some DT successes NNS . . But CC the DT average JJ Indian NNP had VBD tremendous JJ hope NN in IN the DT youthful JJ leader NN and CC his PRP$ promise NN to TO make VB both DT government NN and CC the DT ruling VBG party NN more JJR effective JJ and CC less RBR corrupt JJ . . His PRP$ failures NNS in IN those DT two CD areas NNS deeply RB , , and CC sometimes RB bitterly RB , , disappointed VBN many JJ Indians NNPS . . `` `` We PRP do VBP n't RB like VB the DT Congress NNP ( ( I NN ) ) , , '' '' says VBZ Sooraji NNP Jath NNP , , a DT farmer NN in IN the DT western JJ state NN of IN Gujarat NN . . `` `` The DT Congress NNP government NN is VBZ taking VBG the DT farmers NNS ' POS bread NN and CC not RB giving VBG us PRP any DT support NN . . When WRB there EX are VBP well NN problems NNS , , light NN problems NNS , , road NN problems NNS , , the DT government NN tells VBZ us PRP to TO forget VB it PRP . . '' '' The DT greatest JJS thing NN going VBG for IN Mr. NNP Gandhi NNP and CC the DT Congress NNP ( ( I NN ) ) Party NN is VBZ the DT poor JJ reputation NN of IN the DT opposition NN . . Even RB if IN it PRP unites VBZ for IN the DT elections NNS , , its PRP$ coherence NN is VBZ likely JJ to TO be VB temporary JJ . . When WRB the DT Congress NNP ( ( I NN ) ) lost VBD the DT 1977 CD election NN , , following VBG Mrs. NNP Gandhi NNP 's POS hated VBN emergency NN rule NN , , a DT similar JJ coalition NN took VBD power NN and CC then RB disintegrated VBD . . Many JJ Indians NNPS fear VBP a DT repeat NN of IN that DT experience NN . . March NNP 24 CD , , 1986 CD : : AB NNP Bofors NNP , , a DT unit NN of IN Nobel NNP Industries NNPS Sweden NNP AB NNP , , enters VBZ into IN a DT $ $ 1.4 CD billion CD contract NN with IN India NNP 's POS Defense NNP Ministry NNP to TO supply VB 400 CD Bofors NNP FH-77B NNP 155-mm CD field NN howitzer NN guns NNS . . In IN 1985 CD , , Prime NNP Minister NNP Rajiv NNP Gandhi NNP , , in IN his PRP$ talks NNS with IN then JJ Swedish NNP Prime NNP Minister NNP Olof NNP Palme NNP , , imposed VBD the DT condition NN that IN the DT contract NN have VB no DT middlemen NNS . . April NNP 16 CD , , 1987 CD : : Swedish NNP National NNP Radio NNP reports VBZ that IN about IN $ $ 40 CD million CD -- : nearly RB 3 CD % NN of IN the DT total JJ contract NN -- : was VBD paid VBN by IN Bofors NNP as IN commissions NNS to TO middlemen NNS . . June NNP 1 CD , , 1987 CD : : Sweden NNP 's POS National NNP Audit NNP Bureau NNP releases VBZ its PRP$ report NN confirming VBG payment NN of IN about IN $ $ 40 CD million CD to TO unidentified JJ Indians NNPS . . The DT report NN says VBZ that IN investigations NNS were VBD severely RB hampered VBN by IN lack NN of IN cooperation NN from IN Bofors NNP . . Bofors NNP says VBZ it PRP ca MD n't RB disclose VB the DT names NNS of IN the DT middlemen NNS because IN it PRP would MD jeopardize VB industrial JJ confidentiality NN . . A DT portion NN of IN the DT report NN containing VBG names NNS of IN the DT middlemen NNS is VBZ withheld VBN by IN officials NNS citing VBG bank NN secrecy NN requirements NNS . . Aug. NNP 6 CD , , 1987 CD : : Prime NNP Minister NNP Gandhi NNP tells VBZ the DT Indian NNP Parliament NNP , , `` `` ... : neither CC I PRP nor CC any DT member NN of IN my PRP$ family NN has VBZ received VBN any DT consideration NN in IN these DT transactions NNS . . That DT is VBZ the DT truth NN . . '' '' Aug. NNP 26 CD , , 1987 CD : : Bofors NNP admits VBZ payments NNS of IN $ $ 41 CD million CD to TO middlemen NNS . . April NNP 22 CD , , 1988 CD : : The DT Hindu NNP newspaper NN publishes VBZ facsimiles NNS of IN bank NN documents NNS for IN foreign-exchange JJ remittances NNS and CC letters NNS between IN Bofors NNP and CC certain JJ private JJ companies NNS related VBN to TO the DT sale NN of IN the DT guns NNS to TO India NNP . . April NNP 26 CD , , 1988 CD : : A DT parliamentary JJ investigative JJ committee NN dominated VBN by IN the DT Congress NNP ( ( I NN ) ) Party NNP concludes VBZ that IN there EX were VBD no DT middlemen NNS in IN the DT deal NN and CC no DT payment NN to TO any DT Indian JJ individual NN or CC company NN . . July NNP 18 CD , , 1989 CD : : The DT comptroller NN and CC auditor-general NN of IN India NNP reports VBZ serious JJ lapses NNS in IN the DT government NN 's POS technical JJ and CC financial JJ evaluation NN of IN the DT Bofors NNP deal NN . . Sept. NNP 15 CD , , 1989 CD : : Retired VBN army NN Chief NNP of IN Staff NNP Krishnaswami NNP Sundarji NNP discloses VBZ in IN an DT interview NN that IN he PRP suggested VBD in IN May NNP 1987 CD that IN the DT government NN cancel VB the DT Bofors NNP contract NN . . According VBG to TO Gen. NNP Sundarji NNP , , that WDT would MD have VB forced VBN Bofors NNP to TO disclose VB the DT names NNS of IN the DT middlemen NNS who WP received VBD kickbacks NNS from IN the DT company NN . . His PRP$ recommendation NN was VBD rejected VBN by IN the DT government NN . . Oct. NNP 9. CD 1989 CD : : The DT Hindu NNP newspaper NN publishes VBZ the DT withheld VBN portion NN of IN the DT Swedish NNP National NNP Audit NNP Bureau NNP 's POS report NN . . The DT disclosures NNS state NN that IN commissions NNS were VBD paid VBN by IN Bofors NNP to TO an DT Indian JJ agent NN of IN the DT arms NNS company NN . . Parsow NNP Partnership NNP Ltd. NNP and CC Elkhorn NNP Partners NNPS L.P. NNP said VBD they PRP may MD seek VB proposals NNS from IN third JJ parties NNS relating VBG to TO a DT sale NN or CC restructuring VBG of IN CACI NNP International NNP Inc NNP . . In IN a DT filing NN with IN the DT Securities NNPS and CC Exchange NNP Commission NNP , , Parsow NNP and CC Elkhorn NNP , , which WDT together RB hold VBP 8.685 CD % NN of IN CACI NNP 's POS common JJ shares NNS , , said VBD they PRP think VBP it PRP is VBZ in IN the DT best JJS interest NN of IN CACI NNP stockholders NNS that IN the DT company NN be VB sold VBN . . CACI NNP , , based VBN in IN Arlington NNP , , Va. NNP , , said VBD it PRP had VBD n't RB seen VBN the DT filing NN by IN Parsow NNP and CC Elkhorn NNP and CC therefore RB had VBD no DT comment NN . . The DT partnerships NNS said VBD they PRP may MD seek VB board NN representation NN , , and CC they PRP may MD seek VB the DT support NN of IN CACI NNP 's POS board NN and CC other JJ major JJ shareholders NNS in IN connection NN with IN their PRP$ plans NNS . . According VBG to TO the DT filing NN , , Parsow NNP and CC Elkhorn NNP are VBP based VBN in IN Elkhorn NNP , , Neb. NNP , , and CC are VBP controlled VBN by IN the DT same JJ general JJ partner NN , , Alan NNP S. NNP Parsow NNP . . Their PRP$ combined VBN stake NN consists VBZ of IN 880,500 CD CACI NNP common JJ shares NNS , , including VBG 86,500 CD shares NNS bought VBN in IN the DT past JJ 60 CD days NNS at IN $ $ 2.3125 CD to TO $ $ 2.4375 CD a DT share NN . . Additional JJ shares NNS may MD be VB bought VBN or CC sold VBN in IN the DT open JJ market NN , , in IN private JJ transactions NNS or CC otherwise RB , , depending VBG on IN market NN conditions NNS and CC other JJ factors NNS . . The DT inverse NN trading NN relationship NN between IN bonds NNS and CC stocks NNS was VBD interrupted VBN yesterday NN as IN bonds NNS fell VBD despite IN a DT modest JJ decline NN in IN stock NN prices NNS . . But CC bond NN investors NNS continue VBP to TO keep VB a DT close JJ watch NN on IN the DT jittery JJ stock NN market NN . . In IN early JJ trading NN , , investors NNS were VBD bidding VBG bond NN prices NNS higher JJR as IN stocks NNS tumbled VBD and CC fears NNS mounted VBD that IN Friday NNP 's POS stock NN market NN debacle NN would MD be VB repeated VBN . . But CC a DT partial JJ recovery NN in IN the DT Dow NNP Jones NNP Industrial NNP Average NNP , , which WDT had VBD been VBN down IN more RBR than IN 60 CD points NNS in IN midmorning NN , , dashed VBD those DT expectations NNS . . Treasury NN bonds NNS also RB were VBD hurt VBN late RB in IN the DT day NN by IN a DT $ $ 4 CD billion CD offering NN by IN the DT Tennessee NNP Valley NNP Authority NNP and CC the DT prospect NN of IN a DT huge JJ amount NN of IN new JJ agency NN debt NN . . `` `` Bond NN investors NNS were VBD hoping VBG that IN stock NN prices NNS would MD continue VB to TO fall VB , , '' '' said VBD Roger NNP Early RB , , a DT vice NN president NN at IN Federated NNP Investors NNPS Inc. NNP , , Pittsburgh NNP . . `` `` When WRB stocks NNS stabilized VBD , , that DT was VBD a DT disappointment NN . . '' '' Meanwhile RB , , for IN the DT second JJ straight JJ day NN , , the DT bond NN market NN paid VBD little JJ attention NN to TO the DT Federal NNP Reserve NNP 's POS open JJ market NN operations NNS . . Fed NNP officials NNS injected VBD more JJR cash NN into IN the DT banking NN system NN by IN arranging VBG $ $ 1.5 CD billion CD of IN repurchase VBN agreements NNS during IN the DT usual JJ pre-noon NN intervention NN period NN . . The DT move NN was VBD meant VBN to TO keep VB a DT lid NN on IN interest NN rates NNS and CC to TO boost VB investor NN confidence NN . . `` `` The DT intervention NN has VBZ been VBN friendly JJ , , meaning VBG that IN they PRP really RB did VBD n't RB have VB to TO do VB it PRP , , '' '' said VBD Maria NNP Fiorini NNP Ramirez NNP , , money-market NN economist NN at IN Drexel NNP Burnham NNP Lambert NNP Inc NNP . . She PRP said VBD a DT more RBR aggressive JJ move NN was VBD n't RB needed VBN . . The DT Fed NNP also RB appears VBZ reluctant JJ to TO ease VB credit NN conditions NNS further RB . . It PRP already RB has VBZ allowed VBN the DT closely RB watched VBN federal JJ funds NNS rate NN to TO decline VB 1\/4 CD percentage NN point NN to TO about IN 8 CD 3\/4 CD % NN from IN its PRP$ previous JJ target NN level NN of IN about IN 9 CD % NN . . The DT rate NN , , which WDT banks NNS charge VBP each DT other JJ on IN overnight JJ loans NNS , , is VBZ considered VBN an DT early JJ signal NN of IN changes NNS in IN Fed NNP policy NN . . It PRP ended VBD at IN about IN 8 CD 11\/16 CD % NN yesterday NN , , but CC was VBD as RB low JJ as IN 8 CD 1\/2 CD % NN Monday NNP . . The DT Treasury NNP 's POS benchmark NN 30-year JJ bond NN fell VBD more JJR than IN 1\/2 CD point NN , , or CC over IN $ $ 5 CD for IN each DT $ $ 1,000 CD face NN amount NN , , while IN the DT yield NN moved VBD above IN 8 CD % NN for IN the DT first JJ time NN since IN Thursday NNP . . Investment-grade JJ corporate JJ , , municipal JJ and CC mortgage-backed JJ securities NNS also RB fell VBD . . But CC most JJS junk NN bonds NNS closed VBD unchanged JJ after IN opening VBG slightly RB higher JJR on IN bargain-hunting NN by IN institutional JJ investors NNS . . Some DT so-called JJ high-quality NN junk NN issues NNS , , such JJ as IN R.H. NNP Macy NNP & CC Co. NNP 's POS 14 CD 1\/2 CD % NN subordinated VBN debentures NNS , , rose VBD . . The DT Macy NNP 's POS issue NN closed VBD up RB about IN one CD point NN at IN a DT bid NN price NN of IN 97 CD . . The DT TVA NNP 's POS public JJ debt NN offering VBG was VBD its PRP$ first JJ in IN 15 CD years NNS . . Strong JJ investor NN demand NN prompted VBD it PRP to TO boost VB the DT size NN of IN the DT issue NN from IN $ $ 3 CD billion CD . . Traders NNS said VBD hedging VBG related VBN to TO the DT TVA NNP pricing NN also RB pressured VBD Treasury NN bonds NNS . . `` `` Underwriters NNS of IN the DT TVA NNP bonds NNS reduced VBD their PRP$ market NN risk NN by IN selling VBG Treasurys NNS to TO cover VB at IN least JJS part NN of IN their PRP$ { ( TVA NNP } ) holdings NNS , , '' '' said VBD James NNP R. NNP Capra NNP , , a DT senior JJ vice NN president NN at IN Shearson NNP Lehman NNP Government NNP Securities NNPS Inc NNP . . The DT TVA NNP bonds NNS also RB `` `` served VBD to TO remind VB the DT market NN that IN there EX will MD be VB even RB more RBR new JJ supply NN , , '' '' said VBD Lawrence NNP N. NNP Leuzzi NNP , , a DT managing VBG director NN at IN S.G. NNP Warburg NNP Securities NNPS & CC Co NNP . . Today NN the DT Treasury NNP will MD announce VB the DT size NN of IN its PRP$ next JJ two-year JJ note NN sale NN and CC Resolution NNP Funding NNP Corp. NNP will MD announce VB details NNS of IN its PRP$ first JJ bond NN offering NN . . Some DT traders NNS estimate VBP $ $ 9.75 CD billion CD of IN new JJ two-year JJ Treasurys NNS will MD be VB sold VBN next JJ week NN , , and CC they PRP expect VBP Refcorp NNP to TO offer VB $ $ 4 CD billion CD to TO $ $ 6 CD billion CD of IN long-term JJ `` `` bailout NN '' '' bonds NNS . . Refcorp NNP was VBD created VBN to TO help VB fund VB the DT thrift NN bailout NN . . Another DT agency NN issue NN came VBD to TO market NN yesterday NN . . The DT Office NNP of IN Finance NNP of IN the DT Federal NNP Home NNP Loan NNP Banks NNPS said VBD it PRP priced VBD a DT four-part JJ $ $ 2.27 CD billion CD bond NN offering VBG for IN the DT banks NNS to TO yield VB from IN 8.125 CD % NN to TO 8.375 CD % NN . . The DT release NN of IN several JJ economic JJ reports NNS had VBD little JJ impact NN on IN the DT market NN , , including VBG a DT report NN that IN the DT U.S. NNP trade NN deficit NN expanded VBN to TO a DT surprisingly RB wide JJ $ $ 10.77 CD billion CD in IN August NNP , , up IN from IN a DT revised VBN $ $ 8.24 CD billion CD in IN July NNP . . The DT August NNP gap NN was VBD expected VBN to TO have VB expanded VBN to TO $ $ 9.1 CD billion CD . . Treasury NNP Securities NNPS Treasury NN securities NNS were VBD essentially RB flat JJ to TO about IN 1\/2 CD point NN lower JJR . . The DT benchmark NN 30-year JJ bond NN was VBD quoted VBN late RB at IN 100 CD 28\/32 CD to TO yield VB 8.04 CD % NN , , compared VBN with IN 101 CD 19\/32 CD to TO yield VB 7.97 CD % NN Monday NNP . . The DT latest JJS 10-year JJ notes NNS were VBD quoted VBN late RB at IN 99 CD 25\/32 CD to TO yield VB 8.01 CD % NN , , compared VBN with IN 100 CD 1\/32 CD to TO yield VB 7.97 CD % NN . . Short-term JJ rates NNS increased VBD . . The DT discount NN rate NN on IN three-month JJ bills NNS rose VBD to TO 7.52 CD % NN for IN a DT bond-equivalent JJ yield NN of IN 7.75 CD % NN . . The DT rate NN on IN six-month JJ bills NNS rose VBD to TO 7.53 CD % NN for IN a DT bond-equivalent JJ yield NN of IN 7.92 CD % NN . . Corporate NNP , , Other NNP Issues NNPS Investment-grade JJ corporate JJ bonds NNS ended VBD 1\/4 CD to TO 1\/2 CD point NN lower JJR , , while IN most JJS junk NN bonds NNS ended VBD unchanged JJ . . The DT TVA NNP 's POS huge JJ $ $ 4 CD billion CD offering NN dominated VBD attention NN in IN the DT new-issue JJ market NN . . TVA NNP offered VBD $ $ 2 CD billion CD of IN 30-year JJ bonds NNS priced VBN to TO yield VB 9.06 CD % NN ; : $ $ 1 CD billion CD in IN 10-year JJ notes NNS priced VBN to TO yield VB 8.42 CD % NN ; : and CC $ $ 1 CD billion CD in IN five-year JJ notes NNS priced VBN to TO yield VB 8.33 CD % NN . . The DT TVA NNP , , which WDT operates VBZ one CD of IN the DT nation NN 's POS largest JJS electric JJ power NN systems NNS , , is VBZ a DT corporation NN wholly RB owned VBN by IN the DT U.S. NNP government NN . . Yesterday NN 's POS bond NN sale NN was VBD part NN of IN a DT $ $ 6.7 CD billion CD refinancing VBG plan NN to TO pay VB off RP high-interest JJ debt NN the DT TVA NNP owes VBZ the DT Federal NNP Financing NNP Bank NNP , , an DT arm NN of IN the DT Treasury NN . . Meanwhile RB , , Lockheed NNP Corp. NNP priced VBD a DT $ $ 300 CD million CD note NN offering VBG to TO yield VB 9.39 CD % NN . . Mortgage-Backed NNP Securities NNPS The DT derivative JJ mortgage-backed JJ market NN revived VBD after IN a DT brief JJ hiatus NN as IN two CD new JJ Remics NNS totaling VBG $ $ 850 CD million CD were VBD offered VBN and CC talk NN circulated VBD about IN two CD more JJR issues NNS that WDT could MD be VB priced VBN today NN . . The DT revival NN of IN the DT real JJ estate NN mortgage NN investment NN conduit NN market NN reflected VBD the DT relative JJ calm NN in IN the DT mortgage NN market NN after IN two CD days NNS of IN volatile JJ trading NN . . Dealers NNS noted VBD that IN it PRP 's VBZ difficult JJ to TO structure VB new JJ Remics NNS when WRB prices NNS are VBP moving VBG widely RB . . The DT two CD Remics NNS priced VBN were VBD a DT $ $ 500 CD million CD Federal NNP Home NNP Loan NNP Mortgage NNP Corp. NNP issue NN underwritten VBN by IN Salomon NNP Brothers NNPS Inc. NNP and CC a DT $ $ 350 CD million CD Federal NNP National NNP Mortgage NNP Association NNP deal NN underwritten VBN by IN Greenwich NNP Capital NNP Markets NNPS . . The DT Remic NNP issuance NN supported VBD prices NNS of IN Freddie NNP Mac NNP and CC Fannie NNP Mae NNP securities NNS , , which WDT held VBD up RP better RB than IN Government NNP National NNP Mortgage NNP Association NNP securities NNS during IN an DT afternoon NN sell-off NN . . Ginnie NNP Mae NNP 9 CD % NN securities NNS for IN November NNP delivery NN ended VBD at IN 97 CD 29\/32 CD , , down IN 7\/32 CD ; : 9 CD 1\/2 CD % NN securities NNS at IN 99 CD 31\/32 CD , , down IN 6\/32 CD ; : and CC 10 CD % JJ securities NNS at IN 101 CD 29\/32 CD , , down IN 5\/32 CD . . Freddie NNP Mac NNP 9 CD % NN securities NNS were VBD at IN 97 CD 5\/32 CD , , down IN 3\/32 CD . . The DT Ginnie NNP Mae NNP 9 CD % NN issue NN was VBD yielding VBG 9.43 CD % NN to TO a DT 12-year JJ average NN life NN assumption NN , , as IN the DT spread NN above IN the DT Treasury NN 10-year JJ note NN held VBN at IN 1.42 CD percentage NN points NNS . . Municipals NNS Confusion NN over IN the DT near-term JJ trend NN for IN rates NNS dominated VBD the DT municipal JJ arena NN , , as IN gyrations NNS in IN the DT stock NN market NN continued VBD to TO buffet VB bonds NNS . . Long JJ tax-exempt JJ dollar NN bonds NNS were VBD mostly RB flat JJ to TO 3\/8 CD point NN lower JJR after IN a DT whipsaw NN session NN of IN moving VBG inversely RB to TO stocks NNS in IN modest JJ dealer-led JJ trading NN . . Prices NNS of IN pre-refunded JJ municipal JJ bonds NNS were VBD capped VBN by IN news NN that IN Chemical NNP Securities NNPS Inc. NNP , , as IN agent NN for IN a DT customer NN , , will MD accept VB bids NNS today NN for IN two CD large JJ lists NNS of IN bonds NNS that WDT include VBP many JJ such JJ issues NNS . . The DT lists NNS total VBP $ $ 654.5 CD million CD . . Pre-refunded JJ bonds NNS are VBP called VBN at IN their PRP$ earliest JJS call NN date NN with IN the DT escrowed VBN proceeds NNS of IN another DT bond NN issue NN . . Meanwhile RB , , several JJ new JJ issues NNS were VBD priced VBN . . Underwriters NNS led VBN by IN PaineWebber NNP Inc. NNP set VBD preliminary JJ pricing NN for IN $ $ 144.4 CD million CD of IN California NNP Health NNP Facilities NNPS Financing NNP Authority NNP revenue NN bonds NNS for IN Kaiser NNP Permanente NNP . . Tentative JJ reoffering NN yields NNS were VBD set VBN from IN 6.25 CD % NN in IN 1993 CD to TO 7.227 CD % NN in IN 2018 CD . . As IN part NN of IN its PRP$ College NNP Savings NNP Plan NNP , , Connecticut NNP offered VBD $ $ 100.4 CD million CD of IN general JJ obligation NN capital NN appreciation NN bonds NNS priced VBN to TO yield VB to TO maturity NN from IN 6.25 CD % NN in IN 1994 CD to TO 6.90 CD % NN in IN 2006 CD , , 2007 CD and CC 2009 CD . . A DT Chemical NNP Securities NNPS group NN won VBD a DT $ $ 100 CD million CD Oregon NNP general JJ obligation NN veterans NNS ' POS tax NN note NN issue NN due JJ Nov. NNP 1 CD , , 1990 CD . . The DT 6 CD 3\/4 CD % NN notes NNS yield VBP 6.25 CD % NN . . Foreign NNP Bonds NNPS West NNP German NNP government NN bond NN prices NNS took VBD a DT wild JJ roller-coaster NN ride NN , , pulled VBD down IN by IN Monday NNP 's POS U.S. NNP stock NN market NN gains NNS then RB up IN by IN a DT wider-than-expected JJ U.S. NNP trade NN deficit NN and CC falling VBG U.S. NNP stock NN prices NNS . . West NNP Germany NNP 's POS 7 CD % NN bond NN due JJ October NNP 1999 CD was VBD at IN 99.95 CD late JJ yesterday NN , , off IN 0.10 CD point NN from IN Monday NNP , , to TO yield VB 7.01 CD % NN . . The DT 6 CD 3\/4 CD % NN notes NNS due JJ April NNP 1994 CD were VBD up IN 0.10 CD point NN to TO 97.85 CD to TO yield VB 7.31 CD % NN . . British JJ government NN bonds NNS surged VBD on RP renewed VBN volatility NN in IN the DT stock NN market NN . . The DT Treasury NNP 11 CD 3\/4 CD % NN bond NN due JJ 2003\/2007 CD rose VBD 23\/32 CD to TO 112 CD 10\/32 CD to TO yield VB 10.03 CD % NN . . But CC Japanese JJ bonds NNS ended VBD weaker JJR . . The DT benchmark NN No. NN 111 CD 4.6 CD % NN bond NN due JJ 1998 CD ended VBD on IN brokers NNS ' POS screens NNS at IN a DT price NN of IN 96 CD , , off IN 0.15 CD point NN to TO yield VB 5.27 CD % NN . . A DT House-Senate NNP conference NN approved VBD an DT estimated VBN $ $ 67 CD billion CD fiscal JJ 1990 CD spending NN bill NN that WDT provides VBZ a DT 28 CD % NN increase NN for IN space NN research NN and CC development NN and CC incorporates VBZ far-reaching JJ provisions NNS affecting VBG the DT federal JJ mortgage NN market NN . . The DT current JJ ceiling NN on IN home NN loans NNS insured VBN by IN the DT Federal NNP Housing NNP Administration NNP would MD be VB increased VBN to TO $ $ 124,875 CD . . Separately RB , , the DT bill NN gives VBZ authority NN to TO the DT Bush NNP administration NN to TO facilitate VB the DT refinancing NN of IN federally RB subsidized VBN loans NNS for IN low-income NN and CC moderate-income NN homeowners NNS . . The DT second JJ provision NN , , affecting VBG so-called JJ 235 CD mortgages NNS , , has VBZ met VBN strong JJ opposition NN from IN investment NN bankers NNS represented VBN by IN the DT Public NNP Securities NNPS Association NNP . . And CC a DT squad NN of IN influential JJ former JJ Senate NNP aides NNS employed VBN by IN the DT Wall NNP Street NNP firm NN Salomon NNP Brothers NNPS came VBD to TO the DT Capitol NN in IN a DT vain JJ attempt NN to TO strip VB the DT provision NN . . By IN an DT 11-2 CD margin NN , , Senate NNP negotiators NNS voted VBD to TO preserve VB the DT 235 CD mortgage NN refinancing NN plan NN , , and CC despite IN powerful JJ allies NNS , , the DT opposition NN found VBD itself PRP undercut JJ by IN an DT unusual JJ alliance NN of IN liberals NNS and CC conservatives NNS . . The DT government NN currently RB is VBZ subsidizing VBG an DT estimated VBN 23,000 CD loans NNS above IN 11 CD % NN under IN the DT 235 CD program NN , , and CC however RB disruptive JJ to TO private JJ investors NNS , , the DT refinancing VBG is VBZ expected VBN to TO yield VB at IN least JJS $ $ 15 CD million CD in IN savings NNS in IN fiscal JJ 1990 CD . . This DT sum NN has VBZ been VBN guarded VBN jealously RB by IN appropriators NNS anxious JJ to TO offset VB spending VBG elsewhere RB , , and CC conservative JJ Sen. NNP Phil NNP Gramm NNP cast VBD the DT fight NN as IN a DT populist JJ stand NN against IN monied JJ interests NNS . . `` `` We PRP are VBP stewards NNS here RB , , not RB of IN the DT mortgage NN companies NNS , , but CC the DT taxpayers NNS , , '' '' said VBD the DT Texas NNP Republican NNP . . The DT action NN came VBD as IN the DT administration NN won VBD final JJ congressional JJ approval NN of IN $ $ 9 CD million CD in IN assistance NN for IN elections NNS scheduled VBN in IN Nicaragua NNP in IN February NNP . . The DT bulk NN of IN the DT money NN would MD be VB funneled VBN through IN the DT National NNP Endowment NNP for IN Democracy NNP , , but CC the DT legislation NN is VBZ so RB vaguely RB written VBN that IN it PRP has VBZ been VBN dogged VBN by IN questions NNS regarding VBG the DT money NN 's POS true JJ purpose NN and CC its PRP$ ultimate JJ destination NN . . The DT Senate NNP had VBD refused VBN late JJ Friday NNP to TO invoke VB cloture NN and CC limit VB debate NN , , but CC behind IN the DT bipartisan JJ leadership NN , , a DT solid JJ majority NN took VBD shape NN yesterday NN and CC brushed VBD aside RB amendments NNS seeking VBG to TO cut VB the DT total JJ package NN or CC steer VB it PRP away RB from IN direct JJ aid NN to TO political JJ parties NNS . . Final JJ approval NN -- : on IN a DT 64-35 CD roll NN call NN -- : was VBD never RB in IN doubt NN , , but CC the DT opposition NN drew VBD an DT unusual JJ mix NN of IN senators NNS , , including VBG Republicans NNPS Jesse NNP Helms NNP and CC Warren NNP Rudman NNP and CC Democrats NNPS Bill NNP Bradley NNP and CC John NNP Glenn NNP . . The DT money NN will MD be VB applied VBN for IN voter NN registration NN and CC election NN monitoring NN , , but CC more RBR than IN half DT is VBZ likely JJ to TO go VB to TO the DT Union NNP Nacional NNP Opositora NNP party NN . . Critics NNS warned VBD such JJ cash NN contributions NNS may MD only RB undercut VB the DT opposition NN party NN 's POS standing NN , , and CC one CD irony NN is VBZ that DT under IN Nicaraguan JJ law NN a DT major JJ portion NN of IN the DT opposition NN party NN 's POS funds NNS must MD be VB shared VBN with IN the DT government NN 's POS Supreme NNP Electoral NNP Council NNP . . Within IN the DT appropriations NNS conference NN yesterday NN , , the DT $ $ 67 CD billion CD measure NN is VBZ the DT second RB largest JJS of IN the DT annual JJ domestic JJ spending NN bills NNS and CC covers VBZ a DT disparate JJ collection NN of IN accounts NNS for IN science NN , , housing NN , , veterans NNS and CC the DT environment NN . . The DT decision NN to TO raise VB the DT ceiling NN on IN FHA NNP home NN loans NNS still RB faces VBZ strong JJ opposition NN in IN the DT House NN . . But CC it PRP is VBZ driven VBN by IN the DT same JJ fiscal JJ pressures NNS that WDT have VBP forced VBN lawmakers NNS to TO resort VB to TO various JJ bookkeeping NN devices NNS to TO juggle VB as RB much RB as IN $ $ 1 CD billion CD in IN spending NN that WDT would MD otherwise RB put VB the DT bill NN over IN budget NN . . These DT costs NNS will MD complicate VB the DT budget NN picture NN in IN fiscal JJ 1991 CD , , and CC the DT measure NN further RB commits VBZ Congress NNP to TO a DT set NN of IN costly JJ projects NNS , , including VBG the DT first JJ construction NN funds NNS for IN the DT space NN station NN . . The DT station NN is VBZ promised VBN $ $ 1.8 CD billion CD within IN the DT $ $ 5.36 CD billion CD provided VBN for IN research NN and CC development NN in IN the DT National NNP Aeronautics NNP and CC Space NNP Administration NNP , , and CC the DT nation NN 's POS high-speed JJ aerospace NN plane NN -- : cut VBN by IN the DT Senate NNP -- : could MD receive VB as RB much RB as IN $ $ 60 CD million CD in IN new JJ funds NNS or CC transfers NNS . . Similarly RB , , the DT House NNP agreed VBD to TO add VB back RB $ $ 62 CD million CD to TO continue VB work NN on IN the DT advanced VBN communications NNS technology NN satellite NN , , being VBG developed VBN by IN General NNP Electric NNP Co NNP . . And CC while IN setting VBG a DT statutory JJ limit NN of IN $ $ 1.6 CD billion CD on IN the DT automated VBN space NN probe NN , , the DT conference NN appropriated VBD $ $ 30 CD million CD for IN the DT start-up NN of IN the DT CRAF-Cassini NNP mission NN , , a DT successor NN to TO the DT Voyager NNP space NN probe NN . . Among IN major JJ domestic JJ agencies NNS , , the DT Environmental NNP Protection NNP Agency NNP stands VBZ to TO receive VB increases NNS significantly RB beyond IN those DT sought VBN by IN the DT administration NN , , with IN pollution NN abatement NN and CC control NN accounts NNS growing VBG by IN 14 CD % NN to TO about IN $ $ 829.9 CD million CD . . An DT estimated VBN $ $ 1.57 CD billion CD is VBZ separately RB allocated VBN for IN the DT National NNP Science NNP Foundation NNP , , and CC within IN the DT Housing NNP and CC Urban NNP Development NNP Department NNP , , more JJR than IN $ $ 9.2 CD billion CD is VBZ provided VBN for IN federally RB assisted VBN housing NN , , including VBG an DT expanded VBN effort NN to TO modernize VB public JJ housing NN units NNS that WDT serve VBP the DT poorest JJS families NNS . . To TO an DT unusual JJ degree NN , , the DT massive JJ bill NN has VBZ become VBN a DT vehicle NN for IN lawmakers NNS to TO earmark VB funds NNS for IN projects NNS in IN home NN states NNS . . While IN the DT practice NN was VBD discouraged VBN in IN the DT past NN , , the DT conference NN agreement NN is VBZ laced VBN with IN veterans NNS ' POS hospitals NNS , , environmental JJ projects NNS and CC urban JJ grants NNS designated VBN for IN specific JJ communities NNS . . The DT most RBS striking JJ example NN yesterday NN may MD have VB been VBN in IN community NN development NN funds NNS , , where WRB the DT two CD houses NNS had VBD separately RB approved VBN a DT total NN of IN 27 CD projects NNS valued VBN at IN $ $ 20 CD million CD , , and CC the DT conference NN added VBN 15 CD more RBR valued VBN at IN $ $ 8 CD million CD to TO ostensibly RB preserve VB `` `` balance NN '' '' between IN the DT House NNP and CC Senate NNP . . Yesterday NN 's POS conference NN agreement NN is VBZ the DT second JJ major JJ bill NN to TO emerge VB from IN negotiations NNS this DT week NN , , as IN appropriators NNS approved VBD a DT fiscal JJ 1990 CD transportation NN bill NN late JJ Monday NNP that WDT includes VBZ a DT sweeping VBG ban NN on IN smoking VBG on IN most JJS domestic JJ airline NN flights NNS . . An DT exemption NN will MD remain VB for IN flights NNS longer JJR than IN six CD hours NNS to TO Hawaii NNP and CC Alaska NNP , , but CC estimates NNS by IN the DT tobacco NN industry NN yesterday NN indicate VBP all DT but CC about IN 30 CD flights NNS would MD be VB covered VBN . . Separately RB , , a DT third JJ conference NN report NN covering VBG an DT $ $ 18.4 CD billion CD Treasury NNP and CC Postal NNP Service NNP bill NN was VBD sent VBN to TO the DT Senate NNP after IN passing VBG the DT House NNP on IN a DT 383-30 CD roll NN call NN yesterday NN . . And CC after IN weeks NNS of IN delay NN , , the DT appropriations NNS process NN is VBZ beginning VBG to TO take VB some DT final JJ shape NN . . Defense NN and CC foreign JJ aid NN are VBP the DT two CD most RBS critical JJ areas NNS remaining VBG from IN the DT administration NN 's POS standpoint NN . . And CC among IN domestic JJ programs NNS , , the DT most RBS serious JJ threat NN is VBZ White NNP House NNP opposition NN to TO abortion NN riders NNS attached VBD to TO separate JJ bills NNS funding VBG the DT District NNP of IN Columbia NNP and CC Department NNP of IN Health NNP and CC Human NNP Services NNPS . . The DT same JJ issue NN threatens VBZ to TO spill VB over RP to TO the DT foreign JJ aid NN debate NN , , and CC Mr. NNP Bush NNP also RB is VBZ threatening VBG to TO veto VB any DT agreement NN that WDT preserves VBZ Senate-passed JJ provisions NNS renewing VBG U.S. NNP support NN for IN the DT United NNP Nations NNPS Fund NNP for IN Population NNP Activities NNPS . . In IN a DT sharply RB written VBN letter NN , , Rep. NNP David NNP Obey NNP , , chairman NN of IN the DT House NN appropriations NNS subcommittee NN for IN foreign JJ operations NNS , , warned VBD Mr. NNP Bush NNP that IN the DT result NN of IN his PRP$ `` `` ultimatum NN '' '' could MD weaken VB efforts NNS to TO accommodate VB the DT administration NN elsewhere RB . . `` `` As IN a DT result NN of IN your PRP$ ultimatum NN , , '' '' writes VBZ the DT Wisconsin NNP Democrat NNP , , `` `` I PRP guess VBP there EX is VBZ no DT longer RB any DT point NN in IN taking VBG administration NN views NNS into IN account NN on IN other JJ items NNS in IN conference NN , , inasmuch RB regardless RB of IN their PRP$ resolution NN you PRP apparently RB intend VBP to TO veto VB this DT bill NN . . Markets NNS usually RB get VBP noticed VBN because IN they PRP soar VBP or CC plunge VBP . . Gold NN , , which WDT has VBZ n't RB risen VBN or CC fallen VBN significantly RB in IN quite RB some DT time NN , , yesterday NN achieved VBD what WP may MD be VB a DT new JJ level NN of IN impassiveness NN : : The DT most RBS actively RB traded VBN futures NNS contracts NNS closed VBD unchanged JJ despite IN nervous JJ fluctuations NNS in IN both PDT the DT dollar NN and CC the DT stock NN market NN . . The DT settlement NN prices NNS of IN the DT December NNP , , February NNP and CC April NNP gold NN contracts NNS were VBD even RB with IN Monday NNP 's POS final JJ prices NNS . . The DT December NNP 1989 CD contract NN , , which WDT has VBZ the DT greatest JJS trading NN volume NN , , ended VBD at IN $ $ 371.20 CD an DT ounce NN . . The DT other JJ months NNS posted VBD advances NNS of IN 10 CD cents NNS to TO 20 CD cents NNS an DT ounce NN . . According VBG to TO one CD analyst NN , , Bernard NNP Savaiko NNP of IN PaineWebber NNP , , New NNP York NNP , , the DT stock NN market NN 's POS ability NN on IN Monday NNP to TO rally VB from IN last JJ Friday NNP 's POS decline NN -- : which WDT seemed VBD to TO indicate VB that IN the DT economy NN was VBD n't RB going VBG to TO fall VB either DT -- : took VBD the DT starch NN out IN of IN precious JJ metals NNS prices NNS , , and CC out IN of IN gold NN 's POS , , in IN particular NN . . Yesterday NN , , gold NN traded VBD within IN a DT narrow JJ range NN . . Gold NN tried VBD to TO rally VB on IN Monday NNP but CC ran VBD into IN the DT same JJ situation NN that WDT has VBZ subdued VBN gold JJ prices NNS for IN more JJR than IN a DT year NN : : selling VBG by IN gold JJ producers NNS , , who WP want VBP to TO fix VB the DT highest JJS possible JJ price NN for IN their PRP$ gold NN . . `` `` December NNP delivery NN gold NN is VBZ trading VBG in IN a DT range NN of IN $ $ 365 CD to TO $ $ 375 CD { ( an DT ounce NN } ) and CC is VBZ having VBG difficulty NN breaking VBG out RP above IN that DT , , '' '' Mr. NNP Savaiko NNP said VBD . . `` `` Producers NNS at IN the DT moment NN regard NN that DT area NN a DT good JJ one CD in IN which WDT to TO sell VB gold NN . . '' '' Also RB , , Mr. NNP Savaiko NNP noted VBD , , stock NN market NN investors NNS seeking VBG greater JJR safety NN are VBP veering VBG toward IN buying VBG bonds NNS rather RB than IN precious JJ metals NNS because IN `` `` we PRP are VBP tending VBG more RBR toward IN a DT disinflationary JJ economy NN that WDT does VBZ n't RB make VB gold NN and CC precious JJ metals NNS attractive JJ . . '' '' Jeffrey NNP Nichols NNP , , president NN of IN APMS NNP Canada NNP , , Toronto NNP precious JJ metals NNS advisers NNS , , said VBD there EX is VBZ little JJ to TO motivate VB gold JJ traders NNS to TO buy VB the DT metal NN . . `` `` Investors NNPS in IN the DT U.S. NNP and CC Europe NNP are VBP comfortable JJ with IN the DT actions NNS of IN the DT { ( Federal NNP Reserve NNP } ) in IN its PRP$ willingness NN to TO supply VB liquidity NN to TO financial JJ system NN , , which WDT helped VBD the DT stock NN market NN rebound NN on IN Monday NNP , , '' '' he PRP said VBD . . There EX is VBZ n't RB any DT rush NN on IN the DT part NN of IN investors NNS in IN the DT West NN to TO buy VB gold NN , , he PRP said VBD . . `` `` They PRP still RB bear VBP the DT memory NN of IN October NNP 1987 CD , , when WRB they PRP bought VBD gold NN after IN the DT stock NN market NN crashed VBD and CC ended VBD up RP losing VBG money NN because IN gold JJ prices NNS subsequently RB fell VBD , , '' '' Mr. NNP Nichols NNP said VBD . . `` `` It PRP 's VBZ an DT experience NN they PRP do VBP n't RB want VB to TO repeat VB . . '' '' At IN the DT moment NN gold NN traders NNS are VBP n't RB concerned VBN about IN inflation NN , , he PRP said VBD , , and CC as IN for IN the DT dollar NN , , `` `` gold NN 's POS association NN with IN the DT currency NN has VBZ been VBN diminishing VBG recently RB so IN drops NNS in IN the DT currency NN are VBP n't RB having VBG much JJ impact NN on IN gold NN . . '' '' Dinsa NNP Mehta NNP , , chief NN bullion NN trader NN for IN Chase NNP Manhattan NNP Bank NNP , , said VBD : : `` `` There EX is VBZ little JJ incentive NN on IN the DT part NN of IN traders NNS to TO sell VB gold NN because IN the DT stock NN market NN may MD go VB lower JJR and CC gold NN may MD retain VB some DT of IN its PRP$ ` `` flight NN to TO safety NN ' '' quality NN . . There EX is VBZ little RB incentive JJ to TO buy VB gold NN because IN if IN the DT stock NN market NN goes VBZ higher JJR , , it PRP may MD be VB just RB a DT false JJ alarm NN . . This DT is VBZ keeping VBG the DT gold JJ traders NNS handcuffed VBN . . '' '' The DT most RBS remarkable JJ feature NN about IN yesterday NN 's POS action NN was VBD that IN the DT price NN of IN roughly RB $ $ 370 CD an DT ounce NN was VBD regarded VBN as IN attractive JJ enough RB by IN gold JJ producers NNS around IN the DT world NN to TO aggressively RB sell VB gold NN , , Mr. NNP Mehta NNP said VBD . . `` `` I PRP do VBP n't RB know VB what WP it PRP means VBZ over IN the DT long JJ run NN , , but CC for IN the DT short JJ term NN , , it PRP appears VBZ that IN gold JJ producers NNS are VBP grateful JJ for IN the DT $ $ 10 CD or CC so RB that DT gold NN has VBZ risen VBN over IN the DT past JJ week NN or CC so RB , , '' '' he PRP said VBD . . Previously RB , , he PRP noted VBD , , gold JJ producers NNS tended VBD to TO back VB off RP from IN a DT rising VBG gold NN market NN , , letting VBG prices NNS rise VB as IN much RB as RB possible JJ before IN selling VBG . . Mr. NNP Mehta NNP observed VBD that IN the DT U.S. NNP merchandise NN trade NN deficit NN , , which WDT rose VBD sharply RB in IN August NNP , , according VBG to TO yesterday NN 's POS report NN , , has VBZ been VBN having VBG less JJR and CC less JJR impact NN on IN the DT gold NN market NN . . `` `` The DT dollar NN has VBZ n't RB reacted VBD much RB to TO it PRP , , so RB gold JJ has VBZ n't RB either RB , , '' '' he PRP said VBD . . In IN other JJ commodity NN markets NNS yesterday NN : : ENERGY NNP : : Crude JJ oil NN prices NNS rose VBD slightly RB in IN lackluster JJ activity NN as IN traders NNS in IN the DT pits NNS tried VBD to TO assess VB action NN in IN the DT stock NN market NN . . Since IN stock NN market NN indexes NNS plummeted VBD last JJ Friday NNP , , participants NNS in IN all DT markets NNS have VBP been VBN wary JJ . . When WRB traders NNS become VBP confident JJ that IN the DT stock NN market NN has VBZ stabilized VBN , , oil NN prices NNS are VBP expected VBN to TO rise VB as IN supply NN and CC demand NN fundamentals NNS once RB again RB become VBP the DT major JJ consideration NN . . Crude JJ oil NN for IN November NNP delivery NN edged VBD up RP by IN 16 CD cents NNS a DT barrel NN to TO $ $ 20.75 CD a DT barrel NN . . Heating VBG oil NN prices NNS also RB rose VBD . . November NNP gasoline NN slipped VBD slightly RB . . SUGAR NNP : : Futures NNS prices NNS rose VBD on IN a DT report NN that IN Cuba NNP may MD seek VB to TO postpone VB some DT sugar NN shipments NNS . . The DT March NNP contract NN advanced VBD 0.14 CD cent NN a DT pound NN to TO 14.11 CD cents NNS . . According VBG to TO an DT analyst NN , , Cuba NNP ca MD n't RB meet VB all PDT its PRP$ shipment NN commitments NNS and CC has VBZ asked VBN Japan NNP to TO accept VB a DT delay NN of IN shipments NNS scheduled VBN for IN later RB this DT year NN , , into IN early JJ next JJ year NN . . `` `` Japan NNP is VBZ perceived VBN as IN a DT wealthy JJ nation NN that WDT can MD turn VB elsewhere RB in IN the DT world NN market NN and CC buy VB the DT sugar NN , , '' '' the DT analyst NN said VBD . . It PRP was VBD the DT possibility NN of IN this DT demand NN that WDT helped VBD firm VB prices NNS , , the DT analyst NN said VBD . . Another DT analyst NN noted VBD that IN Cuba NNP has VBZ been VBN deferring VBG shipments NNS in IN recent JJ years NNS . . `` `` To TO the DT professionals NNS in IN the DT trade NN it PRP did VBD n't RB cause VB much JJ surprise NN . . The DT March NNP futures NNS contract NN traded VBD as RB high JJ as IN 14.24 CD cents NNS , , but CC could MD n't RB sustain VB the DT advance NN , , '' '' he PRP said VBD . . LIVESTOCK NNP AND CC MEATS NNPS : : The DT prices NNS of IN cattle NNS , , hogs NNS and CC pork NN belly NN futures NNS contracts NNS rebounded VBD as IN livestock NN traders NNS shook VBD off RP fears NNS that IN the DT Friday NNP stock NN market NN plunge NN would MD chill VB consumer NN spending NN , , which WDT in IN turn NN would MD hurt VB retail JJ sales NNS of IN beef NN and CC pork NN . . The DT prices NNS of IN most JJS livestock NN futures NNS contracts NNS had VBD dropped VBN sharply RB Monday NNP . . Cattle NNS futures NNS prices NNS were VBD also RB supported VBN yesterday NN by IN signs NNS that IN supermarket NN chains NNS are VBP making VBG plans NNS to TO increase VB their PRP$ promotions NNS concerning VBG beef NN . . GRAINS NNPS AND CC SOYBEANS NNPS : : The DT prices NNS of IN most JJS soybean NN and CC soybean-meal NN futures NNS contracts NNS rose VBD amid IN rumors NNS that IN the DT Soviet NNP Union NNP is VBZ interested VBN in IN buying VBG from IN the DT U.S. NNP or CC South NNP America NNP about IN 250,000 CD metric JJ tons NNS of IN soybeans NNS and CC as RB many JJ as IN 400,000 CD metric JJ tons NNS of IN soybean NN meal NN . . Traders NNS are VBP especially RB sensitive JJ to TO reports NNS of IN possible JJ U.S. NNP soybean NN sales NNS because IN U.S. NNP exports NNS are VBP lagging VBG . . Since IN Sept. NNP 1 CD , , about IN 13 CD million CD fewer JJR bushels NNS of IN U.S. NNP soybeans NNS have VBP been VBN sold VBN overseas RB than IN for IN the DT same JJ period NN last JJ year NN . . Corn NN futures NNS prices NNS rose VBD slightly RB while IN wheat NN prices NNS settled VBD mixed VBN . . Moody NNP 's POS Investors NNPS Service NNP Inc. NNP , , fretting VBG about IN increasing VBG competitive JJ pressure NN on IN Ryder NNP , , placed VBD about IN $ $ 2.8 CD billion CD in IN company NN securities NNS under IN review NN for IN possible JJ downgrade NN . . Ratings NNS under IN review NN are VBP Ryder NNP 's POS A-1 NN collateral JJ trust NN debentures NNS , , A-2 NN senior JJ notes NNS and CC bonds NNS , , A-2 NN preferred VBN stock NN and CC the DT company NN 's POS Prime-1 NN rating NN for IN commercial JJ paper NN . . Moody NNP 's POS said VBD it PRP is VBZ assessing VBG the DT strategies NNS Ryder NNP 's POS management NN may MD follow VB in IN addressing VBG significant JJ challenges NNS in IN some DT major JJ markets NNS . . The DT rating NN agency NN said VBD it PRP is VBZ focusing VBG especially RB on IN the DT transportation NN service NN company NN 's POS efforts NNS to TO control VB costs NNS , , improve VB margins NNS and CC enhance VB its PRP$ competitive JJ position NN in IN its PRP$ primary JJ business NN , , vehicle NN leasing NN and CC rental NN . . The DT nations NNS of IN southern JJ Africa NNP know VBP a DT lot NN about IN managing VBG elephants NNS ; : their PRP$ herds NNS are VBP thriving VBG . . But CC the DT nations NNS of IN Europe NNP and CC North NNP America NNP have VBP decided VBN they PRP know VBP better RB . . At IN this DT week NN 's POS U.N. NNP conference NN in IN Lausanne NNP , , they PRP imposed VBD a DT global JJ ivory NN ban NN that WDT seeks VBZ to TO overturn VB local JJ policies NNS . . A DT Zimbabwean NNP delegate NN argued VBD that IN the DT ban NN would MD `` `` guarantee VB the DT extinction NN of IN the DT elephant NN . . '' '' Legitimate JJ ranchers NNS , , who WP have VBP an DT interest NN in IN preserving VBG the DT herds NNS , , would MD go VB out IN of IN business NN . . Poachers NNS would MD control VB the DT underground JJ trade NN . . Many JJ delegates NNS were VBD willing JJ to TO craft VB a DT compromise NN , , but CC U.S. NNP delegate NN Constance NNP Harriman NNP and CC others NNS thundered VBD that DT down RP . . The DT Greens NNP from IN the DT First NNP World NNP wanted VBD a DT morality NN play NN , , not RB a DT negotiation NN . . Fortunately RB , , the DT nations NNS of IN southern JJ Africa NNP have VBP n't RB totally RB surrendered VBN their PRP$ sovereignty NN . . Five CD countries NNS announced VBD they PRP would MD not RB honor VB what WP one CD Zimbabwean JJ delegate NN wryly RB called VBD the DT `` `` made VBN in IN Switzerland NNP '' '' solution NN . . In IN fact NN , , they PRP seemed VBD a DT mite NN resentful JJ . . The DT director NN of IN Zimbabwe NNP 's POS Wildlife NNP Department NNP described VBD American JJ conservationists NNS as IN `` `` fat JJ little JJ puppies NNS from IN urban JJ environments NNS who WP do VBP n't RB know VB a DT thing NN about IN Africa NNP . . '' '' That DT 's VBZ not RB fair JJ ; : they PRP 're VBP not RB all RB fat JJ . . HUGO'S NNP BLAST NN generates VBZ pleas NNS for IN aid NN from IN South NNP Carolina NNP small JJ businesses NNS . . The DT Small NNP Business NNP Administration NNP has VBZ received VBN more RBR than IN 5,000 CD formal JJ requests NNS for IN disaster NN loans NNS because IN of IN the DT hurricane NN . . About IN 45 CD % NN of IN requests NNS for IN SBA NNP relief NN loans NNS , , which WDT also RB are VBP available JJ to TO homeowners NNS , , come VBD from IN small JJ businesses NNS , , compared VBN with IN a DT 25 CD % NN business NN share NN after IN most JJS disasters NNS . . The DT SBA NNP expects VBZ to TO make VB about IN $ $ 1 CD billion CD in IN Hurricane NNP Hugo NNP loans NNS . . The DT disaster NN fund NN is VBZ replenished VBN by IN loan NN repayments NNS . . Hardest RBS hit VBN by IN Hugo NNP in IN South NNP Carolina NNP were VBD small JJ retailers NNS tied VBN to TO the DT tourist NN industry NN and CC businesses NNS in IN agriculture NN and CC cultivated VBN seafood NN . . The DT State NNP Development NNP Board NNP set VBD up RP a DT Hugo NNP Hotline NNP to TO accept VB business-to-business JJ help NN . . After IN NBC NNP weather NN man NN Willard NNP Scott NNP broadcast VBD the DT hot-line NN number NN , , it PRP was VBD flooded VBN with IN 10,000 CD calls NNS . . Last JJ week NN , , the DT U.S. NNP Chamber NNP of IN Commerce NNP began VBD using VBG its PRP$ national JJ TV NN show NN to TO seek VB help NN , , such JJ as IN equipment NN , , for IN business NN owners NNS . . Local JJ bankers NNS and CC accountants NNS help VBP applicants NNS fill VB out RP forms NNS . . `` `` It PRP helps VBZ us PRP , , and CC people NNS feel VB better RB talking VBG to TO someone NN who WP 's VBZ gone VBN through IN the DT same JJ thing NN , , '' '' an DT SBA NNP official NN says VBZ . . HEALTH NN BENEFITS NNS remain VBP a DT central JJ lobbying VBG effort NN , , even RB as IN Section NN 89 CD fades NNS . . The DT Senate NNP , , after IN deleting VBG Section NN 89 CD repeal NN from IN its PRP$ deficit-reduction JJ bill NN , , still RB is VBZ expected VBN to TO join VB the DT House NN in IN voting VBG to TO kill VB the DT law NN , , which WDT forces VBZ companies NNS to TO provide VB comparable JJ benefits NNS to TO laborers NNS and CC executives NNS alike RB . . In IN lobbying VBG on IN other JJ health-coverage NN topics NNS , , the DT National NNP Federation NNP of IN Independent NNP Business NNP will MD press VB for IN legislation NN that WDT would MD give VB self-employed JJ people NNS a DT 100 CD % NN tax NN deduction NN for IN their PRP$ own JJ health NN plans NNS , , up IN from IN 25 CD % NN currently RB . . And CC the DT group NN will MD urge VB that IN the DT federal JJ government NN pre-empt VB state NN rules NNS on IN what WP must MD be VB covered VBN by IN employers NNS ' POS health NN insurance NN . . Small-business NN groups NNS also RB will MD fight VB the DT medical-leave JJ provision NN of IN legislation NN that WDT would MD expand VB parental JJ leaves NNS . . And CC they PRP still RB oppose VBP as IN too RB costly JJ an DT employer-paid JJ health NN insurance NN bill NN sponsored VBN by IN Sen. NNP Edward NNP Kennedy NNP ( ( D. NNP , , Mass NNP . . ) ) despite IN his PRP$ proposal NN to TO phase VB in RP small JJ business NN only RB gradually RB . . There EX is VBZ also RB worry VB that IN the DT Pepper NNP Commission NNP studying VBG long-term JJ health NN care NN will MD again RB push VB lawmakers NNS toward IN employerpaid JJ solutions NNS . . The DT Section NN 89 CD victory NN could MD have VB a DT downside NN by IN making VBG it PRP harder JJR to TO oppose VB lawmakers NNS on IN other JJ health NN proposals NNS . . `` `` With IN the DT repeal NN of IN Section NN 89 CD , , we PRP can MD no RB longer RB say VB they PRP 're VBP discouraging VBG businesses NNS from IN offering VBG health NN plans NNS , , '' '' says VBZ Christine NNP Russell NNP , , the DT Chamber NNP of IN Commerce NNP 's POS small-business NN advocate NN . . JUMPING NNP THE NNP GUN NNP : : Sen. NNP Lloyd NNP Bentsen NNP ( ( D. NNP , , Texas NNP ) ) was VBD outraged VBN after IN a DT private JJ word NN to TO John NNP Motley NNP , , lobbyist NN for IN the DT National NNP Federation NNP of IN Independent NNP Business NNP , , resulted VBD in IN a DT news NN release NN saying VBG that IN the DT Senate NNP Finance NNP Committee NNP chairman NN would MD recommend VB repeal NN of IN Section NN 89 CD . . Even RB though IN the DT announcement NN was VBD true JJ in IN the DT end NN , , it PRP was VBD issued VBN without IN the DT senator NN 's POS permission NN . . `` `` I PRP blew VBD it PRP , , '' '' Mr. NNP Motley NNP says VBZ apologetically RB . . `` `` It PRP was VBD a DT timing NN mistake NN . . '' '' PRISON-SHOP NNP BLUES NNPS : : Sen. NNP Strom NNP Thurmond NNP ( ( R. NNP , , S.C NNP . . ) ) protests VBZ pending VBG legislation NN to TO end VB the DT preference NN that IN the DT federal JJ prison NN system NN gets VBZ in IN selling VBG prisoner-made JJ furniture NN and CC other JJ goods NNS to TO government NN agencies NNS . . Small-business NN suppliers NNS want VBP prisons NNS to TO stop VB getting VBG high JJ priority NN , , especially RB as IN prison NN production NN grows VBZ with IN swelling VBG inmate NN populations NNS . . Last JJ year NN , , the DT prisons NNS ' POS sales NNS to TO the DT Pentagon NNP totaled VBD $ $ 336 CD million CD . . REPAIR NN SHOPS NNS SCRAP VBP for IN more JJR access NN to TO work VB on IN auto-emissions NNS systems NNS . . Groups NNS representing VBG some DT independent JJ auto-repair JJ shops NNS join VBP a DT compromise NN on IN the DT Clean NNP Air NNP legislation NN worked VBD out RP between IN environmentalists NNS and CC Rep. NNP Henry NNP Waxman NNP ( ( D. NNP , , Calif NNP . . ) ) . . The DT plan NN would MD increase VB the DT warranty NN on IN auto-emission NN systems NNS to TO eight CD years NNS or CC 80,000 CD miles NNS from IN five CD years NNS or CC 50,000 CD for IN major JJ parts NNS . . But CC the DT warranty NN on IN simpler JJR parts NNS would MD be VB lowered VBN to TO two CD years NNS or CC 24,000 CD miles NNS . . The DT garage NN owners NNS say VBP they PRP would MD benefit VB because IN car NN owners NNS would MD be VB less RBR likely JJ to TO go VB back RB to TO dealers NNS for IN the DT simpler JJR repairs NNS after IN two CD years NNS . . The DT repair NN shops NNS are VBP n't RB united VBN , , however RB . . Shops NNS represented VBN by IN the DT Automotive NNP Service NNP Industry NNP Association NNP and CC the DT Motor NNP Equipment NNP Manufacturers NNPS Association NNP oppose VBP any DT increase NN in IN warranty NN length NN . . They PRP say VBP the DT longer JJR the DT warranty NN , , the DT longer JJR customers NNS will MD automatically RB return VB to TO new-car NN dealers NNS , , which WDT then RB find VBP non-warranty NN work NN that WDT might MD otherwise RB go VB to TO repair NN shops NNS . . The DT House NNP Energy NNP Committee NNP will MD debate VB the DT issue NN later RB this DT month NN . . Stan NNP Hathcock NNP , , an DT Atlanta NNP garage NN owner NN who WP opposes VBZ a DT longer JJR warranty NN , , estimates VBZ that IN the DT current JJ plan NN costs VBZ him PRP as RB much RB as IN $ $ 15,000 CD a DT year NN in IN lost VBN business NN . . SMALL NNP TALK NNP : : Some DT 70 CD % NN of IN graduates NNS who WP recently RB earned VBD an DT M.B.A. NN degree NN say VBP they PRP 'd MD prefer VB to TO work VB in IN or CC own VB a DT small JJ company NN , , yet CC most JJS take VBP jobs NNS with IN large JJ concerns NNS , , says VBZ a DT survey NN by IN the DT Foster NNP McKay NNP Group NNP , , a DT New NNP York NNP recruiting VBG firm NN ... : . . Cardinal NNP Scientific NNP Inc. NNP of IN Waldorf NNP , , Md. NNP , , seeks VBZ a DT Small NNP Business NNP Innovation NNP Research NNP grant NN to TO produce VB a DT `` `` nozzle NN assembly NN for IN an DT Army NN mass NN delousing VBG outfit NN . . Banc NNP One CD Corp. NNP said VBD Frank NNP E. NNP McKinney NNP plans VBZ to TO retire VB as IN the DT bank NN holding VBG company NN 's POS president NN effective JJ Jan. NNP 12 CD . . Banc NNP One CD said VBD `` `` it PRP is VBZ contemplated VBN '' '' that IN John NNP B. NNP McCoy NNP , , chairman NN and CC chief NN executive NN officer NN , , will MD assume VB the DT additional JJ position NN of IN president NN upon IN Mr. NNP McKinney NNP 's POS retirement NN . . Mr. NNP McKinney NNP , , 50 CD years NNS old JJ , , was VBD chairman NN and CC chief NN executive NN of IN American NNP Fletcher NNP Corp. NNP , , Indianapolis NNP , , when WRB that DT bank NN holding VBG company NN merged VBD into IN Banc NNP One CD in IN January NNP 1987 CD . . The DT company NN said VBD Mr. NNP McKinney NNP plans VBZ to TO retire VB because IN the DT process NN of IN affiliating VBG American NNP Fletcher NNP into IN Banc NNP One CD `` `` is VBZ considered VBN completed VBN . . '' '' Mr. NNP McKinney NNP will MD continue VB as IN chairman NN of IN the DT board NN and CC chairman NN of IN the DT executive JJ committee NN of IN Banc NNP One CD Indiana NNP Corp. NNP , , the DT successor NN company NN to TO American NNP Fletcher NNP Corp. NNP , , but CC will MD no RB longer RB be VB active JJ in IN day-to-day JJ management NN . . He PRP will MD remain VB on IN the DT Banc NNP One CD board NN . . The DT Treasury NNP plans VBZ to TO raise VB $ $ 1.55 CD billion CD in IN new JJ cash NN with IN the DT sale NN Monday NNP of IN about IN $ $ 15.6 CD billion CD in IN short-term JJ bills NNS to TO redeem VB $ $ 14.1 CD billion CD in IN maturing VBG bills NNS . . The DT offering NN will MD be VB divided VBN evenly RB between IN 13-week JJ and CC 26-week JJ bills NNS maturing VBG on IN Jan. NNP 25 CD , , 1990 CD , , and CC April NNP 26 CD , , 1990 CD , , respectively RB . . Tenders NNS for IN the DT bills NNS , , available JJ in IN minimum JJ $ $ 10,000 CD denominations NNS , , must MD be VB received VBN by IN 1 CD p.m. NN EDT NNP Monday NNP at IN the DT Treasury NN or CC at IN Federal NNP Reserve NNP banks NNS or CC branches NNS . . Moody NNP 's POS Investors NNPS Service NNP Inc. NNP said VBD it PRP lowered VBD ratings NNS on IN about IN $ $ 650 CD million CD of IN Beatrice NNP Co. NNP debt NN , , citing VBG the DT closely RB held VBN Chicago NNP food NN concern NN 's POS proposed VBN recapitalization NN . . The DT ratings NNS concern NN said VBD it PRP downgraded VBD Beatrice NNP notes NNS , , Euronotes NNS and CC certain JJ industrial JJ revenue NN bonds NNS to TO single-B-1 NN from IN Ba-3 NN and CC the DT company NN 's POS subordinated VBN debentures NNS to TO single-B-3 NN from IN single-B-2 NN . . Moody NNP 's POS said VBD the DT proposed VBN recaptilization NN may MD `` `` limit VB the DT company NN 's POS ability NN to TO realize VB its PRP$ profit NN potential NN '' '' and CC that IN paying VBG dividends NNS from IN a DT new JJ series NN of IN preferred VBN could MD squeeze VB `` `` basic JJ business NN operations NNS . . '' '' A DT Beatrice NNP spokesman NN did VBD n't RB return VB calls NNS seeking VBG comment NN . . Beatrice NNP , , which WDT went VBD private JJ in IN an DT $ $ 8.2 CD billion CD leveraged JJ buy-out NN in IN 1986 CD , , said VBD last JJ month NN that IN it PRP might MD borrow VB again RB to TO help VB pay VB investors NNS as RB much RB as IN $ $ 983 CD million CD in IN preferred VBN stock NN and CC debt NN securities NNS . . When WRB the DT Soviets NNPS announced VBD their PRP$ last JJ soldier NN had VBD left VBN Afghanistan NNP in IN February NNP , , the DT voices NNS of IN skepticism NN were VBD all DT but CC drowned VBD out RP by IN an DT international JJ chorus NN of IN euphoria NN . . It PRP was VBD `` `` the DT Soviets NNPS ' POS Vietnam NNP . . '' '' The DT Kabul NNP regime NN would MD fall VB . . Millions NNS of IN refugees NNS would MD rush VB home NN . . A DT resistance NN government NN would MD walk VB into IN Kabul NNP . . Those DT who WP bought VBD that DT illusion NN are VBP now RB bewildered VBN . . Eight CD months NNS after IN Gen. NNP Boris NNP Gromov NNP walked VBD across IN the DT bridge NN into IN the DT U.S.S.R. NNP , , a DT Soviet-controlled JJ regime NN remains VBZ in IN Kabul NNP , , the DT refugees NNS sit VBP in IN their PRP$ camps NNS , , and CC the DT restoration NN of IN Afghan JJ freedom NN seems VBZ as RB far RB off IN as RB ever RB . . But CC there EX never RB was VBD a DT chance NN that IN the DT Afghan JJ resistance NN would MD overthrow VB the DT Kabul NNP regime NN quickly RB and CC easily RB . . Soviet JJ leaders NNS said VBD they PRP would MD support VB their PRP$ Kabul NNP clients NNS by IN all DT means NNS necessary JJ -- : and CC did VBD . . The DT U.S. NNP said VBD it PRP would MD fully RB support VB the DT resistance NN -- : and CC did VBD n't RB . . With IN the DT February NNP 1987 CD U.N. NNP accords NNS `` `` relating VBG to TO Afghanistan NNP , , '' '' the DT Soviet NNP Union NNP got VBD everything NN it PRP needed VBD to TO consolidate VB permanent JJ control NN . . The DT terms NNS of IN the DT Geneva NNP accords NNS leave VBP Moscow NNP free JJ to TO provide VB its PRP$ clients NNS in IN Kabul NNP with IN assistance NN of IN any DT kind NN -- : including VBG the DT return NN of IN Soviet JJ ground NN forces NNS -- : while IN requiring VBG the DT U.S. NNP and CC Pakistan NNP to TO cut VB off RP aid NN . . The DT only JJ fly NN in IN the DT Soviet JJ ointment NN was VBD the DT last-minute JJ addition NN of IN a DT unilateral JJ American JJ caveat NN , , that DT U.S. NNP aid NN to TO the DT resistance NN would MD continue VB as RB long RB as IN Soviet JJ aid NN to TO Kabul NNP did VBD . . But CC as RB soon RB as IN the DT accords NNS were VBD signed VBN , , American JJ officials NNS sharply RB reduced VBD aid NN . . In IN February NNP 1989 CD , , when WRB the DT Soviets NNPS said VBD they PRP had VBD completed VBN their PRP$ pullout NN , , the DT U.S. NNP cut VBD it PRP further RB . . Not RB so IN the DT Soviets NNPS . . Gen. NNP Gromov NNP himself PRP said VBD Soviet JJ troops NNS expected VBD to TO leave VB behind RB more RBR than IN $ $ 1 CD billion CD of IN military JJ equipment NN and CC installations NNS for IN the DT Kabul NNP regime NN . . Since IN the DT troop NN withdrawal NN , , Moscow NNP has VBZ poured VBN in RP an DT additional JJ $ $ 200 CD to TO $ $ 300 CD million CD worth NN per IN month NN -- : nearly RB $ $ 2 CD billion CD since IN February NNP , , equivalent JJ to TO the DT total JJ U.S. NNP aid NN to TO the DT resistance NN in IN nine CD years NNS . . This DT includes VBZ what WP Deputy NNP Foreign NNP Minister NNP Yuli NNP Vorontsov NNP fetchingly RB called VBD `` `` new JJ peaceful JJ long-range JJ weapons NNS , , '' '' including VBG more RBR than IN 800 CD SCUD NNP missiles NNS . . By IN early JJ May NNP , , Moscow NNP had VBD delivered VBN , , for IN example NN , , 1,000 CD trucks NNS , , about IN 100 CD tanks NNS , , artillery NN and CC hundreds NNS of IN other JJ combat NN vehicles NNS . . Later RB that DT month NN , , it PRP added VBD an DT entire JJ tank NN brigade NN , , including VBG 120 CD T-72 NN tanks NNS and CC more JJR than IN 40 CD BMP NNP state-of-the-art JJ infantry NN fighting VBG vehicles NNS . . By IN September NNP , , a DT new JJ Reinforced NNP Motorized NNP Rifle NNP Brigade NNP with IN an DT additional JJ 300 CD combat NN vehicles NNS , , 1,000 CD more JJR trucks NNS and CC 10,000 CD Soviet-trained JJ Afghan JJ troops NNS had VBD arrived VBN in IN Kandahar NNP . . In IN the DT last JJ few JJ weeks NNS , , Moscow NNP has VBZ added VBN FROG-7B NN missiles NNS , , the DT bomber NN version NN of IN the DT An-12 NN , , MiG-23BN NN high-altitude JJ aircraft NN , , MiG-29s NNS , , which WDT can MD outfly VB Pakistan NNP 's POS U.S.-built JJ F16s NNS , , and CC Sukhoi NNP SU-27 NN fighter-bombers NNS , , which WDT can MD outfly VB the DT MiG-29s NNS . . Moscow NNP claims VBZ this DT is VBZ all DT needed VBN to TO protect VB the DT Kabul NNP regime NN against IN the DT guerrilla NN resistance NN . . It PRP is VBZ well-known JJ that IN the DT regular JJ Afghan JJ infantry NN is VBZ filled VBN with IN reluctant JJ conscripts NNS . . But CC this DT is VBZ not RB the DT entire JJ Afghan JJ army NN , , and CC it PRP is VBZ no DT longer JJR Kabul NNP 's POS only JJ military JJ force NN . . Complete JJ units NNS have VBP been VBN trained VBN and CC indoctrinated VBN in IN the DT U.S.S.R. NNP and CC other JJ East NNP bloc NN nations NNS ; : 30,000 CD to TO 40,000 CD of IN these DT troops NNS have VBP returned VBN . . In IN addition NN , , the DT regime NN has VBZ established VBN well-paid JJ paramilitary JJ forces NNS totaling VBG more RBR than IN 100,000 CD , , including VBG 35,000 CD Soviet-trained JJ troops NNS of IN the DT Interior NNP Ministry NNP ( ( KHAD\/WAD NN ) ) , , which WDT still RB is VBZ directed VBN by IN 1,500 CD Soviet NNP KGB NNP officers NNS . . Even RB if IN not RB all PDT these DT forces NNS are VBP committed VBN to TO the DT regime NN , , they PRP are VBP now RB dependent JJ on IN it PRP . . And CC thousands NNS of IN Afghan JJ children NNS have VBP been VBN taken VBN to TO the DT Soviet NNP Union NNP , , where WRB they PRP are VBP hostage NN for IN the DT behavior NN of IN their PRP$ families NNS . . Since IN 1981 CD , , Indian JJ military JJ advisers NNS have VBP been VBN assisting VBG the DT Kabul NNP regime NN . . In IN preparation NN for IN the DT withdrawal NN , , Moscow NNP , , Kabul NNP and CC New NNP Delhi NNP signed VBD two CD agreements NNS for IN several JJ hundred CD newly RB civilian JJ Indian JJ experts NNS to TO replace VB some DT of IN the DT more RBR visible JJ Soviet JJ military JJ personnel NNS . . Cuban JJ military JJ personnel NNS also RB have VBP been VBN active JJ in IN Afghanistan NNP since IN 1979 CD . . The DT Soviets NNPS cut VBD a DT deal NN with IN Iran NNP : : a DT future JJ Iranian JJ role NN in IN Afghanistan NNP in IN exchange NN for IN Iranian JJ support NN of IN Soviet JJ policy NN . . The DT deal NN was VBD symbolized VBN by IN the DT restoration NN of IN the DT Shi'ite NNP Sultan NNP Ali NNP Keshtmand NNP to TO the DT Afghan JJ prime JJ ministry NN . . Moreover RB , , serious JJ questions NNS have VBP been VBN raised VBN about IN the DT claimed VBN withdrawal NN of IN Soviet JJ forces NNS . . Before IN his PRP$ assassination NN in IN 1988 CD , , President NNP Zia NNP of IN Pakistan NNP repeatedly RB stated VBD that IN fresh JJ Soviet JJ troops NNS were VBD being VBG inserted VBN into IN Afghanistan NNP even RB as IN others NNS were VBD ostentatiously RB withdrawn VBN . . Rep. NNP Bill NNP McCollum NNP ( ( R. NNP , , Fla. NNP ) ) reports VBZ that IN these DT included VBD 20,000 CD to TO 30,000 CD Soviet NNP Central NNP Asian NNP KGB NNP Border NNP Guards NNPS , , ethnically RB indistinguishable JJ from IN Afghans NNPS and CC wearing VBG unmarked JJ uniforms NNS . . Meanwhile RB , , the DT Kabul NNP regime NN is VBZ increasingly RB successful JJ at IN portraying VBG the DT resistance NN as IN bloody-minded JJ fanatics NNS . . In IN this DT they PRP are VBP aided VBN by IN years NNS of IN American JJ , , European JJ , , Pakistani JJ and CC Saudi JJ support NN for IN the DT most RBS extreme JJ factions NNS -- : radical JJ Islamic JJ fanatics NNS with IN leaders NNS whose WP$ policies NNS are VBP anathema NN to TO the DT Afghan JJ public NN . . This DT heavy JJ outside JJ support NN for IN the DT worst JJS has VBZ undermined VBN better JJR , , moderate JJ leaders NNS . . In IN autumn NN last JJ year NN , , for IN example NN , , the DT regime NN garrison NN at IN Kandahar NNP was VBD prepared VBN to TO surrender VB the DT city NN to TO resistance NN moderates NNS . . At IN the DT last JJ minute NN , , however RB , , Pakistani JJ officials NNS sent VBD in RP Gulbuddin NNP Hekhmatyar NNP , , perhaps RB the DT most RBS hated VBN and CC feared VBN of IN the DT extremists NNS , , with IN a DT demand NN that IN the DT surrender NN be VB made VBN to TO his PRP$ forces NNS . . The DT deal NN fell VBD through RB , , and CC Kandahar NNP remains VBZ a DT major JJ regime NN base NN . . The DT resistance NN lacks VBZ not RB only JJ air NN power NN , , armor NN and CC expertise NN but CC often RB such JJ essentials NNS as IN maps NNS , , mine NN detectors NNS , , or CC even RB winter NN gloves NNS . . Experienced VBN resistance NN commanders NNS wanted VBD to TO use VB guerrilla NN action NN and CC siege NN tactics NNS to TO wear VB down RP the DT regime NN . . Instead RB , , they PRP were VBD pressured JJ by IN Pakistan NNP 's POS ISI NNP , , the DT channel NN for IN their PRP$ support NN , , into IN attacking VBG Jalalabad NNP . . They PRP took VBD more RBR than IN 25 CD % NN casualties NNS ; : journalists NNS report VBP that IN they PRP faced VBD minefields NNS without IN mine NN detectors NNS . . The DT wonder NN is VBZ not RB that IN the DT resistance NN has VBZ failed VBN to TO topple VB the DT Kabul NNP regime NN , , but CC that IN it PRP continues VBZ to TO exist VB and CC fight VB at IN all DT . . Last JJ summer NN , , in IN response NN to TO congressional JJ criticism NN , , the DT State NNP Department NNP and CC the DT CIA NNP said VBD they PRP had VBD resumed VBN military JJ aid NN to TO the DT resistance NN months NNS after IN it PRP was VBD cut VBN off IN ; : but CC it PRP is VBZ not RB clear JJ how WRB much RB is VBZ being VBG sent VBN or CC when WRB it PRP will MD arrive VB . . For IN months NNS the DT resistance NN has VBZ been VBN defenseless JJ against IN air NN attack NN . . Thus RB far RB there EX is VBZ no DT indication NN that IN they PRP have VBP been VBN re-supplied VBN with IN Stingers NNPS or CC other JJ anti-aircraft JJ weapons NNS . . Indeed RB , , U.S. NNP officials NNS have VBP indicated VBN to TO the DT press NN that IN the DT continuation NN of IN aid NN depends VBZ on IN what WDT success NN the DT weakened VBN resistance NN achieves VBZ by IN the DT end NN of IN this DT year NN . . Moscow NNP and CC Kabul NNP must MD have VB found VBN that DT information NN useful JJ . . For IN a DT decade NN U.S. NNP policy NN has VBZ been VBN incoherent JJ , , based VBN on IN miscalculation NN and CC the DT defense NN of IN bureaucratic JJ and CC political JJ turf NN . . No DT settlement NN negotiated VBN by IN others NNS can MD force VB the DT Afghan NNP people NNS to TO give VB up RP their PRP$ struggle NN . . A DT cutoff NN of IN U.S. NNP military JJ aid NN would MD merely RB abandon VB them PRP to TO die VB in IN vain JJ . . Creation NN of IN a DT new JJ , , realistic JJ U.S. NNP policy NN is VBZ long RB overdue JJ . . Ms. NNP Klass NNP , , editor NN and CC co-author NN of IN `` `` Afghanistan NNP : : The NNP Great NNP Game NNP Revisited NNP '' '' ( ( Freedom NNP House NNP ) ) , , directs VBZ the DT Freedom NNP House NNP program NN on IN Afghanistan\/Southwest NNP Asia NNP . . Nothing NN stirred VBD the DT soul NN of IN Ronald NNP Reagan NNP and CC his PRP$ disciples NNS as RB much RB as IN the DT crusade NN to TO aid VB Nicaragua NNP 's POS Contra NNP rebels NNS , , or CC the DT dream NN of IN building VBG a DT space-based JJ defense NN shield NN to TO knock VB out RP Soviet JJ nuclear JJ missiles NNS . . Yet RB under IN Mr. NNP Reagan NNP 's POS preferred VBN successor NN , , President NNP Bush NNP , , those DT two CD cherished VBN national-security NN causes NNS are VBP withering VBG on IN the DT vine NN . . And CC , , surprisingly RB , , little RB more RBR than IN a DT whimper NN of IN protest NN is VBZ being VBG heard VBN , , even RB though IN Reaganauts NNS once RB breathed VBD fire NN supporting VBG the DT Contras NNPS and CC the DT Strategic NNP Defense NNP Initiative NNP . . `` `` The DT programs NNS have VBP arthritis NN , , '' '' says VBZ Rep. NNP Henry NNP Hyde NNP , , a DT conservative JJ Republican NNP from IN Illinois NNP . . Yet RB , , he PRP asserts VBZ , , `` `` you PRP look VBP around RB ... : and CC you PRP say VBP , , ` `` Who WP are VBP the DT leaders NNS ? . Who WP is VBZ going VBG to TO carry VB the DT water NN ? . ' '' '' '' It PRP is VBZ n't RB surprising JJ that IN President NNP Bush NNP has VBZ n't RB led VBN a DT crusade NN to TO pump VB up RP the DT Contras NNPS or CC SDI NNP . . Though IN he PRP nominally RB supports VBZ both DT programs NNS , , Mr. NNP Bush NNP has VBZ n't RB been VBN a DT passionate JJ champion NN of IN either DT cause NN , , as IN Mr. NNP Reagan NNP was VBD . . What WP 's VBZ surprising VBG is VBZ that IN there EX is VBZ n't RB more JJR of IN a DT conservative JJ outcry NN as IN the DT Bush NNP administration NN lets VBZ the DT programs NNS slip VB down IN the DT national-priority JJ list NN . . A DT combination NN of IN factors NNS -- : a DT weariness NN among IN some DT conservatives NNS , , a DT decline NN in IN the DT perception NN of IN a DT Soviet JJ threat NN and CC a DT preoccupation NN with IN other JJ issues NNS -- : seem VBP to TO explain VB the DT strange JJ tranquility NN . . Above IN all DT , , though RB , , conservative JJ Republicans NNPS who WP have VBP championed VBN both PDT the DT Contras NNPS and CC SDI NNP are VBP reluctant JJ to TO attack VB a DT Republican JJ president NN for IN failing VBG to TO do VB more RBR -- : though IN that DT reluctance NN may MD be VB receding VBG . . `` `` We PRP want VBP to TO complain VB , , we PRP want VBP to TO say VB something NN about IN it PRP , , and CC we PRP 're VBP going VBG to TO as IN it PRP gets VBZ worse JJR , , '' '' says VBZ Rep. NNP Dan NNP Burton NNP , , an DT Indiana NNP Republican NNP who WP has VBZ been VBN a DT staunch JJ Contra NNP backer NN . . `` `` But CC it PRP 's VBZ like IN kicking VBG your PRP$ father NN in IN the DT pants NNS . . You PRP hate VBP to TO do VB it PRP because IN he PRP 's VBZ your PRP$ father NN . . '' '' Mr. NNP Burton NNP says VBZ conservatives NNS ' POS unhappiness NN with IN Mr. NNP Bush NNP 's POS cautious JJ handling NN of IN the DT recent JJ unsuccessful JJ coup NN in IN Panama NNP will MD make VB them PRP more RBR willing JJ to TO speak VB out IN . . Of IN course NN , , neither DT President NNP Bush NNP nor CC the DT Congress NNP has VBZ actually RB abandoned VBN the DT Contras NNPS or CC SDI NNP . . Mr. NNP Bush NNP has VBZ struck VBN a DT deal NN with IN congressional JJ leaders NNS to TO provide VB nonlethal JJ aid NN to TO the DT Contras NNPS until IN Nicaragua NNP holds VBZ national JJ elections NNS next IN February NNP . . But CC the DT administration NN has VBZ dropped VBN any DT effort NN to TO win VB military JJ aid NN for IN the DT rebels NNS . . And CC the DT administration NN 's POS deal NN with IN Congress NNP gives VBZ several JJ congressional JJ committees NNS the DT right NN to TO cut VB off RP even RB humanitarian JJ aid NN next IN month NN , , though IN the DT committees NNS are VBP likely JJ to TO let VB aid NN continue VB until IN February NNP . . Most JJS analysts NNS think VBP there EX 's POS little JJ prospect NN the DT Contras NNPS can MD be VB a DT significant JJ fighting NN force NN without IN U.S. NNP arms NNS , , and CC after IN the DT February NNP election NN their PRP$ future NN in IN any DT form NN will MD be VB murky JJ at IN best RB . . Instead RB of IN focusing VBG on IN the DT Contras NNPS , , Mr. NNP Bush NNP has VBZ switched VBN to TO urging VBG members NNS of IN Congress NNP -- : most RBS recently RB in IN a DT White NNP House NNP meeting NN yesterday NN -- : to TO approve VB financing NN for IN the DT election NN campaign NN of IN political JJ opponents NNS of IN Nicaragua NNP 's POS Sandinista NNP government NN . . The DT administration NN continues VBZ to TO support VB SDI NNP , , or CC Star NNP Wars NNPS , , and CC it PRP recently RB lobbied VBD to TO persuade VB the DT Senate NNP to TO restore VB some DT of IN the DT funds NNS it PRP planned VBD to TO cut VB from IN the DT program NN . . And CC just RB last JJ week NN , , Defense NNP Secretary NNP Dick NNP Cheney NNP gave VBD a DT strong JJ speech NN listing VBG `` `` compelling JJ reasons NNS '' '' to TO push VB ahead RB with IN SDI NNP and CC saying VBG he PRP 'd MD urge VB President NNP Bush NNP to TO veto VB a DT defense NN bill NN with IN `` `` inadequate JJ '' '' funding NN for IN the DT program NN . . But CC the DT strong JJ pitch NN by IN Mr. NNP Cheney NNP may MD be VB too RB little RB too RB late JJ to TO prevent VB damage NN to TO SDI NNP . . The DT House NNP has VBZ already RB voted VBN for IN a DT deep JJ cut NN in IN funding NN , , and CC in IN the DT end NN the DT program NN 's POS backers NNS will MD be VB hard RB pressed VBN to TO head VB off RP some DT reduction NN in IN spending VBG next JJ year NN . . And CC while IN the DT defense NN secretary NN is VBZ speaking VBG out IN , , President NNP Bush NNP himself PRP has VBZ n't RB launched VBN any DT high-visibility NN campaign NN to TO drum VB up RP support NN , , as IN President NNP Reagan NNP did VBD . . The DT administration NN also RB acknowledges VBZ that IN it PRP is VBZ n't RB pursuing VBG Mr. NNP Reagan NNP 's POS original JJ vision NN of IN an DT `` `` impenetrable JJ shield NN '' '' protecting VBG the DT whole JJ U.S. NNP , , but CC rather RB a DT more RBR modest JJ version NN . . More RBR ominous JJ to TO SDI NNP supporters NNS , , the DT Bush NNP administration NN appears VBZ to TO have VB tacitly RB accepted VBN a DT new JJ arms-control JJ proposal NN from IN the DT Soviet NNP Union NNP that WDT spells VBZ long-term JJ trouble NN for IN Star NNP Wars NNPS . . The DT Soviets NNPS have VBP agreed VBN to TO complete VB a DT treaty NN cutting VBG strategic JJ weapons NNS without IN including VBG restrictions NNS on IN space-based JJ defenses NNS . . But CC the DT Soviets NNPS also RB are VBP insisting VBG that IN they PRP will MD reserve VB the DT right NN to TO withdraw VB from IN the DT completed VBN strategic-arms NN treaty NN later RB on IN if IN the DT U.S. NNP does VBZ SDI NNP testing NN or CC deployment NN that IN the DT Soviets NNPS think VBP violates VBZ the DT existing VBG anti-ballistic-missile JJ treaty NN . . It PRP will MD be VB hard JJ down IN the DT road NN to TO persuade VB Congress NNP to TO approve VB money NN for IN SDI NNP plans NNS if IN lawmakers NNS fear VBP those DT plans NNS could MD scuttle VB a DT completed VBN treaty NN . . As IN a DT result NN , , Frank NNP Gaffney NNP , , a DT former JJ Reagan NNP Pentagon NNP aide NN who WP now RB heads VBZ the DT Center NNP for IN Security NNP Policy NNP , , charges VBZ that IN the DT administration NN 's POS `` `` professions NNS of IN continued VBN commitment NN to TO development NN and CC deployment NN of IN the DT SDI NNP program NN strain VBP credulity NN . . '' '' Still RB , , proponents NNS may MD be VB shying VBG away RB from IN more JJR drumbeating NN because IN they PRP sense VBP political JJ tides NNS have VBP turned VBN against IN arming NN the DT Nicaraguan JJ rebels NNS or CC boosting VBG spending NN on IN SDI NNP -- : particularly RB when WRB the DT public NN perceives VBZ the DT Soviet JJ threat NN is VBZ declining VBG under IN Mikhail NNP Gorbachev NNP . . In IN fact NN , , because IN communism NN seems VBZ to TO be VB beating VBG a DT global JJ retreat NN , , some DT conservatives NNS may MD simply RB be VB so RB pleased VBN that IN their PRP$ anti-communist JJ philosophy NN is VBZ prevailing VBG that IN they PRP do VBP n't RB have VB the DT fire NN at IN the DT moment NN to TO push VB controversial JJ programs NNS . . `` `` The DT short JJ of IN it PRP is VBZ that IN the DT most RBS hard-bitten JJ among IN us PRP can MD not RB get VB into IN too RB sour JJ a DT mood NN with IN communism NN collapsing VBG , , '' '' says VBZ Mitchell NNP Daniels NNP , , a DT former JJ Reagan NNP White NNP House NNP aide NN who WP now RB is VBZ president NN of IN the DT Hudson NNP Institute NNP . . Some DT activists NNS are VBP toiling VBG to TO raise VB the DT profile NN of IN the DT two CD causes NNS . . But CC they PRP say VBP they PRP ca MD n't RB make VB much JJ headway NN because IN of IN a DT lack NN of IN willing JJ leaders NNS in IN a DT position NN to TO turn VB the DT tide NN . . One CD longtime NN champion NN of IN these DT programs NNS in IN Congress NNP , , Republican NNP whip NN Newt NNP Gingrich NNP of IN Georgia NNP , , is VBZ distracted VBN by IN questions NNS about IN his PRP$ ethics NNS , , conservatives NNS note VBP . . Other JJ conservative JJ champions NNS , , like IN Wyoming NNP Republican NNP Sen. NNP Malcolm NNP Wallop NNP , , a DT longtime NN SDI NNP advocate NN , , do VBP n't RB have VB the DT clout NN with IN the DT Bush NNP White NNP House NNP that IN they PRP enjoyed VBD with IN President NNP Reagan NNP . . Above IN all DT , , though RB , , proponents NNS say VBP neither CC the DT Contra NNP nor CC the DT SDI NNP cause NN can MD be VB pushed VBN much RB further RB without IN more JJR presidential JJ support NN . . `` `` For IN there EX to TO be VB wind NN in IN the DT sails NNS of IN any DT program NN , , the DT chief NN executive NN has VBZ to TO be VB blowing VBG in IN the DT sails NNS , , '' '' says VBZ Rep. NNP Burton NNP . . All PDT this DT causes VBZ Rep. NNP Hyde NNP to TO muse VB about IN an DT alternate JJ way NN to TO drum VB up RP more JJR enthusiasm NN . . `` `` What WP I PRP 'd MD like VB to TO see VB , , if IN he PRP is VBZ up IN to TO it PRP , , is VBZ for IN Reagan NNP to TO take VB to TO the DT hustings NN to TO regenerate VB enthusiasm NN for IN SDI NNP , , '' '' the DT congressman NN says VBZ . . We PRP 're VBP sorry JJ to TO report VB that IN on IN Monday NNP President NNP Bush NNP accepted VBD the DT resignation NN of IN William NNP Allen NNP as IN chairman NN of IN the DT U.S. NNP Civil NNP Rights NNPS Commission NNP . . Mr. NNP Allen NNP , , appointed VBN by IN President NNP Reagan NNP , , grew VBD understandably RB tired JJ of IN dealing VBG with IN the DT guerrilla NN tactics NNS of IN his PRP$ enemies NNS . . His PRP$ recent JJ speech NN , , provocatively RB titled VBN `` `` Blacks NNS ? . Animals NNS ? . Homosexuals NNS ? . What WP is VBZ a DT Minority NN ? . '' '' caused VBD an DT uproar NN when WRB its PRP$ title NN leaked VBD out IN . . Mr. NNP Allen NNP 's POS commissioners NNS voted VBD to TO call VB his PRP$ unread JJ speech NN `` `` thoughtless JJ , , disgusting JJ and CC unnecessarily RB inflammatory JJ . . '' '' Commissioner NNP Mary NNP Francis NNP Berry NNP said VBD it PRP was VBD `` `` another DT sad JJ episode NN in IN the DT saga NN of IN the DT unguided JJ missile NN who WP is VBZ chairman NN . . '' '' Rep. NNP Don NNP Edwards NNP , , the DT California NNP Democrat NNP , , warned VBD Mr. NNP Allen NNP that IN the DT speech NN would MD be VB `` `` outside IN the DT scope NN of IN the DT commission NN 's POS jurisdiction NN . . '' '' Thomas NNP Stoddard NNP , , head NN of IN the DT Lambda NNP Legal NNP Defense NNP Fund NNP , , called VBD the DT prospect NN of IN the DT speech NN `` `` frankly RB shocking JJ . . '' '' We PRP 've VBP actually RB read VBN the DT speech NN . . Mr. NNP Allen NNP began VBD it PRP with IN a DT warning NN to TO his PRP$ hosts NNS , , a DT California NNP church NN group NN that WDT opposes VBZ rights NNS for IN homosexuals NNS . . He PRP said VBD that IN other JJ participants NNS in IN the DT conference NN `` `` do VBP not RB believe VB that IN the DT rights NNS of IN Americans NNPS should MD be VB guaranteed VBN to TO citizens NNS who WP are VBP homosexual JJ , , '' '' but CC that IN `` `` I PRP mean VBP to TO persuade VB you PRP to TO the DT opposite JJ view NN . . '' '' He PRP recalled VBD to TO the DT audience NN a DT `` `` strange JJ , , infelicitous JJ '' '' analogy NN he PRP once RB heard VBD arguing VBG `` `` now RB that IN we PRP have VBP finally RB recognized VBN that IN American JJ blacks NNS have VBP rights NNS , , we PRP need VBP to TO do VB the DT same JJ for IN animals NNS . . '' '' Mr. NNP Allen NNP objected VBD to TO this DT analogy NN because IN it PRP seems VBZ to TO `` `` assimilate VB the DT status NN of IN blacks NNS to TO that DT of IN animals NNS -- : as IN a DT mere JJ project NN of IN charity NN , , of IN humaneness NN . . '' '' Rights NNS on IN such PDT a DT basis NN , , whether IN for IN blacks NNS or CC homosexuals NNS , , are VBP `` `` mere JJ indulgences NNS , , '' '' he PRP said VBD , , subject JJ to TO being VBG taken VBN back RB . . He PRP says VBZ the DT title NN of IN his PRP$ speech NN was VBD to TO make VB his PRP$ point NN that IN Americans NNPS have VBP rights NNS as IN individuals NNS , , not RB as IN members NNS of IN certain JJ select JJ groups NNS . . His PRP$ speech NN criticized VBD the DT `` `` idiocy NN of IN notions NNS of IN protected VBN groups NNS in IN society NN '' '' as IN opposed VBN to TO individual JJ equality NN or CC , , as IN he PRP put VBD it PRP , , in IN `` `` a DT common JJ destiny NN as IN Americans NNPS . . '' '' Instead RB of IN lobbying VBG for IN special JJ treatment NN , , Mr. NNP Allen NNP said VBD that IN homosexuals NNS and CC others NNS should MD try VB to TO ensure VB equal JJ treatment NN under IN the DT law NN and CC not RB aim VB for IN special JJ privileges NNS that WDT would MD risk VB `` `` invidious JJ retrenchment NN with IN government NN complicity NN . . '' '' This DT hardly RB sounds VBZ like IN an DT anti-homosexual JJ screed NN . . What WP 's VBZ really RB going VBG on RP here RB ? . The DT three CD most RBS important JJ things NNS to TO understand VB about IN Mr. NNP Allen NNP is VBZ that IN he PRP is VBZ a DT black JJ conservative JJ intellectual NN -- : a DT triple JJ threat NN to TO the DT liberal JJ establishment NN . . Mr. NNP Allen NNP , , who WP teaches VBZ government NN at IN prestigious JJ Harvey NNP Mudd NNP College NNP in IN California NNP and CC will MD remain VB a DT member NN of IN the DT commission NN , , has VBZ spent VBN years NNS arguing VBG that IN civil JJ rights NNS are VBP individuals NNS ' POS rights NNS . . He PRP last RB made VBD waves NNS when WRB he PRP dared VBD to TO defend VB an DT Indian JJ girl NN who WP had VBD been VBN adopted VBN by IN non-Indian JJ parents NNS off IN her PRP$ reservation NN . . Mr. NNP Allen NNP quickly RB ran VBD up RB against IN the DT liberal JJ establishment NN again RB , , which WDT somehow RB elevated VBD the DT vague JJ concept NN of IN `` `` Indian NNP rights NNS '' '' above IN the DT rights NNS of IN individual JJ Indians NNPS . . There EX is VBZ a DT huge JJ divide NN between IN Mr. NNP Allen NNP 's POS we're-all-in-this-together JJ view NN and CC the DT divisive JJ litigation NN approach NN of IN the DT civil JJ rights NNS groups NNS . . Indeed RB , , the DT gap NN is VBZ so RB large JJ that IN Mr. NNP Allen NNP 's POS critics NNS refuse VBP to TO engage VB the DT debate NN . . Their PRP$ ridicule NN of IN him PRP is VBZ no DT substitute NN for IN argument NN . . Their PRP$ effort NN to TO run VB him PRP out IN of IN Washington NNP is VBZ an DT embarrassment NN to TO the DT original JJ purpose NN of IN their PRP$ own JJ movement NN . . We PRP hope VBP the DT next JJ head NN of IN the DT Civil NNP Rights NNPS Commission NNP will MD be VB as RB brave JJ as IN Mr. NNP Allen NNP in IN making VBG the DT case NN for IN equality NN of IN civil JJ rights NNS . . Bearings NNP Inc. NNP said VBD its PRP$ chairman NN , , John NNP R. NNP Cunin NNP , , will MD retire VB as IN an DT officer NN of IN the DT company NN on IN Jan. NNP 2 CD . . George NNP L. NNP LaMore NNP , , president NN and CC chief NN executive NN officer NN , , will MD become VB chairman NN and CC chief NN executive NN upon IN Mr. NNP Cunin NNP 's POS retirement NN . . John NNP C. NNP Dannemiller NNP , , executive JJ vice NN president NN and CC chief NN operating VBG officer NN , , will MD become VB president NN and CC chief NN operating VBG officer NN . . Mr. NNP Cunin NNP , , 65 CD years NNS old JJ , , was VBD chief NN executive NN of IN the DT distributor NN of IN bearings NNS and CC power-transmission JJ products NNS from IN 1982 CD to TO 1988 CD . . He PRP will MD continue VB as IN a DT director NN . . Mr. NNP LaMore NNP , , 63 CD , , a DT 48-year JJ veteran NN at IN Bearings NNP , , has VBZ been VBN president NN since IN 1983 CD . . Mr. NNP Dannemiller NNP , , 51 CD , , joined VBD Bearings NNP in IN August NNP 1988 CD from IN Leaseway NNP Transportation NNP Corp. NNP , , where WRB he PRP was VBD president NN and CC chief NN operating VBG officer NN . . He PRP has VBZ been VBN a DT Bearings NNP director NN since IN 1985 CD . . The DT appointments NNS are VBP part NN of IN a DT planned VBN succession NN at IN the DT company NN . . Soviet JJ leader NN Mikhail NNP Gorbachev NNP opened VBD a DT major JJ U.S. NNP trade NN exhibition NN in IN Moscow NNP and CC spent VBD two CD hours NNS touring VBG some DT of IN the DT 150 CD stalls NNS representing VBG such JJ blue-chip JJ companies NNS as IN General NNP Motors NNPS Corp. NNP , , International NNP Business NNP Machines NNPS Corp. NNP and CC Johnson NNP & CC Johnson NNP . . At IN the DT Archer-Daniels-Midland NNP Co. NNP stand NN , , Mrs. NNP Nelson NNP Rockefeller NNP , , a DT board NN member NN , , offered VBD him PRP a DT soy NN burger NN . . He PRP did VBD n't RB bite VB . . The DT exhibition NN by IN the DT U.S.-U.S.S.R. NNP Trade NNP and CC Economic NNP Council NNP underscores VBZ the DT growing VBG U.S. NNP interest NN in IN that DT nation NN 's POS market NN , , though IN trade NN between IN the DT two CD countries NNS is VBZ a DT minuscule JJ $ $ 3 CD billion CD . . The DT Soviet JJ president NN and CC his PRP$ prime JJ minister NN , , Nikolai NNP Ryzhkov NNP , , spent VBD the DT longest JJS time NN , , about IN 15 CD minutes NNS , , at IN the DT IBM NNP stand NN , , where WRB they PRP got VBD souvenir NN computer-chip JJ key NN rings NNS . . At IN the DT GM NNP stall NN , , they PRP barely RB looked VBD at IN a DT gleaming VBG Cadillac NNP , , preferring VBG to TO talk VB about IN cooperation NN possibilities NNS . . In IN Beijing NNP , , meantime NN , , China NNP opened VBD an DT international JJ aviation NN show NN , , but CC the DT West NN 's POS embargo NN on IN military JJ deals NNS and CC uncertainty NN about IN the DT nation NN 's POS stability NN kept VBD many JJ foreign JJ exhibitors NNS away RB . . Officials NNS said VBD 91 CD companies NNS from IN 14 CD countries NNS , , including VBG the DT U.S. NNP , , had VBD displays NNS , , down IN from IN about IN 260 CD firms NNS from IN more JJR than IN 20 CD countries NNS at IN the DT last JJ show NN in IN Japanese JJ air-conditioner NN maker NN Daikin NNP Industries NNPS Ltd. NNP was VBD fined VBN two CD million CD yen NN ( ( $ $ 14,000 CD ) ) for IN exporting VBG to TO the DT Soviet NNP Union NNP a DT chemical NN solution NN that WDT could MD be VB used VBN in IN missile-guidance JJ systems NNS . . A DT Daikin NNP executive NN in IN charge NN of IN exports NNS when WRB the DT high-purity NN halogenated VBD hydrocarbon NN was VBD sold VBN to TO the DT Soviets NNPS in IN 1986 CD received VBD a DT suspended VBN 10-month JJ jail NN sentence NN . . Judge NNP Masaaki NNP Yoneyama NNP told VBD the DT Osaka NNP District NNP Court NNP Daikin NNP 's POS `` `` responsibility NN is VBZ heavy JJ because IN illegal JJ exports NNS lowered VBD international JJ trust NN in IN Japan NNP . . '' '' Sale NN of IN the DT solution NN in IN concentrated VBN form NN to TO Communist NNP countries NNS is VBZ prohibited VBN by IN Japanese JJ law NN and CC by IN international JJ agreement NN . . A DT Soviet JJ legislative JJ panel NN rejected VBD as RB not RB radical JJ enough RB a DT government NN proposal NN on IN decentralizing VBG economic JJ control NN . . The DT newspaper NN Leninskoye NNP Zamya NNP said VBD the DT committee NN decided VBD the DT plan NN to TO parcel VB out RP economic JJ powers NNS previously RB exercised VBN by IN Moscow NNP to TO the DT country NN 's POS 15 CD republics NNS `` `` does VBZ n't RB reflect VB the DT radical JJ changes NNS in IN the DT Soviet JJ federation NN . . '' '' The DT committee NN gave VBD the DT government NN until IN Nov. NNP 15 CD to TO revise VB the DT proposal NN . . The DT move NN reflected VBD the DT growing VBG confidence NN of IN the DT revamped VBN Supreme NNP Soviet NNP . . Scott NNP Paper NNP Co. NNP said VBD it PRP is VBZ abandoning VBG a DT proposed VBN $ $ 650 CD million CD tree-farming JJ project NN in IN Indonesia NNP because IN it PRP no RB longer RB expects VBZ to TO use VB as IN much JJ eucalyptus NN pulp NN as RB previously RB anticipated VBN . . The DT eucalyptus NN plantation NN and CC pulp NN mill NN , , which WDT would MD have VB covered VBN about IN 175,000 CD acres NNS in IN the DT Irian NNP Jaya NNP region NN , , had VBD been VBN approved VBN by IN Indonesia NNP 's POS investment NN board NN . . But CC it PRP was VBD opposed VBN by IN some DT environmentalists NNS as IN a DT threat NN to TO Irian NNP Jaya NNP 's POS forests NNS and CC a DT potential JJ source NN of IN social JJ unrest NN for IN the DT primitive JJ tribes NNS who WP inhabit VBP them PRP . . Yaohan NNP Departmentstore NNP Co. NNP of IN Japan NNP is VBZ moving VBG its PRP$ international-operations NNS headquarters NNS and CC holding VBG company NN to TO Hong NNP Kong NNP to TO gain VB from IN the DT British JJ colony NN 's POS economic JJ advantages NNS and CC tax NN structure NN . . With IN funds NNS of IN 5.56 CD billion CD Hong NNP Kong NNP dollars NNS ( ( US$ $ 712 CD million CD ) ) , , the DT new JJ company NN , , Yaohan NNP International NNP Co. NNP , , plans VBZ to TO acquire VB 10 CD of IN Hong NNP Kong NNP 's POS top JJ restaurants NNS . . It PRP also RB intends VBZ to TO set VB up RP an DT international JJ wholesale JJ market NN with IN the DT Singapore NNP government NN next IN May NNP and CC to TO open VB a DT department NN store NN in IN Bangkok NNP and CC shopping NN centers NNS in IN Malaysia NNP , , Taiwan NNP , , Canada NNP , , Chicago NNP and CC Seattle NNP by IN December NNP 1990 CD . . The DT chain NN currently RB has VBZ 90 CD retail JJ outlets NNS in IN Japan NNP , , seven CD in IN the DT U.S. NNP , , three CD in IN Hong NNP Kong NNP and CC a DT dozen NN more JJR scattered VBN around IN the DT globe NN . . Major JJ European JJ auction NN houses NNS are VBP turning VBG increasingly RB to TO specialized VBN sales NNS . . Christie NNP 's POS will MD soon RB have VB a DT sale NN of IN Dada NNP and CC Symbolist NNP art NN while NN Sotheby NNP 's POS is VBZ luring VBG collectors NNS with IN sales NNS of IN Swiss JJ , , German JJ , , Spanish JJ , , Australian JJ and CC Canadian JJ paintings NNS . . In IN Brussels NNP , , Hotel NNP de IN Ventes NNP Horta NNP auctioned VBD pistols NNS and CC sabers NNS - : along RB with IN paintings NNS and CC jewels NNS . . Berlin NNP 's POS Villa NNP Grisebach NNP will MD auction VB art NN works NNS with IN pre-sale JJ estimates NNS of IN less RBR than IN $ $ 1,600 CD on IN Nov. NNP 25 CD . . The DT auction NN house NN , , known VBN for IN its PRP$ sales NNS of IN top-drawer NN 19th JJ and CC 20th JJ century NN works NNS , , is VBZ providing VBG `` `` a DT service NN to TO clients NNS who WP do VBP n't RB want VB to TO sell VB just RB their PRP$ fabulous JJ oil NN paintings NNS , , '' '' says VBZ Villa NNP Grisebach NNP 's POS Vivien NNP Reuter NNP . . Antwerp NNP auctioneer NN Campo NNP is VBZ less RBR concerned VBN with IN market NN niches NNS than IN with IN Belgium NNP 's POS crushing VBG tax NN and CC auction-fee JJ burden NN . . `` `` Everything NN has VBZ to TO be VB the DT same JJ between IN countries NNS , , '' '' says VBZ Campo NNP 's POS Stefan NNP Campo NNP , , who WP is VBZ asking VBG clients NNS to TO sign VB protest NN petitions NNS . . `` `` Then RB there EX 'll MD be VB fair JJ competition NN . . '' '' Ending VBG tax-free JJ shopping NN in IN the DT European NNP Community NNP after IN 1992 CD could MD threaten VB more JJR than IN 3,000 CD jobs NNS , , the DT International NNP Duty NNP Free NNP Confederation NNP said VBD . . Instead RB of IN banning VBG such JJ shopping NN , , the DT confederation NN proposed VBD amending VBG controls NNS to TO be VB sure JJ the DT privilege NN is VBZ n't RB abused VBN ... : . . British JJ and CC Argentine JJ diplomats NNS opened VBD talks NNS in IN Madrid NNP aimed VBN at IN restoring VBG ties NNS severed VBN because IN of IN their PRP$ 1982 CD war NN over IN the DT Falkland NNP Islands NNPS . . Britain NNP 's POS U.N. NNP representative NN and CC delegation NN head NN Crispin NNP Tickell NNP called VBD the DT first JJ meeting NN `` `` good JJ , , interesting JJ and CC businesslike JJ . . Polaroid NNP Corp. NNP , , benefiting VBG from IN staff-reduction NN savings NNS , , reported VBD a DT strong JJ gain NN in IN third-quarter NN operating VBG results NNS and CC net JJ income NN of IN $ $ 29.9 CD million CD , , or CC 40 CD cents NNS a DT share NN , , after IN preferred-stock JJ requirements NNS . . Analysts NNS said VBD the DT numbers NNS were VBD better JJR than IN expectations NNS , , partly RB because IN of IN strong JJ profit NN margins NNS and CC a DT positive JJ foreign-currency NN translation NN . . However RB , , they PRP said VBD the DT company NN 's POS flat JJ revenue NN was VBD a DT disappointment NN , , and CC an DT indication NN that IN sales NNS of IN Polaroid NNP 's POS new JJ conventional JJ film NN in IN the DT U.S. NNP have VBP been VBN sluggish JJ . . Revenue NN in IN the DT third JJ quarter NN was VBD $ $ 437.7 CD million CD , , almost RB unchanged JJ from IN $ $ 436.3 CD million CD a DT year NN earlier RBR . . Polaroid NNP reported VBD operating VBG profit NN before IN taxes NNS and CC interest NN costs NNS of IN $ $ 63.1 CD million CD for IN the DT third JJ quarter NN , , more RBR than IN double VB the DT year-before JJ $ $ 24 CD million CD . . Charges NNS for IN staff NN cuts NNS and CC other JJ restructuring VBG produced VBN a DT net JJ loss NN of IN $ $ 54.1 CD million CD , , or CC 77 CD cents NNS a DT share NN , , in IN 1988 CD 's POS third JJ quarter NN . . `` `` I PRP 'm VBP somewhat RB skeptical JJ about IN the DT underlying VBG demand NN '' '' for IN Polaroid NNP products NNS , , said VBD Michael NNP Ellmann NNP , , an DT analyst NN with IN Wertheim NNP Schroder NNP & CC Co NNP . . `` `` If IN you PRP believe VBP that IN a DT good JJ performance NN next JJ year NN is VBZ contingent JJ on IN an DT acceleration NN of IN revenue NN , , there EX is VBZ n't RB a DT lot NN here RB to TO base JJ optimism NN on IN . . '' '' Alex NNP Henderson NNP , , an DT analyst NN with IN Prudential-Bache NNP , , says VBZ Polaroid NNP officials NNS told VBD him PRP yesterday NN that IN U.S. NNP sales NNS of IN the DT company NN 's POS new JJ conventional JJ film NN product NN , , introduced VBN in IN the DT second JJ quarter NN , , have VBP been VBN `` `` disappointing JJ '' '' after IN a DT promising JJ start NN . . Sam NNP Yanes NNP , , a DT Polaroid NNP spokesman NN , , said VBD `` `` I PRP do VBP n't RB know VB about IN disappointing JJ , , '' '' but CC added VBD that IN the DT company NN has VBZ n't RB been VBN able JJ to TO get VB the DT product NN on IN the DT shelves NNS of IN some DT mass-merchandise NN , , discount NN retailers NNS that IN it PRP had VBD hoped VBN would MD be VB carrying VBG the DT product NN already RB . . Mr. NNP Yanes NNP said VBD the DT film NN , , One CD Film NNP , , is VBZ currently RB carried VBN at IN about IN 15,000 CD retail JJ outlets NNS , , including VBG drugstores NNS and CC supermarkets NNS . . For IN the DT nine CD months NNS , , Polaroid NNP reported VBD earnings NNS of IN $ $ 98.5 CD million CD , , or CC $ $ 1.27 CD a DT share NN . . Last JJ year NN , , the DT company NN had VBD a DT nine-month JJ loss NN of IN $ $ 15.1 CD million CD , , or CC 23 CD cents NNS a DT share NN . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Polaroid NNP closed VBD at IN $ $ 47 CD , , up IN $ $ 1.125 CD . . Why WRB is VBZ the DT stock NN market NN suddenly RB so RB volatile JJ ? . Yesterday NN , , the DT Dow NNP Jones NNP Industrial NNP Average NNP did VBD a DT now RB familiar JJ dance NN : : It PRP plunged VBD 60.25 CD points NNS before IN lunch NN , , with IN most JJS of IN the DT drop NN occurring VBG in IN 25 CD minutes NNS . . Then RB , , it PRP rebounded VBD to TO finish VB down RB only RB 18.65 CD points NNS . . And CC those DT swings NNS paled VB beside IN Friday NNP 's POS 190.58-point JJ plunge NN and CC Monday NNP 's POS 88.12-point JJ recovery NN . . `` `` It PRP 's VBZ madness NN -- : that IN in IN an DT hour NN you PRP can MD whack VB off RP so RB much JJ value NN , , '' '' says VBZ Stanford NNP Calderwood NNP , , chairman NN of IN Trinity NNP Investment NNP Management NNP Corp. NNP , , Boston NNP . . And CC , , apparently RB , , it PRP is VBZ here RB to TO stay VB . . Richard NNP Bernstein NNP , , senior JJ quantitative JJ analyst NN at IN Merrill NNP Lynch NNP & CC Co NNP , , says VBZ , , `` `` My PRP$ gut NN feel NN is VBZ that IN we PRP 'll MD live VB with IN those DT swings NNS for IN a DT while NN . . '' '' There EX are VBP many JJ reasons NNS for IN the DT market NN 's POS jumpiness NN : : new JJ trading NN vehicles NNS such JJ as IN stock-index JJ futures NNS and CC options NNS ; : computer-driven JJ strategies NNS like IN program NN trading NN ; : and CC crowd NN psychology NN . . But CC most JJS are VBP linked VBN by IN a DT single JJ theme NN : : liquidity NN -- : the DT ability NN to TO get VB in IN and CC out IN of IN the DT market NN quickly RB . . Prices NNS are VBP moving VBG up IN and CC down IN so RB fast RB because IN investors NNS are VBP employing VBG ways NNS to TO turn VB over RP shares NNS at IN ever-faster JJ rates NNS and CC increasingly RB acting VBG in IN concert NN . . `` `` Institutions NNS are VBP herding VBG animals NNS , , '' '' says VBZ Peter NNP Anderson NNP , , who WP heads VBZ the DT pension-fund JJ management NN arm NN of IN IDS NNP Financial NNP Services NNPS Inc NNP . . `` `` We PRP watch VBP the DT same JJ indicators NNS and CC listen VBP to TO the DT same JJ prognosticators NNS . . Like IN lemmings NNS , , we PRP tend VBP to TO move VB in IN the DT same JJ direction NN at IN same JJ time NN . . '' '' And CC that IN , , naturally RB , , exacerbates VBZ price NN movements NNS . . Institutions NNS -- : who WP now RB account VBP for IN most JJS trading NN -- : count VBP on IN being VBG able JJ to TO buy VB and CC sell VB big JJ blocks NNS of IN stock NN at IN an DT eye-blink NN . . But CC when WRB they PRP discover VBP that IN markets NNS are VBP n't RB always RB as RB liquid JJ as IN they PRP supposed VBD -- : markets NNS jump VBP . . On IN Monday NNP , , for IN instance NN , , Howard NNP Ward NNP , , a DT principal NN at IN Scudder NNP , , Stevens NNP & CC Clark NNP , , found VBD that IN `` `` you PRP could MD n't RB buy VB blue-chips NNS at IN quoted VBN prices NNS without IN paying VBG up IN . . '' '' And CC when WRB many JJ firms NNS had VBD to TO `` `` pay VB up IN , , '' '' Monday NNP 's POS sudden JJ rally NN was VBD sparked VBN . . Trading NN in IN futures NNS and CC options NNS , , some DT people NNS believe VBP , , can MD add VB to TO volatility NN . . Investors NNS believe VBP they PRP can MD can MD rely VB on IN such JJ derivative JJ securities NNS to TO get VB in IN and CC out IN of IN the DT stock NN market NN without IN actually RB selling VBG any DT stocks NNS ; : that DT is VBZ , , a DT way NN of IN staying VBG liquid JJ even RB when WRB they PRP own VBP stocks NNS . . These DT and CC other JJ modern JJ trading NN methods NNS `` `` tend VBP to TO promote VB dramatic JJ shifts NNS in IN assets NNS , , '' '' says VBZ George NNP Douglas NNP , , first JJ vice NN president NN at IN Drexel NNP Burnham NNP Lambert NNP Inc NNP . . `` `` It PRP 's VBZ the DT idea NN that IN what WP goes VBZ in IN easy RB can MD come VB out IN easy RB '' '' -- : so IN that IN bouts NNS of IN higher JJR volatility NN get VBP built VBN into IN the DT stock NN market NN . . One CD new JJ investment NN style NN called VBN `` `` asset NN allocation NN '' '' shifts VBZ portfolio NN weightings NNS between IN stocks NNS , , bonds NNS and CC cash NN when WRB computer NN models NNS say VBP one CD is VBZ more RBR attractive JJ . . For IN instance NN , , First NNP Quadrant NNP Corp. NNP , , an DT asset NN allocator NN based VBN in IN Morristown NNP , , N.J. NNP , , said VBD it PRP quickly RB boosted VBD stock NN positions NNS in IN its PRP$ `` `` aggressive JJ '' '' accounts NNS to TO 75 CD % NN from IN 55 CD % NN to TO take VB advantage NN of IN plunging VBG prices NNS Friday NNP . . It PRP added VBD another DT 5 CD % NN Monday NNP before IN stocks NNS rallied VBD . . When WRB they PRP did VBD , , the DT firm NN reduced VBD those DT stock NN holdings NNS to TO about IN 70 CD % NN . . A DT classic JJ example NN of IN institutions NNS ' POS hunger NN for IN liquidity NN is VBZ portfolio NN insurance NN , , now RB widely RB discredited VBN . . Before IN the DT 1987 CD crash NN , , an DT estimated VBN $ $ 60 CD billion CD in IN institutional JJ money NN was VBD managed VBN under IN this DT hedging VBG technique NN . . The DT idea NN was VBD to TO `` `` insure VB '' '' the DT value NN of IN a DT portfolio NN by IN selling VBG futures NNS when WRB stock NN prices NNS dropped VBD -- : eliminating VBG the DT need NN to TO sell VB the DT stocks NNS themselves PRP . . But CC in IN October NNP 1987 CD , , when WRB portfolio NN insurers NNS rushed VBD to TO sell VB at IN the DT same JJ time NN , , they PRP overwhelmed VBD both PDT the DT stock NN and CC futures NNS markets NNS . . Yet RB even RB today NN , , institutions NNS are VBP quietly RB practicing VBG forms NNS of IN portfolio NN insurance NN by IN nervously RB rushing VBG to TO and CC fro RB in IN the DT markets NNS . . Others NNS are VBP doing VBG `` `` index NN arbitrage NN '' '' a DT strategy NN of IN taking VBG advantage NN of IN price NN discrepancies NNS between IN stocks NNS and CC futures NNS . . Unlike IN traditional JJ buy-and-hold JJ strategies NNS , , all DT of IN the DT above JJ require VBP that IN market NN makers NNS be VB on IN hand NN to TO provide VB liquidity NN by IN buying VBG and CC selling VBG stocks NNS in IN a DT crunch NN . . But CC institutions NNS say VBP Wall NNP Street NNP brokerage NN firms NNS are VBP less RBR willing JJ to TO make VB markets NNS . . Brokers NNS do VBP n't RB deny VB that IN . . Wall NNP Street NNP traders NNS say VBP that IN , , with IN institutional JJ brokerage NN commissions NNS far RB lower JJR than IN in IN the DT 1970s CD , , securities NNS firms NNS ca MD n't RB afford VB to TO take VB the DT risk NN of IN buying VBG too RB much JJ stock NN . . `` `` I PRP think VBP everyone NN 's VBZ a DT little RB more RBR leery JJ , , '' '' says VBZ Jack NNP Baker NNP , , head NN of IN equity NN trading NN at IN Shearon NNP Lehman NNP Hutton NNP Inc NNP . . `` `` The DT institutions NNS have VBP driven VBN ( ( commission NN ) ) rates NNS down IN to TO the DT point NN where WRB it PRP makes VBZ no DT sense NN to TO commit VB capital NN , , '' '' says VBZ Tom NNP Gallagher NNP , , senior JJ executive NN vice NN president NN in IN charge NN of IN institutional JJ trading NN at IN Oppenheimer NNP & CC Co NNP . . `` `` Why WRB should MD I PRP risk VB money NN for IN a DT guy NN for IN who WP 's VBZ paying VBG me PRP five CD cents NNS a DT dance NN ? . All DT you PRP get VBP is VBZ risk NN . . '' '' Lack NN of IN liquidity NN can MD also RB result VB from IN exchange NN `` `` reforms NNS . . '' '' Many JJ traders NNS say VBP that IN `` `` circuit NN breakers NNS '' '' put VBN in IN place NN to TO damp VB volatility NN after IN the DT 1987 CD crash NN actually RB added VBD to TO volatility NN when WRB the DT stock NN market NN plunged VBD Friday NNP . . The DT circuit NN breakers NNS caused VBD a DT 30-minute JJ shutdown NN in IN trading NN in IN Standard NNP & CC Poor NNP 's POS 500-stock JJ index NN futures NNS contract NN as IN the DT markets NNS were VBD falling VBG . . `` `` With IN the DT futures-trading JJ halt NN , , you PRP could MD only RB sell VB stocks NNS '' '' to TO cut VB exposure NN to TO the DT market NN , , says VBZ a DT money NN manager NN . . `` `` It PRP was VBD scary JJ to TO people NNS thinking VBG that IN they PRP could MD n't RB get VB their PRP$ trades NNS off IN . . '' '' `` `` It PRP was VBD like IN they PRP put VBD you PRP in IN a DT room NN with IN a DT gorilla NN and CC told VBD you PRP there EX were VBD three CD doors NNS to TO exit VB , , '' '' said VBD one CD Chicago-based JJ futures NNS trader NN . . `` `` Then RB they PRP said VBD , , ` `` By IN the DT way NN , , two CD of IN the DT doors NNS are VBP locked VBN . . ' '' '' '' The DT takeover NN mania NN also RB adds VBZ to TO volatility NN . . UAL NNP Corp. NNP is VBZ a DT good JJ example NN . . Valued VBN as IN a DT buy-out NN target NN , , the DT airline NN stock NN was VBD trading VBG at IN nearly RB $ $ 280 CD a DT share NN . . When WRB the DT deal NN ran VBD into IN trouble NN , , the DT stock NN tumbled VBD ; : it PRP closed VBD at IN $ $ 198 CD yesterday NN . . Presumably RB , , UAL NNP is VBZ now RB trading VBG closer JJR to TO its PRP$ value NN based VBN on IN earnings NNS . . By IN contrast NN , , traditional JJ buy-and-hold JJ investors NNS are VBP unlikely JJ to TO generate VB sudden JJ price NN moves NNS . . Scott NNP Black NNP , , a DT value-oriented JJ money NN manager NN who WP heads VBZ Delphi NNP Management NNP Inc. NNP , , points VBZ out RP that IN for IN those DT who WP invest VBP on IN fundamentals NNS , , `` `` the DT value NN of IN a DT stock NN from IN day NN to TO day NN does VBZ n't RB change VB all RB that RB much RB . . '' '' Some DT experts NNS say VBP markets NNS are VBP n't RB as RB volatile JJ as IN widely RB assumed VBN . . Hans NNP Stoll NNP , , finance NN professor NN at IN Vanderbilt NNP University NNP , , says VBZ the DT current JJ volatility NN in IN U.S. NNP markets NNS pales VBZ in IN comparison NN to TO the DT 1930s CD , , decades NNS before IN derivative JJ instruments NNS such JJ as IN options NNS and CC futures NNS were VBD introduced VBN . . `` `` I PRP just RB ca MD n't RB believe VB that IN the DT innovations NNS in IN the DT financial JJ market NN are VBP causing VBG any DT of IN this DT volatility NN , , '' '' he PRP says VBZ . . And CC Robert NNP D. NNP Arnott NNP , , president NN of IN asset NN allocator NN First NNP Quadrant NNP , , notes VBZ that IN before IN Friday NNP 's POS tailspin NN , , daily JJ volatility NN on IN the DT New NNP York NNP Stock NNP Exchange NNP in IN recent JJ weeks NNS had VBD reached VBN `` `` historically RB low JJ levels NNS . . '' '' Some DT people NNS tend VBP to TO ignore VB that IN a DT 50-point JJ move NN is VBZ less JJR in IN percentage NN terms NNS than IN it PRP was VBD when WRB the DT stock NN market NN was VBD lower JJR . . John NNP J. NNP Phelan NNP Jr. NNP , , chairman NN of IN the DT Big NNP Board NNP , , asserts VBZ that IN `` `` 1988 CD and CC 1989 CD have VBP been VBN two CD of IN the DT least JJS volatile JJ years NNS in IN the DT last JJ 30 CD or CC 40 CD years NNS . . '' '' But CC the DT low JJ average NN volatility NN Mr. NNP Phelan NNP is VBZ talking VBG about IN is VBZ n't RB any DT comfort NN in IN a DT period NN of IN rapid JJ stock-market NN moves NNS like IN the DT past NN week NN . . In IN addition NN , , Sanford NNP Grossman NNP , , a DT Wharton NNP School NNP finance NN professor NN , , says VBZ volatile JJ jumps NNS in IN stock NN prices NNS will MD continue VB as RB long RB as IN liquidity NN falls VBZ short RB of IN the DT voracious JJ demands NNS of IN institutions NNS `` `` who WP can MD go VB out IN and CC say VB ` `` I PRP have VBP a DT billion CD dollars NNS of IN stocks NNS to TO sell VB . . ' '' '' '' Some DT people NNS think VBP the DT search NN for IN liquidity NN is VBZ fruitless JJ . . In IN 1936 CD , , John NNP Maynard NNP Keynes NNP wrote VBD that IN `` `` of IN the DT maxims NNS of IN orthodox JJ finance NN none NN , , surely RB , , is VBZ more RBR antisocial JJ than IN the DT fetish NN of IN liquidity NN . . '' '' It PRP leads VBZ investors NNS to TO focus VB on IN short-term JJ price NN movements NNS -- : `` `` a DT game NN of IN musical JJ chairs NNS , , '' '' he PRP called VBD it PRP -- : rather RB than IN on IN long-term JJ fundamental JJ valuation NN . . James NNP A. NNP White NNP contributed VBD to TO this DT article NN . . The DT National NNP Aeronautics NNP and CC Space NNP Administration NNP said VBD a DT computer NN virus NN has VBZ infected VBN one CD of IN its PRP$ networks NNS and CC is VBZ spreading VBG anti-nuclear JJ messages NNS related VBN to TO its PRP$ Galileo NNP space NN probe NN , , which WDT is VBZ to TO be VB launched VBN today NN . . Charles NNP Redmond NNP , , a DT NASA NNP spokesman NN , , said VBD the DT agency NN discovered VBD the DT virus NN on IN Monday NNP on IN the DT collection NN of IN computer NN networks NNS collectively RB called VBN Internet NN and CC expected VBD 100 CD university NN centers NNS to TO be VB infected VBN by IN today NN . . Although IN the DT network NN is VBZ n't RB connected VBN to TO the DT computer NN systems NNS that WDT operate VBP either DT Galileo NNP or CC the DT shuttle NN , , part NN of IN the DT network NN will MD carry VB analyses NNS of IN Galileo NNP data NNS once IN the DT craft NN gets VBZ spaceborn JJ . . Mr. NNP Redmond NNP said VBD the DT intruder NN had VBD n't RB yet RB done VBN any DT harm NN but CC the DT agency NN feared VBD `` `` garbage NN data NNS could MD be VB substituted VBN for IN real JJ data NNS . . '' '' He PRP estimated VBD it PRP could MD take VB a DT day NN for IN a DT computer NN security NN manager NN to TO expunge VB the DT virus NN from IN a DT computer NN system NN . . The DT intruder NN , , among IN the DT broadest JJS yet RB to TO hit VB a DT research NN network NN , , appeared VBD to TO affect VB only JJ Digital NNP Equipment NNP Corp. NNP hardware NN that WDT uses VBZ Digital NNP 's POS VAX\/VMS NNP operating VBG system NN . . It PRP is VBZ unrelated JJ to TO the DT much-publicized JJ virus NN that IN last JJ year NN infected VBD Arpanet NNP , , a DT much RB larger JJR network NN used VBN by IN researchers NNS at IN universities NNS , , laboratories NNS and CC government NN agencies NNS around IN the DT world NN . . In IN the DT lingo NN of IN computer NN security NN , , the DT NASA NNP intruder NN is VBZ technically RB a DT computer NN worm NN , , Mr. NNP Redmond NNP said VBD . . A DT worm NN resides VBZ in IN the DT operating VBG system NN of IN a DT computer NN and CC spreads VBZ by IN boring VBG into IN other JJ computers NNS contacted VBN through IN networks NNS . . The DT Galileo NNP worm NN apparently RB was VBD hatched VBN on IN a DT computer NN in IN France NNP hooked VBD up RP to TO NASA NNP 's POS Space NNP Physics NNP Analysis NNP Network NNP , , Mr. NNP Redmond NNP said VBD . . NASA NNP said VBD the DT Galileo NNP worm NN had VBD n't RB affected VBN its PRP$ computers NNS or CC the DT computers NNS of IN other JJ government NN agencies NNS because IN they PRP had VBD modified VBN their PRP$ systems NNS to TO reject VB worms NNS . . But CC Mr. NNP Redmond NNP said VBD the DT worm NN hit VBD universities NNS that WDT had VBD n't RB elected VBN to TO make VB the DT changes NNS . . Michael NNP Alexander NNP , , a DT senior JJ editor NN at IN Computerworld NNP , , a DT trade NN publication NN , , said VBD he PRP was VBD told VBN that IN the DT worm NN gets VBZ into IN a DT computer NN center NN by IN looking VBG for IN obvious JJ passwords NNS -- : such JJ as IN ones NNS that WDT are VBP the DT same JJ as IN the DT user NN 's POS name NN . . If IN it PRP finds VBZ one CD and CC gets VBZ into IN the DT system NN , , it PRP will MD display VB a DT screen NN when WRB a DT user NN logs VBZ on RP that DT says VBZ , , `` `` Worms NNPS Against NNP Nuclear NNP Killers NNPS ... : . . You PRP talk VBP of IN times NNS of IN peace NN for IN all DT , , and CC then RB prepare VBP for IN war NN . . '' '' In IN addition NN , , Mr. NNP Alexander NNP said VBD , , the DT worm NN sends VBZ strange JJ messages NNS to TO other JJ machines NNS at IN the DT center NN -- : such JJ as IN , , `` `` George NNP Orwell NNP was VBD an DT optimist NN , , '' '' or CC `` `` Do VB n't RB feed VB the DT bats NNS tonight RB . . '' '' The DT worm NN also RB looks VBZ for IN elementary JJ passwords NNS that WDT confer VBP more JJR privileges NNS on IN the DT user NN . . The DT passwords NNS are VBP included VBN in IN the DT system NN software NN when WRB it PRP is VBZ installed VBN but CC are VBP supposed VBN to TO be VB replaced VBN as RB soon RB as IN the DT system NN is VBZ up IN and CC running VBG . . If IN it PRP finds VBZ one CD of IN those DT passwords NNS , , Mr. NNP Alexander NNP said VBD , , the DT worm NN will MD do VB such JJ things NNS as IN change NN users NNS ' POS passwords NNS to TO a DT series NN of IN random JJ numbers NNS , , preventing VBG them PRP from IN signing VBG on RP to TO the DT network NN . . NASA NNP estimated VBD that IN , , on IN Monday NNP , , about IN four CD computer NN centers NNS were VBD affected VBN . . Yesterday NN , , the DT number NN grew VBD to TO 40 CD ; : today NN the DT number NN is VBZ expected VBN to TO grow VB to TO 100 CD . . NASA NNP said VBD it PRP will MD take VB about IN a DT week NN before IN it PRP knows VBZ exactly RB how WRB many JJ centers NNS of IN the DT 6,000 CD connected VBN to TO Internet NNP were VBD affected VBN and CC the DT extent NN of IN the DT damage NN , , if IN any DT . . Anti-nuclear JJ activists NNS have VBP protested VBN the DT launch NN of IN the DT Galileo NNP space NN probe NN to TO Jupiter NNP because IN it PRP uses VBZ plutonium NN to TO generate VB the DT electricity NN needed VBN to TO run VB the DT craft NN . . Activists NNS fear VBP that IN if IN the DT shuttle NN carrying VBG Galileo NNP into IN orbit NN should MD explode VB , , or CC if IN Galileo NNP itself PRP crashes VBZ into IN the DT Earth NN during IN the DT two CD times NNS it PRP flies VBZ close RB to TO the DT planet NN , , fatal JJ levels NNS of IN plutonium NN would MD be VB released VBN into IN the DT atmosphere NN . . So IN far RB Galileo NNP has VBZ been VBN delayed VBN twice RB , , once RB because IN of IN a DT computer NN malfunction NN connected VBN with IN a DT space-shuttle NN engine NN , , and CC yesterday NN because IN of IN the DT weather NN . . NASA NNP said VBD the DT Galileo NNP worm NN had VBD nothing NN to TO do VB with IN either DT delay NN . . Mr. NNP Alexander NNP of IN Computerworld NNP said VBD hackers NNS have VBP gone VBN after IN SPAN NNP before IN . . He PRP said VBD the DT Chaos NNP Computer NNP Club NNP , , of IN West NNP Germany NNP , , once RB managed VBD to TO invade VB SPAN NNP and CC do VB such JJ things NNS as IN change VB the DT value NN of IN pi NN , , messing VBG up RP some DT calculations NNS . . It PRP is VBZ now RB a DT commonplace NN that IN prosecutors NNS are VBP bringing VBG criminal JJ indictments NNS in IN cases NNS where WRB until IN a DT few JJ years NNS ago IN only RB a DT civil JJ action NN at IN most RBS would MD have VB been VBN brought VBN . . Yet CC it PRP is VBZ also RB axiomatic JJ that IN the DT power NN to TO create VB new JJ crimes NNS belongs VBZ only RB to TO the DT legislature NN , , and CC not RB to TO courts NNS . . Beginning VBG in IN the DT early JJ 19th JJ century NN , , with IN U.S. NNP v. CC Hudson NNP and CC Goodwin NNP , , the DT Supreme NNP Court NNP has VBZ repeatedly RB held VBN that IN a DT judicial JJ power NN to TO declare VB conduct NN to TO be VB against IN the DT public JJ interest NN and CC hence RB criminal JJ , , while IN well RB established VBN in IN British JJ law NN , , would MD usurp VB legislative JJ authority NN under IN the DT doctrine NN of IN separation NN of IN powers NNS . . That DT 's VBZ the DT conventional JJ theory NN anyway RB . . In IN practice NN , , however RB , , the DT line NN between IN interpretation NN and CC redefinition NN of IN the DT criminal JJ law NN long RB ago RB began VBD to TO blur VB . . In IN particular JJ , , a DT common JJ law NN of IN white-collar JJ crime NN has VBZ developed VBN with IN surprising JJ rapidity NN over IN the DT past JJ decade NN . . For IN example NN , , although IN insider NN trading NN has VBZ long RB been VBN criminal JJ , , it PRP has VBZ never RB been VBN statutorily RB defined VBN . . In IN 1983 CD , , the DT Supreme NNP Court NNP tried VBD to TO supply VB a DT workable JJ definition NN in IN the DT Dirks NNS v. CC SEC NNP decision NN , , which WDT found VBD that DT liability NN depended VBD on IN whether IN the DT tipper NN had VBD breached VBN his PRP$ fiduciary JJ duty NN to TO the DT corporation NN in IN order NN to TO obtain VB `` `` some DT personal JJ gain NN '' '' and CC whether IN the DT tippee NN knew VBD or CC recklessly RB disregarded VBD this DT fact NN . . Gradually RB , , however RB , , lower JJR courts NNS and CC prosecutors NNS have VBP pushed VBN this DT definition NN to TO its PRP$ breaking NN point NN . . Consider VB the DT facts NNS underlying VBG the DT 1989 CD conviction NN of IN Robert NNP Chestman NNP . . Prior RB to TO a DT tender NN offer NN by IN A&P NNP for IN Waldbaum NNP Inc. NNP in IN 1986 CD , , the DT founder NN of IN the DT Waldbaum NNP 's POS supermarket NN chain NN called VBD an DT elderly JJ relative NN to TO tell VB her PRP to TO assemble VB her PRP$ stock NN certificates NNS for IN delivery NN . . She PRP called VBD her PRP$ daughter NN to TO take VB her PRP to TO the DT bank NN , , who WP , , in IN turn NN , , persuaded VBD her PRP husband NN , , a DT Mr. NNP Loeb NNP , , to TO run VB this DT errand NN . . Hearing VBG of IN this DT information NN , , the DT husband NN discussed VBD it PRP with IN his PRP$ broker NN , , Mr. NNP Chestman NNP , , and CC Mr. NNP Chestman NNP then RB bought VBD for IN his PRP$ own JJ account NN and CC other JJ clients NNS . . Basically RB , , Mr. NNP Chestman NNP was VBD a DT fourth-level JJ tippee NN . . Did VBD Mr. NNP Loeb NNP , , his PRP$ tipper NN , , breach VB a DT fiduciary JJ duty NN ( ( and CC , , if IN so RB , , to TO whom WP ) ) ? . Did VBD Mr. NNP Loeb NNP seek VB personal JJ gain NN ( ( and CC if IN so RB , , how WRB ) ) ? . Or CC did VBD Mr. NNP Chestman NNP only RB hear VB a DT market NN rumor NN ( ( which WDT one NN may MD lawfully RB trade VB upon IN ) ) ? . The DT line NN seems VBZ awfully RB thin JJ for IN criminal-law NN purposes NNS . . A DT second JJ illustration NN is VBZ supplied VBN by IN the DT recent JJ guilty JJ plea NN entered VBN by IN Robert NNP Freeman NNP , , formerly RB head NN of IN arbitrage NN at IN Goldman NNP , , Sachs NNP & CC Co NNP . . Essentially RB , , Mr. NNP Freeman NNP had VBD invested VBN heavily RB in IN the DT Beatrice NNP leveraged JJ buy-out NN , , when WRB he PRP was VBD told VBN by IN another DT prominent JJ trader NN , , Bernard NNP `` `` Bunny NNP '' '' Lasker NNP , , that IN the DT deal NN was VBD in IN trouble NN . . After IN placing VBG orders NNS to TO sell VB , , Mr. NNP Freeman NNP called VBD Martin NNP Siegel NNP , , an DT investment NN banker NN at IN Kidder NNP , , Peabody NNP & CC Co. NNP , , who WP was VBD advising VBG on IN the DT deal NN , , to TO confirm VB these DT rumors NNS . . Mr. NNP Siegel NNP asked VBD Mr. NNP Freeman NNP who WP his PRP$ source NN was VBD and CC , , on IN hearing NN that IN it PRP was VBD Bunny NNP Lasker NNP , , responded VBD : : `` `` Well UH , , your PRP$ bunny NN has VBZ a DT good JJ nose NN . . '' '' The DT illegal JJ `` `` tip NN '' '' of IN the DT bunny NN 's POS good JJ nose NN was VBD then RB largely RB a DT confirmation NN of IN rumors NNS already RB known VBN to TO many JJ in IN the DT market NN . . Had VBD the DT case NN gone VBN to TO trial NN the DT same JJ issues NNS would MD have VB surfaced VBN : : Was VBD there RB a DT fiduciary JJ breach NN in IN order NN to TO obtain VB personal JJ gain NN ? . Did VBD Mr. NNP Freeman NNP have VB notice VB of IN this DT ? . Finally RB , , was VBD the DT information NN material NN ? . Yet RB , , all PDT these DT issues NNS are VBP subsidiary JJ to TO a DT more JJR central JJ issue NN : : Who WP is VBZ and CC who WP should MD be VB making VBG the DT criminal JJ law NN here RB ? . It PRP is VBZ not RB my PRP$ contention NN that IN either DT Mr. NNP Chestman NNP or CC Mr. NNP Freeman NNP was VBD an DT innocent JJ victim NN of IN prosecutorial JJ overzealousness NN . . Arguably RB , , both DT were VBD on IN notice NN that IN their PRP$ behavior NN was VBD at IN least JJS risky JJ . . But CC even RB if IN they PRP behaved VBD recklessly RB , , reasons NNS still RB exist VBP to TO fear VB and CC resist VB this DT steady JJ process NN of IN case-by-case JJ judicial JJ extension NN of IN the DT law NN of IN insider NN trading NN . . Courts NNS and CC legislatures NNS make VBP decisions NNS in IN very JJ different JJ ways NNS and CC are VBP each DT susceptible JJ to TO very RB different JJ kinds NNS of IN errors NNS . . After-the-fact JJ judicial JJ examination NN of IN an DT actor NN 's POS conduct NN has VBZ always RB been VBN the DT common JJ law NN 's POS method NN . . When WRB only RB civil JJ liability NN is VBZ involved VBN , , this DT method NN has VBZ the DT undeniable JJ strengths NNS of IN factual JJ specificity NN and CC avoidance NN of IN overgeneralization NN . . Still RB , , case-by-case JJ retrospective NN decision NN making NN of IN this DT sort NN is VBZ vulnerable JJ to TO the DT tunnel NN vision NN caused VBN by IN a DT fixation NN on IN ad FW hoc FW ( ( and CC usually RB sleazy JJ ) ) examples NNS . . When WRB a DT court NN decides VBZ that IN a DT particular JJ actor NN 's POS conduct NN was VBD culpable JJ and CC so RB extends VBZ the DT definition NN of IN insider NN trading NN to TO reach VB this DT conduct NN , , it PRP does VBZ not RB see VB the DT potentially RB enormous JJ number NN of IN other JJ cases NNS that WDT will MD be VB covered VBN by IN the DT expanded VBN rule NN . . Thus RB , , a DT court NN is VBZ poorly RB positioned VBN to TO make VB judgments NNS about IN the DT social JJ utility NN of IN the DT expanded VBN rule NN . . For IN example NN , , in IN focusing VBG on IN Mr. NNP Freeman NNP 's POS attempt NN to TO gain VB nonpublic JJ information NN about IN a DT deal NN 's POS collapse NN , , one NN does VBZ not RB naturally RB think VB about IN the DT reverse JJ side NN of IN the DT coin NN : : What WP if IN the DT rumor NN had VBD been VBN false JJ ? . Can MD a DT security NN analyst NN call VB an DT investment NN banker NN to TO make VB certain JJ that IN a DT seemingly RB improbable JJ rumor NN is VBZ in IN fact NN false JJ ? . In IN the DT past NN , , not RB only RB would MD reputable JJ professionals NNS have VBP rushed VBN to TO check VB out RP such JJ rumors NNS with IN the DT company NN , , but CC companies NNS listed VBN on IN the DT major JJ stock NN exchanges NNS were VBD encouraged VBN by IN the DT exchanges NNS to TO respond VB openly RB to TO such JJ inquiries NNS from IN securities NNS analysts NNS . . Today NN , , after IN Mr. NNP Freeman NNP 's POS plea NN , , there EX is VBZ an DT uncertainty NN that WDT is VBZ both DT unfair JJ and CC inefficient JJ . . In IN this DT light NN , , the DT comparative JJ advantages NNS of IN legislative JJ law-making NNS become VBP clear JJ : : ( ( 1 LS ) ) Before IN it PRP acts VBZ , , the DT legislature NN typically RB will MD hear VB the DT views NNS of IN representatives NNS of IN all PDT those DT affected VBN by IN its PRP$ decision NN , , not RB just RB the DT immediate JJ parties NNS before IN the DT court NN ; : and CC ( ( 2 LS ) ) the DT legislature NN can MD frame VB `` `` bright JJ line NN '' '' standards NNS that WDT create VBP less JJR uncertainty NN than IN the DT fact-bound JJ decisions NNS of IN courts NNS . . Although IN legislative JJ lines NNS can MD result VB in IN under-inclusion NN ( ( which WDT explains VBZ why WRB the DT SEC NNP has VBZ long RB resisted VBN a DT legislative JJ definition NN of IN insider NN trading NN ) ) , , judicial JJ lawmaking NN inevitably RB creates VBZ uncertainty NN because IN of IN the DT shadowy JJ outer JJ edges NNS and CC implications NNS of IN most JJS judicial JJ decisions NNS . . At IN least JJS when WRB the DT stakes NNS are VBP high JJ , , uncertainty NN in IN turn NN results VBZ in IN overinclusion NN , , as IN individuals NNS do VBP not RB dare VB to TO approach VB an DT uncertain JJ line NN closely RB . . The DT federal JJ mail NN and CC wire NN fraud NN statutes NNS provide VBP even RB better JJR illustrations NNS of IN the DT rapid JJ evolution NN of IN a DT federal JJ common JJ law NN of IN white-collar JJ crime NN . . In IN 1987 CD , , the DT Supreme NNP Court NNP attempted VBD in IN McNally RB v. CC U.S. NNP to TO halt VB the DT inexorable JJ expansion NN of IN these DT statutes NNS by IN adopting VBG a DT rule NN of IN strict JJ construction NN for IN ambiguous JJ criminal JJ statues NNS . . Yet RB , , late JJ last JJ year NN , , Congress NNP effectively RB reversed VBD this DT decision NN by IN enacting VBG a DT one-sentence JJ statute NN that WDT defined VBD fraud NN to TO include VB any DT scheme NN to TO deprive VB another DT of IN `` `` the DT intangible JJ right NN of IN honest JJ services NNS . . '' '' At IN a DT stroke NN , , this DT may MD criminalize VB all DT fiduciary JJ breaches NNS ( ( and CC possibly RB all DT misrepresentations NNS by IN an DT agent NN or CC employee NN ) ) . . Such PDT a DT statute NN illustrates VBZ the DT fundamental JJ problem NN : : Congress NNP finds VBZ it PRP is VBZ easier JJR to TO pass VB sweepingly RB moralistic JJ prohibitions NNS , , which WDT the DT courts NNS must MD thereafter RB interpret VB , , than IN to TO engage VB in IN the DT difficult JJ line-drawing JJ distinctions NNS that WDT are VBP inherently RB its PRP$ responsibility NN . . We PRP are VBP confronted VBN less RBR with IN a DT judicial JJ power NN grab NN than IN with IN a DT legislative JJ giveaway NN . . Predictably RB , , when WRB confronted VBN with IN morally RB dubious JJ behavior NN , , prosecutors NNS will MD exploit VB the DT latitude NN such JJ openended VBN statutes NNS give VBP them PRP . . Over IN the DT long JJ run NN , , however RB , , sleazy JJ cases NNS will MD make VB bad JJ law NN . . Mr. NNP Coffee NNP is VBZ a DT professor NN at IN Columbia NNP Law NNP School NNP . . Corning NNP Inc. NNP posted VBD a DT 38 CD % NN decline NN in IN third-quarter NN net JJ income NN to TO $ $ 76.5 CD million CD , , or CC 80 CD cents NNS a DT share NN , , from IN $ $ 123.9 CD million CD , , or CC $ $ 1.37 CD a DT share NN , , a DT year NN earlier RBR . . The DT year-earlier JJ figure NN included VBD a DT one-time JJ gain NN of IN $ $ 59.9 CD million CD from IN the DT sale NN of IN Corning NNP 's POS stakes NNS in IN Japanese JJ businesses NNS . . Without IN the DT gain NN , , operating VBG profit NN was VBD $ $ 64 CD million CD , , or CC 71 CD cents NNS a DT share NN . . The DT telecommunications NNS , , specialty NN glass NN , , ceramic JJ products NNS and CC laboratory-services JJ concern NN said VBD the DT latest JJS quarter NN included VBD a DT tax-loss NN carry-forward NN of IN $ $ 600,000 CD . . A DT year NN earlier RBR , , net NN included VBD a DT $ $ 700,000 CD taxlow NN carry-forward NN . . Sales NNS rose VBD 14 CD % NN to TO $ $ 715 CD million CD from IN $ $ 625.4 CD million CD . . Corning NNP 's POS chairman NN and CC chief NN executive NN officer NN , , James NNP R. NNP Houghton NNP , , said VBD operating VBG performance NN continued VBD to TO be VB strong JJ in IN the DT telecommunications NNS and CC health NN and CC science NN segments NNS . . But CC the DT specialty-material JJ segment NN slowed VBD somewhat RB and CC consumer NN products NNS continued VBD below IN expectations NNS . . As IN for IN joint JJ ventures NNS , , Mr. NNP Houghton NNP said VBD profit NN was VBD `` `` essentially RB flat JJ '' '' due JJ primarily RB to TO a DT slow JJ recovery NN at IN Samsung-Corning NNP Co. NNP in IN Korea NNP following VBG a DT strike NN at IN a DT major JJ customer NN and CC the DT disruption NN of IN shipments NNS to TO China NNP . . Also RB , , profit NN was VBD hurt VBN by IN the DT strength NN of IN the DT dollar NN overseas NN which WDT negatively RB affected VBD the DT company NN 's POS currency-exchange JJ rate NN . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , Corning NNP closed VBD at IN $ $ 38.50 CD , , down IN 75 CD cents NNS . . UAL NNP , , the DT hair-trigger JJ stock NN that WDT exploded VBD Friday NNP 's POS market NN bombshell NN , , briefly NN traumatized VBD traders NNS again RB yesterday NN . . Within IN 10 CD minutes NNS after IN an DT 11:13 CD a.m. NN trading NN halt NN in IN UAL NNP , , parent NN of IN United NNP Airlines NNPS , , the DT Dow NNP Jones NNP Industrial NNP Average NNP plunged VBD nearly RB 27 CD points NNS to TO a DT 60.25-point JJ deficit NN . . Computer-guided JJ buying NN then RB kicked VBD in IN , , and CC the DT industrials NNS regained VBD 27 CD points NNS in IN five CD minutes NNS . . The DT lightning NN moves NNS show VBP that IN the DT stock NN market NN remains VBZ fragile JJ and CC volatile JJ -- : ready JJ to TO jump VB at IN the DT slightest JJS rumor NN -- : a DT few JJ days NNS after IN its PRP$ shocking JJ 190.58-point JJ plunge NN . . Nervous JJ investors NNS continued VBD to TO limit VB their PRP$ buying NN to TO blue-chip JJ stocks NNS while IN dumping VBG takeover-related JJ issues NNS . . The DT industrial JJ average NN closed VBD down RB 18.65 CD , , to TO 2638.73 CD . . New NNP York NNP Stock NNP Exchange NNP volume NN was VBD a DT heavy JJ 224,070,000 CD shares NNS . . Decliners NNS on IN the DT Big NNP Board NNP outnumbered VBD advancers NNS , , 931 CD to TO 658 CD . . UAL NNP was VBD watched VBN closely RB and CC traded VBD heavily RB . . The DT stock NN tumbled VBD 24 CD 7\/8 CD to TO 198 CD on IN volume NN of IN 2.8 CD million CD shares NNS . . The DT market NN is VBZ still RB very RB touchy JJ about IN rumors NNS and CC news NN on IN pending VBG takeovers NNS . . UAL NNP , , which WDT is VBZ trying VBG to TO reconstruct VB a DT buy-out NN bid NN that IN banks NNS would MD n't RB finance VB , , represents VBZ the DT future NN of IN one CD of IN the DT most RBS powerful JJ ingredients NNS in IN the DT bull NN market NN - : corporate JJ restructuring NN . . An DT important JJ element NN of IN this DT phenomenon NN -- : the DT now-shaky JJ market NN for IN junk NN bonds NNS , , used VBN often RB to TO finance VB restructurings NNS and CC takeovers NNS -- : continued VBD to TO cast VB a DT pall NN over IN stocks NNS . . `` `` It PRP was VBD a DT very RB nervous JJ day NN , , '' '' said VBD John NNP Geary NNP , , partner NN of IN the DT Big NNP Board NNP specialist NN firm NN Ziebarth NNP , , Geary NNP . . The DT volatility NN wo MD n't RB end VB soon RB . . This DT Friday NNP brings VBZ the DT `` `` double JJ witching NN hour NN , , '' '' Wall NNP Street NNP 's POS nickname NN for IN the DT monthly JJ simultaneous JJ expiration NN of IN a DT variety NN of IN stock NN index NN futures NNS , , index NN options NNS and CC options NNS on IN individual JJ stocks NNS . . Traders NNS are VBP already RB buckling VBG their PRP$ seat NN belts NNS . . Previous JJ monthly JJ expirations NNS of IN the DT Major NNP Market NNP Index NNP futures NNS and CC Standard NNP & CC Poor NNP 's POS 100-stock JJ index NN options NNS have VBP produced VBN spectacular JJ volatility NN . . `` `` We PRP are VBP in IN one CD of IN those DT phases NNS where WRB you PRP are VBP going VBG to TO get VB a DT lot NN of IN volatile JJ expiration NN action NN , , '' '' said VBD Donald NNP Selkin NNP , , head NN of IN stock-index JJ research NN at IN Prudential-Bache NNP Securities NNPS . . Investors NNS were VBD buying VBG yesterday NN , , but CC they PRP were VBD running VBG scared VBN to TO premier JJ blue JJ chips NNS such JJ as IN Procter NNP & CC Gamble NNP , , which WDT jumped VBD 3 CD 3\/8 CD to TO 127 CD . . Investors NNS `` `` are VBP buying VBG stocks NNS that WDT have VBP predictable JJ earnings NNS , , '' '' said VBD Edward NNP J. NNP Laux NNP , , head NN of IN block NN trading NN at IN Kidder NNP Peabody NNP . . Along IN the DT way NN , , investors NNS dumped VBD takeover NN stocks NNS and CC shares NNS of IN banks NNS that WDT have VBP leveraged-buy-out JJ debt NN and CC risky JJ real JJ estate NN loans NNS on IN their PRP$ books NNS . . `` `` These DT loans NNS are VBP more JJR of IN a DT focus NN than IN lesser-developed-country JJ debt NN now RB , , '' '' said VBD William NNP Bee NNP , , senior JJ block NN trader NN at IN Prudential-Bache NNP Securities NNPS . . Chase NNP Manhattan NNP , , which WDT sold VBD 14 CD million CD additional JJ shares NNS at IN 40 CD 1\/8 CD Monday NNP through IN an DT underwriting VBG group NN led VBN by IN Goldman NNP Sachs NNP , , closed VBN down RB 1\/8 CD to TO 40 CD . . Citicorp NNP fell VBD 1\/2 CD to TO 32 CD , , and CC Manufacturers NNPS Hanover NNP slipped VBD 3\/8 CD to TO 40 CD 1\/4 CD . . Chase NNP and CC Citicorp NNP 's POS Citibank NNP are VBP involved VBN in IN the DT UAL NNP buy-out NN financing NN . . Both DT Citicorp NNP and CC Manufacturers NNPS Hanover NNP reported VBD earnings NNS yesterday NN . . In IN the DT first JJ hour NN of IN trading NN , , about IN one CD million CD shares NNS a DT minute NN changed VBD hands NNS on IN the DT Big NNP Board NNP as IN big JJ stock-index JJ arbitrage NN sell NN programs NNS pushed VBD prices NNS lower JJR . . ( ( In IN stock-index JJ arbitrage NN , , traders NNS buy VBP or CC sell VBP big JJ baskets NNS of IN stocks NNS against IN offsetting VBG positions NNS in IN futures NNS . . ) ) Traders NNS said VBD many JJ of IN the DT sell NN programs NNS are VBP positions NNS being VBG established VBN ahead RB of IN this DT Friday NNP 's POS expiration NN . . Aside RB from IN computer-guided JJ selling NN , , airline NN stocks NNS took VBD a DT beating NN as RB well RB . . The DT Dow NNP Jones NNP Transportation NNP Average NNP fell VBD 49.96 CD to TO close VB at IN 1254.27 CD . . AMR NNP , , the DT parent NN of IN American NNP Airlines NNPS , , continued VBD to TO retreat VB in IN the DT wake NN of IN New NNP York NNP developer NN Donald NNP Trump NNP 's POS decision NN to TO withdraw VB his PRP$ $ $ 120-a-share JJ takeover NN bid NN . . The DT stock NN fell VBD 3 CD 1\/4 CD to TO 73 CD 1\/4 CD on IN 3.4 CD million CD shares NNS . . Delta NNP Air NNP Lines NNPS fell VBD 1 CD 7\/8 CD to TO 67 CD 7\/8 CD , , USAir NNP Group NNP dropped VBD 3\/4 CD to TO 40 CD 1\/4 CD , , Southwest NNP Airlines NNPS dipped VBD 1\/2 CD to TO 25 CD and CC Alaska NNP Air NNP Group NNP slid VBD 3\/8 CD to TO 24 CD 1\/4 CD . . But CC Texas NNP Air NNP , , the DT owner NN of IN Continental NNP and CC Eastern NNP airlines NNS , , bucked VBD the DT group NN 's POS decline NN by IN rising VBG 7\/8 CD to TO 14 CD 5\/8 CD in IN American NNP Stock NNP Exchange NNP trading NN . . Eastern NNP said VBD it PRP is VBZ ahead RB of IN schedule NN in IN resuming VBG its PRP$ operations NNS after IN filing VBG earlier RBR this DT year NN for IN Chapter NN 11 CD bankruptcy NN protection NN , , from IN which WDT it PRP expects VBZ to TO emerge VB early JJ next JJ year NN . . Philip NNP Morris NNP , , the DT most RBS active JJ Big NNP Board NNP issue NN for IN the DT second JJ consecutive JJ session NN , , was VBD unchanged JJ at IN 43 CD 1\/4 CD on IN 3.9 CD million CD shares NNS . . Other JJ blue-chip JJ consumer NN issues NNS also RB fared VBD relatively RB well RB : : PepsiCo NNP rose VBD 1 CD 3\/8 CD to TO 58 CD 1\/2 CD ; : Coca-Cola NNP Co. NNP was VBD unchanged JJ at IN 66 CD 3\/4 CD ; : McDonald NNP 's POS also RB closed VBD unchanged JJ at IN 30 CD 1\/2 CD , , and CC Merck NNP rose VBD 1\/2 CD to TO 75 CD 1\/4 CD . . Broader JJR averages NNS also RB fell VBD . . Standard NNP & CC Poor NNP 's POS 500-stock JJ index NN fell VBD 1.69 CD to TO 341.16 CD , , and CC the DT New NNP York NNP Stock NNP Exchange NNP Composite NNP Index NNP fell VBD 0.88 CD to TO 188.89 CD . . Among IN the DT takeover-related JJ stocks NNS that WDT sold VBD off IN yesterday NN were VBD Disney NNP , , which WDT closed VBD down RB 2 CD 1\/8 CD to TO 121 CD 1\/4 CD . . Philips NNP Industries NNPS tumbled VBD 3\/8 CD to TO 22 CD 7\/8 CD ; : Hilton NNP Hotels NNPS fell VBD 2 CD 1\/2 CD to TO 92 CD and CC Holiday NNP Corp. NNP fell VBD 2 CD 1\/8 CD to TO 69 CD 7\/8 CD . . Among IN other JJ blue JJ chips NNS , , Exxon NNP gained VBD 1\/8 CD to TO 45 CD 1\/2 CD . . International NNP Paper NNP fell VBD 1 CD 3\/8 CD to TO 51 CD 1\/2 CD , , Union NNP Carbide NNP eased VBD 7\/8 CD to TO 25 CD , , Chevron NNP gained VBD 1\/8 CD to TO 64 CD , , and CC Eastman NNP Kodak NNP closed VBD down RB 3\/4 CD to TO 44 CD 1\/4 CD . . The DT only JJ industry NN group NN to TO show VB a DT gain NN from IN the DT industrial JJ average NN 's POS record NN high JJ on IN Oct. NNP 9 CD is VBZ restaurants NNS . . Among IN the DT three CD worst-performing JJ groups NNS , , with IN declines NNS of IN 10 CD % NN to TO 20 CD % NN , , are VBP airlines NNS , , casinos NNS and CC securities NNS brokers NNS . . Trading NN also RB was VBD heavy JJ in IN the DT over-the-counter JJ market NN . . The DT Nasdaq NNP composite JJ index NN closed VBD down RB 1.05 CD to TO 459.93 CD on IN volume NN of IN 161.5 CD million CD shares NNS . . `` `` The DT environment NN is VBZ a DT lot NN more RBR trading-oriented JJ , , '' '' said VBD Gary NNP Rosenbach NNP , , manager NN of IN equity NN trading NN at IN the DT OTC NNP stock NN firm NN Needham NNP & CC Co. NNP in IN New NNP York NNP . . `` `` Because IN there EX is VBZ a DT lot RB more JJR volatility NN now RB , , if IN guys NNS see VBP that IN they PRP can MD make VB a DT quick JJ 10 CD % NN or CC 15 CD % NN profit NN , , they PRP 'll MD take VB it PRP . . '' '' Compaq NNP Computer NNP gained VBD 2 CD 1\/8 CD to TO 103 CD 3\/4 CD on IN two CD million CD shares NNS , , reflecting VBG market NN optimism NN about IN the DT prospects NNS for IN its PRP$ newly RB introduced VBN notebook-sized JJ computer NN . . B.F. NNP Goodrich NNP dropped VBD 1 CD 3\/8 CD to TO 49 CD 1\/8 CD . . The DT company NN 's POS third-quarter NN earnings NNS were VBD below IN both DT analysts NNS ' POS forecasts NNS and CC the DT year-earlier JJ level NN . . Blue NNP Arrow NNP added VBD 1\/2 CD to TO 17 CD 1\/4 CD . . The DT British JJ company NN plans VBZ to TO change VB its PRP$ name NN to TO Manpower NNP , , the DT name NN of IN its PRP$ U.S. NNP unit NN , , and CC write VB off RP part NN of IN nearly RB $ $ 1.2 CD billion CD in IN good JJ will NN as IN a DT possible JJ prelude NN to TO reincorporating VBG in IN the DT U.S. NNP . . Dravo NNP rose VBD 5\/8 CD to TO 16 CD 1\/8 CD . . Shearson NNP Lehman NNP Hutton NNP began VBD its PRP$ coverage NN of IN the DT company NN with IN favorable JJ ratings NNS . . Intertan NNP jumped VBD 2 CD 1\/4 CD to TO 56 CD 7\/8 CD . . The DT company NN reported VBD that IN earnings NNS from IN operations NNS for IN the DT September NNP quarter NN were VBD up IN about IN 25 CD % NN from IN a DT year NN earlier RBR . . Bay NNP Financial NNP , , which WDT said VBD it PRP may MD be VB forced VBN to TO file VB under IN Chapter NN 11 CD if IN it PRP ca MD n't RB reach VB an DT agreement NN with IN its PRP$ lenders NNS to TO relieve VB its PRP$ debt NN burden NN , , plunged VBD 1 CD 3\/8 CD to TO 2 CD 1\/8 CD . . The DT Amex NNP Market NNP Value NNP Index NNP fell VBD 1.25 CD to TO 375.16 CD . . Volume NN totaled VBD 16,800,000 CD shares NNS . . Among IN active JJ Amex NNP issues NNS , , the DT American NNP depositary NN receipts NNS of IN B.A.T NNP Industries NNPS fell VBD 1\/4 CD to TO 11 CD 3\/4 CD on IN turnover NN of IN 885,800 CD . . Investment NN bankers NNS and CC retailers NNS said VBD the DT turmoil NN on IN Wall NNP Street NNP may MD benefit VB managers NNS who WP plan VBP to TO bid VB for IN U.S. NNP retailing NN units NNS of IN the DT British JJ firm NN because IN takeover NN prices NNS may MD not RB be VB as RB high JJ as IN before IN the DT recent JJ correction NN . . Fruit NNP of IN the DT Loom NNP slipped VBD 1\/8 CD to TO 12 CD 3\/8 CD on IN 501,200 CD shares NNS . . DWG NNP Corp. NNP jumped VBD 1 CD 1\/4 CD to TO 15 CD on IN 454,100 CD shares NNS . . Carnival NNP Cruise NNP Lines NNPS Class NNP A NNP dropped VBD 1 CD to TO 21 CD 1\/8 CD on IN 331,400 CD shares NNS . . Amex NNP issues NNS with IN big JJ percentage NN price NN gains NNS included VBD two CD Eastern NNP Air NNP Lines NNPS preferred VBN stocks NNS , , reacting VBG to TO the DT news NN about IN improved VBN recovery NN in IN flight NN schedules NNS after IN the DT company NN filed VBD for IN bankruptcy NN protection NN . . Eastern NNP 's POS Class NNP F NNP preferred VBN rose VBD 12 CD % NN , , or CC 1 CD 1\/4 CD , , to TO 11 CD 3\/4 CD ; : the DT Class NNP E NNP preferred VBN gained VBD 7 CD % NN , , or CC 5\/8 CD , , to TO 10 CD 1\/4 CD . . The DT biggest JJS percentage NN gainer NN on IN the DT Amex NNP was VBD Enviropact NNP , , which WDT jumped VBD 23 CD % NN , , or CC 5\/8 CD , , to TO 3 CD 3\/8 CD on IN volume NN of IN 29,000 CD shares NNS . . On IN Monday NNP , , the DT company NN , , a DT provider NN of IN environmental JJ consulting VBG services NNS , , reported VBD a DT wider JJR fiscal JJ fourth-quarter NN loss NN and CC predicted VBD a DT loss NN for IN its PRP$ fiscal JJ 1990 CD first JJ quarter NN , , but CC said VBD a DT profit NN is VBZ expected VBN for IN all DT of IN fiscal JJ 1990 CD . . But CC its PRP$ auditor NN , , Ernst NNP & CC Young NNP , , said VBD Enviropact NNP 's POS financial JJ situation NN raises VBZ `` `` substantial JJ doubt NN about IN its PRP$ ability NN to TO continue VB as IN a DT going VBG concern NN . . '' '' Mission NNP Resource NNP Partners NNPS advanced VBD 8 CD % NN , , or CC 1 CD 3\/8 CD , , to TO 18 CD 7\/8 CD . . Sonja NNP Steptoe NNP and CC David NNP Wilson NNP contributed VBD to TO this DT article NN . . ONE CD LIBERTY NNP PROPERTIES NNPS Inc. NNP declared VBD a DT dividend NN of IN 40 CD cents NNS a DT share NN on IN its PRP$ $ $ 16.50 CD cumulative JJ convertible JJ preferred VBN stock NN , , payable JJ Jan. NNP 2 CD to TO stock NN of IN record NN Dec. NNP 8 CD . . But CC directors NNS of IN the DT Great NNP Neck NNP , , N.Y. NNP , , real JJ estate NN investment NN trust NN did VBD n't RB act VB on IN the DT common JJ stock NN dividend NN . . And CC they PRP wo MD n't RB consider VB such PDT a DT dividend NN , , the DT trust NN added VBD , , before IN results NNS are VBP available JJ for IN the DT first JJ quarter NN of IN 1990 CD . . In IN part NN , , the DT trust NN cited VBD the DT need NN to TO retain VB cash NN for IN possible JJ acquisitions NNS . . According VBG to TO a DT spokesman NN , , One CD Liberty NNP will MD have VB paid VBN out RP as IN dividends NNS the DT required VBN amount NN of IN its PRP$ taxable JJ income NN to TO maintain VB its PRP$ legal JJ status NN as IN a DT real JJ estate NN investment NN trust NN . . Banks NNS are VBP continuing VBG to TO go VB after IN individual JJ investors NNS , , despite IN falling VBG interest NN rates NNS . . Yields NNS on IN small-denomination NN certificates NNS of IN deposit NN fell VBD at IN about IN half PDT the DT rate NN of IN so-called JJ jumbo JJ CDs NNS this DT week NN , , according VBG to TO Banxquote NNP Money NNP Markets NNPS , , an DT information NN service NN based VBN here RB . . Investors NNS can MD get VB slightly RB higher JJR yields NNS on IN deposits NNS below IN $ $ 50,000 CD than IN they PRP can MD on IN deposits NNS of IN $ $ 90,000 CD and CC up IN . . `` `` Banks NNS want VBP to TO remain VB competitive JJ , , '' '' said VBD Norberto NNP Mehl NNP , , chairman NN of IN Banxquote NNP . . `` `` October NNP is VBZ a DT big JJ rollover NN month NN and CC perhaps RB they PRP anticipate VBP greater JJR demand NN ... : among IN people NNS leaving VBG the DT stock NN market NN . . '' '' Some DT bankers NNS are VBP reporting VBG more JJR inquiries NNS than IN usual JJ about IN CDs NNS since IN Friday NNP . . `` `` Reports NNS from IN branches NNS are VBP that IN there EX has VBZ been VBN greater JJR interest NN in IN the DT last JJ day NN or CC so RB , , '' '' said VBD Steven NNP Braitman NNP , , a DT vice NN president NN at IN Chemical NNP Bank NNP in IN New NNP York NNP . . Chemical NNP said VBD deposits NNS Monday NNP were VBD about IN $ $ 5 CD million CD higher JJR than IN usual JJ and CC it PRP expects VBZ more JJR activity NN as IN investors NNS receive VBP the DT proceeds NNS from IN sales NNS of IN stock NN . . `` `` This DT is VBZ no DT time NN to TO be VB playing VBG in IN the DT street NN ... : the DT Dow NNP has VBZ more JJR ups NNS and CC downs NNS than IN an DT elevator NN , , '' '' proclaimed VBD an DT advertisement NN Monday NNP in IN New NNP York NNP newspapers NNS , , touting VBG Lincoln NNP Savings NNP Bank NNP 's POS one-year JJ CD NN . . Harold NNP Jones NNP , , Lincoln NNP 's POS chief NN retail JJ banking NN officer NN , , said VBD there EX has VBZ n't RB yet RB been VBN `` `` a DT discernible JJ response NN , , '' '' although IN the DT ad NN included VBD a DT coupon NN that WDT could MD arrive VB later RB in IN the DT week NN . . Friday NNP 's POS market NN rout NN came VBD smack RB in IN the DT middle NN of IN the DT heaviest JJS month NN for IN CD NN rollovers NNS , , when WRB a DT number NN of IN banks NNS and CC thrifts NNS already RB have VBP promotions NNS under IN way NN . . First NNP National NNP Bank NNP of IN Boston NNP , , for IN example NN , , is VBZ offering VBG certain JJ new JJ depositors NNS an DT extra JJ quarter NN of IN a DT percentage NN point NN on IN six-month JJ and CC 12-month JJ CDs NNS . . Some DT banks NNS actually RB boosted VBD yields NNS on IN the DT shortest JJS term NN CDs NNS in IN the DT latest JJS week NN . . New NNP York NNP 's POS Citibank NNP , , for IN instance NN , , increased VBD the DT yield NN on IN small-denomination NN three-month JJ CDs NNS to TO 8 CD % NN from IN 7.9 CD % NN . . On IN average NN , , however RB , , three-month JJ CDs NNS at IN major JJ banks NNS are VBP yielding VBG a DT tenth JJ of IN a DT percentage NN point NN less JJR than IN they PRP were VBD a DT week NN ago IN . . Average JJ yields NNS on IN CDs NNS aimed VBD at IN individual JJ investors NNS fell VBD less JJR than IN half DT as RB much JJ as IN yields NNS on IN Treasury NN bills NNS sold VBN at IN Monday NNP 's POS auction NN . . Six-month JJ CDs NNS of IN $ $ 50,000 CD and CC less RBR yielded VBD an DT average JJ 8.02 CD % NN in IN the DT week NN ended VBD Tuesday NNP , , down IN from IN 8.10 CD % NN , , according VBG to TO Banxquote NNP . . The DT yield NN on IN six-month JJ T-bills NNS fell VBD to TO 7.82 CD % NN on IN Monday NNP , , from IN 8.01 CD % NN the DT week NN before IN . . Meanwhile RB , , the DT average JJ yield NN on IN six-month JJ CDs NNS of IN more RBR than IN $ $ 90,000 CD fell VBD to TO 7.93 CD % NN in IN the DT latest JJS week NN , , according VBG to TO Banxquote NNP , , from IN 8.10 CD % NN the DT week NN before IN . . Mr. NNP Mehl NNP noted VBD that IN actual JJ rates NNS are VBP almost RB identical JJ on IN small JJ and CC large-denomination NN CDs NNS , , but CC yields NNS on IN CDs NNS aimed VBD at IN the DT individual JJ investor NN are VBP boosted VBN by IN more RBR frequent JJ compounding NN . . CDs NNS sold VBD by IN major JJ brokerage NN houses NNS , , which WDT like IN jumbo JJ CDs NNS tend VBP to TO closely RB follow VB interest NN rate NN trends NNS , , also RB posted VBN larger JJR drops NNS in IN yields NNS . . A DT six-month JJ , , broker-sold JJ CD NN , , for IN example NN , , was VBD yielding VBG an DT average JJ 8.09 CD % NN in IN the DT latest JJS week NN , , a DT fifth JJ of IN a DT percentage NN point NN lower JJR than IN the DT week NN before IN . . In IN late JJ April NNP , , when WRB interest NN rates NNS were VBD at IN their PRP$ recent JJ highs NNS , , short-term NNP CDs NNS sold VBN by IN brokers NNS were VBD offering VBG yields NNS half PDT a DT percentage NN point NN or CC more RBR higher JJR than IN banks NNS . . CD NN yields NNS are VBP generally RB expected VBN to TO fall VB further RB in IN coming VBG weeks NNS . . `` `` What WP happened VBD in IN the DT stock NN market NN and CC the DT bigger JJR trade NN deficit NN '' '' reported VBN yesterday NN `` `` make VBP it PRP unlikely JJ that IN short-term JJ interest NN rates NNS will MD rise VB '' '' any DT time NN soon RB , , said VBD Mr. NNP Mehl NNP of IN Banxquote NNP . . `` `` Even RB before IN the DT market NN drop NN , , rates NNS were VBD down IN about IN half PDT a DT percentage NN point NN , , '' '' said VBD Robert NNP J. NNP Hutchinson NNP , , senior JJ vice NN president NN for IN retail JJ marketing NN at IN Manufacturers NNPS Hanover NNP Trust NNP Co. NNP in IN New NNP York NNP . . `` `` That DT puts VBZ pressure NN on IN CD NN rates NNS . . Conservatives NNS have VBP an DT important JJ decision NN to TO make VB this DT fall NN . . At IN the DT recent JJ meetings NNS of IN the DT World NNP Bank NNP and CC International NNP Monetary NNP Fund NNP , , the DT Bush NNP administration NN announced VBD its PRP$ intention NN to TO decide VB by IN yearend NN the DT size NN of IN the DT next JJ increase NN in IN the DT IMF NNP 's POS capital NN base NN . . While IN the DT U.S. NNP share NN of IN the DT increase NN probably RB will MD not RB reach VB the DT $ $ 12 CD billion CD or CC more RBR implicit JJ in IN the DT IMF NNP 's POS request NN for IN a DT doubling NN of IN its PRP$ $ $ 90 CD billion CD capital NN , , the DT administration NN probably RB will MD agree VB to TO a DT multibillion-dollar JJ increase NN . . This DT would MD be VB consistent JJ with IN its PRP$ unwavering VBG support NN for IN the DT Brady NNP Plan NNP and CC G-7 NNP exchange-rate JJ intervention NN , , and CC with IN its PRP$ financial JJ commitment NN to TO Mexico NNP , , Poland NNP and CC others NNS . . The DT IMF NNP has VBZ several JJ reasons NNS for IN requesting VBG the DT increase NN . . Its PRP$ role NN in IN the DT economies NNS of IN developing VBG countries NNS has VBZ grown VBN steadily RB since IN the DT 1970s CD . . The DT size NN and CC pace NN of IN disbursements NNS will MD accelerate VB further RB under IN the DT Brady NNP Plan NNP , , which WDT promises VBZ larger JJR and CC earlier JJR disbursements NNS to TO approved VBN countries NNS . . At IN least JJS three CD other JJ factors NNS have VBP encouraged VBN the DT IMF NNP to TO insist VB on IN increased VBN capital NN . . First JJ , , it PRP argues VBZ that IN its PRP$ capital NN base NN must MD be VB increased VBN in IN order NN to TO maintain VB its PRP$ size NN relative JJ to TO world NN financial JJ markets NNS , , for IN which WDT it PRP feels VBZ some DT responsibility NN . . Second JJ , , the DT World NNP Bank NNP 's POS recent JJ $ $ 75 CD billion CD capital NN increase NN -- : $ $ 14 CD billion CD from IN the DT U.S. NNP -- : has VBZ left VBN the DT IMF NNP feeling VBG less JJR than IN first JJ fiddle NN among IN international JJ financial JJ institutions NNS . . Third JJ , , the DT IMF NNP would MD like VB to TO meet VB Japan NNP 's POS request NN for IN increased VBN ownership NN ( ( currently RB 4.5 CD % NN ) ) . . Japan NNP has VBZ supported VBN a DT larger JJR role NN for IN the DT IMF NNP in IN developing-country JJ debt NN issues NNS , , and CC is VBZ an DT important JJ financial JJ resource NN for IN IMF-guided JJ programs NNS in IN developing VBG countries NNS . . While IN international JJ politics NNS may MD argue VB for IN the DT capital NN increase NN , , there EX is VBZ a DT clear JJ economic JJ case NN against IN it PRP . . Opponents NNS of IN the DT increase NN argue VBP that IN the DT IMF NNP practices NNS central JJ planning NN while IN supporting VBG ineffective JJ governments NNS . . They PRP question VBP whether IN the DT IMF NNP has VBZ any DT role NN in IN developing VBG countries NNS , , given VBN its PRP$ original JJ mandate NN to TO assist VB industrial JJ countries NNS in IN balance-of-payments NNS emergencies NNS . . Opponents NNS show VBP that IN there EX are VBP already RB more JJR funds NNS available JJ than IN commendable JJ reform NN efforts NNS . . They PRP worry VBP that DT new JJ IMF NNP funding NN of IN developing VBG countries NNS will MD simply RB end VB up RP substituting VBG IMF NNP debt NN for IN reschedulable JJ commercial JJ bank NN debt NN , , a DT bad JJ trade NN all DT around IN . . They PRP believe VBP microeconomics NNS , , which WDT addresses VBZ the DT problems NNS of IN markets NNS , , investment NN climate NN and CC management NN practices NNS , , is VBZ the DT key NN to TO developing-country JJ growth NN , , not RB the DT IMF NNP 's POS Keynesian JJ focus NN on IN trade NN deficits NNS , , quarterly JJ targets NNS and CC government NN debt NN . . They PRP point VBP at IN the DT numerous JJ developing-country JJ governments NNS that WDT have VBP inflated VBN , , taxed VBN and CC regulated VBN themselves PRP into IN despair NN under IN successive JJ IMF NNP programs NNS . . Decisions NNS on IN increases NNS in IN the DT IMF NNP 's POS capital NN base NN traditionally RB are VBP made VBN by IN the DT administration NN , , with IN subsequent JJ authorization NN by IN Congress NNP . . The DT last JJ U.S. NNP congressional JJ authorization NN , , in IN 1983 CD , , was VBD a DT political JJ donnybrook NN and CC carried VBD a DT $ $ 6 CD billion CD housing NN program NN along IN with IN it PRP to TO secure VB adequate JJ votes NNS . . The DT politics NNS of IN the DT 1990 CD congressional JJ authorization NN are VBP likely JJ to TO be VB similar JJ to TO those DT of IN previous JJ authorizations NNS . . Liberals NNS may MD support VB the DT stabilizing VBG , , quasi-governmental JJ role NN of IN the DT IMF NNP on IN two CD conditions NNS : : that IN the DT administration NN give VBP assurances NNS that IN liberal JJ Democrats NNPS ' POS support NN will MD not RB be VB used VBN against IN them PRP in IN congressional JJ re-election NN campaigns NNS ; : and CC that IN the DT legislation NN address NN -- : with IN dollars NNS -- : social JJ and CC environmental JJ concerns NNS . . Conservative NNP Republicans NNPS will MD be VB given VBN the DT choice NN of IN supporting VBG or CC fighting VBG their PRP$ party NN 's POS popular JJ president NN in IN an DT election NN year NN . . A DT U.S. NNP decision NN to TO refuse VB the DT IMF NNP its PRP$ capital NN increase NN , , or CC limit VB it PRP to TO 25 CD % NN , , would MD bring VB a DT major JJ change NN in IN international JJ economic JJ policy NN , , and CC could MD not RB be VB taken VBN lightly RB . . Commentators NNS would MD fret VB over IN the DT implications NNS for IN the DT G-7 NN coordination NN process NN and CC the DT stability NN of IN world NN financial JJ markets NNS . . Because IN commercial JJ banks NNS and CC the DT developing-country JJ governments NNS believe VBP they PRP will MD get VB a DT piece NN of IN any DT capital NN increase NN , , a DT scaled-down JJ IMF NNP mission NN would MD leave VB both DT feeling VBG shortchanged VBN . . Furthermore RB , , a DT U.S. NNP rejection NN of IN the DT capital NN increase NN ( ( and CC transfer NN of IN shares NNS to TO Japan NNP ) ) would MD give VB Japan NNP an DT argument NN against IN future JJ calls NNS for IN economic JJ burden-sharing NN . . On IN the DT other JJ hand NN , , a DT decision NN to TO increase VB the DT IMF NNP 's POS capital NN would MD reinforce VB the DT central JJ economic JJ role NN of IN multilateral JJ institutions NNS in IN developing VBG countries NNS . . With IN the DT increase NN , , even RB more RBR developing-country JJ energy NN and CC talent NN would MD be VB diverted VBN from IN creating VBG profitable JJ economic JJ systems NNS to TO setting NN up RP economic JJ planning VBG ministries NNS that WDT generate VBP IMF-approved JJ economic JJ plans NNS . . Upping VBG the DT ante NN could MD slow VB economic JJ development NN even RB further RB , , as IN countries NNS delay VBP market-opening JJ steps NNS in IN anticipation NN of IN richer JJR multilateral JJ support NN . . Conservatives NNS should MD take VB a DT position NN prior RB to TO the DT administration NN 's POS year-end JJ deadline NN . . The DT issues NNS are VBP too RB important JJ to TO be VB left VBN to TO the DT financial JJ and CC budget NN ministries NNS fighting VBG over IN the DT size NN of IN the DT capital NN increase NN , , rather RB than IN its PRP$ purpose NN . . If IN conservatives NNS do VBP n't RB support VB an DT increase NN in IN the DT IMF NNP 's POS capital NN , , then RB it PRP is VBZ incumbent JJ on IN them PRP to TO speak VB up RP now RB and CC explain VB the DT alternative NN . . Mr. NNP Malpass NNP directs VBZ the DT Republican JJ staff NN of IN the DT Joint NNP Economic NNP Committee NNP of IN Congress NNP . . The DT Chicago NNP Mercantile NNP Exchange NNP fined VBD and CC suspended VBD two CD commodities NNS traders NNS accused VBN of IN making VBG prearranged VBN trades NNS with IN each DT other JJ that IN allegedly RB cheated VBD a DT customer NN . . Merc NNP officials NNS said VBD Gary NNP N. NNP Roberts NNP was VBD disciplined VBN following VBG the DT exchange NN 's POS investigation NN of IN his PRP$ trading NN in IN several JJ commodities NNS pits NNS from IN July NNP to TO November NNP 1988 CD . . The DT Merc NNP said VBD Mr. NNP Roberts NNP withheld VBD from IN the DT market NN certain JJ orders NNS in IN cooperation NN with IN another DT trader NN , , David NNP Stein NNP . . The DT Merc NNP fined VBD Mr. NNP Roberts NNP $ $ 15,000 CD and CC suspended VBD his PRP$ trading NN membership NN for IN three CD years NNS . . Also RB , , he PRP and CC Mr. NNP Stein NNP were VBD ordered VBN to TO make VB restitution NN of IN $ $ 35,000 CD to TO a DT customer NN . . Mr. NNP Stein NNP was VBD fined VBN $ $ 25,000 CD and CC suspended VBN for IN three CD years NNS . . Messrs. NNP Roberts NNP and CC Stein NNP could MD n't RB be VB reached VBN for IN comment NN . . The DT Merc NNP said VBD that IN as IN part NN of IN the DT disciplinary JJ settlement NN , , neither DT man NN admitted VBD , , nor CC denied VBD the DT alleged VBN violations NNS . . Neither DT was VBD among IN the DT 46 CD traders NNS indicted VBN last JJ August NNP in IN a DT federal JJ investigation NN of IN traders NNS at IN both PDT the DT Merc NNP and CC the DT Chicago NNP Board NNP of IN Trade NNP . . In IN a DT move NN that WDT could MD pose VB a DT new JJ competitive JJ challenge NN to TO Time NNP Warner NNP Inc. NNP 's POS powerful JJ Home NNP Box NNP Office NNP , , cable NN giant NN Tele-Communications NNPS Inc. NNP agreed VBD to TO buy VB half DT of IN Showtime NNP Networks NNPS Inc. NNP from IN Viacom NNP Inc. NNP for IN $ $ 225 CD million CD . . The DT purchase NN comes VBZ after IN nearly RB three CD years NNS of IN on-again JJ off-again JJ talks NNS between IN TCI NNP and CC Viacom NNP , , which WDT has VBZ also RB discussed VBN the DT sale NN of IN an DT interest NN in IN Showtime NNP with IN other JJ cable NN operators NNS . . Showtime NNP is VBZ a DT distant JJ No. NN 2 CD to TO Home NNP Box NNP Office NNP , , and CC in IN May NNP filed VBD a DT $ $ 2.5 CD billion CD antitrust JJ suit NN against IN Time NNP Warner NNP , , charging VBG the DT company NN and CC its PRP$ HBO NNP and CC American NNP Television NNP cable NN units NNS with IN conspiring VBG to TO monopolize VB the DT pay NN TV NN business NN . . HBO NNP has VBZ close RB to TO 24 CD million CD subscribers NNS to TO its PRP$ HBO NNP and CC Cinemax NNP networks NNS , , while IN Showtime NNP and CC its PRP$ sister NN service NN , , The NNP Movie NNP Channel NNP , , have VBP only RB about IN 10 CD million CD , , according VBG to TO Paul NNP Kagan NNP Associates NNPS , , a DT Carmel NNP , , Calif. NNP , , research NN firm NN . . For IN TCI NNP , , the DT investment NN in IN Showtime NNP puts VBZ it PRP in IN an DT unusual JJ position NN ; : as IN the DT largest JJS cable NN operator NN , , with IN control NN of IN close NN to TO 12 CD million CD of IN the DT nation NN 's POS 52 CD million CD cable NN subscribers NNS , , TCI NNP is VBZ HBO NNP 's POS largest JJS customer NN . . But CC TCI NNP President NNP John NNP Malone NNP has VBZ long RB been VBN concerned VBN about IN HBO NNP 's POS dominance NN of IN the DT pay NN TV NN business NN , , and CC has VBZ been VBN eager JJ to TO keep VB Showtime NNP as IN a DT healthy JJ competitor NN . . `` `` It PRP is VBZ important JJ to TO the DT cable NN industry NN that IN we PRP have VBP a DT vibrant JJ and CC competitive JJ pay-television NN marketplace NN , , '' '' Mr. NNP Malone NNP said VBD in IN a DT statement NN . . In IN a DT telephone NN interview NN , , Robert NNP Thomson NNP , , TCI NNP senior JJ vice NN president NN , , said VBD Showtime NNP 's POS suit NN against IN HBO NNP `` `` does VBZ n't RB involve VB us PRP , , and CC nothing NN we PRP 're VBP doing VBG here RB bears VBZ any DT relationship NN to TO that DT . . '' '' He PRP added VBD , , `` `` We PRP do VBP n't RB intend VB to TO be VB drawn VBN into IN it PRP , , '' '' noting VBG that IN TCI NNP wo MD n't RB play VB any DT active JJ role NN in IN the DT management NN of IN Showtime NNP . . Linking VBG up RP Showtime NNP with IN the DT largest JJS cable NN operator NN in IN the DT U.S. NNP could MD sharply RB boost VB its PRP$ subscribers NNS . . TCI NNP said VBD it PRP may MD bring VB in RB other JJ cable NN operators NNS as IN investors NNS , , a DT practice NN it PRP has VBZ employed VBN in IN the DT past NN with IN investments NNS in IN other JJ cable NN networks NNS , , such JJ as IN The NNP Discovery NNP Channel NNP . . Additional JJ cable NN partners NNS could MD boost VB subscribers NNS even RB further RB . . Time NNP Warner NNP declined VBD comment NN . . In IN addition NN to TO owning VBG HBO NNP , , Time NNP Warner NNP owns VBZ American NNP Television NNP & CC Communications NNPS Inc. NNP , , the DT nation NN 's POS second JJ largest JJS cable NN operator NN after IN TCI NNP . . Viacom NNP also RB owns VBZ cable NN systems NNS , , but CC it PRP is VBZ the DT 14th JJ largest JJS operator NN of IN such JJ systems NNS , , with IN less RBR than IN one CD million CD subscribers NNS . . The DT TCI NNP investment NN is VBZ a DT big JJ victory NN for IN Viacom NNP 's POS chief NN executive NN officer NN , , Frank NNP Biondi NNP , , and CC Winston NNP H. NNP Cox NNP , , president NN of IN the DT Showtime NNP unit NN . . `` `` This DT takes VBZ any DT question NN of IN Showtime NNP 's POS viability NN and CC puts VBZ it PRP away RB once RB and CC for IN all DT , , '' '' Mr. NNP Biondi NNP said VBD in IN a DT telephone NN interview NN . . The DT fight NN between IN HBO NNP and CC Showtime NNP is VBZ particularly RB acrimonious JJ because IN Mr. NNP Biondi NNP is VBZ the DT former JJ chief NN executive NN of IN HBO NNP , , and CC Mr. NNP Cox NNP served VBD as IN chief NN of IN marketing NN for IN the DT service NN . . They PRP were VBD both DT hired VBN by IN Sumner NNP Redstone NNP , , the DT Boston NNP billionaire NN who WP took VBD control NN of IN Viacom NNP three CD years NNS ago IN in IN a DT leveraged JJ buy-out NN . . Time NNP Warner NNP has VBZ vigorously RB denied VBN all DT of IN Viacom NNP 's POS allegations NNS . . Boeing NNP Co. NNP , , already RB struck VBN by IN its PRP$ Machinists NNS union NN , , briefly NN called VBD off RP contract NN talks NNS with IN its PRP$ engineers NNS and CC labeled VBD their PRP$ demands NNS `` `` grossly RB excessive JJ . . '' '' Later RB , , however RB , , the DT company NN agreed VBD to TO meet VB on IN Monday NNP with IN the DT Seattle NNP Professional NNP Engineering NNP Employees NNPS Association NNP after IN a DT federal JJ mediator NN intervened VBD , , according VBG to TO the DT union NN . . A DT spokesman NN for IN the DT engineers NNS said VBD the DT company NN asked VBD the DT union NN to TO reduce VB its PRP$ demands NNS , , which WDT included VBD a DT 19 CD % NN pay NN hike NN in IN the DT first JJ year NN and CC 8 CD % NN in IN the DT second JJ and CC third JJ years NNS . . The DT union NN represents VBZ about IN 28,000 CD engineers NNS and CC technical JJ workers NNS . . Its PRP$ contract NN expires VBZ Dec. NNP 1 CD . . Meanwhile RB , , a DT federal JJ mediator NN is VBZ scheduled VBN to TO meet VB today NN with IN Boeing NNP officials NNS and CC representatives NNS of IN 55,000 CD striking JJ Machinists NNS . . `` `` It PRP will MD take VB several JJ meetings NNS to TO resolve VB this DT , , '' '' said VBD a DT spokesman NN for IN the DT Machinists NNS union NN . . `` `` We PRP do VBP n't RB want VB to TO bring VB back RB something NN the DT members NNS will MD reject VB . . '' '' Machinists NNS already RB have VBP rejected VBN a DT package NN that WDT would MD have VB provided VBN a DT 10 CD % NN pay NN raise NN plus CC bonuses NNS over IN the DT three-year JJ life NN of IN the DT contract NN . . It PRP also RB would MD have VB reduced VBN mandatory JJ overtime NN . . Investor NNP Asher NNP Edelman NNP increased VBD his PRP$ stake NN in IN Intelogic NNP Trace NNP Inc. NNP and CC cleared VBD the DT way NN for IN additional JJ purchases NNS . . It PRP was VBD n't RB clear JJ , , however RB , , whether IN the DT actions NNS were VBD related VBN to TO a DT battle NN between IN the DT corporate JJ raider NN and CC New NNP York NNP attorney NN Martin NNP Ackerman NNP for IN control NN of IN Datapoint NNP Corp. NNP , , a DT San NNP Antonio NNP , , Texas-based JJ data-processing NN systems NNS maker NN . . Intelogic NNP Trace NNP , , a DT computer NN services NNS company NN , , was VBD spun VBN off RP to TO Datapoint NNP holders NNS in IN 1985 CD , , after IN Mr. NNP Edelman NNP gained VBD control NN . . After IN Mr. NNP Ackerman NNP announced VBD he PRP was VBD soliciting VBG consents NNS from IN shareholders NNS in IN order NN to TO wrest VB control NN of IN Datapoint NNP from IN Mr. NNP Edelman NNP , , the DT corporate JJ raider NN purchased VBD 30 CD % NN of IN Datapoint NNP 's POS shares NNS . . In IN a DT Securities NNPS and CC Exchange NNP Commission NNP filing NN , , Mr. NNP Edelman NNP said VBD from IN Sept. NNP 29 CD to TO Oct. NNP 13 CD , , he PRP acquired VBD 309,500 CD shares NNS of IN Intelogic NNP common JJ shares NNS for IN $ $ 2.25 CD to TO $ $ 2.375 CD each DT . . The DT purchases NNS increased VBD his PRP$ stake NN to TO 16.2 CD % NN of IN the DT shares NNS outstanding JJ . . The DT filing NN also RB said VBD certain JJ provisions NNS which WDT apply VBP to TO persons NNS acquiring VBG 20 CD % NN or CC more JJR of IN Intelogic NNP common JJ stock NN , , were VBD waived VBN by IN Intelogic NNP for IN Mr. NNP Edelman NNP , , who WP is VBZ chairman NN of IN the DT company NN . . Mr. NNP Edelman NNP could MD n't RB be VB reached VBN for IN comment NN . . The DT federal JJ government NN should MD make VB free JJ , , voluntary JJ testing NN for IN the DT AIDS NNP virus NN the DT cornerstone NN of IN an DT expanded VBN campaign NN to TO stop VB the DT spread NN of IN acquired VBN immune JJ deficiency NN syndrome NN , , the DT Hudson NNP Institute NNP recommended VBD . . `` `` By IN encouraging JJ massive JJ , , routine JJ , , voluntary JJ testing NN we PRP can MD enable VB society NN to TO voluntarily RB segregate VB itself PRP sexually RB into IN two CD groups NNS : : those DT who WP carry VBP the DT virus NN and CC those DT who WP do VBP not RB , , '' '' the DT Indianapolis NNP research NN organization NN said VBD in IN a DT new JJ report NN . . The DT report NN takes VBZ a DT more RBR alarmed JJ view NN of IN AIDS NNP and CC recommends VBZ a DT more RBR sweeping JJ response NN than IN many JJ other JJ analyses NNS . . It PRP warns VBZ that IN the DT AIDS NNP epidemic NN `` `` may MD reduce VB the DT rate NN of IN growth NN of IN the DT work NN force NN , , curb VB productivity NN gains NNS and CC slow VB economic JJ growth NN . . '' '' It PRP contends VBZ that IN current JJ government NN policy NN is VBZ failing VBG to TO stem VB the DT AIDS NNP epidemic NN because IN it PRP suggests VBZ the DT use NN of IN condoms NNS can MD make VB sex NN `` `` safe JJ . . '' '' But CC the DT report NN says VBZ : : `` `` The DT only RB safe JJ sex NN is VBZ sex NN between IN uninfected JJ partners NNS , , '' '' and CC testing NN is VBZ the DT only JJ way NN to TO learn VB of IN infection NN . . Hudson NNP 's POS researchers NNS estimated VBD that IN it PRP would MD cost VB less RBR than IN $ $ 650 CD million CD a DT year NN to TO test VB the DT entire JJ population NN between IN the DT ages NNS of IN 12 CD and CC 65 CD years NNS old JJ . . In IN addition NN , , the DT report NN recommends VBZ that IN federal JJ and CC state NN governments NNS provide VB free JJ treatment NN to TO all DT who WP test VBP positive JJ . . An DT unexpectedly RB sharp JJ widening NN in IN the DT U.S. NNP trade NN gap NN for IN August NNP dragged VBD the DT dollar NN lower JJR Tuesday NNP , , but CC profit-taking NNS on IN short JJ positions NNS helped VBD the DT currency NN rebound NN to TO close VB mixed VBN against IN major JJ counterparts NNS . . While IN the DT market NN kept VBD careful JJ tabs NNS on IN Wall NNP Street NNP 's POS gyrations NNS , , it PRP shrugged VBD off RP a DT modest JJ downturn NN in IN equities NNS to TO bid VB the DT dollar NN well RB above IN the DT day NN 's POS lows NNS . . Soon RB after IN the DT release NN of IN the DT U.S. NNP trade NN figures NNS , , the DT dollar NN plunged VBD to TO an DT intraday NN low JJ of IN 140.95 CD yen NN . . It PRP also RB declined VBD against IN the DT mark NN but CC did VBD n't RB reach VB its PRP$ intraday NN low JJ of IN 1.8435 CD marks NNS until IN two CD hours NNS later RB . . The DT unit NN stabilized VBD about IN midday NN New NNP York NNP time NN at IN around IN 1.85 CD marks NNS and CC 141 CD yen NN , , prompting VBG unconfirmed JJ rumors NNS that IN the DT U.S. NNP Federal NNP Reserve NNP had VBD intervened VBN to TO blunt VB the DT unit NN 's POS tumble NN . . The DT dollar NN finished VBD at IN its PRP$ intraday NN highs NNS . . Dealers NNS noted VBD that IN the DT foreign JJ exchange NN market NN 's POS initial JJ bearish JJ reaction NN to TO the DT U.S. NNP trade NN figures NNS was VBD tempered VBN later RB by IN a DT `` `` calmer JJR reassessment NN of IN the DT data NNS . . '' '' The DT U.S. NNP Commerce NNP Department NNP reported VBD a DT $ $ 10.77 CD billion CD deficit NN in IN August NNP , , compared VBN with IN a DT revised VBN July NNP deficit NN of IN $ $ 8.24 CD billion CD . . Economists NNS had VBD expected VBN a DT $ $ 9.1 CD billion CD gap NN . . The DT August NNP figure NN reflected VBD a DT 6.4 CD % NN rise NN in IN imports NNS and CC a DT 0.2 CD % NN drop NN in IN exports NNS . . Marc NNP M. NNP Goloven NNP , , an DT economist NN with IN Manufacturers NNPS Hanover NNP Trust NNP in IN New NNP York NNP , , said VBD that IN while IN the DT figures NNS appear VBP to TO indicate VB a DT sadly RB deteriorating VBG U.S. NNP trade NN performance NN , , there EX 's VBZ still RB enough RB positive JJ news NN in IN the DT data NNS to TO justify VB buying VBG dollars NNS . . He PRP said VBD that IN while IN the DT U.S. NNP trade NN gap NN with IN Canada NNP has VBZ widened VBN significantly RB , , the DT trade NN deficit NN with IN Western NNP Europe NNP and CC Japan NNP continues VBZ to TO narrow VB . . And CC he PRP added VBD that IN manufactured VBN goods NNS exports NNS are VBP still RB rising VBG . . The DT dollar NN 's POS near-term JJ path NN remains VBZ foggy JJ , , according VBG to TO currencny NN analysts NNS , , who WP characterize VBP the DT market NN as IN `` `` bewildering VBG . . '' '' In IN late JJ New NNP York NNP trading NN yesterday NN , , the DT dollar NN was VBD quoted VBN at IN 1.8667 CD marks NNS , , down IN from IN 1.8685 CD marks NNS late JJ Monday NNP , , and CC at IN 142.75 CD yen NN , , up IN from IN 141.85 CD yen NN late JJ Monday NNP . . Sterling NN was VBD unchanged JJ at IN $ $ 1.5753 CD . . In IN Tokyo NNP Wednesday NNP , , the DT U.S. NNP currency NN opened VBD for IN trading VBG at IN 142.55 CD yen NN , , unchanged JJ from IN Tuesday NNP 's POS Tokyo NNP close NN . . Later RB , , the DT U.S. NNP currency NN fell VBD to TO about IN 142.25 CD yen NN on IN news NN reports NNS of IN the DT San NNP Francisco NNP earthquake NN . . Some DT analysts NNS remain VBP bullish JJ and CC point NN out RP that IN the DT dollar NN continues VBZ to TO be VB well RB bid VBN despite IN key JJ rate NN increases NNS in IN Europe NNP and CC Japan NNP , , several JJ weeks NNS of IN aggressive JJ dollar NN sales NNS by IN the DT world NN central JJ banks NNS -- : some DT traders NNS estimate VBP that IN the DT barrage NN of IN sales NNS topped VBD $ $ 12 CD billion CD -- : and CC a DT 190-point JJ plunge NN on IN the DT New NNP York NNP Stock NNP Exchange NNP . . They PRP note VBP that IN the DT U.S. NNP unit NN is VBZ trading VBG at IN the DT upper JJ end NN of IN the DT presumed VBN target NN zones NNS established VBN by IN the DT Group NNP of IN Seven CD trading NN partners NNS . . The DT G-7 NN comprises VBZ West NNP Germany NNP , , the DT U.S. NNP , , France NNP , , the DT U.K. NNP , , Italy NNP , , Canada NNP and CC Japan NNP . . The DT so-called JJ Louvre NNP accord NN was VBD seen VBN to TO have VB set VBN ranges NNS of IN 1.70 CD marks NNS to TO 1.90 CD marks NNS and CC 120 CD yen NN to TO 140 CD yen NN . . They PRP say VBP that IN the DT recent JJ injection NN of IN liquidity NN into IN the DT U.S. NNP banking NN system NN has VBZ been VBN modest JJ , , and CC they PRP do VBP n't RB anticipate VB significant JJ easing NN by IN the DT U.S. NNP Federal NNP Reserve NNP . . The DT Fed NNP arranged VBD $ $ 1.5 CD billion CD of IN customer NN repurchase VBD agreements NNS Tuesday NNP , , the DT second JJ repurchase JJ agreement NN in IN two CD days NNS . . The DT move NN , , which WDT injects VBZ capital NN into IN the DT system NN , , is VBZ seen VBN as IN an DT effort NN to TO reassure VB the DT finanicial JJ markets NNS that IN the DT U.S. NNP central JJ bank NN is VBZ ready JJ to TO provide VB the DT ample JJ liquidity NN . . But CC other JJ analysts NNS contend VBP that IN while IN the DT Fed NNP 's POS move NN to TO loosen VB credit NN has VBZ n't RB been VBN aggressive JJ , , it PRP nevertheless RB sends VBZ a DT clear JJ signal NN that IN , , at IN least JJS for IN now RB , , the DT Fed NNP has VBZ relaxed VBN its PRP$ grip NN on IN credit NN . . They PRP add VBP that IN the DT Fed NNP has VBZ allowed VBN the DT key JJ federal JJ funds NNS interest NN rate NN to TO dip VB to TO about IN 8 CD 5\/8 CD % NN from IN its PRP$ levels NNS of IN just RB below IN 9 CD % NN last JJ week NN . . The DT federal JJ funds NNS rate NN is VBZ the DT overnight JJ lending NN rate NN that IN banks NNS charge VBP each DT other JJ . . Market NN participants NNS said VBD that IN the DT mark NN continues VBZ to TO post VB the DT most RBS significant JJ gains NNS against IN the DT dollar NN . . On IN the DT Commodity NNP Exchange NNP in IN New NNP York NNP , , gold NN for IN current JJ delivery NN settled VBN at IN $ $ 367.40 CD an DT ounce NN , , up IN 10 CD cents NNS . . Estimated VBN volume NN was VBD a DT moderate JJ 3.5 CD million CD ounces NNS . . In IN early JJ trading NN in IN Hong NNP Kong NNP Wednesday NNP , , gold NN was VBD at IN $ $ 366.55 CD an DT ounce NN . . National NNP Semiconductor NNP Corp. NNP said VBD it PRP settled VBD a DT four-year-old JJ patent NN infringement NN case NN against IN Linear NNP Technology NNP Corp. NNP by IN accepting VBG a DT $ $ 3 CD million CD payment NN from IN Linear NNP in IN exchange NN for IN granting VBG Linear NNP irrevocable JJ licenses NNS for IN all DT products NNS involved VBN . . The DT two CD companies NNS also RB agreed VBD to TO settle VB any DT future JJ property NN rights NNS issues NNS over IN the DT next JJ 10 CD years NNS through IN binding VBG arbitration NN , , both DT companies NNS said VBD . . The DT products NNS are VBP so-called JJ analog JJ integrated VBN circuits NNS that WDT have VBP applications NNS in IN the DT consumer NN electronics NNS , , automobile NN and CC electronic JJ instrumentation NN markets NNS . . Linear NNP Technology NNP , , Milpitas NNP , , Calif. NNP , , called VBD the DT settlement NN `` `` positive JJ , , '' '' since IN products NNS covered VBN by IN the DT disputed VBN patents NNS account VBP for IN about IN 20 CD % NN of IN its PRP$ annual JJ sales NNS . . The DT electronics NNS concern NN said VBD it PRP already RB has VBZ paid VBN $ $ 2 CD million CD of IN the DT settlement NN to TO National NNP Semiconductor NNP , , Santa NNP Clara NNP , , Calif. NNP , , and CC will MD pay VB the DT remaining VBG $ $ 1 CD million CD in IN equal JJ installments NNS over IN the DT next JJ eight CD quarters NNS . . The DT payments NNS are VBP n't RB expected VBN to TO have VB an DT impact NN on IN coming VBG operating VBG results NNS , , Linear NNP added VBD . . NBC NNP 's POS winning VBG streak NN has VBZ been VBN canceled VBN . . The DT National NNP Broadcasting NNP Co. NNP , , a DT unit NN of IN General NNP Electric NNP Co. NNP , , had VBD its PRP$ record-breaking JJ 68-week JJ reign NN as IN the DT prime-time JJ ratings NNS leader NN snapped VBD yesterday NN by IN ABC-TV NNP , , a DT subsidiary NN of IN Capital NNP Cities\/ABC NNP Inc NNP . . In IN the DT ratings NNS compiled VBN by IN the DT A.C. NNP Nielsen NNP Co. NNP , , ABC NNP , , which WDT broadcast VBD the DT World NNP Series NNP , , topped VBD the DT competition NN with IN a DT 14.8 CD rating NN and CC 25 CD share NN . . NBC NNP was VBD second JJ with IN a DT 13.9 CD rating NN and CC 24 CD share NN followed VBN by IN CBS NNP Inc. NNP 's POS television NN network NN with IN a DT 12.5 CD rating NN and CC 21 CD share NN . . ( ( A DT ratings NNS point NN represents VBZ 904,000 CD television NN households NNS ; : shares NNS indicate VBP the DT percentage NN of IN sets NNS in IN use NN . . ) ) The DT first JJ two CD games NNS of IN the DT World NNP Series NNP between IN the DT Oakland NNP Athletics NNP and CC San NNP Francisco NNP Giants NNPS did VBD n't RB finish VB in IN the DT top JJ 10 CD ; : instead RB they PRP landed VBD in IN 16th JJ and CC 18th JJ place NN . . The DT highest-rated JJ show NN continues VBZ to TO be VB ABC NNP 's POS `` `` Roseanne NNP . . '' '' NBC NNP had VBD five CD of IN the DT top JJ 10 CD shows NNS ; : ABC NNP had VBD four CD and CC CBS NNP had VBD one CD . . CBS NNP held VBD the DT previous JJ record NN for IN consecutive JJ No. NNP 1 CD victories NNS -- : 46 CD weeks NNS -- : during IN the DT 1962-63 CD season NN . . Procter NNP & CC Gamble NNP Co. NNP , , Cincinnati NNP , , expanding VBG its PRP$ presence NN in IN the DT food NN service NN market NN , , said VBD it PRP acquired VBD Maryland NNP Club NNP Foods NNPS , , a DT coffee NN supplier NN , , from IN an DT investor NN group NN led VBN by IN F. NNP Philip NNP Handy NNP of IN Winter NNP Park NNP , , Fla NNP . . Terms NNS were VBD n't RB disclosed VBN . . Houston-based JJ Maryland NNP Club NNP Foods NNPS , , which WDT had VBD sales NNS of IN about IN $ $ 200 CD million CD last JJ year NN , , sells VBZ coffee NN under IN the DT Maryland NNP Club NNP and CC Butter-Nut NNP brands NNS to TO restaurants NNS , , hotels NNS , , offices NNS and CC airlines NNS . . The DT acquisition NN `` `` gives VBZ us PRP additional JJ production NN capacity NN for IN the DT food NN service NN coffee NN business NN and CC a DT stronger JJR distribution NN network NN , , '' '' a DT P&G NNP spokesman NN said VBD . . P&G NNP already RB sells VBZ its PRP$ Folgers NNP ground NN roast NN coffee NN to TO food NN service NN concerns NNS , , but CC not RB to TO as RB many JJ markets NNS as IN Maryland NNP Club NNP . . For IN example NN , , P&G NNP up IN until IN now RB has VBZ n't RB sold VBN coffee NN to TO airlines NNS and CC does VBZ only RB limited VBN business NN with IN hotels NNS and CC large JJ restaurant NN chains NNS . . Maryland NNP Club NNP also RB distributes VBZ tea NN , , which WDT fits VBZ well RB with IN P&G NNP 's POS Tender NNP Leaf NNP brand NN , , and CC hot JJ cocoa NN products NNS . . The DT company NN said VBD the DT acquisition NN has VBZ been VBN completed VBN and CC reviewed VBN by IN the DT Federal NNP Trade NNP Commission NNP . . The DT purchase NN includes VBZ a DT coffee-roasting JJ plant NN in IN Omaha NNP , , Neb. NNP , , and CC a DT leased VBN facility NN in IN Houston NNP . . MACMILLAN NNP BLOEDEL NNP Ltd. NNP said VBD it PRP borrowed VBD 215 CD million CD Dutch JJ guilders NNS ( ( US$ $ 102 CD million CD ) ) from IN a DT group NN of IN Dutch JJ institutional JJ investors NNS . . MacMillan NNP Bloedel NNP , , a DT Vancouver NNP , , British NNP Columbia NNP , , forest NN products NNS concern NN , , said VBD the DT 8.1 CD % NN loan NN is VBZ due JJ Oct. NNP 16 CD , , 1996 CD . . Funds NNS will MD be VB used VBN to TO repay VB existing VBG short-term JJ debt NN and CC to TO finance VB capital NN spending NN , , it PRP said VBD . . President NNP Bush NNP will MD veto VB a DT bill NN funding VBG the DT Departments NNPS of IN Labor NNP , , Education NNP and CC Health NNP and CC Human NNP Services NNPS because IN it PRP would MD allow VB federal JJ funding NN of IN abortions NNS for IN victims NNS of IN rape NN and CC incest NN , , the DT White NNP House NNP said VBD . . Mr. NNP Bush NNP had VBD threatened VBN a DT veto NN previously RB . . But CC he PRP put VBD off RP a DT firm JJ decision NN while IN his PRP$ aides NNS and CC legislators NNS searched VBD for IN a DT compromise NN that WDT would MD tighten VB requirements NNS for IN such JJ abortions NNS in IN a DT way NN acceptable JJ to TO the DT president NN . . White NNP House NNP Press NNP Secretary NNP Marlin NNP Fitzwater NNP said VBD negotiations NNS between IN Bush NNP aides NNS and CC lawmakers NNS ended VBD Monday NNP without IN success NN . . Most JJS lawmakers NNS think VBP it PRP will MD be VB extremely RB difficult JJ for IN Mr. NNP Bush NNP 's POS opponents NNS on IN the DT abortion NN issue NN to TO round VB up RP the DT votes NNS needed VBN to TO override VB the DT veto NN . . But CC there EX still RB may MD be VB prolonged VBN debate NN and CC political JJ maneuvering NN that WDT holds VBZ up IN the DT $ $ 156.7 CD billion CD funding NN bill NN for IN the DT fiscal JJ year NN that WDT began VBD Oct. NNP 1 CD . . Mr. NNP Bush NNP has VBZ said VBN he PRP personally RB approves VBZ of IN abortions NNS in IN the DT cases NNS of IN rape NN , , incest NN and CC danger NN to TO the DT life NN of IN the DT mother NN . . But CC he PRP has VBZ opposed VBN Medicaid NNP funding NN of IN abortions NNS for IN poor JJ women NNS who WP say VBP they PRP are VBP victims NNS of IN rape NN and CC incest NN , , arguing VBG that IN those DT exceptions NNS are VBP enforced VBN so RB loosely RB that IN they PRP open VBP the DT way NN for IN abortions NNS for IN other JJ women NNS . . NEWSPAPERS NNPS : : Media NNP General NNP Inc. NNP intends VBZ to TO sell VB two CD of IN its PRP$ West NNP Coast NNP weekly JJ newspaper NN chains NNS , , Golden NNP West NNP Publishing NNP Inc. NNP and CC Highlander NNP Publications NNPS , , which WDT together RB comprise VBP 31 CD papers NNS . . Media NNP General NNP said VBD it PRP has VBZ had VBN inquiries NNS from IN potential JJ buyers NNS and CC expects VBZ to TO complete VB a DT sale NN in IN 1989 CD . . It PRP would MD n't RB discuss VB a DT price NN . . Lee NNP Dirks NNP & CC Associates NNPS is VBZ to TO sell VB the DT chains NNS . . J.P. NNP Morgan NNP & CC Co. NNP , , New NNP York NNP , , will MD help VB the DT statutory JJ managers NNS of IN DFC NNP New NNP Zealand NNP Ltd. NNP to TO evaluate VB the DT failed VBN investment NN bank NN 's POS condition NN . . Earlier RBR this DT month NN , , the DT Reserve NNP Bank NNP of IN New NNP Zealand NNP , , the DT country NN 's POS central JJ bank NN , , appointed VBD the DT managers NNS to TO run VB the DT investment NN bank NN and CC pay NN creditors NNS . . DFC NNP asked VBD the DT central JJ bank NN to TO appoint VB managers NNS after IN it PRP revised VBD loan-loss NN provisions NNS to TO around IN the DT same JJ level NN of IN shareholders NNS ' POS funds NNS of IN 180 CD million CD New NNP Zealand NNP dollars NNS ( ( US$ $ 105.4 CD million CD ) ) . . DFC NNP is VBZ held VBN 80 CD % NN by IN National NNP Provident NNP Fund NNP , , New NNP Zealand NNP 's POS largest JJS pension NN fund NN , , and CC 20 CD % NN by IN Salomon NNP Brothers NNPS Inc. NNP , , the DT investment-bank JJ and CC securities-firm JJ subsidiary NN of IN Salomon NNP Inc. NNP in IN New NNP York NNP . . A DT spokeswoman NN for IN J.P. NNP Morgan NNP , , parent NN of IN the DT bank NN Morgan NNP Guaranty NNP Trust NNP Co. NNP , , confirmed VBD its PRP$ appointment NN to TO assist VB the DT managers NNS but CC declined VBD to TO elaborate VB . . The DT managers NNS said VBD in IN a DT brief JJ statement NN yesterday NN that DT Morgan NNP will MD help VB evaluate VB DFC NNP 's POS position NN and CC help VB determine VB alternatives NNS . . The DT managers NNS do VBP n't RB expect VB to TO complete VB the DT evaluation NN until IN Nov. NNP 30 CD . . An DT experimental JJ vaccine NN can MD alter VB the DT immune JJ response NN of IN people NNS infected VBN with IN the DT AIDS NNP virus NN , , a DT prominent JJ U.S. NNP scientist NN said VBD . . However RB , , that DT does VBZ n't RB mean VB they PRP can MD benefit VB from IN the DT vaccine NN . . Its PRP$ effectiveness NN ca MD n't RB be VB determined VBN until IN a DT large JJ clinical JJ trial NN is VBZ undertaken VBN by IN the DT Army NNP in IN January NNP , , according VBG to TO Robert NNP Redfield NNP , , chief NN of IN acquired VBN immune JJ deficiency NN syndrome NN research NN at IN Walter NNP Reed NNP Army NNP Institute NNP of IN Research NNP . . Dr. NNP Redfield NNP 's POS report NN on IN early JJ experiments NNS using VBG an DT AIDS NNP vaccine NN made VBD by IN MicroGeneSys NNP Inc. NNP of IN West NNP Haven NNP , , Conn. NNP , , came VBD at IN a DT meeting NN of IN AIDS NNP vaccine NN researchers NNS in IN Florida NNP late JJ Monday NNP . . The DT vaccine NN , , VaxSyn NNP HIV-1 NNP , , has VBZ been VBN safely RB given VBN to TO 14 CD people NNS , , some DT of IN whom WP are VBP experiencing VBG substantial JJ increases NNS in IN certain JJ antibodies NNS . . `` `` The DT conventional JJ wisdom NN used VBN to TO be VB that IN you PRP could MD n't RB modify VB the DT immune JJ response NN of IN an DT infected JJ individual NN '' '' by IN innoculating VBG them PRP with IN synthetic JJ viral JJ proteins NNS , , Dr. NNP Redfield NNP said VBD . . `` `` We PRP 've VBP demonstrated VBN that IN you PRP can MD . . '' '' He PRP said VBD certain JJ volunteers NNS developed VBD kinds NNS of IN antibodies NNS associated VBN with IN early JJ AIDS NNP . . Other JJ antibodies NNS sparked VBN by IN the DT preparation NN are VBP of IN a DT sort NN rarely RB present JJ in IN large JJ quantities NNS in IN infected JJ or CC ill JJ individuals NNS , , he PRP added VBD . . One CD of IN the DT mysteries NNS of IN AIDS NNP remains VBZ why WRB infected JJ people NNS produce VBP large JJ quantities NNS of IN antibodies NNS , , but CC deteriorate VBP nonetheless RB . . Cross NNP & CC Trecker NNP Corp. NNP said VBD it PRP reached VBD an DT agreement NN to TO sell VB its PRP$ Wiedemann NNP division NN to TO recently RB created VBN Murata NNP Wiedemann NNP Inc. NNP , , a DT U.S. NNP affiliate NN of IN Murata NNP Machinery NNP Ltd. NNP of IN Kyoto NNP , , Japan NNP . . The DT agreement NN also RB includes VBZ the DT purchase NN of IN Cross NNP & CC Trecker NNP 's POS Warner NNP & CC Swasey NNP ( ( Switzerland NNP ) ) AG NNP unit NN by IN a DT European JJ affiliate NN of IN Murata NNP Machinery NNP . . Cross NNP & CC Trecker NNP is VBZ also RB selling VBG its PRP$ equity NN interest NN in IN a DT Japanese JJ joint NN venture NN , , Murata NNP Warner NNP Swasey NNP , , to TO Murata NNP Machinery NNP . . Cross NNP & CC Trecker NNP , , a DT Bloomfield NNP Hills NNPS , , Mich. NNP , , machine-tool JJ maker NN , , said VBD the DT net JJ sales NNS price NN of IN the DT total JJ transaction NN is VBZ $ $ 24 CD million CD . . The DT Wiedemann NNP division NN was VBD one CD of IN three CD businesses NNS put VBN up RP for IN sale NN in IN Cross NNP & CC Trecker NNP 's POS restructuring VBG program NN announced VBN in IN July NNP . . Cross NNP & CC Trecker NNP said VBD negotiations NNS are VBP under IN way NN for IN the DT sale NN of IN another DT company NN , , RobertsCorp NNP . . The DT average JJ interest NN rate NN fell VBD to TO 8.292 CD % NN at IN Citicorp NNP 's POS $ $ 50 CD million CD weekly JJ auction NN of IN 91-day JJ commercial JJ paper NN , , or CC corporate JJ IOUs NNS , , from IN 8.483 CD % NN at IN last JJ week NN 's POS sale NN . . Bids NNS totaling VBG $ $ 465 CD million CD were VBD submitted VBN , , and CC accepted VBN bids NNS were VBD at IN 8.292 CD % NN . . Citicorp NNP also RB said VBD that IN the DT average JJ rate NN fell VBD to TO 7.986 CD % NN at IN its PRP$ $ $ 50 CD million CD auction NN of IN 182-day JJ commercial JJ paper NN from IN 8.1255 CD % NN at IN last JJ week NN 's POS sale NN . . Bids NNS totaling VBG $ $ 415 CD million CD were VBD submitted VBN , , and CC accepted VBN bids NNS were VBD at IN 7.986 CD % NN . . The DT bank NN holding VBG company NN will MD auction VB another DT $ $ 50 CD million CD of IN commercial JJ paper NN in IN each DT maturity NN next IN Tuesday NNP . . Matra NNP S.A. NNP reported VBD its PRP$ 1989 CD first-half NN profit NN soared VBD 88 CD % NN , , and CC indicated VBD that IN its PRP$ previous JJ estimate NN of IN a DT 50 CD % NN rise NN in IN earnings NNS for IN all DT of IN 1989 CD will MD be VB exceeded VBN by IN a DT wide JJ margin NN . . The DT French JJ electronics NNS and CC defense NN group NN said VBD attributable JJ consolidated VBN net JJ profit NN for IN the DT first JJ six CD months NNS of IN 1989 CD totaled VBD 244 CD million CD francs NNS ( ( $ $ 38.4 CD million CD ) ) , , compared VBN with IN 130 CD million CD francs NNS ( ( $ $ 20.5 CD million CD ) ) in IN the DT corresponding JJ period NN of IN Operating VBG profit NN climbed VBD 51 CD % NN , , to TO 572 CD million CD francs NNS from IN 378 CD million CD in IN the DT first JJ half DT of IN 1988 CD . . Matra NNP said VBD the DT sharp JJ improvement NN in IN net JJ profit NN partly RB reflected VBD a DT decline NN of IN 59 CD million CD francs NNS in IN the DT group NN 's POS net JJ loss NN from IN nonrecurring VBG items NNS in IN the DT first JJ half DT of IN this DT year NN to TO 104 CD million CD francs NNS from IN 163 CD million CD a DT year NN earlier RBR . . There EX was VBD also RB a DT decline NN in IN the DT group NN 's POS net JJ financial JJ costs NNS to TO 25 CD million CD francs NNS from IN 50 CD million CD a DT year NN before IN . . These DT movements NNS were VBD offset VBN , , however RB , , by IN a DT steep JJ rise NN in IN corporate JJ income NN tax NN payments NNS to TO 199 CD million CD francs NNS from IN 35 CD million CD in IN the DT first JJ six CD months NNS of IN 1988 CD . . Matra NNP said VBD the DT sharp JJ rise NN in IN its PRP$ first-half JJ earnings NNS was VBD based VBN on IN a DT 15 CD % NN gain NN in IN consolidated JJ revenue NN to TO 10.16 CD billion CD francs NNS from IN 8.85 CD billion CD a DT year NN earlier RBR . . Rep. NNP Lee NNP Hamilton NNP ( ( D. NNP , , Ind NNP . . ) ) said VBD he PRP and CC Rep. NNP Byron NNP Dorgan NNP ( ( D. NNP , , N.D NNP . . ) ) are VBP backing VBG away RB from IN their PRP$ proposal NN to TO make VB the DT Treasury NNP Secretary NNP a DT voting VBG member NN of IN the DT Federal NNP Reserve NNP panel NN that WDT sets VBZ monetary JJ policy NN . . Rep. NNP Hamilton NNP said VBD the DT bill NN will MD be VB modified VBN substantially RB to TO call VB for IN two CD meetings NNS each DT year NN between IN the DT Fed NNP 's POS open JJ market NN committee NN and CC the DT Treasury NNP Secretary NNP , , the DT chairman NN of IN the DT Council NNP of IN Economic NNP Advisers NNPS and CC the DT director NN of IN the DT Office NNP of IN Management NNP and CC Budget NNP . . The DT original JJ bill NN was VBD strongly RB opposed VBN by IN the DT Fed NNP and CC publicly RB criticized VBN by IN friends NNS of IN the DT Fed NNP as IN an DT attempt NN to TO undermine VB the DT central JJ bank NN 's POS independence NN . . Fed NNP critics NNS , , however RB , , hailed VBD it PRP as IN a DT long JJ overdue JJ attempt NN to TO bring VB a DT measure NN of IN openness NN and CC democracy NN to TO the DT setting NN of IN monetary JJ policy NN . . Rep. NNP Hamilton NNP said VBD the DT purpose NN of IN the DT meetings NNS would MD be VB to TO `` `` improve VB communications NNS and CC perhaps RB coordination NN between IN the DT executive JJ branch NN and CC the DT Fed NNP . . '' '' Fed NNP Chairman NNP Alan NNP Greenspan NNP meets VBZ regularly RB for IN lunch NN with IN Treasury NNP Secretary NNP Nicholas NNP Brady NNP and CC talks VBZ frequently RB with IN Budget NNP Director NNP Richard NNP Darman NNP and CC Michael NNP Boskin NNP , , chairman NN of IN the DT Council NNP of IN Economic NNP Advisers NNPS . . The DT administration NN officials NNS do VBP n't RB ordinarily RB meet VB with IN the DT entire JJ membership NN of IN the DT open JJ market NN committee NN . . B.F. NNP Goodrich NNP Co. NNP said VBD third-quarter JJ profits NNS dropped VBD 34 CD % NN because IN of IN lower JJR prices NNS for IN polyvinyl NN chloride NN materials NNS , , the DT company NN 's POS largest JJS product NN group NN . . Net NN fell VBD to TO $ $ 40.1 CD million CD , , or CC $ $ 1.50 CD a DT share NN , , from IN $ $ 60.7 CD million CD , , or CC $ $ 2.32 CD a DT share NN , , a DT year NN earlier RBR . . Sales NNS for IN the DT quarter NN slipped VBD 2.7 CD % NN to TO $ $ 601.3 CD million CD from IN $ $ 618.1 CD million CD . . Polyvinyl NN chloride NN capacity NN `` `` has VBZ overtaken VBN demand NN and CC we PRP are VBP experiencing VBG reduced VBN profit NN margins NNS as IN a DT result NN , , '' '' said VBD John NNP D. NNP Ong NNP , , chairman NN and CC chief NN executive NN . . Prices NNS for IN general-purpose JJ PVC NNP resin NN have VBP dropped VBN more RBR than IN 15 CD % NN since IN last JJ December NNP , , he PRP said VBD . . The DT plastic JJ resin NN is VBZ used VBN in IN a DT wide JJ range NN of IN products NNS , , including VBG siding NN , , pipe NN and CC electrical JJ wire NN insulation NN . . Goodrich NNP 's POS vinyl-products NNS segment NN reported VBD operating VBG profit NN for IN the DT quarter NN of IN $ $ 30.1 CD million CD , , less JJR than IN half PDT the DT $ $ 64.1 CD million CD of IN the DT year-earlier JJ quarter NN . . Third-quarter JJ operating VBG profit NN of IN the DT specialty-chemicals NNS group NN declined VBD slightly RB to TO $ $ 24.3 CD million CD from IN $ $ 24.9 CD million CD . . But CC operating VBG profit NN from IN aerospace NN products NNS rose VBD nearly RB 50 CD % NN to TO $ $ 15 CD million CD from IN $ $ 10.1 CD million CD . . In IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN , , shares NNS of IN the DT Akron NNP , , Ohio-based JJ company NN fell VBD $ $ 1.375 CD to TO $ $ 49.125 CD . . Fiat NNP S.p NNP . . A. NNP , , Italy NNP 's POS leading VBG industrial JJ group NN , , is VBZ conducting VBG `` `` concrete JJ '' '' talks NNS with IN West NNP Germany NNP 's POS Daimler-Benz NNP AG NNP on IN a DT series NN of IN projects NNS in IN the DT aerospace NN sector NN , , Fiat NNP officials NNS said VBD . . However RB , , the DT officials NNS said VBD it PRP was VBD too RB early JJ to TO disclose VB the DT nature NN of IN the DT proposed VBN projects NNS or CC indicate VB when WRB the DT talks NNS might MD be VB concluded VBN . . Daimler-Benz NNP Chairman NNP Edzard NNP Reuter NNP told VBD Milan NNP 's POS financial JJ daily JJ Il NNP Sole NNP 24 CD Ore NNP that IN talks NNS are VBP taking VBG place NN between IN both DT companies NNS ' POS aerospace NN units NNS . . `` `` While IN Mr. NNP Reuter NNP 's POS comments NNS please VBP us PRP very RB much RB , , there EX currently RB are VBP no DT talks NNS in IN progress NN regarding VBG the DT automotive JJ industry NN , , '' '' a DT Fiat NNP spokeswoman NN said VBD . . In IN the DT interview NN , , Mr. NNP Reuter NNP said VBD he PRP is VBZ thinking VBG foremost RB of IN cooperation NN in IN the DT truck NN sector NN , , but CC `` `` in IN the DT long JJ run NN , , I PRP do VBP n't RB want VB to TO rule VB out RP that IN we PRP can MD also RB come VB a DT bit NN closer RBR in IN personal JJ cars NNS . . '' '' Roberto NNP Morelli NNP , , Italy NNP analyst NN for IN County NNP Natwest NNP Securities NNPS in IN London NNP , , said VBD that IN right RB now RB `` `` the DT market NN is VBZ n't RB being VBG influenced VBN by IN that DT kind NN of IN news NN , , '' '' referring VBG to TO the DT conditional JJ nature NN of IN the DT talks NNS mentioned VBN by IN Mr. NNP Reuter NNP and CC by IN the DT uncertainty NN surrounding VBG world NN stock NN exchanges NNS this DT week NN . . Paul NNP Tanner NNP was VBD named VBN president NN , , chief NN executive NN officer NN and CC chairman NN of IN this DT oil NN and CC natural JJ gas NN company NN . . He PRP succeeds VBZ John NNP A. NNP Boudreau NNP , , who WP resigned VBD for IN personal JJ reasons NNS . . Mr. NNP Tanner NNP had VBD been VBN president NN of IN Penn NNP Pacific NNP 's POS National NNP Southwest NNP Capital NNP Group NNP subsidiary NN . . Mr. NNP Boudreau NNP will MD remain VB with IN Penn NNP Pacific NNP as IN a DT director NN and CC a DT member NN of IN the DT executive JJ committee NN . . He PRP has VBZ also RB agreed VBN to TO become VB president NN of IN a DT new JJ subsidiary NN to TO be VB formed VBN to TO make VB future JJ acquisitions NNS , , the DT company NN said VBD . . Spooked VBN investors NNS , , despite IN their PRP$ stampede NN to TO dump VB takeover NN stocks NNS , , should MD hold VB on RP tight RB to TO their PRP$ Jaguar NNP shares NNS . . That DT 's VBZ the DT view NN of IN some DT analysts NNS here RB who WP argue VBP that IN Britain NNP 's POS leading VBG maker NN of IN luxury NN cars NNS still RB may MD have VB two CD U.S. NNP auto NN giants NNS battling VBG for IN it PRP . . Yesterday NN , , Ford NNP Motor NNP disclosed VBD that IN it PRP has VBZ raised VBN its PRP$ holding NN in IN Jaguar NNP to TO 10.4 CD % NN from IN 5 CD % NN . . Both DT Ford NNP and CC its PRP$ rival NN General NNP Motors NNPS recently RB set VBD their PRP$ sights NNS on IN grabbing VBG significant JJ minority NN stakes NNS in IN the DT British JJ company NN . . Ford NNP 's POS latest JJS move NN increases VBZ the DT pressure NN on IN GM NNP to TO complete VB its PRP$ current JJ talks NNS with IN Jaguar NNP quickly RB . . GM NNP is VBZ likely JJ to TO reach VB the DT cooperative JJ operating VBG pact NN it PRP has VBZ been VBN seeking VBG in IN about IN two CD weeks NNS , , knowledgeable JJ individuals NNS say VBP . . At IN that DT point NN investors NNS may MD face VB a DT long JJ , , bumpy JJ ride NN . . A DT victor NN in IN the DT fight NN for IN Jaguar NNP may MD not RB emerge VB until IN after IN the DT expiration NN late JJ next JJ year NN of IN British JJ government NN takeover NN restrictions NNS . . The DT curbs NNS prevent VBP a DT buyer NN from IN purchasing VBG more RBR than IN 15 CD % NN of IN Jaguar NNP shares NNS without IN permission NN . . `` `` This DT is VBZ an DT exceptionally RB odd JJ takeover NN battle NN , , '' '' says VBZ London NNP analyst NN Christopher NNP Will NNP of IN Shearson NNP Lehman NNP Hutton NNP . . Jaguar NNP 's POS American JJ depositary NN receipts NNS were VBD up IN 3\/8 CD yesterday NN in IN a DT down NN market NN , , closing VBG at IN 10 CD 3\/8 CD . . ( ( Jaguar NNP 's POS ADRs NNS make VBP the DT company NN one CD of IN the DT most RBS widely RB held VBN United NNP Kingdom NNP stocks NNS in IN the DT U.S. NNP , , with IN more RBR than IN one-fourth NN of IN its PRP$ shares NNS owned VBN there RB . . ) ) Jaguar NNP topped VBD the DT most-active JJ list NN for IN the DT U.S. NNP over-the-counter JJ market NN Monday NNP . . And CC on IN London NNP 's POS Stock NNP Exchange NNP Monday NNP , , 18.5 CD million CD shares NNS were VBD traded VBN , , far RB above IN the DT usual JJ volume NN . . Ford NNP 's POS share NN purchases NNS undoubtedly RB accounted VBD for IN much RB of IN Monday NNP 's POS heavy JJ trading NN . . Last JJ week NN , , many JJ Jaguar NNP shareholders NNS took VBD their PRP$ money NN and CC ran VBD . . Fears NNS that IN Ford NNP 's POS ardor NN might MD be VB cooling VBG put VBP Jaguar NNP shares NNS into IN reverse NN after IN GM NNP confirmed VBD its PRP$ friendly JJ negotiations NNS with IN Jaguar NNP . . But CC yesterday NN 's POS announcement NN indicates VBZ that IN Ford NNP has VBZ n't RB lost VBN interest NN . . Both DT Shearson NNP 's POS Mr NNP . . Will NNP and CC Stephen NNP Reitman NNP , , European JJ auto NN analyst NN at IN the DT London NNP brokerage NN firm NN UBS-Phillips NNP & CC Drew NNP , , recently RB switched VBD their PRP$ Jaguar NNP recommendations NNS to TO hold VB from IN buy NN . . `` `` Sit VB tight RB '' '' through IN the DT coming VBG volatility NN , , Mr. NNP Reitman NNP suggests VBZ , , though IN he PRP concedes VBZ that IN many JJ small JJ investors NNS will MD find VB Jaguar NNP 's POS zigzags NNS `` `` too RB hard JJ to TO swallow VB . . '' '' But CC a DT crucial JJ point NN is VBZ how WRB Ford NNP reacts VBZ when WRB GM NNP , , the DT world NN 's POS largest JJS auto NN maker NN , , firms NNS up RP its PRP$ proposed VBN deal NN with IN Jaguar NNP . . At IN the DT moment NN , , Ford NNP executives NNS will MD say VB little JJ beyond IN reiterating VBG their PRP$ desire NN to TO raise VB Ford NNP 's POS Jaguar NNP stake NN to TO about IN 15 CD % NN . . GM NNP is VBZ expected VBN to TO inject VB roughly RB # # 200 CD million CD ( ( $ $ 316 CD million CD ) ) by IN acquiring VBG some DT Jaguar NNP shares NNS , , and CC then RB win VB Jaguar NNP management NN 's POS promise NN of IN an DT eventual JJ 30 CD % NN stake NN . . Analysts NNS believe VBP the DT car NN makers NNS also RB will MD create VB joint JJ ventures NNS to TO develop VB new JJ executive NN models NNS , , doubling VBG Jaguar NNP 's POS yearly JJ output NN of IN 50,000 CD cars NNS . . Jaguar NNP shareholders NNS would MD have VB to TO bless VB such PDT a DT far-reaching JJ accord NN . . Ford NNP might MD challenge VB the DT proposal NN by IN offering VBG a DT full JJ bid NN if IN holders NNS and CC the DT U.K. NNP government NN agreed VBD to TO drop VB the DT anti-takeover NN barrier NN early RB . . `` `` I PRP think VBP Ford NNP is VBZ going VBG to TO come VB out RP with IN full JJ guns NNS blazing VBG , , '' '' Mr. NNP Reitman NNP says VBZ . . `` `` Ford NNP wants VBZ { ( Jaguar NNP } ) very RB much RB . . '' '' U.S. NNP takeover-stock JJ speculators NNS , , who WP may MD own VB between IN 20 CD % NN and CC 30 CD % NN of IN Jaguar NNP , , could MD give VB Ford NNP enough RB votes NNS to TO block VB the DT GM NNP deal NN . . GM NNP might NN counterbid NN . . Then RB , , Mr NNP . . Will NNP says VBZ , , `` `` you PRP get VBP a DT bidding NN war NN between IN two CD very RB rich JJ , , very RB determined VBN international JJ companies NNS . . '' '' He PRP believes VBZ Jaguar NNP 's POS share NN price NN could MD zoom VB to TO between IN # # 8 CD and CC # # 10 CD ( ( $ $ 12.60 CD to TO $ $ 15.80 CD ) ) . . `` `` There EX 's VBZ quite RB a DT bit NN of IN value NN left VBN in IN the DT { ( Jaguar NNP } ) shares NNS here RB even RB though IN they PRP have VBP run VBN up RP '' '' lately RB , , says VBZ Doug NNP Johnson NNP , , a DT fund NN manager NN for IN Seattle-based JJ Safeco NNP Asset NNP Management NNP . . At IN the DT moment NN , , he PRP intends VBZ to TO keep VB the DT firm NN 's POS 180,000 CD Jaguar NNP shares NNS . . The DT risk NN is VBZ that IN Jaguar NNP 's POS share NN price NN could MD slump VB if IN GM NNP 's POS agreement NN with IN Jaguar NNP effectively RB locks VBZ out RP its PRP$ U.S. NNP rival NN . . `` `` Ford NNP 's POS appetite NN to TO attack VB { ( Jaguar NNP } ) could MD gradually RB wane VB over IN time NN , , particularly RB if IN Saab NNP is VBZ a DT reasonably RB attractive JJ proposition NN , , '' '' says VBZ John NNP Lawson NNP , , an DT auto NN analyst NN at IN London NNP 's POS Nomura NNP Research NNP Institute NNP . . He PRP thinks VBZ Saab-Scania NNP AB NNP on IN Friday NNP will MD announce VB the DT sale NN of IN 50 CD % NN of IN its PRP$ car NN division NN to TO Ford NNP ; : the DT companies NNS have VBP been VBN discussing VBG closer JJR cooperation NN for IN months NNS . . Clifford NNP Stahl NNP , , president NN and CC chief NN investment NN officer NN of IN C-S NNP Capital NNP Advisors NNPS Inc. NNP , , two CD weeks NNS ago IN sold VBD his PRP$ Cincinnati NNP firm NN 's POS 107,100 CD Jaguar NNP ADRs NNPS at IN about IN 10 CD each DT , , making VBG a DT tidy JJ profit NN on IN a DT holding NN purchased VBN at IN 4 CD 7\/8 CD in IN early JJ May NNP . . `` `` I PRP thought VBD the DT probabilities NNS of IN { ( a DT bidding NN war NN } ) happening VBG were VBD less JJR , , '' '' he PRP says VBZ . . Of IN course NN , , that WDT was VBD before IN Ford NNP 's POS latest JJS move NN . . Jaguar NNP ( ( OTC NNP ; : Symbol NN : : JAGRY NNP ) ) Business NN : : Luxury NN cars NNS Year NN ended VBD Dec. NNP 31 CD , , 1988 CD : : Revenue NN : : $ $ 1.71 CD billion CD Net JJ income NN : : $ $ 44.9 CD million CD ; : or CC 25 CD cents NNS a DT share NN First JJ half DT ended VBD , , June NNP 30 CD , , 1989 CD : : Net JJ loss NN : : $ $ 1.7 CD million CD vs. CC net JJ income NN : : $ $ 21.2 CD million CD ; : or CC 12 CD cents NNS a DT share NN Averae NNP daily RB trading NN volume NN : : Ordinary JJ shares NNS outstanding JJ : : 182.9 CD million CD NOTE NN : : All DT figures NNS are VBP translated VBN into IN U.S. NNP dollars NNS based VBN on IN current JJ exchange NN rates NNS . . A.F. NNP Sloan NNP , , 60 CD years NNS old JJ , , announced VBD that IN he PRP will MD retire VB next JJ April NNP as IN chairman NN and CC chief NN executive JJ officer NN of IN this DT snack NN food NN and CC bakery NN products NNS maker NN . . No DT replacement NN was VBD immediately RB named VBN . . Mr. NNP Sloan NNP plans VBZ to TO remain VB on IN the DT board NN until IN his PRP$ current JJ term NN expires VBZ in IN April NNP 1991 CD , , a DT Lance NNP spokesman NN said VBD . . Newport NNP Electronics NNP Inc. NNP of IN Santa NNP Ana NNP , , Calif. NNP , , said VBD Milton NNP B. NNP Hollander NNP , , who WP holds VBZ a DT 49.4 CD % NN stake NN , , requested VBD a DT special JJ shareholders NNS ' POS meeting NN next IN Wednesday NNP to TO remove VB four CD current JJ directors NNS and CC elect VB an DT alternative JJ slate NN . . Mr. NNP Hollander NNP 's POS High NNP Technology NNP Holding NNP Co. NNP of IN Stamford NNP , , Conn. NNP , , acquired VBD most JJS of IN its PRP$ stake NN last JJ August NNP in IN an DT $ $ 11-a-share JJ tender NN offer NN for IN Newport NNP , , a DT maker NN of IN electronic-measuring JJ devices NNS . . Newport NNP said VBD Mr. NNP Hollander NNP is VBZ asking VBG shareholders NNS to TO retain VB only RB one CD director NN , , James NNP R. NNP Lees NNP , , a DT Newport NNP vice NN president NN . . The DT board NN is VBZ n't RB proposing VBG a DT slate NN of IN its PRP$ own JJ and CC the DT other JJ four CD current JJ directors NNS do VBP n't RB want VB to TO serve VB beyond IN the DT special JJ meeting NN date NN , , Newport NNP said VBD . . Mr. NNP Hollander NNP `` `` is VBZ the DT new JJ owner NN and CC wants VBZ to TO exercise VB control NN , , '' '' said VBD Barret NNP B. NNP Weekes NNP , , Newport NNP 's POS chairman NN . . Sandoz NNP AG NNP , , a DT major JJ Swiss NNP chemical NN and CC pharmaceutical JJ group NN , , said VBD that DT its PRP$ group NN sales NNS rose VBD 25 CD % NN to TO 9.482 CD billion CD francs NNS ( ( $ $ 5.80 CD billion CD ) ) in IN the DT first JJ nine CD months NNS of IN this DT year NN , , with IN strong JJ gains NNS in IN all DT divisions NNS . . A DT year NN earlier JJR sales NNS totaled VBD 7.567 CD billion CD francs NNS . . Positive JJ currency NN rates NNS and CC strong JJ sales NNS growth NN led VBD to TO a DT substantial JJ rise NN in IN consolidated JJ profit NN in IN the DT period NN , , although IN the DT company NN did VBD n't RB provide VB figures NNS , , as IN is VBZ customary JJ with IN Swiss NNP companies NNS . . Sandoz NNP said VBD it PRP expects VBZ a DT `` `` substantial JJ increase NN '' '' in IN consolidated JJ profit NN for IN the DT full JJ year NN , , barring VBG major JJ currency NN rate NN changes NNS . . Amstrad NNP PLC NNP , , a DT British JJ maker NN of IN computer NN hardware NN and CC communications NNS equipment NN , , posted VBD a DT 52 CD % NN plunge NN in IN pretax NN profit NN for IN the DT latest JJS year NN . . The DT # # 76.6 CD million CD ( ( $ $ 120.6 CD million CD ) ) in IN pretax NN profit NN for IN the DT 12 CD months NNS to TO June NNP 30 CD was VBD down IN from IN # # 160 CD million CD ( ( $ $ 252 CD million CD ) ) a DT year NN earlier RBR and CC below IN market NN expectations NNS of IN # # 80 CD million CD and CC # # 90 CD million CD . . The DT slump NN in IN profit NN , , which WDT came VBD despite IN steady JJ sales NNS , , was VBD attributed VBN to TO increased VBN costs NNS for IN parts NNS and CC problems NNS with IN model NN introductions NNS . . Amstrad NNP 's POS profit NN after IN taxes NNS fell VBD a DT similarly RB steep JJ 51 CD % NN , , to TO # # 51.1 CD million CD from IN # # 105 CD million CD a DT year NN earlier RBR . . Sales NNS edged VBD up IN fractionally RB to TO # # 626.3 CD million CD from IN # # 625.4 CD million CD a DT year NN earlier RBR . . Microsoft NNP Corp. NNP 's POS earnings NNS growth NN continued VBD to TO outstrip VB that IN of IN most JJS of IN its PRP$ competitors NNS and CC customers NNS in IN the DT personal-computer NN industry NN , , as IN it PRP reported VBD a DT 36 CD % NN jump NN in IN fiscal JJ first-quarter NN earnings NNS on IN a DT 33 CD % NN revenue NN gain NN . . The DT Redmond NNP , , Wash. NNP company NN , , a DT bellwether NN provider NN of IN operating VBG systems NNS and CC software NN for IN personal-computer NN makers NNS and CC users NNS , , reported VBD net JJ income NN for IN the DT quarter NN ended VBD Sept. NNP 30 CD of IN $ $ 49.6 CD million CD , , or CC 87 CD cents NNS a DT share NN , , up IN from IN $ $ 36.6 CD million CD , , or CC 65 CD cents NNS a DT share NN , , in IN the DT year-ago JJ period NN . . Revenue NN rose VBD to TO $ $ 235.2 CD million CD , , from IN $ $ 176.4 CD million CD . . Microsoft NNP previously RB indicated VBD it PRP would MD have VB a DT strong JJ quarter NN by IN forecasting VBG its PRP$ revenue NN gain NN on IN Oct. NNP 4 CD , , causing VBG a DT $ $ 6.50 CD a DT share NN jump NN in IN its PRP$ stock NN . . But CC its PRP$ stock NN jumped VBD again RB yesterday NN as IN it PRP disclosed VBD surprisingly RB strong JJ margins NNS on IN those DT sales NNS . . Microsoft NNP 's POS stock NN rose VBD $ $ 2.875 CD a DT share NN in IN national JJ over-the-counter JJ trading NN to TO $ $ 78.625 CD . . The DT stock NN had VBD hit VBN a DT high JJ of IN $ $ 81 CD a DT share NN early JJ last JJ week NN but CC collapsed VBD to TO $ $ 73.50 CD in IN the DT Friday NNP stock NN plunge NN . . The DT company NN had VBD been VBN experiencing VBG softening VBG margins NNS because IN of IN increased VBN sales NNS of IN software NN applications NNS , , which WDT have VBP lower JJR margins NNS than IN do VBP operating VBG systems NNS . . But CC the DT company NN said VBD that DT trend NN was VBD offset VBN in IN the DT first JJ quarter NN by IN better JJR economies NNS of IN scale NN and CC efficiencies NNS in IN manufacturing NN . . As IN a DT result NN , , Microsoft NNP 's POS cost NN of IN goods NNS , , as IN a DT percentage NN of IN sales NNS , , fell VBD 17 CD % NN from IN the DT year-ago JJ quarter NN and CC 13 CD % NN from IN the DT previous JJ period NN . . The DT trend NN drove VBD up IN the DT aftertax NN margin NN -- : net JJ income NN as IN a DT percentage NN of IN revenues NNS -- : to TO 21.1 CD % NN in IN the DT quarter NN , , compared VBN with IN 20.7 CD % NN a DT year NN earlier RBR . . Microsoft NNP officials NNS said VBD the DT strong JJ results NNS also RB reflected VBD continuing VBG high JJ demand NN for IN its PRP$ software NN applications NNS and CC operating VBG systems NNS . . While IN it PRP has VBZ predicted VBN that IN overall JJ growth NN in IN unit NN sales NNS of IN personal JJ computers NNS is VBZ slowing VBG to TO about IN a DT 10 CD % NN yearly JJ rate NN , , its PRP$ own JJ products NNS are VBP selling VBG at IN a DT much JJ faster JJR rate NN because IN many JJ are VBP geared VBN to TO the DT high-performance NN end NN of IN the DT market NN . . That DT segment NN continues VBZ to TO post VB strong JJ quarter-to-quarter JJ gains NNS , , while IN the DT low-end NN , , or CC commodity NN segment NN , , of IN the DT industry NN is VBZ experiencing VBG sluggish JJ growth NN or CC even JJ sales NNS declines NNS . . Compared VBN with IN its PRP$ previous JJ quarter NN , , the DT final JJ period NN of IN its PRP$ 1989 CD fiscal JJ year NN , , net NN rose VBD 9 CD % NN , , and CC sales NNS rose VBD 7 CD % NN . . Control NNP Data NNP Corp. NNP , , Minneapolis NNP , , signed VBD a DT joint JJ development NN agreement NN with IN MIPS NNP Computer NNP Systems NNPS Inc. NNP to TO incorporate VB an DT emerging VBG computing VBG architecture NN in IN future JJ machines NNS . . MIPS NNP is VBZ a DT leader NN in IN what WP is VBZ known VBN as IN reduced-instruction NN set NN computing NN , , or CC RISC NNP , , a DT technology NN combining VBG microprocessors NNS and CC sophisticated JJ software NN . . In IN joining VBG MIPS NNP , , Control NNP Data NNP follows VBZ several JJ competitors NNS in IN embracing VBG RISC NNP as IN a DT new JJ design NN approach NN . . Digital NNP Equipment NNP Corp. NNP , , Tandem NNP Computers NNPS Inc. NNP , , NEC NNP Corp. NNP and CC Group NNP Bull NNP , , among IN others NNS , , have VBP similar JJ arrangements NNS with IN MIPs NNP , , based VBN in IN Sunnyvale NNP , , Calif NNP . . Control NNP Data NNP said VBD it PRP expects VBZ its PRP$ first JJ RISC-based JJ mainframe JJ machine NN to TO be VB introduced VBN next JJ year NN . . The DT accord NN with IN MIPS NNP calls VBZ for IN Control NNP Data NNP to TO share VB its PRP$ expertise NN in IN data NNS storage NN , , the DT companies NNS said VBD . . Control NNP Data NNP also RB said VBD it PRP is VBZ developing VBG what WP it PRP called VBD a DT `` `` supermainframe NN '' '' computer NN , , the DT Cyber NNP 2000 CD , , intended VBN for IN scientists NNS , , engineers NNS and CC other JJ users NNS of IN generalpurpose JJ high-performance JJ computers NNS . . UAL'S NNP STOCK NN SKIDDED VBD an DT additional JJ $ $ 24.875 CD , , to TO $ $ 198 CD , , as IN British NNP Airways NNPS indicated VBD it PRP may MD balk VB at IN any DT hastily RB revised VBN version NN of IN the DT aborted VBN $ $ 6.79 CD billion CD buy-out NN of IN United NNP Air NNP 's POS parent NN . . UAL NNP has VBZ fallen VBN $ $ 87.25 CD , , or CC 31 CD % NN , , in IN the DT three CD trading NN days NNS since IN disclosure NN of IN the DT buy-out NN 's POS collapse NN jolted VBD the DT stock NN market NN . . Meanwhile RB , , investor NN Marvin NNP Davis NNP said VBD he PRP remains VBZ interested VBN in IN UAL NNP , , but CC he PRP dropped VBD his PRP$ earlier JJR $ $ 300-a-share JJ back-up NN bid NN . . Stock NN prices NNS fell VBD broadly RB in IN heavy JJ trading NN , , dominated VBN by IN futures-related JJ program NN selling NN and CC further JJ declines NNS by IN UAL NNP and CC other JJ airline NN stocks NNS . . The DT Dow NNP Jones NNP industrials NNS closed VBD off RB 18.65 CD points NNS , , at IN 2638.73 CD , , after IN plunging VBG over IN 60.25 CD points NNS in IN the DT morning NN . . Bond NN prices NNS ended VBD lower JJR after IN an DT early JJ rally NN , , while IN the DT dollar NN was VBD mixed VBN . . The DT U.S. NNP trade NN deficit NN swelled VBD to TO $ $ 10.77 CD billion CD in IN August NNP , , prompting VBG worries NNS that IN the DT nation NN 's POS export NN drive NN had VBD stalled VBN . . Exports NNS declined VBD for IN the DT second JJ month NN in IN a DT row NN , , while IN imports NNS rose VBD to TO a DT record NN . . An DT analyst NN called VBD it PRP one CD of IN the DT worst JJS trade NN reports NNS since IN the DT dollar NN bottomed VBD out RP in IN Industrial JJ output NN fell VBD 0.1 CD % NN in IN September NNP , , the DT latest JJS sign NN manufacturing NN is VBZ slowing VBG . . An DT analyst NN cited VBD weaker JJR capital NN spending NN and CC exports NNS . . Bankers NNPS Trust NNP added VBD $ $ 1.6 CD billion CD to TO reserves NNS for IN Third NNP World NNP loans NNS , , the DT latest JJS big JJ bank NN to TO take VB such PDT a DT step NN . . It PRP expects VBZ a DT $ $ 1.42 CD billion CD quarterly JJ loss NN . . Citicorp NNP posted VBD a DT 9 CD % NN drop NN in IN quarterly JJ profit NN . . Manufacturers NNPS Hanover NNP had VBD a DT loss NN due JJ to TO a DT big JJ reserve NN addition NN . . Bank NNP of IN New NNP England NNP plans VBZ to TO sell VB some DT operations NNS and CC lay VB off RP 4 CD % NN of IN its PRP$ work NN force NN after IN a DT year NN of IN weak JJ earnings NNS and CC mounting VBG loan NN problems NNS . . Eastern NNP Airlines NNPS ' POS creditors NNS have VBP begun VBN exploring VBG alternative JJ approaches NNS to TO a DT Chapter NN 11 CD reorganization NN because IN they PRP are VBP unhappy JJ with IN the DT carrier NN 's POS latest JJS proposal NN . . Tele-Communications NNPS agreed VBD to TO buy VB half DT of IN Showtime NNP Networks NNPS from IN Viacom NNP for IN $ $ 225 CD million CD . . The DT move NN could MD pose VB a DT new JJ challenge NN to TO Time NNP Warner NNP 's POS Home NNP Box NNP Office NNP . . The DT CFTC NNP plans NNS to TO curb VB dual JJ trading NN on IN commodities NNS markets NNS , , in IN which WDT traders NNS buy VBP and CC sell VBP both DT for IN their PRP$ own JJ account NN and CC for IN clients NNS . . The DT move NN is VBZ likely JJ to TO anger NN traders NNS . . FDIC NNP Chairman NNP Seidman NNP said VBD that IN Lincoln NNP Savings NNP & CC Loan NNP of IN California NNP should MD have VB been VBN seized VBN in IN 1986 CD to TO contain VB losses NNS he PRP estimated VBD will MD cost VB taxpayers NNS as RB much RB as IN $ $ 2 CD billion CD . . A DT $ $ 67 CD billion CD spending VBG bill NN was VBD approved VBN by IN House-Senate NNP conferees NNS that WDT includes VBZ major JJ provisions NNS affecting VBG the DT federal JJ mortgage NN market NN . . Hooker NNP 's POS U.S. NNP unit NN is VBZ expected VBN to TO agree VB in IN principle NN this DT week NN to TO sell VB its PRP$ Merksamer NNP Jewelers NNPS chain NN to TO management NN , , according VBG to TO executives NNS . . The DT deficit-reduction NN bill NN became VBD snagged VBN over IN efforts NNS to TO streamline VB the DT House NN version NN of IN the DT legislation NN in IN advance NN of IN a DT House-Senate NNP conference NN . . Integrated NNP Resources NNPS said VBD talks NNS have VBP ended VBN with IN another DT potential JJ buyer NN of IN its PRP$ core NN businesses NNS . . Three CD big JJ drug NN makers NNS posted VBD robust JJ third-quarter NN earnings NNS . . Merck NNP 's POS profit NN climbed VBD 25 CD % NN , , Warner-Lambert NNP 's POS 22 CD % NN and CC Eli NNP Lilly NNP 's POS 24 CD % NN . . Markets NNS -- : Stocks NNS : : Volume NN 224,070,000 CD shares NNS . . Dow NNP Jones NNP industrials NNS 2638.73 CD , , off IN 18.65 CD ; : transportation NN 1254.27 CD , , off IN 49.96 CD ; : utilities NNS 214.54 CD , , off IN 0.19 CD . . Bonds NNS : : Shearson NNP Lehman NNP Hutton NNP Treasury NNP index NN 3377.43 CD , , off IN Commodities NNS : : Dow NNP Jones NNP futures NNS index NN 129.72 CD , , unchanged JJ ; : spot NN index NN 129.97 CD , , off IN 0.19 CD . . Dollar NN : : 142.75 CD yen NN , , up IN 0.95 CD ; : 1.8667 CD marks NNS , , off IN 0.0018 CD . . Paul NNP Ely NNP , , general JJ partner NN of IN Alpha NNP Partners NNPS , , a DT venture-capital JJ firm NN based VBN in IN Menlo NNP Park NNP , , Calif. NNP , , was VBD named VBN a DT director NN of IN this DT computer NN company NN . . Mr. NNP Ely NNP , , 57 CD years NNS old JJ , , temporarily RB increases VBZ the DT board NN to TO seven CD members NNS . . However RB , , director NN Thomas NNP O'Rourke NNP has VBZ said VBN he PRP wo MD n't RB seek VB re-election NN at IN the DT company NN 's POS annual JJ meeting NN next IN month NN . . BroadBeach NNP Associates NNPS Inc. NNP , , the DT Los NNP Angeles NNP investment NN partnership NN whose WP$ $ $ 62-a-share JJ bid NN for IN McGill NNP Manufacturing NNP Co. NNP was VBD topped VBN recently RB by IN a DT competing VBG offer NN from IN a DT Swedish JJ concern NN , , disclosed VBD that IN it PRP sold VBD its PRP$ entire JJ 7 CD % NN McGill NNP stake NN . . McGill NNP , , a DT Valparaiso NNP , , Ind. NNP , , ball-bearing NN manufacturer NN , , had VBD rebuffed VBN BroadBeach NNP 's POS proposal NN . . It PRP has VBZ since IN asked VBN holders NNS not RB to TO immediately RB tender VB their PRP$ shares NNS under IN a DT recent JJ $ $ 72-a-share JJ , , or CC $ $ 104 CD million CD , , bid NN from IN AB NNP SKF NNP of IN Sweden NNP , , until IN McGill NNP directors NNS have VBP completed VBN their PRP$ evaluation NN . . In IN a DT Securities NNPS and CC Exchange NNP Commission NNP filing NN , , BroadBeach NNP said VBD it PRP sold VBD the DT 101,000 CD McGill NNP shares NNS for IN $ $ 7.3 CD million CD in IN a DT private JJ transaction NN on IN Oct. NNP 12 CD . . BroadBeach NNP did VBD n't RB identify VB the DT buyer NN of IN the DT shares NNS , , but CC the DT date NN of IN the DT selloff NN followed VBN by IN one CD day NN the DT Swedish JJ concern NN 's POS tender NN offer NN , , and CC the DT indicated VBN price NN of IN the DT shares NNS sold VBN equals VBZ SKF NNP 's POS $ $ 72-a-share JJ tender NN offer NN price NN . . A DT BroadBeach NNP spokeswoman NN said VBD the DT company NN sold VBD the DT stock NN in IN the DT open JJ market NN and CC thus RB could MD n't RB identify VB the DT buyer NN or CC buyers NNS . . Luis NNP Nogales NNP , , 45 CD years NNS old JJ , , has VBZ been VBN elected VBN to TO the DT board NN of IN this DT brewer NN . . Mr. NNP Nogales NNP , , former JJ president NN of IN United NNP Press NNP International NNP and CC the DT Univision NNP Spanish-language NNP network NN , , most RBS recently RB co-founded VBD Nogales NNP Castro NNP Partners NNPS , , a DT California-based JJ media NNS acquisition NN firm NN . . Mr. NNP Nogales NNP , , the DT first RB Hispanic JJ person NN to TO serve VB as IN a DT Coors NNP director NN , , is VBZ an DT addition NN to TO the DT board NN , , increasing VBG its PRP$ membership NN to TO nine CD . . Hachette NNP S.A. NNP , , a DT European JJ media NNS and CC publishing NN group NN , , reported VBD a DT small JJ rise NN in IN its PRP$ attributable JJ first-half JJ group NN profit NN , , excluding VBG exceptional JJ items NNS , , to TO 133.8 CD million CD francs NNS ( ( $ $ 21.1 CD million CD ) ) from IN 130.1 CD million CD francs NNS a DT year NN earlier RBR . . The DT Paris-based JJ group NN said VBD its PRP$ earlier JJR projection NN -- : that IN group NN profit NN for IN all DT of IN 1989 CD would MD be VB close JJ to TO the DT 322.7 CD million CD francs NNS posted VBN for IN 1988 CD -- : remains VBZ valid JJ . . Taking VBG into IN account NN nonrecurring VBG gains NNS and CC losses NNS , , Hachette NNP 's POS group NN net NN income NN for IN the DT first JJ six CD months NNS of IN this DT year NN totaled VBD 246.6 CD million CD francs NNS , , practically RB double RB the DT year-earlier JJ figure NN of IN 124.5 CD million CD francs NNS . . Analysts NNS said VBD Hachette NNP 's POS earnings NNS in IN the DT second JJ half DT might MD be VB boosted VBN by IN a DT capital NN gain NN from IN the DT sale NN of IN the DT Paris NNP headquarters NN of IN a DT newspaper-delivery NN company NN that WDT is VBZ 49 CD % NN owned VBN by IN Hachette NNP . . Oncor NNP Inc. NNP , , Gaithersburg NNP , , Md. NNP , , said VBD it PRP received VBD approval NN from IN the DT U.S. NNP Food NNP and CC Drug NNP Administration NNP to TO market VB a DT genetic JJ test NN that WDT will MD assist VB in IN diagnosis NN and CC treatment NN of IN leukemia NN and CC lymph NN cancer NN . . The DT B\/T NNP gene NN rearrangement NN test NN is VBZ more RBR accurate JJ than IN existing VBG tests NNS for IN diagnosing VBG the DT type NN of IN cancer NN , , whether IN it PRP has VBZ spread VBN or CC whether IN there EX is VBZ a DT recurrence NN following VBG treatment NN , , said VBD Oncor NNP President NNP Stephen NNP Turner NNP . . Mr. NNP Turner NNP said VBD the DT test NN initially RB will MD be VB used VBN in IN conjunction NN with IN biopsies NNS and CC other JJ tests NNS , , but CC eventually RB might MD become VB the DT benchmark NN for IN tumor NN analysis NN . . Mr. NNP Turner NNP said VBD the DT test NN will MD be VB shipped VBN in IN 45 CD days NNS to TO hospitals NNS and CC clinical JJ laboratories NNS . . Dr. NNP Wyndham NNP Wilson NNP , , a DT cancer NN treatment NN specialist NN at IN the DT National NNP Cancer NNP Institute NNP , , said VBD the DT test NN is VBZ widely RB used VBN in IN research NN centers NNS but CC is VBZ n't RB having VBG a DT major JJ impact NN because IN it PRP is VBZ only RB occasionally RB useful JJ in IN choosing VBG the DT most JJS effective JJ treatment NN . . But CC the DT test NN may MD prove VB to TO be VB more RBR sensitive JJ in IN determining VBG whether IN a DT tumor NN has VBZ spread VBN or CC returned VBN following VBG treatment NN , , Dr. NNP Wilson NNP said VBD . . `` `` We PRP do VBP n't RB know VB yet RB how WRB useful JJ it PRP 's VBZ going VBG to TO be VB , , '' '' he PRP said VBD . . Oncor NNP , , a DT six-year-old JJ developer NN of IN genetic JJ medical JJ tests NNS , , projects VBZ that IN the DT cancer NN test NN will MD help VB it PRP to TO post VB its PRP$ first-ever JJ profit NN during IN the DT first JJ quarter NN of IN 1990 CD , , Mr. NNP Turner NNP said VBD . . The DT company NN will MD charge VB $ $ 35 CD for IN a DT test NN and CC projects VBZ about IN $ $ 2 CD million CD in IN revenue NN from IN the DT test NN during IN the DT first JJ 12 CD months NNS of IN marketing NN , , he PRP said VBD . . Unilab NNP Corp. NNP , , Norcross NNP , , Ga. NNP , , said VBD it PRP acquired VBD the DT clinical JJ laboratories NNS of IN closely RB held VBN Central NNP Diagnostic NNP Laboratory NNP Inc. NNP in IN a DT cash NN and CC securities NNS transaction NN valued VBN at IN $ $ 85 CD million CD . . Unilab NNP said VBD its PRP$ wholly RB owned VBN MetWest NNP Inc. NNP unit NN paid VBD $ $ 25 CD million CD in IN cash NN , , provided VBN $ $ 30 CD million CD in IN notes NNS and CC $ $ 30 CD million CD in IN preferred VBN stock NN to TO acquire VB Central NNP 's POS labs NNS in IN the DT Western NNP U.S. NNP . . Unilab NNP , , which WDT provides VBZ clinical JJ laboratory NN services NNS , , competed VBD with IN Central NNP , , based VBN in IN Tarzana NNP , , Calif. NNP , , in IN a DT number NN of IN areas NNS . . Beyond IN removing VBG a DT competitor NN , , the DT combination NN should MD provide VB `` `` synergies NNS , , '' '' said VBD Fred NNP Harlow NNP , , Unilab NNP 's POS chief NN financial JJ officer NN . . It PRP also RB will MD hand VB Unilab NNP new JJ markets NNS . . In IN Los NNP Angeles NNP , , for IN example NN , , Central NNP has VBZ had VBN a DT strong JJ market NN position NN while IN Unilab NNP 's POS presence NN has VBZ been VBN less RBR prominent JJ , , according VBG to TO Mr. NNP Harlow NNP . . Consumers NNS may MD want VB to TO move VB their PRP$ telephones NNS a DT little RB closer RBR to TO the DT TV NN set NN . . Couch-potato NN jocks NNS watching VBG ABC NNP 's POS `` `` Monday NNP Night NNP Football NNP '' '' can MD now RB vote VB during IN halftime NN for IN the DT greatest JJS play NN in IN 20 CD years NNS from IN among IN four CD or CC five CD filmed VBN replays NNS . . Two CD weeks NNS ago RB , , viewers NNS of IN several JJ NBC NNP daytime JJ consumer NN segments NNS started VBD calling VBG a DT 900 CD number NN for IN advice NN on IN various JJ life-style NN issues NNS . . And CC the DT new JJ syndicated JJ `` `` reality NN '' '' show NN `` `` Hard NNP Copy NNP '' '' records VBZ viewers NNS ' POS opinions NNS for IN possible JJ airing NN on IN the DT next JJ day NN 's POS show NN . . Interactive JJ telephone NN technology NN has VBZ taken VBN a DT new JJ leap NN in IN sophistication NN , , and CC television NN programmers NNS are VBP racing VBG to TO exploit VB the DT possibilities NNS . . Eventually RB viewers NNS may MD grow VB bored VBN with IN the DT technology NN and CC resent VB the DT cost NN . . But CC right RB now RB programmers NNS are VBP figuring VBG that IN viewers NNS who WP are VBP busy JJ dialing NN up RP a DT range NN of IN services NNS may MD put VB down RP their PRP$ remote JJ control NN zappers NNS and CC stay VB tuned VBN . . `` `` We PRP 've VBP been VBN spending VBG a DT lot NN of IN time NN in IN Los NNP Angeles NNP talking VBG to TO TV NN production NN people NNS , , '' '' says VBZ Mike NNP Parks NNP , , president NN of IN Call NNP Interactive NNP , , which WDT supplied VBD technology NN for IN both DT ABC NNP Sports NNPS and CC NBC NNP 's POS consumer NN minutes NNS . . `` `` With IN the DT competitiveness NN of IN the DT television NN market NN these DT days NNS , , everyone NN is VBZ looking VBG for IN a DT way NN to TO get VB viewers NNS more RBR excited JJ . . '' '' One CD of IN the DT leaders NNS behind IN the DT expanded VBN use NN of IN 900 CD numbers NNS is VBZ Call NNP Interactive NNP , , a DT joint JJ venture NN of IN giants NNS American NNP Express NNP Co. NNP and CC American NNP Telephone NNP & CC Telegraph NNP Co NNP . . Formed VBN in IN August NNP , , the DT venture NN weds VBZ AT&T NNP 's POS newly RB expanded VBN 900 CD service NN with IN 200 CD voice-activated JJ computers NNS in IN American NNP Express NNP 's POS Omaha NNP , , Neb. NNP , , service NN center NN . . Other JJ long-distance NN carriers NNS have VBP also RB begun VBN marketing NN enhanced VBN 900 CD service NN , , and CC special JJ consultants NNS are VBP springing VBG up RP to TO exploit VB the DT new JJ tool NN . . Blair NNP Entertainment NNP , , a DT New NNP York NNP firm NN that WDT advises VBZ TV NN stations NNS and CC sells VBZ ads NNS for IN them PRP , , has VBZ just RB formed VBN a DT subsidiary NN -- : 900 CD Blair NNP -- : to TO apply VB the DT technology NN to TO television NN . . The DT use NN of IN 900 CD toll NN numbers NNS has VBZ been VBN expanding VBG rapidly RB in IN recent JJ years NNS . . For IN a DT while NN , , high-cost JJ pornography NN lines NNS and CC services NNS that WDT tempt VBP children NNS to TO dial VB ( ( and CC redial VB ) ) movie NN or CC music NN information NN earned VBD the DT service NN a DT somewhat RB sleazy JJ image NN , , but CC new JJ legal JJ restrictions NNS are VBP aimed VBN at IN trimming VBG excesses NNS . . The DT cost NN of IN a DT 900 CD call NN is VBZ set VBN by IN the DT originator NN -- : ABC NNP Sports NNPS , , for IN example NN -- : with IN the DT cheapest JJS starting NN at IN 75 CD cents NNS . . Billing NN is VBZ included VBN in IN a DT caller NN 's POS regular JJ phone NN bill NN . . From IN the DT fee NN , , the DT local JJ phone NN company NN and CC the DT long-distance NN carrier NN extract VB their PRP$ costs NNS to TO carry VB the DT call NN , , passing VBG the DT rest NN of IN the DT money NN to TO the DT originator NN , , which WDT must MD cover VB advertising NN and CC other JJ costs NNS . . In IN recent JJ months NNS , , the DT technology NN has VBZ become VBN more RBR flexible JJ and CC able JJ to TO handle VB much RB more JJR volume NN . . Before IN , , callers NNS of IN 900 CD numbers NNS would MD just RB listen VB and CC not RB talk VB , , or CC they PRP 'd MD vote VB `` `` yes UH '' '' or CC `` `` no UH '' '' by IN calling VBG one CD of IN two CD numbers NNS . . ( ( People NNS in IN the DT phone NN business NN call VBP this DT technology NN `` `` 900 CD click NN . . '' '' ) ) Now RB , , callers NNS are VBP led VBN through IN complex JJ menus NNS of IN choices NNS to TO retrieve VB information NN they PRP want VBP , , and CC the DT hardware NN can MD process VB 10,000 CD calls NNS in IN 90 CD seconds NNS . . Up IN to TO now RB , , 900 CD numbers NNS have VBP mainly RB been VBN used VBN on IN local JJ TV NN stations NNS and CC cable NN channels NNS . . MTV NNP used VBD one NN to TO give VB away RP the DT house NN that DT rock NN star NN Jon NNP Bon NNP Jovi NNP grew VBD up RP in RB . . For IN several JJ years NNS , , Turner NNP Broadcasting NNP System NNP 's POS Cable NNP News NNP Network NNP has VBZ invited VBN viewers NNS to TO respond VB nightly RB to TO topical JJ issues NNS ( ( `` `` Should NNP the DT U.S. NNP military NN intervene VB in IN Panama NNP ? . '' '' ) ) , , but CC even RB the DT hottest JJS controversies NNS on IN CNN NNP log VBP only RB about IN 10,000 CD calls NNS . . The DT newest JJS uses NNS of IN the DT 900-interactive JJ technology NN demonstrate VBP the DT growing VBG variety NN of IN applications NNS . . Capital NNP Cities\/ABC NNP Inc. NNP , , CBS NNP Inc. NNP and CC General NNP Electric NNP Co. NNP 's POS National NNP Broadcasting NNP Co. NNP unit NN are VBP expected VBN to TO announce VB soon RB a DT joint JJ campaign NN to TO raise VB awareness NN about IN hunger NN . . The DT subject NN will MD be VB written VBN into IN the DT plots NNS of IN prime-time JJ shows NNS , , and CC viewers NNS will MD be VB given VBN a DT 900 CD number NN to TO call VB . . Callers NNS will MD be VB sent VBN educational JJ booklets NNS , , and CC the DT call NN 's POS modest JJ cost NN will MD be VB an DT immediate JJ method NN of IN raising VBG money NN . . Other JJ network NN applications NNS have VBP very RB different JJ goals NNS . . ABC NNP Sports NNPS was VBD looking VBG for IN ways NNS to TO lift VB deflated VBN halftime NN ratings NNS for IN `` `` Monday NNP Night NNP Football NNP . . '' '' Kurt NNP Sanger NNP , , ABC NNP Sports NNP 's POS marketing NN director NN , , says VBZ that IN now RB `` `` tens NNS of IN thousands NNS '' '' of IN fans NNS call VBP its PRP$ 900 CD number NN each DT week NN to TO vote VB for IN the DT best JJS punt NN return NN , , quarterback NN sack NN , , etc FW . . Profit NN from IN the DT calls NNS goes VBZ to TO charity NN , , but CC ABC NNP Sports NNPS also RB uses VBZ the DT calls NNS as IN a DT sales NNS tool NN : : After IN thanking VBG callers NNS for IN voting NN , , Frank NNP Gifford NNP offers VBZ a DT football NN videotape NN for IN $ $ 19.95 CD , , and CC 5 CD % NN of IN callers NNS stay VBP on IN the DT line NN to TO order VB it PRP . . Jackets NNS may MD be VB sold VBN next RB . . Meanwhile RB , , NBC NNP Sports NNPS recently RB began VBD `` `` Scores NNPS Plus NNP , , '' '' a DT year-round JJ , , 24-hour JJ 900 CD line NN providing VBG a DT complex JJ array NN of IN scores NNS , , analysis NN and CC fan NN news NN . . A DT spokesman NN said VBD its PRP$ purpose NN is VBZ `` `` to TO bolster VB the DT impression NN that IN NBC NNP Sports NNP is VBZ always RB there RB for IN people NNS . . '' '' NBC NNP 's POS `` `` On-Line JJ '' '' consumer NN minutes NNS have VBP increased VBN advertiser NN spending NN during IN the DT day NN , , the DT network NN 's POS weakest JJS period NN . . Each DT weekday NN matches VBZ a DT sponsor NN and CC a DT topic NN : : On IN Mondays NNPS , , Unilever NNP N.V. NNP 's POS Lever NNP Bros. NNPS sponsors VBZ tips NNS on IN diet NN and CC exercise NN , , followed VBN by IN a DT 30-second JJ Lever NNP Bros. NNPS commercial NN . . Viewers NNS can MD call VB a DT 900 CD number NN for IN additional JJ advice NN , , which WDT will MD be VB tailored VBN to TO their PRP$ needs NNS based VBN on IN the DT numbers NNS they PRP punch VBP ( ( `` `` Press VB one CD if IN you PRP 're VBP pregnant JJ , , '' '' etc FW . . ) ) . . If IN the DT caller NN stays VBZ on IN the DT line NN and CC leaves VBZ a DT name NN and CC address NN for IN the DT sponsor NN , , coupons NNS and CC a DT newsletter NN will MD be VB mailed VBN , , and CC the DT sponsor NN will MD be VB able JJ to TO gather VB a DT list NN of IN desirable JJ potential JJ customers NNS . . Diane NNP Seaman NNP , , an DT NBC-TV NNP vice NN president NN , , says VBZ NBC NNP has VBZ been VBN able JJ to TO charge VB premium JJ rates NNS for IN this DT ad NN time NN . . She PRP would MD n't RB say VB what WP the DT premium NN is VBZ , , but CC it PRP 's VBZ believed VBN to TO be VB about IN 40 CD % NN above IN regular JJ daytime JJ rates NNS . . `` `` We PRP were VBD able JJ to TO get VB advertisers NNS to TO use VB their PRP$ promotion NN budget NN for IN this DT , , because IN they PRP get VBP a DT chance NN to TO do VB couponing NN , , '' '' says VBZ Ms. NNP Seaman NNP . . `` `` And CC we PRP were VBD able JJ to TO attract VB some DT new JJ advertisers NNS because IN this DT is VBZ something NN new JJ . . '' '' Mr. NNP Parks NNP of IN Call NNP Interactive NNP says VBZ TV NN executives NNS are VBP considering VBG the DT use NN of IN 900 CD numbers NNS for IN `` `` talk NN shows NNS , , game NN shows NNS , , news NN and CC opinion NN surveys NNS . . '' '' Experts NNS are VBP predicting VBG a DT big JJ influx NN of IN new JJ shows NNS in IN 1990 CD , , when WRB a DT service NN called VBN `` `` automatic JJ number NN information NN '' '' will MD become VB widely RB available JJ . . This DT service NN identifies VBZ each DT caller NN 's POS phone NN number NN , , and CC it PRP can MD be VB used VBN to TO generate VB instant JJ mailing NN lists NNS . . `` `` Hard NNP Copy NNP , , '' '' the DT new JJ syndicated JJ tabloid JJ show NN from IN Paramount NNP Pictures NNPS , , will MD use VB its PRP$ 900 CD number NN for IN additional JJ purposes NNS that WDT include VBP research NN , , says VBZ executive NN producer NN Mark NNP B. NNP von NNP S. NNP Monsky NNP . . `` `` For IN a DT piece NN on IN local JJ heroes NNS of IN World NNP War NNP II NNP , , we PRP can MD ask VB people NNS to TO leave VB the DT name NN and CC number NN of IN anyone NN they PRP know VBP who WP won VBD a DT medal NN , , '' '' he PRP says VBZ . . `` `` That DT 'll MD save VB us PRP time NN and CC get VB people NNS involved VBN . . '' '' But CC Mr. NNP Monsky NNP sees VBZ much RB bigger JJR changes NNS ahead RB . . `` `` These DT are VBP just RB baby NN steps NNS toward IN real JJ interactive JJ video NN , , which WDT I PRP believe VBP will MD be VB the DT biggest JJS thing NN yet RB to TO affect VB television NN , , '' '' he PRP says VBZ . . Although IN it PRP would MD be VB costly JJ to TO shoot VB multiple JJ versions NNS , , TV NN programmers NNS could MD let VB audiences NNS vote VB on IN different JJ endings NNS for IN a DT movie NN . . Fox NNP Broadcasting NNP experimented VBD with IN this DT concept NN last JJ year NN when WRB viewers NNS of IN `` `` Married JJ ... : With IN Children NNP '' '' voted VBD on IN whether IN Al NNP should MD say VB `` `` I PRP love VBP you PRP '' '' to TO Peg NNP on IN Valentine NNP 's POS Day NNP . . Someday RB , , viewers NNS may MD also RB choose VB different JJ depths NNS of IN news NN coverage NN . . `` `` A DT menu NN by IN phone NN could MD let VB you PRP decide VB , , ` `` I PRP 'm VBP interested JJ in IN just RB the DT beginning NN of IN story NN No. NN 1 CD , , and CC I PRP want VBP story NN No. NN 2 CD in IN depth NN , , '' '' Mr. NNP Monsky NNP says VBZ . . `` `` You PRP 'll MD start VB to TO see VB shows NNS where WRB viewers NNS program VBP the DT program NN . . Integrated NNP Resources NNPS Inc. NNP , , the DT troubled JJ financial-services NNS company NN that WDT has VBZ been VBN trying VBG to TO sell VB its PRP$ core NN companies NNS to TO restructure VB debt NN , , said VBD talks NNS with IN a DT potential JJ buyer NN ended VBN . . Integrated NNP did VBD n't RB identify VB the DT party NN or CC say VB why WRB the DT talks NNS failed VBD . . Last JJ week NN another DT potential JJ buyer NN , , Whitehall NNP Financial NNP Group NNP -- : which WDT had VBD agreed VBN in IN August NNP to TO purchase VB most JJS of IN Integrated NNP 's POS core NN companies NNS for IN $ $ 310 CD million CD -- : ended VBN talks NNS with IN Integrated NNP . . Integrated NNP said VBD that IN it PRP would MD continue VB to TO pursue VB `` `` other JJ alternatives NNS '' '' to TO sell VB the DT five CD core NN companies NNS and CC that IN a DT group NN of IN senior JJ executives NNS plans NNS to TO make VB a DT proposal NN to TO purchase VB three CD of IN the DT companies NNS -- : Integrated NNP Resources NNPS Equity NNP Corp. NNP , , Resources NNPS Trust NNP Co. NNP and CC Integrated NNP Resources NNPS Asset NNP Management NNP Corp NNP . . A DT price NN was VBD n't RB disclosed VBN . . Integrated NNP also RB said VBD it PRP expects VBZ to TO report VB a DT second-quarter JJ loss NN wider JJR than IN the DT earlier JJR estimate NN of IN about IN $ $ 600 CD million CD . . The DT company NN did VBD n't RB disclose VB the DT new JJ estimate NN but CC said VBD the DT change NN was VBD related VBN to TO Integrated NNP 's POS failure NN to TO sell VB its PRP$ core NN businesses NNS , , as RB well RB as IN `` `` other JJ events NNS , , '' '' which WDT it PRP did VBD n't RB detail NN , , that WDT occurred VBD after IN its PRP$ announcement NN last JJ week NN that IN it PRP was VBD in IN talks NNS with IN the DT unidentified JJ prospective JJ buyer NN . . Meanwhile RB , , a DT number NN of IN top JJ sales NNS producers NNS from IN Integrated NNP Resources NNPS Equity NNP will MD meet VB this DT afternoon NN in IN Chicago NNP to TO discuss VB their PRP$ options NNS . . The DT unit NN is VBZ a DT loosely RB constructed VBN group NN of IN about IN 3,900 CD independent JJ brokers NNS and CC financial JJ planners NNS who WP sell VBP insurance NN , , annuities NNS , , limited JJ partnerships NNS , , mutual JJ funds NNS and CC other JJ investments NNS for IN Integrated NNP and CC other JJ firms NNS . . The DT sales NNS force NN is VBZ viewed VBN as IN a DT critical JJ asset NN in IN Integrated NNP 's POS attempt NN to TO sell VB its PRP$ core NN companies NNS . . Whitehall NNP cited VBD concerns NNS about IN how WRB long RB Integrated NNP would MD be VB able JJ to TO hold VB together RP the DT sales NNS force NN as IN one CD reason NN its PRP$ talks NNS with IN Integrated NNP failed VBD . . In IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP yesterday NN , , Integrated NNP closed VBD at IN $ $ 1.25 CD a DT share NN , , down RB 25 CD cents NNS . . Integrated NNP has VBZ been VBN struggling VBG to TO avoid VB a DT bankruptcy-law NN filing NN since IN June NNP , , when WRB it PRP failed VBD to TO make VB interest NN payments NNS on IN nearly RB $ $ 1 CD billion CD of IN debt NN . . Integrated NNP senior JJ and CC junior JJ creditors NNS are VBP owed VBN a DT total NN of IN about IN $ $ 1.8 CD billion CD . . AN DT EARTHQUAKE NN STRUCK VBD Northern JJ California NNP , , killing VBG more JJR than IN 50 CD people NNS . . The DT violent JJ temblor NN , , which WDT lasted VBD about IN 15 CD seconds NNS and CC registered VBD 6.9 CD on IN the DT Richter NNP scale NN , , also RB caused VBD the DT collapse NN of IN a DT 30-foot JJ section NN of IN the DT San NNP Francisco-Oakland NNP Bay NNP Bridge NNP and CC shook VBD Candlestick NNP Park NNP . . The DT tremor NN was VBD centered VBN near IN Hollister NNP , , southeast NN of IN San NNP Francisco NNP , , and CC was VBD felt VBN as RB far RB as IN 200 CD miles NNS away RB . . Numerous JJ injuries NNS were VBD reported VBN . . Some DT buildings NNS collapsed VBD , , gas NN and CC water NN lines NNS ruptured VBD and CC fires NNS raged VBD . . The DT quake NN , , which WDT also RB caused VBD damage NN in IN San NNP Jose NNP and CC Berkeley NNP , , knocked VBD out RP electricity NN and CC telephones NNS , , cracked VBD roadways NNS and CC disrupted VBD subway NN service NN in IN the DT Bay NNP Area NN . . Major JJ injuries NNS were VBD n't RB reported VBN at IN Candlestick NNP Park NNP , , where WRB the DT third JJ game NN of IN baseball NN 's POS World NNP Series NNP was VBD canceled VBN and CC fans NNS evacuated VBN from IN the DT stadium NN . . Bush NNP vowed VBD to TO veto VB a DT bill NN allowing VBG federal JJ financing NN for IN abortions NNS in IN cases NNS of IN rape NN and CC incest NN , , saying VBG tax NN dollars NNS should MD n't RB be VB used VBN to TO `` `` compound VB a DT violent JJ act NN with IN the DT taking NN of IN an DT unborn JJ life NN . . '' '' His PRP$ pledge NN , , in IN a DT letter NN to TO Democratic JJ Sen. NNP Byrd NNP , , came VBD ahead RB of IN an DT expected JJ Senate NNP vote NN on IN spending NN legislation NN containing VBG the DT provision NN . . East NNP Germany NNP 's POS Politburo NNP met VBD amid IN speculation NN that IN the DT ruling NN body NN would MD oust VB hard-line JJ leader NN Honecker NNP , , whose WP$ rule NN has VBZ been VBN challenged VBN by IN mass JJ emigration NN and CC calls NNS for IN democratic JJ freedoms NNS . . Meanwhile RB , , about IN 125 CD refugees NNS flew VBD to TO Duesseldorf NNP , , West NNP Germany NNP , , from IN Warsaw NNP , , the DT first JJ airlift NN in IN East NNP Germany NNP 's POS refugee NN exodus NN . . The DT World NNP Psychiatric NNP Association NNP voted VBD at IN an DT Athens NNP parley NN to TO conditionally RB readmit VB the DT Soviet NNP Union NNP . . Moscow NNP , , which WDT left VBD the DT group NN in IN 1983 CD to TO avoid VB explusion NN over IN allegations NNS that IN political JJ dissidents NNS were VBD being VBG certified VBN as IN insane JJ , , could MD be VB suspended VBN if IN the DT misuse NN of IN psychiatry NN against IN dissenters NNS is VBZ discovered VBN during IN a DT review NN within IN a DT year NN . . NASA NNP postponed VBD the DT liftoff NN of IN the DT space NN shuttle NN Atlantis NNP because RB of IN rain NN near IN the DT site NN of IN the DT launch NN pad NN in IN Cape NNP Canaveral NNP , , Fla NNP . . The DT flight NN was VBD rescheduled VBN for IN today NN . . The DT spacecraft NN 's POS five CD astronauts NNS are VBP to TO dispatch VB the DT nuclear-powered JJ Galileo NNP space NN probe NN on IN an DT exploratory JJ mission NN to TO Jupiter NNP . . Senate NNP Democratic JJ leaders NNS said VBD they PRP had VBD enough RB votes NNS to TO defeat VB a DT proposed VBN constitutional JJ amendment NN to TO ban VB flag NN burning NN . . The DT amendment NN is VBZ aimed VBN at IN skirting VBG a DT Supreme NNP Court NNP ruling NN that WDT threw VBD out RP the DT conviction NN of IN a DT Texas NNP flag-burner NN on IN grounds NNS that IN his PRP$ freedom NN of IN speech NN was VBD violated VBN . . Federal JJ researchers NNS said VBD lung-cancer NN mortality NN rates NNS for IN people NNS under IN 45 CD years NNS of IN age NN have VBP begun VBN to TO decline VB , , particularly RB for IN white JJ males NNS . . The DT National NNP Cancer NNP Institute NNP also RB projected VBD that DT overall JJ U.S. NNP mortality NN rates NNS from IN lung NN cancer NN should MD begin VB to TO drop VB in IN several JJ years NNS if IN cigarette NN smoking NN continues VBZ to TO abate VB . . Bush NNP met VBD with IN South JJ Korean JJ President NNP Roh NNP , , who WP indicated VBD that IN Seoul NNP plans VBZ to TO further RBR ease VB trade NN rules NNS to TO ensure VB that DT its PRP$ economy NN becomes VBZ as RB open JJ as IN the DT other JJ industrialized JJ nations NNS by IN the DT mid-1990s NNS . . Bush NNP assured VBD Roh NNP that IN the DT U.S. NNP would MD stand VB by IN its PRP$ security NN commitments NNS `` `` as RB long RB as IN there EX is VBZ a DT threat NN '' '' from IN Communist NNP North NNP Korea NNP . . The DT Bush NNP administration NN is VBZ seeking VBG an DT understanding NN with IN Congress NNP to TO ease VB restrictions NNS on IN U.S. NNP involvement NN in IN foreign JJ coups NNS that WDT might MD result VB in IN the DT death NN of IN a DT country NN 's POS leader NN . . A DT White NNP House NNP spokesman NN said VBD that IN while IN Bush NNP would MD n't RB alter VB a DT longstanding JJ ban NN on IN such JJ involvement NN , , `` `` there EX 's VBZ a DT clarification NN needed VBN '' '' on IN its PRP$ interpretation NN . . India NNP 's POS Gandhi NNP called VBD for IN parliamentary JJ elections NNS next IN month NN . . The DT balloting NN , , considered VBN a DT test NN for IN the DT prime JJ minister NN and CC the DT ruling JJ Congress NNP ( ( I NNP ) ) Party NNP , , comes VBZ amid IN charges NNS of IN inept JJ leadership NN and CC government NN corruption NN . . Gandhi NNP 's POS family NN has VBZ ruled VBN independent JJ India NNP for IN all DT but CC five CD years NNS of IN its PRP$ 42-year JJ history NN . . The DT Soviet NNP Union NNP abstained VBD from IN a DT U.N. NNP General NNP Assembly NNP vote NN to TO reject VB Israel NNP 's POS credentials NNS . . It PRP was VBD the DT first JJ time NN in IN seven CD years NNS that IN Moscow NNP has VBZ n't RB joined VBN efforts NNS , , led VBN by IN Moslem NNP nations NNS , , to TO expel VB Israel NNP from IN the DT world NN body NN , , and CC was VBD viewed VBN as IN a DT sign NN of IN improving VBG Soviet-Israeli JJ ties NNS . . Israel NNP was VBD seated VBN by IN a DT vote NN of IN 95-37 CD , , with IN 15 CD abstentions NNS . . Black JJ activist NN Walter NNP Sisulu NNP said VBD the DT African NNP National NNP Congress NNP would MD n't RB reject VB violence NN as IN a DT way NN to TO pressure NN the DT South JJ African JJ government NN into IN concessions NNS that WDT might MD lead VB to TO negotiations NNS over IN apartheid NN . . The DT 77-year-old JJ Sisulu NNP was VBD among IN eight CD black JJ political JJ activists NNS freed VBN Sunday NNP from IN prison NN . . London NNP has VBZ concluded VBN that IN Austrian JJ President NNP Waldheim NNP was VBD n't RB responsible JJ for IN the DT execution NN of IN six CD British JJ commandos NNS in IN World NNP War NNP II NNP , , although IN he PRP probably RB was VBD aware JJ of IN the DT slayings NNS . . The DT report NN by IN the DT Defense NNP Ministry NNP also RB rejected VBD allegations NNS that IN Britain NNP covered VBD up RP evidence NN of IN Waldheim NNP 's POS activities NNS as IN a DT German JJ army NN officer NN . . An DT international JJ group NN approved VBD a DT formal JJ ban NN on IN ivory JJ trade NN despite IN objections NNS from IN southern JJ African JJ governments NNS , , which WDT threatened VBD to TO find VB alternative JJ channels NNS for IN selling VBG elephant NN tusks NNS . . The DT move NN by IN the DT Convention NN on IN Trade NNP in IN Endangered NNP Species NNPS , , meeting VBG in IN Switzerland NNP , , places VBZ the DT elephant NN on IN the DT endangered-species NNS list NN . . An DT assassin NN in IN Colombia NNP killed VBD a DT federal JJ judge NN on IN a DT Medellin NNP street NN . . An DT anonymous JJ caller NN to TO a DT local JJ radio NN station NN said VBD cocaine NN traffickers NNS had VBD slain VBN the DT magistrate NN in IN retaliation NN for IN the DT extraditions NNS of IN Colombians NNPS wanted VBN on IN drug NN charges NNS in IN the DT U.S. NNP . . Libyan JJ leader NN Gadhafi NNP met VBN with IN Egypt NNP 's POS President NNP Mubarak NNP , , and CC the DT two CD officials NNS pledged VBD to TO respect VB each DT other JJ 's POS laws NNS , , security NN and CC stability NN . . They PRP stopped VBD short RB of IN resuming VBG diplomatic JJ ties NNS , , severed VBN in IN 1979 CD . . The DT reconciliation NN talks NNS in IN the DT Libyan JJ desert NN town NN of IN Tobruk NNP followed VBD a DT meeting NN Monday NNP in IN the DT Egyptian JJ resort NN of IN Mersa NNP Metruh NNP . . Alpine NNP Group NNP Inc. NNP revised VBD its PRP$ exchange NN offer NN for IN $ $ 43.7 CD million CD face NN amount NN of IN 13.5 CD % NN senior JJ subordinated JJ debt NN due JJ 1996 CD and CC extended VBD the DT offer NN to TO Oct. NNP 27 CD from IN Oct. NNP 12 CD . . The DT Hackensack NNP , , N.J. NNP , , company NN said VBD holders NNS would MD receive VB for IN each DT $ $ 1,000 CD face NN amount NN , , $ $ 750 CD face NN amount NN of IN a DT new JJ issue NN of IN secured JJ senior JJ subordinated JJ notes NNS , , convertible JJ into IN common JJ stock NN at IN an DT initial JJ rate NN of IN $ $ 6.50 CD a DT share NN , , and CC 50 CD common JJ shares NNS . . The DT new JJ notes NNS will MD bear VB interest NN at IN 5.5 CD % NN through IN July NNP 31 CD , , 1991 CD , , and CC thereafter RB at IN 10 CD % NN . . Under IN the DT original JJ proposal NN , , the DT maker NN of IN specialty NN coatings NNS and CC a DT developer NN of IN information-display NN technologies NNS offered VBD $ $ 400 CD of IN notes NNS due JJ 1996 CD , , 10 CD common JJ shares NNS and CC $ $ 175 CD in IN cash NN for IN each DT $ $ 1,000 CD face NN amount NN . . Completion NN of IN the DT exchange NN offer NN is VBZ subject JJ to TO the DT tender NN of IN at IN least JJS 80 CD % NN of IN the DT debt NN , , among IN other JJ things NNS . . Alpine NNP , , which WDT said VBD it PRP does VBZ n't RB plan VB to TO further RBR extend VB the DT offer NN , , said VBD it PRP received VBD $ $ 615,000 CD face JJ amount NN of IN debt NN under IN the DT original JJ offer NN . . The DT stock NN of IN UAL NNP Corp. NNP continued VBD to TO be VB pounded VBN amid IN signs NNS that IN British NNP Airways NNPS may MD balk VB at IN any DT hasty JJ reformulation NN of IN the DT aborted JJ $ $ 6.79 CD billion CD buy-out NN of IN United NNP Airlines NNPS ' POS parent NN . . UAL NNP stock NN plummeted VBD a DT further JJ $ $ 24.875 CD to TO $ $ 198 CD on IN volume NN of IN more JJR than IN 2.8 CD million CD shares NNS in IN New NNP York NNP Stock NNP Exchange NNP composite JJ trading NN . . The DT plunge NN followed VBD a DT drop NN of IN $ $ 56.875 CD Monday NNP , , amid IN indications NNS the DT takeover NN may MD take VB weeks NNS to TO be VB revived VBN . . The DT stock NN has VBZ fallen VBN $ $ 87.25 CD , , or CC 31 CD % NN , , in IN the DT three CD trading NN days NNS since IN announcement NN of IN the DT collapse NN of IN the DT $ $ 300-a-share JJ takeover NN jolted VBD the DT entire JJ stock NN market NN into IN its PRP$ second-worst JJ plunge NN ever RB . . `` `` This DT is VBZ a DT total JJ bloodbath NN '' '' for IN takeover-stock NN traders NNS , , one CD investment NN banker NN said VBD . . Los NNP Angeles NNP financier NN Marvin NNP Davis NNP , , who WP put VBD United NNP in IN play NN with IN a DT $ $ 5.4 CD billion CD bid NN two CD months NNS ago RB , , last JJ night NN proffered VBD both DT a DT ray NN of IN hope NN and CC an DT extra JJ element NN of IN uncertainty NN by IN saying VBG he PRP remains VBZ interested JJ in IN acquiring VBG UAL NNP . . But CC he PRP dropped VBD his PRP$ earlier JJ $ $ 300-a-share JJ back-up NN bid NN , , saying VBG he PRP must MD first RB explore VB bank NN financing NN . . Even RB as IN Citicorp NNP and CC Chase NNP Manhattan NNP Corp. NNP scrambled VBD to TO line VB up RP bank NN financing NN for IN a DT revised JJ version NN of IN the DT lapsed JJ labor-management NN bid NN , , British NNP Airways NNPS , , a DT 15 CD % NN partner NN in IN the DT buying NN group NN , , indicated VBD it PRP wants VBZ to TO start VB from IN scratch NN . . Its PRP$ partners NNS are VBP United NNP 's POS pilots NNS , , who WP were VBD to TO own VB 75 CD % NN , , and CC UAL NNP management NN at IN 10 CD % NN . . Adding VBG insult NN to TO injury NN , , United NNP 's POS 25,000-member JJ Machinists NNS ' POS union NN , , which WDT helped VBD scuttle VB financing NN for IN the DT first JJ bid NN , , yesterday NN asked VBD UAL NNP Chairman NNP Stephen NNP Wolf NNP and CC other JJ UAL NNP directors NNS to TO resign VB . . A DT similar JJ demand NN was VBD made VBN by IN a DT group NN that WDT represents VBZ some DT of IN United NNP 's POS 26,000 CD noncontract JJ employees NNS . . John NNP Peterpaul NNP , , Machinists NNS union NN general JJ vice NN president NN , , attacked VBD Mr. NNP Wolf NNP as IN `` `` greedy JJ and CC irresponsible JJ '' '' for IN pursuing VBG the DT buy-out NN . . Although IN Mr. NNP Wolf NNP and CC John NNP Pope NNP , , UAL NNP 's POS chief JJ financial JJ officer NN , , stood VBD to TO pocket VB $ $ 114.3 CD million CD for IN stock NN and CC options NNS in IN the DT buy-out NN , , UAL NNP executives NNS planned VBD to TO reinvest VB only RB $ $ 15 CD million CD in IN the DT new JJ company NN . . The DT blue-collar JJ machinists NNS , , longtime NN rivals NNS of IN the DT white-collar JJ pilots NNS , , say VBP the DT buyout NN would MD load VB the DT company NN with IN debt NN and CC weaken VB its PRP$ finances NNS . . Confusion NN about IN the DT two CD banks NNS ' POS hurried JJ efforts NNS to TO round VB up RP financing NN for IN a DT new JJ bid NN that IN the DT UAL NNP board NN has VBZ n't RB even RB seen VBN yet CC helped VBD send VB UAL NNP stock NN spiraling VBG downward RB . . And CC rumors NNS of IN forced JJ selling NN by IN takeover-stock NN traders NNS triggered VBD a DT 25-point JJ downdraft NN in IN the DT Dow NNP Jones NNP Industrial NNP Average NNP around IN 11:15 CD a.m. RB EDT NNP yesterday NN . . Yesterday NN 's POS selling NN began VBD after IN a DT Japanese JJ news NN agency NN reported VBD that IN Japanese JJ banks NNS , , which WDT balked VBD at IN the DT first JJ bid NN , , were VBD ready JJ to TO reject VB a DT revised VBN version NN at IN around IN $ $ 250 CD a DT share NN , , or CC $ $ 5.65 CD billion CD . . Several JJ reports NNS as IN the DT day NN progressed VBD gave VBD vague JJ or CC conflicting JJ indications NNS about IN whether IN banks NNS would MD sign VB up RB . . Citicorp NNP , , for IN example NN , , said VBD only RB that IN it PRP had VBD `` `` expressions NNS of IN interest NN of IN a DT transaction NN from IN both DT the DT borrowers NNS and CC the DT banks NNS , , '' '' but CC did VBD n't RB have VB an DT agreement NN . . Late RB in IN the DT day NN , , Mr. NNP Wolf NNP issued VBD a DT onepage JJ statement NN calling VBG Mr. NNP Peterpaul NNP 's POS blast NN `` `` divisive JJ and CC uncalled JJ for IN . . '' '' But CC he PRP gave VBD few JJ details NNS on IN the DT progress NN toward IN a DT new JJ bid NN , , saying VBG only RB , , `` `` We PRP are VBP working VBG toward IN a DT revised VBN proposal NN for IN majority NN employee NN ownership NN . . '' '' Meanwhile RB , , in IN another DT sign NN that IN a DT new JJ bid NN is VBZ n't RB imminent JJ , , it PRP was VBD learned VBN that IN the DT UAL NNP board NN held VBD a DT telephone NN meeting NN Monday NNP to TO hear VB an DT update NN on IN the DT situation NN , , but CC that IN a DT formal JJ board NN meeting NN is VBZ n't RB likely JJ to TO be VB convened VBN until IN early JJ next JJ week NN . . In IN London NNP , , British NNP Airways NNPS Chairman NN Lord NNP King NNP was VBD quoted VBN in IN the DT Times NNP as IN declaring VBG he PRP is VBZ `` `` not RB prepared JJ to TO take VB my PRP$ shareholders NNS into IN a DT hasty JJ deal NN . . '' '' Observers NNS said VBD it PRP appeared VBD that IN British NNP Air NNP was VBD angered VBN at IN the DT way NN the DT bid NN has VBZ degenerated VBN into IN confusion NN , , as RB well RB as IN by IN the DT banks NNS ' POS effort NN to TO round VB up RP financing NN for IN what WP one PRP called VBD `` `` a DT deal NN that WDT is VBZ n't RB a DT deal NN . . '' '' The DT effort NN to TO revive VB the DT bid NN was VBD complicated VBN by IN the DT unwieldy JJ nature NN of IN the DT three-party JJ buying NN group NN . . The DT pilots NNS were VBD meeting VBG outside IN Chicago NNP yesterday NN . . But CC British NNP Air NNP , , which WDT was VBD to TO have VB supplied VBN $ $ 750 CD million CD out IN of IN $ $ 965 CD million CD in IN equity NN financing NN , , apparently RB was VBD n't RB involved JJ in IN the DT second JJ proposal NN and CC could MD well RB reject VB it PRP even RB if IN banks NNS obtain VBP financing NN . . A DT group NN of IN United NNP 's POS noncontract JJ employees NNS said VBD in IN a DT statement NN , , `` `` The DT fact NN that DT Wolf NNP and CC other JJ officers NNS were VBD going VBG to TO line VB their PRP$ pockets NNS with IN literally RB millions NNS of IN dollars NNS while IN instituting VBG severe JJ pay NN cuts NNS on IN the DT nonunion JJ employees NNS of IN United NNP is VBZ not RB only RB deplorable JJ but CC inexcusable JJ . . '' '' The DT machinists NNS also RB asked VBD for IN an DT investigation NN by IN the DT Securities NNPS and CC Exchange NNP Commission NNP into IN possible JJ securities-law NN violations NNS in IN the DT original JJ bid NN for IN UAL NNP by IN Mr. NNP Davis NNP , , as RB well RB as IN in IN the DT response NN by IN UAL NNP . . Last JJ week NN , , just RB before IN the DT bank NN commitments NNS were VBD due JJ , , the DT union NN asked VBD the DT U.S. NNP Labor NNP Department NNP to TO study VB whether IN the DT bid NN violated VBD legal JJ standards NNS of IN fairness NN governing VBG employee NN investment NN funds NNS . . In IN his PRP$ statement NN , , Mr. NNP Wolf NNP said VBD , , `` `` We PRP continue VBP to TO believe VB our PRP$ approach NN is VBZ sound JJ , , and CC that IN it PRP is VBZ far RB better JJR for IN all DT employees NNS than IN the DT alternative NN of IN having VBG an DT outsider NN own VB the DT company NN with IN employees NNS paying VBG for IN it PRP just RB the DT same JJ . . '' '' Mr. NNP Wolf NNP has VBZ eschewed VBN merger NN advice NN from IN a DT major JJ Wall NNP Street NNP securities NNS firm NN , , relying VBG instead RB only RB on IN a DT takeover NN lawyer NN , , Peter NNP Atkins NNP of IN Skadden NNP Arps NNP Slate NNP Meagher NNP & CC Flom NNP . . The DT huge JJ drop NN in IN UAL NNP stock NN prompted VBD one CD takeover NN stock NN trader NN , , George NNP Kellner NNP , , managing NN partner NN of IN Kellner NNP , , DiLeo NNP & CC Co. NNP , , to TO deny VB publicly RB rumors NNS that IN his PRP$ firm NN was VBD going VBG out IN of IN business NN . . Mr. NNP Kellner NNP said VBD that IN despite IN losses NNS on IN UAL NNP stock NN , , his PRP$ firm NN 's POS health NN is VBZ `` `` excellent JJ . . '' '' The DT stock NN 's POS decline NN also RB has VBZ left VBN the DT UAL NNP board NN in IN a DT quandary NN . . Although IN it PRP may MD not RB be VB legally RB obligated VBN to TO sell VB the DT company NN if IN the DT buy-out NN group NN ca MD n't RB revive VB its PRP$ bid NN , , it PRP may MD have VB to TO explore VB alternatives NNS if IN the DT buyers NNS come VBP back RP with IN a DT bid NN much RB lower JJR than IN the DT group NN 's POS original JJ $ $ 300-a-share JJ proposal NN . . At IN a DT meeting NN Sept. NNP 1 CD to TO consider VB the DT labor-management NN bid NN , , the DT board NN also RB was VBD informed VBN by IN its PRP$ investment NN adviser NN , , First NNP Boston NNP Corp. NNP , , of IN interest NN expressed VBN by IN buy-out NN funds NNS including VBG Kohlberg NNP Kravis NNP Roberts NNP & CC Co. NNP and CC Forstmann NNP Little NNP & CC Co. NNP , , as RB well RB as IN by IN Robert NNP Bass NNP , , Morgan NNP Stanley NNP 's POS buy-out NN fund NN , , and CC Pan NNP Am NNP Corp NNP . . The DT takeover-stock NN traders NNS were VBD hoping VBG that IN Mr. NNP Davis NNP or CC one CD of IN the DT other JJ interested JJ parties NNS might MD re-emerge VB with IN the DT situation NN in IN disarray NN , , or CC that IN the DT board NN might MD consider VB a DT recapitalization NN . . Meanwhile RB , , Japanese JJ bankers NNS said VBD they PRP were VBD still RB hesitant JJ about IN accepting VBG Citicorp NNP 's POS latest JJS proposal NN . . Macmillan NNP Inc. NNP said VBD it PRP plans VBZ a DT public JJ offering NN of IN 8.4 CD million CD shares NNS of IN its PRP$ Berlitz NNP International NNP Inc. NNP unit NN at IN $ $ 19 CD to TO $ $ 21 CD a DT share NN . . The DT offering NN for IN the DT language NN school NN unit NN was VBD announced VBN by IN Robert NNP Maxwell NNP , , chairman NN and CC chief JJ executive NN officer NN of IN London-based JJ Maxwell NNP Communication NNP Corp. NNP , , which WDT owns VBZ Macmillan NNP . . After IN the DT offering NN is VBZ completed VBN , , Macmillan NNP will MD own VB about IN 56 CD % NN of IN the DT Berlitz NNP common JJ stock NN outstanding JJ . . Five CD million CD shares NNS will MD be VB offered VBN in IN the DT U.S. NNP , , and CC 3.4 CD million CD additional JJ shares NNS will MD be VB offered VBN in IN concurrent JJ international JJ offerings NNS outside IN the DT U.S. NNP . . Goldman NNP , , Sachs NNP & CC Co. NNP will MD manage VB the DT offering NN . . Macmillan NNP said VBD Berlitz NNP intends VBZ to TO pay VB quarterly JJ dividends NNS on IN the DT stock NN . . The DT company NN said VBD it PRP expects VBZ to TO pay VB the DT first JJ dividend NN , , of IN 12.5 CD cents NNS a DT share NN , , in IN the DT 1990 CD first JJ quarter NN . . Berlitz NNP will MD borrow VB an DT amount NN equal JJ to TO its PRP$ expected JJ net JJ proceeds NNS from IN the DT offerings NNS , , plus CC $ $ 50 CD million CD , , in IN connection NN with IN a DT credit NN agreement NN with IN lenders NNS . . The DT total JJ borrowing NN will MD be VB about IN $ $ 208 CD million CD , , the DT company NN said VBD . . Proceeds NNS from IN the DT borrowings NNS under IN the DT credit NN agreement NN will MD be VB used VBN to TO pay VB an DT $ $ 80 CD million CD cash NN dividend NN to TO Macmillan NNP and CC to TO lend VB the DT remainder NN of IN about IN $ $ 128 CD million CD to TO Maxwell NNP Communications NNPS in IN connection NN with IN a DT promissory JJ note NN . . Proceeds NNS from IN the DT offering NN will MD be VB used VBN to TO repay VB borrowings NNS under IN the DT short-term JJ parts NNS of IN a DT credit NN agreement NN . . Berlitz NNP , , which WDT is VBZ based VBN in IN Princeton NNP , , N.J. NNP , , provides VBZ language NN instruction NN and CC translation NN services NNS through IN more JJR than IN 260 CD language NN centers NNS in IN 25 CD countries NNS . . In IN the DT past JJ five CD years NNS , , more JJR than IN 68 CD % NN of IN its PRP$ sales NNS have VBP been VBN outside IN the DT U.S. NNP . . Macmillan NNP has VBZ owned VBN Berlitz NNP since IN 1966 CD . . In IN the DT first JJ six CD months NNS of IN this DT year NN , , Berlitz NNP posted VBD net JJ income NN of IN $ $ 7.6 CD million CD on IN sales NNS of IN $ $ 106.2 CD million CD , , compared VBN with IN net JJ income NN of IN $ $ 8.2 CD million CD on IN sales NNS of IN $ $ 90.6 CD million CD . . Right RB away RB you PRP notice VBP the DT following VBG things NNS about IN a DT Philip NNP Glass NNP concert NN . . It PRP attracts VBZ people NNS with IN funny JJ hair NN ( ( or CC with IN no DT hair NN -- : in IN front NN of IN me PRP a DT girl NN with IN spiked JJ locks NNS sat VBD beside IN a DT boy NN who WP had VBD shaved VBN his PRP$ ) ) . . Whoever WP constitute VB the DT local JJ Left NNP Bank NNP come VB out RP in IN force NN , , dressed VBN in IN black JJ , , along IN with IN a DT smattering NN of IN yuppies NNS who WP want VBP to TO be VB on IN the DT cutting JJ edge NN . . People NNS in IN Glass NNP houses NNS tend VBP to TO look VB stoned VBN . . And CC , , if IN still RB conscious JJ at IN the DT evening NN 's POS end NN , , you PRP notice VBP something NN else RB : : The DT audience NN , , at IN first JJ entranced VBN and CC hypnotized VBN by IN the DT music NN , , releases VBZ its PRP$ pent-up JJ feelings NNS in IN collective JJ gratitude NN . . Currently RB in IN the DT middle NN of IN a DT four-week JJ , , 20-city JJ tour NN as IN a DT solo NN pianist NN , , Mr. NNP Glass NNP has VBZ left VBN behind IN his PRP$ synthesizers NNS , , equipment NN and CC collaborators NNS in IN favor NN of IN going VBG it PRP alone RB . . He PRP sits VBZ down RP at IN the DT piano NN and CC plays NNS . . And CC plays NNS . . Either CC one NN likes VBZ it PRP or CC one NN does VBZ n't RB . . The DT typical JJ Glass NNP audience NN , , which WDT is VBZ more RBR likely JJ to TO be VB composed VBN of IN music NN students NNS than IN their PRP$ teachers NNS , , certainly RB does VBZ . . The DT work NN , , though RB , , sounds VBZ like IN Muzak NNP for IN spaceships NNS . . Philip NNP Glass NNP is VBZ the DT emperor NN , , and CC his PRP$ music NN the DT new JJ clothes NNS , , of IN the DT avant-garde NN . . His PRP$ success NN is VBZ easy JJ to TO understand VB . . Softly RB introducing VBG and CC explaining VBG his PRP$ pieces NNS , , Mr. NNP Glass NNP looks VBZ and CC sounds VBZ more JJR like IN a DT shaggy JJ poet NN describing VBG his PRP$ work NN than IN a DT classical JJ pianist NN playing VBG a DT recital NN . . The DT piano NN compositions NNS , , which WDT have VBP been VBN labeled VBN variously RB as IN minimalist JJ , , Oriental JJ , , repetitive JJ , , cyclical JJ , , monophonic JJ and CC hypnotic JJ , , are VBP relentlessly RB tonal JJ ( ( therefore RB unthreatening JJ ) ) , , unvaryingly RB rhythmic JJ ( ( therefore RB soporific JJ ) ) , , and CC unflaggingly RB harmonious JJ but CC unmelodic JJ ( ( therefore RB both DT pretty JJ and CC unconventional JJ ) ) . . It PRP is VBZ music NN for IN people NNS who WP want VBP to TO hear VB something NN different JJ but CC do VBP n't RB want VB to TO work VB especially RB hard RB at IN the DT task NN . . It PRP is VBZ E-Z JJ listening NN for IN the DT now JJ generation NN . . Mr. NNP Glass NNP has VBZ inverted VBN the DT famous JJ modernist NN dictum NN `` `` less JJR is VBZ more JJR . . '' '' His PRP$ more JJR is VBZ always RB less JJR . . Far RB from IN being VBG minimalist NN , , the DT music NN unabatingly RB torments VBZ us PRP with IN apparent JJ novelties NNS not RB so RB cleverly RB disguised VBN in IN the DT simplicities NNS of IN 4\/4 CD time NN , , octave JJ intervals NNS , , and CC ragtime NN or CC gospel NN chord NN progressions NNS . . But CC the DT music NN has VBZ its PRP$ charm NN , , and CC Mr. NNP Glass NNP has VBZ constructed VBN his PRP$ solo NN program NN around IN a DT move NN from IN the DT simple NN to TO the DT relatively RB complex JJ . . `` `` Opening NN '' '' ( ( 1981 CD ) ) , , from IN Glassworks NNP , , introduces VBZ the DT audience NN to TO the DT Glass NNP technique NN : : Never RB straying VBG too RB far RB from IN the DT piano NN 's POS center NN , , Mr. NNP Glass NNP works VBZ in IN the DT two CD octaves NNS on IN either DT side NN of IN middle JJ C NNP , , and CC his PRP$ fingers NNS seldom RB leave VBP the DT keys NNS . . There EX is VBZ a DT recognizable JJ musical JJ style NN here RB , , but CC not RB a DT particular JJ performance NN style NN . . The DT music NN is VBZ not RB especially RB pianistic JJ ; : indeed RB , , it PRP 's VBZ hard JJ to TO imagine VB a DT bad JJ performance NN of IN it PRP . . Nothing NN bravura NN , , no DT arpeggios NNS , , no DT ticklish JJ fingering NN problems NNS challenge VBP the DT performer NN . . We PRP hear VBP , , we PRP may MD think VB , , inner JJ voices NNS , , but CC they PRP all DT seem VBP to TO be VB saying VBG the DT same JJ thing NN . . With IN `` `` Planet NN News NN , , '' '' music NN meant VBN to TO accompany VB readings NNS of IN Allen NNP Ginsberg NNP 's POS `` `` Wichita NNP Vortex NN Sutra NN , , '' '' Mr. NNP Glass NNP gets VBZ going VBG . . His PRP$ hands NNS sit VBP farther RBR apart RB on IN the DT keyboard NN . . Seventh JJ chords NNS make VBP you PRP feel VB as IN though IN he PRP may MD break VB into IN a DT ( ( very RB slow JJ ) ) improvisatory JJ riff NN . . The DT chords NNS modulate VBP , , but CC there EX is VBZ little RB filigree JJ even RB though IN his PRP$ fingers NNS begin VBP to TO wander VB over IN more JJR of IN the DT keys NNS . . Contrasts NNS predictably RB accumulate VBP : : First RB the DT music NN is VBZ loud JJ , , then RB it PRP becomes VBZ soft JJ , , then RB ( ( you PRP realize VBP ) ) it PRP becomes VBZ louder JJR again RB . . `` `` The DT Fourth JJ Knee NN Play NN , , '' '' an DT interlude NN from IN `` `` Einstein NNP on IN the DT Beach NN , , '' '' is VBZ like IN a DT toccata NN but CC it PRP does VBZ n't RB seem VB to TO move VB much RB beyond IN its PRP$ left-hand JJ ground NN in IN `` `` Three CD Blind JJ Mice NNS . . '' '' When WRB Mr. NNP Glass NNP decides VBZ to TO get VB really RB fancy JJ , , he PRP crosses VBZ his PRP$ hands NNS and CC hits VBZ a DT resonant JJ bass NN note NN with IN his PRP$ right JJ hand NN . . He PRP does VBZ this DT in IN at IN least JJS three CD of IN his PRP$ solo NN pieces NNS . . You PRP might MD call VB it PRP a DT leitmotif NN or CC a DT virtuoso NN accomplishment NN . . In IN `` `` Mad JJ Rush NN , , '' '' which WDT came VBD from IN a DT commission NN to TO write VB a DT piece NN of IN indeterminate JJ length NN ( ( Mr. NNP Glass NNP charmingly RB , , and CC tellingly RB , , confessed VBD that IN `` `` this DT was VBD no DT problem NN for IN me PRP '' '' ) ) , , an DT A NNP section , alternates NNS with IN a DT B NN section NN several JJ times NNS before IN the DT piece NN ends VBZ unresolved JJ . . Not RB only RB is VBZ the DT typical JJ Glasswork NNP open-ended JJ , , it PRP is VBZ also RB often RB multiple JJ in IN its PRP$ context NN ( ( s PRP ) ) . . `` `` Mad JJ Rush NN '' '' began VBD its PRP$ life NN as IN the DT accompaniment NN to TO the DT Dalai NNP Lama NNP 's POS first JJ public JJ address NN in IN the DT U.S. NNP , , when WRB Mr. NNP Glass NNP played VBD it PRP on IN the DT organ NN at IN New NNP York NNP 's POS Cathedral NNP of IN St. NNP John NNP the DT Divine NNP . . Later RB it PRP was VBD performed VBN on IN Radio NNP Bremen NNP in IN Germany NNP , , and CC then RB Lucinda NNP Childs NNP took VBD it PRP for IN one CD of IN her PRP$ dance NN pieces NNS . . The DT point NN is VBZ that IN any DT piece NN can MD be VB used VBN as IN background NN music NN for IN virtually JJ anything NN . . The DT evening NN ended VBD with IN Mr. NNP Glass NNP 's POS `` `` Metamorphosis NN , , '' '' another DT multiple JJ work NN . . Parts NNS 1 CD , , 2 CD , , and CC 5 CD come VBN from IN the DT soundtrack NN of IN Errol NNP Morris NNP 's POS acclaimed JJ film NN , , `` `` The DT Thin JJ Blue JJ Line NN , , '' '' and CC the DT two CD other JJ parts NNS from IN incidental JJ music NN to TO two CD separate JJ dramatizations NNS of IN the DT Kafka NNP story NN of IN the DT same JJ name NN . . When WRB used VBN as IN background NN in IN this DT way NN , , the DT music NN has VBZ an DT appropriate JJ eeriness NN , , as IN when WRB a DT two-note JJ phrase NN , , a DT descending VBG minor JJ third NN , , accompanies VBZ the DT seemingly RB endless JJ litany NN of IN reports NNS , , interviews NNS and CC confessions NNS of IN witnesses NNS in IN the DT Morris NNP film NN . . Served VBN up RP as IN a DT solo NN , , however RB , , the DT music NN lacks VBZ the DT resonance NN provided VBN by IN a DT context NN within IN another DT medium NN . . Admirers NNS of IN Mr. NNP Glass NNP may MD agree VB with IN the DT critic NN Richard NNP Kostelanetz NNP 's POS sense NN that IN the DT 1974 CD `` `` Music NN in IN Twelve CD Parts NNS '' '' is VBZ as RB encyclopedic JJ and CC weighty JJ as IN `` `` The DT Well-Tempered JJ Clavier NN . . '' '' But CC while IN making VBG the DT obvious JJ point NN that IN both DT composers NNS develop VBP variations NNS from IN themes NNS , , this DT comparison NN ignores VBZ the DT intensely RB claustrophobic JJ nature NN of IN Mr. NNP Glass NNP 's POS music NN . . Its PRP$ supposedly RB austere JJ minimalism NN overlays VBZ a DT bombast NN that WDT makes VBZ one CD yearn NN for IN the DT astringency NN of IN neoclassical JJ Stravinsky NNP , , the DT genuinely RB radical JJ minimalism NN of IN Berg NNP and CC Webern NNP , , and CC what WP in IN retrospect NN even RB seems VBZ like IN concision NN in IN Mahler NNP . . Mr. NNP Spiegelman NNP is VBZ professor NN of IN English NNP at IN Southern NNP Methodist NNP University NNP and CC editor NN of IN the DT Southwest NNP Review NNP . . Honeywell NNP Inc. NNP said VBD it PRP hopes VBZ to TO complete VB shortly RB the DT first JJ of IN two CD sales NNS of IN shares NNS in IN its PRP$ Japanese JJ joint JJ venture NN , , Yamatake-Honeywell NNP , , for IN about IN $ $ 280 CD million CD . . The DT company NN would MD n't RB disclose VB the DT buyer NN of IN the DT initial JJ 16 CD % NN stake NN . . Proceeds NNS of IN the DT sale NN , , expected VBN to TO be VB completed VBN next JJ week NN , , would MD be VB used VBN to TO repurchase VB as RB many JJ as IN 10 CD million CD shares NNS of IN Honeywell NNP stock NN , , the DT company NN said VBD . . Honeywell NNP said VBD it PRP is VBZ negotiating VBG the DT sale NN of IN a DT second JJ stake NN in IN Yamatake-Honeywell NNP , , but CC indicated VBD it PRP intends VBZ to TO hold VB at IN least JJS 20 CD % NN of IN the DT joint JJ venture NN 's POS stock NN long JJ term NN . . A DT 20 CD % NN stake NN would MD allow VB Honeywell NNP to TO include VB Yamatake NNP earnings NNS in IN its PRP$ results NNS . . Honeywell NNP previously RB said VBD it PRP intended VBD to TO reduce VB its PRP$ holding NN in IN the DT Japanese JJ concern NN as IN part NN of IN a DT restructuring NN plan NN which WDT also RB calls VBZ for IN a DT reduction NN of IN dependence NN on IN weapons NNS sales NNS . . Yesterday NN a DT spokeswoman NN said VBD the DT company NN was VBD `` `` pleased JJ with IN our PRP$ progress NN '' '' in IN that DT regard NN and CC `` `` hopes VBZ to TO provide VB additional JJ details NNS soon RB . . '' '' Honeywell NNP said VBD its PRP$ Defense NN and CC Marine NN Systems NNS group NN incurred VBD delays NNS in IN shipping VBG some DT undisclosed JJ contracts NNS during IN the DT third JJ quarter NN , , resulting VBG in IN lower JJR operating NN profit NN for IN that DT business NN . . Overall RB , , Honeywell NNP reported VBD earnings NNS of IN $ $ 74.4 CD million CD , , or CC $ $ 1.73 CD a DT share NN , , for IN the DT three CD months NNS ended VBN Oct. NNP 1 CD compared VBN with IN a DT loss NN of IN $ $ 41.4 CD million CD , , or CC 98 CD cents NNS a DT share NN , , a DT year NN earlier RB . . The DT previous JJ period NN 's POS results NNS included VBD a DT $ $ 108 CD million CD pretax JJ charge NN related VBN to TO unrecoverable JJ contract NN costs NNS and CC a DT $ $ 12.3 CD million CD pretax JJ gain NN on IN real JJ estate NN sales NNS . . Sales NNS for IN the DT latest JJS quarter NN were VBD flat JJ , , at IN $ $ 1.72 CD billion CD . . For IN the DT nine CD months NNS , , Honeywell NNP reported VBD earnings NNS of IN $ $ 212.1 CD million CD , , or CC $ $ 4.92 CD a DT share NN , , compared VBN with IN earnings NNS of IN $ $ 47.9 CD million CD , , or CC $ $ 1.13 CD a DT share NN , , a DT year NN earlier RB . . Sales NNS declined VBD slightly RB to TO $ $ 5.17 CD billion CD . . Once RB again RB , , your PRP$ editorial NN page NN misstates VBZ the DT law NN to TO conform VB to TO your PRP$ almost RB beatific JJ misperceptions NNS . . In IN an DT excursus NN of IN little JJ relevance NN to TO his PRP$ central JJ point NN about IN private JJ enforcement NN suits NNS by IN environmental JJ groups NNS , , Michael NNP S. NNP Greve NNP informs VBZ your PRP$ readers NNS , , `` `` ... : the DT Clean NNP Water NNP Act NNP is VBZ written VBN upon IN the DT presumption NN -- : the DT pretense NN , , rather RB -- : that IN nothing NN but CC zero CD risk NN will MD do VB ; : it PRP establishes VBZ a DT legal JJ standard NN of IN zero CD discharge NN '' '' ( ( `` `` Congress's NNP Environmental JJ Buccaneers NNS , , '' '' Sept. NNP 18 CD ) ) . . This DT statement NN surely RB buttresses VBZ your PRP$ editorial NN viewpoint NN that IN environmental JJ protection NN is VBZ generally RB silly JJ or CC excessive JJ , , but CC it PRP is VBZ simply RB wrong JJ . . The DT Clean NNP Water NNP Act NNP contains VBZ no DT `` `` legal JJ standard NN '' '' of IN zero CD discharge NN . . It PRP requires VBZ that IN `` `` discharges NNS of IN pollutants NNS '' '' into IN the DT `` `` waters NNS of IN the DT United NNP States NNPS '' '' be VB authorized VBN by IN permits NNS that WDT reflect VBP the DT effluent JJ limitations NNS developed VBN under IN section NN 301 CD . . Whatever WDT may MD be VB the DT problems NNS with IN this DT system NN , , it PRP scarcely RB reflects VBZ `` `` zero CD risk NN '' '' or CC `` `` zero CD discharge NN . . '' '' Perhaps RB Mr. NNP Greve NNP was VBD confused VBN by IN Congress NNP 's POS meaningless JJ statement NN of IN `` `` the DT national JJ goal NN '' '' in IN section NN 101 CD , , which WDT indeed RB calls VBZ for IN the DT elimination NN of IN discharges NNS -- : by IN 1985 CD , , no DT less JJR . . This DT fatuous JJ statement NN was VBD not RB taken VBN seriously RB when WRB enacted VBN in IN 1972 CD , , and CC should MD not RB now RB be VB confused VBN with IN the DT operative JJ provisions NNS of IN the DT statute NN . . Thus RB , , you PRP do VBP the DT public NN a DT great JJ disservice NN when WRB Mr. NNP Greve NNP suggests VBZ , , even RB facetiously RB , , that IN the DT Clean NNP Water NNP Act NNP prohibits VBZ the DT preparation NN of IN a DT scotch NN and CC water NN ; : your PRP$ tippling JJ readers NNS may MD be VB led VBN to TO believe VB that IN nothing NN but CC chance NN or CC oversight NN protects VBZ them PRP , , as IN they PRP cower VBP in IN the DT night NN with IN their PRP$ scotch NN and CC waters NNS , , from IN the DT hairyknuckled JJ knock NN of IN the DT Sierra NNP Club NNP at IN their PRP$ doors NNS . . Robert NNP J. NNP McManus NNP National NNP Geographic NNP , , the DT sixth-largest JJ U.S. NNP magazine NN , , is VBZ attracting VBG more JJR readers NNS than IN ever RB and CC offers VBZ the DT glossy JJ , , high-toned JJ pages NNS that IN upscale JJ advertisers NNS love VBP . . So RB why WRB did VBD advertising NN pages NNS plunge VBP by IN almost RB 10 CD % NN and CC ad NN revenue NN by IN 7.2 CD % NN in IN the DT first JJ half NN ? . To TO hear VB advertisers NNS tell VB it PRP , , the DT magazine NN just RB has VBZ n't RB kept VBD up RP with IN the DT times NNS . . Despite IN renewed VBN interest NN by IN the DT public NN in IN such JJ topics NNS as IN the DT environment NN and CC the DT Third NNP World NNP , , it PRP has VBZ n't RB been VBN able JJ to TO shake VB its PRP$ reputation NN as IN a DT magazine NN boys NNS like VBP to TO flip VB through RB in IN search NN of IN topless JJ tribe NN women NNS . . Worse JJR , , it PRP lagged VBD behind IN competitors NNS in IN offering VBG now-standard JJ gimmicks NNS , , from IN regional JJ editions NNS to TO discounts NNS for IN frequent JJ advertisers NNS . . But CC now RB , , the DT magazine NN is VBZ attempting VBG to TO fight VB back RP , , with IN an DT ambitious JJ plan NN including VBG a DT revamped VBN sales NNS strategy NN and CC a DT surprisingly RB aggressive JJ ad NN campaign NN . . Advertisers NNS do VBP n't RB think VB of IN the DT magazine NN first RB , , says VBZ Joan NNP McCraw NNP , , who WP joined VBD in IN April NNP as IN national JJ advertising NN director NN . . `` `` What WP we PRP want VBP to TO do VB is VBZ take VB a DT more RBR aggressive JJ stance NN . . People NNS did VBD n't RB believe VB we PRP were VBD in IN tune NN with IN the DT marketplace NN , , and CC in IN many JJ ways NNS we PRP were VBD n't RB . . '' '' The DT 101-year-old JJ magazine NN has VBZ never RB had VBN to TO woo VB advertisers NNS with IN quite RB so RB much JJ fervor NN before RB . . It PRP largely RB rested VBD on IN its PRP$ hard-to-fault JJ demographics NNS : : 10.8 CD million CD subscribers NNS in IN the DT first JJ half NN , , up RB from IN 10.5 CD million CD a DT year NN ago RB ; : an DT average JJ age NN of IN 42 CD for IN readers NNS -- : at IN the DT height NN of IN their PRP$ consuming NN years NNS ; : loyalty NN to TO the DT tune NN of IN an DT 85 CD % NN average JJ subscription NN renewal NN rate NN . . The DT magazine NN had VBD its PRP$ best JJS year NN yet RB in IN 1988 CD , , when WRB it PRP celebrated VBD its PRP$ centennial NN and CC racked VBD up RP a DT 17 CD % NN gain NN in IN ad NN pages NNS , , to TO 283 CD . . But CC this DT year NN , , when WRB the DT hullabaloo NN surrounding VBG its PRP$ centennial NN died VBD , , so RB too RB did VBD some DT advertiser NN interest NN . . The DT reason NN , , ad NN executives NNS say VBP , , is VBZ that IN the DT entire JJ magazine NN business NN has VBZ been VBN soft JJ -- : and CC National NNP Geographic NNP has VBZ some DT quirks NNS that WDT make VBP it PRP especially RB unattractive JJ during IN a DT soft JJ market NN . . Perhaps RB the DT biggest JJS of IN those DT factors NNS is VBZ its PRP$ high JJ ad NN prices NNS -- : $ $ 130,000 CD for IN a DT four-color JJ page NN , , vs. FW $ $ 47,000 CD for IN the DT Smithsonian NNP , , a DT comparable JJ publication NN with IN a DT far RB smaller JJR circulation NN . . When WRB ad NN dollars NNS are VBP tight JJ , , the DT high JJ page NN cost NN is VBZ a DT major JJ deterrent NN for IN advertisers NNS , , who WP generally RB want VBP to TO appear VB regularly RB in IN a DT publication NN or CC not RB at IN all DT . . Even RB though IN National NNP Geographic NNP offers VBZ far RB more JJR readers NNS than IN does VBZ a DT magazine NN like IN Smithsonian NNP , , `` `` the DT page NN costs VBZ you PRP an DT arm NN and CC a DT leg NN to TO develop VB any DT frequency NN , , '' '' says VBZ Harry NNP Glass NNP , , New NNP York NNP media NNS manager NN for IN Bozell NNP Inc NNP . . To TO combat VB that DT problem NN , , National NNP Geographic NNP , , like IN other JJ magazines NNS , , began VBD offering VBG regional JJ editions NNS allowing VBG advertisers NNS to TO appear VB in IN only RB a DT portion NN of IN its PRP$ magazines NNS -- : for IN example NN , , ads NNS can MD run VB only RB in IN the DT magazines NNS sent VBN to TO subscribers NNS in IN the DT largest JJS 25 CD markets NNS . . But CC the DT magazine NN was VBD slower JJR than IN its PRP$ competitors NNS to TO come VB up RP with IN its PRP$ regional JJ editions NNS , , and CC until IN last JJ year NN offered VBD fewer JJR of IN them PRP than IN did VBD competitors NNS . . Time NNP magazine NN , , for IN example NN , , has VBZ more JJR than IN 100 CD separate JJ editions NNS going VBG to TO different JJ regions NNS , , top JJ management NN , , and CC other JJ groups NNS . . Another DT sticking JJ point NN for IN advertisers NNS was VBD National NNP Geographic NNP 's POS tradition NN of IN lumping VBG its PRP$ ads NNS together RB , , usually RB at IN the DT beginning NN or CC end NN of IN the DT magazine NN , , rather RB than IN spreading VBG ads NNS out RP among IN its PRP$ articles NNS , , as IN most JJS magazines NNS do VBP . . And CC National NNP Geographic NNP 's POS smaller-than-average JJ size NN means VBZ extra JJ production NN costs NNS for IN advertisers NNS . . But CC Ms. NNP McCraw NNP says VBZ the DT magazine NN is VBZ fighting VBG back RB . . It PRP now RB offers VBZ 30 CD regional JJ editions NNS , , it PRP very RB recently RB began VBD running VBG ads NNS adjacent JJ to TO articles NNS , , and CC it PRP has VBZ been VBN beefing VBG up RP its PRP$ sales NNS force NN . . And CC it PRP just RB launched VBD a DT promotional JJ campaign NN to TO tell VB chief JJ executives NNS , , marketing NN directors NNS , , and CC media NNS executives NNS just RB that DT . . The DT centerpiece NN of IN the DT promotion NN is VBZ its PRP$ new JJ ad NN campaign NN , , into IN which WDT the DT magazine NN will MD pour VB about IN $ $ 500,000 CD , , mostly RB in IN the DT next JJ few JJ weeks NNS . . The DT campaign NN , , created VBN by IN Omnicom NNP Group NNP 's POS DDB NNP Needham NNP agency NN , , takes VBZ advantage NN of IN the DT eye-catching JJ photography NN that IN National NNP Geographic NNP is VBZ known VBN for IN . . In IN one CD ad NN , , a DT photo NN of IN the DT interior NN of IN the DT Sainte-Chapelle NNP in IN Paris NNP is VBZ paired VBN with IN the DT headline NN , , `` `` The DT only JJ book NN more RBR respected JJ than IN ours JJ does VBZ n't RB accept VB advertising NN . . '' '' Another DT ad NN pictures VBZ a DT tree NN ant NN , , magnified VBN 80 CD times NNS , , with IN the DT headline NN , , `` `` For IN impact NN far RB beyond IN your PRP$ size NN consider VB our PRP$ regional JJ editions NNS . . '' '' Ms. NNP McCraw NNP says VBZ she PRP wants VBZ the DT campaign NN to TO help VB attract VB advertisers NNS in IN 10 CD categories NNS , , including VBG corporate JJ , , financial JJ services NNS , , consumer NN electronics NNS , , insurance NN and CC food NN . . Her PRP$ goal NN : : to TO top VB 300 CD ad NN pages NNS in IN 1990 CD , , up RB from IN about IN 274 CD this DT year NN . . Whether IN she PRP can MD meet VB that DT ambitious JJ goal NN is VBZ still RB far RB from IN certain JJ . . `` `` The DT ad NN campaign NN is VBZ meant VBN to TO contemporize VB the DT thought NN of IN National NNP Geographic NNP , , '' '' she PRP says VBZ . . `` `` We PRP want VBP it PRP to TO be VB a DT '90s NNS kind NN of IN image NN . . '' '' WCRS NNP Plans VBZ Ad-Unit NN Sale NN WCRS NNP Group NNP hopes VBZ to TO announce VB , , perhaps RB today NN , , an DT agreement NN to TO sell VB the DT majority NN of IN its PRP$ ad NN unit NN to TO Paris-based JJ Eurocom NNP , , a DT European JJ ad NN executive NN said VBD . . WCRS NNP has VBZ been VBN in IN discussions NNS with IN Eurocom NNP for IN several JJ months NNS . . However RB , , when WRB negotiations NNS bogged VBD down RP recently RB , , WCRS NNP 's POS chief JJ executive NN , , Peter NNP Scott NNP , , met VBD in IN Paris NNP with IN another DT French JJ firm NN , , Boulet NNP Dru NNP Dupuy NNP Petit NNP , , or CC BDDP NNP . . According VBG to TO the DT executive NN , , BDDP NNP 's POS involvement NN prompted VBD renewed VBN vigor NN in IN the DT WCRS-Eurocom JJ talks NNS and CC the DT two CD agencies NNS were VBD hoping VBG to TO hammer VB out RP details NNS by IN today NN . . Executives NNS of IN the DT two CD agencies NNS could MD n't RB be VB reached VBN last JJ night NN . . Ad NN Notes NNS ... : . . NEW JJ ACCOUNT NN : : Procter NNP & CC Gamble NNP Co. NNP , , Cincinnati NNP , , awarded VBD the DT ad NN accounts NNS for IN its PRP$ line NN of IN Professional NNP Crisco NNP vegetable NN shortening NN and CC oil NN products NNS to TO Northlich NNP , , Stolley NNP , , LaWarre NNP , , Cincinnati NNP . . Billings NNS were VBD n't RB disclosed VBN . . Professional JJ Crisco NNP products NNS are VBP specially RB made VBN for IN the DT foodservice NN industry NN . . WHO WP 'S VBZ NEWS NN : : Stephen NNP Novick NNP , , 49 CD , , was VBD named VBN executive NN vice NN president NN , , deputy NN creative JJ director NN at IN Grey NNP Advertising NNP , , New NNP York NNP . . He PRP was VBD executive NN vice NN president NN , , director NN of IN broadcast NN production NN . . The DT Commodity NNP Futures NNPS Trading NNP Commission NNP plans VBZ to TO restrict VB dual JJ trading NN on IN commodity NN exchanges NNS , , a DT move NN almost RB certain JJ to TO infuriate VB exchange NN officials NNS and CC traders NNS . . The DT CFTC NNP said VBD it PRP will MD propose VB the DT restrictions NNS after IN the DT release NN of IN a DT study NN that WDT shows VBZ little JJ economic JJ benefit NN resulting VBG from IN dual JJ trading NN and CC cites VBZ `` `` problems NNS '' '' associated JJ with IN the DT practice NN . . Dual JJ trading NN gives VBZ an DT exchange NN trader NN the DT right NN to TO trade VB both DT for IN his PRP$ own JJ account NN and CC for IN customers NNS . . The DT issue NN exploded VBD this DT year NN after IN a DT Federal NNP Bureau NNP of IN Investigation NNP operation NN led VBD to TO charges NNS of IN widespread JJ trading NN abuses NNS at IN the DT Chicago NNP Board NNP of IN Trade NNP and CC Chicago NNP Mercantile NNP Exchange NNP . . While IN not RB specifically RB mentioned VBN in IN the DT FBI NNP charges NNS , , dual JJ trading NN became VBD a DT focus NN of IN attempts NNS to TO tighten VB industry NN regulations NNS . . Critics NNS contend VBP that IN traders NNS were VBD putting VBG buying NN or CC selling NN for IN their PRP$ own JJ accounts NNS ahead RB of IN other JJ traders NNS ' POS customer NN orders NNS . . Traders NNS are VBP likely JJ to TO oppose VB such JJ restrictions NNS because IN dual JJ trading NN provides VBZ a DT way NN to TO make VB money NN in IN slower JJR markets NNS where WRB there EX is VBZ a DT shortage NN of IN customer NN orders NNS . . The DT exchanges NNS contend VBP that IN dual JJ trading NN improves VBZ liquidity NN in IN the DT markets NNS because IN traders NNS can MD buy VB or CC sell VB even RB when WRB they PRP do VBP n't RB have VB a DT customer NN order NN in IN hand NN . . The DT exchanges NNS say VBP liquidity NN becomes VBZ a DT severe JJ problem NN for IN thinly RB traded JJ contracts NNS such JJ as IN those DT with IN a DT long JJ time NN remaining VBG before IN expiration NN . . The DT CFTC NNP may MD take VB those DT arguments NNS into IN account NN by IN allowing VBG exceptions NNS to TO its PRP$ restrictions NNS . . The DT agency NN did VBD n't RB cite VB specific JJ situations NNS where WRB dual JJ trading NN might MD be VB allowed VBN , , but CC smaller JJR exchanges NNS or CC contracts NNS that WDT need VBP additional JJ liquidity NN are VBP expected VBN to TO be VB among IN them PRP . . Wendy NNP Gramm NNP , , the DT agency NN 's POS chairman NN , , told VBD the DT Senate NNP Agriculture NNP Committee NNP that IN she PRP expects VBZ the DT study NN to TO be VB released VBN within IN two CD weeks NNS and CC the DT rule NN changes NNS to TO be VB completed VBN by IN Thanksgiving NNP . . The DT study NN , , by IN the DT CFTC NNP 's POS division NN of IN economic JJ analysis NN , , shows VBZ that IN `` `` a DT trade NN is VBZ a DT trade NN , , '' '' a DT member NN of IN the DT study NN team NN said VBD . . Whether IN a DT trade NN is VBZ done VBN on IN a DT dual JJ or CC non-dual JJ basis NN , , the DT member NN said VBD , , `` `` does VBZ n't RB seem VB to TO have VB much JJ economic JJ impact NN . . '' '' Currently RB , , most JJS traders NNS on IN commodity NN exchanges NNS specialize VBP in IN trading NN either CC for IN customer NN accounts NNS , , which WDT makes VBZ them PRP brokers NNS , , or CC for IN their PRP$ own JJ accounts NNS as IN socalled JJ locals NNS . . `` `` The DT tests NNS indicate VBP that IN dual JJ and CC non-dual JJ traders NNS are VBP similar JJ in IN terms NNS of IN the DT trade NN executions NNS and CC liquidity NN they PRP provide VBP to TO the DT market NN , , '' '' Mrs. NNP Gramm NNP told VBD the DT Senate NNP panel NN . . Members NNS of IN Congress NNP have VBP proposed VBN restricting VBG dual JJ trading NN in IN bills NNS to TO reauthorize VB CFTC NNP operations NNS . . The DT House NNP 's POS bill NN would MD prohibit VB dual JJ trading NN in IN markets NNS with IN daily JJ average JJ volume NN of IN 7,000 CD contracts NNS or CC more JJR , , comprising VBG those DT considered VBN too RB difficult JJ to TO track VB without IN a DT sophisticated JJ computer NN system NN . . The DT Senate NNP bill NN would MD force VB the DT CFTC NNP to TO suspend VB dual JJ trading NN if IN an DT exchange NN ca MD n't RB show VB that DT its PRP$ oversight NN system NN can MD detect VB dual-trading NN abuses NNS . . So RB far RB , , one CD test NN of IN restricting VBG dual JJ trading NN has VBZ worked VBN well RB . . The DT Chicago NNP Merc NNP banned VBD dual JJ trading NN in IN its PRP$ Standard NNP & CC Poor NNP 's POS 500-stock JJ index NN futures NNS pit NN in IN 1987 CD . . Under IN the DT rules NNS , , traders NNS decide VBP before IN a DT session NN begins VBZ whether IN they PRP will MD trade VB for IN their PRP$ own JJ account NN or CC for IN customers NNS . . Traders NNS who WP stand VBP on IN the DT pit NN 's POS top NN step NN , , where WRB most JJS customer NN orders NNS are VBP executed VBN , , ca MD n't RB trade VB for IN themselves PRP . . A DT Merc NNP spokesman NN said VBD the DT plan NN has VBZ n't RB made VBD much JJ difference NN in IN liquidity NN in IN the DT pit NN . . `` `` It PRP 's VBZ too RB soon RB to TO tell VB ... : but CC people NNS do VBP n't RB seem VB to TO be VB unhappy JJ with IN it PRP , , '' '' he PRP said VBD . . He PRP said VBD he PRP would MD n't RB comment VB on IN the DT CFTC NNP plan NN until IN the DT exchange NN has VBZ seen VBN the DT full JJ proposal NN . . But CC at IN a DT meeting NN last JJ week NN , , Tom NNP Donovan NNP , , the DT Board NNP of IN Trade NNP 's POS president NN , , told VBD commodity NN lawyers NNS : : `` `` Dual JJ trading NN is VBZ definitely RB worth JJ saving NN . . It PRP adds VBZ something NN to TO the DT market NN . . Japanese JJ Firms NNS Push VBP Posh JJ Car NN Showrooms NNS JAPANESE JJ luxury-car NN makers NNS are VBP trying VBG to TO set VB strict JJ design NN standards NNS for IN their PRP$ dealerships NNS . . But CC some DT dealers NNS are VBP negotiating VBG looser JJR terms NNS , , while IN others NNS decline VBP to TO deal VB at IN all DT . . Nissan NNP Motor NNP Co. NNP 's POS Infiniti NNP division NN likes VBZ to TO insist VB that IN every DT dealer NN construct VB and CC furnish VB a DT building NN in IN a DT Japanese JJ style NN . . Specifications NNS include VBP a DT polished JJ bronze NN sculpture NN at IN the DT center NN of IN each DT showroom NN and CC a DT tile NN bridge NN spanning VBG a DT stream NN that WDT flows VBZ into IN the DT building NN from IN outside RB . . `` `` Infiniti NNP has VBZ it PRP down RB to TO the DT ashtrays NNS , , '' '' says VBZ Jay NNP Ferron NNP , , a DT partner NN at IN J.D. NNP Power NNP & CC Associates NNPS , , an DT auto NN research NN firm NN . . Toyota NNP Motor NNP Corp. NNP 's POS Lexus NNP division NN also RB provides VBZ specifications NNS . . But CC only JJ two-thirds NNS of IN Lexus NNP dealers NNS are VBP constructing VBG new JJ buildings NNS according VBG to TO the DT Lexus NNP specs NNS . . Some DT are VBP even RB coming VBG up RP with IN their PRP$ own JJ novel NN designs NNS . . In IN Louisville NNP , , Ky. NNP , , for IN example NN , , David NNP Peterson NNP has VBZ built VBN a DT Lexus NNP dealership NN with IN the DT showroom NN on IN the DT second JJ floor NN . . Yet CC some DT dealers NNS have VBP turned VBN down RP Infiniti NNP or CC Lexus NNP franchises NNS because IN they PRP were VBD unwilling JJ or CC unable JJ to TO meet VB the DT design NN requirements NNS . . Lee NNP Seidman NNP of IN Cleveland NNP says VBZ Infiniti NNP `` `` was VBD a DT bear NN on IN interiors NNS '' '' but CC at IN least JJS let VB him PRP retrofit VB an DT existing VBG building NN -- : without IN the DT stream NN . . Mr. NNP Seidman NNP says VBZ he PRP turned VBD down RP a DT Lexus NNP franchise NN in IN part NN because IN `` `` the DT building NN was VBD gorgeous JJ but CC very RB expensive JJ . . '' '' To TO head VB off RP arguments NNS , , Infiniti NNP offers VBZ dealers NNS cash NN bonuses NNS and CC low-interest JJ construction NN loans NNS . . Dictation NN Device NN 's POS Saga NN Plays VBZ Back RP a DT Lesson NN PRODUCTS NNS DON'T VB have VBP to TO be VB first JJ to TO be VB winners NNS . . That DT 's VBZ the DT lesson NN offered VBN through IN one CD case NN study NN featured VBN in IN a DT design NN exhibit NN . . Dictaphone NNP Corp. NNP was VBD caught VBN off IN guard NN in IN 1974 CD when WRB its PRP$ main JJ competitor NN , , Lanier NNP Office NNP Products NNPS of IN Japan NNP , , introduced VBD a DT microcassette NN dictation NN recorder NN half PDT the DT size NN of IN standard JJ cassette NN devices NNS . . Blocked VBN by IN patent NN protection NN from IN following VBG suit RB , , Dictaphone NNP decided VBD to TO go VB a DT step NN further RBR and CC cut VB the DT cassette NN in IN half NN again RB -- : down IN to TO the DT length NN of IN a DT paperclip NN . . By IN 1979 CD , , designers NNS and CC engineers NNS at IN Dictaphone NNP , , a DT Pitney NNP Bowes NNP subsidiary NN , , had VBD produced VBN a DT working JJ model NN of IN a DT `` `` picocassette NN '' '' recorder NN . . By IN 1982 CD , , however RB , , the DT patent NN status NN of IN the DT Lanier NNP microcassette NN had VBD changed VBN , , permitting VBG Dictaphone NN to TO develop VB its PRP$ own JJ competitive JJ micro JJ system NN , , which WDT it PRP did VBD . . Marketing NN and CC sales NNS departments NNS then RB urged VBD abandonment NN of IN the DT pico NN project NN . . But CC others NNS said VBD pico NN should MD proceed VB . . Both DT were VBD right JJ . . Dictaphone NNP went VBD ahead RB and CC introduced VBD the DT pico NN in IN 1985 CD , , but CC it PRP has VBZ n't RB sold VBN well RB . . To TO date NN , , says VBZ Emil NNP Jachmann NNP , , a DT Dictaphone NNP vice NN president NN , , it PRP has VBZ `` `` broken VBN even RB or CC shown VBN a DT small JJ loss NN . . '' '' Nevertheless RB , , the DT device NN has VBZ been VBN successful JJ in IN other JJ ways NNS . . It PRP helped VBD Dictaphone NNP attract VB better JJR engineers NNS , , and CC it PRP provided VBD new JJ technology NN for IN other JJ company NN products NNS . . The DT picocassette NN recorder NN also RB helped VBD transform VB the DT company NN 's POS reputation NN from IN follower NN to TO leading-edge JJ innovator NN . . `` `` It PRP gave VBD me PRP great JJ pride NN to TO see VB the DT inventor NN of IN the DT microcassette NN in IN Japan NNP look VB at IN the DT pico NN and CC shake VB his PRP$ head NN and CC say VB ` `` unbelievable JJ , , ' '' '' '' says VBZ Mr. NNP Jachmann NNP . . Dictaphone NNP 's POS picocassette NN recorder NN is VBZ one CD of IN 13 CD case NN studies NNS in IN the DT TRIAD NNP Design NNP Project NNP , , sponsored VBN by IN the DT Design NNP Management NNP Institute NNP of IN Boston NNP and CC Harvard NNP Business NNP School NNP . . The DT studies NNS are VBP on IN exhibit NN at IN Harvard NNP this DT month NN and CC will MD travel VB to TO Chicago NNP 's POS Institute NNP of IN Design NNP and CC the DT University NNP of IN California NNP at IN Berkeley NN . . A DT Rake NN 's POS Progress NN Means VBZ Branching NNP Out RB ONE CD DAY NNP Carl NNP Barrett NNP of IN Mobile NNP , , Ala. NNP , , was VBD raking VBG some DT sycamore NN leaves NNS , , but CC the DT rake NN kept VBD riding VBG up RP over IN the DT piles NN . . The DT harder RBR he PRP tried VBD to TO push VB them PRP into IN large JJ piles NNS , , the DT closer RBR he PRP came VBD to TO breaking VBG the DT rake NN and CC straining VBG his PRP$ back NN . . So RB Mr. NNP Barrett NNP , , then RB vice NN president NN of IN the DT Alabama NNP Steamship NNP Association NNP , , took VBD a DT steel-toothed JJ garden NN rake NN and CC taped VBD it PRP to TO the DT underside NN of IN a DT leaf NN rake NN about IN nine CD inches NNS up RB . . His PRP$ crude JJ device NN worked VBD : : The DT lower JJR teeth NNS gathered VBD the DT leaves NNS into IN a DT pile NN , , while IN the DT higher JJR , , harder JJR teeth NNS moved VBD the DT top NN of IN the DT pile NN . . Now RB incorporated JJ into IN a DT polypropylene NN rake NN , , the DT four-inch JJ prongs NNS , , or CC `` `` wonderbars NNS , , '' '' also RB are VBP supposed VBN to TO aid VB in IN picking VBG up RP leaves NNS . . One CD customer NN , , Donald NNP Blaggs NNP of IN Mobile NNP , , says VBZ the DT Barrett NNP Rake NN allowed VBD him PRP to TO do VB his PRP$ lawn NN in IN 2 CD 1\/2 CD hours NNS , , two CD hours NNS less JJR than IN usual JJ . . But CC other JJ rake NN makers NNS have VBP their PRP$ doubts NNS . . Richard NNP Mason NNP , , president NN of IN Ames NNP Co. NNP in IN Parkersburg NNP , , W. NNP Va. NNP , , says VBZ the DT Barrett NNP rake NN `` `` makes VBZ sense NN , , '' '' but CC it PRP would MD be VB `` `` tough JJ '' '' to TO explain VB to TO consumers NNS . . John NNP Stoner NNP , , marketing NN director NN for IN True NNP Temper NNP Corp. NNP , , a DT subsidiary NN of IN Black NNP & CC Decker NNP , , says VBZ people NNS do VBP n't RB want VB to TO move VB a DT leaf NN pile NN . . `` `` They PRP either RB pick VBP it PRP up RP , , '' '' he PRP says VBZ , , `` `` or CC they PRP start VBP pulling VBG from IN a DT fresh JJ direction NN . . '' '' Odds NNS and CC Ends NNS NO DT MORE RB STUBBED VBN toes NNS or CC bruised VBN shins NNS , , promises VBZ Geste NNP Corp. NNP of IN Goshen NNP , , Ind. NNP , , the DT designer NN of IN a DT bed NN support NN to TO replace VB traditional JJ frames NNS . . Four CD tubular JJ steel NN `` `` Bedfellows NNS , , '' '' each DT roughly RB in IN the DT shape NN of IN a DT `` `` W NNP , , '' '' are VBP attached VBN to TO the DT bottom NN of IN the DT box NN spring NN in IN a DT recessed VBN position NN ... : . . Nearly RB half NN of IN U.S. NNP consumers NNS say VBP they PRP 'll MD pay VB up RB to TO 5 CD % NN more JJR for IN packaging NN that DT can MD be VB recycled VBN or CC is VBZ biodegradable JJ , , according VBG to TO a DT survey NN commissioned VBN by IN the DT Michael NNP Peters NNP Group NNP , , a DT design NN consultant NN . . The DT Pentagon NNP is VBZ a DT haunted JJ house NN . . Living VBG there RB for IN six CD years NNS was VBD really RB scary JJ . . The DT ghosts NNS of IN the DT past NN are VBP everywhere RB : : They PRP are VBP kept VBN at IN bay NN only RB by IN feeding VBG them PRP vast JJ quantities NNS of IN our PRP$ defense NN budget NN . . Some DT can MD be VB bought VBN off RP relatively RB cheaply RB . . During IN the DT Korean NNP War NNP , , Gen. NNP Douglas NNP MacArthur NNP demanded VBD and CC got VBD , , in IN addition NN to TO his PRP$ U.N. NNP command NN in IN Korea NNP , , his PRP$ own JJ naval JJ command NN in IN Japan NNP , , NavforJapan NNP . . Those DT obsolete JJ operations NNS cost VBP less JJR than IN $ $ 2 CD billion CD a DT year NN , , and CC keep VBP Mac NNP 's POS ghost NN quiet JJ . . That DT 's VBZ about IN all DT it PRP costs VBZ to TO appease VB Adm. NNP Erich NNP Raeder NNP 's POS ghost NN . . In IN 1941 CD , , Raeder NNP and CC the DT German JJ navy NN threatened VBD to TO attack VB the DT Panama NNP Canal NNP , , so RB we PRP created VBD the DT Southern NNP Command NNP in IN Panama NNP . . The DT Southern NNP Command NNP has VBZ grown VBN even RB bigger RBR since IN the DT war NN because IN Raeder NNP 's POS ghost NN sometimes RB runs VBZ through IN the DT E NN ring NN dressed VBN like IN Gen. NNP Noriega NNP . . The DT Command NNP 's POS huge JJ bureaucracy NN is VBZ needed VBN to TO analyze VB whether IN leaders NNS of IN coups NNS against IN Gen. NNP Noriega NNP meet VBP the DT War NNP Powers NNP Act NNP 's POS six CD points NNS , , Cap NNP Weinberger NNP 's POS seven CD points NNS , , the DT Intelligence NNP Committee NNP 's POS 32 CD points NNS and CC Woodrow NNP Wilson NNP 's POS 14 CD points NNS necessary JJ to TO justify VB U.S. NNP support NN . . So IN far RB no DT one NN has VBZ . . The DT ghost NN of IN the DT Soviet JJ brigade NN discovered VBD in IN Cuba NNP back RB in IN the DT '70s NNS costs VBZ just RB a DT few JJ hundred CD million CD : : the DT price NN of IN the DT Caribbean NNP Command NNP in IN Key NNP West NNP that IN President NNP Carter NNP created VBD in IN 1980 CD . . The DT brigade NN has VBZ n't RB been VBN heard VBN from IN since RB , , but CC we PRP keep VBP the DT staff NN around RB just RB in IN case NN . . George NNP Marshall NNP 's POS ghost NN is VBZ much RB more RBR difficult JJ to TO keep VB happy JJ . . We PRP keep VBP a DT lot NN of IN shrines NNS to TO him PRP around IN the DT Pentagon NNP : : statues NNS , , busts NNS , , relics NNS and CC such JJ . . The DT Army NNP headquarters NN on IN the DT third JJ deck NN of IN the DT Pentagon NNP used VBD to TO burn VB a DT lot NN of IN incense NN to TO him PRP , , but CC the DT Navy NNP headquarters NN on IN the DT fourth JJ deck NN made VBD them PRP stop VB it PRP . . You PRP see VBP , , Marshall NNP had VBD this DT thing NN about IN the DT Navy NNP and CC the DT Marines NNPS -- : he PRP wanted VBD to TO make VB them PRP part NN of IN the DT Army NNP but CC Secretary NNP of IN the DT Navy NNP James NNP Forrestal NNP blocked VBD him PRP . . Now RB his PRP$ ghost NN wo MD n't RB let VB up RP till IN it PRP 's VBZ done VBN . . To TO keep VB him PRP quiet VB we PRP invent VBP a DT new JJ unified JJ command NN every DT year NN or CC so RB run VB by IN the DT Army NNP or CC the DT Air NNP Force NNP and CC put VBD more JJR of IN the DT Navy NNP and CC Marines NNPS under IN it PRP . . But CC we PRP still RB hear VBP him PRP moaning VBG at IN night NN because IN the DT Navy NNP has VBZ a DT few JJ ships NNS left VBN , , and CC to TO satisfy VB him PRP the DT Navy NNP 's POS sea NN lift NN forces NNS were VBD given VBN to TO a DT new JJ Air NNP Force NNP bureaucracy NN in IN Illinois NNP , , its PRP$ space NN operations NNS to TO another DT command NN in IN Colorado NNP , , the DT frogmen NNS to TO a DT new JJ Army NNP bureaucracy NN in IN Fort NNP Bragg NNP , , and CC the DT Navy NNP 's POS Indian NNP Ocean NNP and CC Persian NNP Gulf NNP forces NNS to TO an DT Army NNP bureaucracy NN in IN Florida NNP . . Which WDT brings VBZ up RP the DT worst JJS and CC meanest JJS ghost NN of IN all DT -- : the DT ghost NN of IN the DT shah NN of IN Iran NNP . . When WRB the DT shah NN died VBD , , President NNP Carter NNP was VBD so RB scared VBN that IN the DT shah NN 's POS ghost NN would MD blame VB him PRP for IN shoving VBG him PRP out RP to TO make VB way NN for IN the DT ayatollah NN that IN he PRP declared VBD the DT Carter NNP Doctrine NNP . . Mr. NNP Carter NNP said VBD he PRP would MD go VB to TO war NN to TO stop VB anyone NN from IN trying VBG to TO grab VB Iran NNP . . But CC that DT ghost NN would MD n't RB settle VB for IN words NNS , , he PRP wanted VBD money NN and CC people NNS -- : lots NNS . . So RB Mr. NNP Carter NNP formed VBD three CD new JJ Army NNP divisions NNS and CC gave VBD them PRP to TO a DT new JJ bureaucracy NN in IN Tampa NNP called VBN the DT Rapid NNP Deployment NNP Force NNP . . But CC that DT ghost NN was VBD n't RB fooled VBN ; : he PRP knew VBD the DT RDF NNP was VBD neither CC rapid JJ nor CC deployable JJ nor CC a DT force NN -- : even RB though IN it PRP cost VBD $ $ 8 CD billion CD or CC $ $ 10 CD billion CD a DT year NN . . After IN Mr. NNP Carter NNP was VBD defeated VBN in IN 1980 CD , , the DT shah NN 's POS ghost NN claimed VBD the DT credit NN and CC then RB went VBD after IN President NNP Reagan NNP and CC Cap NNP Weinberger NNP . . I PRP saw VBD what WP he PRP did VBD to TO them PRP firsthand RB . . It PRP made VBD my PRP$ shoelaces NNS dance VB with IN terror NN . . Why WRB , , he PRP used VBD to TO lay VB in IN wait NN for IN Cap NNP ; : suddenly RB he PRP 'd MD leap VB from IN behind IN some DT statue NN of IN Marshall NNP onto IN Cap NNP 's POS chest NN and CC grab VB him PRP by IN the DT throat NN and CC choke VB him PRP till IN he PRP coughed VBD up RP an DT additional JJ $ $ 2 CD billion CD or CC so RB . . Cap NNP added VBD four CD more JJR divisions NNS to TO the DT Army NNP , , two CD active JJ and CC two CD reserve JJ ; : two CD carrier NN groups NNS to TO the DT Navy NNP ; : a DT division NN -- : equivalent JJ to TO the DT Marines NNPS ; : and CC the DT C-5B NN , , KC-10 NN , , C-17 NN and CC a DT thousand CD tactical JJ aircraft NN to TO the DT Air NNP Force NNP . . He PRP bought VBD $ $ 4 CD billion CD in IN prepositioning JJ ships NNS and CC $ $ 7 CD billion CD in IN ammo NN and CC equipment NN to TO fill VB them PRP , , and CC parked VBD them PRP at IN a DT new JJ $ $ 6 CD billion CD base NN at IN Diego NNP Garcia NNP in IN the DT middle NN of IN the DT Indian NNP Ocean NNP . . He PRP dedicated VBD all PDT these DT new JJ forces NNS to TO the DT Persian NNP Gulf NNP . . One CD night NN both DT Marshall NNP 's POS ghost NN and CC the DT shah NN 's POS ghost NN together RB caught VBN Cap NNP and CC threw VBD him PRP to TO the DT ground NN . . Before IN they PRP let VB him PRP go VB he PRP added VBD a DT thousand CD bureaucrats NNS to TO the DT RDF NNP in IN Tampa NNP and CC renamed VBD it PRP Central NNP Command NNP . . He PRP gave VBD those DT bureaucrats NNS charge NN of IN all DT naval JJ operations NNS in IN the DT Persian NNP Gulf NNP and CC Indian NNP Ocean NNP . . Marshall NNP figured VBD it PRP would MD be VB good JJ training NN for IN those DT soldiers NNS -- : someday RB maybe RB they PRP would MD get VB the DT whole JJ Navy NNP . . They PRP had VBD fun NN moving VBG the DT carriers NNS around RP , , but CC it PRP turned VBD out RP that IN they PRP had VBD forgotten VBN all DT about IN mine JJ sweepers NNS . . But CC the DT shah NN still RB kept VBD leaping VBG out RP at IN Cap NNP , , so RB Cap NNP bought VBD a DT hundred CD merchant NN ships NNS more JJR and CC $ $ 7 CD billion CD of IN loading NN barges NNS , , ramps NNS , , etc. FW , , in IN order NN that IN those DT seven CD new JJ Army NNP divisions NNS and CC three CD Marine NNP brigades NNS could MD unload VB from IN all PDT those DT new JJ ships NNS and CC aircraft NN and CC go VB to TO war NN in IN the DT Zagros NNP mountains NNS . . Then RB suddenly RB Ike NNP 's POS ghost NN came VBD to TO visit VB and CC said VBD , , `` `` What WP the DT hell NN are VBP you PRP doing VBG planning VBG for IN a DT land NN war NN in IN Asia NNP 12,000 CD miles NNS away RB ? . We PRP 'd MD get VB our PRP$ asses NNS kicked VBN . . '' '' Lucky JJ for IN Cap NNP , , Ike NNP was VBD easygoing JJ and CC soon RB went VBD away RB , , while IN the DT shah NN -- : he PRP kept VBD coming VBG back RB . . So RB the DT U.S. NNP found VBD itself PRP paying VBG about IN $ $ 2 CD billion CD in IN baksheesh NN to TO various JJ Arab JJ potentates NNS for IN basing VBG rights NNS around IN the DT Indian NNP Ocean NNP . . We PRP had VBD great JJ success NN in IN Somalia NNP . . But CC then RB it PRP turned VBD out RP that IN President NNP Siad NNP Barrah NNP was VBD not RB at IN all DT a DT nice JJ person NN and CC the DT Navy NNP pointed VBD out RP that IN the DT base NN he PRP promised VBD us PRP in IN Berbera NNP had VBD silted VBN up RP about IN a DT hundred CD years NNS ago RB and CC anyway RB was VBD 1,244 CD miles NNS from IN the DT mouth NN of IN the DT Gulf NNP . . ( ( But CC who WP 's VBZ counting VBG . . ) ) Still RB , , Berbera NNP was VBD the DT best JJS we PRP could MD get VB , , so RB we PRP stay VBP in IN bed NN with IN President NNP Barrah NNP . . All PDT these DT reports NNS about IN him PRP committing VBG genocide NN are VBP probably RB exaggerated JJ anyway RB . . But CC would MD n't RB you PRP know VB , , now RB that IN we PRP are VBP spending VBG jillions NNS of IN dollars NNS , , and CC have VBP built VBN those DT new JJ divisions NNS and CC new JJ air NN wings NNS , , and CC have VBP positioned VBN all PDT these DT ships NNS and CC supplies NNS to TO fight VB the DT Russians NNPS in IN Iran NNP , , the DT Russians NNPS seem VBP to TO have VB lost VBN interest NN in IN the DT whole JJ subject NN . . Meanwhile RB , , Congress NNP is VBZ cutting VBG huge JJ chunks NNS out IN of IN the DT rest NN of IN the DT defense NN budget NN . . Predictably RB , , some DT Navy NNP guys NNS said VBD : : `` `` Do VB we PRP still RB need VB to TO keep VB all DT 18 CD Army NNP divisions NNS on IN active JJ duty NN and CC all PDT those DT extra JJ land-based JJ aircraft NN without IN bases NNS and CC all PDT those DT Army NNP guys NNS playing VBG admiral NN in IN Tampa NNP ? . Could MD n't RB we PRP save VB $ $ 20 CD billion CD or CC $ $ 30 CD billion CD a DT year NN by IN shifting VBG that DT stuff NN to TO the DT reserves NNS ? . And CC why WRB not RB save VB the DT costs NNS of IN a DT thousand CD bureaucrats NNS by IN abolishing VBG Central NNP Command NNP and CC putting VBG responsibility NN for IN Gulf NNP naval JJ operations NNS back RB where WRB it PRP belongs VBZ , , afloat RB with IN the DT task NN force NN commander NN in IN the DT Gulf NNP ? . And CC where WRB were VBD all RB our PRP$ handsomely RB paid VBN Indian NNP Ocean NNP allies NNS last JJ year NN when WRB our PRP$ convoys NNS were VBD being VBG attacked VBN ? . '' '' Questions NNS like JJ that DT really RB stir VBP up RP Marshall NNP 's POS ghost NN . . He PRP appeared VBD late JJ one CD night NN in IN the DT bedroom NN of IN the DT new JJ defense NN secretary NN , , Dick NNP Cheney NNP . . Marshall NNP came VBD clanking VBG in RP like JJ Marley NNP 's POS ghost NN dragging VBG those DT chains NNS of IN brigades NNS and CC air NN wings NNS and CC links NNS with IN Arab JJ despots NNS . . He PRP would MD n't RB leave VB until IN Mr. NNP Cheney NNP promised VBD to TO do VB whatever WDT the DT Pentagon NNP systems NNS analysts NNS told VBD him PRP . . So RB next JJ day NN Mr. NNP Cheney NNP went VBD out RB and CC did VBD just RB that DT : : He PRP canceled VBD the DT 600-ship JJ Navy NNP and CC cut VBD back RB one CD carrier NN and CC 20 CD frigates NNS . . Then RB he PRP canceled VBD production NN of IN the DT Navy NNP 's POS most RBS important JJ carrier NN aircraft NN , , the DT F-14 NN and CC the DT A-6 NN . . On IN the DT other JJ hand NN , , Mr. NNP Cheney NNP retained VBD all PDT those DT new JJ land NN forces NNS . . Marshall NNP 's POS ghost NN is VBZ satisfied JJ for IN now RB , , but CC he PRP 'll MD be VB back RB . . What WP with IN Halloween NNP coming VBG and CC bigger JJR defense NN cuts NNS looming VBG , , more JJR and CC more JJR Pentagon NNP bureaucrats NNS are VBP crawling VBG under IN their PRP$ desks NNS . . They PRP know VBP that IN they PRP can MD hold VB off RP the DT ghosts NNS only RB a DT little JJ while NN longer RB by IN cutting VBG carriers NNS and CC ships NNS . . Then RB the DT whole JJ thing NN will MD start VB to TO collapse VB , , just RB as IN it PRP did VBD in IN the DT 1970s NNS , , and CC the DT ghosts NNS and CC banshees NNS will MD be VB howling VBG through IN the DT place NN turning VBG people NNS 's POS hair NN white JJ . . Gives VBZ me PRP the DT willies NNS just RB thinking VBG about IN it PRP . . Mr. NNP Lehman NNP , , a DT Reagan NNP Navy NNP secretary NN , , is VBZ a DT managing NN director NN of IN PaineWebber NNP . . The DT metal NN and CC marble NN lobby NN of IN CenTrust NNP Bank NNP 's POS headquarters NN is VBZ grander JJR than IN your PRP$ average JJ savings NNS and CC loan NN . . For IN one CD thing NN , , there EX is VBZ an DT old JJ master NN on IN the DT wall NN -- : `` `` Samuel NNP Anointing VBG David NNP , , '' '' a DT big JJ baroque JJ canvas NN painted VBN by IN Mattia NNP Preti NNP , , a DT 17th-century JJ Neapolitan NNP . . At IN the DT moment NN , , however RB , , the DT painting NN is VBZ a DT nagging VBG reminder NN of IN the DT problems NNS that WDT have VBP engulfed VBN CenTrust NNP and CC its PRP$ flamboyant JJ chairman NN and CC chief JJ executive NN , , David NNP L. NNP Paul NNP . . In IN an DT international JJ buying NN spree NN that WDT began VBD barely RB two CD years NNS ago RB , , Mr. NNP Paul NNP amassed VBD a DT collection NN of IN about IN 30 CD pre-18th-century JJ works NNS , , including VBG the DT Preti NNP , , at IN a DT total JJ cost NN of IN $ $ 28 CD million CD . . By IN midnight NN Oct. NNP 6 CD , , all DT of IN the DT paintings NNS were VBD supposed VBN to TO have VB been VBN sold VBN off RB , , under IN orders NNS from IN Florida NNP 's POS comptroller NN , , whose WP$ office NN regulates VBZ the DT state NN 's POS S&Ls NNS . . CenTrust NNP did VBD n't RB meet VB the DT deadline NN . . The DT collection NN was VBD at IN the DT heart NN of IN a DT grandiose JJ plan NN Mr. NNP Paul NNP had VBD in IN which WDT the DT art NN was VBD to TO do VB double JJ duty NN -- : as IN an DT investment NN for IN CenTrust NNP and CC as IN decoration NN for IN the DT S&L NNP 's POS new JJ office NN tower NN , , designed VBN by IN I.M. NNP Pei NNP . . The DT rub NN is VBZ that IN the DT $ $ 28 CD million CD was VBD plucked VBN from IN the DT funds NNS of IN this DT federally RB insured JJ institution NN even RB as IN CenTrust NNP was VBD losing VBG money NN hand RB over IN fist RB . . Mr. NNP Paul NNP had VBD no DT right NN to TO buy VB art NN for IN the DT S&L NN in IN the DT first JJ place NN -- : it PRP is VBZ n't RB on IN the DT comptroller NN 's POS `` `` permissible JJ '' '' list NN -- : without IN seeking VBG a DT special JJ dispensation NN , , which WDT he PRP did VBD not RB do VB . . Besides IN that DT , , some DT of IN the DT paintings NNS that WDT were VBD to TO grace VB the DT walls NNS of IN CenTrust NNP actually RB ended VBD up RP hanging VBG in IN the DT chairman NN 's POS estate NN on IN La NNP Gorce NNP Isle NNP off IN Miami NNP Beach NNP . . Last JJ spring NN , , the DT comptroller NN 's POS office NN called VBD a DT halt NN to TO Mr. NNP Paul NNP 's POS fling NN , , giving VBG him PRP six CD months NNS to TO sell VB the DT paintings NNS . . The DT acquisitions NNS , , officials NNS said VBD in IN a DT letter NN to TO Mr. NNP Paul NNP , , were VBD `` `` unsafe JJ , , unsound JJ and CC unauthorized JJ . . '' '' So RB far RB , , Mr. NNP Paul NNP has VBZ unloaded VBN but CC three CD of IN his PRP$ masterpieces NNS , , he PRP wo MD n't RB say VB to TO whom WP . . The DT comptroller NN 's POS office NN says VBZ it PRP is VBZ `` `` monitoring VBG the DT situation NN . . '' '' Though IN the DT agency NN could MD remove VB Mr. NNP Paul NNP , , it PRP has VBZ no DT current JJ intention NN to TO do VB that DT . . `` `` It PRP 's VBZ not RB like IN selling VBG Chevrolets NNPS , , '' '' Mr. NNP Paul NNP says VBZ , , as IN he PRP takes VBZ a DT drag NN on IN a DT goldbanded VBN St. NNP Moritz NNP cigarette NN . . `` `` The DT last JJ six CD months NNS has VBZ established VBN the DT quality NN of IN the DT collection NN . . There EX 's VBZ no DT fire NN sale NN here RB . . '' '' Despite IN Mr. NNP Paul NNP 's POS characteristic JJ hauteur NN , , the DT 50-year-old JJ , , chain-smoking NN dynamo NN is VBZ finding VBG that IN getting VBG CenTrust NNP -- : Florida NNP 's POS largest JJS thrift NN institution NN -- : out IN of IN its PRP$ riskiest JJS investments NNS is VBZ much RB tougher JJR than IN getting VBG into IN them PRP had VBD been VBN . . Paintings NNS are VBP just RB part NN of IN the DT picture NN . . Although IN Mr. NNP Paul NNP has VBZ pared VBN a DT $ $ 1.35 CD billion CD junk-bond NN portfolio NN to TO less JJR than IN $ $ 900 CD million CD since IN April NNP , , the DT high-yield JJ debt NN market NN has VBZ plummeted VBN . . Divesting VBG itself PRP of IN what WP is VBZ left VBN , , as IN is VBZ required VBN of IN all DT thrift NN institutions NNS by IN July NNP 1994 CD under IN the DT new JJ federal JJ S&L NN bailout NN law NN , , may MD well RB prove VB difficult JJ . . And CC CenTrust NNP has VBZ other JJ problems NNS . . Late RB last JJ week NN federal JJ regulators NNS ordered VBD the DT thrift NN institution NN to TO stop VB paying VBG dividends NNS on IN its PRP$ preferred JJ stock NN -- : a DT move NN that WDT suggests VBZ deep JJ concern NN about IN an DT institution NN . . Mr. NNP Paul NNP has VBZ a DT plan NN to TO bring VB in RP $ $ 150 CD million CD by IN selling VBG off RP 63 CD of IN CenTrust NNP 's POS 71 CD branches NNS , , but CC it PRP has VBZ yet RB to TO be VB approved VBN by IN regulators NNS . . It PRP is VBZ Mr. NNP Paul NNP 's POS art NN venture NN , , however RB , , that WDT has VBZ drawn VBN the DT most JJS attention NN from IN investors NNS and CC regulators NNS , , not RB to TO mention VB galleries NNS throughout IN the DT world NN . . Embittered JJ shareholders NNS ( ( some DT of IN whom WP are VBP suing VBG ) ) say VB the DT chairman NN and CC his PRP$ collection NN epitomize VBP the DT excesses NNS of IN speculation NN that IN set VBN off RP the DT national JJ S&L NN crisis NN . . ( ( CenTrust NNP shares NNS have VBP fallen VBN sharply RB in IN price NN from IN a DT high JJ of IN $ $ 15.125 CD in IN 1986 CD to TO close VB yesterday NN at IN $ $ 2.875 CD . . ) ) Gallery NN directors NNS , , meanwhile RB , , say VBP Mr. NNP Paul NNP and CC others NNS of IN his PRP$ ilk NN have VBP left VBN an DT indelible JJ mark NN on IN the DT art NN world NN -- : and CC not RB for IN the DT better RBR . . Collectors NNS do VBP n't RB say VB `` `` It PRP 's VBZ a DT van NNP Gogh NNP '' '' anymore RB , , laments VBZ Harry NNP Brooks NNP , , the DT president NN of IN Wildenstein NNP & CC Co. NNP , , a DT New NNP York NNP gallery NN . . `` `` They PRP say VBP , , ` `` Johnny NNP Payson NNP got VBD $ $ 53 CD million CD for IN his PRP$ , , so RB certainly RB $ $ 10 CD million CD is VBZ n't RB too RB much JJ for IN mine NN . . ' '' The DT great JJ collectors NNS we PRP depended VBD on IN , , such JJ as IN Paul NNP Mellon NNP or CC Norton NNP Simon NNP , , have VBP stopped VBN buying VBG , , and CC the DT new JJ buyers NNS are VBP brilliant JJ men NNS who WP made VBD money NN in IN the DT stock NN market NN or CC in IN takeovers NNS and CC rushed VBD into IN collecting VBG ... : . . '' '' Mr. NNP Payson NNP , , an DT art NN dealer NN and CC collector NN , , sold VBD Vincent NNP van NNP Gogh NNP 's POS `` `` Irises NNS '' '' at IN a DT Sotheby NNP 's POS auction NN in IN November NNP 1987 CD to TO Australian JJ businessman NN Alan NNP Bond NNP . . ( ( Trouble NN is VBZ , , Mr. NNP Bond NNP has VBZ yet RB to TO pay VB up RB , , and CC until IN he PRP does VBZ , , Sotheby NNP 's POS has VBZ the DT painting NN under IN lock NN and CC key NN . . ) ) When WRB Mr. NNP Paul NNP moved VBD in RP on IN the DT art NN market NN , , he PRP let VBD it PRP be VB known VBN that IN virtually RB no DT piece NN was VBD too RB costly JJ to TO be VB considered VBN by IN CenTrust NNP . . He PRP established VBD his PRP$ reputation NN as IN a DT freespender NN in IN January NNP last JJ year NN at IN Sotheby NNP 's POS auction NN of IN the DT Linda NNP and CC Gerald NNP Guterman NNP collection NN in IN New NNP York NNP . . There RB , , on IN one CD of IN his PRP$ first JJ shopping NN trips NNS , , Mr. NNP Paul NNP picked VBD up RP several JJ paintings NNS at IN stunning JJ prices NNS . . He PRP paid VBD $ $ 2.2 CD million CD , , for IN instance NN , , for IN a DT still JJ life NN by IN Jan NNP Jansz. NNP den NN Uyl NNP that WDT was VBD expected VBN to TO fetch VB perhaps RB $ $ 700,000 CD . . The DT price NN paid VBN was VBD a DT record NN for IN the DT artist NN . . ( ( Some DT 64 CD % NN of IN items NNS offered VBN at IN the DT Guterman NNP auction NN were VBD sold VBN , , at IN an DT average JJ price NN of IN $ $ 343,333 CD . . The DT rest NN were VBD withdrawn VBN for IN lack NN of IN acceptable JJ bids NNS . . ) ) Afterward RB , , Mr. NNP Paul NNP is VBZ said VBD by IN Mr. NNP Guterman NNP to TO have VB phoned VBN Mr. NNP Guterman NNP , , the DT New NNP York NNP developer NN selling VBG the DT collection NN , , and CC gloated VBD . . `` `` He PRP says VBZ he PRP ` `` stole VBD them PRP , , ' '' '' '' recalls VBZ Mr. NNP Guterman NNP . . `` `` And CC he PRP tells VBZ me PRP , , ` `` If IN you PRP want VBP to TO see VB your PRP$ paintings NNS , , you PRP 'll MD have VB to TO come VB to TO my PRP$ house NN in IN Florida NNP . . ' '' '' '' Mr. NNP Paul NNP denies VBZ phoning VBG and CC gloating VBG . . `` `` It PRP 's VBZ just RB not RB true JJ , , '' '' he PRP says VBZ . . Mr. NNP Paul NNP quickly RB became VBD more RBR aggressive JJ in IN his PRP$ collecting NN , , with IN the DT help NN of IN George NNP Wachter NNP , , a DT Sotheby NNP 's POS expert NN in IN old JJ masters NNS whom WP he PRP met VBD at IN an DT exhibition NN of IN the DT Guterman NNP items NNS . . Mr. NNP Wachter NNP , , who WP became VBD his PRP$ principal JJ adviser NN , , searched VBD galleries NNS in IN London NNP , , Paris NNP and CC Monaco NNP . . And CC , , according VBG to TO one CD dealer NN , , Mr. NNP Wachter NNP had VBD a DT penchant NN for IN introducing VBG Mr. NNP Paul NNP with IN the DT phrase NN : : `` `` He PRP can MD buy VB anything NN . . '' '' Nicholas NNP Hall NNP , , the DT president NN of IN the DT Colnaghi NNP U.S.A. NNP Ltd. NNP gallery NN in IN New NNP York NNP , , sold VBD Mr. NNP Paul NNP `` `` Abraham NNP and CC Sarah NNP in IN the DT Wilderness NN '' '' by IN Giovanni NNP Battista NNP Tiepolo NNP . . Mr. NNP Hall NNP says VBZ Mr. NNP Paul NNP `` `` was VBD known VBN to TO spend VB a DT lot NN of IN money NN . . People NNS were VBD interested JJ in IN seeing VBG him PRP , , but CC it PRP was VBD recognized VBN that IN the DT route NN was VBD through IN Sotheby NNP 's POS and CC particularly RB George NNP Wachter NNP . . '' '' Mr. NNP Paul NNP thus RB developed VBD a DT close JJ , , symbiotic JJ relationship NN with IN Sotheby NNP 's POS . . Mr. NNP Paul NNP was VBD eager JJ to TO assemble VB a DT collection NN for IN the DT headquarters NN CenTrust NNP has VBZ been VBN moving VBG into IN for IN the DT greater JJR part NN of IN a DT year NN . . Sotheby NNP 's POS , , the DT auction NN house NN founded VBN in IN London NNP 1744 CD and CC now RB under IN the DT umbrella NN of IN Sotheby NNP 's POS Holdings NNPS Inc. NNP , , was VBD hoping VBG to TO stir VB up RP interest NN in IN old JJ masters NNS as IN it PRP strove VBD to TO build VB its PRP$ U.S. NNP business NN . . European JJ dealers NNS continued VBD to TO dominate VB the DT action NN in IN old JJ masters NNS , , which WDT Sotheby NNP 's POS North NNP America NNP had VBD lately RB been VBN touting VBG in IN this DT country NN . . For IN several JJ months NNS , , there EX was VBD optimism NN all DT around RB . . Last JJ October NNP , , Mr. NNP Paul NNP paid VBD out RP $ $ 12 CD million CD of IN CenTrust NNP 's POS cash NN -- : plus CC a DT $ $ 1.2 CD million CD commission NN -- : for IN `` `` Portrait NN of IN a DT Man NN as IN Mars NNP . . '' '' The DT painting NN , , attributed VBN to TO Flemish JJ artist NN Peter NNP Paul NNP Rubens NNP , , was VBD purchased VBN privately RB through IN Sotheby NNP 's POS , , not RB at IN auction NN . . In IN March NNP 1989 CD , , just RB 15 CD months NNS into IN his PRP$ campaign NN , , Mr. NNP Paul NNP was VBD named VBN by IN Art NNP & CC Antiques NNPS magazine NN as IN one CD of IN the DT top JJ 100 CD individual JJ collectors NNS in IN the DT U.S. NNP . . `` `` An DT unknown JJ quantity NN to TO most JJS of IN the DT art NN world NN , , Paul NNP is VBZ no DT stranger NN to TO lavish JJ spending NN , , '' '' the DT magazine NN said VBD , , noting VBG that IN he PRP does VBZ n't RB stop VB at IN paint NN on IN canvas NN but CC also RB spends VBZ big JJ on IN art NN you PRP can MD eat VB . . `` `` He PRP recently RB bid VBD $ $ 30,000 CD at IN a DT Paris NNP charity NN auction NN for IN a DT dinner NN cooked VBN by IN six CD of IN the DT world NN 's POS great JJ chefs NNS , , but CC the DT final JJ party NN cost VB closer RBR to TO $ $ 100,000 CD . . '' '' ( ( Mr. NNP Paul NNP says VBZ it PRP was VBD n't RB that IN high JJ . . ) ) The DT art NN collection NN might MD have VB come VBN to TO rival VB the DT Medicis NNPS ' POS had VBD the DT Florida NNP comptroller NN 's POS office NN not RB got VBD wind NN of IN Mr. NNP Paul NNP 's POS aesthetic JJ adventure NN . . In IN its PRP$ letter NN to TO him PRP , , dated VBN March NNP 2 CD and CC shared VBN with IN reporters NNS , , Alex NNP Hager NNP , , the DT chief NN of IN the DT thrift-institution NN bureau NN in IN the DT comptroller NN 's POS office NN , , expressed VBD puzzlement NN that IN the DT S&L NN could MD be VB so RB profligate JJ when WRB it PRP had VBD reported VBN losses NNS of IN more JJR than IN $ $ 13 CD million CD in IN its PRP$ two CD preceding VBG quarters NNS . . The DT state NN gave VBD CenTrust NNP 30 CD days NNS to TO sell VB the DT Rubens NNP . . The DT comptroller NN 's POS office NN eventually RB extended VBD the DT deadline NN to TO six CD months NNS but CC broadened VBD its PRP$ demands NNS , , ordering VBG that IN the DT `` `` book NN value NN of IN the DT collection NN { ( be VB } ) reduced VBN to TO zero CD . . '' '' In IN other JJ words NNS : : Get VB rid JJ of IN all PDT the DT pictures NNS . . The DT state NN obliquely RB noted VBD that IN unsafe JJ banking NN practices NNS are VBP grounds NNS for IN removing VBG an DT officer NN or CC director NN and CC closed VBD with IN the DT admonition NN to TO Mr. NNP Paul NNP : : `` `` Govern VB yourself PRP accordingly RB . . '' '' The DT state NN agency NN was VBD particularly RB vexed VBN to TO learn VB that IN the DT Rubens NNP and CC a DT half-dozen NN other JJ paintings NNS listed VBN among IN the DT bank NN 's POS `` `` furniture NN and CC fixtures NNS , , '' '' were VBD actually RB hanging VBG in IN the DT chairman NN 's POS house NN . . Mr. NNP Paul NNP says VBZ that IN at IN one CD point NN he PRP did VBD indeed RB have VB eight CD or CC nine CD of IN the DT paintings NNS at IN home NN and CC that IN the DT rest NN were VBD in IN storage NN at IN Sotheby NNP 's POS . . He PRP explains VBZ that IN he PRP was VBD `` `` merely RB storing VBG the DT paintings NNS at IN home NN -- : with IN some DT display NN -- : because IN of IN the DT special JJ dehumidified JJ environment NN '' '' required VBN for IN their PRP$ safekeeping NN , , until IN CenTrust NNP 's POS new JJ building NN was VBD ready JJ for IN them PRP . . Still RB , , the DT incident NN was VBD embarrassing JJ . . It PRP came VBD on IN the DT heels NNS of IN a DT number NN of IN local JJ newspaper NN articles NNS suggesting VBG that IN Mr. NNP Paul NNP has VBZ benefited VBN handsomely RB from IN his PRP$ association NN with IN CenTrust NNP . . For IN instance NN , , he PRP got VBD a DT $ $ 3 CD million CD loan NN from IN the DT S&L NN , , negotiated VBN at IN a DT below-market JJ rate NN . . He PRP owns VBZ 43 CD % NN of IN CenTrust NNP 's POS shares NNS . . Adding VBG to TO Mr. NNP Paul NNP 's POS problems NNS , , dealers NNS ( ( some DT with IN vested JJ interests NNS ) ) insist VBP that IN he PRP , , relying VBG rather RB too RB heavily RB on IN Sotheby NNP 's POS advice NN , , paid VBN much RB too RB much RB for IN several JJ pieces NNS in IN the DT CenTrust NNP collection NN . . The DT $ $ 12 CD million CD lavished VBN on IN the DT Rubens NNP , , for IN example NN , , was VBD a DT record NN price NN for IN the DT artist NN and CC maybe RB twice RB its PRP$ value NN , , given VBN a DT dispute NN among IN scholars NNS about IN its PRP$ provenance NN . . David NNP Tunick NNP , , the DT president NN of IN David NNP Tunick NNP Inc. NNP , , a DT New NNP York NNP gallery NN , , says VBZ scholars NNS question VBP the DT authenticity NN of IN the DT Rubens NNP . . It PRP may MD have VB been VBN painted VBN instead RB by IN a DT Rubens NNP associate NN . . `` `` The DT feeling NN among IN many JJ experts NNS on IN the DT commercial JJ side NN is VBZ that IN the DT price NN paid VBN at IN the DT time NN was VBD excessive JJ in IN any DT event NN , , '' '' Mr. NNP Tunick NNP says VBZ . . `` `` It PRP sounds VBZ like IN with IN the DT Rubens NNP he PRP got VBD absolutely RB taken VBN to TO the DT cleaners NNS . . '' '' Victor NNP Wiener NNP , , the DT executive NN director NN of IN the DT Appraisers NNPS Association NNP of IN America NNP , , agrees VBZ that IN Mr. NNP Paul NNP paid VBD very RB dearly RB for IN the DT Rubens NNP and CC adds VBZ that IN getting VBG rid JJ of IN it PRP any DT time NN soon RB for IN a DT similar JJ sum NN would MD be VB quite RB a DT feat NN . . `` `` It PRP 's VBZ not RB beyond IN credibility NN the DT Rubens NNP will MD someday RB be VB worth JJ $ $ 12 CD million CD , , but CC whether IN it PRP could MD be VB sold VBN for IN that DT amount NN tomorrow NN remains VBZ to TO be VB seen VBN . . '' '' Still RB , , predicting NN is VBZ tricky JJ . . `` `` I PRP 'm VBP forever RB dumbfounded JJ by IN what WP I PRP see VBP making VBG these DT high JJ prices NNS . . '' '' Jonathan NNP H. NNP Kress NNP , , the DT son NN of IN the DT painting NN 's POS former JJ owner NN , , Mrs. NNP Rush NNP Kress NNP , , dismisses VBZ the DT price NN talk NN as IN `` `` sour JJ grapes NNS . . '' '' Dealers NNS contemptuous JJ of IN the DT purchase NN price NN , , he PRP says VBZ , , were VBD themselves PRP interested JJ in IN buying VBG the DT Rubens NNP but CC lost VBN out RB . . Mr. NNP Paul NNP , , for IN his PRP$ part NN , , defends VBZ the DT Rubens NNP price NN , , saying VBG a DT lot NN of IN the DT experts NNS have VBP never RB seen VBN the DT thing NN itself PRP . . `` `` Most JJS of IN them PRP were VBD n't RB even RB born VBN the DT last JJ time NN the DT painting NN was VBD displayed VBN publicly RB , , '' '' he PRP says VBZ . . Art NN prices NNS are VBP skyrocketing VBG , , but CC a DT good JJ deal NN of IN legerdemain NN is VBZ involved VBN in IN compiling VBG statistics NNS on IN sales NNS . . Salomon NNP Brothers NNPS Inc. NNP , , the DT investment-banking NN firm NN , , in IN its PRP$ annual JJ tally NN of IN investment NN returns NNS , , reported VBD that IN old JJ masters NNS appreciated VBD 51 CD % NN in IN the DT year NN ended VBN June NNP 1 CD , , the DT greatest JJS return NN of IN any DT of IN 13 CD assets NNS it PRP tracked VBD . . ( ( Impressionist JJ and CC modern JJ paintings NNS , , not RB tracked VBN by IN Salomon NNP , , are VBP ranked VBN even RB higher RBR at IN 74 CD % NN by IN Sotheby NNP 's POS . . ) ) Salomon NNP , , moreover RB , , gets VBZ its PRP$ data NNS on IN art NN appreciation NN from IN Sotheby NNP 's POS , , whose WP$ prices NNS go VBP up RP with IN clients NNS like IN Mr. NNP Paul NNP in IN its PRP$ thrall NN . . The DT percentages NNS omit VBP from IN consideration NN the DT many JJ paintings NNS that WDT go VBP begging VBG at IN auction NN . . Art NN indexes NNS track VBP winners NNS , , not RB losers NNS . . But CC art NN that WDT has VBZ fallen VBN sharply RB in IN value NN is VBZ rarely RB put VBN up IN for IN sale NN . . Also RB , , at IN any DT of IN Sotheby NNP 's POS auctions NNS of IN old JJ masters NNS , , roughly RB one-third NN to TO one-fifth NN of IN what WP is VBZ offered VBN does VBZ n't RB sell VB at IN any DT price NN . . It PRP 's VBZ not RB that IN there EX are VBP n't RB any DT bids NNS , , but CC the DT bids NNS do VBP n't RB meet VB the DT minimum JJ `` `` reserve NN '' '' prices NNS set VBN by IN the DT sellers NNS . . In IN January NNP , , the DT Preti NNP painting NN that WDT now RB hangs VBZ at IN CenTrust NNP was VBD expected VBN to TO bring VB no DT more RBR than IN $ $ 700,000 CD at IN auction NN until IN Mr. NNP Paul NNP came VBD along RB with IN his PRP$ $ $ 1.15 CD million CD . . Mr. NNP Hall NNP of IN the DT Colnaghi NNP gallery NN says VBZ $ $ 1.15 CD million CD `` `` would MD have VB been VBN an DT impossible JJ price NN for IN anyone NN to TO ask VB for IN a DT Preti NNP four CD years NNS ago RB . . '' '' But CC from IN his PRP$ vantage NN point NN , , it PRP is VBZ n't RB that IN Mr. NNP Paul NNP , , a DT customer NN of IN his PRP$ too RB , , overpaid VBD for IN the DT work NN , , `` `` a DT gargantuan JJ painting NN by IN an DT artist NN who WP is VBZ not RB a DT household JJ word NN . . '' '' ( ( The DT painting NN is VBZ 10 CD feet NNS wide JJ , , seven CD feet NNS high JJ . . ) ) Rather RB , , `` `` It PRP just RB shows VBZ things NNS have VBP changed VBN . . '' '' Mr. NNP Paul NNP boasts VBZ that IN he PRP spotted VBD bargains NNS in IN old JJ masters NNS just RB before IN they PRP took VBD an DT upward JJ turn NN . . `` `` They PRP went VBD up RB 51 CD % NN last JJ year NN , , and CC they PRP 'll MD do VB it PRP again RB this DT year NN , , '' '' he PRP declares VBZ . . `` `` They PRP were VBD a DT sleeper NN . . Everybody NN was VBD out IN buying VBG Monets NNPS . . '' '' Sotheby NNP 's POS vice NN president NN Diana NNP Levitt NNP says VBZ the DT auction NN house NN has VBZ been VBN `` `` assisting VBG '' '' Mr. NNP Paul NNP in IN selling VBG the DT paintings NNS . . And CC while IN Sotheby NNP 's POS chief JJ rivals NNS in IN the DT art NN world NN , , private JJ art NN dealers NNS , , `` `` wo MD n't RB be VB happy JJ to TO hear VB it PRP , , '' '' she PRP adds VBZ , , `` `` a DT number NN of IN { ( the DT artworks NNS } ) have VBP already RB been VBN sold VBN , , and CC at IN a DT substantial JJ profit NN . . '' '' Mr. NNP Paul NNP claims VBZ to TO have VB sold VBN three CD paintings NNS , , at IN more JJR than IN a DT 10 CD % NN profit NN . . That DT is VBZ n't RB 51 CD % NN , , and CC the DT claim NN is VBZ n't RB documented VBN . . He PRP furthermore RB denies VBZ that IN he PRP relied VBD too RB heavily RB on IN Sotheby NNP 's POS or CC Mr. NNP Wachter NNP . . Mr. NNP Paul NNP says VBZ he PRP had VBD not RB one CD but CC four CD advisers NNS and CC that IN he PRP never RB bid VBD impulsively RB . . After IN all DT , , he PRP had VBD the DT counsel NN of IN `` `` curators NNS from IN the DT most RBS reputable JJ museums NNS in IN the DT world NN . . '' '' He PRP says VBZ he PRP expects VBZ to TO sell VB the DT collection NN -- : including VBG the DT controversial JJ Rubens NNP -- : `` `` carefully RB and CC prudently RB , , just RB as IN it PRP was VBD put VBN together RB . . '' '' But CC in IN art-world NN parlance NN , , Mr. NNP Paul NNP 's POS holdings NNS are VBP `` `` burnt JJ . . '' '' That DT is VBZ , , he PRP is VBZ being VBG compelled VBN to TO put VB them PRP on IN the DT market NN too RB soon RB , , and CC has VBZ already RB gotten VBN offers NNS that WDT are VBP less JJR than IN he PRP paid VBD for IN some DT of IN the DT art NN works NNS . . `` `` After IN a DT few JJ years NNS , , you PRP can MD argue VB there EX has VBZ been VBN natural JJ appreciation NN , , '' '' says VBZ Susan NNP Theran NNP , , the DT publisher NN of IN Leonard NN 's POS Annual NNP Price NNP Index NNP of IN Art NNP Auctions NNPS . . But CC quick JJ turnover NN in IN artwork NN is VBZ `` `` like IN pawning VBG your PRP$ jewelry NN -- : you PRP end VB up RP with IN 50 CD % NN . . People NNS hold VBP out RB and CC try VBP to TO get VB a DT bargain NN . . '' '' Sotheby NNP 's POS defends VBZ itself PRP and CC Mr. NNP Paul NNP in IN the DT matter NN . . Mr. NNP Wachter NNP says VBZ Mr. NNP Paul NNP was VBD a DT quick JJ study NN who WP worked VBD intensely RB and CC bought VBD the DT best JJS pictures NNS available JJ at IN the DT moment NN . . `` `` On IN occasion NN , , he PRP paid VBD a DT high JJ price NN , , '' '' Mr. NNP Wachter NNP concedes VBZ , , but CC he PRP says VBZ those DT who WP bid VBD less RBR and CC dropped VBD out RB were VBD dealers NNS who WP would MD then RB have VB marked VBN up RP the DT paintings NNS to TO resell VB them PRP at IN a DT profit NN to TO collectors NNS . . Naomi NNP Bernhard NNP Levinson NNP , , a DT fine-arts NNS appraiser NN at IN Bernhard NNP Associates NNPS in IN San NNP Francisco NNP , , considers VBZ it PRP `` `` definite JJ conflict NN of IN interest NN for IN an DT auction NN house NN to TO both DT advise VB a DT client NN on IN purchases NNS and CC to TO set VB price NN estimates NNS on IN the DT paintings NNS to TO be VB purchased VBN . . '' '' Sotheby NNP 's POS , , she PRP says VBZ , , is VBZ `` `` wearing VBG both DT hats NNS . . '' '' `` `` I PRP ca MD n't RB see VB why WRB there EX would MD be VB a DT conflict NN of IN interest NN , , '' '' says VBZ Sotheby NNP 's POS Ms. NNP Levitt NNP . . `` `` Estimates NNS are VBP based VBN on IN the DT previous JJ price NN of IN similar JJ works NNS sold VBN at IN auction NN and CC current JJ market NN conditions NNS , , and CC are VBP not RB affected JJ by IN any DT knowledge NN of IN who WP the DT potential JJ buyer NN could MD be VB . . '' '' Frequently RB , , clients NNS express VBP interest NN in IN paintings NNS but CC do VBP n't RB end VB up RP bidding NN , , she PRP adds VBZ , , `` `` so RB we PRP do VBP n't RB know VB who WP the DT potential JJ buyer NN will MD be VB . . '' '' Mr. NNP Paul NNP , , in IN selling VBG off RP his PRP$ paintings NNS , , is VBZ seeking VBG at IN least JJS a DT 15 CD % NN return NN on IN the DT bank NN 's POS investment NN , , so IN as IN to TO prove VB that IN the DT venture NN was VBD sound JJ . . Mr. NNP Paul NNP says VBZ that IN he PRP has VBZ feelers NNS out IN over IN much JJ of IN the DT globe NN and CC that IN potential JJ buyers NNS from IN as RB far RB away RB as IN Japan NNP and CC Italy NNP have VBP examined VBN the DT collection NN . . Because IN of IN the DT pressure NN on IN CenTrust NNP to TO sell VB , , dealers NNS and CC collectors NNS have VBP been VBN trying VBG to TO get VB the DT paintings NNS at IN bargain-basement JJ prices NNS . . But CC so RB far RB , , Mr. NNP Paul NNP and CC his PRP$ advisers NNS are VBP holding VBG fast RB . . One CD dealer NN , , Martin NNP Zimet NNP of IN French NNP & CC Co. NNP in IN New NNP York NNP , , says VBZ he PRP `` `` would MD have VB loved VBD to TO buy VB '' '' a DT Jan NNP Davids NNP de FW Heem NNP painting NN from IN the DT bank NN . . `` `` I PRP tried VBD to TO steal VB the DT picture NN -- : to TO buy VB it PRP attractively RB -- : and CC { ( Sotheby NNP 's POS } ) would MD n't RB do VB it PRP . . They PRP were VBD protecting VBG his PRP$ interests NNS . . '' '' Meanwhile RB , , Mr. NNP Paul NNP and CC CenTrust NNP executives NNS are VBP getting VBG squeamish JJ about IN opulence NN . . Mr. NNP Paul NNP has VBZ been VBN characterized VBN as IN `` `` the DT Great NNP Gatsby NNP or CC something NN , , '' '' complains VBZ Karen NNP E. NNP Brinkman NNP , , an DT executive NN vice NN president NN of IN CenTrust NNP . . The DT media NNS , , she PRP says VBZ , , have VB distorted VBN his PRP$ personal JJ life NN . . Mr. NNP Paul NNP nods VBZ in IN agreement NN . . `` `` I PRP do VBP n't RB think VB I PRP have VBP a DT life NN style NN that WDT is VBZ , , frankly RB , , so RB flamboyant JJ , , '' '' he PRP says VBZ . . But CC at IN just RB that DT moment NN , , he PRP is VBZ interrupted VBN in IN his PRP$ office NN by IN a DT servant NN in IN tuxedo NN who WP pours VBZ coffee NN from IN silver NN into IN a DT cup NN of IN china NN and CC dabs VBZ the DT brim NN with IN linen NN . . Mr. NNP Paul NNP says VBZ , , yes UH , , the DT ceiling NN in IN his PRP$ executive NN suite NN is VBZ gold-leaf NN inlay NN . . The DT offices NNS are VBP done VBN in IN hardwood NN and CC oriental JJ rugs NNS , , leatherbound NN books NNS and CC , , of IN course NN , , a DT $ $ 12 CD million CD Rubens NNP . . But CC he PRP implores VBZ that IN the DT splendor NN be VB played VBN down RP . . `` `` Do VBP n't RB say VB it PRP 's VBZ a DT gold JJ ceiling NN . . Just RB say VB the DT offices NNS are VBP tastefully RB appointed JJ , , '' '' he PRP says VBZ . . `` `` Otherwise RB , , the DT regulators NNS will MD take VB it PRP for IN decadence NN , , and CC nowadays RB everything NN 's VBZ got VBD to TO be VB pristine JJ . . '' '' Figures NNS do VBP n't RB include VB taxes NNS or CC transaction NN costs NNS . . Companies NNS listed VBN below RB reported VBD quarterly JJ profit NN substantially RB different JJ from IN the DT average NN of IN analysts NNS ' POS estimates NNS . . The DT companies NNS are VBP followed VBN by IN at IN least JJS three CD analysts NNS , , and CC had VBD a DT minimum JJ five-cent JJ change NN in IN actual JJ earnings NNS per IN share NN . . Estimated VBN and CC actual JJ results NNS involving VBG losses NNS are VBP omitted VBN . . The DT percent NN difference NN compares VBZ actual JJ profit NN with IN the DT 30-day JJ estimate NN where WRB at IN least JJS three CD analysts NNS have VBP issues NNS forecasts NNS in IN the DT past JJ 30 CD days NNS . . Otherwise RB , , actual JJ profit NN is VBZ compared VBN with IN the DT 300-day JJ estimate NN . . { ( During IN its PRP$ centennial NN year NN , , The DT Wall NNP Street NNP Journal NNP will MD report VB events NNS of IN the DT past JJ century NN that DT stand NN as IN milestones NNS of IN American JJ business NN history NN . . } ) CREATIVE JJ ACCOUNTING NN , , mostly RB by IN conglomerates NNS , , forced VBD CPAs NNS to TO change VB their PRP$ way NN of IN setting VBG standards NNS to TO be VB followed VBN by IN corporations NNS reporting VBG financial JJ results NNS , , standards NNS that WDT had VBD become VBN all RB too RB flexible JJ . . The DT new JJ Financial NNP Accounting NNP Standards NNPS Board NNP ( ( FASB NNP ) ) was VBD created VBN in IN 1972 CD to TO replace VB the DT Accounting NNP Principles NNPS Board NNP of IN the DT American NNP Institute NNP of IN Certified NNP Public NNP Accountants NNPS . . All DT of IN the DT former JJ board NN 's POS members NNS were VBD CPAs NNS , , provoking VBG conflict-of-interest NN criticism NN because IN they PRP were VBD writing VBG rules NNS while IN handling VBG clients NNS ' POS books NNS at IN the DT same JJ time NN . . The DT new JJ board NN 's POS seven-member JJ structure NN kept VBD four CD CPAs NNS , , but CC the DT others NNS were VBD from IN industry NN and CC academia NN . . Francis NNP M. NNP Wheat NNP , , a DT former JJ Securities NNPS and CC Exchange NNP Commission NNP member NN , , headed VBD the DT panel NN that WDT had VBD studied VBN the DT issues NNS for IN a DT year NN and CC proposed VBD the DT FASB NNP on IN March NNP 30 CD , , 1972 CD . . The DT former JJ board NN had VBD produced VBN `` `` 21 CD opinions NNS and CC 1,000 CD critics NNS '' '' in IN its PRP$ 12-year JJ life NN , , its PRP$ chairman NN had VBD conceded VBN . . The DT climate NN was VBD right JJ for IN the DT new JJ FASB NNP . . In IN the DT late JJ 1960s NNS some DT CPAs NNS failed VBD to TO correct VB such JJ abuses NNS as IN clients NNS picking VBG permissive JJ rules NNS that IN hyped VBD earnings NNS and CC stock NN prices NNS . . And CC in IN November NNP 1970 CD Congress NNP had VBD passed VBN a DT special JJ act NN to TO overrule VB one CD board NN rule NN . . Also RB , , James NNP Needham NNP , , an DT SEC NNP commissioner NN , , in IN April NNP 1972 CD had VBD warned VBN that IN the DT industry NN might MD face VB a DT `` `` federal JJ agency NN writing VBG accounting NN rules NNS '' '' if IN they PRP rejected VBD the DT FASB NNP idea NN . . Keepers NNS of IN the DT books NNS , , dubbed VBN `` `` figure NN filberts NNS , , '' '' loathed VBD the DT threat NN . . The DT FASB NNP had VBD its PRP$ initial JJ meeting NN on IN March NNP 28 CD , , 1973 CD . . On IN Dec. NNP 13 CD , , 1973 CD , , it PRP issued VBD its PRP$ first JJ rule NN ; : it PRP required VBD companies NNS to TO disclose VB foreign JJ currency NN translations NNS in IN U.S. NNP dollars NNS . . The DT FASB NNP since IN then RB has VBZ issued VBN 102 CD rules NNS , , and CC some DT still RB rile VBP industry NN . . Since IN late RB 1987 CD , , for IN example NN , , it PRP has VBZ put VBN off RP a DT rule NN dealing VBG with IN deferred JJ income NN taxes NNS because RB of IN the DT continuing VBG controversy NN over IN the DT issue NN . . Amcast NNP Industrial NNP Corp. NNP said VBD it PRP plans VBZ to TO repurchase VBD 500,000 CD shares NNS , , or CC about IN 7 CD % NN of IN its PRP$ shares NNS outstanding JJ , , in IN open JJ market NN transactions NNS . . The DT metal NN products NNS concern NN currently RB has VBZ 7.2 CD million CD common JJ shares NNS outstanding JJ . . Amcast NNP previously RB had VBD said VBN it PRP planned VBD to TO repurchase VB shares NNS , , but CC did VBD n't RB disclose VB when WRB or CC how WRB many JJ shares NNS it PRP intended VBD to TO buy VB back RB . . The DT company NN named VBN Dillon NNP Read NNP & CC Co. NNP as IN its PRP$ exclusive JJ agent NN for IN the DT stock NN buy-back NN program NN . . A DT seat NN on IN the DT Chicago NNP Board NNP of IN Trade NNP was VBD sold VBN for IN $ $ 390,000 CD , , down RB $ $ 5,000 CD from IN the DT previous JJ sale NN last JJ Tuesday NNP . . Seats NNS currently RB are VBP quoted VBN at IN $ $ 353,500 CD bid NN , , $ $ 405,000 CD asked VBN . . The DT record NN price NN for IN a DT full JJ membership NN on IN the DT exchange NN is VBZ $ $ 550,000 CD , , set VBN Aug. NNP 31 CD , , 1987 CD . . An DT associate NN member NN seat NN was VBD sold VBN for IN $ $ 228,000 CD , , up IN $ $ 8,000 CD from IN the DT previous JJ sale NN Oct. NNP 4 CD . . Associate JJ member NN seats NNS currently RB are VBP quoted VBN at IN $ $ 225,000 CD bid NN , , $ $ 256,000 CD asked VBN . . The DT record NN price NN for IN associate JJ membership NN is VBZ $ $ 275,000 CD , , set VBN Aug. NNP 30 CD , , 1988 CD . . CAE NNP Industries NNPS Ltd. NNP said VBD its PRP$ Link NN Flight NN Simulation NN division NN was VBD awarded VBN a DT contract NN by IN the DT U.S. NNP Army NNP for IN two CD helicopter NN simulators NNS , , which WDT the DT company NN valued VBN at IN as RB much JJ as IN 37 CD million CD Canadian JJ dollars NNS ( ( US$ $ 31.5 CD million CD ) ) . . CAE NNP said VBD the DT fixed VBN price NN for IN the DT first JJ of IN the DT AH-64 NN Apache NNP combat NN mission NN simulators NNS is VBZ C$ $ 19 CD million CD . . It PRP is VBZ scheduled VBN for IN delivery NN in IN late JJ 1991 CD . . The DT price NN of IN the DT second JJ simulator NN ranges VBZ between IN C$ $ 16.4 CD million CD and CC C$ $ 18 CD million CD , , CAE NNP said VBD , , depending VBG on IN when WRB the DT Army NNP exercises VBZ its PRP$ option NN . . CAE NNP is VBZ a DT Toronto-based JJ maker NN of IN commercial JJ and CC military JJ aircraft NN simulators NNS and CC training NN equipment NN . . Helionetics NNP Inc. NNP said VBD it PRP agreed VBD to TO team VB with IN a DT unit NN of IN Minneapolis-based JJ Honeywell NNP Inc. NNP to TO provide VB power NN amplifiers NNS for IN a DT new JJ military JJ sonar NN system NN being NN proposed VBN by IN Honeywell NNP . . Total JJ value NN of IN the DT contract NN could MD be VB $ $ 100 CD million CD , , Helionetics NNP said VBD , , and CC work VB on IN the DT project NN would MD be VB about IN evenly RB divided VBN . . As IN previously RB reported VBN , , Helionetics NNP emerged VBD from IN Chapter NN 11 CD bankruptcy-law NN protection NN in IN February NNP . . This DT Los NNP Angeles NNP company NN and CC its PRP$ Union NNP Federal NNP Savings NNPS Bank NNP subsidiary NN said VBD more JJR than IN 99 CD % NN of IN their PRP$ 7 CD 1\/4 CD % NN convertible JJ subordinated JJ debentures NNS due JJ 2011 CD were VBD tendered VBN for IN conversion NN into IN UnionFed NNP common JJ stock NN . . The DT conversion NN increased VBD total JJ equity NN capital NN by IN about IN $ $ 38.5 CD million CD to TO a DT total NN of IN $ $ 156.8 CD million CD . . Union NNP Federal NNP , , a DT federally RB insured JJ savings NNS bank NN , , has VBZ $ $ 2.4 CD billion CD in IN assets NNS . . David NNP D. NNP Lung NNP was VBD appointed VBN president NN and CC chief NN operating VBG officer NN of IN this DT maker NN of IN building NN materials NNS for IN manufactured JJ homes NNS and CC recreational JJ vehicles NNS . . As IN president NN , , Mr. NNP Lung NNP , , 42 CD years NNS old JJ , , succeeds VBZ his PRP$ father NN , , Mervin NNP D. NNP Lung NNP , , 66 CD , , who WP founded VBD the DT company NN in IN 1959 CD . . Mervin NNP Lung NNP remains VBZ chairman NN and CC chief JJ executive NN officer NN . . David NNP Lung NNP has VBZ been VBN with IN Patrick NNP since IN 1970 CD , , and CC has VBZ served VBN as IN vice NN president NN for IN administration NN and CC purchasing NN since IN 1987 CD . . General NNP Dynamics NNPS Services NNP Co. NNP , , a DT unit NN of IN General NNP Dynamics NNPS Corp. NNP , , won VBD a DT $ $ 48.2 CD million CD Army NNP contract NN to TO establish VB maintenance NN facilities NNS for IN tracked JJ vehicles NNS in IN Pakistan NNP . . Grumman NNP Corp. NNP was VBD given VBN a DT $ $ 15 CD million CD Navy NNP contract NN for IN aircraft-electronics NN improvements NNS . . Hughes NNP Aircraft NNP Co. NNP , , a DT unit NN of IN General NNP Motors NNPS Corp. NNP , , got VBD a DT $ $ 10.3 CD million CD Air NNP Force NNP contract NN for IN airborne-radar NN equipment NN . . Reynolds NNP Metals NNPS Co. NNP said VBD third-quarter JJ net JJ income NN dropped VBD nearly RB 10 CD % NN to TO $ $ 123.7 CD million CD , , or CC $ $ 2.10 CD a DT share NN , , from IN $ $ 137.2 CD million CD , , or CC $ $ 2.56 CD a DT share NN , , a DT year NN earlier RB . . The DT latest JJS earnings NNS reflect VBP an DT increase NN of IN about IN 5.5 CD million CD in IN common JJ shares NNS outstanding JJ . . Revenue NN rose VBD 3 CD % NN to TO $ $ 1.52 CD billion CD from IN $ $ 1.48 CD billion CD . . Reynolds NNP is VBZ the DT third JJ big JJ aluminum NN company NN since IN Friday NNP to TO report VB disappointing JJ earnings NNS . . The DT No. NN 1 CD domestic JJ aluminum NN producer NN , , Aluminum NNP Co. NNP of IN America NNP , , Friday NNP said VBD its PRP$ earnings NNS fell VBD 3.2 CD % NN to TO $ $ 219 CD million CD , , or CC $ $ 2.46 CD a DT share NN . . And CC Alcan NNP Aluminium NNP Ltd. NNP yesterday NN reported VBD net JJ income NN slid VBD 30 CD % NN to TO $ $ 180 CD million CD , , or CC 77 CD cents NNS a DT share NN , , from IN $ $ 258 CD million CD , , or CC $ $ 1.07 CD a DT share NN . . Analysts NNS on IN average NN had VBD been VBN expecting VBG about IN $ $ 2.70 CD for IN Alcoa NNP and CC $ $ 1 CD for IN Alcan NNP . . `` `` It PRP 's VBZ a DT good JJ indication NN that DT level NN of IN profitability NN has VBZ peaked VBN for IN the DT industry NN , , '' '' says VBZ Vahid NNP Fathi NNP , , metals NNS analyst NN with IN Prescott NNP , , Ball NNP & CC Turben NNP Inc. NNP , , who WP had VBD estimated VBN Reynolds NNP would MD earn VB about IN $ $ 2.35 CD a DT share NN . . The DT nation NN 's POS No. NN 2 CD aluminum NN company NN said VBD earnings NNS were VBD hurt VBN by IN lower JJR prices NNS for IN certain JJ fabricated VBN aluminum NN products NNS , , which WDT typically RB follow VBP price NN fluctuations NNS of IN primary JJ ingots NNS . . The DT base JJ metal NN price NN has VBZ dropped VBN 30.3 CD % NN from IN a DT year NN earlier RB to TO 78 CD cents NNS a DT pound NN . . Much RB of IN the DT price NN decline NN has VBZ been VBN blamed VBN on IN a DT slowing VBG economy NN and CC the DT third JJ quarter NN is VBZ typically RB the DT industry NN 's POS slowest JJS period NN . . But CC William NNP O. NNP Bourke NNP , , chairman NN and CC chief JJ executive NN officer NN , , said VBD the DT ingot NN price NN `` `` appears VBZ to TO have VB bottomed VBN out RB . . '' '' He PRP said VBD shipments NNS are VBP continuing VBG at IN a DT `` `` healthy JJ '' '' pace NN and CC the DT company NN has VBZ no DT excess JJ inventory NN . . Aluminum NN shipments NNS of IN 329,600 CD metric JJ tons NNS were VBD nearly RB equal JJ to TO the DT year-earlier JJ period NN , , the DT company NN said VBD . . Nevertheless RB , , the DT company NN said VBD that IN in IN the DT latest JJS quarter NN there RB were VBD increased VBN material NN and CC labor NN costs NNS , , including VBG a DT new JJ employee NN profit-sharing NN plan NN . . In IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , Reynolds NNP closed VBD at IN $ $ 55.375 CD , , up RB $ $ 1.25 CD . . No DT strikeout NN , , but CC certainly RB no DT home NN run NN . . That DT 's VBZ how WRB the DT stock-picking NN game NN is VBZ shaping VBG up RP for IN the DT months NNS ahead RB , , according VBG to TO money NN managers NNS and CC a DT few JJ brokers NNS . . Yesterday NN 's POS 88-point JJ recovery NN from IN Friday NNP 's POS megadrop NN in IN the DT Dow NNP Jones NNP industrials NNS had VBD many JJ brokerage NN houses NNS proclaiming VBG that IN stocks NNS are VBP a DT good JJ bargain NN again RB . . But CC quite RB a DT few JJ money NN managers NNS are VBP n't RB buying VBG it PRP . . Weakening VBG corporate JJ earnings NNS , , they PRP say VBP , , are VBP no DT prescription NN for IN a DT bull NN market NN . . `` `` The DT stock NN market NN ai VBP n't RB going VBG to TO do VB much RB of IN anything NN '' '' for IN a DT while NN , , says VBZ John NNP Neff NNP of IN Wellington NNP Management NNP , , who WP runs VBZ the DT $ $ 8.3 CD billion CD Windsor NNP Fund NNP . . He PRP suspects VBZ that IN Friday NNP 's POS market NN decline NN may MD have VB a DT second JJ leg NN , , perhaps RB a DT 10 CD % NN to TO 15 CD % NN drop NN later RB on RB . . Mr. NNP Neff NNP says VBZ the DT stock NN market NN has VBZ lost VBN some DT powerful JJ driving NN forces NNS , , namely RB earnings NNS growth NN and CC the DT `` `` LBO NNP sweepstakes NNS '' '' -- : buy-out NN fever NN that IN induced VBN investors NNS to TO bid VB up RP whole RP groups NNS of IN stocks NNS , , such JJ as IN media NNS and CC airlines NNS . . After IN sitting VBG with IN 20 CD % NN of IN his PRP$ fund NN in IN cash NN before IN Friday NNP 's POS sell-off NN , , Mr. NNP Neff NNP says VBZ he PRP bought VBD `` `` a DT narrow JJ list NN of IN stocks NNS '' '' yesterday NN . . With IN flat JJ corporate JJ profits NNS on IN the DT horizon NN for IN 1990 CD , , money NN managers NNS say VBP price-earnings NNS multiples NNS that WDT look VBP cheap JJ today NN might MD go VB on RP being VBG cheap JJ for IN a DT long JJ time NN . . `` `` This DT is VBZ not RB a DT grossly RB overvalued VBN market NN , , but CC it PRP 's VBZ not RB cheap JJ either RB , , '' '' says VBZ George NNP Collins NNP , , president NN of IN the DT mutual JJ fund NN company NN T. NNP Rowe NNP Price NNP Associates NNPS in IN Baltimore NNP . . According VBG to TO Institutional NNP Brokers NNPS Estimate NNP System NNP , , Wall NNP Street NNP market NN strategists NNS see VBP only RB a DT 2.4 CD % NN jump NN in IN company NN profits NNS in IN 1990 CD -- : unlike IN in IN 1987 CD , , when WRB profits NNS a DT year NN out RB looked VBN good JJ ( ( they PRP did VBD soar VB 36 CD % NN in IN 1988 CD ) ) . . Bulls NNS say VBP the DT market NN is VBZ an DT incredible JJ bargain NN , , priced VBN at IN only RB about IN 12 CD times NNS estimated VBN 1989 CD earnings NNS for IN stocks NNS in IN the DT Standard NNP & CC Poor NNP 's POS 500 CD index NN . . Before IN the DT 1987 CD crash NN , , the DT P\/E NNP was VBD more JJR than IN 20 CD . . The DT common JJ view NN , , says VBZ Abby NNP Cohen NNP , , strategist NN for IN Drexel NNP Burnham NNP Lambert NNP , , is VBZ that IN there EX will MD be VB `` `` mild JJ economic JJ growth NN , , modest JJ profit NN expansion NN , , and CC things NNS are VBP going VBG to TO be VB hunky-dory JJ . . Our PRP$ view NN is VBZ that IN we PRP may MD see VB a DT profit NN decline NN . . '' '' Some DT think VBP investors NNS should MD sell VB into IN rallies NNS . . The DT market NN `` `` is VBZ going VBG to TO wind VB down RB , , '' '' says VBZ Gerald NNP W. NNP Perritt NNP , , a DT Chicago NNP money NN manager NN . . `` `` Things NNS are VBP a DT little RB less RBR overpriced JJ '' '' after IN Friday NNP 's POS jolt NN in IN the DT market NN . . He PRP expects VBZ stocks NNS to TO decline VB an DT additional JJ 5 CD % NN to TO 30 CD % NN , , with IN the DT Dow NNP perhaps RB bottoming VBG out RP between IN 2000 CD and CC 2100 CD `` `` between IN now RB and CC June NNP . . '' '' After IN Friday NNP 's POS decline NN , , Mr. NNP Perritt NNP 's POS firm NN ran VBD statistical JJ tests NNS on IN 100 CD high-quality NN stocks NNS , , using VBG old-fashioned JJ value NN criteria NNS devised VBN by IN Benjamin NNP Graham NNP , , an DT analyst NN and CC author NN in IN the DT 1930s NNS and CC 1940s NNS who WP is VBZ widely RB considered JJ to TO be VB the DT father NN of IN modern JJ securities NNS analysis NN . . He PRP found VBD 85 CD still RB overvalued VBN and CC 15 CD fairly RB valued VBN . . Nicholas NNP Parks NNP , , a DT New NNP York NNP money NN manager NN , , expects VBZ the DT market NN to TO decline VB about IN 15 CD % NN . . `` `` I PRP 've VBP been VBN two-thirds NNS in IN cash NN since IN July NNP , , and CC I PRP continue VBP to TO think VB that IN having VBG a DT defensive JJ position NN is VBZ appropriate JJ , , '' '' he PRP says VBZ . . Companies NNS that WDT piled VBD on RP debt NN in IN leveraged JJ buy-outs NNS during IN the DT past JJ two CD years NNS `` `` will MD continue VB to TO surface VB as IN business NN problems NNS . . '' '' `` `` Generalizations NNS about IN value NN are VBP n't RB useful JJ , , '' '' says VBZ New NNP York NNP money NN manager NN John NNP LeFrere NNP of IN Delta NNP Capital NNP Management NNP . . For IN instance NN , , he PRP says VBZ , , International NNP Business NNP Machines NNPS and CC Unisys NNP might MD look VB cheap JJ , , but CC investors NNS might MD continue VB to TO do VB better RB with IN stocks NNS like IN Walt NNP Disney NNP , , Procter NNP & CC Gamble NNP and CC Coca-Cola NNP , , strong JJ performers NNS in IN recent JJ years NNS . . Money NN manager NN Robert NNP Ross NNP , , head NN of IN Duncan NNP Ross NNP Associates NNPS Ltd. NNP in IN Vancouver NNP , , British NNP Columbia NNP , , says VBZ stocks NNS would MD have VB to TO fall VB 15 CD % NN to TO 20 CD % NN before IN they PRP are VBP competitive JJ with IN less RBR risky JJ investment NN alternatives NNS . . Fredric NNP Russell NNP , , a DT money NN manager NN in IN Tulsa NNP , , Okla. NNP , , says VBZ Friday NNP 's POS cave-in NN `` `` is VBZ going VBG to TO have VB more JJR of IN a DT permanent JJ impact NN on IN the DT psyche NN of IN many JJ investors NNS than IN Wall NNP Street NNP would MD want VB to TO admit VB . . '' '' There EX are VBP still RB bulls NNS out IN there RB . . `` `` I PRP still RB think VBP we PRP will MD have VB a DT 3000 CD Dow NNP , , whether IN it PRP 's VBZ six CD months NNS or CC 12 CD months NNS from IN now RB I PRP do VBP n't RB know VB , , '' '' says VBZ David NNP Dreman NNP , , managing NN partner NN of IN Dreman NNP Value NNP Management NNP in IN New NNP York NNP . . `` `` We PRP 're VBP doing VBG a DT little JJ buying NN '' '' in IN some DT stocks NNS `` `` that WDT have VBP really RB been VBN smashed VBN down RB . . '' '' Many JJ brokerage NN house NN officials NNS also RB are VBP optimistic JJ . . Yesterday NN , , Goldman NNP Sachs NNP , , Merrill NNP Lynch NNP and CC Dean NNP Witter NNP all DT increased VBD the DT proportion NN of IN assets NNS they PRP recommend VBP investors NNS commit VBP to TO stocks NNS . . Dean NNP Witter NNP now RB recommends VBZ 85 CD % NN , , Goldman NNP 65 CD % NN and CC Merrill NNP Lynch NNP 50 CD % NN . . Some DT investors NNS say VBP Friday NNP 's POS sell-off NN was VBD a DT good JJ thing NN , , because IN it PRP deflated VBD a DT lot NN of IN crazy JJ takeover NN speculation NN . . `` `` It PRP was VBD a DT healthy JJ cleansing NN , , '' '' says VBZ Michael NNP Holland NNP , , who WP runs VBZ Salomon NNP Brothers NNPS Asset NNP Management NNP in IN New NNP York NNP . . From IN here RB out RB , , these DT investors NNS see VBP a DT return NN to TO old-fashioned JJ investing NN , , based VBN on IN a DT company NN 's POS ability NN to TO show VB profit NN growth NN . . `` `` The DT fundamentals NNS are VBP pretty RB strong JJ , , '' '' Mr. NNP Dreman NNP says VBZ . . `` `` I PRP do VBP n't RB see VB this DT as IN a DT bear NN market NN at IN all DT . . It PRP 's VBZ a DT recognition NN that IN there EX was VBD much RB too RB much JJ fluff NN in IN the DT LBO NNP market NN . . '' '' Friday NNP 's POS big JJ fall NN was VBD `` `` just RB a DT blunder NN by IN the DT stock NN market NN , , '' '' says VBZ John NNP Connolly NNP , , chief JJ strategist NN for IN Dean NNP Witter NNP . . `` `` It PRP was VBD an DT overreaction NN to TO an DT event NN { ( the DT failure NN of IN a DT management NN and CC union NN group NN to TO get VB bank NN financing NN for IN a DT takeover NN of IN UAL NNP } ) that WDT does VBZ n't RB mean VB that IN much JJ to TO lots NNS of IN stocks NNS . . '' '' Many JJ investors NNS have VBP nagging JJ worries NNS , , however RB . . Newspapers NNS are VBP full JJ of IN headlines NNS about IN companies NNS defaulting VBG on IN their PRP$ debts NNS and CC banks NNS writing VBG off RP real JJ estate NN loans NNS . . That DT hurts VBZ investors NNS ' POS confidence NN in IN the DT economy NN and CC stocks NNS . . Not RB even RB all PDT the DT brokerage NN firms NNS see VBP clear JJ sailing NN ahead RB . . `` `` Disappointing JJ profits NNS are VBP likely JJ to TO get VB worse RBR in IN the DT next JJ two CD quarters NNS , , '' '' says VBZ Mary NNP Farrell NNP , , a DT market NN strategist NN at IN PaineWebber NNP . . She PRP thinks VBZ the DT market NN could MD drop VB about IN 10 CD % NN in IN the DT next JJ few JJ months NNS , , then RB recover VBP and CC go VBP higher JJR . . Companies NNS with IN steady JJ earnings NNS growth NN could MD do VB well RB , , she PRP says VBZ , , while IN others NNS with IN high JJ debt NN or CC poor JJ earnings NNS could MD see VB their PRP$ shares NNS decline VBP far RB more JJR than IN 10 CD % NN . . The DT turmoil NN on IN Wall NNP Street NNP may MD benefit VB some DT retailers NNS attempting VBG to TO lead VB leveraged JJ buy-outs NNS of IN their PRP$ specialty NN and CC department-store NN chains NNS , , investment NN bankers NNS and CC retailers NNS said VBD . . Managers NNS at IN five CD chains NNS have VBP said VBN in IN recent JJ weeks NNS that IN they PRP intend VBP to TO bid VB for IN their PRP$ companies NNS . . The DT chains NNS include VBP Bloomingdale NNP 's POS , , owned VBN by IN Campeau NNP Corp. NNP , , Toronto NNP ; : Saks NNP Fifth NNP Avenue NNP and CC Marshall NNP Field NNP 's POS , , owned VBN by IN B.A.T NNP Industries NNPS PLC NNP , , London NNP ; : and CC B. NNP Altman NNP & CC Co. NNP and CC Sakowitz NNP Inc. NNP , , owned VBN by IN Hooker NNP Corp. NNP , , which WDT is VBZ now RB being VBG managed VBN by IN a DT court-appointed JJ provisional JJ liquidator NN . . Hooker NNP is VBZ based VBN in IN Sydney NNP , , Australia NNP . . The DT combination NN of IN so RB many JJ chains NNS available JJ for IN sale NN , , the DT recent JJ failures NNS of IN such JJ retailing NN LBO NN 's POS as RB Miller NNP & CC Rhoads NNP Inc. NNP and CC declining VBG investor NN confidence NN will MD drive VB down RP prices NNS , , retailing NN observers NNS said VBD . . `` `` The DT pricing NN will MD become VB more RBR realistic JJ , , which WDT should MD help VB management NN , , '' '' said VBD Bruce NNP Rosenthal NNP , , a DT New NNP York NNP investment NN banker NN with IN Nathan NNP S. NNP Jonas NNP & CC Co NNP . . `` `` Investors NNS are VBP n't RB going VBG to TO be VB throwing VBG money NN at IN any DT of IN the DT proposed VBN LBOs NNS , , but CC doing VBG deals NNS on IN the DT basis NN of IN ridiculous JJ assumptions NNS never RB made VBN sense NN , , either RB . . '' '' Earlier RB this DT year NN , , bankers NNS and CC other JJ investors NNS were VBD willing JJ to TO provide VB financing NN because IN they PRP assumed VBD there EX would MD be VB major JJ gains NNS in IN both DT profitability NN and CC sales NNS , , Mr. NNP Rosenthal NNP added VBD . . Those DT days NNS are VBP over RB now RB , , he PRP believes VBZ . . `` `` Competition NN from IN third JJ parties NNS who WP have VBP cash NN and CC are VBP prepared JJ to TO buy VB has VBZ always RB existed VBN and CC will MD continue VB , , '' '' added VBD Mr. NNP Rosenthal NNP . . `` `` But CC when WRB prices NNS were VBD crazy JJ , , it PRP was VBD even RB harder JJR to TO do VB an DT LBO NN . . Bankers NNS believed VBD in IN the DT greater-fool JJR theory NN that WDT says VBZ somebody NN else JJ is VBZ always RB willing JJ to TO pay VB more RBR . . This DT is VBZ no DT longer RB true JJ today NN . . '' '' At IN Saks NNP Fifth NNP Avenue NNP , , Paul NNP Leblang NNP , , senior JJ vice NN president NN , , marketing NN , , agreed VBD that IN lower JJR prices NNS will MD help VB his PRP$ management NN team NN in IN their PRP$ proposed VBN LBO NN . . `` `` Having VBG to TO take VB on RP less JJR debt NN would MD certainly RB be VB an DT advantage NN , , '' '' said VBD Mr. NNP Leblang NNP . . `` `` It PRP would MD also RB help VB us PRP in IN our PRP$ search NN for IN equity NN partners NNS . . To TO make VB an DT LBO NN work NN , , now RB we PRP are VBP going VBG to TO need VB more RBR than IN just RB junk NN bonds NNS . . '' '' None NN believe VBP the DT proposed VBN management NN LBOs NNS will MD be VB easy JJ to TO complete VB , , especially RB at IN B. NNP Altman NNP & CC Co. NNP , , which WDT is VBZ under IN Chapter NN 11 CD bankruptcy NN protection NN . . Not RB only RB could MD the DT Wall NNP Street NNP gyrations NNS damp VBP Christmas NNP sales NNS if IN consumers NNS lose VBP confidence NN in IN the DT economy NN , , but CC potential JJ junk-bond NN buyers NNS are VBP sure JJ to TO demand VB even RB stronger JJR covenants NNS and CC greater JJR management NN equity NN participation NN . . Further RB , , many JJ institutions NNS today NN holding VBG troubled JJ retailers NNS ' POS debt NN securities NNS will MD be VB reticent JJ to TO consider VB additional JJ retailing NN investments NNS . . `` `` It PRP 's VBZ called VBN bad JJ money NN driving VBG out RP good JJ money NN , , '' '' said VBD one CD retailing NN observer NN . . `` `` Institutions NNS that WDT usually RB buy VBP retail JJ paper NN have VBP to TO be VB more RBR concerned JJ . . '' '' However RB , , the DT lower JJR prices NNS these DT retail JJ chains NNS are VBP now RB expected VBN to TO bring VB should MD make VB it PRP easier RB for IN managers NNS to TO raise VB the DT necessary JJ capital NN and CC pay VB back RP the DT resulting VBG debt NN . . In IN addition NN , , the DT fall NN selling VBG season NN has VBZ generally RB been VBN a DT good JJ one NN , , especially RB for IN those DT retailers NNS dependent JJ on IN apparel NN sales NNS for IN the DT majority NN of IN their PRP$ revenues NNS . . `` `` What WP 's VBZ encouraging VBG about IN this DT is VBZ that IN retail JJ chains NNS will MD be VB sold VBN on IN the DT basis NN of IN their PRP$ sales NNS and CC earnings NNS , , not RB liquidation NN values NNS , , '' '' said VBD Joseph NNP E. NNP Brooks NNP , , chairman NN and CC chief JJ executive NN officer NN of IN Ann NNP Taylor NNP Inc. NNP , , a DT specialty NN chain NN . . `` `` Retailers NNS who WP had VBD good JJ track NN records NNS of IN producing VBG profits NNS will MD have VB a DT better JJR chance NN to TO buy VB back RP their PRP$ companies NNS . . '' '' Still RB , , most JJS retailing NN observers NNS expect VBP that IN all PDT the DT proposed VBN retailing NN LBOs NNS will MD depend VB partly RB on IN the DT sale NN of IN junk NN bonds NNS , , a DT market NN already RB in IN tumult NN , , in IN part NN because IN of IN concerns NNS associated VBN with IN bonds NNS issued VBN by IN the DT Federated NNP and CC Allied NNP units NNS of IN Campeau NNP . . `` `` Prices NNS for IN retail JJ chains NNS are VBP lower JJR today NN than IN they PRP were VBD last JJ week NN , , which WDT will MD help VB management NN , , '' '' said VBD Gilbert NNP Harrison NNP , , chairman NN of IN Financo NNP Inc. NNP , , an DT investment-banking NN firm NN specializing VBG in IN retailing NN acquisitions NNS . . `` `` But CC the DT hurdle NN of IN financing NN still RB has VBZ to TO be VB resolved VBN . . Potential JJ bondholders NNS will MD either RB look VBP for IN greater JJR equity NN participation NN on IN behalf NN of IN management NN , , or CC insist VBP the DT equity NN component NN of IN the DT deals NNS be VB substantially RB greater JJR than IN in IN the DT past NN . . Sony NNP Corp. NNP won VBD a DT pretrial JJ order NN blocking VBG U.S. NNP sales NNS of IN Justin NNP Products NNPS Inc. NNP 's POS `` `` My PRP$ Own JJ '' '' line NN of IN portable JJ audio JJ players NNS for IN children NNS . . Judge NNP John NNP E. NNP Sprizzo NNP issued VBD the DT order NN in IN Manhattan NNP federal JJ court NN , , where WRB Sony NNP has VBZ accused VBN the DT tiny JJ company NN of IN illegally RB knocking VBG off RP the DT `` `` My PRP$ First JJ Sony NNP '' '' line NN . . The DT judge NN held VBD that IN the DT combination NN of IN colors NNS used VBN for IN the DT Sony NNP products NNS is VBZ distinctive JJ and CC subject NN to TO protection NN under IN New NNP York NNP state NN law NN , , rather RB than IN federal JJ law NN . . The DT legal JJ fight NN was VBD the DT subject NN of IN a DT Wall NNP Street NNP Journal NNP story NN yesterday NN . . Justin NNP 's POS attorney NN , , Charles NNP E. NNP Baxley NNP , , said VBD Justin NNP would MD ask VB an DT appeals NNS court NN to TO set VB aside RP the DT order NN temporarily RB , , pending VBG an DT expedited VBN appeal NN . . He PRP also RB repeated VBD Justin NNP 's POS denial NN of IN Sony NNP 's POS charges NNS . . `` `` Their PRP$ likelihood NN of IN reversing VBG us PRP is VBZ very RB slim JJ , , '' '' said VBD Lewis NNP H. NNP Eslinger NNP , , Sony NNP 's POS attorney NN , , who WP said VBD he PRP doubts VBZ Justin NNP will MD go VB ahead RB with IN a DT trial NN . . CONTINENTAL NNP MORTGAGE NNP & CC EQUITY NNP TRUST NNP said VBD it PRP will MD resume VB dividend NN payments NNS with IN a DT 10-cent-a-share JJ payout NN on IN Nov. NNP 6 CD to TO shares NNS of IN record NN Oct. NNP 25 CD . . The DT Dallas NNP real JJ estate NN investment NN trust NN last RB paid VBD a DT dividend NN on IN Dec. NNP 31 CD , , 1987 CD , , when WRB shareholders NNS received VBD $ $ 1 CD a DT share NN . . Despite IN continuing VBG troubles NNS with IN problem NN assets NNS and CC nonperforming VBG loans NNS , , the DT trust NN said VBD it PRP expects VBZ to TO be VB able JJ to TO maintain VB or CC increase VB the DT rate NN of IN distributions NNS because IN of IN operations NNS of IN joint-venture NN properties NNS . . A DT federal JJ appeals NNS court NN struck VBD down RP a DT natural-gas NN regulation NN that WDT had VBD prevented VBN pipeline NN companies NNS from IN passing VBG to TO customers NNS part NN of IN $ $ 1 CD billion CD in IN costs NNS from IN controversial JJ `` `` take-or-pay JJ '' '' contracts NNS . . The DT court NN , , in IN a DT 3-0 CD ruling NN , , threw VBD out RP a DT deadline NN set VBN by IN the DT Federal NNP Energy NNP Regulatory NNP Commission NNP for IN settling VBG old JJ contract NN disputes NNS over IN gas NN that IN the DT pipeline NN companies NNS reserved VBN but CC did VBD n't RB use VB . . FERC NNP 's POS regulation NN had VBD given VBN pipelines NNS until IN March NNP 31 CD , , 1989 CD , , to TO pass VB on RP to TO customers NNS as RB much RB as IN 50 CD % NN of IN the DT costs NNS of IN buying VBG out RP their PRP$ broken JJ contracts NNS , , which WDT were VBD made VBN with IN producers NNS when WRB gas NN prices NNS were VBD high JJ and CC supplies NNS short JJ . . A DT majority NN of IN old JJ contracts NNS were VBD renegotiated VBN by IN the DT deadline NN and CC settled VBD at IN steep JJ discounts NNS . . But CC pipeline NN companies NNS estimate VBP they PRP still RB face VBP $ $ 2.4 CD billion CD in IN liabilities NNS from IN unresolved JJ disputes NNS , , including VBG $ $ 1 CD billion CD they PRP fear VBP they PRP wo MD n't RB be VB able JJ to TO pass VB on RP to TO customers NNS . . According VBG to TO industry NN lawyers NNS , , the DT ruling NN gives VBZ pipeline NN companies NNS an DT important JJ second JJ chance NN to TO resolve VB remaining VBG disputes NNS and CC take VB advantage NN of IN the DT cost-sharing NN mechanism NN . . The DT court NN left VBD open RP whether IN FERC NNP could MD reimpose VB a DT new JJ deadline NN later RB . . The DT court NN , , agreeing VBG with IN pipeline NN companies NNS , , found VBD the DT March NNP 31 CD deadline NN was VBD `` `` arbitrary JJ and CC capricious JJ '' '' and CC `` `` highly RB prejudicial JJ to TO the DT bargaining NN power NN of IN pipelines NNS '' '' that WDT were VBD forced VBN to TO negotiate VB settlement NN of IN the DT old JJ take-or-pay JJ contracts NNS to TO meet VB the DT deadline NN . . A DT report NN last JJ month NN by IN the DT Interstate NNP Natural NNP Gas NNP Association NNP of IN America NNP found VBD that IN pipelines NNS ' POS settlement NN costs NNS had VBD jumped VBN in IN the DT three CD months NNS before IN the DT deadline NN to TO 39 CD cents NNS on IN the DT dollar NN , , from IN 22 CD cents NNS on IN the DT dollar NN in IN 1988 CD . . The DT court NN ordered VBD FERC NNP to TO justify VB within IN 60 CD days NNS not RB only RB its PRP$ cost-sharing NN deadline NN , , but CC other JJ major JJ elements NNS of IN its PRP$ proposed VBN regulation NN for IN introducing VBG more JJR competition NN into IN natural-gas NN transportation NN . . The DT court NN also RB questioned VBD a DT crediting NN mechanism NN that WDT could MD be VB used VBN to TO resolve VB take-or-pay JJ liabilities NNS . . The DT complex JJ regulation NN , , known VBN in IN the DT industry NN as IN Order NN 500 CD , , has VBZ been VBN hotly RB contested JJ by IN all DT sides NNS , , including VBG natural-gas NN producers NNS , , pipelines NNS , , local JJ distribution NN companies NNS and CC consumers NNS . . The DT court NN 's POS decision NN would MD allow VB FERC NNP to TO change VB some DT of IN its PRP$ provisions NNS , , but CC ensures VBZ it PRP will MD be VB reviewed VBN again RB quickly RB by IN the DT court NN . . MEDUSA NNP Corp. NNP said VBD it PRP voluntarily RB prepaid VB $ $ 7 CD million CD on IN its PRP$ original JJ $ $ 75 CD million CD term NN loan NN , , bringing VBG the DT total JJ debt NN reduction NN for IN the DT year NN to TO $ $ 18 CD million CD . . After IN the DT payment NN , , the DT Cleveland NNP company NN owes VBZ $ $ 57 CD million CD on IN the DT loan NN . . The DT cement NN producer NN said VBD the DT payment NN was VBD made VBN from IN excess JJ cash NN flow NN . . NATIONAL NNP INCOME NNP REALTY NNP TRUST NNP said VBD it PRP will MD resume VB dividend NN payments NNS with IN a DT 12-cent-a-share JJ dividend NN to TO be VB paid VBN Nov. NNP 6 CD to TO shares NNS of IN record NN Oct. NNP 25 CD . . The DT mortgage NN and CC equity NN real JJ estate NN investment NN trust NN last RB paid VBD a DT dividend NN on IN Aug. NNP 1 CD , , 1988 CD , , when WRB holders NNS received VBD 75 CD cents NNS a DT share NN . . Despite IN continuing VBG troubles NNS with IN problem NN properties NNS and CC nonperforming VBG loans NNS , , the DT Dallas NNP trust NN said VBD it PRP has VBZ rebuilt VBN reserves NNS , , abandoned VBN properties NNS with IN little JJ potential NN and CC experienced VBD improved VBN operating NN results NNS from IN joint JJ ventures NNS . . MLX NNP Corp. NNP said VBD it PRP reached VBD a DT preliminary JJ agreement NN with IN senior JJ lenders NNS to TO its PRP$ refrigeration NN and CC air-conditioning NN group NN to TO restructure VB the DT $ $ 188.5 CD million CD of IN credit NN facilities NNS the DT lenders NNS provide VBP to TO the DT group NN . . MLX NNP , , which WDT also RB makes VBZ aircraft NN and CC heavy-duty JJ truck NN parts NNS , , said VBD the DT debt NN was VBD accumulated VBN during IN its PRP$ acquisition NN of IN nine CD businesses NNS that WDT make VBP up RP the DT group NN , , the DT biggest JJS portion NN of IN which WDT was VBD related VBN to TO the DT 1986 CD purchase NN of IN a DT Hillman NNP Co. NNP unit NN . . Among IN other JJ things NNS , , the DT restructured VBN facilities NNS will MD substantially RB reduce VB the DT group NN 's POS required VBN amortization NN of IN the DT term NN loan NN portion NN of IN the DT credit NN facilities NNS through IN September NNP 1992 CD , , MLX NNP said VBD . . Certain JJ details NNS of IN the DT restructured VBN facilities NNS remain VBP to TO be VB negotiated VBN . . The DT agreement NN is VBZ subject JJ to TO completion NN of IN a DT definitive JJ amendment NN and CC appropriate JJ approvals NNS . . William NNP P. NNP Panny NNP , , MLX NNP chairman NN and CC chief JJ executive NN , , said VBD the DT pact NN `` `` will MD provide VB MLX NNP with IN the DT additional JJ time NN and CC flexibility NN necessary JJ to TO complete VB the DT restructuring NN of IN the DT company NN 's POS capital NN structure NN . . '' '' MLX NNP has VBZ filed VBN a DT registration NN statement NN with IN the DT Securities NNPS and CC Exchange NNP Commission NNP covering VBG a DT proposed VBN offering NN of IN $ $ 120 CD million CD in IN long-term JJ senior JJ subordinated VBN notes NNS and CC warrants NNS . . Dow NNP Jones NNP & CC Co. NNP said VBD it PRP acquired VBD a DT 15 CD % NN interest NN in IN DataTimes NNP Corp. NNP , , a DT subsidiary NN of IN Oklahoma NNP Publishing NNP Co. NNP , , Oklahoma NNP City NNP , , that WDT provides VBZ electronic JJ research NN services NNS . . Terms NNS were VBD n't RB disclosed VBN . . Customers NNS of IN either DT DataTimes NNP or CC Dow NNP Jones NNP News\/Retrieval NNP are VBP able JJ to TO access VB the DT information NN on IN both DT services NNS . . Dow NNP Jones NNP is VBZ the DT publisher NN of IN The DT Wall NNP Street NNP Journal NNP . . Flowers NNPS Industries NNPS Inc. NNP said VBD it PRP will MD report VB a DT charge NN of IN eight CD cents NNS to TO 10 CD cents NNS a DT share NN for IN its PRP$ fiscal JJ first JJ quarter NN , , ended VBD Sept. NNP 23 CD , , from IN the DT sale NN of IN two CD bakeries NNS , , in IN High NNP Point NNP , , N.C. NNP , , and CC Gadsden NNP , , Ala NNP . . The DT convenience-food NN company NN said VBD it PRP sold VBD the DT bakeries NNS to TO Mills NNP Family NNP Bakery NNP for IN an DT undisclosed JJ amount NN . . It PRP said VBD the DT sales NNS were VBD part NN of IN a DT 1983 CD Federal NNP Trade NNP Commission NNP Consent NNP Order NNP . . A DT year NN earlier RB , , Flowers NNS had VBD fiscal JJ first-quarter JJ net JJ income NN of IN $ $ 8 CD million CD , , or CC 23 CD cents NNS a DT share NN , , on IN revenue NN of IN $ $ 170.4 CD million CD . . Raw-steel JJ production NN by IN the DT nation NN 's POS mills NNS decreased VBD 0.8 CD % NN last JJ week NN to TO 1,828,000 CD tons NNS from IN 1,843,000 CD tons NNS the DT previous JJ week NN , , the DT American NNP Iron NNP and CC Steel NNP Institute NNP said VBD . . Last JJ week NN 's POS output NN rose VBD 1.4 CD % NN from IN the DT 1,802,000 CD tons NNS produced VBD a DT year NN earlier RB . . The DT industry NN used VBN 82.2 CD % NN of IN its PRP$ capability NN last JJ week NN , , compared VBN with IN 82.8 CD % NN the DT previous JJ week NN and CC 84 CD % NN a DT year NN ago RB . . The DT capability NN utilization NN rate NN is VBZ a DT calculation NN designed VBN to TO indicate VB at IN what WP percent NN of IN its PRP$ production NN capability NN the DT industry NN is VBZ operating VBG in IN a DT given VBN week NN . . Selwyn NNP B. NNP Kossuth NNP was VBD named VBN executive NN director NN of IN the DT commission NN , , effective JJ early JJ November NNP . . Mr. NNP Kossuth NNP , , 52 CD years NNS old JJ , , succeeds VBZ Ermanno NNP Pascutto NNP , , 36 CD , , who WP resigned VBD to TO join VB Hong NNP Kong NNP 's POS Securities NNPS and CC Futures NNPS Commission NNP . . Mr. NNP Kossuth NNP was VBD vice NN president NN and CC director NN , , corporate JJ finance NN , , of IN Nesbitt NNP Thomson NNP Deacon NNP Inc. NNP , , a DT Toronto NNP investment NN dealer NN . . Dun NNP & CC Bradstreet NNP Corp. NNP 's POS Market NNP Data NNP Retrieval NNP unit NN said VBD it PRP acquired VBD School NNP and CC College NNP Construction NNP Reports NNPS service NN from IN Intelligence NNP for IN Education NNP Inc NNP . . Terms NNS were VBD n't RB disclosed JJ . . The DT service NN supplies VBZ weekly JJ reports NNS on IN school NN and CC college NN construction NN plans NNS . . Market NNP Data NNP Retrieval NNP is VBZ a DT compiler NN of IN educational JJ information NN and CC provides VBZ related JJ services NNS . . Closely RB held JJ Intelligence NNP in IN Education NNP , , of IN Larchmont NNP , , N.Y. NNP , , is VBZ an DT educational JJ publisher NN and CC consultant NN . . A DT battle NN is VBZ raging VBG in IN Venice NNP over IN plans NNS to TO have VB the DT 1,200-year-old JJ Italian JJ city NN be VB the DT site NN for IN a DT universal JJ exposition NN in IN 2000 CD . . The DT plans NNS include VBP a DT subway NN system NN , , a DT congress NN center NN , , floating JJ trees NNS , , fanciful JJ fountains NNS -- : and CC as RB many JJ as IN 60,000 CD additional JJ tourists NNS a DT day NN . . Expo NN enthusiasts NNS argue VBP that IN holding VBG the DT fair NN would MD attract VB businesses NNS , , create VBP jobs NNS and CC help VB renovate VB abandoned VBN sections NNS of IN town NN . . But CC opponents NNS fear VBP overcrowding JJ . . `` `` This DT city NN already RB has VBZ too RB many JJ tourists NNS , , and CC it PRP ca MD n't RB hold VB them PRP all DT , , '' '' says VBZ Pierluigi NNP Beggiato NNP , , the DT president NN of IN the DT Venice NNP hoteliers NNS association NN . . About IN 40 CD Italian JJ businesses NNS , , including VBG Fiat NNP S.p NNP . . A. NNP and CC Ing NNP . . C. NNP Olivetti NNP & CC Co. NNP , , have VBP formed VBN a DT consortium NN to TO lobby NN for IN holding VBG the DT expo NN in IN Venice NNP . . Three CD gambling NN casinos NNS have VBP opened VBN in IN Poland NNP . . The DT three CD establishments NNS -- : two CD in IN Warsaw NNP and CC one CD in IN Krakow NNP -- : accept VB only JJ foreign JJ currency NN and CC are VBP joint JJ ventures NNS between IN Polish JJ firms NNS and CC Western JJ companies NNS . . Not RB all DT Poles NNPS are VBP pleased VBN . . `` `` What WP do VBP we PRP want VBP casinos NNS for IN when WRB we PRP have VBP n't RB got VBN anything NN in IN the DT shops NNS ? . '' '' one CD housewife NN asked VBD . . But CC Bogdan NNP Gumkowski NNP , , who WP runs VBZ the DT casino NN at IN Warsaw NNP 's POS Marriott NNP Hotel NNP , , said VBD the DT ventures NNS would MD help VB Poland NNP service NN its PRP$ $ $ 39 CD billion CD foreign JJ debt NN by IN pouring VBG dollars NNS into IN the DT state NN firms NNS in IN the DT joint JJ ventures NNS -- : the DT LOT NNP airline NN and CC Orbis NNP tourist NN organization NN . . Algeria NNP plans VBZ to TO increase VB natural-gas NN sales NNS to TO Europe NNP and CC the DT U.S. NNP . . According VBG to TO the DT Middle NNP East NNP Economic NNP Survey NNP , , the DT North JJ African JJ nation NN is VBZ holding VBG talks NNS with IN Italy NNP for IN adding VBG a DT fourth JJ pipe NN to TO a DT section NN of IN the DT Trans-Mediterranean NNP pipeline NN , , expanding VBG capacity NN by IN up IN to TO six CD billion CD cubic JJ meters NNS a DT year NN from IN 12.5 CD billion CD . . Algeria NNP also RB wants VBZ to TO build VB a DT pipeline NN through IN Morocco NNP and CC across IN the DT Strait NNP of IN Gibraltar NNP to TO supply VB Spain NNP , , France NNP and CC West NNP Germany NNP with IN up IN to TO 15 CD billion CD cubic JJ meters NNS a DT year NN by IN the DT late JJ 1990s NNS . . South NNP Africa NNP 's POS National NNP Union NNP of IN Mineworkers NNPS agreed VBD to TO suspend VB the DT strike NN by IN diamond NN workers NNS and CC resume VB negotiations NNS with IN De NNP Beers NNP Consolidated NNP Mines NNPS Ltd. NNP over IN their PRP$ wage NN dispute NN , , De NNP Beers NNP said VBD . . It PRP also RB said VBD the DT union NN had VBD agreed VBN to TO meet VB the DT company NN for IN further JJ talks NNS tomorrow NN . . The DT strike NN at IN five CD De NNP Beers NNP mines NNS began VBD last JJ Thursday NNP , , with IN 9,500 CD out IN of IN a DT total JJ 10,000 CD NUM NNP members NNS employed VBN on IN De NNP Beers NNP mines NNS participating VBG , , according VBG to TO the DT union NN , , while IN De NNP Beers NNP said VBD there EX were VBD 7,800 CD participants NNS . . The DT union NN has VBZ demanded VBN a DT 37.6 CD % NN increase NN in IN the DT minimum NN wage NN while IN De NNP Beers NNP 's POS final JJ offer NN was VBD an DT increase NN of IN 17 CD % NN . . A DT 35-nation JJ environmental JJ conference NN opened VBN in IN Sofia NNP , , Bulgaria NNP . . The DT gathering NN is VBZ expected VBN to TO focus VB on IN curbing VBG the DT fouling NN of IN rivers NNS and CC lakes NNS , , limiting VBG damage NN from IN industrial JJ accidents NNS and CC improving VBG the DT handling NN of IN harmful JJ chemicals NNS . . West JJ German JJ Environment NNP Minister NNP Klaus NNP Toepfer NNP said VBD Bonn NNP is VBZ convinced VBN of IN the DT need NN for IN cooperation NN , , `` `` especially RB with IN our PRP$ neighbors NNS in IN the DT East NNP , , because IN we PRP are VBP directly RB affected JJ by IN their PRP$ ecological JJ progress NN or CC lack NN of IN it PRP . . '' '' The DT U.S. NNP and CC Canada NNP joined VBD every DT European JJ country NN except IN Albania NNP at IN the DT meeting NN . . The DT Swedish JJ publishers NNS of IN a DT new JJ Estonian-language JJ newspaper NN rushed VBD an DT extra JJ edition NN across IN the DT Baltic NNP on IN Oct. NNP 10 CD after IN the DT first JJ run NN sold VBN out RP in IN one CD day NN . . Editor NNP Hasse NNP Olsson NNP said VBD plans NNS had VBD called VBN for IN 7,000 CD copies NNS of IN the DT monthly JJ Are NNP Paev NNP ( ( Business NNP Paper NNP ) ) to TO be VB sold VBN at IN newsstands NNS and CC an DT additional JJ 3,000 CD promotion NN issues NNS to TO be VB sent VBN by IN direct JJ mail NN . . He PRP said VBD 13,000 CD more JJR copies NNS were VBD sent VBN to TO Estonia NNP because IN of IN strong JJ sales NNS . . The DT Swedish JJ publishing NN company NN Bonniers NNP owns VBZ 51 CD % NN of IN Are NNP Paev NNP , , and CC the DT Estonian JJ management NN company NN Minor NNP owns VBZ 49 CD % NN . . Angel NNP Gurria NNP , , Mexico NNP 's POS top JJ debt NN negotiator NN , , said VBD the DT country NN 's POS creditor NN banks NNS are VBP responding VBG positively RB to TO Mexico NNP 's POS debt-reduction NN package NN . . Mr. NNP Gurria NNP 's POS optimism NN contrasts VBZ with IN some DT bankers NNS ' POS views NNS that IN the DT deal NN may MD require VB a DT lot NN of IN arm NN twisting NN by IN the DT U.S. NNP Treasury NNP in IN order NN to TO succeed VB . . Mr. NNP Gurria NNP , , Mexico NNP 's POS under-secretary NN of IN the DT ministry NN of IN finance NN , , met VBD yesterday NN with IN European JJ bankers NNS in IN London NNP , , at IN the DT half-way JJ point NN on IN a DT so-called JJ road NN show NN to TO market VB the DT package NN around IN the DT world NN . . An DT increasing VBG number NN of IN banks NNS appear VBP to TO be VB considering VBG the DT option NN under IN the DT deal NN whereby WRB they PRP can MD swap VB their PRP$ Mexican JJ loans NNS for IN 30-year JJ bonds NNS with IN a DT face NN value NN discounted VBN by IN 35 CD % NN , , Mr. NNP Gurria NNP said VBD . . The DT other JJ two CD options NNS consist VBP of IN swapping VBG loans NNS for IN bonds NNS with IN 6.25 CD % NN interest NN rates NNS , , or CC providing VBG fresh JJ loans NNS . . The DT accord NN , , which WDT covers VBZ $ $ 52.7 CD billion CD of IN Mexico NNP 's POS medium NN - : and CC long-term JJ debt NN , , is VBZ expected VBN to TO go VB into IN effect NN in IN early JJ China NNP 's POS top JJ film NN actress NN , , Liu NNP Xiaoqing NNP , , paid VBD $ $ 4,555 CD in IN back JJ taxes NNS and CC fines NNS in IN Shandong NNP province NN , , the DT People NNPS 's POS Daily NNP reported VBD . . The DT amount NN is VBZ equal JJ to TO about IN 30 CD years NNS earnings NNS for IN the DT average JJ peasant NN , , who WP makes VBZ $ $ 145 CD a DT year NN ... : . . China NNP will MD spend VB $ $ 9.45 CD million CD for IN urgent JJ maintenance NN on IN Tibet NNP 's POS Potala NNP Palace NNP , , former JJ home NN of IN the DT Dalai NNP Lama NNP , , the DT China NNP News NNP Service NNP said VBD . . The DT Dalai NNP Lama NNP , , who WP was VBD just RB awarded VBN the DT Nobel NNP Peace NNP Prize NNP , , lives VBZ in IN exile NN in IN India NNP . . George NNP W. NNP Koch NNP , , 63 CD years NNS old JJ , , president NN and CC chief JJ executive NN officer NN of IN Grocery NNP Manufacturers NNPS of IN America NNP Inc. NNP , , was VBD elected VBN a DT director NN of IN this DT maker NN of IN spices NNS , , seasonings NNS and CC specialty NN foods NNS , , succeeding VBG Erskin NNP N. NNP White NNP Jr. NNP , , 65 CD , , who WP resigned VBD . . American NNP Business NNP Computer NNP Corp. NNP said VBD it PRP privately RB placed VBD 1,035,000 CD common JJ shares NNS at IN $ $ 2.50 CD a DT share NN . . The DT placement NN was VBD made VBN through IN Gray NNP Seifert NNP Securities NNPS , , New NNP York NNP , , to TO institutional JJ investors NNS . . Proceeds NNS will MD be VB used VBN to TO commercialize VB recently RB patented VBN technology NN and CC support VB the DT company NN 's POS international JJ expansion NN . . The DT company NN develops VBZ and CC markets VBZ products NNS for IN the DT food NN service NN industry NN . . THE DT R.H. NNP MACY NNP & CC CO NNP . . department-store NN chain NN is VBZ n't RB for IN sale NN . . In IN yesterday NN 's POS edition NN , , it PRP was VBD incorrectly RB included VBN with IN a DT list NN of IN New NNP York NNP chains NNS up IN for IN sale NN . . Korean JJ car NN exports NNS have VBP slid VBN about IN 40 CD % NN so RB far RB this DT year NN , , but CC auto NN makers NNS here RB are VBP n't RB panicking VBG . . They PRP are VBP enjoying VBG domestic JJ sales NNS that WDT are VBP more RBR than IN making VBG up RP for IN lost VBN overseas JJ sales NNS . . South JJ Korean JJ consumers NNS are VBP expected VBN to TO buy VB almost RB 500,000 CD passenger NN cars NNS this DT year NN , , up RB 60 CD % NN from IN 1988 CD . . In IN fact NN , , some DT auto NN executives NNS suggest VBP that IN slackened VBN demand NN for IN their PRP$ cars NNS in IN the DT U.S. NNP and CC Canada NNP is VBZ a DT blessing NN ; : otherwise RB they PRP would MD n't RB be VB able JJ to TO keep VB up RP with IN demand NN in IN the DT more RBR profitable JJ local JJ market NN . . `` `` We PRP are VBP very RB lucky JJ to TO easily RB change VB an DT export NN loss NN to TO domestic JJ plus NN , , '' '' says VBZ Hong NNP Tu NNP Pyo NNP , , managing NN director NN of IN domestic JJ marketing NN for IN Hyundai NNP Motor NNP Co NNP . . As IN it PRP is VBZ , , waiting NN lists NNS of IN a DT month NN are VBP n't RB unusual JJ for IN popular JJ models NNS . . Demand NN is VBZ so RB strong JJ that IN all DT of IN the DT domestic JJ makers NNS -- : Hyundai NNP , , Kia NNP Motors NNPS Corp. NNP , , Daewoo NNP Motor NNP Co. NNP and CC even RB upstart JJ SsangYong NNP Motor NNP Co. NNP -- : plan VBP to TO build VB more JJR factories NNS . . Industry NN analysts NNS predict VBP that IN by IN 1995 CD , , South NNP Korea NNP will MD be VB building VBG three CD million CD cars NNS a DT year NN -- : about IN half NN of IN that DT for IN export NN . . It PRP 's VBZ an DT optimistic JJ move NN in IN a DT industry NN already RB facing VBG world-wide JJ overcapacity NN . . But CC South NNP Korean NNP auto NN makers NNS are VBP confident JJ that IN the DT export NN market NN will MD bounce VB back RB and CC that DT demand NN in IN Korea NNP will MD stay VB strong JJ . . Currently RB only RB one CD in IN 38 CD South NNPS Koreans NNPS owns VBZ a DT car NN , , up RB from IN one CD in IN 200 CD a DT decade NN ago RB . . `` `` In IN the DT year NN 2000 CD it PRP will MD be VB one CD car NN per IN family NN . . At IN that DT point NN domestic JJ sales NNS will MD slow VB down RB , , '' '' says VBZ Kim NNP Yoon NNP Kwon NNP , , director NN of IN marketing NN for IN Daewoo NNP Motor NNP . . The DT reason NN for IN the DT tremendous JJ demand NN is VBZ simple NN : : South NNPS Koreans NNPS suddenly RB have VBP a DT lot NN more JJR money NN . . `` `` We PRP never RB thought VBD we PRP 'd MD own VB a DT car NN , , '' '' says VBZ Kwang NNP Ok NN Kyong NNP , , who WP just RB bought VBD a DT Daewoo NNP LeMans NNP on IN a DT five-year JJ loan NN . . She PRP and CC her PRP$ husband NN started VBD a DT small JJ printing NN business NN and CC need VBP the DT car NN for IN work NN as RB well RB as IN for IN weekend NN jaunts NNS . . Pay NN raises NNS of IN 60 CD % NN over IN the DT past JJ three CD years NNS have VBP given VBN many JJ South NNPS Koreans NNPS the DT money NN to TO enjoy VB the DT things NNS they PRP were VBD supplying VBG the DT rest NN of IN the DT world NN . . The DT success NN of IN newcomer NN SsangYong NNP Motor NNP shows VBZ the DT strength NN of IN the DT auto NN market NN and CC its PRP$ growing VBG diversity NN . . A DT part NN of IN the DT construction-oriented JJ conglomerate NN SsangYong NNP Group NNP , , it PRP took VBD over RP the DT dying VBG Dong-A NNP Motor NNP Co. NNP in IN 1986 CD . . SsangYong NNP began VBD making VBG variations NNS of IN the DT Jeep-like JJ `` `` Korando NNP '' '' vehicle NN . . ( ( Dong-A NNP had VBD had VBN a DT technology NN agreement NN with IN Jeep NN maker NN American NNP Motors NNPS Corp. NNP , , now RB a DT part NN of IN Chrysler NNP Corp NNP . . ) ) The DT most RBS popular JJ style NN is VBZ the DT stretched JJ `` `` Family NNP , , '' '' which WDT resembles VBZ a DT Ford NNP Bronco NNP or CC Chevy NNP Blazer NNP . . The DT four-wheel-drive NN vehicles NNS start VBP at IN $ $ 15,000 CD ; : a DT Family NNP can MD cost VB over IN $ $ 25,000 CD . . SsangYong NNP , , which WDT has VBZ only RB about IN 3 CD % NN of IN the DT domestic JJ market NN , , will MD sell VB about IN 18,000 CD of IN its PRP$ models NNS this DT year NN , , twice RB as RB many JJ as IN last JJ year NN . . It PRP sees VBZ sales NNS rising VBG 45 CD % NN to TO 26,000 CD units NNS next JJ year NN . . The DT company NN plans VBZ to TO expand VB plant NN capacity NN 50 CD % NN by IN 1991 CD . . By IN then RB it PRP also RB hopes VBZ to TO begin VB producing VBG a DT passenger NN car NN based VBN on IN the DT Volvo NNP 240 CD and CC selling VBG for IN about IN $ $ 20,000 CD . . Hyundai NNP and CC Daewoo NNP seem VBP unconcerned JJ about IN the DT SsangYong NNP threat NN , , but CC Kia NNP , , the DT scrappy JJ No.3 JJ auto NN maker NN , , is VBZ selling VBG four-wheel-drive NN vehicles NNS through IN its PRP$ Asia NNP unit NN . . It PRP plans VBZ to TO sell VB 1,700 CD units NNS in IN 1989 CD . . Kia NNP , , the DT only JJ Korean JJ car NN maker NN that WDT has VBZ seen VBN its PRP$ overseas JJ sales NNS grow VB in IN 1989 CD , , aims VBZ at IN Korea NNP 's POS common JJ man NN . . Its PRP$ advantage NN has VBZ been VBN the DT peppy JJ little JJ Pride NNP , , sold VBN as IN the DT Ford NNP Festiva NNP in IN the DT U.S. NNP . . At IN 3.8 CD million CD won NN , , or CC $ $ 5,700 CD , , the DT econobox NN is VBZ the DT lowest-priced JJ car NN in IN South NNP Korea NNP . . Along IN with IN two CD larger JJR models NNS , , the DT company NN claims VBZ 18 CD % NN of IN the DT domestic JJ market NN . . Ford NNP Motor NNP Co. NNP and CC Japan NNP 's POS Mazda NNP Motor NNP Corp. NNP have VBP equity NN interests NNS in IN Kia NNP . . Kia NNP is VBZ the DT most RBS aggressive JJ of IN the DT Korean NNP Big NNP Three NNP in IN offering VBG financing NN . . Loans NNS for IN as RB long JJ as IN five CD years NNS make VBP the DT cars NNS very RB accessible JJ , , with IN monthly JJ payments NNS as RB low RB as IN 80,000 CD won NN , , or CC $ $ 120 CD . . Daewoo NNP Motor NNP , , a DT 50-50 CD joint NN venture NN with IN General NNP Motors NNPS Corp. NNP and CC the DT Daewoo NNP Group NNP conglomerate NN , , is VBZ the DT only JJ auto NN maker NN that WDT appears VBZ to TO be VB hurting VBG . . Shipments NNS of IN its PRP$ Lemans NNP to TO GM NNP 's POS Pontiac NNP division NN are VBP off RB about IN 65 CD % NN from IN a DT year NN ago RB , , versus FW a DT 44 CD % NN decline NN for IN Hyundai NNP and CC an DT 18 CD % NN increase NN for IN Kia NNP . . Moreover RB , , Daewoo NNP 's POS domestic JJ sales NNS have VBP grown VBN half NN as RB fast RB as IN sales NNS of IN its PRP$ rivals NNS . . The DT big JJ problem NN for IN Daewoo NNP , , which WDT holds VBZ about IN 21 CD % NN of IN the DT market NN , , is VBZ the DT long JJ series NN of IN labor NN disruptions NNS it PRP suffered VBD this DT year NN . . But CC Daewoo NNP is VBZ expanding VBG too RB . . In IN fact NN , , a DT sister NN company NN , , Daewoo NNP Shipbuilding NNP and CC Heavy NNP Machinery NNP , , plans VBZ to TO build VB 240,000 CD minicars NNS by IN the DT mid-1990s NNS . . Hyundai NNP , , the DT Korean JJ market NN leader NN with IN a DT 58 CD % NN share NN , , also RB plans VBZ to TO jump VB into IN minicars NNS at IN the DT same JJ time NN . . It PRP has VBZ a DT similar JJ project NN for IN 200,000 CD cars NNS a DT year NN . . Kia NNP is VBZ reportedly RB also RB considering VBG such JJ a DT plan NN . . Even RB giant JJ Samsung NNP Group NNP is VBZ rumored VBN in IN the DT Korean JJ press NN to TO be VB considering VBG getting VBG into IN the DT auto-making NN business NN ; : a DT company NN spokesman NN had VBD no DT comment NN . . Robert NNP P. NNP Bulseco NNP , , 44 CD years NNS old JJ , , was VBD named VBN president NN and CC chief JJ administrative JJ officer NN of IN this DT regional JJ commercial JJ bank NN . . Both DT posts NNS had VBD been VBN vacant JJ . . Robert NNP Robie NNP , , 51 CD , , was VBD named VBN to TO the DT new JJ positions NNS of IN vice NN chairman NN and CC chief JJ credit NN officer NN . . Many JJ skittish JJ mutual JJ fund NN investors NNS picked VBD up RP the DT phone NN yesterday NN , , but CC decided VBD not RB to TO cash VB in RP their PRP$ chips NNS after IN all DT . . As IN the DT stock NN market NN bounced VBD back RB , , withdrawals NNS of IN money NN from IN stock NN funds NNS amounted VBD to TO a DT mere JJ trickle NN compared VBN with IN Black NNP Monday NNP , , when WRB investors NNS dumped VBD $ $ 2.3 CD billion CD , , or CC about IN 2 CD % NN of IN stock-fund NN assets NNS . . Fidelity NNP Investments NNPS , , the DT nation NN 's POS largest JJS fund NN company NN , , said VBD phone NN volume NN was VBD more RBR than IN double JJ its PRP$ typical JJ level NN , , but CC still RB half NN that DT of IN Oct. NNP 19 CD , , 1987 CD . . Net JJ outflows NNS from IN Fidelity NNP 's POS stock NN funds NNS stood VBD at IN less JJR than IN $ $ 300 CD million CD , , or CC below IN 15 CD % NN of IN the DT $ $ 2 CD billion CD cash NN position NN of IN the DT firm NN 's POS stock NN portfolios NNS . . Much RB of IN the DT money NN was VBD switched VBN into IN the DT firm NN 's POS money NN market NN funds NNS . . Outflows NNS since IN the DT close NN of IN trading NN Friday NNP remain VBP below IN one-third NN their PRP$ level NN of IN two CD years NNS ago RB , , Fidelity NNP said VBD . . Other JJ mutual JJ fund NN companies NNS reported VBD even RB lighter JJR withdrawal NN requests NNS . . And CC some DT investors NNS at IN Fidelity NNP and CC elsewhere RB even RB began VBD buying VBG stock NN funds NNS during IN the DT day NN . . `` `` Two CD years NNS ago RB , , there EX was VBD a DT lot NN of IN redemption NN activity NN and CC trouble NN with IN people NNS getting VBG through RP on IN the DT phone NN , , '' '' said VBD Kathryn NNP McGrath NNP , , head NN of IN the DT investment NN management NN division NN of IN the DT Securities NNPS and CC Exchange NNP Commission NNP . . This DT time NN , , `` `` We PRP do VBP n't RB have VB that DT at IN all DT . . '' '' Of IN course NN , , the DT relative JJ calm NN could MD be VB jolted VBN if IN the DT market NN plunges VBZ again RB . . And CC any DT strong JJ surge NN in IN redemptions NNS could MD force VB some DT funds NNS to TO dump VB stocks NNS to TO raise VB cash NN , , as IN some DT did VBD during IN Black NNP Monday NNP . . But CC funds NNS generally RB are VBP better RBR prepared JJ this DT time NN around RB . . As IN a DT group NN , , their PRP$ cash NN position NN of IN 10.2 CD % NN of IN assets NNS in IN August NNP -- : the DT latest JJS figure NN available JJ -- : is VBZ 14 CD % NN higher JJR than IN two CD years NNS earlier RB . . Many JJ fund NN managers NNS have VBP boosted VBN their PRP$ cash NN levels NNS in IN recent JJ weeks NNS . . The DT biggest JJS flurry NN of IN investor NN activity NN came VBD early RB in IN the DT day NN . . Vanguard NNP Group NNP Inc. NNP saw VBD heavy JJ exchanges NNS from IN stock NN funds NNS into IN money NN market NN funds NNS after IN the DT telephone NN lines NNS opened VBN at IN 8:30 CD a.m RB . . `` `` In IN the DT first JJ hour NN , , the DT real JJ nervous JJ folks NNS came VBD along RB , , '' '' a DT spokesman NN said VBD . . `` `` But CC the DT horrendous JJ pace NN of IN call NN volume NN in IN the DT first JJ half-hour JJ slowed VBD considerably RB . . '' '' At IN Scudder NNP , , Stevens NNP & CC Clark NNP Inc. NNP , , phone NN calls NNS came VBD in RP at IN 40 CD % NN more JJR than IN the DT normal JJ pace NN through IN early JJ afternoon NN . . Most JJS of IN that DT increase NN came VBD in IN the DT first JJ hour NN after IN the DT phone NN lines NNS opened VBN at IN 8 CD a.m RB . . As IN stocks NNS rose VBD , , in IN fact NN , , some DT investors NNS changed VBD course NN and CC reversed VBD their PRP$ sell NN orders NNS . . Many JJ funds NNS allow VBP investors NNS to TO void VB orders NNS before IN the DT close NN of IN trading NN . . At IN Scudder NNP and CC at IN the DT smaller JJR Ivy NNP funds NNS group NN in IN Hingham NNP , , Mass. NNP , , for IN instance NN , , some DT shareholders NNS called VBD early RB in IN the DT morning NN to TO switch VB money NN from IN stock NN funds NNS to TO money NN market NN funds NNS , , but CC later RB called VBN back RB to TO reverse VB the DT switches NNS . . Because IN mutual JJ fund NN trades NNS do VBP n't RB take VB effect NN until IN the DT market NN close RB -- : in IN this DT case NN , , at IN 4 CD p.m. RB -- : these DT shareholders NNS effectively RB stayed VBD put VBN . . At IN Fidelity NNP 's POS office NN in IN downtown NN Boston NNP , , Gerald NNP Sherman NNP walked VBD in RP shortly RB after IN 7:30 CD a.m. RB and CC placed VBD an DT order NN to TO switch VB his PRP$ retirement NN accounts NNS out IN of IN three CD stock NN funds NNS and CC into IN a DT money NN market NN fund NN . . But CC by IN 3:15 CD p.m. RB , , with IN the DT market NN comfortably RB ahead RB for IN the DT day NN , , Mr. NNP Sherman NNP was VBD preparing VBG to TO undo VB his PRP$ switch NN . . `` `` It PRP 's VBZ a DT nice JJ feeling NN to TO know VB that IN things NNS stabilized VBD , , '' '' said VBD Mr. NNP Sherman NNP , , the DT 51-year-old JJ co-owner NN of IN a DT discount NN department NN store NN . . But CC some DT investors NNS continued VBD to TO switch VB out RB of IN high-risk CD , , high-yield JJ junk NN funds NNS despite IN yesterday NN 's POS rebound NN from IN that DT market NN 's POS recent JJ price NN declines NNS . . Shareholders NNS have VBP been VBN steadily RB bailing VBG out RP of IN several JJ big JJ junk NN funds NNS the DT past JJ several JJ weeks NNS as IN the DT $ $ 200 CD billion CD market NN was VBD jolted VBN by IN a DT cash NN crunch NN at IN Campeau NNP Corp. NNP and CC steadily RB declining VBG prices NNS . . Much RB of IN the DT money NN has VBZ been VBN switched VBN into IN money NN market NN funds NNS , , fund NN executives NNS say VBP . . Instead RB of IN selling VBG bonds NNS to TO meet VB redemptions NNS , , however RB , , some DT funds NNS have VBP borrowed VBN from IN banks NNS to TO meet VB withdrawal NN requests NNS . . This DT avoids VBZ knocking VBG down RP prices NNS further RBR . . The DT $ $ 1.1 CD billion CD T. NNP Rowe NNP Price NNP High NNP Yield NNP Fund NNP was VBD among IN the DT funds NNS that WDT borrowed VBD during IN the DT Campeau NNP crisis NN , , says VBZ George NNP J. NNP Collins NNP , , president NN of IN T. NNP Rowe NNP Price NNP Associates NNPS Inc NNP . . That DT way NN , , Mr. NNP Collins NNP says VBZ , , `` `` We PRP did VBD n't RB have VB to TO sell VB securities NNS in IN a DT sloppy JJ market NN . . '' '' When WRB the DT market NN stabilized VBN , , he PRP added VBD , , the DT firm NN sold VBD the DT bonds NNS and CC quickly RB paid VBD the DT loans NNS back RB . . Tom NNP Herman NNP contributed VBD to TO this DT article NN . . Amcore NNP Financial NNP Inc. NNP said VBD it PRP agreed VBD to TO acquire VB Central NNP of IN Illinois NNP Inc. NNP in IN a DT stock NN swap NN . . Shareholders NNS of IN Central NNP , , a DT bank NN holding VBG company NN based VBN in IN Sterling NNP , , Ill. NNP , , will MD receive VB Amcore NNP stock NN equal JJ to TO 10 CD times NNS Central NNP 's POS 1989 CD earnings NNS , , Amcore NNP said VBD . . For IN the DT first JJ nine CD months NNS of IN 1989 CD , , Central NNP earned VBD $ $ 2 CD million CD . . Amcore NNP , , also RB a DT bank NN holding VBG company NN , , has VBZ assets NNS of IN $ $ 1.06 CD billion CD . . Central NNP 's POS assets NNS are VBP $ $ 240 CD million CD . . ( ( During IN its PRP$ centennial NN year NN , , The DT Wall NNP Street NNP Journal NNP will MD report VB events NNS of IN the DT past JJ century NN that DT stand VBP as IN milestones NNS of IN American JJ business NN history NN . . ) ) SOFT JJ CONTACT NN LENSES NNS WON VBP federal JJ blessing NN on IN March NNP 18 CD , , 1971 CD , , and CC quickly RB became VBD eye NN openers NNS for IN their PRP$ makers NNS . . The DT Food NNP and CC Drug NNP Administration NNP that DT day NN said VBD Bausch NNP & CC Lomb NNP could MD start VB selling VBG them PRP in IN the DT U.S. NNP . . The DT cornflake-size JJ product NN was VBD more RBR comfortable JJ and CC less RBR prone JJ to TO falling VBG out RB than IN hard JJ contact NN lenses NNS , , which WDT had VBD been VBN around IN since IN 1939 CD . . Bausch NNP & CC Lomb NNP sold VBD the DT softies NNS under IN a DT sublicense NN from IN National NNP Patent NNP Development NNP , , which WDT had VBD gained VBN the DT rights NNS from IN the DT Czechoslovakia NNP Academy NNP of IN Sciences NNPS . . Otto NNP Wichterle NNP , , a DT Czech NNP , , invented VBD them PRP in IN 1962 CD . . The DT plastic JJ lens NN wraps VBZ itself PRP over IN the DT cornea NN , , absorbing VBG eye NN moisture NN while IN permitting VBG oxygen NN to TO pass VB through RB . . But CC the DT new JJ lens NN became VBD the DT eye NN of IN a DT storm NN . . In IN September NNP 1971 CD California NNP officials NNS seized VBD `` `` bootlegged VBN '' '' lenses NNS -- : made VBN by IN unlicensed JJ companies NNS -- : after IN some DT showed VBD traces NNS of IN bacteria NNS . . In IN October NNP doctors NNS were VBD debating VBG the DT product NN 's POS safety NN , , some DT claiming VBG it PRP caused VBD infections NNS . . And CC there EX were VBD Senate NNP hearings NNS on IN the DT questions NNS in IN July NNP 1972 CD . . The DT product NN overcame VBD the DT bad JJ publicity NN and CC kept VBD evolving VBG . . The DT early JJ soft JJ lenses NNS , , which WDT cost VBD $ $ 300 CD a DT set NN , , were VBD expected VBN to TO last VB for IN a DT year NN . . In IN 1983 CD `` `` extended JJ wear NN '' '' versions NNS , , designed VBN to TO be VB worn VBN for IN 30 CD days NNS at IN a DT time NN , , wree NN offered VBD . . Eighteen CD months NNS ago RB a DT `` `` disposable JJ '' '' seven-day JJ model NN bowed VBD ; : a DT year NN 's POS supply NN costs VBZ about IN $ $ 500 CD . . Last JJ month NN the DT FDA NNP and CC Contact NNP Lens NNP Institute NNP cautioned VBD users NNS that IN serious JJ eye NN infections NNS could MD result VB from IN wearing VBG lenses NNS more JJR than IN seven CD days NNS at IN a DT stretch NN . . Today NN 20 CD million CD of IN the DT 25 CD million CD Americans NNPS using VBG contact NN lenses NNS are VBP using VBG the DT soft JJ type NN . . Including VBG the DT accesory NN eye NN care NN products NNS , , contacts NNS account VBP for IN $ $ 2 CD billion CD in IN annual JJ retail JJ sales NNS . . Although IN Bausch NNP remains VBZ the DT leader NN among IN the DT six CD majors NNS , , Johnson NNP & CC Johnson NNP , , with IN its PRP$ new JJ disposables NNS , , is VBZ coming VBG on RP fast RB . . The DT roller-coaster NN stock NN market NN is VBZ making VBG life NN tougher JJR for IN small JJ companies NNS trying VBG to TO raise VB money NN . . In IN the DT wake NN of IN Friday NNP 's POS plunge NN and CC yesterday NN 's POS rebound NN , , some DT companies NNS are VBP already RB postponing VBG deals NNS , , and CC others NNS wish VBP they PRP could MD . . As IN in IN other JJ jittery JJ times NNS , , many JJ small JJ businesses NNS expect VBP a DT particularly RB rough JJ time NN raising VBG funds NNS as IN investors NNS shun VBP risky JJ deals NNS , , seeking VBG safety NN in IN bigger JJR companies NNS . . Even RB if IN stock NN prices NNS fully RB recover VBP from IN Friday NNP 's POS sharp JJ decline NN , , the DT unsettled JJ conditions NNS will MD frighten VB many JJ investors NNS . . `` `` The DT implication NN of IN an DT unsettled JJ situation NN is VBZ that IN the DT thing NN could MD drop VB dramatically RB , , '' '' says VBZ Henry NNP Linsert NNP Jr. NNP , , chairman NN of IN Martek NNP Corp. NNP , , a DT four-year-old JJ biotechnology NN company NN that WDT is VBZ planning VBG a DT private JJ placement NN of IN stock NN . . `` `` The DT more JJR variables NNS that WDT indicate VBP risk NN , , the DT more JJR the DT investor NN is VBZ going VBG to TO drive VB a DT hard JJ bargain NN . . '' '' Earlier RB this DT month NN , , Staples NNP Inc. NNP , , a DT Newton NNP , , Mass. NNP , , office-supplies NNS discounter NN , , said VBD it PRP would MD accelerate VB expansion NN plans NNS nationwide JJ and CC offer VB more JJR of IN its PRP$ stock NN to TO the DT public NN . . At IN the DT time NN , , its PRP$ shares NNS were VBD selling VBG above IN their PRP$ initial JJ offering NN price NN of IN $ $ 19 CD , , and CC bankers NNS believed VBD Staples NNP would MD sell VB new JJ stock NN without IN a DT hitch NN . . But CC with IN the DT company NN 's POS shares NNS standing VBG at IN $ $ 15 CD yesterday NN , , a DT new JJ offering NN seems VBZ unlikely JJ , , company NN officials NNS say VBP . . Business NN , , however RB , , continues VBZ to TO be VB `` `` robust JJ , , '' '' and CC the DT stock NN market NN has VBZ n't RB affected VBN the DT concern NN 's POS expansion NN plans NNS , , says VBZ Todd NNP Krasnow NNP , , a DT senior JJ executive NN . . Other JJ companies NNS figure VBP they PRP ca MD n't RB avoid VB the DT market NN . . `` `` We PRP have VBP capital NN requirements NNS , , '' '' says VBZ Mr. NNP Linsert NNP , , `` `` so IN we PRP have VBP to TO go VB ahead RB '' '' with IN a DT planned JJ $ $ 1.5 CD billion CD private JJ placement NN . . Unless IN the DT market NN goes VBZ right RB back RB up RB , , he PRP says VBZ , , `` `` it PRP may MD take VB us PRP six CD to TO nine CD months NNS to TO find VB the DT money NN , , instead RB of IN three CD . . '' '' And CC the DT Columbia NNP , , Md. NNP , , company NN may MD have VB to TO settle VB for IN a DT lower JJR price NN , , he PRP adds VBZ . . Life NN is VBZ particularly RB nerve-racking JJ for IN companies NNS that WDT had VBD planned VBN to TO go VB public NN this DT week NN . . Hand-holding NN is VBZ becoming VBG an DT investment-banking NN job NN requirement NN . . Robertson NNP , , Stephens NNP & CC Co. NNP , , a DT San NNP Francisco NNP investment NN banking NN concern NN , , has VBZ a DT client NN that WDT looked VBD forward RP to TO making VBG its PRP$ initial JJ public NN offering NN yesterday NN . . Officers NNS of IN the DT company NN , , a DT health-care NN concern NN , , `` `` were VBD very RB discouraged JJ on IN Friday NNP and CC felt VBD they PRP should MD n't RB go VB public JJ ; : we PRP felt VBD they PRP should MD , , '' '' says VBZ Sanford NNP Robertson NNP , , partner NN in IN the DT banking NN concern NN . . As IN the DT market NN dropped VBD Friday NNP , , Robertson NNP Stephens NNP slashed VBD the DT value NN of IN the DT offering NN by IN 7 CD % NN . . Yesterday NN , , when WRB similar JJ securities NNS rebounded NN , , it PRP bumped VBD the DT valuation NN up RP again RB . . As IN of IN late JJ yesterday NN , , the DT IPO NN was VBD still RB on RP . . For IN many JJ , , the DT situation NN is VBZ especially RB discouraging JJ because IN the DT market NN for IN IPOs NNS was VBD showing VBG signs NNS of IN strengthening VBG after IN several JJ years NNS of IN weakness NN . . `` `` We PRP were VBD just RB beginning VBG to TO look VB at IN the DT increase NN in IN IPOs NNS , , seeing VBG the DT light NN at IN the DT end NN of IN the DT tunnel NN , , '' '' says VBZ Frank NNP Kline NNP Jr. NNP , , partner NN in IN Lambda NNP Funds NNPS , , a DT Beverly NNP Hills NNPS , , Calif. NNP , , venture JJ capital NN concern NN . . `` `` But CC the DT tunnel NN 's VBZ just RB gotten VBN longer RBR . . '' '' Companies NNS planning VBG to TO go VB public JJ `` `` are VBP definitely RB taking VBG a DT second JJ look NN , , '' '' says VBZ Allen NNP Hadhazy NNP , , senior JJ analyst NN at IN the DT Institute NNP for IN Econometric NNP Research NNP , , Fort NNP Lauderdale NNP , , Fla. NNP , , which WDT publishes VBZ the DT New NNP Issues NNPS newsletter NN on IN IPOs NNS . . He PRP calculates VBZ that IN the DT recent JJ market NN slide NN translated VBN into IN a DT 5 CD % NN to TO 7 CD % NN reduction NN in IN IPO NN proceeds NNS to TO companies NNS . . Many JJ companies NNS are VBP hesitating VBG . . Exabyte NNP Corp. NNP had VBD been VBN planning VBG to TO sell VB 10 CD % NN of IN its PRP$ stock NN this DT week NN in IN an DT IPO NN that WDT would MD raise VB up IN to TO $ $ 28.5 CD million CD . . But CC now RB , , Peter NNP Behrendt NNP , , president NN , , says VBZ , , `` `` We PRP 're VBP making VBG decisions NNS on IN a DT day-to-day JJ basis NN . . '' '' Debt-free JJ and CC profitable JJ , , the DT Boulder NNP , , Colo. NNP , , computer-products NNS concern NN could MD borrow VB funds NNS if IN it PRP decides VBZ against IN an DT IPO NN now RB , , he PRP says VBZ . . KnowledgeWare NNP Inc. NNP , , an DT Atlanta NNP computer-software NN concern NN , , says VBZ it PRP is VBZ still RB planning VBG to TO go VB ahead RB with IN its PRP$ IPO NN this DT week NN or CC next JJ -- : unless IN conditions NNS change VBP . . `` `` It PRP 's VBZ a DT wait-and-see JJ situation NN right RB now RB , , '' '' says VBZ Terry NNP McGowan NNP , , president NN . . Delayed JJ financings NNS also RB would MD affect VB the DT operations NNS of IN many JJ companies NNS . . Sierra NNP Tucson NNP Cos. NNP , , a DT Tucson NNP , , Ariz. NNP , , operator NN of IN addiction-treatment NN centers NNS , , has VBZ a DT planned JJ doubling NN of IN capacity NN riding VBG on IN an DT IPO NN scheduled VBN for IN next JJ week NN . . William NNP O'Donnell NNP , , president NN , , says VBZ he PRP still RB thinks VBZ the DT IPO NN will MD succeed VB . . If IN it PRP does VBZ n't RB , , he PRP says VBZ , , the DT company NN would MD have VB to TO change VB its PRP$ expansion NN timetable NN . . But CC the DT market NN turmoil NN could MD be VB partially RB beneficial JJ for IN some DT small JJ businesses NNS . . In IN a DT sagging VBG market NN , , the DT Federal NNP Reserve NNP System NNP `` `` might MD flood VB the DT market NN with IN funds NNS , , and CC that DT should MD bring VB interest NN rates NNS down RB , , '' '' says VBZ Leonard NNP T. NNP Anctil NNP , , vice NN president NN of IN the DT Bank NNP of IN New NNP England NNP , , Boston NNP . . James NNP G. NNP Zafris NNP , , president NN of IN Danvers NNP Savings NNPS Bank NNP , , Danvers NNP , , Mass. NNP , , says VBZ the DT market NN turmoil NN `` `` is VBZ an DT absolute JJ non-event NN for IN small JJ business NN . . '' '' For IN small JJ companies NNS , , he PRP says VBZ , , interest NN rates NNS are VBP far RB more RBR important JJ than IN what WP happens VBZ on IN stock NN exchanges NNS . . Mr. NNP Zafris NNP thinks VBZ rates NNS are VBP heading VBG down RB , , helping VBG small JJ companies NNS . . Peter NNP Drake NNP , , biotechnology NN analyst NN for IN Vector NNP Securities NNPS International NNP , , Chicago NNP , , thinks VBZ market NN uncertainty NN may MD encourage VB small JJ companies NNS to TO form VB more RBR strategic JJ alliances NNS with IN big JJ corporations NNS . . Partly RB because IN the DT 1987 CD market NN crash NN made VBD it PRP harder JJR for IN them PRP to TO find VB financing NN , , many JJ high-technology NN concerns NNS have VBP made VBN such JJ alliances NNS recently RB . . Some DT even RB see VBP a DT silver NN lining NN in IN the DT dark JJ clouds NNS . . Alan NNP Wells NNP , , president NN of IN Bollinger NNP , , Wells NNP , , Lett NNP & CC Co. NNP , , a DT New NNP York NNP merger NN specialist NN , , thinks VBZ panicky JJ investors NNS may MD lose VB their PRP$ enthusiasm NN for IN leveraged JJ buy-out NN and CC giant JJ takeover NN deals NNS . . Instead RB , , they PRP could MD turn VB to TO investing VBG in IN smaller JJR deals NNS involving VBG smaller JJR companies NNS , , he PRP says VBZ . . And CC William NNP E. NNP Wetzel NNP Jr. NNP , , a DT University NNP of IN New NNP Hampshire NNP management NN professor NN and CC director NN of IN Venture NNP Capital NNP Network NNP Inc. NNP , , says VBZ the DT market NN 's POS gyrations NNS will MD underline VB the DT investors NNS ' POS lack NN of IN control NN in IN big JJ stock NN investments NNS . . This DT will MD add VB to TO the DT appeal NN of IN small JJ business NN , , he PRP says VBZ , , where WRB investors NNS often RB have VBP a DT degree NN of IN influence NN . . Bay NNP Financial NNP Corp. NNP , , hurt VBN by IN high JJ debts NNS and CC deteriorating VBG real JJ estate NN investments NNS , , reported VBD a DT wider JJR loss NN for IN the DT fourth JJ quarter NN and CC said VBD it PRP might MD be VB forced VBN to TO seek VB a DT bankruptcy-court NN reorganization NN if IN it PRP ca MD n't RB renegotiate VB its PRP$ borrowings NNS . . Bay NNP said VBD a DT `` `` substantial JJ part NN '' '' of IN its PRP$ debt NN outstanding JJ is VBZ in IN default NN as IN a DT result NN of IN inability NN to TO sell VB certain JJ properties NNS quickly RB and CC lower-than-expected JJ prices NNS for IN sales NNS made VBN . . The DT company NN said VBD its PRP$ real JJ estate NN portfolio NN is VBZ `` `` highly RB leveraged JJ , , '' '' while IN about IN two-thirds NNS of IN its PRP$ investments NNS are VBP n't RB income-producing JJ . . Thus RB it PRP is VBZ coming VBG up RP short RB on IN a DT big JJ bet NN that IN quick JJ sales NNS at IN higher JJR prices NNS would MD enable VB it PRP to TO keep VB up RP with IN mortgage NN and CC other JJ debt NN payments NNS . . According VBG to TO its PRP$ latest JJS annual JJ report NN , , about IN a DT quarter NN of IN the DT company NN 's POS holdings NNS are VBP in IN Massachusetts NNP , , in IN the DT midst NN of IN a DT real-estate NN slump NN . . The DT company NN said VBD it PRP had VBD a DT net JJ loss NN in IN its PRP$ fourth JJ quarter NN ended VBN June NNP 30 CD of IN $ $ 36.2 CD million CD , , or CC $ $ 9.33 CD a DT share NN , , on IN revenue NN of IN $ $ 13.1 CD million CD . . A DT year NN earlier RB , , the DT company NN had VBD a DT loss NN of IN $ $ 10.8 CD million CD , , or CC $ $ 3.04 CD a DT share NN , , on IN revenue NN of IN $ $ 10.8 CD million CD . . For IN the DT year NN , , it PRP had VBD a DT net JJ loss NN of IN $ $ 62 CD million CD , , or CC $ $ 15.97 CD a DT share NN , , on IN revenue NN of IN $ $ 44.3 CD million CD . . In IN the DT previous JJ year NN , , it PRP had VBD a DT loss NN of IN $ $ 22.5 CD million CD , , or CC $ $ 6.52 CD a DT share NN , , on IN revenue NN of IN $ $ 41.1 CD million CD . . Although IN it PRP is VBZ having VBG serious JJ cash-flow NN problems NNS , , Bay NNP said VBD the DT fair-market JJ value NN of IN its PRP$ holdings NNS , , minus CC debt NN , , was VBD equal JJ to TO $ $ 6.02 CD a DT share NN at IN June NNP 30 CD based VBN on IN a DT recent JJ appraisal NN . . Book NN value NN per IN share NN , , which WDT is VBZ based VBN on IN investments NNS at IN cost NN , , was VBD a DT negative JJ $ $ 6.69 CD a DT share NN . . A DT year NN earlier RB , , fair-market JJ value NN per IN share NN was VBD $ $ 26.02 CD and CC book NN value NN was VBD $ $ 9.43 CD a DT share NN . . Annualized VBN interest NN rates NNS on IN certain JJ investments NNS as IN reported VBN by IN the DT Federal NNP Reserve NNP Board NNP on IN a DT weekly-average JJ basis NN : : 1989 CD and CC Wednesday NNP October NNP 4 CD , , 1989 CD . . c-Yields NNS , , adjusted VBN for IN constant JJ maturity NN . . TRW NNP Inc. NNP reported VBD a DT 12 CD % NN decline NN in IN third-quarter JJ net JJ income NN , , but CC the DT company NN said VBD that IN excluding VBG unusual JJ gains NNS in IN both DT quarters NNS , , operating NN profit NN rose VBD 16 CD % NN . . The DT electronics NNS , , automotive JJ and CC aerospace NN concern NN said VBD third-quarter JJ net NN was VBD $ $ 60 CD million CD , , or CC 98 CD cents NNS a DT share NN , , down RB from IN $ $ 68 CD million CD , , or CC $ $ 1.11 CD a DT share NN , , a DT year NN earlier RB . . Share NN earnings NNS are VBP reported VBN on IN a DT fully RB diluted JJ basis NN , , by IN company NN tradition NN . . Results NNS for IN the DT 1988 CD quarter NN included VBD a DT gain NN of IN $ $ 1.05 CD a DT share NN from IN sale NN of IN the DT Reda NNP Pump NNP and CC Oilwell NNP Cable NNP units NNS , , partly RB offset VBN by IN a DT charge NN of IN 69 CD cents NNS a DT share NN for IN recall NN of IN faulty JJ truck NN steering NN systems NNS . . The DT latest JJS quarter NN included VBD a DT gain NN of IN 11 CD cents NNS a DT share NN as IN a DT partial JJ reversal NN of IN the DT recall NN charge NN , , because IN the DT reserve NN established VBN last JJ year NN exceeded VBD the DT actual JJ recall NN costs NNS . . Sales NNS for IN the DT quarter NN rose VBD 8.3 CD % NN to TO $ $ 1.79 CD billion CD , , from IN $ $ 1.65 CD billion CD , , with IN all DT three CD major JJ product NN groups NNS reporting VBG gains NNS . . The DT company NN said VBD aerospace NN and CC defense NN sales NNS were VBD up IN 2 CD % NN for IN the DT quarter NN to TO $ $ 802 CD million CD , , and CC operating NN profit NN climbed VBD 6 CD % NN to TO $ $ 61 CD million CD , , mainly RB because IN of IN improved JJ program NN performance NN in IN spacecraft NN and CC advanced-technology NN contracts NNS . . Automotive JJ sales NNS jumped VBD 16 CD % NN to TO $ $ 791 CD million CD , , mainly RB because IN of IN higher JJR sales NNS of IN air NN bags NNS and CC other JJ passenger NN restraint NN systems NNS , , TRW NNP said VBD . . The DT group NN had VBD an DT operating NN profit NN of IN $ $ 65 CD million CD , , against IN a DT loss NN of IN $ $ 13 CD million CD a DT year NN earlier RB . . However RB , , excluding VBG the DT year-earlier JJ charge NN for IN recall NN of IN steering NN gear NN , , operating NN profit NN in IN the DT latest JJS quarter NN declined VBD 14 CD % NN , , reflecting VBG higher JJR start-up NN and CC product NN development NN expenses NNS in IN passenger-restraint NN systems NNS . . Materials NNS and CC production NN costs NNS also RB rose VBD , , TRW NNP said VBD . . The DT information NN systems NNS segment NN had VBD a DT 44 CD % NN jump NN sales NNS to TO $ $ 196 CD million CD . . An DT acquisition NN accounted VBD for IN half PDT the DT sales NNS rise NN , , TRW NNP said VBD . . Operating NN profit NN rose VBD threefold RB to TO $ $ 18 CD million CD , , from IN $ $ 6 CD million CD . . For IN the DT nine CD months NNS , , TRW NNP 's POS net NN was VBD $ $ 199 CD million CD , , or CC $ $ 3.22 CD a DT share NN , , down RB 3 CD % NN from IN $ $ 205 CD million CD , , or CC $ $ 3.33 CD a DT share NN , , a DT year NN earlier RB . . Sales NNS rose VBD 2.9 CD % NN to TO $ $ 5.42 CD billion CD , , from IN $ $ 5.27 CD billion CD . . a DT tragicomic JJ monologue NN by IN an DT idealistic JJ , , not RB unheroic JJ , , though IN sadly RB self-deceived JJ English JJ butler NN in IN his PRP$ sixties NNS -- : proceeds VBZ as IN if IN the DT realistic JJ English JJ novel NN of IN manners NNS , , like IN Britannia NNP herself PRP , , still RB ruled VBD the DT waves NNS . . In IN fact NN , , Kazuo NNP Ishiguro NNP 's POS `` `` The DT Remains NNS of IN the DT Day NN '' '' ( ( Knopf NNP , , 245 CD pages NNS , , $ $ 18.95 CD ) ) is VBZ both DT an DT homage NN to TO traditional JJ English JJ forms NNS and CC a DT dramatic JJ critique NN of IN them PRP . . It PRP implies VBZ that IN the DT British NNP Empire NNP was VBD rooted VBN in IN its PRP$ subjects NNS ' POS minds NNS , , manners NNS and CC morals NNS , , and CC argues VBZ , , tacitly RB , , that IN its PRP$ self-destructive JJ flaws NNS were VBD embodied VBN in IN the DT defensive JJ snobbery NN , , willful JJ blindness NN , , role-playing NN and CC especially RB the DT locutions NNS of IN its PRP$ domestic JJ servants NNS . . As IN the DT narrator NN Stevens NNP , , the DT solitary JJ butler NN of IN Darlington NNP Hall NNP , , mulls VBZ over IN such JJ hallowed JJ terms NNS as IN `` `` greatness NN , , '' '' `` `` dignity NN , , '' '' `` `` service NN '' '' and CC `` `` loyalty NN , , '' '' we PRP see VBP how WRB pious JJ cant NN subverts VBZ the DT soul NN . . Stevens NNP 's POS dutiful JJ conflation NN of IN the DT public JJ and CC private JJ realms NNS -- : like IN his PRP$ beloved JJ master NN 's POS -- : destroys VBZ all DT it PRP was VBD designed VBN to TO preserve VB . . Such JJ armor NN crushes VBZ the DT soldier NN . . The DT mask NN cuts VBZ to TO the DT quick JJ . . It PRP 's VBZ 1956 CD , , the DT year NN the DT Suez NNP crisis NN marked VBD the DT final JJ end NN of IN Empire NN . . As IN he PRP stands VBZ on IN a DT hill NN at IN the DT beginning NN of IN a DT six-day JJ motor NN expedition NN from IN Oxfordshire NNP to TO Cornwall NNP , , where WRB a DT former JJ housekeeper NN resides VBZ , , perhaps RB the DT victim NN of IN an DT unhappy JJ 20-year JJ marriage NN , , perhaps RB ( ( he PRP hopes VBZ with IN more JJR fervor NN than IN he PRP will MD ever RB acknowledge VB ) ) not RB disinclined JJ to TO return VB to TO domestic JJ service NN , , Stevens NNP surveys NNS the DT view NN and CC thereby RB provides VBZ a DT self-portrait NN , , a DT credo NN and CC the DT author NN 's POS metaphor NN for IN the DT aesthetic NN of IN the DT novel NN we PRP 're VBP reading VBG : : `` `` We PRP call VBP this DT land NN of IN ours JJ Great NNP Britain NNP , , and CC there EX may MD be VB those DT who WP believe VBP this DT a DT somewhat RB immodest JJ practice NN . . Yet RB I PRP would MD venture VB that IN the DT landscape NN of IN our PRP$ country NN alone RB would MD justify VB the DT use NN of IN this DT lofty JJ adjective NN ... : . . It PRP is VBZ the DT very JJ lack NN of IN obvious JJ drama NN or CC spectacle NN that WDT sets VBZ the DT beauty NN of IN our PRP$ land NN apart RB . . What WP is VBZ pertinent JJ is VBZ the DT calmness NN of IN that DT beauty NN , , its PRP$ sense NN of IN restraint NN . . It PRP is VBZ as IN though IN the DT land NN knows VBZ of IN its PRP$ own JJ beauty NN , , of IN its PRP$ own JJ greatness NN , , and CC feels VBZ no DT need NN to TO shout VB it PRP . . In IN comparison NN , , the DT sorts NNS of IN sights NNS offered VBN in IN such JJ places NNS as IN Africa NNP and CC America NNP , , though IN undoubtedly RB very RB exciting JJ , , would MD , , I PRP am VBP sure JJ , , strike VB the DT objective JJ viewer NN as IN inferior JJ on IN account NN of IN their PRP$ unseemly JJ demonstrativeness NN . . '' '' An DT effusive JJ landscape NN ? . An DT ill-mannered JJ mountain NN ? . But CC let VB Stevens NNP continue VB in IN his PRP$ unwitting JJ comic JJ manner NN ( ( his PRP$ conscious JJ efforts NNS at IN `` `` banter NN '' '' always RB fail VB -- : most RBS comically RB ) ) : : `` `` This DT whole JJ question NN is VBZ very RB akin JJ to TO the DT question NN that WDT has VBZ caused VBN much JJ debate NN in IN our PRP$ profession NN over IN the DT years NNS : : what WP is VBZ a DT ` `` great JJ ' '' butler NN ? . '' '' His PRP$ answer NN is VBZ one NN `` `` possessed VBN of IN a DT dignity NN in IN keeping VBG with IN his PRP$ position NN . . '' '' Such JJ dignity NN `` `` has VBZ to TO do VB crucially RB with IN a DT butler NN 's POS ability NN not RB to TO abandon VB the DT professional JJ being NN he PRP inhabits VBZ . . '' '' He PRP `` `` will MD not RB be VB shaken VBN out RP by IN external JJ events NNS , , however RB surprising JJ , , alarming JJ or CC vexing JJ ... : . . Continentals NNS are VBP unable JJ to TO be VB butlers NNS because IN they PRP are VBP as IN a DT breed NN incapable JJ of IN the DT emotional JJ restraint NN which WDT only RB the DT English JJ race NN are VBP capable JJ of IN . . '' '' Despite IN his PRP$ racial JJ advantage NN , , to TO be VB a DT great JJ butler NN is VBZ a DT heroic JJ calling NN ; : one PRP 's POS pantry NN is VBZ `` `` not RB unlike IN general NN 's POS headquarters NN during IN a DT battle NN . . '' '' If IN , , for IN example NN , , in IN the DT midst NN of IN a DT great JJ social JJ occasion NN ( ( such JJ as IN an DT international JJ conference NN on IN revising VBG the DT Versailles NNP Treaty NNP in IN 1923 CD ) ) , , one PRP 's POS 72-yearold CD father NN , , himself PRP a DT great JJ butler NN once RB , , should MD happen VB to TO die VB of IN a DT stroke NN , , one PRP must MD continue VB to TO serve VB the DT port NN : : `` `` Please VB do VBP n't RB think VB me PRP unduly RB improper JJ in IN not RB ascending VBG to TO see VB my PRP$ father NN in IN his PRP$ deceased JJ condition NN just RB at IN this DT moment NN . . You PRP see VBP , , I PRP know VBP my PRP$ father NN would MD have VB wished VBD me PRP to TO carry VB on RP just RB now RB . . '' '' It PRP is VBZ this DT kind NN of IN dignity NN and CC restraint NN that WDT allows VBZ Stevens NNP to TO declare VB : : `` `` For IN all DT its PRP$ sad JJ associations NNS , , whenever WRB I PRP recall VBP that DT evening NN today NN , , I PRP find VBP I PRP do VBP so RB with IN a DT large JJ sense NN of IN triumph NN . . '' '' We PRP note VBP the DT imperial JJ public JJ word NN used VBN to TO deny VB private JJ rage NN and CC sorrow NN . . That IN Stevens NNP himself PRP is VBZ not RB grotesque JJ or CC repellent JJ , , but CC funny JJ and CC sad JJ and CC enlightening JJ , , is VBZ entirely RB the DT author NN 's POS triumph NN . . Mr. NNP Ishiguro NNP 's POS ability NN to TO create VB a DT fallible JJ narrative NN voice NN that WDT permits VBZ him PRP to TO explore VB such JJ intertwining VBG domestic JJ , , cultural JJ and CC political JJ themes NNS was VBD abundantly RB clear JJ in IN his PRP$ previous JJ novel NN , , `` `` An DT Artist NN of IN the DT Floating JJ World NN , , '' '' set VBN in IN Japan NNP after IN the DT war NN . . Now RB shifting VBG his PRP$ scene NN from IN the DT country NN he PRP left VBD at IN five CD to TO the DT England NNP he PRP has VBZ lived VBN in IN for IN nearly RB 30 CD years NNS , , he PRP has VBZ fashioned VBN a DT novel NN in IN the DT mode NN of IN Henry NNP James NNP and CC E.M. NNP Forster NNP . . With IN great JJ aplomb NN he PRP considers VBZ not RB only RB filial JJ devotion NN and CC ( ( utterly RB repressed JJ ) ) sexual JJ love NN , , but CC British JJ anti-Semitism NNP , , the DT gentry NN 's POS impatience NN with IN democracy NN and CC support NN of IN Hitler NNP , , and CC the DT moral JJ problematics NNS of IN loyalty NN : : `` `` It PRP is VBZ , , in IN practice NN , , simply RB not RB possible JJ to TO adopt VB such JJ a DT critical JJ attitude NN towards IN an DT employer NN and CC at IN the DT same JJ time NN provide VB good JJ service NN ... : . . ` `` This DT employer NN embodies VBZ all DT that IN I PRP find VBP noble JJ and CC admirable JJ . . I PRP will MD hereafter RB devote VB myself PRP to TO serving VBG him PRP . . ' '' This DT is VBZ loyalty NN intelligently RB bestowed VBN . . '' '' In IN the DT end NN , , after IN meeting NN with IN the DT former JJ housekeeper NN , , Stevens NNP sits VBZ by IN the DT seashore NN at IN dusk NN , , thinking VBG of IN her PRP and CC of IN his PRP$ employer NN , , and CC declares VBZ `` `` I PRP trusted VBD . . I PRP trusted VBD in IN his PRP$ lordship NN 's POS wisdom NN ... : . . I PRP ca MD n't RB even RB say VB I PRP made VBD my PRP$ own JJ mistakes NNS . . Really RB -- : one PRP has VBZ to TO ask VB oneself PRP -- : what WP dignity NN is VBZ there RB in IN that DT ? . '' '' The DT loyal JJ servant NN has VBZ come VBN full JJ circle NN . . What WP is VBZ greatness NN ? . What WP is VBZ dignity NN ? . We PRP understand VB such JJ rueful JJ wisdom NN must MD be VB retrospective JJ : : The DT owl NN of IN Minerva NNP only RB spreads VBZ her PRP$ wings NNS at IN dusk NN . . But CC as IN `` `` The DT Remains NNS of IN the DT Day NN '' '' so RB eloquently RB demonstrates VBZ with IN quiet JJ virtuosity NN , , such JJ wisdom NN can MD be VB movingly RB embodied VBN in IN art NN . . Mr. NNP Locke NNP teaches VBZ English NNP and CC comparative JJ literature NN at IN Columbia NNP University NNP . . UGI NNP Corp. NNP said VBD its PRP$ AmeriGas NNP subsidiary NN completed VBD the DT previously RB announced JJ sale NN of IN its PRP$ air NN separation NN plant NN and CC related JJ assets NNS in IN Waukesha NNP , , Wis. NNP , , to TO AGA NNP Gas NNP Inc. NNP , , Cleveland NNP . . The DT price NN was VBD n't RB disclosed VBN . . The DT transaction NN is VBZ part NN of IN UGI NNP 's POS continuing VBG program NN to TO shed VB AmeriGas NNP 's POS industrial JJ gas NN interests NNS and CC expand VB the DT subsidiary NN 's POS propane NN business NN . . Since IN June NNP , , AmeriGas NNP has VBZ netted VBN more JJR than IN $ $ 100 CD million CD from IN industrial JJ gas NN divestitures NNS and CC reinvested VBD more JJR than IN $ $ 50 CD million CD to TO acquire VB three CD propane NN distributors NNS . . UGI NNP is VBZ a DT gas NN and CC electric JJ utility NN and CC distributes VBZ propane NN nationally RB through IN its PRP$ AmeriGas NNP subsidiary NN . . Stanislav NNP Ovcharenko NNP , , who WP represents VBZ the DT Soviet JJ airline NN Aeroflot NNP here RB , , has VBZ some DT visions NNS that WDT are VBP wild JJ even RB by IN the DT current JJ standards NNS of IN perestroika FW . . In IN his PRP$ office NN overlooking VBG the DT runway NN of IN Shannon NNP Airport NNP , , Mr. NNP Ovcharenko NNP enthusiastically RB throws VBZ out RP what WP he PRP calls VBZ `` `` just RB ideas NNS '' '' : : First RB , , he PRP suggests VBZ , , GPA NNP Group NNP Ltd. NNP , , the DT international JJ aircraft NN leasing NN company NN based VBN in IN Ireland NNP , , could MD lease VB some DT of IN its PRP$ Boeing NNP jetliners NNS to TO the DT Soviet JJ airline NN . . Then RB Aer NNP Lingus NNP , , the DT Irish JJ flag NN carrier NN , , could MD teach VB Aeroflot NNP pilots NNS to TO fly VB the DT Boeings NNPS , , and CC the DT fleet NN could MD be VB based VBN here RB at IN Shannon NNP Airport NNP . . That DT 's VBZ not RB all DT , , he PRP says VBZ . . Aer NNP Rianta NNP , , the DT Irish JJ airport NN authority NN , , could MD build VB a DT cargo NN terminal NN in IN the DT Soviet NNP Union NNP . . Aeroflot NNP could MD lease VB some DT of IN its PRP$ cargo NN planes NNS to TO Aer NNP Lingus NNP , , through IN GPA NNP , , for IN a DT joint-venture NN cargo NN airline NN . . And CC then RB there EX is VBZ his PRP$ notion NN of IN an DT Irish-Soviet JJ charter NN airline NN to TO ferry VB Armenians NNPS to TO Los NNP Angeles NNP via IN Shannon NNP . . Have VBP the DT freedoms NNS of IN glasnost FW gone VBN to TO Mr. NNP Ovcharenko NNP 's POS head NN ? . Hardly RB . . The DT Irish-Soviet JJ aviation NN connection NN is VBZ alive JJ and CC well JJ here RB at IN Shannon NNP Airport NNP . . GPA NNP is VBZ indeed RB talking VBG about IN leasing VBG Western JJ planes NNS to TO Aeroflot NNP and CC even RB about IN buying VBG Soviet-built JJ Tupolev NNP 204s NNS . . Aer NNP Lingus NNP is VBZ in IN discussions NNS with IN the DT Soviet JJ carrier NN about IN a DT cargo NN venture NN and CC other JJ possibilities NNS . . Aer NNP Rianta NNP already RB has VBZ so RB many JJ ventures NNS with IN Aeroflot NNP that IN its PRP$ chief JJ executive NN is VBZ studying VBG Russian NNP . . Unlikely RB as IN it PRP may MD seem VB , , tiny JJ , , politically RB neutral JJ Ireland NNP has VBZ penetrated VBN the DT mighty JJ Soviet JJ airline NN bureaucracy NN . . And CC as IN Aeroflot NNP struggles VBZ to TO boost VB its PRP$ service NN standards NNS , , upgrade VB its PRP$ fleet NN and CC pursue VB commercial JJ opportunities NNS , , the DT Irish JJ aviation NN industry NN seems VBZ poised VBN to TO benefit VB . . `` `` Irish JJ and CC Soviet JJ people NNS are VBP similar JJ , , '' '' says VBZ Mr. NNP Ovcharenko NNP . . `` `` They PRP look VBP the DT same JJ . . They PRP 're VBP very RB friendly JJ . . '' '' Moreover RB , , he PRP says VBZ , , Irish JJ companies NNS are VBP small JJ but CC spunky NN . . `` `` We PRP have VBP to TO study VB their PRP$ experience NN very RB well RB , , '' '' he PRP says VBZ . . `` `` We PRP must MD find VB any DT way NN to TO get VB business NN . . '' '' The DT two CD groups NNS have VBP been VBN working VBG together RP since IN the DT late JJ 1970s NNS , , long RB before IN Soviet JJ joint NN ventures NNS were VBD the DT rage NN in IN the DT West NNP . . Aeroflot NNP carried VBD about IN 125 CD million CD passengers NNS last JJ year NN , , and CC Shannon NNP Airport NNP , , the DT airline NN 's POS largest JJS transit NN airport NN outside IN the DT Soviet NNP Union NNP , , saw VBD 1,400 CD Aeroflot NNP flights NNS and CC 250,000 CD passengers NNS pass VB through RB . . An DT apartment NN complex NN down IN the DT road NN is VBZ the DT crew-rest NN and CC staging NN area NN for IN more JJR than IN 130 CD Aeroflot NNP pilots NNS and CC flight NN attendants NNS . . The DT airport NN 's POS biggest JJS supplier NN of IN aircraft NN fuel NN is VBZ the DT Soviet NNP Union NNP . . Tankers NNS from IN the DT Latvian JJ port NN of IN Ventspils NNP each DT year NN unload VBP 25 CD million CD gallons NNS of IN fuel NN into IN a DT special JJ tank NN farm NN at IN the DT airport NN . . What WP Aeroflot NNP does VBZ n't RB pour VB into IN its PRP$ own JJ gas-guzzling JJ Ilyushins NNPS is VBZ bartered VBN to TO the DT airport NN authority NN , , which WDT resells VBZ it PRP to TO 11 CD Western JJ carriers NNS including VBG Air NNP France NNP , , Trans NNP World NNP Airlines NNPS and CC Pakistan NNP International NNP Airlines NNPS . . Aeroflot NNP thus RB pays VBZ its PRP$ landing NN fees NNS , , ground-handling NN and CC catering NN bills NNS with IN fuel NN , , preserving VBG its PRP$ hard JJ currency NN . . That DT is VBZ n't RB all DT . . Last JJ year NN , , the DT Irish JJ airport NN authority NN , , in IN a DT joint JJ venture NN with IN Aeroflot NNP , , opened VBD four CD hard-currency JJ duty-free JJ shops NNS at IN Moscow NNP 's POS Sheremetyevo NNP Airport NNP . . Aer NNP Rianta NNP now RB manages VBZ duty-free JJ sales NNS on IN all DT Aeroflot NNP international JJ flights NNS out IN of IN Moscow NNP . . Duty-free JJ shops NNS in IN Leningrad NNP 's POS Pulkova NNP Airport NNP opened VBN in IN July NNP , , and CC hard-currency JJ shops NNS in IN Leningrad NNP hotels NNS and CC on IN the DT Soviet-Finnish JJ frontier NN are VBP coming VBG soon RB . . Aer NNP Rianta NNP is VBZ talking VBG about IN similar JJ joint JJ ventures NNS in IN Tashkent NNP and CC in IN Sochi NNP , , a DT Black NNP Sea NNP resort NN , , and CC even RB has VBZ a DT computer-assembly NN project NN cooking VBG with IN the DT Georgian JJ city NN of IN Tbilisi NNP . . Aeroflot NNP 's POS international JJ fleet NN of IN 285 CD planes NNS is VBZ being VBG repainted VBN and CC refurbished VBN at IN Shannon NNP Airport NNP . . Thanks NNS to TO a DT new JJ air-traffic NN agreement NN and CC the DT ability NN of IN Irish JJ travel NN agents NNS to TO issue VB Aeroflot JJ tickets NNS , , tourists NNS here RB are VBP taking VBG advantage NN of IN Aeroflot NNP 's POS reasonable JJ prices NNS to TO board VB flights NNS in IN Shannon NNP for IN holidays NNS in IN Havana NNP , , Kingston NNP and CC Mexico NNP City NNP . . The DT round-trip NN fare NN to TO Havana NNP is VBZ 410 CD Irish JJ punts NNS ( ( $ $ 578 CD ) ) . . Jamaica NNP costs VBZ 504 CD punts NNS . . A DT formal JJ blessing NN of IN sorts NNS was VBD bestowed VBN on IN this DT friendship NN in IN April NNP when WRB Mikhail NNP and CC Raisa NNP Gorbachev NNP stopped VBD here RB for IN talks NNS with IN Irish JJ Prime NNP Minister NNP Charles NNP Haughey NNP . . New JJ trade NN accords NNS were VBD signed VBN . . It PRP all DT started VBN with IN geography NN . . When WRB it PRP opened VBN in IN 1939 CD , , Shannon NNP was VBD the DT first JJ landfall NN in IN Europe NNP for IN thirsty JJ airplanes NNS flying VBG from IN North NNP America NNP . . Advances NNS in IN aircraft NN fuel NN efficiency NN over IN the DT years NNS made VBD a DT Shannon NNP stop NN unnecessary JJ for IN most JJS Western JJ air NN fleets VBZ , , but CC Aeroflot NNP still RB flies VBZ inefficient JJ Ilyushins NNPS that WDT ca MD n't RB make VB it PRP from IN Moscow NNP to TO Managua NNP on IN one CD hop NN . . As IN a DT result NN , , Ireland NNP did VBD n't RB spurn VB the DT Soviets NNPS after IN they PRP shot VBD down RP a DT Korean NNP Air NNP Lines NNP jetliner NN over IN the DT Sea NNP of IN Japan NNP in IN 1983 CD , , though IN it PRP suspended VBD direct JJ Moscow-Shannon JJ flights NNS for IN two CD months NNS . . In IN fact NN , , Aer NNP Lingus NNP started VBD ferrying VBG Russians NNPS from IN Shannon NNP to TO New NNP York NNP when WRB Washington NNP stripped VBD Aeroflot NNP of IN its PRP$ U.S. NNP landing NN rights NNS . . Today NN , , Aer NNP Rianta NNP is VBZ making VBG a DT heap NN of IN money NN from IN its PRP$ Soviet NNP friendship NN . . And CC , , with IN those DT contacts NNS in IN place NN , , it PRP could MD be VB relatively RB simple JJ to TO add VB Aer NNP Lingus NNP and CC GPA NNP to TO the DT team NN . . Then RB , , perhaps RB , , Mr. NNP Ovcharenko NNP 's POS ideas NNS would MD n't RB sound VB like IN so RB much JJ blarney NN . . Britain NNP 's POS industrial JJ production NN rose VBD 1.5 CD % NN in IN August NNP from IN July NNP and CC was VBD up IN 0.9 CD % NN from IN August NNP 1988 CD , , according VBG to TO provisional JJ data NNS from IN the DT Central NNP Statistical NNP Office NNP . . Output NN in IN the DT energy NN sector NN , , which WDT can MD vary VB greatly RB with IN swings NNS in IN the DT oil NN market NN , , rose VBD 3.8 CD % NN in IN August NNP from IN May NNP but CC was VBD down RB 7.1 CD % NN from IN a DT year NN earlier RB . . The DT latest JJS figures NNS compare VBP with IN July NNP 's POS 4.5 CD % NN month-to-month JJ rise NN and CC 11.3 CD % NN year-to-year JJ fall NN . . When WRB Nucor NNP Corp. NNP begins VBZ shipping VBG steel NN from IN the DT world NN 's POS first JJ thin-slab JJ plant NN this DT month NN , , it PRP will MD begin VB testing VBG the DT competitive JJ mettle NN of IN its PRP$ giant JJ competitors NNS . . The DT new JJ technology NN , , which WDT creates VBZ a DT very RB thin JJ piece NN of IN steel NN , , radically RB reduces VBZ the DT costs NNS of IN making VBG flat-rolled JJ sheets NNS . . An DT ebullient JJ Kenneth NNP Iverson NNP , , Nucor NNP 's POS chairman NN , , says VBZ the DT company NN 's POS plant NN eventually RB will MD make VB a DT ton NN of IN steel NN in IN 1.5 CD man NN hours NNS , , compared VBN with IN four CD to TO six CD man NN hours NNS at IN a DT conventional JJ mill NN . . `` `` We PRP 've VBP had VBD the DT Russians NNPS and CC Chinese NNPS , , and CC people NNS from IN India NNP visiting VBG us PRP , , '' '' Mr. NNP Iverson NNP beams VBZ . . `` `` Everyone NN in IN the DT world NN is VBZ watching VBG us PRP very RB closely RB . . '' '' Especially RB his PRP$ neighbors NNS , , the DT major JJ U.S. NNP steelmakers NNS . . Already RB , , USX NNP Corp. NNP and CC Armco NNP Inc. NNP are VBP studying VBG Nucor NNP 's POS technology NN to TO see VB if IN they PRP can MD adopt VB it PRP . . Says VBZ the DT chief JJ executive NN officer NN of IN a DT major JJ Midwest NNP steel NN company NN : : `` `` It PRP 's VBZ damn RB worrisome JJ . . '' '' The DT once-staid JJ steel NN industry NN is VBZ about IN to TO be VB turned VBN topsy-turvy RB by IN a DT 1990s NNS technology NN revolution NN . . New JJ , , efficient JJ and CC sophisticated JJ processes NNS make VBP it PRP easier RBR for IN smaller JJR , , less RBR cash-rich JJ companies NNS to TO make VB steel NN at IN a DT fraction NN of IN what WP Big NNP Steel NNP paid VBD decades NNS ago RB . . It PRP also RB enables VBZ minimills NNS finally RB to TO get VB a DT toehold NN in IN the DT flat-rolled JJ steel NN market NN -- : the DT major JJ steelmakers NNS ' POS largest JJS , , most RBS prized JJ , , and CC until IN now RB , , untouchable JJ , , market NN . . But CC such JJ thin-slab JJ technology NN is VBZ only RB the DT beginning NN . . Eager JJ engineers NNS espouse VBP direct-steelmaking NN and CC direct JJ casting NN , , which WDT by IN the DT end NN of IN the DT 1990s NNS will MD enable VB production NN without IN coke NN ovens NNS and CC blast NN furnaces NNS . . Those DT massive JJ structures NNS , , while IN posing VBG cost NN and CC environmental JJ headaches NNS , , effectively RB locked VBD out RP all DT but CC deep-pocketed JJ giants NNS from IN steelmaking NN . . `` `` There EX 's VBZ a DT revolution NN ahead RB of IN us PRP that WDT will MD ultimately RB change VB the DT way NN we PRP market VBP and CC distribute VBP steel NN , , '' '' says VBZ William NNP Dennis NNP , , vice NN president NN , , manufacturing NN and CC technology NN , , for IN the DT American NNP Iron NNP Ore NNP and CC Steel NNP Institute NNP . . It PRP is VBZ n't RB that RB major JJ steelmakers NNS have VBP blithely RB ignored VBN high JJ technology NN . . In IN fact NN , , they PRP 've VBP spent VBN billions NNS of IN dollars NNS to TO boost VB the DT percentage NN of IN continously RB cast VBN steel NN to TO 60.9 CD % NN in IN 1988 CD , , from IN 39.6 CD % NN five CD years NNS before RB . . Moreover RB , , their PRP$ balance NN sheets NNS are VBP rich JJ with IN diversity NN , , their PRP$ old JJ plants NNS shuttered JJ , , and CC work NN forces NNS lean JJ . . But CC that DT wo MD n't RB suffice VB . . `` `` It PRP 's VBZ no RB longer RB enough JJ to TO beat VB the DT guy NN down IN the DT street NN . . You PRP have VBP to TO beat VB everyone NN around IN the DT world NN , , '' '' says VBZ Mr. NNP Dennis NNP . . He PRP wants VBZ to TO see VB steelmakers NNS more RBR involved JJ in IN computers NNS and CC artificial JJ intelligence NN . . The DT problem NN : : They PRP 're VBP saddled VBN with IN huge JJ plants NNS that WDT require VBP costly JJ maintenance NN . . And CC try VB plying VBG new JJ dollars NNS free RB in IN a DT market NN that WDT is VBZ softening VBG , , hurt JJ by IN a DT strong JJ dollar NN and CC concerned JJ about IN overcapacity NN -- : the DT industry NN 's POS Darth NNP Vadar NNP . . `` `` The DT technology NN revolution NN is VBZ going VBG to TO be VB very RB threatening JJ to TO established JJ producers NNS , , '' '' says VBZ Peter NNP Marcus NNP , , an DT analyst NN with IN PaineWebber NNP Inc NNP . . `` `` They PRP 've VBP got VBN too RB much RB invested VBN in IN the DT old JJ stuff NN and CC they PRP ca MD n't RB get VB their PRP$ workers NNS to TO be VB flexible JJ . . '' '' No DT one NN expects VBZ minimills NNS to TO eclipse VB major JJ integrated JJ steelmakers NNS , , who WP remain VBP the DT undisputed JJ kings NNS of IN highest-quality JJS steel NN used VBN for IN autos NNS and CC refrigerators NNS . . Nucor NNP 's POS plant NN in IN Crawfordsville NNP , , Ind. NNP , , ultimately RB will MD produce VB only RB one CD million CD tons NNS annually RB , , a DT drop NN in IN the DT 40-million-ton-a-year JJ flat-rolled JJ steel NN bucket NN , , and CC it PRP will MD be VB years NNS before IN such JJ plants NNS can MD compete VB in IN the DT high-profit JJ market NN . . Still RB , , flat-rolled JJ is VBZ the DT steel NN industry NN 's POS bread NN and CC butter NN , , representing VBG about IN half NN of IN the DT 80 CD million CD tons NNS of IN steel NN expected VBN to TO be VB shipped VBN this DT year NN . . Moreover RB , , the DT process NN is VBZ n't RB without IN its PRP$ headaches NNS . . Because IN all DT operations NNS are VBP connected VBN , , one CD equipment NN failure NN forces VBZ a DT complete JJ plant NN shutdown NN . . On IN some DT days NNS , , the DT Nucor NNP plant NN does VBZ n't RB produce VB anything NN . . `` `` At IN this DT point NN , , the DT minimill NN capacity NN wo MD n't RB make VB a DT great JJ dent NN in IN the DT integrated JJ market NN , , but CC it PRP does VBZ challenge VB them PRP to TO develop VB new JJ markets NNS , , '' '' says VBZ James NNP McCall NNP , , vice NN president NN , , materials NNS , , at IN Battelle NNP , , a DT technology NN and CC management-research NN giant NN based VBN in IN Columbus NNP , , Ohio NNP . . Indeed RB , , with IN demand NN for IN steel NN not RB growing VBG fast RB enough RB to TO absorb VB capacity NN , , steelmakers NNS will MD have VB to TO change VB the DT way NN they PRP do VBP business NN . . In IN the DT past NN , , says VBZ Armco NNP 's POS chief JJ economist NN John NNP Corey NNP , , steelmakers NNS made VBD a DT product NN and CC set VBD it PRP out RP on IN the DT loading NN dock NN . . `` `` We PRP said VBD : : ` `` We PRP 've VBP got VBN a DT product NN : : if IN you PRP want VBP it PRP , , you PRP can MD buy VB it PRP , , ' '' '' '' he PRP says VBZ , , adding VBG : : `` `` Now RB we PRP 're VBP figuring VBG out RP what WP people NNS need VBP , , and CC are VBP going VBG back RP to TO make VB it PRP . . '' '' Armco NNP 's POS sales NNS representatives NNS visit VBP the DT General NNP Motors NNP Corp. NNP 's POS Fairfax NN assembly NN plant NN in IN Kansas NNP City NNP , , Mo. NNP , , two CD or CC three CD days NNS a DT week NN . . When WRB they PRP determined VBD that IN GM NNP needed VBD parts NNS more RBR quickly RB , , Armco NNP convinced VBD a DT steel NN service NN center NN to TO build VB a DT processing NN plant NN nearby RB so IN shipments NNS could MD be VB delivered VBN within IN 15 CD minutes NNS . . Cementing VBG such JJ relationships NNS with IN major JJ clients NNS -- : car NN and CC appliance NN makers NNS -- : is VBZ a DT means NN of IN survival NN , , especially RB when WRB those DT key JJ clients NNS are VBP relying VBG on IN a DT smaller JJR pool NN of IN producers NNS and CC flirting VBG with IN plastic NN and CC aluminum NN makers NNS . . For IN example NN , , when WRB Detroit NNP began VBD talking VBG about IN plastic-bodied JJ cars NNS , , the DT American NNP Iron NNP and CC Steel NNP Institute NNP began VBD a DT major JJ lobbying NN effort NN to TO show VB auto NN makers NNS how WRB they PRP could MD use VB steel NN more RBR efficiently RB by IN simply RB redesigning VBG how WRB a DT car NN door NN is VBZ assembled VBN . . But CC steelmakers NNS must MD also RB find VB new JJ markets NNS . . After IN letting VBG aluminum-makers NNS take VB the DT recycling NN lead NN , , a DT group NN of IN the DT nation NN 's POS largest JJS steelmakers NNS started VBD a DT recycling NN institute NN to TO promote VB steel NN cans NNS to TO an DT environmentally RB conscious JJ nation NN . . Battelle NNP 's POS Mr. NNP McCall NNP thinks VBZ steelmakers NNS should MD concentrate VB more RBR on IN construction NN . . Weirton NNP Steel NNP Corp. NNP , , Weirton NNP , , W. NNP Va. NNP , , for IN example NN , , is VBZ touting VBG to TO homeowners NNS fashionable JJ steel NN doors NNS , , with IN leaded JJ glass NN inserts NNS , , as IN a DT secure JJ and CC energy-efficient JJ alternative NN to TO wooden JJ or CC aluminum JJ ones NNS . . Other JJ steelmakers NNS envision VBP steel NN roofs NNS covering VBG suburbia NN . . Still RB others NNS are VBP looking VBG at IN overseas JJ markets NNS . . USX NNP is VBZ funneling VBG drilling NN pipe NN to TO steel-hungry JJ Soviet NNP Union NNP . . This DT year NN , , the DT nation NN 's POS largest JJS steelmaker NN reactivated VBD its PRP$ overseas JJ sales NNS operation NN . . Producers NNS also RB are VBP trying VBG to TO differentiate VB by IN concentrating VBG on IN higher-profit JJR output NN , , such JJ as IN coated JJ and CC electrogalvanized JJ products NNS , , which WDT remain VBP beyond IN the DT reach NN of IN minimills NNS . . Almost RB all DT capital-improvement NN programs NNS announced VBN by IN major JJ steelmakers NNS within IN the DT past NN year NN involve VBP building VBG electrogalvanizing VBG lines NNS , , used VBN to TO produce VB steel NN for IN such JJ products NNS as IN household NN appliances NNS and CC car NN doors NNS . . But CC unfortunately RB , , that IN segment NN is VBZ much RB smaller JJR than IN the DT bread-and-butter JJ flat-rolled JJ steel NN . . `` `` It PRP 's VBZ like IN everyone NN climbing VBG out IN of IN the DT QE NNP II NNP and CC getting VBG into IN a DT lifeboat NN , , '' '' says VBZ John NNP Jacobson NNP , , an DT analyst NN with IN AUS NNP Consultants NNP . . `` `` After IN a DT while NN , , someone NN has VBZ to TO go VB over IN the DT side NN . . '' '' Although IN he PRP does VBZ n't RB expect VB any DT bankruptcies NNS , , he PRP does VBZ see VB more JJR plants NNS being VBG sold VBN or CC closed VBN . . Robert NNP Crandall NNP , , with IN the DT Brookings NNP Institute NNP , , agrees VBZ . . `` `` Unless IN there EX is VBZ an DT enormous JJ rate NN of IN economic JJ growth NN or CC a DT further JJR drop NN in IN the DT dollar NN , , it PRP 's VBZ unlikely JJ that IN consumption NN of IN U.S. NNP produced VBN steel NN will MD grow VB sufficiently RB to TO offset VB the DT growth NN of IN minimills NNS . . '' '' Not RB to TO mention VB the DT incursion NN of IN imports NNS . . Japanese JJ and CC European JJ steelmakers NNS , , which WDT have VBP led VBN the DT recent JJ technology NN developments NNS , , are VBP anxiously RB awaiting VBG the DT lifting NN of IN trade NN restraints NNS in IN 1992 CD . . Moreover RB , , the DT U.S. NNP can MD expect VB more JJR competition NN from IN low-cost JJ producing VBG Pacific NNP Rim NNP and CC Latin JJ American JJ countries NNS . . A DT Taiwanese JJ steelmaker NN recently RB announced VBD plans NNS to TO build VB a DT Nucor-like JJ plant NN . . `` `` People NNS think VBP of IN the DT steel NN business NN as IN an DT old JJ and CC mundane JJ smokestack NN business NN , , '' '' says VBZ Mr. NNP Iverson NNP . . `` `` They PRP 're VBP dead RB wrong JJ . . '' '' \* SYM USX NNP , , LTV NNP , , Bethlehem NNP , , Inland NNP , , Armco NNP , , National NNP Steel NNP \*\* SYM Projected VBN Polaroid NNP Corp. NNP 's POS patent-infringement NN damages NNS case NN against IN Eastman NNP Kodak NNP Co. NNP , , one CD of IN the DT highest JJS stakes NNS corporate JJ trials NNS ever RB , , is VBZ getting VBG scant JJ attention NN on IN Wall NNP Street NNP . . After IN 78 CD days NNS of IN mind-numbing JJ testimony NN in IN federal JJ court NN in IN Boston NNP , , the DT trial NN is VBZ being VBG all DT but CC ignored VBN by IN analysts NNS and CC patent NN attorneys NNS . . Most JJS have VBP read VBN the DT pre-trial NN documents NNS , , however RB , , and CC estimate VBP Kodak NNP will MD be VB ordered VBN to TO pay VB $ $ 1 CD billion CD to TO $ $ 1.5 CD billion CD for IN infringing VBG on IN seven CD Polaroid NNP patents NNS . . That DT may MD be VB the DT largest JJS patent NN award NN ever RB , , but CC it PRP is VBZ well RB below IN the DT $ $ 12 CD billion CD Polaroid NNP seeks VBZ . . The DT highest JJS patent NN damage NN award NN to TO date NN was VBD in IN 1986 CD , , when WRB Smith NNP International NNP Inc. NNP was VBD ordered VBN to TO pay VB $ $ 205 CD million CD to TO Baker NNP Hughes NNP Inc. NNP for IN infringing VBG on IN a DT patent NN on IN an DT oil NN drilling NN bit NN seal NN . . The DT two CD companies NNS later RB agreed VBD to TO settle VB for IN $ $ 95 CD million CD . . Few JJ analysts NNS think VBP it PRP is VBZ worth JJ their PRP$ time NN to TO slog VB through IN the DT Polaroid NNP trial NN testimony NN . . `` `` It PRP 's VBZ like IN panning VBG for IN gold JJ outside NN of IN Grand NNP Central NNP Station NNP . . You PRP might MD find VB something NN , , but CC the DT chances NNS are VBP low JJ , , '' '' said VBD Michael NNP Ellman NNP , , an DT analyst NN at IN Wertheim NNP Schroder NNP & CC Co NNP . . And CC Eugene NNP Glazer NNP , , an DT analyst NN at IN Dean NNP Witter NNP Reynolds NNP Inc. NNP , , said VBD : : `` `` If IN you PRP hired VBD an DT attorney NN to TO be VB there RB all PDT the DT time NN and CC give VB you PRP a DT ( ( prediction NN ) ) of IN the DT eventual JJ award NN , , I PRP would MD be VB willing JJ to TO bet VB that IN he PRP would MD be VB off RP '' '' by IN a DT lot NN . . A DT 75-day JJ trial NN in IN the DT early JJ 1980s NNS determined VBD that DT Kodak NNP , , based VBN in IN Rochester NNP , , N.Y. NNP , , infringed VBD on IN patents NNS of IN Polaroid NNP , , of IN Cambridge NNP , , Mass NNP . . The DT main JJ issues NNS remaining VBG are VBP how WRB to TO calculate VB damages NNS and CC whether IN the DT infringement NN was VBD `` `` willful JJ and CC deliberate JJ . . '' '' If IN so RB , , the DT damages NNS could MD be VB tripled VBN . . Two CD analysts NNS who WP have VBP read VBN the DT transcripts NNS , , David NNP Nelson NNP of IN Shearson NNP Lehman NNP Hutton NNP Inc. NNP and CC Calvert NNP D. NNP Crary NNP , , a DT litigation NN analyst NN at IN Labe NNP , , Simpson NNP & CC Co. NNP , , think VBP Judge NNP A. NN David NNP Mazzone NNP will MD decide VB in IN Kodak NNP 's POS favor NN on IN the DT `` `` willful JJ and CC deliberate JJ '' '' issue NN . . Mr. NNP Crary NNP said VBD testimony NN by IN Kodak NNP 's POS patent NN counsel NN , , Francis NNP T. NNP Carr NNP of IN Kenyon NNP & CC Kenyon NNP , , showed VBD that IN `` `` he PRP worked VBD with IN Kodak NNP continuously RB from IN the DT outset NN of IN the DT project NN '' '' in IN an DT effort NN to TO avoid VB infringement NN . . `` `` Carr NNP told VBD Kodak NNP on IN many JJ occasions NNS to TO avoid VB various JJ features NNS because IN of IN Polaroid NNP 's POS patent NN positions NNS , , '' '' and CC Kodak NNP followed VBD his PRP$ advice NN in IN every DT instance NN , , Mr. NNP Crary NNP said VBD . . But CC Irving NNP Kayton NNP , , a DT patent NN expert NN at IN George NNP Mason NNP University NNP School NNP of IN Law NNP who WP is VBZ familiar JJ with IN the DT case NN , , said VBD the DT fact NN that IN seven CD patents NNS were VBD infringed VBN `` `` suggests VBZ that DT infringement NN was VBD willful JJ . . It PRP 's VBZ difficult JJ to TO be VB that IN consistently RB wrong JJ . . '' '' Observers NNS also RB wonder VBP whether IN Judge NNP Mazzone NNP will MD use VB the DT lost-profits JJ method NN of IN determining VBG damages NNS , , which WDT Polaroid NNP favors VBZ because IN it PRP would MD result VB in IN a DT larger JJR award NN , , or CC the DT reasonable JJ royalty NN method NN . . Polaroid NNP claims VBZ it PRP could MD have VB manufactured VBN and CC sold VBN all PDT the DT instant NN cameras NNS and CC film NN sold VBN by IN Kodak NNP if IN Kodak NNP had VBD n't RB entered VBN the DT market NN . . Moreover RB , , Polaroid NNP contends VBZ it PRP could MD have VB sold VBN them PRP at IN a DT higher JJR price NN -- : and CC thus RB made VBD higher JJR profits NNS -- : because IN it PRP would MD n't RB have VB been VBN forced VBN to TO match VB Kodak NNP 's POS lower JJR prices NNS . . Each DT side NN has VBZ called VBN a DT Harvard NNP Business NNP School NNP professor NN to TO testify VB on IN that DT issue NN . . Kodak NN hired VBD Robert NNP Buzzell NNP and CC Polaroid NNP brought VBD in RP Robert NNP J. NNP Dolan NNP . . `` `` There EX 's VBZ nothing NN that WDT says VBZ that IN people NNS at IN Harvard NNP Business NNP school NN have VBP to TO agree VB with IN each DT other JJ , , '' '' said VBD Mr. NNP Buzzell NNP . . Testimony NN is VBZ expected VBN to TO continue VB until IN early JJ December NNP . . A DT decision NN is VBZ n't RB expected VBN until IN some DT time NN next IN year NN . . International NNP Business NNP Machines NNPS Corp. NNP said VBD earnings NNS tumbled VBD 30 CD % NN in IN the DT third JJ quarter NN , , even RB a DT bit RB further RBR than IN expected VBN , , rendering VBG the DT outlook NN doubtful JJ for IN the DT next JJ few JJ quarters NNS . . The DT main JJ reason NN was VBD a DT delay NN in IN shipment NN of IN new JJ high-end JJ disk NN drives NNS , , a DT business NN that WDT accounts VBZ for IN some DT 10 CD % NN of IN IBM NNP 's POS $ $ 60 CD billion CD of IN annual JJ revenue NN . . IBM NNP , , which WDT telegraphed VBD the DT poor JJ results NNS three CD weeks NNS ago RB , , also RB cited VBD an DT increase NN in IN its PRP$ leasing NN business NN , , which WDT tends VBZ to TO lock VB in RP business NN long-term NNS but CC cut VBN revenue NN in IN the DT near JJ term NN . . In IN addition NN , , IBM NNP noted VBD that IN the DT stronger JJR dollar NN has VBZ cut VBN the DT value NN of IN overseas JJ revenue NN and CC earnings NNS when WRB they PRP are VBP translated VBN into IN dollars NNS . . Earnings NNS fell VBD to TO $ $ 877 CD million CD , , or CC $ $ 1.51 CD a DT share NN , , somewhat RB below IN securities NNS analysts NNS ' POS revised JJ expectations NNS of IN around IN $ $ 1.60 CD a DT share NN . . That IN compared VBN with IN the DT year-earlier JJ $ $ 1.25 CD billion CD , , or CC $ $ 2.10 CD a DT share NN -- : which WDT was VBD inflated VBN by IN a DT 15-cents-a-share JJ gain NN from IN the DT sale NN of IN some DT MCI NNP Communications NNPS Corp. NNP stock NN and CC by IN an DT unspecified JJ amount NN from IN a DT payment NN by IN Fujitsu NNP Ltd. NNP relating VBG to TO a DT software NN dispute NN . . Revenue NN climbed VBD 4.3 CD % NN to TO $ $ 14.31 CD billion CD from IN $ $ 13.71 CD billion CD . . IBM NNP , , Armonk NNP , , N.Y. NNP , , remained VBD upbeat JJ . . The DT computer NN giant NN , , whose WP$ U.S. NNP results NNS have VBP been VBN dismal JJ for IN years NNS , , noted VBN that DT revenue NN rose VBD again RB in IN the DT U.S. NNP in IN the DT third JJ quarter NN , , following VBG an DT increase NN in IN the DT second JJ period NN . . The DT company NN said VBD in IN a DT statement NN that IN `` `` demand NN for IN IBM NNP products NNS and CC services NNS continues VBZ to TO be VB good JJ world-wide RB . . We PRP do VBP not RB see VB anything NN in IN the DT fundamentals NNS of IN our PRP$ business NN that WDT would MD cause VB us PRP to TO change VB our PRP$ strategy NN of IN investing VBG for IN profitable JJ growth NN . . '' '' Securities NNS analysts NNS , , however RB , , remained VBD downbeat JJ . . `` `` I PRP think VBP 1990 CD will MD be VB another DT mediocre JJ year NN , , '' '' said VBD Steve NNP Milunovich NNP of IN First NNP Boston NNP . . Jay NNP Stevens NNP of IN Dean NNP Witter NNP actually RB cut VBD his PRP$ per-share JJ earnings NNS estimate NN to TO $ $ 9 CD from IN $ $ 9.50 CD for IN 1989 CD and CC to TO $ $ 9.50 CD from IN $ $ 10.35 CD in IN 1990 CD because IN he PRP decided VBD sales NNS would MD be VB even RB weaker JJR than IN he PRP had VBD expected VBN . . Both DT estimates NNS would MD mark VB declines NNS from IN the DT 1988 CD net NN of IN $ $ 5.81 CD billion CD , , or CC $ $ 9.80 CD a DT share NN , , which WDT itself PRP was VBD well RB below IN the DT record NN IBM NNP set VBD in IN 1984 CD . . Mr. NNP Stevens NNP said VBD he PRP kept VBD a DT `` `` buy\/hold JJ '' '' recommendation NN on IN the DT stock NN only RB because IN `` `` all PDT the DT damage NN has VBZ been VBN done VBN . . '' '' He PRP said VBD the DT stock NN has VBZ n't RB traded VBN below IN 1 CD 1\/2 CD times CC book NN value NN over IN the DT past JJ 10 CD years NNS , , which WDT at IN the DT moment NN computes VBZ to TO a DT stock NN price NN of IN $ $ 100 CD . . The DT stock NN closed VBD yesterday NN at IN $ $ 103 CD a DT share NN , , up RB just RB $ $ 1 CD in IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP as IN the DT market NN surged VBD . . Analysts NNS worry VBP that IN the DT disk-drive NN and CC leasing NN problems NNS will MD last VB at IN least JJS through IN the DT first JJ quarter NN . . `` `` A DT key JJ part NN of IN the DT question NN is VBZ , , how WRB soon RB does VBZ this DT disk-drive NN come VB and CC how WRB soon RB does VBZ production NN ramp VB up RP ? . '' '' said VBD Steve NNP Cohen NNP at IN SoundView NNP Financial NNP Group NNP . . `` `` And CC the DT input NN I PRP 've VBP had VBN from IN customers NNS is VBZ that IN it PRP still RB could MD be VB a DT while NN . . '' '' On IN leasing NN , , Bob NNP Djurdjevic NNP at IN Annex NNP Research NNP said VBD he PRP thinks VBZ IBM NNP has VBZ hurt VBN itself PRP unnecessarily RB . . He PRP said VBD IBM NNP has VBZ priced VBN its PRP$ leases NNS aggressively RB , , thinking VBG that DT would MD help VB win VB business NN . . But CC he PRP said VBD IBM NNP would MD have VB won VBN the DT business NN anyway RB as IN a DT sale NN to TO a DT third JJ party NN that WDT would MD have VB then RB leased VBN the DT equipment NN to TO the DT customer NN . . He PRP said VBD IBM NNP has VBZ not RB only RB hurt VB its PRP$ short-term JJ revenue NN outlook NN but CC has VBZ also RB been VBN losing VBG money NN on IN its PRP$ leases NNS . . Bob NNP Bardagy NNP , , executive NN vice NN president NN of IN marketing NN at IN Comdisco NNP Inc. NNP , , a DT huge JJ leasing NN firm NN , , said VBD : : `` `` To TO put VB it PRP mildly RB , , IBM NNP Credit NNP has VBZ been VBN doing VBG some DT of IN the DT worst JJS economic JJ deals NNS of IN any DT leasing NN company NN we PRP have VBP ever RB seen VBN . . '' '' IBM NNP is VBZ expected VBN to TO get VB a DT boost NN soon RB when WRB it PRP announces VBZ some DT new JJ versions NNS of IN its PRP$ mainframes NNS . . But CC the DT basic JJ technology NN in IN the DT line NN is VBZ almost RB five CD years NNS old JJ , , which WDT means VBZ it PRP is VBZ long JJ in IN the DT tooth NN , , and CC competitors NNS are VBP rolling VBG out RP strong JJ products NNS of IN their PRP$ own JJ . . IBM NNP is VBZ gaining VBG momentum NN in IN the DT personal-computer NN market NN , , and CC is VBZ expected VBN to TO introduce VB some DT impressive JJ workstations NNS early JJ next JJ year NN . . But CC it PRP 's VBZ hard JJ to TO squeeze VB much JJ profit NN out IN of IN the DT personal-computer NN business NN these DT days NNS , , and CC the DT workstation NN market NN , , while IN important JJ , , is VBZ too RB small JJ to TO rely VB on RP for IN much JJ growth NN . . The DT disk NN drives NNS will MD doubtless RB sell VB well RB when WRB they PRP finally RB become VBP available JJ . . But CC the DT AS\/400 NN , , IBM NNP 's POS highly RB successful JJ minicomputer NN line NN , , is VBZ losing VBG its PRP$ momentum NN , , and CC some DT analysts NNS said VBD sales NNS could MD even RB decline VB in IN the DT fourth JJ quarter NN . . In IN addition NN , , IBM NNP 's POS growth NN in IN software NN in IN the DT third JJ quarter NN was VBD just RB 8.8 CD % NN , , well RB below IN historical JJ levels NNS even RB when WRB adjusted VBN to TO reflect VB last JJ year NN 's POS payment NN from IN Fujitsu NNP and CC the DT stronger JJR dollar NN . . And CC expenses NNS , , up RB 7.9 CD % NN in IN the DT quarter NN , , have VBP stayed VBN stubbornly RB high JJ . . In IN the DT nine CD months NNS , , IBM NNP earned VBD $ $ 3.17 CD billion CD , , or CC $ $ 5.43 CD a DT share NN , , down RB 8.4 CD % NN from IN the DT year-earlier JJ $ $ 3.46 CD billion CD , , or CC $ $ 5.83 CD a DT share NN . . Revenue NN increased VBN 6.5 CD % NN to TO $ $ 42.25 CD billion CD from IN $ $ 39.68 CD billion CD . . PepsiCo NNP Inc. NNP 's POS chairman NN said VBD he PRP is VBZ `` `` more RBR than IN comfortable JJ with IN '' '' analysts NNS ' POS estimates NNS that IN third-quarter JJ earnings NNS rose VBD to TO at IN least JJS 98 CD cents NNS to TO $ $ 1 CD a DT share NN from IN 91 CD cents NNS the DT year NN earlier RB . . D. NNP Wayne NNP Calloway NNP , , also RB chief JJ executive NN officer NN of IN the DT company NN , , indicated VBD that IN he PRP expects VBZ analysts NNS to TO raise VB their PRP$ forecasts NNS for IN 1989 CD after IN the DT company NN releases VBZ its PRP$ earnings NNS today NN . . So RB far RB , , analysts NNS have VBP said VBN they PRP are VBP looking VBG for IN $ $ 3.30 CD to TO $ $ 3.35 CD a DT share NN . . After IN today NN 's POS announcement NN , , that DT range NN could MD increase VB to TO $ $ 3.35 CD to TO $ $ 3.40 CD a DT share NN . . The DT official NN said VBD he PRP also RB would MD be VB comfortable JJ with IN that DT new JJ range NN . . In IN 1988 CD , , the DT soft-drink NN giant NN earned VBN $ $ 2.90 CD a DT share NN . . Results NNS for IN 1989 CD will MD include VB about IN 40 CD cents NNS a DT share NN from IN the DT dilutive JJ effects NNS of IN snack-food NN and CC bottling NN company NN acquisitions NNS . . In IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , the DT company NN closed VBD yesterday NN at IN $ $ 57.125 CD a DT share NN , , up RB $ $ 3.125 CD . . The DT company NN said VBD third-quarter JJ sales NNS are VBP expected VBN to TO increase VB 25 CD % NN from IN $ $ 3.12 CD billion CD of IN last JJ year NN 's POS third JJ quarter NN . . Domestic JJ soft-drink NN bottler NN case NN sales NNS are VBP estimated VBN to TO have VB risen VBN only RB 1 CD % NN in IN the DT third JJ quarter NN -- : well RB below IN the DT 4 CD % NN to TO 5 CD % NN growth NN of IN recent JJ years NNS -- : but CC about IN in IN line NN with IN the DT rest NN of IN the DT soft-drink NN industry NN . . Mr. NNP Calloway NNP blamed VBD the DT slower JJR volume NN on IN rainier JJR weather NN , , a DT dearth NN of IN new JJ products NNS in IN the DT industry NN and CC -- : to TO a DT much RB lesser JJR extent NN -- : pricing NN . . PepsiCo NNP said VBD its PRP$ soft-drink NN prices NNS were VBD about IN 2 CD % NN higher JJR in IN the DT quarter NN . . Mr. NNP Calloway NNP also RB noted VBD that DT soft-drink NN volume NN rose VBD a DT hefty JJ 9 CD % NN in IN last JJ year NN 's POS third JJ quarter NN , , making VBG the DT comparison NN more RBR difficult JJ . . International JJ soft-drink NN volume NN was VBD up RB about IN 6 CD % NN . . Snack-food NN tonnage NN increased VBD a DT strong JJ 7 CD % NN in IN the DT third JJ quarter NN , , while IN domestic JJ profit NN increased VBN in IN double JJ digits NNS , , Mr. NNP Calloway NNP said VBD . . Excluding NNP the DT British JJ snack-food NN business NN acquired VBN in IN July NNP , , snack-food NN international JJ tonnage NN jumped VBD 40 CD % NN , , with IN sales NNS strong JJ in IN Spain NNP , , Mexico NNP and CC Brazil NNP . . Total JJ snack-food NN profit NN rose VBD 30 CD % NN . . Led VBN by IN Pizza NNP Hut NNP and CC Taco NNP Bell NNP , , restaurant NN earnings NNS increased VBN about IN 25 CD % NN in IN the DT third JJ quarter NN on IN a DT 22 CD % NN sales NNS increase NN . . Same-store JJ sales NNS for IN Pizza NNP Hut NNP rose VBD about IN 13 CD % NN , , while IN Taco NNP Bell NNP 's POS increased VBN 22 CD % NN , , as IN the DT chain NN continues VBZ to TO benefit VB from IN its PRP$ price-value NN strategy NN . . Taco NNP Bell NNP has VBZ turned VBN around IN declining VBG customer NN counts NNS by IN permanently RB lowering VBG the DT price NN of IN its PRP$ tacos NNS . . Same JJ store-sales NN for IN Kentucky NNP Fried NNP Chicken NNP , , which WDT has VBZ struggled VBN with IN increased VBN competition NN in IN the DT fast-food NN chicken NN market NN and CC a DT lack NN of IN new JJ products NNS , , rose VBD only RB 1 CD % NN . . The DT operation NN , , which WDT has VBZ been VBN slow JJ to TO respond VB to TO consumers NNS ' POS shifting VBG tastes NNS away RB from IN fried JJ foods NNS , , has VBZ been VBN developing VBG a DT grilled-chicken JJ product NN that WDT may MD be VB introduced VBN nationally RB at IN the DT end NN of IN next JJ year NN . . The DT new JJ product NN has VBZ performed VBN well RB in IN a DT market NN test NN in IN Las NNP Vegas NNP , , Nev. NNP , , Mr. NNP Calloway NNP said VBD . . After IN a DT four-year JJ , , $ $ 7.7 CD billion CD acquisition NN binge NN that WDT brought VBD a DT major JJ soft-drink NN company NN , , soda NN bottlers NNS , , a DT fast-food NN chain NN and CC an DT overseas JJ snack-food NN giant NN to TO Pepsi NNP , , Mr. NNP Calloway NNP said VBD he PRP does VBZ n't RB expect VB any DT major JJ acquisition NN in IN the DT next JJ year NN or CC so RB . . But CC , , `` `` You PRP never RB can MD tell VB , , '' '' he PRP added VBD , , `` `` you PRP have VBP to TO take VB advantage NN of IN opportunities NNS . . President NNP Bush NNP chose VBD Martin NNP Allday NNP , , a DT longtime JJ friend NN from IN Texas NNP , , to TO be VB chairman NN of IN the DT Federal NNP Energy NNP Regulatory NNP Commission NNP . . Mr. NNP Allday NNP would MD succeed VB Martha NNP Hesse NNP , , who WP is VBZ resigning VBG . . The DT White NNP House NNP said VBD Ms. NNP Hesse NNP , , a DT Chicago NNP businesswoman NN who WP previously RB held VBD posts NNS at IN the DT Energy NNP Department NNP and CC FERC NNP , , is VBZ leaving VBG to TO become VB a DT vice NN president NN of IN First NNP Chicago NNP Corp NNP . . Mr. NNP Allday NNP , , an DT attorney NN in IN Midland NNP , , Texas NNP , , has VBZ been VBN solicitor NN at IN the DT Interior NNP Department NNP . . He PRP met VBD Mr. NNP Bush NNP in IN the DT 1950s NNS , , when WRB the DT president NN was VBD a DT young JJ oil NN man NN in IN Midland NNP and CC Mr. NNP Allday NNP was VBD a DT lawyer NN for IN an DT oil NN firm NN . . The DT FERC NNP is VBZ a DT five-member JJ commission NN that WDT regulates VBZ billions NNS of IN dollars NNS of IN interstate JJ wholesale JJ energy NN transactions NNS . . Mr. NNP Allday NNP 's POS appointment NN is VBZ subject JJ to TO confirmation NN by IN the DT Senate NNP . . Administration NN officials NNS said VBD a DT date NN for IN Ms. NNP Hesse NNP 's POS departure NN has VBZ n't RB been VBN set VBN . . CALIFORNIA NNP REAL NNP ESTATE NNP INVESTMENT NNP Corp. NNP said VBD its PRP$ directors NNS declared VBD a DT dividend NN of IN five CD cents NNS per IN Class NN A NNP common JJ stock NN payable JJ Nov. NNP 6 CD to TO stock VB of IN record NN Oct. NNP 16 CD . . The DT dividend NN represents VBZ the DT balance NN of IN its PRP$ regular JJ quarterly JJ payout NN of IN 10 CD cents NNS a DT share NN , , of IN which WDT half NN was VBD paid VBN July NNP 17 CD in IN a DT final JJ distribution NN prior RB to TO its PRP$ merger NN with IN B.B. NNP Real NNP Estate NNP Investment NNP Corp. NNP , , also RB in IN July NNP . . The DT company NN said VBD it PRP hopes VBZ to TO resume VB its PRP$ schedule NN of IN regular JJ quarterly JJ dividends NNS at IN the DT end NN of IN this DT year NN . . Hydro-Quebec NNP said VBD it PRP notified VBD Central NNP Maine NNP Power NNP Co. NNP it PRP will MD cancel VB a DT $ $ 4 CD billion CD contract NN to TO supply VB electricity NN to TO the DT Maine NNP utility NN . . The DT provincially RB owned VBN utility NN said VBD it PRP is VBZ tearing VBG up RP the DT deal NN because IN `` `` the DT contract NN 's POS objectives NNS ca MD n't RB be VB fulfilled VBN . . '' '' Hydro-Quebec NNP said VBD Maine NNP regulators NNS ' POS refusal NN to TO approve VB the DT contract NN earlier RB this DT year NN halted VBD work NN on IN transmission NN lines NNS and CC stopped VBD negotiations NNS for IN resale NN of IN electricity NN carried VBN through IN Maine NNP to TO other JJ utilities NNS . . `` `` It PRP would MD now RB be VB physically RB impossible JJ to TO begin VB deliveries NNS in IN 1992 CD , , '' '' a DT Hydro-Quebec NNP official NN said VBD . . The DT contract NN was VBD to TO run VB from IN 1992 CD to TO 2020 CD . . Under IN the DT contract NN Hydro-Quebec NNP was VBD to TO supply VB 400 CD megawatts NNS of IN power NN to TO Central NNP Maine NNP Power NNP starting VBG in IN 1992 CD , , 600 CD megawatts NNS starting VBG in IN 1995 CD and CC 900 CD megawatts NNS starting VBG in IN Hydro-Quebec NNP said VBD Maine NNP regulators NNS ' POS refusal NN to TO approve VB the DT contract NN means VBZ Central NNP Maine NNP Power NNP has VBZ lost VBN its PRP$ place NN in IN line NN . . `` `` We PRP wo MD n't RB sign VB any DT new JJ contracts NNS { ( with IN deliveries NNS } ) beginning VBG earlier RB than IN 2000 CD , , '' '' the DT Hydro-Quebec NNP official NN said VBD . . He PRP said VBD Hydro-Quebec NNP already RB has VBZ some DT `` `` customers NNS in IN mind NN '' '' for IN the DT power NN that WDT was VBD to TO be VB delivered VBN to TO Maine NNP . . `` `` Nothing NN has VBZ happened VBN since IN we PRP signed VBD the DT contract NN to TO undermine VB our PRP$ conviction NN that IN Hydro-Quebec NNP was VBD the DT lowest-cost JJS , , most RBS environmentally RB acceptable JJ choice NN for IN meeting VBG a DT part NN of IN our PRP$ customers NNS ' POS energy NN needs NNS through IN the DT year NN 2020 CD , , '' '' said VBD Central NNP Maine NNP senior JJ vice NN president NN Donald NNP F. NNP Kelly NNP . . Central NNP Maine NNP said VBD it PRP is VBZ evaluating VBG `` `` many JJ energy NN options NNS '' '' to TO make VB up RP for IN the DT lost VBN future NN power NN , , including VBG new JJ energy NN generation NN and CC management NN proposals NNS from IN New NNP England NNP , , and CC possibly RB new JJ Canadian JJ purchases NNS . . CHICAGO NNP - : Options NNS traders NNS were VBD among IN the DT big JJ victims NNS of IN Friday NNP 's POS plunging VBG stock NN market NN , , including VBG one CD small JJ firm NN that WDT required VBD an DT emergency NN $ $ 50 CD million CD bailout NN . . While IN Monday NNP 's POS rebounding VBG markets NNS helped VBD other JJ investors NNS recoup VB losses NNS , , many JJ options NNS customers NNS and CC professional JJ traders NNS in IN stock-index NN options NNS and CC the DT options NNS on IN takeover NN stocks NNS were VBD left VBN with IN multimillion-dollar JJ losses NNS , , traders NNS here RB and CC in IN New NNP York NNP said VBD . . Options NNS traders NNS were VBD hurt VBN worse RBR than IN others NNS on IN Friday NNP because IN of IN the DT highly RB volatile JJ nature NN of IN options NNS , , which WDT often RB rise VBP or CC fall VBP in IN value NN several JJ times NNS the DT amount NN of IN the DT price NN change NN in IN the DT individual JJ stock NN or CC index NN of IN stocks NNS on IN which WDT they PRP are VBP based VBN . . Thus RB , , options NNS traders NNS Friday NNP were VBD stuck VBN with IN losses NNS that WDT also RB were VBD several JJ times NNS larger JJR than IN those DT suffered VBN by IN many JJ stock NN traders NNS in IN New NNP York NNP . . Jeffrey NNP Miller NNP of IN Miller NNP Tabak NNP Hirsch NNP & CC Co. NNP said VBD that IN given VBN the DT high JJ degree NN of IN leverage NN in IN the DT options NNS market NN , , it PRP is VBZ `` `` very RB easy RB for IN these DT guys NNS to TO get VB wiped VBN out RP . . That DT may MD just RB be VB the DT nature NN of IN these DT highly RB leveraged JJ little JJ creatures NNS . . '' '' An DT options NNS contract NN gives VBZ the DT holder NN the DT right NN to TO buy VB ( ( call VB ) ) or CC sell VB ( ( put VB ) ) a DT specific JJ amount NN of IN stock NN , , or CC in IN this DT case NN the DT value NN of IN a DT stock NN index NN , , based VBN on IN a DT predetermined VBN price NN within IN a DT given VBN time NN period NN . . Options NNS traders NNS who WP , , in IN return NN for IN a DT small JJ fee NN , , or CC premium NN , , had VBD previously RB sold VBN put JJ options NNS on IN stocks NNS or CC stock NN indexes NNS were VBD forced VBN on IN Friday NNP to TO buy VB those DT contracts NNS back RP at IN the DT previously RB agreed VBN prices NNS , , which WDT were VBD substantially RB above IN those DT in IN the DT market NN as IN it PRP was VBD falling VBG . . They PRP then RB had VBD no DT choice NN in IN many JJ cases NNS but CC to TO sell VB the DT contracts NNS at IN prevailing VBG prices NNS -- : in IN most JJS cases NNS at IN a DT substantial JJ loss NN . . The DT latest JJS round NN of IN losses NNS is VBZ likely JJ to TO be VB a DT serious JJ blow NN to TO the DT Chicago NNP Board NNP Options NNPS Exchange NNP , , which WDT has VBZ never RB fully RB recovered VBN from IN the DT aftershock NN of IN Black NNP Monday NNP , , when WRB investors NNS fled VBD the DT market NN because IN of IN huge JJ losses NNS . . Making VBG matters NNS worse RBR was VBD the DT fact NN that IN late JJ Friday NNP afternoon NN the DT CBOE NNP halted VBD stock-index NN options NNS trading NN in IN step NN with IN the DT Chicago NNP Mercantile NNP Exchange NNP 's POS halt NN in IN stock-index NN futures NNS . . But CC while IN the DT Merc NNP reopened VBD a DT half NN hour NN later RB , , the DT CBOE NNP remained VBD closed JJ , , leaving VBG many JJ options NNS traders NNS unable JJ to TO make VB trades NNS that WDT might MD have VB reduced VBN the DT losses NNS . . CBOE NNP Chairman NNP Alger NNP `` `` Duke NNP '' '' Chapman NN , , said VBD that IN , , unlike IN the DT futures NNS market NN , , the DT options NNS exchange NN has VBZ to TO open VB in IN a DT rotation NN that WDT allows VBZ each DT different JJ options NNS series NN to TO trade NN . . Exchange NN officials NNS reasoned VBD that IN they PRP would MD n't RB have VB been VBN able JJ to TO make VB such JJ a DT rotation NN with IN the DT time NN remaining VBG Friday NNP afternoon NN , , and CC with IN the DT stock-index NN futures NNS on IN the DT verge NN of IN closing VBG for IN a DT second JJ and CC final JJ time NN , , the DT CBOE NNP reasoned VBD that IN its PRP$ best JJS course NN was VBD to TO remain VB closed JJ . . The DT damage NN was VBD so RB bad JJ at IN Fossett NNP Corp. NNP , , an DT options NNS trading NN firm NN here RB , , that IN it PRP was VBD forced VBN to TO transfer VB its PRP$ accounts NNS to TO First NNP Options NNPS of IN Chicago NNP , , a DT unit NN of IN Continental NNP Bank NNP Corp. NNP , , as IN a DT result NN of IN options NNS trading NN losses NNS . . Fosset NNP so RB far RB is VBZ the DT only JJ member NN of IN a DT financial JJ exchange NN to TO be VB forced VBN to TO be VB taken VBN over RP by IN another DT firm NN as IN a DT result NN of IN Friday NNP 's POS rout NN . . Fossett NNP still RB had VBD several JJ million CD dollars NNS in IN capital NN left VBN after IN Friday NNP 's POS close NN of IN trading NN , , but CC not RB enough RB that IN regulators NNS , , worried VBN about IN another DT potential JJ market NN plunge NN yesterday NN , , would MD let VB it PRP reopen VB for IN trading NN , , options NNS exchange NN officials NNS said VBD . . Thus RB , , in IN an DT unprecedented JJ arrangement NN underscoring VBG the DT seriousness NN of IN the DT transfer NN , , the DT CBOE NNP , , the DT American NNP Stock NNP Exchange NNP and CC the DT Options NNPS Clearing NNP Corp. NNP , , as RB well RB as IN the DT firm NN 's POS owner NN , , Stephen NNP Fossett NNP , , put VBN up RP a DT total NN of IN $ $ 50 CD million CD to TO guarantee VB the DT customer NN positions NNS being VBG transferred VBN to TO the DT bank NN holding VBG company NN subsidiary NN in IN case NN the DT market NN plunged VBD again RB yesterday RB . . S. NNP Waite NNP Rawls NNP III NNP , , vice NN chairman NN of IN Continental NNP Bank NNP , , First NNP Options NNP ' POS parent NN company NN , , said VBD the DT firm NN took VBD on RP about IN 160 CD accounts NNS formerly RB held VBN by IN Fossett NNP , , almost RB all DT of IN them PRP belonging VBG to TO professional JJ floor NN traders NNS . . `` `` Steve NNP and CC his PRP$ firm NN were VBD still RB worth JJ a DT lot NN of IN money NN , , '' '' Mr. NNP Rawls NNP said VBD . . `` `` A DT package NN of IN credit NN support NN was VBD put VBN together RP -- : including VBG the DT assets NNS of IN Steve NNP and CC his PRP$ firm NN . . '' '' The DT bailout NN was VBD cobbled VBN together RP over IN the DT weekend NN , , with IN officials NNS from IN the DT Federal NNP Reserve NNP Board NNP , , Securities NNPS and CC Exchange NNP Commission NNP , , Comptroller NNP of IN the DT Currency NNP and CC Treasury NNP as RB well RB as IN the DT options NNS exchanges NNS . . `` `` It PRP was VBD great JJ to TO have VB the DT luxury NN of IN time NN , , '' '' Mr. NNP Rawls NNP said VBD . . At IN one CD point NN , , an DT options NNS industry NN official NN had VBD to TO talk VB the DT Federal NNP Reserve NNP Bank NNP of IN Chicago NNP 's POS night NN watchman NN into IN giving VBG him PRP the DT home NN phone NN number NN of IN Silas NNP Keene NNP , , Chicago NNP Fed NNP president NN . . First NNP Options NNP did VBD n't RB have VB to TO put VB any DT money NN into IN the DT bailout NN . . Yesterday NN 's POS rally NN in IN the DT stock NN , , futures NNS and CC options NNS markets NNS led VBD CBOE NNP and CC Amex NNP officials NNS to TO conclude VB that IN the DT $ $ 50 CD million CD in IN guarantees NNS almost RB certainly RB wo MD n't RB need VB to TO be VB tapped VBN by IN First NNP Options NNPS . . The DT Fossett NNP firm NN had VBD some DT losses NNS and CC liquidity NN problems NNS during IN the DT October NNP 1987 CD crash NN as IN well RB , , Mr. NNP Rawls NNP said VBD . . A DT federal JJ official NN said VBD that IN Continental NNP Bank NNP worked VBD with IN securities NNS and CC banking NN regulators NNS over IN the DT weekend NN to TO fashion VB the DT Fossett NNP bailout NN , , but CC that IN conditions NNS were VBD n't RB dictated VBN by IN those DT agencies NNS . . `` `` It PRP was VBD their PRP$ business NN decision NN , , '' '' the DT official NN said VBD . . Officials NNS at IN Options NNPS Clearing NNP Corp. NNP , , which WDT processes VBZ all DT options NNS trades NNS for IN U.S. NNP exchanges NNS , , said VBD that IN the DT $ $ 50 CD million CD guarantee NN was VBD unprecedented JJ , , but CC was VBD necessary JJ to TO help VB insure VB the DT integrity NN of IN the DT options NNS markets NNS . . `` `` It PRP was VBD an DT extraordinary JJ situation NN that WDT needed VBD extraordinary JJ steps NNS , , '' '' said VBD Paul NNP Stevens NNP , , OCC NNP president NN and CC chief JJ operating VBG officer NN . . Mr. NNP Stevens NNP declined VBD to TO give VB the DT specific JJ contributions NNS to TO the DT $ $ 50 CD million CD guarantee NN from IN each DT participant NN . . But CC CBOE NNP and CC Amex NNP officials NNS said VBD that IN Options NNPS Clearing NNP Corp. NNP contributed VBD $ $ 20 CD million CD to TO the DT guarantee NN , , the DT CBOE NNP put VBD up RP $ $ 8 CD million CD , , the DT Amex NNP added VBD $ $ 4 CD million CD and CC $ $ 18 CD million CD came VBD from IN Mr. NNP Fossett NNP 's POS own JJ assets NNS . . Mr. NNP Fossett NNP could MD n't RB be VB reached VBN to TO comment VB . . Debora NNP Foster NNP takes VBZ off RP her PRP$ necklace NN , , settles VBZ herself PRP on IN a DT padded JJ chair NN and CC gently RB leans VBZ forward RB . . With IN a DT jazz-piano JJ tape NN playing VBG softly RB in IN the DT background NN , , the DT soothing VBG hands NNS of IN Sabina NNP Vidunas NNP begin VBP to TO work VB on IN Ms. NNP Foster NNP 's POS neck NN and CC shoulders NNS . . `` `` It PRP 's VBZ like IN an DT oasis NN in IN this DT room NN , , '' '' Ms. NNP Foster NNP purrs VBZ . . The DT room NN in IN question NN is VBZ the DT directors NNS ' POS lounge NN of IN H.J. NNP Heinz NNP Co. NNP , , 60 CD floors NNS above IN the DT bustle NN of IN Pittsburgh NNP . . There RB , , amid IN oil NN paintings NNS and CC marble NN tables NNS , , massages NNS are VBP administered VBN every DT Wednesday NNP . . `` `` On IN days NNS that IN I PRP 'm VBP really RB busy JJ , , '' '' says VBZ Ms. NNP Foster NNP , , who WP works VBZ in IN public JJ relations NNS for IN the DT company NN , , `` `` it PRP seems VBZ decadent JJ to TO take VB time NN off RP for IN a DT massage NN . . '' '' Although IN such JJ sessions NNS may MD never RB replace VB coffee NN breaks NNS , , on-site JJ massage NN , , as IN it PRP is VBZ known VBN in IN the DT trade NN , , is VBZ certainly RB infiltrating VBG corporate JJ America NNP . . In IN some DT companies NNS middle JJ managers NNS sneak VBP massage NN therapists NNS into IN the DT office NN , , fearful JJ that IN upper-level JJ executives NNS wo MD n't RB approve VB . . Ms. NNP Foster NNP 's POS indulgence NN is VBZ nothing NN like IN the DT oily JJ , , hour-long JJ rubfests NNS enjoyed VBN by IN spa NN visitors NNS . . Nor CC does VBZ it PRP at IN all DT resemble VB ( ( despite IN what WP some DT executives NNS think VBP ) ) the DT more RBR intimate JJ variety NN offered VBN at IN specialty NN parlors NNS in IN bad JJ parts NNS of IN town NN . . On IN the DT contrary NN , , office NN rubdowns NNS usually RB take VBP place NN in IN dimly RB lighted JJ conference NN rooms NNS , , where WRB stressed-out JJ employees NNS relax VBP in IN specially RB designed VBN chairs NNS , , fully RB clothed VBN . . The DT massages NNS last VBP 15 CD minutes NNS and CC typically RB cost VBP about IN $ $ 10 CD . . Some DT companies NNS , , including VBG Heinz NNP , , even RB pay VBP part NN of IN the DT fee NN . . Ms. NNP Vidunas NNP has VBZ been VBN seeing VBG some DT 15 CD clients NNS a DT visit NN since IN the DT program NN was VBD started VBN at IN Heinz NNP last JJ year NN . . Anthony NNP J.F. NNP O'Reilly NNP , , the DT company NN 's POS chairman NN , , swears VBZ by IN her PRP$ firm JJ touch NN , , saying VBG regular JJ massages NNS are VBP a DT balm NN for IN his PRP$ old JJ football NN injuries NNS . . Massage NN advocates NNS say VBP that IN kneading VBG the DT head NN , , shoulders NNS , , neck NN and CC back NN can MD go VB a DT long JJ way NN toward IN easing VBG tension NN and CC improving VBG morale NN . . They PRP also RB insist VBP that IN touching VBG is VBZ a DT basic JJ need NN , , as RB powerful JJ as IN the DT need NN for IN food NN or CC sleep NN , , and CC that IN the DT office NN is VBZ as RB good JJ a DT place NN as IN any DT to TO do VB it PRP . . `` `` The DT blood NN flows VBZ to TO your PRP$ head NN , , you PRP feel VBP lightheaded JJ and CC you PRP do VBP n't RB feel VB tension NN around IN the DT head NN or CC neck NN , , '' '' says VBZ Minnie NNP Morey NNP , , an DT operations NNS supervisor NN at IN the DT Social NNP Security NNP office NN in IN Grand NNP Rapids NNPS , , Mich. NNP , , where WRB massages NNS began VBD last JJ month NN . . `` `` When WRB you PRP leave VBP the DT room NN after IN your PRP$ massage NN , , people NNS say VBP you PRP look VBP like IN you PRP 're VBP glowing VBG . . '' '' Adds VBZ Candice NNP Ohlman NNP , , the DT 35-year-old JJ masseuse NN who WP plies VBZ her PRP$ trade NN in IN the DT Grand NNP Rapids NNPS office NN , , `` `` They PRP fall VBP in IN love NN with IN my PRP$ hands NNS . . '' '' Not RB everyone NN , , however RB , , is VBZ at IN ease NN with IN office NN massage NN . . Three CD years NNS ago RB , , the DT Internal NNP Revenue NNP Service NNP 's POS office NN in IN San NNP Jose NNP , , Calif. NNP , , opened VBD its PRP$ doors NNS to TO on-site JJ massage NN . . And CC even RB though IN employees NNS paid VBD the DT bill NN , , taxpayers NNS grumbled VBD . . `` `` Sometimes RB , , with IN the DT release NN of IN stress NN , , you PRP hear VBP ` `` oohs UH ' : and CC ` `` ahs UH ' : coming VBG out IN of IN the DT room NN , , '' '' explains VBZ Morgan NNP Banks NNP , , the DT agency NN 's POS health NN specialist NN . . `` `` And CC you PRP ca MD n't RB have VB taxpayers NNS coming VBG into IN an DT audit NN hearing VBG ` `` oohs UH ' : and CC ` `` ahs UH . . ' '' '' '' Last JJ month NN , , the DT complaints NNS intensified VBN and CC the DT massages NNS ended VBN . . `` `` Now RB we PRP 're VBP looking VBG for IN a DT room NN with IN thicker JJR walls NNS , , '' '' Ms. NNP Banks NNP says VBZ . . Massage NN also RB has VBZ an DT image NN problem NN to TO contend VB with IN . . Some DT masseurs NNS have VBP tried VBN to TO get VB around IN this DT by IN calling VBG themselves PRP `` `` bodyworkers NNS '' '' and CC describing VBG their PRP$ office NN visits NNS as IN `` `` reinvigoration NN breaks NNS . . '' '' But CC massage NN , , no DT matter NN how WRB chaste JJ , , is VBZ still RB associated JJ in IN many JJ minds NNS with IN seedy JJ fronts NNS for IN prostitution NN , , and CC that DT makes VBZ some DT executives NNS nervous JJ . . Last JJ year NN , , the DT research NN and CC development NN division NN of IN Weyerhaeuser NNP Co. NNP , , the DT large JJ wood-products NNS concern NN , , invited VBD a DT masseuse NN to TO its PRP$ Tacoma NNP , , Wash. NNP , , offices NNS . . Phil NNP Harms NNP , , a DT software NN engineer NN , , was VBD an DT eager JJ customer NN . . `` `` You PRP build VBP up RP a DT lot NN of IN tension NN working VBG at IN a DT terminal NN all DT day NN , , '' '' he PRP says VBZ . . But CC after IN about IN eight CD months NNS , , the DT vice NN president NN of IN the DT division NN , , Ed NNP Soule NNP , , learned VBD about IN the DT sessions NNS and CC brought VBD them PRP to TO a DT halt NN . . Mr. NNP Soule NNP says VBZ his PRP$ only JJ beef NN was VBD that IN the DT massages NNS were VBD being VBG given VBN in IN a DT company NN conference NN room NN ; : the DT department NN 's POS supervised JJ health NN facility NN would MD have VB been VBN fine JJ . . `` `` In IN my PRP$ view NN , , { ( massages NNS } ) should MD be VB managed VBN with IN an DT appropriate JJ mixture NN of IN males NNS and CC females NNS around IN , , '' '' he PRP says VBZ . . Given VBN such JJ attitudes NNS , , some DT corporate JJ masseurs NNS prefer VBP to TO go VB about IN their PRP$ business NN quietly RB . . Russell NNP Borner NNP of IN Park NNP Ridge NNP , , N.J. NNP , , says VBZ he PRP has VBZ been VBN working VBG for IN the DT past JJ year NN at IN a DT huge JJ chemical NN and CC manufacturing NN concern NN in IN New NNP York NNP -- : unbeknownst JJ to TO the DT company NN 's POS executives NNS . . He PRP visits VBZ the DT same JJ department NN every DT two CD or CC three CD weeks NNS . . His PRP$ massage NN chair NN is VBZ kept VBN in IN a DT closet NN , , and CC a DT secretary NN escorts VBZ him PRP past RB security NN . . `` `` This DT is VBZ common JJ with IN a DT lot NN of IN large JJ companies NNS , , '' '' says VBZ Mr. NNP Borner NNP , , who WP worked VBD for IN American NNP Telephone NNP & CC Telegraph NNP Co. NNP for IN 23 CD years NNS before IN choosing VBG his PRP$ current JJ trade NN . . Managers NNS , , he PRP contends VBZ , , `` `` are VBP afraid JJ how WRB they PRP 're VBP going VBG to TO look VB in IN the DT eyes NNS of IN their PRP$ peers NNS . . My PRP$ vision NN is VBZ to TO change VB human JJ consciousness NN towards IN touch NN . . My PRP$ attitude NN is VBZ : : Let VB 's PRP come VB out IN of IN the DT closet NN . . '' '' Occasionally RB , , all DT that WDT 's VBZ needed VBN is VBZ a DT little RB coaxing VBG . . Elisa NNP Byler NNP , , a DT St. NNP Louis NNP masseuse NN , , won VBN over RP officials NNS at IN Emerson NNP Electric NNP Co. NNP , , a DT maker NN of IN electrical JJ and CC electronic JJ equipment NN , , by IN providing VBG documents NNS and CC other JJ articles NNS trumpeting VBG the DT therapeutic JJ benefits NNS of IN massage NN . . She PRP notes VBZ that IN she PRP also RB stresses VBZ professionalism NN during IN her PRP$ weekly JJ visits NNS . . `` `` I PRP pull VBP my PRP$ hair NN back RB , , wear VBP a DT little JJ makeup NN and CC look VBP corporate JJ , , '' '' says VBZ Ms. NNP Byler NNP , , who WP has VBZ been VBN visiting VBG Emerson NNP since IN January NNP . . `` `` If IN I PRP go VBP in IN there RB as IN I PRP normally RB dress VBP , , they PRP 'd MD ask VB , , ` `` Who WP is VBZ this DT hippie NN ? . ' '' '' '' The DT self-proclaimed JJ father NN of IN on-site JJ massage NN is VBZ David NNP Palmer NNP , , a DT 41-year-old JJ San NNP Francisco NNP masseur NN whose WP$ mission NN is VBZ to TO save VB the DT touch-starved JJ masses NNS . . To TO help VB do VB this DT , , Mr. NNP Palmer NNP developed VBD a DT portable JJ massage NN chair NN three CD years NNS ago RB that IN he PRP hopes VBZ will MD bring VB `` `` structured JJ touching NN '' '' into IN mainstream NN America NNP . . `` `` The DT culture NN is VBZ not RB ready JJ to TO take VB off RP its PRP$ clothes NNS , , lie VB down RB and CC be VB touched VBN for IN an DT hour NN for IN $ $ 45 CD , , '' '' he PRP says VBZ . . `` `` The DT idea NN is VBZ to TO keep VB the DT clothes NNS on RP and CC to TO keep VB people NNS seated VBN . . The DT chair NN is VBZ a DT way NN to TO package VB massage NN . . '' '' Sitting VBG in IN one CD of IN Mr. NNP Palmer NNP 's POS chairs NNS , , which WDT cost VBD $ $ 425 CD and CC have VBP since IN been VBN copied VBN by IN others NNS , , is VBZ a DT bit NN like IN straddling VBG a DT recliner NN . . Customers NNS lean VBP forward RB , , rest VBP their PRP$ knees NNS on IN side NN supports NNS and CC bury VBP their PRP$ face NN in IN padding NN on IN the DT back NN of IN the DT chair NN . . ( ( Ms. NNP Ohlman NNP , , the DT Grand NNP Rapids NNP masseuse NN , , says VBZ she PRP has VBZ heard VBN the DT odd-looking JJ contraption NN compared VBN to TO something NN out IN of IN the DT Spanish NNP Inquisition NNP . . ) ) Mr. NNP Palmer NNP , , who WP serves VBZ as IN president NN of IN the DT On-Site NNP Massage NNP Association NNP and CC writes VBZ an DT industry NN newsletter NN , , says VBZ some DT 4,000 CD practitioners NNS -- : out IN of IN about IN 50,000 CD certified JJ masseurs NNS across IN the DT country NN -- : now RB use VBP massage NN chairs NNS in IN the DT workplace NN , , as RB well RB as IN on IN street NN corners NNS , , in IN airports NNS and CC malls NNS , , and CC at IN conventions NNS and CC other JJ gatherings NNS where WRB weary JJ people NNS can MD be VB found VBN . . Scot NNP MacInnis NNP , , a DT masseur NN in IN Boulder NNP , , Colo. NNP , , had VBD a DT scary JJ experience NN while IN massaging VBG a DT man NN in IN a DT natural-foods NNS supermarket NN as IN part NN of IN a DT store NN promotion NN . . Three CD minutes NNS into IN the DT massage NN , , the DT man NN curled VBD up RB , , began VBD shaking VBG and CC turned VBD red JJ . . Paramedics NNS were VBD called VBN . . A DT week NN later RB , , the DT man NN told VBD Mr. NNP MacInnis NNP he PRP had VBD suffered VBN a DT mild JJ heart NN attack NN unrelated JJ to TO the DT massage NN . . `` `` It PRP was VBD a DT powerful JJ point NN in IN my PRP$ career NN , , '' '' says VBZ the DT 31-year-old JJ Mr. NNP MacInnis NNP , , who WP has VBZ since IN taken VBN out RP a DT $ $ 1 CD million CD liability NN policy NN for IN his PRP$ business NN . . `` `` But CC he PRP pulled VBD through RB , , and CC after IN the DT ambulance NN left VBD , , there EX were VBD still RB six CD people NNS in IN line NN waiting VBG for IN a DT massage NN . . The DT next JJ woman NN was VBD older JJR , , and CC I PRP was VBD afraid JJ to TO touch VB her PRP . . But CC it PRP 's VBZ like IN falling VBG off RB a DT horse NN and CC getting VBG back RB on RB . . '' '' Despite IN the DT number NN of IN fans NNS that IN office NN massage NN has VBZ won VBN , , some DT purists NNS look VBP down RB on IN it PRP , , arguing VBG that IN naked JJ , , full-body JJ rubs NNS are VBP the DT only JJ way NN to TO go VB . . Linda NNP Aldridge NNP , , who WP does VBZ full-body JJ work NN in IN Pittsburgh NNP , , says VBZ that IN while IN on-site JJ massage NN is VBZ better JJR than IN nothing NN , , tired JJ workers NNS should MD realize VB it PRP is VBZ only RB the DT tip NN of IN the DT iceberg NN . . `` `` Whole JJ areas NNS of IN their PRP$ bodies NNS are VBP neglected VBN , , '' '' she PRP says VBZ , , adding VBG that IN clothes NNS ruin VBP the DT experience NN . . `` `` There EX 's VBZ nothing NN like IN skin NN to TO skin NN . . In IN what WP is VBZ believed VBN to TO be VB the DT first JJ cancellation NN of IN a DT loan NN to TO China NNP since IN the DT June NNP 4 CD killings NNS in IN Beijing NNP , , an DT international JJ bank NN syndicate NN has VBZ terminated VBN a DT $ $ 55 CD million CD credit NN for IN a DT Shanghai NNP property NN project NN . . The DT syndicate NN , , led VBN by IN Schroders NNP Asia NNP Ltd. NNP , , agreed VBD last JJ November NNP to TO provide VB the DT loan NN to TO Asia NNP Development NNP Corp. NNP , , a DT U.S. NNP property NN developer NN . . But CC several JJ weeks NNS ago RB , , in IN the DT wake NN of IN the DT Beijing NNP killings NNS , , the DT loan NN was VBD canceled VBN , , according VBG to TO bankers NNS and CC executives NNS close RB to TO the DT project NN . . Asia NNP Development NNP and CC Schroders NNP declined VBD to TO comment VB on IN the DT move NN . . Lenders NNS had VBD doubts NNS about IN the DT project NN even RB before IN June NNP 4 CD , , but CC the DT harsh JJ crackdown NN , , which WDT caused VBD many JJ businesses NNS to TO reassess VB their PRP$ China NNP transactions NNS , , `` `` gave VBD the DT banks NNS the DT out NN they PRP wanted VBD , , '' '' says VBZ an DT official JJ close RB to TO the DT Shanghai NNP venture NN . . The DT decision NN to TO cancel VB the DT loan NN exemplifies VBZ the DT tough JJ attitude NN bankers NNS have VBP taken VBN toward IN China NNP since IN June NNP 4 CD . . While IN some DT commercial JJ lending NN has VBZ resumed VBN , , international JJ lenders NNS remain VBP nervous JJ about IN China NNP 's POS economic JJ troubles NNS and CC foreign JJ debt NN -- : $ $ 40 CD billion CD at IN the DT end NN of IN 1988 CD . . Many JJ loans NNS are VBP being VBG renegotiated VBN , , especially RB those DT tied VBN to TO the DT hotel NN sector NN , , which WDT has VBZ been VBN hit VBN hard RB by IN a DT post-June JJ 4 CD tourism NN slump NN . . Many JJ bankers NNS view VBP property-sector NN loans NNS as RB particularly RB risky JJ . . The DT canceled JJ Shanghai NNP loan NN leaves VBZ Asia NNP Development NNP , , a DT small JJ concern NN , , saddled VBN with IN a DT half-completed JJ 32-story JJ apartment NN building NN and CC heavy JJ debts NNS . . The DT company NN owes VBZ $ $ 11 CD million CD to TO the DT Shui NNP On NNP Group NNP , , the DT project NN 's POS Hong NNP Kong NNP contractor NN , , and CC a DT significant JJ , , though IN unspecified JJ , , amount NN in IN legal JJ fees NNS to TO Coudert NNP Brothers NNPS , , a DT U.S. NNP law NN firm NN , , the DT sources NNS say VBP . . The DT project NN , , known VBN as IN Lotus NNP Mansion NNP , , has VBZ been VBN mired VBN in IN controversy NN . . When WRB the DT loan NN agreement NN was VBD announced VBN , , it PRP was VBD hailed VBN as IN one CD of IN the DT first JJ Western-style JJ financing NN transactions NNS ever RB used VBN in IN China NNP . . Unlike IN most JJS loans NNS to TO China NNP , , there EX was VBD no DT Chinese JJ guarantor NN . . Instead RB , , the DT banks NNS secured VBD a DT promise NN from IN state-owned JJ Bank NNP of IN Communications NNPS that IN it PRP would MD lend VB Asia NNP Development NNP the DT entire JJ $ $ 55 CD million CD at IN maturity NN to TO finance VB repayment NN of IN the DT original JJ borrowing NN . . The DT loan NN was VBD to TO have VB matured VBN in IN just RB two CD to TO three CD years NNS , , as RB soon RB as IN construction NN was VBD completed VBN . . But CC in IN a DT letter NN sent VBN in IN August NNP to TO Asia NNP Development NNP , , Schroders NNP said VBD the DT loan NN was VBD terminated VBN because IN the DT developer NN had VBD failed VBN to TO deliver VB adequate JJ financial JJ data NNS and CC pay VB certain JJ fees NNS to TO the DT loan-management NN committee NN on IN time NN , , according VBG to TO officials NNS close RB to TO the DT project NN . . Creditors NNS involved JJ in IN the DT project NN contend VBP , , however RB , , that IN the DT termination NN actually RB had VBD nothing NN to TO do VB with IN these DT technical JJ violations NNS . . Instead RB , , the DT creditors NNS say VBP , , the DT loan NN fell VBN victim NN to TO nervousness NN about IN China NNP 's POS political JJ turmoil NN , , as RB well RB as IN to TO concern VB about IN the DT loan NN 's POS security NN . . The DT bank NN syndicate NN is VBZ made VBN up RP mostly RB of IN European JJ banks NNS , , but CC it PRP includes VBZ China NNP 's POS state-owned JJ Citic NNP Industrial NNP Bank NNP . . The DT 11 CD banks NNS in IN the DT syndicate NN sustained VBD no DT monetary JJ losses NNS because IN none NN of IN the DT credit NN facility NN had VBD been VBN drawn VBN down RB . . K NNP mart NN Corp. NNP agreed VBD to TO acquire VB Pace NNP Membership NNP Warehouse NNP Inc. NNP for IN $ $ 23 CD a DT share NN , , or CC $ $ 322 CD million CD , , in IN a DT move NN to TO expand VB its PRP$ presence NN in IN the DT rapidly RB growing VBG warehouse-club NN business NN . . The DT proposed VBN merger NN comes VBZ as IN K NNP mart NN 's POS profit NN is VBZ declining VBG and CC sales NNS at IN its PRP$ core NN discount NN stores NNS are VBP rising VBG more RBR slowly RB than IN at IN such JJ competitors NNS as IN Wal-Mart NNP Stores NNPS Inc NNP . . K NNP mart NN , , based VBN in IN Troy NNP , , Mich. NNP , , recently RB said VBD net JJ income NN would MD fall VB for IN the DT third JJ consecutive JJ quarter NN , , after IN a DT 16 CD % NN drop NN in IN the DT first JJ half NN of IN its PRP$ current JJ fiscal JJ year NN . . `` `` The DT membership NN warehouse-club NN concept NN has VBZ great JJ potential JJ , , '' '' the DT company NN 's POS chairman NN , , Joseph NNP E. NNP Antonini NNP , , said VBD in IN a DT statement NN . . Warehouse NN clubs NNS typically RB carry VBP general JJ merchandise NN and CC food NN products NNS , , which WDT they PRP sell VBP for IN close RB to TO wholesale JJ prices NNS in IN no-frills JJ stores NNS . . Shoppers NNS , , many DT of IN whom WP operate VBP small JJ businesses NNS , , pay VBP annual JJ membership NN fees NNS , , which WDT provide VBP an DT income NN base NN for IN the DT stores NNS . . K NNP mart NN tested VBD the DT warehouse-club NN sector NN last JJ year NN with IN its PRP$ acquisition NN of IN a DT 51 CD % NN interest NN in IN Makro NNP Inc NNP . . But CC the DT Makro NNP chain NN , , which WDT operates VBZ as IN a DT joint JJ venture NN between IN K NNP mart NN and CC SHV NNP Holdings NNPS N.V. NNP of IN the DT Netherlands NNP , , has VBZ only RB six CD stores NNS and CC annual JJ sales NNS that IN one CD analyst NN estimated VBN at IN about IN $ $ 300 CD million CD . . Six-year-old JJ Pace NNP , , based VBN in IN Aurora NNP , , Colo. NNP , , operates VBZ 41 CD warehouse-club NN stores NNS . . The DT company NN had VBD losses NNS for IN several JJ years NNS before IN turning VBG profitable JJ in IN fiscal JJ 1988 CD . . In IN the DT year NN ended VBN Jan. NNP 31 CD , , Pace NNP rang VBD up RP profit NN of IN $ $ 9.4 CD million CD , , or CC 72 CD cents NNS a DT share NN , , after IN a DT tax-loss NN carry-forward NN , , on IN sales NNS of IN $ $ 1.3 CD billion CD , , and CC analysts NNS expect VBP its PRP$ results NNS to TO continue VB to TO improve VB . . `` `` The DT company NN turned VBD the DT corner NN fairly RB recently RB in IN profitability NN , , '' '' said VBD Margo NNP McGlade NNP of IN PaineWebber NNP Inc. NNP , , who WP had VBD been VBN forecasting VBG a DT 46 CD % NN jump NN in IN Pace NNP 's POS net JJ income NN from IN operations NNS this DT year NN and CC another DT 42 CD % NN increase NN next JJ year NN . . `` `` Warehouse NN productivity NN is VBZ really RB beginning VBG to TO take VB off RB . . '' '' But CC some DT analysts NNS contend VBP K NNP mart NN has VBZ agreed VBN to TO pay VB too RB much JJ for IN Pace NNP . . `` `` Even RB if IN you PRP look VBP at IN it PRP as IN a DT turnaround NN situation NN , , it PRP 's VBZ expensive JJ , , '' '' said VBD Wayne NNP Hood NNP of IN Prudential-Bache NNP Securities NNPS Inc NNP . . `` `` In IN my PRP$ opinion NN , , you PRP would MD only RB pay VB that DT kind NN of IN price NN if IN you PRP were VBD getting VBG a DT premier JJ player NN in IN the DT industry NN . . '' '' Ms. NNP McGlade NNP of IN PaineWebber NNP raised VBD a DT more RBR fundamental JJ question NN about IN the DT deal NN . . `` `` If IN K NNP mart NN ca MD n't RB get VB its PRP$ act NN together RP in IN discounting NN , , why WRB is VBZ it PRP spending VBG time NN worrying VBG about IN other JJ growing VBG markets NNS ? . '' '' She PRP said VBD , , `` `` I PRP would MD say VB K NNP mart NN 's POS number NN one CD job NN is VBZ to TO address VB its PRP$ market-share NN loss NN { ( in IN discount NN stores NNS } ) , , which WDT longer-term JJR will MD lead VB to TO improved JJ profit NN margins NNS . . At IN that DT point NN , , perhaps RB diversification NN would MD be VB appropriate JJ . . '' '' But CC K NNP mart NN 's POS Mr. NNP Antonini NNP is VBZ intent JJ on IN pushing VBG the DT company NN into IN new JJ retail JJ businesses NNS . . For IN instance NN , , K NNP mart NN is VBZ opening VBG big JJ food NN and CC general JJ merchandise NN stores NNS , , called VBN hypermarkets NNS , , and CC warehouse-type NN stores NNS specializing VBG in IN office NN products NNS and CC sporting NN goods NNS . . It PRP also RB operates VBZ Waldenbooks NNP , , Pay NNP Less NNP Drug NN Stores NNS and CC Builders NNPS Square NNP home NN improvement NN stores NNS . . In IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP , , K NNP mart NN closed VBD yesterday NN at IN $ $ 36 CD a DT share NN , , up RB 12.5 CD cents NNS . . Pace NNP rose VBD $ $ 2.625 CD to TO close VB at IN $ $ 22.125 CD a DT share NN in IN national JJ over-the-counter JJ trading NN . . A DT K NNP mart NN spokesman NN said VBD the DT acquisition NN would MD be VB financed VBN with IN short-term JJ borrowings NNS . . Under IN terms NNS of IN the DT agreement NN , , a DT K NN mart NN subsidiary NN will MD soon RB make VB a DT tender NN offer NN for IN Pace NNP shares NNS . . Among IN the DT conditions NNS of IN the DT offer NN is VBZ that IN Pace NNP shareholders NNS tender VBP a DT majority NN of IN the DT company NN 's POS shares NNS outstanding JJ . . The DT companies NNS said VBD Pace NNP would MD ill RB continue VB to TO operate VB under IN its PRP$ present JJ management NN . . G. NNP William NNP Ryan NNP , , president NN of IN Post-Newsweek NNP Stations NNPS , , was VBD named VBN chief JJ executive NN officer NN of IN the DT unit NN of IN this DT media NNS company NN , , effective JJ Jan. NNP 1 CD . . He PRP will MD succeed VB Joel NNP Chaseman NNP , , who WP will MD remain VB a DT vice NN president NN of IN the DT company NN and CC continue VB to TO represent VB Post-Newsweek NNP stations NNS in IN several JJ industry NN organizations NNS , , the DT company NN said VBD . . literally RB . . Traders NNS nervously RB watching VBG their PRP$ Quotron NNP electronic-data NN machines NNS yesterday NN morning NN were VBD stunned VBN to TO see VB the DT Dow NNP Jones NNP Industrial NNP Average NNP plummet VB 99 CD points NNS in IN seconds NNS . . A DT minute NN later RB it PRP soared VBD 128 CD points NNS , , then RB zoomed VBN back RB down RB 113 CD points NNS , , 69 CD below IN Friday NNP 's POS close NN . . `` `` It PRP was VBD crazy JJ , , '' '' said VBD Neil NNP Weisman NNP , , general JJ partner NN of IN Chilmark NNP Capital NNP Corp NNP . . `` `` It PRP was VBD like IN flying VBG without IN a DT pilot NN in IN the DT front NN of IN the DT plane NN . . '' '' But CC those DT who WP said VBD `` `` This DT ca MD n't RB be VB happening VBG '' '' were VBD right JJ . . The DT Quotrons NNPS were VBD wrong JJ . . Quotron NNP Systems NNPS Inc. NNP , , a DT Citicorp NNP unit NN , , blamed VBD the DT 30-minute JJ foul-up NN on IN `` `` a DT timing NN problem NN in IN our PRP$ software NN '' '' caused VBN by IN the DT enormous JJ early JJ volume NN -- : about IN 145 CD million CD shares NNS in IN the DT first JJ hour NN of IN New NNP York NNP Stock NNP Exchange NNP trading NN . . The DT prices NNS of IN the DT individual JJ stocks NNS that WDT make VBP up RP the DT average NN were VBD correct JJ , , Quotron NNP said VBD , , but CC the DT average NN was VBD wrong JJ . . Meanwhile RB , , there EX was VBD an DT awful JJ lot NN of IN confusion NN . . At IN about IN 10:40 CD a.m. RB on IN the DT over-the-counter JJ trading NN desk NN at IN a DT major JJ brokerage NN firm NN , , a DT veteran JJ trader NN who WP buys VBZ and CC sells VBZ some DT of IN the DT most RBS active JJ stocks NNS looked VBD at IN a DT senior JJ official NN and CC asked VBD , , `` `` What WP 's VBZ going VBG on RP ? . Is VBZ the DT market NN up RB or CC down RB ? . '' '' At IN the DT time NN , , Quotron NNP was VBD reporting VBG that IN the DT industrial JJ average NN was VBD down RB 70 CD points NNS . . In IN fact NN , , it PRP was VBD up RB 24 CD . . Holly NNP Stark NNP , , a DT vice NN president NN who WP heads VBZ the DT trading NN desk NN at IN Dillon NNP Read NNP Capital NNP Corp. NNP , , said VBD that IN once IN she PRP figured VBD out RP the DT Quotron NNP numbers NNS were VBD wrong JJ , , she PRP called VBD brokers NNS to TO tell VB them PRP . . `` `` It PRP 's VBZ been VBN kind NN of IN annoying JJ , , to TO say VB the DT least JJS , , '' '' she PRP said VBD . . To TO confuse VB matters NNS further RBR , , when WRB UAL NNP Corp. NNP stock NN finally RB opened VBN on IN the DT New NNP York NNP Stock NNP Exchange NNP at IN 11:08 CD a.m. RB , , the DT price NN was VBD listed VBN at IN $ $ 324.75 CD a DT share NN , , up RB about IN $ $ 45 CD from IN Friday NNP ; : in IN fact NN , , its PRP$ true JJ price NN was VBD $ $ 224.75 CD , , down RB $ $ 55 CD . . That DT was VBD the DT New NNP York NNP Stock NNP Exchange NNP 's POS blooper NN . . A DT spokesman NN cited VBD a DT `` `` technical JJ error NN '' '' and CC declined VBD to TO elaborate VB . . And CC there EX were VBD other JJ blunders NNS . . When WRB the DT market NN opened VBN at IN 9:30 CD a.m. RB EST NNP , , a DT reporter NN for IN the DT Reuters NNP newswire NN miscalculated VBD the DT industrial JJ average NN 's POS drop NN as IN a DT 4 CD % NN decline NN when WRB it PRP really RB was VBD down RB 0.7 CD % NN . . `` `` It PRP was VBD a DT case NN of IN human JJ error NN , , which WDT we PRP found VBD almost RB immediately RB and CC corrected VBD , , '' '' a DT spokesman NN for IN Reuter NNP in IN New NNP York NNP said VBD . . Meanwhile RB , , some DT currency NN traders NNS at IN West JJ German JJ banks NNS in IN Frankfurt NNP said VBD they PRP sold VBD dollars NNS on IN the DT news NN and CC had VBD to TO buy VB them PRP back RB later RB at IN higher JJR prices NNS . . But CC it PRP was VBD the DT Quotron NNP problems NNS that WDT had VBD lingering VBG effects NNS . . Dillon NNP Read NNP 's POS Ms. NNP Stark NNP said VBD in IN early JJ afternoon NN that IN she PRP was VBD still RB viewing VBG prices NNS and CC other JJ data NNS as IN subject NN to TO verification NN , , and CC she PRP said VBD portfolio NN managers NNS continued VBD to TO question VB the DT numbers NNS they PRP saw VBD on IN the DT screen NN . . It PRP was VBD the DT second JJ time NN in IN less JJR than IN a DT week NN that DT Quotron NNP has VBZ had VBN problems NNS calculating VBG the DT industrial JJ average NN . . At IN the DT start NN of IN trading NN last JJ Wednesday NNP , , the DT average NN appeared VBD to TO plunge VB more JJR than IN 200 CD points NNS . . Actually RB , , it PRP was VBD down RB only RB a DT few JJ points NNS at IN the DT time NN . . Quotron NNP said VBD that DT snafu NN , , which WDT lasted VBD nine CD minutes NNS , , resulted VBN from IN a DT failure NN to TO adjust VB for IN a DT 4-for-1 JJ stock NN split NN at IN Philip NNP Morris NNP Cos NNPS . . A DT Quotron NNP spokeswoman NN said VBD recent JJ software NN changes NNS may MD have VB contributed VBN to TO yesterday NN 's POS problems NNS . . She PRP said VBD Quotron NNP switched VBD to TO a DT backup NN system NN until IN the DT problems NNS were VBD corrected VBN . . `` `` Today NN of IN all DT days NNS , , '' '' she PRP lamented VBD . . `` `` The DT eyes NNS of IN the DT world NN were VBD watching VBG us PRP . . Steven NNP F. NNP Kaplan NNP was VBD named VBN a DT senior JJ vice NN president NN of IN this DT graphics NNS equipment NN company NN . . He PRP retains VBZ his PRP$ current JJ positions NNS as IN chief JJ strategic JJ officer NN of IN AM VBP International NNP and CC president NN of IN AM NNP Ventures NNPS . . Houston NNP attorney NN Dale NNP Friend NNP , , representing VBG a DT plaintiff NN in IN a DT damage NN suit NN , , says VBZ he PRP has VBZ negotiated VBN a DT settlement NN that WDT will MD strike VB a DT blow NN for IN his PRP$ client NN . . Literally RB . . It PRP turns VBZ out RP Mr. NNP Friend NNP 's POS client NN , , Machelle NNP Parks NNP of IN Cincinnati NNP , , did VBD n't RB like IN the DT way NN defense NN attorney NN Tom NNP Alexander NNP acted VBD during IN the DT legal JJ proceedings NNS . . So RB she PRP has VBZ agreed VBN to TO forgo VB monetary JJ damages NNS against IN Mr. NNP Alexander NNP 's POS client NN in IN return NN for IN the DT right NN to TO punch VB the DT attorney NN . . Ms. NNP Parks NNP 's POS mother NN also RB gets VBZ to TO cuff VB Mr. NNP Alexander NNP . . So RB does VBZ Mr. NNP Friend NNP and CC his PRP$ law NN partner NN , , Nick NNP Nichols NNP . . The DT bizarre JJ arrangement NN grows VBZ out IN of IN Mr. NNP Alexander NNP 's POS representation NN of IN Derr NNP Construction NNP Co. NNP , , one CD of IN several JJ defendants NNS in IN a DT wrongful JJ death NN lawsuit NN brought VBN by IN Ms. NNP Parks NNP , , the DT widow NN of IN a DT construction NN worker NN killed VBN in IN January NNP 1987 CD while IN working VBG on IN a DT new JJ Houston NNP convention NN center NN . . Last JJ month NN , , Mr. NNP Friend NNP says VBZ , , Mr. NNP Alexander NNP 's POS associate NN agreed VBD that IN Derr NNP would MD pay VB $ $ 50,000 CD as IN part NN of IN an DT overall JJ settlement NN . . But CC Mr. NNP Alexander NNP scuttled VBD the DT deal NN at IN the DT last JJ minute NN , , angering VBG the DT plaintiff NN 's POS side NN . . `` `` I PRP never RB agreed VBD to TO it PRP , , '' '' Mr. NNP Alexander NNP says VBZ , , adding VBG that IN `` `` it PRP 's VBZ not RB necessary JJ to TO pay VB these DT nuisance JJ settlements NNS . . '' '' When WRB Ms. NNP Parks NNP and CC her PRP$ mother NN heard VBD about IN what WP had VBD happened VBN , , Mr. NNP Friend NNP says VBZ , , they PRP volunteered VBD that IN they PRP would MD like VB to TO give VB Mr. NNP Alexander NNP a DT good JJ walloping NN . . Mr. NNP Friend NNP says VBZ he PRP passed VBD that IN along RP to TO his PRP$ adversary NN , , and CC soon RB they PRP were VBD talking VBG about IN the DT ground NN rules NNS under IN which WDT Derr NNP could MD keep VB its PRP$ money NN and CC the DT plaintiffs NNS could MD take VB a DT shot NN at IN Mr. NNP Alexander NNP . . Although IN time NN and CC place NN have VBP yet RB to TO be VB determined VBN , , some DT details NNS are VBP in IN place NN . . Mr. NNP Friend NNP says VBZ he PRP agreed VBD to TO strike VB Mr. NNP Alexander NNP above IN the DT belt NN . . Ms. NNP Parks NNP and CC her PRP$ mother NN indicated VBD they PRP want VBP to TO `` `` catch VB him PRP unawares RB from IN behind NN , , '' '' he PRP says VBZ . . Mr. NNP Alexander NNP , , for IN his PRP$ part NN , , insisted VBD that IN the DT punchers NNS ca MD n't RB assign VB their PRP$ pummeling NN rights NNS to TO anyone NN else RB , , ca MD n't RB use VB a DT blunt JJ instrument NN and CC ca MD n't RB take VB a DT running JJ start NN . . Mr. NNP Alexander NNP says VBZ he PRP regards VBZ the DT agreement NN , , which WDT has VBZ n't RB been VBN submitted VBN to TO a DT judge NN , , as IN something NN of IN a DT joke NN . . However RB , , he PRP acknowledges VBZ they PRP `` `` have VBP the DT option NN of IN taking VBG a DT swat NN at IN me PRP if IN they PRP really RB want VBP to TO . . '' '' Mr. NNP Friend NNP says VBZ his PRP$ side NN is VBZ `` `` dead RB serious JJ . . '' '' Although IN they PRP do VBP n't RB contemplate VB delivering VBG any DT disabling VBG blows NNS , , he PRP says VBZ that IN Mr. NNP Alexander NNP will MD be VB asked VBN to TO sign VB a DT release NN from IN liability NN , , just RB in IN case NN . . After IN two CD years NNS of IN drought NN , , it PRP rained VBD money NN in IN the DT stock-index NN futures NNS markets NNS yesterday NN . . As IN financial JJ markets NNS rebounded VBD , , trading NN volume NN in IN the DT Chicago NNP Mercantile NNP Exchange NNP 's POS huge JJ Standard NNP & CC Poor NNP 's POS 500 CD stock-index NN futures NNS pit NN soared VBD , , reaching VBG near-record JJ levels NNS for IN the DT first JJ time NN since IN October NNP 1987 CD . . The DT sudden JJ influx NN of IN liquidity NN enabled VBD several JJ traders NNS to TO reap VB six-figure JJ windfalls NNS in IN a DT matter NN of IN minutes NNS as IN prices NNS soared VBD , , traders NNS said VBD . . `` `` Guys NNS were VBD minting VBG money NN in IN there RB today NN , , '' '' said VBD John NNP Legittino NNP , , a DT futures NNS broker NN for IN Elders NNP Futures NNPS Inc. NNP in IN Chicago NNP . . The DT S&P NNP 500 CD futures NNS contract NN , , which WDT moves VBZ in IN fractions NNS of IN an DT index NN point NN under IN normal JJ conditions NNS , , jumped VBD two CD to TO three CD points NNS in IN seconds NNS early JJ yesterday NN after IN an DT initial JJ downturn NN , , then RB moved VBD strongly RB higher RBR the DT rest NN of IN the DT day NN . . Each DT index NN point NN represents VBZ a DT $ $ 500 CD profit NN for IN each DT S&P NNP 500 CD contract NN held VBD . . For IN the DT first JJ time NN since IN the DT 1987 CD crash NN , , traders NNS said VBD that IN they PRP were VBD able JJ to TO trade VB several JJ hundred CD S&P NNP 500 CD contracts NNS at IN a DT time NN in IN a DT highly RB liquid JJ market NN . . Many JJ institutions NNS and CC individual NN investors NNS have VBP shied VBN away RB from IN stock-index NN futures NNS , , blaming VBG them PRP for IN speeding VBG the DT stock NN market NN crash NN on IN Black NNP Monday NNP two CD years NNS ago RB . . Since IN the DT crash NN , , many JJ futures NNS traders NNS have VBP n't RB assumed VBN large JJ positions NNS for IN fear NN that IN the DT S&P NN 500 CD market NN , , with IN much RB of IN its PRP$ customer NN order NN flow NN missing VBG , , would MD dry VB up RB if IN prices NNS turned VBD against IN them PRP . . More JJR than IN 400 CD traders NNS jammed VBD the DT S&P NN 500 CD futures NNS pit VB to TO await VB the DT opening NN bell NN . . Traders NNS were VBD shouting VBG bids NNS and CC offers VBZ a DT full JJ five CD minutes NNS before IN the DT start NN of IN trading NN at IN 8:30 CD am RB The DT contract NN fell VBD five CD points NNS at IN the DT open NN to TO 323.85 CD , , the DT maximum JJ opening NN move NN allowed VBN under IN safeguards NNS adopted VBN by IN the DT Merc NNP to TO stem VB a DT market NN slide NN . . But CC several JJ traders NNS quickly RB stepped VBD up RB and CC bid VB for IN contracts NNS , , driving VBG prices NNS sharply RB higher RBR . . The DT market NN hovered VBD near IN Friday NNP 's POS closing NN price NN of IN 328.85 CD for IN about IN a DT half JJ hour NN , , moving VBG several JJ index NN points NNS higher RBR or CC lower RBR in IN seconds NNS , , then RB broke VBD higher RBR and CC did VBD n't RB look VB back RB . . The DT S&P NNP 500 CD contract NN that WDT expires VBZ in IN December NNP closed VBD up RB a DT record NN 15.65 CD points NNS on IN volume NN of IN nearly RB 80,000 CD contracts NNS . . `` `` Traders NNS five CD feet NNS from IN each DT other JJ were VBD making VBG bids NNS and CC offers VBZ that DT were VBD a DT full JJ point NN apart RB , , '' '' said VBD one CD S&P NN 500 CD broker NN . . `` `` You PRP could MD buy VB at IN the DT bid NN and CC sell VB at IN the DT offer NN and CC make VB a DT fortune NN , , '' '' he PRP marveled VBD . . Several JJ of IN Wall NNP Street NNP 's POS largest JJS securities NNS firms NNS , , including VBG Salomon NNP Brothers NNPS Inc. NNP and CC PaineWebber NNP Inc. NNP , , were VBD also RB large JJ buyers NNS , , traders NNS said VBD . . Salomon NNP Brothers NNPS was VBD among IN the DT largest JJS sellers NNS of IN stock-index NN futures NNS last JJ week NN , , traders NNS said VBD . . Brokerage NN firms NNS as IN a DT rule NN do VBP n't RB comment VB on IN their PRP$ market NN activity NN . . Unlike IN the DT week NN following VBG Black NNP Monday NNP two CD years NNS ago RB , , individual JJ traders NNS in IN the DT S&P NN 500 CD pit NN were VBD also RB being VBG uncharacteristically RB circumspect JJ about IN their PRP$ one-day JJ profits NNS . . `` `` With IN the DT FBI NNP around IN here RB , , bragging NN rights NNS are VBP a DT thing NN of IN the DT past NN , , '' '' said VBD one CD trader NN , , referring VBG to TO the DT federal JJ investigation NN of IN futures NNS trading NN that IN so RB far RB has VBZ resulted VBN in IN 46 CD indictments NNS lodged VBN against IN individuals NNS on IN the DT Merc NNP and CC the DT Chicago NNP Board NNP of IN Trade NNP . . The DT market NN for IN $ $ 200 CD billion CD of IN high-yield JJ junk NN bonds NNS regained VBD some DT of IN its PRP$ footing NN as IN the DT Dow NNP Jones NNP Industrial NNP Average NNP rebounded VBD from IN Friday NNP 's POS plunge NN . . But CC the DT junk NN recovery NN , , led VBN by IN the DT bellwether NN RJR NNP Holdings NNPS bonds NNS , , was VBD precarious JJ . . No DT trading VBG existed VBD for IN the DT vast JJ majority NN of IN junk NN bonds NNS , , securities NNS industry NN officials NNS said VBD . . On IN Friday NNP , , trading NN in IN practically RB every DT issue NN ground VBD to TO a DT halt NN as IN potential JJ buyers NNS fled VBD and CC brokerage NN firms NNS were VBD unwilling JJ to TO provide VB bid NN and CC offer NN prices NNS for IN most JJS issues NNS . . `` `` Nothing NN traded VBN on IN Friday NNP , , and CC people NNS were VBD n't RB really RB sure JJ where WRB the DT market NN should MD have VB opened VBN '' '' yesterday NN , , said VBD Raymond NNP Minella NNP , , co-head NN of IN merchant NN banking NN at IN Merrill NNP Lynch NNP & CC Co NNP . . `` `` But CC we PRP had VBD a DT fairly RB active JJ day NN yesterday NN . . '' '' At IN Drexel NNP Burnham NNP Lambert NNP Inc. NNP , , the DT leading VBG underwriter NN of IN junk NN bonds NNS , , `` `` I PRP was VBD prepared JJ to TO be VB in IN a DT very RB bad JJ mood NN tonight NN , , '' '' said VBD David NNP Feinman NNP , , a DT junk NN bond NN trader NN . . `` `` Now RB , , I PRP feel VBP maybe RB there EX 's VBZ a DT little JJ bit NN of IN euphoria NN . . '' '' But CC before IN the DT stock NN market NN rebounded VBD from IN a DT sharp JJ early JJ sell-off NN yesterday NN , , he PRP said VBD , , `` `` You PRP could MD n't RB buy VB { ( junk NN bonds NNS } ) and CC you PRP could MD n't RB give VB them PRP away RB . . '' '' Yesterday NN 's POS rally NN was VBD led VBN by IN RJR NNP Holdings NNPS 13 CD 3\/4 CD % NN bonds NNS , , which WDT initially RB tumbled VBD three CD points NNS , , or CC $ $ 30 CD for IN each DT $ $ 1,000 CD face NN amount NN , , to TO 96 CD 1\/4 CD before IN rebounding VBG to TO 99 CD 3\/4 CD . . Bonds NNS issued VBN by IN Kroger NNP , , Duracell NNP , , Safeway NNP and CC American NNP Standard NNP also RB showed VBD big JJ gains NNS , , recovering VBG almost RB all DT their PRP$ losses NNS from IN Friday NNP and CC early JJ yesterday NN . . But CC traders NNS said VBD the DT junk NN bond NN market NN increasingly RB is VBZ separating VBG into IN a DT top-tier JJ group NN , , in IN which WDT trades NNS can MD be VB executed VBN easily RB , , and CC a DT larger JJR group NN of IN lower-quality JJR bonds NNS in IN which WDT liquidity NN -- : or CC the DT ability NN to TO trade VB without IN too RB much JJ difficulty NN -- : has VBZ steadily RB deteriorated VBN this DT year NN . . `` `` Liquidity NN has VBZ n't RB returned VBD to TO the DT vast JJ middle JJ ground NN of IN the DT market NN , , '' '' said VBD Mr. NNP Minella NNP of IN Merrill NNP . . `` `` The DT deadbeats NNS are VBP still RB deadbeats NNS , , '' '' said VBD Mr. NNP Feinman NNP of IN Drexel NNP . . Analysts NNS are VBP concerned JJ that IN much JJ of IN the DT high-yield JJ market NN will MD remain VB treacherous JJ for IN investors NNS . . Paul NNP Asquith NNP , , associate NN professor NN at IN the DT Massachusetts NNP Institute NNP of IN Technology NNP 's POS Sloan NNP School NNP of IN Management NNP , , citing VBG a DT pattern NN of IN junk-bond NN default NN rates NNS that WDT are VBP low JJ in IN the DT early JJ years NNS after IN issuance NN and CC rise VBP later RB , , says VBZ , , `` `` We PRP 're VBP now RB in IN a DT period NN where WRB we PRP 're VBP starting VBG to TO see VB defaults NNS from IN the DT big JJ issue NN years NNS of IN 1984 CD to TO 1986 CD . . '' '' Mark NNP Bachmann NNP , , a DT senior JJ vice NN president NN at IN Standard NNP & CC Poor NNP 's POS Corp. NN , , confirms VBZ that IN there EX is VBZ `` `` increasing VBG concern NN about IN the DT future JJ liquidity NN of IN the DT junk NN bond NN market NN . . '' '' `` `` Junk NN bonds NNS are VBP a DT highly RB stratified JJ market NN , , '' '' said VBD Lewis NNP Glucksman NNP , , vice NN chairman NN of IN Smith NNP Barney NNP , , Harris NNP Upham NNP & CC Co NNP . . `` `` There EX 's VBZ a DT whole JJ bunch NN of IN stuff NN that WDT 's VBZ money NN good JJ and CC a DT whole JJ bunch NN of IN stuff NN that WDT 's VBZ not RB so RB good JJ . . '' '' Analysts NNS at IN Standard NNP & CC Poor NNP 's POS say VBP junk NN bond NN offerings NNS by IN `` `` tightly RB stretched JJ '' '' issuers NNS seem VBP to TO be VB growing VBG . . Almost RB $ $ 8 CD billion CD of IN junk NN bonds NNS that WDT are VBP considered VBN untradeable JJ include VBP issues NNS from IN SCI NNP TV NNP , , Gillette NNP Holdings NNPS ( ( not RB related JJ to TO Gillette NNP Co. NNP ) ) , , Interco NNP , , Seaman NNP Furniture NNP , , Allied NNP Stores NNPS , , Federated NNP Department NNP Stores NNPS , , National NNP Gypsum NNP , , M.D.C. NNP Holdings NNPS , , Micropolis NNP , , Leaseway NNP Transportation NNP and CC Price NNP Communications NNPS . . `` `` You PRP could MD still RB have VB some DT very RB bad JJ times NNS ahead RB , , '' '' said VBD Mr. NNP Bachmann NNP . . `` `` It PRP 's VBZ possible JJ to TO have VB a DT 10 CD % NN default NN rate NN in IN one CD year NN , , because IN we PRP 're VBP already RB seeing VBG big JJ problems NNS in IN the DT midst NN of IN a DT pretty RB strong JJ economy NN . . I PRP 'm VBP certainly RB not RB comfortable JJ saying VBG we PRP 've VBP seen VBN the DT bottom NN . . '' '' But CC yesterday NN 's POS rally NN among IN `` `` good JJ '' '' junk NN was VBD a DT badly RB needed JJ tonic NN for IN the DT market NN . . Many JJ issues NNS `` `` bounced VBD off IN the DT floor NN , , '' '' Mr. NNP Minella NNP said VBD , , and CC benchmark JJ junk NN issues NNS `` `` recovered VBD all DT of IN their PRP$ losses NNS '' '' from IN Friday NNP and CC early JJ yesterday NN . . In IN contrast NN , , he PRP says VBZ , , `` `` The DT stock NN market NN gained VBD back RP only RB about IN half NN what WP it PRP lost VBN Friday NNP , , and CC the DT { ( government NN } ) bond NN market NN lost VBN about IN half NN what WP it PRP gained VBN Friday NNP . . '' '' Traders NNS said VBD yesterday NN 's POS rally NN was VBD fueled VBN by IN insurance NN companies NNS looking VBG for IN bargains NNS after IN a DT drastic JJ slide NN in IN prices NNS the DT past JJ month NN . . In IN addition NN , , mutual JJ funds NNS did VBD n't RB appear VB to TO be VB major JJ sellers NNS of IN high-yield NN securities NNS as IN was VBD expected VBN . . `` `` Sometimes RB a DT shakeout NN is VBZ healthy JJ , , '' '' said VBD Drexel NNP 's POS Mr. NNP Feinman NNP . . `` `` People NNS will MD learn VB to TO be VB more RBR circumspect JJ . . If IN they PRP do VBP good JJ credit NN analysis NN , , they PRP will MD avoid VB the DT hand NN grenades NNS . . I PRP think VBP the DT market NN is VBZ in IN good JJ shape NN . . Should MD you PRP really RB own VB stocks NNS ? . That DT 's VBZ a DT question NN a DT lot NN of IN people NNS are VBP asking VBG , , following VBG the DT stock NN market NN 's POS stunning JJ display NN of IN volatility NN . . Whipsawed JJ financially RB and CC emotionally RB by IN Friday NNP 's POS heartstopping JJ 190-point JJ drop NN in IN the DT Dow NNP Jones NNP Industrial NNP Average NNP and CC yesterday NN 's POS 88-point JJ rebound NN , , they PRP 're VBP wondering VBG if IN an DT individual NN has VBZ any DT business NN being VBG in IN the DT market NN . . The DT answer NN , , say VBP academic JJ researchers NNS , , money NN managers NNS and CC investment NN specialists NNS , , is VBZ yes UH -- : as RB long RB as IN you PRP approach VBP the DT stock NN market NN as IN an DT investor NN . . But CC , , they PRP say VBP , , people NNS should MD n't RB try VB to TO be VB traders NNS , , who WP buy VBP and CC sell VBP in IN an DT effort NN to TO ride VB the DT latest JJS economic JJ trend NN or CC catch VB the DT next JJ hot JJ stock NN . . The DT case NN for IN owning VBG stocks NNS over IN the DT long-term NN is VBZ compelling JJ . . `` `` If IN you PRP look VBP at IN 75 CD years NNS worth JJ of IN investment NN history NN -- : including VBG the DT Great JJ Depression NNP and CC every DT bear NN market NN since IN -- : stocks NNS have VBP outperformed VBN almost RB everything NN an DT individual NN could MD have VB owned VBN by IN a DT long JJ shot NN , , '' '' says VBZ Barry NNP Berlin NNP , , vice NN president NN at IN First NNP Wachovia NNP Capital NNP Management NNP . . A DT dollar NN invested VBN in IN the DT stock NN market NN in IN 1926 CD would MD have VB grown VBN to TO $ $ 473.29 CD by IN the DT end NN of IN last JJ June NNP , , according VBG to TO Laurence NNP Siegel NNP , , managing NN director NN at IN Ibbotson NNP Associates NNPS Inc NNP . . But CC a DT dollar NN invested VBN in IN long-term JJ bonds NNS in IN 1926 CD would MD have VB grown VBN to TO only RB $ $ 16.56 CD , , and CC a DT dollar NN put VBN in IN Treasury NNP bills NNS would MD equal VB a DT meager JJ $ $ 9.29 CD . . The DT longer JJR the DT time NN period NN , , the DT less JJR risk NN there RB is VBZ of IN losing VBG money NN in IN the DT stock NN market NN . . Over IN time NN , , the DT odds NNS increasingly RB favor VBP the DT investor NN with IN a DT diversified JJ portfolio NN . . For IN instance NN , , Ken NNP Gregory NNP , , a DT San NNP Francisco NNP money NN manager NN , , calculates VBZ that IN if IN an DT investor NN holds VBZ a DT basket NN of IN stocks NNS that WDT tracks VBZ the DT Standard NNP & CC Poor NNP 's POS 500-stock JJ index NN , , the DT chance NN of IN losing VBG money NN is VBZ 3 CD % NN to TO 4 CD % NN over IN a DT 10-year JJ period NN , , compared VBN with IN 15 CD % NN over IN three CD years NNS and CC 30 CD % NN over IN one CD year NN . . `` `` If IN you PRP do VBP n't RB need VB the DT money NN for IN 10 CD years NNS , , there EX 's VBZ a DT clear-cut JJ case NN for IN sticking VBG to TO a DT steady JJ core NN of IN stocks NNS , , '' '' Mr. NNP Gregory NNP says VBZ . . Stock-market NN investments NNS also RB help VBP balance VB the DT other JJ assets NNS an DT individual NN owns VBZ , , says VBZ John NNP Blankenship NNP Jr. NNP , , president NN of IN the DT Institute NNP of IN Certified NNP Financial NNP Planners NNPS . . Stocks NNS have VBP a DT place NN in IN an DT investors NNS ' POS portfolio NN along IN with IN real JJ estate NN , , bonds NNS , , international JJ securities NNS and CC cash NN , , he PRP says VBZ . . There EX are VBP some DT important JJ caveats NNS : : Before IN investing VBG in IN stocks NNS , , individuals NNS should MD have VB at IN least JJS three CD to TO six CD months NNS of IN living NN expenses NNS set VBN aside RB in IN the DT bank NN , , most JJS investment NN advisers NNS say VBP . . Individuals NNS also RB should MD focus VB on IN building VBG equity NN in IN a DT home NN , , which WDT provides VBZ some DT protection NN against IN inflation NN , , as RB well RB as IN a DT nest-egg NN that WDT can MD be VB cashed VBN in RP late RB in IN life NN to TO help VB cover VB the DT cost NN of IN retirement NN living NN . . People NNS also RB should MD n't RB invest VB money NN in IN stocks NNS that IN they PRP 'll MD need VB in IN the DT near JJ future NN -- : for IN example NN , , for IN college NN tuition NN payments NNS or CC retirement NN expenses NNS . . `` `` You PRP may MD have VB to TO sell VB your PRP$ stocks NNS at IN a DT time NN when WRB the DT market NN takes VBZ a DT plunge NN , , '' '' says VBZ Mr. NNP Blankenship NNP , , a DT Del NNP Mar NNP , , Calif. NNP financial JJ planner NN . . But CC once RB the DT basics NNS are VBP covered VBN , , `` `` then RB I PRP would MD start VB to TO invest VB , , even RB if IN it PRP 's VBZ as RB little JJ as IN $ $ 1,000 CD , , '' '' says VBZ Michael NNP Lipper NNP , , president NN of IN Lipper NNP Analytical NNP Services NNPS Inc NNP . . He PRP says VBZ individuals NNS should MD consider VB not RB just RB stocks NNS , , but CC other JJ long-term JJ investments NNS , , such JJ as IN high-quality JJ bonds NNS . . Despite IN the DT strong JJ case NN for IN stocks NNS , , however RB , , most JJS pros NNS warn VBP that IN individuals NNS should MD n't RB try VB to TO profit VB from IN short-term JJ developments NNS . . `` `` It PRP 's VBZ very RB difficult JJ to TO do VB , , '' '' says VBZ Donald NNP Holt NNP , , a DT market NN strategist NN for IN Wedbush NNP Morgan NNP Securities NNPS , , a DT Los NNP Angeles NNP brokerage NN firm NN . . `` `` Our PRP$ markets NNS move VBP so RB fast RB and CC they PRP are VBP so RB volatile JJ , , there EX 's VBZ no DT way NN the DT average JJ investor NN can MD compete VB with IN the DT pros NNS . . '' '' Individual JJ investors NNS face VBP high JJ transaction NN costs NNS of IN moving VBG in IN and CC out IN of IN the DT market NN . . The DT cost NN of IN executing VBG stock NN orders NNS varies VBZ from IN brokerage NN to TO brokerage NN and CC with IN the DT size NN of IN the DT order NN , , but CC 2 CD % NN of IN the DT order NN 's POS value NN is VBZ an DT average NN , , says VBZ Stephen NNP Boesel NNP , , manager NN of IN T. NNP Rowe NNP Price NNP 's POS Growth NNP and CC Income NNP mutual JJ fund NN . . And CC assuming VBG their PRP$ first JJ investment NN is VBZ successful JJ , , investors NNS will MD have VB to TO pay VB taxes NNS on IN their PRP$ gains NNS . . That DT can MD reduce VB returns NNS by IN a DT third NN or CC more JJR , , once IN local JJ taxes NNS are VBP included VBN , , Mr. NNP Lipper NNP says VBZ . . After IN that DT , , individual JJ traders NNS face VBP the DT risk NN that IN the DT new JJ investment NN they PRP choose VBP wo MD n't RB perform VB well RB -- : so RB their PRP$ trading NN costs NNS could MD be VB sustained VBN for IN nothing NN . . `` `` It PRP 's VBZ very RB tough JJ for IN most JJS individuals NNS to TO out-trade VB the DT mutual JJ funds NNS or CC the DT market NN , , '' '' says VBZ Mr. NNP Lipper NNP . . `` `` You PRP should MD really RB think VB twice RB if IN you PRP think VB you PRP can MD out-smart VB the DT system NN . . '' '' Then RB , , too RB , , many JJ individual JJ investors NNS lack VBP the DT sturdy JJ emotional JJ makeup NN professionals NNS say VBP is VBZ needed VBN to TO plunge VB in IN and CC out IN of IN the DT market NN . . So RB what WP 's VBZ the DT best JJS way NN to TO buy VB stocks NNS ? . `` `` Unless IN an DT individual NN has VBZ a DT minimum NN of IN between IN $ $ 50,000 CD and CC $ $ 100,000 CD to TO invest VB in IN stocks NNS , , he PRP 's VBZ still RB better JJR off RP in IN mutual JJ funds NNS than IN in IN individual JJ stocks NNS , , in IN terms NNS of IN getting VBG enough JJ attention NN from IN a DT competent JJ broker NN , , '' '' says VBZ Mr. NNP Lipper NNP . . Still RB , , he PRP adds VBZ , , `` `` I PRP could MD see VB owning VBG both DT , , given VBN that IN individuals NNS often RB have VBP an DT advantage NN over IN big JJ investors NNS in IN spotting VBG special JJ situations NNS based VBN on IN their PRP$ own JJ insights NNS , , '' '' he PRP adds VBZ . . George NNP Douglas NNP , , first JJ vice NN president NN at IN Drexel NNP Burnham NNP Lambert NNP Inc. NNP , , says VBZ that IN individuals NNS have VBP a DT particular JJ edge NN now RB in IN `` `` small JJ to TO medium-size JJ niche NN companies NNS with IN exciting JJ earnings NNS prospects NNS '' '' -- : a DT traditional JJ stomping NN ground NN for IN small JJ investors NNS . . This DT growth NN sector NN , , which WDT usually RB carries VBZ a DT price\/earnings NNS multiple NN about IN twice RB that IN of IN the DT Standard NNP & CC Poor NNP 's POS 500 CD , , happens VBZ to TO include VB some DT of IN the DT market NN 's POS most RBS attractive JJ bargains NNS right RB now RB . . `` `` It PRP 's VBZ now RB selling VBG at IN a DT multiple JJ about IN even RB with IN the DT market NN , , '' '' says VBZ Mr. NNP Douglas NNP . . Moreover RB , , Mr. NNP Douglas NNP sees VBZ a DT revival NN of IN institutional JJ interest NN in IN smaller JJR growth JJ stocks NNS that WDT could MD boost VB the DT performance NN of IN these DT stocks NNS in IN the DT medium JJ term NN . . Many JJ big JJ Wall NNP Street NNP brokerage NN firms NNS who WP eliminated VBD their PRP$ research NN effort NN in IN stocks NNS of IN emerging VBG growth NN companies NNS a DT few JJ years NNS ago RB are VBP now RB resuming VBG coverage NN of IN this DT area NN , , he PRP notes VBZ . . `` `` We PRP 're VBP seeing VBG a DT real JJ turnaround NN in IN interest NN in IN small JJ growth NN stocks NNS , , '' '' he PRP says VBZ . . The DT pros NNS strenuously RB advise VBP individuals NNS to TO stay VB away RB from IN the DT latest JJS investment NN fad NN . . They PRP say VBP that DT 's VBZ especially RB important JJ this DT late JJ in IN the DT growth NN phase NN of IN the DT economic JJ cycle NN , , when WRB there EX 's VBZ no DT robust JJ bull NN market NN to TO bail VB investors NNS out IN of IN their PRP$ mistakes NNS . . Friday NNP 's POS correction NN presents VBZ `` `` a DT pretty RB good JJ buying NN opportunity NN , , but CC let VB 's PRP not RB speculate VB at IN this DT point NN in IN the DT business NN cycle NN , , '' '' says VBZ Carmine NNP Grigoli NNP , , chief JJ equity NN portfolio NN strategist NN at IN First NNP Boston NNP Corp NNP . . `` `` Buy VB stocks NNS on IN weakness NN for IN their PRP$ long-term JJ fundamentals NNS , , '' '' he PRP says VBZ . . In IN the DT long JJ run NN , , investment NN advisers NNS say VBP , , most JJS investors NNS will MD be VB better JJR off RP using VBG the DT dollar-cost NN averaging NN method NN of IN buying VBG stocks NNS . . In IN this DT method NN , , a DT person NN invests VBZ a DT regular JJ amount NN every DT month NN or CC quarter NN into IN the DT stock NN market NN whether IN the DT market NN is VBZ up RB or CC down RB . . That DT cuts VBZ the DT risk NN , , Mr. NNP Gregory NNP , , the DT San NNP Francisco NNP money NN manager NN , , points VBZ out RP . . `` `` When WRB the DT market NN is VBZ low JJ , , you PRP are VBP buying VBG more JJR shares NNS , , and CC when WRB it PRP 's VBZ high JJ , , you PRP 're VBP buying VBG fewer JJR shares NNS , , '' '' he PRP says VBZ . . Otherwise RB , , if IN you PRP put VBP all DT your PRP$ money NN in RP at IN one CD time NN , , by IN sheer JJ bad JJ luck NN , , you PRP might MD pick VB a DT terrible JJ time NN , , and CC have VB to TO wait VB three CD years NNS to TO get VB even RB , , Mr. NNP Gregory NNP says VBZ . . A DT disciplined JJ program NN will MD work VB the DT best RBS , , Mr. NNP Boesel NNP says VBZ . . `` `` One CD of IN the DT hardest JJS things NNS to TO do VB is VBZ to TO buy VB stocks NNS when WRB the DT market NN is VBZ down RP , , '' '' he PRP says VBZ . . `` `` But CC that IN 's VBZ just RB the DT time NN when WRB you PRP should MD be VB buying VBG them PRP . . '' '' Compound JJ annual JJ returns NNS , , including VBG price NN changes NNS and CC income NN from IN interest NN and CC dividends NNS \* SYM Actual JJ performance NN , , not RB annualized VBN Source NN : : Ibbotson NNP Associates NNPS Inc NNP . . The DT following JJ issues NNS were VBD recently RB filed VBN with IN the DT Securities NNPS and CC Exchange NNP Commission NNP : : Gehl NNP Co. NNP , , initial JJ public JJ offering NN of IN two CD million CD shares NNS of IN common JJ stock NN , , of IN which WDT 1,450,635 CD shares NNS are VBP being VBG offered VBN by IN the DT company NN and CC 549,365 CD shares NNS by IN holders NNS , , via IN Blunt NNP , , Ellis NNP & CC Loewi NNP Inc. NNP and CC Robert NNP W. NNP Baird NNP & CC Co NNP . . Giant NNP Industries NNPS Inc. NNP , , initial JJ public JJ offering NN of IN 3,111,000 CD common JJ shares NNS , , of IN which WDT 2,425,000 CD will MD be VB sold VBN by IN the DT company NN , , and CC the DT rest NN by IN holders NNS , , via IN Shearson NNP Lehman NNP Hutton NNP Inc. NNP and CC Hanifen NNP , , Imhoff NNP Inc NNP . . Inefficient-Market NNP Fund NNP Inc. NNP , , initial JJ offering NN of IN five CD million CD common JJ shares NNS , , via IN Smith NNP Barney NNP , , Harris NNP Upham NNP & CC Co NNP . . Jason NNP Overseas NNP Ltd. NNP , , initial JJ offering NN of IN four CD million CD common JJ shares NNS , , of IN which WDT 3.2 CD million CD will MD be VB sold VBN in IN the DT U.S. NNP , , and CC the DT balance NN outside IN the DT U.S. NNP , , via IN Smith NNP Barney NNP , , Harris NNP Upham NNP & CC Co. NNP and CC Mabon NNP , , Nugent NNP & CC Co NNP . . Donald NNP Trump NNP , , who WP faced VBD rising VBG doubt NN about IN his PRP$ bid NN for IN American NNP Airlines NNPS parent NN AMR NNP Corp. NNP even RB before IN a DT United NNP Airlines NNPS buy-out NN came VBD apart RB Friday NNP , , withdrew VBD his PRP$ $ $ 7.54 CD billion CD offer NN . . Separately RB , , bankers NNS representing VBG the DT group NN trying VBG to TO buy VB United NNP 's POS parent NN UAL NNP Corp. NNP met VBD with IN other JJ banks NNS about IN reviving VBG that DT purchase NN at IN a DT lower JJR price NN , , possibly RB around IN $ $ 250 CD a DT share NN , , or CC $ $ 5.65 CD billion CD . . But CC a DT lower JJR bid NN could MD face VB rejection NN by IN the DT UAL NNP board NN . . Mr. NNP Trump NNP , , who WP vowed VBD Wednesday NNP to TO `` `` go VB forward RB '' '' with IN the DT bid NN , , said VBD he PRP was VBD dropping VBG it PRP `` `` in IN light NN of IN the DT recent JJ change NN in IN market NN conditions NNS . . '' '' He PRP said VBD he PRP might MD now RB sell VB his PRP$ AMR NNP stake NN , , buy VB more JJR shares NNS , , or CC make VB another DT offer NN at IN a DT lower JJR price NN . . The DT Manhattan NNP real-estate NN developer NN acted VBD after IN the DT UAL NNP buyers NNS failed VBD to TO obtain VB financing NN for IN their PRP$ earlier JJR $ $ 300-a-share JJ bid NN , , which WDT sparked VBD a DT selling NN panic NN among IN that DT snowballed VBD into IN a DT 190-point JJ drop NN Friday NNP in IN the DT Dow NNP Jones NNP Industrial NNP Average NNP . . News NN about IN UAL NNP and CC AMR NNP , , whose WP$ shares NNS never RB reopened VBN after IN trading NN was VBD halted VBN Friday NNP for IN the DT UAL NNP announcement NN , , sent VBD both DT stocks NNS nosediving VBG in IN composite JJ trading NN on IN the DT New NNP York NNP Stock NNP Exchange NNP . . UAL NNP tumbled VBD $ $ 56.875 CD to TO $ $ 222.875 CD on IN volume NN of IN 2.3 CD million CD shares NNS , , and CC AMR NNP declined VBN by IN $ $ 22.125 CD to TO $ $ 76.50 CD as IN 4.7 CD million CD shares NNS changed VBD hands NNS . . Together RB , , the DT two CD stocks NNS wreaked VBD havoc NN among IN takeover NN stock NN traders NNS , , and CC caused VBD a DT 7.3 CD % NN drop NN in IN the DT Dow NNP Jones NNP Transportation NNP Average NNP , , second JJ in IN size NN only RB to TO the DT stock-market NN crash NN of IN Oct. NNP 19 CD , , 1987 CD . . Some DT said VBD Friday NNP 's POS market NN debacle NN had VBD given VBN Mr. NNP Trump NNP an DT excuse NN to TO bail VB out RB of IN an DT offer NN that WDT showed VBD signs NNS of IN stalling VBG even RB before IN problems NNS emerged VBD with IN the DT UAL NNP deal NN . . After IN reaching VBG an DT intraday JJ high NN of IN $ $ 107.50 CD the DT day NN Mr. NNP Trump NNP disclosed VBD his PRP$ bid NN Oct. NNP 5 CD , , AMR NNP 's POS stock NN had VBD retreated VBN as RB low RB as IN $ $ 97.75 CD last JJ week NN . . Some DT takeover NN stock NN traders NNS had VBD been VBN betting VBG against IN Mr. NNP Trump NNP because IN he PRP has VBZ a DT record NN of IN disclosing VBG stakes NNS in IN companies NNS that WDT are VBP potential JJ takeover NN targets NNS , , then RB selling VBG at IN a DT profit NN without IN making VBG a DT bid NN . . `` `` He PRP still RB has VBZ n't RB proven VBN his PRP$ mettle NN as IN a DT big-league JJ take-out NN artist NN , , '' '' said VBD airline NN analyst NN Kevin NNP Murphy NNP of IN Morgan NNP Stanley NNP & CC Co NNP . . `` `` He PRP 's VBZ done VBN this DT thing NN where WRB he PRP 'll MD buy VB a DT little JJ bit NN of IN a DT company NN and CC then RB trade VB out IN of IN it PRP . . He PRP 's VBZ written VBN this DT book NN , , ` `` The DT Art NN of IN the DT Deal NN . . ' '' Why WRB does VBZ n't RB he PRP just RB follow VB through RP on IN one CD of IN these DT things NNS ? . '' '' Mr. NNP Trump NNP withdrew VBD his PRP$ bid NN before IN the DT AMR NNP board NN , , which WDT is VBZ due JJ to TO meet VB tomorrow NN , , ever RB formally RB considered VBD it PRP . . AMR NNP had VBD weighed VBN a DT wide JJ range NN of IN possible JJ responses NNS , , from IN flat JJ rejection NN to TO recapitalizations NNS and CC leveraged JJ buy-outs NNS that WDT might MD have VB included VBN either DT employees NNS , , a DT friendlier JJR buyer NN such JJ as IN Texas NNP billionaire NN Robert NNP Bass NNP , , or CC both DT . . AMR NNP had VBD also RB sought VBN to TO foil VB Mr. NNP Trump NNP in IN Congress NNP by IN lobbying VBG for IN legislation NN that WDT would MD have VB bolstered VBN the DT authority NN of IN the DT Transportation NNP Department NNP to TO reject VB airline NN buy-outs NNS . . Yesterday NN , , Mr. NNP Trump NNP tried VBD to TO put VB the DT blame NN for IN the DT collapse NN of IN the DT UAL NNP deal NN on IN Congress NNP , , saying VBG it PRP was VBD rushing VBG through IN a DT bill NN to TO protect VB AMR NNP executives NNS . . `` `` I PRP believe VBP that IN the DT perception NN that DT legislation NN in IN this DT area NN may MD be VB hastily RB approved VBN contributed VBD to TO the DT collapse NN of IN the DT UAL NNP transaction NN , , and CC the DT resulting VBG disruption NN in IN the DT financial JJ markets NNS experienced VBN this DT past JJ Friday NNP , , '' '' Mr. NNP Trump NNP wrote VBD members NNS of IN Congress NNP . . AMR NNP declined VBD to TO comment VB , , and CC Mr. NNP Trump NNP did VBD n't RB respond VB to TO requests NNS for IN interviews NNS . . Mr. NNP Trump NNP never RB said VBD how WRB much JJ AMR NNP stock NN he PRP had VBD bought VBN , , only RB that IN his PRP$ holdings NNS were VBD `` `` substantial JJ . . '' '' However RB , , he PRP only RB received VBD federal JJ clearance NN to TO buy VB more JJR than IN $ $ 15 CD million CD of IN the DT stock NN on IN Sept. NNP 20 CD , , when WRB the DT price NN rose VBD $ $ 2 CD a DT share NN to TO $ $ 78.50 CD . . Between IN then RB and CC his PRP$ bid NN on IN Oct. NNP 5 CD , , the DT price NN fluctuated VBD between IN $ $ 75.625 CD and CC $ $ 87.375 CD . . In IN an DT attempt NN to TO persuade VB investors NNS that IN his PRP$ bid NN was VBD n't RB just RB `` `` a DT stock NN play NN , , '' '' Mr. NNP Trump NNP promised VBD last JJ week NN to TO notify VB the DT market NN before IN selling VBG any DT shares NNS . . AMR NNP was VBD trading VBG at IN around IN $ $ 84 CD yesterday NN before IN his PRP$ withdrawal NN announcement NN , , then RB immediately RB fell VBD to TO about IN $ $ 76 CD . . Assuming VBG that IN he PRP paid VBD a DT rough JJ average JJ price NN of IN $ $ 80 CD a DT share NN , , and CC assuming VBG he PRP did VBD n't RB sell VB before IN his PRP$ announcement NN reached VBD the DT market NN , , Mr. NNP Trump NNP could MD be VB sitting VBG with IN a DT modest JJ loss NN with IN the DT stock NN at IN $ $ 76.50 CD . . Some DT analysts NNS said VBD AMR NNP Chairman NN Robert NNP Crandall NNP might MD seize VB the DT opportunity NN presented VBN by IN the DT stock NN price NN drop NN to TO protect VB the DT nation NN 's POS largest JJS airline NN with IN a DT defensive JJ transaction NN , , such JJ as IN the DT sale NN of IN stock NN to TO a DT friendly JJ holder NN or CC company NN employees NNS . . However RB , , other JJ knowledgeable JJ observers NNS said VBD they PRP believed VBD Mr. NNP Crandall NNP and CC the DT AMR NNP board NN might MD well RB decide VB to TO tough VB it PRP out RP without IN taking VBG any DT extra JJ steps NNS . . Some DT analysts NNS said VBD they PRP believed VBD Mr. NNP Trump NNP , , whose WP$ towering JJ ego NN had VBD been VBN viewed VBN by IN some DT as IN a DT reason NN to TO believe VB he PRP would MD n't RB back VB out RB , , might MD come VB back RB with IN a DT lower JJR bid NN . . Ray NNP Neidl NNP of IN Dillon NNP Read NNP & CC Co. NNP said VBD Mr. NNP Trump NNP `` `` is VBZ stepping VBG back RB and CC waiting VBG for IN the DT dust NN to TO settle VB . . I PRP 'm VBP sure JJ he PRP still RB wants VBZ AMR NNP . . '' '' But CC others NNS remained VBD skeptical JJ . . `` `` I PRP was VBD never RB sure JJ Donald NNP Trump NNP really RB wanted VBD to TO take VB AMR NNP , , '' '' said VBD John NNP Mattis NNP , , a DT bond NN analyst NN with IN Shearson NNP Lehman NNP Hutton NNP Inc NNP . . `` `` What WP happened VBD with IN United NNP was VBD a DT gracious JJ way NN for IN him PRP to TO bow VB out RB . . '' '' Mr. NNP Trump NNP never RB obtained VBD financing NN for IN his PRP$ bid NN . . That DT skepticism NN would MD leave VB him PRP with IN an DT even RB greater JJR credibility NN problem NN should MD he PRP return VB that WDT would MD handicap VB him PRP in IN any DT effort NN to TO oust VB the DT board NN in IN a DT proxy NN fight NN . . Meanwhile RB , , Citicorp NNP and CC Chase NNP Manhattan NNP Corp. NNP , , the DT two CD lead JJ lenders NNS on IN the DT UAL NNP buy-out NN , , met VBD with IN other JJ banks NNS yesterday NN to TO determine VB if IN they PRP would MD be VB willing JJ to TO finance VB the DT buy-out NN at IN a DT lower JJR price NN . . Officials NNS familiar JJ with IN the DT talks NNS said VBD Citicorp NNP had VBD discussed VBN lowering VBG the DT offer NN to TO $ $ 250 CD a DT share NN , , but CC said VBD that DT price NN was VBD a DT talking NN point NN and CC that IN no DT decision NN has VBZ been VBN made VBN . . At IN $ $ 250 CD a DT share NN , , the DT group NN would MD have VB to TO borrow VB about IN $ $ 6.1 CD billion CD from IN banks NNS . . The DT first JJ UAL NNP deal NN unraveled VBN after IN Citibank NNP and CC Chase NNP could MD n't RB raise VB $ $ 7.2 CD billion CD . . Citibank NNP and CC Chase NNP had VBD agreed VBN to TO commit VB $ $ 3 CD billion CD , , and CC said VBD they PRP were VBD `` `` highly RB confident JJ '' '' of IN raising VBG another DT $ $ 4.2 CD billion CD . . Together RB , , Citicorp NNP and CC Chase NNP received VBD $ $ 8 CD million CD in IN fees NNS to TO raise VB the DT rest NN of IN the DT financing NN . . But CC other JJ banks NNS balked VBD at IN the DT low JJ interest NN rate NN and CC banking NN fees NNS the DT UAL NNP group NN was VBD willing JJ to TO pay VB them PRP . . Officials NNS familiar JJ with IN the DT bank NN talks NNS said VBD the DT UAL NNP buy-out NN group NN -- : UAL NNP pilots NNS , , management NN , , and CC British NNP Airways NNPS PLC NNP -- : is VBZ now RB willing JJ to TO pay VB higher JJR bank NN fees NNS and CC interest NN , , but CC is VBZ n't RB likely JJ to TO boost VB its PRP$ $ $ 965 CD million CD equity NN contribution NN . . Nor CC is VBZ the DT group NN likely JJ to TO come VB forward RP with IN a DT revised VBN offer NN within IN the DT next JJ 48 CD hours NNS despite IN the DT hopes NNS of IN many JJ traders NNS . . The DT group NN 's POS advisers NNS want VBP to TO make VB certain JJ they PRP have VBP firm JJ bank NN commitments NNS the DT second JJ time NN around RB . . Even RB if IN the DT buy-out NN group NN is VBZ able JJ to TO obtain VB financing NN , , the DT transaction NN still RB faces VBZ obstacles NNS . . UAL NNP 's POS board NN could MD reject VB the DT new JJ price NN as RB too RB low JJ , , especially RB since IN there EX are VBP n't RB any DT competing VBG bids NNS . . Los NNP Angeles NNP investor NN Marvin NNP Davis NNP , , whose WP$ $ $ 275-a-share JJ offer NN was VBD rejected VBN by IN UAL NNP 's POS board NN , , has VBZ n't RB shown VBN signs NNS of IN pursuing VBG a DT $ $ 300-a-share JJ back-up NN bid NN he PRP made VBD last JJ month NN . . In IN addition NN , , the DT coalition NN of IN labor NN and CC management NN , , longtime JJ enemies NNS who WP joined VBD forces NNS only RB under IN the DT threat NN of IN Mr. NNP Davis NNP 's POS bid NN , , could MD break VB apart RP now RB . . The DT group NN 's POS resilience NN gets VBZ its PRP$ first JJ test NN today NN when WRB 30 CD top JJ pilot NN union NN leaders NNS convene VBP outside IN Chicago NNP in IN a DT previously RB scheduled JJ meeting NN . . Union NNP Chairman NNP F.C NNP . . ( ( Rick NNP ) ) Dubinsky NNP faces VBZ the DT tough JJ task NN of IN explaining VBG why WRB banks NNS refused VBD to TO finance VB a DT buy-out NN the DT members NNS approved VBD overwhelmingly RB last JJ week NN . . The DT pilot NN union NN is VBZ vowing VBG to TO pursue VB an DT acquisition NN whatever WDT the DT board NN decides VBZ . . But CC if IN the DT board NN rejects VBZ a DT reduced VBN bid NN and CC decides VBZ to TO explore VB other JJ alternatives NNS , , it PRP could MD transform VB what WP has VBZ been VBN a DT harmonious JJ process NN into IN an DT adversarial JJ one NN . . The DT pilots NNS could MD play VB hardball NN by IN noting VBG they PRP are VBP crucial JJ to TO any DT sale NN or CC restructuring NN because IN they PRP can MD refuse VB to TO fly VB the DT airplanes NNS . . If IN they PRP were VBD to TO insist VB on IN a DT low JJ bid NN of IN , , say VB $ $ 200 CD a DT share NN , , the DT board NN might MD n't RB be VB able JJ to TO obtain VB a DT higher JJR offer NN from IN other JJ bidders NNS because IN banks NNS might MD hesitate VB to TO finance VB a DT transaction NN the DT pilots NNS oppose VBP . . Also RB , , because IN UAL NNP Chairman NNP Stephen NNP Wolf NNP and CC other JJ UAL NNP executives NNS have VBP joined VBN the DT pilots NNS ' POS bid NN , , the DT board NN might MD be VB forced VBN to TO exclude VB him PRP from IN its PRP$ deliberations NNS in IN order NN to TO be VB fair JJ to TO other JJ bidders NNS . . That DT could MD cost VB him PRP the DT chance NN to TO influence VB the DT outcome NN and CC perhaps RB join VB the DT winning VBG bidder NN . .